ROBIT PLC COMPANY RELEASE 12 AUGUST 2015 AT 11.00 A.M.
ROBIT PLC INTERIM REPORT JANUARY - JUNE 2015: GROWTH CONTINUES
Robit Plc Interim Report 1 January - 30 June 2015 (unaudited)
In the text H1 refers to the review period 1 January - 30 June 2015 and H2 refers to the
review period 1 July - 31 December 2015.
January - June 2015 summary
H1 net sales totalled EUR 21.913 (H1/2014: 18.290) million, increase of 19.8 %
Q2 net sales were EUR 11.232 (Q2/2014: 10.180) million, increase of 10.3 %
H1 operating profit was EUR 1.706 (H1/2014: 1.445) million, growth of 18.1 %
H1 operating profit as percentage of net sales was 7.8 % (H1/2014: 7.9 %)
H1 net income was EUR 1.403 (H1/2014: 1.302) million
Earnings per share were EUR 0.12 at the end of the period under review
Equity ratio was 67.8 % at the end of the period under review
| Key financial figures | 1-6/2015 | 1-6/2014 | Change % | 1-12/2014 |
| Net sales, EUR 1000 | 21.913 | 18.290 | + 19,8 | 38.272 |
| EBITA, EUR 1000 | 1.735 | 1.474 | + 17,7 | 3.819 |
| Operating profit, EUR 1000 | 1.706 | 1.445 | + 18,1 | 3.761 |
| Operating profit, % | 7,8 | 7,9 | - 0,1 | 9,8 |
| Net income of review period, EUR 1000 | 1.403 | 1.302 | + 7,7 | 2.925 |
CEO JUSSI RAUTIAINEN COMMENTS
After two years of downturn in the global market, there are no signs of clear growth yet, and the market is still waiting for an upturn. Despite these market conditions, the company has succeeded through its sales efforts in increasing its net sales. So the company has raised its relative market share.
As volumes have increased, the company's profitability (operating profit) has improved 18.1 % from the comparative period. The profitability of the company in Q2/2015 did not meet the company's targets. This was due to several reasons recognized by the company and reflects the normal quarterly variation for the company.
MARKET REVIEW
Looking at the company's market areas, North and South America increased their net sales 42 % compared to the H1/2014 period, to EUR 3.7 million, representing 17 % of the company's net sales. This reflects the company's investment in the US subsidiary and the advances made through this in delivery and service capabilities. The company has for example obtained complex piling projects, and the company will benefit from their value as references in the future.
The subsidiary established in South Africa in 2014 has helped boost sales and increase the availability of products in southern Africa. The company has obtained major mining customers. Growth from the comparative period was 129 %. With net sales of EUR 2.5 million, the area accounted for 12 % of the company's net sales.
In the Europe and Middle East market area (EMEA), demand has remained low. For this reason the company's net sales volume has remained at virtually the same level as the comparative period (EUR 9.6 million, change of 0.2 % from the comparative period). The area is still the company's biggest market area, representing 44 % of the company's total net sales.
The area comprising Russia and the CIS countries has maintained its volume despite the situation in Russia. This is mainly because the company has also managed to sell its products to the CIS countries around Russia. The area had net sales of EUR 1.4 million, which represents 6 % of the company's net sales. The change from the comparative period was -4 %.
Robit's presence in the Asia, Australia and New Zealand market area has strengthened through the company that Robit acquired in South Korea in 2011. The company's factory and warehouse provide more effective service for customers in the area, and as a result the net sales in the area rose 32 % from the comparative period, representing 22 % of the company's net sales. Net sales were EUR 4.7 million.
The company continues to look for organic growth in all market areas, but in particular the opening of the latest new sales offices in South Africa (Johannesburg), North America (Chicago) and South America (Lima) will enable faster growth in these areas thanks to improved availability.
DEVELOPING THE OFFERING
The company is looking for growth in the Top Hammer, ie. hard rock, product range by offering customers entire packages by one-stop shopping concept. This is made possible by the increased rod and shank manufacturing capacity at the South Korean factory.
In the DTH ground drilling product range, the patented product solutions in the portfolio create opportunities for growth in the future as well. This has a visible impact especially in major piling projects, for which the company has obtained strong references for example in North America and Scandinavia. During the H1 period under review, the company has developed the new Prime product in this product range for piling applications, and this will be fully launched during H2/2015.
Sense Systems, a hole straightness measurement system which has been the result of many years' product development, was launched at the international Intermat trade fair in Paris during H1/2015. The concept has aroused considerable interest. The company has continued endurance tests with a few key customers during H1/2015.
FINANCIAL PERFORMANCE
| Key financial figures | 1-6/2015 | 1-6/2014 | 1-12/2014 |
| Net sales, EUR 1000 | 21.913 | 18.290 | 38.272 |
| EBITDA, EUR 1000 | 2.353 | 1.877 | 4.765 |
| EBITDA, % | 10,74 | 10,26 | 12,5 |
| EBITA, EUR 1000 | 1.735 | 1.474 | 3.819 |
| EBITA, % | 7,9 | 8,1 | 10,0 |
| Operating profit, EUR 1000 | 1.706 | 1.445 | 3.761 |
| Operating profit, % | 7,79 | 7,90 | 9,80 |
| Net income in review period, EUR 1000 | 1.403 | 1.302 | 2.925 |
| Equity ratio, % | 67,8 | 41,3 | 47,4 |
| Return on capital employed, % revolving 12 months | 10,4 | 17,7 | 21,2 |
| Net interest-bearing debt, % | -50,4 | 61,4 | 52,9 |
| Earnings per share, EUR* | 0.12 | 0.13 | 0.30 |
| Earnings per share (diluted), EUR* | 0.12 | 0.13 | 0.30 |
| Amount of shares at the end of the period under review (shares outside company asset) | 15.784.450 | 65.663 | 66.563 |
| Average amount of shares* | 11.298.262 | 9.877.574 | 9.867.987 |
| Amount of shares at the end of the period under review* | 15.784.450 | 9.849.450 | 9.984.450 |
| Employees** at the end of the period under review | 124 | 100 | 109 |
*After share-split adjustment
**The number of personnel includes full- and part-time employees.
Looking at the company's profitability indicators, the sales margin has developed encouragingly from the comparative period. A key factor in the improvement in the sales margin has been the reduction in subcontracting costs, which is in part the result of increased volumes and of the closer cooperation with the subcontracting network.
EBITDA increased EUR 0.476 million from the comparative period (increase of +25 %). The company's EBITA increased EUR 0.261 million, as a percentage remaining at almost the same level as in the comparative period (H1/2015: 7.9 %; H1/2014: 8.1 %). When examining profitability, it is important to take into account the following cost items:
One factor affecting profitability that should be noted is the currency exchange rates which caused adjustments to the company profitability in Q1/2015 of EUR +0.21 million and in Q2/2015 of EUR -0.11 million, which had a combined impact in the H1/2015 review period of EUR +0.1 million.
Another factor with an impact on EBITA is the increase in depreciations: EUR 0.617 million in H1/2015 (H1/2014 EUR 0.402 million). Capitalized costs include listing costs, product development costs and the costs of the new Netsuite ERP system. The combined depreciations on these items in the H1/2015 period under review was in total EUR 0.182 million. Total depreciation including depreciation of corporate goodwill totalled EUR 0.646 million.
The equity ratio is 67.8 %, which is because the funds obtained in the listing are in the company's account at the end of the period under review. The company's cash and cash equivalents total EUR 34.1 million. As stated in the offering memorandum the company looks for strong growths both organically and via acquisitions. The company intends to use the funds received in the listing to finance further growth.
Earnings per share were EUR 0.12.
FINANCIAL TARGETS
The company continues to grow in line with the target set in its strategy of annual growth in net sales of +15 %. Net sales in H1/2015 increased 19.8 % from the comparative period. The company's long-term (10 year) average annual growth has been 23 %.
The target of the company's management is to further improve profitability in order to achieve the long-term strategic target of EBITA of +13 %. This will be achieved primarily through growth in net sales, since fixed costs will then account for a smaller proportion of net sales. At the same time company management continues to optimize variable cost factors.
The company had inventories of EUR 14.6 million, an increase of EUR 4.0 million from the comparative period. The company deliberately increased inventories during 2014, creating good delivery service capabilities for the new sales companies it set up and for customers in their areas. The company has however launched an inventories optimisation project in Q2/2015, in which the key elements are renewing the sales forecasting system, optimising the product selection, and improving stock turnover, through-put times and logistics. This project will take advantage of the new cloud-based Netsuite ERP system purchased in H1/2015, which was taken into use at the parent company on 1 July 2015. The target of the optimisation project is to maintain excellent service capability for customers while simultaneously reducing inventories by 15 %.
The company's listing costs have been entered in full in the balance sheet, in accordance with the decision of the company's Board of Directors. The total costs for the share issue were EUR 2.603 million.
The depreciation time for the company's listing costs is five years.
FINANCING AND INVESTMENT
The company's cash flow from operations in the review period totalled EUR 2.260 million (EUR -0.198 million comparative period).
The company's cash flow before financing was EUR -2.057 million, so investments totalled EUR 4.317 million. The company's investments, in addition to the listing (EUR 2.603 million) and Netsuite ERP system (EUR 0.085 million) mentioned above, focused on R&D (EUR 0,364 million) and machinery and equipment (EUR 0.870 million). They were to safeguard delivery reliability, high quality and sufficient capacity.
EUR 8.748 million is tied up in trade receivables (EUR 7.714 million comparative period). In connection with this, the company has launched a project, headed up by the company's CFO, to improve the turnover rate for trade receivables.
The company's financing costs were EUR 0.297 million (EUR 0.203 million in comparative period). The increase in interest-bearing debts was EUR 1,908 million from the comparative period (during the comparative period H1/2014 interest-bearing debts decreased EUR 0,468 million).
The company's cash and cash equivalents totalled EUR 34.1 million at the end of period under review.
PROSPECTS
Robit has increased its net sales during Q1/2015 and Q2/2015 from the comparative periods (2014) and as a result H1/2015 net sales increased by EUR 3.623 million (compared to H1/2014), which means growth of 19.8 %. According to company management there are small signs that the global market in general is picking up. This gives confidence that the company will achieve a 15 % increase in net sales in 2015 in line with its strategy. According to company management this will then mean that the company will further strengthen its market share and market position.
The factors that make this growth possible are the proactive investments in human resources, in sales in particular, and the investments in production capacity and ERP systems. These investments have also been made in order to be prepared for any possible company acquisitions.
The company is looking for structural growth in line with its strategy through acquisitions. The company continues to examine potential acquisition candidates. In the view of company management, consolidation will continue to take place in the sector's global market. The company aims to be an active player in this.
SHARES AND SHARE TURNOVER
On 30 June 2015 the company had 15,883,900 shares.
During the period under review the company was listed on the Nasdaq OMX Helsinki Ltd's First North Finland Marketplace, and as a result the company obtained EUR 30,439,768.76 in the issue after costs.
On 30 June 2015 the company had 839 shareholders.
The company holds 99,450 own shares (0.6 % of the shares).
Market capitalization on 30 June 2015 was EUR 95,303,400.00 (share price EUR 6.00).
PERSONNEL, MANAGEMENT AND ADMINISTRATION
The number of personnel increased by 24 from the comparative period, standing at 124 at the end of the period under review. The increase in personnel has been as planned, to enable the company to grow further.
Some 47 % of personnel were located outside Finland.
The following were elected to the Board of Directors on 18 February 2015: Tapio Hintikka, Kalle Reponen, Pekka Pohjoismäki, Matti Kotola and Harri Sjöholm (chairman). The first four mentioned members are independent of the company and of the major shareholders. Matti Kotola is a new director. Jussi Rautiainen continues as company CEO.
RISKS AND UNCERTAINTIES
The risks and uncertainties to which the company is exposed relate to the company's business environment, to any changes in this, and to global economic developments. Prospects especially in the euro zone and in Russia are uncertain.
Additional uncertainty factors are developments in currency exchange rates, the introduction of new information systems and their smooth operation, risks relating to delivery reliability and logistics, IPR risks and uncertainties relating to the company's operations and corporate governance issues. Changes in the tax and customs regulations in export countries may also complicate the company's export activities or affect their profitability.
The risks can mainly have a negative impact on the company's growth, on its financial position and result, and on its corporate image. Company management does not consider these risks and uncertainties to be significant at the end of the period under review.
ANNUAL GENERAL MEETING 2015
The Annual General Meeting was held in Lempäälä on 18 February 2015. The meeting confirmed the 2014 financial statements and discharged the members of the Board and the CEO from liability for the 2014 fiscal year. The meeting decided to pay a total dividend of EUR 432,659.50, or EUR 6.50 per share. There were 66 563 shares before the share-split and listing.
Those elected to the Board of Directors are listed in the section "Personnel, management and administration" above.
Ernst & Young Oy, Authorised Public Accountants, were re-elected as the company's auditors, with Mikko Järventausta as principle auditor.
OTHER EVENTS DURING THE REVIEW PERIOD
The shares of Robit Plc were listed for trading at 10.00 am on 21 May 2015 on the Nasdaq OMX Helsinki Ltd's First North Finland Marketplace.
SIGNIFICANT EVENTS AFTER THE END OF THE REVIEW PERIOD
The production operations in Finland were transferred on 1 July 2015 from Robit Plc to its
100 % owned subsidiary Robit Finland Oy Ltd.
As part of the Group's reorganization of its operations, on 1 July 2015 the company introduced a new Netsuite ERP system.
On 15 July 2015 James Myoungsoo Kwack, 52, was appointed as the new CEO of Robit Korea Ltd, and he will at the same time serve in the role of Vice President Asia. Jukka Luoma, the current CEO of Robit Korea Ltd, will return to Finland on 1 September 2015 to take up the duties of Group CFO.
FINANCIAL INFORMATION EVENTS
A conference call in connection with the publication of the Interim Report is being held in English for analysts, investors and media representatives on Wednesday, 12 August 2015 at 2.00 p.m. EEST
(at 12.00 p.m. BST).
Dial-in numbers are +358 937-897-691 (FI) and +358 937-897-692 (EN). Conference ID is 5864783.
The conference call will be led by the company's CEO, CFO and Chairman of the Board.
Questions can be presented either beforehand via email investors@robit.fi or during the presentation.
The material to be used in the conference call is available on the company's website at http://www.robit.fi/investors/financial-information/.
FINANCIAL INFORMATION
Robit Plc will publish the following Interim Report and the Financial Statement release in February 2016.
Lempäälä, 12 August 2015
Robit Plc
CEO Jussi Rautiainen
Board of Directors
ROBIT GROUP
This Interim Report has been prepared according to good accounting practice and Finnish accounting standard (FAS). The figures has not been audited.
The figures have been rounded and the sums presented in spread sheets' rows and columns may therefore differ from the total figure of the same.
| Robit Plc | |||||
| Business ID: 0825627-0 | |||||
| Profit and Loss Account | |||||
| € | € | € | |||
| 1.1.2015 - 30.6.2015 | 1.1.2014 - 30.6.2014 | 1.1.2014- 31.12.2014 | |||
| TURNOVER | 21 912 577,04 | 18 289 722,09 | 38 272 382,56 | ||
| Variation in stocks of finished goods | |||||
| and work in progress | 1 016 685,39 | 1 651 196,27 | 2 468 128,31 | ||
| Production for own use | 185 538,16 | 32 082,57 | 94 428,57 | ||
| Other operating income | 42 321,55 | 53 858,10 | 175 197,71 | ||
| Raw materials and services | |||||
| Raw materials and consumables | |||||
| Purchases during the financial year | -9 645 482,20 | -8 565 360,99 | -15 689 632,25 | ||
| Variation in inventories | 1 606 472,16 | 1 053 381,89 | 1 075 236,62 | ||
| External services | -5 301 783,86 | -5 175 022,76 | -10 132 093,99 | ||
| Raw materials and services total | -13 340 793,90 | -12 687 001,86 | -24 746 489,62 | ||
| Staff expences | |||||
| Wages and salaries | -3 149 213,73 | -2 210 329,48 | -4 874 584,55 | ||
| Social security expences | |||||
| Pension expences | -402 181,49 | -359 707,30 | -656 451,86 | ||
| Other social security expences | -103 907,76 | -93 555,00 | -222 231,21 | ||
| Staff expences in total | -3 655 302,98 | -2 663 591,78 | -5 753 267,62 | ||
| Depreciation and reduction in value | |||||
| Depreciation according to plan | -646 410,66 | -431 527,18 | -1 004 574,24 | ||
| Other operating charges | -3 808 623,25 | -2 799 614,83 | -5 744 917,11 | ||
| OPERATING PROFIT (LOSS) | 1 705 991,35 | 1 445 123,38 | 3 760 888,56 | ||
| Financial income and expences | |||||
| Other interest and financial income | 346 079,61 | 174 345,45 | 438 204,60 | ||
| Interest and other financial expences | |||||
| For others | -297 793,02 | -203 158,65 | -522 049,36 | ||
| Financial income and expences total | 48 286,59 | -28 813,20 | -83 844,76 | ||
| PROFIT (LOSS) BEFORE EXTRAORDINARY ITEMS | 1 754 277,94 | 1 416 310,18 | 3 677 043,80 | ||
| PROFIT (LOSS) BEFORE APPROPRIATIONS | 1 754 277,94 | 1 416 310,18 | 3 677 043,80 | ||
| AND TAXES | |||||
| Taxes during financial year | -360 671,27 | -135 671,45 | -760 299,22 | ||
| Calculated change of taxes | 9 571,24 | 21 767,12 | 8 674,13 | ||
| PROFIT (LOSS) FOR THE FINANCIAL YEAR | 1 403 177,91 | 1 302 405,85 | 2 925 418,71 | ||
| Profit of the Group | 1 403 177,91 | 1 302 405,85 | 2 925 418,71 |
| Consolidated Balance Sheet | |||||
| € | € | € | |||
| A S S E T S | 30.06.2015 | 30.06.2014 | 31.12.2014 | ||
| NON-CURRENT ASSETS | |||||
| Intangible assets | |||||
| Goodwill | 58 313,16 | 116 915,73 | 87 614,45 | ||
| Intangible rights | 87 602,74 | 75 270,65 | 68 684,18 | ||
| Other capitalised long-term expences | 3 435 084,86 | 422 762,36 | 585 365,19 | ||
| Intangible assets total | 3 581 000,76 | 614 948,74 | 741 663,82 | ||
| Tangible assets | |||||
| Land and waters | 110 981,63 | 110 981,63 | 110 981,63 | ||
| Buildings | 2 008 978,88 | 1 932 568,11 | 1 990 246,13 | ||
| Machinery and equipment | 3 074 934,08 | 2 532 766,55 | 2 586 858,80 | ||
| Other tangible assets | 7 308,24 | 5 646,18 | 5 035,02 | ||
| Anvance payments and construction in progress | 602 977,32 | 0,00 | 277 219,30 | ||
| Tangible assets total | 5 805 180,15 | 4 581 962,47 | 4 970 340,88 | ||
| Investments | |||||
| Other shares and similar rights of ownership | 5 259,88 | 2 549,30 | 3 956,97 | ||
| Other receivables | 262 707,49 | 189 143,43 | 241 415,23 | ||
| Investments total | 267 967,37 | 191 692,73 | 245 372,20 | ||
| Non-current assets total | 9 654 148,28 | 5 388 603,94 | 5 957 376,90 | ||
| CURRENT ASSETS | |||||
| Inventories | |||||
| Raw materials and consumables | 4 380 897,63 | 2 784 872,21 | 3 188 840,87 | ||
| Work in progress | 1 415 489,65 | 1 130 984,92 | 992 497,17 | ||
| Finished products/Goods | 7 952 659,13 | 6 172 147,48 | 6 380 958,25 | ||
| Other inventories | 732 592,15 | 488 802,24 | 1 245 725,62 | ||
| Advance payments | 88 660,47 | 9 164,45 | 30 365,82 | ||
| Inventories total | 14 570 299,03 | 10 585 971,30 | 11 838 387,73 | ||
| Debtors | |||||
| Long-term | |||||
| Accrued income | 6 075,80 | 10 517,09 | 5 409,41 | ||
| Loan receivables | 736 876,15 | 397 963,73 | 737 540,15 | ||
| Long-term total | 742 951,95 | 408 480,82 | 742 949,56 | ||
| Short-term | |||||
| Trade debtors | 8 748 090,34 | 7 714 388,50 | 6 335 136,42 | ||
| Amounts owed by group undertakings | 0,00 | 0,00 | 0,00 | ||
| Loan receivables | 15 010,54 | 0,00 | 31 184,27 | ||
| Calculated tax claim | 106 026,50 | 58 097,91 | 78 049,64 | ||
| Other debtors | 1 069 469,27 | 980 290,55 | 597 897,88 | ||
| Prepayments and accrued income | 723 168,92 | 584 669,25 | 596 855,03 | ||
| Short-term total | 10 661 765,57 | 9 337 446,21 | 7 639 123,24 | ||
| Funding papers | |||||
| Other funding papers | 7 991,88 | 7 235,68 | 29 928,47 | ||
| Funding papers total | 7 991,88 | 7 235,68 | 29 928,47 | ||
| Cash in hand and at banks | 34 110 766,76 | 863 494,72 | 1 558 952,51 | ||
| Current assets total | 60 093 775,19 | 21 202 628,73 | 21 809 341,51 | ||
| ASSETS TOTAL | 69 747 923,47 | 26 591 232,67 | 27 766 718,41 | ||
| Consolidated Balance Sheet | |||||
| € | € | € | |||
| L I A B I L I T I E S | 30.06.2015 | 30.06.2014 | 31.12.2014 | ||
| Capital and reserves | |||||
| Subscribed capital | 705 025,14 | 705 025,14 | 705 025,14 | ||
| Share premium account | 201 825,51 | 201 825,51 | 201 825,51 | ||
| Free invested equity reserve | 33 646 604,67 | 225 000,00 | 598 500,00 | ||
| Translation difference | -244 624,95 | -45 062,67 | 15 166,99 | ||
| Retained earnings (loss) | 11 455 783,14 | 8 561 258,45 | 8 529 625,66 | ||
| Profit (loss) for the financial year | 1 403 177,91 | 1 302 405,85 | 2 925 418,71 | ||
| Capital and rederves total | 47 167 791,42 | 10 950 452,28 | 12 975 562,01 | ||
| Mandatory reserves | |||||
| Other mandatory reserves | 441 380,43 | 293 857,18 | 349 127,41 | ||
| Mandatory reserves total | 441 380,43 | 293 857,18 | 349 127,41 | ||
| Creditors | |||||
| Long-term | |||||
| Loans from credit institutions | 7 227 877,17 | 5 786 692,48 | 5 206 544,34 | ||
| Long-term total | 7 227 877,17 | 5 786 692,48 | 5 206 544,34 | ||
| Short-term | |||||
| Loans from credit institutions | 3 135 170,56 | 1 806 496,62 | 3 248 441,81 | ||
| Advances received | 128 904,19 | 106 026,69 | 288 735,73 | ||
| Trade creditors | 7 121 799,17 | 6 440 098,81 | 3 983 758,60 | ||
| Amounts owed to group undertakings | 18 489,02 | 9 000,00 | 22 320,00 | ||
| Calculated tax debt | 149 270,25 | 97 819,82 | 130 864,53 | ||
| Other debts | 423 917,10 | 217 542,47 | 346 204,17 | ||
| Accruals and deferred income | 3 933 324,16 | 883 246,32 | 1 215 159,81 | ||
| Short-term total | 14 910 874,45 | 9 560 230,73 | 9 235 484,65 | ||
| Creditors total | 22 138 751,62 | 15 346 923,21 | 14 442 028,99 | ||
| LIABILITIES TOTAL | 69 747 923,47 | 26 591 232,67 | 27 766 718,41 |
| Group | Group | Group | ||||||||
| STATEMENT OF CASH FLOWS | 30.06.2015 | 30.06.2014 | 31.12.2014 | |||||||
| Statement of cash flows | ||||||||||
| Cash flows from operating activities: | ||||||||||
| Ner proft (loss) before taxation, and extraordinary items | 1 756 | 1 415 | 3 677 | |||||||
| Adjustments fo: | ||||||||||
| Depreciation according to plan | 646 | 431 | 1 004 | |||||||
| Financial income and expences | -49 | 29 | 84 | |||||||
| Other adjustments | 0 | 0 | 93 | |||||||
| Cash flow before working vapital changes | 2 353 | 1 875 | 4 858 | |||||||
| Working capital cahnges | ||||||||||
| Increase (-) or decrease (+) in trade and other receivables | -3 017 | -1 910 | -231 | |||||||
| Increase (-) or decrease (+) in inventories | -2 733 | -2 856 | -4 108 | |||||||
| Increase (-) or decrease (+) in trade payables | 5 969 | 2 857 | 1 062 | |||||||
| Cash generated from operations | 2 572 | -34 | 1 581 | |||||||
| Interes paid | -297 | -203 | -522 | |||||||
| Interest received | 346 | 174 | 438 | |||||||
| Income taxes paid | -361 | -135 | -760 | |||||||
| Cash flow before extraordinary items | 2 260 | -198 | 737 | |||||||
| Net cash from operating activities (A) | 2 260 | -198 | 737 | |||||||
| Cash flows from investing activities | ||||||||||
| Purchase of tangible and intangible assets | -4 343 | -572 | -1 713 | |||||||
| Purchase of investments | 0 | 0 | 0 | |||||||
| Change in long-term receivables | 26 | 36 | 49 | |||||||
| Net cash used in investing activities (B) | -4 317 | -536 | -2 038 | |||||||
| Cash flow before financing activities ( A+B) | -2 057 | -734 | -1 301 | |||||||
| Cash flows from financing activities | ||||||||||
| Proceeds from issuance of share capital | 33 048 | 0 | 374 | |||||||
| Acquisition of own shares | 0 | 0 | -145 | |||||||
| Change of translation difference | 85 | 33 | 211 | |||||||
| Change of short-term loans | -113 | -505 | 937 | |||||||
| Change of long-term loans | 2 021 | 37 | -543 | |||||||
| Dividends paid | -432 | -423 | -429 | |||||||
| Net cash used in financing activities | 34 609 | -858 | 405 | |||||||
| Net increase (+ ) / decrease (-) in cash | 32 552 | -1 592 | -896 | |||||||
| and cash equivalents (A+B+C) | ||||||||||
| Cash and cash equivalents at beginning of period | 1 559 | 2 455 | 2 455 | |||||||
| Cash and cash equivalents at end of period | 34 111 | 863 | 1 559 | |||||||
| Change of cash and cash equivalents by balance sheet | 32 552 | -1 592 | -896 | |||||||
| Increases and decreases in equity during the financial year | ||||||||||||||
| Group | Group | Group | ||||||||||||
| 30.06.2015 | 30.06.2014 | 31.12.2014 | ||||||||||||
| Share capital 1.1 | 705 025 | 705 025 | 705 025 | |||||||||||
| Share capital 30.6 | 705 025 | 705 025 | 705 025 | |||||||||||
| Share premium account | 201 826 | 201 826 | 201 826 | |||||||||||
| Invested unrestricted equity fund | 598 500 | 225 000 | 225 000 | |||||||||||
| Subscribed issue | 33 048 105 | 0 | 373 500 | |||||||||||
| Invested unrestricted equity fund 30.6 | 33 646 605 | 225 000 | 598 500 | |||||||||||
| Profit for previous financial years 1.1 | 8 529 626 | 6 727 939 | 6 803 138 | |||||||||||
| Transfer of previous financial years profit/loss | 2 925 419 | 2 104 633 | 2 104 633 | |||||||||||
| Dividends | -432 660 | -428 994 | -428 994 | |||||||||||
| Translation differences | -33 936 | 0 | 27 814 | |||||||||||
| Change in translation difference | 222 709 | 112 617 | 183 271 | |||||||||||
| Profit for previous financial years 30.6 | 11 211 158 | 8 516 196 | 8 544 793 | |||||||||||
| Profit (loss) for the financial year | 1 403 178 | 1 302 406 | 2 925 419 | |||||||||||
| Equity | 47 167 791 | 10 950 452 | 12 975 562 | |||||||||||
CONSOLIDATED KEY FIGURES
| 30.06.2015 | 30.06.2014 | Changes - % | 31.12.2014 | |||
| TURNOVER | 21 912 577 | 18 289 722 | 19,81 % | 38 272 383 | ||
| OPERATING PROFIT | 1 705 991 | 1 445 123 | 18,05 % | 3 760 889 | ||
| OPERATING PROFIT % | 7,8 % | 7,9 % | -1,47 % | 9,8 % | ||
| EARNINGS PER SHARE* | 0,12 | 0,13 | -7,69 % | 0,30 | ||
| EARNINGS PER SHARE (DILUTED)* | 0,12 | 0,13 | -7,69 % | 0,30 | ||
| EQUITY PER SHARE* | 2,99 | 1,11 | 169 % | 1,30 | ||
| RETURN ON EQUITY % | 9,3 % | 24,8 % | -62 % | 25,4 % | ||
| EQUITY RATIO | 67,8 % | 41,3 % | 64 % | 47,2 % | ||
| RETURN ON INVESTMENT % | 10,4 % | 17,7 % | -41 % | 21,2 % | ||
| NET GEARING | -50,4 % | 61,4 % | -182 % | 52,9 % | ||
| INVESTMENTS | 4 343 000 | 572 000 | 659 % | 1 712 000 | ||
| INVESTMENTS % TURNOVER | 19,82 % | 3,13 % | 4,47 % | |||
| NUMBER OF SHARES* | 15 784 450 | 9 849 450 | 60,3 % | 9 984 450 | ||
| OWN SHARES | 99 450 | 234 450 | -57,6 % | 99 450 | ||
| PERCENTAGE OF SHARES | 0,63 % | 2,32 % | -73,07 % | 0,99 % | ||
*After share-split adjustment
CALCULATION OF KEY FIGURES
| EBITDA | = | Operating profit + Depreciation and amortisation | |||
| EBITA | = | Operating profit + Amortisation of goodwill | |||
| Earnings per share (EPS), EUR | = | Profit (loss) for the financial year | | ||
| Amount of shares adjusted with the share issue (average during the financial year) | |||||
| Return on equity, percent | = | Profit (loss) for the financial year | x 100 | ||
| Equity (average during the financial year) | |||||
| Return on capital employed (ROCE), percent | = | Profit before appropriations and taxes + Interest expenses and other financing expenses | x 100 | ||
| Equity (average during the financial year) + Interest-bearing financial liabilities (long-term and short term loans from financial institutions, average during the financial period) | |||||
| Net interest-bearing debt | Long-term and short-term loans from financial institutions - Cash and cash equivalents - Short-term financial securities | ||||
| Equity ratio, percent | = | Equity | x 100 | ||
| Balance sheet total - Advances received | |||||
| Gearing, percent | = | Net interest-bearing financial liabilities | x 100 | ||
| Equity | |||||
Further information:
Jussi Rautiainen, CEO
Email jussi.rautiainen@robit.fi
Mob. +358 40 741 0369
Jukka Luoma, CFO
Email jukka.luoma@robit.fi
Mob. + 358 400 744 746
Harri Sjöholm, Chairman
Email harri.sjoholm@robit.fi
Mob. + 358 400 622 092
Robit develops, manufactures, supplies and services drilling consumables for applications in tunnelling, geothermal heating and cooling, construction, and mining industries. The Company's products can be divided into top hammer drilling consumables used for rock drilling and DTH (down-the-hole) drilling consumables used for ground drilling. The Company has sales companies in Finland, South Korea, the United States, Russia and South Africa, as well as a sales office in China as well as distribution network with approximately 160 distributors. Robit's products are sold to over 100 countries. The Company has production in Finland and South Korea.
Distribution:
NASDAQ OMX Helsinki
Key media
www.robit.fi