2011-04-20 08:00:00 CEST
2011-04-20 08:00:05 CEST
REGULATED INFORMATION
Tectia Oyj - Interim report (Q1 and Q3)
TECTIA INTERIM REPORT, JANUARY 1 - MARCH 31, 2011
Helsinki, Finland, 2011-04-20 08:00 CEST (GLOBE NEWSWIRE) -- TECTIA CORPORATION
INTERIM REPORT APRIL 20, 2011 AT 9:00 A.M
TECTIA INTERIM REPORT, JANUARY 1 - MARCH 31, 2011
SUMMARY
January-March
- Net sales totaled EUR 2.1 million, down by -8.7 % percent year on year (EUR
2.3 million in 1-3/2010).
- Operating loss amounted to EUR -0.8 million (an operating profit of EUR 0.0
million in 1-3/2010) including EUR -0.4 of non-recurring costs (EUR 0.0
million). Loss EUR -0.9 million (EUR 0.0 million)
- Earnings per share EUR -0.03 (EUR 0.00).
The company's financial position remained healthy, with equity ratio 65.0 %
(66.3%) and liquid assets at the end of the period EUR 3.8 million (EUR 5.2
million).
KEY FIGURES
----------------------------------------------------------------------
1-3/ 1-3/ Change % 1-12/
2011 2010 2010
----------------------------------------------------------------------
----------------------------------------------------------------------
Net sales (MEUR) 2.1 2.3 -8.7 9.1
----------------------------------------------------------------------
Operating profit/loss (MEUR) -0.8 -0.0 1 729.7 -0.7
----------------------------------------------------------------------
% of net sales -39.5 -1.8 -7.9
----------------------------------------------------------------------
Profit/loss before taxes (MEUR) -0.9 0.0 -6 339.1 -0.5
----------------------------------------------------------------------
Profit/loss (MEUR) -0.9 0.0 -6 342.9 -0.5
----------------------------------------------------------------------
----------------------------------------------------------------------
Return on equity, % -120.9 0.0 -12.8
----------------------------------------------------------------------
Return on investment, % -112.8 0.0 -10.5
----------------------------------------------------------------------
Liquid assets 3.8 5.2 4.0
----------------------------------------------------------------------
Gearing (%) -146.8 -179.8 -121.0
----------------------------------------------------------------------
Equity ratio (%) 65.0 66.3 69.1
----------------------------------------------------------------------
----------------------------------------------------------------------
Earnings per share (EUR) -0.03 0.00 -0.02
----------------------------------------------------------------------
Shareholders' equity per share (EUR) 0.10 0.10 0.10
----------------------------------------------------------------------
CEO's BUSINESS REVIEW
Tectia Corporation is the market maker in real-time information security for
modern, networked organizations. Tectia's key strategic objectives are to turn
into sales and marketing oriented, channel sales based software house and
become the fastest track for our customers to securing, automating, managing
and sharing data-in-transit in cross platform environments.
In the first quarter 2011 net sales amounted to EUR 2.1 million with decrease
of -8.7 percent compared to the previous year. Operative loss without
extraordinary cost was EUR -0.5 million. The extraordinary cost related to the
change in company structure were EUR -0.4 million. Restructuring was finalized
in full during first quarter 2011 and the estimated annual savings are EUR 1.5
million. Operative loss was EUR -0.8 million. The company's financial position
remained healthy with an equity ratio of 65.0 percent and EUR 3.8 million in
liquid assets.
In order to increase speed of strategy execution, Tectia established two
separate business units and structured its global sales, presales and customer
support accordingly. The business units are Managed Security business and
Mobile Authentication business.
In the U.S., the total headcount decreased due to company's turn into channel
based sales model. In Europe the company ramped down its own German sales
office based in Düsseldorf. Instead, the company strengthened its German
channel operations by ramping up Tectia Competence Centre in Frankfurt with the
local channel partner, Inovasec GmbH. The restructuring did not concern Tectia
APAC, as it was already operating in full channel sales model out of Hong Kong.
The corporate sales strategy is focusing on strengthening partnerships with
System Integrators, Value Added Resellers, OEM vendors and regionally certified
channel partners with the support of Tectia's regional sales and support
centres of excellence located in the Americas, EMEA and APAC. The existing
reseller partner network consists of 70 partners worldwide.
In the Americas Tectia announced the appointment of the IT solution builder
Shandd Argentina S.R.L., to sell Tectia information security solutions in
Argentina. In the U.S. the company signed partnership with Waytek Inc..
Furthermore, the company is focusing to mainframe, federal and fulfilment
channel partners, the engagement of which is in process.
In EMEA Tectia announced the establishment of a Tectia-branded channel sales
bureau in Switzerland located in Kloten. The company also signed partnerships
with 2SB in France and Cloud Solutions operating in Sweden and Turkey.
In APAC Tectia signed partnership with Data Terminator, located in Singapore.
The Japanese market activities are on hold due to Japan earth quake crisis.
Australian market based partnerships are in development process.
Tectia is proceeding according to the set objectives with its technology and
marketing alliance strategy focusing on global partnerships. New partnership
agreements for both business units will be published during the second quarter.
Tectia Mobile Authentication Business signed an agreement to make use of
Andritz AG's end-user mobile phones with more than 14.000 users, as an
authentication device to provide a high level of security for user access to
enterprise services. The Andritz Group is a global market leader for customized
plant, systems and services for hydropower, the pulp and paper, steel and other
specialized industries.
Tectia MobileID has been short-listed for the finals of the SC Magazine Awards
Europe in the Best Remote Access category. SC Awards Europe is widely
recognized as a prestigious award for the European information security
industry for vendors that deliver innovative security technologies.
Jari Mielonen
CEO
REPORTING
This interim report follows IFRS accounting standards and assessments. This
report is prepared according to IFRS standards and interpretations which are
valid 31st December 2010. Interim report follows same principles and standards
as the previous financial statement release. This interim report is prepared
according to IAS 34. The figures are non-audited.
FUTURE OUTLOOK
The company continues to evaluate its patent portfolio and strategic
alternatives to create shareholder value from it. Based on a preliminary
evaluation by the company some of the patents and patent applications may be
essential (necessary for implementing the standard) for upcoming IP-based
mobile phone systems, such as 3G IMS and LTE/LTE Advanced (so called 3.9G and
4G), at least some of their terminals, and internet call systems (VoIP). The
company hasn't received any royalty or other revenue from these patents or
patent applications so far, and they have not been booked as assets in the
balance sheet.
Tectia estimates main growth for the fiscal year 2011 to come from Mobile
Authentication business. The finalized organizational restructuring is
estimated to have positive effect to profitability for 2011.
For the fiscal year 2011, Tectia estimates its net sales to grow from 2010 and
expects the net result to be positive.
NET SALES
Consolidated net sales for January-March totaled EUR 2.1 million (EUR 2.3
million), down by -8.7 %, year on year.
The Americas, the Europe, Middle East and Africa market area and the Asia
Pacific region accounted for 66.6 percent (73.9 percent), 20.3 percent (18.4
percent) and 13.1 percent (7.7 percent) of reported net sales, respectively.
TECTIA NET SALES
----------------------------------------------------
EUR Million 1-3/ 1-3/ 2010 Change % 1-12/
2011 2010
----------------------------------------------------
----------------------------------------------------
BY SEGMENT
----------------------------------------------------
AMERICAS 1.4 1.7 -17.8 6.0
----------------------------------------------------
APAC 0.3 0.2 38.6 1.0
----------------------------------------------------
EMEA 0.4 0.4 6.0 2.1
----------------------------------------------------
Tectia Group Total 2.1 2.3 -8.7 9.1
----------------------------------------------------
----------------------------------------------------
BY OPERATION
----------------------------------------------------
License sales 0.7 1.0 -29.2 3.7
----------------------------------------------------
Maintenance 1.4 1.3 7.7 5.4
----------------------------------------------------
Total 2.1 2.3 -8.7 9.1
----------------------------------------------------
The majority of Tectia's invoicing is U.S. dollar based. During the report
period, the U.S. dollar's average exchange rate to euro weakened approximately
-3.2 percent compared to the same period a year ago. With comparable exchange
rates 2010 net sales decrease would have been -8.9 percent compared 2010
corresponding period.
CHANGES IN OPERATIONS STRUCTURE
In order to increase speed of strategy execution, Tectia established two
separate business units and structured its global sales, presales and customer
support accordingly. The business units are Managed Security business and
Mobile Authentication business. The establishment of two separate business
units has not effect at this moment on segment reporting.
RESULTS AND EXPENSES
Operating loss for January-March amounted to EUR -0.8 million (an operating
profit of EUR 0.0 million), with net loss totaling EUR -0.9 million (a profit
of EUR 0.0 million).
Extra-ordinary items EUR -0.4 million are due to organizational change. Costs
were related to personnel reductions both in US and Germany and in addition
closing the sales office in Germany.
Sales, marketing and customer support expenses for the January-March reporting
period amounted EUR -1.7 million (EUR -1.2 million), while research and
development expenses totaled EUR -0.7 million (EUR -0.5 million) and
administrative expenses EUR -0.5 million (EUR -0.6 million).
BALANCE SHEET AND FINANCIAL POSITION
The financial position of Tectia remained at a healthy level during the
reporting period. The consolidated balance sheet total on March 31, 2011 stood
at EUR 6.8 million (EUR 7.1 million), of which liquid assets accounted for EUR
3.8 million (EUR 5.2 million), or 54.5 percent of the balance sheet total. On
March 31, 2011, gearing, or the ratio of net liabilities to shareholders'
equity, was -146.8 percent (-179.8) and the equity ratio stood at 65.0 percent
(66.3).
The reported gross capital expenditure for the period totalled EUR 0.0 million
(EUR 0.0 million). The reported financial income and expenses consisted mainly
of interest on fixed-term deposits and exchange rate gains or losses. Financial
income and expenses totalled EUR -0.0 million (EUR 0.1 million).
During January-March, Tectia reported a negative cash flow of EUR -0.2 million
(EUR 0.1 million) from business operations, and investments showed a negative
cash flow of EUR -0.0 million (EUR -0.0 million). Cash flow from financing
totaled EUR 2.5 million (EUR -1.9 million), mainly consisting short-term
financial assets transfer to cash and cash equivalent assets. Total cash flow
from operations, investments and financing was positive EUR 2.2 million (EUR
-1.8 million) during the period.
RESEARCH AND DEVELOPMENT
Research and development expenses for October-December totaled EUR -0.7 million
(EUR -0.5 million), the equivalent of 33.7 percent of net sales (23.7 percent).
Company has started R&D activations during the reporting period related to
Mobile Authentication business according to IAS 38 standard. In reporting
period R&D cost activations amount to EUR 0.0 million.
HUMAN RESOURCES AND ORGANIZATION
At the end of March, the Group had 60 employees on its payroll, down by 5
persons from the previous year, a decrease of 8 percent.
At the end of the period, 33 percent in sales and marketing, 45 percent of the
employees worked in R&D, and 22 percent in corporate administration.
BOARD AND AUDITORS
At the Annual General Meeting (AGM) on March 3, 2011 re-elected Juhani Harvela,
Pyry Lautsuo, Juho Lipsanen, Tiia Tuovinen and Tatu Ylönen as directors of the
company's Board of Directors. Juho Lipsanen was re-elected as the Chairman of
the Board of Directors.
The Authorized Public Accountants KPMG Oy Ab was re-elected as the auditor of
the company, with Kirsi Jantunen as the accountant with the main
responsibility.
SHARES, SHAREHOLDING AND CHANGES IN GROUP STRUCTURE
The reported trading volume of Tectia Corporation shares totaled 532 899
(valued at EUR 406 680.87). The highest quotation was EUR 0.89 and the lowest
EUR 0.60. The trade-weighted average share price for the period was EUR 0.76
and the share closed at EUR 0.62 (March 31, 2011).
Company's principal owner Tatu Ylönen holdings directly and through his
company, Tatu Ylönen Oy, holds now 45.5 percent of the company's shares,
Assetman Oy holds 13.1 percent and SSH Management Investment Corp 4.7 percent.
More information about the shareholding can be obtained from the company´s web
site.
SSH Management Investment Corp is part of the Tectia Group consolidated
financial statements due to shareholder agreement.
SHARE CAPITAL AND BOARD AUTHORIZATIONS
The company's registered share capital on March 31, 2011 was EUR 916,446.24
consisting of 30,548,208 shares.
The Annual General Meeting approved the Board of Directors' proposal to
authorize the Board of Directors to decide upon the issuing of in total
5,500,000 shares, in one or more tranches, as share issues against payment or
by giving stock options or other special rights entitling to shares, as defined
in Chapter 10 Section 1 of the Finnish Companies Act, either in accordance with
the shareholders' pre-emptive right to share subscription or deviating from
this right. The authorization will be valid until the next Annual General
Meeting, but will expire on June 30th 2012 at the latest.
The Annual General Meeting approved the Board of Directors' proposal to
authorize the Board of Directors to decide upon the acquiring of a maximum of
2,000,000 of the company's own shares, in one or more tranches, with assets
belonging to the company's non-restricted equity. This amount corresponds
approximately to 6.55 per cent of all shares of the company. The compensation
to be paid for the acquired shares shall be determined on the date of
acquisition on the basis of the trading rate determined for the company's share
in the public trading arranged by NASDAQ OMX Helsinki Ltd. Furthermore, the
Annual General Meeting decided to authorize the Board of Directors to decide
upon a distress concerning a maximum of 1,500,000 own shares, in one or more
tranches. The amount corresponds approximately to 4.91 per cent of all shares
of the company. The authorization to acquire the shares and the authorization
concerning the distress shall be valid at most for eighteen (18) months after
the decision of the Annual General Meeting.
RISKS AND UNCERTAINTIES
Risk management is a part of Tectia's internal administration. It aims to
ensure that major risks affecting the company's business and operating
environment are identified and monitored. Tectia operates in fast chancing
security software markets, thus the changes in IT-business and particularly in
security software business development affects directly to company's business
risk. Since the United States is the main market area, any risks including
currency risks associated with that country are considered to be significant.
Other major risks are related to product technology, competitor activities and
profitability.
Sales operations are supported by the company's own legal unit, which, through
continuous management of contracts, seeks to reduce the risks related to the
company's business operations. Tectia protects its copyrights and trademarks
through sales agreements. The company has also an active patent policy to
protect its technology. Tectia encourages its employees to make and protect
inventions. Tectia actively uses its own products to protect the information
system architecture. Encryption and strong authentication protect the company's
confidential data communications.
Tectia has a process in place whereby any network security risks found in the
company's products are promptly reported to senior management. Corrections are
made immediately and updates are supplied to customers without delay. The
company's critical information systems are secured. Tectia actively uses its
own products to protect the information system architecture. Encryption and
strong authentication protect the company's confidential data communications.
Tectia provides no financing for its customers other than by granting normal
payment terms. The company has a strong balance sheet and no significant
long-term liabilities. Asset managers invest the company's cash reserves in
accordance with a policy approved by the Board of Directors. Significant of the
Tectia's invoicing is taking place in US dollars. Company does not have hedges
related to currency fluctuations at 31st of March.
During the reporting period there have not been any significant changes in
company's business risks or uncertainties.
RELATED PARTY TRANSACTIONS
During reporting period there have not been any significant changes in
company's business risks or uncertainties. More details to risks and
uncertainties are disclosed in 2010 financial statement and annual report.
TABLES
COMPREHENSIVE INCOME STATEMENT
-----------------------------------------------------------------
EUR million
----------------------------------------------------------------- 1-3/ 1-3/ 1-12/
2011 2010 2010
-----------------------------------------------------------------
-----------------------------------------------------------------
Net sales 2.1 2.3 9.1
-----------------------------------------------------------------
Cost of goods sold 0.0 -0.1 -0.2
-----------------------------------------------------------------
Gross profit 2.1 2.3 8.9
-----------------------------------------------------------------
Other operating income 0.0 0.0 0.0
-----------------------------------------------------------------
-----------------------------------------------------------------
Sales. marketing and customer support costs -1.7 -1.2 -5.1
-----------------------------------------------------------------
Product development expenses -0.7 -0.5 -2.3
-----------------------------------------------------------------
Administrative expenses -0.5 -0.6 -2.2
-----------------------------------------------------------------
-----------------------------------------------------------------
Operating profit/loss -0.8 0.0 -0.7
-----------------------------------------------------------------
-----------------------------------------------------------------
Financial income and expenses -0.0 0.1 0.3
-----------------------------------------------------------------
-----------------------------------------------------------------
Profit/loss before taxes -0.9 0.0 -0.5
-----------------------------------------------------------------
Taxes 0.0 0.0 0.0
-----------------------------------------------------------------
-----------------------------------------------------------------
Net profit/loss for the financial period -0.9 0.0 -0.5
-----------------------------------------------------------------
Minority Interest -0.0 -0.0
-----------------------------------------------------------------
Other profit and loss account items:
-----------------------------------------------------------------
Foreign subsidiary translation differences 0.2 -0.1 -0.2
-----------------------------------------------------------------
-----------------------------------------------------------------
Total comprehensive income -0.6 -0.1 -0.7
-----------------------------------------------------------------
Net profit/loss attributable to:
-----------------------------------------------------
Owners of the Company -0.8 -0.0
-----------------------------------------------------
Non-Controlling interest -0.0 -0.5
-----------------------------------------------------
-----------------------------------------------------
-----------------------------------------------------
EARNINGS PER SHARE
-----------------------------------------------------
Earnings per share (EUR) -0.03 0.00 -0.02
-----------------------------------------------------
Earnings per share. diluted (EUR) -0.03 0.00 -0.02
-----------------------------------------------------BALANCE SHEET
---------------------------------------------------------------------------
EUR million
---------------------------------------------------------------------------
31/03/2011 31/03/2010 31/12/2010
---------------------------------------------------------------------------
ASSETS
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Non-current assets
---------------------------------------------------------------------------
Tangible assets 0.1 0.3 0.2
---------------------------------------------------------------------------
Intangible assets 0.8 0.0 0.8
---------------------------------------------------------------------------
Investments 0.0 0.0 0.0
---------------------------------------------------------------------------
Total non-current assets 1.0 0.4 1.0
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Current assets
---------------------------------------------------------------------------
Trade and other receivables 2.1 1.6 3.3
---------------------------------------------------------------------------
Short-term financial assets 0.0 3.0 2.5
---------------------------------------------------------------------------
Cash and cash equivalents 3.8 2.1 1.5
---------------------------------------------------------------------------
Total current assets 5.8 6.8 7.2
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Total assets 6.8 7.1 8.3
---------------------------------------------------------------------------
---------------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Shareholders' equity
---------------------------------------------------------------------------
Equity attributable to the 2.2 2.8 2.9
parent company shareholders
total
---------------------------------------------------------------------------
Non-controlling interest 0.3 0.0 0.3
---------------------------------------------------------------------------
Shareholders' equity total 2.5 2.8 3.2
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Non-current liabilities
---------------------------------------------------------------------------
Provisions 0.1 0.2 0.1
---------------------------------------------------------------------------
Non-current interest-bearing 0.0 0.0 0.0
liabilities
---------------------------------------------------------------------------
Total long-term liabilities 0.1 0.1 0.1
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Current liabilities 4.2 4.0 5.0
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Liabilities total 4.3 4.3 5.2
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Total equity and liabilities 6.8 7.1 8.3
---------------------------------------------------------------------------
---------------------------------------------------------------------------
CASH FLOW STATEMENT
--------------------------------------------------------------------
EUR million 1-3/2011 1-3/2010 1-12/2010
--------------------------------------------------------------------
--------------------------------------------------------------------
Cash flow from business operations -0.2 0.1 -0.9
--------------------------------------------------------------------
Cash flow from investments -0.0 0.0 -0.1
--------------------------------------------------------------------
Cash flow from financing 2.5 -1.8 -1.4
--------------------------------------------------------------------
--------------------------------------------------------------------
Increase(+) / decrease (-) in cash 2.2 -1.8 -2.3
--------------------------------------------------------------------
--------------------------------------------------------------------
Cash at period start 1.6 3.9 3.9
--------------------------------------------------------------------
Effect of exchange rate 0.0 0.0 0.0
--------------------------------------------------------------------
Cash at period end 3.8 2.1 1.6
--------------------------------------------------------------------
--------------------------------------------------------------------
--------------------------------------------------------------------
STATEMENT ON CHANGES
IN SHAREHOLDERS'
EQUITY
--------------------------------------------------------------------------------
EUR million Share Fair Other Trans- Fund Non-Con Unrestrict Total
Capi-t value Equit lation for trollin ed equity
al reser y Fund diff own g funds and
-ves share intere retained
s st earnings
--------------------------------------------------------------------------------
Shareholders 0.9 0.1 -1.0 -1.1 5.5 4.4
' equity
Jan. 1.
2010
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Change 0.0 0.0 -0.1 -0.1
--------------------------------------------------------------------------------
Return of 0.1 -1.5 -1.4
Capital
--------------------------------------------------------------------------------
Net profit 0.0 0.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareholders 0.9 0.1 -1.1 -1.0 4.0 2.8
' equity
March. 31.
2010
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Change -0.2 -0.2
--------------------------------------------------------------------------------
Transactions 0.1 0.5 0.6
related to
Siltanet
Corp
Purchase
--------------------------------------------------------------------------------
Net profit -0,0 -0.5 -0.5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Management 0,0 0.3 0.3
Incentive
plan
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareholders 0.9 0.1 0.1 -1.3 -1.0 0.3 4.0 3.2
' equity
Dec. 31.
2010
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Change 0.2 0,2
--------------------------------------------------------------------------------
Net Profit -0.0 -0.8 -0,8
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareholders 0.9 0.1 0.1 -1.1 -1.0 0.3 3.2 2.5
' equity
March 31.
2011
--------------------------------------------------------------------------------
NET SALES BY SEGMENT
---------------------------------------
EUR million 1-3/ 1-3/ 1-12/
2011 2010 2010
---------------------------------------
---------------------------------------
AMER 1.4 1.7 6.0
---------------------------------------
APAC 0.3 0.2 1.0
---------------------------------------
EMEA 0.4 0.4 2.1
---------------------------------------
Tectia Group total 2.1 2.3 9.1
---------------------------------------
GROSS MARGIN BY SEGMENT
------------------------------------------
EUR million 1-3/ 1-3/ 1-12/
2011 2010 2010
------------------------------------------
------------------------------------------
AMER 1.4 1.7 6.0
------------------------------------------
APAC 0.3 0.2 1.0
------------------------------------------
EMEA 0.4 0.4 1.9
------------------------------------------
Tectia Group total 2.1 2.3 8.9
------------------------------------------
OPERATING PROFIT/LOSS BY SEGMENT
---------------------------------------------------
EUR million 1-3/ 1-3/ 1-12/
2011 2010 2010
---------------------------------------------------
---------------------------------------------------
AMER 0.5 1.1 3,4
---------------------------------------------------
APAC 0.2 0.1 0,4
---------------------------------------------------
EMEA 0.1 0.0 0,5
---------------------------------------------------
Common Group -1.6 -1.3 -5,1
expenses*
---------------------------------------------------
Tectia Group total -0.8 0.0 -0,7
---------------------------------------------------
* Common Group expenses include Group administration expenses (e.g. management
and finance) and product management and R&D expenses for corporate
headquarters.
KEY FIGURES AND RATIOS
--------------------------------------------------------------------------------
EUR million 1-3/201 1-3/201 1-12/201
1 0 0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net sales 2.1 2.3 9.1
--------------------------------------------------------------------------------
Operating profit/loss -0.8 0.0 -0.7
--------------------------------------------------------------------------------
Operating profit/loss. as % of net sales -39.5 -1.8 -7.9
--------------------------------------------------------------------------------
Profit/loss before extraordinary items and taxes -0.5 0.0 -0.7
--------------------------------------------------------------------------------
Profit/loss before extraordinary items and taxes. as -24.3 -1.8 -7.9
% of net sales
--------------------------------------------------------------------------------
Profit/loss before taxes -0.9 0.0 -0.5
--------------------------------------------------------------------------------
Profit/loss before taxes. as -41.0 0.8 -5.0
% of net sales
--------------------------------------------------------------------------------
Return on equity (%) -120.9 0.0 -12.8
--------------------------------------------------------------------------------
Return on investment (%) -112.8 0.0 -10.5
--------------------------------------------------------------------------------
Interest-bearing net liabilities -3.7 -5.1 -4.0
--------------------------------------------------------------------------------
Equity ratio (%) 65.0 66.3 69.1
--------------------------------------------------------------------------------
Gearing (%) -146.8 -179.8 -121.0
--------------------------------------------------------------------------------
Gross capital expenditure 0.0 0.0 0.1
--------------------------------------------------------------------------------
% of net sales 2.2 0.0 1.2
--------------------------------------------------------------------------------
R&D expenses 0.7 0.5 2.3
--------------------------------------------------------------------------------
% of net sales 33.7 23.7 25.2
--------------------------------------------------------------------------------
Personnel. period average 68 64 68
--------------------------------------------------------------------------------
Personnel. period end 60 65 70
--------------------------------------------------------------------------------
Calculation for key figures and ratios are presented in 2010 financial
statement and annual report. There have not been changes in calculation rules
after that.
PER-SHARE DATA
------------------------------------------------------------------------------
EUR 1-3/2011 1-3/2010 1-12/2010
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Earnings per share. Undiluted -0.03 0.00 -0.02
------------------------------------------------------------------------------
Earnings per share. diluted -0.03 0.00 -0.02
------------------------------------------------------------------------------
Equity per share 0.10 0.10 0.10
------------------------------------------------------------------------------
No. of shares at period average (thousand) 30 548 29 898 29 900
------------------------------------------------------------------------------
No. of shares at period end (thousand) 30 548 29 898 29 901*
------------------------------------------------------------------------------
Share performance
------------------------------------------------------------------------------
Average price 0.76 0.84 0.91
------------------------------------------------------------------------------
Low 0.60 0.76 0.76
------------------------------------------------------------------------------
High 0.89 0.98 1.15
------------------------------------------------------------------------------
Share price. period end 0.62 0.84 0.83
------------------------------------------------------------------------------
Market capitalization. period end (EUR million) 18.9 25.1 24.8
------------------------------------------------------------------------------
Volume of shares traded (million) 0.5 1.6 4.5
------------------------------------------------------------------------------
Volume of shares traded. As % of total 1.7 5.4 15.1
------------------------------------------------------------------------------
Value of shares traded (EUR million) 0.4 1.4 4.1
------------------------------------------------------------------------------
Price per earnings ratio (P/E) - 452.9 -
------------------------------------------------------------------------------
Dividend per share 0.0 0.0 0.0
------------------------------------------------------------------------------
Dividend per earnings, % 0.0 0.0 0.0
------------------------------------------------------------------------------
Effective return on dividend, % 0.0 0.0 0.0
------------------------------------------------------------------------------
------------------------------------------------------------------------------
* This figure does not include directed share issue to Siltanet Corp as the
shares became under exercise not until January 2011.
CONTINGENT LIABILITIES
----------------------------------------------------------------
EUR million 31.3.2011 31.3.2010 31.12.2010
----------------------------------------------------------------
Rent security deposits 0.1 0.1 0.1
----------------------------------------------------------------
----------------------------------------------------------------
Leasing commitments outside
the balance sheet
----------------------------------------------------------------
Maturing within 1 year 0.4 0.4 0.5
----------------------------------------------------------------
Maturing between 1 and 5 years 1.2 1.0 1.3
----------------------------------------------------------------
----------------------------------------------------------------
DISCLAIMER
The content in this report is provided by Tectia Corporation ("Tectia") and its
third party content providers for your personal information only. And does not
constitute an offer or invitation to purchase any securities. Nor does it
provide any form of advice (investment. tax. legal) amounting to investment
advice. Or make any recommendations regarding particular investments or
products. Tectia does not provide investment advice or recommendations to buy
or sell its shares or the shares of others. If you are interested in investing
in Tectia, please contact your financial adviser for further details and
information. Past performance of Tectia shares is not indicative of future
results. EXCEPT AS PROVIDED BY APPLICABLE COMPULSORY LAW TECTIA EXPRESSLY
DISCLAIMS ALL WARRANTIES, EXPRESSED OR IMPLIED. AS TO THE AVAILABILITY,
ACCURACY OR RELIABILITY OF ANY OF THE CONTENT PROVIDED, OR AS TO THE FITNESS OF
THE INFORMATION FOR ANY PURPOSE.
Tectia Corporation will release its next interim report for January 1-June 30,
2011 in July 20th.
Helsinki, April 20th 2011
TECTIA CORPORATION
Board of Directors
Jari Mielonen
CEO
For further information, please contact:
Jari Mielonen, CEO. tel. +358 40 703 8383
Mikko Karvinen, CFO. tel. +358 50 326 4101
Distribution:
NASDAQ OMX Helsinki Ltd.
Major media
www.tectia.com
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