Aldata announces a decline in revenue from Q2 2010 and an operating loss for the
quarter
* As previously reported, business conditions within the retail sector remain
difficult and this is reflected by delays in the closing of some
transactions
* Aldata reports lower second quarter revenues compared to the previous year
and an operating loss for the quarter as a result of some deals being
postponed
* As noted in the stock exchange release on 28th July 2011, the full year
outlook has been revised so that net sales are now expected to be somewhat
below the 2010 level, but with an improved operating profit (EBIT) compared
to 2010
Aldata in Q2 2011 (compared to Q2 2010)
* Net sales decreased by 10.9% to EUR 16.6 million (EUR 18.6 million)
* Gross profit decreased by 16.5% to EUR 14.6 million (EUR 17.5 million)
* Operating profit (EBIT) was EUR -0.5 million (EUR 0.3 million)
* Profit before taxes was EUR -0.8 million (EUR 1.1 million)
* Net profit was EUR -0.9 million (EUR 1.0 million) and earnings per share,
EPS, were
-0.014 euros (0.014 euros)
* Cash flow from operating activities was EUR -2.9 million (EUR 0.3 million)
* Cash, cash equivalents and marketable securities amounted to EUR 5.1 million
(EUR 4.9 million) and the Group had interest-bearing loans EUR 10.5 million
(EUR 10.6 million)
Aldata in January - June 2011 (compared to January - June 2010)
* Net sales were EUR 34.0 million (EUR 36.9 million)
* Gross profit was EUR 30.3 million (EUR 33.0 million)
* Operating profit (EBIT) was EUR -0.5 million (EUR 1.0 million)
* Profit before taxes was EUR -1.4 million (EUR 1.9 million)
* Net profit was EUR -1.6 million (EUR 1.4 million) and earnings per share,
EPS, were
-0.025 euros (0.020 euros)
Bertrand Sciard, President and CEO
Whilst it is obviously disappointing to announce an operating loss for the
second quarter of 2011, after delivering seven successive profitable quarters,
and to report a year on year revenue decline, we continue to reaffirm our
revised guidance for an improved full year operating profit, despite lower total
revenues than in 2010.
The main reasons for this are that our pipeline remains solid, and that we
expect the cost reduction measures taken in the first half of the year will have
a positive effect in the second half. Finally, our order backlog remains stable
at EUR 26.8 million as we experience continued demand for our services across
most business lines and geographies.
We have incurred EUR 0.4 million of tax charges, interest costs and unrealized
foreign exchange losses all of which combined generate an increased net loss for
the first half of the year.
Although Q2 generated a cash outflow of EUR 3.2 million, the cumulative position
for the first half of the year is a cash inflow of EUR 1.9 million, which
compares favourably to a net cash outflow of EUR -0.6 million for the first half
year of 2010.
Earlier this year, we instigated a cost reduction exercise which has resulted in
a number of actions being taken, including not replacing certain leavers and a
limited number of redundancies. We are also reviewing our support and
maintenance contracts, our software and hardware leasing contracts, the
opportunity to sublease office space in two locations and decreasing the use of
external contractors, so as to further reduce our operating expenses run rate in
the second half of the year.
Aldata in the second quarter of 2011
April - June 2011 Financial performance
The Group's net sales were EUR 16.6 million (EUR 18.6 million), which represents
a decrease of EUR 2.0 million compared to second quarter net sales in the
previous year. Product sales, which include licences for standard products,
licences for customer specific developments and maintenance revenues, accounted
for 63% (58%) of total net sales. Consulting services accounted for 33% (39%),
and third party licences and hardware accounted for 4% (3%).
The Group's gross profit was EUR 14.6 million (EUR 17.5 million), which
represents an 88% (94%) gross margin due to a change in revenue mix. Operating
profit, EBIT, totaled EUR -0.5 million (EUR 0.3 million) and operating profit
excluding expenses for option plans and restricted share units (RSU) was EUR
-0.4 million (EUR 0.3 million).
Pre-tax profit was EUR -0.8 million (EUR 1.1 million), net profit was EUR -0.9
million (EUR 1.0 million) and earnings per share, EPS, were -0.014 euros (0.014
euros).
Research and development costs in the second quarter totaled EUR 2.0 million
(EUR 2.0 million), of which EUR 0.3 million (EUR 0.1 million) or 12.9% were
capitalized. EUR 0.2 million (EUR 0.1 million) of capitalized development costs
were amortized.
Aldata's reported order backlog includes product and third party product sales
that will be recognized as revenues during the following twelve months. At the
end of June 2011, the order backlog was EUR 26.8 million (EUR 26.1 million at
the end of June 2010 and EUR 27.6 million at the end of year 2010).
Business units in Q2 2011
Net sales of the Supply Chain Management (SCM) Software business unit were EUR
11.1 million (EUR 12.4 million). The gross profit was EUR 10.0 million (EUR
12.0 million) and the operating profit, EBIT, was EUR 0.0 million (EUR -0.3
million).
Net sales of the Category Optimization business unit were EUR 2.3 million (EUR
2.7 million). The gross profit was EUR 2.2 million (EUR 2.5 million) and the
operating profit, EBIT, was EUR 0.3 million (EUR 0.4 million).
Net sales of the Mid-Size Market business unit were EUR 3.2 million (EUR 3.5
million). The gross profit was EUR 2.4 million (EUR 3.0 million) and the
operating profit, EBIT, was EUR -0.2 million (EUR 0.2 million).
There were no internal sales between the Group's business segments. Unallocated
costs, the Group's shared items netted, decreased the Group's operating profit,
EBIT, by EUR 0.7 million (EUR 0.0 million).
Finance and investments
Cash flow from operating activities in the second quarter was EUR -2.9 million
(EUR 0.3 million) and net cash flow was EUR -3.2 million (EUR -1.4 million).
The Group's capital expenditure on hardware and software purchases amounted to
EUR 0.5 million (EUR 2.9 million) in second quarter of the year.
Research and Development
In the second quarter Aldata's research and development costs were EUR 2.0
million (EUR 2.0 million). A total of EUR 0.3 million (EUR 0.1 million) of
development costs were capitalized during the quarter. EUR 0.2 million (EUR 0.1
million) of capitalized development costs were amortized in the quarter.
Aldata in the first half of 2011
January-June 2011 financial performance
The Group's net sales were EUR 34.0 million (EUR 36.9 million), which represents
a decrease of EUR -3.0 million compared to first two quarters' net sales in the
previous year. Product sales, which include licences for standard products,
licences for customer specific developments and maintenance revenues, accounted
for 61% (58%) of total net sales. Consulting services accounted for 34% (36%)
and third party licences and hardware accounted for 4% (6%).
The Group's gross profit was EUR 30.3 million (EUR 33.0 million), which
represents a 89% (90%) gross margin. Operating profit, EBIT, totaled EUR -0.5
million (EUR 1.0 million) and operating profit excluding expenses for option
plans and restricted share units (RSU) was EUR -0.2 million (EUR 1.1 million).
Pre-tax profit was EUR -1.4 million (EUR 1.9 million), net profit was EUR -1.6
million (EUR 1.4 million) and earnings per share, EPS, were -0.025 euros (0.020
euros).
Research and development costs in the financial period totaled EUR 4.6 million
(EUR 4.1 million), of which EUR 0.3 million (EUR 0.1 million) or 7.0% were
capitalized. EUR 0.4 million (EUR 0.2 million) of capitalized development costs
were amortized.
Taxes for the period were EUR 0.3 million (EUR 0.6 million).
Business units in H1 2011
Net sales of the Supply Chain Management (SCM) Software business unit were EUR
23.1 million (EUR 25.8 million). The gross profit was EUR 21.3 million (EUR
23.6 million) and the operating profit, EBIT, was EUR 0.6 million (EUR 0.5
million).
Net sales of the Category Optimization business unit were EUR 4.5 million (EUR
4.7 million). The gross profit was EUR 4.4 million (EUR 4.3 million) and the
operating profit, EBIT, was EUR 0.3 (EUR 0.8 million).
Net sales of the Mid-Size Market business unit were EUR 6.3 million (EUR 6.5
million). The gross profit was EUR 4.6 million (EUR 5.1 million) and the
operating profit, EBIT, was EUR -0.3 (EUR 0.6 million).
There were no internal sales between the Group's business segments. Unallocated
costs, the Group's shared items netted, decreased the Group's operating profit,
EBIT, by EUR 1.2 million (EUR 1.0 million).
Finance and investments
Cash flow from operating activities in the first half of the year was EUR 3.2
million (EUR 1.4 million) and net cash flow was EUR 1.9 million (EUR -0.6
million).
The Group's capital expenditure on hardware and software purchases amounted to
EUR 1.0 million (EUR 3.1 million) during the first half of the year. A total of
EUR 0.3 million (EUR 0.1 million) of development costs were capitalized during
the period.
At the end of June 2011, Aldata Group's cash, cash equivalents and marketable
securities amounted to EUR 5.1 million (EUR 4.9 million) and total assets were
EUR 57.1 million (EUR 55.7 million). The Group had interest-bearing loans EUR
10.5 million (EUR 10.6 million) and interest-bearing net liabilities totaled EUR
5.7 million (EUR 5.5 million). Short term receivables totaled EUR 23.7 million
(EUR 24.2 million). The Group's solvency ratio was 33.1% (36.3 %), gearing was
30.0% (27.0%), and shareholders' equity per share was 0.272 EUR (EUR 0.292).
Research and Development
Aldata's research and development costs in H1 2011 were EUR 4.6 million (EUR
4.1 million) and made up 13% (11%) of net sales. A total of EUR 0.3 million (EUR
0.1 million) of development costs were capitalized during the period. EUR 0.4
million (EUR 0.2 million) of capitalized development costs were amortized.
At the end of the review period 114 (131) employees and 91 (129) contracted
offshore resources were involved in R&D activities. These employees represent
22% (25%) of the Group's total personnel. Aldata's R&D centers are located in
Paris, France, in Espoo, Finland and in Bangalore, India.
Personnel
Aldata Group employed 515 (536) persons at the end of June 2011, and on average
had 529 (522) employees during the period.
+---------------------+------------+------------+
| |30 June 2011|30 June 2010|
+---------------------+-------+----+-------+----+
|By Business Unit |Persons|% |Persons|% |
+---------------------+-------+----+-------+----+
|SCM Software |347 |67 |365 |68 |
+---------------------+-------+----+-------+----+
|Category Optimization|59 |12 |63 |12 |
+---------------------+-------+----+-------+----+
|Mid-Size Market |94 |18 |92 |17 |
+---------------------+-------+----+-------+----+
|Group Administration |15 |3 |16 |3 |
+---------------------+-------+----+-------+----+
|Total |515 |100 |536 |100 |
+---------------------+-------+----+-------+----+
Approximately 45% of personnel were employed by Aldata companies in France, 15%
in Finland, 11% in Germany, 10% in the US, 8% in the UK, 6% in Sweden, 4% in
Slovenia and 1% in Russia.
Share performance and ownership
The highest price of the Aldata Solution Oyj share during January - June 2011
was EUR 0.62 and the lowest price EUR 0.43. The average price was EUR 0.53 and
the closing price EUR 0.61. The trading volume on the Helsinki Stock Exchange
was EUR 15.4 million and altogether 27.3 million shares were traded, which
represents 40% of the shares. Aldata Solution Oyj has 68.8 million shares
outstanding. The number of shares outstanding has increased by 35,000 shares
during the period.
The number of shareholders was 4,668 and the free float was 100% of the share
capital at the end of June 2011. A total of 43.9% of Aldata Solution Oyj's
shares were owned by foreign investors at the end of the period.
Aldata Solution Oyj has one share series and all the company's shares carry
equal voting and dividend rights.
Risks and uncertainty factors
Near term risks and uncertainties
Near term risks and uncertainties are considered by Aldata to be risks that may
materialize in the next two quarters.
Symphony Technology Group is currently in the process of making a mandatory
public tender offer for the remaining shares of Aldata, following on from their
exceeding the 30% ownership threshold. The mandatory public tender offer process
could generate additional risks for the business in the short-term, as
uncertainties about Aldata's shareholder structure may delay, or adversely
impact, the decision making process for our current prospects and customers and
the Company's ability to make strategic decisions in the near term. If the
mandatory public tender offer results in Symphony Technology Group owning more
than 50% of the shares in Aldata, this will trigger additional costs related to
certain change in control provisions estimated at EUR 1.4 million which are
currently not included in our forecast and guidance.
General uncertainties about the macro-economic climate are likely to affect the
retail industry. In periods of uncertainty companies tend to be less willing to
commit to large capital expenditure or start new projects for fear of negatively
impacting operations if the project were to be unsuccessful. Long-term decisions
tend to be subject to closer scrutiny and increased attention given to ROI
calculations and payback justifications. This is likely to delay the decision
making process, and may even cause certain projects to be put on hold for an
indeterminate period. This is largely what we have experienced in the first half
of the year and if this trend continues in the second half, Aldata may not be
able to deliver its expected full year revenue or operating profit.
Aldata accounts for its revenue in accordance with IFRS guidelines, meaning
license revenue is typically booked on contract signature whereas services and
maintenance revenue is booked over the life of the project. This means that
software licenses revenue is more risky and harder to forecast. The management
team completes regular reviews and assessments of the software pipeline to
mitigate this risk, although it is not possible to remove the risk completely.
The economic environment has increased the number of companies which face
financial problems and could be seen as a contributing factor to the increased
time taken to settle invoices. This might increase Aldata's risk to be able to
collect payment for its services provided. Aldata looks to mitigate this risk by
using business standard credit assessment and credit control policies to ensure
any potential risks are highlighted at an early stage and any necessary action
to reduce the risk is taken.
A large proportion of Aldata's services revenue is done on a time and materials
basis. If there was a weakening in demand, as we saw at the start of 2009, this
would lead to lower utilization and pressure on margins if Aldata was unable to
adjust its cost base fast enough.
In other respects, no significant changes have taken place in Aldata's short-
term risks and uncertainties during the financial period.
Long-term risks and uncertainties
Risks and uncertainty factors associated with Aldata's business are mainly
related to general economic development and more specifically to the retail
software market. The recession affected Aldata's operations during the last 2
years, and any recent signs of a recovery have reduced significantly. If the
anticipated recovery doesn't happen or there is a deterioration of the economic
situation, this may result in delays to both ongoing or new large projects and
investment decisions. Aldata feels that its flexible business model will enable
it to react quickly to both any expected upturns or downturns in the future.
Business risk management is a key target of the operational management. Through
it the Company aims to ensure that the key risks to which business operations
are exposed are identified and monitored for preventative action. Business risks
are monitored within the Company by the President and CEO, the Corporate
Management Team and the Management Council.
The company's risk level is regularly observed by the Corporate Management Team
through a weekly phone conference call, through formal written reporting by the
Management Council twice a month and through regular in person meetings of the
Corporate Management Team and the Management Council during the year. In
addition to this, risks are charted when deemed necessary and specific ad hoc
teams will be built to address any clearly identified potential risks.
With the increased importance of the US market to Aldata, the group will become
more exposed to currency risk resulting from the movement between the Euro and
the US dollar. Aldata is currently exposed to two types of exchange rate risk;
one impacting its operating result based on the valuation of its US based
revenues and costs; and one impacting its financial result, due to exchange
gains or losses on Euro denominated loans and intercompany balances owed to or
from Aldata's US subsidiaries. Aldata currently chooses not to hedge against
either of these risks. It believes there is a natural hedge built into the
operating result risk due to the US based cost structure that it carries, which
materially offsets its US based revenues. This means that whilst the risk to
Aldata's operating profit is reduced to a level that Aldata feels is acceptable,
there is a risk to the level of revenue that Aldata reports that is directly
affected by exchange rate. Aldata is reviewing its strategy around whether to
hedge against these intercompany loans as a way to mitigate the risk in the
future.
Goodwill was tested during the last quarter of 2010 and has been reviewed at the
end of Q2. In accordance with the results of testing for impairment, no
depreciation of goodwill was made. The impairment testing is based on projected
future cash flows and if the respective country's projected cash flows do not
occur as planned in the medium term, it is possible that the goodwill allocated
to one of the country's unit will need to be impaired. No new impairment tests
have been completed at the end of Q1 2011 for France, Germany and Apollo as the
businesses are on or close to their projected future cash flows. For Cosmic, the
growth rate of 5% used for impairment testing remains below the growth rate used
in the forecast to estimate the revised earn out element of the acquisition cost
and therefore no impairment adjustment is necessary.
Aldata's growth strategy includes expansion via making suitable company
purchases. If the current business environment remains challenging, the
opportunity to fulfill this strategy may decrease in case no suitable purchase
targets are found or the business profits due to already materialized company
purchases don't fulfill the expectations. Aldata's inability to fulfill its
desire to make company purchases may have a negative impact on Aldata's business
and its financial status and outcome may weaken.
Outlook
The current economic turmoil has increased the overall risk for the recovery of
the retail software market.
Both the license and services pipeline for the second half of the year 2011
remain strong. It is expected that the benefits of certain cost cutting measures
carried out in the second quarter 2011 will have a positive impact on the
remainder of the year.
The company expects full year revenues to be somewhat below the 2010 level, and
full year EBIT to improve compared to the previous year.
Events after the review period
On 26th July 2011 Aldata issued a stock exchange release concerning the terms
and conditions of the mandatory public tender offer being made by Symphony
Technology Group following its shareholding increasing above 30%.
On 28th July 2011 Aldata issued a stock exchange release announcing a profit
warning for the second quarter of 2011 and a change in the full year guidance.
There were no other significant events after the review period.
Helsinki, August 11, 2011
Aldata Solution Oyj
Board of Directors
Further information:
Bertrand Sciard, President and CEO, tel. +358 10 820 8000 / Aldata Solution Oyj
Graham Howell, CFO, tel. +33 633 057 620
Aldata will hold a press conference for the media and financial analysts in
Helsinki on 11 August, at 12.00 (EET) at Hotel Palace Gourmet (Eteläranta 10).
The presentation material will be published on the Group's website at
www.aldata.com
About Aldata
Aldata is a global leader in retail and distribution optimization. Our software
and service solutions help retailers, distributors and manufacturers
dramatically improve their business performance. We optimize categories, space,
supply, logistics, and consumer engagement to increase our customers' revenue
and margins, reduce time, cost and waste, and enhance on-shelf availability,
service, and retention.
Founded in 1988, Aldata has an unparalleled track record of delivering
successful projects for the world's largest retail and consumer brands, national
wholesale and distribution organizations, and regional store chains. Aldata
Solution is a public company quoted on NASDAQ OMX Helsinki Ltd with the
identifier ALD1V.
Discover more about Aldata's customers, our solutions, and the multi-skilled
global team that supports them atwww.aldata.com
Distribution:
NASDAQ OMX Helsinki Ltd
Media
TABLE PART
Calculation methods
This interim report has been prepared in accordance with IFRS standards and the
same accounting principles as in 2010 financial statements. New or renewed
standards and interpretations have been adopted since the beginning of 2011
according to the description in the annual report for 2010 but have not had any
impact on the figures reported. The report does not comply with all requirements
of IAS 34, Interim Financial Reporting. Key figure calculations remain unchanged
and have been presented in 2010 Financial Statements.
CONSOLIDATED INCOME STATEMENT MEUR MEUR Change % MEUR
Jan-Jun/ Jan-Jun/
2011 2010 Total 2010
Net sales 34,0 36,9 -8,0 % 73,1
Other operating income 0,4 0,2 43,7 % 0,7
Operating expenses -33,8 -35,4 -4,5 % -70,7
Depreciations and impairments -1,0 -0,8 22,1 % -1,8
Operating profit -0,5 1,0 -148,8 % 1,3
Financial items -0,9 1,0 -193,4 % -0,1
Profit before taxes -1,4 1,9 -171,2 % 1,2
Income taxes -0,3 -0,6 -53,7 % -1,2
Minority interest -0,1 0,0 241,0 % 0,0
Profit for the financial period -1,7 1,4 -225,3 % 0,0
Earnings per share, EUR -0,025 0,020 0,000
Earnings per share, EUR (EPS), adjusted
for dilution effect -0,025 0,020 0,000
Attributable to:
Equity holders of the Company -1,7 1,4 0,0
Minority interest 0,0 0,0 0,0
Statement of comprehensive income:
Net profit for the period -1,7 1,4 0,0
Other comprehensive income:
Translation differences 0,4 -0,6 0,0
Total comprehensive income -1,3 0,8 0,0
Total comprehensive income attributable
to:
Equity holders of the Company -1,3 0,8 0,0
Minority interest 0,0 0,0 0,0
CONSOLIDATED BALANCE SHEET MEUR MEUR MEUR
30 Jun 30 Jun 31 Dec
2011 2010 2010
ASSETS
NON-CURRENT ASSETS
Goodwill 19,0 18,9 19,0
Capitalized development cost 2,6 2,9 2,7
Intangible assets 2,0 2,6 2,3
Tangible assets 1,3 1,4 1,1
Investments 0,1 0,1 0,1
Other long-term assets 0,6 0,4 0,5
Deferred tax assets 0,8 0,3 0,8
NON-CURRENT ASSETS TOTAL 26,4 26,6 26,5
CURRENT ASSETS
Inventories 0,2 0,0 0,3
Short-term receivables 25,4 24,2 26,0
Cash and cash equivalents 5,1 4,9 3,3
CURRENT ASSETS TOTAL 30,8 29,1 29,6
ASSETS TOTAL 57,1 55,7 56,1
SHAREHOLDERS' EQUITY AND LIABILITIES
Shareholders' equity 18,7 20,1 19,8
Minority interest 0,2 0,1 0,1
Long-term loans 3,6 3,4 4,1
Short-term loans 34,7 32,1 32,1
EQUITY AND LIABILITIES TOTAL 57,1 55,7 56,1
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 1000 EUR
Equity
Share holders of Own
Share premium Translation Retained parent Minority equity
TEUR capital fund difference earnings company interest total
--------------------------------------------------------------------------------
EQUITY 1.1.2010 687 19 154 694 -1 320 19 215 89 19 305
Share based
payments
recognised
against equity 0 0 0 101 101 0 101
Comprehensive
income 0 0 -599 1 360 761 19 780
--------------------------------------------------------------------------------
EQUITY 30.6.2010 687 19 154 95 141 20 077 108 20 186
--------------------------------------------------------------------------------
EQUITY 1.1.2011 687 19 154 772 -869 19 745 123 19 868
Share based
payments
recognised
against equity 0 0 0 253 253 0 253
Comprehensive
income 0 0 436 -1 704 -1 267 62 -1 205
--------------------------------------------------------------------------------
EQUITY 30.6.2011 687 19 154 1 208 -2 319 18 730 185 18 916
CONSOLIDATED CASH FLOW STATEMENT
MEUR MEUR MEUR
Jan-Jun/ Jan-Jun/ Jan-Dec
2011 2010 2010
Cash flow from operating activities
Operating result -0,5 1,0 1,3
Adjustment to operating result 0,9 0,7 1,9
Change in working capital 3,1 -0,1 -3,2
Interest received and other financial income 0,1 0,3 0,3
Interest paid and other financial expenses -0,2 -0,3 -0,4
Taxes paid -0,1 -0,1 -0,1
Net cash from operating activities 3,2 1,4 -0,1
Cash flow from investing activities
Group companies acquired 0,0 -2,0 -2,1
Investments in tangible and intangible assets -0,8 -0,5 -0,8
Net cash used in investing activities -0,8 -2,6 -3,0
Cash flow before financing activities 2,5 -1,1 -3,1
Cash flow from financing activities
Short-term loans, received 0,0 0,5 1,0
Short-term loans, repayments -0,5 0,0 0,0
Leasing liability, payments -0,1 0,0 -0,2
Share issue 0,0 0,0 0,0
Net cash used in financing activities -0,6 0,5 0,8
Net cash flow, total 1,9 -0,6 -2,3
Change in cash and cash equivalents 1,9 -0,6 -2,3
Cash and cash equivalents in the beginning of the
period 3,3 5,6 5,6
Net foreign exchange difference -0,1 0,0 0,0
Cash and cash equivalents at the end of the period 5,1 4,9 3,3
NOTES TO THE INTERIM REPORT
COMMITMENTS AND CONTINGENCIES MEUR MEUR MEUR
30 Jun 2011 30 Jun 2010 31 Dec 2010
Loans from financial institutions 10,5 10,6 11,0
Mortgages 5,4 5,4 5,4
Leasing liabilities 11,9 6,9 6,6
Guarantees on behalf of company debt 0,1 0,1 0,1
Jan-Jun Jan-Jun
KEY FIGURES, MEUR /2011 /2010 Total 2010
Scope of Operations
Net sales, MEUR 34,0 36,9 73,1
Average number of personnel 529 522 530
Gross capital expenditure, MEUR 1,0 3,1 5,2
Gross capital expenditure, % of net sales 2,9 8,4 7,1
Profitability
Operating profit , MEUR -0,5 1,0 1,3
Operating profit, % of net sales -1,4 2,6 1,8
Profit before taxes and minority interest, MEUR -1,4 1,9 1,2
Profit before taxes and minority interest, % of net
sales -4,1 5,3 1,7
Return on equity, % (ROE) -16,9 14,0 0,2
Return on investment, % (ROI) 0,7 18,8 13,6
Financial Standing
Quick ratio 0,8 0,9 0,9
Current ratio 0,9 0,9 0,9
Equity ratio, % 33,1 36,3 35,6
Interest-bearing net debt, MEUR 5,7 5,5 8,0
Gearing, % 30,0 27,0 40,1
Per Share Data
Earnings per share, EUR (EPS) -0,025 0,020 0,000
Earnings per share, EUR (EPS), adjusted for dilution
effect -0,025 0,020 0,000
Shareholders' equity per share, EUR 0,272 0,292 0,287
SEGMENT INFORMATION, MEUR
Jan-Jun Jan-Jun
BUSINESS SEGMENTS /2011 /2010 Total 2010
Net sales to external customers
Supply Chain Management Software 23,1 25,8 50,9
Category Optimization 4,5 4,7 10,0
Mid-Size Market 6,3 6,5 12,2
Total 34,0 36,9 73,1
Operating result, continuing operations
Supply Chain Management Software 0,6 0,5 2,1
Category Optimization 0,3 0,8 0,7
Mid-Size Market -0,3 0,6 0,8
Total 0,7 1,9 3,6
Unallocated items -1,2 -1,0 -2,3
Operating profit -0,5 1,0 1,3
Financial income and expenses -0,9 1,0 -0,1
Result before taxes and minority interest -1,4 1,9 1,1
Taxes -0,3 -0,6 -1,2
Minority interest -0,1 0,0 0,0
Result from continuing operations -1,7 1,4 0,0
Result for the financial period -1,7 1,4 0,0
INCOME STATEMENT MEUR MEUR MEUR MEUR MEUR
QUARTERLY FIGURES Q2/2011 Q1/2011 Q4/2010 Q3/2010 Q2/2010
Net sales 16,6 17,4 19,0 17,1 18,6
Other operating income 0,1 0,2 0,1 0,4 0,0
Operating expenses -16,8 -17,1 -18,3 -17,0 -18,0
Depreciations and impairments -0,5 -0,5 -0,5 -0,5 -0,4
Operating profit -0,5 0,1 0,3 0,1 0,3
Financial items -0,3 -0,6 0,0 -1,1 0,8
Profit before taxes -0,8 -0,5 0,3 -1,1 1,1
Income taxes -0,1 -0,2 -0,4 -0,2 -0,1
Minority interest 0,0 0,0 0,0 0,0 0,0
Profit for the financial period -1,0 -0,7 -0,1 -1,2 1,0
INCOME STATEMENT MEUR MEUR MEUR MEUR MEUR
CUMULATIVE 1-6/11 1-3/11 1-12/10 1-9/10 1-6/10
Net sales 34,0 17,4 73,1 54,0 36,9
Other operating income 0,4 0,2 0,7 0,6 0,2
Operating expenses -33,8 -17,1 -70,7 -52,5 -35,4
Depreciations and impairments -1,0 -0,5 -1,8 -1,3 -0,8
Operating profit -0,5 0,1 1,3 1,0 1,0
Financial items -0,9 -0,6 -0,1 -0,1 1,0
Profit before taxes -1,4 -0,5 1,2 0,9 1,9
Income taxes -0,3 -0,2 -1,2 -0,7 -0,6
Minority interest -0,1 0,0 0,0 0,0 0,0
Profit for the financial period -1,7 -0,7 0,0 0,1 1,4
BALANCE SHEET MEUR MEUR MEUR MEUR MEUR
30.6.11 31.3.11 31.12.10 30.9.10 30.6.10
ASSETS
NON-CURRENT ASSETS
Goodwill 19,0 19,0 19,0 18,9 18,9
Capitalized development cost 2,6 2,6 2,7 2,8 2,9
Intangible assets 2,0 2,1 2,3 2,4 2,6
Tangible assets 1,3 1,3 1,1 1,3 1,4
Investments 0,1 0,1 0,1 0,1 0,1
Other long-term assets 0,6 0,6 0,5 0,4 0,4
Deferred tax assets 0,8 0,8 0,8 1,0 0,3
NON-CURRENT ASSETS TOTAL 26,4 26,5 26,5 26,9 26,6
CURRENT ASSETS
Inventories 0,2 0,3 0,3 0,2 0,0
Short-term receivables 25,4 26,1 26,0 23,0 24,2
Cash and cash equivalents 5,1 8,4 3,3 4,3 4,9
CURRENT ASSETS TOTAL 30,8 34,9 29,6 27,5 29,1
ASSETS TOTAL 57,1 61,4 56,1 54,4 55,7
SHAREHOLDERS' EQUITY AND LIABILITIES
Shareholders' equity 18,7 19,5 19,8 19,7 20,1
Minority interest 0,2 0,1 0,1 0,1 0,1
Non-current liabilities 3,6 4,0 4,1 4,2 3,4
Current liabilities 34,7 37,8 32,1 30,5 32,1
Liabilities 38,2 41,8 36,2 34,7 35,5
EQUITY AND LIABILITIES TOTAL 57,1 61,4 56,1 54,4 55,7
KEY FIGURES, MEUR Q2/2011 Q1/2011 Q4/2010 Q3/2010 Q2/2010
QUARTERLY FIGURES
Scope of Operations
Net sales, MEUR 16,6 17,4 19,0 17,1 18,6
Average number of personnel 523 535 530 527 522
Gross capital expenditure, MEUR 0,5 0,5 0,2 0,2 2,9
Gross capital expenditure, % of net
sales 3,3 2,9 1,1 1,2 15,6
Profitability
Operating profit , MEUR -0,5 0,1 0,3 0,1 0,3
Operating profit, % of net sales -3,3 0,4 1,5 0,3 1,6
Profit before taxes and minority
interest, MEUR -0,8 -0,5 0,3 -1,1 1,1
Profit before taxes and minority
interest, % of net sales -5,1 -3,1 1,7 -6,2 6,1
Return on equity, % (ROE) -16,9 -14,2 0,2 1,0 14,0
Return on investment, % (ROI) 0,7 1,4 13,6 13,7 18,8
Financial Standing
Quick ratio 0,8 0,9 0,9 0,8 0,9
Current ratio 0,9 0,9 0,9 0,9 0,9
Equity ratio, % 33,1 32,1 35,6 34,8 36,3
Interest-bearing net debt, MEUR 5,7 2,3 8,0 6,1 5,5
Gearing, % 30,0 11,8 40,1 33,0 27,0
Per Share Data
Earnings per share, EUR (EPS) -0,014 -0,011 -0,002 -0,018 0,014
Earnings per share, EUR (EPS), adjusted
for dilution effect -0,014 -0,010 -0,002 -0,018 0,014
Shareholders' equity per share, EUR 0,272 0,285 0,287 0,286 0,292
[HUG#1537803]
ALDATA SOLUTION OYJ'S INTERIM REPORT JANUARY-JUNE 2011 (UNAUDITED)
| Source: Aldata Solution Oyj
Pièces jointes
