Earnings Release • Jul 21, 2011
Earnings Release
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To be distributed on Thursday 21 July 2011 Continental Time 07.30h. U.K. 06.30h. / U.S. Eastern Standard Time 01.30h.
DOCDATA N.V. is well on course for 2011 and 2012. Both revenue and results show a strong development, predominantly by the e-commerce service company. Despite the fact that few deliveries have been realised by IAI industrial systems in the first half-year 2011, the underlying trend is good and we expect to realise the results in 2012 and further.
The e-commerce service company Docdata realised a substantial growth in revenue and the number of processed transactions in the first half of 2011. This is mainly due to the success of our clients in the Netherlands and Germany.
The permanent staff of the Group has further increased in the first half of 2011 from 813 employees (759 FTE) at the beginning of the year to 1,047 employees (1,011 FTE) at the end of the first half-year 2011.
Michiel Alting von Geusau, CEO of DOCDATA N.V.: "After the extreme hectic year 2010 and the changes we have made in the management structures, we see the positive effects in 2011. By far most clients are very satisfied with the quality of our services and our organisation is able to achieve the current growth within the agreed service levels. The focus for the remainder of the year is on further increasing the efficiency and bringing in new customers and new orders."
| Results and Financial position half-year 2011 (unaudited) | |
|---|---|
| ----------------------------------------------------------- | -- |
| Half-year ended at | ||||
|---|---|---|---|---|
| (in millions, except percentage figures and per share data) |
30 June 2011 | 30 June 2010 | ||
| € | % | € | % | |
| Revenue | ||||
| E-commerce service company Docdata | 53.6 | 90.9 | 35.7 | 77.6 |
| Technology company IAI industrial systems | 5.4 | 9.1 | 10.3 | 22.4 |
| Total | 59.0 | 100.0 | 46.0 | 100.0 |
| Gross profit | ||||
| E-commerce service company Docdata | 12.6 | 23.5 | 8.6 | 24.0 |
| Technology company IAI industrial systems | 1.5 | 28.3 | 4.1 | 40.0 |
| Total | 14.1 | 24.0 | 12.7 | 27.6 |
| Operating profit (EBIT) | ||||
| E-commerce service company Docdata | 3.0 | 5.7 | 0.4 | 1.0 |
| Technology company IAI industrial systems | 0.5 | 9.3 | 2.8 | 27.2 |
| Total | 3.5 | 6.0 | 3.2 | 6.9 |
| EBITA | 4.1 | 7.0 | 3.6 | 7.7 |
| EBITDA | 5.8 | 9.8 | 4.6 | 10.1 |
| Profit for the half-year | 2.5 | 4.2 | 2.6 | 5.6 |
| Basic earnings per share | 0.38 | 0.38 | ||
| Diluted earnings per share | 0.36 | 0.37 | ||
| Balance sheet total | 50.2 | 50.2 | ||
| Equity | 29.2 | 26.6 | ||
| Solvency ratio (Equity / Balance sheet total) | 58.2% | 53.0% |
E-commerce service company Docdata again realised a strong increase in the number of unique transactions; in the first half-year 2011 16.5 million unique transactions were processed compared to 12.7 million in the first half-year 2010 (increase: 30%). The combined revenue of the e-commerce services grew autonomous with almost € 15.5 million (+59%); in addition, revenue increased further with € 5.2 million resulting from the activities of the former Dohmen Solutions Group, acquired on 16 April 2010, which contributed only 2.5 months to revenue in the first half-year 2010. The total revenue of the e-commerce service company Docdata increased with € 17.9 million (+50%) to € 53.6 million.
For 2011 the focus is on continued growth of our e-fulfilment service in existing markets, mainly through the growth of existing clients. In October 2011 we expect to bring the new logistic centre in Waalwijk partly into operation, which is necessary to accommodate the growth of our clients in the high season. At the end of the first half-year 2012 we expect to have the logistic centre fully operational with a floor area of approximately 30,000 square meters. In October 2011 we will also bring a new warehouse of 10,000 square meters in Groβbeeren (near Berlin) into operation. With this, the new buildings in Groβbeeren are complete and we will use a total floor space of approximately 50,000 square meters for our clients.
The most important trend currently relevant for Docdata, is that of the cross border activities in Europe of both consumers and merchants. For this we have developed concepts that enable us to efficiently process both the outgoing order flow and the return shipments. Consumers can thus receive their orders with a high delivery performance and returns can be quickly handled. For our clients we check the return shipments and refurbish these for sale. In the second half of 2011 we will also explore other (large) geographical markets in Europe whether we need to have our own facilities to fulfil these services locally or to set this up through strategic partnerships.
The current risks for the e-commerce service company are mainly in terms of the strategic choice of clients to purchase certain services from external suppliers or not. In the event that a client is acquired, there is almost always a reconsideration of this position with the possibility of losing clients. Because of the rapid developments in the e-commerce market, our clients are in principle not willing to enter into long term contracts. Providing a very high quality service offers the best protection against this risk.
Technology company IAI industrial systems realised a revenue of € 5.4 million in the first half-year 2011, which is significantly behind the revenue of the comparable period in the peak year 2010 (first half-year 2010: € 10.3 million). The main cause was the lower level of orders, which was in line with previously announced expectations. As a result, the operating profit of IAI for the first half-year 2011 decreased to € 0.5 million, noting that the operating profit of € 2.8 million in the first half-year 2010 was exceptionally high due to one specific order. The order book of IAI at the end of June 2011 consists of orders with a revenue value of € 9.1 million, which for the major part will be delivered before the end of 2011 (order book per 31 December 2010: € 8.4 million). In addition, we also expect revenue from service, royalties and smaller systems.
Worldwide IAI industrial systems how has a good reputation in the market for the security personalisation of security documents, particularly for passports, ID cards, banknotes and other documents. Not only for end users of these products (the governments) but also for the integrators in this market, IAI aims at being a reliable partner. Integrators are parties that acquire large governmental assignments for which they need the equipment of IAI besides their own contribution.
IAI gives attention to continuous improvement and expansion of the product portfolio. One of the new system developments in the past year was the BMDesk, a small system that can personalise a passport manually. Recently, we realised a first order of more than 10 systems. This shows that our changed strategy, the proactive development of systems for the needs of the market, is beginning to bear fruit. In the first half-year 2011 IAI invested in research for various applications and in the automation for managing product data for a more efficient production.
In the Solar market IAI offers production systems for solar cells or solar panels. In the first half-year 2011 a production system was delivered to Solland Solar. This unique system was developed in close cooperation with the client who needed a new production tool: a system that solders contacts at the back of solar cells with laser energy.
This new type of solar cell, called the "back-contact cell", is used by Solland Solar in their Sunweb panels. In the Solar market it is expected that the back-contact type will gain market share, hence IAI will offer the developed system to other parties as well. IAI conducts various researches with the aim to provide new system developments and system deliveries for the Solar market. With this IAI preferably focuses on projects with an actual demand in the market and which can be realised in close cooperation with a client.
Rrevenue of DOCDATA N.V. increased with € 13.0 million to € 59.0 million (+28%) in the first half-year 2011. In line with previously announced expectations, revenue of IAI industrial systems decreased with € 4.9 million (-/- 48%) predominantly due to less system deliveries. Docdata has realised with the commerce, payments and fulfilment services a revenue increase of € 20.7 million (+69%), of which € 15.5 million as autonomous revenue increase predominantly due to the increase in the number of transactions with more than 30% compared to last year. The activities of the former Dohmen Solutions Group contributed € 5.2 million more to revenue in the first half-year 2011 (+40%) than in the first half-year 2010, mainly due to the fact that these activities contributed only 2.5 months to revenue after the acquisition per 16 April 2010. Docdata media incurred a revenue decrease of € 2.7 million (-/- 48%) due to sale of all shares in docdata media GmbH per 21 July 2010, in combination with a further decline of the replication activities at the only remaining replication company of Docdata in Tilburg.
In the first half-year 2011 a higher gross profit of € 14.1 million has been realised compared to the € 12.7 million in the first half-year 2010 (+11%). The gross profit margin for the first half-year 2011 is 24.0% compared to 27.6% for the first half-year 2010, with a decrease of the gross profit margin for both lines of business. For Docdata this limited lower gross profit margin is mainly due to a larger share of recharged transport costs and higher costs for the procurement of corporate clothing for a client. For IAI industrial systems, the decrease of the gross profit margin is a direct consequence of the different size and composition of deliveries in both comparable periods, taking into account the delivery of the second part of the large order for decentralised personalisation systems for Bulgaria in the first half-year 2010.
In the first half-year 2011 an operating result before financing result (EBIT) of € 3.5 million has been realised compared to € 3.2 million in the first half-year 2010. The operating result of the technology company IAI industrial systems decreased with € 2.3 million mainly as a result of the delivery of less systems in the first half-year 2011. However, the operating result of the e-commerce service company Docdata increased significantly with € 2.7 million considering that the EBIT for the first half-year 2010 contained non-recurring costs of € 1.3 million under selling and administrative expenses for acquisition- and consultancy costs, start-up losses and restructuring costs after acquiring the business activities of the former Dohmen Solutions Group. In the first half-year 2011 an amount of € 0.2 million has been recognised for these type of costs. Without these non-recurring costs in both comparable periods, the (adjusted) EBIT has almost doubled from € 1.7 million in the first half-year 2010 to € 3.3 million in the first half-year 2011. For the second half-year 2011 we expect another € 0.2 as restructuring costs for these business activities.
The profit for the first half-year 2011 remained almost stable with € 2.5 million compared to the first half of 2010, as a combination of an improved EBIT with a net financing result that deteriorated with € 0.3 million (predominantly caused by a foreign currency exchange loss related to the British pound in the first half-year 2011 compared to a foreign currency exchange profit in the first half-year 2010) and an increased income tax expense of € 0.2 million.
DOCDATA N.V. has strengthened its strong financial position during the first half-year 2011, resulting in a solvency ratio of 58.2% per 30 June 2011 (31 December 2010: 49.3%). In relation to the Company's liquidity, DOCDATA N.V. has realised in the first half-year 2011 a cash flow from operating activities of € 1.9 million. Furthermore, cash was received in the first half-year 2011 from the exercise of share options in the amount of € 1.4 million, resulting in a total cash-in of € 3.3 million. In the first half-year 2011 the Group has invested a total amount of € 4.6 million, containing € 2.4 million for payment of dividend from the 2010 profit, € 1.8 million for capital expenditure in property, plant and equipment (mainly warehouse equipment in Waalwijk and Groβbeeren) and € 0.3 million
for investments in intangibles (mainly IT development costs for the payments platform and development costs by IAI for new generation security systems). As a result, the cash surplus decreased with € 1.3 million to a net cash balance of € 4.5 million per 30 June 2011 (31 December 2010: € 5.8 million).
The focus in 2011 will be kept on growth, both autonomous and through acquisitions. Acquisitions will mainly be aimed at further strengthening of our position in the markets in which we operate.
The focus of the e-commerce service company Docdata is on further development of our position in the Benelux, Germany and the UK. In addition, we will analyse in the second half-year of 2011 the possibilities to become active in other European markets. Based on our current client base, we expect for the second half-year of 2011 further growth with only a limited impact of non-recurring costs on profit, as was the case in the previous years 2009 and 2010.
The focus for the technology company IAI industrial systems remains on the realisation of orders worldwide in existing and specifically defined markets. Considering the order book level of IAI industrial systems as at 30 June 2011, combined with the length of the time between an order and the completion and delivery of systems at the client, we expect lower revenues and results for IAI industrial systems for the full year 2011 as well.
As the current strategy 'Vision 2012: Flywheel to Growth' runs till 2012, the management of DOCDATA N.V. currently executes a strategic study together with an external party. All strategic options will be addressed and discussed extensively. The outcome will serve as input for the strategic route in the coming years and we expect to be able to present further announcements by the end of 2011.
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 2010 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 2011 half-year results please refer to the attached enclosure 'Interim Financial Information for the half-year ended 30 June 2011' with Appendix.
Today, Thursday 21 July 2011, management of DOCDATA N.V. will discuss the 2011 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). After this meeting, the presentation shown to the financial press and analysts will be made available for downloading from the Company's corporate website, www.docdatanv.com.
------------------------------------------
The listed DOCDATA N.V. exists of two lines of business:
Technology company IAI industrial systems (www.iai-industrial-systems.com) is a high tech engineering company specialised in developing and building systems for very accurate and high speed processing of all kinds of products and materials. IAI delivers clients globally in the following sectors: securing and personalising of security documents, processing of solar cells and modules and processing of other materials and products.
E-commerce service company Docdata (www.docdata.com) is a European market leader with a strong basis in The Netherlands, Germany and the United Kingdom. Docdata offers a complete e-commerce service portfolio to clients, enabling them to be successful on the internet.
Waalwijk, The Netherlands, 21 July 2011
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, 21 July 2011
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 2011 |
Half-year ended 30 June 2010 |
||
|---|---|---|---|---|
| Revenue by line of business | € % € |
% | ||
| E-commerce service company Docdata | 53,608 | 90.9 | 35,666 | 77.6 |
| Technology company IAI industrial systems | 5,374 | 9.1 | 10,323 | 22.4 |
| Total | 58,982 | 100.0 | 45,989 | 100.0 |
| (in thousands, except percentage figures) | Half-year ended 30 June 2011 |
Half-year ended 30 June 2010 |
||
|---|---|---|---|---|
| Gross profit (margin) by line of business (margin as % of revenue by line of business) |
€ | % | € | % |
| E-commerce service company Docdata | 12,616 | 23.6 | 8,563 | 24.0 |
| Technology company IAI industrial systems | 1,519 | 28.8 | 4,126 | 40.0 |
| Total | 14,135 | 24.0 | 12,689 | 27.6 |
| (in thousands, except percentage figures) | Half-year ended 30 June 2011 |
Half-year ended 30 June 2010 |
|||
|---|---|---|---|---|---|
| Operating profit (margin) by line of business (margin as % of revenue by line of business) |
€ | % | € | % | |
| E-commerce service company Docdata | 3,036 | 5.7 | 352 | 1.0 | |
| Technology company IAI industrial systems | 496 | 9.2 | 2,807 | 27.2 | |
| Total | 3,532 | 6.0 | 3,159 | 6.9 | |
| Selling & Administrative expenses (as % of revenue) | |||||
| Selling expenses | 3,081 | 5.2 | 2,681 | 5.8 | |
| Administrative expenses | 7,535 | 12.8 | 6,876 | 15.0 | |
| Total | 10,616 | 18.0 | 9,557 | 20.8 | |
| Selling & Administrative expenses by line of | |||||
| business (as % of revenue by line of business) | |||||
| E-commerce service company Docdata | 9,586 | 17.9 | 8,219 | 23.0 | |
| Technology company IAI industrial systems | 1,030 | 19.2 | 1,338 | 13.0 | |
| Total | 10,616 | 18.0 | 9,557 | 20.8 | |
| Other operating income and expenses (as % of revenue) |
|||||
| Other operating income | 150 | 0.3 | 265 | 0.6 | |
| Other operating expenses | (137) | (0.3) | (238) | (0.5) | |
| Net other operating expenses | 13 | - | 27 | 0.1 | |
Net financing expenses for the half-year ended 30 June 2011 amounted to € 152 thousand compared to net financing income of € 130 thousand for the half-year ended 30 June 2010. This decrease of € 0.3 million is predominantly caused by the foreign currency exchange result in the half-year ended 30 June 2011 (€ 0.1 million loss) compared to the half-year ended 30 June 2010 (€ 0.2 million profit) related to the British pound.
DOCDATA's effective tax rate in the half-year ended 30 June 2011 was 27.1% with an income tax expense of € 0.9 million on a profit before income tax of € 3.4 million. In the half-year ended 30 June 2010, the profit before income tax amounted to € 3.3 million and the income tax expense amounted to € 0.7 million (effective tax rate: 22.3%).
The income tax expense of € 0.9 million in the half-year ended 30 June 2011 is the combined result of the following tax treatments of the results per country:
The General Annual Meeting of Shareholders held on 15 June 2011 approved the proposal to distribute a dividend of € 0.35 per ordinary share outstanding (excluding own shares held by the Company), which had a decreasing impact of € 2.4 million on retained earnings within the equity of the Company in the half-year ended 30 June 2011.
In the half-year ended 30 June 2011, the Group realised net cash from operating activities of € 1.9 million. Furthermore, cash was received from the exercise of share options in the amount of € 1.4 million, resulting in a total cash-in of € 3.3 million for the half-year ended 30 June 2011. With these funds, the Group invested in the half-year ended 30 June 2011 a total amount of € 4.6 million, containing € 2.4 million for payment of the 2010 dividend, € 1.8 million in property, plant and equipment (mainly warehousing equipment in Waalwijk and Groβbeeren), and € 0.3 million in intangibles (IT development costs for the payments platform and development costs by IAI for new generation security systems). As a result, the net cash position of the Group has decreased with € 1.3 million to € 4.5 million per 30 June 2011 (31 December 2010: € 5.8 million). Furthermore, the Group has fully repaid in the half-year ended 30 June 2011 the € 4.0 million credit facility drawn with Commerzbank AG in 2010 and has increased the existing credit facility with Deutsche Bank Nederland N.V. from € 5.0 million to € 10.0 million.
In the half-year ended 30 June 2011 187,500 share options were exercised from the 2006, 2007 and 2008 series at an average exercise price of € 7.24 per share. The underlying shares have been delivered by the Company from the shares in stock. The proceeds of € 1.4 million have been credited to equity ('Reserve for own shares'). Per 30 June 2011, the Company had 156,642 own shares in stock (2.24%), which number is the same as the number of own shares currently owned by the Company per 21 July 2011. Per 30 June 2011 a total number of 167,250 share options are outstanding; 79,500 share options of the 2008 series (exercise price: € 6.83 per share) that are exercisable and 'in-the-money', and 87.750 share options of the 2009 series (exercise price: € 6.38 per share) that will vest on 29 May 2012. Furthermore, a total number of 70,539 Performance Shares are outstanding per 30 June 2011, which have been granted conditionally in 2010 (22,284 Performance Shares; vesting date: 14 May 2013) and 2011 (48,255 Performance Shares; vesting date: 17 June 2014).
Waalwijk, 21 July 2011
Balance sheets before appropriation of profit.
| 30 June 2011 |
31 December 2010 |
|
|---|---|---|
| (in thousands) | € | € |
| Assets | ||
| Property, plant and equipment | 10,576 | 10,431 |
| Intangible assets | 9,267 | 9,690 |
| Investments in associates | 117 | 62 |
| Other investments | 95 | 95 |
| Trade and other receivables | 200 | 200 |
| Deferred tax assets | 1,280 | 1,001 |
| Total non-current assets | 21,535 | 21,479 |
| Inventories | 6,330 | 5,436 |
| Income tax receivables | 44 | 407 |
| Trade and other receivables | 17,761 | 18,840 |
| Cash and cash equivalents | 4,490 | 9,790 |
| Total current assets | 28,625 | 34,473 |
| Total assets | 50,160 | 55,952 |
| Equity | ||
| Share capital | 700 | 700 |
| Share premium | 16,854 | 16,854 |
| Translation reserves | (813) | (669) |
| Reserve for own shares | (1,310) | (2,810) |
| Retained earnings | 10,942 | 9,474 |
| Unappropriated profits | 2,535 | 3,853 |
| Total equity attributable to equity holders of the parent | 28,908 | 27,402 |
| Non-controlling interest | 286 | 156 |
| Total equity | 29,194 | 27,558 |
| Liabilities | ||
| Interest-bearing loans and borrowings | - | - |
| Deferred tax liabilities | 516 | 530 |
| Total non-current liabilities | 516 | 530 |
| Bank overdrafts | - | 4,000 |
| Interest-bearing loans and borrowings | - | 190 |
| Income tax payable | 1,122 | 453 |
| Trade and other payables | 19,053 | 22,781 |
| Provisions | 275 | 440 |
| Total current liabilities | 20,450 | 27,864 |
| Total liabilities | 20,966 | 28,394 |
| Total equity and liabilities | 50,160 | 55,952 |
| Half-year ended 30 June 2011 |
Half-year ended 30 June 2010 |
|||
|---|---|---|---|---|
| (in thousands, except earnings per share and average shares outstanding) |
€ | % | € | % |
| Revenue Cost of sales |
58,982 (44,847) |
100.0 (76.0) |
45,989 (33,300) |
100.0 (72.4) |
| Gross profit | 14,135 | 24.0 | 12,689 | 27.6 |
| Other operating income | 150 | 0.2 | 265 | 0.6 |
| Selling expenses | (3,081) | (5.2) | (2,681) | (5.8) |
| Administrative expenses | (7,535) | (12.8) | (6,876) | (15.0) |
| Other operating expenses | (137) | (0.2) | (238) | (0.5) |
| Operating profit before financing result | 3,532 | 6.0 | 3,159 | 6.9 |
| Financial income | 98 | 0.1 | 240 | 0.5 |
| Financial expenses | (250) | (0.4) | (110) | (0.2) |
| Net financing income / (expenses) | (152) | (0.3) | 130 | 0.3 |
| Share of profits of associates | 55 | 0.1 | - | - |
| Profit before income tax | 3,435 | 5.8 | 3,289 | 7.2 |
| Income tax expense | (931) | (1.6) | (734) | (1.6) |
| Profit for the period | 2,504 | 4.2 | 2,555 | 5.6 |
| Attributable to: Equity holders of the parent |
2,535 | 4.3 | 2,662 | 5.8 |
| Non-controlling interest | (31) | (0.1) | (107) | (0.2) |
| Profit for the period | 2,504 | 4.2 | 2,555 | 5.6 |
| Weighted average number of shares outstanding Weighted average number of shares (diluted) |
6,728,000 7,000,000 |
6,649,000 7,000,000 |
||
| Earnings per share | ||||
| Basic earnings per share | 0.38 | 0.38 | ||
| Diluted earnings per share | 0.36 | 0.37 |
| Half-year ended | Half-year ended | |
|---|---|---|
| 30 June 2011 | 30 June 2010 | |
| (in thousands) | € | € |
| Cash flows from operating activities Profit for the period |
2,504 | 2,555 |
| Adjustments for: | ||
| Depreciation and amortisation | 2,231 | 1,490 |
| Costs share options, performance shares and delivered shares | 141 | 73 |
| Financial expenses | 156 | 110 |
| Financial income | (4) | (240) |
| Share of profits of associates | (55) | - |
| Income tax expense | 931 | 734 |
| Cash flows from operating activities before changes in | ||
| working capital and provisions | 5,904 | 4,722 |
| (Increase) / decrease in trade and other receivables | 986 | 777 |
| (Increase) / decrease in inventories | (894) | 1,319 |
| Increase / (decrease) in trade and other payables | (3,775) | (2,132) |
| Increase / (decrease) in provisions and employee benefits | (165) | (437) |
| Cash generated from the operations | 2,056 | 4,249 |
| Interest paid | (159) | (108) |
| Interest received | 97 | 81 |
| Income taxes received / (paid) | (76) | 1,199 |
| Net cash from operating activities | 1,918 | 5,421 |
| Cash flows from investing activities | ||
| Acquisition of property, plant and equipment | (1,800) | (3,213) |
| Acquisition of intangible assets | (342) | (1,299) |
| Acquisition of subsidiaries | - | - |
| Acquisition of associates and other investments | - | - |
| Proceeds from sale of property, plant and equipment | 11 | 6 |
| Net cash from investing activities | (2,131) | (4,506) |
| Cash flows from financing activities | ||
| Proceeds from exercise of share options | 1,359 | 13 |
| Repayment of bank overdrafts | (4,000) | - |
| Dividends paid | (2,385) | (3,658) |
| Repayment of interest-bearing loans and other borrowings | (29) | - |
| Proceeds from bank overdrafts | - | 4,400 |
| Net cash from financing activities | (5,055) | 755 |
| Net increase / (decrease) in cash and cash equivalents | (5,268) | 1,670 |
| Cash and cash equivalents at the beginning of the period | 9,790 | 6,147 |
| Effect of exchange rate fluctuations on cash held | (32) | (93) |
| Cash and cash equivalents at the end of the period | 4,490 | 7,724 |
| Share capital |
Share premium |
Reserves | Retained earnings |
Total equity attributable to equity holders of the parent |
Non controlling interest |
Total equity |
|
|---|---|---|---|---|---|---|---|
| (in thousands) | € | € | € (Note 1) |
€ (Note 2) |
€ | € | € |
| Equity Statement 2010 | |||||||
| Balance at 1 January 2010 | 700 | 16,854 | (3,970) | 13,720 | 27,304 | 107 | 27,411 |
| Dividend distribution | - | - | - | (3,658) | (3,658) | - | (3,658) |
| Exercised share options | - | - | 13 | - | 13 | - | 13 |
| Costs share options | - | - | 73 | - | 73 | - | 73 |
| Realised translation differences | - | - | 270 | (270) | - | - | - |
| Unrealised exchange rate results | - | - | 243 | - | 243 | - | 243 |
| Profit for the period | - | - | - | 2,662 | 2,662 | (107) | 2,555 |
| Balance at 30 June 2010 | 700 | 16,854 | (3,371) | 12,454 | 26,637 | - | 26,637 |
| Balance at 1 July 2010 | 700 | 16,854 | (3,371) | 12,454 | 26,637 | - | 26,637 |
| Costs share options | - | - | 44 | - | 44 | - | 44 |
| Unrealised exchange rate results | - | - | (152) | - | (152) | - | (152) |
| Acquisition of non-controlling interest | - | - | - | (318) | (318) | 92 | (226) |
| Profit for the period | - | - | - | 1,191 | 1,191 | 64 | 1,255 |
| Balance at 31 December 2010 | 700 | 16,854 | (3,479) | 13,327 | 27,402 | 156 | 27,558 |
| Equity Statement 2011 | |||||||
| Balance at 1 January 2011 | 700 | 16,854 | (3,479) | 13,327 | 27,402 | 156 | 27,558 |
| Dividend distribution | - | - | - | (2,385) | (2,385) | - | (2,385) |
| Exercised share options | - | - | 1,359 | - | 1,359 | - | 1,359 |
| Costs share options | - | - | 141 | - | 141 | - | 141 |
| Unrealised exchange rate results | - | - | (144) | - | (144) | - | (144) |
| Transfer minority shareholder loan in | |||||||
| share premium non-controlling interest | - | - | - | - | - | 161 | 161 |
| Profit for the period | - | - | - | 2,535 | 2,535 | (31) | 2,504 |
| Balance at 30 June 2011 | 700 | 16,854 | (2,123) | 13,477 | 28,908 | 286 | 29,194 |
Reserves in the Consolidated Statement of Shareholders' Equity consists of the balances for Translation reserves and Reserve for own shares.
Retained earnings in the Consolidated Statement of Shareholders' Equity consists of the balances for Retained earnings (from prior years) and Unappropriated profits, equal to the Profit for the period for all disclosed half-year periods, ended 30 June 2010, 31 December 2010 and 30 June 2011 respectively.
| Half-year 2011 |
Half-year 2010 |
|
|---|---|---|
| (in thousands) | € | € |
| Foreign exchange translation differences, net of tax | (144) | 243 |
| Income / (Expense) recognised directly in equity | (144) | 243 |
| Profit for the period | 2,504 | 2,555 |
| Total recognised income and expense for the period | 2,360 | 2,798 |
| Attributable to: | ||
| Equity holders of the parent | 2,391 | 2,905 |
| Non-controlling interest | (31) | (107) |
| Total recognised income and expense for the period | 2,360 | 2,798 |
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 2011 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 financial statements of the Group as at and for the year ended 31 December 2010 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 interim 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 2010.
The consolidated financial statements of the Group are prepared in accordance with the International Financial Reporting Standards as adopted by the European Union ("IFRS"). The accounting policies applied by the Group in these consolidated 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 2010. For a summary of the significant accounting policies under IFRS, please refer to the Group's Annual Report for the financial year ended 31 December 2010.
The consolidated interim financial statements and the reconciliations included in this report and its enclosures have not been audited by the external auditors.
2010
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, except for recorded non-recurring expenses related to the acquisition of the former Dohmen Solutions business activities (including acquisition costs, advisory fees, restructuring expenses, etc.) recorded in the consolidated interim financial statements for the half-year ended 30 June 2010.
The results of the operations for the half-year ended 30 June 2011 are not necessarily indicative of the results for the entire financial year ending 31 December 2011.
In the consolidated interim financial statements for the half-year ended 30 June 2011 and the consolidated financial statements for the year ended 31 December 2010, the following treatment has been applied for the following incorporations:
The book value of property, plant and equipment has increased with nearly € 0.2 million in the halfyear ended 30 June 2011 as a combined result from capital expenditure for € 1.8 million and depreciation charges for € 1.6 million. Capital expenditure in the half-year ended 30 June 2011 is for € 1.5 million accounted for as 'under construction', which predominantly relates to the investment by Docdata Fulfilment in the new state-of-the-art logistic centre in Waalwijk, the Netherlands. Other capital expenditure for € 0.3 million mainly consists of further investments in fulfilment warehouses in Germany. At 30 June 2011, extra capital expenditure was committed for an amount of € 3.0 million in addition to the amount accounted for 'under construction'.
Total 10,576 10,431
| 30 June 2011 |
31 December 2010 |
|
|---|---|---|
| (in thousands) | € | € |
| Development costs | 403 | 255 |
| Goodwill | 6,577 | 6,723 |
| Customer contracts | 462 | 703 |
| Software (IT platforms) | 1,825 | 2,009 |
| Total | 9,267 | 9,690 |
The book value for intangible assets has decreased with € 0.4 million during the half-year ended 30 June 2011, due to the following:
| 30 June 2011 |
31 December 2010 |
|
|---|---|---|
| (in thousands) | € | € |
| Raw and auxiliary materials | 1,400 | 1,260 |
| Work in progress | 3,696 | 3,671 |
| Finished goods | 1,234 | 505 |
| Total | 6,330 | 5,436 |
The book value of inventories increased € 0.9 million in the half-year ended 30 June 2011, which was predominantly caused by an inventory increase of finished goods (company clothing) for Docdata Fashion Services GmbH due to purchases for orders in the second half-year.
IAI industrial systems' order book developed in the half-year ended 30 June 2011 from € 8.4 million at 31 December 2010 to € 9.1 million at 30 June 2011 resulting from systems' deliveries in the halfyear ended 30 June 2011 with revenue of € 3.2 million and new orders booked with a total sales value of € 3.9 million.
| E-commerce service company |
Docdata | Technology company IAI industrial systems |
|||||
|---|---|---|---|---|---|---|---|
| (in thousands, except earnings per share and average shares outstanding) |
€ | % | € | % | |||
| Revenue | 53,608 | 100.0 | 5,374 | 100.0 | |||
| Cost of sales | (40,992) | (76.5) | (3,855) | (71.7) | |||
| Gross profit | 12,616 | 23.5 | 1,519 | 28.3 | |||
| Other operating income | 142 | 0.3 | 8 | 0.1 | |||
| Selling expenses | (2,742) | (5.1) | (339) | (6.3) | |||
| Administrative expenses | (6,844) | (12.7) | (691) | (12.8) | |||
| Other operating expenses | (136) | (0.3) | (1) | - | |||
| Operating profit before financing result | 3,036 | 5.7 | 496 | 9.3 | |||
| Financial income | 68 | 0.1 | 30 | 0.1 | |||
| Financial expenses | (222) | (0.4) | (28) | (0.1) | |||
| Net financing income / (expenses) | (154) | (0.3) | 2 | - | |||
| Share of profits of associates | - | - | 55 | 1.0 | |||
| Profit before income tax | 2,882 | 5.4 | 553 | 10.3 | |||
| Income tax profit / (expense) | (818) | (1.5) | (113) | (2.1) | |||
| Profit for the period | 2,064 | 3.9 | 440 | 8.2 | |||
| Attributable to: | |||||||
| Equity holders of the parent | 2,095 | 3.9 | 440 | 8.2 | |||
| Non-controlling interest | (31) | - | - | - | |||
| Profit for the period | 2,064 | 3.9 | 440 | 8.2 |
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