Aldata announces a decline in revenue from Q4 2010 and a significant loss for
the quarter due to a large amount of non-recurring costs being incurred
* As reported in previous quarters, business conditions within the retail
sector remain difficult
* This is reflected in a decline in revenue for the fourth quarter compared to
the fourth quarter in 2010
* There are large costs of a non-recurring nature incurred in Q4 2011 that
have had a significant impact on the operating results
Aldata in 2011 (compared to 2010)
* Net sales decreased by 6.1% to EUR 68.6 million (EUR 73.1 million)
* Gross profit decreased by 8.1% to EUR 61.0 million (EUR 66.4 million)
* Operating profit, EBIT, decreased to EUR -6.3 million (EUR 1.3 million).
Operating profit (EBIT) included one-off costs for EUR 4.2 million due to
the completion of the mandatory public tender offer, change in control and
CEO, and empty office space
* Operating profit, EBIT, excluding non-recurring items was EUR -2.1 million
(EUR 1.3 million)
* Profit before taxes was EUR -6.5 million (EUR 1.2 million)
* Net profit was EUR -7.5 million (EUR 0.0 million) and earnings per share,
EPS, were
-0.109 euros (0.000 euros)
* Cash flow from operating activities was EUR 1.7 million (EUR -0.1 million)
* Cash, cash equivalents and marketable securities amounted to EUR 3.5 million
(EUR 3.3 million) and the Group had interest-bearing loans of EUR 11.6
million (EUR 11.0 million)
Aldata in Q4 2011 (compared to Q4 2010)
* Net sales decreased by 12.2% to EUR 16.8 million (EUR 19.0 million)
* Gross profit decreased by 13.1% to EUR 15.1 million (EUR 17.4 million)
* Operating profit, EBIT, was EUR -6.3 million (EUR 0.3 million). Operating
profit (EBIT) included one-off costs for EUR 4.1 million due to the change
in control and CEO, and empty office space
* The operating profit, EBIT, excluding non-recurring items was EUR -2.2
million (EUR 0.3 million)
* Profit before taxes was EUR -6.1 million (EUR 0.3 million)
* Net profit was EUR -6.8 million (EUR -0.1 million) and earnings per share,
EPS, were
-0.098 euros (-0.002 euros)
Roy J Simrell, President and CEO
Despite the obviously disappointing results for Q4 2011, I am very excited about
the prospect of leading Aldata into a bright and successful future. After 75
days on the job I now have a good idea of the strengths and weaknesses,
opportunities and threats associated with Aldata and I am working closely with
the Board and my executive team to decide on the best strategy to take Aldata
forward.
In relation to the Q4 results, Aldata incurred a large amount of costs that do
not represent the underlying business performance in Q4. Symphony Technology
Group's public tender offer and subsequent increase in share ownership to 90.1%
triggered a change in control clause which has resulted in additional costs of
EUR 1.6 million in Q4. Aldata announced on 18 November 2011 as a stock exchange
release having appointed me as the President and CEO of the Company. This
resulted in a cost of EUR 1.6 million for the compensation for loss of office
due to the previous CEO. At the same time I have insisted on a thorough and
detailed review of all ongoing projects and this has resulted in approximately
EUR 1.2 million of additional specific provisions being made. Finally Aldata has
made two provisions for empty space in its Boston and Paris offices which have
resulted in EUR 0.9 million of costs being incurred in Q4.
The unusually high amount of non-recurring costs during the same quarter when
revenue was negatively impacted by delays in closing some transactions that were
previously forecast to close, had the combined effect of making the Q4 operating
profit result significantly lower than previously expected.
Our order backlog increased to EUR 27.4 million from EUR 26.1 million at the end
of Q3, which shows we are still experiencing good demand for our offerings.
Company has incurred a net cost of EUR 0.6 million of tax charges, interest
costs and unrealized foreign exchange gains in Q4, all of which combined
generate a reduced net profit for Q4 2011.
Although Q4 generated a cash outflow from operating activities of EUR -0.4
million, the cumulative position for the full year 2011 is a cash inflow of EUR
1.7 million, which compares favorably to a net cash outflow from operations of
EUR -0.1 million for the full year 2010.
Also, as noted in a stock exchange release of 28 October 2011, the change in
control triggered a breach in our banking covenant which requires the existing
credit facility to be repaid by the end of March 2012. While all amounts due so
far have been paid, having to make these payments whilst not having been able to
generate a new injection of capital during this same time, has had a negative
effect on Aldata's liquidity position and the company is currently
undercapitalized. The company has actively been searching for a new lender to
replace the existing credit facility, but have thus far been unable to secure a
new bank loan. While conversations with potential lenders continue, it is now
clear that such discussions will be unsuccessful without the specific support of
Symphony Technology Group (Symphony). Symphony Technology Group is committed to
providing this support and is working closely with Aldata to make the necessary
arrangements to enable the repayment of the existing facility by March 2012 and
to fund the Company's ongoing working capital needs.
Aldata in the fourth quarter of 2011
Financial performance
The Group's net sales were EUR 16.8 million (EUR 19.0 million), which represents
a decrease of EUR 2.3 million compared to the previous year. Product sales,
which include licenses for standard products, licenses for customer specific
developments and maintenance revenues, accounted for 64% (66%) of total net
sales. Consulting services accounted for 33% (31%) and third party licenses and
hardware accounted for 3% (3%).
The Group's gross profit was EUR 15.1 million (EUR 17.4 million), which
represents a 90% (91%) gross margin. Operating profit, EBIT, totaled EUR -6.3
million (EUR 0.3 million) and operating profit excluding expenses for option
plans and restricted share units (RSU) was EUR -6.3 million (EUR 0.7 million).
Pre-tax profit was EUR -6.1 million (EUR 0.3 million), net profit was EUR -6.8
million (EUR -0.1 million) and earnings per share, EPS, were -0.098 euros (-
0.002 euros).
Research and development costs in the fourth quarter totaled EUR 1.8 million
(EUR 2.5 million), of which EUR 0.2 million (EUR 0.1 million), or 9.8% (3.4%)
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 December 2011, the order backlog was EUR 27.4 million (EUR 27.6 million
at the end of year 2010).
Business units
Net sales of the Supply Chain Management (SCM) Software business unit were EUR
11.1 million (EUR 12.9 million). The gross profit was EUR 10.1 million (EUR
12.3 million) and the operating profit, EBIT, was EUR -5.4 million (EUR 0.9
million).
Net sales of the Category Optimization business unit were EUR 2.7 million (EUR
2.8 million). The gross profit was EUR 2.6 million (EUR 2.8 million) and the
operating profit, EBIT, was EUR 0.1 million (EUR 0.3 million).
Net sales of the Mid-Size Market business unit were EUR 3.1 million (EUR 3.3
million). The gross profit was EUR 2.4 million (EUR 2.4 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 0.8 million (EUR 0.7 million).
Finance and investments
Cash flow from operating activities in the fourth quarter was EUR -0.8 million
(EUR -0.8 million) and net cash flow was EUR -0.6 million (EUR -1.0 million).
The Group's capital expenditure on intangible and tangible assets amounted to
EUR 0.6 million (EUR 0.2 million) in fourth quarter of the year.
Research and development
In the fourth quarter Aldata's research and development costs were EUR 1.8
million (EUR 2.5 million) and made up 10.8% (13.0%) of net sales. A total of EUR
0.2 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 2011
Financial performance
The Group's net sales were EUR 68.6 million (EUR 73.1 million), which represents
a decrease of EUR 4.5 million compared to the previous year. Product sales,
which include licenses for standard products, licenses for customer specific
developments and maintenance revenues, accounted for 64% (61%) of total net
sales. Consulting services accounted for 33% (35%) and third party licenses and
hardware accounted for 3% (4%).
The Group's gross profit was EUR 61.0 million (EUR 66.4 million), which
represents a 89% (91%) gross margin. Operating profit, EBIT, totaled EUR -6.3
million (EUR 1.3 million) and operating profit excluding expenses for option
plans and restricted share units (RSU) was EUR -6.2 million (EUR 1.8 million).
Pre-tax profit was EUR -6.5 million (EUR 1.2 million), net profit was EUR -7.5
million (EUR 0.0 million) and earnings per share, EPS, were -0.109 euros (0.00
euros).
Research and development costs totaled EUR 8.7 million (EUR 9.9 million), of
which EUR 0.7 million (EUR 0.4 million), or 8.5% (3.9%), were capitalized. EUR
0.8 million (EUR 0.5 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 December 2011, the order backlog was EUR 27.4 million (EUR 27.6 million
at the end of December 2010 and EUR 26.1 million at the end of September 2011).
Taxes for the period were EUR 0.9 million (EUR 1.2 million).
Business units
Net sales of the Supply Chain Management (SCM) Software business unit were EUR
46.9 million (EUR 50.9 million). The gross profit was EUR 42.7 million (EUR
47.1 million) and the operating profit, EBIT, was EUR -3.8 million (EUR 2.1
million)
Net sales of the Category Optimization business unit were EUR 9.7 million (EUR
10.0 million). The gross profit was EUR 9.4 million (EUR 9.5 million) and the
operating profit, EBIT, was EUR 0.7 million (EUR 0.7) million.
Net sales of the Mid-Size Market business unit were EUR 11.9 million (EUR 12.2
million). The gross profit was EUR 8.9 million (EUR 9.8 million) and the
operating profit, EBIT, was EUR
-0.8 million (EUR 0.8) 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 2.3 million (EUR 2.3 million).
Finance and investments
Cash flow from operating activities in 2011 was EUR 1.7 million (EUR -0.1
million) and net cash flow was EUR 0.2 million (EUR -2.3 million).
At the end of December 2011, Aldata Group's cash, cash equivalents and
marketable securities amounted to EUR 3.5 million (EUR 3.3 million) and total
assets were EUR 50.5 million (EUR 56.1 million). The Group had interest-bearing
debt of EUR 11.8 million (EUR 11.0 million) and interest-bearing net liabilities
totaled EUR 8.3 million (EUR 7.9 million). Short term receivables totaled EUR
19.1 million (EUR 24.3 million). The Group's solvency ratio was 23.8% (35.6%),
gearing was 68.5% (40.1%), and shareholders' equity per share was EUR 0.173 (EUR
0.287).
In 2011 the Group's capital expenditure on intangible and tangible assets
amounted to EUR 1.8 million (EUR 5.2 million).
Research and development
In 2011 Aldata's research and development costs were EUR 8.7 million (EUR 9.9
million) and made up 13% (14%) of net sales. A total of EUR 0.7 million (EUR
0.4 million) of development costs were capitalized during the year. EUR 0.8
million (EUR 0.5 million) of capitalized development costs were amortized in
2011.
At the end of December 2011 103 (103) employees and 92 (126) contracted offshore
resources were involved in R&D activities. The total number of resources engaged
in R & D activity has decreased from 229 to 195 during 2011. The employee
headcount of 103 represents 20% (19%) of the Group's total employed personnel.
Aldata's R&D centers are located in Paris, France, in Espoo, Finland and in
Bangalore, India.
Personnel
Aldata Group employed 523 (531) persons at the end of December 2011, and on
average had 526 (530) employees during the period.
+---------------------+----------------+----------------+
| |31 December 2011|31 December 2010|
+---------------------+-------+--------+-------+--------+
|By Business Unit |Persons|% |Persons|% |
+---------------------+-------+--------+-------+--------+
|SCM Software |353 |67 |353 |67 |
+---------------------+-------+--------+-------+--------+
|Category Optimization|61 |12 |67 |12 |
+---------------------+-------+--------+-------+--------+
|Mid-Size Market |94 |18 |95 |18 |
+---------------------+-------+--------+-------+--------+
|Group Administration |15 |3 |16 |3 |
+---------------------+-------+--------+-------+--------+
|Total |523 |100 |531 |100 |
+---------------------+-------+--------+-------+--------+
Approximately 45% of personnel were employed by Aldata companies in France, 15%
in Finland, 11% in Germany, 10% in the US, 9% in the UK, 5% in Sweden, 4% in
Slovenia and 1% in Russia.
Share performance and ownership
The highest price of the Aldata Solution Oyj share during January - December
2011 was EUR 0.63 and the lowest price EUR 0.43. The average price was EUR 0.58
and the closing price EUR 0.59. The trading volume on the Helsinki Stock
Exchange was EUR 40.5 million and altogether 68.7 million shares were traded,
which represents 100% of the shares. Aldata Solution Oyj has 68.7 million shares
outstanding. The number of shares outstanding has increased by 35,000 shares
during the financial year.
The number of shareholders was 2,164 and the free float was 100% of the share
capital at the end of December 2011. A total of 4.3% of Aldata Solution Oyj's
shares were owned by nominee registered shareholders at the end of the period.
Aldata Solution Oyj has one share series. 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 as those that may
materialize in the next two quarters.
Symphony Technology Group's shareholding exceeding 50% triggered a breach in
Aldata's banking covenant that has resulted in Aldata being required to repay
the full amount of its credit facility by the end of March 2012. EUR 3.5 million
has already been repaid and the remaining EUR 6.5 million is due to be repaid by
the end of March 2012.
In addition, Aldata currently has a bank guarantee for EUR 2.0 million short
term loan that is to be repaid by the end of September 2012. However, the bank
has informed Aldata that it will stop providing the Guarantee for this loan at
the end of March 2012. If Aldata is unable to find a replacement guarantor then
it will need to repay the full amount of EUR 2.0 million at the end of March
2012.
The combination of these events, along with Aldata's Q4 2011 financial
performance, has put pressure on Aldata's liquidity position. Aldata's cash flow
is seasonal with a large amount of sales invoices being raised in January for
the annual maintenance and support fees, which are normally paid before the end
of Q1. While these Q1 inflows should provide sufficient cash flow in January and
February 2012, Aldata is currently not adequately capitalized for the remainder
of 2012. The company will require a significant capital infusion by the end of
Q1 2012 to replace the credit facility that has been and will be repaid, in
order to support its ongoing operations.
Aldata is currently in discussions with potential lenders to arrange a new
credit facility. However, there is no certainty whether these discussions will
be successful. If Aldata is unable to put in place a new credit facility by the
end of March, it would not be able to repay the remaining EUR 6.5 million due at
the end of March 2012 to its existing provider and meet its normal business
commitments without the specific support of Symphony Technology Group. Symphony
Technology Group is committed to providing this support and is working closely
with Aldata to make the necessary arrangements to enable the repayment of the
existing facility by March 2012 and to fund the Company's ongoing working
capital needs.
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 2011 and if
this trend continues in 2012, 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 complete 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 who face
financial problems and could be seen as a factor in 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, this would lead to lower utilization
and pressure on margins if Aldata was unable to adjust its cost base fast
enough.
Long term risks and uncertainties
Risks and uncertainty factors associated with Aldata's business are mainly
related to general economic development and more specifically on 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. Company 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 the 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 has been tested during the last quarter of 2011. 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.
Aldata's growth strategy includes expansion via making suitable company
purchases. If the current business environment remains challenging, the
opportunity to fulfil this strategy may decrease in case no suitable purchase
targets are found or the business profits due to already materialized company
purchases don't fulfil the expectations. Aldata's inability to fulfil its desire
to make company purchases may have a negative impact on Aldata's business and
its financial status and outcome may weaken.
The Board of Directors and CEO
The Annual General Meeting on 7th April, 2011 elected the following members to
the Board of Directors: Mr William Chisholm, Mr Bertrand Sciard, Mr Aarne Aktan,
Mr Tommy Karlsson, Mr Pertti Ervi and Ms. Michele Fitzpatrick.
Mr William Chisholm was re-elected as the Chairman of the Board and Mr Pertti
Ervi was elected as the Vice Chairman of the Board.
The Board resolved to establish an Audit Committee consisting of Mr Aarne Aktan
(Chairman), Mr William Chisholm and Mr Tommy Karlsson. The Board resolved not to
establish other Board
Committees.
On October 18, 2011 Mr. Pertti Ervi and Mr. Tommy Karlsson resigned from the
positions as members of the Board of Directors. At the same time the separate
Audit Committee was dissolved and the Board of Directors as a whole took over
the duties of the Audit Committee.
Management Team and Management Council
The members of Aldata's Corporate Management Team (CMT) at the end of year 2011
were Roy Simrell, President and Chief Executive Officer; Marie Claude Chazot,
Vice President Group Human Resources; Allan Davies, Chief Marketing Officer and
Graham Howell, Chief Financial Officer. The members of the CMT report to the
CEO.
The members of Management Council (MC) included at the end of the year 2011 the
CMT members and Shaun Bossons, USA New Sales; Patrick Buellet, SCM Business;
Dominique Chambas, SCM Sales; Jean-Francois Le Garrec, Logistics Business;
Henrik Lindström, S.I.R. Business; Brendan Lowe, President USA Business; Jorma
Tukia, Instore Business; David Wilkins, Category Optimization Business and Rolf
Wochner, Industry Business.
Auditors
Ernst & Young Oy acted as Aldata group's auditor, under the supervision of
principal auditor Anne Vuorio, APA.
Group structure, changes and business transactions during the period
There were no changes to the Group Structure during 2011.
At the end of 2011 the following Aldata Group's subsidiaries operated:
* Aldata Apollo, Inc. (100%) in the US
* Aldata Retail Solutions GmbH (100%) in Germany
* Aldata Solution AB (100%) in Sweden
* Aldata Solution Co., Ltd. (100%) in Thailand
* Aldata Solution d.o.o. (81.2%) in Slovenia
* Aldata Solution Finland Oy (100%) in Finland
* Aldata Solution Inc. (100%) in the US
* Aldata Solution LLC (100%) in Russia
* Aldata Solution S.A.S. (100%) in France
* Aldata Solution UK Ltd. (100%) in the UK
* Cosmic Solutions Limited (100%) in the UK
* Cosmic Solutions France SASU (100%) in France
* Aldata Solution India Private Limited (100%) in India
Outlook
The recent economic turmoil has increased the overall risk for the recovery of
the retail software market and Aldata expects the 2012 market environment to
remain as challenging as the previous years.
However it is expected that the recent changes in ownership and CEO will enable
the company to focus on its core strengths and provide the necessary boost
required to drive the company forward in what is expected to be a very
challenging and difficult to predict year.
Given the current uncertainty in the retail market and the difficulty in
accurately forecasting the market behavior, Aldata expects the full year 2012
net sales to remain at or slightly below the level reported in 2011 and the full
year 2012 EBIT to be at or slightly below the level reported in 2011, excluding
the impact of certain of the one off costs incurred in 2011.
The Board of Directors' dividend proposal
The Board of Directors has decided to propose to the Annual General Meeting, on
26 April 2012, that no dividend shall be distributed for the financial year
2011.
Events after the review period
On 15 February 2012 Aldata issued a stock exchange release concerning an
application for delisting of its shares. Symphony Technology II-A, L.P. owns
approximately 90.1 per cent of all the shares and votes in Aldata Solution Oyj
and has initiated minority redemption proceedings in order to acquire all the
remaining shares held by the minority shareholders. The parties have been
summoned to an oral hearing concerning the redemption of the minority shares to
be held on 27 February 2012. Aldata's Board of Directors have decided to submit
an application to terminate the trading in the Aldata shares and to delist all
the Aldata shares from the official list of NASDAQ OMX Helsinki Ltd. A delisting
application will be submitted to NASDAQ OMX Helsinki Ltd as soon as possible. In
the application Aldata requests that the quotation of the Aldata shares on the
official list of NASDAQ OMX Helsinki be terminated as soon as possible upon
Symphony having gained title to all the shares in Aldata.
There were no other significant events after the review period.
Helsinki, February 21, 2012
Aldata Solution Oyj
Board of Directors
Further information:
Roy J. Simrell, President and CEO, tel. +358 10 820 8000 / Aldata Solution Oyj
Graham Howell, CFO, tel. +33 633 057 620
The Annual Report for 2011 will be published in Finnish and English on the
Company's website at www.aldata.com on Wednesday 7 March 2012.
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
www.aldata.com
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
2011 2010 %
Net sales 68,6 73,1 -6,2 %
Other operating income 0,8 0,7 14,3 %
Material and services -8,4 -7,4 13,5 %
Personnel expenses -46,2 -44,4 4,1 %
Depreciations and impairments -1,9 -1,8 5,6 %
Other operating expenses -19,1 -18,9 1,1 %
Operating profit -6,3 1,3 -584,6 %
Financial items -0,3 -0,1 200,0 %
Profit before taxes -6,5 1,2 -641,7 %
Income taxes -0,9 -1,2 -25,0 %
Minority interest -0,1 0,0 -412,5 %
Profit for the year -7,5 0,0
Earnings per share, EUR -0,109 0,000
Earnings per share, EUR (EPS),
adjusted for dilution effect -0,108 0,000
Attributable to:
Equity holders of the Company -7,5 0,0
Minority interest 0,1 0,0
Statement of comprehensive income:
Net profit for the period -7,4 0,0
Other comprehensive income:
Translation differences -0,3 0,0
Total comprehensive income -7,7 0,0
Total comprehensive income
attributable to:
Equity holders of the Company -7,8 0,0
Minority interest 0,1 0,0
CONSOLIDATED BALANCE SHEET MEUR MEUR
31 Dec 31 Dec
2011 2010
ASSETS
Non-current assets
Goodwill 19,00 19,0
Capitalized development cost 2,6 2,7
Intangible assets 2,0 2,3
Tangible assets 1,2 1,1
Investments 0,1 0,1
Other long-term assets 0,6 0,5
Deferred tax assets 0,5 0,8
Non-current assets total 26,0 26,5
Current assets
Inventories 0,4 0,3
Account receivable 14,1 17,9
Prepayments and accrued income 4,3 5,8
Income tax receivables 2,0 1,8
Other short-term receivables 0,8 0,6
Cash and cash equivalents 3,5 3,3
Current assets total 25,1 29,6
Assets total 51,1 56,1
SHAREHOLDERS' EQUITY AND LIABILITIES
Shareholders' equity
Share capital 0,7 0,7
Share Premium Fund 19,2 19,2
Translation difference 0,4 0,8
Retained earnings -8,4 -0,9
Equity holders of the parent company 11,9 19,8
Minority interest 0,2 0,1
Shareholders' equity total 12,1 19,9
Non-current liabilities
Long-term loans 0,2 0,1
Deferred tax liability 1,2 1,4
Other provisions 1,8 1,2
Other long-term loans 0,9 1,4
Non-current liabilities total 4,1 4,1
Current liabilities
Short-term loans 11,6 11,1
Advances received 0,1 0,3
Account payable 3,5 4,7
Accrued expenses and prepayments 14,7 11,5
Other provisions 0,5 0,1
Other short-term liabilities 4,4 4,6
Current liabilities total 34,9 32,1
Liabilities total 39,0 36,2
Equity and liabilities total 51,1 56,1
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 1000 EUR
Reserve
for Equity
invested Trans- holders
Share unre- lation of Own
Share premium stricted diff- Retained parent Minority equity
TEUR capital fund capital erence earnings company interest total
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
EQUITY
31.12.2009 687 19 154 0 694 -1 320 19 215 89 19 305
Share based
payments
recognised
against equity 0 0 0 0 451 451 0 451
Comprehensive
income 0 0 0 78 1 79 34 113
--------------------------------------------------------------------------------
EQUITY
31.12.2010 687 19 154 0 772 -869 19 745 123 19 868
Share based
payments
recognised
against equity 0 0 15 0 86 101 0 101
Other changes 0 0 0 0 -170 -170 0 -170
Comprehensive
income 0 0 0 -326 -7 502 -7 828 101 -7 727
--------------------------------------------------------------------------------
EQUITY
31.12.2011 687 19 154 15 446 -8 455 11 848 224 12 072
CONSOLIDATED CASH FLOW STATEMENT
MEUR MEUR
2011 2010
Cash flow from operating activities
Operating result -6,2 1,3
Adjustment to operating result 3,7 1,9
Change in working capital 4,9 -3,2
Interest received and other financial income 0,1 0,3
Interest paid and other financial expenses -0,5 -0,4
Taxes paid -0,3 -0,1
Net cash from operating activities 1,7 -0,1
Cash flow from investing activities
Group companies acquired 0,0 -2,1
Investments in tangible and intangible assets -1,4 -0,8
Net cash used in investing activities -1,4 -3,0
Cash flow before financing activities 0,2 -3,1
Cash flow from financing activities
Short-term loans, received 2,0 1,0
Short-term loans, repayments -2,0 0,0
Leasing liability, payments 0,0 -0,2
Net cash used in financing activities 0,0 0,8
Net cash flow, total 0,2 -2,3
Change in cash and cash equivalents 0,2 -2,3
Cash and cash equivalents 1 Jan. 3,3 5,6
Net foreign exchange difference 0,0 0,0
Cash and cash equivalents 31 Dec. 3,5 3,3
COMMITMENTS AND CONTINGENCIES MEUR MEUR
2011 2010
Loans from financial institutions 9,0 10,0
Mortgages 5,4 5,4
Leasing liabilities 15,2 6,6
Guarantees on behalf of group company debt 0,0 0,1
IFRS IFRS IFRS IFRS IFRS
KEY FIGURES, MEUR 2011*) 2010*) 2009*) 2008*) 2007
--------------------------------------------------------------------------------
SCOPE OF OPERATIONS
Net sales, MEUR 68,6 73,1 67,5 70,0 74,7
Average number of
personnel 526 530 538 540 625
Gross capital
expenditure, MEUR 1,8 5,2 2,2 9,1 2,5
Gross capital
expenditure, % of net
sales 2,6 7,1 3,2 13,0 3,3
PROFITABILITY
Operating profit , MEUR -6,3 1,3 -4,7 3,7 -11,1
Operating profit, % of
net sales -9,1 1,8 -7,0 5,3 -14,9
Profit before taxes and
minority interest,
MEUR -6,5 1,2 -5,4 2,8 -11,7
Profit before taxes and
minority interest,
% of net sales -9,5 1,7 -8,0 3,9 -15,7
Return on equity, % (ROE) -46,3 0,2 -18,8 10,2 -47,4
Return on investment, %
(ROI) -13,0 13,6 -11,2 17,3 -37,8
FINANCIAL STANDING
Quick ratio 0,7 0,9 0,9 1,1 1,3
Current ratio 0,7 0,9 0,9 1,1 1,3
Equity ratio, % 24,0 35,6 37,4 36,3 38,6
Interest-bearing net
debt, MEUR 8,3 8,0 4,9 0,4 -3,3
Gearing, % 68,5 40,1 25,2 1,9 -16,6
PER SHARE DATA 2011 2010 2009 2008 2007
--------------------------------------------------------------------------------
Earnings per share, EUR
(EPS) -0,109 0,000 -0,057 0,031 -0,171
Earnings per share, EUR
(EPS),
adjusted for dilution
effect -0,108 0,000 -0,057 0,031 -0,170
Shareholders' equity per
share, EUR 0,172 0,287 0,280 0,332 0,286
Dividend/share, EUR 0,000 0,000 0,000 0,000 0,000
Dividend/earnings, % 0,0 0,0 0,0 0,0 0,0
Effective dividend yield,
% 0,0 0,0 0,0 0,0 0,0
Price/earnings ratio - - - - -
Share performance (EUR)
Share price on 31 Dec,
EUR 0,59 0,51 0,46 0,35 1,22
Share issue-adjusted
average share price,
EUR 0,58 0,58 0,42 0,86 1,56
Share issue-adjusted
lowest share price,
EUR 0,43 0,45 0,30 0,34 1,13
Share issue-adjusted
highest share price,
EUR 0,63 0,77 0,60 1,25 1,90
Market capitalization,
MEUR 41 35 32 24 84
No. of shares traded
during the financial
period (during the period
of quotation in
1999) 68 664 347 40 267 092 43 266 170 38 018 049 50 289 310
% of the company's
average number of
shares 100 % 59 % 63 % 55 % 73 %
Number of shares 68 768 395 68 733 395 68 733 395 68 733 395 68 578 795
Share issue-adjusted
number of shares
annual average 68 753 812 68 733 395 68 733 395 68 695 645 68 426 162
Share issue-adjusted
number of shares at
the end of the financial
period 68 768 395 68 733 395 68 733 395 68 733 395 68 578 795
Share issue-adjusted
number of shares
annual average, adjusted
for dilution effect 69 417 950 69 436 843 68 733 395 68 695 645 68 808 497
Share issue-adjusted
number of shares at
the end of the financial
period, adjusted for
dilution effect 69 432 533 69 436 843 68 733 395 68 733 395 68 961 130
SEGMENT INFORMATION
Supply Category Mid-Size Elimina-
2011 Chain Optimization Market tions Total
Net Sales to External
Customers 47,0 9,7 11,9 0,0 68,6
Segment operating profit -3,8 0,7 -0,8 0,0 -4,0
Unallocated items -2,3
Operating profit -6,3
Financial income and
expenses -0,3
Profit before taxes and
minority interest -6,5
Taxes -0,9
Minority interest -0,1
Profit for the Financial Period -7,4
Segment assets 28,9 13,0 2,4 0,0 44,3
Unallocated assets 6,6
Total 50,9
Segment liabilities 19,3 3,6 2,8 0,0 25,6
Unallocated liabilities 13,2
Total 38,8
Capital expenditures 1,2 0,2 0,0 0,0 1,4
Unallocated capital
expenditures 0,3
Total 1,8
Depreciations 0,7 0,7 0,5 0,0 1,9
Unallocated depreciations 0,0
Total 1,9
Supply Category Mid-Size Elimina-
2010 Chain Optimization Market tions Total
Net Sales to External
Customers 50,9 10,0 12,2 0,0 73,1
Segment operating profit 2,1 0,7 0,8 0,0 3,6
Unallocated items -2,3
Operating profit 1,3
Financial income and
expenses -0,1
Profit before taxes and
minority interest 1,1
Taxes -1,2
Minority interest 0,0
Profit for the Financial Period 0,0
Segment assets 31,7 14,5 3,9 0,0 50,2
Unallocated assets 5,9
Total 56,1
Segment liabilities 15,4 4,4 3,5 0,0 23,3
Unallocated liabilities 12,9
Total 36,2
Capital expenditures 0,6 4,4 0,1 0,0 5,1
Unallocated capital
expenditures 0,0
Total 5,2
Depreciations 0,8 0,5 0,5 0,0 1,8
Unallocated depreciations 0,0
Total 1,8
INCOME STATEMENT MEUR MEUR MEUR MEUR MEUR
quarterly figures Q4/2011 Q3/2011 Q2/2011 Q1/2011 Q4/2010
Net sales 16,8 17,8 16,6 17,4 19,0
Other operating income 0,3 0,2 0,1 0,2 0,1
Operating expenses -22,9 -16,9 -16,8 -17,1 -18,3
Depreciations and impairments -0,4 -0,5 -0,5 -0,5 -0,5
Operating profit -6,3 0,5 -0,5 0,1 0,3
Financial items 0,2 0,4 -0,3 -0,6 0,0
Profit before taxes -6,1 1,0 -0,8 -0,5 0,3
Income taxes -0,7 0,1 -0,1 -0,2 -0,4
Minority interest -0,1 0,0 0,0 0,0 0,0
Profit for the financial period -6,8 1,0 -1,0 -0,7 -0,1
INCOME STATEMENT MEUR MEUR MEUR MEUR MEUR
cumulative 1-12/11 1-9/11 1-6/11 1-3/11 1-12/10
Net sales 68,6 51,7 34,0 17,4 73,1
Other operating income 0,8 0,5 0,4 0,2 0,7
Operating expenses -73,7 -50,8 -33,8 -17,1 -70,7
Depreciations and impairments -1,9 -1,4 -1,0 -0,5 -1,8
Operating profit -6,3 0,1 -0,5 0,1 1,3
Financial items -0,3 -0,5 -0,9 -0,6 -0,1
Profit before taxes -6,5 -0,4 -1,4 -0,5 1,2
Income taxes -0,9 -0,2 -0,3 -0,2 -1,2
Minority interest -0,1 -0,1 -0,1 0,0 0,0
Profit for the financial period -7,5 -0,7 -1,7 -0,7 0,0
BALANCE SHEET MEUR MEUR MEUR MEUR MEUR
31.12.11 30.9.11 30.6.11 31.3.11 31.12.10
ASSETS
NON-CURRENT ASSETS
Goodwill 19,0 19,0 19,0 19,0 19,0
Capitalized development cost 2,6 2,7 2,6 2,6 2,7
Intangible assets 2,0 1,8 2,0 2,1 2,3
Tangible assets 1,2 1,2 1,3 1,3 1,1
Investments 0,1 0,1 0,1 0,1 0,1
Other long-term assets 0,6 0,6 0,6 0,6 0,5
Deferred tax assets 0,5 0,8 0,8 0,8 0,8
NON-CURRENT ASSETS TOTAL 25,9 26,2 26,4 26,5 26,5
CURRENT ASSETS
Inventories 0,4 0,4 0,2 0,3 0,3
Short-term receivables 21,1 24,7 25,4 26,1 26,0
Cash and cash equivalents 3,5 5,1 5,1 8,4 3,3
CURRENT ASSETS TOTAL 25,0 30,2 30,8 34,9 29,6
ASSETS TOTAL 50,9 56,4 57,1 61,4 56,1
SHAREHOLDERS' EQUITY AND LIABILITIES
Shareholders' equity 11,9 18,9 18,7 19,5 19,8
Minority interest 0,2 0,2 0,2 0,1 0,1
Non-current liabilities 4,1 3,5 3,6 4,0 4,1
Current liabilities 34,7 33,8 34,7 37,8 32,1
Liabilities 38,8 37,3 38,2 41,8 36,2
EQUITY AND LIABILITIES TOTAL 50,9 56,4 57,1 61,4 56,1
KEY FIGURES, MEUR Q4/2011 Q3/2011 Q2/2011 Q1/2011 Q4/2010
QUARTERLY FIGURES
Scope of Operations
Net sales, MEUR 16,8 17,8 16,6 17,4 19,0
Average number of personnel 521 520 523 535 530
Gross capital expenditure, MEUR 0,6 0,2 0,5 0,5 0,2
Gross capital expenditure,
% of net sales 3,6 1,2 3,3 2,9 1,1
Profitability
Operating profit , MEUR -6,3 0,5 -0,5 0,1 0,3
Operating profit, % of net sales -37,2 3,0 -3,3 0,4 1,5
Profit before taxes and minority
interest,
MEUR -6,1 1,0 -0,8 -0,5 0,3
Profit before taxes and minority
interest,
% of net sales -36,4 5,5 -5,1 -3,1 1,7
Return on equity, % (ROE) -46,3 -4,0 -16,9 -14,2 0,2
Return on investment, % (ROI) -13,0 5,1 0,7 1,4 13,6
Financial Standing
Quick ratio 0,7 0,8 0,8 0,9 0,9
Current ratio 0,7 0,9 0,9 0,9 0,9
Equity ratio, % 24,0 33,9 33,1 32,1 35,6
Interest-bearing net debt, MEUR 8,3 7,1 5,7 2,3 8,0
Gearing, % 68,5 37,3 30,0 11,8 40,1
Per Share Data
Earnings per share, EUR (EPS) -0,099 0,015 -0,014 -0,011 -0,002
Earnings per share, EUR (EPS), adjusted
for dilution effect -0,098 0,015 -0,014 -0,010 -0,002
Shareholders' equity per share, EUR 0,172 0,275 0,272 0,285 0,287
[HUG#1587725]
ALDATA SOLUTION OYJ'S FINANCIAL STATEMENT RELEASE JANUARY-DECEMBER 2011 (UNAUDITED)
| Source: Aldata Solution Oyj
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