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Tecnotree Oyj Interim / Quarterly Report 2011
3296_rns_2012-02-01_00a0c66c-3ffc-4135-8a4b-9b8369e97d73.pdf
Interim / Quarterly Report
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TECNOTREE
Tecnotree Corporation
Financial Report 1-12/2011
February 1, 2012
Net Sales by Area
Americas -8% – Europe +8% – MEA +14% – APAC -22%
February 1, 2012
Financial Report 1-12/2011
www.tecnotree.com
Tecnotree Group in Brief
Highlights for 1-12 / 2011 (comparisons to 1-12 / 2010)
- Record order backlog of 40.4 M€
- 30.5 MUSD order received from Latin America in December
- The company has been able to implement its sales and product synergies according to its new strategy
| Net sales MEUR | Q1 | Q2 | Q3 | Q4 | Year |
|---|---|---|---|---|---|
| 2011 | 10.6 | 18.5 | 17.2 | 16.1 | 62.3 |
| 2010 | 14.1 | 19.3 | 13.3 | 14.0 | 60.7 |
| Adjusted EBIT MEUR | Q1 | Q2 | Q3 | Q4 | Year |
| --- | --- | --- | --- | --- | --- |
| 2011 | -4.9 | 3.3 | 1.9 | -2.0 | -1.7 |
| 2010 | -0.6 | 2.0 | -0.7 | -3.2 | -2.5 |
- Adjusted EBIT included an impairment of 4.4 M€ for receivables from a customer owned by the government of Libya booked in 2011, of which 2.8 M€ in Q4
- Excluding this, the company has had three consecutive quarters of positive adjusted EBIT
3 February 1, 2012 Financial Report 1-12/2011
www.tecnotree.com
Consolidated Balance Sheet
| EUR Million | 31.12.2011 | 31.12.2010 | Change % |
|---|---|---|---|
| NON-CURRENT ASSETS | |||
| Fixed Assets | 15.8 | 24.8 | -36.2 |
| Consolidated goodwill | 19.2 | 21.6 | -11.2 |
| Other non-current assets | 4.4 | 3.2 | 35.3 |
| CURRENT ASSETS | |||
| Inventories | 0.8 | 1.0 | -22.8 |
| Trade Receivables | 23.7 | 17.3 | 36.8 |
| Other Receivables | 29.3 | 24.3 | 20.6 |
| Investments | 0.0 | 0.6 | |
| Cash and Cash Equivalents | 6.7 | 16.7 | -59.9 |
| TOTAL ASSETS | 99.9 | 109.7 | -8.9 |
February 1, 2012
Financial Report 1-12/2011
www.tecnotree.com
Financial Highlights
| M€ | 1–12/2011 | 1–12/2010 |
|---|---|---|
| Net sales | 62.3 | 60.7 |
| Adjusted operating result | -1.7 | -2.5 |
| EBIT BEFORE R&D CAPITALISATION & AMORTISATION AND ONE-TIME COSTS | ||
| Ebit | -11.1 | -8.1 |
| Net result | -15.6 | -11.0 |
| Order intake | 88.4 | 63.3 |
| Cash flow after investments | -18.1 | -10.6 |
| Net Cash Flow | -9.8 | -9.8 |
| Cash | 6.7 | 16.7 |
| Equity Ratio | 50.7 | 66.4 |
| Net Gearing | 43.1 | 3.3 |
February 1, 2012
Financial Report 1-12/2011
www.tecnotree.com
Consolidated Balance Sheet
| EUR Million | 31.12.2011 | 31.12.2010 | Change % |
|---|---|---|---|
| SHAREHOLDER’S EQUITY | 49.5 | 72.1 | -31.3 |
| Interest-bearing liabilities | 12.2 | 14.5 | -15.6 |
| Deferred tax liabilities | 4.4 | 3.3 | 32.2 |
| Other non-current liabilities | 0.4 | 0.4 | -11.7 |
| CURRENT LIABILITIES | |||
| Interest-bearing liabilities | 15.8 | 5.2 | |
| Non-interest-bearing liabilities | 17.6 | 14.1 | 24.8 |
| EQUITY AND LIABILITIES | 99.9 | 109.7 | -8.9 |
6 February 1, 2012 Financial Report 1-12/2011
www.tecnotree.com
Prospects for 2012
- Tecnotree estimates that net sales and the operating result in 2012 will be better than in 2011.
- The adjusted operating result is estimated to be positive.
- Variations in the quarterly figures will be considerable.
- The cash flow after investments is also expected to improve compared to 2011.
- The adjusted operating result is the operating result before R&D capitalization, amortization of this and one-time costs.
7 February 1, 2012
Financial Report 1-12/2011
www.tecnotree.com
Adjusted Income Statement
| EUR Million | 1-12/2011 | 1-12/2010 | Change % |
|---|---|---|---|
| Net sales | 62.3 | 60.7 | 2.6 |
| Other operating income | 0.2 | 0.0 | |
| Total revenue | 62.5 | 60.7 | 2.9 |
| Adjusted operating expenses *) | -64.2 | -63.2 | 1.6 |
| Adjusted operating result | -1.7 | -2.5 | 30.8 |
| - Net impact of R&D capitalizations | -7.0 | -5.5 | 26.8 |
| - One-time costs | -2.4 | 0.0 | |
| Operating result | -11.1 | -8.1 | -37.7 |
*) Operating expenses less the net impact of the R&D capitalisations and one-time costs
8 February 1, 2012 Financial Report 1-12/2011
www.tecnotree.com
ADDITIONAL FINANCIAL INFORMATION FOR INVESTORS
February 1, 2012
Financial Report 1-12/2011
www.tecnotree.com
Sales and Adjusted Operating Result
| Sales | 13,5 | 14,1 | 19,3 | 13,3 | 14,0 | 10,6 | 18,5 | 17,2 | 16,1 |
|---|---|---|---|---|---|---|---|---|---|
| Adj. operating result | -2,0 | -0,6 | 2,0 | -0,7 | -3,2 | -4,9 | 3,3 | 1,9 | -2,0 |
| Adj. operating result % | -15% | -4% | 10% | -5% | -23% | -46% | 18% | 11% | -12% |
Impairment for receivables from a customer owned by the government of Libya turned the adjusted operating result for the quarter into a loss.
-0,9 -1,0 -0,1 -0,5 -2,8
Adjusted operating result = Ebit before R&D capitalisation & amortisation and one-time costs
10 February 1, 2012 Financial Report 1-12/2011
www.tecnotree.com
Consolidated Income Statement
| EUR Million | 1-12/2011 | 1-12/2010 | Change % |
|---|---|---|---|
| Net sales | 62.3 | 60.7 | 2.6 |
| Other operating income | 0.2 | 0.0 | |
| Materials and services | -10.8 | -10.1 | 6.5 |
| Employee benefit expenses | -30.5 | -29.1 | 4.9 |
| Depreciation | -9.4 | -8.7 | 7.3 |
| Other operating expenses | -22.8 | -20.8 | 9.4 |
| Operating result | -11.1 | -8.1 | -37.7 |
| Financial income and expenses | 1.2 | -1.4 | |
| Result after financial income and expenses | -9.9 | -9.4 | -5.5 |
| Income taxes | -5.6 | -1.6 | |
| Result for the period | -15.6 | -11.0 | -41.9 |
11 February 1, 2012
Presentation to the Board of Directors, Interim Report Q3/2011
www.tecnotree.com
Sales by Area
Americas
12 February 1, 2012
Financial Report 1-12/2011
www.tecnotree.com
Sales by Area
APAC
M€
| ■Tecnotree Sales | 13,5 | 14,1 | 19,3 | 13,3 | 14,0 | 10,6 | 18,5 | 17,2 | 16,1 |
|---|---|---|---|---|---|---|---|---|---|
| ■APAC | 1,7 | 1,8 | 1,1 | 1,7 | 0,5 | 0,4 | 1,5 | 1,1 | 1,0 |
| ▲% | 13% | 13% | 6% | 13% | 4% | 4% | 8% | 6% | 6% |
—4 per. Mov. Avg. (%)
13 February 1, 2012
Financial Report 1-12/2011
www.tecnotree.com
Sales by Area
Europe
14 February 1, 2012 Financial Report 1-12/2011
www.tecnotree.com
Sales by Area
MEA
| ■Tecnotree Sales | 13,5 | 14,1 | 19,3 | 13,3 | 14,0 | 10,6 | 18,5 | 17,2 | 16,1 |
|---|---|---|---|---|---|---|---|---|---|
| ■MEA | 6,3 | 5,9 | 5,7 | 6,3 | 5,9 | 6,5 | 7,0 | 5,8 | 7,7 |
| ▲% | 47% | 42% | 30% | 47% | 42% | 61% | 38% | 34% | 48% |
—4 per. Mov. Avg. (%)
15 February 1, 2012 Financial Report 1-12/2011
www.tecnotree.com
Sales Distribution
| ■ Tecnotree sales | 13,5 | 14,1 | 19,3 | 13,3 | 14,0 | 10,6 | 18,5 | 17,2 | 16,1 |
|---|---|---|---|---|---|---|---|---|---|
| ■ Services | 6,7 | 6,7 | 6,9 | 5,8 | 6,8 | 5,9 | 7,1 | 6,4 | 7,7 |
| ■ New customers | 0,0 | 0,5 | 4,2 | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 | 0,0 |
| ■ Existing customers | 6,8 | 6,9 | 8,2 | 7,5 | 7,2 | 4,7 | 11,4 | 10,8 | 8,4 |
16 February 1, 2012 Financial Report 1-12/2011
www.tecnotree.com
Materials and Services
M€
| Sales | 13,5 | 14,1 | 19,3 | 13,3 | 14,0 | 10,6 | 18,5 | 17,2 | 16,1 |
|---|---|---|---|---|---|---|---|---|---|
| Materials and Services | 3,0 | 2,1 | 3,8 | 1,9 | 2,4 | 1,7 | 3,1 | 3,9 | 2,1 |
| % | 22% | 15% | 20% | 14% | 17% | 16% | 17% | 23% | 13% |
—4 per. Mov. Avg. (%)
17 February 1, 2012
Financial Report 1-12/2011
www.tecnotree.com
Employee Benefits
18 February 1, 2012 Financial Report 1-12/2011
www.tecnotree.com
Other Operating Expenses
19 February 1, 2012 Financial Report 1-12/2011
www.tecnotree.com
Assets by Quarter
| ■ Cash | 25,7 | 27,2 | 22,0 | 14,1 | 16,7 | 12,8 | 10,4 | 7,8 | 6,7 |
|---|---|---|---|---|---|---|---|---|---|
| ■ Investments | 1,6 | 0,9 | 0,9 | 1,4 | 0,6 | 1,5 | 0,9 | 0,9 | 0,0 |
| ■ Other rec. (mainly WIP) | 17,2 | 19,9 | 24,2 | 23,2 | 24,2 | 19,7 | 26,7 | 31,8 | 29,3 |
| ■ Trade receivables | 19,3 | 17,1 | 20,9 | 19,8 | 17,3 | 19,4 | 22,4 | 22,5 | 23,7 |
| ■ Inventories | 1,3 | 1,2 | 1,2 | 1,7 | 1,0 | 1,1 | 1,2 | 1,0 | 0,8 |
| ■ Other long term | 2,4 | 2,7 | 3,0 | 3,1 | 3,3 | 3,2 | 3,3 | 4,0 | 4,4 |
| ■ Consolidated goodwill | 19,6 | 21,4 | 22,5 | 21,2 | 21,6 | 27,2 | 20,2 | 19,8 | 19,2 |
| ■ Fixed assets | 31,3 | 30,0 | 28,7 | 26,6 | 24,8 | 15,7 | 19,9 | 17,8 | 15,8 |
20 February 1, 2012
Financial Report 1-12/2011
www.tecnotree.com
Equity and Liabilities by Quarter
| ■ Current non-interest bearing | 18,1 | 18,0 | 19,3 | 13,2 | 14,2 | 13,4 | 16,9 | 18,5 | 17,6 |
|---|---|---|---|---|---|---|---|---|---|
| ■ Current interest bearing | 2,3 | 2,3 | 2,3 | 2,2 | 5,2 | 8,2 | 12,2 | 12,2 | 15,8 |
| ■ Deferred tax | 4,0 | 3,9 | 3,8 | 3,5 | 3,3 | 2,8 | 2,7 | 2,4 | 4,4 |
| ■ Long term non-interest bearing | 0,3 | 0,3 | 0,9 | 0,9 | 0,4 | 0,5 | 0,5 | 0,5 | 0,4 |
| ■ Long term Interest bearing | 16,7 | 16,7 | 15,6 | 15,6 | 14,5 | 14,5 | 13,4 | 13,4 | 12,2 |
| ■ Shareholders' equity | 77,1 | 79,0 | 81,6 | 75,9 | 72,1 | 61,2 | 59,5 | 58,6 | 49,5 |
21 February 1, 2012 Financial Report 1-12/2011
www.tecnotree.com
TECNOTREE
powering the digital marketplace
22 February 1, 2012 Financial Report 1-12/2011
www.tecnotree.com