2013-04-23 07:30:00 CEST
2013-04-23 07:30:12 CEST
REGULATED INFORMATION
Ixonos - Interim report (Q1 and Q3)
Turnaround of the company advances according to plan and continues towards the end of the year
Helsinki, Finland, 2013-04-23 07:30 CEST (GLOBE NEWSWIRE) -- Ixonos Plc
Stock Exchange Release 23 April 2013 at 8:30
Interim report for the period 1 January - 31 March 2013
Review period in brief (last year figures in brackets):
- Turnover for the review period was 10.8 MEUR (17.7 MEUR), a change of -38.9
per cent.
- Operating profit was -1.9 MEUR (-10.5 MEUR including goodwill impairment of
9.2 MEUR), -17.7 per cent of turnover.
- Net profit was -1.6 MEUR (-10.2 MEUR), -15.1 per cent of turnover.
- Earnings per share were EUR -0.05 (EUR -0.46 ).
- Net cash flow from operating activities was -3.1 MEUR (0.4 MEUR).
Future prospects in brief
The company keeps the guidance unchanged. Estimated turnover for 2013 to be in
the range of EUR 40-50 million. Earnings before interest, taxes, depreciation
and amortisation (EBITDA) for the entire year are expected to be positive. EBIT
in the second half-year is estimated to be better than in the first half.
Esa Harju, President and CEO:"The year started with a successful completion of stock rights issue, and I
wish to thank our shareholders for showing continuous trust in Ixonos.
Our transition process towards restored profitability and positive cash flow
has been continuing during the first quarter of the year, with a particular
emphasis in adjusting our cost structure in accordance with the business
outlook.
Our cash position remains challenging, and we have initiated several
cost-saving actions in the company, which will start to have impact mainly from
second quarter 2013 onwards. These measures include the discontinuation of our
operations in China, and plans to transfer software production operations in
Tallinn to the Kosice branch in Slovakia during 2013. Additionally, we needed
to implement measures that unfortunately also impact our people, with the
announcement of cooperation negotiations in March for our employees in Finland
(which were consequently concluded in April).
We announced a number of new solutions during the first quarter. These included
Ixonos Media Spark™ solution for media companies, as well as Fast video
streaming solution capabilities based on Embedded Linux framework. We also
announced a number of new business relationships, including Samsung, National
Geographic, Sharp, Firstbeat and Marcopolo.
Going forward, we intend to pay special attention to our business development
and sales capabilities, in order to stabilize our profitability and operations.
There is ongoing demand for Ixonos' skills within several industries, and our
future builds on our growing base of customers. Whilst the first quarter
results show unprofitable operations, our profitability is expected gradually
recover during the remainder of the year. We are on track with our renewal
efforts."
OPERATIONS
Ixonos designs and delivers creative mobile and online solutions. We develop
technologies, software and solutions for mobile devices and services. Together
with our corporate customers, we design products and services that provide
inspiring user experiences. We also improve the competitiveness of our client
organizations by shortening the time to market for their devices and services.
Our strategy is to position ourselves as a strategic partner to the leading
innovators in the mobile and online industry.
We have offices in Finland, Denmark, Estonia, Germany, Great Britain, Slovakia,
South Korea and the United States.
Our Connected Devices service area comprises of products and services for
design and development of connected devices. This includes professional
services in software development, testing and system integration for the mobile
and embedded industries, as well as device design and consultancy services for
a broad range of electronics from consumer appliances to industrial equipment.
The clientele of the Connected Devices area comprises wireless technology
suppliers, mobile device manufacturers, telecommunications companies,
industrial companies and entertainment electronics manufacturers operating on
the international market. Customers include Nokia, Vodafone, Intel, Cargotec,
Qualcomm, Huawei and others.
The Online Solutions service area encompasses global products and services for
development of cloud services and mobile applications, including system
integration and expert services for online services. In Finland, the offering
is supplemented by online solutions for e-commerce, e-government and service
operations.
Our clientele consists of companies in the publishing, communications,
telecommunications and service sectors and also includes Finnish public
administration organizations. Customers include eZ Systems, the BBC, Fonecta,
Kone, Finnish Ministry of Finance, Al Jazeera and others.
Our Design service area includes comprehensive set of design strategy, user
analysis, concept and design innovation and implementation services for
brand-supporting comprehensive user experiences as well as industrial design,
user interface products and services for wireless devices, multi-channel online
services and cross-platform applications.
The customers of this service area include National Geographic, Samsung, Sony,
Warner Brothers, MBC, Marcopolo, and others.
SEGMENT REPORTING
Ixonos reports its operations as a single segment. The reporting segment
comprises the three service areas described above: Connected Devices, Online
Solutions and User Experience Design. The product and service offering of the
service areas make up the company's core business, which focuses on wireless
devices, online services and mobile-application R&D.
TURNOVER
Consolidated turnover for the review period was EUR 10.8 million (EUR 17.7
million), which is 38,9 per cent less than in the previous year.
The main reason for the decreased turnover was a change in strategy of the
company's biggest single customer during year 2011 and 2012. In a review
period, no customer brought turnover more than one fourth.
FINANCIAL RESULT
Consolidated operating profit was EUR −1.9 million (MEUR -10.5 including
goodwill impairment of MEUR 9.2) and profit before tax was EUR −2.0 million
(EUR -10.6 million). Profit for the period was EUR −1.6 million (EUR -10.2
million). Earnings per share were EUR −0.05 (EUR -0.46). Cash flow from
operating activities was EUR −0.10 (EUR 0.02) per share.
RETURN ON CAPITAL
Consolidated return on equity (ROE) was −75.0 per cent (-168.4 per cent) and
return on investment (ROI) was −33.6 per cent (-122.2 per cent).
INVESTMENTS
Investments during the period totalled EUR 0.2 million (EUR 0.8 million).
BALANCE SHEET AND FINANCING
The balance sheet total was EUR 32.1 million (EUR 41.7 million). Shareholders'
equity was EUR 9.9 million (EUR 19.2 million). The equity ratio was 30.8 per
cent (46.0 per cent). The group's liquid assets at the end of the period
amounted to EUR 0.7 million (EUR 0.8 million).
At the end of the review period, the balance sheet showed EUR 10.2 million (EUR
7.5 million) in bank loans. This amount includes overdraft in use.
The bank loans have covenants attached to them. These covenants are based on
the equity ratio and on the proportion of interest-bearing bank loans to the
12-month rolling operating profit.
At 31 March 2013, the company did not meet the terms of the covenants. The
company's non-current borrowings are therefore presented as current
liabilities, in accordance with IFRS. However, the company has received waivers
from its lenders for the first and second half of the year.
GOODWILL
On 31 March 2013, the consolidated balance sheet included EUR 12.4 million in
goodwill. This is EUR 2.0 million less than at the end of the review period
2012. The amount of goodwill has been reduced due to impairment recognised in
December 2012.
CASH FLOW
Consolidated cash flow from operating activities during the period was EUR −3.1
million (EUR 0.4 million). By 31 March 2013, the company had sold EUR 2.2
million (EUR 5.2 million) in accounts receivable so as to reduce their
turnaround time.
PERSONNEL
The number of personnel averaged 568 (1,022) during the review period. At the
end of the period, the company had 557 (1,010) employees. Staff decreased in
Finland as well as abroad. At the end of the period, the Group had 396
employees (576) in Finnish companies, while Group companies in other countries
employed 161 (434). During the first quarter, the number of employees decreased
by 53.
SHARES AND SHARE CAPITAL
Share turnover and price
During the review period, the highest price of the company's share was EUR 0.68
(EUR 1.20) and the lowest price was EUR 0.29 (EUR 0.79). The closing price on
31 March 2013 was EUR 0.30 (EUR 0.98). The average price over the review period
was EUR 0.41 (EUR 0.96). The number of shares traded during the review period
was 4,240,625 (1,831,953), which corresponds to 12.0 per cent (12.1 per cent)
of the total number of shares at the end of the period. According to the
closing price on 31 March 2013, the market value of the company's shares was
EUR 10,571,739 (EUR 14,800,434).
During the review period Ixonos completed a share issue directed to its present
shareholders. All of the issued 20,136,645 shares, totalling of EUR 4.23
million were subscribed.
Share capital
At the beginning of the review period, the company's registered share capital
was EUR 585,394.16 and the number of shares was 15,102,484. At the end of the
review period, the company's registered share capital was EUR 585,394.16 and
the number of shares was 35,239,129.
Option plan 2011
The Board of Directors of Ixonos Plc decided on 30 November 2011 to grant new
options. This decision was based on the authorisation given by the Annual
General Meeting on 29 March 2011.
The options were issued by 31 December 2011, free of charge, to a subsidiary
wholly owned by Ixonos Plc. This subsidiary will distribute the options, as the
Board decides, to employees of Ixonos Plc and other companies in the Ixonos
Group, to increase their commitment and motivation. Options will not be issued
to members of the Board of Directors of Ixonos Plc or to the Ixonos Group's
senior management (Ixonos Management Invest Oy shareholders).
The options will be marked IV/A, IV/B and IV/C. A total of 600,000 options will
be issued. According to the terms of the options, the Board of Directors
decides how the options will be divided between option series and, if needed,
how undistributed options will be converted from one series to another.
Each option entitles its holder to subscribe for one new or treasury share in
Ixonos Plc. The shares that can be subscribed for with options comprise 3.82
per cent of all Ixonos Plc shares and votes on a fully diluted basis.
The exercise period for the IV/A options will begin on 1 October 2014, for the
IV/B options on 1 October 2015 and for the IV/C options on 1 October 2016. The
exercise periods for all options will end on 31 December 2018. The exercise
price for each option series is a trade volume weighted average price at NASDAQ
OMX Helsinki. The period during which this average price is determined is 1
September - 30 November 2011 for the IV/A options (resulting in an exercise
price of EUR 0.86), 1 June - 31 August 2012 for the IV/B options and 1 June -
31 August 2013 for the IV/C options. The exercise prices will be reduced by the
amount of dividends, and they can also be adjusted under other circumstances
specified in the option terms.
A total of 410,000 options have been allocated to series IV/A and granted to
employees of group companies, in accordance with the terms of the option plan.
Shareholders
On 31 March 2013, the company had 3,348 shareholders (3,137). Private persons
owned 51.8 per cent (56.3 per cent) and institutions 48.2 per cent (43.7 per
cent) of the shares. Foreign ownership was 9.0 per cent (7.5 per cent) of all
shares.
OTHER EVENTS DURING THE REVIEW PERIOD
Market events in the first quarter of 2013
At the beginning of 2013, Ixonos announced new accounts, including National
Geographic Society and Firstbeat Technologies. Ixonos and Sharp Europe reported
that they would collaborate to create a mobile device for a mutual customer.
Ixonos announced that Samsung Electronics had chosen Ixonos as its innovation
partner, particularly to develop the Android user experience.
Ixonos Media Spark was launched in January 2013. In February, Ixonos launched
technology components for embedded systems. These components include a modern
embedded Linux solution as well as a fast HD video streaming solution suitable
e.g. for closed circuit TV.
New registration document
On 21 January 2013, Ixonos published its registration document, which the
Financial Supervisory Authority had approved on 17 January 2013, as provided in
the Securities Market Act (746/2012). The registration document contains
information about the company, its operations and its financial position. It is
valid for 12 months from the date of approval. The new registration document
includes a working capital statement noting that the company's present working
capital will not be sufficient for the company's needs over the next twelve
months, but that the company's working capital will be sufficient for the
company's needs over the next twelve months if the company's cash flow develops
as forecast and planned and if the share issue is completed in its entirety.
However, there is no guarantee that the company will be able to fulfil its
financial covenants under all circumstances. If the company cannot comply with
its covenants, the financiers are entitled to e.g. call in the loans or
renegotiate the terms of the loans. The company and its financiers have begun
negotiations on additional financing. The management of the company trusts that
should the working capital requirements cause a need for additional financing,
the company will be able to meet that need.
Share issue
Ixonos Plc's rights issue ended on 7 February 2013. All 20,136,645 shares
offered were subscribed for. The number of shares after the issue is
35,239,129. A total of 19,052,212 shares were subscribed for with subscription
rights. This amount corresponds to approximately 94.6 per cent of the shares
offered. In the secondary subscription, 5,358,879 shares were subscribed for
without subscription rights, and subscriptions for 1,084,433 shares were
accepted. The subscriptions thus correspond to approximately 121.2 per cent of
the shares offered. Ixonos raised approximately EUR 4.23 million gross through
the issue. As all offered shares were subscribed for, the underwriting
commitments that had been provided were not used.
On 16 January 2013, because of the rights issue, Ixonos' Board of Directors
adjusted the subscription ratio and exercise price associated with the option
rights in the 2011 option plan, in accordance with the terms of the options.
The adjustment was made to ensure equal treatment of option holders and
shareholders. It was announced in a stock exchange release on 13 February 2013.
Changes in the Management Team
During the review period the following changes have been taking place
- Esa Harju was appointed as President and CEO. He took up his duties on 1
January 2013.
- CFO Timo Leinonen left the company on 22 January 2013.
- Teppo Talvinko took up his duties as CFO on 1 February 2013.
EVENTS AFTER THE REVIEW PERIOD
Changes in the Management Team
Vice president Pasi Iljin left the company on 11 April 2013.
From 12 April 2013, the Group Management Team consisted of CEO Esa Harju,
Senior Vice President Teppo Talvinko, Senior Vice President Timo Kaisla, Vice
President Teppo Kuisma and Vice President Sami Paihonen.
Ixonos co-operation negotiations have been concluded
Ixonos commenced co-operation negotiations with its personnel on 4 March 2013,
for reasons related to production, financial position and reorganization of
operations.
The negotiations applied to all Ixonos personnel in Finland and the actions
were estimated to impact a maximum of 87 employees in Finland.
The co-operation negotiations have been concluded. As a result 20 persons will
be made redundant and 50 persons will be temporarily laid-off in Finland.
RISK MANAGEMENT AND NEAR-FUTURE UNCERTAINTY FACTORS
Ixonos Plc's risk management aims to ensure undisturbed continuity and
development of the company's operations, support attainment of the commercial
targets set by the company and promote increasing company value. Details on the
risk management organisation and process as well as on recognised risks are
presented on the company's website at www.ixonos.com.
Changes in key customer accounts may have adverse effects on Ixonos'
operations, earning power and financial position. Should a major customer
switch its purchases from Ixonos to its competitors or make forceful changes to
its own operating model, Ixonos would have limited ability to acquire, in the
short term, new customer volume to compensate for such changes.
The reduction and rationalisation of the company's operations cause one-time
expenses, such as redundancy payments in various countries. This increases the
company's need for short-term financing. The company manages this need by
creating, together with financiers, adequate buffers to ensure sufficient funds
as well as by facilitating the circulation of working capital.
The company's balance sheet also includes a significant amount of goodwill,
which may still be impaired should internal or external factors reduce the
profit expectations of the company or any of its cash generating units.
Goodwill is tested during the final quarter of each year and, if necessary, at
other times.
The company's financial agreements have covenants attached to them. A covenant
breach may increase the company's financial expenses or lead to a call for
swift partial or full repayment of non-equity loans. The main risks related to
covenant breaches are associated with operating profit fluctuation due to the
market situation and with a potential need to increase the company's working
capital through non-equity funding. The company manages these risks by
negotiating with financiers and by maintaining readiness for various financing
methods.
There is a risk that the company's working capital will not be sufficient to
fund the company's operations over the next twelve months. Although the company
considers that it will be able to cover its need for working capital over the
next twelve months through various means, there is no guarantee that the
company will be able to ensure sufficient working capital under all
circumstances. A shortage of working capital may have a substantial adverse
effect on the company's operations, result and financial position.
LONG-TERM GOALS AND STRATEGY
In the long term, Ixonos aims to achieve an operating profit of at least 10 per
cent. To reach its long-term goals, Ixonos focuses its strategy on deepening
the company's product, solution and service operations as well as on new
accounts in selected industries.
Our value proposition - Dream, Design, Deliver - works best for customers for
whom a short time to market and a well thought-through user experience are
crucial. Our ability to combine design studio skills, productised solutions,
advanced online services and device deliveries is at the top level globally.
FUTURE PROSPECTS
In accordance with its strategy, Ixonos continues to strengthen and expand its
customer base by focusing on products, solutions and services for technology
suppliers, mobile device manufacturers, consumer electronics manufacturers, the
different industry segments and other customers in Finland as well as
internationally.
Ixonos aims to restore positive cash flow and profitability by rationalising
its operations.
The company keeps it's guidance unchanged. Estimated turnover for 2013 to be in
the range of EUR 40-50 million. Earnings before interest, taxes, depreciation
and amortisation (EBITDA) for the entire year are predicted to be positive.
EBIT in the second half-year is estimated to be better than in the first half.
NEXT REPORTS
The interim report for the period 1 April - 30 June 2013 will be published on 6
August 2013.
IXONOS PLC
Board of Directors
For more information, please contact:
Ixonos Plc
- Esa Harju, President and CEO, tel. +358 40 844 3367, esa.harju@ixonos.com
- Teppo Talvinko, CFO, tel. +358 40 715 3660, teppo.talvinko@ixonos.com
Distribution:NASDAQ OMX Helsinki
Main media
THE IXONOS GROUP
ABBREVIATED FINANCIAL STATEMENTS 1 January - 31 March 2013
Accounting policies
This financial statement bulletin has been prepared in accordance with IAS 34
(Interim Financial Reporting) and the accounting policies for the annual
financial statement of 31 December 2012. The IFRS amendments and
interpretations that entered into force on 1 January 2012 have not affected the
consolidated financial statements.
Preparing the financial statements in accordance with IFRS requires Ixonos'
management to make estimates and assumptions that affect the amounts of assets
and liabilities on the balance sheet date as well as the amounts of income and
expenses for the review period. In addition, judgment must be used in applying
the accounting policies. As the estimates and assumptions are based on views
prevailing at the time of releasing the interim report, they involve risks and
uncertainty factors. Actual results may differ from estimates and assumptions.
The figures in the income statement and balance sheet are consolidated. The
consolidated balance sheet includes all group companies as well as Ixonos
Management Invest Oy, a company owned by members of Ixonos' management. The
original interim report is in Finnish. The interim report in English is a
translation of the original report.
As the figures in the report have been rounded, sums of individual figures may
differ from the sums presented. The interim report is unaudited.
CONSOLIDATED INCOME STATEMENT, EUR 1,000
1.1.-31.3.2 1.1.-31.3.2 Change 1.1.-31.12.
013 012 % 2012
--------------------------------------------------------------------------------
Turnover 10,799 17,661 -38.9 56,852
--------------------------------------------------------------------------------
Operating expenses -12,715 -18,928 -32.8 -69,969
--------------------------------------------------------------------------------
OPERATING PROFIT BEFORE GOODWILL -1,916 -1,267 51.2 -13,117
IMPAIRMENT
--------------------------------------------------------------------------------
Goodwill impairment 0 -9,200 -11,200
--------------------------------------------------------------------------------
OPERATING PROFIT -1,916 -10,467 -81.7 -24,317
--------------------------------------------------------------------------------
Financial income and expenses -99 -93 6.7 -700
--------------------------------------------------------------------------------
Profit before tax -2,015 -10,560 -80.9 -25,018
--------------------------------------------------------------------------------
Income tax 386 323 19.5 3,043
--------------------------------------------------------------------------------
PROFIT FOR THE PERIOD -1,629 -10,236 -84.1 -21,975
--------------------------------------------------------------------------------
Attributable to:
--------------------------------------------------------------------------------
Equity holders of the parent -1,711 -10,228 -83.3 -21,948
--------------------------------------------------------------------------------
Non-controlling interests 82 -8 -27
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME, EUR 1,000
Profit for the period -1,629 -10,236 -84.1 -21,975
--------------------------------------------------------------------
Other comprehensive income
--------------------------------------------------------------------
Change in translation difference 78 -36 -11
--------------------------------------------------------------------
COMPREHENSIVE INCOME FOR THE PERIOD -1,551 -10,272 -21,987
--------------------------------------------------------------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION, EUR 1,000
ASSETS 31.3.2013 31.3.2012 31.12.2012
--------------------------------------------------------------------------------
NON-CURRENT ASSETS
--------------------------------------------------------------------------------
Goodwill 12,447 14,447 12,447
--------------------------------------------------------------------------------
Other intangible assets 2,367 4,974 2,646
--------------------------------------------------------------------------------
Property, plant and equipment 3,093 3,900 3,410
--------------------------------------------------------------------------------
Deferred tax assets 3,207 333 2,780
--------------------------------------------------------------------------------
Available-for-sale investments 19 110 19
--------------------------------------------------------------------------------
TOTAL NON-CURRENT ASSETS 21,133 23,763 21,303
--------------------------------------------------------------------------------
CURRENT ASSETS
--------------------------------------------------------------------------------
Trade and other receivables 10,257 17,175 11,551
--------------------------------------------------------------------------------
Cash and cash equivalents 674 769 477
--------------------------------------------------------------------------------
TOTAL CURRENT ASSETS 10,931 17,944 12,028
--------------------------------------------------------------------------------
TOTAL ASSETS 32,064 41,708 33,331
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
EQUITY AND LIABILITIES 31.3.2013 31.3.2012 31.12.2012
--------------------------------------------------------------------------------
SHAREHOLDERS' EQUITY
--------------------------------------------------------------------------------
Share capital 585 585 585
--------------------------------------------------------------------------------
Share premium reserve 219 219 219
--------------------------------------------------------------------------------
Invested non-restricted equity fund 24,171 20,288 20,247
--------------------------------------------------------------------------------
Retained earnings -13,633 8,119 8,214
--------------------------------------------------------------------------------
Profit for the period -1,711 -10,228 -21,948
--------------------------------------------------------------------------------
Equity attributable to equity holders of the 9,631 18,983 7,317
parent
--------------------------------------------------------------------------------
Non-controlling interests 254 192 172
--------------------------------------------------------------------------------
TOTAL SHAREHOLDERS' EQUITY 9,885 19,175 7,489
--------------------------------------------------------------------------------
LIABILITIES
--------------------------------------------------------------------------------
Non-current liabilities 1,273 4,112 1,521
--------------------------------------------------------------------------------
Current liabilities 20,906 18,421 24,320
--------------------------------------------------------------------------------
TOTAL LIABILITIES 22,179 22,533 25,841
--------------------------------------------------------------------------------
TOTAL EQUITY AND LIABILITIES 32,064 41,708 33,331
--------------------------------------------------------------------------------
STATEMENT OF CHANGES IN CONSOLIDATED SHAREHOLDERS' EQUITY, EUR 1,000
A: Share Capital
B: Share premium reserve
C: Share issue
D: Invested non-restricted equity fund
E: Translation dirrerence
F: Retained earnings
G: Total equity attributable to equity holders of the parent
H: Non-controlling interests
I: Total equity
A B C D E F G H I
--------------------------------------------------------------------------------
Shareholders' equity at 1 585 219 0 20,313 86 8,045 29,248 200 29,448
January 2012
--------------------------------------------------------------------------------
Profit for the period -10,22 -10,22 -8 -10,03
8 8 6
--------------------------------------------------------------------------------
Other comprehensive
income:
--------------------------------------------------------------------------------
Change in translation -36 -36 -36
difference
--------------------------------------------------------------------------------
Transactions with
shareholders:
--------------------------------------------------------------------------------
Expenses for equity -25 -25 -25
procurement
--------------------------------------------------------------------------------
Share-based remuneration 23 23 23
--------------------------------------------------------------------------------
Shareholders' equity at 585 219 0 20,288 50 -2,160 18,983 192 19,175
31 March 2012
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareholders' equity at 1 585 219 0 20,247 75 -13,81 7,317 172 7,489
January 2013 0
--------------------------------------------------------------------------------
Profit for the period -1,711 -1,711 82 -1,629
--------------------------------------------------------------------------------
Other comprehensive
income:
--------------------------------------------------------------------------------
Change in translation 78 78 78
difference
--------------------------------------------------------------------------------
Transactions with
shareholders:
--------------------------------------------------------------------------------
Share issue 4,229 4,229 4,229
--------------------------------------------------------------------------------
Expenses for equity -305 -305 -305
procurement
--------------------------------------------------------------------------------
Share-based remuneration 23 23 23
--------------------------------------------------------------------------------
Shareholders' equity at 585 219 0 24,171 153 -15,49 9,631 253 9,885
31 March 2013 8
--------------------------------------------------------------------------------
CONSOLIDATED CASH FLOW STATEMENT, EUR 1,000
1.1.-31.3.2013 1.1.-31.3.2012 1.1.-31.12.2012
--------------------------------------------------------------------------------
Cash flow from operating
activities
--------------------------------------------------------------------------------
Profit for the period -1,629 -10,236 -21,975
--------------------------------------------------------------------------------
Adjustments to cash flow from
operating activities
--------------------------------------------------------------------------------
Income tax -386 -323 -3,043
--------------------------------------------------------------------------------
Depreciation and impairment -736 10,323 16,823
--------------------------------------------------------------------------------
Financial income and expenses -99 93 700
--------------------------------------------------------------------------------
Other adjustments -62 -2 -13
--------------------------------------------------------------------------------
Change in provisions -545 0 1,066
--------------------------------------------------------------------------------
Cash flow from operating -1,786 -146 -6,441
activities before change in
working capital
--------------------------------------------------------------------------------
Change in working capital -1,217 785 6,491
--------------------------------------------------------------------------------
Interest received 116 51 79
--------------------------------------------------------------------------------
Interest paid -219 -113 -796
--------------------------------------------------------------------------------
Tax paid -34 -177 -372
--------------------------------------------------------------------------------
Net cash flow from operating -3,140 402 -1039
activities
--------------------------------------------------------------------------------
Cash flow from investing
activities
--------------------------------------------------------------------------------
Investments in tangible and 29 -823 -1,275
intangible assets
--------------------------------------------------------------------------------
Dividends received 0 0 4
--------------------------------------------------------------------------------
Net cash flow from investing 29 -823 -1,271
activities
--------------------------------------------------------------------------------
Net cash flow before financing -3,111 -422 -2,310
--------------------------------------------------------------------------------
Cash flow from financing
activities
--------------------------------------------------------------------------------
Increase in long-term 0 0 4,415
borrowings
--------------------------------------------------------------------------------
Repayment of long-term 0 -506 -1,920
borrowings
--------------------------------------------------------------------------------
Increase in short-term 0 727 588
borrowings
--------------------------------------------------------------------------------
Repayment of short-term -630 -456 -1,740
borrowings
--------------------------------------------------------------------------------
Proceeds from share issue 4 229 0 0
--------------------------------------------------------------------------------
Expenses for equity procurement -305 -25 -18
--------------------------------------------------------------------------------
Net cash flow from financing 3,294 -260 1,325
activities
--------------------------------------------------------------------------------
Change in cash and cash 196 -697 -989
equivalents
--------------------------------------------------------------------------------
Liquid assets at the beginning 477 1,466 1,466
of the period
--------------------------------------------------------------------------------
Liquid assets at the end of the 673 769 477
period
--------------------------------------------------------------------------------
CONSOLIDATED INCOME STATEMENT, QUARTERLY, EUR 1,000
Q1/2013 Q4/2012 Q3/2012 Q2/2012 Q1/2012
1.1.-31. 1.10.-31.1 1.7.-30. 1.4.-30. 1.1.-31. 3.13 2.12 9.12 6.12 3.12
--------------------------------------------------------------------------------
Turnover 10,799 12,786 9,977 16,428 17,661
--------------------------------------------------------------------------------
Operating expenses -12,715 -16,060 -17,216 -17,766 -18,928
--------------------------------------------------------------------------------
OPERATING PROFIT BEFORE -1,916 -3,273 -7,239 -1,338 -1,267
GOODWILL IMPAIRMENT
--------------------------------------------------------------------------------
Goodwill impairment 0 -2,000 0 0 -9,200
--------------------------------------------------------------------------------
OPERATING PROFIT -1,916 -5,273 -7,239 -1,338 -10,467
--------------------------------------------------------------------------------
Financial income and -99 -309 -183 -116 -93
expenses
--------------------------------------------------------------------------------
Profit before tax -2,015 -5,582 -7,422 -1,454 -10,560
--------------------------------------------------------------------------------
Income tax 386 1,162 1,190 367 323
--------------------------------------------------------------------------------
PROFIT FOR THE PERIOD -1,629 -4,420 -6,232 -1,087 -10,236
--------------------------------------------------------------------------------
CHANGES IN FIXED ASSETS, EUR 1,000
Goodwi Intangible Property, plant Available-for-sa Total
ll assets and equipment le investments
--------------------------------------------------------------------------------
Carrying amount 23,647 5,138 3,391 110 32,286
at 1 January
2012
--------------------------------------------------------------------------------
Additions 528 959 1,488
--------------------------------------------------------------------------------
Changes in -4 -7 -11
exchange rates
--------------------------------------------------------------------------------
Disposals and -9 -9
transfers
--------------------------------------------------------------------------------
Impairment -9,200 -9,200
--------------------------------------------------------------------------------
Depreciation for -689 -434 -1,123
the period
--------------------------------------------------------------------------------
Carrying amount 14,447 4,974 3,900 110 23,431
at 31 March 2012
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Carrying amount 12,447 2,646 3,410 19 18,522
at 1 January
2013
--------------------------------------------------------------------------------
Additions 17 149 166
--------------------------------------------------------------------------------
Changes in -1 -1
exchange rates
--------------------------------------------------------------------------------
Disposals and -24 -24
transfers
--------------------------------------------------------------------------------
Impairment 0
--------------------------------------------------------------------------------
Depreciation for -296 -440 -736
the period
--------------------------------------------------------------------------------
Carrying amount 12,447 2,367 3,094 19 17,927
at 31 March 2013
--------------------------------------------------------------------------------
FINANCIAL RATIOS
1.1.-31.3.201 1.1.-31.3.201 1.1.-31.12.2
3 2 012
--------------------------------------------------------------------------------
Earnings per share, diluted, EUR -0.05 -0.46 -1.00
--------------------------------------------------------------------------------
Earnings per share, EUR -0.05 -0.46 -1.00
--------------------------------------------------------------------------------
Equity per share, EUR 0.27 1.26 0.48
--------------------------------------------------------------------------------
Operating cash flow per share, -0.10 0.02 -0.04
diluted, EUR
--------------------------------------------------------------------------------
Return on investment, per cent -33.6 -122.2 -81.6
--------------------------------------------------------------------------------
Return on equity, per cent -75.0 -168.4 -119.0
--------------------------------------------------------------------------------
Operating profit ∕ turnover, per -17.7 -59.3 -42.8
cent
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Net gearing, per cent 116.0 48.0 161.95
--------------------------------------------------------------------------------
Equity ratio, per cent 30.8 46.0 22.5
--------------------------------------------------------------------------------
OTHER INFORMATION
1.1.- 1.1.- 1.1.-
31.3.2013 31.3.2012 31.12.2012
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PERSONNEL 568 1,022 824
Employees, average
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Employees, at the end of the period 557 1,010 610
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COMMITMENTS, EUR 1,000 31.3.2013 31.3.2012 31.12.2012
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Collateral for own commitments
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Corporate mortgages 19,800 19,800 19,800
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Leasing and other rental commitments
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Falling due within 1 year 2,382 5,413 2,726
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Falling due within 1-5 years 3,698 2,393 3,408
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Falling due after 5 years 97 0 243
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Total 6,177 7,807 6,377
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Nominal value of interest rate swap agreement
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Falling due within 1 year 0 1,219 0
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Falling due within 1-5 years 5,270 1,357 5,270
-------------------------------------------------------------------------------
Falling due after 5 years 0 0 0
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Total 5,270 2,576 5,270
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Fair value -67 -27 -87
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CALCULATION OF KEY FIGURES
Diluted earnings per share = profit for the period ∕ number of shares, adjusted
for issues and dilution, average
Earnings per share = profit for the period ∕ number of shares, adjusted for
issues, average
Shareholders' equity per share = shareholders' equity ∕ number of shares,
undiluted, on the closing date
Cash flow from operating activities, per share, diluted = net cash flow from
operating activities ∕ number of shares, adjusted for issues and dilution,
average
Return on investment = (profit before taxes + interest expenses + other
financial expenses) ∕ (balance sheet total − non-interest-bearing liabilities,
average) × 100
Return on equity = net profit ∕ shareholders' equity, average × 100
Gearing = (interest-bearing liabilities - liquid assets) / shareholders' equity
× 100
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