Quarterly Report January March 2011

Transcription

1 Q1 Quarterly Report January March 2011 January March Operating income for the period of the Group was SEK 7,5 k. EBIT for the Group was SEK ,9 k. Earnings before tax for the Group was SEK - 939,6 k. Earnings for the Group was SEK - 939,8 k. Earnings per share was SEK - 0,04. Summary Group 1 Mother Company Jan - Mar Jan - Mar Fiscal year Operating Income, SEK ooo 7,5 0,0 0,0 12, , ,0 EBIT, SEK ooo ,9-209,9-342, , , ,1 Net Margin, % neg neg neg neg neg neg Earnings before tax, SEK ooo - 939,6 176,1-342, ,9 423, ,9 Earnings, SEK ooo - 939,8 176,1-342, ,9 645, ,8 Earnings per share, SEK - 0,04 0,01-0,01-0,25 0,04 0,43 Business Review Finmetron AB (publ), founded in Finmetron aspires to eventually become one of the leading companies in credit management, factoring and other financial services in the markets in which it operates. Finmetron will have a strong focus on Eastern Europe and especially in Russia and other Russian speaking countries. The company currently has a subsidiary in Moscow, Finmetron LLC. 1 The Group has incurred in connection with the acquisition, September 2, 2010 and comparative figures do not excist

2 The services in credit management, such as credit assessment, billing, accounts receivable service, reminders, debt collection and recovery of the entire portfolio, seeks to streamline the entire credit management and contribute to an improved cash flow and provide long-term profitability for clients. Finmetron has also invested in the Russian factoring market. With solid expertise, experienced professionals and with well-developed IT solutions the company offers its subscribers a toolkit for rapid growth. The initiative may also be able to develop existing and new clients both existing and new geographic markets. The first quarter 2010 Sales and Profit Sales for the period of the Group amounted to SEK 7,5 k. The low sales due to the Russian business is still in a start-up phase. Revenue is primarily derived from a customer who was contracted in December In addition to customer genres in some revenue and it has become a real test of the developed computer system. It can be noted in this context that the systems worked well and that the development of systems proceeding according to plans posted. The profit before tax for the period amounted to SEK 939,6 k. As the business is built up in Russia, costs also increases, resulting in lower earnings for this period. Other During the first quarter, the focus has been on that get new customers. While every effort is put on chains within retail and which focuses on the chains' suppliers with the so-called reverse factoring. Finmetron expects that new contracts be signed before the end of May. It has in previous reports informed ambitions to finance the operation locally is a priority. These negotiations are ongoing, and today for more intensive negotiations with a couple of banks. Although this counts Finmetron of agreement will be signed in May or latest in June. A discussion with the State Bank continues. These banks are designed to stimulate the Russian economy and may account for part of the risk of certain factoring financing for the Bank approved customers. Number of shares The number of registered issued shares are ( ). Of these a number of are A-shares and are B-shares.

3 Employees At the end of the period there were seven employees in Group. The parent company has no employees. Personnel expenses in the parent's board fees. Mother Company The mother company Finmetron AB (publ) is listed on AktieTorget and its operations include ownership of subsidiaries, certain head office functions and some development. The first quarter earnings before taxes in Finmetron AB were SEK k (-342.0). This positive result is mainly due to significant exchange rate gains. At the end of the liquid funds amounted to SEK k (104.8). Finmetron AB had in the first quarter, no employees. Events after the end of the period In the current situation, there are no special events to report. Prospects The Board makes no predictions but is basically positive about the future. With a shortterm adequate funding, through the financing agreement, and a growing business, good staff with good knowledge of the industry and on a huge market would be the chances of success are good. In the current situation to take responsibility for managing other people's portfolios are also risks of Finmetron limited. Significant risks and uncertainties in the business Finmetron s activities are affected by risks and uncertainties of both the business character as well as a financial character. Risks relating to the operations increased due to the acquisition and increased notably with activities in Russia. Risks of a financial nature mainly consists typically of funding and interest and credit risk. Through the recent acquisition, new risks occurred. Among other funding Finmetron usually by borrowing with interest and if not the same capital can be lent through the purchase on account of higher interest rates over the borrowing period, there is a fixedincome loss, i.e. a higher interest rate than before. The companies will also over time to have a currency exposure, as debt, equity and asset base is linked to various currencies. This can result in negative impact on earnings and erode its capital. An increased currency exchange risk. Credit risk. All financing is credit risk, and even if factoring often means that the customer is stuck with any losses in respect of payment the payer, the company may suffer losses.

4 Factoring means that an asset acquired and it is important that it is formally and legally correct and also that the actual right to payment against other funders with floating charges taken into account. A documentation risk. All the risks described in some detail in the re-listing memorandum were published on 20 December Accounting principles The Group The Group applies International Financial Reporting Standards (IFRS). This report has been prepared in accordance with IAS 34 and RFR 1 Supplementary Accounting. The Board considered the entire group as one segment today, and has not made any specific segment reporting. This decision may be reconsidered. The Mother Company Parent company applies RFR 2 Accounting for legal entities, which essentially means that the IFRS are used. The main difference is that hedge accounting is done according to the principles for deferred hedge accounting, which means that the derivatives are recognized only when the hedged transaction occurs. Under the recommendation, legal persons, whose securities are listed on the Swedish stock exchange or authorized marketplace, for their reports according to IFRS / ISA, with the exceptions and additions listed in the recommendation. The company is since the autumn of 2005 listed on AktieTorget. Board Shareholdings The holding of shares was recorded at March 31, 2010; - Peter Näslund, Chairman, B-shares - Urban Trolle, member, B-shares - Jan Nilstadius, member/md, B-shares The shares are owned by the person or by own companies. Future reporting dates, Interim report January - June 2011 will be released August 18, 2011 Quarterly Report on July to September 2011 will be released November 17, 2011 Year-end Report 2011 will be released February 17, 2012

5 This statement has not been reviewed by the auditors. Stockholm May 18, 2011 Peter Näslund (Chairman of the Board) Urban Trolle Jan Nilstadius (MD) For further information please contact; Peter Näslund, Chairman of the Board, Jan Nilstadius, Managing Director, Finmetron AB (publ) org nr Box 5281 Office 610, 16 Bol. Ovchinnikovskiy per STOCKHOLM, SWEDEN MOSCOW , RUSSIA +46 (0) (495)