Revenio Group Corporation Stock exchange release October 22, 2013 at 9.00 a.m.
Revenio Group Corporation's Interim Report January 1 - September 30, 2013 -
REVENIO HEALTH TECH CONTINUES ON A GROWTH TRACK, POSITIVE DEVELOPMENT EXPECTED
ALSO FOR THE REST OF THE YEAR
Highlights for July-September 2013:
* Revenio Health Tech segment clearly increased its sales and profits. The
Health Tech segment grew particularly strongly in United States, Japan,
Australia, Canada and Denmark.
* The Software and Contact Center businesses were the most successful
businesses in the Revenio Technology and Service segment, Rigid Inflatable
Boat operations also experienced growth
* Positive development is expected to continue for the rest of the year
* The Board decided on a repayment of capital of EUR 0.12 per share, according
to the authorization it had received on March 21, 2013.
* The Group organized a capital market day on August 28, 2013.
* 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-September:
* 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.
Group key figures:
7-9/2013
* Net sales EUR 6.7 (6.1) million, an increase of 10.3 percent.
* Operating profit EUR 1.5 (1.4) million, or 21.8 (22.5) percent of net
sales.
* Revenio Health Tech segment EUR 3.0 (2.6) million, an increase of 15.1
percent.
* The operating profit of Revenio Health Tech was EUR 1.2 million (1.0
million), representing 38.9 (38.6) %, of net sales, change EUR 0.2 million,
an increase of 13.2 %.
* Net sales of the Revenio Technology and Services segment EUR 3.7 million
(EUR 3.4 million), an increase of 6.6 percent.
* The operating profit of Revenio Technology and Services was EUR 0.5 million
(EUR 0.5 million), representing 13.3 (13.3) percent of net sales, a change
of EUR -0.0 million, a decrease of 5.5%.
* Result for discontinued operations EUR 0.0 million (EUR -0.2 million), no
impact on the third-quarter result.
* Diluted and undiluted earnings per share came to EUR 0.14 (EUR -0.03).
1-9/2013
* Net sales EUR 20.7 (17.7) million, an increase of 17.0 percent.
* Operating profit EUR 4.1 (3.5) million, or 19.6 (19.9) percent of net
sales.
* Revenio Health Tech segment EUR 9.4 (7.8) million, an increase of 19.9
percent.
* The operating profit of Revenio Health Tech was EUR 3.6 million (3.3
million), representing 38.6 (41.7) %, of net sales, change EUR 0.3 million,
an increase of 11.1%.
* Net sales of the Revenio Technology and Services segment EUR 11.3 million
(EUR 9.9 million), an increase of 14.6 percent
* The operating profit of Revenio Technology and Services was EUR 1.1 million
(EUR 1.0 million), representing 9.3 (10.0) percent of net sales, change EUR
0.1 million, an increase of 6.9 %.
* Result for discontinued operations EUR 0.0 million (EUR -2.2 million), no
impact on the review period
* Pre-tax profit, continuing operations, EUR 4.0 (3.3) million.
* Undiluted earnings per share, continuing operations EUR 0.38 (0.32).
* Diluted earnings per share, continuing operations EUR 0.38 (0.32).
* Diluted and undiluted earnings per share, discontinuing operations EUR 0.00
(-0.28).
* Diluted and undiluted earnigs per share, continuing and discontinuing
operations EUR 0.38 (0.04).
* Cash flow from continuing operations EUR 3.1 (1.8) million.
Olli-Pekka Salovaara, President & CEO:
"The Revenio Group's third quarter continued positively. The business operation
development in Health Tech segment grew strongly, as per my expectations.
Technology and Services had the best quarter of the year thus far.
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. The early year's growth of sales and profitability shows that
we are advancing according to our strategy.
Our Health Tech segment experienced a strong growth of sales and profits during
the review period. The sales were particularly strong in the United States,
Japan, Australia, Canada, Denmark and Norway. In Russia, the sales have
continued to grow as planned, and the Southern European sales revival seems to
have strengthened.
The sales of disposable probes for tonometers continued to grow as a result of
the continued and increasing use of devices already sold. The expanding stock of
sold equipment will open up the markets for future replacement devices.
In line with our strategy, the Technology and Services segment will focus on
securing profitable growth. The strongest developing sales of the segment were
in Contact Center business ja Software business. Rigid Inflatable Boat
operations also experienced considerable growth.
In August, we organized a capital market day, going through the strategic focal
areas and growth drivers of the Revenio group. We will continue strive to
develop our visibility in the domestic and international fields of investors.".
JULY-SEPTEMBER 2013 COMMENTS:
REVENIO HEALTH TECH
The aim of Icare Finland Oy, which forms the Revenio Health Tech segment, is
achieving world market lead in intraocular pressure screening and measurement.
The segment's current main markets are in North America, Europe, Russia and
selected Asian countries, such as Japan and India. Market areas that we still
have not tapped into and that offer considerable potential include South America
and China.
The sales of Revenio Health Tech segment in July-September 2013 were EUR 3.0
(2.6) million, growing by 15.1 percent.
The market situation remained good throughout the review period. The sales grew
in all of the main market areas of the segment. In addition to Finland, United
States, Japan, Canada and Australia, the sales perked up clearly in Denmark and
Norway.
A version of Icare One, designed for intraocular pressure pressure self-
measurement, has been prepared for the start of a FDA licensing process in the
United States with product changes actualized during the review period. The
product and the license application plan have been presented to the FDA, and
according to the received feedback, the machine will be ready for usability
tests and clinical tests in the United States. After those tests, according to
our estimations, we can apply for the license in early 2014.
During the review period, the Icare Finland Oy organization has been
strengthened by the new key staff recruitments for sales, approval processes and
product development. The well-targeted recruitments are aimed at strengthening
the company's market position, particularly in the developing markets, and
retaining the competitive edge in product development.
The sales of disposable eye pressure meter probes grew 26% during the review
period, which shows the active use of the sold equipment. The probe sales
represent approximately a fifth of the total segment sales.
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 July-September, the segment recorded net sales of EUR 3.7 (3.4) million; an
increase of 6.6 percent compared to the same period last year.
The Contact Center business showed a clear growth of sales and profits during
the review period. This growth has been created by the development of inbound
sales and success of outbound campaigns and projects of the company's key area
of expertise. The earlier investments in the production technology of the field
have improved business productivity and service fluency.
In the Rigid Inflatable Boat business, the review period production consisted
of several highly demanding boat projects. The sales and profits increased.
Customers are demanding faster and faster boats, and the need for customer-based
tailoring is considerable. This presents production efficiency and
sustainability development challenges for the manufacture of small series.
In the Information Display business, demand is primarily affected by investment
programs that large oil company customers use to actualize their distributor
network revamps. During the current year, there have been no important revamp
programs, but demand has been formed by customer replenishment programs. The
sales and profits were lower than during the record-breaking last year. During
the review period, we received an important order of parking management system
for Kaari, a commerce center in Helsinki.
In our software business, during the review period, we mainly focused on the
expansion of our current customers' systems and small developments relating to
the maintenance of the currently existing systems of our customers. Our sales
decreased somewhat from the last year, but profitability continued to be good.
Considering the current economic situation, our market situation is challenging,
but our customers still evaluate the logistics and potentially productivity-
improving projects in these conditions, forming the market potential of
the Software business.
Net sales and segment's margin excluding non-recurring items were as follows:
Segment Segment
Net Sales Net Sales profit profit
margin margin
1-9/2013 1-9/2012 1-9/2013 1-9/2012
MEUR share-% MEUR share-% MEUR % MEUR %
Revenio
Health Tech 9.4 45 7.8 44 3.6 39 3.3 42
Revenio
Technology
and
Services 11.3 55 9.9 56 1.1 9 1.0 10
Total 20.7 100 17.7 100 4.7 23 4.3 24
Parent
company
expenses -0.6 -0.7
Operating
Profit, Group
Total 4.1 20 3.5 20
The net sales, margin, and profit, by segment and quarter , excluding non-
recurring items, were as follows:
MEUR Q3/13 Q2/13 Q1/13 Q4/12 Q3/12 Q2/12 Q1/12
Net sales:
Revenio Health Tech 3.0 3.2 3.1 3.2 2.6 2.6 2.6
Revenio Technology
and Services 3.7 3.7 4.0 4.5 3.4 3.2 3.2
Total 6.7 6.9 7.1 7.7 6.1 5.8 5.8
Segment profit margin:
Revenio Health Tech 1.2 1.3 1.1 1.2 1.0 1.0 1.1
Revenio Technology
and Services 0.5 0.4 0.2 0.5 0.5 0.2 0.2
Total 1.7 1.7 1.3 1.7 1.6 1.3 1.3
Parent co. expenses -0.2 -0.2 -0.2 -0.2 -0.2 -0.2 -0.2
Operating profit 1.5 1.5 1.2 1.4 1.4 1.0 1.2
Operating profit-% 22 20 16 18 22 17 20
PERSONNEL
During the review period, the number of personnel employed by the Group in
continuing operations averaged 221 (198). At the end of the period, the number
of employees stood at 239 (215).
Average no. of employees by segments:
30 Sept 2013 30 Sept 2012 Change
Revenio Health Tech 16 13 3
Revenio Technology
and Services 201 181 20
Parent Company 4 4 0
Group Total 221 198 23
During the review period, the total paid wages and fees have been EUR 5.6 (5.0)
million.
NET SALES AND FINANCIAL PERFORMANCE
Consolidated net sales from the Revenio Group's continuing operations for the
period January 1-September 30, 2013, totaled EUR 20.7 (17.7) million, This
represented a net sales growth of 17.0 percent. Earnings before interest, taxes,
depreciation and amortization (EBITDA) from continuing operations amounted to
EUR 4.6 (4.0) million, or 22.4 (22.9) percent of net sales. The sales for
continuing operations were EUR 4.1 (3.5) million, representing 19.6% (19.9) of
the net sales. Profit before taxes for continuing operations totaled EUR 4.0
(3.3) million, or 19.2 (18.7) percent of net sales. The net result for
continuing operations was EUR 3.0 million (EUR 2.5 million), or 14.5 (14.1)
percent of net sales. Net result for discontinued operations totaled EUR 0.0 (-
2.2) million. Net profit for the period totaled EUR 3.0 million (EUR 0.3
million).
Both undiluted earnings per share for continuing operations and dilution-
adjusted earnings per share came to EUR 0.38 (0.32). For discontinued
operations, the undiluted and diluted earnings per share were EUR 0.00 (-0.28).
Dilution-adjusted earnings per share for continuing and discontinued operations
during the period were EUR 0.38 (0.04). Equity per share was EUR 2.03 (1.99).
During the review period, the consolidated net sales of continuing operations
saw a year-on-year increase of 17.0 percent. The Revenio Health Tech segment and
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 increased its operating profit compared to the
same period a year earlier. At this development phase of the business, planned
investments are made to the conditions of future growth by strengthening sales
and product development, among other things. Regardless, the segment's operating
profit grew to EUR 3.6 (3.3) million. In the Technology and Services segment,
operating profit rose to EUR 1.1 (1.0) 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. This change in reporting also applies to reference figures. The parts
of business that are related to the discontinuation were sold on February
7, 2013. The business of discontinued operations consists of finishing the
Norwegian projects. This is estimated to happen during 2014.
BALANCE SHEET, FINANCIAL POSITION AND INVESTMENTS
The consolidated balance sheet total stood at EUR 22.2 (24.4) million on
September 30, 2013. Shareholders' equity came to EUR 15.9 (15.3) million. At the
end of the review period, interest-bearing net liabilities amounted to EUR -1.7
(0.3) million and gearing stood at -10.4 (2.1) percent. The consolidated equity
ratio was 73.4 (63.8) percent. The Group's liquid assets amounted to EUR 3.2
(3.8) 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 0.8 million. Cash flow from
continuing operations totaled EUR 3.1 million. The Group's purchases of PPE and
intangible assets totaled EUR 0.5 (0.4) million. These investments were
concentrated on product development and, to a lesser degree, information
technology and software.
SHARES, SHARE CAPITAL AND MANAGEMENT HOLDINGS
On September 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. Additionally, after the review period, the amount of stock
increased by 4,125 shares. In all, during the current accounting period, Series
2007A option rights were used to subscribe for 100,624 shares, 2007B option
rights to subscribe for 16,212 shares and 2007C options rights to subscribe for
33,225 shares. The subscription period for 2007A options ended on May 1, 2013.
The outstanding 2007B(696,000 option rights) and 2007C (627,750 option rights)
options can be used to subscribe for a total of 132,375 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 September 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
During the review period of May 10, 2013, it was announced that the ownership of
Joensuun Kauppa ja Kone Oy in Revenio Group Oyj shares and votes was now overone
in twenty (1/20). Joensuun Kauppa ja Kone Oy's share in Revenio Group Oyj shares
and votes was, at the moment of announcing, 5.02 percent, meaning 389,626
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. According to external option rights,
the amount of shares that could still be marked up on September 30, 2013 was a
maximum of 1.9 percent of the company's shares and votes when the new shares
have been registered using option rights. 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), B
(1,000,000) and C (1,000,000). The subscription periods 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 April 1-30, 2009 multiplied by
ten (EUR 2.35, Series B) and November 1-30, 2010 multiplied by ten (EUR 2.29,
Series C).
No new options were issued to the personnel during the review period.
TRADING ON NASDAQ OMX HELSINKI
During the period January 1 - September 30, 2013, the Revenio Group
Corporation's share turnover on the NASDAQ OMX Helsinki exchange totaled EUR
18.1 (8.4) million, representing 2.4 (2.0) million shares or 31.0 (25.9) percent
of all shares outstanding after the reverse share split of March 27, 2013.
The highest trading price was EUR 11.58 (5.00) and the lowest EUR 4.10 (3.30).
At the end of the review period, the closing price was EUR 10.58 (3.80), and the
average share price EUR 7.44 (4.20). The Revenio Group Corporation's market
value stood at EUR 82.9 (29.2) million on September 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. For the Board members, 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 to a total
of EUR 1,551,862.94.
The AGM authorized the Board of Directors to distribute funds to shareholders,
at its own discretion, as 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. The authorization will be
valid until the beginning of the next Annual General Meeting.
The AGM authorized the Board of Directors to decide on the acquisition of a
maximum of 777,107 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 Board's authorization includes the right to waive
shareholders' preemptive 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 P J Maa 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 acts as the 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
There have been no major events since the end of the review period.
OUTLOOK FOR 2013
Our estimate of the prospects for 2013 continues to hold: It is estimated that
the sales and profits of the Group's ongoing operations grows from 2012, not
considering one-time batches.
STATEMENT OF ACCOUNTING POLICIES
The recognition and valuation principles underlying the financial information
presented in this Interim Report comply with the principles of the International
Financial Reporting Standards (IFRS). The report does not comply with all the
requirements of IAS 34, Interim Financial Reporting. The figures are unaudited.
GROUP KEY FIGURES AND RATIOS (MEUR) 1-9/2013 1-9/2012 1-12/2012
Net sales, continuing operations 20.7 17.7 25.4
Ebitda, continuing operations 4.6 4.0 5.7
Ebitda-%, continuing operations 22.4 22.9 22.5
Operating profit, continuing operations 4.1 3.5 4.9
Operating profit-%, continuing operations 19.6 19.9 19.4
Pre-tax profit, continuing operations 4.0 3.3 4.7
Pre-tax profit-%, continuing operations 19.2 18.7 18.5
Net profit from discontinued operations 0.0 -2.2 -3.8
Net profit, continuing operations 3.0 2.5 3.5
Net profit-%, continuing operations 14.5 17.6 13.8
Gross capital expenditure 0.5 0.4 0.3
Gross capital expenditure-% 2.5 2.2 1.1
R&D costs 0.2 0.2 0.4
R&D costs-% from net sales 0.9 1.3 1.4
Gearing-% -10.4 2.1 -12.2
Equity ratio-% 73.4 63.8 62.2
Return on investment-% (ROI) 27.3 20.9 0.4
Return on equity-% (ROE) 26.2 26.2 -1.8
Undiluted earnings per share, EUR, continuing
operations 0.38 0.32 0.59
Diluted Earnings per share, EUR, continuing
operations 0.38 0.32 0.59
Undiluted earnings per share, EUR,
discontinued operations 0.00 -0.28 -0.63
Diluted Earnings per share, EUR, discontinued
operations 0.00 -0.28 -0.63
Equity per share, EUR 2.03 1.99 1.91
Average no. of employees, continuing
operations 221 198 198
Cash flow from operating activities 3.1 1.8 4.8
Cash flow from discontinued operations -0.9 -2.6 -4.0
Cash flow from investing activities -0.5 -0.1 -0.1
Net cash used in financing activities -3.3 0.8 -0.2
Total cash flow -1.8 -0.6 0.5
CONSOLIDATED COMPREHENSIVE 1-9/2013 1-9/2012 1-12/2012
INCOME STATEMENT (MEUR)
NET SALES 20.7 17.7 25.4
Other operating income 0.0 0.1 0.1
Materials and services -5.8 -4.4 -6.9
Employee benefits -6.8 -6.1 -8.4
Depreciation/amortization -0.6 -0.5 -0.8
Other operating expenses -3.5 -3.3 -4.5
OPERATING PROFIT, CONTINUING OPERATIONS 4.1 3.5 4.9
Share of associates' results 0.0 0.0 0.0
Financial expenses (net) -0.1 -0.2 -0.2
PRE-TAX PROFIT, CONTINUING OPERATIONS 4.0 3.3 4.7
Income tax expense -1.0 -0.8 -1.1
Net profit from continuing operations 3.0 2.5 3.5
Net profit from discontinued operations 0.0 -2.2 -3.8
NET PROFIT 3.0 0.3 -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 3.0 0.3 -0.3
Net profit attributable to:
Parent company shareholders 3.0 0.3 -0.3
Total comprehensive income attributable to:
Parent company shareholders 3.0 0.3 -0.3
Earnings per share, undiluted,EUR, continuing
operations 0.38 0.32 0.59
Earnings per share, diluted,EUR, continuing
operations 0.38 0.32 0.59
Earnings per share, undiluted,EUR,
discontinued operations 0.00 -0.28 -0.63
Earnings per share, diluted,EUR, discontinued
operations 0.00 -0.28 -0.63
CONSOLIDATED COMPREHENSIVE
INCOME STATEMENT (MEUR) 7-9/2013 7-9/2012
NET SALES 6.7 6.1
Other operating income 0.0 0.0
Materials and services -1.9 -1.6
Employee benefits -2.1 -1.9
Depreciation/amortization -0.2 -0.2
Other operating expenses -1.1 -1.1
OPERATING PROFIT, CONTINUING OPERATIONS 1.5 1.4
Share of associates' results 0.0 0.0
Financial expenses (net) -0.1 0.0
PRE-TAX PROFIT, CONTINUING OPERATIONS 1.4 1.4
Income tax expense -0.3 -0.3
Net profit from continuing operations 1.1 1.1
Net profit from discontinued operations 0.0 -0.2
NET PROFIT 1.1 0.9
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 1.1 0.9
Net profit attributable to:
Parent company shareholders 1.1 0.9
Total comprehensive income attributable to:
Parent company shareholders 1.1 0.9
CONSOLIDATED BALANCE SHEET (MEUR)
30 Sept 2013 30 Sept 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 0.7 0.7 0.6
Shares in associates 0.0 0.0 0.0
Deferred tax assets 0.5 1.5 1.6
TOTAL NON-CURRENT ASSETS 10.9 12.0 12.0
CURRENT ASSETS
Inventories 1.6 1.4 1.3
Trade and other receivables 5.0 4.7 4.8
Cash and cash equivalents 3.2 3.8 5.0
TOTAL CURRENT ASSETS 9.8 10.0 11.2
Non-current assets held
for sale 1.6 2.4 1.8
TOTAL ASSETS 22.2 24.4 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 6.9 7.3 7.1
Retained earnings/loss 1.0 -0.1 -0.4
TOTAL EQUITY. attributable to
holders
of parent company equity 15.9 15.3 14.7
TOTAL SHAREHOLDERS' EQUITY 15.9 15.3 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 2.0 1.4
TOTAL LONG-TERM LIABILITIES 1.3 2.3 1.7
CURRENT LIABILITIES
Advance payments 0.5 0.4 1.4
Trade and other payables 3.2 2.9 3.3
Financial liabilities 0.6 2.1 1.8
TOTAL SHORT-TERM LIABILITIES 4.3 5.4 6.5
Long-term liabilities held
for sale 0.7 1.4 2.1
TOTAL LIABILITIES 6.3 9.1 10.3
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY 22.2 24.4 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 0.7 0.0 0.7
Repayment of capital 0.0 0.0 -0.9 0.0 -0.9
Net profit 0.0 0.0 0.0 3.0 3.0
Balance 30 June 2013 5.3 2.4 7.2 1.0 15.9
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 0.3 0.3
Balance 30 June 2012 5.3 2.4 7.3 0.2 15.3
CONSOLIDATED CASH FLOW STATEMENT (MEUR) 1-9/2013 1-9/2012 1-12/2012
Net profit 3.0 0.2 -0.3
Adjustments to net profit 1.7 1.0 5,2
Change in working capital -1.6 0.5 -0.1
Interest paid -0.0 -0.0 -0.1
Interest received 0.0 0.0 0.0
CASH FLOW FROM OPERATING ACTIVITIES 3.1 1.7 4.8
Cash flow from discontinued operations -0.9 -3.1 -4.0
Sales of subsidiaries
and associates' shares (net) 0.0 0.2 0.2
Purchase of PPE -0.2 -0.2 -0.3
Purchase of Intangible assets -0.3 -0.1 0.0
NET CASH USED IN INVESTING ACTIVITIES -0.5 -0.1 -0.1
Used options rights 0.8 0.0 0.0
Paid dividends and repayments of capital -2.5 -1.5 -1.5
Repayments of long-term borrowings -1.5 -1.3 -1.7
Long-term loans received 0.0 3.8 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 -3.3 0.8 -0.2
Net change in cash and equivalents -1.8 -0.6 0.5
Cash and equivalents. period-start 5.0 4.4 4.4
Cash and equivalents. period-end 3.2 3.8 5.0
NET SALES AND OPERATING PROFIT BY QUARTER
(MEUR)
Q3/2013 Q2/2013 Q1/2013 Q4/2012 Q3/2012 Q2/2012 Q1/2012
Net sales 6.7 6.9 7.1 7.7 6.1 5.8 5.8
Oper. Profit 1.5 1.5 1.2 1.4 1.4 1.0 1.2
Oper. profit.-% 22 20 16 18 23 17 20
MAIN SHAREHOLDERS 30 Sept. 2013
No. of shares %
1. Merivirta Jyri 1,000,000 12.8
2. Eyemakers' Finland Oy 500,000 6.4
3. Joensuun Kauppa ja Kone Oy 431,763 5.5
4. Sijoitusrahasto Evli Suomi Osake 371,076 4.7
5. Keskinäinen Eläkevakuutusyhtiö Etera 350,000 4.5
6. Gerako Oy 340,000 4.3
7. Alpisalo Mia 288,669 3.7
8. Salovaara Olli-Pekka 151,330 1.9
9. Kirkon Keskusrahasto 104,867 1.3
10. Keskinäinen vakuutusyhtiö Fennia 89,822 1.2
Revenio Group Corporation
Board of Directors
For additional information:
President&CEO Olli-Pekka Salovaara,
+358(0)40567 5520
olli-pekka.salovaara@revenio.fi
http://www.revenio.fi
DISTRIBUTION:
NASDAQ OMX Helsinki
Financial Supervisory Authority (FIN-FSA)
Principal media
www.revenio.fi
The Revenio Group in brief
Revenio is a Finnish health tech group whose core business is tonometers. The
Revenio Health Tech segment comprises the business operations of Icare Finland
Oy. The widely patented Icare product family is the current cornerstone of the
Group's success. Revenio seeks vigorous growth in health technology, both
organically and through acquisitions and mergers.
The Revenio Group also includes other business operations, which are grouped
under the Technology and Services segment. This segment's operations have a
shared global market and represent the cutting edge of technology products and
services in their industry. These businesses are extremely profitable in their
industries and generate positive cash flow.
In 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#1736983]
Revenio Group Corporation: Interim Report January 1 - September 30, 2013 - REVENIO HEALTH TECH CONTINUES ON A GROWTH TRACK, POSITIVE DEVELOPMENT EXPECTED ALSO FOR THE REST OF THE YEAR
| Source: Revenio Group Oyj