Stock exchange release, 21 April 2016 at 8.00 AM
INTERIM REPORT OF COMPTEL CORPORATION 1 JANUARY - 31 MARCH 2016
Revenue grew and profitability improved.
- Net sales EUR 22.4 (January - March 2015: 21.0), growth 6.8%
- Operating result EUR 1.8 million (1.5), growth 17.6%
- Net profit EUR 0.8 million (0.3), growth 183.5%
- Earnings per share EUR 0.01 (0.00)
-
Order backlog EUR 60.0 million (55.8), growth 7.5%
Outlook (unchanged):
Comptel expects the 2016 net sales to continue to grow and operating profit to be in the range of 8–14% of revenue.
Characteristically a significant part of Comptel’s operating profit and net sales is generated in the second half of the year.
Juhani Hintikka, President and CEO:
“Our revenue continued to grow in the first quarter and our order intake was close to 40 per cent higher than in first quarter last year. Our profitability improved on both the operating result and the net profit level.
The Intelligent Data unit grew by 14.6 per cent in the first quarter compared to the previous year. The growth in our Intelligent Data business unit that started in second half of last year is continuing. The Intelligent Data unit’s growth was due to the growth in our Data Refinery solution. In the first quarter, the growth rate of the Service Orchestration unit was lower, mainly due to the timing of certain customer deals.
In Asia-Pacific business development continued particularly well and the region grew 22.6 per cent year on year. We see strong demand continuing in the Asia-Pacific region.
In the first quarter, we also posted our first revenue from our new FWD solution. The revenue was still small, but the progress with targeted customers is very good, and we are on track with our plans for wider launch of the product. We are currently working with pilot customers in Africa and elsewhere. The progress with the FWD solution has been encouraging so far, and its future potential is significant.
We also had a strong cash flow in first quarter with EUR 10.7 million operating cash flow in the first quarter.
During the first quarter we secured 7 significant orders (Q1 2015:3), valued over EUR 0.5 million.”
Business Review of the First Quarter 2016
Comptel’s net sales increased in the first quarter by 6.8 per cent from the previous year, to 22.4 million (21.0). The net sales increase was due to the strong backlog at the end of the year and growth in the Asia-Pacific region. European sales continued to grow as in the second half of last year.
The operating result for the period was EUR 1.8 million (1.5), which corresponds to 7.8 per cent of net sales (7.1). The growth resulted from increased sales and profitability in the Intelligent Data unit.
The result before taxes was EUR 1.4 million (0.8), and the net result was EUR 0.83 million (0.29). Net profit improved by 183.5 per cent. Earnings per share for the period under review were EUR 0.01 (0.00).
The tax expense for the period was EUR 0.6 million (0.5), of which EUR 0.3 million were withholding taxes, related to double taxation (0.3).
In January - March Comptel received seven significant orders (Q1 2015: 3), Service Orchestration received four (two FlowOne Fulfillment and two FlowOne Provisioning and Activation) and Intelligent Data received one (Data Refinery). Two orders were multi solution orders across business units. As significant orders Comptel reports sold projects and licenses with a minimum value of EUR 500,000.
The Group’s order backlog increased from the previous year and was EUR 60.0 million (55.8) at the end of the period.
Business areas
|
Net sales, EUR million |
1-3 2016 |
1-3 2015 |
Change, % |
1-12 2015 |
| Intelligent Data | 10.4 | 9.1 | 14.6 | 42.5 |
| Service Orchestration | 11.9 | 11.8 | 0.9 | 55.2 |
| Other | 0.0 | 0.0 | 0.0 | 0.0 |
| Total | 22.4 | 21.0 | 6.8 | 97.7 |
|
Operating result, EUR million |
||||
| Intelligent Data | 1.7 | 0.9 | 91.9 | 5.8 |
| Service Orchestration | 0.7 | 1.1 | -33.2 | 5.1 |
| Other | -0.7 | -0.5 | -38.2 | -2.5 |
| Total | 1.8 | 1.5 | 17.6 | 8.5 |
|
Operating result, % of net sales |
||||
| Intelligent Data | 16.5 | 9.8 | - | 13.7 |
| Service Orchestration | 6.2 | 9.3 | - | 9.3 |
| Other | 0.0 | 0.0 | - | 0.0 |
| Total | 7.8 | 7.1 | - | 8.7 |
Intelligent Data revenue continued to grow in first quarter, which impacted also favourably the profitability of the business unit. The growth rate of Service Orchestration was lower due to timing of certain deals that were delayed to the second quarter. This impacted also the profitability of Service Orchestration.
|
Net sales breakdown, EUR million |
1-3 2016 |
1-3 2015 |
Change, % |
1-12 2015 |
| Project & License business | 14.2 | 12.1 | 17.2 | 63.3 |
| Recurring business | 8.2 | 8.9 | -7.3 | 34.4 |
| Total | 22.4 | 21.0 | 6.8 | 97.7 |
The growth in the quarter was driven by the project and license business.
|
Net sales Regional breakdown, EUR million |
1-3 2016 |
1-3 2015 |
Change, % |
1-12 2015 |
| APAC | 7.4 | 6.0 | 22.6 | 29.6 |
| EMEA | 13.3 | 12.5 | 6.0 | 56.9 |
| AMERICAS | 1.7 | 2.4 | -28.4 | 11.2 |
| Total | 22.4 | 21.0 | 6.8 | 97.7 |
Asia-Pacific showed strong growth of 22.6 per cent year on year. The EMEA region grew by six per cent. Revenue in the Americas region decreased year on year, mainly due to the seasonality in the timing of deal flows in the region.
Financial Position
| EUR million | 31 Mar 2016 | 31 Mar 2015 |
Change, % |
31 Dec 2015 |
Change, % |
| Statement of financial position total | 79.6 | 70.4 | 13.1 | 86.4 | -7.8 |
| Liquid assets | 12.7 | 7.8 | 62.4 | 3.0 | 319.8 |
| Trade receivables, gross | 29.3 | 28.9 | 1.4 | 42.1 | -30.4 |
| Bad debt provision | -1.8 | -1.4 | 28.7 | -1.6 | 10.6 |
| Trade receivables, net | 27.5 | 27.5 | 0.0 | 40.5 | -32.1 |
| Accrued income | 11.4 | 9.6 | 19.2 | 10.0 | 14.5 |
| Deferred income related to partial debiting | 3.9 | 3.6 | 9.1 | 3.3 | 18.5 |
| Interest-bearing debt | 8.1 | 7.5 | 8.5 | 7.2 | 13.5 |
| Equity ratio, per cent | 61.0 | 60.5 | 0.8 | 52.4 | 16.4 |
The statement of the financial position on 31 March 2016 was EUR 79.6 million (70.4), of which liquid assets amounted to EUR 12.7 million (7.8). The operating cash flow was EUR 10.7 million (-0.6) in the first quarter. The strong cash flow was a result of efficient receivable management.
Trade receivables were EUR 27.5 million (27.5) at the end of the period. The accrued income was EUR 11.4 million (9.6). The deferred income related to partial debiting was EUR 3.9 million (3.6).
Comptel has a EUR 25 million credit facility arrangement consisting of a EUR 20 million revolving credit facility and a EUR 5 million overdraft capacity on current bank account. Out of this arrangement, Comptel had EUR 8 million of the revolving credit facility outstanding at the end of the period. The credit facility is valid until July 2018.
The equity ratio was 61.0 per cent (60.5) and the gearing ratio was -12.1 per cent (-1.0).
Research and Development (R&D)
| EUR million |
1-3 2016 |
1-3 2015 |
Change, % |
1-12 2015 |
| Direct R&D expenditure | 4.6 | 4.3 | 7.7 | 20.3 |
|
Capitalisation of R&D expenditure according to IAS 38 |
-1.3 | -1.1 | 27.2 | 5.2 |
| R&D depreciation and impairment charges | 1.4 | 1.3 | 7.1 | 5.5 |
| R&D expenditure, net | 4.7 | 4.5 | 3.0 | 20.6 |
| Direct R&D expenditure, % of net sales | 20.7 | 20.6 | - | 20.8 |
Direct R&D expenditure represented 20.7 per cent (20.6) of net sales.
The key focus of Comptel’s R&D expenditure was in the further development of our existing solutions (Service Orchestration and Intelligent Data) and release of the new FWD time-based mobile data marketing solution.
Development work has focused on securing recurring revenue with competitive products, winning new markets by giving customers unique value, and improving margins with better deployment and scalability of our products.
The FlowOne Fulfillment solution has been developed as a suite of orchestration elements that manage the life-cycle of digital services and business flows from ground to cloud. Data Refinery captures data-in-motion and uses SoftbladeTM technology with embedded intelligence to refine it for automated real-time decision making. Monetizer is the business policy and charging solution that sets the speed to money and allows the innovation and designing of rich communication and data. Data Fastermind embeds artificial intelligence, predictive analytics and machine learning capabilities into all solutions. In all of these areas, Comptel seeks global thought leadership in solving the business challenges of operators and digital communications service providers.
During 2016 the company will further continue to develop its current offering. Three major software releases were launched in these respective product areas during the review period.
Investments
| EUR million |
1-3 2016 |
1-3 2015 |
Change, % |
1-12 2015 |
| Gross investments in property, plant and equipment and intangible assets | 0.1 | 0.1 | 4.3 | 0.6 |
The investments comprised of devices, software and furnishings. The investments were funded through cash flow from operations.
Personnel
| 31 Mar 2016 | 31 Mar 2015 | Change, % | 31 Dec 2015 | Change, % | |
| Number of employees at the end of period | 749 | 689 | 8.7 | 742 | 0.94 |
|
1-3 2016 |
1-3 2015 |
Change, % |
1-12 2015 |
Change, % | |
| Average number of personnel during the period | 741 | 676 | 9.6 | 723 | 2.5 |
The number of employees increased compared to the previous year due to growth investments during 2015. In the first quarter, the personnel expenses were 45.5 per cent of net sales (45.7).
At the end of the period, 28.8 per cent (29.8) of the personnel were located in Finland, 24.4 per cent (28.2) in Malaysia, 11.5 per cent (11.2) in Bulgaria, 12.1 per cent (8.0) in India, and 23.2 per cent (23.8) in other countries where Comptel operates.
Comptel share
The closing share price of the period was EUR 1.54 (0.98). Comptel’s market value at the end of the period was EUR 166.7 million (104.8).
| Comptel share |
1-3 2016 |
1-3 2015 |
Change, % |
1-12 2015 |
| Shares traded, million | 14.7 | 6.2 | 137.1 | 41.2 |
| Shares traded, EUR million | 21.7 | 5.8 | 274.1 | 52.9 |
| Highest price, EUR | 1.80 | 1.00 | 80.0 | 1.93 |
| Lowest price, EUR | 1.19 | 0.84 | 41.7 | 0.84 |
Of Comptel’s outstanding shares, 6.0 per cent (6.2) were nominee registered or held by foreign shareholders at the end of the period.
The company held 418,507 of its own shares at the end of the period, which is 0.39 per cent of the total number of its shares. The total counter-book value of the shares held by the company was EUR 8,244.
300,000 new shares were issued to the company itself during the review period.
Corporate Governance
Comptel Corporation’s Annual General Meeting (AGM) was held on 6 April 2016. The AGM resolved the number of Board members to be five. Mr Pertti Ervi, Mr Hannu Vaajoensuu, Ms Eriikka Söderström, and Mr Antti Vasara were re-elected as members of the Board of Directors. Thomas Berlemann was elected as a new member of the Board of Directors.
The AGM appointed Ernst & Young Oy as the company’s auditor. Mr. Mikko Järventausta is acting as the principal auditor.
The AGM resolved that a dividend of 0.03 EUR per share will be paid for the year 2015.
In its meeting held after the Annual General Meeting, the Board of Directors elected Mr Pertti Ervi as chairman and Mr Hannu Vaajoensuu as vice chairman.
The Board of Directors decided to establish an audit committee to deal with the preparation of matters relating to the company’s financial reporting and control. The Board of Directors elected Ms Eriikka Söderström as the chairman of the audit committee, and Mr Pertti Ervi and Mr Antti Vasara as the members of the audit committee. All the members of the audit committee are independent from the company and its significant shareholders.
The AGM authorised the Board of Directors to decide on share issues amounting to a maximum of 21,400,000 new shares and on repurchase or conveying of the company’s own shares up to a maximum number of 10,700,000 shares. The authorisations are valid until 30 June 2017. However, the authorisation to implement the company’s share-based incentive programs is valid five years from the AGM resolution.
A separate stock exchange release about the authorisations given and other decisions made by the Annual General Meeting was published on 6 April 2016.
Events after the Reporting Period
Comptel has received a favourable ruling in Delhi judicial court regarding withholding tax for Indian tax years 2007-2008 and 2008-2009. A separate stock exchange release have been issued on 15th of April regarding this.
The company AGM was held on the 6th of April and a separate stock exchange has been published on that.
Near-term Risks and Uncertainties
Comptel develops dynamic end-to-end solutions for leading operators globally in the telecom field. This requires Comptel to understand correctly the trends taking place in its business environment and the needs of its customers and resellers by each region. Failure to identify market conditions, address customers’ needs and develop its products in a timely way may significantly undermine the growth of Comptel’s business and its profitability.
Characteristics of Comptel’s field of industry are significant quarterly variations of net sales and profit, which are related to customers’ purchasing behaviour and the timing of major single deals.
Comptel’s business consists of deliveries of large productised IT systems, and the value of a single project may be several million euros. Therefore, the credit risk associated with a single project or an individual customer may be significant. Furthermore, some of Comptel’s customers operate in countries where the political or financial climate can be unstable which in part may increase credit risk.
Comptel operates globally so it is exposed to risks arising from different currency positions. Exchange rate changes between the Euro, which is the company’s reporting currency, and the US Dollar, UK Pound Sterling and Malaysian Ringgit affect the company’s net sales, expenses and net profit.
The application process to prevent Comptel’s double taxation is still pending with the Ministry of Finance in Finland. However, the process between the states is very slow and the timing of a change is hard to forecast. The interpretation of tax treaties may result in different views between the countries in question. This could mean that the double taxation will prevail. Comptel has also applications for return of withholding taxes in other countries but they are subject to local legal processes, which take time to get completed.
The risks and uncertainties of Comptel are described in more detail in the company’s financial statements and the Board of Directors’ report for 2015.
Outlook (unchanged)
Comptel expects the 2016 net sales to continue to grow and operating profit to be in the range of 8-14% of revenue.
Characteristically a significant part of Comptel’s operating profit and net sales is generated in the second half of the year.
Schedule for Comptel’s interim reports in 2016:
January-June 9 August 2016
January-September 20 October 2016
COMPTEL CORPORATION
Board of Directors
Additional information:
Mr Juhani Hintikka, President and CEO, tel. +358 9 700 1131
Mr Tom Jansson, CFO, tel. +358 40 700 1849
TABLE PART
The interim financial statements have been prepared in accordance with IAS 34, Interim Financial Reporting, as adopted by the EU. The accounting policies and methods of computation adopted in the financial statements are consistent with those of the annual financial statements for the year ended 2015.
All figures in the financial report have been rounded and consequently the sum of the individual figures can deviate from the sum figure. The interim report is unaudited.
|
Consolidated Statement of Comprehensive Income (EUR 1,000) |
1 Jan – 31 Mar 2016 |
1 Jan – 31 Mar 2015 |
| Net sales | 22,392 | 20,957 |
| Other operating income | 3 | 3 |
| Materials and services | -1,118 | -1,104 |
| Employee benefits | -10,194 | -9,576 |
| Depreciation, amortisation and impairment charges | -1,621 | -1,610 |
| Other operating expenses | -7,707 | -7,177 |
| -20,640 | -19,467 | |
| Operating profit/loss | 1,755 | 1,493 |
| Financial income | 905 | 852 |
| Financial expenses | -1,238 | -1,550 |
| Profit/loss before income taxes | 1,421 | 795 |
| Income taxes | -593 | -503 |
| Profit/loss for the period | 827 | 292 |
| Other comprehensive income | ||
| Other comprehensive income to be reclassified to profit or loss in subsequent periods | ||
| Cash Flow hedges | 637 | 47 |
| Translation differences | -464 | 721 |
| Income tax relating to components of other comprehensive income | -134 |
-9 |
| Total other comprehensive income | 39 | 758 |
| Total comprehensive income for the period | 866 | 1,050 |
| Profit/loss attributable to: | ||
| Equity holders of the parent company | 827 | 292 |
| Total comprehensive income attributable to: | ||
| Equity holders of the parent company | 866 | 1,050 |
| Shareholders of the parent company: | ||
| Earnings per share, EUR | 0.01 | 0.00 |
| Earnings per share, diluted, EUR | 0.01 | 0.00 |
| Consolidated Statement of Financial Position (EUR 1,000) |
31 Mar 2016 |
31 Dec 2015 |
| Assets | ||
| Non-current assets | ||
| Goodwill | 2,646 | 2,646 |
| Other intangible assets | 12,750 | 12,837 |
| Tangible assets | 1,101 | 1,152 |
| Investments in associates | 960 | 960 |
| Available-for-sale financial assets | 87 | 87 |
| Deferred tax assets | 8,005 | 7,685 |
| Other non-current receivables | 716 | 646 |
| 26,265 | 26,013 | |
| Current assets | ||
| Trade and other current receivables | 39,949 | 56,930 |
| Current tax asset | 710 | 403 |
| Cash and cash equivalents | 12,721 | 3,030 |
| 53,381 | 60,363 | |
| Total assets | 79,645 | 86,376 |
| Equity and liabilities | ||
| Equity attributable to equity holders of the parent company | ||
| Share capital | 2,141 | 2,141 |
| Fund of invested non-restricted equity | 1,698 | 1,698 |
| Translation differences | -973 | -510 |
| Fair value reserve | 365 | -171 |
| Retained earnings | 34,789 | 34,165 |
| Total equity | 38,019 | 37,324 |
| Non-current liabilities | ||
| Deferred tax liabilities | 2,682 | 2,572 |
| Non-current financial liabilities | 58 | 92 |
| 2,741 | 2,664 | |
| Current liabilities | ||
| Provisions | 1,021 | 1,090 |
| Current financial liabilities | 8,079 | 7,075 |
| Trade and other current liabilities | 29,786 | 38,223 |
| 38,886 | 46,388 | |
| Total liabilities | 41,626 | 49,052 |
| Total equity and liabilities | 79,645 | 86,376 |
|
Consolidated Statement of Cash Flows (EUR 1,000) |
1 Jan – 31 Mar 2016 |
1 Jan – 31 Mar 2015 |
| Cash flows from operating activities | ||
| Profit/loss for the period | 827 | 292 |
| Adjustments: | ||
| Non-cash transactions or items that are not part of cash flows from operating activities | 1,982 | 2,347 |
| Interest and other financial expenses | 49 | 78 |
| Interest income | 3 | -28 |
| Income taxes | 593 | 505 |
| Change in working capital: | ||
| Change in trade and other current receivables | 16,536 | 6,094 |
| Change in trade and other current liabilities | -8,952 | -8,702 |
| Change in provisions | 671 | -110 |
| Interest and other financial expenses paid | -49 | -78 |
| Interest received | -3 | 26 |
| Income taxes paid and tax returns received | -957 | -984 |
| Net cash from operating activities | 10,700 | -561 |
| Cash flows from investing activities | ||
| Investments in tangible assets | -123 | -118 |
| Investments in development projects | -1,348 | -1,060 |
| Proceeds from sale of intangible assets | 1 | 5 |
| Change in other non-current receivables | -99 | 16 |
| Net cash used in investing activities | -1,570 | -1,157 |
| Cash flows from financing activities | ||
| Shares issued | - | 6 |
| Proceeds from borrowings | 10,000 | 3,989 |
| Repayment of borrowings | -8,990 | -4,000 |
| Lease payments | -45 | -68 |
| Net cash used in financing activities | 965 | -75 |
| Net change in cash and cash equivalents | 10,095 | -1,793 |
| Cash and cash equivalents at the beginning of the period | 3,030 | 9,352 |
| Cash and cash equivalents at the end of the period | 12,721 | 7,833 |
| Change | 9,691 | -1,519 |
| Effects of changes in foreign exchange rates | -404 | 274 |
| Consolidated Statement of Changes in Equity | ||||||
| Equity attributable to equity holders of the parent company | ||||||
| EUR 1,000 | Share capital | Other reserves | Translation differences | Fair value reserve | Retained earnings | Total |
|
Equity at 31 Dec 2014 |
2,141 | 401 | -698 | -182 | 31,684 | 33,346 |
| Shares issued | 6 | 6 | ||||
| Share-based compensation | -91 | -91 | ||||
| Other changes | 25 | 25 | ||||
| Total comprehensive income for the period | 721 | 37 | 292 | 1,050 | ||
|
Equity at 31 Mar 2015 |
2,141 | 407 | 24 | -144 | 31,909 | 34,337 |
| Consolidated Statement of Changes in Equity | |||||||
| Equity attributable to equity holders of the parent company | |||||||
| EUR 1,000 | Share capital | Other reserves | Translation differences | Fair value reserve | Retained earnings | Total | |
|
Equity at 31 Dec 2015 |
2,141 | 1,698 | -510 | -170 | 34,165 | 37,324 | |
| Share-based compensation | 79 | 79 | |||||
| Prior year correction * | -283 | -283 | |||||
| Total comprehensive income for the period | -463 | 535 | 827 | 899 | |||
|
Equity at 31 Mar 2016 |
2,141 | 1,698 | -973 | 365 | 34,788 | 38,019 | |
*Prior year expenses were corrected directly to Retained Earnings during the quarter.
Notes
1. Application of new or amended standards and interpretations
Comptel has adopted the new or amended standards and interpretations, effective for the financial years beginning on or after 1 January 2016. However those have not had an impact on the consolidated financial statements.
2. Segment information
Net sales by segment
| EUR 1,000 |
1 Jan – 31 Mar 2016 |
1 Jan – 31 Mar 2015 |
| Intelligent Data | 10,439 | 9,113 |
| Service Orchestration | 11,946 | 11,844 |
| Other | 6 | - |
| Group total | 22,392 | 20,957 |
Operating profit/loss by segment
| EUR 1,000 |
1 Jan – 31 Mar 2016 |
1 Jan – 31 Mar 2015 |
| Intelligent Data | 1,717 | 895 |
| Service Orchestration | 739 | 1,105 |
| Other | -701 | -507 |
| Group operating profit/loss total | 1,755 | 1,493 |
3. Income tax
Income tax expense according to the statement of comprehensive income for the period was EUR 593 thousand (EUR 503 thousand).
In 2006, the Board of Adjustment of the Tax Office for Major Corporations refused to accept the crediting of taxes withheld at source in taxation of 2004 and 2005.
The application process to prevent Comptel’s double taxation is still pending with the Ministry of Finance in Finland. However, the process between the states is very slow and the timing of a change is hard to forecast. The interpretation of tax treaties may result in different views between the countries in question. This could mean that the double taxation will prevail.
According to the Board of Adjustment’s decision currently in force, Comptel Corporation has expensed taxes withheld at source amounting to EUR 300 thousand in January - March (EUR 253 thousand).
4. Tangible assets
| EUR 1,000 |
1 Jan – 31 Mar 2016 |
1 Jan – 31 Mar 2015 |
| Additions | 123 | 118 |
5. Related party transactions
The Comptel Group have a related party relationship with its associate, the Board of Directors, the Executive Board and also with people and companies under Comptel management’s influence.
Transactions which have been entered into with related parties are as follows:
| EUR 1,000 |
1 Jan – 31 Mar 2016 |
1 Jan – 31 Mar 2015 |
| Associate | ||
| Interest income | 2 | 2 |
| EUR 1,000 | 31 Mar 2016 | 31 Dec 2015 |
| Associate | ||
| Non-current receivables | 123 | 121 |
Remuneration to key management
Key management personnel compensation includes the employee benefits of the members of the Board of Directors and the Executive Board.
| EUR 1,000 | 1 Jan – 31 Mar 2016 | 1 Jan – 31 Mar 2015 |
| Salaries and other short-term employee benefits | 344 | 351 |
| Share-based payments | -72 | 36 |
| Total | 272 | 387 |
Guarantees and other commitments
| EUR 1,000 | 31 Mar 2016 | 31 Dec 2015 |
| Guarantees | 10 | 29 |
6. Commitments
Minimum lease payments on non-cancellable office facilities and other operating leases are payable as follows:
| EUR 1,000 | 31 Mar 2016 | 31 Dec 2015 |
| Less than one year | 2,004 | 2,161 |
| Between one and five years | 6,779 | 1,218 |
| Total | 8,784 | 3,379 |
The group had no material capital commitments for the purchase of tangible assets at 31 March 2016 and 31 March 2015.
7. Contingent liabilities
| EUR 1,000 | 31 Mar 2016 | 31 Dec 2015 |
| Bank guarantees | 2,421 | 2,727 |
| Corporate mortgages | 200 | 200 |
| EUR 1,000 | 31 Mar 2016 | 31 Dec 2015 |
| Contingent liabilities on behalf of others | ||
| Guarantees | 28 | 29 |
8. Fair values of financial assets and liabilities
|
EUR 1,000 |
Book value 31.3.2016 |
Fair value 31.3.2016 |
Book value 31.3.2015 |
Fair value 31.3.2015 |
Book value 31.12.2015 |
Fair value 31.12.2015 |
| Financial assets | ||||||
| Financial assets at fair value through profit or loss | ||||||
| Forward contracts (level 2) | 442 | 442 | 36 | 36 | - | - |
| Available-for-sale financial assets (level 3)) | 87 | 87 | 87 | 87 | 87 | 87 |
| Non-current trade receivables | 2,237 | 2,237 | 1,693 | 1,693 | 1,872 | 1,872 |
| Current trade receivables | 27,050 | 27,050 | 27,177 | 27,177 | 40,232 | 40,232 |
| Other current receivables | 965 | 965 | 680 | 680 | 7,133 | 7,133 |
| Cash and cash equivalents | 12,721 | 12,721 | 7,833 | 7,833 | 3,030 | 3,030 |
| Financial liabilities | ||||||
| Financial liabilities at fair value through profit or loss | ||||||
| Forward contracts (level 2) | 48 | 48 | 1,226 | 1,226 | 138 | 138 |
| Trade payables and other liabilities | 29,786 | 29,786 | 24,727 | 24,727 | 38,020 | 38,020 |
| Non-current loans from financial institutions | 22 | 22 | 67 | 67 | 33 | 33 |
| Non-current finance lease liabilities | 36 | 36 | 137 | 137 | 58 | 58 |
| Current loans from financial institutions | 7,984 | 7,995 | 6,984 | 7,028 | 5,044 | 5,056 |
| Current bank overdraft facility | - | - | - | - | 1,918 | 1,918 |
| Current finance lease liabilities | - | - | - | - | 112 | 112 |
| Other current liabilities | - | - | 63 | 63 | - | - |
9. Key figures
| Financial summary |
1 Jan – 31 Mar 2016 |
1 Jan – 31 Mar 2015 |
| Net sales, EUR 1,000 | 22,392 | 20,957 |
| Net sales, change % | 6.8 | 16.3 |
| Operating profit/loss, EUR 1,000 | 1,755 | 1,493 |
| Operating profit/loss, change % | 17.5 | 55.7 |
| Operating profit/loss, as % of net sales | 7.8 | 7.1 |
| Profit/loss before taxes, EUR 1,000 | 1,421 | 795 |
| Profit/loss before taxes, as % of net sales | 6.3 | 3.8 |
| Return on equity, % | - | - |
| Return on investment, % | - | - |
| Equity ratio, % | 61.0 | 60.5 |
| Gross investments in tangible and intangible assets, EUR 1,0001) | 123 | 118 |
| Gross investments in tangible and intangible assets, as % of net sales | 0.6 | 0.6 |
| Capitalisations according to IAS 38 to intangible assets, EUR 1,000 | 1,348 | 1,060 |
| Research and development expenditure, EUR 1,000 | 4,640 | 4,307 |
|
Research and development expenditure, as % of net sales |
20.7 | 20.6 |
| Order backlog, EUR 1,000 | 60,011 | 55,798 |
| Average number of employees during the period | 741 | 676 |
| Interest-bearing net liabilities, EUR 1,000 | -4,584 | -332 |
| Gearing ratio, % | -12.1 | -1.0 |
1) The figure does not include investments in development projects.
| Per share data |
1 Jan – 31 Mar 2016 |
1 Jan – 31 Mar 2015 |
| Earnings per share (EPS), EUR | 0.01 | 0.00 |
| EPS diluted, EUR | 0.01 | 0.00 |
| Equity per share, EUR | 0.34 | 0.32 |
| Dividend per share, EUR | - | - |
| Dividend per earnings, % | - | - |
| Effective dividend yield, % | - | - |
| P/E ratio | - | - |
| Adjusted number of shares at the end of the period | 108,395,409 | 107,432,270 |
| of which the number of treasury shares | 418,507 | 464,739 |
| Outstanding shares | 107,976,902 | 106,967,531 |
| Adjusted average number of shares during the period | 107,370,551 | 106,966,567 |
| Average number of shares, dilution included | 110,119,850 | 107,758,737 |
10. Definition of key figures
| Operating margin % | = | Operating profit/loss | x100 |
| Net sales | |||
| Profit margin (before income taxes) % | = | Profit/loss before taxes | x100 |
| Net sales | |||
| Return on equity % (ROE) | = | Profit/loss | x100 |
| Total equity (average during year) | |||
| Return on investment % (ROI) | = | Profit/loss before taxes + financial expenses | x100 |
| Total equity + interest bearing liabilities (average during the year) | |||
| Equity ratio % | = | Total equity | x100 |
| Statement of financial position total – advances received | |||
| Gross investments in tangible and intangible assets, as % of net sales | = | Gross investments in tangible and intangible assets | x100 |
| Net sales | |||
| Research and development expenditure, as % of net sales | = | Research and development expenditure | x100 |
| Net sales | |||
| Gearing ratio % | = | Interest-bearing liabilities – cash and cash equivalents | x100 |
| Total equity | |||
| Earnings per share (EPS) | = | Profit/loss for the financial year attributable to equity shareholders | |
| Average number of outstanding shares for the financial year | |||
| Equity per share | = | Equity attributable to the equity holders of the parent company | |
| Adjusted number of shares at the end of period | |||
| Dividend per share | = | Dividend | |
| Adjusted number of shares at the end of period | |||
| Dividend per earnings % | = | Dividend per share | x100 |
| Earnings per share (EPS) | |||
| Effective dividend yield % | = | Dividend per share | x100 |
| Share closing price at end of period | |||
| P/E ratio | = | Share closing price at end of period | |
| Earnings per share (EPS) | |||