2013-08-21 13:00:00 CEST
2013-08-21 13:00:03 CEST
REGULATED INFORMATION
Cencorp - Interim report (Q1 and Q3)
CENCORP CORPORATION’S INTERIM REPORT JANUARY – JUNE 2013
Cencorp Corporation Interim Report 21 August 2013 at 14.00 Finnish time
CENCORP CORPORATION'S INTERIM REPORT JANUARY - JUNE 2013
The net sales of Cencorp Corporation's (“Cencorp”) continuing operations for the
reporting period January - June 2013 was EUR 5.9 million (EUR 9.1 million in
2012). The operating profit of continuing operations was EUR -1.8 million
(-1.1), profit for the period EUR -2.3 million (-1.3), earnings per share were
EUR -0.007 (-0.004) and EBITDA was EUR -0.8 million (0.01).
GENERAL
Cencorp belongs to the Finnish Savcor Corporation (“Savcor”). Savcor Group
companies owned approximately 78.9 % of the Cencorp shares on 30 June 2013.
More information on principle activities and events during the reporting period
can be found in the stock exchange releases published on Cencorp's website at
www.cencorp.com.
The Interim Report has been drawn up in compliance with the IAS 34 Interim
Financial Reporting standard. In the Interim Report Cencorp has applied the same
accounting principles as in the annual report 2012. The Interim Report has not
been audited.
FINANCIAL DEVELOPMENT
14 May 2013 Cencorp announced that the company changes its reporting system to
comply with the company's Cleantech strategy. As from 1 January 2013 Cencorp
reports of three business segments. The segments are Laser and Automation
Applications (LAS), Life Cycle Management (LCM) and Clean Energy Solutions
(CES). CES also includes the former Special Components segment. The comparison
figures for the corresponding period in 2012 are only available of the net
sales. Other figures that would be comparable and reliable enough are not
available. Cencorp's new segment information is based on the management's
internal reporting and on the organisation structure of the company.
The figures in brackets are comparison figures for the corresponding period in
2012, unless stated otherwise. 29 May 2012 Cencorp announced that it exits from
its unprofitable decoration business and closes down its plant in Guangzhou,
China, producing components for decorative applications. In consequence of the
closing down of the Guangzhou plant and the exit from the decoration business
Cencorp reports the financial figures relating to the Guangzhou plant's
decoration business as discontinued operations. In Cencorp's financial reports
the profit of discontinued operations is reported on a separate line, apart from
continuing operations, thus, the income statement, except the discontinued
operations item, concern the company's continuing operations only.
April - June 2013 (continuing operations)
- Cencorp Group's net sales decreased by 27.9 per cent to EUR 3.4 million (EUR
4.7 million).
- EBITDA was EUR -0.6 million (EUR -1.0 million).
- Operating profit was EUR
-1.1 million (EUR -1.5 million).
- The Group's profit before taxes was EUR -1.6 million (EUR -1.3 million).
- Profit for the period was EUR -1.6 million (EUR -1.3 million).
- Earnings per
share were EUR -0.005 (EUR -0.004) and diluted earnings per share EUR -0.005
(EUR -0.004).
- Net sales of the Laser and Automation Applications segment (LAS) decreased by
23.0 per cent to EUR 1.8 million (EUR 2.3 million) and operating profit was EUR
-0.3 million. The segment's EBITDA was
EUR -0.2 million.
- Net sales of the Life Cycle Management segment (LCM)
decreased by 20.1 per cent to EUR 0.7 million (EUR 0.9 million) and operating
profit was EUR 0.1 million. The segment's EBITDA was EUR 0.04 million.
- Net sales of the new Clean Energy Solutions segment (CES) decreased by 37.1
per cent to EUR 0.9 million (EUR 1.5 million) and operating profit was EUR -0.8
million. The segment's EBITDA was
EUR -0.5 million.
January - June 2013 (continuing operations)
- Cencorp Group's net sales decreased by 35.5 per cent to EUR 5.9 million (EUR
9.1 million).
- EBITDA was EUR -0.8 million (EUR 0.01 million).
- Operating profit was EUR
-1.8 million (EUR -1.1 million).
- The Group's profit before taxes was EUR -2.3 million (EUR -1.3 million).
- Profit for the period was EUR -2.3 million (EUR -1.3 million).
- Earnings per
share were EUR -0.007 (EUR -0.004) and diluted earnings per share EUR -0.007
(EUR -0.004).
- Net sales of the Laser and Automation Applications segment (LAS) decreased by
32.4 per cent to EUR 2.6 million (EUR 3.8 million) and operating profit was EUR
-0.9 million. The segment's EBITDA was
EUR -0.6 million.
- Net sales of the Life Cycle Management segment (LCM)
decreased by 18.3 per cent to EUR 1.6 million (EUR 2.0 million) and operating
profit was EUR 0.1 million. The segment's EBITDA was EUR 0.2 million.
- Net sales of the new Clean Energy Solutions segment (CES) decreased by 45.4
per cent to EUR 1.8 million (EUR 3.3 million) and operating profit was EUR -1.0
million. The segment's EBITDA was
EUR -0.3 million.
MANAGING DIRECTOR IIKKA SAVISALO'S REVIEW
As previously announced the fiscal year 2013 had a very poor start in terms of
the traditional industrial automation sales (LAS segment). Even though we had
clearly more customer contacts than at the end of 2012 the activities started to
turn into new orders only at the beginning of the second quarter. In the second
quarter the order book increased remarkably to ca. EUR 3.4 million at its best.
However, the second quarter's EBITDA remained negative, EUR -0.6 million, as
many of our projects still continue in the third quarter. However, there is a
clear improvement in the efficiency of the business operations compared to the
corresponding period in 2012. This can be seen e.g. in the second quarter's
EBITDA which was clearly better than in the previous year even though the net
sales decreased by ca. 35.3 percent in the first half of 2013. However, I am not
yet satisfied with the development of the company's profitability. In respect of
the individual segments the LAS segment was a big disappointment with its
negative EBITDA, EUR -0.6 million, which was due to very low net sales in the
first half of the year. Nor could the LCM segment reach its EBITDA target of 15
per cent due to small net sales. However, the LCM segment was able to generate
positive result with EUR 0.17 million profit. The new CES segment's net sales
decreased compared to the previous year, which is mainly due to decreased sales
of the old RFID and mobile phone components. However, the segment's EBITDA of
EUR
-0.34 million was quite good compared to our expectations considering the high
investments in the solar business.
Cencorp's most important task is to improve profitability in its traditional LAS
and LCM segments as well as to establish new markets for the Clean Energy
Solutions segment. Even though the market situation in the traditional segments
seems quite good Cencorp needs to continue improving its operational efficiency.
In the CES segment the company continues its investments to meet the previously
announced targets.
The financial news has lately been mainly negative in Finland. However, the most
important market areas for Cencorp's traditional industrial automation related
segments are in North America (including Mexico) and in Europe where clear
positive signs can be seen. The company is negotiating with several new
customers and the amount of quotations has stayed on a reasonable level compared
to the last year's corresponding period. Should the negotiations proceed as
hoped the company has very a good opportunity to turn its business back into
growth path. The company is continuously improving the efficiency of its
operations and turning the business into profit, in terms of EBITDA, is close.
In the second half of the year Cencorp will introduce a new Odd Form Solution
which the company expects to have market potential especially in Europe. The
previous generation Odd Form Solution is widely used in many big companies,
especially in Germany, who are expected to form important customer base for the
new solution as well. The first solution has already been sold and will be
delivered to a German customer in the beginning of 2014.
The operating environment in the clean energy related business is starting to
recover after the crash in 2012. The EU has settled its differences with China
regarding the trade policy, at least for now, and trade starts to normalize
slowly. The major photovoltaic module manufacturers are still very committed to
produce so called H-pattern modules and to use manual production processes. Only
few manufacturers are actively developing MWT (Metal Wrap Through) and other CBS
(Conductive Back Sheet) module technologies. As previously announced Cencorp has
signed a Memorandum of Understanding on delivering Conductive Back Sheets (CBS)
to one of the leading Chinese photovoltaic module manufacturers. The project has
proceeded slower than expected as the customer is preparing its production plant
for mass production. Cencorp's CBS has passed internal tests and is now in the
customer's certification testing. Cencorp is prepared to start deliveries as
soon as the customer commences its mass production.
As the major manufacturers of photovoltaic modules are still hesitating to take
the next generation conductor into use, Cencorp has finished its first MWT
photovoltaic module applicable for mass production. According to the company's
internal tests the module is very good in terms of technical features. As a
proof of that Cencorp managed to sign a distribution agreement with a Dutch
company, ProxEnergy, in a very fast schedule. According to Cencorp's knowledge
the company's module is the first real MWT module in the market that can be
produced in commercially sensible volumes. The “cell to module efficiency” of
the MWT module is clearly better than in the traditional H pattern module.
Further, the quality of the MWT module is remarkably more solid than in the H
pattern module because of the automated production. In test production the yield
has been very good with very little deviation in the electrical properties of
the modules.
There are several new projects for building new local production lines for solar
modules all over the world and especially in the developing countries. Cencorp
estimated that the production will no longer be more focused in China, which
proves to be right. Based on the discussions with potential customers it has
appeared that Cencorp has reached a market position already as a reckoned
provider of production automation whenever a customer is looking for next
generation CBS technology based solution. The company has commenced negotiations
on delivering several production lines for customers planning to have local
production.
Most of the developing countries are located in conditions where solar energy is
reached grid parity without any governmental subsidies. Particularly in these
areas Cencorp will offer solar plant solutions with investment payback time less
than five years. The company is negotiating on delivering several different
sized solar plants to customers. I think that our operating environment has a
lot of potential and I trust we have yet to sign new customer contracts this
year.
OPERATING ENVIRONMENT
Cencorp operates in industries applying electronics and Cleantech technology.
Cencorp's operating environment is global. The company's traditional customers
in the electronics industry as well as new CES customers are companies that
provide products and services worldwide. 91.9 per cent of Cencorp's products
and services are either exported from Finland or they are manufactured by
Cencorp in the US and in China.
MARKET OUTLOOK
Short-term market outlook in the LAS and LCM segments continues to be
reasonable. The amount of Cencorp's quotations has stayed on a good level and
there are good opportunities to increase the revenues in the near future.
In the long run the LAS segment's EBITDA is expected to be on 5 per cent level,
at the minimum. Attainment of the target requires successful development
projects in addition to continuous improvement in the production efficiency. The
next generation odd form solution, the company's most important new product in
the short term, might generate growth required for improvement in the
profitability. The preliminary estimates on the new odd form solutions are very
promising, yet the success of the new product will be seen after it has been
introduced in the market in November 2013.
The demand for LCM services has continued to be reasonable and the company's
organization and products are ready to meet the demand. The company continues
improving the efficiency of its operations.
In the CES segment the expectations lie in solar modules, module components and
in related technology. The share of the electronics component deliveries is
expected to decline in this segment. Even though Cencorp is negotiating on CBS
deliveries with several major photovoltaic module manufacturers it has become
obvious that the customers' product development don't enhance the transition
from old technology to next generation modules as expected. However, Cencorp's
CBS seems to be very competitive product, as mass production is about to begin,
and the company has not dropped its internal expectations for the product. Close
cooperation with several photovoltaic module manufacturers has generated many
new opportunities for Cencorp to utilize its innovation capabilities and to
bring its customers significant added value.
For about one year Cencorp has been developing fully automated production
technology for CBS modules. The technology has been introduced to almost all of
the most significant solar module manufacturers. Cencorp has taken actions to
patent the related innovations. There is only a limited amount of competitors in
the market and the customer feedback on Cencorp's production technology has been
positive. Cencorp's production technology has a special niche: production lines
have high level of automation, they are easy to use and require only little
space. Start-up cost for setting up solar module production from zero amounts to
only EUR 10 - 15 million depending on the existing level of existing
infrastructure and required capacity. Cencorp is negotiating with several
existing module manufacturers as well as with companies planning to establish
local module production. Cencorp's first full-size production plant, based on
the company's own design, planned to operate as the company's sample factory, is
expected to be opened in Mikkeli in early 2014, provided the company has
sufficient capital for the project.
The third product family in Cencorp's solar module strategy includes a series of
PV modules based on Cencorp's own CBS technology. The first ready products are
expected to be delivered during 2013. Cencorp is negotiating with several
traditional energy companies and with global companies producing solar energy on
providing module installations for their use.
In relation to the traditional electronics components production Cencorp
continues to provide mainly NFC and RFID antennas.
Cencorp's Cleantech strategy, if realized, will remarkably change the company's
cost structure and the targets set for the near future. As Cencorp is now in a
strong transition phase, following the new strategy, Cencorp cannot assess how
the change in company's business focus will impact to the company and Cencorp
has decided not to give any financial guidance for the time being, as stated in
the release of 21 August 2012. As the transition phase is still continuing
Cencorp does not give any financial guidance either during 2013.
Cencorp's future outlook will be highly dependent on the company's ability to
reach the targeted market position in the global photovoltaic module market as
well as on the company's long-term and short-term financing. Cencorp's goal is
to reach strong market position as provider of locally produced high-quality
photovoltaic modules. Risks are handled in more detail in the item Risk
management, risks and uncertainties of this Interim Report.
LONG-TERM OBJECTIVES FOR MANAGING DIRECTOR
On 21 August 2012 Cencorp's Board of Directors published its long-term financial
and other objectives for Managing Director as follows:
Thorough but fast transition from a company manufacturing only production
automation systems and special components into a company that develops and
provides Cleantech applications using laser and automation technology, a company
with a strong market position as a provider, of locally, produced, high-quality
photovoltaic modules and a company operating in various geographical markets.
Cencorp's goal is to increase its shareholder value with growth and
profitability. Cencorp aims for growth in Cleantech business where the company
has good possibilities to achieve a strong global position and faster growth.
Laser and Automation Applications segment has its main focus on the Life Cycle
Management of systems and on equipment with growth expectations for service
business.
In the long run Cencorp is aiming for remarkable growth in its net sales with
net sales target of more than EUR 200 million for 2016, with growth coming
mainly from Cleantech operations, especially from solar photovoltaic and fuel
cell applications, provided the company has sufficient capital.
The long-term objectives set for the Managing Director involve also risks and
the long-term objectives should not be considered as the company's financial
guidance. Even though the objectives are based on market knowledge and technical
surveys, the risks are significant and it is not certain if the Managing
Director reaches all or part of the targets set for him.
FINANCING
Cash flow from business operations before investments in January - June was EUR
-1.7 million (EUR 1.1 million). Trade receivables at the end of the reporting
period were EUR 2.0 million (EUR 3.5 million). Net financial items amounted to
EUR 0.5 million (EUR 0.2 million).
At the end of June, the equity ratio was 16.8 per cent (33.2 %) and equity per
share was EUR 0.01 (EUR 0.02). At the end of the reporting period, the Group's
liquid assets totaled EUR 0.2 million (EUR 0.4 million) unused export credit
limits, bank guarantee limits and factoring loans amounted to EUR 1.5 million
(EUR 1.5 million).
Keskinäinen Eläkevakuutusyhtiö Etera and Oy Ingman Finance Ab subcribed all of
the convertible bond I/2013 of EUR 2.1 million, issued by Cencorp 17 May 2013.
As previously announced, Cencorp's financing position has been tight and it
involves risks. The loan arrangement of about EUR 3 million made with Tekes in
December 2012 and the EUR 1.5 million convertible bond subscribed in December
2012 as well as the EUR 2.1 million convertible bond subscribed in May 2013 have
improved the company's liquidity. As the investments are still continuing and
the company is preparing for significant increase in its net sales, working
capital is probably to be tight until the operations turn into profit in terms
of EBITDA. As previously announced Cencorp has commenced preparations for a
share issue. The objective of the share issue is to finance the execution of the
company's photovoltaic module business plan. Cencorp will inform later on the
terms and schedule of the share issue.
Cencorp agreed with its financiers on amendment of the financial agreements and
announced on 1 July 2013 that:
- Danske Bank Oyj's financial facility agreement totaling EUR 4 million was
continued until the end of September 2013;
- the maturity date of a convertible bond of some EUR 1.2 million from Savcor
Group Oy was extended until the end of September 2013; and
- the maturity date of a loan of EUR one million from Savcor Invest BV (former
AC Invest BV), a daughter company of Savcor Group Oy, was extended until the end
of September 2013.
According to estimates available, the company's financing position will continue
to be tight. According to the opinion of Cencorp management the working capital
of the company is not sufficient to complete the ongoing investment plan, based
on the company's strategy, for next twelve (12) months. From the company's point
of view, one of the most important risks is sufficiency of working capital.
Cencorp has loans which will be due in following twelve (12) months. Cencorp's
operational conditions will be highly dependent on whether Cencorp manages to
rearrange the loans. Therefore the company has, in addition to the
above-mentioned measures, started negotiations with its main financiers and
owners on measures to strengthen the financing position until the company's cash
flow is expected to return to positive. With these actions Cencorp believes that
the company has secured sufficient working capital for the next twelve (12)
months and will be able to complete its strategic investments.
RESEARCH AND DEVELOPMENT
The Group's research and development costs during the January - June period
amounted to EUR 0.9 million (EUR 0.7 million) or 16.0 (7.5) per cent of net
sales.
INVESTMENTS
Gross investments during the January - June period amounted to EUR 2.4 million
(EUR 0.9 million). The largest investments were EUR 2.0 million in development
costs.
PERSONNEL
At the end of June the Group employed 152 (193) people, out of which 49 persons
worked in Finland, 92 persons in China and 11 persons in other countries. During
the reporting period, salaries and fees totalled EUR 2.1 million (EUR 2.9
million).
SHARES AND SHAREHOLDERS
Cencorp's share capital amounts to EUR 3 425 059.10. The number of shares is
342 161 270. The company has one series of shares, which confer equal rights in
the company. Cencorp did not own any of its own shares at the end of the
reporting period.
The company had a total of 4827 shareholder at the end of June 2013, and 0.8 per
cent of the shares were owned by foreigners. The ten largest shareholders held
89.0 per cent of the company's shares and voting rights on 30 June 2013.
The largest shareholders on 30 June 2013
--------------------------------------------------------------------------------
| | Shares | votes |
--------------------------------------------------------------------------------
| 1. SAVCOR GROUP LIMITED | 133 333 333 | 39,0 |
--------------------------------------------------------------------------------
| 2. SAVCOR GROUP OY | 119 235 078 | 34,8 |
--------------------------------------------------------------------------------
| 3. SAVCOR INVEST BV | 17 499 999 | 5,1 |
--------------------------------------------------------------------------------
| 4. KESKINÄINEN ELÄKEVAKUUTUSYHTIÖ | 16 394 735 | 4,8 |
| ETERA | | |
--------------------------------------------------------------------------------
| 5. GASELLI CAPITAL OY | 11 000 000 | 3,2 |
--------------------------------------------------------------------------------
| 6. GASELLI CAPITAL PARTNERS OY | 2 050 000 | 0,6 |
--------------------------------------------------------------------------------
| 7. JOKELA MARKKU | 1 804 728 | 0,5 |
--------------------------------------------------------------------------------
| 8. PARPOLA VILLE | 1 478 759 | 0,4 |
--------------------------------------------------------------------------------
| 9. PAASILA MATTI | 854 041 | 0,25 |
--------------------------------------------------------------------------------
| 10. OY TROBE | 800 000 | 0,25 |
--------------------------------------------------------------------------------
| OTHERS | 37 710 597 | 11,0 |
--------------------------------------------------------------------------------
| TOTAL | 342 161 270 | 100,0 |
--------------------------------------------------------------------------------
The members of the Board of Directors and the President and CEO, either directly
or through companies under their control, held a total of 270 068 410 shares in
the company on 30 June 2013, representing about 78.9 per cent of the company's
shares and voting rights. Iikka Savisalo, Cencorp's Managing Director, either
directly or through companies under his control, held a total of 270 068 410
shares in the company, 8,931,000 options connected to bond I/2010 and 21,428,571
options connected to bond I/2012.
The price of Cencorp's share varied between EUR 0.06 and 0.10 during the January
- June period. The average price was EUR 0.08 and the closing price at the end
of June EUR 0.09. A total of 14.6 million Cencorp shares were traded at a value
of EUR 1.2 million during the January - June period. The company's market
capitalization at the end of March stood at EUR 30.8 million.
No share options were granted to the company's management during the reporting
period. On 30 June 2013, the company had 8,931,000 options connected to bond
I/2010 with a subscription period ending on 25 May 2015. Savcor Group Oy holds
the options connected to bond I/2010. On 30 June 2013 the company hold
21,428,571 options connected to bond I/2012 with subscription period ending on 7
September 2014. Options connected to bond I/2012 are held by SCI Invest Oy and
Savcor Group Oy. On 30 June 2013 the company had 30,000,000 options connected to
bond I/2013 with a subscription period ending on 2 June 2015. The options
connected to bond I/2013 are held by Keskinäinen Vakuutusyhtiö Etera and Oy
Ingman Finance Ab.
SHARE ISSUE AUTHORIZATIONS IN FORCE
1,069,000 shares remain under the authorization given by Cencorp's Annual
General Meeting on 28 April 2009 to issue 10,000,000 new shares in Cencorp.
Cencorp's Extraordinary General Meeting held on 30 January 2012 decided to
authorize the Board of Directors to issue 100,000,000 new shares. There were no
other resolutions made at the Extraordinary General Meeting. 48,571,429 shares
remain under the authorization. In the second half of 2013, 4,000,000 shares,
under the authorization, will be issued in a directed share issue for Sunweb
Solar to pay part of the purchase price of the transaction carried out in
January.
DECISIONS BY THE ANNUAL GENERAL MEETING
Cencorp Corporation's Annual General Meeting was held on 29 April 2013 in
Mikkeli, Finland. The AGM approved the 2012 financial statements and released
the members of the Board and the President and the CEOs from liability for the
financial year 2012. According to the Board's proposal, it was decided that no
dividend for the financial year 2012 will be distributed. It was also decided
that the loss for the financial period that ended on 31 December 2012 will be
entered in retained earnings.
Mrs Marjukka Karttunen (born 1967) was elected as a new member of the Board of
Directors of Cencorp Corporation. Karttunen in an entrepreneur operating in the
field of public relations and lobbying. Previously she was a Member of
Parliament of Finland for eight years in the National Coalition Party's
parliamentary group and acted as CEO of the Central Association of Women
Entrepreneurs in Finland. Marjukka Karttunen is Chairman of the Board of Port
of Turku and a Board Member of TVT Asunnot Oy. Industrial counsellor Hannu
Savisalo and Iikka Savisalo continue as old Board members in the Cencorp
Corporation's Board of Directors.
At its organizing meeting following the AGM, Cencorp's Board of Directors
elected Hannu Savisalo as the Chairman and Marjukka Karttunen as the Vice
Chairman of the Board. The Board of Directors decided, due to the scope of the
company's business, that it is not necessary to establish any separate Board
committees.
The AGM decided that an annual remuneration of EUR 40,000 will be paid to the
Chairman and to the Vice Chairman of the Board, and EUR 30,000 to the members of
the Board of Directors.
Ernst & Young Oy, Authorized Public Accounting Firm, continues as the company
auditor and Mikko Rytilahti, APA, as the responsible auditor.
NEGOTIATIONS WITH AVERY DENNISON HAVE BEEN CLOSED
On 21 August Cencorp announced that the company and Avery Dennison Corporation
(”Avery Dennison”), a US based company, have signed a Memorandum of
Understanding (MOU) according to which Cencorp acquires Avery Dennison's
Conductive Back Sheet (CBS) business and related intellectual property rights.
The MOU was non-binding. The negotiations between Avery Dennison and Cencorp
have been closed for now.
MAIN TERMS OF THE MEMORANDUM OF UNDERSTANDING SIGNED WITH A MAJOR CHINESE SOLAR
PHOTOVOLTAIC (PV) MODULE MANUFACTURER ON DELIVERING CONDUCTIVE BACK SHEETS
On 5 November 2012 Cencorp announced that the company has signed a Memorandum of
Understanding on delivering Conductive Back Sheets (CBS) to one of the leading
Chinese PV (photovoltaic) module manufacturers. The Memorandum of Understanding
is non-binding. According to the customer's written estimate received from the
customer at the end of January 2013 CBS mass deliveries should have commenced
during the first half of 2013. Commencing of the mass production always requires
customer's internal evaluating process which still continues and the customer
has not yet started mass production. However, CBS components have passed
Cencorp´s internal technical requirements.
The risks related to the non-binding MOU signed with the Chinese solar
photovoltaic module manufacturer have been handled in more detail in the item
“Risk management, risks and uncertainties” of this Interim Report.
MAIN TERMS OF THE CONVERTIBLE BOND I/2013 AND FULLFILMENT OF THE TEKES LOAN
TERMS
On 27 May 2013 Cencorp received subscription forms and payments regarding
Cencorp's convertible loan I/2013 from Keskinäinen Eläkevakuutusyhtiö Etera and
Oy Ingman Finance Ab.
Cencorp's Board of Directors has approved the subscriptions. Etera subscribed a
convertible bond for EUR 1.5 million and Ingman for EUR 0.6
million. The total amount of the now made subscriptions equals to the maximum
amount of the convertible bond i.e. EUR 2.1 million. The company issues totally
30,000,000 stock options against the done subscriptions free of charge. Stock
options to be issued shall be one (1) stock option against each subscribed loan
capital amount of EUR 0.07.
On 20 December 2012 Cencorp announced that The Finnish Funding Agency for
Technology and Innovation - Tekes has given Cencorp a loan, of ca. EUR 3
million, to develop a business and production model relating to the design and
production of cost effective photovoltaic modules as well as to the development
of module components. The loan was subject to capital investments, amounting
totally to EUR 3 million at the minimum, to be made in Cencorp during the period
from 20 September 2012 to 30 June 2013. Cencorp has now secured capital
investments of EUR 3.6 million with two convertible bonds between 3 December
2012 and 25 May 2013 and thus fulfilled the aforesaid term of the Tekes loan.
RISK MANAGEMENT, RISKS AND UNCERTAINTIES
Cencorp's Board of Directors is responsible for the control of the company's
accounts and finances. The Board is responsible for internal control, while the
President and CEO handles the practical arrangement and monitors the efficiency
of internal control. Business management and control are taken care of using a
Group-wide reporting and forecasting system.
The purpose of risk management is to ensure that any significant business risks
are identified and monitored appropriately. The company's business and financial
risks are managed centrally by the Group's financial department, and reports on
risks are presented to the Board of Directors as necessary.
Due to the small size of the company and its business operations, Cencorp does
not have an internal auditing organization or an audit committee.
The sufficiency of the company's financing and working capital involve risks
that are handled in more detail in the item Financing of this Interim Report.
According to available estimates, the company's financing position will continue
to be tight. According to the opinion of the Cencorp management the working
capital of the company is not sufficient for the next twelve (12) months to
realize the strategic investment plan going on in the company. From the
company's point of view one of the most significant risks is the sufficiency of
working capital. Cencorp has loans which will be due in the following twelve
(12) months, and whether the company succeeds or fails to rearrange the loans
will have a significant effect in the company's operations. Therefore the
company has, in addition to the above-mentioned measures, started negotiations
with its main financiers and owners on measures to strengthen the financing
position until the company's cash flow is expected to return to positive. By
these actions Cencorp believes to secure sufficiency of working capital for the
next twelve (12) months and to finalize investments according to the company's
strategy.
Realization of a share issue, which the company announced on 21 August 2012,
involves risks. It is not secured that the company will be able to collect
capital to finance the establishing of photovoltaic module business plan. If the
share issue doesn't materialize as planned, there is a risk that the
establishment of Cencorp's Cleantech strategy will be postponed or even fail,
partly or totally.
As it is difficult to make forecasts in an industry that is dependent on
economic cycles, the biggest business risks are related to fluctuations in the
demand for products and to the adjustment of operations to meet demand.
In terms of profitability, the most essential risks are related to the
achievement of a sufficient invoicing volume in all three business segments and
the success achieved with the programs underway at Cencorp to improve
profitability, such as improvements in productivity and business flexibility
through outsourcing production.
In terms of operations, the biggest risks are related to outsourcing in-house
equipment production to contract manufacturers, in particular to whether the
production chain efficiency targets are achieved as planned.
Cencorp has announced that its objective is to transform from a company
manufacturing only production automation systems and special components into a
company that develops and provides cleantech applications using laser and
automation technology as well as into a company that has a strong market
position as a provider of, in various geographical areas, locally produced
high-quality photovoltaic modules. Achievement of the objectives as well as
realization of the transformation involves risks. Even though Cencorp's strategy
and objectives are based on market knowledge and technical surveys, the risks
are significant and it is not certain if the company reaches all or part of the
targets set for it. Cencorp's future outlook will be highly dependent on the
company's ability to reach the targeted market position in the global
photovoltaic module market as well as on the company's long-term financing.
The execution of the non-binding Memorandum of Understanding signed with a major
Chinese photovoltaic module manufacturer involves risks. The final terms of an
agreement are still under negotiations, thus execution of the agreement is not
yet guaranteed. Additionally, the agreement is subject to Cencorp's short-term
and long-term financing which is still under negotiation. Thus, Cencorp is not
yet able to estimate the agreement's possible execution, effective date neither
the agreement's impact in Cencorp nor the final risks relating to it. However,
in regard to the Memorandum of Understanding on delivering CBS to the Chinese
photovoltaic module manufacturer, the estimated minimum value of EUR 20 million
for three years' period from the start of mass production will probably stay
non-binding even though the actual Memorandum of Understanding turns into a
binding supply contract. In this business customers do not give binding order
estimations.
The long-term objectives set for the Managing Director involves also risks and
the long-term objective should not be considered as the company's financial
guidance. Even though the objectives are based on market knowledge and technical
surveys, the risks are significant and it is not certain if the Managing
Director reaches all or part of the targets set for him.
Other risks connected to Cencorp have been presented in more detail in the
Annual Report for 2012.
In Mikkeli, 21.8.2013
Cencorp Corporation
BOARD OF DIRECTORS
For more information please contact:
Cencorp: Iikka Savisalo, President and CEO, tel. +358 40 521 6082,
iikka.savisalo@savcor.com
Distribution:
NASDAQ OMX, Helsinki
Main media
www.cencorp.com
--------------------------------------------------------------------------------
| Consolidated statement of comprehensive income | |
--------------------------------------------------------------------------------
| (unaudited) | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 1 000 EUR | | 4-6/2013 | 4-6/2012 | 1-6/2013 | 1-6/2012 | 1-12/2 |
| | | | | | | 012 |
--------------------------------------------------------------------------------
| Continuing operations | | | | | |
--------------------------------------------------------------------------------
| Net sales | | 3 385 | 4 698 | 5 877 | 9 084 | 15 441 |
--------------------------------------------------------------------------------
| Cost of sales | -3 151 | -4 517 | -5 478 | -8 403 | -14 |
| | | | | | 731 |
--------------------------------------------------------------------------------
| Gross profit | 234 | 181 | 398 | 681 | 710 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other operating income | 189 | 82 | 891 | 1 309 | 1 791 |
--------------------------------------------------------------------------------
| Product development | -467 | -329 | -942 | -682 | -1 458 |
| expenses | | | | | |
--------------------------------------------------------------------------------
| Sales and marketing | -368 | -553 | -782 | -965 | -2 072 |
| expenses | | | | | |
--------------------------------------------------------------------------------
| Administrative expenses | -542 | -867 | -1 082 | -1 394 | -2 669 |
--------------------------------------------------------------------------------
| Other operating | -133 | -30 | -255 | -49 | -235 |
| expenses | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit | -1 088 | -1 516 | -1 772 | -1 099 | -3 932 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financial income | 19 | 762 | 386 | 945 | 380 |
--------------------------------------------------------------------------------
| Financial expenses | -578 | -506 | -932 | -1 142 | -1 224 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit before taxes | -1 648 | -1 260 | -2 318 | -1 296 | -4 776 |
| from continuing | | | | | |
| operations | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Income taxes | -1 | 2 | 1 | 26 | 26 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit/loss for the | -1 649 | -1 258 | -2 317 | -1 270 | -4 750 |
| period from continuing | | | | | |
| operations | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Discontinued operations | | | | | |
--------------------------------------------------------------------------------
| Profit/loss after tax | 0 | -7 858 | -9 | -8 822 | -8 606 |
| for the period from | | | | | |
| discontinued operations | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit/loss for the | -1 649 | -9 116 | -2 326 | -10 092 | -13 |
| period | | | | | 356 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit/loss | | | | | |
| attributable to: | | | | | |
--------------------------------------------------------------------------------
| Shareholders of the | -1 649 | -9 116 | -2 326 | -10 092 | -13 |
| parent company | | | | | 356 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings/share | -0,005 | -0,027 | -0,007 | -0,029 | -0,04 |
| (diluted), eur | | | | | |
--------------------------------------------------------------------------------
| Earnings/share (basic), | -0,005 | -0,027 | -0,007 | -0,029 | -0,04 |
| eur | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Continuing operations: | | | | | |
--------------------------------------------------------------------------------
| Earnings/share | -0,005 | -0,004 | -0,007 | -0,004 | -0,01 |
| (diluted), eur | | | | | |
--------------------------------------------------------------------------------
| Earnings/share (basic), | -0,005 | -0,004 | -0,007 | -0,004 | -0,01 |
| eur | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit/loss for the | -1 649 | -9 116 | -2 326 | -10 092 | -13 |
| period | | | | | 356 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other comprehensive | | | | | |
| income | | | | | |
--------------------------------------------------------------------------------
| Translation difference | 48 | 325 | 72 | 65 | 93 |
--------------------------------------------------------------------------------
| Net other comprehensive income to | | | | |
| be reclassified to | | | | |
--------------------------------------------------------------------------------
| profit or loss in | 48 | 325 | 72 | 65 | 93 |
| subsequent periods | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total comprehensive | -1 600 | -8 791 | -2 254 | -10 028 | -13 |
| income for the period | | | | | 263 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total comprehensive | | | | | |
| income attributable to: | | | | | |
--------------------------------------------------------------------------------
| Shareholders of the | -1 600 | -8 791 | -2 254 | -10 028 | -13 |
| parent company | | | | | 263 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Consolidated statement of financial position | |
--------------------------------------------------------------------------------
| (unaudited) | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 1 000 EUR | | 30.6.2013 | 30.6.2012 | 31.12.2012 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| ASSETS | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current assets | | | |
--------------------------------------------------------------------------------
| Property, plant and equipment | 6 511 | 7 469 | 6 688 |
--------------------------------------------------------------------------------
| Consolidated goodwill | 2 967 | 2 967 | 2 967 |
--------------------------------------------------------------------------------
| Other intangible assets | 4 615 | 2 915 | 2 979 |
--------------------------------------------------------------------------------
| Available-for-sale investment | 10 | 10 | 10 |
--------------------------------------------------------------------------------
| Deferred tax assets | 8 | 10 | 9 |
--------------------------------------------------------------------------------
| Total non-current assets | 14 110 | 13 370 | 12 652 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current assets | | | | |
--------------------------------------------------------------------------------
| Inventories | | 2 638 | 3 358 | 2 693 |
--------------------------------------------------------------------------------
| Trade and other | 3 072 | 4 343 | 2 695 |
| non-interest-bearing | | | |
| receivables | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 205 | 412 | 583 |
--------------------------------------------------------------------------------
| Total current assets | 5 916 | 8 113 | 5 971 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Assets classified as held for | 36 | 1 851 | 79 |
| sale | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total assets | | 20 063 | 23 334 | 18 702 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EQUITY AND LIABILITIES | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity attributable to shareholders of the | | |
| parent company | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Share capital | | 3 425 | 3 425 | 3 425 |
--------------------------------------------------------------------------------
| Other reserves | | 44 123 | 43 344 | 43 691 |
--------------------------------------------------------------------------------
| Translation difference | 749 | 649 | 677 |
--------------------------------------------------------------------------------
| Retained earnings | | -44 937 | -39 827 | -43 091 |
--------------------------------------------------------------------------------
| Total equity | | 3 360 | 7 591 | 4 703 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current liabilities | | | |
--------------------------------------------------------------------------------
| Non-current loans | | 4 243 | 0 | 2 095 |
--------------------------------------------------------------------------------
| Deferred tax liabilities | 22 | 24 | 26 |
--------------------------------------------------------------------------------
| Total non-current liabilities | 4 265 | 24 | 2 121 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current liabilities | | | | |
--------------------------------------------------------------------------------
| Current interest-bearing | 4 986 | 4 827 | 4 731 |
| liabilities | | | |
--------------------------------------------------------------------------------
| Trande and other payables | 7 220 | 8 028 | 6 850 |
--------------------------------------------------------------------------------
| Current provisions | | 231 | 287 | 257 |
--------------------------------------------------------------------------------
| Total current liabilities | 12 437 | 13 142 | 11 839 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Liabilities directly | 1 | 2 578 | 40 |
| associated with assets | | | |
| classified as held for sale | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total liabilities | | 16 703 | 15 744 | 14 000 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity and liabilities total | 20 063 | 23 334 | 18 702 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Consolidated statement of cash flows | | |
--------------------------------------------------------------------------------
| (unaudited) | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 1 000 EUR | | 1-6/2 | 1-6/2012 | 1-12/2012 |
| | | 013 | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from operating activities | | | | |
--------------------------------------------------------------------------------
| Income statement profit/loss from | | -2 | -1 296 | -4 776 |
| continuing operations before taxes | | 318 | | |
--------------------------------------------------------------------------------
| Income statement profit/loss from | | -9 | -8 822 | -8 606 |
| discontinued operations before taxes | | | | |
--------------------------------------------------------------------------------
| Income statement profit/loss before | | -2 | -10 118 | -13 382 |
| taxes | | 327 | | |
--------------------------------------------------------------------------------
| Non-monetary items adjusted on income | | | | |
| statement | | | | |
--------------------------------------------------------------------------------
| | Depreciation and impairment | + | 990 | 7 459 | 8 682 |
--------------------------------------------------------------------------------
| | Gains/losses on disposals of | +/ | -28 | -1 154 | -655 |
| | non-current assets | - | | | |
--------------------------------------------------------------------------------
| | Unrealized exchange rate gains (-) | +/ | -152 | -187 | 108 |
| | and losses (+) | - | | | |
--------------------------------------------------------------------------------
| | Other non-cash transactions | +/ | 16 | 0 | -1 181 |
| | | - | | | |
--------------------------------------------------------------------------------
| | Financial income and expense | + | 698 | 441 | 845 |
--------------------------------------------------------------------------------
| Total cash flow before change in | | -803 | -3 558 | -5 583 |
| working capital | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Change in working capital | | | | |
--------------------------------------------------------------------------------
| | Increase (-) / decrease (+) in | | 229 | 249 | 827 |
| | inventories | | | | |
--------------------------------------------------------------------------------
| | Increase (-) / decrease (+) in | | -340 | 2 310 | 4 863 |
| | trade and other receivables | | | | |
--------------------------------------------------------------------------------
| | Increase (+) / decrease (-) in | | -433 | 2 216 | -210 |
| | trade and other payables | | | | |
--------------------------------------------------------------------------------
| | Change in provisions | | -26 | 178 | 48 |
--------------------------------------------------------------------------------
| Change in working capital | | -570 | 4 953 | 5 529 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Adjustment of financial items and taxes to | | | |
| cash-based accounting | | | |
--------------------------------------------------------------------------------
| | Interest paid | - | -196 | -133 | -257 |
--------------------------------------------------------------------------------
| | Interest received | + | 0 | 5 | 4 |
--------------------------------------------------------------------------------
| | Other financial items | - | -93 | -141 | -258 |
--------------------------------------------------------------------------------
| | Taxes paid | - | -3 | 15 | 18 |
--------------------------------------------------------------------------------
| Financial items and taxes | | -292 | -254 | -492 |
--------------------------------------------------------------------------------
| NET CASH FLOW FROM BUSINESS OPERATIONS | | -1 | 1 140 | -547 |
| | | 665 | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CASH FLOW FROM INVESTING ACTIVITIES | | | | |
--------------------------------------------------------------------------------
| Investments in tangible and intangible | - | -1 | -910 | -1 757 |
| assets | | 558 | | |
--------------------------------------------------------------------------------
| Proceeds on disposal of tangible and | + | 69 | 3 640 | 4 465 |
| intangible assets | | | | |
--------------------------------------------------------------------------------
| Repayment of loan receivables | + | 0 | 0 | 0 |
--------------------------------------------------------------------------------
| NET CASH FLOW FROM INVESTMENTS | | -1 | 2 730 | 2 708 |
| | | 455 | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CASH FLOW FROM FINANCING ACTIVITIES | | | | |
--------------------------------------------------------------------------------
| Proceeds from non-current borrowings | + | 2 017 | 0 | 1 559 |
--------------------------------------------------------------------------------
| Stock options of the convertible bond | + | 432 | 0 | 347 |
--------------------------------------------------------------------------------
| Proceeds from current borrowings | + | 2 148 | 3 005 | 5 404 |
--------------------------------------------------------------------------------
| Repayment of current borrowings | - | -1 | -6 636 | -9 174 |
| | | 893 | | |
--------------------------------------------------------------------------------
| Dividends paid | - | 0 | 0 | 0 |
--------------------------------------------------------------------------------
| NET CASH FLOW FROM FINANCING ACTIVITIES | | 2 699 | -3 631 | -1 865 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| INCREASE (+) OR DECREASE (-) IN CASH | | -421 | 239 | 296 |
| FLOW | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Consolidated statement of changes in equity | | | |
--------------------------------------------------------------------------------
| (unaudited | | | | | | | |
| ) | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 1 000 EUR | Shar | Othe | Translation | Distributa | Retain | Total | |
| | e | r | difference | ble | ed | | |
| | capi | rese | | non-restri | earnin | | |
| | tal | rves | | cted | gs | | |
| | | | | equity | | | |
| | | | | fund | | | |
--------------------------------------------------------------------------------
| 31.12.2012 | 3 | 4 | 677 | 38 783 | -43 | 4 703 | |
| | 425 | 908 | | | 091 | | |
--------------------------------------------------------------------------------
| Stock | 0 | | | 432 | | 432 | |
| options of | | | | | | | |
| the | | | | | | | |
| convertibl | | | | | | | |
| e bond | | | | | | | |
--------------------------------------------------------------------------------
| Translatio | - | - | 72 | - | - | 72 | |
| n | | | | | | | |
| difference | | | | | | | |
| , | | | | | | | |
| comprehens | | | | | | | |
| ive income | | | | | | | |
--------------------------------------------------------------------------------
| Profit/los | - | - | - | - | -2 326 | -2 326 | |
| s for the | | | | | | | |
| period | | | | | | | |
--------------------------------------------------------------------------------
| 30.6.2013 | 3 | 4 | 749 | 39 215 | -44 | 3 360 | |
| | 425 | 908 | | | 937 | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 1 000 EUR | Shar | Othe | Translation | Distributa | Retain | Total | |
| | e | r | difference | ble | ed | | |
| | capi | rese | | non-restri | earnin | | |
| | tal | rves | | cted | gs | | |
| | | | | equity | | | |
| | | | | fund | | | |
--------------------------------------------------------------------------------
| 31.12.2011 | 3 | 4 | 584 | 38 436 | -29 | 17 618 | |
| | 425 | 908 | | | 735 | | |
--------------------------------------------------------------------------------
| Translatio | - | - | 65 | - | - | 65 | |
| n | | | | | | | |
| difference | | | | | | | |
| , | | | | | | | |
| comprehens | | | | | | | |
| ive income | | | | | | | |
--------------------------------------------------------------------------------
| Profit/los | - | - | - | - | -10 | -10 092 | |
| s for the | | | | | 092 | | |
| period | | | | | | | |
--------------------------------------------------------------------------------
| 30.6.2012 | 3 | 4 | 649 | 38 436 | -39 | 7 591 | |
| | 425 | 908 | | | 828 | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Segment information | | | |
--------------------------------------------------------------------------------
| (unaudited) | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 14 May 2013 Cencorp announced that the company changes its reporting system |
| to comply with the company's Cleantech strategy and as from 1 January 2013 |
| Cencorp reports of three business segments. The segments are Laser and |
| Automation Applications, Life Cycle Management and Clean Energy Solutions |
| (including also the former Special Components segment). The comparison |
| figures for the corresponding period in 2012 concern only the net sales. |
| Other figures that would be compareble and reliable enough are not |
| available. Cencorp's new segment information is based on the management's |
| internal reporting and on the organisation structure. |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| The segment information include only continuing operations. Information |
| regarding discontinued operations is given in attachment "Discontinued |
| operations". |
--------------------------------------------------------------------------------
| 1 000 EUR | | 1-6/2013 | 1-6/2012 | 1-12/2012
|
--------------------------------------------------------------------------------
| Net sales | | | | |
--------------------------------------------------------------------------------
| | Laser and Automation | 2 550 | 3 771 | 5 909 |
| | Applications | | | |
--------------------------------------------------------------------------------
| | Life Cycle Management of Laser | 1 621 | 1 983 | 3 708 |
| | and Automation Applications | | | |
--------------------------------------------------------------------------------
| | Clean Energy Solutions | | 1 821 | 3 335 | 5 865 |
--------------------------------------------------------------------------------
| | Eliminations | | -115 | -5 | -41 |
--------------------------------------------------------------------------------
| | Total | | 5 877 | 9 084 | 15 441 |
--------------------------------------------------------------------------------
| Operating profit | | | | |
--------------------------------------------------------------------------------
| | Laser and Automation | -884 | - | - |
| | Applications | | | |
--------------------------------------------------------------------------------
| | Life Cycle Management of Laser | 83 | - | - |
| | and Automation Applications | | | |
--------------------------------------------------------------------------------
| | Clean Energy Solutions | | -972 | - | - |
--------------------------------------------------------------------------------
| | Eliminations | | 1 | - | - |
--------------------------------------------------------------------------------
| | Total | | -1 772 | - | - |
--------------------------------------------------------------------------------
| EBITDA | | | | |
--------------------------------------------------------------------------------
| | Laser and Automation | -605 | - | - |
| | Applications | | | |
--------------------------------------------------------------------------------
| | Life Cycle Management of Laser | 166 | - | - |
| | and Automation Applications | | | |
--------------------------------------------------------------------------------
| | Clean Energy Solutions | | -343 | - | - |
--------------------------------------------------------------------------------
| | Eliminations | | 1 | - | - |
--------------------------------------------------------------------------------
| | Total | | -782 | - | - |
--------------------------------------------------------------------------------
| Depreciation | | | | |
--------------------------------------------------------------------------------
| | Laser and Automation | 265 | - | - |
| | Applications | | | |
--------------------------------------------------------------------------------
| | Life Cycle Management of Laser | 70 | - | - |
| | and Automation Applications | | | |
--------------------------------------------------------------------------------
| | Clean Energy Solutions | | 629 | - | - |
--------------------------------------------------------------------------------
| | Total | | 964 | - | - |
--------------------------------------------------------------------------------
| Impairment | | | | |
--------------------------------------------------------------------------------
| | Laser and Automation | 14 | - | - |
| | Applications | | | |
--------------------------------------------------------------------------------
| | Life Cycle Management of Laser | 12 | - | - |
| | and Automation Applications | | | |
--------------------------------------------------------------------------------
| | Clean Energy Solutions | | 0 | - | - |
--------------------------------------------------------------------------------
| | Total | | 26 | - | - |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Segment information | | | | |
--------------------------------------------------------------------------------
| (unaudited) | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| When the comparison figures that would be comparable and reliable enough are |
| not available for the corresponding period in 2012, Cencorp reports the |
| segment information also according the old reporting system with two |
| segments. The segment information include only continuing operations. |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| The Group had two reporting segments till 31 December 2012: Laser and |
| Automation Applications, and Special Components. The Laser and Automation |
| Applications segment comprised Cencorp's former business and the Special |
| Components segment the business acquired through the Face transaction in |
| 2010. |
--------------------------------------------------------------------------------
| 1 000 EUR | | 1-6/2013 | 1-6/2012 | 1-12/2012 |
--------------------------------------------------------------------------------
| Net sales | | | | |
--------------------------------------------------------------------------------
| | Laser and Automation | | 4 082 | 5 756 | 9 624 |
| | Applications | | | | |
--------------------------------------------------------------------------------
| | Special Components | | 1 795 | 3 334 | 5 858 |
--------------------------------------------------------------------------------
| | Eliminations | | 0 | -5 | -41 |
--------------------------------------------------------------------------------
| | Total | | 5 877 | 9 084 | 15 441 |
--------------------------------------------------------------------------------
| Operating profit | | | | |
--------------------------------------------------------------------------------
| | Laser and Automation | | -898 | -1 467 | -3 221 |
| | Applications | | | | |
--------------------------------------------------------------------------------
| | Special Components | | -880 | 370 | -712 |
--------------------------------------------------------------------------------
| | Eliminations | | 6 | -2 | 1 |
--------------------------------------------------------------------------------
| | Total | | -1 772 | -1 099 | -3 932 |
--------------------------------------------------------------------------------
| EBITDA | | | | |
--------------------------------------------------------------------------------
| | Laser and Automation | | -524 | -1 125 | -2 401 |
| | Applications | | | | |
--------------------------------------------------------------------------------
| | Special Components | | -264 | 1 138 | 812 |
--------------------------------------------------------------------------------
| | Eliminations | | 6 | -2 | 1 |
--------------------------------------------------------------------------------
| | Total | | -782 | 10 | -1 588 |
--------------------------------------------------------------------------------
| Profit/loss for the period | | | | |
--------------------------------------------------------------------------------
| | Laser and Automation | | -1 447 | -1 580 | -3 644 |
| | Applications | | | | |
--------------------------------------------------------------------------------
| | Special Components | | -846 | 295 | -1 120 |
--------------------------------------------------------------------------------
| | Eliminations | | -25 | 15 | 14 |
--------------------------------------------------------------------------------
| | Total | | -2 317 | -1 270 | -4 750 |
--------------------------------------------------------------------------------
| Assets | | | | |
--------------------------------------------------------------------------------
| | Laser and Automation | | 16 203 | 29 671 | 27 995 |
| | Applications | | | | |
--------------------------------------------------------------------------------
| | Special Components | | 10 409 | 11 956 | 10 964 |
--------------------------------------------------------------------------------
| | Assets classified as | | 36 | 1 851 | 79 |
| | held for sale | | | | |
--------------------------------------------------------------------------------
| | Eliminations | | -6 585 | -20 144 | -20 336 |
--------------------------------------------------------------------------------
| | Total | | 20 063 | 23 334 | 18 702 |
--------------------------------------------------------------------------------
| Liabilities | | | | |
--------------------------------------------------------------------------------
| | Laser and Automation | | 14 500 | 11 356 | 11 873 |
| | Applications | | | | |
--------------------------------------------------------------------------------
| | Special Components | | 8 740 | 7 516 | 8 003 |
--------------------------------------------------------------------------------
| | Liabilities directly associated | 1 | 2 578 | 40 |
| | with assets held for sale | | | |
--------------------------------------------------------------------------------
| | Eliminations | | -6 539 | -5 706 | -5 917 |
--------------------------------------------------------------------------------
| | Total | | 16 703 | 15 744 | 14 000 |
--------------------------------------------------------------------------------
| Gross investments | | | | |
--------------------------------------------------------------------------------
| | Laser and Automation | | 1 707 | 247 | 849 |
| | Applications | | | | |
--------------------------------------------------------------------------------
| | Special Components | | 710 | 602 | 989 |
--------------------------------------------------------------------------------
| | Assets classified as | | 0 | 4 | 4 |
| | held for sale | | | | |
--------------------------------------------------------------------------------
| | Total | | 2 417 | 853 | 1 842 |
--------------------------------------------------------------------------------
| Depreciation | | | | |
--------------------------------------------------------------------------------
| | Laser and Automation | | 348 | 342 | 675 |
| | Applications | | | | |
--------------------------------------------------------------------------------
| | Special Components | | 616 | 767 | 1 434 |
--------------------------------------------------------------------------------
| | Total | | 964 | 1 109 | 2 109 |
--------------------------------------------------------------------------------
| Impairment | | | | |
--------------------------------------------------------------------------------
| | Laser and Automation | | 26 | 0 | 145 |
| | Applications | | | | |
--------------------------------------------------------------------------------
| | Special Components | | 0 | 0 | 90 |
--------------------------------------------------------------------------------
| | Total | | 26 | 0 | 235 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Discontinued operations | | | |
--------------------------------------------------------------------------------
| (unaudited) | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 29 May 2012 Cencorp announced that it exits from its unprofitable decoration |
| business and closes down its plant in Guangzhou, China, producing decoration |
| applications. In consequence of the closing down of the Guangzhou plant and |
| the exit from decoration business Cencorp reports the financial figures |
| relating to the Guangzhou plant's decoration business as discontinued |
| operations from now on. |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| The assets of Savcor Face (Guangzhou) Technologies Co., Ltd, reported as |
| discontinued operation, were written- off at fair value in the second |
| quarter of 2012 and sold in the fourth quarter of 2012. |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| The results and major classes of assets and liabilities of Savcor Face |
| (Guangzhou) Technolgies Co., are as follows: |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 1 000 EUR | 1-6/2013 | 1-6/2012 | 1-12/2012 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Revenue | 0 | 1 935 | 1 878 |
--------------------------------------------------------------------------------
| Expenses | -9 | -5 352 | -5 620 |
--------------------------------------------------------------------------------
| Other opeating income | 0 | 0 | 1 031 |
--------------------------------------------------------------------------------
| Loss recognised on the remeasurement to | 0 | -5 412 | -5 833 |
| fair value | | | |
--------------------------------------------------------------------------------
| Operating profit | -9 | -8 829 | -8 544 |
--------------------------------------------------------------------------------
| Finance costs | 0 | 7 | -62 |
--------------------------------------------------------------------------------
| Profit/loss before tax from discontinued | -9 | -8 822 | -8 606 |
| operation | | | |
--------------------------------------------------------------------------------
| Income tax | 0 | 0 | 0 |
--------------------------------------------------------------------------------
| Profit/loss after tax from discontinued | -9 | -8 822 | -8 606 |
| operation | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Assets | | | |
--------------------------------------------------------------------------------
| Property, plant and equipment | 0 | 839 | 0 |
--------------------------------------------------------------------------------
| Other intangible assets | 0 | 0 | 0 |
--------------------------------------------------------------------------------
| Inventories | 0 | 199 | 0 |
--------------------------------------------------------------------------------
| Trade and other non-interest-bearing | 36 | 786 | 39 |
| receivables | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 0 | 27 | 40 |
--------------------------------------------------------------------------------
| Assets classified as held for sale | 36 | 1 851 | 79 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Liabilities | | | |
--------------------------------------------------------------------------------
| Trande and other payables | 1 | 2 478 | 40 |
--------------------------------------------------------------------------------
| Provisions | 0 | 100 | 0 |
--------------------------------------------------------------------------------
| Liabilities directly associated with | 1 | 2 578 | 40 |
| assets classified as held for sale | | | |
--------------------------------------------------------------------------------
| Net assets directly associated with | 36 | -727 | 39 |
| disposal group | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Savcor Face (Guangzhou) Technolgies Co., | | | |
| Ltd:n net cash flow: | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 1 000 EUR | 1-6/2013 | 1-6/2012 | 1-12/2012 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating | 40 | 3 | 17 |
--------------------------------------------------------------------------------
| Investing | 0 | -20 | -20 |
--------------------------------------------------------------------------------
| Financing | 0 | 0 | 0 |
--------------------------------------------------------------------------------
| Net cash flow | 40 | -17 | -3 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings/share (basic), from discontinued | -0,00003 | -0,03 | -0,03 |
| operations | | | |
--------------------------------------------------------------------------------
| Earnings/share (diluted) from | -0,00003 | -0,03 | -0,03 |
| discontinued operations | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Key figures | | | | | |
--------------------------------------------------------------------------------
| (unaudited) | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 1 000 EUR | 4-6/20 | 4-6/20 | 1-6/201 | 1-6/201 | 1-12/20 |
| | 13 | 12 | 3 | 2 | 12 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | 3 385 | 4 698 | 5 877 | 9 084 | 15 441 |
--------------------------------------------------------------------------------
| Operating profit | -1 088 | -1 516 | -1 772 | -1 099 | -3 932 |
--------------------------------------------------------------------------------
| % of net sales | -32,1 | -32,3 | -30,1 | -12,1 | -25,5 |
--------------------------------------------------------------------------------
| EBITDA | -594 | -992 | -782 | 10 | -1 588 |
--------------------------------------------------------------------------------
| % of net sales | -17,5 | -21,1 | -13,3 | 0,1 | -10,3 |
--------------------------------------------------------------------------------
| Profit before taxes | -1 648 | -1 260 | -2 318 | -1 296 | -4 776 |
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| % of net sales | -48,7 | -26,8 | -39,4 | -14,3 | -30,9 |
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| Balance Sheet value | 20 063 | 23 334 | 20 063 | 23 334 | 18 702 |
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| Equity ratio, % | 16,8 | 33,2 | 16,8 | 33,2 | 25,2 |
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| Net gearing, % | 268,6 | 58,2 | 268,6 | 58,2 | 132,7 |
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| Gross investments | 646 | 407 | 2 417 | 853 | 1 842 |
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| % of net sales | 19,1 | 8,7 | 41,1 | 9,4 | 11,9 |
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| Research and development | 467 | 329 | 942 | 682 | 1 458 |
| costs | | | | | |
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| % of net sales | 13,8 | 7,0 | 16,0 | 7,5 | 9,4 |
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| Order book | 2 377 | 3 257 | 2 377 | 3 257 | 1 438 |
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| Personnel on average | 152 | 276 | 159 | 305 | 241 |
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| Personnel at the end of the | 152 | 193 | 152 | 193 | 168 |
| period | | | | | |
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| Non-interest-bearing | 7 220 | 8 028 | 7 220 | 8 028 | 6 850 |
| liabilities | | | | | |
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| Interest-bearing liabilities | 9 229 | 4 827 | 9 229 | 4 827 | 6 825 |
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| Share key indicators | | | | | |
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| Earnings/share (basic) | -0,005 | -0,027 | -0,007 | -0,029 | -0,04 |
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| Earnings/share (diluted) | -0,005 | -0,027 | -0,007 | -0,029 | -0,04 |
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| Earnings/share (basic), from | -0,005 | -0,004 | -0,007 | -0,0037 | -0,01 |
| continuing operations | | | | | |
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| Earnings/share (diluted) | -0,005 | -0,004 | -0,007 | -0,0037 | -0,01 |
| from continuing operations | | | | | |
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| Equity/share | 0,01 | 0,02 | 0,01 | 0,02 | 0,01 |
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| P/E ratio | -18,68 | -1,88 | -13,24 | -1,70 | -1,54 |
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| Highest price | 0,09 | 0,08 | 0,10 | 0,12 | 0,12 |
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| Lowest price | 0,07 | 0,05 | 0,06 | 0,05 | 0,05 |
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| Average price | 0,08 | 0,06 | 0,08 | 0,09 | 0,08 |
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| Closing price | 0,09 | 0,05 | 0,09 | 0,05 | 0,06 |
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| Market capitalisation, at | 30,8 | 17,1 | 30,8 | 17,1 | 20,5 |
| the end of the period, MEUR | | | | | |
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| Calculation of Key Figures | | | | | |
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| EBITDA, %: | Operating profit + depreciation + | |
| | impairment | |
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| | Net | | | | |
| | sales | | | | |
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| Equity ratio, %: | Total equity x | | | |
| | 100 | | | |
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| | Total assets - advances | | |
| | received | | |
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| Net gearing, %: | Interest-bearing liabilities - cash and cash |
| | equivalents |
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| | and marketable securities | | |
| | x 100 | | |
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| | Shareholders' equity + minority | |
| | interest | |
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| Earnings/share (EPS): | Profit/loss for the period to the owner of |
| | the parent company |
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| | Average number of shares adjusted for share |
| | issue |
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| | at the end of the | | |
| | financial year | | |
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| Equity/share: | Equity attributable to shareholders of the |
| | parent company |
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| | Undiluted number of shares on the balance |
| | sheet date |
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| P/E ratio: | Price on the balance | | |
| | sheet date | | |
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| | Earnings per | | | |
| | share | | | |
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| Related party transactions | | | | |
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| (unaudited) | | | | | | |
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| Cencorp Corporation is part of Savcor Group Oy. The Group has purchased |
| goods and services from companies in which the majority holding and/or power |
| of decision granting control of the company is held by members of the |
| Group's related parties. Sales of goods and services carried out with |
| related parties are based on market prices. |
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| The Group entered into the following transactions with | | |
| related parties: | | |
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| 1 000 | | | | | 1-6/2013 | 1-6/2012 | 1-12/201 |
| EUR | | | | | | | 2 |
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| Sales of goods and | | | | | |
| services | | | | | |
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| Savcor companies | | | | 80 | 69 | 120 |
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| Purchases of goods and | | | | | |
| services | | | | | |
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| Savcor companies | | | | 259 | 218 | 548 |
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| Interest income | | | | | | |
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| Savcor companies | | | | 0 | 0 | 1 |
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| Interest expenses and other | | | | |
| financial expenses | | | | |
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| Savcor companies | | | | 166 | 198 | 348 |
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| SCI Invest Oy | | | | 30 | 0 | 10 |
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| Discontinued operations | | | | | |
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| Sales of goods and | | | | | |
| services | | | | | |
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| Savcor companies | | | | 0 | 22 | 143 |
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| Purchases of goods and | | | | | |
| services | | | | | |
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| Savcor companies | | | | 0 | 10 | 20 |
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| Other non-current liabilities to | | 519 | 0 | 519 |
| related parties | | | | |
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| Convertible subordinated loan from | | 2 499 | 1 230 | 2 400 |
| related parties | | | | |
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| Interest payable to | | | 634 | 326 | 480 |
| related parties | | | | | |
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| Other current liabilities to | | 1 000 | 1 000 | 1 000 |
| related parties | | | | |
--------------------------------------------------------------------------------
| Trade payables and other | 483 | 1 184 | 549 |
| non-interest-bearing liabilities to related | | | |
| parties | | | |
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| Trade receivables from related | | 94 | 65 | 87 |
| parties | | | | |
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| SCI Invest Oy is a company under control of Iikka Savisalo, | |
| Cencorp's CEO. | |
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| 1 000 | | | | | 1-6/2013 | 1-6/2012 | 1-12/201 |
| EUR | | | | | | | 2 |
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| Wages and remuneration | | | | | |
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| Salaries of the management and | | 357 | 425 | 807 |
| Board | | | | |
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| Fair values | | |
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| (unaudited) | | |
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| | Carrying | Fair value |
| | amount | |
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| 1 000 EUR | 30.6.2013 | 30.6.2013 |
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| Financial assets | | |
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| Available-for-sale investments | 10 | 10 |
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| Trade and other receivables | 3 072 | 3 072 |
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| Cash and cash equivalents | 205 | 205 |
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| The fair value of trade and other receivables is expected to correspond to |
| the carrying amount due to their short maturity. |
--------------------------------------------------------------------------------
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| Financial liabilities | | |
--------------------------------------------------------------------------------
| R&D loan, non-current | 739 | 739 |
--------------------------------------------------------------------------------
| Other liabilities, non-current | 549 | 549 |
--------------------------------------------------------------------------------
| Loans from financial institutions, current | 2 610 | 2 610 |
--------------------------------------------------------------------------------
| Other liabilities, current | 1 146 | 1 146 |
--------------------------------------------------------------------------------
| Trade payables and other non-interest-bearing | 6 863 | 6 863 |
| liabilities | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| The fair value of non-current liabilities is expected to correspond to the |
| carrying amount as the loans were withdrawn in late 2012 and in 2013 and |
| recognized to their fair value when recorded. |
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| Change in intangible and tangible assets | | | |
--------------------------------------------------------------------------------
| (unaudited) | | | | |
--------------------------------------------------------------------------------
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| 1 000 EUR | 30.6.2013 | 30.6.2012 | 31.12.2012 | |
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| Includes tangible assets, | | | | |
| consolidated goodwill and | | | | |
| other intangible assets | | | | |
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| Carrying amount, beginning | 12 634 | 22 609 | 22 609 | |
| of period | | | | |
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| Depreciation and impairment | -964 | -1 109 | -2 109 | |
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| Additions | 2 463 | 849 | 1 838 | |
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| Disposals | -224 | -2 546 | -2 989 | |
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| Discontinued operations | 0 | -6 654 | -6 654 | |
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| Exchange rate difference | 185 | 201 | -61 | |
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| Carrying amount, end of | 14 093 | 13 350 | 12 634 | |
| period | | | | |
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| Commitments and contingent liabilities | | |
--------------------------------------------------------------------------------
| (unaudited) | | | |
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| 1 000 EUR | 30.6.2013 | 30.6.2012 | 31.12.2012 |
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| Loans from financial | 1 651 | 1 236 | 1 247 |
| institutions | | | |
--------------------------------------------------------------------------------
| Promissory notes secured by | 12 691 | 12 691 | 12 691 |
| pledge | | | |
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| Mortgages on real estate | 0 | 0 | 0 |
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| Factoring loan and export credit | 952 | 1 165 | 1 090 |
| limit | | | |
--------------------------------------------------------------------------------
| Trade receivables | 951 | 1 165 | 695 |
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| Promissory notes secured by | 12 691 | 12 691 | 12 691 |
| pledge | | | |
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| Operating leases | | | |
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| Payable within one year | 24 | 54 | 50 |
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| Payable over one year | 5 | 62 | 38 |
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| Commitments | | | |
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| Payable within one year | 937 | 908 | 922 |
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| Payable over one year | 814 | 947 | 849 |
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| Commitments discontinued | | | |
| operations | | | |
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| Payable within one year | 0 | 538 | 0 |
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| Payable over one year | 0 | 3 501 | 0 |
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