2011-07-20 08:00:00 CEST
2011-07-20 08:00:08 CEST
REGULATED INFORMATION
Tectia Oyj - Interim report (Q1 and Q3)
TECTIA INTERIM REPORT, JANUARY 1 - JUNE 30, 2011
Helsinki, Finland, 2011-07-20 08:00 CEST (GLOBE NEWSWIRE) -- TECTIA CORPORATION
INTERIM REPORT JULY 20, 2011 AT 9:00 A.M
TECTIA INTERIM REPORT, JANUARY 1 - JUNE 30, 2011
SUMMARY
April-June
- Net sales totaled EUR 2.1 million, down by -7.2 % percent year on year (EUR
2.2 million in 4-6/2010).
- Operating loss amounted to EUR -0.2 million (an operating loss of EUR -0.1
million in 4-6/2010). Loss EUR -0.3 million (profit EUR 0.1 million)
- Earnings per share EUR -0.01 (EUR 0.00).
January-June
- Net sales totaled EUR 4.2 million, down by -7.9 % percent year on year (EUR
4.5 million in 1-6/2010).
- Operating loss amounted to EUR -1.1 million (an operating loss of EUR -0.1
million in 1-6/2010) including EUR -0.4 of non-recurring costs (EUR 0.0
million). Loss EUR -1.2 million (profit EUR 0.1 million)
- Earnings per share EUR -0.04 (EUR 0.00).
The company's financial position remained healthy, with equity ratio 60.5 %
(66.4%) and liquid assets at the end of the period EUR 3.3 million (EUR 5.0
million).
KEY FIGURES
--------------------------------------------------------------------------------
4-6/ 4-6/ 1-6/ 1-6/ Change % 1-12/
2011 2010 2011 2010 2010
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net sales (MEUR) 2.1 2.2 4.2 4.5 -7.9 9.1
--------------------------------------------------------------------------------
Operating profit/loss (MEUR) -0.2 -0.1 -1.1 -0.1 -340.0 -0.7
--------------------------------------------------------------------------------
% of net sales -11.9 -2.5 -26.2 -2.1 -7.9
--------------------------------------------------------------------------------
Profit/loss before taxes (MEUR) -0.3 0.1 -1.2 0.1 -474.0 -0.5
--------------------------------------------------------------------------------
Profit/loss (MEUR) -0.3 0.1 -1.2 0.1 -481.9 -0.5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Return on equity, % -86.3 5.0 -12.8
--------------------------------------------------------------------------------
Return on investment, % -78.9 5.6 -10.5
--------------------------------------------------------------------------------
Liquid assets 3.3 5.0 -31.4 4.0
--------------------------------------------------------------------------------
Gearing (%) -152.5 -174.5 -121.0
--------------------------------------------------------------------------------
Equity ratio (%) 60.5 66.4 69.1
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Earnings per share (EUR) -0.01 0.00 -0.04 0.00 -1432.2 -0.02
--------------------------------------------------------------------------------
Shareholders' equity per share 0.06 0.10 0.06 0.10 -32.3 0.10
(EUR)
--------------------------------------------------------------------------------
CEO's BUSINESS REVIEW
Tectia Corporation is the market maker in real-time information security for
modern, networked organizations. Tectia's key strategic objectives are to turn
into sales and marketing oriented, channel sales based software house and
become the fastest track for our customers to securing, automating, managing
and sharing data-in-transit in cross platform environments.
In the second quarter 2011 net sales amounted to EUR 2.1 million with decrease
of -7.9 percent compared to the previous year. Operating loss was EUR -0.2
million. The company's financial position remained healthy with an equity ratio
of 60.5 percent and EUR 3.3 million in liquid assets.
The second quarter was the first full channel sales based period for the
company, and the ramp-up of global channel sales network is in full speed.
Tectia signed several technology and marketing alliances as well as channel
partnerships with global and regional vendors for its Mobile Authentication and
Managed Security businesses.
Mobile Authentication Business Unit joined two technology alliance programs,
Juniper and F5, in the second quarter.
Juniper Networks Global Technology Alliance Program is based on the
certification as a Juniper networks Technology Alliance Partner with
demonstrated interoperability between the company's Tectia MobileID two-factor,
tokenless authentication solution and the market-leading Juniper Networks SA
Series SSL VPN Appliance.
With F5 Networks' Global Technology Alliance Program (TAP) Tectia gains access
to F5 technology solutions and resources to maximize the value of joint
deployments of the companies' products. F5 Networks is the global leader in
Application Delivery Networking.
Both programs are in the ramp-up phase with the alliance distributors and
resellers to start the sales of Tectia Mobile ID globally.
Managed Security Business Unit announced that its enterprise security software
solutions have been certified by Oracle to work with Oracle Linux. As a global
Oracle partner, Tectia is able to deliver security software solutions powered
with Oracle's leading infrastructure software and applications, including
Oracle Linux.
In the Nordics, the company announced the appointment of Cygate to sell Tectia
enterprise security solutions in Finland. Cygate is a provider of IT
infrastructure and security solutions and managed security services operating
in the Nordics.
The company has started new product development with customer pilots to
strengthen and extend its Managed Security Business offering.
The company continues to evaluate its patent portfolio and strategic
alternatives to create shareholder value from it.
Jari Mielonen
CEO
REPORTING
This interim report follows IFRS accounting standards and assessments. This
report is prepared according to IFRS standards and interpretations which are
valid 31st December 2010. Interim report follows same principles and standards
as the previous financial statement release. This interim report is prepared
according to IAS 34. The figures are non-audited.
FUTURE OUTLOOK
For the fiscal year 2011, Tectia estimates its net sales to grow from 2010.
Full year 2011 net result is expected to be negative.
Earlier for the fiscal year 2011, Tectia estimated its net sales to grow from
2010 and expected the net result to be positive.
Consolidated net sales for January-June 2011 was EUR 4.2 million (EUR 4.5
million), decrease -7.9 percent year on year. Decrease in net sales is due to
company sales progressing transition into channel sales model. Americas market
area had EUR -0.6 million less revenue January-June 2011 compared to first half
2010.
Consolidated operating loss January-June 2011 amounted to EUR -1.1 million (EUR
-0.1 million). Operating loss January-June 2011 included extra-ordinary items
EUR -0.4 million. Executed organizational restructuring is estimated to lower
significantly operational expenses during July-December 2011 compared to same
period previous year.
Managed Security business sales channel building has advanced well in quality
but gross margin is lower in channel sales model. Managed Security business
sales volumes are still estimated to grow during second half 2011 compared to
January-June 2011. Mobile Authentication business technology alliances ramp up
has advanced as planned, and in order to grow sales volumes, the company has
decided during second half 2011 to invest more into Mobile Authentication
business channel sales.
The company continues to evaluate its patent portfolio and strategic
alternatives to create shareholder value from it. The company hasn't received
any royalty or other revenue from these patents or patent applications so far,
and they have not been booked as assets in the balance sheet. The company has
decided to invest in patent portfolio management during second half 2011.
NET SALES
Consolidated net sales for April-June totaled EUR 2.1 million (EUR 2.2
million), down by -7.2 %, year on year.
Consolidated net sales for January-June totaled EUR 4.2 million (EUR 4.5
million), down by -7.9 %, year on year.
The Americas, the Europe, Middle East and Africa market area and the Asia
Pacific region accounted for 60.6 percent (68.1 percent), 26.1 percent (22.8
percent) and 13.3 percent (9.1 percent) of reported net sales, respectively.
TECTIA NET SALES
----------------------------------------------------------------
EUR Million 4-6/ 4-6/ 1-6/ 1-6/ 2010 Change % 1-12/
2011 2010 2011 2010
----------------------------------------------------------------
----------------------------------------------------------------
BY SEGMENT
----------------------------------------------------------------
AMERICAS 1.1 1.4 2.5 3.1 -18.2 6.0
----------------------------------------------------------------
APAC 0.3 0.2 0.6 0.4 38.8 1.0
----------------------------------------------------------------
EMEA 0.6 0.6 1.1 1.0 4.6 2.1
----------------------------------------------------------------
Tectia Group Total 2.1 2.2 4.2 4.5 -7.9 9.1
----------------------------------------------------------------
----------------------------------------------------------------
BY OPERATION
----------------------------------------------------------------
License sales 0.7 0.8 1.5 1.8 -19.4 3.7
----------------------------------------------------------------
Maintenance 1.3 1.4 2.7 2.7 0.0 5.4
----------------------------------------------------------------
Total 2.1 2.2 4.2 4.5 -7.9 9.1
----------------------------------------------------------------
The majority of Tectia's invoicing is U.S. dollar based. During the report
period, the U.S. dollar's average exchange rate to euro weakened approximately
-5.8 percent compared to the same period a year ago. With comparable exchange
rates 2010 net sales decrease would have been -3.2 percent compared 2010
corresponding period.
CHANGES IN OPERATIONS STRUCTURE
In order to increase speed of strategy execution, Tectia established two
separate business units and structured its global sales, presales and customer
support accordingly. The business units are Managed Security business and
Mobile Authentication business. The establishment of two separate business
units has not effect at this moment on segment reporting. Company discloses
business unit segment's reports when segment reporting limits are met.
RESULTS AND EXPENSES
Operating loss for April-June amounted to EUR -0.2 million (an operating loss
of EUR -0.1 million), with net loss totaling EUR -0.3 million (a net profit of
EUR 0.1 million).
Operating loss for January-June amounted to EUR -1.1 million (an operating loss
of EUR -0.1 million), with loss totaling EUR -1.2 million (a net profit of EUR
0.1 million).
Extra-ordinary items EUR -0.4 million are due to organizational change. Costs
were related to personnel reductions both in US and Germany and in addition
closing the sales office in Germany.
Sales, marketing and customer support expenses for the April-June reporting
period amounted EUR -1.1 million (EUR -1.2 million), while research and
development expenses totaled EUR -0.6 million (EUR -0.6 million) and
administrative expenses EUR -0.4 million (EUR -0.5 million).
Sales, marketing and customer support expenses for the January-June reporting
period amounted EUR -2.8 million (EUR -2.4 million), while research and
development expenses totaled EUR -1.3 million (EUR -1.1 million) and
administrative expenses EUR -0.9 million (EUR -1.1 million).
BALANCE SHEET AND FINANCIAL POSITION
The financial position of Tectia remained at a healthy level during the
reporting period. The consolidated balance sheet total on June 30, 2011 stood
at EUR 5.9 million (June 30, 2010 EUR 6.9 million; December 31, 2010 EUR 8.3
million), of which liquid assets accounted for EUR 3.3 million (June 30, 2010
EUR 5.0 million; December 31, 2010 EUR 4.0 million), or 56.5 percent of the
balance sheet total. On June 30, 2011, gearing, or the ratio of net liabilities
to shareholders' equity, was -152.5 percent (June 30, 2010 -174.5; December 31,
2010 -121,0) and the equity ratio stood at 60.5 percent (June 30, 2010 66.4;
December 31, 2010 69.1).
The reported gross capital expenditure for the period totalled EUR 0.1 million
(EUR -0.0 million). The reported financial income and expenses consisted mainly
of interest on deposits and exchange rate gains or losses. Financial income and
expenses totalled EUR -0.1 million (EUR 0.2 million).
During January-June, Tectia reported a negative cash flow of EUR -0.6 million
(EUR 0.0 million) from business operations, and investments showed a negative
cash flow of EUR -0.1 million (EUR -0.0 million). Cash flow from financing
totaled EUR 2.5 million (EUR -1.1 million), mainly consisting short-term
financial assets transfer to cash and cash equivalent assets. Total cash flow
from operations, investments and financing was positive EUR 1.8 million (EUR
-1.2 million) during the period.
RESEARCH AND DEVELOPMENT
Research and development expenses for April-June totaled EUR -0.6 million (EUR
-0.6 million), the equivalent of 28.7 percent of net sales (29.8 percent).
During April-June company has capitalized R&D costs EUR 0.2 million.
Research and development expenses for January-June totaled EUR -1.3 million
(EUR -1.1 million), the equivalent of 31.3 percent of net sales (24.3 percent).
During January-June company has capitalized R&D costs EUR 0.2 million.
Company has continued R&D capitalizations during the reporting period related
to Mobile Authentication business according to IAS 38 standard. Company has
started R&D capitalizations during the reporting period related to Managed
Security business according to IAS 38 standard. In reporting period R&D cost
capitalizations amount to EUR 0.2 million.
HUMAN RESOURCES AND ORGANIZATION
At the end of June, the Group had 61 employees on its payroll, down by 9
persons from the previous year, a decrease of -13 percent.
At the end of the period, 41 percent of the employees worked in sales and
marketing, 44 percent in R&D, and 15 percent in corporate administration.
BOARD AND AUDITORS
At the Annual General Meeting (AGM) on March 3, 2011 re-elected Juhani Harvela,
Pyry Lautsuo, Juho Lipsanen, Tiia Tuovinen and Tatu Ylönen as directors of the
company's Board of Directors. Juho Lipsanen was re-elected as the Chairman of
the Board of Directors.
The Authorized Public Accountants KPMG Oy Ab was re-elected as the auditor of
the company, with Kirsi Jantunen as the accountant with the main
responsibility.
SHARES, SHAREHOLDING AND CHANGES IN GROUP STRUCTURE
The reported trading volume of Tectia Corporation shares totaled 989,966
(valued at EUR 698,208.35). The highest quotation was EUR 0.89 and the lowest
EUR 0.57 The trade-weighted average share price for the period was EUR 0.71 and
the share closed at EUR 0.59 (June 30, 2011).
Company's principal owner Tatu Ylönen holdings directly and through his
company, Tatu Ylönen Oy, holds now 45.5 percent of the company's shares,
Assetman Oy holds 13.1 percent and SSH Management Investment Corp 4.7 percent.
More information about the shareholding can be obtained from the company´s web
site.
SSH Management Investment Corp is part of the Tectia Group consolidated
financial statements due to shareholder agreement.
During reporting period no dividend or return of capital are distributed.
SHARE CAPITAL AND BOARD AUTHORIZATIONS
The company's registered share capital on June 30, 2011 was EUR 916,476.24
consisting of 30,549,208 shares. During the reporting period option rights were
exercised in
I/1999 option program. According to the I/1999 option program, 250 shares were
subscribed for using class C option certificates, 250 shares using class D
option certificates and 500 shares using class F option certificates. Exercise
of options rights increased share capital 30.00 EUR.
The Annual General Meeting approved the Board of Directors' proposal to
authorize the Board of Directors to decide upon the issuing of in total
5,500,000 shares, in one or more tranches, as share issues against payment or
by giving stock options or other special rights entitling to shares, as defined
in Chapter 10 Section 1 of the Finnish Companies Act, either in accordance with
the shareholders' pre-emptive right to share subscription or deviating fromthis right. The authorization will be valid until the next Annual General
Meeting, but will expire on June 30th 2012 at the latest.
The Annual General Meeting approved the Board of Directors' proposal to
authorize the Board of Directors to decide upon the acquiring of a maximum of
2,000,000 of the company's own shares, in one or more tranches, with assets
belonging to the company's non-restricted equity. This amount corresponds
approximately to 6.55 per cent of all shares of the company. The compensation
to be paid for the acquired shares shall be determined on the date of
acquisition on the basis of the trading rate determined for the company's share
in the public trading arranged by NASDAQ OMX Helsinki Ltd. Furthermore, the
Annual General Meeting decided to authorize the Board of Directors to decide
upon a distress concerning a maximum of 1,500,000 own shares, in one or more
tranches. The amount corresponds approximately to 4.91 per cent of all shares
of the company. The authorization to acquire the shares and the authorization
concerning the distress shall be valid at most for eighteen (18) months after
the decision of the Annual General Meeting.
RISKS AND UNCERTAINTIES
Risk management is a part of Tectia's internal administration. It aims to
ensure that major risks affecting the company's business and operating
environment are identified and monitored. Tectia operates in fast chancing
security software markets, thus the changes in IT-business and particularly in
security software business development affects directly to company's business
risk. Since the United States is the main market area, any risks including
currency risks associated with that country are considered to be significant.
Other major risks are related to product technology, competitor activities and
profitability.
Sales operations are supported by the company's own legal unit, which, through
continuous management of contracts, seeks to reduce the risks related to the
company's business operations. Tectia protects its copyrights and trademarks
through sales agreements. The company has also an active patent policy to
protect its technology. Tectia encourages its employees to make and protect
inventions.
Tectia has a process in place whereby any network security risks found in the
company's products are promptly reported to senior management. Corrections are
made immediately and updates are supplied to customers without delay. The
company's critical information systems are secured. Tectia actively uses its
own products to protect the information system architecture. Encryption and
strong authentication protect the company's confidential data communications.
Tectia provides no financing for its customers other than by granting normal
payment terms. The company has a strong balance sheet and no significant
long-term liabilities. Asset managers invest the company's cash reserves in
accordance with a policy approved by the Board of Directors. Significant of the
Tectia's invoicing is taking place in US dollars. Company has hedged during the
reporting period against US dollar currency fluctuations. Company does not
apply hedge accounting on current hedging position and therefore states hedging
income/expenses in income statement.
During the reporting period there have not been any significant changes in
company's business risks or uncertainties.
RELATED PARTY TRANSACTIONS
During reporting period there have not been any significant changes in
company's business risks or uncertainties. More details to risks and
uncertainties are disclosed in 2010 financial statement and annual report.
EVENTS AFTER THE BALANCE SHEET DATE
Company will establish subsidiaries by end of financial year 2011 to manage its
patent portfolio.
TABLES
COMPREHENSIVE INCOME STATEMENT
-------------------------------------------------------------------------------
EUR million
-------------------------------------------------------------------------------
4-6 4-6 1-6/ 1-6/ 1-12/
/2011 /2010 2011 2010 2010
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Net sales 2.1 2.2 4.2 4.5 9.1
-------------------------------------------------------------------------------
Cost of goods sold -0.2 0.0 -0.2 -0.1 -0.2
-------------------------------------------------------------------------------
Gross profit 1.9 2.2 4.0 4.5 8.9
-------------------------------------------------------------------------------
Other operating income 0.0 0.0 0.0 0.0 0.0
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Sales. marketing and customer support costs -1.1 -1.2 -2.8 -2.4 -5.1
-------------------------------------------------------------------------------
Product development expenses -0.6 -0.6 -1.3 -1.1 -2.3
-------------------------------------------------------------------------------
Administrative expenses -0.4 -0.5 -0.9 -1.1 -2.2
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Operating profit/loss -0.2 -0.1 -1.1 -0.1 -0.7
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Financial income and expenses 0.0 0.1 -0.1 0.2 0.3
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Profit/loss before taxes -0.3 0.1 -1.2 0.1 -0.5
-------------------------------------------------------------------------------
Taxes 0.0 0.0 0.0 0.0 0.0
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Net profit/loss for the financial period -0.3 0.1 -1.2 0.1 -0.5
-------------------------------------------------------------------------------
Minority Interest -0.0 -0.0 -0.0
-------------------------------------------------------------------------------
Other profit and loss account items:
-------------------------------------------------------------------------------
Foreign subsidiary translation differences -0.1 0.0 -0.3 0.1 -0.2
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Total comprehensive income -0.3 0.1 -1.5 0.2 -0.7
-------------------------------------------------------------------------------
Net profit/loss attributable to:
------------------------------------------------------------------
Owners of the Company -0.3 -1.2 -0.0
------------------------------------------------------------------
Non-Controlling interest -0.0 -0.0 -0.5
------------------------------------------------------------------
------------------------------------------------------------------
EARNINGS PER SHARE
------------------------------------------------------------------
Earnings per share (EUR) -0.01 0.00 -0.04 0.00 -0.02
------------------------------------------------------------------
Earnings per share. diluted (EUR) -0.01 0.00 -0.04 0.00 -0.02
------------------------------------------------------------------
BALANCE SHEET
---------------------------------------------------------------------------
EUR million
---------------------------------------------------------------------------
30/06/2011 30/06/2010 31/12/2010
---------------------------------------------------------------------------
ASSETS
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Non-current assets
---------------------------------------------------------------------------
Tangible assets 0.1 0.2 0.2
---------------------------------------------------------------------------
Intangible assets 1.0 0.1 0.8
---------------------------------------------------------------------------
Investments 0.0 0.0 0.0
---------------------------------------------------------------------------
Total non-current assets 1.1 0.3 1.0
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Current assets
---------------------------------------------------------------------------
Trade and other receivables 1.5 1.6 3.3
---------------------------------------------------------------------------
Short-term financial assets 0.0 2.2 2.5
---------------------------------------------------------------------------
Cash and cash equivalents 3.3 2.8 1.5
---------------------------------------------------------------------------
Total current assets 4.8 6.6 7.2
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Total assets 5.9 6.9 8.3
---------------------------------------------------------------------------
---------------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Shareholders' equity
---------------------------------------------------------------------------
Equity attributable to the 1.9 2.9
parent company shareholders
total
---------------------------------------------------------------------------
Non-controlling interest 0.3 0.3
---------------------------------------------------------------------------
Shareholders' equity total 2.2 2.8 3.2
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Non-current liabilities
---------------------------------------------------------------------------
Provisions 0.1 0.1 0.1
---------------------------------------------------------------------------
Non-current interest-bearing 0.0 0.0 0.0
liabilities
---------------------------------------------------------------------------
Total long-term liabilities 0.1 0.1 0.1
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Current liabilities 3.6 4.0 5.0
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Liabilities total 3.7 4.1 5.2
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Total equity and liabilities 5.9 6.9 8.3
---------------------------------------------------------------------------
---------------------------------------------------------------------------
CASH FLOW STATEMENT
--------------------------------------------------------------------
EUR million 1-6/2011 1-6/2010 1-12/2010
--------------------------------------------------------------------
--------------------------------------------------------------------
Cash flow from business operations -0.6 0.0 -0.9
--------------------------------------------------------------------
Cash flow from investments -0.1 -0.0 -0.1
--------------------------------------------------------------------
Cash flow from financing 2.5 -1.1 -1.4
--------------------------------------------------------------------
--------------------------------------------------------------------
Increase(+) / decrease (-) in cash 1.8 -1.2 -2.3
--------------------------------------------------------------------
--------------------------------------------------------------------
Cash at period start 1.6 3.9 3.9
--------------------------------------------------------------------
Effect of exchange rate 0.0 0.1 0.0
--------------------------------------------------------------------
Cash at period end 3.3 2.8 1.6
--------------------------------------------------------------------
--------------------------------------------------------------------
--------------------------------------------------------------------
STATEMENT ON CHANGES
IN SHAREHOLDERS'
EQUITY
--------------------------------------------------------------------------------
EUR million Share Fair Other Trans- Fund Non-Con Unrestrict Total
Capi-t value Equit lation for trollin ed equity
al reser y Fund diff own g funds and
-ves share intere retained
s st earnings
--------------------------------------------------------------------------------
Shareholders 0.9 0.1 -1.0 -1.1 5.5 4.4
' equity
Jan. 1. 2010
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Change 0.0 0.0 -0.3 -0.3
--------------------------------------------------------------------------------
Return of 0.1 -1.5 -1.4
Capital
--------------------------------------------------------------------------------
Net profit 0.1 0.1
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareholders 0.9 0.1 -1.3 -1.0 4.2 2.8
' equity
June. 30.
2010
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Change -0.2
--------------------------------------------------------------------------------
Transactions 0.1 0.5 0.6
related to
Siltanet
Corp
Purchase
--------------------------------------------------------------------------------
Net profit -0.0 -0.6 -0.6
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Management 0.0 0.3 0.3
Incentive
plan
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareholders 0.9 0.1 0.1 -1.3 -1.0 0.3 4.0 3.2
' equity
Dec. 31.
2010
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Change -0.1 -0.1
--------------------------------------------------------------------------------
Net Profit -0.0 -0.8 -0.8
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareholders 0.9 0.1 0.1 -1,4 -1.0 0.3 3.2 2.2
' equity
June 30.
2011
--------------------------------------------------------------------------------
NET SALES BY SEGMENT
---------------------------------------------------
EUR million 4-6/ 4-6/ 1-6/ 1-6/ 1-12/
2011 2010 2011 2010 2010
---------------------------------------------------
---------------------------------------------------
AMER 1.1 1.4 2.5 3.1 6.0
---------------------------------------------------
APAC 0.3 0.2 0.6 0.4 1.0
---------------------------------------------------
EMEA 0.6 0.6 1.1 1.0 2.1
---------------------------------------------------
Tectia Group total 2.1 2.2 4.2 4.5 9.1
---------------------------------------------------
GROSS MARGIN BY SEGMENT
------------------------------------------------------
EUR million 4-6/ 4-6/ 1-6/ 1-6/ 1-12/
2011 2010 2011 2010 2010
------------------------------------------------------
------------------------------------------------------
AMER 1.1 1.1 2.5 3.0 6.0
------------------------------------------------------
APAC 0.3 0.3 0.6 0.4 1.0
------------------------------------------------------
EMEA 0.4 0.4 0.9 1.0 1.9
------------------------------------------------------
Tectia Group total 1.8 1.8 4.0 4.4 8.9
------------------------------------------------------
OPERATING PROFIT/LOSS BY SEGMENT
---------------------------------------------------------------
EUR million 4-6/ 4-6/ 1-6/ 1-6/ 1-12/
2011 2010 2011 2010 2010
---------------------------------------------------------------
---------------------------------------------------------------
AMER 0.6 0.9 1.1 2.0 3.4
---------------------------------------------------------------
APAC 0.2 0.1 0.4 0.2 0.4
---------------------------------------------------------------
EMEA 0.3 0.2 0.4 0.2 0.5
---------------------------------------------------------------
Common Group -1.4 -1.2 -3.0 -2.5 -5.1
expenses*
---------------------------------------------------------------
Tectia Group total -0.2 -0.1 -1.1 -0.1 -0.7
---------------------------------------------------------------
* Common Group expenses include Group administration expenses (e.g. management
and finance) and product management and R&D expenses for corporate
headquarters.
KEY FIGURES AND RATIOS
--------------------------------------------------------------------------------
EUR million 1-6/201 1-6/201 1-12/201
1 0 0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net sales 4.2 4.5 9.1
--------------------------------------------------------------------------------
Operating profit/loss -1.1 -0.1 -0.7
--------------------------------------------------------------------------------
Operating profit/loss. as % of net sales -26.2 -2.1 -7.9
--------------------------------------------------------------------------------
Profit/loss before extraordinary items and taxes -0.8 0.1 -0.7
--------------------------------------------------------------------------------
Profit/loss before extraordinary items and taxes. as -19.3 2.0 -7.9
% of net sales
--------------------------------------------------------------------------------
Profit/loss before taxes -1.2 0.1 -0.5
--------------------------------------------------------------------------------
Profit/loss before taxes. as -27.7 2.0 -5.0
% of net sales
--------------------------------------------------------------------------------
Return on equity (%) -86.3 5.0 -12.8
--------------------------------------------------------------------------------
Return on investment (%) -78.9 5.6 -10.5
--------------------------------------------------------------------------------
Interest-bearing net liabilities -3.3 -4.8 -4.0
--------------------------------------------------------------------------------
Equity ratio (%) 60.5 66.4 69.1
--------------------------------------------------------------------------------
Gearing (%) -152.5 -174.5 -121.0
--------------------------------------------------------------------------------
Gross capital expenditure 0.1 0.0 0.1
--------------------------------------------------------------------------------
% of net sales 2.0 0.0 1.2
--------------------------------------------------------------------------------
R&D expenses 1.3 1.1 2.3
--------------------------------------------------------------------------------
% of net sales 31.3 24.3 25.2
--------------------------------------------------------------------------------
Personnel. period average 64 67 68
--------------------------------------------------------------------------------
Personnel. period end 61 70 70
--------------------------------------------------------------------------------
Calculation for key figures and ratios are presented in 2010 financial
statement and annual report. There have not been changes in calculation rules
after that.
PER-SHARE DATA
------------------------------------------------------------------------------
EUR 1-6/2011 1-6/2010 1-12/2010
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Earnings per share. Undiluted -0.04 0.00 -0.02
------------------------------------------------------------------------------
Earnings per share. diluted -0.04 0.00 -0.02
------------------------------------------------------------------------------
Equity per share 0.06 0.10 0.10
------------------------------------------------------------------------------
No. of shares at period average (thousand) 30 548 29 901 29 900
------------------------------------------------------------------------------
No. of shares at period end (thousand) 30 548 29 901 29 901*
------------------------------------------------------------------------------
Share performance
------------------------------------------------------------------------------
Average price 0.71 0.90 0.91
------------------------------------------------------------------------------
Low 0.57 0.76 0.76
------------------------------------------------------------------------------
High 0.89 1.15 1.15
------------------------------------------------------------------------------
Share price. period end 0.59 0.92 0.83
------------------------------------------------------------------------------
Market capitalization. period end (EUR million) 18.0 27.5 24.8
------------------------------------------------------------------------------
Volume of shares traded (million) 1.0 3.0 4.5
------------------------------------------------------------------------------
Volume of shares traded. As 3.2 10.2 15.1
% of total
------------------------------------------------------------------------------
Value of shares traded (EUR million) 0.7 2.7 4.1
------------------------------------------------------------------------------
Price per earnings ratio (P/E) - - -
------------------------------------------------------------------------------
Dividend per share 0.0 0.0 0.0
------------------------------------------------------------------------------
Dividend per earnings, % 0.0 0.0 0.0
------------------------------------------------------------------------------
Effective return on dividend, % 0.0 0.0 0.0
------------------------------------------------------------------------------
* Figure does not include directed share issue to Siltanet Corp as the shares
became under exercise not until January 2011.
CONTINGENT LIABILITIES
----------------------------------------------------------------
EUR million 30.6.2011 30.6.2010 31.12.2010
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Rent security deposits 0.1 0.1 0.1
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Leasing commitments outside
the balance sheet
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Maturing within 1 year 0.4 0.4 0.5
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Maturing between 1 and 5 years 1.2 0.9 1.3
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DISCLAIMER
The content in this report is provided by Tectia Corporation ("Tectia") and its
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or sell its shares or the shares of others. If you are interested in investing
in Tectia, please contact your financial adviser for further details and
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DISCLAIMS ALL WARRANTIES, EXPRESSED OR IMPLIED. AS TO THE AVAILABILITY,
ACCURACY OR RELIABILITY OF ANY OF THE CONTENT PROVIDED, OR AS TO THE FITNESS OF
THE INFORMATION FOR ANY PURPOSE.
Tectia Corporation will release its next interim report for January 1-September
30, 2011 in October 19th.
Helsinki, July 20th 2011
TECTIA CORPORATION
Board of Directors
Jari Mielonen
CEO
For further information, please contact:
Jari Mielonen, CEO. tel. +358 40 703 8383
Mikko Karvinen, CFO. tel. +358 50 326 4101
Distribution:
NASDAQ OMX Helsinki Ltd.
Major media
www.tectia.com
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