Revenio Group Oyj
REVENIO GROUP CORPORATION INTERIM REPORT 1 January to 30 September 2010
Revenio Group Oyj 27.10.2010 08:00 --------------------------------------------------------------------------- Revenio Group Corporation STOCK EXCHANGE RELEASE 27 October 2010 at 9.00 a.m. REVENIO GROUP CORPORATION INTERIM REPORT 1 January to 30 September 2010 1-9/2010 - Consolidated net sales EUR 19.6 million (23.0), down by 14.8 percent - Consolidated operating profit EUR 0.2 million (-0.5), or 0.9 (-2.3) percent of net sales - Consolidated operating profit excluding non-recurring items was EUR -0.3 (-0.5) million, or -1.7 (-2.3) percent of net sales - Pre-tax profit EUR 0.1 million (-0.7) or 0.4(-3.0) percent of net sales - Diluted and undiluted earnings per share EUR 0.004 (-0.007) - Cash flow from operating activities EUR 0.8 million (EUR 0.6 million) - The company changes its financial guidance as follows: Net sales for 2010 are expected to be slightly lower than in 2009 and the operating profit to be positive. The operating profit estimate does not include capital gains from selling property or other non-recurring items. The previous guidance was: Net sales for 2010 are expected to remain at their 2009 level and the operating profit to be positive. 7-9/2010 - Consolidated net sales EUR 6.5 million (6.8), down by 3.4 percent - Consolidated operating profit EUR 0.8 million (0.2), or 12.1 (3.5) percent of net sales - Consolidated operating profit excluding non-recurring items was EUR 0.3 (0.2) million, or 4.6 (3.5) percent of net sales Olli-Pekka Salovaara, President and CEO: 'The most positive event in the period was the two larger orders obtained by Done Logistics Oy which will be delivered to Tine SA in Norway. One of the Tine deals was concluded directly with the end customer. For the other, the orderer was Swisslog AG of Switzerland, which specializes in large logistics projects. Thanks to orders won, Done Logistics Oy was already able to achieve some growth in net sales and improve its profitability during the third quarter. Based on its long-term order book, the company is now able to plan its operations efficiently. Also numbering among the positive events were the orders, with a short delivery time, won by Boomeranger Boats Oy from several clients. These orders have a total value of over two million euros. Thanks to this, Boomeranger's net sales saw positive development. However, filling several smaller orders simultaneously has weakened production efficiency, and thereby profitability. Nonetheless, the company now has both short- and long-term orders in its order portfolio, which allows the planning of production to achieve smoother throughput in the future. Icare Finland Oy also continued its positive development, increasing its net sales and improving its profitability. The company's new products are now on the market in several European countries, contributing to its future growth opportunities. Icare is also working to get all of its products on the market in the USA. However, providing precise estimates of the related product approval schedules is difficult. For Finnish Led Signs Oy, the period has been difficult; the company saw a decline in both net sales and profitability. Fuel distributors, including BP, have been very cautious in their investment decisions, postponing many of their plans. At Midas Touch Oy, several customer relationships that had become unprofitable were terminated, leading to a decline in net sales. Through employer-employee negotiations initiated in September, capacity is now being adjusted to a reasonable level from the profitability perspective. In terms of profit performance, the third quarter was positive and the prospects in several companies are better than at the end of the last quarter.' MARKET SITUATION In the Services segment, demand for translation services provided by Done Information Oy has stabilized, enabling profitable operations. On the other hand, consumer behavior remains cautious, hampering Midas Touch Oy's ability to conduct the large telemarketing campaigns that are central to its operations in a profitable manner. Despite the significant order won by the Systems segment from Norway in July, the general market situation within the industry has yet to improve. In the Health Care segment, the demand for Icare tonometers continued to grow and the market situation is good. In addition to our current main markets, we ventured into new export markets outside Europe during the period. In the Safety segment, customers are showing more activity in the markets, which was reflected as an increase in requests for offers and orders. In the Technology segment, demand for LED displays and display systems declined, due to subdued investment activity among customers with respect to their service station networks. NET SALES, PROFITABILITY AND PROFIT Revenio Group's consolidated net sales during the period January 1 - September 30, 2010 totaled EUR 19.6 million (23.0), representing a decline of 14.8 percent. Second-quarter consolidated turnover in 2010 amounted to EUR 6.5 million (6.8), representing a decline of 3.4 percent. During the period between September 1 and 30, 2010, earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to EUR 1.0 million (EUR 0.3 million), or 5.0 (1.4) percent of net sales. Consolidated operating result was EUR 0.2 million (EUR -0.5 million), representing 0.9 (-2.3) percent of net sales. Consolidated operating profit excluding non-recurring items was EUR -0.3 million (EUR -0.5 million), or -1.7 (-2.3) percent of net sales. The pre-tax result amounted to EUR 0.1 million (EUR -0.7 million), or 0.4 (-3.0) percent of net sales. The net profit for the third quarter amounted to EUR 0.7 million (EUR 0.1 million), or 10.0 (1.3) percent of net sales. The net profit for the third quarter excluding non-recurring items amounted to EUR 0.1 million (EUR 0.1 million), or 1.7 (1.3) percent of net sales. In the third quarter, Health Care segment product development costs of EUR 0.2 (0.0) million were capitalized in accordance with the IAS 38 standard. Both undiluted and diluted earnings per share totaled EUR 0.004 (EUR -0.007). Equity per share was EUR 0.20 (EUR 0.21). This represents a reduction in the Corporation's net sales year-on-year. The declining trend clearly slowed in the third quarter. Most of this decrease in net sales was due to Midas Touch Oy. There was also a clear decline in net sales in the Technology segment. Capital gains of EUR 0.6 million, from selling Done Logistics Oy's commercial real estate, was recognized in the period's result as a non-recurring item. Disregarding non-recurring items, the Corporation's relative profitability and operating profit showed a slight improvement year-on-year. BALANCE SHEET, FINANCIAL POSITION AND INVESTMENTS The consolidated balance sheet total on September 30, 2010 was EUR 25.7 million (EUR 25.7 million). Shareholders' equity came to EUR 15.3 million (EUR 16.1 million). At the end of the review period, interest-bearing net liabilities amounted to EUR 0.6 million (EUR 2.1 million) and gearing stood at 3.7 (12.8) percent. The consolidated equity ratio was 64.9 (62.2) percent. The Group's liquid assets were EUR 2.7 million (EUR 2.1 million) at the end of the period. The Group's financial position remained stable. In addition to its liquid assets, the Group has a EUR 2.0 million checking account limit, from which EUR 0.4 million had been withdrawn at the end of the review period. During January 1 - September 30, 2010, cash flow from operating activities amounted to EUR 0.8 million (EUR 0.6 million). Cash flow from business operations for the third quarter came to EUR 0.4 million (EUR -0.7 million). The Group's purchases of PPE and intangible assets totaled EUR 0.6 million (EUR 0.3 million). GROUP STRUCTURE Revenio Group comprises the parent company Revenio Group Corporation and its wholly-owned subsidiaries, all active companies, Done Information Oy, Midas Touch Oy, Done Logistics Oy, Done Software Solutions Oy, Icare Finland Oy, Boomeranger Boats Oy and Finnish Led-Signs Oy, and additionally the following subsidiaries of Midas Touch Oy: Midas Touch Media Oy, Midas Touch Gateway Oy, Midas Touch Interactive Oy, Midas Touch Tech Oy and Midas Touch Care Oy. OPERATIONS BY BUSINESS SEGMENT Revenio Group Corporation's business operations are organized into five primary business segments: Services (Done Information Oy and Midas Touch Oy), Systems (Done Logistics Oy and Done Software Solutions Oy), Health Care (Icare Finland Oy), Safety (Boomeranger Boats Oy) and Technology (Finnish Led-Signs Oy). This segment-based structure corresponds to the Group's organization and internal reporting. Services Done Information Oy is one of Finland's biggest translation and content creation companies, while Midas Touch Oy is a leading Finnish contact center company. The Service segment's net sales in Q1-Q3 totaled EUR 7.8 million (EUR 10.9 million), down by 28.3 percent. Its margin was EUR -0.9 million (EUR -1.1 million). Third-quarter consolidated net sales amounted to EUR 2.3 million (EUR 2.9 million), while the margin was EUR -0.2 (-0.3) million. The improvement in Done Information Oy's profitability, continued in Q1-Q3. Although its net sales saw a slight decrease year-on-year, the company's operating profit turned positive. Demand for products and services marketed under Midas Touch Oy's contact services continues to be weak. The company's net sales saw a marked reduction year-on-year. The primary reason for the decrease in net sales lay in the decline in large customers' order volumes and the divestment of the least profitable assignments. On September 10, 2010, the two subsidiaries of Midas Touch Oy, Midas Touch Media Oy and Midas Touch Gateway Oy, initiated employer-employee negotiations. The purpose of the negotiations is to eliminate overcapacity in the provision of contact center services. The negotiations concern all personnel within these companies. On May 1, 2010, Riku Lamppu, a commercial institute graduate, was appointed the new CEO of Midas Touch Oy. Systems The Systems segment comprises Done Logistics, which provides companies with materials handling systems related to their internal logistics, and Done Software Solutions Oy, which provides the related information systems. Done Software Solutions Oy launched operations as an independent company on May 1, 2010, as a result of the partial demerger of Done Logistics Oy. The figures, including all reference information, in this interim report are presented as if this arrangement had been effective throughout the entire period described by the report and reference information. In Q1-Q3, 2010, the Systems segment's net sales amounted to EUR 3.7 million (EUR 3.8 million), down 2.4 percent. Its margin was EUR -0.2 million (EUR -0.1 million). Third-quarter consolidated net sales amounted to EUR 1.7 million (EUR 1.1 million), while the margin was EUR 0.0 (0.1) million. The segment is still suffering from the downturn in demand for investment products. On July 14, 2010, within the Systems segment Done Logistics Oy won the largest order in its history, from Norway. Done Logistics Oy will deliver a dairy product handling and collection system worth EUR 12.0 million to the Norwegian Tine SA, a subcontractor for the Swiss logistics group, Swisslog. This delivery will be part of a dairy product distribution center to be built in Oslo, where Swisslog is the main logistics systems contractor. As an additional order for the project, at the end of September, Tine ordered a production interface worth EUR 1.6 million from Done Logistics. Both orders will be delivered in 2010-2012, the greatest impact on net sales and profit occurring during 2011-2012. In addition, a significant customer agreement was jointly secured by Done Logistics Oy and Done Software Solutions Oy. Worth a total of EUR 1.3 million, the agreement was concluded with Nestlé Finland Ltd, for the transference and modernization of the palletizing department at its Turenki ice cream plant. Health Care The Health Care segment consists of Icare Finland, which specializes in the development, manufacture and sale of tonometers measuring intra ocular pressure. In Q1-Q3 2010, the Health Care segment's net sales amounted to EUR 4.8 million (EUR 4.3 million), up 11.4 percent. Its margin was EUR 1.8 million (EUR 1.5 million). Third-quarter consolidated net sales amounted to EUR 1.6 million (EUR 1.5 million), while the margin was EUR 0.8 (0.5) million. Significant development projects relating to a new generation of products were concluded during the period, with the first Icare One products, enabling self-administered tests, being shipped to customers. As a result, higher product development and marketing costs than usual were concentrated in this period. The new products are expected to increase net sales as of the final quarter of 2010, but to a greater degree as of 2011. Safety The Safety segment comprises Boomeranger Boats, which designs, manufactures and sells Rigid Inflatable Boats of the highest quality, primarily for navy rescue units, authorities and security forces in various countries. In Q1-Q3 2010, the Safety segment's net sales amounted to EUR 2.2 million (EUR 1.9 million), up 14.0 percent. Its margin was EUR -0.1 million (EUR -0.0 million). Third-quarter consolidated net sales amounted to EUR 0.6 million (EUR 0.5 million), while the margin was EUR -0.1 (-0.0) million. Towards the end of the period, the segment obtained the short-term orders it needed. However, profitability was weakened by a rise in material costs and challenges in production throughput. Technology Finnish Led-Signs, which makes up the Technology segment, is the largest supplier of LED price displays in the Nordic countries and Finland's leading manufacturer of LED information displays and parking guide systems. In Q1-Q3 2010, the Technology segment's net sales amounted to EUR 1.1 million (EUR 2.1 million), down 47.4 percent. Its margin was EUR -0.1 million (EUR 0.2 million). Third-quarter consolidated net sales amounted to EUR 0.4 million (0.8), while the margin was EUR 0.0 (0.1) million. Net Sales Net Sales Segment profit margin 1-9/2010 1-9 /2009 1-9/2010 1-9/2009 MEUR Share MEUR Share MEUR % MEUR % Services Total 7.8 40% 10.9 48% -0.89 -11 -1.35 -13 -Done Information 2.6 13% 2.6 12% 0.10 4 -0.29 -11 -Midas Touch 5.2 27% 8.3 36% -0.99 -13 -1.06 -15 Systems Total 3.7 19% 3.8 17% -0.24 -7 -0.07 -2 -Done Logistics 2.9 15% 2.9 13% -0.34 -12 -0.27 -13 -Done Software 0.8 4% 0.9 4% 0.10 13 0.08 15 Solutions Health Care 4.8 25% 4.3 18% 1.84 36 1.53 35 Safety 2.2 11% 1.9 9% -0.07 -3 -0.00 -0 Technology 1.1 5% 2.1 8% -0.12 -11 0.23 11 Total 19.6 100% 23.0 100% 0.53 2 0.34 1 Parent Co. expenses -0.85 -0.87 Operating profit/loss -0.32 -2 -0.53 -2 (excluding non-recurring items) Net sales, margin and profit by segment and quarter, excluding non-recurring items, were as follows: MEUR Q3/10 Q2/10 Q1/10 Q4/09 Q3/09 Q2/09 Q1/09 Net sales: Services total 2.3 2.8 2.8 2.7 2.9 3.6 4.4 -Done Information 0.8 1.0 0.8 0.9 0.7 0.8 1.1 -Midas Touch 1.5 1.8 1.9 1.8 2.2 2.8 3.3 Systems total 1.7 0.8 1.2 0.9 1.1 1.0 1.6 -Done Logistics 1.4 0.5 0.9 0.7 0.8 0.8 1.3 -Done Software 0.3 0.3 0.3 0.2 0.3 0.2 0.3 Solutions Health care 1.6 1.5 1.7 1.8 1.5 1.4 1.4 Safety 0.6 0.9 0.7 0.9 0.5 0.4 1.0 Technology 0.4 0.4 0.3 0.6 0.8 0.7 0.6 Total 6.5 6.4 6.6 7.0 6.8 7.1 9.1 Segment profit margin: Q3/10 Q2/10 Q1/10 Q4/09 Q3/09 Q2/09 Q1/09 Services total -0.17 -0.33 -0.38 -0.65 -0.27 -0.56 -0.52 -Done Information 0.04 0.04 0.02 0.12 -0.10 -0.16 -0.04 -Midas Touch -0.21 -0.37 -0.40 -0.77 -0.17 -0.40 -0.48 Systems total 0.03 -0.18 -0.09 -0.17 0.11 -0.14 -0.04 -Done Logistics -0.01 -0.21 -0.12 -0.17 -0.06 -0.18 -0.08 -Done Software 0.04 0.03 0.03 -0.00 0.17 0.04 0.04 Solutions Health care 0.83 0.45 0.56 0.78 0.54 0.49 0.50 Safety -0.13 0.04 0.02 0.07 -0.06 -0.06 0.12 Technology 0.02 -0.03 -0.11 0.06 0.12 0.08 0.03 Total 0.57 -0.05 0.01 0.08 0.44 -0.20 0.09 Parent co. expenses -0.27 -0.30 -0.28 -0.19 -0.21 -0.36 -0.29 Operating profit 0.30 -0.35 -0.27 -0.11 0.23 -0.56 -0.20 Operating profit % 4.6 % -5.5% -4.2% -1.5% 3.4% -7.9% -2.3% HUMAN RESOURCES The number of personnel employed by the Group during the period averaged 350(486). The number of employees at the end of the period was 343 (463). The number of personnel employed by the Group during the period, by segment, averaged: 9/30/2010 9/30/2009 Change Services 255 392 -137 Systems 45 48 -3 Helath Care 10 8 2 Safety 24 21 3 Technology 12 13 -1 Parent company 4 4 0 Total 350 486 -136 Wages, salaries and other remuneration paid during the review period totaled EUR 8.1 million (EUR 10.5 million). SHARES, SHARE CAPITAL AND MANAGEMENT HOLDINGS On September 30, 2010, Revenio Group Corporation's fully paid-up share capital registered with the Trade Register was EUR 5,314,918.72 and the number of shares outstanding totaled 76,839,730. The company has one series of shares. All shares confer the same voting rights and an equal right to dividends and the company's funds. On September 30, 2010, the Board of Directors and the President and CEO held 20.9 percent of the company's shares, totaling 16,081,960 shares, and 18.6 percent of option rights, or a total of 684,365 options. A share buyback programme, commenced by Revenio Group Corporation on May 5, 2010, in order to pay Board members' emoluments in the form of shares, concluded on May 12, 2010. A total of 141,255 shares were purchased, and were transferred to Board members. With these transfers, the part of the Board members' emoluments payable in the form of shares has been paid in full. Following the transfers, the company holds no treasury shares. CHANGES IN SHAREHOLDINGS There were no significant changes in ownership to report during the review period. OPTION RIGHTS On the basis of the share issue authorization approved by the Annual General Meeting on 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. Each option right entitles the holder to subscribe for one Revenio Group Corporation share. Against the total number of the company's shares on December 31, 2009, the proportion of shares to be subscribed on the basis of the option rights issued represent a maximum of 2.5 percent of the company's shares and votes, once all new shares subscribed with these option rights have been registered. Shares subscribed via the option scheme 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 relating to the 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 periods November 1-30, 2007 (EUR 0.66, Series A), April 1-30, 2009 (EUR 0.31, Series B) and November 1-30, 2010 (Series C). No options were issued to personnel during the review period. At the end of the review period, the company's key personnel held a total of 1,159,365 Series 2007A options and a total of 685,000 Series 2007B options. TRADING ON NASDAQ OMX HELSINKI During the period January 1 - September 30, 2010, Revenio Group Corporation's turnover on the NASDAQ OMX Helsinki totaled EUR 5.2 (3.4) million, representing 15.3 (11.1) million shares or 20.0 (14.5) percent of shares outstanding. The trading high was EUR 0.38 (0.36) and the low EUR 0.28 (0.26). At the end of the review period, the closing price was EUR 0.32 (0.33), and the average share price was EUR 0.34 (0.31). Revenio Group Corporation's market value on September 30, 2010 was EUR 24.6 (25.4) million. ANNUAL GENERAL MEETING AND VALID BOARD AUTHORIZATIONS The Annual General Meeting held on April 8, 2010 approved the company's financial statements and discharged the members of the Board of Directors and the President and CEO from liability for the financial year January 1 - December 31, 2009. The AGM selected the following persons as members of the Board of Directors: Jyri Merivirta, LL.M., private investor; Pekka Tammela, M.Econ., APA, Partner of Pajamaa Partners Oy; Timo Mänty, M.Econ., President of Rautakirja Oy, and, as a new member, Rolf Fryckman, the Chairman of Eyemaker's Finland Oy. The AGM decided that the Chairman of the Board should be entitled to an annual emolument of EUR 60,000 and the other Board members to an annual emolument of EUR 36,000, with the exception that any member who holds a minimum 5 percent stake in Revenio Group Corporation, either directly or through a company in which he or she has a minimum holding of 50 percent, should not be entitled to a separate emolument. A total of 40 percent of Board members' emoluments will be settled in the form of the company's shares, while 60 percent will comprise a monetary payment. The AGM decided to re-elect PricewaterhouseCoopers Oy, Authorized Public Accountants, as the company's auditor, with Juha Tuomala, Authorized Public Accountant, acting as the chief auditor. The AGM decided to accept the Board's proposal on profit distribution, according to which the profit for the financial period, EUR 2,015,787.66, will be added to retained earnings, and a dividend of EUR 0.01 per share will be paid at a total of EUR 768,397.30. The AGM rescinded its earlier authorization to buy back 7,683,973 of the company's own shares and authorized the Board to decide on the buyback of a maximum of 7,683,973 of the company's own shares in one or more installments using the company's unrestricted equity, in which case any buyback will reduce the company's distributable earnings. The AGM decided to rescind the Board's valid unexercised share-issue authorizations. The AGM authorized the Board of Directors to decide on an issue of a maximum of 30,000,000 shares or to grant special rights (including stock options) entitling to shares, as set forth in Section 1 of Chapter 10 of the Companies Act, in one or several tranches. This authorization was granted to be used to finance and implement any potential corporate acquisitions or other transactions, to implement 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 the grantees of the special rights, and the consideration payable. The Board's authorization 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 will be valid until April 30, 2011. MAJOR BUSINESS RISKS AND UNCERTAINTIES The Group issued a notification of its major business risks and uncertainties in its financial statements bulletin of February 16, 2010. No changes in said risks have occurred since the bulletin's release. OUTLOOK FOR 2010 Net sales for 2010 are expected to be slightly lower than in 2009 and the operating profit to be positive. The operating profit estimate does not include capital gains from selling property or other non-recurring items. The figures are unaudited. GROUP KEY FIGURES AND RATIOS(MEUR) 1-9/2010 1-9/2009 1-12/2009 Net sales 19.6 23.0 30.0 Ebitda 1.0 0.3 0.5 Ebitda % 5.0 1.4 1.5 Operating profit 0.2 -0.5 -0.6 Operating profit % 0.9 -2.3 -2.1 Pre-tax profit 0.1 -0.7 -0.8 Pre-tax profit % 0.4 -3.0 -2.8 Net profit 0.3 -0.5 -0.8 Net profit % 1.5 -2.3 -2.7 Gross capital expenditure 0.6 0.3 0.3 Gross capital expenditure % 3.2 0.8 1.1 R&D costs 0.3 0.4 0.4 R&D costs % 1.5 1.2 1.4 Gearing % 3.7 12.8 7.1 Equity ratio % 64.9 62.2 60.7 Return on investment % (ROI) 1.5 -2.8 -2.6 Return on equity % (ROE) 2.5 -4.1 -4.9 Undiluted earnings per share, EUR 0.004 -0.007 -0.011 Diluted earnings per share, EUR 0.004 -0.007 -0.011 Equity per share, EUR 0.20 0.23 0.21 Average no. of employees 350 486 516 Cash flow from operating activities 0.8 0.6 2.0 Cash flow from investing activities 0.2 -0.2 -0.3 Net cash used in financing activities -1.2 -0.4 -0.8 Total cash flow -0.2 0.1 0.9 CONSOLIDATED COMPREHENSIVE INCOME STATEMENT (MEUR) 1-9/2010 1-9/2009 1-12/2009 NET SALES 19.6 23.0 30.0 Other operating income 0.6 0.0 0.1 Materials and services -5.8 -5.7 -7.6 Employee benefits -9.7 -12.6 -16.4 Depreciation/amortization -0.8 -0.8 -1.1 Other operating expenses -3.7 -4.4 -5.5 OPERATING PROFIT 0.2 -0.5 -0.6 Share of associates' results 0.0 0.0 0.0 Financial expenses (net) -0.1 -0.2 -0.2 PRE-TAX PROFIT 0.1 -0.7 -0.8 Income tax expense 0.2 0.2 0.0 NET PROFIT 0.3 -0.5 -0.8 Other comprehensive income items 0.0 0.0 0.0 Income tax expense for comprehensive income Items 0.0 0.0 0.0 Other comprehensive income items after taxes 0.0 0.0 0.0 TOTAL COMPREHENSIVE INCOME 0.3 -0.5 -0.8 Net profit attributable to:: Parent company shareholders 0.3 -0.5 -0.8 Minority interest 0.0 0.0 0.0 Total comprehensive income attributable to Parent company shareholders 0.3 -0.5 -0.8 Minority interest 0.0 0.0 0.0 Earnings per share, undiluted EUR 0.004 -0.007 -0.011 Earnings per share, diluted EUR 0.004 -0.007 -0.011 CONSOLIDATED COMPREHENSIVE INCOME STATEMENT (MEUR) 7-9/2010 7-9/2009 NET SALES 6.5 6.8 Other operating income 0.5 0.0 Materials and services -2.4 -1.7 Employee benefits -2.7 -3.5 Depreciation/amortization -0.3 -0.3 Other operating expenses -1.0 -1.1 OPERATING PROFIT 0.8 0.2 Share of associates' results 0.0 0.0 Financial expenses (net) -0.1 -0.1 PRE-TAX PROFIT 0.7 0.1 Income tax expense 0.0 -0.0 NET PROFIT 0.0 0.1 Other comprehensive income items 0.0 0.0 Income tax expense for comprehensive income Items 0.0 0.0 Other comprehensive income items after taxes 0.0 0.0 TOTAL COMPREHENSIVE INCOME 0.7 0.1 Net profit attributable to: Parent company shareholders 0.7 0.1 Minority interest 0.0 0.0 Total comprehensive income attributable to: Parent company shareholders 0.7 0.1 Minority interest 0.0 0.0 CONSOLIDATED BALANCE SHEET(MEUR) 30.9.2010 30.9.2010 31.12.2009 ASSETS NON-CURRENT ASSETS Property, plant and equipment 1.4 2.0 1.9 Goodwill 9.1 9.4 9.1 Intangible assets 2.4 2.8 2.7 Shares in associates 0.4 0.4 0.4 Available-for-sale-assets 0.3 0.3 0.3 Deferred tax assets 3.2 3.3 3.1 TOTAL NON-CURRENT ASSETS 16.8 18.2 17.5 CURRENT ASSETS Inventories 1.0 1.2 1.9 Trade and other receivables 5.2 4.0 4.3 Cash and cash equivalents 2.7 2.1 2.9 TOTAL CURRENT ASSETS 8.9 7.4 9.1 TOTAL ASSETS 25.7 25.6 26.6 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 7.0 7.0 7.0 Retained earnings/loss 0.2 1.0 0.6 TOTAL EQUITY, attributable to holders of parent company equity 15.3 16.1 15.7 TOTAL SHAREHOLDERS' EQUITY 15.3 16.1 15.7 LIABILITIES NON-CURRENT LIABILITIES Deferred tax liabilities 0.7 0.9 0.8 Provisions 0.2 0.1 0.2 Financial liabilities 1.7 2.9 2.7 Other liabilities 0.0 0.5 0.0 TOTAL LONG-TERM LIABILITIES 2.6 4.4 3.8 CURRENT LIABILITIES Advance payments 2.2 0.4 0.6 Trade and other payables 4.1 3.9 5.2 Provisions 0.0 0.0 0.0 Financial liabilities 1.6 1.3 1.3 TOTAL SHORT-TERM LIABILITIES 7.9 5.2 7.1 TOTAL LIABILITIES 10.5 9.5 10.8 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 25.7 25.6 26.6 CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS'EQUITY (MEUR) Share- Share Other Retained Minority Total Capital Premium Reserves Earnings Interest equity Balance Jan 1, 2009 5.3 2.4 6.5 3.3 0.0 17.6 Private placements 0.0 0.0 0.5 0.0 0.0 0.5 Dividend distribution 0.0 0.0 0.0 -1.5 0.0 -1.5 Cancellation of own shares 0.0 0.0 0.3 -0.3 0.0 0.0 Options expense adjustment 0.0 0.0 0.0 0.0 0.0 0.0 Net profit 0.0 0.0 0.0 -0.5 0.0 -0.5 Balance Sep 30,2009 5.3 2.4 7.3 1.0 0.0 16.1 Share- Share Other Retained Minority Total Capital Premium Reserves Earnings Interest equity Balance Jan 1,2010 5.3 2.4 7.3 0.7 0.0 15.7 Dividend distribution 0.0 0.0 0.0 -0.8 0.0 -0.8 Options expense adjustment 0.0 0.0 0.0 0.0 0.0 0.0 Net profit 0.0 0.0 0.0 0.3 0.0 0.3 Balance Sep 30,2010 5.3 2.4 7.3 0.2 0.0 15.3 CONSOLIDATED CASH FLOW STATEMENT (MEUR) 1-9/2010 1-9/2009 1-12/2009 Net profit 0.2 -0.5 -0.8 Adjustments to net profit 0.3 0.6 1.4 Change in working capital 0.4 0.5 0.8 Interest paid -0.0 -0.1 -0.2 Taxes paid 0.0 0.0 -0.0 CASH FLOW FROM OPERATING ACTIVITES 0.8 0.6 2.0 Purchase of PPE -0.0 -0.2 -0.3 Purchase of intangible assets -0.4 0.0 0.0 Sales of fixed assets 0.6 0.0 0.0 NET CASH USED IN INVESTING ACTIVITIES 0.2 -0.2 -0.3 Paid dividends -0.8 -1.5 -1.5 Long-term borrowings 0.4 2.0 2.2 Repayments of long-term borrowings -1.0 -0.8 -1.4 Finance lease principal payment -0.0 -0.0 -0.1 NET CASH USED IN FINANCING ACTIVITIES -1.2 -0.4 -0.8 Net change in cash and equivalents -0.2 0.1 0.9 Cash and equivalents, period-start 2.9 2.0 2.0 Cash and equivalents, period-end 2.7 2.1 2.9 NET SALES AND OPERATING PROFIT BY QUARTER (MEUR) MEUR Q3/2010 Q2/2010 Q1/10 Q4/09 Q3/09 Q2/09 Q1/09 Net sales 6.5 6.4 6.6 7.0 6.8 7.1 9.1 Oper. profit 0.8 -0.3 -0.3 -0.1 0.2 -0.4 -0.2 Oper. profit, % 12.1 -5.5 -4.2 -1.5 3.4 -5.7 -2.3 MAIN SHAREHOLDERS ON SEP 30, 2010 No. of shares % 1. Merivirta Jyri 15,000,000 19.52 2. Eyemaker's Finland Oy 7,817,214 10.17 3. Gateway Finland Oy 3,800,000 4.95 4. Etera 3,500,000 4.55 5. Alpisalo Mia 3,121,653 4.06 6. Mäkinen Markku 1,633,319 2.13 7. Kiesvaara Tuomo 1,259,332 1.63 8. Juurakko Timo 1,235,280 1.61 9. The Nordic Adviser Group Ltd 1,179,861 1.54 10.Latva Sami 1,000,000 1.30 Revenio Group Corporation Board of Directors For further information. please contact: Olli-Pekka Salovaara, President & CEO, mobile +358 040 5675520 olli-pekka.salovaara@revenio.fi http://www.revenio.fi DISTRIBUTION: NASDAQ OMX Helsinki Financial Supervisory Authority (FIN-FSA) Key media www.revenio.fi Revenio Group Corporation, the parent company of the Finnish conglomerate Revenio Group is listed on the NASDAQ OMX Helsinki. Revenio's subsidiaries share a focus on Finnish specialist expertise and export-based operations. Revenio Group consists of seven independent subsidiaries in five business segments. These subsidiaries are Done Information Oy, Done Logistics Oy, Done Software Solutions Oy, Icare Finland Oy, Boomeranger Boats Oy, Finnish Led-Signs Oy and Midas Touch Oy. News Source: NASDAQ OMX 27.10.2010 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Revenio Group Oyj Finland Phone: Fax: E-mail: Internet: ISIN: FI0009010912 WKN: End of Announcement DGAP News-Service ---------------------------------------------------------------------------
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