2009-11-05 08:00:00 CET
2009-11-05 08:06:26 CET
REGULATED INFORMATION
Vaisala - Interim report (Q1 and Q3)
Vaisala Group interim report January-September 2009 (9 months)
Vaisala Corporation Stock exchange release 5 November
2009 at 09.00 a.m.
Result for the third quarter positive despite declined net sales.
Orders received slightly down, but order book still strong. Long term
outlook and objectives unchanged.
- Orders received EUR 179.5 (188.0) million, decline 4.6%.
- Net sales EUR 151.5 (164.9) million, decline 8.1%. In
comparable currencies, the decline would have been 12.5%.
- Operating profit EUR 4.7 (24.0) million, decline 80.5%.
- Earnings per share EUR 0.10 (0.99), decline 90.3%.
- Result for the third quarter (7-9/2009) positive, operating
profit EUR 6.3 million.
1-9 1-9 Change 7-9 7-9 Change
2009 2008 (%) 2009 2008 (%) 2008
(MEUR) (MEUR) (MEUR) (MEUR)
Group net sales 151.5 164.9 -8.1 55.6 58.4 -4.7 242.5
Meteorology 53.3 43.7 +22.0 18.7 14.5 +28.6 64.9
Controlled
Environment 37.1 40.9 -9.3 12.5 13.2 -4.8 54.3
Weather Critical
Operations 61.1 80.3 -23.9 24.4 30.6 -20.5 123.3
Operating profit,
Group 4.7 24.0 -80.5 6.3 9.2 -30.9 38.0
Meteorology 0.5 5.1 -90.4 1.3 1.9 -32.7 8.0
Controlled
Environment 4.9 7.4 -33.8 2.2 1.9 +17.9 8.4
Weather Critical
Operations -0.6 13.4 -104.5 1.8 7.3 -75.1 24.6
Eliminations and
other -0.1 -1.8 1.0 -1.9 -3.0
Profit before taxes 2.3 25.9 -91.1 5.9 10.4 -43.5 38.9
Net profit 1.8 18.0 -90.3 4.0 7.3 -45.1 28.4
Orders received 179.5 188.0 -4.6 60.3 66.2 -8.9 247.9
Order book 118.3 105.5 118.3 105.5 90.3
Earnings per share 0.10 0.99 -90.3 0.22 0.40 -45.1 1.56
Return on equity (%) 1.3 13.5 1.3 13.5 15.5
Comments on the third quarter
Operating profit for the third quarter was positive. Net sales
declined slightly from the corresponding period in 2008. Due to the
global economic recession, demand for the industrial segments
continued to be moderate. However, the net sales grew slightly
compared to the second quarter.
Order book remains strong.
In addition to strategic initiatives, Vaisala's result was burdened
by disruptions in radiosonde production, which impacted the net sales
of Meteorology and Weather Critical Operations Business Areas by
approximately EUR 2 million. The cost effect of the disruption was
EUR 2.7 million, including a EUR 1.7 million scrapping cost. The
situation has been normalized and the disruption will not affect
production in the fourth quarter.
Additionally, a one-off reversal of bonus accruals, made in the third
quarter, improved the result by EUR 2 million. The reversal is booked
in Eliminations and other.
Orders received in the third quarter declined year on year, but were
still at a fairly good level.
Outlook for the near future
According to our updated estimate published on October 13, 2009, our
view is that net sales in 2009 will be slightly lower than in 2008.
The main reason for this is lower than expected order intake to be
invoiced in the fourth quarter, especially in project sales.
Additionally, there is still uncertainty relating to the rest of the
year in terms of project sales and deliveries and the development of
the demand in the industrial segments.
Due to the structure of Vaisala's customer base and the orders
received for 2010, the company's market situation is expected to
remain mostly unchanged and the business stable as we approach year
2010.
Demand is still moderate in the Controlled Environment segments, who
serve mainly industrial customers. This increases uncertainty and
postpones the growth targets of these segments to a later stage. The
share of these segments of Vaisala's net sales is approximately 25
percent.
The outlook for the Meteorology business area is good.
Demand in the Weather Critical Operations business area is still at a
satisfactory level, but the current economic uncertainty has an
impact on customers' purchasing decisions and affects the
implementation of projects during the rest of the year. A very high
number of project deliveries are scheduled to take place at the end
of the year, which increases the risk that some delivery projects may
be delayed. This increases uncertainty towards the rest of the year.
Strategic, growth oriented efforts will burden Group profitability
this year by approximately EUR 10 million. With these efforts Vaisala
aims to maintain its technological leadership in the strategically
chosen markets, make processes more efficient and reduce
manufacturing costs.
The long term business outlook has not changed and Vaisala is still
fully committed to continuing the implementation of its growth
strategy.
Seasonal fluctuation is typical of Vaisala's business, and
traditionally a large share of net sales and profit is realized
during the fourth quarter.
President and CEO Kjell Forsén on Vaisala's result:
The third quarter was positive for Vaisala despite the challenging
economic situation and disruptions in radiosonde production which had
a negative impact on our sales and profit. We were still able to
maintain our strong market position and shares. Also the number of
orders received has remained fairly high and the order book strong.
The basics of our business have not changed in any significant way.
We continue implementing our growth strategy in a determined manner.
The significant long-term growth initiatives will burden our
profitability and also our net sales in the short term. However,
these initiatives constitute the foundation for our future success by
helping us both cut costs and create new sales offering.
The favorable development of sales in the Americas market was
especially positive in the third quarter.
During the first three quarters we have also focused on improving our
capabilities to deliver significantly higher volumes, thus ensuring
delivery capacity in the fourth quarter. Our current capabilities,
aligned with the strategy and new organization and operational mode,
make it possible to ship very demanding deliveries to our global
clientele more efficiently and in larger volumes.
Market situation, net sales and order book
Instability of the world economy is now reflected also in Vaisala's
business. In this challenging market situation, Vaisala has
nevertheless been able to retain its market shares.
Markets have declined during 2009 in the Controlled Environment
business area, i.e. in the industrial segments. The uncertain
economic situation affects the customers' purchising decisions also
in the Weather Critical and Meteorology business areas, even though
the outlook for these segments is still fairly good.
Vaisala Group's net sales declined by 8.1 percent year on year and
totaled EUR 151.5 (164.9) million. Net sales of the Meteorology
business area grew by 22.0 percent, whereas the net sales of Weather
Critical Operations declined by 23.9 percent and Controlled
Environment by 9.3 percent. In comparable currencies, Vaisala Group's
net sales would have been down by 12.5 percent.
Operations outside Finland accounted for 97 (95) percent of net
sales.
Net sales in euros increased by 21.4 percent in the Americas region,
totaling EUR 64.0 (52.7) million. Net sales declined by 20.4 percent
to EUR 53.4 (67.0) million in the EMEA region and by 24.4 percent to
EUR 34.1 (45.1) million in the APAC region. In comparable currencies,
the changes in net sales would have been Americas +10.2%, EMEA -19.4%
and APAC -28.5%.
The value of orders received declined by 4.6 percent year on year and
totaled EUR 179.5 (188.0) million. The number of orders received for
the past 12 months is EUR 239.3 million. The order book stood at EUR
118.3 (105.5) at the end of the review period. Of the order book,
approximately EUR 55 million will be delivered in 2010 or later.
Performance and balance sheet
Operating profit for the review period was EUR 4.7 (24.0) million, or
3.1 percent of net sales. Profit before taxes was 1.5 percent of net
sales and totaled EUR 2.3 (25.9) million. Net profit for the review
period was 1.2 percent of net sales, totaling EUR 1.8 (18.0) million.
Vaisala Group's solvency ratio and liquidity remained strong. On
September 30, 2009, the balance sheet total was EUR 209.6 (230.5)
million. The Group's solvency ratio at the end of the review period
was 87% (84%).
Vaisala's consolidated liquid assets totaled EUR 57.6 (102.4)
million. Relating to the renewal of the company's ERP system, Vaisala
Corporation took a new financial module into use on October 1, 2009.
To ensure smooth transition from one system to another, the accounts
payable in Vaisala Oyj at the end of September were paid in advance,
which affected the liquid assets by EUR -5.8 million.
Capital expenditure
Gross capital expenditure totaled EUR 12.8 (7.8) million.
In January 2009, Vaisala acquired all shares of Aviation System
Maintenance Inc (ASMI), a US-based airport service company. The
company has 10 employees and the estimated net sales for 2008 were
EUR 1.8 million. ASMI, which is located in Kansas, has a large
customer base and over 25 years of experience in the installation and
maintenance of airport weather equipment.
The acquisition will considerably strengthen Vaisala's position as a
supplier of maintenance services in the US airport weather business,
complementing the existing service contracts and expertise. According
to preliminary calculations, these synergy benefits have accrued to
EUR one million goodwill. The deal price was EUR 2.4 million, which
includes a conditional EUR 0.5 million deal price. This conditional
price will be paid at the end of 2010, provided that certain
performance expectations are met.
Vaisala's new ERP system is gradually taken into use during this and
next year. The project to build new office space in Vantaa, Finland,
is progressing according to plans. The old building was torn down
during the second quarter of 2009 and the excavation work started in
the third quarter of the year.
Changes in financial reporting
Vaisala published its new strategy in November 2008. Going forward,
the Group will focus on markets with the biggest growth potential in
the environmental measurement business. The Group will seek growth
from the current and new market segments. Vaisala also announced that
it adopts a market segment based reporting model. From the first
interim report in 2009, Vaisala Group's business will be reported in
three segments, which are Meteorology, Weather Critical Operations
and Controlled Environment. From the beginning of 2009, the Group
adopted the amended IAS 1 Presentation of the Financial Statements
standard and IFRS 8 Operating Segments standard. The amended
standards have no significant impact on the presentation of the
interim report.
Meteorology
Meteorology consists of Emerging markets and Established markets. The
Meteorology business area serves national meteorological and
hydrological institutes, whose primary interest is to provide
national weather information and forecasts.
Net sales of Meteorology grew by 22.0 percent year on year to EUR
53.3 (43.7) million. In comparable currencies, the net sales would
have grown by 16.7 percent. Operating profit for the review period
was EUR 0.5 (5.1) million.
Vaisala is participating in a large windpofiler renewal project for
the US National Weather Service. The project has progressed to its
third phase and Vaisala delivers one wind profiler to the customer
for pilot use. Larger than expected project costs burdened the
operating profit of this business area in the second quarter by
approximately EUR 2.0 million.
Disruptions in radiosonde production in the third quarter lowered the
net sales of Meteorology business area by approximately EUR 2
million. The effect on operating profit of this was EUR 2.5 million,
including a EUR 1.5 million scrapping cost. The situation has been
normalized and the disruption will not affect the result in the
fourth quarter.
The value of orders received for Meteorology was EUR 68.4 million and
the order book stood at EUR 56.2 million at the end of the review
period.
In the second quarter, the modernization project for the Russian
weather observation network was completed and the Japan
Meteorological Agency ordered 10 sounding stations for their national
upper air network. The order marked an important step in the Japanese
markets; after its delivery, the majority of Japanese sounding
stations use Vaisala's equipment.
Vaisala and the US National Oceanic and Atmospheric Administration
(NOAA) signed a five-year contract in the second quarter, according
to which Vaisala will deliver next generation GPS-dropsondes to the
US National Hurricane Center to enable hurricane reconnaissance,
research and storm track forecasting. The estimated value of the deal
is USD 9.2 million.
Controlled Environment
Controlled Environment consists of Cleanrooms and Chambers, Building
Automation and Targeted Industrial Applications segments. This
business area includes customers who operate in tightly controlled
and demanding areas where the measurement of precise environmental
conditions is required to increase operational quality, productivity
and energy savings.
The third quarter was the strongest quarter so far this year for the
Controlled Environment business area. Some signs of recovery were
seen especially in the US, Chinese and European markets.
Net sales of Controlled Environment declined by 9.3 percent year on
year to EUR 37.1 (40.9) million. In spite of declined net sales,
Vaisala has been able to maintain its market shares. In comparable
currencies, the net sales would have been down by 15.7 percent.
Operating profit for the review period was EUR 4.9 (7.4) million.
The value of orders received for Controlled Environment was EUR 36.3
million and the order book stood at EUR 2.7 million at the end of the
review period.
Weather Critical Operations
Weather Critical Operations consists of Airports, Roads, Defense,
Wind Energy and Targeted Business Development segments. This business
area focuses on customers whose operations or businesses are affected
by the weather, like aviation customers, road authorities, defense
forces and wind parks.
Net sales of Weather Critical Operations declined by 23.9 percent
year on year to EUR 61.1 (80.3) million. In comparable currencies,
the net sales would have been down by 26.8 percent. Operating profit
for the review period was EUR -0.6 (13.4) million.
The value of orders received for Weather Critical Operations was EUR
74.7 million and the order book stood at EUR 59.4 million at the end
of the review period.
Disruptions in radiosonde production in the third quarter and the
related scrapping costs burdened the operating profit of the Weather
Critical Operations business area by approximately EUR 0.2 million.
The situation has normalized and the disruption will not affect the
result in the fourth quarter.
The deliveries of weather radar signal processors and weather
observation systems for airports that were pending from the first
quarter were completed during the second quarter.
In the first quarter, Vaisala signed a contract with a long standing
customer for upper-air sounding equipment. The contract was valued
at USD 8.6 million and the deliveries are expected to take place by
the end of the first quarter in 2010.
Vaisala announced in the third quarter that it is, together with US
National Center for Atmospheric Research (NCAR) and Xcel Energy,
piloting a new observation and forecasting system for wind energy.
Other functions
Research and development
Expenditure in research and development totaled EUR 19.1 (17.6)
million, representing 12.6% of the Group's net sales.
The share of research and development expenses of the Group's net
sales will grow in 2009. This is due to some one-off projects aiming
at the alignment of technology platforms and improved product
modularity, usability and mass customization capability.
The total additional R&D cost will be approximately EUR 3 million in
2009 and the R&D share is expected to grow to 11-12% of the Group's
net sales.
In the first quarter, Vaisala announced the development of a
reference radio sonde to respond to the needs of the international
science community. The sonde will enable more accurate global
observations to monitor climate change. The project will be carried
out in co-operation with the international climate research
community. The sonde will provide extremely precise weather
information from the upper atmosphere.
In the third quarter, Vaisala announced a Global Lightning Dataset
(GLD360), which detects over two thirds of cloud to ground lightning
strikes globally. Additionally Vaisala developed a special radiosonde
RS92-D for the defense forces and RVP900, a digital transmitter and
signal processor for weather radars.
Vaisala Services
Starting in 2009, Vaisala's service business will be reported as part
of the business areas. Services sales in the review period totaled
EUR 20.0 (21.9) million.
In January 2009, Vaisala acquired Aviation Systems Maintenance Inc.
(ASMI) to strengthen its airport weather service offering. The
integration of ASMI's operations to Vaisala was completed on July 1,
2009.
Personnel
The average number of people employed in the Vaisala Group in
January-June was 1,288 (1,167). Some 39 (39) percent of the personnel
was based outside Finland.
Vaisala has two incentive plans; one based on the development of
sales and profitability and covering all employees, and the other,
three-year plan, based on the development of profitability and
covering key personnel.
Changes in Vaisala Corporation's management
Timo Raikaslehto, M.Sc. (Econ.), was appointed Senior Vice President,
Group Marketing and Sales, and a member of the strategic management
group starting March 1, 2009.
Near-term risks and uncertainties
The near term risks and uncertainties are estimated to relate to
changes in the global economy, shifts of currency exchange rates,
interruptions in manufacturing, project delivery capabilities,
customers' financing capability, changes in purchasing or investment
behavior, and delays or cancellations of orders and deliveries. The
biggest risks in realization of net sales relate to the industrial
segments which are more sensitive to economic fluctuations and where
the demand has clearly slowed down. The share of these segments is
approximately 25 percent of Vaisala's net sales. Additionally,
cancellations or delays of project deliveries that have been planned
to take place this year may affect the net sales and operating
profit.
Changes in subcontractor relations, their operations or operating
environment may have a negative impact on Vaisala's business. Vaisala
monitors these risks and prepares for them in accordance with the
company's risk management policy.
Vaisala is currently implementing significant development projects
and organizational changes, which lay the foundation for successful
execution of Vaisala's new strategy. A new Group-wide enterprise
resource planning system is also under development. These efforts
constitute a short-term risk regarding Vaisala's net sales and
result.
Vaisala's shares
As at the end of the review period, the Group's Board of Directors
had no valid authorizations for increasing the share capital,
granting special rights, or issuing stock option rights.
On December 31, 2008, the price of Vaisala's A share in the NASDAQ
OMX Helsinki was EUR 22.11, and at the end of the review period, the
share price was EUR 24.85. The highest quotation during the review
period was EUR 28.46 and the lowest EUR 20.80. The number of shares
traded in the stock exchange during the review period was 1,167,669.
On September 30, 2009, Vaisala has 18,218,364 shares, of which
3,399,084 are series K shares and 14,819,280 are series A shares. The
shares have no counter book value. The K shares and A shares are
differentiated by the fact that each K share entitles its owner to 20
votes at a General Meeting of Shareholders while each A share
entitles its owner to 1 vote. The A shares represent 81.3% of the
total number of shares and 17.9% of the total votes. The K shares
represent 18.7% of the total number of shares and 82.1% of the total
votes.
The market value of Vaisala's A shares on September 30, 2009 was EUR
368.0 million, excluding the Company's own shares. Valuing the K
shares - which are not traded on the stock market - at the rate of
the A share's closing price on the final day of the financial year,
the total year-end market value of all the A and K shares together
was EUR 452.5 million, excluding the Company's own shares.
Vaisala's main shareholders are listed on the Group website.
Conversion of unlisted shares series K into series A
Vaisala Corporation's 500 unlisted shares (series K) were converted
into listed shares (series A). The conversion was registered in the
Finnish Trade Register on March 5, 2009. Listing of the new series A
shares was applied for as of March 6, 2009.
Vaisala Corporation's 6000 unlisted shares (series K) were converted
into listed shares (series A). The conversion was registered in the
Finnish Trade Register on May 14, 2009. Listing of the new series A
shares was applied for as of May 15, 2009.
Treasury shares and parent company shares
At the end of the review period, the Company held a total of 9,150
Vaisala A shares, which represented 0.05% of the share capital and
0.01% of the votes. The consideration paid for these shares was EUR
251,898.31.
Decisions made by the Annual General Meeting
Vaisala Oyj's Annual General Meeting was held on March 26, 2009 at
the Company's headquarters in Vantaa. The Annual General Meeting
confirmed the annual accounts for 2008 and granted the Members of the
Board of Directors and the Company's President and CEO discharge from
liability for the accounts between 1.1.-31.12.2008.
The Annual General Meeting decided that a dividend of EUR 0.90 per
share, corresponding to the total of EUR 16,388,292.60 was to be
distributed for the financial year 2008. Dividend was not paid to the
A-shares that are held by Vaisala Corporation. Dividend was paid on
April 7, 2009.
The Annual General Meeting decided that the Board of Directors
continues to comprise of six members. Stig Gustavson and Mikko
Voipio, who were to retire by rotation were re-elected for three
years. Other members in the Board of Directors are Yrjö Neuvo, Maija
Torkko, Raimo Voipio and Mikko Niinivaara.
The Annual General Meeting decided on the annual remuneration of the
Board of Directors to be as follows: chairman EUR 35,000, and a
member EUR 25,000.
Auditors
PricewaterhouseCoopers Oy and Mr. Hannu Pellinen APA were chosen as
the Company's Authorized Public Accountants.
Board of Directors' organizing meeting
Raimo Voipio will continue as the Chairman of the Board of Directors,
and Yrjö Neuvo as Vice Chairman. Maija Torkko, Mikko Niinivaara,
Mikko Voipio and Stig Gustavson are members of the Board.
Vantaa, Finland, November 5, 2009
Vaisala Corporation
Board of Directors
The forward-looking statements in this release are based on the
current expectations, known factors, decisions and plans of Vaisala's
management. Although the management believes that the expectations
reflected in these forward-looking statements are reasonable, there
is no assurance that these expectations would prove to be correct.
Therefore, the results could differ materially from those implied in
the forward-looking statements, due to for example changes in the
economic, market and competitive environments, regulatory or other
government-related changes, or shifts in exchange rates.
Financial indicators 1-9 1-9 7-9 7-9 1-12
2009 2008 2009 2008 2008
Return on equity (ROE) 1.3% 13.5% 1.3% 13.5% 15.5%
Number of shares at June 30 (1000
pcs) 18 209 18 209 18 209 18 209 18 209
Number of chares at June 30 (1000
pcs), weighted average 18 209 18 209 18 209 18 209 18 209
Adjusted number of shares (1000
pcs) 18 209 18 209 18 209 18 209 18 209
Earnings/share (EUR) 0.10 0.99 0.22 0.40 1.56
Earnings/share (EUR),fully diluted 0.10 0.99 0.22 0.40 1.56
Net cash flow from operating
activities/share (EUR) -0.82 1.46 1.77
Equity/share (EUR) 9.59 9.87 9.59 9.87 10.47
Solvency ratio 87% 84% 87% 84% 82%
Gross capital expenditure (EUR
Million) 12.8 7.8 3.4 2.8 12.2
Depreciation (EUR Million) 7.2 6.0 2.4 2.0 8.2
Average personnel 1 288 1 167 1 330 1 202 1 177
Order book (EUR Million) 118.3 105.5 118.3 105.5 90.3
Liabilities from derivative
contracts (EUR Million) 16.3 14.3 16.3 14.3 14.8
The interim report has been prepared in accordance with the IAS 34
following the same accounting principles as in the annual financial
statements for 2008. From the beginning of 2009, the Group adopted
the amended IAS 1 Presentation of the Financial Statements standard
and IFRS 8 Operating Segments standard. The amended standards have no
significant impact on the presentation of the interim report.
The interim financial statements have not been audited.
CONSOLIDATED INCOME STATEMENT (IFRS, EUR Million)
1-9 1-9 Change 7-9 7-9 Change 1-12
2009 2008 % 2009 2008 % 2008
Net sales 151.5 164.9 -8.1 55.6 58.4 -4.7 242.5
Cost of production and
procurement -78.6 -71.5 9.9 -28.4 -25.0 13.6 -105.1
Gross profit 72.9 93.4 -22.0 27.2 33.4 -18.4 137.4
Other operating income 0.1 0.1 8.7 0.1 0.1 18.2 0.1
Cost of sales and
marketing -33.9 -35.7 -4.8 -10.9 -12.2 -10.9 -51.5
Development costs -19.1 -17.6 8.5 -6.4 -6.1 6.4 -24.6
Other administrative
costs -15.2 -16.2 -6.1 -3.7 -6.0 -39.5 -23.4
Other operating cost 0.0 0.0 -100.0 0.0 0.0 -100.0 0.0
Operating profit 4.7 24.0 -80.5 6.3 9.2 -30.9 38.0
Financial income and
expenses -2.4 1.9 -222.5 -0.5 1.2 -136.5 0.9
Share of results of
associated companies 0.0 0.0 0.0 0.0 0.0 0.0
Profit before tax 2.3 25.9 -91.1 5.9 10.4 -43.5 38.9
Income taxes -0.6 -7.9 -92.9 -1.9 -3.1 -39.8 -10.5
Profit after tax 1.8 18.0 -90.3 4.0 7.3 -45.1 28.4
Attributable to Equity
holders of the parent 1.8 18.0 -90.3 4.0 7.3 -45.1 28.4
Taxes for the review period have been calculated under taxes.
Earnings per share for profit attributable to the equity holders of
the parent
Basic earnings per
share, € 0.10 0.99 -90.3 0.22 0.40 -45.1 1.56
Diluted earnigns per
share,€ 0.10 0.99 -90.3 0.22 0.40 -45.1 1.56
STATEMENT OF
COMPREHENSIVE INCOME
Profit for the year 1.8 18.0 -90.3 4.0 7.3 -45.1 28.4
Exchange differences on
translating foreign
operations -1.3 0.9 -255.2 -1.3 3.1 -141.0 1.3
Total comprehensive
income 0.4 18.9 -97.9 2.7 10.4 -73.8 29.7
Total comprehensive income attributable to:
Equity holders of the
parent 0.4 18.9 -97.9 2.7 10.4 -73.8 29.7
STATEMENT OF FINANCIAL
POSITION (EUR million) 30.9.2009 30.9.2008 Change 31.12.2008
%
ASSETS
NON-CURRENT ASSETS
Intangible assets 16.4 17.1 -4.0 17.3
Tangible assets 44.2 36.3 21.8 39.1
Investments in associates 0.5 0.5 -0.6 0.6
Other financial assets 0.1 0.1 3.9 0.1
Long-term receivables 0.1 0.1 15.7 0.1
Deferred tax assets 6.5 4.9 34.0 5.8
CURRENT ASSETS
Inventories 34.0 23.6 44.3 22.8
Trade and other receivables 44.8 45.4 -1.5 51.7
Accrued income tax receivables 5.3 0.1 7.094.6 0.8
Financial assets recognised at
fair value through profit and
loss 0.0 27.5 -100.0 25.3
Cash and cash equivalents 57.6 74.9 -23.1 78.1
TOTAL ASSETS 209.6 230.5 -9.1 241.7
SHAREHOLDERS' EQUITY AND
LIABILITIES
Equity attributable to equity
holders of the parent
Share capital 7.7 7.7 0.0 7.7
Share premium reserve 16.6 16.6 0.0 16.6
Reserve fund 0.2 0.1 45.0 0.2
Translation differences -5.4 -4.5 8.9 -4.1
Profit from previous years 154.1 142.1 8.1 142.1
Own shares -0.3 -0.3 0.0 -0.3
Profit for the financial year 1.8 18.0 -90.3 28.4
Total equity 174.6 179.7 -2.9 190.6
Liabilities
Long-term liabilities
Retirement benefit obligations 0.4 0.3 16.6 0.3
Interest-bearing liabilities 0.1 0.2 -37.5 0.0
Provisions 0.1 0.1 21.6 0.7
Deferred tax liabilities 0.0 0.3 -100.0 0.4
Current liabilities
Current portion of long-term
borrowings 0.0 0.1 -100.0 0.0
Current interest-bearing
liabilities 0.2 0.1 67.7 0.2
Advances received 9.9 17.7 -43.9 10.3
Accrued income tax payables 0.0 1.7 -101.0 1.8
Trade and other payables 24.4 30.4 -19.8 37.3
TOTAL SHAREHOLDERS' EQUITY AND
LIABILITIES 209.6 230.5 -9.1 241.7
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY September 30, 2009
(EUR million)
Share
Share Share permium Reserve Own Translation Retained Total
capital issue Resesrve fund shares differences earnings equity
Balance at
December 31,
2008 7.7 0.0 16.6 0.2 -0.3 -4.1 170.4 190.6
Total
comprehensive
income for
the year 0.0 -1.3 1.8 0.4
Dividend paid -16.4 -16.4
Balance at
September 30,
2009 7.7 0.0 16.6 0.2 -0.3 -5.4 155.8 174.6
Share
Share Share permium Reserve Own Translation Retained Total
capital issue Resesrve fund shares differences earnings equity
Balance at
December 31,
2007 7.7 0.0 16.6 0.1 -0.3 -5.4 157.6 176.3
Total
comprehensive
income for
the year 0.9 18.0 18.9
Dividend paid -15.5 -15.5
Balance at
September 30,
2008 7.7 0.0 16.6 0.1 -0.3 -4.5 160.1 179.7
CONSOLIDATED CASH FLOW STATEMENT (EUR
Million)
1-9 1-9 Change 1-12
2009 2008 % 2008
Cash flows from operating activities
Cash receipts from customers 162.5 177.7 -8.5 241.4
Other income from business operations 0.0 0.0 -100.0 0.1
Cash paid to suppliers and employees -168.7 -144.0 17.2 -197.6
Interest received 0.8 1.6 -47.4 0.0
Interest paid -0.1 -0.1 9.8 -0.2
Other financial items, net -1.4 -0.2 -619.8 0.9
Direct tax paid -8.1 -8.5 -5.2 -12.5
Cash flow from business operations (A) -15.0 26.5 -156.4 32.2
Cash flow from investing activities
Investments in intangible assets -0.7 -1.3 -46.7 -0.5
Investments in tangible assets -10.0 -6.8 47.7 -12.0
Acquisition of subsidiary, net of cash
acquired -1.7 0.0 0.0
Proceeds from sale of fixed assets 0.1 0.3 -78.7 0.2
Repayments on loan receivables 0.0 0.0 -100.0 0.0
Other investments 0.0 -0.1 -85.1 -0.2
Financial assets recognised at
fair value through profit and loss 23.2 15.1 53.7 17.3
Cash flow from investing activities (B) 10.8 7.1 51.1 4.9
Cash flow from financing activities
Repayment of short-term loans -0.1 0.0 0.0
Dividend paid and other distribution of
profit -16.4 -15.5 5.9 -15.5
Cash flow from financing activities (C) -16.5 -15.5 6.6 -15.4
Change in liquid funds (A+B+C) increase
(+) / decrease (-) -20.7 18.2 -213.7 21.7
Liquid funds at beginning of period 78.1 56.7 37.8 56.7
Foreign exchange effect on cash 0.2 0.0 286.6 -0.3
Net increase in cash and cash equivalents -20.7 18.2 -213.7 21.7
Liquid funds at end of period 57.6 74.9 -23.1 78.1
Segment Report
Business segments
1-9/2009 WCO * CEN * MET * Other operations Group
EUR Million
Net sales to external
customers 61.1 37.1 53.3 0.0 151.5
Net sales 61.1 37.1 53.3 0.0 151.5
Operating profit -0.6 4.9 0.5 -0.1 4.7
Financial income and
expenses -2.4
Share of associated
companies' net profit 0.0
Net profit before taxes 2.3
Income taxes -0.6
Net profit 1.8
Depreciation 0.6 0.1 1.1 5.4 7.2
* WCO= Weather Critical
Operations
* CEN = Controlled
Environment
* MET= Meteorology
1-9/2008 WCO * CEN * MET * Other operations Group
EUR Million
Net sales to external
customers 80.3 40.9 43.7 0.0 164.9
Net sales 80.3 40.9 43.7 0.0 164.9
Operating profit 13.4 7.4 5.1 -1.8 24.0
Financial income and
expenses 1.9
Share of associated
companies' net profit 0.0
Net profit before taxes 25.9
Income taxes -7.9
Net profit 18.0
Depreciation 0.5 0.0 0.9 4.5 6.0
* WCO= Weather Critical
Operations
* CEN = Controlled
Environment
* MET= Meteorology
7-9/2009 WCO * CEN * MET * Other operations Group
EUR Million
Net sales to external
customers 24.4 12.5 18.7 0.0 55.6
Net sales 24.4 12.5 18.7 0.0 55.6
Operating profit 1.8 2.2 1.3 1.0 6.3
Financial income and
expenses -0.5
Share of associated
companies' net profit 0.0
Net profit before taxes 5.9
Income taxes -1.9
Net profit 4.0
Depreciation 0.2 0.0 0.3 1.8 2.4
* WCO= Weather Critical
Operations
* CEN = Controlled
Environment
* MET= Meteorology
7-9/2008 WCO * CEN * MET * Other operations Group
EUR Million
Net sales to external
customers 30.6 13.2 14.5 0.0 58.4
Net sales 30.6 13.2 14.5 0.0 58.4
Operating profit 7.3 1.9 1.9 -1.9 9.2
Financial income and
expenses 1.2
Share of associated
companies' net profit 0.0
Net profit before taxes 10.4
Income taxes -3.1
Net profit 7.3
Depreciation 0.2 0.0 0.3 1.5 2.0
* WCO= Weather Critical
Operations
* CEN = Controlled
Environment
* MET= Meteorology
1-12/2008 WCO * CEN * MET * Other operations Konserni
EUR Million
Net sales to external
customers 123.3 54.3 64.9 0.0 242.5
Net sales 123.3 54.3 64.9 0.0 242.5
Operating profit 24.6 8.4 8.0 -3.0 38.0
Financial income and
expenses 0.9
Share of associated
companies' net profit 0.0
Net profit before taxes 38.9
Income taxes -10.5
Net profit 28.4
Depreciation 0.7 0.1 1.2 6.2 8.2
* WCO= Weather Critical
Operations
* CEN = Controlled
Environment
* MET= Meteorology
Calculation of financial indicators
Shareholders' equity plus minority
interest
Solvency x
ratio, (%) = --------------------------------------- 100
Balance sheet total less advance payments
Profit before taxes less taxes
+/- minority interest
Earnings /
share = ---------------------------------------
Average number of shares, adjusted
Cash flow from business operations
Cash flow
from business = ---------------------------------------
operations /
share Number of shares at balance sheet date
Shareholders' equity
Equity /
share = ---------------------------------------
Number of shares at balance sheet date,
adjusted
Dividend
Dividend /
share = ----------------------------------------
Number of shares at balance sheet date,
adjusted
Profit before taxes less taxes
Return on
equity, (ROE) x
(%) = ------------------------------------------- 100
Shareholders' equity + minority interest
(average)
Further information:
Jouni Lintunen, CFO
Tel +358 9 8949 2215, mobile +358 40 579 0181
www.vaisala.com
Vaisala Corporation
Distribution:
NASDAQ OMX Helsinki Oy
Finnish News Agency
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