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Thursday 24 February, 2011

Docdata N.v.

Hectic Year for DOCDATA N.V. Closed With


    - Milestone Reached: Revenue Grown to EUR 104 Million in 2010

    - EBIT (EUR 5.0 Million) Influenced by Non-recurring Costs to Realise 
Growth

    - Strong Revenue Growth of E-commerce Service Company in Germany

    - Revenue and Results IAI Industrial Systems Excellent

    - Proposal to Distribute Dividend of EUR 0.35 per Share

    DOCDATA N.V. reached an important milestone in 2010, as the revenue has
exceeded EUR 100 million, primarily driven by strong growth in Germany. The
year 2010 was a hectic year, especially due to the acquisition and
integration of the activities of the former Dohmen Solutions Group and the
extreme growth of one of our e-commerce clients in Germany. These factors had
a temporary negative impact on profit. IAI industrial systems was able to
maintain the high revenue level in 2010 with an excellent profit.

<pre>    
    Revenue                                   2010     2009   Growth
    (in thousands, except percentages)         EUR      EUR        %
 
    Docdata E-commerce services (excl.
    acquisition)                            63,737   46,851    + 36%
    Acquisition former Dohmen Solutions
    Group                                   14,293        -        -
    Docdata E-commerce services             78,030   46,851    + 67%
    Media replication activities             7,804   16,024  -/- 51%
    E-commerce service company Docdata      85,834   62,875    + 37%
    Technology company IAI industrial
    systems                                 18,176   17,594     + 3%
    Total                                  104,010   80,469    + 29%
</pre>    Michiel Alting von Geusau, CEO van DOCDATA N.V.: "The markets in which
we
operate showed a strong growth in 2010. Within the e-commerce market a large
proportion of our clients performed even better than the market. We are proud
that we contributed to the success of our clients. IAI industrial systems
reached a revenue level that is structurally higher than the average revenue
level of the last five years; we however remain dependent on sometimes
complicated tendering processes."

    The E-commerce service company Docdata realised a considerable increase
in the number of transactions handled in 2010. This is both due to the
success of our clients in the Netherlands, including bol.com, De Bijenkorf
and V&amp;D, and the success of our clients in Germany, including
brands4friends.de and Zalando.de. As a consequence, revenue of the E-commerce
service company grew with 37%.

    Technology company IAI industrial systems realised a record revenue of
EUR 18.2 million in 2010. In addition, IAI invested further in the
organisation and development of innovative production systems for the various
markets in which IAI is active. The focus in 2010 was in particular on the
development and improvement of applications in production systems.

    The permanent staff of the Group increased considerably from 593
employees (570 FTE) at the beginning of the year to 813 employees (759 FTE)
at the end of the year. Also in 2010 the management structures within the
Group have been strengthened. This was necessary to enable the growth and
create a new basis for further growth.

    E-commerce service company Docdata again achieved a considerable increase
of the number of transactions; in 2010 almost 30 million unique transactions
have been processed compared to about 20 million in 2009 (increase 36%). The
combined revenue of the e-commerce services (consisting of commerce,
fulfilment and payment activities) grew autonomously with almost EUR 17
million (+ 36%); furthermore the revenue increased with another EUR 14
million as a result of the acquisition of the activities of the former Dohmen
Solutions Group in April 2010. The total revenue of the E-commerce service
company Docdata increased with 37% to almost EUR 86 million.

    The e-commerce market in Europe increased approximately 18% in 2010. For
2011 a similar growth is expected resulting in a European e-commerce market
that exceeds the market in the United States. Within Europe, the United
Kingdom and Germany remain the largest markets. Together with the Benelux
this is more than 50% of the market. The growth in the Benelux in 2010 was
over 22% and this market represents a value of about EUR 10 billion. The
growth in the United Kingdom was 13% with a value of about EUR 60 billion. In
Germany the growth in 2010 was about 10% and this market represents a value
of more than EUR 50 billion.

    Dohmen Solutions

    The integration and restructuring of the activities of the former Dohmen
Solutions Group will continue for several months in the first half-year 2011.
In 2010 these activities contributed to the growth in revenue (EUR 14.3
million in 8,5 months) but due to restructuring costs these activities also
had a negative impact on the operating profit (-/- EUR 2.1 million) and hence
the profit. For 2011 it is expected that these activities, including limited
further restructuring costs, will have a small contribution to the profit.

    Thanks to the acquisition of the activities of the former Dohmen
Solutions Group in combination with the realised autonomous growth, Docdata
significantly strengthened its position on the German e-commerce market and
became a known player. Also, for the first time Docdata realised a higher
revenue in Germany than in the Dutch market where Docdata holds a top-3
position and is already a known player for a longer time.

    Transition completed

    Mid 2010 the media replication company in Berlin was divested. In 2000
more than 90% of revenue was realised by media replication activities, in
2010 this was less than 10% of revenue. As from 2011 the replication
activities will not have a significant influence on the figures of the Group
any more. The transition of Docdata to an E-commerce service company has now
successfully been completed.

    For 2011, the focus will be on further growth in existing markets, on the
one hand through the growth of existing clients and the expansion of the
service portfolio, on the other hand by bringing in new clients. Smaller
acquisitions to expand our service portfolio can also contribute to the
growth. The organisation grew tremendously in 2010 and the management
structure has been strengthened at all levels. This provides us with a
reinforced basis to meet the challenges of 2011.

    The main trends that are relevant for Docdata, are a further
transformation from online to mobile online. The expectation is that in 2012
more smartphones will be sold than computers. Also social networks will take
an increasingly important position in the communication to consumers, with
Facebook as a dominant player with more than 500 million active users and
thus being, after Google, the largest traffic source for webshops. On the
other hand the cross-border activities of both consumers and suppliers will
grow in the coming years.

    Michiel Alting von Geusau, CEO of DOCDATA N.V.: "The developments and
opportunities of Internet are enormous. Because of our extensive experience
with e-commerce, the vast scalability of our solutions and international
experience we are able to gear up in a short time frame and help our clients,
also regarding cross-border activities, realising their growth. Thanks to our
scalable solutions we facilitated the extreme growth of some of our clients
in 2010, staying ahead of all our competitors."

    Technology company IAI industrial systems delivered in 2010 a large
number of high quality systems. Furthermore the revenue from our service
activities and the delivery of subsystems increased clearly. The revenue of
IAI industrial systems was EUR 18.2 million which is a slight increase
compared to 2009 but structurally higher than any year before 2009.

    The order book as per year-end 2010 includes orders with a revenue value
of EUR 8.4 million (2009: EUR 13.7 million). The order book is running
behind, which will have an impact on the revenue and results of IAI in 2011.
The pipeline however is well filled with prospects; we expect that the major
part will only be delivered in 2012. Projects generally have a long lead time
in the markets in which IAI operates. IAI only has very limited influence on
this.

    In the document security market IAI industrial systems is seen as the
highest quality supplier of production systems to personalise and/or secure
documents issued by governments. IAI has further expanded the product range
in the document security market through the development of new systems in the
last years, resulting in an entrance in additional markets like the market
for decentralised personalisation. In 2010, IAI has invested in R&amp;D for the
development of next-generation systems and new applications like for example
contactless soldering of solar panels for which we sold a first system in
2010. The organisation has been strengthened, making the company ready for
further growth.

    Michiel Alting von Geusau, CEO of DOCDATA N.V.: "Our clients are mainly
looking for innovative but proven solutions in the markets where we operate.
As our product portfolio has been expanded substantially in recent years, we
are well positioned to meet the market demands. We also see that clients
worldwide know how to find us."

    Major features of the financial results for the 2010 year-end

    Results and Financial position for the financial year 2010
<pre>    
    (in millions, except percentages en             2010         2009
    profit per share)
 
                                             EUR       %    EUR     %
 
    Revenue
    E-commerce service company Docdata      85.8    82.5   62.9  78.1
    Technology company IAI industrial
    systems                                 18.2    17.5   17.6  21.9
    Total                                  104.0   100.0   80.5 100.0
 
    Gross profit
    E-commerce service company Docdata      19.1    22.2   18.2  28.9
    Technology company IAI industrial
    systems                                  6.9    38.1    7.3  41.9
    Total                                   26.0    25.0   25.5  31.7
 
    Operating profit (EBIT)
    E-commerce service company Docdata       1.0     1.2    1.0   1.6
    Technology company IAI industrial
    systems                                  4.0    22.0    4.9  27.9
    Total                                    5.0     4.8    5.9   7.3
 
    Profit for the year                      3.8     3.7    7.7   9.6
 
    Basic earnings per share                0.58           1.18
    Diluted earnings per share              0.58           1.18
 
    Balance sheet total                     56.0           49.0
    Equity                                  27.6           27.4
    Solvency ratio (Equity / Balance       49.3%          55.9%
    sheet total)
 
</pre>    The revenue of DOCDATA N.V. increased in 2010 with EUR 23.5 million
to
EUR 104 million (+29%). IAI industrial systems realised a slight revenue
increase of EUR 0.6 million (+ 3%). Docdata realised with its e-commerce
services commerce, payments and fulfilment an autonomous revenue growth of
EUR 16.9 million (+36%), mainly as a result of the increased number of
transactions. The acquisition of the activities of the former Dohmen
Solutions Group per 16 April 2010 contributed EUR 14.3 million to the revenue
in 2010. The revenue of the media replication activities decreased with EUR
8.2 million (-/- 51%) as a result of the further decline of the replication
activities, mainly due to the sale of the replication company in Berlin in
July 2010.

    In 2010 DOCDATA N.V. realised a gross profit of EUR 26.0 million compared
to EUR 25.5 million in 2009 (+2%). The gross profit margin in 2010 was 25.0%
compared to 31.7% in 2009 with a decreased gross profit margin for both lines
of business. For Docdata this lower gross profit margin is mainly due to a
lower realised efficiency following the extreme growth of some of our largest
clients in the Netherlands and Germany. The decrease of the gross profit
margin of IAI industrial systems is mainly due to a different revenue mix in
2010 compared to 2009. The lower gross profit margin in 2010 is mainly the
result of relatively higher costs for produced and delivered orders
containing the development of new applications in the systems of these
orders.

    In 2010 the operating result before financing result (EBIT) was EUR 5.0
million compared to EUR 5.9 million in 2009 (effect: -/- EUR 0.9 million).
The operating result of the technology company IAI industrial systems
decreased from EUR 4.9 million in 2009 to EUR 4.0 million in 2010 as a result
of the lower gross profit and higher organisation costs, primarily due to the
increased number of employees. The operating result of the E-commerce service
company Docdata remained almost unchanged in 2010 at EUR 1.0 million. In both
years the operating result of the E-commerce service company Docdata included
significant non-recurring costs which had a negative impact on the operating
result in those years. In 2010 these non-recurring costs were:
<pre>    
    - acquisition and consultancy costs, start-up losses and restructuring
      costs after the acquisition of the activities of the former Dohmen 
      Solutions Group (effect: EUR 2.1 million);

    - considerably higher organisations costs to realise the significant
      growth in Germany (effect: over EUR 1.5 million).
</pre>    In 2009, the E-commerce service company Docdata recognised 
non-recurring
expenses of EUR 2.9 million. These non-recurring expenses related to a number
of impairments of goodwill and other intangible assets, the full depreciation
of the remaining media replication activities in Germany and the recognition
of provisions.

    The profit of DOCDATA N.V. for the year 2010 amounts to EUR 3.8 million
compared to EUR 7.7 million for the year 2009 (effect: -/- EUR 3.9 million).
In addition to the above mentioned development of the operating result in
2010 compared to 2009 (effect: -/- EUR 0.9 million) and a financing result
with higher net finance expenses (effect: -/- EUR 0.1 million), income taxes
had a significant impact. In 2010 the income tax expense was EUR 1.2 million
compared to an income tax income of EUR 1.7 million in 2009 (effect: -/- EUR
2.9 million). The recognised income tax income in 2009 contained an income
tax credit of around EUR 4 million. This income tax credit was the result of
the recognition of a liquidation loss of over EUR 15 million in the 2009
corporate income tax return of the Dutch fiscal entity following the
completion of the liquidation of the former replication company in the United
Kingdom. Without this non-recurring income tax credit, profit in 2010 would
have slightly increased compared to 2009.

    DOCDATA N.V. maintained its strong financial position with a solvency
ratio of 49.3% (31 December 2009: 55.9%) in 2010 against a strongly increased
balance sheet total. In relation to the Company's liquidity, the cash surplus
position of EUR 6.1 million as at 31 December 2009 decreased with EUR 0.3
million to EUR 5.8 million as at 31 December 2010.

    In 2010, DOCDATA realised a net cash from operating activities of EUR
13.3 million (2009: EUR 7.4 million) which was influenced to a large extent
by cash flows generated from the delivery in February 2010 of the second part
of the Bulgarian order by IAI industrial systems B.V. and the receipt of an
income tax receivable by the Dutch fiscal entity (EUR 2.8 million).
Furthermore, DOCDATA N.V. has drawn EUR 4.0 million from the credit facility
with Commerzbank AG in 2010 to finance the following:
<pre>    
    - the acquisition of the assets and business activities of the former
      Dohmen Solution Group in Germany (total purchase price: EUR 2.2 
      million);

    - the working capital of the new legal entities in Germany, which
      acquired the assets and business activities of the former Dohmen 
      Solutions Group (including the restructuring costs after acquisition 
      of these activities);

    - the investments in the warehousing (amongst others installations and
      racking) of our fulfilment centres in Germany.
</pre>    Of these available funds of EUR 17.3 million, EUR 3.7 million was 
spent
on the payment of the 2009 dividend. In addition, the Group invested a total
amount of almost EUR 10 million in 2010: EUR 2.2 million in the acquisition
of the activities of the former Dohmen Solutions Group, EUR 6.2 million in
property, plant and equipment (mainly warehousing equipment and investments
in IT infrastructure), EUR 0.8 million in intangibles (predominantly IT
platform and development costs by IAI for the development of new systems) and
EUR 0.8 million for the acquisition of non-controlling interests in docdata
commerce B.V. and docdata payments B.V. The remaining EUR 3.7 million
resulted in higher cash and cash equivalents per 31 December 2010.

    Strategy: Vision 2012: 'Flywheel to Growth'

    "It's all about focus and commitment"

    E-commerce service company Docdata

    We are a focussed E-commerce service company

    We deliver customer-focused and scalable solutions

    We guarantee seamless handling of all your unique transactions

    We are driven to make your e-commerce successful

    The major strategic goals for the coming years remain:
<pre>    
    - autonomous growth through successful partnerships with existing
      clients;

    - winning new clients;

    - expanding the service portfolio, also through strategic partnerships;

    - more prominent route for acquisitions;

    - acting as one company that offers a complete e-commerce service
      portfolio.
</pre>    The current risks are mainly in terms of the strategic choice of 
clients
to outsource certain services to external suppliers. In the event that a
client will be acquired, this choice is almost always reconsidered with the
possibility of losing clients. Because of the rapid developments in the
e-commerce market, our clients are not willing to sign long-term contracts.

    Technology company IAI industrial systems

    We offer high quality production systems and reliability

    We offer flexible, fast and accurate technological solutions

    We are driven to offer the most innovative laser and optical solutions

    The major strategic goals for the coming years remain:
<pre>    
    - autonomous growth in the document security market by worldwide sales
      activities and continues development of new systems;

    - realise a position in other market segments by developing innovative
      laser applications;

    - increase of R&amp;D and product development.
</pre>    The current risks are mainly in terms of the realisation of orders,
as
tenders issued by governments are regularly delayed by factors beyond our
control. In the new markets where we operate tender processes take longer as
new applications need to be extensively tested.

    General

    As the current strategy 'Vision 2012: Flywheel to Growth' will run until
2012, DOCDATA N.V. will have an external party execute a strategic study in
2011. The outcome of this study will serve as input for the strategic route
in the coming years.

    Outlook

    The focus in 2011 will be kept on growth, both autonomous and trough
acquisitions. Acquisitions will mainly be aimed at expansion of our service
portfolio.

    The focus of the E-commerce service company Docdata is on further
development of the service model in the Benelux, Germany and the UK. Based on
our current client base, we expect further growth with only a limited impact
of non-recurring costs on profit.

    The focus for the technology company IAI industrial systems is on the
realisation of orders worldwide in existing and specifically defined markets
through the development of innovative solutions based on proven systems.
Considering the order book as at 31 December 2010, 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.

    Dividend

    Management of DOCDATA N.V. will propose to the shareholders at this
year's annual General Meeting of Shareholders, in accordance with Article 28
of the Articles of Association of DOCDATA N.V., to decide to distribute to
all shareholders of ordinary shares a dividend amount of EUR 0.35 per
ordinary share out of the profit for the year 2010. The distribution will be
subject to dividend withholding taxes, unless the shareholder can proof that
substantial holding exemption can be claimed.

    At 31 December 2010, the issued share capital of DOCDATA N.V. consists of
7,000,000 ordinary shares with a nominal value of EUR 0.10 each. DOCDATA N.V.
currently holds 349,982 (5.00%) of these issued ordinary shares, which are
kept in order to fund the personnel options scheme and to finance future
acquisitions. Ordinary shares owned by the Company are not entitled to any
distribution of profit. When the General Meeting of Shareholders decides to
accept this proposal, an amount of EUR 2.3 million will be distributed in
June 2011 as dividend out of the profit for the year 2010 on the ordinary
shares, which are held by other shareholders than the Company. The General
Meeting of Shareholders shall be held on Wednesday 15 June 2011 in Waalwijk.
The dividend distribution will lead to a decrease of the solvency ratio with
some percent-points.

    The dividend policy of DOCDATA N.V., adopted by the General Meeting of
Shareholders, is aimed at realising a high dividend return, for which a
payout ratio of at least 50% is the target. The liquidity and solvency
required for the execution of the strategy, will also be taken into
consideration. Management of DOCDATA N.V. holds the opinion that the very
strong liquidity and solvency of the Company enable the proposed dividend
distribution of EUR 0.35 per share.

    The dividend proposed by DOCDATA N.V. of EUR 0.35 per share (in total:
EUR 2.3 million) is lower than the dividend of EUR 0.55 per share distributed
out of the profit for the year 2009 (in total: EUR 3.7 million). This was due
to the 2009 dividend distributed in May 2010 being one-time higher, as the
Company realised in 2010 an income tax credit on the liquidation loss for the
replication company in the United Kingdom. Compared to the dividend of EUR
0.30 per share (in total: EUR 2.0 million) out of the profit for the year
2008 distributed in May 2009, the dividend return has increased.

    Accounting principles

    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 2009 Annual Report that
is available at the Company and can also be downloaded from the Company's
corporate website, http://www.docdatanv.com.

    Enclosure with financial information

    For a detailed review of the 2010 year-end results, please refer to the
attached enclosure 'Financial Information for the year ended 31 December
2010' with Appendix.

    Meeting for financial press and analysts

    This morning, 24 February 2011, management of DOCDATA N.V. will discuss
the 2010 year-end 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.

    Important dates

     29 April 2011 Publication of 2010 Annual Report

     8 June 2011 Record date (voting rights)

     15 June 2011 (*) Annual General Meeting of Shareholders in Waalwijk

     16 June 2011 Cum-date

     17 June 2011 Ex date

     21 June 2011 Record date (dividend rights)

     24 June 2011 Dividend payment data

     21 July 2011 Publication of 2011 half-year results

    (*) Note: new date; the 2009 Annual Report referred to 18 May 2011 as
preliminary date

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

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

    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.

    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.

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

    Financial Information

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

    Revenue

<pre>    
    (in thousands, except percentage figures)    2010         2009
    Revenue by line of business                   EUR     %    EUR     %
 
    E-commerce service company Docdata         85,834  82.5 62,875  78.1
    Technology company IAI industrial systems  18,176  17.5 17,594  21.9
    Total                                     104,010 100.0 80,469 100.0
</pre><pre>    
    - The combined revenue of the Docdata e-commerce services (commerce,
      payments and fulfilment) increased with EUR 31.2 million (67%). This 
      revenue increase is the result of autonomous growth (EUR 16.9 million, 
      including a positive foreign currency exchange GBP effect of EUR 0.3 
      million) and through the acquisition of the activities of the former 
      Dohmen Solutions Group per 16 April 2010 (EUR 14.3 million). Two 
      clients each realised more than 10% of the total revenue of the 
      E-commerce service company Docdata. The revenue of the media 
      replication activities decreased with EUR 8.2 million (51%) in total,
      of which EUR 6.1 million as a combined result of the sale of the UK 
      media replication business on 30 January 2009 and the sale of all 
      shares of docdata media GmbH on 21 July 2010; the other EUR 2.1 million 
      of this revenue decrease was due to declining revenue from the media 
      replication activities in Tilburg.

    - The increase in IAI industrial systems' revenue was realised through
      the delivery of systems for (amongst others) Bulgaria, India, Morocco 
      and Uzbekistan. Deliveries consisted (amongst others) of BMOne's, 
      SheetMaster systems, CardMasterDesk and ImagePerf(R)Desk systems and 
      systems for the solar market.
</pre>    Gross profit

<pre>    
    (in thousands, except percentage figures)    2010        2009
    Gross profit (margin) by line of business     EUR    %    EUR    %
    (margin as % of revenue by line of
    business)
 
    E-commerce service company Docdata         19,075 22.2 18,184 28.9
    Technology company IAI industrial systems   6,918 38.1  7,365 41.9
    Total                                      25,993 25.0 25,549 31.7
</pre><pre>    
    - The Docdata e-commerce services (commerce, payments and fulfilment)
      contributed EUR 18.1 million to the gross profit in 2010 compared to 
      EUR 15.3 million in 2009, mainly due to growth in the number of 
      transactions in the Netherlands and Germany. The acquired activities of 
      the former Dohmen Solutions Group had an effect on the 2010 gross 
      profit of EUR 2.3 million. The lower Docdata gross profit margin was 
      mainly the result of higher operational costs in Germany. The media 
      replication activities contributed EUR 1.0 million to the gross profit 
      in 2010 compared to EUR 2.9 million in 2009.

    - The gross profit of IAI industrial systems decreased with EUR 0.4
      million (6%) primarily due to a different sales mix in 2010 compared to 
      2009, in combination with a lower gross profit margin for some orders 
      produced and delivered in 2010 due to development costs for new 
      applications in the systems for these orders.
</pre>    Operating profit before financing result (EBIT)

    Selling &amp; Administrative expenses

    Other operating income and expenses
<pre>    
    (in thousands, except percentage figures)     2010            2009
    Operating profit (margin) by line of          EUR      %      EUR      %
    business
    (margin as % of revenue by line of
    business)
 
    E-commerce service company Docdata          1,020    1.2      973    1.6
    Technology company IAI industrial systems   3,992   22.0    4,913   27.9
    Total                                       5,012    4.8    5,886    7.3
 
    Selling &amp; Administrative expenses (as % of
    revenue)
    Selling expenses                           (5,600)  (5.4)  (4,530)  (5.6)
    Administrative expenses                   (15,182) (14.6) (12,073) (15.0)
    Total                                     (20,782) (20.0) (16,603) (20.6)
 
    Selling &amp; Administrative expenses by line
    of business (as % of revenue by line of
    business)
    E-commerce service company Docdata        (17,787) (20.7) (14,151) (22.5)
    Technology company IAI industrial systems  (2,995) (16.5)  (2,452) (14.0)
    Total                                     (20,782) (20.0) (16,603) (20.6)
 
    Other operating income and expenses
    (as % of revenue)
    Other operating income                        458    0.4      160    0.2
    Other operating expenses                     (657)  (0.6)  (3,220)  (4.0)
    Net other operating expenses                 (199)  (0.2)  (3,060)  (3.8)
</pre><pre>    
    - The operating profit of the Docdata e-commerce services (commerce,
      payments and fulfilment) in 2010 amounted to EUR 1.5 million compared 
      to EUR 1.7 million in 2009. In 2010, EBIT contains substantial 
      non-recurring restructuring costs and start-up losses following the 
      acquisition of the activities of the former Dohmen Solutions Group. 
      These expenses were essential in order to reduce the cost base of the 
      acquired activities, and are recognised both under selling and 
      administrative expenses. Some of the acquired activities already 
      contributed to profit in 2010. The total effect on EBIT amounts to a 
      loss of around EUR 2.1 million in 2010, compared to EUR 2.0 million 
      non-recurring operating expenses in 2009. The media replication 
      activities realised a loss of EUR 0.5 million in 2010 (2009: EUR 0.7
      million).

    - The decrease in operating profit of IAI industrial systems in 2010 is
      the combined result of a lower gross profit and higher selling and
      administrative expenses due to higher organisation costs for expansion 
      of the number of employees.

    - In 2009, other operating expenses were recorded by Docdata for a total
      amount of EUR 3.2 million. These other operating expenses mainly 
      consisted of non-recurring expenses in 2009 for an amount of EUR 2.9 
      million, including impairment charges for IT platforms in the UK 
      (EUR 0.7 million), impairment charges for goodwill paid on acquisition 
      of docdata e-business GmbH in Muenster, Germany (EUR 0.7 million), the 
      full write-off of the media replication activities in Germany (EUR 0.9 
      million) and the addition to provisions (EUR 0.6 million in total).
</pre>    Net financing income / (expenses)

    Net financing expenses in 2010 amounted to EUR 40 thousand compared to
net financing income of EUR 0.1 million in 2009. This decrease of EUR 0.15
million is the combined effect of higher net bank interest expenses resulting
from financing the acquisition of the activities of the former Dohmen
Solutions Group in Germany through a bank overdraft from Commerzbank AG and a
somewhat lower foreign currency exchange result in 2010 compared to 2009
related to the British pound.

    Income tax expense

    DOCDATA's effective tax rate in 2010 was 23.4% with an income tax expense
of EUR 1.2 million on a profit before income tax of EUR 5.0 million. In 2009,
the profit before income tax amounted to EUR 6.0 million and the income tax
profit amounted to EUR 1.7 million (effective tax rate: negative 27.5%,
representing a tax credit), mainly due to recording an income tax credit of
around EUR 4 million on the liquidation loss of over EUR 15 million following
the completion of the liquidation of docdata media Ltd. in the UK.

    The income tax expense of EUR 1.2 million in 2010 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 25.5% on the taxable income for the Dutch fiscal entity as well 
      as for the Dutch subsidiaries that are not part of this fiscal entity 
      (2009: 25.5%). Furthermore, an income tax profit of EUR 0.3 million was 
      realised for non-recognised tax assets of the Dutch fiscal entity 
      related to the valuation of the deferred tax asset on the UK 
      liquidation loss.

    - In the United Kingdom, income taxes are recorded against a corporate 
      income tax rate of 28.0% (2009: 28.0%). Furthermore, an income tax 
      profit was realised of EUR 0.1 million on non-recognised net operating 
      losses from 2009.

    - 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 Muenster region). 
      No income tax has been recorded in 2010 on some non-tax deductible 
      expenses, and the income tax on the 2010 net operating loss of a part 
      of former Dohmen Solutions business has been valued to a limited 
      extent; in total, the combined effect resulted in a tax loss of EUR 
      0.4 million.
</pre>    Liquidity and capital resources

    The General Annual Meeting of Shareholders held on 12 May 2010 approved
the proposal to distribute a dividend of EUR 0.55 per ordinary share
outstanding (excluding own shares held by the Company), which had a
decreasing impact of EUR 3.7 million on retained earnings within the equity
of the Company in 2010.

    In 2010, the Group realised net cash from operating activities of EUR
13.3 million (2009: EUR 7.4 million). Major items resulting in this high net
cash from operating activities were the delivery by IAI industrial systems
B.V. in February 2010 of the remaining part of the Bulgarian order, as well
as the repayment by the Dutch tax authorities of EUR 1.3 million prepaid
income taxes for the year 2009 due to the recording by the Dutch fiscal
entity of an income tax credit on the liquidation loss for docdata media Ltd.
in the UK, as well as EUR 1.5 million of the carry back to income taxes from
2006.

    Furthermore, the Group has drawn EUR 4.0 million from the credit facility
with Dresdner Bank AG (now part of Commerzbank AG) in 2010 to finance the
following:
<pre>    
    - the acquisition (total purchase price of the assets
      acquired: EUR 2.2 million) and post-transaction working capital and
      restructuring of the activities of the former Dohmen Solutions Group;

    - the investments in warehousing in Germany.
</pre>    Of these total available funds of EUR 17.3 million, EUR 3.7 million 
was
spent on the payment of the 2009 dividend. In addition, the Group invested a
total amount of nearly EUR 10 million in 2010: EUR 2.2 million for the assets
acquired of the former Dohmen Solutions Group, EUR 6.2 million in property,
plant and equipment (mainly ware?housing equipment and investments in IT
infrastructure), EUR 0.8 million in intangibles (predominantly IT development
costs and development costs by IAI for a new security system) and EUR 0.8
million for the acquisition of non-controlling interests in docdata commerce
B.V. and docdata payments B.V. The remaining EUR 3.7 million has resulted in
higher cash and cash equivalents per 31 December 2010 (EUR 9.8 million)
compared to 31 December 2009 (EUR 6.1 million).

    In 2010 1,500 share options were exercised from the 2006 series at a
price of EUR 8.10 per share. The underlying shares have been delivered by the
Company from the own shares in possession of the Company. The proceeds of EUR
13 thousand have been credited to equity under reserves, as the purchase of
own shares has been charged to reserves in the past. Per 31 December 2010,
the Company owned 349,982 own shares (5.00%), which number is the same as the
number of own shares currently owned by the Company per 24 February 2011.

    Consolidated Financial Statements

    1. Consolidated Balance Sheet

    Balance sheet before appropriation of profit.

<pre>    
                                                 31 December 31 December
 
                                                        2010        2009
    (in thousands)                                       EUR         EUR
 
    Assets
 
    Property, plant and equipment                     10,431       6,221
    Intangible assets                                  9,690       8,633
    Investments in associates                             62          62
    Other investments                                     95         100
    Trade and other receivables                          200         200
    Deferred tax assets                                1,001       1,130
    Total non-current assets                          21,479      16,346
 
    Inventories                                        5,436       6,861
    Income tax receivables                               407       3,038
    Trade and other receivables                       18,840      15,566
    Cash and cash equivalents                          9,790       6,147
    Assets classified as held for
    sale                                                   -       1,054
    Total current assets                              34,473      32,666
 
    Total assets                                      55,952      49,012
 
    Equity
 
    Share capital                                        700         700
    Share premium                                     16,854      16,854
    Translation reserves                                (669)     (1,030)
    Reserve for own shares                            (2,810)     (2,940)
    Retained earnings (from prior years)               9,474       5,889
    Unappropriated profits (Profit for the
    period)                                            3,853       7,831
    Total equity attributable to equity
    holders of the parent                             27,402      27,304
    Non-controlling interest                             156         107
    Total equity                                      27,558      27,411
 
    Liabilities
 
    Interest-bearing loans and other
    borrowings                                             -         313
    Deferred tax liabilities                             530         288
    Total non-current liabilities                        530         601
 
    Bank overdrafts                                    4,000           -
    Interest-bearing loans and other
    borrowings                                           190           -
    Income tax payable                                   453         340
    Trade and other payables                          22,781      18,668
    Provisions                                           440       1,039
    Liabilities classified as
    held for sale                                          -         953
    Total current liabilities                         27,864      21,000
 
    Total liabilities                                 28,394      21,601
 
    Total equity and liabilities                      55,952      49,012
</pre>    2. Consolidated Income Statement

<pre>    
                                  2010            2009
    (in thousands, except         EUR      %      EUR      %
    earnings per share and
    average shares
    outstanding)
 
    Revenue                   104,010  100.0   80,469  100.0
    Cost of sales             (78,017) (75.0) (54,920) (68.3)
    Gross profit               25,993   25.0   25,549   31.7
 
    Other operating income        458    0.4      160    0.2
    Selling expenses           (5,600)  (5.4)  (4,530)  (5.6)
    Administrative expenses   (15,182) (14.6) (12,073) (15.0)
    Other operating expenses     (657)  (0.6)  (3,220)  (4.0)
 
    Operating profit before
    financing result            5,012    4.8    5,886    7.3
 
    Financial income              215    0.2      301    0.4
    Financial expenses           (255)  (0.2)    (195)  (0.2)
    Net financing (expenses)
    / income                      (40)     -      106    0.2
 
    Share of profits of
    associates                      -      -       37      -
 
    Profit before income tax    4,972    4.8    6,029    7.5
 
    Income tax (expense) /
    profit                     (1,162)  (1.1)   1,660    2.1
 
    Profit for the period       3,810    3.7    7,689    9.6
 
    Attributable to:
    Equity holders of the
    parent                      3,853    3.7    7,831    9.7
    Non-controlling interest      (43)     -     (142)   0.1
    Profit for the period       3,810    3.7    7,689    9.6
 
    Earnings per share
    Basic earnings per share     0.58            1.18
    Diluted earnings per         0.58            1.18
    share
 
</pre>    3. Consolidated Statement of Cash Flows

<pre>    
                                             2010     2009
    (in thousands)                            EUR      EUR
 
    Cash flows from operating activities
    Profit for the period                   3,810    7,689
    Adjustments for:
    Depreciation and amortisation           3,631    5,223
    Costs share options and delivered   
    shares                                    117      137
    Financial expenses                        255      195
    Financial income                         (215)    (301)
    Share of profits of associates              -      (37)
    Income tax expense / (income)           1,162   (1,660)
    Cash flows from operating activities
    before changes in working capital and
    provisions                              8,760   11,246
 
    Increase in trade and other
    receivables
    and assets held for sale               (2,176)  (3,003)
    Decrease / (Increase) in inventories    1,820  (3,268)
    Increase in trade and other payables
    and
    liabilities held for sale               3,660    3,048
    (Decrease) / Increase in provisions      (599)     846
    and employee benefits
    Cash generated from the operations     11,465    8,869
 
    Interest paid                            (254)    (266)
    Interest received                         171      209
    Income taxes paid                      (1,000)  (1,772)
    Income taxes received                   2,883      320
    Net cash from operating activities     13,265    7,360
 
    Cash flows from investing activities
    Acquisition of property, plant and     (6,164)  (2,703)
    equipment
    Acquisition of subsidiaries and        (2,220)    (150)
    business
    Acquisition of intangible assets         (835)     (67)
    Acquisition of associates and other         -      (62)
    investments
    Proceeds from sale of property, plant      53      118
    and equipment
    Net cash from investing activities     (9,166)  (2,864)
 
    Cash flows from financing activities
    Proceeds from / (Repayment of) bank
    overdrafts                              4,000    (325)
    Dividends paid                         (3,658)  (2,031)
    Acquisition of non-controlling 
    interests                                (780)    (656)
    Proceeds from exercise of share
    options                                    13      141
    Repayment of interest-bearing loans
    and other borrowings                        -      (60)
    Loans provided to associates and
    other investments                           -     (200)
    Net cash from financing activities       (425)  (3,131)
 
    Net (decrease) increase in cash and
    cash equivalents                        3,674    1,365
    Cash and cash equivalents at the
    beginning of the period                 6,147    6,034
    Bank overdrafts balanced with cash
    and cash equivalents                        -   (1,350)
    Effect of exchange rate fluctuations
    on cash held                              (31)      98
 
    Cash and cash equivalents at the end
    of the period                           9,790    6,147
</pre>    4. Consolidated Statement of Shareholders' Equity

<pre>    
                       Share     Share            Retained
                     capital   premium            earnings
                                       Reserves
    (in thousands)       EUR       EUR      EUR        EUR
                                       (Note 1)   (Note 2)
 
    Equity Statement
    2009
 
    Balance at 1         700    16,854   (4,531)     7,882
    January 2009
    Dividend               -         -        -     (1,993)
    distribution
    Exercised share        -         -      141          -
    options
    Delivered shares       -         -       37          -
    for remuneration
    Costs share            -         -      100          -
    options
    Consolidation of       -         -        -          -
    former associate
    Profit for the         -         -        -      7,831
    period
    Other changes in
    total recognised       -         -      283          -
    income and
    expense for the
    period
    Balance at 31        700    16,854   (3,970)    13,720
    December 2009
 
    Equity Statement
    2010
 
    Balance at 1         700    16,854   (3,970)    13,720
    January 2010
    Dividend               -         -        -     (3,658)
    distribution
    Realised               -         -      270       (270)
    translation
    differences
    Exercised share        -         -       13          -
    options
    Costs share            -         -      117          -
    options
    Acquisition of
    non-controlling        -         -        -       (318)
    interest
    Profit for the         -         -        -      3,853
    period
    Other changes in
    total recognised       -         -       91          -
    income and
    expense for the
    period
    Balance at 31        700    16,854   (3,479)    13,327
    December 2010
</pre>    Table Continued..
<pre>    
                     Total equity
                     attributable
                        to equity Non-controlling
                       holders of        interest
                       the parent                     Total
                                                     equity
    (in thousands)            EUR             EUR       EUR
 
    Equity Statement
    2009
 
    Balance at 1
    January 2009           20,905             292    21,197
    Dividend    
    distribution           (1,993)            (38)   (2,031)
    Exercised share
    options                   141               -       141
    Delivered shares
    for remuneration           37               -        37
    Costs share
    options                   100               -       100
    Consolidation of
    former associate            -              (5)       (5)
    Profit for the
    period                  7,831            (142)    7,689
    Other changes in
    total recognised
    income and
    expense for the
    period                    283               -       283
    Balance at 31
    December 2009          27,304             107    27,411
 
    Equity Statement
    2010
 
    Balance at 1
    January 2010           27,304             107    27,411
    Dividend    
    distribution           (3,658)              -    (3,658)
    Realised   
    translation
    differences                 -               -         -
    Exercised share
    options                    13               -        13
    Costs share
    options                   117               -       117
    Acquisition of
    non-controlling
    interest                 (318)             92      (226)
    Profit for the
    period                  3,853             (43)    3,810
    Other changes in
    total recognised
    income and
    expense for the
    period                     91               -        91
    Balance at 31
    December 2010          27,402             156    27,558
</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 both financial
years ended 31 December 2010 respectively 31 December 2009.

    5. Consolidated Statement of recognised Income and Expense

<pre>    
                                                        2010    2009
    (in thousands)                                       EUR     EUR
 
    Foreign exchange translation differences, net
    of tax                                                91     283
    Income recognised directly in equity                  91     283
 
    Profit for the period                              3,810   7,689
 
    Total recognised income and expense for the 
    period                                             3,901   7,972
 
    Attributable to:
 
    Equity holders of the parent                       3,944   8,114
    Non-controlling interest                             (43)   (142)
    Total recognised income and expense for the        3,901   7,972
    period
</pre>    6. Notes to the Consolidated Financial Statements

    6.1 Reporting entity

    DOCDATA N.V. (referred to as "DOCDATA" or the "Company") is a company
domiciled in Waalwijk, the Netherlands. The consolidated financial statements
of DOCDATA N.V. as at and for the year ended 31 December 2010 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 financials statements of the Group as at and for the
year ended 31 December 2009 are available upon request from the Company's
registered office at Energieweg 2, 5145 NW in Waalwijk, the Netherlands, or
at the Company's corporate website, http://www.docdatanv.com .

    6.2 Statement of compliance

    These consolidated financial statements do not include all of the
information required for full annual financial statements, and should
therefore be read in conjunction with the consolidated financial statements
of the Group as at and for the year ended 31 December 2009.

    6.3 Significant accounting policies

    The consolidated financial statements of the Group are prepared in
accordance with the International Financial Reporting Standards as adopted by
the European Union ("IFRS"). The accounting policies applied by the Group in
these consolidated financial statements are the same as those applied by the
Group in its consolidated financial statements as at and for the year ended
31 December 2009. 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 2009.

    6.4 Management representations

    In the opinion of the management, these consolidated financial statements
include all adjustments necessary for a fair presentation of the financial
position, operating results and cash flows of all reporting periods herein.
All such adjustments are of a normal recurring nature, except for
non-recurring expenses related to the acquisition of the assets of the former
Dohmen Solutions Group (including acquisition costs, advisory fees,
restructuring expenses, etc.) recorded in the financial year ended 31
December 2010, and non-recurring adjustments for the following topics
recorded in the financial year ended 31 December 2009:
<pre>    
    - impairments of goodwill and other intangibles;

    - impairment of assets and liabilities reported as assets and liabilities
      classified as held for sale;

    - valuation of corporate income tax assets and profits, resulting from
      the liquidation of former subsidiaries.
</pre>    6.5 Consolidation

    In the consolidated financial statements for the year ended 31 December
2010, the following treatment has been applied for the following
incorporation and acquisition:
<pre>    
    - IAI excimer systems B.V.: per 1 April 2010, IAI industrial systems B.V.
      has incorporated a new legal entity for a Dutch subsidiary, IAI excimer
      systems B.V. in Veldhoven. The balance sheet and income statement of 
      IAI excimer systems B.V. have been included in the DOCDATA 
      consolidation starting per the date of incorporation;

    - Docdata Assets GmbH, Docdata e-Commerce Services GmbH, Docdata Fashion
      Services GmbH: these three new German subsidiaries, wholly owned by 
      docdata germany GmbH, have been incorporated (based on new shelf 
      companies, "Blitz GmbH") to provide the legal structure enabling the 
      acquisition of the activities of the former Dohmen Solutions Group per 
      16 April 2010. The balance sheet and income statement of these three 
      GmbH's have been included in the DOCDATA consolidation starting per 
      this date;

    - Docdata media GmbH: all shares in this German subsidiary, wholly owned
      by docdata germany GmbH and part of the E-commerce service company 
      Docdata, were sold on 21 July 2010 to the German investment fund 
      Deutsche Unternehmensbeteiligungen GmbH (DUBAG) in Munich. The balance 
      sheet and income statement of docdata media GmbH were excluded from the 
      DOCDATA consolidation starting per this date. The media replication 
      activities of this German subsidiary were fully written off at fair 
      value by the Group per the end of the 2009 financial year. The 
      remaining book value of these assets and liabilities are reported as 
      assets and liabilities classified as held for sale in the Group's 
      Annual Report for the financial year ended 31 December 2009.
</pre>    In the consolidated financial statements for the year ended 31 
December
2009, the following treatment has been applied for the following
incorporation and acquisition:
<pre>    
    - IAI industrial systems GmbH: per 12 January 2009, IAI industrial
      systems B.V. has incorporated a new legal entity for its Germany 
      subsidiary, IAI industrial systems GmbH in Berlin. The balance sheet 
      and income statement of IAI industrial systems GmbH have been included 
      in the DOCDATA consolidation starting per the date of incorporation;

    - Pegasus Mail GmbH: on 9 January 2009, docdata e-business GmbH has
      acquired all issued shares of Pegasus Mail GmbH in Muenster (Germany). 
      This company operates fulfilment services related to print and mail. 
      The balance sheet and income statement of Pegasus Mail GmbH have been 
      included in the DOCDATA consolidation starting per the acquisition date.
</pre>    6.6 Property, plant and equipment

<pre>    
                                         31 December 31 December
 
                                                2010        2009
    (in thousands)                               EUR         EUR
 
    Land and buildings                         1,263       1,347
    Machinery and equipment                    6,503       2,935
    Office equipment and other                 2,665       1,881
                                              10,431       6,163
    Under construction                             -          58
    Total                                     10,431       6,221
</pre>    The book value of property, plant and equipment has increased with 
EUR
4.2 million in 2010 due to capital expenditure for EUR 6.7 million and
depreciation charges for EUR 2.5 million. Included in capital expenditure in
2010 is the purchase price of in total EUR 0.5 million paid at acquisition
for the equipment bought of the former Dohmen Solutions Group, and EUR 0.6
million investments by IAI industrial systems in buildings and laser
production equipment. The remainder of about EUR 5.6 million relates to
investments in the fulfilment warehouses of the Group and is predominantly
spent in Germany for the warehouses located in the Berlin and Munich regions.

    6.7 Intangible assets

<pre>    
                                         31 December  31 December
                                                             2009
                                                2010
    (in thousands)                               EUR          EUR
 
    Goodwill                                   6,723        6,626
    Software (IT platforms)                    1,973        1,539
    Customer contracts                           703          468
    Development costs                            255            -
    Other                                         36            -
    Total                                      9,690        8,633
</pre>    The book value for intangible assets has increased with EUR 1.1 
million
in 2010, due to the following:
<pre>    
    - capital expenditure in IT platforms, customer contracts and development
      costs (EUR 2.1 million in total), predominantly for the acquisition of 
      the IT-platform and customer contracts of the former Dohmen Solutions 
      Group (EUR 1.3 million in total at acquisition) and investments in the 
      IT-platforms for Docdata commerce and payments (EUR 0.5 million in 
      total). Also, IAI industrial systems has invested EUR 0.3 million in 
      development costs for the production of a new type of systems for the 
      security market;
    
    - amortisation charges for IT platforms and customer contracts (EUR 1.1
      million in total);

    - currency exchange profits (EUR 0.1 million) on the valuation of the
      intangible assets with an original value in British pounds (i.e. 
      goodwill and customer contracts related to the Braywood and Hitura 
      acquisitions).
</pre>    6.8 Inventories

<pre>    
                                         31 December  31 December
                                                             2009
                                                2010
    (in thousands)                               EUR          EUR
 
    Raw and auxiliary materials                1,260          720
    Work in progress                           3,671        6,066
    Finished goods                               505           75
    Total                                      5,436        6,861
</pre>    The book value of inventories decreased EUR 1.4 million in 2010, which
is
the combined effect of acquired inventories of the former Dohmen Solutions
Group (EUR 0.4 million), decreased work in progress at IAI industrial systems
(EUR 2.4 million) and increased general inventory levels for raw and
auxiliary materials, given the grown business activities of the Group in 2010
(EUR 0.6 million).

    IAI industrial systems' order book developed in 2010 from EUR 13.7
million at 31 December 2009 to EUR 8.4 million at 31 December 2010 resulting
from systems' deliveries in 2010 with revenue of EUR 18.2 million and new
orders booked with a total sales value of EUR 12.9 million.

    6.9 Segmented Consolidated Income Statement 2010

<pre>    
                                   E-commerce      Technology company
                                                     IAI industrial
                                service company         systems
                                    Docdata
    (in thousands, except             EUR       %       EUR          %
    earnings per share and
    average shares
    outstanding)
 
    Revenue                        85,834   100.0    18,176      100.0
    Cost of sales                 (66,759)  (77.8)  (11,258)     (61.9)
    Gross profit                   19,075    22.2     6,918       38.1
 
    Other operating income            389     0.5        69        0.4
    Selling expenses               (4,764)   (5.5)     (836)      (4.6)
    Administrative expenses       (13,023)  (15.2)   (2,159)     (11.9)
    Other operating expenses         (657)   (0.8)         -          -
 
    Operating profit before
    financing result                1,020     1.2     3,992       22.0
 
    Financial income                  151     0.2        64        0.4
    Financial expenses               (187)   (0.2)      (68)      (0.4)
    Net financing expenses            (36)      -        (4)         -
 
    Share of profits of
    associates                          -       -         -          -
 
    Profit before income tax          984     1.2     3,988       22.0
 
    Income tax expense               (224)   (0.3)     (938)      (5.2)
 
    Profit for the period             760     0.9     3,050       16.8
 
    Attributable to:
    Equity holders of the
    parent                            803     0.9     3,050       16.8
    Non-controlling interest          (43)      -         -          -
    Profit for the period             760     0.9     3,050       16.8
</pre>
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