2009-04-29 09:15:31 CEST
2009-04-29 09:16:29 CEST
REGULATED INFORMATION
Ixonos - Interim report (Q1 and Q3)
INTERIM REPORT FOR THE PERIOD 1 JANUARY - 31 MARCH 2009
IXONOS PLC STOCK EXCHANGE RELEASE 29 APRIL 2009 10:15 INTERIM REPORT FOR THE PERIOD 1 JANUARY - 31 MARCH 2009 IXONOS' TURNOVER AND OPERATING PROFIT REALIZED AS PREDICTED - Turnover for the review period was EUR 17.4 million (2008: EUR 18.3 million), a change of -4.5 per cent (2008: 38.1 per cent). - Operating profit was EUR -0.0 million (2008: EUR 0.7 million), -0.1 per cent of turnover; operating profit fell -101.9 per cent. - Net profit was EUR -0.2 million (2008: EUR 0.4 million), -1.3 per cent of turnover; net profit decreased -162.9 per cent. - Earnings per share were EUR -0.03 (2008: EUR 0.04). - Diluted earnings per share were EUR -0.03 (2008: EUR 0.04). - Net cash flow from operative activities was EUR 0.2 million (2008: EUR -0.8 million). - In February, the company launched an operational rationalization program aiming at cost savings of approximately EUR 3 million per year from this year's second quarter. - Due to the market situation, turnover for the second quarter is forecast to be lower than in the previous year. Operating profit for the second quarter is estimated to be positive as well as satisfactory considering the market situation. Turnover for the entire year is envisaged to be lower than in the previous year. Kari Happonen, President and CEO: The recession that has followed the global financial crisis has also slowed demand for services in the ICT industry. During the first quarter, our turnover decreased according to forecasts, as our customers were very careful about their ICT investments, postponing, for instance, the start of new software and systems projects. As predicted, our operating profit was negative. However, due to determined rationalization action, the eventual losses were quite slight. In February, we commenced cooperation negotiations related to rationalization measures. The negotiations sought to rationalize the Group's administration and support functions, boost the proportion of chargeable work performed by the company's specialist staff, and increase the contribution of the international sites in proportion to the service output of the entire Group. The resulting savings will amount to approximately EUR 3 million per year from the second quarter of this year. Although the market situation in our industry appears to remain uncertain, we believe that the profitability of our operations will return to a satisfactory level, considering circumstances, during the second quarter. Despite the difficult market situation, we continued to develop our operations in accordance with the strategy we had sharpened at the turn of the year. In January, we established the Media & Communities business unit. This unit, which is run from our new office in Boston, USA, develops solutions for social media. We trust that as the economic recession eases, social-media solutions will be a major growth area. We also continued to increase our software production capacity in our new Beijing service centre, where the first customer projects began at the end of the review period. Through our operations in China, we aim to increase the productivity of our service production and prepare for post-recession growth by increasing our specialist personnel in China to several hundred within a couple of years. BUSINESS OPERATIONS Ixonos is an ICT service company producing innovative solutions for mobile communications, social media and digital services. Together with its customers, the company develops products and services that inspire the digital experience regardless of place and time. The company's corporate customers capitalize on new business opportunities and new productivity. By offering services that range from concept design, consulting, and project management to software production and maintenance, Ixonos strives to be a strategic partner for leading innovators. The company's clientele comprises globally leading mobile and smartphone manufacturers, network suppliers and telecom carriers as well as Finnish finance, industrial and service companies and public administration organizations. Ixonos' sites are located in Helsinki and in six other localities in Finland, as well as in Britain, China, Denmark, Estonia, Germany, Slovakia, and the United States. SEGMENTS Pursuant to its strategy, Ixonos aims at developing business models that enable both profitable growth and the price flexibility required by the competitive situation at any time. The most important development areas are innovations, solution capability, quality, and cost efficiency, as well as the continuous development of a customer-oriented service attitude. Since the beginning of 2009, Ixonos' business operations are organized into three segments, in line with strategy. The segments are Mobile Terminals & Software; Media & Communities; and Business Solutions. The Mobile Terminals & Software segment involves product development services for mobile terminal devices and for their software. The Media & Communities segment consists of device-independent Internet services related to content delivery and to social networking. The Business Solutions segment comprises development services pertaining to corporate business software and systems as well as to public administration online services. The company reported its business operations for the financial period 2008 as two segments: Consulting Services, and Software Production Services. The new segmentation matches more clearly the nature of the solutions Ixonos supplies as well as the business opportunities related to mobile communications and to Internet services. Mobile Terminals & Software Ixonos' Mobile Terminals & Software business area provides its customers with product development services for mobile terminal devices and for their software. During the review period, demand for the segment's services grew clearly compared with the reference period. Turnover increased by 17.8 per cent to EUR 9.4 million (2008: EUR 8.0 million). Operating profit increased by 0.8 per cent to EUR 1.0 million (2008: EUR 1.0 million), 11.1 per cent of turnover. The Mobile Terminals & Software segment actively utilized the offering of the Group's lower-cost sites in Tallinn, Košice and Beijing. Media & Communities Ixonos' Media & Communities business area provides its customers with device-independent Internet services related to delivery of media, entertainment and information as well as to social networking. During the review period, demand for the segment's services decreased clearly compared with the reference period. Turnover fell 30.6 per cent to EUR 2.2 million (2008: EUR 3.2 million). Operating profit decreased by 54.5 per cent to EUR 0.2 million (2008: EUR 0.4 million), 7.4 per cent of turnover. The reduction in turnover was due to generally weakened demand for services in the ICT industry after the global financial crisis as well as by individual large customer projects finishing at the end of 2008. The Media & Communities business area actively utilized the offering of the Group's lower-cost sites in Košice. Business Solutions Ixonos' Business Solutions area provides development services pertaining to corporate business software and systems as well as to public administration online services. During the review period, demand for the segment's services lessened somewhat compared with the reference period. The segment's turnover fell by 17.8 per cent to EUR 5.8 million (2008: EUR 7.0 million). Operating loss increased to EUR 0.6 million (2008: EUR 0.1 million), -9.6 per cent of turnover. The decrease in turnover was caused by generally weakened demand for services in the ICT industry after the global financial crisis as well as by a reduced project stock, particularly regarding operator customers. TURNOVER Consolidated turnover was EUR 17.4 million (2008: EUR 18.3 million), which is 4.5 per cent less than in the previous year. The Mobile Terminals & Software segment accrued 54 per cent (2008: 44 per cent) of turnover, the Business Solutions segment accrued 33 per cent (2008: 39 per cent), and the Media & Communities segment accrued 13 per cent (2008: 18 per cent). TURNOVER BY SEGMENT -------------------------------------------------------------------------------- | EUR 1,000 | 1-3 2009 | 1-3 2008 | 1-12 2008 | -------------------------------------------------------------------------------- | Mobile Terminals & | 9,403 | 7,984 | 33,830 | | Software | | | | -------------------------------------------------------------------------------- | Media & Communities | 2,235 | 3,222 | 12,679 | -------------------------------------------------------------------------------- | Business Solutions | 5,806 | 7,061 | 28,606 | -------------------------------------------------------------------------------- | Group total | 17,443 | 18,268 | 75,115 | -------------------------------------------------------------------------------- FINANCIAL RESULT Consolidated operating profit was EUR -0.0 million (2008: EUR 0.7 million); profit before taxes was EUR -0.3 million (2008: EUR 0.5 million). Profit for the review period was EUR -0.2 million (2008: EUR 0.4 million). Diluted earnings per share were EUR -0.03 (2008: EUR 0.04). Diluted cash flow from operating activities was EUR 0.02 per share (2008: EUR -0.09). The decreased personnel utilization rate at the beginning of the review period is the main reason for the reduced operating profit. Dismissal pay related to adaptation measures was recorded in the amount of EUR 0.3 million during the first quarter. OPERATING PROFIT BY SEGMENT -------------------------------------------------------------------------------- | EUR 1,000 | 1-3 2009 | 1-3 2008 | 1-12 2008 | -------------------------------------------------------------------------------- | Mobile Terminals & | 1,044 | 1,036 | 4,775 | | Software | | | | -------------------------------------------------------------------------------- | Media & Communities | 165 | 363 | 1,601 | -------------------------------------------------------------------------------- | Business Solutions | - 555 | - 121 | 1,240 | -------------------------------------------------------------------------------- | Administration | - 667 | - 617 | - 1,493 | -------------------------------------------------------------------------------- | Group total | -13 | 661 | 6,123 | -------------------------------------------------------------------------------- RATIONALIZATION PROGRAM On 12 February 2009, Ixonos commenced co-operation negotiations with its personnel in order to rationalize operations and improve profitability. The negotiations took place on an accelerated schedule, and they were completed on 10 March 2009. The cooperation negotiations concerned the Ixonos Group's administration and support functions as well as its sites in Finland. As a result of the negotiations, the bonus program for the entire personnel was abandoned for 2009, and the additional holiday pay accrued for the holiday season 2008-2009 will be reduced to a third of its normal amount. Additionally, the company's top management will waive one monthly salary in 2009. As an outcome of the negotiations, 25 employees were dismissed from the Ixonos Group. The dismissals focus on employees producing services for which the company does not expect sufficient future demand and that are under increasing international price pressure. The realized savings will amount to approximately EUR 3 million per year from the second quarter of this year. The negotiations also resulted in an agreement that a maximum of 50 employees may be laid off in April, May or June for not more than five months, if demand for the company's services weakens because of the market situation. Laid-off employees will receive personal protection against dismissal for six months, beginning on the first day of their lay-off. The company has initiated temporary lay-offs of 28 employees. The lay-offs will take effect from 5 May 2009. To increase productivity, the company continues to rationalize its operations. RETURN ON CAPITAL Consolidated return on equity (ROE) was -3.7 per cent (2008: 6.1 per cent); return on investment (ROI) was -0.0 per cent (2008: 5.7 per cent). BALANCE SHEET AND FINANCING The balance sheet total was EUR 58.8 million (2008: EUR 50.0 million). Shareholders' equity was EUR 24.9 million (2008: EUR 21.9 million). The equity ratio was 42.4 per cent (2008: 43.9 per cent). The Group's liquid assets amounted to EUR 2.3 million (2008: EUR 0.8 million) at the end of the review period. GOODWILL On 31 March 2009, the consolidated balance sheet included EUR 30.1 million in goodwill. This is a decrease of EUR 2.1 million during the review period (31 December 2008: EUR 32.2 million). In 2007, the company acquired Cidercone Life-Cycle Solutions Oy (later Ixonos Outsourcing Services Ltd). The changed additional price of this acquisition has affected the decrease in goodwill. During the review period, the company continued its investigations into the additional acquisition price. This price is presently estimated at EUR 7.8 million (31 December 2008: EUR 9.9 million). The acquisition price has been entered into the consolidated balance sheet as an interest-bearing current liability. The amount of the price is based on Ixonos Plc's view of the correct additional acquisition price. Negotiations with the seller have not led to consensus on the amount of the additional acquisition price. Based on preliminary comments received earlier from the selling party, the additional acquisition price carries a risk of a supplementary demand of approximately EUR 8 million. The company considers the possible supplementary demand unfounded. CASH FLOW Consolidated cash flow from operating activities was EUR 0.2 million (2008: EUR -0.8 million) during the review period. The change was due to a reduction in funds tied to operating activities. PERSONNEL The number of personnel averaged 971 (2008: 923) during the review period, and was 975 (2007: 937) at the end of the period. SHARES AND SHARE CAPITAL Share turnover and price During the review period, the highest price of the company's share was EUR 2.59 (2008: EUR 6.15), and the lowest EUR 1.80 (2008: EUR 4.26). The closing price on 31 March 2009 was EUR 1.88 (2008: EUR 4.40). The average price over the review period was EUR 2.07 (2008: EUR 4.83). The number of shares traded during the review period was 1,035,361 (2008: 1,117,467), which corresponds to 11.1 per cent (2007: 13 per cent) of the total number of shares at the end of the review period. The market value of the company's shares, according to the closing price on 31 March 2009, was EUR 17,508,607 (2008: EUR 39,197,972). Share capital At the beginning of 2009, the company's registered share capital was EUR 370,123.56; the number of shares was 9,253,089. During December 2008, a total of 60,000 shares were subscribed for based on the 2002 stock option plan II. The increase in share capital was entered into Finland's Trade Register on 6 March 2009. Ixonos' share capital was EUR 372,523.56 at the end of the review period; the total number of shares was 9,313,089. Option plan 2006 Under the 2006 stock options plan, 140,000 options have been released under AI, 140,000 options have been released under AII, and 60,000 options have been released under BI. Of the series A options, 15,000 AI options and 15,000 AII options have been returned to the company based on the terms of the options. These options have been converted to series B options in accordance with the option terms, and they have been redistributed. The maximum number of shares that can be subscribed for with outstanding options under options plan 2006 is 391,500, which is equivalent to 4.2 per cent of the company's total shares. The subscription period for the 2006 AI options began on 1 October 2007. The subscription period for AII and BI options began on 1 October 2008, and that for BII options will begin on 1 October 2009. The subscription price is EUR 4.13 with AI and AII options, and EUR 5.10 with BI and BII options. The subscription period for the 2006 options will end on 31 December 2011. Shareholders There were 2,801 shareholders on 31 March 2009 (2008: 2,976). Private persons owned 59 per cent (2008: 57 per cent) and institutions 41 per cent (2008: 43 per cent) of the shares. Foreign ownership was 2 per cent (2008: 3 per cent) of the total number of shares. Board authorizations At the end of the review period, the Board of Directors had no valid authorizations pertaining to the company's shares. DECISIONS OF THE ANNUAL GENERAL MEETING Ixonos Plc held its Annual General Meeting on 19 March 2009. The meeting adopted the company's financial statements, including the consolidated financial statements, for the financial period 1 January - 31 December 2008 and granted discharge from liability to the members of the Board of Directors and to the President and CEO. As per the Board's proposal, the meeting decided that no dividend would be paid for the financial period. Considering the investments necessary for developing and internationalizing the company's business operations, as well as the preparations for settling the additional acquisition price for Cidercone Life-Cycle Solutions Oy (later Ixonos Outsourcing Services Ltd), the Board of Directors proposed to the Annual General Meeting that the distributable assets be carried over in shareholders' equity, and that no dividend for the financial period 2008 be paid to shareholders. The Annual General Meeting confirmed the number of Board members to be seven. The meeting re-elected Board members Matti Järvinen, Tero Laaksonen, Matti Makkonen, Esko Siik and Markku Toivanen, and elected Peter Eriksson and Pertti Ervi as new Board members. At its meeting following the Annual General Meeting, the Board of Directors re-elected Tero Laaksonen Chairman of the Board, and elected Pertti Ervi Deputy Chairman. The Annual General Meeting decided to remunerate the Chairman of the Board of Directors with EUR 30,000 per year and EUR 500 per meeting, the Deputy Chairman of the Board with EUR 22,500 per year and EUR 250 per meeting, and other Board members with EUR 15,000 per year and EUR 250 per meeting. The meeting also decided to pay a fee of EUR 500 per meeting to the chairpersons of the Board's committees, and a fee of EUR 250 per meeting to committee members. Authorized public accountants Heikki Lassila and PricewaterhouseCoopers Oy were re-nominated as the Company's auditors. The Annual General Meeting decided to pay the auditor a fee as per a reasonable invoice. EVENTS AFTER THE FINANCIAL PERIOD On 6 April 2009, Finland's Financial Supervisory Authority approved the base prospectus of Ixonos Plc. Base prospectuses are prescribed in Finland's Securities Markets Act (495/1989). Ixonos Plc's base prospectus contains information on the company, on its business operations, and on its financial standing. The prospectus is valid for 12 months after its publication. It is available in electronic form on the company's website, at http://www.ixonos.com/en/investors/, throughout its validity. The prospectus has not been printed up, but printouts are available from the company's head office (Ixonos Plc, Hitsaajankatu 24, 00810 Helsinki, Finland). The base prospectus has been published only in Finnish; it is not available in other languages. Ixonos Plc paid EUR 7.8 million as the additional acquisition price in accordance with the share purchase agreement, signed on 4 September 2007, for Cidercone Life-Cycle Solutions Oy. This amount is based on Ixonos Plc's view of the correct additional acquisition price. Negotiations with the seller have not led to consensus on the amount of the additional acquisition price. Ixonos funded the payment of the additional acquisition price through undertaking EUR 4 million in non-current liabilities as well as EUR 4 million in current liabilities. The borrowings used for funding do not add to the interest-bearing liabilities in the balance sheet, as the entire additional acquisition price was already included under interest-bearing current liabilities, as IFRS provisions require. Based on preliminary comments received earlier from the selling party, the additional acquisition price carries a risk of a supplementary demand of approximately EUR 8 million. The company considers the possible supplementary demand unfounded. Under the share purchase agreement, if consensus on the amount of the additional acquisition price is not reached, the party that is unsatisfied with the decision can commence arbitration proceedings in accordance with the Arbitration Rules of the Finnish Central Chamber of Commerce. Expanding the site network In April 2009, the company opened sites in Boston, USA, and in Copenhagen, Denmark. The new sites relate to the company's strategy of operating close to its major customers. Affiliate merger On 1 January 2009, Ixonos Outsourcing Services Ltd was merged with Ixonos Project Management Services Ltd in an affiliate merger. The name of the new company became Ixonos Finland OICT Ltd. The Group intends to continue simplifying its legal structure; this will reduce administrative work related to legal entities. RISK MANAGEMENT AND NEAR-FUTURE UNCERTAINTY FACTORS Ixonos Plc's risk management aims to ensure undisturbed continuity and development of the company's business operations, to back up the implementation of the operational targets set by the company, and to support increasing the company's value. Details on the risk management organization and process as well as on recognized risks are presented on the company's website, at http://www.ixonos.com/en/investors/risk_management. Presently, the major uncertainty factors relate to the global financial crisis and its potential ramifications. The general financial uncertainty and the tightened credit conditions also influence corporate investments as well as willingness to invest. The prevailing economic uncertainty also seems to affect the information-system development investments of Ixonos' customers; such investments may be put on hold, or the decisions regarding them may be postponed. Ixonos' acquisitions, its rapid growth in 2006-2008, and the upswing in its project operations have increased the company's requirement for working capital. The company manages this need by creating adequate buffers to ensure sufficient funds together with the financiers, as well as by facilitating the circulation of working capital. The company's balance sheet also includes a significant amount of goodwill, which may be impaired should either internal or external factors reduce the company's profit expectations. Goodwill is tested during the fourth quarter of the year, and, if necessary, at other times. Ixonos has access to the cash funds required by its normal operations. Ixonos Plc paid EUR 7.8 million as the additional acquisition price in accordance with the share purchase agreement, signed on 4 September 2007, for Cidercone Life-Cycle Solutions Oy. This amount is based on Ixonos Plc's view of the correct additional acquisition price. Negotiations with the seller have not led to consensus on the amount of the additional acquisition price. Under the share purchase agreement, if consensus on the amount of the additional acquisition price is not reached, the party that is unsatisfied with the decision can commence arbitration proceedings in accordance with the Arbitration Rules of the Finnish Central Chamber of Commerce. FUTURE PROSPECTS The effects of the global financial crisis strongly affect also the IT service industry. According to Gartner research, the industry's total volume will decrease globally in 2009. Ixonos' customer companies are more cautious than usually in their software and information system investments and in commencing new projects. Price pressure also affects services, particularly in relation to international customers. Because of the general economic uncertainty, the predictability of the information technology market is very low. The company's turnover and operating profit for the second quarter are anticipated to be lower than in the previous year due to the difficult market situation. However, operating profit is envisaged to be positive as well as satisfactory considering the market conditions. Due to the market situation, the company's turnover for the entire year is expected to be lower than in the previous year. Nevertheless, one of the company's objectives for the present year is to continue developing services, expanding service production in lower-cost countries, and maintaining cash flow from business operations as well as profitability. NEXT REPORT Ixonos will publish its interim report for the period 1 January - 30 June 2009 on 5 August 2009. IXONOS PLC Board of Directors For more information, please contact: Ixonos Plc Kari Happonen, President and CEO telephone +358 424 2231, mobile +358 400 700 761, email kari.happonen@ixonos.com Timo Leinonen, CFO telephone +358 424 2231, mobile +358 400 793 073, email timo.leinonen@ixonos.com Distribution: NASDAQ OMX Helsinki Main media IXONOS GROUP ABBREVIATED FINANCIAL STATEMENTS 1 JANUARY - 31 MARCH 2009 Accounting policies The interim report has been prepared in accordance with the recognition and valuation principles in the International Financial Reporting Standards (IFRS), but not all the requirements of IAS 34 have been applied. As from 1 January 2009,the Group has applied the following new and revised standards: IFRS 8 Operating Segments and IAS 1 Presentation of Financial Statements. In other respects, the same accounting policies and principles have been applied as in the previous financial statements. The figures in the income statement and balance sheet have been consolidated. All group companies are included in the consolidated balance sheet. The original interim report is in Finnish. The English version is a translation. The figures are unaudited. CONSOLIDATED INCOME STATEMENT, EUR 1,000 -------------------------------------------------------------------------------- | | 1.1.- | 1.1.- | Change, | 1.1.- | | | 31.3.2009 | 31.3.2008 | per cent | 31.12.2008 | -------------------------------------------------------------------------------- | Turnover | 17,443 | 18,268 | - 4.5 | 75,115 | -------------------------------------------------------------------------------- | Operating costs | - 17,456 | - 17,607 | - 0.9 | - 68,992 | -------------------------------------------------------------------------------- | OPERATING PROFIT | - 13 | 661 | - 101.9 | 6,123 | -------------------------------------------------------------------------------- | Financial income and | - 323 | - 162 | 99.8 | - 1,406 | | costs | | | | | -------------------------------------------------------------------------------- | Profit before tax | - 336 | 499 | - 167.3 | 4,717 | -------------------------------------------------------------------------------- | Income tax | 104 | - 130 | - 179.8 | - 1,203 | -------------------------------------------------------------------------------- | NET PROFIT FOR THE PERIOD | - 232 | 369 | - 162.9 | 3,514 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED STATEMENT OF | | | | | | COMPREHENSIVE INCOME, EUR | | | | | | 1,000 | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net profit for the period | - 232 | 369 | - 162.9 | 3,514 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other comprehensive | | | | | | income | | | | | -------------------------------------------------------------------------------- | Change in translation | - 8 | 0 | | - 16 | | difference | | | | | -------------------------------------------------------------------------------- | TOTAL COMPREHENSIVE | - 240 | 369 | - 165.0 | 3,498 | | INCOME FOR THE PERIOD | | | | | -------------------------------------------------------------------------------- CONSOLIDATED STATEMENT OF FINANCIAL POSITION, EUR 1,000 -------------------------------------------------------------------------------- | ASSETS | 31.3.2009 | 31.3.2008 | 31.12.2008 | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | | | | -------------------------------------------------------------------------------- | Goodwill | 30,133 | 23,307 | 32,195 | -------------------------------------------------------------------------------- | Intangible assets | 6,113 | 6,167 | 6,632 | -------------------------------------------------------------------------------- | Property, plant and equipment | 3,201 | 1,402 | 3,147 | -------------------------------------------------------------------------------- | Deferred tax assets | 205 | 73 | 41 | -------------------------------------------------------------------------------- | Available-for-sale investments | 110 | 110 | 110 | -------------------------------------------------------------------------------- | TOTAL NON-CURRENT ASSETS | 39,762 | 31,058 | 42,125 | -------------------------------------------------------------------------------- | CURRENT ASSETS | | | | -------------------------------------------------------------------------------- | Trade and other receivables | 16,655 | 18,118 | 17,681 | -------------------------------------------------------------------------------- | Financial assets | 0 | 152 | 0 | -------------------------------------------------------------------------------- | Cash and cash equivalents | 2,341 | 642 | 2,913 | -------------------------------------------------------------------------------- | TOTAL CURRENT ASSETS | 18,996 | 18,912 | 20,594 | -------------------------------------------------------------------------------- | TOTAL ASSETS | 58,758 | 49,970 | 62,719 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | 31.3.2009 | 31.3.2008 | 31.12.2008 | -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY | | | | -------------------------------------------------------------------------------- | Share capital | 373 | 356 | 370 | -------------------------------------------------------------------------------- | Share premium reserve | 219 | 4,588 | 121 | -------------------------------------------------------------------------------- | Share issue | 0 | 0 | 100 | -------------------------------------------------------------------------------- | Invested non-restricted equity | 14,808 | 8,869 | 14,808 | | fund | | | | -------------------------------------------------------------------------------- | Retained earnings | 9,736 | 7,767 | 6,221 | -------------------------------------------------------------------------------- | Net profit for the period | - 232 | 369 | 3,514 | -------------------------------------------------------------------------------- | TOTAL SHAREHOLDERS´ EQUITY | 24,903 | 21,949 | 25,135 | -------------------------------------------------------------------------------- | LIABILITIES | | | | -------------------------------------------------------------------------------- | Non-current liabilities | 9 754 | 8,236 | 10,532 | -------------------------------------------------------------------------------- | Current liabilities | 24,101 | 19,785 | 27,052 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES | 33,855 | 28,021 | 37,584 | -------------------------------------------------------------------------------- | TOTAL EQUITY AND LIABILITIES | 58,758 | 49,970 | 62,719 | -------------------------------------------------------------------------------- STATEMENT OF CHANGES IN CONSOLIDATED SHAREHOLDERS' EQUITY, EUR 1,000 -------------------------------------------------------------------------------- | | Share | Share | Share |Invested | Transla | Retained| Total | | |capital|premium | issue | non- | tion | earn | | | | |reserve | | res | diffe | nings| | | | | | | tricted | rence | | | | | | | | equity | | | | | | | | | fund | | | | -------------------------------------------------------------------------------- |Shareholder´s| 355 | 4,512 | 77 | 8,869 | 0 | 7,734 | 21,548 | | equity | | | | | | | | | at 1 | | | | | | | | | January | | | | | | | | | 2008 | | | | | | | | -------------------------------------------------------------------------------- | Share-based | | | | | | 33 | 33 | | remuneration| | | | | | | | | expense | | | | | | | | -------------------------------------------------------------------------------- | Share issue | 1 | 76 | - 77 | | | | | -------------------------------------------------------------------------------- | Dividends | | | | | | | | -------------------------------------------------------------------------------- | Comprehen | | | | | | 369 | 369 | | sive income | | | | | | | | | for the | | | | | | | | | period | | | | | | | | -------------------------------------------------------------------------------- |Shareholder´s| 356 | 4,588 | | 8,869 | | 8,135 | 21,949 | | equity | | | | | | | | | at 31 March | | | | | | | | | 2008 | | | | | | | | -------------------------------------------------------------------------------- |Shareholder´s| 370 | 121 | 100 | 14,808 | - 16 | 9,751 | 25,135 | | equity | | | | | | | | | at 1 | | | | | | | | | January | | | | | | | | | 2009 | | | | | | | | -------------------------------------------------------------------------------- | Share-based | | | | | | 8 | 8 | | remuneration| | | | | | | | | expense | | | | | | | | -------------------------------------------------------------------------------- | Share issue | 2 | 98 | - 100 | | | | 0 | -------------------------------------------------------------------------------- | Dividends | | | | | | | | -------------------------------------------------------------------------------- |Comprehensive| | | | | - 8 | - 232 | - 239 | | income | | | | | | | | | for the | | | | | | | | | period | | | | | | | | -------------------------------------------------------------------------------- |Shareholder´s| 373 | 219 | 0 | 14,808 | - 23 | 9,527 | 24,903 | | equity | | | | | | | | | at 31 March | | | | | | | | | 2009 | | | | | | | | -------------------------------------------------------------------------------- CONSOLIDATED CASH FLOW STATEMENT, EUR 1,000 -------------------------------------------------------------------------------- | | 1.1.- | 1.1.- | 1.1.- | | | 31.3.2009 | 31.3.2008 | 31.12.2008 | -------------------------------------------------------------------------------- | Cash flow from operating | | | | | activities | | | | -------------------------------------------------------------------------------- | Profit for the period | - 232 | 369 | 3,514 | -------------------------------------------------------------------------------- | Adjustments to cash flow from | | | | | operating activities | | | | -------------------------------------------------------------------------------- | Tax | - 104 | 130 | 1,203 | -------------------------------------------------------------------------------- | Depreciation and impairment | 768 | 547 | 2,464 | -------------------------------------------------------------------------------- | Change in provisions | 0 | 0 | - 93 | -------------------------------------------------------------------------------- | Financial income and costs | 323 | 162 | 1,406 | -------------------------------------------------------------------------------- | Other adjustments | 8 | 33 | 98 | -------------------------------------------------------------------------------- | Cash flow from operating | 764 | 1,240 | 8,593 | | activities before change in | | | | | working capital | | | | -------------------------------------------------------------------------------- | Change in working capital | - 41 | - 1,589 | - 665 | -------------------------------------------------------------------------------- | Interest received | 3 | 10 | 165 | -------------------------------------------------------------------------------- | Interest paid | - 157 | - 133 | - 596 | -------------------------------------------------------------------------------- | Gains from sales of fixed assets | 1 | - 19 | - 21 | -------------------------------------------------------------------------------- | Tax paid | - 398 | - 320 | - 1,229 | -------------------------------------------------------------------------------- | Net cash flow from operating | 171 | - 811 | 6,246 | | activities | | | | -------------------------------------------------------------------------------- | Cash flow from investing | | | | | activities | | | | -------------------------------------------------------------------------------- | Investments in tangible and | - 7 | - 527 | - 4,556 | | intangible assets | | | | -------------------------------------------------------------------------------- | Change in financial assets | 0 | - 1 | 143 | -------------------------------------------------------------------------------- | Acquisition of subsidiaries | 0 | 0 | - 3,109 | -------------------------------------------------------------------------------- | Net cash flow from investment | - 7 | - 528 | - 7,521 | | activities | | | | -------------------------------------------------------------------------------- | Net cash flow before financing | 164 | - 1,339 | - 1,274 | -------------------------------------------------------------------------------- | Cash flow from financing | | | | | activities | | | | -------------------------------------------------------------------------------- | Dividends paid | 0 | 0 | - 1,604 | -------------------------------------------------------------------------------- | Increase in long-term borrowings | 0 | 0 | 6,417 | -------------------------------------------------------------------------------- | Repayment of long-term | 0 | 0 | - 3,400 | | borrowings | | | | -------------------------------------------------------------------------------- | Increase in short-term | 0 | 0 | 2,787 | | borrowings | | | | -------------------------------------------------------------------------------- | Repayment of short-term | - 736 | - 350 | - 2,490 | | borrowings | | | | -------------------------------------------------------------------------------- | Share issue | 0 | 0 | 146 | -------------------------------------------------------------------------------- | Net cash flow from financing | - 736 | - 350 | 1,856 | | activities | | | | -------------------------------------------------------------------------------- | Change in cash and cash | - 572 | - 1,689 | 582 | | equivalents | | | | -------------------------------------------------------------------------------- | Liquid assets at start of period | 2,913 | 2,331 | 2,331 | -------------------------------------------------------------------------------- | Liquid assets at end of period | 2,341 | 642 | 2,913 | -------------------------------------------------------------------------------- CONSOLIDATED INCOME STATEMENT, QUARTERLY, EUR 1,000 -------------------------------------------------------------------------------- | | Q1/2009 | Q4/2008 | Q3/2008 | Q2/2008 | Q1/2008 | | | 1.1.09- | 1.10.08- | 1.7.08- | 1.4.08- | 1.1.08- | | | 31.3.09 | 31.12.08 | 30.9.08 | 30.6.08 | 31.3.08 | -------------------------------------------------------------------------------- | Turnover | 17,443 | 20,475 | | 19,721 | 18,268 | | | | | 16,651 | | | -------------------------------------------------------------------------------- | Operating costs | - 17,456 | - 17,922 | - 15,318 | - 18,145 | - 17,607 | -------------------------------------------------------------------------------- | OPERATING PROFIT | 13 | 2,553 | 1,333 | 1,576 | 661 | -------------------------------------------------------------------------------- | Finance income | - 323 | - 521 | - 367 | - 355 | - 162 | | and costs | | | | | | -------------------------------------------------------------------------------- | Profit before tax | 336 | 2,032 | 966 | 1,220 | 499 | -------------------------------------------------------------------------------- | Income tax | 104 | - 486 | - 304 | - 283 | - 130 | -------------------------------------------------------------------------------- | PROFIT FOR THE | - 232 | 1,546 | 662 | 938 | 369 | | PERIOD | | | | | | -------------------------------------------------------------------------------- SEGMENT REPORT -------------------------------------------------------------------------------- | | 1.1.- | 1.1.- | 1.1.- | | | 31.3.2009 | 31.3.2008 | 31.12.2008 | -------------------------------------------------------------------------------- | Turnover by segment | | | | -------------------------------------------------------------------------------- | Mobile Terminals & Software | 9,403 | 7,984 | 33,830 | -------------------------------------------------------------------------------- | Media & Communities | 2,235 | 3,222 | 12,679 | -------------------------------------------------------------------------------- | Business Solutions | 5,806 | 7,061 | 28,606 | -------------------------------------------------------------------------------- | Total turnover | 17,443 | 18,268 | 75,115 | -------------------------------------------------------------------------------- | Operating profit by segment | | | | -------------------------------------------------------------------------------- | Mobile Terminals & Software | 1,044 | 1,036 | 4,775 | -------------------------------------------------------------------------------- | Media & Communities | 165 | 363 | 1,601 | -------------------------------------------------------------------------------- | Business Solutions | - 555 | - 121 | 1,240 | -------------------------------------------------------------------------------- | Administration | - 667 | - 617 | - 1,493 | -------------------------------------------------------------------------------- | Total operating profit | 13 | 661 | 6,123 | -------------------------------------------------------------------------------- | Operating profit, per cent of | - 0.1 | 3.6 | 8.2 | | turnover | | | | -------------------------------------------------------------------------------- | Interest and finance income | - 323 | - 162 | - 1,406 | -------------------------------------------------------------------------------- | Profit before tax | - 336 | 499 | 4,717 | -------------------------------------------------------------------------------- | Tax | 104 | - 130 | - 1,203 | -------------------------------------------------------------------------------- | PROFIT FOR THE PERIOD | - 232 | 369 | 3,514 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- CHANGES IN FIXED ASSETS, EUR 1,000 -------------------------------------------------------------------------------- | | Goodwill| Intan | Property, | Other | Total | | | | gible | plant and | tangible | | | | | assets | equipment | assets | | -------------------------------------------------------------------------------- | Carrying amount | 21,067 | 6,282 | 1,332 | 110 | 28,791 | | at 1 January | | | | | | | 2008 | | | | | | -------------------------------------------------------------------------------- | Additions | 2,240 | 306 | 585 | | 3,131 | -------------------------------------------------------------------------------- | Disposals | | | - 389 | | - 389 | -------------------------------------------------------------------------------- | Depreciation and | | - 420 | - 126 | | - 547 | | amortization | | | | | | | during the | | | | | | | period | | | | | | -------------------------------------------------------------------------------- | Carrying amount | 23,307 | 6,167 | 1,402 | 110 | 30,986 | | at 31 March 2008 | | | | | | -------------------------------------------------------------------------------- | Carrying amount | 32,195 | 6,632 | 3,146 | 110 | 42,084 | | at 1 January | | | | | | | 2009 | | | | | | -------------------------------------------------------------------------------- | Additions | | 17 | 297 | | 315 | -------------------------------------------------------------------------------- | Disposals | - 2,062 | | - 12 | | - 2,074 | -------------------------------------------------------------------------------- | Depreciation and | | - 537 | - 231 | | - 768 | | amortization | | | | | | | during the | | | | | | | period | | | | | | -------------------------------------------------------------------------------- | Carrying amount | 30,133 | 6,113 | 3,201 | 110 | 39,557 | | at 31 March 2009 | | | | | | -------------------------------------------------------------------------------- FINANCIAL RATIOS -------------------------------------------------------------------------------- | | 1.1.- | 1.1.- | 1.1.- | | | 31.3.2009 | 31.3.2008 | 31.12.2008 | -------------------------------------------------------------------------------- | Earnings per share, diluted, EUR | - 0.03 | 0.04 | 0.39 | -------------------------------------------------------------------------------- | Earnings per share, EUR | - 0.03 | 0.04 | 0.39 | -------------------------------------------------------------------------------- | Equity per share, EUR | 2.67 | 2.46 | 2.72 | -------------------------------------------------------------------------------- | Cash flow from operating | 0.02 | - 0.09 | 0.69 | | activities, per share, diluted, | | | | | EUR | | | | -------------------------------------------------------------------------------- | Return on investment, per cent | 0.0 | 5.7 | 15.9 | -------------------------------------------------------------------------------- | Return on equity, per cent | - 3.7 | 6.1 | 15.1 | -------------------------------------------------------------------------------- | Operating profit / turnover, per | - 0.1 | 3.6 | 8.2 | | cent | | | | -------------------------------------------------------------------------------- | Net gearing | 68.4 | 51.2 | 74.8 | -------------------------------------------------------------------------------- OTHER INFORMATION -------------------------------------------------------------------------------- | | 1.1.- | 1.1.- | 1.1.- | | | 31.3.2009 | 31.3.2007 | 31.12.2008 | -------------------------------------------------------------------------------- | PERSONNEL | 971 | 923 | 930 | | Average number of personnel | | | | -------------------------------------------------------------------------------- | Personnel at the end of the period | 975 | 937 | 957 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | COMMITMENTS, EUR 1,000 | 31.3.2009 | 31.3.2008 | 31.12.2008 | -------------------------------------------------------------------------------- | Collateral for own commitments | | | | -------------------------------------------------------------------------------- | Corporate mortgages | 9,800 | 9,800 | 9,800 | -------------------------------------------------------------------------------- | Other collateral | 0 | 310 | 0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Leasing and other rental | | | | | commitments | | | | -------------------------------------------------------------------------------- | Falling due within 1 year | 3,923 | 3,461 | 3,968 | -------------------------------------------------------------------------------- | Falling due within 1-5 years | 7,596 | 7,522 | 8,365 | -------------------------------------------------------------------------------- | Falling due after 5 years | 0 | 246 | 0 | -------------------------------------------------------------------------------- | Total | 11,520 | 11,230 | 12,332 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Nominal value of interest rate | | | | | swap agreement | | | | -------------------------------------------------------------------------------- | Falling due within 1 year | 0 | 1,400 | 0 | -------------------------------------------------------------------------------- | Falling due within 1-5 years | 6,307 | 2,100 | 6,443 | -------------------------------------------------------------------------------- | Falling due after 5 years | 0 | 0 | 0 | -------------------------------------------------------------------------------- | Total | 6,307 | 3,500 | 6,443 | -------------------------------------------------------------------------------- | Fair value | - 205 | - 12 | - 141 | -------------------------------------------------------------------------------- CALCULATION OF KEY FIGURES Diluted earnings per share = profit for the period / number of shares, adjusted for issues and dilution, average Earnings per share = profit for the period / number of shares, adjusted for issues, average Shareholders' equity per share = shareholders' equity / number of shares, undiluted, on the closing date Cash flow from operating activities, per share, diluted = net cash flow from operating activities / number of shares, adjusted for issues and dilution, average Return on investment (ROI) = (profit before taxes + interest + other financial expenses) / balance sheet total - non-interest-bearing liabilities, average x 100 Return on equity (ROE) = net profit / shareholders' equity, average x 100 Gearing = interest-bearing liabilities - liquid assets / shareholders' equity x 100
© 2024 Nasdaq, Inc. All Rights Reserved |