Earnings Release • Mar 8, 2012
Earnings Release
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Wetteren, Belgium, 8 March 2012
Audited figures, prepared in accordance with IFRS
| Income Statement (in € '000) |
2010 | 2011 | $\Delta$ in % |
|---|---|---|---|
| Revenue | 223 347 | 197 405 | $-11.6%$ |
| REBITDA | 10 027 | 2 8 4 1 | $-71.7%$ |
| Profit/loss (-) from operating activities, before non-recurring items (REBIT) | 4 6 3 5 | $-1679$ | |
| Non-recurring items from operating activities | $-1501$ | $-1732$ | $-15.4%$ |
| Profit/loss (-) from operating activities (EBIT) | 3 1 3 4 | $-3411$ | |
| EBITDA | 9 5 4 2 | 2 5 5 4 | $-73.2%$ |
| Financial result | $-3448$ | 187 | |
| Income tax expense (-)/income | 413 | 1 101 | 166.8% |
| Profit/loss (-) from continuing activities | 99 | $-2123$ | |
| Profit/loss (-) from continuing activities, corrected for non-cash items | 5 8 8 8 | 2 8 7 4 | $-51.2%$ |
| Profit/loss (-) from discontinued operations | |||
| Profit/loss (-) for the period | 99 | $-2123$ | |
| Attributable to the group | 99 | $-2123$ |
| Statement of financial position (in € '000) |
2010 | 2011 | Δ in % |
|---|---|---|---|
| Total equity | 30 475 | 33 439 | $9.7\%$ |
| Statement of financial position total | 122 974 | 104 537 | $-15.0\%$ |
| Net financial debt | 29 557 | 32 134 | 8.7% |
| Customer relationships | 8 8 9 9 | 8 9 2 9 | $0.3\%$ |
| Externally acquired relationships | 7 594 | 7 611 | $0.2\%$ |
| Directly attributable costs | L 305 | 1 3 1 8 | $1.0\%$ |
| Reportable segments (in € '000) |
2010 | 2011 | $\Delta$ in % |
|---|---|---|---|
| Revenue | |||
| Retail | 161 321 | 141 327 | $-12.4%$ |
| Imaging | 62 679 | 56 677 | $-9.6%$ |
| Intersegment | $-653$ | $-600$ | 8.2% |
| Total revenue reportable segments | 223 347 | 197 405 | $-11.6%$ |
| Profit/loss (-) from operating activities, before non-recurring items (REBIT) | 4 900 | $-1379$ | |
| Retail | 3 2 4 8 | $-3240$ | |
| Imaging | 1 652 | 1 8 6 0 | 12.6% |
| REBITDA | 10 391 | 3 1 3 4 | $-69.8%$ |
| Retail | 5 0 3 4 | $-947$ | |
| Imaging | 5 3 5 7 | 4 0 8 1 | $-23.8%$ |
| Profit/loss (-) from operating activities (EBIT) | 3 748 | $-3182$ | |
| Retail | 3 1 5 2 | $-5042$ | |
| Imaging | 596 | 1 8 6 0 | 212.2% |
| EBITDA | 9 9 0 7 | 2 8 4 7 | $-71.3%$ |
| Retail | 4 9 8 4 | $-1234$ | |
| Imaging | 4 9 23 | 4 0 8 1 | $-17.1%$ |
The items of the income statement not allocated to the reportable segments represent the link to the key figures of the group.
More detailed financial data is included at the end of this press release.
The retail activities within the Photo Hall Group realised revenue of EUR 141.33 million in 2011, down 12.4% compared to 2010. The disappointing economic growth and the problems in the Eurozone led to strong pressure on consumer confidence and substantially impacted retail sales. The Retail Group's decrease in revenues is in line with the market trends as published by GfK.
These difficult market conditions prompted the management to reconsider the shop portfolio. This resulted in the closure of seven unprofitable shops in Belgium during 2011. Another six shops will be closed in Belgium during 2012. One shop closure is planned for 2012 in Luxembourg, where the reduction in trading activity also had a significantly negative effect on the revenues of Hifi International. The low margins limited the effect of this on profitability.
The Retail Group's REBITDA decreased from plus EUR 5.03 million to minus EUR 0.95 million. The REBIT was negative, amounting to minus EUR 3.24 million, whereas this was a positive EUR 3.25 million in 2010. The decline in profitability of the Retail Group is largely attributable to Photo Hall in Belgium. After all, the lower revenue could not immediately be offset by lower costs. Hifi International in Luxembourg, on the other hand, offered good resistance thanks to its leading market position and its extensive range of white goods (household appliances).
In terms of the product lines, consumer electronics suffered most from the crisis. The weak sales of television sets are a significant part of this. Market saturation with widescreen sets, price deflation, and the disappointing success of 3D television are some of the causes. The sales of computer products declined slightly in both countries. Products linked to connectivity, such as routers and switches, as well as portable and tablet computers provide a positive note in this segment. Telecom did very well, thanks to the success of the smartphone. Sales of photo cameras could not repeat their good performance of 2010.
Since the start of 2011, various measures have been taken to improve the situation. Besides the closure of several shops in 2011 and 2012, some management changes have been implemented. There was also a reduction in the number of staff, inventories were drastically reduced, and the parent company increased its equity in Photo Hall. The range of products is also under review. The various interventions led to non-recurring costs amounting to EUR 1.73 million, of which EUR 0.29 million is a cash expense and EUR 1.44 million are non-cash expenses. Approximately EUR 0.67 million relate to redundancy payments, approximately EUR 0.84 million concern costs related to shop closures, and approximately EUR 0.22 million originates from legal and other expenses resulting from the various interventions. Agreements with the credit providers were made for further financial support.
During the course of 2011, one new shop was opened in Belgium, specifically in Jette. Seven shops were closed in Bruges, Liege, Ostend, Charleroi, Merksem, Mariakerke, and Lommel. The number of shops in the Grand Duchy of Luxembourg remained unchanged. At the end of 2011, Photo Hall Belgium had 85 shops, and Hifi International had 17 shops. Photo Hall Belgium and Hifi International each also have an e-commerce point of sale.
| Number of points of sale | 2010 | 2011 |
|---|---|---|
| Belgium | ||
| own shops | 88 | 82 |
| e-commerce | ||
| under franchising | 3 | |
| Luxembourg | ||
| own shops | 17 | 17 |
| e-commerce | ||
| Subtotal | ||
| own shops | 105 | 99 |
| e-commerce | 2 | |
| under franchising | 3 | |
| Total number of points of sale | 110 | 104 |
During the course of 2011, the brand smartphotoTM has been introduced to support all photo activities of the group (both directly and through the dealers). Under this new brand, the company wants to build upon its know-how and customer-friendliness to elevate its services to a higher level. The four 'smart' advantages smart warranty, smart bonus, smart dialog, and smart service - are a good example of this.
The revenues from the Imaging Group amounted to EUR 56.68 million in 2011, a decrease of 9.6% in comparison with 2010. EBIT rose from EUR 0.60 million in 2010 to EUR 1.86 million in 2011. The EBITDA decreased by 17.1% and amounted to EUR 4.08 million.
The decrease in EBITDA by minus EUR 0.84 million consists of on the one hand minus EUR 3.18 million, including the result of the decline in revenue from Filmobel, the continued decline of analogue photography, and higher marketing expenses including the switch to the new smartphoto™ brand. On the other hand, there was a positive effect of EUR 2.34 million due to the increased production efficiency and the elimination of nonrecurring cash expenses, principally those from the closure of the production lab in Sweden in 2010.
The lower depreciation/amortisation and elimination of non-recurring non-cash expenses in 2011 resulted in an increase in EBIT of EUR 1.26 million to EUR 1.86 million.
The decrease in revenues is largely the result of the decline in hardware sales at Filmobel, which lost some key customers with limited profitability. The ending of the trade in photo paper in 2010 also had some negative effect.
The revenues from digital mail-order activities increased over the entire year by 2% compared to 2010, the growth undoubtedly slowed down due to the economic crisis. On an annual basis, the number of photo prints continued to decrease, photo books and photo cards increased in volume by more than 20%, the same as in the first half-year. The analogue activities continue their decline by another minus 42%. This means that digital photography now represents 94% of the mail-order revenues (90% in 2010, 81% in 2009, 70% in 2008), with analogue now only responsible for 6%.
Spector Photo Group realised revenues of EUR 197.41 million (-11.6%) with REBIT of minus EUR 1.68 million in the 2011 financial year, compared to EUR 223.35 and EUR 4.64 million respectively in 2010. The group's REBITDA decreased from EUR 10.03 million to EUR 2.84 million.
Non-recurring costs of EUR 1.73 million were recognised during the financial year. These only related to the Retail Group (see above).
Taking these non-recurring items into account, EBIT at group level decreased from EUR 3.13 million to minus EUR 3.41 million, and the EBITDA amounted to EUR 2.55 million compared to EUR 9.54 million in 2010.
The financial result for the 2011 financial year improved considerably and amounted to EUR 0.19 million, compared to minus EUR 3.45 million in 2010. The improvement of EUR 3.63 million is mainly due to lower financial expenses at plus EUR 0.47 million, positive foreign exchange differences of plus EUR 1.11 million, and the non-recurring income of EUR 2.01 million resulting of the loan and facility agreement that was concluded with NIBC Bank in April 2011.
Spector Photo Group realised a positive tax result of EUR 1.10 million in 2011, compared to EUR 0.41 million in 2010. The current taxes amount to minus EUR 0.07 million. The deferred taxes amount to EUR 1.17 million nositive
A loss of minus EUR 2.12 million was realised in the 2011 financial year, compared to a profit of EUR 0.10 million in the 2010 financial year. The decrease in the result by EUR 2.22 million compared to the 2010 financial year can be explained as follows:
Operating result: decreased by EUR 6.55 million.
The investments in 2011 amounted to EUR 1.19 million, compared to EUR 4.07 million in 2010. The Retail Group's investments in property, plant and equipment amounted to EUR 0.48 million and mainly related to the opening of the new shop in Jette, renovations in Luxembourg, and hardware for the shops and the supporting services. The investments in property, plant and equipment for the Imaging Group amounted to EUR 0.27 million and primarily related to hardware, other IT-related investments and production equipment. Investments in intangible assets of EUR 0.42 million mainly concern various software to support the IT platform for the Imaging Group amounting to EUR 0.40 million.
The Board of Directors will recommend the General Meeting of Shareholders not to pay a dividend for the 2011 financial year.
The statement of the financial position total decreased from EUR 122.97 million at year-end 2010 to EUR 104.54 million. The most important items are the following:
$\triangleright$ Net financial debt as at year-end 2011 amounted to EUR 32.13 million, compared to EUR 29.56 million at year-end 2010. The sharp fall in inventories of the Retail Group was accompanied by an even greater reduction in the supplier's credit to obtain most benefit from discounts, and is thus the main reason for this increase.
The Committee of Statutory Auditors confirms that its auditing activities have been completed regarding the contents of this press release and that they did not reveal any significant correction that should be included in the financial data of this press release. The auditors remark that the present valuation of the deferred tax assets and of the intangible assets of the " Imaging " division depends on the future positive development of the markets on which the business plan is based. They draw also the attention to the evolution of the results of the "Retail" division and remark that the inclusion of Photo Hall Multimedia in the consolidation under the assumption of going concern depends on the realisation of the announced restructuring measures and on the fact that Photo Hall Multimedia can keep on counting on the financial support of its banks.
BCVBA PKF bedrijfsrevisoren BVCV Grant Thornton, Lippens & Rabaey
In 2012, the Retail Group should benefit from the restructuring measures that were taken in 2011, but the outlook remains uncertain due to the economic situation.
The Imaging Group hopes 2012 will bring stabilisation of revenues, while maintaining the profitability.
Spector Photo Group is a diversified multimedia and photo group with some 700 employees, operating in 15 European countries. Spector Photo Group's shares are traded on Euronext Brussels (ISIN BE0003663748, stock code SPEC).
Spector Photo Group has two core activities that are structured into two separate divisions:
The Retail Group, which contains the retailing of consumer electronics and multimedia products under the brand names Photo Hall™ and Hifi International™. At the end of December 2011, the Retail Group had 102 shops spread across Belgium and the Grand Duchy of Luxembourg. The group also operates two online shops. The Retail Group's revenue represented 72% of the revenue from the group's continuing operations during the 2011 financial year.
The Imaging Group processes digital and analogue photographs into photo prints, photo calendars, photo calendars, photo books, photo on canvas, photo gifts, etc. Imaging uses smartphotoTM as its strategic brand for its mail-order service, as well as for its partnership with specialised photographic businesses. The Imaging Group's revenue represented 28% of the revenue from the group's continuing operations during the 2011 financial year.
9 May 2012 30 August 2012**
25 October 2012** 7 March 2013 **
before exchange opens after exchange closes
after exchange closes before exchange opens
Trading update for first quarter of 2012 Half-year results and Half-year financial report for 2012 Trading Update for third quarter of 2012 2012 Annual results
$REBIT$ = Profit/loss (-) from operating activities before non-recurring items.
$EBIT$ = Profit/loss (-) from operating activities (Earnings Before Interest and Tax).
REBITDA = Profit/loss (-) from operating activities before non-recurring items, adjusted for depreciation, amortisation, and provisions.
EBITDA = Profit/loss (-) from operating activities adjusted for depreciation, amortisation and provisions (Earnings Before Interest, Tax, Depreciation and Amortisation).
Profit/loss (-) before taxes, adjusted for non-cash items = Profit/loss (-) before taxes, adjusted for depreciation, amortisation, impairment, provisions, and financial non-cash items.
Profit/loss (-) from continuing operations, adjusted for non-cash items = Profit/loss (-) after taxes, adjusted for depreciation, amortisation, impairment, provisions, financial non-cash items and deferred taxes.
Share of the equity holders in the parent company in the cash flow for the financial year = Net profit/loss adjusted for depreciation, amortisation, provisions, financial non-cash items, deferred taxes and non-cash items from discontinued operations.
Net Financial debt = Financial obligations less cash, cash equivalents and other non-current financial assets.
(*) This press communication contains forward-looking information that is based on the current internal estimates and expectations. The forward-looking statements contain inherent risks and only apply at the date on which they are communicated. It cannot be excluded that the actual results differ considerably from the forward-looking expectations that have been incorporated in this message.
(**) indicative dates
For additional information, please contact: Tonny Van Doorslaer, Executive Chairman,
Spector Photo Group NV Kwatrechtsteenweg 160, B -9230 Wetteren, Belgium Telephone: +32 9 365 98 10 Email: [email protected] - internet:
www.spectorphotogroup.com
This press release is an English translation of the official Dutch version.
| (in € '000) | 2010 | 2011 | Δ | $\Delta$ in % |
|---|---|---|---|---|
| Revenue | 223 347 | 197 405 - 25 942 | $-11.6%$ | |
| Other operating income | 5 4 5 9 | 4 1 4 2 | $-1317$ | $-24.1%$ |
| Changes in inventory of finished goods & work in progress | 14 | 8 | 22 | |
| Work performed by enterprise and capiltalised | 40 | 2 | 38 $\overline{\phantom{a}}$ |
$-94.7%$ |
| Trade goods, raw materials and consumables | $-15988$ | $-140285$ | 19 603 | 12.3% |
| Employee expenses | $-30373$ | $-28472$ | 1 902 | 6.3% |
| Depreciation and amortisation expenses | $-5738$ | $-4415$ | 1 3 2 2 | 23.0% |
| Other operating expenses | $-28225$ | $-30048$ | $-1823$ | $-6.5%$ |
| Profit/loss (-) from operating activities, before | ||||
| non-recurring items | 4 6 3 5 | $-1679$ | $-6314$ | |
| Non-recurring items from operating activities | $-1501$ | $-1732$ | $-232$ | $-15.4%$ |
| Profit/loss (-) from operating activities | 3 1 3 4 | $-3411$ | $-6546$ | $\overline{\phantom{a}}$ |
| Financial income | 565 | 509 | $-57$ | $-10.0%$ |
| Financial costs | $-4013$ | $-2333$ | 1 680 | 41.9% |
| Financial cost-net, before non-recurring items | $-3448$ | $-1824$ | 1 623 | 47.1% |
| Non-recurring financial items | 2 0 1 1 | 2 0 1 1 | ||
| Financial result | $-3448$ | 187 | 3 6 3 5 | |
| Profit/loss (-) before taxes, before non-recurring financial items | $-313$ | $-5236$ | $-4922$ | $-1570.6%$ |
| Profit/loss (-) before taxes | $-313$ | $-3224$ | $-2911$ | $-928.8%$ |
| Income tax expense $(-)/$ income | 413 | 1 101 | 688 | 166.8% |
| Profit/loss (-) from continuing activities | 99 | $-2123$ | $-2222$ | $\overline{\phantom{a}}$ |
| Profit/loss (-) for the period | 99 | $-2123$ | $-2222$ | |
| Attributable to equity holders of the parent company | 99 | $-2123$ | $-2222$ | $\overline{\phantom{a}}$ |
| (in € '000) | 2010 | 2011 | $\Delta$ in % | |
|---|---|---|---|---|
| Profit/loss (-) for the period | 99 | $-2123$ | $-2222$ | |
| Currency translation adjustments : | 1 2 7 9 | $-248$ | $-1527$ | |
| Gains/losses (-) arising during the year | 689 | $-248$ | $-937$ | $\overline{\phantom{a}}$ |
| Reclassification adjustments for gains/losses (-) included in profit or loss | 589 | 589 | ||
| Revaluation surplus | ||||
| Gains/losses(-) arising during the year | 5 5 1 4 | 5 5 1 4 | ||
| Income tax relating to components of other comprehensive income | $-179$ | 179 $\sim$ |
||
| Total comprehensive income for the period attributable to equity holders | ||||
| of the parent company | 1378 | 2964 | 586 |
| (in $\epsilon$ , except for the number of shares) | 2010 | 2011 | $\Delta$ in % |
|---|---|---|---|
| Number of shares | 36 619 505 | 36 619 505 | |
| Shares with dividend rights | 35 412 433 | 35 412 433 | |
| Revenue | 6.31 | 5.57 | $-11.6%$ |
| Profit/loss (-) from operating activities, after non-recurring items (EBIT) | 0.09 | $-0.10$ | |
| REBITDA | 0.28 | 0.08 | $-71.7%$ |
| EBITDA | 0.27 | 0.07 | $-73.2%$ |
| Profit/loss (-) before taxes (EBT) | $-0.01$ | $-0.09$ | $-928.8%$ |
| Profit/loss (-) from continuing activities | 0.00 | $-0.06$ | |
| Profit/loss (-) from discontinued operations | 0.00 | 0.00 | |
| Profit/loss (-) for the period (ordinary & diluted) | 0.00 | $-0.06$ | |
| Profit/loss (-) before taxes, corrected for non-cash items | 0.18 | 0.08 | $-54.9%$ |
| Profit/loss (-) from continuing activities, corrected for non-cash items | 0.17 | 0.08 | $-51.2%$ |
| company | 0.00 | $-0.06$ | |
| Net result of the year attributable to equity holders of the parent company, | |||
| lcorrected for non-cash items | 0.17 | 0.08 | $-51.2%$ |
| Share price for the period | 0.63 | 0.38 | $-39.7%$ |
| Statement of Financial position as at the end of the period | |||
|---|---|---|---|
| ------------------------------------------------------------- | -- | -- | -- |
| statement of Financial position as at the end of ASSETS (in € '000) |
penou 2010 |
2011 | Δ | $\Delta$ in % |
|---|---|---|---|---|
| Non-current assets | ||||
| Property, plant and equipment | 17 980 | 20 849 | 2 8 6 8 | 16.0% |
| Consolidation goodwill and other goodwill | 18 849 | 18 603 | 245 | $-1.3%$ |
| Intangible assets other than goodwill | 10 288 | 10 247 | 41 | $-0.4%$ |
| Other non-current financial assets | 49 | 49 | ||
| Trade and other receivables | 224 | 199 | 25 $\overline{\phantom{a}}$ |
$-11.3%$ |
| Deferred tax assets | 7 760 | 8 8 8 1 | 1 1 2 1 | 14.5% |
| Non-current assets | 55 151 | 58828 | 3678 | 6.7% |
| Current assets | ||||
| Assets held for sale | 636 | 735 | 99 | 15.6% |
| Inventories | 33 445 | 20 337 | $-13108$ | $-39.2%$ |
| Trade and other receivables | 16 267 | 14 14 9 | $-2119$ | $-13.0%$ |
| Investment securities - current | 3 | 3 | 0 | 0.0% |
| Cash and cash equivalents | 16 580 | 10 235 | $-6345$ | $-38.3%$ |
| Current income tax assets | 892 | 250 | $-642$ | $-71.9%$ |
| Current assets | 67823 | 45709 | $-22114$ | $-32.6%$ |
| TOTAL ASSETS | 122 974 | 104 537 | $-18437$ | $-15.0%$ |
| EQUITY AND LIABILITIES | 2010 | 2011 | Δ | $\Delta$ in % |
| Total equity | ||||
| Capital | 64 194 | 64 194 | ||
| Reserves and retained earnings/ accumulated loss (-) | $-33804$ | $-35927$ | $-2123$ | $-6.3%$ |
| Revaluation surplus | 5 3 3 5 | 5 3 3 5 | ||
| Treasury shares (-) | $-2422$ | $-2422$ | ||
| Currency translation adjustments | 2 508 | 2 2 6 0 | 248 $\bar{a}$ |
$-9.9%$ |
| Shareholder's equity | 30 475 | 33 439 | 2 9 6 4 | 9.7% |
| Total equity | 30 475 | 33 439 | 2964 | 9.7% |
| Non-current liabilities | ||||
| Non-current interest-bearing financial obligations | 28 697 | 8 4 6 8 | $-20229$ | $-70.5%$ |
| Employee benefit liabilities | 535 | 474 | 61 $\frac{1}{2}$ |
$-11.4%$ |
| Non-current provisions | 1 0 6 9 | 1 2 3 6 | 166 | 15.5% |
| Deferred tax liabilities | 979 | 1 1 1 3 | 134 | 13.7% |
| Non-current liabilities | 31 279 | 11 290 | $-19990$ | $-63.9%$ |
| Current liabilities | ||||
| Liabilities held for sale | 653 | 753 | 99 | 15.2% |
| Current interest-bearing financial obligations | 17 444 | 33 904 | 16 460 | 94.4% |
| Trade and other payables | 37 971 | 19837 | $-18135$ | $-47.8%$ |
| Employee benefit liabilities | 4 3 2 0 | 4 0 6 1 | 258 $\overline{\phantom{a}}$ |
$-6.0%$ |
| Current income tax liabilities | 194 | 45 | 149 | $-76.6%$ |
| Current portion of provisions | 637 | 1 2 0 8 | 571 | 89.6% |
| Current liabilities | 61 219 | 59808 | $-1411$ | $-2.3%$ |
| TOTAL EQUITY AND LIABILITIES | 122 974 | 104 537 | $-18437$ | $-15.0%$ |
| (in € '000) | 2010 | 2011 | $\Delta$ in % |
|---|---|---|---|
| REBITDA | 10 027 | 2 841 | $-71.7%$ |
| IEBITDA | 9 5 4 2 | 2 5 5 4 | $-73.2%$ |
| IEBITDA as % of revenue | 4.3% | 1.3% | $-69.7%$ |
| Profit/loss (-) before taxes, corrected for non-cash items | 6 5 2 1 | 2 9 4 3 | $-54.9%$ |
| Profit/loss (-) from continuing activities, corrected for non-cash items | 5 8 8 8 | 2 8 7 4 | $-51.2%$ |
| Profit/loss (-) from continuing activities, corrected for non-cash items as % of revenue |
2.6% | 1.5% | $-44.8%$ |
| Net result of the year attributable to equity holders of the parent | |||
| company, corrected for non-cash items | 5 8 8 8 | 2 8 7 4 | $-51.2%$ |
| For the year ended on 31 December (in € '000) |
2010 | 2011 |
|---|---|---|
| Operating activities | ||
| Net result | 99 | $-2123$ |
| Depreciation, write-offs, impairment of property, plant and equipment | 3 6 2 0 | 3 2 3 9 |
| Depreciation, write-offs, impairment of intangible assets | 2 3 0 5 | 739 |
| Write-offs, impairment on current and non-current assets | 187 $\overline{\phantom{a}}$ |
674 |
| Provisions | 671 | 1 3 1 3 |
| Unrealised foreign exchange losses/gains (-) | 732 | $-418$ |
| Net interest income (-)/expense | 2 4 4 7 | 1 981 |
| Loss/gain (-) on sale of property, plant and equipment | 520 $\overline{\phantom{a}}$ |
-68 |
| Income tax expenses | - 1 046 | $-1170$ |
| Other non-cash costs | 589 | |
| Profit from operations before changes in working capial and provisions | 8710 | 4 1 6 8 |
| Decrease/increase (-) in trade and other receivables | $-1007$ | 2 5 6 6 |
| Decrease/increase (-) in inventories | - 4 599 | 12 781 |
| Increase/decrease (-) in trade and other payables | 2 9 7 3 | $-17822$ |
| Increase/decrease (-) in provisions | 378 | $-565$ |
| Increase/decrease (-) in non-current employee benefit liabilities | 364 | $-75$ |
| Increase/decrease (-) in working capital | $-2647$ | $-3115$ |
| Operating cash flow after changes in working capital and provisions | 6063 | 1053 |
| Interest paid $(-)$ | $-2485$ | $-1944$ |
| Interest received | 43 | 34 |
| Income tax paid (-)/received | $-3014$ | 673 $\overline{\phantom{a}}$ |
| Cash flow from operating activities | 607 | $-1530$ |
| Investing activities | ||
| Proceeds from sale of property, plant and equipment | 1 689 | 238 |
| Acquisition of property, plant and equipment | $-1980$ | 763 |
| Acquisition of intangible assets | $-2095$ | 423 $\blacksquare$ |
| Cash flow from investing activities | $-2386$ | $-948$ |
| Financing activities | ||
| Proceeds from borrowings | 4 0 5 6 | 13 524 |
| Repayment of borrowings | $-4438$ | $-15956$ |
| Other differences | $-1336$ | |
| Dividends paid | ||
| Cash flow from financing actvities | $-382$ | - 3 7 6 8 |
| Net increase/decrease (-) in cash and cash equivalents | $-2160$ | $-6247$ |
| Cash and cash equivalents at the beginning of the year | 18 439 | 16 580 |
| Cash and cash equivalents at the beginning of the year discontinued operations | 640 | 628 |
| Effect of exchange rate fluctuations | 288 | 9 |
| Cash and cash equivalents at the end of the period | 16 580 | 10 235 |
| Cash and cash equivalents at the end of the period in assets held for sale | 628 | 735 |
| Total cash and cash equivalents | 17 208 | 10970 |
| (in € '000) | Capital | Retained earnings |
Revaluation surplus |
Treasury shares |
Currency translation adjustments |
Shareholders' equity |
Total equity |
|---|---|---|---|---|---|---|---|
| Balance as at 31.12.2009 | 64 194 | $-33904$ | $-2422$ | 1 2 2 9 | 29 097 | 29 097 | |
| Currency translation differences | 1 279 | 1 279 | 1 2 7 9 | ||||
| Net gains/losses (-) not recognised in the income statement | |||||||
| Net profit/loss (-) for the period | 99 | 99 | 99 | ||||
| Total comprehensive income | 99 | 1 279 | 1 378 | 1 378 | |||
| Balance as at 31.12.2010 | 64 194 | $-33804$ | $-2422$ | 2 508 | 30 475 | 30 475 | |
| Changes in accounting policy | |||||||
| Currency translation differences | $-248$ | $-248$ | $-248$ | ||||
| Net gains/losses (-) not recognised in the income statement | 5 3 3 5 | 5 3 3 5 | 5 3 3 5 | ||||
| Net profit/loss (-) for the period | $-2123$ | $-2123$ | $-2123$ | ||||
| Total comprehensive income | $-2123$ | 5 3 3 5 | $-248$ | 2 9 6 4 | 2 9 6 4 | ||
| Balance as at 31.12.2011 | 64 194 | $-35927$ | 5 3 3 5 | $-2422$ | 2 2 6 0 | 33 4 39 | 33 4 39 |
| Reportable segments | ||||||
|---|---|---|---|---|---|---|
| (in € '000) | Retail | Imaging | Total reportable segments |
|||
| 2010 | 2011 | 2010 | 2011 | 2010 | 2011 | |
| Revenue | ||||||
| External revenue | 161 213 | 141 235 | 62 134 | 56 170 | 223 347 | 197 405 |
| Inter-segment | 108 | 92 | 545 | 507 | 653 | 600 |
| Total revenue | 161 321 | 141 327 | 62 679 | 56 677 | 224 000 | 198 004 |
| Interest revenue | 8 | 13 | 54 | 21 | 62 | 34 |
| Interest expense | 2 3 7 2 | 2 2 4 3 | 2 6 4 9 | 898 | 5 0 2 1 | 3 1 4 1 |
| Profit/loss (-) before taxes | 788 | $-7271$ | $-2912$ | 3 2 8 1 | $-2$ 124 | $-3991$ |
| Total operating segment assets | 69 459 | 47 851 | 43 249 | 45 481 | 112 708 | 93 332 |
| Total operating segment liabilities | 30 350 | 14 556 | 12 671 | 10 858 | 43 021 | 25 413 |
| Total capital expenditures property, plant & equipment |
1 0 7 0 | 482 | 909 | 268 | 1 980 | 750 |
| Total capital expenditures intangible assets other than goodwill |
110 | 12 | 1 974 | 398 | 2 0 8 4 | 409 |
| Depreciations and amortisations | 1982 | 1933 | 3 9 4 2 | 2 0 3 8 | 5 9 2 4 | 3 9 7 1 |
| Other non cash | $-150$ | 1875 | 385 | 183 | 235 | 2 0 5 8 |
| Number of persons employed in FTEs end of the period |
484 | 443 | 260 | 260 | 744 | 703 |
| Revenue | 2010 | 2011 |
|---|---|---|
| Total revenue for reportable segments | 224 000 | 198 004 |
| Elimination of intersegment revenue | $-653$ | $-600$ |
| Total revenue | 223 347 | 197 405 |
| Profit/loss (-) | 2010 | 2011 |
| Total profit/loss (-) for reportable segments | $-2124$ | $-3991$ |
| Profit/loss not allocated to reportable segments | ||
| Other | 1 8 1 0 | 766 |
| Profit/loss (-) before taxes | $-313$ | $-3224$ |
| Assets | 2010 | 2011 |
| Total assets for reportable segments | 112 708 | 93 332 |
| Assets not allocated to reportable segments | ||
| Flimination of receivables | $-8,561$ | $-4257$ |
| Deferred tax asset | 7 760 | 8 8 6 3 |
| Other | 10 4 31 | 5 8 6 3 |
| Discontinued operating assets | 636 | 735 |
| Total assets | 122 974 | 104 537 |
| Liabilities | 2010 | 2011 |
| Total liabilities for reportable segments | 43 021 | 25 413 |
| Liabilities not allocated to reportable segments | ||
| Elimination of liabilities | $-406$ | $-302$ |
| Financial obligations | 46 141 | 42 372 |
| Other | 3 0 9 0 | 2 8 6 2 |
| Discontinued operating liabilities | 653 | 753 |
| Total liabilities | 92 499 | 71 098 |
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