Interim report January-September 2013Lund, 2013-11-08 07:30 CET --
Order intake up 51 percent – confirms momentum
Highlights of the third quarter, 2013:
• Order intake increased to SEK 365 m (242), an increase of 51 percent. Adjusted for acquisitions the increase was 26 percent.
• Net sales amounted to SEK 279.4 m (210.8), an increase of 33 percent. Adjusted for acquisitions and exchange rates effects the growth was 9 percent compared to previous year.
• Operating profit (EBIT) increased to SEK 20.3 m (16.2). EBIT margin was 7.3 percent (7.7).
• Profit after tax for the period amounted to SEK 15.0 m (25.7).
• Earnings per share after tax amounted to SEK 0.77 (1.33).
• Cash flow from current activities amounted to SEK -19.3 m (13.1).
• Doro acquired its French software partner Isidor SAS.
• Directed share issue of 1,457.000 new shares to the sellers of IVS.
• Full-year outlook for 2013 remains.
CEO Jérôme Arnaud: Continued momentum and exciting launches
Our exceptional growth in the first two quarters of the year was followed up by a 51 per-cent order intake growth compared to last year in the third quarter, whereof half was organic. Our geographical expansion during the last few years is paying off with a steady sales increase, as the important markets alternate in driving revenues. Organic growth for the company amounted to 9 percent excluding the newly acquired IVS, which I’m pleased to report, further strengthens both revenue and profit. Including acquisitions growth amounted to 26 percent.
I am satisfied with our further improved EBITDA and that we show a margin on the same level as last year. We continue to invest in marketing and a widened network of partners. Our ambitious product development strategy and the new acquisitions are key to our growth, but also drive our cost base. Still, we remain convinced that a high level of innovation and an updated product portfolio is required to stay competitive.
With this in mind we acquired our French software design partner Isidor in July. The acquisition strengthens our development team and shortens time to market for our smartphones. Isidor also brings an attractive suite of applications for easy access to the Internet on tablets and computers.
During the quarter we have had two exciting launches. The Doro Liberto® 810, our second smartphone, is a sleek and stylish handset that sets a new level for ease-of-use in smartphones. This device is now rolled out via our consumer channels right in time for Christmas. We also launched Primo™ by Doro - a supplemental range of easy-to-use mobile phones that covers the low price segment in selected countries, still keeping an attractive set of core features.
In addition to the smartphones, demand for our range of 3G feature phones remains strong as operators in our key markets upgrade their networks. A typical example is O2 that recently listed the Doro PhoneEasy® 621 across the UK and Ireland.
In spite of acquisitions and investments for further growth, our financial strength remains and we are well positioned to continue on our path – capturing opportunities in the Silver Economy.
For further information, please contact:
President & CEO, Jérôme Arnaud, +46 (0)46 280 50 05
Interim CFO, Bernt Ingman, +46 (0) 46 280 50 06
Doro AB discloses the information provided herein pursuant to the Securities Markets Act and/or the Financial Instruments Trading Act. The information was submitted for public release on Friday, November 8, 2013,
at 07:30 a.m. CET.
About Doro
Doro AB is a Swedish public company formed in 1974. It released its pioneering ‘easy-to-use’ mobile phone in 2007 and today is the global market-leader within the category. Doro products and solutions are available in thirty countries spanning five continents. These include; mobile phones and smart devices, applications and software, fixed line telephony, telecare and mobile health solutions. Doro removes barriers to adoption of new technologies and holds numerous international awards in recognition of its product designs and innovations. Doro shares are quoted on the Nasdaq OMX Stockholm exchange, Nordic List, Small Companies. Revenues of SEK 837.5 million were reported for 2012. www.doro.com
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