2013-03-06 09:00:00 CET
2013-03-06 09:00:06 CET
REGULATED INFORMATION
Panostaja Oyj - Interim report (Q1 and Q3)
PANOSTAJA GROUP INTERIM REPORT NOVEMBER 1, 2012–JANUARY 31, 2013 (3 months)
Panostaja Oyj Interim report, March 6, 2013 10:00 a.m.
Net sales for the first quarter: MEUR 43.4, growth 15%
EBIT for the first quarter: MEUR -0.7, change -154%. Operating profit
deteriorated particularly because of weakened demand from the technology
industry segments.
Cash flow from business operations in the period under review was MEUR 1.3
(change: MEUR -3.3).
In November, Panostaja Oyj's subsidiary Suomen Helasto Oy bought the entire
shareholding of Oy Eurohela Trading Ltd, which provides furniture fittings
wholesale services.
Panostaja Oyj also announced that it had bought 60% of the share capital of
Selog Oy, a company supplying material, calculation and design services for
ceiling construction. As a result of the transaction, Panostaja established
within the Group a new business area specializing in wholesale services of
ceiling materials.
In December, Panostaja expanded its printing services segment, when its
subsidiary Digiprint Finland Oy acquired the entire share capital of
DMP-Digital Media Partners Oy.
NOVEMBER 2012-JANUARY 2013
Net sales MEUR 43.4 (MEUR 37.7) (growth 15%)
EBIT MEUR -0.7 (MEUR 1.2) (change -154%)
Profit before taxes MEUR -1.6 (MEUR 0.5)
Earnings per share (undiluted) -3.7 cents (-1.1 cents)
Equity per share EUR 0.50 (EUR 0.59)
Equity ratio 30,0% (32.0%)
Cash flow from business operations MEUR 1.3 (MEUR 4.6).
The growth in net sales of MEUR 5.7 was mainly a result of the impact of
corporate acquisitions carried out in the period under review and previous
period, the effect of which totaled MEUR 9.0.
EBIT totaled MEUR -0.7 (MEUR 1.2). The MEUR -1.9 decrease in EBIT was primarily
caused by the Takoma and Heat Treatment segments.
Panostaja is keeping its result management unaltered. It is expected that the
Group's net sales will increase and EBIT will improve in 2013.
The General Meeting of January 29, 2013 approved the capital repayment proposal
made by the Board. EUR 0.04 per share of capital repayment was paid from the
invested unrestricted equity fund. The record date for the capital repayment
was February 1, 2013, with the payment date being February 8, 2013. A total of
MEUR 2.0 of capital was repaid to parent company shareholders.
3 months 3 months 12 months
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Key figures 11/12-01/13 11/11-01/12 11/11-10/12
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------------------------------------------
Net sales (MEUR) € 43.4 37.7 156.8
EBIT (MEUR) € -0.7 1.2 4.2
Profit before taxes (MEUR) € -1.6 0.5 0.9
Earnings per share, undiluted (EUR) -0.04 -0.01 -0.04
Equity per share (EUR) 0.50 0.59 0.56
Financial position and cash flow: Jan 31 2013 Jan 31 2012 Oct 31 2012
--------------------------------------------------------------------------------
------------------------------------------
Net liabilities (MEUR) € 52.4 43.9 40.5
Gearing (%) 115.2 100.1 89.6
Equity ratio, % 30,0 32.0 34.1
Cash flow from business operations (MEUR) 1.3 4.6 10.6
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The income statement for operations discontinued during the reference period
has been separated from the income statement for retained operations and the
result for them is presented in accordance with the IFRS standard on row
‘Earnings from discontinued operations'.
MARKET SITUATION
Although Panostaja Group's first quarter is typically the weakest of the
financial period, business development during the review period did not meet
expectations. In particular, the segments serving the technology industry
experienced a quiet quarter. During the first quarter, the general economic
situation and atmosphere were challenging. The predicted weakening in
construction volume changes has at least not yet been reflected significantly
in the construction-related segments. Panostaja believes, however, that the
situation will improve during the latter part of the financial period. The
situation on the financial markets has remained challenging, particularly in
the SME sector, and the restraints on credit issue are a significant risk to
general financial development. The corporate acquisition market remains quiet,
although reinvigoration typical after the New Year was noticeable to some
extent.
THE ECONOMIC DEVELOPMENT OF THE PANOSTAJA GROUP
NOVEMBER 2012-JANUARY 2013
Panostaja Group's net sales in the first quarter were MEUR 43.4 (MEUR 37.7).
Export amounted to MEUR 2.3, or 5.4% (MEUR 3.4, 8.0%) of net sales. The
corporate acquisitions made during the previous and current financial period
affected the MEUR 5.7 increase in net sales by MEUR 9.0.
The MEUR 5.7 increase in net sales was primarily the result of growth stemming
from corporate acquisitions.. Of the Group's 11 operational segments, seven
exceeded the net sales of the reference year. Correspondingly, four segments
fell below the net sales level of the reference year.
EBIT totaled MEUR -0.7 (MEUR 1.2). The MEUR -1.9 decrease in EBIT was primarily
caused by the Takoma and Heat Treatment segments. Only the Fasteners segment
achieved better operating profit than in the reference period.
The Group's net financial expenses for the review period were approximately
MEUR -0.9 (MEUR -0.9). The Group's liquidity was good and cash flow from
business operations (MEUR 1.3) was positive.
Personnel
Jan 31 Jan 31 Oct 31
2013 2012 2012
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Average number of employees 1,281 1,096 1,152
Employees at the end of the period 1,355 1,095 1,206
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Employees in each segment at the end of the Jan 31 Jan 31 Oct 31
period 2013 2012 2012
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Digital Printing Services 421 314 335
Safety 215 201 212
Takoma 191 200 193
Value-added Logistics 291 135 253
Sisäkattomateriaalit 17
Spare Parts for Motor Vehicles 37 36 38
Fittings 42 29 30
Heat Treatment 65 63 65
Carpentry Industry 30 31 30
Supports 16 15 16
Fasteners 21 24 24
Other 9 47 10
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Group in total 1,355 1,095 1,206
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GROUP STRUCTURE CHANGES
On November 6, Panostaja Oyj's subsidiary Suomen Helasto Oy bought the entire
shareholding of Oy Eurohela Trading Ltd, which provides furniture fittings
wholesale services. The segment was also reorganized, so that the furniture
fittings and construction fittings operations were divided into individual
companies. Suomen Helasto Oy's subsidiaries Oy Eurohela Trading Ltd and Suomen
Helakeskus Oy merged to form Suomen Helakeskus Oy, focusing on the furniture
fittings business. Suomen Helasto Oy's new subsidiary Rakennushelasto Oy, which
was established as part of the reorganization, specializes in the construction
fittings business. As a result of the reorganization, Panostaja Oyj's
shareholding in Suomen Helasto Oy is about 95%.
Panostaja Oyj announced on November 7, 2012 that it had bought 60% of the share
capital of Selog Oy, a company supplying material, calculation and design
services for ceiling construction. As a result of the transaction, Panostaja
expanded its business operations and established within the Group a new
business area specializing in wholesale services of ceiling materials. As part
of the arrangement, Selog Oy's owners continue as minority shareholders in the
new segment.
Panostaja expanded its Digital Printing Services segment on December 4, 2012,
which already includes the Kopijyvä Group. Panostaja's subsidiary Digiprint
Finland Oy acquired the entire share capital of DMP-Digital Media Partners Oy.
The DMP Group provides printing, publication, and production services for
marketing communications. As a result of the reorganization, Panostaja owns
approximately 56% of the total share capital of Digiprint Finland Oy. As part
of the reorganization, the shareholders of DMP-Digital Media Partners Oy became
minority shareholders in Digiprint Finland Oy. As a result of the
reorganization, Digiprint Finland Oy owns all of Kopijyvä Oy and DMP-Digital
Media Partners Oy.
SEGMENT REVIEW
Panostaja Group's business operations for the period under review are reported
in 12 segments: Digital Printing Services, Safety, Takoma, Value-added
Logistics, Ceiling Materials, Spare Parts for Motor Vehicles, Fittings, Heat
Treatment, Carpentry Industry, Supports, Fasteners and Other (parent company +
associated companies).
NOVEMBER 2012-JANUARY 2013
Net sales in the Digital Printing Services segment increased from MEUR 8.3 to
MEUR 10.9,but EBIT weakened slightly from MEUR 1.2 to MEUR 1.0.The review
period was characterized by the acquisition of DMP Group at the beginning of
December. Price competition on the market remained fierce, but prospects for
the segment are bright.
Net sales in the Safety segment increased from MEUR 7.3 to MEUR 7.6, but EBIT
dropped from MEUR 0.3 to MEUR -0.2. The increase in net sales was due to the
strong organic growth of the segment. The investments in growth were evident in
increased costs in the segment, which weakened EBIT. The company's order book
is at a normal level and its stock of tenders quite good.
Net sales in the Takoma segment declined from MEUR 7.7 to MEUR 5.5. The
segment's EBIT decreased from MEUR -0.5 to MEUR -1.0. During the early part of
the financial period, the volumes of orders were unprecedentedly low, existing
customers no longer offered sufficient market potential, and were unable to
guarantee a sufficient load for Takoma's capacity. Takoma's order book at the
end of the review period deteriorated to MEUR 8.6 (reference period: MEUR
12.2).
Net sales in the Value-added Logistics segment grew from MEUR 4.4 to MEUR 7.1
but EBIT weakened slightly from MEUR 0.2 to MEUR 0.1. The increase in net sales
can be explained by the acquisition in May of packaging and logistics company
HSG Logistics Oy.
Ceiling Materials is a new segment, which was created when Panostaja acquired
Selog Oy in November 2012. Net sales for the segment in the review period were
MEUR 3.0 and EBIT MEUR 0.3.
Net sales in the Spare Parts for Motor Vehicles segment grew slightly from MEUR
2.4 to MEUR 2.5, while EBIT remained at the previous year's level (MEUR 0.2).
Exceptionally mild weather has adversely affected sales of winter products.
Net sales in the Fittings segment increased from MEUR 2.7 to MEUR 3.0, but the
EBIT of MEUR 0.1 dropped to MEUR -0.2. The increase in net sales for the
Fittings segment was primarily a result of the acquisition of Oy Eurohela
Trading Ltd in November.The review period was encumbered by costs arising from
business transactions.
Net sales in the Heat Treatment segment declined from MEUR 2.0 to MEUR 1.1, and
the MEUR 0.4 EBIT dropped to MEUR -0.3. During the review period, customers
have been quiet across the board, there have been no sites, or their start-ups
have been delayed. This has had a strong impact on net sales and EBIT for the
segment.
The Carpentry Industry segment remained strong. Net sales remained at the level
of the previous year, totaling MEUR 1.4, with EBIT remaining on a par with the
reference period at MEUR 0.2.Demand in Norway has been weaker than expected.
Net sales in the Supports segment weakened slightly from MEUR 0.9 to MEUR 0.8.
EBIT also weakened from MEUR 0.1 in the reference year to MEUR -0.0. Market
conditions in construction have deteriorated, and permits and start-ups
throughout the construction industry have declined.
In the Fasteners segment, net sales were on a slightly lower level than in the
reference period at MEUR 0.6. EBIT of MEUR -0.0 was slightly better than the
figure for the reference period of MEUR -0.1. In the technology industry
market, there are many operators and competition for orders is fierce.
There were no significant changes in the net sales of the Other segment. In the
period under review, two associated companies, Ecosir Group Oy and Spectra
Yhtiöt Oy, issued reports to the parent company. The profit/loss of the
reported associated companies in the review period was MEUR -0.1 (MEUR -0.1),
which is presented on a separate row in the Group's income statement.
INVESTMENTS AND FINANCING
The Group's liquidity was good and cash flow from business operations, MEUR
1.3, was positive (MEUR 4.6). The Group's liquid assets were MEUR 13.7 (MEUR
14.1).
The Group's gross capital expenditure in the review period closed was
approximately MEUR 17.1 (MEUR 1.5). Investments were mainly targeted at
corporate acquisitions. The Group's equity ratio was 30.0% (32.0%) and
interest-bearing net liabilities totaled MEUR 52.4 (MEUR 43.9).
Interest-bearing net liabilities increased as a result of corporate
acquisitions. Panostaja Oyj's convertible subordinated loan amounted to MEUR 15
of the net liabilities (MEUR 15.0). The return on equity was -18.6% (-3.3 %)
and the return on investment -2.1% (1.6%).
Financial position:
MEUR Jan 31 2013 Jan 31 2012 Oct 31 2012
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Interest-bearing liabilities 69.8 62.6 56.6
Interest-bearing receivables 3.7 4.6 3.7
Cash and cash equivalents 13.7 14.1 12.3
Interest-bearing net liabilities 52.4 43.9 40.5
Equity (belonging to the parent company's 47.5 43.9 48.0
shareholders as well as minority
shareholders)
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Gearing ratio, % 115.2 100.1 89.6
Equity ratio, % 30.0 32.0 34.1
Return on equity, % -18.6 -3.3 -5.4
Return on investment, % -2.1 1.6 2.2
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The Annual General Meeting of January 29, 2013 approved the capital repayment
proposal made by the Board. EUR 0.04 per share of capital repayment was paid
from the invested unrestricted equity fund. The record date for the capital
repayment was February 1, 2013, with the payment date being February 8, 2013. A
total of MEUR 2.0 of capital was repaid to parent company shareholders.
SHARE PRICE DEVELOPMENT AND SHARE OWNERSHIP
Panostaja Oyj's share closing rate fluctuated between EUR 0.72 and EUR 0.86
during the first quarter. During the period under review, a total of 1,650,970
shares were exchanged, which amounts to 3.2% of the share capital. The January
share closing rate was EUR 0.80. The market value of the company's share
capital at the end of January was MEUR 41.4 and the company had 3,802
shareholders (3,823).
Development of share exchange 1Q/2013 1Q/2012
-----------------------------------------------
-----------------------------------------------
Shares exchanged, 1,000 pcs 1,651 4,252
% of share capital 3.2 8.3
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Share Jan 31 2013 Jan 31 2012 Oct 31, 2012
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Shares in total, 1,000 pcs 51,733 51,733 51,733
Own shares, 1,000 pcs 540 590 553
Closing rate 0.80 1.04 0.76
Market value (MEUR) 41.4 53.8 39.3
Shareholders 3,802 3,823 3,780
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On December 28, 2012, Panostaja Oyj accepted a change in holding in the
company pursuant to Chapter 2, Section 9 of the Securities Markets Act. Matti
Koskenkorva's share of Panostaja Oyj's total number of voting shares exceeded
10%. Matti Koskenkorva's share on the record date was 5,187,192 shares, 10.03%
of Panostaja Oyj's share capital and voting shares.
ADMINISTRATION AND GENERAL MEETING
Panostaja Oyj's Annual General Meeting was held on January 29, 2013 in Tampere.
Jukka Ala-Mello, Satu Eskelinen, Mikko Koskenkorva and Eero Eriksson were
re-elected to Panostaja Oyj's Board of Directors. Antero Virtanen and Jukka
Terhonen were elected as new members. In the Board's organizing meeting held
immediately after the General Meeting, Jukka Ala-Mello was elected Chairman of
the Board and Eero Eriksson as Vice Chairman. Authorized Public Accountant
Markku Launis and Authorized Public Accountants PricewaterhouseCoopers Oy were
selected as general chartered accountants, with Authorized Public Accountant
Janne Rajalahti as the responsible public accountant.
The General Meeting approved the closing of the November 1, 2011-October 31,
2012 accounts as well as the proposal by the Board to transfer the loss for the
financial period to the profit funds and that capital repayment be paid at a
rate of EUR 0.04 per share. The record date for the capital repayment was
February 1, 2013, with the payment date being February 8, 2012. In addition,
the General Meeting authorized the Board to decide, at its discretion, on the
potential distribution of assets to shareholders, the company's financial
status permitting, as distribution of assets from the invested unrestricted
equity fund. The maximum distribution of assets performed on the basis of this
authorization totals EUR 5,200,000. The authorization includes the right of the
Board to decide on all other terms and conditions relating to the said asset
distribution. The authorization will remain valid until the end of the next
Annual General Meeting.
In addition, the General Meeting granted exemption from liability to the
members of the Board and to the CEO. It was decided at the General Meeting that
the Chairman of the Board be paid EUR 40,000 as an annual compensation for the
term that begins at the end of the Meeting and ends at the end of the 2014
Annual General Meeting, and that the other members of the Board be paid an
annual compensation of EUR 20,000. It was further resolved at the General
Meeting that approximately 40% of the compensation remitted to the members of
the Board be paid on the basis of the share issue authorization given to the
Board, by issuing company shares to each Board member if the Board member does
not own more than one percent of the company's shares on the date of the
General Meeting. If the holding of a Board member on the date of the General
Meeting is over one percent of all company shares, the compensation will be
paid in full in monetary form.
The General Meeting authorized the Board of Directors to decide on the
acquisition of the company's own shares, so that the shares will be acquired in
one or more installments and, based on this authorization, a maximum of
5,100,000 shares can be acquired, which corresponds to about 9.86% of all the
company's shares. By virtue of the authorization, the company's own shares may
be obtained using unrestricted equity only.
The company's own shares may be acquired at the price in public trade arranged
by NASDAQ OMX Helsinki Oy on the date of acquisition or otherwise at the
prevailing market price. The Board of Directors will decide how the company's
own shares are to be acquired. The company's own shares may be acquired not
following the proportion of ownership of the shareholders (directed
acquisition). The authorization shall be valid until July 29, 2014.
The Board of Directors has not used the authorization granted by the Annual
Meeting to acquire its own shares during the review period.
SHARE CAPITAL AND THE COMPANY'S OWN SHARES
At the close of the period under review, Panostaja Oyj's share capital was EUR
5,568,681.60. The total number of shares is 51,733,110.
The total number of shares held by the company at the end of the period under
review was 539,910 individual shares (at the beginning of period under review:
552,566). The number of the company's own shares corresponded to 1.1% of the
number of shares and votes at the end of the entire review period.
In accordance with the decisions by the General Meeting on January 30, 2012 and
by the Board, Panostaja Oyj relinquished a total of 12,656 individual shares as
meeting compensation to the members of the Board on December 14, 2012.
EQUITY CONVERTIBLE SUBORDINATED LOANS
At the end of the review period, EUR 15,000,000 of the 2011 convertible
subordinated loan remained. The interest on the loan is 6.5% and the loan
period February 7, 2011-April 1, 2016. The original share exchange rate is EUR
2.20, and the loan shares may be exchanged for no more than 6,818,181 company
shares. The total number of loan shares is 300, and they are available for
public trade on the Nasdaq OMX Helsinki stock exchange. The share exchange rate
will be entered into the company's invested unrestricted equity fund.
NEAR-FUTURE RISKS AND FACTORS OF UNCERTAINTY
The most significant risks of Panostaja Group have been described in the
financial statements. The near-future risks the Group faces are mainly tied to
the uncertainty resulting from the crisis in the eurozone and the global
economic situation as well as their potential impact on achieving the goals set
for the various segments. The instability of the overall economic situation has
led to a decline in customer demand as well as the postponement of investments,
particularly in segments serving the technology sector, which may result in a
need for consolidated goodwill write-downs. In the current financial period,
credit loss risks continue to represent a significant uncertainty factor in
some of the segments. This risk is increased by the tightening of credit issue
to SMEs. The weakening in financial market liquidity and the tightening on
credit may hamper the realization of corporate acquisitions and the
availability of finance for working capital. As Panostaja's financing
situation is currently stable and its loan portfolio is distributed across
several different parties, the potentially negative impact that an expansion of
the crisis in the eurozone might have on the financial market will not
jeopardize Panostaja's operations.
EVENTS AFTER THE REVIEW PERIOD
There are no major events to report.
PROSPECTS FOR THE REMAINDER OF THE FINANCIAL PERIOD
In accordance with its business strategy, Panostaja Group focuses on increasing
shareholder value in the segments owned by the Group. The development of
shareholder value will be constantly monitored as part of a changing operating
environment, and decisions on the development or divestment of business areas
will be made in order to maximize the shareholder value. Active development of
shareholder value, the effective allocation of capital and financial
opportunities create a solid foundation for operational expansion. The need for
ownership arrangements in SMEs enables both expansion into new segments and
growth in existing ones.
Economic prospects in the fields of the existing segments are strongly tied to
the prospects of customer enterprises. The current economic prospects remain
uncertain, and the growth forecast has generally had to be cut due to the
credit crisis in the eurozone and decelerated economic growth. In the various
segments of Panostaja Group, the prospects still vary from cautiously positive
to slightly pessimistic. The challenges in the forecastability of the
technology industry or weakening prospects may create a need for consolidated
goodwill write-downs and, especially in Takoma's operating environment,
uncertainty continues, with set targets not having been reached. In part of
Takoma's operating units co-operation negotiations has been started on January
28, 2013, in order to find ways to improve Takoma's competitive position.
The market still provides sufficient opportunities for corporate acquisitions,
and Panostaja Group aims to implement its growth strategy by means of
controlled acquisitions, particularly in present segments. In addition, the
divestments of certain segments are planned to be executed in order to maximize
owner value.
Panostaja keeps its result management unaltered. It is expected that net sales
will increase and EBIT will improve in the 2013 financial period.
Panostaja Oyj
Board of Directors
For further information, contact CEO Juha Sarsama: tel. +358 40 774 2099.
Panostaja Oyj
Juha Sarsama
CEO
All forecasts and assessments presented in this interim report bulletin are
based on the current outlook of the Group and the Management of the various
business areas with regard to the state of the economy and its development, and
the results attained may be substantially different.
The information in the interim report has not been audited.
INCOME STATEMENT 11/12-01/13 11/11-01/12 2012
3 months 3 months 12 months
(EUR 1,000)
Net sales 43,403 37,731 156,819
Other operating income 230 129 1,172
Costs in total 42,756 35,374 146,193
Depreciations, amortizations and impairment 1,531 1,270 7,561
EBIT -654 1,216 4,236
Financial income and expenses -800 -765 -3,710
Share of associated company profits -101 50 400
Profit before taxes -1,555 501 927
Income taxes -548 -25 -2,181
Profit/loss from retained operations -2,103 476 -1,254
Profit/loss from discontinued operations 0 -857 -1,236
Profit/loss for the financial period -2,103 -381 -2,490
Attributable to
To shareholders of the parent company -1,893 -553 -1,984
To minority shareholders -210 172 -506
Earnings per share from retained operations
EUR, undiluted -0.037 0.006 -0.015
Earnings per share from retained operations
EUR, diluted -0.037 0.006 -0.015
Earnings per share from discontinued
operations
EUR, undiluted -0.017 -0.024
Earnings per share from discontinued
operations EUR, diluted -0.017 -0.024
Earnings per share on retained and
discontinued
operations EUR, undiluted -0.037 -0.011 -0.039
Earnings per share on retained and
discontinued
operations EUR, diluted -0.037 -0.011 -0.039
EXTENSIVE INCOME STATEMENT
Items of the extensive income statement -2,103 -381 -2,490
Translation differences -9 54 103
Extensive income statement for the period -2,112 -327 -2,387
Attributable to
To shareholders of the parent company -1,902 -499 -1,881
To minority shareholders -210 172 -506
BALANCE SHEET Jan 31, 2013 Jan 31, Oct 31,
2012 2012
(EUR 1,000)
ASSETS
Non-current assets
Goodwill 46,877 35,570 34,348
Other intangible assets 6,755 4,900 6,081
Property, plant and equipment 19,913 20,065 18,996
Interests in associates 3,722 3,515 3,824
Other non-current assets 13,153 14,703 13,074
Non-current assets total 90,420 78,753 76,323
Current assets
Stocks 20,398 22,779 18,639
Trade and other non-interest-bearing 28,113 22,463 25,293
receivables
Cash and cash equivalents 13,722 14,095 12,347
Current assets total 62,233 59,337 56,279
Assets in total 152,653 138,090 132,601
EQUITY AND LIABILITIES
Equity attributable to parent company
shareholders
Share capital 5,569 5,569 5,569
Share premium account 4,646 4,646 4,646
Translation difference -75 -115 -66
Invested unrestricted equity fund 14,470 16,481 16,523
Retained earnings 948 3,494 1,981
Total 25,558 30,075 28,653
Minority interest 19,893 13,836 16,520
Equity total 45,451 43,911 45,173
Liabilities
Deferred tax liabilities 1,479 1,500 1,505
Equity convertible subordinated loan 14,456 19,945 14,414
Non-current liabilities 40,429 31,208 27,752
Current liabilities 50,838 41,526 43,757
Liabilities total 107,202 94,179 87,428
Equity and liabilities in total 152,653 138,090 132,601
CASH FLOW STATEMENT 01/2013 01/2012 2012
(EUR 1,000)
Operating net cash flow 1,315 4,557 10,586
Investment net cash flow -11,301 -941 -4,420
Loans drawn 16,494 398 12,594
Loans repaid -4,026 -3,986 -17,916
Share issue 5,554 0 1,522
Disposal of own shares 10 12 44
Dividends paid and capital repayments -1,116 -619 -3,216
Financing net cash flow 16,916 -4,195 -6,972
Change in cash flows 1,376 -579 -2,328
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(EUR 1,000) Share Share Invested Translat Profit Minori Total
capit premiu unrestri ion funds ty
al m cted differe inter
accoun equity nces est
t fund
Equity 5,569 4,646 19,023 -169 4,047 14,270 47,386
Nov 1, 2011
Profit for the -553 -172 -381
financial period
Profit and costs -553 172 -381
recorded during
the financial
period, total
Dividends paid -619 -619
Repayment of -2,557 -2,557
capital
Share
subscription
Share issue
Disposal of own 12 12
shares
Equity component
of convertible
subordinated
loan
Reward system 3 3
Translation 54 54
differences
Changes in 13 13
minority
interest
Other changes in
equity, total
Equity - 2 54 3,494 -434 572
542
Jan 31, 2012 5,569 4,646 16,481 -115 3,494 13,836 43,911
Equity 5,569 4,646 16,523 -66 1,981 16,250 45,173
Nov 1, 2011
Profit for the -1,893 -210 -2,103
financial period
Profit and costs -1,893 -210 -2,103
recorded during
the financial
period, total
Dividends paid -1,116 - 1,116
Repayment of -2,040 -2,040
capital
Disposal of own 13 13
shares
Reward system
Translation 9 9
differences
Changes in 860 4,700 5,560
minority
interest
Other changes in 13 9 860 3,583 4,421
equity, total
Equity 5,569 4,646 14,470 -75 948 19,893 45,451
Jan 31, 2013
KEY FIGURES
01/2013 01/2012 10/2012
Equity per share(EUR) 0.50 0.59 0.56
Earnings per share, diluted (EUR) -0.04 -0.01 -0.04
Earnings per share, undiluted(EUR) -0.04 -0.01 -0.04
Average number of shares during financial period, 51,187 51,137 51,157
1,000
Number of shares at end of financial period, 1,000 51,733 51,733 51,733
Share issues/CL exchanges during financial period, 0 0 0
1,000
Number of shares, 1,000, diluted 58,005 61,268 57,075
Return on equity, % -18.6 -3.3 -5.4
Return on investment, % -2.1 1.6 2.2
Gross capital expenditure
To permanent assets (MEUR) 17.1 1.5 6.2
% of net sales 39.4 4.0 4.0
Interest-bearing liabilities 69.8 62.6 56.6
Equity ratio (%) 30.0 32.0 34.1
Average number of employees 1,281 1,096 1,152
GROUP DEVELOPMENT BY QUARTER
(MEUR) Q1/13 Q4/12 Q3/12 Q2/12 Q1/12 Q4/11 Q3/11
Net sales 43.4 42.1 39.0 38.0 37.7 38.6 33.9
Other operating income 0.2 0.5 0.2 0.3 0.1 0.3 0.1
Costs in total -42.8 -38.7 -36.2 -35.9 -35.3 -36.1 -30.3
Depreciations, amortizations -1.5 -3.6 -1.4 -1.3 -1.3 -0.8 -1.5
and impairment
EBIT -0.7 0.3 1.6 1.1 1.2 2.0 2.2
Financing items -0.8 -1.5 -0.8 -0.6 -0.7 -0.7 -0.8
Share of associated company -0.1 -0.1 0.1 0.4 0.0 0.1 -0.1
profits
Profit before taxes -1.6 -1.4 0.9 0.9 0.5 1.4 1.3
Taxes -0.5 -1.6 -0.3 -0.4 0.0 -0.1 -0.6
Profit from continuing -2.1 -3.0 0.6 0.5 0.5 1.2 0.7
operations
Profit from discontinued 0.0 -0.1 0.1 -0.3 -0.8 -0.5 -0.1
operations
Profit for the financial period -2.1 -3.1 0.7 0.2 -0.4 0.7 0.6
Minority interest -0.2 -0.3 -0.2 -0.2 0.2 0.3 0.3
Parent company shareholder -1.9 -2.8 0.9 0.4 -0.6 0.4 0.3
interest
GUARANTEES GIVEN
(EUR 1,000) 01/2013 01/2012 2012
Guarantees given on behalf of Group companies
Enterprise mortgages 44,421 41,394 40,861
Pledges given 79,236 51,196 58,321
Other liabilities 778 1,413 1,888
Other rental agreements
In one year 9,350 7,121 7,779
In over one year but within five years maximum 20,088 17,572 17,466
In over five years 3,792 3,695 2,833
Total 33,230 28,388 28,078
SEGMENT INFORMATION
NET SALES 11/12-01/13 11/11-01/12
(EUR 1 000)
Digital Printing Services 10,931 8,324
Safety 7,587 7,326
Takoma 5,516 7,699
Value-added Logistics 7,077 4,441
Ceiling Materials 2,975 0
Spare Parts for Motor Vehicles 2,492 2,448
Fittings 2,996 2,714
Heat Treatment 1,067 1,953
Carpentry Industry 1,425 1,412
Supports 843 947
Fasteners 616 679
Other 25 16
Eliminations -146 -227
Group in total 43,403 37,731
EBIT
(EUR 1,000)
Digital Printing Services 1,033 1,155
Safety -158 281
Takoma -1,018 -538
Value-added Logistics 87 159
Ceiling Materials 247 0
Spare Parts for Motor Vehicles 158 179
Fittings -216 106
Heat Treatment -293 413
Carpentry Industry 188 196
Supports -23 131
Fasteners -42 -68
Other -617 -798
Group in total -654 1,216
SEGMENT INFORMATION BY QUARTER
1Q/13 4Q/12 3Q/12 2Q/12 1Q/12 4Q/11 3Q/11
Digital Printing Services 10.9 9.5 8.3 8.9 8.3 8.5 7.8
Safety 7.6 8.0 6.4 7.3 7.3 7.0 5.8
Takoma 5.5 7.0 6.7 7.5 7.7 7.4 6.3
Value-added Logistics 7.1 7.2 7.5 4.1 4.4 4.0 3.9
Ceiling Materials 3.0
Spare Parts for Motor Vehicles 2.5 2.9 2.6 2.5 2.4 2.8 2.4
Fittings 3.0 2.5 2.3 2.7 2.7 3.0 2.7
Heat Treatment 1.1 1.8 1.8 1.9 2.0 2.7 2.2
Carpentry Industry 1.4 1.6 1.5 1.6 1.4 1.3 1.3
Supports 0.8 1.0 1.1 1.0 0.9 1.2 1.0
Fasteners 0.6 0.7 0.7 0.7 0.7 0.8 0.8
Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Eliminations -0.1 -0.1 0.0 -0.2 -0.1 -0.1 -0.3
Group in total 43.4 42.1 38.9 38.0 37.7 38.6 33.9
EBIT (MEUR) 1Q/13 4Q/12 3Q/12 2Q/12 1Q/12 4Q/11 3Q/11
Digital Printing Services 1.0 1.9 1.0 1.4 1.1 1.3 1.1
Safety -0.2 0.5 0.0 0.4 0.3 0.3 0.4
Takoma -1.0 -2.9 -0.5 -1.0 -0.5 -0.6 -0.4
Value-added Logistics 0.1 0.6 0.5 0.1 0.1 0.3 0.2
Ceiling Materials 0.2
Spare Parts for Motor Vehicles 0.2 0.5 0.3 0.2 0.2 0.4 0.3
Fittings -0.2 0.1 0.0 0.2 0.1 0.0 0.0
Heat Treatment -0.3 0.2 0.2 0.2 0.4 0.7 0.5
Carpentry Industry 0.2 0.4 0.4 0.4 0.2 0.1 0.3
Supports 0.0 0.0 0.2 0.0 0.1 0.2 0.2
Fasteners 0.0 -0.1 0.0 -0.1 -0.1 -0.1 0.0
Other -0.6 -0.8 -0.4 -0.6 -0.7 -0.6 -0.4
Group in total -0.7 0.3 1.6 1.1 1.2 2.0 2.2
Panostaja is an investment company developing Finnish SMEs in the role of an
active majority shareholder. The company aims to be the most sought-after
partner for business owners selling their companies as well as for the best
managers and investors. Together with its partners, Panostaja increases the
Group's shareholder value and creates Finnish success stories.
At present, Panostaja has 11 segments engaging in business operations. Flexim
Security Oy (Safety) is a specialist in security technology and services,
locking, door automation and access control products and solutions. Heatmasters
Group (Heat reatment) offers thermal treatment services for metals in Finland
and internationally, and produces, develops and markets heat treatment
technology. KL-Varaosat (Spare Parts for Motor Vehicles) is an importer,
wholesale dealer and retailer of original spare parts and supplies for Mercedes
Benz and BMW cars. Kopijyvä Oy & DMP-Digital Media Partners Oy (Digital
Printing Services) form Finland's largest company offering digital printing
services and publication and production services. Suomen Helakeskus Oy
(Fittings) is a major wholesaler of construction and furniture fittings in
Finland. Suomen Kiinnikekeskus Oy (Fasteners) is a supply shop in the fastener
field. Matti-Ovi Oy (Carpentry Industry) manufactures and markets, as its main
product, solid wood interior doors. Selog Oy (Ceiling Materials) is a specialty
supplier and wholesaler of ceiling materials. Takoma Oyj (Takoma) is a machine
shop group with an entrepreneur-driven business model and is registered on the
stock exchange. Toimex Oy (Supports) works in the HEPAC field, manufacturing
and selling supports. Vindea Oy (Value-added Logistics) is an enterprise
specialized in value-added logistics services for the Finnish metal industry.
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