Revenio Group Corporation Stock exchange release April 24, 2014 at 9:00
REVENIO GROUP CORPORATION INTERIM REPORT JANUARY 1 - MARCH 31, 2014
-STRONG FIRST QUARTER FOR HEALTH TECH
Highlights for the period:
* 2014 started favorably for the Revenio Health Tech segment, in line with
expectations, and sales targets were achieved in all key markets. Segment's
Net Sales up by 18.4% and operating profit up by 23.2%
* The Software and Contact Center businesses of the Revenio Technology and
Services segment saw slight year-on-year improvement. The first months of
the year were quiet for the Rigid Inflatable Boats business. On the whole,
the net sales of the segment declined.
* Undiluted and diluted earnings per share, continuing operations up by 16.8%
* The Annual General Meeting held on March 20, 2014 decided to distribute a
dividend of EUR 0.30 (0.20) per share
* The AGM elected Kyösti Kakkonen, LL.M., and Pekka Rönkä, M.Sc. (Eng.), as
new members of the Board of Directors.
Group key figures:
* Net sales EUR 6.3 million (6.4), a decline of 1.5%
* Operating profit EUR 1.2 million (1.1), or 18.7% (17.6) of net sales
* Revenio Health Tech segment's net sales totaled EUR 3.7 million (3.1), an
increase of 18.4%
* The Revenio Health Tech segment's operating profit amounted to EUR 1.4
million (1.1), representing 38.3% (36.8) of net sales, a change of EUR 0.3
million
* The net sales of the Revenio Technology and Services segment totaled EUR
2.6 million (3.3), down 20.6%
* The Revenio Technology and Services segment's operating profit amounted to
EUR 0.0 million (0.2), representing 0.5% (5.8) of net sales, a change of EUR
-0.2 million
* Pre-tax profit, continuing operations, EUR 1.2 million (1.1)
* Undiluted earnings per share, continuing operations EUR 0.13 (0.11) and
diluted earnings per share, continuing operations EUR 0.13 (0.11)
* Cash flow from continuing operations EUR 0,1 million (0,7)
* The Group's financial guidance for 2014 remains unchanged: The net sales and
operating profit of continuing operations exclusive of non-recurring items
are expected to see year-on-year growth. Growth focuses on health
technology. The risks posed by growth in the Technology and Services segment
have increased due to financial uncertainty.
Olli-Pekka Salovaara, President & CEO:
"2014 is a year of significant deployment for Revenio. We have launched
development projects in line with our health technology-focused strategy with a
view to paving the way for the growth of Icare Finland Oy, which represents our
Health Tech segment, in the years ahead. These measures constitute significant
investments in R&D, sales and marketing. Although they will impact 2014
operating profit, they are vital in our pursuit of global market leadership in
intraocular pressure screening and measurement. Our new development projects
have progressed extremely well. The partial transfer of probe production to
Finland will have a positive impact on the probe production process, capacity
and margin structure. Hiring professionals to work on Icare product
development, sales and marketing, and approval processes will in turn ensure our
position as the technology and cost leader in intraocular pressure measurement,
and as the global market leader in the future. Our distribution network now more
effectively covers all the key market areas.
During the previous fiscal period, we increased our holding in Oscare Medical to
53%. Oscare Medical will be a future growth driver for us. A majority holding in
this company specializing in osteoporosis detection, screening and monitoring is
an excellent fit for our strategic objective of expanding as a health technology
group. Our earnings expectations for Oscare Medical in 2014 are very modest, as
the international launch of health technology products typically takes two to
three years. However, we expect to get sales going earlier in nearby markets.
Some first devices to local customers have been delivered.
Our Health Tech segment's Icare Finland Oy posted good net sales and earnings
during the review period, in line with our plans. Sales grew in all large market
areas, particularly in the United States, UK, Russia and Australia, where the
year got off to an excellent start. Sales in Japan saw exceptionally good
growth. This business is characterized by seasonal variation, in which sales
peak in the latter half of the year. The segment's net sales grew by 18.4% to
EUR 3.7 million (3.1). In spite of all our investments in paving the way for
future growth, which I referred to above, our operating profit grew by 23.2% to
EUR 1.4 million (1.1).
In accordance with our strategy, the Technology and Services segment focuses on
its strengths and profitable growth. As stated in our financial guidance for
2014, the segment's businesses are sensitive to macroeconomic challenges. In the
first quarter, this was evident in the year-on-year decline in the sales of the
Rigid Inflatable Boats business, which accounts for a significant share of the
segment's net sales. However, with regard to all of the segment's businesses, it
should be noted that tendering was brisk, even though customers are taking
longer to make decisions, regardless of their field of business. Positive
indicators included an order that the Rigid Inflatable Boats business received
from Brunei, the sales of the Contact Center in line with expectations and
growth in demand for small-scale development work in the Software business. The
segment's net sales amounted to EUR 2.6 million (3.3), falling 20.6% short of
the corresponding period of the previous year. Operating profit was EUR 0.0
million (0.2).
January-March 2014, comments:
REVENIO HEALTH TECH
Icare Finland Oy, which represents the Revenio Health Tech segment, seeks global
market leadership in intraocular pressure screening and measurement. The major
investments in R&D, marketing, sales and approval processes that were kicked off
in 2013 continued during the review period. The aim is to hold on to the
competitive advantage that the segment has already achieved in the market thanks
to its technology and cost leadership. The segment's current main markets are in
North America, Europe, Russia, and selected Asian countries, such as Japan and
India. A number of, as yet untapped, markets hold significant potential for
demand - in South America and China in particular. Actions to expand the
geographical reach of the segment were carried out during the review period in
markets such as Saudi Arabia. The market situation has been good during the
beginning of the year and the segment achieved its net sales and operating
profit targets. Demand was particularly brisk in Japan, North America, the
United Kingdom, Russia and Australia. The probe business continued to grow as
the number of tonometers owned by the customer base increased and were in more
active use. A part of probe production was transferred to Finland at the end of
2013 to develop the production process, increase capacity and improve the margin
structure. A version of the product meant for the self-measurement of
intraocular pressure has progressed to clinical trials as part of the FDA permit
process in the United States. The trials are currently under way at the Johns
Hopkins Hospital, a high-ranking hospital. Once the clinical trials have been
completed, a permit application will be submitted to the FDA. Marketing measures
to launch the product are currently under preparation. The sales permit
applications submitted in China and Brazil are being processed by the
authorities. A marketing manager has been hired in the United States to bolster
Icare's own local organization. Icare's personnel strength has grown to 20
employees. During the review period, a new warehouse and dispatching center were
also established in Vantaa.
At the end of 2013, the Revenio Group increased its holding in Oscare Medical
Oy, a company specializing in the detection, screening and monitoring of
osteoporosis, to 53%. Oscare Medical is a strategic holding that is an excellent
fit for Revenio's objective of expanding as a health technology group. A sales
and marketing manager was hired for Oscare Medical during the review period to
start product sales and marketing measures. The earnings expectations for the
early phase of its operations are very modest and the international launch of
its products is estimated to take two to three years.
REVENIO TECHNOLOGY AND SERVICES
During the review period, the businesses of the Revenio Technology and Services
segment, which was established at the end of 2012, were the Contact Center,
Rigid Inflatable Boats and Software businesses. In line with its strategy, the
Revenio Technology and Services segment focuses on maintaining a good
profitability trend, organic growth and efficiency. The primary strategic
objective of the segment's businesses is to generate a positive cash flow for
the group.
Contact Center business
Demand for the expert services of the Contact Center business remained steady
even though the market situation in this business was challenging during the
review period. Midas Touch Oy, which represents the Contact Center business, has
managed to land new customers in spite of the tighter competition situation.
Rigid Inflatable Boats business
The Rigid Inflatable Boats started out the year with a lower boat production
volume than last year. A delivery agreement signed with Royal Brunei Technical
Services during the review period is expected to have a positive effect on
revenue and profits toward second quarter of the year. During the review period,
the segment has paid particular attention to production efficiency. The
profitability of the Rigid Inflatable Boats business is burdened by the small
size of individual orders. Small production series and customized technical
solutions also weakened business profitability.
Software business
The business environment of the Software business became more challenging during
the review period, as the trend in the home market led companies to delay their
investment decisions. However, even in the current situation, it is estimated
that companies will still invest in their internal logistics in order to improve
their production and operational efficiency. During the review period, the
Software business focused on the small-scale development of delivered systems,
in which demand saw year-on-year growth.
NET SALES, PROFITABILITY AND PROFIT
Consolidated net sales from the Revenio Group's continuing operations for the
period January 1 - March 31, 2014 totaled EUR 6.3 million (6.4). This
represented a net sales decline of 1.5%. Earnings before interest, taxes,
depreciation and amortization (EBITDA) from continuing operations were EUR 1.3
million (1.3), or 20.9% (20.1) of net sales. Consolidated operating profit
(EBIT) from continuing operations was EUR 1.2 million (1.1), representing 18.7%
(17.6) of net sales. Profit before taxes for continuing operations totaled EUR
1.2 million (1.1), or 18.9% (17.9) of net sales. The net result for continuing
operations was EUR 1.0 million (0.8), or 16.3% (13.1) of net sales. Net result
for discontinued operations totaled EUR 0.0 million (0.0). Net profit for the
period totaled EUR 1.0 million (0.9). Undiluted earnings per share from
continuing operations were EUR 0.13 (0.11) and diluted earnings per share were
EUR 0.13 (0.11). For discontinued operations, the undiluted and diluted earnings
per share were EUR -0.01 (0.01). Dilution-adjusted earnings per share for
continuing and discontinued operations during the period were EUR 0.12 (0.11).
Equity per share was EUR 1.75 (1.85).
The Revenio Health Tech segment's net sales grew by 18.4% during the review
period, while the net sales of the Technology and Services segment decreased by
20.6%. On the whole, the consolidated net sales of continuing operations saw a
year-on-year decline of 1.5%. This decrease is entirely due to the Rigid
Inflatable Boats business. The other businesses all increased their net sales.
The operating profit of the Revenio Health Tech segment outperformed the figure
for the corresponding period of the previous year in spite of the larger
development investments. The operating profit for the Revenio Health Tech
segment totaled EUR 1.4 million (1.1). The Technology and Services segment
posted a smaller operating profit than last year, EUR 0.0 million (0.2).
BALANCE SHEET, FINANCIAL POSITION AND INVESTMENTS
The consolidated balance sheet total stood at EUR 22.6 million (24.2) on March
31, 2014. Shareholders' equity came to EUR 13.7 million (14.4). Interest-bearing
net liabilities at the end of the review period totaled EUR -2.0 million (-1.7)
and gearing stood at -14.7% (-11.9). The consolidated equity ratio was 63.9%
(62.3). The Group's liquid assets amounted to EUR 4.0 million (3.7) at the end
of the review period. Thanks to favorable trends in business operations, the
Group's financial position remained stable throughout the review period. No
financing was raised through borrowed capital during the review period. Cash
flow from continuing operations totaled EUR 0,1 million (0.7). The level of cash
flow was in line with the earnings trend of business operations. The Group's
purchases of PPE and intangible assets totaled EUR 0.3 million (0.1). These
investments were concentrated primarily on product development.
Net sales and segment's margin excluding non-
recurring items were as follows:
Segment Segment
profit profit
Net Sales Net Sales margin margin
1-3/2014 1-3/2013 1-3/2014 1-3/2013
MEUR share MEUR share MEUR % MEUR %
Revenio
Health Tech 3.7 59 3.1 44 % 1.4 38 1.1 37
Revenio
Technology
and
Services 2.6 41 3.3 56 % 0.1 2 0.2 7
Total 6.3 100 6.4 100 % 1.5 23 1.3 21
Parent
company
expenses -0.3 -0.2
Operating
Profit, Group
Total 1.2 19 1.1 18
The net sales, margin, and profit, by segment and quarter
, excluding non-recurring items, were as follows:
MEUR Q1/14 Q4/13 Q3/13 Q2/13 Q1/13
Net sales:
Revenio Health Tech 3.7 4.1 3.0 3.2 3.1
Revenio Technology
and Services 2.6 3.0 2.8 3.1 3.3
Total 6.3 7.1 5.8 6.3 6.4
Segment profit margin:
Revenio Health Tech 1.4 1.7 1.2 1.3 1.1
Revenio Technology
and Services 0.1 0.2 0.4 0.4 0.2
Total 1.5 1.9 1.6 1.7 1.3
Parent co. expenses -0.3 -0.2 -0.2 -0.2 -0.2
Operating profit 1.2 1.7 1.4 1.4 1.1
Operating profit- % 19 20 22 20 18
PERSONNEL
During the review period, the number of personnel employed by the Group in
continuing operations averaged 209 (214). At the end of the period, the number
of employees stood at 223 (227).
Average no. of employees by segments:
31 Mar. 2014 31 Mar. 2013 Change
Revenio Health Tech 22 16 6
Revenio Technology
and Services 180 194 -14
Parent Company 7 4 3
Group Total 209 214 -5
Wages, salaries, and other remuneration paid for continuing operations during
the period totaled EUR 1.9 million (1.8).
SHARES, SHARE CAPITAL AND MANAGEMENT HOLDINGS
On March 31, 2014, the 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
totaled 7,856,519.
The company has one class of share, and all shares confer the same voting rights
and an equal right to dividends and the company's funds. On March 31, 2014, the
President & CEO, members of the Board of Directors and their closely related
parties held 11.9% of the company's shares (934,141 shares) and 0.0% of the
option rights.
CHANGES IN SHAREHOLDING
On March 26, 2014, Revenio was notified, in accordance with Section 5, Chapter
9 of the Securities Markets Act, that Eyemaker's Finland Oy's holding in the
total number of shares and voting rights in Revenio Group Corporation had
declined to under one twentieth (1/20). Eyemaker's Finland Oy now holds 4.45% of
the shares and voting rights in Revenio Group Corporation. Eyemaker's Finland Oy
owns 350,000 shares in Revenio Group Corporation.
OPTION RIGHTS
The company has a corporate option scheme that began in 2007. On the basis of
the share issue authorizations approved by the Annual General Meeting of 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. Ten option rights entitle the holder to subscribe for one (1) Revenio
Group Corporation share. On December 31, 2013, the proportion of shares that can
still be subscribed for on the basis of the option rights issued represented a
maximum of 1.6 percent of the company's shares and votes, once all new shares
subscribed for with these option rights have been registered. New shares
subscribed for 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), Series B (1,000,000) and Series C (1,000,000). The
share subscription periods with the options are as follows: Series A, May
1, 2009-May 1, 2013 (subscription period has ended); Series B, November 1, 2010-
November 1, 2014; and Series C, May 1, 2012-May 1, 2016. The share subscription
price will be the trade-weighted average price during the period April
1-30, 2009 multiplied by ten (EUR 1.75, Series B) and November 1-30, 2010
multiplied by ten (EUR 1.69, Series C). No new options were issued to the
personnel during the review period.
TRADING ON NASDAQ OMX HELSINKI
During the period January 1-March 31, 2014, the Revenio Group Corporation's
share turnover on the NASDAQ OMX Helsinki exchange totaled EUR 13.5 million
(5.8), representing 1.0 million (1.0) shares or 12.9% (12.5) of all shares
outstanding. The highest trading price was EUR 16.99 (7.13) and the lowest EUR
11.32 (4.10). At the end of the review period, the closing price was EUR 16.97
(7.13), and the average share price EUR 13.33 (5.93). The Revenio Group
Corporation's market value stood at EUR 133.3 million (55.4) on March 31, 2014.
ANNUAL GENERAL MEETING AND BOARD AUTHORIZATIONS IN EFFECT
The Annual General Meeting held on March 20, 2014 approved the company's
financial statements and discharged the President & CEO and the members of the
Board of Directors from liability for the financial year January 1-December
31, 2013. The Annual General Meeting decided to elect five members to the Board
of Directors. Rolf Fryckman, Ari Kohonen and Pekka Tammela were re-elected as
Board members, and Kyösti Kakkonen and Pekka Rönkä were elected as new members.
At its organization meeting held after the Annual General Meeting, the Board of
Directors re-elected Pekka Tammela as Chairman. The AGM decided that the
Chairman of the Board should be paid a fee of EUR 36,000 per annum and other
Board members EUR 18,000 per annum. A total of 40 percent of Board members'
emoluments will be settled in the form of company shares, while 60 percent will
comprise a monetary payment. The AGM re-elected PricewaterhouseCoopers Oy,
Authorized Public Accountants, as the company's auditors with Juha Tuomala,
Authorized Public Accountant, as principal auditor.
The AGM accepted the Board's proposal on profit distribution, according to which
the parent company's profit for the financial period, EUR -304,972.66, will be
added to retained earnings, and a dividend of EUR 0.30 per share will be paid.
The Annual General Meeting rescinded the earlier authorization to buy back
771,107 of the company's own shares and authorized the Board of Directors to buy
back a maximum of 785,047 of the company's own shares following the approval of
the reverse share split, either in one or several installments, using the
company's unrestricted equity, in which case any buyback will reduce the amount
of distributable earnings. The company may buy back shares in order to develop
its capital structure, to finance and implement any corporate acquisitions or
other transactions, and to implement share-based incentive plans or otherwise
dispose of or cancel them. This authorization is valid until April 30, 2015.
The AGM authorized the Board of Directors to decide on the issuance, following
the approval of the reverse share split, of a maximum of 3,000,000 shares or to
grant special rights (including stock options) conferring entitlement 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 for the purpose
of financing and implementing any prospective corporate acquisitions or other
transactions, implementing the company's share-based incentive schemes, or for
other purposes determined by the Board.
This authorization is valid until April 30, 2015. This authorization shall
supersede the authorization to decide on a share issue and on the granting of
special rights giving entitlement to shares granted at the AGM of March
21, 2013.
BOARD OF DIRECTORS AND AUDITORS
As of March 21, 2014, the Revenio Group Corporation's Board of Directors has
consisted of: Pekka Tammela, M.Sc. (Econ.), Authorized Public Accountant,
partner in PJ Maa Partners Oy (Chairman); Rolf Fryckman, optician, Chairman of
the Board of Eyemaker's Finland Oy; Ari Kohonen, M.Sc. (Eng.), M.Sc. (Econ.),
Chairman of the Board of Gerako Oy; and, as new members, Kyösti Kakkonen, LL.M.
chairman of the board of Joensuun Kauppa ja Kone Oy and Pekka Rönkä, M.Sc.
(Eng.).
PricewaterhouseCoopers Oy, Authorized Public Accountants, serves as the
company's auditor, with Juha Tuomala, Authorized Public Accountant, as principal
auditor.
AN ASSESSEMENT OF MAJOR BUSINESS RISKS AND UNCERTAINTY FACTORS
The Group's major business risks are presented in its financial statement
bulletin of February 12, 2014. No changes in these risks have occurred since the
bulletin's release.
MAJOR EVENTS AFTER THE REVIEW PERIOD
There have been no major events since the end of the review period.
OUTLOOK FOR 2014
The net sales and operating profit of continuing operations exclusive of non-
recurring items are expected to see year-on-year growth. Growth focuses on the
Health Tech segment. The risks posed by growth in the Technology and Services
segment have increased due to financial uncertainty.
STATEMENT OF ACCOUNTING POLICIES
The recognition and valuation principles underlying the financial information
presented in this 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) 1-3/2014 1-3/2013 1-12/2013
Net sales, continuing operations 6.3 6.4 25.7
Ebitda, continuing operations 1.3 1.3 6.3
Ebitda- %, continuing operations 20.9 20.1 24.3
Operating profit, continuing operations 1.2 1.1 5.6
Operating profit- %, continuing operations 18.7 17.6 21.7
Pre-tax profit, continuing operations 1.2 1.1 5.5
Pre-tax profit-%, continuing operations 18.9 17.9 21.3
Net profit from discontinued operations 0.0 0.0 0.0
Net profit, continuing operations 1.0 0.8 4.3
Net profit- %, continuing operations 16.3 13.1 16.7
Gross capital expenditure 0.3 0.1 0.9
Gross capital expenditure- % 4.2 1.4 3.5
R&D costs 0.1 0.1 0.9
R&D costs-% from net sales 1.8 1.8 3.3
Gearing- % -14.7 -11.9 -16.8
Equity ratio- % 63.7 62.3 66.1
Return on investment- % (ROI) 25.1 27.8 29.7
Return on equity- % (ROE) 28.5 14.6 25.7
Undiluted earnings per share, EUR, continuing
operations 0.13 0.11 0.55
Diluted Earnings per share, EUR, continuing
operations 0.13 0.11 0.55
Undiluted earnings per share, EUR,
discontinued operations -0.01 0.06 0.00
Diluted Earnings per share, EUR, discontinued
operations -0.01 0.06 0.00
Equity per share, EUR 1.75 1.85 1.91
Average no. of employees, continuing
operations 209 236 209
Cash flow from operating activities 0.1 0.7 5.5
Cash flow from discontinued activities -0.2 -0.9 -0,1
Cash flow from investing activities -0.3 -0.1 0.1
Net cash used in financing activities -0.2 -1.0 -5.9
Total cash flow -0.6 -1.3 -0.4
CONSOLIDATED COMPREHENSIVE 1-3/2014 1-3/2013 1-12/2013
INCOME STATEMENT (MEUR)
NET SALES 6.3 6.4 25.7
Other operating income 0.0 0.0 0.1
Materials and services -1.4 -1.8 -6.5
Employee benefits -2.3 -2.2 -8.9
Depreciation/amortization -0.1 -0.2 -0.7
Other operating expenses -1.2 -1.2 -4.2
OPERATING PROFIT, CONTINUING OPERATIONS 1.2 1.1 5.6
Share of associates' results 0.0 0.0 0.0
Financial expenses (net) 0.0 0.0 -0.1
PRE-TAX PROFIT, CONTINUING OPERATIONS 1.2 1.1 5.6
Income tax expense -0.2 -0.3 -0.1
Net profit from continuing operations 1.0 0.8 5.5
Net profit from discontinued operations 0.0 0.0 -1.1
NET PROFIT 1.0 0.9 4.3
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 1.0 0.9 4.3
Net profit attributable to:
Parent company shareholders 1.0 0.9 4.3
Total comprehensive income attributable to:
Parent company shareholders 1.0 0.9 4.3
Earnings per share, undiluted,EUR, continuing
operations 0.13 0.11 0.55
Earnings per share, diluted,EUR, continuing
operations 0.13 0.11 0.55
Earnings per share, undiluted,EUR,
discontinued operations -0.01 0.06 0,00
Earnings per share, diluted,EUR, discontinued
operations -0.01 0.06 0,00
CONSOLIDATED BALANCE SHEET
(MEUR) 31 Mar 2014 31 Mar 2013 31 Dec 2013
ASSETS
NON-CURRENT ASSETS
Property. plant and equipment 1.4 1.5 1.3
Goodwill 7.0 8.1 7.0
Intangible assets 2.5 0.6 2.4
Shares in associates 0.0 0.0 0.0
Deferred tax assets 0.5 1.3 0.5
TOTAL NON-CURRENT ASSETS 11.4 11.6 11.3
CURRENT ASSETS
Inventories 0.9 1.4 1.1
Trade and other receivables 5.1 5.4 4.5
Cash and cash equivalents 4.0 3.7 4.6
TOTAL CURRENT ASSETS 10.0 10.5 10.2
Non-current assets held
for sale 1.2 2.2 1.2
TOTAL ASSETS 22.6 24.2 22.6
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 4.8 7.4 4.5
Retained earnings/loss 1.2 -1.0 2.4
TOTAL EQUITY. attributable to holders
of parent company equity 13.7 14.4 15.0
TOTAL SHAREHOLDERS' EQUITY 13.7 14.4 15.0
LIABILITIES
NON-CURRENT LIABILITIES
Deferred tax liabilities 0.1 0.2 0.1
Provisions 0.1 0.1 0.1
Financial liabilities 1.3 1.2 1.3
TOTAL LONG-TERM LIABILITIES 1.5 1.5 1.6
CURRENT LIABILITIES
Advance payments 1.0 1.2 1.3
Trade and other payables 5.4 4.7 3.5
Financial liabilities 0.7 0.8 0.8
TOTAL SHORT-TERM LIABILITIES 7.0 6.7 5.6
Long-term liabilities held
for sale 0.4 1.7 0.5
TOTAL LIABILITIES 8.9 9.9 7.7
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY 22.6 24.2 22.6
CONSOLIDATED STATEMENT OF CHANGE IN EQUITY (MEUR)
Share Share Other Retained Total
capital Premium Reserves Earnings Equity
Balance 1 Jan 2014 5.3 2.4 4.8 2.4 15.0
Dividend distribution 0.0 0.0 0.0 -2.2 -2.2
Options expense
adjustment 0.0 0.0 0.0 0.0 0.0
Net profit 0.0 0.0 0.0 1.0 1.0
Balance 30 Mar 2014 5.3 2.4 4.8 1.2 13.7
Share Share Other Retained Total
capital Premium Reserves Earnings Equity
Balance 1 Jan 2013 5.3 2.4 7.4 -0.4 14.7
Dividend distribution 0.0 0.0 0.0 -1.5 -1.5
Used option rights 0.0 0.0 0.4 0.0 0.4
Net profit 0.0 0.0 0.0 0.9 0.9
Balance 30 Sept 2011 5.3 2.4 7.7 -1.0 14.4
CONSOLIDATED CASH FLOW STATEMENT (MEUR) 1-3/2014 1-3/2012 1-12/2012
Net profit 0.9 0.2 -0.3
Adjustments to net profit 0.3 2.6 5,2
Change in working capital -1.2 -2.3 -0.1
Interest paid 0.0 0.0 -0.1
Interest received 0.0 0.0 0.0
CASH FLOW FROM OPERATING ACTIVITIES 0.1 0.4 4.8
Cash flow from discontinued operations -0.2 -2.2 -4.0
Sales of subsidiaries
and associates' shares (net) 0.0 0.2 0.2
Purchase of PPE 0.0 -0.1 -0.2
Purchase of Intangible assets -0.1 0.0 0.0
NET CASH USED IN INVESTING ACTIVITIES -0.2 0.0 -0.1
Used options rights -0.3 0.0 0.0
Paid dividends and repayments of capital 0.1 0.0 -1.5
Repayments of long-term borrowings 0.0 -0.4 -1.7
Long-term loans received -0.1 0.0 3.2
Finance lease principal payment 0.0 0.0 -0.1
Loans for associated companies granted 0.0 0.0 -0.1
NET CASH USED IN FINANCING ACTIVITIES -0.1 -0.4 -0.2
Net change in cash and equivalents -0.6 -2.2 0.5
Cash and equivalents. period-start 4.6 4.4 4.4
Cash and equivalents. period-end 4.0 2.3 5.0
NET SALES AND OPERATING PROFIT BY QUARTER (MEUR)
Q1/2014 Q4/2013 Q3/2013 Q2/2013 Q1/2013
Net sales 6.3 7.2 5.8 6.4 6.4
Oper. Profit 1.2 1.7 1.4 1.5 1.1
Oper. profit.-% 19 23 23 23 18
MAIN SHAREHOLDERS 31 March 2014
No. of shares %
1. Merivirta Jyri 1,000,000 13 %
2. Joensuun Kauppa ja Kone Oy 441,509 6 %
3. Sijoitusrahasto Evli Suomi Osake 366,986 5 %
4. Eyemaker's Finland Oy 350,000 4 %
5. Gerako Oy 340,000 4 %
6. Keskinäinen Eläkevakuutusyhtiö Etera 265,000 3 %
7. Alpisalo Mia 260,513 3 %
8. Sijoitusrahasto Danske Suomi kasvuosake 150,000 2 %
9. Salovaara Olli-Pekka 109,207 1 %
10. Kirkon Keskusrahasto 101,699 1 %
Revenio Group Corporation
Board of Directors
For additional information:
President & CEO Olli-Pekka Salovaara, gsm +358 (0)40 567 5520
olli-pekka.salovaara@revenio.fi
http://www.revenio.fi
DISTRIBUTION:
NASDAQ OMX Helsinki
Financial Supervisory Authority (FIN-FSA)
Principal media
www.revenio.fi
The Revenio Group in brief
Revenio is a Finnish health tech group whose core business is tonometers. The
Revenio Health Tech segment comprises the business operations of Icare Finland
Oy. The widely patented Icare product family is the current cornerstone of the
Group's success. Revenio seeks vigorous growth in health technology, both
organically and through acquisitions and mergers.
The Revenio Group also includes other business operations, which are grouped
under the Technology and Services segment. This segment's operations have a
shared global market and represent the cutting edge of technology products and
services in their industry. These businesses are extremely profitable in their
industries and generate positive cash flow.
In 2013, the Revenio Group's net sales totaled EUR 25.7 million, with its
operating margin standing at 21.7 %. The Revenio Group Corporation is listed on
NASDAQ OMX Helsinki.
[HUG#1778910]
Revenio Group Corporation: REVENIO GROUP CORPORATION INTERIM REPORT JANUARY 1 - MARCH 31, 2014 -STRONG FIRST QUARTER FOR HEALTH TECH
| Quelle: Revenio Group Oyj