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Interim Report Q1 Press Conference 5 May 2010, Sami Mykkänen

Interim Report Q1 Press Conference 5 May 2010, Sami Mykkänen. Revenue January-March 2010. Revenue in the first quarter stood at EUR 13.4 million, or 27 % lower than during the comparable period in the previous year (1-3/2009: EUR 18.5 million)

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Interim Report Q1 Press Conference 5 May 2010, Sami Mykkänen

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  1. Interim Report Q1 Press Conference5 May 2010, Sami Mykkänen

  2. Revenue January-March 2010 • Revenue in the first quarter stood at EUR 13.4 million, or 27 % lower than during the comparable period in the previous year (1-3/2009: EUR 18.5 million) • Order volumes of some big customers in well-being products were clearly lower than last year • Demand from customers in the energy efficiency industry was in Europe lower than normal • The revenue in India was higher than in the same period last year, as expected

  3. Operating profit January-March 2010 • Operating profit (EBIT) was EUR -1.7 million (EUR -0.5 million) • Earnings per share were EUR -0.16 (EUR -0.08) • Planned cost savings from structural change did not reflect in full in the result • Electronic factories had partial overlapping in operations due to product transfers • Personnel and other operating expenses decreased by 6 % from same period last year • Operations were adjusted through temporary lay-offs in all functions

  4. Highlights January–March 2010 • The operations in the Vuokatti factory were decided to close down and the company’s European electronics manufacturing will be centralised to Estonia during 2010. Target to realise significant cost savings which start realising towards the end of the year • The availability of the certain materials in the global market declined, causing pressure for an increase in component prices • Inventories stood at 11 % lower compared to the previous year and amounted to EUR 13.1 million – reserve stocks for product transfers increased inventories from year year • The number of quotations is increasing with intensive negotiations over the manufacture of new products and the new customer relationships • Manufacturing capacity can be increased quickly according to demand with no need for further investments

  5. Realisation of the strategy • Core of strategy: • Focus on the equipment manufacturing for energy efficiency and well-being • Emphasis on customer-orientation in service offering • Making use of the opportunities and growth potential in Asia • Streamlining of production structure • Implemented as from 2009 • Volume manufacture of telecom products finished in Q1/2009 • Divesting small and unprofitable customers • New organisation structure with Business Units • Increased material sourcing from Asia • Centralising design services in India • Redefinition of factory roles in mechanics manufacturing • Centralising the European electronics manufacture in one factory

  6. The directed share issue • The Annual General Meeting decided on 13 April 2010 on increasing the share capital through a directed share issue • Target was to enhance the company’s financing position and to commit the management • The subscription price was EUR 0.64 • Maximum number of new shares was 2,000,000 • The directed share issue was subscribed in full: • Board members, CEO and management team in total: 187,800 shares • Seven of the major shareholders in total: 1,812,200 shares • Target is to apply for public listing of new shares mid June • Board of Directors has an authorisation for further increase of share capital by a maximum of 1,500,000 shares

  7. Revenue and financial performance

  8. Quarterly figures

  9. Revenue and operating profit by quarter Revenue (MEUR) Operating profit (MEUR)

  10. Profitability and financing

  11. Development of cash flow

  12. Key figures 11.1 % 0.05 MEUR Equity ratio, % Investment, MEUR

  13. Share price development January-March 3 May 2010 • Share price EUR 0.66 • Change 1 month +/- 0 • Change 12 months -20 % • Market value 8 MEUR

  14. Share price development 0.67 EUR 8 MEUR Share price, 12 months Market value, MEUR

  15. Biggest shareholders (31 March 2010) • 1,158shareholsers (31 December 2009: 1,089) • 12,180,880shares • Foreign and nominee-registered ownership 0.9 % • Biggest shareholders • Etra Invest Oy Ab 29.2 % • JMC Finance Oy 15.4 % • Ingman Finance Oy Ab 12.5 % • City of Turku, Vahinkorahasto 2.2 % • Kalevi Laurila 1.8 % • Katri Sjöblom 1.5 % • Thominvest Oy 1.2 % • Jussi Lehtonen 1.2 % • Birger Strömberg 1.2 % • Pasi Kivelä 1.0 %

  16. Outlook for 2010 • The operating environment is estimated to remain challenging in 2010 • The general financial situation is estimated to remain uncertain in the near future • By the end of 2010, Incap has implemented most of the strategic restructuring which will create a basis for profitable international business operations. • Previous guidance for 2010 unchanged: • Group’s revenue will be higher than 2009 (EUR 70 million) • Full-year operating profit (EBIT) is estimated to improve clearly from 2009 (EUR -5.0 million)

  17. Consider it well done.

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