2010-08-09 08:00:00 CEST
2010-08-09 08:00:01 CEST
REGULATED INFORMATION
Revenio Group Oyj - Interim report (Q1 and Q3)
REVENIO GROUP CORPORATION INTERIM REPORT 1 January to 30 June 2010
Revenio Group Corporation
STOCK EXCHANGE RELEASE August 9, 2010 at 9.00 a.m.
REVENIO GROUP CORPORATION INTERIM REPORT 1 January to 30 June 2010
1-6/2010
-Consolidated net sales EUR 13.0 million (16.2), down by 19.6 percent
-Consolidated operating profit EUR -0.6 million (−0.8), or -4.8 (−4.7) percent
of net sales
-Pre-tax profit EUR -0.6 million (−0.8)
-Diluted and undiluted earnings per share EUR -0.006 (−0.008)
-Cash flow from operating activities EUR 0.4 million (EUR 1.3 million)
-The AGM of April 8, 2010 decided on the distribution of a dividend of EUR
0.01 (0.02) per share
-Net sales for 2010 are expected to remain at their 2009 level and the
operating profit to be positive
Q2/2010
-Consolidated net sales EUR 6.4 million (7.1), down by 9.5 percent
-Consolidated operating profit EUR -0.4 million (−0.6), or -5.5 (−7.9) percent
of net sales.
Olli-Pekka Salovaara, President and CEO:
The first half of 2010 continued to be difficult for Revenio companies.
However, Icare Finland and Boomeranger Boats achieved growth in net sales.
Services Segment showed a slightly improved profitability.
The matters occurring during this period that were significant with regard to
our future were:
Assembly of the pilot systems required by FLS's BP contract, and commencement
of deliveries to BP stations in Poland, Austria, Switzerland and England.
Deliveries to BP and other customers are expected to have a positive impact on
net sales in 2H/2010 compared to the first half.
Icare Finland has been able to develop and prepare their new products ready
for sale. They have been positively received and, following some minor delays
in product development, all the new products and software are ready to be sold
in the markets for which a trading license has been secured. Country-specific
trading licenses for the US market, among others, will likely be secured in
late 2010.
MARKET SITUATION
The market situation during the first half of 2010 saw lower results
year-on-year in the Services and Technology segments. The market situation
improved or remained unchanged in the Systems, Healthcare and Safety segments.
The demand for translation services decreased year-on-year in the Services
segment. However, demand has not decreased from the level of late 2009. The
period saw rather weak demand for telemarketing services and contact
center-based services, primarily resulting from the dearth of orders from large
customers. Situation in the market situation continues to be challenging.
The significant order from Norway, obtained by the Systems segment after the
review period, is a clear sign of demand picking up after the marked downturn
that started in autumn 2008. However, demand has not returned to normal levels
across all the segment's product categories and customers.
In the Health Care segment, the demand for Icare tonometers continues its
steady growth. In addition to our current main markets, we have ventured into
new export markets outside Europe.
In the Safety segment, the short-term order portfolio and production fell short
of the target level. The long term order portfolio can be described as
satisfactory. In the prevailing market conditions it is difficult to forecast
public-sector investments and, especially, their timing.
Demand for the Technology segment's LED information displays and display
systems declined in the first months of the year because customers did not kick
off new investment programs as previous ones ended.
NET SALES, PROFITABILITY AND PROFIT
The Revenio Group's consolidated net sales during the period January 1 − June
30, 2010 totaled EUR 13.0 million (16.2), representing a decline of 19.6
percent. Second-quarter consolidated turnover in 2010 amounted to EUR 6.4
million (7.1), representing a decline of 9.5 percent.
During the period between June 1 and 30, 2010, earnings before interest, taxes,
depreciation and amortization (EBITDA) amounted to EUR -0.1 million (EUR −0.2
million), or -0.7 (−1.2) percent of net sales. Consolidated operating result
was EUR -0.6 million (EUR -0.8 million), representing -4.8 (-4.7) percent of
net sales. Pre-tax result amounted to EUR -0.6 million (EUR -0.8 million), or
-4.6 (-5.1) percent of net sales. Pre-tax result for the second quarter
amounted to EUR -0.4 million (EUR -0.6 million), or -5.5 (-7.9) percent of net
sales.
Both undiluted and diluted earnings per share totaled EUR -0.006 (EUR -0.008).
Equity per share was EUR 0.19 (EUR 0.21).
This represents a marked reduction in the Corporation's net sales year-on-year.
The majority of the decrease in net sales was caused by Midas Touch Oy. Net
sales also declined in the Systems and technology segments. The Corporation's
relative profitability remained almost unchanged, while its euro-denominated
consolidated operating loss saw a decrease. Operating profit was improved by
the success of the Health Care segment, Done Information Oy's return to
profitability as well as the decrease in Midas Touch Oy's losses.
BALANCE SHEET, FINANCIAL POSITION AND INVESTMENTS
The consolidated balance sheet total on June 30, 2010 was EUR 24.8 million (EUR
27.2 million). Shareholders' equity came to EUR 14.5 million (EUR 16.0
million). At the end of the review period, interest-bearing net liabilities
amounted to EUR 1.8 million (EUR 1.4 million) and gearing stood at 12.3 (8.3)
percent. The consolidated equity ratio was 60.4 (59.7) percent. The Group's
liquid assets were EUR 1.8 million (EUR 3.2 million) at the end of the period.
The Group's financial position remained stable during the review period. In
addition to its liquid assets, the Group has a EUR 2.0 million checking account
limit, from which EUR 0.3 million had been withdrawn at the end of the review
period.
During January 1 - June 30, 2010, cash flow from operating activities amounted
to EUR 0.4 million (EUR 1.3 million). Cash flow from business operations for
the second quarter came to EUR −0.1 million (EUR 1.7 million).
The Group's purchases of PPE and intangible assets totaled EUR 0.2 million (EUR
0.3 million).
GROUP STRUCTURE
The Revenio Group comprises the parent company Revenio Group Corporation and
its wholly-owned subsidiaries, all active companies, Done Information Oy, Midas
Touch Oy, Done Logistics Oy, Done Software Solutions Oy, Icare Finland Oy,
Boomeranger Boats Oy and Finnish Led-Signs Oy, and additionally the following
subsidiaries of Midas Touch Oy: Midas Touch Media Oy, Midas Touch Gateway Oy,
Midas Touch Interactive Oy, Midas Touch Tech Oy and Midas Touch Care Oy.
OPERATIONS BY BUSINESS SEGMENT
Revenio Group Corporation's business operations are organized into five primary
business segments: Services (Done Information Oy and Midas Touch Oy), Systems
(Done Logistics Oy and Done Software Solutions Oy), Health Care (Icare Finland
Oy), Safety (Boomeranger Boats Oy) and Technology (Finnish Led-Signs Oy). This
segment-based structure corresponds to the Group's organization and internal
reporting.
Services
Done Information Oy is one of Finland's biggest translation and content
creation companies, while Midas Touch Oy is a leading Finnish contact center
company.
The Service segment's net sales in Q1-Q2 totaled EUR 5.6 million (EUR 8.0
million), down by 30.8 percent. The margin was EUR -0.7 million (EUR -1.1
million). Second-quarter consolidated net sales amounted to EUR 2.8 million
(EUR 3.6 million), while the margin was EUR -0.3 (-0.6 million) million.
The improvement in Done Information Oy's profitability, having started in the
final quarter of 2009, continued apace in Q1-Q2. Even though its net sales saw
a decrease year-on-year, the company's operating profit turned positive. With
the aid of the adjustment measures effected in 2009, cost levels have been
brought down to current levels of demand.
Demand for products and services marketed under Midas Touch Oy's contact
services continues to be weak. The company's net sales saw a marked reduction
year-on-year. The decline in large customers' order volumes was the primary
reason behinddecreasing net sales.
On May 1, 2010, Riku Lamppu, commercial institute graduate, was appointed as
the new CEO of Midas Touch Oy.
Systems
The Systems segment comprises Done Logistics, which provides companies with
materials handling systems related to their internal logistics, and Done
Software Solutions Oy, which provides the related information systems. Done
Software Solutions Oy launched operations as an independent company on May 1,
2010 as a result of the partial demerger of Done Logistics Oy. The figures,
including all reference information, in this interim report are presented as if
this arrangement had been effective throughout the entire period described by
the report and reference information.
In Q1-Q2 2010, the Systems segment's net sales amounted to EUR 2.0 million (EUR
2.7 million), down 23.9 percent. Its margin was EUR -0.3 million (EUR -0.2
million). Second-quarter consolidated net sales amounted to EUR 0.8 million
(EUR 1.1 million), while the margin was EUR -0.2 (EUR -0.1 million) million.
The segment is still suffering from the downturn in demand for the investment
products.
The most significant customer agreement during the period was jointly secured
by Done Logistics Oy and Done Software Solutions Oy, worth a total of EUR 1.3
million, from Nestlé Finland Ltd, to transfer and modernize the palletizing
department at its Turenki ice cream plant. The two companies will also be
responsible for the maintenance of the new system. The majority of the project
will be implemented in 2010.
Health Care
The Health Care segment consists of Icare Finland, which specializes in the
development, manufacture and sale of tonometers measuring intra ocular
pressure.
In Q1-Q2 2010, the Health Care segment's net sales amounted to EUR 3.2 million
(EUR 2.8 million), up 14.0 percent. The segment's margin was EUR 1.0 million
(EUR 1.0 million). Second-quarter consolidated net sales amounted to EUR 1.5
million (EUR 1.4 million), while the margin was EUR 0.5 (0.5) million.
Significant development projects relating to a new generation of products were
concluded during the period, with the first Icare One products, enabling
self-administered tests, shipped out to customers. As a result, more product
development and marketing costs than usual were concentrated on this period.
The new products are expected to increase net sales as of the final quarter of
2010.
Safety
The Safety segment comprises Boomeranger Boats, which designs, manufactures and
sells Rigid Inflatable Boats of the highest quality, primarily for navy rescue
units, authorities and security forces in various countries.
In Q1-Q2 2010, the Safety segment's net sales amounted to EUR 1.6 million (EUR
1.4 million), up 13.6 percent. The segment's margin was EUR 0.1 million (EUR
0.1 million). Second-quarter consolidated net sales amounted to EUR 0.9 million
(EUR 0.4 million), while the margin was EUR 0.0 (-0.1) million.
Additional orders must be won to improve profitability in the Safety segment.
Technology
Finnish Led-Signs, which makes up the Technology segment, is the largest
supplier of LED price displays in the Nordic countries and Finland's leading
manufacturer of LED information displays and parking guide systems.
In Q1−Q2, net sales for the Technology segment totaled EUR 0.7 million (EUR 1.3
million), down 49 percent. Its margin was EUR -0.1 million (EUR 0.1 million).
Second-quarter consolidated net sales amounted to EUR 0.4 million (0.7), while
the margin was EUR −0.03 (0.08) million.
Net Sales Net Sales Segment Profit Margin
1-6/2010 1-6 /2009 1-6/2010 1-6/2009
MEUR osuus MEUR osuus MEUR % MEUR %
Services total 5.6 43% 8.0 49% -0.72 -13 -1.08 -13
-Done Information 1.8 14% 1.9 12% 0.06 3 -0.20 -10
-Midas Touch 3.8 29% 6.1 37% -0.78 -21 -0.88 -15
Systems total 2.0 15% 2.7 17% -0.27 -12 -0.18 -7
-Done Logistics 1.5 11% 2.1 13% -0.33 -18 -0.27 -13
-Done Software 0.5 4% 0.6 4% 0.06 11 0.08 15
Solutions
Health Care 3.2 25% 2.8 17% 1.02 32 1.00 35
Safety 1.6 12% 1.4 9% 0.06 4 0.06 4
Technology 0.7 5% 1.3 8% -0.13 -20 0.11 9
Total 13.0 100% 16.2 100% -0.04 -0 -0.10 -1
Parent Co. expenses -0.58 -0.66
Operating Profit/loss -0.62 -5 -0.76 -5
Net sales, margin and profit by segment and quarter were as follows:
MEUR Q2/10 Q1/10 Q4/09 Q3/09 Q2/09 Q1/09
Net Sales:
Services total 2.8 2.8 2.7 2.9 3.6 4.4
-Done Information 1.0 0.8 0.9 0.7 0.8 1.1
-Midas Touch 1.8 1.9 1.8 2.2 2.8 3.3
Systems total 0.8 1.2 0.9 1.1 1.0 1.6
-Done Logistics 0.5 0.9 0.7 0.8 0.8 1.3
-Done Software 0.3 0.3 0.2 0.3 0.2 0.3
Solutions
Health Care 1.5 1.7 1.8 1.5 1.4 1.4
Safety 0.9 0.7 0.9 0.5 0.4 1.0
Technology 0.4 0.3 0.6 0.8 0.7 0.6
Total 6.4 6.6 7.0 6.8 7.1 9.1
Segment Profit margin: Q2/10 Q1/10 Q4/09 Q3/09 Q2/09 Q1/09
Services total -0.33 -0.38 -0.65 -0.27 -0.56 -0.52
-Done Information 0.04 0.02 0.12 -0.10 -0.16 -0.04
-Midas Touch -0.37 -0.40 -0.77 -0.17 -0.40 -0.48
Systems total -0.18 -0.09 -0.17 0.11 -0.14 -0.04
-Done Logistics -0.21 -0.12 -0.17 -0.06 -0.18 -0.08
-Done Software 0.03 0.03 -0.00 0.17 0.04 0.04
Solutions
Health Care 0.45 0.56 0.78 0.54 0.49 0.50
Safety 0.04 0.02 0.07 -0.06 -0.06 0.12
Technology -0.03 -0.11 0.06 0.12 0.08 0.03
Total -0.05 0.01 0.08 0.44 -0.20 0.09
Parent Co. expenses -0.30 -0.28 -0.19 -0.21 -0.36 -0.29
Operating profit -0.35 -0.27 -0.11 0.23 -0.56 -0.20
Operating profit, -% -5.5% -4.2% -1.5% 3.4% -7.9% -2.3%
HUMAN RESOURCES
The number of personnel employed by the Group during the period averaged 390
(501). The number of employees at the end of the period was 384 (496).
The number of personnel employed by the Group during the period, by segment,
averaged:
6/30/2010 6/30/2009 Change
Services 297 411 -114
Systems 45 43 2
Helath Care 10 8 2
Safety 22 21 1
Technology 12 14 -2
Parent Company 4 4 0
Total 390 501 -111
Wages, salaries and other remuneration paid during the review period totaled
EUR 5.8 million (EUR 7.6 million).
SHARES, SHARE CAPITAL AND MANAGEMENT HOLDINGS
On June 30, 2010, Revenio Group Corporation's fully paid-up share capital
registered with the Trade Register was EUR 5,314,918.72 and the number of
shares outstanding totaled 76,839,730. The company has one series of shares.
All the shares confer the same voting rights and an equal right to dividends
and the company's funds.
On June 30, 2010, the Board of Directors and the President and CEO held 20.9
percent of the company's shares, totaling 16,081,960 shares, and 18.6 percent
of option rights, or a total of 684,365 options.
A share buyback programme, commenced by the Revenio Group Corporation on May 5,
2010, in order to pay Board members' emoluments in the form of shares,
concluded on May 12, 2010. A total of 141,255 shares were purchased, and were
transferred to the Board members. With these transfers, that part of the Board
members' emoluments payable in the form of shares has been paid in full. After
these transfers, the company holds no treasury shares.
CHANGES IN SHAREHOLDINGS
There were no significant changes in ownership to report during the review
period.
OPTION RIGHTS
On the basis of the share issue authorization approved by the Annual General
Meeting on April 3, 2007, the Board of Revenio Group Corporation decided, on
November 23, 2007, on a new corporate option scheme, comprising a maximum of
3,684,365 option rights. Each option right entitles the holder to subscribe for
one Revenio Group Corporation share. Against the total number of the company's
shares on December 31, 2009, the proportion of shares to be subscribed on the
basis of the option rights issued represent a maximum of 2.5 percent of the
company's shares and votes, once all new shares subscribed with these option
rights have been registered. Shares subscribed via the option scheme entitle
the holder to a dividend from the subscription year onwards.
The option rights have been divided into three series: Series A (1,684,365),
Series B (1,000,000) and Series C (1,000,000).
No options were issued to personnel during the review period. At the end of the
review period, the company's key personnel held a total of 1,159,365 Series
2007A options and a total of 685,000 Series 2007B options.
TRADING ON NASDAQ OMX HELSINKI
During the period January 1 - June 30, 2010, Revenio Group Corporation's
turnover on NASDAQ OMX Helsinki totaled EUR 3.6 (2.3) million, representing
10.6 (7.6) million shares or 13.8 (9.9) percent of shares outstanding. The
trading high was EUR 0.38 (0.35) and the low EUR 0.28 (0.26). At the end of the
review period, the closing price was EUR 0.29 (0.28), and the average share
price was EUR 0.34 (0.31). Revenio Group Corporation's market value on June 30,
2010 was EUR 22.2 (21.5) million.
ANNUAL GENERAL MEETING AND VALID BOARD AUTHORIZATIONS
The Annual General Meeting held on April 8, 2010 approved the company's
financial statements and discharged the members of the Board of Directors and
the President and CEO from liability for the financial year January 1 -
December 31, 2009.
The AGM decided that the Chairman of the Board should be entitled to an annual
emolument of EUR 60,000 and the other Board members to an annual emolument of
EUR 36,000, with the exception that any member who holds a minimum 5 percent
stake in Revenio Group Corporation, either directly or through a company in
which he or she has a minimum holding of 50 percent, should not be entitled to
a separate emolument. A total of 40 percent of Board members' emoluments will
be settled in the form of the company's shares, while 60 percent will comprise
a monetary payment.
The AGM decided to re-elect PricewaterhouseCoopers Oy, Authorized Public
Accountants, as the company's auditor, with Juha Tuomala, Authorized Public
Accountant, acting as the chief auditor.
The AGM rescinded its earlier authorization to buy back 7,683,973 of the
company's own shares and authorized the Board to decide on the buyback of a
maximum of 7,683,973 of the company's own shares in one or more installments
using the company's unrestricted equity, in which case any buyback will reduce
the company's distributable earnings.
The AGM decided to rescind the Board's valid unexercised share-issue
authorizations. The AGM authorized the Board of Directors to decide on an issue
of a maximum of 30,000,000 shares or to grant special rights (including stock
options) entitling to shares, as set forth in Section 1 of Chapter 10 of the
Companies Act, in one or several tranches. This authorization was granted to be
used to finance and implement any potential corporate acquisitions or other
transactions, to implement the company's share-based incentive plans or for
other purposes determined by the Board. The Board has the right to decide on
all terms and conditions governing said share issue and the granting of special
rights, including the subscribers or the grantees of the special rights, and
the consideration payable. The Board's authorization includes the right to
waive shareholders' pre-emptive subscription rights and covers the issue of new
shares and the transfer of any shares that may be held by the company. This
authorization will be valid until April 30, 2011.
MAJOR BUSINESS RISKS AND UNCERTAINTIES
The Group issued a notification of its major business risks and uncertainties
in its financial statements bulletin of February 16, 2010. No changes in said
risks have occurred since the bulletin's release.
MAJOR EVENTS AFTER THE PERIOD
On July 14, 2010, Done Logistics Oy in the Systems segment, obtained the
largest order in its history from Norway. Done Logistics Oy will deliver a
dairy product handling and collection system worth EUR 12.4 million to
Norwegian Tine SA, operating as a subcontractor for the Swiss logistics group,
Swisslog. The delivery will be part of a dairy product distribution center to
be built in Oslo, where Swisslog is the main logistics systems contractor. The
delivery will be made in 2010-2012, with the most significant impact on net
sales and profit evident during 2011-2012.
OUTLOOK FOR 2010
Consolidated net sales for 2010 are expected to remain at the 2009 level, with
a positive operating profit generated.
THE FINANCIAL STATEMENTS PRESENTED IN THIS RELEASE HAVE BEEN COMPILED IN
ACCORDANCE WITH THE IAS 34 STANDARD
The figures are unaudited.
GROUP KEY FIGURES AND RATIOS(MEUR) 1-6/2010 1-6/2009 1-12/2009
Net sales 13.0 16.2 30.0
Ebitda -0.1 -0.2 0.5
Ebitda % -0.7 -1.2 1.5
Operating profit -0.6 -0.8 -0.6
Operating profit % -4.8 -4.7 -2.1
Pre-tax profit -0.6 -0.8 -0.8
Pre-tax profit, % -4.6 -5.1 -2.8
Net profit -0.4 -0.6 -0.8
Net profit, % -3.5 -3.8 -2.7
Gross capital expenditure 0.3 0.3 0.3
Gross capital expenditure, % 1.2 2.0 1.1
R&D costs 0.3 0.2 0.4
R&D costs, % 2.1 1.2 1.4
Gearing % 12.3 8.3 7.1
Equity ratio % 60.4 59.7 60.7
Return on investment % (ROI) -5.4 -6.5 -2.6
Return on equity % (ROE) -5.9 -7.3 -4.9
Undiluted earnings per share, EUR -0.006 -0.008 -0.011
Diluted earnings per share, EUR -0.006 -0.008 -0.011
Equity per share, EUR 0.19 0.21 0.21
Average no. of employees 390 501 516
Cash flow from operating activities 0.4 1.3 2.0
Cash flow from investing activities -0.2 -0.1 -0.3
Net cash used in financing activities -1.2 0.1 -0.8
Total cash flow -1.0 1.2 0.9
CONSOLIDATED INCOME STATEMENT (MEUR) 1-6/2010 1-6/2009 1-12/2009
NET SALES 13.0 16.2 30.0
Other operating income 0.0 0.0 0.1
Materials and services -3.4 -3.9 -7.6
Employee benefits -7.0 -9.2 -16.4
Depreciation/amortization -0.5 -0.6 -1.1
Other operating expenses -2.7 -3.3 -5.5
OPERATING PROFIT -0.6 -0.8 -0.6
Share of associates' results 0.0 0.0 0.0
Financial expenses (net) 0.0 -0.1 -0.2
PRE-TAX PROFIT -0.6 -0.8 -0.8
Income tax expense 0.2 0.2 0.0
NET PROFIT -0.4 -0.6 -0.8
Other comprehensive income items 0.0 0.0 0.0
Income tax expense for comprehensive income
Items 0.0 0.0 0.0
Other comprehensive income items
after taxes 0.0 0.0 0.0
TOTAL COMPREHENSIVE INCOME -0.4 -0.6 -0.8
Net profit attributable to:
Parent company shareholders -0.4 -0.6 -0.8
Minority interest 0.0 0.0 0.0
Total comprehensive income attributable to:
Parent company shareholders -0.4 -0.6 -0.8
Minority interest 0.0 0.0 0.0
Earnings per share, undiluted EUR -0.006 -0.008 -0.011
Earnings per share, diluted EUR -0.006 -0.008 -0.011
CONSOLIDATED BALANCE SHEET (MEUR) 30.6.2010 30.6.2009 31.12.2009
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 1.7 2.0 1.9
Goodwill 9.1 9.4 9.1
Intangible assets 2.4 2.9 2.7
Shares in associates 0.4 0.4 0.4
Available-for-sale-assets 0.3 0.3 0.3
Deferred tax assets 3.1 3.3 3.1
TOTAL NON-CURRENT ASSETS 17.0 18.4 17.5
CURRENT ASSETS
Inventories 2.2 1.3 1.9
Trade and other receivables 3.7 4.2 4.3
Cash and cash equivalents 1.8 3.3 2.9
TOTAL CURRENT ASSETS 7.7 8.8 9.1
TOTAL ASSETS 24.8 27.2 26.6
LIABILITIES AND SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY
Share capital 5.3 5.3 5.3
Share premium 2.4 2.4 2.4
Fair value reserve 0.3 0.3 0.3
Invested unrestricted capital reserve 7.0 7.0 7.0
Retained earnings/loss -0.5 0.9 0.6
TOTAL EQUITY, attributable to holders
of parent company equity 14.5 16.0 15.7
TOTAL SHAREHOLDERS' EQUITY 14.5 16.0 15.7
LIABILITIES
NON-CURRENT LIABILITIES
Deferred tax liabilities 0.7 0.9 0.8
Provisions 0.2 0.1 0.2
Financial liabilities 2.1 3.3 2.7
Other liabilities 0.0 0.4 0.0
TOTAL LONG-TERM LIABILITIES 3.0 4.8 3.8
CURRENT LIABILITIES
Advance payments 0.8 0.5 0.6
Trade and other payables 5.7 4.6 5.2
Provisions 0.0 0.0 0.0
Financial liabilities 1.6 1.3 1.3
TOTAL SHORT-TERM LIABILITIES 7.3 6.5 7.1
TOTAL LIABILITIES 10.3 11.3 10.8
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY 24.8 27.2 26.6
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS'EQUITY (MEUR)
Share Share Other Retained Minority Total
Capital Premium Reserves Earnings Interest equity
Balance Jan 1, 2009 5.3 2.4 6.5 3.3 0.0 17.6
Private placements 0.0 0.0 0.5 0.0 0.0 0.5
Dividend distribution 0.0 0.0 0.0 -1.5 0.0 -1.5
Cancellation of
own shares 0.0 0.0 0.3 -0.3 0.0 0.0
Options expense
adjustment 0.0 0.0 0.0 0.0 0.0 0.0
Net profit 0.0 0.0 0.0 -0.6 0.0 -0.6
Balance June 30,2009 5.3 2.4 7.3 0.9 0.0 16.0
Osake- Ylikurs- Muut Voitto- Väh. Opo
pääoma sirahasto rahastot varat osuus yht.
Balance Jan 1, 2010 5,3 2.4 7.3 0.6 0.0 15.7
Dividend distribution 0.0 0.0 0.0 -0.8 0.0 -0.8
Options expense
adjustment 0.0 0.0 0.0 0.0 0.0 0.0
Net
profit 0.0 0.0 0.0 -0.4 0.0 -0.4
Balance June 30,2010 5.3 2.4 7.3 -0.5 0.0 14.5
CONSOLIDATED CASH FLOW STATEMENT(MEUR) 1-6/2010 1-6/2009 1-12/2009
Net profit -0.4 -0.6 -0.8
Adjustments to net profit 0.5 0.5 1.4
Change in working capital 0.4 1.5 0.8
Interest paid -0.0 -0.1 -0.2
Taxes paid 0.0 0.0 -0.0
CASH FLOW FROM OPERATING ACTIVITES 0.4 1.3 2.0
Purchase of PPE -0.0 -0.1 -0.3
Purchase of intangible assets -0.2 0.0 0.0
NET CASH USED IN INVESTING ACTIVITIES -0.2 -0.1 -0.3
Dividends paid -0.8 -1.5 -1.5
Long-term borrowings 0.3 2.0 2.2
Repayments of long-term borrowings -0.7 -0.3 -1.4
Finance lease principal payment -0.1 -0.0 -0.1
NET CASH USED IN FINANCING ACTIVITIES -1.2 0.2 -0.8
Net change in cash and equivalents -1.1 1.3 0.9
Cash and equivalents, period-start 2.9 2.0 2.0
Cash and equivalents, period-end 1.8 3.3 2.9
NET SALES AND OPERATING PROFIT BY QUARTER (MEUR)
MEUR Q2/2010 Q1/10 Q4/09 Q3/09 Q2/09 Q1/09
Net sales 6.4 6.6 7.0 6.8 7.1 9.1
Oper. profit -0.4 -0.3 -0.1 0.2 -0.4 -0.2
Oper. profit, % -5.5 -4.2 -1.5 3.4 -5.7 -2.3
MAIN SHAREHOLDERS ON JUNE 30, 2010
No. of shares %
1. Merivirta Jyri 15,000,000 19.52
2. Eyemaker´s Finland Oy 7,817,214 10.17
3. Gateway Finland Oy 3,800,000 4.95
4. Etera 3,500,000 4.55
5. Alpisalo Mia 3,121,653 4.06
6. Mäkinen Markku 1,676,750 2.18
7. Latva Sami 1,375,093 1.79
8. Juurakko Timo 1,285,280 1.67
9. Kiesvaara Tuomo 1,265,712 1.65
10. The Nordic Adviser Group Ltd 1,179,861 1.54
Revenio Group Corporation
Board of Directors
For further information, please contact:
Olli-Pekka Salovaara, President & CEO, mobile +358 040 5675520
olli-pekka.salovaara@revenio.fi
http://www.revenio.fi
DISTRIBUTION:
NASDAQ OMX Helsinki
Financial Supervisory Authority (FIN-FSA)
Key media
www.revenio.fi
Revenio's subsidiaries share a focus on Finnish specialist expertise and
export-based operations.
Revenio Group consists of seven independent subsidiaries in five business
segments. These subsidiaries are Done Information Oy, Done Logistics Oy, Done
Software Solutions Oy, Icare Finland Oy, Boomeranger Boats Oy, Finnish
Led-Signs Oy and Midas Touch Oy.
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