Revenio Group Corporation STOCK EXCHANGE RELEASE 19.10.2012 at 9.00 a.m.
REVENIO GROUP CORPORATION INTERIM REPORT Q1-Q3/2012 - GOOD OPERATING PROFIT AT
Q3/2012
7-9/2012
- Consolidated net sales amounted to EUR 6.6 million (8.2), down 19.3 percent.
- Consolidated operating profit (EBIT) came to EUR 1.2 million
(EUR 1.3 million), or 17.4 (15.8) percent of net sales.
1-9/2012
Significant occurrences during the period:
-Group profitability saw significant growth in Q3.
-Icare Finland's net sales and profit are experiencing strong growth.
-Done Software's profit was strong, while FLS Finland and Midas Touch are
showing a healthy profit performance.
-Boomeranger Boats landed new orders worth over 2 million euros late in the
period.
-Done Logistics carried out fixed-term layoffs and staffing reductions, owing to
which a non-recurring cost of EUR 1.2 million was recorded in Q2.
Group key figures:
- Consolidated net sales EUR 20.6 million (24.5), down 15.7 percent.
- Consolidated operating profit excluding non-recurring costs was EUR 2.2
million (EUR 3.4 million), or 10.8 (14.0) percent of net sales.
- Consolidated operating profit (EBIT) amounted to EUR 1.0 million
(EUR 3.4 million), or 5.0 (14.0) percent of net sales. The operating profit
includes Done Logistics' non-recurring adjustment costs of EUR 1.2 million
recorded for the second quarter.
-Net result from discontinued operations was EUR -0.3 million (EUR 1.7 million)
due to the write-down of the additional sale price receivable from the
divestment of Done Information in Q2.
- Diluted and undiluted earnings per share, continuing and discontinued
operations, came to EUR 0.004 (EUR 0.054).
- Cash flow from operating activities amounted to EUR -1.4 million (EUR 1.8
million), primarily as the result of working capital tied for project
deliveries.
- Financial guidance for 2012 will remain unchanged at the Group: Net sales and
operating profit for 2012 are forecast to fall in comparison to 2011 figures,
due to developments in the Systems segment. Operating profit excluding non-
recurring items is expected to remain clearly positive.
President and CEO Olli-Pekka Salovaara:
"The last quarter of the period under review markedly improved our profit
figures for the year. The great success enjoyed by Icare Finland remained the
most important factor in our profitability, although Done Software Solutions
also showed very strong development. Due to overlapping projects, the company
experienced a very busy third quarter, and I am very pleased with the way the
staff performed. Towards the end of the review period, both Midas Touch and FLS
Finland saw improved profits. Boomeranger Boats landed significant orders late
in the period, enabling the improvement of profitability in the future.
The adaptation measures, performed at Done Logistics in May and June, resulted
in gradual progress for operating profit in Q3. The operating profit, however,
remained negative.
After the period under review, we made the decision to suspend the FDA license
process for Icare One in the US, while additional measures were taken. As far as
sales license regulation is concerned, this product is included in the so-called
home use category, for which the FDA sales license regulation instructions are
still in the development phase. The conditions of regulation in the United
States differ from the other market areas for which Icare One sales licenses
have already been applied for and obtained.
The business operations of Icare Finland have developed in many areas, with the
Icare TA01 tonometer responsible for basic net sales. The product keeps
increasing its market share in the traditional segments due to its accuracy and
ease of use. However, more and more devices are being sold to general
practitioners, which signifies an expansion of the potential target customer
group. The market areas in addition to the US that have seen particularly
positive development are Asia and Russia. Of our newer products, the sales of
Icare One and Icare Pro are growing. The Icare One tonometer in particular - the
only product on the market that enables self-measurement of intraocular pressure
- has received much publicity and positive statements from leading researchers
all over the world."
MARKET SITUATION
The market situation was stable in the Services segment, particularly in the
inbound teleservices business. General economic uncertainties are not expected
to have a negative impact on business operations, based on the current service
offering. Over the last two years, the segment has striven to focus its service
offering for the inbound teleservices customers, in which business growth can be
achieved. At the same time, telemarketing assignments that complement the
service offering will continue to be carried out; the situation in this market
has also remained stable.
Demand for internal-logistics information systems and the related development
work was very healthy during the period. Implemented customer systems are also
creating the basis for system expansion and continuation projects.
Demand for internal-logistics information systems was low in the Systems
segment. Customers are primarily carrying out minor improvement and maintenance
work on their existing systems.
In the Health Care segment, demand for Icare Finland tonometers continued to
grow during the period and the market situation remained good. Demand was
particularly strong in the US market. Demand for probes used in tonometers is
growing due to growth in the number of devices on the market.
RIB equipment acquisitions and the related bidding processes are underway among
customers of the Safety segment, in both old and new markets. Public investments
in defense and security are expected to continue, since some customers need to
modernize their equipment and have other concrete needs to invest in additional
equipment.
In the Technology segment, the market situation for fuel price displays improved
year-on-year, particularly due to Nordic export deliveries.
NET SALES, PROFITABILITY AND PROFIT
Consolidated net sales from Revenio Group's continuing operations for the period
from January 1 to September 30, 2012 were EUR 20.6 million (EUR 24.5 million),
showing a decrease of -15.7 percent. For Q3, consolidated net sales of
continuing operations came to EUR 6.6 million (EUR 8.2 million), a decrease of
-19.3 percent.
The group's earnings before interest, taxes, depreciation and amortization
(EBITDA) for Q1-Q3/2012 amounted to EUR 1.6 million (EUR 4.0 million), or 7.7
percent (15.0 percent) of net sales, and before non-recurring items EUR 2.8
million (EUR 4.0 million), or 13.5 percent (15.0 percent) of net sales.
Consolidated operating profit (EBIT) from continuing operations was EUR 1.0
million (EUR 3.4 million), representing 5.0 (14.0) percent of net sales.
Consolidated operating profit excluding non-recurring costs was EUR 2.2 million
(EUR 3.4 million), or 10.8 (14.0) percent of net sales.
The pre-tax result totaled EUR 0.8 million (EUR 3.3 million), or 3.9 per cent
(13.5 per cent) of net sales. For continuing operations, net profit for Q1-
Q3/2012 was EUR 0.6 million (EUR 2.4 million) and EUR 0.9 million (EUR 1.0
million) for Q3/2012, representing 13.4 (11.8) percent of net sales.
Net profit for discontinued operations for Q1-Q3/2012 was EUR -0.3 million (EUR
1.7 million). The result for discontinued operations includes the write-down of
the additional sale price receivable from the divestment of Done Information Oy
on July 19, 2011. The additional sale price was not paid, since the customer net
sales target value, upon which the additional sale price was conditional, was
not achieved during the specified period.
In Q1-Q3/2012, undiluted and diluted earnings per share came to EUR 0.008
(0.032) for continuing operations and EUR -0.004 (0.022) for discontinued
operations. Equity per share was EUR 0.20 (EUR 0.22).
The decrease in net sales generated by the Systems segment's Norwegian projects
and the scarcity of new orders contributed to the decrease in consolidated net
sales. The Safety segment also saw a decrease in net sales. The other segments
were able to significantly grow their net sales.
Key factors contributing to the decrease in operating profit were the losses
sustained by Done Logistics in the delivery phase of the Norwegian projects, the
difficult market situation, and the company's EUR 1.2 million adjustment costs
and other non-recurring costs in the second quarter. The profitability of the
Safety segment was low due to the timing of orders and production. The other
segments saw marked year-on-year increases in operating profit.
BALANCE SHEET, FINANCIAL POSITION AND INVESTMENTS
The consolidated balance sheet total on September 30, 2012 was EUR 24.4 million
(EUR 24.7 million). Shareholders' equity came to EUR 15.3 million (EUR 17.0
million). At the end of the review period, interest-bearing net liabilities
amounted to EUR 0.3 million (EUR -0.9 million) and gearing stood at 2.1 (-5.1)
per cent. The consolidated equity ratio was 63.8 (69.0) per cent. The Group's
liquid assets amounted to EUR 3.8 million (EUR 2.6 million) at the end of the
review period.
The Group's financial position remained stable in the period under review. To
strengthen its financial position, the Group withdrew a EUR 2.0 million stand-by
credit, and made arrangements for a EUR 2.0 million credit facility, which
remained fully undrawn at the end of the period.
In Q1-Q3/2012, cash flow from operating activities amounted to EUR -1.4 million
(EUR 1.8 million) and EUR -0.6 million (EUR -0.3 million) in Q3/2012. Negative
cash flow was mainly due to working capital tied in project companies'
deliveries.
The Group's purchases of PPE and intangible assets totaled EUR 0.3 million
(EUR 0.5 million).
OPERATIONS BY BUSINESS SEGMENT
Revenio Group Corporation's business operations are organized into five
segments: Services (Midas Touch), Systems (Done Logistics and Done Software
Solutions), Health Care (Icare Finland), Safety (Boomeranger Boats), and
Technology (FLS Finland). This structure is in line with the Group's
organization and internal reporting.
Services
The Services segment comprises Midas Touch, one of the leading contact center
companies in Finland. Midas Touch provides outsourced telephone services,
including customer service, help desk services, exchange management,
telemarketing and market surveys for the private and public sectors alike.
The Service segment's net sales in Q1-Q3 totaled EUR 3.8 million (EUR 3.6
million), up by 5.8 percent. The segment's profit margin was EUR 0.3 million
(EUR 0.2 million). For Q3, net sales amounted to EUR 1.2 million (EUR 1.2
million), while the profit margin was EUR 0.1 (0.1) million.
Midas Touch's net sales saw an increase year-on-year due to growth in inbound
operations and successful telemarketing assignments. The company was able to
achieve healthy efficiency in production, resulting, via increased net sales, in
an improved operating profit.
Systems
The Systems segment comprises Done Logistics, which provides companies with
materials handling systems associated with their internal logistics, and Done
Software Solutions, which provides information systems for internal logistics
and inventory management, as well as the related services.
In Q1-Q3/2012, the Systems segment's net sales amounted to EUR 4.3 million
(EUR 9.6 million), down 54.8 percent. The segment's profit margin was EUR -2.0
million (EUR 1.1 million). For Q3, net sales amounted to EUR 1.0 million (EUR
3.9 million), while the profit margin was EUR 0.0 (0.7) million.
The adjustment and streamlining measures implemented in the second quarter 2012
resulted in improved operating profit for third quarter in compared to previous
quarters.
The Managing Director of Done Logistics changed during the review period. On May
30, 2012, Riku Lamppu, the CEO of Midas Touch Oy, took up the position of acting
Managing Director.
Done Software Solutions performed very well in the internal logistics software
markets during the period and was able to significantly grow both its net sales
and operating profit. Factors contributing to the increase in net sales were
software delivery projects carried out for new customers, as well as system
development work ordered by existing customers.
Health Care
The Health Care segment comprises Icare Finland, which specializes in the
development, manufacture and sale of tonometers measuring intraocular pressure.
In Q1-Q3/2012, the Health Care segment's net sales amounted to EUR 7.8 million
(EUR 6.3 million), an increase of 23.9 percent. The segment's profit margin was
EUR 3.6 million (EUR 2.8 million). For Q3, net sales amounted to EUR 2.6 million
(EUR 1.9 million), while the profit margin was EUR 1.2 (0.8) million.
Icare's net sales saw significant growth during period, while its profitability
remained high. This increase in net sales was based on strong development in US
sales and success in new market areas, especially in Asia and in Russia. Icare
Pro and Icare One showed rising sales figures as trading licenses were obtained.
Safety
The Safety segment consists of Boomeranger Boats, which designs, manufactures,
and sells Rigid Inflatable Boats (RIBs) of the highest quality, primarily for
navy rescue units, authorities and the defense forces of various countries.
In Q1-Q3/2012, the Safety segment's net sales amounted to EUR 1.7 million (EUR
3.2 million), down 46.0 percent. The segment's profit margin was EUR -0.1
million (EUR 0.5 million). For Q3, net sales amounted to EUR 0.5 million (EUR
0.6 million), while the profit margin was EUR -0.1 (0.1) million.
The number of RIB boats produced during the period was low due to the variable
accumulation of orders so typical of the sector. At the end of the period under
review, the company did, however, obtain several significant orders for the
remainder of the year and next year. One new customer was the Dutch Police, with
which a framework agreement for RIB boats was signed. Delivery of the first
eight boats was agreed in September. In addition, an order for one large boat
was obtained from an existing European customer. The total value of these orders
exceeds two million euros. In addition, the Company is expecting resolution for
significant tender processes in near future.
Technology
Representing the Technology segment, FLS Finland (previously Finnish Led-Signs)
is the largest supplier of LED price displays in the Nordic region and is
Finland's leading manufacturer of LED information displays and parking guidance
systems.
In Q1-Q3 2012, the Technology segment's net sales amounted to EUR 2.9 million
(EUR 1.8 million), an increase of 64.2 percent. The segment's profit margin was
EUR 0.4 million (EUR 0.2 million). Net sales for Q3/2012 amounted to EUR 1.3
million (0.7), while the profit margin was EUR 0.3 (0.1) million.
The Technology segment's net sales for the period under review grew year-on-
year. The majority of this growth resulted from export deliveries, the volume of
which peaked in Q3.
Net sales and segment's margin excluding non-
recurring items were as follows:
Segment profit Segment profit
Net Sales Net Sales margin margin
1-9/2012 1-9/2011 1-9/2012 1-9/2011
MEUR share MEUR share MEUR % MEUR %
Services 3.8 19 % 3.6 15 % 0.26 7 % 0.15 4 %
Systems Total 4.3 21 % 9.6 39 % -1.97 -45 % 1.14 12 %
-Done
Logistics 2.9 14 % 8.7 36 % -2.49 -85 % 0.99 11 %
-Done Software
Solutions 1.4 7 % 0.9 4 % 0.52 37 % 0.15 18 %
Health Care 7.8 38 % 6.3 26 % 3.58 46 % 2.70 43 %
Safety 1.7 8 % 3.2 13 % -0.11 -7 % 0.49 15 %
Technology 2.9 14 % 1.8 7 % 0.44 15 % 0.09 5 %
Total 20.6 100 % 24.5 100 % 2.20 11 % 4.47 19 %
Parent co.
expenses -1.17 -1.15
Operating
Profit/loss
(Excluding
non-recurring
items) 1.03 5 % 3.43 14 %
The net sales, margin, and profit, by segment and quarter
, excluding non-recurring items, were as follows:
MEUR Q3/12 Q2/12 Q1/12 Q4/11 Q3/11 Q2/11 Q1/11
Net sales:
Services 1.2 1.2 1.4 1.3 1.2 1.2 1.2
Systems total 1.0 0.9 2.4 3.6 3.9 3.2 2.6
-Done Logistics 0.5 0.5 1.9 3.1 3.6 2.9 2.2
-Done Software Solutions 0.5 0.5 0.5 0.4 0.3 0.3 0.3
Health care 2.6 2.6 2.6 2.6 1.9 2.2 2.3
Safety 0.5 0.6 0.6 0.6 0.6 1.2 1.4
Technology 1.3 0.9 0.7 0.7 0.7 0.7 0.4
Total 6.6 6.3 7.7 8.8 8.2 8.5 7.8
Segment profit margin: Q3/12 Q2/12 Q1/12 Q4/11 Q3/11 Q2/11 Q1/11
Services 0.10 0.05 0.12 -0.03 0.06 0.06 0.03
Systems Total -0.01 -1.37 -0.58 -0.81 0.69 0.34 0.11
-Done Logistics -0.21 -1.53 -0.74 -0.94 0.64 0.30 0.04
-Done Software Solutions 0.20 0.16 0.16 0.13 0.05 0.04 0.06
Health care 1.16 1.15 1.29 1.21 0.79 0.90 1.00
Safety -0.06 -0.05 0.00 0.06 0.13 0.17 0.19
Technology 0.30 0.07 0.07 0.03 0.07 0.06 -0.06
Total 1.49 -0.14 0.89 0.46 1.74 1.53 1.26
Parent co. expenses -0.33 -0.39 -0.46 -0.42 -0.47 -0.37 -0.31
Operating profit 1.16 -0.52 0.44 0.04 1.27 1.16 0.95
Operating profit-% 17.4 -8.4 5.1 0.3 15.8 13.8 12.4
HUMAN RESOURCES
During the period, the number of personnel employed by the Group averaged 226
(244) in continuing operations. At the end of the period, the number of
employees was 247 (242) in continuing operations.
The number of personnel employed by the Group during the period, by segment,
averaged:
Average no. of employees by segments:
30 Sept. 2012 30 Sept. 2011 Change
Services 126 135 -9
Systems 46 60 -14
Health Care 13 12 1
Safety 25 23 2
Technology 12 10 2
Parent company 4 4 0
Total 226 244 -18
Wages, salaries and other remuneration paid in continuing operations during the
period totaled EUR 6.5 million (EUR 6.3 million).
SHARES, SHARE CAPITAL AND MANAGEMENT HOLDINGS
On September 30, 2012, Revenio Group Corporation's fully paid share capital
registered in the Trade Register was EUR 5,314,918.72 and the number of shares
outstanding totaled 76,929,730. The company has one series of shares. All shares
confer the same voting rights and an equal right to dividends and the company's
funds.
On September 30, 2012, the Board of Directors and the President and CEO held
2.0 percent of the company's shares, totaling 1,529,267 shares, and 18.6% of the
option rights, for a total of 684,365 options.
CHANGES IN SHAREHOLDING
There were no significant changes in ownership to report during the review
period.
CURRENT 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 plan, comprising a maximum of
3,684,365 option rights. Each option right entitles the holder to subscribe to
one Revenio Group Corporation share. Against the total number of the company's
shares on September 30, 2012, the proportion of shares to be subscribed to on
the basis of the option rights issued represents a maximum of 2.5% of the
company's shares and votes, once all new shares subscribed for with these option
rights have been registered. Share subscriptions via the option program 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
shares), Series B (1,000,000) and Series C (1,000,000). The subscription periods
for options are as follows: for Series A, May 1, 2009-May 1, 2013; for Series B,
November 1, 2010-November 1, 2014; and for Series C, May 1, 2012-May 1, 2016.
The share subscription price will be the trade-weighted average price over the
periods November 1-30, 2007 (EUR 0.62, Series A); April 1-30, 2009 (EUR 0.27,
Series B); and November 1-30, 2010 (EUR 0.26, Series C).
No new options were granted during the period. At the end of the period, the
company's key personnel held a total of 1,081,243 Series 2007A options, 908,122
Series 2007B options and 960,000 Series 2007C options. During the period under
review, a total of 40,000 were subscribed under 2007C Series options. Proceeds
from the share subscription were booked in their entirety in invested
unrestricted equity reserve.
Series 2007B option rights, a total of 1,000,000 option rights, have been
available for trading on the NASDAQ OMX Helsinki exchange since March 30, 2011,
and Series 2007C option rights, a total of 1,000,000 option rights, since May
2, 2012.
TRADING ON THE NASDAQ OMX HELSINKI
During the period January 1 - September 30, 2012, Revenio Group Corporation's
turnover on NASDAQ OMX Helsinki totaled EUR 8.4 million (EUR 12.8 million),
representing EUR 19.9 million (EUR 29.9 million) shares, or 25.9 (38.9) percent
of shares outstanding. The trading high was EUR 0.50 (EUR 0.62) and the low EUR
0.33 (EUR 0.30). At the end of the review period, the closing price was EUR
0.38 (EUR 0.47), and the average share price EUR 0.42 (EUR 0.43). Revenio Group
Corporation's market value on September 30, 2012, was EUR 29.2 million (EUR
36.1 million).
ANNUAL GENERAL MEETING AND BOARD AUTHORIZATIONS IN EFFECT
The Annual General Meeting held on March 28, 2012 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, 2011.
The AGM re-selected the following persons as members of the Board of Directors:
Timo Mänty, Pekka Tammela, Rolf Fryckman, Julia Ormio and Matti Hyytiäinen. 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 stake of at least
five percent in Revenio Group Corporation, either directly or through a company
in which he or she has a minimum holding of 50%, should not be entitled to a
separate emolument. In total, 40% of Board members' emoluments will be settled
in the form of shares in the company, while 60% will consist of monetary
payment.
The AGM re-elected PricewaterhouseCoopers Oy, Authorized Public Accountants, as
the company's auditors with Juha Tuomala, Authorized Public Accountant, acting
as the principal auditor. The AGM decided to compensate the auditors upon the
presentation of an approved invoice.
The AGM decided to accept the Board's proposal on profit distribution, according
to which the profit for the financial period, EUR 2,056,691.01 will be added to
retained earnings, and a dividend of EUR 0.02 per share will be paid, totaling
EUR 1,531,342.42.
The AGM rescinded its earlier authorization to buy back 7,683,973 of the
company's own shares and authorized the Board to make the decision to buy back a
maximum of 7,688,973 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 amount of company distributable earnings.
The AGM decided to rescind the Board's valid unexercised share-issue
authorizations. The AGM authorized the Board of Directors to decide to issue a
maximum of 30,000,000 shares or to grant special rights (including stock
options) entitling to shares, as referred to in Section 1 of Chapter 10 of the
Limited Liability Companies Act, in one or several tranches. This authorization
was granted to be used to finance and implement any prospective corporate
acquisitions or other transactions, to implement the company's share-based
incentive plans, or for other purposes determined by the Board. It was decided
that the authorization also grants the Board 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 said special rights and the payable
consideration. Moreover, the authorization also includes the right to waive
shareholders' pre-emptive subscription rights, thus enabling private placement
of shares. The Board's authorization covers both the issue of new shares and the
transfer of any treasury shares possibly held by the Company. This authorization
will be valid until April 30, 2013.
BOARD OF DIRECTORS AND AUDITORS
Since March 28, 2012, Revenio Group Corporation's Board of Directors has
included Timo Mänty, M.Econ, Managing Director of Onninen Oy (Chairman of the
Board), Pekka Tammela, M.Econ, Authorized Public Accountant, partner in Pajamaa
Partners Oy, Rolf Fryckman, optician, Chairman of the Board of Eyemaker's
Finland Oy, Julia Ormio, Senior Legal Counsel at Foster Wheeler Energy Oy, and
Matti Hyytiäinen, M.Econ, Managing Director of PKC Group Oyj.
PricewaterhouseCoopers Oy, Authorized Public Accountants, serves as the
company's auditor, with Juha Tuomala, Authorized Public Accountant, as the
principal auditor.
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 October 3, 2012, Icare Finland decided to suspend, for the duration of
additional measures, the FDA sales license process for the Icare One product in
the US. The product is used for self-tonometry. The company will recommence the
license process at a later date.
On October 10, 2012, the company announced that Jyri Merivirta's share of all
Revenio Group Corporation votes and shares had dropped below three twentieths
(3/20). Merivirta's current share of all Revenio Group Corporation shares and
votes is 13.00 percent.
OUTLOOK FOR 2012
Net sales and operating profit for 2012 are forecast to fall in comparison to
2011 figures due to developments in the Systems segment. Operating profit
excluding non-recurring items is expected to remain clearly positive.
STATEMENT OF ACCOUNTING POLICIES
The recognition and valuation principles underlying the financial information
presented in the Interim Report comply with the principles of the International
Financial Reporting Standards (IFRS). The report does not comply with all the
requirements of IAS 34, Interim Financial Reporting. The figures are unaudited.
GROUP KEY FIGURES AND RATIOS (MEUR) 1-9/2012 1-9/2011 1-12/2011
Net sales, continuing operations 20.6 24.5 33.3
Ebitda, continuing operations 1.6 4.0 4.2
Ebitda-%, continuing operations 7.7 15.0 12.5
Operating profit, continuing operations 1.0 3.4 3.4
Operating profit-%, continuing operations 5.0 14.0 10.3
Pre-tax profit, continuing operations 0.8 3.3 3.1
Pre-tax profit-%, continuing operations 3.9 13.5 9.2
Net profit from discontinued operations -0.3 1.7 1.7
Net profit, continuing operations 0.6 2.4 2.2
Net profit-%, continuing operations 3.0 9.9 6.6
Gross capital expenditure -0.3 0.5 0.7
Gross capital expenditure-% 1.3 2.1 2.1
R&D costs 0.2 0.3 0.4
R&D costs-% from net sales 1.1 1.1 1.1
Gearing-% 2.1 -5.1 -17.3
Equity ratio-% 63.8 69.0 66.6
Return on investment-% (ROI) 5.4 38.7 20.2
Return on equity-% (ROE) 1.5 34.9 14.1
Undiluted earnings per share, EUR, continuing
operations 0.008 0.032 0.028
Diluted Earnings per share, EUR, continuing
operations 0.008 0.032 0.028
Undiluted earnings per share, EUR, discontinued
operations -0.004 0.022 0.023
Diluted Earnings per share, EUR, discontinued
operations -0.004 0.022 0.022
Equity per share, EUR 0.20 0.22 0.021
Average no. of employees, continuing operations 226 244 248
Cash flow from operating activities -1.4 1.8 4.2
Cash flow from investing activities -0.1 1.3 1.1
Net cash used in financing activities 0.8 -2.6 -3.0
Total cash flow -0.6 0.6 2.4
CONSOLIDATED COMPREHENSIVE
INCOME STATEMENT (MEUR) 1-9/2012 1-9/2011 1-12/2011
NET SALES 20.6 24.5 33.3
Other operating income 0.1 0.1 0.1
Materials and services -6.7 -9.3 -13.4
Employee benefits -7.8 -7.5 -10.5
Depreciation/amortization -0.6 -0.6 -0.7
Other operating expenses -4.6 -3.8 -5.4
OPERATING PROFIT 1.0 3.4 3.4
Share of associates' results 0.0 0.0 0.0
Financial expenses (net) -0.2 -0.1 -0.4
PRE-TAX PROFIT 0.8 3.3 3.1
Income tax expense -0.2 -0.9 -0.9
Net profit from continuing operations 0.6 2.4 2.2
Net profit from discontinued operations -0.3 1.7 1.7
NET PROFIT 0.3 4.1 3.9
Other comprehensive income items 0.0 0.0 0.0
Income tax expense for comprehensive income 0.0 0.0 0.0
Other comprehensive income items
after taxes 0.0 0.0 0.0
TOTAL COMPREHENSIVE INCOME 0.3 4.1 3.9
Net profit attributable to:
Parent company shareholders 0.3 4.1 3.9
Total comprehensive income attributable to:
Parent company shareholders 0.3 4.1 3.9
Earnings per share, undiluted,EUR, continuing
operations 0.008 0.032 0.028
Earnings per share, diluted,EUR, continuing
operations 0.008 0.032 0.028
Earnings per share, undiluted,EUR,
discontinued operations -0.004 0.022 0.023
Earnings per share, diluted,EUR, discontinued
operations -0.004 0.022 0.022
CONSOLIDATED COMPREHENSIVE
INCOME STATEMENT (MEUR) 7-9/2012 7-9/2011
NET SALES 6.6 8.2
Other operating income 0.0 0.1
Materials and services -2.0 -3.2
Employee benefits -2.1 -2.4
Depreciation/amortization -0.2 -0.2
Other operating expenses -1.2 -1.2
OPERATING PROFIT 1.2 1.3
Share of associates' results 0.0 0.0
Financial expenses (net) 0.0 0.0
PRE-TAX PROFIT 1.1 1.3
Income tax expense -0.3 -0.3
Net profit from continuing operations 0.9 1.0
Net profit from discontinued operations 0.0 1.7
NET PROFIT 0.9 2.7
Other comprehensive income items 0.0 0.0
Income tax expense for comprehensive income 0.0 0.0
Other comprehensive income items
after taxes 0.0 0.0
TOTAL COMPREHENSIVE INCOME 0.9 2.7
Net profit attributable to:
Parent company shareholders 0.9 2.7
Total comprehensive income attributable to:
Parent company shareholders 0.9 2.7
CONSOLIDATED BALANCE SHEET (MEUR)
30 Sept 2012 30 Sept 2011 31 Dec 2011
ASSETS
NON-CURRENT ASSETS
Property. plant and equipment 1.7 1.7 1.7
Goodwill 8.1 8.1 8.1
Intangible assets 0.7 1.1 1.0
Shares in associates 0.0 0.5 0.3
Deferred tax assets 1.5 1.9 1.8
TOTAL NON-CURRENT ASSETS 12.1 13.3 13.0
CURRENT ASSETS
Inventories 1.5 1.2 1.2
Trade and other receivables 6.9 7.6 6.2
Cash and cash equivalents 3.8 2.6 4.4
TOTAL CURRENT ASSETS 12.2 11.4 11.8
TOTAL ASSETS 24.4 24.7 24.8
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 7.1 7.0 7.0
Retained earnings/loss 0.2 1.9 1.4
TOTAL EQUITY. attributable to
holders
of parent company equity 15.3 17.0 16.4
TOTAL SHAREHOLDERS' EQUITY 15.3 17.0 16.4
LIABILITIES
NON-CURRENT LIABILITIES
Deferred tax liabilities 0.2 0.4 0.3
Provisions 0.2 0.1 0.2
Financial liabilities 2.0 0.6 0.5
TOTAL LONG-TERM LIABILITIES 2.4 1.1 0.9
CURRENT LIABILITIES
Advance payments 0.4 0.1 0.0
Trade and other payables 4.1 5.4 6.3
Financial liabilities 2.1 1.2 1.1
TOTAL SHORT-TERM LIABILITIES 6.7 6.7 7.4
TOTAL LIABILITIES 9.1 7.8 8.3
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY 24.4 24.7 24.8
CONSOLIDATED STATEMENT OF CHANGE IN EQUITY (MEUR)
Share Share Other Retained Total
capital Premium Reserves Earnings Equity
Balance 1 Jan 2012 5.3 2.4 7.3 1.3 16.4
Dividend distribution 0.0 0.0 0.0 -1.5 -1.5
Options expense
adjustment 0.0 0.0 0.0 0.1 0.1
Net profit 0.0 0.0 0.0 0.3 0.3
Balance 30 Sept 2012 5.3 2.4 7.3 0.2 15.3
Share Share Other Retained Total
capital Premium Reserves Earnings Equity
Balance 1 Jan 2011 5.3 2.4 7.3 -0.6 14.5
Dividend distribution 0.0 0.0 0.0 -1.5 -1.5
Options expense
adjustment 0.0 0.0 0.0 0.0 0.0
Net profit 0.0 0.0 0.0 4.1 4.1
Balance 30 Sept 2011 5.3 2.4 7.3 2.0 17.0
CONSOLIDATED CASH FLOW STATEMENT (MEUR) 1-9/2012 1-9/2011 1-12/2011
Net profit 0.2 4.1 3.9
Adjustments to net profit 1.0 -0.1 1.9
Change in working capital -2.6 -2.1 -1.6
Interest paid -0.0 -0.1 0.0
Interest received 0.0 0.0 0.0
CASH FLOW FROM OPERATING ACTIVITIES -1.4 1.8 4.2
Sales of subsidiaries (net) 0.0 1.7 1.7
Sales of associates' shares 0.2 0.0 0.0
Purchase of PPE -0.2 0.0 -0.5
Purchase of Intangible assets 0.1 -0.3 0.0
NET CASH USED IN INVESTING ACTIVITIES -0.1 1.4 1.1
Purchase of own shares 0.0 0.0 -0.2
Paid dividends -1.5 -1.5 -1.5
Repayments of long-term borrowings -1.3 -1.1 -1.2
Long-term loans received 3.8 0.0 0.0
Finance lease principal payment -0.1 0.0 -0.1
NET CASH USED IN FINANCING ACTIVITIES 0.8 -2.6 -3.0
Net change in cash and equivalents -0.6 0.5 2.4
Cash and equivalents. period-start 4.4 2.1 2.1
Cash and equivalents. period-end 3.8 2.6 4.4
NET SALES AND OPERATING PROFIT BY QUARTER (MEUR)
Q3/2012 Q2/2012 Q1/2012 Q4/2011 Q3/2011 Q2/2011 Q1/2011
Net sales 6.6 6.3 7.7 8.8 8.2 8.5 7.8
Oper. Profit 1.2 -0.5 0.4 0.0 1.3 1.2 1.0
Oper. profit.-% 17.4 -8.4 5.1 0.3 15.8 13.8 11.7
MAIN SHAREHOLDERS 30 Sept 2012
No. of shares %
1. Merivirta Jyri 14,000,000 18.2
2. Eyemakers' Finland Oy 7,700,000 10.0
3. Sijoitusrahasto Evli Suomi Osake 3,611,196 4.7
4. Etera 3,500,000 4.6
5. Alpisalo Mia 2,948,153 3.8
6. AJP Holding Oy 1,000,000 1.3
7. Kiesvaara Tuomo 976,230 1.3
8. Fennia 898,224 1.2
9. Salovaara Olli-Pekka 828,945 1.1
10. Siik Rauni Marjut 675,000 0.9
Revenio Group Corporation
BOARD OF DIRECTORS
For further information, please contact:
Olli-Pekka Salovaara, President and CEO, mobile +358 (0)40 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 Group Corporation, listed on the NASDAQ OMX Helsinki, is the parent
company of the Finnish conglomerate Revenio Group. Revenio Group Corporation's
subsidiaries share a focus on Finnish specialist expertise and export-based
operations.
Revenio Group consists of six independent subsidiaries in five business
segments. These subsidiaries are Done Logistics Oy, Done Software Solutions Oy,
Icare Finland Oy, Boomeranger Boats Oy, FLS Finland Oy and Midas Touch Oy.
[HUG#1650335]
Revenio Group Corporation : REVENIO GROUP CORPORATION INTERIM REPORT Q1-Q3/2012 - GOOD OPERATING PROFIT AT Q3/2012
| Quelle: Revenio Group Oyj