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2013-02-06 13:30:00 CET 2013-02-06 13:30:42 CET REGULATED INFORMATION Vaisala - Financial Statement ReleaseVaisala Group Financial Report January-December 2012Vaisala Corporation Stock Exchange Release February 6, 2013 at 2.30 p.m. (EET) October-December solid performance but order book down. Full year net sales, operating profit and cash flow improved from previous year. Steady outlook for 2013. October-December highlights * Orders received EUR 66.1 (87.6) million, decrease 25% * Order book EUR 105.6 (134.3) million, decrease 21% * Net sales EUR 89.7 (90.3) million, decrease 1% * Operating result EUR 12.4 (13.0) million, decrease 4% * Earnings per share EUR 0.54 (0.49) * Cash flow from business operations EUR 21.5 (18.1) million * Liquid funds EUR 74.8 (45.5) million January-December highlights * Orders received EUR 264.7 (278.8) million, decrease 5% * Net sales EUR 293.3 (273.6) million, increase 7% * Operating result EUR 30.1 (16.1) million, increase 87% * Earnings per share EUR 1.20 (0.57) * Cash flow from business operations EUR 48.2 (37.6) million * Dividend of EUR 0.90 (0.65) per share proposed * Return of capital of EUR 1.23 per share proposed Comments on October-December In October-December 2012, net sales were EUR 89.7 million and showed a decrease of 1% year-on-year due to different quarterly seasonality compared with previous years. Weather Business Area net sales were EUR 71.3 million and decreased by 1% year-on-year. Weather Business Area product sales were higher than previously expected, whereas project deliveries were at the previously expected level. Controlled Environment Business Area net sales were EUR 18.3 million and decreased by 1% year-on-year. In October-December 2012, net sales in EMEA increased by 7%, in APAC by 4% and decreased in Americas by 12% year-on-year. Orders received were EUR 66.1 million in October-December 2012 and decreased by 25% year-on-year. Weather Business Area did not receive exceptionally large orders in contrast to previous year. The order book was EUR 105.6 million, 21% lower than at the end of December 2011. The operating result for October-December 2012 was EUR 12.4 million and decreased by EUR 0.6 million or by 4% from previous year's EUR 13.0 million due to different quarterly seasonality compared with previous years. Weather Business Area operating result was EUR 11.8 million and increased by EUR 1.9 million from EUR 9.9 million in previous year. This was mainly due to improved gross margin in delivery projects. Weather Business Area operating result improved more than previously expected due to higher than estimated product sales as well as higher margins in delivery projects. Controlled Environment Business Area operating result was EUR 1.1 million and decreased by 41% from previous year's EUR 1.8 million. This was mainly due to increased investments in Service function related to Life Science customer group and in R&D related to new product development. Key Figures (audited) 10-12 10-12 Change 1-12 1-12 Change 2012 2011 % 2012 2011 % MEUR MEUR MEUR MEUR ---------------------------------------------------------------------------- Net sales, Group 89.7 90.3 -1 293.3 273.6 7 Weather 71.3 71.8 -1 218.0 201.8 8 Controlled Environment 18.3 18.4 -1 75.3 71.7 5 Orders received 66.1 87.6 -25 264.7 278.8 -5 Order book 105.6 134.3 -21 105.6 134.3 -21 Operating result 12.4 13.0 -4 30.1 16.1 87 Weather 11.8 9.9 19 22.5 5.9 279 Controlled Environment 1.1 1.8 -41 9.4 10.5 -10 Eliminations and other -0.5 1.2 -139 -1.9 -0.3 -458 Result before taxes 11.6 13.9 -17 29.1 16.1 80 Net result for review period 9.8 8.9 10 21.7 10.4 109 % of Net sales Operating result 13.8 % 14.4 % 10.3 % 5.9 % Result before taxes 12.9 % 15.4 % 9.9 % 5.9 % Net result for review period 10.9 % 9.9 % 7.4 % 3.8 % Earnings per share 0.54 0.49 11 1.20 0.57 110 Return on equity 11.7 % 5.7 % 11.7 % 5.7 % Cash flow from business operations 21.5 18.1 19 48.2 37.6 28 Liquid funds at end of period 74.8 45.5 64 74.8 45.5 64 President and CEO Kjell Forsén on Vaisala's result"Vaisala continued with solid performance in the last quarter of 2012. Net sales reached EUR 89.7 million, down 1% from 2011. The clear difference in seasonality between the years is evident in orders received that were down 25% during the last quarter of 2012. This is due to the fact that no exceptionally large orders were received in contrast to the previous year. Operating result remained on a good level EUR 12.4 million, down 4%. The full year development was strong. Net sales increased by 7% and operating result reached EUR 30 million, up by 87%. Orders received were down 5% implying a trend towards shorter frame agreements. Earnings per share doubled to EUR 1.20 from EUR 0.57. Cash flow from operations reached EUR 48 million resulting in EUR 75 million liquid funds. Net sales development was strongest in EMEA, up 19%, whereas APAC grew 6% and Americas was down 1%. Americas continued as the biggest region for Vaisala. Life Science was the fastest growing customer group in Vaisala. Growth was strong also in our Weather related project business both in absolute and relative terms. In the fourth quarter also our Weather product business exceeded expectations. The systematic work in Vaisala to implement our customer based strategy was visibly paying off in 2012. Our several internal development programs to increase our efficiency and competitiveness produced great results showing e.g. in improved profitability in our project business. None of the above would have been possible without a great performance from our entire global workforce and its willingness to embrace change. My warmest thanks to everyone involved. The basis for our 2013 business outlook is that we see the current market sentiment to continue when it comes to the general economic outlook and our customers' investment needs. Our position as the global market leader as well as the ongoing internal development programs will further improve our capability to serve our customers." Market outlook The global economic uncertainty continues to impact Vaisala's business and constrain growth opportunities. The market in North America is expected to gradually recover. The cuts in governmental spending and uncertainty of new project timings are expected to impact Weather Business Area sales. The market for Controlled Environment products in Asia is expected to continue challenging. Business outlook 2013 Vaisala has changed the presentation of its business outlook and will from this results release onward estimate both net sales and operating result (EBIT) in a range of euros instead of generic comparison with previous year. Vaisala's net sales are estimated to be in the range of EUR 280-310 million at comparable exchange rates as compared to 2012. The operating result (EBIT) is expected to be in the range of EUR 25-35 million at comparable exchange rates as compared to 2012. Net sales in 2012 were EUR 293.3 million and operating result was EUR 30.1 million. Disclosure procedure This is a summary of Vaisala's January-December 2012 Financial Report. The complete report is attached to this release as a .pdf file and also available at Vaisala website at www.vaisala.com/investors. (Re. Standard 5.2b published by the Finnish Financial Supervision Authority.) Briefing and webcast Briefing for analysts and media will be arranged in Hotel Kämp, Paavo Nurmi meeting room, Pohjoisesplanadi 29, Helsinki starting at 4 p.m. (EET) today. Please register to the briefing by e-mail to liisa.ahtiluoto@vaisala.com. The presentation of Kjell Forsén, President and CEO, at the briefing will be webcast live at www.vaisala.com/investors. A recording of the webcast will be published at the same address by 6 p.m. Further information: Kaarina Muurinen, CFO Tel +358 40 577 5066 Vaisala is a global leader in environmental and industrial measurement. Building on 75 years of experience, Vaisala contributes to a better quality of life by providing a comprehensive range of innovative observation and measurement products and services for chosen weather-related and industrial markets. Headquartered in Finland, Vaisala employs approximately 1400 professionals worldwide and is listed on the NASDAQ OMX Helsinki stock exchange. www.vaisala.com www.twitter.com/VaisalaGroup Distribution: NASDAQ OMX Helsinki Key media www.vaisala.com [HUG#1675990] |
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