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2016-03-04

M-Brain Oy: M-Brain Oy Financial Statement 2015

M-Brain Oy, Financial Statement 4.3.2016 04:30 pm

M-Brain Oy Financial Statements from Year 2015

January - December 2015:

* Revenue EUR 30.341 (January 1 - December 31, 2014: 23.518) thousand -
increase 29,0% from the corresponding period last year.
* EBITDA was EUR 2.590,6 (January 1 - December 31, 2014: 922,5) thousand -
increase 181% from the corresponding period last year. EBITDA of the Group
includes approximately EUR 752 thousand of non-recurring costs (2014: EUR
1.253 thousand).
* Balance sheet total as of 31 December, 2015 EUR 35.041,8 (as of 31 December
2014: 35.329,8) thousand.

July - December 2015:

* Revenue EUR 14.862,8 (July 1 - December 31, 2014: 14.015,9) thousand -
increase 6,0% from the corresponding period last year.
* EBITDA was EUR 1.153,7 (July 1 - 31 December, 2014: 27,1) thousand -
increase of 1.127 thousand from the corresponding period last year.

EXECUTIVE CHAIRMAN KIM NYBERG'S COMMENTS

M-Brain is a global information, technology and consulting services company.
We help our clients to navigate the turbulent and ever expanding business
environment. We offer crucial external business information, and advise in
its efficient management and utilisation. We turn information into actionable
insights for daily decision-making and strategic planning. We call it
Informed Leadership.

In 2015 the most important development was the completion of the integration
of GIA, which involved establishing a new organization and streamlining of
overlapping operations. These have now been completed.

The development of net sales in Finland was unsatisfactory, which was mainly a
result of the poor development of the Finnish overall economy as well as the
impact of the changing media landscape to the traditional media monitoring
services.

The operations in Asia were reorganized in the fall and the outlook there is
positive. Also the operations in Germany and the UK have been successfully
integrated. The development of the Northern American operations has been
positive.

REVENUE AND RESULT DEVELOPMENT

The revenue of M-Brain Group in 2015 was EUR 30 341 thousand. The operating
profit of the company was EUR 1.283,6 thousand.

The revenue of the company in 2015 increased mainly due to the acquisition of
the GIA Group. The GIA Group was acquired in the autumn of 2014, and it had
an effect on the Group's financial figures in 2014 for four months. In
particular, the Finnish market remained challenging due to the overall
economic situation and the diminishing traditional business, caused by the
ongoing media revolution. During the financial year, the Group continued the
integration of the acquired subsidiaries and the rationalization of the
operations. The measures taken allowed the Group to achieve cost savings by
removing duplicate operations and enhancing the efficiency of production. The
impact of these measures was visible already in 2015 through increased
profits, but they will also strengthen the profit for the full year 2016

M-Brain's EBITDA was EUR 2.590,6 thousand (January 1 - December 31, 2014:
922,5) i.e. 8,5% of the net sales (3,9%). EBITDA of the Group includes
approximately EUR 752 thousand of non-recurring costs (2014: EUR 1253
thousand). revenue and the result. The depreciations for the financial period
were EUR 1.307,0 thousand and operating profit EUR 1.283,6 thousand (January
1 - December 31, 2014: depreciations 948,8 and operating profit -26,3).

The Company's Finnish subsidiary Global Intelligence Alliance Group Oy merged
with its sister company M-Brain Insight Oy on June 30, 2015.

FINANCING AND INVESTMENTS

M-Brain's investments, EUR 947,6 thousand, are mainly related to the internal
product development. The intangible assets resulting from the internal
development activities will be recognized in the balance sheet once the
expenses of the development phase can be calculated reliably, once the
completion of the product can be implemented technically, once the Group can
use or sell the product, once the Group can prove how the product will
generate likely future financial benefit, and once the Group has both the
intention and the resources to complete the development work and to sell the
product. After initial recognition, capitalized development costs are
measured at cost less accumulated depreciation/amortization and impairment
losses. Depreciation/amortization is recognized from the date the asset is
ready for use.

PERSONNEL, MANAGEMENT AND ADMINISTRATION

The average number of personnel in the Group during the review period was 393
full-time employees (in year 2013 the Group had 345 employees, and in year
2012 302 employees).

Kim Nyberg (Chairman of the Board), Marjukka Nyberg, Matti Rusanen, Petri
Laine, Robert Ingman and Tage Lindberg were members of the Board of Directors
of the mother company during the whole financial year. In addition, Pirjo
Ståhle has been a member of the Board starting until June 30, 2015. Kimmo
Valtonen was Managing Director of the parent company until March 15, 2015 and
since that Sirpa Ojala.

M-Brain Oy's auditor is Deloitte&Touche Oy, principal auditor Authorized
Public Accountant Hannu Mattila. The Group's Finnish subsidiaries have the
same auditor.

GENERAL MEETINGS

The Annual General Meeting of the Company was held on June 30, 2015. The
Annual General Meeting decided on the adoption of the financial statements
and the discharge of liability to the members of the Board of Directors and
the CEO. The Annual General Meeting decided that the result for the fiscal
year January 1 - December 31, 2014 be recorded in the profit and loss account
and that no dividends be distributed. The Annual General Meeting decided that
no change be made to the fees of the members of the Board of Directors. The
fee of the Board members is EUR 1,200 per month.

DIVIDEND PROPOSAL BY THE BOARD OF DIRECTORS

Loss for the period of the mother company of the Group, M-Brain Oy was
898.106,57 euros and distributable funds 12.473.455,71 euros. The Board of
Directors proposes to the Annual General Meeting that the distributable funds
are uses as follows: dividends are not distributed and the loss for the
period is booked to the retained earnings.

SHARES

The company has 23.593 registered shares. During the financial year there were
no changes in the number of shares. On December 31, 2015, the Company had a
total of nine shareholders. During the financial year the company did not
acquire or sell its own shares. On December 31, 2015, the Company has 100 of
its own shares. Proportion of voting rights by company's own shares is 0,42%

Significant events after the reporting period

Kim Nyberg was elected as a Managing Director of M-Brain Oy on January 16,
2016.

Major risks and uncertainties

Technological development in the Company's field of business is extremely
fast. In accordance with its strategy, the Company has made significant
investments in its own product development to improve its competitiveness
compared to its competitors.

The core operations of the Group are insured against accidental damages and
interruptions.

Accounts receivables is significant balance sheet item. Credit risk related to
accounts receivables is managed by consistent credit policy and efficient
credit management. Credit risk is also reduced by the large number of clients
and by the fact that the receivables are allocated to several businesses.

The Group's loan financing involves special terms agreed with the lender to
which the Company is committed.

OUTLOOK FOR THE YEAR 2016

Based on the actions implemented during the second half of 2015 we expect that
both net sales and EBITDA will grow in 2016.

The Company's business involves various risks and uncertainties, and the
statements in this release, other than statements of historical facts, are
forward looking statements. These statements are based on the management's
best judgment and belief in light of the information currently available to
it. As such statements involve risks and uncertainties, the actual results
may differ materially from those we expect at the moment.

FINANCIAL INFORMATION FOR YEAR 2016

Financial statements for the period January 1, 2016 - June 30, 2016 will be
published on August 15, 2016.

FINANCIAL INFORMATION

The financial statements of M-Brain Group have been prepared in accordance
with IFRS recognition and measurement principles. More information about the
principles of the preparation of the Group financial statements can be found
in the attachment to the financial statements. The financial statements and
the figures for the financial period have been audited. Other information
presented in this report is unaudited.

CONSOLIDATED STATEMENT OF PROFIT OR LOSS

AND OTHER COMPREHENSIVE INCOME

----------------------------------------------------------------------------------------------------------------------------------------
| 000 euros 1.7.-31.12.2015 1.7.-31.12.2014 1.1.-31.12.2015 1.1.-31.12.2014 |
| |
| Revenue 14,862.8 14,015.9 30,341.3 23,518.1 |
| Other operating income 16.4 28.1 94.0 76.1 |
| |
| Materials and external services -2,115.6 -1,703.6 -4,106.1 -2,614.7 |
| Personnel expenses -8,245.1 -8,774.2 -16,816.0 -14,710.0 |
| Depreciation -647.6 -569.1 -1,307.0 -948.8 |
| Other operating expenses -3,364.9 -3,539.2 -6,922.7 -5,347.0 |
| Operating profit 506.1 -542.0 1,283.6 -26.3 |
| |
| Finance income -66.6 284.7 290.0 302.1 |
| Finance costs -873.6 -898.6 -1,842.3 -1,055.3 |
| Finance costs (net) -940.2 -613.9 -1,552.4 -753.2 |
| |
| Profit (loss) before income tax -434.2 -1,155.9 -268.8 -779.5 |
| |
| Income tax expense -148.9 86.7 -125.8 10.8 |
| |
| PROFIT (LOSS) FOR THE PERIOD -583.1 -1,069.2 -394.6 -768.7 |
| |
| Other comprehensive income, net of income tax |
| ...

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