2008-11-05 08:00:00 CET
2008-11-05 08:03:01 CET
REGULATED INFORMATION
Vaisala - Interim report (Q1 and Q3)
Vaisala Group's Interim Report, January-September 2008 (9 months)
Vaisala Corporation Stock Exchange Release 5.11.2008
09:00 a.m. 1(12)
Net sales and profit increasing
- Net sales EUR 164.9 (152.2) million, growth 8.3%. In
comparable currencies, the growth would have been 14.3%.
- Operating profit EUR 24.0 (19.6) million, up 22.1%.
- Earnings per share EUR 0.99 (0.81), up 21.6%.
- Orders received at good level: 188.0 (174.8) EUR million,
growth 7.6%, in comparable currencies, the growth would have been
13.0%
1-9 1-9 Change 7-9 7-9 Change
2008 2007 (%) 2008 2007 (%) 2007
(MEUR) (MEUR) (MEUR) (MEUR)
Net sales, group 164.9 152.2 8.3 58.4 51.5 13.4 224.1
Measurement
Systems 69.8 63.9 9.2 26.6 20.0 32.9 95.4
Instruments 60.9 54.9 11.0 19.8 18.9 4.9 76.6
Solutions 26.7 20.8 28.2 8.4 8.8 -4.3 34.6
Services 18.6 21.9 -15.4 6.1 7.5 -19.3 33.0
Eliminations
and other -11.1 -9.3 -2.5 -3.7 -15.5
Operating profit,
group 24.0 19.6 22.1 9.2 4.5 102.9 35.3
Measurement
Systems 11.7 7.5 56.4 7.3 1.5 426.5 12.3
Instruments 17.0 15.2 11.9 4.9 4.7 3.8 20.5
Solutions -1.7 -2.0 10.5 -0.3 -1.0 68.7 -0.6
Services -1.2 2.6 -147.2 -1.0 1.2 -181.1 5.7
Eliminations
and other -1.8 -3.7 -1.7 -1.9 -2.6
Profit before
taxes 25.9 21.0 23.7 10.4 4.6 126.2 37.0
Net profit for
the review period 18.0 14.8 21.6 7.3 3.0 142.9 25.8
Orders booked 188.0 174.8 7.6 66.2 66.9 -1.1 228.5
Order book 105.5 99.0 6.6 105.5 99.0 6.6 82.3
Earnings per
share 0.99 0.81 21.6 0.40 0.17 142.9 1.42
Return on equity
(%) 13.5 11.7 13.5 11.7 14.9
Comments on the third quarter
Vaisala's net sales and profitability in the third quarter developed
favorably. Also the number of orders received was at a good level.
Exchange rates continued to affect the net sales in a negative way.
Outlook for the remainder of 2008
Instability in the world economy and changes in the currency exchange
rates are expected to continue to affect Vaisala's business in the
remainder of 2008. Due to the structure of Vaisala's customer base,
the Company's market situation is expected to remain unchanged in
2008. We expect our net sales and operating profit to be slightly
higher in 2008 than in the preceding year. Our estimate on operating
profit is slightly more positive than stated earlier.
President and CEO Kjell Forsén on Vaisala's nine month results:"Year 2008 has been quite good for Vaisala. Our net sales in the
first nine months grew by 8.3% year on year. In comparable
currencies, the growth would have been over 14 percent. Growth
continued to be strongest in Asia but also Europe, Africa and South
America reached growth numbers. In North America, our net sales in
USD terms would have grown, even though in euros we reported a
decrease.
Our order book stands at a good level. Despite the uncertainties of
the global economy, the number of orders received has also remained
at a good level.
We have systematically built a new strategy for Vaisala over the year
and I believe that in the future Vaisala will be able to further
strengthen its strong market position as a provider of measurement
and observation products and services."
Market situation, net sales and order book
Despite the uncertainties in the global economy, no significant
changes in Vaisala's operating environment have been detected. The
value of orders received has developed positively during the first
nine months of the year. Vaisala's market-position also remains
strong.
The value of orders received was EUR 188.0 (174.8) million, which is
7.6 percent more than in the corresponding period last year. In
comparable currencies, the value of orders received would have grown
by 13.0 percent. The number of orders received for the past 12 months
is EUR 241.7 million. The order book stood at EUR 105.5 (99.0)
million at the end of the review period. Of the order book,
approximately EUR 54 million will be delivered in 2009 or later.
Net sales increased by 8.3 percent year on year, to EUR 164.9 (152.2)
million. In comparable currencies, Vaisala's consolidated net sales
would have grown by 14.3 percent.
Net sales developed most favorably in the Asia-Pacific region, but
declined in North America where the exchange rates had the biggest
impact. In comparable currencies, Vaisala's net sales would have
grown by 5.8% in North America. Net sales per region were as follows:
Europe EUR 56.2 (52.4) million, Asia-Pacific EUR 51.9 (42.3) million,
North America EUR 48.1 (51.1) million, and Africa and South and
Central America EUR 8.6 (6.5) million. Exchange rates affected
especially the North American net sales.
Operations outside Finland accounted for 95 (96) percent of net
sales.
Performance and balance sheet
Operating profit for the review period was 14.6 percent of the net
sales, EUR 24.0 (19.6) million. Profit before taxes was 15.7 percent
of the net sales, EUR 25.9 (21.0) million. Net profit for the review
period was EUR 18.0 (14.8) million.
Vaisala Group's solvency ratio and liquidity remained strong. On
September 30, 2008, the balance sheet total was EUR 230.5 (212.3)
million. The Group's solvency ratio at the end of the review period
was 84 (83) percent.
Vaisala's consolidated liquid assets totaled EUR 102.4 (95.0)
million.
Research and development
Investment in research and development in the review period totaled
EUR 17.6 (16.8) million, representing 10.7 percent of the Group's net
sales.
Capital expenditure
Gross capital expenditure totaled EUR 7.8 (5.0) million. The
construction of a new enterprise resource planning (ERP) system for
the entire organization continues. Implementation will proceed in
phases, and will commence this year.
Changes in financial reporting
From the first Interim Report for 2008, Vaisala Group's business will
be reported in four segments, which are Vaisala Instruments, Vaisala
Measurement Systems, Vaisala Solutions and Vaisala Services.
All figures for 2007 have been changed to correspond to the new
reporting model, and are therefore comparable. The comparative
figures for 2007 have been published in a stock exchange release on
30.4.2008.
Vaisala Measurement Systems
Vaisala Measurement Systems consists of sounding, surface weather
system, thunderstorm system, wind profiler, and weather radar
business segments. Vaisala Measurement Systems' offering was
complemented by single products and systems from Vaisala Solutions.
Correspondingly, the lightning detection services were moved to the
Vaisala Services business area.
Vaisala Measurement Systems' net sales to customers outside the Group
increased by 9.7 percent year on year, to EUR 66.8 (60.9) million. In
comparable currencies, the net sales to customers outside the Group
would have grown by 15.3 percent. Operating profit was EUR 11.7 (7.5)
million.
The delay caused by a temporary disruption in production in the first
quarter has been caught up, and the net sales of the soundings
business are approximately at the same level as a year ago.
Vaisala and the Australian Bureau of Meteorology signed a three-year
agreement to supply radiosondes for the upper air observation network
of the Bureau. The total value of the agreement is about EUR 5
million.
Vaisala signed a 6.9 MUSD contract with the US Federal Aviation
Administration (FAA) for the delivery of weather radar signal
processors and software for the FAA Terminal Doppler Weather Radar
(TDWR) network, operating at major airports in the USA. The
deliveries will take place in 2009.
Vaisala will provide the Russian Federal Service for Hydrometeorology
and Environmental Monitoring (Roshydromet) with state-of-the-art
surface weather monitoring technology. The value of the contract is
EUR 4.7 million, and deliveries start during 2008.
The value of orders received was EUR 87.6 million and the order book
stood at EUR 51.3 million at the end of the review period.
Vaisala Instruments
Vaisala Instruments consists of humidity, barometric pressure, carbon
dioxide, dewpoint, oxygen, wind and optical measurement business
segments.
The instruments business has developed well despite of the weakened
US dollar. The business area's net sales to customers outside the
Group increased by 8.7 percent year on year to EUR 52.8 (48.6)
million. In comparable currencies, the increase in net sales would
have been 14.7 percent. Operating profit of the review period was EUR
17.0 (15.2) million.
The value of orders received from external customers was EUR 54.8
million and the order book stood at EUR 10.2 million at the end of
the review period.
Vaisala Solutions
The focus of business area's offering is in comprehensive weather
observation solutions within aviation, traffic, meteorology and
hydrology. Therefore single products and systems were moved to the
Vaisala Measurement Systems business area. Additionally, the road
weather services were moved to the Vaisala Services business area.
Vaisala Solutions' net sales to customers outside the Group increased
by 28.2 percent year on year to EUR 26.7 (20.8) million. In
comparable currencies, the net sales would have been up by 33.1
percent. Operating profit for the review period was EUR -1.7 (-2.0)
million. Markets for aviation weather solutions have developed
particularly favorably.
The total value of orders received was EUR 26.7 million and the order
book stood at EUR 28.4 million at the end of the review period.
Vaisala Services
Vaisala's service offering has been centralized under the Vaisala
Services business area, which became operative at the beginning of
2008. Vaisala Services consists of two business segments, Product
Services and Observation Services.
Net sales to customers outside the Group decreased by 15.4 percent
year on year to EUR 18.6 (21.9) million. In comparable currencies,
the net sales would have been down by 7.3 percent. Operating profit
for the review period was EUR -1.2 (2.6) million. The net sales and
operating profit decreased year on year, which is due to the
unfavorable development of exchange rates and lower volume of the
observation services.
The total value of orders received was EUR 18.9 million and the order
book stood at EUR 15.7 million at the end of the review period.
Personnel
The average number of employees in the Vaisala Group during
January-June was 1,167 (1,107). Some 39 (40) percent of the personnel
were based outside Finland.
Vaisala has two incentive plans; one based on the development of
sales and profitability and covering all employees, and another three
year plan based on the development of profitability and covering key
employees.
Near-term risks and uncertainties
The near term risks and uncertainties are estimated to relate to
changes in the global economy, currency exchange rates, and to
changes in the purchasing or investment behavior. Due to the
uncertainty of the financial markets, supplier related risks have
slightly increased during the review period.
Significant changes in subcontractor relations, activities or
operating environment may have a negative impact on Vaisala's
business. Vaisala monitors these risks and prepares for them in
accordance with the Company's risk management policy.
The Company is currently carrying out some significant improvements
in its research and development and sales organizations. These
changes lay the foundation for the successful execution of Vaisala's
new strategy. A new Group-wide enterprise resource planning system is
also under development. These efforts may constitute a short-term
risk regarding Vaisala's net sales and result.
Vaisala's share
The Company's Board of Directors had no valid authorizations for
increasing the share capital or issuing convertible bonds or bonds
with warrants at the end of the review period.
The closing price of Vaisala's A share in NASDAQ OMX Helsinki Ltd.
was EUR 24.00 at the end of the review period. The highest quotation
during the review period was EUR 36.49 and the lowest EUR 23.05. A
total of 1,599,905 Vaisala shares were traded in the stock exchange
during the review period.
Conversion of unlisted shares series K into series A
Vaisala Oyj's 500 unlisted shares (series K) were converted into
listed shares (series A). The conversion was registered in the
Finnish Trade Register on June 25, 2008. Listing of the new series A
shares was applied for as of June 26, 2008.
Vaisala Oyj's 500 unlisted shares (series K) were converted into
listed shares (series A). The conversion was registered in the
Finnish Trade Register on September 3, 2008. Listing of the new
series A shares was applied for as of September 4, 2008.
Vaisala has 18,218,364 shares, of which 3,406,385 are K shares and
14,811,979 are A shares. The shares have a counter book value of EUR
0.42. The K shares and A shares are differentiated by the fact that
each K shares entitles its owner to 20 votes at a General Meeting of
Shareholders while each A share entitles its owner to 1 vote. The A
shares represent 81.3% of the total number of shares and 17.9% of the
total votes. The K shares represent 18.7% of the total number of
shares and 82.1% of the total votes.
The market value of Vaisala's A shares on 30.9.2008 was EUR 355.3
million, excluding the Company's own shares. The total market value
of all shares, when the K series shares which are not traded on the
stock market are valued at the rate of the A series shares' closing
price on the final day of the review period, was EUR 437.0 million at
the end of the review period, excluding the Company's own shares.
Vaisala's main shareholders are listed on the Company's website and
in the Notes to the Financial Statements.
Treasury shares and parent company shares
At the end of the review period, the Company held a total of 9,150
Vaisala A shares, which represented 0.05 percent of the share capital
and 0.01 percent of the votes. The consideration paid for these
shares was EUR 251,898.31.
Decisions made by the Annual General Meeting
Vaisala Oyj's Annual General Meeting was held on March 27, 2008 at
the Company's headquarters in Vantaa. The Annual General Meeting
confirmed the annual accounts for 2007 and granted the Members of the
Board of Directors and the Company's President and CEO discharge from
liability for the accounts between 1.1.-31.12.2007.
The Annual General Meeting decided that a dividend of EUR 0.85 per
share, corresponding to the total of EUR 15,477,831.90 was to be
distributed for the financial year 2007. Dividend was not paid to the
A-shares that are held by Vaisala Oyj. Dividend was paid on April 8,
2008.
The Annual General Meeting decided that the Board of Directors
continues to comprise of six members. Raimo Voipio and Mikko
Niinivaara, who were to retire by rotation were re-elected for three
years. Other members in the Board of Directors are Yrjö Neuvo, Maija
Torkko, Mikko Voipio and Stig Gustavson.
The Annual General Meeting decided on the annual remuneration of the
Board of Directors to be as follows: chairman EUR 35,000, and a
member EUR 25,000.
Auditors
PricewaterhouseCoopers Oy and Mr. Hannu Pellinen APA were chosen as
the Company's Authorized Public Accountants.
Board of Directors' Organizing Meeting
Raimo Voipio will continue as the Chairman of the Board of Directors,
and Yrjö Neuvo as Vice Chairman. Maija Torkko, Mikko Niinivaara,
Mikko Voipio and Stig Gustavson are members of the Board.
Vantaa, Finland, November 5, 2008
Vaisala Corporation
Board of Directors
Key figures
Financial indicators 1-9 1-9 7-9 7-9 1-12
2008 2007 2008 2007 2007
Return on equity (ROE) 13.5% 11.7% 13.5% 11.7% 14.9%
Number of shares at June 30
(1000 pcs) 18209 18209 18209 18209 18209
Number of chares at June 30
(1000 pcs), weighted average 18209 18209 18209 18209 18209
Adjusted number of shares (1000 pcs) 18209 18209 18209 18209 18209
Earnings/share (EUR) 0.99 0.81 0.40 0.17 1.42
Earnings/share (EUR),fully diluted 0.99 0.81 0.40 0.17 1.42
Net cash flow from operating
activities/share (EUR) 1.46 1.59 1.98
Equity/share (EUR) 9.87 9.16 9.87 9.16 9.68
Solvency ratio 84% 83% 84% 83% 83%
Gross capital expenditure
(EUR Million) 7.8 5.0 2.8 1.6 7.3
Depreciation (EUR Million) 6.0 6.1 2.0 2.0 8.2
Average personnel 1167 1107 1202 1131 1113
Order book (EUR Million) 105.5 99.0 105.5 99.0 82.3
Liabilities from derivative contracts 14.3 13.1 14.3 13.1 14.3
This interim report has been prepared according to the IFRS-Standards
accounting and valuation principles.
This report qualifies all IAS 34, Interim Financial Reporting,
standards requirements. The interim financial statements have not
been audited.
CONSOLIDATED INCOME STATEMENT
(IFRS, EUR Million)
1-9 1-9 Change 7-9 7-9 Change 1-12
2008 2007 % 2008 2007 % 2007
Net sales 164.9 152.2 8.3 58.4 51.5 13.4 224.1
Cost of production and
procurement -71.5 -66.9 6.9 -25.0 -23.1 7.9 -99.6
Gross profit 93.4 85.3 9.4 33.4 28.3 17.8 124.5
Other operating income 0.1 0.0 6800.0 0.1 0.0 5400.0 0.0
Cost of sales and
marketing -35.7 -33.5 6.5 -12.2 -11.7 4.4 -46.2
Development costs -17.6 -16.8 4.5 -6.1 -6.4 -5.2 -23.5
Other administrative
costs -16.2 -15.4 5.7 -6.0 -5.8 5.1 -19.5
Operating profit 24.0 19.6 22.1 9.2 4.5 103.0 35.3
Financial income and
expenses 1.9 1.3 46.8 1.2 0.1 1392.8 1.6
Profit before tax 25.9 21.0 23.7 10.4 4.6 126.2 37.0
Income taxes -7.9 -6.1 28.7 -3.1 -1.6 94.6 -11.2
Profit after tax 18.0 14.8 21.6 7.3 3.0 142.9 25.8
Attributable to Equity
holders of the parent 18.0 14.8 21.6 7.3 3.0 142.9 25.8
Taxes for the review period have been calculated under taxes.
Earnings per share for profit attributable to the equity holders
of the parent
1-9 1-9 Change 7-9 7-9 Change 1-12
2008 2007 % 2008 2007 % 2007
Basic earnings per
share, EUR 0.99 0.81 21.4 0.40 0.17 142.9 1.42
Diluted earnigns per
share, EUR 0.99 0.81 21.4 0.40 0.17 142.9 1.42
CONSOLIDATED BALANCE SHEET
(EUR million) 30.9.2008 30.9.2007 Change 31.12.2007
%
ASSETS
NON-CURRENT ASSETS
Intangible assets 17.1 18.9 -9.9 18.2
Tangible assets 36.3 32.5 11.7 32.7
Investments in associates 0.5 0.4 26.1 0.5
Other financial assets 0.1 0.0 573.7 0.0
Long-term receivables 0.1 0.1 15.6 0.1
Deferred tax assets 4.9 5.2 -5.3 4.7
CURRENT ASSETS
Inventories 23.6 20.2 16.6 16.1
Trade and other receivables 45.4 39.2 16.0 53.4
Accrued income tax receivables 0.1 0.8 -90.5 0.5
Financial assets recognised at
fair value through profit and
loss 27.5 42.3 -35.0 42.6
Cash and cash equivalents 74.9 52.7 42.2 56.6
TOTAL ASSETS 230.5 212.3 8.6 225.6
SHAREHOLDERS' EQUITY AND LIABILITIES
Equity attributable to equity holders of
the
parent
Share capital 7.7 7.7 0.0 7.7
Share premium reserve 16.6 16.6 0.0 16.6
Reserve fund 0.1 0.1 42.4 0.1
Translation differences -4.5 -3.9 16.5 -5.4
Profit from previous years 142.1 131.8 7.8 131.8
Own shares -0.3 -0.3 0.0 -0.3
Profit for the financial year 18.0 14.8 21.6 25.8
Total equity 179.7 166.8 7.7 176.3
Liabilities
Long-term liabilities
Retirement benefit obligations 0.3 0.3 -5.8 0.3
Interest-bearing liabilities 0.2 0.3 -45.4 0.2
Provisions 0.1 0.0 34.2 0.2
Deferred tax liabilities 0.3 0.3 1.5 0.4
Current liabilities
Current portion of long-term
borrowings 0.1 0.1 -58.2 0.1
Current interest-bearing
liabilities 0.1 0.1 35.2 0.7
Advances received 17.7 11.5 54.4 12.0
Accrued income tax payables 1.7 2.4 -31.4 2.5
Trade and other payables 30.4 30.4 0.0 32.9
TOTAL SHAREHOLDERS' EQUITY AND
LIABILITIES 230.5 212.3 8.6 225.6
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
September 30, 2008 (EUR million)
Share Trans-
pre- lation Retain-
Share mium Re- dif- ed Total
capi- Share re- serve Own fer- earn- equi-
tal issue serve fund shares ences ings ty
Balance at
December 31,
2007 7.7 0.0 16.6 0.1 -0.3 -5.4 157.6 176.3
Translation
differences 0.0 0.9 0.9
Net profit for
the period 18.0 18.0
Dividend paid -15.5 -15.5
Balance at
September 30,
2008 7.7 0.0 16.6 0.1 -0.3 -4.5 160.1 179.7
Share Trans-
pre- lation Retain-
Share mium Re- dif- ed Total
capi- Share re- serve Own fer- earn- equi-
tal issue serve fund shares ences ings ty
Balance at
December 31,
2006 7.7 0.0 16.6 0.1 -0.3 -1.6 147.3 169.8
Translation
differences 0.0 -2.3 -2.3
Net profit for
the period 14.8 14.8
Dividend paid -15.5 -15.5
Balance at
September 30,
2007 7.7 0.0 16.6 0.1 -0.3 -3.9 146.6 166.8
CONSOLIDATED CASH FLOW STATEMENT (EUR million)
1-9 1-9 Change 1-12
2008 2007 % 2007
Cash flows from operating activities
Cash receipts from customers 177.7 170.0 4.6 228.2
Other income from business operations 0.0 0.0 4850.0 0.0
Cash paid to suppliers and employees -144.0 -135.8 6.0 -184.0
Interest received 1.6 2.4 -35.6 3.4
Interest paid -0.1 -0.1 10.0 -0.4
Other financial items, net -0.2 -0.1 141.5 -0.4
Direct tax paid -8.5 -7.4 14.7 -10.8
Cash flow from business operations (A) 26.5 29.0 -8.5 36.0
Cash flow from investing activities
Investments in tangible and intangible
assets -8.1 -5.1 59.0 -7.4
Proceeds from sale of fixed assets 0.3 0.0 33337.5 0.0
Repayments on loan receivables 0.0 0.0 -82.9 0.0
Other investments -0.1 0.1 -198.1 0.0
Cash flow from investing activities (B) -7.9 -4.9 61.6 -7.4
Cash flow from financing activities
Repayment of long-term loans 0.0 -0.2 -100.0 -0.2
Dividend paid and other distribution of
profit -15.5 -15.5 0.0 -15.5
Cash flow from financing activities (C) -15.5 -15.6 -1.0 -15.7
Change in liquid funds (A+B+C) increase
(+) / decrease (-) 3.1 8.4 -63.3 12.9
Liquid funds at beginning of period 99.2 87.3 13.6 87.3
Foreign exchange effect on cash 0.0 -0.8 -106.2 -1.0
Net change in cash and cash equivalents 3.1 8.4 -63.3 12.9
Liquid funds at end of period 102.4 95.0 7.8 99.2
Segment Report
Business segments
Other Eli-
operat- minat-
1-9/2008 VMS * VIN * VSO * VSE * ions ions Group
EUR million
Net sales to external
customers 66.8 52.8 26.7 18.6 0.0 0.0 164.9
Intragroup sales 2.9 8.1 0.0 0.0 0.1 -11.2 0.0
Net sales 69.8 60.9 26.7 18.6 0.1 -11.2 164.9
Operating profit 11.7 17.0 -1.7 -1.2 -1.8 0.0 24.0
Depreciation 1.4 1.1 0.1 0.8 2.5 0.0 6.0
* VMS = Vaisala Measurement Systems
* VIN = Vaisala Instruments
* VSO = Vaisala Solutions
* VSE = Vaisala Services
Segment Report
Business segments
Other Eli-
operat- minat-
1-9/2007 VMS * VIN * VSO * VSE * ions ions Group
EUR million
Net sales to external
customers 60.9 48.6 20.8 21.9 0.0 0.0 152.2
Intragroup sales 2.9 6.4 0.0 0.0 0.0 -9.3 0.0
Net sales 63.9 54.9 20.8 21.9 0.0 -9.3 152.2
Operating profit 7.5 15.2 -2.0 2.6 -3.7 0.0 19.6
Depreciation 1.6 1.2 0.2 0.7 2.4 0.0 6.1
* VMS = Vaisala Measurement Systems
* VIN = Vaisala Instruments
* VSO = Vaisala Solutions
* VSE = Vaisala Services
Segment Report
Business segments
Other Eli-
operat- minat-
7-9/2008 VMS * VIN * VSO * VSE * ions ions Group
EUR million
Net sales to external
customers 26.3 17.6 8.4 6.1 0.0 0.0 58.4
Intragroup sales 0.3 2.2 0.0 0.0 0.0 -2.5 0.0
Net sales 26.6 19.8 8.4 6.1 0.0 -2.5 58.4
Operating profit 7.3 4.9 -0.3 -1.0 -1.7 0.0 9.2
Depreciation 0.5 0.4 0.0 0.3 0.9 0.0 2.0
* VMS = Vaisala Measurement Systems
* VIN = Vaisala Instruments
* VSO = Vaisala Solutions
* VSE = Vaisala Services
Segment Report
Business segments
Other Eli-
operat- minat-
7-9/2007 VMS * VIN * VSO * VSE * ions ions Group
EUR million
Net sales to external
customers 19.0 16.2 8.8 7.5 0.0 0.0 51.5
Intragroup sales 1.0 2.7 0.0 0.0 0.0 -3.7 0.0
Net sales 20.0 18.9 8.8 7.5 0.0 -3.7 51.5
Operating profit 1.4 4.7 -1.0 1.2 -1.8 0.0 4.5
Depreciation 0.5 0.4 0.1 0.2 0.8 0.0 2.0
* VMS = Vaisala Measurement Systems
* VIN = Vaisala Instruments
* VSO = Vaisala Solutions
* VSE = Vaisala Services
Segment Report
Business segments
Other- Eli-
operat- minat-
1-12/2007 VMS * VIN * VSO * VSE * ions ions Group
EUR million
Net sales to external
customers 90.2 66.2 34.6 33.0 0.0 0.0 224.1
Intragroup sales 5.2 10.4 0.0 0.0 0.0 -15.5 0.0
Net sales 95.4 76.6 34.6 33.0 0.0 -15.5 224.1
Operating profit 12.3 20.5 -0.6 5.7 -2.6 0.0 35.3
Depreciation 2.1 1.6 0.2 1.0 3.2 0.0 8.2
* VMS = Vaisala Measurement Systems
* VIN = Vaisala Instruments
* VSO = Vaisala Solutions
* VSE = Vaisala Services
Calculation of financial indicators
Shareholders' equity plus minority
interest
Solvency
ratio, (%) = --------------------------------------- x 100
Balance sheet total less advance payments
Profit before taxes less taxes
+/- minority interest
Earnings /
share = ---------------------------------------
Average number of shares, adjusted
Cash flow from business operations
Cash flow from
business = ---------------------------------------
operations /
share Number of shares at balance sheet date
Shareholders' equity
Equity / share = ---------------------------------------
Number of shares at balance sheet date,
adjusted
Dividend
Dividend /
share = ----------------------------------------
Number of shares at balance sheet date,
adjusted
Profit before taxes less taxes
Return on
equity, ROE
(%) = ---------------------------------------- x 100
Shareholders' equity plus minority interest
(average)
Further information:
Jouni Lintunen
CFO, tel. +358 (0)9 8949 2215, mobile +358 (0)400 579 0181
www.vaisala.com
Vaisala Corporation
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