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2008-02-07 08:00:00 CET 2008-02-07 08:01:31 CET REGULATED INFORMATION Vacon - Financial Statement ReleaseVACON PLC FINANCIAL BULLETIN 1 JANUARY - 31 DECEMBER 2007Vacon Plc, Stock Exchange Release, 7 February 2008 at 9.00 am: Vacon increases market share in strong market October-December summary: * Order intake totalled MEUR 62.7, growth of 11.8 % from the corresponding period in the previous year (MEUR 56.1). * Revenues totalled MEUR 61.4, increase of 20.4 % (MEUR 51.0). * Operating profit was MEUR 7.5, growth of 25.0 % (MEUR 6.0). * Cash flow from operations was MEUR 6.9 (MEUR 1.8). * Earnings per share were EUR 0.40 (EUR 0.26), growth from the previous year of 53.8 %. January-December summary: * Order intake was MEUR 237.2, increase of 20.2 % from the corresponding period in the previous year (MEUR 197.4). * Revenues totalled MEUR 232.2, growth of 24.6 % (MEUR 186.4). * Operating profit was MEUR 29.2, growth of 26.4 % (MEUR 23.1). * Cash flow from operations was MEUR 21.1 (MEUR 15.1). * Earnings per share were EUR 1.37 (EUR 1.04), growth from the previous year of 31.7 %. The clean technology market is growing strongly. The efficient use of energy and renewable energy sources will play an increasingly important role in the future. AC drives are one of the key products in both areas. According to market surveys, the AC drive market grew by about 9 % in 2007. High energy prices, increasing automation and measures to reduce emissions increase the overall market. Worldwide, market growth was fastest in Asia. The rapid developments in the economies of China and India in particular were reflected in demand for AC drives. Europe and North America retained their position as areas of stable growth. Market surveys show that during the past year the Asian market overtook in size the South and North American markets. Vacon's strategic goal is profitable growth, which should be clearly higher than market growth. In a strong market and thanks to the excellent efforts of personnel, in 2007 the company increased its market share and improved its operating profit as a percentage of revenues. The earnings per share for the year was EUR 1.37. The Board of Directors proposes to the Annual General Meeting that a dividend of EUR 0.75 per share be paid from the profit for 2007. Market prospects for 2008 are positive. The wide product selection and cost-efficiency give a competitive edge, and the renewal of the product range over the next few years is expected to strengthen Vacon's market position. The purchase of the TB Wood's AC drive business announced in December 2007 gives a significant boost to Vacon's growth potential and market position. Following this acquisition Vacon has sales on all continents and R&D and production on three continents. October-December result Order intake was 11.8 % higher than in the previous year. The final quarter in 2006 included an exceptionally large one-time order, and there was nothing similar to this in the final quarter of 2007. Vacon's revenues by market area grew as follows: Europe, Middle East and Africa together 19 %, North and South America 20 %, and Asia including the Pacific region 36 %. Revenues in North America were depressed by the weakening of the US dollar against the euro. Operating profit during the final quarter was 25 % higher than one year ago and as a percentage of revenues increased from 11.8 % in the previous year to 12.2 %. It is estimated that the weakening of the US dollar reduced the operating profit percentage by 0.8 percentage points. The earnings per share rose to EUR 0.40, growth from the previous year of EUR 0.14. The cash flow from operations was EUR 6.9 million in October - December 2007. Result for 2007 and equity structure MEUR 10-12/ 10-12/ 1-12/ 1-12/ Change, 2007 2006 2007 2006 % Revenues 61.4 51.0 232.2 186.4 24.6 EBITDA 8.8 7.1 34.0 27.3 24.5 Depreciation -1.3 -1.1 -4.8 -4.2 14.3 Operating profit 7.5 6.0 29.2 23.1 26.4 Profit before tax 7.6 5.8 28.8 22.7 26.9 Profit for period 6.1 4.0 21.4 16.1 32.9 Revenues in 2007 totalled EUR 232.2 million and operating profit was EUR 29.2 million. The operating profit as a percentage of revenues rose to 12.6 % compared to 12.4 % in the previous year. Profitability improved slightly compared to the previous year in consequence of the growth in revenues. The balance sheet total was EUR 123.2 (86.9) million. The loan taken at the end of December to finance the TB Wood's acquisition had an impact on the balance sheet total, since it was included in the Group's cash and cash equivalents at the end of the year. The equity ratio was 52.9 %. The Group's cash flow from operations for January-December was EUR 21.1 (15.1) million. Total receivables increased EUR 8.0 million from the beginning of the year. The Group's equity structure and liquidity remained strong. Interest-bearing net debt at the end of the period totalled EUR -11.0 (-8.8) million and gearing was -17.1 % (-16.6 %). The return on equity rose to 36.5 % (33.7 %) and the return on investment was 41.2 % (45.1 %). The Group's order book stood at EUR 34.8 (29.7) million. The order book grew by EUR 5.1 million from the beginning of the year. Market position Vacon Group revenues by market area were as follows: MEUR 10-12/ % 10-12/ % 1-12/ % 1-12/ % 2007 2006 2007 2006 Europe, Middle East, Africa 43.0 70.0 36.2 71.0 172.6 74.3 133.5 71.6 North and South America 13.1 21.4 10.9 21.4 42.1 18.1 38.9 20.9 Asia and Pacific 5.3 8.6 3.9 7.6 17.5 7.6 14.0 7.5 Total 61.4 100.0 51.0 100.0 232.2 100.0 186.4 100.0 Vacon strengthened its position in all major market areas during 2007. Based on market surveys, the company estimates that it has about four per cent of the global market. Revenues by region increased as follows during the year: Europe, Middle East, Africa in total 29 %, North and South America 8 %, and Asia including the Pacific region 25 %. Growth in revenues in North America was slowed down in particular by the weakening of the dollar during the year. In Europe, growth in revenues was distinctly faster than market growth. Growth in revenues in Asia and Pacific was satisfactory but fell slightly short of expectations. Vacon Group revenues by distribution channel MEUR 10-12/ % 10-12/ % 1-12/ % 1-12/ % 2007 2006 2007 2006 Direct sales 27.2 44.3 20.8 40.8 99.0 42.6 76.4 41.0 Distri-butors 8.3 13.5 6.8 13.3 31.3 13.5 24.8 13.3 OEM 12.7 20.7 11.9 23.3 56.4 24.3 43.9 23.6 Brand label 13.2 21.5 11.5 22.6 45.5 19.6 41.4 22.2 Total 61.4 100.0 51.0 100.0 232.2 100.0 186.4 100.0 The Group's revenues by distribution channel increased as follows during the year: OEM 28 %, direct sales 30 %, distributors 26 % and brand label customers 10 %. Vacon's biggest brand label customers are located in North America and the weak exchange rate of the dollar against the euro had an impact on growth in this distribution channel. Vacon announced in October that it had signed a major contract with Finnish system integrator The Switch. The contract strengthens Vacon's position in the rapidly growing wind power market and has a value of several million euros. The wind power market currently has a value of about EUR 15 billion, and this is expected to almost double during the next two years. Worldwide, investments of USD 45 billion were made in different forms of renewable energy last year. In November Vacon signed a contract worth almost EUR 2 million with Talvivaara Projekti Oy. Vacon will supply more than 300 AC drives to the nickel mine under construction in Sotkamo to control pumps, fans and conveyors. The use of AC drives provides process control, and especially when controlling pumps and fans AC drives give considerable energy savings. Vacon Group structure In December Vacon announced that it was purchasing the AC drives business of TB Wood's, part of US-based Altra Holdings Inc.. The transaction included factories in the USA and Italy and sales companies in India and Germany. The sale was completed at the beginning of January 2008. To integrate the AC drives business of TB Wood's, a new subsidiary was established in the USA in December. The new subsidiary Vacon Inc. is responsible for the North American AC drives business of Vacon Group and TB Wood's. Dan Isaksson, Vice President, Corporate Development at Vacon Group, was appointed president of the subsidiary. After these changes Vacon's own sales network comprises 18 subsidiaries and branch offices in Brazil, the United Arab Emirates and Thailand. Research & development R&D expenditure during the year totalled EUR 14.3 (12.6) million, and EUR 1.9 (0.6) million of this was capitalized as development costs. R&D costs accounted for 6.2 % (6.7 %) of Group revenues. Amortization of capitalized development costs totalled EUR 0.5 million in 2007. In November Vacon launched the new Vacon 10 micro drive family, which is among the smallest drives on the market, is particularly suitable for OEMs and is competitively priced. Consulting company Frost & Sullivan named the new Vacon 10 micro drive as the 2008 Global Micro Drives Product of the Year for OEMs in the under 5.5 kW series. Work on developing new products continues in accordance with the company's plans. Investments Gross investments by the Group during 2007 totalled EUR 9.1 (8.5) million. Expenditure focused on increasing and maintaining production capacity and on information systems. The expansion of the factory in China was completed in 2007. Work on enlarging the Vaasa factory got underway during the final quarter of 2007. During 2008 some 9,000 square metres of production premises will be completed to increase capacity. Organization and personnel The number of Vacon personnel grew by 194 persons from the beginning of the year. At the end of December the Group employed 869 (675) people, of whom 555 (447) were in Finland and 314 (228) in other countries. The table below shows the average number of Vacon personnel during the review period: 1-12/2007 1-12/2006 Office personnel 512 424 Factory personnel 260 194 TOTAL 772 618 Shares and shareholders Vacon had a market capitalization at the end of December of EUR 426.5 million. The closing share price on 31 December 2007 was EUR 28.00. The lowest share price during the January-December period was EUR 24.60 and the highest EUR 38.00. A total of 8,241,357 Vacon shares were traded in the January-December period, in monetary terms EUR 245.1 million. Vacon's main shareholders on 31 December 2007: Number of shares Holding, % Ahlström Capital Oy 2 297 996 15.0 Tapiola Mutual Pension Insurance Company 584 500 3.8 Vaasa Engineering Oy 424 433 2.8 Koskinen Jari 358 590 2.3 Holma Mauri 347 171 2.3 Ehrnrooth Martti 328 500 2.2 Tapiola Group companies 325 300 2.1 Niemelä Harri 309 840 2.0 Karppinen Veijo 209 349 1.4 Mutual Insurance Company Pension Fennia 185 000 1.2 Nominee registered and in foreign ownership 4 903 419 32.1 Others 5 020 902 32.8 Total 15 295 000 100.0 Vacon Plc's own shares -62 812 Shares outstanding 15 232 188 On 31 December 2007 members of Vacon's Board of Directors, the President and CEO, and the Deputy to the CEO held directly a total of 568,296 shares, or 3.7 % of Vacon's share stock. Own shares On 31 December 2007 Vacon Plc held a total of 62,812 of its own shares which it had acquired at an average price of EUR 12.46. This is 0.4 % of the share capital and voting rights, so it has no major impact on the distribution of ownership or voting rights in the company. Dividend proposal At the end of the financial year the distributable equity of the parent company stands at EUR 44.2 million. The Board of Directors proposes to the Annual General Meeting of Shareholders to be held on 26 March 2008 that a dividend of EUR 0.75 per share be paid from the parent company's profit for the financial year 2007 of EUR 16.4 million and the remainder of the profit for the year be transferred to retained earnings. According to this proposal, a total of EUR 11.4 million would be paid in dividend. Strategy AC drives are a key product in increasing energy efficiency and in utilizing renewable energy sources. This creates a solid base for long-term growth in the AC drives business. By focusing one hundred per cent on AC drives, Vacon aims to grow profitably and much faster than the average growth rate in the sector. The cornerstones of Vacon's strategy are systematic development of product leadership and international expansion to ensure growth. One of the broadest range of products on the market, heavy investment in R&D, and flexible and cost-effective production support product leadership. The acquisition of the AC drives business of TB Wood's will enable Vacon to support its customers in all main market areas and with a broader product portfolio. The company's financial goal is to achieve revenues of EUR 500 million and an operating profit (EBIT) of more than 14 % by 2012. Vacon has set an annual target for return on equity (ROE) of more than 30 %. Most of this growth will be organic, but Vacon does not exclude the possibility of further acquisitions. Organic growth will be financed by cash flow from operations and in the case of further acquisitions the gearing target is a maximum of 60 %. Factors that will help improve the operating profit are expanding the product selection into higher power drives, launching the new product generation, transferring production of the components used in AC drives to countries with even lower costs, and the reduction in the US dollar risk as a result of the acquisition of the TB Wood's AC drives business. Vacon's success now and in the future is based on outstanding products and services, quality, a brand with a growing global presence, cost-efficiency and logistic speed, a customer-oriented way of working, and a passionate attitude. Vacon will continue its international expansion in 2008 in the areas of product development, sales, services and production. It is the policy of Vacon's Board of Directors to propose for approval by the Annual General Meeting a dividend consistent with the company's financial performance. The goal is to pay a dividend of about 50 % of the profit for the period. The level of dividend takes into account the financing required to expand operations. Prospects for 2008 No significant changes have taken place in Vacon's market prospects. The state of the market is expected to remain favourable in 2008. The AC drive is one of the most important tools in enhancing energy usage and an important component in renewable energy power plants. High energy prices, increasing automation and measures to reduce emissions increase the market for AC drives. Based on market surveys Vacon estimates that the AC drive market is growing at an annual rate of about 9 %. AC drive demand is forecast to increase in Europe by about 9 %, in North America by more than 6 % and in Asia by much more than 10 %, with China and India the engines of growth. Investments in the growing markets in North America, Asia and Russia will reinforce Vacon's global market position. The purchase of the TB Wood's AC drive business announced in December 2007 gives a significant boost to Vacon's growth potential and market position. The broad range and cost-efficiency of the combined product portfolio give a competitive edge, and the renewal of the product range over the next few years is expected to strengthen Vacon's market position. Vacon considers that potential risks to its financial performance in 2008 are problems that material suppliers may have with capacity, increasing problems with the availability of key components and increases in their prices, and the weakening of the US dollar. Revenues in 2008 are forecast to rise by more than 25 % (by more than 15 % on comparable figures) and profitability to weaken slightly from 2007 in consequence of integrating the TB Wood's AC drive business during the year. This is not, however, expected to have any material impact on Vacon Group's earnings per share in 2008. Earnings per share are forecast to exceed EUR 1.50 in 2008. Events after end of year Vacon completed the acquisition of the AC drives business of TB Wood's. Vacon paid USD 29 million for the business. The calculations for allocating the purchasing price and goodwill have not been completed yet. The loan and cash funds for the acquisition were included in the balance sheet at the end of the year. The purchased drives business will be included in Vacon's consolidated financial statements as from the beginning of January 2008. The acquisition is not expected to have a significant impact on Vacon Group's earnings per share in 2008. Financial reports in 2008 Vacon is publishing three interim reports in 2008 as follows: - January-March Thursday, 24 April 2008 at 9.00 am - January-June Thursday, 7 August 2008 at 9.00 am - January-September Thursday, 23 October 2008 at 9.00 am The 2007 Annual Report will be published in week 11 (10-14 March). The Annual General Meeting of Vacon Plc will be held at 3.00 pm on Wednesday, 26 March 2008 at the company's head office at Runsorintie 7, Vaasa, Finland. Formal statement This release contains certain forward-looking statements that reflect the current views of the company's management. Due to the nature of these statements, they contain risks and uncertainties and are subject to changes in the general economic situation and in the company's business sector. Vacon in brief Vacon was established in 1993 from a passion to create, develop and produce unique AC drives for demanding needs, globally. We are driven by a burning desire to serve our customers as they look for ever more efficient, reliable and easy to use options to save energy and costs. Vacon provides AC drives in the power range 0.25 kW - 5 MW. Vaasa, 7 February 2008 VACON PLC Board of Directors For more information please contact: * Mr Vesa Laisi, President & CEO, phone: +358 (0)40 8371 510 * Mr Mika Leppänen, Vice President, Finance & Control, phone: +358 (0)40 8371 235 Conference for media and analysts Vacon will hold a briefing for analysts and the media at 11.30 am on 7 February 2007 in the Vivaldi meeting room at the Radisson SASPlazaHotel, Mikonkatu 23, Helsinki. Dial-in conference for investors and investment analysts A dial-in conference in English for investors and investment analysts will be held at 3.00 pm on 7 February 2007. President and CEO Vesa Laisi and Mika Leppänen, Vice President, Finance and Control, will participate in the conference. Lines can be booked ten minutes before the conference by calling the service number +44 207 162 0025. The conference ID code is "Vacon Oyj". To hear a recording of the conference, available for two working days, call +44 207 031 4064, ID code 782084. Conference link: http://wcc.webeventservices.com/view/wl/r.htm?e=103013&s=1&k=63A0F9E271F95486B0B9E3CFC83264DD&cb=genesys Distribution Helsinki Exchanges Financial Supervision Authority Main media Accounting principles The 2007 financial statement release has been prepared in accordance with IFRS recognition and measurement principles. Vacon has prepared this release applying the same IFRS accounting principles as in its 2006 consolidated financial statements. The figures presented in the financial statement release are audited. Consolidated income statement, MEUR 10-12/ 10-12/ 1-12/ 1-12/ 2007 2006 2007 2006 Revenues 61.4 51.0 232.2 186.4 EBITDA 8.8 7.1 34.0 27.3 Depreciation -1.3 -1.1 -4.8 -4.2 Operating profit 7.5 6.0 29.2 23.1 Financial income 0.3 0.0 0.6 0.3 Financial expenses -0.2 -0.2 -1.0 -0.7 Profit before taxes 7.6 5.8 28.8 22.7 Income taxes -1.4 -1.8 -7.4 -6.6 Profit for the period 6.1 4.0 21.4 16.1 Attributable to: Equity holders of the parent 6.0 3.9 20.9 15.8 Minority interest 0.1 0.1 0.5 0.3 Earnings per share, euro 0.40 0.26 1.37 1.04 Earnings per share diluted, euro 0.40 0.26 1.37 1.04 Consolidated balance sheet, MEUR 31.12.2007 31.12.2006 ASSETS Intangible assets 9.6 7.8 Tangible assets 14.7 13.3 Investments 1.9 1.4 Loans receivable and other receivables 0.4 0.8 Deferred tax assets 1.5 1.1 Total non-current assets 28.2 24.3 Inventories 14.7 11.7 Trade and other receivables 45.8 37.8 Cash and cash equivalents 34.4 13.0 Total current assets 94.9 62.6 Total assets 123.2 86.9 EQUITY AND LIABILITIES Equity attributable to equity holders of the parent company 62.9 52.0 Minority interest 1.1 1.0 Total equity 64.0 53.0 Deferred tax liabilities 1.6 1.2 Employee benefits 0.8 0.7 Interest-bearing liabilities 19.1 1.8 Total non-current liabilities 21.6 3.7 Trade and other payables 30.9 25.6 Income tax liabilities 1.6 1.5 Provisions 0.8 0.7 Interest-bearing liabilities 4.3 2.4 Total current liabilities 37.6 30.2 Total equity and liabilities 123.2 86.9 2007 calculation of changes in shareholders' equity, MEUR Min- To- Attributable to equity holders of the parent ority tal inte- equi- rest ty Sha- Sha- Own Transla- Reva- Re- To- re re shares tion lu- tai- tal capital pre differ- ation ned mium rence fund earn- ings Share- holders' equity 31.12.2005 3.1 5.0 -1.2 -0.1 -0.1 35.6 42.3 0.5 42.8 Cash flow hedging: Hedging result allocated to equity 0.1 0.1 0.1 Transferred as adjust-ment to sales income 0.1 0.1 0.1 Translation difference -0.1 -0.1 -0.1 Other changes 0.1 0.1 0.1 Net income recorded directly in equity -0.1 0.2 0.1 0.2 0.2 Profit for period 15.8 15.8 0.3 16.1 Income and expenses recorded during period, total -0.1 0.2 15.9 16.0 0.3 16.3 Dividend paid -6.3 -6.3 -6.3 Minority interest in new subsidiaries 0.2 0.2 Shareholders' equity 31.12.2006 3.1 5.0 -1.2 -0.1 0.1 45.2 52.0 1.0 53.0 Cash flow: hedging Hedging result allocated to equity 0.0 0.0 0.0 Transferred as adjustment to sales income -0.1 -0.1 -0.1 Translation difference -0.3 -0.3 -0.3 Profit/loss from hedging of net investment -0.1 -0.1 -0.1 Recognized tax 0.0 0.0 0.0 Other changes 0.3 0.3 0.0 0.3 Net income recorded directly in equity 0.0 0.0 0.0 -0.4 0.0 0.3 -0.1 0.0 -0.1 Profit for period 20.9 20.9 0.5 21.4 Total income and expenses recorded for the period -0.4 0.0 21.2 20.8 0.5 21.3 Dividend paid -9.9 -9.9 -0.3 -10.2 Minority interest in new subsidiaries 0.0 0.0 Shareholders' equity 31.12.2007 3.0 5.0 -1.2 -0.5 0.0 56.5 62.9 1.1 64.0 Consolidated cash flow statement, MEUR 31.12.2007 31.12.2006 Profit for the period 21.4 16.1 Depreciation 4.8 4.2 Financial income and expenses 0.5 0.4 Taxes 7.4 6.6 Other adjustments 0.1 -0.1 Change in working capital -5.5 -5.7 Cash flow from financial items and tax -7.5 -6.4 Cash flow from operating activities 21.1 15.1 Investments in tangible and intangible assets -8.6 -7.0 Proceeds from disposal of tangible and intangible assets 0.4 0.5 Loans granted 0.0 -1.4 Other investments -0.6 -0.5 Repayment of loan receivables 0.2 0.0 Proceeds from disposal of other investments 0.0 0.3 Cash flow from investing activities -8.6 -8.1 Share issue 0.0 0.1 Proceeds from long-term borrowings 21.9 0.4 Repayment of long-term loans -0.2 -0.2 Proceeds from short-term borrowings 1.0 5.0 Repayment of short-term loans -2.2 -4.3 Financial leasing payments -0.3 -0.3 Dividends paid -10.2 -6.3 Cash flow from financial activities 10.0 -5.5 Change in liquid funds 22.5 1.6 Segment information Reporting on Vacon Group's operations is firstly by business segment and secondly by geographical segment. Vacon has one business segment, AC drives. The figures for the primary segment are identical with the figures for the whole Group. Vacon's operations are organized in the following functions: Products and Markets, Production, Research & Development, Finance and Administration, Human Resources, IT and Process Development. To ensure that the organisation is customer-oriented, operations are controlled by customer segments that are called business areas. These business areas are: Component Customers, Solutions Customers, OEM and Brand Label Customers, and Service and After-Market Services. The secondary, geographical segment is divided into three sales areas: EMEA (Europe, Middle East and Africa), Americas (North and South America) and APAC (Asia and Pacific). Financial ratios Per share data IFRS IFRS IFRS 2007 IFRS 2006 2005 2004 FAS 2003 Earnings per share, EUR 1.37 1.04 0.79 0.71 0.50 Equity per share, EUR 4.13 3.42 2.78 2.39 2.11 Dividend per share EUR*) 0.75 0.65 0.41 0.35 0.55 Dividend payout ratio, %*) 54.59 62.57 52.12 49.31 109.32 Effective dividend yield %*) 2.7 2.5 2.3 3.0 5.6 Price/earnings ratio 20.4 25.1 22.2 16.6 19.5 Lowest trading price, EUR 24.60 17.70 11.85 9.95 6.70 Highest trading price, EUR 38.00 26.99 17.50 11.99 10.65 Share price at year end, EUR 28.00 26.10 17.50 11.78 9.80 Average trading price, EUR 30.01 22.60 14.68 11.00 8.95 Market capitalization, MEUR 426.50 397.10 266.00 180.00 148.50 Trading volume, no. of 5 693 3 427 4 231 shares 8 241 357 4 439 458 881 027 544 Trading volume, % 54.1 29.2 37.5 22.6 27.9 Adjusted average number of shares during the 15 226 15 209 15 203 15 186 15 150 financial year**) 997 303 147 805 000 Number of shares at year 15 232 15 213 15 199 15 282 15 150 end **) 188 428 740 200 000 *) The 2007 dividend is the Board of Directors' proposal to the Annual General Meeting. **) The average number of shares during the year was 15 226 997. The total number of shares outstanding was 15 232 188. Key figures showing the Group's financial performance IFRS IFRS IFRS FAS IFRS 2007 2006 2005 2004 2003 Revenues, MEUR 232.2 186.4 149.9 128.6 112.3 Increase in revenues, % 24.6 24.3 16.6 14.5 15.2 Operating profit, MEUR 29.2 23.1 18.1 15.9 11.8 Increase in operating profit, % 26.4 27.6 13.8 N/A 19.2 Operating profit, % of revenues 12.6 12.4 12.1 12.4 10.5 Profit before taxes, MEUR 28.8 22.7 17.7 15.9 11.7 Profit before taxes, % of revenues 12.4 12.2 11.8 12.4 10.4 Return on equity, % 36.5 33.7 30.5 31.3 26.1 Return on investment, % 41.2 45.1 40.8 38.6 31.7 Interest-bearing net liabilities, MEUR -11.0 -8.8 -7.9 -10.6 -6.2 Net gearing, % -17.1 -16.6 -18.3 -28.9 -19.1 Equity ratio, % 52.9 61.7 56.8 56.2 55.8 Gross capital expenditure, MEUR 9.1 8.5 6.6 4.6 4.8 Gross capital expenditure, % of revenues 3.9 4.6 4.4 3.6 4.3 R & D costs, MEUR 14.3 12.6 10.8 9.8 8.9 R & D costs, % of revenues 6.2 6.7 7.2 7.6 7.9 Number of personnel at the end of the period 869 675 577 469 436 Order book, MEUR 34.8 29.7 18.8 12.0 12.3 Commitments and contingencies. MEUR 31.12.2007 31.12.2006 Commitments and contingencies 1.1 1.8 Financing commitments 1.0 1.5 Currency derivatives, MEUR 31.12.2007 31.12.2006 Forward exchange contracts Fair value 0.4 0.1 Nominal value 12.7 14.9 Group quarterly performance, MEUR 10-12/ 7-9/ 4-6/ 1-3/ 1-12/ 1-9/ 1-6/ 1-3/ 2007 2007 2007 2007 2007 2007 2007 2007 Revenues 61.4 58.7 59.8 52.3 232.2 170.8 112.1 52.3 Operating profit 7.5 7.8 7.7 6.3 29.2 21.7 14.0 6.3 Profit before tax 7.6 7.5 7.5 6.2 28.8 21.2 13.7 6.2 Calculation of financial ratios Earnings per share = Profit for the financial year attributable to equity holders of the parent company ------------------------------------------------------ Adjusted average number of shares Equity per share = Equity attributable to the equity holders of the parent company ------------------------------------------------------- Adjusted average number of shares at year end Dividend per share = Dividend for the financial year ------------------------------------------------------ Adjusted number of shares at year end Dividend payout ratio = Dividend for the financial year x 100 ------------------------------------------------------ Profit for period attributable to equity holders of the parent company Effective dividend yield = Dividend per share x 100 ---------------------------------------------------- Adjusted closing share price at year end Price/earnings ratio = Adjusted closing share price at year end ----------------------------------------------------- Earnings per share Return on equity = Profit for the financial year x 100 ----------------------------------------------------------- Shareholders' equity (incl. minority interest), average of the beginning and end of the year Return on investment = (Profit before taxes + interest and other financial expenses) x 100 ----------------------------------------------------------- Balance sheet total - non-interest-bearing liabilities, average of the beginning and end of the year Equity ratio = Shareholders' equity (incl. minority interest) x 100 --------------------------------------------------------- Balance sheet total - advances received Net gearing = (Interest-bearing liabilities - cash, bank balances and financial assets) x 100 --------------------------------------------------------- Shareholders' equity (incl. minority interest) R & D costs = Research and development costs recognized in income statement (incl. costs covered with subsidies) and capitalized development expenses Market capitalization = Number of shares outstanding at year end x closing share price Trading volume-% = Number of shares traded during the year ---------------------------------------------- Adjusted average number of shares |
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