DIGIA PLC INTERIM REPORT 29 October 2010, 9:00 A.M.
Digia Plc third quarter 2010: Net sales continued to increase (+6.6%) with good
profitability (EBIT 10.9%)
SUMMARY:
January-September
- Consolidated net sales: EUR 94.8 (87.1) million, up 8.8 per cent
- Operating profit: EUR 12.4 (11.5) million, up 7.3 per cent
- Profitability (EBIT %): 13.1 (13.2) per cent
- Product business accounted for 15.6 (16.5) per cent
- Earnings per share: EUR 0.40 (0.35), up 14.3 per cent
July-September
- Consolidated net sales: EUR 27.0 (25.3) million, up 6.6 per cent
- Operating profit EUR 2.9 (3.4) million, down 14.6 per cent
- Profitability (EBIT %): 10.9 (13.6) per cent
- Product business accounted for 15.5 (16.5) per cent
- Earnings per share: EUR 0.10 (0.10)
The company's main objective for 2010 is to achieve organic growth while
maintaining a strongly positive cash flow and a high level of operational
profitability. The company succeeded in doing this during the period under
review, as net sales grew at a significantly higher rate than the market in
general, despite a slight slowdown in the third quarter.
Operational profitability remained solid, while earnings per share grew
significantly over the same period last year. In the third quarter, however,
recruitment activities to ensure future growth had a negative impact on
operating profit and profitability.
Operating cash flow remained positive. Thanks to strong cash flow, the company
was able to pay off some of its liabilities, so that at the end of the period
loans from financial institutions totaled EUR 22.0 million. In future the
company's strong cash reserves enable further extra loan repayments or
investments aimed at business growth.
For the rest of 2010, the company forecasts continued moderate growth in demand
for IT services, at a rate of approx. 2-4 per cent over 2009. Digia also expects
organic growth in its net sales, at least matching the general market rate, and
continued profitability.
CONSOLIDATED KEY FIGURES AND RATIOS
--------------------------------------------------------------------------------
| | 7-9/20 | 7-9/20 | Chang | 1-9/20 | 1-9/20 | Change | 2009 |
| | 10 | 09 | e % | 10 | 09 | % | |
--------------------------------------------------------------------------------
| Net sales | 26,951 | 25,281 | 6.6% | 94,800 | 87,146 | 8.8% | 120,335 |
--------------------------------------------------------------------------------
| Operating | 2,927 | 3,428 | -14.6 | 12,384 | 11,539 | 7.3% | 16,936 |
| profit before | | | % | | | | |
| extraordinary | | | | | | | |
| items | | | | | | | |
--------------------------------------------------------------------------------
| - % of net | 10.9% | 13.6% | | 13.1% | 13.2% | | 14.1% |
| sales | | | | | | | |
--------------------------------------------------------------------------------
| Operating | 2,927 | 3,428 | -14.6 | 12,384 | 11,539 | 7.3% | -7,796 |
| profit | | | % | | | | |
--------------------------------------------------------------------------------
| - % of net | 10.9% | 13.6% | | 13.1% | 13.2% | | -6.5% |
| sales | | | | | | | |
--------------------------------------------------------------------------------
| Profit for | 2,065 | 2,141 | -3.5% | 8 200 | 7 186 | 14.1% | -13 664 |
| the period | | | | | | | |
--------------------------------------------------------------------------------
| - % of net | 7.7% | 8.5% | | 8.7% | 8.2% | | -11.4% |
| sales | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Return on | 13.1% | 11.0% | | 17.9% | 12.7% | | -21.0% |
| equity, % | | | | | | | |
--------------------------------------------------------------------------------
| Return on | 13.7% | 11.3% | | 18.9% | 12.5% | | -7.1% |
| investment, % | | | | | | | |
--------------------------------------------------------------------------------
| Interest-bear | 23,321 | 40,525 | -42.5 | 23,321 | 40,525 | -42.5% | 30,429 |
| ing | | | % | | | | |
| liabilities | | | | | | | |
--------------------------------------------------------------------------------
| Cash and cash | 3,677 | 13,483 | -72.7 | 3,677 | 13,483 | -72.7% | 10,469 |
| equivalents | | | % | | | | |
--------------------------------------------------------------------------------
| Net gearing, | 30.7% | 34.3% | | 30.7% | 34.3% | | 34.3% |
| % | | | | | | | |
--------------------------------------------------------------------------------
| Equity ratio, | 58.7% | 56.1% | | 58.7% | 56.1% | | 52.3% |
| % | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Earnings per | 0.10 | 0.10 | 0.0% | 0.40 | 0.35 | 14.3% | -0.67 |
| share, EUR, | | | | | | | |
| undiluted | | | | | | | |
--------------------------------------------------------------------------------
| Earnings per | 0.10 | 0.10 | 0.0% | 0.40 | 0.35 | 14.3% | -0.67 |
| share, EUR, | | | | | | | |
| diluted | | | | | | | |
--------------------------------------------------------------------------------
The figures for 2009 include one-off items comprising a fourth-quarter goodwill
writedown of EUR -23.8 million, as well as a restructuring provision of EUR -0.9
million related to the closure of offices.
MARKETS AND DIGIA'S BUSINESS
Financial uncertainty dissipated somewhat during the review period and the IT
market has at least partly recovered from the financial crisis and the ensuing
downturn. Digia's order intake developed positively, although there were still
clear segment-based differences.
With regard to international operations, Digia continued to develop the
competence of its Chinese and Russian units, as well as the Group's ability to
serve customers locally. The task of the Chinese unit is to produce services
covering the entire life cycle of solutions produced by Digia for its customers,
on a global basis. The Russian unit operates as a near-shore resource for
Digia's Finnish customers, and the company will continue to develop its services
while focusing on selling chosen services to local customers.
Enterprise Solutions:
Demand for ERP system remained high in the review period. Demand for e-business
and customer experience management solutions was fair.
The effects of the revival of the international export industry in particular
were visible, for example in logistics ventures. As a customer, the financial
and insurance sector displayed cautious optimism, as did the retail and service
market. There was somewhat less demand for system work than before from the
public sector.
In the review period, the company focused on creating the necessary conditions
for growth, with means including the recruitment of new personnel. The third
quarter's increases in demand in the IT sector were reflected in the process as
longer recruitment periods and even a shortage of certain types of specialists.
In the future, the company will concentrate on developing sector-specific
solutions in line with market demand.
Mobile Solutions:
Demand for smartphone software development and user experience development
services continued to be strong in the period.
The company expects smartphones to continue growing in popularity. Businesses
and consumers use more and more services over wireless Internet connections. End
users want devices and applications to be visually attractive and user-friendly.
Demand for the company's services is also being upheld by the technology
revolution, the arrival of new technologies and the fact that customers are
ordering larger and larger entities.
Testing and maintenance services are still being outsourced to cheaper
countries. Digia is carrying out long-term work to improve its ability to
deliver new technologies. The company is also improving its competence in
conceptualization and user experience service production, as well as its ability
to provide global customers services spanning the entire life cycle of products
using various technology platforms.
NET SALES
Digia's consolidated net sales for the reporting period totaled EUR 94.8 (87.1)
million, up 8.8 per cent from the same period in 2009.
The Enterprise Solutions segment posted net sales of EUR 54.9 (51.6) million, up
6.4 per cent. The Mobile Solutions segment had net sales of EUR 39.9 (35.5)
million, up 12.2 per cent.
The product business accounted for EUR 14.8 (14.4) million of consolidated net
sales, or 15.6 (16.5) per cent.
International operations accounted for EUR 8.0 (7.2) million of consolidated net
sales, or 8.5 (8.3) per cent.
Digia's consolidated net sales for the third quarter totaled EUR 27.0 (25.3)
million, up 6.6 per cent from the same period in 2009.
In Q3, the Enterprise Solutions segment posted net sales of EUR 15.6 (15.1)
million, up 3.3 per cent, while the Mobile Solutions segment had net sales of
EUR 11.3 (10.1) million, up 11.5 per cent.
The product business accounted for EUR 4.2 (4.2) million of third—quarter
consolidated net sales, or 15.5 (16.5) per cent.
International operations accounted for EUR 2.1 (2.0) million of third—quarter
consolidated net sales, or 7.7 (7.9) per cent.
PROFIT PERFORMANCE AND PROFITABILITY
Digia's consolidated operating profit for the reporting period totaled EUR 12.4
(11.5) million, up 7.3 per cent from the same period in 2009. Profitability
(EBIT %) was 13.1 (13.2) per cent.
The Enterprise Solutions segment made an operating profit of EUR 8.2 (8.8)
million in the period, down 6.9 per cent. Mobile Solutions had an operating
profit of EUR 4.2 (2.7) million, up 53.4 per cent.
Digia's consolidated operating profit for the third quarter totaled EUR 2.9
(3.4) million, which was down 14.6 per cent from the same period in 2009.
Profitability (EBIT %) was 10.9 (13.6) per cent. The fall in profitability was
mostly due to recruitment of new personnel and investments into increasing its
duplicable product business.
In Q3, the Enterprise Solutions segment had an operating profit of EUR 2.4 (2.8)
million, down 15.3 per cent, and the corresponding figure for Mobile Solutions
was EUR 0.5 (0.6) million, down 11.0 per cent.
Earnings before taxes for the reporting period stood at EUR 11.2 (9.7) million,
and earnings after taxes came to EUR 8.2 (7.2) million. Earnings before taxes
for the third quarter totaled EUR 2.6 (2.8) million, and earnings after taxes
were EUR 2.1 (2.1) million.
Earnings per share for the review period were EUR 0.40 (0.35), up by 14.3 per
cent. In the third quarter, earnings per share totaled EUR 0.10 (0.10), thus
remaining the same as in the same period in the previous year.
The Group's net financial expenses were EUR 1.2 (1.8) million for the whole
reporting period and EUR 0.4 (0.7) for the third quarter.
FINANCIAL POSITION AND EXPENDITURE
At the end of the reporting period, the Digia Group's consolidated balance sheet
total stood at EUR 110.4 million (EUR 112.8 million in 12/2009) and the equity
ratio was 58.7 per cent (52.3 per cent). Net gearing was 30.7 per cent (12/2009:
34.3 per cent). The period-end cash and cash equivalents totaled EUR 3.7 million
(12/2009: EUR 0.5 million).
Interest-bearing liabilities amounted to EUR 23.3 million (12/2009: EUR 30.4
million). Interest-bearing liabilities comprised EUR 22.0 million in loans from
financial institutions, EUR 1.2 million in financial leasing liabilities and EUR
0.1 million in product development loans. The company repaid EUR 7 million of
its loans from financial institutions during the review period.
The Group carries out quarterly impairment testing on goodwill and intangible
assets with an indefinite useful life.
The table below shows, by business segment, goodwill and values subject to
testing at the end of the reporting period:
--------------------------------------------------------------------------------
| EUR 1,000 | Specifie | Depreciati | Goodwill | Other | Total value |
| | d | on during | | items | subject to |
| | intangib | the | | | testing |
| | le | reporting | | | |
| | assets | period | | | |
--------------------------------------------------------------------------------
| Enterprise | 3,693 | 536 | 43,244 | 4,331 | 51,268 |
| Solutions | | | | | |
--------------------------------------------------------------------------------
| Mobile | 5,233 | 875 | 22,301 | 4,267 | 31,801 |
| Solutions | | | | | |
--------------------------------------------------------------------------------
| Group total | 8,926 | 1,411 | 65,545 | 8,599 | 83,070 |
--------------------------------------------------------------------------------
Present values for the Enterprise Solutions segment were calculated for the
forecast period based on the following assumptions: net sales for 2010 according
to the latest forecast, after which annual growth of 3 per cent; operating
profit for 2010 in accordance with the latest forecast and then growth of 10 per
cent, with discount rates of 11.2 per cent. Cash flows following the forecast
period are estimated by extrapolating the cash flows, using the assumptions
given above.
Present values for the Mobile Solutions segment were calculated for the forecast
period based on the following assumptions: net sales for 2010 according to the
latest forecast, after which annual growth of 0 per cent; operating profit for
2010 in accordance with the latest forecast and then growth of 8 per cent, with
discount rates of 14.7 per cent. Cash flows following the forecast period are
estimated by extrapolating the cash flows, using the assumptions given above.
Net sales growth is reckoned to constitute the most critical factor in
calculating the present values of cash flows. The amount of goodwill for
Enterprise Solutions requires an average annual growth of two per cent for
business operations and five per cent profitability. For Mobile Solutions, the
goodwill requires business to be maintained at the current level, with seven per
cent profitability.
Digia's management sees no need for goodwill write-downs in either segment.
The Group's cash flow from business operations for the period was positive by
EUR 4.2 million (positive by EUR 12.8 million), cash flow from investments was
negative by EUR 1.1 million (negative by EUR 0.9 million) and cash flow from
financing was negative by EUR 9.9 million (negative by EUR 17.3 million). Cash
flow from operations was lower than in the same period last year, mostly due to
the fact that some receivables were received in advance before the end of the
previous financial period. Cash flow from financing was negatively affected by
the repayment of loans totaling EUR 7.0 million, as well as the payment of
dividends for a total of EUR 2.9 million.
The Group's total investments into fixed assets were EUR 1.1 million (EUR 0.9
million). Acquisitions of tangible fixed assets totaled EUR 0.9 million (EUR 0.7
million).
Return on investment (ROI) for the period was 18.9 per cent (12.5 per cent) and
return on equity (ROE) was 17.9 per cent (12.7 per cent).
HUMAN RESOURCES, MANAGEMENT AND ADMINISTRATION
At the end of the period, the number of Group personnel totaled 1,514,
representing an increase of 43 employees or 2.9 per cent since the end of 2009
(1,471). During the reporting period, the number of employees averaged 1,496, an
increase of 109 employees or 7.9 per cent over 2009 (1,387).
Employees by function at the end of the period:
--------------------------------------------------------------------------------
| Enterprise Solutions | 46% |
--------------------------------------------------------------------------------
| Mobile Solutions | 50% |
--------------------------------------------------------------------------------
| Administration and management | 4% |
--------------------------------------------------------------------------------
As of the end of the period, a total of 185 employees were working abroad
(12/2009: 219). The reduction in personnel since the end of 2009 was due to the
closure of the Yaroslaw unit in Russia, and to the natural turnover of personnel
in Chengdu, China.
Digia Plc's Annual General Meeting of 3 March 2010 re-elected Kari Karvinen,
Pertti Kyttälä, Martti Mehtälä and Pekka Sivonen as members of the Board, and
elected Robert Ingman, Tommi Uhari and Marjatta Virtanen as new members. At the
organization meeting of the Board, Pertti Kyttälä was elected as Chairman of the
Board and Martti Mehtälä as Vice Chairman. The separate employment contract
applying to Pekka Sivonen's term as full-time Chairman of the Board ended upon
the conclusion of the Annual General Meeting.
Juha Varelius has been Digia Plc's President and CEO since 1 January 2008.
Ernst & Young Oy, authorized public accountants, are the Group's auditors, with
Heikki Ilkka, Authorized Public Accountant, as the chief auditor.
RISKS AND UNCERTAINTIES
The company's short-term operating risks and uncertainties are described in the
2009 financial statements. There have been no changes. Risks and their
management are described on the company's website at www.digia.com.
FUTURE PROSPECTS
Digia's main objective for 2010 is to achieve organic growth while maintaining a
strong positive cash flow and a high level of profitability. To do this, the
company will continue to increase its human resources, develop its sales
operations and implement efficiency-enhancing measures.
The company will also continue to pursue the prudent internationalization of its
business operations, making a concerted effort to seek opportunities for
enlarging and developing its replicable product business. It will continue to
develop its international operations, particularly in China and Russia.
Digia considers the IT market to be recovering and stabilizing now that the
general uncertainty has abated, and expects it to grow by approximately 2-4 per
cent over 2009. The company expects its net sales to grow organically, at least
at this predicted market level, for the rest of the year. The company also
believes it will maintain a good level of operational profitability.
In the long term, the cornerstones of Digia's success will be strengthening
organic growth and maintaining good cash flows.
OTHER EVENTS DURING THE REVIEW PERIOD
Digia Plc's Annual General Meeting (AGM) was held on 3 March 2010. The decisions
of the AGM were published in the interim report of 29 April 2010, which can be
seen at www.digia.com.
Based on authorization received from the AGM, the Board of Directors decided to
establish a new stock-based incentive scheme for the Chief Executive Officer and
the other members of the Group Management Team. The scheme comprises four
earning periods, which are the calendar years 2010-2013. The earnings principles
are the consolidated earnings per share and the growth in consolidated net sales
compared to the budget, according to formulae settled separately by the Board.
According to the scheme, rewards totaling a maximum value equivalent to 40,000
shares will be paid for the 2010 earning period, and a maximum value of 200,000
shares will be paid for each of the earning periods from 2011 to 2013. Of the
rewards paid, one half will be awarded to the CEO and one half to the other
management team members in total. The reward will be paid as a 50/50 combination
of shares and cash. The cash portion of the bonus will primarily be used to
cover taxes and other comparable costs of the scheme.
SHARE CAPITAL AND SHARES
On 30 September 2010 the number of Digia Plc shares totaled 20,853,645.
At the end of the period, according to Finnish Central Securities Depository
Ltd, Digia had 5,083 shareholders. The ten major shareholders were:
--------------------------------------------------------------------------------
| Shareholder | Shares and votes |
--------------------------------------------------------------------------------
| Ingman Group Oy Ab | 14.4% |
--------------------------------------------------------------------------------
| Pekka Sivonen | 12.6% |
--------------------------------------------------------------------------------
| Jyrki Hallikainen | 10.2% |
--------------------------------------------------------------------------------
| Kari Karvinen | 6.5% |
--------------------------------------------------------------------------------
| Matti Savolainen | 6.1% |
--------------------------------------------------------------------------------
| Nordea Bank Finland Plc (nominee-registered) | 3.9% |
--------------------------------------------------------------------------------
| Varma Mutual Pension Insurance Company | 3.6% |
--------------------------------------------------------------------------------
| Skandinaviska Enskilda Banken | 2.1% |
| (nominee-registered) | |
--------------------------------------------------------------------------------
| Etola Oy | 1.0% |
--------------------------------------------------------------------------------
| Olli Ahonen | 0.9% |
--------------------------------------------------------------------------------
Distribution of holdings by number of shares held on 30 September 2010
--------------------------------------------------------------------------------
| Number of shares | Holding (%) | Shares and votes |
--------------------------------------------------------------------------------
| 1 - 100 | 21.7% | 0.4% |
--------------------------------------------------------------------------------
| 101 - 1,000 | 57.8% | 6.5% |
--------------------------------------------------------------------------------
| 1,001 - 10,000 | 18.4% | 12.3% |
--------------------------------------------------------------------------------
| 10,001 - 100,000 | 1.6% | 10.7% |
--------------------------------------------------------------------------------
| 100,001 - 1,000,000 | 0.4% | 20.3% |
--------------------------------------------------------------------------------
| 1,000,001 - 3,000,000 | 0.1% | 49.8% |
--------------------------------------------------------------------------------
Shareholding by sector on 30 September 2010
--------------------------------------------------------------------------------
| | Holding (%) | Shares (%) |
--------------------------------------------------------------------------------
| Companies | 5.0% | 19.1% |
--------------------------------------------------------------------------------
| Financial institutions and | 0.3% | 8.3% |
| insurance companies | | |
--------------------------------------------------------------------------------
| Non-corporate public sector | 0.1% | 3.7% |
--------------------------------------------------------------------------------
| Non-profit organizations | 0.3% | 0.5% |
--------------------------------------------------------------------------------
| Households | 93.9% | 67.3% |
--------------------------------------------------------------------------------
| Foreign ownership | 0.4% | 1.1% |
--------------------------------------------------------------------------------
REPORTED SHARE PERFORMANCE ON THE HELSINKI STOCK EXCHANGE
Digia Plc shares are listed on NASDAQ OMX Helsinki exchange under Information
Technology (IT) Services. The company's short name is DIG1V. The lowest reported
share quotation in the review period was EUR 3.36 and the highest was EUR 5.89.
The share officially closed at EUR 5.41 on the last trading day. The
trade-weighted average was EUR 4.96. The Group's market capitalization totaled
EUR 112,818,219 at the end of the period.
The company received no flagging notifications during the reporting period.
STOCK OPTION SCHEMES
During the reporting period, Digia Plc had a stock option scheme from 2005 as a
part of its key personnel incentive scheme. The number of warrants under that
scheme totaled 900,000, of which 300,000 were marked as 2005A, 300,000 as 2005B
and 300,000 as 2005C. The warrants entitle their holders to subscribe to a
maximum total of 900,000 Digia Plc shares.
At the end of the 2009 financial year, all A options in the 2005 scheme had
expired. 22,000 B options were held by previous employees of the company, while
all the rest had been returned to the company. All C options had been returned.
The returned options will not be exercised for subscribing shares. The maximum
dilution effect of the outstanding options was only 0.1 per cent on 30 September
2010.
Helsinki, 28 October 2010
Digia Plc
Board of Directors
BRIEFING FOR MEDIA AND ANALYSTS
Digia will hold a briefing on its Interim Report for analysts and the media on
Friday 29 October 2010 at 11 A.M., in the Marski Hall of WTC Sodexo in the World
Trade Center, Aleksanterinkatu 17, 00100 Helsinki, Finland. All are welcome.
FURTHER INFORMATION
Juha Varelius, President and CEO, Mobile: +358 400 855849, E-mail:
juha.varelius@digia.com
The Interim Report and access to the related live briefing for the media and
analysts (in Finnish) will be available in the Investors section at www.digia.fi
from 11 A.M.
DISTRIBUTION
NASDAQ OMX Helsinki
Key media
ABBREVIATED FINANCIAL STATEMENTS AND ATTACHMENTS
Consolidated income statement
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in shareholders' equity
Notes to the accounts
The interim report has been prepared in compliance with IFRS and the IAS 34
standard. This interim report is based on unaudited figures.
CONSOLIDATED INCOME STATEMENT, EUR 1,000
--------------------------------------------------------------------------------
| | 7-9/201 | 7-9/200 | Chan | 1-9/201 | 1-9/200 | Change | 2009 |
| | 0 | 9 | ge % | 0 | 9 | % | |
--------------------------------------------------------------------------------
| NET SALES | 26,951. | 25,281. | 6.6% | 94,799. | 87,145. | 8.8% | 120,335 |
| | 0 | 5 | | 8 | 8 | | .2 |
--------------------------------------------------------------------------------
| Other | 184.8 | 81.7 | 126. | 285.2 | 129.1 | 120.9% | 219.7 |
| operating | | | 1% | | | | |
| income | | | | | | | |
--------------------------------------------------------------------------------
| Materials | -1,689. | -1,496. | 12.9 | -7,407. | -5,954. | 24.4% | -7,996. |
| and | 6 | 0 | % | 9 | 6 | | 5 |
| services | | | | | | | |
--------------------------------------------------------------------------------
| Depreciati | -922.8 | -1,012. | -8.9 | -2,764. | -3,225. | -14.3% | -28,051 |
| on and | | 8 | % | 5 | 0 | | .3 |
| impairment | | | | | | | |
--------------------------------------------------------------------------------
| Other | -21,596 | -19,426 | 11.2 | -72,529 | -66,556 | 9.0% | -92,303 |
| operating | .0 | .2 | % | .0 | .1 | | .1 |
| expenses | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Operating | 2,927.5 | 3,428.3 | -14. | 12,383. | 11,539. | 7.3% | -7,796. |
| profit | | | 6% | 6 | 3 | | 1 |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Financial | -350.1 | -669.5 | -47. | -1,152. | -1,845. | -37.6% | -2,323. |
| expenses | | | 7% | 3 | 5 | | 2 |
| (net) | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Pre-tax | 2,577.4 | 2,758.8 | -6.6 | 11,231. | 9,693.8 | 15.9% | -10,119 |
| profit | | | % | 3 | | | .3 |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Direct tax | -512.1 | -617.5 | -17. | -3,031. | -2 | 20.9% | -3,544. |
| | | | 1% | 0 | 507.5 | | 6 |
--------------------------------------------------------------------------------
| NET PROFIT | 2,065.3 | 2,141.3 | -3.5 | 8,200.3 | 7 186.4 | 14.1% | -13,663 |
| | | | % | | | | .9 |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Components | | | | | | | |
| of | | | | | | | |
| statement | | | | | | | |
| of | | | | | | | |
| comprehens | | | | | | | |
| ive | | | | | | | |
| income: | | | | | | | |
--------------------------------------------------------------------------------
| Exchange | 114.4 | 118.1 | -3.1 | 294.4 | 129.0 | 128.3% | 128.3 |
| difference | | | % | | | | |
| s on | | | | | | | |
| translatin | | | | | | | |
| g foreign | | | | | | | |
| operations | | | | | | | |
--------------------------------------------------------------------------------
| TOTAL | 2,179.7 | 2,259.4 | -3.5 | 8,494.7 | 7,315.3 | 16.1% | -13,535 |
| COMPREHENS | | | % | | | | .6 |
| IVE INCOME | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Distributi | | | | | | | |
| on of net | | | | | | | |
| profit: | | | | | | | |
--------------------------------------------------------------------------------
| Parent | 2,065.3 | 2,141.3 | -3.5 | 8,200.3 | 7,186.4 | 14.1% | -13,663 |
| company | | | % | | | | .9 |
| shareholde | | | | | | | |
| rs | | | | | | | |
--------------------------------------------------------------------------------
| Minority | 0.0 | 0.0 | | 0.0 | 0.0 | | 0.0 |
| shareholde | | | | | | | |
| rs | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Distributi | | | | | | | |
| on of | | | | | | | |
| comprehens | | | | | | | |
| ive | | | | | | | |
| income: | | | | | | | |
--------------------------------------------------------------------------------
| Parent | 2,179.7 | 2,259.4 | -3.5 | 8,494.7 | 7,315.3 | 16.1% | -13,535 |
| company | | | % | | | | .6 |
| shareholde | | | | | | | |
| rs | | | | | | | |
--------------------------------------------------------------------------------
| Minority | 0.0 | 0.0 | | 0.0 | 0.0 | | 0.0 |
| shareholde | | | | | | | |
| rs | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Earnings | 0.10 | 0.10 | 0.0% | 0.40 | 0.35 | 14.3% | -0.67 |
| per share, | | | | | | | |
| EUR | | | | | | | |
--------------------------------------------------------------------------------
| Earnings | 0.10 | 0.10 | 0.0% | 0.40 | 0,35 | 14.3% | -0.67 |
| per share | | | | | | | |
| (diluted), | | | | | | | |
| EUR | | | | | | | |
--------------------------------------------------------------------------------
CONSOLIDATED BALANCE SHEET, EUR 1,000
--------------------------------------------------------------------------------
| Assets | 30.9.2010 | 31.12.2009 | Change % |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Non-current assets | | | |
--------------------------------------------------------------------------------
| Intangible assets | 75,186.7 | 76,577.3 | -1.8% |
--------------------------------------------------------------------------------
| Tangible assets | 2,358.8 | 2,616.7 | -9.9% |
--------------------------------------------------------------------------------
| Financial assets | 628.0 | 628.0 | 0.0% |
--------------------------------------------------------------------------------
| Long-term receivables | 70.0 | 202.9 | -65.5% |
--------------------------------------------------------------------------------
| Deferred tax assets | 611.2 | 1,211.6 | -49.6% |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Total non-current assets | 78,854.6 | 81,236.6 | -2.9% |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Current assets | | | |
--------------------------------------------------------------------------------
| Current receivables | 27,848.7 | 21,048.3 | 32.3% |
--------------------------------------------------------------------------------
| Available-for-sale | 298.9 | 293.4 | 1.9% |
| financial assets | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 3,377.6 | 10,175.2 | -66.8% |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Total current assets | 31,525.2 | 31,517.0 | 0.0% |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Total assets | 110,379.8 | 112,753.5 | -2.1% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shareholders' equity and | 30.9.2010 | 31.12.2009 | Change % |
| liabilities | | | |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Share capital | 2,125.1 | 2,085.4 | 1.9% |
--------------------------------------------------------------------------------
| Issue premium fund | 7,899.5 | 7,899.5 | 0.0% |
--------------------------------------------------------------------------------
| Other reserves | 5,203.8 | 5,203.8 | 0.0% |
--------------------------------------------------------------------------------
| Unrestricted invested | 35,447.8 | 35,447.8 | 0.0% |
| shareholders' equity | | | |
--------------------------------------------------------------------------------
| Translation difference | 168.4 | -126.0 | -233.7% |
--------------------------------------------------------------------------------
| Retained earnings | 4,984.4 | 21,337.1 | -76.6% |
--------------------------------------------------------------------------------
| Net profit | 8,200.3 | -13,663.9 | -160.0% |
--------------------------------------------------------------------------------
| Equity attributable to | 64,029.3 | 58,183.7 | 10.0% |
| parent company | | | |
| shareholders | | | |
--------------------------------------------------------------------------------
| Minority interest | 0.0 | 0.0 | |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Total shareholders' equity | 64,029.3 | 58,183.7 | 10.0% |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Liabilities | | | |
--------------------------------------------------------------------------------
| Long-term interest-bearing | 16,615.0 | 23,601.3 | -29.6% |
| liabilities | | | |
--------------------------------------------------------------------------------
| Deferred tax liabilities | 2,300.6 | 2,672.3 | -13.9% |
--------------------------------------------------------------------------------
| Total long-term | 18,915.5 | 26,273.7 | -28.0% |
| liabilities | | | |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Short-term | 6,706.0 | 6,827.4 | -1.8% |
| interest-bearing | | | |
| liabilities | | | |
--------------------------------------------------------------------------------
| Other short-term | 20,729.0 | 21,468.7 | -3.4% |
| liabilities | | | |
--------------------------------------------------------------------------------
| Total short-term | 27,435.0 | 28,296.1 | -3.0% |
| liabilities | | | |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Total liabilities | 46,350.4 | 54,569.8 | -15.1% |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Total shareholders' equity | 110,379.8 | 112,753.5 | -2.1% |
| and liabilities | | | |
--------------------------------------------------------------------------------
CONSOLIDATED CASH FLOW STATEMENT, EUR 1,000
--------------------------------------------------------------------------------
| Cash flow from business | 1.1.2010 - | 1.1.2009 - | 1.1.2009 - |
| operations: | 30.9.2010 | 30.9.2009 | 31.12.2009 |
--------------------------------------------------------------------------------
| Net profit | 8,200 | 7,186 | -13,664 |
--------------------------------------------------------------------------------
| Adjustments to net profit | 6,947 | 7,578 | 33,919 |
--------------------------------------------------------------------------------
| Change in working capital | -7,640 | 1,133 | 6,817 |
--------------------------------------------------------------------------------
| Interest paid | -582 | -1,644 | -1,929 |
--------------------------------------------------------------------------------
| Interest received | 6 | 83 | 91 |
--------------------------------------------------------------------------------
| Income tax paid | -2,700 | -1,566 | -5,002 |
--------------------------------------------------------------------------------
| Net cash flow from operating | 4,233 | 12,770 | 20,232 |
| activities | | | |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Cash flow from investments: | | | |
--------------------------------------------------------------------------------
| Purchase of tangible and | -1,116 | -867 | -1,342 |
| intangible assets | | | |
--------------------------------------------------------------------------------
| Cash flow from investments | -1,116 | -867 | -1,342 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Cash flow from financing: | | | |
--------------------------------------------------------------------------------
| Proceeds from share issue | 40 | - | - |
--------------------------------------------------------------------------------
| Acquisition of own shares | - | -33 | -33 |
--------------------------------------------------------------------------------
| Repayment of current term loans | -6,063 | -58,242 | -58,242 |
--------------------------------------------------------------------------------
| Repayment of non-current loans | -1,000 | -8,000 | -18,000 |
--------------------------------------------------------------------------------
| Withdrawals of current loans | - | 5,000 | 5,000 |
--------------------------------------------------------------------------------
| Withdrawals of non-current | - | 45,000 | 45,000 |
| loans | | | |
--------------------------------------------------------------------------------
| Dividends paid and other profit | -2,885 | -1,024 | -1,024 |
| distribution | | | |
--------------------------------------------------------------------------------
| Cash flow from financing | -9,908 | -17,300 | -27,300 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Change in liquid assets | -6,792 | -5,396 | -8,410 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Liquid assets at beginning of | 10,469 | 18,879 | 18,879 |
| period | | | |
--------------------------------------------------------------------------------
| Change in fair value of liquid | - | - | - |
| assets | | | |
--------------------------------------------------------------------------------
| Change in liquid assets | -6,792 | -5,396 | -8,410 |
--------------------------------------------------------------------------------
| Liquid assets at end of period | 3,677 | 13,483 | 10,469 |
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY, EUR 1,000
--------------------------------------------------------------------------------
| | a | b | c | d | e | f | g |
--------------------------------------------------------------------------------
| SHAREHOLDERS' | 2,085 | 7,893 | 34,938 | 5,204 | -254 | 22,210 | 72,083 |
| EQUITY 1 Jan | | | | | | | |
| 2009 | | | | | | | |
--------------------------------------------------------------------------------
| Net profit | | | | | | 7,186 | 7,186 |
--------------------------------------------------------------------------------
| Items of | | | | | 129 | | 129 |
| comprehensive | | | | | | | |
| income | | | | | | | |
--------------------------------------------------------------------------------
| Increase in | | | | | | | |
| share capital | | | | | | | |
--------------------------------------------------------------------------------
| Dividends | | | | | | -1,024 | -1,024 |
--------------------------------------------------------------------------------
| Own share | | | 510 | | | -169 | 340 |
| redemption | | | | | | | |
| fund | | | | | | | |
--------------------------------------------------------------------------------
| Share-based | | | | | | 233 | 233 |
| payments | | | | | | | |
| recognized | | | | | | | |
| against | | | | | | | |
| equity | | | | | | | |
--------------------------------------------------------------------------------
| SHAREHOLDERS' | 2,085 | 7,899 | 35,448 | 5,204 | -125 | 28,436 | 78,947 |
| EQUITY 30 | | | | | | | |
| September | | | | | | | |
| 2009 | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | a | b | c | d | e | f | g |
--------------------------------------------------------------------------------
| SHAREHOLDERS' | 2,085 | 7,899 | 35,448 | 5,204 | -126 | 7,673 | 58,184 |
| EQUITY 1 | | | | | | | |
| January 2010 | | | | | | | |
--------------------------------------------------------------------------------
| Net profit | | | | | | 8,200 | 8,200 |
--------------------------------------------------------------------------------
| Items of | | | | | 294 | | 294 |
| comprehensive | | | | | | | |
| income | | | | | | | |
--------------------------------------------------------------------------------
| Dividends | | | | | | -2,885 | -2,885 |
--------------------------------------------------------------------------------
| Own share | | | | | | | |
| redemption | | | | | | | |
| fund | | | | | | | |
--------------------------------------------------------------------------------
| Share-based | 40 | | | | | 197 | 236 |
| payments | | | | | | | |
| recognized | | | | | | | |
| against | | | | | | | |
| equity | | | | | | | |
--------------------------------------------------------------------------------
| SHAREHOLDERS' | 2,125 | 7,899 | 35,448 | 5,204 | 168 | 13,185 | 64,029 |
| EQUITY 30 | | | | | | | |
| September | | | | | | | |
| 2009 | | | | | | | |
--------------------------------------------------------------------------------
a = share capital
b = share premium
c = unrestricted invested shareholders' equity reserve
d = other reserves
e = currency translation differences
f = retained earnings
g = total shareholders' equity
NOTES TO THE ACCOUNTS
Accounting principles:
The interim report has been drafted in line with IFRS. At the beginning of the
fiscal year, the company adopted certain new or updated IFRS standards and IFRIC
interpretations, as described in the 2009 Annual Report. These changes have not
yet had any visible effect on the reported figures. In other respects, the same
accounting principles have been applied as in the 2009 financial statements. The
accounting principles and formulas for the calculation of key figures and ratios
are unchanged and are presented in the 2009 financial statements.
Seasonal nature of business:
The Group's business is affected by the number of workdays each month as well as
by holiday seasons.
Dividends paid:
Dividends paid during the reporting period totaled EUR 2,885,461.88.
Events after the review period:
There have been no major events since the end of the reporting period.
Related party transactions:
The Digia Group's related parties include the CEO and the members of the Board
of Directors and the Group Management Team. The Digia Group had no significant
transactions with related parties during the reporting period.
Segment information:
Since the beginning of 2009, a new organization has been in force in the
company, merging the company's sales, products, services and competencies.
Digia's business operations are now divided into two main business segments:
Enterprise Solutions and Mobile Solutions. Enterprise Solutions is divided into
ERP and Financial Administration, Digital Services and Integration Solutions.
The Mobile Solutions segment is divided into Contract Engineering Services and
User Experience Services.
--------------------------------------------------------------------------------
| NET SALES, | 7-9/2 | 7-9/20 | Change | 1-9/20 | 1-9/20 | Change | 2009 |
| EUR 1,000 | 010 | 09 | % | 10 | 09 | % | |
--------------------------------------------------------------------------------
| Enterprise | 15,64 | 15,136 | 3.3% | 54,929 | 51,614 | 6.4% | 70,841 |
| Solutions | 1 | | | | | | |
--------------------------------------------------------------------------------
| Mobile | 11,31 | 10,145 | 11.5% | 39,870 | 35,532 | 12.2% | 49,494 |
| Solutions | 0 | | | | | | |
--------------------------------------------------------------------------------
| Digia Group | 26,95 | 25,281 | 6.6% | 94,800 | 87,146 | 8.8% | 120,335 |
| | 1 | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| OPERATING | 7-9/2 | 7-9/2 | Change | 1-9/20 | 1-9/20 | Change | 2009 |
| PROFIT | 010 | 009 | % | 10 | 09 | % | |
| BEFORE | | | | | | | |
| EXTRAORDINAR | | | | | | | |
| Y ITEMS, EUR | | | | | | | |
| 1,000 | | | | | | | |
--------------------------------------------------------------------------------
| Enterprise | 2,407 | 2,844 | -15.3% | 8,219 | 8,825 | -6.9% | 12,301 |
| Solutions | | | | | | | |
--------------------------------------------------------------------------------
| Mobile | 520 | 584 | -11.0% | 4,165 | 2,715 | 53.4% | 4,636 |
| Solutions | | | | | | | |
--------------------------------------------------------------------------------
| Digia Group | 2,927 | 3,428 | -14.6% | 12,384 | 11,539 | 7.3% | 16,936 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| OPERATING | 7-9/2 | 7-9/2 | Change | 1-9/2 | 1-9/20 | Change | 2009 |
| PROFIT, EUR | 010 | 009 | % | 010 | 09 | % | |
| 1,000 | | | | | | | |
--------------------------------------------------------------------------------
| Enterprise,Sol | 2,407 | 2,844 | -15.3% | 8,219 | 8,825 | -6.9% | 12,211 |
| utions | | | | | | | |
--------------------------------------------------------------------------------
| Mobile | 520 | 584 | -11.0% | 4 165 | 2,715 | 53.4% | -20,007 |
| Solutions | | | | | | | |
--------------------------------------------------------------------------------
| Digia Group | 2,927 | 3,428 | -14.6% | 12,38 | 11,539 | 7.3% | -7,795 |
| | | | | 4 | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| ASSETS, EUR 1,000 | 30.9.2010 | 31.12.2009 |
--------------------------------------------------------------------------------
| Enterprise Solutions | 63,972 | 61,240 |
--------------------------------------------------------------------------------
| Mobile Solutions | 41,492 | 39,205 |
--------------------------------------------------------------------------------
| Unallocated | 4,916 | 12,308 |
--------------------------------------------------------------------------------
| Digia Group | 110,380 | 112,753 |
--------------------------------------------------------------------------------
Consolidated income statement by quarter:
--------------------------------------------------------------------------------
| EUR 1000 | 7-9/2010 | 4-6/2010 | 1-3/2010 | 10-12/200 | 7-9/2009 |
| | | | | 9 | |
--------------------------------------------------------------------------------
| Net sales | 26,951.0 | 35,018.0 | 32,830.8 | 33,189.4 | 25,281.5 |
--------------------------------------------------------------------------------
| Other operating | 184.8 | 37.8 | 62.6 | 90.6 | 81.7 |
| income | | | | | |
--------------------------------------------------------------------------------
| Materials and | -1,689.6 | -2,942.1 | -2,776.2 | -2,041.9 | -1,496.0 |
| services | | | | | |
--------------------------------------------------------------------------------
| Depreciation and | -922.8 | -905.1 | -936.7 | -24,826.4 | -1,012.8 |
| impairment | | | | | |
--------------------------------------------------------------------------------
| Other operating | -21,596. | -26,432.4 | -24,500.6 | -25,747.1 | -19,426.2 |
| expenses | 0 | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Operating profit | 2,927.5 | 4,776.2 | 4,679.9 | -19,335.4 | 3,428.3 |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Financial | -350.1 | -323.0 | -479.1 | -477.8 | -669.5 |
| expenses (net) | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Pre-tax profit | 2,577.4 | 4,453.1 | 4,200.8 | -19,813.1 | 2,758.8 |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Direct tax | -512.1 | -1,301.3 | -1,217.7 | -1,037.1 | -617.5 |
--------------------------------------------------------------------------------
| Net profit | 2,065.3 | 3,151.9 | 2,983.1 | -20,850.3 | 2,141.3 |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Allocation: | | | | | |
--------------------------------------------------------------------------------
| Parent company | 2,065.3 | 3,151.9 | 2,983.1 | -20,850.3 | 2,141.3 |
| shareholders | | | | | |
--------------------------------------------------------------------------------
| Minority | 0 | 0 | 0 | 0 | 0 |
| shareholders | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Earnings per | 0.10 | 0.15 | 0.14 | -1.01 | 0.10 |
| share, EUR | | | | | |
--------------------------------------------------------------------------------
| Earnings per | 0.10 | 0.15 | 0.14 | -1.01 | 0.10 |
| share (diluted), | | | | | |
| EUR | | | | | |
--------------------------------------------------------------------------------
Group key figures and ratios:
--------------------------------------------------------------------------------
| | 1-9/2010 | 1-9/2009 | 2009 |
--------------------------------------------------------------------------------
| Extent of business | | | |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Net sales | 94,800 | 87,146 | 120,335 |
--------------------------------------------------------------------------------
| - change from previous year | 8.8% | -3.6% | -2.3% |
--------------------------------------------------------------------------------
| Average capital invested | 87,981 | 124,252 | 104,042 |
--------------------------------------------------------------------------------
| Personnel at period-end | 1,514 | 1,410 | 1,471 |
--------------------------------------------------------------------------------
| Average number of personnel | 1,496 | 1,361 | 1,387 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Profitability | | | |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Operating profit before | 12,384 | 11,539 | 16,936 |
| extraordinary items and | | | |
| impairment | | | |
--------------------------------------------------------------------------------
| - % of net sales | 13.1% | 13.2% | 14.1% |
--------------------------------------------------------------------------------
| Operating profit | 12,384 | 11,539 | -7,796 |
--------------------------------------------------------------------------------
| - % of net sales | 13.1% | 13.2% | -6.5% |
--------------------------------------------------------------------------------
| Pre-tax profit | 11,231 | 9,694 | -10,119 |
--------------------------------------------------------------------------------
| - % of net sales | 11.8% | 7.8% | -8.4% |
--------------------------------------------------------------------------------
| Net profit | 8,200 | 7,186 | -13,664 |
--------------------------------------------------------------------------------
| % of net sales | 8.7% | 5.8% | -11.4% |
--------------------------------------------------------------------------------
| Return on equity, % | 17.9% | 12.7% | -21.0% |
--------------------------------------------------------------------------------
| Return on investment, % | 18.9% | 12.5% | -7.1% |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Financing and financial standing | | | |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Interest-bearing liabilities | 23,321 | 40,525 | 30,429 |
--------------------------------------------------------------------------------
| Short-term investments & cash and | 3,677 | 13,483 | 10,469 |
| bank receivables | | | |
--------------------------------------------------------------------------------
| Net gearing | 30.7% | 34.3% | 34.3% |
--------------------------------------------------------------------------------
| Equity ratio | 58.7% | 56.1% | 52.3% |
--------------------------------------------------------------------------------
| Net cash flow from operating | 4,233 | 12,770 | 20,232 |
| activities | | | |
--------------------------------------------------------------------------------
| Basic earnings per share (EUR) | 0.40 | 0.35 | -0.67 |
--------------------------------------------------------------------------------
| Earnings per share, diluted (EUR) | 0.40 | 0.35 | -0.67 |
--------------------------------------------------------------------------------
| Equity per share | 3.07 | 3.79 | 2.79 |
--------------------------------------------------------------------------------
| Lowest share price | 3.36 | 1.39 | 1.39 |
--------------------------------------------------------------------------------
| Highest share price | 5.89 | 3.36 | 3.88 |
--------------------------------------------------------------------------------
| Average share price | 4.96 | 2.30 | 2.72 |
--------------------------------------------------------------------------------
| Market capitalization | 112,818 | 66,732 | 71,528 |
--------------------------------------------------------------------------------
The formulae for the key figures and ratios are available in the financial
statements section. These formulae remained unchanged during the reporting
period.
The weighted average number of shares during the reporting period, adjusted for
share issues, totaled 20,853,645. The weighted average number of shares during
the reporting period, adjusted for dilution, was 20,868,824. The number of
outstanding shares totaled 20,632,942 at the end of the review period.
The company held a total of 129,964 treasury shares at the end of reporting
period.
The accounting counter value of own shares is EUR 0.10 per share. The company
held about 0.6 per cent of the capital stock as of 30 September 2010. The
buyback program was terminated by the Board at its meeting on 3 February 2009.
Relating to the company's performance-based incentive system, Digia has financed
the acquisition of 300,000 own shares. Said shares were not distributed at the
end of the review period and Evli Alexander Management Ltd held 90,739 shares.
Digia Plc third quarter 2010: Net sales continued to increase (+6.6%) with good profitability (EBIT 10.9%)
| Source: Digia Oyj
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