Earnings Release • Jul 16, 2015
Earnings Release
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Te verspreiden op donderdag 16 juli 2015 Continental Time 07.30h. U.K. 06.30h. / U.S. Eastern Standard Time 01.30h.
Het eerste halfjaar 2015 laat, zoals eerder gemeld in het tussentijds bericht over het eerste kwartaal 2015, twee verschillende beelden zien; enerzijds is sprake van een sterke groei binnen Docdata van onze dienstverlening aan e-commerce klanten, anderzijds zijn de verkopen door IAI nog steeds te laag en de kosten te hoog. Ondanks beslissingen die reeds zijn genomen, zal dit naar verwachting ook de trend zijn voor het gehele jaar.
De volgende tabel geeft een samenvattend overzicht van de belangrijkste financiële resultaten en financiële positie:
| Halfjaar geëindigd op | |||||
|---|---|---|---|---|---|
| (in miljoenen, percentages en winst per aandeel uitgezonderd) |
30 juni 2015 | 30 juni 2014 | |||
| € | % | € | % | ||
| Omzet | 85,1 | 100,0 | 76,3 | 100,0 | |
| Brutowinst | 13,2 | 15,5 | 18,1 | 23,7 | |
| EBITDA EBITA |
5,3 2,5 |
6,2 2,9 |
8,0 5,6 |
10,5 7,3 |
|
| Bedrijfsresultaat (EBIT) | 1,9 | 2,2 | 5,1 | 6,7 | |
| Winst over het halfjaar | 0,9 | 1,0 | 3,6 | 4,7 | |
| Winst per aandeel | 0,12 | 0,51 | |||
| Balanstotaal Eigen vermogen Solvabiliteit (Eigen vermogen / Balanstotaal) |
88,6 40,5 45,7% |
84,9 40,4 47,6% |
Afbeelding 1: Tabel met belangrijkste aspecten van de geconsolideerde financiële resultaten en financiële positie voor het halfjaar geëindigd op 30 juni 2015 respectievelijk 30 juni 2014
De omzet van DOCDATA N.V. is in het eerste halfjaar 2015 met € 8,7 miljoen gestegen tot € 85,1 miljoen (+11,4%). Deze omzetstijging is volledig autonoom gerealiseerd door Docdata (effect: + € 9,6 miljoen). De autonome omzetgroei van Docdata is gerealiseerd door dienstverlening aan bestaande en nieuwe klanten in alle landen. Het aandeel van de grootste klant in Duitsland in de groepsomzet is teruggelopen tot 14,7% (eerste halfjaar 2014: 23,6%). Het aandeel van onze grootste klant in Nederland is gestegen tot 17,8% (eerste halfjaar 2014: 14,7%). De omzet van IAI is ten opzichte van het eerste halfjaar 2014 gedaald voornamelijk als gevolg van minder afgeleverde document security systemen (effect: -/- € 0,8 miljoen).
De brutowinst is in het eerste halfjaar 2015 gedaald naar € 13,2 miljoen ten opzichte van € 18,1 miljoen in het eerste halfjaar 2014 (-/- 27%), als gevolg van een daling van de brutowinst van zowel IAI (effect: -/- € 3,4 miljoen) als Docdata (effect: -/- € 1,5 miljoen). De lagere brutowinst van Docdata wordt vrijwel volledig gecompenseerd door lagere verkoopkosten en algemene beheerskosten. De brutowinstmarge is uitgekomen op 15,5% en is daarmee sterk gedaald ten opzichte van 23,7% in het eerste halfjaar 2014. IAI heeft een negatieve brutowinstmarge (verlies) gerealiseerd, als gevolg van de aflevering van enkele verliesgevende orders, hogere organisatiekosten, hogere nazorgkosten voor orders afgeleverd in 2014 en 2015, alsmede hoge kosten voor het deelnemen aan enkele grote tenders voor internationale projecten. De lagere brutowinstmarge van Docdata heeft met name te maken met twee klantencontracten die zijn overeengekomen op basis van het zogenaamde 'cost-plus' beginsel van kostendoorberekening in plaats van het in rekening brengen van een 'service-fee' voor alle als onderdeel van onze dienstverlening verrichte werkzaamheden. De twee klanten waarvoor deze vergoedingssystematiek wordt gehanteerd zijn bol.com in Nederland en ASOS in Duitsland.
Het bedrijfsresultaat voor financieringsresultaat (EBIT) is in het eerste halfjaar 2015 uitgekomen op € 1,9 miljoen ten opzichte van € 5,1 miljoen in het eerste halfjaar 2014 (-/- 63%). De daling van de EBIT is voornamelijk het gevolg van het EBIT verlies van IAI (-/- € 3,0 miljoen). Docdata heeft de EBIT licht zien stijgen tot € 4,8 miljoen. De lagere brutowinst (effect: € 1,5 miljoen lagere EBIT) kon vrijwel volledig worden opgevangen door de gedaalde verkoop- en algemene beheerskosten (effect: € 1,6 miljoen hogere EBIT).
De winst over het eerste halfjaar 2015 is uitgekomen op € 0,9 miljoen (eerste halfjaar 2014: € 3,6 miljoen). Dit is voornamelijk het gevolg van de lagere EBIT (-/- € 3,2 miljoen), in combinatie met een lagere belastinglast (-/- € 0,6 miljoen) door een lagere winst voor belastingen.
De financiële positie van DOCDATA N.V. is gedurende het eerste halfjaar 2015 solide gebleven, uitmondend in een solvabiliteitsratio van 45,7% per 30 juni 2015 (31 december 2014: 44,6%). Deze solvabiliteit is het gevolg van de volgende mutaties in het eigen vermogen: de winst over het eerste halfjaar 2015 (€ 0,9 miljoen), de inkoop van 49.269 stuks eigen aandelen ter afdekking van het DOCDATA N.V. 'Performance Share Plan' (€ 1,0 miljoen) en het in mei 2015 uitgekeerde dividend uit de winst over 2014 (€ 3,8 miljoen). Het eigen vermogen is hierdoor gedaald tot € 40,5 miljoen per 30 juni 2015. Daarnaast is het balanstotaal per 30 juni 2015 gedaald tot € 88,6 miljoen (31 december 2014: € 99,1 miljoen), voornamelijk als gevolg van een veel lagere balanspositie voor handelsschulden en overige te betalen posten die per jaareinde 2014 fors was opgelopen. Het netto werkkapitaal (exclusief Stichting foundation docdata payments) is hierdoor in het eerste halfjaar 2015 opgelopen tot € 12,5 miljoen (31 december 2014: € 6,8 miljoen) en de netto bankschuld bedraagt per 30 juni 2015 € 3,7 miljoen (31 december 2014: € 5,2 miljoen netto kaspositie). De netto bankschuld is ontstaan in het eerste halfjaar 2015 als gevolg van de negatieve nettokasstroom uit operationele activiteiten (-/- € 1,6 miljoen), alsmede de aanwending van geldmiddelen ten behoeve van het doen van investeringsuitgaven exclusief desinvesteringen (per saldo: -/- € 2,5 miljoen) en eerdergenoemde inkoop eigen aandelen en dividenduitkering (-/- € 4,8 miljoen).
Docdata laat in het eerste half jaar een verdere groei van de omzet zien (+14%), exclusief onze grootste klant in Duitsland zelfs bijna 30% ten opzichte van het eerste halfjaar 2014. De groei van Docdata wordt breed gedragen; vrijwel alle klanten in onze top-30 dragen aan de groei bij.
Afbeelding 2: Ontwikkeling omzet Docdata en omzetgroei exclusief grootste klant in Duitsland
De brutowinstmarge van Docdata is sterk afgenomen. Dit heeft te maken met de twee eerder genoemde 'cost-plus' contracten. De omzet van deze twee contracten is ongeveer verdubbeld ten opzichte van de eerste helft van het afgelopen jaar. Daarnaast zien we dat de huidige mix van klanten een lagere brutowinstmarge genereren dan in de eerste helft van vorig jaar. Door de sterke groei is er ook minder tijd geweest om efficiencyverbeteringen te realiseren waarbij de kwaliteitseisen van onze klanten wel blijven toenemen.
Afbeelding 3: Ontwikkeling brutowinstmarge Docdata
In de afgelopen jaren hebben wij geïnvesteerd om een nieuwe basis voor groei neer te leggen voor ons bedrijf IAI. Hiervoor is geïnvesteerd in de upgrade en ontwikkeling van onze systemen voor de document security markt, zoals de BookMasterOne, BookMasterPro, MicroPerf en CardMasterOne. Om nieuwe markten te openen hebben wij de afgelopen periode meerdere orders afgeleverd met een lage of zelfs negatieve marge. Wij hebben een wereldwijd verkoopnetwerk opgebouwd en nemen deel aan internationale tenders. Door al deze activiteiten wordt IAI nu gezien als een serieuze partner. Wij nemen deel aan substantiële tenders die zich in een beslissende fase van besluitvorming bevinden. Wij zijn ervan overtuigd dat we in de komende zes tot acht maanden hieruit meerdere interessante orders kunnen realiseren.
Daarnaast hebben wij geïnvesteerd in de ontwikkeling van laserbronnen met unieke kenmerken en tevens in de ontwikkeling van nieuwe applicaties, zoals het boren van gaatjes ten behoeve van innovatieve dieselinjectie systemen. Dit alles heeft ook substantiële kosten met zich meegebracht wat duidelijk zichtbaar is in onze resultaten.
Om onze plannen voor de verschillende marktgebieden waar te kunnen maken zullen wij in het komende jaar de strategische opties voor elk deelgebied onderzoeken. Daartoe zullen wij de deelgebieden in de komende zes maanden als zelfstandige eenheden gaan neerzetten en zo een verdergaande focus aanbrengen. In alle plannen zit tegelijkertijd een duidelijke besparingsopgave en worden de geplande aanvullende investeringen kritisch tegen het licht gehouden. Mogelijk zal dit in het tweede halfjaar 2015 nog aanvullende eenmalige kosten met zich meebrengen.
In het eerste halfjaar 2015 is in totaal € 4,3 miljoen geïnvesteerd, waarvan € 1,4 miljoen in materiële vaste activa. Dit betreft voornamelijk investeringen in de uitrusting en mechanisatie van onze magazijnen in Waalwijk en Grossbeeren, alsmede in de uitbreiding van ons magazijn in Swiebodzin, Polen. Daarnaast is voor € 2,8 miljoen geïnvesteerd in immateriële activa, waarvan € 0,6 miljoen door Docdata in de verdere ontwikkeling van de fulfilment- en betaalplatforms en € 2,2 miljoen door IAI voor het continueren van de in 2014 gestarte ontwikkeling van oplossingen voor de markt van documentbeveiliging, inclusief de (geactiveerde) kosten voor de herontwikkeling van de CO2-laser en het ontwikkelen van de unieke 'Q-switch' laser.
In het tweede halfjaar 2015 verwachten wij een vergelijkbaar investeringsniveau waarbij verdere investeringen in de uitrusting en mechanisatie van onze magazijnen in Waalwijk en Grossbeeren centraal zal staan, alsmede beperkte investeringen voor het afronden van de ontwikkelingen door IAI en FEHA. De investeringen zullen moeten bijdragen aan de groei van beide bedrijven en dienen om bestaande en nieuwe klanten de hoogste kwaliteit dienstverlening te kunnen bieden.
Het vaste personeelsbestand van de Groep is in het eerste halfjaar 2015 gegroeid met 3,8% tot 1.431 medewerkers (1.348 FTE) ten opzichte van eind 2014 (1.379 medewerkers; 1.307 FTE). Deze groei is voornamelijk veroorzaakt door de toename van het personeelsbestand in Polen als gevolg van de uitbreiding van het magazijn wegens autonome groei van de dienstverlening aan onze klanten. Het personeelsbestand is in Duitsland en in Nederland afgenomen als gevolg van minder activiteiten voor onze grootste klant in Duitsland en het efficiënter opzetten van de interne organisatie.
Het tweede halfjaar 2015 zal naar alle waarschijnlijkheid een soortgelijk beeld geven als het eerste halfjaar. Wij verwachten dat de omzet van Docdata over het hele jaar 2015 autonoom zal groeien, waarbij de omzetgroei gedurende het tweede halfjaar 2015 lager zal zijn als gevolg van de reeds aangekondigde en geplande beëindiging van onze dienstverlening aan twee van onze belangrijke e-commerce klanten in Duitsland, te weten Brands4Friends en onze corporate fashion klant Deutsche Bahn. Voor IAI verwachten wij dat de omzet over het hele jaar 2015 substantieel lager zal uitkomen en in het tweede halfjaar 2015 uitsluitend nog zal bestaan uit afleveringen van orders die reeds in het orderboek per 30 juni 2015 zitten. Ondanks de veelbelovende pijplijn slagen wij er nog niet in om deze te converteren naar getekende orders met aflevering in 2015.
DOCDATA N.V. stelt de geconsolideerde jaarrekening op volgens de International Financial Reporting Standards zoals aanvaard binnen de Europese Unie (hierna genoemd IFRS). Voor een overzicht van de belangrijkste waarderingsgrondslagen onder IFRS wordt verwezen naar het Jaarverslag 2014, dat verkrijgbaar is bij de vennootschap en eveneens is te downloaden vanaf de corporate website van de onderneming, www.docdatanv.com. Het halfjaarbericht is opgesteld in overeenstemming met IAS 34 ('Interim Financial Reporting').
De in dit halfjaarbericht en de bijlagen opgenomen cijferopstellingen zijn niet gecontroleerd door de externe accountant.
Voor een gedetailleerde behandeling van de halfjaarcijfers 2015 wordt verwezen naar de appendix 'Interim Financial Information for the half-year ended 30 June 2015'.
Het management van DOCDATA N.V. zal vandaag, donderdag 16 juli 2015, de halfjaarcijfers 2015 bespreken in een bijeenkomst, waarvoor zowel de financiële pers als analisten zijn uitgenodigd, die zal worden gehouden om 10.30 uur in de Mercurius zaal van het Financieel Nieuwscentrum Beursplein 5 van Euronext Amsterdam (Beursplein 5, 1012 JW Amsterdam, telefoon 020-5505505). Na afloop van deze bijeenkomst zal de aan de financiële pers en analisten getoonde presentatie te downloaden zijn vanaf de corporate website van de onderneming, www.docdatanv.com.
------------------------------------------
Het beursgenoteerde DOCDATA N.V. bestaat uit twee volledig autonome "lines of business":
Docdata (www.docdata.com) is een Europese marktleider en speelt een belangrijke rol achter de schermen van vele A-merken, retailers en e-tailers. Docdata is actief in Nederland, Duitsland, het Verenigd Koninkrijk, Italië, Polen, Zwitserland en Spanje. Klanten van Docdata zijn onder meer bol.com, de Bijenkorf, Brands4Friends, ASOS, Toys"R"Us, Wine in Black, V&D, HP en Zalando. Ondersteund door diensten van Docdata worden dagelijks meer dan honderdduizend transacties gerealiseerd. De wereld van e-commerce verandert snel. Daarom investeert Docdata continu in mensen, apparatuur, de ontwikkeling van IT-systemen en in diensten. Hierdoor kan Docdata haar klanten zowel operationeel als op strategisch niveau proactief bijstaan.
IAI (www.iai-industrial-systems.com) is een hightech systeembouwer gespecialiseerd in het ontwikkelen en bouwen van systemen voor het zeer nauwkeurig en met hoge snelheid bewerken van verschillende soorten producten en materialen. Klanten bevinden zich wereldwijd in de volgende sectoren: het beveiligen en personaliseren van waardedocumenten, het bewerken van zonnecellen en -modules en het bewerken van andere materialen en producten.
(*) voorlopige datum
Waalwijk, Nederland, 16 juli 2015
Verdere informatie: DOCDATA N.V., M.F.P.M. Alting von Geusau, CEO, Tel. 0416 631 100 Corporate website: www.docdatanv.com
Verklaring als bedoeld in artikel 5:25d lid 2 sub c Wet financieel toezicht (Wft)
De Directie van DOCDATA N.V. verklaart hierbij dat, voor zover haar bekend:
Waalwijk, 16 juli 2015
De Directie,
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).
| Half-year ended 30 June 2015 |
Half-year ended 30 June 2014 |
|||
|---|---|---|---|---|
| (in thousands, except for percentage figures) | € | % | € | % |
| Revenue | 78,707 | 100.0 | 69,149 | 100.0 |
| Gross profit (margin as a % of revenue) | 13,957 | 17.7 | 15,490 | 22.4 |
| Selling and administrative expenses Other operating income and expenses |
(9,612) 478 |
(12.2) 0.6 |
(11,163) 255 |
(16.1) 0.3 |
| EBITDA | 7,648 | 9.7 | 7,192 | 10.4 |
| Operating profit before financing result (EBIT) | 4,823 | 6.1 | 4,582 | 6.6 |
Revenue of Docdata increased with € 9.6 million (+13.8%) to € 78.7 million. This increase is a combined effect of substantial lower revenue from service fees of our biggest client in Germany (-/- € 5.5 million) and autonomous growth of the other clients in the Netherlands, Germany and Poland (+ € 15 million). The total number of transactions realised increased with 17% to just over 28 million in the first half-year 2015.
The gross profit decreased with € 1.5 million (-/-9.9%) which is predominantly the result of the two customer contracts which are based on a 'cost-plus' revenue calculation method, instead of the 'service-fee' revenue calculation method previously used. These contracts concern the fulfilment agreements with bol.com in the Netherlands and ASOS in the Germany.
The operating profit (EBIT) increased with € 0.2 million (+5.3%) mainly as a result of the lower selling and administrative expenses which have fully offset the decreased gross profit.
| Half-year ended 30 June 2015 |
Half-year ended 30 June 2014 |
|||
|---|---|---|---|---|
| (in thousands, except for percentage figures) | € | % | € | % |
| Revenue | 6,347 | 100.0 | 7,181 | 100.0 |
| Gross profit (margin as a % of revenue) | (748) | (11.8) | 2,613 | 36.4 |
| Selling and administrative expenses Other operating income and expenses |
(2,280) 71 |
(35.9) 1.1 |
(2,137) 14 |
(29.8) 0.2 |
| EBITDA | (2,394) | (37.7) | 806 | 11.2 |
| Operating profit before financing result (EBIT) | (2,957) | (46.6) | 490 | 6.8 |
Revenue of IAI decreased with € 0.8 million (-/-11.6%). In the first half-year 2015 there were less systems delivered compared to the first half-year 2014. The IAI order book stayed approximately at a constant level in the half-year 2015 with € 6.1 million at 31 December 2014 and € 6.0 million at 30 June 2015, resulting from systems' deliveries in the half-year 2015 with revenue of € 6.3 million and new orders booked with a total sales value of 'only' € 6.2 million. A sales value of € 4.8 million (80%) of the order book balance at 30 June 2015 relates to eight orders for security systems that are scheduled for delivery in the second half-year 2015; these orders are included in work in progress at 30 June 2015 for a total amount of € 3.0 million (81%).
The gross profit decreased with € 3.4 million due to lower sales, the delivery of some orders with a negative margin, higher organisation costs, higher costs to complete orders in 2014 and 2015, and high costs for participating in some large tenders for international projects.
The development of operating profit (EBIT) is a combined result of the substantially lower gross profit and comparable selling and administrative expenses.
Financial position before appropriation of profit.
| Reference | 30 June | 31 December | ||
|---|---|---|---|---|
| (in thousands) | 2015 € |
2014 € |
||
| Assets | ||||
| Property, plant and equipment Intangible assets Trade and other receivables Other investments |
6.7 6.8 |
22,951 9,249 - 11 |
25,685 6,999 - 11 |
|
| Deferred tax assets Total non-current assets |
245 32,456 |
677 33,372 |
||
| Inventories Current income tax receivables Trade and other receivables Cash and cash equivalents Total current assets |
6.9 6.10 |
(Note) | 9,778 1,885 31,196 13,315 56,174 |
10,991 1,345 31,574 21,849 65,759 |
| Total assets | 88,630 | 99,131 | ||
| Equity | ||||
| Share capital Share premium Translation reserves Reserve for own shares Retained earnings (from prior years) Unappropriated profits (Profit for the period) Total equity |
6.12 | 700 16,854 (613) 118 22,546 864 40,469 |
700 16,854 (666) 80 19,910 7,305 44,183 |
|
| Liabilities | ||||
| Deferred tax liabilities Provisions Other non-current liabilities Total non-current liabilities |
794 - 602 1,396 |
794 328 1,031 2,153 |
||
| Current income tax payable Trade and other payables Bank overdraft Provisions Total current liabilities |
6.10 | 511 39,390 5,634 1,230 46,765 |
1,973 48,665 1,331 826 52,795 |
|
| Total liabilities | 48,161 | 54,948 | ||
| Total equity and liabilities | 88,630 | 99,131 |
Note: Cash and cash equivalents per 30 June 2015 includes restricted cash of Stichting foundation docdata payments in the amount of € 11.4 million, see also the disclosure notes 6.10 and 6.11 (31 December 2014: € 15.4 million).
| Reference | Half-year ended 30 June 2015 |
Half-year ended 30 June 2014 |
||||
|---|---|---|---|---|---|---|
| (in thousands, except for percentage figures and earnings per share and average shares outstanding) |
€ | % | € | % | ||
| Revenue | 85,054 | 100.0 | 76,330 | 100.0 | ||
| Cost of sales Gross profit |
(71,845) 13,209 |
(84.5) 15.5 |
(58,227) 18,103 |
(76.3) 23.7 |
||
| Other operating income Selling expenses |
6.13 | 567 (3,733) |
0.7 (4.4) |
382 (4,183) |
0.5 (5.5) |
|
| Administrative expenses | (8,159) | (9.6) | (9,117) | (11.9) | ||
| Other operating expenses | 6.13 | (18) | - | (113) | (0.1) | |
| Operating profit before financing result | 1,866 | 2.2 | 5,072 | 6.7 | ||
| Financial income Financial expenses |
119 (166) |
0.1 (0.2) |
84 (65) |
0.1 (0.1) |
||
| Net financing income / (expenses) | 6.14 | (47) | (0.1) | 19 | - | |
| Profit before income tax | 1,819 | 2.1 | 5,091 | 6.7 | ||
| Income tax expense | 6.15 | (955) | (1.1) | (1,534) | (2.0) | |
| Profit for the period | 864 | 1.0 | 3,557 | 4.7 | ||
| Attributable to equity holders of the parent | 864 | 1.0 | 3,557 | 4.7 | ||
| Number of shares outstanding Weighted average number of shares outstanding |
6,953,000 | 6,957,000 | ||||
| Earnings per share Basic earnings per share |
0.12 | 0.51 |
| Reference | Half-year ended 30 June 2015 |
Half-year ended 30 June 2014 |
|
|---|---|---|---|
| (in thousands) | € | € | |
| Cash flows from operating activities | |||
| Profit for the period | 864 | 3,557 | |
| Adjustments for: | |||
| Depreciation Amortisation |
2,800 588 |
2,402 524 |
|
| Impairments | - | - | |
| Costs performance shares and delivered shares | 222 | 118 | |
| Loss / (Gain) on sale of property, plant and equipment | (171) | (147) | |
| Financial income | (119) | (84) | |
| Financial expenses Income tax expense |
166 955 |
65 1,534 |
|
| Cash flows from operating activities before changes in | |||
| working capital and provisions | 5,305 | 7,969 | |
| (Increase) / decrease in trade and other receivables | 491 | 3,092 | |
| (Increase) / decrease in inventories | 1,213 | (5,593) | |
| Increase / (decrease) in trade and other payables | (6,089) | 166 | |
| Increase / (decrease) in provisions and other | |||
| non-current liabilities Cash generated from the operations |
76 996 |
(45) 5,589 |
|
| Interest paid Interest received |
(158) 120 |
(86) 84 |
|
| Income taxes paid | (2,585) | (2,416) | |
| Income taxes received | 29 | 417 | |
| Net cash from operating activities | 6.12 | (1,598) | 3,588 |
| Cash flows from investing activities | |||
| Acquisition of property, plant and equipment | 6.7 | (1,404) | (3,258) |
| Acquisition of intangible assets | 6.8 | (2,625) | (576) |
| Proceeds from sale of subsidiaries | 6.6 | - | 212 |
| Proceeds from sale of property, plant and equipment Loans provided to associates and other investments |
1,571 - |
109 - |
|
| Net cash from investing activities | 6.12 | (2,458) | (3,513) |
| Cash flows from financing activities | |||
| Dividends paid | (3,812) | (4,851) | |
| Own shares bought Net cash from financing activities |
6.12 | (1,041) (4,853) |
(1,128) (5,979) |
| Net increase / (decrease) in non-restricted cash and cash | |||
| equivalents | (8,909) | (5,904) | |
| Cash and cash equivalents at the beginning of the period Proceeds from bank overdraft |
6,494 4,303 |
6,704 - |
|
| Restricted cash and cash equivalents | (Note) | 11,393 | 10,852 |
| Effect of exchange rate fluctuations on cash held | 34 | (81) | |
| Cash and cash equivalents at the end of the period (Note) | 13,315 | 11,571 |
Note: reference to disclosure notes 6.10 and 6.11 for Stichting foundation docdata payments
| Share capital |
Share premium |
Translation reserves |
Reserve for own shares and share based pay ments costs |
Retained earnings (prior years) |
Unappro priated profits |
Total equity |
|
|---|---|---|---|---|---|---|---|
| (in thousands) | € | € | € | € | € | € | € |
| 2014 | |||||||
| Balance at 1 January 2014 | 700 | 16,854 | (523) | 441 | 16,626 | 8,665 | 42,763 |
| Dividend distribution | - | - | - | - | - | (4,851) | (4,851) |
| Appropriation of result | - | - | - | - | 3,814 | (3,814) | - |
| Profit for the period | - | - | - | - | - | 3,557 | 3,557 |
| Unrealised exchange rate results | - | - | (66) | - | - | - | (66) |
| Own shares bought | - | - | - | (1,127) | - | - | (1,127) |
| Costs Performance shares | - | - | - | 117 | - | - | 117 |
| Realised reserve for own shares | - | - | - | 530 | (530) | - | - |
| Balance at 30 June 2014 | 700 | 16,854 | (589) | (39) | 19,910 | 3,557 | 40,393 |
| Balance at 1 July 2014 | 700 | 16,854 | (589) | (39) | 19,910 | 3,557 | 40,393 |
| Profit for the period | - | - | - | - | - | 3,748 | 3,748 |
| Unrealised exchange rate results | - | - | (77) | - | - | - | (77) |
| Costs Performance shares Balance at 31 December 2014 |
- 700 |
- 16,854 |
- (666) |
119 80 |
- 19,910 |
- 7,305 |
119 44,183 |
| 2015 | |||||||
| Balance at 1 January 2015 | 700 | 16,854 | (666) | 80 | 19,910 | 7,305 | 44,183 |
| Dividend distribution | - | - | - | - | - | (3,812) | (3,812) |
| Appropriation of result | - | - | - | - | 3,494 | (3,494) | - |
| Profit for the period | - | - | - | - | - | 864 | 864 |
| Unrealised exchange rate results | - | - | 53 | - | - | - | 53 |
| Own shares bought | - | - | - | (1,041) | - | - | (1,041) |
| Costs Performance shares | - | - | - | 150 | - | - | 150 |
| Delivered shares for remuneration | - | - | - | 72 | - | - | 72 |
| Realised reserve for own shares | - | - | - | 857 | (857) | - | - |
| Balance at 30 June 2015 | 700 | 16,854 | (613) | 118 | 22,546 | 864 | 40,469 |
| Half-year ended 30 June 2015 |
Half-year ended 30 June 2014 |
|
|---|---|---|
| (in thousands) | € | € |
| Foreign exchange translation differences, net of tax | 53 | (66) |
| Income / (Expense) recognised directly in equity | 53 | (66) |
| Profit for the period | 864 | 3,557 |
| Total comprehensive income | 917 | 3,491 |
| Attributable to equity holders of the parent | 917 | 3,491 |
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 2015 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 2014 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 2014.
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 2014. 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 2014.
The consolidated interim financial statements and the reconciliations included in this report and its enclosures have not been audited by the external auditors.
In the opinion of the management, these consolidated interim financial statements include all adjustments necessary for a fair presentation of the financial position, operating results and cash flows of all reporting periods herein.
In the consolidated interim financial statements for the half-year ended 30 June 2015, as well as for the half-year ended 30 June 2014, no significant non-recurring adjustments have been recorded.
The results of the operations for the half-year ended 30 June 2015 are not necessarily indicative of the results for the entire financial year ending 31 December 2015.
In the consolidated interim financial statements for the half-year ended 30 June 2015 and the consolidated financial statements for the year ended 31 December 2014, the following treatment has been applied for the following incorporations:
| 30 June | 31 December | |
|---|---|---|
| 2015 | 2014 | |
| (in thousands) | € | € |
| Land and buildings | 3,899 | 4,145 |
| Machinery and equipment | 16,285 | 18,397 |
| Office equipment and other | 2,576 | 3,143 |
| 22,760 | 25,685 | |
| Under construction | 191 | - |
| Total property, plant and equipment | 22,951 | 25,685 |
The book value of property, plant and equipment has decreased with € 2.7 million in the half-year ended 30 June 2015 as a combined result from capital expenditure of € 1.5 million, depreciation charges of € 2.8 million and divestments with a net book value of € 1.4 million. Capital expenditure in the half-year ended 30 June 2015 relates to investments by Docdata for the further expansion of the logistic centre in Waalwijk, the Netherlands (€ 0.6 million), the warehouses in Germany, predominantly in the Berlin region (€ 0.3 million) and for investments in Poland (€ 0.2 million), as well as investments by IAI in the Thalheim facility (€ 0.3 million).
| 30 June 2015 |
31 December 2014 |
|
|---|---|---|
| (in thousands) | € | € |
| Goodwill | 2,444 | 2,444 |
| Software (IT platforms) | 1,934 | 1,705 |
| Development costs | 4,871 | 2,850 |
| 9,249 | 6,999 | |
| Under construction | - | - |
| Total intangible assets | 9,249 | 6,999 |
The book value for intangible assets has increased with € 2.2 million during the half-year ended 30 June 2015, due to the following:
The book value at 30 June 2015 for goodwill only relates to the goodwill paid at acquisition of the subsidiary docdata payments B.V. in Driebergen-Rijsenburg, the Netherlands.
| 30 June 2015 |
31 December 2014 |
|
|---|---|---|
| (in thousands) | € | € |
| Raw and auxiliary materials | 1,844 | 1,501 |
| Work in progress | 4,462 | 5,850 |
| Finished goods | 3,472 | 3,640 |
| Total inventories | 9,778 | 10,991 |
The book value of inventories decreased € 1.2 million in the half-year ended 30 June 2015, which is the combined effect of the decreased work in progress of IAI (€ 1.4 million), a lower finished goods inventory level (€ 0.2 million) and a higher inventory level for raw and auxiliary materials (€ 0.3 million). The lower finished goods inventory level is caused by a combination of a lower inventory of finished systems built by IAI (€ 0.4 million) and a higher merchant of record inventory for clients of Docdata (€ 0.2 million). The book value of the company clothing inventory of Docdata Fashion Services GmbH is € 2.8 million at 30 June 2015 (31 December 2014: € 2.8 million). The Company only bears a limited inventory risk on this stock, as the clients have accepted their obligation to take over this inventory should they terminate their contract with Docdata Fashion Services GmbH. The increase of the inventory value of raw and auxiliary materials is mainly due to the higher inventory level of parts and supplies for IAI.
The IAI order book stayed approximately at a constant level in the half-year ended 30 June 2015 with € 6.1 million at 31 December 2014 and € 6.0 million at 30 June 2015, resulting from systems' deliveries in the half-year ended 30 June 2015 with revenue of € 6.3 million and new orders booked
with a total sales value of 'only' € 6.2 million. A sales value of € 4.8 million (80%) of the order book balance at 30 June 2015 relates to eight orders for security systems that are scheduled for delivery in the second half-year 2015; these orders are included in work in progress at 30 June 2015 for a total amount of € 3.0 million (81%).
| 30 June 2015 |
31 December 2014 |
|
|---|---|---|
| (in thousands) | € | € |
| (Net debt position) / Net cash position | (3,712) | 5,163 |
| Bank overdraft | (5,634) | (1,331) |
| Non-restricted cash and cash equivalents | 1,922 | 6,494 |
| Restricted cash and cash equivalents | 11,393 | 15,355 |
| Total cash and cash equivalents | 13,315 | 21,849 |
Restricted cash and cash equivalents only consists of the restricted cash and cash equivalents recorded in the balance sheet of Stichting foundation docdata payments, representing cash received from customers on behalf of the Docdata Payments merchants in the bank accounts of Stichting foundation docdata payments which shall have to be paid (net of charged Docdata Payments fees) to the merchants without any disposition of this cash balance to the Group.
The balance sheet of Stichting foundation docdata payments reads as follows:
| 30 June 2015 |
31 December 2014 |
|
|---|---|---|
| (in thousands) | € | € |
| Trade and other receivables | 239 | 127 |
| Restricted cash and cash equivalents | 11,393 | 15,355 |
| Total current assets | 11,632 | 15,482 |
| Total assets | 11,632 | 15,482 |
| Other non-current liabilities | 602 | 1,031 |
| Total non-current liabilities | 602 | 1,031 |
| Trade and other payables | 11,030 | 14,451 |
| Total current liabilities | 11,030 | 14,451 |
| Total liabilities | 11,632 | 15,482 |
Of these items in the balance sheet of Stichting foundation docdata payments, the following items have certain restrictions which should be honoured by the Group:
The General Annual Meeting of Shareholders held on 12 May 2015 approved the proposal to distribute a dividend of € 0.55 per ordinary share outstanding, which had a decreasing impact of € 3.8 million on retained earnings within the equity of the Company in the half-year ended 30 June 2015. The dividend was paid by the Company on 20 May 2015 from the net cash available.
The Performance Shares granted conditionally in 2012 vested at 1 June 2015 with a vesting percentage of 84.63%, which was based on the average annual Total Shareholder Return growth realised over the three-year performance period covering the years 2012, 2013 and 2014. For a total number of 62,387 outstanding Performance Shares the Company has delivered 52,805 own shares. As the Company owned 20,731 shares per beginning of the financial year, additional own shares were bought by the Company through a broker on the Euronext Amsterdam stock market in the weeks following the publication of the 2014 financial results (i.e. total number of shares bought: 49,269 shares; purchased in two tranches on 27 February 2015 and 6 March 2015; average purchase price: € 21.13 per share). At 30 June 2015, the Company still holds 13,829 own shares, after transferring 3,366 shares for the 2014 bonus to the CEO and CFO after approval of the 2014 Remuneration report by the Annual General Meeting of Shareholders in May 2015.
Furthermore, a total number of 94,070 Performance Shares are outstanding per 30 June 2015, which have been granted conditionally in 2013 (36,515 Performance Shares; vesting date: 16 May 2016), in 2014 (29,076 Performance Shares; vesting date: 15 May 2017) and in 2015 (28,479 Performance Shares; vesting date: 14 May 2018). The own shares required at vesting of each of these Performance Share Plans will be bought by the Company, if and when needed in the future, through an external broker at the Euronext Amsterdam stock market. The 'Reserve for own shares' balance in equity per 30 June 2015 amounts to € 118 thousand (credit), representing the total of the purchase price paid for the own shares the Company holds, and all costs recorded against income for the Performance Shares granted in 2013, 2014 and 2015. Each time when Performance Shares will vest or own shares will be sold, the 'Reserve for own shares and share based payments costs' balance will be partially released to retained earnings for the corresponding relative amount related to those vested Performance Shares or sold own shares. In the half-year ended 30 June 2015 an amount of € 0.9 million was released from the Reserve for own shares and share based payments costs against the retained earnings from prior years reserve.
In the half-year ended 30 June 2015, the Group realised a negative net cash from operating activities of € 1.6 million, mainly due to a higher working capital per 30 June 2015 (effect: € 5.7 million). Furthermore, € 1.6 million in cash was received from the sale of property, plant and equipment in Germany. The Group has invested in the half-year ended 30 June 2015 a total amount of € 8.9 million, containing the payment of the 2014 dividend (€ 3.8 million), capital expenditure in property, plant and equipment (€ 1.4 million paid in the half-year ended 30 June 2015, mainly by Docdata for warehousing equipment in Waalwijk and by IAI for investments in Thalheim) and intangibles (€ 2.6 million, mainly for development costs for new solutions by IAI) and the purchase of own shares (€ 1.0 million). As a result, the net cash position of the Group of € 5.2 million per 31 December 2014 has turned into a net debt position of € 3.7 million per 30 June 2015, excluding the restricted cash position per 30 June 2015 of Stichting foundation docdata payments (€ 11.4 million). To finance this, the Company has used € 5.6 million per 30 June 2015 from the credit facility provided by Deutsche Bank in the Netherlands; the bank overdraft has thus increased with € 4.3 million in the half-year ended 30 June 2015.
| Half-year ended 30 June 2015 |
Half-year ended 30 June 2014 |
|||
|---|---|---|---|---|
| (in thousands, except for percentage figures) | € | % | € | % |
| Other operating income | 567 | 0.7 | 382 | 0.5 |
| Other operating expenses | (18) | - | (113) | (0.1) |
| Net other operating expenses | 549 | 0.7 | 269 | 0.4 |
Other operating income predominantly consist of releases of accruals and provisions carried in the balance sheet at the end of the previous year. Other operating expenses predominantly consist of expenses from prior years.
Net financing expenses for the half-year ended 30 June 2015 amounted to € 47 thousand compared to net financing income of € 19 thousand for the half-year ended 30 June 2014. This decrease of € 0.1 million is predominantly caused by higher net interest expenses due to the outstanding bank overdraft in the first half-year ended 30 June 2015 to finance the higher working capital, in combination with the foreign currency exchange result in the half-year ended 30 June 2015 (€ 7 thousand loss) compared to the half-year ended 30 June 2014 (€ 21 thousand profit) related to the British pound.
DOCDATA's effective tax rate in the half-year ended 30 June 2015 was 52.5% with an income tax expense of € 1.0 million on a profit before income tax of € 1.8 million. In the half-year ended 30 June 2014, the profit before income tax amounted to € 5.1 million and the income tax expense amounted to € 1.5 million (effective tax rate: 30.1%). The increased effective tax rate predominantly is caused by the net operating losses for the half-year ended 30 June 2015 in Germany (only by FEHA LaserTec GmbH, a subsidiary of IAI), the United Kingdom and Italy (in total a net loss of € 1.1 million), for which no deferred tax assets are recorded. Furthermore, a deferred tax asset of € 0.2 million on the 2014 net operating loss of FEHA LaserTec GmbH has been fully provided for in the half-year ended 30 June 2015. Finally, there is an effect on the effective tax rate as the mix of the profit before income tax which origins from the German and the Netherlands operations has changed, in the way that the relative share of the Dutch profit before tax (taxed at a lower tax rate) has decreased considerably in the half-year ended 30 June 2015 compared to the German profit before tax (taxed at an on-average higher rate); this is predominantly the result of the loss incurred by IAI industrial systems B.V. (part of the Dutch fiscal entity with DOCDATA N.V.) in the half-year ended 30 June 2015.
The income tax expense of € 1.0 million in the half-year ended 30 June 2015 is the combined result of the following tax treatments of the results per country:
| Half-year ended | 30 June 2015 | Half-year ended 30 June 2014 |
||
|---|---|---|---|---|
| (in thousands) | € | % | € | % |
| Revenue | 78,707 | 100.0 | 69,149 | 100.0 |
| Cost of sales | (64,750) | (82.3) | (53,659) | (77.6) |
| Gross profit | 13,957 | 17.7 | 15,490 | 22.4 |
| Other operating income | 495 | 0.6 | 364 | 0.5 |
| Selling expenses | (2,924) | (3.7) | (3,270) | (4.7) |
| Administrative expenses | (6,688) | (8.5) | (7,893) | (11.4) |
| Other operating expenses | (17) | - | (109) | (0.2) |
| Operating profit before financing result | 4,823 | 6.1 | 4,582 | 6.6 |
| Financial income | 101 | 0.1 | 70 | 0.1 |
| Financial expenses | (112) | (0.1) | (48) | (0.1) |
| Net financing income / (expenses) | (11) | - | 22 | - |
| Profit before income tax | 4,812 | 6.1 | 4,604 | 6.6 |
| Income tax expense | (1,351) | (1.7) | (1,398) | (2.0) |
| Profit for the period | 3,461 | 4.4 | 3,206 | 4.6 |
| Half-year ended 30 June 2015 |
Half-year ended 30 June 2014 |
|||
|---|---|---|---|---|
| (in thousands) | € | % | € | % |
| Revenue | 6,347 | 100.0 | 7,181 | 100.0 |
| Cost of sales | (7,095) | (111.8) | (4,568) | (63.6) |
| Gross profit / (loss) | (748) | (11.8) | 2,613 | 36.4 |
| Other operating income | 72 | 1.1 | 18 | 0.3 |
| Selling expenses | (809) | (12.7) | (913) | (12.7) |
| Administrative expenses | (1,471) | (23.2) | (1,224) | (17.0) |
| Other operating expenses | (1) | - | (4) | (0.1) |
| Operating profit / (loss) before financing result | (2,957) | (46.6) | 490 | 6.9 |
| Financial income | 18 | 0.3 | 14 | 0.2 |
| Financial expenses | (54) | (0.9) | (17) | (0.2) |
| Net financing income / (expenses) | (36) | (0.6) | (3) | - |
| Profit / (Loss) before income tax | (2,993) | (47.2) | 487 | 6.9 |
| Income tax income / (expense) | 396 | 6.2 | (136) | (1.9) |
| Profit / (Loss) for the period | (2,597) | (41.0) | 351 | 5.0 |
Waalwijk (The Netherlands), 16 July 2015
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