2016-08-23 07:00:50 CEST
2016-08-23 07:00:50 CEST
REGULATED INFORMATION
Incap - Half Year financial report
Incap Group Half-year financial report for January-June 2016 (unaudited)
Incap Corporation
Half-year financial report 23 August 2016 at 8.00 a.m. (EET)
INCAP GROUP HALF-YEAR FINANCIAL REPORT FOR JANUARY-JUNE 2016 (UNAUDITED)
Revenue increased by 35% and the operating profit by 49% on corresponding period
previous year. Construction of the extension of the Indian factory is proceeding
in schedule.
Key figures in January-June 2016
* The Group's revenue in January-June 2016 increased by 35% on corresponding
period last year and amounted to EUR 17.9 million (1-6/2015: EUR 13.3
million).
* The Group's operating profit (EBIT) increased on corresponding period and
amounted to EUR 2.2 million, being 12% out of revenue (EUR 1.5 million or
11% out of revenue).
* Net profit for the report period improved on corresponding period and
amounted to EUR 1.3 million (EUR 0.8 million).
* The company repeats its previous guidance, according to which the full-year
revenue in 2016 is estimated to be approximately EUR 35-40 million and the
operating profit (EBIT) is estimated to be approximately on the same level
or somewhat higher than in 2015, provided that there are no major changes in
exchange rates.
Key figures in April-June 2016
* The revenue during the second quarter of the year amounted to EUR 9.2
million, showing an increase of 26% compared with the corresponding period
last year (4-6/2015: EUR 7.3 million) and up 6% compared with the first
quarter of the year (1-3/2016: EUR 8.7 million).
* Operating profit (EBIT) for the second quarter of the year was EUR 1.0
million, i.e. approximately 11% higher than on the corresponding period last
year (4-6/2015: EUR 0.9 million) and approximately 11% lower than during the
first quarter (1-3/2016: EUR 1.2 million).
The accounting principles for the half-year report
This half-year report has been prepared in accordance with international
financial reporting standards (IFRS) - IAS 34 Interim Financial Reporting
standard. When preparing the release, the same principles have been used as in
the 2015 financial statement. Unless otherwise stated, the comparison figures
refer to the same period in the previous year. The information in this half-year
financial report is unaudited.
Ville Vuori, President and CEO of Incap Group:
"Our business performance showed a positive trend during the first half of the
year. Both revenue and operating profit were in line with our expectations.
Strong performance in Indian operations continues and also the factory in
Estonia has now really got off the ground.
Our production portfolio is at the moment showing remarkable variations monthly
and quarterly. This is causing seasonal fluctuations both in profitability and
in the working capital need. Along with the growing business the relative impact
of seasonal fluctuations will be decreasing.
The currency fluctuations had a declining effect both on revenue and
profitability, when compared with the corresponding period last year.
Construction of the factory extension in India is advancing as scheduled and we
will have the new production space in use in the beginning of 2017. Transfer of
new products into volume production and the financing of the factory extension
in cash are reflecting in the cash flow of the first half of the year.
During the latter half of the year, the revenue will most probably grow faster
than the operating profit, and we assume that the operating profit margin
thereby is getting closer to the average levels in our industry. Our sales
efforts are creating good opportunities for growth already today, yet we are
enhancing and expanding the sales further. We expect the sound development of
the company to continue also during the latter half of the year."
Incap Group's revenue and earnings in January-June 2016
Revenue for January-June amounted to EUR 17.9 million, showing an increase of
35% year-on-year (1-6/2015: EUR 13.3 million) and being 3% higher than in the
latter half of the year 2015 (7-12/2015: EUR 17.3 million). The growth was
mainly caused by the increased demand in the Indian factory. Also the revenue of
the Estonian factory increased as planned.
The operating profit (EBIT) for January-June amounted to EUR 2.2 million,
improving remarkably when compared with the corresponding period last year (EUR
1.5 million). The operating profit margin for the report period amounted to
12%, which is generally considered to be a good level in the business of
electronics manufacturing services.
Weakening of the Indian Rupee in relation to Euro lowered the revenue by
approximately EUR 1.0 million and the operating profit by approximately 0.1
million when compared with the comparison period last year.
Personnel expenses in the report period increased in line with the growing
business volumes and amounted to EUR 1.7 million (EUR 1.6 million). The value of
inventories increased to EUR 5.9 million based on the growth of business volumes
(EUR 4.9 million).
Net financial expenses amounted to EUR 0.3 million (EUR 0.2 million).
Depreciation amounted to EUR 0.2 million (EUR 0.2 million).
Net profit for the period was EUR 1.3 million (EUR 0.8 million). Earnings per
share were EUR 0.29 (EUR 0.26).
COMPARISON 1-6/2016 1-6/2015 7-12/2015 1-12/2015
BY REPORT PERIOD
(1,000 euros)
Revenue 17,872 13,254 17,312 30,566
Operating profit/loss (EBIT) 2,202 1,478 2,213 3,692
1,265 845 1,167 2,012
Profit/loss for the period
Earnings per share, EUR *) 0.29 0.26 0.32 0.61
*) The number of shares was reduced during the report period based on the
resolution of the Annual General Meeting so that each previous share of the
company now corresponds to one share. In practice, the number of shares in the
report period has been divided by 50. The corresponding periods have been
adjusted in the same way.
Investments
Investments in the report period totalled EUR 0.6 million (EUR 0.7 million), and
they were connected mainly with the factory extension in India.
Balance sheet, financing and cash flow
The balance sheet total on 30 June 2016 stood at EUR 19.0 million (EUR 17.6
million). The Group's equity at the close of the report period was EUR 6.7
million (EUR 4.6 million). The parent company's equity totalled EUR 9.5 million,
representing 46% of the share capital (EUR 9.1 million, 45%).
The Annual General Meeting held in spring resolved to decrease the share capital
of the parent company and to transfer funds to the unrestricted equity reserve.
The company has made a public announcement for the decrease of share capital and
the debtors are requested to utter eventual objections to the act by 29 August
2016. The decreased share capital is estimated to be recorded in the Trade
Register in the beginning of September.
The Group's equity ratio was 35.0% (26.3%). Liabilities decreased to EUR 12.4
million compared with corresponding period previous year (EUR 13.0 million), of
which EUR 7.0 million (EUR 7.4 million) were interest-bearing liabilities. Net
debt decreased to EUR 3.6 million (EUR 4.7 million).
Interest-bearing net liabilities increased from the comparison period and were
EUR 5.8 million (EUR 4.7 million). The growth was mainly based on the growth of
net working capital needed for the increased business volumes. Interest-bearing
net liabilities in relation to equity (net gearing) improved and were 87%
(100%).
The Group arranged its domestic interest-bearing liabilities in April. As a
result, the costs for the Group's loans decreased and their management was
streamlined. The covenants of the new loan include among others the equity ratio
and the Group's interest-bearing liabilities in relation to EBITDA, and their
status is monitored every six months. In the review on 30 June 2016, the target
level of the relation of interest-bearing liabilities and EBITDA was 2.5 and the
target level of equity ratio was 25.0%. The company met these covenants, as at
the review date the actual key figure Net debt/EBITDA was 1.5 and the equity
ratio 35.0%.
The Group's non-current interest-bearing liabilities amounted to EUR 3.7 million
(EUR 0.3 million) while the current interest-bearing liabilities were EUR 3.3
million (EUR 7.1 million). In the corresponding period the majority of
liabilities were included in current liabilities because of the breach of
covenants. Approximately EUR 2.6 million of liabilities concern the Indian
subsidiary. Other liabilities include EUR 3.6 million of bank loans and limits
granted by the company's Finnish bank and EUR 0.8 million of factoring financing
used in Estonia.
As to the loans granted by the Indian bank the company has committed to follow
ordinary covenants and the bank's general loan conditions.
INSTALMENTS AND INTERESTS OF LOANS *)
(1,000 euros)
30 June 2016 30 June 2015
Total Total
Less than 6 months 1,937 4,033
6-12 months 449 250
1-5 years 4,313 2,780
More than 5years 0 0
In total 6,699 7,063
*) The table does not include the pension liability of the Indian subsidiary,
which is EUR 0.3 million (EUR 0.3 million).
The Group's cash position improved further during the report period. The Group's
quick ratio was 0.9 (0.7), and the current ratio was 1.6 (1.0).
Cash flow from operations was EUR 0.4 million (EUR 1.4 million). On 30 June
2016, the Group's cash and cash equivalents totalled EUR 1.2 million (31
December 2015: EUR 2.1 million). The change in cash and cash equivalents showed
a decrease of EUR 0.8 million (increase of EUR 0.7 million).
Aspects related to the Group's financing and liquidity are also described in the
section "Short-term risks and factors of uncertainty concerning operations".
Personnel
At the end of report period, Incap Group had a payroll of 520 employees (397).
89% (86%) of the personnel worked in India, 11% (13%) in Estonia and 0.4% (1%)
in Finland. The average number of personnel during the report period was 498
(393).
Annual General Meeting 2016
The Annual General Meeting of Incap Corporation was held on 6 April 2016 in
Helsinki. A total of 20 shareholders participated in the meeting, representing
approximately 52.9% of all shares and votes of the company. The Annual General
Meeting adopted the financial statements for the financial period ended 31
December 2015 and decided, in accordance with the proposal of the Board of
Directors, that no dividend be distributed for the financial period and that the
loss for the financial period (EUR 772,720.93) be recognised in equity. The
Annual General Meeting resolved to discharge the members of the Board of
Directors and the President and CEO from liability.
The Annual General Meeting authorised the Board of Directors to decide to issue
new shares either against payment or without payment. The authorization was
given to a maximum of 21,820,000 new shares (with the number of the company's
shares at the date of the Annual General Meeting being 218,228,070) or 440,000
new shares (with the number of the shares being approximately 4,400,000 shares
after the reduction of the company's number of shares as resolved by the annual
General Meeting).
The Board has not exercised the authorisation, which is valid until 6 April
2017.
Reduction of share capital and the quantity of shares
The Annual General Meeting held on 6 April 2016 resolved to reduce the share
capital of the company from EUR 20,486,769.50 by EUR 19,486,769.50 to cover the
losses and to transfer funds to the unrestricted equity reserve. The losses
accumulated during previous financial periods will be covered by decreasing the
unrestricted equity reserve by EUR 16,804,218.62, the share premium account by
EUR 44,316.59 and the share capital by EUR 11,118,952.29. After covering the
losses the remaining share capital will further be decreased by EUR
8,367,817.21 transferring the funds to the unrestricted equity reserve. After
the measures the new share capital of the company is EUR 1,000,000 and the
unrestricted equity reserve EUR 8,367,817.21. The parent company's equity
thereby will exceed the level set in the Companies Act, chapter 20, section 23.
Covering the losses will clarify the balance sheet structure of the parent
company and improve the ratio between the company's equity and share capital.
The creditor protection procedure as required in the Companies Act has been
initiated and the reduction of share capital will be recorded in the Trade
Register approximately in the beginning of September.
The Annual General Meeting further resolved on the reduction of the quantity of
company's shares by way of issuing new shares and by redemption of company's own
shares, in such a way that after the procedure each current 50 shares of the
company shall correspond to one share of the company. The arrangement took place
soon after the Annual General Meeting on 8 April 2016. The purpose of the
reduction of the quantity of company's shares was to improve the trade
conditions and the reliability of the price formation of the shares. The key
ratios per share for the report period as well as other periods presented in
this report have been adjusted accordingly.
Board of Directors and Auditor
In the Annual General Meeting held on 6 April 2016 Fredrik Berghel, Olle
Hulteberg, Susanna Miekk-oja, Rainer Toiminen and Carl-Gustaf von Troil were re-
elected as members to the Board of Directors. From among its members, the Board
elected Olle Hulteberg to the Chairman of the Board.
The firm of independent accountants Ernst & Young Oy was re-elected as the
company's auditor, with Bength Nyholm, Authorised Public Accountant, acting as
the principal auditor.
Shares and shareholders
Incap Corporation has one series of shares, and the number of shares at the end
of the period was 4,365,168 (30 June 2015: 218,228,070).
The number of shares was reduced based on the decision of the Annual General
Meeting by way of issuing new shares and by redemption of company's own shares,
in such a way that after the procedure each previous 50 shares of the company
shall correspond to one share of the company. As a result of the arrangement,
the number of the company's shares was reduced from 218,228,070 shares to
4,365,168 shares. The new number of shares was recorded in the Trade Register on
9 April 2016 and the trade with the changed number of shares started at Nasdaq
Helsinki on 11 April 2016.
During the report period, the share price varied between EUR 5.60 and 8.65 (EUR
0.03 and 0.08). The closing price for the period was EUR 6.02 (EUR 0.08). The
trading volume during the report period was 39,553,856 shares (30,655,801
shares). The market capitalisation on 30 June 2016 was EUR 26.3 million (EUR
16.8 million). At the end of report period, the company had 2,925 shareholders
(1,648). Nominee-registered or foreign owners held 40.5% (41.6%) of all shares.
The company does not hold any of its own shares.
LARGEST SHAREHOLDERS Shares, Holding,
on 30 June 2016 pcs %
Inission AB (nominee-registered) 1,745,288 40.0
Oy Etra Invest Ab 538,000 12.3
Ilmarinen Mutual Pension Insurance Company 332,308 7.6
Laurila Kalevi Henrik 89,419 2.1
Penan raudoitus Oy 76,762 1.8
Onvest Oy 66,047 1.5
Suonpää Altti 59,216 1.4
Oy Kontino Invest Ab 56,440 1.3
Kantola Mikko 47,300 1.1
Wiik Kenneth Matias 42,995 1.0
10 largest in total 3,053,775 70.0
Announcements in accordance with Section 10 of Chapter 9 of the Securities
Market Act on a change in holdings
The company had during the report period no announcements according to Section
10 of Chapter 9 of the Securities market Act.
Events after the end of the report period
Inission AB informed after the end of the report period according to Market
Abuse Regulation (EU) No. 596/2014 that it has reduced its holding at Incap
Corporation. Inission AB is a closely-related party of Fredrik Berghel and Olle
Hulteberg, who are members of the Incap Board of Directors. At the end of report
period, on 30 June 2016, the holding of Inission AB was 1,745,288 shares, i.e.
approximately 40.0% of all shares and votes of the company.
Short-term risks and factors of uncertainty concerning operations
General risks related to the company's business operations and sector include
the development of customer demand, price competition in contract manufacturing,
successful acquisition of new customers, availability and price development of
raw material and components, sufficiency of funding, liquidity and exchange rate
fluctuations.
As a result of the improved profitability and the rights issue executed in June
2015 the company's financing position has improved and the sufficiency of
financing and working capital are at the moment posing no remarkable risk.
During 2015 the Group functions have been arranged to align with the new
organisation structure and in the definition of the volumes of internal
transactions the actual value added and the so-called "arm's length" principle
are considered. After the cumulative losses in India were covered during the
latter half of 2015, it is possible to repatriate profits of the Indian
subsidiary also through distribution of dividends.
The value of the shares in subsidiaries in the parent group has a significant
impact on the parent company's equity and therefore on, for example, equity
ratio. Based on the value calculations in connection with the financial
statements for 2015 and the development during the first half of the year 2016
there is no need for further decrease of the value of the shares in
subsidiaries. However, the company estimates that there is a risk connected with
the valuation of the shares of the Estonian subsidiary because of the previous
unprofitable operations of the subsidiary. The business of the subsidiary in
India has shown a favourable development and there is no risk connected with its
valuation.
Demand for Incap's services and the company's financial position are affected by
global economic trends and the fluctuation among Incap's customer industries. In
2016, the business environment is estimated to continue challenging, but the
general financial development is estimated to have no remarkable negative effect
on the demand or the solvency of the company's customers. The customer
relationship management is of utmost importance in a challenging market
situation and the management is paying special attention to this.
The company's sales are spread over several customer sectors balancing out the
impact of the economic fluctuation in different industrial sectors. During
report period, there were three customers in the Group with a revenue exceeding
10% of the total revenue of the Group. The combined revenue of these customers
was 75% of the Group's revenue.
The company's operating segment, electronics manufacturing services, is highly
competitive and there are major pressures on cost level management. The company
has succeeded in increasing the efficiency of its operations and in lowering the
costs remarkably. Furthermore, the company's production is located in countries
with competitive levels of wage and general costs.
The most significant exchange rate risk of the company is related to the Indian
subsidiary. A remarkable part of the Group's operations is located in India. The
fluctuation in the exchange rates between Indian Rupee and Euro may have a
remarkable effect on revenue and result.
The Indian subsidiary of the company had a tax audit in the report period. As a
result, the tax authorities do not approve the depreciations made on the
capitalised customer contracts during accounting periods 2008/2009-2012/2013 and
the transfer costs during the accounting period 2011/2012. The estimated tax
effect with eventual increases is amounting to a total of EUR 0.4 million. The
company has raised a complaint on these tax issues and is presenting the tax
debt in the off balance sheet liabilities in the balance sheet.
Strategy and targets
The recent positive trend in profitability enables the strong development of the
company aiming at ensuring the future growth. In 2016 the company is targeting
at acquiring new customers and new products to production while at the same time
securing that the operational efficiency and quality stay at high level. The
sales operations are enhanced, organisations and competencies of the factories
are developed further, a new operational model is implemented in global
sourcing, production capacity of both factories is developed and the utilisation
of the shared ERP is enhanced further. The Board of Directors is focusing in
growing the business further and is not actively assessing opportunities for
strategic alliances.
Outlook for 2016
Incap's estimates for future business development are based both on its
customers' forecasts and on the company's own assessments.
The company repeats its previous guidance given on 12 May 2016, according to
which the Group's revenue in 2016 is estimated to be approximately EUR 35-40
million. The operating profit (EBIT) in 2016 is estimated to be approximately at
the same level or somewhat higher than in 2015, when it was EUR 3.7 million,
provided that there are no major changes in exchange rates.
Incap will publish a financial business report for January-September 2016 on
Tuesday, 15 November 2016.
In Helsinki, 23 August 2016
INCAP CORPORATION
Board of Directors
For additional information, please contact:
Ville Vuori, President and CEO, tel. +358 400 369 438
Distribution:
Nasdaq Helsinki Ltd
Principal media
The company's home page www.incapcorp.com
ANNEXES
1 Consolidated Statement of Comprehensive Income
2 Consolidated Balance Sheet
3 Consolidated Cash Flow Statement
4 Consolidated Statement of Changes in Equity
5 Group Key Figures and Contingent Liabilities
6 Calculations of Key Figures
INCAP IN BRIEF
Incap Corporation is an international contract manufacturer. Incap's customers
are leading suppliers of high-technology equipment in their own business
segments, and Incap increases their competitiveness as a strategic partner.
Incap has operations in Finland, Estonia, India and China, and the company
currently employs approximately 520 people. Incap's share is listed on the
Nasdaq Helsinki Ltd. as from 1997. Additional information: www.incapcorp.com.
Annex 1
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (IFRS), CONTINUING OPERATIONS
-------------------------------------------------------------------------------
1-6/2016 1-6/2015 Change, % 7-12/2015 1-12/2015
(1,000 euros, unaudited)
-------------------------------------------------------------------------------
REVENUE 17,872 13,254 34.8 17,312 30,556
Change in inventories of 310 195 58.7 -30 165
finished goods
Other operating income 27 28 -3.6 8 36
Raw materials and consumables 12,955 9,174 41.2 11,973 21,147
used
Personnel expenses 1,748 1,604 9.0 1,550 3,154
Depreciation, amortisation and 170 155 10.2 182 337
impairment losses
Other operating expenses 1,134 1,067 6.3 1,371 2,437
OPERATING PROFIT/LOSS 2,202 1,478 48.9 2,213 3,692
Financing income and expenses -259 -194 33.7 -276 -470
PROFIT/LOSS BEFORE TAX 1,942 1,284 51.2 1,938 3,222
Income tax expenses -677 -439 54.2 -771 -1,210
PROFIT/LOSS FOR THE PERIOD 1,265 845 49.7 1,167 2,012
Earnnings per share *) 0.29 0.26 11.5 0.32 0.52
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OTHER COMPREHENSIVE 1-6/2016 1-6/2015 Change, % 7-12/2015 1-12/2015
INCOME
-------------------------------------------------------------------------------
PROFIT/LOSS FOR THE PERIOD 1,265 845 49.7 1,167 2,012
OTHER COMPREHENSIVE INCOME:
Items that may be recognised
in profit or loss at a later
date:
Translation differences from -249 368 -167.6 -153 215
foreign units
Other comprehensive income, -249 368 -167.6 -153 215
net
TOTAL COMPREHENSIVE INCOME 1,017 1,213 -16.2 1,014 2,227
Attributable to:
Shareholders of the parent 1,017 1,213 -16.2 1,014 2,227
company
Non-controlling interest 0 0 - 0 0
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*) The number of shares was reduced during the report period based on the
resolution of the Annual General Meeting so that each previous share of the
company now corresponds to one share. In practice, the number of shares in the
report period has been divided by 50. The corresponding periods have been
adjusted in the same way.
Annex 2
CONSOLIDATED BALANCE SHEET (IFRS), CONTINUING OPERATIONS
-------------------------------------------------------------------------------
(EUR thousands, unaudited) 30 June 2016 30 June 2015 Change, % 31 Dec 2015
-------------------------------------------------------------------------------
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 2,609 2,227 17.1 2,230
Goodwill 922 947 -2.6 938
Other intangible assets 48 50 -2.6 61
Other financial assets 6 173 -99.5 6
Other receivables 792 1,085 -27.0 878
TOTAL NON-CURRENT ASSETS 4,377 4,482 -2.3 4,113
CURRENT ASSETS
Inventories 5,888 4,869 20.9 5,172
Trade and other receivables 7,561 5,549 36.3 6,771
Cash and cash equivalents 1,189 2,699 -55.9 2,068
TOTAL CURRENT ASSETS 14,639 13,117 11.6 14,011
TOTAL ASSETS 19,016 17,599 8.1 18,124
EQUITY ATTRIBUTABLE TO EQUITY
HOLDERS OF THE PARENT COMPANY
Share capital 20,487 20,487 0.0 20,487
Share premium account 44 44 0.0 44
Reserve for invested 19,464
unrestricted equity 19,464 19,464 0.0
Exchange differences -922 -429 114.6 -673
Retained earnings -32,410 -34,933 -7.2 -33,675
TOTAL EQUITY 6,664 4,633 43.8 5,647
NON-CURRENT LIABILITIES
Interest-bearing loans and 4,567
borrowings 3,697 282 1 212.7
NON-CURRENT LIABILITIES 3,697 282 1 212.7 4,567
CURRENT LIABILITIES
Trade and other payables 5,364 5,614 -4.5 4,607
Current interest-bearing loans 3,303
and borrowings 3,291 7,070 -53.5
CURRENT LIABILITIES 8,655 12,684 -31.8 7,910
TOTAL EQUITY AND LIABILITIES 19,016 17,599 8.1 18,124
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Annex 3
CONSOLIDATED CASH FLOW STATEMENT (IFRS), CONTINUING OPERATIONS
-------------------------------------------------------------------------------
(EUR thousands, unaudited) 1-6/2016 1-6/2015 1-12/2015
-------------------------------------------------------------------------------
Cash flow from operating activities
Operating profit, continuing operations 2,202 1,335 3,692
Adjustments to operating profit 212 97 316
Change in working capital -1,419 324 -1,419
Interest paid -216 -375 -918
Interest received 3 9 85
Paid tax and tax refund -407 -36 -763
Cash flow from operating activities 375 1,355 992
Cash flow from investing activities
Capital expenditure on tangible and intangible
assets -612 -728 -940
Proceeds from sale of shares 0 0 268
Cash flow from investing activities -612 -728 -672
Cash flow from financing activities
Proceeds from share issue 0 2,182 1,993
Drawdown of loans 3,294 0 2,996
Repayments of borrowings -3,887 -2,127 -5,159
Cash flow from financing activities -593 55 -169
Change in cash and cash equivalents -830 683 151
Cash and cash equivalents at beginning of period 2,068 1,873 1,873
Effect of changes in exchange rates -48 143 43
Cash and cash equivalents at end of period 1,189 2,699 2,068
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Annex 4
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (IFRS), CONTINUING OPERATIONS
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
(EUR thousands, Share Share Reserve for Exchange Retained Total
unaudited) capital premium invested differences earnings
account unrestricted
equity
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Equity at 1 January 20,487 44 17,471 -888 -35,687 1,427
2015
-------------------------------------------------------------------------------
Total comprehensive 0 0 0 0 845 845
income
-------------------------------------------------------------------------------
Currency translation 0 0 0 458 -91 368
differences
-------------------------------------------------------------------------------
Directed share issue 0 0 2,182 0 0 2,182
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Transaction costs for 0 0 -189 0 0 -189
equity
-------------------------------------------------------------------------------
Equity at 30 June 2015 20,487 44 19,464 -429 -34,933 4,633
-------------------------------------------------------------------------------
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20,487 44 19,464 -673 -33,675 5,647
-------------------------------------------------------------------------------
Equity at 1 January 0 0 0 0 1,265 1,265
2016
-------------------------------------------------------------------------------
Total comprehensive 0 0 0 -249 0 -249
income
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Currency translation
differences
-------------------------------------------------------------------------------
Other changes
-------------------------------------------------------------------------------
Equity at 30 June 2016 20,487 44 19,464 -922 -32,409 6,664
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Annex 5
GROUP KEY FIGURES AND CONTINGENT LIABILITIES (IFRS), CONTINUING OPERATIONS
-------------------------------------------------------------------------------
Jan-Jun 2016 Jan-Jun 2015 Jan-Dec 2015
(unaudited)
-------------------------------------------------------------------------------
Revenue, EUR million 17.9 13.3 30.6
Operating profit/loss, EUR million 2.2 1.5 3.7
% of revenue 12.3 11.2 12.1
Profit/loss before taxes, EUR million 1.9 1.3 3.2
% of revenue 10.9 9.7 10.5
Return on investment (ROI), % *) 32.9 26.9 36.0
Return on equity (ROE), % 41.1 55.8 56.9
Equity ratio, % 35.0 26.3 31.2
Net Gearing, % 87.0 100.4 98.3
Net debt, EUR million 4.8 4.7 3.6
Net interest-bearing debt, EUR million 5.8 4.7 5.6
Quick ratio 0.9 0.7 1.1
Current ratio 1.6 1.0 1.8
Average number of shares during the
report 4 635 168 3 297 535 3 273 421
period, adjusted for share issues **)
Earnings per share (EPS), EUR 0.29 0.26 0.52
Equity per share, EUR 1.53 1.06 1.29
P/E ratio 20.8 10.4 15.25
Trend in share price
Minimum price during the period, EUR 5.60 0.03 0.03
Maximum price during the period, EUR 8.65 0.08 0.20
Mean price during the period, EUR 7.04 0.06 0.12
Closing price at the end of the 6.02 0.08 0.16
period, EUR
Total market capitalisation, EUR 26.3 16.8 34.3
million
Trade volume, no. of shares 39,553,856 30,655,801 123,997,394
Trade volume, % - 14.1 56.8
Investments, EUR million 0.6 0.7 0.9
% of revenue 3.4 5.5 3.0
Average number of employees 498 393 425
Personnel at the end of period 520 396 468
CONTINGENT LIABILITIES, EUR million
FOR OWN LIABILITIES
Mortgages and pledges 16,3 12,7 14,6
Surrender liability of trade 0,8 0,6 0,8
receivables sold to finance company
Off balance sheet liabilities 1,6 1,8 1,4
Transactions with closely-related
parties
The company has no transactions with
closely-related parties
-------------------------------------------------------------------------------
*) The calculation of Return on Investment has been changed in the interim
financial statements per 30 June 2016 in the way that the numerator also
includes the tax for the report period. The key figures of previous periods have
been adjusted accordingly. If calculated as previously, the Return on Investment
would be as follows: 1-6/2016: 22.8%, 1-6/2015: 19.2 %, 1-12/2015: 26.0%.
**) The number of shares was reduced during the report period based on the
resolution of the Annual General Meeting so that each previous share of the
company now corresponds to one share. In practice, the number of shares in the
report period has been divided by 50. The corresponding periods have been
adjusted in the same way.
Annex 6
CALCULATION OF KEY FIGURES
100 x (profit/loss for the period +
Return on investment, % *) financial expenses + tax)(12 months)
---------------------------------------
equity + interest-bearing financing
loans (mean for financial period)
100 x profit/loss for the period (12
Return on equity, % months)
---------------------------------------
average equity during the financial
period
Equity ratio, % 100 x equity
---------------------------------------
balance sheet total - advances
received
100 x interest-bearing net financing
Net gearing, % loans
---------------------------------------
equity
liabilities - advances received - cash
Net debt and cash equivalents - receivables
interest-bearing liabilities - cash
Interest-bearing net financing loans and cash equivalents
Quick ratio current assets
---------------------------------------
short-term liabilities - short-term
advances received
Current ratio current assets + inventories
---------------------------------------
short-term liabilities
Earnings per share net profit/loss for the period
---------------------------------------
average number of shares during the
period, adjusted for share issues
Equity per share equity
---------------------------------------
number of shares at the end of the
period, adjusted for share issues
VAT-exclusive working capital
acquisitions, without deduction of
Capital expenditure investment subsidies
average of personnel numbers
Average number of employees calculated at the end of each month
closing price for the period x number
Total market capitalisation of shares available for public trading
*) The calculation of Return on Investment has been changed in the interim
financial statements per 30 June 2016 in the way that the numerator also
includes the tax for the report period.
[HUG#2036621]
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