2010-08-04 07:30:00 CEST
2010-08-04 07:30:54 CEST
REGULATED INFORMATION
Incap - Interim report (Q1 and Q3)
INCAP GROUP INTERIM REPORT JANUARY-JUNE 2010: DECREASED DEMAND AND IMPLEMENTATION OF STRUCTURAL CHANGE BURDENED PROFITABILITY
Incap Corporation Stock Exchange Release 4 August 2010 at 8:30
a.m.
INCAP GROUP INTERIM REPORT JANUARY-JUNE 2010: DECREASED DEMAND AND
IMPLEMENTATION OF STRUCTURAL CHANGE BURDENED PROFITABILITY
* revenue in January-June stood at EUR 29.3 million, down 17% compared with
corresponding period in 2009 (1-6/2009: EUR 35.4 million)
* operating profit (EBIT) in January-June was EUR -2.8 million (EUR -1.0
million)
* earnings per share were EUR -0.26 (EUR -0.16)
* the second-quarter revenue increased and the loss clearly decreased compared
to the first quarter
* structural change was implemented as scheduled, and the planned savings will
begin to take effect in the latter part of the year
* the directed share issue was subscribed in full, and EUR 1.3 million was
recognised in the reserve for invested non-restricted equity
This unaudited interim report has been prepared in accordance with the
international financial reporting standards (IFRS). Unless otherwise stated, the
comparison figures refer to the same period the previous year.
Sami Mykkänen, the President and CEO of Incap Group: "The period's revenue fell
short of expectations, since demand was slack due to the general economic
recession, especially at the beginning of the year. In the second quarter,
demand picked up markedly and many customers estimated that their needs would
increase in the latter part of the year.""The merger of the operations of our two electronics factories, in line with the
company's strategy, has progressed according to schedule. Product transfers from
Vuokatti to Kuressaare have required us to maintain partly overlapping
resources, which has made it impossible to fully adjust operations to match the
revenue. We expect the cost savings targeted with the structural change to have
an impact on the result from the third quarter onward."Many customers have growing order books, and demand looks to be taking a
positive turn. We have also signed new delivery agreements, which are expected
to generate significant revenue in the next few years. To secure future growth,
we launched cooperation with Cleantech Invest and expect it to bring us new
customers from growing technology companies that market applications based on
energy efficiency and renewable forms of energy."
Revenue and earnings in April-June 2010
The second-quarter revenue amounted to EUR 15.8 million, up nearly 18% from the
first quarter. The positive development was mainly driven by the recovery in
demand for well-being technology as well as energy and electrotechnology
equipment manufacturing in India. The second-quarter revenue was 6% lower than
in the comparable period last year, when it totalled EUR 16.9 million.
The second-quarter operating profit improved clearly from the first quarter but
dropped from the comparable period last year. Operating profit (EBIT) for
April-June was EUR -1.1 million (4-6/2009: EUR -0.5 million), representing -6.9%
(-2.8%) of revenue. Net profit for the second quarter amounted to EUR -1.5
million (EUR -1.0 million). Earnings per share were EUR -0.12 (EUR -0.16).
Revenue and earnings in January-June 2010
Revenue in the first quarter stood at EUR 29.3 million, which was 17% lower than
in the comparable period in 2009 (1-6/2009: EUR 35.4 million). The trend in
revenue was affected especially by the decline in demand caused by the general
uncertainty in the economy. Consequently, in this period the order volumes of
many big customers fell clearly short of last year's level.
Profitability dropped from last year's comparable period. The operating profit
amounted to EUR -2.8 million (EUR -1.0 million), representing -9.5% of revenue
(-2.8%). Profitability was mainly affected by the decline in revenue. It was
impossible to fully adjust the cost structure to match the lower revenue, since
the merger of two electronics factories, related to the structural change,
required the Group to maintain partly overlapping resources.
Quarterly comparison 4-6/ 1-3/ 10-12/ 7-9/ 4-6/ 1-3/
(EUR thousands) 2010 2010 2009 2009 2009 2009
Revenue 15,836 13,436 17,746 16,613 16,928 18,479
Operating profit/loss -1,097 -1,670 -3,666 -314 -472 -518
Net profit/loss -1,490 -1,899 -3,926 -810 -1,035 -949
Earnings per share, EUR
-0.12 -0.16 -0.32 -0.07 -0.08 -0.08
The revenue from Indian operations was growing towards the end of the review
period. The delivery volumes of our biggest customers have increased and the
demand for design services is brisk.
The cooperation agreement signed in June with Kenyan Thames Electricals Ltd
opens new opportunities for marketing electrotechnical products of Incap's own
design in the growing markets in Africa. Inverters designed and manufactured by
Incap are currently sold besides the Thames brand also under two other brands.
Incap's design unit in Bangalore currently employs 25 designers, the goal being
to increase the team's size to 35 designers in the latter part of the year.
The delivery contract of rotor components for electrical motors and generators
between Incap and ABB was renewed, thus ensuring continuing of a long span
cooperation.
The availability of electronics materials and components weakened clearly,
raising market prices and increasing logistics costs. The shortage of some
electronics components postponed Incap's deliveries to customers, which led to a
rise in the value of the material inventory.
To boost new customer acquisition in the company's strategic focus areas, Incap
signed an agreement in June on participating in a venture capital fund. The
fund, managed by Cleantech Invest Oy, invests in cleantech growth companies,
which are Incap's potential customers. In accordance with the agreement, Incap
will invest a total of EUR 0.3 million, which is recognised under other
non-current assets.
Net profit for the period totalled EUR -3.4 million (EUR -2.0 million). Net
finance costs decreased as a result of the Indian rupee strengthening.
Depreciation stood at EUR 1.5 million (EUR 1.4 million). Losses before tax
amounted to EUR -3.4 million (EUR -2.0 million).
Return on investment was -18% (-4%) and return on equity was -127% (-33%).
Earnings per share were EUR -0.26 (EUR -0.16), while equity per share stood at
EUR 0.30 (EUR 0.92).
The Group's balance sheet total rose to EUR 2.8 million in the period, amounting
to EUR 42.5 million. The Group's equity at the close of the period was EUR 4.3
million (EUR 4.5 million on 31 March 2010 and EUR 11.3 million on 30 June
2009). Liabilities totalled EUR 38.2 million (EUR 36.3 million on 31 March
2010, EUR 31.5 million on 30 June 2009), of which EUR 22.9 million comprised
interest-bearing liabilities (EUR 22.1 million on 31 March 2010, EUR 19.3
million on 30 June 2009). Of liabilities, current liabilities took up EUR 27.9
million (EUR 25.5 million on 31 March 2010, and EUR 19.9 million on 30 June
2009). The parent company's equity totalled EUR 11.6 million, representing 57%
of the share capital. The directed share issue offered on the basis of the
Annual General Meeting's decision, totalling 2,000,000 new shares, was
subscribed in full and the subscription price of some EUR 1.3 million was
recognised in the reserve for invested non-restricted equity.
The Group's equity ratio was 10.1% (26.4%). Interest-bearing net liabilities
totalled EUR 22.3 million (EUR 18.6 million) and the gearing ratio was 523%
(165%).
Financing and cash flow
The Group's quick ratio was 0.5 (0.6) and the current ratio 1.0 (1.3). Cash flow
from operating activities was EUR -2.4 million (EUR 1.0 million) and the change
in cash and cash equivalents showed an increase of EUR 0.1 million (an increase
of EUR 0.07 million).
Capital expenditures
Cash flow from investing activities was EUR 0.4 million positive (EUR -0.4
million) and included the sale of production equipment based on a customer
contract.
Personnel
At the end of the review period, Incap Group employed 800 people. The average
number of personnel was 783 (730). The number of employees grew in India. At the
end of the review period, 39% of the personnel worked in Finland, 38% in India
and 23% in Estonia.
Operations were adjusted through temporary layoffs in all of the company's
operations at the beginning of the year. When the demand for some mechanics
products declined, cooperation negotiations were launched at the Helsinki plant
in June. They resulted in the decision to lay off eight people, starting in
August, until further notice.
Owing to the merger of the electronics factories, the headcount at the Vuokatti
plant will gradually decrease, as the periods of notice expire at the end of the
year. In the beginning of 2010, the plant employed 131 persons, and after the
holiday season, only 20 persons are working there.
Options
The criteria set for the option programme targeting of the President and CEO,
and the other management team in 2009 were not met in terms of the 2009
operating profit and working capital. In March 2010, the Board of Directors
changed the option programme's distribution principles, emphasising the
fulfilment of each personal objective, and distributed 25,000 B-options to the
President and CEO, and a total of 100,000 C-options to the management team
members.
The subscription period of B options in the 2004 option programme ended on 30
April 2010. No option rights were used for subscriptions, since the target share
price defined in the terms was not realised.
Annual General Meeting
Incap Corporation's Annual General Meeting was held in Helsinki on 13 April
2010. The Annual General Meeting confirmed the consolidated financial statements
over the financial period ended on 31 December 2009. Following the Board of
Directors' decision, the Annual General Meeting decided that no dividend would
be paid and the loss for the accounting period (EUR 3,825,364.79) be left in
equity.
The AGM discharged the Board members and the President and CEO from liability.
Kari Häyrinen, Kalevi Laurila, Susanna Miekk-oja and Lassi Noponen were
re-elected as Board members, and Raimo Helasmäki was elected as a new member. In
the new Board's organisation meeting, Kalevi Laurila was elected as Chairman and
Susanna Miekk-oja as Deputy Chairman.
After a competitive bidding, Ernst & Young Oy, Authorised Public Accountants,
was again selected as the company's auditor.
The Annual General Meeting decided to amend the Articles of Association so that
the notice of meeting is to be sent no later than 21 days before the AGM.
The Annual General Meeting authorised the Board to decide upon an increase in
share capital by one or more new issues within one year from the Annual General
Meeting so that the aggregate number of shares subscribed on the basis of the
authorisation will be no more than 1,500,000 shares.
Directed share issue
The Annual General Meeting held on 13 April 2010 decided, according to the Board
of Directors' proposal, upon increasing the share capital through a directed
share issue where a maximum of 2,000,000 new shares were, deviating from the
pre-emptive right of the current shareholders, offered to the company's Board of
Directors, President and CEO, management team members, and those of the current
shareholders who, at the beginning of the directed share issue on 13 April
2010, held at least 100,000 shares in the company. Before the share issue, new
shares accounted for 16.4% of all of the company's shares, and for 14.1% after
it.
The subscription price of the shares was EUR 0.64, which was the volume-weighted
average price of the company's share on the Helsinki Exchanges in March 2010.
The Board of Directors approved the subscriptions on 3 May 2010. Seven of the
biggest shareholders subscribed a total of 1,812,200 shares, which represented
90.6% of all the new shares. The Board of Directors, President and CEO, and
management team members subscribed a total of 9.4% of the new shares.
The company's biggest shareholders and their holdings were as follows on 30 June
2010:
Oy Etra Invest Ab 29.2%, JMC Finance Oy 15.4%, Oy Ingman Finance Ab 12.5%,
Sundholm Göran 7.9% and Laurila Kalevi 2.1%.
Incap drew up a prospectus in order to have the new shares admitted for public
trading on the Helsinki Exchanges. The prospectus was published in electronic
format on 29 June 2010 and trading in the new shares started on 30 June 2010.
Announcement in accordance with Chapter 2, Section 10, of the Securities Market
Act on a change in holdings
After the registration of the shares subscribed in the directed share issue,
Göran Sundholm's holdings in Incap exceeded the notification limit of 5%. Göran
Sundholm subscribed a total of 500,000 new shares, after which he held a total
of 1,123,263 Incap shares on 30 June 2010, which represents 7.9% of the
company's shares and votes.
Shares and shareholders
Incap Corporation has one series of shares and the number of shares at the end
of the period is 14,180,880. During the period, the share price varied between
EUR 0.57 and EUR 0.75 (EUR 0.43 and 0.99). The closing price for the period was
EUR 0.60 (EUR 0.66). During the review period, the trading volume was 26% of
outstanding shares (17%).
At the end of the period, the company had 1,230 shareholders (1,153). Foreign or
nominee-registered owners held 0.8% (2.8%) of all shares. The company's market
capitalisation on 30 June 2010 was EUR 8.5 million (EUR 8.0 million). The
company does not own any of its own shares.
Short-term risks and factors of uncertainty concerning operations
The risks and uncertainty factors related to Incap's operations are described in
more detail in the prospectus published on 29 June 2010. The prospectus is
available in Finnish on the company's website at www.incap.fi.
Fluctuations in the global economy and customer sectors affect Incap's demand
and financial position. The recession has also had an impact on Incap's revenue
and profitability. The time and speed of recovery of the global economy will
affect the company's future revenue and, as a result, its profitability. To
date, the recession has not had a negative effect on the solvency of Incap's
customers.
Quality, manufacturing and distribution difficulties of material suppliers, as
well as changes in the market prices of materials influence Incap's delivery
ability and production costs. Most material prices are linked to customer
agreements, which reduces material price risks. Changes in material prices will
be transferred over to the customers' prices, though with a delay. The
availability of materials is considered to be the most significant
material-related risk in the near future. This may also lead to a rise in the
level of costs.
The general financial market situation affects the financing of Incap. The
acquisition of the Indian business unit in 2007 increased the Group's external
financing and financial risks. The financing basis of Indian operations was
boosted in 2009 by an equity investment that Finnfund made in Incap's Indian
subsidiary.
One of Incap Group's financing agreements contains covenants set by a financier,
concerning equity ratio and the ratio between interest-bearing liabilities and
EBITDA. The financier has the right to terminate the agreements if equity ratio
drops under 30% or IBD/EBITDA exceeds 3.5. The equity ratio on 30 June 2010 was
10.1% and IBD/EBITDA was -6.1. These covenants concerned a EUR 5.2 million share
of the Group's interest-bearing net liabilities. The financier has not referred
to these covenants and negotiations with the financier are on-going.
The company's financial position will continue to be influenced by the trends in
the general financial market and the company's future earnings development. To
strengthen its financial position, the company carried out a directed share
issue in spring 2010. The goal is to also ensure the company's liquidity through
efficient administration of working capital and negotiations concerning
different forms of financing.
The deferred tax assets recognised in the consolidated balance sheet amounted to
EUR 4.2 million on 30 June 2010 and are based on the Board of Directors'
assessment of the companies' future earnings development. Should future
development not correspond to the Board's estimate, the ensuing write-down would
have a considerable impact on the Group's equity ratio and consequently on some
of the covenants in the financing agreements.
Outlook for the rest of 2010
Incap's estimates on future business development are based on its customers'
forecasts and the company's own assessments. Demand is showing signs of recovery
in several customer sectors and the outlook for new customer acquisition is also
positive. However, it is difficult to assess with certainty the impact that
these factors have on Incap's revenue.
By the end of 2010, the company will have implemented most of the strategic
change process initiated in autumn 2008, which will form the basis for
profitable international business. Centralising the Group's European electronics
manufacturing in a single plant will make it possible to considerably boost
profitability. The cost savings targeted with the merger of the company's two
plants will affect the profitability beginning from August 2010.
Incap specifies its previous guidance and estimates that the company's revenue
in 2010 is smaller or at the same level than 2009, when it was EUR 70 million.
Profitability is expected to improve in the third quarter, and operating profit
(EBIT) is estimated to be positive in the latter half of 2010. The Group's
full-year operating profit is expected to be in the red, yet clearly better than
in 2009 (EUR -5.0 million).
In the January-March interim report, dated 5 May 2010, and the prospectus
published on 29 June 2010, the company estimated its revenue in 2010 to increase
from 2009 and its operating profit (EBIT) to be clearly higher than in 2009.
INCAP CORPORATION
Board of Directors
For additional information, please contact:
Sami Mykkänen, President and CEO, tel. +358 40 559 9047
Eeva Vaajoensuu, Chief Financial Officer, tel. +358 40 763 6570
Hannele Pöllä, Director of Communications and Human Resources, tel. +358
40 504 8296
DISTRIBUTION
NASDAQ OMX Helsinki Oy
Principal media
The company's website: www.incap.fi
PRESS CONFERENCE
Incap will arrange a conference for the press and financial analysts on 4 August
2010 at 10:00 a.m. at the World Trade Center Helsinki, in Meeting Room 4 on the
2nd floor at Aleksanterinkatu 17, FI-00100 Helsinki.
ANNEXES
1 Consolidated Income Statement
2 Consolidated Balance Sheet
3 Consolidated Cash Flow Statement
4 Consolidated Statement of Changes in Equity
5 Group Key Figures and Contingent Liabilities
6 Quarterly Key Figures
INCAP IN BRIEF
Incap Corporation is an internationally operating contract manufacturer whose
comprehensive services cover the entire lifecycle of electromechanical products
from design and manufacture to maintenance services. Incap's customers are
leading equipment suppliers in energy-efficiency and well-being technology, for
which the company produces competitiveness as a strategic partner. Incap has
operations in Finland, Estonia and India. The Group's revenue in 2009 amounted
to around EUR 70 million, and the company currently employs approximately 800
people. Incap's shares are listed on the NASDAQ OMX Helsinki Oy. For additional
information, please contactwww.incap.fi.
Annex 1
CONSOLIDATED INCOME STATEMENT
(EUR thousands, unaudited) 1-6/2010 1-6/2009 Change % 1-12/2009
REVENUE 29,272 35,407 -17 69,767
Work performed by the enterprise and
capitalised 0 0
Change in inventories of finished goods and
work in progress 604 -264 -329 -1,499
Other operating income 307 114 168 342
Raw materials and consumables used 20,424 23,204 -12 45,654
Personnel expenses 7,511 7,433 1 16,132
Depreciation and amortisation 1,524 1,424 7 2,869
Other operating expenses 3,491 4,187 -17 8,924
--------------------------------------------------------------------------------
OPERATING PROFIT/LOSS -2,767 -990 180 - 4,970
Financing income and expenses -622 -992 -37 -1,780
--------------------------------------------------------------------------------
PROFIT/LOSS BEFORE TAX -3,390 -1,982 71 -6,750
Income tax expense 0 -3 -100 29
--------------------------------------------------------------------------------
PROFIT/LOSS FOR THE PERIOD -3,390 -1,984 71 -6,721
Earnings per share -0.26 -0.16 63 -0.55
Options have no dilutive effect
in accounting periods 2009 and 2010
OTHER COMPREHENSIVE INCOME 1-6/2010 1-6/2009 Change % 1-12/2009
PROFIT/LOSS FOR THE PERIOD -3,390 -1,984 71 -6,721
OTHER COMPREHENSIVE INCOME:
Translation differences from foreign units -29 42 -168 19
-------------------------------------------------------------------------------
Other comprehensive income, net -29 42 -169 19
TOTAL COMPREHENSIVE INCOME -3,418 -1,942 76 -6,702
Attributable to:
Shareholders of the parent company -3,418 - 1,942 76 -6,702
Minority interest 0 0 0
Annex 2
CONSOLIDATED BALANCE SHEET
(EUR thousands, unaudited) 30 June 2010 30 June 2009 Change % 31 Dec. 2009
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 8,908 10,565 -16 10,247
Goodwill 1,070 973 10 977
Other intangible assets 905 1,170 -23 1,008
Other financial assets 314 14 2 078 14
Deferred tax assets 4,234 4,152 2 4,156
--------------------------------------------------------------------------------
TOTAL NON-CURRENT ASSETS 15,432 16,874 -9 16,402
CURRENT ASSETS
Inventories 13,526 14,099 -4 11,381
Trade and other receivables 12,978 11,043 18 11,261
Cash and cash equivalents 534 707 -25 661
--------------------------------------------------------------------------------
TOTAL CURRENT ASSETS 27,038 25,849 5 23,303
TOTAL ASSETS 42,469 42,723 -1 39,706
EQUITY ATTRIBUTABLE TO EQUITY
HOLDERS OF THE PARENT
COMPANY
Share capital 20,487 20,487 0 20,487
Share premium account 44 44 1 44
Reserve for invested
non-restricted equity 1,264 0 0
Exchange differences -488 -435 12 -459
Retained earnings -17,035 -8,838 93 -13,629
--------------------------------------------------------------------------------
TOTAL EQUITY 4,272 11,257 -62 6,443
NON-CURRENT LIABILITIES
Deferred tax liabilities 70 99 -29 70
Interest-bearing loans and
borrowings 10,246 11,495 -11 10,999
--------------------------------------------------------------------------------
NON-CURRENT LIABILITIES 10,316 11,595 -11 11,069
CURRENT LIABILITIES
Trade and other payables 15,245 12,097 26 11,925
Current interest-bearing loans
and borrowings 12,635 7,774 63 10,269
--------------------------------------------------------------------------------
CURRENT LIABILITIES 27,881 19,871 89 22,194
TOTAL EQUITY AND LIABILITIES 42,469 42,723 -1 39,706
Annex 3
CONSOLIDATED CASH FLOW STATEMENT 1-6/2010 1-6/2009 1-12/2009
(EUR thousands, unaudited)
Cash flow from operating activities
Net income -2,767 -990 -4,970
Adjustments to operating profit 1,151 1,441 4,342
Change in working capital 138 2,133 2,929
Interest paid -970 -1,580 -1,812
Interest received 11 21 40
------------------------------------------------------------------------------
Cash flow from operating activities -2,437 1,024 529
Cash flow from investing activities
Capital expenditure on tangible and
intangible assets -119 -603 -1,064
Proceeds from sale of tangible
and intangible assets 499 158 17
Acquisition of subsidiary 0 0 0
Loans granted -2 -4 -9
Shares of subsidiaries sold 0 0
Repayments of loan receivables 5 2 2
------------------------------------------------------------------------------
Cash flow from investing activities 383 -448 -1,054
Cash flow from financing activities
Private placement 1,264
Drawdown of loans 2,039 1,917 5,683
Repayments of borrowings -513 -1,847 -3,868
Repayments of obligations under finance leases -604 -573 -1,255
------------------------------------------------------------------------------
Cash flow from financing activities 2,186 -503 560
Change in cash and cash equivalents 132 73 35
Cash and cash equivalents at beginning of period 661 641 641
Effect of changes in exchange rates -250 -8 -17
Changes in fair value (cash and cash equivalents) -9 0 2
Cash and cash equivalents at end of period 534 707 661
Annex 4
CONSOLIDATED STATEMENT
OF CHANGES IN EQUITY
(EUR thousands,
unaudited)
Retained
Reserve for
Share invested
Share premium non-restricted Exchange
capital account equity differences earnings Total
Equity on 1 0
Jan. 2009 20,487 44 -478 - 6,864 13,189
Change in
exchange
differences 42 42
Options and
share-based
compensation 10 10
--------------------------------------------------------------------------------
Net income and
losses
recognised 42 10 52
directly in
equity
Net
profit/loss -1,984 -1,984
--------------------------------------------------------------------------------
Total income
and losses 42 -1,975 -1,932
Equity on 30 0
June 2009 20,487 44 -435 -8,838 11,257
Equity on 1 0
Jan.2010 20,487 44 -459 -13,629 6,443
Share premium 1,280 1,280
Transaction
costs for -16
equity -16
Change in
exchange
differences -29 -29
Options and
share-based
compensation -17 -17
Other changes
--------------------------------------------------------------------------------
Net income and
losses
recognised
directly in 1 264
equity -29 -17 1,219
Profit or loss
for the period -3,390 -3,390
--------------------------------------------------------------------------------
Total income
and losses -29 -3,407 -2,171
Equity on 30 1,264
June 2010 20,487 44 -488 -17,035 4,272
Annex 5
GROUP KEY FIGURES AND CONTINGENT
LIABILITIES 30 June 2010 30 June 2009 31 Dec. 2009
Revenue, EUR million 29.3 35.4 69.8
Operating profit, EUR million -2.8 -1.0 -5.0
% of revenue -9.5 -2.8 -7.1
Profit before taxes, EUR million -3.4 -1.9 -6.7
% of revenue -11.6 -5.6 -9.7
Return on investment (ROI), % -18.0 -3.6 -15.9
Return on equity (ROE), % -126.5 -32.5 -68.5
Equity ratio, % 10.1 26.4 16.2
Gearing, % 523.1 164.9 319.8
Net debt, EUR millions 24.7 19.7 21.3
Net interest-bearing debt, EUR millions 22.3 18.6 20.6
Average number of shares during the
report
period, adjusted for share issues 12,854,913 12,180,880 12,180,880
Earnings per share (EPS), euro -0.26 -0.16 -0.55
Equity per share, euro 0.30 0.92 0.53
Investments, EUR million 0.1 0.7 1.1
% of revenue 0.4 2.0 1.5
Average number of employees 783 730 751
CONTINGENT LIABILITIES, EUR millions
FOR OWN LIABILITIES
Mortgages 12.0 12.0 12.0
Other liabilities 2.8 6.5 4.6
Nominal value of currency options EUR 0
thousands 511.8 0
Fair values of currency options, EUR 0
thousands -5.5 0
Annex 6
QUARTERLY KEY FIGURES
4-6/ 1-3/ 10-12/ 7-9/ 4-6/ 1-3/
2010 2010 2009 2009 2009 2009
Revenue,
EUR
million 15.8 13.4 17.7 16.6 16.9 18.5
Operating
profit,
EUR
million -1.1 -1.7 -3.7 -0.3 -0.5 -0.5
% of
revenue -6.9 -12.4 -20.7 -1.9 -2.8 -2.8
Profit before
taxes,
EUR million -1.5 -1.9 -4 -0.8 -1.0 -0.9
% of
revenue -9.4 -14.1 -22.3 -4.9 -6.1 -5.1
Return on
investment
(ROI), % -111.3 -21.5 -47.3 -4 -2.1 -4.9
Return on
equity
(ROE), % -14.6 -138.3 -160 -27.5 -33.9 -29.8
Equity ratio,
% 10.1 11.1 16.2 24.6 26.4 27.4
Gearing, % 523.1 477.3 319.8 173.8 164.9 151.1
Net debt,
EUR millions 24.7 24.4 21.3 20.6 19.7 19.6
Net interest-
bearing
debt, EUR
millions 22.3 21.7 20.6 18.1 18.6 18.6
Average number
of share
issue-adjusted
shares
during the
financial
period 12,854,913 12,180,880 12,180,880 12,180,880 12,180,880 12,180,880
Earnings per
share (EPS),
euro -0.12 -0.16 -0.32 -0.07 -0.08 -0.08
Equity per
share,
euro 0.3 0.37 0.53 0.86 0.92 1.01
Investments,
EUR million 0.1 0.1 0.1 0.4 0.5 0.1
% of revenue 0.4 0.4 0.6 2.2 2.9 0.6
Average
number
of employees 791 734 776 770 732 728
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