2007-08-16 14:00:18 CEST
2007-08-16 14:00:18 CEST
REGLERAD INFORMATION
Glaston Oyj Abp - Half Year financial report
GLASTON S ORDER BOOK AND SALES AT RECORD HIGH LEVELS
GLASTON CORPORATION STOCK EXCHANGE RELEASE
16 August 2007 15.00
GLASTON'S ORDER BOOK AND SALES AT RECORD HIGH LEVELS
Glaston Corporation's Interim Report January-June 2007
Key figures for January-June
- The Group's net sales were EUR 123.7 (98.6) million, up by 25.6%
- Operating profit grew and was EUR 5.5 (1.9) million, excluding
non-recurring items
- New orders rising strongly: order book grew 49% and on 30 June 2007
was EUR 121.6 million
(EUR 81.8 million on 30 June 2006)
- OSP, i.e. total solutions, sales totalled EUR 47.8 (18.8 for whole
of 2006) million,
a new record
- In non-recurring items, post-delivery costs incurred in projects
delivered during 2006, and
operational restructuring expenses, totalled EUR 7.3 million
- Non operational land property; decision to dispose. Upcoming
capital gains
estimated at EUR 4 million
- New organisation structure and segmentation introduced following
the completion of sales
of the Energy business
- The business segments to be reported are Pre-processing, Heat
Treatment and, as of
Q3 onwards, Software Solutions
PRESIDENT & CEO MIKA SEITOVIRTA:"Glaston's January-June and second quarter were better than the
previous year. Development of new orders was good and the order book
reached a record high. This development was particularly positive in
the EMEA area and in China. The number and value of OSP deals grew
significantly and represented a larger proportion of growth in new
orders. The newly formed Pre-processing and Heat Treatment business
areas improved their comparable operating profit, and development is
in the right direction, if not yet satisfactory. Measures to improve
profitability continue. Added-value-generating OSP sales, price rises
and the improvement of delivery processes are having a positive
impact on margin development," says Seitovirta."Operating profit is burdened by non-recurring items resulting from
post-delivery costs incurred in projects delivered in 2006 and from
the restructuring of operations. Most of the post-delivery costs came
in deliveries of new models, in which the level of customer-tailoring
has been significantly higher than expected. Measures to improve the
quality of the entire delivery process are under way. Restructuring
in Brazil, where we are combining two factories, and in Switzerland,
from where product development will be transferred to Finland, will
bring efficiencies and savings in future.""The new organisation and management team have started up well. The
acquisition of Albat+Wirsam, a leading glass industry software
company, will bring us significant glass processing expertise and
added value to the OSP concept," says Seitovirta.
NEW ORGANISATION STRUCTURE AND SEGMENTATION
In this report, Glaston's figures are divided into Continuing
Operations and Discontinued Operations. Continuing Operations include
the Glaston business, to which new business and geographical areas
have been assigned as described below. Discontinued Operations
include the Energy business, which was sold to M-real after the end
of the reporting period, on 1 July 2007, and in connection with which
Glaston's business areas have been reorganised.
The business areas of Continuing Operations, i.e. the reporting
segments, are Pre-processing and Heat Treatment, as well as Software
Solutions as of the third quarter onwards. The Pre-processing
Business Area includes glass pre-processing machines sold under the
Bavelloni brand, maintenance and service operations, as well as tool
manufacturing. The Heat Treatment Business Area includes tempering,
bending and laminating machines sold under the Tamglass and Uniglass
brands, maintenance and service operations, as well as the glass
processing operations of Tamglass Glass Processing. The future
Software Solutions Business Area will consist of the operations of
the A+W Software Group, which became part of the Group in July. Group
costs unallocated to the segments will be reported separately.
The geographical segments to be reported quarterly for Continuing
Operations are EMEA (Europe, Middle East and Africa), America (North,
Central and South America) and Asia (China and the rest of the
Asia-Pacific area).
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.
NET SALES, OPERATING PROFIT AND ORDER BOOK
In January-June, Continuing Operations' net sales grew by EUR 25.2
million, 25.6 per cent, compared with the previous year and totalled
EUR 123.7 (98.6) million. Comparable operating profit grew by EUR 3.6
million and was EUR 5.5 (1.9) million, representing 4.4 (1.9) per
cent of net sales.
Net financial items for Continuing Operations totalled EUR 0.4 (0.0)
million. This includes interest, dividend and other financial income
of EUR 1.6 (0.9) million, and interest and other financial expenses
of EUR -1.3 (-1.0) million. The result before taxes was EUR -1.5
(1.2) million.
The result of Discontinued Operations in January-June was EUR 3.0
(2.1) million.
Glaston's result for the reporting period was EUR 0.2 (4.3) million.
Return on invested capital was 4.0 (6.1) per cent. Earnings per share
were EUR 0.00 (0.06) and equity per share was EUR 1.65 (1.69).
In June, Glaston's Board of Directors decided on the sale of
non-operational assets, including land property and some real estate
as part of restructuring arrangements and their financing. Glaston
estimates that a capital gain of around four million euros will arise
from the property sales, which will be recognised in 2007 and 2008.
New orders received by Glaston in January-June totalled EUR 130.9
(83.1) million. The order book of Continuing Operations was EUR 121.6
million on 30 June 2007.
Glaston's (Continuing Operations') net sales, operating profit and
order book, EUR million
Net Operating Order
sales profit book
1-6/2007 1-6/2006 1-6/2007 1-6/2006 6/2007 6/2006
Pre-processing 45.0 41.6 0.9 -0.5 25.9 22.1
Heat Treatment 79.3 57.1 8.7 4.5 95.7 59.7
Parent company and
elim. -0.6 -0.2 -4.2 -2.1
Total 123.7 98.6 5.5 1.9 121.6 81.8
Non-recurring items -7.3 -0.7
Total 123.7 98.6 -1.9 1.2 121.6 81.8
MARKETS AND SALES
Glass processors' investments are supported by growth in the building
industry throughout the world, except for North America, where
construction of residential buildings is rather subdued. Public
construction is growing in all market areas. Glaston's unique OSP
concept is becoming increasingly popular as customers' capacity and
efficiency requirements keep on growing.
PRE-PROCESSING
In January-June, net sales of Pre-processing operations grew by
EUR 3.5 million compared to previous year and totalled EUR 45.0
(41.6) million. Profit before non-recurring items was EUR 0.9 (-0.5)
million. Non-recurring items amounting to EUR 1.4 million were
recognised for the restructuring of Brazilian operations. The market
situation of the Pre-processing business area was good, and sales
exceeded the previous year's figures in both the first and second
quarter. The most active market areas for Pre-processing have been
North Asia and, in contrast with Heat Treatment, North America.
HEAT TREATMENT
In January-June, net sales of Heat Treatment operations grew by
EUR 22.1 million compared to previous year and totalled EUR 79.3
(57.2) million. Profit before non-recurring items was EUR 8.7 (4.5)
million. Non-recurring items amounting to EUR 5.9 million were
recognised, relating to post-delivery costs incurred in projects
delivered in 2006 as well as to costs associated with the closure of
the Cattin unit in Switzerland.
The market situation of Heat Treatment business area as a whole was
very good. Sales of safety glass machines grew in the second quarter,
particularly driven by the Middle East in the EMEA area, and in South
America as economic growth picks up. Led by China, North Asia
continues to grow strongly, boosted by construction and energy
efficiency requirements. The solar panel industry is also increasing,
as a strengthening trend, demand for safety glass machines and
pre-processing machines in the area. Glaston has reinforced its
position in China by initiating safety glass machine, pre-processing
machine and tool production at its OSP factory in Tianjin.
Tamglass Glass Processing's market, i.e. the domestic and North
European architectural and special automotive glass industries,
developed positively during the entire early part of the year. It was
possible to compensate with price increases for a rise in the price
of raw glass. Renewing the business model, for example by clarifying
the customer portfolio and expanding series sizes, has raised the
unit's productivity, and its profit development during the early part
of the year was in line with the goals of a rehabilitation programme
initiated in 2006.
JOINT SALES OF THE SEGMENTS
One-Stop Partner
Sales of One-Stop-Partner deliveries, i.e. joint deliveries and
combinations of safety glass and pre-processing machines,
significantly exceeded both expectations and the previous year's
figures in the first and second quarters. The biggest growth over the
previous year in percentage terms has been in China, whereas growth
in euros terms was highest in the EMEA area. In Europe, OSP sales are
mainly replacement investments. In the Middle East, on the other
hand, additional capacity is needed, and customers want whole glass
processing lines for new production plants. In June, Glaston received
its biggest (EUR 15.5 million) and second biggest (EUR 11.0 million)
OSP orders ever from the Middle East.
In China the conclusion of OSP deals is being promoted not only by
favourable economic conditions but also by energy efficiency
requirements. Manufacturing of solar panels used for heating of both
buildings and water creates a need for increased capacity among glass
processors and growing demand for Glaston's OSP solutions. The
acquisition of the A+W Software company will complement the OSP
concept significantly in future.
In January-June, OSP sales reached a new record, EUR 47.8 million
(18.8 for the whole of 2006).
Maintenance and service operations
Activity in maintenance and service operations was good, and sales
grew clearly in both the first and second quarters. Sales of
maintenance contracts developed positively. With Heat Treatment
service products, there was particular demand in the EMEA, with
Pre-processing service products grow was best in Asia. Sales of all
service products grew in North America.
Sales of services were also increased by high demand for spare parts
and accessories such as software updates, which indicates the high
utilisation and increased capacity needs of customers' machines.
Geographical distribution of new orders received by Glaston,
EUR million
New orders New orders Change, %
1-6/07 1-6/06
EMEA 82.3 49.2 + 67
America 26.3 21.8 + 20
Asia 22.3 12.1 + 84
Total 130.9 83.1 + 57
FINANCING
The Group's financial position is good. On 30 June 2007, the equity
ratio was 52.6 (on 31 December 2006 61.9) per cent. Glaston
Continuing Operations' cash flow from business operations was EUR 0.5
(-5.6) million and cash flow from investments was EUR -24.8 (-3.9)
million. Cash flow from financing was EUR 17.9 (-11.1) million, which
includes dividends paid in the period EUR 7.1 (13.4) million,
acquisition of own shares EUR 3.9 million, and an increase in
short-term loans EUR 29.0 million. The growth in borrowing was
connected to the financing of new operations acquired in the
beginning of July.
Cash flow from Discontinued Operations totalled EUR 4.1 (-0.2)
million.
The Group's liquid funds on 30 June 2007 totalled EUR 8.2 (on 31
December 2006 10.5) million. Interest-bearing net liabilities
amounted to EUR 30.2 (-0.2) million. Gearing stood at 23.4 (-0.1) per
cent.
CAPITAL EXPENDITURE
The Group's investments in fixed assets in January-June totalled
EUR 6.2 (4.6) million. This includes a EUR 1.4 million extension to
Tamglass Glass Processing's Lempäälä factory and a EUR 2.4 million
acquisition of production machines. EUR 0.9 million in capitalized
R&D were recognised.
ORGANISATION AND PERSONNEL
The Glaston Group's organisation changed in line with formation of
new business areas (see New organisation structure and segmentation)
at the beginning of June. During the summer, both the parent company
Kyro Corporation and most of the Group's subsidiaries, including
Tamglass companies and Bavelloni, changed their legal names to
Glaston.
In June, Glaston decided to centralise its safety glass machine
product development into Finland and discontinue the Swiss Cattin
unit. By the end of the review period, there had been 12 job cuts at
the unit, which is still partly operating. In an efficiency programme
initiated in Brazil in March, Glaston will combine the
machine-manufacturing units of Tamglass and Bavelloni by the end of
the year. This process will involve an estimated 15 job cuts.
The Glaston Group had 1,247 (1,265) employees on 30 June 2007. The
number of Group employees working in Finland was 463 (469), while the
number working abroad was 784 (796). The average number of employees
was 1,215 (1,245).
SHARES AND SHARE PRICES
A total of 5,020,024 (4,770,722) Glaston Corporation (GLA1V) shares
were traded in the period January-June, representing 6.3 (6.0) 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 4.07.
GROUP LEVEL INCENTIVE SCHEME
On 9 May 2007, Glaston's Board of Directors decided on a new
share-based incentive scheme for the Glaston Group's key personnel
The scheme has three one-year performance periods, namely the
calendar years 2007, 2008 and 2009. Bonuses will be paid in 2008,
2009 and 2010 in company shares and cash. The proportion to be paid
in cash will cover taxes and tax-related costs arising to key
personnel from the bonus. Shares cannot be disposed of within two
years of the bonus being awarded.
The potential bonus from the scheme for the 2007 performance period
will be based on the Group's profit and growth in net sales. If the
targets established for the earnings criteria of the plan for years
2007-2009 are attained in full, the rewards to be paid on the basis
of the plan will correspond to the gross value (including also the
cash payment) of approximately 1,305,000 Glaston Corporation shares.
ACQUISITION OF OWN SHARES
Glaston's Annual General Meeting on 13 March 2007 authorised the
Board of Directors to acquire the company's own shares up to a
maximum of 7,605,096 shares. Glaston acquired 913,500 of its own
shares in January-June for the price of 4.30 euros per share,
totalling 3.9 million euros. The shares were purchased for hedging
the share-based incentive scheme. The authorisation therefore remains
unexercised in respect of 6,691,596 shares. At the end of the review
period, Glaston held a total of 1,243,404 of treasury shares, which
corresponds to 1.56% of the companies' total share capital and the
book-entry counter value of which is 3.93 euros per share.
EVENTS AFTER THE REVIEW PERIOD
Glaston's Energy business area officially separated from the Group on
1 July 2007. At the same time, the company acquisition of the A+W
Software Group was completed, at a purchase price of EUR 20.3
million. A separate release was issued about both events on the date
in question. With the acquisition of A+W, the Group got 217 new
employees at the beginning of July. The company's managing director,
Günter Befort, joined Glaston's Executive Management Group; the other
members of this team have been presented in a separate release on
9 May 2007.
After the review period, as part of the A+W purchase, Glaston sold
329,904 of the treasury shares it owned to Bernd Wirsam, Chairman of
the A+W Software Group's Supervisory Board, for EUR 3.99 per share.
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 development of the US market and the US dollar exchange rate
-The price trend and availability of raw materials and components
-The completion of the operational restructuring according to plan
FUTURE OUTLOOK
Glaston's result for 2007 will be burdened by non-recurring items
recognised in the second quarter. In the summer of 2007, the level of
Glaston's order book is good. Based on current market prospects,
Glaston considers that it will increase its net sales and operating
profit in 2007.
Helsinki, 16 August 2007
GLASTON CORPORATION
BOARD OF DIRECTORS
Additional information about the interim report can be obtained from
Glaston Group's President & CEO Mika Seitovirta and Chief Financial
Officer Kimmo Lautanen, tel. +358 9 5422 3300.
Investor Relations
IR and Communications Manager Emmi Watkins, tel. +358 400 903 260 /
emmi.berlin@glaston.net, IR pages at the Internet address
www.glaston.net.
Glaston Corporation
Glaston Corporation (formerly Kyro) is a growing, financial sound andinternational glass technology company. Glaston is the global market
leader in glass processing machines, and a comprehensive
One-Stop-Partner supplier to its customers. Its product range and
service network are the most extensive in the industry. Glaston's
well-known brands are Bavelloni, in pre-processing machines and
tools, and Tamglass and Uniglass, in safety glass machines.
Glaston's own glass processing unit, Tamglass Glass Processing, is a
manufacturer of high quality safety glass products operating in
Finland.
Glaston's share (GLA1V) is listed on the Helsinki Stock Exchange
(OMX) Mid Cap List.
www.glaston.net
Distribution: Helsinki Stock Exchange, key media
Consolidated Income Ad Ad Ad
Statement, EUR million -justed -justed -justed
4-6-07 4-6-06 1-6/07 1-6/06 1-12/06
Continuing Operations
Net sales 65.6 52.7 123.7 98.6 218.9
Other operating income 0.2 0.2 0.4 1.0 2.4
Operating expenses 60.6 48.3 115.9 94.8 205.0
Non-recurring items 7.3 7.3 0.7 5.2
Depreciation 1.4 1.5 2.8 2.9 5.4
Operating result -3.6 3.2 -1.9 1.2 5.6
% of net sales -5.4 6.0 -1.5 1.3 2.6
Operating result
excluding non-recurring
items 3.8 3.2 5.5 1.9 10.9
% of net sales 5.8 6.0 4.4 1.9 5.0
Financial income and
expenses 0.1 -0.2 0.4 0.0 0.3
Result before taxes -3.4 2.9 -1.5 1.2 5.9
Income tax 0.0 0.7 -1.3 1.0 -1.7
Result for the
reporting period from
Continuing Operations -3.4 3.6 -2.8 2.2 4.2
Discontinued Operations
Profit for the
reporting period from
Discontinued Operations 1.5 0.9 3.0 2.1 4.8
Result for the
reporting period -1.9 4.5 0.2 4.3 8.9
Distribution of result
for the period
To parent company
shareholders -3.4 4.5 0.2 4.3 8.9
To minority
Earnings per share, EUR
Continuing Operations -0.04 0.05 -0.04 0.03 0.05
Earnings per share, EUR
Discontinued Operations 0.02 0.01 0.04 0.03 0.06
Earnings per share, EUR
total -0.02 0.06 0.00 0.06 0.12
Consolidated Balance
Sheet, EUR million 30.6.2007 30.6.2006 31.12.2006
Assets
Non-current assets 118.9 123.8 123.2
Inventories 46.7 55.6 49.5
Trade and other
receivables 83.9 65.3 66.9
Assets recognised at
fair value
through profit and loss 0.0 0.0 0.1
Cash and cash
equivalents 8.2 5.6 10.5
Non-current assets
held-for-sale 15.1
Assets, total 272.9 250.4 250.2
Shareholders' equity
and liabilities
Shareholders' equity
attributable to parent
company shareholders 129.2 133.9 140.1
Minority interest 0.0 0.0 0.0
Shareholders' equity,
total 129.2 133.9 140.1
Non-current
interest-bearing
liabilities 2.0 0.7 0.6
Non-current
non-interest-bearing
liabilities 14.3 15.7 14.9
Current
interest-bearing
liabilities 36.6 4.8 7.4
Current
non-interest-bearing
liabilities 90.5 95.3 87.1
Liabilities related to
non-current
assets held for sale 0.4
Shareholders' equity
and liabilities, total 272.9 250.4 250.2
Consolidated cash flow statement,
EUR million
Ad Ad
justed justed
1.1.- 1.1.- 1.1.-
30.6.07 30.6.06 31.12.06
Cash flow from business operations, Continuing Operations
Profit for the financial period -2.8 2.2 4.2
Adjustments 1.4 -5.3 1.2
Cash flow before change in working capital -1.4 -3.1 5.5
Change in working capital 5.4 2.8 -3.1
Cash flow from operations before financial
items and taxes 4.0 -0.3 2.4
Interest received 0.3 0.3 0.8
Dividends received 0.0 0.0 0.0
Interest paid -0.7 -0.1 -1.0
Taxes paid -3.1 -5.4 -7.5
Cash flow from business operations 0.5 -5.6 -5.2
Cash flow from investments, Continuing Operations
Advanced payments made of subsidiaries
purchase -21.3
Investments in tangible and intangible
assets -3.7 -4.0 -10.9
Proceeds from the sale of tangible and
intangible assets 0.2 2.0 2.8
Proceeds from the sale of available-for-sale
equity investments 3.2
Change in long-term loan receivables 1.1 1.1
Taxes on proceeds of sale of energy business
operations in 2005 -2.9 -2.9
Cash flow from investments -24.8 -3.9 -6.9
Cash flow from financing, Continuing
Operations
Acquisition of own shares -3.9
Drawings of short-term loans 29.0 2.9 5.6
Repayments of long-term loans 0.0 -0.5 -0.6
Dividends paid -7.1 -13.4 -13.4
Cash flow from financing 17.9 -11.1 -8.4
Discontinued Operations
Cash flow from business operations 4.1 -0.2 4.7
Cash flow from investments 0.0 0.0 0.1
Cash flow from financing
Cash flow from Discontinued Operations 4.1 -0.2 4.8
Change in cash and cash equiv. -2.3 -20.7 -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 8.2 5.6 10.5
The change in short-term loans in the period 1-6/2007 includes a
change in issued commercial
paper to a nominal value of EUR 28.5 million.
Statement of change in consolidated
shareholders' equity
Shareholders' equity
attributable to
parent company shareholders
Share Trans-
Share prem- la- Ret- Minor- Share-
capi- ium tion Fair Own ained ity holders'
tal fund differe value Shar- earn- inter- equity,
EUR million nces fund es ings Total est total
Sharehold-
ers' 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 or
losses
recognised in
shareholders'
equity 0.2 0.2 0.2
Translation
differences -0.3 -0.3 -0.3
Profits or losses from hedging of
net investments made in foreign
units,
less taxes
Profit for
the
financial
period 0.2 0.2 0,0 0.2
Income and expenses
recognised in the
period, total -0.2 0.2 0.2 0.2 0.0 0,2
Dividend
distribution -7.1 -7.1 -7,1
Acquisition of own shares
-3.9 -3.9 -3.9
Shareholders'
equity
30.6.2007 12.7 25.3 0.2 0.1 -4.9 95.9 129.2 0.0 129.2
Share Trans- Fair Ret- Share-
Share prem- la- value Own ained Minor- holders'
cap- ium tion fund Shares earn- ity equity,
EUR million ital fund differences ings Total inter-est 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 or losses
recognised in
shareholders' equity -0.5 -0.5 -0.5
Translation
differences -1.0 -1.0 -1.0
Profits or losses from hedging of
net investments made in foreign
units,
less taxes 0.1 0.1 0.1
Profit for the
financial
period 4.4 4.4 0.0 4.4
Income and expenses
recognised in the period,
total -0.9 -0.5 4.4 3.0 3.0
Dividend
distribution -13.4 -13.4 -13.4
Adjusted
shareholders'
equity
30.6.2006 12.7 25.3 0.6 -2.0 -1.0 98.3 133.9 0.0 133.9
Segment-specific data
Net sales, EUR million 1-6/07 1-6/06 1-12/06
Pre-processing 45.0 41.6 89.1
Heat treatment 79.3 57.1 131.3
Parent company and eliminations -0.6 -0.2 -1.5
Total 123.7 98.6 218.9
Operating result, excluding non-recurring
items, EUR million 1-6/07 1-6/06 1-12/06
Pre-processing 0.9 -0.5 0.3
Heat treatment 8.7 4.5 13.5
Parent company and eliminations -4.2 -2.1 -3.0
Total 5.5 1.9 10.9
Operating result, excluding non-recurring
items, % 1-6/07 1-6/06 1-12/06
Pre-processing 2.1 -1.2 0.3
Heat treatment 11.0 7.8 10.3
Glaston, total 4.4 1.9 5.0
Net sales by market area 1-6/07 1-6/06 1-12/06
EMEA 64.8 57.6 126.1
America 41.0 27.3 65.4
Asia 18.0 13.8 27.5
Total 123.7 98.6 218.9
Net sales by market area, % 1-6/07 1-6/06 1-12/06
EMEA 52.4 58.4 57.6
America 33.1 27.7 29.9
Asia 14.5 14.0 12.6
Total 100.0 100.0 100.0
Order received, EUR million 1-6/07 1-6/06 1-12/06
Pre-processing 36.6 32.4 64.1
Heat treatment 94.3 50.7 131.4
Total 130.9 83.1 195.5
Order book, EUR million 30.6.07 30.6.06 30.12.06
Pre-processing 25.9 22.1 19.9
Heat treatment 95.7 59.7 77.9
Total 121.6 81.8 97.8
Personnel at end of period, Continuing
Operations 30.6.07 30.6.06 30.12.06
Pre-processing 582 607 590
Heat treatment 629 626 590
Parent company 12 8 9
Total 1223 1241 1189
Personnel, Discontinued Operations 25 25 22
Personnel, average, Continuing Operations 1-6/07 1-6/06 1-12/06
Pre-processing 581 607 626
Heat treatment 599 607 606
Parent company 11 8 8
Total 1192 1222 1241
Personnel, Discontinued Operations 23 23 23
Calculation of key figures
Equity ratio, % =
Shareholders'
equity x 100
Balance sheet total - advances received
Gearing, % =
Net interest-bearing liabilities x 100
Shareholders' equity
Net interest-bearing liabilities =
Interest-bearing liabilities - interest-bearing receivables - cash
and cash equivalents and other short-term investments
Return on equity (ROE), % =
Profit or loss for the period
x 100
Shareholders' equity
Return on invested capital (ROI), % =
Profit before taxes + interest and other financial expenses x 100
Balance sheet total - non-interest bearing liabilities (average)
Earnings per share (EPS) =
Profit for period attributable to parent company's shareholders
Average number of shares for period excluding treasury shares
Equity per share (EPS) =
Shareholders' equity
Number of shares outstanding at end of period
Key figures 30.6.07 30.6.06 31.12.06
Number of shares, 1,000 79350 79350 79350
- of which outstanding 78107 79020 79020
Return on invested capital, % 4.0 6.1 8.8
Return on equity, % 0.3 6.3 6.3
Equity ratio, % 52.6 62.2 61.9
Gearing, % 23.4 -0.1 -1.9
Equity per share, EUR 1.65 1.69 1.77
Investments in fixed assets, EUR
million. 6.2 4.6 12.0
Personnel at end of year 1247.0 1265.0 1211.0
Personnel (average) 1215.0 1245.0 1264.0
Order book, Continuing Operations, EUR
million. 121.6 81.8 97.8
Contingent liabilities, EUR million 30.6.2007 30.6.2006 31.12.2006
Company mortgages 0.2 0.2 0.2
Other own liabilities 5.6 5.3 5.6
Discontinued Operations in notes
Income statement notes
Discontinued Operations 1-6/07 1-6/06 1-12/06
Result of Energy operations
Income 16.0 16.8 38.8
Expenses 11.9 13.9 32.4
Profit before taxes 4.1 2.9 6.4
Income taxes -1.1 -0.8 -1.7
Profit after taxes 3.0 2.1 4.8
Balance sheet notes
Energy operations' assets classified as being
held
for sale 30.6.07
Intangible rights 0.5
Tangible assets 14.0
Inventories 0.2
Assets, total 14.6
Energy operations' liabilities classified as
being held for sale 30.6.07
Accrued expenses and deferred income 0.4
Assets, total 0.4
Other available-for-sale assets 0.5
Quarterly data
Adjusted net sales, operating result
and
order book for Continuing Operations,
EUR
million
1-3 4-6 7-9 10-12 1-3 4-6
Net sales /06 /06 /06 /06 /07 /07
Pre-processing 20.3 21.2 20.9 26.6 21.7 23.4
Heat treatment 25.6 31.6 35.5 38.6 36.6 42.7
Parent company and eliminations 0.0 -0.1 -0.1 -1.2 -0.1 -0.5
Total 45.9 52.7 56.3 64.0 58.2 65.6
Operating result excluding 1-3 4-6 7-9 10-12 1-3 4-6
non-recurring items /06 /06 /06 /06 /07 /07
Pre-processing -0.8 0.3 0.4 0.4 1.2 -0.2
Operating result, % -4.0 1.5 1.8 1.5 5.3 -0.9
Heat treatment 0.6 3.9 4.0 5.1 3.0 5.7
Operating result, % 2.3 12.3 11.4 13.1 8.1 13.4
Parent company and eliminations -1.0 -1.1 -0.9 0.0 -2.4 -1.7
Total -1.2 3.1 3.5 5.5 1.7 3.8
Operating result, % -2.7 5.9 6.3 8.6 2.9 5.8
1-3 4-6 7-9 10-12 1-3 4-6
Operating result /06 /06 /06 /06 /07 /07
Pre-processing -0.8 0.3 -0.5 -2.7 1.2 -1.6
Operating result, % -4.0 1.5 -2.2 -10.1 5.3 -7.0
Heat treatment -0.1 3.9 3.8 4.6 3.0 -0.2
Operating result, % -0.3 12.3 10.8 12.0 8.1 -0.4
Parent company and eliminations -1.0 -1.1 -0.9 0.0 -2.4 -1.8
Total -1.9 3.1 2.5 1.9 1.7 -3.6
Operating result, % -4.1 5.9 4.4 3.0 2.9 -5.4
Order book 03/06 06/06 09/06 12/06 03/07 06/07
Pre-processing 17.8 22.1 20.2 19.9 20.2 25.9
Heat treatment 51.6 59.7 73.6 77.9 72.3 95.7
Total 69.4 81.8 93.8 97.8 92.5 121.6
Accounting principles
The interim report has been prepared in accordance with the
principles of recognition and valuation of the IFRS-standards. The
interim report applies the same accounting principles as the
financial statements of 31 December 2006, except for the following
changes:
1. On 1 January 2007, the Group introduced the IFRS 7 Standard
Financial instruments: Disclosures in the Financial Statements as
well as an amendment to the IAS 1 Standard relating to
Presentation of Financial Statements - Capital Disclosures. The
introduction of both standards will chiefly impact on information
disclosed in the Group's future financial statements.
2. 2. The proportion of the Group's net sales accounted for by glass
processing machines tailored to customers' wishes and sold as
comprehensive deliveries has grown significantly, and for this
reason the Group as of 1 January 2007 recognises their delivery
on the basis of degree of completion of the delivery in
accordance with IAS 11 Standard Construction Contracts.
Comparison data have been adjusted to correspond with the new
recognition practice. The impacts of the adjustment by quarter
have been presented in a stock exchange release published on
9 May 2007.
Data presented in the interim report are unaudited.
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