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2008-09-12 16:00:00 CEST 2008-09-12 16:00:00 CEST REGULATED INFORMATION Panostaja Oyj - Interim report (Q1 and Q3)PANOSTAJA GROUP INTERIM REPORT 1 NOVEMBER 2007 - 31 JULY 2008Panostaja Oyj Interim report, 12th September 2008 17.00 pm PANOSTAJA GROUP INTERIM REPORT 1 NOVEMBER 2007 - 31 JULY 2008 - Net turnover stood at EUR 85.3 million (EUR 43.5 million), equivalent to 96% growth. - Operating profit stood at EUR 3.3 million (EUR 1.9 million), equivalent to 77% growth. - Earnings per share (basic) were 24.8 cents (9.9 cents). - Earnings per share (diluted) were 21.4 cents (8.0 cents). - Equity per share was EUR 0.90 (EUR 0.78) and the equity ratio was 36.4% (38.1%). - During the reporting period Panostaja Oyj sold its shares in Arme Oy and expanded into digital printing services and environmental technology as a result of acquisitions - Net turnover for continuing business operations for the financial year will increase significantly due to business acquisitions made. - Operating profit for continuing business operations for the financial year will be up on the previous year. This Interim Report was prepared in compliance with the recognition and measurement principles of the International Financial Reporting Standards (IFRS) and in accordance with the same accounting policies as the financial statements for 2007. GROUP FINANCIAL PERFORMANCE Panostaja Group's net turnover for the reporting period was EUR 85.3 million (EUR 43.5 million). Growth in net turnover mainly resulted from acquisitions made during the previous financial year. The Group's operating profit was EUR 3.3 million (EUR 1.9 million), while profit before taxes was EUR 1.6 million (EUR 1.3 million). The Group's operating profit improved due to the rise in net turnover. The operating margin was 3.9% (4.3%). Owing to the acquisition realised on 3 July 2008, the Arme Group disappeared entirely from the results for continuing business operations for the Panostaja Group in the financial year and reference period. Arme's overall contribution to Panostaja's profits for the year 1.11.2007 - 31.10.08 is EUR 10.5 million, as the profit from the sale of the shares is treated as taxable income. The Group's net financial expenditure was about EUR 1.7 million. It employed an average of 730 (522) staff during the reporting period INVESTMENTS AND FINANCING The Group's gross capital expenditure during the reporting period was EUR 20.5 million (EUR 14.3 million). The most important investment during the reporting period was the acquisition of Hervannan Koneistus Oy by Takoma Oyj. The Group's equity ratio was 36.4% (38.1%). Dividends distributed during the period amounted to EUR 3.97 million. Dividends paid to minority shareholders in subsidiaries amounted to EUR 0.47 million. The Equity Rebate paid to the shareholders amounted to 14.0% of Takoma Oyj's share capital, equivalent to EUR 3.75 million at the time of the decision. During the reporting period, the Group acquired an interest-rate cap agreement to act as a hedge against the loans raised by Group companies during the financial year 2007, totalling EUR 24.82 million. CHANGES TO THE GROUP STRUCTURE Takoma Oyj (formerly Suomen Helasto Oyj), Panostaja Oyj's publicly listed subsidiary, purchased the share capital of Hervannan Koneistus Oy from Kimmo Korhonen and the business operation of Tampereen Laatukoneistus Oy from Panostaja Oyj through transactions carried out on 1 November 2007. Acquisitions were made on the basis of authorisations granted by Takoma Oyj's Annual General Meeting on 17th October 2007. Takoma Oyj signed a share exchange agreement with Kimmo Korhonen, owner of Hervannan Koneistus Oy, whereupon Mr. Korhonen surrendered the entire share capital of Hervannan Koneistus Oy to Takoma. To this end, Takoma Oyj's Board of Directors decided to increase the company's share capital by EUR 159,775.50 to EUR 939,855.96 by launching a share issue disapplying shareholders' pre-emption rights and to give Kimmo Korhonen 2,662,925 new Takoma Oyj shares at a subscription price of EUR 1.84 per share in exchange. The value of the share exchange, according to the closing price of Suomen Helasto Oyj's share on 31 October 2007, was EUR 4.9 million. Disapplication of pre-emption rights was authorised by the General Meeting and there were pressing financial reasons for following this course of action from the Company's point of view. New shares were issued as part of an acquisition relating to restructuring. The new shares surrendered to Kimmo Korhonen were entered in the Trade Register on 28 November 2007, meaning that Panostaja Oyj's holding in Takoma Oyj dropped to 79.19%, thus causing Panostaja Oyj to forfeit its right and obligation of redemption as a majority shareholder under Chapter 18, section 1 of the Finnish Companies Act in respect of Takoma Oyj shares. On 1st November 2007, Takoma Oyj's subsidiary, Causatak Oy, purchased the business operation of Tampereen Laatukoneistus Oy, part of the Panostaja Group, at a price of EUR 3.7 million. Assets outside the ordinary course of business, including premises owned by the company, remained with the selling company as part of the deal. Panostaja Oyj purchased the entire share capital of Kopijyvä Oy with a bill of sale signed on 29 April 2008 and the deal became binding on both parties on 2 May 2008. Kopijyvä Oy is one of Finland's biggest companies providing digital printing services. After 30 years in the business, the firm has sound experience of copying, construction drawings, posters and four-colour as well as black and white print products. The group's annual turnover is around EUR 11 million. Kopijyvä employs about 130 staff and has offices in Jyväskylä, Kuopio, Joensuu, Varkaus, Kouvola, and - as from September 2008 - Mikkeli. But, thanks to its affiliates/associated companies and network of partners, the firm operates in a total of 16 locations. There are also offices abroad - in St Petersburg and Tallinn. Heimo Viinanen, CEO of Kopijyvä Oy, will continue to run the company and be a significant minority shareholder. The final price of the deal was confirmed between the parties on 22 May 2008 at EUR 16,983,490.60. On 2 May 2008 Panostaja Oyj signed an agreement to acquire the business operation of Ecosir Oy, a company established in 1996 specialising in solutions for waste management and property maintenance equipment. With the acquisition, Panostaja expanded its operation and established a new business area specialising in environmental technology. Furthermore, on 1 July 2008 the entire share capital of Kospa OY, a company manufacturing waste treatment equipment, was purchased. The combined annual turnover for Ecosir and Kospa is around EUR 5.7 million and the companies employ a total of 32 staff. In its Financial Statements Bulletin of 11 December 2007 the Board of Directors of Panostaja Oyj said it had decided to start exploring the possibilities of distributing Takoma Oyj shares as dividends to Panostaja Oyj shareholders. The exploratory work reached an end on 22 May 2008 and, instead of a distribution of dividends, the Panostaja Board decided to propose at an extraordinary general meeting that the shareholders should be refunded their capital out of the invested unrestricted shareholder's capital fund paid either in the form of Takoma shares or cash ('Equity Rebate'). The Equity Rebate also involved a sale of shares (seasoned equity offering) ('Sale of Shares'). The summary of the Equity Rebate and Sale of Shares and the relevant securities note were approved by the Financial Supervision Authority on 2 June 2008. In the preliminary ruling on the Equity Rebate and Sale of Shares the Tax Office for Major Corporations decided on the basis of an overall assessment that Panostaja was a capital investor (venture capital company) within the meaning of section 6 of the Finnish Business Tax Act, meaning that the profit (capital gain) from any sales of Takoma shares given in the form of an Equity Rebate was taxable income for Panostaja. This interpretation by the tax office would, if adhered to, have an impact on the tax treatment of any profits and losses resulting from the surrender of Panostaja's other shares in fixed assets. The interpretation would not, however, have any impact on the tax treatment of shareholders. The proposal by the Board for the Equity Rebate was approved at Panostaja Oyj's extraordinary meeting on 9 June 2008. The company reimbursed to shareholders who owned at least 3,000 Panostaja shares Panostaja-owned Takoma shares according to the value of their holdings. Those shareholders who owned fewer than 3,000 Panostaja shares received their Equity Rebate in the form of cash. The Equity Rebate involved a total of 2,189,127 Takoma OY shares being distributed to 798 Panostaja Oyj shareholders. Cash payments amounted to EUR 112,231.59. The sale of shares in connection with the Equity Rebate involved the sale of 1,166 Takoma Oyj shares in all, for a total of EUR 1,935.56. As a result of the Equity Rebate, Panostaja Oyj's holding in Takoma Oyj fell to 65.21% of shares and votes. CEO Kimmo Korhonen's shareholding in the company remained at 17%. Following the Equity Rebate, 17.79% of Takoma Oyj shares and votes were held by the public. Furthermore, the OMX Nordic Stock Exchange Helsinki announced that the problems regarding the pricing of the Takoma share had been eradicated. The Takoma Oyj share was therefore removed from the watch list on 4 July 2008. Together with the other Arme Oy owners, Panostaja Oyj sold its shares in Arme Oy (69.9% of the share capital) with a bill of sale signed on 3 July 2008 to a fund managed by Sentica Partners Oy. After costs and expert fees, Panostaja Oyj's share of the sale price was EUR 20.0 million. In addition to its liabilities connected with the acquisition, Panostaja financed the purchaser with a temporary loan of EUR 3.5 million. The contribution of the Arme sale to Panostaja Group profits for the year 1.11.2007 - 31.10.08 is approximately EUR 10.5 million, as the profit from the sale of the shares is treated as taxable income. In the preliminary ruling on the Equity Rebate in May 2008 the Tax Office for Major Corporations decided on the basis of an overall assessment that Panostaja was a capital investor (venture capital company) within the meaning of section 6 of the Finnish Business Tax Act, meaning that the profit (capital gain) recorded on the sales of Arme Oy shares would be taxable income for Panostaja. If this interpretation is adhered to, Panostaja Oyj would have to pay EUR 4.6 million in capital gains tax. Panostaja Oyj's view is that the company is not a capital investor as referred to in the Act. As a result of the acquisition, the Arme Group disappeared entirely from the results for continuing business operations for the Panostaja Group in the financial year and reference period. The Panostaja Oyj Board nevertheless adhered to its forecast that the profit for continuing operations in the financial year will be up on the year previous. The comparable operating profit for continuing operations for the Panostaja group in the financial year 2007 was EUR 3.3 million, ignoring the Arme Group. EVENTS SUBSEQUENT TO THE REPORTING PERIOD None. ADMINISTRATION, ANNUAL GENERAL MEETING AND MANAGEMENT Panostaja Oyj's Annual General Meeting was held in Tampere, Finland, on 18 December 2007. Mr. Matti Koskenkorva, Mr. Jukka Ala-Mello and Mr. Hannu Tarkkonen were re-elected to Panostaja Oyj's Board of Directors. New members elected to the Board were Mr. Hannu Martikainen, Honorary Counsellor of Construction Engineering, and Mr. Hannu Ketola, Master of Social Sciences in Political Science. As soon as the Annual General Meeting was concluded, the Board of Directors convened for their organisational meeting and appointed Mr. Matti Koskenkorva Chairman of the Board and Mr. Jukka Ala-Mello Deputy Chairman. As auditors, the AGM re-elected Mr. Hannu Pellinen, APA, and PricewaterhouseCoopers Oy, APA, with Mr. Janne Rajalahti, APA, as the responsible auditor. The AGM approved the financial statements presented for the financial year 1 November 2006 - 31 October 2007 and the Board's proposal to transfer the profit for the period to retained earnings and to distribute EUR 0.09 per share in dividends. The record date for dividend distribution was 21 December 2007 and the payment date was as from 31 December 2007. In addition, the AGM granted discharge in respect of the members of the Board of Directors and the Chief Executive Officer. The Annual General Meeting revoked all authorisations granted at the Annual General Meeting held on 15h December 2006 and authorised the Board of Directors to decide on offering no more than 2,725,659 Class A shares and no more than 62,794,408 Class B shares through a regular or bonus issue or by granting share options and other rights referred to in Chapter 10, section 1 of the Companies Act, in one or more tranches. The authorisation does not exclude the Board's right to decide on private placements or on granting the aforementioned special rights. The authorisation covers the Board's right to decide on any terms and conditions of the share issue(s) and said special rights, including recipients of shares or special rights and the amounts payable in consideration. The Annual General Meeting authorised the Board of Directors, within the limits of the aforementioned authorisation, to decide on an increase in the share capital through one or more share issues or by granting share options and other rights referred to in Chapter 10, section 1 of the Companies Act, with a maximum of 1,000,000 new Class A shares and a maximum of 60,000,000 new Class B shares being offered for subscription in the issue(s) at a nominal price of EUR 0.12 each. The share capital increase cannot exceed EUR 7,320,000. In addition, the Annual General Meeting authorised the Board of Directors, within the limits of the aforementioned authorisation, to decide on a share issue, granting share options and other rights referred to in Chapter 10, section 1 of the Companies Act, with the company offering no more than 1,725,659 and 2,794,408 of its Class A and B shares respectively. The authorisation will be valid for five years as from the decision taken at the AGM. During the reporting period the Board exercised its authority and sold a total of 335,512 Panostaja Oyj Class B shares (trading code: PNABS) to the members of the management team. The sale was carried out on 12 March 2008 in after hours trading on the Helsinki Stock Exchange. The sale price on 12 March 2008 was the closing price, i.e. EUR 1.07 per share for a total of EUR 358, 997.84. The sale was effected in order to implement the Panostaja Oy management team's incentive scheme. The Annual General Meeting authorised the Board of Directors to decide on buying back the company's own shares using unrestricted shareholders' equity within 18 months from the date of the decision taken at the AGM. The shares are to be acquired with reference to their classes, with the maximum numbers of shares being bought at a nominal value of EUR 0.12 being 1,725,659 Class A shares and 2,794,408 Class B shares, so that the total number of shares being bought will not exceed 10% of the company's total number of shares. The shares will be bought in the way and to the extent decided by the Board to be used as consideration for possible business acquisitions or other restructuring measures or when purchasing assets as part of business operations for the company or a company in the same Group, for developing the company's capital structure, for cancelling shares, or for implementing the incentive scheme for key personnel. The shares will be acquired in disproportion to shareholdings in public trading organised by the Helsinki Stock Exchange at their current price in public trading at the time of purchase. On 1 February 2008 Heikki Nuutila, Master of Social Sciences, was appointed Development Director for Panostaja Oyj and thus invited to become a member of the management. He will be responsible for the development of the parent company's business processes and the Group's real estate development, while also working actively to support business area managers. Mr. Nuutila was CEO of Tutor Partners Oy and a Director at Andersen Global Corporate Finance. Jarkko Iso-Eskeli was invited to become CEO and shareholder in KL-Varaosat, to start from 1 April 2008. He was formerly Export Manager for FennoSteel Oy. Jukka Laakso, CEO of LukkoExpert Security Oy, was invited to be a shareholder in the company on 10 June 2008. Laakso has been CEO of LukkoExpert Security Oy since 2005. SHARE CAPITAL AND OWN SHARES At the end of the reporting period, Panostaja Oyj's share capital stood at EUR 5,529,081.60. The numbers of issued Class A and B shares amounted to 17,256,595 and 28,819,085 respectively (27,944,085 old and 875,000 new). According to a notification received by Panostaja Oyj on 18 March 2008, Olli Halmevuo's holding in Panostaja Oyj went under the 5% level that same day. His holding was at that point 1,980,943 Class A and 272,634 Class B shares, totalling 2,253,577, equivalent to 4.98% of the Panostaja shares and 10.69% of the votes. On 18 December 2007 Panostaja Oyj's AGM decided to pay the Board's attendance allowance in such a way that approximately 40% of the allowance paid to a member would be paid in Class B shares on the basis of the Board's authorisation to issue shares if the Board member does not own more than 1% of all the company's shares on the date of the AGM. If the Board member owns more than 1% on that date the total allowance will be paid in cash. In addition, the Board of Panostaja Oyj decided at its organisational meeting after the AGM to implement the decision taken at the AGM regarding Board members allowances in shares, with the allowance being paid four times a year and always on the day following publication of the interim report/financial statements. On 13 March 2008 Panostaja Oyj distributed a total of 7,569 Class B shares to the Board members as payment of their attendance allowance in accordance with the decisions taken at the AGM and by the Board of Directors. On 12 June 2008 they also received a total of 6,530 Class B shares. The number of own shares held by the company at the end of the reporting period was 738,389, consisting of 475,000 and 263,389 Class A and B shares respectively. The number of acquired Class A shares was equivalent to 1.03% of the total number of shares at the end of the reporting period and to 2.54% of the total number of votes carried by all shares. The number of Class B shares was equivalent to 0.57% and 0.07% of total numbers of shares and votes respectively. SUBORDINATED LOAN The amount of the 2006 convertible subordinated loan outstanding at the end of the reporting period was EUR 17,212,500, entitling holders to subscribe for a total of 10,125,000 new Class B shares. Panostaja Oyj's convertible loan of 2006 was used to subscribe for 875,00 new Panostaja Class B shares, the rise in share capital of EUR 105,000 concerning which was recorded in the Trade Register on 8 May 2008. The subscribed shares were traded on the Helsinki Stock Exchange on 12 May 2008 and the total number of new Panostaja Class B shares in 2008 is 875,000. SHARE PERFORMANCE AND HOLDINGS During the reporting period, the prices of Panostaja Oyj Class A and B shares varied between EUR 1.08 and EUR 1.75 and between EUR 1.02 and EUR 1.73 respectively. The volumes of trading in Class A and B shares amounted to 873,662 and 3,524,895 shares respectively, equivalent to 9.9% of the share capital. July closing prices for Class A and B shares were EUR 1.20 and EUR 1.15 respectively. At the end of July, the company's total market capitalisation was EUR 53.8 million and the company had 2,247(1,259) shareholders. SHORT-TERM RISKS AND UNCERTAINTIES Panostaja Group's most significant risks are described in the previous financial statements. Short-term risks relate in particular to the successful integration of acquired companies. OUTLOOK FOR THE REST OF THE FINANCIAL YEAR The Panostaja Group will continue to focus on the business idea in line with its core business strategy and on the development of existing business areas. The retirement of the baby-boomers, the ever more dramatic changes in the business environment and internationalisation will result in a large number of business purchases over the next few years. Panostaja's operating conditions, available capital resources and liquid assets are a good basis for intense expansion of operations. The increasing number of SMEs operating in traditional industries will enable both further expansion into new business areas and growth in existing business areas. Domestically, the economic situation is expected to remain mostly favourable, even though economic growth in key markets has slowed down. The economic outlook for the current business area sectors is reasonable, given the general economic situation. Growing uncertainty in the construction industry might, however, have an impact on the prospects for some business areas. The Group's net turnover for continuing operations in the financial year will increase significantly due to business acquisitions. In addition, the Group's operating profit for continuing operations in the financial year will be up on the previous year. Panostaja Oyj Board of Directors For further information, please contact Mr. Juha Sarsama, CEO, tel. 010 2173 210 or 040 774 2099. Panostaja Oyj Juha Sarsama CEO All forecasts and estimates in this Interim Report are based on the current views of the management of the Group and the managers of the business areas on the economic climate and developments and the actual results may be significantly different. The data provided in this Interim Report is unaudited. This stock exchange bulletin is a translation of the original Finnish stock exchange bulletin 1th September FINANCIAL INFORMATION CONSOLIDATED INCOME STATEMENT -------------------------------------------------------------------------------- | | 11/07-7/08 | 11/06-7/07 | 11/06-10/07 | -------------------------------------------------------------------------------- | (EUR 1,000) | 9 months | 9 months | 12 months | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net turnover | 85,297 | 43,482 | 69,135 | -------------------------------------------------------------------------------- | Other operating income | 464 | 352 | 683 | -------------------------------------------------------------------------------- | Total expenses | 79,870 | 40,838 | 64,941 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Depreciation, amortisation and | 2,592 | 925 | 1,610 | | impairment | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating profit | 3,299 | 1,864 | 3,267 | -------------------------------------------------------------------------------- | Financial income and expenses | -1701 | -569 | -1,097 | -------------------------------------------------------------------------------- | Profit before taxes | 1,598 | 1,295 | 2,170, | -------------------------------------------------------------------------------- | Income taxes | -430 | -350 | 509 | -------------------------------------------------------------------------------- | Profit from continuing | 1,168 | 948 | 1,661 | | operations | | | | -------------------------------------------------------------------------------- | Profit from discontinued | 10,538 | 3,554 | 4,273 | | operations | | | | -------------------------------------------------------------------------------- | Profit for the period | 11,706 | 4,502 | 5,934 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Attributable to: | | | | -------------------------------------------------------------------------------- | Equity holders of the parent | 11,053 | 3,225 | 4,295 | | company | | | | -------------------------------------------------------------------------------- | Minority interest | 653 | 1,277 | 1,638 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share on | 0.248 | 0.099 | 0.120 | | continuing and discontinued | | | | | operations, EUR - basic | | | | -------------------------------------------------------------------------------- | Earnings per share on | 0.214 | 0.080 | 0.104 | | continuing and discontinued | | | | | operations, EUR - diluted | | | | -------------------------------------------------------------------------------- | Earnings per share on | 0.236 | 0.109 | 0.119 | | discontinued operations, EUR - | | | | | basic | | | | -------------------------------------------------------------------------------- | Earnings per share on | 0.193 | 0.075 | 0.091 | | discontinued operations, EUR - | | | | | diluted | | | | -------------------------------------------------------------------------------- | Earnings per share on | 0.012 | -0.010 | 0.001 | | continuing operations, EUR - | | | | | basic | | | | -------------------------------------------------------------------------------- CONSOLIDATED BALANCE SHEET -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | (EUR 1,000) | 07/2008 | 07/2007 | 10/2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | ASSETS | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-current assets | | | | -------------------------------------------------------------------------------- | Intangible assets | 29,024 | 14,056 | 13,759 | -------------------------------------------------------------------------------- | Property, plant and equipment | 18,897 | 15,980 | 17,826 | -------------------------------------------------------------------------------- | Interests in associates | 1740 | 977 | 975 | -------------------------------------------------------------------------------- | Other non-current assets | 5633 | 218 | 230 | -------------------------------------------------------------------------------- | Interest-bearing receivables | | 15 | 15 | -------------------------------------------------------------------------------- | Total non-current assets | 55,294 | 31,246 | 32,345 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Current assets | | | | -------------------------------------------------------------------------------- | Stocks | 23,143 | 21,058 | 21,100 | -------------------------------------------------------------------------------- | Trade and other non-interest-bearing | 19,421 | 14,754 | 20,226 | | receivables | | | | -------------------------------------------------------------------------------- | Short-term investments | 27,868 | 26,255, | 16,289 | -------------------------------------------------------------------------------- | Cash and cash equivalents | 18,329 | 5,450, | 24,985 | -------------------------------------------------------------------------------- | Total current assets | 88,761 | 67,518 | 82,600 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total assets | 144,055 | 98,764 | 114,945 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | | -------------------------------------------------------------------------------- | Share capital | 5,529 | 4,905 | 5,424 | -------------------------------------------------------------------------------- | Other equity | 35,403 | 27,001 | 29,846 | -------------------------------------------------------------------------------- | Total | 40,932 | 31,906 | 35,270 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Minority interest | 11,128 | 4,610 | 4,290 | -------------------------------------------------------------------------------- | Total equity | 52,060 | 36,516 | 39,560 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Liabilities | | | | -------------------------------------------------------------------------------- | Deferred tax liabilities | 1,616 | 1,336 | 1,452 | -------------------------------------------------------------------------------- | Convertible loan | 16,842 | 20,476 | 18,074 | -------------------------------------------------------------------------------- | Non-current liabilities | 45,068 | 16,197 | 14,797 | -------------------------------------------------------------------------------- | Current liabilities | 28,469 | 24,238 | 41,062 | -------------------------------------------------------------------------------- | Total liabilities | 91,995 | 62,248 | 75,385 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total equity and liabilities | 144,055 | 98,764 | 114,945 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- CONSOLIDATED CASH FLOW STATEMENT -------------------------------------------------------------------------------- | | 07/2008 | 07/2007 | 10/2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from operating activities | 1,289 | 8,696 | 8,618 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow used in investing activities | -1,728 | -7,939 | -10,840 | -------------------------------------------------------------------------------- | of which discontinued operations | 12,829 | 350 | 350 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Increase in creditors | 30,400 | 26,450 | 45,410 | -------------------------------------------------------------------------------- | Decrease in creditors | -20,096 | -3,334 | -8,961 | -------------------------------------------------------------------------------- | Dividends paid | -4,439 | -4,373 | -4,373 | -------------------------------------------------------------------------------- | Other changes in equity | -203 | -224 | -1,009 | -------------------------------------------------------------------------------- | Total cash flow from financing activities | 5,662 | 18,519 | 31,067 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in cash and cash equivalents | 5,223 | 19,276 | 28,845 | -------------------------------------------------------------------------------- Cash flow statement for the Arme Group sold off in the reporting period: -------------------------------------------------------------------------------- | | 06/2008 | 07/2007 | 10/2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from operating activities | 513 | 7,293 | 7,368 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow used in investing activities | -1,953 | -257 | -1,026 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total cash flow from financing activities | -575 | -1,932 | -2,105 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in cash and cash equivalents | -2,015 | 5,105 | 4,237 | -------------------------------------------------------------------------------- CONSOLIDATED STATEMENT OF CHANGES IN EQUITY -------------------------------------------------------------------------------- | (EUR 1,000) | Shar | Own | Share | Investe | Trans | Retai | Minori | Total | | | e | shar | premi | d | lati | ned | ty | | | | capi | es | um | unrestr | on | earni | intere | | | | tal | | accou | icted | diffe | ngs | st | | | | | | nt | equity | renc | | | | | | | | | fund | es | | | | -------------------------------------------------------------------------------- | Shareholder | 3,56 | | 2,683 | | | 11,90 | 2,154 | 20,31 | | s' equity | 8 | | | | | 9 | | 4 | | as at 31st | | | | | | | | | | Oct. 2006 | | | | | | | | | -------------------------------------------------------------------------------- | Increase in | 407 | | 1,964 | | | | | 2,371 | | share | | | | | | | | | | capital | | | | | | | | | | relating to | | | | | | | | | | convertible | | | | | | | | | | subordinate | | | | | | | | | | d loan | | | | | | | | | -------------------------------------------------------------------------------- | Equity | | | | 860 | | | | 860 | | component | | | | | | | | | | of | | | | | | | | | | convertible | | | | | | | | | | subordinate | | | | | | | | | | d loan | | | | | | | | | -------------------------------------------------------------------------------- | Share-based | | | | 57 | | | | 57 | | incentive | | | | | | | | | | schemes | | | | | | | | | -------------------------------------------------------------------------------- | Profit for | | | | | | 3,225 | 1,277 | 4,502 | | the period | | | | | | | | | -------------------------------------------------------------------------------- | Dividends | | | | | | -3,86 | -509 | -4,37 | | paid | | | | | | 5 | | 4 | -------------------------------------------------------------------------------- | Share issue | 930 | | | 10,781 | | | | 11,71 | | | | | | | | | | 1 | -------------------------------------------------------------------------------- | Acquisition | | -609 | | | | | | -609 | | of own | | | | | | | | | | shares | | | | | | | | | -------------------------------------------------------------------------------- | Currency | | | | | -4 | | | -4 | | translation | | | | | | | | | | differences | | | | | | | | | -------------------------------------------------------------------------------- | Acquisition | | | | | | | 1,688 | 1,688 | | of minority | | | | | | | | | | interests | | | | | | | | | -------------------------------------------------------------------------------- | Shareholder | 4,90 | -609 | 4,647 | 11,269 | -4 | 11,26 | 4,610 | 36,51 | | s' equity | 5 | | | | | 9 | | 6 || as at 31 | | | | | | | | | | July 2007 | | | | | | | | | | | | | | | | | | | -------------------------------------------------------------------------------- | Shareholder | 5,42 | -1,3 | 4,647 | 14,219, | 35 | 12,33 | 4,290 | 39,56 | | s' equity | 4 | 94 | | | | 9 | | 0 | | as at 31 | | | | | | | | | | October | | | | | | | | | | 2007 | | | | | | | | | -------------------------------------------------------------------------------- | Increase in | 105 | | | 1,383 | | | | 1,488 | | share | | | | | | | | | | capital | | | | | | | | | | connected | | | | | | | | | | with | | | | | | | | | | convertible | | | | | | | | | | subordinate | | | | | | | | | | d loan | | | | | | | | | -------------------------------------------------------------------------------- | Share of | | | | -148 | | | | -148 | | equity in | | | | | | | | | | convertible | | | | | | | | | | subordinate | | | | | | | | | | d loan | | | | | | | | | -------------------------------------------------------------------------------- | Share-based | | | | 81 | | | | 81 | | incentive | | | | | | | | | | schemes | | | | | | | | | -------------------------------------------------------------------------------- | Profit for | | | | | | 11,05 | 653 | 11,70 | | the period | | | | | | 3 | | 6 | -------------------------------------------------------------------------------- | Dividends | | | | | | -3,97 | -469 | -4,43 | | paid | | | | | | 0 | | 9 | -------------------------------------------------------------------------------- | Equity | | | | -2,833 | | | 2,722 | -111 | | Rebate | | | | | | | | | -------------------------------------------------------------------------------- | Acquisition | | -450 | | | | | | -450 | | of own | | | | | | | | | | shares | | | | | | | | | -------------------------------------------------------------------------------- | Sale of own | | | | 359 | | | | ,359 | | shares | | | | | | | | | -------------------------------------------------------------------------------- | Currency | | | | | 82 | | | 82 | | translation | | | | | | | | | | differences | | | | | | | | | -------------------------------------------------------------------------------- | Discontinue | | | | | | | -2,099 | -2,09 | | d | | | | | | | | 9 | | operations | | | | | | | | | -------------------------------------------------------------------------------- | Acquisition | | | | | | | 6,030 | 6,030 | | of minority | | | | | | | | | | interests | | | | | | | | | -------------------------------------------------------------------------------- | Shareholder | 5,52 | -1,8 | 4,647 | 13,061 | 117 | 19,42 | 11,127 | 52,05 | | s' equity | 9 | 44 | | | | 2 | , | 9 | | as at 31 | | | | | | | | | | July 2008 | | | | | | | | | -------------------------------------------------------------------------------- KEY INDICATORS -------------------------------------------------------------------------------- | | 07/2008 | 07/2007 | 10/2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity per share, EUR | 0.90 | 0.78 | 0.78 | -------------------------------------------------------------------------------- | Average number of shares during the period | 44,565 | 32,546 | 34,964 | | (000's) | | | | -------------------------------------------------------------------------------- | Number of shares at end of period (000's) | 45,337 | 40,872 | 44,383 | -------------------------------------------------------------------------------- | Share issues / convertible during the period | | | 15,466 | | (000's) | | | | -------------------------------------------------------------------------------- | Average number of shares (000's)- diluted | 54,720 | 45,046 | 45,965 | -------------------------------------------------------------------------------- | Return on equity (ROE), % | 34.1 | 19.5 | 18.6 | -------------------------------------------------------------------------------- | Return on investment (ROI), % | 19.2 | 16.2 | 14.8 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Gross capital expenditure | | | | -------------------------------------------------------------------------------- | on non-current assets (MEUR) | 20.5 | 14.3 | 21.9 | -------------------------------------------------------------------------------- | % of net turnover | 24.0 | 23.9 | 24.1 | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 64,314 | 39,724 | 50,653 | -------------------------------------------------------------------------------- | Equity ratio, % | 36.4 | 38.1 | 34.9 | -------------------------------------------------------------------------------- | Average number of employees | 730 | 522 | 571 | -------------------------------------------------------------------------------- Key indicators have been calculated eliminating own shares held by the company. GROUP'S QUARTERLY PERFORMANCE -------------------------------------------------------------------------------- | (EUR million) | IFRS | IFRS | IFRS | IFRS | IFRS | IFRS | IFRS | IFRS | -------------------------------------------------------------------------------- | | 4Q/0 | Q1/07 | Q2/07 | Q3/07 | Q4/07 | Q1/08 | Q2/08 | Q3/08 | | | 6 | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net turnover | 29.1 | 10.1 | 10.2 | 23.1 | 25.7 | 25.9 | 28.4 | 31.0 | -------------------------------------------------------------------------------- | Other | 0.0 | 0.0 | 0.1 | 0.2 | 0.4 | 0.2 | 0.1 | 0.1 | | operating | | | | | | | | | | income | | | | | | | | | -------------------------------------------------------------------------------- | Total | 26.8 | 9.8 | 10 | 21.1 | 24.0 | 24.9 | 26.6 | 28.3 | | expenses | | | | | | | | | -------------------------------------------------------------------------------- | Depreciation | 0.8 | 0.3 | 0.2 | 0.4 | 0.7 | 0.7 | 0.7 | 1.2 | | and | | | | | | | | | | amortisation | | | | | | | | | -------------------------------------------------------------------------------- | Operating | 1.5 | 0.0 | 0.1 | 1.8 | 1.4 | 0.5 | 1.2 | 1.6 | | profit | | | | | | | | | -------------------------------------------------------------------------------- | Financial | -0.6 | 0.0 | -0.2 | -0.4 | -0.5 | -0.4 | -0.6 | -0.7 | | items | | | | | | | | | -------------------------------------------------------------------------------- | Profit before | 0.9 | 0.0 | -0.1 | 1.4 | 0.9 | 0.1 | 0.6 | 0.9 | | taxes | | | | | | | | | -------------------------------------------------------------------------------- | Taxes | 0.3 | 0.0 | 0.0 | 0.3 | 0.2 | -0.1 | 0.9 | 0.6 | -------------------------------------------------------------------------------- | Minority | 0.8 | 0.3 | 0.6 | 0.4 | 0.3 | 0.3 | 0.7 | -0.4 | | interest | | | | | | | | | -------------------------------------------------------------------------------- | Profit from | 1.3 | -0.3 | -0.6 | 1.8 | 0.7 | 0.0 | -0.7 | 1.9 | | continuing | | | | | | | | | | operations | | | | | | | | | -------------------------------------------------------------------------------- | Profit from | 2.9 | 0.9 | 2.0 | 0.7 | 0.7 | 0.7 | 1.7 | | | discontinued | | | | | | | | 8.1 | | operations | | | | | | | | | -------------------------------------------------------------------------------- | Profit for | 4.2 | 0.6 | 1.4 | 2.5 | 1.4 | 0.7 | 1.0 | 10.0 | | the period | | | | | | | | | -------------------------------------------------------------------------------- CONTINGENT LIABILITIES -------------------------------------------------------------------------------- | EUR 1,000 | 07/2008 | 07/2007 | 2007 | -------------------------------------------------------------------------------- | Collateral given on behalf of group | | | | | companies | | | | -------------------------------------------------------------------------------- | Mortgages | 4,555 | 7,201 | 7,938 | -------------------------------------------------------------------------------- | Floating charges | 26,707 | 6,896 | 4,117 | -------------------------------------------------------------------------------- | Pledges given | 7,421 | 4,060 | 14,610 | -------------------------------------------------------------------------------- | Rental liabilities | 4,929 | 1,276 | 1,354 | -------------------------------------------------------------------------------- | Other liabilities | 685 | | 514 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Amounts payable under lease contracts | | | | -------------------------------------------------------------------------------- | Payable within one year | 613 | 490 | 564 | -------------------------------------------------------------------------------- | Payable after one year but within five years | 3,435 | 605 | 852 | -------------------------------------------------------------------------------- The Group has agreed interest rate swaps at a nominal value of EUR 1.2 million. Liabilities have been measured at the nominal or book value of collateral. SEGMENT INFORMATION The Group's primary reporting segment is the business segment. The Group reported on five business segments for the financial year. The Group does not have a secondary reporting segment. -------------------------------------------------------------------------------- | EUR 1,000 | 7/2008 | 7/2007 | -------------------------------------------------------------------------------- | NET TURNOVER | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Industrial services | 16,068 | 10,017 | -------------------------------------------------------------------------------- | Joinery industry | 5,846 | 6,951 | -------------------------------------------------------------------------------- | Wholesale trade | 33,081 | 17,047 | -------------------------------------------------------------------------------- | Takoma | 13,292 | | -------------------------------------------------------------------------------- | Other | 17,009 | 9,467 | -------------------------------------------------------------------------------- | Total | 85,297 | 43,482 | -------------------------------------------------------------------------------- | OPERATING PROFIT/LOSS | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Industrial services | 1,324 | 1,207 | -------------------------------------------------------------------------------- | Joinery industry | 181 | 297 | -------------------------------------------------------------------------------- | Wholesale trade | 2,049 | 760 | -------------------------------------------------------------------------------- | Takoma | 598 | | -------------------------------------------------------------------------------- | Other | -853 | -400 | -------------------------------------------------------------------------------- | Total | 3,299 | 1,864 | -------------------------------------------------------------------------------- SEGMENT INFORMATION BY QUARTER -------------------------------------------------------------------------------- | (EUR million) | Q1/07 | Q2/07 | Q3/07 | Q4/07 | Q1/08 | Q2/08 | Q3/08 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net turnover | | | | | | | | -------------------------------------------------------------------------------- | Industrial | 2.5 | 2.5 | 5.0 | 5.2 | 4.6 | 5.2 | 6.3 | | services | | | | | | | | -------------------------------------------------------------------------------- | Joinery industry | 2.2 | 2.5 | 2.2 | 2.5 | 2 | 2.2 | 1.6 | -------------------------------------------------------------------------------- | Wholesale trade | 3.6 | 3.4 | 10.1 | 12.6 | 10.1 | 11.3 | 11.7 | -------------------------------------------------------------------------------- | Takoma | 0.0 | 0.0 | 0.0 | 0.0 | 4.6 | 4.6 | 4.1 | -------------------------------------------------------------------------------- | Other | 1.8 | 1.9 | 5.8 | 5.2 | 4.6 | 5.1 | 7.3 | -------------------------------------------------------------------------------- | Total | 10.1 | 10.2 | 23.1 | 25.7 | 25.9 | 28.4 | 31.0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating | | | | | | | | | profit/loss | | | | | | | | -------------------------------------------------------------------------------- | Industrial | 0.1 | 0.0 | 1.0 | 0.5 | 0.4 | 0.2 | 0.7 | | services | | | | | | | | -------------------------------------------------------------------------------- | Joinery industry | -0.1 | 0.0 | 0.2 | 0.3 | -0.1 | 0.2 | 0.0 | -------------------------------------------------------------------------------- | Wholesale trade | 0.0 | 0.1 | 0.6 | 0.8 | 0.6 | 0.0 | 1.6 | -------------------------------------------------------------------------------- | Takoma | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.4 | 0.2 | -------------------------------------------------------------------------------- | Other | -0.1 | 0.0 | 0.0 | -0.2 | -0.4 | 0.4 | -0.9 | -------------------------------------------------------------------------------- | Total | 0.0 | 0.1 | 1.8 | 1.4 | 0.5 | 1.2 | 1.6 | -------------------------------------------------------------------------------- Panostaja Oyj is a multi-sector holding company. The company invests in Finnish small and medium-sized enterprises operating in traditional industries. Investments are mostly carried out through acquisitions. The Panostaja Group invests business resources and strategic know-how in companies. The objective is to raise the target company to become a major player in its field according to a pre-determined schedule. Once this schedule has elapsed, the enterprise continues to operate as an independent growth company. At present, the company operates in 13 business areas. Oy Alfa-Kem Ab manufactures and markets industrial chemicals, cleaning agents and institutional kitchen detergents. Ecosir Oy and Kospa Oy are companies specialising in solutions for waste management and property maintenance equipment. The Heatmasters Group delivers metal heat treatment services in Finland and internationally and manufactures, develops and markets heat treatment technology. Fittings companies Suomen Helakeskus Oy and Seinäjoen Rakennustarvike ja Lukko Oy are key wholesalers of construction and furniture fittings in Finland. Fastenings companies Helsingin Laaturuuvi Oy, Porin Pultti Oy and Ruuvipojat Oy serve retailers throughout Finland. KL-Varaosat specialises in the import, wholesale and retail of OEM spare parts and accessories for Mercedes-Benz and BMW cars. Kopijyvä Oy is one of Finland's biggest companies providing digital printing services. LukkoExpert Security Oy is an expert in locks, door automation and security technology and services. Lämpö-Tukku Oy specialises in wholesale heating, plumbing and ventilation equipment. Suomen Puunjalostus Oy operates in the joinery industry, solid wood interior doors and wooden staircases being its main products. Takoma Oyj is a listed mechanical engineering group based on an entrepreneur-driven business model. Toimex Oy manufactures and sells heating, plumbing and ventilation supports. Vallog Oy specialises in Finnish metal industry manufacturing and logistics services. |
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