REVENIO GROUP CORPORATION INTERIM REPORT Q1/2010
REVENIO GROUP CORPORATION
Stock Exchange Release April 27, 2010 at 9:00 a.m.
REVENIO GROUP CORPORATION INTERIM REPORT Q1/2010
- Consolidated net sales EUR 6.6 million (EUR 9.1 million), down 27.4 percent
- Consolidated operating result EUR -0.3 million (EUR -0.2 million), or
-4.4 percent (-2.3) of net sales
- Pre tax profit EUR -0.3 million (EUR -0.2 million)
- Diluted and undiluted earnings per share EUR -0.003 (EUR -0.002)
- Cash flow from operating activities EUR 0.5 million (EUR -0.4 million)
- The Annual General Meeting held on April 8, 2010 resolved to pay dividends of
EUR 0.01 (0.02) per share
- The Health Care segment continued to post profitable growth
- The Group's profitability weakened due to the decline in net sales in the
Systems and Technology segments
- Net sales for 2010 are expected to remain at their 2009 level and the
operating profit to be positive
Olli-Pekka Salovaara, President and CEO:
“The beginning of the year was a difficult time for us. Only Icare Finland
developed in line with plans. All our other subsidiaries lost net sales during
the review period. In the first months of the year, Finnish Led-Signs suffered
from a lack of new orders as the company strongly focused all its sales efforts
at BP. This has not generated net sales yet. However, the BP project has
progressed well, and our framework agreement paves the way for growth in net
sales and profit performance. Midas Touch's net sales were low, mainly due to
the temporary decline in the order volume of a single major customer. This
customer ia now beginning of using our capacity again. Under its new CEO, I
believe
that Midas will finally generate positive value for the Group. Done
Information, Done Logistics and Boomeranger Boats were hit by thin order books.
The first quarter did not measure up to expectations. That said, I am confident
that net sales will develop favorably. This, coupled with our substantially
lower cost level, is expected to improve our profitability going forward.”
MARKET SITUATION
In the first quarter, the market situation of the Group's segments remained
largely similar to the end of the previous year.
In the Services segment, demand for translation services saw a year-on-year
decrease, but this decline has leveled off since the end of the year.
Net sales of the telemarketing and contact center-based services offered by
Midas Touch Oy continued to contract the main reason being a temporary downturn
in purchases by a major customer in first months of the year.
Demand for the Systems segment's reel-handling systems did not recover after
plummeting last year. Preparation of investment decisions is also exceptionally
protracted in other customer industries.
Net sales of the Health Care segment continued to rise. In addition to its
current main markets, the segment investigated and ventured into new export
markets. The first batches of Icare One tonometers for the self-measurement of
intra-ocular pressure have been delivered to customers.
In the Safety segment, the short-term order book and production situation were
on a par with the end of last year. No major new orders came in during the
first quarter.
Demand for the Technology segment's LED information displays and display
systems declined in the first months of the year because customers did not kick
off new investment programs. The delivery agreement with BP had not yet
generated net sales, as installation work at BP service stations was still in
the pilot and testing phase.
NET SALES, PROFITABILITY AND PROFIT
The Revenio Group's consolidated net sales during the period January 1 - March
31, 2010 totaled EUR 6.6 million (EUR 9.1 million), representing a decline of
27.4 percent.
Earnings before interest, taxes, depreciation and amortization (EBITDA)
amounted to EUR -0.0 million (EUR 0.1 million), or -0.4 (0.7) percent of net
sales.
Consolidated operating result was EUR -0.3 million (EUR -0.2 million),
representing -4.2 (-2.3) percent of net sales. Pre-tax result amounted to EUR
-0.3 million (EUR -0.2 million), or -4.9 (-2.6) percent of net sales. Net
profit/loss for the period was EUR -0.2 million (EUR -0.2 million),
representing -3.6 (-1.9) percent of net sales.
Both undiluted and diluted earnings per share totaled EUR -0.003 (EUR -0.002).
Equity per share was EUR 0.20 (EUR 0.23).
The decrease in consolidated net sales and profitability was mainly due to
substantially reduced demand in the Systems and Technology segments. Due to low
production volumes, the Safety segment's profitability also fell short of the
previous year. In contrast, the Health Care segment improved its net sales and
profitability. The profitability of the Services segment improved slightly
thanks to Done Information Oy's positive earnings trends.
BALANCE SHEET, FINANCIAL POSITION AND INVESTMENTS
The consolidated balance sheet total on March 31, 2010 was EUR 27.0 million
(EUR 29.9 million). Shareholders' equity came to EUR 15.5 million (EUR 17.9
million). At the end of the review period, interest-bearing net liabilities
amounted to EUR 0.7 million (EUR 1.4 million) and gearing stood at 4.6 (7.8)
percent. Consolidated equity ratio was 59.0 (60.0) percent. The Group's liquid
assets were EUR 2.9 million (EUR 3.3 million) at the end of the period.
The Group's financial position remained stable during the review period. In
addition to its liquid assets, the Group has a EUR 2.0 million checking account
limit, from which no funds had been withdrawn at the end of the review period.
Cash flow from business operations came to EUR 0.5 million (EUR -0.4 million).
The Group's purchases of PPE and intangible assets totaled EUR 0.1 million (EUR
0.1 million).
GROUP STRUCTURE
The Revenio Group comprises the parent company Revenio Group Corporation and
its wholly-owned subsidiaries, all active companies, Done Information Oy, Midas
Touch Oy, Done Logistics Oy, Icare Finland Oy, Boomeranger Boats Oy and Finnish
Led-Signs Oy, and additionally the following subsidiaries of Midas Touch Oy:
Midas Touch Media Oy, Midas Touch Gateway Oy, Midas Touch Interactive Oy, Midas
Touch Tech Oy and Midas Touch Care Oy. Kiinteistöosakeyhtiö Koy Kauhajoen
Hakasivuntie 1, a real-estate company, is also a member of the Revenio Group.
OPERATIONS BY BUSINESS SEGMENT
Revenio Group Corporation's business operations are organized into five primary
business segments: Services (Done Information Oy and Midas Touch Oy), Systems
(Done Logistics Oy), Health Care (Icare Finland Oy), Safety (Boomeranger Boats
Oy) and Technology (Finnish Led-Signs Oy). This segment-based structure
corresponds to the Group's organization and internal reporting.
Services
Done Information Oy is one of Finland's biggest translation and content
creation companies, while Midas Touch Oy is a leading Finnish contact center
company.
The Services segment's net sales in Q1 totaled EUR 2.8 million (EUR 4.4
million), down 36.8 percent. Its margin was EUR -0.4 million (EUR -0.5
million).
The profitability of Done Information Oy began to improve in Q4 2009 and this
trend continued in Q1. In spite of the year-on-year decline in net sales, the
company's operating profit rose into the black. Thanks to the adjustment
measures implemented in 2009, the company's cost level is better scaled to the
current low level of demand.
The outlook for demand for products and services marketed through Midas Touch
Oy's contact centers is weak and the company's net sales declined significantly
compared with the previous year. However, net sales remained on a par with the
end of 2009.
A new CEO will take the helm of Midas Touch Oy as of May 1. The new CEO is Riku
Lamppu (51), a commercial institute graduate.
According to a goodwill impairment test performed in April 2010, there is no
need to lower the goodwill of Midas Touch Oy in the consolidated balance sheet.
Although the goodwill impairment test sensitivity margins are still considered
to be adequate, there is a risk of a potential future goodwill write-down due
to poor profitability during the last quarter and the uncertain outlook for
profitability in 2010. Profitability must swing into growth during the current
financial year if goodwill is to be retained.
Systems
The Systems segment consists of Done Logistics, which provides companies with
material handling systems and the supporting information systems for internal
logistics.
In Q1 2010, the Systems segment's net sales amounted to EUR 1.2 million (EUR
1.6 million), down 27.8 percent. Its margin was EUR -0.1 million (EUR -0.0
million).
Investment demand in the product areas represented by the segment remained weak
during the review period. The orders received by the segment were for
small-scale maintenance.
Health Care
The Health Care segment consists of Icare Finland, which specializes in the
development, manufacture and sale of tonometers measuring intra ocular
pressure.
In Q1 2010, the Health Care segment's net sales amounted to EUR 1.7 million
(EUR 1.4 million), up 16.6 percent. The segment's margin amounted to EUR 0.6
million (EUR 0.5 million), representing 33.4 (35.0) percent of net sales.
Expenditure on completing R&D on new products increased cost levels during the
review period.
At the beginning of the review period, Icare Finland Oy changed the supplier of
the probes used in its basic model. Cooperation with the new supplier is
running smoothly.
Safety
The Safety segment comprises Boomeranger Boats, which designs, manufactures and
sells Rigid Inflatable Boats of the highest quality, primarily for navy rescue
units, authorities and security forces in various countries.
In Q1 2010, the Safety segment's net sales amounted to EUR 0.7 million (EUR 1.0
million), down 28.3 percent. Its margin was EUR 0.0 million (EUR 0.1 million).
The order book volume in production did not enable the Safety segment to
achieve a good level of profitability in Q1. Additional orders must be won to
improve profitability.
Technology
Finnish Led-Signs, which makes up the Technology segment, is the largest
supplier of LED price displays in the Nordic countries and Finland's leading
manufacturer of LED information displays and parking guide systems.
The net sales of the Technology segment in Q1 totaled EUR 0.3 million (EUR 0.6
million), down 59.2 percent. Its margin was EUR -0.1 million (EUR 0.0 million).
Net Sales Net Sales Segment profit margin
1-3/2010 1-3 /2009 1 -3/2010 1-3/2009
MEUR Share MEUR Share MEUR % MEUR %
Services total 2.8 42% 4.4 46% -0.38 -14 -0.52 -12
-Done Information 0.8 13% 1.1 12% 0.02 2 -0.05 -4
-Midas Touch 1.9 29% 3.3 36% -0.40 -21 -0.48 -15
Systems 1.2 18% 1.6 18% -0.09 -8 0.04 -2
Health Care 1.7 25% 1.4 16% 0.56 33 0.50 35
Safety 0.7 11% 1.0 11% 0.02 3 0.12 12
Technology 0.3 4% 0.6 7% -0.11 -42 0.03 5
Total 6.6 100% 9.1 100% 0.01 0 0.09 1
Parent Co. expenses -0.28 -4 -0.29 -3
Operating profit/loss -0.27 -4 -0.20 -2
Consolidated net sales, profit margin and operating profit/loss by segment and
by quarter:
MEUR Q1/10 Q4/09 Q3/09 Q2/09 Q1/09
Net sales:
Services total 2.8 2.7 2.9 3.6 4.4
-Done Information 0.8 0.9 0.7 0.8 1.1
-Midas Touch 1.9 1.8 2.2 2.8 3.3
Systems 1.2 0.9 1.1 1.1 1.6
Health Care 1.7 1.8 1.5 1.4 1.4
Safety 0.7 0.9 0.5 0.4 1.0
Technology 0.3 0.6 0.8 0.7 0.6
Total 6.6 7.0 6.8 7.1 9.1
Segment profit
margin: Q1/10 Q4/09 Q3/09 Q2/09 Q1/09
Services Total -0.38 -0.65 -0.27 -0.56 -0.52
-Done Information 0.02 0.12 -0.10 -0.16 -0.04
-Midas Touch -0.40 -0.77 -0.17 -0.40 -0.48
Systems -0.09 -0.17 0.11 -0.14 -0.04
Health Care 0.56 0.78 0.54 0.49 0.50
Safety 0.02 0.07 -0.06 -0.06 0.12
Technology -0.11 0.06 0.12 0.08 0.03
Total 0.01 0.08 0.44 -0.20 0.09
Parent Co. costs -0.28 -0.19 -0.21 -0.36 -0.29
Operating profit -0.27 -0.11 0.23 -0.56 -0.20
Operating profit,-% -4.2 -1.5% 3.4% -7.9% -2.3%
HUMAN RESOURCES
The number of personnel employed by the Group in Q1 averaged 471 (589). The
number of employees at the end of Q1 was 468 (630).
3/31/2010 3/31/2009 Change
Services 379 484 -105
Systems 47 55 -8
Health Care 11 8 3
Safety 19 23 -4
Technology 11 15 -4
Parent Company 4 4 0
Total 471 589 -118
Wages, salaries and other remuneration paid during the review period totaled
EUR 3.0 million (EUR 4.2 million).
SHARES, SHARE CAPITAL AND MANAGEMENT HOLDINGS
On March 31, 2010, 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 outstanding totaled 76,839,730. The company has one series of shares.
All the shares confer the same voting rights and an equal right to dividends
and the company's funds.
On March 31, 2010. the Board of Directors and the President and CEO held 20.7
percent of the company's shares, totaling 15,940,716 shares and also 18.6
percent of option rights, or a total of 684,365 options.
CHANGES IN SHAREHOLDINGS
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 on 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. Each option right entitles the holder to subscribe for
one Revenio Group Corporation share. Against the total number of the company's
shares on December 31, 2009, the proportion of shares to be subscribed on the
basis of the option rights issued represent a maximum of 2.5 percent of the
company's shares and votes, once all new shares subscribed with these option
rights have been registered. Shares subscribed via the option scheme 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 with
the 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 periods November 1-30, 2007 (EUR 0.66, Series A). April 1-30, 2009 (EUR
0.31, Series B) and November 1-30, 2010 (Series C).
No options were issued to personnel during the review period. At the end of the
review period, the company's key personnel held a total of 1.159.365 Series
2007A options and a total of 685,000 Series 2007B options.
TRADING AT NASDAQ OMX HELSINKI
During the period January 1 - March 31, 2010, Revenio Group Corporation's
turnover on NASDAQ OMX Helsinki totaled EUR 2.2 (1.1) million, representing 6.2
(3.7) million shares or 8.1 (4.9) percent of shares outstanding. The trading
high was EUR 0.38 (0.36) and the low EUR 0.33 (0.26). At the end of the review
period, the closing price was EUR 0.37 (0.29), and the average share price was
EUR 0.36 (0.31). Revenio Group Corporation's market value on March 31, 2010 was
EUR 28.4 (22.3) million.
ANNUAL GENERAL MEETING AND VALID BOARD AUTHORIZATIONS
The Annual General Meeting held on April 8, 2010 confirmed the company's
financial statements and discharged the members of the Board of Directors and
the President and CEO from liability for the financial year January 1 -
December 31, 2009.
The AGM elected Jyri Merivirta, Pekka Tammela, Timo Mänty and Rolf Fryckman as
Board members. The AGM decided that the Chairman of the Board shall be entitled
to an annual emolument of EUR 60,000 and the other Board members to an annual
emolument of EUR 36,000. with the exception that any member who holds a minimum
5 percent stake in Revenio Group Corporation, either directly or through a
company in which he or she has a minimum holding of 50 percent, shall not be
entitled to a separate emolument. A total of 40 percent of Board members'
emolument will be settled in the form of the company's shares, while 60 percent
will comprise a monetary payment.
The AGM decided to re-elect PricewaterhouseCoopers Oy, Authorized Public
Accountants, as the company's auditor, with Juha Tuomala. Authorized Public
Accountant, acting as the chief auditor. The AGM decided to compensate the
auditors upon the presentation of an approved invoice.
The AGM decided to accept the Board's proposal on profit distribution,
according to which the profit for the financial year, EUR 2,015,787.66, will be
added to retained earnings, and a dividend of EUR 0.01 per share will be paid
to a total of EUR 768,397.30.
The AGM rescinded its earlier authorization to buy back 7,683,973 of the
company's own shares and authorized the Board to decide on the buyback of a
maximum of 7,683,973 of the company's own shares in one or more installments
using the company's unrestricted equity, in which case any buyback will reduce
the company's distributable earnings.
The AGM decided to rescind the Board's valid unexercised share-issue
authorizations. The AGM authorized the Board of Directors to decide on an issue
of a maximum of 30,000,000 shares or to grant special rights (including stock
options) entitling to shares, as set forth in Section 1 of Chapter 10 of the
Companies Act, in one or several tranches.
This authorization was granted to be used to finance and implement any
potential corporate acquisitions or other transactions, to implement the
company's share-based incentive plans or for other purposes determined by the
Board.
It was decided that the authorization also grants the Board the right to decide
on all terms and conditions governing said share issue and the granting of
special rights, including the subscribers or the grantees of the special
rights, and the payable consideration. Moreover, the authorization also
includes the right to waive shareholders' pre-emptive subscription rights, thus
enabling private placement of shares. The Board's authorization covers both the
issue of new shares and the transfer of any shares that may be held by the
company.
This authorization will be valid until April 30, 2011.
BOARD OF DIRECTORS AND AUDITORS
From April 8, 2010, the following persons have constituted the Board of
Directors of Revenio Group Corporation: Jyri Merivirta, LL.M., private investor
(Chairman of the Board), Pekka Tammela, M.Econ., APA, Partner of Pajamaa
Partners Oy, Timo Mänty, M.Econ., President and CEO of Rautakirja Oy, and, as a
new member, Rolf Fryckman, the Chairman of Eyemaker's Finland Oy.
Until April 8, 2010, the members of the Board were Jyri Merivirta. Pekka
Tammela and Timo Mänty.
PricewaterhouseCoopers Oy, Authorized Public Accountants, serves as the
company's auditor, with Juha Tuomala, Authorized Public Accountant, as the
chief auditor.
MAJOR BUSINESS RISKS AND UNCERTAINTIES
The Group issued a notification of its major business risks and uncertainties
in its financial statements bulletin of February 16, 2010. No changes in said
risks have occurred since the bulletin's release.
MAJOR EVENTS AFTER THE PERIOD
On April 19, 2010, Riku Lamppu, commercial institute graduate, was appointed as
the CEO of Midas Touch Oy, a subsidiary of the Services segment. He will begin
work in this position on May 1, 2010.
OUTLOOK FOR 2010
Net sales for 2010 are expected to remain at their 2009 level and the operating
profit to be positive.
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) 1-3/2010 1-3/2009 1-12/2009
Net sales 6.6 9.1 30.0
Ebitda -0.0 0.1 0.5
Ebitda % -0.4 0.7 1.5
Operating profit -0.3 -0.2 -0.6
Operating profit,% -4.2 -2.3 -2.1
Pre-tax profit -0.3 -0.2 -0.8
Pre-tax profit,% -4.9 -2.6 -2.8
Net profit -0.2 -0.2 -0.8
Net profit, % -3.6 -1.9 -2.7
Gross capital expenditure 0.1 0.1 0.3
Gross capital expenditure, % 1.4 0.7 1.1
R&D costs 0.1 0.1 0.4
R&D costs, % % 1.7 1.1 1.4
Gearing, % 4.6 7.8 7.1
Equity ratio, % 59.0 60.0 60.7
Return on investment (ROI), % -5.6 -3.3 -2.6
Return on equity (ROE), % -6.1 -3.9 -4.9
Undiluted earnings per share, EUR -0.003 -0.002 -0.011
Diluted earnings per share, EUR -0.003 -0.002 -0.011
Equity per share, EUR 0.20 0.23 0.21
Average no. of employees 471 589 516
Cash flow from operating activities 0.5 -0.4 2.0
Cash flow from investing activities -0.1 -0.1 -0.3
Net cash used in financing activities -0.4 1.7 -0.8
Total cash flow 0.0 1.2 0.9
CONSOLIDATED INCOME STATEMENT (MEUR) 1-3/2010 1-3/2009 1-12/2009
NET SALES 6.6 9.1 30.0
Other operating income 0.0 0.0 0.1
Materials and services -1.7 -2.3 -7.6
Employee benefits -3.6 -5.0 -16.4
Depreciation/amortization -0.3 -0.3 -1.1
Other operating expenses -1.3 -1.7 -5.5
OPERATING PROFIT -0.3 -0.2 -0.6
Share of associates' results 0.0 0.0 0.0
Financial expenses (net) -0.0 -0.0 -0.2
PRE-TAX PROFIT -0.3 -0.2 -0.8
Income tax expense 0.1 0.0 0.0
NET PROFIT -0.2 -0.2 -0.8
Other comprehensive income items 0.0 0.0 0.0
Income tax expense for comprehensive income
Items 0.0 0.0 0.0
Other comprehensive income items
after taxes 0.0 0.0 0.0
TOTAL COMPREHENSIVE INCOME -0.2 -0.2 -0.8
Net profit attributable to:
Parent company shareholders -0.2 -0.2 -0.8
Minority interest 0.0 0.0 0.0
Total comprehensive income attributable to:
Parent company shareholders -0.2 -0.2 -0.8
Minority interest 0.0 0.0 0.0
Earnings per share, undiluted EUR -0.003 -0.002 -0.011
Earnings per share, diluted EUR -0.003 -0.002 -0.011
CONSOLIDATED BALANCE SHEET (MEUR) 31.3.2010 31.3.2009 31.12.2009
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 1.8 2.0 1.9
Goodwill 9.1 9.4 9.1
Intangible assets 2.5 3.1 2.7
Shares in associates 0.4 0.4 0.4
Available-for-sale-assets 0.3 0.5 0.3
Deferred tax assets 3.1 3.2 3.1
TOTAL NON-CURRENT ASSETS 17.3 18.6 17.5
CURRENT ASSETS
Inventories 2.0 1.3 1.9
Trade and other receivables 4.8 6.8 4.3
Cash and cash equivalents 2.9 3.3 2.9
TOTAL CURRENT ASSETS 9.8 11.3 9.1
TOTAL ASSETS 27.0 29.9 26.6
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 7.0 7.0 7.0
Retained earnings/loss 0.4 3.0 0.6
TOTAL EQUITY, attributable to holders
of parent company equity 15.5 17.9 15.7
TOTAL SHAREHOLDERS' EQUITY 15.5 17.9 15.7
LIABILITIES
NON-CURRENT LIABILITIES
Deferred tax liabilities 0.8 0.9 0.8
Provisions 0.1 0.1 0.2
Financial liabilities 2.3 3.4 2.7
Other liabilities 0.0 0.5 0.0
TOTAL LONG-TERM LIABILITIES 3.1 5.0 3.8
CURRENT LIABILITIES
Advance payments 0.7 0.0 0.6
Trade and other payables 6.3 5.7 5.2
Provisions 0.0 0.0 0.0
Financial liabilities 1.3 1.3 1.3
TOTAL SHORT-TERM LIABILITIES 8.4 7.0 7.1
TOTAL LIABILITIES 11.5 11.3 10.8
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY 27.0 29.9 26.6
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS'EQUITY (MEUR)
Share Share- Other Retained Minority Total
capital premium reserves earnings interest equity
Balance Jan 1, 2009 5.3 2.4 6.5 3.3 0.0 17.6
Private placements 0.0 0.0 0.5 0.0 0.0 0.5
Cancellation of own shares 0.0 0.0 0.3 -0.3 0.0 0.0
Options expense
adjustment 0.0 0.0 0.0 0.0 0.0 0.0
Net profit 0.0 0.0 0.0 -0.2 0.0 -0.2
Balance Mar 31, 2009 5.3 2.4 7.3 2.8 0.0 17.9
Share Share- Other Retained Minority Total
capital premium reserves earnings interest equity
Balance Jan 1, 2010 5.3 2.4 7.3 0.6 0.0 15.7
Options expense
adjustment 0.0 0.0 0.0 0.0 0.0 0.0
Net
profit 0.0 0.0 0.0 -0.2 0.0 -0.2
Balance Mar 31, 2010 5.3 2.4 7.3 0.4 0.0 15.5
CONSOLIDATED CASH FLOW STATEMENT(MEUR) 1-3/2010 1-3/2009 1-12/2009
Net profit -0.2 -0.2 -0.8
Adjustments to net profit 0.3 0.3 1.4
Change in working capital 0.5 -0.4 0.8
Interest paid -0.0 -0.0 -0.2
Interest received 0.0 -0.0 -0.0
CASH FLOW FROM OPERATING ACTIVITES 0.5 -0.4 2.0
Purchase of PPE -0.0 -0.1 -0.3
Purchase of intangible assets -0.0 0.0 0.0
NET CASH USED IN INVESTING ACTIVITIES -0.1 -0.1 -0.3
Paid dividends 0.0 0.0 -1.5
Long-term borrowings 0.0 2.0 2.2
Repayments of long-term borrowings -0.5 -0.3 -1.4
Finance lease principal payment -0.0 -0.0 -0.1
NET CASH USED IN FINANCING ACTIVITIES -0.5 1.7 -0.8
Net change in cash and equivalents -0.0 1.3 0.9
Cash and equivalents, period-start 2.9 2.0 2.0
Cash and equivalents, period-end 2.9 3.3 2.9
NET SALES AND OPERATING PROFIT BY QUARTER (MEUR)
MEUR Q1/10 Q4/09 Q3/09 Q2/09 Q1/09
Net sales 6.6 7.0 6.8 7.1 9.1
Oper. profit -0.3 -0.1 0.2 -0.4 -0.2
Oper. profit, % -4.2 -1.5 3.4 -5.7 -2.3
MAIN SHAREHOLDERS ON MARCH 31, 2010
No. of shares %
1. Merivirta Jyri 15,000,000 19.52
2. Eyemaker´s Finland Oy 7,817,214 10.17
3. Gateway Finland Oy 3,800,000 4.95
4. Etera 3,500,000 4.55
5. Alpisalo Mia 3,121,653 4.06
6. Mäkinen Markku 1,702,013 2.22
7. Latva Sami 1,375,093 1.79
8. Kiesvaara Tuomo 1,320,502 1.72
9. Juurakko Timo 1,286,580 1.67
10. The Nordic Adviser Group Ltd 1,179,861 1.54
Revenio Group Corporation
Board of Directors
For further information, please contact:
Olli-Pekka Salovaara, President & CEO, mobile +358 (0)40 567 5520
olli-pekka.salovaara@revenio.fi
http://www.revenio.fi
DISTRIBUTION:
NASDAQ OMX Helsinki
Financial Supervisory Authority (FIN-FSA)
Major media
www.revenio.fi
Revenio Group Corporation is the parent company of the Finnish conglomerate
Revenio Group. The Corporation is listed on the NASDAQ OMX Helsinki. Revenio's
subsidiaries share a focus on Finnish specialist expertise and export-based
operations.
Revenio Group consists of six independent subsidiaries in five business
segments. The subsidiaries are Done Information Oy, Done Logistics Oy, Icare
Finland Oy, Boomeranger Boats Oy, Finnish Led-Signs Oy and Midas Touch Oy.
