Revenio Group Corporation: INTERIM REPORT JANUARY 1-MARCH 31, 2013 - STRONG GROWTH IN HEALTH TECH CONTINUES, EARLY YEAR GOES AS EXPECTED
Revenio Group Corporation Stock exchange release April 19, 2013 at 9:00
REVENIO GROUP CORPORATION'S INTERIM REPORT JANUARY 1-MARCH 31, 2013 - STRONG
GROWTH IN HEALTH TECH CONTINUES, EARLY YEAR GOES AS EXPECTED
Highlights for the period:
* Excellent trends continued in the Revenio Health Tech segment. First-quarter
sales were the segment's all-time best.
* In the Revenio Technology and Services segment, early 2013 was similar to
the previous year. The best development was seen in the Rigid Inflatable
Boats business.
* In accordance with the decision made on December 18, 2012, parts of the Done
Logistics business were divested on February 7, 2013.
* The Annual General Meeting resolved to pay a dividend of EUR 0.02 (0.02) per
share, and authorized the Board of Directors to decide on a return of
capital of maximum EUR 1,000,000.00 at a later date. The dividend
corresponding the current amount of shares was EUR 0.20 (0.20) per share
* The AGM also decided on a reverse share split. As of March 27, 2013, ten old
shares will correspond to one new Revenio Group Corporation share.
Group key figures:
* Net sales EUR 7.1 million (EUR 5.8 million), growth 21.0 percent
* Operating profit EUR 1.2 million (EUR 1.2 million), or 16.3 (19.7) percent
of net sales
* Net sales of the Revenio Health Tech segment EUR 3.1 million (EUR 2.6
million), up 19.1 percent.
* Revenio Health Tech's operating profit EUR 1.1 million (EUR 1.2 million),
representing 36.8 (44.0) percent of net sales and a change of EUR 0.0
million
* Net sales of the Revenio Technology and Services segment EUR 4.0 million
(EUR 3.2 million), up 22.7 percent
* Revenio Technology and Services' operating profit EUR 0.2 million (EUR 0.2
million), representing 5.7 (7.8) percent of net sales and a change of EUR
0.0 million
* Result for discontinued operations EUR 0.0 million (EUR -0.7 million), Done
Logistics had no impact on the first-quarter result
* Pre-tax profit, continuing operations, EUR 1.2 million (EUR 1.0 million)
* Undiluted earnings per share, continuing operations EUR 0.11 (0.13) and
diluted earnings per share, continuing operations EUR 0.11 (0.13)
* Cash flow from contunuing operations EUR 0.7 million (EUR 0.4 million)
* The Group's financial guidance for 2013 remains unchanged: In continuing
operations, consolidated net sales and operating profit excluding non-
recurring items are expected to see year-on-year growth.
President & CEO Olli-Pekka Salovaara:
"The most important goal of the strategic update launched in late 2012 is to
support measures that will drive growth in the Health Tech segment. Our goal is
to make Icare the leading global player in tonometers in the health technology
industry. Our strategic choice has already proved effective, and the Health Tech
segment performed excellently during the first quarter. In line with our
strategy, in 2013 we will be focusing on measures to develop the Health Tech
segment without compromising on growth and profitability.
During the review period, Icare Finland Oy - the cornerstone of the Health Tech
segment - achieved the best net sales and result in its history. Excellent sales
growth was seen in all market areas, and in North America and the Far East in
particular. Good growth was also seen in Russia, where sales were launched in
2012, and likewise in Germany. Signs of recovery were also visible in Southern
European countries. The most vigorous growth was seen in our probes business -
an indication of the continued and increasing use of the devices we have already
sold. The segment's net sales rose by 19.1 percent to EUR 3.1 million (EUR 2.6
million). The slight fall in its relative profitability level was due to
strategic investments to create future growth.
In line with our new strategy, the Technology and Services segment is focusing
on its strengths and on increasing profitable growth. The Rigid Inflatable Boats
business had an incredibly busy start to 2013, and net sales for the review
period saw a significant rise on 2012. Sales in the Information Displays
business almost reached last year's level, and exports increased. The Contact
Center business made a profit in every month of the review period, even though
sales fell slightly short of 2012. Considering the market situation, the
Software business achieved a reasonable result. The macroeconomic situation
does have some impact on orders in the Technology and Services segment, but we
do expect sales in the Software and Information Displays businesses to pick up
in late 2013.
In addition to the successful launch of our strategic update and our
commercially successful start to the year, I am also pleased by the increased
interest in the Revenio Group. During the review period, our market value rose
to EUR 55.4 million (32.3 million), which I think reflects market confidence in
our new strategy."
MARKET SITUATION
REVENIO HEALTH TECH
Revenio's Health Tech segment consists of Icare Finland, which specializes in
the development, manufacture, and sale of tonometers.
The segment's current main markets are North America, Europe, Russia, and
several countries in Asia, such as Japan and India. A number of, as yet
untapped, markets hold significant potential for demand - in South America and
China in particular.
The market situation during the review period was good, and the Health Tech
segment achieved a record-breaking result. There was brisk demand in North
America, the Far East, Russia and Germany in particular. Southern Europe, which
has been suffering from the global economic downswing, showed signs of recovery.
The most vigorous increase was seen in the sale of probes, which reflects the
continued and increasing use of the devices we have already sold.
Expert opinions published during the review period contributed to the increase
in demand. Since launching its technology, Icare has engaged in close
cooperation with the industry's leading international experts, who play a vital
role in the acceptance of new technology in the global caring industry. Icare's
tonometers were used in several studies during the review period, which gave
extra support to the expert opinions and contributed to sales growth.
Icare's tonometers can also be used to measure intraocular pressure in animals,
and sales to this target group saw brisk growth during the review period, in
Europe and Canada in particular. This target group also presents an attractive
opportunity for broadening Icare's customer base.
Icare's market position can be further bolstered by developing product features,
and measures aimed at retaining our competitive advantage have been launched. As
our customer base grows, so will demand for productized maintenance services.
REVENIO TECHNOLOGY AND SERVICES
On December 1, 2012, the Revenio Technology and Services segment was formed from
four Group businesses and companies, and some functions of the Group's parent
company.
The businesses included in this segment are the Contact Center business, Rigid
Inflatable Boats business, Information Displays business, and Software business.
In line with its strategy, Revenio's Technology and Services segment is focusing
on organic growth, efficiency, and improving profitability.
Contact Center business
The market situation in the Contact Center business remained stable during the
review period. However, competition is heating up, as the ban on the
telemarketing of mobile phone subscriptions has freed up production capacity in
the industry.
There is only moderate market growth in the industry, particularly in outbound
commissions, such as telemarketing campaigns, in which the above-mentioned
telemarketing ban has a greater impact on both commissions and the price level.
There have been no substantial changes in the market for inbound commissions,
such as exchange and customer service outsourcing, which form part of the
Contact Center's core competence. Opportunities for new sales are mainly to be
found in smaller customer commissions.
Rigid Inflatable Boats business
Boat production was brisk during the early year, and net sales grew vigorously
during the review period. Deliveries were made for several orders from
authorities in, for example, the Netherlands, Sweden and Malta.
The market situation for the Rigid Inflatable Boats business is favorable, not
only due to the competitiveness of its products but also due to marketing
efforts outside traditional market areas. However, when the Rigid Inflatable
Boats business is vying for larger-scale projects, the future order back-lock is
hard to predict due to harsh international competition.
Information Displays business
The cyclical nature of the industry was visible in the sales of the Information
Displays business during the review period. The early part of the year is
typically quiet in Nordic markets, as installing products in outdoor spaces is
not cost-effective in winter conditions. Exports accounted for the majority of
net sales, while domestic sales fell short of the previous year. The business
actively continued efforts to export products to new market areas.
Software business
The Software business' operating environment became more challenging during the
review period, as the macroeconomic market situation was reflected in companies'
investment decisions and delays therein. There are business opportunities in
expanding deliveries to existing customers, and in the development and
maintenance of existing systems.
NET SALES, PROFITABILITY AND PROFIT
Consolidated net sales from the Revenio Group's continuing operations for the
period January 1-March 31, 2013 totaled EUR 7.1 million (EUR 5.8 million),
representing growth of 21.0 percent.
Earnings before interest, taxes, depreciation and amortization (EBITDA) from
continuing operations totaled EUR 1.3 million (EUR 1.3 million), or 19.0 (22.8)
percent of net sales.
The consolidated operating profit (EBIT) from continuing operations was EUR 1.2
million (EUR 1.2 million), representing 16.3 (19.7) percent of net sales. The
profit before taxes for continuing operations totaled EUR 1.2 million (EUR 1.0
million), or 16.6 (17.7) percent of net sales. The net result for continuing
operations was EUR 0.9 million (EUR 1.0 million), or 12.4 (17.0) percent of net
sales. The net result for discontinued operations totaled EUR 0.0 million (EUR
-0.8 million). Net profit for the period totaled EUR 0.9 million (EUR 0.2
million).
Undiluted earnings per share for continuing operations were EUR 0.11 (0.13),
while dilution-adjusted earnings per share came to EUR 0.11 (0.13). For
discontinued operations, the undiluted and diluted earnings per share were EUR
0.00 (-0.10). Dilution-adjusted earnings per share for continuing and
discontinued operations during the period were EUR 0.11 (0.03). Equity per share
was EUR 1.85 (1.98).
During the review period, the consolidated net sales of continuing operations
achieved a year-on-year increase of 21.0 percent. Significant net sales growth
was seen in the Health Tech segment and the Rigid Inflatable Boats business in
the Technology and Services segment.
The first-quarter operating profit for the Health Tech segment almost reached
that of 2012, even though greater investments were made in development than in
the previous year. The operating profit of the Health Tech segment totaled EUR
1.1 million (EUR 1.2 million), while the operating profit of the Technology and
Services segment remained at the same level as last year, EUR 0.2 million (EUR
0.2 million).
On December 18, 2012, the Group decided to divest Done Logistics Oy. The company
has since been categorized as 'discontinued operations' in consolidated
reporting. This change in reporting also applies to reference figures. The
result for discontinued operations in 2013 covers the result for Done Logistics
Oy and any changes in provisions for winding up operations.
BALANCE SHEET, FINANCIAL POSITION AND INVESTMENTS
The consolidated balance sheet total stood at EUR 24.2 million (EUR 23.8
million) on March 31, 2013.
Shareholders' equity came to EUR 14.4 million (EUR 15.2 million). At the end of
the review period, interest-bearing net liabilities amounted to EUR -1.7 million
(EUR -1.1 million) and gearing stood at -11.9 (-7.0) percent. The consolidated
equity ratio was 62.3 (64.9) percent. The Group's liquid assets amounted to EUR
3.7 million (EUR 2.3 million) at the end of the review period.
Thanks to favorable trends in operations, the Group's financial position
remained stable throughout the review period. No financing was raised through
borrowed capital during the review period. Revenio's financial position was also
bolstered by funds received from shares subscribed to via options, a total of
EUR 0.4 million.
Cash flow from continuing operations totaled EUR 0.7 million (EUR 0.4 million).
Cash flow did not reach the same level as operating profit due to the timing of
payments for project deliveries in the Rigid Inflatable Boats business and costs
associated with winding down discontinued operations, the latter of which were
entered as expenses during the 2012 financial year.
The Group's purchases of PPE and intangible assets totaled EUR 0.1 million (EUR
0.2 million). These investments concentrated on product development, information
technology, and software.
OPERATIONS BY BUSINESS SEGMENT
The Revenio Group Corporation's business operations are organized into two
segments: Revenio Health Tech (Icare Finland Oy) and Revenio Technology and
Services (Midas Touch Oy, Done Software Solutions Oy, Boomeranger Boats Oy, and
FLS Finland Oy). Since the end of the 2012 financial year, Done Logistics has
been categorized as discontinued operations.
The segment structure corresponds to the Group's organizational structure and
internal reporting.
Revenio Health Tech
The Revenio Health Tech segment comprises Icare Finland, which specializes in
the development, manufacture and sale of tonometers, as well as some functions
that were previously part of the Group's parent company. Olli-Pekka Salovaara,
the Group's President & CEO, heads up this business segment in addition to his
other tasks.
During the review period, January 1-March 31, 2013, the net sales of the Health
Tech segment totaled EUR 3.1 million (EUR 2.6 million), representing growth of
19.1 percent. The Health Tech segment's operating profit amounted to EUR 1.1
million (EUR 1.2 million).
The net sales of the Health Tech segment increased significantly during the
review period. Excellent sales growth was seen in North America, Russia, the Far
East and Germany in particular. Even Southern Europe, which had been suffering
from the global economic downswing, showed signs of a pick up in demand. A
significant proportion of sales come from the company's primary product, the
Icare TA-01 tonometer and its disposable probes. Sales of probes have also
experienced strong growth, which indicates the continued and increasing use of
the devices we have already sold. Two of our new products are still in the
early phase of their lifecycles: the Icare One, a tonometer designed for home
use, and the Icare Pro for professional use. Their sales growth was in line with
other sales trends. Icare tonometers can also be used to measure intraocular
pressure in animals, and sales to this target group exhibited strong growth
during the review period, and in Europe and Canada in particular. This target
group also holds significant commercial opportunities for Icare.
During the review period, Icare once again achieved visibility in ophthalmic
studies and among the industry's leading experts. Icare products were used in
several clinical trials, which contributed to sales growth.
Country-specific sales permits play a key role in global tonometer sales. Icare
made progress with sales permit applications during the review period, and in
particular for new products in markets lacking permits. A new FDA permit
application for the Icare One is expected to be filed during 2013.
Icare's export and R&D resources were bolstered during the review period.
Further-development projects were launched for existing products to maintain
and increase their competitiveness over the coming years. Development efforts
continued in quality processes and procurements. These projects aim to ensure
continued business growth and create new opportunities for growth.
The Revenio Health Tech segment's operating profit remained at an excellent
level in spite of strategic investments in future growth.
Revenio Technology and Services
On December 1, 2012, the Revenio Technology and Services segment was formed from
four Group businesses and companies, and some functions of the Group's parent
company. Riku Lamppu was appointed as segment director. He is also the CEO of
Midas Touch Oy, which is part of this segment.
The segment comprises the following operations: the Contact Center business
(Midas Touch Oy), the Rigid Inflatable Boats business (Boomeranger Boats Oy),
the Information Displays business (FLS Finland Oy), and the Software business
(Done Software Solutions Oy).
The segment's net sales for the period January 1-March 31, 2013 totaled EUR 4.0
million (EUR 3.2 million) and its operating profit EUR 0.2 million (EUR 0.2
million).
Net sales grew significantly in the Rigid Inflatable Boats business. Production
was brisk during early 2013, and several deliveries to authorities in Sweden and
Malta were made during the review period. The business' result was in the black,
even though the busy start to the year increased its cost level to some degree.
The Contact Center's strategic goal has been to increase the share of its
operations accounted for by inbound commissions, as the outlook for such
commissions is more stable and they pose smaller trade cycle and business risks.
Inbound operations include solutions for technical customer services, manning
exchanges, and outsourcing customer services. Due to a contraction in sales in
telemarketing, the business' net sales and operating result fell slightly short
of the corresponding period of 2012.
The first-quarter net sales of the Information Displays business remained at the
same level as in 2012, but operating profit fell slightly short of last year. It
was, however, still clearly in the black. Net sales growth mainly came from a
large increase in exports. Domestic sales remained at the same level as in 2012.
In the Software business, net sales for the period were generated by the
completion of major deliveries begun in the 2012 financial year, and by
commissions for smaller-scale developments to existing systems. Although net
sales remained at the same level as in the corresponding period of 2012,
profitability fell slightly short of last year.
The vigorous growth in the Rigid Inflatable Boats business had the greatest
impact on net sales growth in this segment. The results of all of the segment's
businesses were clearly in the black during the review period.
Net sales and segment's margin excluding non-recurring
items were as follows:
Segment Segment
profit profit
Net Sales Net Sales margin margin
1-3/2013 1-3/2012 1-3/2013 1-3/2012
MEUR share MEUR share MEUR % MEUR %
Revenio Health
Tech 3.1 44 % 2.6 45 % 1.1 37 1.2 44
Revenio
Technology and
Services 4.0 56 % 3.2 55 % 0.2 6 0.3 9
Total 7.1 100 % 5.8 100 % 1.4 19 1.4 24
Parent company
expenses -0.2 -0.3
Operating
Profit, Group
Total 1.2 16 1,2 20
Consolidated net sales and operating profit from continuing operations by
segment and quarter:
MEUR Q1/13 Q4/12 Q3/12 Q2/12 Q1/12
Net sales:
Revenio Health Tech 3.1 3.2 2.6 2.6 2.6
Revenio Technology
and Services 4.0 4.5 3.4 3.2 3.2
Total 7.1 7.7 6.1 5.8 5.8
Segment profit margin:
Revenio Health Tech 1.1 1.2 1.0 1.0 1.2
Revenio Technology
and Services 0.2 0.5 0.5 0.2 0.3
Total 1.3 1.7 1.6 1.3 1.5
Parent co. expenses -0.2 -0.2 -0.2 -0.2 -0.2
Operating profit 1.2 1.4 1.4 1.0 1.2
Operating profit-% 16 18 22 17 20
PERSONNEL
During the review period, the number of personnel employed by the Group in
continuing operations averaged 214 (203). At the end of the period, the number
of employees stood at 227 (201).
Average no. of employees by segments:
31 Mar. 2013 31 Mar. 2012 Change
Revenio Health Tech 16 13 3
Revenio Technology
and Services 194 186 8
Parent Company 4 4 0
Group Total 214 203 11
Wages, salaries, and other remuneration paid for continuing operations during
the period totaled EUR 1.9 million (EUR 1.8 million).
SHARES, SHARE CAPITAL AND MANAGEMENT HOLDINGS
On March 31, 2013, the Revenio Group Corporation's fully paid-up share capital
registered with the Trade Register was EUR 5,314,918.72 and the number of shares
totaled 7,768,909. The number of unregistered share subscriptions approved by
the Board at the day of the release of this bulletin was 26,200. Once
registered, the total number of shares will rise to 7,795,109 .
The company has one class of share, and all shares confer the same voting rights
and an equal right to dividends and the company's funds.
On March 31, 2013, the President & CEO and members of the Board of Directors
held 6.8 percent of the company's shares (530,519 shares) and 0.0 percent of the
option rights (five option rights).
CHANGES IN SHAREHOLDING
There were no significant changes in ownership to report during the review
period.
OPTION RIGHTS
On the basis of the share issue authorization approved by the Annual General
Meeting of April 3, 2007, the Board of Revenio Group Corporation decided, on
November 23, 2007, on a new corporate option scheme comprising a maximum of
3,684,365 option rights. Ten option rights entitle the holder to subscribe for
one (1) Revenio Group Corporation share. Against the total number of the
company's shares on March 31, 2013, the proportion of shares to be subscribed
for on the basis of the option rights issued represents a maximum of 4.7 percent
of the company's shares and votes, once all new shares subscribed for with these
option rights have been registered.
New shares subscribed for via the option program entitle the holder to a
dividend from the subscription year onwards.
The option rights have been divided into three series: Series A (1,684,365),
Series B (1,000,000) and Series C (1,000,000). The subscription periods for
options are as follows: Series A, May 1, 2009-May 1, 2013; Series B, November
1, 2010-November 1, 2014; and Series C, May 1, 2012-May 1, 2016. The share
subscription price will be the trade-weighted average price during the period
November 1-30, 2007 multiplied by ten (EUR 5.99, Series A), April 1-30, 2009
multiplied by ten (EUR 2.47, Series B), and November 1-30, 2010 multiplied by
ten (EUR 2.41, Series C).
No new options were issued to personnel during the review period.
TRADING ON NASDAQ OMX HELSINKI
During the period January 1- March 31, 2013, the Revenio Group Corporation's
share turnover on the NASDAQ OMX Helsinki exchange totaled EUR 5.8 million (EUR
5.5 million), representing 1.0 (1.2) million shares or 12.5 (15.6) percent of
all shares outstanding after the reverse stock spilt of March 27, 2013.
The highest trading price was EUR 7.13 (5.00) and the lowest EUR 4.10 (4.10). At
the end of the review period, the closing price was EUR 7.13 (4.20), and the
average share price EUR 5.90 (4.60). The Revenio Group Corporation's market
value stood at EUR 55.4 million (EUR 32.3 million) on March 31, 2013. These
figures take into account the effects of the reverse stock split.
ANNUAL GENERAL MEETING AND BOARD AUTHORIZATIONS IN EFFECT
The Annual General Meeting held on March 21, 2013 approved the company's
financial statements and discharged the President & CEO and the members of the
Board of Directors from liability for the financial year January 1-December
31, 2012.
The AGM re-elected Pekka Tammela and Rolf Fryckman as members of the Board, and
elected Ari Kohonen as a new member. The AGM decided that the Chairman of the
Board should be paid a fee of EUR 36,000 per annum and other Board members EUR
18,000 per annum. 60 percent of the fee is paid as monetary compensation and 40
percent in company shares.
The AGM re-elected PricewaterhouseCoopers Oy, Authorized Public Accountants, as
the company's auditors with Juha Tuomala, Authorized Public Accountant, as
principal auditor.
The AGM accepted the Board's proposal on profit distribution, according to which
the profit for the financial period, EUR 1,545,444.10, will be added to retained
earnings, and a dividend of EUR 0.02 per share will be paid to a total of EUR
1,536,675.74.
The AGM authorized the Board of Directors to decide on the acquisition of a
maximum of 777,107 of the company's own shares, either in one or several
installments, using the company's unrestricted equity, in which case any buyback
will reduce the amount of distributable earnings.
The AGM cancelled the Board of Directors' valid, unexercised share-issue
authorizations, and authorized the Board to decide on the issue of a maximum of
3,000,000 shares or to grant special rights (including stock options) to shares,
as referred to in Section 1 of Chapter 10 of the Limited Liability Companies
Act, in one or several installments. This authorization was granted for use in
financing and implementing any prospective corporate acquisitions or other
transactions, for implementing the company's share-based incentive plans, or for
other purposes determined by the Board. The Board has the right to decide on all
terms and conditions governing the said share issue and the granting of special
rights, including the subscribers or grantees of the special rights, and the
consideration payable. The authorization also includes the right to waive
shareholders' pre-emptive subscription rights and covers the issue of new shares
and the transfer of any shares that may be held by the company. This
authorization is valid until April 30, 2014.
BOARD OF DIRECTORS AND AUDITORS
As of March 21, 2013, the Revenio Group Corporation's Board of Directors has
consisted of: Pekka Tammela, M.Sc. (Econ.), Authorized Public Accountant,
partner in Pajamaa Partners Oy (Chairman); Rolf Fryckman, optician, Chairman of
the Board of Eyemaker's Finland Oy; and - a new member as of March 21, 2013 -
Ari Kohonen, M.Sc. (Eng.), M.Sc. (Econ.). Kohonen is also CEO of Tekla Oy and
Chairman of the Board of Gerako Oy.
PricewaterhouseCoopers Oy, Authorized Public Accountants, serves as the
company's auditor, with Juha Tuomala, Authorized Public Accountant, as principal
auditor.
AN ASSESSEMENT OF MAJOR BUSINESS RISKS AND UNCERTAINTY FACTORS
The Group's major business risks are presented in its financial statement
bulletin of February 8, 2013. No changes in these risks have occurred since the
bulletin's release.
MAJOR EVENTS AFTER THE REVIEW PERIOD
There have been no major events since the end of the review period.
OUTLOOK FOR 2013
In continuing operations, consolidated net sales and operating profit excluding
non-recurring items are expected to see year-on-year growth.
STATEMENT OF ACCOUNTING POLICIES
The recognition and valuation principles underlying the financial information
presented in this Interim Report comply with the principles of the International
Financial Reporting Standards (IFRS). The report does not comply with all the
requirements of IAS 34, Interim Financial Reporting. The figures are unaudited.
GROUP KEY FIGURES AND RATIOS (MEUR) 1-3/2013 1-3/2012 1-12/2012
Net sales, continuing operations 7.1 5.8 25.4
Ebitda, continuing operations 1.3 1.3 5.7
Ebitda-%, continuing operations 19.0 22.8 22.5
Operating profit, continuing operations 1.2 1.2 4.9
Operating profit-%, continuing operations 16.3 19.7 19.4
Pre-tax profit, continuing operations 1.2 1.0 4.7
Pre-tax profit-%, continuing operations 16.6 17.6 18.5
Net profit from discontinued operations 0.0 -0.7 -4.8
Net profit, continuing operations 0.9 1.0 -0.3
Net profit-%, continuing operations 12.4 16.9 -1.1
Gross capital expenditure 0.1 0.1 0.3
Gross capital expenditure-% 1.1 2.0 1.1
R&D costs 0.1 0.0 0.4
R&D costs-% from net sales 1.6 0.7 1.4
Gearing-% -11.9 -7.0 -12.2
Equity ratio-% 62.3 64.9 62.2
Return on investment-% (ROI) 2.5 8.4 0.4
Return on equity-% (ROE) 5.1 0.4 -1.8
Undiluted earnings per share, EUR, continuing
operations 0.11 0.13 0.59
Diluted Earnings per share, EUR, continuing
operations 0.11 0.13 0.59
Undiluted earnings per share, EUR,
discontinued operations 0.00 -0.10 -0.63
Diluted Earnings per share, EUR, discontinued
operations 0.00 -0.10 -0.63
Equity per share, EUR 1.85 1.98 1.91
Average no. of employees, continuing
operations 214 203 198
Cash flow from operating activities 0.7 -1.8 0.8
Cash flow from investing activities -0.1 0.0 -0.1
Net cash used in financing activities -1.0 -0.4 -0.2
Total cash flow -1.3 -2.2 0.5
CONSOLIDATED COMPREHENSIVE 1-3/2013 1-3/2012 1-12/2012
INCOME STATEMENT (MEUR)
NET SALES 7.1 5.8 25.4
Other operating income 0.0 0.0 0.1
Materials and services -2.1 -1.2 -6.9
Employee benefits -2.4 -2.2 -8.4
Depreciation/amortization -0.2 -0.2 -0.8
Other operating expenses -1.3 -1.1 -4.5
OPERATING PROFIT, CONTINUING OPERATIONS 1.2 1.1 4.9
Share of associates' results 0.0 0.0 0.0
Financial expenses (net) 0.0 -0.1 -0.2
PRE-TAX PROFIT, CONTINUING OPERATIONS 1.2 1.0 4.7
Income tax expense -0.3 0.0 -0.1
Net profit from continuing operations 0.9 1.0 4.6
Net profit from discontinued operations 0.0 -0.7 -4.8
NET PROFIT 0.9 0.2 -0.3
Other comprehensive income items 0.0 0.0 0.0
Income tax expense for comprehensive income 0.0 0.0 0.0
Other comprehensive income items
after taxes 0.0 0.0 0.0
TOTAL COMPREHENSIVE INCOME 0.9 0.2 -0.3
Net profit attributable to:
Parent company shareholders 0.9 0.2 -0.3
Total comprehensive income attributable to:
Parent company shareholders 0.9 0.2 -0.3
Earnings per share, undiluted,EUR, continuing
operations 0.11 0.13 0.59
Earnings per share, diluted,EUR, continuing
operations 0.11 0.13 0.59
Earnings per share, undiluted,EUR,
discontinued operations 0.00 -0.10 -0.63
Earnings per share, diluted,EUR, discontinued
operations 0.00 -0.10 -0.63
CONSOLIDATED BALANCE SHEET (MEUR)
31 Mar 2013 31 Mar 2012 31 Dec 2012
ASSETS
NON-CURRENT ASSETS
Property. plant and equipment 1.5 1.6 1.6
Goodwill 8.1 8.1 8.1
Intangible assets 0.6 0.9 0.6
Shares in associates 0.0 0.0 0.0
Deferred tax assets 1.3 1.7 1.6
TOTAL NON-CURRENT ASSETS 11.6 12.3 12.0
CURRENT ASSETS
Inventories 1.4 1.2 1.3
Trade and other receivables 5.4 4.2 4.8
Cash and cash equivalents 3.7 2.3 5.0
TOTAL CURRENT ASSETS 10.5 7.7 11.2
Non-current assets held
for sale 2.2 3.8 1.8
TOTAL ASSETS 24.2 23.8 25.0
LIABILITIES AND SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY
Share capital 5.3 5.3 5.3
Share premium 2.4 2.4 2.4
Fair value reserve 0.3 0.3 0.3
Invested unrestricted capital reserve 7.4 7.0 7.1
Retained earnings/loss -1.0 0.1 -0.4
TOTAL EQUITY. attributable to holders
of parent company equity 14.4 15.2 14.7
TOTAL SHAREHOLDERS' EQUITY 14.4 15.2 14.7
LIABILITIES
NON-CURRENT LIABILITIES
Deferred tax liabilities 0.2 0.3 0.2
Provisions 0.1 0.1 0.1
Financial liabilities 1.2 0.1 1.4
TOTAL LONG-TERM LIABILITIES 1.5 0.5 1.7
CURRENT LIABILITIES
Advance payments 1.2 0.4 1.4
Trade and other payables 4.7 3.4 3.3
Financial liabilities 0.8 1.0 1.8
TOTAL SHORT-TERM LIABILITIES 6.7 4.8 6.5
Long-term liabilities held
for sale 1.7 3.3 2.1
TOTAL LIABILITIES 9.9 8.6 10.3
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY 24.2 23.8 25.0
CONSOLIDATED STATEMENT OF CHANGE IN EQUITY (MEUR)
Share Share Other Retained Total
capital Premium Reserves Earnings Equity
Balance 1 Jan 2013 5.3 2.4 7.4 -0.4 14.7
Dividend distribution 0.0 0.0 0.0 -1.5 -1.5
Options expense
adjustment 0.0 0.0 0.4 0.0 0.4
Net profit 0.0 0.0 0.0 0.9 0.9
Balance 31 Dec 2012 5.3 2.4 7.7 -1.0 14.4
Share Share Other Retained Total
capital Premium Reserves Earnings Equity
Balance 1 Jan 2012 5.3 2.4 7.3 1.3 16.4
Dividend distribution 0.0 0.0 0.0 -1.5 -1.5
Options expense
adjustment 0.0 0.0 0.0 0.1 0.1
Net profit 0.0 0.0 0.0 0.2 0.2
Balance 30 Sept 2011 5.3 2.4 7.4 0.1 15.2
CONSOLIDATED CASH FLOW STATEMENT (MEUR) 1-3/2013 1-3/2012 1-12/2012
Net profit 0.9 0.2 -0.3
Adjustments to net profit 0.5 2.6 5,2
Change in working capital -0.7 -2.3 -0.1
Interest paid 0.0 0.0 -0.1
Interest received 0.0 0.0 0.0
CASH FLOW FROM OPERATING ACTIVITIES 0.7 0.4 4.8
Cash flow from discontinued operations -0.9 -2.2 -4.0
Sales of subsidiaries
and associates' shares (net) 0.0 0.2 0.2
Purchase of PPE 0.0 -0.1 -0.2
Purchase of Intangible assets -0.1 0.0 0.0
NET CASH USED IN INVESTING ACTIVITIES -0.1 0.0 -0.1
Used options rights 0.4 0.0 0.0
Paid dividends 0.0 0.0 -1.5
Repayments of long-term borrowings -1.3 -0.4 -1.7
Long-term loans received 0.0 0.0 3.2
Finance lease principal payment 0.0 0.0 -0.1
Loans for associated companies granted 0.0 0.0 -0.1
NET CASH USED IN FINANCING ACTIVITIES -1.0 -0.4 -0.2
Net change in cash and equivalents -1.3 -2.2 0.5
Cash and equivalents. period-start 5.0 4.4 4.4
Cash and equivalents. period-end 3.7 2.3 5.0
NET SALES AND OPERATING PROFIT BY QUARTER (MEUR)
Q1/2013 Q4/2012 Q3/2012 Q2/2012 Q1/2012
Net sales 7.1 7.7 6.1 5.8 5.8
Oper. Profit 1.2 1.4 1.4 1.0 1.2
Oper. profit.-% 16 18 23 17 20
MAIN SHAREHOLDERS 31 Mar 2013
No. of shares %
1. Merivirta Jyri 1000,000 13 %
2. Eyemakers' Finland Oy 500,000 6 %
3. Sijoitusrahasto Evli Suomi Osake 371,076 5 %
4. Joensuun Kauppa ja Kone Oy 367,656 5 %
5. Keskinäinen Eläkevakuutusyhtiö Etera 350,000 5 %
6. Gerako Oy 340,000 4 %
7. Alpisalo Mia 294,815 4 %
8. Salovaara Olli-Pekka 151,330 2 %
9. Kirkon Keskusrahasto 124,081 2 %
10. Keskinäinen vakuutusyhtiö Fennia 89,822 1 %
Revenio Group Corporation
BOARD OF DIRECTORS
For additional information:
President & CEO Olli-Pekka Salovaara, GSM +358 (0)40 5675 520
olli.pekka.salovaara@revenio.fi
http://www.revenio.fi
DISTRIBUTION:
NASDAQ OMX Helsinki
Financial Supervisory Authority
Principal media
www.revenio.fi
The Revenio Group in brief
Revenio is a Finnish health tech group whose core business is tonometers. The
Revenio Health Tech segment comprises the operations of Icare Finland Oy. The
widely patented Icare product family is the current cornerstone of the Group's
success. Revenio seeks vigorous growth in health technology, both organically
and through acquisitions and mergers.
The Revenio Group also includes other business operations, which are grouped
under the Technology and Services segment. This segment's operations have a
shared global market and represent the cutting edge of technology products and
services in their industry. These businesses are extremely profitable in their
industries and generate positive cash flow.
In 2012, the Revenio Group's net sales totaled EUR 25.4 million, with its
operating margin standing at 19.4 percent. The Revenio Group Corporation is
listed on NASDAQ OMX Helsinki.
