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2010-08-11 08:00:00 CEST 2010-08-11 08:01:19 CEST REGULATED INFORMATION Aldata Solution Oyj - Interim report (Q1 and Q3)ALDATA SOLUTION OYJ'S INTERIM REPORT JANUARY-JUNE 2010 (UNAUDITED)Aldata Solution Oyj STOCK EXCHANGE RELEASE 11 August 2010, at 9.00 a.m. (EET) ALDATA SOLUTION OYJ'S INTERIM REPORT JANUARY-JUNE 2010 (UNAUDITED) Aldata delivers another quarter showing year on year revenue growth and profitable operating results * Software licenses grew year on year for the third quarter in a row * Total revenue grew year on year for the fourth quarter in a row generating a profitable operating result (EBIT), and a positive operating cash flow with all products and regions performing as expected and contributing to the solid Q2 results * No change to full year outlook of slight revenue growth compared to 2009 levels and operationally profitable (EBIT), for the full year Aldata in Q2 2010 (compared to Q2 2009) * Net sales increased by 15.5% to EUR 18.6 million (EUR 16.1 million). * Gross profit increased by 17.6% to EUR 17.5 million (EUR 14.9 million). * Operating profit, EBIT, increased to EUR 0.3 million (EUR -6.7 million). * Profit before taxes was EUR 1.1 million (EUR -7.1 million). * Net profit was EUR 1.0 million (EUR -7.2 million) and earnings per share, EPS, were 0.014 EUR (-0.104 EUR). * Cash flow from operating activities was EUR 0.3 million (EUR -2.8 million). * Cash, cash equivalents and marketable securities amounted to EUR 4.9 million (EUR 11.9 million) and the Group had interest-bearing debt EUR 10.6 million (EUR 15.2 million). Aldata in January - June 2010 (compared to January - June 2009) * Net sales were EUR 36.9 million (EUR 33.0 million). * Gross profit was EUR 33.0 million (EUR 30.3 million). * Operating profit, EBIT, was EUR 1.0 million (EUR -6.9 million) and profit before taxes was EUR 1.9 million (EUR -7.1 million). * Net profit was EUR 1.4 million (EUR -7.4 million) and earnings per share, EPS, were 0.020 EUR (-0.107 EUR). Bertrand Sciard, President and CEO In Q2 2010 Aldata continued the positive growth directions set in Q1 with year on year increases in sales revenues, profits and pipeline development. However, despite the positive developments that we have seen in our Q2 performance verses last year, we continue to find that there are only a small number of significant retail opportunities currently in the market. These have a long and complex decision making process and the competition for these is obviously fierce. The effort needed to close these deals is considerable and our ability to accurately predict when they close is low. Our targeted investments in marketing and sales produced both repeat and new name business opportunities in the quarter and we completed on planned M&A and Alliance activities in line with our Build, Buy, Partner, business development strategy. The acquisition of Cosmic Solutions Ltd, a UK specialist in retail product assortment, was finalized in May and a new strategic alliance with Microsoft Corporation was agreed to expand our channels in the mid-size retail sector. As announced in June Aldata and Microsoft are combining forces to bring advanced retailing capabilities to companies choosing Microsoft Dynamics® AX as their preferred mid-size ERP solution. This channel expansion agreement opens many new doors for Aldata by bringing expanded opportunities to market our products via the Microsoft global reseller network. In Finland, our first market for this product line, the new combined Microsoft Dynamics AX and Aldata Retail solution with our Loyalty services has received a warm welcome from both existing Instore customers and new business prospects. The Cosmic acquisition enables Aldata to better service the growing integrated Category and Merchandising optimization needs of large retail and CPG companies. Cosmic already has major CPG brand customers in the UK and is a natural partner for our Apollo space optimization products globally. We are now marketing the solutions via the Apollo direct sales team and our distributors worldwide. Immediate successes include RNDC, America's second largest wines and spirits distributor, and Panzani the leading European pasta and pasta sauce producer. New business deal success was spread across all divisions and regions and included Australia's leading fruit beverage producer, global automotive parts companies in both France and Germany, the UK arm of the world's largest toy retailer and the US retail division of the world's largest software company. Other new retail customers were signed in the USA, Finland, Switzerland, and Italy where our new distributor, Tesi, completed two new contracts, and five new companies chose Aldata voice directed warehousing solutions to enhance their logistics productivity. Aldata Loyalty continued to gain market momentum with more new projects in Finland, and expansion into Norway, Denmark, Estonia, and Russia. It was noteworthy that demand for our Professional Services teams increased in Q2 as both existing and new customers invested in new projects to increase their operational efficiency. Aldata in the second quarter of 2010 April - June 2010 Financial performance The Group's net sales were EUR 18.6 million (EUR 16.1 million), which represents an increase of EUR 2.5 million compared to second quarter net sales in the previous year. Product sales, which include licences for standard products, licences for customer specific developments and maintenance revenues, accounted for 58% (57%) of total net sales. Consulting services accounted for 39% (39%), and third party licences and hardware accounted for 3% (4%). The Group's gross profit was EUR 17.5 million (EUR 14.9 million), which represents an 94% (92%) gross margin. Operating profit, EBIT, totaled EUR 0.3 million (EUR -6.7 million) and operating profit excluding expenses for option plans was EUR 0.3 million (EUR -0.6 million). Pre-tax profit was EUR 1.1 million (EUR -7.1 million), net profit was EUR 1.0 million (EUR -7.2 million) and earnings per share, EPS, were 0.014 EUR (-0.104 EUR). Research and development costs in the second quarter totaled EUR 2.0 million (EUR 2.2 million), of which EUR 0.1 million (EUR 0.1 million) or 3.6% were capitalized. EUR 0.1 million (EUR 0.1 million) of capitalized development costs were amortized. Aldata's reported order backlog includes product and third party product sales that will be recognized as revenues during the following twelve months. At the end of June 2010, the order backlog was EUR 26.1 million (EUR 22.5 million at the end of June 2009 and EUR 21.6 million at the end of year 2009). Business units in Q2 2010 Net sales of the Supply Chain Management (SCM) Software business unit were EUR 12.4 million (EUR 11.5 million). The gross profit was EUR 12.0 million (EUR 11.0 million) and the operating profit, EBIT, was EUR -0.3 million (EUR -4.0 million). Net sales of the In-Store Software business unit were EUR 6.2 million (EUR 4.6 million). The gross profit was EUR 5.5 million (EUR 3.9 million) and the operating profit, EBIT, was EUR 0.6 (EUR 0.9) million. There were no internal sales between the Group's business segments. Unallocated costs, the Group's shared items netted, decreased the Group's operating profit, EBIT, by EUR 0.0 million (EUR -3.6 million). Finance and investments Cash flow from operating activities in the second quarter was EUR 0.3 million (EUR -2.8 million) and net cash flow was EUR -1.4 million (EUR -3.0 million). The Group's capital expenditure on hardware and software purchases amounted to EUR 2.9 million (EUR 0.3 million) in second quarter of the year. Research and Development In the second quarter Aldata's research and development costs were EUR 2.0 million (EUR 2.2 million). A total of EUR 0.1 million (EUR 0.1 million) of development costs were capitalized during the quarter. EUR 0.1 million (EUR 0.1 million) of capitalized development costs were amortized in the quarter. Aldata in the first half of 2010 January-June 2010 financial performance The Group's net sales were EUR 36.9 million (EUR 33.0 million), which represents an increase of EUR 4.0 million compared to first two quarters net sales in the previous year. Product sales, which include licences for standard products, licences for customer specific developments and maintenance revenues, accounted for 58% (60%) of total net sales. Consulting services accounted for 36% (37%) and third party licences and hardware accounted for 6% (3%). The Group's gross profit was EUR 33.0 million (EUR 30.3 million), which represents a 90% (92%) gross margin. Operating profit, EBIT, totaled EUR 1.0 million (EUR -6.9 million) and operating profit excluding expenses for option plans was EUR 1.1 million (EUR -6.7 million). Pre-tax profit was EUR 1.9 million (EUR -7.1 million), net profit was EUR 1.4 million (EUR -7.4 million) and earnings per share, EPS, were 0.020 EUR (-0.107 EUR). Research and development costs in the financial period totaled EUR 4.1 million (EUR 5.0 million), of which EUR 0.1 million (EUR 0.3 million) or 3.6% were capitalized. EUR 0.2 million (EUR 0.2 million) of capitalized development costs were amortized. Taxes for the period were EUR 0.6 million (EUR 0.3 million). Business Units in H1 2010 Net sales of the Supply Chain Management (SCM) Software business unit were EUR 25.8 million (EUR 23.8 million). The gross profit was EUR 23.6 million (EUR 22.4 million) and the operating profit, EBIT, was EUR 0.5 million (EUR -3.1 million). Net sales of the In-Store Software business unit were EUR 11.2 million (EUR 9.2 million). The gross profit was EUR 9.4 million (EUR 7.9 million) and the operating profit, EBIT, was EUR 1.4 (EUR 2.0) million. There were no internal sales between the Group's business segments. Unallocated costs, the Group's shared items netted, decreased the Group's operating profit, EBIT, by EUR 1.0 million (EUR -5.8 million). Finance and investments Cash flow from operating activities in the first half of the year was EUR 1.4 million (EUR -3.0 million) and net cash flow was EUR -0.6 million (EUR -3.6 million). At the end of June 2010, Aldata Group's cash, cash equivalents and marketable securities amounted to EUR 4.9 million (EUR 11.9 million) and total assets were EUR 55.7 million (EUR 60.9 million). The Group had interest-bearing debt EUR 10.6 million (EUR 15.2 million) and interest-bearing net liabilities totaled EUR 5.5 million (EUR 3.6 million). Short term receivables totaled EUR 24.2 million (EUR 25.2 million). The Group's solvency ratio was 36.3 % (25.3%) gearing was 27.0 % (23.7%), and shareholders' equity per share was 0.292 EUR (EUR 0.222). The Group's capital expenditure on hardware and software purchases amounted to EUR 3.1 million (EUR 0.5 million) during the first half of the year. A total of EUR 0.2 million (EUR 0.2 million) of development costs were capitalized during the period. Research and Development Aldata's research and development costs in H1 2010 were EUR 4.1 million (EUR 5.0 million) and made up 11% (15%) of net sales. A total of EUR 0.1 million (EUR 0.3 million) of development costs were capitalized during the period. EUR 0.2 million (EUR 0.2 million) of capitalized development costs were amortized. At the end of the review period 131 (139) employees and 129 (57) contracted offshore resources were involved in R&D activities. These employees represent 25% (26%) of the Group's total personnel. Aldata's R&D centers are located in Paris, France, in Vantaa, Finland and in Bangalore, India. Personnel Aldata Group employed 536 (531) persons at the end of June 2010, and on average had 522 (554) employees during the period. 30 June 2010 30 June 2009 By business unit Persons % Persons % SCM Software 365 68 398 75 In-Store Software 155 29 121 23 Group Administration 16 3 12 2 Total 536 100 531 100 Approximately 46% of personnel were employed by Aldata companies in France, 14% in Finland, 12% in the US, 10% in Germany, 7% in the UK, 6% in Sweden, 4% in Slovenia and 1% in Russia. Share performance and ownership The highest price of the Aldata Solution Oyj share during January - June 2010 was EUR 0.77 and the lowest price EUR 0.45. The average price was EUR 0.62 and the closing price EUR 0.55. The trading volume on the Helsinki Stock Exchange was EUR 12.4 million and altogether 20.1 million shares were traded, which represents 29% of the shares. Aldata Solution Oyj has 68.7 million shares outstanding. The number of shares outstanding has remained unchanged during the period. The number of shareholders was 5107 and the free float was 100% of the share capital at the end of June 2010. A total of 32.1% of Aldata Solution Oyj's shares were owned by foreign investors at the end of the period. Aldata Solution Oyj has one share series and all the company's shares carry equal voting and dividend rights. Group structure, changes and business transactions during the period Aldata Solution Oyj is Aldata Group's parent company. Following business transactions affecting the group structure took place in Q2 2010: On 6th May 2010 Aldata Solution Oyj signed a definitive agreement for Aldata to acquire all of the shares of Cosmic Solutions Limited, a specialist UK provider of category management software, helping retailers better respond to changes in customer demand, reduce waste, and increase shopper satisfaction. The acquisition represents the second step in Aldata's Integrated Category Management strategy following the acquisition of Apollo Space Management in 2008 and when combined with Aldata's best of breed Retail Space, Replenishment and Supply Chain suites it will provide customers and prospects with unique capabilities to plan and deliver accurately across multiple store sizes, and formats. Cosmic has in total 25 employees, of whom 21 are based in the UK, 3 are based in France and 1 is based in US. In addition there are currently 4 subcontractors used for both sales and services work. As an independent company, Cosmic Solutions was responsible for sales and marketing activities, implementation and support services as well as product development. Cosmic Solutions generated in the year ending 31st December 2009 GBP 1.9 million in net sales and an EBIT of GBP 0.4 million, adjusted to reflect how it would be reported within Aldata's results. Cosmic Solutions has been able to grow its revenue in each of the last 5 years that were reviewed and has delivered a profitable result for each of those years. The total purchase price booked by Aldata for Cosmic Solutions Limited is GBP 3.4 million (EUR 4.0 million calc. rate 0.854), which consists of following items: GBP 2.0 million (EUR 2.3 million) paid at signing and GBP 1.4 million (EUR 1.7 million) as additional purchase price based on the forecasted achievement against revenue targets by the Cosmic products over the next three years. This purchase price has been allocated between intangible assets and goodwill based on the principles of IFRS 3 governing Business Combinations Risks and uncertainty factors Near term risks and uncertainties Near term risks and uncertainties are considered by Aldata as those that may materialize in the next two quarters. Aldata accounts for its revenue in accordance with IFRS guidelines, meaning license revenue is typically booked on contract signature whereas services and maintenance revenue is booked over the life of the project. This means that software license revenue is more risky and harder to forecast. The management team complete regular reviews and assessments of the software pipeline to mitigate this risk, although it is not possible to remove the risk completely. The economic environment has increased the number of companies who face financial problems and could be seen as a factor in the increased time taken to settle invoices. This might increase Aldata's risk to be able to collect payment for its services provided. Aldata looks to mitigate this risk by using business standard credit assessment and credit control policies to ensure any potential risks are highlighted at an early stage and any necessary action to reduce the risk is taken. A large proportion of Aldata's services revenue is done on a time and materials basis. If there was a weakening in demand, as we saw at the start of 2009, this would lead to lower utilization and pressure on margins if Aldata was unable to adjust its cost base fast enough. However, Aldata foresees that the risks of further large-scale deterioration of the IT market situation have declined from 2009. In other respects, no significant changes have taken place in Aldata's short-term risks and uncertainties during the reported period. Long term risks and uncertainties Long term risks and uncertainty factors associated with Aldata's business are mainly related to general economic development and more specifically on the retail software market. The recession affected Aldata's operations during the last 18 months and whilst there are continuing signs of a recovery, if the anticipated recovery doesn't happen or there is a worsening of the economic situation, this may result in delays to both ongoing or new large projects and investment decisions. Business risk management is a key target of the operational management. Through it, the Company aims to ensure that the key risks to which business operations are exposed are identified and monitored for preventative action. Business risks are monitored within the Company by the President and CEO, the Corporate Management Team and the Management Council. With the increased importance of the US market to Aldata, the group will become more exposed to currency risk as the movement between the Euro and the US dollar has been quite significant during the last 12 months. Aldata chooses not to hedge against these movements as it believes there is a natural hedge built into the business due to the US based cost structure that it carries. This means, that whilst the risk to Aldata's operating profit is reduced to a level that Aldata feels is acceptable, there is a risk to the level of revenue that Aldata reports that is directly affected by the Euro to US dollar exchange rate movement. Goodwill was tested during the last quarter of 2009 and in accordance with the results of testing for impairment, no depreciation of goodwill was made. The impairment testing is based on projected future cash flows and if the respective country's projected cash flows do not occur as planned in the medium term, it is possible that the goodwill allocated to one of the country's units will need to be impaired. No new impairment tests have been completed at the end of Q2 2010 as most businesses and territories were either on or close to their projected future cash flows. Outlook Aldata expects net sales for 2010 to grow slightly on 2009 levels and to generate a profitable operative result (EBIT) for the full-year. Events after the review period There were no remarkable events after the review period. Helsinki, August 11, 2010 Aldata Solution Oyj Board of Directors Further information: Bertrand Sciard, President and CEO, tel. +358 10 820 8000 / Aldata Solution Oyj. Graham Howell, CFO, tel. +33 633 057 620 Aldata will hold a press conference for the media and financial analysts in Helsinki on 11 August, at 12.00 (EET) at Hotel Palace Gourmet (Eteläranta 10, 10th floor, Merikabinetti). The presentation material will be published on the Group's website at www.aldata-solution.com About Aldata Aldata is a global leader in the supply of integrated business solutions to organizations that serve the retail consumer and wholesale distribution markets. Aldata has an unparalleled 20-year track record of delivering targeted software projects that substantially improve our customers' businesses, from supplier to shopper. Today, Aldata customers include 15 of the World's 30 largest retailers, thousands of retail brands, and hundreds of national and regional chains. Aldata Solution is a public company quoted on NASDAQ OMX Helsinki Ltd with the identifier ALD1V. More at:www.aldata-solution.com Distribution: NASDAQ OMX Helsinki Ltd Media TABLE PART Calculation methods This interim report has been prepared in accordance with IFRS standards and the same accounting principles as in 2009 financial statements but the report does not comply with all requirements of IAS 34, Interim Financial Reporting. Key figure calculations remain unchanged and have been presented in 2009 Financial Statements. CONSOLIDATED INCOME STATEMENT MEUR MEUR Change % MEUR Jan-Jun/ 2010 Jan-Jun/ 2009 Total 2009 Net sales 36,9 33,0 12,1 % 67,5 Other operating income 0,2 0,4 -30,7 % 0,7 Operating expenses -35,4 -39,5 10,3 % -71,3 Depreciations and impairments -0,8 -0,7 -12,2 % -1,7 Operating profit 1,0 -6,9 114,0 % -4,7 Financial items 1,0 -0,2 609,2 % -0,7 Profit before taxes 1,9 -7,1 127,3 % -5,4 Income taxes -0,6 -0,3 -97,8 % 1,4 Minority interest 0,0 0,0 -222,0 % 0,0 Profit for the financial period 1,4 -7,4 118,5 % -4,0 Earnings per share, EUR 0,020 -0,107 -0,057 Earnings per share, EUR (EPS), adjusted for dilution effect 0,020 -0,107 -0,057 Attributable to: Equity holders of the Company 1,4 -6,7 -4,0 Minority interest 0,0 0,0 0,0 Statement of comprehensive income: Net profit for the period 1,4 -6,7 -4,0 Other comprehensive income: Translation differences -0,6 -0,3 0,0 Total comprehensive income 0,8 -7,0 -4,0 Total comprehensive income attributable to: Equity holders of the Company 0,8 -7,0 -4,0 Minority interest 0,0 0,0 0,0 CONSOLIDATED BALANCE SHEET MEUR MEUR MEUR 30 Jun 2010 30 Jun 2009 31 Dec 2009 ASSETS NON-CURRENT ASSETS Goodwill 18,9 15,0 16,2 Capitalized development cost 2,9 3,0 2,8 Intangible assets 2,6 1,7 1,4 Tangible assets 1,4 1,4 1,3 Investments 0,1 0,1 0,1 Other long-term assets 0,4 0,1 0,4 Deferred tax assets 0,3 2,5 1,0 NON-CURRENT ASSETS TOTAL 26,6 23,7 23,1 CURRENT ASSETS Inventories 0,0 0,0 0,5 Short-term receivables 24,2 25,2 20,7 Cash and cash equivalents 4,9 11,9 5,6 CURRENT ASSETS TOTAL 29,1 37,3 29,2 ASSETS TOTAL 55,7 60,9 52,3 SHAREHOLDERS' EQUITY AND LIABILITIES Shareholders' equity 20,1 15,3 19,2 Minority interest 0,1 0,1 0,1 Long-term loans 3,4 4,5 3,0 Short-term loans 32,1 41,0 30,0 EQUITY AND LIABILITIES TOTAL 55,7 60,9 52,3 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 1000 EUR Equity holders Share Trans- of Own Share premium lation Retained parent Minority equity TEUR capital fund difference earnings company interest total -------------------------------------------------------------------------------- EQUITY 1.1.2009 687 19 154 708 2 244 22 793 117 22 911 Share based payments recognised against equity 0 0 0 201 201 0 201 Comprehensive income 0 0 -334 -6 669 -7 003 -15 -7018 -------------------------------------------------------------------------------- EQUITY 30.6.2009 687 19 154 374 -4 224 15 991 102 16 094 -------------------------------------------------------------------------------- EQUITY 1.1.2010 687 19 154 694 -1 320 19 215 89 19 305 Share based payments recognised against equity 0 0 0 101 101 0 101 Comprehensive income 0 0 -599 1 360 761 19 780 -------------------------------------------------------------------------------- EQUITY 30.6.2010 687 19 154 95 141 20 077 108 20 186 CONSOLIDATED CASH FLOW STATEMENT MEUR MEUR MEUR Jan-Jun/ 2010 Jan-Jun/ 2009 Jan-Dec 2009 Cash flow from operating activities Operating result 1,0 -6,9 -4,7 Adjustment to operating result 0,7 2,8 -0,3 Change in working capital -0,1 1,4 2,5 Interest received and other financial income 0,3 0,1 0,3 Interest paid and other financial expenses -0,3 -0,4 -1,3 Taxes paid -0,1 0,0 -0,1 Net cash from operating activities 1,4 -3,0 -3,7 Cash flow from investing activities Group companies acquired -2,0 0,0 0,0 Investments in tangible and intangible assets -0,5 -0,4 -1,0 Net cash used in investing activities -2,6 -0,4 -1,0 Cash flow before financing activities -1,1 -3,5 -4,6 Cash flow from financing activities Short-term loans, received 0,5 0,0 0,0 Short-term loans, repayments 0,0 0,0 -5,1 Leasing liability, payments 0,0 -0,1 -0,2 Share issue 0,0 0,0 0,0 Net cash used in financing activities 0,5 -0,1 -5,3 Net cash flow, total -0,6 -3,6 -10,0 Change in cash and cash equivalents -0,6 -3,6 -10,0 Cash and cash equivalents in the beginning of the period 5,6 15,4 15,4 Net foreign exchange difference 0,0 0,0 0,1 Cash and cash equivalents at the end of the period 4,9 11,9 5,6 NOTES TO THE INTERIM REPORT COMMITMENTS AND CONTINGENCIES MEUR MEUR MEUR 30 Jun 2010 30 Jun 2009 31 Dec 2009 Loans from financial institutions 10,6 15,2 10,0 Mortgages 5,4 5,4 5,4 Leasing liabilities 6,9 9,6 8,7 Guarantees on behalf of company debt 0,1 0,1 0,1 KEY FIGURES, MEUR Jan-Jun /2010 Jan-Jun /2009 Total 2009 Scope of Operations Net sales, MEUR 36,9 33,0 67,5 Average number of personnel 522 554 538 Profitability Operating profit , MEUR 1,0 -6,9 -4,7 Operating profit, % of net sales 2,6 -21,0 -7,0 Profit before taxes and minority interest, MEUR 1,9 -7,1 -5,4 Profit before taxes and minority interest, % of net sales 5,3 -21,5 -8,0 Return on equity, % (ROE) 14,0 -77,2 -18,8 Return on investment, % (ROI) 18,8 -34,1 -11,2 Financial Standing Quick ratio 0,9 0,9 0,9 Current ratio 0,9 0,9 0,9 Equity ratio, % 36,3 25,3 37,4 Interest-bearing net debt, MEUR 5,5 3,6 4,9 Gearing, % 27,0 23,7 25,2 Per Share Data Earnings per share, EUR (EPS) 0,020 -0,107 -0,057 Earnings per share, EUR (EPS), adjusted for dilution effect 0,020 -0,107 -0,057 Shareholders' equity per share, EUR 0,292 0,222 0,280 SEGMENT INFORMATION, MEUR BUSINESS SEGMENTS Jan-Jun/2010 Jan-Jun/2009 Total 2009 Net sales to external customers Supply Chain Management Software 25,8 23,8 49,5 In-Store Software 11,2 9,2 18,0 Total 36,9 33,0 67,5 Operating result, continuing operations Supply Chain Management Software 0,5 -3,1 -6,0 In-Store Software 1,4 2,0 2,1 Total 1,9 -1,1 -3,9 Unallocated items -1,0 -5,8 -0,8 Operating profit 1,0 -6,9 -4,7 Financial income and expenses 1,0 -0,2 -0,7 Result before taxes and minority interest 1,9 -7,1 -5,4 Taxes -0,6 -0,3 1,4 Minority interest 0,0 0,0 0,0 Result from continuing operations 1,4 -7,4 -4,0 Result for the financial period 1,4 -7,4 -4,0 INCOME STATEMENT MEUR MEUR MEUR MEUR MEUR QUARTERLY FIGURES Q2/2010 Q1/2010 Q4/2009 Q3/2009 Q2/2009 Net sales 18,6 18,3 17,9 16,7 16,1 Other operating income 0,0 0,2 0,2 0,1 0,2 Operating expenses -18,0 -17,5 -15,8 -16,0 -22,7 Depreciations and impairments -0,4 -0,4 -0,4 -0,5 -0,3 Operating profit 0,3 0,7 1,8 0,4 -6,7 Financial items 0,8 0,1 0,0 -0,5 -0,4 Profit before taxes 1,1 0,8 1,8 -0,1 -7,1 Income taxes -0,1 -0,4 1,6 0,1 -0,1 Minority interest 0,0 0,0 0,0 0,0 0,0 Profit for the financial period 1,0 0,4 3,4 0,0 -7,2 INCOME STATEMENT MEUR MEUR MEUR MEUR MEUR CUMULATIVE 1-6/10 1-3/10 1-12/09 1-9/09 1-6/09 Net sales 36,9 18,3 67,5 49,7 33,0 Other operating income 0,2 0,2 0,7 0,5 0,4 Operating expenses -35,4 -17,5 -71,3 -55,5 -39,5 Depreciations and impairments -0,8 -0,4 -1,7 -1,2 -0,7 Operating profit 1,0 0,7 -4,7 -6,5 -6,9 Financial items 1,0 0,1 -0,7 -0,7 -0,2 Profit before taxes 1,9 0,8 -5,4 -7,2 -7,1 Income taxes -0,6 -0,4 1,4 -0,2 -0,3 Minority interest 0,0 0,0 0,0 0,0 0,0 Profit for the financial period 1,4 0,4 -3,9 -7,4 -7,4 BALANCE SHEET MEUR MEUR MEUR MEUR MEUR 30.6.10 31.3.10 31.12.09 30.9.09 30.6.09 ASSETS NON-CURRENT ASSETS Goodwill 18,9 16,2 16,2 15,0 15,0 Capitalized development cost 2,9 2,8 2,8 2,9 3,0 Intangible assets 2,6 1,3 1,4 1,4 1,7 Tangible assets 1,4 1,3 1,3 1,3 1,4 Investments 0,1 0,1 0,1 0,1 0,1 Other long-term assets 0,4 0,4 0,4 0,4 0,1 Deferred tax assets 0,3 0,9 1,0 2,6 2,5 NON-CURRENT ASSETS TOTAL 26,6 23,0 23,1 23,7 23,7 CURRENT ASSETS Inventories 0,0 0,0 0,5 0,2 0,0 Short-term receivables 24,2 25,0 20,7 22,6 25,2 Cash and cash equivalents 4,9 6,4 5,6 11,4 11,9 CURRENT ASSETS TOTAL 29,1 31,6 29,2 34,5 37,3 ASSETS TOTAL 55,7 54,5 52,3 58,2 60,9 SHAREHOLDERS' EQUITY AND LIABILITIES Shareholders' equity 20,1 19,5 19,2 15,9 15,3 Minority interest 0,1 0,1 0,1 0,1 0,1 Non-current liabilities 3,4 0,6 3,0 4,2 4,5 Current liabilities 32,1 34,4 30,0 38,1 41,0 Liabilities 35,5 34,9 33,0 42,3 45,6 EQUITY AND LIABILITIES TOTAL 55,7 54,5 52,3 58,2 60,9 KEY FIGURES, MEUR Q2/2010 Q1/2010 Q4/2009 Q3/2009 Q2/2009 QUARTERLY FIGURES Scope of Operations Net sales, MEUR 18,6 18,3 17,9 16,7 16,1 Average number of personnel 522 516 538 543 554 Profitability Operating profit , MEUR 0,3 0,7 1,8 0,4 -6,7 Operating profit, % of net sales 1,6 3,7 10,3 2,2 -41,5 Profit before taxes and minority interest, MEUR 1,1 0,8 1,8 -0,1 -7,1 Profit before taxes and minority interest, % of net sales 6,1 4,4 10,2 -0,7 -43,8 Return on equity, % (ROE) 14,0 7,6 -18,8 -50,6 -77,2 Return on investment, % (ROI) 18,8 14,9 -11,2 -21,3 -34,1 Financial Standing Quick ratio 0,9 0,9 0,9 0,9 0,9 Current ratio 0,9 0,9 1,0 0,9 0,9 Equity ratio, % 36,3 36,4 37,4 27,4 25,3 Interest-bearing net debt, MEUR 5,5 4,0 4,9 4,2 3,6 Gearing, % 27,0 20,2 25,2 26,5 23,7 Per Share Data Earnings per share, EUR (EPS) 0,014 0,005 0,050 0,000 -0,104 Earnings per share, EUR (EPS), adjusted for dilution effect 0,014 0,005 0,050 0,000 -0,104 Shareholders' equity per share, EUR 0,292 0,284 0,280 0,231 0,222 [HUG#1436811] |
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