Verkkokauppa.com Oyj - Financial statements release (unaudited) 12 February 2016, 8:00 a.m.
1 October - 31 December 2015 in brief
- Revenue 107.6 million euros (10-12/2014 86.6), growth of 24%
- Gross profit 16.3 million euros (13.2), growth of 24%
- Gross margin 15.2% of revenue (15.2%)
- Operating profit 4.9 million euros (2.7), growth of 78%
- Operating profit excluding non-recurring items 4.9 million euros (2.7), growth of 78%
- Operating margin 4.5% of revenue (3.2%)
- Operating margin excluding non-recurring items 4.5% of revenue (3.2%)
- Net profit 4.2 million euros (2.1)
- Net profit excluding non-recurring items 3.8 million euros (2.1)
- Earnings per share 0.09 euros (0.05)
- Earnings per share excluding non-recurring items 0.08 euros (0.05)
KEY RATIOS | 10-12/2015 | 10-12/2014 | Change% | 1-12/2015 | 1-12/2014 | Change% | ||||
Revenue, € thousands | 107,573 | 86,622 | 24% | 343,682 | 275,784 | 25% | ||||
Gross profit, € thousands | 16,298 | 13,171 | 24% | 51,783 | 42,596 | 22% | ||||
Gross margin, % of revenue | 15.2% | 15.2% | 15.1% | 15.4% | ||||||
EBITDA excluding non-recurring items, € thousands | 5,159 | 2,985 | 73% | 12,258 | 8,427 | 45% | ||||
EBITDA excluding non-recurring items,% | 4.8% | 3.4% | 3.6% | 3.1% | ||||||
Operating profit excluding non-recurring items, € thousands | 4,855 | 2,735 | 78% | 11,087 | 7,468 | 48% | ||||
Operating margin excluding non-recurring items, % of revenue | 4.5% | 3.2% | 3.2% | 2.7% | ||||||
Net profit excluding non-recurring items, € thousands | 3,759 | 2,134 | 76% | 8,814 | 5,985 | 47% |
1 January - 31 December 2015 in brief
- Revenue 344 million euros (1-12/2014: 276), growth of 25%
- Gross profit 51.8 million euros (42.6), growth of 22%
- Gross margin 15.1% of revenue (15.4%)
- Operating profit 7.7 million euros (7.5)
- Operating profit excluding non-recurring items 11.1 million euros (7.5)
- Operating margin 2.2% of revenue (2.7%)
- Operating margin excluding non-recurring items 3.2% of revenue (2.7%)
- Net profit 5.4 million euros (4.5)
- Net profit excluding non-recurring items 8.8 million euros (6.0)
- Earnings per share 0.12 euros (0.10)
- Earnings per share excluding non-recurring items 0.20 euros (0.14)
- Non-recurring items paid in March, related to the legal dispute lost against Teosto on levies for private copying regarding years 2006-2010, had a negative impact of 4.3 million euros on net profit before taxes.
- The board of directors proposes to the annual general meeting that a dividend of 0.15 euro per share will be distributed for the financial year 2015
BUSINESS OUTLOOK
Verkkokauppa.com Oyj's business operations are estimated to develop positively within a medium term time frame. The management believes that the company will succeed in further growing its market share in its chosen segments. The strong balance sheet enables the company to continue expanding its operations in accordance with its strategy. Nevertheless, the business outlook includes uncertainties, especially due to macroeconomic development. The Finnish Ministry of Finance estimated on 18 December 2015 that the Finnish GDP will grow by 1.2% during 2016.
FINANCIAL GUIDANCE
In 2016 the company revenue and operating profit excluding non-recurring items are expected to exceed the level of 2015.
CEO SAMULI SEPPÄLÄ'S REVIEW
Verkkokauppa.com continued to have good sales and profit growth during the important last quarter of the year. Sales grew by 24% - again well above the 10% target. Inventory grew more than sales, but it is important to have the right amount of stock for the important after Christmas sales period. The company continued to have good wholesale trade and B2B sales development - suggesting a need for a more well-defined B2B -concept in the future. As a result of favourable development, the company's board proposes a dividend of 15 cents per share.
In the fourth quarter, EBITDA excluding non-recurring items grew by 73% to 4.8% of revenue. The company expects to improve its EBITDA margin in the medium term by increasing the share of higher margin categories and private labels in the sales mix and the increasing the share of the Apuraha consumer financing services.
While retail continues going online, the company needs to prepare better for the future growth. The use of the current Bunkkeri warehouse adjacent to the Helsinki megastore will end in the next 1-2 years, and the company is investigating alternative warehousing solutions in the Helsinki region. Although Verkkokauppa.com has very efficient and low cost operation, the company is continuously looking for new ways to strengthen its purchasing power. Purchasing co-operation and last year's investment in the Swedish Vitvaruexperten.com were steps in this direction.
The company will continue its efforts with major projects such as Apuraha, the C2C marketplace and private label offering, as well as the evaluation of export/wholesale opportunities. The company will also start to use its cash reserves to finance the Apuraha consumer financing service in few months' time. The C2C marketplace will see new features such as linking buyers of old and new products, as well as a price estimation tool. The company will continue investigating opportunities within new product categories and will also extend the opening hours of its stores. However, this will be done with caution - it is important to keep the focus on low costs and prices. While growth and profitability are important, continuous improvement of both customer and employee satisfaction are key to sustained success and trust.
Verkkokauppa.com's revenue will continue to grow during 2016 and in the medium term, even though the general situation and demand in the retail business will remain very weak in Finland.
KEY RATIOS AND PERFORMANCE INDICATORS | 10-12/2015 | 10-12/2014 | 1-12/2015 | 1-12/2014 |
Revenue, € thousands | 107,573 | 86,622 | 343,682 | 275,784 |
Gross profit, € thousands | 16,298 | 13,171 | 51,783 | 42,596 |
Gross margin, % of revenue | 15.2% | 15.2% | 15.1% | 15.4% |
EBITDA, € thousands | 5,159 | 2,985 | 8,846 | 8,427 |
EBITDA, % | 4.8% | 3.4% | 2.6% | 3.1% |
EBITDA excluding non-recurring items, € thousands | 5,159 | 2,985 | 12,258 | 8,427 |
EBITDA excluding non-recurring items, % | 4.8% | 3.4% | 3.6% | 3.1% |
Operating profit, € thousands | 4,855 | 2,735 | 7,676 | 7,468 |
Operating margin, % of revenue | 4.5% | 3.2% | 2.2% | 2.7% |
Operating profit excluding non-recurring items, € thousands | 4,855 | 2,735 | 11,087 | 7,468 |
Operating margin excluding non-recurring items, % of revenue | 4.5% | 3.2% | 3.2% | 2.7% |
Net profit, € thousands | 4,203 | 2,134 | 5,354 | 4,488 |
Net profit excluding non-recurring items, € thousands | 3,759 | 2,134 | 8,814 | 5,985 |
Equity ratio, % | 45.2% | 48.7% | 45.2% | 48.7% |
Return on investment, % rolling 12 months | 20.9% | 29.2% | 20.9% | 29.2% |
Net gearing, % | -86.5% | -91.0% | -86.5% | -91.0% |
Earnings per share (EPS) revised by share split, € | 0.09 | 0.05 | 0.12 | 0.11 |
Earnings per share (EPS) revised by share split excluding non-recurring items, € | 0.08 | 0.05 | 0.20 | 0.14 |
Earnings per share (EPS) revised by share split (diluted), € | 0.09 | 0.05 | 0.12 | 0.10 |
Earnings per share (EPS) revised by share split excluding non-recurring items (diluted), € | 0.08 | 0.05 | 0.20 | 0.14 |
Number of shares at end of period | 45,065,130 | 7,510,855 | 45,065,130 | 7,510,855 |
Average number of shares at end of period revised by share split | 45,065,130 | 45,065,130 | 45,065,130 | 42,399,765 |
Number of shares at end of period revised by share split | 45,065,130 | 45,065,130 | 45,065,130 | 45,065,130 |
Number of personnel* at end of period | 561 | 527 | 561 | 527 |
*The number of personnel includes both full- and part-time employees.
REVENUE AND PROFITABILITY DEVELOPMENT
October-December 2015
In October-December, Verkkokauppa.com Oyj's revenue grew by 24.2% year on year. Revenue grew by 21 million euros, totalling 107.6 million euros (86.6). Revenue increased particularly in mobile phones, televisions, watches both small (SDA) and major (MDA) domestic appliances.
According to GfK, the demand for consumer electronics increased by 3.9% during October-December in Finland.
As in the previous quarter part of the sales increase was due to good wholesale trade to abroad and B2B sales. These volumes are typically difficult to estimate and their profitability is usually low. However these sales increase the company's purchasing volumes and thus improve the company's position in relation to its suppliers.
Personnel costs increased by 9.3% to 6.2 million euros (5.7). The number of personnel in both stores and logistics grew along with the volume growth. Otherwise the number of personnel grew at a slower rate than revenue.
During the fourth quarter, other expenses grew by 9.6%, totalling 5.0 million euros (4.5).
Operating profit in October-December 2015 was 4.9 million euros (2.7) and net profit 4.2 million euros (2.1).
Operating profit excluding non-recurring items in October-December 2015 was 4.9 million euros (2.7) and net profit for the period was 3.8 million euros (2.1).
Earnings per share were 0.09 euros (0.05).
The company has taken the preliminary ruling received from Finnish Tax administration regarding the Teosto compensation payment as fully deductible in its taxation during the reporting period. This lowers the taxes for the period by 0.4 million euros. Sufficient prudence has been applied in recording the tax impact of the Teosto compensation in the interim report. Earnings per share excluding non-recurring items were 0.08 (0.05) euros.
January-December 2015
In January-December, Verkkokauppa.com Oyj's revenue grew by 25% year on year. Revenue grew by 67.9 million euros, totalling 344 million euros (276). Revenue increased particularly in mobile phones, both small (SDA) and major (MDA) domestic appliances and televisions.
According to GfK, the demand for consumer electronics increased by 0.9% during January-December in Finland.
Personnel costs increased by 19.4% to 22.4 million euros (18.8). The number of personnel in both stores and logistics grew along with the volume growth. Otherwise the number of personnel grew at a slower rate than revenue.
During the reporting period other expenses grew, totalling 20.6 million euros (15.5). Other expenses include a non-recurring compensation of 3.4 million euros paid to Teosto. Other expenses excluding non-recurring items grew by 10.9% and were 17.2 million euros (15.5).
Operating profit in January-December 2015 was 7.7 million euros (7.5) and net profit 5.3 million euros (4.5).
Operating profit excluding non-recurring items in January-December 2015 was 11.1 million euros (7.5) and net profit 8.8 million euros (6.0).
Earnings per share were 0.12 euros (0.11).
Non-recurring items of 4.3 million euros in the reporting period related to a legal dispute lost against Teosto ry regarding levies for private copying. Of the non-recurring items, 3.4 million euros is included in other expenses and the interest of 0.9 million euros in financing expenses. The comparison period included non-recurring items of 1.9 million euros related to preparations for listing. Earnings per share excluding non-recurring items were 0.20 (0.14) euros. The preliminary ruling related to the tax treatment of the Teosto compensation was received. The Teosto compensation is fully tax deductible in the company's income taxation.
FINANCE AND INVESTMENTS
Operating cash flow was 5.1 million euros (-5.7) in January-December 2015. In the reporting period, the positive operating cash flow mainly resulted from good operative business development. The positive cash flow was offset by an inventory increase, utilizing the maximum amount of cash discounts, and non-recurring items related to the Teosto legal dispute.
Ordinary seasonal fluctuations are reflected in cash and cash equivalents, cash flow and accounts payable, which usually reach the highest point at year-end and the lowest point at the end of the second quarter. Verkkokauppa.com has aimed to utilize the maximum amount of cash discounts.
Verkkokauppa.com made a strategic investment of approximately 0.2 million euros in the Swedish e-commerce start-up Vitvaruexperten.com Nordic AB in July 2015. Vitvaruexperten.com focuses on selling home appliances online to Swedish consumers. Verkkokauppa.com will be a minority owner of the company together with the founders and other investors. The investment is related to Verkkokauppa.com's purchasing cooperation strategy.
In addition, during the reporting period the company invested in the development of new ERP features, which resulted in the activation of 0.6 million euros in the IT department's salary expenses and external technology consulting fees. The company also invested in ordinary store equipment and furniture. The net capital expenditures were 1.3 million euros (0.7) in January-December 2015.
Financing expenses included 0.9 million euros of non-recurring penalty interest relating to the Teosto legal dispute. The comparison period included non-recurring items of 1.9 million euros related to preparations for listing.
On 31 December 2015, Verkkokauppa.com had a revolving credit facility of 15 million euros, which had not been utilized.
FINANCIAL TARGETS
The company strives to grow faster than its operating market and targets an annual revenue growth of over 10 per cent in the medium term. The company's objective is to improve its EBITDA margin in the medium term when compared to the level of 2013. The company strives to secure a sufficient equity ratio to finance the growth of its business and aims to maintain an equity ratio of over 25 per cent taking into consideration the nature and seasonality of the company's business.
SHARES AND SHARE TRADING
The total number of shares in the company was 45,065,130 on 31 December 2015.
A share issue without payment (share split) was decided upon in the Extraordinary General Meeting held on 19 August 2015. The number of shares was increased by issuing new shares without payment to the shareholders in proportion to their holdings so that five (5) new shares were issued per each currently existing share. The new shares were admitted to trading on 24 August 2015. The company's total number of the shares is 45,065,130 after the share issue without payment.
Over the reporting period 7,600,519 shares revised by share split were exchanged on the NASDAQ OMX First North Finland market, representing 16.9% of all shares in the company. The highest share price was 7.23 euros, and the lowest 4.91 euros. The average price in share trading was 6.04 euros. The total of the share trading was 45.9 million euros. The closing price was 7.20 euros, and the market value of all shares was 324.5 million euros at the end of the period.
The company does not own any of its own shares.
PERSONNEL, THE BOARD AND ADMINISTRATION
During the reporting period, the number of employees increased by 34, and the total number of employees was 561 (527) at the end of December 2015. The number of employees includes both full- and part-time employees.
At the Annual General Meeting held on 18 March 2015 the following board members were re-elected: Christoffer Häggblom, Mikael Hagman, Kai Seikku, Antti Tiitola, Henrik Weckström and Samuli Seppälä. Christoffer Häggblom was elected as the Chairman of the Board. Samuli Seppälä is the company's Chief Executive Officer. Minna Kurunsaari was elected as a new member of the Board of Directors in an Extraordinary General Meeting held on 19 August 2015.
Authorized Public Accountant firm KPMG Oy Ab was re-elected as auditor with Authorized Public Accountant Mauri Eskelinen as Principal Auditor in an Annual General Meeting held on 18 March 2015.
RISKS AND UNCERTAINTIES
Verkkokauppa.com Oyj's risks and uncertainties reflect the market and general economic trends, for example, demand for consumer electronics, wholesale trade business and the business environment, and competition. The company's business operations are also influenced by risks and uncertainties relating to, for example, business strategy, investments, procurement and logistics, information technology, and other operative risks. The aforementioned risks and uncertainties may affect the company's operations, financial position and performance both positively and negatively. Risks and uncertainties have been presented in more detail in the Annual Report.
The Supreme Court made a ruling on the dispute with Teosto ry regarding levies for private copying compensation on 9 March 2015. The Supreme Court held the ruling by the Court of Appeal. Information on the legal case is presented in the Offering document published on 21 March 2014, in the Financial Statements of 31 December 2014 and in the company release of 9 March 2015.
Verkkokauppa.com has received permission to appeal to the Supreme Court regarding the use of the domain name veneilijanverkkokauppa.com on 3 September 2014.
OTHER EVENTS DURING THE REPORTING PERIOD
In January 2015 three new main product categories were launched: Baby and Family, Tools, and Luggage and Travel. In April 2015 another new main product category, Watches, was launched. It consists mainly of smart watches, sports watches and activity trackers.
Verkkokauppa.com launched its own consumer financing service, Apuraha on 22 September 2015. Apuraha consumer financing provides Verkkokauppa.com's customers an opportunity to purchase goods with instalments. Verkkokauppa.com provides the service in cooperation with the credit control and debt-related administrative services provider Lindorff.
Verkkokauppa.com has decided to evaluate the opportunity of leasing additional low-cost retail and logistics premises to support future growth.
In October, Verkkokauppa.com agreed on a revolving credit facility of 15 million euros for general corporate financing purposes. At the same time the company paid back its interest-bearing debt.
On 17 December 2015, Verkkokauppa.com updated its financial guidance. According to the revised guidance, revenue and operating profit excluding non-recurring items are expected to grow significantly in 2015 when compared to the previous year. According to the previous guidance, revenue and operating profit excluding non-recurring items were expected to grow in 2015 when compared to the previous year.
SUBSEQUENT EVENTS
There are no subsequent events after the reporting period.
PRESS CONFERENCES
A press conference for analysts, investors and media will be held in Finnish at the Jätkäsaari premises in Helsinki at Tyynenmerenkatu 11, 6th floor, at 10:00 a.m. on Friday, 12 February 2016, in which Verkkokauppa.com Oyj's CEO Samuli Seppälä will present the developments in the reporting period.
A press conference in English will be held by LiveStream webcast on Friday, 12 February 2016 at 11:00 a.m. (EET). Questions can be sent beforehand or during the presentation via e-mail to investors@verkkokauppa.com.
Presentation materials for both events are available at www.verkkokauppa.com in the section Sijoittajat > Esitykset. For both press conferences, a LiveStream is available at www.verklive.com.
COMPANY RELEASES IN 2016
Verkkokauppa.com Oyj will publish its quarterly reports as follows:
- Interim report January - March (Q1) on Friday, 22 April 2016
- Interim report January - March (Q2) on Friday, 5 August 2016
- Interim report January - March (Q3) on Friday, 21 October 2016
Helsinki, Finland, 12 February 2016
Verkkokauppa.com Oyj
Board of Directors
More information:
Samuli Seppälä, CEO
e-mail samuli.seppala@verkkokauppa.com
Telephone +358 10 309 5555
Jussi Tallgren, CFO
e-mail jussi.tallgren@verkkokauppa.com
Telephone +358 10 309 5555
Certified Adviser Nordea Bank Finland Plc
Telephone +358 9 5300 6785
Distribution:
NASDAQ OMX Helsinki
Key media
www.verkkokauppa.com
FINANCIAL INFORMATION
The financial statements release has been prepared in accordance with Finnish Accounting Standards and local legislation, and in compliance with the accounting principles in the financial statements of 31 December 2014. This quarterly report has not been audited. The financial statements are audited at year-end.
Numbers presented in the quarterly report have been rounded and therefore columns or rows do not necessarily add up to the total amounts presented.
INCOME STATEMENT | ||||||||
€ thousands | 10-12/2015 | 10-12/2014 | Change% | 1-12/2015 | 1-12/2014 | Change% | ||
REVENUE | 107,573 | 86,622 | 24.2% | 343,682 | 275,784 | 24.6% | ||
Other income | 33 | 21 | 60.0% | 96 | 119 | -19.2% | ||
Cost of goods and services | -91,275 | -73,451 | 24.3% | -291,899 | -233,189 | 25.2% | ||
Personnel expenses | -6,189 | -5,660 | 9.3% | -22,402 | -18,762 | 19.4% | ||
Depreciation and amortization | -304 | -250 | 21.5% | -1,171 | -959 | 22.1% | ||
Other operating expenses | -4,983 | -4,546 | 9.6% | -20,630 | -15,525 | 32.9% | ||
OPERATING PROFIT | 4,855 | 2,735 | 77.5% | 7,676 | 7,468 | 2.8% | ||
Financial income and expenses | -54 | -3 | 1,480.4% | -882 | -1,935 | -54.4% | ||
PROFIT BEFORE APPROPRIATIONS AND TAXES | 4,801 | 2,731 | 75.8% | 6,794 | 5,534 | 22.8% | ||
Appropriations | -82 | 0 | 0.0% | -82 | 187 | -143.9% | ||
Income taxes | -515 | -597 | -13.6% | -1,358 | -1,232 | 10.2% | ||
NET PROFIT | 4,203 | 2,134 | 96.9% | 5,354 | 4,488 | 19.3% | ||
BALANCE SHEET | |||
€ thousands | 31.12.2015 | 31.12.2014 | |
ASSETS | |||
NON-CURRENT ASSETS | |||
Intangible assets total | 1,179 | 949 | |
Tangible assets total | 1,788 | 2,113 | |
Investments total | 251 | 50 | |
NON-CURRENT ASSETS TOTAL | 3,218 | 3,113 | |
CURRENT ASSETS | |||
Inventories | 38,742 | 30,858 | |
Receivables | |||
Non-current receivables | 111 | 113 | |
Current receivables | 8,484 | 8,031 | |
Trade receivables | 5,037 | 4,705 | |
Other receivables | 601 | 668 | |
Receivables carried forward | 2,847 | 2,659 | |
Cash and cash equivalents | 30,770 | 35,312 | |
CURRENT ASSETS TOTAL | 78,108 | 74,314 | |
TOTAL ASSETS | 81,325 | 77,427 | |
LIABILITIES | |||
EQUITY | |||
Shareholders' capital | |||
Share capital | 100 | 100 | |
Other funds | |||
Invested non-restricted equity fund | 25,493 | 25,493 | |
Retained earnings | 4,645 | 6,541 | |
Profit (loss) for the period | 5,354 | 4,488 | |
EQUITY TOTAL | 35,591 | 36,622 | |
Depreciation reserve | 82 | 0 | |
Provisions | 810 | 715 | |
LIABILITIES | |||
Non-current liabilities | 0 | 1,099 | |
Interest-bearing debt | 0 | 1,099 | |
Current liabilities total | 44,842 | 38,991 | |
Interest-bearing debt | 0 | 879 | |
Advances received | 2,501 | 2,280 | |
Accounts payables | 27,736 | 22,717 | |
Other liabilities | 4,450 | 6,508 | |
Accrued expenses | 10,156 | 6,607 | |
LIABILITIES TOTAL | 44,842 | 40,090 | |
TOTAL LIABILITIES | 81,325 | 77,427 |
CASH FLOW | |||
€ thousands | 1-12/2015 | 1-12/2014 | |
Cash flow from operating activities | |||
Profit before appropriations and taxes | 6,794 | 5,534 | |
Depreciation and amortization | 1,171 | 959 | |
Change in provisions | 95 | 320 | |
Interest paid and received | 882 | 1,935 | |
Non-current receivables, increase (-), decrease (+) | 2 | -98 | |
Current receivables, increase (-), decrease (+) | -490 | -229 | |
Inventory increase (-), decrease (+) | -7,884 | -7,687 | |
Non-interest-bearing debt, increase (+), decrease (-) | 6,492 | -2,852 | |
NET CASH FROM OPERATING ACTIVITIES BEFORE FINANCING AND TAXES | 7,061 | -2,119 | |
Interest paid and other operational financial expenses | -1,050 | -2,118 | |
Interest received from operations | 168 | 183 | |
Taxes paid | -1,084 | -1,688 | |
NET CASH FLOW FROM OPERATING ACTIVITIES | 5,096 | -5,742 | |
Investments | |||
Intangible and tangible investments | -1,075 | -637 | |
Other investments | -201 | -50 | |
NET CASH FLOW FROM INVESTMENTS | -1,276 | -687 | |
Cash flows from financing activities | |||
Proceeds from share issue | 0 | 24,472 | |
Current interest-bearing debt, increase (+), decrease (-) | -879 | -15 | |
Non-current interest-bearing debt, increase (+), decrease (-) | -1,099 | -5,183 | |
Dividends paid | -6,384 | -210 | |
NET CASH FLOW FROM FINANCING ACTIVITIES | -8,362 | 19,064 | |
NET INCREASE (+) / DECREASE (-) IN CASH AND CASH EQUIVALENTS | -4,543 | 12,635 | |
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD | 35,312 | 22,677 | |
CASH AND CASH EQUIVALENTS AT THE PERIOD END | 30,770 | 35,312 |
STATEMENT OF EQUITY CHANGES | |||||
€, thousand | Share capital | Invested unrestricted equity fund | Retained earnings (loss) | Profit (loss) of the period | Total |
SHARE CAPITAL 1.1.2015 | 100 | 25,493 | 11,029 | 0 | 36,622 |
Dividends | 0 | 0 | -6,384 | 0 | -6,384 |
Profit (loss) of the period | 0 | 0 | 0 | 5,354 | 5,354 |
SHARE CAPITAL 31.12.2015 | 100 | 25,493 | 4,645 | 5,354 | 35,591 |
SHARE CAPITAL 1.1.2014 | 100 | 1,021 | 6,751 | 0 | 7,872 |
Dividends | 0 | 0 | -210 | 0 | -210 |
Share issue | 0 | 24,472 | 0 | 0 | 24,472 |
Profit (loss) of the period | 0 | 0 | 0 | 4,488 | 4,488 |
SHARE CAPITAL 31.12.2014 | 100 | 25,493 | 6,541 | 4,488 | 36,622 |
CALCULATION PRINCIPLES FOR THE COMPANY'S KEY RATIOS
1) Fixed costs = Personnel expenses + other operating expenses
2) Fixed costs, % = (Personnel expenses + other operating expenses) / Revenue x 100
3) Gross profit = Revenue - Cost of goods and services
4) Gross margin, % = (Revenue - Cost of goods and services) / Revenue x 100
5) EBITDA = Operating profit before depreciation
6) EBITDA, % = Operating profit before depreciation / Revenue x 100
7) Operating margin, % = Operating result / Revenue x 100
8) Operating margin excluding non-recurring items, % = Operating result excluding non-recurring items / Revenue x 100
9) Equity ratio = (Equity + depreciation difference x (1 - tax rate)) / (Total sum of the balance sheet - advances received) x 100
10) Return on capital employed (ROCE), rolling 12 months, % = (Net profit + financial expenses + taxes) / (Average equity + interest-bearing debt) x 100
11) Net gearing, % = (Interest-bearing debt - cash and cash equivalents - interest-bearing receivables) / Equity x 100
12) Earnings per share = Profit for the financial period / Monthly average number of shares adjusted by share issues
13) Earnings per share excluding non-recurring items = Profit for the financial period excluding non-recurring items / Monthly average number of shares adjusted by share issues
14) Earnings per share (diluted) = Profit for the financial period / Monthly average number of shares adjusted by share issues + number of shares according to subscription rights
15) Earnings per share excluding non-recurring items (diluted) = Profit for the financial period excluding non-recurring items / Monthly average number of shares adjusted by share issues + number of shares according to subscription rights
16) Average number of shares at end of the period revised by share split = Monthly average number of shares at the end of the period revised by share split
17) Number of employees at the end of the period = Average number of employees on the last week of the period