|
|||
2007-05-09 07:47:49 CEST 2007-05-09 07:47:49 CEST REGLAMENTUOJAMA INFORMACIJA Kyro - Quarterly reportGLASTON S YEAR BEGINS SATISFACTORILYKYRO CORPORATION STOCK EXCHANGE RELEASE 9 MAY 2007 8.30 a.m. January-March key figures - Agreement on sale of Energy business takes effect on 1 July 2007 - The Group's business divided into Continuing Operations (Glaston Technologies and parent company Kyro Corporation, reported here as Glaston) and Discontinued Operations (Energy) - Kyro Corporation changes to Glaston Corporation on 1 June 2007; a new corporate identity has been launched - A new organisational model and redivision of business areas will be outlined in a separate release - Due to a change in revenue recognition practice, restated figures are given for comparison with 2006 - Glaston's net sales EUR 58.2 (45.9) million - Operating profit EUR 1.7 (-1.2, excluding non-recurring items) million - Profit before taxes EUR 1.9 (1.7) million - Profit (after taxes) EUR 0.6 (-1.4) million - New machine orders EUR 42.5 (29.0) million - Glaston's order book EUR 92.5 (69.4) million PRESIDENT & CEO MIKA SEITOVIRTA:"Glaston's year started on a positive note and order intake is above the previous year's level. The first quarter was good for Bavelloni and Tamglass Glass Processing, and safety glass machine orders in Northern Asia and the EMA area also grew. The North American market developed more weakly than expected. The strategically important OSP order intake exceeded its targets, with the Chinese market being particularly strong. In addition, efficiency programmes being carried out in Bavelloni and Tamglass Glass Processing have progressed according to plan, and an estimated EUR 4.5 million savings will be realised this year," says Seitovirta. In safety glass machines, on the other hand, unforeseen expenses for new products and product series launched in 2006 contributed to a weakening of profitability in the early part of the year. A weaker US dollar also adversely affected the result. After Sales business volume and profitability improved due to good development of spare part and accessory sales. Improving profitability is our number one priority. The result was improved, but still remained unsatisfactory. Overall, Glaston has made a bright start to 2007. The Energy business area solution now being finalised gives us the opportunity to focus completely on building a profit-seeking, customer-oriented Glaston", continues Seitovirta. CHANGE IN REPORTING PRACTICE The Energy business area consists of the electricity and heat generating gas-fired combi power plant of Kyro Power Oy. On 29 September 2006, Kyro signed with M-real Corporation an agreement by which Kyro has the right to sell and M-real the right to buy the energy business operations in summer 2007, when the existing energy delivery contract between the companies expires. This transaction will be completed on 1 July 2007. Glaston announced details of the sale of its Energy business area in a separate stock exchange release on 7 May 2007. Kyro's figures are in this report divided into Continuing Operations and Discontinued Operations. Continuing Operations consists of the Glaston Technologies business area and the operations of the parent company, Kyro Corporation. In due course they will become Glaston, which in this interim report is Kyro's only reporting segment. The 2006 interim report and annual financial statement figures of Continuing Operations have been restated to correspond to the accounting principles introduced in the Group on 1 January 2007. The Discontinued Operations' Energy business area figures are published in accordance with the reporting practice of the IFRS 5 standard Discontinued Operations. Energy's result is presented in a single line in the consolidated income statement. Energy's non-current assets held for sale and liabilities relating to non-current assets held for sale have been presented separately in the balance sheet. Both income statement and balance sheet items have been presented in more detail in the table to be found at the end of this release. CHANGE IN REVENUE RECOGNITION PRACTICE The proportion of the Group's turnover accounted for by glass processing machines sold as customer-tailored and comprehensive deliveries has grown significantly. In consequence of this, from 1 January 2007 the Group will recognise such glass processing machine deliveries on the basis of degree of completion of the delivery in accordance with IAS 11 standard Construction Contracts. Revenue recognition according to IAS 11 better describes the nature and forecastability of the operations in question. Comparison data for 2006 have been restated to correspond with the new recognition practice in accordance with the IFRS 8 standard. The effects of the restatements in the Group's 2006 income statement and balance sheet have been presented at the end of this release. In terms of the restated 2006 financial statements, EUR 15.8 million in net sales, and correspondingly EUR 4.4 million in operating profit, were transferred to the previous financial period. Kyro's equity ratio for 2006 fell by 0.3 percentage points 61.9 per cent. Because income from glass processing machines will be recognised more quickly due to the new recognition practice, inventories, interest-free debt (advances received) and order book will fall. On the other hand, trade receivables will grow. The change in revenue recognition practice will have no impact on the Group's profit-making capacity in future. KYRO'S NET SALES, OPERATING PROFIT AND ORDER BOOK In January-March Kyro's Continuing Operations', i.e. Glaston's, net sales grew by EUR 12.3 million, 26.8 per cent, and totalled EUR 58.2 (45.9) million. Operating result grew by EUR 2.9 million and was EUR 1.7 (-1.2, excluding non-recurring items) million, representing 2.9 (-2.7) per cent of net sales. Figures presented as comparison data for the first quarter 2006 are resta ted. In terms of the comparison quarter, EUR 9.0 million of net sales and EUR 4.3 million of operating profit were transferred to the previous year. Result before taxes was EUR 1.9 (-1.7) million. The result for the financial period was EUR 0.6 (-1.4) million. Net financial items totalled EUR 0.2 (0.2) million. This includes interest, dividend and other financial income of EUR 0.7 (0.5) million, and interest and other financial expenses of EUR -0.5 (0.3) million. Kyro's Discontinued Operations' result for the financial period was EUR 1.5 (1.2) million. Return on invested capital was 10.8 (0.2) per cent. Earnings per share were EUR 0.03 (0.00) and equity per share was EUR 1.71 (1.63). First quarter net sales grew significantly, despite the adverse impact of a weakened US dollar. In addition to the US dollar, operating profit was further burdened by unforeseen expenses for new safety glass machines launched in 2006. Tamglass Glass Processing successfully transferred raw glass price increases into the prices of its own products. The reorganisation programme has advanced in all respects according to plan. The pre-processing and safety glass markets, apart from North America, have developed favourably. The European safety glass market was clearly better than the previous year, but still below the level of 2005. The pre-processing machine market showed slight growth. The Chinese market was clearly at a higher level than in the corresponding quarter of 2006. Rest of the APAC area developed more slowly. Glaston's net sales, operating profit and order book, EUR million Net sales Operating profit Order book 1-3/2007 1-3/2006 1-3/2007 1-3/2006 3/2007 3/2006 Glaston 58.2 45.9 1.7 -1.2 92.5 69,4 Non-recurring items -0.7 Total 58.2 45.9 1.7 -1.9 92.5 69,4 FINANCING The Group's financial standing is good. On 31 March 2007, the equity ratio was 59.1 (on 31 December 2006 61.9) per cent. Cash flow from Kyro's Continuing Operations was EUR -3.2 (1.7) million, and cash flow from investments was EUR -1.7 (-2.1) million. Cash flow from financing was 1.8 (-0.2) million euros, including dividends paid during the period worth 6.5 (12.2.) million euros. Cash flow from Discontinued Operations was 4.6 (0.4) million euros. The Group's liquid funds on 31 March 2007 totalled EUR 12.0 (on 31 December 2006 10.5) million. Interest-bearing net liabilities amounted to EUR 3.4 (-12.6) million. Gearing stood at 2.5 (-9.8) per cent. CAPITAL EXPENDITURE The Group's capital expenditure in January-March totalled EUR 1.7 (2.3) million. This figure includes capitalised product development costs of EUR 0.6 million as well as routine repair and maintenance investments. ORGANISATION AND PERSONNEL Mika Seitovirta M.Sc.(Econ.) became the Group's new President and CEO on 1 January 2007. The Group had 1,193 (1,247) employees on 31 March 2007. The number of Group employees working in Finland was 425 (448), while the number working abroad was 768 (799). The average number of employees was 1,205 (1,240). SHARES AND SHARE PRICES A total of 1,294,298 (3,150,052) Kyro Corporation (KRO1V) shares were traded in the period January-March, representing 1.6 (4.0) per cent of the total number of shares. The lowest price paid for a share on the Helsinki Exchanges was EUR 3.90 and the highest price EUR 4.53. The average price during the period was EUR 4.19. DECISIONS OF THE ANNUAL GENERAL MEETING The Annual General Meeting of Kyro Corporation held on 13 March 2007 decided on the matters pertaining to the Annual General Meeting under Article 14 of the Articles of Association. The meeting approved the financial statements for 2006 and released the Board of Directors and the President & CEO from liability for the financial year. The Annual General Meeting decided, in accordance with a proposal of the Board of Directors and based on the confirmed balance sheet, that a dividend of EUR 0.09 per share, a total of EUR 7.1 million, be distributed for the financial period ending 31 December 2006. The Annual General Meeting decided to amend Article 1 relating to the company's business name, so that the company's business name becomes Glaston Oyj Abp (in English, Glaston Corporation). The new business name will be adopted as of 1 June 2007. In addition, it was decided to amend the Articles of Association in accordance with the new Companies Act, with Article 3 relating to the minimum and maximum share capital and nominal value of shares being deleted. Article 4 relating to the book-entry system was amended, so that those items other than the mention of the company's shares belonging to the book entry system were deleted. Article 7 of the Articles of Association was amended, so that signing of the business name was changed to right of representation. Adjustments required by the new Companies Act were made to Article 12 relating to the invitation to attend a meeting of shareholders and to Article 14 relating to the business of the Annual General Meeting. The Annual General Meeting authorised the Board of Directors to acquire the company's own shares up to a maximum of 7,605,096 shares. The shares can be acquired to develop the company's capital structure, in financing or implementing possible company acquisitions or other arrangements, as part of the company's or its subsidiaries incentive schemes or to be retained by the company or otherwise disposed of or invalidated. The Annual General Meeting also decided to authorise the Board of Directors to decide on the issuing of new shares and own shares and/or the disposal of own shares in the company's possession either against payment or without payment. By virtue of the authorisation, the Board of Directors is entitled to decide on the issuing of a maximum of 7,935,000 new shares and/or the disposal of a maximum of 7,935,000 own shares possessed by the company, yet so that the total number of shares issued and/or disposed of can be a maximum of 7,935,000 shares. Shares can be issued or disposed of in exception to shareholders' pre-emptive subscription rights without payment only if the company has a substantial financial reason for doing so and the interests of all the company's shareholders are taken into account. The Board of Directors may also decide on a free share issue to the company itself. The authorisation is valid until the end of the 2009 Annual General Meeting. On 31 March 2007, Kyro Corporation held a total of 329,904 (329,904) of its own shares, acquired on the basis of earlier authorisations. The company did not exercise the new authorisation in January-March. As of the end of Annual General Meeting, the members of Board of Directors for the next one-year period are Andreas Tallberg, Claus von Bonsdorff, Klaus Cawén, Jan Hasselblatt, Carl-Johan Rosenbröijer and Christer Sumelius. The Board of Directors elected Andreas Tallberg as Chairman of the Board of Directors and Christer Sumelius as Deputy Chairman. KPMG Wideri Oy Ab continues as the auditor of Kyro Corporation, with Sixten Nyman, Authorised Public Accountant, as the responsible auditor. EVENTS AFTER THE REVIEW PERIOD On 13 April 2007, Paolo Ceni was appointed Managing Director of Bavelloni, which is part of Glaston. The appointment was announced a separate release. Glaston's Vice President, Global Sales, Kaj Appelberg, left the Kyro Group on 19 April 2007. Kyro announced on 7 May 2007 that an agreement on the sale of the Group's Energy business area will be completed on 1 July 2007. A statement of Glaston's new organisational structure and redivision of business areas has been announced in a separate release issued today, 9 May 2007. UNCERTAINTIES IN THE NEAR FUTURE Glaston's general, long-term risks have been extensively discussed in the 2006 financial statements. The Group considers the uncertainties in the near future to include: The trend of the US market and the US dollar exchange rate. The price trend and availability of raw materials and components. The completion of the Bavelloni and Tamglass Glass Processing efficiency programmes according to plan. FUTURE PROSPECTS In the early months of 2007, the level of Glaston's order book is good. Based on current market prospects and the savings achieved by the previous year's efficiency measures, Glaston expects to increase its net sales and operating profit in 2007. Helsinki, 9 May 2007 KYRO CORPORATION BOARD OF DIRECTORS Additional information about the interim report can be obtained from Kyro Group's President & CEO Mika Seitovirta and Chief Financial Officer Kimmo Lautanen, tel. +358 9 5422 3300. Investor relations: IR and Communications Manager Emmi Berlin, tel. +358 400 903 260 / emmi.berlin@kyro.fi, IR pages at the Internet address www.kyro.fi. Distribution Helsinki Stock Exchange, key media Kyro Group Consolidated Income Statement, EUR million Restated Restated 1-3/2007 1-3/2006 1-12/2006 Continuing Operations Net sales 58,2 45,9 218,9 Other operating income 0,2 0,8 2,4 Operating expenses 55,3 46,5 205,0 Non-recurring items 0,7 5,2 Depreciation 1,4 1,5 5,4 Operating result 1,7 -1,9 5,6 % of net sales 2,9 -4,1 2,6 Operating result excluding non-recurring items 1,7 -1,2 10,9 % of net sales 2,9 -2,7 5,0 Financial income and expenses 0,2 0,2 0,3 Result before taxes 1,9 -1,7 5,9 Income tax -1,3 0,4 -1,7 Result for the financial period, Continuing Operations 0,6 -1,4 4,2 Discontinued Operations Profit for the financial period, Discontinued Operations 1,5 1,3 4,8 Result for the financial period 2,1 -0,1 8,9 Distribution of result for financial period To parent company shareholders 2,1 -0,1 8,9 To minority 0,0 0,0 0,0 Earnings per share, euros, Continuing Operations 0,01 -0,02 0,05 Earnings per share, euros, Discontinued Operations 0,02 0,02 0,06 Earnings/share, euros, total 0,03 0,00 0,12 Consolidated Balance Sheet, EUR million 31.3.2007 31.3.2006 31.12.2006 Assets Non-current assets 108,0 124,5 123,2 Inventories 47,8 50,9 49,5 Trade and other receivables 68,3 72,6 66,9 Assets recognised at fair value through profit and loss 0,0 0,2 0,1 Cash and cash equivalents 12,0 15,9 10,5 Non-current assets held-for-sale 14,6 Assets, total 250,7 264,2 250,2 Shareholders' equity and liabilities Shareholders' equity attributable to parent company shareholders 135,1 129,4 140,1 Minority interest 0,0 0,0 0,0 Shareholders' equity, total 135,2 129,5 140,1 Non-current interest-bearing liabilities 0,6 1,3 0,6 Non-current interest-free liabilities 14,5 15,1 14,9 Current interest-bearing liabilities 15,0 3,7 7,4 Current interest-free liabilities 85,2 114,7 87,1 Liabilities relating to non-current assets held for sale 0,4 Shareholders' equity and liabilities, total 250,7 264,2 250,2 Kyro Group Restated Restated Financial indicators 31.3.2007 31.3.2006 31.12.2006 Number of shares, 1,000 79350 79350 79350 - of which outstanding 79020 79020 79020 Return on invested capital, % 10,8 0,2 8,8 Return on equity, % 6,1 -0,3 6,3 Equity ratio, % 59,1 57,6 61,9 Gearing, % 2,5 -9,8 -1,9 Equity per share, EUR 1,71 1,63 1,77 Investments, EUR million 1,7 2,3 12,0 Personnel at end of year 1193 1247 1211 Personnel (average) 1205 1240 1264 Order book, Continuing Operations, EUR million 92,5 69,4 97,8 Statement of change in consolidated shareholders' equity Shareholders'equity attributable to parent company shareholders Share Fair Share premium Translation value Own Re-tained Minor-ity Share-holders' EUR million capit-al account differences fund shares earn-ings Total inte-rest equity, total Shareholders' equity 1.1.2007 12,7 25,3 0,4 -0,2 -1,0 102,8 140,1 0,0 140,1 Cash flow hedgings, less taxes: Profits and losses recognised in shareholders' equity 0,3 0,3 0,3 Translation differences -0,3 -0,3 -0,3 Profits or losses from hedging of net investments in foreign units, less taxes 0,1 0,1 0,1 Profit for the financial period 2,1 2,1 2,1 Income and expenses recognised in the period, total -0,2 0,3 2,1 2,2 0,0 2,2 Dividend distribution -7,1 -7,1 -7,1 Shareholders' equity 31.3.2007 12,7 25,3 0,2 0,1 -1,0 97,8 135,1 0,0 135,2 Share Fair Share premium Translation value Own Re-tained Minor-ity Shareholders' EUR million capital account differences fund shares earn-ings Total inter-est equity, total Shareholders' equity 1.1.2006 12,7 25,3 1,5 -1,6 -1,0 102,0 139,0 0,0 139,0 Adjustment 5,3 5,3 5,3 Adjusted shareholders' equity 1.1.2006 12,7 25,3 1,5 -1,6 -1,0 107,3 144,3 0,0 144,3 Cash flow hedgings, less taxes: Profits and losses recognised in shareholders' equity -1,1 -1,1 -1,1 Translation differences -0,3 -0,3 -0,3 Profit for the financial period -0,1 -0,1 0,0 -0,1 Income and expenses recognised in the period, total -0,3 -1,1 -0,1 -1,5 -1,5 Dividend distribution -13,4 -13,4 -13,4 Adjusted shareholders' equity 31.3.2006 12,7 25,3 1,2 -2,6 -1,0 93,8 129,4 0,0 129,5 Kyro Group Consolidated cash flow statement, EUR 1000 Restated Restated 1.1.-31.3.2007 1.1.-31.3.2006 1.1.-31.12.2006 Cash flow from business operations, Continuing Operations Profit for the financial period 0,6 -1,4 4,2 Adjustments 1,3 4,2 1,2 Cash flow before change in working capital 1,9 2,9 5,5 Change in working capital -3,1 0,2 -3,1 Cash flow from operations before financial items and taxes -1,2 3,1 2,4 Operating result excluding non-recurring items 0,0 0,2 0,8 Dividends received 0,0 0,0 0,0 Interest paid -0,1 -0,1 -1,0 Taxes paid -1,9 -1,5 -7,5 Cash flow from business operations -3,2 1,7 -5,2 Cash flow from investments, Continuing Operations Investments in tangible and intangible assets -1,8 -2,2 -10,9 Proceeds from the sale of tangible and intangible assets 0,1 2,8 Proceeds from disposal of available-for-sale equity investments 3,2 Change in long-term loan receivables 0,1 1,1 Taxes on proceeds of disposal of energy business operations in 2005 -2,9 Cash flow from investments -1,7 -2,1 -6,9 Cash flow from financing, Continuing Operations Drawings of short-term loans 8,3 1,9 5,6 Repayments of long-term loans -0,6 Dividends paid -6,5 -12,2 -13,4 Cash flow from financing 1,8 -10,2 -8,4 Discontinued Operations Cash flow from business operations 4,6 0,4 4,7 Cash flow from investments 0,0 0,0 0,1 Cash flow from financing 0,0 0,0 0,0 Cash flow from Discontinued Operations 4,6 0,4 4,8 Change in cash and cash equiv. 1,5 -10,3 -15,7 Cash and cash equiv. at beginning of period 10,5 26,3 26,3 Cash and cash equiv. at end of financial period 12,0 15,9 10,5 Contingent liabilities, EUR million 31.3.2007 31.3.2006 31.12.2006 Company mortgages 0,2 0,2 0,2 Other own liabilities 5,0 7,4 5,6 Kyro Group Consolidated Income Statement, EUR million by quarter Re-stated Re-stated 1-3/ 1-3/ 4-6/ 4-6/ 2006 Change 2006 2006 Change 2006 Continuing Operations Net sales 54,9 -9,0 45,9 55,3 -2,7 52,7 Other operating income 0,8 0,8 0,2 0,2 Operating expenses 51,2 -4,7 46,5 50,8 -2,5 48,3 Non-recurring items 0,7 0,7 0,0 0,0 Depreciation 1,5 1,5 1,5 1,5 Operating result 2,4 -4,3 -1,9 3,3 -0,1 3,2 % of net sales 4,3 -4,1 5,9 6,0 Operating result excluding non-recurring items 3,0 -4,3 -1,2 3,3 -0,1 3,2 % of net sales 5,5 -2,7 5,9 6,0 Financial income and expenses 0,2 0,2 -0,2 -0,2 Result before taxes 2,5 -4,3 -1,7 3,0 -0,1 2,9 Income tax -0,9 1,2 0,4 0,5 0,1 0,7 Result for the financial period, Continuing Operations 1,6 -3,0 -1,4 3,6 0,0 3,6 Discontinued Operations Profit for the financial period, Discontinued Operations 1,3 1,3 0,9 0,9 Result for the financial period 2,9 -3,0 -0,1 4,5 0,0 4,5 Distribution of result for financial period To parent company shareholders 2,9 -3,0 -0,1 4,5 0,0 4,5 To minority 0,0 0,0 0,0 0,0 0,0 0,0 Earnings per share, euros, Continuing Operations 0,02 -0,04 -0,02 0,05 0,00 0,05 Earnings per share, euros, Discontinued Operations 0,02 0,02 0,01 0,01 Consolidated Income Statement, EUR million by quarter Re-stated Re-stated 7-9/ 7-9/ 10-12/ 10-12/ 2006 Change 2006 2006 Change 2006 Continuing Operations Net sales 51,3 5,0 56,3 73,1 -9,2 64,0 Other operating income 0,7 0,7 0,7 0,7 Operating expenses 48,3 3,8 52,1 66,1 -7,9 58,2 Non-recurring items 1,1 1,1 3,5 3,5 Depreciation 1,5 1,5 1,0 1,0 Operating result 1,2 1,2 2,4 3,2 -1,3 1,9 % of net sales 2,4 4,3 4,4 3,0 Operating result excluding non-recurring items 2,3 1,2 3,5 6,7 -1,3 5,5 % of net sales 4,4 6,2 9,2 8,5 Financial income and expenses 0,5 0,5 -0,2 -0,2 Result before taxes 1,7 1,2 2,9 3,0 -1,3 1,7 Income tax -0,6 -0,3 -1,0 -2,0 0,2 -1,8 Result for the financial period, Continuing Operations 1,1 0,9 2,0 1,0 -1,0 0,0 Discontinued Operations Profit for the financial period, Discontinued Operations 1,5 1,5 1,1 1,1 Result for the financial period 2,6 0,9 3,5 2,1 -1,0 1,1 Distribution of result for financial period To parent company shareholders 2,6 0,9 3,5 2,1 -1,0 1,1 To minority 0,0 0,0 0,0 0,0 0,0 0,0 Earnings per share, euros, Continuing Operations 0,01 0,01 0,02 0,01 -0,01 0,00 Earnings per share, euros, Discontinued Operations 0,02 0,02 0,01 0,01 Consolidated Income Statement, EUR million cumulative at end of period Re-stated Re-stated 1-3/ 1-3/ 1-6/ 1-6/ 2006 Change 2006 2006 Change 2006 Continuing Operations Net sales 54,9 -9,0 45,9 110,2 -11,6 98,6 Other operating income 0,8 0,8 1,0 1,0 Operating expenses 51,2 -4,7 46,5 102,0 -7,3 94,8 Non-recurring items 0,7 0,7 0,7 0,7 Depreciation 1,5 1,5 2,9 2,9 Operating result 2,4 -4,3 -1,9 5,6 -4,4 1,2 % of net sales 4,3 -4,1 5,1 1,2 Operating result excluding non-recurring items 3,0 -4,3 -1,2 6,3 -4,4 1,9 % of net sales 5,5 -2,7 5,7 1,9 Financial income and expenses 0,2 0,2 0,0 0,0 Result before taxes 2,5 -4,3 -1,7 5,6 -4,4 1,2 Income tax -0,9 1,2 0,4 -0,3 1,4 1,0 Result for the financial period, Continuing Operations 1,6 -3,0 -1,4 5,2 -3,0 2,2 Discontinued Operations Profit for the financial period, Discontinued Operations 1,3 1,3 2,1 2,1 Result for the financial period 2,9 -3,0 -0,1 7,4 -3,0 4,3 Distribution of result for financial period To parent company shareholders 2,9 -3,0 -0,1 7,4 -3,0 4,3 To minority 0,0 0,0 0,0 0,0 0,0 0,0 Earnings per share, euros, Continuing Operations 0,02 -0,04 -0,02 0,07 -0,04 0,03 Earnings per share, euros, Discontinued Operations 0,02 0,02 0,03 0,03 Consolidated Income Statement, EUR million cumulative at end of period Re-stated Re-stated 1-9/ 1-9/ 1-12/ 1-12/ 2006 Change 2006 2006 Change 2006 Continuing Operations Net sales 161,5 -6,6 154,9 234,6 -15,8 218,9 Other operating income 1,7 1,7 2,4 2,4 Operating expenses 150,3 -3,5 146,8 216,4 -11,3 205,0 Non-recurring items 1,7 1,7 5,2 5,2 Depreciation 4,4 4,4 5,4 5,4 Operating result 6,8 -3,1 3,7 10,1 -4,4 5,6 % of net sales 4,2 2,4 4,3 2,6 Operating result excluding non-recurring items 8,6 -3,1 5,4 15,3 -4,4 10,9 % of net sales 5,3 3,5 6,5 5,0 Financial income and expenses 0,5 0,5 0,3 0,3 Result before taxes 7,3 -3,1 4,2 10,3 -4,4 5,9 Income tax -1,0 1,0 0,1 -3,0 1,3 -1,7 Result for the financial period, Continuing Operations 6,3 -2,1 4,2 7,3 -3,2 4,2 Discontinued Operations Profit for the financial period, Discontinued Operations 3,6 3,6 4,8 4,8 Result for the financial period 10,0 -2,1 7,8 12,1 -3,2 8,9 Distribution of result for financial period To parent company shareholders 10,0 -2,1 7,8 12,1 -3,2 8,9 To minority 0,0 0,0 0,0 0,0 0,0 0,0 Earnings per share, euros, Continuing Operations 0,08 -0,03 0,05 0,09 -0,04 0,05 Earnings per share, euros, Discontinued Operations 0,05 0,05 0,06 0,06 Re-stated Re-stated Consolidated Balance Sheet, 31.3. 31.3. 30.6. 30.6. EUR million 2006 Change 2006 2006 Change 2006 Assets Non-current assets 124,5 124,5 123,8 123,8 Inventories 61,7 -10,8 50,9 65,0 -9,4 55,6 Trade and other receivables 55,5 17,0 72,6 52,0 13,4 65,3 Assets recognised at fair value through profit and loss 0,2 0,2 0,0 0,0 Cash and cash equivalents 15,9 15,9 5,6 5,6 Assets, total 258,0 6,2 264,2 246,4 4,0 250,4 Shareholders' equity and liabilities Shareholders' equity attributable to parent company shareholders 127,2 2,3 129,4 131,6 2,3 133,9 Minority interest 0,0 0,0 0,0 0,0 0,0 0,0 Shareholders' equity, total 127,2 2,3 129,5 131,6 2,3 133,9 Non-current interest-bearing liabilities 1,3 1,3 0,7 0,7 Non-current interest-free liabilities 15,1 15,1 15,7 15,7 Current interest-bearing liabilities 3,7 3,7 4,8 4,8 Current interest-free liabilities 110,8 3,9 114,7 93,6 1,7 95,3 Shareholders' equity and liabilities, total 258,0 6,2 264,2 246,4 4,0 250,4 Re-stated Re-stated Consolidated Balance Sheet, 30.9. 30.9. EUR million 2006 Change 2006 31.12.2006 Change 31.12.2006 Assets Non-current assets 123,7 123,7 123,2 123,2 Inventories 64,1 -12,4 51,8 54,7 -5,3 49,5 Trade and other receivables 53,9 20,2 74,1 57,1 9,8 66,9 Assets recognised at fair value through profit and loss 0,1 0,1 0,1 0,1 Cash and cash equivalents 10,5 10,5 10,5 10,5 Assets, total 252,3 7,9 260,2 245,6 4,6 250,2 Shareholders' equity and liabilities Shareholders' equity attributable to parent company shareholders 133,6 3,2 136,7 138,0 2,1 140,1 Minority interest 0,0 0,0 0,0 0,0 0 0,0 Shareholders' equity, total 133,6 3,2 136,8 138,0 2,1 140,1 Non-current interest-bearing liabilities 0,6 0,6 0,6 0,6 Non-current interest-free liabilities 15,7 15,7 14,9 14,9 Current interest-bearing liabilities 7,3 7,3 7,4 7,4 Current interest-free liabilities 95,0 4,7 99,7 84,7 2,5 87,1 Shareholders' equity and liabilities, total 252,3 7,9 260,2 245,6 4,6 250,2 Kyro Group Discontinued Operations in notes Notes to the income statement Discontinued Operations 1-3/2007 1-3/2006 1-12/2006 Result of energy business operations Income 8,8 9,0 38,8 Expenses 6,8 7,4 32,4 Profit before taxes 2,1 1,7 6,4 Operating result excluding non-recurring items -0,5 -0,4 -1,7 Profit after taxes 1,5 1,3 4,8 Notes to the balance sheet Energy operations' assets classed as held for sale 31.3.2007 Intangible rights 0,4 Tangible assets 14,0 Inventories 0,2 Assets, total 14,6 Energy operations' liabilities classed as held for sale 31.3.2007 Accruals and deferred income 0,4 Liabilities, total 0,4 Continuing Operations' restated net sales, operating result and order book, EUR million 1-3/06 4-6/06 7-9/06 10-12/06 1-3/07 Net sales 45,9 52,7 56,3 64,0 58,2 Operating result excluding non-recurring items -1,2 3,2 3,5 5,5 1,7 % -2,7 6,0 6,2 8,5 2,9 03/06 06/06 09/06 12/06 03/07 Order book 69,4 81,8 93,8 97,8 92,5 Accounting principles The interim report has been prepared applying recognition and valuations principles according to IFRS standards, but in its preparation not all of the requirements of the IAS 34 standard have been applied. The accounting principles of the interim report are the same as those presented in the financial statements dated 31 December 2006, except for the following changes: 1 On 1 January 2007, the Group adopted the IFRS 7 standard Financial Instruments: Disclosures in the Financial Statements and well as the amendment to the IAS 1 standard relating to capital data to be presented in the financial statements. The introduction of both standards chiefly impacts on data to be presented in the notes of the Group's future financial statements. 2 The proportion of the Group's turnover accounted for by glass processing machines sold as customer-tailored and comprehensive deliveries has grown significantly, and in consequence of this, from 1 January 2007 the Group will recognise such glass processing machine deliveries on the basis of degree of completion of the delivery in accordance with IAS 11 standard Construction Contracts. Comparison data have been restated to correspond with the new recognition practice. The effect of the restatement on financial statement figures reported in this interim report are presented in the separate tables. The same calculation principles as in the 2006 financial statements have been applied in the calculation of the key figures presented in this interim report. The calculation principles for key figures are outlined in the previous year's financial statements. The data presented in the interim report are unaudited. |
|||
|