CENCORP CORPORATION INTERIM REPORT 06.11.2008 AT 11.20 AM
Cencorp Corporation Interim Report for 1 January - 30 September 2008
January-September 2008
Net sales amounted to EUR 11.9 (14.0) million
Operating profit (EBIT) totalled EUR -1.3 (-1.6) million
EUR 0.9 million reorganization expenses included in EBIT
Profit before taxes was EUR -2.1 (-2.7) million
Equity ratio stood at 4.8% (13.7 % December 31, 2007)
July-September 2008
Net sales amounted to EUR 3.1 (6.1) million
Operating profit (EBIT) totalled EUR 0.1 (0.1) million
Profit before taxes was EUR -0.1 (-0.4) million
The figures given for comparison are those for the corresponding period in the
previous year unless otherwise stated.
The interim report has been prepared in compliance with the recording and
valuation principles of the IFRS Standards but that not all the requirements of
the IAS 34 Standard have been complied with.
Group's key figures
--------------------------------------------------------------------------------
| Group's key | | | | | | |
| figures | | | | | | |
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| (unaudited) | | | | | | |
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| EUR 1,000 | | 7-9/200 | 7-9/2007 | 1-9/2008 | 1-9/2007 | 1-12/200 |
| | | 8 | | | | 7 |
--------------------------------------------------------------------------------
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| Net sales | | 3 057 | 6 088 | 11 934 | 13 985 | 20 323 |
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| Operating profit/loss | 147 | 63 | -1 348 | -1 592 | -1 060 |
| (EBIT) | | | | | |
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| % of net sales | | 4,8 % | 1,0 % | -11,3 % | -11,4 % | -5,2 % |
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| Profit/loss before | -115 | -359 | -2 107 | -2 665 | -3 889 |
| taxes (EBT) | | | | | |
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| % of net sales | | -3,8 % | -5,9 % | -17,7 % | -19,1 % | -19,1 % |
--------------------------------------------------------------------------------
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| Research and | 59 | 132 | 420 | 598 | 896 |
| development costs | | | | | |
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| % of net sales | | 1,9 % | 2,2 % | 3,5 % | 4,3 % | 4,4 % |
--------------------------------------------------------------------------------
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| Equity ratio, % | | 4,8 % | -1,4 % | 4,8 % | -1,4 % | 13,7 % |
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| Personnel on | | 115 | 132 | 124 | 134 | 134 |
| average | | | | | | |
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| Personnel at the end | 111 | 131 | 111 | 131 | 133 |
| of period | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit/share, | | 0,00 | -0,01 | -0,05 | -0,10 | -0,12 |
| EUR, diluted | | | | | | |
--------------------------------------------------------------------------------
Net sales and earnings performance
January-September 2008
Cencorp's net sales amounted to EUR 11.9 (14.0) million. EBITDA was -7.8%
(-6,8%) .Operating profit (EBIT) was EUR -1.3 (-1.6) million. ). EUR 0.9
million reorganization expenses had negative impact on EBITDA and on Operating
profit (EBIT). The Group's net financial items for the review period were EUR
-0.8 (-1.1) million. Profit before taxes totalled EUR -2.1 (-2.7) million. The
net profit for the period was EUR -2.1 (-2.6) million. Diluted earnings per
share were EUR - 0.05 (-0.10
July-September 2008
Net sales in July-September 2008 totalled EUR 3.1 million (EUR 6.1 million)
while EBITDA was 5.8% (3.5%) and operating profit (EBIT) amounted to EUR 0.1
million (EUR 0.1 million). More profitable product portfolio and more efficient
operations improved the EBIT. The Group's net financial items EUR -0.3 (-0.4)
million were on high level due to weak equity ratio. Profit before taxes
totalled EUR -0.1 (-0.4) million. Diluted earnings per share were EUR 0.00
(-0.01).
Balance sheet and financing
The balance sheet figures at 30 September 2008 are compared to those at 31
December 2007.
At the end of the review period, the balance sheet total was EUR 12.9 (17.5)
million. The company's cash flow after investments was EUR 1.3 (-1.0) million,
while interest-bearing net debts at the end of the review period amounted to EUR
9.6 (10.8) million. Accounts receivables decreased to EUR 3.1 (6.4) million, and
inventories decreased to EUR 4.0 (4.3) million.
Non-interest-bearing liabilities amounted to EUR 2.4 (3.7) million and interest
bearing liabilities to EUR 9,8 (11.0) million. The equity ratio was 5.8%
(13.7%). Gross investments in January-June totalled EUR 0.1 (0.1) million, or
3.8 % (2.2 %) of the period's net sales, and mainly came from product
development.
An adjustment to the 2007 opening balances of components in shareholders' equity
has been made by transferring EUR 0,5 million from retained earnings to other
restricted equity. The statement of the changes of equity of the year 2007 has
been restated by using the transition standard of IFRS 1 which allows to
account cumulative translation differences of all foreign entities starting from
January 1st, 2004. The total amount of shareholders' equity has not been
changed.
Events during the review period
Details about events duringe the review period are available in Cencorp
Corporation's stock exchange releases on Cencorp's website at www.cencorp.com.
CENCORP CORPORATION DECREASED ITS NET SALES ESTIMATE OF THE THIRD QUARTER
Cencorp Corporation estimated in the stock exchange release published on the
September 18, 2008 differing from previous estimate that the net sales of the
third quarter are estimated to be EUR 3.0 - 3.3 million. The previous estimate
concerning net sales of the third quarter was EUR 3.5 - 3.8 million. Customer
base of Cencorp Corporation has expanded during fiscal year 2008. The company
has received new customers from industrial electronics and automotive
industries. The company estimates that the net sales of last quarter will be in
the region of EUR 4.3 - 5.0 million and the operating profit (EBIT) is
estimated to be positive.
EUR 2.5 million restructuring actions carried out during the year 2008 proceed
on as planned and they enable profitable business operations by lower business
volume than earlier.As informed on the August 21, 2008 the net sales of the
whole fiscal year 2008 will be lower than the year 2007 (EUR 20.3 million) and
the operating profit (EBIT) of whole fiscal year 2008 is estimated to be
negative.
CENCORP CORPORATION´S INTERIM FINANCIAL STATEMENTS JANUARY 1, 2008 - JUNE 30,
2008 AND REPORT OF THE BOARD
Cencorp Corporation's published on the September 30, 2008 the interim financial
statements January 1, 2008 - June 30, 2008 and report of the Board based on
Companies Act 20:23§
Changes in group structure
There were no changes in the group structure during the review period.
Notifications pursuant to chapter 2, section 9, of the securities market act
There were no notifications pursuant to chapter 2, section 9, of the Securities
Market Act during the review period.
Events after the review period
Details about events after the review period are available in Cencorp
Corporation's stock exchange releases on Cencorp's website at www.cencorp.com.
INVITATION TO THE EXTRAORDINARY GENERAL MEETING OF CENCORP CORPORATION
Cencorp Corporation published on October 6, 2008 invitation to an Extraordinary
General Meeting which was held on Monday, October 27, 2008. Following matters
were on the agenda of the general meeting: 1. Notice of the interim accounts and
possible actions to be taken in order to restore the financial standing of the
company. 2. Composition of the board
PRELIMINARY INFORMATION CONCERNING NET SALES AND PROFITIABILITY OF CENCORP
CORPORATION IN THIRD QUARTER 2008
Cencorp Corporation announced on October 27, 20087 that net sales of Cencorp
Corporation in the third quarter will be ca. 3 million euros (2007: 6,1 million
euros) and operating margin (EBITDA) ca. 7 % (2007: 3,5%) due to more efficient
operation structure and more profitable product portfolio. Cencorp Corporation
has out-sourced it's operations in France. The Swedish R&D operations have been
transferred to Salo, Finland and the operations in Sweden will be closed down.
The operations in USA has turned to be positive in the year 2008. The efficiency
improvement measures started in June 2008 have progressed as planned and 2.5
million euros savings will be reached in full during year 2009. Cencorp
Corporation has registered non-recurring costs 0.9 million euros for the second
quarter of year 2008. The company estimates that the net sales of last quarter
will be as earlier stated EUR 4.3 - 5.0 million and operating profit (EBIT) is
estimated to be positive.
DECISSIONS OF CENCORP CORPORATION´S EXTRAORDINARY GENERAL MEETING
Extraordinary General Meeting of Cencorp Corporation, held on October 27, 2008,
handled following issues:
1. Financial Statements January 1, 2008 - June 30, 2008 were notified to
shareholders according to the Companies Act.
2. The Extraordinary General Meeting passed a resolution to elect Mr. Turo
Levänen, Mr. Ari Anttonen, Mr. Sauli Kiuru and Mr. Heikki Kiesi to the Board of
Directors. At the Board's organization meeting that was held after the
Extraordinary General Meeting, Mr. Turo Levänen was elected Chairman of the
Board.
New Board member, LL. Lic. Mr. Heikki Kiesi has been the member of the Board of
the Cencorp Corporation previously 1993 - 2004. Mr. Kiesi is specialized to
business law and he works as a lawyer in his own company, Kiesi Juridia Oy. He
has a long-term experience as acting in the Boards of international Finnish
technology companies. Heikki Kiesi owns 145,800 shares of Cencorp Corporation
and Kiesi Juridia Oy which is a company under his influence owns 73,000 shares
of Cencorp Corporation.
Business environment and customers
Cencorp operates in the global market of production automation for the
electronics and semiconductor industries. The company supplies production
automation systems and testing equipment to the semiconductor,
telecommunications, consumer electronics, industrial electronics and automotive
electronics industries as well as to the electronics contract manufacturers.
Cencorp is concentrating on four product category: assembly cells of electrical
components, applications for routing and sawing of circuit boards, test
handlers for electrical products and laser applications.
Cencorp has diversified it's active customer base and gained new customers
through more efficient sales work.
Research and development
The R&D expenses for July-September totalled 1.9 % of net sales, or EUR 0.06
(0.13) million of which no part has been capitalised in the balance sheet.
The depreciations of the completed product development projects related to
fiber-laser business have started as planned on July 1, 2008.
Board, management and personnel
At the end of the period, Cencorp Corporation's Board of Directors consisted of
Mr Turo Levänen, Chairman, Mr Ari Anttonen, Deputy Chairman, Mr Markku Jokela,
member and Sauli Kiuru, member. The company's management team comprised Acting
CEO, CFO Jarmo Kanervo, Sami Lahokoski (production, Lohja), Arto Timonen (sales
and marketing), Hannu Seppälä (testing and laser business) and Ville Parpola
(legal affairs and HR).
The Board of Directors have started its search for a new CEO in May 2008 and the
process is estimated to be finalized during the first quarter in 2009. Cencorp
has extended accordingly the arrangement of Acting CEO with CFO Jarmo Kanervo.
Cencorp employed an average of 115 (132) people from July to September. The
payroll at the end of the period totalled 111 (131) employees: 99 (114), or 89%
(87%), in Finland and 12 (17), or 11% (13%), abroad.
As a result of the reorganisation actions decided in June 2008 the amount of
personnel will be reduced being less than 100 at the end of fiscal year.
Share performance and changes in ownership
The price of the company's share ranged from EUR 0.18 (7-9/2007: EUR 0.44) to
EUR 0.12 (7-9/2007: EUR 0.30) over the review period, the average share price
being EUR 0.15 (7-9/2007: EUR 0.39). A total of 1,398 466 (7-9/2007:
3,339,357) shares, or 3.0% (7-9/2007: 9.7%) of the company's entire share
capital, were traded during the period.
The company's market capitalisation at the end of the review period was EUR 6.1
million (9/2007: EUR 12 million).
At the end of the review period, the company had 5,213 registered shareholders
(9/2007: 5,664). A total of 91,711 shares were nominee registered
(9/2007:281,973), i.e., 0.1% (9/2007: 0.8 %). Cencorp had a total of
46,964,875 shares outstanding at the end of the review period (9/2007:
34,250,591), and one share series.
Outlook for the future
The net sales of fourth quarter are estimated to be EUR 4.3-5.0 million. The
order book of Cencorp Corporation is EUR 2.6 million
Our operations are now better adapted to meet the market demand of our products.
The annual savings EUR 2.5 million achieved by restructuring actions had
positive partial impact on the operating profit of the third quarter and will
have full effect during the last quarter .
The net sales of fiscal year 2008 will be lower than year 2007 (EUR 20,3
million) and operating profit (EBIT) of fiscal year 2008 is estimated to be
negative. The operating profit of last half of the fiscal year is estimated to
be positive.
The available cash reserves of the company are limited due to the high debt
ratio and the non-profitable operations. The company has not been able to reach
the covenants of loans and short-term financial facilities, but has been able to
repay the amortization amounting EUR 0,3 million due in August and in November
2008. Cencorp has no overdue amortizations of the loans. The Group's short-term
financing limits of EUR 3.5 million mature on next time on 1 December 2008 and
require reorganization. The financial position of the company has improved due
to positive operational profit (EBITDA).
Future risks and uncertainty factors
The most significant risks from Cencorp business perspective are related to the
on-going tight financing situation as well as to the development of the sales.
Cencorp's sales forecasts are based on the company's own views as well as the
sales development estimates from customers and the distributor network.
The company has also risks related to balance items. The valuation of the
Goodwill EUR 2.0 million is depending of development of the operational profit
in the near future. Singulase Corporation has a subordinated loan of EUR 1.1
million from the parent company. The parent company has capitalised product
development projects amounted to EUR 1,4 million . The valuation of those
balance items are depending on the profitability of the laser business. The
company are actively investigating the possible partners to quicker
commercialize the product development investments of laser business.
The operating profit of US subsidiary is today positive and thus being able to
amortize
it's payables to parent company.
Lohja, 06 November, 2008
Cencorp Corporation
Board of Directors
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| CONSOLIDATED INCOME | | | | | |
| STATEMENT | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| (unaudited | | | | | | |
| figures) | | | | | | |
--------------------------------------------------------------------------------
| EUR 1 000 | 7-9/200 | 7-9/20 | 1-9/200 | 1-9/2007 | 1-12/20 | |
| | 8 | 07 | 8 | | 07 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | 3 057 | 6 088 | 11 934 | 13 985 | 20 323 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other | -41 | 45 | 39 | 185 | 421 | |
| operating | | | | | | |
| income | | | | | | |
--------------------------------------------------------------------------------
| Expenses, | -2 838 | -5 922 | -12 902 | -15 021 | -20 901 | |
| total | | | | | | |
--------------------------------------------------------------------------------
| Depreciations | -31 | -148 | -419 | -741 | -893 | |
| and | | | | | | |
| impairments | | | | | | |
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--------------------------------------------------------------------------------
| Operating | 147 | 63 | -1 348 | -1 592 | -1 050 | |
| result | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financial | -262 | -422 | -759 | -1 073 | -2 839 | |
| income and | | | | | | |
| expenses | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Result before | -115 | -359 | -2 107 | -2 665 | -3 889 | |
| taxes | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Income tax | 7 | 42 | -7 | 30 | -74 | |
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--------------------------------------------------------------------------------
| Consolidated | -108 | -317 | -2 114 | -2 635 | -3 963 | |
| net result | | | | | | |
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| CONSOLIDATED BALANCE | | | | | |
| SHEET | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| (unaudited | | | | | | |
| figures) | | | | | | |
--------------------------------------------------------------------------------
| EUR 1 000 | | | 30.9.20 | 30.9.200 | 31.12.2 | |
| | | | 08 | 7 | 007 | |
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| ASSETS | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current | | | | | | |
| assets | | | | | | |
--------------------------------------------------------------------------------
| Tangible | | | 1 565 | 1 614 | 1 613 | |
| assets | | | | | | |
--------------------------------------------------------------------------------
| Investment | | | | 336 | 343 | |
| property | | | | | | |
--------------------------------------------------------------------------------
| Goodwill | | | 2 028 | 2 028 | 2 028 | |
--------------------------------------------------------------------------------
| Other | | | 1 548 | 526 | 430 | |
| intangible | | | | | | |
| assets | | | | | | |
--------------------------------------------------------------------------------
| Product development in | | 0 | 1 289 | 1 340 | |
| progress | | | | | |
--------------------------------------------------------------------------------
| Deferred tax | | | 0 | 91 | 23 | |
| assets | | | | | | |
--------------------------------------------------------------------------------
| Available-for-sale | | 17 | 17 | 17 | |
| investments | | | | | |
--------------------------------------------------------------------------------
| | | | 5 158 | 5 901 | 5 794 | |
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--------------------------------------------------------------------------------
| Non-current | | | | | | |
| assets | | | | | | |
--------------------------------------------------------------------------------
| Inventories | | | 3 993 | 5 157 | 4 298 | |
--------------------------------------------------------------------------------
| Accounts | | | 3 147 | 4 652 | 6 388 | |
| receivable | | | | | | |
--------------------------------------------------------------------------------
| Other | | | 312 | 911 | 744 | |
| short-term | | | | | | |
| assets | | | | | | |
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| Cash and bank | | | 218 | 1 210 | 253 | |
| receivables | | | | | | |
--------------------------------------------------------------------------------
| | | | 7 670 | 11 930 | 11 683 | |
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| Total assets | | | 12 828 | 17 831 | 17 477 | |
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| LIABILITIES AND | | | | | |
| SHAREHOLDERS' EQUITY | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shareholders' | | | | | | |
| equity | | | | | | |
--------------------------------------------------------------------------------
| Share capital | | | 3 425 | 3 425 | 3 425 | |
--------------------------------------------------------------------------------
| Other equity | | | 9 318 | 6 268 | 9 318 | |
| funds | | | | | | |
--------------------------------------------------------------------------------
| Translation | | | 113 | -3 214 | 41 | |
| difference | | | | | | |
--------------------------------------------------------------------------------
| Retained | | | -12 237 | -6 720 | -10 400 | |
| earnings | | | | | | |
--------------------------------------------------------------------------------
| | | | 619 | -241 | 2 384 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current | | | | | | |
| liabilities | | | | | | |
--------------------------------------------------------------------------------
| Long-term | | | 6 770 | 10 422 | 7 078 | |
| loans | | | | | | |
--------------------------------------------------------------------------------
| Deferred tax | | | 84 | 334 | 303 | |
| liability | | | | | | |
--------------------------------------------------------------------------------
| | | | 6 854 | 10 756 | 7 381 | |
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--------------------------------------------------------------------------------
| Current | | | | | | |
| liabilities | | | | | | |
--------------------------------------------------------------------------------
| Accounts payable and | | 2 110 | 3 946 | 3 724 | |
| other liabilities | | | | | |
--------------------------------------------------------------------------------
| Short-term | | | 2 346 | 1 912 | 2 219 | |
| loans | | | | | | |
--------------------------------------------------------------------------------
| Long-term loans | | 719 | 1 261 | 1 564 | |
| shortening | | | | | |
--------------------------------------------------------------------------------
| Current tax | | | | | 13 | |
| liabilities | | | | | | |
--------------------------------------------------------------------------------
| Provisions | | | 180 | 197 | 192 | |
--------------------------------------------------------------------------------
| | | | 5 355 | 7 316 | 7 712 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total | | | 12 209 | 18 072 | 15 093 | |
| liabilities | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total liabilities and | | 12 828 | 17 831 | 17 477 | |
| shareholders' equity | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' | | |
| EQUITY 1.1. - 30.9.2008 | | |
--------------------------------------------------------------------------------
| (unaudited | | | | | | |
| figures) | | | | | | |
--------------------------------------------------------------------------------
| | | Other | Transla | Fund of | Retaine | Total |
| | | | tion | invested | d | |
--------------------------------------------------------------------------------
| | Share | restri | differe | non-rest | earning | |
| | | cted | nce | ricted | s | |
--------------------------------------------------------------------------------
| EUR 1 000 | capital | equity | | equity | | |
--------------------------------------------------------------------------------
| Shareholders' | | | | | | |
| equity | | | | | | |
--------------------------------------------------------------------------------
| 31.12.2007 | 3 425 | 4908 | 41 | 4 410 | -10 400 | 2 384 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Translation | | | 72 | | | 72 |
| difference | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| IAS 12 | | | | | 71 | 71 |
--------------------------------------------------------------------------------
| Impact of | | | | | 212 | 212 |
| convertible | | | | | | |
| loan | | | | | | |
--------------------------------------------------------------------------------
| Other changes | | | | | -6 | -6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Tulos | | | | | -2 114 | -2 114 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shareholders' | 3 425 | 4 908 | 113 | 4 410 | -12 237 | 619 |
| equity | | | | | | |
--------------------------------------------------------------------------------
| 30.9.2008 | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' | | |
| EQUITY 1.1. - 30.9.2007 | | |
--------------------------------------------------------------------------------
| (unaudited | | | | | | |
| figures) | | | | | | |
--------------------------------------------------------------------------------
| | | Other | Transla | Fund of | Retaine | Total |
| | | | tion | invested | d | |
--------------------------------------------------------------------------------
| | Share | restri | differe | non-rest | earning | |
| | | cted | nce | ricted | s | |
--------------------------------------------------------------------------------
| EUR 1 000 | capital | equity | | equity | | |
--------------------------------------------------------------------------------
| Shareholders' | | | | | | |
| equity | | | | | | |
--------------------------------------------------------------------------------
| 31.12.2006 | 3 425 | 4 908 | -3 254 | | -4 136 | 943 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Translation | | | 40 | | | 40 |
| difference | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Directed | | | | 1 360 | | 1 360 |
| share issue | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| IAS 12 | | | | | 51 | 51 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net result | | | | | -2 635 | -2 635 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shareholders' | 3 425 | 4 908 | -3 214 | 1 360 | -6 720 | -241 |
| equity | | | | | | |
--------------------------------------------------------------------------------
| 30.9.2007 | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' | | |
| EQUITY 1.1. - 31.12.2007 | | |
--------------------------------------------------------------------------------
| RESTATED | | | | | | |
| 30.9.2008 | | | | | | |
--------------------------------------------------------------------------------
| (unaudited | | | | | | |
| figures) | | | | | | |
--------------------------------------------------------------------------------
| | | Other | Transla | Fund of | Retaine | Total |
| | | | tion | invested | d | |
--------------------------------------------------------------------------------
| | Share | restri | differe | non-rest | earning | |
| | | cted | nce | ricted | s | |
--------------------------------------------------------------------------------
| EUR 1 000 | capital | equity | | equity | | |
--------------------------------------------------------------------------------
| Shareholders' | | | | | | |
| equity | | | | | | |
--------------------------------------------------------------------------------
| 31.12.2006 | 3 425 | 4 908 | -3 254 | | -4 136 | 943 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Translation | | | | | | |
| differences | | | | | | |
--------------------------------------------------------------------------------
| upto | | | 3 259 | | -3 259 | 0 |
| 31.12.2003 | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Translation | | | | | | |
| differences | | | | | | |
--------------------------------------------------------------------------------
| 1.1.2004-31.1 | | | 36 | | | 36 |
| 2.2007 | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Directed | | | | 4 410 | | 4 410 |
| share issue | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| IAS 32 | | | | | 1 525 | 1 525 |
--------------------------------------------------------------------------------
| IAS 12 | | | | | 64 | 64 |
--------------------------------------------------------------------------------
| IAS 39 | | | | | -508 | -508 |
--------------------------------------------------------------------------------
| Other changes | | | | | -123 | -123 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net result | | | | | -3 963 | -3 963 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shareholders' | 3 425 | 4 908 | 41 | 4 410 | -10 400 | 2 384 |
| equity | | | | | | |
--------------------------------------------------------------------------------
| 31.12.2007 | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED CASH FLOW | | | | | |
| STATEMENT | | | | | |
--------------------------------------------------------------------------------
| (unaudited | | | | | | |
| figures) | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EUR 1 000 | | | 1-9/200 | 1-9/2007 | 1-12/20 | |
| | | | 8 | | 07 | |
--------------------------------------------------------------------------------
| Cash flow from | | 1 126 | -884 | -791 | |
| operations | | | | | |
--------------------------------------------------------------------------------
| Cash flow into and from | | 176 | -136 | -261 | |
| investments | | | | | |
--------------------------------------------------------------------------------
| Financial | | | -1 338 | 1282 | 352 | |
| cash flow | | | | | | |
--------------------------------------------------------------------------------
| Increase(+)/ decrease(-) in | -36 | 262 | -700 | |
| financial assets | | | | |
--------------------------------------------------------------------------------
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| GROUP KEY | | | | | | |
| FIGURES | | | | | | |
--------------------------------------------------------------------------------
| (unaudited | | | | | | |
| figures) | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EUR 1 000 | | 7-9/20 | 7-9/200 | 1-9/2008 | 1-9/200 | 1-12/2007 |
| | | 08 | 7 | | 7 | |
--------------------------------------------------------------------------------
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| Net sales | | 3 057 | 6 088 | 11 934 | 13 985 | 20 323 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating | | 147 | 63 | -1 348 | -1 592 | -1 060 |
| result | | | | | | |
--------------------------------------------------------------------------------
| % of net | | 4,8 % | 1,0 % | -11,3 % | -11,4 % | -5,2 % |
| sales | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Result before | -115 | -359 | -2 107 | -2 665 | -3 889 |
| extraordinary items and | | | | | |
| taxes | | | | | |
--------------------------------------------------------------------------------
| % of net | | -3,8 % | -5,9 % | -17,7 % | -19,06 | -19,1 % |
| sales | | | | | % | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total assets | | 12 828 | 17 831 | 12 828 | 17 831 | 17 477 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity ratio, | | 4,8 % | -1,4 % | 4,8 % | -1,4 % | 13,7 % |
| % | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Gearing | | 1553,6 | -5566,4 | 1553,63 | -5566,4 | 452,1 % |
| ratio, % | | 3 % | % | % | % | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Gross | | 116 | 52 | 172 | 136 | 261 |
| investments | | | | | | |
--------------------------------------------------------------------------------
| % of net | | 3,8 % | 0,8 % | 1,4 % | 1,0 % | 1,3 % |
| sales | | | | | | |
--------------------------------------------------------------------------------
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| R&D | | 59 | 132 | 420 | 598 | 896 |
| expenditure | | | | | | |
--------------------------------------------------------------------------------
| % of net | | 1,9 % | 2,2 % | 3,5 % | 4,3 % | 4,4 % |
| sales | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Personnel, | | 115 | 132 | 124 | 134 | 134 |
| average | | | | | | |
--------------------------------------------------------------------------------
| Personnel, at | | 111 | 131 | 111 | 131 | 133 |
| end of period | | | | | | |
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| Non-interest | | 2 374 | 3 881 | 2374 | 3 881 | 3 737 |
| bearing | | | | | | |
| liabilities | | | | | | |
--------------------------------------------------------------------------------
| Interest | | 9 835 | 14 625 | 9835 | 14 625 | 11 030 |
| bearing | | | | | | |
| liabilities | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Per-share key | | | | | | |
| figures: | | | | | | |
--------------------------------------------------------------------------------
| Equity per | | 0,01 | 0,04 | 0,01 | 0,04 | 0,07 |
| share, EUR | | | | | | |
--------------------------------------------------------------------------------
| Earnings per share, | 0,00 | -0,01 | -0,05 | -0,10 | -0,12 |
| EUR/share (diluted) | | | | | |
--------------------------------------------------------------------------------
| Earnings per share, | 0,00 | -0,01 | -0,04 | -0,08 | -0,11 |
| EUR/share (undiluted) | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Share price | | | | | | |
| trend: | | | | | | |
--------------------------------------------------------------------------------
| High, euros | | 0,18 | 0,44 | 0,25 | 0,46 | 0,46 |
--------------------------------------------------------------------------------
| Low, euros | | 0,12 | 0,30 | 0,12 | 0,27 | 0,22 |
--------------------------------------------------------------------------------
| Average, | | 0,15 | 0,39 | 0,20 | 0,38 | 0,35 |
| euros | | | | | | |
--------------------------------------------------------------------------------
| Price at end | | 0,13 | 0,35 | 0,13 | 0,35 | 0,24 |
| of period, | | | | | | |
| euros | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Market capitalization | 6,1 | 12 | 6,1 | 12 | 11 |
| at end of period, EUR | | | | | |
| millions | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CALCULATION OF KEY | | | | | |
| FIGURES | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity ratio, | Shareholders' equity + | | | |
| % | minority interest x 100 | | | |
--------------------------------------------------------------------------------
| | Balance sheet total - | | | |
| | advances received | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Interest-bearing | | | |
| | liabilities - cash and | | | |
| | cash | | | |
--------------------------------------------------------------------------------
| Net gearing, | equivalents and marketable | | | |
| % | securities x 100 | | | |
--------------------------------------------------------------------------------
| | Shareholders' equity + | | | |
| | minority interest | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Profit before | | | |
| | extraordinary items +/- | | | |
| | minority | | | |
--------------------------------------------------------------------------------
| Earnings per | interest of profit/loss | | | |
| share (EPS) | for the period - taxes | | | |
--------------------------------------------------------------------------------
| | Number of shares adjusted for share | | |
| | issue (average) | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity per | Shareholders' | | | | |
| share | equity | | | | |
--------------------------------------------------------------------------------
| | Number of shares adjusted | | | |
| | for share issue | | | |
--------------------------------------------------------------------------------
| | at the end of | | | | |
| | the financial | | | | |
| | year | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONTINGENT | | | | | | |
| LIABILITIES | | | | | | |
--------------------------------------------------------------------------------
| (unaudited | | | | | | |
| figures) | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EUR 1 000 | | | 30.9.20 | 30.09.20 | 31.12.2 | |
| | | | 08 | 07 | 007 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Loans from financial | | 8 995 | 13 347 | 9 810 | |
| institutions | | | | | |
--------------------------------------------------------------------------------
| Corporate mortgages | | 12 687 | 12 687 | 12 687 | |
| granted | | | | | |
--------------------------------------------------------------------------------
| Real-estate mortgages | | 0 | 0 | 0 | |
| granted | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other loans | | | 924 | 1 278 | 1 220 | |
--------------------------------------------------------------------------------
| Real-estate mortgages | | 0 | 0 | 0 | |
| granted | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Used bank guarantee | | 0 | 0 | 0 | |
| facility | | | | | |
--------------------------------------------------------------------------------
| Real-estate mortgages | | 0 | 0 | 0 | |
| granted | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Used | | | 1 736 | 2 336 | 1 630 | |
| financial | | | | | | |
| limits | | | | | | |
--------------------------------------------------------------------------------
| Accounts receivable | | 1 958 | 2 687 | 3 437 | |
| granted | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Given as | | | | | | |
| collateral | | | | | | |
--------------------------------------------------------------------------------
| Corporate mortgages | | 12 687 | 12 687 | 12 687 | |
| granted, total | | | | | |
--------------------------------------------------------------------------------
| Real-estate mortgages | | 0 | 0 | 0 | |
| granted, total | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Leasing | | | | | | |
| commitments | | | | | | |
--------------------------------------------------------------------------------
| falling due during the | | 82 | 82 | 69 | |
| next 12 months | | | | | |
--------------------------------------------------------------------------------
| falling due | | | 37 | 57 | 41 | |
| later | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Rental | | | | | | |
| liabilities | | | | | | |
--------------------------------------------------------------------------------
| falling due during the | | 152 | 176 | 176 | |
| next 12 months | | | | | |
--------------------------------------------------------------------------------
| falling due | | | 596 | 710 | 692 | |
| later | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Liabilities due to | | | | | |
| derivative contracts | | | | | |
--------------------------------------------------------------------------------
| Forward | | | 0 | 0 | 0 | |
| exchange | | | | | | |
| contracts | | | | | | |
--------------------------------------------------------------------------------
| of which taken out to hedge the | 0 | 0 | 0 | |
| parent company's | | | | |
--------------------------------------------------------------------------------
| accounts | | | 0 | 0 | 0 | |
| receivable | | | | | | |
--------------------------------------------------------------------------------
| of which taken out to hedge the | | | | |
| parent company's | | | | |
--------------------------------------------------------------------------------
| other | | | | | | |
| receivables | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
For more information, please contact:
Jarmo Kanervo
Acting CEO
Tel. +358 (0)19 6610 100
Cencorp supplies the electronics and semiconductor industries with automation
solutions that enhance productivity.
DISTRIBUTION: Helsinki Stock Exchange and the media
Neither this press release nor any copy of it may be taken, transmitted into or
distributed in the United States of America or its territories or possessions.