Earnings Release • Feb 25, 2011
Earnings Release
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To be distributed on Thursday 24 February 2011 Continental Time 07.30h. U.K. 06.30h. / U.S. Eastern Standard Time 01.30h.
Hectic year for DOCDATA N.V. closed with positive outcome
DOCDATA N.V. reached an important milestone in 2010, as the revenue has exceeded € 100 million, primarily driven by strong growth in Germany. The year 2010 was a hectic year, especially due to the acquisition and integration of the activities of the former Dohmen Solutions Group and the extreme growth of one of our e-commerce clients in Germany. These factors had a temporary negative impact on profit. IAI industrial systems was able to maintain the high revenue level in 2010 with an excellent profit.
| Revenue | 2010 | 2009 | Growth |
|---|---|---|---|
| (in thousands, except percentages) | € | € | % |
| Docdata E-commerce services (excl. acquisition) | 63,737 | 46,851 | + 36% |
| Acquisition former Dohmen Solutions Group | 14,293 | - | - |
| Docdata E-commerce services | 78,030 | 46,851 | + 67% |
| Media replication activities | 7,804 | 16,024 | -/- 51% |
| E-commerce service company Docdata | 85,834 | 62,875 | + 37% |
| Technology company IAI industrial systems | 18,176 | 17,594 | + 3% |
| Total | 104,010 | 80,469 | + 29% |
Michiel Alting von Geusau, CEO van DOCDATA N.V.: "The markets in which we operate showed a strong growth in 2010. Within the e-commerce market a large proportion of our clients performed even better than the market. We are proud that we contributed to the success of our clients. IAI industrial systems reached a revenue level that is structurally higher than the average revenue level of the last five years; we however remain dependent on sometimes complicated tendering processes."
The E-commerce service company Docdata realised a considerable increase in the number of transactions handled in 2010. This is both due to the success of our clients in the Netherlands, including bol.com, De Bijenkorf and V&D, and the success of our clients in Germany, including brands4friends.de and Zalando.de. As a consequence, revenue of the E-commerce service company grew with 37%.
Technology company IAI industrial systems realised a record revenue of € 18.2 million in 2010. In addition, IAI invested further in the organisation and development of innovative production systems for the various markets in which IAI is active. The focus in 2010 was in particular on the development and improvement of applications in production systems.
The permanent staff of the Group increased considerably from 593 employees (570 FTE) at the beginning of the year to 813 employees (759 FTE) at the end of the year. Also in 2010 the management structures within the Group have been strengthened. This was necessary to enable the growth and create a new basis for further growth.
E-commerce service company Docdata again achieved a considerable increase of the number of transactions; in 2010 almost 30 million unique transactions have been processed compared to about 20 million in 2009 (increase 36%). The combined revenue of the e-commerce services (consisting of commerce, fulfilment and payment activities) grew autonomously with almost € 17 million (+ 36%); furthermore the revenue increased with another € 14 million as a result of the acquisition of the activities of the former Dohmen Solutions Group in April 2010. The total revenue of the E-commerce service company Docdata increased with 37% to almost € 86 million.
The e-commerce market in Europe increased approximately 18% in 2010. For 2011 a similar growth is expected resulting in a European e-commerce market that exceeds the market in the United States. Within Europe, the United Kingdom and Germany remain the largest markets. Together with the Benelux this is more than 50% of the market. The growth in the Benelux in 2010 was over 22% and this market represents a value of about € 10 billion. The growth in the United Kingdom was 13% with a value of about € 60 billion. In Germany the growth in 2010 was about 10% and this market represents a value of more than € 50 billion.
The integration and restructuring of the activities of the former Dohmen Solutions Group will continue for several months in the first half-year 2011. In 2010 these activities contributed to the growth in revenue (€ 14.3 million in 8,5 months) but due to restructuring costs these activities also had a negative impact on the operating profit (-/- € 2.1 million) and hence the profit. For 2011 it is expected that these activities, including limited further restructuring costs, will have a small contribution to the profit.
Thanks to the acquisition of the activities of the former Dohmen Solutions Group in combination with the realised autonomous growth, Docdata significantly strengthened its position on the German e-commerce market and became a known player. Also, for the first time Docdata realised a higher revenue in Germany than in the Dutch market where Docdata holds a top-3 position and is already a known player for a longer time.
Mid 2010 the media replication company in Berlin was divested. In 2000 more than 90% of revenue was realised by media replication activities, in 2010 this was less than 10% of revenue. As from 2011 the replication activities will not have a significant influence on the figures of the Group any more. The transition of Docdata to an E-commerce service company has now successfully been completed.
For 2011, the focus will be on further growth in existing markets, on the one hand through the growth of existing clients and the expansion of the service portfolio, on the other hand by bringing in new clients. Smaller acquisitions to expand our service portfolio can also contribute to the growth. The organisation grew tremendously in 2010 and the management structure has been strengthened at all levels. This provides us with a reinforced basis to meet the challenges of 2011.
The main trends that are relevant for Docdata, are a further transformation from online to mobile online. The expectation is that in 2012 more smartphones will be sold than computers. Also social networks will take an increasingly important position in the communication to consumers, with Facebook as a dominant player with more than 500 million active users and thus being, after Google, the largest traffic source for webshops. On the other hand the cross-border activities of both consumers and suppliers will grow in the coming years.
Michiel Alting von Geusau, CEO of DOCDATA N.V.: "The developments and opportunities of Internet are enormous. Because of our extensive experience with e-commerce, the vast scalability of our solutions and international experience we are able to gear up in a short time frame and help our clients, also regarding cross-border activities, realising their growth. Thanks to our scalable solutions we facilitated the extreme growth of some of our clients in 2010, staying ahead of all our competitors."
Technology company IAI industrial systems delivered in 2010 a large number of high quality systems. Furthermore the revenue from our service activities and the delivery of subsystems increased clearly. The revenue of IAI industrial systems was € 18.2 million which is a slight increase compared to 2009 but structurally higher than any year before 2009.
The order book as per year-end 2010 includes orders with a revenue value of € 8.4 million (2009: € 13.7 million). The order book is running behind, which will have an impact on the revenue and results of IAI in 2011. The pipeline however is well filled with prospects; we expect that the major part will only be delivered in 2012. Projects generally have a long lead time in the markets in which IAI operates. IAI only has very limited influence on this.
In the document security market IAI industrial systems is seen as the highest quality supplier of production systems to personalise and/or secure documents issued by governments. IAI has further expanded the product range in the document security market through the development of new systems in the last years, resulting in an entrance in additional markets like the market for decentralised personalisation. In 2010, IAI has invested in R&D for the development of next-generation systems and new applications like for example contactless soldering of solar panels for which we sold a first system in 2010. The organisation has been strengthened, making the company ready for further growth.
Michiel Alting von Geusau, CEO of DOCDATA N.V.: "Our clients are mainly looking for innovative but proven solutions in the markets where we operate. As our product portfolio has been expanded substantially in recent years, we are well positioned to meet the market demands. We also see that clients worldwide know how to find us."
| (in millions, except percentages en profit per share) | 2010 | 2009 | ||
|---|---|---|---|---|
| € | % | € | % | |
| Revenue | ||||
| E-commerce service company Docdata | 85.8 | 82.5 | 62.9 | 78.1 |
| Technology company IAI industrial systems | 18.2 | 17.5 | 17.6 | 21.9 |
| Total | 104.0 | 100.0 | 80.5 | 100.0 |
| Gross profit | ||||
| E-commerce service company Docdata | 19.1 | 22.2 | 18.2 | 28.9 |
| Technology company IAI industrial systems | 6.9 | 38.1 | 7.3 | 41.9 |
| Total | 26.0 | 25.0 | 25.5 | 31.7 |
| Operating profit (EBIT) | ||||
| E-commerce service company Docdata | 1.0 | 1.2 | 1.0 | 1.6 |
| Technology company IAI industrial systems | 4.0 | 22.0 | 4.9 | 27.9 |
| Total | 5.0 | 4.8 | 5.9 | 7.3 |
| Profit for the year | 3.8 | 3.7 | 7.7 | 9.6 |
| Basic earnings per share | 0.58 | 1.18 | ||
| Diluted earnings per share | 0.58 | 1.18 | ||
| Balance sheet total | 56.0 | 49.0 | ||
| Equity | 27.6 | 27.4 | ||
| Solvency ratio (Equity / Balance sheet total) | 49.3% | 55.9% |
The revenue of DOCDATA N.V. increased in 2010 with € 23.5 million to € 104 million (+29%). IAI industrial systems realised a slight revenue increase of € 0.6 million (+ 3%). Docdata realised with its e-commerce services commerce, payments and fulfilment an autonomous revenue growth of € 16.9 million (+36%), mainly as a result of the increased number of transactions. The acquisition of the activities of the former Dohmen Solutions Group per 16 April 2010 contributed € 14.3 million to the revenue in 2010. The revenue of the media replication activities decreased with € 8.2 million (-/- 51%) as a result of the further decline of the replication activities, mainly due to the sale of the replication company in Berlin in July 2010.
In 2010 DOCDATA N.V. realised a gross profit of € 26.0 million compared to € 25.5 million in 2009 (+2%). The gross profit margin in 2010 was 25.0% compared to 31.7% in 2009 with a decreased gross profit margin for both lines of business. For Docdata this lower gross profit margin is mainly due to a lower realised efficiency following the extreme growth of some of our largest clients in the Netherlands and Germany. The decrease of the gross profit margin of IAI industrial systems is mainly due to a different revenue mix in 2010 compared to 2009. The lower gross profit margin in 2010 is mainly the result of relatively higher costs for produced and delivered orders containing the development of new applications in the systems of these orders.
In 2010 the operating result before financing result (EBIT) was € 5.0 million compared to € 5.9 million in 2009 (effect: -/- € 0.9 million). The operating result of the technology company IAI industrial systems decreased from € 4.9 million in 2009 to € 4.0 million in 2010 as a result of the lower gross profit and higher organisation costs, primarily due to the increased number of employees. The operating result of the E-commerce service company Docdata remained almost unchanged in 2010 at € 1.0 million. In both years the operating result of the E-commerce service company Docdata included significant non-recurring costs which had a negative impact on the operating result in those years. In 2010 these non-recurring costs were:
In 2009, the E-commerce service company Docdata recognised non-recurring expenses of € 2.9 million. These non-recurring expenses related to a number of impairments of goodwill and other intangible assets, the full depreciation of the remaining media replication activities in Germany and the recognition of provisions.
The profit of DOCDATA N.V. for the year 2010 amounts to € 3.8 million compared to € 7.7 million for the year 2009 (effect: -/- € 3.9 million). In addition to the above mentioned development of the operating result in 2010 compared to 2009 (effect: -/- € 0.9 million) and a financing result with higher net finance expenses (effect: -/- € 0.1 million), income taxes had a significant impact. In 2010 the income tax expense was € 1.2 million compared to an income tax income of € 1.7 million in 2009 (effect: -/- € 2.9 million). The recognised income tax income in 2009 contained an income tax credit of around € 4 million. This income tax credit was the result of the recognition of a liquidation loss of over € 15 million in the 2009 corporate income tax return of the Dutch fiscal entity following the completion of the liquidation of the former replication company in the United Kingdom. Without this non-recurring income tax credit, profit in 2010 would have slightly increased compared to 2009.
DOCDATA N.V. maintained its strong financial position with a solvency ratio of 49.3% (31 December 2009: 55.9%) in 2010 against a strongly increased balance sheet total. In relation to the Company's liquidity, the cash surplus position of € 6.1 million as at 31 December 2009 decreased with € 0.3 million to € 5.8 million as at 31 December 2010.
In 2010, DOCDATA realised a net cash from operating activities of € 13.3 million (2009: € 7.4 million) which was influenced to a large extent by cash flows generated from the delivery in February 2010 of the second part of the Bulgarian order by IAI industrial systems B.V. and the receipt of an income tax receivable by the Dutch fiscal entity (€ 2.8 million). Furthermore, DOCDATA N.V. has drawn € 4.0 million from the credit facility with Commerzbank AG in 2010 to finance the following:
Of these available funds of € 17.3 million, € 3.7 million was spent on the payment of the 2009 dividend. In addition, the Group invested a total amount of almost € 10 million in 2010: € 2.2 million in the acquisition of the activities of the former Dohmen Solutions Group, € 6.2 million in property, plant and equipment (mainly warehousing equipment and investments in IT infrastructure), € 0.8 million in intangibles (predominantly IT platform and development costs by IAI for the development of new systems) and € 0.8 million for the acquisition of non-controlling interests in docdata commerce B.V. and docdata payments B.V. The remaining € 3.7 million resulted in higher cash and cash equivalents per 31 December 2010.
"It's all about focus and commitment"
We are a focussed E-commerce service company We deliver customer-focused and scalable solutions We guarantee seamless handling of all your unique transactions We are driven to make your e-commerce successful
The major strategic goals for the coming years remain:
The current risks are mainly in terms of the strategic choice of clients to outsource certain services to external suppliers. In the event that a client will be acquired, this choice is almost always reconsidered with the possibility of losing clients. Because of the rapid developments in the e-commerce market, our clients are not willing to sign long-term contracts.
We offer high quality production systems and reliability We offer flexible, fast and accurate technological solutions We are driven to offer the most innovative laser and optical solutions
The major strategic goals for the coming years remain:
The current risks are mainly in terms of the realisation of orders, as tenders issued by governments are regularly delayed by factors beyond our control. In the new markets where we operate tender processes take longer as new applications need to be extensively tested.
As the current strategy 'Vision 2012: Flywheel to Growth' will run until 2012, DOCDATA N.V. will have an external party execute a strategic study in 2011. The outcome of this study will serve as input for the strategic route in the coming years.
The focus in 2011 will be kept on growth, both autonomous and trough acquisitions. Acquisitions will mainly be aimed at expansion of our service portfolio.
The focus of the E-commerce service company Docdata is on further development of the service model in the Benelux, Germany and the UK. Based on our current client base, we expect further growth with only a limited impact of non-recurring costs on profit.
The focus for the technology company IAI industrial systems is on the realisation of orders worldwide in existing and specifically defined markets through the development of innovative solutions based on proven systems. Considering the order book as at 31 December 2010, combined with the length of the time between an order and the completion and delivery of systems at the client, we expect lower revenues and results for IAI industrial systems.
Management of DOCDATA N.V. will propose to the shareholders at this year's annual General Meeting of Shareholders, in accordance with Article 28 of the Articles of Association of DOCDATA N.V., to decide to distribute to all shareholders of ordinary shares a dividend amount of € 0.35 per ordinary share out of the profit for the year 2010. The distribution will be subject to dividend withholding taxes, unless the shareholder can proof that substantial holding exemption can be claimed.
At 31 December 2010, the issued share capital of DOCDATA N.V. consists of 7,000,000 ordinary shares with a nominal value of € 0.10 each. DOCDATA N.V. currently holds 349,982 (5.00%) of these issued ordinary shares, which are kept in order to fund the personnel options scheme and to finance future acquisitions. Ordinary shares owned by the Company are not entitled to any distribution of profit. When the General Meeting of Shareholders decides to accept this proposal, an amount of € 2.3 million will be distributed in June 2011 as dividend out of the profit for the year 2010 on the ordinary shares, which are held by other shareholders than the Company. The General Meeting of Shareholders shall be held on Wednesday 15 June 2011 in Waalwijk. The dividend distribution will lead to a decrease of the solvency ratio with some percent-points.
The dividend policy of DOCDATA N.V., adopted by the General Meeting of Shareholders, is aimed at realising a high dividend return, for which a payout ratio of at least 50% is the target. The liquidity and solvency required for the execution of the strategy, will also be taken into consideration. Management of DOCDATA N.V. holds the opinion that the very strong liquidity and solvency of the Company enable the proposed dividend distribution of € 0.35 per share.
The dividend proposed by DOCDATA N.V. of € 0.35 per share (in total: € 2.3 million) is lower than the dividend of € 0.55 per share distributed out of the profit for the year 2009 (in total: € 3.7 million). This was due to the 2009 dividend distributed in May 2010 being one-time higher, as the Company realised in 2010 an income tax credit on the liquidation loss for the replication company in the United Kingdom. Compared to the dividend of € 0.30 per share (in total: € 2.0 million) out of the profit for the year 2008 distributed in May 2009, the dividend return has increased.
The consolidated financial statements of DOCDATA N.V. are prepared in accordance with the International Financial Reporting Standards as adopted by the European Union (hereafter IFRS). For an overview of the significant accounting policies under IFRS, please refer to the 2009 Annual Report that is available at the Company and can also be downloaded from the Company's corporate website, www.docdatanv.com.
For a detailed review of the 2010 year-end results, please refer to the attached enclosure 'Financial Information for the year ended 31 December 2010' with Appendix.
This morning, 24 February 2011, management of DOCDATA N.V. will discuss the 2010 year-end results in a meeting for which both financial press and analysts have been invited, to be held at 10.30AM Amsterdam time in the Mercurius room of the Financieel Nieuwscentrum Beursplein 5 of NYSE Euronext Amsterdam (Beursplein 5, 1012 JW Amsterdam, telephone +31-20-5505505). After this meeting, the presentation shown to the financial press and analysts will be made available for downloading from the Company's corporate website, www.docdatanv.com.
| 29 April 2011 | Publication of 2010 Annual Report |
|---|---|
| 8 June 2011 | Record date (voting rights) |
| 15 June 2011 (*) | Annual General Meeting of Shareholders in Waalwijk |
| 16 June 2011 | Cum-date |
| 17 June 2011 | Ex date |
| 21 June 2011 | Record date (dividend rights) |
| 24 June 2011 | Dividend payment data |
| 21 July 2011 | Publication of 2011 half-year results |
(*) Note: new date; the 2009 Annual Report referred to 18 May 2011 as preliminary date
------------------------------------------
The listed DOCDATA N.V. exists of two lines of business:
Technology company IAI industrial systems (www.iai-industrial-systems.com) is a high tech engineering company specialised in developing and building systems for very accurate and high speed processing of all kinds of products and materials. IAI delivers clients globally in the following sectors: securing and personalising of security documents, processing of solar cells and modules and processing of other materials and products.
E-commerce service company Docdata (www.docdata.com) is a European market leader with a strong basis in The Netherlands, Germany and the United Kingdom. Docdata offers a complete e-commerce service portfolio to clients, enabling them to be successful on the internet.
Waalwijk, The Netherlands, 24 February 2011
Further information: DOCDATA N.V., M.F.P.M. Alting von Geusau, CEO, Tel. +31 416 631 100 Corporate website: www.docdatanv.com
The financial information is prepared in accordance with International Financial Reporting Standards as adopted by the European Union (hereafter "IFRS") and its interpretations adopted by the International Accounting Standards Board (IASB).
| (in thousands, except percentage figures) | 2010 | 2009 | ||
|---|---|---|---|---|
| Revenue by line of business | € | % | € | % |
| E-commerce service company Docdata | 85,834 | 82.5 | 62,875 | 78.1 |
| Technology company IAI industrial systems | 18,176 | 17.5 | 17,594 | 21.9 |
| Total | 104,010 | 100.0 | 80,469 | 100.0 |
| (in thousands, except percentage figures) | 2010 | 2009 | ||
|---|---|---|---|---|
| Gross profit (margin) by line of business (margin as % of revenue by line of business) |
€ | % | € | % |
| E-commerce service company Docdata | 19,075 | 22.2 | 18,184 | 28.9 |
| Technology company IAI industrial systems | 6,918 | 38.1 | 7,365 | 41.9 |
| Total | 25,993 | 25.0 | 25,549 | 31.7 |
| (in thousands, except percentage figures) | 2010 | 2009 | |||
|---|---|---|---|---|---|
| Operating profit (margin) by line of business (margin as % of revenue by line of business) |
€ | % | € | % | |
| E-commerce service company Docdata | 1,020 | 1.2 | 973 | 1.6 | |
| Technology company IAI industrial systems | 3,992 | 22.0 | 4,913 | 27.9 | |
| Total | 5,012 | 4.8 | 5,886 | 7.3 | |
| Selling & Administrative expenses (as % of revenue) | |||||
| Selling expenses | (5,600) | (5.4) | (4,530) | (5.6) | |
| Administrative expenses | (15,182) | (14.6) | (12,073) | (15.0) | |
| Total | (20,782) | (20.0) | (16,603) | (20.6) | |
| Selling & Administrative expenses by line of | |||||
| business (as % of revenue by line of business) | |||||
| E-commerce service company Docdata | (17,787) | (20.7) | (14,151) | (22.5) | |
| Technology company IAI industrial systems | (2,995) | (16.5) | (2,452) | (14.0) | |
| Total | (20,782) | (20.0) | (16,603) | (20.6) | |
| Other operating income and expenses (as % of revenue) |
|||||
| Other operating income | 458 | 0.4 | 160 | 0.2 | |
| Other operating expenses | (657) | (0.6) | (3,220) | (4.0) | |
| Net other operating expenses | (199) | (0.2) | (3,060) | (3.8) |
Net financing expenses in 2010 amounted to € 40 thousand compared to net financing income of € 0.1 million in 2009. This decrease of € 0.15 million is the combined effect of higher net bank interest expenses resulting from financing the acquisition of the activities of the former Dohmen Solutions Group in Germany through a bank overdraft from Commerzbank AG and a somewhat lower foreign currency exchange result in 2010 compared to 2009 related to the British pound.
DOCDATA's effective tax rate in 2010 was 23.4% with an income tax expense of € 1.2 million on a profit before income tax of € 5.0 million. In 2009, the profit before income tax amounted to € 6.0 million and the income tax profit amounted to € 1.7 million (effective tax rate: negative 27.5%, representing a tax credit), mainly due to recording an income tax credit of around € 4 million on the liquidation loss of over € 15 million following the completion of the liquidation of docdata media Ltd. in the UK.
The income tax expense of € 1.2 million in 2010 is the combined result of the following tax treatments of the results per country:
The General Annual Meeting of Shareholders held on 12 May 2010 approved the proposal to distribute a dividend of € 0.55 per ordinary share outstanding (excluding own shares held by the Company), which had a decreasing impact of € 3.7 million on retained earnings within the equity of the Company in 2010.
In 2010, the Group realised net cash from operating activities of € 13.3 million (2009: € 7.4 million). Major items resulting in this high net cash from operating activities were the delivery by IAI industrial systems B.V. in February 2010 of the remaining part of the Bulgarian order, as well as the repayment by the Dutch tax authorities of € 1.3 million prepaid income taxes for the year 2009 due to the recording by the Dutch fiscal entity of an income tax credit on the liquidation loss for docdata media Ltd. in the UK, as well as € 1.5 million of the carry back to income taxes from 2006.
Furthermore, the Group has drawn € 4.0 million from the credit facility with Dresdner Bank AG (now part of Commerzbank AG) in 2010 to finance the following:
Of these total available funds of € 17.3 million, € 3.7 million was spent on the payment of the 2009 dividend. In addition, the Group invested a total amount of nearly € 10 million in 2010: € 2.2 million for the assets acquired of the former Dohmen Solutions Group, € 6.2 million in property, plant and equipment (mainly warehousing equipment and investments in IT infrastructure), € 0.8 million in intangibles (predominantly IT development costs and development costs by IAI for a new security system) and € 0.8 million for the acquisition of non-controlling interests in docdata commerce B.V. and docdata payments B.V. The remaining € 3.7 million has resulted in higher cash and cash equivalents per 31 December 2010 (€ 9.8 million) compared to 31 December 2009 (€ 6.1 million).
In 2010 1,500 share options were exercised from the 2006 series at a price of € 8.10 per share. The underlying shares have been delivered by the Company from the own shares in possession of the Company. The proceeds of € 13 thousand have been credited to equity under reserves, as the purchase of own shares has been charged to reserves in the past. Per 31 December 2010, the Company owned 349,982 own shares (5.00%), which number is the same as the number of own shares currently owned by the Company per 24 February 2011.
Waalwijk, 24 February 2011
Balance sheet before appropriation of profit.
| 31 December 2010 |
31 December 2009 |
|
|---|---|---|
| (in thousands) | € | € |
| Assets | ||
| Property, plant and equipment | 10,431 | 6,221 |
| Intangible assets | 9,690 | 8,633 |
| Investments in associates | 62 | 62 |
| Other investments | 95 | 100 |
| Trade and other receivables | 200 | 200 |
| Deferred tax assets | 1,001 | 1,130 |
| Total non-current assets | 21,479 | 16,346 |
| Inventories | 5,436 | 6,861 |
| Income tax receivables | 407 | 3,038 |
| Trade and other receivables | 18,840 | 15,566 |
| Cash and cash equivalents | 9,790 | 6,147 |
| Assets classified as held for sale | - | 1,054 |
| Total current assets | 34,473 | 32,666 |
| Total assets | 55,952 | 49,012 |
| Equity | ||
| Share capital | 700 | 700 |
| Share premium | 16,854 | 16,854 |
| Translation reserves | (669) | (1,030) |
| Reserve for own shares | (2,810) | (2,940) |
| Retained earnings (from prior years) | 9,474 | 5,889 |
| Unappropriated profits (Profit for the period) | 3,853 | 7,831 |
| Total equity attributable to equity holders of the parent | 27,402 | 27,304 |
| Non-controlling interest | 156 | 107 |
| Total equity | 27,558 | 27,411 |
| Liabilities | ||
| Interest-bearing loans and other borrowings | - | 313 |
| Deferred tax liabilities | 530 | 288 |
| Total non-current liabilities | 530 | 601 |
| Bank overdrafts | 4,000 | - |
| Interest-bearing loans and other borrowings | 190 | - |
| Income tax payable | 453 | 340 |
| Trade and other payables | 22,781 | 18,668 |
| Provisions | 440 | 1,039 |
| Liabilities classified as held for sale | - | 953 |
| Total current liabilities | 27,864 | 21,000 |
| Total liabilities | 28,394 | 21,601 |
| Total equity and liabilities | 55,952 | 49,012 |
| 2010 | 2009 | |||
|---|---|---|---|---|
| (in thousands, except earnings per share and average shares outstanding) |
€ | % | € | % |
| Revenue | 104,010 | 100.0 | 80,469 | 100.0 |
| Cost of sales | (78,017) | (75.0) | (54,920) | (68.3) |
| Gross profit | 25,993 | 25.0 | 25,549 | 31.7 |
| Other operating income | 458 | 0.4 | 160 | 0.2 |
| Selling expenses | (5,600) | (5.4) | (4,530) | (5.6) |
| Administrative expenses | (15,182) | (14.6) | (12,073) | (15.0) |
| Other operating expenses | (657) | (0.6) | (3,220) | (4.0) |
| Operating profit before financing result | 5,012 | 4.8 | 5,886 | 7.3 |
| Financial income | 215 | 0.2 | 301 | 0.4 |
| Financial expenses | (255) | (0.2) | (195) | (0.2) |
| Net financing (expenses) / income | (40) | - | 106 | 0.2 |
| Share of profits of associates | - | - | 37 | - |
| Profit before income tax | 4,972 | 4.8 | 6,029 | 7.5 |
| Income tax (expense) / profit | (1,162) | (1.1) | 1,660 | 2.1 |
| Profit for the period | 3,810 | 3.7 | 7,689 | 9.6 |
| Attributable to: | ||||
| Equity holders of the parent | 3,853 | 3.7 | 7,831 | 9.7 |
| Non-controlling interest | (43) | - | (142) | 0.1 |
| Profit for the period | 3,810 | 3.7 | 7,689 | 9.6 |
| Earnings per share | ||||
| Basic earnings per share | 0.58 | 1.18 | ||
| Diluted earnings per share | 0.58 | 1.18 |
| 2010 | 2009 | |
|---|---|---|
| (in thousands) | € | € |
| Cash flows from operating activities | ||
| Profit for the period | 3,810 | 7,689 |
| Adjustments for: | ||
| Depreciation and amortisation | 3,631 | 5,223 |
| Costs share options and delivered shares | 117 | 137 |
| Financial expenses | 255 | 195 |
| Financial income | (215) | (301) |
| Share of profits of associates | - | (37) |
| Income tax expense / (income) | 1,162 | (1,660) |
| Cash flows from operating activities before changes in working capital and provisions |
8,760 | 11,246 |
| Increase in trade and other receivables | ||
| and assets held for sale | (2,176) | (3,003) |
| Decrease / (Increase) in inventories | 1,820 | (3,268) |
| Increase in trade and other payables and liabilities held for sale |
3,660 | 3,048 |
| (Decrease) / Increase in provisions and employee benefits | (599) | 846 |
| Cash generated from the operations | 11,465 | 8,869 |
| Interest paid | (254) | (266) |
| Interest received | 171 | 209 |
| Income taxes paid | (1,000) | (1,772) |
| Income taxes received | 2,883 | 320 |
| Net cash from operating activities | 13,265 | 7,360 |
| Cash flows from investing activities | ||
| Acquisition of property, plant and equipment | (6,164) | (2,703) |
| Acquisition of subsidiaries and business | (2,220) | (150) |
| Acquisition of intangible assets | (835) | (67) |
| Acquisition of associates and other investments | - | (62) |
| Proceeds from sale of property, plant and equipment | 53 | 118 |
| Net cash from investing activities | (9,166) | (2,864) |
| Cash flows from financing activities | ||
| Proceeds from / (Repayment of) bank overdrafts | 4,000 | (325) |
| Dividends paid | (3,658) | (2,031) |
| Acquisition of non-controlling interests | (780) | (656) |
| Proceeds from exercise of share options | 13 | 141 |
| Repayment of interest-bearing loans and other borrowings | - | (60) |
| Loans provided to associates and other investments | - | (200) |
| Net cash from financing activities | (425) | (3,131) |
| Net (decrease) increase in cash and cash equivalents | 3,674 | 1,365 |
| Cash and cash equivalents at the beginning of the period | 6,147 | 6,034 |
| Bank overdrafts balanced with cash and cash equivalents | - | (1,350) |
| Effect of exchange rate fluctuations on cash held | (31) | 98 |
| Cash and cash equivalents at the end of the period | 9,790 | 6,147 |
| Total equity | |||||||
|---|---|---|---|---|---|---|---|
| Share | Share | Retained | attributable to equity holders |
Non controlling |
Total | ||
| capital | premium | Reserves | earnings | of the parent | interest | equity | |
| (in thousands) | € | € | € | € | € | € | € |
| (Note 1) | (Note 2) | ||||||
| Equity Statement 2009 | |||||||
| Balance at 1 January 2009 | 700 | 16,854 | (4,531) | 7,882 | 20,905 | 292 | 21,197 |
| Dividend distribution | - | - | - | (1,993) | (1,993) | (38) | (2,031) |
| Exercised share options | - | - | 141 | - | 141 | - | 141 |
| Delivered shares for remuneration | - | - | 37 | - | 37 | - | 37 |
| Costs share options | - | - | 100 | - | 100 | - | 100 |
| Consolidation of former associate | - | - | - | - | - | (5) | (5) |
| Profit for the period | - | - | - | 7,831 | 7,831 | (142) | 7,689 |
| Other changes in total recognised | |||||||
| income and expense for the period | - | - | 283 | - | 283 | - | 283 |
| Balance at 31 December 2009 | 700 | 16,854 | (3,970) | 13,720 | 27,304 | 107 | 27,411 |
| Equity Statement 2010 | |||||||
| Balance at 1 January 2010 | 700 | 16,854 | (3,970) | 13,720 | 27,304 | 107 | 27,411 |
| Dividend distribution | - | - | - | (3,658) | (3,658) | - | (3,658) |
| Realised translation differences | - | - | 270 | (270) | - | - | - |
| Exercised share options | - | - | 13 | - | 13 | - | 13 |
| Costs share options | - | - | 117 | - | 117 | - | 117 |
| Acquisition of non-controlling | |||||||
| interest | - | - | - | (318) | (318) | 92 | (226) |
| Profit for the period | - | - | - | 3,853 | 3,853 | (43) | 3,810 |
| Other changes in total recognised | |||||||
| income and expense for the period | - | - | 91 | - | 91 | - | 91 |
| Balance at 31 December 2010 | 700 | 16,854 | (3,479) | 13,327 | 27,402 | 156 | 27,558 |
Reserves in the Consolidated Statement of Shareholders' Equity consists of the balances for Translation reserves and Reserve for own shares.
Retained earnings in the Consolidated Statement of Shareholders' Equity consists of the balances for Retained earnings (from prior years) and Unappropriated profits, equal to the Profit for the period for both financial years ended 31 December 2010 respectively 31 December 2009.
| 2010 | 2009 | |
|---|---|---|
| (in thousands) | € | € |
| Foreign exchange translation differences, net of tax | 91 | 283 |
| Income recognised directly in equity | 91 | 283 |
| Profit for the period | 3,810 | 7,689 |
| Total recognised income and expense for the period | 3,901 | 7,972 |
| Attributable to: | ||
| Equity holders of the parent | 3,944 | 8,114 |
| Non-controlling interest | (43) | (142) |
| Total recognised income and expense for the period | 3,901 | 7,972 |
DOCDATA N.V. (referred to as "DOCDATA" or the "Company") is a company domiciled in Waalwijk, the Netherlands. The consolidated financial statements of DOCDATA N.V. as at and for the year ended 31 December 2010 comprise DOCDATA N.V. and its subsidiaries (together referred to as the "Group") and the Group's interest in associates and jointly controlled entities.
The consolidated financials statements of the Group as at and for the year ended 31 December 2009 are available upon request from the Company's registered office at Energieweg 2, 5145 NW in Waalwijk, the Netherlands, or at the Company's corporate website, www.docdatanv.com .
These consolidated financial statements do not include all of the information required for full annual financial statements, and should therefore be read in conjunction with the consolidated financial statements of the Group as at and for the year ended 31 December 2009.
The consolidated financial statements of the Group are prepared in accordance with the International Financial Reporting Standards as adopted by the European Union ("IFRS"). The accounting policies applied by the Group in these consolidated financial statements are the same as those applied by the Group in its consolidated financial statements as at and for the year ended 31 December 2009. For a summary of the significant accounting policies under IFRS, please refer to the Group's Annual Report for the financial year ended 31 December 2009.
In the opinion of the management, these consolidated financial statements include all adjustments necessary for a fair presentation of the financial position, operating results and cash flows of all reporting periods herein. All such adjustments are of a normal recurring nature, except for nonrecurring expenses related to the acquisition of the assets of the former Dohmen Solutions Group (including acquisition costs, advisory fees, restructuring expenses, etc.) recorded in the financial
year ended 31 December 2010, and non-recurring adjustments for the following topics recorded in the financial year ended 31 December 2009:
In the consolidated financial statements for the year ended 31 December 2010, the following treatment has been applied for the following incorporation and acquisition:
In the consolidated financial statements for the year ended 31 December 2009, the following treatment has been applied for the following incorporation and acquisition:
| 31 December 2010 |
31 December 2009 |
|
|---|---|---|
| (in thousands) | € | € |
| Land and buildings | 1,263 | 1,347 |
| Machinery and equipment | 6,503 | 2,935 |
| Office equipment and other | 2,665 | 1,881 |
| 10,431 | 6,163 | |
| Under construction | - | 58 |
| Total | 10,431 | 6,221 |
The book value of property, plant and equipment has increased with € 4.2 million in 2010 due to capital expenditure for € 6.7 million and depreciation charges for € 2.5 million. Included in capital expenditure in 2010 is the purchase price of in total € 0.5 million paid at acquisition for the equipment bought of the former Dohmen Solutions Group, and € 0.6 million investments by IAI
industrial systems in buildings and laser production equipment. The remainder of about € 5.6 million relates to investments in the fulfilment warehouses of the Group and is predominantly spent in Germany for the warehouses located in the Berlin and Munich regions.
| 31 December 2010 |
31 December 2009 |
|
|---|---|---|
| (in thousands) | € | € |
| Goodwill | 6,723 | 6,626 |
| Software (IT platforms) | 1,973 | 1,539 |
| Customer contracts | 703 | 468 |
| Development costs | 255 | - |
| Other | 36 | - |
| Total | 9,690 | 8,633 |
The book value for intangible assets has increased with € 1.1 million in 2010, due to the following:
| 31 December 2010 |
31 December 2009 |
|
|---|---|---|
| (in thousands) | € | € |
| Raw and auxiliary materials | 1,260 | 720 |
| Work in progress | 3,671 | 6,066 |
| Finished goods | 505 | 75 |
| Total | 5,436 | 6,861 |
The book value of inventories decreased € 1.4 million in 2010, which is the combined effect of acquired inventories of the former Dohmen Solutions Group (€ 0.4 million), decreased work in progress at IAI industrial systems (€ 2.4 million) and increased general inventory levels for raw and auxiliary materials, given the grown business activities of the Group in 2010 (€ 0.6 million).
IAI industrial systems' order book developed in 2010 from € 13.7 million at 31 December 2009 to € 8.4 million at 31 December 2010 resulting from systems' deliveries in 2010 with revenue of € 18.2 million and new orders booked with a total sales value of € 12.9 million.
| E-commerce service company Docdata |
Technology company IAI industrial systems |
|||
|---|---|---|---|---|
| (in thousands, except earnings per share and average shares outstanding) |
€ | % | € | % |
| Revenue | 85,834 | 100.0 | 18,176 | 100.0 |
| Cost of sales | (66,759) | (77.8) | (11,258) | (61.9) |
| Gross profit | 19,075 | 22.2 | 6,918 | 38.1 |
| Other operating income | 389 | 0.5 | 69 | 0.4 |
| Selling expenses | (4,764) | (5.5) | (836) | (4.6) |
| Administrative expenses | (13,023) | (15.2) | (2,159) | (11.9) |
| Other operating expenses | (657) | (0.8) | - | - |
| Operating profit before financing result | 1,020 | 1.2 | 3,992 | 22.0 |
| Financial income | 151 | 0.2 | 64 | 0.4 |
| Financial expenses | (187) | (0.2) | (68) | (0.4) |
| Net financing expenses | (36) | - | (4) | - |
| Share of profits of associates | - | - | - | - |
| Profit before income tax | 984 | 1.2 | 3,988 | 22.0 |
| Income tax expense | (224) | (0.3) | (938) | (5.2) |
| Profit for the period | 760 | 0.9 | 3,050 | 16.8 |
| Attributable to: | ||||
| Equity holders of the parent | 803 | 0.9 | 3,050 | 16.8 |
| Non-controlling interest | (43) | - | - | - |
| Profit for the period | 760 | 0.9 | 3,050 | 16.8 |
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