Regulatory Filings • May 16, 2013
Regulatory Filings
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NASDAQ OMX Copenhagen A/S PO box 1040 1007 Copenhagen K
Roskilde, the 16 th of May 2013
1st of October 2012 - 31st of March 2013
CVR DK 44 06 51 18
Company announcement No. 6 of the 16th of May 2013
| Management's review…………………………………………………………………………… | 3 |
|---|---|
| Management's report | 10 |
| Statement of comprehensive income |
11 |
| Balance sheet |
12 |
| Statement of changes in equity | 13 |
| Cash flow statement | 14 |
| Notes | 15 |
On this date, the board of directors has approved the interim financial report for the period 1st of October 2012 - 31st of March 2013.
Net sales dropped by 9% to t.DKK 105.9. The development during the first half-year has been influenced by the uncertainty in the Danish and European economy. The development has also had a negative effect on the result of the first half-year in RIAS A/S.
The uncertainty together with a lower activity level in the industry section has had the consequence that many industrial companies are still keeping their stocks at a very low level and only base their purchases on projects with short time frame. The national demand is still very weak and the export-oriented companies have also low activity in the second quarter experienced. This had led to a decline in the turnover within the industry sector.
The B&C sector has developed at a somewhat lower level than last year. This is a general trend as a consequence of the very low activity level within the B&C branch, but at the same time the private consumers have also been very reluctant. This has led to a decline of the purchases at the DIY shops. The hard and long winter, which continued into April, has furthermore affected the turnover in a negative direction.
The deviation in capacity costs is caused by higher wages and personnel related costs, which are initiated by increased sales activities at strategic selected areas. In spite of the weak conjunctions of the Danish and European economy RIAS A/S wants to be in an offensive position, when the market goes up again.
The implementation of SAP is another reason for the increased capacity costs and has contributed to an increase in our general IT costs. Several initiatives to reduce other costs have already been initiated and the effect of these costs saving will be reflected in the second halfyear.
For the second half-year the company expects that the development in the turnover will improve somewhat compared to the first half-year. For instance the initiated projects regarding an extension of the exports and the processing area will contribute to this tendency. However, we also expect a higher activity level within the B&C sector in the second half-year, among other things due to the new job creation initiatives proposed by the government. The initiated cost savings will as well have a positive effect on the result.
Based on the above the Board of Directors expects a result for the accounting year 2012/13 in the region of 1 – 4 millions DKK before tax against a previously expected result of 5 - 9 millions DKK.
In a comment to the interim accounts, managing director Henning Hess says:
"After a weak first half-year we expect a considerably improved second half-year. This is not caused by great expectations to the market development, as we expect this to be relatively flat. However, the activities in second half-year within the B&C sector are traditionally higher. Furthermore the initiated activities to increase the export and to strengthen the processing area are expected to give full effect. It is moreover our expectation that the recently agreed growth initiatives, among other things the deduction for workman costs, also will lead to a more positive
atmosphere within the B&C sector resulting in a higher turnover. On the overall assumption we expect that RIAS A/S also in the second half-year has to navigate in a difficult market."
During the first half year, RIAS has had a negative cash flow from operation of DKK 7,911 thousand. This is partially due to declining results, but primarily due to increased stock.
The total net investments of the period in intangible assets, tangible fixed assets and fixed asset investments constituted net sales of DKK 110 thousand during the 1st half year of 2012/2013 against a purchase of DKK 622 thousand during the 1st half year of 2011/2012. During the 1st half year of 2012/2013, the investments have consisted of minor operating machinery and equipment.
After a weak first half-year the Company expects a better development in second half-year. Especially the initiated activities to increase the export and to strengthen the processing area are expected to have a positive influence. Traditionally the activities are higher in the second quarter of the accounting year, which together with a number of cost savings activities will contribute positively to the result.
The general market situation is still uncertain, which makes it difficult to come up with an exact expectation for the year-end result.
Based on the above the Board of Directors expects a result in the region of 1 - 4 millions DKK before tax against a previously expected result of 5-9 millions DKK.
Roskilde, the 16th of May 2013
Henning Hess
Managing director
| 1.10.2012- | 1.10.2011- | 1.10.2011- | |
|---|---|---|---|
| Profit and loss statement (million DKK) | 31.3.2013 | 31.3.2012 | 30.9.2012 |
| Net turnover | 105.9 | 116.3 | 240.1 |
| Cost of sales | 73.8 | 79.3 | 164.4 |
| Gross profit | 32.1 | 37.0 | 75.7 |
| Capacity costs | 33.9 | 31.4 | 64.7 |
| Depreciations | 2.5 | 2.9 | 4.6 |
| Profit before net financials | -4.3 | 2.7 | 6.4 |
| Financial income | 0.1 | 0.2 | 0.3 |
| Financial costs | 0.2 | 0.3 | 0.5 |
| Profit before tax | -4.4 | 2.6 | 6.2 |
| Tax on profit for the period | -1.1 | 0.7 | 1.9 |
| Profit for the period | -3.3 | 1.9 | 4.3 |
| Balance sheet, end of the period (million DKK) | |||
| Long-term assets | 107.0 | 111.7 | 109.6 |
| Short-term assets | 81.0 | 82.7 | 89.1 |
| Assets | 188.0 | 194.4 | 198.7 |
| Shareholders' equity | 152.0 | 155.2 | 157.6 |
| Long-term liabilities | 10.8 | 11.8 | 11.9 |
| Short-term liabilities | 25.2 | 27.4 | 29.2 |
| Liabilities | 188.0 | 194.4 | 198.7 |
| Cash flow (million DKK) | |||
| Cash flow from operating activities | -7.9 | 0.3 | 11.5 |
| Cash flow from investing activities | 0.1 | -0.6 | -1.0 |
| Cash flow from financing activities | -2.3 | -3.0 | -3.0 |
| Total cash flow | -10.1 | -3.3 | 7.5 |
| Number of full-time employees on average | 94 | 88 | 89 |
| Financial ratios: |
| Accounting ratios | ||||
|---|---|---|---|---|
| Gross margin ratio | 30% | 32% | 32% | |
| Profit margin | -4% | 2% | 3% | |
| Solvency ratio at the end of the period | 81% | 80% | 80% | |
| Share ratios: | ||||
| Earnings per DKK 100 share | -14 | 8 | 19 | |
| Diluted earnings per DKK 100 share | -14 | 8 | 19 | |
| Equity value per DKK 100 share at the end of the period 659 | 673 | 683 | ||
| Quoted price at the end of the March per | ||||
| DKK 100 share | 450 | 485 | 475 |
Earnings per share (EPS) and diluted earnings per share (EPS-D) are calculated in compliance with IAS 33 "Earnings per share". Other financial ratios are calculated in compliance with "Recommendations and Financial Ratios 2010" from the Danish Society of Financial Analysts.
Gross margin ratio has been calculated as the gross margin in % of net turnover.
Profit margin has been calculated as the profit or loss before financial items and tax in % of net turnover.
Solvency ratio has been calculated as equity at the end of the period in % of total liabilities at the end of the period.
Earnings per DKK 100 share have been calculated as the profit or loss of the period divided by 1/100 of the share capital after deduc-tion of the company's holding of own shares at the end of the period.
Diluted earnings per DKK 100 share have been calculated as the profit or loss of the period divided by 1/100 of the share capital after deduction of the company's holding of own shares at the end of the period - diluted.
Equity value per DKK 100 share has been calculated as equity at the end of the period divided by 1/100 of the share capital.
The net turnover of the period decreased by DKK 10,371 thousand from DKK 116,291 thousand in 2011/2012 to DKK 105,920 thousand in 2012/2013.
The turnover of the period in the Industry division decreased by DKK 3,079 thousand from DKK 84,657 thousand in 2011/2012 to DKK 81,578 thousand in 2012/2013. Generally, we have experienced some caution within this market, which can probably be attributed to the general uncertainty in Europe.
The turnover of the period in the Construction division decreased by DKK 7,292 thousand from DKK 31,634 thousand in 2011/2012 to DKK 24,342 thousand in 2012/2013. The sector has been characterised by a very long winter, which has made most construction activities impossible.
The gross profit of the period decreased by DKK 4,858 thousand from DKK 37,000 thousand in 2011/2012 to DKK 32,142 thousand in 2012/2013. The gross profit percentage decreased to 30.3 % in 2011/2012 compared to 31.8 % during the 1st half year of 2011/2012.
The capacity costs of the period increased by DKK 2,501 thousand from DKK 31,400 thousand in 2011/2012 to DKK 33,901 thousand in 2012/2013.
Write-offs decreased by DKK 379 thousand from DKK 2,892 thousand in the 1st half year of 2011/2012 to DKK 2,513 thousand in the 1st half year of 2012/2013.
The net financial costs of the period decreased by DKK 28 thousand from DKK 112 thousand in 2011/2012 to DKK 84 thousand in 2012/2013.
The profit/loss before tax in the 1st half year of 2012/2013 is DKK -4,356 thousand compared to DKK 2,596 thousand in the 1st half year of 2011/2012.
The profit/loss after tax in the 1st half year of 2012/2013 is DKK -3,284 thousand compared to DKK 1,933 thousand in the 1st half year of 2011/2012.
The balance sheet total as of the 31st of March 2013 decreased compared to the 31st of March 2012 by DKK 6,401 thousand to DKK 188,030 thousand.
Intangible assets have decreased from DKK 61,965 thousand as of the 31st of March 2012 to DKK 60,813 thousand as of the 31st of March 2013. The reduction in intangible assets has primarily been due to write-offs, but in the year 2011/2012, fewer investments were made in the implementation of RIAS IT. The main intangible asset is goodwill of DKK 53,085 thousand, which can be attributed to purchasing of the activities in Rodena A/S and Nordisk Plast A/S. The goodwill values have been subjected to an impairment test on the 30th of September 2012. No impairment test has been carried out in connection with the interim accounts, as RIAS expects the lacking earnings to be partially made up for during the 2nd half year of 2012/2013.
Tangible assets decreased by DKK 3,624 thousand to DKK 46,159 thousand from DKK 49,783 thousand.
Short-term assets decreased by DKK 1,625 thousand to DKK 81,058 thousand from DKK 82,683 thousand.
Stocks went up from DKK 33,638 thousand as of the 31st of March 2012 to DKK 37,528 thousand as of the 31st of March 2013.
Receivables decreased from DKK 42,604 thousand to DKK 38,606 thousand.
Total liabilities decreased from DKK 39,208 thousand to DKK 36,013 thousand. Short-term liabilities decreased from DKK 27,414 thousand to DKK 25,236 thousand.
Operating activities:
Cash flows from operating activities decreased from DKK 285 thousand in the 1st half year of 2011/2012 to DKK -7,911 thousand in the 1st half year of 2012/2013, which can primarily be attributed to a change in the working capital from the beginning of the period to the end of the period related to receivables as well as trade payables and other payables, but also to the declining results.
Investment activities:
Cash flows from investment activities decreased from DKK -622 thousand in the 1st half year of 2011/2012 to DKK 110 thousand in the 1st half year of 2012/2013. During the period, there have been limited new investments. However, RIAS has sold some operating machinery and equipment.
Cash at bank and in hand increased by DKK 697 thousand to DKK 3,673 thousand as of the 31st of March 2013 from DKK 2,976 thousand as of the 31st of March 2012. Capital resources are considered to be satisfactory.
Unforeseen price fluctuations and discontinuation of trade with large customers may affect the company adversely with regard to the earnings expectations for the year, but these are normal risks in a trading enterprise.
There is no speculation in financial risks, and thus, the company's management is solely focused on the management of financial risks that are a direct consequence of the company's operation and financing.
The company has no derivative financial instruments.
The company makes no interest rate transactions for hedging purposes, as moderate changes in interest rate levels will have no material effect on earnings.
The company's credit risks are connected to receivables from sales and services. In so far as it is possible, it is the company's policy to get credit insurance for receivables from sales and services. Receivables from sales and services are continuously monitored, and write-downs will be carried out on these receivables to the extent necessary.
The company is only exposed to exchange rate developments to a limited extent. Practically all trade takes place in DKK or EUR. As the currency exposure with respect to DKK/EUR is considered quite insignificant, the company does not hedge its net debt in foreign currency.
The company only has debts falling due within a period of one year cf. the balance sheet. Payment thereof, DKK 25.2 million, can be fully covered by payments from receivables.
The company has specific knowledge and competence within the area of trade with plastic semimanufactures.
The company attaches importance to attracting, retaining and contributing to the development of well-educated and motivated employees who can participate in safeguarding one of our core values, namely that of providing our customers with the best service.
During the 1st half year of 2012/2013, the company's number of full-time employees averaged 94, which are 6 more than during the 1st half year of 2011/2012.
RIAS continuously strives to limit the environmental impact. However, the environmental impact in itself is insignificant, as the activities of RIAS comprise the distribution and sales of plastic semimanufactures, but not the manufacturing thereof.
RIAS is not involved in any environmental lawsuits.
The company is not involved in any particular research-based activities, but is constantly developing its business and competence.
Share capital:
The company's share capital of DKK 23,063 thousand is distributed on DKK 3,125 thousand A shares and DKK 19,938 thousand B shares.
The A shares, which are non-negotiable instruments, are attributed 10 votes per DKK 100 share, cf. section 11 of the articles of association.
The B shares, which are negotiable instruments, are attributed 1 vote per DKK 100 share, cf. section 11 of the articles of association.
The shares are listed on NASDAQ OMX.
The board of directors and the management do not own shares in RIAS A/S.
Any amendment of the company's articles of association requires 2/3 of the share capital to be represented at the annual general meeting and that amendment proposals are adopted with 2/3 of the cast votes as well as 2/3 of the share capital represented at the annual general meeting.
Regarding enquiries regarding investor relations and the share market, please contact:
Henning Hess, managing director Telephone: +45 46 77 00 00 Fax: +45 46 77 01 03 E-mail: [email protected]
On this date, the board of directors and the management have discussed and approved the half year report of RIAS A/S for the period from the 1st of October 2012 to the 31st of March 2013.
The half year report, which has not been audited or reviewed by the company auditor, has been prepared in accordance with IAS 34 "Interim Financial Reporting", which has been adopted by the EU, and Danish disclosure requirements for listed companies.
In our opinion, the half year report gives a true and fair view of the company's assets, liabilities and financial position of the 31st of March 2013 and of the results of the company's activities and cash flows for the period from the 1st of October 2012 to the 31st of March 2013.
We believe that the management's review gives a true and fair presentation of the development in the company's activities and finances, the results for the year, the financial position as a whole as well as a description of the most significant risks and elements of uncertainty to which the company is exposed.
Roskilde, the 16th of May 2013
Management:
Henning Hess
Managing director
Board of directors:
Chairman Vice-chairman
Peter Swinkels Dieter Wetzel
Jürgen Westphal Steen Raagaard Andersen
Lars Jessen Søren Koustrup
| Amounts in DKK thousand | Note | 1.10.2012- 31.3.2013 |
1.10.2011- 31.3.2012 |
1.10.2011- 30.9.2012 |
|---|---|---|---|---|
| Net turnover | 3 | 105,920 | 116,291 | 240,166 |
| Cost of sales | 73,778 | 79,291 | 164,425 | |
| Gross profit | 32,142 | 37,000 | 75,741 | |
| Distribution costs | 27,006 | 24,998 | 50,592 | |
| Administrative costs | 9,408 | 9,294 | 18,726 | |
| Profit before net financials | -4,272 | 2,708 | 6,423 | |
| Financial income | 88 | 197 | 329 | |
| Financial costs | 172 | 309 | 528 | |
| Profit before tax | -4,356 | 2,596 | 6,224 | |
| Tax on profit for the period | 1,072 | -663 | -1,907 | |
| Profit for the period | -3,284 | 1,933 | 4,317 | |
| Other comprehensive income | 0 | 0 | 0 | |
| Comprehensive income for the period | -3,284 | 1,933 | 4,317 | |
| Earnings per share: | ||||
| Earnings per share | -14 | 8 | 19 | |
| Earnings per share, diluted | -14 | 8 | 19 |
| Amounts in DKK thousand | Note | 31.3.2013 | 31.3.2012 | 30.9.2012 |
|---|---|---|---|---|
| Assets | ||||
| Long-term assets: | ||||
| Intangible assets | 4 | 60,813 | 61,965 | 61,424 |
| Tangible assets | 5 | 46,159 | 49,783 | 48,171 |
| Total long-term assets | 106,972 | 111,748 | 109,595 | |
| Short-term assets: | ||||
| Stocks | 6 | 37,528 | 33,638 | 31,064 |
| Receivables | 7 | 38,606 | 42,604 | 43,004 |
| Prepayments | 1,251 | 3,465 | 1,224 | |
| Cash at bank and in hand | 3,673 | 2,976 | 13,780 | |
| Total short-term assets | 81,058 | 82,683 | 89,072 | |
| Total assets | 188,030 | 194,431 | 198,667 | |
| Liabilities | ||||
| Shareholders' equity | 152,017 | 155,223 | 157,607 | |
| Liabilities: | ||||
| Long-term liabilities: | ||||
| Deferred tax | 10,777 | 11,794 | 11,849 | |
| Total long-term liabilities | 10,777 | 11,794 | 11,849 | |
| Short-term liabilities: | ||||
| Credit institutions | 0 | 0 | 0 | |
| Trade payables and other | ||||
| payables | 8 | 25,236 | 26,515 | 27,405 |
| Corporation tax | 0 | 899 | 1,806 | |
| Dividends payable | 0 | 0 | 0 | |
| Total short-term liabilities | 25,236 | 27,414 | 29,211 | |
| Total liabilities | 36,013 | 39,208 | 41,060 | |
| Total liabilities and shareholders' equity | 188,030 | 194,431 | 198,667 |
Other notes 9 - 11
| Share capital |
Revaluation reserve |
Retained earnings |
Proposed dividends |
Total | |
|---|---|---|---|---|---|
| Shareholders' equity as of the 1st of October 2012 Comprehensive income for the |
23,063 | 1,898 | 130,340 | 2.306 | 157,607 |
| Period | 0 | 0 | -3,284 | 0 | -3,284 |
| Distributed dividends Shareholders' equity as of |
0 | 0 | 0 | -2.306 | -2,306 |
| the 31st of March 2013 | 23,063 | 1,898 | 127,056 | 0 | 152,017 |
| Share capital |
Revaluation reserve |
Retained earnings |
Proposed dividends |
Total | |
|---|---|---|---|---|---|
| Shareholders' equity as of the | |||||
| 1st of October 2011 | 23,063 | 1,898 | 128,329 | 2,306 | 155,596 |
| Comprehensive income for the | |||||
| Period | 0 | 0 | 1,933 | 0 | 1,933 |
| Distributed dividends | 0 | 0 | 0 | -2,306 | -2,306 |
| Shareholders' equity as of | |||||
| the 31st of March 2012 | 23,063 | 1,898 | 130,262 | 0 | 155,223 |
| 1st of October | ||
|---|---|---|
| 2012 - | 1st of October 2011 - | |
| 31st of March | ||
| Cash flow statement (1,000 DKK) | 2013 | 31st of March 2012 |
| Profit for the period | -3,284 | 1,933 |
| Adjustment for non-cash operating items: | ||
| Tax on profit or loss for the period | -1,072 | 663 |
| Depreciations | 2,515 | 2,892 |
| Profit or loss through sales of tangible and financial assets | -2 | 0 |
| Financial income | -88 | -197 |
| Financial costs | 172 | 309 |
| Cash flow from primary operating activities before | ||
| changes in working capital | -1,759 | 5,600 |
| Adjustment for changes in working capital: | ||
| Change in stock | -6,464 | -2,398 |
| Change in receivables (prepayments) | 4,371 | 7,501 |
| Change in trade payables and other payables | -2,169 | -9,484 |
| Cash flow before financial items and tax | -6,021 | 1,219 |
| Financial income, paid | 88 | 197 |
| Financial costs, paid | -172 | -309 |
| Corporation tax, paid | -1,806 | -822 |
| Cash flow from operating activities | -7,911 | 285 |
| Purchasing of intangible assets | 0 | -177 |
| Purchasing of tangible assets | -43 | -445 |
| Sale of tangible assets | 153 | 0 |
| Purchasing of financial assets | 0 | 0 |
| Cash flow from investing activities | 110 | -622 |
| Dividend paid | -2,306 | -2,462 |
| Paid in debt to credit institutions | 0 | -520 |
| Cash flow from financing activities | -2,306 | -2,982 |
| Cash flow for the period | -10,107 | -3,319 |
| Cash at bank and in hand as of the 1st of October | 13,780 | 6,295 |
| Cash at bank and in hand as of the 31st of March | 3,673 | 2,976 |
The half year report has been prepared in accordance with IAS 34 "Interim Financial Reporting", which has been adopted by the EU, and Danish disclosure requirements for listed companies.
The applied accounting policies are the same as for the annual accounts of 2011/2012.
The annual accounts of 2011/2012 contain a full description of the accounting policies, to which reference is made.
RIAS A/S has implemented the accounting standards and interpretations that come into force for accounts starting on the 1st of October 2012 or later. None of these have affected recognition and measurement in the interim accounts of 2012/2013 and at this time, they are not expected to affect the financial reporting of RIAS A/S significantly in the future.
The preparation of the half year report requires that the management works out accounting estimates that affect the applied accounting policies and recognised assets, liabilities, income and costs. Actual results may differ from these estimates.
When preparing the half year report, the material estimates which the management has made in connection with the application of the company' accounting policies and the material uncertainty in relation hereto are identical to those applied when the preparing the annual accounts for 2011/2012, to which reference is made.
| 1st half year of 2012/2013 |
1st half year of 2011/2012 |
||
|---|---|---|---|
| Turnover, Industry | 81,578 | 84,657 | |
| Turnover, Construction | 24,342 | 31,634 | |
| 105,920 | 116,291 |
Sales outside Denmark constitute 8% of the company's net turnover. All long-term assets are located in Denmark.
The turnover spans a considerable number of different products and customers. No single customer represents more than 10% of the total turnover.
| Custom | ||||
|---|---|---|---|---|
| er rela | ||||
| Note 4. Intangible assets | Goodwill | tions | IT software | Total |
| Cost as of the 1st of October 2012 | 53,085 | 1,000 | 22,814 | 76,899 |
| Additions during the period | 0 | 0 | 0 | 0 |
| Disposals during the period | 0 | 0 | 0 | 0 |
| Cost as of the 31st of March 2013 | 53,085 | 1,000 | 22,814 | 76,899 |
| Depreciations as of the 1st of October 2012 | 0 | -287 | -15,188 | -15,475 |
| Depreciations of the period | 0 | -31 | -580 | -611 |
| Reversed depreciations on the disposals of | ||||
| the period | 0 | 0 | 0 | 0 |
| Depreciations as of the 31st of March | ||||
| 2013 | 0 | -318 | -15,768 | -16,086 |
| Book value as of the 31st of March 2013 | 53,085 | 682 | 7,046 | 60,813 |
| Cost as of the 1st of October 2011 | 53,085 | 1,000 | 22,542 | 76,627 |
| Additions during the period | 0 | 0 | 177 | 177 |
| Disposals during the period | 0 | 0 | 0 | 0 |
| Cost as of the 31st of March 2012 | 53,085 | 1,000 | 22,719 | 76,804 |
| Depreciations as of the 1st of October 2011 | 0 | -225 | -13,972 | -14,197 |
| Depreciations of the period | 0 | -31 | -611 | -642 |
| Reversed deprecations on the disposals of | ||||
| the period | 0 | 0 | 0 | 0 |
| Depreciations as of the 31st of March 2012 |
0 | -256 | -14,583 | -14,839 |
| Book value as of the 31st of March 2012 | 53,085 | 744 | 8,136 | 61,965 |
| Fixtures, | ||||
|---|---|---|---|---|
| fittings, | ||||
| Land and Plant and | tools and | |||
| Note 5. Tangible assets | buildings | machinery | equipment | Total |
| Cost as of the 1st of October 2012 | 61,906 | 14,349 | 25,066 | 101,321 |
| Additions during the period | 0 | 0 | 44 | 44 |
| Disposals during the period | 0 | 0 | -642 | -642 |
| Cost as of the 31st of March 2013 | 61,906 | 14,349 | 24,468 | 100,723 |
| Depreciations as of the 1st of October | ||||
| 2012 | -25,381 | -10,246 | -17,522 | -53,149 |
| Depreciations of the period | -374 | -469 | -1,059 | -1,902 |
| Reversed depreciations on the disposals | ||||
| of the period | 0 | 0 | 487 | 487 |
| Depreciations as of the 31st of March | ||||
| 2013 | -25,755 | -10,715 | -18,094 | -54,564 |
| Book value as of the 31st of March 2013 |
36,151 | 3,634 | 6,374 | 46,159 |
| Cost as of the 1st of October 2011 | 61,906 | 14,349 | 25,203 | 101,458 |
| Additions during the period | 0 | 0 | 442 | 442 |
| Disposals during the period | 0 | 0 | 0 | 0 |
| Cost as of the 31st of March 2012 | 61,906 | 14,349 | 25,645 | 101,900 |
| Deprecations as of the 1st of October 2011 | -24,635 | -9,272 | -15,963 | -49,870 |
| Depreciations of the period | -374 | -502 | -1,371 | -2,247 |
| Reversed depreciations on the disposals | ||||
| of the period | 0 | 0 | 0 | 0 |
| Depreciations as of the 31st of March | ||||
| 2012 | -25,009 | -9,774 | -17,334 | -52,117 |
| Book value as of the 31st of March 2012 |
36,897 | 4,575 | 8,311 | 49,783 |
| Note 6. Stock | 31st of March 2013 |
31st of March 2012 |
|---|---|---|
| Stock can be itemised as follows: | ||
| Goods for resale | 40,887 | 36,997 |
| Write-down as of the 1st of October | -3,381 | -3,359 |
| Write-downs of the period | 22 | 0 |
| Write-down as of the 31st of March | -3,359 | -3,359 |
| 37,528 | 33,638 |
| Note 7. Receivables | 31st of March 2013 |
31st of March 2012 |
|---|---|---|
| Receivables from sales and services | 37,046 | 40,155 |
| Receivables from group enterprises | 88 | 88 |
| Other receivables | 1,472 | 2,077 |
| Corporation tax | 0 | 284 |
| 38,606 | 42,604 | |
| Write-down for bad debt can be itemised as follows: | ||
| Write-down as of the 1st of October | -851 | -725 |
| Write-downs of the period | -105 | -70 |
| Write-down as of the 31st of March | -956 | -795 |
| Note 8. Trade payables and other payables | 31st of March 2013 |
31st of March 2012 |
|---|---|---|
| Suppliers of goods and services | 10,986 | 13,827 |
| Debt to group enterprises | 224 | 185 |
| VAT payable | 3,892 | 3,593 |
| Holiday pay obligation | 3,823 | 3,550 |
| Other debt | 6,311 | 5,360 |
| 25,236 | 26,515 |
Since what was stated in the annual accounts of 2011/2012, there have been no significant changes that have not been informed of in these interim accounts.
There have been no significant changes with regard to related parties as well as the type and extent of related party transactions compared to the information in the annual accounts of 2011/2012.
After the balance sheet date of the interim accounts, there have been no significant events that have not been incorporated and disclosed sufficiently in these interim accounts.
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