2012-04-19 08:00:00 CEST
2012-04-19 08:00:04 CEST
REGULATED INFORMATION
Revenio Group Oyj - Interim report (Q1 and Q3)
REVENIO GROUP CORPORATION INTERIM REPORT Q1/2012
-Health Care segment's vigorous and profitable growth continued
Helsinki, 2012-04-19 08:00 CEST (GLOBE NEWSWIRE) -- Revenio Group Corporation
Stock Exchange Release April 19, 2012, 9:00 hrs
REVENIO GROUP CORPORATION INTERIM REPORT Q1/2012-Health Care segment's vigorous
and profitable growth continued
- Consolidated net sales came to EUR 7.7. million (EUR 7.8 million), down 0.9%.
- Consolidated operating profit (EBIT) was EUR 0.4 million (EUR 1.0 million),
representing 5.1 (12.3)% of net sales.
- Pre-tax profit amounted to EUR 0.3 million (EUR 0.9 million).
- Diluted and undiluted earnings per share came to EUR 0.003 (EUR 0.008).
- Cash flow from operating activities amounted to EUR -1.8 million (EUR 2.3
million). Negative cash flow due to working capital tied in Done Logistic's
projects in Norway
- The Health Care segment continued its vigorous development.
- Midas Touch, Done Software Solutions and FLS Finland saw their operating
profit improve.
- Done Logistics showed a loss
- The AGM of March 28, 2012 decided on the distribution of a per-share dividend
of EUR 0.02 (0.02).
- Financial guidance for 2012 will remain unchanged at the Group: Net sales and
operating profit for 2012 are forecast to fall in comparison to 2011 figures
due to developments at the Systems segment. Operating profit excluding
non-recurring items is expected to remain clearly positive.
Statement by President and CEO Olli-Pekka Salovaara:
“The beginning of the year was dichotomous at Revenio Group. The continued
growth of the Health Care segment ― in the USA but also in our other main
markets - provided a reason for joy. Markedly improved profits at our smaller
companies also pleased us:Done Software Solutions was successful in winning new
customers, and its operations are seeing clear growth. Traditionally, Q1 is a
difficult period for FLS Finland due to the wintery installation conditions,
but this year, the company had markedly more export deliveries than the
previous year, while its profit also picked up. Midas Touch's business
operations are growing; its operating profit saw a marked increase
year-on-year.
In February, Boomeranger Boats received an order from Malta, thus being able to
expand to a new market area. However, this new order did not have an impact on
the beginning of the year, which proved slow for the company.
Done Logistics' struggles with profitability, which had started in Q4/2011,
continued unabated. The high costs of the installation and implementation
phases of the Norwegian projects and the lack of any other significant orders
weigh down the company's profit. Due to the poor economic outlook, the
measures of reorganization of business operations have been undertaken. The
company's losses throw a shadow over the Group's otherwise stellar beginning of
2012.”
MARKET SITUATION
During the financial year, the Services segment continued seeing positive
development in its market situation - particularly with regard to inbound
operations, an area towards which the segment's focus is being shifted, due to
its lower risks and more stable future prospects compared to telemarketing. The
situation in the telecommunications market was also reasonably good. The
pending legislative amendment concerning a ban on the telemarketing of mobile
phone subscriptions does not impact on segment operations. Overall, the segment
enjoyed, in terms of its production capacity, an adequate number of customer
assignments matching the company's current strategy in Q1.
In the Systems segment, the demand for internal-logistics automation systems
was weak and the market situation was exceptionally difficult. On the other
hand, the demand for internal-logistics information systems picked up over the
review period, and the market situation is expected to remain favorable during
the current year.
Over the start of the review period, the Health Care segment saw demand for
Icare Finland tonometers continue to grow, while the market situation remained
good. The demand for the probes used in tonometers is growing due to the growth
of the number of devices in the market.
In Q1, the demand situation in the Safety segment resembled the situation seen
at the end of last year. Demand tends to fluctuate from quarter to quarter in
accordance with the scheduling of customer's procurement decisions. The order
from Malta secured by the company during the review period represents the
typical size of call for tenders currently available in the market. The
uncertainties related to national economies in our traditional market areas
serve to somewhat slow down the decision-making processes. In spite of this,
public investments in defense and safety are expected to continue, since some
customers need to modernize their equipment and have other, concrete investment
needs based on a requirement for additional equipment.
In the Technology segment, the demand for fuel price displays saw some growth
year-on-year. The first quarter is typically slow in the Nordic price display
market, since the weather conditions make it difficult to install price
displays.
NET SALES, PROFITABILITY AND PROFIT
Consolidated net sales from Revenio Group's continuing operations for the
period from January 1 to March 31, 2012 were EUR 7.7 million (EUR 7.8 million),
showing a decrease of -0.9 percent.
Earnings before interest, taxes, depreciation and amortization (EBITDA) from
continuing operations amounted to EUR 0.6 million (EUR 1.2 million), or 7.7
(14.8) percent of net sales.
Consolidated operating profit (EBIT) from continuing operations was EUR 0.4
million (EUR 1.0 million), representing 5.1 (12.3) percent of net sales. The
pre-tax result was EUR 0.3 million (EUR 0.9 million), or 3.6 (11.2) percent of
net sales. Net profit for the review period was EUR 0.2 million (EUR 0.6
million), representing 3.1 (8.1) percent of net sales.
Both undiluted and diluted earnings per share totaled EUR 0.003 (EUR 0.008).
Equity per share was EUR 0.20(EUR 0.20).
The decrease in the net sales accumulated from the Norwegian projects
contributed to the slight decrease in Group net sales. The Safety segment also
saw a decrease in net sales. The other segments saw an increase in net sales.
The poor profitability of the Systems segment's delivery phase and the lack of
new projects were the primary contributing factors to the decrease in operating
profit. Low production volume during the review period impacted on the
profitability of the Safety segment. The other segments saw marked year-on-year
increases in operating profit.
The Shares of Ametro Oy, formerly an associated company of the goup, were sold
during the review period. A capital loss of EUR 0,15 million was posted for the
sale.
BALANCE SHEET, FINANCIAL POSITION AND INVESTMENTS
The consolidated balance sheet total on March 31, 2012 was EUR 23.8 million
(EUR 25.5 million).
Shareholders' equity came to EUR 15.2 million (EUR 15.2 million). At the end of
the review period, interest-bearing net liabilities amounted to EUR -1.1
million (EUR -1.5 million) and gearing stood at -7.0 (-9.7) percent. The
consolidated equity ratio was 64.9 (64.1) percent. The Group's liquid assets
amounted to EUR 2.3 million (EUR 3.9 million) at the end of the review period.
The Group's financial position remained stable in the period under review. In
addition to its liquid assets, the Group has a EUR 2.0 million credit facility,
from which no funds had been withdrawn at the end of the review period. Cash
flow from business operations came to EUR -1.8 million (EUR 2.3 million). The
working capital tied in Done Logistics' Norwegian projects put a strain on cash
flow from business operations. The Group's purchases of PPE and intangible
assets totaled EUR 0.2 million (EUR 0.2 million).
OPERATIONS BY BUSINESS SEGMENT
Revenio Group Corporation's business operations are organized into five
segments: Services (Midas Touch Oy), Systems (Done Logistics Oy and Done
Software Solutions Oy), Health Care (Icare Finland Oy), Safety(Boomeranger
Boats Oy), and Technology (FLS Finland). This structure is in line with the
Group's organization and internal reporting.
Services
The Services segment comprises Midas Touch, one of the leading contact center
companies in Finland. Midas Touch provides outsourced telephone services,
including customer service, help desk services, exchange management,
telemarketing and market surveys for the private and public sectors alike.
The Services segment's net sales in Q1/2012 totaled EUR 1.4 million (EUR 1.2
million), up 18.5 percent. The segment's profit margin was EUR 0.1 million (EUR
0.0 million).
Midas Touch Oy's net sales saw an increase year-on-year due to the growth in
inbound operations and successful telemarketing assignments. Accordingly, the
operating profit for the review period saw a favorable development,
representing clearly the best quarterly profit during the company's lifespan in
its current configuration.
Systems
The Systems segment comprises Done Logistics, which provides companies with
materials handling systems related to their internal logistics, and Done
Software Solutions, which provides information systems for internal logistics
and inventory management, as well as the related services.
In Q1 2012, the Systems segment's net sales amounted to EUR 2.4 million (EUR
2.5 million), down 7.2 percent. The segment's profit margin was EUR -0.6
million (EUR 0.1 million).
Done Logistics' net sales and profitability saw a pronounced decrease
year-on-year. This turn of events was caused by installation work in the
Norwegian projects entering its final phase and the poor profitability of the
installation phase, and the fact that the company has been unable to obtain new
significant orders to replace the Norwegian projects, which are drawing to
their end.
The performance of Done Software Solutions saw favorable development during the
period, while its net sales and operating profit grew. The factors contributing
to the increase in net sales were the successful acquisition of new customers
as well as system development work ordered by existing customers. In addition
to the increase in net sales, great cost-efficiency of operations also
contributed to the growth of the operating profit.
Health Care
The Health Care segment comprises Icare Finland, which specializes in the
development, manufacture and sale of tonometers measuring intraocular pressure.
In Q1/2012, the Health Care segment's net sales amounted to EUR 2.6 million
(EUR 2.3 million), up 15.0 percent. The segment's profit margin was EUR 1.3
million (EUR 1.0 million), representing 50.4 percent (46.1 percent) of net
sales.
Year-on-year, the demand for tonometers grew, with growth gaining pace towards
the end of the review period. The operating profit for this quarter was the
best in the company's history.
Safety
The Safety segment consists of Boomeranger Boats, which designs, manufactures,
and sells Rigid Inflatable Boats (RIBs) of the highest quality, primarily for
the navy rescue units, authorities and defense forces of various countries.
In Q1/2012, the Safety segment's net sales amounted to EUR 0.6 million (EUR 1.4
million),down 54.6 percent. The segment's profit margin was EUR 0.0 million
(EUR 0.2 million).
Only a small number of orders for boats were in production in Q1, bringing net
sales and operating profit clearly down year-on-year.
In February, the company obtained an order for three RIB boats from the Armed
Forces of Malta. This order will be delivered in 2012. During Q1, company
performed systematic work for international brand development i.e. by means of
Volvo Ocean race-related marketing.
Technology
Representing the Technology segment, FLS Finland is the largest supplier of LED
price displays in the Nordic region and Finland's leading manufacturer of LED
information displays and parking guidance systems.
In Q1/2012, the Technology segment's net sales totaled EUR 0.7 million (EUR 0.4
million), up 52.5 percent. The segment's profit margin was EUR 0.1 million (EUR
0.0 million).
In a departure from previous years' winter periods, the company carried out
several minor-scale price display delivery projects to new and existing
European customers. The European distribution network for products was expanded
via delivery agreements made with new partners.
Net sales and segment margins for Q1/2012 and Q1/2011, excluding non-recurring
items:
Net Net Segment Segment
Sales Sales profit profit
margin margin
1-3/201 1-3/201 1-3/20 1-3/20
2 1 12 11
MEUR share MEUR share MEUR % MEUR %
Services 1.4 19 % 1.2 15 % 0.12 10 % 0.03 3 %
Systems Total 2.4 31 % 2.5 32 % -0.58 -23 % 0.11 4 %
-Done Logistics 1.9 25 % 2.2 28 % -0.74 -34 % 0.04 2 %
-Done Software 0.5 6 % 0.3 4 % 0.16 54 % 0.06 20 %
Solutions
Health Care 2.6 34 % 2.3 29 % 1.29 0 % 1.00 43 %
Safety 0.6 8 % 1.4 18 % 0.00 17 % 0.19 14 %
Technology 0.7 9 % 0.4 5 % 0.07 11 % -0.06 -15 %
Total 7.7 100 % 7.8 100 % 0.89 1.27 16 %
Parent co. -0.46 -0.31
expenses
Operating
Profit/loss
(Excluding 0.44 5 % 0.96 12 %
non-recurring
items)
The net sales, margin, and profit, by segment and quarter, excluding non
recurring items, were as follows:
MEUR Q1/12 Q4/11 Q3/11 Q2/11 Q1/11
Net sales:
Services 1.4 1.3 1.2 1.2 1.2
Systems total 2.4 3.6 3.9 3.2 2.6
-Done Logistics 1.9 3.1 3.6 2.9 2.2
-Done Software 0.5 0.4 0.3 0.3 0.3
Solutions
Health care 2.6 2.6 1.9 2.2 2.3
Safety 0.6 0.6 0.6 1.2 1.4
Technology 0.7 0.7 0.7 0.7 0.4
Total 7.7 8.8 8.2 8.5 7.8
Segment profit Q1/12 Q4/11 Q3/11 Q2/11 Q1/11
margin:
Services 0.12 -0.03 0.06 0.06 0.03
Systems Total -0.58 -0.81 0.69 0.34 0.11
-Done Logistics -0.74 -0.94 0.64 0.30 0.04
-Done Software 0.16 0.13 0.05 0.04 0.06
Solutions
Health care 1.29 1.21 0.79 0.90 1.00
Safety 0.00 0.06 0.13 0.17 0.19
Technology 0.07 0.03 0.07 0.06 -0.06
Total 0.89 0.46 1.74 1.53 1.26
Parent co. -0.46 -0.42 -0.47 -0.37 -0.31
expenses
Operating 0.44 0.04 1.27 1.16 0.95
profit
Operating 5.1 0.3 15.8 13.8 12.4
profit-%
HUMAN RESOURCES
During the period, the number of personnel employed by the Group averaged 251
(246).
At the end of the period, the number of employees was 253 (242).
The number of personnel employed by the Group during the period, by segment,
averaged:
31 March 2012 31 March 2011 Change
Services 138 137 1
Systems 62 58 4
Health Care 13 12 1
Safety 22 23 -1
Technology 12 12 0
Parent company 4 4 0
Total 251 246 5
Wages, salaries and other remuneration paid during the period totaled EUR 2.5
million (EUR 2.1 million).
SHARES, SHARE CAPITAL AND MANAGEMENT HOLDINGS
On March 31, 2012, Revenio Group Corporation's fully paid share capital
registered in the Trade Register was EUR 5,314,918.72 and the number of shares
outstanding totaled 76,889,730. 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 March 31, 2012, the Board of Directors and the President and CEO held 1.6
percent of the company's shares, totaling 1,202,600 shares, and 18.6 percent of
the option rights, for a total of 684,365 options.
CHANGES IN SHAREHOLDING
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 plan, comprising a maximum of
3,684,365 option rights. Each option right entitles the holder to subscribe to
one Revenio Group Corporation share. Against the total number of the company's
shares on March 31, 2012, the proportion of shares to be subscribed for on the
basis of the option rights issued represents a maximum of 2.5% of the company's
shares and votes, once all new shares subscribed for with these option rights
have been registered.
Share subscriptions via the option program 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
shares), Series B (1,000,000) and Series C (1,000,000).The subscription periods
for options are as follows: for Series A, May 1, 2009-May 1, 2013; for Series
B, November 1, 2010-November 1, 2014; and for Series C, May 1, 2012-May 1,
2016. The share subscription price will be the trade-weighted average price
over the periods November 1-30, 2007 (EUR 0.62, Series A); April 1-30, 2009
(EUR 0.27, Series B); and November 1-30, 2010 (EUR 0.26, Series C). No new
option rights were distributed to the personnel during the review period.
Series 2007B option rights, a total of 1,000,000 option rights, have been
available for trading on the NASDAQ OMX Helsinki exchange since March 30, 2011.
TRADING ON THE NASDAQ OMX HELSINKI
During Q1/2012, Revenio Group Corporation's turnover on the NASDAQ OMX Helsinki
exchange totaled EUR 5.5 million (EUR 4.8 million), representing 12.0 (13.8)
million shares or 15.6 (17.9) percent of shares outstanding. The trading high
was EUR 0.50 (0.44) and the low EUR 0.41 (0.30). At the end of the review
period, the closing price was EUR 0.42 (EUR 0.43), and the average share price
was EUR 0.46 (EUR 0.35). Revenio Group Corporation's market value on March 31,
2012, was EUR 32.3 million (EUR 33.0 million).
ANNUAL GENERAL MEETING AND BOARD AUTHORIZATIONS IN EFFECT
The Annual General Meeting (AGM) held on March 28, 2012 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, 2011.
The AGM re-selected the following persons as members of the Board of Directors:
Timo Mänty, Pekka Tammela, Rolf Fryckman, Julia Ormio and Matti Hyytiäinen. 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 stake of at least
five percent in Revenio Group Corporation, either directly or through a company
in which he or she has a minimum holding of 50%, should not be entitled to a
separate emolument. In total, 40% of Board members' emoluments will be settled
in the form of shares in the company, while 60% will consist of monetary
payment.
The AGM re-elected PricewaterhouseCoopers Oy, Authorized Public Accountants, as
the company's auditors with Juha Tuomala, Authorized Public Accountant, acting
as the principal auditor. The AGM decided to compensate the auditors upon the
presentation of an approved invoice.
The AGM decided to accept the Board's proposal on profit distribution,
according to which the profit for the financial period, EUR 2,056,691.01, will
be added to retained earnings, and a dividend of EUR 0.02 per share will be
paid, totaling EUR 1,531,342.42.
The AGM rescinded its earlier authorization to buy back 7,683,973 of the
company's own shares and authorized the Board to make the decision to buy back
a maximum of 7,688,973 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 amount of company distributable earnings.
The AGM decided to rescind the Board's valid unexercised share-issue
authorizations. The AGM authorized the Board of Directors to decide to issue a
maximum of 30,000,000 shares or to grant special rights (including stock
options) entitling to shares, as referred to in Section 1 of Chapter 10 of the
Limited Liability Companies Act, in one or several tranches.
This authorization was granted to be used to finance and implement any
prospective corporate acquisitions or other transactions, to implement the
company's share-based incentive plans, or for other purposes determined by the
Board.
It was decided that the authorization also grants the Board 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 said special
rights and the payable consideration. Moreover, the authorization also includes
the right to waive shareholders' pre-emptive subscription rights, thus enabling
private placement of shares. The Board's authorization covers both the issue of
new shares and the transfer of any treasury shares possibly held by the
Company. This authorization will be valid until April 30, 2013.
BOARD OF DIRECTORS AND AUDITORS
Since March 28, 2012, Revenio Group Corporation's Board of Directors has
included Timo Mänty, M.Econ, Managing Director of Onninen Oy (Chairman of the
Board), Pekka Tammela, M.Econ, Authorized Public Accountant, partner in Pajamaa
Partners Oy, Rolf Fryckman, optician, Chairman of the Board of Eyemaker's
Finland Oy, Julia Ormio, Senior Legal Counsel at Foster Wheeler Energy Oy, and
Matti Hyytiäinen, M.Econ, Managing Director and CEO of PKC Group Oyj.
PricewaterhouseCoopers Oy, Authorized Public Accountants, serves as the
company's auditor, with Juha Tuomala, Authorized Public Accountant, as the
principal auditor.
MAJOR BUSINESS RISKS AND UNCERTAINTIES
The Group issued a notification to the stock exchange of its major business
risks and uncertainties in its financial statements bulletin of February 16,
2012. No changes in said risks have occurred since the bulletin's release.
MAJOR EVENTS AFTER THE PERIOD
There have been no major events since the period ended.
OUTLOOK FOR 2012
Net sales and operating profit for 2012 are forecast to fall in comparison to
2011 figures due to developments at the Systems segment. Operating profit
excluding non-recurring items is expected to remain clearly positive.
STATEMENT OF ACCOUNTING POLICIES
The recognition and valuation principles underlying the financial information
presented in this Interim Report comply with the principles of the
International Financial Reporting Standards (IFRS). The report does not comply
with all the requirements of IAS 34, Interim Financial Reporting. The figures
are unaudited.
GROUP KEY FIGURES AND RATIOS (MEUR) 1-3/2012 1-3/2011 1-12/2011
Net sales, continuing operations 7.7 7.8 33.3
Ebitda, continuing operations 0.6 1.2 4.2
Ebitda-%, continuing operations 7.7 14.8 12.5
Operating profit, continuing operations 0.4 1.0 3.4
Operating profit-%, continuing operations 5.1 12.3 10.3
Pre-tax profit, continuing operations 0.3 0.9 3.1
Pre-tax profit-%, continuing operations 3.6 11.2 9.2
Net profit from discontinued operations 0.0 0.1 1.7
Net profit, continuing operations 0.2 0.6 2.2
Net profit-%, continuing operations 3.1 8.1 6.6
Gross capital expenditure 0.2 0.2 0.7
Gross capital expenditure-% 2.3 2.6 2.1
R&D costs 0.0 0.1 0.4
R&D costs-% from net sales 0.5 1.3 1.1
Gearing-% -7.0 -9.7 -17.3
Equity ratio-% 64.9 64.1 66.6
Return on investment-% (ROI ) 8.4 23.6 20.2
Return on equity-% (ROE) 0.4 18.7 14.1
Undiluted earnings per share, EUR, continuing 0.003 0.008 0.028
operations
Diluted Earnings per share, EUR, continuing 0.003 0.008 0.028
operations
Undiluted earnings per share, EUR, discontinued 0.000 0.001 0.023
operations
Diluted Earnings per share, EUR, discontinued 0.000 0.001 0.022
operations
Equity per share, EUR 0.20 0.20 0.021
Average no. of employees, continuing operations 251 246 248
Cash flow from operating activities -1.8 2.3 4.2
Cash flow from investing activities 0.0 -0.1 1.1
Net cash used in financing activities -0.4 -0.4 -3.0
Total cash flow -2.2 1.8 2.4
CONSOLIDATED COMPREHENSIVE
INCOME STATEMENT (MEUR) 1-3/2012 1-3/2011 1-12/2011
NET SALES 7.7 7.8 33.3
Other operating income 0.0 0.0 0.1
Materials and services -2.6 -2.8 -13.4
Employee benefits -3.0 -2.6 -10.5
Depreciation/amortization -0.2 -0.2 -0.7
Other operating expenses -1.6 -1.2 -5.4
OPERATING PROFIT 0.4 1.0 3.4
Share of associates' results 0.0 0.0 0.0
Financial expenses (net) -0.1 -0.1 -0.4
PRE-TAX PROFIT 0.3 0.9 3.1
Income tax expense 0.0 -0.2 -0.9
Net profit from continuing operations 0.2 0.6 2.2
Net profit from discontinued operations 0.0 0.1 1.7
NET PROFIT 0.2 0.7 3.9
Other comprehensive income items 0.0 0.0 0.0
Income tax expense for comprehensive income 0.0 0.0 0.0
Other comprehensive income items
after taxes 0.0 0.0 0.0
TOTAL COMPREHENSIVE INCOME 0.2 0.7 3.9
Net profit attributable to:
Parent company shareholders 0.2 0.7 3.9
Total comprehensive income attributable to:
Parent company shareholders 0.2 0.7 3.9
Earnings per share, undiluted,EUR, continuing 0.003 0.008 0.028
operations
Earnings per share, diluted,EUR, continuing 0.003 0.008 0.028
operations
Earnings per share, undiluted,EUR, discontinued 0.000 0.001 0.023
operations
Earnings per share, diluted,EUR, discontinued 0.000 0.001 0.022
operations
CONSOLIDATED BALANCE SHEET (MEUR) 31 Mar 2012 31 Mar 2011 31 Dec 2011
ASSETS
NON-CURRENT ASSETS
Property. plant and equipment 1.7 1.6 1.7
Goodwill 8.1 8.2 8.1
Intangible assets 0.9 1.2 1.0
Shares in associates 0.0 0.4 0.3
Deferred tax assets 1.7 2.6 1.8
TOTAL NON-CURRENT ASSETS 12.5 14.1 13.0
CURRENT ASSETS
Inventories 1.4 1.1 1.2
Trade and other receivables 7.6 6.4 6.2
Cash and cash equivalents 2.3 3.9 4.4
TOTAL CURRENT ASSETS 11.2 11.4 11.8
TOTAL ASSETS 23.8 25.5 24.8
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 0.1 0.1 1.4
TOTAL EQUITY. attributable to holders
of parent company equity 15.2 15.2 16.4
TOTAL SHAREHOLDERS' EQUITY 15.2 15.2 16.4
LIABILITIES
NON-CURRENT LIABILITIES
Deferred tax liabilities 0.3 0.4 0.3
Provisions 0.2 0.1 0.2
Financial liabilities 0.2 1.1 0.5
TOTAL LONG-TERM LIABILITIES 0.6 1.6 0.9
CURRENT LIABILITIES
Advance payments 0.4 1.8 0.0
Trade and other payables 6.5 5.6 6.3
Financial liabilities 1.0 1.3 1.1
TOTAL SHORT-TERM LIABILITIES 7.9 8.7 7.4
TOTAL LIABILITIES 8.6 10.3 8.3
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY 23.8 25.5 24.8
CONSOLIDATED STATEMENT OF CHANGE IN EQUITY (MEUR)
Share Share Other Retained Total
capital Premium Reserves Earnings Equity
Balance 1 Jan 2012 5.3 2.4 7.3 1.3 16.4
Dividend distribution 0.0 0.0 0.0 -1.5 -1.5
Options expense
adjustment 0.0 0.0 0.0 0.1 0.1
Net profit 0.0 0.0 0.0 0.2 0.2
Balance 31 Mar 2012 5.3 2.4 7.3 0.1 15.2
Share Share Other Retained Total
capital Premium Reserves Earnings Equity
Balance 1 Jan 2011 5.3 2.4 7.3 -0.6 14.5
Options expense
adjustment 0.0 0.0 0.0 0.0 0.0
Net profit 0.0 0.0 0.0 0.7 0.7
Balance 31 Mar 2011 5.3 2.4 7.3 0.1 15.2
CONSOLIDATED CASH FLOW STATEMENT (MEUR) 1-3/2012 1-3/2011 1-12/2011
Net profit 0.2 0.7 3.9
Adjustments to net profit 0.4 0.5 1.9
Change in working capital -2.3 1.2 -1.6
Interest paid 0.0 -0.1 0.0
Interest received 0.0 0.0 0.0
CASH FLOW FROM OPERATING ACTIVITIES -1.8 2.3 4.2
Sales of subsidiaries (net) 0.0 0.0 1.7
Sales of associates' shares 0.2 0.0 0.0
Purchase of PPE -0.1 -0.2 -0.5
Purchase of Intangible assets 0.0 0.1 0.0
NET CASH USED IN INVESTING ACTIVITIES 0.0 -0.1 1.1
Purchase of own shares 0.0 0.0 -0.2
Paid dividends 0.0 0.0 -1.5
Repayments of long-term borrowings -0.4 -0.4 -1.2
Finance lease principal payment 0.0 0.0 -0.1
NET CASH USED IN FINANCING ACTIVITIES -0.4 -0.4 -3.0
Net change in cash and equivalents -2.2 1.8 2.4
Cash and equivalents. period-start 4.4 2.1 2.1
Cash and equivalents. period-end 2.3 3.9 4.4
NET SALES AND OPERATING PROFIT BY QUARTER (MEUR)
Q1/2012 Q4/2011 Q3/2011 Q2/2011 Q1/2011
Net sales 7.7 8.8 8.2 8.5 7.8
Oper. Profit 0.4 0.0 1.3 1.2 1.0
Oper. profit.-% 5.1 0.3 15.8 13.8 11.7
MAIN SHAREHOLDERS 31 March 2012
No. of shares %
1. Merivirta Jyri 14,500,000 18.9
2. Eyemakers' Finland Oy 7,817,214 10.2
3. Etera 3,500,000 4.6
4. Sijoitusrahasto Evli Suomi Osake 3,033,768 3.9
5. Alpisalo Mia 2,948,153 3.8
6. Kiesvaara Tuomo 1,074,692 1.4
7. AJP Holding Oy 1,000,000 1.3
8. Fennia 898,224 1.2
9. Salovaara Olli-Pekka 828,945 1.1
10. Longhorn Capital Oy 660,722 0.9
Revenio Group Corporation
BOARD OF DIRECTORS
For further information, please contact:
Olli-Pekka Salovaara, President and CEO, mobile +358 (0)40 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, listed on the NASDAQ OMX Helsinki, is the parent
company of the Finnish conglomerate Revenio Group. Revenio Group Corporation's
subsidiaries share a focus on Finnish specialist expertise and export-based
operations.
Revenio Group consists of six independent subsidiaries in five business
segments. These subsidiaries are Done Logistics Oy, Done Software Solutions Oy,
Icare Finland Oy, Boomeranger Boats Oy, FLS Finland Oy and Midas Touch Oy.
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