Te verspreiden op donderdag 19 juli 2007
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P E R S B E R I C H T
DOCdata N.V. maakt haar cijfers over het eerste halfjaar 2007 bekend
Transformatie naar innovatief e-Solutions bedrijf ligt op schema
Resultaat en Financiële positie halfjaar 2007 (geen accountantscontrole toegepast)
Halfjaar geëindigd op
(in miljoenen, percentages en per aandeel uitgezonderd) 30 juni 2007 30 juni 2006
(restated)
% %
Omzet 33,0 100,0 27,1 100,0
Brutowinst 8,0 24,3 6,0 22,1
Bedrijfsresultaat voor financieringsbaten (EBIT)
uit voortgezette bedrijfsactiviteiten 1,6 4,7 1,8 6,6
Resultaat na belastingen uit beëindigde
bedrijfsactiviteiten 0,2 0,6 (0,5) (2,0)
Winst over het halfjaar 1,6 4,9 0,4 1,4
EBITDA (voortgezette bedrijfsactiviteiten) 3,5 10,5 3,3 12,2
Nettokasstroom uit bedrijfsactiviteiten 2,5 7,6 1,0 3,4
Gemiddeld aantal uitstaande aandelen (miljoenen) 7,12 7,02
Nettokasstroom uit bedrijfsactiviteiten per aandeel 0,35 0,15
Gewone winst per aandeel 0,23 0,06
Gewone winst per aandeel (voortgezette
bedrijfsactiviteiten) 0,20 0,13
Balanstotaal 39,6 36,1
Eigen vermogen 22,3 21,7
Solvabiliteit (Eigen vermogen / Balanstotaal) 56,3% 60,1%
Belangrijke aspecten van het resultaat van het eerste halfjaar 2007
De transformatie die DOCdata begin 2006 in gang heeft gezet op basis van de nieuwe
strategie `Visie 2010: "Gear to Growth"' heeft in het eerste halfjaar van 2007 verder vorm
gekregen; enerzijds middels autonome ontwikkelingen en anderzijds door de overnames die
gerealiseerd zijn.
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Omzet HY2007 HY2006 groei
(in duizenden, percentages uitgezonderd) %
e-Solutions Groep 11.524 4.731 + 144%
Industrial Automation Integrators 4.835 4.395 + 10%
Media Groep 16.637 18.006 -/- 8%
Totaal 32.996 27.132 + 22%
Voornamelijk dankzij de sterke groei van de e-Solutions Groep is de totale omzet van
DOCdata met 22% toegenomen. IAI laat slechts een lichte stijging van de omzet zien.
Daarnaast is de afname van de omzet van de Media Groep relatief beperkt gebleven.
Gedurende het eerste halfjaar van 2007 heeft de focus van het management van DOCdata
gelegen op het verder implementeren van de strategie `Visie 2010: "Gear to Growth"', met als
belangrijkste onderwerpen:
het verwerven van een meerderheidsbelang in Triple Deal;
het inpassen van Braywood in de DOCdata organisatie;
het ontwikkelen en implementeren van IT oplossingen voor e-Fulfilment, e-Financial
Services en e-Commerce Solutions in Nederland, het Verenigd Koninkrijk en Duitsland;
de verdere ontwikkeling en opbouw van DOCdata e-Fulfilment in Duitsland;
het investeren in nieuwe medewerkers en nieuwe IT oplossingen voor DOCdata
e-Commerce Solutions.
Zoals eerder vermeld zijn 2006 en 2007 overgangsjaren, waarbij DOCdata transformeert van
een voornamelijk productiegericht bedrijf naar een innovatief dienstverlenend bedrijf.
Daarnaast heeft DOCdata in het eerste halfjaar van 2007 een begin gemaakt met de
transformatie van een voornamelijk intern gericht bedrijf naar een meer extern gericht bedrijf,
waarbij de ontwikkeling van een duidelijke en herkenbare Corporate Identity centraal staat. In
dit kader is DOCdata onder meer voornemens om in 2007 de naam van Triple Deal te
veranderen in DOCdata e-Financial Services en de naam van Braywood in DOCdata
e-Fulfilment. Tevens is DOCdata voornemens om in het tweede halfjaar van 2007 de totale
e-Solutions Groep duidelijker in de markt te positioneren.
Vanwege de transformatie, die extra kosten met zich meebrengt, is het bedrijfsresultaat (voor
financieringsbaten) in het eerste halfjaar van 2007 licht gedaald ten opzichte van het eerste
halfjaar van 2006; de brutowinst en de winst na belastingen daarentegen zijn duidelijk
verbeterd. Ook voor het tweede halfjaar van 2007 verwacht het management extra kosten die
de realisatie van de gewenste transformatie met zich meebrengt.
Uit het in de Appendix van de bijlage `Financial Information' opgenomen kasstroomoverzicht
blijkt dat DOCdata in het eerste halfjaar van 2007 een cash flow uit operationele activiteiten
van 2,5 miljoen heeft gerealiseerd. Daarnaast is het kasoverschot in het eerste halfjaar van
2007 afgenomen met 2,6 miljoen tot 1,5 miljoen per 30 juni 2007 (31 december 2006:
4,1 miljoen kasoverschot). Deze middelen zijn in het eerste halfjaar van 2007 hoofdzakelijk
aangewend ter financiering van de acquisitie van een aanvullend aandelenbelang van 40% in
Triple Deal B.V. ( 1,8 miljoen), investeringen in materiële en immateriële vaste activa
( 1,2 miljoen), alsmede ten behoeve van de uitkering van dividend over het jaar 2006 aan de
aandeelhouders ( 1,4 miljoen) en de inkoop van eigen aandelen ( 0,6 miljoen). DOCdata
heeft haar sterke financiële positie met een solvabiliteitsratio van 56,3% per 30 juni 2007
(31 december 2006: 48,8%; 30 juni 2006: 60,1%) gehandhaafd.
---
Het geplaatst aandelenkapitaal van DOCdata N.V. bestaat per 30 juni 2007 uit 7.308.850
gewone aandelen met een nominale waarde van 0,10 per aandeel. DOCdata N.V. houdt
momenteel 230.268 (3,15%) van deze geplaatste gewone aandelen ter afdekking van
aandelenoptieplannen. DOCdata heeft in het eerste halfjaar van 2007 in totaal 100.294 stuks
eigen aandelen ingekocht tegen een gemiddelde inkoopprijs van 6,40 per aandeel. Aandelen
in eigen bezit worden niet meegenomen in de bepaling van het nettoresultaat per aandeel.
Strategie
De implementatie van de strategie `Visie 2010: "Gear to Growth"' voor de e-Solutions Groep
ligt op schema en zal in het tweede halfjaar van 2007 verder worden ingevuld, enerzijds
middels het toevoegen van nieuwe e-Solutions en anderzijds door het verder ontwikkelen van
bestaande e-Solutions. Daarnaast zal DOCdata het tweede halfjaar van 2007 benutten om de
strategie voor IAI verder gestalte te geven.
Voor een meer gedetailleerde beschrijving wordt verwezen naar de bijlage `Visie 2010: "Gear
to Growth"' uit het persbericht van 16 februari 2006, alsmede de PowerPoint-presentatie ten
behoeve van de Algemene Vergadering van Aandeelhouders van 10 mei 2007, die beide op
de website van DOCdata zijn geplaatst.
Waarderingsgrondslagen
Met ingang van 1 januari 2005 wordt de geconsolideerde jaarrekening van DOCdata N.V.
opgesteld 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 2006, dat
verkrijgbaar is bij de vennootschap en eveneens is te downloaden vanaf de website van de
onderneming, www.docdata.com.
Het halfjaarbericht is opgesteld in overeenstemming met IAS 34 (`Interim Financial
Reporting').
Vooruitzichten
Zoals eerder aangegeven, vormt 2007 een overgangsjaar waarin de nieuwe strategie verder zal
worden geïmplementeerd. Het management van DOCdata verwacht daarom dat dit ook in
2007 invloed zal hebben op het bedrijfsresultaat uit voortgezette bedrijfsactiviteiten,
aangezien ook in het tweede halfjaar van 2007 nog extra kosten gemaakt zullen worden om de
nieuwe strategie te implementeren. Voorts zal het bedrijfsresultaat uit voortgezette
bedrijfsactiviteiten in 2007 afhankelijk zijn van:
de mate van stabiliteit van de omzet van de Media Groep;
de succesvolle implementatie van de nieuwe strategie voor de e-Solutions Groep;
het bijdragen aan omzet en resultaat door de acquisities en start-ups uit 2006 en 2007;
de aflevering van orders voor IAI in 2007.
---
Overzicht per onderdeel
e-Solutions Groep
De DOCdata e-Solutions Groep biedt een totale oplossing voor bedrijven die via het internet
actief willen zijn. Deze diensten omvatten onder andere het volledige management en de
uitvoering van de logistieke stromen, het verzorgen en beheren van de betaalstromen en het
ontwikkelen en beheren van webshops en webtools.
Per 30 juni 2007 bestaat DOCdata e-Solutions Groep hoofdzakelijk uit de volgende bedrijven:
e-Fulfilment: DOCdata E-commerce Fulfillment in Waalwijk (100% aandelenbelang),
DOCdata E-commerce Fulfillment Germany GmbH in Großbeeren, Duitsland (100%
aandelenbelang), Braywood Marketing Services Limited in Witney, UK (76% aandelen-
belang) en Pegasus Dienstleistungen GmbH in Münster, Duitsland (30% aandelenbelang);
e-Financial Services: Triple Deal B.V. (70% aandelenbelang); en
e-Commerce Solutions: DOCdata e-Commerce Solutions B.V. (60% aandelenbelang).
De omzet van de distributieactiviteiten (DOCdata E-commerce Fulfillment) is in het eerste
halfjaar van 2007 toegenomen met ongeveer 50% door de groei van bestaande klanten, de
toevoeging van nieuwe klanten en doordat DOCdata voor enkele klanten tevens de
afhandeling van transportfacturen verzorgt.
Industrial Automation Integrators
De omzet van Industrial Automation Integrators (IAI) B.V. is met 10% gestegen ten opzichte
van het eerste halfjaar van 2006. Enkele grote projecten droegen wezenlijk bij aan de omzet,
te weten de levering van een bankbiljetten-perforatie-systeem aan Goznak, de Russische
staatsdrukkerij, en de lang verwachte levering van een BookMaster220 systeem aan Oekraïne.
In dit laatste project zijn, volgens de opdrachtgever, definitieve beslissingen in het voordeel
van de opdrachtgever genomen zodat de afwikkeling van dit project niet meer op problemen
zou mogen stuiten. Onze opdrachtgever heeft dan ook de levering van een BookMasterOne
systeem geïnitieerd. Het totale project omvat de levering van één BookMaster220 en twee
BookMasterOne systemen.
In het eerste halfjaar van 2007 is, mede met assistentie van externe adviseurs, gewerkt aan het
ontwikkelen van een nieuwe strategie voor IAI. In het tweede halfjaar van 2007 worden deze
activiteiten verder voortgezet en zullen naar verwachting nadere mededelingen omtrent de
uitkomst van dit traject worden gedaan.
Media Groep
Ook het eerste halfjaar van 2007 kenmerkt zich door zeer competitieve marktomstandigheden,
waarbij zowel de CD- als DVD-markt een voortzetting van de dalende tendens laten zien.
Ondanks deze omstandigheden is de Media Groep in het Verenigd Koninkrijk en de Benelux
er in geslaagd de eerste helft van 2007 met een klein positief bedrijfsresultaat af te sluiten
door een continue focus op hoge leverbetrouwbaarheid, kwaliteit, efficiencyverbeteringen en
kostenreducties. De werkmaatschappijen in Duitsland en het Verenigd Koninkrijk leverden
tevens een belangrijke bijdrage aan de implementatie van de nieuwe strategie `Visie 2010:
"Gear to Growth"' op het gebied van e-Solutions in deze landen.
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Accountantscontrole
De in dit halfjaarbericht en de bijlagen opgenomen cijferopstellingen zijn niet gecontroleerd
door de externe accountant.
Bijlage met financiële informatie
Voor een gedetailleerde behandeling van de halfjaarcijfers 2007 wordt verwezen naar de
bijlage `Financial Information' met Appendix.
Bijeenkomst voor financiële pers en analisten
Het management van DOCdata zal vandaag, 19 juli 2007, de halfjaarcijfers 2007 bespreken in
een bijeenkomst, waarvoor zowel de financiële pers als analisten zijn uitgenodigd, die zal
worden gehouden om 10.30 uur in de Hermeszaal van het Financieel Nieuwscentrum
Beursplein 5 van Euronext Amsterdam (Beursplein 5, 1012 JW Amsterdam, 020-5505505).
DOCdata e-Solutions Groep houdt zich bezig met e-Fulfilment, e-Financial, e-Commerce en
e-Partnership oplossingen voor klanten. Hierbij biedt DOCdata volledige Internet-oplossingen,
zowel Business-to-Business als Business-to-Consumer.
Industrial Automation Integrators ontwerpt, bouwt en levert enerzijds productiesystemen gebaseerd
op optische- en lasertechnologie voor toepassing in onder andere documentbeveiligingssystemen
voor veiligheidsdrukkers en bewerkingssystemen voor verpakkingsmaterialen. Anderzijds biedt
Industrial Automation Integrators beveiligingskenmerken ten behoeve van authenticatie aan.
DOCdata Media Groep is een vooraanstaande onafhankelijke dienstverlener voor media uitgevers
op het gebied van film, audio, multimedia en software in Europa.
Waalwijk, Nederland, 19 juli 2007 DOCdata N.V. (Euronext Amsterdam: DOCD)
Website van de onderneming: www.docdata.com
Verdere informatie:
DOCdata N.V.
M.F.P.M. Alting von Geusau
CEO
Tel. 0416 631 100
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DOCdata N.V. Six months' period ended 30 June 2007 (unaudited)
Financial Information
The financial information is prepared in accordance with International Financial Reporting Standards as adopted
by the European Union (hereafter IFRS). The financial information in the income statement for the six months'
period ended 30 June 2006 has been restated for the accounting and reporting of DOCdata France, formerly part
of the Media Group, as discontinued operation. This has been indicated in the tables below with "six months'
period ended 30 June 2006 (restated)".
Revenue
(in thousands, except percentage figures) Six months' Six months'
period ended period ended
30 June 2007 30 June 2006
(restated) (*)
Revenue by division % %
Media Group 16,637 50.4 18,006 66.4
e-Solutions Group 11,524 34.9 4,731 17.4
Industrial Automation Integrators 4,835 14.7 4,395 16.2
Total 32,996 100.0 27,132 100.0
Media Group's revenue decreased 1.4 million (8%) during the six months' period ended 30 June 2007.
This total decrease for the Media Group was caused by lower revenue in Germany ( 1.6 million) and higher
revenue in the Netherlands ( 0.1 million) and in the United Kingdom ( 0.1 million, including foreign
currency exchange effect).
The e-Solutions Group's revenue increased 6.8 million (144%) during the six months' period ended
30 June 2007. This total increase for the e-Solutions Group is caused by higher revenue in the Netherlands
( 3.5 million), in the United Kingdom ( 3.2 million) and in Germany ( 0.1 million).
Industrial Automation Integrators' revenue increased 0.4 million (10%) during the six months' period
ended 30 June 2007. This increase is predominantly caused by higher revenue from (completed contract)
deliveries of security systems for the six months' period ended 30 June 2007 compared to the six months'
period ended 30 June 2006, in combination with a changed mix of revenues from deliveries of
subassemblies, service, packaging contract research and development, and production royalties in the
passport market segment.
Gross profit
(in thousands, except percentage figures) Six months' Six months'
period ended period ended
30 June 2007 30 June 2006
(restated)
Gross profit by division % %
Media Group 2,423 30.2 2,811 46.9
e-Solutions Group 3,710 46.2 1,330 22.2
Industrial Automation Integrators 1,897 23.6 1,858 30.9
Total 8,030 100.0 5,999 100.0
(*) "six months' period ended 30 June 2006 (restated)" refers to the financial information for the six months'
period ended 30 June 2006 after presenting DOCdata France as discontinued operation
---
DOCdata N.V. Six months' period ended 30 June 2007 (unaudited)
(percentage figures) Six months' Six months'
period ended period ended
30 June 2007 30 June 2006
(restated)
Gross profit margin by division (as % of revenue by division) % %
Media Group 14.6 15.6
e-Solutions Group 32.2 28.1
Industrial Automation Integrators 39.2 42.3
Total 24.3 22.1
The Media Group's gross profit decreased 0.4 million (14%) during the six months' period ended 30 June
2007, causing the gross profit margin to show a limited decrease from 15.6% during the six months' period
ended 30 June 2006 to 14.6% during the six months' period ended 30 June 2007. The continuing price
pressure on the replication market for CD's and DVD's has resulted in a further decrease of the average
sales prices for CD and DVD which has not fully been offset by further realised decreases in production
costs (including personnel expenses, depreciation expenses and overheads).
Gross profit of the e-Solutions Group increased 2.4 million (179%) during the six months' period ended
30 June 2007. The gross profit margin for the e-Solutions Group improved to 32.2% mainly due to the
acquisition of Braywood, as this subsidiary realises a higher average gross profit margin due to its service
mix of fulfilment and response (donation handling). In addition, consolidation of Triple Deal starting
25 May 2007 has had a limited upward effect on the gross profit margin for the e-Solutions Group.
Gross profit of Industrial Automation Integrators was at a comparable level of 1.9 million during the six
months' periods ended 30 June 2007 and 2006. The gross profit margin decreased from 42.3% for the six
months' period ended 30 June 2006 to 39.2% for the six months' period ended 30 June 2007, predominantly
caused by the difference in the sales mix for both comparable periods.
Other operating income and expenses
(in thousands, except percentage figures) Six months' Six months'
period ended period ended
30 June 2007 30 June 2006
(restated)
Other operating income and expenses (as % of revenue) % %
Other operating income 164 0.5 73 0.3
Other operating expenses (79) (0.2) - -
Total 85 0.3 73 0.3
Other operating income and other operating expenses for the six months' periods ended 30 June 2007 and 2006
predominantly relate to releases of expenses accrued for in previous years or charges for expenses from previous
years not accrued for in the balance sheets per the end of the previous financial years. For both comparable
reporting periods, other operating income and expenses only include small income and expense amounts.
---
DOCdata N.V. Six months' period ended 30 June 2007 (unaudited)
Selling and administrative expenses
(in thousands, except percentage figures) Six months' Six months'
period ended period ended
30 June 2007 30 June 2006
(restated)
S&A (as % of revenue) % %
Selling expenses 1,791 5.4 1,503 5.5
Administrative expenses 4,772 14.5 2,789 10.3
Total 6,563 19.9 4,292 15.8
S&A by division (as % of revenue by division) % %
Media Group 2,484 14.9 2,685 14.9
e-Solutions Group 3,501 30.4 1,064 22.5
Industrial Automation Integrators 578 12.0 543 12.4
Total 6,563 19.9 4,292 15.8
Selling expenses increased 0.3 million (19%) during the six months' period ended 30 June 2007. This
increase is fully caused the e-Solutions Group, as the selling expenses of both the Media Group and
Industrial Automation Integrators remained at comparable levels for both periods.
Administrative expenses increased 2.0 million (71%) during the six months' period ended 30 June 2007.
This increase is also fully caused by the e-Solutions Group, as administrative expenses of both the Media
Group and Industrial Automation Integrators remained at comparable levels for both periods.
In total, selling and administrative expenses for the e-Solutions Group increased 2.4 million during the six
months' period ended 30 June 2007. This increase is fully caused by the new consolidated subsidiaries of
the e-Solutions Group (Braywood, Triple Deal, DOCdata E-commerce Fulfillment Germany and DOCdata
e-Commerce Solutions), who were not contributing to the consolidated selling and administrative expenses
during the six months' period ended 30 June 2006. For these subsidiaries, the implementation of the new
strategy has resulted in additional expenses during the six months' period ended 30 June 2007, which are
predominantly related to required investments in personnel, organisational improvements, development of
IT solutions, and design and implementation of e-Solutions for new customers.
Operating profit before financing income (EBIT)
(in thousands, except percentage figures) Six months' Six months'
period ended period ended
30 June 2007 30 June 2006
(restated)
Operating profit by division
Media Group 23 159
e-Solutions Group 211 306
Industrial Automation Integrators 1,319 1,315
Total 1,553 1,780
Operating profit margin by division (as % of revenue by division) % %
Media Group 0.1 0.9
e-Solutions Group 1.8 6.5
Industrial Automation Integrators 27.3 29.9
Total 4.7 6.6
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DOCdata N.V. Six months' period ended 30 June 2007 (unaudited)
Operating profit for the Media Group decreased 0.1 million (86%) during the six months' period ended
30 June 2007. This decrease is predominantly caused by a decrease of 0.4 million in gross profit and a
decrease in selling and administrative expenses of 0.2 million.
Operating profit for the e-Solutions Group decreased 0.1 million (31%) during the six months' period
ended 30 June 2007. This decrease is the combined effect of the improved gross profit ( 2.4 million) and
increased selling and administrative expenses ( 2.5 million), mainly resulting from the new consolidated
subsidiaries of the e-Solutions Group (Braywood, Triple Deal, DOCdata E-commerce Fulfillment Germany
and DOCdata e-Commerce Solutions). The lower operating profit margin is predominantly the effect from
higher selling and administrative expenses due to enabling growth of the activity level through higher
personnel expenses and organisational costs in all countries in which the e-Solutions Group is currently
active (the Netherlands, Germany and the UK).
Operating profit of Industrial Automation Integrators remained at a level of 1.3 million during the six
months' period ended 30 June 2007, resulting from nearly unchanged total amounts for gross profit and
selling and administrative expenses for both comparable periods. The lower operating profit margin is due to
the different sales mix for both comparable periods, with a lower gross profit margin of the revenue during
the six months' period ended 30 June 2007, in combination with a comparable level of selling and
administrative expenses for both periods.
Net financing income
Net financing income decreased from 0.1 million during the six months' period ended 30 June 2006 to nearly
zero during the six months' period ended 30 June 2007. This decrease is predominantly caused by higher bank
interest expenses in relation to the financing during the six months' period ended 30 June 2007 of the Braywood
acquisition. The amounts for financial income and financial expenses have both increased in relation to the new
consolidated subsidiaries of the e-Solutions Group (Braywood, Triple Deal, DOCdata E-commerce Fulfillment
Germany and DOCdata e-Commerce Solutions).
Income tax expense
DOCdata's effective tax rate for the first six months' period ended 30 June 2007 was 17% with an income tax
expense of 0.3 million on a profit from continuing operations before tax of 1.7 million. For the six months'
period ended 30 June 2006 the profit from continuing operations before tax amounted to 1.9 million and the
income tax expense amounted to 0.9 million (effective tax rate: 50%).
The income tax expense of 0.3 million for the first six months' period ended 30 June 2007 is the result of the
following tax treatments of the results per country:
In the Netherlands, a tax charge of 0.6 million has been recorded on the consolidated Dutch taxable income
for the first six months' period ended 30 June 2007 against a corporate income tax rate of 25.5%.
In the United Kingdom, a tax credit of 0.1 million has been recorded on the consolidated UK loss for the
first six months' period ended 30 June 2007 against a corporate income tax rate of 30.0%. This consolidated
loss does include the amortisation charges of the intangibles valued at acquisition of Braywood, as well as
the bank interest expenses in relation to the financing of the Braywood acquisition during the first six
months' period ended 30 June 2007.
In Germany, a tax credit of 0.2 million has been recorded on the consolidated German taxable loss for the
six months' period ended 30 June 2007 against a corporate income tax rate of (on average) 38%.
Profit/(Loss) from discontinued operation (net of income tax)
The profit/(loss) from discontinued operation (net of income tax) only relates to net profit/(loss) amounts for
both comparable periods resulting from the applied accounting treatment for DOCdata France per the end of
each comparable period. For the six months' period ended 30 June 2006, the net loss of 0.5 million fully
relates to the total operational net loss of the French activities during that period. For the six months' period
ended 30 June 2007 a net profit of 0.2 million has been accounted for, resulting from the reassessment of all
existing risks in relation to the termination of the French activities, which were accounted for at net realisable
value in the consolidated balance sheet at 31 December 2006 and were reported under assets and liabilities
classified as held for sale.
---
DOCdata N.V. Six months' period ended 30 June 2007 (unaudited)
Liquidity and capital resources
During the six months' period ended 30 June 2007, the Company has invested 1.8 million for the acquisition of
an additional share interest of 40% in Triple Deal B.V. (above the interest of 30% which was already acquired in
March 2006), 1.1 million in property, plant and equipment (mainly warehousing equipment and investment in
IT hard- and software) and 0.1 million for the acquisition of intangibles (predominantly IT development costs).
Total depreciation and amortisation expenses during the six months' period ended 30 June 2007 amount to
1.9 million (six months' period ended 30 June 2006: 1.9 million).
During the first six months' period ended 30 June 2007 25,510 personnel options were exercised; 2,050 options
from the 2002 series at a price of 3.05 per share, 800 options from the 2003 series at a price of 2.68 per share,
and 22.660 options from the 2004 series at a price of 4.48 per share. The underlying shares have been delivered
by the Company from the number of own shares in possession of the Company. The proceeds of 0.1 million
have been credited to equity under reserves, as the purchase of own shares has been charged to reserves in the
past. In addition, 14,259 shares were granted to the CEO in June 2007, following the approval by the General
Meeting of Shareholders on 10 May 2007 of the Remuneration Report 2006. Furthermore, the Company has
purchased 100,294 own shares, for a total purchase price of 0.6 million, during the six months' period ended
30 June 2007 to bring the number of own shares owned up to 230,268 (3.15%) shares as per 30 June 2007.
The General Annual Meeting of Shareholders held on 10 May 2007 approved the proposal to distribute a
dividend of 0.20 per ordinary share outstanding (excluding own shares held by the Company), which had a
decreasing impact of 1.4 million on retained earnings within the equity of the Company during the six months'
period ended 30 June 2007.
Waalwijk, 19 July 2007
10
Appendix
DOCdata N.V. Six months' period ended 30 June 2007 (unaudited)
Consolidated Financial Statements
1. Consolidated Balance Sheets
Balance sheets before appropriation of profit.
30 June 31 December 30 June
2007 2006 2006
(in thousands)
Assets
Property, plant and equipment 7,568 8,121 9,540
Intangible assets 10,416 7,320 250
Investments in associates 378 1,247 1,049
Other investments 100 100 75
Trade and other receivables 311 1,068 713
Deferred tax assets 1,030 470 334
Total non-current assets 19,803 18,326 11,961
Inventories 2,422 3,765 3,869
Income tax receivable 137 154 170
Trade and other receivables 13,891 16,995 12,732
Cash and cash equivalents 3,368 5,831 7,322
Assets classified as held for sale - 831 -
Total current assets 19,818 27,576 24,093
Total assets 39,621 45,902 36,054
Equity
Share capital 731 731 731
Share premium 16,854 16,854 16,854
Translation reserve 536 564 423
Reserve for own shares (338) 61 (520)
Retained earnings 4,169 3,978 4,211
Total equity attributable to equity holders
of the parent 21,952 22,188 21,699
Minority interest 342 226 9
Total equity 22,294 22,414 21,708
Liabilities
Interest-bearing loans and borrowings 1,969 1,862 -
Employee benefits 315 292 334
Deferred tax liabilities 786 764 475
Total non-current liabilities 3,070 2,918 809
Bank overdraft 1,829 1,698 -
Interest-bearing loans and borrowings 198 - 20
Income tax payable 2,262 2,411 2,554
Trade and other payables 9,644 15,111 10,805
Provisions 324 52 158
Liabilities classified as held for sale - 1,298 -
Total current liabilities 14,257 20,570 13,537
Total liabilities 17,327 23,488 14,346
Total equity and liabilities 39,621 45,902 36,054
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Appendix
DOCdata N.V. Six months' period ended 30 June 2007 (unaudited)
2. Consolidated Income Statements
Six months' period Six months' period
ended 30 June 2007 ended 30 June 2006
(restated)
(in thousands, except earnings per share and average shares outstanding) % %
Continuing operations
Revenue 32,996 100.0 27,132 100.0
Cost of sales (24,965) (75.7) (21,133) (77.9)
Gross profit 8,031 24.3 5,999 22.1
Other operating income 164 0.5 73 0.3
Selling expenses (1,791) (5.4) (1,503) (5.5)
Administrative expenses (4,772) (14.5) (2,789) (10.3)
Other operating expenses (79) (0.2) - -
Operating profit before financing income 1,553 4.7 1,780 6.6
Financial income 171 0.5 137 0.5
Financial expenses (167) (0.5) (60) (0.2)
Net financing income 4 - 77 0.3
Share of profit of associates 173 0.5 13 -
Profit before tax 1,730 5.2 1,870 6.9
Income tax expense (292) (0.9) (941) (3.5)
Profit for the period from continuing operations 1,438 4.3 929 3.4
Discontinued operation
Profit /(Loss) from discontinued operation (net of income tax) 177 0.6 (536) (2.0)
Profit for the period 1,615 4.9 393 1.4
Attributable to:
Equity holders of the parent 1,626 4.9 388 1.4
Minority interest (11) - 5 -
Profit for the period 1,615 4.9 393 1.4
Average number of shares outstanding 7,120,000 7,019,000
Potentially average number of shares fully diluted 7,309,000 7,309,000
Earning per share
Basic earnings per share 0.23 0.06
Diluted earnings per share 0.22 0.05
Continuing operations
Basic earnings per share 0.20 0.13
Diluted earnings per share 0.20 0.13
12
Appendix
DOCdata N.V. Six months' period ended 30 June 2007 (unaudited)
3. Consolidated Statements of Cash Flows
Six months' Six months'
period ended period ended
30 June 2007 30 June 2006
(in thousands)
Cash flows from operating activities
Profit for the period 1,615 393
Adjustments for:
Depreciation and amortisation 1,918 1,876
Costs share options and shares granted 131 33
Financial expenses 167 60
Financial income (171) (137)
Share of profit of associates (173) (13)
Income tax expense 292 957
Cash flows from operating activities before changes in working
capital and provisions 3,779 3,169
Decrease in trade and other receivables and assets held for sale 4,860 1,858
Decrease in inventories 1,343 565
Decrease in trade and other payables and liabilities held for sale (7,094) (3,767)
Increase/(Decrease) in provisions and employee benefits 295 (56)
Cash generated from the operations 3,183 1,769
Interest paid (167) (41)
Interest received 171 137
Income taxes paid (673) (818)
Net cash from operating activities 2,514 1,047
Cash flows from investing activities
Acquisition of subsidiaries (1,846) -
Acquisition of property, plant and equipment (1,079) (485)
Acquisition of intangible assets (144) -
Proceeds from sale of property, plant and equipment 14 -
Acquisition of associates and other investments - (900)
Net cash from investing activities (3,055) (1,385)
Cash flows from financing activities
Dividends paid (1,418) (2,823)
Own shares bought (642) -
Repayment of interest-bearing loans and borrowings (72) (2)
Bank overdraft 131 -
Proceeds from exercise of share options 110 195
Loans provided to associates - (272)
Net cash from financing activities (1,891) (2,902)
Net decrease in cash and cash equivalents (2,432) (3,240)
Cash and cash equivalents at beginning of period 5,831 10,516
Effect of exchange rate fluctuations on cash held (31) 46
Cash and cash equivalents at end of period 3,368 7,322
13
Appendix
DOCdata N.V. Six months' period ended 30 June 2007 (unaudited)
4. Consolidated Statements of Shareholders' Equity
Total equity
attributable to
Share Share Retained equity holders Minority Total
capital premium Reserves earnings of the parent interest equity
(in thousands)
Equity Statement 2006
Balance at 1 January 2006 731 16,854 (283) 6,646 23,948 23 23,971
Dividend distribution - - - (2,822) (2,822) (19) (2,841)
Shares issued for acquisitions - - 531 - 531 - 531
Exercised share options - - 199 - 199 - 199
Costs share options - - 79 - 79 - 79
Translation difference - - 99 - 99 - 99
Consolidation participation - - - - - 240 240
Profit for the year - - - 154 154 (18) 136
Balance at 31 December 2006 731 16,854 625 3,978 22,188 226 22,414
Equity Statement 2007
Balance at 1 January 2007 731 16,854 625 3,978 22,188 226 22,414
Dividend distribution - - - (1,435) (1,435) - (1,435)
Shares bought - - (642) - (642) - (642)
Exercised share options - - 110 - 110 - 110
Shares issued for remuneration - - 92 - 92 - 92
Costs share options - - 39 - 39 - 39
Translation difference - - (26) - (26) - (26)
Consolidation participation - - - - - 127 127
Profit for the period - - - 1,626 1,626 (11) 1,615
Balance at 30 June 2007 731 16,854 198 4,169 21,952 342 22,294
14
Appendix
DOCdata N.V. Six months' period ended 30 June 2007 (unaudited)
5. Notes to the Consolidated Financial Statements
5.1 Accounting principles
As of 1 January 2005 DOCdata N.V. (referred to as "DOCdata" or the "Company") has adopted the International
Financial Reporting Standards as adopted by the European Union ("IFRS") in preparing the consolidated
financial statements.
For a summary of the significant accounting policies under IFRS and an explanation of the effects of the
transition from the accounting principles generally accepted in the Netherlands ("Dutch GAAP") applied in
previous years to IFRS, please refer to the Company's Annual Report for the financial year ended 31 December
2006.
This interim financial report has been prepared in accordance with IAS 34 (Interim Financial Reporting).
5.2 Audit
The financial statements and reconciliations included in this report and its enclosures have not been audited by
the external auditors.
5.3 Consolidation
In the consolidated financial statements for the six months' period ended 30 June 2007, the following acquisition
has been consolidated as of the acquisition date mentioned:
Triple Deal B.V. (in the second half of 2007 to be renamed as `DOCdata e-Financial Services') as of 25 May
2007 (70% share interest). The consolidated income statement includes revenue and results of this subsidiary
as of acquisition date. The minority interest of 30% in the equity of this subsidiary, which minority interest is
owned by Conclusion Consultants B.V. for 20% and by Syllion B.V. for 10%, has been accounted for in the
consolidated balance sheet under minority interest within total equity. In the consolidated balance sheets at 31
December 2006 and at 30 June 2006 the pre-acquisition owned share interest in Triple Deal B.V. (30% share
interest) was accounted for under investments in associates.
In the consolidated financial statements for the year ended 31 December 2006, the following acquisitions have
been consolidated as of the acquisition dates mentioned:
DOCdata e-Commerce Solutions B.V. as of 1 September 2006 (60% share interest). The consolidated income
statement includes revenue and results of this subsidiary for the four months' period from 1 September 2006
till 31 December 2006. The minority interest of 40% in the equity of this subsidiary has been accounted for in
the consolidated balance sheet under minority interest within total equity;
Braywood Holdings Limited as of 15 November 2006 (76% share interest). The consolidated income
statement includes revenue and results of this subsidiary for the one-and-half months' period from
15 November 2006 till 31 December 2006. The fair value of the purchase price for the remaining 24% share
interest in the equity of this subsidiary, based upon the put option agreement exercisable in the coming four
years for 4% share interest each year, has been accounted for in the consolidated balance sheet under interest
bearing loans and other borrowings within non-current liabilities.
5.4 Discontinued operation
In the consolidated financial statements for the periods ended 30 June 2007 and 31 December 2006, the assets,
liabilities and activities of DOCdata France, formerly part of the Media Group, have been accounted for as
discontinued operation. In the consolidated balance sheet at 31 December 2006, all assets and liabilities of
DOCdata France have been accounted for at net realisable value and have been reported under assets classified
as held for sale and liabilities classified as held for sale. In the consolidated balance sheet at 30 June 2007, a
provision for remaining risks related to the termination of the French activities has been accounted for under
current liabilities. In the consolidated income statements for the six months' periods ended 30 June 2007 and
30 June 2006, the results after income tax of DOCdata France for those six months' periods have been reported
under loss from discontinued operation (net of income tax). The resulting consolidated income statement for the
six months' period ended 30 June 2006 is referred to as the income statement for the "six months' period ended
30 June 2006 (restated)".
15
Appendix
DOCdata N.V. Six months' period ended 30 June 2007 (unaudited)
5.5 Management representations
In the opinion of the management, these 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 operations for the six months' period ended 30 June 2007 are not necessarily indicative of the
results for the entire financial year ending 31 December 2007.
5.6 Property, plant and equipment
30 June 31 December 30 June
2007 2006 2006
(in thousands)
Land and buildings 1,576 1,629 1,734
Machinery and equipment 4,643 5,085 6,813
Office equipment and software 1,154 1,402 905
7,373 8,116 9,452
Under construction 195 5 88
Total 7,568 8,121 9,540
The book value for property, plant and equipment has decreased with approximately 0.6 million during the six
months' period ended 30 June 2007, resulting of depreciation amounting to 1.5 million exceeding capital
expenditure of 1.0 million (inclusive of property, plant and equipment acquired through new participations).
5.7 Intangible assets
30 June 31 December 30 June
2007 2006 2006
(in thousands)
Goodwill 7,003 4,639 -
Customer contracts 798 544 -
IT platforms 2,615 1,887 -
Other - 250 250
Total 10,416 7,320 250
The book value for intangible assets has increased with 3.1 million during the six months' period ended
30 June 2007, mainly resulting from the acquisition of the majority share in Triple Deal B.V. (influencing net
book value of goodwill, customer contracts and IT platforms for 3.7 million in total) and amortisation during
the six months' period ended 30 June 2007 for customer contracts, IT platform and other intangibles (investment
in motion picture "Kruistocht in Spijkerbroek").
5.8 Investments in associates
The book value for investments in associates has decreased with 0.9 million during the six months' period
ended 30 June 2007 from nearly 1.3 million at 31 December 2006 to 0.4 million at 30 June 2007, resulting
from the consolidation of Triple Deal B.V. starting 25 May 2007. In the consolidated balance sheet at
31 December 2006 the DOCdata share interest of 30% at that time in Triple Deal B.V. was valued at 0.9
million under investments in associates.
16
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Docdata NV