Financial Statements Bulletin

Transcription

1 Financial Statements Bulletin

2 Forward-Looking Statements Certain sections of this presentation contain forward-looking statements based on the Affecto s current expectations, estimates, projections and assumptions. Words such as 'forecasts', estimates, expects, plans, and variations of these words and similar expressions are intended to identify forward-looking statements, which include, but are not limited to, Affecto's performance and profitability, market growth and industry developments. These statements involve certain risks and uncertainties, which are difficult to predict, and therefore actual future results and trends may differ materially from what is forecast in forward-looking statements. Affecto undertakes to update such statements with respect to new information and future events only within the limits of its statutory obligation to disclose information. 2

3 Q1/9 Q3/9 Q1/1 Q3/1 Q1/11 Q3/11 Q1/ Q3/ Q1/13 Q3/13 Q1/14 Q3/14 M Q1/9 Q3/9 Q1/1 Q3/1 Q1/11 Q3/11 Q1/ Q3/ Q1/13 Q3/13 Q1/14 Q3/14 M Affecto in brief Net sales 3 M in 214 Over 1 employees Net Sales, last months Net sales per region 1-/214 Baltic 15 % Operational Segment Result, last months Denmark 9 % Sweden 1 % Finland 4 % Norway 2 % 3

4 Q1/ Q2/ Q3/ Q4/ Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/ Q2/ Q3/ Q4/ Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/ Q2/ Q3/ Q4/ Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Overview to Q4/ Net Sales (M ) Net sales 32.8 M (3.2 M ) Decrease 9% - Growth in Baltic, decrease elsewhere Operational segment result 3.9 M (2.7 M ) - Excellent profitability in Baltic - Good profitability in Norway and Finland - Positive result in Sweden Operational segment result (M ) Operating profit before impairment 3.7 M (2.3 M ) - Goodwill impairment of 7.4 M in Sweden Operating profit -3.7 M / -11% (2.3 M / %) Operating profit (M ) 4 4

5 Overview to year Net Sales (M ) 5 Net sales decreased to 3 M (133 M ) Resilient operational segment result 1. M (1.3 M ) Operating profit before impairment 8.3 M (8.3 M ) Operating profit of.8 M (8.3 M ) due to goodwill impairment of 7.4 M Finland maintained good profitability Streamlining actions in Norway and Sweden during Q1 generated positive profit impact toward year-end Operational segment result (M ) 5 Sweden made a slightly positive full-year result. Still uncertainty regarding the pace of the development Denmark, weak sales and low utilisation Recovery in Baltic, led by the insurance business Operating profit (M )

6 Income statement (1 EUR) 1-/14 1-/ Net sales Other operating income Changes in inventories of finished goods and work in progress Materials and services Personnel expenses Other operating expenses Other depreciation and amortisation Operational segment result IFRS3 amortisation Goodwill impairment Operating profit/loss Net financial income/expenses Profit before income tax Income tax Non-controlling interest Profit for the period Personnel costs and materials costs have decreased in line with net sales Last acquisition-related IFRS3 amortisation in Q4 Goodwill impairment of 7.4 M Basic EPS

7 M M Segment comparison Net Sales By segment 1- /14 1- /13 Growth Growth Finland % % Norway % % Sweden % % Denmark % % Baltic % % Other Total % % Net Sales Q4/13 Q4/14 Result By segment 1- /14 Margin 1- /13 Margin 214 Margin 213 Margin Finland 1 7 % % % % Norway % % % % Sweden % 74 1 % 34 2 % % Denmark % % 85 7 % % Baltic % -2-4 % % % Other Operational Segment 3 94 % % % % Result IFRS3 amortisation Goodwill impairment Operating profit % % % 8 22 % 7 2,5 2, 1,5 1,,5, -,5 Operational Segment Result Q4/13 Q4/14

8 Balance sheet (1 EUR) /214 /213 Property, plant and equipment Goodwill Other intangible assets Other long-term assets Long-term assets Receivables and inventories Cash and cash equivalents Current assets Total assets Goodwill impairment 7.4 M IFRS3 amortisation has been completed Interest-bearing net debt 1.1 M (5. M /213) Gearing 2% (7%) Equity ratio 55% (53%) Equity for shareholders Non-controlling interest - - Non-current liabilities Current liabilities Total equity and liabilities

9 Cash flow (1 EUR) Cash flows from operating activities Profit for the period Adjustments to profit for the period Change in working capital Interest and other financial cost paid Interest and other financial income received 8 3 Income taxes paid Net cash from operating activities Goodwill impairment causes the main difference to previous year in profit & adjustments Working capital at previous year's level Net cash used in investing activities Net cash from financing activities (Decrease)/increase in cash and cash equivalents

10 Ownership structure 31 January 215 Registered owners % Cantell Oy 1,2 % Lombard International Assurance S.A.,5 % Danske Suomi Kasvuosake Fund,5 % Säästöpankki Kotimaa Fund 5,8 % OP-Suomi Pienyhtiöt Fund 4,8 % Evli Suomi Fund 4,7 % Ilmarinen Mutual Pension 4, % Taaleritehdas Arvo Markka Fund 3, % OP-Suomi Arvo Fund 3,4 % State Pension Fund 2,7 % Other shareholders 44,1 % Treasury shares 3,9 % Total 1, % Flagging notices in 214 Evli Pankki has decreased below 5% Mika Laine has decreased below 5% Lombard International Assurance has exceeded 5% Treasury shares 3.9% 22.5 million shares in total 1

11 Outlook

12 Q1/ Q2/ Q3/ Q4/ Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Outlook Order backlog 5 M Order backlog (M ) Order backlog (M ) Q1 Q2 Q3 Q Net sales and operating profit are estimated to grow in 215

13 Dividend ( /share) Annual General Meeting - 8 April 215 Dividend proposal:.1 eur/share - Last year.1 eur/share,2,1, Proposed board members: - Existing board members to be re-elected: Aaro Cantell, Jukka Ruuska, Tuija Soanjärvi, Lars Wahlström, Magdalena Persson, Olof Sand,8,4, Other issues - Board fees: chairman 35 /month, vice chair 275 /month, member 2 /month. To be partially paid with shares - Same authorizations as last year - Nominations committee for board member selection 13

14 14 Thank you.

15 Business areas - Finland Net Sales Q4: Net sales 13.8 M (14.9 M ), 7% decrease Operational segment result 1.7 M / % (1.9 M / 13%) 214: Net sales 5. M (53.2 M ), 5% decrease Operational segment result 5.4 M / 11%, (.9 M / 13%) Cautious customers, whose activeness picked up somewhat at year-end Order backlog is below last year Operational Segment Result , 2,5 2, 1,5 1,,5, 15

16 Business areas - Norway Net Sales Q4: Net sales.5 M (7.3 M ), 11% decrease Operational segment result.9 M / 14% (.5 M / 7%) 214: Net sales 25. M (29. M ), 15% decrease Operational segment result 2. M / 8%, (2.7 M / 9%) Improved cost base and better utilization rate, increased utilisation of nearshoring Order backlog has slightly increased Operational Segment Result 2, 1,5 1,,5, -,5-1, 1

17 Business areas - Sweden Net Sales Q4: Net sales 4.8 M (.2 M ), 22% decrease Operational segment result.3 M / 7% (.1 M / 1%) 214: Net sales 2. M (23.2 M ), 14% decrease Operational segment result.3 M / 2% (-.2 M / -1%) Progress to the right direction, but still uncertainty regarding the pace of the development. Development actions will continue - Country manager change has increased uncertainty - Goodwill impairment of 7.4 M Order backlog is above last year Operational Segment Result , 1,5 1,,5, -,5-1, 17

18 Business areas - Denmark Q4: Net sales 2.8 M (4.1 M ), 31% decrease Operational segment result.1 M / 5% (. M / 15%) 214: Net sales. M (15.4 M ), 22% decrease Operational segment profit.9 M / 7% (1.9 M / %) Weak sales and low utilisation Order backlog below last year Net Sales Operational Segment Result 3, 2,5 2, 1,5 1,,5, 18

19 Business areas - Baltic Q4: Net sales 5.7 M (4.5 M ), 25% increase Operational segment result 1.3 M / 23% (-.2 M / -4%) 214: Net sales 19. M (1. M ), 19% increase Operational segment result 2.9 M / 15% (.2 M / 1%) Insurance business doing well. Stable business in Estonia Some positive impact from the Euro entry in Lithuania, but the EU funded public sector market is still rather weak Order backlog significantly above last year Net Sales Operational Segment Result , 1,5 1,,5, -,5-1, 19