2010-10-27 08:00:00 CEST
2010-10-27 08:00:02 CEST
REGULATED INFORMATION
Revenio Group Oyj - Interim report (Q1 and Q3)
REVENIO GROUP CORPORATION INTERIM REPORT 1 January to 30 September 2010
Revenio Group Corporation STOCK EXCHANGE RELEASE 27 October 2010 at 9.00 a.m.
REVENIO GROUP CORPORATION INTERIM REPORT 1 January to 30 September 2010
1-9/2010
- Consolidated net sales EUR 19.6 million (23.0), down by 14.8 percent
- Consolidated operating profit EUR 0.2 million (-0.5), or 0.9 (-2.3) percent
of net sales
- Consolidated operating profit excluding non-recurring items was EUR -0.3
(-0.5) million, or -1.7 (-2.3) percent of net sales
- Pre-tax profit EUR 0.1 million (-0.7) or 0.4(-3.0) percent of net sales
- Diluted and undiluted earnings per share EUR 0.004 (-0.007)
- Cash flow from operating activities EUR 0.8 million (EUR 0.6 million)
- The company changes its financial guidance as follows:
Net sales for 2010 are expected to be slightly lower than in 2009 and the
operating profit to be positive. The operating profit estimate does not include
capital gains from selling property or other non-recurring items.
The previous guidance was: Net sales for 2010 are expected to remain at their
2009 level and the operating profit to be positive.
7-9/2010
- Consolidated net sales EUR 6.5 million (6.8), down by 3.4 percent
- Consolidated operating profit EUR 0.8 million (0.2), or 12.1 (3.5) percent of
net sales
- Consolidated operating profit excluding non-recurring items was EUR 0.3 (0.2)
million, or 4.6 (3.5) percent of net sales
Olli-Pekka Salovaara, President and CEO:
”The most positive event in the period was the two larger orders obtained by
Done Logistics Oy which will be delivered to Tine SA in Norway. One of the
Tine deals was concluded directly with the end customer. For the other, the
orderer was Swisslog AG of Switzerland, which specializes in large logistics
projects. Thanks to orders won, Done Logistics Oy was already able to achieve
some growth in net sales and improve its profitability during the third
quarter. Based on its long-term order book, the company is now able to plan its
operations efficiently.
Also numbering among the positive events were the orders, with a short delivery
time, won by Boomeranger Boats Oy from several clients. These orders have a
total value of over two million euros. Thanks to this, Boomeranger's net sales
saw positive development. However, filling several smaller orders
simultaneously has weakened production efficiency, and thereby profitability.
Nonetheless, the company now has both short- and long-term orders in its order
portfolio, which allows the planning of production to achieve smoother
throughput in the future.
Icare Finland Oy also continued its positive development, increasing its net
sales and improving its profitability. The company's new products are now on
the market in several European countries, contributing to its future growth
opportunities. Icare is also working to get all of its products on the market
in the USA. However, providing precise estimates of the related product
approval schedules is difficult.
For Finnish Led Signs Oy, the period has been difficult; the company saw a
decline in both net sales and profitability. Fuel distributors, including BP,
have been very cautious in their investment decisions, postponing many of their
plans.
At Midas Touch Oy, several customer relationships that had become unprofitable
were terminated, leading to a decline in net sales. Through employer-employee
negotiations initiated in September, capacity is now being adjusted to a
reasonable level from the profitability perspective.
In terms of profit performance, the third quarter was positive and the
prospects in several companies are better than at the end of the last quarter.”
MARKET SITUATION
In the Services segment, demand for translation services provided by Done
Information Oy has stabilized, enabling profitable operations. On the other
hand, consumer behavior remains cautious, hampering Midas Touch Oy's ability to
conduct the large telemarketing campaigns that are central to its operations in
a profitable manner.
Despite the significant order won by the Systems segment from Norway in July,
the general market situation within the industry has yet to improve.
In the Health Care segment, the demand for Icare tonometers continued to grow
and the market situation is good. In addition to our current main markets, we
ventured into new export markets outside Europe during the period.
In the Safety segment, customers are showing more activity in the markets,
which was reflected as an increase in requests for offers and orders.
In the Technology segment, demand for LED displays and display systems
declined, due to subdued investment activity among customers with respect to
their service station networks.
NET SALES, PROFITABILITY AND PROFIT
Revenio Group's consolidated net sales during the period January 1 - September
30, 2010 totaled EUR 19.6 million (23.0), representing a decline of 14.8
percent. Second-quarter consolidated turnover in 2010 amounted to EUR 6.5
million (6.8), representing a decline of 3.4 percent.
During the period between September 1 and 30, 2010, earnings before interest,
taxes, depreciation and amortization (EBITDA) amounted to EUR 1.0 million (EUR
0.3 million), or 5.0 (1.4) percent of net sales. Consolidated operating result
was EUR 0.2 million (EUR -0.5 million), representing 0.9 (-2.3) percent of net
sales. Consolidated operating profit excluding non-recurring items was EUR -0.3
million (EUR -0.5 million), or -1.7 (-2.3) percent of net sales. The pre-tax
result amounted to EUR 0.1 million (EUR -0.7 million), or 0.4 (-3.0) percent of
net sales.
The net profit for the third quarter amounted to EUR 0.7 million (EUR 0.1
million), or 10.0 (1.3) percent of net sales. The net profit for the third
quarter excluding non-recurring items amounted to EUR 0.1 million (EUR 0.1
million), or 1.7 (1.3) percent of net sales. In the third quarter, Health Care
segment product development costs of EUR 0.2 (0.0) million were capitalized in
accordance with the IAS 38 standard.
Both undiluted and diluted earnings per share totaled EUR 0.004 (EUR -0.007).
Equity per share was EUR 0.20 (EUR 0.21).
This represents a reduction in the Corporation's net sales year-on-year. The
declining trend clearly slowed in the third quarter. Most of this decrease in
net sales was due to Midas Touch Oy. There was also a clear decline in net
sales in the Technology segment. Capital gains of EUR 0.6 million, from selling
Done Logistics Oy's commercial real estate, was recognized in the period's
result as a non-recurring item. Disregarding non-recurring items, the
Corporation's relative profitability and operating profit showed a slight
improvement year-on-year.
BALANCE SHEET, FINANCIAL POSITION AND INVESTMENTS
The consolidated balance sheet total on September 30, 2010 was EUR 25.7 million
(EUR 25.7 million). Shareholders' equity came to EUR 15.3 million (EUR 16.1
million). At the end of the review period, interest-bearing net liabilities
amounted to EUR 0.6 million (EUR 2.1 million) and gearing stood at 3.7 (12.8)
percent. The consolidated equity ratio was 64.9 (62.2) percent. The Group's
liquid assets were EUR 2.7 million (EUR 2.1 million) at the end of the period.
The Group's financial position remained stable. In addition to its liquid
assets, the Group has a EUR 2.0 million checking account limit, from which EUR
0.4 million had been withdrawn at the end of the review period.
During January 1 - September 30, 2010, cash flow from operating activities
amounted to EUR 0.8 million (EUR 0.6 million). Cash flow from business
operations for the third quarter came to EUR 0.4 million (EUR -0.7 million).
The Group's purchases of PPE and intangible assets totaled EUR 0.6 million (EUR
0.3 million).
GROUP STRUCTURE
Revenio Group comprises the parent company Revenio Group Corporation and its
wholly-owned subsidiaries, all active companies, Done Information Oy, Midas
Touch Oy, Done Logistics Oy, Done Software Solutions Oy, Icare Finland Oy,
Boomeranger Boats Oy and Finnish Led-Signs Oy, and additionally the following
subsidiaries of Midas Touch Oy: Midas Touch Media Oy, Midas Touch Gateway Oy,
Midas Touch Interactive Oy, Midas Touch Tech Oy and Midas Touch Care Oy.
OPERATIONS BY BUSINESS SEGMENT
Revenio Group Corporation's business operations are organized into five primary
business segments: Services (Done Information Oy and Midas Touch Oy), Systems
(Done Logistics Oy and Done Software Solutions Oy), Health Care (Icare Finland
Oy), Safety (Boomeranger Boats Oy) and Technology (Finnish Led-Signs Oy). This
segment-based structure corresponds to the Group's organization and internal
reporting.
Services
Done Information Oy is one of Finland's biggest translation and content
creation companies, while Midas Touch Oy is a leading Finnish contact center
company.
The Service segment's net sales in Q1-Q3 totaled EUR 7.8 million (EUR 10.9
million), down by 28.3 percent. Its margin was EUR -0.9 million (EUR -1.1
million). Third-quarter consolidated net sales amounted to EUR 2.3 million (EUR
2.9 million), while the margin was EUR -0.2 (-0.3) million.
The improvement in Done Information Oy's profitability, continued in Q1-Q3.
Although its net sales saw a slight decrease year-on-year, the company's
operating profit turned positive.
Demand for products and services marketed under Midas Touch Oy's contact
services continues to be weak. The company's net sales saw a marked reduction
year-on-year. The primary reason for the decrease in net sales lay in the
decline in large customers' order volumes and the divestment of the least
profitable assignments.
On September 10, 2010, the two subsidiaries of Midas Touch Oy, Midas Touch
Media Oy and Midas Touch Gateway Oy, initiated employer-employee negotiations.
The purpose of the negotiations is to eliminate overcapacity in the provision
of contact center services. The negotiations concern all personnel within these
companies.
On May 1, 2010, Riku Lamppu, a commercial institute graduate, was appointed the
new CEO of Midas Touch Oy.
Systems
The Systems segment comprises Done Logistics, which provides companies with
materials handling systems related to their internal logistics, and Done
Software Solutions Oy, which provides the related information systems. Done
Software Solutions Oy launched operations as an independent company on May 1,
2010, as a result of the partial demerger of Done Logistics Oy. The figures,
including all reference information, in this interim report are presented as if
this arrangement had been effective throughout the entire period described by
the report and reference information.
In Q1-Q3, 2010, the Systems segment's net sales amounted to EUR 3.7 million
(EUR 3.8 million), down 2.4 percent. Its margin was EUR -0.2 million (EUR -0.1
million). Third-quarter consolidated net sales amounted to EUR 1.7 million (EUR
1.1 million), while the margin was EUR 0.0 (0.1) million. The segment is still
suffering from the downturn in demand for investment products.
On July 14, 2010, within the Systems segment Done Logistics Oy won the largest
order in its history, from Norway. Done Logistics Oy will deliver a dairy
product handling and collection system worth EUR 12.0 million to the Norwegian
Tine SA, a subcontractor for the Swiss logistics group, Swisslog. This delivery
will be part of a dairy product distribution center to be built in Oslo, where
Swisslog is the main logistics systems contractor. As an additional order for
the project, at the end of September, Tine ordered a production interface worth
EUR 1.6 million from Done Logistics.
Both orders will be delivered in 2010-2012, the greatest impact on net sales
and profit occurring during 2011-2012.
In addition, a significant customer agreement was jointly secured by Done
Logistics Oy and Done Software Solutions Oy. Worth a total of EUR 1.3 million,
the agreement was concluded with Nestlé Finland Ltd, for the transference and
modernization of the palletizing department at its Turenki ice cream plant.
Health Care
The Health Care segment consists of Icare Finland, which specializes in the
development, manufacture and sale of tonometers measuring intra ocular
pressure.
In Q1-Q3 2010, the Health Care segment's net sales amounted to EUR 4.8 million
(EUR 4.3 million), up 11.4 percent. Its margin was EUR 1.8 million (EUR 1.5
million). Third-quarter consolidated net sales amounted to EUR 1.6 million (EUR
1.5 million), while the margin was EUR 0.8 (0.5) million.
Significant development projects relating to a new generation of products were
concluded during the period, with the first Icare One products, enabling
self-administered tests, being shipped to customers. As a result, higher
product development and marketing costs than usual were concentrated in this
period. The new products are expected to increase net sales as of the final
quarter of 2010, but to a greater degree as of 2011.
Safety
The Safety segment comprises Boomeranger Boats, which designs, manufactures and
sells Rigid Inflatable Boats of the highest quality, primarily for navy rescue
units, authorities and security forces in various countries.
In Q1-Q3 2010, the Safety segment's net sales amounted to EUR 2.2 million (EUR
1.9 million), up 14.0 percent. Its margin was EUR -0.1 million (EUR -0.0
million). Third-quarter consolidated net sales amounted to EUR 0.6 million (EUR
0.5 million), while the margin was EUR -0.1 (-0.0) million.
Towards the end of the period, the segment obtained the short-term orders it
needed. However, profitability was weakened by a rise in material costs and
challenges in production throughput.
Technology
Finnish Led-Signs, which makes up the Technology segment, is the largest
supplier of LED price displays in the Nordic countries and Finland's leading
manufacturer of LED information displays and parking guide systems.
In Q1-Q3 2010, the Technology segment's net sales amounted to EUR 1.1 million
(EUR 2.1 million), down 47.4 percent. Its margin was EUR -0.1 million (EUR 0.2
million). Third-quarter consolidated net sales amounted to EUR 0.4 million
(0.8), while the margin was EUR 0.0 (0.1) million.
Net Sales Net Sales Segment profit margin 1-9/2010 1-9 /2009 1-9/2010 1-9/2009
MEUR Share MEUR Share MEUR % MEUR %
Services Total 7.8 40% 10.9 48% -0.89 -11 -1.35 -13
-Done Information 2.6 13% 2.6 12% 0.10 4 -0.29 -11
-Midas Touch 5.2 27% 8.3 36% -0.99 -13 -1.06 -15
Systems Total 3.7 19% 3.8 17% -0.24 -7 -0.07 -2
-Done Logistics 2.9 15% 2.9 13% -0.34 -12 -0.27 -13
-Done Software 0.8 4% 0.9 4% 0.10 13 0.08 15
Solutions
Health Care 4.8 25% 4.3 18% 1.84 36 1.53 35
Safety 2.2 11% 1.9 9% -0.07 -3 -0.00 -0
Technology 1.1 5% 2.1 8% -0.12 -11 0.23 11
Total 19.6 100% 23.0 100% 0.53 2 0.34 1
Parent Co. expenses -0.85 -0.87
Operating profit/loss -0.32 -2 -0.53 -2
(excluding non-recurring items)
Net sales, margin and profit by segment and quarter, excluding non-recurring
items, were as follows:
MEUR Q3/10 Q2/10 Q1/10 Q4/09 Q3/09 Q2/09 Q1/09
Net sales:
Services total 2.3 2.8 2.8 2.7 2.9 3.6 4.4
-Done Information 0.8 1.0 0.8 0.9 0.7 0.8 1.1
-Midas Touch 1.5 1.8 1.9 1.8 2.2 2.8 3.3
Systems total 1.7 0.8 1.2 0.9 1.1 1.0 1.6
-Done Logistics 1.4 0.5 0.9 0.7 0.8 0.8 1.3
-Done Software 0.3 0.3 0.3 0.2 0.3 0.2 0.3
Solutions
Health care 1.6 1.5 1.7 1.8 1.5 1.4 1.4
Safety 0.6 0.9 0.7 0.9 0.5 0.4 1.0
Technology 0.4 0.4 0.3 0.6 0.8 0.7 0.6
Total 6.5 6.4 6.6 7.0 6.8 7.1 9.1
Segment profit margin: Q3/10 Q2/10 Q1/10 Q4/09 Q3/09 Q2/09 Q1/09
Services total -0.17 -0.33 -0.38 -0.65 -0.27 -0.56 -0.52
-Done Information 0.04 0.04 0.02 0.12 -0.10 -0.16 -0.04
-Midas Touch -0.21 -0.37 -0.40 -0.77 -0.17 -0.40 -0.48
Systems total 0.03 -0.18 -0.09 -0.17 0.11 -0.14 -0.04
-Done Logistics -0.01 -0.21 -0.12 -0.17 -0.06 -0.18 -0.08
-Done Software 0.04 0.03 0.03 -0.00 0.17 0.04 0.04
Solutions
Health care 0.83 0.45 0.56 0.78 0.54 0.49 0.50
Safety -0.13 0.04 0.02 0.07 -0.06 -0.06 0.12
Technology 0.02 -0.03 -0.11 0.06 0.12 0.08 0.03
Total 0.57 -0.05 0.01 0.08 0.44 -0.20 0.09
Parent co. expenses -0.27 -0.30 -0.28 -0.19 -0.21 -0.36 -0.29
Operating profit 0.30 -0.35 -0.27 -0.11 0.23 -0.56 -0.20
Operating profit % 4.6 % -5.5% -4.2% -1.5% 3.4% -7.9% -2.3%
HUMAN RESOURCES
The number of personnel employed by the Group during the period averaged
350(486). The number of employees at the end of the period was 343 (463).
The number of personnel employed by the Group during the period, by segment,
averaged:
9/30/2010 9/30/2009 Change
Services 255 392 -137
Systems 45 48 -3
Helath Care 10 8 2
Safety 24 21 3
Technology 12 13 -1
Parent company 4 4 0
Total 350 486 -136
Wages, salaries and other remuneration paid during the review period totaled
EUR 8.1 million (EUR 10.5 million).
SHARES, SHARE CAPITAL AND MANAGEMENT HOLDINGS
On September 30, 2010, Revenio Group Corporation's fully paid-up share capital
registered with the Trade Register was EUR 5,314,918.72 and the number of
shares outstanding totaled 76,839,730. The company has one series of shares.
All shares confer the same voting rights and an equal right to dividends and
the company's funds.
On September 30, 2010, the Board of Directors and the President and CEO held
20.9 percent of the company's shares, totaling 16,081,960 shares, and 18.6
percent of option rights, or a total of 684,365 options.
A share buyback programme, commenced by Revenio Group Corporation on May 5,
2010, in order to pay Board members' emoluments in the form of shares,
concluded on May 12, 2010. A total of 141,255 shares were purchased, and were
transferred to Board members. With these transfers, the part of the Board
members' emoluments payable in the form of shares has been paid in full.
Following the transfers, the company holds no treasury shares.
CHANGES IN SHAREHOLDINGS
There were no significant changes in ownership to report during the review
period.
OPTION RIGHTS
On the basis of the share issue authorization approved by the Annual General
Meeting on April 3, 2007, the Board of Revenio Group Corporation decided, on
November 23, 2007, on a new corporate option scheme, comprising a maximum of
3,684,365 option rights. Each option right entitles the holder to subscribe for
one Revenio Group Corporation share. Against the total number of the company's
shares on December 31, 2009, the proportion of shares to be subscribed on the
basis of the option rights issued represent a maximum of 2.5 percent of the
company's shares and votes, once all new shares subscribed with these option
rights have been registered. Shares subscribed via the option scheme entitle
the holder to a dividend from the subscription year onwards.
The option rights have been divided into three series: Series A (1,684,365),
Series B (1,000,000) and Series C (1,000,000). The subscription periods
relating to the options are as follows: Series A, May 1, 2009 - May 1, 2013,
Series B, November 1, 2010 - November 1, 2014, and Series C, May 1, 2012 - May
1, 2016. The share subscription price will be the trade-weighted average price
during the periods November 1-30, 2007 (EUR 0.66, Series A), April 1-30, 2009
(EUR 0.31, Series B) and November 1-30, 2010 (Series C).
No options were issued to personnel during the review period. At the end of the
review period, the company's key personnel held a total of 1,159,365 Series
2007A options and a total of 685,000 Series 2007B options.
TRADING ON NASDAQ OMX HELSINKI
During the period January 1 - September 30, 2010, Revenio Group Corporation's
turnover on the NASDAQ OMX Helsinki totaled EUR 5.2 (3.4) million, representing
15.3 (11.1) million shares or 20.0 (14.5) percent of shares outstanding. The
trading high was EUR 0.38 (0.36) and the low EUR 0.28 (0.26). At the end of the
review period, the closing price was EUR 0.32 (0.33), and the average share
price was EUR 0.34 (0.31). Revenio Group Corporation's market value on
September 30, 2010 was EUR 24.6 (25.4) million.
ANNUAL GENERAL MEETING AND VALID BOARD AUTHORIZATIONS
The Annual General Meeting held on April 8, 2010 approved the company's
financial statements and discharged the members of the Board of Directors and
the President and CEO from liability for the financial year January 1 -
December 31, 2009.
The AGM selected the following persons as members of the Board of Directors:
Jyri Merivirta, LL.M., private investor; Pekka Tammela, M.Econ., APA, Partner
of Pajamaa Partners Oy; Timo Mänty, M.Econ., President of Rautakirja Oy, and,
as a new member, Rolf Fryckman, the Chairman of Eyemaker's Finland Oy.
The AGM decided that the Chairman of the Board should be entitled to an annual
emolument of EUR 60,000 and the other Board members to an annual emolument of
EUR 36,000, with the exception that any member who holds a minimum 5 percent
stake in Revenio Group Corporation, either directly or through a company in
which he or she has a minimum holding of 50 percent, should not be entitled to
a separate emolument. A total of 40 percent of Board members' emoluments will
be settled in the form of the company's shares, while 60 percent will comprise
a monetary payment.
The AGM decided to re-elect PricewaterhouseCoopers Oy, Authorized Public
Accountants, as the company's auditor, with Juha Tuomala, Authorized Public
Accountant, acting as the chief auditor.
The AGM decided to accept the Board's proposal on profit distribution,
according to which the profit for the financial period, EUR 2,015,787.66, will
be added to retained earnings, and a dividend of EUR 0.01 per share will be
paid at a total of EUR 768,397.30.
The AGM rescinded its earlier authorization to buy back 7,683,973 of the
company's own shares and authorized the Board to decide on the buyback of a
maximum of 7,683,973 of the company's own shares in one or more installments
using the company's unrestricted equity, in which case any buyback will reduce
the company's distributable earnings.
The AGM decided to rescind the Board's valid unexercised share-issue
authorizations. The AGM authorized the Board of Directors to decide on an issue
of a maximum of 30,000,000 shares or to grant special rights (including stock
options) entitling to shares, as set forth in Section 1 of Chapter 10 of the
Companies Act, in one or several tranches. This authorization was granted to be
used to finance and implement any potential corporate acquisitions or other
transactions, to implement the company's share-based incentive plans or for
other purposes determined by the Board. The Board has the right to decide on
all terms and conditions governing said share issue and the granting of special
rights, including the subscribers or the grantees of the special rights, and
the consideration payable. The Board's authorization includes the right to
waive shareholders' pre-emptive subscription rights and covers the issue of new
shares and the transfer of any shares that may be held by the company. This
authorization will be valid until April 30, 2011.
MAJOR BUSINESS RISKS AND UNCERTAINTIES
The Group issued a notification of its major business risks and uncertainties
in its financial statements bulletin of February 16, 2010. No changes in said
risks have occurred since the bulletin's release.
OUTLOOK FOR 2010
Net sales for 2010 are expected to be slightly lower than in 2009 and the
operating profit to be positive. The operating profit estimate does not include
capital gains from selling property or other non-recurring items.
The figures are unaudited.
GROUP KEY FIGURES AND RATIOS(MEUR) 1-9/2010 1-9/2009 1-12/2009
Net sales 19.6 23.0 30.0
Ebitda 1.0 0.3 0.5
Ebitda % 5.0 1.4 1.5
Operating profit 0.2 -0.5 -0.6
Operating profit % 0.9 -2.3 -2.1
Pre-tax profit 0.1 -0.7 -0.8
Pre-tax profit % 0.4 -3.0 -2.8
Net profit 0.3 -0.5 -0.8
Net profit % 1.5 -2.3 -2.7
Gross capital expenditure 0.6 0.3 0.3
Gross capital expenditure % 3.2 0.8 1.1
R&D costs 0.3 0.4 0.4
R&D costs % 1.5 1.2 1.4
Gearing % 3.7 12.8 7.1
Equity ratio % 64.9 62.2 60.7
Return on investment % (ROI) 1.5 -2.8 -2.6
Return on equity % (ROE) 2.5 -4.1 -4.9
Undiluted earnings per share, EUR 0.004 -0.007 -0.011
Diluted earnings per share, EUR 0.004 -0.007 -0.011
Equity per share, EUR 0.20 0.23 0.21
Average no. of employees 350 486 516
Cash flow from operating activities 0.8 0.6 2.0
Cash flow from investing activities 0.2 -0.2 -0.3
Net cash used in financing activities -1.2 -0.4 -0.8
Total cash flow -0.2 0.1 0.9
CONSOLIDATED COMPREHENSIVE
INCOME STATEMENT (MEUR) 1-9/2010 1-9/2009 1-12/2009
NET SALES 19.6 23.0 30.0
Other operating income 0.6 0.0 0.1
Materials and services -5.8 -5.7 -7.6
Employee benefits -9.7 -12.6 -16.4
Depreciation/amortization -0.8 -0.8 -1.1
Other operating expenses -3.7 -4.4 -5.5
OPERATING PROFIT 0.2 -0.5 -0.6
Share of associates' results 0.0 0.0 0.0
Financial expenses (net) -0.1 -0.2 -0.2
PRE-TAX PROFIT 0.1 -0.7 -0.8
Income tax expense 0.2 0.2 0.0
NET PROFIT 0.3 -0.5 -0.8
Other comprehensive income items 0.0 0.0 0.0
Income tax expense for comprehensive income
Items 0.0 0.0 0.0
Other comprehensive income items
after taxes 0.0 0.0 0.0
TOTAL COMPREHENSIVE INCOME 0.3 -0.5 -0.8
Net profit attributable to::
Parent company shareholders 0.3 -0.5 -0.8
Minority interest 0.0 0.0 0.0
Total comprehensive income attributable to
Parent company shareholders 0.3 -0.5 -0.8
Minority interest 0.0 0.0 0.0
Earnings per share, undiluted EUR 0.004 -0.007 -0.011
Earnings per share, diluted EUR 0.004 -0.007 -0.011
CONSOLIDATED COMPREHENSIVE INCOME STATEMENT
(MEUR) 7-9/2010 7-9/2009
NET SALES 6.5 6.8
Other operating income 0.5 0.0
Materials and services -2.4 -1.7
Employee benefits -2.7 -3.5
Depreciation/amortization -0.3 -0.3
Other operating expenses -1.0 -1.1
OPERATING PROFIT 0.8 0.2
Share of associates' results 0.0 0.0
Financial expenses (net) -0.1 -0.1
PRE-TAX PROFIT 0.7 0.1
Income tax expense 0.0 -0.0
NET PROFIT 0.0 0.1
Other comprehensive income items 0.0 0.0
Income tax expense for comprehensive income
Items 0.0 0.0
Other comprehensive income items
after taxes 0.0 0.0
TOTAL COMPREHENSIVE INCOME 0.7 0.1
Net profit attributable to:
Parent company shareholders 0.7 0.1
Minority interest 0.0 0.0
Total comprehensive income attributable to:
Parent company shareholders 0.7 0.1
Minority interest 0.0 0.0
CONSOLIDATED BALANCE SHEET(MEUR) 30.9.2010 30.9.2010 31.12.2009
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 1.4 2.0 1.9
Goodwill 9.1 9.4 9.1
Intangible assets 2.4 2.8 2.7
Shares in associates 0.4 0.4 0.4
Available-for-sale-assets 0.3 0.3 0.3
Deferred tax assets 3.2 3.3 3.1
TOTAL NON-CURRENT ASSETS 16.8 18.2 17.5
CURRENT ASSETS
Inventories 1.0 1.2 1.9
Trade and other receivables 5.2 4.0 4.3
Cash and cash equivalents 2.7 2.1 2.9
TOTAL CURRENT ASSETS 8.9 7.4 9.1
TOTAL ASSETS 25.7 25.6 26.6
LIABILITIES AND SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY
Share capital 5.3 5.3 5.3
Share premium 2.4 2.4 2.4
Fair value reserve 0.3 0.3 0.3
Invested unrestricted capital reserve 7.0 7.0 7.0
Retained earnings/loss 0.2 1.0 0.6
TOTAL EQUITY, attributable to holders
of parent company equity 15.3 16.1 15.7
TOTAL SHAREHOLDERS' EQUITY 15.3 16.1 15.7
LIABILITIES
NON-CURRENT LIABILITIES
Deferred tax liabilities 0.7 0.9 0.8
Provisions 0.2 0.1 0.2
Financial liabilities 1.7 2.9 2.7
Other liabilities 0.0 0.5 0.0
TOTAL LONG-TERM LIABILITIES 2.6 4.4 3.8
CURRENT LIABILITIES
Advance payments 2.2 0.4 0.6
Trade and other payables 4.1 3.9 5.2
Provisions 0.0 0.0 0.0
Financial liabilities 1.6 1.3 1.3
TOTAL SHORT-TERM LIABILITIES 7.9 5.2 7.1
TOTAL LIABILITIES 10.5 9.5 10.8
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY 25.7 25.6 26.6
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS'EQUITY (MEUR)
Share- Share Other Retained Minority Total
Capital Premium Reserves Earnings Interest equity
Balance Jan 1, 2009 5.3 2.4 6.5 3.3 0.0 17.6
Private placements 0.0 0.0 0.5 0.0 0.0 0.5
Dividend distribution 0.0 0.0 0.0 -1.5 0.0 -1.5
Cancellation of
own shares 0.0 0.0 0.3 -0.3 0.0 0.0
Options expense
adjustment 0.0 0.0 0.0 0.0 0.0 0.0
Net profit 0.0 0.0 0.0 -0.5 0.0 -0.5
Balance Sep 30,2009 5.3 2.4 7.3 1.0 0.0 16.1
Share- Share Other Retained Minority Total
Capital Premium Reserves Earnings Interest equity
Balance Jan 1,2010 5.3 2.4 7.3 0.7 0.0 15.7
Dividend distribution 0.0 0.0 0.0 -0.8 0.0 -0.8
Options expense
adjustment 0.0 0.0 0.0 0.0 0.0 0.0
Net profit 0.0 0.0 0.0 0.3 0.0 0.3
Balance Sep 30,2010 5.3 2.4 7.3 0.2 0.0 15.3
CONSOLIDATED CASH FLOW STATEMENT (MEUR) 1-9/2010 1-9/2009 1-12/2009
Net profit 0.2 -0.5 -0.8
Adjustments to net profit 0.3 0.6 1.4
Change in working capital 0.4 0.5 0.8
Interest paid -0.0 -0.1 -0.2
Taxes paid 0.0 0.0 -0.0
CASH FLOW FROM OPERATING ACTIVITES 0.8 0.6 2.0
Purchase of PPE -0.0 -0.2 -0.3
Purchase of intangible assets -0.4 0.0 0.0
Sales of fixed assets 0.6 0.0 0.0
NET CASH USED IN INVESTING ACTIVITIES 0.2 -0.2 -0.3
Paid dividends -0.8 -1.5 -1.5
Long-term borrowings 0.4 2.0 2.2
Repayments of long-term borrowings -1.0 -0.8 -1.4
Finance lease principal payment -0.0 -0.0 -0.1
NET CASH USED IN FINANCING ACTIVITIES -1.2 -0.4 -0.8
Net change in cash and equivalents -0.2 0.1 0.9
Cash and equivalents, period-start 2.9 2.0 2.0
Cash and equivalents, period-end 2.7 2.1 2.9
NET SALES AND OPERATING PROFIT BY QUARTER (MEUR)
MEUR Q3/2010 Q2/2010 Q1/10 Q4/09 Q3/09 Q2/09 Q1/09
Net sales 6.5 6.4 6.6 7.0 6.8 7.1 9.1
Oper. profit 0.8 -0.3 -0.3 -0.1 0.2 -0.4 -0.2
Oper. profit, % 12.1 -5.5 -4.2 -1.5 3.4 -5.7 -2.3
MAIN SHAREHOLDERS ON SEP 30, 2010
No. of shares %
1. Merivirta Jyri 15,000,000 19.52
2. Eyemaker´s Finland Oy 7,817,214 10.17
3. Gateway Finland Oy 3,800,000 4.95
4. Etera 3,500,000 4.55
5. Alpisalo Mia 3,121,653 4.06
6. Mäkinen Markku 1,633,319 2.13
7. Kiesvaara Tuomo 1,259,332 1.63
8. Juurakko Timo 1,235,280 1.61
9. The Nordic Adviser Group Ltd 1,179,861 1.54
10.Latva Sami 1,000,000 1.30
Revenio Group Corporation
Board of Directors
For further information. please contact:
Olli-Pekka Salovaara, President & CEO, mobile +358 040 5675520
olli-pekka.salovaara@revenio.fi
http://www.revenio.fi
DISTRIBUTION:
NASDAQ OMX Helsinki
Financial Supervisory Authority (FIN-FSA)
Key media
www.revenio.fi
Revenio Group Corporation, the parent company of the Finnish conglomerate
Revenio Group is listed on the NASDAQ OMX Helsinki. Revenio's subsidiaries
share a focus on Finnish specialist expertise and export-based operations.
Revenio Group consists of seven independent subsidiaries in five business
segments. These subsidiaries are Done Information Oy, Done Logistics Oy, Done
Software Solutions Oy, Icare Finland Oy, Boomeranger Boats Oy, Finnish
Led-Signs Oy and Midas Touch Oy.
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