Earnings Release • Oct 23, 2015
Earnings Release
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Cash flow from operating activities amounted to MSEK 14.4 (1.1)
Net sales increased by 40.1 % to MSEK 161.7 (115.4), (23.3 % in local currencies)
MSAB is a world leader in mobile forensics technology with the aim of extracting and analysing data from confiscated mobile devices, mainly from mobile phones. The company has its own sales offices and sales representatives in Europe, North America, South America, China, Australia and Russia, covering most of the world together with a number of distributors. The proprietary products have become a de facto standard in the field and are used for securing evidence in over 100 countries. The products are complemented by a wide range of training courses, with the opportunity to become certified in a forensically sound method of extracting data from mobile devices. Customers are primarily authorities involved in performing criminal investigations, such as police, customs and the military. MSAB is listed on NASDAQ Stockholm under the ticker symbol: MSAB B.
MSAB's net sales growth for the period January – September 2015 was 40.1 (19.6) % with sales of MSEK 161.7 (115.4). EBIT increased to MSEK 38.2 (-5.4), corresponding to an EBIT-margin of 23.6 (-4.6) %. This is the strongest nine-month period ever in the history of the company. The comparative figure for 2014 is impacted by non-recurring expenses related to the ongoing litigation at the time and incentive program-related costs. Excluding these costs, EBIT for the first nine months of 2014 would have been MSEK 16.3. Currency adjusted sales growth for the period is 23.3 %.
Growth remains extensive and all regions are growing. After a strong Q3, North America has become our largest market for the first time, accounting for about 45 % of sales after nine months. EMEA, our oldest market, is very important for MSAB and accounts for about 40 % of sales for the period. Asia and the CIS is the region that is growing most in terms of percent. Growth to date is 76 % increase, and now accounts for 15 % of the company's total sales.
Mobile phones are of interest in all types of crime. In both sophisticated, cross border financial crime and everyday crime, information from mobile devices is often crucial for criminal investigations. Our customers rarely have the capacity to secure evidence in as many phones as would be desirable. More and more law enforcement agencies need to establish a policy to address the growing number of phones and the amount of data they need to process and analyse. Efficiency solutions are essential for effective law enforcement and the XRY family is such a solution.
MSAB has developed a concept over several years where we not only have a number of products to meet the needs of different users, but where there is also a logical and strategic connection between all components. Today MSAB has a complete platform of products, each of which fulfils a function in a forensic ecosystem. Our unique strength lies in how our system solutions convey data to different customer functions in a manner that is forensically and legally secure.
The British police in general, and the Metropolitan Police Service (MPS) in particular, have been at the forefront of new technology and the use of evidence secured from mobile phones. MPS is currently undergoing an extensive renewal and change process aimed at optimising costs and streamlining its operations. Our products and expertise in mobile forensics will be an important part of this renewal process. The UK is a market where MSAB's products seen great success from an early stage. MPS is now taking the next step and implementing our products at a strategic level, which is particularly positive since other organisations around the world will have a reference on how efficient and cost effective it is to use MSAB's solutions.
We have long had the aspiration to showcase our offering to serve as a strategic resource for our client base in crime fighting and intelligence. The development at the Metropolitan Police Service show that we are on the way to succeed in this endeavour.
Stockholm October 2015
Joel Bollö President & CEO
EMEA & Latin America – the UK Police is a pioneer in mobile forensics. MPS has strategically invested in 60 devices of XRY Kiosk and training to optimise costs and streamline its operations. Roll-out is scheduled for the fourth quarter. The French police have invested in an additional XRY system supplemented by the XAMN analysis tool. The response has been consistently positive. Compared with the previous year, the region is growing by 7 % for the quarter and 19 % for the period.
North America - major deals have been signed with the federal government regarding both the Office and Field Version systems. Several deals that are recurring in nature have been won with the federal government, which contributes to a favourable license renewal rate. Developments within state and local agencies remain strong. Compared with the previous year, the region is growing by 46 % for the quarter and 54 % for the period. This growth is partly due to a stronger USD.
Asia and CIS – our new distributor won the first major deal with the Japanese police. The company also won a substantial contract with the Turkish police. Compared with the previous year, the region is growing by 56 % for the quarter and 76 % for the period.
MSAB Kiosk MK2 was launched and is based on new hardware. Customers have requested a camera, which is offered as an option in the new version. The purpose is to be able to conveniently document and simultaneously store information on the physical device. The software workflow has significantly improved and the upgrade process is much easier in the new version.
The demand for training continues to be strong, especially in the US. Additional teachers have been engaged to meet the demand for the company's training programs. Compared with the previous year, training is growing by 14 % for the quarter and 44 % for the period.
MSAB launched MSAB Kiosk MK2. This successor to the previous XRY Kiosk is aimed at users who need to quickly confirm or refute suspicions.
MSAB received an order for MSAB Kiosk MK2 from Metropolitan Police. The order is for 60 systems with an associated training package for a total equivalent to about MSEK 5.5. The systems will be leased and recognised as revenue on a straight-line basis over 18 months.
The Group's net sales increased during the third quarter by 29.8 % to MSEK 59.6 (45.9) and for the period by 40.1 % to MSEK 161.7 (115.4). In local currencies, net sales increased by 15.1 % for the quarter and by 23.3 % for the period.
The cost of goods sold for the quarter was MSEK 7.8 (3.5) and for the period MSEK 14.3 (8.7). The cost increase is mainly due to higher sales volumes of hardware-intensive products.
Other external costs for the quarter amounted to MSEK 12.1 (11.2) and for the period MSEK 36.7 (44.1). Expenses attributable to an earlier legal dispute of MSEK 12.4 had a negative impact on the previous year.
Personnel costs for the quarter totalled MSEK 24.1 (19.2) and for the period MSEK 71.3 (66.8). The cost increase is mainly due to an increased number of employees. Incentive program costs of MSEK 9.2 had a negative impact in the corresponding period of the previous year.
EBIT for the quarter amounted to MSEK 15.3 (11.4), corresponding to an EBIT-margin of 25.7 (24.7) %. EBIT for the period amounted to MSEK 38.2 (-5.4), corresponding to an EBIT-margin of 23.6 (-4.6) %. In local currencies EBIT-margin for the quarter totalled 19.8 % and for the period 17.5 %.
0 10 20 30 40 50 60 70 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15 Net sales MSEK
Net financial items totalled MSEK 0.1 (-0.1) for the quarter and MSEK 1.1 (0.3) for the period. Net financial items primarily comprise the revaluation of cash and cash equivalents in foreign currencies. Matching of revenues and expenses in the same currencies takes place to the greatest extent possible. Currency hedging is done to some extent based on estimated future inflows. Net profit after taxes for the quarter totalled MSEK 12.0 (10.0) and for the period MSEK 29.2 (-4.2).
The equity ratio at the end of the period was 51.8 (48.2) %. Cash flow from operating activities for the quarter totalled MSEK 14.4 (1.1) and for the period MSEK 37.1 (-8.6). During the period, shareholders received dividends totalling MSEK 17.9 (1.8). Divested fund units were added to cash corresponding to MSEK 9.1 (0.0).
Cash and cash equivalents amounted to MSEK 84.9 (42.2) at the end of the period. Investments for the period amounted to MSEK 1.7 (0.1).
The Group had 113 (98) employees at the end of the period. The average number of employees was 107 (92).
MSAB does not depend on certain seasons in the sense that is usually intended by the term seasonal effects. However, most of the company's customers use the calendar year as their budget period, which historically has been reflected in sales so that the fourth quarter is stronger than other quarters during a calendar year.
The Group's activities expose it to risks and uncertainties. In addition to currency exposure due to foreign subsidiaries, as well as the fact that most invoicing from Sweden is denominated in foreign currencies, information about risks and uncertainties can be found in greater detail in the 2014 annual report. The annual report is available on the company's website.
This interim report was prepared for the Group in accordance with the Swedish Annual Accounts Act, and IAS 34 Interim Financial Reporting, and for the parent company in accordance with the Swedish Annual Accounts Act and the Swedish Financial Reporting Board's recommendation RFR 2 Accounting for Legal Entities.
The accounting policies applied for the Group and the parent company are consistent, unless otherwise stated, with the accounting policies used in the preparation of the most recent annual report.
New and amended IFRS standards, interpretations by the IFRS Interpretations Committee, and amendments to RFR 2, applied from 1 January 2015, have no impact on the parent company's or Group's financial statements.
As at 30 September 2015 financial assets, measured at fair value, amounted to MSEK 0.1 regarding forward contracts. Assets are valued according to level 2 principles on the closing date.
Measurement at fair value of forward exchange contracts is based on quoted forward prices in an active market.
The Annual General Meeting will be held in Stockholm on 10 May 2016. Shareholders wishing to have a matter addressed at the AGM must submit a written proposal no later than 5 February to ensure that the matter can be included in the notice to attend the AGM.
The Nominating Committee for MSAB comprises the chair, Erik Hermansson (Humle Kapitalförvaltning AB) as well as members Henrik Tjernberg and Joakim Dahl (Edastra AB). The task of the Nominating Committee is to develop proposals for a chair of the AGM, the Board of Directors, chairman of the Board, auditors, fees for the Board and auditors, as well as proposals for Nominating Committee procedures.
Parent company net sales amounted to MSEK 119.1 (85.8). EBIT amounted to MSEK 32.1 (-6.7). Investments for the period amounted to MSEK 1.7 (0.1). The parent company had 84 (75) employees at the end of the period.
On 6 May 2015, the Annual General Meeting resolved to implement a long-term incentive program for the company's senior executives and key personnel with the exception of CEO Joel Bollö and CTO Örjan Gatu. The scheme has had no impact on profit other than limited administrative costs. For further information on this and other incentive schemes please see the company's website.
No related party transactions occurred during the quarter.
29 January 2016 Year-end Report 2015
The information in this interim report is such information that MSAB, 556244-3050, is required to publicly disclose under the Swedish Securities Market. The information was submitted for publication on 23 October 2015 at 08:00 a.m. CEST.
This report and earlier financial reports and press releases can be found on the company's website www.msab.com.
Send questions to:
Chairman of the board Henrik Tjernberg, tel. +46 (0)8-739 02 70, e-mail: [email protected]
This interim report is a translation for information purposes only - in case of any discrepancies between this version and the Swedish, the Swedish version shall prevail.
The undersigned certify that this interim report provides, according to current regulations, a true and fair overview of the development of the parent company's and the group's business activities, financial position and results of operations, as well as the significant risks and uncertainties to which the parent company and the companies included in the Group are exposed.
Stockholm 22 October 2015
Corporate ID no. 556244-3050
| Henrik Tjernberg | Joel Bollö | Robert Ahldin | Örjan Gatu |
|---|---|---|---|
| Chairman | Chief Executive Officer | Board member | Board member |
| Ulf Arnetz | Jan-OlofBackman | Katarina G Bonde |
|---|---|---|
| Board member | Board member | Board member |
We have reviewed the interim report for Micro Systemation AB (publ) for the period 1 January – 30 September 2015. The Board of Directors and the President are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.
We conducted our review in accordance with the International Standard on Review Engagements ISRE 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review has a different focus and is substantially less in scope than an audit conducted in accordance with ISA and other generally accepted auditing practices. The procedures performed in a review do not enable us to obtain a level of assurance that would make us aware of all significant matters that might be identified in an audit. Therefore, the conclusion expressed based on a review does not give the same level of assurance as a conclusion expressed based on an audit.
Based on our review, nothing has come to our attention that causes us to believe that the interim report is not, in all material respects, prepared for the Group in accordance with IAS 34 and the Annual Accounts Act, and for the Parent Company in accordance with the Annual Accounts Act.
Stockholm, 22 October 2015 Deloitte AB
Erik Olin - Signature on Swedish original Authorized Public Accountant
| Jul-Sep | Jan-Sep | 12 Month | Full year | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MSEK | 2015 | 2014 | 2015 | 2014 | Oct-Sep | 2014 | ||||||
| Net sales | 59.6 | 45.9 | 161.7 | 115.4 | 227.3 | 181.0 | ||||||
| Cost of goods sold | 7.8 | $\overline{\phantom{a}}$ | 3.5 | $\overline{\phantom{a}}$ | 14.3 | $\overline{\phantom{a}}$ | 8.7 | $\sim$ | 24.2 | $\overline{\phantom{a}}$ | 18.6 | |
| Other external costs | 12.1 | $\overline{\phantom{a}}$ | 11.2 | $\overline{\phantom{a}}$ | 36.7 | $\equiv$ | 44.1 | $\overline{\phantom{a}}$ | 49.3 | $\overline{\phantom{a}}$ | 56.7 | |
| Personnel costs | $\overline{\phantom{a}}$ | 24.1 | $\overline{\phantom{a}}$ | 19.2 | $\overline{\phantom{a}}$ | 71.3 | $\overline{\phantom{a}}$ | 66.8 | $\overline{\phantom{a}}$ | 94.6 | $\overline{\phantom{a}}$ | 90.1 |
| Depreciation of fixed assets | 0.3 | $\overline{\phantom{a}}$ | 0.6 | $\overline{\phantom{m}}$ | 1.2 | $\overline{\phantom{m}}$ | 1.2 | $\sim$ | 1.5 | $\overline{\phantom{a}}$ | 1.5 | |
| Total operating cost | 44.3 | $\equiv$ | 34.5 | $\hspace{0.1mm}-\hspace{0.1mm}$ | 123.5 | $\overline{\phantom{a}}$ | 120.8 | $\sim$ | 169.6 | $\overline{\phantom{a}}$ | 166.9 | |
| Operating profit - EBIT | 15.3 | 11.4 | 38.2 | $\overline{\phantom{a}}$ | 5.4 | 57.7 | 14.1 | |||||
| Net financial items | 0.1 | $\overline{\phantom{a}}$ | 0.1 | 1.1 | 0.3 | 1.4 | 0.6 | |||||
| Profit/loss before tax | 15.4 | 11.3 | 39.3 | $\overline{\phantom{a}}$ | 5.1 | 59.1 | 14.7 | |||||
| Tax | 3.4 | 1.3 | $\overline{\phantom{m}}$ | 10.1 | 0.9 | 15.3 | 4.3 | |||||
| Net profit/loss after tax | 12.0 | 10.0 | 29.2 | 4.2 | 43.8 | 10.4 | ||||||
| OTHER COMPREHENSIVE INCOME | ||||||||||||
| Items to be reclassified to profit and loss | ||||||||||||
| Currency translation differences | 0.3 | 2.1 | $\overline{\phantom{m}}$ | 0.1 | 2.2 | 2.0 | 4.2 | |||||
| Tax on currency translation differences | 0.1 | $\overline{\phantom{m}}$ | 0.1 | 0.6 | $\overline{\phantom{a}}$ | 0.7 | ||||||
| Change in hedging reserves | $\overline{\phantom{a}}$ | 0.3 | 0.6 | 0.3 | $\sim$ $-$ | 0.2 | $\overline{\phantom{a}}$ | 0.5 | ||||
| Tax on hedging reserves | $\overline{\phantom{0}}$ | 0.1 | $\overline{\phantom{m}}$ | 0.1 | $\overline{\phantom{a}}$ | 0.1 | 0.1 | 0.1 | ||||
| Total comprehensive income | 11.7 | 12.3 | 29.6 | $\overline{\phantom{a}}$ | 1.8 | 45.0 | 13.5 | |||||
| Comprehensive income for the period attributable to the | ||||||||||||
| shareholders of the parent company | 11.7 | 12.3 | 29.6 | 1.8 | 45.0 | 13.5 |
| Jul-Sep | Jan-Sep | 12 Month | Full year | |||
|---|---|---|---|---|---|---|
| 2015 | 2014 | 2015 | 2014 | Oct-Sep | 2014 | |
| Revenue growth, % | 29.8 | 42.3 | 40.1 | 19.6 | 45.2 | 31.6 |
| EBIT-margin EBIT, % | 25.7 | 24.7 | 23.6 | $-4.6$ | 25.4 | 7.8 |
| Cash flow from operating activities per share, SEK | 0.79 | 0.06 | 2.04 | $-0.48$ | 3.33 | 0.81 |
| Return on equity, % | 19.4 | 21.2 | 47.3 | $-8.8$ | 70.9 | 18.6 |
| Return on capital employed, % | 28.2 | 24.8 | 71.7 | $-8.2$ | 106.5 | 30.8 |
| Equity per share, SEK | 4.14 | 2.67 | 4.14 | 2.69 | 4.15 | 3.54 |
| Earnings per share before dilution, SEK | 0.67 | 0.56 | 1.63 | $-0.23$ | 2.44 | 0.58 |
| Earnings per share after dilution, SEK | 0.66 | 0.56 | 1.60 | $-0.23$ | 2.41 | 0.58 |
| Average number of shares after dilution, million | 17.9 | 17.9 | 17.9 | 17.8 | 17.9 | 17.8 |
| Average number of shares before dilution, million | 18.2 | 17.9 | 18.2 | 17.8 | 18.2 | 17.8 |
| $Sep-30$ | $Dec-31$ | ||
|---|---|---|---|
| MSEK | 2015 | 2014 | 2014 |
| ASSETS | |||
| Intangible assets | 0.6 | 0.6 | 0.6 |
| Tangible assets | 2.4 | 1.8 | 1.9 |
| Deferred tax asset | 0.3 | $\overline{\phantom{m}}$ | 1.9 |
| Total non-current assets | 3.3 | 2.4 | 4.4 |
| Inventories | 7.4 | 6.3 | 7.1 |
| Accounts receivable - trade | 37.9 | 36.3 | 44.0 |
| Current tax asset | 6.0 | 7.3 | |
| Other current assets | 6.1 | 5.1 | 5.3 |
| Other investments | 9.1 | 9.1 | |
| Cash and cash equivalents | 84.9 | 33.1 | 56.5 |
| Total current assets | 142.3 | 97.2 | 122.0 |
| TOTAL ASSETS | 145.6 | 99.6 | 126.4 |
| EQUITY AND LIABILITIES | |||
| Equity | 75.4 | 47.9 | 63.2 |
| Accounts payable - trade | 6.7 | 4.3 | 12.7 |
| Current tax liability | 8.3 | 1.8 | 2.0 |
| Other current liabilities | 55.2 | 45.6 | 48.5 |
| Total current liabilities | 70.2 | 51.7 | 63.2 |
| TOTAL EQUITY AND LIABILITIES | 145.6 | 99.6 | 126.4 |
| $Sep-30$ | $Dec-31$ | ||
|---|---|---|---|
| MSEK | 2015 | 2014 | 2014 |
| Opening balance | 63.2 | 48.2 | 48.2 |
| Profit/loss for the period | 29.6 | 1.8 | 13.5 |
| Incentive program | $\overline{\phantom{m}}$ | 3.0 | 3.0 |
| Issue of share option rights | 0.5 | 0.3 | 0.3 |
| Dividend | 17.9 | 1.8 | 1.8 - |
| Equity at the end of the period | 75.4 | 47.9 | 63.2 |
| Jul-Sep | Jan-Sep | Full year | |||
|---|---|---|---|---|---|
| MSEK | 2015 | 2014 | 2015 | 2014 | 2014 |
| Cash flow before working capital changes | 12.8 | 12.2 | 32.2 | - 0.2 |
23.0 |
| Working capital changes | 1.6 | - 11.1 |
4.9 | - 8.4 |
- 8.2 |
| Cash flow from operating activities | 14.4 | 1.1 | 37.1 | - 8.6 |
14.8 |
| Investments in fixed assets | - 0.2 |
- | - 1.7 |
- 0.1 |
- 0.6 |
| Conversion of fund units to cash | - | - | 9.1 | - | - |
| Cash flow from investing activities | - 0.2 |
- | 7.4 | - 0.1 |
- 0.6 |
| Dividend paid to shareholders | - | - | - 17.9 |
- 1.8 |
- 1.8 |
| Premium received for share option rights | - | - | 0.5 | 0.3 | 0.3 |
| Cash flow from financing activities | - | - | - 17.4 |
- 1.5 |
- 1.5 |
| Cash flow for the period | 14.2 | 1.1 | 27.1 | - 10.2 |
12.7 |
| Cash at the beginning of the period | 70.3 | 30.7 | 56.5 | 41.2 | 41.2 |
| Exchange rate difference in cash | 0.4 | 1.3 | 1.3 | 2.1 | 2.6 |
| Cash at the end of the period | 84.9 | 33.1 | 84.9 | 33.1 | 56.5 |
| 2015 | 2014 | 2013 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | |
| Net sales, MSEK | 59.6 | 51.5 | 50.5 | 65.5 | 45.9 | 37.6 | 31.9 | 41.0 | 32.3 | 35.9 | 28.3 |
| EBIT, MSEK | 15.3 | 10.1 | 12.8 | 19.5 | 11.4 | -7.0 | -9.8 | 3.5 | 1.6 | 5.1 | -2.3 |
| EBIT-margin, % | 25.7 | 19.5 | 25.4 | 29.7 | 24.7 | -18.5 | -30.5 | 8.5 | 5.1 | 14.1 | -8.1 |
| Earnings per share, SEK | 0.66 | 0.34 | 0.61 | 0.81 | 0.56 | -0.37 | -0.43 | 0.16 | 0.07 | 0.26 | -0.10 |
| Return on equity, % | 19.4 | 12.2 | 19.0 | 26.1 | 21.2 | -15.9 | -16.7 | 5.5 | 2.7 | 10.8 | -3.2 |
| Return on capital employed, % | 28.2 | 21.7 | 27.3 | 38.4 | 24.8 | -14.9 | -20.7 | 7.7 | 4.5 | 13.6 | -2.8 |
| Equity ratio, % | 51.8 | 51.2 | 55.6 | 50.0 | 48.2 | 42.0 | 49.6 | 51.0 | 52.4 | 51.4 | 55.9 |
| Cash flow - operating activities per share, SEK | 0.79 | 0.33 | 0.92 | 1.30 | 0.06 | 0.49 | -1.04 | -0.05 | -0.06 | 0.20 | 0.91 |
| Equity per share, SEK | 4.14 | 3.49 | 4.20 | 3.52 | 2.67 | 2.05 | 2.30 | 2.72 | 2.61 | 2.58 | 2.86 |
EBIT in relation to net sales.
Earnings per share
Profit/loss after tax in relation to average number of outstanding shares after dilution.
Return on equity
Profit/loss after tax in relation to average adjusted equity
Return on capital employed
EBIT plus financial items in relation to average capital employed.
Equity ratio
Equity in relation to total assets.
Equity per share
Equity in relation to average number of outstanding shares at the end of the period.
| Jan-Sep | ||||
|---|---|---|---|---|
| MSEK | 2015 | 2014 | ||
| Net sales | 119.1 | 85.8 | ||
| Cost of goods sold | $\qquad \qquad -$ | 14.2 | 8.3 | |
| Other external costs | $\overline{\phantom{m}}$ | 24.3 | 32.1 | |
| Personnel costs | - | 47.3 | $\overline{\phantom{m}}$ | 51.0 |
| Depreciation of fixed assets | - | 1.2 | 1.1 | |
| Total operating cost | - | 87.0 | - | 92.5 |
| Operating profit - EBIT | 32.1 | 6.7 | ||
| Net financial items | 1.2 | 1.6 | ||
| Profit/loss before tax | 33.3 | 5.1 | ||
| Tax | 7.3 | 1.1 | ||
| Net profit/loss after tax | 26.0 | 4.0 |
| Jan-Sep | ||||
|---|---|---|---|---|
| MSEK | 2015 | 2014 | ||
| Net profit/loss after tax | 26.0 | 4.0 - |
||
| Change in hedging reserves | 0.6 | 0.3 | ||
| Tax on hedging reserves | 0.1 $\qquad \qquad -$ |
0.1 - |
||
| Total comprehensive income | 26.5 | 3.8 - |
| $Sep-30$ | |||||
|---|---|---|---|---|---|
| MSEK | 2015 | 2014 | |||
| ASSETS | |||||
| Intangible assets | 0.6 | 0.6 | |||
| Tangible assets | 2.3 | 1.8 | |||
| Shares in group companies | $\overline{\phantom{m}}$ | ||||
| Total fixed assets | 2.9 | 2.4 | |||
| Inventories | 7.4 | 6.3 | |||
| Accounts receivable - trade | 37.5 | 30.3 | |||
| Current tax asset | 5.0 | ||||
| Other current assets | 5.6 | 6.3 | |||
| Other investments | 9.1 | ||||
| Cash and cash equivalents | 45.8 | 7.8 | |||
| Total current assets | 96.3 | 64.8 | |||
| TOTAL ASSETS | 99.2 | 67.2 | |||
| EQUITY AND LIABILITIES | |||||
| Share capital | 3.7 | 3.7 | |||
| Statutory reserve | 20.3 | 20.3 | |||
| Restricted equity | 24.0 | 24.0 | |||
| Profit brought forward | 39.9 | 14.4 | |||
| Non-restricted equity | 39.9 | 14.4 | |||
| Total equity | 63.9 | 38.4 | |||
| Accounts payable - trade | 6.9 | 4.0 | |||
| Current tax liability | 2.8 | 2.3 | |||
| Other current liabilities | 25.6 | 22.5 | |||
| Total current liabilities | 35.3 | 28.8 | |||
| TOTAL EQUITY AND LIABILITIES | 99.2 | 67.2 |
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