2012-10-31 12:00:00 CET
2012-10-31 12:00:09 CET
REGULATED INFORMATION
Glaston Oyj Abp - Interim report (Q1 and Q3)
Glaston Corporation Interim Report 1 January-30 September 2012
Helsinki, Finland, 2012-10-31 12:00 CET (GLOBE NEWSWIRE) --
Glaston Corporation Interim Report 31 October
2012 at 13.00
Glaston Corporation Interim Report 1 January-30 September 2012
Continuing Operations January-September 2012 compared with January-September
2011
- Orders received totalled EUR 84.7 (85.6) million. Orders received in the
third quarter were EUR 28.4 (21.8) million.
- The order book on 30 September 2012 was EUR 35.3 (34.5) million.
- Net sales were EUR 83.2 (85.9) million and third-quarter net sales were EUR
24.6 (22.2) million.
- EBITDA was EUR 0.2 (1.1) million, i.e. 0.2 (1.2)% of net sales.
- The operating result excluding non-recurring items was a loss of EUR 3.9 (3.2
loss) million, i.e. -4.6 (-3.7)% of net sales. The third-quarter operating
result excluding non-recurring items was a loss of EUR 0.4 (2.3 loss) million.
- The operating result was a loss of EUR 6.9 (3.1 loss) million, i.e. -8.2
(-3.6)% of net sales. The third quarter operating result was a loss of EUR 0.4
(2.2 loss) million.
- Return on capital employed (ROCE) was -13.1 (-1.6)%.
- Earnings per share were EUR -0.16 (-0.13) and third-quarter earnings per
share were EUR -0.07 (-0.04).
- The Software Solutions segment was transferred to Discontinued Operations
after Glaston announced that it was negotiating the sale of the business area.
President & CEO Arto Metsänen:
“After a challenging start of the year, markets showed signs of picking up in
the third quarter of 2012. In the North American market, the cautiously
positive development continued. In South America and the EMEA area, the market
was stable. The market picked up in Asia.
In October we announced that we were negotiating the sale of the Software
Solutions business area. The sale is expected to be completed by the end of the
year. The sale will enable us to direct our strategic focus towards our core
operations, namely on glass processing machines and related services. In these
business areas we have outstanding know-how and the best opportunities to serve
and support our customers.
The glass industry's most important fair, Glasstec, which took place at the end
of October, exceeded our expectations in terms of activity. We launched a
number of new products at the fair, for example the Glaston RC350™ flat
tempering machine, equipped with the latest technology, and the Glaston Air™
solution for tempering 2 millimetre glass. Glaston's new tempering machines
have been very well received in the market, and a number of preliminary
agreements were made at the fair, particularly for the Glaston FC 500™ and the
Glaston RC 200™ products.”
Glaston's outlook for 2012
On October 19, 2012, Glaston revised its outlook for 2012. Glaston expects that
the 2012 net sales of Continuing Operations will be on the level of 2011 (2011
Continuing Operations: EUR 119.6 million). Continuing Operations' operating
result excluding non-recurring items is expected to be a slight loss (in 2011
Continuing Operations' operating result excluding non-recurring items was a
loss of EUR 3.1 million). Glaston's Continuing Operations comprises the
Machines and Services business areas.
Markets
Market development during the third quarter of 2012 was largely in line with
expectations. In North America, the market continued its gradual recovery. In
South America and the EMEA area, market conditions remained relatively stable.
After a quiet start to the year, demand in Asia picked up in the third quarter.
As Glaston will focus in future on the Machines and Services business areas,
the company's operations will be divided more evenly into the different
geographical areas. The geographical division of Continuing Operations' net
sales is presented in more detail in the section Continuing Operations' net
sales and operating result.
Machines
In the third quarter, the development of the Machines segment's market in North
America was cautiously positive. In the EMEA area, the market remained
relatively good but, due to the unstable economic outlook, customers'
decision-making times lengthened. In Asia, the market picked up in the third
quarter.
The focus of product development was on tempering of thin (2 mm) glass and
improving end product's optical quality. At the Glasstec fair, the glass
industry's leading event, held in October, Glaston presented the GlastonAir™
air floatation technology for thin glass tempering. At the event, Glaston also
announced a global cooperation agreement with the German company Arcon relating
to the reduction of anisotropy, namely iridescence, in glass.
In the third quarter, among the products presented by the Pre-processing
product line at the Glasstec fair were the new UC 300 and UC 500 automatic
cutting lines and the new GlasWash glass washing machine.
In January-September, the Machines segment's net sales totalled EUR 62.0 (63.8)
million. The operating result excluding non-recurring items was a loss of EUR
3.1 (3.4 loss) million.
Services
In the third quarter, the Services segment's market in North America developed
positively, with demand being directed over the entire product range. In South
America and in Asia, the third quarter was challenging. As the utilisation
rates of customers' machines remained low, demand for both spare parts and
modernisation products was weak. In the EMEA area, the market was stable.
In the review period, the Services segment launched a number of new products,
all connected with improving end product capability and increasing capacity.
There has been an emphasis on the user-friendliness of products. At the
Glasstec fair, Glaston presented the RC200 zone™ upgrade product, which enables
the modernisation of old or damaged chambers of tempering machines. The company
also launched a new control system upgrade, iControl™ (iC™), for Glaston's flat
tempering lines. iControl™ improves process management and increases
productivity.
In the third quarter, a number of significant deals were concluded in the
Middle East, Russia and North America. In the Pacific area, Glaston concluded
its largest ever single deal of the Services segment, valued at around EUR 0.9
million.
The Services segment's January-September net sales totalled EUR 22.3 (23.1)
million and the operating result excluding non-recurring items was a profit of
EUR 4.0 (4.7) million.
Continuing Operations' orders received
Glaston's orders received in the review period totalled EUR 84.7 (85.6)
million. Of orders received, the Machines segment accounted for 72% and the
Services segment 28%. Orders received in the third quarter totalled EUR 28.4
(21.8) million, i.e. showing a 30% growth.
Continuing Operations' order book
Glaston's order book on 30 September 2012 was EUR 35.3 (34.5) million. Of the
order book, the Machines segment accounted for EUR 31.3 million and the
Services segment for EUR 4.0 million.
Order book, EUR million 30.9.2012 30.9.2011
---------------------------------------------
Machines 31.3 33.1
---------------------------------------------
Services 4.0 1.4
---------------------------------------------
Total 35.3 34.5
---------------------------------------------
Continuing Operations' net sales and operating result
Glaston's January-September net sales totalled EUR 83.2 (85.9) million. The
Machines segment's net sales in January-September were EUR 62.0 (63.8) million
and the Services segment's net sales were EUR 22.3 (23.1) million.
Third-quarter 2012 net sales totalled EUR 24.6 (22.2) million and were
distributed across the business segments as follows: Machines EUR 18.4 (16.2)
million and Services EUR 6.8 (6.3) million.
Geographically, net sales were divided as follows: EMEA 43%, Asia 23%, Americas
34%.
Net sales, EUR million 1-9/2012 1-9/2011 1-12/2011
-------------------------------------------------------
Machines 62.0 63.8 90.0
-------------------------------------------------------
Services 22.3 23.1 31.1
-------------------------------------------------------
Other and internal sales -1.1 -1.0 -1.5
-------------------------------------------------------
Total 83.2 85.9 119.6
-------------------------------------------------------
In January-September, the operating result excluding non-recurring items was a
loss of EUR 3.9 (3.2 loss) million, i.e. -4.6 (-3.7)% of net sales. In
January-September, the Machines segment's operating result excluding
non-recurring items was a loss of EUR 3.1 (3.4 loss) million and the Services
segment's operating result excluding non-recurring items was a profit of EUR
4.0 (4,7) million.
The third-quarter operating result excluding non-recurring items was a loss of
EUR 0.4 (2.3 loss) million. The Machines segment's operating result excluding
non-recurring items was a loss of EUR 0.5 (1.7 loss) million and Services
segment's operating result excluding non-recurring items was a profit of EUR
1.3 (0.9) million.
Operating result, EUR million 1-9/2012 1-9/2011 1-12/2011
------------------------------------------------------------------------------
Machines -3.1 -3.4 -1.9
------------------------------------------------------------------------------
Services 4.0 4.7 5.6
------------------------------------------------------------------------------
Parent, eliminations -4.8 -4.5 -6.8
------------------------------------------------------------------------------
Operating result, excluding non-recurring items -3.9 -3.2 -3.1
------------------------------------------------------------------------------
Non-recurring items -3.0 0.1 0.3
------------------------------------------------------------------------------
Operating result -6.9 -3.1 -2.8
------------------------------------------------------------------------------
Continuing Operations' operating result was a loss of EUR 6.9 (3.1 loss)
million. A goodwill impairment loss of EUR 3.0 million directed at the
Pre-processing operating segment was recognised as a non-recurring item in the
first quarter.
Continuing Operations' result in January-September was a loss of EUR 11.9 (14.0
loss) million, and in the third quarter a loss of EUR 2.0 (4.3 loss) million.
The result, after the result of Discontinued Operations, was a loss of EUR 17.1
(13.3 loss) million, and in the third quarter a loss of EUR 7.8 (4.6 loss)
million. Discontinued Operations' result includes a EUR 5.2 million goodwill
impairment loss. Return on capital employed was -13.1 (-1.6)%.
Earnings per share
Continuing Operations' earnings per share were EUR -0,11 (-0.14), while
Discontinued Operations' earnings per share were -0.05 (+0.01) euros, i.e. a
total of EUR -0.16 (-0.13). In July-September, Continuing Operations' earnings
per share were EUR -0.02 (-0.04), while Discontinued Operations' earnings per
share were EUR -0.06 (0.00), i.e. a total of EUR -0.07 (-0.04).
Financial position, cash flow and financing
At the end of the review period, the consolidated asset total was EUR 163.4
(187.9) million. The equity attributable to owners of the parent was EUR 36.0
(54.0) million, i.e. EUR 0.34 (0.51) per share. The equity ratio on 30
September 2012 was 24.5 (31.5)%. The equity ratio on 31 December 2011 was
31.1%. Net gearing was 156.3 (101.4)% (on 31 December 2011: 93.5%).
Return on equity in January-September was -50.9 (-37.7)%.
Cash flow from operating activities, before the change in working capital, was
EUR 0.1 (-8.6) million in the review period. The change in working capital was
EUR -1.8 (+6.6) million. Cash flow from investments was EUR -4.3 (-3.9)
million. Cash flow from financing activities in January-September was EUR -1.0
(+8.1) million.
The Group's loan agreements contain covenant terms and other commitments that
are linked to consolidated key figures. The covenants in use are EBITDA/net
financial expenses (interest cover), net debt/EBITDA, cash and cash equivalents
and gross capital expenditure. During the review period, Glaston renegotiated
some of the loan covenants with lenders.
Adjustment measures
In the third quarter, adjustment measures were directed primarily at Italy,
where temporary layoffs of personnel continued
Capital expenditure, depreciation and amortisation
The gross capital expenditure of Glaston's Continuing and Discontinued
Operations totalled EUR 4.4 (4.1) million. In the review period, there were no
significant individual investments; the biggest investments were
capitalisations of product development expenditure.
In the review period, depreciation and amortisation of Continuing Operations on
property, plant and equipment, and on intangible assets totalled EUR 4.0 (4.1)
million. A EUR 3.0 million goodwill impairment loss, directed at the Machines
business area, was recognised in the first quarter.
Discontinued Operations
Discontinued Operations consists of Glaston's Software Solutions business area.
On 19 October 2012, Glaston announced in a stock exchange release that it was
entering into negotiations on the sale of the Software Solutions business area.
Discontinued Operations' revenue in the review period totalled EUR 15.1 (17.5)
million and the result before taxes was a loss of EUR 4.7 (1.0 profit) million.
Discontinued Operations' result includes a EUR 5.2 million goodwill impairment
loss, which arose from the remeasurement of net assets held for sale at fair
value less costs to sell.
Organisation and personnel
In August, Glaston announced a change in its Executive Management Group. Sasu
Koivumäki, Vice President Sales and Service in North America was appointed
Chief Financial Officer as of 1 October 2012.
On 30 September 2012, Glaston's Continuing Operations had a total of 624 (693)
employees, of whom 25% worked in Finland and 25% elsewhere in Europe, 31% in
Asia and 20% in the Americas. In the review period, the average number of
employees was 638 (705). On 30 September 2012, the Software Solutions segment
had a total of 186 (205) employees. In the review period, Continuing and
Discontinued Operations had an average total of 830 (907) employees.
Shares and share prices
Glaston Corporation's paid and registered share capital on 30 September 2012
was EUR 12.7 million and the number of issued and registered shares totalled
105,588,636. The company has one series of share. At the end of September, the
company held 788,582 of the company's own shares (treasury shares),
corresponding to 0.75% of the total number of issued and registered shares and
votes. The counter book value of treasury shares is EUR 94,819.
Every share that the company does not hold itself entitles its owner to one
vote at the Annual General Meeting. The share has no nominal value. The counter
book value of each registered share is EUR 0.12.
On 30 September 2012, the market capitalisation of the company's shares,
treasury shares excluded, was EUR 29.3 (67.1) million. During the first nine
months of the year, approximately 13.6 million of the company's shares were
traded, i.e. around 13% of the average number of shares. The lowest price paid
for a share was EUR 0.24 and the highest price EUR 0.74. The volume-weighted
average price of shares traded during January-September was EUR 0.43. The
closing price on 30 September 2012 was EUR 0.28.
The equity per share attributable to owners of the parent was EUR 0.34 (0.51).
Events after the review period
On 19 October 2012, Glaston announced in a stock exchange release that it was
entering into negotiations on the sale of the Software Solutions business area.
The sale is expected to be completed by the end of the year. As a result, the
company revised its outlook. Glaston expects that the 2012 net sales of
Continuing Operations will be on the level of 2011 (2011 Continuing Operations:
EUR 119.6 million). Continuing Operations' operating result excluding
non-recurring items is expected to be a slight loss (in 2011 Continuing
Operations' operating result excluding non-recurring items was a loss of EUR
3.1 million). Glaston's Continuing Operations comprises the Machines and
Services business areas.
Uncertainties and risks in the near future
Glaston's uncertainties and risks in the near future are to a large extent
linked to the development of the world economy. Economic instability in Europe
as well as slower growth in Asia will affect Glaston's development. Slower
economic growth may continue to result in the postponement of orders and
changes in machine delivery schedules. Customers' difficulties relating to
finance arrangements may restrict their investment opportunities. These might
be reflected in the development of the latter part of the year.
The underlying nature of the sector is expected to remain unchanged, so
development in the coming years is expected to be positive. If the recovery of
the sector is delayed or slows, this will have a negative effect on Glaston's
result. The shift of the geographical focus of business activity to areas of
higher economic growth will, however, dampen the financial impact of a possibly
slower recovery in Western Europe and North America, despite a levelling off of
the Asian and South American markets.
Glaston performs annual goodwill impairment testing during the final quarter of
the year. In addition, goodwill impairment testing is performed if there are
indications of impairment. Due to prolonged market uncertainty, it is possible
that Glaston's recoverable amounts will be insufficient to cover the carrying
amounts of assets, particularly goodwill. If this happens, it will be necessary
to recognise an impairment loss, which, when implemented, will weaken the
result and equity.
Outlook
Glaston's markets will continue to be challenging in the final quarter of 2012.
Growth in the Asia market has levelled off. The North American market continues
to show signs of recovery, and we believe this positive trend will continue. We
expect stable development in the South Americas and EMEA area markets.
The cornerstones of Glaston's operations remain the architectural glass segment
and the solar energy market. The architectural glass segment creates the
foundation for the company's future growth. In the longer term, prospects for
the solar energy segment are good. In these segments, Glaston is able to offer
its customers a modern and competitive product range.
Glaston expects that the 2012 net sales of Continuing Operations will be on the
level of 2011 (2011 Continuing Operations: EUR 119.6 million). Continuing
Operations' operating result excluding non-recurring items is expected to be a
slight loss (in 2011 Continuing Operations' operating result excluding
non-recurring items was a loss of EUR 3.1 million). Glaston's Continuing
Operations comprises the Machines and Services business areas.
Helsinki, 31 October 2012
Glaston Corporation
Board of Directors
Further information:
President & CEO Arto Metsänen, tel. +358 10 500 6100
Chief Financial Officer Sasu Koivumäki, tel. +358 10 500 500
Sender:
Glaston Corporation
Agneta Selroos
Director, Communications and Marketing
Tel. +358 10 500 6105
Glaston Corporation
Glaston is a global company developing glass processing technology for
architectural, solar, appliance and automotive applications. Our portfolio
ranges from pre-processing and safety glass machines to software solutions and
services. We are dedicated to our customers' continued success and provide
services for all glass processing needs with a lifecycle-long commitment in
mind. For more information, please visit www.glaston.net. Glaston's share
(GLA1V) is listed on the NASDAQ OMX Helsinki Small Cap List.
Distribution: NASDAQ OMX, media, www.glaston.net
GLASTON CORPORATION
CONDENSED FINANCIAL STATEMENTS AND NOTES 1 JANUARY - 30 SEPTEMBER 2012
These interim financial statements are not audited. As a result of rounding
differences, the figures presented in the tables may not add up to the total.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
EUR million 30.9.2012 30.9.2011 31.12.2011
Assets
Non-current assets
Goodwill 36.8 52.6 52.6
Other intangible assets 11.4 18.3 18.2
Property, plant and equipment 16.9 18.9 18.7
Investments in associates - 0.0 0.0
Available-for-sale assets 0.3 0.3 0.3
Loan receivables 4.5 4.5 4.4
Deferred tax assets 6.9 8.0 6.9
--------------------------------------------------------------------------------
Total non-current assets 76.9 102.6 101.2
Current assets
Inventories 27.6 27.8 25.2
Receivables
Trade and other receivables 26.3 39.5 40.8
Assets for current tax 0.9 1.0 1.3
--------------------------------------------------------------------------------
Total receivables 27.2 40.5 42.1
Cash equivalents 10.1 17.1 18.6
Assets held for sale 21.6 - -
Total current assets 86.5 85.4 86.0
--------------------------------------------------------------------------------
Total assets 163.4 187.9 187.2
================================================================================
30.9.2012 30.9.2011 31.12.2011
Equity and liabilities
Equity
Share capital 12.7 12.7 12.7
Share premium account 25.3 25.3 25.3
Other restricted equity reserves 0.0 0.0 0.0
Reserve for invested unrestricted equity 26.8 26.8 26.8
Treasury shares -3.3 -3.3 -3.3
Fair value reserve 0.1 0.0 0.0
Other unrestricted equity reserves 0.1 - -
Retained earnings and exchange differences -8.5 5.7 5.7
Net result attributable to owners of the -17.0 -13.3 -14.4
parent
--------------------------------------------------------------------------------
Equity attributable to owners of the parent 36.0 54.0 52.8
Non-controlling interest 0.3 0.3 0.3
--------------------------------------------------------------------------------
Total equity 36.3 54.3 53.2
--------------------------------------------------------------------------------
Non-current liabilities
Convertible bond 8.2 7.9 7.9
Non-current interest-bearing liabilities 32.6 42.4 37.7
Non-current interest-free liabilities and 2.1 2.1 2.0
provisions
Deferred tax liabilities 1.4 3.9 3.6
--------------------------------------------------------------------------------
Total non-current liabilities 44.3 56.3 51.2
Current liabilities
Current interest-bearing liabilities 27.2 22.0 22.6
Current provisions 2.7 4.9 4.1
Trade and other payables 46.0 50.1 55.3
Liabilities for current tax 0.2 0.5 0.7
Liabilities related to assets held for sale 6.8 - -
Total current liabilities 82.8 77.4 82.8
--------------------------------------------------------------------------------
Total liabilities 127.1 133.6 134.0
--------------------------------------------------------------------------------
Total equity and liabilities 163.4 187.9 187.2
================================================================================
CONDENSED STATEMENT OF PROFIT OR LOSS
restat restat restat
ed ed ed
EUR million 7-9/ 7-9/ 1-9/ 1-9/ 1-12/
2012 2011 2012 2011 2011
Net sales 24.6 22.2 83.2 85.9 119.6
Other operating income 0.3 0.3 0.6 0.7 0.9
Expenses -23.9 -23.3 -83.7 -85.6 -117.6
Share of associates' result - - - - -
Depreciation, amortization and impairment -1.4 -1.5 -7.0 -4.2 -5.7
--------------------------------------------------------------------------------
Operating result, continuing operations -0.4 -2.2 -6.9 -3.1 -2.8
Financial items, net -1.7 -2.2 -5.1 -9.9 -10.8
--------------------------------------------------------------------------------
Result before income taxes -2.1 -4.4 -12.0 -13.0 -13.6
Income taxes 0.1 0.1 0.1 -1.0 -2.5
--------------------------------------------------------------------------------
Profit / loss for the period from -2.0 -4.3 -11.9 -14.0 -16.1
continuing operations
--------------------------------------------------------------------------------
Profit / loss after tax for the period -5.8 -0.3 -5.2 0.7 1.6
from discontinued operations
--------------------------------------------------------------------------------
Profit / loss for the period -7.8 -4.6 -17.1 -13.3 -14.4
================================================================================
Attributable to:
Owners of the parent -7.8 -4.6 -17.0 -13.3 -14.4
Non-controlling interest 0.0 0.0 0.0 0.0 0.0
Total -7.8 -4.6 -17.1 -13.3 -14.4
================================================================================
Earnings per share, EUR, continuing -0.02 -0.04 -0.11 -0.14 -0.16
operations
Earnings per share, EUR, discontinued -0.06 0.00 -0.05 0.01 0.02
operations
Earnings per share, EUR, basic and diluted -0.07 -0.04 -0.16 -0.13 -0.14
--------------------------------------------------------------------------------
Operating result, continuing operations , as -1.6 -10.0 -8.2 -3.6 -2.3
% of net sales
Profit / loss for the period, continuing -8.0 -19.3 -14.3 -16.3 -13.4
operations , as % of net sales
Profit / loss for the period, as % of net -31.6 -20.6 -20.5 -15.4 -12.1
sales
Non-recurring items included in operating 0.0 0.0 -3.0 0.1 0.3
result, continuing operations
Operating result, non-recurring items -0.4 -2.3 -3.9 -3.2 -3.1
excluded, continuing operations
Operating result, continuing operations, -1.6 -10.2 -4.6 -3.7 -2.6
non-recurring items excluded, as % of net
sales
CONSOLIDATED STATEMENT OF COMPEREHENSIVE INCOME 7-9/ 7-9/ 1-9/ 1-9/ 1-12/
2012 2011 2012 2011 2011
Profit / loss for the period -7.8 -4.6 -17.1 -13.3 -14.4
Other comprehensive income
Total exchange differences on translating -0.1 0.8 0.2 0.1 0.5
foreign operations
Fair value changes of available-for-sale assets 0.0 0.0 0.0 0.0 0.0
Income tax on other comprehensive income 0.0 0.0 0.0 0.0 0.0
--------------------------------------------------------------------------------
Other comprehensive income for the reporting -0.1 0.8 0.2 0.1 0.5
period, net of tax
--------------------------------------------------------------------------------
Total comprehensive income for the reporting -7.9 -3.8 -16.9 -13.2 -14.0
period
--------------------------------------------------------------------------------
Attributable to:
Owners of the parent -7.9 -3.8 -16.8 -13.2 -14.0
Non-controlling interest 0.0 0.0 0.0 0.0 0.0
Total comprehensive income for the reporting -7.9 -3.8 -16.9 -13.2 -14.0
period
--------------------------------------------------------------------------------
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
EUR million 1-9/20 1-9/20 1-12/2
12 11 011
Cash flows from operating activities
Cash flow before change in net working capital 0.1 -8.6 -7.7
Change in net working capital -1.8 6.6 12.2
--------------------------------------------------------------------------------
Net cash flow from operating activities -1.7 -2.0 4.4
Cash flow from investing activities
Business combinations - 0.0 0.0
Other purchases of non-current assets -4.4 -4.1 -5.7
Proceeds from sale of other non-current assets 0.1 0.2 0.2
--------------------------------------------------------------------------------
Net cash flow from investing activities -4.3 -3,9 -5.5
--------------------------------------------------------------------------------
Cash flow before financing -6.0 -6.0 -1.1
Cash flow from financing activities
Share issue and conversion of convertible bond, net - 5.8 5.8
Increase in non-current liabilities 0.2 47.8 47.9
Decrease in non-current liabilities -1.5 -1.9 -3.4
Changes in loan receivables (increase - / decrease +) 0.0 0.0 0.1
Increase in short-term liabilities 7.7 21.4 34.9
Decrease in short-term liabilities -7.3 -65.1 -81.5
Other financing 0.0 0.0 0.0
--------------------------------------------------------------------------------
Net cash flow from financing activities -1.0 8.1 3.8
--------------------------------------------------------------------------------
Effect of exchange rate changes -0.4 -0.7 0.2
Net change in cash and cash equivalents -7.5 1.4 2.9
================================================================================
Cash and cash equivalents at the beginning of period 18.6 15.7 15.7
Cash and cash equivalents at the end of period, 11.2 17.1 18.6
continuing and discontinued operations
--------------------------------------------------------------------------------
Net change in cash and cash equivalents -7.5 1.4 2.9
================================================================================
Cash flows include also cash flows arising from discontinued operations.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
EUR million Share Share Other Reserve for Treasu Fair
capita premium rest. invested ry value
l account equity unrest. shares reserve
reserves equity
---------------------------------------------------------------
Equity at 1 12.7 25.3 0.0 0.1 -3.3 0.0
January, 2011
--------------------------------------------------------------------------------
Total - - 0.0 - - 0.0
comprehensive
income for the
period
Share issue - - - 5.9 - -
Conversion of - - - 20.8 - -
convertible
bond
Equity at 30 12.7 25.3 0.0 26.8 -3.3 0.0
September, 2011
================================================================================
EUR million Share Share Other Reserve for Treasu Fair
capita premium rest. invested ry value
l account equity unrest. shares reserve
reserves equity
---------------------------------------------------------------
Equity at 1 12.7 25.3 0.0 26.8 -3.3 0.0
January, 2012
--------------------------------------------------------------------------------
Total - - 0.0 - - 0.0
comprehensive
income for the
period
Reclassification - - 0.0 - - -
Equity at 30 12.7 25.3 0.0 26.8 -3.3 0.0
September, 2012
================================================================================
EUR million Retaine Exchan Equity attr. Non-cont Total
d ge to owners of r. equity
earning diff. the parent interest
s
--------------------------------------------------
Equity at 1 January, 2011 4.6 -0.3 39.1 0.3 39.5
--------------------------------------------------------------------------------
Total comprehensive income -12.8 -0.4 -13.2 0.0 -13.2
for the period
Share-based incentive plan 0.3 - 0.3 - 0.3
Share-based incentive plan, -0.1 - -0.1 - -0.1
tax effect
Share issue - - 5.9 - 5.9
Conversion of convertible -2.3 - 18.5 - 18.5
bond
Cost effect of the share 3.4 - 3.4 - 3.4
price compensation related
to convertible bond
conversion
Equity at 30 September, 2011 -6.9 -0.6 54.0 0.3 54.3
================================================================================
EUR million Other Retained Exchan Equity attr.e Non-con Total
unrest. earnings ge to owners of tr. equity
equity diff. the parent int.
reserves
----------------------------------------------------------------
Equity at 1 - -8.4 -0.3 52.8 0.3 53.2
January, 2012
--------------------------------------------------------------------------------
Total - -17.0 0.2 -16.8 0.0 -16.9
comprehensive
income for the
period
Reclassificatio 0.1 -0.1 - - - -
n
Share-based - 0.0 - 0.0 - 0.0
incentive plan
Share-based - 0.0 - 0.0 - 0.0
incentive
plan, tax
effect
----------------------------------------
Equity at 30 0.1 -25.5 -0.1 36.0 0.3 36.3
September,
2012
================================================================================
KEY RATIOS
30.9. 30.9. 31.12.
2012 2011 2011
EBITDA of continuing operations , as % of net sales (1 0.2 1.2 2.4
Operating result (EBIT) of continuing operations , as % of -8.2 -3.6 -2.3
net sales
Profit / loss for the period, as % of net sales -20.5 -15.4 -12.1
Gross capital expenditure, continuing and discontinued 4.4 4.1 5.7
operations, EUR million
Gross capital expenditure, as % of net sales of continuing 4.4 4.0 4.0
and discontinued operations
Equity ratio, % (2 24.5 31.5 31.1
Gearing, % (2 187.0 133.0 128.5
Net gearing, % (2 156.3 101.4 93.5
Net interest-bearing debt, EUR million (2 56.8 55.1 49.7
Capital employed, end of period, EUR million (2 104.2 126.5 121.4
Return on equity, %, annualized -50.9 -37.7 -31.2
Return on capital employed, %, annualized -13.1 -1.6 0.3
Return on capital employed, continuing operations %, -7.6 -2.6 -1.1
annualized
Number of personnel, average 830 907 899
Number of personnel, continuing operations , end of period 624 693 670
Number of personnel, discontinued operations, end of 186 205 200
period
Number of personnel, end of period 810 898 870
(1 EBITDA = Operating result + depreciation, amortization and impairment
(2 Assets held for sale and related liabilities are included in calculation of
the key ratio
PER SHARE DATA
30.9. 30.9. 31.12.
2012 2011 2011
Number of registered shares, end of period, treasury 104800 104800 104800
shares excluded (1,000)
Number of shares issued, end of period, adjusted with 104800 104800 104800
share issue, treasury
shares excluded (1,000)
Number of shares, average, adjusted 104800 96785 100826
with share issue, treasury shares
excluded (1,000)
Number of shares, dilution effect 111531 109528 110538
of the convertible bond taken into account, average,
adjusted with
share issue, treasury shares
excluded (1,000)
EPS, continuing operations , basic -0.11 -0.14 -0.16
and diluted, adjusted with share
issue, EUR
EPS, Discontinued Operations, basic -0.05 0.01 0.02
and diluted, adjusted with share
issue, EUR
EPS, total, basic and diluted, -0.16 -0.13 -0.14
adjusted with share issue, EUR
Adjusted equity attributable to owners 0.34 0.51 0.50
of the parent per share, EUR
Price per adjusted earnings per share (P/E) ratio -1.7 -4.8 -3.1
Price per adjusted equity attributable 0.81 1.24 0.89
to owners of the parent per share
Market capitalization of registered shares, EUR million 29.3 67.1 47.2
Share turnover, % (number of shares traded, % of the 13.0 5.3 8.5
average registered
number of shares)
Number of shares traded, (1,000) 13,611 5,166 8,447
Closing price of the share, EUR 0.28 0.64 0.45
Highest quoted price, EUR 0.74 1.27 1.27
Lowest quoted price, EUR 0.24 0.61 0.40
Volume-weighted average quoted price, EUR 0.43 1.03 0.84
DEFINITIONS OF KEY RATIOS
Definitions of key ratios are presented in 2011 financial statements as well as
in January - March 2012 interim report.
In calculation of key ratios, assets classified as held for sale and related
liabilities are treated as if they were not classified as held for sale.
ACCOUNTING PRINCIPLES
The consolidated interim financial statements of Glaston Group are prepared in
accordance with International Financial Reporting Standard IAS 34 Interim
Financial Reporting as approved by the European Union. They do not include all
of the information required for full annual financial statements.
The accounting principles applied in these interim financial statements are the
same as those applied by Glaston in its consolidated financial statements as at
and for the year ended 31 December, 2011, with the exception of certain new or
revised or amended standards and interpretations which have been applied from 1
January, 2012. These amended standards and interpretations are presented in
2011 financial statements as well as in January - March 2012 interim report.
SEGMENT INFORMATION
The reportable segments of Glaston are Machines and Services. Software
Solutions, presented earlier as a reportable segment is classified as
discontinued operations as the criteria of discontinued operations as defined
in IFRS 5 are met.
The reportable segments apply Glaston Group's accounting and measurement
principles. Glaston follows the same commercial terms in transactions between
segments as with third parties
The reportable segments consist of operating segments, which have been
aggregated in accordance with the criteria of IFRS 8.12. Operating segments
have been aggregated, when the nature of the products and services is similar,
the nature of the production process is similar, as well as the type or class
of customers. Also the methods to distribute products or to provide services
are similar.
The reportable Machines segment consists of Glaston's operating segments
manufacturing glass processing machines and related tools. The Machines segment
includes manufacturing and sale of glass tempering, bending and laminating
machines sold under Tamglass and Uniglass brands, glass pre-processing machines
sold under the Bavelloni brand as well as manufacturing and sale of tools.
Services segment includes maintenance and service of glass processing
machines, machine upgrades and sale of spare parts.
Software Solutions'(classified as discontinued operation) product offering,
sold under the Albat+Wirsam brand, covers enterprise resource planning systems
for the glass industry, software for window and door glass manufacturers, and
software for glass processor's integrated line solutions.
The unallocated operating result consists mainly of head office operations of
the Group.
Non-recurring items have been reclassified to non-recurring items of continuing
operations and non-recurring items of discontinued operations.
The total non-recurring items of 2012 include goodwill impairment losses and
restructuring costs arising from closure of offices. Of the total non-recurring
items the restructuring costs arising from closure of offices and impairment
loss of goodwill allocated to Software Solutions are included in result of
discontinued operations. Impairment loss of goodwill allocated to Software
Solutions is recognized on remeasurement of the net assets of the discontinued
operations to fair value less costs to sell.
The non-recurring items of 2011 consist of reversals of the provisions made in
prior years.
Segment assets include external trade receivables and inventory, and segment
liabilities include external trade payables and advance payments received. In
addition, segment assets and liabilities include business related prepayments
and accruals as well as other business related receivables and liabilities.
Segment assets and liabilities do not include loan receivables, prepayments and
receivables related to financial items, interest-bearing liabilities, accruals
and liabilities related to financial items, income and deferred tax assets and
liabilities nor cash and cash equivalents.
Machines
EUR million 7-9/ 7-9/ 1-9/ 1-9/ 1-12/
2012 2011 2012 2011 2011
--------------------------------------------------------------------------------
External sales 18.4 16.2 62.0 63.7 89.8
Intersegment sales 0.0 0.0 0.0 0.2 0.2
--------------------------------------------------------------------------------
Net sales 18.4 16.2 62.0 63.8 90.0
EBIT excluding non-recurring items -0.5 -1.7 -3.1 -3.4 -1.9
--------------------------------------------------------------------------------
EBIT-%, excl. non-recurring items -2.5 -10.5 -4.9 -5.3 -2.1
Non-recurring items - - -3.0 - 0.2
--------------------------------------------------------------------------------
EBIT -0.5 -1.7 -6.0 -3.4 -1.7
EBIT-% -2.5 -10.5 -9.7 -5.3 -1.9
Net working capital 42.7 50.6 47.9
--------------------------------------------------------------------------------
Number of personnel, average 500 561 557
Number of personnel, end of period 481 561 541
--------------------------------------------------------------------------------
Services
EUR million 7-9/ 7-9/ 1-9/ 1-9/ 1-12/
2012 2011 2012 2011 2011
--------------------------------------------------------------------------------
External sales 6.2 6.1 21.2 22.3 29.9
Intersegment sales 0.6 0.2 1.1 0.9 1.2
--------------------------------------------------------------------------------
Net sales 6.8 6.3 22.3 23.1 31.1
EBIT excluding non-recurring items 1.3 0.9 4.0 4.7 5.6
--------------------------------------------------------------------------------
EBIT-%, excl. non-recurring items 18.6 14.0 17.8 20.3 17.9
Non-recurring items - 0.0 - 0.1 0.1
--------------------------------------------------------------------------------
EBIT 1.3 0.9 4.0 4.8 5.7
EBIT-% 18.6 14.8 17.8 20.8 18.4
Net working capital 22.1 24.0 21.9
--------------------------------------------------------------------------------
Number of personnel, average 125 131 127
Number of personnel, end of period 130 120 117
--------------------------------------------------------------------------------
Glaston Group
Net sales
--------------------------------------------
EUR million 7-9/ 7-9/ 1-9/ 1-9/ 1-12/
2012 2011 2012 2011 2011
--------------------------------------------------------------------------------
Machines 18.4 16.2 62.0 63.8 90.0
Services 6.8 6.3 22.3 23.1 31.1
Other and intersegment sales -0.6 -0.2 -1.1 -1.0 -1.5
Glaston Group total 24.6 22.2 83.2 85.9 119.6
--------------------------------------------------------------------------------
EBIT
EUR million 7-9/ 7-9/ 1-9/ 1-9/ 1-12/
2012 2011 2012 2011 2011
--------------------------------------------------------------------------------
Machines -0.5 -1.7 -3.1 -3.4 -1.9
Services 1.3 0.9 4.0 4.7 5.6
Other and eliminations -1.2 -1.4 -4.8 -4.5 -6.8
EBIT excluding non-recurring items -0.4 -2.3 -3.9 -3.2 -3.1
--------------------------------------------------------------------------------
Non-recurring items - 0.0 -3.0 0.1 0.3
EBIT, continuing operations -0.4 -2.2 -6.9 -3.1 -2.8
--------------------------------------------------------------------------------
Net financial items -1.7 -2.2 -5.1 -9.9 -10.8
--------------------------------------------------------------------------------
Result before income taxes from continuing -2.1 -4.4 -12.0 -13.0 -13.6
operations
Income taxes from continuing operations 0.1 0.1 0.1 -1.0 -2.5
Result from continuing operations -2.0 -4.3 -11.9 -14.0 -16.1
--------------------------------------------------------------------------------
Net discontinued operations -5.8 -0.3 -5.2 0.7 1.6
Net result -7.8 -4.6 -17.1 -13.3 -14.4
--------------------------------------------------------------------------------
Number of personnel, average (continuing 638 705 698
operations)
Number of personnel, end of period (continuing 624 693 670
operations)
--------------------------------------------------------------------------------
Segment assets
--------------------------
EUR million 30.9.2012 30.9.2011 31.12.2011
-----------------------------------------------------------
Machines 85.0 92.9 94.5
Services 28.3 30.0 28.9
Other 4.0 5.5 5.3
Total segment assets 117.3 128.4 128.7
-----------------------------------------------------------
Other assets 46.1 59.5 58.5
Total assets 163.4 187.9 187.2
-----------------------------------------------------------
Segment liabilities
--------------------------
EUR million 30.9.2012 30.9.2011 31.12.2011
-----------------------------------------------------------
Machines 42.3 42.3 46.6
Services 6.2 6.0 6.9
Other 1.7 1.5 1.8
Total segment liabilities 50.2 49.8 55.4
-----------------------------------------------------------
Other liabilities 77.0 83.8 78.6
Total liabilities 127.1 133.6 134.0
-----------------------------------------------------------
Net working capital
--------------------------
EUR million 30.9.2012 30.9.2011 31.12.2011
-----------------------------------------------------------
Machines 42.7 50.6 47.9
Services 22.1 24.0 21.9
Other 2.4 4.0 3.5
Total Glaston Group 67.2 78.6 73.3
-----------------------------------------------------------
Order intake (continuing operations)
EUR million 1-9/2012 1-9/2011 1-12/2011
-------------------------------------------------------
Machines 60.9 62.3 89.2
Services 23.8 23.3 31.3
Total Glaston Group 84.7 85.6 120.5
-------------------------------------------------------
Net sales by geographical areas (continuing operations)
EUR million 1-9/2012 1-9/2011 1-12/2011
-------------------------------------------------------
EMEA 35.8 30.4 48.1
Asia 19.4 27.3 32.5
America 28.0 28.3 39.0
Total 83.2 85.9 119.6
-------------------------------------------------------
QUARTERLY NET SALES, OPERATING RESULT, ORDER INTAKE AND ORDER BOOK
Machines
EUR million 7-9/ 4-6/ 1-3/ 10-12/ 7-9/ 4-6 1-3/
2012 2012 2012 2011 2011 2011 2011
--------------------------------------------------------------------------------
External sales 18.4 21.7 21.9 26.1 16.2 27.4 20.1
Intersegment sales 0.0 0.0 0.0 0.1 0.0 0.2 0.0
--------------------------------------------------------------------------------
Net sales 18.4 21.7 21.9 26.2 16.2 27.6 20.1
EBIT excluding non-recurring -0.5 -1.7 -0.9 1.5 -1.7 0.2 -1.9
items
--------------------------------------------------------------------------------
EBIT-%, excl. non-recurring -2.5 -7.8 -4.1 5.6 -10.5 0.6 -9.2
items
Non-recurring items - - -3.0 0.2 - - -
-------------------------------
EBIT -0.5 -1.7 -3.9 1.7 -1.7 0.2 -1.9
--------------------------------------------------------------------------------
EBIT-% -2.5 -7.8 -17.7 6.3 -10.5 0.6 -9.2
--------------------------------------------------------------------------------
Services
EUR million 7-9/ 4-6/ 1-3/ 10-12/ 7-9/ 4-6 1-3/
2012 2012 2012 2011 2011 2011 2011
--------------------------------------------------------------------------------
External sales 6.2 6.7 8.3 7.6 6.1 8.1 8.1
Intersegment sales 0.6 0.3 0.2 0.4 0.2 0.4 0.2
--------------------------------------------------------------------------------
Net sales 6.8 7.0 8.5 7.9 6.3 8.5 8.3
EBIT excluding non-recurring 1.3 1.0 1.7 0.9 0.9 2.3 1.5
items
--------------------------------------------------------------------------------
EBIT-%, excl. non-recurring 18.6 13.7 20.5 11.0 14.0 26.8 18.4
items
Non-recurring items - - - 0.0 0.0 0.1 -
-------------------------------
EBIT 1.3 1.0 1.7 0.9 0.9 2.3 1.5
--------------------------------------------------------------------------------
EBIT-% 18.6 13.7 20.5 11.4 14.8 27.5 18.4
--------------------------------------------------------------------------------
Net sales
EUR million 7-9/ 4-6/ 1-3/ 10-12/ 7-9/ 4-6 1-3/
2012 2012 2012 2011 2011 2011 2011
--------------------------------------------------------------------------------
Machines 18.4 21.7 21.9 26.2 16.2 27.6 20.1
Services 6.8 7.0 8.5 7.9 6.3 8.5 8.3
Other and intersegment sales -0.6 -0.3 -0.2 -0.5 -0.2 -0.6 -0.2
Glaston Group total 24.6 28.4 30.2 33.7 22.2 35.5 28.2
--------------------------------------------------------------------------------
EBIT
EUR million 7-9/ 4-6/ 1-3/ 10-12/ 7-9/ 4-6 1-3/
2012 2012 2012 2011 2011 2011 2011
--------------------------------------------------------------------------------
Machines -0.5 -1.7 -0.9 1.5 -1.7 0.2 -1.9
Services 1.3 1.0 1.7 0.9 0.9 2.3 1.5
Other and eliminations -1.2 -2.0 -1.6 -2.2 -1.4 -1.6 -1.6
EBIT excluding non-recurring -0.4 -2.8 -0.8 0.1 -2.3 0.9 -1.9
items
--------------------------------------------------------------------------------
Non-recurring items - - -3.0 0.2 0.0 0.1 -
-------------------------------------------------
-------------------------------
EBIT -0.4 -2.8 -3.7 0.3 -2.2 1.0 -1.9
Order book (continuing operations)
--------------------------------------------------------------------------------
EUR million 30.9. 30.6. 31.3. 31.12. 30.9. 30.6. 31.3.
2012 2012 2012 2011 2011 2011 2011
--------------------------------------------------------------------------------
Machines 31.3 30.8 34.2 34.6 33.1 35.4 40.2
Services 4.0 3.3 1.1 1.2 1.4 1.1 1.7
Total Glaston Group 35.3 34.1 35.2 35.8 34.5 36.5 41.8
--------------------------------------------------------------------------------
Order intake (continuing operations)
EUR million 7-9/ 4-6/ 1-3/ 10-12/ 7-9/ 4-6 1-3/
2012 2012 2012 2011 2011 2011 2011
---------------------------------------------------------------
Machines 21.1 19.1 20.7 26.9 15.2 23.1 24.0
Services 7.2 9.1 7.5 8.0 6.7 8.0 8.7
Total Glaston Group 28.4 28.1 28.2 34.9 21.8 31.0 32.7
---------------------------------------------------------------
DISCONTINUED OPERATIONS
Discontinued operations include the Software Solutions business area.
Revenue, expenses and result of discontinued operations
EUR million 1-9/20 1-9/20 1-12/20
12 11 11
Revenue 15.1 17.5 23.0
Expenses -14.5 -16.5 -21.3
--------------------------------------------------------------------------------
Gross profit 0.6 1.0 1.7
Finance costs, net 0.0 0.0 0.0
Impairment loss recognized on the remeasurement to fair -5.2 - -
value less cost to sell
--------------------------------------------------------------------------------
Profit / loss before tax from discontinued operations -4.7 1.0 1.7
Current income tax -0.6 -0.2 -0.1
Income tax related to measurement to fair value less 0.0 - -
costs to sell
--------------------------------------------------------------------------------
Profit / loss from discontinued operations -5.2 0.7 1.6
--------------------------------------------------------------------------------
Profit / loss from discontinued operations include EUR 5.2 million goodwill
impairment loss. The goodwill impairment loss arises from measurement of net
assets held for sale to fair value less costs to sell.
Assets classified as held for sale and related liabilities
EUR million 30.9.2012
Assets
Goodwill 7.6
Other intangible assets 6.6
Tangible assets 0.2
Investments in associates 0.1
Available-for-sale assets 0.0
Deferred tax asset 0.0
Inventories 0.1
Assets for current tax 0.2
Trade and other receivables 5.7
Cash equivalents 1.1
---------------------------------------------------------------
Assets classified as held for sale 21.6
Liabilites
Deferred tax liability 1.8
Non-current interest-free liabilities and provisions 0.2
Current provisions 0.8
Trade and other payables 3.8
Liabilities for current tax 0.0
---------------------------------------------------------------
Liabilities related to assets held for sale 6.8
Net assets classified as held for sale 14.9
---------------------------------------------------------------
On 30 September, 2011 and on 31 December, 2011 there were no assets classified
as held for sale.
Net cash flows of discontinued operations
EUR million 1-9/2012 1-9/2011 1-12/2011
Operating 3,0 4,5 4,5
Investing -2,4 -1,8 -2,4
Financing 0,0 0,0 0,0
--------------------------------------------
Net cash flow 0,6 2,7 2,1
--------------------------------------------
Order book (discontinued operations)
EUR million 30.9. 30.6. 31.3. 31.12. 30.9. 30.6. 31.3.
2012 2012 2012 2011 2011 2011 2011
--------------------------------------------------------------------
Software Solutions 1.7 1.6 1.5 1.8 2.2 2.2 2.5
--------------------------------------------------------------------
Order intake (discontinued operations)
EUR million 1-9/2012 1-9/2011 1-12/2011
-------------------------------------------------
Software Solutions 12.6 16.1 20.9
-------------------------------------------------
CONTINGENT LIABILITIES 30.9.2012 30.9.2011 31.12.2011
EUR million
Mortgages and pledges
On own behalf 488.0 523.5 490.1
On behalf of others 0.1 0.2 0.1
Guarantees
On own behalf 0.2 0.4 0.5
On behalf of others 0.0 0.0 0.0
Lease obligations 7.6 10.1 9.6
Other obligation on own behalf 0.6 0.0 0.8
Mortgages and pledges include EUR 111.7 million shares in group companies and
EUR 41.0 million receivables from group companies.
Glaston Group has international operations and can be a defendant or plaintiff
in a number of legal proceedings incidental to those operations. The Group does
not expect the outcome of any unmentioned legal proceedings currently pending,
either individually or in the aggregate, to have material adverse effect upon
the Group's consolidated financial position or results of operations.
DERIVATIVE INSTRUMENTS
EUR million 30.9.2012 30.9.2011 31.12.2011
Nominal Fair Nominal Fair Nominal Fair
value value value value value value
Commodity
derivatives
Electricity 0.2 0.0 0.2 0.1 0.1 0.0
forwards
Derivative instruments are used only for hedging purposes. Nominal values of
derivativeinstruments do not necessarily correspond with the actual cash flows
between the counterparties and do not therefore give a fair view of the risk
position of the Group. The fair values are based on market valuation on the
date of reporting. PROPERTY, PLANT AND EQUIPMENT
EUR million
Changes in property, plant and equipment 1-9/2012 1-9/2011 1-12/2011
Carrying amount at beginning of the period 18,7 19,5 19,5
--------------------------------------------------------------------------------
Additions 0,3 0,9 1,2
Disposals 0,0 -0,2 -0,2
Depreciation and amortization -1,8 -1,9 -2,5
Impairment losses and reversals of impairment - 0,0 -0,1
losses
Reclassification and other changes - 0,6 0,6
Exchange differences 0,0 0,0 0,2
Transfer to assets held for sale -0,2 - -
Carrying amount at end of the period 16,9 18,9 18,7
--------------------------------------------------------------------------------
At the end of September 2012 Glaston did not have of contractual commitments
for the acquisition of property, plant and equipment. At the end of September
2011 Glaston had EUR 0.0 million of contractual commitments for the acquisition
of property, plant and equipment.
SHAREHOLDER INFORMATION
20 largest shareholders 30 September, 2012
Number of shares % of shares and votes
1 GWS Trade Oy 13,446,700 12.73
2 Oy G.W.Sohlberg Ab 12,819,400 12.14
3 Varma Mutual Pension Insurance 9,447,320 8.95
Company
4 Suomen Teollisuussijoitus Oy 9,049,255 8.57
5 Sumelius Bjarne Henning 2,154,733 2.04
6 Sumelius Bertil Christer 2,018,533 1.91
7 Oy Investsum Ab 1,820,000 1.72
8 Sumelius-Fogelholm Birgitta 1,754,734 1.66
Christina
9 Von Christierson Charlie 1,600,000 1.52
10 Nordea Pro Finland Fund 1,210,000 1.15
11 Sumelius-Koljonen Barbro 1,175,238 1.11
12 Vakuutusosakeyhtiö Henki-Fennia 1,140,000 1.08
13 The Finnish Cultural Foundation 1,084,760 1.03
14 Ehrnrooth Helene Margareta 1,000,000 0.95
15 Oy Cacava Ab 1,000,000 0.95
16 Nordea Life Assurance Finland Ltd 850,000 0.81
17 Huber Karin 800,800 0.76
18 Evli Alexander Management Oy 788,582 0.75
19 Drumbo Oy 750,000 0.71
20 Investment Fund Aktia Capital 734,574 0.70
--------------------------------------------------------------------------------
20 largest shareholders total 64,644,629 61.22
Nominee registered shareholders 922,310 0.87
--------------------------------------------------------------------------------
Other shareholders 40,021,697 37.90
----------------------
Total 105,588,636 100.00
--------------------------------------------------------------------------------
RELATED PARTY TRANSACTIONS
Glaston Group's related parties include the parent, subsidiaries, associates
and joint ventures. Related parties also include the members of the Board of
Directors and the Group's Executive Management Group, the CEO and their family
members. Also the shareholders, which have significant influence in Glaston
through shareholding, are consider to be related parties, as well as the
companies controlled by these shareholders.
Glaston follows the same commercial terms in transactions with associates and
joint ventures and other related parties as with third parties.
The Group has leased premises from companies owned by individuals belonging to
the management. The lease payments were in January - September EUR 0.4 (0.5)
million.
During the review period there were no related party transactions whose terms
would differ from the terms in transactions with third parties.
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