2009-02-13 09:00:00 CET
2009-02-13 09:00:55 CET
REGULATED INFORMATION
Vaisala - Annual Financial Report
Correction to Vaisala Group financial statements for 2008
Vaisala Corporation Stock exchange release 13.2.2009 at
10.00 am 1(15)
The Financial statements released Feb 13, 2009 at 9.15 contained an
error in October - December earnings per share figure which is
corrected in this release. The correct EPS is EUR 0.57.
Vaisala Group financial statements for 2008
Continued growth
October-December 2008:
- Net sales EUR 77.6 (71.9) million, growth 8.0%.
- Operating profit EUR 14.0 (15.7) million, down by 10.7%.
- Earnings per share EUR 0.57 (0.60), down by 5.6%.
- Orders received EUR 59.8 (53.7) million, growth 11.5%.
January-December 2008:
- Net sales EUR 242.5 (224.1) million, growth 8.2%. In
comparable currencies, the growth would have been 11.6%.
- Operating profit EUR 38.0 (35.3) million, growth 7.5%.
- Earnings per share EUR 1.56 (1.42), growth 10.0%.
- Orders received EUR 247.9 (228.5) million, growth 8.5%. In
comparable currencies, the growth would have been 11.5%.
The figures in this financial statements review are audited.
1-12 1-12 Change 10-12 10-12 Change
2008 2007 (%) 2008 2007 (%)
(MEUR) (MEUR) (MEUR) (MEUR)
Group net sales 242.5 224.1 8.2 77.6 71.9 8.0
Measurement
Systems 104.4 95.4 9.4 34.6 31.5 9.8
Instruments 85.8 76.6 12.1 24.9 21.6 15.0
Solutions 43.1 34.6 24.4 16.4 13.8 18.7
Services 27.5 33.0 -16.8 8.9 11.1 -19.8
Eliminations and other -18.3 -15.5 -7.3 -6.2
Operating profit, group 38.0 35.3 7.5 14.0 15.7 -10.7
Measurement
Systems 17.4 12.3 41.8 5.7 4.8 18.9
Instruments 24.3 20.5 18.2 7.3 5.4 36.1
Solutions -0.5 -0.6 20.9 1.3 1.3 -5.7
Services -0.2 5.7 -103.4 1.0 3.2 -68.2
Eliminations and other -3.0 -2.6 -1.2 1.1
Profit before taxes 38.9 37.0 5.1 13.0 16.0 -19.1
Net profit for the year 28.4 25.8 10.0 10.4 11.0 -5.6
Orders received 247.9 228.5 8.5 59.8 53.7 11.5
Order book 90.3 82.3 90.3 82.3
Earnings per share 1.56 1.42 10.0 0.57 0.60 -5.6
Return on equity (%) 15.5 14.9
Comments on the fourth quarter
Vaisala's net sales in the fourth quarter of 2008 showed a
year-on-year growth of 8.0 percent. However, the result was burdened
by the development projects ongoing in the company, as well as by
bonus accruals and financial items. The value of orders received grew
by 11.5 percent year-on-year.
Outlook
Instability in the world economy and shifts in currency exchange
rates are expected to continue to affect Vaisala's business. Due to
the structure of Vaisala's customer base, the company's market
situation is expected to remain mostly unchanged in 2009. Vaisala's
growth is expected to continue in 2009, but uncertainty towards the
end of the year has increased.
Seasonal variations are typical of Vaisala's business, and therefore
the first quarter will probably be weaker than subsequent ones.
President and CEO Kjell Forsén on Vaisala's result:"I am extremely satisfied with the fact that despite the challenging
economic situation and the unfavorable shifts of currency exchange
rates, Vaisala again managed to maintain its strong market position
and grow its net sales by 8.2 percent. I'm very grateful to all
personnel for this.
Growth was strongest in Asia-Pacific. Of our business areas, Vaisala
Measurement Systems, Vaisala Instruments and Vaisala Solutions all
grew in net sales, whereas the Services business was impacted by
personnel and infrastructure-related development costs and the
continued weakening of the exchange rates.
The economic recession has not impacted us significantly, but we are
monitoring the developments very closely. Vaisala's customers,
especially in the weather businesses, are often publicly funded and
thus may react to changes in the world economy in a slower and more
moderate way than businesses more sensitive to economic fluctuations.
Our orders received were still at a good level at the end of the
fourth quarter of 2008 and the order book continues to be strong. The
starting point for 2009 is good.
We will continue to execute our new strategy with determination,
which will require significant investments. However, I am confident
that Vaisala will be able to further strengthen its position as the
world leader in environmental measurement."
Market situation, net sales and order book
The highest growth in Vaisala Group's net sales in 2008 was in
Asia-Pacific, increasing by 27.8 percent on the previous year to EUR
76.9 (60.2) million. Net sales in Europe increased by 5.0 percent to
EUR 84.8 million (80.7) and in Africa, South and Central America by
39.0 percent to EUR 13.9 (10.0) million. Sales in North America
declined by 8.6 percent to EUR 66.8 (73.2) million. In comparable
currencies, the North American segment would have declined by 2.1
percent.
Thanks to focused development work and maintained competitiveness,
the company was able to retain its strong market shares.
The value of orders received grew by 8.5 percent from the comparison
year and totaled EUR 247.9 million (EUR 228.5 million in 2007, 243.6
million in 2006). The end-of-year order book stood at EUR 90.3
million (82.3), of which some EUR 20 million can be recognized as
sales in 2010 or later.
Vaisala Group's net sales increased by 8.2 percent on the comparison
year and totaled EUR 242.5 million (EUR 224.1 million in 2007, EUR
220.8 million in 2006). Net sales of all the business areas apart
from Vaisala Services grew: Vaisala Solutions by 24.4 percent,
Vaisala Instruments by 12.1 percent and Vaisala Measurement Systems
by 9.4 percent. Net sales of Vaisala Services fell by 16.8 percent.
The deterioration in exchange rates had a negative impact on the
growth of net sales. If the most significant currencies with respect
to Vaisala had remained at the previous year's level, Vaisala's
consolidated net sales would have been up by 11.9 percent. Operations
outside Finland accounted for 94 (96) percent of net sales.
Performance and balance sheet
Operating profit for the financial year was EUR 38.0 million (35.3),
or 15.7 percent of net sales. Profit before taxes was 16.0 percent of
net sales and totaled EUR 38.9 (37.0) million, up by 5.1 percent. Net
profit for the financial year was EUR 28.4 million (25.8), up by 10.0
percent from the previous year.
Vaisala Group's solvency ratio and liquidity remained strong. On
December 31, 2008, the balance sheet total was EUR 241.7 million (EUR
225.6 million in 2007, EUR 219.2 million in 2006). The Group's
solvency ratio at the end of the financial year was 82 percent (83%
in 2007, 81% in 2006).
Vaisala's consolidated liquid assets totaled EUR 103.4 million (EUR,
99.2 in 2007, EUR 87.3 million in 2006).
Research and development
Investment in research and development in the financial year totaled
EUR 24.6 million (EUR, 23.5 million in 2007, EUR 20.6 million in
2006), representing 10.1 percent of the Group's net sales.
Vaisala launched a new dewpoint transmitter for extremely dry
conditions and a moisture in oil transmitter for the measurement of
humidity in lubrication and hydraulic oil. Additionally, LAN and WLAN
capabilities were added to the humidity, dewpoint, moisture in oil
and pressure transmitters, improving Vaisala's ability to cater for
our industrial customers.
Vaisala also launched a redesigned and improved humidity probe,
weather transmitter, and wind sensor for weather measurement.
Additionally, several customer-specific R&D projects either continued
or were completed.
Capital expenditure
Gross capital expenditure totaled EUR 12.2 million (7.3 million in
2007; 20.4 million in 2006).
A new enterprise resource planning (ERP) system for the entire
organization is being implemented. The new system supports the
company strategy and business processes, replacing several systems
that are used currently. The system will be taken into use gradually
and the objective is to have it in use globally by the end of 2010.
Changes in financial reporting
From the first Interim Report for 2008, Vaisala Group's business has
been reported in four segments, which are Vaisala Instruments,
Vaisala Measurement Systems, Vaisala Solutions and Vaisala Services.
All figures for 2007 have been changed to correspond to the new
reporting model, and are therefore comparable. These figures were
published in a stock exchange release on April 30, 2008.
Vaisala Measurement Systems
Vaisala Measurement Systems consists of sounding, surface weather
system, thunderstorm system, wind profiler, and weather radar
business segments. In 2008, the range of products and services
offered was added to by the transfer of individual products and
systems from Vaisala Solutions. Correspondingly, the lightning
detection services were moved to the Vaisala Services business area.
Vaisala Measurement Systems' net sales to customers outside the Group
showed a year-on-year increase of 10.7 percent, growing to EUR 99.9
(90.2) million. In comparable currencies, the net sales to customers
outside the Group would have grown by 13.9 percent. Operating profit
was EUR 17.4 (12.3) million.
The growth of net sales was accelerated by several coinciding
customer projects in the sounding and surface weather system
businesses. Despite new projects, the net sales of wind profilers and
lightning detection systems fell short of expectations. However, the
market shares of these businesses remained unchanged. Vaisala has
several weather radar orders on the books, with revenue expected
mostly in 2009.
Annual fluctuation is typical of this business.
The delay caused by a temporary disruption in production in the first
quarter was caught up during the third quarter, and the net sales of
the soundings business in 2008 was approximately at the same level as
in the previous year.
Vaisala and the Australian Bureau of Meteorology signed a three-year
agreement to supply radiosondes for the upper air observation network
of the Bureau.
Vaisala signed a USD 6.9 million contract with the US Federal
Aviation Administration (FAA) for the delivery of weather radar
signal processors and software for the FAA Terminal Doppler Weather
Radar (TDWR) network, operating at major airports in the USA. The
deliveries will take place in 2009.
Vaisala will provide the Russian Federal Service for Hydrometeorology
and Environmental Monitoring (Roshydromet) with state-of-the-art
surface weather monitoring technology. The value of the contract is
EUR 4.7 million, and deliveries started in 2008.
The value of orders received was EUR 109.3 million and the order book
stood at EUR 41.7 million at the end of the financial year.
Vaisala Instruments
Vaisala Instruments consists of humidity, barometric pressure, carbon
dioxide, dewpoint, oxygen, wind and optical measurement business
segments.
The instruments business has developed well despite of the weakened
US dollar. The business area's net sales to customers outside the
Group increased by 8.8 percent to EUR 72.0 (66.2) million compared to
the review period. In comparable currencies, the increase in net
sales would have been 11.7 percent. Operating profit of the review
period was EUR 24.3 (20.5) million.
The growth in the Instruments business came particularly from weather
instruments and from sales to important industrial customers.
The value of orders received from external customers was EUR 71.5
million and the order book stood at EUR 7.8 million at the end of the
financial year.
Vaisala Solutions
The focus of this business area is in comprehensive weather
observation solutions within aviation, traffic, meteorology and
hydrology. Therefore single products and systems were transferred to
the Vaisala Measurement Systems business area. Additionally, road
weather services were moved to the Vaisala Services business area.
Vaisala Solutions' net sales to customers outside the Group showed a
year-on-year increase of 24.4 percent, growing to EUR 43.1 (34.6)
million. In comparable currencies, the net sales would have been up
by 27.3 percent. Operating profit for the year was EUR -0.5 (-0.6)
million. Vaisala Solutions has purchased products worth approximately
EUR 10 million from Vaisala Instruments and Vaisala Measurement
Systems, which shows in the results of these units.
Growth was especially favorable in the aviation and road weather
businesses. In terms of meteorological and hydrological systems
(MHS), several projects are ongoing with revenue in the books later.
The total value of orders received was EUR 41.8 million and the order
book stood at EUR 27.9 million at the end of the financial year.
Vaisala Services
Vaisala's services have been centralized under the Vaisala Services
business area, which became operative at the beginning of 2008.
Vaisala Services consists of two business segments, Product Services
and Observation Services.
Net sales to customers outside the Group showed a year-on-year
decrease of 16.8 percent year, to EUR 27.5 (33.0) million. In
comparable currencies, the net sales would have been down by 11.0
percent. Operating profit for the year was EUR -0.2 (5.7) million.
Vaisala Services is a new business area and in a strong development
phase. Competition in both observation and product services tightened
during the year. Additionally the business area's global development
initiatives for improving efficiency and enable growth increased the
amount of fixed costs. These, together with the weakening of exchange
rates, had a negative impact on the net sales and profitability of
the services business. Over 70% of the net sales of Vaisala Services
are in US dollars or British pounds.
The total value of orders received was EUR 25.3 million and the order
book stood at EUR 12.9 million at the end of the financial year.
Personnel
The average number of people employed in the Vaisala Group during the
financial year was 1,177 (1,113 in 2007; 1,069 in 2006). Some 39
percent of the personnel was based outside Finland (39% in 2007, 40%
in 2006). About 20 percent of the personnel worked in research and
development (21% in 2007, 19% in 2006).
Salaries paid by the company are based on local collective and
individual agreements, individual performance and the demand level of
each job. The base salaries are supplemented by results-based bonus
systems, which cover all Vaisala personnel. The total sum of salaries
and bonuses paid in 2008 was EUR 59.7 million (57.2 million in 2007,
57.3 million in 2006).
Vaisala has two incentive plans; one based on the development of
sales and profitability and covering all employees, and the other,
three-year plan, based on the development of profitability and
covering key personnel.
Changes in Vaisala Corporation's management
Martti Husu was appointed Executive Vice President of the Meteorology
Business Area and a member of the Business Management Group starting
January 1, 2009. Jouni Rantanen was appointed Executive Vice
President of the Products and Technology unit and a member of the
Business Management Group starting January 1, 2009. Kimmo Korpela was
appointed Senior Vice President, Group Business Development and a
member of the Strategic Management Group starting January 7, 2009.
Matti Ervasti, Director, Marketing and Sales and Tapio Engström,
Director, Business Development resigned from Vaisala.
Risk management
Organization of risk management
Vaisala has a risk management policy that has been approved by the
Board of Directors and that covers the company's strategic, operating
and financial risks. Vaisala's Strategic Management Group regularly
assesses risk management policies, and the scope, adequacy and focus
areas of related practices. The policy aims at ensuring the safety of
the company's personnel, operations and products as well as the
continuity of operations. The policy also covers intellectual
capital, corporate image and brand protection. An appropriate and
up-to-date risk concept is integrated in decision-making.
More detailed operational instructions are defined by the Strategic
Management Group. These include approval, bidding and procurement
authorizations and terms of payments.
The usual risks related to international business affect Vaisala's
operating environment. The most significant of these are risks
relating to changes in the global economy and hence in purchasing
activities, currency exchange rates (with particular respect to the
U.S. dollar), supply network management and production activities.
Vaisala monitors these risks and prepares for them in accordance with
the company's risk management policy. Vaisala's ability to tolerate
risks is good and the company has a strong capital structure,
ensuring capital adequacy.
Group-level insurance programs and risk-management methods have been
established to deal with manageable operating risks. The insurance
programs cover risks relating to property damage, business
interruption, different liabilities, transport and business travel.
Near-term risks and uncertainties
The near term risks and uncertainties are estimated to relate to
changes in the global economy, shifts of currency exchange rates,
changes in purchasing or investment behavior or interruptions in
manufacturing. Due to the uncertainty of the financial markets,
supplier related risks have slightly increased during the review
period.
Significant changes in subcontractor relations, activities or
operating environment may have a negative impact on Vaisala's
business. Vaisala monitors these risks and prepares for them in
accordance with the Company's risk management policy.
The Company is currently implementing significant development
projects and organizational changes, which lay the foundation for
successful execution of Vaisala's new strategy. A new Group-wide
enterprise resource planning system is also under development. These
efforts may constitute a short-term risk regarding Vaisala's net
sales and result.
Vaisala's shares
As at the end of 2008, the company's Board of Directors had no valid
authorizations for increasing the share capital, granting special
rights, or issuing stock option rights.
On December 31, 2007, the average price of Vaisala's A share in the
OMX Nordic Exchange Helsinki was EUR 35.60, and on December 31, 2008
the share price was EUR 22.11. The highest quotation during the
financial year was EUR 36.49 and the lowest EUR 19.50.
A total of 2,277,884 (5,595,292) Vaisala shares were traded in the
stock exchange during the financial year.
Vaisala has 18,218,364 shares, of which 3,405,584 are series K shares
and 14,812,780 are series A shares. The shares have a counter book
value of EUR 0.42. The K shares and A shares are differentiated by
the fact that each K shares entitles its owner to 20 votes at a
General Meeting of Shareholders while each A share entitles its owner
to 1 vote. The A shares represent 81.3 percent of the total number of
shares and 17.9 percent of the total votes. The K shares represent
18.7 percent of the total number of shares and 82.1 percent of the
total votes.
The market value of Vaisala's A shares on 31.12.2008 was EUR 327.3
million, excluding the Company's own shares. Valuing the K shares -
which are not traded on the stock market - at the rate of the A
share's closing price on the final day of the financial year, the
total year-end market value of all the A and K shares together was
EUR 402.6 million, excluding the company's own shares.
Vaisala's main shareholders are listed on the company's website and
in the Notes to the Financial Statements.
The number of shares held and controlled by Vaisala Corporation's
Board of Directors on 31 December 2008 was 1,353,425, accounting for
15.6% of the total votes (2007: 1,394,601 shares and 16.6% of the
total votes). The company's President and CEO did not own shares or
options on December 31, 2007.
Conversion of unlisted shares series K into series A
Vaisala Corporations's 500 unlisted shares (series K) were converted
into listed shares (series A). The conversion was registered in the
Finnish Trade Register on June 25, 2008. Listing of the new series A
shares was applied for as of June 26, 2008.
Vaisala Corporations's 500 unlisted shares (series K) were converted
into listed shares (series A). The conversion was registered in the
Finnish Trade Register on September 3, 2008. Listing of the new
series A shares was applied for as of September 4, 2008.
Vaisala Corporations's 801 unlisted shares (series K) were converted
into listed shares (series A). The conversion was registered in the
Finnish Trade Register on December 12, 2008. Listing of the new
series A shares was applied for as of December 15, 2008.
Treasury shares and parent company shares
At the end of the financial year, the Company held a total of 9,150
Vaisala A shares, which represented 0.05 percent of the share capital
and 0.01 percent of the votes. The consideration paid for these
shares was EUR 251,898.31.
Board of Directors
Members of the Board
In accordance with Vaisala Corporation's Articles of Association, the
company's Board of Directors comprises at least three (3) and at most
six (6) members. According to current practice, the Board comprises
six members. All Board members are appointed by a General Meeting of
Shareholders. The Board elects a Chairman and a Vice Chairman from
among its members.
Term of office of members of the Board
In deviation from recommendation no. 10 of the Finnish Corporate
Governance Code, the term of office of members of the Board is not
one year. Instead, the term of office is 3 years, as stipulated in
the Articles of Association. The term of office begins after the
General Meeting of Shareholders at which the member is elected, and
ends at the close of the third Annual General Meeting that follows
the member's election.
Independence of the Board members
Evaluated against the criteria given in Recommendation 15, all six
members of the Board of Directors are independent of the company.
Evaluated against the criteria given in Recommendation 15, Yrjö
Neuvo, Stig Gustavson, Mikko Niinivaara and Maija Torkko are
independent of both the company and the shareholders. Evaluated
against the criteria given in Recommendation 15 Raimo Voipio and
Mikko Voipio are dependent of significant shareholders. The current
composition of the Board of Directors fulfills the independence
requirements stated in the Recommendation 14.
President and CEO
Vaisala's President and CEO is appointed by the Board. The President
and CEO manages the company in accordance with the instructions and
orders given by the Board, and informs the Board of the development
of the company's business and financial situation. The President and
CEO is also responsible for arranging the company's management.
Events relating to the permanent group of insiders
No loans were granted to any of the persons belonging to the
permanent group of insiders, and no contingent liabilities were made
on their behalf.
Proposals to the Annual General Meeting
The Board of Directors' proposal for the distribution of profit
According to the financial statements for the year to December 31,
2008, the parent company's distributable funds amount to EUR
140,308,928.32, of which the profit for the financial year is EUR
24,794,249.46.
The Board proposes to the Annual General Meeting that the
distributable funds be used as follows:
- A dividend of EUR 0.90 per share be paid, totaling EUR
16,388,292.60
- To be retained in shareholders' equity EUR
123,920,635.72
Total EUR
140,308,928.32
No material changes have occurred in the company's financial
situation since the end of the financial year. The company's
liquidity remains good and, in the view of the Board, is not
threatened by the proposed profit distribution.
The record date for dividend payment has been set at March 31, 2009,
and it is proposed that the dividend be paid on April 7, 2009.
The terms of office of Board members Stig Gustavson and Mikko Voipio
will end at the Annual General Meeting. Shareholders representing
more than 10 percent of all the votes in the company have announced
their intention to propose to Vaisala's Annual General Meeting, to be
held on March 26, 2008, that the number of Board members will be six.
The Board proposes that Stig Gustavson and Mikko Voipio be
re-elected.
The Board proposes that PricewaterhouseCoopers Oy, Authorized Public
Accountants, and Hannu Pellinen, APA, be re-elected as Vaisala's
auditor.
The proposed persons and auditor have given their consent to their
re-election.
Events after the financial year
Vaisala's US subsidiary Vaisala Inc. acquired Aviation Systems
Maintenance, Inc (ASMI), a Kansas, U.S. based airport service
company. The acquisition closed on January 1st, 2009, and the value
of the deal was 3.2 million USD.
Vantaa, Finland February 13, 2009
Vaisala Corporation
Board of Directors
Publishing of Financial Statements
Printed Financial Statements for 2008 and the online annual report
will be published on week 11 in March 2009.
Annual General Meeting documentation
Documents relating to financial statements as well as the Annual
General Meeting documentation will be available on March 5, 2009 at
the company's head office in Vantaa, Vanha Nurmijärventie 21. On
request, copies will be sent to shareholders. The material will also
be available on www.vaisala.com on March 5, 2009 the latest.
The forward-looking statements in this release are based on the
current expectations, known factors, decisions and plans of Vaisala's
management. Although the management believes that the expectations
reflected in these forward-looking statements are reasonable, there
is no assurance that these expectations would prove to be correct.
Therefore, the results could differ materially from those implied in
the forward-looking statements, due to for example changes in the
economic, market and competitive environments, regulatory or other
government-related changes, or shifts in exchange rates.
Key Figures
Financial indicators 1-12 1-12 10-12 10-12
2008 2007 2008 2007
Return on equity (ROE) 15.5% 14.9% 15.5% 14.9%
Number of shares at December 31
(1000 pcs) 18 209 18 209 18 209 18 209
Number of chares at December 31
(1000 pcs), weighted average 18 209 18 209 18 209 18 209
Adjusted number of shares (1000 pcs) 18 209 18 209 18 209 18 209
Earnings/share (EUR) 1.56 1.42 0.57 0.60
Earnings/share (EUR),fully diluted 1.56 1.42 0.57 0.60
Net cash flow from operating
activities/share (EUR) 1.77 1.98
Equity/share (EUR) 10.47 9.68 10.47 9.68
Solvency ratio 82% 83% 82% 83%
Gross capital expenditure
(EUR Million) 12.2 7.3 4.4 2.2
Depreciation (EUR Million) 8.2 8.2 2.2 2.1
Average personnel 1 177 1 113 1 205 1 107
Order book (EUR Million) 90.3 90.3 82.3 82.3
Liabilities from derivative contracts 14.8 14.3 14.8 14.3
This report qualifies all IAS 34, Interim Financial Reporting,
standards requirements. The same accounting policies were applied in
the annual financial statements. The figures in this financial
statements review are audited.
CONSOLIDATED INCOME STATEMENT
(IFRS, EUR Million)
1-12 1-12 Change 10-12 10-12 Change
2008 2007 % 2008 2007 %
Net sales 242.5 224.1 8.2 77.6 71.9 8.0
Cost of production and
procurement -105.1 -99.6 5.5 -33.6 -32.6 2.8
Gross profit 137.4 124.5 10.3 44.0 39.2 12.3
Other operating income 0.1 0.0 7 000.0 0.0 0.0
Cost of sales and
marketing -51.5 -46.2 11.4 -15.8 -12.7 24.4
Development costs -24.6 -23.5 4.8 -7.0 -6.6 5.7
Other administrative
costs -23.4 -19.5 19.9 -7.2 -4.1 73.1
Other operating cost 0.0 0.0 0.0 0.0 -105.0
Operating profit 38.0 35.3 7.5 14.0 15.7 -10.7
Financial income and
expenses 0.9 1.6 -46.8 -1.1 0.4 -399.7
Share of results of
associated companies 0.0 0.0 3.3 0.0 0.0 1 550.0
Profit before tax 38.9 37.0 5.1 13.0 16.0 -19.1
Income taxes -10.5 -11.2 -6.0 -2.6 -5.0 -48.3
Profit after tax 28.4 25.8 10.0 10.4 11.0 -5.6
Attributable to Equity
holders of the parent 28.4 25.8 10.0 10.4 11.0 -5.6
Taxes for the review period have been calculated under taxes.
Earnings per share for profit attributable to the equity holders
of the parent
Earnings per
share, EUR 1.56 1.42 10.0 0.57 0.60 -5.6
CONSOLIDATED BALANCE SHEET
(EUR million) 31.12.2008 31.12.2007 Change
%
ASSETS
NON-CURRENT ASSETS
Intangible assets 17.3 17.8 -2.8
Tangible assets 39.1 33.1 17.8
Investments in associates 0.6 0.5 20.2
Other financial assets 0.1 0.0 440.0
Long-term receivables 0.1 0.1 27.1
Deferred tax assets 5.8 4.7 21.8
CURRENT ASSETS
Inventories 22.8 16.1 41.1
Trade and other receivables 51.7 53.4 -3.0
Accrued income tax receivables 0.8 0.5 58.6
Financial assets recognized at
fair value through profit and loss 25.3 42.6 -40.6
Cash and cash equivalents 78.1 56.6 37.8
TOTAL ASSETS 241.7 225.6 7.2
SHAREHOLDERS' EQUITY AND LIABILITIES
Equity attributable to equity holders of the
parent
Share capital 7.7 7.7 0.0
Share issue 0.0 0.0
Share premium reserve 16.6 16.6 0.0
Reserve fund 0.2 0.1 62.3
Translation differences -4.1 -5.4 -24.3
Profit from previous years 142.1 131.8 7.8
Own shares -0.3 -0.3 0.0
Profit for the financial year 28.4 25.8 10.0
Total equity 190.6 176.3 8.1
Liabilities
Long-term liabilities
Retirement benefit obligations 0.3 0.3 2.9
Interest-bearing liabilities 0.0 0.2 -100.0
Provisions 0.7 0.2 255.2
Deferred tax liabilities 0.4 0.4 -4.6
Current liabilities
Current portion of long-term
borrowings 0.0 0.1 -100.0
Current interest-bearing
liabilities 0.2 0.7 -65.9
Advances received 10.3 12.0 -13.6
Accrued income tax payables 1.8 2.5 -27.7
Trade and other payables 37.3 32.9 13.6
TOTAL SHAREHOLDERS' EQUITY AND
LIABILITIES 241.7 225.6 7.2
CONSOLIDATED STATEMENT OF CHANGES IN
SHAREHOLDERS' EQUITY December 31,2008
(EUR million)
Share Trans-
pre- lation Retain-
Share mium Re- Own dif- ed Total
capi- Share re- serve sha- fer- earn- equi-
tal issue serve fund res ences ings ty
Balance at January
1, 2008 7.7 0.0 16.6 0.1 -0.3 -5.4 157.6 176.3
Translation
differences 0.0 1.3 0.0 1.3
Transfers between
Reserve fund and
Retained
earnings 0.1 -0.1 0.0
Net profit for the
period 28.4 28.4
Dividend paid -15.5 -15.5
Balance at
December 31, 2008 7.7 0.0 16.6 0.2 -0.3 -4.1 170.4 190.6
Share Trans-
pre- lation Retain-
Share mium Re- dif- ed Total
capi- Share re- serve Own fer- earn- equi-
tal issue serve fund shares ences ings ty
Balance at January
1, 2007 7.7 0.0 16.6 0.1 -0.3 -1.6 147.3 169.8
Translation
differences 0.0 -3.8 -3.8
Net profit for the
period 25.8 25.8
Dividend paid -15.5 -15.5
Balance at December
31, 2007 7.7 0.0 16.6 0.1 -0.3 -5.4 157.6 176.3
CONSOLIDATED CASH FLOW STATEMENT (EUR million)
1-12 1-12 Change
2008 2007 %
Cash flows from operating activities
Cash receipts from customers 241.4 228.2 5.8
Other income from business operations 0.1 0.0 478.8
Cash paid to suppliers and employees -197.6 -184.0 7.4
Interest received 0.0 3.4 -99.4
Interest paid -0.2 -0.4 -58.8
Other financial items, net 0.9 -0.4 -330.8
Dividend received from business operations 0.0 0.0 10.0
Direct tax paid -12.5 -10.8 15.6
Cash flow from business operations (A) 32.2 36.0 -10.5
Cash flow from investing activities
Investments in intangible assets -0.5 -0.5 -12.2
Investments in tangible assets -12.0 -6.9 73.5
Acquisition of subsidiary, net of cash acquired 0.0 0.0
Proceeds from sale of fixed assets 0.2 0.0 8 238.5
Loans granted 0.0 0.0
Repayment of loans 0.0 0.0 -89.1
Other investments -0.2 0.0 -483.1
Financial assets recognized at
fair value through profit and loss 17.3 -1.4
Cash flow from investing activities (B) 4.9 -8.7 -155.9
Cash flow from financing activities
Repayment of long-term loans 0.1 -0.2 -148.6
Dividend paid and other distribution of
profit -15.5 -15.5 0.0
Cash flow from financing activities (C) -15.4 -15.7 -2.3
Change in liquid funds (A+B+C)
increase(+) / decrease (-) 21.7 11.6 88.3
Liquid funds at beginning of period 56.7 46.1 22.9
Foreign exchange effect on cash -0.3 -1.0 -69.2
Net change in cash and cash equivalents 21.7 11.6 88.3
Liquid funds at end of period 78.1 56.7 37.8
Segment Report
Business segments
Other Eli-
operat- minat-
1-12/2008 VMS * VIN * VSO * VSE * ions ions Group
EUR million
Net sales to external
customers 99.9 72.0 43.1 27.5 0.0 0.0 242.5
Intragroup sales 4.5 13.8 0.0 0.0 0.1 -18.5 0.0
Net sales 104.4 85.8 43.1 27.5 0.2 -18.5 242.5
Operating profit 17.4 24.3 -0.5 -0.2 -3.0 0.0 38.0
Depreciation 2.1 1.5 0.1 1.1 3.3 0.0 8.2
* VMS = Vaisala Measurement Systems
* VIN = Vaisala Instruments
* VSO = Vaisala Solutions
* VSE = Vaisala Services
Segment Report
Business segments
Other Eli-
operat- minat-
1-12/2007 VMS * VIN * VSO * VSE * ions ions Group
EUR million
Net sales to external
customers 90.2 66.2 34.6 33.0 0.0 0.0 224.1
Intragroup sales 5.2 10.4 0.0 0.0 0.0 -15.5 0.0
Net sales 95.4 76.6 34.6 33.0 0.0 -15.5 224.1
Operating profit 12.3 20.5 -0.6 5.7 -2.6 0.0 35.3
Depreciation 2.1 1.6 0.2 1.0 3.2 0.0 8.2
* VMS = Vaisala Measurement Systems
* VIN = Vaisala Instruments
* VSO = Vaisala Solutions
* VSE = Vaisala Services
Segment Report
Business segments
Other Eli-
operat- minat-
10-12/2008 VMS * VIN * VSO * VSE * ions ions Group
EUR million
Net sales to external
customers 33.0 19.2 16.4 8.9 0.0 0.0 77.6
Intragroup sales 1.6 5.7 0.0 0.0 0.0 -7.3 0.0
Net sales 34.6 24.9 16.4 8.9 0.0 -7.3 77.6
Operating profit 5.7 7.3 1.3 1.0 -1.2 0.0 14.0
Depreciation 0.6 0.4 0.0 0.3 0.8 0.0 2.2
* VMS = Vaisala Measurement Systems
* VIN = Vaisala Instruments
* VSO = Vaisala Solutions
* VSE = Vaisala Services
Segment Report
Business segments
Other Eli-
operat- minat-
10-12/2007 VMS * VIN * VSO * VSE * ions ions Group
EUR million
Net sales to external
customers 29.3 17.6 13.8 11.1 0.0 0.0 71.9
Intragroup sales 2.2 4.0 0.0 0.0 0.0 -6.2 0.0
Net sales 31.5 21.6 13.8 11.1 0.0 -6.2 71.8
Operating profit 4.8 5.4 1.3 3.2 1.1 0.0 15.7
Depreciation 0.5 0.4 0.1 0.3 0.8 0.0 2.1
* VMS = Vaisala Measurement Systems
* VIN = Vaisala Instruments
* VSO = Vaisala Solutions
* VSE = Vaisala Services
Calculation of financial indicators
Shareholders' equity plus minority
interest
Solvency ratio, (%) = --------------------------------------- x 100
Balance sheet total less advance payments
Profit before taxes less taxes
+/- minority interest
Earnings / share = ---------------------------------------
Average number of shares, adjusted
Cash flow from business operations
Cash flow from
business = ---------------------------------------
operations / share Number of shares at balance sheet date
Shareholders' equity
Equity / share = ---------------------------------------
Number of shares at balance sheet date,
adjusted
Dividend
Dividend / share = ----------------------------------------
Number of shares at balance sheet date,
adjusted
Further information:
Jouni Lintunen, CFO
Tel +358 9 8949 2215, mobile +358 40 579 0181
www.vaisala.com
Vaisala Corporation
Distribution:
OMX Nordic Exchange Helsinki
Finnish News Agency
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