2016-06-02 09:00:01 CEST
2016-06-02 09:00:01 CEST
REGULATED INFORMATION
Panostaja Oyj - Interim report (Q1 and Q3)
PANOSTAJA OYJ’S INTERIM REPORT November 1, 2015–April 30, 2016
Panostaja Oyj Interim Report 2 June 2016 10.00 a.m.
February 1, 2016–April 30, 2016 (3 months)
-- Grano’s net sales for the review period increased to MEUR 23.3 from MEUR
14.9 in the previous year. The main reason behind this is the acquisition
of Multiprint Group in June 2015. In the corresponding period, Grano’s EBIT
from MEUR 1.8 to MEUR 3.0.
-- KotiSun’s growth continued in the review period with net sales increasing
by 32% from the reference period in the previous year. The provision of
sewer renovation services is progressing as planned.
-- Helakeskus centralized its operations and divested itself from the
construction fittings business after the end of the review period.
-- The market situation remained challenging in many investment targets. Net
sales increased in five of the eight investment targets. Net sales for the
Group as a whole increased by 29% and stood at MEUR 44.5 (MEUR 34.6).
-- EBIT improved in four of the eight investment targets, and the EBIT of the
entire Group increased from MEUR 2.3 to MEUR 2.7. The EBIT was encumbered
by a MEUR 0.3 depreciation caused by the centralization of Helakeskus’
operations.
-- Earnings per share (undiluted) were 2.3 cents (-0.3 cents).
-- Panostaja updated its estimate of the fair value of the additional purchase
price receivable from the Flexim Security sale and recorded a MEUR 4.0
additional purchase price, in which Panostaja’s share before taxes is MEUR
2.8. Previously Panostaja estimated the value of the additional purchase
price to be MEUR 2.0, of which Panostaja’s share before taxes is MEUR 1.4.
The amount of the additional purchase price will be determined based on the
period that ended on April 30, 2016. The parties have not yet confirmed the
amount of the additional purchase price. The final amount of the additional
purchase price will be determined by July 26, 2016, unless the parties
contest the issue.
November 1, 2015–April 30, 2016 (6 months)
-- The market situation remained challenging in almost every investment
target. Net sales increased in five of the eight investment targets. For
the Group as a whole, net sales in the six-month period increased by 29%
from the same period last year, standing at MEUR 85.2 (MEUR 66.2).
-- EBIT improved in four of the eight investment targets, and the EBIT of the
entire Group increased from MEUR 3.2 to MEUR 4.0.
-- Earnings per share (undiluted) were 2.7 cents (-2.4 cents).
Outlook for the 2016 financial period
Panostaja keeps its result management issued on December 11, 2015 unaltered.The
Group’s EBIT is expected to improve substantially over the course of the 2016
financial period.
CEO Juha Sarsama:
“There was still significant variation in the profitability development of the
investment targets in the second quarter of the financial period. KotiSun and
KL-Varaosat continued to demonstrate good profitability development, and
improvements were also seen in Grano’s profit development. On the other hand,
the poor profitability development of Takoma and Heatmasters continued.
Overall, the Group’s EBIT increased to MEUR 2.7 from the previous year’s MEUR
2.3. The EBIT for the review period is encumbered by the one-time expense item
related to the divestment of Helakeskus’ furniture fittings business.
Development work was continued in the investment targets. KotiSun’s expansion
to cover the sewer business proceeded as planned, and at Grano the first phase
of the operational integration has been completed and the focus has been
shifted to developing new areas. Megaklinikka signed an agreement with the City
of Jyväskylä to expand the licensing of the oral health care ERP system, and
Helakeskus focused its operations and divested itself from the construction
fittings business at the end of the review period.
There have been some positive signs in Finland’s economic situation with regard
to construction in particular, but the climate remains uncertain. Various
threat scenarios related to the development of the global economy, political
risks, the collapse of raw material prices and the financial markets still
cause uncertainty that affects economic development in Europe and Finland. The
overall economic situation remains challenging, which is reflected in almost
all of our investment targets.
The corporate acquisitions market, as a whole, was active in the period under
review, and the availability of new opportunities has increased significantly
over the course of the spring. The markets still provide opportunities for both
new acquisitions and select divestments. We are actively exploring new
investment opportunities.”
Key figures Panostaja Group Q2 Q2 6 months 6 months 12 months
MEUR
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2/16- 2/15- 11/15- 11/14- 11/14-
4/16 4/15 4/16 4/15 10/15
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Net sales, MEUR 44.5 34.6 85.2 66.2 148.2
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EBIT, MEUR 2.7 2.3 4.0 3.2 7.3
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Profit before taxes, MEUR 2.3 1.7 2.9 2.0 3.4
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Profit/loss for the financial 2.8 0.6 4.5 -0.1 13.5
period, MEUR
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Earnings per share, undiluted (EUR) 0.02 0.00 0.03 -0.02 0.14
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Equity per share (EUR) 0.72 0.57 0.72 0.57 0.74
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Operating cash flow (MEUR) 0.3 3.2 4.5 5.8 8.0
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Distribution of net sales by Q2 Q2 6 months 6 months 12 months
segment
MEUR
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Net sales 2/16- 2/15- 11/15- 11/14- 11/14-
4/16 4/15 4/16 4/15 10/15
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Grano 23.3 14.9 44.5 28.6 69.9
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KotiSun 7.6 5.8 14.1 10.9 23.7
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Takoma 2.9 3.2 6.0 7.3 13.2
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Selog 2.5 2.4 4.8 4.8 9.9
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Helakeskus 2.8 2.8 5.1 5.2 10.4
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KL-Varaosat 3.3 2.9 6.4 5.5 11.8
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Heatmasters 1.1 1.8 2.0 3.2 6.3
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Megaklinikka 1.2 0.9 2.3 0.9 3.4
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Others 0.0 0.0 0.0 0.0 0.0
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Eliminations 0.0 -0.1 0.0 -0.2 -0.3
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Group in total 44.5 34.6 85.2 66.2 148.2
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Distribution of EBIT by segment Q2 Q2 6 months 6 months 12 months
MEUR
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EBIT 2/16- 2/15- 11/15- 11/14- 11/14-
4/16 4/15 4/16 4/15 10/15
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Grano 3.0 1.8 4.3 2.6 5.9
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KotiSun 1.3 1.1 2.5 1.8 4.2
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Takoma -0.3 -0.3 -0.5 -0.3 -0.7
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Selog 0.1 0.1 0.2 0.2 0.5
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Helakeskus -0.2 0.1 -0.1 0.2 0.7
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KL-Varaosat 0.2 0.0 0.4 0.0 0.5
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Heatmasters -0.2 0.2 -0.5 0.1 0.1
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Megaklinikka -0.4 -0.1 -0.7 -0.1 -0.5
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Others -0.8 -0.7 -1.6 -1.3 -3.3
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Group in total 2.7 2.3 4.0 3.2 7.3
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PRESS CONFERENCE
Panostaja will arrange a press conference for analysts, institutional investors
and representatives of the press on June 2, 2016, at 11:30 a.m.-12:30 p.m., at
the Scandic Simonkenttä, in Helsinki, at the address Simonkatu 9, Helsinki.
The Interim Report will be available at the address www.panostaja.fi on June 2,
2016, at 10:00 a.m.
Panostaja Oyj
Juha Sarsama
CEO
Further information CEO Juha Sarsama +358 40 774 2099
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