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2009-02-05 07:58:00 CET 2009-02-05 07:59:42 CET REGULATED INFORMATION Vacon - Financial Statement ReleaseVacon Plc Financial Bulletin 1 January - 31 December 2008Vacon Plc, Stock Exchange Release, 5 February 2009 at 9.00 am: October-December summary: - Order intake totalled MEUR 67.2 million, growth of 7.2 % from the corresponding period in the previous year (MEUR 62.7). - Revenues totalled MEUR 75.2, growth of 22.5 % (MEUR 61.4). - Operating profit was MEUR 7.5 and 10.0 % of revenues (MEUR 7.5 and 12.2 %). - Cash flow from operations was MEUR 5.1 (MEUR 6.9). - Earnings per share were EUR 0.32 (EUR 0.40), a decline of 20.0 % from the previous year. January-December summary: - Order intake was MEUR 306.5, increase of 29.2 % from the corresponding period in the previous year (MEUR 237.2). - Revenues totalled MEUR 293.2, growth of 26.3 % (MEUR 232.2). - Operating profit was MEUR 34.6, increase of 18.5 % (MEUR 29.2). Operating profit margin was 11.8 % (12.6 %). - Cash flow from operations was MEUR 21.9 (MEUR 21.1). - Earnings per share were EUR 1.51 (EUR 1.37), growth from the previous year of 10.2 %. According to market surveys, the global AC drive market grew by about 10 % in 2008. Market growth was strong in the first half but weakened in the second half of the year. The market grew fastest in Asia. The rapid developments in the economies of China and India in particular were reflected in demand for AC drives. Vacon's market share is rising in all major market areas. The value of the orders received by Vacon in the final quarter of the year was EUR 67.2 million. Growth in orders in Asia rose to 28 %. In Europe the growth in orders was 10 %. The order intake in North America was unsatisfactory, declining 14 % from the corresponding period in the previous year. Revenues rose to EUR 75.2 million. Operating profit was EUR 7.5 million, which was similar to the figure in the corresponding period in the previous year. Excluding the impact of the purchase of the AC drives business of TB Wood's, Vacon's order intake increased 2.1 %, revenues 16.8% and operating profit 8.0% from the corresponding period in the previous year. The operating profit margin in the fourth quarter was 10.0 %, compared to 12.2 % in the corresponding period in 2007. Excluding the impact of the TB Wood's business, the operating profit margin in the final quarter was 11.3 %. The operating profit margin before amortization of intangible rights (EBITA) was 11.4 % (13.2 %). Amortization of the intangible rights generated by the acquisition of the AC drives business of TB Wood's (EUR 0.4 million) reduced the operating profit margin by 0.5 percentage points. The cash flow from operations was EUR 5.1 million in October-December 2008. The Group's profitability (EBIT- %) was weakened in the final quarter by the higher fixed costs. Fourth quarter earnings per share were weakened by the higher financial costs resulting from the acquisition of the Ac drives business of TB Wood's and by the writedown of EUR 0.5 million in connection with the dissolving of Vacon Americas LLC. The earnings per share for the fiscal year were EUR 1.51. The Board of Directors proposes to the Annual General Meeting that a dividend of EUR 0.65 per share be paid from the profit for 2008. 2008 result and equity structure MEUR 10-12/ 10-12/ 1-12/ 1-12/ Change, 2008 2007 2008 2007 % Revenues 75.2 61.4 293.2 232.2 26.3 EBITDA 9.5 8.8 41.9 34.0 23.2 Depreciation -2.0 -1.3 -7.3 -4.8 52.1 Operating profit 7.5 7.5 34.6 29.2 18.5 Profit before tax 6.4 7.6 32.6 28.8 13.2 Profit for period 5.1 6.1 23.9 21.4 11.7 Orders received by the Group in 2008 increased 29.2 % from the previous year to EUR 306.5 million (EUR 237.2 million in 2007). The order book for the acquired AC drives business of TB Wood's at the start of the year together with the orders received during 2008 totalled EUR 22.9 million. Excluding the impact of the acquired business, the volume of orders increased 20.0 %. The Group's order book stood at EUR 48.0 (34.8) million at the end of the year, an increase of EUR 13.2 million from the beginning of the year. The Group's revenues grew 26.3 % in 2008 to EUR 293.2 (232.2) million. Growth in revenues excluding the acquisition of the TB Wood's AC drives business was 17.4 %. Consolidated operating profit was EUR 34.6 (29.2) million and profit for the period was EUR 23.9 (21.4) million. Earnings per share (EPS) grew to EUR 1.51 (1.37). The operating profit for comparable figures was EUR 35.8 million, growth of 22.6 % from the previous year. The operating profit margin was 11.8 % (12.6 %). For comparable figures the operating profit was 13.1 % of revenues. The EBITA margin was 13.1 %, compared with 13.4 % in the previous year. Amortization of intangible rights generated by the acquisition of the TB Wood's AC drives business (EUR 1.5 million) reduced the operating profit margin by 0.5 percentage points. Key factors contributing to the growth in revenues were the acquisition of the TB Wood's business, Vacon's competitive, extensive product offering, expansion of the global sales network, and raising efficiency in production operations. The Group's cash flow from business operations in January-December was EUR 21.9 (21.1) million. Receivables increased altogether by EUR 15.9 million from the beginning of the year. The Group's organic growth was financed by cash flow from operations and the acquisition of the TB Wood's business with borrowed capital. The consolidated balance sheet total was EUR 149.1 (123.2) million. Vacon's equity ratio remained strong at 51.1 % (52.9 %). Interest-bearing net debt stood at EUR 12.3 (-11.0) million at the end of the year and gearing was 16.3 % (-17.1 %). The debt comprises the long-term loans used to finance the acquisition of the TB Wood's AC drives business. The return on investment was 37.0 % (41.2 %), and return on equity 34.3 % (36.5 %). Market position Vacon Group revenues by market area were as follows MEUR 10-12/ % 10-12/ % 1-12/ % 1-12/ % 2008 2007 2008 2007 Europe, Middle East, Africa 54.0 71.8 43.0 70.0 210.5 71.8 172.6 74.3 North and South America 14.0 18.6 13.1 21.4 55.9 19.1 42.1 18.1 Asia and Pacific 7.2 9.6 5.3 8.6 26.8 9.1 17.5 7.6 Total 75.2 100.0 61.4 100.0 293.2 100.0 232.2 100.0 Vacon strengthened its position in all main market areas during 2008. Based on market surveys, the company estimates that it has about four per cent of the global market. Vacon's revenues by region were as follows in 2008: Europe, Middle East and Africa in total 71.8 % (74.3 % in 2007), North and South America 19.1 % (18.1 %), Asia and Pacific 9.1 % (7.6 %). Excluding the impact of the AC drives business of TB Wood's, growth in revenues in 2008 was 7.6 % in North and South America and 16.6 % in Europe. The corresponding figures for the fourth quarter were North and South America -13.7 % and Europe +24.7 %. Breakdown of Vacon Group revenues by distribution channel MEUR 10-12/ % 10-12/ % 1-12/ % 1-12/ % 2008 2007 2008 2007 Direct sales 42.4 56.4 27.2 44.3 146.4 49.9 99.0 42.6 Distribu- tors 6.8 9.0 8.3 13.5 34.4 11.7 31.3 13.5 OEM 9.7 12.9 12.7 20.7 60.0 20.5 56.4 24.3 Brand label 16.2 21.5 13.2 21.5 52.4 17.9 45.5 19.6 Total 75.2 100.0 61.4 100.0 293.2 100.0 232.2 100.0 Vacon's 2008 revenues by distribution channel were as follows: direct sales 49.9 % (42.6 %), distributors 11.7 % (13.5 %), OEM 20.5 % (24.3 %) and brand label customers 17.9 % (19.6 %). Vacon Group structure In January 2008 Vacon acquired the AC drives business of TB Wood's, part of US-based Altra Holdings Inc. The transaction included factories in the USA and Italy and sales companies in India and Germany. During 2008 Vacon established sales companies in South Korea, Mexico, Denmark and Czech Republic and representative offices in Romania and Ukraine. At the end of 2008 Vacon's own sales network comprised 21 subsidiaries as well as representative offices in Brazil, The United Arab Emirates and Thailand in addition to Romania and Ukraine. Research and development R&D expenditure during the year totalled EUR 17.0 (14.3) million, and EUR 2.3 (1.9) million of this was capitalized as development costs. R&D costs accounted for 5.8 % of the Group's revenues (6.2 %). Amortization of capitalized development costs totalled EUR 0.6 (0.5) million in 2008. During 2008 Vacon increased the number of personnel at its R&D units in Finland and China. Following the acquisition of the TB Wood's business, Vacon now has R&D in the USA and Italy as well. Vacon aims to renew its product offering during 2009 - 2010. Work on developing the new products continued during 2008 in accordance with the company's plans. The new generation products are more competitive in terms of features and costs. Vacon launched the first of the new generation AC drives during 2008. Investments Gross investments by the Group during the year, excluding the purchase of the TB Wood's AC drives business, totalled EUR 11.2 (9.1) million. Expenditure focused on increasing and maintaining production capacity, expanding the sales network, and on standardizing and developing information systems. The extension to Vacon's factory in Vaasa, Finland was completed in October 2008. During the year the company announced plans to build new factories in China and the USA. Organization and personnel The number of Vacon personnel has increased by 328 since the beginning of the year. At the end of December the Group employed 1197 (869) people, of whom 639 (555) were in Finland and 558 (314) in other countries. The table below shows the average number of Vacon employees during the review period: 1-12/2008 1-12/2007 Office personnel 687 512 Factory personnel 444 260 TOTAL 1,131 772 Shares and shareholders Vacon had a market capitalization at the end of December of EUR 278.0 million. The closing share price on 31 December 2008 was EUR 18.30. The lowest share price during the January-December period was EUR 17.0 and the highest EUR 32.44. A total of 4,915,722 Vacon shares (32.1 % of the share stock) were traded in the January-December period, in monetary terms EUR 131.0 million. According to the shareholder register updated on 31 December 2008, Vacon had 4,525 registered shareholders. Shares that were nominee registered and in foreign ownership amounted to 33.1 % of the share stock. Vacon's main shareholders on 31 December 2008 were: Number of Holding, % shares Ahlström Capital Oy 2,297,996 15.0 Tapiola Mutual Pension Insurance Company 584,500 3.8 Vaasa Engineering Oy 424,433 2.8 Koskinen Jari 360,670 2.4 Holma Mauri 347,171 2.3 Ehrnrooth Martti 333,000 2.2 Tapiola Group companies 325,300 2.1 Niemelä Harri 309,840 2.0 OP-Delta fund 268,904 1.8 Karppinen Veijo 209,349 1.4 Nominee registered and in foreign ownership 5,055,742 33.1 Others 4,778,095 31.2 Total 15,295,000 100.0 Vacon Plc's own shares -101,812 Shares outstanding 15,193,188 On 31 December 2008 members of Vacon's Board of Directors, the President and CEO, and the Deputy to the CEO held directly a total of 558,185 shares, or 3.6 % of Vacon's share stock. Own shares On 31 December 2008 Vacon Plc held a total of 101,812 of its own shares which it had acquired at an average price of EUR 19.6. This is 0.7 % of the share capital and voting rights, so it has no major impact on the distribution of ownership or voting rights in the company. Dividend proposal At the end of the financial year the distributable equity of the parent company stands at EUR 48.5 million. The Board of Directors proposes to the Annual General Meeting of Shareholders to be held on 1 April 2009 that a dividend of EUR 0.65 per share be paid from the parent company's profit for the financial year 2008 of EUR 17.3 million and the remainder of the profit for the year be transferred to retained earnings. According to this proposal, a total of EUR 9.9 million would be paid in dividend. Business strategy AC drives are a key product in production automation, increasing energy efficiency and utilizing renewable energy sources. This creates a solid base for long-term growth in the AC drives business. By focusing one hundred per cent on AC drives, Vacon aims to grow profitably and much faster than the average growth rate in the sector. The cornerstones of Vacon's strategy are systematic development of product leadership and international expansion to ensure growth. One of the broadest product ranges on the market, heavy investment in R&D and in group-level competence development coupled with cost-effective production support product leadership. The acquisition of the AC drives business of TB Wood's will enable Vacon to support its customers in all main market areas and with a broader product portfolio. The company's long-term financial goal is to achieve revenues of EUR 500 million and an operating profit (EBIT) of more than 14 % by 2012. Vacon has set an annual target for return on equity (ROE) of more than 30 %. Most of this growth will be organic, but Vacon does not exclude the possibility of further acquisitions. Organic growth will be financed by cash flow from operations and in the case of further acquisitions the gearing target is a maximum of 60 %. Factors that will help improve the operating profit are expanding the product selection into higher power drives, launching the new product generation, and declining component prices. The company reduced its foreign currency risk relating to the US dollar as a result of the acquisition of the TB Wood's AC drives business. Vacon's success now and in the future is based on outstanding products and services, quality, a brand with a growing global presence, cost-efficiency and logistic speed, and a customer-oriented way of working. Risks and factors causing uncertainty in the near future The global financial crisis turned critical during the fourth quarter of 2008 and this has increased the probability of a decline in industrial investment. On the other hand, it is especially when market conditions are difficult that companies have the need to improve the cost-efficiency of their operations, which in turn encourages them to invest in solutions that improve energy efficiency, such as AC drives. The most significant risks for Vacon in the near future are a weakening in general demand and intensified competition on prices. Other major risks relate to the availability of certain raw materials and components and developments in their prices. Purchase agreements for raw materials and components are mainly annual agreements that contain price and exchange rate clauses relating to changes in the global market prices for raw materials and other materials. The global recession may restrict the business opportunities for certain component suppliers. Another factor that affects the company's profitability is the value of the euro against other invoicing currencies, of which the most important are the US dollar and the Chinese RMB. Prospects for 2009 It is difficult to estimate developments in AC drive markets in 2009 in the current state of the global economy, and the estimates given contain uncertainties. Vacon expects the AC drive market as a whole to slightly decrease in 2009 compared to the previous year. Investments to improve the energy efficiency of electric motor drives and in renewable energy generation will increase, but investments to improve industrial processes and in new building will fall. Vacon has a 4 % market share. The global sales network, the renewal of the product selection, and the relatively low market share, coupled with a flexible organization support the development of Vacon's business even in a difficult market situation. Vacon will adapt its investments in growth to the prevailing market situation so as to secure its profitability. Vacon forecasts that revenues in 2009 will remain at the same level as in previous year. Profitability and earnings per share will slightly decrease from the year 2008. Financial reports in 2009 Vacon is publishing three interim reports in 2009 as follows: - January-March Wednesday, 22 April 2009 at 9.30 am - January-June Wednesday, 5 August 2009 at 9.30 am - January-September Tuesday, 27 October 2009 at 9.30 am The 2008 Annual Report will be published in week 11 (9-13 March). The Annual General Meeting of Vacon Plc will be held in Vaasa at 3.00 pm on Wednesday, 1 April 2009 at the company's head office at Runsorintie 7, Vaasa, Finland. Formal statement This release contains certain forward-looking statements that reflect the current views of the company's management. Due to the nature of these statements, they contain risks and uncertainties and are subject to changes in the general economic situation and in the company's business sector. Vacon in brief Vacon was established in 1993 from a passion to develop and produce AC drives globally. It is a matter of honour for Vacon to offer customers efficient, reliable and easy to use means for improving process control and saving energy and costs. Vacon's solutions represent clean technology. They can be used to control the speed of electric motors used by industry and municipal engineering, and in power generation using renewable energy. Vacon provides AC drives in the power range 0.25 kW - 5 MW. Revenues in 2008 totalled EUR 293.2 million. Vaasa, 5 February 2009 VACON PLC Board of Directors For more information please contact: Mr Vesa Laisi, President and CEO, phone: +358 (0)40 8371 510 Mr Mika Leppänen, CFO and Vice President, Finance & Control, phone: +358 (0)40 8371 235 Conference for media and analysts Vacon will hold a briefing for analysts and the media at 11.30 am on 5 February 2009 in the Vivaldi meeting room at the Radisson SAS Hotel Plaza, Mikonkatu 23, Helsinki Dial-in conference for investors and investment analysts A dial-in conference in English for investors and investment analysts will be held at 3.00 pm on 5 February 2009. President and CEO Vesa Laisi and Mika Leppänen, CFO and Vice President, Finance and Control, will participate in the conference. Lines can be booked ten minutes before the conference by calling the service number +44 207 162 0025. The conference ID code is "Vacon Oyj". To hear a recording of the conference, available for four working days, call +44 207 031 4064, ID code 824277. Conference link: http://wcc.webeventservices.com/view/wl/r.htm?e=133671&s=1&k=28093E9BC3328013EF8B970FE456E8B3&cb=genesys Distribution Nasdaq OMX Nordic Exchange Helsinki Financial Supervision Authority Main media Accounting principles The 2008 financial statement release has been prepared in accordance with IFRS recognition and measurement principles. Vacon has prepared this release applying the same IFRS accounting principles as in its 2007 consolidated financial statements. The figures presented in the financial statement release are audited. Consolidated income statement, IFRS, MEUR 10-12/ 10-12/ 1-12/ 1-12/ 2008 2007 2008 2007 Revenues 75.2 61.4 293.2 232.2 Other operating income 0.1 0.1 0.2 0.2 Change in inventories of finished goods and work in progress -3.7 0.2 0.2 1.4 Materials and services -34.8 -31.8 -150.8 -123.0 Employee benefit costs -13.7 -10.8 -52.7 -38.9 Other operating expenses -13.4 -10.3 -48.2 -37.7 Depreciation -1.0 -0.7 -3.5 -2.8 EBITA 8.6 8.1 38.4 31.2 Amortization -1.1 -0.6 -3.8 -1.9 Operating profit 7.5 7.5 34.6 29.2 Financial income and expenses -1.0 0.1 -2.0 -0.4 Profit before taxes 6.4 7.6 32.6 28.8 Income taxes -1.3 -1.4 -8.7 -7.4 Profit for period 5.1 6.1 23.9 21.4 Attributable to: Equity holders of the parent 4.9 6.0 23.1 20.9 Minority interest 0.2 0.1 0.8 0.5 Earnings per share, euro 0.32 0.40 1.51 1.37 Earnings per share diluted, euro 0.32 0.40 1.51 1.37 Condolidated balance sheet, IFRS, MEUR 31.12.2008 31.12.2007 ASSETS Goodwil 8.3 1.5 Development costs 4.8 3.0 Intangible assets 14.9 5.2 Tangible assets 16.3 14.7 Loans receivable and other receivables 0.2 0.2 Deferred tax assets 2.6 1.5 Other financial assets 3.3 2.2 Total non-current assets 50.3 28.2 Inventories 21.3 14.7 Trade and other receivables 61.7 45.8 Cash and cash equivalents 15.7 34.4 Total current assets 98.8 94.9 Total assets 149.1 123.2 EQUITY AND LIABILITIES Share capital 3.1 3.1 Share premium reserve 5.0 5.0 Own shares -2.6 -1.2 Translation difference -0.1 -0.5 Retained earnings 68.7 56.5 Minority interest 1.4 1.1 Total equity 75.5 64.0 Deferred tax liabilities 3.5 1.6 Employee benefits 1.4 0.8 Interest-bearing liabilities 15.8 19.1 Total non-current liabilities 20.7 21.6 Trade and other payables 37.6 30.9 Income tax liabilities 1.5 1.6 Provisions 1.6 0.8 Interest-bearing liabilities 12.2 4.3 Total current liabilities 52.9 37.6 Total equity and liabilities 149.1 123.2 2008 Calculation of changes in shareholders' equity, IFRS, MEUR Minor- Total ity equit inter- y Attributable to equity holders of the parent est Sha- Share Own Tran- Revalu Re- Tot re pre- shar- sla ation tained al Capi- mium es tion earn- tal Reser- differ- fund ings ve rence Share- holders' equity 31.12. 2006 3.1 5.0 -1.2 -0.2 0.1 45.2 52.0 1.0 53.0 Cash flow hedging. Transfer- red as adjust ment to sales income -0.1 -0.1 -0.1 Transla- tion difference -0.3 -0.3 -0.3 Other changes 0.2 0.2 0.2 Net income recorded directly in equity -0.3 0.0 0.2 -0.1 -0.1 Profit for period 20.9 20.9 0.4 21.4 Income and expenses recorded during period, total -0.3 0.0 21.2 20.8 0.4 21.3 Dividend paid -9.9 -9.9 -0.3 -10.2 Share- holders' equity 31.12. 2007 3.1 5.0 -1.2 -0.5 0.0 56.5 62.9 1.1 64.0 Cash flow hedging: Translation difference 0.4 0.4 0.4 Recognized tax -0.1 -0.1 -0.1 Other changes 0.3 0.3 0.0 0.3 Net income directly in equity 0.0 0.0 0.0 0.4 0.0 0.3 0.7 0.0 0.7 Profit for period 23.1 23.1 0.8 23.9 Total income and expenses recorded for the period 0.4 0.0 23.4 23.8 0.8 24.6 Dividend paid -11.1 -11.1 -0.5 -11.6 Purchase of own shares -1.5 -1.5 -1.5 Shareholders' equity 31.12.2008 3.1 5.0 -2.6 -0.1 0.0 68.7 74.1 1.4 75.5 Consolidated cash flow statement, IFRS, MEUR 31.12.2008 31.12.2007 Profit for the period 23.9 21.4 Depreciation 7.3 4.8 Financial income and expenses 2.0 0.5 Taxes 8.7 7.4 Other adjustments 0.5 0.1 Change in working capital -10.1 -5.5 Cash flow from financial items and tax -10.4 -7.5 Cash flow from operating activities 21.9 21.1 Purchase of subsidiary -20.4 0.0 Investments in tangible and intangible assets -9.2 -8.6 Proceeds from disposal of tangible and intangible assets -0.1 0.4 Other investments -1.7 -0.6 Change in long-term loans receivable 0.0 0.2 Proceeds from disposal of other investments 0.6 0.0 Cash flow from investing activities -30.8 -8.6 Proceeds from long-term borrowings 0.0 21.9 Repayment of long-term loans -3.9 -0.2 Proceeds from short-term borrowings 7.9 1.0 Repayment of short-term loans 0.0 -2.2 Purchase of own shares -1.5 0.0 Financial leasing payments 0.0 -0.3 Dividends paid -11.9 -10.2 Cash flow from financial activities -9.4 10.0 Change in liquid funds -18.3 22.5 Liquid funds at start of period 34.4 13.0Translation differences for liquid funds -0.4 -1.2 Liquid funds at end of period 15.7 34.4 Segment information Reporting on Vacon Group's operations is firstly by business segment and secondly by geographical segment. Vacon has one business segment, AC drives. The figures for the primary segment are identical with the figures for the whole Group. Vacon's operations are organized in the following functions: Products and Markets, Production, Research & Development, Finance and Administration, Human Resources, IT and Process Development. To ensure that the organisation is customer-oriented, operations are controlled by customer segments that are called business areas. These business areas are: Component Customers, Solutions Customers, OEM and Brand Label Customers, and Service and After-Market Services. The secondary, geographical segment is divided into three sales areas: EMEA (Europe, Middle East and Africa), Americas (North and South America) and APAC (Asia and Pacific). Acquired business operations On 1 January 2008 the Group acquired the AC drives business of TB Wood's, part of US-based Altra Holdings Inc. The estimated final price is USD 29.2 million. According to initial calculations, the acquisition of TB Wood's generates goodwill of EUR 6.6 million, which is based on the anticipated opportunities for expansion and synergy benefits. MEUR Acquisition cost Cash price 19.8 Direct costs relating to acquisition 1.3 Total acquisition cost 21.1 Fair value of net assets acquired 14.5 Goodwill 6.6 Allocation of goodwill: Europe, Middle East and Africa 2.7 North and South America 3.7 Asia and Pacific 0.2 Impact on cash flow was as follows: Total acquisition cost -21.1 Loans raised 19.4 Cash funds received 0.7 Net payment for acquisition from cash funds 0.9 Carrying Fair value Useful commercial life in amount years Identified intangible assets Customer relations 4.4 5 Technology developed 4.2 5 Tangible assets 1.8 2.2 Inventories 5.4 5.5 Receivables, total 2.8 2.8 Cash and bank balances 0.7 0.7 Assets, total 10.8 19.8 Non-current liabilities 0.3 0.3 Current liabilities 3.5 3.5 Deferred tax liabilities 1.5 Liabilities, total 3.8 5.3 Net assets 14.5 Acquisition cost 19.8 Direct costs relating to acquisition 1.3 Goodwill 6.6 Financial ratios Per share data IFRS IFRS IFRS IFRS IFRS 2008 2007 2006 2005 2004 Earnings per share, EUR 1.51 1.37 1.04 0.79 0.71 Equity per share, EUR 4.88 4.13 3.42 2.78 2.39 Dividend per share EUR*) 0,65 0.75 0.65 0.41 0.35 Dividend payout ratio, %*) 42,94 54.59 62.57 52.12 49.31 Effective dividend yield %*) 3,6 2.7 2.5 2.3 3.0 Price/earnings ratio 12,1 20.4 25.1 22.2 16.6 Lowest trading price, EUR 17.00 24.60 17.70 11.85 9.95 Highest trading price, EUR 32.44 38.00 26.99 17.50 11.99 Share price at year end, EUR 18.30 28.00 26.10 17.50 11.78 Average trading price, EUR 26.65 30.01 22.60 14.68 11.00 Market capitalization, MEUR 278.00 426.50 397.10 266.00 180.00 Trading volume, no. of shares 4 915 722 3 427 8 241 357 4 439 458 5 693 881 027 Trading volume, % 32.3 54.1 29.2 37.5 22.6 Adjusted average number of shares during the financial 15 238 15 226 15 209 15 203 15 186 year**) 236 997 303 147 805 Number of shares at 15 193 15 232 15 213 15 199 15 282 year end **) 188 188 428 740 200 *) The 2008 dividend is the Board of Directors' proposal to the Annual General Meeting. **) The average number of shares during the year was 15 238 236. The total number of shares outstanding was 15 193 188. Key figures showing the Group's financial performance IFRS 2008 IFRS IFRS IFRS IFRS 2007 2006 2005 2004 Revenues, MEUR 293.2 232.2 186.4 149.9 128.6 Increase in revenues, % 26.3 24.6 24.3 16.6 14.5 Operating profit, MEUR 34.6 29.2 23.1 18.1 15.9 Increase in operating profit, % 18.5 26.4 27.6 13.8 N/A Operating profit, % of revenues 11.8 12.6 12.4 12.1 12.4 Profit before taxes, 32.6 MEUR 28.8 22.7 17.7 15.9 Profit before taxes, % of revenues 11.1 12.4 12.2 11.8 12.4 Return on equity, % 34.3 36.5 33.7 30.5 31.3 Return on investment, % 37.0 41.2 45.1 40.8 38.6 Interest-bearing net liabilities, MEUR 12.3 -11.0 -8.8 -7.9 -10.6 Gearing, % 16.3 -17.1 -16.6 -18.3 -28.9 Equity ratio, % 51.1 52.9 61.7 56.8 56.2 Gross capital expenditure, MEUR 11.2 9.1 8.5 6.6 4.6 Gross capital expenditure, % of revenues 3.8 3.9 4.6 4.4 3.6 R & D costs, MEUR 17.0 14.3 12.6 10.8 9.8 R & D costs, % of revenues 5.8 6.2 6.7 7.2 7.6 Number of personnel at the end of the period 1 197 869 675 577 469 Order book, MEUR 48.0 34.8 29.7 18.8 12.0 ***) The 2008 gross capital expenditure figure does not include the acquisition of TB Woods'. Commitments and contingencies, MEUR 31.12.2008 31.12.2007 Commitments and contingencies 2.2 1.1 Financing commitments 0.6 1.0 Group quarterly performance, MEUR 10-12/ 7-9/ 4-6/ 1-3/ 1-12/ 1-9/ 1-6/ 1-3/ 2008 2008 2008 2008 2008 2008 2008 2008 Revenues 75.2 74.2 78.0 65.9 293.2 218.1 143.9 65.9 Operating profit 7.5 9.1 10.4 7.6 34.6 27.1 18.0 7.6 Profit before tax 6.4 8.2 10.6 7.3 32.6 26.2 17.9 7.3 Calculation of financial ratios Profit for the financial year attributable to equity holders of the parent company Earnings per ---------------------------------------------------- share = Adjusted average number of shares Shareholders' equity - minority hoilding Equity per -------------------------------------------------- share = Adjusted average number of shares at year end Dividend for the financial year Dividend per --------------------------------------------------- share = Adjusted number of shares at year end Dividend Dividend for the financial year x 100 payout ratio = --------------------------------------------------- Profit for period attributable to equity holders of the parent company Dividend per share x 100 Effective ------------------------------------------------- dividend yield = Adjusted closing share price at year end Adjusted closing share price at year end Price/earnings ------------------------------------------------- ratio = Earnings per share Profit for the financial year x 100 Return on ----------------------------------------------------- equity = Shareholder' equity (incl. minority interest), average of the beginning and end of the year (Profit before taxes + interest and other financial expenses) x 100 Return on ------------------------------------------------------- investment = Balance sheet total - non-interest-bearing liabilities, average of the beginning and end of the year Shareholders' equity (incl. minority interest) x 100 Equity ratio = ------------------------------------------------------ Balance sheet total - advances received (Interest-bearing liabilities - cash, bank balances and financial assets) x 100 Gearing = ----------------------------------------------------- Shareholders' equity (incl. minority interest) Research and development costs recognized in R & D costs = income statement (incl. costs covered with subsidies) and capitalized development expenses Number of shares outstanding at year end Market x closing share price capitalization of share stock = Share turnover Number of shares traded during the year -% = ---------------------------------------------------- Adjusted average number of shares |
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