Asiakastieto Group Plc, Stock Exchange Release 5 May 2015, 4.00 p.m. EET
ASIAKASTIETO GROUP PUBLISHES HISTORICAL FINANCIAL INFORMATION
Asiakastieto Group, one of the leading providers of business and consumer information services in Finland, publishes the historical financial information for the year 2014.
Historical financial information 1.1. – 31.12.2014
The following tables include the historical financial information for the interim periods and the pro forma income statement information of Asiakastieto Group Plc for the year 2014. The historical information mentioned above is also found in PDF format as attachment to this release.
Helsinki, 5 May 2015
ASIAKASTIETO GROUP PLC
Board of Directors
Additional information
Jukka Ruuska, CEO, Asiakastieto Group Plc, tel. +358 10 270 7111
Distribution
NASDAQ OMX Helsinki Oy
Main media
investors.asiakastieto.fi
About Asiakastieto Group
Asiakastieto Group is one of the leading providers of business and consumer information services in Finland. The Group’s products and services are primarily used for risk management, decision-making and sales and marketing purposes. The Group also operates in the market for business and consumer information, as well as the market for sales and marketing information services in Finland. The Group has approximately 13 000 contract customers and its largest customers include financial institutions, insurance companies, telecommunication operators and wholesale and retail companies. In 2014, the Group’s net sales totaled 41,4 million euros. At the end of 2014, the Group employed 148 people. For more information about Asiakastieto Group, please visit www.asiakastieto.fi.
Asiakastieto Group Plc,appendix to the Stock Exchange Release 5 May 2015, 4.00 p.m. EET
HISTORICAL FINANCIAL INFORMATION 1.1. – 31.12.2014
The historical financial information for the interim periods and the pro forma income statement information of Asiakastieto Group Plc (the “Company”) presented in this appendix are unaudited. The amounts presented in the appendix are rounded, so the sum of individual figures may differ from the sum reported. The amounts presented in the income statement and balance sheet are consolidated figures.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
| 2014 | 2014 | 2014 | 2014 | 2014 | |
| EUR thousand | Q1 | Q2 | Q3 | Q4 | Q1 – Q4 |
| Net sales | 10 383 | 10 344 | 10 123 | 10 545 | 41 395 |
| Other operating income | 35 | 88 | 50 | 43 | 216 |
| Materials and services | -1 583 | -1 652 | -1 444 | -1 587 | -6 266 |
| Personnel expenses | -2 477 | -2 661 | -2 422 | -2 218 | -9 778 |
| Other operating expenses | -1 508 | -1 624 | -1 512 | -2 307 | -6 951 |
| Work performed by the entity and capitalised | 329 | 297 | 134 | 277 | 1 037 |
| Depreciation and amortisation | -481 | -517 | -528 | -499 | -2 025 |
| Operating profit | 4 696 | 4 276 | 4 402 | 4 254 | 17 629 |
| Finance income | 8 | 12 | 5 | 5 | 30 |
| Finance expenses | -6 702 | -6 791 | -7 281 | -8 124 | -28 898 |
| Finance income and expenses | -6 694 | -6 779 | -7 276 | -8 119 | -28 868 |
| Loss before income tax | -1 997 | -2 503 | -2 874 | -3 865 | -11 239 |
| Income tax expenses1 | – | – | – | 9 192 | 9 192 |
| Result for the period | -1 997 | -2 503 | -2 874 | 5 327 | -2 048 |
| Total comprehensive income for the period | -1 997 | -2 503 | -2 874 | 5 327 | -2 048 |
| Result attributable to: | |||||
| Owners of the parent company | -1 997 | -2 503 | -2 874 | 5 327 | -2 048 |
| Total comprehensive income attributable to: | |||||
| Owners of the parent company | -1 997 | -2 503 | -2 874 | 5 327 | -2 048 |
| Earnings per share attributable to the owners of the parent during the period: | |||||
| Basic and diluted earnings per share2 | -0,13 | -0,17 | -0,19 | 0,36 | -0,14 |
_____________________________________________________________________
1Deferred income tax assets for tax loss carryforwards and non-deductible net interest expenses amounting to EUR 9 million were recognised at the end of year 2014 due to the significant change in profitability as a result of new financing. Prior to the change in capital structure and the refinancing of indebtedness at the end of year 2014 it was unlikely that the Company could have utilised its tax loss carryforwards. Further information for deferred tax assets recognised is disclosed in note 22 of the financial statements for the year 2014.
2 Earnings per share is calculated by using the number of ordinary shares outstanding after the balance sheet date of 31 December 2014 that includes the shares issued without payment to the sole shareholder of the Company in February 2015.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
| 2014 | 2014 | 2014 | 2014 | 2014 | |
| EUR thousand | Q1 | Q2 | Q3 | Q4 | Q1 – Q4 |
| ASSETS | |||||
| Non-current assets | |||||
| Goodwill | 111 358 | 111 358 | 111 358 | 111 358 | 111 358 |
| Other intangible assets | 3 714 | 4 009 | 4 009 | 4 533 | 4 533 |
| Property, plant and equipment | 4 148 | 4 143 | 4 049 | 4 018 | 4 018 |
| Deferred tax assets1 | – | – | – | 9 192 | 9 192 |
| Loan and other receivables | 193 | 141 | 141 | 49 | 49 |
| Total non-current assets | 119 413 | 119 651 | 119 557 | 129 150 | 129 150 |
| Current assets | |||||
| Account and other receivables | 5 464 | 5 619 | 5 951 | 4 987 | 4 987 |
| Cash and cash equivalents | 16 086 | 16 769 | 20 487 | 7 009 | 7 009 |
| Total current assets | 21 549 | 22 388 | 26 438 | 11 997 | 11 997 |
| Total assets | 140 962 | 142 039 | 145 995 | 141 147 | 141 147 |
| 2014 | 2014 | 2014 | 2014 | 2014 | |
| EUR thousand | Q1 | Q2 | Q3 | Q4 | Q1 – Q4 |
| EQUITY AND LIABILITIES | |||||
| Equity attributable to owners of the parent | |||||
| Share capital | 3 | 3 | 3 | 80 | 80 |
| Invested unrestricted equity reserve | 18 835 | 18 835 | 18 835 | 115 266 | 115 266 |
| Accumulated losses | -88 883 | -88 883 | -88 883 | -48 129 | -48 129 |
| Result for the period | -1 997 | -4 500 | -7 374 | -2 048 | -2 048 |
| Total equity | -72 043 | -74 546 | -77 420 | 65 169 | 65 169 |
| Liabilities | |||||
| Non-current liabilities | |||||
| Interest-bearing liabilities | 195 418 | 207 631 | 208 160 | 69 439 | 69 439 |
| Total non-current liabilities | 195 418 | 207 631 | 208 160 | 69 439 | 69 439 |
| Current liabilities | |||||
| Interest-bearing liabilities | 4 038 | 2 091 | 2 091 | – | – |
| Advances received | 2 900 | 2 359 | 1 796 | 1 614 | 1 614 |
| Account and other payables | 10 649 | 4 504 | 11 368 | 4 924 | 4 924 |
| Total current liabilities | 17 588 | 8 954 | 15 255 | 6 539 | 6 539 |
| Total liabilities | 213 006 | 216 585 | 223 415 | 75 978 | 75 978 |
| Total equity and liabilities | 140 962 | 142 039 | 145 995 | 141 147 | 141 147 |
____________________________________________________________________
1Deferred income tax assets for tax loss carryforwards and non-deductible net interest expenses amounting to EUR 9 million were recognised at the end of year 2014 due to the significant change in profitability as a result of new financing. Prior to the change in capital structure and the refinancing of indebtedness at the end of year 2014 it was unlikely that the Company could have utilised its tax loss carryforwards. Further information for deferred tax assets recognised is disclosed in note 22 of the financial statements for the year 2014.
CONSOLIDATED STATEMENT OF CASH FLOWS
| 2014 | 2014 | 2014 | 2014 | 2014 | |
| EUR thousand | Q1 | Q2 | Q3 | Q4 | Q1 – Q4 |
| Cash flows from operating activities | |||||
| Loss before income tax | -1 997 | -2 503 | -2 874 | -3 865 | -11 239 |
| Adjustments for | |||||
| Depreciation and amortisation | 481 | 517 | 528 | 499 | 2 025 |
| Finance income and expenses | 6 694 | 6 779 | 7 276 | 8 119 | 28 868 |
| Profit (-) / loss (+) on disposal of property, plant and equipment | -30 | -84 | -43 | -35 | -193 |
| Cash flows before change in working capital | 5 148 | 4 709 | 4 886 | 4 717 | 19 460 |
| Change in working capital: | |||||
| Increase (-) / decrease (+) in account and other receivables | -842 | -103 | -348 | 925 | -367 |
| Increase (+) / decrease (-) in account and other payables | 2 076 | -527 | -120 | -412 | 1 018 |
| Change in working capital | 1 234 | -629 | -468 | 513 | 651 |
| Interest and other finance expenses paid | -371 | -451 | -368 | -857 | -2 047 |
| Interest and other finance income received | 5 | 12 | 4 | 3 | 24 |
| Income taxes paid | -3 | – | – | – | -3 |
| Net cash from operating activities | 6 013 | 3 641 | 4 055 | 4 377 | 18 085 |
| Cash flows from investing activities | |||||
| Purchases of property, plant and equipment | -307 | -318 | -114 | -158 | -897 |
| Purchases of intangible assets | -556 | -829 | -288 | -785 | -2 458 |
| Proceeds from sale of property, plant and equipment | 73 | 86 | 65 | 55 | 279 |
| Loan repayments | – | 51 | – | 99 | 151 |
| Net cash used in investing activities | -790 | -1 011 | -337 | -787 | -2 925 |
| Cash flows from financing activities | |||||
| Proceeds from interest-bearing liabilities | – | – | – | 70 000 | 70 000 |
| Repayments of interest-bearing liabilities | – | -1 947 | – | -87 067 | -89 014 |
| Net cash used in financing activities | – | -1 947 | – | -17 067 | -19 014 |
| Net increase / decrease in cash and cash equivalents | 5 222 | 683 | 3 718 | -13 478 | -3 854 |
| Cash and cash equivalents at beginning of the period | 10 863 | 16 086 | 16 769 | 20 487 | 10 863 |
| Cash and cash equivalents at end of the period | 16 086 | 16 769 | 20 487 | 7 009 | 7 009 |
PRO FORMA – CONSOLIDATED INCOME STATEMENT INFORMATION
| 2014 | 2014 | 2014 | 2014 | 2014 | |
| Q1 | Q2 | Q3 | Q4 | Q1 – Q4 | |
| EUR thousand | Pro forma | Pro forma | Pro forma | Pro forma | Pro forma |
| Net sales | 10 383 | 10 344 | 10 123 | 10 545 | 41 395 |
| Other operating income | 35 | 88 | 50 | 43 | 216 |
| Materials and services | -1 583 | -1 652 | -1 444 | -1 587 | -6 266 |
| Personnel expenses | -2 477 | -2 661 | -2 422 | -2 218 | -9 778 |
| Other operating expenses | -1 508 | -1 624 | -1 512 | -2 307 | -6 951 |
| Work performed by the entity and capitalised | 329 | 297 | 134 | 277 | 1 037 |
| Depreciation and amortisation | -481 | -517 | -528 | -499 | -2 025 |
| Operating profit | 4 696 | 4 276 | 4 402 | 4 254 | 17 629 |
| Finance income | 8 | 12 | 5 | 5 | 30 |
| Finance expenses | -365 | -369 | -373 | -373 | -1 480 |
| Finance income and expenses | -357 | -357 | -368 | -369 | -1 450 |
| Profit before income tax | 4 340 | 3 919 | 4 034 | 3 886 | 16 179 |
Basis for compilation of the pro forma income statement information
Asiakastieto Group Plc changed its capital structure and refinanced its indebtedness in November and December 2014. The pro forma income statement information is presented to illustrate the impact of the change in the Company’s capital structure and refinancing indebtedness on the Company’s consolidated finance expenses and result of operations before taxes assuming that the change in capital structure and refinancing measures had been completed on 1 January 2014. After the change in the Company’s capital structure and refinancing its indebtedness the Company’s consolidated finance expenses decreased, because the loan amount and the interest rate of the new facilities are lower.
The unaudited pro forma income statement information is based on the financial information in the audited consolidated financial statements for the year ended 31 December 2014. The pro forma financial information does not include a pro forma statement of financial position as the impacts of change in the Company’s capital structure and refinancing of its indebtedness are fully accounted for in the Company’s consolidated statement of financial position as at 31 December 2014.
The finance expenses of EUR 28,9 million in the financial year 2014 related to the former financing have been eliminated from the pro forma income statement information for the interim periods. In addition, the pro forma financial expenses amounting to EUR 1,5 million on an annual basis have been adjusted to the pro forma income statement information for the interim periods to reflect the finance expenses arising from the new facilities.
The pro forma financial information is presented for illustrative purposes only. The pro forma adjustments are based on the impact of changes in capital structure and refinancing the indebtedness and assumptions described in the section “Pro forma financial information” of the Prospectus dated 13 March 2015.
NET SALES BY PRODUCT AREA
| 2014 | 2014 | 2014 | 2014 | 2014 | |
| EUR thousand | Q1 | Q2 | Q3 | Q4 | Q1 – Q4 |
| Business Information | 6 024 | 6 155 | 5 902 | 6 248 | 24 330 |
| Consumer Information | 2 756 | 2 712 | 2 900 | 2 848 | 11 215 |
| Customer Management | 624 | 701 | 711 | 795 | 2 831 |
| Certificates and Analyses | 979 | 776 | 610 | 654 | 3 019 |
| Total | 10 383 | 10 344 | 10 123 | 10 545 | 41 395 |
KEY FIGURES
| Key income statement and cash flow figures | 2014 | 2014 | 2014 | 2014 | 2014 |
| EUR million | Q1 | Q2 | Q3 | Q4 | Q1 – Q4 |
| Net sales | 10,4 | 10,3 | 10,1 | 10,5 | 41,4 |
| Growth of net sales, %1 | -2,9 | -2,1 | 2,3 | 3,3 | 0,1 |
| EBITDA | 5,2 | 4,8 | 4,9 | 4,8 | 19,7 |
| Operating profit (EBIT) | 4,7 | 4,3 | 4,4 | 4,3 | 17,6 |
| Adjusted EBITDA2 | 5,2 | 4,9 | 5,0 | 5,5 | 20,6 |
| Adjusted EBITDA margin, %2 | 50,4 | 47,4 | 49,7 | 51,9 | 49,8 |
| Adjusted EBIT2 | 4,8 | 4,4 | 4,5 | 5,0 | 18,6 |
| Adjusted EBIT margin, %2 | 45,8 | 42,4 | 44,4 | 47,2 | 45,0 |
| Net sales from new products and services | 0,6 | 0,5 | 0,8 | 0,8 | 2,8 |
| New products and services share of net sales, % | 5,3 | 5,2 | 8,2 | 8,0 | 6,7 |
| Net sales from value-added services | 5,8 | 5,8 | 5,7 | 5,9 | 23,2 |
| Value-added services share of net sales, % | 55,8 | 56,5 | 56,1 | 56,0 | 56,1 |
| Free cash flow | 5,5 | 2,9 | 4,0 | 4,3 | 16,8 |
| Cash conversion, % | 106,6 | 61,2 | 81,5 | 90,2 | 85,3 |
| Key balance sheet ratios | 2014 | 2014 | 2014 | 2014 | 2014 |
| EUR million | Q1 | Q2 | Q3 | Q4 | Q1 – Q4 |
| Net debt to adjusted EBITDA, x3 | 8,8 | 9,8 | 9,4 | 2,9 | 3,0 |
| Gearing, %3 | neg. | neg. | neg. | 95,8 | 95,8 |
| Equity ratio, %3 | -52,2 | -53,4 | -53,7 | 46,7 | 46,7 |
__________________________________________________________________
1 Growth of net sales is calculated by comparing net sales in the quarters of year 2014 to net sales in the equivalent quarters of year 2013.
2Adjusted key figures are adjusted by non-recurring items. The non-recurring items include management fees for advisory services paid to Investcorp, the former owner of the Company, until the listing of the Company, costs related to the listing, fees for legal and other advisory, redundancy payments and paid compensations. The non-recurring items in the financial year 2014 totalled to EUR -1,0 million (Q1 EUR -57,0 thousand, Q2 EUR -106,9 thousand, Q3 EUR -97,1 thousand and Q4 EUR -721,1 thousand).
3 Key ratios in the Q1- Q3 quarters of year 2014 are not comparable to key ratios in the equivalent quarters of year 2015 as a result of the change in capital structure and the refinancing of indebtedness carried out by the Company at the end of 2014.
| Formulas for key figures | ||||
| EBITDA | Operating profit + Depreciation and amortisation | |||
| Adjusted EBITDA | EBITDA + Non-recurring items | |||
| Adjusted EBIT | EBIT + Non-recurring items | |||
| Net sales from new products and services | Net sales from products and services launched during the period and change in net sales from products and services launched in the equivalent period of previous year | |||
| Net sales from value-added services | Net sales generated from value-added products and services during the period | |||
| Free cash flow | Cash flows before change in working capital +/- Change in working capital – Capital expenditure on tangible assets – Capital expenditure on intangible assets | |||
| Cash conversion, % | Free cash flow | x 100 | ||
| EBITDA | ||||
| Net debt | Interest-bearing liabilities – Cash and cash equivalents | |||
| Net debt to adjusted EBITDA, x | Net debt | |||
| Adjusted EBITDA | ||||
| Gearing, % | Interest-bearing liabilities – Cash and cash equivalents | x 100 | ||
| Total equity | ||||
| Equity ratio, % | Total equity | x 100 | ||
| Total assets – Advances received |
Asiakastieto Group_Historical information_1.1. – 31.12.2014
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Source: Asiakastieto Group Oyj via Globenewswire
HUG#1918869