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2010-08-11 08:00:00 CEST 2010-08-11 08:02:02 CEST REGULATED INFORMATION Vaisala - Interim report (Q1 and Q3)Vaisala Group Interim Report January-June 2010Vaisala Corporation Stock exchange release 11 August 2010 at 09.00 a.m. Net sales higher than last year and at a good level, operating profit declined year-on-year. Result was burdened by ongoing efficiency program. * Net sales EUR 104.0 (95.9) million, growth 8.5%. Organic growth of net sales 2.3%. In comparable currencies, organic growth would have been 0.6% * Operating profit EUR -11.1 (-1.7) million. Comparable operating profit excluding QTT and Veriteq EUR -8.3 million. Delivery delays and the one-off costs from personnel reductions (EUR 2.4 million) that were booked in the second quarter together burdened Vaisala's operating profit by approximately EUR 8 million * Earnings per share EUR -0.26 (-0.12) * Orders received EUR 131.8 (119.2) million, growth 10.6% * Cash flow from business operations EUR 9.9 (-7.5) million * Liquid assets EUR 34.6 (68.8) million The information presented in this document is unaudited. 1-6 1-6 Change 4-6 4-6 Change 1-12 2010 2009 (%) 2010 2009 (%) 2009 (MEUR) (MEUR) (MEUR) (MEUR) (MEUR) Group net sales 104.0 95.9 8.5 54.7 53.8 1.7 231.8 * Meteorology 31.1 34.6 -10.1 19.1 18.8 1.6 80.8 * Controlled Environment 26.9 24.5 9.8 13.3 11.7 13.6 49.2 * Weather Critical Operations 45.9 36.7 25.1 22.3 23.2 -4.1 101.8 Operating profit, Group -11.1 -1.7 -4.9 1.5 12.0 * Meteorology -3.9 -0.8 -0.5 -1.4 3.4 * Controlled Environment 2.1 2.7 0.6 1.5 3.4 * Weather Critical Operations -7.3 -2.4 -4.1 2.0 5.5 * Eliminations and other -2.0 -1.1 -1.0 -0.6 -0.4 Profit before taxes -7.1 -3.6 -2.6 0.6 10.1 Net profit -4.8 -2.3 -1.4 1.9 6.9 Orders received 131.8 119.2 10.6 63.7 53.0 20.2 237.0 Order book 123.3 113.7 123.3 113.7 95.5 Earnings per share -0.26 -0.12 -0.08 0.11 0.38 Return on equity (%) -5.4 -2.5 3.7 Comments on the second quarter Net sales in the second quarter were slightly higher than in the corresponding period last year, but the result was negative. Vaisala announced preliminary information about second quarter net sales and result as well as full year result with a stock exchange release on June 23, 2010. The net sales and result were affected by shipment delays in May-June. The result was additionally burdened by EUR 2.4 million one-off costs from personnel reductions, booked in the second quarter. The combined impact of these costs on the second quarter net sales was approximately EUR 11 million, and on the operating profit approximately EUR 8 million. Also the growth initiatives, one-off costs from acquisitions and the costs from the ERP project burdened the result. Orders received and the order book were at a higher level than a year ago. On April 1, 2010 Vaisala acquired Veriteq Instruments Inc, a Canadian company operating in the life science markets. Business outlook Uncertainty of the global economy and shifts in exchange rates are still expected to affect Vaisala's business. Due to the structure of Vaisala's customer base and the orders received, the company's market situation is expected to remain mostly unchanged in 2010. We reiterate our estimate that Vaisala's net sales in 2010 will grow slightly compared to the preceding year. However, uncertainty relating to the net sales and profitability towards the rest of the year remains. The development programs will continue to burden the result for the rest of the year. Hence Vaisala estimates, in line with the preliminary information published on June 23, 2010, that the full year profitability will be slightly lower than in the previous year. Vaisala's long term business outlook has not changed and the company is still fully committed to implementing its growth strategy. President and CEO Kjell Forsén on Vaisala's result:"The value of orders received developed favorably during the review period. However, our profitability was lower than a year ago because the costs from the ongoing efficiency program were booked on the second quarter. Additionally the ongoing development initiatives, especially the ERP implementation, affected our delivery capabilities and thus the net sales and result for the second quarter. Our delivery capability is now being restored and we strive to catch up the delay during the rest of the year. The efficiency program aims at improving Vaisala's profitability and competitiveness. It relates to Vaisala's transformation to a customer-oriented growth company that takes advantage of industrial scale in sourcing, manufacturing and product platforms. The objective is to decrease manufacturing costs but maintain high and consistent quality. Growth is sought by increasing the share of industrial customers of the whole customer base. Vaisala will focus on selected customer segments and the offering is complemented also by acquisitions. A central part of the ongoing change is the new ERP system, which is currently in the implementation phase. Savings are achieved through personnel reductions, reductions in the use of professional services, more efficient sourcing and reduced travel costs. In terms of personnel reductions, the consultation processes were completed in June. The measures agreed in the negotiations are expected to bring approximately EUR 11 million savings annually, starting in 2011. The related one-off costs of EUR 2.4 million were booked in the second quarter. The ongoing improvement initiatives continue to burden our result during the rest of the year, which is why our full year profitability will be lower than in the preceding year. Implementing these changes is however necessary to ensure Vaisala's competitiveness going forward. In April, we took an important step by acquiring Veriteq, a Canadian company operating in the Life Science market. The deal strengthens our position in these markets and we were able to see growth already in the second quarter. As a result of the acquisition, the Cleanrooms and Chambers market segment will focus on Life Science and High Technology markets and the segment name will be changed accordingly. We continue implementing our growth strategy and I believe that through the current changes we are able to further strengthen our position as the leading provider of environmental measurements." Market situation, net sales and order book The review period was positive for the Controlled Environment business area. Uncertainty of the global economy is still reflected in the Meteorology and Weather Critical Operations businesses, even though the net sales of the latter grew. Vaisala did not receive any big orders during January-June. Market shares remain unchanged. Vaisala Group's net sales grew by 8.5 percent year-on-year and totaled EUR 104.0 (95.9) million. Net sales of the QTT company, acquired in December 2009, were EUR 4.8 million and of the Veriteq company, acquired in April 2010, EUR 1.2 million. The organic growth of net sales, excluding the impact of QTT and Veriteq was 2.3 percent. In comparable currencies and excluding the QTT and Veriteq sales, Vaisala Group's net sales would have grown by 0.6 percent. Net sales of the Weather Critical Operations business area grew by 25.1 percent (organically 4.9 percent) and Controlled Environment by 9.8 percent (organically 4.9 percent). Net sales of the Meteorology business area declined by 10.1 percent. Operations outside Finland accounted for 98 (97) percent of net sales. Net sales in euros grew by 16.0 percent in the APAC region to EUR 24.5 (21.2) million, in the EMEA region by 8.7 percent to EUR 38.1 (35.1) million and in the Americas region by 4.3 percent to EUR 41.3 (39.6) million. The value of orders received increased by 10.6 percent year-on-year and totaled EUR 131.8 (119.2) million. The order book at the end of the review period stood at EUR 123.3 (113.7) million. Of the order book, approximately EUR 41 million will be delivered in 2011 or later. Performance and balance sheet Operating profit for the review period was EUR -11.1 (-1.7) million or -10.7 percent of net sales. The comparable operating profit excluding QTT and Veriteq was EUR -8.3 million. The net sales and result were affected by shipment delays in May-June. The result was additionally burdened by EUR 2.4 million one-off costs from personnel reductions, booked in the second quarter. The combined impact of these costs on the second quarter net sales was approximately EUR 11 million, and on the operating profit approximately EUR 8 million. The operating profit was also burdened by low sales margins especially relating to weather businesses in the emerging markets. Additionally, research and development costs, one-off acquisition and reorganization costs as well as costs related to the ERP project lowered the result. Profit before taxes was EUR -7.1 (-3.6) million or -6.8 percent of net sales. Net profit for the review period was EUR -4.8 (-2.3) million, or -4.6 percent of net sales. Vaisala Group's solvency ratio and liquidity remained strong. On June 30, 2010, the balance sheet total was EUR 231.9 (213.1) million. The Group's solvency ratio at the end of the review period was 79 (84) percent. The cash flow from business operations was EUR 9.9 (-7.5) million. Vaisala's consolidated liquid assets totaled EUR 34.6 (68.8) million. Capital expenditure Gross capital expenditure totaled EUR 18.9 (9.4) million. On April 1, 2010 Vaisala acquired Veriteq Instruments Inc, a Canadian company operating in the life science markets. The value of the deal was EUR 8.5 million, including a conditional purchase price of EUR 0.7 million. The deal significantly strengthens Vaisala's position in the life science markets, complementing the current competences and product offering. According to preliminary calculations, these synergy benefits have accrued to approximately EUR 4 million goodwill. The gradual implementation of Vaisala's new ERP system is continuing during this and next year. The project to build new office space in Vantaa, Finland, is progressing according to plan. The estimated date of accomplishment is at the end of 2010. Meteorology Net sales of the Meteorology business area declined by 10.1 percent year-on-year to EUR 31.1 (34.6) million. In comparable currencies, the net sales would have declined by 12.0 percent. Operating profit for the review period was EUR -3.9 (-0.8) million. The one-off costs from personnel reductions for Meteorology were EUR 0.9 million. The combined one-off impact of these and the shipment delays on the net sales was EUR 2 million and on the operating profit EUR 1.8 million. Lower net sales in Meteorology were due to the fact that there were no large project deliveries in January-June. The subsequent decline in sales volumes lowered the profitability of this business. The profitability of project business is typically low in the emerging markets in a market-entry phase. The value of orders received for Meteorology was EUR 44.2 (44.7) million and the order book stood at EUR 49.7 million at the end of the review period. Controlled Environment On April 1, 2010 Vaisala acquired Veriteq Instruments Inc, a Canadian company operating in the life science markets. Veriteq is a leading provider of productized continuous monitoring systems and data logger solutions for the life science industry comprising of pharmaceutical, biotechnological and medical device companies. Veriteq Instruments Inc. reached EUR 5 million net sales in 2009. The company is located in Vancouver, Canada and employs approximately 40 people. The acquisition will significantly strengthen Vaisala's position in the Life Science markets, complementing the current competences and offering. Net sales of the Controlled Environment business area grew by 9.8 percent year-on-year to EUR 26.9 (24.5) million. Net sales of Veriteq, acquired in April 2010, were EUR 1.2 million. Organic growth, excluding the net sales of Veriteq, was 4.9 percent. In comparable currencies, the net sales would have grown organically by 2.8 percent. Operating profit for the review period was EUR 2.1 (2.7) million, of which the Veriteq share was EUR -0.3 million. The one-off costs from personnel reductions for Controlled Environment were EUR 0.4 million. The combined one-off impact of these and the shipment delays on the net sales was EUR 3 million and on the operating profit EUR 2.2 million. Sales compared to the corresponding period in 2009 grew especially in Europe and Japan. Biggest growth was seen in the Life Science business. The value of orders received for Controlled Environment was EUR 30.5 (24.3) million and the order book stood at EUR 6.8 million at the end of the review period. Weather Critical Operations Net sales of the Weather Critical Operations business area grew by 25.1 percent year-on-year to EUR 45.9 (36.7) million. Net sales of the QTT company, acquired in December 2009, were EUR 4.8 million. Organic growth, excluding the net sales of QTT was 12.1 percent. In comparable currencies, the net sales would have grown organically by 11.0 percent. All market segments except Airports increased their net sales in the Weather Critical Operations business. Operating profit for the review period was EUR -7.3 (-2.4) million. The operating profit of the QTT-business, which was acquired in December 2009, was EUR -2.5 million. This includes EUR 0.8 million one-off reorganization costs. These arrangements aim at EUR 3-4 million synergy savings starting in 2011. The one-off costs from personnel reductions for Weather Critical Operations were EUR 1.1 million. The combined one-off impact of these and the shipment delays on the net sales was EUR 6 million and on the operating profit EUR 3.8 million. The value of orders received for Weather Critical Operations was EUR 57.1 (50.2) million and the order book stood at EUR 66.8 million at the end of the review period. Other functions Research and development Expenditure in research and development totaled EUR 16.8 (12.7) million, representing 16.1 percent of the Group's net sales. The share of research and development expenses of the Group's net sales will remain high in 2010. This is due to some additional efficiency measures aiming at the alignment of technology platforms and improved product modularity, usability and mass customization capability. Vaisala launched nine new products in the first quarter. The most significant of these were Vaisala Ceilometer CL51; Vaisala HUMICAP Humidity and Temperature Probes HMP60 and HMP110 for humidity and temperature measurement; and Vaisala MetMan Webview 2.0, a web based meteorological data visualization software. Four new products were launched in the second quarter: Vaisala WINDCAP Ultrasonic Wind Sensor WMT700 Series for demanding meteorological and aviation applications, Vaisala Road Weather Advisor and the Vaisala Road Weather Observer, web-based road weather data visualization applications enabling road weather network monitoring, Vaisala MARWIN sounding system MW32 for defense use and Vaisala Boundary Layer View (BL-VIEW) application software for Vaisala ceilometers. Services Vaisala's service business is reported as part of the business areas. Services sales in the review period totaled EUR 14.4 (14.0) million. Personnel The average number of people employed in the Vaisala Group in the review period was 1 425 (1 268). Some 42 (38) percent of the personnel was based outside Finland. The consultation processes initiated in May 2010 ended in June 2010. In total, the company reduced its personnel by 79 people, of which 49 in Finland. Vaisala has two incentive plans; one based on the development of sales and profitability and covering all employees, and the other, three-year plan, based on the development of profitability and covering key personnel. Changes in Vaisala Corporation's management Ari Meskanen, the Chief Technology Officer (CTO) of Vaisala was appointed Senior Vice President, Group Marketing and Sales starting January 1, 2010. Petteri Naulapää was appointed Chief Information Officer (CIO) and a member of the group's strategic management group starting February 16, 2010. Jussi Kallunki, the former CIO was appointed Vaisala's Chief Risk Officer. Kai Konola was appointed Executive Vice President of the Weather Critical Operations Business Area and a member of the group's management group starting July 1, 2010. Near-term risks and uncertainties The most significant near term risks and uncertainties are estimated to relate to changes in the global economy, shifts of currency exchange rates, interruptions in manufacturing, project delivery capabilities, customers' financing capability, changes in purchasing or investment behavior, and delays or cancellations of orders and deliveries. Market development and the realization of projects in the industrial segments affect the net sales and operating profit. The company has additionally expanded its project activities into emerging markets where the profitability of the projects is lower than normally, due to the market-making nature of the business. The share of project business out of the total business volume is also growing. Should the assumptions regarding the profitability and new business opportunities in the project business prove wrong, this may constitute risks for Vaisala's net sales and profit. Changes in subcontractor relations, their operations or operating environment may have a negative impact on Vaisala's business. Vaisala monitors these risks and prepares for them in accordance with the company's risk management policy. Vaisala is currently implementing significant development projects and organizational changes, which are building the foundation for a successful execution of Vaisala's new strategy. A new Group-wide ERP system is in the implementation phase. These efforts together with the ongoing efficiency program constitute a short-term risk regarding Vaisala's net sales and profit. Vaisala has made acquisitions and their impact on net sales and operating profit depends essentially on the success of integration activities. In case the assumptions about achievable synergies prove incorrect or the integration fails, these constitute a short-term risk regarding Vaisala's net sales and result. Vaisala's shares As at the end of the review period, the Group's Board of Directors had no valid authorizations for increasing the share capital, granting special rights, or issuing stock option rights. On December 31, 2009, the price of Vaisala's A share in the NASDAQ OMX Helsinki was EUR 25.10, and at the end of the review period, the share price was EUR 18.67. The highest quotation during the review period was EUR 25.77 and the lowest EUR 18.52. The number of shares traded in the stock exchange during the review period was 1,727,477. On June 30, 2010, Vaisala has 18,218,364 shares, of which 3,394,284 are series K shares and 14,824,080 are series A shares. The shares have no counter book value. The K shares and A shares are differentiated by the fact that each K share entitles its owner to 20 votes at the General Meeting of Shareholders while each A share entitles its owner to 1 vote. The A shares represent 81.4% of the total number of shares and 17.9% of the total votes. The K shares represent 18.6% of the total number of shares and 82.1% of the total votes. The market value of Vaisala's A shares on June 30, 2010 was EUR 276.6 million, excluding the Company's own shares. Valuing the K shares - which are not traded on the stock market - at the rate of the A share's closing price on the final day of the financial year, the total year-end market value of all the A and K shares together was EUR 340.0 million, excluding the Company's own shares. Vaisala's main shareholders are listed on the Group website and in the appendix of the financial statements. Conversion of unlisted series K shares into series A Vaisala Corporation's 400 unlisted shares (series K) were converted into listed shares (series A). The conversion was registered in the Finnish Trade Register on April 14, 2010. Listing of the new series A shares was applied for as of April 15, 2010. Vaisala Corporation's 3000 unlisted shares (series K) were converted into listed shares (series A). The conversion was registered in the Finnish Trade Register on June 29, 2010. Listing of the new series A shares was applied for as of June 30, 2010. Treasury shares and parent company shares At the end of the review period, the Company held a total of 9,150 Vaisala A shares, which represented 0.05% of the share capital and 0.01% of the votes. The consideration paid for these shares was EUR 251,898.31. Decisions made by the Annual General Meeting Vaisala Oyj's Annual General Meeting was held on March 25, 2010 in Vantaa. The Annual General Meeting confirmed the annual accounts for 2009 and granted the Members of the Board of Directors and the Company's President and CEO discharge from liability for the accounts between 1.1.-31.12.2009. The Annual General Meeting confirmed based on the proposal by the Board of Directors that a dividend of EUR 0.65 per share, corresponding to the total of EUR 11,835,989.10 was to be distributed for the financial year 2009. Dividend was not paid to the A-shares that are held by Vaisala Corporation. Dividend was paid on April 8, 2010. The Annual General Meeting decided that the Board of Directors continues to comprise of six members. Yrjö Neuvo and Maija Torkko, who were to retire by rotation were re-elected for three years. Other members in the Board of Directors are Raimo Voipio, Mikko Niinivaara, Mikko Voipio and Stig Gustavson. The Annual General Meeting decided on the annual remuneration of the Board of Directors to be as follows: chairman EUR 35,000, and a member EUR 25,000. The Annual General Meeting decided to authorize the Board of Directors to donate a maximum of EUR 250,000 to the universities. The authorization is valid until the Annual General Meeting in 2011. Auditors PricewaterhouseCoopers Oy and Mr. Hannu Pellinen APA were chosen as the Company's Authorized Public Accountants. Board of Directors' organizing meeting Raimo Voipio will continue as the Chairman of the Board of Directors, and Yrjö Neuvo as Vice Chairman. Maija Torkko, Mikko Niinivaara, Mikko Voipio and Stig Gustavson are members of the Board. Vantaa, Finland, August 10, 2010 Vaisala Corporation Board of Directors The forward-looking statements in this release are based on the current expectations, known factors, decisions and plans of Vaisala's management. Although the management believes that the expectations reflected in these forward-looking statements are reasonable, there is no assurance that these expectations would prove to be correct. Therefore, the results could differ materially from those implied in the forward-looking statements, due to for example changes in the economic, market and competitive environments, regulatory or other government-related changes, or shifts in exchange rates. Further information about the risks and risk management in Vaisala is available in the 2009 online Annual Report and on the internet at http://www.vaisala.com/annualreport2009/riskmanagement.html Financial indicators 1-6 1-6 4-6 4-6 1-12 2010 2009 2010 2009 2009 Return on equity (ROE) -5.4% -2.5% 3.7% Number of shares (1000 pcs) 18,209 18,209 18,209 18,209 18,209 Number of chares at (1000 pcs), weighted average 18,209 18,209 18,209 18,209 18,209 Adjusted number of shares (1000pcs) 18,209 18,209 18,209 18,209 18,209 Earnings/share (EUR) -0.26 -0.12 -0.08 0.11 0.38 Earnings/share (EUR),fully diluted -0.26 -0.12 -0.08 0.11 0.38 Net cash flow from operating activities/share (EUR) 0.54 -0.41 -0.17 Equity/share (EUR) 9.36 9.44 9.36 9.44 9.90 Solvency ratio 79 % 84 % 79 % 84 % 81 % Gross capital expenditure (EUR Million) 18.9 9.4 4.8 2.9 27.7 Depreciation 6.5 4.8 3.5 2.4 9.6 Average personnel 1,425 1,268 1,451 1,299 1,302 Order book (EUR Million) 123.3 113.7 123.3 113.7 95.5 Liabilities from derivative contracts (EUR million) 20.8 16.1 20.8 16.1 15.8 The interim report has been prepared in accordance with the IAS 34 standard, following the same accounting principles as in the annual financial statements of 2009. The Group adopts the standards and amendments in effect on 1.1,2010. Further information is available in the online Annual Report from 2009. The information presented in the interim report is unaudited. CONSOLIDATED INCOME STATEMENT (IFRS, EUR Million) 1-6 1-6 Change 4-6 4-6 Change 1-12 2010 2009 % 2010 2009 % 2009 Net sales 104.0 95.9 8.5 54.7 53.8 1.7 231.8 Cost of production and procurement -54.9 -50.2 9.3 -28.9 -30.4 -5.0 -121.1 Gross profit 49.1 45.6 7.6 25.9 23.4 10.4 110.7 Other operating income 0.1 0.0 730.0 0.0 0.0 412.5 0.1 Cost of sales and marketing -29.1 -23.1 26.3 -15.3 -10.7 42.4 -48.6 Development costs -16.8 -12.7 32.6 -8.4 -6.1 37.0 -28.4 Other administrative costs -14.4 -11.6 24.5 -7.2 -5.1 40.0 -21.8 Operating profit -11.1 -1.7 571.1 -4.9 1.5 -434.8 12.0 Financial income and expenses 4.1 -1.9 -313.9 2.3 -0.8 -376.5 -1.9 Profit before tax -7.1 -3.6 98.1 -2.6 0.6 -509.2 10.1 Income taxes 2.3 1.3 76.9 1.2 1.3 -5.4 -3.2 Profit after tax -4.8 -2.3 110.3 -1.4 1.9 -173.5 6.9 Attributable to Equity holders of the parent -4.8 -2.3 110.3 -1.4 1.9 -173.5 6.9 Taxes for the review period have been calculated under taxes. Earnings per share for profit attributable to the equity holders of the parent Basic earnings per share, € -0.26 -0.12 110.3 -0.08 0.11 -173.5 0.38 Diluted earnigns per share,€ -0.26 -0.12 110.3 -0.08 0.11 -173.5 0.38 STATEMENT OF COMPREHENSIVE INCOME Profit for the year -4.8 -2.3 110.3 -1.4 1.9 -173.5 6.9 Other comprehensive income Exchange differences on translating foreign operations 6.8 -0.1 -10,160.3 4.4 -1.6 -379.1 -0.8 ------------------------------------------------ Total comprehensive income 2.1 -2.3 -188.9 3.0 0.3 -552.6 6.1 ------------------------------------------------ Total comprehensive income attributable to: Equity holders of the parent 2.1 -2.3 3.0 0.3 6.1 CONSOLIDATED STATEMENT OF FINANCIAL POSITION (EUR million) 30.6.2010 30.6.2009 Change 31.12.2009 % ASSETS NON-CURRENT ASSETS Intangible assets 44.7 17.3 159.1 23.7 Tangible assets 47.4 42.8 10.8 49.8 Investments in associates 0.5 0.4 38.1 0.5 Other financial assets 0.3 0.1 136.4 0.1 Long-term receivables 0.1 0.3 -59.6 0.3 Deferred tax assets 6.8 6.2 10.0 5.7 CURRENT ASSETS Inventories 34.6 30.7 12.9 27.3 Trade and other receivables 50.0 40.6 23.1 67.9 Accrued income tax receivables 12.8 6.1 111.3 6.2 Cash and cash equivalents 34.6 68.8 -49.7 50.1 TOTAL ASSETS 231.9 213.1 8.8 231.4 SHAREHOLDERS' EQUITY AND LIABILITIES Equity attributable to equity holders of the parent Share capital 7.7 7.7 0.0 7.7 Share premium reserve 16.6 16.6 0.0 16.6 Reserve fund 0.2 0.2 16.8 0.2 Translation differences 1.9 -4.1 -147.0 -4.8 Profit from previous years 149.1 154.1 -3.2 154.0 Own shares -0.3 -0.3 0.0 -0.3 Profit for the financial year -4.8 -2.3 110.3 6.9 Total equity 170.5 171.9 -0.8 180.3 Liabilities Long-term liabilities Retirement benefit obligations 1.6 0.3 349.6 1.2 Interest-bearing liabilities 1.0 0.2 557.9 0.7 Provisions 0.1 0.1 25.8 0.1 Deferred tax liabilities 0.4 0.1 490.8 0.3 Current liabilities Current interest-bearing liabilities 5.2 0.2 3,105.0 0.3 Advances received 15.1 8.8 25.5 10.2 Accrued income tax payables 0.1 0.4 -83.8 0.3 Trade and other payables 38.0 31.3 34.5 38.0 TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 231.9 213.1 8.8 231.4 CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY March 31.2010 (EUR million) a* b* c* d* e* f* g* h* -------------------------------------------------------------------------------- Balance at December 31, 2009 7.7 0.0 16.6 0.2 -0.3 -4.9 160.9 180.3 -------------------------------------------------------------------------------- Total comprehencive income for the year 0.0 6.8 -4.8 2.1 Other changes 0.0 Dividend paid -11.8 -11.8 -------------------------------------------------------------------------------- Balance at June 30, 2010 7.7 0.0 16.6 0.2 -0.3 1.9 144.3 170.5 -------------------------------------------------------------------------------- a* b* c* d* e* f* g* h* -------------------------------------------------------------------------------- Balance at December 31, 2008 7.7 0.0 16.6 0.2 -0.3 -4.1 170.4 190.6 -------------------------------------------------------------------------------- Total comprehencive income for the year 0.0 -2.3 -2.3 Other changes 0.0 Dividend paid -16.4 -16.4 -------------------------------------------------------------------------------- Balance at June 30, 2009 7.7 0.0 16.6 0.2 -0.3 -4.1 151.8 171.9 -------------------------------------------------------------------------------- a*= Share capital b*= Share issue c*= Share premium Reserve d*= Reserve fund e*= Own shares f*= Translation differences g*= Retained earnings h*= Total equity CONSOLIDATED CASH FLOW STATEMENT (EUR million) 1-6 1-6 Change 1-12 2010 2009 % 2009 Cash flows from operating activities Cash receipts from customers 132.6 106.7 24.3 225.7 Cash paid to suppliers and employees -118.6 -109.8 7.9 -218.0 Interest received 0.1 0.7 -86.9 1.0 Interest paid 0.0 -0.1 -66.0 -0.1 Other financial items, net 0.6 1.0 -36.9 -1.4 Direct tax paid -4.9 -6.0 -18.5 -10.3 Cash flow from business operations (A) 9.9 -7.5 -230.9 -3.2 Cash flow from investing activities Investments in intangible assets -13.3 -0.3 4781.6 -1.3 Investments in tangible assets 1.1 -6.8 -115.4 -13.7 Acquisition of subsidiary, net of cash acquired -7.3 -1.7 324.7 -16.7 Proceeds from sale of fixed assets 0.0 0.0 270.0 0.1 Repayments on loan receivables 0.0 0.0 -100.0 0.0 Other investments 0.1 0.0 -2583.3 -0.1 Financial assets recognised at fair value through profit and loss 0.0 23.2 -100.0 23.2 Cash flow from investing activities (B) -19.4 14.4 -235.0 -8.5 Cash flow from financing activities Repayment of short-term loans 0.0 -0.1 -100.0 -0.1 Withdrawal of short-term loans 5.0 0.0 0.0 Dividend paid and other distribution of profit -11.8 -16.4 -27.8 -16.4 Cash flow from financing activities (C) -6.8 -16.5 -58.6 -16.5 Change in liquid funds (A+B+C) increase (+) / decrease (-) -16.4 -9.7 69.2 -28.2 Liquid funds at beginning of period 50.1 78.1 -35.9 78.1 Foreign exchange effect on cash 0.9 0.4 143.5 0.2 Net increase in cash and cash equivalents -16.4 -9.7 69.2 -28.2 Liquid funds at end of period 34.6 68.8 -49.7 50.1 Segment Report Business segments 1-6/2010 WCO * CEN * MET * Other operations Group EUR Million Net sales to external customers 45.9 26.9 31.1 0.0 104.0 Net sales 45.9 26.9 31.1 0.0 104.0 Operating profit -7.3 2.1 -3.9 -2.0 -11.1 Financial income and expenses 4.1 Share of associated companies' net profit 0.0 Net profit before taxes -7.1 Income taxes 2.3 Net profit -4.8 Depreciation 1.3 0.0 0.7 4.4 6.5 * WCO= Weather critical operations * CEN = Controlled environment * MET= Meteorology Segment Report Business segments 1-6/2009 WCO * CEN * MET * Other operations Group EUR Million Net sales to external customers 36.7 24.5 34.6 0.0 95.9 Net sales 36.7 24.5 34.6 0.0 95.9 Operating profit -2.4 2.7 -0.8 -1.1 -1.7 Financial income and expenses -1.9 Share of associated companies' net profit 0.0 Net profit before taxes -3.6 Income taxes 1.3 Net profit -2.3 Depreciation 0.4 0.0 0.7 3.6 4.8 * WCO= Weather critical operations * CEN = Controlled environment * MET= Meteorology Segment Report Business segments 4-6/2010 WCO * CEN * MET * Other operations Group EUR Million Net sales to external customers 22.3 13.3 19.1 0.0 54.7 Net sales 22.3 13.3 19.1 0.0 54.7 Operating profit -4.1 0.6 -0.5 -1.0 -4.9 Financial income and expenses 2.3 Share of associated companies' net profit 0.0 Net profit before taxes -2.6 Income taxes 1.2 Net profit -1.4 Depreciation 0.6 0.0 0.4 2.5 3.5 * WCO= Weather critical operations * CEN = Controlled environment * MET= Meteorology Segment Report Business segments 4-6/2009 WCO * CEN * MET * Other operations Group EUR Million Net sales to external customers 23.2 11.7 18.8 0.0 53.8 Net sales 23.2 11.7 18.8 0.0 53.8 Operating profit 2.0 1.5 -1.4 -0.6 1.5 Financial income and expenses -0.8 Share of associated companies' net profit 0.0 Net profit before taxes 0.6 Income taxes 1.3 Net profit 1.9 Depreciation 0.2 0.0 0.4 1.7 2.3 * WCO= Weather critical operations * CEN = Controlled environment * MET= Meteorology Segment Report Business segments 1-12/2009 WCO * CEN * MET * Other operations Group EUR Million Net sales to external customers 101.8 49.2 80.8 0.0 231.8 Net sales 101.8 49.2 80.8 0.0 231.8 Operating profit 5.5 3.4 3.4 -0.4 12.0 Financial income and expenses -1.9 Share of associated companies' net profit 0.0 Net profit before taxes 10.1 Income taxes -3.2 Net profit 6.9 Depreciation 0.8 0.1 1.4 7.3 9.6 * WCO= Weather critical operations * CEN = Controlled environment * MET= Meteorology Calculation of financial indicators Shareholders' equity plus minority interest Solvency ratio, (%) = --------------------------------------- x 100 Balance sheet total less advance payments Profit before taxes less taxes +/- minority interest Earnings / share = --------------------------------------- Average number of shares, adjusted Cash flow from business operations Cash flow from business = --------------------------------------- operations / share Number of shares at balance sheet date Shareholders' equity Equity / share = --------------------------------------- Number of shares at balance sheet date, adjusted Dividend Dividend / share = ---------------------------------------- Number of shares at balance sheet date, adjusted Profit before taxes less taxes Return on equity, (ROE) (%) = ------------------------------------------- x 100 Shareholders' equity + minority interest (average) Further information: Jouni Lintunen, CFO Tel +358 9 8949 2215, mobile +358 40 579 0181 www.vaisala.com Vaisala Corporation Distribution: NASDAQ OMX Helsinki Oy Finnish News Agency Other key media [HUG#1437007] |
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