2007-06-07 13:42:04 CEST
2007-06-07 13:42:04 CEST
REGULATED INFORMATION
Panostaja Oyj - Quarterly report
PANOSTAJA GROUP INTERIM REPORT FOR THE SIX MONTHS TO 30TH APRIL 2007
Panostaja Oyj Stock Exchange Bulletin 7th June 2007
PANOSTAJA GROUP INTERIM REPORT FOR THE SIX MONTHS TO 30TH APRIL 2007
Panostaja Group's IFRS-compliant net turnover for the last six-month period was
EUR 32.7 million (EUR 23.8 million), which represents 37% growth. The Group's
operating profit increased by 209 % to EUR 3,7 million (EUR 1.2 million).
Diluted earnings per share stood at 5.7 cents (3.2 cents), equivalent to 80%
growth. Equity per share was EUR 0.58 (EUR 0.38). The equity ratio stood at
37.4% (29.5%). The Group's net turnover for the financial year will increase
significantly due to the acquisitions of Suomen Helasto Oyj and the KL-Varaosat
group of companies and due to growth in other business operations as well. In
addition, the Group's profit for the financial year from continuing operations
will improve, provided that there are no material changes in the volume of
construction investments in Finland.
This Interim Report was prepared in compliance with the recognition and
measurement principles of the International Financial Reporting Standards
(IFRS), complying with the same accounting policies as the financial statements
prepared for 2005/2006.
GROUP
FINANCIAL PERFORMANCE
Panostaja Group's net turnover for the last six-month period was EUR 32.7
million (EUR 23.8 million). Growth in net turnover was strongest within the
Industrial Construction segment; with a net turnover of EUR 12.3 million (EUR
6.8 million), the segment showed an 80% increase resulting from significant
investment decisions by industries operating in Finland.
The Group's operating profit was EUR 3,7 million (EUR 1.2 million), while profit
before taxes stood at EUR 3.5 million (EUR 0.9 million). The Group's operating
profit improved due to growth in net turnover and enhanced profitability. The
high capacity level within the Industrial Construction segment further improved
the segment's operating profitability. The Group's profit from discontinued
operations includes an additional selling price of EUR 0.4 million from the sale
of shares in Pajakulma Oy.
In addition, the Group's other operating income includes an additional purchase
price of EUR 0.4 million for the disposal of Pajakulma Oy.
Due to the growth in business volumes, the proportion of the Group's staff
expenses dropped to 26% (29%) of net turnover. Correspondingly, the proportion
of other operating expenses fell to 14% (17%) of net turnover. In other
respects, the Group's cost structure remained unchanged.
The Group's net financial expenses amounted to about EUR 0.2 million. Interest
expenses will increase from now on due to the subordinated loan raised during
the period under review. The Group's average number of employees during the
reporting period was 429 (394).
INVESTMENTS AND FINANCING
The Group's gross capital expenditure during the reporting period amounted to
EUR 3,0 million (EUR 4.1 million). The most important investment was the
acquisition of the KL-Varaosat companies.
Cash flow from operating activities was strong throughout the period. The
Group's equity ratio stood at 37.4% (29.5%). Dividends distributed during the
period under review amounted to EUR 3.87 million (dividends paid to minority
shareholders in subsidiaries amounted to EUR 0.51 million).
CHANGES TO THE GROUP STRUCTURE
On 20th December 2006, the parent company of Annektor Group was demerged into
Annektor Oy and Solikko Finance Oy. This had no impact on the Group's financial
results and balance sheet.
In April, Panostaja Oyj's subsidiary KL-Parts Oy purchased the entire share
capital of the KL-Varaosat group of companies, specialising in the supply of OEM
spare parts for Mercedes-Benz and BMW cars. The purchase price paid for the
KL-Varaosat companies was about EUR 5.1 million and 300,000 Panostaja Oyj new
Class B shares. The total purchase price amounted to around EUR 5.5 million. In
addition, the seller has an opportunity to receive an additional payment up to a
maximum price of about EUR 1.4 million within one year. Panostaja Oyj shaped the
KL-Varaosat companies into a new business area focusing on supply of OEM car
spare parts.
EVENTS SUBSEQUENT TO THE REPORTING PERIOD
The Prospectus for Panostaja Oyj's 2006 convertible subordinated loan was
approved by the Finnish Financial Supervision Authority on 14th May 2007. The
final loan disbursement at EUR 10,625,000 was paid to Panostaja Oyj on 15th May
2007 and trading in the convertible bonds (Note Units) on the Helsinki Stock
Exchange started on 16th May 2007.
On 30th May 2007, Panostaja Group acquired the majority of shares in Suomen
Helasto Oyj, which specialises in locks and security as well as fittings and
fastenings services and wholesale.
The principal shareholders in Panostaja Oyj and in Suomen Helasto Oyj carried
out a share exchange, whereby Panostaja acquired 68.77% of the share capital and
the voting power in Suomen Helasto. As part of the private placement, the
principal shareholders in Suomen Helasto received 7,450,933 Class B shares.
As a result of the share exchange, Panostaja incurred an obligation under the
Securities Markets Act Chapter 6 section 10 to launch a takeover bid to other
Suomen Helasto shareholders. As part of the takeover bid, Panostaja offers an
exchange of shares, where six Suomen Helasto shares will be exchanged for five
Panostaja B shares. As an alternative to the share exchange, Panostaja offers a
full cash consideration to the value of EUR 1.27 per share. The closing prices
for Panostaja's B share and Suomen Helasto's share on 29th May 2007 were EUR
1.52 and EUR 1.19 respectively.
Suomen Helasto's net turnover for 2006 was EUR 26 million and the company
employed 150 people. The acquisition of Suomen Helasto results in the creation
of three new business areas within Panostaja.
Holdings in Panostaja Oyj changed when the shares issued by Panostaja Oyj to the
principal shareholders in Suomen Helasto Oyj through a private placement were
entered in the Trade Register on 6th June 2007. Maija Koskenkorva's and Mauno
Koskenkorva's portions of Panostaja Oyj's share capital exceeded 10% and 5%
respectively, while Mikko Koskinen's holding in the share capital remained below
5%. Following registration of the share issue, the total number of Panostaja Oyj
shares amounts to 40,871,505 (17,256,595 Class A shares and 23,614,910 Class B
shares).
ADMINISTRATION AND ANNUAL GENERAL MEETING
The Annual General Meeting was held on 15th December 2006. The AGM re-elected
Mr. Olli Halmevuo and Mr. Matti Koskenkorva to Panostaja Oyj's Board of
Directors. New members elected to the Board were Mr. Jukka Ala-Mello, Secretary
of the Board of Kone Corporation, Mr. Eero Lehti, Chairman of the Board of the
Federation of Finnish Enterprises, and Mr. Hannu Tarkkonen, Executive Vice
President of Etera Mutual Pension Insurance Company. The AGM further elected Mr.
Hannu Pellinen, APA, and PricewaterhouseCoopers Oy, APA, as auditors.
Board member Eero Lehti was elected to the Finnish Parliament in the spring 2007
general election. Mr. Lehti resigned from Panostaja Oyj's Board of Directors on
10th April 2007.
The Annual General Meeting adopted the financial statements presented for the
financial year ended 31st October 2006 and the Board's proposal to transfer the
profit for the period to retained earnings and to distribute EUR 0.13 per share
in dividends was approved. The record date for dividend payment was 20th
December 2006 and the payment date was as from 29th December 2006. In addition,
the AGM discharged the Board of Directors and the Chief Executive Officer from
liability.
The Annual General Meeting authorised the Board of Directors to decide on an
increase in share capital through one or more regular or bonus issues, such that
a maximum of 30,000,000 new Class A shares and a maximum of 30,000,000 new Class
B shares may be offered for subscription in the issue(s) at a nominal price of
EUR 0.12 each, and that the share capital increase must not exceed EUR
7,200,000. In addition, the Board of Directors was authorised to decide on an
increase in share capital by granting options and other rights referred to in
Chapter 10, section 1 of the Companies Act, such that a maximum of 30,000,000
new Class A shares and a maximum of 30,000,000 new Class B shares may be offered
for subscription in the issue(s), and that the share capital increase must not
exceed EUR 7,200,000. The share issue authorisations did not exclude the Board's
right to decide on private placements; such issues may disapply the
shareholders' pre-emption rights laid down in Chapter 9, section 3 of the
Companies Act.
Furthermore, the Annual General Meeting authorised the Board of Directors to
obtain a subordinated loan at a maximum of EUR 21,250,000 from domestic
institutional investors, to decide on granting option rights to key personnel
within the company and on acquisition and disposal of the company's own shares
within the limits of acquiring a maximum of 1,725,659 Class A shares and a
maximum of 1,247,797 Class B shares.
During the period under review, the Board has exercised its authorisation to
obtain a subordinated loan of EUR 21,250,000 from domestic institutional
investors and to decide on granting option rights to key personnel within the
company.
In addition, the Board exercised its authorisation to increase share capital
through a new share issue disapplying the shareholders' pre-emption rights. As
part of a private placement, the seller of the KL-Varaosat companies, Kari
Lindfors, subscribed for 300,000 of Panostaja's new Class B shares.
SHARE CAPITAL AND OWN SHARES
Panostaja Oyj's share capital entered in the Trade Register equated to EUR
4,010,468.64 and the number of shares was 33,420,572 at the end of the reporting
period. The numbers of issued Class A and B shares amounted to 17,259,595 and
16,163,977 respectively.
CONVERTIBLE SUBORDINATED LOANS
On 4th January 2007, the company sent notification to holders of 2004
convertible subordinated bonds to the effect that the company would exercise its
right under the terms of the loan to repay the entire loan principal early at a
nominal price, because the volume-weighted average price of Panostaja Oyj's
Class B share had, since 2nd January 2006, exceeded the conversion price
specified in the terms of the loan by more than 100% for 20 of 30 consecutive
trading days on the Helsinki Stock Exchange. Repayment of the subordinated loan
was cancelled, however, because all bond holders applied to convert their bonds
into shares according to the terms of the loan. As a result of conversions,
bond-holders subscribed for 3,358,000 Panostaja new Class B shares.
The Board of Directors exercised the authorisation granted at the Annual General
Meeting on 15th December 2006 to obtain a subordinated loan from domestic
institutional investors. During the reporting period, the Board approved
subscriptions for 2006 convertible subordinated bonds at a total of EUR
21,250,000. The interest rate is 6.5% and the loan period runs from 15th January
2007 to 1st March 2012. The bonds may be converted into a maximum of 12,500,000
Panostaja's new Class B shares and bond conversions may result in an increase of
share capital at a maximum of EUR 1,500,000. The first loan disbursement,
amounting to EUR 10,625,000, was made to Panostaja Oyj on 15th January 2007 and
the remainder of the loan, also amounting to EUR 10,625,000, was paid on 15th
May 2007. A component of the amount of the subordinated loan paid, about EUR
430,000, has been recognised as an increase in equity during the reporting
period in accordance with IAS 32.
OPTIONS
The Board of Directors exercised its authorisation to decide on granting option
rights 2006A to key personnel within the company and to a subsidiary fully owned
by the company. The number of options granted was 460,000, which entitled
holders to subscribe for 460,000 shares. The options granted have been treated
in the Interim Report in accordance with IFRS 2.
SHARE PERFORMANCE AND SHAREHOLDING
During the reporting period, prices of Panostaja Oyj's Class A and B shares
varied between EUR 1.21 and EUR 1.70 and between EUR 1.18 and EUR 1.73
respectively. The volumes of trading in Class A and B shares amounted to 681,130
and 1,414,031 shares respectively, while the trading volume in new Class B
shares was 295,424 shares, equating to 7.2% of the share capital. The April
closing price was EUR 1.44 for Class A shares, EUR 1.44 for Class B shares and
EUR 1.31 for new Class B shares. The company's total market capitalisation stood
at EUR 47.6 million at the end of April.
During the period under review, Panostaja Oyj and OKO Bank Plc signed a market
making agreement concerning Panostaja Oyj's Class A and B shares. The aims of
this agreement include increasing the liquidity of the shares, reducing the
share price volatility and facilitating minor shareholders' trading with the
shares.
Holdings in Panostaja Oyj changed when the increase in share capital was entered
in the Trade Register on 22nd February 2007. Matti Koskenkorva's holding in
Panostaja Oyj's share capital fell below 15%, Maija Koskenkorva's holding fell
below 10% and Mauno Koskenkorva's holding fell below 5%.
OUTLOOK FOR THE REST OF THE FINANCIAL YEAR
Panostaja Group will focus on the business idea in alignment with its core
business strategy and on development of its business areas. The company aims to
dispose of assets not related to its core business. The increasing supply of
companies will enable expansion into new business areas. The company believes
that the level of prices of small enterprises will become more moderate in the
future, as the rising interest rate and the continuous increase in the supply of
businesses over the next few years will affect valuation levels. Panostaja aims
to pursue growth by acquiring SMEs operating in traditional industries with a
view both to complementing existing business areas and to creating new business
areas.
Domestically, the economic situation is expected to remain favourable. The
economic outlook for Panostaja's business areas is moderately positive.
The Group's net turnover for the financial year will increase significantly due
to the acquisitions of Suomen Helasto Oyj and the KL-Varaosat group of companies
and due to growth in other business operations as well. In addition, the Group's
profit for the financial year from continuing operations will improve, provided
that there are no material changes in the volume of construction investments in
Finland.
The data provided in this Interim Report is unaudited. The Interim Report
covering the nine months from 1st November 2006 to 31st July 2007 will be
published on 10th September 2007.
Panostaja Oyj
Board of Directors
For further information, please contact Mr. Olli Halmevuo, CEO, tel. +358 (0)3
263 4300.
Panostaja Oyj
Olli Halmevuo
CEO
All forecasts and estimates presented in this Interim Report are based on the
current views of the management of the Group and the business areas on the
economic environment and outlook and actual results may be significantly
different.
CONSOLIDATED INCOME STATEMENT
--------------------------------------------------------------------------------
| Panostaja Group | 11/06-04/07 | 11/05-04/06*) | 11/05-10/06 |
--------------------------------------------------------------------------------
| (EUR 1,000) | (6 months) | (6 months) | (12 months) |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net turnover | 32,668 | 23,846 | 57,755 |
--------------------------------------------------------------------------------
| Other operating income | 461 | 113 | 772 |
--------------------------------------------------------------------------------
| Share of profit of associates | 0 | 89 | 86 |
--------------------------------------------------------------------------------
| Total expenses | 28,415 | 22,348 | 51,929 |
--------------------------------------------------------------------------------
| Planned depreciation and | 703 | 513 | 1,209 |
| amortisation | | | |
--------------------------------------------------------------------------------
| Operating profit | 3,661 | 1,187 | 5,476 |
--------------------------------------------------------------------------------
| Financial income and expenses | -187 | -275 | -540 |
--------------------------------------------------------------------------------
| Profit before taxes | 3,475 | 912 | 4,936 |
--------------------------------------------------------------------------------
| Taxes | 976 | -231 | -1,210 |
--------------------------------------------------------------------------------
| Profit for the period from | 2,499 | 681 | 3,725 |
| continuing operations | | | |
--------------------------------------------------------------------------------
| Profit for the period from | 350 | 565 | 4,903 |
| discontinued operations | | | |
--------------------------------------------------------------------------------
| Profit for the period | 2,849 | 1,246 | 8,628 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Attributable to: |
--------------------------------------------------------------------------------
| Minority interest | 870 | 358 | 1,171 |
--------------------------------------------------------------------------------
| Equity holders of the parent | 1,979 | 887 | 7,457 |
| company | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share on continuing operations |
--------------------------------------------------------------------------------
| Earnings per share, EUR - basic | 0.053 | 0.014 | 0.092 |
--------------------------------------------------------------------------------
| Earnings per share, EUR - | 0.048 | 0.014 | 0.085 |
| diluted | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share in discontinued operations |
--------------------------------------------------------------------------------
| Earnings per share, EUR - basic | 0.011 | 0.018 | 0.176 |
--------------------------------------------------------------------------------
| Earnings per share, EUR - | 0.009 | 0.018 | 0.157 |
| diluted | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share on continuing and discontinued operations |
--------------------------------------------------------------------------------
| Earnings per share, EUR - basic | 0.064 | 0.032 | 0.268 |
--------------------------------------------------------------------------------
| Earnings per share, EUR - | 0.057 | 0.032 | 0.242 |
| diluted | | | |
--------------------------------------------------------------------------------
*) Net turnover and expenses relating to Pajakulma Group, sold on 31st October
2006, have been removed from the income statement for the comparative period.
Pajakulma Group's profit is reported under ‘Profit for the period from
discontinued operations'.
Consolidated balance sheet summary
--------------------------------------------------------------------------------
| (EUR 1,000) | 04/2007 | 04/2006 | 10/2006 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| ASSETS | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current assets | | | |
--------------------------------------------------------------------------------
| Intangible assets | 4,416 | 2,650 | 2,211 |
--------------------------------------------------------------------------------
| Property, plant and equipment | 9,526 | 11,167 | 9,654 |
--------------------------------------------------------------------------------
| Interests in associates | 889 | 899 | 894 |
--------------------------------------------------------------------------------
| Other non-current assets | 123 | 137 | 127 |
--------------------------------------------------------------------------------
| Interest-bearing receivables | 15 | 15 | 15 |
--------------------------------------------------------------------------------
| Total | 14,969 | 14,867 | 12,900 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current assets | | | |
--------------------------------------------------------------------------------
| Stocks | 9,333 | 9,890 | 7,941 |
--------------------------------------------------------------------------------
| Trade and other receivables | 13,581 | 11,185 | 14,360 |
--------------------------------------------------------------------------------
| Short-term investments | 11,606 | 4,481 | 2,222 |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 10,519 | 3,573 | 10,207 |
--------------------------------------------------------------------------------
| Total | 45,038 | 29,130 | 34,730 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL ASSETS | 60,008 | 43,997 | 47,631 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EQUITY AND LIABILITIES | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity attributable to equity holders of the parent company |
--------------------------------------------------------------------------------
| Share capital | 4,010 | 3,291 | 3,568 |
--------------------------------------------------------------------------------
| Other equity | 15,486 | 7,476 | 14,592 |
--------------------------------------------------------------------------------
| Total | 19,496 | 10,767 | 18,160 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Minority interest | 2,516 | 2,166 | 2,154 |
--------------------------------------------------------------------------------
| Total equity | 22,012 | 12,933 | 20,314 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LIABILITIES | | | |
--------------------------------------------------------------------------------
| Deferred tax liabilities | 307 | 369 | 309 |
--------------------------------------------------------------------------------
| Convertible loan | 10,238 | 3,149 | 2,316 |
--------------------------------------------------------------------------------
| Non-current assets | 11,690 | 14,882 | 9,393 |
--------------------------------------------------------------------------------
| Current assets | 15,761 | 12,663 | 15,298 |
--------------------------------------------------------------------------------
| Total liabilities | 37,996 | 31,064 | 27,316 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL EQUITY AND LIABILITIES | 60,008 | 43,997 | 47,631 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED CASH FLOW STATEMENT | 04/2007 | 04/2006 | 10/2006 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from operating activities | 3,485 | 1,890 | 6,062 |
--------------------------------------------------------------------------------
| Cash flow from (used in) investing | -2,313 | -3,388 | 1,788 |
| activities | | | |
--------------------------------------------------------------------------------
| Cash flow from financing activities | 2,254 | 6,714 | 1,720 |
--------------------------------------------------------------------------------
| Proceeds from subordinated loan | 10,625 | 0 | 0 |
--------------------------------------------------------------------------------
| Dividends paid | -4,356 | -2,114 | -2,094 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Change in cash and cash equivalents | 9,695 | 3,102 | 7,476 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | 04/2007 | 04/2006 | 10/2006 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity per share, EUR | 0.57 | 0.38 | 0.68 |
--------------------------------------------------------------------------------
| Average no. of shares, 1,000 | 31,017 | 27,425 | 27,839 |
--------------------------------------------------------------------------------
| No. of shares at end of period, 1,000 | 33,421 | 27,425 | 29,735 |
--------------------------------------------------------------------------------
| No. of shares, 1,000, diluted | 37,267 | 32,016 | 31,224 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Return on equity (ROE), % | 23,6 | 19.6 | 22.7 |
--------------------------------------------------------------------------------
| Return on investment (ROI), % | 20,0 | 12.9 | 16.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Gross capital expenditure | | | |
--------------------------------------------------------------------------------
| On non-current assets (EUR million) | 3,0 | 4.1 | 4.8 |
--------------------------------------------------------------------------------
| % of net turnover | 12,5 | 12.8 | 8.3 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Interest-bearing liabilities 1) | 13,103 | 15,876 | 11,289 |
--------------------------------------------------------------------------------
| Equity ratio, % 1) | 37.4 | 29.5 | 43.4 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Average number of employees | 429 | 394 | 424 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Excluding subordinated loan (convertible bonds).
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(EUR 1,000)
--------------------------------------------------------------------------------
| | Share | Share | Invested | Retain | Minorit | Total |
| | capit | premium | unrestri | ed | y | |
| | al | account | cted | earnin | interes | |
| | | | equity | gs | t | |
| | | | fund | | | |
--------------------------------------------------------------------------------
| Shareholders' | 3,568 | 2,683 | | 11,909 | 2,154 | 20,314 |
| equity 31st Oct. | | | | | | |
| 2006 | | | | | | |
--------------------------------------------------------------------------------
| Increase of share | 406 | 1,964 | | | | 2,370 |
| capital relating | | | | | | |
| to conversions of | | | | | | |
| convertible | | | | | | |
| subordinated bonds | | | | | | |
--------------------------------------------------------------------------------
| Equity component | | | 430 | | | 430 |
| of convertible | | | | | | |
| subordinated loan | | | | | | |
--------------------------------------------------------------------------------
| Share-based incentive | | 36 | | | 36 |
| schemes | | | | | |
--------------------------------------------------------------------------------
| Profit for the | | | | 1,979 | 870 | 2,849 |
| period | | | | | | |
--------------------------------------------------------------------------------
| Dividends paid | | | | -3,865 | -509 | -4,374 |
--------------------------------------------------------------------------------
| Share issue | 36 | | 350 | | | 386 |
--------------------------------------------------------------------------------
| Shareholders' | 4,010 | 4,647 | 816 | 10,023 | 2,515 | 22,011 |
| equity 30th April | | | | | | |
| 2007 | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shareholders' | 3,291 | 882 | | 6,098 | 2,277 | 12,548 |
| equity 31st Oct. | | | | | | |
| 2005 | | | | | | |
--------------------------------------------------------------------------------
| Profit for the | | | | 887 | 358 | 1,245 |
| period | | | | | | |
--------------------------------------------------------------------------------
| Dividends paid | | | | -1,645 | -469 | -2,114 |
--------------------------------------------------------------------------------
| Share issue | | 1,254 | | | | 1,245 |
--------------------------------------------------------------------------------
| Shareholders' | 3,291 | 2,136 | | 5,340 | 2,166 | 12,933 |
| equity 30th April | | | | | | |
| 2006 | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
SEGMENT INFORMATION
Primary reporting format - business segments
--------------------------------------------------------------------------------
| EUR 1,000 | 04/2007 | 04/2006 | |
--------------------------------------------------------------------------------
| NET TURNOVER | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Industrial services | 5,007 | 3,956 | |
--------------------------------------------------------------------------------
| Joinery industry | 4,752 | 4,931 | |
--------------------------------------------------------------------------------
| Industrial construction | 12,270 | 6,829 | |
--------------------------------------------------------------------------------
| Wholesale trade | 6,942 | 5,626 | |
--------------------------------------------------------------------------------
| Other | 3,696 | 2,505 | |
--------------------------------------------------------------------------------
| Total | 32,668 | 23,846 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| OPERATING PROFIT/LOSS | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Industrial services | 198 | 270 | |
--------------------------------------------------------------------------------
| Joinery industry | 63 | -49 | |
--------------------------------------------------------------------------------
| Industrial construction | 3,528 | 1,105 | |
--------------------------------------------------------------------------------
| Wholesale trade | 126 | 62 | |
--------------------------------------------------------------------------------
| Other | -254 | -201 | |
--------------------------------------------------------------------------------
| Total | 3,661 | 1,187 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
The Group does not have a secondary reporting segment.
GROUP'S QUARTERLY PERFORMANCE
--------------------------------------------------------------------------------
| (EUR | IFRS | IFRS | IFRS | IFRS | IFRS | IFRS | IFRS | IFRS | IFRS |
| million) | | | | | | | | | |
--------------------------------------------------------------------------------
| | Q2/0 | Q3/0 | Q4/0 | Q1/0 | Q2/0 | Q3/0 | Q4/0 | Q1/07 | Q2/07 |
| | 5 | 5 | 5 | 6 | 6 | 6 | 6 | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net | 14.7 | 14.5 | 18.4 | 11.4 | 12.5 | 14.0 | 19.9 | 16.7 | 16.0 |
| turnover | | | | | | | | | |
--------------------------------------------------------------------------------
| Other | 0.1 | 0.1 | 0.1 | 0.1 | 0.0 | 0.1 | 0.6 | 0.0 | 0.1 |
| operating | | | | | | | | | |
| income | | | | | | | | | |
--------------------------------------------------------------------------------
| Total | 13.9 | 13.0 | 16.2 | 10.5 | 11.7 | 12.5 | 17.1 | 15.0 | 13.4 |
| expenses | | | | | | | | | |
--------------------------------------------------------------------------------
| Depreciatio | 0.3 | 0.2 | 0.3 | 0.2 | 0.3 | 0.3 | 0.4 | 0.3 | 0.4 |
| n and | | | | | | | | | |
| amortisatio | | | | | | | | | |
| n | | | | | | | | | |
--------------------------------------------------------------------------------
| Operating | 0.6 | 1.4 | 2.0 | 0.7 | 0.5 | 1.3 | 3.0 | 1.4 | 2.3 |
| profit | | | | | | | | | |
--------------------------------------------------------------------------------
| Financial | -0.1 | -0.2 | -0.1 | -0.2 | -0.1 | -0.1 | -0.1 | -0.1 | -0.1 |
| items | | | | | | | | | |
--------------------------------------------------------------------------------
| Profit | 0.5 | 1.2 | 1.9 | 0.5 | 0.4 | 1.2 | 2.8 | 1.2 | 2.3 |
| before | | | | | | | | | |
| taxes | | | | | | | | | |
--------------------------------------------------------------------------------
| Taxes | -0.1 | -0.3 | -0.7 | -0.1 | -0.1 | -0.3 | -0.7 | -0.3 | -0.7 |
--------------------------------------------------------------------------------
| Minority | -0.2 | -0.3 | -0.4 | -0.2 | -0.2 | -0.3 | -0.5 | -0.3 | -0.6 |
| interest | | | | | | | | | |
--------------------------------------------------------------------------------
| Profit from | 0.2 | 0.6 | 0.8 | 0.2 | 0.1 | 0.6 | 1.7 | 0.6 | 1.0 |
| continuing | | | | | | | | | |
| operations | | | | | | | | | |
--------------------------------------------------------------------------------
| Profit from | 0.0 | 0.0 | 0.0 | 0.1 | 0.5 | 0.2 | 4.1 | 0.0 | 0.4 |
| discontinue | | | | | | | | | |
| d | | | | | | | | | |
| operations | | | | | | | | | |
--------------------------------------------------------------------------------
| Total | 0.2 | 0.6 | 0.8 | 0.3 | 0.6 | 0.8 | 5.8 | 0.6 | 1.4 |
--------------------------------------------------------------------------------
CONTINGENT LIABILITIES
--------------------------------------------------------------------------------
| (EUR million) | 04/2007 | 04/2006 | 10/2006 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Collateral given on behalf of Group companies: |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Mortgages | 5.7 | 5.6 | 6.1 |
--------------------------------------------------------------------------------
| Floating charges | 2.6 | 5.4 | 3.5 |
--------------------------------------------------------------------------------
| Pledges | 6.3 | 4.7 | 6.3 |
--------------------------------------------------------------------------------
| Rental liabilities | 1.4 | 1.2 | 1.2 |
--------------------------------------------------------------------------------
| Other liabilities | 0.1 | 0.6 | 0.1 |
--------------------------------------------------------------------------------
| Lease liabilities | 0.5 | 0.7 | 0.8 |
--------------------------------------------------------------------------------
The Group has entered into interest rate swaps at a nominal value of EUR 1.2
million.
Liabilities have been measured at the nominal or book value of collateral.
Income taxes have been accounted for as a share of the estimated taxes for the
entire financial year calculated in proportion to the results for the reporting
period.
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