EASE2PAY N.V. 
By PR Newswire/ANP/
- Order Portfolio of Technology Company IAI Industrial Systems Reaches
Highest Level Ever
- Profit Growth of Internet Service Company Docdata due to a Strong
Increase of Realised Transactions
Michiel Alting von Geusau, CEO of DOCDATA N.V.: "The strategy 'Vision
2010: Gear to Growth' remains tightly on track, despite the current economic
crisis, both for Technology company IAI industrial systems and Internet
service company Docdata. Our focus for Technology company IAI industrial
systems is to secure orders for the delivery of highest quality systems and
for Internet service company Docdata to further growth of the number of
realised transactions. In line with this focus and despite the challenging
external circumstances, we have realised a further growth both in revenue and
results. We, however, remain cautious regarding the current economic
situation and the markets in which we operate. We do expect to be able to
continue the current positive trend in the second half-year 2009."
Half-year Half-year
ended ended
Revenue 30 June 2009 30 June 2008 Growth
(in thousands, except percentage EUR EUR %
figures)
Technology company IAI industrial
systems 4,187 2,575 + 63%
Internet service company Docdata
(excluding media) 22,082 17,470 + 26%
Docdata media 8,627 15,648 -/- 45%
Total 34,896 35,693 -/- 2%
Technology company IAI industrial systems has delivered in the first
half-year 2009 a number of high-quality personalisation systems and realised
new orders, resulting in an order portfolio at the end of the first half-year
2009 of EUR 24.3 million.
Internet service company Docdata has realised in the first half-year 2009
a strong increase in the number of unique transactions compared to the first
half-year 2008. In the first six months of 2009, approximately 10 million
unique transactions were processed.
Results and Financial position half-year 2009 (unaudited)
Half-year ended at
(in millions, except percentage 30 June 2009 30 June 2008
figures and per share data)
EUR % EUR %
Revenue
Internet service company Docdata 30.7 88.0 33.1 92.8
Technology company IAI industrial 4.2 12.0 2.6 7.2
systems
Total 34.9 100.0 35.7 100.0
Gross profit 10.8 30.8 9.4 26.4
Operating profit (EBIT)
Internet service company Docdata 1.5 4.9 1.3 4.1
Technology company IAI industrial 0.9 21.0 0.1 2.3
systems
Total 2.4 6.8 1.4 4.0
Profit for the half-year 1.9 5.4 1.0 2.9
Basic earnings per share 0.28 0.15
Diluted earnings per share 0.27 0.15
Balance sheet total 39.1 40.7
Equity 21.7 19.3
Solvency ratio (Equity / Balance 55.6% 47.4%
sheet total)
Major features of the first half-year 2009
Revenue of DOCDATA N.V. has decreased in the first half-year 2009 with
EUR 0.8 million to EUR 34.9 million (-/- 2%). Docdata commerce, payments and
fulfilment have realised a revenue increase of EUR 4.6 million, IAI
industrial systems a revenue increase of EUR 1.6 million and Docdata media a
revenue decrease of EUR 7.0 million (of which EUR 4.8 million related to the
sold media activities of Docdata media in the UK and the sale of 4D upgrade
GmbH in Germany). In the first half-year 2009 a higher gross profit was
realised of EUR 10.8 million compared to EUR 9.4 million in the first
half-year 2008 (+14%). Gross profit margin in the first half-year 2009 almost
reached 31% compared to 26% in the first half-year 2008; both lines of
business have contributed to this improvement in gross profit margin.
In the first half-year 2009, an operating profit before financing result
(EBIT) has been realised of EUR 2.4 million. The increase with EUR 1 million
compared to the first half-year 2008 is for the largest part realised by IAI
industrial systems. This is predominantly the result of the higher number of
systems that were delivered in the first half-year 2009, while no systems
were delivered in the first half-year 2008. In addition to the operating
profit, the financing result in the first half-year 2009 has improved with
EUR 0.3 million compared to the first half-year 2008, predominantly resulting
from lower net interest charges and an improvement in the foreign currency
exchange result. Furthermore, income tax expenses have increased with EUR 0.5
million in the first half-year 2009 due to a higher profit before income tax.
All combined, this has resulted in a profit for the period which is EUR 0.8
million higher than in the first half-year 2008.
DOCDATA N.V. has maintained its strong financial position with a solvency
ratio of 55.6% (31 December 2008: 51.8%). In relation to the Company's
liquidity, the cash surplus position has decreased with EUR 3.5 million from
EUR 4.4 million at 31 December 2008 to EUR 0.9 million as at 30 June 2009.
DOCDATA N.V. has realised in the first half-year 2009 a net cash from
operating activities of EUR 0.2 million. The spending of this total of EUR
3.7 million in cash in the first half-year 2009 is shown in the cash flow
statement; the main elements are the distribution of dividend for the year
2008 to the shareholders (EUR 2.0 million), investments in property, plant
and equipment and intangible assets (EUR 1.2 million) and the acquisition of
(minority share interests in) subsidiaries and investments in associates and
other investments (EUR 0.6 million).
Internet service company Docdata realised in the first half-year 2009 a
strong increase in the number of unique transactions compared to the first
half-year 2008. Each transaction contributes to the success of our customers.
We offer customer specific or complete Internet solutions. In the Benelux we
have a reputation as the most progressive Internet service company and we are
pleased to be part of the secret behind the success of our customers. In
Germany and the United Kingdom we have not yet reached this position yet but
we will continue to work hard to achieve this in the next few years.
Goals for 2009 and 2010 are:
1. Service Excellence;
2. Growth of the number of transactions;
3. Development of new services.
In addition to the geographical focus, we continue to invest in new
services for our customers. As an example of a new service we recently
started to offer our e-commerce customers a fully integrated solution for web
photography. Through this service our customers are able to present and sell
articles in their web shop within 24 hours. This service is offered in-house
in our fulfilment centers in order to operate this process as efficient as
possible.
An important trend is that more people order online more frequently. We
have the impression that this trend is supported by the current economic
recession and as a result we expect a further growth also for the coming
months. However, we see that the average amount per order decreases but the
number of transactions keeps growing.
Michiel Alting von Geusau, CEO of DOCDATA N.V.: "On a monthly basis we
process more than one and a half million transactions for our customers.
These transactions are realised orders, successful payments, delivered orders
and completed returns. We expect that the number of transactions we process
will grow further in the coming years. The current economic crisis will have
an impact on online spending, the growth will weaken, but also in 2009 the
number of e-commerce transactions will further increase."
The current risks are mainly in terms of the financial position of our
customers and the strategic choice of (potential) customers to purchase
certain services from external suppliers. Often these decisions are
reconsidered in case of takeovers. As a result of this we expect that one of
our customers abroad will not renew the distribution contract in 2010. We
also see that client acquisition takes much longer in the current economic
crisis. Customers clearly need more time to take these decisions.
In the document security market Technology company IAI industrial systems
is more and more seen as the highest quality supplier of production systems
to personalise and/or secure documents issued by governments. In the document
security market IAI industrial systems succeeded to achieve excellent
results. IAI industrial systems has an order book of EUR 24.3 million at the
end of the first half-year 2009 (31 December 2008: EUR 10.8 million). We
therefore expect further growth in the second half-year 2009.
Goals for 2009 and 2010 are:
1. Timely delivery of systems;
2. Realising new orders;
3. Development of new systems with unique features.
Michiel Alting von Geusau, CEO of DOCDATA N.V.: "We are ideally
positioned in the market of document security. We can compete with the big
players in this market due to our high quality, reliable and
customer-specific systems. Despite the credit crisis, we expect that
governments will continue to invest in the security of documents."
Worldwide, we see that many countries hold on to paper holder pages. For
this extensive market segment IAI industrial systems has developed BM One
systems which process personal data by means of inkjet printing, followed by
the application of a protective laminate on the holder page. Although such
systems do not embed the laser inscription application, these systems can,
depending on customer's request, include the ImagePerf(R) and/or
NumberPerf(R) laser-functionality. With the development of these BM One
systems IAI industrial systems has entered a large market segment of the
known document security market. Systems with this new technology were already
sold and partly delivered to a number of countries, including Romania and
Algeria.
Another new development is demonstrated by the SheetMaster and WebMaster
systems that can process documents printed in sheets or in web. There is a
large variety of documents that can be processed, for example: birth
certificates, registration certificates, diplomas, passport pages, documents
for levying direct taxes, etc. There is no standardisation of such documents
yet. For this reason these systems are equipped with many different options
to cover the demands in this market as much as possible. Also here IAI
industrial systems entered a new segment in a known market. These systems
were already sold and partly delivered to a number of countries, including
South Africa and India.
For the recently acquired order from Bulgaria, IAI industrial systems is
developing new systems for the decentralised personalisation market. For that
purpose the technology of the highly integrated systems, such as the BM One,
is made available in small standalone solutions. With this IAI industrial
systems again enters a new market.
The above examples illustrate the significant expansion of the product
range of IAI industrial systems for the document security market.
IAI industrial systems continued to build a solid network in the solar
industry in the first half-year 2009. In this market IAI industrial systems
offers production systems for solar cells or panels. Major orders appeared to
be postponed due to the credit crisis. Potential customers have postponed the
purchase of their new productions systems until they have more certainty
about their funding. IAI industrial systems is convinced that the solar
market will be growing again as soon as the funds for capital expenditure are
available. Nothing has fundamentally changed in this market. Based on this
conviction IAI industrial systems will therefore continue to build a network
to benefit from after the credit crisis.
The planned growth of IAI industrial systems has already resulted in a
workforce that has grown significantly in 2009. In addition, IAI industrial
systems also offers a lot of work to temporary staff and to outsourcing
partners.
Outlook
The focus in 2009 will be on autonomous profitable growth.
The focus for Internet service company Docdata is on the further
development of the Internet service model in Germany and the United Kingdom.
The goal is to become a Top 5 player in the coming years. Secondly, the focus
is on adding new services, starting in the Benelux. For 2009, we expect
further growth, despite the economical market situation; with the clear
exception of Docdata media.
In the document security market, Technology company IAI industrial
systems has not only realised outstanding results in the first six months of
2009, also the order portfolio is well filled for 2009 and 2010. The focus is
on the timely delivery of ordered systems and secondly on the development of
new markets through unique solutions. We do not expect any substantial
revenue in 2009 in the Solar market.
Accounting policies
The consolidated financial statements of DOCDATA N.V. are prepared in
accordance with the International Financial Reporting Standards as adopted by
the European Union (hereafter IFRS). For an overview of the significant
accounting policies under IFRS, please refer to the 2008 Annual Report that
is available at the Company and can also be downloaded from the Company's
corporate website, http://www.docdatanv.com. The interim financial report has
been prepared in accordance with IAS 34 ('Interim Financial Reporting').
Audit
The financial information included in this interim report and its
enclosures have not been audited by the external auditors.
Enclosure with financial information
For a detailed review of the 2009 half-year results please refer to the
attached enclosure 'Interim Financial Information for the half-year ended 30
June 2009' with Appendix.
Meeting for financial press and analysts
Today, Tuesday 28 July 2009, management of DOCDATA N.V. will discuss the
2009 half-year results in a meeting for which both financial press and
analysts have been invited, to be held at 10.30AM Amsterdam time in the
Mercurius room of the Financieel Nieuwscentrum Beursplein 5 of NYSE Euronext
Amsterdam (Beursplein 5, 1012 JW Amsterdam, telephone +31-20-5505505).
------------------------------------------
The listed DOCDATA N.V. exists of two lines of business:
Internet service company Docdata (http://www.docdata.com) is a European
market leader with a strong basis in The Netherlands, Germany and the United
Kingdom, and exists of four services:
- Docdata commerce
- Docdata payments
- Docdata fulfilment
- Docdata media
Technology company IAI industrial systems (
http://www.iai-industrial-systems.com) is a high tech engineering company
specialised in developing and building systems for very accurate and high
speed processing of all kinds of products and materials. IAI delivers clients
globally in the following sectors:
- securing and personalising of security documents
- processing of packaging materials
- processing of solar cells
- processing of other materials
Waalwijk, the Netherlands, 28 July 2009
Responsibility Statement
Statement pursuant to article 5:25d section 2 sub c of the Dutch
Financial Supervision Act ("Wet financieel toezicht", Wft)
The DOCDATA N.V. Management Board declares, that to the best of their
knowledge:
1. the interim financial statements of DOCDATA N.V., as set out on pages
8 to 18 of this report, give a true and fair view of the assets, the
liabilities and the financial position as at 30 June 2009 and the profit for
the half-year ended 30 June 2009 of DOCDATA N.V. and its consolidated
subsidiaries;
2. the interim report of DOCDATA N.V., as set out on pages 1 to 6 of this
report, includes a true and fair review of the position as per 30 June 2009
and of the development and performance during the half-year ended 30 June
2009 of DOCDATA N.V. and the associated companies, of which the information
is included in the interim financial statements. In addition, the interim
report gives a true and fair review of the expected developments, investments
and circumstances of which the development of revenue and profitability
depend.
Waalwijk, 28 July 2009
The Management Board,
M.F.P.M. Alting von Geusau, CEO
M.E.T. Verstraeten, CFO
Interim Financial Information
The interim financial information is prepared in accordance with
International Financial Reporting Standards as adopted by the European Union
(hereafter "IFRS") and its interpretations adopted by the International
Accounting Standards Board (IASB).
Revenue
(in thousands, except percentage Half-year ended Half-year ended
figures 30 June 2009 30 June 2008
Revenue by line of business EUR % EUR %
Internet service company Docdata 30,709 88.0 33,118 92.8
Technology company IAI industrial 4,187 12.0 2,575 7.2
systems
Total 34,896 100.0 35,693 100.0
- The revenue of Docdata decreased with EUR 2.4 million (7%) in the
half-year ended 30 June 2009. In the first half-year 2009 the total revenue
of the Docdata commerce, Docdata payments and Docdata fulfilment services
increased with EUR 4.6 million (26%), including a negative foreign exchange
effect of EUR 0.5 million. The increased revenue of these three Internet
services has been realised through autonomous growth (+/+ EUR 4.2 million,
including the FX GBP effect of -/- EUR 0.5 million) and through the
acquisition of Pegasus Mail GmbH per 1st of January 2009 (+/+ EUR 0.4
million). The revenue of the Docdata media service decreased with EUR 7
million in total, of which EUR 4.8 million as a combined result of the sale
of the UK media business by docdata media Ltd. on 30 January 2009 and the
sale of all shares of 4DU upgrade GmbH on 20 November 2008; the other EUR 2.2
million of this revenue decrease was due to declining revenue from
replication activities in Tilburg and Berlin.
- IAI industrial systems' revenue increased EUR 1.6 million (63%) in the
half-year ended 30 June 2009 compared to the half-year ended 30 June 2008.
The increase in revenue is mainly caused by a combination of a higher number
of security systems delivered in 2009 and a lower revenue from deliveries of
subassemblies in the first half-year 2009.
Gross profit
(in thousands, except percentage Half-year ended Half-year
figures) 30 June 2009 ended
30 June 2008
Gross profit (margin) by line of
business
(margin as % of revenue by line of
business) EUR % EUR %
Internet service company Docdata 8,854 28.8 8,583 25.9
Technology company IAI industrial 1,903 45.5 848 32.9
systems
Total 10,757 30.8 9,431 26.4
- The gross profit of Docdata increased with EUR 0.3 million (3%).
Docdata commerce, Docdata payments and Docdata fulfilment contributed EUR 7.2
million to the gross profit in the half-year ended 30 June 2009 compared to
EUR 6.1 million in the half-year ended 30 June 2008, mainly due to growth in
the number of transactions. Docdata media contributed EUR 1.7 million to the
gross profit in the first half-year 2009 compared to EUR 2.5 million in the
first half-year 2008. Notwithstanding the fact that the media business is
declining, the Docdata media companies controlled their production costs
successfully also supported by a lower cost price of purchased goods.
- The gross profit of IAI industrial systems increased with EUR 1.0
million (24%) in the half-year ended 30 June 2009 compared to the half-year
ended 30 June 2008. Both the gross profit and gross profit margin increased
due to the delivery of a higher number of security systems in the first
half-year 2009.
Operating profit before financing result (EBIT)
Selling & Administrative expenses
(in thousands, except percentage Half-year ended Half-year ended
30 June 2009 30 June 2008
Operating profit (margin) by line of
business
(margin as % of revenue by line of
business) EUR % EUR %
Internet service company Docdata 1,496 4.9 1,354 4.1
Technology company IAI industrial
systems 881 21.0 58 2.3
Total 2,377 6.8 1,412 4.0
Selling & Administrative expenses (as %
of revenue)
Selling expenses 2,314 6.6 2,336 6.5
Administrative expenses 5,897 16.9 5,670 15.9
Total 8,211 23.5 8,006 22.4
Selling & Administrative expenses by
line of business (as % of revenue by
line of business)
Internet service company Docdata 7,189 23.4 7,216 21.8
Technology company IAI industrial
systems 1,022 24.4 790 30.7
Total 8,211 23.5 8,006 22.4
- In the half-year ended 30 June 2009 the operating profit of Docdata
increased with EUR 0.1 million compared to the half-year ended 30 June 2008.
This is the combined effect of an increased gross profit (EUR 0.3 million)
and higher other operating expenses (EUR 0.2 million). These other operating
expenses of EUR 0.2 million in the first half-year 2009 consist of additional
personnel expenses and advisory costs. The operating profit of Docdata
commerce, payments and fulfilment in the first half-year 2009 amounts to EUR
1.5 million compared to EUR 1.0 million in the first half-year 2008 and is
the result of more transactions and efficiency improvements. In the first
half-year 2008 the Docdata media companies contributed EUR 0.3 million to the
operating profit, while this decreased to almost nil in the first half-year
2009.
- Operating profit of IAI industrial systems increased EUR 0.8 million in
the first half-year year ended 30 June 2009 compared to the half-year ended
30 June 2008. This increase is the combined effect of increased gross profit
with EUR 1.0 million and increased selling and administrative expenses with
EUR 0.2 million in the first half-year 2009. The increase in operating profit
margin in the first half-year 2009 is the result of the sale of a higher
number of security systems which have a relative high profit margin compared
to other revenue categories. The selling and administrative expenses
increased with EUR 0.2 million (29%) due to higher personnel costs as a
result of the expansion in number of employees. This enables IAI industrial
systems to realise further growth, as well as their entry in the solar
market.
Net financing income / (expenses)
Net financing income for the half-year ended 30 June 2009 amounted to
nearly EUR 0.2 million compared to net financing expenses of EUR 0.1 million
for the half-year ended 30 June 2008. This increase of EUR 0.3 million is
caused by higher net bank interest income in the half-year ended 30 June 2009
(effect: nearly EUR 0.1 million) and over EUR 0.2 million higher foreign
currency exchange result in the half-year ended 30 June 2009, compared to the
financial expenses in the half-year ended 30 June 2008, due to the British
pound recovering against the euro since January 2009
Income tax expense
DOCDATA's effective tax rate in the half-year ended 30 June 2009 was
27.7% with an income tax expense of EUR 0.7 million on a profit before income
tax of EUR 2.6 million. In the half-year ended 30 June 2008, the profit
before income tax amounted to EUR 1.3 million and the income tax expense
amounted to EUR 0.3 million (effective tax rate: 20.4%).
The income tax expense of EUR 0.7 million in the half-year ended 30 June
2009 is the combined result of the following tax treatments of the results
per country:
- In the Netherlands, a tax charge has been recorded at a corporate
income tax rate of 25.5% on the taxable income for the Dutch fiscal entity as
well as for the Dutch subsidiaries that are not part of this fiscal entity.
- In the United Kingdom, income taxes are recorded against a corporate
income tax rate of 28.0% (2008: 28.0%). As a consequence of the sale on 30
January 2009 of the UK media business and tangible fixed assets to Sound
Performance Manufacturing Ltd., no deferred tax assets on the remaining net
operating losses and capital allowances of docdata media Ltd. have been
recognised in the consolidated balance sheets at 31 December 2008 and at 30
June 2009.
- In Germany, a tax charge has been recorded at a corporate income tax
rate of in general around 30.0% on taxable income for the German entities,
taking into account lower income tax rates for some regions in Germany when
and where applicable.
Liquidity and capital resources
The General Annual Meeting of Shareholders held on 13 May 2009 approved
the proposal to distribute a dividend of EUR 0.30 per ordinary share
outstanding (excluding own shares held by the Company), which had a
decreasing impact of EUR 2.0 million on retained earnings within the equity
of the Company in the half-year ended 30 June 2009.
In the half-year ended 30 June 2009, the Group's net cash position has
decreased with EUR 3.5 million to EUR 0.9 million from EUR 4.4 million at 31
December 2008. Net cash from operating activities amounted to EUR 0.2 million
for the half-year ended 30 June 2009 (half-year ended 30 June 2008: EUR 1.0
million). These total available funds of EUR 3.7 million were for a large
part spent on the EUR 2.0 million dividend payment. In addition, the Group
has invested a total amount of EUR 1.8 million in the half-year ended 30 June
2009: EUR 1.1 million in property, plant and equipment (mainly warehousing
equipment and investment in IT infrastructure); EUR 0.6 million for the
acquisition of the remaining minority interests in Braywood Holding Ltd.
(14.40% of shares) and docdata commerce Ltd. (29.10% of shares; formerly
named Hitura Ltd.), and EUR 0.1 million in intangibles (predominantly IT
development costs) and in associates.
In the half-year ended 30 June 2009 31,420 personnel options were
exercised from the 2004 series at a price of EUR 4.48 per share. The
underlying shares have been delivered by the Company from the own shares in
possession of the Company. The proceeds of EUR 141 thousand have been
credited to equity under reserves, as the purchase of own shares has been
charged to reserves in the past. Per 30 June 2009, the Company owned 351,482
own shares (5.02%), which number is the same as the number of own shares
currently owned by the Company per 28 July 2009.
Waalwijk, 28 July 2009
Consolidated Interim Financial Statements
1. Consolidated Balance Sheets
Balance sheets before appropriation of profit.
30 June 31 December
2009 2008
(in thousands) EUR EUR
Assets
Property, plant and equipment 6,277 6,275
Intangible assets 10,286 9,979
Investments in associates 220 174
Other investments 100 100
Trade and other receivables 247 108
Deferred tax assets 696 752
Total non-current assets 17,826 17,388
Inventories 7,156 3,593
Income tax receivables 402 468
Trade and other receivables 11,991 12,868
Cash and cash equivalents 1,613 6,034
Assets classified as held for 95 549
sale
Total current assets 21,257 23,512
Total assets 39,083 40,900
Equity
Share capital 700 700
Share premium 16,854 16,854
Translation reserves (870) (1,313)
Reserve for own shares (2,983) (3,218)
Retained earnings 7,727 7,882
Total equity attributable to equity holders of 21,428 20,905
the parent
Minority interest 287 292
Total equity 21,715 21,197
Liabilities
Interest-bearing loans and other 313 628
borrowings
Employee benefits 98 100
Deferred tax liabilities 443 437
Total non-current liabilities 854 1,165
Bank overdrafts 696 1,675
Interest-bearing loans and other 137 94
borrowings
Income tax payable 219 323
Trade and other payables 15,068 16,054
Provisions 105 93
Liabilities classified as 289 299
held for sale
Total current liabilities 16,514 18,538
Total liabilities 17,368 19,703
Total equity and liabilities 39,083 40,900
2. Consolidated Income Statements
Half-year ended Half-year ended
30 June 2009 30 June 2008
(in thousands, except earnings per share EUR % EUR %
and average shares outstanding)
Revenue 34,896 100.0 35,693 100.0
Cost of sales (24,139) (69.2) (26,262) (73.6)
Gross profit 10,757 30.8 9,431 26.4
Other operating income 53 0.1 21 0.1
Selling expenses (2,314) (6.6) (2,336) (6.5)
Administrative expenses (5,897) (16.9) (5,670) (15.9)
Other operating expenses (222) (0.6) (34) (0.1)
Operating profit before financing result 2,377 6.8 1,412 4.0
Financial income 278 0.8 203 0.6
Financial expenses (97) (0.3) (327) (0.9)
Net financing income / (expenses) 181 0.5 (124) (0.3)
Share of profits of associates 36 0.1 21 0.1
Profit before income tax 2,594 7.4 1,309 3.7
Income tax expense (718) (2.0) (267) (0.8)
Profit for the period 1,876 5.4 1,042 2.9
Attributable to:
Equity holders of the parent 1,838 5.3 1,044 2.9
Minority interest 38 0.1 (2) -
Profit for the period 1,876 5.4 1,042 2.9
Weighted average number of shares 6,649,000 6,725,000
outstanding
Weighted average number of shares 6,962,000 6,985,000
(diluted)
Earnings per share
Basic earnings per share 0.28 0.15
Diluted earnings per share 0.27 0.15
3. Consolidated Statements of Cash Flows
Half-year Half-year
ended ended
30 June 2009 30 June 2008
(in thousands) EUR EUR
Cash flows from operating activities
Profit for the period 1,876 1,042
Adjustments for:
Depreciation and amortisation 1,622 1,847
Costs share options and delivered shares 94 184
Financial expenses 97 327
Financial income (278) (203)
Share of profits of associates (36) (21)
Income tax expense 718 267
Cash flows from operating activities before
changes in working capital and provisions 4,093 3,443
Decrease / increase in trade and other
receivables and assets held for sale 1,336 (1,073)
Increase in inventories (3,563) (1,318)
Decrease / increase in trade and other
payables and liabilities held for sale (853) 978
Increase / decrease in provisions and
employee benefits 10 (238)
Cash generated from the operations 1,023 1,792
Interest paid (165) (210)
Interest received 118 195
Income taxes paid (769) (800)
Net cash from operating activities 207 977
Cash flows from investing activities
Acquisition of property, plant and equipment (1,102) (990)
Acquisition of subsidiaries (582) (1,318)
Acquisition of associates and other
investments (62) (66)
Acquisition of intangible assets (57) (479)
Proceeds from sale of property, plant and
equipment 2 11
Net cash from investing activities (1,801) (2,842)
Cash flows from financing activities
Dividends paid (2,031) (1,892)
Repayment of bank overdrafts (1,185) -
Proceeds from exercise of share options 141 47
Proceeds from interest-bearing loans and
other borrowings 60 110
Own shares bought - (1,894)
Proceeds from bank overdrafts - 377
Net cash from financing activities (3,015) (3,252)
Net (decrease) increase in cash and cash
equivalents (4,609) (5,117)
Cash and cash equivalents at the beginning of
the period 6,034 5,586
Effect of exchange rate fluctuations on cash
held 188 (169)
Cash and cash equivalents at the end of the
period 1,613 300
4. Consolidated Statements of Shareholders' Equity
Share Share Retained
capital premium earnings
Reserves
(in thousands) EUR EUR EUR EUR
Equity Statement 2008
Balance at 1 January 2008 731 16,854 (1,674) 5,932
Dividend distribution - - - (1,658)
Shares bought - - (1,894) -
Exercised share options - - 47 -
Delivered shares for remuneration - - 135 -
Costs share options - - 49 -
Consolidation of former associate - - - -
Total recognised income and
expense for the period - - (492) 1,044
Balance at 30 June 2008 731 16,854 (3,829) 5,318
Balance at 1 July 2008 731 16,854 (3,829) 5,318
Cancellation of own shares (31) - 31 -
Dividend distribution - - - 2
Shares bought - - (22) -
Exercised share options - - 1 -
Costs share options - - 60 -
Consolidation of former associate - - - -
Total recognised income and
expense for the period - - (772) 2,562
Balance at 31 December 2008 700 16,854 (4,531) 7,882
Equity Statement 2009
Balance at 1 January 2009 700 16,854 (4,531) 7,882
Dividend distribution - - - (1,993)
Exercised share options - - 141 -
Delivered shares for remuneration - - 37 -
Costs share options - - 57 -
Consolidation of former associate - - - -
Total recognised income and
expense for the period - - 443 1,838
Balance at 30 June 2009 700 16,854 (3,853) 7,727
Total equity
attributable
to equity
holders of
the parent Minority Total
interest equity
(in thousands) EUR EUR EUR
Equity Statement 2008
Balance at 1 January 2008 21,843 344 22,187
Dividend distribution (1,658) (234) (1,892)
Shares bought (1,894) - (1,894)
Exercised share options 47 - 47
Delivered shares for remuneration 135 - 135
Costs share options 49 - 49
Consolidation of former associate - 118 118
Total recognised income and
expense for the period 552 (2) 550
Balance at 30 June 2008 19,074 226 19,300
Balance at 1 July 2008 19,074 226 19,300
Cancellation of own shares - - -
Dividend distribution 2 - 2
Shares bought (22) - (22)
Exercised share options 1 - 1
Costs share options 60 - 60
Consolidation of former associate - (6) (6)
Total recognised income and
expense for the period 1,790 72 1,862
Balance at 31 December 2008 20,905 292 21,197
Equity Statement 2009
Balance at 1 January 2009 20,905 292 21,197
Dividend distribution (1,993) (38) (2,031)
Exercised share options 141 - 141
Delivered shares for remuneration 37 - 37
Costs share options 57 - 57
Consolidation of former associate - (5) (5)
Total recognised income and
expense for the period 2,281 38 2,319
Balance at 30 June 2009 21,428 287 21,715
5. Consolidated Statements of recognised Income and Expense
Half-year Half-year
2009 2008
(in thousands) EUR EUR
Foreign exchange translation
differences 443 (492)
Income / (Expense) recognised directly in
equity 443 (492)
Profit for the period 1,876 1,042
Total recognised income and expense for the
period 2,319 550
Attributable to:
Equity holders of the parent 2,281 552
Minority interest 38 (2)
Total recognised income and expense for the
period 2,319 550
6. Notes to the Consolidated Interim Financial Statements
6.1 Reporting entity
DOCDATA N.V. (referred to as "DOCDATA" or the "Company") is a company
domiciled in Waalwijk, the Netherlands. The consolidated interim financial
statements of DOCDATA N.V. as at and for the half-year ended 30 June 2009
comprise DOCDATA N.V. and its subsidiaries (together referred to as the
"Group") and the Group's interest in associates and jointly controlled
entities.
The consolidated financials statements of the Group as at and for the
year ended 31 December 2008 are available upon request from the Company's
registered office at Energieweg 2, 5145 NW in Waalwijk, the Netherlands, or
at the Company's corporate website, http://www.docdatanv.com .
6.2 Statement of compliance
These consolidated financial statements have been prepared in accordance
with IAS 34 (Interim Financial Reporting). They do not include all of the
information required for full annual financial statements, and should
therefore be read in conjunction with the consolidated financial statements
of the Group as at and for the year ended 31 December 2008.
6.3 Significant accounting policies
The accounting policies applied by the Group in these consolidated
interim financial statements are the same as those applied by the Group in
its consolidated financial statements as at and for the year ended 31
December 2008.
6.4 Audit
The consolidated interim financial statements and the reconciliations
included in this report and its enclosures have not been audited by the
external auditors.
6.5 Management representations
In the opinion of the management, these consolidated interim financial
statements include all adjustments necessary for a fair presentation of the
financial position, operating results and cash flows of all reporting periods
herein. All such adjustments are of a normal recurring nature.
The results of the operations for the half-year ended 30 June 2009 are
not necessarily indicative of the results for the entire financial year
ending 31 December 2009.
6.6 Organisation structure and segmentation
From 1 January 2008 onwards, DOCDATA has changed the organisation
structure from a country organisation to a divisional structure. Starting the
financial year 2008, DOCDATA identifies for the purpose of preparing
financial statements the following two lines of business: Internet service
company Docdata (consisting of the following four services: Docdata commerce,
Docdata payments, Docdata fulfilment and Docdata media) and Technology
company IAI industrial systems. The segmentation for both comparable
financial statements for the half-year ended 30 June 2008 and the half-year
ended 30 June 2009 has been prepared accordingly and in a consistent way.
6.7 Consolidation
In the consolidated financial statements for the half-year ended 30 June
2009, the following treatment has been applied for the following
incorporation and acquisition:
- IAI industrial systems GmbH: per 12 January 2009, IAI industrial
systems B.V. has incorporated a new legal entity for its Germany subsidiary,
IAI industrial systems GmbH in Berlin. The balance sheet and income statement
of IAI industrial systems GmbH have been included in the DOCDATA
consolidation starting per the date of incorporation;
- Pegasus Mail GmbH: on 9 January 2009, docdata e-business GmbH has
acquired all issued shares of Pegasus Mail GmbH in Münster (Germany). This
company operates fulfilment services related to print and mail. The balance
sheet and income statement of Pegasus Mail GmbH have been included in the
DOCDATA consolidation starting per the acquisition date.
In the consolidated financial statements for the year ended 31 December
2008, the following treatment has been applied for the acquisitions and
divestments mentioned:
- docdata media Ltd.: on 30 January 2009 docdata media Ltd., a part of
the docdata media division, has sold its complete business activities for CD
and DVD replication and Audio Cassette manufacturing to Sound Performance
Manufacturing Ltd., a subsidiary of the UK based Sound Performance Ltd. This
transaction includes the sale by docdata media Ltd. as per the transaction
date of 30th of January 2009 of its business activities, tangible fixed
assets, stocks, customer contracts, trade creditors, personnel and staff. The
assets and liabilities part of this transaction have been accounted for at
the lower of book value or net realisable value and have been recorded under
assets classified as held for sale and liabilities classified as held for
sale in the consolidated balance sheet at 31 December 2008.
- docdata e-business GmbH (formerly named 'Pegasus e-Business GmbH'):
DOCDATA has increased its share interest in Pegasus e-Business GmbH in
Münster (Germany; formerly named 'Pegasus Dienstleistungen GmbH') from 30% to
70%, through the exercise of the call option on 40% of the issued share
capital which was part of the original sale and purchase agreement from
September 2006. The balance sheet and income statement of Pegasus e-Business
GmbH has been included in the DOCDATA consolidation starting 1 January 2008;
- docdata commerce Limited (formerly named 'Hitura Limited'): DOCDATA has
acquired an interest of 61.2% in the issued share capital of Hitura Ltd. in
London (England), with an agreement on the purchase of the remaining minority
shares between 2008 and 2013. The balance sheet and income statement of
Hitura Ltd. have been included in the DOCDATA consolidation starting 1
February 2008. On 2 July 2008, DOCDATA has acquired an additional 9.7%
interest in the issued share capital of docdata commerce Ltd., bringing the
total DOCDATA share to 70.9% as of that date.
- 4D upgrade GmbH: on 20 November 2008, DOCDATA has sold its share
interest of 85.0% in the issued share capital of 4D upgrade GmbH in
Groβbeeren (Germany) to the (third-party) minority shareholders, with 30
November 2008 as effective transaction date for the transfer of the share
ownership. Therefore, the balance sheet at 31 December 2008 of 4D upgrade
GmbH has not been included in the consolidated balance sheet at 31 December
2008, and the revenues and results of 4D upgrade GmbH are included in the
2008 consolidated income statement of DOCDATA for the 11-months' period from
1 January 2008 till 30 November 2008.
6.8 Property, plant and equipment
30 June 31 December
2009 2008
(in thousands) EUR EUR
Land and buildings 1,383 1,449
Machinery and equipment 2,753 2,929
Other 1,971 1,855
6,107 6,233
Under construction 170 42
Total 6,277 6,275
The book value of property, plant and equipment has remained at EUR 6.3
million over the half-year ended 30 June 2008 as a combined result from
depreciation charges for EUR 1.2 million, currency exchange profits for EUR
0.1 million on the UK property, plant and equipment accounted for in British
pounds, and capital expenditure for EUR 1.1 million.
As a result of the sales process of docdata media Ltd., property, plant
and equipment with a book value of EUR 0.4 million at 31 December 2008 was
eliminated from property, plant and equipment in the consolidated balance
sheet as at 31 December 2008. These assets have been accounted for as assets
classified as held for sale in the consolidated balance sheet as at 31
December 2008. In the consolidated balance sheet as at 30 June 2009 these
assets are not recorded anymore, given the Asset Purchase Agreement signed
with Sound Performance Manufacturing Ltd. at 30 January 2009, as a part of
which the property, plant and equipment of docdata media Ltd. were sold.
6.9 Intangible assets
30 June 31 December
2008
2009
(in thousands) EUR EUR
Goodwill 6,982 6,562
Customer contracts 637 627
IT platforms 2,667 2,790
10,286 9,979
Under construction - -
Total 10,286 9,979
The book value for intangible assets has increased with EUR 0.3 million
during the half-year ended 30 June 2009, due to the following:
- goodwill paid (EUR 0.1 million) for the acquisition of the remaining
minority interests in Braywood Holding Ltd. (14.40% of shares) and docdata
commerce Ltd. (29.10% of shares; formerly named Hitura Ltd.). At 30 June
2009, the Group owns all shares in these subsidiaries with ownership of the
economical rights going back to 1st of January 2009;
- capital expenditure in customer contracts and IT platforms (EUR 0.1
million in total);
- amortisation charges for customer contracts and IT platforms (EUR 0.4
million in total);
- currency exchange profits (EUR 0.5 million) on the valuation of the
intangible assets with an original value in British pounds (i.e. related to
the Braywood and Hitura acquisitions).
6.10 Inventories
30 June 31 December
2008
2009
(in thousands) EUR EUR
Raw and auxiliary materials 858 1,050
Work in progress 6,070 2,375
Finished goods 228 168
Total 7,156 3,593
The book value of inventories increased EUR 3.6 million in the half-year
ended 30 June 2008, which is predominantly caused by increased work in
progress at IAI industrial systems. The largest part of the systems being
build, which are included in this work in progress, are scheduled for
delivery in the second half-year 2009. IAI industrial systems' order book
increased during the half-year ended 30 June 2009 from EUR 10.8 million at 31
December 2008 to EUR 24.3 million at 30 June 2009.
Corporate website: http://www.docdatanv.com
Further information: DOCDATA N.V., M.F.P.M. Alting von Geusau, CEO, Tel. +31-416-631-100
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information. All information should be checked prior to publication. DOC DATA : DOCDATA N.V. Announces the 2009 Half-Year Results
July 28, 2009 at 01:45 am EDT
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