2011-08-11 12:00:00 CEST
2011-08-11 12:00:14 CEST
REGULATED INFORMATION
Glaston Oyj Abp - Interim report (Q1 and Q3)
Glaston Interim Report 1 January-30 June 2011
Helsinki, Finland, 2011-08-11 12:00 CEST (GLOBE NEWSWIRE) -- GLASTON
CORPORATION INTERIM REPORT 11 August 2011 at 13.00
Glaston Interim Report 1 January-30 June 2011
- Orders received in January-June totalled EUR 75.5 (69.6) million. Orders
received in the second quarter totalled EUR 36.7 (36.7) million.
- The order book on 30 June 2011 was EUR 40.0 (30.2) million.
- Consolidated net sales in January-June totalled EUR 75.9 (79.9) million.
Second-quarter net sales were EUR 41.6 (41.5) million.
- EBITDA was EUR 4.3 (-0.5) million, i.e. 5.6 (-0.7)% of net sales.
- The operating result in January-June was a profit of EUR 0.4 (4.5 loss)
million, i.e. 0.5 (-5.6)% of net sales. The second-quarter operating result was
a profit of EUR 1.3 (2.8 loss) million.
- Return on capital employed (ROCE) was 0.4 (-7.3)%.
- January-June share-issue adjusted earnings per share were EUR -0.09 (-0.09).
- Glaston expects that 2011 net sales will be at least at the 2010 level and
that the operating result will return to profit.
President & CEO Arto Metsänen:
For Glaston, the first half of the year proceeded according to plan. Our
operating profit for the first six months was positive. This is indicative of
the effectiveness of our restructuring measures, because we have not received
much assistance from the market for our improved financial performance.
In the second quarter, economic uncertainty increased and the market outlook
for the latter part of the year is less stable. We are monitoring market
development closely and we have faith in our own measures in future, too; we
will continue our work to improve profitability and complete our restructuring.
We will have strong focus on Services, Software Solutions and Tools, all
sectors that do not require significant investments by the customers.
Markets
The cautious recovery continued during the first half of the year, although
with significant regional differences. The positive development of the South
American markets continued. In Asia the market also developed favourably, while
showing signs of levelling off. In North America, the machine market remained
subdued, with demand directed at Services segment products. In Europe, the
challenging market situation continued.
Machines
In the second quarter, demand in Europe and North America continued to be weak.
Uncertain economic development in North America and Europe contributed
unfavourably to customers' willingness to invest. This was evident in extended
negotiating times and growing price competition. In Europe, regional
differences are significant, however, with markets in Poland, Turkey and Russia
developing positively.
The positive development of the South American market continued in the second
quarter, and the Aluvi Fair held in Argentina in late May/early June boosted
sales. As the South American glass market develops, demand for large glass
sizes and Low-E insulating glass has grown. To respond to this customer demand,
Glaston launched during the second quarter the locally-manufactured ProE300
Magnum machine.
The Asian market, which has been growing strongly, showed signs of levelling
off during the second quarter. The new Solar Line concept, the market's first
integrated complete line, was presented at the China Glass Fair held in
Shanghai in May. The concept is directed particularly at Asia's growing solar
energy market.
To improve profitability, the Machines segment's adjustment measures continued
during the second quarter, mainly in Italy and Finland.
In January-June, the Machines segment's net sales totalled EUR 47.6 (52.9)
million.
Services
The positive market development of the Services segment continued in the second
quarter.
As customers prepared for summer maintenance shutdowns, sales of spare parts
developed favourably. In North and South America, capacity-raising and
quality-improving upgrade and modernisation products increased sales. In Asia,
the sales emphasis was on control system upgrades and replacements.
In January-June, the Services segment's net sales totalled EUR 16.9 (15.5)
million. The segment's profitability was improved by lower fixed costs, a
higher invoicing rate in service work and growing sales of upgrade products.
Software Solutions
The cautious recovery of the Software Solutions segment market continued during
the second quarter. Global customers are initiating software investments aimed
at raising the degree of production automation and improving efficiency.
Orders received were at the level of the corresponding period of the previous
year, as was the order book. Measures to lighten the cost structure continued,
and improved the profitability of the segment.
In January-June, the Software Solutions segment's net sales totalled EUR 12.2
(12.0) million.
Orders received
Glaston's orders received during the first six months of the year totalled EUR
75.5 (69.6) million. Of orders received, the Machines segment accounted for
62%, the Software Solutions segment 16% and the Software Solutions segment 22%.
Orders received during the second quarter of the year totalled EUR 36.7 (36.7)
million.
Order book
Glaston's order book on 30 June 2011 was EUR 40.0 (30.2) million. Of the order
book, the Machines segment accounted for EUR 35.4 million, the Services segment
EUR 1.1 million and the Services segment EUR 3.5 million.
Order book, EUR million 30.6.2011 30.6.2010 Change, %
--------------------------------------------------------
Machines 35.4 25.6 +38%
--------------------------------------------------------
Services 1.1 0.9 +22%
--------------------------------------------------------
Software Solutions 3.5 3.7 -5%
--------------------------------------------------------
Total 40.0 30.2 +32%
--------------------------------------------------------
Net sales and result
Net sales for the review period totalled EUR 75.9 (79.9) million. The Machines
segment's net sales in the first half of the year were EUR 47.6 (52.9) million,
the Services segment's net sales EUR 16.9 (15.5) million and the Software
Solutions segment's net sales EUR 12.2 (12.0) million.
April-June net sales totalled EUR 41.6 (41.5) million. Second quarter net sales
were distributed across the business segments as follows: Machines EUR 27.6
(28.5) million, Services EUR 8.5 (7.3) million and Software Solutions EUR 6.2
(6.0) million.
Net sales, EUR million 1-6/2011 1-6/2010 1-12/2010
-------------------------------------------------------
Machines 47.6 52.9 95.0
-------------------------------------------------------
Services 16.9 15.5 32.0
-------------------------------------------------------
Software Solutions 12.2 12.0 23.9
-------------------------------------------------------
Other and internal sales -0.9 -0.4 -1.5
-------------------------------------------------------
Total 75.9 79.9 149.4
-------------------------------------------------------
The operating result in January-June was a profit of EUR 0.4 (4.5 loss)
million, i.e. 0.5 (-5.6)% of net sales. Cost savings generated by restructuring
programmes were the main contribution to the improvement in operating profit.
The review period operating profit includes non-recurring items of EUR 0.1
million, which are attributed to the Services and Software Solutions segments.
Of the operating profit excluding non-recurring items in the first half of the
year, the Machines segment's contribution was EUR -1.7 (-3.2) million, the
Services segment's contribution EUR 3.8 (1.5) million and the Software
Solutions segment's contribution EUR 1.3 (1.2) million.
The second-quarter operating profit was EUR 1.3 (2.8 loss) million, including
non-recurring items of EUR 0.1 million. Of the second-quarter operating profit
excluding non-recurring items, the Machines segment's contribution was EUR 0.2
(-1.7) million, the Services segment's contribution EUR 2.3 (0.5) million and
the Software Solutions segment's contribution EUR 0.3 (0.5) million.
Operating result 1-6/2011 1-6/2010 1-12/2010
------------------------------------------------------------------------------
Machines -1.7 -3.2 -8.5
------------------------------------------------------------------------------
Services 3.8 1.5 3.3
------------------------------------------------------------------------------
Software Solutions 1.3 1.2 1.1
------------------------------------------------------------------------------
Parent, eliminations -3.1 -4.0 -7.1
------------------------------------------------------------------------------
Total 0.3 -4.5 -11.3
------------------------------------------------------------------------------
Non-recurring items 0.1 - -13.7
------------------------------------------------------------------------------
Operating result, excluding non-recurring items 0.4 -4.5 -24.9
------------------------------------------------------------------------------
Glaston's net financial expenses were EUR -7.6 (-3.1) million. Financial
expenses were increased by a EUR 3.4 million expense recognition arising from
additional compensation granted in connection with the conversion of a
convertible bond. This recognition had no impact on equity or cash flow,
however.
The result for the review period was a loss of EUR 8.7 (7.8 loss) million. The
result for the second quarter was a loss of EUR 0.6 (3.4 loss) million. Return
on capital employed was 0.4 (-7.3)% and share-issue adjusted earnings per share
were EUR -0.09 (-0.09). Second-quarter earnings per share were EUR 0.00
(-0.04).
Adjustment measures
In 2011 the business development priorities continue to be improving
profitability and completing adjustment measures. During the second quarter,
adjustment measures proceeded according to plan, with the focus of measures
being on Italy and Finland.
Financial position, cash flow and financing
At the end of the review period, the consolidated asset total was EUR 194.0
(224.5) million. The equity attributable to owners of the parent was EUR 57.7
(63.7) million, i.e. a share-issue adjusted EUR 0.55 (0.78) per share. The
equity ratio on 30 June 2011 was 31.9 (30.8)%. The equity ratio on 31 December
2011 was 22.1%. Net gearing was 93.4 (115.4)% (on 31 December 2010, 189.0%)
Return on equity in January-June was -35.7 (-23.3)%.
Cash flow from operating activities, excluding the change in working capital,
was EUR -3.9 (-8.7) million in the review period. The most significant reasons
for the negative cash flow were financial expenses, such as payment of interest
on the convertible bond as well as the settling of provisions recognised in
2010. The change in working capital was EUR 0.6 (-5.5) million. Cash flow from
investments was EUR -2.3 (-1.4) million. Cash flow from financing activities in
January-June was EUR 10.6 (10.8) million.
Capital expenditure, depreciation and amortisation
Glaston's gross capital expenditure totalled EUR 2.5 (2.1) million. In the
review period, there were no significant individual investments; the largest
investments were directed at development expenditure on new products.
Depreciation and amortisation recognised during the review period totalled EUR
3.8 (3.7) million, and impairment losses on tangible and intangible assets were
EUR 0.0 (0.3) million.
Organisation and personnel
Uwe Schmid was appointed Senior Vice President, Software Solutions on 8 April
2011. He will assume full business responsibility for the Software Solutions
segment as of 1 September 2011.
On 30 June 2011, Glaston Corporation had a total of 907 (1,032) employees. Of
the Group's employees, 19% worked in Finland and 38% elsewhere in the EMEA
area, 28% in Asia and 15% in the Americas. The average number of employees was
912 (1,065).
Shares and share prices
On 25 February 2011, Glaston published a stock exchange release outlining the
company's new financial package. As part of the arrangement, Glaston'sconvertible bond holders were offered the opportunity to convert their bond
holdings into the company's shares. The shares subscribed for in the
convertible bond conversion approved by Glaston's Board of Directors on 28
March 2011, a total of 4,615,367 new shares, were entered into the Trade
Register on 4 April 2011 and became available for public trading on the NASDAQ
OMX Helsinki Stock Exchange on 5 April 2011.
The Board of Directors of Glaston Corporation decided on 28 April 2011 to
implement a directed share issue without payment on the basis of the
authorisation granted to it by the Annual General Meeting on 5 April 2011. In
the share issue, a total of 3,092,501 new company shares were issued without
payment to those investors who had converted into company shares the
convertible bonds issued by the company on 16 June 2009 and 18 February 2010.
The new shares were entered into the Trade Register on 6 May 2011 and became
available for public trading on the NASDAQ OMX Helsinki Stock Exchange on 9 May
2011.
Glaston Corporation's paid and registered share capital on 30 June 2011 was EUR
12.7 million and the number of issued and registered shares totalled
105,588,636. The company has one series of share. At the end of June, the
company held 788,582 of the company's own shares (treasury shares),
corresponding to 0.75% of the total number of issued and registered shares and
votes on 30 June 2011. The counter book value of treasury shares is EUR 94,819.
Every share that the company does not hold itself entitles its owner to one
vote at the Annual General Meeting. The share has no nominal value. The counter
book value of each registered share is EUR 0.12.
On 30 June 2011, the market capitalisation of the company's shares, treasury
shares excluded, was EUR 106.9 (98.9) million. During January-June, a total of
around 4.1 million of the company's shares were traded, i.e. around 4.4% of the
average number of registered shares. The lowest price paid for a share was EUR
0.87 and the highest price EUR 1.27. The volume-weighted average price of
shares traded during January-June was EUR 1.09. The closing price on 30 June
2011 was EUR 1.02.
The share-issue adjusted equity per share attributable to owners of the parent
was EUR 0.55 (0.78).
Disclosures under Chapter 2, section 9 of the Securities Markets Act
On 29 April 2011, Glaston was informed that the holding in Glaston Corporation
of Oy G.W. Sohlberg Ab and its controlled undertaking (GWS Trade Oy) had fallen
below 25% as part of the directed share issue without payment included in the
financing arrangements described in Glaston's stock exchange release of 28
April 2011. Oy G.W. Solhlberg Ab's ownership fell to 12.14% and GWS Trade Oy's
ownership fell to 12.73%.
Decisions of the Annual General Meeting
The Annual General Meeting of Glaston Corporation was held in Helsinki on 5
April 2011. The Annual General Meeting approved the financial statements and
consolidated financial statements for 2010 and released the Board of Directors
and the President & CEO from liability for the financial year 1 January-31
December 2010.
The Annual General Meeting approved the proposal of the Board of Directors that
no dividend be distributed for the financial year ending 31 December 2010.
The Annual General Meeting confirmed the re-election of the following Members
of the Board of Directors for a year-long term of office: Claus von Bonsdorff,
Carl-Johan Rosenbröijer, Teuvo Salminen, Christer Sumelius and Andreas
Tallberg. A new member, Pekka Vauramo, was also elected.
The Annual General Meeting decided to maintain the Chairman of the Board's
annual remuneration at EUR 40,000 and the Deputy Chairman's annual remuneration
at EUR 30,000. It was also decided to maintain the annual remuneration of the
other Members of the Board at EUR 20,000. The Annual General Meeting elected
as auditor Public Accountants Ernst & Young, with Harri Pärssinen, APA, as the
responsible auditor.
The Annual General Meeting approved an amendment to Article 1 of the Articles
of Association so that the domicile of the company shall be Helsinki.
Authorisations given by the Annual General Meeting
The Annual General Meeting authorised the Board of Directors to decide on the
issue of new shares and/or the conveyance of the own shares held by the
company. By virtue of the authorisation, the Board of Directors is entitled to
decide on the issuance of a maximum of 20,000,000 new shares and on the
conveyance of a maximum of 20,000,000 own shares held by the company. However,
the total number of shares to be issued and/or conveyed may not exceed
20,000,000 shares.
The new shares may be issued and own shares held by the company may be conveyed
either against payment or without payment.
The new shares may be issued and/or own shares held by the company conveyed to
the company's shareholders in proportion to their existing shareholdings in the
company, or by means of a directed share issue, in derogation of the
pre-emptive subscription right of the shareholders, if there is a weighty
reason for the company to do so, such as the shares are to be used to improve
the capital structure of the company or as consideration in future acquisitions
or other arrangements that are part of the company's business or as part of the
company's or its subsidiaries' incentive schemes.
Shares can be issued or conveyed without payment in derogation the pre-emptive
subscription right of shareholders only if there is an especially weighty
financial reason for the company to do so, taking the interests of all
shareholders into account.
The Board of Directors may decide on a share issue without payment also to the
company itself. A decision regarding a share issue to the company itself cannot
be made such that the total number of shares held jointly by the company or its
subsidiaries would exceed one tenth of all shares of the company.
The subscription price of new shares issued and the consideration paid for the
conveyance of the company's own shares shall be credited to the reserve for
invested unrestricted equity.
By virtue of the share issue authorisation, the Board of Directors shall decide
on other matters relating to the issuing and conveyance of shares. The share
issue authorisation is valid until the end of the 2013 Annual General Meeting.
Glaston's Board of Directors decided on 28 April 2011 to implement a directed
share issue without payment. In the share issue, a total of 3,092,501 new
company shares were issued without payment to those investors who had converted
into company shares the convertible bonds issued by the company on 16 June 2009
and 18 February 2010. Following the implemented share issue, the Board of
Directors still has an authorisation to issue 16,907,499 shares. The Board of
Directors has no other authorisations.
Organising meeting of the Board of Directors
At its organising meeting, the Board of Directors elected from among its
members Andreas Tallberg to continue as the Chairman of the Board and Christer
Sumelius to continue as the Deputy Chairman of the Board.
Uncertainties and risks in the near future
Lately financial uncertainty has increased, particularly in Europe and the
United States. In addition, political instability in the Middle East is
unfavourably influencing demand for glass processing machines and is therefore
reflected in EMEA area sales. Instability in the market may lead to the
postponement of orders and changes in delivery schedules. Customers'
difficulties relating to finance arrangements may restrict customers'
investment opportunities. These may be reflected in the development for the
rest of the year.
The underlying nature of the sector is expected to remain unchanged, so
development in the coming years is expected to be positive. If the recovery of
the sector is delayed or slows, this will have a negative effect on Glaston's
result. The shift of the geographical focus of activity to areas of higher
economic growth will, however, dampen the economic effects of a possibly slower
recovery in Western Europe.
Outlook
A modest recovery in Glaston's market is expected during 2011. Demand in the
rapidly growing Asian market, particularly China, would appear to be levelling
off. In the South American market, cautious growth of demand is expected in
2011. In North America and Europe, market conditions may continue to be
challenging.
The cornerstones of Glaston's operations remain the architectural glass segment
and the solar energy market. Asia, particularly China, has a strongly
developing solar energy market and we expect demand for solar energy projects
to grow. We will continue purposefully to strengthen our position in China and
elsewhere in Asia.
In 2011 the business development priorities are improving profitability and
completing the adjustment measures, whose positive effect on the result will be
realised towards the end of the year.
We expect that 2011 net sales will be at least at the 2010 level and that the
operating result will return to profit.
Helsinki, 11 August 2011
Glaston Corporation Board of Directors
Further information: Arto Metsänen, President & CEO, tel. +358 10 500 6100
Sent by: Agneta Selroos Director, Communications and Marketing Glaston
Corporation Tel. +358 10 500 6105
Glaston Corporation Glaston Corporation is an international glass technology
company and a pioneer in glass processing technology. Its product range and
service network are the widest in the industry. Glaston's notable brands are
Bavelloni in pre-processing machines and tools, Tamglass and Uniglass in safety
glass machines, and Albat+Wirsam in glass industry software. Glaston's share
(GLA1V) is listed on the NASDAQ OMX Helsinki Small Cap List.
Distribution: NASDAQ OMX, key media, www.glaston.net
GLASTON CORPORATION
CONDENSED FINANCIAL STATEMENTS AND NOTES 1 JANUARY - 30 JUNE 2011
These interim financial statements are not audited. As a result of rounding
differences, the figures presented in the tables may not add up to the total.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
EUR million 30.6.2011 30.6.2010 31.12.2010
Assets
Non-current assets
Goodwill 52.6 58.4 52.6
Other intangible assets 18.5 19.3 18.8
Property, plant and equipment 18.9 23.1 19.5
Investments in joint ventures and associates 0.0 0.0 0.0
Available-for-sale assets 0.3 0.3 0.3
Loan receivables 4.5 4.2 4.5
Deferred tax assets 8.0 9.0 8.9
--------------------------------------------------------------------------------
Total non-current assets 102.8 114.3 104.6
Current assets
Inventories 26.0 37.2 27.9
Receivables
Trade and other receivables 44.9 54.5 43.1
Assets for current tax 0.7 3.8 0.8
--------------------------------------------------------------------------------
Total receivables 45.6 58.2 43.9
Cash equivalents 19.7 14.8 15.7
Assets held for sale - - 2.8
Total current assets 91.3 110.2 90.3
--------------------------------------------------------------------------------
Total assets 194.0 224.5 194.9
30.6.2011 30.6.2010 31.12.2010
Equity and liabilities
Equity
Share capital 12.7 12.7 12.7
Share premium account 25.3 25.3 25.3
Other reserves 0.0 0.0 0.0
Reserve for invested unrestricted equity 26.8 0.2 0.1
Treasury shares -3.3 -3.5 -3.3
Fair value reserve 0.0 0.0 0.0
Retained earnings and exchange differences 4.8 36.8 36.3
Net result attributable to owners of the -8.7 -7.8 -31.9
parent
--------------------------------------------------------------------------------
Equity attributable to owners of the parent 57.7 63.7 39.1
Non-controlling interest 0.3 0.4 0.3
--------------------------------------------------------------------------------
Total equity 58.0 64.1 39.5
--------------------------------------------------------------------------------
Non-current liabilities
Convertible bond 7.8 25.7 26.2
Non-current interest-bearing liabilities 44.0 4.2 0.0
Non-current interest-free liabilities and 4.0 5.6 4.3
provisions
Deferred tax liabilities 4.2 5.0 4.7
--------------------------------------------------------------------------------
Total non-current liabilities 60.0 40.5 35.2
Current liabilities
Current interest-bearing liabilities 22.1 58.8 61.4
Current provisions 4.1 5.7 7.0
Trade and other payables 49.1 52.5 48.2
Liabilities for current tax 0.8 2.9 0.8
Liabilities related to non-current assets held - - 2.8
for sale
Total current liabilities 76.1 119.8 120.2
--------------------------------------------------------------------------------
Total liabilities 136.1 160.4 155.4
--------------------------------------------------------------------------------
Total equity and liabilities 194.0 224.5 194.9
CONDENSED CONSOLIDATED INCOME STATEMENT
EUR million 4-6/ 4-6/ 1-6/ 1-6/ 1-12/
2011 2010 2011 2010 2010
Net sales 41.6 41.5 75.9 79.9 149.4
Other operating income 0.2 0.2 0.4 0.3 0.9
Expenses -38.6 -42.5 -72.0 -80.3 -160.3
Share of associates and joint ventures' - - - -0.5 -0.4
result
Depreciation, amortization and -2.0 -2.1 -3.9 -4.0 -14.5
impairment
--------------------------------------------------------------------------------
Operating profit / loss 1.3 -2.8 0.4 -4.5 -24.9
Financial items, net -1.3 0.1 -7.6 -3.1 -6.9
--------------------------------------------------------------------------------
Result before income taxes 0.0 -2.8 -7.2 -7.6 -31.8
Income taxes -0.6 -0.6 -1.5 -0.2 -0.2
--------------------------------------------------------------------------------
Profit / loss for the period -0.6 -3.4 -8.7 -7.8 -32.0
--------------------------------------------------------------------------------
Attributable to:
Owners of the parent -0.6 -3.4 -8.7 -7.8 -31.9
Non-controlling interest 0.0 0.0 0.0 0.0 0.0
Total -0.6 -3.4 -8.7 -7.8 -32.0
--------------------------------------------------------------------------------
Earnings per share, EUR, basic 0.00 -0.04 -0.09 -0.09 -0.39
Earnings per share, EUR, diluted 0.00 -0.04 -0.09 -0.09 -0.39
Operating profit / loss, as % of net 3.1 -6.8 0.5 -5.6 -16.7
sales
Profit / loss for the period, as % of -1.4 -8.2 -11.5 -9.7 -21.4
net sales
Non-recurring items included in 0.1 - 0.1 - -13.7
operating profit / loss
Operating profit / loss, non-recurring 1.2 -2.8 0.3 -4.5 -11.3
items excluded
Operating profit / loss, non-recurring 2.9 -6.8 0.4 -9.7 -7.5
items excluded, as % of net sales
CONSOLIDATED STATEMENT OF COMPEREHENSIVE INCOME
4-6/ 4-6/ 1-6/ 1-6/ 1-12/
2011 2010 2011 2010 2010
Profit / loss for the period -0.6 -3.4 -8.7 -7.8 -32.0
Other comprehensive income
Total exchange differences on -0.1 1.1 -0.7 1.8 1.0
translating foreign operations
Fair value changes of 0.0 0.0 0.0 0.0 0.0
available-for-sale assets
Income tax on other comprehensive 0.0 0.0 0.0 0.0 0.0
income
--------------------------------------------------------------------------------
Other comprehensive income for the -0.1 1.1 -0.7 1.8 1.0
reporting period, net of tax
--------------------------------------------------------------------------------
Total comprehensive income for the -0.7 -2.3 -9.4 -6.0 -30.9
reporting period
--------------------------------------------------------------------------------
Attributable to
Owners of the parent -0.7 -2.4 -9.4 -6.1 -30.9
Non-controlling interest 0.0 0.1 0.0 0.1 0.0
Total comprehensive income for the -0.7 -2.3 -9.4 -6.0 -30.9
reporting period
--------------------------------------------------------------------------------
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
EUR million 1-6/2011 1-6/2010 1-12/2010
Cash flows from operating activities
Cash flow before change in net working capital -3.9 -8.7 -13.7
Change in net working capital 0.6 -5.5 2.7
--------------------------------------------------------------------------------
Net cash flow from operating activities -3.3 -14.2 -11.0
Cash flow from investing activities
Business combinations - 0.0 0.0
Other purchases of non-current assets -2.5 -1.9 -4.4
Investment in joint ventures - -0.2 -0.2
Proceeds from sale of joint ventures - 0.4 0.4
Other - - -
Proceeds from sale of other non-current assets 0.2 0.4 0.7
--------------------------------------------------------------------------------
Net cash flow from investing activities -2.3 -1.4 -3.5
--------------------------------------------------------------------------------
Cash flow before financing -5.6 -15.6 -14.5
Cash flow from financing activities
Share issue and conversion of convertible bond, 5.8 - -
net
Increase in non-current liabilities 47.8 6.2 6.2
Decrease in non-current liabilities -1.8 -0.5 -1.2
Changes in loan receivables (increase - / 0.0 - -0.1
decrease +)
Increase in short-term liabilities 19.9 23.0 50.1
Decrease in short-term liabilities -61.2 -19.2 -44.5
Other financing 0.0 1.4 1.4
--------------------------------------------------------------------------------
Net cash flow from financing activities 10.6 10.8 11.9
--------------------------------------------------------------------------------
Effect of exchange rate changes -1.0 4.0 2.7
Net change in cash and cash equivalents 4.0 -0.8 0.1
Cash and cash equivalents at the beginning of 15.7 15.6 15.6
period
Cash and cash equivalents at the end of period 19.7 14.8 15.7
--------------------------------------------------------------------------------
Net change in cash and cash equivalents 4.0 -0.8 0.1
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
EUR million Share Share Other Reserve for Treasur Fair
capita premium reserve invested y value
l account s unrestr. equity shares reserve
---------------------------------------------------------------
Equity at 1 12.7 25.3 0.0 0.2 -3.5 0.0
January, 2010
--------------------------------------------------------------------------------
Total - - 0.0 - - 0.0
comprehensive income for the
period
Equity at 30 12.7 25.3 0.0 0.2 -3.5 0.0
June, 2010
--------------------------------------------------------------------------------
EUR million Share Share Other Reserve for Treasur Fair
capita premium reserve invested y value
l account s unrest. equity shares reserve
---------------------------------------------------------------
Equity at 1 12.7 25.3 0.0 0.1 -3.3 0.0
January, 2011
--------------------------------------------------------------------------------
Total - - 0.0 - - 0.0
comprehensive
income for the
period
Share issue - - - 5.9 - -
Conversion of - - - 20.8 - -
convertible
bond
Equity at 30 12.7 25.3 0.0 26.8 -3.3 0.0
June, 2011
--------------------------------------------------------------------------------
EUR million Retaine Exch. Equity Non-contro Total d diff. attrib. to lling equity
earning owners of the interest
s parent
---------------------------------------------------
Equity at 1 January, 2010 35.6 -1.3 69.0 0.3 69.4
--------------------------------------------------------------------------------
Total comprehensive income -7.8 1.7 -6.1 0.1 -6.0
for the period
Share-based incentive plan 0.0 - 0.0 - 0.0
Share-based incentive plan, 0.0 - 0.0 - 0.0
tax effect
Equity part of convertible 0.8 - 0.8 - 0.8
bond
Equity at 30 June, 2010 28.6 0.4 63.7 0.4 64.1
--------------------------------------------------------------------------------
EUR million Retaine Exch. Equity Non-contro Total
d diff. attrib. to lling equity
earning owners of the interest
s parent
---------------------------------------------------
Equity at 1 January, 2011 4.6 -0.3 39.1 0.3 39.5
--------------------------------------------------------------------------------
Total comprehensive income -8.7 -0.7 -9.4 0.0 -9.4
for the period
Share-based incentive plan 0.2 - 0.2 - 0.2
Share-based incentive plan, 0.0 - 0.0 - 0.0
tax effect
Share issue - - 5.9 - 5.9
Conversion of convertible -2.3 - 18.5 - 18.5
bond
Cost effect of the share 3.4 - - 3.4
price compensation related
to convertible bond
conversion
Equity at 30 June, 2011 -2.8 -1.0 57.7 0.3 58.0
--------------------------------------------------------------------------------
KEY RATIOS
30.6.2011 30.6.2010 31.12.2010
EBITDA, as % of net sales (1 5.6 -0.7 -6.9
Operating profit / loss (EBIT), as % of net 0.5 -5.6 -16.7
sales
Net result, as % of net sales -11.5 -9.7 -21.4
Gross capital expenditure, EUR million 2.5 2.1 4.6
Gross capital expenditure, as % of net sales 3.3 2.6 3.1
Equity ratio, % 31.9 30.8 22.1
Gearing, % 127.4 138.4 228.6
Net gearing, % 93.4 115.4 189.0
Net interest-bearing debt, EUR million 54.2 74.0 74.6
Capital employed, end of period, EUR million 131.8 152.9 129.7
Return on equity, %, annualized -35.7 -23.3 -58.7
Return on capital employed, %, annualized 0.4 -7.3 -19.0
Number of personnel, average 912 1,065 1,028
Number of personnel, end of period 907 1,032 957
(1 EBITDA = Operating profit / loss + depreciation, amortization and impairment.
PER SHARE DATA
30.6.2011 30.6.2010 31.12.2010
Number of registered shares, end of period, 104,800 78,511 78,561
treasury shares excluded (1,000)
Number of shares issued, end of period, 104,800 82,129 82,179
adjusted with share issue, treasury shares
excluded (1,000)
Number of shares, average, adjusted with share 96,785 82,129 82,145
issue, treasury shares excluded (1,000)
Number of shares, dilution effect of the 109,528 103,889 104,646
convertible bond taken into account, average,
adjusted with share issue, treasury shares
excluded (1,000)
EPS, basic, adjusted with share issue, EUR -0.09 -0.09 -0.39
EPS, diluted, adjjusted with share issue, EUR -0.09 -0.09 -0.39
Adjusted equity attributable to owners of the 0.55 0.78 0.48
parent per share, EUR
Price per adjusted earnings per share (P/E) -11.4 -13.3 -2.9
ratio
Price per adjusted equity attributable to 1.85 1.62 2.37
owners of the parent per share
Market capitalization of registered shares, 106.9 98.9 88.8
EUR million
Share turnover, % (number of shares traded, % 4.4 10.4 19.6
of the average registered number of shares)
Number of shares traded, (1,000) 4,135 8,131 15,419
Closing price of the share, EUR 1.02 1.26 1.13
Highest quoted price, EUR 1.27 1.65 1.65
Lowest quoted price, EUR 0.87 1.05 0.80
Volume-weighted average quoted price, EUR 1.09 1.27 1.17
DEFINITIONS OF KEY RATIOS
Definitions of key ratios are presented in 2010 financial statements as well as
in January - March 2011 interim report.
ACCOUNTING POLICIES
The consolidated interim financial statements of Glaston Group are prepared in
accordance with International Financial Reporting Standard IAS 34 Interim
Financial Reporting as approved by the European Union. They do not include all
of the information required for full annual financial statements.
The accounting principles applied in these interim financial statements are the
same as those
applied by Glaston in its consolidated financial statements as at and for the
year ended
31 December, 2010, with the exception of certain new or revised or amended
standards and
interpretations which have been applied from 1 January, 2011. These amended
standards and
interpretations are presented in 2010 financial statements as well as in
January - March 2011
interim report.
SEGMENT INFORMATION
The reportable segments of Glaston are Machines, Services and Software
Solutions. The reportable segments apply Glaston Group's accounting and
measurement principles. Glaston follows the same commercial terms in
transactions between segments as with third parties.
The reportable segments consist of operating segments, which have been
aggregated in accordance with the criteria of IFRS 8.12. Operating segments
have been aggregated, when the nature of the products and services is similar,
the nature of the production process is similar, as well as the type or class
of customers. Also the methods to distribute products or to provide services
are similar.
The reportable Machines segment consists of Glaston's operating segments
manufacturing glass processing machines and related tools. The Machines segment
includes manufacturing and sale of glass tempering, bending and laminating
machines sold under Tamglass and Uniglass brands, glass pre-processing machines
sold under the Bavelloni brand as well as manufacturing and sale of tools.
Services segment includes maintenance and service of glass processing machines,
machine upgrades and sale of spare parts.
Software Solutions segment's product offering, sold under the Albat+Wirsam
brand, covers enterprise resource planning systems for the glass industry,
software for window and door glass manufacturers, and software for glass
processors' integrated line solutions.
The unallocated operating result consists of head office operations of the
Group and in 2010 also unallocated share of joint venture's result.
Machines
EUR million 4-6/ 4-6/ 1-6/ 1-6/ 1-12/
2011 2010 2011 2010 2010
--------------------------------------------------------------------------------
External sales 27.4 28.5 47.5 52.9 94.9
Intersegment sales 0.2 0.0 0.2 0.0 0.1
--------------------------------------------------------------------------------
Net sales 27.6 28.5 47.6 52.9 95.0
EBIT excluding non-recurring items 0.2 -1.7 -1.7 -3.2 -8.5
--------------------------------------------------------------------------------
EBIT-%, excl. non-recurring items 0.6 -5.9 -3.6 -6.0 -8.9
Non-recurring items - - - - -12.0
--------------------------------------------------------------------------------
EBIT 0.2 -1.7 -1.7 -3.2 -20.4
EBIT-% 0.6 -5.9 -3.6 -6.0 -21.5
Net working capital 24.5 35.5 24.2
--------------------------------------------------------------------------------
Number of personnel, average 561 637 616
Number of personnel, end of period 571 619 577
--------------------------------------------------------------------------------
Services
EUR million 4-6/ 4-6/ 1-6/ 1-6/ 1-12/
2011 2010 2011 2010 2010
--------------------------------------------------------------------------------
External sales 8.1 7.0 16.2 15.0 30.7
Intersegment sales 0.4 0.2 0.6 0.4 1.4
--------------------------------------------------------------------------------
Net sales 8.5 7.3 16.9 15.5 32.0
EBIT excluding non-recurring items 2.3 0.5 3.8 1.5 3.3
--------------------------------------------------------------------------------
EBIT-%, excl. non-recurring items 26.8 6.6 22.6 9.5 10.1
Non-recurring items 0.1 - 0.1 - -2.2
--------------------------------------------------------------------------------
EBIT 2.3 0.5 3.9 1.5 1.1
EBIT-% 27.5 6.6 23.0 9.5 3.4
Net working capital 8.0 8.2 6.9
--------------------------------------------------------------------------------
Number of personnel, average 135 183 171
Number of personnel, end of period 124 170 149
--------------------------------------------------------------------------------
Software Solutions
EUR million 4-6/ 4-6/ 1-6/ 1-6/ 1-12/
2011 2010 2011 2010 2010
--------------------------------------------------------------------------------
External sales 6.1 6.0 12.1 12.0 23.9
Intersegment sales 0.0 0.0 0.1 0.0 0.0
--------------------------------------------------------------------------------
Net sales 6.2 6.0 12.2 12.0 23.9
Share of associates' and joint ventures' results - - - - 0.0
EBIT excluding non-recurring items 0.3 0.5 1.3 1.2 1.1
--------------------------------------------------------------------------------
EBIT-%, excl. non-recurring items 5.3 7.8 10.8 9.7 4.5
Non-recurring items 0.0 - 0.0 - 0.5
--------------------------------------------------------------------------------
EBIT 0.4 0.5 1.4 1.2 1.5
EBIT-% 6.0 7.8 11.1 9.7 6.4
Net working capital 3.9 6.7 4.5
--------------------------------------------------------------------------------
Number of personnel, average 201 222 219
Number of personnel, end of period 199 220 214
--------------------------------------------------------------------------------
Glaston Group
EUR million
Net sales 4-6/ 4-6/ 1-6/ 1-6/ 1-12/
2011 2010 2011 2010 2010
--------------------------------------------------------------------------------
Machines 27.6 28.5 47.6 52.9 95.0
Services 8.5 7.3 16.9 15.5 32.0
Software Solutions 6.2 6.0 12.2 12.0 23.9
Other and intersegment sales -0.6 -0.2 -0.9 -0.4 -1.5
Glaston Group total 41.6 41.5 75.9 79.9 149.4
--------------------------------------------------------------------------------
EBIT 4-6/ 4-6/ 1-6/ 1-6/ 1-12/ 2011 2010 2011 2010 2010
--------------------------------------------------------------------------------
Machines 0.2 -1.7 -1.7 -3.2 -8.5
Services 2.3 0.5 3.8 1.5 3.3
Software Solutions 0.3 0.5 1.3 1.2 1.1
Other and eliminations -1.6 -2.1 -3.1 -4.0 -7.1
EBIT excluding non-recurring items 1.2 -2.8 0.3 -4.5 -11.3
--------------------------------------------------------------------------------
Non-recurring items 0.1 - 0.1 - -13.7
EBIT 1.3 -2.8 0.4 -4.5 -24.9
--------------------------------------------------------------------------------
Net financial items -1.3 0.1 -7.6 -3.1 -6.9
--------------------------------------------------------------------------------
Result before income taxes and non-controlling 0.0 -2.8 -7.2 -7.6 -31.8
interest
Income taxes -0.6 -0.6 -1.5 -0.2 -0.2
Result -0.6 -3.4 -8.7 -7.8 -32.0
--------------------------------------------------------------------------------
Number of personnel, average 912 1,065 1,028
Number of personnel, end of period 907 1,032 957
--------------------------------------------------------------------------------
Segment assets 30.6.2011 30.6.2010 31.12.2010
-----------------------------------------------------------
Machines 44.8 62.9 46.5
Services 10.7 11.3 10.1
Software Solutions 4.8 7.1 5.2
Other 0.1 0.0 0.0
Total segment assets 60.4 81.3 61.8
-----------------------------------------------------------
Other assets 133.7 143.2 133.1
Total assets 194.0 224.5 194.9
-----------------------------------------------------------
Segment liabilities 30.6.2011 30.6.2010 31.12.2010
-----------------------------------------------------------
Machines 20.3 27.4 22.3
Services 2.7 3.1 3.2
Software Solutions 0.9 0.4 0.7
Other 0.4 0.1 0.3
Total segment liabilities 24.3 31.0 26.5
-----------------------------------------------------------
Other liabilities 111.8 129.2 129.0
Total liabilities 136.1 160.4 155.4
-----------------------------------------------------------
Net working capital 30.6.2011 30.6.2010 31.12.2010
-----------------------------------------------------------
Machines 24.5 35.5 24.2
Services 8.0 8.2 6.9
Software Solutions 3.9 6.7 4.5
Other -0.3 -0.1 -0.2
Total Glaston Group 36.1 50.3 35.4
-----------------------------------------------------------
In segment reporting net working capital consists of inventory, external trade
receivables and trade payables and advances received.
Order intake
EUR million 1-6/2011 1-6/2010 1-12/2010
--------------------------------------------------------------
Machines 47.1 44.1 96.2
Services 16.7 14.1 29.8
Software Solutions 11.8 11.4 22.3
Total Glaston Group 75.5 69.6 148.3
--------------------------------------------------------------
Net sales by geographical areas
EUR million 1-6/2011 1-6/2010 1-12/2010
--------------------------------------------------------------
EMEA 34.5 43.2 75.3
Asia 20.2 18.3 35.2
America 21.1 18.4 39.0
Total 75.9 79.9 149.4
--------------------------------------------------------------
QUARTERLY NET SALES, OPERATING RESULT, ORDER INTAKE AND ORDER BOOK
Machines
EUR million 4-6/ 1-3/ 10-12/ 7-9/ 4-6/ 1-3/
2011 2011 2010 2010 2010 2010
--------------------------------------------------------------------------------
External sales 27.4 20.1 23.5 18.5 28.5 24.3
Intersegment sales 0.2 0.0 0.1 0.0 0.0 0.0
--------------------------------------------------------------------------------
Net sales 27.6 20.1 23.6 18.5 28.5 24.3
EBIT excluding non-recurring items 0.2 -1.9 -2.7 -2.6 -1.7 -1.5
--------------------------------------------------------------------------------
EBIT-%, excl. non-recurring items 0.6 -9.2 -11.5 -14.0 -5.9 -6.1
Non-recurring items - - -12.0 - - -
--------------------------------------
EBIT 0.2 -1.9 -14.7 -2.6 -1.7 -1.5
--------------------------------------------------------------------------------
EBIT-% 0.6 -9.2 -62.1 -14.0 -5.9 -6.1
--------------------------------------------------------------------------------
Services
EUR million 4-6/ 1-3/ 10-12/ 7-9/ 4-6/ 1-3/
2011 2011 2010 2010 2010 2010
--------------------------------------------------------------------------------
External sales 8.1 8.1 8.3 7.3 7.0 8.0
Intersegment sales 0.4 0.2 0.5 0.4 0.2 0.2
--------------------------------------------------------------------------------
Net sales 8.5 8.3 8.8 7.8 7.3 8.2
EBIT excluding non-recurring items 2.3 1.5 1.2 0.6 0.5 1.0
--------------------------------------------------------------------------------
EBIT-%, excl. non-recurring items 26.8 18.4 13.3 7.8 6.6 12.1
Non-recurring items 0.1 - -2.2 - - -
--------------------------------------
EBIT 2.3 1.5 -1.0 0.6 0.5 1.0
--------------------------------------------------------------------------------
EBIT-% 27.5 18.4 -11.3 7.8 6.6 12.1
--------------------------------------------------------------------------------
Software Solutions
EUR million 4-6/ 1-3/ 10-12/ 7-9/ 4-6/ 1-3/
2011 2011 2010 2010 2010 2010
--------------------------------------------------------------------------------
External sales 6.1 6.0 5.8 6.0 6.0 6.0
Intersegment sales 0.0 0.0 -0.1 0.1 0.0 0.0
--------------------------------------------------------------------------------
Net sales 6.2 6.0 5.8 6.1 6.0 6.1
Share of associates' and joint - - - 0.0 - -
ventures' results
EBIT excluding non-recurring items 0.3 1.0 -0.3 0.2 0.5 0.7
--------------------------------------------------------------------------------
EBIT-%, excl. non-recurring items 5.3 16.4 -5.9 4.0 7.8 11.7
Non-recurring items 0.0 - 0.5 - - -
--------------------------------------
EBIT 0.4 1.0 0.1 0.2 0.5 0.7
--------------------------------------------------------------------------------
EBIT-% 6.0 16.4 2.2 4.0 7.8 11.7
--------------------------------------------------------------------------------
Net sales
EUR million 4-6/ 1-3/ 10-12/ 7-9/ 4-6/ 1-3/
2011 2011 2010 2010 2010 2010
--------------------------------------------------------------------------------
Machines 27.6 20.1 23.6 18.5 28.5 24.3
Services 8.5 8.3 8.8 7.8 7.3 8.2
Software Solutions 6.2 6.0 5.8 6.1 6.0 6.1
Other and intersegment sales -0.6 -0.2 -0.5 -0.5 -0.2 -0.2
Glaston Group total 41.6 34.2 37.7 31.9 41.5 38.4
--------------------------------------------------------------------------------
EBIT
EUR million 4-6/ 1-3/ 10-12/ 7-9/ 4-6/ 1-3/
2011 2011 2010 2010 2010 2010
--------------------------------------------------------------------------------
Machines 0.2 -1.9 -2.7 -2.6 -1.7 -1.5
Services 2.3 1.5 1.2 0.6 0.5 1.0
Software Solutions 0.3 1.0 -0.3 0.2 0.5 0.7
Other and eliminations -1.6 -1.6 -2.1 -1.1 -2.1 -1.9
EBIT excluding non-recurring items 1.2 -0.9 -3.9 -2.8 -2.8 -1.7
--------------------------------------------------------------------------------
Non-recurring items 0.1 - -13.7 - - -
------------------------------------------
EBIT 1.3 -0.9 -17.6 -2.8 -2.8 -1.7
--------------------------------------------------------------------------------
Order book 30.6. 31.3. 31.12. 30.9. 30.6. 31.3.
2011 2011 2010 2010 2010 2010
--------------------------------------------------------------------------------
Machines 35.4 40.2 37.4 34.7 25.6 32.4
Services 1.1 1.7 1.2 1.9 0.9 0.7
Software Solutions 3.5 3.8 3.5 4.0 3.7 3.8
--------------------------------------
Total Glaston Group 40.0 45.6 42.1 40.7 30.2 36.9
--------------------------------------------------------------------------------
Order intake
EUR million 4-6/ 1-3/ 10-12/ 7-9/ 4-6/ 1-3/
2011 2011 2010 2010 2010 2010
---------------------------------------------------------
Machines 23.1 24.0 26.8 25.3 23.8 20.3
Services 8.0 8.7 8.0 7.7 7.4 6.7
Software Solutions 5.6 6.1 4.8 6.1 5.5 5.9
Total Glaston Group 36.7 38.8 39.7 39.0 36.7 32.9
---------------------------------------------------------
CONTINGENT LIABILITIES
EUR million 30.6.2011 30.6.2010 31.12.2010
Mortgages and pledges
On own behalf 519.5 130.8 274.6
On behalf of others 0.2 - 0.1
Guarantees
On own behalf 0.2 0.5 0.7
On behalf of others 0.0 0.1 0.2
Lease obligations 11.0 12.1 10.7
Repurchase obligations 0.2 0.3 0.2
Other obligation on own behalf 0.0 0.0 0.0
Pledged assets include EUR 122.2 million shares in group companies and EUR 54.3
million receivables from group companies.
Glaston Group has international operations and can be a defendant or plaintiff
in a number of legal proceedings incidental to those operations. The Group does
not expect the outcome of any unmentioned legal proceedings currently pending,
either individually or in the aggregate, to have material adverse effect upon
the Group's consolidated financial position or results of operations.
DERIVATIVE INSTRUMENTS
EUR million 30.6.2011 30.6.2010 31.12.2010
Nominal Fair Nominal Fair Nominal Fair
value value value value value value
Currency
derivatives
Currency 0.1 0.0 2.9 -0.2 0.4 0.1
forwards
Commodity
derivatives
Electricity 0.2 0.1 0.6 0.2 0.3 0.2
forwards
Derivative instruments are used only for hedging purposes. Nominal values of
derivative
instruments do not necessarily correspond with he actual cash flows between the
counterparties and do not therefore give a fair view of the risk position of
the Group.
The fair values are based on market valuation on the date of reporting.
PROPERTY, PLANT AND EQUIPMENT
EUR million
Changes in property, plant and equipment 1-6/2011 1-6/2010 1-12/2010
Carrying amount at beginning of the period 19.5 24.7 24.7
--------------------------------------------------------------------------------
Additions 0.5 0.3 0.9
Disposals -0.2 -0.3 -0.4
Depreciation and amortization -1.3 -1.8 -3.4
Impairment losses and reversals of impairment 0.0 -0.2 -1.2
losses
Reclassification and other changes 0.6 -0.5 -1.5
Exchange differences -0.2 0.8 0.5
Carrying amount at end of the period 18.9 23.1 19.5
--------------------------------------------------------------------------------
At the end of June 2011 Glaston had EUR 0.1 (-) million of contractual
commitments for the acquisition of property, plant and equipment.
SHAREHOLDER INFORMATION
Largest shareholders 30 June, 2011
Number of % of shares and
shares votes
1 GWS Trade Oy 13,446,700 12.73
2 Oy G.W.Sohlberg Ab 12,819,400 12.14
3 Varma Mutual Pension Insurance 9,447,320 8.95
Company
4 Suomen Teollisuussijoitus Oy 9,049,255 8.57
5 Fondita Nordic Micro Cap Investment 2,350,000 2.23
Fund
6 Sumelius Bjarne Henning 2,112,936 2.00
7 Sumelius-Fogelholm Birgitta 1,850,000 1.75
8 Oy Investsum Ab 1,820,000 1.72
9 Sumelius Bertil Christer 1,803,800 1.71
10 Von Christierson Charlie 1,600,000 1.52
11 Sumelius-Koljonen Barbro 1,175,238 1.11
12 The Finnish Cultural Foundation 1,084,760 1.03
13 Suutarinen Heidi Maria 1,049,687 0.99
14 Juola Soile Johanna 1,041,375 0.99
15 Oy Cacava Ab 1,000,000 0.95
16 Ehrnrooth Helene Margareta 965,904 0.91
17 Nordea Pro Finland Fund 911,795 0.86
18 Suutarinen Tero Markus 906,887 0.86
19 Huber Karin 800,800 0.76
20 Nordea Life Assurance Finland Ltd 800,800 0.76
-----------------------------------------------------------------------------
20 largest shareholders total 66,036,657 62.5
Other shareholders 38,992,822 36.9
Nominee registered 559,157 0.5
-----------------------------------------------------------------------------
Total 105,588,636 100.0
-----------------------------------------------------------------------------
RELATED PARTY TRANSACTIONS
Glaston Group's related parties include the parent, subsidiaries, associates
and joint
ventures. Related parties also include the members of the Board of Directors
and the
Group's Executive Management Group, the CEO and their family members.
Glaston follows the same commercial terms in transactions with associates and
joint ventures
and other related parties as with third parties.
During the review period Glaston's related party transactions included leasing
of premises
to a joint venture. In addition, the Group has leased premises from companies
owned by
individuals belonging to the management. The lease payments were in January -
June EUR
0.3 (0.3) million.
During the review period there were no related party transactions whose terms
would differ
from the terms in transactions with third parties.
Transactions with joint ventures and associates
In 2011 Glaston did not have transactions with joint ventures or the associate.
EUR million 1-6/2011 1-6/2010 1-12/2010
Sales to joint ventures - - -
Other operating income from joint ventures - 0.1 0.1
Interest income from joint ventures - 0.1 0.1
Other financial expenses - -3.3 -3.3
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