PANOSTAJA GROUP INTERIM REPORT 1 November 2009 - 31 July 2010
Net sales MEUR 100.1 (MEUR 86.6), growth 16% Operating loss MEUR -1.8 (MEUR 1.0) Operating profit for the third quarter was MEUR 0.8; Group operating loss for the first quarter was MEUR -2.6 and operating profit for the second quarter was MEUR 0.0. Earnings/share(undiluted) -3.8 cents (-2.4 cents) Equity per share €0.64 (€0.76) Equity ratio 32.8% (36.9%) The growth in net sales resulted from the business acquisitions realised during the current and previous financial periods, the effect of which was MEUR 18.1 on net sales for the period under review. Operating losses in the Environmental Technology segment (MEUR -2.3) and segments serving technology industries decreased overall Group profitability. Operating loss in the Environmental Technology segment included a MEUR -0.7 sales loss resulting from an asset deal. Panostaja Group net sales for the period under review is expected to exceed the net sales for the previous financial period, but operating profit for the period under review will fall below that of the previous period. Operating profit for the period under review will still be higher than the operating profit for the previous period, adjusted for property sales (MEUR 0.1).
The interim report has been prepared by observing the entry and appreciation principles of the IFRS standards and in accordance with the same principles of closing the accounts as with the final accounts in 2009, but not all the requirements of the IAS 34 Interim Financial Reporting standard have been observed in its preparation.
GROUP
FINANCIAL DEVELOPMENT
Panostaja Group
Panostaja Group net sales were MEUR 100.1 (MEUR 86.6) at the end of the period under review. The growth in net sales resulted from the business acquisitions realised during the current and previous financial periods, the effect of which was MEUR 18.1 on net sales for the period under review, and from the recovery of the construction market. Group net sales were compromised particularly by the continued slump in the technology sector as well as a decline in net sales for the Environmental Technology segment resulting from a still unfavourable market situation.
Of the Group segments engaged in business, nine exceeded and four fell below the net sales for the previous year. Net sales rose in the following segments: Spare Parts for Motor Vehicles, Digital Printing Services, Fittings, Supports, Value-Added Logistics, HEPAC Wholesale, Carpentry Industry, Takoma and Safety. Net sales declined in the following segments: Fasteners, Heat Treatment, Technochemical and Environmental Technology.
Group operating loss was MEUR -1.8 (MEUR 1.0 operating profit) and profit before taxes was MEUR -3.4 (MEUR -0.9). The percentage of net sales was -1.8%(1.1%). The net financing costs of the Group were approximately MEUR -1.8 (MEUR -1.9). The average total number of personnel in the Group during the period under review was 888 (767) people. At the end of July, the total number of Group employees was 1,023 (811).
Of the thirteen Group segments engaged in business, five showed an increase and eight a decrease in operating profit from the previous year. Segments showing an improvement in profitability were Spare Parts for Motor Vehicles, Digital Printing Services, Supports, HEPAC Wholesale and Carpentry Industry. Other segments showed a decline. The increase in business profit for Digital Printing Services and Carpentry Industry improved Group profitability. Profitability was weakened by the operating loss in the Environmental Technology segment and the reduced profitability of segments serving the technology industry: Takoma, Value-Added Logistics and Heat Treatment. Operating loss in the Environmental Technology segment (MEUR -2.6) included a MEUR -0.7 sales loss resulting from an asset deal made on 9 April 2010.
Segment inspection
Beginning with the financial period 1 November 2009-31 October 2010, the business operations of Panostaja Group shall be reported in fourteen segments: Safety, HEPAC Wholesale, Takoma, Digital Printing Services, Fittings, Value-Added Logistics, Heat Treatment, Spare Parts for Motor Vehicles, Environmental Technology, Carpentry Industry, Supports, Fasteners, Technochemical and Others (parent company). The new reporting segments were formed because they produce various products and services amongst themselves.
The Group's segment reporting is based on the business segments.
Net sales for the Safety segment increased by MEUR 11.5 to MEUR 15.6, with the acquisition of the Bewator Oy company. An operating profit of MEUR 0.2 changed to a business loss of MEUR -0.0. Profitability was compromised particularly by integration costs logged during the first quarter.
Net sales in the HEPAC Wholesales segment grew from MEUR 12.8 to MEUR 14.1 and operating profit remained at MEUR 0.1. Growth in the segment's net sales and profitability is especially promoted by positive trends in renovation construction and the recovery of the construction market.
Net sales in the Takoma segment increased from MEUR 11.6 to MEUR 12.3. Operating loss decreased from MEUR -0.1 to MEUR -1.1. On 31 October 2010 Takoma completed a corporate acquisition, in which the entire share capital of Moventas Parkano Oy was acquired. The company (Takoma Gears Oy) was integrated into the Group at the beginning of April, which affected the increase in net sales. The slump among customers in the technology sector had a negative effect on both net sales and operating profit.
Net sales for the Digital Printing Services segment grew from MEUR 9.3 to MEUR 15.0 and operating profit from MEUR 1.4 to MEUR 2.2. This growth was the result of both the corporate acquisition of Sokonet and positive developments in operative functions. The Digital Printing Services segment grew with the business acquisition on 3 June 2010 in which Domus Print Oy changed from an affiliate to a subsidiary. The acquisition had a positive effect on both the net sales and operating profit of the segment.
Net sales in the Fittings segment increased from MEUR 8.5 to MEUR 9.2. Operating profit dropped from MEUR 0.8 to MEUR 0.5. In both construction and fixture supports, customer demand is slowly recuperating, thus improving net sales. In June, the company moved to a new logistic centre in Seinäjoki.
Net sales in the Value-Added Logistics segment grew from MEUR 7.4 to MEUR 11.3, but operating loss dropped from MEUR -0.1 to MEUR -0.5. Net sales were increased by the corporate acquisition of CLO Pakkaukset Oy and decreased by the low volume of customers operating in the technology sector as well as operational integration costs.
Net sales in the Heat Treatment segment declined from MEUR 5.7 to MEUR 4.6, and the MEUR 0.6 operating profit dropped to MEUR 0.1. The demand for Heat Treatment services and investments in new equipment stock are low due to the slump in the technology sector.
Net sales in the Spare Parts for Motor Vehicles segment grew from MEUR 5.2 to MEUR 6.1 and operating profit from MEUR 0.4 to MEUR 0.5. A decline in the sale of new vehicles and the age distribution of Mercedes-Benz and BMW passenger cars have resulted in an increased demand for original spare parts from the manufacturers in question.
Net sales in the Environmental Technology segment declined from MEUR 5.1 to MEUR 2.4. Operating loss decreased from MEUR -0.8 to MEUR -2.6. Due to the recession, investments in environmental technology have plateaued since the end of 2008. Planned or tendered client projects have been postponed. The company sold its light and medium-duty product group in the asset deal. The asset deal resulted in a MEUR -0.7 sales loss.
Net sales in the Carpentry Industry segment increased from MEUR 3.7 to MEUR 4.0. Operating profit grew from MEUR 0.0 to MEUR 0.5. The improvements in net sales and profitability are due to an increase in market share and improvements in operative functions.
Net sales in the Supports segment increased from MEUR 2.4 to MEUR 2.5. Operating profit remained at MEUR 0.2. The recovery of new construction in the summer increased the demand for supports.
In the Fasteners segment, net sales dropped from MEUR 2.1 to MEUR 2.0, and operating loss increased from MEUR -0.1 to MEUR -0.2. The activity level of clients operating in the segment's technology sector is still low.
Net sales in the Technochemical segment declined from MEUR 1.8 to MEUR 1.5. An operating profit of MEUR 0.0 changed to a business loss of MEUR -0.1. The economic recession has reduced the demand for Technochemical products, particularly in the machine shop product group.
There were no significant changes in the Other segment.
INVESTMENTS AND FINANCING
Group gross investments for the period under review amounted to MEUR 8.5 (MEUR 10.1). The largest single investments made by the Group were the acquisitions of Moventas Parkano Oy and Domus Print Oy.
The Group's cash position was good and the cash flow from business operations was positive (MEUR 0.6). The Group's assets and financing securities, MEUR 12.5 (MEUR 25.1), enable the implementation of a growth strategy in selected business fields.
The Group's equity ratio was 32.8% (36.9%) and net debts with interest totalled MEUR 51.3 (MEUR 37.0). The exchangeable capital loan of Panostaja Oyj from net debts was MEUR 17.2 (MEUR 17.2).
The General Annual Meeting (27 January 2010) approved the Board's proposal for the distribution of dividends. Dividends were distributed at a rate of €0.12 per share. The matching date for distribution of dividends was 1 February 2010 and the starting payment date 8 February 2010. Dividends were paid to the shareholders of the parent company to a total of MEUR 5.5.
GROUP STRUCTURE CHANGES
During the period under review, Panostaja Oyj subsidiary Takoma Oyj acquired the entire share capital of transmission component manufacturer Moventas Parkano Oy. During the period under review, Panostaja net sales are expected to increase approximately MEUR 9 as a result of the acquisition. The equity ratio of the Panostaja Group will decrease approximately two percentage points once the acquisition financing is completed. The factory employs a staff of 103.
Panostaja Oyj restructured its Environmental Technology operations during the period under review and sold the Ecosir Group light and medium-duty product groups to companies owned by Harri Salomaa, a significant minority shareholder in Ecosir Group, in an asset deal. The restructuring significantly streamlined the cost structure of the Ecosir Group. 25 of the company's employees were transferred to the buyer's company as existing employees.
On 3 June 2010, Panostaja Oyj subsidiary Digiprint Finland Oy acquired a 37.5% shareholding in digital printing service provider Domus Print Oy from Karhukopio Oy. As Digiprint Finland already owned a 37.5% shareholding in Domus Print, the acquisition increased the Panostaja Group shareholding in Domus Print to 75%, thus changing the company from an affiliate to a subsidiary. The company's net sales for 2009 were MEUR 4.3 and it employs a staff of some 40 persons. The company is also the main owner of the translation agency Lingoneer Oy. Risto Jalo, who owns 25% of the shares, will remain Managing Director of the company.
EVENTS AFTER THE REVIEW PERIOD
There are no events after the review period.
ADMINISTRATION AND ANNUAL MEETING
The Panostaja Oyj General Annual Meeting was held on 27 January 2010 in Tampere. Matti Koskenkorva, Jukka Ala-Mello, Hannu Tarkkonen, Hannu Martikainen and Hannu Ketola were again appointed to Panostaja Oyj's Board of Directors along with new member Satu Eskelinen. Immediately after the Annual Meeting, in the Board's organizational meeting, Matti Koskenkorva was appointed Chairperson with Jukka Ala-Mello as Vice-Chairperson. Authorized Public Accountant Eero Suomela and authorized body of public accountants PricewaterhouseCoopers Oy were selected as general chartered accountants with Authorized Public Accountant Janne Rajalahti as responsible public accountant.
The Annual Meeting approved the closing of the accounts 1 November 2008-31 October 2009 as well as the proposal of the Board to transfer the profit of the financial period to the profit funds and that dividends would be distributed at a rate of €0.12 per share. The matching date for distribution of dividends was 1 February 2010 and the starting payment date 8 February 2010. In addition, the Annual Meeting granted exemption from liability to the members of the Board and to the Managing Director.
Moreover, the General Annual Meeting cancelled the power of attorney over the acquisition of its own shares assigned during the Annual Meeting of 26 January 2009 and authorized the Board of Directors to decide on the acquisition of its own shares, so that personal shares would be acquired together or in several instalments so that, on the basis of the authorization, it is possible to acquire personal shares to a maximum number which, together with the personal shares held by the company or as security by others in its subsidiaries, is, at maximum, one-tenth of all the company's shares.
The shares are acquired otherwise in relation to the ownership of the shareholders in public trade arranged by NASDAQ OMX Helsinki Oy at the prevailing market price at the time. In acquiring shares, the rules of NASDAQ OMX Helsinki Oy and Euroclear Finland Oy are observed.
Authorization shall be in effect for 18 months from authorization issue.
The Board of Directors has not used the authorization granted by the Annual Meeting to acquire its own shares during the review period.
In addition, the Annual Meeting approved the proposal of the Board to revise section 8 of the company by-laws as follows:
"Section 8 - Invitation to Annual Meeting and participation therein
The invitation to the Annual Meeting must be delivered to the shareholders at the earliest two (2) months and at the latest three (3) weeks prior to the meeting, and at least nine days prior to the Annual Meeting's matching date by registered letters posted with the addresses marked in the company's list of shareholders, in another demonstrable manner, or by publishing the invitation to the meeting at least in conjunction with a newspaper having national circulation specified by the Annual Meeting.
In order to be able to participate in the Annual Meeting, the shareholder must register with the company no later than the day mentioned in the invitation to the meeting, which may be at earliest ten (10) days prior to the Annual Meeting."
SHARE CAPITAL AND OWN SHARES
At the close of the period under review, Panostaja Oyj's share capital was €5,529,081.60. The total number of shares is 47,403,110.
In accordance with decisions made by the General Annual Meeting on 26 January 2009 and the Board of Directors, Panostaja Oyj awarded Board members a total of 5,585 shares as meeting remuneration on 18 December 2009 as well as a total of 7,023 shares on 11 March 2010 and 7,222 shares on 10 June 2010 in accordance with the decisions made by the General Annual Meeting on 27 January 2010 and the Board of Directors.
The total number of shares held by the company at the end of the period under review was 1,269,379 individual shares. Personal shares corresponded to 2.7 per cent of the share quantity and number of votes at the end of the entire review period.
CAPITAL LOAN
The amount of debt of the exchangeable capital loan in 2006 was, at the end of the review period, €17,212,500, and this entitles a total of 10,125,000 as a new share entry. During the period under review, no new shares have been marked with the capital loan.
SHARE PRICE DEVELOPMENT AND SHARE OWNERSHIP
Panostaja Oyj's share price fluctuated between €1.32 and €1.75 during the period under review. The exchange of shares totalled 4,410,130 individual shares, which represents 9.6% of share capital. The July share closing rate was €1.41. The market value of the company's share capital at the end of July was MEUR 66.8 and the company had 4,041 shares (3,754).
During the period under review, Panostaja Oyj received two notifications pursuant to Chapter 2, Section 9 of the Securities Markets Act concerning changes to ownership in a company.
Due to a debenture loan issue on 15 January 2007, the Etera Mutual Pension Insurance Company's potential future shareholding in Panostaja Oyj is a total of 6,250,000 shares and votes, provided that Etera makes full use of its 2006 exchange rights for Panostaja's convertible capital loan. The shareholding is equivalent to 11.98% of the number of Panostaja Oyj's post-exchange shares and votes, taking into consideration the shares issued by the date of the bulletin.
The Fennia Mutual Pension Insurance Company's potential future shareholding in Panostaja Oyj is a total of 4,324,576 shares and votes, provided that Fennia makes full use of its 2006 exchange rights for Panostaja's convertible capital loan. The shareholding is equivalent to 8.74% of the number of Panostaja Oyj's post-exchange shares and votes, taking into consideration the shares issued by the date of the bulletin.
NEAR-FUTURE RISKS AND FACTORS OF UNCERTAINTY
The most significant risks of Panostaja Group have been described in the final accounts. The near-future risks particularly involve the success of integrating companies acquired and the completion of adjustment measures. The dramatic deterioration of the overall economic situation has led to a prolonged decline in customer demand as well as the postponement of major investments, particularly in segments serving the technology sector. The prolonged slump in the technology sector and postponement of investments in environmental technology can lead to a need for charge-offs in the business value of the Group. Furthermore, the risk of credit loss is more likely during the period under review than it was in the previous period.
PROSPECTS FOR THE FINAL ACCOUNT PERIOD Panostaja Group focus on its business along the lines of its basic business operations strategy and the development of its current business areas. The transition of large age groups to retirement, increasingly dramatic changes in the business environment of companies and internationalization will make a large number of companies available for acquisition in the near future. Panostaja's operational capacities and financing provide an excellent foundation for a major expansion of its operations. The increasing business offering in SMEs operating in traditional fields enables both expansion into new business areas and growth in existing ones.
Economic trend expectations in the fields of existing business areas are strongly tied to the prospects of client enterprises. Although the trend expectations have moved in a positive direction in many fields, a move toward permanent economic growth is still uncertain. In the various business areas of Panostaja Group, the prospects still vary from deteriorating to positive. Even if a permanent turn for the better were to occur in economic trends, the market also offers sufficient opportunities for corporate acquisitions. Indeed, the objective of Panostaja's growth strategy is to achieve growth through controlled corporate acquisitions, especially in existing business areas. The turn in economic trends would also make it possible to divest some business areas.
Panostaja Group net sales for the period under review is expected to exceed net sales for the previous financial period, but business profit for the period under review will fall below that of the previous period. Business profit for the period under review will still be higher than the business profit for the previous period, adjusted for property sales (MEUR 0.1).
Panostaja Oyj
Board of Directors
For further information, contact Juha Sarsama, Managing Director: tel. +358 (0)40 774 2099.
Panostaja Oyj
Juha Sarsama Managing Director
All forecasts and assessments presented in this final accounts announcement are based on the current outlook of the Group and the Management of the various business areas with regard to the state of the economy and its development, and the results attained may even be substantially different. The interim report information has not been audited.
FINANCIAL INFORMATION
STATEMENT OF EARNINGS -------------------------------------------------------------------------------- | | 11/09-7/10 | 11/08-7/09 | 11/08-10/09 | -------------------------------------------------------------------------------- | (€1,000) | 9 months | 9 months | 12 months | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 100,077 | 86,636 | 120,050 | -------------------------------------------------------------------------------- | Other business yields | 372 | 560 | 5,040 | -------------------------------------------------------------------------------- | Costs in total | 99,029 | 83,539 | 116,708 | -------------------------------------------------------------------------------- | Depreciation and decreases in | 3,216 | 2,686 | 4,087 | | value | | | | -------------------------------------------------------------------------------- | Operating profit/loss | -1,796 | 971 | 4,295 | -------------------------------------------------------------------------------- | Financial yields and costs | -1,790 | -1,865 | -2,266 | -------------------------------------------------------------------------------- | Share of associated company | 220 | 0 | 23 | | profits | | | | -------------------------------------------------------------------------------- | Profit before taxes | -3,366 | -894 | 2,052 | -------------------------------------------------------------------------------- | Taxes on income | 794 | -48 | -707 | -------------------------------------------------------------------------------- | Profit/loss on continuous | -2,572 | -942 | 1,345 | | business | | | | -------------------------------------------------------------------------------- | Profit/loss on business sold | 0 | 0 | 0 | -------------------------------------------------------------------------------- | Profit/loss on financial period | -2,572 | -942 | 1,345 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Distribution | | | | -------------------------------------------------------------------------------- | Parent company to shareholders | -1,775 | -1,109 | 693 | -------------------------------------------------------------------------------- | To minority | -797 | 167 | 652 | -------------------------------------------------------------------------------- --------------------------------------------------------------------------------
-------------------------------------------------------------------------------- | Earnings/share from continuous | -0.038 | -0.024 | 0.015 | | business €, undiluted | | | | -------------------------------------------------------------------------------- | Earnings/share from continuous | -0.038 | -0.024 | 0.015 | | business €, diluted | | | | -------------------------------------------------------------------------------- | Earnings/share from business sold | 0.000 | 0.000 | 0.000 | | €, undiluted | | | | -------------------------------------------------------------------------------- | Earnings/share from business sold | 0.000 | 0.000 | 0.000 | | €, diluted | | | | -------------------------------------------------------------------------------- | Earnings/share from continuous | -0.038 | -0.024 | 0.015 | | business and business sold €, | | | | | undiluted | | | | -------------------------------------------------------------------------------- | Earnings/share from continuous | -0.038 | -0.024 | 0.015 | | business and business sold €, | | | | | diluted | | | | --------------------------------------------------------------------------------
-------------------------------------------------------------------------------- | EXTENSIVE STATEMENT OF EARNINGS | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Result from period | | -2,572 | -942 | 1,345 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Extensive statement of | | | | | | | earnings items | | | | | | -------------------------------------------------------------------------------- | Translation differences | | | 60 | -99 | -117 | -------------------------------------------------------------------------------- | Extensive result from | | | -2,512 | -1,041 | 1,228 | | period | | | | | | -------------------------------------------------------------------------------- BALANCE SHEET -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | (€1,000) | 07/2010 | 07/2009 | 10/2009 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | ASSETS | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Long-term assets | | | | -------------------------------------------------------------------------------- | Intangible goods | 46,005 | 37,033 | 41,772 | -------------------------------------------------------------------------------- | Tangible goods | 16,527 | 18,504 | 11,140 | -------------------------------------------------------------------------------- | Shares in associated companies | 2,708 | 1,810 | 2,835 | -------------------------------------------------------------------------------- | Other long-term assets | 8,393 | 5,822 | 6,351 | -------------------------------------------------------------------------------- | Long-term assets total | 73,633 | 63,169 | 62,098 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Short-term assets | | | | -------------------------------------------------------------------------------- | Inventories | 25,808 | 25,835 | 23,021 | -------------------------------------------------------------------------------- | Sales receivables and other receivables | 19,805 | 15,920 | 22,001 | | without interest | | | | -------------------------------------------------------------------------------- | Financing securities | 828 | 6,163 | 1,979 | -------------------------------------------------------------------------------- | Financial resources | 11,681 | 18,919 | 26,322 | -------------------------------------------------------------------------------- | Short-term assets total | 58,122 | 66,837 | 73,323 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Assets in total | 131,755 | 130,006 | 135,421 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY AND DEBT | | | | -------------------------------------------------------------------------------- | Share capital | 5,529 | 5,529 | 5,529 | -------------------------------------------------------------------------------- | Other equity | 24,056 | 29,572 | 31,191 | -------------------------------------------------------------------------------- | Total | 29,585 | 35,101 | 36,720 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Minority share | 13,456 | 12,848 | 14,560 | -------------------------------------------------------------------------------- | Equity total | 43,041 | 47,949 | 51,280 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Debts | | | | -------------------------------------------------------------------------------- | Calculated tax debt | 1,649 | 2,174 | 1,730 | -------------------------------------------------------------------------------- | Convertible debenture loan | 17,014 | 16,976 | 17,006 | -------------------------------------------------------------------------------- | Long-term debts | 41,762 | 39,592 | 33,284 | -------------------------------------------------------------------------------- | Short-term debts | 28,289 | 23,315 | 32,121 | -------------------------------------------------------------------------------- | Debts total | 88,714 | 82,057 | 84,141 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity and debts in total | 131,755 | 130,006 | 135,421 | -------------------------------------------------------------------------------- --------------------------------------------------------------------------------
CASH FLOW CALCULATION -------------------------------------------------------------------------------- | | 07/201 | 07/200 | 10/2009 | | | | 0 | 9 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Business net cash flow | 618 | -4,723 | 2,040 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net cash flow from investments | -7,825 | -8,918 | -12,470 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Issue of shares from subsidiaries to | 0 | 3,067 | 2,803 | | | minorities | | | | | -------------------------------------------------------------------------------- | Outside capital increase | 10,414 | -5,174 | 6,520 | | -------------------------------------------------------------------------------- | Outside capital deduction | -13,17 | 1,117 | -10,094 | | | | 5 | | | | -------------------------------------------------------------------------------- | Paid dividends | -5,878 | -5,874 | -5,875 | | -------------------------------------------------------------------------------- | Acquisition/sale of own shares | 28 | -432 | -642 | | -------------------------------------------------------------------------------- | Net cash flow from financing total | -8,611 | -7,296 | -7,288 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in cash flows | -15,81 | -20,93 | -17,718 | | | | 8 | 7 | | | --------------------------------------------------------------------------------
CALCULATION OF | | | | | | | | | GROUP EQUITY | | | | | | | | | CHANGES | | | | | | | | -------------------------------------------------------------------------------- | (1,000 euros) | | | | | | | | -------------------------------------------------------------------------------- | | Share | Premiu | Inves | Transl | Profit | Minori | Total | | | capita | m fund | ted | ation | funds | ty | | | | l | | non-t | differ | | | | | | | | ied | ences | | | | | | | | equit | | | | | | | | | y | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity 1 Nov | 5 529 | 4 647 | 12 | -6 | 19 669 | 11 562 | 53 804 | | 2008 | | | 403 | | | | | -------------------------------------------------------------------------------- | Costs of | | | 71 | | | | 71 | | share-based | | | | | | | | | payments | | | | | | | | -------------------------------------------------------------------------------- | Profit on | | | | | -1,109 | 167 | -942 | | financial | | | | | | | | | period | | | | | | | | -------------------------------------------------------------------------------- | Recorded | | | 47 | | -1,109 | 167 | -871 | | yields and | | | | | | | | | costs in total | | | | | | | | | during | | | | | | | | | financial | | | | | | | | | period | | | | | | | | -------------------------------------------------------------------------------- | Distribution | | | | | -5 569 | -304 | -5 873 | | of dividends | | | | | | | | -------------------------------------------------------------------------------- | Acquisition of | | | -457 | | | | -457 | | own shares | | | | | | | | -------------------------------------------------------------------------------- | Sale of own | | | 25 | | | | 25 | | shares | | | | | | | | -------------------------------------------------------------------------------- | Translation | | | | -99 | | | -99 | | differences | | | | | | | | -------------------------------------------------------------------------------- | Acquisition of | | | | | | 1 423 | 1 423 | | minority | | | | | | | | | shares | | | | | | | | -------------------------------------------------------------------------------- | Equity 30 Apr | 5 529 | 4 647 | 12 | -105 | 12 991 | 12 848 | 47 949 | | 2009 | | | 040 | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity 1 Nov | 5 529 | 4 647 | 11 | -123 | 14 792 | 14 560 | 51 280 | | 2009 | | | 876 | | | | | -------------------------------------------------------------------------------- | Costs of | | | 17 | | | | 17 | | share-based | | | | | | | | | payments | | | | | | | | -------------------------------------------------------------------------------- | Profit on | | | | | -1 775 | -797 | -2 572 | | financial | | | | | | | | | period | | | | | | | | -------------------------------------------------------------------------------- | Recorded | | | 17 | | -1 775 | -797 | -2 555 | | yields and | | | | | | | | | costs in total | | | | | | | | | during | | | | | | | | | financial | | | | | | | | | period | | | | | | | | -------------------------------------------------------------------------------- | Distribution | | | | | -5 534 | -367 | -5 901 | | of dividends | | | | | | | | -------------------------------------------------------------------------------- | Sale of own | | | 28 | | | | 28 | | shares | | | | | | | | -------------------------------------------------------------------------------- | Changes to | | | | | | 60 | 60 | | minority | | | | | | | | | shares | | | | | | | | -------------------------------------------------------------------------------- | Other changes | | | 68 | | | | 68 | -------------------------------------------------------------------------------- | Translation | | | | 60 | | | 60 | | differences | | | | | | | | -------------------------------------------------------------------------------- | Equity 30 Apr | 5 529 | 4 647 | 11 | -63 | 7 483 | 13 456 | 43 041 | | 2010 | | | 989 | | | | | --------------------------------------------------------------------------------
-------------------------------------------------------------------------------- -------------------------------------------------------------------------------- KEY FIGURES -------------------------------------------------------------------------------- | | 07/2010 | 07/2009 | 10/2009 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity per share, € | 0.64 | 0.76 | 0.80 | -------------------------------------------------------------------------------- | Average number of shares during financial | 46,124 | 46,370 | 44,324 | | period, 1,000 | | | | -------------------------------------------------------------------------------- | Number of shares at end of financial period, | 47,403 | 47,403 | 47,403 | | 1,000 | | | | -------------------------------------------------------------------------------- | Average number of shares, 1,000, diluted | 56,249 | 56,495 | 56,449 | -------------------------------------------------------------------------------- | Return on Equity, % | -7.3 | -2.5 | 2.6 | -------------------------------------------------------------------------------- | Return on Investment, % | -1.9 | 2.3 | 4.7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Gross investments | | | | -------------------------------------------------------------------------------- | To permanent assets (MEUR) | 8.5 | 10.1 | 23.0 | -------------------------------------------------------------------------------- | % of net sales | 8.5 | 11.7 | 19.2 | -------------------------------------------------------------------------------- | Debts with interest | 64,479 | 62,510 | 59,221 | -------------------------------------------------------------------------------- | Equity ratio, % | 32.8 | 36.9 | 37.9 | -------------------------------------------------------------------------------- | Average number of personnel | 888 | 767 | 790 | --------------------------------------------------------------------------------
In calculating the key figures, the shares in the possession of the company have been eliminated.
GROUP DEVELOPMENT ON A QUARTERLY BASIS -------------------------------------------------------------------------------- | (MEUR) | IFRS | IFRS | IFRS | IFRS | IFRS | IFRS | IFRS | IFRS | -------------------------------------------------------------------------------- | | Q4/08 | Q1/09 | Q2/09 | Q3/09 | Q4/09 | Q1/10 | Q2/10 | Q3/10 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 35.8 | 28.8 | 30.5 | 27.3 | 33.5 | 29.0 | 35.3 | 35.8 | -------------------------------------------------------------------------------- | Other | 0.4 | 0.2 | 0.1 | 0.3 | 4.5 | 0.0 | 0.3 | 0.1 | | business | | | | | | | | | | yields | | | | | | | | | -------------------------------------------------------------------------------- | Costs in | 31.9 | 28.7 | 28.0 | 26.8 | 33.3 | 30.6 | 34.6 | 33.8 | | total | | | | | | | | | -------------------------------------------------------------------------------- | Depreciation | 1.0 | 0.9 | 0.8 | 1.0 | 1.4 | 0.9 | 1.0 | 1.3 | -------------------------------------------------------------------------------- | Operating | 3.2 | -0.6 | 1.8 | -0.2 | 3.3 | -2.6 | 0.0 | 0.8 | | profit | | | | | | | | | -------------------------------------------------------------------------------- | Financing | -0.4 | -0.4 | -0.7 | -0.8 | -0.4 | -0.4 | -0.7 | -0.7 | | items | | | | | | | | | -------------------------------------------------------------------------------- | Share of | 0 | 0 | 0 | 0 | 0 | 0 | 0.2 | 0.0 | | associated | | | | | | | | | | company | | | | | | | | | | profits | | | | | | | | | -------------------------------------------------------------------------------- | Profit | 2.8 | -1.0 | 1.1 | -1.0 | 3.0 | -3.0 | -0.5 | 0.1 | | before taxes | | | | | | | | | -------------------------------------------------------------------------------- | Taxes | -1.3 | 0.0 | -0.4 | 0.4 | -0.7 | 0.9 | 0.0 | -0.1 | -------------------------------------------------------------------------------- | Minority | -0.5 | -0.1 | -0.1 | 0.0 | -0.1 | -0.7 | 0.1 | -0.2 | | share | | | | | | | | | -------------------------------------------------------------------------------- | Profit on | 1.6 | -0.9 | 0.6 | -0.6 | 2.2 | -1.4 | -0.5 | 0.1 | | continuous | | | | | | | | | | business | | | | | | | | | -------------------------------------------------------------------------------- | Profit on | 0.5 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | | business | | | | | | | | | | sold | | | | | | | | | -------------------------------------------------------------------------------- | Profit on | 2.1 | -0.9 | 0.6 | -0.6 | 2.2 | -1.4 | -0.5 | 0.1 | | financial | | | | | | | | | | period | | | | | | | | | --------------------------------------------------------------------------------
GUARANTEES GIVEN
-------------------------------------------------------------------------------- | €1,000 | 3Q/10 | 3Q/09 | 2009 | -------------------------------------------------------------------------------- | Guarantees given on behalf of Group | | | | | companies | | | | -------------------------------------------------------------------------------- | Mortgages on property | 0 | 9,195 | 0 | -------------------------------------------------------------------------------- | Corporate mortgages | 39,381 | 30,854 | 30,747 | -------------------------------------------------------------------------------- | Securities given | 47,134 | 50,017 | 52,162 | -------------------------------------------------------------------------------- | Other liabilities | 346 | 168 | 166 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other rental agreements | | | | -------------------------------------------------------------------------------- | In one year | 4,251 | 1,519 | 4,537 | -------------------------------------------------------------------------------- | Over one year but within five years maximum | 9,444 | 4,229 | 9,007 | -------------------------------------------------------------------------------- | In over five years | 4,143 | 136 | 4,443 | -------------------------------------------------------------------------------- | Total | 17,838 | 5,884 | 17,987 | --------------------------------------------------------------------------------
The nominal or book value has been used as the value of liabilities.
SEGMENT INFORMATION
As of the beginning of the financial period, the Group has initialized the renewed IFRS 8 Operation Segments standard. In the Group's segment reporting, the business segment has primarily been specified in segment reporting form. The Group reported on fourteen business segments from the review period. The Group has no subsidiary segment distribution.
-------------------------------------------------------------------------------- | Net sales (€1,000) | 3Q/10 | 3Q/09 | -------------------------------------------------------------------------------- | Safety | 15,562 | 11,545 | -------------------------------------------------------------------------------- | HEPAC Wholesale | 14,09 | 12,836 | -------------------------------------------------------------------------------- | Takoma | 12,267 | 11,566 | -------------------------------------------------------------------------------- | Digital Printing Services | 15,041 | 9,254 | -------------------------------------------------------------------------------- | Fittings | 9,161 | 8,524 | -------------------------------------------------------------------------------- | Value-Added Logistics | 11,313 | 7,351 | -------------------------------------------------------------------------------- | Heat Treatment | 4,592 | 5,686 | -------------------------------------------------------------------------------- | Spare Parts for Motor Vehicles | 6,089 | 5,198 | -------------------------------------------------------------------------------- | Environmental Technology | 2,44 | 5,141 | -------------------------------------------------------------------------------- | Carpentry Industry | 3,958 | 3,673 | -------------------------------------------------------------------------------- | Supports | 2,502 | 2,448 | -------------------------------------------------------------------------------- | Fasteners | 2,044 | 2,142 | -------------------------------------------------------------------------------- | Technochemical | 1,532 | 1,822 | -------------------------------------------------------------------------------- | Other | 40 | 29 | -------------------------------------------------------------------------------- | Eliminations | -554 | -579 | -------------------------------------------------------------------------------- | Group in total | 100,077 | 86,636 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating profit (€1,000) | 3Q/10 | 3Q/09 | -------------------------------------------------------------------------------- | Safety | -13 | 238 | -------------------------------------------------------------------------------- | HEPAC Wholesale | 117 | 109 | -------------------------------------------------------------------------------- | Takoma | -1,101 | -140 | -------------------------------------------------------------------------------- | Digital Printing Services | 2,237 | 1,386 | -------------------------------------------------------------------------------- | Fittings | 477 | 767 | -------------------------------------------------------------------------------- | Value-Added Logistics | -537 | -147 | -------------------------------------------------------------------------------- | Heat Treatment | 74 | 620 | -------------------------------------------------------------------------------- | Spare Parts for Motor Vehicles | 524 | 445 | -------------------------------------------------------------------------------- | Environmental Technology | -2,62 | -806 | -------------------------------------------------------------------------------- | Carpentry Industry | 494 | -39 | -------------------------------------------------------------------------------- | Supports | 184 | 159 | -------------------------------------------------------------------------------- | Fasteners | -202 | -133 | -------------------------------------------------------------------------------- | Technochemical | -77 | 3 | -------------------------------------------------------------------------------- | Other | -1,353 | -1,491 | -------------------------------------------------------------------------------- | Group in total | -1,796 | 971 | --------------------------------------------------------------------------------
SEGMENT INFORMATION BY QUARTER -------------------------------------------------------------------------------- | Net sales (MEUR) | 1Q/09 | 2Q/09 | 3Q/09 | 4Q/09 | 1Q/10 | 2Q/10 | 3Q/10 | | | | | | | | | | -------------------------------------------------------------------------------- | Safety | 3.1 | 3.7 | 4.8 | 7.3 | 4.5 | 5.8 | 5.3 | -------------------------------------------------------------------------------- | HEPAC Wholesale | 4.3 | 4.2 | 4.4 | 4.5 | 4.3 | 4.8 | 5.0 | -------------------------------------------------------------------------------- | Takoma | 4.6 | 4.6 | 2.3 | 3.8 | 2.5 | 4.9 | 4.9 | -------------------------------------------------------------------------------- | Digital Printing | 3.1 | 3.2 | 2.9 | 4.3 | 4.3 | 5.1 | 5.6 | | Services | | | | | | | | -------------------------------------------------------------------------------- | Fittings | | 2.6 | 3 | 2.9 | 3.2 | 2.8 | 3.2 | 3.2 | -------------------------------------------------------------------------------- | Value-Added | | 2.8 | 2.5 | 2.1 | 2 | 3.6 | 3.9 | 3.8 | | Logistics | | | | | | | | | -------------------------------------------------------------------------------- | Heat | | 1.9 | 1.9 | 1.8 | 1.7 | 1.2 | 1.7 | 1.7 | | Treatment | | | | | | | | | -------------------------------------------------------------------------------- | Spare Parts | | 1.6 | 1.7 | 1.9 | 2.2 | 1.9 | 2 | 2.2 | | for Motor | | | | | | | | | | Vehicles | | | | | | | | | -------------------------------------------------------------------------------- | Environmental | | 1.4 | 2.6 | 1.2 | 1.2 | 0.8 | 0.6 | 1.0 | | Technology | | | | | | | | | -------------------------------------------------------------------------------- | Carpentry | | 1.4 | 1.2 | 1.1 | 1.1 | 1.2 | 1.5 | 1.3 | | Industry | | | | | | | | | -------------------------------------------------------------------------------- | Supports | | 0.9 | 0.8 | 0.7 | 0.9 | 0.8 | 0.8 | 0.9 | -------------------------------------------------------------------------------- | Fasteners | | 0.7 | 0.7 | 0.7 | 0.7 | 0.6 | 0.7 | 0.7 | -------------------------------------------------------------------------------- | Technochemica | | 0.7 | 0.6 | 0.5 | 0.7 | 0.6 | 0.5 | 0.4 | | l | | | | | | | | | -------------------------------------------------------------------------------- | Other | | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -------------------------------------------------------------------------------- | Eliminations | | -0.3 | -0.2 | -0.1 | -0.2 | -0.1 | -0.2 | -0.2 | -------------------------------------------------------------------------------- | Group in | | 28.8 | 30.5 | 27.3 | 33.4 | 29 | 35.3 | 35.8 | | total | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating profit | 1Q/09 | 2Q/09 | 3Q/09 | 4Q/09 | 1Q/10 | 2Q/10 | 3Q/10 | | (MEUR) | | | | | | | | -------------------------------------------------------------------------------- | Safety | -0.5 | 0.7 | 0 | 0.2 | -0.7 | 0.3 | 0.4 | -------------------------------------------------------------------------------- | HEPAC Wholesale | 0 | -0.1 | 0.2 | 1.5 | 0 | 0 | 0.1 | -------------------------------------------------------------------------------- | Takoma | 0 | 0.3 | -0.4 | -0.2 | -0.7 | 0 | -0.4 | -------------------------------------------------------------------------------- | Digital Printing | 0.3 | 0.6 | 0.5 | 0.7 | 0.4 | 1.1 | 0.7 | | Services | | | | | | | | -------------------------------------------------------------------------------- | Fittings | | 0.3 | 0.2 | 0.3 | 0.4 | 0.2 | 0.2 | 0.1 | -------------------------------------------------------------------------------- | Value-Added | | 0 | 0 | -0.1 | 0.5 | -0.4 | -0.2 | 0.1 | | Logistics | | | | | | | | | -------------------------------------------------------------------------------- | Heat | | 0.2 | 0.4 | 0.1 | -0.1 | -0.1 | 0.2 | 0.0 | | Treatment | | | | | | | | | -------------------------------------------------------------------------------- | Spare Parts | | 0.1 | 0.1 | 0.3 | 0.3 | 0.2 | 0 | 0.3 | | for Motor | | | | | | | | | | Vehicles | | | | | | | | | -------------------------------------------------------------------------------- | Environmental | | -0.2 | 0.2 | -0.9 | -1.4 | -0.8 | -1.5 | -0.3 | | Technology | | | | | | | | | -------------------------------------------------------------------------------- | Carpentry | | -0.2 | 0 | 0.1 | 0.1 | 0 | 0.3 | 0.2 | | Industry | | | | | | | | | -------------------------------------------------------------------------------- | Supports | | 0 | 0.1 | 0.1 | 0.9 | 0 | 0 | 0.2 | -------------------------------------------------------------------------------- | Fasteners | | -0.1 | -0.1 | 0 | 0.1 | -0.1 | -0.1 | 0.0 | -------------------------------------------------------------------------------- | Technochemica | | 0 | 0 | 0 | -0.4 | 0 | 0 | -0.1 | | l | | | | | | | | | -------------------------------------------------------------------------------- | Other | | -0.6 | -0.5 | -0.4 | 0.8 | -0.6 | -0.4 | -0.4 | -------------------------------------------------------------------------------- | Group in | | -0.6 | 1.8 | -0.3 | 3.3 | -2.6 | 0 | 0.8 | | total | | | | | | | | | -------------------------------------------------------------------------------- --------------------------------------------------------------------------------
Panostaja Oyj is an active majority shareholder in Finnish SMEs. The core of our operations is based on Finnish enterprise and long-term company development. Together with our entrepreneur partners, we help build companies to become industry leaders, thus creating Finnish success stories.
At present, the firm maintains operations in thirteen business areas. Oy Alfa-Kem Ab (Technochemical) manufactures and markets industrial chemicals, cleaning agents and institutional kitchen agents. Ecosir Group Oy (Environmental Technology) specializes in waste and property management equipment solutions. Flexim Security Oy (Safety) is a specialist in safety technology and services, locking, door automation and access control products and solutions. Heatmasters Group (Heat Treatment) offers thermal treatment services for metals in Finland and internationally as well as produces, develops and markets heat treatment technology. KL-Varaosat (Spare Parts for Motor Vehicles) is an importer, wholesale dealer and retailer for original spare parts and supplies intended for Mercedes Benz and BMW cars. Kopijyvä Oy, Sokonet Oy and Domus Print Oy (Digital Printing Services) combined are one of Finland's largest companies offering digital printing services. Lämpö-Tukku Oy (HEPAC Wholesale) specializes in HEPAC wholesale operations. Suomen Helakeskus Oy (Fittings) is a significant wholesale dealer in Finland, specializing in construction- and furniture-based fixtures. Suomen Kiinnikekeskus Oy (Fasteners) is a fixture supply retailer. Suomen Puunjalostus Oy (Carpentry Industry) engages in the carpentry industry, with its main products being solid wood interior doors and wooden stairs. Takoma Oyj (Takoma) is a machine shop group with an entrepreneur-driven business model and is registered on the stock exchange. Toimex Oy (Supports) manufactures and sells supports for the HEPAC industry. Vindea Oy (Value-Added Logistics) specializes in added-value logistics services for the Finnish metal industry.
© 2010 GlobeNewswire
