Aldata Solution Oyj
STOCK EXCHANGE RELEASE
24 February 2011, at 9.00 a.m. (EET)
ALDATA SOLUTION OYJ'S FINANCIAL STATEMENT RELEASE JANUARY-DECEMBER
2010 (UNAUDITED)
* Return to profitable operations following the 2009 global economic crisis
* Revenue growth across business sectors and geographies
* Successful acquisition of Cosmic Solutions Ltd in the UK
* Major new business win at Dollar General in the USA
* Strategic agreement with Microsoft Corporation
* Increased investment in Mobility capability solutions (Mobile solutions)
Aldata in 2010 (compared to 2009)
* Net sales increased by 8.2% to EUR 73.1 million (EUR 67.5 million).
* Gross profit increased by 8.0% to EUR 66.4 million (EUR 61.4 million).
* Operating profit, EBIT, increased to EUR 1.3 million (EUR -4.7 million).
(2009 Operating costs included EUR 6.1 million one off costs incurred in Q2,
partly offset by EUR 1.2 million release of 2007 provision in Q4).
* Operating profit, EBIT, excluding non-recurring items was EUR 1.3 million
(EUR 0.2 million)
* Profit before taxes was EUR 1.2 million (EUR -5.4 million).
* Net profit was EUR 0.0 million (EUR -4.0 million) and earnings per share,
EPS, were
0.000 euros (-0.057 euros).
* Cash flow from operating activities in 2010 was EUR -0.1 million (EUR -3.7
million).
* Cash, cash equivalents and marketable securities amounted to EUR 3.3 million
(EUR 5.6 million) and the Group had interest-bearing loan EUR 11.0 million
(EUR 10.0 million).
Aldata in Q4 2010 (compared to Q4 2009)
* Net sales increased by 6.6% to EUR 19.0 million (EUR 17.9 million).
* Gross profit increased by 6.4% to EUR 17.4 million (EUR 16.3 million).
* Operating profit, EBIT, was EUR 0.3 million (EUR 1.8 million).
(2009 Operating profit included EUR 1.2 million release of a provision created
in Q4 2007.)
* The operating profit, EBIT, excluding non-recurring items was EUR 0.3
million (EUR 0.6 million).
* Profit before taxes was EUR 0.3 million (EUR 1.8 million).
* Net profit was EUR -0.1 million (EUR 3.4 million) and earnings per share,
EPS, were
-0.002 euros (0.050 euros).
Aldata expects the year 2011 net sales to remain at the same level as in 2010
and the year 2011 EBIT to be clearly improved from 2010 by closely managing the
cost structure given the business environment in which we operate.
Bertrand Sciard, President and CEO
The retail and distribution markets in 2010 remained challenging, along with
most other business sectors. Consumer spending was restrained due to individual
concerns over employment and the economic climate, and our customers needed to
respond quickly and positively to protect their sales volumes and profit
margins.
Aldata helped them with that response by delivering innovation in both revenue
generation and cost reduction. This included promotional and customer
development activities to maintain and grow sales, plus improved efficiency in
supply chain, inventory management, and store operations to reduce costs
Our growth in revenues and return to profitability after the downturn in 2009 is
a direct consequence of this innovative response, as is our major new business
win in the USA with Dollar General, one of America's largest retailers.
We also made a number of strategic investments in our business in 2010. These
investments expand the breadth of the solutions that we can offer to existing
customers and increase our ability to enter new sectors of the retail and
distribution market.
The acquisition of Cosmic Solutions, a specialist in assortment management,
perfectly complements our Apollo space management solutions and their sales
channels. The combination helps our customers optimize the profitable mix of
their products and shelf display to meet the exact customer demand in each
retail outlet.
Our strategic agreement with Microsoft Corporation is an investment in a new
range of products for mid-size and specialty retailers that includes our unique
digital customer management. These products provide a modern technology choice
for our existing mid-size customers and meet the growing global demand to phase
out ageing technology in this sector of the market.
We also expanded our investment in Mobility capability solutions with new sales
personnel and marketing activities within the USA. Innovative campaigns in the
latter stages of 2010 generated a substantial pipeline for 2011 business in this
high growth sub sector.
We remain very cautious of the pace of global economic recovery and are focused
on conservative recognition of revenues, timely cash collection, and prudent
internal cost management to mitigate the impact of any further downturns.
It's clear that a number of the investments made during 2010 have increased
Aldata's operating costs and so negatively impacted Aldata's 2010 operating
results and cash flow. These investment decisions were made after careful
consideration by the board of directors and the management on the impact to
2010 operating results, the potential gains for 2010, and the benefit to the
business in future years.
We believe that our strategic investments in 2010 will enable Aldata to improve
its performance in the present recessionary environment and provide a solid
foundation for the future development and profitability of our company.
Aldata in the fourth quarter of 2010
October - December 2010 Financial performance
The Group's net sales were EUR 19.0 million (EUR 17.9 million), which represents
an increase of EUR 1.1 million compared to the previous year. Product sales,
which include licenses for standard products, licenses for customer specific
developments and maintenance revenues, accounted for 66% (65%) of total net
sales. Consulting services accounted for 31% (32%) and third party licenses and
hardware accounted for 3% (3%).
The Group's gross profit was EUR 17.4 million (EUR 16.3 million), which
represents a 91% (91%) gross margin. Operating profit, EBIT, totaled EUR 0.3
million (EUR 1.8 million) and operating profit excluding expenses for option
plans and restricted share units (RSU) was EUR 0.7 million (EUR 1.9 million).
The 2009 operating profit included a EUR 1.2 million release of a provision
which was created in Q4 2007 for empty office space that has now been sublet.
The 2009 operating profit, EBIT, excluding non-recurring items was EUR 0.6
million.
Pre-tax profit was EUR 0.3 million (EUR 1.8 million), net profit was EUR -0.1
million (EUR 3.4 million) and earnings per share, EPS, were -0.002 euros (0.050
euros).
Research and development costs in the fourth quarter totaled EUR 2.5 million
(EUR 2.3 million), of which EUR 0.1 million (EUR 0.1 million), or 3.4% (3.1%)
were capitalized. EUR 0.1 million (EUR 0.1 million) of capitalized development
costs were amortized.
Business units in fourth quarter of 2010
Net sales of the Supply Chain Management (SCM) Software business unit were EUR
12.9 million (EUR 13.2 million). The gross profit was EUR 12.3 million (EUR
12.2 million) and the operating profit, EBIT, was EUR 0.9 million (EUR 2.2
million).
Net sales of the In-Store Software business unit were EUR 6.1 million (EUR 4.7
million). The gross profit was EUR 5.2 million (EUR 4.2 million) and the
operating profit, EBIT, was EUR 0.1 million (EUR 0.9 million).
There were no internal sales between the Group's business segments. Unallocated
costs, the Group's shared items netted, decreased the Group's operating profit,
EBIT, by EUR 0.7 million (EUR 1.3 million).
Finance and investments
Cash flow from operating activities in the fourth quarter was EUR -0.8 million
(EUR -0.5 million) and net cash flow was EUR -1.0 million (EUR -5.9 million).
The Group's capital expenditure on hardware and software purchases amounted to
EUR 0.2 million (EUR 1.1 million) in fourth quarter of the year.
Research and Development
In the fourth quarter Aldata's research and development costs were EUR 2.5
million (EUR 2.3 million) and made up 13.0% (13.2%) of net sales. A total of EUR
0.1 million (EUR 0.1 million) of development costs were capitalized during the
quarter. EUR 0.1 million (EUR 0.1 million) of capitalized development costs were
amortized in the quarter.
Aldata in 2010
Financial performance
The Group's net sales were EUR 73.1 million (EUR 67.5 million), which represents
an increase of EUR 5.6 million compared to the previous year. Product sales,
which include licenses for standard products, licenses for customer specific
developments and maintenance revenues, accounted for 61% (60%) of total net
sales. Consulting services accounted for 35% (36%) and third party licenses and
hardware accounted for 4% (4%).
The Group's gross profit was EUR 66.4 million (EUR 61.4 million), which
represents a 91% (91%) gross margin. Operating profit, EBIT, totaled EUR 1.3
million (EUR -4.7 million) and operating profit excluding expenses for option
plans and restricted share units (RSU) was EUR 1.8 million (EUR -4.3 million).
Pre-tax profit was EUR 1.2 million (EUR -5.4 million), net profit was EUR 0.0
million (EUR -4.0 million) and earnings per share, EPS, were 0.00 euros (-0.057
euros).
Research and development costs totaled EUR 9.9 million (EUR 9.7 million), of
which EUR 0.4 million (EUR 0.4 million), or 3.9% (4.6%), were capitalized. EUR
0.5 million (EUR 0.5 million) of capitalized development costs were amortized.
Aldata's reported order backlog includes product and third party product sales
that will be recognized as revenues during the following twelve months. At the
end of December 2010, the order backlog was EUR 27.6 million (EUR 21.6 million
at the end of December 2009 and EUR 24.9 million at the end of September 2010).
Taxes for the period were EUR 1.2 million (EUR -1.4 million).
Business units in 2010
Net sales of the Supply Chain Management (SCM) Software business unit were EUR
50.9 million (EUR 49.6 million). The gross profit was EUR 47.1 million (EUR
46.5 million) and the operating profit, EBIT, was EUR 2.1 million (EUR 0.2
million)
Net sales of the In-Store Software business unit were EUR 22.2 million (EUR
18.0 million). The gross profit was EUR 19.3 million (EUR 15.6 million) and the
operating profit, EBIT, was EUR
1.5 million (EUR 4.1) million.
There were no internal sales between the Group's business segments. Unallocated
costs, the Group's shared items netted, decreased the Group's operating profit,
EBIT, by EUR 2.3 million (EUR 9.0 million).
Finance
Cash flow from operating activities in 2010 was EUR -0.1 million (EUR -3.7
million) and net cash flow was EUR -2.3 million (EUR -10.0 million).
At the end of December 2010, Aldata Group's cash, cash equivalents and
marketable securities amounted to EUR 3.3 million (EUR 5.6 million) and total
assets were EUR 56.1 million (EUR 52.3 million). The Group had interest-bearing
loan EUR 11.0 million (EUR 10.0 million) and interest-bearing net liabilities
totaled EUR 7.9 million (EUR 4.9 million). Short term receivables totaled EUR
24.3 million (EUR 20.7 million). The Group's solvency ratio was 35.2% (37.4%),
gearing was 39.8% (25.2%), and shareholders' equity per share was EUR 0.287 (EUR
0.280).
In 2010 the Group's capital expenditure on intangible and tangible assets
amounted to EUR 5.2 million (EUR 2.2 million) including the estimated additional
purchase price liability related to the Cosmic acquisition.
Research and Development
In 2010 Aldata's research and development costs were EUR 9.9 million (EUR 9.7
million) and made up 14% (14%) of net sales. A total of EUR 0.4 million (EUR
0.4 million) of development costs were capitalized during the year. EUR 0.5
million (EUR 0.5 million) of capitalized development costs were amortized in
2010.
At the end of December 2010 103 (132) employees and 126 (86) contracted offshore
resources were involved in R&D activities. The total number of resources engaged
in R & D activity has increased from 218 to 229 during 2010. The employee
headcount of 103 represents 19% (25%) of the Group's total employed personnel.
Aldata's R&D centers are located in Paris, France, in Espoo, Finland and in
Bangalore, India.
Personnel
Aldata Group employed 531 (526) persons at the end of December 2010, and on
average had 530 (538) employees during the period.
31 December 2010 31 December 2009
By business unit Persons % Persons %
SCM Software 353 67 384 73
In-Store Software 162 30 127 24
Group Administration 16 3 15 3
Total 531 100 526 100
Approximately 44% of personnel were employed by Aldata companies in France, 14%
in Finland, 12% in the US, 10% in Germany, 7% in Sweden, 8% in the UK, 4% in
Slovenia and 1% in Russia.
Share performance and ownership
The highest price of the Aldata Solution Oyj share during January - December
2010 was EUR 0.77 and the lowest price EUR 0.45. The average price was EUR 0.58
and the closing price EUR 0.51. The trading volume on the Helsinki Stock
Exchange was EUR 23.5 million and altogether 40.3 million shares were traded,
which represents 59% of the shares. Aldata Solution Oyj has 68.7 million shares
outstanding. The number of shares outstanding has been unchanged during the
financial year.
The number of shareholders was 4879 and the free float was 100% of the share
capital at the end of December 2010. A total of 37.5% of Aldata Solution Oyj's
shares were owned by nominee registered shareholders at the end of the period.
Aldata Solution Oyj has one share series. All the company's shares carry equal
voting and dividend rights.
Risks and uncertainty factors
Near term risks and uncertainties
Near term risks and uncertainties are considered by Aldata as those that may
materialize in the next two quarters.
Aldata accounts for its revenue in accordance with IFRS guidelines, meaning
license revenue is typically booked on contract signature whereas services and
maintenance revenue is booked over the life of the project. This means that
software licenses revenue is more risky and harder to forecast. The management
team complete regular reviews and assessments of the software pipeline to
mitigate this risk, although it is not possible to remove the risk completely.
The economic environment has increased the number of companies who face
financial problems and could be seen as a factor in the increased time taken to
settle invoices. This might increase Aldata's risk to be able to collect
payment for its services provided. Aldata looks to mitigate this risk by using
business standard credit assessment and credit control policies to ensure any
potential risks are highlighted at an early stage and any necessary action to
reduce the risk is taken.
A large proportion of Aldata's services revenue is done on a time and materials
basis. If there was a weakening in demand, as we saw at the start of 2009, this
would lead to lower utilization and pressure on margins if Aldata was unable to
adjust its cost base fast enough. However, Aldata foresees that the risks of
further large-scale deterioration of the IT market situation have declined from
2009.
In other respects, no significant changes have taken place in Aldata's short-
term risks and uncertainties during the financial period.
Long term risks and uncertainties
Risks and uncertainty factors associated with Aldata's business are mainly
related to general economic development and more specifically on the retail
software market. The recession affected Aldata's operations during the last 12
months and whilst there are continuing signs of a recovery, if the anticipated
recovery doesn't happen or there is a deterioration of the economic situation,
this may result in delays to both ongoing or new large projects and investment
decisions. Aldata feels that its flexible business model will enable it to react
quickly to both any expected upturns or downturns in the future, and the
management has already exhibited its willingness to react by the decisions made
in Q2 2009.
Business risk management is a key target of the operational management. Through
it the Company aims to ensure that the key risks to which business operations
are exposed are identified and monitored for preventative action. Business risks
are monitored within the Company by the President and CEO, the Corporate
Management Team and the Management Council.
The company's risk level is regularly observed by the Corporate Management Team
through a weekly phone conference call, through formal written reporting by the
Management Council e twice a month and through regular in person meetings of the
Corporate Management Team and the Management Council during the year. In
addition to this, risks are charted when deemed necessary and specific ad hoc
teams will be built to address any clearly identified potential risks.
With the increased importance of the US market to Aldata, the group will become
more exposed to currency risk resulting from the movement between the Euro and
the US dollar. Aldata is currently exposed to two types of exchange rate risk;
one impacting its operating result based on the valuation of its US based
revenues and costs; and one impacting its financial result, due to exchange
gains or losses on Euro denominated loans and intercompany balances owed to or
from Aldata's US subsidiaries. Aldata currently chooses not to hedge against
either of these risks. It believes there is a natural hedge built into the
operating result risk due to the US based cost structure that it carries, which
materially offsets its US based revenues. This means that whilst the risk to
Aldata's operating profit is reduced to a level that Aldata feels is acceptable,
there is a risk to the level of revenue that Aldata reports that is directly
affected by the exchange rate. The movement in the exchange rate during 2010
caused a large gain in financial items in Q2 and a large loss in financial items
in Q3, and as a result Aldata is currently reviewing its strategy around whether
to hedge against these intercompany loans as a way to mitigate the risk in the
future.
Goodwill has been tested during the last quarter of 2010 and in accordance with
the results of testing for impairment, no depreciation of goodwill was made. The
impairment testing is based on projected future cash flows and if the respective
country's projected cash flows do not occur as planned in the medium term, it is
possible that the goodwill allocated to one of the countries unit will need to
be impaired.
Aldata's growth strategy includes expansion via making suitable company
purchases. If the current business environment remains challenging, the
opportunity to fulfil this strategy may decrease in case no suitable purchase
targets are found or the business profits due to already materialized company
purchases don't fulfil the expectations. Aldata's inability to fulfil it desire
to make company purchases may have a negative impact on Aldata's business and
its financial status and outcome may weaken.
The Board of Directors and CEO
The Annual General Meeting on 8th April, 2010 elected the following members to
the Board of Directors: Mr William Chisholm, Mr Bertrand Sciard, Mr Aarne Aktan,
Mr Tommy Karlsson, Mr Pertti Ervi and Mr Pallab Chatterjee.
Mr William Chisholm was re-elected as the Chairman of the Board and Mr Bertrand
Sciard was re-elected as the Vice Chairman of the Board.
The Board resolved to establish an Audit Committee consisting of Mr Aarne Aktan
(Chairman), Mr William Chisholm and Mr Tommy Karlsson. The Board resolved not to
establish other Board
Committees.
In December 2010 the Board resolved to establish a nomination committee for the
preparation of matters pertaining to the nomination and remuneration of
directors. The following directors were elected as the members of the committee:
William Chisholm (chairman), Pertti Ervi and Tommy Karlsson.
Management Team and Management Council
The members of Aldata's Corporate Management Team (CMT) at the end of year 2010
were Bertrand Sciard, President and Chief Executive Officer; Allan Davies, Chief
Marketing Officer; Graham Howell, Chief Financial Officer; Marie Claude Chazot,
Vice President Group Human Resources; Reddy Karri, Chief Technology Officer and
Patrick Buellet, Chief Strategy Officer. The members of the CMT report to the
CEO.
The members of Management Council (MC) included at the end of the year 2010 the
CMT members and Dominique Chambas, G.O.L.D Sales; Henrik Lindström, S.I.R.;
Jorma Tukia, Instore and Loyalty; Shaun Bossons, Apollo; Brendan Lowe, G.O.L.D.
Professional Services; Jean-Francois Le Garrec, Logistics France; Rolf Wochner,
Industry Germany and David Wilkins, Cosmic.
On January 5th 2011 Aldata announced changes to its Corporate Management Team
(CMT) and Management Council (MC). Patrick Buellet joined the MC in the role of
Executive Vice President (EVP) of Aldata's Supply Chain Management (SCM)
Business Unit.
Auditors
Ernst & Young Oy acted as Aldata group's auditor, under the supervision of
principal auditor Anne Vuorio, APA.
Group structure, changes and business transactions during the period
On 6th May 2010 Aldata Solution Oyj signed a definitive agreement for Aldata to
acquire all of the shares of Cosmic Solutions Limited, a specialist UK provider
of category management software, helping retailers better respond to changes in
customer demand, reduce waste and increase shopper satisfaction.
The total purchase price booked by Aldata for Cosmic Solutions Limited is GBP
3.4 million (EUR 4.0 million calc. rate 0.854), which consists of following
items: GBP 2.0 million (EUR 2.3 million) paid at signing and GBP 1.4 million
(EUR 1.7 million) as additional purchase price based on the forecasted
achievement against revenue targets by the Cosmic products over the next three
years.
This purchase price has been allocated between intangible assets and goodwill
based on the principles of IFRS 3 governing Business Combinations.
During December 2010 Aldata set up Aldata Solution India Private Limited, a
100% owned subsidiary in India. The purpose of creating a subsidiary in India is
to allow the easier transfer of staff between existing Aldata subsidiaries and
India to provide increased on-site support to the Indian based developers.
There were no other changes to the Group Structure during 2010.
At the end of 2010 the following Aldata Group's subsidiaries operated:
* Aldata Apollo, Inc. (100%) in the US
* Aldata Retail Solutions GmbH (100%) in Germany
* Aldata Solution AB (100%) in Sweden
* Aldata Solution Co., Ltd. (100%) in Thailand
* Aldata Solution d.o.o. (81.2%) in Slovenia
* Aldata Solution Finland Oy (100%) in Finland
* Aldata Solution Inc. (100%) in the US
* Aldata Solution LLC (100%) in Russia
* Aldata Solution S.A.S. (100%) in France
* Aldata Solution UK Ltd. (100%) in the UK
* Cosmic Solutions Limited (100%) in the UK
* Cosmic Solutions France SASU (100%) in France
* Aldata Solution India Private Limited (100%) in India
Outlook
Aldata expects the current year market environment to remain challenging but
slightly better than previous year.
Aldata expects the year 2011 net sales to remain at the same level as in 2010
and the year 2011 EBIT to be clearly improved from 2010 by closely managing the
cost structure given the business environment in which it operates.
The Board of Directors' dividend proposal
The Board of Directors has decided to propose to the Annual General Meeting, on
7 April 2011, that no dividend shall be distributed for the financial year 2010.
Events after the review period
On 5th January 2011 Aldata announced a change to its Corporate Management Team
(CMT) and Management Council (MC) effective on 6th January 2011.
Patrick Buellet, presently Chief Strategy Officer, has accepted a new role as
Executive Vice President (EVP) of Aldata's Supply Chain Management (SCM)
Business Unit. Mr Buellet will step down from the position of Chief Strategy
Officer and member of the Corporate Management Team (CMT) and will join the
Management Council (MC)as part of his new operational leadership role.
The Aldata CMT will now consist of five members: Bertrand Sciard, Chief
Executive Officer; Graham Howell, Chief Financial Officer; Allan Davies, Chief
Marketing Officer;
Reddy Karri, Chief Technology Officer and Marie Claude Chazot, SVP Human
Resources.
The Aldata MC will now consist of nine members: Patrick Buellet, SCM Business;
Dominique Chambas, SCM Sales; Jorma Tukia, Instore Business; Henrik Lindstrom,
S.I.R. Business; Shaun Bossons, USA New Sales; Brendan Lowe, President USA
Business; Jean-Francois Le Garrec, Logistics Business ; Rolf Wochner, Industry
Business and David Wilkins, Category Optimization Business.
Helsinki, February 24, 2011
Aldata Solution Oyj
Board of Directors
Further information:
Bertrand Sciard, President and CEO, tel. +358 10 820 8000 / Aldata Solution Oyj.
Graham Howell, CFO, tel. +33 633 057 620
Aldata will hold a press conference for the media and financial analysts in
Helsinki on 24 February, at 12.00 (EET) at Event Arena Bank (address:
Unioninkatu 20, Helsinki).
The presentation material will be published on the Group's website at
www.aldata-solution.com
The Annual Report for 2010 will be published in Finnish and English on the
company's website at www.aldata-solution.com on Wednesday 16 March 2011.
About Aldata
Aldata is a global leader in supplier to consumer business optimization. We help
reduce costs, time, and waste, for retailers, distributors, and manufacturers,
while improving availability, service, and customer retention. Founded in 1988,
Aldata has an unparalleled track record of delivering successful projects for
the world's largest retail and consumer brands, wholesale and distribution
organizations, and specialist store chains. Aldata Solution is a public company
quoted on NASDAQ OMX Helsinki Ltd with the identifier ALD1V. More information
at:www.aldata-solution.com.
Distribution:
NASDAQ OMX Helsinki Ltd
Media
TABLE PART
Calculation methods
This interim report has been prepared in accordance with IFRS standards and the
same accounting principles as in 2009 financial statements but the report does
not comply with all requirements of IAS 34, Interim Financial Reporting. Key
figure calculations remain unchanged and have been presented in 2009 Financial
Statements.
CONSOLIDATED INCOME STATEMENT
MEUR MEUR Change
2010 2009 %
Net sales 73,1 67,5 8,2 %
Other operating income 0,7 0,7 7,5 %
Material and services -7,4 -6,8 9,5 %
Personnel expenses -44,4 -46,5 4,6 %
Depreciations and impairments -1,8 -1,7 6,7 %
Other operating expenses -18,9 -17,9 5,4 %
Operating profit 1,3 -4,7 -127,8 %
Financial items -0,1 -0,7 -85,2 %
Profit before taxes 1,2 -5,4 -122,3 %
Income taxes -1,2 1,4 -182,0 %
Minority interest 0,0 0,0 -217,9 %
Profit for the year 0,0 -4,0 -100,0 %
Earnings per share, EUR 0,000 -0,057
Earnings per share, EUR (EPS), adjusted for dilution
effect 0,000 -0,057
Attributable to:
Equity holders of the Company 0,0 -4,0
Minority interest 0,0 0,0
Statement of comprehensive income:
Net profit for the period 0,0 -4,0
Other comprehensive income:
Translation differences 0,0 0,0
Total comprehensive income 0,0 -4,0
Total comprehensive income attributable to:
Equity holders of the Company 0,0 -4,0
Minority interest 0,0 0,0
CONSOLIDATED BALANCE SHEET MEUR MEUR
31 Dec 31 Dec
2010 2009
ASSETS
Non-current assets
Goodwill 19,0 16,2
Capitalized development cost 2,7 2,8
Intangible assets 2,3 1,4
Tangible assets 1,1 1,3
Investments 0,1 0,1
Other long-term assets 0,5 0,4
Deferred tax assets 0,8 1,0
Non-current assets total 26,5 23,1
Current assets
Inventories 0,3 0,5
Account receivable 17,9 15,6
Prepayments and accrued income 5,8 4,9
Income tax receivables 1,8 2,4
Other short-term receivables 0,6 0,2
Cash and cash equivalents 3,3 5,6
Current assets total 29,6 29,2
Assets total 56,1 52,3
SHAREHOLDERS' EQUITY AND LIABILITIES
Shareholders' equity
Share capital 0,7 0,7
Share Premium Fund 19,2 19,2
Translation difference 0,8 0,7
Retained earnings -0,9 -1,3
Equity holders of the parent company 19,8 19,2
Minority interest 0,1 0,1
Shareholders' equity total 19,9 19,3
Non-current liabilities
Long-term loans 0,1 0,3
Deferred tax liability 1,4 1,1
Other provisions 1,2 1,5
Other long-term loans 1,4 0,1
Non-current liabilities total 4,1 3,0
Current liabilities
Short-term loans 11,1 10,1
Advances received 0,3 0,6
Account payable 4,7 3,0
Accrued expenses and prepayments 11,5 11,9
Other provisions 0,1 0,4
Other short-term loans 4,6 4,0
Current liabilities total 32,1 30,0
Liabilities total 36,2 33,0
Equity and liabilities total 56,1 52,3
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 1000 EUR
Equity
holders
Share Trans- of Own
Share premium lation Retained parent Mino-rity equity
TEUR capital fund difference earnings company interest total
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
EQUITY
1.1.2008 687 19 154 708 2 244 22 793 117 22 911
Share based
payments
recognised
against equity 0 0 0 384 384 0 384
Comprehensive
income 0 0 -14 -3 948 -3 962 -28 -3 990
--------------------------------------------------------------------------------
EQUITY
31.12.2009 687 19 154 694 -1 320 19 215 89 19 305
Share based
payments
recognised
against equity 0 0 0 451 451 0 451
Comprehensive
income 0 0 78 1 79 34 113
--------------------------------------------------------------------------------
EQUITY
31.12.2010 687 19 154 772 -869 19 745 123 19 868
CONSOLIDATED CASH FLOW STATEMENT
MEUR MEUR
2010 2009
Cash flow from operating activities
Operating result 1,3 -4,7
Adjustment to operating result 1,9 -0,3
Change in working capital -3,2 2,5
Interest received and other financial income 0,3 0,3
Interest paid and other financial expenses -0,4 -1,3
Taxes paid -0,1 -0,1
Net cash from operating activities -0,1 -3,7
Cash flow from investing activities
Group companies acquired -2,1 0,0
Investments in tangible and intangible assets -0,8 -1,0
Net cash used in investing activities -3,0 -1,0
Cash flow before financing activities -3,1 -4,6
Cash flow from financing activities
Short-term loans, received 1,0 0,0
Short-term loans, repayments 0,0 -5,1
Leasing liability, payments -0,2 -0,2
Net cash used in financing activities 0,8 -5,3
Net cash flow, total -2,3 -10,0
Change in cash and cash equivalents -2,3 -10,0
Cash and cash equivalents 1 Jan. 5,6 15,4
Net foreign exchange difference 0,0 0,1
Cash and cash equivalents 31 Dec. 3,3 5,6
COMMITMENTS AND CONTINGENCIES MEUR MEUR
2010 2009
Loans from financial institutions 11,0 10,0
Mortgages 5,4 5,4
Leasing liabilities 6,6 8,7
Guarantees on behalf of group company debt 0,1 0,1
IFRS IFRS IFRS IFRS IFRS
KEY FIGURES, MEUR 2010*) 2009*) 2008*) 2007 2006
--------------------------------------------------------------------------------
SCOPE OF OPERATIONS
Net sales, MEUR 73,1 67,5 70,0 74,7 88,8
Average number of
personnel 530 538 540 625 614
Gross capital
expenditure, MEUR 5,2 2,2 9,1 2,5 2,7
Gross capital
expenditure, % of net
sales 7,1 3,2 13,0 3,3 3,1
PROFITABILITY
Operating profit , MEUR 1,3 -4,7 3,7 -11,1 5,5
Operating profit, % of
net sales 1,8 -7,0 5,3 -14,9 6,2
Profit before taxes and
minority interest, MEUR 1,2 -5,4 2,8 -11,7 5,5
Profit before taxes and
minority interest, % of
net sales 1,7 -8,0 3,9 -15,7 6,2
Return on equity, % (ROE) 0,2 -18,8 10,2 -47,4 9,2
Return on investment, %
(ROI) 13,6 -11,2 17,3 -37,8 21,0
FINANCIAL STANDING
Quick ratio 0,9 0,9 1,1 1,3 1,7
Current ratio 0,9 0,9 1,1 1,3 1,7
Equity ratio, % 35,6 37,4 36,3 38,6 54,5
Interest-bearing net
debt, MEUR 8,0 4,9 0,4 -3,3 -5,1
Gearing, % 40,1 25,2 1,9 -16,6 -16,9
PER SHARE DATA 2010 2009 2008 2007 2006
--------------------------------------------------------------------------------
Earnings per share, EUR
(EPS) 0,000 -0,057 0,031 -0,171 0,037
Earnings per share, EUR
(EPS), adjusted for
dilution effect 0,000 -0,057 0,031 -0,170 0,037
Shareholders' equity per
share, EUR 0,287 0,280 0,332 0,286 0,437
Dividend/share, EUR 0,00 0,00 0,00 0,00 0,00
Dividend/earnings, % 0,0 0,0 0,0 0,0 0,0
Effective dividend yield,
% 0,0 0,0 0,0 0,0 0,0
Price/earnings ratio - - - - 48
Share performance (EUR)
Share price on 31 Dec,
EUR 0,51 0,46 0,35 1,22 1,77
Share issue-adjusted
average share price, EUR 0,58 0,42 0,86 1,56 1,99
Share issue-adjusted
lowest share price, EUR 0,45 0,30 0,34 1,13 1,53
Share issue-adjusted
highest share price, EUR 0,77 0,60 1,25 1,90 2,83
Market capitalization,
MEUR 35 32 24 84 121
No. of shares traded
during the financial
period (during the period
of quotation in 1999) 40 267 092 43 266 170 38 018 049 50 289 310 28 577 161
% of the company's
average number of shares 63 % 55 % 73 % 42 %
Number of shares 68 733 395 68 733 395 68 733 395 68 578 795 68 120 895
Share issue-adjusted
number of shares annual
average 68 733 395 68 733 395 68 695 645 68 426 162 67 712 256
Share issue-adjusted
number of shares at the
end of the financial
period 68 733 395 68 733 395 68 733 395 68 578 795 68 120 895
Share issue-adjusted
number of shares annual
average, adjusted for
dilution effect 69 436 843 68 733 395 68 695 645 68 808 497 68 695 585
Share issue-adjusted
number of shares at the
end of the financial
period, adjusted for
dilution effect 69 436 843 68 733 395 68 733 395 68 961 130 69 104 224
SEGMENT INFORMATION
2010 Supply Chain In-Store Elimina-tions Total
Net Sales to External Customers 50,9 22,2 0,0 73,1
Segment operating profit 2,1 1,5 0,0 3,6
Unallocated items -2,3
Operating profit 1,3
Financial income and expenses -0,1
Profit before taxes and minority
interest 1,1
Taxes -1,2
Minority interest 0,0
Profit for the Financial Period 0,0
Segment assets 31,7 18,5 0,0 50,2
Unallocated assets 5,9
Total 56,1
Segment liabilities 15,4 7,9 0,0 23,3
Unallocated liabilities 12,9
Total 36,2
Capital expenditures 0,5 4,7 0,0 5,2
Unallocated capital expenditures 0,0
Total 2,2
Depreciations 0,8 1,0 0,0 1,8
Unallocated depreciations 0,0
Total 1,8
2009 Supply Chain In-Store Elimina-tions Total
Net Sales to External Customers 49,5 18 0,0 67,5
Segment operating profit 0,2 4,1 0,0 4,3
Unallocated items -9,0
Operating profit -4,7
Financial income and expenses -0,7
Profit before taxes and minority
interest -5,4
Taxes 1,4
Minority interest 0,0
Profit for the Financial Period -4,0
Segment assets 25,8 8,8 0,0 34,6
Unallocated assets 17,7
Total 52,3
Segment liabilities 17,0 3,3 0,0 20,3
Unallocated liabilities 12,6
Total 33,0
Capital expenditures 0,4 1,7 0,0 2,2
Unallocated capital expenditures 0,0
Total 2,2
Depreciations 1,0 0,7 0,0 1,7
Unallocated depreciations 0,0
Total 1,7
INCOME STATEMENT MEUR MEUR MEUR MEUR MEUR
quarterly figures Q4/2010 Q3/2010 Q2/2010 Q1/2010 Q4/2009
Net sales 19,0 17,1 18,6 18,3 17,9
Other operating income 0,1 0,4 0,0 0,2 0,2
Operating expenses -18,3 -17,0 -18,0 -17,5 -15,8
Depreciations and impairments -0,5 -0,5 -0,4 -0,4 -0,4
Operating profit 0,3 0,1 0,3 0,7 1,8
Financial items 0,0 -1,1 0,8 0,1 0,0
Profit before taxes 0,3 -1,1 1,1 0,8 1,8
Income taxes -0,4 -0,2 -0,1 -0,4 1,6
Minority interest 0,0 0,0 0,0 0,0 0,0
Profit for the financial period -0,1 -1,2 1,0 0,4 3,4
INCOME STATEMENT MEUR MEUR MEUR MEUR MEUR
cumulative 1-12/10 1-9/10 1-6/10 1-3/10 1-12/09
Net sales 73,1 54,0 36,9 18,3 67,5
Other operating income 0,7 0,6 0,2 0,2 0,7
Operating expenses -70,7 -52,5 -35,4 -17,5 -71,3
Depreciations and impairments -1,8 -1,3 -0,8 -0,4 -1,7
Operating profit 1,3 1,0 1,0 0,7 -4,7
Financial items -0,1 -0,1 1,0 0,1 -0,7
Profit before taxes 1,2 0,9 1,9 0,8 -5,4
Income taxes -1,2 -0,7 -0,6 -0,4 1,4
Minority interest 0,0 0,0 0,0 0,0 0,0
Profit for the financial period 0,0 0,1 1,4 0,4 -3,9
BALANCE SHEET MEUR MEUR MEUR MEUR MEUR
31.12.10 30.9.10 30.6.10 31.3.10 31.12.09
ASSETS
NON-CURRENT ASSETS
Goodwill 19,0 18,9 18,9 16,2 16,2
Capitalized development cost 2,7 2,8 2,9 2,8 2,8
Intangible assets 2,3 2,4 2,6 1,3 1,4
Tangible assets 1,1 1,3 1,4 1,3 1,3
Investments 0,1 0,1 0,1 0,1 0,1
Other long-term assets 0,5 0,4 0,4 0,4 0,4
Deferred tax assets 0,8 1,0 0,3 0,9 1,0
NON-CURRENT ASSETS TOTAL 26,5 26,9 26,6 23,0 23,1
CURRENT ASSETS
Inventories 0,3 0,2 0,0 0,0 0,5
Short-term receivables 26,0 23,0 24,2 25,0 20,7
Cash and cash equivalents 3,3 4,3 4,9 6,4 5,6
CURRENT ASSETS TOTAL 29,6 27,5 29,1 31,6 29,2
ASSETS TOTAL 56,1 54,4 55,7 54,5 52,3
SHAREHOLDERS'
EQUITY AND LIABILITIES
Shareholders' equity 19,8 19,7 20,1 19,5 19,2
Minority interest 0,1 0,1 0,1 0,1 0,1
Non-current liabilities 4,1 4,2 3,4 0,6 3,0
Current liabilities 32,1 30,5 32,1 34,4 30,0
Liabilities 36,2 34,7 35,5 34,9 33,0
EQUITY
AND LIABILITIES TOTAL 56,1 54,4 55,7 54,5 52,3
KEY FIGURES, MEUR Q4/2010 Q3/2010 Q2/2010 Q1/2010 Q4/2009
quarterly figures
Scope of Operations
Net sales, MEUR 19,0 17,1 18,6 18,3 17,9
Average number of personnel, cumulative 530 527 522 516 538
Profitability
Operating profit , MEUR 0,3 0,1 0,3 0,7 1,8
Operating profit, % of net sales 1,5 0,3 1,6 3,7 10,3
Profit before taxes
and minority interest, MEUR 0,3 -1,1 1,1 0,8 1,8
Profit before taxes
and minority interest, % of net sales 1,7 -6,2 6,1 4,4 10,2
Return on equity, % (ROE) 0,2 1,0 14,0 7,6 -18,8
Return on investment, % (ROI) 13,6 13,7 18,8 14,9 -11,2
Financial Standing
Quick ratio 0,9 0,8 0,9 0,9 0,9
Current ratio 0,9 0,9 0,9 0,9 1,0
Equity ratio, % 35,6 34,8 36,3 36,4 37,4
Interest-bearing net debt, MEUR 8,0 6,1 5,5 4,0 4,9
Gearing, % 40,1 33,0 27,0 20,2 25,2
Per Share Data
Earnings per share, EUR (EPS) -0,002 -0,018 0,014 0,005 0,050
Earnings per share, EUR (EPS), adjusted
for dilution effect -0,002 -0,018 0,014 0,005 0,050
Shareholders' equity per share, EUR 0,287 0,286 0,292 0,284 0,280
[HUG#1491645]
ALDATA SOLUTION OYJ'S FINANCIAL STATEMENT RELEASE JANUARY-DECEMBER
| Quelle: Aldata Solution Oyj
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