2016-09-01 09:00:01 CEST
2016-09-01 09:00:01 CEST
SÄÄNNELTY TIETO
Panostaja Oyj - Interim report (Q1 and Q3)
Panostaja Oyj´s Interim Report November 1, 2015–July 31, 2016
Panostaja Oyj Interim Report 1 September 2016 10.00
a.m.
May 1, 2016–July 31, 2016 (3 months)
-- KotiSun’s growth continued in the review period, with net sales increasing
by 32% from the reference period in the previous year.
-- Grano’s net sales for the review period increased more than 17% from the
reference period in the previous year. The main reason behind this is the
acquisition of Multiprint Group in June 2015.
-- The market situation remained challenging in many investment targets. Net
sales increased in four of the eight targets. Net sales for the Group as a
whole increased by 9.5% and stood at MEUR 41.6 (MEUR 37.9).
-- EBIT improved in four of the eight investment targets, and the EBIT of the
entire Group increased from MEUR 1.0 to MEUR 2.4.
-- Earnings per share (undiluted) were 1.2 cents (-1.0 cents).
-- MEUR 4.7 after expenses was confirmed as the final additional purchase
price for the sale of Flexim Security. Panostaja’s share of the amount
stood at MEUR 3.3 before taxes. In the second quarter, Panostaja estimated
the additional purchase price to be MEUR 4.0, with Panostaja’s share before
taxes standing at MEUR 2.8.
November 1, 2015–July 31, 2016 (9 months)
-- The market situation remained challenging in almost every investment
target. Net sales increased in five of the eight investment targets. For
the Group as a whole, net sales in the review period increased by
22% from the same period last year, standing at MEUR 126.8 (MEUR 104.1).
-- EBIT improved in four of the eight investment targets, and the EBIT of the
entire Group increased
from MEUR 4.2 to MEUR 6.4.
-- Earnings per share (undiluted) were 3.9 cents (-3.5 cents).
Outlook for the 2016 financial period
Panostaja keeps its result management issued on December 11, 2015 unaltered.The
Group’s EBIT is expected to improve substantially over the course of the 2016
financial period.
CEO Juha Sarsama:
“There was still significant variation in the profitability development of the
investment targets in the third quarter of the financial period. KotiSun
maintained its strong profitability development. On the other hand, the
extremely poor profitability development of Takoma and Heatmasters continued.
Despite the improvement in profit and loss, Grano, too, demonstrated slightly
weaker development than expected as we have been unable to proceed with our
efforts to increase efficiency due to structural challenges. These hindrances
will be removed in the final quarter. Overall, the Group’s EBIT increased to
MEUR 2.4 from the previous year’s MEUR 1.0.
In terms of the financial picture, we have not seen a substantial change
compared to the previous quarter. During the financial period, there have been
some positive signs in Finland’s economic situation with regard to construction
in particular, but the climate remains uncertain. Various threat scenarios
related to the development of the global economy, political risks, the collapse
of raw material prices and the financial markets still cause uncertainty that
affects economic development in Europe and Finland. The overall economic
situation remains challenging, which is reflected in almost all of our
investment targets.
The corporate acquisitions market, as a whole, was active in the period under
review, and the availability of new opportunities has remained high. However,
discussions regarding the acquisition of new investment targets are often
lengthy processes. In addition to this, the competition for some of the
corporate acquisition opportunities is fierce. We are actively exploring new
investment opportunities, but at this stage of the financial period it is no
longer likely that we will reach our earlier goal of making two new investments
before the end of the period at the valuation levels we thought plausible.”
Key figures Panostaja Group Q3 Q3 9 months 9 months 12 months
MEUR
--------------------------------------------------------------------------------
5/16- 5/15– 11/15- 11/14- 11/14-
7/16 7/15 7/16 7/15 10/15
--------------------------------------------------------------------------------
Net sales, MEUR 41.6 37.9 126.8 104.1 148.2
--------------------------------------------------------------------------------
EBIT, MEUR 2.4 1.0 6.4 4.2 7.3
--------------------------------------------------------------------------------
Profit before taxes, MEUR 1.9 0.1 4.8 2.0 3.4
--------------------------------------------------------------------------------
Profit/loss for the financial 1.7 0.2 6.2 0.0 13.5
period, MEUR
--------------------------------------------------------------------------------
Earnings per share, undiluted (EUR) 0.01 -0.01 0.04 -0.04 0.14
--------------------------------------------------------------------------------
Equity per share (EUR) 0.73 0.57 0.73 0.57 0.74
--------------------------------------------------------------------------------
Operating cash flow (MEUR) 0.5 3.8 5.0 9.6 8.0
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Distribution of net sales by Q3 Q3 9 months 9 months 12 months
segment
MEUR
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Net sales 5/16- 5/15– 11/15- 11/14- 11/14-
7/16 7/15 7/16 7/15 10/15
--------------------------------------------------------------------------------
Grano 20.8 17.9 65.4 46.5 69.9
--------------------------------------------------------------------------------
KotiSun 7.9 6.0 22.0 17.0 23.7
--------------------------------------------------------------------------------
Takoma 2.3 2.8 8.3 10.1 13.2
--------------------------------------------------------------------------------
Selog 2.8 2.7 7.6 7.4 9.9
--------------------------------------------------------------------------------
Helakeskus 2.3 2.5 7.4 7.8 10.4
--------------------------------------------------------------------------------
KL-Varaosat 3.2 3.0 9.6 8.5 11.8
--------------------------------------------------------------------------------
Heatmasters 1.2 1.8 3.2 5.0 6.3
--------------------------------------------------------------------------------
Megaklinikka 1.1 1.3 3.4 2.2 3.4
--------------------------------------------------------------------------------
Others 0.0 0.0 0.0 0.0 0.0
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Eliminations -0.1 0.0 -0.1 -0.3 -0.3
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Group in total 41.6 37.9 126.8 104.1 148.2
--------------------------------------------------------------------------------
Distribution of EBIT by segment Q3 Q3 9 months 9 months 12 months
MEUR
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EBIT 5/16- 5/15– 11/15- 11/14- 11/14-
7/16 7/15 7/16 7/15 10/15
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Grano 1.6 0.2 5.9 2.9 5.9
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KotiSun 1.4 1.0 3.9 2.8 4.2
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Takoma -0.3 -0.1 -0.8 -0.4 -0.7
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Selog 0.2 0.2 0.5 0.4 0.5
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Helakeskus 0.2 0.2 0.1 0.4 0.7
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KL-Varaosat 0.2 0.2 0.7 0.2 0.5
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Heatmasters -0.2 0.1 -0.7 0.2 0.1
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Megaklinikka -0.2 -0.2 -0.9 -0.3 -0.5
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Others -0.6 -0.8 -2.2 -2.1 -3.3
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Group in total 2.4 1.0 6.4 4.2 7.3
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PRESS CONREFENCE
Panostaja will arrange a press conference for analysts, institutional investors
and representatives of the press on September 1, 2016, at 11:30-12:30 p.m., at
the Scandic Simonkenttä, in Helsinki, at the address Simonkatu 9, Helsinki.
The Interim Report will be available at the address www.panostaja.fi on
September 1, 2016, at 10:00 a.m.
Panostaja Oyj
Juha Sarsama
CEO
Further information: CEO Juha Sarsama +358 40 774 2099
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