2008-08-21 13:00:00 CEST
2008-08-21 13:00:01 CEST
REGULATED INFORMATION
Cencorp - Interim report (Q1 and Q3)
Cencorp Corporation Interim Report for 1 January - 30 June 2008
CENCORP CORPORATION INTERIM REPORT 21.08.2008 Cencorp Corporation Interim Report for 1 January - 30 June 2008 January-June 2008 Net sales amounted to EUR 8.9 (7.9) million Operating profit (EBIT) totalled EUR -1.5 (-1.7) million Profit before taxes was EUR -2.0 (-2.3) million Equity ratio stood at 5.8% (13.7 % December 31, 2007) April-June 2007 Net sales amounted to EUR 4.4 (4.1) million Operating profit (EBIT) totalled EUR -1.4 (-0.6) million Profit before taxes was EUR -1.7 (-1.0) million EUR 0.9 million reorganization expenses included in EBIT The figures given for comparison are those for the corresponding period in the previous year unless otherwise stated. The Interim Report has been prepared in accordance with IAS 34 Interim Financial Reporting. Group's key figures -------------------------------------------------------------------------------- | (unaudited) | | | | | | | -------------------------------------------------------------------------------- | EUR 1,000 | | 4-6/200 | 4-6/2007 | 1-6/2008 | 1-6/2007 | 1-12/200 | | | | 8 | | | | 7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | | 4 382 | 4 077 | 8 877 | 7 897 | 20 323 | -------------------------------------------------------------------------------- | Operating profit/loss | -1 424 | -636 | -1 495 | -1 654 | -1 050 | | (EBIT) | | | | | | -------------------------------------------------------------------------------- | % of net sales | | -32,5 % | -15,6 % | -16,8 % | -20,9 % | -5,2 % | -------------------------------------------------------------------------------- | Profit/loss before | -1 685 | -970 | -1 992 | -2 305 | -3 889 | | taxes (EBT) | | | | | | -------------------------------------------------------------------------------- | % of net sales | | -38,5 % | -23,8 % | -22,4 % | -29,2 % | -19,1 % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Research and | 150 | 263 | 361 | 466 | 896 | | development costs | | | | | | -------------------------------------------------------------------------------- | % of net sales | | 3,4 % | 6,5 % | 4,1 % | 5,9 % | 4,4 % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity ratio, % | | 5,8 % | -8,7 % | 5,8 % | -8,7 % | 13,7 % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Personnel on | | 124 | 129 | 126 | 135 | 134 | | average | | | | | | | -------------------------------------------------------------------------------- | Personnel at the end | 122 | 132 | 122 | 132 | 133 | | of period | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit/share, | | -0,04 | -0,04 | -0,05 | -0,09 | -0,12 | | EUR, diluted | | | | | | | -------------------------------------------------------------------------------- Net sales and earnings performance January-June 2008 Cencorp's net sales amounted to EUR 8.9 (7.9) million. Operating profit was EUR -1.5 (-1.7) million. The Group's net financial items for the review period were EUR -0.5 (-0.7) million. Profit before taxes totalled EUR -2.0 (-2.3) million. The net profit for the period was EUR -2.0 (-2.3) million. Diluted earnings per share were EUR - 0.05 (-0.09). EUR 0.9 million reorganization expenses had negative impact on Operating profit. Cencorp Corporation's net sales came from one business segment: the automation and testing business. The laser business, which has been moved to Cencorp Corporation's subsidiary Singulase Corporation, did not generate any revenue in the review period, as the company still concentrated on product development. The operating loss of the automation and testing business amounted to EUR -1.3 (-1.5) million, while earnings before taxes stood at EUR -1.8 (-212) million and the net loss for the period at EUR -1.8 (-2.1) million. Singulase Corporation recorded an operating profit, profit before taxes and net loss for the period of EUR -0.2 (-0.2) million. April-June 2007 Net sales in April-June 2008 totalled EUR 4.4 million (EUR 4.1 million) while operating profit (EBIT) amounted to EUR -1.4 million (EUR -0.6 million). The Group's net financial items were EUR -0.3 (-0.3) million. Profit before taxes totalled EUR -1.4 (-1.0) million. Diluted earnings per share were EUR -0.04 (-0.04). EUR 0.9 million reorganization expenses had negative impact on Operating profit. The capital gain of EUR 0.3 million generated from the real estate has improved the Operating Profit in parent company, but has been booked directly in the consolidated retained earnings according to IAS 40. Balance sheet and financing The balance sheet figures at 30 June 2008 are compared to those at 31 December 2007. At the end of the review period, the balance sheet total was EUR 14.9 (17.5) million. The company's cash flow after investments was EUR 0,5 (-1.1) million, while interest-bearing net debts at the end of the review period amounted to EUR 9.9 (10.8) million. Accounts receivables decreased to EUR 4.3 (6.4) million, and inventories amounted to EUR 4.6 (4.3) million. Non-interest-bearing liabilities amounted to EUR 3.7 (3.7) million and interest bearing liabilities to EUR 9,9 (10,8) million. The equity ratio was 5.8% (13.7%). Gross investments in January-June totalled EUR 0.03 (0.3) million, or 1.0% (1.3) of the period's net sales, and mainly came from product development. Events in the review period Details about events in the review period are available in Cencorp Corporation's stock exchange releases on Cencorp's website at www.cencorp.com. Cencorp Corporation appealed on April 2, 2008 to Market Court concerning public warning by Financial Supervision Authority Cencorp Corporation appealed to Market Court concerning public warning given by the Financial Supervision Authority on March 3, 2008. Company appeals the decision of Financial Supervision Authority and claims that Market Court overrules the decision in its totality. Opinion of Cencorp Corporation is that company has acted diligently in the matter and given the answers requested to the Financial Supervision Authority. Decisions of the Annual General Meeting on April 17, 2008 The financial statements for the fiscal year 2007 were approved. In accordance with the Board's proposal, it was resolved that no dividend shall be paid for the fiscal year January 1 - December 31, 2007. Likewise, it was resolved that the net loss of the fiscal year 2007 will be entered in the retained earnings account. Release from liability for the fiscal year January 1 - December 31, 2007 was granted to the members of the parent company's Board and the CEO. The Annual General Meeting passed a resolution to elect four members to the Board. The previous members elected to the Board were Mr. Markku Jokela and Mr. Sauli Kiuru. New members are M.Sc, MBA, Mr. Turo Levänen (b. 1960) and Attorney, LL.M, Mr. Ari Anttonen (b. 1962). Turo Levänen has acted as CEO of Proventure AG, as Investment Director of Suomen Teollisuussijoitus Oy, as CEO of Fimet Oy and as Branch of Industry Director in SITRA. Ari Anttonen works as Lawyer in Bützow Attorneys Ltd. He has acted as Director in Varma Mutual Pension Insurance Company, as General Counsel in Mutual Pension Insurance Company Eläke-Varma and as Director of Finance in Postipankki Ltd. At the Board's organization meeting that was held after the Annual General Meeting, Turo Levänen was elected Chairman of the Board and Ari Anttonen Vice Chairman of the Board. Cencorp´s Vice President, Legal Affairs Mr. Ville Parpola continues as the secretary of the board. Ari Anttonen and Turo Levänen were elected as members of the Nomination and Compensation Committee. Mr Anttonen was elected as the Chairman of the Nomination and Compensation Committee. Tilintarkastus Tuokko Oy was elected as the Company's auditor, with Authorised Public Accountant Timo Tuokko to be the primarily responsible auditor. In accordance with the Board's proposal, it was resolved that the Board of Directors of the company is authorized to resolve on the issuance of shares and stock options and other special rights entitling to shares subject to chapter 10, section 1 of the Companies Act as follows.The aggregate number of shares issued on the basis of the authorization may not exceed 10,000,000 shares. The Board of Directors is authorized to resolve on all the terms and conditions concerning the issue of shares and stock options and other special rights entitling to shares. Issuance of shares and other special rights entitling to shares can be carried out as a directed issue. Authorization is valid until further notice, however not more than five years from the decision by the Annual General Meeting of Shareholders. Cencorp Corporation informed on May 13, 2008 that it starts rearrangements related to improving of profitability and customer service The Board of Cencorp Corporation decided as a part of it's actions to increase the productivity and improve the fixed cost efficiency and customer service to examine the possibilities for rearrangements in Lohja and Salo sites, in Singulase Oy as well as in its foreign subsidiaries. Therefore Cencorp Corporation started personnel negotiations in Lohja and Salo sites, in Singulase Oy and in its Sweden based subsidiary on the financial and production-related as well as on the restructuring related grounds. The negotiations concern personnel of Cencorp Corporation and Singulase Oy as whole in Finland and in Sweden. Maximum amount of terminations in Finland is 40 employees. Furthermore, Cencorp Corporation examined different options related to receiving its American subsidiary profitable as well as possibilities to out-source its operations in France to local distributor, who will act as sales and service representative of the products of Cencorp Corporation in France in the future. The Board of Cencorp Corporation and CEO Mr. Jouni Suutarinen signed on May 13, 2008 an agreement concerning termination of cooperation. Company thanked Mr. Jouni Suutarinen for strong commitment to developing of the Company in difficult turning point. The Board of Directors started its search for a new CEO. Mr. Hannu Seppälä (B.1959), Vice President, tester business were appointed as acting CEO starting on May 13, 2008. Mr Seppälä previously worked as entrepreneur in test solutions. Cencorp Corporation acquired his company, Salon Hannu Seppälä Oy, in 1999. Management team member of Cencorp Corporation Mr. Seppälä has been since 2001. Cencorp Corporation informed on June 27, 2008 that statutory negotiations were completed Negotiation result were reached in the statutory negotiations started on May 13, 2008 in Cencorp Corporation. Amount of employees in Finnish sites decreases in all by 25 people. Reductions will be realized mainly by dismissals. French subsidiary of Cencorp Corporation will end its operations by September 30, 2008. Business operations in France will be simultaneously out-sourced to local distributors. Furthermore, Cencorp Corporation still examines different options related to receiving its American subsidiary profitable as well as possibilities to close down its subsidiary in Sweden. By these efficiency improvement measures company reaches approx. EUR 2.5 million savings in fixed and operational costs. These measures will begin to have a positive impact on results in fourth quarter of year 2008 and savings are reached in full during year 2009. Due to the rearrangements, Cencorp Corporation will register non-recurring costs approximately EUR 0.9 million for the second quarter of year 2008 as disclosed in May 13, 2008. Cencorp Corporation and Catella Property Oy signed an agreement concerning arrangement, target of which is to sell industrial facilities of Cencorp Corporation in Lohja to third party investor and lease back facilities. Surface area of industrial and office buildings is approx. 5602 square meters. Real estates are burden by EUR 0.9 million loan from City of Lohja. Target is to sell real estates during year 2008. Acting CEO Mr. Hannu Seppälä carried out successfully the demanding task given to him in May 2008 concerning rearrangements in Cencorp Corporation. The Board of Cencorp Corporation and Mr. Seppälä agreed that Mr. Seppälä will focus to be in charge of testing and laser businesses of Cencorp Corporation in the future. The Board has started process to search a new CEO. CFO Mr. Jarmo Kanervo has been appointed as acting CEO starting on June 27, 2008. Management team of Cencorp Corporation consists of following people on June 27, 2008: Acting CEO, CFO Jarmo Kanervo, Sami Lahokoski (production, Lohja), Arto Timonen (sales and marketing), Hannu Seppälä (testing and laser business) and Ville Parpola (legal affairs and HR). Cencorp Corporation released market guidance on June 27, 2008 Net sales of second quarter are estimated to be approx. EUR 4.0 - 4.2 million and earnings before interest and taxes (EBIT) are estimated to be approx. EUR 1.1 million negative, including approx. EUR 0.9 million non-recurring costs related to the rearrangements. Estimation concerning net sales and earnings before interest and taxes (EBIT) of the third quarter will be disclosed in interim report concerning second quarter on August 21, 2008. Order book by the end of second quarter is approx. EUR 1.5 million. Financial position of Cencorp Corporation continues to be tight. CHANGES IN GROUP STRUCTURE There were no changes in group structure during the review period. NOTIFICATIONS PURSUANT TO CHAPTER 2, SECTION 9, OF THE SECURITIES MARKET ACT There were no notifications pursuant to chapter 2, section 9, of the Securities Market Act during the review period EVENTS AFTER THE REVIEW PERIOD There were no published events after the review period Business environment and customers Cencorp operates in the global market of production automation for the electronics and semiconductor industries. The company supplies production automation systems and testing equipment to the semiconductor, telecommunications, consumer electronics, industrial electronics and automotive electronics industries as well as to the electronics contract manufacturers. Research and development The R&D expenses for April-June totalled 3.4% of net sales, or EUR 0.15 (0.26) million of which no significant amounts were capitalised in the balance sheet. The depreciations of the incomplete product development projects related to fiber-laser will start as planned on July 1, 2008. Board, management and personnel At the end of the period, Cencorp Corporation's Board of Directors consisted of Mr Turo Levänen, Chairman, Mr Ari Anttonen, Deputy Chairman, Mr Markku Jokela, member and Sauli Kiuru, member. The company's management team comprised Acting CEO, CFO Jarmo Kanervo, Sami Lahokoski (production, Lohja), Arto Timonen (sales and marketing), Hannu Seppälä (testing and laser business) and Ville Parpola (legal affairs and HR). Cencorp employed an average of 124 (129) people from April to June. The payroll at the end of the period totalled 122 (132) employees: 106 (113), or 87% (86%), in Finland and 16 (19), or 13% (14%), abroad. As a result of the reorganisation actions decided in June 2008 the amount of personnel will be reduced by 30 persons being less than 100 at the end of fiscal year. Share performance and changes in ownership The price of the company's share ranged from EUR 0.17 (4-6/2007: EUR 0.27) to EUR 0.22 (4-6/2007: EUR 0.43) over the review period, the average share price being EUR 0.20 (4-6/2007: EUR 0.36). A total of 1,470 852 (4-6/2007: 4,073,649) shares, or 3.1% (4-6/2007: 11.9%) of the company's entire share capital, were traded during the period. The company's market capitalisation at the end of the review period was EUR 8,4 million (6/2007: EUR 14 million). At the end of the review period, the company had 5,256 registered shareholders (6/2007: 5,870). A total of 96,710 shares were nominee registered (6/2007:310,529), i.e., 0.2% (6/2007: 0.9 %). Cencorp had a total of 46,964,875 shares outstanding at the end of the review period (6/2007: 34,250,591), and one share series. Outlook for the future The net sales of third quarter are estimated to be EUR 3.5-3.8 million. The company estimates that the net sales of last quarter will be higher than the third quarter. Order book of Cencorp Corporation is EUR 2.3 million The operating expenses of the company are today better matching the market demand of our products. The annual savings EUR 2.5 million achieved by restructuring actions will have positive partial impact on the operating profit of third quarter and will have full effect during the last quarter . The net sales of fiscal year 2008 will be lower than year 2007 (EUR 20,3 million) and operating profit (EBIT) of fiscal year 2008 is estimated to be negative. The available cash reserves of the company are very limited due to the high debt ratio and the non-profitable operating profit of last years. The company has not been able to reach the covenants of loans and shortterm financial facilites. The EUR 0.3 million installment due 1 August, 2008 has been accepted to postpone to 1 November, 2008. The Group's shortterm financing facilities of EUR 3.5 million mature on 30 October 2008 and require reorganization in a tightening market situation. The development of the laser technology related to semiconductor business has taken much more time than expected. Because of this Cencorp's Board of Director's announced on May 13, 2008 that it will publish updated laser business strategy when publishing interim report for the period of January 1-June 30, 2008. Company continues development projects related to the laser technology during second half of year 2008 and during year 2009. Problems of development are related especially to laser component which is purchased from sub-contractor, not product platform developed by Cencorp. Because of this Cencorp has searched alternative suppliers for laser components and searches actively partner related to faster commercializing of laser technology. First commercial supply concerning laser applications developed to electronics industry is estimated to take place already during year 2009. Cencorp is concentrading four product category: assembly cells of electrical components, applications for routing and sawing of circuit boards, test handlers for electrical products and laser applications. Future risks and uncertainty factors The most significant risks from Cencorp business perspective are related to the on-going tight financing situation as well as to the development of the sales. Cencorp's sales forecasts are based on the company's own views as well as the sales development estimates from customers and the distributor network. The company has also risks related to balance items. The valuation of the Goodwill EUR 2.0 million is depending of development of the operational profit in the near future. Singulase Corporation has a subordinated loan of EUR 1.1 million from the parent company. The parent company has capitalised product development projects amounted to EUR 1,4 million . The valuation of those balance items are depending on the profitability of the laser business. The company are actively investigating the possible partners to quicker commercialize the product development investments of laser business. The operating profit of US subsidiary is today positive and thus being able to amortize it's payables to parent company. Preparing of financial statements as defined in the Companies Act 20:23.1§ and convene extraordinary shareholders meeting to clarify the financial status of the company Because the shareholders´ equity of the parent company has decreased under 50% of the share capital on 30 June 2008, the Company will prepare financial statements as defined in the Companies Act 20:23.1§ by end of September 2008. After the financial statements are ready the board of Cencorp will convene an extraordinary shareholders meeting within three months from the date when financial statements are ready. The Company has a 2.7 million euros convertible loan which has not been considered when the proportion between the shareholders´ equity and the share capital has been calculated. In case capital loan would be considered as part of the shareholders´ equity the shareholders´ equity would be larger than the share capital. Lohja, 21 August, 2008 Cencorp Corporation Board of Directors -------------------------------------------------------------------------------- | CONSOLIDATED INCOME | | | | | | | STATEMENT | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | (unaudited | | | | | | | | figures) | | | | | | | -------------------------------------------------------------------------------- | EUR 1 000 | 4-6/200 | 4-6/200 | 1-6/200 | 1-6/2007 | 1-12/200 | | | | 8 | 7 | 8 | | 7 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 4 382 | 4 077 | 8 877 | 7 897 | 20 323 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other | 53 | 103 | 80 | 140 | 421 | | | operating | | | | | | | | income | | | | | | | -------------------------------------------------------------------------------- | Expenses, | -5 620 | -4 533 | -10 064 | -9 099 | -20 901 | | | total | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Depreciations | -239 | -283 | -388 | -592 | -893 | | | and | | | | | | | | write-downs | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating | -1 424 | -636 | -1 495 | -1 654 | -1 050 | | | result | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial | -261 | -334 | -497 | -651 | -2 839 | | | income and | | | | | | | | expenses | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Result before | -1 685 | -970 | -1 992 | -2 305 | -3 889 | | | taxes | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Income taxes | -8 | -13 | -14 | -12 | -74 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Consolidated | -1 693 | -983 | -2 006 | -2 317 | -3 963 | | | net result | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED BALANCE | | | | | | | SHEET | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | (unaudited) | | | | | | | -------------------------------------------------------------------------------- | EUR 1 000 | | | 30.6.20 | 30.6.2007 | 1-12/200 | | | | | | 08 | | 7 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | ASSETS | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Long-term | | | | | | | | assets | | | | | | | -------------------------------------------------------------------------------- | Tangible | | | 1 525 | 1 672 | 1 613 | | | assets | | | | | | | -------------------------------------------------------------------------------- | Investment | | | | 337 | 343 | | | property | | | | | | | -------------------------------------------------------------------------------- | Goodwill | | | 2 028 | 2 028 | 2 028 | | -------------------------------------------------------------------------------- | Other | | | 310 | 587 | 430 | | | intangible | | | | | | | | assets | | | | | | | -------------------------------------------------------------------------------- | Incomplete product | | 1 375 | 1 273 | 1 340 | | | development projects | | | | | | -------------------------------------------------------------------------------- | Deferred tax | | | 10 | 35 | 23 | | | asset | | | | | | | -------------------------------------------------------------------------------- | Available-fos-sale | | 17 | 17 | 17 | | | investments | | | | | | -------------------------------------------------------------------------------- | | | | 5 265 | 5 949 | 5 794 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Short-term | | | | | | | | assets | | | | | | | -------------------------------------------------------------------------------- | Inventories | | | 4 635 | 4 782 | 4 298 | | -------------------------------------------------------------------------------- | Accounts | | | 4 302 | 3 837 | 6 388 | | | receivable | | | | | | | -------------------------------------------------------------------------------- | Other | | | 433 | 1 075 | 744 | | | short-term | | | | | | | | assets | | | | | | | -------------------------------------------------------------------------------- | Cash and bank | | | 250 | 923 | 253 | | | receivables | | | | | | | -------------------------------------------------------------------------------- | | | | 9 620 | 10 617 | 11 683 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total assets | | | 14 885 | 16 566 | 17 477 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LIABILITIES AND | | | | | | | SHAREHOLDERS' EQUITY | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders' | | | | | | | | equity | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Share capital | | | 3 425 | 3 425 | 3 425 | | -------------------------------------------------------------------------------- | Other equity | | | 8 848 | 4 432 | 8 842 | | | fund | | | | | | | -------------------------------------------------------------------------------- | Non-restricte | | | -11 407 | -9 223 | -9 883 | | | d equity | | | | | | | -------------------------------------------------------------------------------- | Total | | | 866 | -1 366 | 2 384 | | | shareholders' | | | | | | | | equity | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Long-term | | | | | | | | liabilities | | | | | | | -------------------------------------------------------------------------------- | Long-term | | | 6 746 | 10 426 | 7 078 | | | loans | | | | | | | -------------------------------------------------------------------------------- | Deferred tax | | | 102 | 332 | 303 | | | liability | | | | | | | -------------------------------------------------------------------------------- | Total | | | 6 848 | 10 758 | 7 381 | | | long-term | | | | | | | | liabilities | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Short-term | | | | | | | | liabilities | | | | | | | -------------------------------------------------------------------------------- | Accounts payable and | | 4 173 | 4 599 | 3 724 | | | other liabilities | | | | | | -------------------------------------------------------------------------------- | Short-term | | | 1 864 | 1 298 | 2 219 | | | loans | | | | | | | -------------------------------------------------------------------------------- | Long-term loans | | 729 | 1 240 | 1 564 | | | shortening | | | | | | -------------------------------------------------------------------------------- | Tax | | | | | 13 | | | liabilities | | | | | | | -------------------------------------------------------------------------------- | Short-term | | | 405 | 37 | 192 | | | reserves | | | | | | | -------------------------------------------------------------------------------- | Total | | | 7 171 | 7 174 | 7 712 | | | short-term | | | | | | | | reserves | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total | | | 14 019 | 17 932 | 15 093 | | | liabilities | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total liabilities and | | 14 885 | 16 566 | 17 477 | | | shareholders' equity | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | STATEMENT OF CHANGES IN SHAREHOLDERS' | | | | | EQUITY 1.1. - 30.6.2007 | | | | -------------------------------------------------------------------------------- | (unaudited | | | | | | | | figures) | | | | | | | -------------------------------------------------------------------------------- | | | Other | Transla | Fund of | Retained | Total | | | | | tion | invested | | | -------------------------------------------------------------------------------- | | Share | restric | differe | non-restr | earnings | | | | | ted | nce | icted | | | -------------------------------------------------------------------------------- | EUR 1 000 | capital | equity | | equity | | | -------------------------------------------------------------------------------- | Shareholders' | | | | | | | | equity | | | | | | | -------------------------------------------------------------------------------- | 31.12.2006 | 3 425 | 4 432 | -3 254 | | -3 660 | 943 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Translation | | | -35 | | | -35 | | difference | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | IAS 12 | | | | | 43 | 43 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net result | | | | | -2 317 | -2 317 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders' | 3 425 | 4 432 | -3 289 | | -5 934 | -1 366 | | equity | | | | | | | -------------------------------------------------------------------------------- | 30.6.2007 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | STATEMENT OF CHANGES IN SHAREHOLDERS' | | | | | EQUITY 1.1. - 30.6.2008 | | | | -------------------------------------------------------------------------------- | (unaudited | | | | | | | | figures) | | | | | | | -------------------------------------------------------------------------------- | | | Other | Transla | Fund of | Retained | Total | | | | | tion | invested | | | -------------------------------------------------------------------------------- | | Share | restric | differe | non-restr | earnings | | | | | ted | nce | icted | | | -------------------------------------------------------------------------------- | EUR 1 000 | capital | equity | | equity | | | -------------------------------------------------------------------------------- | Shareholders' | | | | | | | | equity | | | | | | | -------------------------------------------------------------------------------- | 31.12.2007 | 3425 | 4432 | 6 | 4 410 | -9 889 | 2 384 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Translation | | | 11 | | | 11 | | difference | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | IAS 40 | | | | | 130 | 130 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | IAS 12 | | | | | 347 | 347 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net result | | | | | -2 006 | -2 006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders' | 3 425 | 4 432 | 6 | 4 410 | -11 407 | 866 | | equity | | | | | | | -------------------------------------------------------------------------------- | 30.6.2008 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY 1.1. | | | | -31.12.2007/RESTATED | | | -------------------------------------------------------------------------------- | (unaudited | | | | | | | | figures) | | | | | | | -------------------------------------------------------------------------------- | | | Other | Transla | Fund of | Retained | Total | | | | | tion | invested | | | -------------------------------------------------------------------------------- | | Share | restric | differe | non-restr | earnings | | | | | ted | nce | icted | | | -------------------------------------------------------------------------------- | EUR 1 000 | capital | equity | | equity | | | -------------------------------------------------------------------------------- | Shareholders' | | | | | | | | equity | | | | | | | -------------------------------------------------------------------------------- | 31.12.2006 | 3425 | 4432 | -3 254 | | -3 660 | 943 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Translation | | | -2 101 | | 2 105 | 4 | | difference | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Suunnattu | | | | 4 410 | | 4 410 | | anti | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | IAS 32 | | | | | 1 525 | 1 525 | -------------------------------------------------------------------------------- | IAS 12 | | | | | -35 | -35 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Correction of the | | | | | | | translation difference | | | | | | -------------------------------------------------------------------------------- | related to | | | 5 361 | | -5 631 | 0 | | loan | | | | | | | | receivables | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | IAS 39 | | | | | -500 | -500 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net result | | | | | -3 963 | -3 963 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders' | 3 425 | 4 432 | 6 | 4 410 | -9 889 | 2 384 | | equity | | | | | | | -------------------------------------------------------------------------------- | 31.12.2007 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED CASH FLOW | | | | | | | STATEMENT | | | | | | -------------------------------------------------------------------------------- | (unaudited | | | | | | | | figures) | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR 1 000 | | | 1-6/200 | 1-6/2007 | 1-12/200 | | | | | | 8 | | 7 | | -------------------------------------------------------------------------------- | Cash flow from | | 357 | 714 | -791 | | | operations | | | | | | -------------------------------------------------------------------------------- | Cash flow into and from | | 84 | -85 | -261 | | | investments | | | | | | -------------------------------------------------------------------------------- | Financial | | | -453 | -643 | 352 | | | cash flow | | | | | | | -------------------------------------------------------------------------------- | Increase(+)/ decrease(-) in | -12 | -14 | -700 | | | financial assets | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | GROUP KEY | | | | | | | | FIGURES | | | | | | | -------------------------------------------------------------------------------- | (unaudited | | | | | | | | figures) | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR 1 000 | | 4-6/200 | 4-6/200 | 1-6/2008 | 1-6/2007 | 1-12/20 | | | | 8 | 7 | | | 07 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | | 4 382 | 4 077 | 8 877 | 7 897 | 20 323 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating | | -1 424 | -636 | -1 495 | -1 654 | -1 060 | | result | | | | | | | -------------------------------------------------------------------------------- | % of net | | -32,5 % | -15,6 % | -16,8 % | -20,9 % | -5,2 % | | sales | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Result before | -1 685 | -970 | -1 992 | -2 305 | -3 889 | | extraordinary items and | | | | | | | taxes | | | | | | -------------------------------------------------------------------------------- | % of net | | -38,5 % | -23,8 % | -22,4 % | -29,20 % | -19,1 % | | sales | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total assets | | 14 885 | 16 566 | 14 885 | 16 566 | 17 477 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity ratio, | | 5,8 % | -8,7 % | 5,8 % | -8,7 % | 13,7 % | | % | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Gearing | | 1105,70 | -952,0 | 1105,7 | -952,0 % | 452,1 % | | ratio, % | | % | % | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Gross | | 34 | 40 | 56 | 85 | 261 | | investments | | | | | | | -------------------------------------------------------------------------------- | % of net | | 0,8 % | 1,0 % | 0,6 % | 1,1 % | 1,3 % | | sales | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | R&D | | 150 | 263 | 361 | 466 | 896 | | expenditure | | | | | | | -------------------------------------------------------------------------------- | % of net | | 3,4 % | 6,5 % | 4,1 % | 5,9 % | 4,4 % | | sales | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Personnel, | | 124 | 129 | 126 | 135 | 134 | | average | | | | | | | -------------------------------------------------------------------------------- | Personnel, at | | 122 | 132 | 122 | 132 | 133 | | end of period | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-interest | | 3 687 | 4 371 | 3687 | 4 371 | 3 737 | | bearing | | | | | | | | liabilities | | | | | | | -------------------------------------------------------------------------------- | Interest | | 10 114 | 14 157 | 10114 | 14 157 | 11 030 | | bearing | | | | | | | | liabilities | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Per-share key | | | | | | | | figures: | | | | | | | -------------------------------------------------------------------------------- | Equity per | | 0,02 | -0,04 | 0,02 | -0,04 | 0,07 | | share, EUR | | | | | | | -------------------------------------------------------------------------------- | Earnings per share, | -0,04 | -0,04 | -0,05 | -0,09 | -0,12 | | EUR/share (diluted) | | | | | | -------------------------------------------------------------------------------- | Earnings per share, | -0,04 | -0,03 | -0,04 | -0,07 | -0,11 | | EUR/share (undiluted) | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Share price | | | | | | | | trend: | | | | | | | -------------------------------------------------------------------------------- | High, euros | | 0,22 | 0,43 | 0,25 | 0,45 | 0,46 | -------------------------------------------------------------------------------- | Low, euros | | 0,17 | 0,27 | 0,17 | 0,27 | 0,22 | -------------------------------------------------------------------------------- | Average, | | 0,20 | 0,36 | 0,21 | 0,37 | 0,35 | | euros | | | | | | | -------------------------------------------------------------------------------- | Price at end | | 0,18 | 0,40 | 0,18 | 0,40 | 0,24 | | of period, | | | | | | | | euros | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Market capitalization | 8 | 14 | 8 | 14 | 11 | | at end of period, EUR | | | | | | | millions | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CALCULATION OF KEY | | | | | | | FIGURES | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity ratio, | Shareholders' equity + | | | | | % | minority interest x 100 | | | | -------------------------------------------------------------------------------- | | Balance sheet total - | | | | | | advances received | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Interest-bearing | | | | | | liabilities - cash and cash | | | | -------------------------------------------------------------------------------- | Net gearing, | equivalents and marketable | | | | | % | securities x 100 | | | | -------------------------------------------------------------------------------- | | Shareholders' equity + | | | | | | minority interest | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Profit before extraordinary | | | | | | items +/- minority | | | | -------------------------------------------------------------------------------- | Earings per | interest of profit/loss for | | | | | share (EPS) | the period - taxes | | | | -------------------------------------------------------------------------------- | | Number of shares adjusted for share | | | | | issue (average) | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity per | Shareholders' | | | | | | share | equity | | | | | -------------------------------------------------------------------------------- | | Number of shares adjusted | | | | | | for share issue | | | | -------------------------------------------------------------------------------- | | at the end of the | | | | | | | financial year | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONTINGENT | | | | | | | | LIABILITIES | | | | | | | -------------------------------------------------------------------------------- | (unaudited | | | | | | | | figures) | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR 1 000 | | | 30.6.20 | 30.06.200 | 31.12.20 | | | | | | 08 | 7 | 07 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Loans from financial | | 9 245 | 12 712 | 9 810 | | | institutions | | | | | | -------------------------------------------------------------------------------- | Corporate mortgages | | 12 687 | 12 452 | 12 687 | | | granted | | | | | | -------------------------------------------------------------------------------- | Real-estate mortgages | | 0 | 12 687 | 0 | | | granted | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other loans | | | 869 | 1 445 | 1 220 | | -------------------------------------------------------------------------------- | Real-estate mortgages | | 0 | 0 | 0 | | | granted | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Used bank guarantee | | 0 | 0 | 0 | | | facility | | | | | | -------------------------------------------------------------------------------- | Real-estate mortgages | | 0 | 0 | 0 | | | granted | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Used | | | 1 179 | 880 | 1 630 | | | financial | | | | | | | | limits | | | | | | | -------------------------------------------------------------------------------- | Accounts receivable | | 1 364 | 1 215 | 3 437 | | | granted | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Given as | | | | | | | | collateral | | | | | | | -------------------------------------------------------------------------------- | Corporate mortgages | | 12 687 | 12 687 | 12 687 | | | granted, total | | | | | | -------------------------------------------------------------------------------- | Real-estate mortgages | | 0 | 0 | 0 | | | granted, total | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Leasing | | | | | | | | commitments | | | | | | | -------------------------------------------------------------------------------- | falling due during the | | 56 | 89 | 69 | | | next 12 months | | | | | | -------------------------------------------------------------------------------- | falling due | | | 21 | 64 | 41 | | | later | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Rental | | | | | | | | liabilities | | | | | | | -------------------------------------------------------------------------------- | falling due during the | | 154 | 174 | 176 | | | next 12 months | | | | | | -------------------------------------------------------------------------------- | falling due | | | 613 | 772 | 692 | | | later | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Liabilities due to | | | | | | | derivative contracts | | | | | | -------------------------------------------------------------------------------- | Forward | | | | | | | | exchange | | | | | | | | contracts | | | | | | | -------------------------------------------------------------------------------- | of which taken out to hedge the | | | | | | parent company's | | | | | -------------------------------------------------------------------------------- | accounts | | | 0 | 0 | 0 | | | receivable | | | | | | | -------------------------------------------------------------------------------- | of which taken out to hedge the | 0 | 0 | 0 | | | parent company's | | | | | -------------------------------------------------------------------------------- | other | | | 0 | 0 | 0 | | | receivables | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TRANSACTIONS WITH | | | | | | | RELATED PARTIES | | | | | | -------------------------------------------------------------------------------- | (unaudited | | | | | | | | figures) | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR 1 000 | | | 1-6/200 | 1-12/2007 | | | | | | | 8 | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Sales of | | | | | | | | goods and | | | | | | | | services | | | | | | | -------------------------------------------------------------------------------- | Related party | | | | | | | | companies | | | | | | | -------------------------------------------------------------------------------- | Photonium Oy | | | 34 | 445 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Purchases of goods and | | | | | | | services | | | | | | -------------------------------------------------------------------------------- | Related party | | | | | | | | companies | | | | | | | -------------------------------------------------------------------------------- | Photonium Oy | | | 121 | 1150 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Fees paid on the basis of | | | | | | consultation agreements | | | | | -------------------------------------------------------------------------------- | Related party | | | | | | | | companies | | | | | | | -------------------------------------------------------------------------------- | FT-Capital Oy | | | | 13 | | | -------------------------------------------------------------------------------- | Photonium Oy | | | | 15 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Accounts payable to | | | 105 | | | | related parties | | | | | | -------------------------------------------------------------------------------- | Other receivables from | | 5 | 39 | | | | related parties | | | | | | -------------------------------------------------------------------------------- | Accounts receivables | | 10 | 48 | | | | from related parties | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- For more information, please contact: Jarmo Kanervo Acting CEO Tel. +358 (0)19 6610 100 Cencorp supplies the electronics and semiconductor industries with automation solutions that enhance productivity. 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