Earnings Release • Feb 14, 2008
Earnings Release
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To be distributed on 14 February 2008 U.S. Eastern Standard Time 01.30h. U.K. 06.30h. Continental Time 07.30h.
Strategy 'Vision 2010: Gear to Growth' already yields rewards
Revenue increases with 18% to € 70.2 million
Net result realised of € 3.4 million with € 0.48 basic earnings per share
Proposal to distribute a dividend of € 0.25 per Ordinary Share
| (in millions, except percentage figures and per share 2007 data) |
2006 | |||
|---|---|---|---|---|
| € | % | € | % | |
| Revenue | 70.2 | 100.0 | 59.6 | 100.0 |
| Gross profit | 17.7 | 25.2 | 14.1 | 23.7 |
| Operating income before financing result (EBIT) | ||||
| from continuing operations | 3.7 | 5.3 | 4.6 | 7.8 |
| Result after tax from discontinued operation | 0.4 | 0.6 | (2.9) | (4.8) |
| Profit for the year | 3.4 | 4.8 | 0.1 | 0.2 |
| EBITDA (continuing operations) | 7.4 | 10.5 | 7.9 | 13.2 |
| Net cash from operating activities | 8.3 | 11.8 | 3.0 | 5.0 |
| Average number of shares outstanding | ||||
| (millions) | 7.05 | 7.05 | ||
| Net cash from operating activities per share | 1.18 | 0.42 | ||
| Basic earnings per share | 0.48 | 0.02 | ||
| Basic earnings per share (continuing operations) |
0.42 | 0.43 | ||
| Balance sheet total | 42.5 | 45.9 | ||
| Equity | 22.2 | 22.4 | ||
| Solvency ratio (Equity / Balance sheet total) | 52.3% | 48.8% |
With the announcement of the 2007 year-end results, docdata completes the transition of the Media Group and the e-Solutions Group. After developing in 2005 the strategy 'Vision 2010: Gear to Growth', docdata transformed in 2006 and 2007 into an innovative Internet Service Company and changed the organisational structure from a country organisation to a divisional structure. The e-Solutions Group, the engine of the Internet Service strategy, has more than doubled its revenue to € 29 million and has thus more than compensated the (ongoing) decrease in 'offline' replication within the Media Group. This trend will continue in the coming years.
During the previous two years, the Internet Service Company docdata has added new services, invested in the quality of its services and developed a new Corporate Identity which gives colour to the transition in a recognisable way. For each of the four specialised service concepts: commerce, payments, fulfilment and media, docdata wants to offer the most innovative solutions. Docdata aims to become market leader in specific sectors, across the various services. Furthermore, docdata will expand its services geographically.
During 2007 Industrial Automation Integrators (IAI) B.V. focussed on the development of a route along which IAI can apply its know how in markets which show strong growth. After extensive research, the choice was made to enter the market for solar energy. For 2008 this implies that we will invest in R&D and possibly in companies that possess specific technological knowledge which closely aligns with the current know how of IAI, as well as with the demand in the solar market.
Michiel Alting von Geusau, CEO of DOCDATA N.V.: "I am proud of what has been achieved in the last couple of years and I am convinced that we now have a good basis for further growth in revenue and results."
DOCDATA N.V. has realised a gross profit of € 17.7 million in the second transitional year 2007, compared to € 14.1 million in 2006 (+25%). The gross profit margin has clearly increased over the past years, which demonstrates that the new strategy is beginning to yield rewards. In 2007, an operating income before financing result (EBIT) from continued operations has been realised of € 3.7 million. The decrease compared to 2006 has predominantly been caused by additional expenses in 2007 to successfully implement the new strategy. In addition, some orders for IAI could not yet be delivered in 2007. The increased profit for the year 2007 has predominantly been caused by the loss from discontinued operation (net of income tax) in 2006, due to the decision in 2006 to terminate the activities of the Media Group in France.
The cash flow statement in the Appendix to the attached enclosure 'Financial Information' shows that DOCDATA N.V. has realised net cash from operating activities of € 8.3 million in 2007. The cash surplus position has decreased in 2007 with € 0.6 million to € 3.5 million at 31 December 2007 (31 December 2006: € 4.1 million). Of this cash, € 8.8 million has been spent in 2007 to finance:
DOCDATA N.V. has maintained its strong financial positions with a solvency ratio of 52.3% at 31 December 2007 (31 December 2006: 48.8%).
The mission statement of DOCDATA N.V. is "enabling success"; for clients, as well as for our employees, shareholders and suppliers.
After two transitional years, the Internet Service Company docdata will shift in 2008 to a higher gear. The focus for the first six months of 2008 will be to anchor the various acquisitions in the docdata organisation and to optimise the synergies between the various companies. Autonomous profitable growth will be the most important goal.
In 2008, IAI will focus on the realisation of the new route forward, in combination with committed attention for the current markets. We have allocated employees to realise the entry into the production market for solar cells and will build a team to further develop this. Given the strong order portfolio, the profitability in 2008 will remain strong although additional expenses will be required for the implementation of the new route forward.
Management of DOCDATA N.V. will propose to the shareholders at this year's annual General Meeting of Shareholders, in accordance with Article 34 of the Articles of Association of DOCDATA N.V., to decide to distribute to all shareholders of ordinary shares a dividend amount of € 0.25 per ordinary share out of the profit for the year 2007. The distribution will be subject to dividend withholding taxes, unless the shareholder can proof that substantial holding exemption can be claimed.
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 starting point. The liquidity and solvency required for the execution of the strategy, will also be taken into consideration.
At 31 December 2007, the issued share capital of DOCDATA N.V. consists of 7,308,850 ordinary shares with a nominal value of € 0.10 each. DOCDATA N.V. currently holds 439,689 (6.02%) 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 € 1.7 million will be distributed in May 2008 as dividend out of the profit for the year 2007 on the ordinary shares, which are held by other shareholders than the Company. The General Meeting of Shareholders shall be held on Thursday 15 May 2008 in Waalwijk. The dividend distribution will lead to a limited decrease of the solvency ratio.
The strong growth within the e-Solutions Group can be explained by both autonomous growth, as well as by the various acquisitions. In the last couple of years, a complete Internet Service concept has been built in the Benelux, the United Kingdom and Germany, with which a solid basis has been created for further growth. The 2007 results have been influenced by investments in people, IT systems and other means to enable future growth.
The year 2007 is characterised by a continuation of the very competitive market conditions, whereby both the CD and DVD market have shown continuation of the decreasing trend. Given these market circumstances, revenue and results of the Media Group have decreased in 2007 compared to 2006, mainly due to disappointing results in Germany. By focussing continuously on cost reductions and efficiency improvements, the Media Group succeeded to improve the gross profit margin to 15.9% of revenue. Both in the United Kingdom and in the Benelux, the year 2007 has been closed with improved results compared to 2006.
Starting 1 January 2008, the Media Group has been merged with the e-Solutions Group into the Internet Service Company docdata, consisting of four divisions: docdata commerce, docdata payments, docdata fulfilment and docdata media.
Revenue of IAI in 2007 was of a comparable level as in 2006; the operating income has decreased due to a changed order mix. Again in 2007, by far the biggest part of revenue and operating income was realised by deliveries of systems for the security market, mainly in the segments passports and bank notes, and the royalty revenues for the application of the security features patented by IAI. In co-operation with KBA-GIORI and Orell Füssli, a system for the application of MicroPerf® in bank notes was delivered to the government printing company of Russia. A passport project in Ukraine, which could not proceed due to political developments for a long time, has been continued in 2007. This project includes amongst others the delivery of BookMaster One systems, that fully personalise a passport booklet in one go through the system.
For a detailed review of the 2007 year-end results, please refer to the attached enclosure 'Financial Information for the year ended 31 December 2007' with Appendix.
As of 1 January 2005 DOCDATA N.V. has adopted the International Financial Reporting Standards as adopted by the European Union (hereafter IFRS) in preparing the consolidated financial statements. For an overview of the significant accounting policies under IFRS, please refer to the 2006 Annual Report that is available at the Company and can also be downloaded from the Company's website, www.docdata.com, under Corporate.
Today, 14 February 2008, management of DOCDATA N.V. will discuss the 2007 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 Hermes room of the Financieel Nieuwscentrum Beursplein 5 of Euronext Amsterdam (Beursplein 5, 1012 JW Amsterdam, +31-20-5505505).
| 8 May 2008 | Record date (voting rights) |
|---|---|
| 15 May 2008 | Annual General Meeting of Shareholders in Waalwijk |
| 16 May 2008 | Cum date |
| 19 May 2008 | Ex date |
| 21 May 2008 | Record date (dividend rights) |
| 26 May 2008 | Payment date |
| 17 July 2008 | Publication of 2008 half-year results |
------------------------------------------
DOCDATA N.V. is listed at the NYSE Euronext since 1997 and exists of two different organisations, docdata and Industrial Automation Integrators.
The Internet Service Company docdata (www.docdata.com) is an European market leader with a strong basis in The Netherlands, Germany and the United Kingdom, and exists of four divisions:
Industrial Automation Integrators (www.iai.nl) is a high tech engineering company specialised in developing and building machines 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, 14 February 2008
Further information: DOCDATA N.V., M.F.P.M. Alting von Geusau, CEO, Tel. +31 416 631 100
The financial information is prepared in accordance with International Financial Reporting Standards as adopted by the European Union (hereafter IFRS).
| (in thousands, except percentage figures) | 2007 | 2006 | ||
|---|---|---|---|---|
| Revenue by division | € | % | € | % |
| Media Group | 32,315 | 46.0 | 37,096 | 62.2 |
| e-Solutions Group | 29,275 | 41.7 | 13,749 | 23.1 |
| Industrial Automation Integrators | 8,630 | 12.3 | 8,738 | 14.7 |
| Total | 70,220 | 100.0 | 59,583 | 100.0 |
| (in thousands, except percentage figures) | 2007 | 2006 | |||
|---|---|---|---|---|---|
| Gross profit by division | € | % | € | % | |
| Media Group | 5,125 | 29.0 | 5,734 | 40.6 | |
| e-Solutions Group | 8,903 | 50.3 | 4,485 | 31.8 | |
| Industrial Automation Integrators | 3,671 | 20.7 | 3,905 | 27.6 | |
| Total | 17,699 | 100.0 | 14,124 | 100.0 | |
| Gross profit margin by division | |||||
| (as % of revenue by division) | % | % | |||
| Media Group | 15.9 | 15.5 | |||
| e-Solutions Group | 30.4 | 32.6 | |||
| Industrial Automation Integrators | 42.5 | 44.7 | |||
| Total | 25.2 | 23.7 |
Gross profit of Industrial Automation Integrators decreased € 0.2 million (6%) in 2007. The gross profit margin decreased, predominantly caused by the difference in the sales mix of security systems delivered in both years, as well as in the mix of the other revenue categories for the previous year.
| (in thousands, except percentage figures) | 2007 | 2006 | |||
|---|---|---|---|---|---|
| Other operating income and expenses (as % of revenue) | € | % | € | % | |
| Other operating income | 308 | 0.4 | 465 | 0.8 | |
| Other operating expenses | (191) | (0.3) | - | - | |
| Total | 117 | 0.1 | 465 | 0.8 |
Other operating income and other operating expenses for the years 2007 and 2006 predominantly relate to releases of expenses accrued for in previous years or charges for expenses from previous years not accrued for in the balance sheet per the end of the previous financial years. For both comparable years, other operating income and other operating expenses only include relatively small income and expense amounts.
| (in thousands, except percentage figures) | 2007 | 2006 | ||
|---|---|---|---|---|
| S&A (as % of revenue) | € | % | € | % |
| Selling expenses | 4,230 | 6.0 | 3,146 | 5.3 |
| Administrative expenses | 9,847 | 14.0 | 6,795 | 11.4 |
| Total | 14,077 | 20.0 | 9,941 | 16.7 |
| S&A by division (as % of revenue by division) | € | % | € | % |
| Media Group | 4,788 | 14.8 | 5,293 | 14.3 |
| e-Solutions Group | 7,924 | 27.1 | 3,585 | 26.1 |
| Industrial Automation Integrators | 1,365 | 15.8 | 1,063 | 12.2 |
| Total | 14,077 | 20.0 | 9,941 | 16.7 |
| Operating profit before financing income (EBIT) | ||||
|---|---|---|---|---|
| -- | -- | -- | -- | ------------------------------------------------- |
| (in thousands, except percentage figures) | 2007 | 2006 |
|---|---|---|
| Operating profit (loss) by division | € | € |
| Media Group | 526 | 826 |
| e-Solutions Group | 907 | 980 |
| Industrial Automation Integrators | 2,306 | 2,842 |
| Total | 3,739 | 4,648 |
| Operating profit margin by division (as % of revenue by division) |
% | % |
| Media Group | 1.6 | 2.2 |
| e-Solutions Group | 3.1 | 7.1 |
| Industrial Automation Integrators | 26.7 | 32.5 |
| Total | 5.3 | 7.8 |
Net financing expenses in 2007 amounted to € 0.3 million compared to net financing income of € 0.1 million in 2006. This decrease of nearly € 0.5 million is predominantly caused by higher bank interest expenses in relation to the financing for the whole year 2007 of the Braywood acquisition. Furthermore, the amounts for financial income and financial expenses have both increased in 2007 compared to 2006 in relation to the new consolidated subsidiaries of the e-Solutions Group (Braywood, Triple Deal, DOCdata E-commerce Fulfillment Germany and DOCdata e-Commerce Solutions). Also, financial expenses in 2007 include a € 0.1 million higher foreign currency exchange loss due to the euro becoming stronger against the British pound in 2007.
DOCdata's effective tax rate for 2007 was 19.4% with an income tax expense of € 0.7 million on a profit from continuing operations before income tax of € 3.7 million. For 2006 the profit from continuing operations before income tax amounted to € 4.7 million and the income tax expense amounted to € 1.7 million (effective tax rate: 36.3%).
The income tax expense of € 0.7 million in 2007 is the result of the following tax treatments of the results per country:
The profit from discontinued operation (net of income tax) in 2007 of € 0.4 million fully consists of the release of remaining balances for provisions carried at 31 December 2006 for the termination of the former French activities of the Media Group. In 2006, the loss from discontinued operation (net of income tax) of € 2.9 million fully consisted of a loss after tax of DOCdata France, including an operational net loss of € 0.8 million for the French activities and a total of € 2.1 million covering all expenses in relation to writing off the assets and liabilities of DOCdata France to net realisable value and providing for all costs for the sale or closure of this subsidiary.
The Group has invested a total amount of € 5.4 million in 2007: € 2.4 million in property, plant and equipment (mainly warehousing equipment and investment in IT infrastructure), € 1.8 million for the acquisition of an additional share interest of 40% in Triple Deal B.V. (bringing the share interest to 70%), € 0.3 million for the acquisition of an additional share interest of 9.6% in Braywood Holdings Ltd. (bringing the share interest to 85.6%), € 0.1 million for the 100% acquisition of Contributie Services B.V. (acquired by Triple Deal B.V.), and € 0.8 million in intangibles (predominantly IT development costs). These investments were financed from the Group's net cash flow from operating activities of € 8.3 million in 2007 (2006: € 3.0 million), including total depreciation and amortisation expenses of € 3.6 million (2006: € 5.1 million, including the write off of DOCdata France). Net debt has decreased by € 0.6 million in 2007 from € 4.1 million per 31 December 2006 to € 3.5 million per 31 December 2007. Furthermore, an amount of € 0.4 million was used in 2007 from the Group's credit facilities and an amount of € 0.3 million was repaid on other borrowings.
In 2007 30,100 personnel options were exercised; 2,050 options from the 2002 series at a price of € 3.05 per share, 1,900 options from the 2003 series at a price of € 2.68 per share, and 26,150 options from the 2004 series at a price of € 4.48 per share. The underlying shares have been delivered by the Company from the number of own shares in possession of the Company. The proceeds of € 0.1 million have been credited to equity under reserves, as the purchase of own shares has been charged to reserves in the past. In addition, 14,259 shares were granted to the CEO in June 2007, following the approval by the General Meeting of Shareholders on 10 May 2007 of the Remuneration Report 2006. Furthermore, the Company has purchased 314,305 own shares in 2007, for a total purchase price of € 2.0 million, to bring the number of own shares owned up to 439,689 (6.02%) shares as per 31 December 2007; the Company owns this same number of shares today.
The General Annual Meeting of Shareholders held on 10 May 2007 approved the proposal to distribute a dividend of € 0.20 per ordinary share outstanding (excluding own shares held by the Company), which had a decreasing impact of € 1.4 million on retained earnings within the equity of the Company in 2007.
Waalwijk, 14 February 2008
Balance sheets before appropriation of profit.
| 31 December 2007 |
31 December 2006 |
|
|---|---|---|
| (in thousands) | € | € |
| Assets | ||
| Property, plant and equipment | 7,508 | 8,121 |
| Intangible assets | 9,856 | 7,320 |
| Investments in associates | 459 | 1,247 |
| Other investments | 100 | 100 |
| Trade and other receivables | 230 | 1,068 |
| Deferred tax assets | 1,046 | 470 |
| Total non-current assets | 19,199 | 18,326 |
| Inventories | 3,884 | 3,765 |
| Income tax receivables | 407 | 154 |
| Trade and other receivables | 13,379 | 16,995 |
| Cash and cash equivalents | 5,586 | 5,831 |
| Assets classified as held for sale | - | 831 |
| Total current assets | 23,256 | 27,576 |
| Total assets | 42,455 | 45,902 |
| Equity | ||
| Share capital | 731 | 731 |
| Share premium | 16,854 | 16,854 |
| Translation reserves | (49) | 564 |
| Reserve for own shares | (1,625) | 61 |
| Retained earnings | 5,932 | 3,978 |
| Total equity attributable to equity holders of the parent | 21,843 | 22,188 |
| Minority interest | 344 | 226 |
| Total equity | 22,187 | 22,414 |
| Liabilities | ||
| Interest-bearing loans and other borrowings | 1,057 | 1,862 |
| Employee benefits | 343 | 292 |
| Deferred tax liabilities | 653 | 764 |
| Total non-current liabilities | 2,053 | 2,918 |
| Bank overdrafts | 2,110 | 1,698 |
| Interest-bearing loans and other borrowings | 76 | - |
| Income tax payable | 54 | 2,411 |
| Trade and other payables | 15,853 | 15,111 |
| Provisions | 122 | 52 |
| Liabilities classified as held for sale | - | 1,298 |
| Total current liabilities | 18,215 | 20,570 |
| Total liabilities | 20,268 | 23,488 |
| Total equity and liabilities | 42,455 | 45,902 |
| 2007 | 2006 | |||
|---|---|---|---|---|
| (in thousands, except earnings per share and average shares outstanding) |
€ | % | € | % |
| Continuing operations | ||||
| Revenue | 70,220 | 100.0 | 59,583 | 100.0 |
| Cost of sales | (52,521) | (74.8) | (45,459) | (76.3) |
| Gross profit | 17,699 | 25.2 | 14,124 | 23.7 |
| Other operating income | 308 | 0.4 | 465 | 0.8 |
| Selling expenses | (4,230) | (6.0) | (3,146) | (5.3) |
| General and administrative expenses | (9,847) | (14.0) | (6,795) | (11.4) |
| Other operating expenses | (191) | (0.3) | - | - |
| Operating income before financing revenues | 3,739 | 5.3 | 4,648 | 7.8 |
| Financial income | 438 | 0.6 | 314 | 0.5 |
| Financial expenses | (774) | (1.1) | (188) | (0.3) |
| Net financing (expenses)/income | (336) | (0.5) | 126 | 0.2 |
| Share of profits/(losses) of associates | 270 | 0.4 | (43) | (0.1) |
| Profit before income tax | 3,673 | 5.2 | 4,731 | 7.9 |
| Income tax expense | (714) | (1.0) | (1,718) | (2.9) |
| Profit from continuing operations | 2,959 | 4.2 | 3,013 | 5.0 |
| Discontinued operation | ||||
| Profit/(Loss) from discontinued operation | ||||
| (net of income tax) | 429 | 0.6 | (2,877) | (4.8) |
| Profit for the year | 3,388 | 4.8 | 136 | 0.2 |
| Attributable to: | ||||
| Equity holders of the parent | 3,389 | 4.8 | 154 | 0.2 |
| Minority interest | (1) | - | (18) | - |
| Profit for the year | 3,388 | 4.8 | 136 | 0.2 |
| Weighted average number of shares outstanding Weighted average number of shares (diluted) |
7,050,000 7,223,000 |
7,049,000 7,166,000 |
||
| Earnings per share | ||||
| Basic earnings per share | 0.48 | 0.02 | ||
| Diluted earnings per share | 0.47 | 0.02 | ||
| Continuing operations | ||||
| Basic earnings per share | 0.42 | 0.43 | ||
| Diluted earnings per share | 0.41 | 0.42 | ||
| 2007 | 2006 | |
|---|---|---|
| (in thousands) | € | € |
| Cash flows from operating activities Profit for the year |
3,388 | 136 |
| Adjustments for: | ||
| Depreciation and amortisation | 3,625 | 5,056 |
| Costs share options and shares granted | 179 | 79 |
| Gain on sale on property, plant and equipment | - | (7) |
| Financial expenses | 774 | 188 |
| Financial income | (438) | (314) |
| Share of profits / losses of associates | (270) | 43 |
| Income tax expense | 714 | 1,718 |
| Other | (1) | (14) |
| Cash flows from operating activities before changes in | ||
| working capital and provisions | 7,971 | 6,885 |
| Decrease / increase in trade and other receivables and assets | ||
| held for sale | 5,499 | (1,942) |
| Increase / decrease in inventories | (119) | 669 |
| Decrease in trade and other payables and liabilities held for | ||
| sale | (1,345) | (381) |
| Increase / decrease in provisions and employee benefits | 121 | (204) |
| Cash generated from the operations | 12,127 | 5,027 |
| Interest paid | (598) | (153) |
| Interest received | 435 | 314 |
| Income taxes paid | (3,649) | (2,218) |
| Net cash from operating activities | 8,315 | 2,970 |
| Cash flows from investing activities Acquisition of property, plant and equipment |
(2,426) | (1,358) |
| Acquisition of subsidiaries | (2,234) | (4,046) |
| Acquisition of intangible assets | (781) | - |
| Proceeds from sale of property, plant and equipment | 32 | 164 |
| Acquisition of associates and other investments | - | (1,224) |
| Net cash from investing activities | (5,409) | (6,464) |
| Cash flows from financing activities | ||
| Own shares bought | (1,994) | - |
| Dividends paid | (1,444) | (2,841) |
| Proceeds from bank overdrafts | 412 | 1,698 |
| Repayment of other borrowings | (337) | (31) |
| Proceeds from exercise of share options | 129 | 199 |
| Loans provided to associates | - | (257) |
| Net cash from financing activities | (3,234) | (1,232) |
| Net (decrease) increase in cash and cash equivalents | (328) | (4,726) |
| Cash and cash equivalents at 1 January | 5,831 | 10,516 |
| Effect of exchange rate fluctuations on cash held | 83 | 41 |
| Cash and cash equivalents at 31 December | 5,586 | 5,831 |
| Total equity | |||||||
|---|---|---|---|---|---|---|---|
| attributable to | |||||||
| Share | Share | Retained | equity holders | Minority | Total | ||
| capital | premium | Reserves | earnings | of the parent | interest | equity | |
| (in thousands) | € | € | € | € | € | € | € |
| Equity Statement 2006 | |||||||
| Balance at 1 January 2006 | 731 | 16,854 | (283) | 6,646 | 23,948 | 23 | 23,971 |
| Dividend distribution | - | - | - | (2,822) | (2,822) | (19) | (2,841) |
| Shares issued for acquisitions | - | - | 531 | - | 531 | - | 531 |
| Exercised share options | - | - | 199 | - | 199 | - | 199 |
| Costs share options | - | - | 79 | - | 79 | - | 79 |
| Translation difference | - | - | 99 | - | 99 | - | 99 |
| Consolidation participation | - | - | - | - | - | 240 | 240 |
| Profit for the year | - | - | - | 154 | 154 | (18) | 136 |
| Balance at 31 December 2006 | 731 | 16,854 | 625 | 3,978 | 22,188 | 226 | 22,414 |
| Equity Statement 2007 | |||||||
| Balance at 1 January 2007 | 731 | 16,854 | 625 | 3,978 | 22,188 | 226 | 22,414 |
| Dividend distribution | - | - | - | (1,435) | (1,435) | (9) | (1,444) |
| Shares bought | - | - | (1,994) | - | (1,994) | - | (1,994) |
| Exercised share options | - | - | 129 | - | 129 | - | 129 |
| Shares issued for remuneration | - | - | 92 | - | 92 | - | 92 |
| Costs share options | - | - | 87 | - | 87 | - | 87 |
| Translation difference | - | - | (613) | - | (613) | - | (613) |
| Consolidation participation | - | - | - | - | - | 128 | 128 |
| Profit for the period | - | - | - | 3,389 | 3,389 | (1) | 3,388 |
| Balance at 31 December 2007 | 731 | 16,854 | (1,674) | 5,932 | 21,843 | 344 | 22,187 |
As of 1 January 2005 DOCdata N.V. (referred to as "DOCdata" or the "Company") has adopted the International Financial Reporting Standards as adopted by the European Union ("IFRS") in preparing the consolidated financial statements.
For a summary of the significant accounting policies under IFRS, please refer to the Company's Annual Report for the financial year ended 31 December 2006.
In the consolidated financial statements for the year ended 31 December 2007, the following acquisition has been consolidated as of the acquisition date mentioned:
In the consolidated financial statements for the year ended 31 December 2006, the following acquisitions have been consolidated as of the acquisition dates mentioned:
In the consolidated financial statements for the years ended 31 December 2007 and 31 December 2006, the assets, liabilities and activities of Optical Disc de France S.A.S., (DOCdata France) formerly part of the Media Group, have been accounted for as discontinued operation. In the consolidated balance sheet at 31 December 2006, all assets and liabilities of DOCdata France have been accounted for at net realisable value and have been reported under assets classified as held for sale and liabilities classified as held for sale. In the consolidated balance sheet at 31 December 2007, a provision for remaining risks related to the termination of the French activities has been accounted for under current liabilities (€ 87 thousand). In the consolidated income statements for the years ended 31 December 2007 and 31 December 2006, the results after income tax of DOCdata France for those periods have been reported under profit/(loss) from discontinued operation (net of income tax).
In the opinion of the management, these 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.
| 31 December 2007 |
31 December 2006 |
|
|---|---|---|
| (in thousands) | € | € |
| Land and buildings | 1,552 | 1,629 |
| Machinery and equipment | 4,071 | 5,085 |
| Other | 1,551 | 1,402 |
| 7,174 | 8,116 | |
| Under construction | 334 | 5 |
| Total | 7,508 | 8,121 |
The book value for property, plant and equipment has decreased with € 0.6 million in 2007, resulting from depreciation charges for € 2.9 million and divestments for € 0.1 million exceeding capital expenditure of € 2.4 million (inclusive of property, plant and equipment acquired through new participations).
| 31 December 2007 |
31 December 2006 |
|
|---|---|---|
| (in thousands) | € | € |
| Goodwill | 6,212 | 4,639 |
| Customer contracts | 898 | 544 |
| IT platforms | 2,605 | 1,887 |
| Other | - | 250 |
| 9,715 | 7,320 | |
| Under construction | 141 | - |
| Total | 9,856 | 7,320 |
The book value for intangible assets has increased with € 2.5 million in 2007, due to the following:
The book value for investments in associates has decreased with € 0.8 million in 2007 from nearly € 1.3 million at 31 December 2006 to € 0.5 million at 31 December 2007, predominantly as a result from the consolidation of Triple Deal B.V. starting 25 May 2007. In the consolidated balance sheet at 31 December 2006 the DOCdata share interest of 30% at that time in Triple Deal B.V. was valued at € 0.9 million under investments in associates.
In the period from 31 December 2007 till date, 14 February 2008, the following post balance sheet events have occurred which will have an effect on the DOCdata consolidation in 2008 onwards:
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