ConNova: Quarterly Report January - March 2001.Business Editors STOCKHOLM Stockholm (stŏk`hôlm'), city (1995 pop. 692,954), capital of Sweden and of Stockholm co., E Sweden, situated where Lake Mälaren flows into the Baltic Sea. , Sweden--(BUSINESS WIRE)--April 26, 2001 Operations during the period First quarter revenues of SEK SEK In currencies, this is the abbreviation for the Swedish Krona. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 4.7 million (SEK13.5 million) were accounted for by the maintenance and upgrades of existing customer installations. The company's focus on sales activities and the positive market trend in the TV segment fuelled the strong recovery of the company's "pipeline" of prospective clients. The number of proposals by ConNova to prospective customer's, and the prospective revenue arising from these proposals if the prospective customers accept them, is at the time of writing the company's largest ever. Costs for the period were SEK 15.1 million (SEK 21.1 million). All internal development costs, totalling SEK 3.6 million, were charged directly to the profit/loss account. The quarter saw the further development of the company's flagship product A primary product of a company, which is typically why the company was founded and/or what made it well known. For example, MS-DOS, Windows and the Microsoft Office suite have been flagship products of Microsoft. CorelDRAW is a flagship product of Corel Corporation. BizManager with enhanced functionality, flexibility and performance prior to the release of version 2.2, which is due for delivery in the second quarter this year. Systems are also being upgraded in ConNova<180>s customer service company, ConNova TVX TVx Target Vertex TVX Transmission Valid Timer (FDDI) TVX Valid Transmission to raise the level of service in our ASP asp, popular name for several species of viper, one of which, the European asp (Vipera aspis), is native to S Europe. It is also a name for the Egyptian cobra (Naja haja). services. Partnership agreements were signed with Cap Gemini Gemini (jĕm`ənī, –nē) [Lat.,=the twins], northern constellation lying on the ecliptic (the sun's apparent path through the heavens) between Taurus and Cancer, N of Canis Minor; it is one of the constellations of the zodiac. , Ernst & Young and NorSistemas Soluziona. These agreements involve each partner selling, delivering and maintaining ConNova's products. There have been joint sales activities and customer sales-proposal work and a skills development plan has been initiated. Orders at the end of the period were SEK 9.7 million (SEK 21.1 million). Orders received in the first quarter totalled SEK 5.3 million (SEK 10.0 million). Initiatives in new market segments The process of analysing, evaluating and drawing up plans for introducing ConNova's BizManager, and the outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. and ASP services we offer through TVX in the market segment outside the TV industry accelerated during the year. As Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the operators, mobile operators with 3G networks and other players start offering content services as a supplement to their communication services, these market segments will also become highly attractive. Other segments with similar structures and ranges of services are also under evaluation. This analysis process will take into account the possibilities of developing the company through the acquisition of peripheral and complementary businesses. The principal agreement concluded between ConNova TVX and X2 Media Group regarding a working partnership for the newspaper and publishing business has already led to the start of ConNova's participation in the publishing market-place. The agreement provides for TVX to run subscriber management systems and databases for publishers. Revenue, Profitability and Liquidity Q1 2001 turnover was SEK4.7 million (SEK13.5 million). The loss was - SEK 10.4 million (-SEK 7.5 million). Q1 costs totalled SEK 15.1 million (SEK 21.1 million) of which SEK 3.6 million related to internal product development (SEK 3.6 million). The fall in costs is mainly due to a cost reduction programme started at the end of 2000 and fully implemented during the first month of this year. The company's new delivery projects are gradually becoming simpler to implement as main product BizManager's functionality and flexibility is extended. Profitability per project will therefore increase over time. ConNova will continue to charge all product development costs to the profit/loss account as they arise. The group's liquidity as of 31 March was SEK 28.2 million. There is an overdraft A check that is drawn on an account containing less money than the amount stated on the check. The term overdraft is also used in reference to the condition that exists when vouchers facility of SEK 8.0 million which has been authorised Adj. 1. authorised - endowed with authority authorized lawful - conformable to or allowed by law; "lawful methods of dissent" legitimate - of marriages and offspring; recognized as lawful , but has not been used. The company continues to follow the same accounting principles and calculation methods which were used in the previous annual report. Organisation The staff cutbacks provided for in this autumn's cost reduction programme have all been effected and the number of employees fell in the first quarter. At the end of the period, the company had 51 employees and no consultants, compared with 64 employees and 18 consultants for the same period the previous year. The company" new Managing Director, Christian Ekstrom took over in February. The remainder of the year The favourable trend in both the market and prospective customer base is expected to continue. There is, however a risk that delays of certain communications operators' licenses and that the prevailing economic conditions further deteriorate de·te·ri·o·rate v. 1. To grow worse in function or condition. 2. To weaken or disintegrate. , will postpone post·pone tr.v. post·poned, post·pon·ing, post·pones 1. To delay until a future time; put off. See Synonyms at defer1. 2. To place after in importance; subordinate. the order placement. Income statement, balance sheet and cash flow statements
Income Statement The Group The Parent
Company
SEK thousand Jan - Jan - Jan - Jan - Jan -
Mar Mar Dec Mar Mar
2001 2000 2000 2001 2000
Operating income 4 654 13 500 25 812 501 787
Other externel costs -6 281 -11 482 -42 084 -2 468 -1 653
Staff costs -8 671 -8 797 -41 002 -1 086 -1 299
Depreciation of
tangible and
intangible
fixed assets -138 -833 -20 172 -91 -95
Operating expenses -15 090 -21 112 -103 258 -3 645 -3 047
Loss before financial
items -10 436 -7 612 -77 446 -3 144 -2 260
Other financial items 152 64 2 353 109 128
Pre-tax loss -10 284 -7 548 -75 093 -3 035 -2 132
Taxes 2 882 2 113 15 603 851 597
Loss for the period -7 402 -5 435 -59 490 -2 184 -1 535
Earnings per share (SEK)
Number of shares 4 414,400 4 414,400
Earnings per share, with
account taken of
outstanding warrants -1,52 -1,19
(470.000/150.000 shares)
Earnings per share, if no
account taken of out-
standing warrants -1,68 -1,23
The Consolidated Balance Sheet 31 March 31 March
SEK thousand 2001 2000
Intangible assets 42 52
Tangible assets 3 707 3 811
Deferred tax claim 37 796 34 914
Other long term receivables 2 2
Total fixed assets 41 547 38 779
Current receivables 8 675 9 974
Liquid assets 28 157 37 638
Total current assets 36 832 47 612
TOTAL ASSETS 78 379 86 391
Shareholders equity 62 830 70 232
Interest bearing liabilities 3 157 3 157
Non interest bearing 12 392 13 002
liabilities
TOTAL LIABILITIES AND 78 379 86 391
SHAREHOLDERS' EQUITY
Group change of equity
SEK thousand
Closing balance previous year 70 232
Loss for the period -7 402
Closing balance 31march 2001 62 830
Consilidated cash flow Jan - Jan -
statement Mar Mar
SEK 000<180>s 2001 2000
Cash flow from current
operations before
change in working capital -10 146 -6 715
Change in working capital 689 -7 454
Cash flow from current -9 457 -14 169
operations
Cash flow from investment -24 -59
operations
Cash flow from financing - -16 890
operations
Cash flow for the period -9 481 -31 118
Liquid assets at the 37 638 110 872
beginning of the period
Liquid assets at the end 28 157 79 754
of the period
The Quarterly report has not been reviewed by the company's auditors AUDITORS, practice. Persons lawfully appointed to examine and digest accounts referred to them, take down the evidence in writing, which may be lawfully offered in relation to such accounts, and prepare materials on which a decree or judgment may be made; and to report the whole, together . ConNova specialises in developing and supplying business support systems for multimedia operators handling pay TV, the Internet, broadband broadband Term describing the radiation from a source that produces a broad, continuous spectrum of frequencies (contrasted with a laser, which produces a single frequency or very narrow range of frequencies). and telecoms services. The company has 15 years' experience of the industry. ConNova's services range from consulting services Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.) service - work done by one person or group that benefits another; "budget separately for goods and services" to the development of software adapted to meet the market's latest needs. Within the framework of ConNova TVX AB, ConNova also runs customer services on an assignment basis for European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. pay TV operators and other communications businesses, including publishing businesses. ConNova's current customers are to be found in the fields of cable TV, DTT DTT Deloitte Touche Tohmatsu (Deloitte & Touch Global Operations) DTT Dithiothreitol (cytology reagent) DTT Digital Terrestrial Television DTT Discrete Trial Training (Digital Terrestrial Television Digital Terrestrial Television (DTTV or DTT) is an implementation of digital technology to provide a greater number of channels and/or better quality of picture and sound using aerial broadcasts to a conventional antenna (or aerial) instead of a satellite dish or ), multimedia, telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. and publishing. At the international billing systems trade fair held in London in May 1999, ConNova's customer management system BizManager was awarded two honourable honourable or US honorable Adjective 1. principled 2. worthy of respect or esteem honourably adv Honourable Adjective mentions, one for "Overall Best Contribution to Billing" and the other for "Most Innovative Billing Product". The ConNova Group AB (publ) has been listed on the OM Stockholm Stock Exchange's O list since 1997. Addresses and company details ConNova Group Tel: +46 141 237 600 Box 231 Fax: +46 141 564 24 Platensgatan 1 e-mail: info@connova.se SE-591 23 Motala Web site: www.connova.se Sweden Swedish corporate identity number: 556423-7716 ------------------------------------------------------------ This information was brought to you by BIT http://www.bit.se The following files are available for download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. : http://www.bit.se/bitonline/2001/04/26/20010426BIT01340/bit0002.doc http://www.bit.se/bitonline/2001/04/26/20010426BIT01340/bit0002.pdf |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion