2014-06-04 09:00:00 CEST
2014-06-04 09:00:06 CEST
REGULATED INFORMATION
Panostaja Oyj - Company Announcement
PANOSTAJA GROUP’S INTERIM REPORT NOVEMBER 1, 2013-APRIL 30, 2014 (6 months)
Panostaja Oyj Interim report, June 4, 2014
10:00 a.m.
February 1, 2014-April 30, 2014 (Q2)
-- Net sales increased by 8% and was MEUR 44.8 (MEUR 41.6). The impact of
corporate acquisitions on the MEUR 3.2 increase of net sales stood at MEUR
1.2. Net sales increased in seven of the eight segments.
-- EBIT improved and was MEUR 2.7 (MEUR 1.0). The MEUR 1.7 increase in EBIT
was particularly influenced by improved profit development in the Digital
Printing Services, Fittings and Heat Treatment segments. Six out of eight
segments achieved better operating profit than in the reference period.
-- Profit before taxes was MEUR 2.1 (MEUR 0.2)
-- Earnings per share (undiluted) were 0.42 cents (-1.94 cents).
-- Operating cash flow improved and was MEUR 2.6 (MEUR 1.0).
November 1, 2013-April 30, 2014 (6 months)
-- Net sales for the six-month period increased by 9.6% and were MEUR 87.2
(MEUR 79.6). The MEUR 7.6 growth in net sales was mainly a result of
organic growth and the impact of corporate acquisitions carried out in the
previous financial period, the impact of which totaled MEUR 3.2. Net sales
increased in six of the eight segments.
-- EBIT improved and was MEUR 3.6 (MEUR 0.7), growth of MEUR 2.9. EBIT was
particularly improved by an improvement in profit in the Fittings and Heat
Treatment segments.
-- Profit before taxes was MEUR 2.0 (MEUR -0.8)
-- Earnings per share (undiluted) were -3.6 cents (-5.6 cents).
-- Operating cash flow improved and was MEUR 4.1 (MEUR 2.3).
-- The six-month review includes the figures for Vindea Group Oy (the
Value-added Logistics segment), which was, in its entirety, removed from
Panostaja Group's result from continuing operations for the financial
period and the reference period as a result of a corporate transaction as
of May 21, 2014. Panostaja recorded a sales profit of about MEUR 5.5 from
the transaction.
Result management
Panostaja keeps its result management issued on May 21, 2014 unaltered. The
Group's comparable net sales in the 2014 financial period are expected to be
12−17% greater than in the 2013 financial period (MEUR 137.0). The Group's
comparable EBIT (MEUR 1.6) is expected to improve significantly in the 2014
financial period. Result management has taken into account the divested
businesses of the Takoma segment and the removal of the Value-added Logistics
and Supports segments from the Group.
CEO Juha Sarsama: In the entire six-month period and the second quarter, net
sales increased and EBIT improved. In the second quarter, net sales increased
in seven of the eight segments and EBIT improved in six of the eight segments.
The active development of our ownership continued. Since the review period, we
have carried out two significant corporate restructuring measures. We expanded
our business into building technology renovation services for detached houses
by purchasing a 60% shareholding in Kotisun Oy, and we established a new
segment within the Group specializing in building technology renovation for
houses. We sold Vindea, the expert in value-added logistics, which we have
owned since 2003. During our ownership, Vindea has grown profitably, achieved a
strong market position and increased its expertise and number of customer
accounts.
It is assumed that the Takoma reorganization measures will be evident during
the remainder of the financial period as an improvement in profitability. The
impact of actions taken is already evident as a clear increase in the order
book.
Even though there has been improvement the general economic situation is still
uncertain. Comparisons between EU countries show that Finland's industrial
structural challenges are not yet over. The general economic situation and
atmosphere has remained challenging, especially in the construction and export
industry-related segments. On the corporate acquisitions market, activity has
increased and this will offer Panostaja opportunities both for new acquisitions
and for divestments. Our aim is to be an active player on the market for target
companies that are in accordance with our strategy.
Key figures Panostaja Group 6 months 6 months Q2 Q2 12
months
--------------------------------------------------------------------------------
11/13-04/ 11/12-04/ 2/14-4/1 2/13-4/1 11/12-10
14 13 4 3 /13
--------------------------------------------------------------------------------
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Net sales, MEUR 87.2 79.6 44.8 41.6 167.0
EBIT, MEUR 3.6 0.7 2.7 1.0 3.3
Profit before taxes, MEUR 2.0 -0.8 2.1 0.2 0.4
Earnings per share, -0.04 -0.06 0.00 -0.02 -0.09
undiluted (EUR)
Equity per share (EUR) 0.50 0.48 0.50 0.48 0.59
Operating cash flow (MEUR) 4.1 2.3 2.5 1.0 7.8
The income statement for operations discontinued during the reference period
has been separated from the income statement for continuing operations and the
result for them is presented in accordance with the IFRS standards on row
‘Earnings from discontinued operations'. Prior to separating discontinued and
sold operations from continuing operations in the income statement, the
consolidated net sales for the reference period were MEUR 90,3 and the EBIT was
MEUR 0,1.
Key figures by segment
Net sales, MEUR
6 months 6 months Q2 Q2 12 months
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11/13-04/1 11/12-04/1 2/14-4/1 2/13-4/1 11/12-10/
4 3 4 3 13
--------------------------------------------------------------------------------
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Digital Printing Services 28.8 24.3 15.2 13.4 50.8
Safety 16.6 15.4 8.4 7.8 31.8
Value-added Logistics 14.6 14.2 7.3 7.2 29.9
Takoma 7.3 6.5 3.8 3.5 14.1
Ceiling Materials 5.6 6.0 2.9 3.0 12.8
Fittings 5.7 6.1 3.2 3.1 11.9
Spare Parts for Motor 5.1 5.0 2.6 2.5 10.3
Vehicles
Heat Treatment 3.6 2.3 1.6 1.2 5.7
Other 0.0 0.0 0.0 0.0 0.0
Eliminations -0.1 -0.3 0.0 -0.1 -0.4
Group in total 87.2 79.6 44.8 41.6 167.0
EBIT, MEUR
6 months 6 months Q2 Q2 12 months
--------------------------------------------------------------------------------
11/13-04/1 11/12-04/1 2/14-4/1 2/13-4/1 11/12-10/
4 3 4 3 13
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Digital Printing Services 3.3 2.7 2.2 1.7 6.4
Safety 0.3 0.2 0.1 0.4 1.6
Value-added Logistics 0.6 0.4 0.4 0.3 1.7
Takoma -0.6 -0.9 -0.3 -0.5 -4.1
Ceiling Materials 0.5 0.3 0.4 0.1 0.9
Fittings 0.4 -0.4 0.3 -0.2 -0.2
Spare Parts for Motor 0.3 0.3 0.1 0.1 0.8
Vehicles
Heat Treatment 0.2 -0.6 0.0 -0.3 -1.5
Other -1.3 -1.2 -0.6 -0.6 -2.3
Group in total 3.6 0.7 2.7 1.0 3.3
PRESS CONFERENCE
Panostaja will hold a press conference for analysts, investors and the press on
June 4, 2014 from 11:30 am to 12:30 pm at Hotel Scandic Simonkenttä,
Bulsa-Freda 1-2, Simonkatu 9, Helsinki.
The interim report, presentations and other investor information are available
at: www.panostaja.fi.
Panostaja Oyj
Juha Sarsama
CEO
Further information:
CEO Juha Sarsama, Panostaja Oyj, +358 40 774 2099
Distribution: NASDAQ OMX Helsinki, key media, www.panostaja.fi.
PANOSTAJA GROUP INTERIM REPORT NOVEMBER 1, 2013-APRIL 30, 2014 (6 months)
THE ECONOMIC DEVELOPMENT OF THE PANOSTAJA GROUP
6 months 6 months Change, 3 months 3 months Change, 12
% % months
--------------------------------------------------------------------------------
Key figures 11/13-04 11/12-04 2/14-4/1 2/13-4/1 11/12-10
Panostaja /14 /13 4 3 /13
Group
--------------------------------------------------------------------------------
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Net sales, 87.2 79.6 9.6% 44.8 41.6 7.7% 167.0
MEUR
EBIT, MEUR 3.6 0.7 391.3% 2.7 1.0 180.5% 3.3
Profit 2.0 -0.8 341.0% 2.1 0.2 849.1% 0.4
before
taxes,
MEUR
Earnings -0.04 -0.06 35.7% 0.00 -0.02 121.1% -0.09
per share,
undiluted
(EUR)
Equity per 0.50 0.48 4.2% 0.50 0.48 4.2% 0.59
share
(EUR)
Operating 4.1 2.3 80.9% 2.6 1.0 164.5% 7.8
cash flow
(MEUR)
FEBRUARY 2014-APRIL 2014
Net sales for the second quarter, February−April, increased by 8% to MEUR 44.8
(MEUR 41.6). Export amounted to MEUR 0.1, or 1.4%, (MEUR 2.4, or 5.8%) of net
sales. The increase in net sales was mainly organic.. Of the Group's eight
operational segments, seven exceeded the net sales of the reference year.
EBIT improved and was MEUR 2.7 (MEUR 1.0). The MEUR 1.7 increase in EBIT was
particularly influenced by improved profit development in the Digital Printing
Services, Fittings and Heat Treatment segments. Six segments achieved better
operating profit than in the reference period.
Profit before taxes was MEUR 2.1 (MEUR 0.2) and earnings per share (undiluted)
was 0,42 cents (-1.94 cents). Equity per share was EUR 0.50 (EUR 0.48).
Operating cash flow was MEUR 2.6 (MEUR 1.0).
NOVEMBER 2013-APRIL 2014
Net sales for the six-month period increased by 9.6%. Panostaja Group's net
sales during the six-month period were MEUR 87.2 (MEUR 79.6). Export amounted
to MEUR 1.6, or 1.8 %, (MEUR 4.5, or 5.2 %) of net sales. Corporate
acquisitions realized during the previous financial period affected the MEUR
7.6 increase in net sales by MEUR 3.2.
Of the Group's eight operational segments, six exceeded the cumulative net
sales level of the reference period and seven segments exceeded the EBIT level
in the review period.
EBIT totaled MEUR 3.6 (MEUR 0.7). The MEUR 2.9 increase in EBIT was
particularly influenced by improved profit development in the Digital Printing
Services, Fittings and Heat Treatment segments.
The Group's net financial expenses for the review period were MEUR -1.3 (MEUR
-1.4). The Group's liquidity remained good and operating cash flow was MEUR 4.1
positive.
SEGMENT REVIEW
Key figures by segment
Net sales, MEUR 6 months 6 months Change, Q2 Q2 Change, 12
% % months
--------------------------------------------------------------------------------
11/13-04 11/12-04 2/14-4 2/13-4 11/12-1
/14 /13 /14 /13 0/13
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Digital Printing 28.8 24.3 18.4% 15.2 13.4 13.8% 50.8
Services
Safety 16.6 15.4 8.3% 8.4 7.8 7.5% 31.8
Value-added 14.6 14.2 2.6% 7.3 7.2 1.6% 29.9
Logistics
Takoma 7.3 6.5 11.5% 3.8 3.5 8.2% 14.1
Ceiling Materials 5.6 6.0 -7.0% 2.9 3.0 -3.8% 12.8
Fittings 5.7 6.1 -7.4% 3.2 3.1 0.2% 11.9
Spare Parts for 5.1 5.0 3.1% 2.6 2.5 3.4% 10.3
Motor Vehicles
Heat Treatment 3.6 2.3 56.5% 1.6 1.2 28.7% 5.7
Other 0.0 0.0 -100.0% 0.0 0.0 -100.0% 0.0
Eliminations -0.1 -0.3 -59.8% 0.0 -0.1 -57.4% -0.4
Group in total 87.2 79.6 9.6% 44.8 41.6 7.7% 167.0
EBIT, MEUR
6 months 6 months Change, Q2 Q2 Change, 12
% % months
--------------------------------------------------------------------------------
11/13-04 11/12-04 2/14-4 2/13-4 11/12-1
/14 /13 /14 /13 0/13
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Digital Printing 3.3 2.7 21.0% 2.2 1.7 34.1% 6.4
Services
Safety 0.3 0.2 35.3% 0.1 0.4 -64.6% 1.6
Value-added 0.6 0.4 70.0% 0.4 0.3 48.8% 1.7
Logistics
Takoma -0.6 -0.9 -34.8% -0.3 -0.5 -43.0% -4.1
Ceiling Materials 0.5 0.3 37.8% 0.4 0.1 298.0% 0.9
Fittings 0.4 -0.4 -200.7% 0.3 -0.2 -293.6% -0.2
Spare Parts for 0.3 0.3 -6.7% 0.1 0.1 -12.8% 0.8
Motor Vehicles
Heat Treatment 0.2 -0.6 -138.4% 0.0 -0.3 -111.2% -1.5
Other -1.3 -1.2 5.4% -0.6 -0.6 4.4% -2.3
Group in total 3.6 0.7 391.3% 2.7 1.0 180.5% 3.3
The income statement for operations discontinued during the reference period
has been separated from the income statement for continuing operations and the
result for them is presented in accordance with the IFRS standards on row
‘Earnings from discontinued operations'.
Panostaja Group's business operations for the period under review are reported
in nine segments: Digital Printing Services, Safety, Value-added Logistics,
Takoma, Ceiling Materials, Fittings, Spare Parts for Motor Vehicles, Heat
Treatment and Other (parent company and associated companies).
Segment comments, November 2013-April 2014
In the six-month period, net sales in the Digital Printing Services segment
increased from MEUR 24.3 to MEUR 28.8. EBIT increased from MEUR 2.7 to MEUR
3.3. The increase in net sales is attributable to the acquisition of DMP Group
in December 2012 and the acquisition of Eriksen Oy in February 2014. After the
review period, it has been decided to merge DMP Digital Media Partners Oy with
Kopijyvä Oy. At the same time, the company has decided on a new strategy and
name. The company's new name is Grano Oy.
Net sales in the Safety segment increased from MEUR 15.4 to MEUR 16.6, and EBIT
improved from MEUR 0.2 to MEUR 0.3. The increase in net sales was due to
organic growth in the segment and the acquisition of Lappeenrannan Lukko- ja
Varustepalvelu in May 2013. EBIT developed favorably, even though depreciations
of product development costs are encumbering EBIT. Several major projects are
ongoing in relation to Flexim's new-generation Flexim Safea solution.
Net sales in the Value-added Logistics segment grew from MEUR 14.2 to MEUR 14.6
and EBIT from MEUR 0.4 to MEUR 0.6. Net sales and EBIT developed favorably,
even though poor economic conditions prevail for our customers. The company's
stock of tenders is also relatively good.
The structure of the Takoma segment changed significantly during the review
period. The only unit continuing to operate is Takoma Gears in Parkano. The
figures for discontinued operations are presented under 'Discontinued
Operations'. Net sales of Takoma's continuing operations improved from MEUR 6.5
to MEUR 7.3. The loss for the segment's continuing operations was reduced from
MEUR -0.9 to MEUR -0.6. The order book of the Parkano factory is more than 40%
higher than the previous year.. On January 17, 2014, business restructuring
proceedings began at Takoma Oyj and Takoma Gears Oy. In the period under
review, Tampereen Laatukoneistus Oy, Hervannan Koneistus Oy and Takoma Systems
Oy filed for bankruptcy. As a result of these bankruptcies, the companies in
question have been treated as discontinued operations in Panostaja's
consolidated financial statements. They incurred a combined loss of MEUR 1.5 in
the period under review.
Net sales in the Ceiling Materials segment declined from MEUR 6.0 to MEUR 5.6.
The economic situation in construction remains poor and competition in for
installation work is fierce. EBIT on the other hand improved from MEUR 0.3 to
MEUR 0.5. In spite of the poor economic situation, the segment's result has
remained positive.
Net sales in the Fittings segment declined from MEUR 6.1 to MEUR 5.7. The
segment's market situation has tightened further and price competition is
increasingly evident. EBIT improved over the previous year's MEUR -0.4 to MEUR
0.4. The result for the reference period was encumbered by costs related to the
acquisition of Eurohela. The profitability of both operating companies has,
however, clearly improved over last year.
Net sales in the Spare Parts for Motor Vehicles segment increased slightly from
MEUR 5.0 to MEUR 5.1. With the exception of January, the winter season was
commercially poor owing to the mild weather and the caution of consumers. EBIT
remained at the level of the previous year and was MEUR 0.3 (MEUR 0.3). The
segment expanded in the review period when a new site was opened as planned in
Turku in January.
Net sales in the Heat Treatment segment increased from MEUR 2.3 to MEUR 3.6.
EBIT improved clearly from MEUR -0.6 to MEUR 0.2. The market situation is
calmly active, but the future remains uncertain. In the review period, a
significant increase took place in the sales of small heat treatment ovens.
There were no significant changes in the net sales of the Other segment. In the
review period, two associated companies, Ecosir Group Oy and Spectra Yhtiöt Oy,
issued reports to the parent company. The profit/loss of the reported
associated companies in the review period was MEUR -0.3 (MEUR -0.1), which is
presented on a separate row in the consolidated income statement.
Personnel
April 30, April 30, Change October 31,
2014 2013 2013
--------------------------------------------------------------------------------
Average number of employees 1,274 1,275 0% 1,251
Employees at the end of the review 1,252 1,344 -7% 1,295
period
--------------------------------------------------------------------------------
Employees in each segment at the April 30, April 30, Change October 31,
end of the review period 2014 2013 2013
--------------------------------------------------------------------------------
Digital Printing Services 499 434 15% 451
Safety 219 208 5% 205
Takoma 88 186 -53% 163
Value-added Logistics 289 287 1% 299
Ceiling Materials 13 16 -19% 15
Spare Parts for Motor Vehicles 41 35 17% 39
Fittings 35 39 -10% 37
Heat Treatment 60 64 -6% 62
Carpentry Industry 0 31 0
Supports 0 16 16
Fasteners 0 20 0
Other 8 8 0% 8
--------------------------------------------------------------------------------
Group in total 1,252 1,344 -7% 1,295
--------------------------------------------------------------------------------
Panostaja's personnel fell. The number of personnel fell compared with one
year earlier, mainly as a result of Takoma's discontinued operations. At the
end of the review period, Panostaja Group employed a total of 1,252 persons,
while the average number of personnel during the period was 1,274. During the
review period, Panostaja continued to develop its personnel in line with its
strategy.
INVESTMENTS AND FINANCE
Operating cash flow improved and was MEUR 4.1 positive (MEUR 2.3). Liquidity
remained good. The Group's liquid assets were MEUR 13.6 (MEUR 8.6) and
interest-bearing net liabilities MEUR 38.4 (MEUR 54.0). Gearing ratio fell and
was 93.0% (120.5%). The Group's net financial expenses for the review period
were MEUR -1.3 (MEUR -1.4), or 1.5% (1.8%) of net sales.
Panostaja Oyj's convertible subordinated loan amounted to MEUR 15 of the net
liabilities (MEUR 15.0). The Group's equity ratio at the end of the review
period was 30.1% (30.3%). The return on equity was -5.1% (-12.4%) and the
return on investment 7.3% (0.4%).
The Group's gross capital expenditure for the review period were MEUR 3.5 (MEUR
17.1), or 4.0% (23.0%) of net sales. In the reference period, investments were
mainly targeted at corporate acquisitions.
In May 2013, Panostaja Oyj issued a domestic hybrid loan of MEUR 7.5 (equity
debenture loan). The loan was issued on May 27, 2013. It will strengthen the
company's solvency and financial position. The hybrid loan has been processed
in accordance with the IFRS standards as an equity loan and is shown on the
balance sheet in the equity group.
Financial position:
MEUR April 30, 2014 April 30, 2013 October 31, 2013
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Interest-bearing liabilities 56.7 66.6 60.1
Interest-bearing receivables 4.7 4.0 3.6
Cash and cash equivalents 13.6 8.6 16.4
Interest-bearing net 38.4 54.0 40.1
liabilities
Equity (belonging to the 41.2 44.8 49.1
parent company's shareholders
as well as minority
shareholders)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Gearing ratio, % 93.0 120.5 82.6
Equity ratio, % 30.1 30.3 33.2
Return on equity, % -5.1 -12.4 -11.7
Return on investment, % 7.3 0.4 0.5
--------------------------------------------------------------------------------
GROUP STRUCTURE CHANGES
Panostaja Oyj announced on December 3, 2013 that it had sold 80% of the share
capital of Kannake Oy, a company manufacturing and selling supports. As a
result of the transaction, Panostaja divested its Supports segment. Takoma
Oyj's subsidiary Tampereen Laatukoneistus Oy filed on December 9, 2013 a
business restructuring proceedings application at the District Court of
Pirkanmaa. In its meeting on January 14, 2014, the Board of Directors of
Tampereen Laatukoneistus Oy stated that, with the current volume, the company
cannot fulfil the obligations of the business restructuring proceedings and
that it is probable that the business restructuring proceedings cannot improve
the profitability of the company and decided to cancel Tampereen Laatukoneistus
Oy's business restructuring proceedings application and filed for bankruptcy.
On January 14, 2014, the Board of Directors of Hervannan Koneistus Oy, a
subsidiary of Takoma Oyj, decided to file for bankruptcy. The Board of
Directors of Takoma Systems Oy decided to file for bankruptcy on December 27,
2013.
Takoma Gears Oy, whose business operations have been profitable, remained in
the Takoma Group as an operative company. The key creditors expressed their
support for Takoma Oyj's and Takoma Gears Oy's business restructuring
proceedings applications.
On April 10, 2014, Panostaja Oyj announced an arrangement, the end result of
which was that Panostaja Group's shareholding in the parent company of the
Digital Printing Services segment, Digiprint Finland Oy, increased to 64.6%.
Previously, the shareholding was 56.4%.
SHARE PRICE DEVELOPMENT AND SHARE OWNERSHIP
Panostaja Oyj's share closing rate fluctuated between EUR 0.72 (lowest
quotation) and EUR 0.75 (highest quotation) during the second quarter. During
the period under review, a total of 1,061,351 shares were exchanged, which
amounts to 2.1 % of the share capital. The April share closing rate was EUR
0.75. The market value of the company's share capital at the end of April 2014
was MEUR 38.8 (MEUR 37.3). At the end of April 2014, the company had 3,540
shares (3,775).
Development of share exchange 2Q/2014 2Q/2013 1-2Q/2014 1-2Q/2013
---------------------------------------------------------------------
---------------------------------------------------------------------
Shares exchanged, 1,000 pcs 1,061 413 3,787 2,064
% of share capital 2.1 0.8 7.4 4.0
---------------------------------------------------------------------
Share April 30, 2014 April 30, 2013 October 31, 2013
----------------------------------------------------------------------------
Shares in total, 1,000 pcs 51,733 51,733 51,733
Own shares, 1,000 pcs 459 525 491
Closing rate 0.75 0.72 0.80
Market value (MEUR) 38.8 37.3 41.4
Shareholders 3,540 3,775 3,743
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On December 16, 2013, Panostaja Oyj received a notification of change in
holding in the company pursuant to Section 2(9) of the Securities Markets Act.
Matti Koskenkorva's share of Panostaja Oyj's total number of voting shares was
below 10%. Matti Koskenkorva's share on the record date was 4,300,000 shares,
8.31% of Panostaja Oyj's share capital and voting shares.
On December 16, 2013, Panostaja Oyj received a notification of change in
holding in the company pursuant to Section 2(9) of the Securities Markets Act.
Treindex Oy's share of Panostaja Oyj's total number of voting shares exceeded
10%. On the reporting date, Treindex's share was 5,192,200 shares, 10.04% of
Panostaja Oyj's share capital and voting shares.
ADMINISTRATION AND GENERAL MEETING
Panostaja Oyj's Annual General Meeting was held on January 29, 2014 in Tampere.
Jukka Ala-Mello, Mikko Koskenkorva, Eero Eriksson, Antero Virtanen and Jukka
Terhonen were re-elected to Panostaja Oyj's Board of Directors. Hannu Tarkkonen
was elected as new member of the Board. In the Board's organizing meeting held
immediately after the General Meeting, Jukka Ala-Mello was elected Chairman of
the Board and Eero Eriksson as Vice Chairman. Authorized Public Accountant
Markku Launis and Authorized Public Accountants PricewaterhouseCoopers Oy were
selected as general chartered accountants, with Authorized Public Accountant
Janne Rajalahti as the responsible public accountant.
The annual general meeting confirmed the financial statements presented and the
consolidated financial statements for the financial period November 1,
2012-October 31, 2013 and decided that no dividend or capital repayment be
distributed.
In addition, the Annual Meeting authorized the Board to decide, at its
discretion, on the potential distribution of assets to shareholders, the
company's financial status permitting, as distribution of assets from the
invested unrestricted equity fund. The maximum distribution of assets performed
on the basis of this authorization totals EUR 5,200,000. The authorization
includes the right of the Board to decide on all other terms and conditions
relating to the said asset distribution. The authorization will remain valid
until the end of the next Annual General Meeting.
In addition, the General Meeting granted exemption from liability to the
members of the Board and to the CEO. It was decided at the General Meeting that
the Chairman of the Board be paid EUR 40,000 as an annual compensation for the
term that begins at the end of the Meeting and ends at the end of the 2015
Annual General Meeting, and that the other members of the Board be paid an
annual compensation of EUR 20,000. It was further resolved at the General
Meeting that approximately 40% of the compensation remitted to the members of
the Board be paid on the basis of the share issue authorization given to the
Board, by issuing company shares to each Board member if the Board member does
not own more than one percent of the company's shares on the date of the
General Meeting. If the holding of a Board member on the date of the General
Meeting is over one percent of all company shares, the compensation will be
paid in full in monetary form.
The Annual General Meeting also authorized the Board of Directors to decide on
the acquisition of the company's own shares, so that the shares will be
acquired in one or more installments and, based on this authorization, a
maximum of 5,100,000 shares can be acquired, which corresponds to about 9.86%
of all the company's shares. By virtue of the authorization, the company's own
shares may be obtained using unrestricted equity only.
The company's own shares may be acquired at the price in public trade arranged
by NASDAQ OMX Helsinki Oy on the date of acquisition or otherwise at the
prevailing market price. The Board of Directors will decide how the company's
own shares are to be acquired. The company's own shares may be acquired not
following the proportion of ownership of the shareholders (directed
acquisition). The authorization remains valid until July 29, 2015.
The Board of Directors has not used the authorization granted by the Annual
Meeting to acquire the company's own shares during the review period.
SHARE CAPITAL AND THE COMPANY'S OWN SHARES
At the close of the review period, Panostaja Oyj's share capital was EUR
5,568,681.60. The total number of shares is 51,733,110.
The total number of shares held by the company at the end of the review period
was 474,517 individual shares (at the beginning of financial period: 490,956).
The number of the company's own shares corresponded to 0.9% of the number of
shares and votes at the end of the entire review period.
In accordance with the decisions by the General Meeting on January 29, 2013 and
by the Board, Panostaja Oyj relinquished a total of 16,439 individual shares as
meeting compensation to the members of the Board on December 16, 2013, and a
total of 16,000 shares on March 11, 2014.
EQUITY CONVERTIBLE SUBORDINATED LOAN AND HYBRID LOAN
At the end of the review period, EUR 15,000,000 of the 2011 convertible
subordinated loan remained. The interest on the loan is 6.5% and the loan
period February 7, 2011-April 1, 2016. The original share exchange rate is EUR
2.20, and the loan shares may be exchanged for no more than 6,818,181 company
shares. The total number of loan shares is 300, and they are available for
public trade on the Nasdaq OMX Helsinki stock exchange. The share exchange rate
will be entered into the company's invested unrestricted equity fund.
On May 27, 2013, the Group issued an equity convertible subordinated loan to
the value of MEUR 7.5. The equity convertible subordinated loan has not
maturity date, but the Group is entitled, but not obliged, to redeem the loan
within four years. Based on the contract, the annual interest is 9.75%.
Interest is only paid if the company decides to distribute dividends. If
dividends are not distributed, the Group will decide separately on the payment
of interest. In the consolidated financial statements, the loan is classified
as equity and interest is presented as dividend.
EVENTS AFTER THE REVIEW PERIOD
On May 7, 2014, Panostaja Oyj announced that it had bought a 60% shareholding
in KotiSun Oy, a company offering service water and heating network renovation
services. As a result of the transaction, Panostaja expanded its business
operations and established within the Group a new business area specializing in
building technology renovation for houses.
On May 21, 2014, Panostaja Oyj announced that, together with the owners of
Vindea Group Oy, it had signed a deed for the sale of its entire shareholding
in Vindea Group Oy to Suomen Transval Group Oy. Vindea Group Oy was a
subsidiary 54.22%-owned by Panostaja and, as a result of the transaction, the
company's entire share capital in Vindea Group Oy was transferred to the buyer.
As a result of the transaction, Panostaja divested the Value-added Logistics
segment. Panostaja recorded a sales profit of about MEUR 5.5 from the
transaction.
The Board of Directors of Panostaja Oyj decided to pay the hybrid loan interest
amounting to MEUR 0.7, which was paid on May 27, 2014.
MARKET PROSPECTS
The general economic situation and atmosphere has remained uncertain. The
demand for companies operating on the domestic market has evened out and
domestic consumer demand is not expected to recover in the near future. The
position of Panostaja's business segments in their fields of operation has
improved and is expected to continue to do so. The situation on the financial
markets for the SME sector has improved and finance is available for good
projects. The protractedness of the crisis in Ukraine, caution with credit
issue and the structural challenges of the Finnish economy are, however,
significant risks to overall economic development. On the corporate acquisition
market, activity has increased and this will offer opportunities both for new
acquisitions and for divestments.
MOST SIGNIFICANT NEAR-FUTURE BUSINESS RISKS AND RISK MANAGEMENT
Risk management is part of the Panostaja Group's management and monitoring
systems Panostaja aims to identify and monitor changes in the business
environment and general market situation of its segments, to react to them and
to utilize the business opportunities that they present. Risk is classified as
factors that may endanger or impede Panostaja or the business segments owned by
it from achieving strategic objectives, improvement in profit and the financial
position or business continuity, or that may otherwise cause significant
consequences for Panostaja, its owners, segments, personnel or other
stakeholder groups. A more detailed report on Panostaja's risk management
policy and the most significant risks was published in the 2013 annual report.
Financial risks are discussed in greater detail in the Notes to the 2013
financial statements.
Market risks, general: General market risks are mainly tied to the uncertainty
resulting from Finland's economic situation, export industry competitiveness
and the change it has caused, as well as their potential impact on achieving
the goals set for the various segments. The weakening in financial market
liquidity and the tightening on credit issue may hamper the realization of
corporate acquisitions and the availability of finance for working capital.
Panostaja has prepared for a weak financial market situation in the SME sector
and for a continued quiet period in the corporate acquisitions market by taking
out a MEUR 7.5 hybrid loan in May 2013. This hybrid loan will enable Panostaja
to make, in line with the company's strategy and investment criteria, new
complementary acquisitions and to give more temporal room for maneuver for
possible divestments.
Market risks, operating fields of the segments: The instability of the overall
economic situation has led to a decline in customer demand as well as the
postponement of investments, particularly in segments serving the technology
sector, which may result in a need for consolidated goodwill write-downs.
Economic prospects in the fields of the existing segments are strongly tied to
the prospects of customer enterprises. Expectations for the financial situation
are still characterized by uncertainty and poor forecastability. In the
various segments of Panostaja Group, the prospects still vary from cautiously
positive to neutral. Panostaja regularly assesses the risks for each segment
and, based on the updated risk assessment, takes the necessary remedial action.
Strategic risks: Panostaja represents the Finnish SME sector extensively. Net
sales are divided into five different sectors whose cyclical nature varies. The
Group's business structure partially evens out economic fluctuations. In spite
of this, general and sector-specific market risks can, however, affect the
Group's result and financial development. In the business segments, the
expected market situation is taken into account by adapting production and
costs to market demand and by safeguarding the financial position. In changes
in the global economy, Panostaja also sees opportunities to improve its market
position, for example through corporate acquisitions. The crisis in Ukraine has
no direct impact on Panostaja Group, as the Group companies have no receivables
from/projects ongoing in Ukraine. The possible protraction of the crisis inUkraine may negatively affect demand on the domestic Finnish market and thereby
the improvement in Panostaja's profit and financial position.
Financial risks: As a consequence of its operations, the Group is exposed to
many financial risks. The aim of risk management is to limit the adverse
effects of changes in financial markets on the result and financial development
of the Group. The Group's revenue and operative cash flows are mainly
independent of fluctuations in market interest rates. The interest risk of the
Group mainly constitutes borrowing, which is spread over variable and
fixed-interest loans. Some of the business segments use interest rate swaps and
interest rate ceiling agreements. The Group mainly operates in the eurozone and
so is only exposed to foreign exchange risks resulting from changes in exchange
rates to a slight degree. In the current financial period, credit loss risks
continue to represent a significant uncertainty factor in some of the segments.
This risk is increased by the tightness of credit issue to SMEs.
Corporate acquisitions: Panostaja actively seeks SMEs and endeavors to increase
and create value, through organic growth, corporate acquisitions and
correctly-timed divestments. The market still provides sufficient opportunities
for corporate acquisitions, and Panostaja Group aims to implement its growth
strategy by means of controlled acquisitions in current segments, but new
potential segments are also being actively studied. Preparation for divestments
is being continued as part of the ownership strategies of segments. Risks
related to corporate acquisitions are managed by investing carefully according
to specific investment criteria, as well as through efficient integration
processes. Panostaja Group has specified harmonized guidelines and a corporate
acquisitions process for the preparation and implementation of corporate
acquisitions.
Non-life risks: Non-life risks are managed in Panostaja Group through insurance
and Group guidelines, which set policy for the different areas.
Operative risks: During the six-month period, the management of operative risks
has particularly focused on business concerning Takoma. On January 17, 2014,
business restructuring proceedings began at Takoma Oyj and Takoma Gears Oy. In
the period under review, Tampereen Laatukoneistus Oy, Hervannan Koneistus Oy
and Takoma Systems Oy filed for bankruptcy. As a result of the bankruptcy, the
companies in question have been treated as discontinued operations in
Panostaja's consolidated financial statements. The restructuring proceedings of
Takoma Oyj and Takoma Gears Oy may have an impact on business, depending on the
reactions of customers and suppliers. In order to reduce the negative impact
and safeguard undisturbed operations, Takoma has been in contact with both
customers and suppliers and has discussed the situation of each company and the
reasons for it with different interest groups. According to customer and
supplier feedback received, confidence in Takoma's ability to supply is
returning. Takoma's interim report has been prepared on the assumption that
business will continue. This will require that admission to the business
restructuring process is granted, additional finance is acquired, loan periods
are extended, and the profitability of operations is improved. Changes
concerning Takoma may cause needs for one-time write-downs. Takoma's failure to
safeguard the continuity of operations is not expected to cause changes to
Panostaja Groups operating conditions.
OUTLOOK FOR THE 2014 FINANCIAL PERIOD
In accordance with its business strategy, Panostaja Group focuses on increasing
shareholder value in the segments owned by the Group. The development of
shareholder value will be constantly monitored as part of a changing operating
environment, and decisions on the development or divestment of segments will be
made in order to maximize shareholder value. Active development of shareholder
value, the effective allocation of capital and finance opportunities create a
solid foundation for operational expansion. The need for ownership arrangements
in SMEs enables both expansion into new segments and growth in existing ones.
Economic prospects in the fields of the existing segments are strongly tied to
the prospects of customer enterprises. Expectations for the financial situation
are still characterized by uncertainty and poor forecastability. In the
various segments of Panostaja Group, the prospects still vary from cautiously
positive to neutral. The challenges in the forecastability of the technology
industry or weakening prospects may create a need for consolidated goodwill
write-downs. The prospects for new construction remain poor.
The market still provides sufficient opportunities for corporate acquisitions,
and Panostaja Group aims to implement its growth strategy by means of
controlled corporate acquisitions in current segments, but new potential
segments are also being actively studied. Preparation for divestments is being
continued as part of the ownership strategies of segments.
The continuation of operations of Takoma will require that the business
restructuring process is carried out, the restructuring program is confirmed,
loan periods are extended, and the profitability of operations is improved.
Takoma's failure to safeguard the continuity of operations does not cause
changes to Panostaja Group's operating conditions.
Panostaja keeps its result management issued on May 21, 2014 unaltered. The
Group's comparable net sales in the 2014 financial period are expected to be
12−17% greater than in the 2013 financial period (MEUR 137.0). The Group's
comparable EBIT (MEUR 1.6) is expected to improve significantly in the 2014
financial period. Result management has taken into account the divested
businesses of the Takoma segment and the removal of the Value-added Logistics
and Supports segments from the Group.
Panostaja Oyj
Board of Directors
For further information, contact CEO Juha Sarsama: tel. +358 40 774 2099.
Panostaja Oyj
Juha Sarsama
CEO
All forecasts and assessments presented in this interim report bulletin are
based on the current outlook of the Group and the views of the management of
the various business areas with regard to the state of the economy and its
development. The results attained may be substantially different.
The information in the interim report has not been audited.
INCOME STATEMENT 02/14-04 02/13-04 11/13-04 11/12-04 2013
/14 /13 /14 /13
3 months 3 months 6 months 6 months 12
months
(EUR 1,000)
Net sales 44,805 41,595 87,209 79,603 166,951
Other operating income 217 250 687 430 1,281
Costs in total 40,814 39,136 81,309 76,214 155,757
Depreciations, amortizations 1,488 1,739 2,965 3,082 9,191
and impairment
Operating profit 2,720 970 3,622 737 3,284
Financial income and expenses -618 -736 -1,335 -1,450 -2,787
Share of associated company 5 -12 -296 -113 -110
profits
Profit before taxes 2,107 222 1,991 -826 387
Income taxes -815 -502 -1,729 -1,001 -1,376
Profit/loss from continuing 1,293 -280 262 -1,827 -989
operations
Profit/loss from discontinued 0 167 38 232 740
operations
Profit/loss from discontinued -193 -562 -1,460 -1,183 -5,271
operations
Profit/loss for the financial 1,100 -675 -1,160 -2,778 -5,520
period
Attributable to
shareholders of the parent 215 -995 -1,827 -2,888 -4,628
company
minority shareholders 886 320 667 110 -892
Earnings per share from
continuing operations
EUR, undiluted 0.004 -0.016 -0.018 -0.046 -0.040
Earnings per share from
continuing operations
EUR, diluted 0.004 -0.016 -0.018 -0.046 -0.040
Earnings per share from
discontinued operations
EUR, undiluted 0.000 -0.004 -0.017 -0.010 -0.050
Earnings per share from
discontinued
operations EUR, diluted 0.000 -0.004 -0.017 -0.010 -0.050
Earnings per share on 0.004 -0.019 -0.036 -0.056 -0.090
continuing and discontinued
operations EUR, undiluted
Earnings per share on 0.004 -0.019 -0.036 -0.056 -0.090
continuing and discontinued
operations EUR, diluted
EXTENSIVE INCOME STATEMENT
Items of the extensive income 1,100 -675 -1,160 -2,778 -5,520
statement
Translation differences -49 10 -49 10 103
Extensive income statement for 1,051 -665 -1,209 -2,768 -5,417
the period
Attributable to
shareholders of the parent 166 -985 -1,876 -2,878 -4,525
company
minority shareholders 886 320 667 110 -892
BALANCE SHEET April 30, April 30, October 31,
2014 2013 2013
(EUR 1,000)
ASSETS
Non-current assets
Goodwill 42,477 43,785 41,929
Other intangible assets 8,439 9,833 8,079
Property, plant and equipment 10,278 19,537 15,153
Interests in associated companies 3,652 3,710 3,714
Other non-current assets 12,323 13,351 12,769
Non-current assets total 77,168 90,216 81,644
Current assets
Stocks 15,366 20,051 15,437
Trade receivables and other 31,095 29,627 30,834
non-interest-bearing receivables
Short-term investments 6,400 0 8,400
Cash and cash equivalents 7,181 8,632 7,970
Current assets total 60,042 58,310 62,641
Held-for-sale non-current asset items 4,348
Assets in total 137,210 148,526 148,633
EQUITY AND LIABILITIES
Equity attributable to parent company
shareholders
Share capital 5,569 5,569 5,569
Share premium account 4,646 4,646 4,646
Invested unrestricted equity fund 14,538 14,486 14,508
Equity convertible loan 7,390 7,390
Translation difference -125 -57 -73
Retained earnings -6,447 -51 -1,979
Total 25,571 24,594 30,061
Minority interest 15,661 20,216 19,016
Equity total 41,232 44,810 49,077
Liabilities
Deferred tax liabilities 1,216 2,301 1,672
Equity convertible subordinated loan 14,623 14,489 14,556
Non-current liabilities 31,485 39,451 28,046
Current liabilities 48,654 47,476 55,282
Liabilities total 95,978 103,717 99,556
Equity and liabilities in total 137,210 148,526 148,633
CASH FLOW STATEMENT 04/2014 04/2013 2013
(EUR 1,000)
Operating net cash flow 4,123 2,279 7,780
Investment net cash flow -4,330 -12,311 -25,452
Loans drawn 6,064 18,839 33,077
Loans repaid -7,298 -9,389 -21,543
Share issue 5,102
Disposal of own shares 12 22 46
Dividends paid and capital repayments -1,577 -3,156 -3,156
Finance net cash flow -2,799 6,316 13,526
Change in cash flows -3,006 -3,716 -4,146
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(EUR 1,000) Share Share Invested Transl Profit Equity Minorit Total
capit premi unrestr ation funds conve y
al um icted diffe rtible shareh
accou equity rences loan olders'
nt fund intere
st
Equity 5,569 4,646 16,523 -66 1,981 1,652 45,173
November 1,
2012
Profit for -2,888 110 -2,778
the
financial
period
Profit and -2,888 110 -2,778
costs
recorded
during the
financial
period,
total
Dividends -1,116 -1,116
paid
Repayment of -2,040 -2,040
capital
Share
subscription
Share issue
Disposal of 3 3
own shares
Reward scheme
Translation 10 10
differences
Changes in 856 4,703 5,559
minority
interest
Other changes -2,037 10 856 3,586 2,415
in equity,
total
Equity 52
April 30, 5,569 4,646 14,486 -56 -51 20,216 44,810
2013
Equity
November 1, 5,569 4,646 14,508 -73 -1,979 7,390 19,016 49,077
2013
Profit for -1,828 668 -1,160
the
financial
period
Profit and -1,828 668 -1,160
costs
recorded
during the
financial
period,
total
Dividends -1,537 -1,537
paid
Repayment of
capital
Equity
convertible
loan
Disposal of 24 24
own shares
Reward scheme 6 6
Translation -49 -49
differences
Changes in -2,640 -2,486 -5,126
minority
interest
Adjustment of
errors in
previous
financial
period
Other changes 30 -49 -2,640 -4,023 -6,682
in equity,
total
Equity 5,569 4,646 14,538 -122 -6,447 7,390 15,661 41,232
April 30,
2014
KEY FIGURES
04/201 04/201 10/201
4 3 3
Equity per share (EUR) 0.50 0.48 0.59
Earnings per share, diluted (EUR) -0.04 -0.06 -0.09
Earnings per share, undiluted (EUR) -0.04 -0.06 -0.09
Earnings per share, diluted, taking the hybrid loan into -0.04
account (EUR), EUR
Average number of shares during financial period, 1,000 51,197 51,194 51,211
pcs.
Number of shares at end of financial period, 1,000 pcs. 51,733 51,733 51,733
Share issues/CL exchanges during financial period, 1,000 0 0 0
pcs.
Number of shares, 1,000, diluted 58,015 58,013 58,029
Return on equity,% -5.1 -12.3 -11.7
Return on investment,% 7.3 0.4 0.5
Gross capital expenditure
To permanent assets (MEUR) 3.5 17.1 21.2
% of net sales 4.0 22.9 12.7
Interest-bearing liabilities 56.7 66.6 60.1
Equity ratio (%) 30.1 30.3 33.2
Average number of employees 1,274 1,275 1,251
GROUP DEVELOPMENT BY QUARTER
(MEUR) Q2/14 Q1/14 Q4/13 Q3/13 Q2/13 Q1/13 Q4/12
Net sales 44.8 42.4 46.8 40.6 41.6 38.0 39.8
Other operating income 0.2 0.2 0.6 0.2 0.2 0.2 0.5
Costs in total -40.8 -40.1 -42.7 -36.7 -39.1 -37.1 -36.7
Depreciations, amortizations -1.5 -1.5 -2.0 -4.1 -1.7 -1.3 -3.6
and impairment
EBIT 2.7 0.9 2.6 -0.1 1.0 -0.2 0.0
Finance items -0.6 -0.7 -0.7 -0.6 -0.8 -0.7 -1.5
Share of associated company 0.0 -0.3 -0.2 0.2 0.0 -0.1 -0.1
profits
Profit before taxes 2.1 0.1 1.8 -0.5 0.2 -1.0 -1.6
Taxes -0.9 -0.9 0.4 -0.8 -0.5 -0.5 -1.5
Profit from continuing 1.3 -1.0 2.1 -1.3 -0.3 -1.5 -3.2
operations
Profit/loss from discontinued -0.2 0.0 0.3 0.1 0.2 0.1 0.1
operations
Profit/loss from discontinued -1.3 -1.3 -3.4 -0.7 -0.6 -0.6
operations
Profit for the financial period 1.1 -2.3 -1.0 -1.8 -0.7 -2.1 -3.1
Minority interest 0.9 -0.2 -0.6 -0.4 0.3 -0.2 -0.3
Parent company shareholder 0.2 -2.1 -0.4 -1.4 -1.0 -1.9 -2.8
interest
GUARANTEES GIVEN
(EUR 1,000) 04/2014 04/2013 2013
Guarantees given on behalf of Group companies
Enterprise mortgages 39,677 44,211 41,449
Pledges given 75,537 78,892 72,939
Other liabilities 3,549 1,545 2,950
Other rental agreements
In one year 8,612 8,419 9,227
In over one year but within five years maximum 15,891 17,120 16,854
In over five years 1,810 2,233 2,438
Total 26,313 27,772 28,519
SEGMENT INFORMATION
NET SALES 11/13-04/14 11/12-04/13 Change
(EUR 1,000)
Digital Printing Services 28,807 24,323 4,484
Safety 16,638 15,368 1,270
Value-added Logistics 14,621 14,246 375
Takoma 7,293 6,539 754
Ceiling Materials 5,558 5,979 -421
Fittings 5,685 6,142 -457
Spare Parts for Motor Vehicles 5,114 4,958 156
Heat Treatment 3,616 2,311 1,306
Other 0 42 -42
Eliminations -123 -305 183
----------------------------------------------------------------
Group in total 87,209 79,603 7,607
----------------------------------------------------------------
----------------------------------------------------------------
OPERATING PROFIT
(EUR 1,000)
Digital Printing Services 3,273 2,705 568
Safety 271 201 71
Value-added Logistics 620 365 255
Takoma -611 -937 326
Ceiling Materials 467 339 128
Fittings 383 -380 763
Spare Parts for Motor Vehicles 265 284 -19
Heat Treatment 238 -621 859
Other -1,285 -1,219 -66
------------------------------------------------------------
Group in total 3,622 737 2,885
------------------------------------------------------------
SEGMENT INFORMATION BY QUARTER
2Q/14 1Q/14 4Q/13 3Q/13 2Q/13 1Q/13 4Q/12
Digital Printing Services 15.2 13.6 14.2 12.3 13.4 10.9 9.5
Safety 8.4 8.3 9.5 7.0 7.8 7.6 8.0
Value-added Logistics 7.3 7.3 8.1 7.6 7.2 7.1 7.2
Takoma 3.8 3.5 4.0 3.6 3.5 3.1 7.0
Ceiling Materials 2.9 2.7 3.2 3.5 3.0 3.0 0.0
Fittings 3.2 2.5 3.0 2.8 3.1 3.0 2.5
Spare Parts for Motor Vehicles 2.6 2.6 2.7 2.6 2.5 2.5 2.9
Heat Treatment 1.6 2.0 2.1 1.3 1.2 1.1 1.8
Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Eliminations 0.0 -0.1 0.0 -0.1 -0.1 -0.2 0.9
Group in total 44.8 42.4 46.8 40.6 41.6 38.0 39.8
Operating profit (MEUR) 2Q/14 1Q/14 4Q/13 3Q/13 2Q/13 1Q/13 4Q/12
Digital Printing Services 2.2 1.0 1.9 1.7 1.7 1.0 1.9
Safety 0.1 0.1 1.0 0.4 0.4 -0.2 0.5
Value-added Logistics 0.4 0.2 0.8 0.5 0.3 0.1 0.6
Takoma -0.3 -0.3 -0.3 -2.9 -0.5 -0.5 -2.9
Ceiling Materials 0.4 0.1 0.2 0.3 0.1 0.2 0.0
Fittings 0.3 0.1 0.0 0.2 -0.2 -0.2 0.1
Spare Parts for Motor Vehicles 0.1 0.2 0.2 0.3 0.1 0.2 0.5
Heat Treatment 0.0 0.2 -0.7 -0.1 -0.3 -0.3 0.2
Other -0.6 -0.7 -0.5 -0.6 -0.6 -0.6 -0.8
Group in total 2.7 0.9 2.6 -0.1 1.0 -0.2 0.0
Panostaja is an investment company developing Finnish SMEs in the role of an
active majority shareholder. The company aims to be the most sought-after
partner for business owners selling their companies as well as for the best
managers and investors. Together with its partners, Panostaja increases the
Group's shareholder value and creates Finnish success stories.
Panostaja has eight segments engaging in business operations. Flexim Security
Oy (Safety) is a specialist in security technology and services, locking, door
automation and access control products and solutions. Heatmasters Group (Heat
Treatment) offers thermal treatment services of metals in Finland and
internationally, and produces, develops and markets heat treatment technology.
KL-Varaosat (Spare Parts for Motor Vehicles) is an importer, wholesale dealer
and retailer of original spare parts and supplies for Mercedes Benz and BMW
cars. Kopijyvä Oy & DMP-Digital Media Partners Oy (Digital Printing Services)
form Finland's largest company offering digital printing services and
publication and production services. Suomen Helakeskus Oy (Fittings) is a major
wholesaler of construction and furniture fittings in Finland. Selog Oy (Ceiling
Materials) is a specialty supplier and wholesaler of ceiling materials. Takoma
Oyj (Takoma) is a listed machine shop group with an entrepreneur-driven
business model. KotiSun Oy (Building Technology Renovation) is Finland's
leading company in service water and heating network building technology
renovations for detached houses.
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