|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2019-12-13 08:00:00 CET 2019-12-13 08:00:03 CET REGULATED INFORMATION Panostaja Oyj - Financial Statement ReleasePanostaja Oyj’s Financial Statement Bulletin 1.11.2018-31.10.2019Panostaja Oyj Financial Statement Bulletin December 13, 2019 at 9.00 am. Panostaja Oyj’s Financial Statement Bulletin 1.11.2018-31.10.2019 Active efforts to improve profitability - profit/loss encumbered by cost provisions August 1, 2019-October 31, 2019 (3 months)
November 1, 2018-October 31, 2019 (12 months)
“During the review period the total net sales of the Panostaja segments dropped by 6% from the reference period. The decline was primarily due to the weakened net sales of Grano, Carrot and Selog. Grano’s net sales dropped by 7% as a result of the decline in traditional sheet printing and the volume of large-scale prints and illuminated advertisements, which was lower then in the reference period. Selog’s net sales were significantly impacted by the tightened competition and the changes made at Carrot over the financial period. CoreHW was the one to achieve the most substantial growth in the period by increasing its net sales by more than 50% from the reference period. Panostaja’s EBIT for the review period was MEUR 1.5, which was an improvement of MEUR 1.6 from the review period. The profit/loss for the reference period was dragged down by the MEUR 3.0 goodwill impairment recorded for Helakeskus. The EBIT for the review period, in turn, is encumbered by the MEUR 1.0 cost provision for Grano’s employer-employee negotiations and the MEUR 0.3 provision for Selog’s corporate restructuring. CoreHW’s strong increase in net sales was reflected by the company’s operating profit, which increased to MEUR 0.3 from the MEUR 0.0 in the previous year. Over the course of the review period, Grano completed its employer-employee negotiations for improving the group’s competitiveness and operational efficiency. As a result of the negotiations, the number of employees working in Grano Group’s various offices and facilities will be reduced by some 100 people. The streamlining measures are targeting roughly MEUR 4.5 in annual cost savings, more than half of which are expected to be realized in the 2020 financial period. At the very end of the financial year, Selog Group and Tilatukku, based in the Helsinki Metropolitan Area, merged with the former assuming ownership of the latter. We believe the merger will significantly strengthen Selog Group’s position on the markets and support the company’s profitability development going forward. Carrot’s net sales for the review period did not reach the target level, but the company has been able to focus on developing its own operations and laying a foundation for growth with the help of the new organization. We will continue to keep an eye on the development of Selog’s and Carrot’s net sales to ensure the correct course. During the review period, Panostaja distributed an extra dividend at EUR 0.03 per share. In the past two years, we have completed successful divestments and acquired multiple new investment targets. Panostaja’s financial position, policy on the distribution of profits and the results and outlook of the investment activities provided an excellent basis for an extra dividend. The corporate acquisition market has remained rife with new opportunities. However, there is a wealth of investment capital on the market and the competition for good investments is fierce. In part, sellers’ price expectations have also become a hindrance to follow-through with many acquisitions. We will continue to actively explore new interesting investment opportunities but remain cool-headed in terms of assessing prospective corporate acquisitions.”
Panostaja Group’s business operations for the current review period are reported in nine segments: Grano, Selog, Helakeskus, Heatmasters, Hygga, CoreHW, Carrot, Oscar Software and Others (parent company and associated companies). In the review period, two associated companies, Gugguu Group Oy and Spectra Yhtiöt Oy, issued reports to the parent company. The profit/loss of the reported associated companies in the review period was MEUR 0.2 (MEUR 0.3), which is presented on a separate row in the consolidated income statement. At the very beginning of the financial period, the company acquired a significant minority shareholding in Gugguu Oy, which manufactures ecological, high-quality children’s wear. During the review period, Panostaja divested its share in Ecosir Group Oy, as an international group of investors assumed majority ownership of the company’s business operations. Outlook for the 2020 Financial Period As regards the corporate acquisition market, plenty of opportunities are available and the market is active. The need to leverage ownership arrangements and growth opportunities will persist for SMEs, but the high market liquidity and increased price expectations of sellers are making the operating environment more challenging for corporate acquisitions.We will continue exploring new possible investment targets in accordance with our strategy and assess divestment possibilities as part of the ownership strategies of the investment targets. It is thought that the demand situation for different investments will develop in the short term as follows:
Board of Directors For further information, contact CEO Tapio Tommila, +358 (0)40 527 6311 Panostaja Oyj Attachment |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|