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Thursday 19 July, 2012

Docdata N.v.

2012 Half-year Results DOCDATA N.V.:


    - Strong growth of revenue and profit of E-commerce service company

    - Few deliveries and orders for IAI industrial systems

    DOCDATA N.V. realised a strong half-year 2012. This is mainly due to the 
growth of the
e-commerce clients. Several of our clients outperformed the market and expand 
the number
of products and product categories continuously. Internationalisation also plays
an
important and more increasing role. Almost all major clients of Docdata operate
in various
countries. To realise this growth, Docdata will keep expanding its fulfilment 
capacity,
also in the second half-year of 2012. As a result, the investments are expected
to exceed
the level of investments of 2011.

    Again, the E-commerce service company Docdata realised a further growth in 
revenue and
the number of processed transactions in the first half of 2012. This is mainly 
due to the
success of our clients in Germany and the Benelux.

    Due to the current market situation, IAI industrial systems delivered only a
small
number of systems in the first half-year of 2012, which is also the expectation
for the
second half of 2012. As a result, revenue and results of IAI for 2012 will be 
considerably
lower than in 2011.

    The permanent staff of the Group decreased slightly in the first half of 
2012 from
1,116 employees (1,070 FTE) at the beginning of the year to 1,067 employees 
(1,000 FTE) at
the end of the first half-year 2012.

    Michiel Alting von Geusau, CEO of DOCDATA N.V.: "In the market for 
outsourced
e-fulfilment services we have realised a very strong position in the past years
and we
have reached a top 3 position in both the Benelux and in Germany. Within Europe,
we are
one of the few players that can offer a cross border network. In this market, 
Docdata is
more and more seen as one of the key players. We are also seen as a reliable, 
flexible and
entrepreneurial party, characteristics that Internet companies are looking for."

    Results and Financial position half-year 2012 (unaudited)

<pre>    
                                          Half-year ended at
    (in millions, except percentage
    figures and per share data)
                                           30 June 2012  30 June 2011
                                             EUR       %     EUR     %
    Revenue
    E-commerce service company Docdata      64.1    95.1    54.6  91.0
    Technology company IAI industrial
    systems                                  3.3     4.9     5.4   9.0
    Total                                   67.4   100.0    60.0 100.0
    Gross profit
    E-commerce service company Docdata      15.6    24.4    12.6  23.1
    Technology company IAI industrial
    systems                                  1.3    39.5     1.5  28.3
    Total                                   16.9    25.1    14.1  23.5
    Operating profit (EBIT)
    E-commerce service company Docdata       6.0     9.3     3.0   5.6
    Technology company IAI industrial
    systems                                 (0.1)   (1.2)    0.5   9.2
    Total                                    5.9     8.8     3.5   5.9
    EBITA                                    6.3     9.4     4.1   6.9
    EBITDA                                   8.4    12.5     5.8   9.6
    Profit for the half-year                 4.2     6.2     2.5   4.2
    Basic earnings per share                0.60            0.38
    Diluted earnings per share              0.60            0.36
    Balance sheet total                     72.2            50.2
    Equity (excluding Non-controlling
    interest)                               35.0            29.2
    Solvency ratio (Equity / Balance
    sheet total)                           48.5%           58.2%
</pre>    E-commerce service company Docdata again realised an increase in the 
number of unique
transactions; in the first half-year 2012 18.5 million unique transactions were
processed
compared to 16.5 million in the first half-year 2011 (increase: 12%). Revenue of
the
E-commerce service company grew autonomous with almost EUR 9.5 million (+17%).

    For the second half-year of 2012, the focus is on further growth of our 
e-fulfilment
and e-payment services through the growth of existing clients and new clients. 
At the end
of 2012 we expect to have a footprint of approximately 100,000 square meters in
use for
our clients. A large part of this footprint has several storage levels. In order
to
achieve further growth, we will enter into rental and investment obligations in
the second
half-year of 2012 for additional capacity from 2013 onwards. We expect to add a
minimum of
30,000 square meters warehouse space.

    The most important trend currently relevant for Docdata, is cross border 
activities
within Europe of both consumers and merchants. For this we have developed 
concepts that
enable us to efficiently process both the outgoing order flow and the return 
shipments.
Consumers can thus receive their orders with a high delivery performance and 
returns can
be quickly handled. For our clients we check the return shipments and refurbish
these for
sale. Besides Italy, we plan to add several new countries to our international 
network by
entering into contracts with local partners.

    The E-commerce service company Docdata facilitates the cross border 
activities of
customers through its international network.

    The current risks for the E-commerce service company are mainly in terms of
the
strategic choice of clients to purchase certain services from external suppliers
or not.
With our vision 2015 "Growth through Quality" we offer the best protection 
against this
risk, by continuously providing a very high quality service.

    Technology company IAI industrial systems realised a revenue of EUR 3.3 
million in the
first half-year 2012, which is a decrease of EUR 2.1 million (-/- 38%) compared
to the
first half-year 2011. The main cause was the lower number of delivered systems,
which was
in line with previously announced expectations. As a result, the operating 
profit of IAI
for the first half-year 2012 decreased to just below breakeven (EBIT loss of
EUR-42-thousand), coming from an EBIT profit of EUR 0.5 million in the first 
half-year of
2011.

    IAI industrial systems has built a good reputation worldwide in the market 
for the
security and personalisation of security documents, particularly for passports,
ID cards,
banknotes and other documents. Not only for end users of these products (the 
governments)
but also for the integrators in this market, IAI aims at being the most reliable
partner.
Integrators are parties that acquire large governmental assignments for which 
they need
the equipment of IAI besides their own contribution. Therefore, our confidence 
in the
future of IAI remains unchanged and we keep working hard in realising orders for
2013 and
beyond.

    Major features of the first half-year 2012

    Revenue of DOCDATA N.V. increased with EUR 7.4 million to EUR 67.4 million 
(+12%) in
the first half-year 2012. In line with previously announced expectations, 
revenue of IAI
industrial systems decreased with EUR 2.1 million (-/- 38%) predominantly due to
less
system deliveries. The E-commerce service company Docdata has realised a fully 
autonomous
growth of EUR-12.3 million (+23%) due to the increase in the number of 
transactions of
existing clients and new clients. Revenue in the first half-year of 2011 
included
EUR-2.9-million revenue for the last remaining media replication activities in 
Tilburg,
which have been sold per 1 January 2012.

    In the first half-year 2012 a higher gross profit of EUR 16.9 million has 
been
realised compared to EUR 14.1 million in the first half-year 2011 (+20%). The 
gross profit
margin for the first half-year 2012 was 25.1% compared to 23.5% for the first 
half-year
2011, with an increase of the gross profit margin for both lines of business. 
For Docdata
the increased gross profit margin is mainly due to efficiency improvement of the
fulfilment operations, mainly in Germany. For IAI industrial systems, the 
increase of the
gross profit margin is a direct consequence of the different (limited) size and
composition of deliveries in both comparable periods.

    In the first half-year 2012 an operating result before financing result 
(EBIT) of EUR
5.9 million has been realised compared to EUR 3.5 million in the first half-year
2011. The
operating result of the technology company IAI industrial systems is just below
breakeven
level, mainly as a result of the delivery of less systems in the first half-year
2012 and
higher organisation costs due to a larger organisation. The operating result of
the
E-commerce service company Docdata increased autonomously with EUR 2.9 million 
considering
that the EBIT for the first half-year 2012 contains no relevant non-recurring 
costs, while
in the first half-year of 2011 the EBIT included EUR 0.2 million for 
non-recurring costs.

    The profit for the first half-year 2012 amounts to EUR 4.2 million and 
increased
sharply compared to the profit for the first half-year of 2011 (EUR 2.5 
million). This is
predominantly due to an improved EBIT (+EUR 2.4 million), in combination with 
and improved
net financing result (+EUR-0.2 million) and an increased income tax expense (-/-
EUR 0.8
million). The increased income tax expense is solely the result of a higher tax
rate in
the first half-year 2012 (29.6%) compared to the first half-year 2011 (27.5%) 
due to a
higher profit contribution by the German organisation and a higher (average) tax
rate in
Germany compared to the Netherlands.

    DOCDATA N.V. maintained its strong financial position during the first 
half-year 2012,
resulting in a solvency ratio of 48.5% per 30 June 2012 (31 December 2011: 
58.0%).
Excluding the effect of the consolidation of the balance sheet as per 30 June 
2012 of
Stichting foundation docdata payments, the solvency ratio was 56.2% per that 
date. This
'cleaned' decrease is the result of the combination of the main movements in 
equity,
profit for the first half-year 2012 (EUR 4.2 million) and paid dividend over the
2011
profit (EUR-3.5 million), as well as an increase of the balance sheet total due
to the
growth of the business.

    In relation to the Company's liquidity, DOCDATA N.V. has realised in the 
first
half-year 2012 a cash flow from operating activities of EUR 2.0 million. 
Furthermore, cash
for an amount of EUR-1.1 million was received in the first half-year 2012 from 
the sale of
property, plant and equipment, the sale of the media replication activities, the
exercise
of share options and repayments from other investments. In total, this resulted
in a total
cash-in of EUR 3.1 million. DOCDATA N.V. has also used its credit facility with
Deutsche
Bank Nederland N.V. to fund the payment of the dividend in June, resulting in a
bank
overdraft of EUR 1.9 million per 30 June 2012. The Group invested in the 
half-year ended
30 June 2012 a total amount of EUR 11.3 million, containing the payment of the 
2011
dividend of EUR-3.5-million, capital expenditure in property, plant and 
equipment of EUR
7.2 million (mainly for warehousing equipment in Waalwijk and Grobetabeeren) and
intangibles (EUR 0.4 million, mainly for IT development costs for the payments 
platform)
and the acquisition of FEHA LaserTec Halle GmbH for EUR 0.2 million. As a 
result, the net
cash position of the Group has decreased with almost EUR 8.2 million to a net 
debt
position of EUR 0.4 million per 30 June 2012 (31 December 2011: net cash 
position of
EUR-7.8 million), excluding the restricted cash position per 30 June 2012 of 
Stichting
foundation docdata payments (EUR 9.8 million).

    Outlook

    The focus in 2012 will be on growth, predominantly autonomous. Potential 
acquisitions
are expected to be of limited magnitude and will mainly be aimed at further 
strengthening
of our position in the markets in which we operate.

    The focus of the E-commerce service company Docdata is on further 
development of our
position in the Benelux, Germany and the UK. In addition, we will analyse in the
second
half-year of 2012 the possibilities to become active in other European markets.
Based on
our current client base, we expect for the second half-year of 2012 further 
growth.

    The focus for the technology company IAI industrial systems remains on the 
realisation
of orders worldwide in existing and specifically defined markets. Considering 
the order
book level of IAI industrial systems as at 30 June 2012, combined with the 
length of the
time between an order and the completion and delivery of systems at the client,
we expect
lower revenues and results for IAI industrial systems for the full year 2012.

    Strategy

    In the current strategy 'Vision 2015: Growth through Quality', our primary 
challenge
is to deliver the best quality to our clients every day again. This will offer 
us the best
guarantee that clients stay with us and new clients can be won. Only through 
delivering
the best quality our clients can be successful.

    Accounting policies

    The consolidated financial statements of DOCDATA-N.V. are prepared in 
accordance with
the International Financial Reporting Standards as adopted by the European Union
(hereafter IFRS). For an overview of the significant accounting policies under 
IFRS,
please refer to the 2011 Annual Report that is available at the Company and can
also be
downloaded from the Company's corporate website, http://www.docdatanv.com. The 
interim
financial report has been prepared in accordance with IAS 34 ('Interim Financial
Reporting').

    Audit

    The financial information included in this interim report and its enclosures
have not
been audited by the external auditors.

    Enclosure with financial information

    For a detailed review of the 2012 half-year results please refer to the 
attached
enclosure 'Interim Financial Information for the half-year ended 30 June 2012' 
with
Appendix.

    Meeting for financial press and analysts

    Today, Thursday 19 July 2012, management of DOCDATA N.V. will discuss the 
2012
half-year results in a meeting for which both financial press and analysts have
been
invited, to be held at 10.30AM Amsterdam time in the Mercurius room of the 
Financieel
Nieuwscentrum Beursplein-5 of NYSE Euronext Amsterdam (Beursplein-5, 1012-JW 
Amsterdam,
telephone +31-20-5505505). After this meeting, the presentation shown to the 
financial
press and analysts will be made available for downloading from the Company's 
corporate
website, http://www.docdatanv.com.

                          ------------------------------------------

    The listed DOCDATA N.V. exists of two lines of business:

    E-commerce service company Docdata (http://www.docdata.com) is a European 
market
leader with a strong basis in The Netherlands, Germany and the United Kingdom. 
Docdata
offers a complete e-commerce service portfolio to clients, enabling them to be 
successful
on the internet.

    Technology company IAI industrial systems 
(http://www.iai-industrial-systems.com)
is a high tech engineering company specialised in developing and building 
systems for very
accurate and high speed processing of all kinds of products and materials. IAI 
delivers
clients globally in the following sectors: securing and personalising of 
security
documents, processing of solar cells and modules and processing of other 
materials and
products.

                          ------------------------------------------

    Financial calendar

<pre>    
    - 17 October 2012 Interim notice third quarter 2012
    - 21 February 2013 Publication of 2012 results
    - 27 March 2013 (*) Publication of Annual Report 2012
    - 24 April 2013 Interim notice first quarter 2013
    - 8 May 2013 (*) Annual General Meeting of Shareholders
    - 18 July 2013 Publication of half-year results 2013
</pre>    (*) provisional date

    Corporate website: http://www.docdatanv.com

    Responsibility Statement

    Statement pursuant to article 5:25d section 2 sub c of the Dutch Financial 
Supervision
Act ("Wet financieel toezicht", Wft)

    The DOCDATA N.V. Management Board declares, that to the best of their 
knowledge:

    1. the interim financial statements of DOCDATA N.V., as set out on pages 9 
to 19 of
this report, give a true and fair view of the assets, the liabilities and the 
financial
position as at 30 June 2012 and the profit for the half-year ended 30 June 2012
of
DOCDATA-N.V. and its consolidated subsidiaries;

    2. the interim report of DOCDATA N.V., as set out on pages 1 to 7 of this 
report,
includes a true and fair review of the position as per 30 June 2012 and of the 
development
and performance during the half-year ended 30 June 2012 of DOCDATA N.V. and the
associated
companies, of which the information is included in the interim financial 
statements. In
addition, the interim report gives a true and fair review of the expected 
developments,
investments and circumstances of which the development of revenue and 
profitability
depend.

    Waalwijk, 19 July 2012

    The Management Board,

    M.F.P.M. Alting von Geusau, CEO

    M.E.T. Verstraeten, CFO

    Interim Financial Information

    The interim financial information is prepared in accordance with 
International
Financial Reporting Standards as adopted by the European Union (hereafter 
"IFRS") and its
interpretations adopted by the International Accounting Standards Board (IASB).

    Revenue

<pre>    
                                                              Half-year ended
                                             Half-year ended
    (in thousands, except percentage                             30 June 2011
    figures)                                   30 June 2012
    Revenue by line of business                    EUR      %       EUR      %
    E-commerce service company Docdata          64,044   95.1    54,599   91.0
    Technology company IAI industrial
    systems                                      3,318    4.9     5,374    9.0
    Total                                       67,362  100.0    59,973  100.0
</pre><pre>    
    - Revenue of the E-commerce service company Docdata (excluding the effect of
      media replication activities in the prior year comparable period) 
increased with
      EUR-12.3 million (+23%), including a positive foreign exchange effect of 
EUR-0.2
      million. This revenue increased due to autonomous growth in both Germany 
and the
      Netherlands through a higher transaction number realised for both existing
and new
      customers. In the first half-year ended 30-June 2011 revenue included EUR
2.9 million
      for media replication activities. In the first half-year 2012 no further 
revenue for
      media replication activities was recorded due to the sale of the final 
remaining media
      replication activities in Tilburg per the 1st-of January 2012.
    - IAI industrial systems' revenue decreased EUR 2.1 million (-/-38%) mainly
due
      to fewer systems deliveries during the half-year ended 30 June 2012.
</pre>    Gross profit

<pre>    
                                                                  Half-year
                                                                    ended
    (in thousands, except percentage        Half-year ended 30
    figures)                                     June 2012       30 June 2011
    Gross profit (margin) by line of
    business
    (margin as % of revenue by line of
    business)                                      EUR        %     EUR      %
    E-commerce service company Docdata          15,596     24.4  12,616   23.1
    Technology company IAI industrial
    systems                                      1,309     39.5   1,519   28.3
    Total                                       16,905     25.1  14,135   23.5
</pre><pre>    
    - The gross profit of the E-commerce service company Docdata increased with
      EUR 3.0 million (+24%). The increased gross profit is the result of the 
autonomous
      growth of transactions in Germany and the Netherlands. The better gross 
profit margin
      is mainly caused by a further improvement of efficiency of the fulfilment
operations,
      especially in Germany.
    - The gross profit of IAI industrial systems decreased with EUR 0.2 million
      (-/-14%) due to lower sales. Gross profit margin increased due to a 
different sales
      mix compared to the half-year ended 30 June 2011.
</pre>    Operating profit before financing result (EBIT)
Selling &amp; Administrative expenses
Other operating income and expenses

<pre>    
                                             Half-year ended  Half-year ended
    (in thousands, except percentage
    figures)                                   30 June 2012     30 June 2011
    Operating profit (margin) by line of
    business
    (margin as % of revenue by line of
    business)                                      EUR      %      EUR       %
    E-commerce service company Docdata           5,968    9.3    3,036     5.6
    Technology company IAI industrial
    systems                                        (42)  (1.2)     496     9.2
    Total                                        5,926    8.8    3,532     5.9
    Selling &amp; Administrative expenses (as %
    of revenue)
    Selling expenses                             3,002    4.5    3,081     5.1
    Administrative expenses                      8,299   12.3    7,535    12.6
    Total                                       11,301   16.8   10,616    17.7
    Selling &amp; Administrative expenses by
    line of business (as % of revenue by
    line of business)
    E-commerce service company Docdata           9,886   15.4    9,586    17.6
    Technology company IAI industrial
    systems                                      1,415   42.6    1,030    19.2
    Total                                       11,301   16.8   10,616    17.7
    Other operating income and expenses
    (as % of revenue)
    Other operating income                         798    1.2      150     0.2
    Other operating expenses                      (476)  (0.7)    (137)   (0.2)
    Net other operating expenses                   322    0.5       13       -
</pre><pre>    
    - The operating profit of the E-commerce service company Docdata increased
      with EUR 2.9 million, mainly resulting from a EUR-3.0 million higher gross
profit and
      EUR 0.3 million higher selling and administrative expenses. In the 
half-year ended 30
      June 2011 an amount of EUR 0.2 for restructuring expenses was recorded 
under selling
      and administration expenses. In the first half-year 2012 no restructuring
costs have
      been recognised.
    - The operating income of IAI industrial systems decreased with EUR 0.5 
million
      and went just below breakeven. This is predominantly caused by fewer 
systems
      deliveries in the first half-year 2012 and increased selling and 
administrative
      expenses, resulting from an increased general cost base of the grown IAI 
organisation
      over the last years.
</pre>    Net financing income / (expenses)

    Net financing income for the half-year ended 30 June 2012 amounted to EUR 53
thousand
compared to net financing expenses of EUR-152 thousand for the half-year ended 
30 June
2011. This increase of EUR-0.2 million is predominantly caused by the foreign 
currency
exchange result in the half-year ended 30 June 2012 (EUR 0.1 million profit) 
compared to
the half-year ended 30 June 2011 (EUR-0.1-million loss) related to the British 
pound.

    Income tax expense

    DOCDATA's effective tax rate in the half-year ended 30 June 2012 was 29.6% 
with an
income tax expense of EUR-1.8 million on a profit before income tax of EUR 6.0 
million. In
the half-year ended 30-June 2011, the profit before income tax amounted to EUR 
3.4 million
and the income tax expense amounted to EUR-0.9 million (effective tax rate: 
27.1%). The
increased effective tax rate represents that the increase of profit before 
income tax
origins predominantly from the German operations, which are taxed at a higher 
income tax
rate than applicable in the Netherlands and the UK.

    The income tax expense of EUR 1.8 million in the half-year ended 30 June 
2012 is the
combined result of the following tax treatments of the results per country:

<pre>    
    - 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 subsidiaries that are not part of this fiscal entity (2011: 25.0%).
    - In the United Kingdom, income taxes are recorded against a blended 
corporate
      income tax rate of 24.5% (2011: 27.0%).
    - In Germany, income taxes are recorded at a corporate income tax rate of in
      general between 26% and around 30% 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 M?nster region).
</pre>    Liquidity and capital resources

    The General Annual Meeting of Shareholders held on 30 May 2012 approved the
proposal
to distribute a dividend of EUR 0.50 per ordinary share outstanding (excluding 
own shares
held by the Company), which had a decreasing impact of EUR 3.5 million on 
retained
earnings within the equity of the Company in the half-year ended 30 June 2012.

    In the half-year ended 30 June 2012, the Group realised net cash from 
operating
activities of EUR-2.0-million. Furthermore, EUR 1.1 million in cash was received
from the
sale of property, plant and equipment (EUR-0.4 million), the sale of the media 
replication
activities (EUR 0.4 million), the exercise of share options (EUR-0.2 million) 
and
repayments from other investments (EUR 0.1 million). In total, this resulted in
a total
cash-in of EUR 3.1 million for the half-year ended 30 June 2012. DOCDATA N.V. 
has also
used its credit facility with Deutsche Bank Nederland N.V. to fund the payment 
of the
dividend in June, resulting in a bank overdraft of EUR 1.9 million per 30 June 
2012. With
these funds, the Group invested in the half-year ended 30 June 2012 a total 
amount of
EUR-11.3 million, containing the payment of the 2011 dividend (EUR 3.5 million),
capital
expenditure in property, plant and equipment (EUR 7.2 million, mainly for 
warehousing
equipment in Waalwijk and Grobetabeeren) and intangibles (EUR 0.4 million, 
mainly for IT
development costs for the payments platform) and the acquisition of FEHA 
LaserTec Halle
GmbH (EUR 0.2 million). As a result, the net cash position of the Group has 
decreased with
almost EUR-8.2 million to a net debt position of EUR 0.4 million per 30-June 
2012 (31
December 2011: net cash surplus of EUR 7.8 million), excluding the restricted 
cash
position per 30 June 2012 of Stichting foundation docdata payments (EUR 9.8 
million).

    In the half-year ended 30 June 2012 28,250 share options were exercised from
the 2008
and 2009 series at an average exercise price of EUR 6.70 per share. The 
underlying shares
have been delivered by the Company from the shares in stock. The proceeds of EUR
0.2
million have been credited to equity ('Reserve for own shares'). Per 30 June 
2012, the
Company had 68,370 own shares in stock (0.98%), which number is the same as the
number of
own shares currently owned by the Company per 19 July 2012. Per 30 June 2012 a 
total
number of 79,500 share options are outstanding; 9,000-share options of the 2008
series
(exercise price: EUR 6.83 per share) and 70,500 share options of the 2009 series
(exercise
price: EUR 6.38 per share), which are all exercisable and 'in-the-money'. 
Furthermore, a
total number of 126,426 Performance Shares are outstanding per 30 June 2012, 
which have
been granted conditionally in 2010 (19,284 Performance Shares; vesting date: 14
May 2013),
2011 (40,755 Performance Shares; vesting date: 17 June 2014) and 2012 (66,387 
Performance
Shares; vesting date: 1 June 2015).

    Waalwijk, 19 July 2012

    Consolidated Interim Financial Statements

    1. Consolidated Balance Sheets

    Balance sheets before appropriation of profit.

<pre>    
                                                      30 June  31 December
                                                         2012         2011
    (in thousands)                                        EUR          EUR
    Assets
    Property, plant and equipment                      18,959       14,095
    Intangible assets                                   9,469        9,352
    Investments in associates                               -          133
    Other investments                                      21           95
    Trade and other receivables                             -          200
    Deferred tax assets                                   607          698
    Total non-current assets                           29,056       24,573
    Inventories                                         6,245        4,123
    Income tax receivables                                415           56
    Trade and other receivables                        24,488       20,747
    Cash and cash equivalents                          11,281        7,781
    Assets classified as held for
    sale                                                  738        1,012
    Total current assets                               43,167       33,719
    Total assets                                       72,223       58,292
    Equity
    Share capital                                         700          700
    Share premium                                      16,854       16,854
    Translation reserves                                (481)        (578)
    Reserve for own shares                              (524)        (898)
    Retained earnings                                  14,283       10,942
    Unappropriated profits                              4,167        6,798
    Total equity attributable to equity holders of
    the parent                                         34,999       33,818
    Non-controlling interest                              373          340
    Total equity                                       35,372       34,158
    Liabilities
    Interest-bearing loans and borrowings                   -            -
    Deferred tax liabilities                              949          964
    Other non-current liabilities                         236            -
    Total non-current liabilities                       1,185          964
    Bank overdrafts                                     1,916            -
    Interest-bearing loans and borrowings                   -            -
    Income tax payable                                  1,315          796
    Trade and other payables                           32,200       22,070
    Provisions                                            235          270
    Liabilities classified as
    held for sale                                           -           34
    Total current liabilities                          35,666       23,170
    Total liabilities                                  36,851       24,134
    Total equity and liabilities                       72,223       58,292
</pre>    2. Consolidated Income Statements

<pre>    
                                             Half-year ended  Half-year ended
                                               30 June 2012     30 June 2011
    (in thousands, except earnings per share
    and average shares outstanding)                EUR      %       EUR      %
                                                               (Note 1)
    Revenue                                     67,362  100.0    59,973  100.0
    Cost of sales                              (50,457) (74.9)  (45,838) (76.5)
    Gross profit                                16,905   25.1    14,135   23.5
    Other operating income                         798    1.2       150    0.3
    Selling expenses                            (3,002)  (4.5)   (3,081)  (5.1)
    Administrative expenses                     (8,299) (12.3)   (7,535) (12.6)
    Other operating expenses                      (476)  (0.7)     (137)  (0.2)
    Operating profit before financing result     5,926    8.8     3,532    5.9
    Financial income                               158    0.2        98    0.1
    Financial expenses                            (105)  (0.2)     (250)  (0.4)
    Net financing income / (expenses)               53      -      (152)  (0.3)
    Share of profits of associates                 (9)      -        55    0.1
    Profit before income tax                     5,970    8.8     3,435    5.7
    Income tax expense                          (1,770)  (2.6)     (931)  (1.5)
    Profit for the period                        4,200    6.2     2,504    4.2
    Attributable to:
    Equity holders of the parent                 4,167    6.2     2,535    4.2
    Non-controlling interest                        33      -       (31)     -
    Profit for the period                        4,200    6.2     2,504    4.2
    Weighted average number of shares
    outstanding                              6,910,000        6,728,000
    Weighted average number of shares
    (diluted)                                7,000,000        7,000,000
    Earnings per share
    Basic earnings per share                      0.60             0.38
    Diluted earnings per share                    0.60             0.36
</pre>    Note 1

    The figures for both the revenue and the cost of sales for the half-year 
ended 30 June
2011 have been increased by EUR 991 thousand (impact on gross profit is nil) 
compared to
the figures published last year on 21-July 2011, due to a presentation 
reclassification of
credit card expenses recharged to merchants by Docdata Payments. This 
presentation was
applied in the 2011 Annual Report.

    3. Consolidated Statements of Cash Flows

<pre>    
                                                      Half-year      Half-year
                                                          ended          ended
                                                   30 June 2012   30 June 2011
    (in thousands)                                          EUR            EUR
    Cash flows from operating activities
    Profit for the period                                 4,200          2,504
    Adjustments for:
    Depreciation and amortisation                         2,473          2,231
    Costs share options, performance shares and
    delivered shares                                        185            141
    Gain on sale of property, plant and equipment          (271)             -
    Financial expenses                                      105            156
    Financial income                                       (158)            (4)
    Share of profits of associates                            9            (55)
    Income tax expense                                    1,770            931
    Cash flows from operating activities before
    changes in working capital and provisions             8,313          5,904
    (Increase) / decrease in trade and other
    receivables                                          (3,385)           986
    (Increase) / decrease in inventories                 (1,809)          (894)
    Increase / (decrease) in trade and other
    payables                                                563         (3,775)
    Increase / (decrease) in provisions and
    employee benefits                                       (35)          (165)
    Cash generated from the operations                    3,647          2,056
    Interest paid                                          (110)          (159)
    Interest received                                       102             97
    Income taxes received / (paid)                       (1,653)           (76)
    Net cash from operating activities                    1,986          1,918
    Cash flows from investing activities
    Acquisition of property, plant and equipment         (7,153)        (1,800)
    Acquisition of intangible assets                       (392)          (342)
    Acquisition of subsidiaries                            (250)             -
    Proceeds from sale of property, plant and
    equipment                                               428             11
    Proceeds from sale of replication activities            375              -
    Proceeds from associates and other
    investments                                              74              -
    Net cash from investing activities                   (6,918)        (2,131)
    Cash flows from financing activities
    Dividends paid                                       (3,457)        (2,385)
    Proceeds from bank overdrafts                         1,916              -
    Proceeds from exercise of share options                 189          1,359
    Repayment of bank overdrafts                              -         (4,000)
    Repayment of interest-bearing loans and other
    borrowings                                                -            (29)
    Net cash from financing activities                   (1,352)        (5,055)
    Net increase / (decrease) in non-restricted
    cash and cash equivalents                            (6,284)        (5,268)
    Cash and cash equivalents at the beginning of
    the period                                            7,781          9,790
    Restricted cash and cash equivalents                  9,814              -
    Effect of exchange rate fluctuations on cash
    held                                                    (30)           (32)
    Cash and cash equivalents at the end of the
    period                                               11,281          4,490
</pre>    4. Consolidated Statements of Shareholders' Equity

<pre>    
                                                      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)
    Equity
    Statement 2011
    Balance at 1
    January 2011        700  16,854   (3,479)  13,327       27,402             
156  27,558
    Dividend
    distribution          -       -        -   (2,385)      (2,385)            
 -  (2,385)
    Exercised share
    options               -       -    1,359        -        1,359             
 -   1,359
    Costs share
    options and
    Performance
    shares                -       -      141        -          141             
 -     141
    Unrealised
    exchange rate
    results               -       -     (144)       -        (144)             
 -   (144)
    Transfer
    minority
    shareholder
    loan in share
    premium
    non-controlling
    interest              -       -        -        -            -             
161     161
    Profit for the
    period                -       -        -    2,535        2,535             
(31)  2,504
    Balance at 30
    June 2011           700  16,854   (2,123)  13,477       28,908             
286  29,194
    Balance at 1
    July 2011           700  16,854   (2,123)  13,477       28,908             
286  29,194
    Exercised share
    options               -       -      344        -          344             
 -     344
    Delivered
    shares for
    remuneration          -       -       64        -           64             
 -      64
    Costs share
    options and
    Performance
    shares                -       -        4        -            4             
 -       4
    Unrealised
    exchange rate
    results               -       -      235        -          235             
 -     235
    Profit for the
    period                -       -        -    4,263        4,263             
54   4,317
    Balance at 31
    December 2011       700  16,854   (1,476)  17,740       33,818             
340  34,158
    Equity
    Statement 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               -       -      189        -          189             
 -     189
    Delivered
    shares for
    remuneration          -       -       98        -           98             
 -      98
    Costs share
    options and
    Performance
    shares                -       -       87        -           87             
 -      87
    Unrealised
    exchange rate
    results               -       -       97        -           97             
 -      97
    Profit for the
    period                -       -        -    4,167        4,167             
33   4,200
    Balance at 30
    June 2012           700  16,854   (1,005)  18,450       34,999             
373  35,372
</pre>    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 all disclosed half-year periods, ended 30 June 
2011, 31
December 2011 and 30-June 2012 respectively.

    5. Consolidated Statements of recognised Income and Expense

<pre>    
                                                   Half-year  Half-year
                                                        2012       2011
    (in thousands)                                       EUR        EUR
    Foreign exchange translation differences,
    net of tax                                            97       (144)
    Income / (Expense) recognised directly in
    equity                                                97       (144)
    Profit for the period                              4,200      2,504
    Total recognised income and expense for the
    period                                             4,297      2,360
    Attributable to:
    Equity holders of the parent                       4,264      2,391
    Non-controlling interest                              33        (31)
    Total recognised income and expense for the
    period                                             4,297      2,360
</pre>    6. Notes to the Consolidated Interim Financial Statements

    6.1 Reporting entity

    DOCDATA N.V. (referred to as "DOCDATA" or the "Company") is a company 
domiciled in
Waalwijk, the Netherlands. The consolidated interim financial statements of 
DOCDATA N.V.
as at and for the half-year ended 30 June 2012 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 2011 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 interim financial statements have been prepared in 
accordance with
IAS 34 (Interim Financial Reporting). They do not include all of the information
required
for full annual financial statements, and should therefore be read in 
conjunction with the
consolidated financial statements of the Group as at and for the year ended 31 
December
2011.

    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 interim financial
statements are the same as those applied by the Group in its consolidated 
financial
statements as at and for the year ended 31-December 2011. For a summary of the 
significant
accounting policies under IFRS, please refer to the Group's Annual Report for 
the
financial year ended 31-December 2011.

    6.4 Audit

    The consolidated interim financial statements and the reconciliations 
included in this
report and its enclosures have not been audited by the external auditors.

    6.5 Management representations

    In the opinion of the management, these consolidated interim financial 
statements
include all adjustments necessary for a fair presentation of the financial 
position,
operating results and cash flows of all reporting periods herein. All such 
adjustments
recorded in the interim financial statements for the half-year ended 30 June 
2011 were of
a normal recurring nature. In the interim financial statements for the half-year
ended 30
June 2012 non-recurring adjustments for the following topics have been recorded:

<pre>    
    - full impairment of the remaining book value (GBP 50 thousand) of the
      goodwill paid for the acquisition of Hitura Ltd. in the UK (docdata 
commerce Ltd.);
    - 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 and purchase agreement dated 18-November 2011 with 
Replifact Media
      B.V. on the sale of all the remaining Docdata media replication business 
activities
      per 1-January 2012.
</pre>    The results of the operations for the half-year ended 30 June 2012 are
not necessarily
indicative of the results for the entire financial year ending 31 December 2012.

    6.6 Consolidation

    In the consolidated interim financial statements for the half-year ended 30
June 2012
and the consolidated financial statements for the year ended 31 December 2011, 
the
following treatment has been applied for the following incorporations:

<pre>    
    - Stichting foundation docdata payments: on 26 January 2012, docdata
      payments B.V. and Stichting foundation docdata payments have signed an 
agreement in
      which the terms and conditions, as well as the way of execution, are 
confirmed to
      enable Stichting foundation docdata payments to adequately fulfil its 
statutory
      obligations. The purpose and goal of the Stichting is to manage and 
control money to
      the benefit of the rightful owners (the right holders) of that money. 
Through the
      agreement, the risks and rewards from the Stichting are transferred to the
benefit or
      the charge of docdata payments B.V. The balance sheet of Stichting 
foundation docdata
      payments has been included in the DOCDATA consolidation starting per the 
signing date
      of the agreement. This will only have an effect on cash and cash 
equivalents and trade
      and other payables in the Group's consolidated balance sheet, depending on
the cash
      position of Stichting foundation docdata payments. These cash and cash 
equivalents are
      fully restricted and are not at the disposition of the Group.
    - FEHA LaserTec Halle GmbH: on 29 February 2012, IAI industrial systems GmbH
      acquired 100% of the issued share capital of FEHA LaserTec Halle GmbH. IAI
industrial
      systems has had a non-controlling interest in FEHA of 24.9% of the share 
capital since
      2009. This subsidiary develops and produces specialised lasers, which are
bought by
      IAI industrial systems B.V. as component to be installed in several 
security systems
      (a.o. MicroPerf(R) systems). The activities and results of FEHA have been
included in
      the DOCDATA consolidation starting per the transaction date. FEHA realised
revenue of
      EUR 1.6 million in 2011 with on average 19-employees (18.6 FTE). With this
      acquisition, IAI aims to strengthen its position in various interesting 
markets for
      the processing of materials and products with specific laser solutions and
      applications.
    - Docdata e-Services B.V.: on 17 January 2012, the legal company name of 
docdata
      media B.V. was changed into Docdata e-Services B.V., following the sale of
the media
      replication activities per 31 December 2011 to Replifact Media B.V. The 
existing
      activities of this subsidiary now consist of e-commerce fulfilment 
services, web
      photography and other related services;
    - docdata e-business GmbH: per 16 August 2011, Docdata Document Services 
GmbH in
      M?nster, Germany (formerly named 'Pegasus Mail GmbH'), has ceased to exist
as this
      legal entity was legally merged since this date into its 100% parent 
company, docdata
      e-business GmbH in M?nster. All assets and liabilities, as well as income
and
      expenses, of both legal entities were combined in the 'remaining' 
subsidiary per the
      merger date;
    - docdata fulfilment GmbH: per 16 August 2011, docdata fulfilment GmbH in
      Grobetabeeren, Germany has ceased to exist as this legal entity was 
legally merged
      since this date into its sister company, Docdata e-Commerce Services GmbH
in M?nchen.
      All assets and liabilities, as well as income and expenses, of both legal
entities
      were combined in the 'remaining' subsidiary per the merger date. On 17 
August 2011 the
      legal name was changed into Docdata Fulfilment GmbH; the legal seat still
is in
      M?nchen.
</pre>    6.7 Property, plant and equipment

<pre>    
                                          30 June  31 December
                                             2012         2011
    (in thousands)                            EUR          EUR
    Land and buildings                      2,090        1,331
    Machinery and equipment                12,651        9,560
    Office equipment and other              2,835        2,583
                                           17,576       13,474
    Under construction                      1,383          621
    Total                                  18,959       14,095
</pre>    The book value of property, plant and equipment has increased with EUR
4.9 million in
the half-year ended 30 June 2012 as a combined result from capital expenditure 
of
EUR-7.2-million and depreciation charges of EUR-2.1-million. Capital expenditure
in the
half-year ended 30-June 2012 is for EUR 1.4 million accounted for as 'under 
construction',
which predominantly relates to the investment by Docdata Fulfilment in the new 
logistic
centre in Waalwijk, the Netherlands and the logistic centre in Grobetabeeren, 
Germany. At
30 June 2012, extra capital expenditure was committed for an amount of EUR 2.1 
million in
addition to the amount accounted for 'under construction' for further expansion
of the
Dutch and German warehouses.

    6.8 Intangible assets

<pre>    
                                          30 June
                                                    31 December
                                             2012          2011
    (in thousands)                            EUR           EUR
    Goodwill                                6,387         6,345
    Software (IT platforms)                 1,943         1,905
    Development costs                         860           786
    Customer contracts                        279           316
    Total                                   9,469         9,352
</pre>    The book value for intangible assets has increased with EUR 0.1 
million during the
half-year ended 30-June 2012, due to the following:

<pre>    
    - capital expenditure in IT platform of Docdata Payments (EUR 0.4 million in
      total);
    - amortisation charges for customer contracts and IT platforms (EUR 0.4 
million
      in total);
    - currency exchange profit (EUR 0.1 million) on the valuation of the 
intangible
      assets with an original value in British pounds (i.e. related to the 
Braywood
      acquisitions).
</pre>    6.9 Inventories

<pre>    
                                                    30 June
                                                              31 December
                                                       2012          2011
    (in thousands)                                      EUR           EUR
    Finished goods                                    2,271         1,688
    Work in progress                                  3,357         1,546
    Raw and auxiliary materials (including spare
    parts)                                              617           889
    Total                                             6,245         4,123
</pre>    The book value of inventories increased EUR 2.1 million in the 
half-year ended 30 June
2012, which was predominantly caused by an inventory increase of finished goods
(company
clothing) for Docdata Fashion in Germany (EUR 0.4 million), an inventory 
increase of work
in progress for IAI (EUR 1.2 million) and the consolidation of FEHA LaserTec 
Halle GmbH as
from 1 March 2012 (EUR 0.5 million).

    IAI industrial systems' order book developed in the half-year ended 30 June
2012 from
EUR-2.9-million at 31 December 2011 to EUR 3.6 million at 30 June 2012 resulting
from
systems' deliveries in the half-year ended 30 June 2012 with revenue of 
EUR-3.0-million
and new orders booked with a total sales value of EUR-3.7-million.

    6.10 Cash and cash equivalents

<pre>    
                                              30 June
                                                        31 December
                                                 2012          2011
    (in thousands)                                EUR           EUR
    Non-restricted cash and cash equivalents    1,467         7,781
    Restricted cash and cash equivalents        9,814             -
    Total                                      11,281         7,781
</pre>    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.

    6.11 Stichting foundation docdata payments

    The balance sheet per 30 June 2012 of Stichting foundation docdata payments
reads as
follows:

<pre>    
                                                     30 June
                                                        2012
    (in thousands)                                       EUR
    Trade and other receivables                          110
    Restricted cash and cash equivalents               9,814
    Total current assets                               9,924
    Total assets                                       9,924
    Other non-current liabilities                        236
    Total non-current liabilities                        236
    Trade and other payables                           9,688
    Total current liabilities                          9,688
    Total liabilities                                  9,924
</pre>    Of these items in the balance sheet of Stichting foundation docdata 
payments, the
following items are not entirely non-restricted for the Group:

<pre>    
    - 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 monies has
already been
      collected from consumers that shall have to be paid from cash to the 
merchants.
</pre>
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