DONE SOLUTIONS CORPORATION MOVED INTO PROFIT
Done Solutions Corporation
Stock Exchange Release April 29, 2005, at 9:00 a.m.
DONE SOLUTIONS CORPORATION MOVED INTO PROFIT
- Consolidated net sales in Q1/2005 came to EUR 5.1 million (EUR 4.9 million in
Q1/2004), 4.1 percent growth from previous year.
- Consolidated operating profit amounted to EUR 0.2 million (a loss of EUR 0.3
million), or 3.5 percent of net sales (-5.8 percent). All business units were
profitable.
- Net profit for the period totaled EUR 0.1 million (a loss of EUR -0.3 million),
or 2.8 percent of net sales (-6.4 percent).
- Earnings per share were EUR 0.003 (EUR -0.006), while equity ratio stood at
10.0 percent (11.7 percent).
- Period-end liquid assets were EUR 1.2 million (EUR 0.6 million).
- The Group expects to record somewhat higher net sales for 2005 and make an
operating profit.
- Reported figures are in accordance with IFRS standards. The Stock Exchange
Release on April 26, 2005 provided information on 2004 IFRS comparatives.
NET SALES AND PROFITABILITY
MEUR Q1/2005 Q1/2004
Net sales 5.2 4.9
Operating profit/loss 0.2 -0.3
Pre-tax profit/loss 0.1 -0.3
Net profit/loss for the period 0.1 -0.3
Within Done Logistics and Providor Logistics, first-quarter net sales and
operating profit were as planned. Within Done Information, first-quarter net
sales and operating profit were slightly below planned.
Net Sales Net Sales Operating Profit/Loss
Q1/2005 Q1/2004 Q1/2005 Q1/2004
MEUR Share MEUR Share MEUR % MEUR %
Done Logistics 1.7 34% 0.9 19% 0.1 3 -0.4 -41
Providor Logistics 2.2 44% 2.5 50% 0.0 2 0.1 2
Done Information 1.1 22% 1.5 31% 0.1 7 0.0 2
Done Solutions group 5.1 100% 4.9 100% 0.2 4 -0.3 -6
FINANCIAL POSITION
Period-end consolidated balance sheet total amounted to EUR 5.4 million (EUR 5.8
million on March 31, 2004) while shareholders' equity came to EUR 0.5 million
(EUR 0.7 million). Parent company shareholder's equity according to FAS standards
amounted to EUR 4.7 million (EUR 4.0 million). At period-end, equity ratio was
10.0 percent (11.7 percent) and equity ratio including subordinated loans was
26.6 percent (12.3 percent). Gearing stood at -70.5 percent (69.7 percent) and
interest-bearing liabilities totaled EUR 0.8 million (EUR 1.1 million). Earnings
per share came to EUR 0.003 (EUR -0.006). Equity per share was EUR 0.010 (EUR
0.014). Liquid assets totaled EUR 1.2 million (EUR 0.6 million) at the end of the
period. The decrease in provisions had no effect on net profit for the period.
The Group expects that it will show a positive cash flow from business operations
over the next twelve months. The company estimates that its liquid assets will
suffice during the next 12-month period.
CAPITAL EXPENDITURE AND R&D
The company did not make any major investments or divestments during the report
period.
Product development costs for the period came to EUR 0.0 million, all of these
expensed as incurred.
HUMAN RESOURCES
At the end of the period, the Group had a total staff of 143. Done Logistics had
a staff of 61, Providor Logistics 15 and Done Information 67. A year ago, the
Group's staff numbered 188.
SHARE CAPITAL, SHARES AND SHAREHOLDERS
On March 31, 2005, Done Solutions had a share capital of EUR 3,957,398.72 and the
number of shares totaled 49,467,484.
The company's largest shareholders are listed on Done's website at
www.donesolutions.com (Investors / Largest shareholders).
The highest share quotation for the period was EUR 0.12 and the lowest EUR 0.08.
With an average price of EUR 0.10, the company's share closed at EUR 0.10 on
March 31, 2005. The reported share turnover was EUR 0.5 million, or 5,333,180
shares, and the company's market capitalization on March 31, 2005 came to EUR 5.0
million.
The unexercised share-issue authorization given by the Annual General Meeting of
March 31, 2005 to the Board of Directors applied to 9,893,496 shares on March 31,
2005. As of the same date, the company held no treasury shares.
DECISIONS BY THE ANNUAL GENERAL MEETING
Stock Exchange Release on March 31, 2005 provided the decisions of Done Solutions
Corporation's Annual General Meeting on March 31, 2005.
FUTURE PROSPECTS
The Group expects to record somewhat higher net sales for 2005 and make an
operating profit.
Done Solutions Corporation
Board of Directors
For further information, please contact:
Pekka Pystynen, President and CEO, tel. +358 (0)205 253427, gsm +358 (0)50 0508
962, pekka.pystynen@donesolutions.com
Mika Söyring, Controller, tel. + 358 (0)205 253425, gsm +358 40 777 0033,
mika.soyring@donesolutions.com
http://www.donesolutions.com
Distribution
Helsinki Exchanges
Major media
With its shares having been quoted on the Helsinki Stock Exchange's NM List since
2001, Done Solutions is organized into the three following business units: Done
Logistics provides comprehensive logistics systems, based on automated materials-
handling and supporting information systems; Providor Logistics specializes in
distribution and warehousing services; and Done Information provides multilingual
documentation services. The Group's largest customers are based in the Nordic
countries, Central Europe and the United States.
GROUP KEY FIGURES AND RATIOS (MEUR) Q1/2005 Q1/2004 2004
Net sales 5.1 4.9 18.1
Operating profit (loss) 0.2 -0.3 -0.6
Operating profit (loss), % 3.5 -5.8 -3.2
Pre-tax profit (loss) 0.1 -0.3 -0.6
Pre-tax profit (loss), % 2.8 -6.4 -3.5
Net profit (loss) for the period 0.1 -0.3 -0.6
Net profit (loss) for the period % 2.8 -6.4 -3.5
Gross capital expenditure -0.0 0.0 0.6
Gearing, % -70.5 69.7 -90.5
Equity ratio, % 10.0 11.7 6.7
Earnings per share, EUR 0.003 -0.006 -0.013
Earnings per share (diluted), EUR 0.003 -0.006 -0.013
Equity per share, EUR 0.010 0.014 0.007
Average personnel for the period 145 192 170
Cash flow from business operations 0.1 -0.4 -0.2
Cash flow from investments -0.0 0.0 0.6
Cash flow from financing -0.4 -0.0 0.1
Total cash flow -0.4 -0.4 0.5
CONSOLIDATED INCOME STATEMENT (MEUR) Q1/2005 Q1/2004 2004
NET SALES 5.1 4.9 18.1
Other operating income 0.0 0.0 0.0
Materials and services -2.9 -2.7 -10.1
Personnel costs -1.3 -1.6 -6.0
Depreciation -0.1 -0.1 -0.3
Other operating expenses -0.6 -0.7 -2.8
Results of discontinuing operations 0.0 -0.2 0.5
OPERATING PROFIT (LOSS) 0.2 -0.3 -0.6
Share of associates' results -0.0 0.0 0.0
Financial income 0.0 0.0 0.1
Financial expenses -0.0 -0.0 -0.1
PRE-TAX PROFIT (LOSS) 0.1 -0.3 -0.6
Income tax charge -0.0 -0.0 -0.0
Minority interest 0.0 0.0 0.0
NET PROFIT (LOSS) FOR THE PERIOD 0.1 -0.3 -0.6
CONSOLIDATED BALANCE SHEET March 31,2005 March 31,2004 Dec. 31,2004
(MEUR)
ASSETS
NON-CURRENT ASSETS
Tangible assets 0.3 0.5 0.4
Intangible assets 0.0 0.0 0.0
Goodwill 0.1 0.1 0.1
Available-for-sale assets 0.4 0.3 0.4
Long-term receivables 0.6 0.7 0.7
TOTAL NON-CURRENT ASSETS 1.4 1.8 1.5
CURRENT ASSETS
Inventories 0.1 0.1 0.1
Account and other receivables 2.6 3.3 2.8
Cash and cash equivalents 1.2 0.6 1.6
TOTAL CURRENT ASSETS 3.9 4.1 4.4
TOTAL ASSETS 5.4 5.8 6.0
LIABILITIES AND SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY
Share capital 4.0 4.0 4.0
Issue premium fund 0.4 0.4 0.4
Contingency fund 0.2 0.2 0.2
Retained earnings (loss) -4.2 -3.5 -3.5
Net profit (loss) for the period 0.1 -0.3 -0.6
TOTAL SHAREHOLDER'S EQUITY 0.5 0.7 0.4
MINORITY INTEREST 0.0 0.0 0.0
LIABILITIES
LONG-TERM LIABILITIES
Provisions 0.9 1.0 1.2
Interest-bearing liabilities 0.8 0.0 0.8
TOTAL LONG-TERM LIABILITIES 1.8 1.1 2.0
SHORT-TERM LIABILITIES
Account and other payables 3.1 3.0 3.2
Interest-bearing liabilities 0.0 1.1 0.4
TOTAL SHORT-TERM LIABILITIES 3.1 4.1 3.6
TOTAL LIABILITIES 4.9 5.1 5.6
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY 5.4 5.8 6.0
STATEMENT OF CHANGES IN SHAREHOLDER'S EQUITY (MEUR)
Share Issue pre- Contingency Retained
Capital mium fund fund earnings
SHAREHOLDER'S EQUITY 1.1.2005 4.0 0.4 0.2 -4.2
Net profit for the period 0.1
SHAREHOLDER'S EQUITY 31.3.2005 4.0 0.4 0.2 -4.0
SHAREHOLDER'S EQUITY 1.1.2004 7.4 0.4 0.2 -6.9
Decrease in share capital -3.5 3.5
Net profit for the period -0.3
SHAREHOLDER'S EQUITY 31.3.2004 4.0 0.4 0.2 -3.8
The data in this Interim Report are based on unaudited figures.
