Quarterly Report • Jul 28, 2009
Quarterly Report
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To be distributed on 28 July 2009 Continental Time 07.30h. U.K. 06.30h. / U.S. Eastern Standard Time 01.30h.
Michiel Alting von Geusau, CEO of DOCDATA N.V.: "The strategy 'Vision 2010: Gear to Growth' remains tightly on track, despite the current economic crisis, both for Technology company IAI industrial systems and Internet service company Docdata. Our focus for Technology company IAI industrial systems is to secure orders for the delivery of high-quality systems and for Internet service company Docdata to further growth of the number of realised transactions. In line with this focus and despite the challenging external circumstances, we have realised a further growth both in revenue and results. We, however, remain cautious regarding the current economic situation and the markets in which we operate. We do expect to be able to continue the current positive trend in the second half-year 2009."
| Half-year ended |
Half-year ended |
||
|---|---|---|---|
| Revenue | 30 June 2009 | 30 June 2008 | Growth |
| (in thousands, except percentage figures) | € | € | % |
| Technology company IAI industrial systems | 4,187 | 2,575 | + 63% |
| Internet service company Docdata (excluding media) | 22,082 | 17,470 | + 26% |
| Docdata media | 8,627 | 15,648 | -/- 45% |
| Total | 34,896 | 35,693 | -/- 2% |
Technology company IAI industrial systems has delivered in the first half-year 2009 a number of high-quality personalisation systems and realised new orders, resulting in an order portfolio at the end of the first half-year 2009 of € 24.3 million.
Internet service company Docdata has realised in the first half-year 2009 a strong increase in the number of unique transactions compared to the first half-year 2008. In the first six months of 2009, approximately 10 million unique transactions were processed.
| Half-year ended at | ||||
|---|---|---|---|---|
| (in millions, except percentage figures and per share data) |
30 June 2009 | 30 June 2008 | ||
| € | % | € | % | |
| Revenue | ||||
| Internet service company Docdata | 30.7 | 88.0 | 33.1 | 92.8 |
| Technology company IAI industrial systems | 4.2 | 12.0 | 2.6 | 7.2 |
| Total | 34.9 | 100.0 | 35.7 | 100.0 |
| Gross profit | 10.8 | 30.8 | 9.4 | 26.4 |
| Operating profit (EBIT) | ||||
| Internet service company Docdata | 1.5 | 4.9 | 1.3 | 4.1 |
| Technology company IAI industrial systems | 0.9 | 21.0 | 0.1 | 2.3 |
| Total | 2.4 | 6.8 | 1.4 | 4.0 |
| Profit for the half-year | 1.9 | 5.4 | 1.0 | 2.9 |
| Basic earnings per share | 0.28 | 0.15 | ||
| Diluted earnings per share | 0.27 | 0.15 | ||
| Balance sheet total | 39.1 | 40.7 | ||
| Equity | 21.7 | 19.3 | ||
| Solvency ratio (Equity / Balance sheet total) | 55.6% | 47.4% |
Revenue of DOCDATA N.V. has decreased in the first half-year 2009 with € 0.8 million to € 34.9 million (-/- 2%). Docdata commerce, payments and fulfilment have realised a revenue increase of € 4.6 million, IAI industrial systems a revenue increase of € 1.6 million and Docdata media a revenue decrease of € 7.0 million (of which € 4.8 million related to the sold media activities of Docdata media in the UK and the sale of 4D upgrade GmbH in Germany). In the first half-year 2009 a higher gross profit was realised of € 10.8 million compared to € 9.4 million in the first half-year 2008 (+14%). Gross profit margin in the first half-year 2009 almost reached 31% compared to 26% in the first half-year 2008; both lines of business have contributed to this improvement in gross profit margin.
In the first half-year 2009, an operating profit before financing result (EBIT) has been realised of € 2.4 million. The increase with € 1 million compared to the first half-year 2008 is for the largest part realised by IAI industrial systems. This is predominantly the result of the higher number of systems that were delivered in the first half-year 2009, while no systems were delivered in the first half-year 2008. In addition to the operating profit, the financing result in the first half-year 2009 has improved with € 0.3 million compared to the first half-year 2008, predominantly resulting from lower net interest charges and an improvement in the foreign currency exchange result. Furthermore, income tax expenses have increased with € 0.5 million in the first half-year 2009 due to a higher profit before income tax. All combined, this has resulted in a profit for the period which is € 0.8 million higher than in the first half-year 2008.
DOCDATA N.V. has maintained its strong financial position with a solvency ratio of 55.6% (31 December 2008: 51.8%). In relation to the Company's liquidity, the cash surplus position has decreased with € 3.5 million from € 4.4 million at 31 December 2008 to € 0.9 million as at 30 June 2009. DOCDATA N.V. has realised in the first half-year 2009 a net cash from operating activities of € 0.2 million. The spending of this total of € 3.7 million in cash in the first half-year 2009 is shown in the cash flow statement; the main elements are the distribution of dividend for the year 2008 to the shareholders (€ 2.0 million), investments in property, plant and equipment and intangible assets (€ 1.2 million) and the acquisition of (minority share interests in) subsidiaries and investments in associates and other investments (€ 0.6 million).
Internet service company Docdata realised in the first half-year 2009 a strong increase in the number of unique transactions compared to the first half-year 2008. Each transaction contributes to the success of our customers. We offer customer specific or complete Internet solutions. In the Benelux we have a reputation as the most progressive Internet service company and we are pleased to be part of the secret behind the success of our customers. In Germany and the United Kingdom we have not yet reached this position yet but we will continue to work hard to achieve this in the next few years.
Goals for 2009 and 2010 are:
In addition to the geographical focus, we continue to invest in new services for our customers. As an example of a new service we recently started to offer our e-commerce customers a fully integrated solution for web photography. Through this service our customers are able to present and sell articles in their web shop within 24 hours. This service is offered in-house in our fulfilment centers in order to operate this process as efficient as possible.
An important trend is that more people order online more frequently. We have the impression that this trend is supported by the current economic recession and as a result we expect a further growth also for the coming months. However, we see that the average amount per order decreases but the number of transactions keeps growing.
Michiel Alting von Geusau, CEO of DOCDATA N.V.: "On a monthly basis we process more than one and a half million transactions for our customers. These transactions are realised orders, successful payments, delivered orders and completed returns. We expect that the number of transactions we process will grow further in the coming years. The current economic crisis will have an impact on online spending, the growth will weaken, but also in 2009 the number of e-commerce transactions will further increase."
The current risks are mainly in terms of the financial position of our customers and the strategic choice of (potential) customers to purchase certain services from external suppliers. Often these decisions are reconsidered in case of takeovers. As a result of this we expect that one of our customers abroad will not renew the distribution contract in 2010. We also see that client acquisition takes much longer in the current economic crisis. Customers clearly need more time to take these decisions.
In the document security market Technology company IAI industrial systems is more and more seen as the highest quality supplier of production systems to personalise and/or secure documents issued by governments. In the document security market IAI industrial systems succeeded to achieve excellent results. IAI industrial systems has an order book of € 24.3 million at the end of the first half-year 2009 (31 December 2008: € 10.8 million). We therefore expect further growth in the second half-year 2009.
Goals for 2009 and 2010 are:
Michiel Alting von Geusau, CEO of DOCDATA N.V.: "We are ideally positioned in the market of document security. We can compete with the big players in this market due to our high quality, reliable and customer-specific systems. Despite the credit crisis, we expect that governments will continue to invest in the security of documents."
Worldwide, we see that many countries hold on to paper holder pages. For this extensive market segment IAI industrial systems has developed BM One systems which process personal data by means of inkjet printing, followed by the application of a protective laminate on the holder page. Although such systems do not embed the laser inscription application, these systems can, depending on customer's request, include the ImagePerf® and/or NumberPerf® laser-functionality. With the development of these BM One systems IAI industrial systems has entered a large market segment of the known document security market. Systems with this new technology were already sold and partly delivered to a number of countries, including Romania and Algeria.
Another new development is demonstrated by the SheetMaster and WebMaster systems that can process documents printed in sheets or in web. There is a large variety of documents that can be processed, for example: birth certificates, registration certificates, diplomas, passport pages, documents for levying direct taxes, etc. There is no standardisation of such documents yet. For this reason these systems are equipped with many different options to cover the demands in this market as much as possible. Also here IAI industrial systems entered a new segment in a known market. These systems were already sold and partly delivered to a number of countries, including South Africa and India.
For the recently acquired order from Bulgaria, IAI industrial systems is developing new systems for the decentralised personalisation market. For that purpose the technology of the highly integrated systems, such as the BM One, is made available in small standalone solutions. With this IAI industrial systems again enters a new market.
The above examples illustrate the significant expansion of the product range of IAI industrial systems for the document security market.
IAI industrial systems continued to build a solid network in the solar industry in the first half-year 2009. In this market IAI industrial systems offers production systems for solar cells or panels. Major orders appeared to be postponed due to the credit crisis. Potential customers have postponed the purchase of their new productions systems until they have more certainty about their funding. IAI industrial systems is convinced that the solar market will be growing again as soon as the funds for capital expenditure are available. Nothing has fundamentally changed in this market. Based on this conviction IAI industrial systems will therefore continue to build a network to benefit from after the credit crisis.
The planned growth of IAI industrial systems has already resulted in a workforce that has grown significantly in 2009. In addition, IAI industrial systems also offers a lot of work to temporary staff and to outsourcing partners.
The focus in 2009 will be on autonomous profitable growth.
The focus for Internet service company Docdata is on the further development of the Internet service model in Germany and the United Kingdom. The goal is to become a Top 5 player in the coming years. Secondly, the focus is on adding new services, starting in the Benelux. For 2009, we expect further growth, despite the economical market situation; with the clear exception of Docdata media.
In the document security market, Technology company IAI industrial systems has not only realised outstanding results in the first six months of 2009, also the order portfolio is well filled for 2009 and 2010. The focus is on the timely delivery of ordered systems and secondly on the development of new markets through unique solutions. We do not expect any substantial revenue in 2009 in the Solar market.
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 2008 Annual Report that is available at the Company and can also be downloaded from the Company's corporate website, www.docdatanv.com. The interim financial report has been prepared in accordance with IAS 34 ('Interim Financial Reporting').
The financial information included in this interim report and its enclosures have not been audited by the external auditors.
For a detailed review of the 2009 half-year results please refer to the attached enclosure 'Interim Financial Information for the half-year ended 30 June 2009' with Appendix.
Today, Tuesday 28 July 2009, management of DOCDATA N.V. will discuss the 2009 half-year 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).
The listed DOCDATA N.V. exists of two lines of business:
Internet service company Docdata (www.docdata.com) is a European market leader with a strong basis in The Netherlands, Germany and the United Kingdom, and exists of four services:
‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐
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:
Waalwijk, the Netherlands, 28 July 2009
Further information: DOCDATA N.V., M.F.P.M. Alting von Geusau, CEO, Tel. +31 416 631 100 Corporate website: www.docdatanv.com
Statement pursuant to article 5:25d section 2 sub c of the Dutch Financial Supervision Act ("Wet financieel toezicht", Wft)
The DOCDATA N.V. Management Board declares, that to the best of their knowledge:
Waalwijk, 28 July 2009
The Management Board,
M.F.P.M. Alting von Geusau, CEO
M.E.T. Verstraeten, CFO
The interim 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) | Half-year ended 30 June 2009 |
Half-year ended 30 June 2008 |
||
|---|---|---|---|---|
| Revenue by line of business | € % |
€ | ||
| Internet service company Docdata | 30,709 | 88.0 | 33,118 | 92.8 |
| Technology company IAI industrial systems | 4,187 | 12.0 | 2,575 | 7.2 |
| Total | 34,896 | 100.0 | 35,693 | 100.0 |
| (in thousands, except percentage figures) | Half-year ended 30 June 2009 |
Half-year ended 30 June 2008 |
||
|---|---|---|---|---|
| Gross profit (margin) by line of business (margin as % of revenue by line of business) |
€ | % | € | % |
| Internet service company Docdata | 8,854 | 28.8 | 8,583 | 25.9 |
| Technology company IAI industrial systems | 1,903 | 45.5 | 848 | 32.9 |
| Total | 10,757 | 30.8 | 9,431 | 26.4 |
| (in thousands, except percentage figures) | Half-year ended 30 June 2009 |
Half-year ended 30 June 2008 |
||
|---|---|---|---|---|
| Operating profit (margin) by line of business (margin as % of revenue by line of business) |
€ | % | € | % |
| Internet service company Docdata | 1,496 | 4.9 | 1,354 | 4.1 |
| Technology company IAI industrial systems | 881 | 21.0 | 58 | 2.3 |
| Total | 2,377 | 6.8 | 1,412 | 4.0 |
| Selling & Administrative expenses (as % of revenue) | ||||
| Selling expenses | 2,314 | 6.6 | 2,336 | 6.5 |
| Administrative expenses | 5,897 | 16.9 | 5,670 | 15.9 |
| Total | 8,211 | 23.5 | 8,006 | 22.4 |
| Selling & Administrative expenses by line of | ||||
| business (as % of revenue by line of business) | ||||
| Internet service company Docdata | 7,189 | 23.4 | 7,216 | 21.8 |
| Technology company IAI industrial systems | 1,022 | 24.4 | 790 | 30.7 |
| Total | 8,211 | 23.5 | 8,006 | 22.4 |
Net financing income for the half-year ended 30 June 2009 amounted to nearly € 0.2 million compared to net financing expenses of € 0.1 million for the half-year ended 30 June 2008. This increase of € 0.3 million is caused by higher net bank interest income in the half-year ended 30 June 2009 (effect: nearly € 0.1 million) and over € 0.2 million higher foreign currency exchange result in the half-year ended 30 June 2009, compared to the financial expenses in the half-year ended 30 June 2008, due to the British pound recovering against the euro since January 2009
DOCDATA's effective tax rate in the half-year ended 30 June 2009 was 27.7% with an income tax expense of € 0.7 million on a profit before income tax of € 2.6 million. In the half-year ended 30 June 2008, the profit before income tax amounted to € 1.3 million and the income tax expense amounted to € 0.3 million (effective tax rate: 20.4%).
The income tax expense of € 0.7 million in the half-year ended 30 June 2009 is the combined result of the following tax treatments of the results per country:
The General Annual Meeting of Shareholders held on 13 May 2009 approved the proposal to distribute a dividend of € 0.30 per ordinary share outstanding (excluding own shares held by the Company), which had a decreasing impact of € 2.0 million on retained earnings within the equity of the Company in the half-year ended 30 June 2009.
In the half-year ended 30 June 2009, the Group's net cash position has decreased with € 3.5 million to € 0.9 million from € 4.4 million at 31 December 2008. Net cash from operating activities amounted to € 0.2 million for the half-year ended 30 June 2009 (half-year ended 30 June 2008: € 1.0 million). These total available funds of € 3.7 million were for a large part spent on the € 2.0 million dividend payment. In addition, the Group has invested a total amount of € 1.8 million in the half-year ended 30 June 2009: € 1.1 million in property, plant and equipment (mainly warehousing equipment and investment in IT infrastructure); € 0.6 million for the acquisition of the remaining minority interests in Braywood Holding Ltd. (14.40% of shares) and docdata commerce Ltd. (29.10% of shares; formerly named Hitura Ltd.), and € 0.1 million in intangibles (predominantly IT development costs) and in associates.
In the half-year ended 30 June 2009 31,420 personnel options were exercised from the 2004 series at a price of € 4.48 per share. The underlying shares have been delivered by the Company from the own shares in possession of the Company. The proceeds of € 141 thousand have been credited to equity under reserves, as the purchase of own shares has been charged to reserves in the past. Per 30 June 2009, the Company owned 351,482 own shares (5.02%), which number is the same as the number of own shares currently owned by the Company per 28 July 2009.
Waalwijk, 28 July 2009
Balance sheets before appropriation of profit.
| 30 June 2009 |
31 December 2008 |
|
|---|---|---|
| (in thousands) | € | € |
| Assets | ||
| Property, plant and equipment | 6,277 | 6,275 |
| Intangible assets | 10,286 | 9,979 |
| Investments in associates | 220 | 174 |
| Other investments | 100 | 100 |
| Trade and other receivables | 247 | 108 |
| Deferred tax assets | 696 | 752 |
| Total non-current assets | 17,826 | 17,388 |
| Inventories | 7,156 | 3,593 |
| Income tax receivables | 402 | 468 |
| Trade and other receivables | 11,991 | 12,868 |
| Cash and cash equivalents | 1,613 | 6,034 |
| Assets classified as held for sale | 95 | 549 |
| Total current assets | 21,257 | 23,512 |
| Total assets | 39,083 | 40,900 |
| Equity | ||
| Share capital | 700 | 700 |
| Share premium | 16,854 | 16,854 |
| Translation reserves | (870) | (1,313) |
| Reserve for own shares | (2,983) | (3,218) |
| Retained earnings | 7,727 | 7,882 |
| Total equity attributable to equity holders of the parent | 21,428 | 20,905 |
| Minority interest | 287 | 292 |
| Total equity | 21,715 | 21,197 |
| Liabilities | ||
| Interest-bearing loans and other borrowings | 313 | 628 |
| Employee benefits | 98 | 100 |
| Deferred tax liabilities | 443 | 437 |
| Total non-current liabilities | 854 | 1,165 |
| Bank overdrafts | 696 | 1,675 |
| Interest-bearing loans and other borrowings | 137 | 94 |
| Income tax payable | 219 | 323 |
| Trade and other payables | 15,068 | 16,054 |
| Provisions | 105 | 93 |
| Liabilities classified as held for sale | 289 | 299 |
| Total current liabilities | 16,514 | 18,538 |
| Total liabilities | 17,368 | 19,703 |
| Total equity and liabilities | 39,083 | 40,900 |
| Half-year ended 30 June 2009 |
Half-year ended 30 June 2008 |
|||
|---|---|---|---|---|
| (in thousands, except earnings per share and average shares outstanding) |
€ | % | € | % |
| Revenue Cost of sales |
34,896 (24,139) |
100.0 (69.2) |
35,693 (26,262) |
100.0 (73.6) |
| Gross profit | 10,757 | 30.8 | 9,431 | 26.4 |
| Other operating income | 53 | 0.1 | 21 | 0.1 |
| Selling expenses | (2,314) | (6.6) | (2,336) | (6.5) |
| Administrative expenses | (5,897) | (16.9) | (5,670) | (15.9) |
| Other operating expenses | (222) | (0.6) | (34) | (0.1) |
| Operating profit before financing result | 2,377 | 6.8 | 1,412 | 4.0 |
| Financial income | 278 | 0.8 | 203 | 0.6 |
| Financial expenses | (97) | (0.3) | (327) | (0.9) |
| Net financing income / (expenses) | 181 | 0.5 | (124) | (0.3) |
| Share of profits of associates | 36 | 0.1 | 21 | 0.1 |
| Profit before income tax | 2,594 | 7.4 | 1,309 | 3.7 |
| Income tax expense | (718) | (2.0) | (267) | (0.8) |
| Profit for the period | 1,876 | 5.4 | 1,042 | 2.9 |
| Attributable to: Equity holders of the parent |
1,838 | 5.3 | 1,044 | 2.9 |
| Minority interest | 38 | 0.1 | (2) | - |
| Profit for the period | 1,876 | 5.4 | 1,042 | 2.9 |
| Weighted average number of shares outstanding Weighted average number of shares (diluted) |
6,649,000 6,962,000 |
6,725,000 6,985,000 |
||
| Earnings per share Basic earnings per share Diluted earnings per share |
0.28 0.27 |
0.15 0.15 |
||
| Half-year ended 30 June 2009 |
Half-year ended 30 June 2008 |
|
|---|---|---|
| (in thousands) | € | € |
| Cash flows from operating activities | ||
| Profit for the period | 1,876 | 1,042 |
| Adjustments for: | ||
| Depreciation and amortisation | 1,622 | 1,847 |
| Costs share options and delivered shares | 94 | 184 |
| Financial expenses | 97 | 327 |
| Financial income | (278) | (203) |
| Share of profits of associates | (36) | (21) |
| Income tax expense | 718 | 267 |
| Cash flows from operating activities before changes in working capital and provisions |
4,093 | 3,443 |
| Decrease / increase in trade and other receivables and | ||
| assets held for sale | 1,336 | (1,073) |
| Increase in inventories | (3,563) | (1,318) |
| Decrease / increase in trade and other payables and | ||
| liabilities held for sale Increase / decrease in provisions and employee benefits |
(853) 10 |
978 (238) |
| Cash generated from the operations | 1,023 | 1,792 |
| Interest paid | (165) | (210) |
| Interest received | 118 | 195 |
| Income taxes paid | (769) | (800) |
| Net cash from operating activities | 207 | 977 |
| Cash flows from investing activities | ||
| Acquisition of property, plant and equipment | (1,102) | (990) |
| Acquisition of subsidiaries | (582) | (1,318) |
| Acquisition of associates and other investments | (62) | (66) |
| Acquisition of intangible assets | (57) | (479) |
| Proceeds from sale of property, plant and equipment | 2 | 11 |
| Net cash from investing activities | (1,801) | (2,842) |
| Cash flows from financing activities | ||
| Dividends paid | (2,031) | (1,892) |
| Repayment of bank overdrafts | (1,185) | - |
| Proceeds from exercise of share options | 141 | 47 |
| Proceeds from interest-bearing loans and other borrowings | 60 | 110 |
| Own shares bought | - | (1,894) |
| Proceeds from bank overdrafts | - | 377 |
| Net cash from financing activities | (3,015) | (3,252) |
| Net (decrease) increase in cash and cash equivalents | (4,609) | (5,117) |
| Cash and cash equivalents at the beginning of the period | 6,034 | 5,586 |
| Effect of exchange rate fluctuations on cash held | 188 | (169) |
| Cash and cash equivalents at the end of the period | 1,613 | 300 |
| Share capital |
Share | premium Reserves | Retained earnings |
Total equity attributable to equity holders of the parent |
Minority interest |
Total equity |
|
|---|---|---|---|---|---|---|---|
| (in thousands) | € | € | € | € | € | € | € |
| Equity Statement 2008 | |||||||
| Balance at 1 January 2008 | 731 | 16,854 | (1,674) | 5,932 | 21,843 | 344 | 22,187 |
| Dividend distribution | - | - | - | (1,658) | (1,658) | (234) | (1,892) |
| Shares bought | - | - | (1,894) | - | (1,894) | - | (1,894) |
| Exercised share options | - | - | 47 | - | 47 | - | 47 |
| Delivered shares for remuneration | - | - | 135 | - | 135 | - | 135 |
| Costs share options | - | - | 49 | - | 49 | - | 49 |
| Consolidation of former associate | - | - | - | - | - | 118 | 118 |
| Total recognised income and | |||||||
| expense for the period | - | - | (492) | 1,044 | 552 | (2) | 550 |
| Balance at 30 June 2008 | 731 | 16,854 | (3,829) | 5,318 | 19,074 | 226 | 19,300 |
| Balance at 1 July 2008 | 731 | 16,854 | (3,829) | 5,318 | 19,074 | 226 | 19,300 |
| Cancellation of own shares | (31) | - | 31 | - | - | - | - |
| Dividend distribution | - | - | - | 2 | 2 | - | 2 |
| Shares bought | - | - | (22) | - | (22) | - | (22) |
| Exercised share options | - | - | 1 | - | 1 | - | 1 |
| Costs share options | - | - | 60 | - | 60 | - | 60 |
| Consolidation of former associate | - | - | - | - | - | (6) | (6) |
| Total recognised income and | |||||||
| expense for the period | - | - | (772) | 2,562 | 1,790 | 72 | 1,862 |
| Balance at 31 December 2008 | 700 | 16,854 | (4,531) | 7,882 | 20,905 | 292 | 21,197 |
| 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 | - | - | 57 | - | 57 | - | 57 |
| Consolidation of former associate | - | - | - | - | - | (5) | (5) |
| Total recognised income and | |||||||
| expense for the period | - | - | 443 | 1,838 | 2,281 | 38 | 2,319 |
| Balance at 30 June 2009 | 700 | 16,854 | (3,853) | 7,727 | 21,428 | 287 | 21,715 |
| Half-year | Half-year | |
|---|---|---|
| 2009 | 2008 | |
| (in thousands) | € | € |
| Foreign exchange translation differences | 443 | (492) |
| Income / (Expense) recognised directly in equity | 443 | (492) |
| Profit for the period | 1,876 | 1,042 |
| Total recognised income and expense for the period | 2,319 | 550 |
| Attributable to: | ||
| Equity holders of the parent | 2,281 | 552 |
| Minority interest | 38 | (2) |
| Total recognised income and expense for the period | 2,319 | 550 |
DOCDATA N.V. (referred to as "DOCDATA" or the "Company") is a company domiciled in Waalwijk, the Netherlands. The consolidated interim financial statements of DOCDATA N.V. as at and for the half-year ended 30 June 2009 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 2008 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 have been prepared in accordance with IAS 34 (Interim Financial Reporting). They 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 2008.
The accounting policies applied by the Group in these consolidated interim 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 2008.
The consolidated interim financial statements and the reconciliations included in this report and its enclosures have not been audited by the external auditors.
In the opinion of the management, these consolidated interim 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.
The results of the operations for the half-year ended 30 June 2009 are not necessarily indicative of the results for the entire financial year ending 31 December 2009.
From 1 January 2008 onwards, DOCDATA has changed the organisation structure from a country organisation to a divisional structure. Starting the financial year 2008, DOCDATA identifies for the purpose of preparing financial statements the following two lines of business: Internet service company Docdata (consisting of the following four services: Docdata commerce, Docdata payments, Docdata fulfilment and Docdata media) and Technology company IAI industrial systems. The segmentation for both comparable financial statements for the half-year ended 30 June 2008 and the half-year ended 30 June 2009 has been prepared accordingly and in a consistent way.
In the consolidated financial statements for the half-year ended 30 June 2009, the following treatment has been applied for the following incorporation and acquisition:
In the consolidated financial statements for the year ended 31 December 2008, the following treatment has been applied for the acquisitions and divestments mentioned:
4D upgrade GmbH: on 20 November 2008, DOCDATA has sold its share interest of 85.0% in the issued share capital of 4D upgrade GmbH in Groβbeeren (Germany) to the (third-party) minority shareholders, with 30 November 2008 as effective transaction date for the transfer of the share ownership. Therefore, the balance sheet at 31 December 2008 of 4D upgrade GmbH has not been included in the consolidated balance sheet at 31 December 2008, and the revenues and results of 4D upgrade GmbH are included in the 2008 consolidated income statement of DOCDATA for the 11-months' period from 1 January 2008 till 30 November 2008.
| 30 June 2009 |
31 December 2008 |
|
|---|---|---|
| (in thousands) | € | € |
| Land and buildings | 1,383 | 1,449 |
| Machinery and equipment | 2,753 | 2,929 |
| Other | 1,971 | 1,855 |
| 6,107 | 6,233 | |
| Under construction | 170 | 42 |
| Total | 6,277 | 6,275 |
The book value of property, plant and equipment has remained at € 6.3 million over the half-year ended 30 June 2008 as a combined result from depreciation charges for € 1.2 million, currency exchange profits for € 0.1 million on the UK property, plant and equipment accounted for in British pounds, and capital expenditure for € 1.1 million.
As a result of the sales process of docdata media Ltd., property, plant and equipment with a book value of € 0.4 million at 31 December 2008 was eliminated from property, plant and equipment in the consolidated balance sheet as at 31 December 2008. These assets have been accounted for as assets classified as held for sale in the consolidated balance sheet as at 31 December 2008. In the consolidated balance sheet as at 30 June 2009 these assets are not recorded anymore, given the Asset Purchase Agreement signed with Sound Performance Manufacturing Ltd. at 30 January 2009, as a part of which the property, plant and equipment of docdata media Ltd. were sold.
| 30 June 2009 |
31 December 2008 |
|
|---|---|---|
| (in thousands) | € | € |
| Goodwill | 6,982 | 6,562 |
| Customer contracts | 637 | 627 |
| IT platforms | 2,667 | 2,790 |
| 10,286 | 9,979 | |
| Under construction | - | - |
| Total | 10,286 | 9,979 |
The book value for intangible assets has increased with € 0.3 million during the half-year ended 30 June 2009, due to the following:
| 30 June | 31 December | |
|---|---|---|
| 2009 | 2008 | |
| (in thousands) | € | € |
| Raw and auxiliary materials | 858 | 1,050 |
| Work in progress | 6,070 | 2,375 |
| Finished goods | 228 | 168 |
| Total | 7,156 | 3,593 |
The book value of inventories increased € 3.6 million in the half-year ended 30 June 2008, which is predominantly caused by increased work in progress at IAI industrial systems. The largest part of the systems being build, which are included in this work in progress, are scheduled for delivery in the second half-year 2009. IAI industrial systems' order book increased during the half-year ended 30 June 2009 from € 10.8 million at 31 December 2008 to € 24.3 million at 30 June 2009.
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