2015-04-30 07:00:00 CEST
2015-04-30 07:00:04 CEST
REGULATED INFORMATION
Digia Oyj - Interim report (Q1 and Q3)
DIGIA PLC Q1 2015: NET SALES AND OPERATING PROFIT INCREASE ON THE BACK OF QT'S VIGOROUS GROWTH (30.9%)
Helsinki, 2015-04-30 07:00 CEST (GLOBE NEWSWIRE) -- DIGIA PLC INTERIM REPORT 30
April 2015, 08:00 am
DIGIA PLC Q1 2015: NET SALES AND OPERATING PROFIT INCREASE ON THE BACK OF QT'S
VIGOROUS GROWTH (30.9%)
SUMMARY:
January-March
- Consolidated net sales: EUR 25.7 (24.0) million, up 7.1 per cent
- Operating profit before extraordinary items EUR 1.1 (-0.3) million
- Extraordinary items include EUR 0.5 million in restructuring costs
- Operating profit after extraordinary items: EUR 0.7 (-0.3) million
- Profitability (EBIT%) before extraordinary items 4.5 (-1.2) per cent and 2.7
(-1.2) per cent after extraordinary items
- Product business accounted for 40.1 (40.6) per cent of net sales
- Earnings per share before extraordinary items EUR 0.04 (-0.02) and after
extraordinary items EUR 0.01 (-0.02)
The Digia Group's net sales saw a year-on-year increase in the first quarter of
2015. This growth was generated by the Qt segment, whose net sales grew
vigorously (30.9%) during the review period. The domestic segment's net sales
also rose slightly on the comparison figures for the previous year.
The Qt segment's operating profit improved as a result of this net sales
growth, rising into the black. The operating profit for the Group as a whole
also increased on the previous year. Domestic operating profit before
extraordinary items remained at the same level as in the previous year.
Digia expects overall demand to remain moderate in the domestic segment, with
slight year-on-year growth forecast for its 2015 net sales of the domestic
segment. The profitability of domestic operations is expected to improve as the
review period progresses, reaching at least a moderately satisfactory level for
2015 as a whole.
Digia expects a clear year-on-year increase in the net sales of the Qt segment
in 2015, and the full-year operating result is expected to be in the black.
GROUP KEY INDICATORS AND RATIOS
EUR 1,000 Q1/2015 Q1/2014 Change, %
------------------------------------------------------------------------
Net sales 25,652 23,958 7.1%
------------------------------------------------------------------------
Operating profit before extraordinary items 1,148 -280
------------------------------------------------------------------------
- % of net sales 4.5% -1.2%
------------------------------------------------------------------------
Operating profit 690 -280
------------------------------------------------------------------------
- % of net sales 2.7% -1.2%
------------------------------------------------------------------------
Net profit 272 -331
------------------------------------------------------------------------
- % of net sales 1.1% -1.4%
------------------------------------------------------------------------
------------------------------------------------------------------------
Return on equity, % 3.0% -3.8%
------------------------------------------------------------------------
Return on capital invested, % 7.0% -1.6%
------------------------------------------------------------------------
Interest-bearing liabilities 16,468 16,873 -2.4%
------------------------------------------------------------------------
Cash and cash equivalents 4,529 2,652 70.8%
------------------------------------------------------------------------
Net gearing 33.0% 42.4%
------------------------------------------------------------------------
Equity ratio, % 51.0% 48.7%
------------------------------------------------------------------------
------------------------------------------------------------------------
Earnings per share, EUR, undiluted 0.01 -0.02
------------------------------------------------------------------------
Earnings per share, EUR, diluted 0.01 -0.02
------------------------------------------------------------------------
MARKETS AND DIGIA'S BUSINESS OPERATIONS
DOMESTIC SEGMENT:
Demand for integration services grew and significant new orders were received
during the review period, maintaining a good level of net sales and
profitability. Investments to enhance delivery capacity continued. During the
review period, investments in the development of product and business models
for site optimisation put a strain on profitability throughout the business
area.
On the whole, there were favourable developments in the ERP and MES business
area during the review period. Extremely good trends were seen in solutions
based on Microsoft technologies, but the ERP business in this area experienced
typical fluctuations in project deliveries. However, business was good for ERP
operations based on Digia's own software.
Demand for services based on financial-sector software has remained at a good
level, and Digia managed to acquire many new customers in Sweden.
Customers' cost pressures affected the pricing of service business, and thereby
net sales and operational profitability. Demand for services strengthened
towards the end of the review period.
QT SEGMENT:
The Qt segment continued to grow vigorously during the review period. Its
operating profit also improved on the back of net sales growth, and the
business became profitable.
At the beginning of the review period, the Qt business was hived off into a
separate corporate entity named as The Qt Company. The new website launched for
the Qt segment - www.qt.io - has been well received and visitor numbers are
increasing as expected. At the end of the period, the website was attracting
about 1.6 million visits per month. This website plays an extremely important
role in managing the Qt ecosystem, and Digia will continue to make substantial
developments to this channel. During the review period, development measures in
sales were carried out in Asia in particular, such as the opening of a new
office in Shanghai.
NET SALES
Digia's consolidated net sales for the period totalled EUR 25.7 (24.0) million,
representing an increase of 7.1 per cent on the corresponding period of the
previous year.
Net sales in the domestic segment rose by 1.1 per cent to EUR 19.4 (19.2)
million. Net sales in the Qt segment totalled EUR 6.3 (4.8) million,
representing an increase of 30.9 per cent.
The Group's net sales growth was generated by vigorous growth in the Qt
segment.This growth in the Qt segment stemmed from good sales combined with
significant contracts in automotive products and DTV receivers in particular.
Favourable trends in net sales were also supported by the US dollar
strengthening on the euro.
During the reporting period, the product business accounted for EUR 10.3
million (Q1/2014: EUR 9.7 million), representing 40.1 (40.6) per cent of
consolidated net sales.
International operations accounted for EUR 6.4 million (Q1 2014: EUR 4.8
million), which is equivalent to 25.1 (19.9) per cent of consolidated net
sales.
PROFIT PERFORMANCE AND PROFITABILITY
Digia's consolidated operating profit before extraordinary items was EUR 1.1
(-0.3) million. Profitability (EBIT%) before extraordinary items was 4.5 (-1.2)
per cent.
Consolidated operating profit after extraordinary items was EUR 0.7 (-0.3)
million. Profitability (EBIT%) stood at 2.7 (-1.2) per cent.
In the domestic segment, the operating profit before extraordinary items
totalled EUR 0.7 (0.6) million, up 5.9 per cent, with profitability (EBIT%)
standing at 3.5 (3.4) per cent. Operating profit after extraordinary items was
EUR 0.3 (0.6) million and profitability (EBIT%) 1.4 (3.4) per cent.
The Qt segment recorded an operating profit of EUR 0.5 (-0.9) million before
extraordinary items with profitability (EBIT%) at 7.4 (-19.4) per cent. Qt's
operating profit after extraordinary items was EUR 0.4 (-0.9) million and its
profitability (EBIT%) stood at 6.9 (-19.4) per cent.
The Group's increased operating profit was a result of the Qt's segment's
increased operating profit, which was generated by net sales growth.
Consolidated earnings before tax for the period totalled EUR 0.4 (-0.4)
million, and profit after tax was EUR 0.3 (-0.3) million.
Consolidated earnings per share for the review period were EUR 0.04 (-0.02)
before extraordinary items and EUR 0.01 (-0.02) after extraordinary items.
The Group's net financial expenses during the review period were EUR -0.3
(-0.2) million.
FINANCIAL POSITION AND EXPENDITURE
At the end of the review period, the Digia Group's consolidated balance sheet
total stood at EUR 79.8 million (12/2014: EUR 80.4 million) and the equity
ratio stood at 51.0 (12/2014: 51.5 per cent). Net gearing was 33.0 per cent
(30.3 per cent 12/2014). Cash and cash equivalents totalled EUR 4.5 million at
period end (12/2014: EUR 5.1 million).
The Group's interest-bearing liabilities totalled EUR 16.5 million at period
end (12/2014: EUR 16.2 million). These consisted of EUR 15.0 million in loans
from financial institutions and EUR 1.5 million in financial leasing
liabilities.
Consolidated net cash flow from operating activities was EUR 0.8 million
(Q1/2014: EUR -1.7 million). Cash flow from investments for the period was EUR
-0.4 (-0.3) million, and cash flow from financing was EUR -0.9 (-1.7) million.
The Group's investments in fixed assets during the period totalled EUR 0.5
(0.3) million.
Return on investment (ROI) for the period was 7.0 (-1.6) per cent, and return
on equity (ROE) was 3.0 (-3.8) per cent.
PERSONNEL, MANAGEMENT AND ADMINISTRATION
Group personnel numbered 927 at the end of the period, representing a decrease
of 5 employees, or -0.5 per cent, since the end of the 2014 fiscal year
(12/2014: 932 employees). During the review period, the number of employees
averaged 930, a decrease of 5 employees, or 0.5 per cent, on the 2014 average
(935).
Employees by function at period end:
Domestic segment 76%
----------------------------------
Qt segment 19%
----------------------------------
Administration and management 5%
----------------------------------
At the end of the period, 141 employees were working abroad (12/2014: 146).
The Digia Plc Annual General Meeting of 12 March 2015 re-elected Päivi
Hokkanen, Robert Ingman, Pertti Kyttälä, Seppo Ruotsalainen, Leena Saarinen and
Tommi Uhari as members of the Board. Kai Öistämö was elected as a new member.
At the Board's organisation meeting, Pertti Kyttälä was elected Chairman of the
Board and Robert Ingman was elected Vice Chairman.
Juha Varelius has been Digia Plc's President and CEO since 1 January 2008.
On 12 March 2015, KMPG Oy Ab, Authorised Public Accountants, was elected as the
Group's new auditor with Authorised Public Accountant Virpi Halonen as the
principal auditor.
RISKS AND UNCERTAINTIES
Digia's short-term business risks and uncertainties have been described in the
2014 Financial Statements and remain unchanged.
Risks and their management are also described on the company's website:
www.digia.com.
FUTURE PROSPECTS
Digia will continue its efforts to gain a deeper understanding of its customers
and to develop a sales and service portfolio that will offer more competitive
services and solutions for boosting the efficiency of its customers'
operations.
Digia expects overall demand to remain moderate in the domestic segment, with
slight year-on-year growth forecast for its 2015 net sales of the domestic
segment. The profitability of domestic operations is expected to improve as the
review period progresses, reaching at least a moderately satisfactory level for
2015 as a whole.
The Qt segment will be placing a strong focus on sales development, thereby
creating the potential for further growth. The company will continue to
introduce changes to open source code licensing in forthcoming versions of its
Qt software. These changes seek to promote licence sales to commercial players.
The Qt order book is satisfactory in relation to the time of year and general
market situation, and the company also expects to see continued growth in
demand in the major customer segment. However, contract turnaround times in
these markets are very long, typically around 6-18 months, which can cause
significant fluctuation in quarterly net sales and in profitability in
particular.
Business development efforts will focus especially on embedded systems in
automotive, digital TV and DTV receivers. Areas targeted in product development
include value-added features and tools required for building embedded systems.
The sales growth associated with embedded systems will also be reflected in
earnings logic. Sales referred to as 'licence revenue' accumulate over the long
term as opposed to one-off licence payments.
Digia expects a clear year-on-year increase in the net sales of the Qt segment
in 2015, and the full-year operating result is expected to be in the black.
OTHER MAJOR EVENTS OF THE REVIEW PERIOD
Digia Plc's Annual General Meeting (AGM) was held on 12 March 2015. The AGM
adopted the financial statements for 2014, released the Board members and the
CEO from liability, determined Board and auditor fees, resolved to keep the
number of Board members at seven (7), elected the company's Board of Directors
for a new term, and elected a new auditor.
With regard to profit distribution for 2014, the AGM approved the Board's
proposal to pay a dividend of EUR 0.05 per share to all shareholders listed in
the shareholder register maintained by Euroclear Finland Ltd on the
reconciliation date of 16 March 2015. The dividend payment date was 23 March
2015.
The AGM granted the following authorisations to the Board:
Authorisation of the Board of Directors to decide on buying back treasury
shares and/or accepting them as collateral
The AGM authorised the Board to decide on the buyback and/or acceptance as
collateral of not more than 2,000,000 shares in the company. This buyback can
only be executed by means of the company's unrestricted equity. The Board shall
decide on how these shares are to be bought. Treasury shares may be bought back
in disproportion to the holdings of the shareholders. The authorisation also
includes acquisition of shares through public trading organised by NASDAQ OMX
Helsinki Oy in accordance with the rules and instructions of NASDAQ OMX
Helsinki and Euroclear Finland Ltd, or through offers made to shareholders.
Shares may be acquired in order to improve the company's capital structure, to
fund acquisitions or other business transactions, for offering share-based
incentive schemes, to sell on, or to be annulled. The shares must be acquired
at the market price in public trading. This authorisation supersedes that
granted by the AGM of 11 March 2014 and is valid for 18 months, that is, until
12 September 2016.
Authorising the Board of Directors to decide on a share issue and granting of
special rights
The AGM authorised the Board to decide on an ordinary or bonus issue of shares
and the granting of special rights (as defined in Section 1, Chapter 10 of the
Limited Liability Companies Act) in one or more instalments, as follows: The
issue may total, at a maximum, 4,000,000 shares. The authorisation applies both
to new shares and to treasury shares held by the company. By virtue of the
authorisation, the Board has the right to decide on share issues and the
granting of special rights, in deviation from the pre-emptive subscription
rights of the shareholders (a directed issue). The authorisation may be used to
fund or complete acquisitions or other business transactions, for offering
share-based incentive schemes, to develop the company's capital structure, or
for other purposes decided on by the Board. The Board was authorised to decide
on all terms related to the share issue or special rights, including the
subscription price, its payment in cash or (partly or wholly) in capital
contributed in kind or its being written off against the subscriber's
receivables, and its recognition in the company's balance sheet. This
authorisation supersedes that granted by the AGM of 11 March 2014 and is valid
for 18 months, that is, until 12 September 2016.
SHARE CAPITAL AND SHARES
On 31 March 2015, the number of Digia Plc shares totalled 20,875,645.
According to Finnish Central Securities Depository Ltd, Digia had 4,553
shareholders on 31 March 2015.
The ten major shareholders were:
Shareholder Percentage of shares and votes
----------------------------------------------------------------------------
Ingman Development Oy Ab 20.2%
----------------------------------------------------------------------------
Ilmarinen Mutual Pension Insurance Company 14.6%
----------------------------------------------------------------------------
Jyrki Hallikainen 7.4%
----------------------------------------------------------------------------
Kari Karvinen 5.7%
----------------------------------------------------------------------------
Matti Savolainen 5.1%
----------------------------------------------------------------------------
Varma Mutual Pension Insurance Company 4.6%
----------------------------------------------------------------------------
Investment Fund Säästöpankki Small Cap 1.3%
----------------------------------------------------------------------------
Nordea Bank Finland Plc (nominee-registered) 1.3%
----------------------------------------------------------------------------
Nordea Finnish Small Cap investment fund 1.2%
----------------------------------------------------------------------------
Mandatum Life Unit - Linked 1.0%
----------------------------------------------------------------------------
Distribution of holdings by number of shares held on 31 March 2015
Number of shares Shareholders Percentage of shares and votes
-----------------------------------------------------------------
1-100 23.3% 0.3%
-----------------------------------------------------------------
101-1,000 58.1% 5.7%
-----------------------------------------------------------------
1,001-10,000 16.6% 9.9%
-----------------------------------------------------------------
10,001-100,000 1.3% 9.5%
-----------------------------------------------------------------
100,001-1,000,000 0.5% 21.6%
-----------------------------------------------------------------
1,000,001-4,000,000 0.1% 53.0%
-----------------------------------------------------------------
Shareholding by sector on 31 March 2015
Shareholders Shares
-------------------------------------------------
Companies 4.2% 26.6%
-------------------------------------------------
Finance and insurance 0.2% 5.9%
-------------------------------------------------
Public-sector organisations 0.1% 19.2%
-------------------------------------------------
Non-profit associations 0.3% 1.1%
-------------------------------------------------
Households 94.6% 44.7%
-------------------------------------------------
Foreign holding 0.6% 2.5%
-------------------------------------------------
The weighted average number of shares during the review period, adjusted for
share issues, was 20,775,273. The number of outstanding shares totalled
20,775,273 at the end of the period.
Digia Plc held a total of 100,372 treasury shares at the end of the review
period. The accounting counter value of these treasury shares is EUR 0.10 per
share. The company held about 0.5 per cent of the capital stock as of 31 March
2015. Digia has financed the acquisition of 43,000 treasury shares for
distribution through incentive schemes for key personnel. At the end of the
period, 43,000 of these shares remained undistributed and were under the
management of Evli Alexander Management Ltd.
REPORTED SHARE PERFORMANCE ON THE HELSINKI STOCK EXCHANGE
Digia Plc shares are listed on the NASDAQ OMX Nordic Exchange under IT, IT
Consulting & Other Services. The trading code is DIG1V. The lowest recorded
share price during the review period was EUR 2.74 and the highest EUR 4.30.
Digia's share officially closed at EUR 4.24 on the last day of trading. The
trade-weighted average was EUR 3.42. The Group's market capitalisation totalled
EUR 88,512,735 at period end.
The company received the following flagging notifications during the review
period:
- On 26 February 2015, the Ingman Group announced that, as a result of
internal restructuring, the Ingman Group had divested its entire holding in
Digia Plc to Ingman Development Oy Ab. As a result of the transaction, the
Ingman Group's holding in Digia Plc has fallen under the 5% flagging threshold
and Ingman Development Oy Ab's holding has risen by a corresponding amount over
the 20% flagging threshold, that is, to 20.21 per cent of the company's shares
and voting rights.
STOCK OPTION SCHEMES
Digia Plc has no outstanding options.
Helsinki, 30 April 2015
Digia Plc
Board of Directors
BRIEFING
Digia will hold a briefing on this Interim Report for analysts on Thursday 30
April 2015 at 11 am, in the Tapiola cabinet of Hotel Scandic Simonkenttä,
Simonkatu 9, 00100 Helsinki, Finland. Welcome.
FURTHER INFORMATION
CEO Juha Varelius, exchange +358 (0)10 313 3000,
e-mail: juha.varelius@digia.com
The Interim Report and CEO's presentation will be available on www.digia.com,
in the ‘Investors' section, as of 11 am on 30 April 2015.
DISTRIBUTION
NASDAQ OMX Helsinki
Principal media
CONDENSED FINANCIAL STATEMENTS AND NOTES
Consolidated Income Statement
Consolidated Balance Sheet
Consolidated Cash Flow Statement
Consolidated Statement of Changes In Shareholders' Equity
Notes to the Financial Statement Bulletin
CONSOLIDATED INCOME STATEMENT, EUR 1,000
EUR 1,000 Q1/2015 Q1/2014 Change, 2014
%
--------------------------------------------------------------------------------
NET SALES 25,651.7 23,957.9 7.1% 97,433.5
--------------------------------------------------------------------------------
Other operating income 423.1 400.8 5.6% 1,302.9
--------------------------------------------------------------------------------
Materials and services -2,292.7 -2,378.0 -3.6% -9,501.1
--------------------------------------------------------------------------------
Depreciation, amortisation and -615.3 -702.8 -12.4% -2,490.4
impairment
--------------------------------------------------------------------------------
Other operating expenses -22,477.0 -21,558.3 4.3% -82,435.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Operating profit 689.8 -280.4 4,309.8
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Financial expenses (net) -303.8 -150.8 101.5% -675.6
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Earnings before tax 386.0 -431.2 3,634.2
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Income taxes -113.7 100.4 -783.8
--------------------------------------------------------------------------------
NET PROFIT 272.3 -330.8 2,850.4
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Other comprehensive income:
--------------------------------------------------------------------------------
Items which may later be reclassified
as profit or loss:
--------------------------------------------------------------------------------
Exchange differences on translation of 139.2 -44.1 -116.6
foreign operations
--------------------------------------------------------------------------------
TOTAL COMPREHENSIVE INCOME 411.5 -375.0 2,733.8
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Distribution of net profit:
--------------------------------------------------------------------------------
Parent-company shareholders 272.3 -330.8 2,850.4
--------------------------------------------------------------------------------
Distribution of total comprehensive
income:
--------------------------------------------------------------------------------
Parent-company shareholders 411.5 -375.0 2,733.8
--------------------------------------------------------------------------------
Earnings per share, EUR 0.01 -0.02 0.14
--------------------------------------------------------------------------------
Earnings per share (diluted), EUR 0.01 -0.02 0.14
--------------------------------------------------------------------------------
CONSOLIDATED BALANCE SHEET, EUR 1,000
Assets 31 Mar 2015 31 Dec 2014 Change, %
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Non-current assets
--------------------------------------------------------------------------------
Intangible assets 51,961.8 52,309.0 -0.7%
--------------------------------------------------------------------------------
Tangible assets 1,882.7 1,698.6 10.8%
--------------------------------------------------------------------------------
Financial assets 627.0 627.0 0.0%
--------------------------------------------------------------------------------
Inventories 0.0 0.0
--------------------------------------------------------------------------------
Non-current receivables 38.6 26.0 48.6%
--------------------------------------------------------------------------------
Deferred tax assets 197.5 201.2 -1.8%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total non-current assets 54,707.6 54,861.8 -0.3%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Current assets
--------------------------------------------------------------------------------
Current receivables 20,585.9 20,399.3 0.9%
--------------------------------------------------------------------------------
Available-for-sale financial assets 330.1 328.7 0.4%
--------------------------------------------------------------------------------
Cash and cash equivalents 4,199.3 4,803.3 -12.6%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total current assets 25,115.3 25,531.3 -1.6%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total assets 79,822.8 80,393.1 -0.7%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareholders' equity and liabilities 31 Mar 2015 31 Dec 2014 Change, %
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Share capital 2,087.6 2,087.6 0.0%
--------------------------------------------------------------------------------
Rights issue 0.0 0.0
--------------------------------------------------------------------------------
Issue premium fund 7,899.5 7,899.5 0.0%
--------------------------------------------------------------------------------
Other reserves 5,203.8 5,203.8 0.0%
--------------------------------------------------------------------------------
Unrestricted shareholders' equity reserve 31,370.3 31,370.3 0.0%
--------------------------------------------------------------------------------
Translation difference 540.2 401.0 34.7%
--------------------------------------------------------------------------------
Retained earnings -11,247.2 -13,093.8 14.1%
--------------------------------------------------------------------------------
Net profit 272.3 2,850.4 -90.4%
--------------------------------------------------------------------------------
Equity attributable to parent-company 36,126.5 36,718.7 -1.6%
shareholders
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total shareholders' equity 36,126.5 36,718.7 -1.6%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Liabilities
--------------------------------------------------------------------------------
Non-current interest-bearing liabilities 9,776.3 9,646.4 1.3%
--------------------------------------------------------------------------------
Non-current advances received 1,179.8 1,113.5 6.0%
--------------------------------------------------------------------------------
Other non-current liabilities 0.0 0.0
--------------------------------------------------------------------------------
Deferred tax liabilities 279.8 288.5 -3.0%
--------------------------------------------------------------------------------
Total non-current liabilities 11,235.8 11,048.4 1.7%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Current interest-bearing liabilities 6,692.1 6,599.0 1.4%
--------------------------------------------------------------------------------
Other current liabilities 25,768.5 26,026.9 -1.0%
--------------------------------------------------------------------------------
Total current liabilities 32,460.5 32,625.9 -0.5%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total liabilities 43,696.4 43,674.4 0.1%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareholders' equity and liabilities 79,822.8 80,393.1 -0.7%
--------------------------------------------------------------------------------
CONSOLIDATED CASH FLOW STATEMENT, EUR 1,000
1 Jan 2015- 1 Jan 2014-
31 Mar 2015 31 Mar 2014
----------------------------------------------------------------------
Cash flow from operations:
----------------------------------------------------------------------
Net profit 272 -331
----------------------------------------------------------------------
Adjustments to net profit 445 166
----------------------------------------------------------------------
Change in working capital 184 -1,328
----------------------------------------------------------------------
Interest paid -78 -82
----------------------------------------------------------------------
Interest income 0 0
----------------------------------------------------------------------
Taxes paid -62 -168
----------------------------------------------------------------------
Net cash flow from operations 761 -1,742
----------------------------------------------------------------------
----------------------------------------------------------------------
Cash flow from investments:
----------------------------------------------------------------------
Purchases of tangible and intangible assets -431 -315
----------------------------------------------------------------------
Cash flow from investments -431 -315
----------------------------------------------------------------------
----------------------------------------------------------------------
Cash flow from financing:
----------------------------------------------------------------------
Proceeds from share issue 0 0
----------------------------------------------------------------------
Acquisition of treasury shares 0 0
----------------------------------------------------------------------
Repayment of current loans 0 -500
----------------------------------------------------------------------
Repayments of non-current loans 0 0
----------------------------------------------------------------------
Withdrawals of current loans 0 0
----------------------------------------------------------------------
Withdrawals of non-current loans 0 560
----------------------------------------------------------------------
Dividends paid and other profit distribution -933 -1,804
----------------------------------------------------------------------
Cash flow from financing -933 -1,744
----------------------------------------------------------------------
----------------------------------------------------------------------
Change in liquid assets -603 -3,802
----------------------------------------------------------------------
----------------------------------------------------------------------
Liquid assets at beginning of period 5,132 6,454
----------------------------------------------------------------------
Change in fair value
----------------------------------------------------------------------
Change in liquid assets -603 -3,802
----------------------------------------------------------------------
Liquid assets at end of period 4,529 2,652
----------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY, EUR 1,000
a b c d e f g h
--------------------------------------------------------------------------------
SHAREHOLDERS' EQUITY, 1 2,088 0 7,899 33,448 5,204 518 -13,096 36,061
January 2014
--------------------------------------------------------------------------------
Net profit 2,850 2,850
--------------------------------------------------------------------------------
Other comprehensive -117 -117
income
--------------------------------------------------------------------------------
Repayment of capital -2,078 -2,078
--------------------------------------------------------------------------------
Share-based payments 2 2
recognised against
equity
--------------------------------------------------------------------------------
SHAREHOLDERS' EQUITY 31 2,088 0 7,899 31,370 5,204 401 -10,243 36,719
December 2014
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
a b c d e f g h
--------------------------------------------------------------------------------
SHAREHOLDERS' EQUITY, 1 2,088 0 7,899 31,370 5,204 401 -10,243 36,719
January 2015
--------------------------------------------------------------------------------
Net profit 272 272
--------------------------------------------------------------------------------
Other comprehensive 139 139
income
--------------------------------------------------------------------------------
Dividends -1,039 -1,039
--------------------------------------------------------------------------------
Share-based payments 35 35
recognised against
equity
--------------------------------------------------------------------------------
SHAREHOLDERS' EQUITY, 31 2,088 0 7,899 31,370 5,204 540 -10,975 36,126
March 2015
--------------------------------------------------------------------------------
a = share capital
b = rights issue
c = share premium
d = unrestricted invested shareholders' equity
e = other reserves
f = currency translation differences
g = retained earnings
h = total shareholders' equity
NOTES TO THE INTERIM REPORT
This Interim Report has not been audited.
Accounting principles:
This interim report has been prepared in compliance with IFRS and the IAS 34
standard. Otherwise, the same accounting principles have been applied as in the
2014 Financial Statements.
Seasonal nature of business:
The Group's business is affected by the number of workdays each month, as well
as by holiday seasons.
Dividends paid:
Dividends paid during the reporting period totalled EUR 1,040,913.65.
Related-party transactions:
Digia Group's related parties include the CEO and the members of the Board of
Directors and Group Management Team. Digia Group had no significant
transactions with related parties during the review period.
Segment information:
Digia's business operations are divided into two main business segments:
Domestic and Qt.
NET SALES, EUR 1,000 Q1/2015 Q1/2014 Change, % 2014
---------------------------------------------------------
Domestic segment 19,399 19,181 1.1% 77,028
---------------------------------------------------------
Qt segment 6,253 4,777 30.9% 20,406
---------------------------------------------------------
Digia Group 25,652 23,958 7.1% 97,433
---------------------------------------------------------
OPERATING PROFIT BEFORE EXTRAORDINARY ITEMS, Q1/201 Q1/201 Change, 2014
EUR 1,000 5 4 %
--------------------------------------------------------------------------------
Domestic segment 684 646 5.9% 6,311
--------------------------------------------------------------------------------
Qt segment 464 -926 -1,850
--------------------------------------------------------------------------------
Digia Group 1,148 -280 4,461
--------------------------------------------------------------------------------
OPERATING PROFIT, EUR 1,000 Q1/2015 Q1/2014 Change, % 2014
----------------------------------------------------------------
Domestic segment 262 646 -59.5% 6,311
----------------------------------------------------------------
Qt segment 429 -926 -2,001
----------------------------------------------------------------
Digia Group 690 -280 4,310
----------------------------------------------------------------
ASSETS, EUR 1,000 31 Mar 2015 31 Dec 2014
-------------------------------------------
Domestic segment 50,479 51,076
-------------------------------------------
Qt segment 17,116 17,332
-------------------------------------------
Unallocated 12,227 11,985
-------------------------------------------
Digia Group 79,822 80,393
-------------------------------------------
Consolidated income statement by quarter:
EUR 1,000 Q1/2015 Q4/2014 Q3/2014 Q2/2014 Q1/2014
--------------------------------------------------------------------------------
Net sales 25,651.7 27,246.4 21,731.9 24,497.2 23,957.9
--------------------------------------------------------------------------------
Other operating income 423.1 276.6 302.7 322.8 400.8
--------------------------------------------------------------------------------
Materials and services -2,292.7 -2,819.6 -1,960.3 -2,343.1 -2,378.0
--------------------------------------------------------------------------------
Depreciation, -615.3 -600.5 -580.1 -607.2 -702.8
amortisation and
impairment
--------------------------------------------------------------------------------
Other operating expenses -22,477.0 -21,794.4 -18,637.4 -20,444.9 -21,558.3
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Operating profit 689.8 2,308.5 856.9 1,424.8 -280.4
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Financial expenses (net) -303.8 -164.6 -307.1 -53.2 -150.8
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Earnings before tax 386.0 2,143.9 549.8 1,371.6 -431.2
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Income taxes -113.7 -463.3 -78.0 -342.8 100.4
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Net profit 272.3 1,680.6 471.7 1,028.9 -330.8
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Allocation:
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Parent-company 272.3 1,680.6 471.7 1,028.9 -330.8
shareholders
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Minority interest 0,0 0.0 0.0 0.0 0.0
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Earnings per share, EUR 0.01 0.08 0.02 0.05 -0.02
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Earnings per share 0.01 0.08 0.02 0.05 -0.02
(diluted), EUR
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Group key indicators and ratios:
EUR 1,000 Q1/2015 Q1/2014
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Extent of business:
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Net sales 25,652 23,958
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- change from previous year 7.1% 1.9%
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Average capital invested 52,856 51,669
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Personnel at period end 927 938
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Average number of personnel 930 934
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Profitability:
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Operating profit before extraordinary items and impairment 1,148 -280
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- % of net sales 4.5% -1.2%
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Operating profit 690 -280
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- % of net sales 2.7% -1.2%
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Earnings before tax 386 -431
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- % of net sales 1.5% -1.8%
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Net profit 272 -331
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% of net sales 1.1% -1.4%
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Return on equity, % 3.0% -3.8%
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Return on investment, % 7.0% -1.6%
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Financing and financial standing:
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Interest-bearing liabilities 16,468 16,873
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Short-term investments & cash and bank receivables 4,529 2,652
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Net gearing 33.0% 42.4%
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Equity ratio 51.0% 48.7%
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Net cash flow from operations 761 -1,742
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Earnings per share, undiluted, EUR 0.01 -0.02
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Earnings per share, diluted, EUR 0.01 -0.02
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Equity/share, EUR 1.73 1.61
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Lowest share trading price, EUR 2.74 3.90
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Highest share trading price, EUR 4.30 4.59
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Average share price, EUR 3.42 4.19
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Market capitalisation 88,513 84,755
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The formulae used to calculate key indicators and ratios are presented in the
2014 Financial Statements. These remained unchanged during the review period.
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