DONE SOLUTIONS CORPORATION'S NET SALES AND PROFIT GROWING
Done Solutions Corporation
Stock Exchange Release August 10, 2005, at 9:00 a.m.
DONE SOLUTIONS CORPORATION'S NET SALES AND PROFIT GROWING
Interim Report H1/2005
- Consolidated net sales in H1/2005 came to EUR 11.2 million (EUR 9.5 million in
H1/2004), 17.2 percent growth from previous year.
- Consolidated operating profit amounted to EUR 0.55 million (EUR 0.12 million),
or 4.9 percent of net sales (1.2 percent). All business units were profitable.
- Net profit for the period totaled EUR 0.50 million (EUR 0.06 million), or 4.4
percent of net sales (0.6 percent).
- Earnings per share were EUR 0.010 (EUR 0.001), while equity ratio stood at 15.3
percent (17.8 percent) and return on investment 68.4 percent (12.2 percent).
- Period-end liquid assets were EUR 1.5 million (EUR 1.6 million).
- In H2/2005 the Group expects that the current businesses record net sales and
operating profit equal to, or slightly lower than, those posted in H1/2005. The
future order intake in Done Logistics will affect substantially the
materialization of this forecast.
- 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 Q2/2005 H1/2005 Q1/2004 Q2/2004 H1/2004
Net sales 5.1 6.1 11.2 4.9 4.6 9.5
Oper. profit/loss 0.2 0.4 0.5 -0.3 0.4 0.1
Pre-tax p/l 0.1 0.4 0.5 -0.3 0.4 0.1
Net p/l for the period 0.1 0.4 0.5 -0.3 0.4 0.1
Q2/2004 includes EUR 0.45 million profit in results of sold operations.
Net Sales Net Sales Operating Profit/Loss
H1/2005 H1/2004 H1/2005 H1/2004
MEUR Share MEUR Share MEUR % MEUR %
Done Logistics 3.4 30% 1.6 16% 0.1 2 -0.7 -44
Providor Logistics 5.4 48% 5.2 55% 0.2 4 0.1 2
Done Information 2.4 22% 2.7 29% 0.3 12 0.7 25
Done Solutions group 11.2 100% 9.5 100% 0.5 5 0.1 1
H1/2004 includes EUR 0.45 million profit in results of sold operations.
FINANCIAL POSITION
Period-end consolidated balance sheet total amounted to EUR 5.6 million (EUR 6.2
million on June 30, 2004). Shareholders' equity came to EUR 0.9 million (EUR 1.1
million) while parent company shareholder's equity according to FAS standards
amounted to EUR 3.7 million (EUR 3.8 million). At period-end, equity ratio was
15.3 percent (17.8 percent) and equity ratio including subordinated loans was
30.3 percent (18.4 percent). Gearing stood at -73.0 percent (-47.5 percent).
Interest-bearing liabilities totaled EUR 0.8 million (EUR 1.1 million). Earnings
per share came to EUR 0.010 (EUR 0.001). Equity per share was EUR 0.017 (EUR
0.021). Liquid assets totaled EUR 1.5 million (EUR 1.6 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 product
development costs are expensed as incurred.
HUMAN RESOURCES
At the end of the period, the Group had a total staff of 145. Done Logistics had
a staff of 62, Providor Logistics 15 and Done Information 68. A year ago, the
Group's staff numbered 162.
SHARE CAPITAL, SHARES AND SHAREHOLDERS
On June 30, 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 0.19 and the lowest EUR 0.08.
With an average price of EUR 0.12, the company's share closed at EUR 0.17 on June
30, 2005. The reported share turnover was EUR 1.2 million, or 9,722,031 shares,
and the company's market capitalization on June 30, 2005 came to EUR 8.4 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 June 30,
2005. As of the same date, the company held no treasury shares.
FUTURE PROSPECTS
In H2/2005 the Group expects that the current businesses record net sales and
operating profit equal to, or slightly lower than, those posted in H1/2005. The
future order intake in Done Logistics will affect substantially the
materialization of this forecast.
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, CFO, 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) H1/2005 H1/2004 2004
Net sales 11.2 9.5 18.1
Operating profit (loss) 0.5 0.1 -0.6
Operating profit (loss), % 4.9 1.2 -3.2
Pre-tax profit (loss) 0.5 0.1 -0.6
Pre-tax profit (loss), % 4.4 0.6 -3.5
Net profit (loss) for the period 0.5 0.1 -0.6
Net profit (loss) for the period % 4.4 0.6 -3.5
Gross capital expenditure 0.0 0.6 0.6
Gearing, % -73.0 -47.5 -90.5
Equity ratio, % 15.3 17.8 6.7
Return on investment ROI (12 months) 68.4 12.2 -26.9
Return on equity ROE (12 months) 163.0 11.6 -93.4
Earnings per share, EUR 0.010 0.001 -0.013
Earnings per share (diluted), EUR 0.010 0.001 -0.013
Equity per share, EUR 0.017 0.021 0.007
Average personnel for the period 145 162 170
Cash flow from business operations 0.3 -0.1 -0.2
Cash flow from investments 0.0 0.6 0.6
Cash flow from financing -0.4 -0.0 0.1
Total cash flow -0.1 0.5 0.5
CONSOLIDATED INCOME STATEMENT (MEUR) H1/2005 H1/2004 2004
NET SALES 11.2 9.5 18.1
Other operating income 0.0 0.0 0.0
Materials and services -6.5 -5.4 -10.1
Personnel costs -2.8 -3.0 -6.0
Depreciation -0.1 -0.1 -0.3
Other operating expenses -1.3 -1.4 -2.8
Results of discontinuing operations 0.0 0.4 0.5
OPERATING PROFIT (LOSS) 0.5 0.1 -0.6
Share of associates' results -0.0 0.0 0.0
Financial income 0.0 0.0 0.1
Financial expenses -0.1 -0.1 -0.1
PRE-TAX PROFIT (LOSS) 0.5 0.1 -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 0.5 0.1 -0.6
CONSOLIDATED BALANCE SHEET June 30, 2005 June 30, 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 1.7 1.5
CURRENT ASSETS
Inventories 0.1 0.1 0.1
Account and other receivables 2.7 2.8 2.8
Cash and cash equivalents 1.5 1.6 1.6
TOTAL CURRENT ASSETS 4.3 4.5 4.4
TOTAL ASSETS 5.6 6.2 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 0.5 0.1 -0.6
TOTAL SHAREHOLDER'S EQUITY 0.9 1.1 0.4
MINORITY INTEREST 0.0 0.0 0.0
LIABILITIES
LONG-TERM LIABILITIES
Provisions 0.8 1.0 1.2
Interest-bearing liabilities 0.8 0.0 0.8
TOTAL LONG-TERM LIABILITIES 1.7 1.0 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 4.8 5.1 5.6
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY 5.6 6.2 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 0.5
SHAREHOLDER'S EQUITY 30.6.2005 4.0 0.4 0.2 -3.7
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 0.1
SHAREHOLDER'S EQUITY 30.6.2004 4.0 0.4 0.2 -3.4
The data in this Interim Report are based on unaudited figures.
