2014-09-03 09:00:00 CEST
2014-09-03 09:00:05 CEST
REGULATED INFORMATION
Panostaja Oyj - Company Announcement
PANOSTAJA GROUP’S INTERIM REPORT NOVEMBER 1, 2013-JULY 31, 2014 (9 months)
Panostaja Oyj Interim report, September 3, 2014
10:00 a.m.
MAY 1, 2014-JULY 31, 2014 (Q3)
-- Net sales increased by 15% and stood at MEUR 38.1 (MEUR 33.0). The impact
of corporate acquisitions on the MEUR 5.1 increase of net sales stood at
MEUR 4.1. Net sales increased in four of the eight segments.
-- EBIT improved and was MEUR 2.8 (MEUR -0.6). The increase in EBIT of MEUR
3.3 is mainly attributable to the MEUR 2.3 goodwill amortization in the
Takoma segment included in the reference period and to the good profit
development achieved in the Safety and Building Technology Renovation
segments. Three out of eight segments achieved better operating profit than
in the reference period.
-- Profit before taxes was MEUR 1.9 (MEUR -1.1)
-- The result for the review period was MEUR 7.0 (MEUR -1.8).
-- Earnings per share (undiluted) were 12.2 cents (-2.7 cents).
-- Operating cash flow was MEUR 1.0 (MEUR 2.4).
-- During the third quarter, Panostaja expanded its business into building
technology renovation services for houses and sold the Value-Added
Logistics segment. Panostaja recorded a sales profit of about MEUR 5.5 from
the sales of Value-Added Logistics.
November 1, 2013-July 31, 2014 (9 months)
-- Net sales for the three quarters increased by 13% to MEUR 110.7 (MEUR
98.3). The MEUR 12.3 growth in net sales was a result of organic growth and
the impact of corporate acquisitions carried out in the previous and
current financial period, the impact of which totaled MEUR 7.3. Net sales
increased in five of the eight segments.
-- EBIT improved and was MEUR 5.8 (MEUR -0.2). Growth of MEUR 6.0. EBIT
particularly benefited from an improvement in profit in the Fittings and
Heat Treatment segments. The reference period includes Takoma segment's
goodwill amortization entry amounting to MEUR 2.3. Five segments exceeded
the EBIT level of the review period.
-- Profit before taxes was MEUR 3.3 (MEUR -2.2)
-- The result was MEUR 5.8 (MEUR -4.6).
-- Earnings per share (undiluted) were 8.7 cents (-8.3 cents).
-- Operating cash flow improved and was MEUR 5.2 (MEUR 4.7).
Result management
Panostaja specifies its result management with regard to net sales and EBIT.
The Group's comparable net sales in the 2014 financial period are expected to
be 12−16% greater than in the 2013 financial period (MEUR 137.0). The Group's
comparable EBIT (MEUR 1.6) is expected to be MEUR 7.5−10.5 in the 2014
financial period. Result management has taken into account the divested
businesses of the Takoma segment and the removal of the Value-added Logistics
and Supports segments from the Group.
The previous result management on May 21, 2014 and June 4, 2014: The Group's
comparable net sales in the 2014 financial period are expected to be 12−17%
greater than in the 2013 financial period (MEUR 137.0). The Group's comparable
EBIT (MEUR 1.6) is expected to improve significantly in the 2014 financial
period. Result management has taken into account the divested businesses of the
Takoma segment and the removal of the Value-added Logistics and Supports
segments from the Group.
CEO Juha Sarsama: In the third quarter, business development continued
favorably. Net sales increased further and EBIT improved.
The active development of our ownerships continued. In the review period, we
have carried out two significant corporate restructuring measures. We expanded
our business into building technology renovation services for detached houses
by purchasing a 60% shareholding in Kotisun Oy, and we established a new
segment within the Group directed at consumers specializing in building
technology renovation for houses. We sold Vindea, the expert in value-added
logistics, which we had owned since 2003.
Takoma reorganization measures were evident during the financial period as an
improvement in profitability. The impact of actions taken is already evident as
a clear increase in the order book.
In spite of the good development, the general economic situation remains
uncertain. The crisis in Ukraine has significantly increased the difficulty of
forecasting. The general economic situation and atmosphere has remained
challenging, especially in the construction and export industry-related
segments. On the corporate acquisitions market, activity has increased and this
will offer Panostaja opportunities both for new acquisitions and for
divestments. Our aim is to be an active player on the market for target
companies that are in accordance with our strategy.
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Key figures Panostaja Group 9 months 9 months Q3 Q3 12
months
11/13-07/ 11/12-07/ 5/14-7/1 5/13-7/1 11/12-10
14 13 4 3 /13
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net sales, MEUR 110.7 98.3 38.1 33.0 137.0
EBIT, MEUR 5.8 -0.2 2.8 -0.6 1.6
Profit before taxes, MEUR 3.3 -2.2 1.9 -1.1 -1.3
Earnings per share, 0.09 -0.08 0.12 -0.03 -0.09
undiluted (EUR)
Equity per share (EUR) 0.60 0.60 0.60 0.60 0.60
Operating cash flow (MEUR) 5.2 4.7 1.0 2.4 7.8
The income statement for operations discontinued during the reference period
has been separated from the income statement for continuing operations and the
result for them is presented in accordance with the IFRS standards on row
‘Earnings from discontinued operations'. Prior to separating discontinued and
sold operations from continuing operations in the income statement, the
consolidated net sales for the reference period were MEUR 136.0 and the EBIT
was MEUR 0.3.
Key figures by segment
Net sales, MEUR
9 months 9 months Q3 Q3 12 months
--------------------------------------------------------------------------------
11/13- 11/12-07/1 5/14-7/14 5/13-7/13 11/12-10/
07/14 3 13
--------------------------------------------------------------------------------
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Digital Printing Services 42.0 36.6 13.2 12.3 50.8
Safety 24.4 22.3 7.7 7.0 31.8
Takoma 10.7 10.1 3.5 3.6 14.1
Ceiling Materials 8.4 9.5 2.9 3.5 12.8
Fittings 8.3 8.9 2.6 2.8 11.9
Spare Parts for Motor 7.9 7.6 2.7 2.6 10.3
Vehicles
Building Technology 3.9 3.9
Renovation
Heat Treatment 5.2 3.6 1.6 1.3 5.7
Other 0.0 0.0 0.0 0.0 0.0
Eliminations -0.2 -0.4 -0.1 -0.1 -0.4
Group in total 110.7 98.3 38.1 33.0 137.0
EBIT, MEUR
9 months 9 months Q3 Q3 12 months
--------------------------------------------------------------------------------
11/13- 11/12-07/1 5/14-7/14 5/13-7/13 11/12-10/
07/14 3 13
--------------------------------------------------------------------------------
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Digital Printing Services 4.5 4.4 1.3 1.7 6.4
Safety 1.2 0.6 0.9 0.4 1.6
Takoma -0.6 -3.8 0.0 -2.9 -4.1
Ceiling Materials 0.6 0.7 0.1 0.3 0.9
Fittings 0.6 -0.1 0.2 0.2 -0.2
Spare Parts for Motor 0.5 0.6 0.2 0.3 0.8
Vehicles
Building Technology 0.5 0.5
Renovation
Heat Treatment 0.3 -0.8 0.1 -0.1 -1.5
Other -1.7 -1.8 -0.4 -0.6 -2.3
Group in total 5.8 -0.2 2.8 -0.6 1.6
PRESS CONFERENCE
Panostaja will hold a press conference for analysts, investors and the press on
September 3, 2014 from 11:30 am to 12:30 pm at Hotel Scandic Simonkenttä,
Bulsa-Freda 1-2, Simonkatu 9, Helsinki.
The interim report, presentations and other investor information are available
at: www.panostaja.fi.
Panostaja Oyj
Juha Sarsama
CEO
Further information:
CEO Juha Sarsama, Panostaja Oyj, +358 40 774 2099
Distribution: NASDAQ OMX Helsinki, key media, www.panostaja.fi.
PANOSTAJA GROUP INTERIM REPORT NOVEMBER 1, 2013-JULY 31, 2014 (9 months)
THE ECONOMIC DEVELOPMENT OF THE PANOSTAJA GROUP
9 9 Change 3 3 Change 12
months months , % months months , % months
--------------------------------------------------------------------------------
Key figures 11/13-0 11/12-0 5/14-7 5/13-7 11/12-1
Panostaja Group 7/14 7/13 /14 /13 0/13
--------------------------------------------------------------------------------
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Net sales, MEUR 110.7 98.3 12.5% 38.1 33.0 15.4% 137.0
EBIT, MEUR 5.8 -0.2 2.8 -0.6 1.6
Profit before taxes, 3.3 -2.2 1.9 -1.1 -1.3
MEUR
Earnings per share, 0.09 -0.08 0.12 -0.03 -0.09
undiluted (EUR)
Equity per share 0.60 0.60 0.0% 0.60 0.60 0.00% 0.59
(EUR)
Operating cash flow 5.2 4.7 9.5% 1.0 2.4 -56.9% 7.8
(MEUR)
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MAY 2014-JULY 2014
Net sales for the third quarter, May−July, increased by 15% to MEUR 38.1 (MEUR
33.0). Export amounted to MEUR 0.6, or 1.7%, (MEUR 2.3, or 4.9%) of net sales.
The impact of corporate acquisitions on the MEUR 5.1 increase in net sales
stood at MEUR 4.1. Of the Group's eight business segments, four exceeded the
level of net sales in the reference period.
EBIT improved and was MEUR 2.8 (MEUR -0.6). The increase in EBIT of MEUR 3.3 is
mainly attributable to the MEUR 2.3 goodwill amortization in the Takoma segment
included in the reference period and to the good profit development achieved in
the Safety and Building Technology Renovation segments. Three segments achieved
better operating profit than in the reference period.
Profit before taxes was MEUR 1.9 (MEUR -1.1) and earnings per share (undiluted)
was 12.2 cents (-2.7 cents). Equity per share was EUR 0.60 (EUR 0.60).
Operating cash flow was MEUR 1.0 (MEUR 2.4).
During the third quarter, Panostaja expanded its business into building
technology renovation services for houses and sold the Value-added Logistics
segment. Panostaja recorded a sales profit of about MEUR 5.5 from the sales of
Value-added Logistics.
NOVEMBER 2013-JULY 2014
Net sales for the review period increased by 12.5%. Panostaja Group's net sales
during the period under review were MEUR 110.7 (MEUR 98.3). Export amounted to
MEUR 5.9, or 5.3%, (MEUR 7.0, or 5.1%) of net sales. The impact of corporate
acquisitions made in the previous financial period and the current one totaled
MEUR 7.3.
Of the Group's eight operational segments, five exceeded the cumulative net
sales level of the reference period.
EBIT was MEUR 5.8 (MEUR -0.2), growth of MEUR 6.0. EBIT was particularly
improved by an improvement in profit in the Fittings and Heat Treatment
segments. The reference period includes Takoma segment's goodwill amortization
entry amounting to MEUR 2.3. Five segments exceeded the EBIT level of the
review period.
The Group's net financial expenses for the review period were MEUR -2.1 (MEUR
-2.1). The Group's liquidity remained good and operating cash flow was MEUR 5.2
positive.
SEGMENT REVIEW
Key figures by segment
Net sales, MEUR
9 9 Change, Q3 Q3 Change, 12
months months % % months
--------------------------------------------------------------------------------
11/13-0 11/12- 5/14-7/ 5/13-7/ 11/12-1
7/14 07/13 14 13 0/13
--------------------------------------------------------------------------------
------------------ --------------------------------------------
Digital Printing 42.0 36.6 14.8% 13.2 12.3 7.6% 50.8
Services
Safety 24.4 22.3 9.0% 7.7 7.0 10.6% 31.8
Takoma 10.7 10.1 6.1% 3.5 3.6 -3.8% 14.1
Ceiling Materials 8.4 9.5 -11.3% 2.9 3.5 -18.6% 12.8
Fittings 8.3 8.9 -7.2% 2.6 2.8 -6.6% 11.9
Spare Parts for 7.9 7.6 3.3% 2.7 2.6 3.5% 10.3
Motor Vehicles
Building 3.9 3.9
Technology
Renovation
Heat Treatment 5.2 3.6 44.7% 1.6 1.3 24.0% 5.7
Other 0.0 0.0 -100.0% 0.0 0.0 0.0
Eliminations -0.2 -0.4 -58.6% -0.1 -0.1 -55.6% -0.4
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Group in total 110.7 98.3 12.5% 38.1 33.0 15.4% 137.0
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--------------------------------------------------------------------------------
EBIT, MEUR
9 months 9 months Change, Q3 Q3 Change 12
% , % months
--------------------------------------------------------------------------------
11/13-07 11/12-07 5/14-7 5/13-7 11/12-1
/14 /13 /14 /13 0/13
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Digital Printing 4.5 4.4 3.1% 1.3 1.7 -25.3% 6.4
Services
Safety 1.2 0.6 90.3% 0.9 0.4 117.3% 1.6
Takoma -0.6 -3.8 84.5% 0.0 -2.9 -4.1
Ceiling Materials 0.6 0.7 -16.7% 0.1 0.3 -74.0% 0.9
Fittings 0.6 -0.1 0.2 0.2 -28.7% -0.2
Spare Parts for 0.5 0.6 -20.2% 0.2 0.3 -32.3% 0.8
Motor Vehicles
Building 0.5 0.5
Technology
Renovation
Heat Treatment 0.3 -0.8 0.1 -0.1 -1.5
Other -1.7 -1.8 -5.0% -0.4 -0.6 27.7% -2.3
Group in total 5.8 -0.2 2,694.6% 2.8 -0.6 563.7% 1.6
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The income statement for operations discontinued during the reference period
has been separated from the income statement for continuing operations and the
result for them is presented in accordance with the IFRS standards on row
‘Earnings from discontinued operations'.
Panostaja Group's business operations for the period under review are reported
in nine segments: Digital Printing Services, Safety, Takoma, Ceiling Materials,
Fittings, Spare Parts for Motor Vehicles, Building Technology Renovation, Heat
Treatment and Other (parent company and associated companies).
Segment comments, November 2013-July 2014
In the review period, net sales in the Digital Printing Services segment
increased from MEUR 36.6 to MEUR 42.0. EBIT increased from MEUR 4.4 to MEUR
4.5. The increase in net sales is mainly attributable to the acquisition of DMP
Group in December 2012 and the acquisition of Eriksen Oy in February 2014. The
market has not grown and the price level has continued to drop, which is
evident as a deterioration in relative profitability. The costs of the name
change carried out in the Group also encumbered the result in the review
period. In the review period, DMP Digital Media Partners Oy merged with
Kopijyvä Oy. At the same time, the company decided on a new strategy and name.
Since June 1, 2014, the company's new name has been Grano Oy.
Net sales in the Safety segment increased from MEUR 22.3 to MEUR 24.4, and EBIT
improved from MEUR 0.6 to MEUR 1.2. The increase in net sales has continued
despite the difficult market situation. In addition to organic growth, the
acquisition of Lappeenrannan Lukko- ja Varustepalvelu in May 2013 has increased
net sales. EBIT developed favorably, even though product development cost
depreciations are encumbering EBIT. In the review period, the new-generation
Flexim Safea solution was launched and has been positively received by
customers.
The structure of the Takoma segment changed significantly during the review
period. The only unit continuing to operate is Takoma Gears in Parkano. The
figures for discontinued operations are presented under 'Discontinued
Operations'. The net sales of continuing Takoma operations improved from MEUR
10.1 to MEUR 10.7. The volume of orders has increased and the order book has
strengthened significantly. The operating loss in the segment's continuing
operations decreased from MEUR -3.8 to MEUR -0.6. EBIT for the reference period
includes goodwill amortization of MEUR 2.3. On January 17, 2014, business
restructuring proceedings began at Takoma Oyj and Takoma Gears Oy. In the
period under review, Tampereen Laatukoneistus Oy, Hervannan Koneistus Oy and
Takoma Systems Oy filed for bankruptcy. As a result of these bankruptcies, the
companies in question have been treated as discontinued operations in
Panostaja's consolidated financial statements. They incurred a combined loss of
MEUR 1.5 in the period under review. On June 5, 2014, Takoma Oyj and Takoma
Gears Oy submitted their proposals for corporate restructuring programs to
Pirkanmaa District Court. The District Court is expected to accept the
proposals during the autumn.
Net sales in the Ceiling Materials segment declined from MEUR 9.5 to MEUR 8.4.
The economic situation in construction has not brightened and competition for
installation work is fierce, which is evident, for example, in the increased
financing problems experienced by customers. EBIT declined from MEUR 0.7 to
MEUR 0.6. In spite of the difficult economic situation, the segment's result
has remained on a reasonable level.
Net sales in the Fittings segment declined from MEUR 8.9 to MEUR 8.3. The
depressed state of the construction market is radiating to both the furniture
fittings and building fittings businesses. EBIT, however, improved over the
previous year's MEUR -0.1 to MEUR 0.6. The result for the reference period was
encumbered by costs related to the acquisition of Eurohela. Measures
implemented in operational companies to improve profitability and efficiency
and successful procurement contracts have improved relative profitability
despite the reduction in net sales.
Net sales in the Spare Parts for Motor Vehicles segment increased slightly from
MEUR 7.6 to MEUR 7.9. Consumers remain cautious in their purchases, and the
work situation in repair shops during the summer has been weaker than on
average. EBIT on the other hand weakened from the level of the previous year
and was MEUR 0.5 (MEUR 0.6). The company has actively implemented measures
necessary to develop business in line with the company's strategy. The segment
expanded in the review period when a new site was opened as planned in Turku in
January.
The Building Technology Renovation segment was created when Panostaja acquired
a 60% share in KotiSun Oy in May 2014. The company offers consumers
conceptualized service water and heating network renovations as a turnkey
service. KotiSun has grown rapidly into the largest and best-known company in
the sector in Finland. During the review period, net sales in the segment were
MEUR 3.9 and EBIT MEUR 0.5. No significant change occurred in the segment's
market situation.
Net sales in the Heat Treatment segment increased from MEUR 3.6 to MEUR 5.2,
and EBIT improved significantly from MEUR -0.8 to MEUR 0.3. Demand in the metal
industry continued at a moderate level in all business areas. Heatmasters is
actively continuing the development of its market position on both domestic and
international markets.
There were no significant changes in the net sales of the Other segment. In the
review period, two associated companies, Ecosir Group Oy and Spectra Yhtiöt Oy,
issued reports to the parent company. The profit/loss of the reported
associated companies in the review period was MEUR -0.3 (MEUR 0.1), which is
presented on a separate row in the consolidated income statement.
Personnel
July 31, July 31, Change October 31,
2014 2013 2013
--------------------------------------------------------------------------------
Average number of employees 1,199 1,300 -8% 1,251
Employees at the end of the review 1,102 1,394 -21% 1,295
period
--------------------------------------------------------------------------------
Employees in each segment at the end July 31, July 31, Change October 31,
of the review period 2014 2013 2013
--------------------------------------------------------------------------------
Digital Printing Services 512 456 12% 451
Safety 228 206 11% 205
Takoma 101 195 -48% 163
Value-added Logistics 0 305 -100% 299
Ceilings 15 15 0% 15
Fittings 34 40 -15% 39
Spare Parts for Motor Vehicles 45 38 18% 37
Building Technology Renovation 100
Heat Treatment 58 63 -8% 62
Carpentry Industry 0 32 0
Supports 0 16 16
Fasteners 0 20 0
Other 9 8 13% 8
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Group in total 1,102 1,394 -21% 1,295
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The number of personnel employed by Panostaja fell compared with one year
earlier, mainly as a result of the sale of the Value-added Logistics segment.
The discontinued operations of Takoma also contributed to the reduction in
personnel. At the end of the review period, Panostaja Group employed a total of
1,102 persons, while the average number of personnel during the period was
1,199. During the review period, Panostaja continued to develop its personnel
in line with its strategy.
INVESTMENTS AND FINANCE
Operating cash flow improved and was MEUR 5.2 positive (MEUR 4.7). Liquidity
remained good. The Group's liquid assets were MEUR 17.1 (MEUR 15.9) and
interest-bearing net liabilities MEUR 38.2 (MEUR 46.0). Gearing ratio fell and
was 84.0% (91.3%). The Group's net financial expenses for the review period
were MEUR -2.1 (MEUR -2.1), or 1.9% (2.0%) of net sales.
Panostaja Oyj's convertible subordinated loan amounted to MEUR 15 of the net
liabilities (MEUR 15.0). The Group's equity ratio at the end of the review
period was 32.8% (33.0%). The return on equity improved and was 16.5% (-12.7%)
and the return on investment improved to 14.9% (-0.1%).
The Group's gross capital expenditure for the review period were MEUR 15.9
(MEUR 21.0), or 18.2% (24.0%) of net sales. In the reference period,
investments were mainly targeted at corporate acquisitions.
In May 2013, Panostaja Oyj issued a domestic hybrid loan of MEUR 7.5 (equity
debenture loan). The loan was issued on May 27, 2013. It will strengthen the
company's solvency and financial position. The hybrid loan has been processed
in accordance with the IFRS standards as an equity loan and is shown on the
balance sheet in the equity group.
Financial position:
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--------------------------------------------------------------------------------
MEUR July 31, July 31, October
2014 2013 31, 2013
Interest-bearing liabilities 60.4 65.9 60.1
Interest-bearing receivables 5.1 4.0 5.1
Cash and cash equivalents 17.1 15.9 16.4
Interest-bearing net liabilities 38.2 46.0 38.2
Equity (belonging to the parent company's 45.4 50.4 49.1
shareholders as well as minority shareholders)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Gearing ratio, % 84.0 91.3 82.6
Equity ratio, % 32.8 33.0 33.2
Return on equity, % 16.5 -12.7 -11.7
Return on investment, % 14.9 -0.1 0.5
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GROUP STRUCTURE CHANGES
Panostaja Oyj announced on December 3, 2013 that it had sold 80% of the share
capital of Kannake Oy, a company manufacturing and selling supports. As a
result of the transaction, Panostaja divested its Supports segment.
In the period under review, Tampereen Laatukoneistus Oy, Hervannan Koneistus Oy
and Takoma Systems Oy filed for bankruptcy. On June 5, 2014, Takoma Oyj and
Takoma Gears Oy submitted their proposals for corporate restructuring programs
to Pirkanmaa District Court. The District Court is expected to accept the
proposals during the autumn.
On April 10, 2014, Panostaja Oyj announced an arrangement, the end result of
which was that Panostaja Group's shareholding in the parent company of the
Digital Printing Services segment, Digiprint Finland Oy, increased to 64.6%.
Previously, the shareholding was 56.4%.
On May 7, 2014, Panostaja Oyj announced that it had bought a 60% shareholding
in KotiSun Oy, a company offering service water and heating network renovation
services. As a result of the transaction, Panostaja expanded its business
operations and established within the Group a new business area specializing in
building technology renovation for houses.
On May 21, 2014, Panostaja Oyj announced that, together with the owners of
Vindea Group Oy, it had signed a deed for the sale of its entire shareholding
in Vindea Group Oy to Suomen Transval Group Oy. Vindea Group Oy was a
subsidiary 54.22%-owned by Panostaja and, as a result of the transaction, the
company's entire share capital in Vindea Group Oy was transferred to the buyer.
As a result of the transaction, Panostaja divested the Value-added Logistics
segment.
SHARE PRICE DEVELOPMENT AND SHARE OWNERSHIP
Panostaja Oyj's share closing rate fluctuated between EUR 0.77 (lowest
quotation) and EUR 0.79 (highest quotation) during the third quarter. During
the period under review, a total of 1,891,342 shares were exchanged, which
amounts to 3.7% of the share capital. The July 2014 share closing rate was EUR
0.78. The market value of the company's share capital at the end of July 2014
was MEUR 40.4 (MEUR 35.7). At the end of July 2014, the company had 3,530
shareholders (3,743).
Development of share exchange 3Q/2014 3Q/2013 1-3Q/2014 1-3Q/2013
---------------------------------------------------------------------
---------------------------------------------------------------------
Shares exchanged, 1,000 pcs 1,891 475 5,678 2,539
% of share capital 3.7 0.9 11.1 4.9
---------------------------------------------------------------------
On December 16, 2013, Panostaja Oyj received a notification of change in
holding in the company pursuant to Section 2(9) of the Securities Markets Act.
Matti Koskenkorva's share of Panostaja Oyj's total number of voting shares was
below 10%. Matti Koskenkorva's share on the record date was 4,300,000 shares,
8.31% of Panostaja Oyj's share capital and voting shares.
On December 16, 2013, Panostaja Oyj received a notification of change in
holding in the company pursuant to Section 2(9) of the Securities Markets Act.
Treindex Oy's share of Panostaja Oyj's total number of voting shares exceeded
10%. On the reporting date, Treindex's share was 5,192,200 shares, 10.04% of
Panostaja Oyj's share capital and voting shares.
ADMINISTRATION AND GENERAL MEETING
Panostaja Oyj's Annual General Meeting was held on January 29, 2014 in Tampere.
Jukka Ala-Mello, Mikko Koskenkorva, Eero Eriksson, Antero Virtanen and Jukka
Terhonen were re-elected to Panostaja Oyj's Board of Directors. Hannu Tarkkonen
was elected as new member of the Board. In the Board's organizing meeting held
immediately after the General Meeting, Jukka Ala-Mello was elected Chairman of
the Board and Eero Eriksson as Vice Chairman. Authorized Public Accountant
Markku Launis and Authorized Public Accountants PricewaterhouseCoopers Oy were
selected as general chartered accountants, with Authorized Public Accountant
Janne Rajalahti as the responsible public accountant.
The annual general meeting confirmed the financial statements presented and the
consolidated financial statements for the financial period November 1,
2012-October 31, 2013 and decided that no dividend or capital repayment be
distributed.
In addition, the Annual Meeting authorized the Board to decide, at its
discretion, on the potential distribution of assets to shareholders, the
company's financial status permitting, as distribution of assets from the
invested unrestricted equity fund. The maximum distribution of assets performed
on the basis of this authorization totals EUR 5,200,000. The authorization
includes the right of the Board to decide on all other terms and conditions
relating to the said asset distribution. The authorization will remain valid
until the end of the next Annual General Meeting.
In addition, the General Meeting granted exemption from liability to the
members of the Board and to the CEO. It was decided at the General Meeting that
the Chairman of the Board be paid EUR 40,000 as an annual compensation for the
term that begins at the end of the Meeting and ends at the end of the 2015
Annual General Meeting, and that the other members of the Board be paid an
annual compensation of EUR 20,000. It was further resolved at the General
Meeting that approximately 40% of the compensation remitted to the members of
the Board be paid on the basis of the share issue authorization given to the
Board, by issuing company shares to each Board member if the Board member does
not own more than one percent of the company's shares on the date of the
General Meeting. If the holding of a Board member on the date of the General
Meeting is over one percent of all company shares, the compensation will be
paid in full in monetary form.
The Annual General Meeting also authorized the Board of Directors to decide on
the acquisition of the company's own shares, so that the shares will be
acquired in one or more installments and, based on this authorization, a
maximum of 5,100,000 shares can be acquired, which corresponds to about 9.86%
of all the company's shares. By virtue of the authorization, the company's own
shares may be obtained using unrestricted equity only.
The company's own shares may be acquired at the price in public trade arranged
by NASDAQ OMX Helsinki Oy on the date of acquisition or otherwise at the
prevailing market price. The Board of Directors will decide how the company's
own shares are to be acquired. The company's own shares may be acquired not
following the proportion of ownership of the shareholders (directed
acquisition). The authorization remains valid until July 29, 2015.
The Board of Directors has not used the authorization granted by the Annual
Meeting to acquire the company's own shares during the review period.
SHARE CAPITAL AND THE COMPANY'S OWN SHARES
At the close of the review period, Panostaja Oyj's share capital was EUR
5,568,681.60. The total number of shares is 51,733,110.
The total number of shares held by the company at the end of the review period
was 444,058 individual shares (at the beginning of financial period: 490,956).
The number of the company's own shares corresponded to 0.9% of the number of
shares and votes at the end of the entire review period.
In accordance with the decisions by the General Meeting on January 29, 2013 and
by the Board, Panostaja Oyj relinquished a total of 16,439 individual shares as
meeting compensation to the members of the Board on December 16, 2013, a total
of 16,000 shares on March 11, 2014 and a total of 14,459 shares on June 5,
2014.
EQUITY CONVERTIBLE SUBORDINATED LOAN AND HYBRID LOAN
At the end of the review period, EUR 15,000,000 of the 2011 convertible
subordinated loan remained. The interest on the loan is 6.5% and the loan
period February 7, 2011-April 1, 2016. The original share exchange rate is EUR
2.20, and the loan shares may be exchanged for no more than 6,818,181 company
shares. The total number of loan shares is 300, and they are available for
public trade on the Nasdaq OMX Helsinki stock exchange. The share exchange rate
will be entered into the company's invested unrestricted equity fund.
On May 27, 2013, the Group issued an equity convertible subordinated loan to
the value of MEUR 7.5. The equity convertible subordinated loan has not
maturity date, but the Group is entitled, but not obliged, to redeem the loan
within four years. Based on the contract, the annual interest is 9.75%.
Interest is only paid if the company decides to distribute dividends. If
dividends are not distributed, the Group will decide separately on the payment
of interest. In the consolidated financial statements, the loan is classified
as equity and interest is presented as dividend. The Board of Directors of
Panostaja Oyj decided to pay the hybrid loan interest amounting to MEUR 0.7,
which was paid on May 27, 2014.
EVENTS AFTER THE REVIEW PERIOD
There are no major events to report.
MARKET PROSPECTS
The general economic situation and atmosphere has become more uncertain due to
the increasing tension in Ukraine. The demand for companies operating on the
domestic market has evened out and domestic consumer demand is not expected to
recover in the near future. The position of Panostaja's business segments in
their fields of operation has improved and is expected to continue to do so.
The situation on the financial markets for the SME sector has improved and
finance is available for good projects. The protractedness of the crisis in
Ukraine and the structural challenges of the Finnish economy are significant
risks to overall economic development. On the corporate acquisition market,
activity has increased and this will continue to offer opportunities both for
new acquisitions and for divestments.
MOST SIGNIFICANT NEAR-FUTURE BUSINESS RISKS AND RISK MANAGEMENT
Risk management is part of the Panostaja Group's management and monitoring
systems Panostaja aims to identify and monitor changes in the business
environment and general market situation of its segments, to react to them and
to utilize the business opportunities that they present. Risk is classified as
factors that may endanger or impede Panostaja or the business segments owned by
it from achieving strategic objectives, improvement in profit and the financial
position or business continuity, or that may otherwise cause significant
consequences for Panostaja, its owners, segments, personnel or other
stakeholder groups. A more detailed report on Panostaja's risk management
policy and the most significant risks was published in the 2013 annual report.
Financial risks are discussed in greater detail in the Notes to the 2013
financial statements.
Market risks, general: General market risks are mainly tied to the uncertainty
resulting from Finland's economic situation, export industry competitiveness
and the change it has caused, as well as their potential impact on achieving
the goals set for the various segments. The weakening in financial market
liquidity and the tightening on credit issue may hamper the realization of
corporate acquisitions and the availability of finance for working capital.
Panostaja has prepared for a weak financial market situation in the SME sector
and for a continued quiet period in the corporate acquisitions market by taking
out a MEUR 7.5 hybrid loan in May 2013. This hybrid loan will enable Panostaja
to make, in line with the company's strategy and investment criteria, new
complementary acquisitions and to give more temporal room for maneuver for
possible divestments.
Market risks, operating fields of the segments: The instability of the overall
economic situation has led to a decline in customer demand as well as the
postponement of investments, particularly in segments serving the technology
sector, which may result in a need for consolidated goodwill write-downs.
Economic prospects in the fields of the existing segments are strongly tied to
the prospects of customer enterprises. Expectations for the financial situation
are still characterized by uncertainty and poor forecastability. In the
various segments of Panostaja Group, the prospects still vary from cautiously
positive to neutral. Panostaja regularly assesses the risks for each segment
and, based on the updated risk assessment, takes the necessary remedial action.
Strategic risks: Panostaja represents the Finnish SME sector extensively.
Liikevaihto jakautuu viiteen eri toimialaan, joiden syklisyys vaihtelee. The
Group's business structure partially evens out economic fluctuations. In spite
of this, general and sector-specific market risks can, however, affect the
Group's result and financial development. Arvioitu markkinatilanne otetaan
liiketoimintasegmenteissä huomioon sopeuttamalla tuotantoa ja kustannuksia
markkinakysyntään sekä turvaamalla rahoitusasema. In changes in the global
economy, Panostaja also sees opportunities to improve its market position, for
example through corporate acquisitions. The crisis in Ukraine has no direct
impact on Panostaja Group, as the Group companies have no receivables from or
projects ongoing in Ukraine. The protraction of the crisis in Ukraine is
negatively affecting demand on the domestic Finnish market and thereby the
development of Panostaja's profit and financial position.
Financial risks: As a consequence of its operations, the Group is exposed to
many financial risks. The aim of risk management is to limit the adverse
effects of changes in financial markets on the result and financial development
of the Group. The Group's revenue and operative cash flows are mainly
independent of fluctuations in market interest rates. The interest risk of the
Group mainly constitutes borrowing, which is spread over variable and
fixed-interest loans. Some of the business segments use interest rate swaps and
interest rate ceiling agreements. The Group mainly operates in the eurozone and
so is only exposed to foreign exchange risks resulting from changes in exchange
rates to a slight degree. In the current financial period, credit loss risks
continue to represent a significant uncertainty factor in some of the segments.
This risk is increased by the tightness of credit issue to SMEs.
Corporate acquisitions: Panostaja actively seeks SMEs and endeavors to increase
and create value, through organic growth, corporate acquisitions and
correctly-timed divestments. The market still provides sufficient opportunities
for corporate acquisitions, and Panostaja Group aims to implement its growth
strategy by means of controlled acquisitions in current segments, but new
potential segments are also being actively studied. Preparation for divestments
is being continued as part of the ownership strategies of segments. Risks
related to corporate acquisitions are managed by investing carefully according
to specific investment criteria, as well as through efficient integration
processes. Panostaja Group has specified harmonized guidelines and a corporate
acquisitions process for the preparation and implementation of corporate
acquisitions.
Non-life risks: Non-life risks are managed in Panostaja Group through insurance
and Group guidelines, which set policy for the different areas.
Operative risks: Operatiivisten riskien hallinta on katsauskauden aikana
keskittynyt erityisesti Takomaan liittyviin liiketoimintoihin. On January 17,
2014, business restructuring proceedings began at Takoma Oyj and Takoma Gears
Oy. In the period under review, Tampereen Laatukoneistus Oy, Hervannan
Koneistus Oy and Takoma Systems Oy filed for bankruptcy. As a result of the
bankruptcy, the companies in question have been treated as discontinued
operations in Panostaja's consolidated financial statements. Takoma's interim
report has been prepared on the assumption that business will continue. This
will require that admission to the business restructuring process is granted,
additional finance is acquired, loan periods are extended, and the
profitability of operations is improved. Changes concerning Takoma may cause
needs for one-time write-downs. Takoma's failure to safeguard the continuity of
operations is not expected to cause changes to Panostaja Groups operating
conditions. On June 5, 2014, Takoma Oyj and Takoma Gears Oy submitted their
proposals for corporate restructuring programs to Pirkanmaa District Court. The
District Court is expected to accept the proposals during the autumn.
OUTLOOK FOR THE 2014 FINANCIAL PERIOD
In accordance with its business strategy, Panostaja Group focuses on increasing
shareholder value in the segments owned by the Group. The development of
shareholder value will be constantly monitored as part of a changing operating
environment, and decisions on the development or divestment of business areas
will be made in order to maximize the shareholder value. Active development of
shareholder value, the effective allocation of capital and finance
opportunities create a solid foundation for operational expansion. The need for
ownership arrangements in SMEs enables both expansion into new segments and
growth in existing ones.
Economic prospects in the fields of the existing segments are strongly tied to
the prospects of customer enterprises. Expectations for the financial situation
are still characterized by uncertainty and poor forecastability. In the
various segments of Panostaja Group, the prospects still vary from cautiously
positive to neutral. The challenges in the forecastability of the technology
industry or weakening prospects may create a need for consolidated goodwill
write-downs. The prospects for new construction remain poor.
The market still provides sufficient opportunities for corporate acquisitions,
and Panostaja Group aims to implement its growth strategy by means of
controlled corporate acquisitions in current segments, but new potential
segments are also being actively studied. Preparation for divestments is being
continued as part of the ownership strategies of segments.
The continuation of operations of Takoma will require that the business
restructuring process is carried out, the restructuring program is confirmed,
loan periods are extended, and the profitability of operations is improved.
Takoma's failure to safeguard the continuity of operations does not cause
changes to Panostaja Group's operating conditions.
Panostaja specifies its result management with regard to net sales and EBIT.
The Group's comparable net sales in the 2014 financial period are expected to
be 12-16% greater than in the 2013 financial period (MEUR 137.0). The Group's
comparable EBIT (MEUR 1.6) is expected to be MEUR 7.5−10.5 in the 2014
financial period. Result management has taken into account the divested
businesses of the Takoma segment and the removal of the Value-added Logistics
and Supports segments from the Group.
The previous result management on May 21, 2014 and June 4, 2014: The Group's
comparable net sales in the 2014 financial period are expected to be 12−17%
greater than in the 2013 financial period (MEUR 137.0). The Group's comparable
EBIT (MEUR 1.6) is expected to improve significantly in the 2014 financial
period. Result management has taken into account the divested businesses of the
Takoma segment and the removal of the Value-added Logistics and Supports
segments from the Group.
INCOME STATEMENT 05/14-07 05/13-07 11/13-07 11/12-07 2013
/14 /13 /14 /13
3 months 3 months 9 months 9 months 12
months
(EUR 1,000)
Net sales 38,070 32,991 110,658 98,348 137,044
Other operating income 588 206 1,265 635 1,276
Costs in total 35,903 33,791 106,166 99,205 136,735
Depreciations, amortizations 1,299 3,934 3,943 6,705 8,554
and impairment
Operating profit 2,755 -594 5,757 -222 1,586
Financial income and expenses -807 -663 -2,122 -2,083 -2,734
Share of associated company -16 189 -312 76 -110
profits
Profit before taxes 1,932 -1,069 3,323 -2,229 -1,259
Income taxes -509 -632 -2,163 -1,549 -968
Profit/loss from continuing 1,423 -1,701 1,161 -3,778 -2,226
operations
Profit/loss from discontinued 5,575 573 6,137 1,054 1,977
operations
Profit/loss from discontinued 0 -655 -1,460 -1,838 -5,271
operations
Profit/loss for the financial 6,998 -1,783 5,837 -4,562 -5,520
period
Attributable to
shareholders of the parent 6,260 -1,363 4,432 -4,252 -4,628
company
minority shareholders 738 -420 1,405 -310 -892
Earnings per share from
continuing operations
EUR, undiluted 0.122 -0.030 -0.015 -0.065 -0.040
Earnings per share from
continuing operations
EUR, diluted 0.111 -0.030 -0.015 -0.065 -0.040
Earnings per share from
discontinued operations
EUR, undiluted 0.000 0.003 0.102 -0.018 -0.050
Earnings per share from
discontinued
operations EUR, diluted 0.000 0.003 0.090 -0.018 -0.050
Earnings per share on 0.122 -0.027 0.087 -0.083 -0.090
continuing and discontinued
operations EUR, undiluted
Earnings per share on 0.111 -0.027 0.087 -0.083 -0.090
continuing and discontinued
operations EUR, diluted
EXTENSIVE INCOME STATEMENT
Items of the extensive income 6,998 -1,783 5,837 -4,562 -5,520
statement
Translation differences -49 2 -49 -68 103
Extensive income statement for 6,949 -1,781 5,788 -4,630 -5,417
the period
Attributable to
shareholders of the parent 6,211 -1,361 4,383 -4,320 -4,525
company
minority shareholders 738 -420 1,405 -310 -892
BALANCE SHEET July 31, July 31, October 31,
2014 2013 2013
(EUR 1,000)
ASSETS
Non-current assets
Goodwill 49,700 42,145 41,929
Other intangible assets 7,361 9,357 8,079
Property, plant and equipment 10,342 16,816 15,153
Interests in associated companies 3,637 3,899 3,714
Other non-current assets 11,465 13,394 12,769
Non-current assets total 82,504 85,612 81,644
Current assets
Stocks 15,342 21,161 15,437
Trade receivables and other 23,685 28,253 30,834
non-interest-bearing receivables
Short-term investments 10,700 5,504 8,400
Cash and cash equivalents 6,387 12,909 7,970
Current assets total 56,114 67,827 62,641
Held-for-sale non-current asset items 4,348
Assets in total 138,618 153,439 148,633
EQUITY AND LIABILITIES
Equity attributable to parent company
shareholders
Share capital 5,568 5,569 5,569
Share premium account 4,646 4,646 4,646
Invested unrestricted equity fund 14,551 14,501 14,508
Equity convertible loan 7,390 7,390 7,390
Translation difference -122 -68 -73
Retained earnings -943 -1,436 -1,979
Total 31,090 30,602 30,061
Minority interest 14,359 19,789 19,016
Equity total 45,448 50,390 49,077
Liabilities
Deferred tax liabilities 1,037 2,239 1,672
Equity convertible subordinated loan 14 623 14,523 14,556
Non-current liabilities 35,116 39,768 28,046
Current liabilities 42,394 46,519 55,282
Liabilities total 93,170 103,049 99,556
Equity and liabilities in total 138,618 153,439 148,633
CASH FLOW STATEMENT 07/2014 07/2013 2013
(EUR 1,000)
Operating net cash flow 5,157 4,711 7,780
Investment net cash flow -5,417 -14,090 -25,452
Loans drawn 13,657 25,425 33,077
Loans repaid -11,354 -9,358 -21,543
Share issue 5,102
Disposal of own shares 36 35 46
Dividends paid and capital repayments -1,577 -3,156 -3,156
Finance net cash flow 762 12,946 13,526
Change in cash flows 502 3,567 -4,146
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(EUR 1,000) Share Share Invested Transl Profit Equity Minorit Total
capit premi unrestr ation funds conve y
al um icted diffe rtible shareh
accou equity rences loan olders' nt fund intere
st
Equity 5,569 4,646 16,523 -66 1,981 1,652 45,173
November 1,
2012
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Profit for -4,252 -310 -4,562
the
financial
period
Profit and -4,252 -310 -4,562
costs
recorded
during the
financial
period,
total
Dividends -1,116 -1,116
paid
Equity 7,390 7,390
convertible
loan
Repayment of -2,040 -2,040
capital
Share
subscription
Share issue
Disposal of 18 18
own shares
Reward scheme
Translation -2 -30 -32
differences
Other changes -28 -28
Changes in 895 4,696 5,588
minority
interest
Other changes -2,022 -2 834 7,390 3,579 9,779
in equity,
total
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Equity 52
July 31, 2013 5,569 4,646 14,501 -68 -1,437 7,390 19,789 50,390
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Equity
November 1, 5,569 4,646 14,508 -73 -1,979 7,390 19,016 49,077
2013
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Profit for 4,432 1,405 5,837
the
financial
period
Profit and 4,432 1,405 5,837
costs
recorded
during the
financial
period,
total
Dividends -1,537 -1,537
paid
Repayment of
capital
Equity -731 -731
convertible
loan
Disposal of 36 24
own shares
Reward scheme 6 6
Translation -49 -49
differences
Changes in -2,665 -4,526 -7,191
minority
interest
Adjustment of
errors in
previous
financial
period
Other changes 42 -49 -3,396 -6,063 -9,466
in equity,
total
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Equity 5,569 4,646 14,550 -122 -943 7,390 14,358 45,448
July 31, 2014
--------------------------------------------------------------------------------
KEY FIGURES
07/2014 07/2013 10/2013
Equity per share (EUR) 0.60 0.60 0.59
Earnings per share, diluted (EUR) 0.09 -0.08 -0.09
Earnings per share, undiluted (EUR) 0.09 -0.08 -0.09
Earnings per share, diluted, with hybrid loan 0.08
considered, EUR
Average number of shares during financial period, 51,205 51,203 51,211
1,000 pcs.
Number of shares at end of financial period, 1,000 51,733 51,733 51,733
pcs.
Share issues/CL exchanges during financial period, 0 0 0
1,000 pcs.
Number of shares, 1,000, diluted 58,024 58,021 58,029
Return on equity,% 16.5 -12.7 -11.7
Return on investment,% 14.9 -0.1 0.5
Gross capital expenditure
To permanent assets (MEUR) 15.9 20.1 21.2
% of net sales 18.2 20.4 15.5
Interest-bearing liabilities 60.4 65.9 60.1
Equity ratio (%) 32.8 33.0 33.2
Average number of employees 1,199 1,300 1,251
GROUP DEVELOPMENT BY QUARTER
(MEUR) Q3/14 Q2/14 Q1/14 Q4/13 Q3/13 Q2/13 Q1/13
Net sales 38.1 37.5 35.1 38.7 33.0 34.4 30.9
Other operating income 0.6 0.2 0.5 0.6 0.2 0.2 0.2
Costs in total 35.9 35.4 34.8 37.5 33.8 34.0 31.4
Depreciations, amortizations 1.3 1.3 1.3 1.8 3.9 1.6 1.2
and impairment
EBIT 2.8 2.3 0.7 1.8 -0.6 0.7 -0.3
Finance items -0.8 -0.6 -0.7 -0.7 -0.7 -0.7 -0.7
Share of associated company 0.0 0.0 -0.3 -0.2 0.2 0.0 -0.1
profits
Profit before taxes 1.9 1.7 -0.3 1.0 -1.1 0.0 -1.1
Taxes -0.5 -0.7 -0.9 0.6 -0.6 -0.4 -0.5
Profit from continuing 1.4 1.0 -1.2 1.6 -1.7 -0.5 -1.6
operations
Profit/loss from discontinued 5.6 0.3 0.2 0.9 0.6 0.4 0.1
operations
Profit/loss from discontinued 0.0 -0.2 -1.3 -3.4 -0.7 -0.6 -0.6
operations
Profit for the financial period 7.0 1.1 -2.3 -1.0 -1.8 -0.7 -2.1
Minority interest 0.7 0.9 -0.2 -0.6 -0.4 0.3 -0.2
Parent company shareholder 6.3 0.2 -2.0 -0.4 -1.4 -1.0 -1.9
interest
GUARANTEES GIVEN
(EUR 1,000) 07/2014 07/2013 2013
Guarantees given on behalf of Group companies
Enterprise mortgages 43,777 44,421 41,449
Pledges given 65,676 79,236 72,939
Other liabilities 2,699 778 2,950
Other rental agreements
In one year 5,643 9,350 9,227
In over one year but within five years maximum 12,185 20,088 16,854
In over five years 2,241 3,792 2,438
Total 20,069 33,230 28,519
SEGMENT INFORMATION
NET SALES 11/13-07/14 11/12-07/13 Change
(EUR 1,000)
Digital Printing Services 42,036 36,615 5,421
Safety 24,362 22,349 2,012
Takoma 10,749 10,131 618
Ceiling Materials 8,435 9,511 -1,077
Fittings 8,265 8,904 -638
Spare Parts for Motor Vehicles 7,852 7,604 248
Building Technology Renovation 3,893 3,893
Heat Treatment 5,245 3,625 1,620
Other 0 42 -42
Eliminations -180 -433 254
---------------------------------------------------------------------
Group in total 110,658 98,348 12,310
---------------------------------------------------------------------
---------------------------------------------------------------------
OPERATING PROFIT
(EUR 1,000)
Digital Printing Services 4,545 4,407 138
Safety 1,160 609 550
Takoma -592 -3,819 3,228
Ceiling Materials 551 662 -111
Fittings 550 -145 696
Spare Parts for Motor Vehicles 479 600 -121
Building Technology Renovation 460 460
Heat Treatment 295 -756 1,051
Other -1,690 -1,779 89
---------------------------------------------------------------------
Group in total 5,757 -222 5,979
---------------------------------------------------------------------
SEGMENT INFORMATION BY QUARTER
Net sales, MEUR 3Q/14 2Q/14 1Q/14 4Q/13 3Q/13 2Q/13 1Q/13
Digital Printing Services 13.2 15.2 13.6 14.2 12.3 13.4 10.9
Safety 7.7 8.4 8.3 9.5 7.0 7.8 7.6
Takoma 3.5 3.8 3.5 4.0 3.6 3.5 3.1
Ceiling Materials 2.9 2.9 2.7 3.2 3.5 3.0 3.0
Fittings 2.6 3.2 2.5 3.0 2.8 3.1 3.0
Spare Parts for Motor Vehicles 2.7 2.6 2.6 2.7 2.6 2.5 2.5
Building Technology Renovation 3.9 0.0 0.0 0.0 0.0 0.0 0.0
Heat Treatment 1.6 1.6 2.0 2.1 1.3 1.2 1.1
Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Eliminations -0.1 0.0 -0.1 0.0 -0.1 -0.1 -0.2
Group in total 38.1 37.5 35.1 38.7 33.0 34.4 30.9
Operating profit (MEUR) 3Q/14 2Q/14 1Q/14 4Q/13 3Q/13 2Q/13 1Q/13
Digital Printing Services 1.3 2.2 1.0 1.9 1.7 1.7 1.0
Safety 0.9 0.1 0.1 1.0 0.4 0.4 -0.2
Takoma 0.0 -0.3 -0.3 -0.3 -2.9 -0.5 -0.5
Ceiling Materials 0.1 0.4 0.1 0.2 0.3 0.1 0.2
Fittings 0.2 0.3 0.1 0.0 0.2 -0.2 -0.2
Spare Parts for Motor Vehicles 0.2 0.1 0.2 0.2 0.3 0.1 0.2
Building Technology Renovation 0.5 0.0 0.0 0.0 0.0 0.0 0.0
Heat Treatment 0.1 0.0 0.2 -0.7 -0.1 -0.3 -0.3
Other -0.4 -0.6 -0.7 -0.5 -0.6 -0.6 -0.6
Group in total 2.8 2.3 0.7 1.8 -0.6 0.7 -0.3
Panostaja is an investment company developing Finnish SMEs in the role of an
active majority shareholder. The company aims to be the most sought-after
partner for business owners selling their companies as well as for the best
managers and investors. Together with its partners, Panostaja increases the
Group's shareholder value and creates Finnish success stories.
Panostaja has eight segments engaging in business operations. Flexim Security
Oy (Safety) is a specialist in security technology and services, locking, door
automation and access control products and solutions. Heatmasters Group (Heat
Treatment) offers thermal treatment services of metals in Finland and
internationally, and produces, develops and markets heat treatment technology.
KL-Varaosat (Spare Parts for Motor Vehicles) is an importer, wholesale dealer
and retailer of original spare parts and supplies for Mercedes Benz and BMW
cars. Grano Oy (Digital Printing Services) forms Finland's largest company
offering digital printing services and publication and production services.
Suomen Helakeskus Oy (Fittings) is a major wholesaler of construction and
furniture fittings in Finland. Selog Oy (Ceiling Materials) is a specialty
supplier and wholesaler of ceiling materials. Takoma Oyj (Takoma) is a listed
machine shop group with an entrepreneur-driven business model. KotiSun Oy
(Building Technology Renovation) is Finland's leading company in service water
and heating network building technology renovations for detached houses.
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