2009-04-23 07:30:00 CEST
2009-04-23 07:30:14 CEST
REGULATED INFORMATION
Larox Oyj - Interim report (Q1 and Q3)
INTERIM FINANCIAL REPORT OF THE LAROX GROUP FOR THE PERIOD 1 JANUARY 2009 TO 31 MARCH 2009
LAROX CORPORATION INTERIM REPORT 23.4.2009 AT 8.30 AM INTERIM FINANCIAL REPORT OF THE LAROX GROUP FOR THE PERIOD 1 JANUARY 2009 TO 31 MARCH 2009 Highlights of the review period: - The amount of new orders dropped by about a half compared to previous year - Net sales were EUR 43.3 million (EUR 37.6 million) - Result before tax EUR 2.7 million (EUR 2.2 million) - Earnings per share was EUR 0.20 (EUR 0.14) BUSINESS OPERATIONS Order backlog was EUR 57.0 million (EUR 109.2 million) at the end of the review period and the amount of new orders was EUR 28.0 million (EUR 53.3 million). More than 94% of Group net sales were generated by exports and foreign operations. PROFITS AND PROFITABILITY The net sales for the first quarter were EUR 43.3 million (EUR 37.6 million). The Group showed an operating profit of EUR 3.1 million (EUR 2.7 million), i.e. 7.2% (7.3%) of net sales. Larox Group's result before tax for the three months totaled EUR 2.7 million (EUR 2.2 million, 1 January 2008 to 31 March 2008). Group profitability compared to the first quarter of last year remained on the same level. To keep profitability on satisfactory level, the company announced on 27 March 2009 that the savings target in Finland in the personnel expenses is at least 3 million euros in comparison with the 2008 realized expenses. Simultaneously, Larox implements structural adjustments in order to improve profitability by combining functions and reducing overlappings. BALANCE SHEET AND FINANCING By the end of March 2009 the Group balance sheet totaled EUR 119.7 million (EUR 107.4 million). By the turn of the year the balance sheet total was EUR 118.1 million. The Group's net financing costs totaled EUR 0.4 million (EUR 0.5 million), i.e. 0.8% (1.3%) of the net sales. Net cash flow from operating activities was negative being EUR -1.5 million (EUR 8.7 million). The equity ratio was 30.1 % (30.7 %) and at the end of the previous financial year (31 December 2008) it was 32.3 %. INVESTMENTS Larox Group's investments totaled EUR 0.6 million (EUR 0.6 million) including, IT applications, product development and replacement investments. PERSONNEL The average number of personnel employed by the Group during the review period was 581 (490). At the end of the review period it was 581 (495) of whom 274 (229) worked for the parent company. Employee negotiations and operational adjustments have not had influence on personnel number yet. At the turn of the fiscal year the number of Group personnel totaled 593 and 279 in the parent company. CHANGES IN GROUP STRUCTURE There was no change in Group structure during the review period. SHARES AND SHAREHOLDERS During 1 January 2009 to 31 March 2009 trading in shares totaled 328,527, which is 3.5 % of the total number of shares. The value of shares traded was EUR 2.1 million. During the review period the lowest share price was EUR 4.79 and the highest was EUR 7.30. The closing price of the share was 6.01 and the total market value of the shares was EUR 56.4 million. At the end of March there were 1.958 shareholders. LAROX CORPORATION ANNUAL GENERAL MEETING OF SHAREHOLDERS The Annual General Meeting of the shareholders of Larox Corporation on 26 March 2009 confirmed the annual financial statements of the company and the Group. A dividend of 0.30 euro per share, in total EUR 2.8 million, was distributed in accordance with the proposal of the Board of Directors. Mr. Timo Vartiainen, Ms. Katariina Aaltonen, Mr. Teppo Taberman, Mr. Thomas Franck and Mr. Matti Ruotsala were re-elected to the Board. Mr. Timo Vartiainen was elected Chairman of the Board in the organizational meeting of the Board of Directors held immediately after the annual general meeting of shareholders. Larox Corporation annual general meeting of shareholders elected the auditing society PricewaterhouseCoopers Oy as auditors, the primary responsibility resting with APA Kim Karhu. AUTHORIZATIONS TO THE BOARD OF DIRECTORS DECIDED IN THE ANNUAL GENERAL MEETING OF SHAREHOLDERS The annual general meeting of shareholders authorized the Board of Directors to decide within their discretion on the payment of a possible additional dividend of EUR 0.20 per share at the maximum, should the economic situation of the company allow it. The Board of Directors can decide on the dividend in question by 31 December 2009. The possible additional dividend based on the decision of the Board of Directors will be paid to the shareholder, who is registered in the shareholders' registry maintained by Euroclear Finland Ltd. on the matching day of dividend payment. The Board of Directors will decide on the matching day of the dividend payment as well as the payment day of the dividend. The annual general meeting of shareholders authorized the Board of Directors to decide on the purchase of own B-series shares in the following way: The number of own B-series shares to be purchased is 500.000 shares at the maximum. The Board of Directors can purchase these shares only by using the company's unrestricted shareholders' equity in public trading arranged by Nasdaq OMX Helsinki Ltd. at fair value at the date of acquisition in a proportion not pro rata to the shares owned by the shareholders. The authorization is valid for 18 months from the date of the decision by the annual meeting of shareholders. The Board of Directors of Larox Corporation decided on 26 March 2009 on a directed share issue for the reward payment from the measuring period 2007-2008 of the Share Ownership Plan 2007-2010. In the share issue 44,350 Larox Corporation new B shares will be issued and conveyed without consideration to the key persons participating in the Share Ownership Plan according to the terms and conditions of the plan. The decision on the directed share issue is based on the authorization granted to the Board of Directors by the annual general meeting of shareholders held on 30 March 2007. This decision was announced on 26 March 2009. RISKS AND UNCERTAINTY FACTORS Risk management is part of Larox Group's management and control system. It aims to prevent negative phenomena, support the Group strategy and ensure continuity of its operations and the wellbeing of its personnel. According to Larox risks management system risks are divided into the following four risk categories: commercial, operational, financial risks and risk of damage. Larox operates on a global market where global economic trends affect its business development, even though it is not at the mercy of changes in some particular market area. The recent political unrest in sub-equatorial Africa has caused the most uncertainty in Larox's business. Larox established subsidiaries in both China and Russia, the global economic crisis adds challenges the new subsidiaries are facing. The demand risk of Larox products has increased essentially because of the global economic challenges. The uncertainty in demand, which appeared at the end of 2008, is expected to continue during the year of 2009. The international crisis has decreased Larox's customers' interest in investments and their operational volumes when at the same time some customers are starting economic measurements, this all causing the increase in competition to continue. There are certain branches of industry in Larox's clientele where no effects of the economic crisis have been noticed, such as the food and pharmaceutical industries. Larox manages risks related to purchasing and manufacturing already at contract level by tying raw material costs to materials cost index. Furthermore Larox will inspect and control its subcontractors even more than before in accordance with quality systems and by developing logistics. In addition, Larox aims to expand its cooperation networks. Along with the economic crisis the availability of supplier resources has increased. The constant uncertainty about the financial situation of customer companies has increased Larox's credit loss risk, too. Larox attempts to control these risks by applying more suitable payment terms, by monitoring operations actively and by reacting to payment delays more efficiently. On the initiative of some customers Larox has negotiated and agreed on the postponement of some orders in the order backlog to a later date than originally agreed. Larox's aim is that the company gets interest on the invested capital of the postponed deliveries and a compensation for the warehousing of the goods. The euro, U.S. dollar, Australian dollar and South African rand are Larox's main invoicing currencies. Larox's principal buying currency is the euro. Larox fights off currency risks by means of various protective measures. The fluctuation of exchange rates of Larox's main currencies makes the management of currency risks more difficult. Larox fights off the risk of damage by following various occupational health and safety schemes and by preparing other strategies and plans for business premises, and by supervising the implementation of these strategies and plans. According to Larox, traffic and other accidents and illnesses during business trips pose the greatest risk of damage. Larox attempts to prevent these risks by detailed codes of practice as well as vaccinations and other health care measures. During the review period there have not been savage personnel damages or other accidents, which could seriously risk Larox ability to do business. Further information about risks and risk management is presented in the Group's Internet pages (www.larox.com) in the section of Corporate Governance. OUTLOOK FOR THE REST OF THE YEAR The instability in the world economy causes uncertainty in the demand situation. Due to this outlook for the rest of the year is very difficult to predict and the estimation includes more uncertainty than usual. The net sales of the Group are expected to clearly decrease in comparison to the previous year. The Group is obligated to adjust its costs in order to be able to maintain satisfactory level in profitability. Lappeenranta on 23 April 2009 Larox Corporation Board of Directors For further information please contact Mr. Topi Karppanen President & CEO Tel +358 (0) 207 687 210 Fax +358 (0) 207 687 277 E-mail topi.karppanen@larox.com Internet www.larox.com Distribution: NASDAQ OMX Helsinki Ltd, central media www.larox.com NOTES TO THE INTERIM REPORT This interim report has been prepared in accordance with IFRS recognition and measurement principles. The review is not prepared in accordance with all the requirements of IAS 34 Interim Financial Reporting -standard. Larox has applied the same accounting principles in this Annual Report as in Annual Report 2008. In addition new requirements of IAS 1 and IFRS 8 standards have been applied since 1 January 2009. The contents of the changes in standards and interpretations are presented more detailed in Annual Report 2008. Other reversed or new standards or interpretations have no material impact on the financial statement of the Group. The preparation of the financial statements in accordance with IFRS requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of income and expenses during the reporting period. The estimates are based on management's best knowledge of current events and actions but actual results may differ from these estimates. All below figures in the financial statements have been adjusted and therefore the added sum of individual figures may differ from the presented added figure. Annual reporting information included in this release is unaudited. -------------------------------------------------------------------------------- | INCOME STATEMENT | | | | -------------------------------------------------------------------------------- | 1 000 EUR | 1-3/2009 | 1-3/2008 | 1-12/2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 43 292 | 37 563 | 207 995 | -------------------------------------------------------------------------------- | Other operating income | 478 | 859 | 4 230 | -------------------------------------------------------------------------------- | Materials | -21 063 | -18 088 | -107 971 | -------------------------------------------------------------------------------- | External services | -2 194 | -1 821 | -11 146 | -------------------------------------------------------------------------------- | Employee benefits expense | -9 674 | -8 191 | -36 360 | -------------------------------------------------------------------------------- | Depreciation, amortization & | -1 001 | -884 | -3 808 | | impairment losses | | | | -------------------------------------------------------------------------------- | Other operating expenses | -6 736 | -6 712 | -36 322 | -------------------------------------------------------------------------------- | OPERATING PROFIT | 3 103 | 2 726 | 16 618 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial income | 325 | 518 | 655 | -------------------------------------------------------------------------------- | Financial expenses | -655 | -1 137 | -3 778 | -------------------------------------------------------------------------------- | Share of profit/loss in | -30 | 105 | 462 | | associates | | | | -------------------------------------------------------------------------------- | PROFIT/LOSS BEFORE TAX | 2 743 | 2 212 | 13 957 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Income tax expense | -823 | -883 | -3 935 | -------------------------------------------------------------------------------- | PROFIT/LOSS FOR THE PERIOD | 1 919 | 1 329 | 10 022 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit for the period | 1 919 | 1 329 | 10 022 | | attributable to equity holders | | | | | of the parent company | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share attributable | | | | | to equity holders of the parent | | | | | company | | | | -------------------------------------------------------------------------------- | EPS basic (EUR) | 0.20 | 0.14 | 1.07 | -------------------------------------------------------------------------------- | EPS diluted (EUR) | 0.20 | 0.14 | 1.07 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | STATEMENT OF COMPREHENSIVE | 1-3/2009 | 1-3/2008 | 1-12/2008 | | INCOME | | | | -------------------------------------------------------------------------------- | 1 000 EUR | | | | -------------------------------------------------------------------------------- | Profit for the period | 1 919 | 1 329 | 10 022 | -------------------------------------------------------------------------------- | OTHER COMPREHENSIVE INCOME | | | | -------------------------------------------------------------------------------- | Gains/ losses recognized | | | | | directly in equity | | | | -------------------------------------------------------------------------------- | Cash flow hedges excluding | 10 | 48 | -208 | | taxes,(taxes 1-3/2009 4, | | | | | 1-3/2008 17, 1-12/2008 -73) | | | | -------------------------------------------------------------------------------- | Currency translation | 575 | -591 | -1 269 | | differences | | | | -------------------------------------------------------------------------------- | Total other comprehensive | 585 | -543 | -1 477 | | income | | | | -------------------------------------------------------------------------------- | TOTAL COMPREHENSIVE INCOME FOR | 2 505 | 786 | 8 545 | | THE PERIOD | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total comprehensive income | 2 505 | 786 | 8 545 | | attributable to equity holders | | | | | of the parent company | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | STATEMENT OF FINANCIAL POSITION, | | | | | IFRS | | | | -------------------------------------------------------------------------------- | 1 000 EUR | 31.3.2009 | 31.3.2008 | 31.12.2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | ASSETS | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | | | | -------------------------------------------------------------------------------- | Intangible asssets | 18 776 | 18 596 | 18 998 | -------------------------------------------------------------------------------- | Goodwill | 2 946 | 2 818 | 2 843 | -------------------------------------------------------------------------------- | Property, plant and equipment | 11 585 | 9 187 | 11 382 | -------------------------------------------------------------------------------- | Investments in associates | 1 762 | 1 483 | 1 723 | -------------------------------------------------------------------------------- | Available-for-sale investments | 23 | 23 | 23 | -------------------------------------------------------------------------------- | Deferred tax asset | 5 113 | 5 407 | 5 063 | -------------------------------------------------------------------------------- | TOTAL NON-CURRENT ASSETS | 40 204 | 37 515 | 40 031 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CURRENT ASSET | | | | -------------------------------------------------------------------------------- | Inventories | 27 998 | 29 867 | 28 191 | -------------------------------------------------------------------------------- | Trade receivables and other | 47 678 | 37 224 | 46 555 | | receivables | | | | -------------------------------------------------------------------------------- | Current tax assets | 1 019 | 733 | 1 701 | -------------------------------------------------------------------------------- | Cash and bank | 2 830 | 2 037 | 1 661 | -------------------------------------------------------------------------------- | TOTAL CURRENT ASSET | 79 526 | 69 860 | 78 108 | -------------------------------------------------------------------------------- | TOTAL ASSET | 119 730 | 107 376 | 118 139 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | | -------------------------------------------------------------------------------- | Share capital | 5 629 | 5 629 | 5 629 | -------------------------------------------------------------------------------- | Share premium account | 5 777 | 5 777 | 5 777 | -------------------------------------------------------------------------------- | Other reserves | -198 | 48 | -208 | -------------------------------------------------------------------------------- | Translation differences | -107 | -197 | -205 | -------------------------------------------------------------------------------- | Retained earnings | 24 489 | 16 788 | 24 777 | -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY | 35 590 | 28 044 | 35 770 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NON-CURRENT LIABILITIES | | | | -------------------------------------------------------------------------------- | Deferred tax liability | 4 692 | 2 578 | 4 111 | -------------------------------------------------------------------------------- | Long term financial liabilities | 11 176 | 11 245 | 13 124 | -------------------------------------------------------------------------------- | Employee benefit obligations | 631 | 584 | 594 | -------------------------------------------------------------------------------- | Non-current provisions | 2 069 | 736 | 1 843 | -------------------------------------------------------------------------------- | TOTAL NON-CURRENT LIABILITIES | 18 568 | 15 143 | 19 672 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CURRENT LIABILITIES | | | | -------------------------------------------------------------------------------- | Short term financial liabilities | 30 428 | 17 418 | 25 144 | -------------------------------------------------------------------------------- | Trade payables and other payables | 33 279 | 42 872 | 35 893 | -------------------------------------------------------------------------------- | Current tax liabilities | 511 | 1 668 | 550 | -------------------------------------------------------------------------------- | Current provisions | 1 354 | 2 230 | 1 110 | -------------------------------------------------------------------------------- | TOTAL CURRENT LIABILITIES | 65 572 | 64 188 | 62 697 | -------------------------------------------------------------------------------- | TOTAL EQUITY AND LIABILITIES | 119 730 | 107 376 | 118 139 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | STATEMENT OF CASH FLOW, IFRS | | | | -------------------------------------------------------------------------------- | 1 000 EUR | 1-3/2009 | 1-3/2008 | 1-12/2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net profit/loss | 1 919 | 1 329 | 10 022 | -------------------------------------------------------------------------------- | Adjustments to the net | 2 184 | 2 280 | 10 400 | | profit/loss of the period | | | | -------------------------------------------------------------------------------- | Change in working capital | -5 803 | 6 306 | -2 999 | -------------------------------------------------------------------------------- | Interest paid | -407 | -517 | -1 848 | -------------------------------------------------------------------------------- | Interest income received | 179 | 14 | 78 | -------------------------------------------------------------------------------- | Other financing items | -25 | -84 | 253 | -------------------------------------------------------------------------------- | Income taxes paid | 450 | -623 | -5 058 | -------------------------------------------------------------------------------- | Net cash from operating | -1 503 | 8 705 | 10 848 | | activities | | | | -------------------------------------------------------------------------------- | Net cash used in investment | -633 | .566 | -6 228 | | activities | | | | -------------------------------------------------------------------------------- | Increase in loans | 5 850 | 8 349 | 27 356 | -------------------------------------------------------------------------------- | Decrease in loans | -2 585 | -16 114 | -26 129 | -------------------------------------------------------------------------------- | Repayment of finance lease | -13 | -39 | -88 | | liabilities | | | | -------------------------------------------------------------------------------- | Dividends paid | | | -5 629 | -------------------------------------------------------------------------------- | Net cash used in financing | 3 252 | -7 804 | -4 490 | | activities | | | | -------------------------------------------------------------------------------- | Change in cash and cash | 1 116 | 224 | 131 | | equivalents | | | | -------------------------------------------------------------------------------- | Operating balance of cash and | 1 661 | 1 812 | 1 812 | | cash equivalents | | | | -------------------------------------------------------------------------------- | Effect of the foreign exchange | 53 | 0 | -282 | | rates | | | | -------------------------------------------------------------------------------- | Closing balance of cash and cash | 2 830 | 2 037 | 1 661 | | equivalents | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CHANGE IN | | | | | | | | SHAREHOLDERS' | | | | | | | | EQUITY | | | | | | | -------------------------------------------------------------------------------- | Equity belonging to parent company's shareholders | -------------------------------------------------------------------------------- | 1-3/2008 | | | | -------------------------------------------------------------------------------- | 1 000 EUR | Share | Share | Hedging | Trans | Retai | Total | | | cap | issue | res. | ation | ned | | | | ital | premiu | | diff. | ear | | | | | m | | | nings | | | | | | | | | | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY | -------------------------------------------------------------------------------- | 1.JAN 2008 | -------------------------------------------------------------------------------- | | 5 629 | 5 777 | | -127 | 21 566 | 32 845 | -------------------------------------------------------------------------------- | Dividend | | | | | -5 629 | -5 629 | | distribution | | | | | | | -------------------------------------------------------------------------------- | Share-based | | | | | 42 | 42 | | payments | | | | | | | -------------------------------------------------------------------------------- | Total | | | 48 | -70 | 809 | 786 | | comprehensive | | | | | | | | income for the | | | | | | | | period | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY | -------------------------------------------------------------------------------- | 31 MAR 2008 | -------------------------------------------------------------------------------- | | 5 629 | 5 777 | 48 | -197 | 16 788 | 28 044 | -------------------------------------------------------------------------------- | | | | | | | | -------------------------------------------------------------------------------- | Equity belonging to parent company's shareholders | -------------------------------------------------------------------------------- | 1-3/2009 | | | -------------------------------------------------------------------------------- | 1 000 EUR | Share | Share | Hedging | Trans | Retai | Total | | | cap | issue | res. | ation | ned | | | | ital | premiu | | diff. | ear | | | | | m | | | nings | | | | | | | | | | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY | -------------------------------------------------------------------------------- | 1.JAN 2009 | -------------------------------------------------------------------------------- | | 5 629 | 5 777 | -208 | -205 | 24 777 | 35 770 | -------------------------------------------------------------------------------- | Dividend | | | | | -2 814 | -2 814 | | distribution | | | | | | | -------------------------------------------------------------------------------- | Share-based | | | | | 130 | 130 | | payments | | | | | | | -------------------------------------------------------------------------------- | Total | | | 10 | 98 | 2 397 | 2 505 | | comprehensive | | | | | | | | income for the | | | | | | | | period | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY | -------------------------------------------------------------------------------- | 31 MAR 2009 | -------------------------------------------------------------------------------- | | 5 629 | 5 777 | -198 | -107 | 24 490 | 35 590 | -------------------------------------------------------------------------------- KEY RATIOS OF LAROX GROUP -------------------------------------------------------------------------------- | 1 000 EUR | 1-3/2009 | 1-3/2008 | 1-12/2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | New orders | 27 982 | 53 317 | 184 799 | -------------------------------------------------------------------------------- | Group order backlog, end of the | 57 029 | 109 183 | 72 006 | | period | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 43 292 | 37 563 | 207 995 | -------------------------------------------------------------------------------- | Operating profit | 3 103 | 2 726 | 16 618 | -------------------------------------------------------------------------------- | % of net sales | 7.2 | 7.3 | 8.0 | -------------------------------------------------------------------------------- | Net financing costs | 360 | 514 | 2 661 | -------------------------------------------------------------------------------- | % of net sales | 0.8 | 1.4 | 1.3 | -------------------------------------------------------------------------------- | Result before taxes | 2 743 | 2 212 | 13 957 | -------------------------------------------------------------------------------- | Result for the period | 1 919 | 1 329 | 10 022 | -------------------------------------------------------------------------------- | EPS basic and diluted (EUR) | 0.20 | 0.14 | 1.07 | -------------------------------------------------------------------------------- | Investments | 633 | 625 | 7 402 | -------------------------------------------------------------------------------- | Shareholders' equity per share at the | 3.79 | 2.99 | 3.81 | | end of the period (EUR) | | | | -------------------------------------------------------------------------------- | Equity ration % | 30.1 | 30.7 | 32.3 | -------------------------------------------------------------------------------- | Contingent liabilities (EUR million) | 43.8 | 27.7 | 44.2 | -------------------------------------------------------------------------------- | Trading price at the end of period, | 6.01 | 10.94 | 4.60 | | (EUR) | | | | -------------------------------------------------------------------------------- | Market capitalization at the end of | | | | | period, | | | | -------------------------------------------------------------------------------- | EUR million *) | 56.4 | 102.6 | 43.2 | -------------------------------------------------------------------------------- | Personnel, average | 581 | 490 | 562 | -------------------------------------------------------------------------------- | Personnel at the end of the period | 581 | 495 | 593 | -------------------------------------------------------------------------------- | Net sales/employer | 75 | 77 | 370 | -------------------------------------------------------------------------------- *) The price of the A share is based on the B share's last trading rate of the reporting period (weighted average). KEY FIGURES BY QUARTERS -------------------------------------------------------------------------------- | | 2009 | 2008 | 2008 | 2008 | 2008 | -------------------------------------------------------------------------------- | 1 000 EUR | 1-3 | 10-12 | 7-9 | 4-6 | 1-3 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | New orders | 27 982 | 25 817 | 53 759 | 51 906 | 53 317 | -------------------------------------------------------------------------------- | Group order backlog | 57 029 | 72 006 | 110 087 | 115 675 | 109 183 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 43 292 | 64 079 | 58 804 | 47 548 | 37 563 | -------------------------------------------------------------------------------- | Operating profit | 3 103 | 4 908 | 5 524 | 3 460 | 2 726 | -------------------------------------------------------------------------------- | % of net sales | 7.2 | 7.7 | 9.4 | 7.3 | 7.3 | -------------------------------------------------------------------------------- | Net financing costs | 360 | 1 182 | 732 | 233 | 514 | -------------------------------------------------------------------------------- | % of net sales | 0.8 | 1.8 | 1.2 | 0.5 | 1.4 | -------------------------------------------------------------------------------- | Result before taxes | 2 743 | 3 726 | 4 792 | 3 227 | 2 212 | -------------------------------------------------------------------------------- | Result for the | 1 919 | 2 828 | 3 317 | 2 548 | 1 329 | | quarter | | | | | | -------------------------------------------------------------------------------- | EPS basic and diluted | 0.30 | 0.35 | 0.27 | 0.14 | | 0.20 | | | | | -------------------------------------------------------------------------------- DIVIDEND PAYMENT Based on the resolution of the annual general meeting of shareholders held on 26 March 2009 a dividend of EUR 0.30 per share will be paid; a total of EUR 2.814.480. The dividends will be paid on 20 May 2009. INVESTMENTS -------------------------------------------------------------------------------- | Property, plant and equipment | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 31.3.2009 | 31.3.2008 | 31.12.2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Acquisition cost | 32 762 | 29 520 | 29 520 | -------------------------------------------------------------------------------- | Translation differences | -43 | -172 | -349 | -------------------------------------------------------------------------------- | Additions | 829 | 270 | 1 226 | -------------------------------------------------------------------------------- | Acquisition of subsidiary | | | 2 938 | -------------------------------------------------------------------------------- | Disposals | | | -33 | -------------------------------------------------------------------------------- | Acquisition cost | 33 548 | 29 618 | 32 762 | -------------------------------------------------------------------------------- | Cumulative depreciations | -21 380 | -20 263 | -20 263 | -------------------------------------------------------------------------------- | Translation differences | -207 | 165 | 279 | -------------------------------------------------------------------------------- | Depreciation for the period | -376 | -333 | -1 394 | -------------------------------------------------------------------------------- | Cumul depr, end of period | -21 963 | -20 431 | -21 380 | -------------------------------------------------------------------------------- | Carrying value, end of period | 11 585 | 9 187 | 11 382 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Intangible assets (excluding | | | | | goodwill) | | | | -------------------------------------------------------------------------------- | | 31.3.2009 | 31.3.2008 | 31.12.2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Acquisition cost | 32 488 | 29 858 | 29 858 | -------------------------------------------------------------------------------- | Translation differences | 17 | -32 | 18 | -------------------------------------------------------------------------------- | Additions | 408 | 354 | 1 763 | -------------------------------------------------------------------------------- | Acquisition of subsidiary | | | 850 | -------------------------------------------------------------------------------- | Disposals | | | 0 | -------------------------------------------------------------------------------- | Acquisit. cost, end of period | 32 913 | 30 180 | 32 488 | -------------------------------------------------------------------------------- | Cumulative depreciations | -13 490 | -11 062 | -11 062 | -------------------------------------------------------------------------------- | Translation differences | -23 | 29 | -14 | -------------------------------------------------------------------------------- | Depreciation for the period | -625 | -551 | -2 414 | -------------------------------------------------------------------------------- | Cumul depr, end of period | -14 138 | -11 584 | -13 490 | -------------------------------------------------------------------------------- | Carrying value, end of period | 18 775 | 18 596 | 18 998 | -------------------------------------------------------------------------------- SEGMENT REPORTING Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker who is responsible for allocating resources and assessing performance of the segment. The chief operating decision maker of Larox Group has been identified as the CEO of Larox Group, currently Mr. Topi Karppanen. Business operations of Larox Group are managed as one operational entity, solid liquid separation. The segment is based on customer life-cycle model. -------------------------------------------------------------------------------- | Solid and liquid | 1.1.-31.3. | 1.1.-31.3. | 1.1.-31.12. | | separation | 2009 | 2008 | 2008 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Net sales | 43 767 | 36 966 | 207 491 | -------------------------------------------------------------------------------- | Other operating income | 261 | 1 312 | 2 259 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Materials | -21 178 | -18 263 | -107 073 | -------------------------------------------------------------------------------- | External services | -1 954 | -1 857 | -11 146 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Employee benefits expenses | -8 878 | -7 492 | -34 017 | -------------------------------------------------------------------------------- | Other operating expenses | -7 769 | -7 411 | -36 775 | -------------------------------------------------------------------------------- | Depreciations | -1 119 | -884 | -4 116 | -------------------------------------------------------------------------------- | Operating profit | 3 131 | 2 371 | 16 623 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Financing | -344 | -513 | -2 523 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Profit / loss before taxes | 2 787 | 1 858 | 14 100 | -------------------------------------------------------------------------------- | Operating profit % | 7.2 | 6.4 | 8.0 | -------------------------------------------------------------------------------- RECONCILIATIONS BETWEEN SEGMENT INFORMATION AND IFRS FIGURES ARE PRESENTED BELOW. -------------------------------------------------------------------------------- | 1 000 EUR | | | | -------------------------------------------------------------------------------- | 1.1.-31.3.2009 | Segment | Non allocated | IFRS | | | information | amounts *) | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Net sales | 43 767 | -475 | 43 292 | -------------------------------------------------------------------------------- | Operating profit | 3 131 | -28 | 3 103 | -------------------------------------------------------------------------------- | Profit / loss before | 2 787 | -44 | 2 743 | | taxes | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 1.1.-31.3.2008 | Segment | Non allocated | IFRS | | | information | amounts*) | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Net sales | 36 966 | 597 | 37 563 | -------------------------------------------------------------------------------- | Operating profit | 2 371 | 355 | 2 726 | -------------------------------------------------------------------------------- | Profit / loss before | 1 858 | 354 | 2 212 | | taxes | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 1.1.-31.12.2008 | Segment | Non allocated | IFRS | | | information | amounts*) | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Net sales | 207 491 | 504 | 207 995 | -------------------------------------------------------------------------------- | Operating profit | 16 623 | -5 | 16 618 | -------------------------------------------------------------------------------- | Profit / loss before | 14 100 | -143 | 13 957 | | taxes | | | | -------------------------------------------------------------------------------- *) Unallocated amounts consist mainly of financial lease, hedging accounting and foreign exchange rate differences. Internal reporting is not calculated according to IAS 17, IAS 32 or IAS 39 standards in above reported amounts. COMMITMENTS AND CONTINGENCIES -------------------------------------------------------------------------------- | Loans secured by real estate and corporate | | | | mortgages | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 1 000 EUR | 31.3.2009 | 31.3.2008 | 31.12.2008 | -------------------------------------------------------------------------------- | Pension loans | | | | -------------------------------------------------------------------------------- | Loans from financial | 41 422 | 28 395 | 38 049 | | institutions | | | | -------------------------------------------------------------------------------- | Other loans | | | | -------------------------------------------------------------------------------- | Total | 41 422 | 28 395 | 38 049 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Real estate mortgages | 6 560 | 6 560 | 6 560 | | | | | | -------------------------------------------------------------------------------- | Corporate mortgages, general | 3 936 | 3 936 | 3 936 | | pledging | | | | -------------------------------------------------------------------------------- | Corporate mortgages, specific | 9 062 | 9 062 | 9 062 | | pledging | | | | -------------------------------------------------------------------------------- | Total | 19 558 | 19 558 | 19 558 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Guarantees for others | | | | -------------------------------------------------------------------------------- | Pledged securities *) | 13 511 | 9 111 | 13 511 | -------------------------------------------------------------------------------- | Others | 161 | 124 | 161 | -------------------------------------------------------------------------------- | Total | 13 672 | 9 235 | 13 672 | -------------------------------------------------------------------------------- | *) Book value of secured shares | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other liabilities | | | | -------------------------------------------------------------------------------- | Operating lease liabilities 1 | 993 | 1 116 | 1 094 | | 000 EUR | | | | -------------------------------------------------------------------------------- | Lease liabilities 1 000 EUR | 9 784 | 950 | 9 889 | -------------------------------------------------------------------------------- FAIR AND NOMINAL VALUES OF DERIVATIVE INSTRUMENTS -------------------------------------------------------------------------------- | 1 000 EUR | 31.3.2009 | 31.3.2008 | 31.12.2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Currency derivatives: | 868 | 6 718 | 0 | -------------------------------------------------------------------------------- | Currency options | 7 390 | 11 315 | 7 033 | -------------------------------------------------------------------------------- | Forward contracts | | | | -------------------------------------------------------------------------------- | Fair value | -209 | 591 | -402 | -------------------------------------------------------------------------------- | Nominal value | 8 258 | 18 034 | 7 033 | -------------------------------------------------------------------------------- Related party transactions -------------------------------------------------------------------------------- | 1 000 EUR | 1.1.-31.3. | 1.1.-31.3. | 1.1.-31.12. | | | 2009 | 2008 | 2008 | -------------------------------------------------------------------------------- | Transactions with | | | | | associated | | | | -------------------------------------------------------------------------------- | Companies | | | | -------------------------------------------------------------------------------- | Sales of goods and | 5 | | 15 | | services | | | | -------------------------------------------------------------------------------- | Purchases of goods and | 492 | 1 203 | 2 736 | | services | | | | -------------------------------------------------------------------------------- | Other transactions with | | | | | related | | | | -------------------------------------------------------------------------------- | Parties | | | | -------------------------------------------------------------------------------- | Purchases of services | 10 | 5 | 20 | -------------------------------------------------------------------------------- | Balances with associated | | | | | companies | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Trade receivables | 9 | 13 | 16 | -------------------------------------------------------------------------------- | Other receivables | 124 | | | -------------------------------------------------------------------------------- | Trade payables | 716 | 512 | 236 | -------------------------------------------------------------------------------- CALCULATION OF KEY FIGURES Equity ratio, % = Shareholders' equity --------------------------------- x 100 Total assets - advances received Earnings per share = Net profit --------------------------------- Adjusted average number of shares during the period Market capitalization at the end of the period = Number of shares at the end of the period x trading price at the end of the period weighted by the number of shares traded Larox develops, designs and manufactures industrial filters and is a leading technology company in its field. Larox is a full service solution provider in filtration for separating solids from liquids. It supplies comprehensive aftermarket services throughout the lifespan of the Larox solution. Companies world-wide in mining and metallurgy, chemical processing and related industries benefit from the Larox technologies. Larox operates in over 40 countries and has over 580 employees. Larox Group is headquartered in Lappeenranta, Finland where the Group also has production facilities. Net sales in 2008 totaled 208.0 million euros, of which more than 93 % were generated by exports and the company's foreign operations.
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