Omzet DOCDATA N.V. groeit in 2013 door naar bijna € 167 miljoen met een nettowinst van € 8,7 miljoen
WAALWIJK, Nederland, February 20, 2014 /PRNewswire/ --
- Zowel Docdata als IAI realiseren omzetgroei in 2013
- Bedrijfsresultaat voor financieringsresultaat en afschrijvingen (EBITDA) stijgt naar € 20,3 miljoen in 2013 (2012: € 17,4 miljoen)
- Orderportefeuille IAI groeit door naar € 10,5 miljoen per eind 2013 (2012: € 7,0 miljoen)
- Bijzondere waardevermindering van fulfilment activiteiten in het Verenigd Koninkrijk verantwoord van € 3 miljoen
- Voorstel om dividend van € 0,70 per aandeel uit te keren uit € 1,24 winst per aandeel (2012: € 0,55 dividend per aandeel uit € 1,09 wpa)
- Nieuwe strategie bepaald: 'Visie 2020: "Smart Growth"'
Michiel Alting von Geusau, CEO van DOCDATA N.V.: "IAI en Docdata hebben een zeer goed jaar achter de rug met uitstekende resultaten. Beide bedrijven hebben bijgedragen aan de groei van de omzet en de winst. In 2013 hebben we activiteiten in Polen en Italië opgestart met eigen bedrijven. IAI heeft meerdere orders afgeleverd en enkele zeer veelbelovende orders weten binnen te halen. De druk op de brutowinstmarges blijft bij beide bedrijven aanwezig, wat ons er toe dwingt om blijvend op de kosten letten. Dit stimuleert ons om slimme en efficiënte oplossingen te vinden. Onze service en kwaliteit blijven daarbij hoog en daar zijn wij, maar ook onze klanten, trots op. De markten voor Docdata en IAI bieden volop kansen en mogelijkheden om verder te groeien. Wij hebben onze strategie voor 2020 met als motto'Smart Growth' bepaald; een beschrijving daarvan zit als bijlage bij dit persbericht."
De volgende tabel geeft een samenvattend overzicht van de belangrijkste financiële resultaten en financiële positie:
2013 2012
(in miljoenen, percentages en per
aandeel uitgezonderd) EUR % EUR %
Omzet 166,9 100,0 152,8 100,0
Brutowinst 37,0 22,2 33,6 22,0
EBITDA 20,3 12,2 17,4 11,4
EBITA 15,6 9,3 12,9 8,4
Bedrijfsresultaat (EBIT) 11,1 6,7 11,0 7,2
Winst over het boekjaar 8,7 5,2 7,6 5,0
Winst per aandeel 1,24 1,09
Balanstotaal 88,6 83,1
Eigen vermogen 42,8 37,5
Solvabiliteit (Eigen vermogen /
Balanstotaal) 48,3% 45,2%
Afbeelding 1: Tabel met belangrijkste aspecten van de geconsolideerde financiële resultaten en financiële
positie voor 2013 respectievelijk 2012
De omzetontwikkeling van DOCDATA N.V. over de jaren 2003 tot en met 2013 kan als volgt grafisch worden weergegeven, waarbij de transformatie van het karakter van de ondernemingsactiviteiten en de omzetgroei over de jaren zichtbaar worden.
De omzet van DOCDATA N.V. is in 2013 gestegen met 9% tot € 166,9 miljoen. Deze omzetstijging is volledig autonoom gerealiseerd door een gestegen transactievolume bij Docdata en een groter aantal afgeleverde orders door IAI. Het aandeel van onze grootste klant in Duitsland in de totale omzet van de Groep is in 2013 conform verwachting gedaald naar 31%. In 2013 is het aandeel van onze grootste klant in Nederland in de totale omzet van de Groep weer boven de 10% uitgekomen.
Omzet 2013 2012 Groei
(in duizenden, percentages
uitgezonderd) EUR EUR %
Docdata 149.141 142.835 + 4%
IAI 17.780 10.001 + 78%
Totaal 166.921 152.836 + 9%
Afbeelding 2: Tabel omzet 2013 en 2012
In 2013 is een hogere brutowinst behaald van € 37,0 miljoen ten opzichte van € 33,6 miljoen in 2012 die voornamelijk het gevolg is van de omzetgroei. De brutowinstmarge van 22,2% is in lijn met vorig jaar.
Het bedrijfsresultaat voor financieringsresultaat (EBIT) komt in 2013 uit op € 11,1 miljoen ten opzichte van € 11,0 miljoen een jaar eerder. In 2013 is echter voor € 2,6 miljoen aan incidentele ('non-recurring') kosten verantwoord als het saldo van overige bedrijfskosten en -opbrengsten. In 2012 was hiervoor per saldo een bedrag van € 0,9 miljoen aan kosten verantwoord. Exclusief deze eenmalige kosten in beide jaren zou de EBIT gestegen zijn van € 11,9 miljoen in 2012 naar € 13,7 miljoen in 2013. Zoals in het tussentijds bericht over het derde kwartaal 2013 aangegeven, zijn de ontwikkelingen in het Verenigd Koninkrijk sterk achtergebleven bij de verwachtingen. Om die reden is een bijzondere waardevermindering ('impairment') verantwoord van in totaal € 3,0 miljoen en is een herstructureringsvoorziening gevormd van € 0,2 miljoen.
De winst over 2013 bedraagt € 8,7 miljoen en ligt 14% hoger dan de winst over 2012 (€ 7,6 miljoen). Het netto nettofinancieringsresultaat was in 2013 € 0,1 miljoen negatief als gevolg van valutakoerseffecten (2012: nihil). De gedaalde belastinglast is voornamelijk het gevolg van een combinatie van eenmalige kosten voor de impairment van goodwill die fiscaal niet aftrekbaar zijn, het waarderen van latente belastingvorderingen voor beschikbare compensabele verliezen in Duitsland en een eenmalige belastingbate van € 1,3 miljoen die is gerealiseerd uit hoofde van het verantwoorden van het liquidatieverlies van de voormalige Franse Docdata replicatie activiteiten (€ 5,2 miljoen). Dit liquidatieproces is in september 2013 afgerond.
De financiële positie van DOCDATA N.V. is sterk gebleven met een solvabiliteitsratio van 48,3% per 31 december 2013 (31 december 2012: 45,2%). De verbeterde solvabiliteit is het gecombineerde effect van de belangrijkste mutaties in het eigen vermogen: de winst over het jaar (€ 8,7 miljoen) en het in mei 2013 uitgekeerde dividend uit de winst over 2012 (€ 3,9 miljoen). Het balanstotaal per 31 december 2013, geschoond voor het effect van de niet-ter-vrije-beschikking-staande banktegoeden van Stichting foundation docdata payments, is gestegen tot € 75,1 miljoen (31 december 2012: € 71,3 miljoen).
Investeringen
In 2013 is voor ruim € 7 miljoen geïnvesteerd in materiële vaste activa voor de verdere uitbreiding van de capaciteit in Waalwijk, Groβbeeren en Schwiebodzin (Polen). Dit betreffen hoofdzakelijk opslagfaciliteiten, slimme fulfilment en retouren oplossingen en IT-hardware voor Docdata. Verder is € 1,4 miljoen geïnvesteerd in immateriële activa. Dit betreft voornamelijk de afronding van de ontwikkeling voor de nieuwe generatie van het BookMaster One® systeem door IAI alsmede IT-ontwikkelingskosten voor het betaalplatform van Docdata. Deze investeringen dragen bij aan de groei van beide bedrijven om bestaande en nieuwe klanten de hoogste kwaliteit dienstverlening te kunnen bieden.
Personeel en organisatie
Het vaste personeelsbestand van de Groep is in 2013 toegenomen met 12% tot 1.266 medewerkers (1.211 FTE) als gevolg van autonome groei, voornamelijk van de activiteiten in Nederland en Duitsland (2012: 1.129 medewerkers; 1.062 FTE). Het vinden van de juiste personen die passen binnen de specifieke cultuur van ons bedrijf blijft voor ons een belangrijk speerpunt. Ons succes blijft onverminderd afhankelijk van onze vaste en ingehuurde medewerkers. De medewerkers die bij ons en voor ons werken vinden ons een goede werkgever. Ons beleid blijft erop gericht om dit te handhaven maar ook om verbeterpunten tijdig vanuit de organisatie te ontvangen en door te voeren.
Vooruitzichten
Het jaar 2014 zal een jaar worden waarin wij ons volledig richten op het binnenhalen van nieuwe klanten en orders om in 2015 weer groei te laten zien.
Voor 2014 verwachten wij voor Docdata een lagere omzet door de verwachte sterke afname van de omzet voor onze grootste klant. Begin 2014 is wel reeds een strategische samenwerking overeengekomen met enkele nieuwe klanten met potentie. Daarnaast heeft IAI een uitstekende orderportefeuille en een gezonde pijplijn die een prima basis vormen voor 2014 en daarna.
Wij lanceren vandaag onze nieuwe strategie 'Visie 2020: "Smart Growth"' die in 2014 geïmplementeerd zal worden.
Strategie: 'Visie 2020: "Smart Growth"'
Onze strategie "Growth through Quality" is gerealiseerd en wij hebben de strategische route voor de komende jaren opnieuw uitgezet in de nieuwe strategie 'Visie 2020: "Smart Growth"'’. Met deze visie brengen wij innovatieve oplossingen als maatwerk voor specifieke business modellen van onze klanten en de markten waarin zij actief zijn. Wij hebben onze Visie 2020: "Smart Growth" in de bijlage bij dit persbericht uiteengezet. Deze bijlage is eveneens te downloaden vanaf de corporate website van de onderneming, http://www.docdatanv.com.
Dividend
Het management van DOCDATA N.V. zal op de jaarlijkse Algemene Vergadering van Aandeelhouders aan de aandeelhouders voorstellen om, overeenkomstig het bepaalde in artikel 28 van de statuten van DOCDATA N.V., een besluit te nemen tot het doen van een dividenduitkering uit de winst over het jaar 2013 aan de houders van gewone aandelen ten bedrage van € 0,70 per gewoon aandeel. Op de uitkering zal dividendbelasting worden ingehouden, tenzij door de aandeelhouder een bewijs kan worden overlegd waaruit blijkt dat deze aanspraak kan maken op de deelnemingsvrijstelling.
Het door de Algemene Vergadering van Aandeelhouders vastgestelde dividendbeleid van DOCDATA N.V. is gericht op het realiseren van een hoog dividendrendement, waarbij een pay-out ratio van tenminste 50% het uitgangspunt zal zijn. Hierbij wordt rekening gehouden met de liquiditeits- en solvabiliteitspositie die vereist zijn voor het ten uitvoer brengen van de strategie. Het management van DOCDATA N.V. is van mening dat de bijzonder sterke liquiditeits- en solvabiliteitspositie van de onderneming de voorgestelde dividenduitkering van € 0,70 per aandeel mogelijk maken.
Het geplaatst aandelenkapitaal van DOCDATA N.V. bestond per 31 december 2013 uit 7.000.000 gewone aandelen met een nominale waarde van € 0,10 per aandeel. DOCDATA N.V. houdt momenteel geen gewone aandelen aan ter afdekking van het 'Performance Share Plan'. Gewone aandelen in eigen bezit worden niet meegenomen in de bepaling van de winst per aandeel. Indien de Algemene Vergadering van Aandeelhouders, welke zal worden gehouden op dinsdag 13 mei 2014 te Waalwijk, instemt met dit voorstel zal op de door anderen dan door de vennootschap gehouden gewone aandelen in totaal een bedrag van € 4,9 miljoen als dividend uit de winst over 2013 worden uitgekeerd in mei 2014. Als gevolg van deze uitkering zal de solvabiliteitsratio van de onderneming met enkele procentpunten dalen.
Performance Share Plan en inkoop eigen aandelen
Op 17 juni 2014 (de zogenaamde 'vesting date') zullen de in 2011 onder het Performance Share Plan aan leden van de directie van DOCDATA N.V. en van het internationale management van DOCDATA toegekende Performance Shares onvoorwaardelijk worden toegekend in aandelen DOCDATA N.V. De 'performance' periode die voor deze Performance Shares geldt, omvat de boekjaren 2011, 2012 en 2013. Deze periode is reeds ten einde en de onafhankelijke externe remuneratieadviseur van de Raad van Commissarissen heeft in opdracht van de vennootschap bepaald dat de daadwerkelijk over deze performance periode door DOCDATA N.V. gerealiseerde jaarlijks gemiddelde TSR ('Total Shareholder Return') is uitgekomen op 26,64%. Deze TSR resulteert volgens het Performance Share Plan in een onvoorwaardelijke toekenning ('vesting') van 127,11% van het aantal voorwaardelijk in 2011 toegekende aantal Performance Shares. Het benodigd aantal eigen aandelen DOCDATA N.V. (49.269 stuks) dat voor deze onvoorwaardelijke toekenning benodigd is, zal door de vennootschap worden ingekocht in de periode vanaf heden tot 17 juni 2014 aangezien de vennootschap op dit moment geen aandelen DOCDATA N.V. meer in eigen bezit heeft.
Waarderingsgrondslagen
DOCDATA N.V. stelt de geconsolideerde jaarrekening op volgens de International Financial Reporting Standards zoals aanvaard binnen de Europese Unie (hierna genoemd IFRS). Voor een overzicht van de belangrijkste waarderingsgrondslagen onder IFRS wordt verwezen naar het Jaarverslag 2012, dat verkrijgbaar is bij de vennootschap en eveneens is te downloaden vanaf de corporate website van de onderneming, http://www.docdatanv.com. Vanaf 1 april 2014 zal daar ook het Jaarverslag 2013 te downloaden zijn.
Bijlage met financiële informatie
Voor een gedetailleerde behandeling van de jaarcijfers 2013 wordt verwezen naar de bijlage 'Financial Information for the year ended 31 December 2013' met Appendix.
Bijeenkomst voor financiële pers en analisten
Het management van DOCDATA N.V. zal vanochtend, 20 februari 2014, de jaarcijfers 2013 bespreken in een bijeenkomst, waarvoor zowel de financiële pers als analisten zijn uitgenodigd, die zal worden gehouden om 10.30 uur in de Mercurius zaal van het Financieel Nieuwscentrum Beursplein 5 van NYSE Euronext Amsterdam (Beursplein 5, 1012 JW Amsterdam, telefoon 020-5505505). Na afloop van deze bijeenkomst zal de aan de financiële pers en analisten getoonde presentatie te downloaden zijn vanaf de corporate website van de onderneming, http://www.docdatanv.com.
Belangrijke data
1 april 2014 Publicatie Jaarverslag 2013 (online)
15 april 2014 Registratiedatum stemrecht
23 april 2014 Tussentijds bericht eerste kwartaal 2014
13 mei 2014 Jaarlijkse Algemene Vergadering van Aandeelhouders te Waalwijk
14 mei 2014 Cum-date (positiedatum)
15 mei 2014 Datum ex-dividend notering
19 mei 2014 Registratiedatum dividendrecht
23 mei 2014 Betaalbaarstelling dividend
17 juli 2014 Publicatie halfjaarcijfers 2014
15 oktober 2014 Tussentijds bericht derde kwartaal 2014
------------------------------------------
Het beursgenoteerde DOCDATA N.V. bestaat uit twee "lines of business":
Docdata (http://www.docdata.com) is een Europese marktleider met een sterke basis in Nederland, Duitsland en het Verenigd Koninkrijk. Docdata biedt een volledige e-commerce dienstverlening aan klanten zodat deze succesvol kunnen zijn op het internet.
IAI (http://www.iai-industrial-systems.com) is een hightech systeembouwer gespecialiseerd in het ontwikkelen en bouwen van systemen voor het zeer nauwkeurig en met hoge snelheid bewerken van verschillende soorten producten en materialen. Klanten bevinden zich wereldwijd in de volgende sectoren: het beveiligen en personaliseren van waardedocumenten, het bewerken van zonnecellen en -modules en het bewerken van andere materialen en producten.
Waalwijk, Nederland, 20 februari 2014
Corporate website: http://www.docdatanv.com
Financial Information
The 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).
Results for Docdata
2013 2012
(in thousands, except for percentage
figures) EUR % EUR %
Revenue 149,141 100.0 142,835 100.0
Gross profit (margin as a % of revenue) 31,570 21.2 30,637 21.4
Selling and administrative expenses (19,505) (13.1) (18,843) (13.2)
Other operating income and expenses (2,413) (1.6) (975) (0.6)
EBITDA 18,005 12.1 16,928 11.9
Operating profit before financing result
(EBIT) 9,652 6.5 10,819 7.6
Revenue of Docdata increased with € 6.3 million (+4.4%) to € 149.1 million. The major part of this growth was realised in the Netherlands due to autonomous growth of existing clients. As expected, revenue in Germany decreased mainly due to less volumes processed for our biggest client. The number of transactions increased with 8.5% to almost 52 million in 2013 (2012: almost 48 million). Revenue in the fourth quarter decreased as expected due to lower volumes processed for our biggest client in Germany.
The gross profit increased with € 0.9 million (+3%), which is a mix of the revenue growth and efficiency results in 2013. The gross profit margin is in line with last year and is the result of a higher gross profit margin in Germany and a lower gross profit margin in the UK. In Germany the gross profit margin increased resulting from a negative impact due to lower prices and higher costs and a positive impact as there were no exceptional (non-recurring) costs as in 2012. In the UK the gross profit margin decreased significantly due to issues with a large client in the UK.
The operating profit decreased with € 1.2 million (-/-10.8%) mainly as the result of the increased gross profit and higher selling and administrative expenses, as well as higher other operating expenses. The selling and administrative expenses have followed the growth of the organisation. Other operating income and expenses increased mainly due to an impairment loss of € 3 million in 2013 for the goodwill and customer contracts which has been recognised for the UK activities acquired with Braywood Holdings Ltd in 2006. In 2013 restructuring costs have been recognised for an amount of € 0.2 million.
International expansion
As international expansion is a key focus for Docdata, the Group has started on 5 June 2013 activities in Poland through Docdata Fulfilment sp. z o.o. This Group company is a private limited liability company incorporated to Polish law and is located in Swiebodzin in Poland, where a warehouse has been rented of approximately 2,500 square meters. A three-year contract has been signed with an existing client for return handling by this new subsidiary for returns coming from the German market and all returns from the Polish market. The business activities started in the fourth quarter of 2013. Now we have entered the Polish market, we expect to add more volume to this business in the coming years.
On 8 July 2013, the Group has incorporated a new company in Italy named Docdata Italy Srl. and continued the business of a former partner. The current volumes are relatively low, but we are fully focusing on the Italian market to win new business.
Results for IAI
2013 2012
(in thousands, except for percentage
figures) EUR % EUR %
Revenue 17,780 100.0 10,001 100.0
Gross profit (margin as a % of revenue) 5,443 30.6 2,916 29.2
Selling and administrative expenses (3,810) (21.4) (2,809) (28.1)
Other operating income and expenses (138) (0.8) 46 0.4
EBITDA 2,255 12.7 513 5.1
Operating profit before financing result
(EBIT) 1,495 8.4 153 1.5
Revenue of IAI increased with € 7.8 million (+78%) due to more system deliveries during 2013 compared to 2012, which year had a very low revenue level.
The gross profit increased with € 2.5 million (+87%) due to higher sales. The gross profit margin increased due to higher margins realised on delivered systems. The operating profit increased with € 1.3 million as a combined effect of higher gross profit and higher selling and administrative expenses, mainly resulting from the growing organisation of IAI to accommodate a higher capacity.
Consolidated Financial Statements
1. Consolidated statement of financial position
Financial position before appropriation of profit.
31 31
December December
Reference 2013 2012
(in thousands) EUR EUR
Assets
Property, plant and equipment 6.6 22,016 19,599
Intangible assets 6.7 5,870 8,948
Investments in associates - -
Other investments 11 21
Trade and other receivables 360 -
Deferred tax assets 796 531
Total non-current assets 29,053 29,099
Inventories 6.8 7,135 6,240
Income tax receivables 2,038 729
Trade and other receivables 29,118 25,653
Cash and cash equivalents 6.9 (Note) 20,518 20,655
Assets classified as held for
sale 738 738
Total current assets 59,547 54,015
Total assets 88,600 83,114
Equity
Share capital 700 700
Share premium 16,854 16,854
Translation reserves (523) (514)
Reserve for own shares 441 (477)
Retained earnings (from prior years) 16,626 13,461
Unappropriated profits (Profit for the period) 8,665 7,507
Total equity attributable to equity holders of
the parent 42,763 37,531
Non-controlling interest - -
Total equity 6.11 42,763 37,531
Liabilities
Interest-bearing loans and other
borrowings - -
Deferred tax liabilities 980 1,210
Other non-current liabilities 418 268
Total non-current liabilities 1,398 1,478
Bank overdrafts - -
Interest-bearing loans and other
borrowings - -
Income tax payable 1,839 1,062
Trade and other payables 40,725 41,546
Provisions 1,875 1,497
Total current liabilities 44,439 44,105
Total liabilities 45,837 45,583
Total equity and liabilities 88,600 83,114
Note: Cash and cash equivalents per 31 December 2013 includes restricted cash of Stichting foundation docdata payments in the amount of € 13.8 million, see also the disclosure notes 6.5, 6.9 and 6.10 (31 December 2012: € 11.9 million).
2. Consolidated Income Statement
Reference 2013 2012
(in thousands, except for earnings per
share) EUR % EUR %
Revenue 166,921 100.0 152,836 100.0
Cost of sales (129,908) (77.8) (119,283) (78.0)
Gross profit 37,013 22.2 33,553 22.0
Other operating income 6.12 994 0.6 1,025 0.7
Selling expenses (6,683) (4.0) (5,729) (3.8)
Administrative expenses (16,632) (10.0) (15,923) (10.4)
Other operating expenses 6.12 (3,545) (2.1) (1,954) (1.3)
Operating profit before financing result 11,147 6.7 10,972 7.2
Financial income 114 0.1 234 0.1
Financial expenses (231) (0.2) (228) (0.1)
Net financing income / (expenses) 6.13 (117) (0.1) 6 -
Share of profits / (losses) of
associates - - (9) -
Profit before income tax 11,030 6.6 10,969 7.2
Income tax expense 6.14 (2,365) (1.4) (3,374) (2.2)
Profit for the period 8,665 5.2 7,595 5.0
Attributable to:
Equity holders of the parent 8,665 5.2 7,507 4.9
Non-controlling interest - - 88 0.1
Profit for the period 8,665 5.2 7,595 5.0
Earnings per share
Basic earnings per share 1.24 1.09
Diluted earnings per share 1.23 1.08
3. Consolidated Statement of Cash Flows
Reference 2013 2012
(in thousands) EUR EUR
Cash flows from operating activities
Profit for the period 8,665 7,595
Adjustments for:
Depreciation and amortisation (including
goodwill impairments) 9,113 6,469
Costs share options, performance shares and
delivered shares shares 246 270
Loss / (Gain) on sale of property, plant and
equipment - (271)
Financial income (114) (234)
Financial expenses 231 228
Share of losses of associates - 9
Income tax expense 2,365 3,374
Cash flows from operating activities before
changes in working capital and provisions 20,506 17,440
(Increase) / decrease in trade and other
receivables (3,695) (4,522)
(Increase) / decrease in inventories (895) (1,804)
Increase / (decrease) in trade and other
payables (3,062) 7,382
Increase / (decrease) in provisions and other 378 1,227
non-current liabilities
Cash generated from the operations 13,232 19,723
Interest paid (132) (240)
Interest received 114 204
Income taxes paid (4,233) (3,549)
Income taxes received 879 76
Net cash from operating activities 6.11 9,860 16,214
Cash flows from investing activities
Acquisition of property, plant and equipment
6.6 (6,895) (10,307)
Acquisition of intangible assets 6.7 (1,357) (1,412)
Loans provided to associates and other
investments (110) -
Proceeds from sale of property, plant and
equipment 34 443
Proceeds from sale of associates and other
investments 10 74
Acquisition of subsidiaries - 310
Proceeds from sale of replication activities - 375
Net cash from investing activities 6.11 (8,318) (10,517)
Cash flows from financing activities
Dividends paid (3,850) (3,457)
Proceeds from exercise of share options 425 275
Own shares bought (245) (124)
Acquisition of non-controlling interests - (1,250)
Repayment of interest-bearing loans and other
borrowings - (100)
Net cash from financing activities 6.11 (3,670) (4,656)
Net increase / (decrease) in non-restricted
cash and cash equivalents (2,128) 1,041
Cash and cash equivalents at the beginning of
the period 8,801 7,781
Restricted cash and cash equivalents (Note) 13,814 11,854
Effect of exchange rate fluctuations on cash
held 31 (21)
Cash and cash equivalents at the end of the
period (Note) 20,518 20,655
Note: reference to disclosure notes 6.5, 6.9 and 6.10 for Stichting foundation docdata payments
4. Consolidated Statement of changes in Shareholders' Equity
Total equity
attributable
to equity
Share Share Retained holders of Non-controlling Total
capital premium Reserves earnings the parent interest equity
(in thousands) EUR EUR EUR EUR EUR EUR EUR
(Note 1) (Note 2)
2012
Balance at 1
January 2012 700 16,854 (1,476) 17,740 33,818 340 34,158
Dividend
distribution - - - (3,457) (3,457) - (3,457)
Exercised share
options - - 275 - 275 - 275
Delivered
shares for
remuneration - - 97 - 97 - 97
Own shares
bought - - (124) - (124) - (124)
Costs share
options and
Performance
shares - - 173 - 173 - 173
Unrealised
exchange rate
results - - 64 - 64 - 64
Acquisition of
non-controlling
interest
without a
change in
control - - - (822) (822) (428) (1,250)
Profit for the
period - - - 7,507 7,507 88 7,595
Balance at 31
December 2012 700 16,854 (991) 20,968 37,531 - 37,531
2013
Balance at 1
January 2013 700 16,854 (991) 20,968 37,531 - 37,531
Dividend
distribution - - - (3,850) (3,850) - (3,850)
Exercised share
options - - 425 - 425 - 425
Delivered
shares for
remuneration - - 32 - 32 - 32
Own shares
bought - - (245) - (245) - (245)
Costs share
options and
Performance
shares - - 214 - 214 - 214
Realised
reserve for own
shares - - 492 (492) - - -
Unrealised
exchange rate
results - - (9) - (9) - (9)
Profit for the
period - - - 8,665 8,665 - 8,665
Balance at 31
December 2013 700 16,854 (82) 25,291 42,763 - 42,763
Note 1: Reserves in the Consolidated Statement of Shareholders' Equity consists of the balances for Translation reserves and Reserve for own shares.
Note 2: Retained earnings in the Consolidated Statement of Shareholders' Equity consists of
the balances for Retained earnings (from prior years) and Unappropriated profits, equal to the Profit for the period for both years ended 31 December 2012 respectively 31 December 2013.
5. Consolidated Statement of recognised Income and Expense
2013 2012
(in thousands) EUR EUR
Foreign exchange translation differences, net
of tax (9) 64
Income / (Expense) recognised directly in
equity (9) 64
Profit for the period 8,665 7,595
Total recognised income and expense for the
period 8,656 7,659
Attributable to:
Equity holders of the parent 8,656 7,571
Non-controlling interest - 88
Total recognised income and expense for the
period 8,656 7,659
6. Notes to the Consolidated 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 financial statements of DOCDATA N.V. as at and for the year ended 31 December 2013 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 financial statements of the Group as at and for the year ended 31 December 2013 will be published on 1 April 2014. The consolidated financial statements of the Group as at and for the year ended 31 December 2012 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 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 2012.
6.3 Significant accounting policies
The consolidated financial statements of the Group are prepared in accordance with the International Financial Reporting Standards as adopted by the European Union ("IFRS"). The accounting policies applied by the Group in these consolidated 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 2012. For a summary of the significant accounting policies under IFRS, please refer to the Group's Annual Report for the year ended 31 December 2012.
6.4 Management representations
In the opinion of the management, these consolidated financial statements include all adjustments necessary for a fair presentation of the financial position, operating results and cash flows of all reporting periods herein.
In the consolidated financial statements for the year ended 31 December 2013, non-recurring adjustments have been recorded for the following topics:
- full impairment of the goodwill paid in 2006 for the acquisition of Braywood Holdings Ltd. in the UK (€ 2.9 million);
- accelerated amortisation (impairment) of the remaining book value of the customer contracts recognised as part of the purchase price allocation at the acquisition of Braywood Holdings Ltd. in the UK (€ 0.1 million);
- restructuring provisions (€ 0.2 million).
Non-recurring adjustments were recorded in the consolidated financial statements for the year ended 31 December 2012 for the following topics:
- full impairment of the remaining book value (€ 0.1 million) of the goodwill paid for the acquisition of Hitura Ltd. in the UK (docdata commerce Ltd.);
- full impairment of the goodwill paid (€ 1.0 million) for the acquisition of ICenT B.V. (docdata commerce B.V.);
- provisions and other liabilities for contract termination costs and dilapidations for rented warehouses in Germany (in total an effect of € 1.6 million);
- reporting as 'assets classified as held for sale' of the property (land, building and equipment) owned by Docdata e-Services B.V. in Tilburg (the Netherlands), following the sale of the last Docdata media replication business activities per 1 January 2012. These assets have not been sold yet during 2013 and remain on the balance sheet per 31 December 2013.
6.5 Consolidation
In the consolidated financial statements for the year ended 31 December 2013, the following treatment has been applied for the following incorporations and amendments in the consolidation structure of the Group:
- Docdata Italy Srl.: on 8 July 2013, the Group has incorporated through its intermediate holding company DOCdata International B.V. a limited liability company in Italy and named this new wholly-owned subsidiary Docdata Italy Srl. As of the incorporation date, the activities and results of this legal entity have been included in the DOCDATA consolidation;
- Docdata Fulfilment sp. z o.o.: on 5 June 2013, the Group has acquired through its intermediate holding company DOCdata International B.V. a limited liability (shelf) company in Poland and renamed this new wholly-owned subsidiary Docdata Fulfilment sp. z o.o. As of the acquisition date, the activities and results of this legal entity have been included in the DOCDATA consolidation;
- Docdata Technology B.V.: on 15 April 2013, the Group has incorporated through its group company Docdata Technology Beheer B.V. a limited liability company in the Netherlands and named this new wholly-owned subsidiary Docdata Technology B.V. As of the incorporation date, the activities and results of this legal entity have been included in the DOCDATA consolidation;
- Docdata Technology Beheer B.V.: on 15 April 2013, the articles of association of the wholly-owned Dutch subsidiary 4D upgrade B.V. were amended and the legal name of the company was changed into Docdata Technology Beheer B.V..
6.6 Property, plant and equipment
31 December 31 December
2013 2012
(in thousands) EUR EUR
Land and buildings 3,080 2,401
Machinery and equipment 16,150 14,040
Office equipment and other 2,665 2,940
21,895 19,381
Under construction 121 218
Total 22,016 19,599
The book value of property, plant and equipment has increased with € 2.4 million in 2013, mainly as a combined result of capital expenditure for € 7.2 million and depreciation charges for € 4.7 million. Capital expenditure in 2013 relates for € 3.9 million to the investment by Docdata Fulfilment for the further expansion of the logistic centre in Waalwijk, the Netherlands (2012: € 6.0 million). Other capital expenditure of € 3.3 million mainly consists of investments for the expansion of fulfilment warehouses in Germany, predominantly in the Berlin region (€ 2.7 million) and investments in Poland (€ 0.2 million) and in the United Kingdom (€ 0.2 million), as well as the investments by IAI (€ 0.2 million). At 31 December 2013, € 0.1 million additional capital expenditure was committed in addition to the amount accounted for 'under construction'.
6.7 Intangible assets
31 December
31 December
2013 2012
(in thousands) EUR EUR
Goodwill 2,444 5,381
Software (IT platforms) 2,010 1,912
Development costs 1,416 1,421
Customer contracts - 234
Total 5,870 8,948
The book value for intangible assets has decreased with € 3.1 million in 2013, due to the following:
- capital expenditure for investments by Docdata Payments in the further development of their payment platform (€ 0.5 million), investments by IAI in costs for the development of second generation systems (e.g. BookMaster One®) for the security market (€ 0.5 million) and an investment in a software planning tool by Docdata Fulfilment (€ 0.3 million) (€ 1.4 million in total; rounded);
- amortisation charges for software (IT platforms), customer contracts and development costs (€ 1.4 million in total);
- full impairment of the goodwill paid in 2006 for the acquisition of Braywood Holdings Ltd. in the UK (€ 2.9 million);
- accelerated amortisation (impairment) of the remaining book value of the customer contracts recognised as part of the purchase price allocation at the acquisition of Braywood Holdings Ltd. in the UK (€ 0.1 million).
6.8 Inventories
31 December
31 December
2013 2012
(in thousands) EUR EUR
Finished goods 1,903 2,194
Work in progress 4,063 2,857
Raw and auxiliary materials 1,169 1,189
Total 7,135 6,240
The book value of inventories increased € 0.9 million in 2013, which is the combined effect of increased work in progress at IAI (€ 1.2 million) and a lower finished goods inventory level (€ 0.3 million). The lower finished goods inventory level is predominantly caused by a lower stock of corporate clothing by Docdata Fashion Services GmbH. The Company only bears a limited inventory risk on this stock, as the clients have accepted their obligation to take over this inventory should they terminate their contract with Docdata Fashion Services GmbH.
IAI's order book developed in 2013 from € 6.7 million at 31 December 2012 to € 10.2 million at 31 December 2013 resulting from systems' deliveries in 2013 with revenue of € 17.8 million and new orders booked with a total sales value of € 21.3 million. The increased order book is also reflected in the book value per 31 December 2013 of work in progress, as the largest part of the orders included in the order book value is scheduled for delivery in 2014. Production has already started in 2013 for some of these orders.
6.9 Cash and cash equivalents
31 December
31 December
2013 2012
(in thousands) EUR EUR
Non-restricted cash and cash equivalents 6,704 8,801
Restricted cash and cash equivalents 13,814 11,854
Total 20,518 20,655
Restricted cash and cash equivalents only consists of the restricted cash and cash equivalents recorded in the balance sheet of Stichting foundation docdata payments, representing cash received from customers on behalf of the Docdata Payments merchants in the bank accounts of Stichting foundation docdata payments which shall have to be paid (net of charged Docdata Payments fees) to the merchants without any disposition of this cash balance to the Group.
6.10 Stichting foundation docdata payments
The balance sheet of Stichting foundation docdata payments reads as follows:
31 December 31 December
2013 2012
(in thousands) EUR EUR
Trade and other receivables 183 163
Restricted cash and cash equivalents 13,814 11,854
Total current assets 13,997 12,017
Total assets 13,997 12,017
Other non-current liabilities 418 268
Total non-current liabilities 418 268
Trade and other payables 13,579 11,749
Total current liabilities 13,579 11,749
Total liabilities 13,997 12,017
Of these items in the balance sheet of Stichting foundation docdata payments, the following items have certain restrictions which should be honoured by the Group:
- restricted cash and cash equivalents is fully restricted cash, as the balance concerns cash received from customers on behalf of the Docdata Payments merchants which shall have to be paid to the merchants, net of charged Docdata Payments fees;
- other non-current liabilities concerns advance payments received from merchants in depository accounts;
- trade and other payables reflect the payment obligations towards the merchants in view of the settlements for realised transactions for which money has already been collected from consumers that shall have to be paid to the merchants.
6.11 Liquidity and capital resources
The General Annual Meeting of Shareholders held on 14 May 2013 approved the proposal to distribute a dividend of € 0.55 per ordinary share outstanding, which had a decreasing impact of € 3.9 million on retained earnings within the equity of the Company in 2013. This dividend was paid by the Company on 24 May 2013 from the net cash available.
In February 2013, all remaining 66,000 share options outstanding per 31 December 2012 were exercised from the 2008 and 2009 series at an average exercise price of € 6.44 per share, after which the 2006 Personnel Options Plan came to an end. The underlying shares were delivered by the Company from the shares in stock. The proceeds of € 0.4 million have been credited to equity ('Reserve for own shares'). Per 31 December 2013, the Company has no own shares in stock, which is also the situation per today, 20 February 2014. The debit balance of the Reserve for own shares, created at the purchase of the own shares by the Company in previous years, was realised in the first half-year 2013 and the related debit reserve amount of € 492 thousand was released against retained earnings.
The Performance Shares granted conditionally in 2010 vested at 14 May 2013 with a vesting percentage of 91.62%, which was based on the average annual Total Shareholder Return growth realised over the three-year performance period covering the years 2010, 2011 and 2012. For a total number of 18,284 outstanding Performance Shares the Company has delivered 16,758 own shares, which were bought for an amount of € 213 thousand (average price: € 12.68 per share) through a broker on the Euronext Amsterdam stock market on the day following the publication of the 2012 results (i.e. purchase date 22 February 2013).
Furthermore, a total number of 143,157 Performance Shares are outstanding per 31 December 2013, which have been granted conditionally in 2011 (38,755 Performance Shares; vesting date: 17 June 2014), in 2012 (63,387 Performance Shares; vesting date: 1 June 2015) and in 2013 (41,015 Performance Shares; vesting date: 16 May 2016). The own shares required at vesting of each of these Performance Share Plans will be bought by the Company, if and when needed in the future, through an external broker at the Euronext Amsterdam stock market. The 'Reserve for own shares' balance in equity per 31 December 2013 amounts to € 441 thousand (credit), representing the total of all costs recorded against income for the Performance Shares granted in 2011, 2012 and 2013. Each year when Performance Shares will vest, the balance will be partially released to retained earnings for the corresponding amount related to those specific Performance Shares.
As the Company holds no own shares anymore per date of 14 May 2013, following the above mentioned exercise of options and vesting of Performance Shares, the Company has disclosed per that same date its holdings in DOCDATA N.V. at 0%, in accordance with Chapter 5.2 of the Financial Supervision Act ('Wet op het financieel toezicht').
In 2013, the Group realised net cash from operating activities of € 9.9 million (2012: € 16.2 million). Furthermore, € 0.4 million in cash was received from the exercise of all the remaining outstanding share options. In total, this resulted in Group funding (cash-in) of € 10.3 million, while the Group did spent (cash-out) a total of € 12.4 million, containing the payment of the 2012 dividend (€ 3.9 million), capital expenditure in property, plant and equipment (€ 7.2 million of which € 6.9 million was paid in 2013, mainly for warehousing equipment in Waalwijk and Groβbeeren) and intangibles (€ 1.4 million, mainly for IT development costs for the payments platform, development costs for second generation systems of IAI and a software planning tool of Docdata Fulfilment), the purchase of own shares necessary for the vesting of the Performance Share Plan 2010 (€ 0.2 million) and the distribution of a loan to associates and other investments (€ 0.1 million). As a result, the net cash position of the Group has decreased with € 2.1 million to a net cash surplus position of € 6.7 million per 31 December 2013 (31 December 2012: net cash surplus position of € 8.8 million), excluding the restricted cash position of € 13.8 million per 31 December 2013 of Stichting foundation docdata payments (31 December 2012: € 11.9 million).
6.12 Other operating income and expenses
2013 2012
(in thousands, except for percentage
figures) EUR % EUR %
Other operating income 994 0.6 1,025 0.7
Other operating expenses (3,545) (2.1) (1,954) (1.3)
Net other operating expenses (2,551) (1.5) (929) (0.6)
Other operating income in 2013, as well as in 2012, predominantly consists of releases of accruals and provisions carried in the balance sheet at the end of the previous year.
Other operating expenses predominantly consist of impairment charges (2013: € 3.0 million, including € 2.9 million goodwill impairment and € 0.1 million accelerated amortisation of customer contracts, both for the UK activities acquired with Braywood Holdings Ltd.; 2012: € 1.4 million, including € 0.3 million additional depreciation German assets and € 1.1 million goodwill impairment of the Docdata Commerce activities acquired with ICenT B.V. in the Netherlands and Hitura Ltd. in the UK), restructuring expenses (2013: € 0.4 million; 2012: € 0.5 million) and expenses from prior years (2013: € 0.1 million; 2012: € 0.1 million).
6.13 Net financing income / (expenses)
Net financing expenses in 2013 amounted to € 117 thousand compared to net financing income of € 6 thousand in 2012. This decrease of € 0.1 million is predominantly caused by the foreign currency exchange result in 2013 (€ 98 thousand loss) compared to 2012 (€ 37 thousand profit) related to the British pound.
6.14 Income tax expense
DOCDATA's effective tax rate in 2013 was 21.4% with an income tax expense of € 2.4 million on a profit before income tax of € 11.0 million. In 2012, the profit before income tax (excluding share of losses of associates) amounted to € 11.0 million and the income tax expense amounted to € 3.4 million (effective tax rate: 30.7%). The decreased effective tax rate predominantly reflects the impact of an income tax gain realised in the Netherlands in 2013, as mentioned below.
The income tax expense of € 2.4 million in 2013 is the result of the following tax treatments of the results per country, combined with an effect of some entries for the valuation of deferred tax assets per 31 December 2013 in relation to the realisation of net operating losses in the Netherlands and Germany, and some differences between commercial and fiscal treatment of certain assets and profit and loss items:
- In the Netherlands, income taxes are recorded at a corporate income tax rate of 25.0% on the taxable income for the Dutch fiscal entity as well as for the Dutch subsidiary Docdata Payments that is not part of this fiscal entity (2012: 25.0%). In 2013, an income tax gain of € 1.3 million has been recorded due to the realisation of the liquidation loss (€ 5.2 million) from the former French Docdata replication activities that can be claimed as the liquidation process (started in 2007) was completed by the competent Court in France per 16 September 2013.
- In the United Kingdom, income taxes are recorded against a blended corporate income tax rate of 23.25% (2012: 24.5%). No corporate income taxes have been recorded on the UK operating loss in 2013 and the goodwill impairment charge (€ 2.9 million) is not tax deductible for the Group.
- In Germany, income taxes are recorded at a corporate income tax rate of in general between 26% and around 32% on taxable income for the German entities when and where applicable, depending on the actual region in Germany of their legal seat (e.g. Berlin, Munich or Münster region). In 2013, the valuation allowance for deferred tax assets on net operating losses from prior years has been released due to improved profitability of the Münster operations, which has resulted in a tax profit of € 0.4 million.
- In Poland, income taxes are recorded against a corporate income tax rate of 19.0%.
- In Italy, income taxes are recorded against a corporate income tax rate of 27.5%.
6.15 Segmented Consolidated Income Statements
6.15.1 Docdata
2013 2012
(in thousands) EUR % EUR %
Revenue 149,141 100.0 142,835 100.0
Cost of sales (117,571) (78.8) (112,198) (78.6)
Gross profit 31,570 21.2 30,637 21.4
Other operating income 949 0.6 958 0.7
Selling expenses (5,566) (3.7) (4,821) (3.4)
Administrative expenses (13,939) (9.3) (14,022) (9.8)
Other operating expenses (3,362) (2.3) (1,933) (1.3)
Operating profit before financing result 9,652 6.5 10,819 7.6
Financial income 83 0.1 198 0.1
Financial expenses (201) (0.2) (192) (0.1)
Net financing expenses (118) (0.1) 6 -
Share of profits of associates - - - -
Profit before income tax 9,534 6.4 10,825 7.6
Income tax expense (2,121) (1.4) (3,345) (2.4)
Profit for the period 7,413 5.0 7,480 5.2
Attributable to:
Equity holders of the parent 7,413 5.0 7,392 5.2
Non-controlling interest - - 88 -
Profit for the period 7,413 5.0 7,480 5.2
6.15.2 IAI
2013 2012
(in thousands) EUR % EUR %
Revenue 17,780 100.0 10,001 100.0
Cost of sales (12,337) (69.4) (7,085) (70.8)
Gross profit 5,443 30.6 2,916 29.2
Other operating income 45 0.2 67 0.6
Selling expenses (1,117) (6.3) (908) (9.1)
Administrative expenses (2,693) (15.1) (1,901) (19.0)
Other operating expenses (183) (1.0) (21) (0.2)
Operating profit before financing result 1,495 8.4 153 1.5
Financial income 31 0.2 36 0.4
Financial expenses (30) (0.2) (36) (0.4)
Net financing expenses 1 - - -
Share of profits of associates - - (9) (0.1)
Profit before income tax 1,496 8.4 144 1.4
Income tax expense (244) (1.4) (29) (0.3)
Profit for the period 1,252 7.0 115 1.1
Attributable to:
Equity holders of the parent 1,252 7.0 115 1.1
Non-controlling interest - - - -
Profit for the period 1,252 7.0 115 1.1
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