Revenio Group Corporation Stock exchange release August 5, 2013 at 9 a.m
Revenio Group Corporation's Interim Report January 1 - June 30, 2013
STRONG NET SALES AND OPERATING PROFIT GROWTH CONTINUED IN THE SECOND QUARTER
Highlights for April-June 2013:
* Revenio Health Tech segment showed strong growth with the quarter's sales
and operating profit reaching a record high
* Besides the US markets, the Health Tech segment enjoyed robust demand in the
Japanese markets. Similarly, southern Europe continued to show signs of
recovery
* The Revenio Technology and Services segment performed ascendingly in the
first half, with the Contact Center business showing the strongest growth
and reaching a record high in both net sales and operating profit
* Positive business deployment seen in H1 is expected to continue during H2
* The Group's financial guidance for 2013 remains unchanged: In continuing
operations, consolidated net sales and operating profit excluding non-
recurring items are expected to see year-on-year growth.
Highlights for January-June 2013:
* Sales and operating profit of the Revenio Health Tech segment showed strong
growth
* Revenio Technology and Services segment saw a year-on-year performance
improvement measured by both net sales and operating profit
* In accordance with the decision made on December 18, 2012, parts of the Done
Logistics business were divested on February 7, 2013
* The Annual General Meeting resolved to pay a dividend of EUR 0.02 (0.02) per
share, or EUR 0.20 (0.20) at the current number of shares. The AGM also
authorized the Board of Directors to decide on a repayment of capital of up
to EUR 1,000,000.00 at a later date
* The AGM also decided on a reverse share split. As of March 27, 2013, ten old
shares will correspond to one new Revenio Group Corporation share
* After the reporting period on August 5th the Board, according to the
authorization given by the AGM, decided on capital repayment of EUR 0.12 per
share.
Group key figures:
4-6/2013
* Net sales EUR 6.9 (5.8) million, an increase of 19.9 percent
* Operating profit EUR 1.5 (1.0) million, or 21.0 (17.5) percent of net sales
* Net sales of the Revenio Health Tech segment EUR 3.2 (2.6) million, up 25.8
percent
* Operating profit of Revenio Health Tech EUR 1.3 (1.1) million, representing
40.1 (41.4) percent of net sales, an increase of EUR 0.2 million, up 21.6
percent
* Net sales of the Revenio Technology and Services segment EUR 3.7 (3.2)
million, up 15.1 percent.
* Revenio Technology and Services segment's operating profit EUR 0.4 (0.2)
million, or 9.6 (6.4) percent of net sales, an increase of EUR 0.2 million,
up 67.1 percent
* Result for discontinued operations EUR 0.0 (-1.6) million, with no impact on
the second-quarter result
* Diluted and undiluted earnings per share, continuing operations, EUR 0.13
(0,06).
1-6/2013
* Net sales EUR 14.0 (11.6) million, growth 20.5 percent
* Consolidated operating profit EUR 2.6 (2.2) million , or 18.6 (18.6) percent
of net sales
* Net sales of the Revenio Health Tech segment EUR 6.4 (5.2) million, up 22.4
percent
* Operating profit of Revenio Health Tech EUR 2.4 (2.2) million, representing
38.5 (42.6) percent of net sales, an increase of EUR 0.2 million, up 10.6
percent
* Net sales of the Revenio Technology and Services segment EUR 7.7 (6.4)
million, up 18.9 percent
* The segment's operating profit EUR 0.6 (0.4) million, or 7.5 (7.0) percent
of net sales, an increase of EUR 0.2 million, up 26.6 percent
* Result for discontinued operations was EUR 0.0 (-2.1) million, with no
impact on the first half-year result.
* Pre-tax profit, continuing operations, EUR 2.6 (2.0) million
* Undiluted earnings per share, continuing operations, EUR 0.24 (0.19), and
diluted earnings per share, continuing operations, EUR 0.24 (0.19)
* Cash flow from continuing operations EUR 2.7 (1.8) million.
President & CEO Olli-Pekka Salovaara:
"The Revenio Group performed very well in the first half measured by both sales
and profitability. As stated in our strategy, our focus this year will be on
creating growth opportunities in the Health Tech segment while increasing the
segment's operating profit. Good net sales growth and excellent profitability
achieved in the first half will take us one step closer to our goal, which is to
make Icare the leading tonometer supplier globally.
Both in net sales and operating profit, our Health Tech segment reached an all-
time high in the review period. The United States continues to be a major market
area for us. Sales launched in Russia a year before continued to grow, and the
signs of recovery seen in Southern Europe grew stronger. Asia, particularly
Japan, is emerging as a significant market alongside the United States and
Europe. The sales of disposable probes for tonometers grew significantly as a
result of the continued and increasing use of the devices already sold. The
expanding stock of sold equipment will offer the segment excellent future sales
opportunities for replacement devices. The segment's net sales rose by 22.4
percent in January-June 2013 to EUR 6.4 (5.2) million.
In line with our strategy, the Technology and Services segment will focus on
securing profitable growth. The Contact Center business, which has been on a
growth track for the past three years, accounted for the strongest performance
in the first half. The Rigid Inflatable Boats business completed several
demanding customer deliveries, and was able to grow its net sales and
profitability. Similarly, our Software business performed strongly in the first
half. The segment's total net sales in the January-June period amounted to EUR
7.7 (6.4) million; an increase of 18.9 percent.
During the review period, we moved all of our operations in the Helsinki region
under one roof. Our new facilities are located in the Vantaa Plaza Business
Park. Revenio Group Corporation, Icare Finland Oy and Midas Touch Oy also
relocated to the new premises. Sharing the same business location and facilities
will open up new opportunities for operational efficiency enhancement and better
communication. "
APRIL-JUNE 2013 COMMENTS:
REVENIO HEALTH TECH
Revenio's Health Tech segment consists of Icare Finland, which specializes in
the development, manufacture, and sale of tonometers.
Currently the segment's main markets are in North America, Europe, Russia and
selected Asian countries, such as Japan and India. Market areas that we still
haven't tapped into and that offer considerable potential include South America
and China.
In April-June 2013 the Revenio Health Tech segment's net sales rose by 25.8
percent to EUR 3.2 (2.6) million, which represents an all-time sales record.
The market situation remained good throughout the review period. Sales grew in
all geographic regions, with the United States and Japan accounting for the most
vigorous growth. The Southern European markets also got back on growth track
during the first half. In Asia, sales were brisk in Taiwan, Thailand and Hong
Kong. During the review period, a trading license was granted to the segment's
products in Mexico.
Distribution channels are crucial for successful global sales. During the
period, some changes were made to distribution channels to support geographic
expansion.
Icare tonometers can also be used to measure intraocular pressure in animals.
This product group showed strong growth during the period, especially in the
United States and Europe.
Probe sales were up by 24 percent, reflecting the continued and increasing use
of devices already sold. During the review period probe sales stood for one
fifth of the total sales.
Tonometer user experiences published during the review period together with
Icare Finland Oy's determined marketing efforts contributed to the strong sales
performance. Icare tonometers were showcased in a number of trade events
intended for specialists. This proved to be an effective marketing channel.
Icare tonometer features were improved during the review period to further
cement Icare's strong market position and to maintain its competitive edge. With
the expanding stock of sold devices, the demand for productized maintenance
services is also increasing.
REVENIO TECHNOLOGY AND SERVICES
On December 1, 2012, the Revenio Technology and Services segment was formed from
four Group businesses and companies, and some functions of the Group's parent
company. The businesses included in this segment are the Contact Center
business, Rigid Inflatable Boats business, Information Displays business, and
Software business.
In line with its strategy, Revenio's Technology and Services segment is focusing
on organic growth, efficiency, and profitability improvement.
In April-June, the segment recorded net sales of EUR 3.7 (3.2) million; an
increase of 15.1 percent compared to the same period last year.
The Contact Center business performed well with significant net sales growth and
a healthy operating profit. New inbound accounts had a major impact on the
financial performance. The market environment is challenging, and the new bans
on telemarketing have forced some players to exit the industry. Competition for
profitable accounts is extremely tough, making production-promoting sales
efforts as well as the efficient implementation of customer assignments key
factors for success. Previous investments in production technology in this line
of business have clearly enhanced production efficiency and service quality.
During the review period, the Rigid Inflatable Boats business was able to
improve its net sales and profitability. Main operational focus was on the
delivery of existing orders. The Finnish Navy placed a new order worth
approximately EUR 0.5 million.
The Information Displays business fell slightly short of the previous year's net
sales and operating profit. New orders received during the period primarily
consisted of supplements ordered by existing customers and of domestic
deliveries. At the end of the review period, a Helsinki-based shopping center
Kaari placed an order for a parking guidance solution. Delivery is scheduled for
the second half of the year.
In the Software Business, main focus at the start of the period was on bringing
major customer projects commenced last year on line, and on further development
of systems installed for customer use. At the end of the period, expansion
orders for new destinations were placed by existing customers.
Net sales and segment's margin excluding
non-recurring items were as follows:
Segment Segment
Net Sales Net Sales profit profit
margin margin
1-6/2013 1-6/2012 1-6/2013 1-6/2012
MEUR share-% MEUR share-% MEUR % MEUR %
Revenio
Health Tech 6.4 45 5.2 45 2.4 38 2.2 42
Revenio
Technology
and
Services 7.7 55 6.4 55 0.6 8 0.4 6
Total 14.0 100 11.6 100 3.0 22 2.6 22
Parent
company
expenses -0.4 -0.4
Operating
Profit, Group
Total 2.6 19 2.2 19
The net sales, margin, and profit, by segment and quarter
, excluding non-recurring items, were as follows:
MEUR Q2/13 Q1/13 Q4/12 Q3/12 Q2/12 Q1/12
Net sales:
Revenio Health Tech 3.2 3.1 3.2 2.6 2.6 2.6
Revenio Technology
and Services 3.7 4.0 4.5 3.4 3.2 3.2
Total 6.9 7.1 7.7 6.1 5.8 5.8
Segment profit margin:
Revenio Health Tech 1.3 1.1 1.2 1.0 1.0 1.2
Revenio Technology
and Services 0.4 0.2 0.5 0.5 0.2 0.3
Total 1.7 1.3 1.7 1.6 1.3 1.5
Parent co. expenses -0.2 -0.2 -0.2 -0.2 -0.2 -0.2
Operating profit 1.5 1.2 1.4 1.4 1.0 1.2
Operating profit-% 20 16 18 22 17 20
PERSONNEL
During the review period, the number of personnel employed by the Group in
continuing operations averaged 227 (209). At the end of the period, the number
of employees stood at 245 (227).
The average number of personnel employed by the Group during the period by
segment:
30 June 2013 31 June 2012 Change
Revenio Health Tech 17 13 4
Revenio Technology
and Services 206 192 14
Parent Company 4 4 0
Group Total 227 209 18
Wages, salaries, and other remuneration paid for continuing operations during
the period totaled EUR 3.9 (3.5) million.
NET SALES AND FINANCIAL PERFORMANCE
Consolidated net sales from the Revenio Group's continuing operations for the
period January 1-June 30, 2013, totaled EUR 14.0 (11.6) million, representing
net sales growth of 20.5 percent.
Earnings before interest, taxes, depreciation and amortization (EBITDA) from
continuing operations amounted to EUR 3.0 (2.5) million, or 21.3 (21.6) percent
of net sales.
Consolidated operating profit (EBIT) from continuing operations was EUR 2.6
(2.2) million, representing 18.6 (18.6) percent of net sales. Profit before
taxes for continuing operations totaled EUR 2.6 (2.0) million, or 18.5 (16.9)
percent of net sales. Net result for the period for continuing operations was
EUR 1.9 (1.5) million, or 13.7 (12.9) percent of net sales. Net result for
discontinued operations totaled EUR 0.0 (-2.1) million. Net profit for the
period totaled EUR 1.9 (-0.6) million.
Undiluted earnings per share for continuing operations were EUR 0.24 (0.19),
while dilution-adjusted earnings per share came to EUR 0.24 (0.19). For
discontinued operations, the undiluted and diluted earnings per share were EUR
0.00 (-0.27). Dilution-adjusted earnings per share for continuing and
discontinued operations during the period were EUR 0.24 (-0.07). Equity per
share was EUR 2.01 (1.87).
During the review period, the consolidated net sales of continuing operations
saw a year-on-year increase of 20.5 percent. The Revenio Health Tech segment as
well as the Revenio Technology and Services segment's Contact Center and Rigid
Inflatable Boats businesses accounted for the strongest net sales growth.
The Revenio Health Tech segment was able to increase its operating profit
compared to the same period a year earlier. Some of the additional margin
generated by the net sales growth was used for business development. Regardless,
the segment's operating profit grew to EUR 2.4 (2.2) million. In the Technology
and Services segment, operating profit rose to EUR 0.6 (0.4) million.
On December 18, 2012, the Group decided to divest Done Logistics Oy. The company
has since been categorized as 'discontinued operations' in consolidated
reporting. A part of Done Logistics' business operations were sold on
February 7th 2013, since the name of the company has been Kauhajoen
Sisälogistiikka Oy. The role of the company is to complete the remaining
projects in Norway, which is expected to happen in 2014. The result for
discontinued operations in 2013 covers the result for Kauhajoen Sisälogistiikka
Oy and any changes in provisions for winding up operations.
BALANCE SHEET, FINANCIAL POSITION AND INVESTMENTS
The consolidated balance sheet total stood at EUR 23.3 (23.7) million on June
30, 2013.
Shareholders equity came to EUR 15.8 (14.4) million. At the end of the review
period, interest-bearing net liabilities amounted to EUR -2.7 (-0.3) million and
gearing stood at -17.2 (-1.9) percent. The consolidated equity ratio was 69.8
(61.6) percent. The Group's liquid assets amounted to EUR 4.5 (4.0) million at
the end of the review period.
Thanks to favorable trends in operations, the Group's financial position
remained stable throughout the review period. No financing was raised through
borrowed capital during the review period. Revenio's financial position was also
bolstered by funds received from shares subscribed to via options, a total of
EUR 0.7 million.
Cash flow from continuing operations totaled EUR 2.7 (1.8) million.
The Group's purchases of PPE and intangible assets totaled EUR 0.3 (0.3)
million. These investments concentrated on product development, information
technology, and software.
SHARES, SHARE CAPITAL AND MANAGEMENT HOLDINGS
On June 30, 2013, the Revenio Group Corporation's fully paid-up share capital
registered with the Trade Register was EUR 5,314,918.67 and the number of shares
totaled 7,838,909. During the review period, the number of shares increased by
145,936 following subscriptions made on the basis of the 2007 stock option
scheme. Series 2007A option rights were used to subscribe for 100,624 shares,
2007B option rights to subscribe for 14,812 shares and 2007C options rights to
subscribe for 30,500 shares. The subscription period for 2007A options ended on
May 1, 2013. The outstanding 2007B and 2007C options can be used to subscribe
for a total of 145,688 shares until the close of the subscription period on
November 1, 2014 (2007B) and May 1, 2016 (2007C).
The company has one class of share, and all shares confer the same voting rights
and an equal right to dividends and the company's funds.
On June 30, 2013, the President & CEO and members of the Board of Directors held
6.8 percent of the company's shares (536,149 shares) and 0.0 percent of the
option rights.
CHANGES IN SHAREHOLDING
On May 10, 2013, it was announced that Joensuun Kauppa ja Kone Oy's share of the
total number of shares and voting rights in Revenio Group Corporation had
exceeded one twentieth (1/20). Joensuun Kauppa ja Kone Oy's new holding
represents 5.02 percent of Revenio Group Corporation's shares and votes.
Joensuun Kauppa ja Kone Oy holds 389,626 Revenio Group Corporation shares.
OPTION RIGHTS
On the basis of the share issue authorization approved by the Annual General
Meeting of April 3, 2007, the Board of Revenio Group Corporation decided, on
November 23, 2007, on a new corporate option scheme comprising a maximum of
3,684,365 option rights. Ten option rights entitle the holder to subscribe for
one (1) Revenio Group Corporation share. Against the total number of the
company's shares
on June 30, 2013, the proportion of shares to be subscribed for on the basis of
the option rights issued represents a maximum of 1.9 percent of the company's
shares and votes, once all new shares subscribed for with these option rights
have been registered.
New shares subscribed for via the option program entitle the holder to a
dividend from the subscription year onwards.
The option rights have been divided into three series: Series A (1,684,365),
Series B (1,000,000) and Series C (1,000,000). The subscription periods for
options are as follows: Series A, May 1, 2009-May 1, 2013; Series B, November
1, 2010-November 1, 2014; and Series C, May 1, 2012-May 1, 2016. The share
subscription price will be the trade-weighted average price during the period
November 1-30, 2007 multiplied by ten (EUR 5.99, Series A), April 1-30, 2009
multiplied by ten (EUR 2.47, Series B), and November 1-30, 2010 multiplied by
ten (EUR 2.41, Series C).
No new options were issued to personnel during the review period.
TRADING ON NASDAQ OMX HELSINKI
During the period January 1- June 30, 2013, the Revenio Group Corporation's
share turnover on the NASDAQ OMX Helsinki exchange totaled EUR 6.1 (6.7)
million, representing 1.7 (1.5) million shares or 22.2 (19.9) percent of all
shares outstanding after the reverse share split of March 27, 2013.
The highest trading price was EUR 8.1 (5.0) and the lowest EUR 4.1 (3.3). At the
end of the review period, the closing price was EUR 7.6 (3.6), and the average
share price EUR 3.5 (4.4). The Revenio Group Corporation's market value stood at
EUR 59.2 (27.7) million on June 30, 2013. These figures take into account the
effects of the reverse share split.
RISK MANAGEMENT
The Group's major business risks are presented in its financial statement
bulletin of February 8, 2013. No changes in these risks have occurred since the
bulletin's release.
ANNUAL GENERAL MEETING AND BOARD AUTHORIZATIONS IN EFFECT
The Annual General Meeting held on March 21, 2013 approved the company's
financial statements and discharged the President & CEO and the members of the
Board of Directors from liability for the financial year January 1-December
31, 2012.
The AGM re-elected Pekka Tammela and Rolf Fryckman as members of the Board, and
elected Ari Kohonen as a new member. The AGM decided that the Chairman of the
Board should be paid a fee of EUR 36,000 per annum and other Board members EUR
18,000 per annum. 60 percent of the fee is paid as monetary compensation and 40
percent in company shares.
The AGM re-elected PricewaterhouseCoopers Oy, Authorized Public Accountants, as
the company's auditors with Juha Tuomala, Authorized Public Accountant, as
principal auditor.
The AGM accepted the Board's proposal on profit distribution, according to which
the profit for the financial period, EUR 1,545,444.10, will be added to retained
earnings, and a dividend of EUR 0.02 per share will be paid, totaling EUR
1,536,675.74.
The AGM authorized the Board of Directors to decide on the acquisition of a
maximum of 771,107 of the company's own shares, either in one or several
installments, using the company's unrestricted equity, in which case any buyback
will reduce the amount of distributable earnings.
The AGM canceled the Board of Directors' valid unexercised share-issue
authorizations, and authorized the Board to decide to issue a maximum of
3,000,000 shares or to grant special rights (including stock options) entitling
to shares, as referred to in Section 1 of Chapter 10 of the Limited Liability
Companies Act, in one or several installments. This authorization was granted
for use in financing and implementing any prospective corporate acquisitions or
other transactions, for implementing the company's share-based incentive plans,
or for other purposes determined by the Board. The Board has the right to decide
on all terms and conditions governing said share issue and the granting of
special rights, including the subscribers or grantees of the special rights, and
the consideration payable. The authorization also includes the right to waive
shareholders' pre-emptive subscription rights and covers the issue of new shares
and the transfer of any shares that may be held by the company. This
authorization is valid until April 30, 2014.
BOARD OF DIRECTORS AND AUDITORS
As of March 21, 2013, the Revenio Group Corporation's Board of Directors
consists of: Pekka Tammela, M.Sc. (Econ.), Authorized Public Accountant, partner
in Pajamaa Partners Oy (Chairman); Rolf Fryckman, optician, Chairman of the
Board of Eyemaker's Finland Oy; and - a new member as of March 21, 2013 - Ari
Kohonen, M.Sc. (Eng.), M.Sc. (Econ.). Kohonen is also Chairman of the Board of
Gerako Oy.
PricewaterhouseCoopers Oy, Authorized Public Accountants, serves as the
company's auditor, with Juha Tuomala, Authorized Public Accountant, as principal
auditor.
MAJOR EVENTS AFTER THE REVIEW PERIOD
The Annual General Meeting of Revenio Group Corporation on March 21st
authorized the Board of Directors to decide on, at its own discretion, a capital
repayment from the invested unrestricted equity reserve. The maximum amount of
equity distributed to shareholders on the basis of the authorization would be
EUR 1,000,000.00.
Based on this authorization, The Board has today decided on a capital repayment
of EUR 0.12 per share. This decision is based on the favourable development of
the company's result and financial position as well as maintaining the company's
capital structure in line with the set financial targets.
OUTLOOK FOR 2013
In continuing operations, consolidated net sales and operating profit excluding
non-recurring items are expected to see year-on-year growth.
STATEMENT OF ACCOUNTING POLICIES
This interim report has been prepared in compliance with the requirements of IAS
34 Interim Financial Reporting. The figures are unaudited.
GROUP KEY FIGURES AND RATIOS (MEUR) 1-6/2013 1-6/2012 1-12/2012
Net sales, continuing operations 14.0 11.6 25.4
Ebitda, continuing operations 3.0 2.5 5.7
Ebitda-%, continuing operations 21.3 21.6 22.5
Operating profit, continuing operations 2.6 2.2 4.9
Operating profit-%, continuing operations 18.6 18.6 19.4
Pre-tax profit, continuing operations 2.6 2.0 4.7
Pre-tax profit-%, continuing operations 18.5 16.9 18.5
Net profit from discontinued operations 0.0 -2.1 -4.8
Net profit, continuing operations 1.9 1.5 -0.3
Net profit-%, continuing operations 13.7 12.9 -1.1
Gross capital expenditure 0.3 0.3 0.3
Gross capital expenditure-% 1.9 2.9 1.1
R&D costs 0.1 0.1 0.4
R&D costs-% from net sales 1.0 1.2 1.4
Gearing-% -17.2 -1.9 -12.2
Equity ratio-% 69.8 61.6 62.2
Return on investment-% (ROI) 25.9 -3.8 0.4
Return on equity-% (ROE) 25.1 -1.9 -1.8
Undiluted earnings per share, EUR, continuing
operations 0.24 0.19 0.59
Diluted Earnings per share, EUR, continuing
operations 0.24 0.19 0.59
Undiluted earnings per share, EUR,
discontinued operations 0.00 -0.27 -0.63
Diluted Earnings per share, EUR, discontinued
operations 0.00 -0.27 -0.63
Equity per share, EUR 2.01 1.87 1.91
Average no. of employees, continuing
operations 227 209 198
Cash flow from operating activities 2.7 1.8 4.8
Cash flow from discontinued operations -0.6 -2.6 -4.0
Cash flow from investing activities -0.3 0.0 -0.1
Net cash used in financing activities -2.3 0.4 -0.2
Total cash flow -0.5 -0.4 0.5
CONSOLIDATED COMPREHENSIVE 1-6/2013 1-6/2012 1-12/2012
INCOME STATEMENT (MEUR)
NET SALES 14.0 11.6 25.4
Other operating income 0.0 0.1 0.1
Materials and services -3.9 -2.7 -6.9
Employee benefits -4.7 -4.2 -8.4
Depreciation/amortization -0.4 -0.3 -0.8
Other operating expenses -2.5 -2.2 -4.5
OPERATING PROFIT, CONTINUING OPERATIONS 2.6 2.2 4.9
Share of associates' results 0.0 0.0 0.0
Financial expenses (net) 0.0 -0.2 -0.2
PRE-TAX PROFIT, CONTINUING OPERATIONS 2.6 2.0 4.7
Income tax expense -0.7 -0.5 -0.1
Net profit from continuing operations 1.9 1.5 4.6
Net profit from discontinued operations 0.0 -2.1 -4.8
NET PROFIT 1.9 -0.6 -0.3
Other comprehensive income items 0.0 0.0 0.0
Income tax expense for comprehensive income 0.0 0.0 0.0
Other comprehensive income items
after taxes 0.0 0.0 0.0
TOTAL COMPREHENSIVE INCOME 1.9 -0.6 -0.3
Net profit attributable to:
Parent company shareholders 1.9 0.6 -0.3
Total comprehensive income attributable to:
Parent company shareholders 1.9 -0.6 -0.3
Earnings per share, undiluted,EUR, continuing
operations 0.24 0.19 0.59
Earnings per share, diluted,EUR, continuing
operations 0.24 0.19 0.59
Earnings per share, undiluted,EUR,
discontinued operations 0.00 -0.27 -0.63
Earnings per share, diluted,EUR, discontinued
operations 0.00 -0.27 -0.63
CONSOLIDATED COMPREHENSIVE
INCOME STATEMENT (MEUR) 4-6/2013 4-6/2012
NET SALES 6.9 5.8
Other operating income 0.0 0.1
Materials and services -1.8 -1.5
Employee benefits -2.3 -2.0
Depreciation/amortization -0.2 -0.2
Other operating expenses -1.2 -1.2
OPERATING PROFIT, CONTINUING OPERATIONS 1.4 1.0
Share of associates' results 0.0 0.0
Financial expenses (net) 0.0 -0.1
PRE-TAX PROFIT, CONTINUING OPERATIONS 1.4 0.9
Income tax expense -0.4 -0,2
Net profit from continuing operations 1.0 0.8
Net profit from discontinued operations 0.0 -1.6
NET PROFIT 1.0 -0.8
Other comprehensive income items 0.0 0.0
Income tax expense for comprehensive income 0.0 0.0
Other comprehensive income items
after taxes 0.0 0.0
TOTAL COMPREHENSIVE INCOME 1.0 -0.8
Net profit attributable to:
Parent company shareholders 1.0 -0.8
Total comprehensive income attributable to:
Parent company shareholders 1.0 -0.8
CONSOLIDATED BALANCE SHEET (MEUR)
30 June 2013 30 June 2012 31 Dec 2012
ASSETS
NON-CURRENT ASSETS
Property. plant and equipment 1.5 1.6 1.6
Goodwill 8.1 8.1 8.1
Intangible assets 0.6 0.8 0.6
Shares in associates 0.0 0.0 0.0
Deferred tax assets 0.9 1.8 1.6
TOTAL NON-CURRENT ASSETS 11.2 12.3 12.0
CURRENT ASSETS
Inventories 1.7 1.2 1.3
Trade and other receivables 4.3 3.6 4.8
Cash and cash equivalents 4.5 4.0 5.0
TOTAL CURRENT ASSETS 10.5 8.8 11.2
Non-current assets held
for sale 1.7 2.6 1.8
TOTAL ASSETS 23.3 23.7 25.0
LIABILITIES AND SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY
Share capital 5.3 5.3 5.3
Share premium 2.4 2.4 2.4
Fair value reserve 0.3 0.3 0.3
Invested unrestricted capital
reserve 7.9 7.0 7.1
Retained earnings/loss -0.1 -0.7 -0.4
TOTAL EQUITY. attributable to
holders
of parent company equity 15.8 14.4 14.7
TOTAL SHAREHOLDERS' EQUITY 15.8 14.4 14.7
LIABILITIES
NON-CURRENT LIABILITIES
Deferred tax liabilities 0.2 0.2 0.2
Provisions 0.1 0.1 0.1
Financial liabilities 1.0 2.7 1.4
TOTAL LONG-TERM LIABILITIES 1.3 3.0 1.7
CURRENT LIABILITIES
Advance payments 0.8 0.4 1.4
Trade and other payables 3.5 1.1 3.3
Financial liabilities 0.8 1.0 1.8
TOTAL SHORT-TERM LIABILITIES 5.1 2.5 6.5
Long-term liabilities held
for sale 1.1 3.8 2.1
TOTAL LIABILITIES 7.5 9.3 10.3
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY 23.3 23.7 25.0
CONSOLIDATED STATEMENT OF CHANGE IN EQUITY (MEUR)
Share Share Other Retained Total
capital Premium Reserves Earnings Equity
Balance 1 Jan 2013 5.3 2.4 7.4 -0.4 14.7
Dividend distribution 0.0 0.0 0.0 -1.6 -1.6
Option rights
utilized 0.0 0.0 0.8 0.0 0.8
Net profit 0.0 0.0 0.0 1.9 1.9
Balance 30 June 2013 5.3 2.4 8.2 -0.1 15.8
Share Share Other Retained Total
capital Premium Reserves Earnings Equity
Balance 1 Jan 2012 5.3 2.4 7.3 1.3 16.4
Dividend distribution 0.0 0.0 0.0 -1.5 -1.5
Options expense
adjustment 0.0 0.0 0.0 0.1 0.1
Net profit 0.0 0.0 0.0 -0.6 -0.6
Balance 30 June 2012 5.3 2.4 7.4 -0.7 14.4
CONSOLIDATED CASH FLOW STATEMENT (MEUR) 1-6/2013 1-6/2012 1-12/2012
Net profit 1.9 -0.6 -0.3
Adjustments to net profit 1.4 3.1 5,2
Change in working capital -0.6 -0.7 -0.1
Interest paid 0.0 0.0 -0.1
Interest received 0.0 0.0 0.0
CASH FLOW FROM OPERATING ACTIVITIES 2.7 1.8 4.8
Cash flow from discontinued operations -0.6 -2.6 -4.0
Sales of subsidiaries
and associates' shares (net) 0.0 0.2 0.2
Purchase of PPE -0.3 -0.2 -0.3
Purchase of Intangible assets 0.0 0.0 0.0
NET CASH USED IN INVESTING ACTIVITIES -0.3 0.0 -0.1
Used options rights 0.8 0.0 0.0
Paid dividends -1.6 -1.5 -1.5
Repayments of long-term borrowings -1.4 -1.0 -1.7
Long-term loans received 0.0 3.0 3.2
Finance lease principal payment -0.1 -0.1 -0.1
Loans for associated companies granted 0.0 0.0 -0.1
NET CASH USED IN FINANCING ACTIVITIES -2.3 0.4 -0.2
Net change in cash and equivalents -0.5 -0.4 0.5
Cash and equivalents. period-start 5.0 4.4 4.4
Cash and equivalents. period-end 4.5 4.0 5.0
NET SALES AND OPERATING PROFIT BY QUARTER (MEUR)
Q2/2013 Q1/2013 Q4/2012 Q3/2012 Q2/2012 Q1/2012
Net sales 6.9 7.1 7.7 6.1 5.8 5.8
Oper. Profit 1.5 1.2 1.4 1.4 1.0 1.2
Oper. profit.-% 20 16 18 23 17 20
MAIN SHAREHOLDERS 30 June 2013
No. of shares %
1. Merivirta Jyri 1000,000 13 %
2. Eyemakers' Finland Oy 500,000 6 %
3. Joensuun Kauppa ja Kone Oy 407,048 5 %
4. Sijoitusrahasto Evli Suomi Osake 371,076 5 %
5. Keskinäinen Eläkevakuutusyhtiö Etera 350,000 5 %
6. Gerako Oy 340,000 4 %
7. Alpisalo Mia 294,815 4 %
8. Salovaara Olli-Pekka 151,330 2 %
9. Kirkon Keskusrahasto 124,081 2 %
10. Keskinäinen vakuutusyhtiö Fennia 89,822 1 %
Revenio Group Corporation
Board of Directors
For additional information:
CFO Pekka Raatikainen, tel. +358 50 5534094
olli-pekka.salovaara@revenio.fi
http://www.revenio.fi
DISTRIBUTION:
NASDAQ OMX Helsinki
Financial Supervisory Authority (FIN-FSA)
Principal media
www.revenio.fi
The Revenio Group in brief
Revenio is a Finnish health tech group whose core business is tonometers. The
Revenio Health Tech segment comprises the business operations of Icare Finland
Oy. The widely patented Icare product family is the current cornerstone of the
Group's success. Revenio seeks vigorous growth in health technology, both
organically and through acquisitions and mergers.
The Revenio Group also includes other business operations, which are grouped
under the Technology and Services segment. This segment's operations have a
shared
global market and represent the cutting edge of technology products and services
in their industry. These businesses are extremely profitable in their industries
and generate positive cash flow.
In 2012, the Revenio Group's net sales totaled EUR 25.4 million, with its
operating margin standing at 19.4 percent. The Revenio Group Corporation is
listed on NASDAQ OMX Helsinki.
[HUG#1719340]
Revenio Group Corporation: Interim Report January 1 - June 30, 2013 - STRONG NET SALES AND OPERATING PROFIT GROWTH CONTINUED IN THE SECOND QUARTER
| Source: Revenio Group Oyj