2011-12-15 09:00:00 CET
2011-12-15 09:00:09 CET
REGULATED INFORMATION
Panostaja Oyj - Financial Statement Release
PANOSTAJA GROUP REPORT FINANCIAL STATEMENT BULLETIN November 1, 2010–October 31, 2011
Panostaja Oyj Stock Exchange Bulletin, December 15, 2011, 10:00 am
PANOSTAJA GROUP REPORT FINANCIAL STATEMENT BULLETIN November 1,
2010-October 31, 2011
Net sales for the financial period were MEUR 163.2, up by 18% and operating
profit was MEUR 5.9, growth 103%.
The Board of Directors proposes to the Annual General Meeting a capital
repayment of EUR 0.05 from the invested unrestricted equity fund.
FOURTH QUARTER, AUGUST-OCTOBER 2011
Net sales MEUR 45.1 (MEUR 40.3), growth 12%
Operating profit MEUR 1.5 (operating profit MEUR 2.1)
Operating profit before taxes MEUR 0.8 (MEUR 1.4)
Earnings per share (undiluted) 0.8 cents (-2.2 cents)
Cash flow from business operations was MEUR 1.0 (MEUR 0.6).
The MEUR 4.8 growth in net sales resulted from the corporate acquisitions
realized during the previous financial period, from the operative development
of the digital printing services, and from the recovery of the engineering
industry. The impact of the corporate acquisitions on net sales for the last
quarter stood at MEUR 1.7.
The MEUR 0.6 drop in fourth-quarter operating profit was considerably affected
by the MEUR 1.1 reduction in the amount of earnings from other business, as
they included one-time earnings related to corporate restructuring in the
reference year. Fourth quarter earnings were also burdened by write-downs of
MEUR 0.5 from stocks in Lämpö-Tukku Oy and Suomen Helakeskus Oy.
NOVEMBER 2010-OCTOBER 2011
Net sales MEUR 163.2 (MEUR 137.9), growth 18%
Operating profit MEUR 5.9 (MEUR 2.9), growth 103%
Operating profit before taxes MEUR 3.1 (MEUR 0.8)
Earnings per share (undiluted) 1.9 cents (-6.0 cents)
Equity per share EUR 0.65 (EUR 0.59)
Equity ratio 33.4% (31.3 %)
Cash flow from business operations MEUR 4.4 (MEUR 1.3).
It is expected that the Group's net sales will increase further and its
operating profit will improve in 2012.
The Board of Directors proposes that no dividends be paid for the financial
year. The Board also proposes to the Annual General Meeting that EUR 0.05 per
share be paid as capital repayment from the invested unrestricted equity fund.
The capital repayment will be made to those shareholders who on the record date
of the repayment, February 3, 2012, are recorded in the company's shareholder
list maintained by Euroclear Finland Oy. The Board of Directors proposes that
the capital repayment be made on February 10, 2012.
On September 19, 2011, Panostaja announced the sale of its Lämpö-Tukku Oy
business to Cordes & Graefe KG's new Finnish subsidiary. The intention was to
complete the transaction on October 3, 2011. However, on October 3, 2011,
Panostaja reported that the sale was cancelled due to errors detected in the
inventory of the stock completed prior to the realization of the sale. The
total value of the errors was approx. MEUR 2.
A write-down of MEUR 2.2 related to the stocks in Lämpö-Tukku Oy was made in
the financial statement, MEUR 1.9 of which was allocated to previous financial
periods and MEUR 0,2 to the period ending on October 31, 2011. Of the
allocation made to previous periods, MEUR 1.4 was entered in retained earnings
and MEUR 0.5 in deferred tax assets. In a release on November 9, 2011,
Panostaja reported that it was continuing the investigation of the reasons
resulting in the inventory difference and would provide information about them
in more detail if necessary.
In the preliminary ruling on the capital repayment in respect of Takoma Oyj
shares in spring 2008, the Tax Office for Major Corporations decided on the
basis of an overall assessment that Panostaja was a capital investor within the
meaning of Section 6, Subsection 1, Item 1 of the Finnish Business Tax Act. For
capital investors, capital gains from fixed asset shares are considered taxable
income.
Due to the said preliminary ruling, the Tax Office for Major Corporations, in
its taxation by direct assessment in 2007, regarded Panostaja Oyj as a capital
investor in the aforementioned sense and taxed the company's certain capital
gains from fixed asset shares. Panostaja Oyj submitted a claim for adjustment
over the 2007 taxation to the Board of Adjustment claiming that the capital
gain from fixed asset shares should be exempt from tax. The Board of Adjustment
denied Panostaja Oyj's claim in August 2009. Panostaja Oyj appealed the
decision to the Administrative Court of Helsinki.
In June, Panostaja Oyj was informed that the Administrative Court of Helsinki
had rejected the appeal. The Administrative Court considers Panostaja Oyj as a
capital investor within the meaning of the Finnish Business Tax Act. Panostaja
Oyj has applied to the Supreme Administrative Court for the right to appeal the
decision.
Key figures 31/10/2011 31/10/2010
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Net sales, MEUR 163.2 137.9
Operating profit, MEUR 5.9 2.9
Profit before taxes, MEUR 3.1 0.8
Earnings per share, undiluted, EUR 0.02 -0.06
Equity per share, EUR 0.65 0.59
Rahoitusasema ja kassavirta 31/10/2011 31/10/2010
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Net liabilities, MEUR € 47.2 51.8
Gearing, % 99.6 127.3
Equity ratio, % 33.4 31.3
Cash flow from business operations, MEUR 4.4 1.3
In the income statement, the profit from discontinued operations and the profit
from continuing operations have been separated in accordance with the IFRS
standard. Unless otherwise specified, the figures listed in this financial
statement bulletin for the 2011 financial period and the reference year 2010
concern the Group's continuing operations. Therefore, they do not include the
Environmental Technology sector, which was sold in April 2011.
MARKET SITUATION
On the whole, Panostaja Group's business operations continued their positive
trend through the fourth quarter, even though there was considerable variation
in the development of different segments. The Group's management will focus on
improving the profitability of these few weak segments. The overall economic
situation has become more uncertain due to the crisis in the eurozone, but
Panostaja has remained confident that positive development will continue during
the next financial year. The uncertain situation in the financial markets and
the restraints on credit that may result from it might, in the long term,
negatively affect the predicted development. The corporate acquisition market
has remained brisk and the number of potential targets has increased, although
the situation is currently wait-and-see on account of the general uncertainty
and scarcity of finance.
FINANCIAL DEVELOPMENT
PANOSTAJA GROUP
AUGUST-OCTOBER 2011
Panostaja Group's net sales in the fourth quarter were MEUR 45.1 (MEUR 40.3).
The growth in net sales over the fourth quarter resulted from the corporate
acquisitions realized during the previous financial period, from the
operational development of the digital printing services, and from the recovery
of the engineering industry. The impact of the corporate acquisitions on the
increase in net sales of MEUR 4.8 stood at MEUR 1.7. During the quarter, net
sales particularly increased in the Digital Printing Services and Heat
Treatment segments especially.
Of the Group's twelve segments engaged in business, nine exceeded the net sales
for the fourth quarter the previous year. Correspondingly, three fell short of
the previous year's levels. Operating profit increased in seven segments.
Operating profit improved particularly in the following segments: Value-added
Logistics, Heat Treatment and Carpentry Industry.
In the reference year, other fourth-quarter operating income amounted to MEUR
1.5, whilst in the period just ended it was MEUR 0.4. In the fourth quarter of
the reference year, the Group recorded one-time items related to corporate
restructuring, which considerably increased other earnings from business
operations.
In the fourth quarter, the Group's operating profit was MEUR 1.5 (MEUR 2.1) and
profit before taxes was MEUR 0.8 (MEUR 1.4). The operating profit margin was
3.2% (5.2%). The drop in operating profit of MEUR 0.6 was caused by write-downs
of MEUR 0.2 allocated to the stocks in Lämpö-Tukku Oy and MEUR 0.3 for the
stocks in Suomen Helakeskus Oy, as well as a change in other earnings from
business operations.
NOVEMBER 2010-OCTOBER 2011
Panostaja Group's net sales were MEUR 163.2 (MEUR 137.9) at the end of the
period under review. Export amounted to MEUR 13.8, i.e. 8.4% (9.6%) of net
sales. Corporate acquisitions realized during the previous quarter affected the
MEUR 25.3 increase in net sales by MEUR 15.2.
Of the Group's twelve segments engaged in business, ten exceeded the net sales
for the previous financial period. Two segments fell short of the levels of the
previous financial period. Correspondingly, nine segments showed an increase
and three a decrease in cumulative operating profit from the previous period.
The Group's operating profit for the full review period was MEUR 5.9 (MEUR
2.9). The MEUR 3.0 increase in operating profit was primarily the result of
growth in net sales and of corporate acquisitions realized over the previous
financial period. The effect of the corporate acquisitions on the growth in
operating profit, with the expenses of acquisitions included, was MEUR 1.1. The
operating profit margin was 3.6% (2.1%).
The loss from discontinued operations was MEUR -0.4. Ecosir Group Oy separated
from the Group in April 2011. For the reference year, the net sales of the
entire previous financial period on discontinued operations stood at MEUR 2.6,
while the operating loss was MEUR -4.5, and the loss for the financial period
totaled MEUR -4.3. The Group's income statement does not include a figure
indicating the profit/loss from discontinued operations for the reference year
2010. Instead, the loss (MEUR -4.3) is separately listed in the Group's income
statement in the row ‘Earnings from Discontinued Operations'. The loss from
discontinued operations for the fourth quarter of 2010 was MEUR -2.1. In the
fourth quarter of the reference year, a goodwill write-down of MEUR -1.5 was
entered in the Environmental Technology segment as a result of an amortization
test.
Before separating the discontinued operations from continuing operations in the
income statement, the Group's net sales for the full financial period were MEUR
140.5, while the operating loss stood at MEUR -1.6, and the loss before taxes
was MEUR -4.0.
The net financing expenses of the Group for the review period were
approximately MEUR -3.0 (MEUR -2.4). The financial position and liquidity of
Panostaja Group remained good. In the period under review, the financial
expenses were burdened by the interest costs of repurchased shares of a
subordinated loan, which amounted to MEUR -0.7.
Personnel
31/10/2011 31/10/2010
----------------------------------------------------------
Average number of employees 1,034 967
Employees at the end of the period 1,097 97
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Employees by segment at the end of the period 31/10/2011 31/10/2010
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Safety 188 151
Digital Printing Services 325 256
HEPAC Wholesale 37 37
Takoma 190 168
Value-added Logistics 131 123
Fittings 32 32
Spare Parts for Motor Vehicles 35 31
Heat Treatment 64 64
Carpentry Industry 32 35
Supports 16 16
Fasteners 25 24
Technochemical 12 14
Environmental Technology 9
Other 10 10
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Group in total 1,097 970
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GROUP STRUCTURE CHANGES
In December 2010, Panostaja Oyj's subsidiary Digiprint Finland Oy purchased the
entire share capital of Suomen Graafiset Palvelut Oy Ltd, which offers print
products and services. The net sales of Suomen Graafiset Palvelut Oy Ltd during
the financial year ending in April 2010 totaled MEUR 3.2, and the company
employed 30 people. The company's domicile is Kuopio and it has an office in
Helsinki.
On June 21, 2011, Digiprint Finland Oy's subsidiary Kopijyvä Oy purchased the
entire share capital of Microtieto Suomi Oy. Through the acquisition, Kopijyvä
strengthened its market share in the field of microfilming and microprinting.
The company operates in Espoo and employs five people.
At the end of April, the acting management and other shareholders of Ecosir
Group Oy purchased EcoSir Group shares held by Panostaja Oyj to an extent that
Panostaja Oyj's holding in the company was reduced to 49%, whereby Ecosir Group
Oy is no longer a subsidiary of Panostaja Oyj. In conjunction with the
transaction, Panostaja Oyj made an investment of approx. MEUR 2.5 in Ecosir
Group Oy's invested unrestricted equity fund. The investment was carried out by
converting MEUR 2.4 of Panostaja Oyj's receivables and partially by means of a
new investment. The arrangement did not significantly affect Panostaja Group's
profit/loss. After the transaction, Panostaja Oyj's receivables from Ecosir
Group total MEUR 2.2. The terms of the receivables match those of subordinated
loans. In future, Panostaja Oyj will report Ecosir Group Oy as an associated
company. After the transaction, the acquisition cost of associated company
shares in Panostaja Oyj's balance sheet is at MEUR 0.2.
In June, Takoma Oyj's subsidiary Takoma System Oy purchased the business
operations of TL-Tuotanto Oy, a Keminmaa-based company specializing in
hydraulics and automation systems, for a price of approx. MEUR 0.8. The net
sales of TL-Tuotanto Oy during the financial year ending in December 2010
totaled MEUR 3.4, and the company employed approx. 25 people.
At the end of March, Jouni Arolainen (43) was invited to serve as Vindea Oy's
CEO. Before the new assignment, Arolainen worked as the deputy CEO of Vindea
Oy. Vindea Oy's previous CEO, Risto Rousku, will assume a new position outside
the Group. Previously, Panostaja Oyj had a 66.1% holding in Vindea Oy's parent
company Vindea Group Oy. As a result of the CEO change, the holding in Vindea
Group Oy increased to 70.0%. In conjunction with the change, Risto Rousku
relinquished his shareholding and Jouni Arolainen increased his holding to 30%.
Ari Suomalainen, the CEO of Suomen Kiinnikekeskus Oy, which is part of the
Panostaja Group, was invited on August 26, 2011 to become a shareholder in the
company. Mr Suomalainen has been the CEO of Suomen Kiinnikekeskus Oy since
2009. He has served as a CEO in the Group since 1991.
Hannu Rantanen (51) was invited on September 6, 2011 to become CEO of Suomen
Helakeskus Oy which is part of the Panostaja Group. Mr Rantanen has previously
worked as Investment Director for Oy Wedeco Management Ab and as CEO of
Helatukku Finland Oy. Pekka Koskenkorva, the previous CEO of Suomen Helakeskus
Oy, does not continue to work in the service of the Group.
SEGMENT INSPECTION
The business operations of Panostaja Group are reported in thirteen segments:
Safety, Digital Printing Services, HEPAC Wholesale, Takoma, Value-added
Logistics, Fittings, Spare Parts for Motor Vehicles, Heat Treatment, Carpentry
Industry, Supports, Fasteners, Technochemical and Other (parent company).
NOVEMBER-OCTOBER
Net sales in the Safety segment grew by MEUR 2.7. Net sales increased from MEUR
21.9 to MEUR 24.6, with operating profit remaining at MEUR 1.2. A corporate
acquisition took place in the segment during the period under review: the Group
purchased the business operations of the Lahti-based Lukkohuolto Lempiäinen Oy.
The development of net sales and operating profit in the reference year was
slightly affected by the harmonization of the different businesses of the
segment. In the period just ended, the segment was able once again to
concentrate on its customer relationships, which positively affected net sales.
The development of the range of products and services realized in the period
had a negative impact on the result for the period.
Net sales in the Digital Printing Services segment grew by MEUR 9.8. Net sales
for the Digital Printing Services segment grew from MEUR 21.7 to MEUR 31.5 and
operating profit from MEUR 3.2 to MEUR 4.1. In addition to the development of
operative functions, the acquisition of Domus Print Oy in the previous
financial period and the acquisition of Suomen Graafiset Palvelut Oy on
December 16, 2010 had a positive impact on net sales and operating profit. A
corporate acquisition took place in the segment during the period under review,
in which the entire shareholding in Microtieto Suomi Oy was purchased.
Net sales in the HEPAC Wholesale segment grew from MEUR 19.6 to MEUR 20.5 and
operating profit fell from MEUR 0.3 to MEUR -0.5. An error amounting to more
than MEUR 2 was found in the stock inventory of Lämpö-Tukku. A write-down of
MEUR 2.2 related to the stocks in the company was made in the financial
statement, MEUR 1.9 of which was allocated to previous financial periods and
MEUR 0.2 to the period ending on October 31, 2011. Good sales at the end of the
year balanced the weaker performance in the early part of the year. Towards
year-end, market uncertainty was particularly reflected in office construction,
with renovation and the construction of new buildings remaining on a good
level.
Net sales in the Takoma segment grew by MEUR 8.4. Net sales increased from MEUR
19.1 to MEUR 27.5, with operating loss decreasing from MEUR -1.7 to MEUR -1.4.
The growth in net sales was nearly entirely caused by Takoma Gears Oy, which
was acquired during the previous financial period. The bankruptcy petition of
Moventas Oy and the business reorganization of its subsidiaries Moventas Wind
Oy and Moventas Santasalo Oy had a negative impact of MEUR 0.2 on Takoma's
result for the financial period. Takoma issued profit warnings three times
during the year. The uncertainty that began in the segment's market environment
in summer 2011 was evident at the end of the financial year mainly as strong
postponements in customer deliveries, not so much in a weakening of the order
book.
The segment's customer deliveries during the financial period concentrated more
than earlier on Asia and other developing economies.
Net sales in the Value-added Logistics segment increased from MEUR 15.1 to MEUR
15.4, while the operating loss of MEUR -0.5 improved to an operating profit of
MEUR 0.4. The volumes of customers in the technology industry clearly increased
during the period under review. The positive development of operating profit
was also affected by the streamlining of operations.
Net sales in the Fittings segment declined from MEUR 12.3 to MEUR 11.4, and the
MEUR 0.7 operating profit dropped to MEUR 0.3. Uncertainty prevailing in the
market has affected operations in the segment and customer demand has been low
throughout the period.
Net sales in the Spare Parts for Motor Vehicles segment grew from MEUR 8.5 to
MEUR 9.6 and operating profit increased from MEUR 0.8 to MEUR 1.1. The demand
for original spare parts has remained good for the entire review period.
Operations have been boosted by the expansion of the electronic ordering
system. The system has also quantitatively increased the sales of spare parts.
During the period under review, net sales in the Heat Treatment segment grew by
MEUR 2.4, while operating profit increased by MEUR 1.9. Net sales rose from
MEUR 6.6 to MEUR 9.0, and operating profit increased from MEUR 0.2 to MEUR 2.1.
The growth in net sales and operating profit was particularly affected by
increased demand for service functions, by investments in new equipments and by
repair investments in the technology industry.
Net sales in the Carpentry Industry segment increased from MEUR 5.3 to MEUR
5.8. Operating profit grew from MEUR 0.4 to MEUR 1.0. The increasingly strong
market position of the segment's Matti-Ovi brand and the company's precise
operations were evident in the strong growth in demand in the market. Growth
in operating profit was also impacted by the streamlining of operations.
Net sales in the Supports segment increased from MEUR 3.6 to MEUR 4.0.
Operating profit grew from MEUR 0.3 to MEUR 0.4. The segment's market recovered
as building volumes clearly increased in the second half of the year under
review compared to the first half.
Net sales in the Fasteners segment increased from MEUR 2.8 to MEUR 3.1.
Operating loss decreased from MEUR -0.3 to MEUR -0.1. Customer demand in the
segment has remained low, but despite this and increasing competition, the
segment has succeeded in improving its profitability.
Net sales in the Technochemical segment declined from MEUR 2.1 to MEUR 1.6.
Operating loss grew from MEUR -0.1 to MEUR -0.3. Customer demand did not
increase as expected.
There were no significant changes in the net sales of the Other segment. Ecosir
Group Oy separated from the Group in April, and the parent company will in
future report it as an associated company. In the period under review, two
associated companies, Ecosir Group Oy and PE Kiinteistörahasto I Ky, issued
reports to the parent company. The value of the associated companies' shares in
the parent company's balance sheet totals approx. MEUR 2.6.
INVESTMENTS AND FINANCING
The Group's gross capital expenditure in the review period were approximately
MEUR 9.1 (MEUR 15.7). The Group's largest single investments were the
acquisition of Suomen Graafiset Palvelut Oy Ltd and TL-Tuotanto Oy, as well as
the purchase of Takoma's new production facilities in Akaa. The procurement of
the facilities in Akaa was financed with a redemption agreement signed with the
City of Akaa. The goodwill of the Group has declined as a result of the
adjustment in the sale price of Bewator Oy and the sale of Ecosir Group Oy.
The Group's liquid assets were MEUR 14.6 (MEUR 11.3). The Group's equity ratio
was 33.4% (31.3%) and interest-bearing net liabilities totaled MEUR 47.2 (MEUR
51.8).
During the review period, the Group reorganized its financing loans in several
segments. The value of the reorganized loans amounts to approx. MEUR 13.
The Group's liquidity is good. Cash flow from business operations in the period
under review was MEUR +4.4 (MEUR +1.3). During the financial period, Panostaja
Oyj repurchased shares of the 2006 convertible subordinated loan at a value of
MEUR 11.6. In the period under review, the cash flow was burdened by the
interest costs of the repurchased shares of a subordinated loan, which amounted
to MEUR -0.7.
The Board of Directors approved new 2011 convertible subordinated loan issues
totaling MEUR 15.0. The convertible subordinated loan is divided into equity
and liabilities. The equity component is calculated by determining the
difference between the monetary amount obtained through the loan issue and the
fair value of the loan. The equity component of the 2011 convertible
subordinated loan, EUR 598,000, has been entered into the invested unrestricted
equity fund.
At the end of the review period, Panostaja Oyj's convertible subordinated loan
amounted to MEUR 20.6 of the net liabilities (MEUR 17.2 at the beginning of the
period).
The return on equity was 5.0% (-7,0 %). The return on investment was 5.6% (-1.0
%).
Financial position:
MEUR 31/10/2011 31/10/2010
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Interest-bearing liabilities 66.2 63.9
Interest-bearing receivables 4.4 0.8
Cash and cash equivalents 14.6 11.3
Interest-bearing net liabilities 47.2 51.8
Equity (belonging to the parent company's shareholders 47.4 40.7
as well as minority shareholders)
--------------------------------------------------------------------------------
Gearing ratio, % 99.6 127.3
Equity ratio, % 33.4 31.3
Return on equity, % 5.0 -7.0
Return on investment, % 5.6 -1.0
--------------------------------------------------------------------------------
The Annual General Meeting of January 27, 2011 approved the dividends paid
proposal made by the Board. The dividend paid was EUR 0.05 per share. The
record date for dividends paid was February 1, 2011, with the payment date
being February 8, 2011. A total of MEUR 2.6 of dividends was paid to parent
company shareholders.
SHARE PRICE DEVELOPMENT AND SHARE OWNERSHIP
Panostaja Oyj's share price fluctuated between EUR 0.97 and EUR 1.51 during the
period under review. The exchange of shares totaled 3,841,477 individual
shares, which represents 7.7% of the share capital. The October share closing
rate was EUR 1.06. The market value of the company's share capital at the end
of October was MEUR 54.8 and the company had 3,826 shareholders (4,050).
Development of share exchange 4Q/2011 4Q/2010 1-4Q/2011 1-4Q/2010
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Shares exchanged, 1,000 pcs 620 891 3,841 5,302
% of share capital 1.2 1.9 7.7 11.2
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Share 31/10/2011 31/10/2010
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Shares in total, 1,000 pcs 51,733 47,403
Own shares, 1,000 pcs 602 1,262
Closing rate 1.06 1.46
Market value, MEUR 54.8 69.2
Shareholders 3,826 4,050
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The Board decided on December 16, 2010 on a new long-term incentive and
commitment plan for the members of the Senior Management Team. During the
review period, Panostaja sold 623,561 of the company's own shares to the
members of the Senior Management Team, and members of the Senior Management
Team acquired a total of 950,000 Panostaja shares for their personal ownership
or for the ownership of a company where they have a controlling interest. The
maximum quantity held in such ownership as specified in the company's ownership
system is the said 950,000.
The Management's share ownership within the incentive and commitment-building
system is distributed as follows:
Pravia Oy (Juha Sarsama) 350,000 shares
Artaksan Oy (Simo Mustila) 200,000 shares
Heikki Nuutila 200,000 shares
Comito Oy (Tapio Tommila) 200,000 shares
Total 950,000
shares
The members of the Senior Management Team have financed their investments
themselves, in part, and through company loans, in part, and they bear the
genuine corporate risk with respect to the investment they have made in the
system. In order to enable the acquisition of the shares, and as part of the
system, Panostaja's Board of Directors decided to grant an interest-bearing
loan in the amount of EUR 1,250,000 maximum to the Senior Management Team
members or to the companies where they have a controlling interest. To finance
the acquisition, management has taken out an interest-bearing loan in the
amount of EUR 1,207,127.84.
The members of the Senior Management Team participating in the system during
2011-2015 may be granted a maximum of 237,500 Panostaja shares as a bonus,
based on the achievement of set targets. A potential bonus may also be paid in
cash to cover the taxes and tax-like payments arising from the bonus. Members
of the Senior Management Team are obliged not to sell shares received as a
bonus during a period of 27 months after receiving them.
Suurimmat osakkeenomistajat: 31.10.2011 31.10.2010
Koskenkorva Matti 6 561 873 6 381 873
Koskenkorva Maija 5 071 742 5 071 742
Keskinäinen Eläkevakuutusyhtiö Etera 4 259 000 1 500 000
Keskinäinen Vakuutusyhtiö Fennia 3 468 576 2 262 076
Koskenkorva Mauno 2 256 173 2 375 173
Koskenkorva Mikko 1 245 139 1 245 139
Johtopanostus Oy 1 030 000 1 030 000
Tampereen Seudun Osuuspankki 985 334 985 334
Malo Hanna 982 207 982 207
Kumpu Minna 982 170 982 170
During the period under review, Panostaja Oyj received four notifications
pursuant to Chapter 2, Section 9 of the Securities Markets Act concerning
changes to holding in a company.
On December 16, 2010, Panostaja Oyj announced the buyback of the 2006
convertible subordinated loan and the issue of a new 2011 convertible
subordinated loan. On December 16, 2010, Panostaja Oyj received an announcement
from Etera Mutual Pension Insurance Company, since Etera's potential future
holding in Panostaja Oyj shall be, in total, 3,318,182 shares and votes if
Etera Mutual Pension Insurance Company uses the rights of exchange to
Panostaja's 2011 convertible subordinated loan in full. This holding is under
10% of Panostaja Oyj's share capital and number of votes. The holding
corresponded to 6.74% of Panostaja Oyj's post-exchange number of shares and
votes, taking into consideration the shares issued by the date of the
announcement.
Furthermore, on December 21, 2010, Panostaja Oyj received an announcement from
Etera Mutual Pension Insurance Company, since Etera Mutual Pension Insurance
Company's potential future holding in Panostaja Oyj shall be, in total,
6,077,182 shares and votes if Etera Mutual Pension Insurance Company uses the
rights of exchange to Panostaja's 2011 convertible subordinated loan in full.
This holding exceeds 10% of Panostaja Oyj's share capital and number of votes.
The holding is equivalent to 11.42% of the number of Panostaja Oyj's
post-exchange shares and votes, taking into consideration the shares issued by
the date of the announcement.
As a result of the options issue, on December 23, 2010 the company received
Mauno Koskenkorva's announcement in connection with the change in the holding.
Mauno Koskenkorva's share of Panostaja Oyj's combined number of shares and
votes was below 5%. Mauno Koskenkorva's share totaled 2,375,173 shares. The
holding corresponded to 4.98% of Panostaja Oyj's post-exchange number of shares
and votes, taking into consideration the shares issued by the date of the
announcement.
As a result of the issue of shares, the company received Maija Koskenkorva's
announcement on January 11, 2011. Maija Koskenkorva's share of Panostaja Oyj's
combined number of shares and votes was below 10%. Maija Koskenkorva's share
was 5,071,742 shares, which represents 9.80% of Panostaja Oyj's share capital
and number of votes.
ADMINISTRATION AND GENERAL MEETING
Panostaja Oyj's Annual General Meeting was held on January 27, 2011 in Tampere.
Jukka Ala-Mello, Satu Eskelinen, Hannu Martikainen and Hannu Tarkkonen were
re-elected to Panostaja Oyj's Board of Directors. Mikko Koskenkorva and Eero
Eriksson were elected to the Board as new members. In the Board's organizing
meeting held immediately after the General Meeting, Jukka Ala-Mello was elected
Chairman of the Board. A Vice Chairman was not chosen. Authorized Public
Accountant Eero Suomela and Authorized Public Accountants
PricewaterhouseCoopers Oy were selected as general chartered accountants, with
Authorized Public Accountant Janne Rajalahti as the responsible public
accountant.
The General Meeting approved the closing of the November 1, 2009-October 31,
2010 accounts as well as the proposal by the Board to transfer the profit of
the financial period to the profit funds and that dividends would be
distributed at a rate of EUR 0.05 per share. The record date for dividends paid
was February 1, 2011, with the payment date being February 8, 2011.
In addition, the Annual Meeting authorized the Board of Directors to decide on
the potential distribution of assets to shareholders in accordance with its
discretion on the strength of the company's financial status, either as
dividends from profit funds or as distribution of assets from the invested
unrestricted equity fund. On the basis of this authorization, the maximum
distribution of assets performed totals no more than four million euros (EUR
4,000,000). The authorization includes the right of the Board to decide on all
other terms and conditions relating to the said asset distribution. The
authorization will remain valid until the next Annual General Meeting.
In addition, the Annual General Meeting granted exemption from liability to the
members of the Board and to the CEO. It was decided at the Annual Meeting that
the Chairman of the Board be paid EUR 40,000 as an annual compensation for the
term that begins at the end of the Meeting and ends at the end of the 2012
Annual General Meeting, and that the other members of the Board be paid an
annual compensation of EUR 20,000. It was further resolved at the Annual
General Meeting that approx. 40% of the compensation remitted to the members of
the Board be paid on the basis of the share issue authorization given to the
Board, by issuing company shares to each Board member if the Board member does
not own more than one percent of the company's shares on the date of the
General Meeting. If the holding of a Board member on the date of the General
Meeting is over one percent of all company shares, the compensation will be
paid in full in monetary form.
The Annual Meeting also approved the proposal by the Board to revise Section 8
of the company's Articles of Association to be as follows:
“Section 8 - Invitation to the Annual General Meeting and participation therein
The invitation to the Annual General Meeting must be published on the Company's
website at the earliest two (2) months and no later than three (3) weeks prior
to the Meeting, as well as at least nine days before the record date of the
General Meeting. The Board of Directors may also, at its discretion, announce
the Annual General Meeting in one or more newspapers.
In order to be able to participate in the General Meeting, the shareholder must
register with the company no later than the day stated in the invitation to the
meeting, which may be no earlier than ten (10) days prior to the General
Meeting.”
In addition, the Annual General Meeting resolved to cancel the authorization
concerning the acquisition of the company's own shares given at the General
Meeting of January 27, 2010, and authorized the Board of Directors to decide on
the acquisition of the company's own shares so that the company's own shares
will be acquired in one or several installments and, on the basis of the
authorization, a total maximum of 4,700,000 of the company's own shares may be
acquired. By virtue of the authorization, the company's own shares may be
obtained using unrestricted equity only.
The company's own shares may be acquired deviating from the shareholders'
proportion of holding, in public trade organized by NASDAQ OMX Helsinki Oy, at
the prevailing market price. In acquiring shares, the rules of NASDAQ OMX
Helsinki Oy and Euroclear Finland Oy are to be observed.
The authorization shall be valid for 18 months from the issue.
The Board of Directors has not used the authorization granted by the Annual
General Meeting to acquire the company's own shares during the review
period.The General Meeting also resolved to authorize the Board of Directors to
decide on a share issue as well as on the granting of rights of option and
other special rights providing entitlement to shares. The total number of
shares issued on the basis of the authorization may not exceed 30,000,000. The
provision of share issues and rights of option as well as that of other rights
providing entitlement to shares may take place deviating from the shareholders'
right to subscribe for new shares (directed issue).
The authorization issued at the General Meeting on December 18, 2007 to decide
on share issues and the provision of special rights providing entitlement to
shares is cancelled by this authorization. The authorization shall remain valid
until January 27, 2016.
SHARE CAPITAL AND THE COMPANY'S OWN SHARES
At the close of the period under review, Panostaja Oyj's share capital was EUR
5,568,681.60. The total number of shares is 51,733,110.The total number of
shares held by the company at the end of the review period was 601,875
individual shares (at beginning of review period: 1,262,504). The company's own
shares corresponded to 1.2% of the share quantity and the number of votes at
the end of the entire review period.
In accordance with the decisions by the General Meeting on January 27, 2010 and
by the Board, Panostaja Oyj relinquished a total of 6,777 individual shares as
meeting compensation to the members of the Board on December 17, 2010. As per
the decisions of the General Meeting on January 27, 2011 and by the Board, a
total of 9,373 shares were issued on March 10, 2011, followed by a total of
9,913 shares on June 9, 2011, and a total of 11,005 shares on September 8,
2011.
In total, 330,000 new share subscriptions were approved by the Board on
December 15, 2010. They are based on the rights to option given to the company
management in 2006. The share subscriptions were made with the A options of the
2006 option scheme. The new shares were registered in the Trade Register on
December 23, 2010. Of the share subscription price, EUR 0.12 was registered in
the share capital, in accordance with the terms and conditions of the option
scheme, and the remaining part in the invested unrestricted equity fund.
On December 16, 2010, the Board of Directors decided, by virtue of the
authorization given at the Annual General Meeting on December 18, 2007, on an
issue of shares in which the company offered, deviating from the shareholders'
pre-emptive right to subscription, a maximum of 4,000,000 new company shares
for registration by domestic institutional investors. On December 21, 2010, the
Board approved the subscriptions made during the issue of shares. The issue of
shares subscription price was EUR 1.45 per share, and the overall yield of the
share issue before sales commissions and costs was EUR 5,800,000. The new
shares were registered in the Trade Register on January 11, 2011.
As a result of the subscriptions in the issue of shares and with the A options
of the 2006 option scheme, the total number of company shares increased to
51,733,110.
SUBORDINATED LOANS
Panostaja Oyj bought back a total of EUR 12,288,658 (with interest accrued
included) of shares of the 2006 convertible subordinated loan. The transactions
were completed on February 7, 2011. The loan shares were bought back at a rate
of 100%, with interest up to the date of the transaction added. The amount
bought back by the company corresponds to 54.5% of the original total nominal
value of the convertible subordinated loan maturing in 2012.
The transaction is connected with the capital arrangement announced on December
16, 2010, of which the company has previously carried out a share issue of
4,000,000 shares and the 2011 issue of a new convertible subordinated loan
valued at MEUR 15. The transaction was completed to improve the maturity
schedule of the company's non-current liabilities. The loan shares were
nullified on February 28, 2011.
After this, EUR 5,631,250 from the 2006 convertible subordinated loan remains
(EUR 17,212,500 at the beginning of the financial period). Each EUR 106,250
share of the 2006 convertible subordinated loan entitles the holder to exchange
the share for 62,500 company shares.
The Board exercised the authorization it received at the General Meeting on
December 18, 2007 to take out a subordinated loan from domestic institutional
investors. The Board approved a total of EUR 15,000,000 in subscriptions for
the 2011 convertible subordinated loan, and the 2011 loan became fully
subscribed. The interest rate for the loan is 6.5%, and the loan period is
February 7, 2011-April 1, 2016.
The original share exchange rate is EUR 2.20, and the loan shares can be
exchanged for no more than 6,818,181 company shares. The share exchange rate
will be entered into the company's invested unrestricted equity fund.
Trade on the 300 loan shares of the convertible subordinated loan began on the
Nasdaq OMX Helsinki stock exchange on February 23, 2011.
The Financial Supervisory Authority approved the proposal for the public trade
of the convertible subordinated loan shares on February 18, 2011.
At the end of the review period, the total sum of Panostaja Oyj's subordinated
loans stood at EUR 20,631,250.
BOARD PROPOSAL ON DISTRIBUTION OF PROFITS
Panostaja Oyj's Board of Directors has decided to propose to the Annual General
Meeting that no dividends be paid for the financial period that has ended. The
Board also proposes to the Annual General Meeting that EUR 0.05 per share be
paid as capital repayment from the invested unrestricted equity fund. The
capital repayment will be made to those shareholders who on the record date of
the rebate, February 3, 2012, are recorded in the company's shareholder list
maintained by Euroclear Finland Oy. The Board of Directors proposes that the
capital repayment be made on February 10, 2012.
The Board also proposes that the Annual General Meeting authorize the Board of
Directors to decide, at its discretion, on the potential distribution of assets
to shareholders, should the company's financial status permit this, either as
dividends from profit funds or as distribution of assets from the invested
unrestricted equity fund. The maximum distribution of assets performed on the
basis of this authorization totals no more than EUR 5,200,000.
It is proposed that the authorization include the right of the Board to decide
on all other terms and conditions relating to the said asset distribution.
It is also proposed that the authorization remain valid until the next Annual
General Meeting.
Panostaja Oyj's Annual General Meeting will be held on January 31, 2012 in
Tampere
NEAR-FUTURE RISKS AND FACTORS OF UNCERTAINTY
The most significant risks of the Panostaja Group have been described in the
financial statement. The near-future risks the Group faces are mainly tied to
the uncertainty resulting from the crisis in the eurozone and the global
economic situation as well as their possible impact on achieving the goals set
for the various segments. The instability of the economic situation is leading
to a decline in customer demand as well as the postponement of major
investments, particularly in segments serving the technology sector, which may
result in a need for consolidated goodwill write-downs. In the next financial
period, credit loss risks will continue to be a factor of uncertainty in some
of the segments. The weakening in financial market liquidity and the possible
restraints on credit may hamper the realization of corporate acquisitions and
the availability of finance for working capital.
EVENTS AFTER THE REVIEW PERIOD
On November 9, 2011, Panostaja reported that CEO of Lämpö-Tukku, Jouko Tyrkkö,
would immediately be relieved of his duties and that his employment contract
would be terminated. On the same day, S. Martti Niemi M.Sc.(Econ.) was
appointed Lämpö-Tukku CEO. He is first assuming the position under a fixed-term
contract.
In the same release on November 9, 2011, Panostaja reported that it was
continuing the investigation of the reasons resulting in the inventory
difference and would provide information about them in more detail if
necessary.
PROSPECTS FOR THE NEXT FINANCIAL YEAR
In accordance with its business strategy, the Panostaja Group will focus on
increasing shareholder value in the business segments owned by the Group. The
development of shareholder value will be constantly monitored as part of a
changing operating environment, and decisions on the development or divestment
of business segments will be made with the maximization of shareholder value in
mind. Active development of shareholder value, the effective allocation of
capital and financial opportunities create a solid foundation for significant
operational expansion. The need for ownership arrangements in SMEs will enable
both expansion into new business areas and growth in existing ones.
Economic trend expectations in the fields of existing business areas are
strongly tied to the prospects of customer enterprises. The current economic
trend expectations are uncertain, and the growth forecast has generally been
cut due to the credit crisis in the eurozone and decelerated economic growth.
In the various business areas of Panostaja Group, the prospects still vary from
cautiously positive to neutral. The market still provides sufficient
opportunities for corporate acquisitions, and Panostaja Group aims to implementits growth strategy by means of controlled acquisitions. In addition, the
divestment of certain business areas is being considered in order to release
capital for new projects. It is expected that the Group's net sales will
increase further and its operating profit will improve in 2012.
Panostaja Oyj
Board of Directors
For further information, contact CEO Juha Sarsama: tel. +358 (0)40 774 2099.
Panostaja Oyj
Juha Sarsama
CEO
All forecasts and assessments presented in this financial statement bulletin
are based on the current outlook of the Group and the Management of the various
business areas with regard to the state of the economy and its development, and
the results attained may be substantially different. The figures in the
financial statement have been audited.
INCOME STATEMENT 08/11- 08/10- 11/10- 11/09-
(EUR 1,000) 10/11 10/10 10/11 10/10
Net sales 45,126 40,302 163,247 137,939
Other operating income 355 1,571 905 1,900
Materials and services 22,810 20,596 79,734 69,671
Staff expenses 13,042 11,266 46,788 39,859
Depreciations, amortizations and impairment 859 1,468 5,200 4,575
Other business expenses 7,310 6,440 26,503 22,807
Operating profit/loss 1,460 2,103 5,927 2,927
Financial income 167 113 623 360
Financial expenses -910 -809 -3,611 -2,733
Share of associated company profits 124 3 205 224
Profit before taxes 841 1,410 3,144 778
Taxes on income -163 92 -527 363
Profit/loss from continuing operations 678 1,502 2,617 1,141
Loss from discontinued operations -2,135 -401 -4,346
Profit/loss for the financial period 678 -633 2,216 -3,205
Attributable to
Shareholders of the parent company 378 -1,008 937 -2,775
The minority 300 375 1,279 -430
Earnings per share from continuing operations
EUR, undiluted 0.008 0.025 0.027 0.034
Earnings per share from continuing operations
EUR, diluted 0.008 0.025 0.027 0.034
Earnings per share from discontinued
operations
EUR, undiluted 0.000 -0.046 -0.008 -0.094
Earnings per share from discontinued
operations EUR, undiluted 0.000 -0.046 -0.008 -0.094
Earnings per share on continuing and
discontinued
operations EUR, undiluted 0.008 -0.022 0.019 -0.060
Earnings per share on continuing and
discontinued
operations EUR, undiluted 0.008 -0.022 0.019 -0.060
EXTENSIVE INCOME STATEMENT
Items of the extensive income statement 678 -633 2,216 -3,205
Translation differences -135 80
Extensive income statement for the period 678 -633 2,081 -3,125
Attributable to
Shareholders of the parent company 378 -1 008 802 -2,695
The minority 300 375 1,279 -430
BALANCE SHEET
(EUR 1,000)
31/10/2011 31/10/2010
ASSETS
Non-current assets
Goodwill 36,529 39,256
Other intangible assets 5,049 5,641
Property, plant and equipment 20,061 16,406
Interests in associates 2,740 2,387
Other non-current assets 8,271 4,397
Deferred tax assets 4,826 4,344
Non-current assets total 77,476 72,431
Current assets
Stocks 24,005 22,156
Trade and other receivables 26,171 24,760
Tax assets based on taxable 136 224
income for the period
Short-term investments 833
Cash and cash equivalents 14,643 10,438
Non-current assets total 64,955 58,411
Assets in total 142,431 130,842
EQUITY AND LIABILITIES
Equity attributable to parent company shareholders
Share capital 5,569 5,529
Share premium account 4,646 4,646
Translation difference -169 -56
Invested unrestricted equity 19,023 11,574
fund
Retained earnings 4,047 5,598
Total 33,116 27,291
Minority shareholders' interest 14,270 13,401
Equity total 47,386 40,692
Non-current liabilities
Deferred tax liabilities 1,520 1,693
Convertible subordinated loan 14,264 16,999
Financial liabilities 32,679 32,573
Non-current liabilities total 48,463 51,265
Current liabilities
Current financial liabilities 13,761 14,416
Convertible subordinated loan 5,631 0
Trade payables and other 26,920 24,108
liabilities
Provisions 270 361
Current liabilities total 46,582 38,885
Liabilities total 95,045 90,150
Equity and liabilities in total 142,431 130,842
CASH FLOW STATEMENT
(EUR 1,000)
2011 2010
Business operations
Profit/loss for the financial period 2,617 1,141
Adjustments:
Depreciations 5,200 4,575
Financial income and costs 2,988 2,371
Share of associated company profits -205 -224
Taxes 527 -363
Sales profits and losses from property, plant and equipment -80 -24
Other earnings and expenses with no payment attached -53 131
Operating cash flow before change in working capital 10,994 7,607
Change in working capital
Change in non-interest-bearing receivables -3,843 -147
Change in non-interest-bearing liabilities 2,366 -975
Change in stocks -1,202 1,399
Change in working capital -2,679 277
Operating cash flow before financial items and taxes 8,315 7,884
Financial items and taxes
Interest paid -3,252 -2,658
Interest received 644 368
Taxes paid -1,122 -2,184
Financial items and taxes -3,730 -4,474
Operating cash flow for functions sold -231 -2,146
Net cash flow from (used in) operations 4,354 1,264
Investments
Investments in intangible and tangible assets -4,013 -3,726
Sales of intangible and tangible assets 360 935
Acquisition of subsidiaries with time-of-acquisition liquid -1,995 -11,966
assets deducted
Sale of subsidiaries 408 0
Sale of associated companies 34 191
Capital gains from sales of other shares 3 155
Loans receivable repaid -1,579 -126
Investment cash flow for functions sold 204
Net cash flow from (used in) investments -6,782 -14,333
Finance
Share issue 6,053 0
Loans drawn 19,437 10,899
Loans repaid -17,743 -8,461
Disposal of own shares 942 38
Dividends paid -2,853 -5,868
Financing cash flow for functions sold -586
Net cash flow from (used in) financing 5,836 -3,978
Change in liquid assets 3,408 -17,047
Liquid assets at the beginning of the period 11,271 28,300
Effect of exchange rates -36 18
Liquid assets at the end of the period 14,643 11,271
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(EUR 1,000) Equity Share Invested Translat Profit Minori Total
premiu unrestric ion funds ty
m ted equity differe inter
reserv fund nces est
e
Equity 5,529 4,646 11,876 -123 14,792 14,560 51,280
1/11/2009
Cost of 17 17
share-based
payments
Profit for the -2,775 -430 -3,205
financial period
Profit and costs 17 -2,775 -430 -3,188
recorded during
the financial
period, total
Dividends paid -5,534 -367 -5,901
Disposal of own 38 38
shares
Translation 66 14 80
differences
Changes in 160 160
minority
interest
HEPAC Wholesale -899 -521 -1,420
inventory
difference
adjustment
Share issue -425 -425
Other changes 68 68
Other changes in -319 66 -6,419 -728 -7,400
equity, total
Equity 5,529 4,646 11,574 -57 5,598 13,402 40,692
31/10/2010
Equity 5,529 4,646 11,574 -57 5,598 13,402 40,692
1/11/2010
Profit for the 937 1,279 2,216
financial period
Profit and costs 937 1,279 2,216
recorded during
the financial
period, total
Dividends paid -2,555 -265 -2,820
Share 40 276 316
subscription
Share issue 5,738 5,738
Disposal of own 942 942
shares
Equity component 481 481
of convertible
subordinated
loan
Reward system 12 12
Translation -112 -23 -135
differences
Changes in 90 -146 -56
minority
interest
Other changes in 40 7,449 -112 -2,488 -411 4,478
equity, total
Equity 5,569 4,646 19,023 -169 4,047 14,270 47,386
31/10/2011
KEY FIGURES
10/2011 10/2010
Equity per share, EUR 0.65 0.59
Earnings per share, diluted, EUR 0.02 -0.06
Earnings per share, undiluted, EUR 0.02 -0.06
Average number of shares during financial period, 1,000 50,128 46,127
Number of shares at end of financial period, 1,000 51,733 47,403
Share issues/CL exchanges during financial period, 1,000 4,330 0
Number of shares, 1,000, diluted 60,258 56,252
Return on equity, % 5.0 -7,0
Return on investment, % 5.6 -1.0
Gross capital expenditure
To permanent assets, MEUR 9.1 15.7
% of net sales 5.6 11.2
Interest-bearing liabilities, MEUR 66.2 63.9
Equity ratio, % 33.4 31.3
Average number of employees 1,034 967
GROUP DEVELOPMENT BY QUARTER
Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q4/11
Net sales 28.2 34.7 34.8 40.2 38.3 40.3 39.5 45.1
Other operating income 0.0 0.2 0.0 1.6 0.2 0.2 0.1 0.4
Costs in total -29.0 -32.5 -32.5 -38.2 -36.7 -37.2 -35.8 -43.2
Depreciations, -0.9 -1.0 -1.2 -1.5 -1.3 -1.5 -1.6 -0.8
amortizations and
impairment
Operating profit/loss -1.7 1.4 1.1 2.1 0.5 1.8 2.2 1.5
Financing items -0.5 -0.6 -0.6 -0.7 -0.6 -0.7 -0.9 -0.8
Share of associated 0.0 0.2 0.0 0.0 0.1 0.1 -0.1 0.1
company profits
Profit before taxes -2.1 1.0 0.5 1.4 0.1 1.0 1.2 0.8
Taxes 0.7 -0.1 -0.3 0.1 0.0 0.2 -0.6 -0.1
Profit from continuing -1.5 0.9 0.2 1.5 0.1 1.3 0.6 0.7
operations
Profit from discontinued -0.6 -1.3 -0.2 -2.1 -0.1 -0.3 0.0 0.0
operations
Profit for the financial -2.1 -0.4 0.0 -0.6 0.0 1.0 0.6 0.7
period
Minority interest 0.7 -0.1 0.2 -0.4 -0.1 0.7 0.3 0.4
Parent company -1.4 -0.5 0.2 -1.0 -0.1 0.4 0.3 0.3
shareholder interest
GUARANTEES GIVEN
EUR 1,000 2011 2010
Guarantees given on behalf of Group companies
Enterprise mortgages 41,394 41,257
Pledges given 59,289 58,942
Other liabilities 1,549 912
Other rental agreements
In one year 7,160 5,927
In over one year but within five years maximum 17,543 13,597
In over five years 3,162 3,957
Total 27,865 23,481
SEGMENT INFORMATION
NET SALES 08/11-10/11 08/10-10/10 11/10-10/1 11/09-10/10
1
Safety 7,028 6,381 24,635 21,944
Digital Printing Services 8,533 6,700 31,529 21,742
HEPAC Wholesale 6,147 5,513 20,529 19,604
Takoma 7,370 6,793 27,451 19,060
Value-added Logistics 4,028 3,802 15,442 15,115
Fittings 2,994 3,160 11,401 12,321
Spare Parts for Motor 2,775 2,399 9,598 8,487
Vehicles
Heat Treatment 2,699 1,999 9,037 6,591
Carpentry Industry 1,337 1,352 5,766 5,309
Supports 1,230 1,113 4,005 3,615
Fasteners 804 795 3,067 2,839
Technochemical 420 540 1,566 2,071
Other 15 15 57 55
Eliminations -254 -260 -836 -814
Group in total 45,126 40,302 163,247 137,939
OPERATING PROFIT
Safety 284 1,219 1,231 1,207
Digital Printing Services 1,315 1,000 4,148 3,237
HEPAC Wholesale -559 175 -490 292
Takoma -569 -574 -1,353 -1,675
Value-added Logistics 260 38 371 -499
Fittings -19 174 311 652
Spare Parts for Motor 416 276 1,115 801
Vehicles
Heat Treatment 673 119 2,123 192
Carpentry Industry 118 -117 1,034 377
Supports 164 138 377 322
Fasteners -70 -51 -101 -253
Technochemical -57 -56 -324 -133
Other -496 -238 -2,515 -1,593
Group in total 1,460 2,103 5,927 2,927
ASSETS LIABILITIES
31/10/2011 31/10/2010 31/10/2011 31/10/2010
Safety 17,023 17,387 15,086 15,901
Digital Printing Services 25,671 22,778 12,477 11,867
HEPAC Wholesale 8,700 8,296 9,080 8,009
Takoma 33,553 30,190 17,184 12,481
Value-added Logistics 7,101 7,194 4,254 4,638
Fittings 10,656 11,273 8,413 8,933
Spare Parts for Motor Vehicles 4,614 4,565 4,546 5,070
Heat Treatment 7,095 6,146 3,277 3,530
Carpentry Industry 2,638 3,581 2,219 4,566
Supports 1,976 3,164 375 571
Fasteners 2,224 2,359 2,178 2,157
Technochemical 1,835 1,921 6,303 5,999
Other 31,852 25,790 22,160 18,493
Environmental Technology 3,822 5,559
Eliminations -12,507 -17,624 -12,507 -17,624
Group in total 142,431 130,842 95,045 90,150
SEGMENT INFORMATION BY QUARTER
Net sales (MEUR) 2Q/10 3Q/10 4Q/10 1Q/11 2Q/11 3Q/11 4Q/11
Safety 5.8 5.3 6.3 5.8 6.0 5.8 7.0
Digital Printing Services 5.1 5.6 6.7 7.0 8.2 7.8 8.5
HEPAC Wholesale 4.8 5.0 5.5 4.8 4.4 5.2 6.2
Takoma 4.9 4.9 6.8 6.6 7.2 6.3 7.4
Value-added Logistics 3.9 3.8 3.8 3.8 3.8 3.9 4.0
Fittings 3.2 3.2 3.1 2.7 3.0 2.7 3.0
Spare Parts for Motor Vehicles 2.0 2.2 2.4 2.2 2.2 2.4 2.8
Heat Treatment 1.7 1.7 2.0 2.0 2.2 2.2 2.7
Carpentry Industry 1.5 1.3 1.3 1.6 1.5 1.3 1.3
Supports 0.8 0.9 1.1 0.8 0.9 1.0 1.2
Fasteners 0.7 0.7 0.8 0.7 0.8 0.8 0.8
Technochemical 0.5 0.4 0.6 0.4 0.4 0.3 0.4
Other 0.0 0.0 0.1 0.0 0.0 0.0 0.0
Eliminations -0.2 -0.2 -0.3 0.0 -0.4 -0.2 -0.2
Group in total 34.7 34.8 40.3 38.5 40.1 39.5 45.1
Operating profit (MEUR) 2Q/10 3Q/10 4Q/10 1Q/11 2Q/11 3Q/11 4Q/11
Safety 0.3 0.4 1.2 0.1 0.4 0.4 0.3
Digital Printing Services 1.1 0.7 1.0 0.6 1.1 1.1 1.3
HEPAC Wholesale 0.0 0.1 0.2 0.0 0.0 0.0 -0.6
Takoma 0.0 -0.4 -0.6 -0.2 -0.1 -0.4 -0.6
Value-added Logistics -0.2 0.1 0.0 -0.1 0.0 0.2 0.3
Fittings 0.2 0.1 0.2 0.1 0.2 0.0 0.0
Spare Parts for Motor Vehicles 0.0 0.3 0.3 0.2 0.2 0.3 0.4
Heat Treatment 0.2 0.0 0.1 0.5 0.4 0.5 0.7
Carpentry Industry 0.3 0.2 -0.1 0.3 0.3 0.3 0.1
Supports 0.0 0.2 0.1 -0.1 0.1 0.2 0.2
Fasteners -0.1 0.0 0.0 0.0 0.0 0.0 -0.1
Technochemical 0.0 -0.1 0.0 -0.1 -0.1 0.0 -0.1
Other -0.4 -0.4 -0.2 -0.7 -0.8 -0.4 -0.5
Group in total 1.4 1.1 2.1 0.5 1.8 2.2 1.4
Panostaja Oyj is an active majority shareholder in Finnish SMEs. The core of
our operations is Finnish entrepreneurship and persevering the development of
entrepreneurial activity. Together with our entrepreneur partners, we cultivate
companies to become the best in the field, thereby creating Finnish success
stories.
Panostaja Oyj currently operates in twelve business areas. Oy Alfa-Kem Ab
(Technochemical) manufactures and markets industrial chemicals, cleaning agents
and various agents for institutional kitchens. Flexim Security Oy (Safety) is a
specialist in security technology and services, locking, door automation and
access control products and solutions. Heatmasters Group (Heat Treatment)
offers thermal treatment services for metals in Finland and internationally,
and produces, develops and markets heat treatment technology. KL-Varaosat
(Spare Parts for Motor Vehicles) is an importer, wholesale dealer and retailer
of original spare parts and supplies for Mercedes Benz and BMW cars. Kopijyvä
Oy (Digital Printing Services) is one of Finland's largest companies offering
digital printing services. Lämpö-Tukku Oy (HEPAC Wholesale) specializes in
HEPAC wholesale operations. Suomen Helakeskus Oy (Fittings) is a major
wholesale dealer concentrating on construction and furniture fittings. Suomen
Kiinnikekeskus Oy (Fasteners) is a supply shop in the fastener field. Matti-Ovi
Oy (Carpentry Industry) manufactures and markets, as its main product, solid
wood interior doors. Takoma Oyj (Takoma) is a machine shop group with an
entrepreneur-driven business model and is registered on the stock exchange.
Toimex Oy (Supports) works in the HVAC field, manufacturing and selling
supports. Vindea Oy (Value-added Logistics) is an enterprise specialized in
value-added logistics services for the Finnish metal industry.
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