2013-10-22 08:30:00 CEST
2013-10-22 08:30:40 CEST
REGULATED INFORMATION
Vacon - Interim report (Q1 and Q3)
Vacon Plc Interim Report 1 January - 30 September 2013
Vacon Plc, Stock Exchange Release, 22 October 2013 at 9.30 pm (EET)
In this stock exchange release Vacon is publishing information included in the
interim report that has a significant impact on the value of securities. The
full interim report is in the appendix to this release and can be downloaded
from the company's website in Finnish at www.vacon.fi and in English at
www.vacon.com.
July-September summary:
* Order intake totalled MEUR 97.9 (MEUR 101.6), a decline of 3.6% from the
corresponding period in the previous year.
* Revenues totalled MEUR 110.4 (MEUR 101.5), an increase of 8.8% from the
corresponding period in the previous year.
* Operating profit was MEUR 14.8, or 13.4% of revenues (MEUR 10.3 and 10.1%).
* Net cash flow from operating activities was MEUR 9.5 (MEUR 17.4).
* Earnings per share were EUR 0.65 (EUR 0.45).
January-September summary:
* Order intake totalled MEUR 312.1 (MEUR 307.4), an increase of 1.5% from the
corresponding period in the previous year.
* Revenues totalled MEUR 305.1 (MEUR 285.2), an increase of 7.0% from the
corresponding period in the previous year.
* Operating profit was MEUR 31.0, or 10.2% of revenues (operating profit
excluding one-time items was MEUR 24.3 and 8.5% of revenues in January-
September 2012).
* Net cash flow from operating activities was MEUR 32.0 (MEUR 37.2).
* Earnings per share were EUR 1.40 (EUR 1.21).
July-September key indicators:
+-------------------+--------+---------+---------+
|MEUR | |restated*| |
| |7-9/2013| 7-9/2012|Change, %|
+-------------------+--------+---------+---------+
|Order intake | 97.9| 101.6| -3.6%|
+-------------------+--------+---------+---------+
|Revenues | 110.4| 101.5| 8.8%|
+-------------------+--------+---------+---------+
|Operating profit | 14.8| 10.3| 44.4%|
+-------------------+--------+---------+---------+
|% of revenues | 13.4%| 10.1%| |
+-------------------+--------+---------+---------+
|Profit before taxes| 14.2| 10.0| 42.2%|
+-------------------+--------+---------+---------+
January-September key indicators:
+---------------------------------------+--------+---------+---------+---------+
|MEUR | |restated*| |restated*|
| |1-9/2013| 1-9/2012|Change, %|1-12/2012|
+---------------------------------------+--------+---------+---------+---------+
|Order intake | 312.1| 307.4| 1.5%| 401.9|
+---------------------------------------+--------+---------+---------+---------+
|Order book | 57.0| 58.8| -3.1%| 50.0|
+---------------------------------------+--------+---------+---------+---------+
|Revenues | 305.1| 285.2| 7.0%| 388.4|
+---------------------------------------+--------+---------+---------+---------+
|Operating profit excluding | 31.0| 24.3| 27.4%| 36.5|
|one-time items | | | | |
+---------------------------------------+--------+---------+---------+---------+
|% of revenues | 10.2%| 8.5%| | 9.4 %|
+---------------------------------------+--------+---------+---------+---------+
|Operating profit | 31.0| 27.0| 14.7%| 38.0|
+---------------------------------------+--------+---------+---------+---------+
|% of revenues | 10.2%| 9.5%| | 9.8%|
+---------------------------------------+--------+---------+---------+---------+
|Profit before taxes | 30.5| 26.4| 15.3%| 37.1|
+---------------------------------------+--------+---------+---------+---------+
|Net cash flow from operating activities| 32.0| 37.2| -13.9%| 52.3|
+---------------------------------------+--------+---------+---------+---------+
|Earnings per share, EUR | 1.40| 1.21| | 1.72|
+---------------------------------------+--------+---------+---------+---------+
|Interest-bearing net liabilities | -8.8| -1.7| | -10.3|
+---------------------------------------+--------+---------+---------+---------+
|Gearing, % | -7.8%| -1.6%| | -9.5%|
+---------------------------------------+--------+---------+---------+---------+
|Gross capital expenditure | 14.1| 8.7| 61.7%| 14.0|
+---------------------------------------+--------+---------+---------+---------+
*Figures adjusted in accordance with IAS 19.
Business environment and business development
According to market surveys, the global AC drive market increased by some 3% in
the first six months of 2013 compared to the corresponding period in the
previous year. All geographical regions showed growth.
Vacon's revenues increased strongly in the July-September period, and this
growth helped the company improve its profitability. Revenues were the highest
in the company's history.
The company's order intake declined from the third quarter of 2012 and from the
second quarter of 2013. The fall in orders received compared to the previous
year and the previous quarter was due in particular to the decline in orders for
renewable energy products. Typically, there is strong seasonal fluctuation in
demand for Vacon's products for the production of renewable energy.
The volume of orders increased in the July-September period in the Asia and
Pacific (APAC) region, but declined in the Europe, Middle East and Africa (EMEA)
region and in North and South America from the corresponding period in the
previous year. The decline in orders for renewable energy products mentioned
above contributed to the decline in orders in the EMEA region.
Revenues increased most strongly in July-September in building automation, the
chemical industry, the food and beverage industry and renewable energy
production. Revenues rose in the EMEA region. Revenues for the APAC region were
similar to the corresponding period in the previous year, and revenues in North
and South America fell from the previous year.
The company's operating profit percentage improved in the July-September period
compared to the same period in 2012 and was at a good level. Factors
contributing to this improvement in July-September were the growth in revenues
and the cost benefits obtained from transferring material sourcing to lower-cost
countries. A change in the sales mix also made a slight improvement to
profitability.
Prospects for 2013
According to market surveys, the global AC drive market increased by some 3% in
the first six months of 2013 compared to the corresponding period in the
previous year. All geographical regions showed growth.
Vacon has previously estimated, based on information from market research
institutes, that the global AC drive market would grow faster than average
growth in industrial production, at an estimated rate of 5-10% in 2013. Taking
into account market developments in the first part of the year, the company
considers that there is greater uncertainty relating to the market growth
estimate.
Vacon's estimate of the company's performance in the final part of the year
supports the market guidelines it has issued, even though the volume of orders
received declined in July-September from the previous quarter.
Market guidelines for 2013
Vacon is retaining the market guidelines it published earlier and estimates that
its revenues will increase 5-15% and that its operating profit percentage
excluding one-time items will be 10-12% in 2013.
Revenues in 2012 totalled EUR 388.4 million and the operating profit percentage
excluding one-time items was 9.4%.
Vacon's goal is to achieve revenues of EUR 500 million in 2014. Its
profitability target for 2014 is an operating profit of 14%, and for return on
equity the target is more than 30%.
Formal statement
This release contains certain forward-looking statements that reflect the
current views of the company's management. Due to the nature of these
statements, they contain risks and uncertainties and are subject to changes in
the general economic situation and in the company's business sector.
Vacon in brief
Vacon is driven by a passion to develop, manufacture and sell the best AC drives
and inverters in the world - and provide customers with efficient product
lifecycle services. Our AC drives offer optimum process control and energy
efficiency for electric motors. Vacon inverters play a key role when energy is
produced from renewable sources. Vacon has production and R&D facilities in
Europe, Asia and North America, and sales offices in 29 countries. Further,
Vacon has sales representatives and service partners in nearly 90 countries. In
2012, Vacon's revenues amounted to EUR 388.4 million, and the company employed
globally approximately 1,500 people. The shares of Vacon Plc (VAC1V) are quoted
on the main list of the Helsinki stock exchange (NASDAQ OMX Helsinki).
Driven by Drives, www.vacon.com
Vantaa 22 October 2013
VACON PLC
Board of Directors
For more information please contact:
* Mr Vesa Laisi, President and CEO, phone: +358 (0)40 8371 510, e-mail
vesa.laisi(at)vacon.com
* Ms Pia Aaltonen-Forsell, CFO, phone: +358 (0)40 8371 910, e-mail
pia.aaltonen-forsell(at)vacon.com
Conference for media and analysts
A briefing for the financial analysts and media will be held on 22 October 2013
at Pörssitalo, Fabianinkatu 14 A, 2nd floor, Helsinki (entrance via NASDAQ OMX
Helsinki's reception) at 11:30 am Finnish time (EET).
Dial-in conference for investors and investment analysts
A dial-in conference for investors and investment analysts will be held at 3.00
pm (EET) on 22 October 2013. President and CEO Vesa Laisi, CFO Pia Aaltonen-
Forsell and Director, Corporate Communications and Investor Relations Sebastian
Linko will participate in the conference. Please call +358 (0)9 6937 9543
(Finland Toll) or +44 (0)20 3427 1912 (UK Toll) and request to be connected to
the Vacon call (Confirmation code 2530323). A recording of the conference will
be available for seven days at +358 (0)9 2310 1650 (Finland Toll) or +44 (0)20
3427 0598 (UK Toll) and access code 2530323#.
* Webcast URL: http://www.media-server.com/m/p/rangagto
The presentation material will be available before the media briefing on Vacon's
website at: www.vacon.com > Investors > Publications and releases.
DISTRIBUTION:
NASDAQ OMX Helsinki
Financial Supervisory Authority
Main Media
[HUG#1737183]
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