2013-04-30 08:00:02 CEST
2013-04-30 08:00:11 CEST
SÄÄNNELTY TIETO
Digia Oyj - Interim report (Q1 and Q3)
DIGIA’S FIRST QUARTER 2013: CLOSURE OF CONTRACT ENGINEERING BUSINESS CONTINUED TO AFFECT THE NET SALES, LEADING TO SLIGHTLY NEGATIVE OPERATING PROFIT
Helsinki, 2013-04-30 08:00 CEST (GLOBE NEWSWIRE) -- DIGIA PLC INTERIM REPORT,
30 APRIL 2013 at 09:00
DIGIA'S FIRST QUARTER 2013: CLOSURE OF CONTRACT ENGINEERING BUSINESS CONTINUED
TO AFFECT THE NET SALES, LEADING TO SLIGHTLY NEGATIVE OPERATING PROFIT
SUMMARY:
January-March
- Consolidated net sales: EUR 23.5 (26.1) million, down 9.8 per cent
- Consolidated operating profit: EUR -0.5 (1.4) million
- Profitability (EBIT %): −2.0 (5.4) per cent
- Product business accounted for 37.5 (27.0) per cent
- Earnings per share: EUR −0.02 (0.04)
The company's net sales and especially its operating profit fell clearly from
the comparison period in the previous year.
The decline in net sales was due to the fact that the company had no more
mobile contract engineering operations during the period under review, as they
ceased at the end of 2012. Excluding the mobile contract engineering operations
the net sales levelled the comparison period in the previous year.
The Qt business was relatively successful during the reporting period, with net
sales growing compared to the same period last year. Demand and bid volumes
were both good. The development of new business opportunities in the large
global customers was favourable, although lengthened decision-making has slowed
down growth also in this area.
The Qt business acquisition completed in Q3 2012 is still burdening the
business unit with heavy expenses, which means that a weaker operating profit
for the whole company was to be expected for the period under review. The
slightly below-expectations net sales also had a direct effect on operating
profit, making it negative and slightly below the targeted level.
The company expects the operating loss of the review period to be temporary.
Consolidated net sales are expected to grow compared to the first quarter and
operational profitability is expected to return to a reasonable level during
the second quarter of the year. In the second half of the year the company
expects its profitability to continue improving to a good level.
GROUP KEY FIGURES AND RATIOS
1-3/2013 1-3/2012 Change, %
--------------------------------------------------------------------------
Net sales 23,513 26,064 -9.8%
--------------------------------------------------------------------------
Operating profit before extraordinary items -473 1,419
--------------------------------------------------------------------------
- % of net sales -2.0% 5.4%
--------------------------------------------------------------------------
EBIT -473 1,419
--------------------------------------------------------------------------
- % of net sales -2.0% 5.4%
--------------------------------------------------------------------------
Net profit -472 798
--------------------------------------------------------------------------
- % of net sales -2.0% 3.1%
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Return on equity,% -9.8% 8.1%
--------------------------------------------------------------------------
Return on capital invested, % -2.7% 9.5%
--------------------------------------------------------------------------
Interest-bearing liabilities 19,114 20,619 -7.3%
--------------------------------------------------------------------------
Cash and cash equivalents 6,617 6,151 7.6%
--------------------------------------------------------------------------
Net gearing 31.3% 37.4%
--------------------------------------------------------------------------
Equity ratio, % 50.3% 48.8%
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Earnings per share, EUR, undiluted -0.02 0.04
--------------------------------------------------------------------------
Earnings per share, EUR, diluted -0.02 0.04
--------------------------------------------------------------------------
MARKETS AND DIGIA'S BUSINESS OPERATIONS
Caution arising from the global economic situation occasionally lengthened
customers' decision-making processes and delayed the start of new projects.
Continuing cost pressures felt by customers during the review period affected
their procurement decision, especially in bespoke solutions and services
business.
The integration business developed favourably and even exceeded expectations
thanks to new customer relationships and existing key accounts.
Demand for ERP systems and other operational systems was relatively good during
the review period. Customers continued displaying caution in their purchasing
behaviour and sales cycles were still long. Order and bid volumes remained at a
normal, healthy level, but with significant sector-specific differences in
demand.
The Qt business was relatively successful during the reporting period, with net
sales growing compared to the same period last year. Demand and bid volumes
were both good. The development of new business opportunities in the large
global customers was favourable, although lengthened decision-making has slowed
down growth also in this area. During the period, the company continued
fulfilling previously reported plans related to Qt product development and
areas of focus. New Qt releases have been well received in the market.
In Digia's Russian unit, the focus of business development was on analytics
solutions for local customers within the retail value chain. Besides offering
services locally, the Russian unit also supports the company's business in
Finland by providing near shore services, particularly within ERP system
solutions.
The focus of development of the Chinese unit is on Qt licence and consulting
services offered to the local Chinese market.
NET SALES
Digia's consolidated net sales for the reporting period totalled EUR 23.5
(26.1) million, down 9.8 per cent from the same period in 2012.
The decline in net sales was mostly due to the fact that the company had no
more mobile contract engineering operations during the period under review, as
they ceased at the end of 2012. Excluding the mobile contract engineering
operations the net sales levelled the comparison period in the previous year.
During the reporting period, the product business accounted for EUR 8.8 (7.0)
million or 37.5 (27.0) per cent of consolidated net sales.
International operations accounted for EUR 4.4 (5.2) million or 18.6 (19.9) per
cent of consolidated net sales.
PROFIT PERFORMANCE AND PROFITABILITY
Digia's consolidated operating profit for the reporting period was EUR −0.5
(1.4) million. Profitability (EBIT %) was -2.0 (5.4) per cent.
The company's operating cost structure and profitability were negatively
affected during the period by investments into the international product
business. With slightly below-expectations net sales, the cost structure caused
the company to make a minor operating loss.
Consolidated earnings before tax for the period totalled EUR -0.7 (1.1)
million, and net profit was EUR -0.5 (0.8) million.
Consolidated earnings per share were EUR −0.02 (0.04).
The Group's net financial expenses were EUR 0.3 (0.3) million.
FINANCIAL POSITION AND EXPENDITURE
At the end of the reporting period, Digia Group's consolidated balance sheet
total stood at EUR 91.8 million (12/2012: EUR 92.4 million), and the equity
ratio was 50.3 (12/2012: 52.6) per cent. Net gearing was 31.3 (12/2012: 27.5)
per cent. Period-end cash and cash equivalents totalled EUR 6.6 (12/2012: 8.3)
million.
Interest-bearing liabilities amounted to EUR 19.1 (12/2012: 19.8) million at
the period end. These consisted of EUR 18.0 million in loans from financial
institutions and EUR 1.1 million in financial leasing liabilities.
The Group's cash flow from operations for the period was positive by EUR 0.9
(2.0) million, cash flow from investments was negative by EUR 0.03 (0.9)
million, and cash flow from financing was negative by EUR 2.6 (3.1) million.
Cash flow from finance was negatively affected by the payment of dividends
totalling EUR 2.1 million and by the repayment of loans totalling EUR 0.5
million during the reporting period.
The Group has made no material investments in fixed assets during the review
period (Q1/2012: EUR 0.9 million).
Return on investment (ROI) for the period was -2.7 (9.5) per cent, and return
on equity (ROE) was -9.8 (8.1) per cent.
The Group carries out quarterly impairment testing of goodwill and intangible
assets with an indefinite useful life. The table below shows the distribution
of goodwill and values subject to testing at the end of the reporting period:
EUR Specified Amortisations during Goodwi Other Total value
1,000 intangible the reporting period ll items subject to
assets testing
--------------------------------------------------------------------------------
Group 9,448 372 51,105 7,157 67,710
total
--------------------------------------------------------------------------------
Present values were calculated for the forecast period based on the following
assumptions: Net sales and operating profit for the first quarter of the
forecast period according to the confirmed figures for the latest quarter, and
for the following three quarters according to budget. After this, annual growth
in net sales of 3.0 per cent and in operating profit of 10.0 per cent, and a
pre-tax discount rate of 9.4 per cent. Cash flows after the forecast period
were estimated by means of cash-flow extrapolation, applying the assumptions
given above.
According to a completed sensitivity analysis, the goodwill requires either net
sales to remain at the current level with profitability of 5.7 per cent, or a
3.0 per cent growth in net sales with profitability of 3.2 per cent. The
management sees no risk of goodwill impairment.
PERSONNEL, MANAGEMENT AND ADMINISTRATION
At the end of the period, the total number of Group personnel was 943,
representing a decrease of 39 employees or 4.0 per cent since the end of 2012
(982). During the reporting period the number of employees averaged 947, a
decrease of 78 employees or 7.6 per cent from the 2012 average (1,025).
Employees by function at the end of the period:
Business units 95%
----------------------------------
Administration and management 5%
----------------------------------
As of the end of the period, 180 (12/2012: 195) employees were working abroad.
The Digia Plc Annual General Meeting of 12 March 2013 re-elected Päivi
Hokkanen, Robert Ingman, Kari Karvinen, Pertti Kyttälä, Seppo Ruotsalainen,
Leena Saarinen and Tommi Uhari as members of the Board. At the organisation
meeting of the Board, Pertti Kyttälä was elected Chairman of the Board and
Robert Ingman Vice Chairman.
Juha Varelius has been Digia Plc's President and CEO since 1 January 2008.
Anja Wasenius started as Acting CFO in June 2012.
Ernst & Young Oy, authorised public accountants, are the Group's auditors, with
Authorised Public Accountant Heikki Ilkka as the principal auditor.
RISKS AND UNCERTAINTIES
The company's short-term business risks and uncertainties were described in the
2012 Financial Statement Bulletin. These are unchanged.
Risks and their management are described on the company's website at
www.digia.com.
FUTURE PROSPECTS
The company is focusing heavily on paving the way for growth. Besides organic
growth, the company will actively pursue opportunities to make carefully
considered business acquisitions that support its strategy.
The company expects the IT market to remain at roughly the previous year's
level in 2013.
Efforts will continue to develop the company's customer understanding and sales
and service portfolio, to ensure that it can offer increasingly competitive
services and solutions for boosting its customers' business efficiency.
The company expects demand for its ERP systems, operational systems and
integration services to remain good, although increased caution on the customer
side and lengthening sales cycles may have an effect on future order intake.
The company continues to seek growth in the expanding Russian market. The
Chinese unit will focus on Qt licence sales and supporting service.
The company expects net sales from the Qt business to continue growing, leading
to an improvement in operational profitability.
The company expects the operating loss of the review period to be temporary.
Consolidated net sales are expected to grow compared to the first quarter and
operational profitability is expected to return to a reasonable level during
the second quarter of the year. In the second half of the year the company
expects its profitability to continue improving to a good level.
OTHER EVENTS DURING THE REVIEW PERIOD
Convening on 12 March 2013, the Digia Plc Annual General Meeting (AGM) approved
the financial statements for 2012, released the Board members and the CEO from
liability, determined Board emoluments, resolved to keep the number of Board
members at seven (7), and elected the Board of Directors for the new term.
With regard to profit distribution for 2012, the AGM approved the Board's
proposal to pay a dividend of EUR 0.10 per share to all shareholders listed in
the shareholder register maintained by Euroclear Finland Ltd on the
reconciliation date of 15 March 2013. The dividend payment date was 22 March
2013.
The AGM granted the following authorisations to the Board:
Authorisation of the Board of Directors to decide on buying back own shares
and/or accepting them as collateral
The AGM authorised the Board to decide on the buyback and/or acceptance as
collateral of not more than 2,000,000 shares in the company. This buyback can
only be executed by means of the company's unrestricted equity. The Board shall
decide on how these shares are to be bought. Own shares may be bought back in
disproportion to the holdings of the shareholders. The authorisation also
includes acquisition of shares through public trading organised by NASDAQ OMX
Helsinki Oy in accordance with the rules and instructions of NASDAQ OMX
Helsinki and Euroclear Finland Ltd, or through offers made to shareholders.
Shares may be acquired in order to improve the company's capital structure, to
fund acquisitions or other business transactions, for offering share-based
incentive schemes, to sell on, or to be annulled. The shares must be acquired
at the market price in public trading. This authorisation supersedes that
granted by the AGM of 13 March 2012 and is valid for 18 months, i.e. until 12
September 2014.
Authorising the Board of Directors to decide on a share issue and granting of
special rights
The AGM authorised the Board to decide on an ordinary or bonus issue of shares
and the granting of special rights (as defined in Section 1, Chapter 10 of the
Limited Liability Companies Act) in one or more instalments, as follows: The
issue may total, at a maximum, 4,000,000 shares. The authorisation applies both
to new shares and to treasury shares held by the company. By virtue of the
authorisation, the Board has the right to decide on share issues and the
granting of special rights, in deviation from the pre-emptive subscription
rights of the shareholders (a directed issue). The authorisation may be used to
fund or complete acquisitions or other business transactions, for offering
share-based incentive schemes, to develop the company's capital structure, or
for other purposes. The Board was authorised to decide on all terms related to
the share issue or special rights, including the subscription price, its
payment in cash or (partly or wholly) in capital contributed in kind or its
being written off against the subscriber's receivables, and its recognition in
the company's balance sheet. This authorisation supersedes that granted by the
AGM of 13 March 2012 and is valid for 18 months, i.e. until 12 September 2014.
Based on the authorisation received, the Board decided on 12 March 2013 to make
a directed share issue of 33,326 to the company's management, in accordance
with Section 4 of Chapter 9 of the Limited Liability Companies Act, as part of
the payments related to the share-based incentive scheme for 2012.
SHARE CAPITAL AND SHARES
On 31 March 2013, the number of Digia Plc shares totalled 20,875,645.
At the end of the period, according to Finnish Central Securities Depository
Ltd, Digia had 5,573 shareholders.
The 10 biggest shareholders were:
Shareholder Shares and votes
---------------------------------------------------------------
Ingman Group Oy Ab 18.3%
---------------------------------------------------------------
Jyrki Hallikainen 10.2%
---------------------------------------------------------------
Ilmarinen Mutual Pension Insurance Company 9.1%
---------------------------------------------------------------
Kari Karvinen 6.3%
---------------------------------------------------------------
Matti Savolainen 6.1%
---------------------------------------------------------------
NASDAQ OMXBS/Skandinaviska Enskilda Banken AB 4.7%
---------------------------------------------------------------
Varma Mutual Pension Insurance Company 3.6%
---------------------------------------------------------------
Nordea Bank Finland Plc (nominee-registered) 1.5%
---------------------------------------------------------------
Etola Oy 1.0%
---------------------------------------------------------------
Juha Varelius 0.9%
---------------------------------------------------------------
Distribution of holdings by number of shares held on 31 March 2013:
Number of shares Shareholders Shares and votes
---------------------------------------------------
1-100 22.3% 0.4%
---------------------------------------------------
101-1,000 59.1% 7.1%
---------------------------------------------------
1,001-10,000 17.1% 12.2%
---------------------------------------------------
10,001-100,000 1.1% 8.5%
---------------------------------------------------
100,001-1,000,000 0.4% 21.8%
---------------------------------------------------
1,000,001-4,000,000 0.1% 50.0%
---------------------------------------------------
Shareholding by sector on 31 March 2013:
Shareholders Shares
--------------------------------------------------------------------
Non-financial corporations 4.4% 23.0%
--------------------------------------------------------------------
Financial and insurance corporations 0.1% 1.9%
--------------------------------------------------------------------
General government 0.1% 12.8%
--------------------------------------------------------------------
Not-for-profit institutions serving households 0.2% 0.4%
--------------------------------------------------------------------
Households 94.7% 54.5%
--------------------------------------------------------------------
Rest of the world 0.5% 7.4%
--------------------------------------------------------------------
Shareholding by sector reporting has since the previous report been changed so
that shareholding of the holders of nominee registered shares is reported as
shareholding of the rest of the world.
The weighted average number of shares during the reporting period, adjusted for
share issues, was 20,779,690. The number of outstanding shares was 20,818,273
in total at the end of the review period.
The company held a total of 57,372 treasury shares at the end of the reporting
period. The accounting counter value of these treasury shares is EUR 0.10 per
share. The company held about 0.3 per cent of the capital stock as of 31 March
2013.
REPORTED SHARE PERFORMANCE ON THE HELSINKI STOCK EXCHANGE
Digia Plc shares are listed on the Nordic Exchange under ‘Information
Technology IT Services'. The company's short name is DIG1V. The lowest reported
share quotation was EUR 2.65 and the highest was EUR 3.18. The share officially
closed at EUR 2.95 on the last trading day. The trade-weighted average was EUR
3.00. The Group's market capitalisation totalled EUR 61,583,153 at the end of
the period.
The company received the following flagging notifications during the reporting
period:
- Ilmarinen Mutual Pension Insurance Company announced on 22 February 2013
that its holding in the company had risen above the 5% flagging threshold, to
9.12% of all shares and votes in the company.
- Pekka Päiviö Sivonen announced on 25 February 2013 that his holding in the
company had fallen below the 5% flagging threshold, to 0.85% of the company's
shares and votes.
STOCK OPTION SCHEMES
Digia Plc had no outstanding options.
Helsinki, 30 April 2013
Digia Plc
Board of Directors
COMMUNICATIONS
Digia will hold a briefing on its Interim Report for analysts on Tuesday 30
April 2013 at 11 am, at WTC Sodexo in the Marski cabinet of the World Trade
Center, Aleksanterinkatu 17, 00100 Helsinki, Finland. All are welcome.
FURTHER INFORMATION
Juha Varelius, President and CEO, Mobile: +358 400 855 849, email:
juha.varelius@digia.com
The Interim Report and presentation thereof will be available at the company's
website at www.digia.com in the 'Investors' section, from 11 am.
DISTRIBUTION
NASDAQ OMX Helsinki
Key media
ABBREVIATED FINANCIAL STATEMENTS AND ATTACHMENTS
Consolidated Income Statement
Consolidated Balance Sheet
Consolidated Cash Flow Statement
Consolidated Statement of Changes In Shareholders' Equity
NOTES TO THE ACCOUNTS
The Interim Report was prepared in compliance with IFRS and the IAS 34 standard.
The Interim Report is unaudited.
CONSOLIDATED INCOME STATEMENT, EUR 1,000
EUR 1,000 1-3/2013 1-3/2012 Change,
%
--------------------------------------------------------------------------------
NET SALES 23,512.9 26,064.4 -9.8%
--------------------------------------------------------------------------------
Other operating income 291.7 202.2 44.2%
--------------------------------------------------------------------------------
Materials and services -2,311.8 -2,544.3 -9.1%
--------------------------------------------------------------------------------
Depreciation, amortisation and impairment -731.5 -648.0 12.9%
--------------------------------------------------------------------------------
Other operating expenses -21,234.0 -21,655.8 -1.9%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
EBIT -472.8 1,418.5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Financial expenses (net) -267.5 -347.7 -23.1%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Earnings before tax -740.2 1,070.8
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Income taxes 268.6 -273.1
--------------------------------------------------------------------------------
NET PROFIT -471.7 797.7
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Other comprehensive income:
--------------------------------------------------------------------------------
Items which may be reclassified subsequently to
profit or loss
--------------------------------------------------------------------------------
Exchange differences on translation of foreign -116.4 125.1
operations
--------------------------------------------------------------------------------
Total comprehensive income -588.1 922.8
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Distribution of net profit:
--------------------------------------------------------------------------------
Parent-company shareholders -471.7 797.7
--------------------------------------------------------------------------------
Minority interest 0.0 0.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Distribution of total comprehensive income:
--------------------------------------------------------------------------------
Parent-company shareholders -588.1 922.8
--------------------------------------------------------------------------------
Minority interest 0.0 0.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Earnings per share, EUR -0.02 0.04
--------------------------------------------------------------------------------
Earnings per share (diluted), EUR -0.02 0.04
--------------------------------------------------------------------------------
CONSOLIDATED BALANCE SHEET, EUR 1,000
Assets 31/3/2013 31/12/2012 Change, %
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Non-current assets
--------------------------------------------------------------------------------
Intangible assets 60,824.4 61,265.0 -0.7%
--------------------------------------------------------------------------------
Tangible assets 1,878.0 2,152.3 -12.7%
--------------------------------------------------------------------------------
Financial assets 627.0 627.0 0.0%
--------------------------------------------------------------------------------
Inventories 0.0 25.3 -100.0%
--------------------------------------------------------------------------------
Long-term receivables 69.5 69.5 0.0%
--------------------------------------------------------------------------------
Deferred tax assets 925.1 535.0 72.9%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total non-current assets 64,324.0 64,674.0 -0.5%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Current assets
--------------------------------------------------------------------------------
Current receivables 20,862.4 19,418.5 7.4%
--------------------------------------------------------------------------------
Available-for-sale financial assets 320.1 318.7 0.5%
--------------------------------------------------------------------------------
Cash and cash equivalents 6,296.7 7,964.5 -20.9%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total current assets 27,479.2 27,701.7 -0.8%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total assets 91,803.2 92,375.7 -0.6%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareholders' equity and liabilities 31/3/2013 31/12/2012 Change, %
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Share capital 2,087.6 2,087.6 0.0%
--------------------------------------------------------------------------------
Rights issue 0.0 0.0
--------------------------------------------------------------------------------
Issue premium fund 7,899.5 7,899.5 0.0%
--------------------------------------------------------------------------------
Other reserves 5,203.8 5,203.8 0.0%
--------------------------------------------------------------------------------
Unrestricted invested shareholders' equity 33,447.8 33,447.8 0.0%
--------------------------------------------------------------------------------
Translation difference 670.2 553.8 21.0%
--------------------------------------------------------------------------------
Retained earnings -8,937.2 -11,153.7
--------------------------------------------------------------------------------
NET PROFIT -471.7 4,024.3
--------------------------------------------------------------------------------
Equity attributable to parent-company 39,900.0 42,063.1 -5.1%
shareholders
--------------------------------------------------------------------------------
Minority interest 0.0 0.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total shareholders' equity 39,900.0 42,063.1 -5.1%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Liabilities
--------------------------------------------------------------------------------
Long-term interest-bearing liabilities 12,378.2 13,026.6 -5.0%
--------------------------------------------------------------------------------
Received long-term advances 3,583.7 4,192.7 -14.5%
--------------------------------------------------------------------------------
Other long-term liabilities 0.0 0.0 ,
--------------------------------------------------------------------------------
Deferred tax liabilities 737.1 639.4 15.3%
--------------------------------------------------------------------------------
Total long-term liabilities 16,699.0 17,858.7 -6.5%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Short-term interest-bearing liabilities 6,736.1 6,822.5 -1.3%
--------------------------------------------------------------------------------
Other short-term liabilities 28,468.0 25,631.4 11.1%
--------------------------------------------------------------------------------
Total short-term liabilities 35,204.1 32,453.9 8.5%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total liabilities 51,903.1 50,312.6 3.2%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareholders' equity and liabilities 91,803.2 92,375.7 -0.6%
--------------------------------------------------------------------------------
CONSOLIDATED CASH FLOW STATEMENT, EUR 1,000
1/1/2013-31/3/201 1/1/2012-31/03/201
3 2
--------------------------------------------------------------------------------
Cash flow from operations:
--------------------------------------------------------------------------------
Net profit -472 798
--------------------------------------------------------------------------------
Adjustments to net profit 179 1,680
--------------------------------------------------------------------------------
Change in working capital 1,402 797
--------------------------------------------------------------------------------
Interest paid -141 -233
--------------------------------------------------------------------------------
Interest income 0 2
--------------------------------------------------------------------------------
Taxes paid -28 -1,006
--------------------------------------------------------------------------------
Net cash flow from operations 941 2,038
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cash flow from investments:
--------------------------------------------------------------------------------
Purchases of tangible and intangible -25 -934
assets
--------------------------------------------------------------------------------
Cash flow from investments -25 -934
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cash flow from financing:
--------------------------------------------------------------------------------
Proceeds from share issue 0 0
--------------------------------------------------------------------------------
Acquisition of own shares 0 0
--------------------------------------------------------------------------------
Repayment of current loans -500 -1,044
--------------------------------------------------------------------------------
Repayments of non-current loans 0 0
--------------------------------------------------------------------------------
Withdrawals of current loans 0 0
--------------------------------------------------------------------------------
Withdrawals of non-current loans 0 0
--------------------------------------------------------------------------------
Dividends paid and other profit -2,082 -2,078
distribution
--------------------------------------------------------------------------------
Cash flow from financing -2,582 -3,123
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Change in liquid assets -1,666 -2,019
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Liquid assets at beginning of period 8,283 8,170
--------------------------------------------------------------------------------
Change in fair value
--------------------------------------------------------------------------------
Change in liquid assets -1,666 -2,019
--------------------------------------------------------------------------------
Liquid assets at end of period 6,617 6,151
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY, EUR 1,000 a b c d e f g h
--------------------------------------------------------------------------------
Shareholders' equity, 1 2,088 0 7,899 35,525 5,204 208 -11,172 39,753
January 2012
--------------------------------------------------------------------------------
Net profit 798 798
--------------------------------------------------------------------------------
Other comprehensive income 125 125
--------------------------------------------------------------------------------
Repayment of capital -2,077 -2,077
--------------------------------------------------------------------------------
Share-based payments 110 110
recognised against equity
--------------------------------------------------------------------------------
Shareholders' equity, 31 2,088 0 7,899 33,448 5,204 333 -10,264 38,708
March 2012
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
a b c d e f g h
--------------------------------------------------------------------------------
Shareholders' equity, 1 2,088 0 7,899 33,448 5,204 554 -7,129 42,063
January 2013
--------------------------------------------------------------------------------
Net profit -472 -472
--------------------------------------------------------------------------------
Other comprehensive income 116 116
--------------------------------------------------------------------------------
Dividends -2,082 -2,082
--------------------------------------------------------------------------------
Share-based payments 274 274
recognised against equity
--------------------------------------------------------------------------------
Shareholders' equity, 31 2,088 0 7,899 33,448 5,204 670 -9,409 39,900
March 2013
--------------------------------------------------------------------------------
a = share capital
b = rights issue
c = share premium
d = unrestricted invested shareholders' equity
e = other reserves
f = currency translation differences
g = retained earnings
h = total shareholders' equity
NOTES TO THE ACCOUNTS
Accounting principles:
This Interim Report was drawn up in accordance with IAS 34, Interim Financial
Reporting. At the beginning of the fiscal year, the company adopted certain new
or updated IFRS standards and IFRIC interpretations, as described in the 2012
Annual Report. These changes have not yet had any visible effect on the
reported figures. Otherwise, the same accounting policies and calculation
methods have been applied as in the previous annual financial statements. The
formulae for the calculation of key figures and ratios are unchanged and were
presented in the 2012 Annual Report.
Seasonal nature of business:
The Group's business is affected by the number of workdays each month, as well
as by holiday seasons.
Dividends paid:
Dividends paid during the reporting period totalled EUR 2,081,827.30.
Related-party transactions:
Digia Group's related parties include the CEO and the members of the Board of
Directors and Group Management Team. Digia Group had no significant
transactions with related parties during the reporting period.
Consolidated income statement by quarter:
EUR 1,000 1-3/2013 10-12/201 7-9/2012 4-6/2012 1-3/2012
2
--------------------------------------------------------------------------------
Net sales 23,512.9 25,451.2 24,439.2 24,493.4 26,064.4
--------------------------------------------------------------------------------
Other operating income 291.7 380.2 256.4 251.6 202.2
--------------------------------------------------------------------------------
Materials and services -2,311.8 -2,502.1 -1,963.1 -2,184.9 -2,544.3
--------------------------------------------------------------------------------
Depreciation, -731.5 -886.3 -1,086.8 -697.5 -648.0
amortisation and
impairment
--------------------------------------------------------------------------------
Other operating expenses -21,234.0 -22,198.5 -17,100.8 -21,186.2 -21,655.8
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
EBIT -472.8 244.4 4,544.9 676.4 1,418.5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Financial expenses (net) -267.5 -265.2 -378.9 -289.1 -347.7
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Earnings before tax -740.2 -20.8 4,166.0 387.3 1,070.8
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Income taxes 268.6 -103.9 -1,094.4 -107.6 -273.1
--------------------------------------------------------------------------------
Net profit -471.7 -124.7 3,071.6 279.7 797.7
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Allocation:
--------------------------------------------------------------------------------
Parent-company -471.7 -124.7 3,071.6 279.7 797.7
shareholders
--------------------------------------------------------------------------------
Minority interest 0.0 0.0 0.0 0.0 0.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Earnings per share, EUR -0.02 -0.01 0.15 0.01 0.04
--------------------------------------------------------------------------------
Earnings per share -0.02 -0.01 0.15 0.01 0.04
(diluted), EUR
--------------------------------------------------------------------------------
Group key figures and ratios:
EUR 1,000 1-3/2013 1-3/2012
------------------------------------------------------------------------------
Extent of business:
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Net sales 23,513 26,064
------------------------------------------------------------------------------
- change from previous year -9.8% -21.9%
------------------------------------------------------------------------------
Average capital invested 60,463 60,476
------------------------------------------------------------------------------
Personnel at period end 943 1,047
------------------------------------------------------------------------------
Average number of personnel 947 1,078
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Profitability:
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Operating profit before extraordinary items and impairment -473 1,419
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- % of net sales -2.0% 5.4%------------------------------------------------------------------------------
EBIT -473 1,419
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- % of net sales -2.0% 5.4%
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Earnings before tax -740 1,071
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- % of net sales -3.1% 4.1%
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Net profit -472 798
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% of net sales -2.0% 3.1%
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Return on equity, % -9.8% 8.1%
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Return on investment, % -2.7% 9.5%
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Financing and financial standing:
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Interest-bearing liabilities 19,114 20,619
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Short-term investments & cash and bank receivables 6,617 6,151
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Net gearing 31.3% 37.4%
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Equity ratio 50.3% 48.8%
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Net cash flow from operations 941 2,038
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Earnings per share, undiluted (EUR) -0.02 0.04
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Earnings per share, diluted (EUR) -0.02 0.04
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Equity/share, EUR 1.91 1.85
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Lowest share trading price, EUR 2.65 2.45
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Highest share trading price, EUR 3.18 3.30
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Average share price, EUR 3.00 3.04
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Market capitalisation 61,583 63,044
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Formulae for key figures and ratios are presented in the 2012 financial
statements. These remained unchanged during the reporting period.
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