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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 2012Helsinki, 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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