2009-08-11 08:00:00 CEST
2009-08-11 08:02:09 CEST
REGULATED INFORMATION
Vaisala - Interim report (Q1 and Q3)
Vaisala Group interim report January-June 2009 (6 months)
Vaisala Corporation Stock exchange release 11 August 2009
at 09.00 a.m.
Vaisala Group interim report January-June 2009 (6 months)
Result for the second quarter slightly positive. Outlook for 2009
unchanged, uncertainty increased.
- Orders received EUR 119.2 (121.9) million, decline 2.2%.
- Net sales EUR 95.9 (106.5) million, decline 10.0%. In
comparable currencies, the decline would have been 15.2%.
- Operating profit EUR -1.7 (14.8) million, decline 111.2%.
- Earnings per share EUR -0.12 (0.59), decline 121.2%.
- Result for the second quarter (4-6/2009) positive despite
the declined net sales.
1-6 1-6 Change 4-6 4-6 Change
2009 2008 (%) 2009 2008 (%) 2008
(MEUR) (MEUR) (MEUR) (MEUR)
Group net sales 95.9 106.5 -10.0 53.8 60.1 -10.5 242.5
Meteorology 34.6 29.1 +18.8 18.8 16.5 +14.0 64.9
Controlled
Environment 24.5 27.7 -11.5 11.7 14.0 -16.3 54.3
Weather Critical
Operations 36.7 49.7 -26.1 23.2 29.6 -21.5 123.3
Operating profit,
Group -1.7 14.8 -111.2 1.5 11.7 -87.5 38.0
Meteorology -0.8 3.1 -125.7 -1.4 3.3 -141.4 8.0
Controlled
Environment 2.7 5.5 -51.2 1.5 2.8 -47.8 8.4
Weather Critical
Operations -2.4 6.1 -139.8 2.0 6.3 -68.4 24.6
Eliminations and
other -1.1 0.1 -0.6 -0.6 -3.0
Profit before taxes -3.6 15.5 -123.0 0.6 12.6 -94.9 38.9
Net profit -2.3 10.7 -121.2 1.9 8.8 -78.0 28.4
Orders received 119.2 121.9 -2.2 53.0 57.9 -8.4 247.9
Order book 113.7 95.6 113.7 95.6 90.3
Earnings per share -0.12 0.59 -121.2 0.11 0.48 -78.0 1.56
Return on equity (%) -2.5 12.4 -2.5 12.4 15.5
Comments on the second quarter
Orders received declined slightly from the corresponding period in
2008, but are still at a fairly good level. Order book remains
strong. Result for the second quarter was slightly positive.
Net sales declined year on year. Group operating profit for the
review period was still negative due to lower net sales. The result
was additionally burdened by strategic initiatives.
Due to the global economic recession, the demand of the industrial
segments continued to be moderate.
Outlook for 2009
Due to the structure of Vaisala's customer base, the company's market
situation is expected to remain mostly unchanged in 2009 and there
are no signs of order cancellations.
Demand is still moderate for 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 still good.
Demand in the Weather Critical Operations business area is still at a
good level, but the current economic uncertainty can have an impact
on customers' purchasing decisions and affect the implementation of
projects during the second half 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.
We reiterate our estimate that Vaisala's net sales in 2009 will grow
slightly compared to the preceding year. Uncertainty towards the rest
of the year has increased due to the schedules of project sales and
deliveries and development of the demand in the industrial segments.
These together will affect the development of net sales and profit.
Additionally, the strategic, growth oriented efforts will burden the
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.
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:"Uncertainty in the global economy has continued, even though some
cautious optimism can be sensed. Continued uncertainty was also
reflected in Vaisala's second quarter results, both in net sales and
in operating profit. However, a good sign is that in line with our
expectations, the operating profit for the second quarter turned
positive.
We have still been able to maintain our strong market position and
share. The number of orders received has also remained at a fairly
good level and the order book is strong, which gives us a good
starting point for the second half of the year. Orders received
during the last 12 months, EUR 245.2 million, exceeds the net sales
of 2008. The foundation of our business has not changed in any
particular way.
The pending project deliveries from the first quarter in the Weather
Critical Operations business area were delivered during the second
quarter.
In spite of the economic uncertainty, we firmly believe that our
prospects are positive and continue to implement our growth strategy
with determination, enabled by our strong balance sheet. These
efforts will increase costs in 2009, but we believe that they lay the
foundation for future growth."
Market situation, net sales and order book
Instability of the world economy shows especially in the Controlled
Environment business area, i.e. in the industrial segments, where the
markets have declined during the first half of the year. Despite the
challenging market situation, Vaisala has nevertheless been able to
retain its market shares.
The outlook for the Meteorology business area is still favorable.
Demand in the Weather Critical Operations business area is good, but
the economic uncertainties seem to affect the customers' purchasing
decisions.
Vaisala Group's net sales declined by 10.0 percent year on year and
totaled EUR 95.9 (106.5) million. Net sales of the Meteorology
business area grew by 18.8 percent, whereas the net sales of Weather
Critical Operations declined by 26.1 percent and Controlled
Environment by 11.5 percent. In comparable currencies, Vaisala
Group's net sales would have been down by 15.2 percent.
Operations outside Finland accounted for 97 (94) percent of net
sales.
Net sales in euros increased by 20.5 percent in the Americas region,
totaling EUR 39.6 (32.9) million. Net sales declined by 20.9 percent
to EUR 35.1 (44.3) million in the EMEA region and by 27.7 percent to
EUR 21.2 (29.3) million in the APAC region. In comparable currencies,
the changes in net sales would have been: Americas +6.3%, EMEA -19.8%
and APAC -32.2%.
The value of orders received declined by 2.2 percent year on year and
totaled EUR 119.2 (121.9) million. The number of orders received for
the past 12 months is EUR 245.2 million. The order book stood at EUR
113.7 (95.6) at the end of the review period. Of the order book,
approximately EUR 34 million will be delivered in 2010 or later.
Performance and balance sheet
Operating profit for the review period was EUR -1.7 (14.8) million,
or -1.7 percent of net sales. Profit before taxes was -3.7 percent of
net sales and totaled EUR -3.6 (15.5). Net profit for the review
period was -2.4 percent of net sales, totaling EUR -2.3 (10.7)
million.
Vaisala Group's solvency ratio and liquidity remained strong. On June
30, 2009, the balance sheet total was EUR 213.1 (212.7) million. The
Group's solvency ratio at the end of the review period was 84% (86%).
Vaisala's consolidated liquid assets totaled EUR 68.8 (89.5) million.
Capital expenditure
Gross capital expenditure totaled EUR 9.4 (5.0) 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 tearing down of the old
building was started in the second quarter of 2009.
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 18.8 percent year on year to EUR
34.6 (29.1) million. In comparable currencies, the net sales would
have grown by 11.6 percent. Operating profit was EUR -0.8 (3.1)
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 by approximately EUR 2.0
million.
The value of orders received for Meteorology was EUR 44.7 million and
the order book stood at EUR 51.1 million at the end of the review
period.
The modernization project for the Russian weather observation network
was completed during the review period. The Japan Meteorological
Agency ordered 10 sounding stations for their national upper air
network. The order marks an important step in the Japanese markets;
after it has been delivered, 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, 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.
Instability of the global economy affected the Controlled Environment
business area and the net sales decreased. In Japan and Europe, the
markets continued to decline, whereas North America and China saw
some small signs of recovery.
Net sales of Controlled Environment declined by 11.5 percent year on
year to EUR 24.5 (27.7) 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 18.9 percent.
Operating profit in January-March was EUR 2.7 (5.5) million.
The value of orders received for Controlled Environment was EUR 24.3
million and the order book stood at EUR 3.2 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 26.1 percent
year on year to EUR 36.7 (49.7) million. In comparable currencies,
the net sales would have been down by 28.9 percent. Operating profit
for the review period was EUR -2.4 (6.1) million.
The value of orders received for Weather Critical Operations was EUR
50.2 million and the order book stood at EUR 59.3 million at the end
of the review period.
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.
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.
Other functions
Research and development
Expenditure in research and development totaled EUR 12.7 (11.5)
million, representing 13.2% 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 will grow to 11-12% of the Group's net sales.
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.
Vaisala Services
Starting in 2009, Vaisala's service business will be reported as part
of the business areas. Services sales in the first quarter totaled
EUR 14.0 (12.5) 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 1,268 (1,150). Some 38 (37) 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, especially due to the uncertainty of the financial
markets, 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 25.20. 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 817,368.
On June 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 June 30, 2009 was EUR 373.2
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 458.9 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, August 11, 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 1-6 1-6 4-6 4-6 1-12
2009 2008 2009 2008 2008
Return on equity (ROE) -2.5% 12.4% -2.5% 12.4% 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) -0.12 0.59 0.11 0.48 1.56
Earnings/share (EUR),fully diluted -0.12 0.59 0.11 0.48 1.56
Net cash flow from operating
activities/share (EUR) -0.41 0.65 1.77
Equity/share (EUR) 9.44 9.30 9.44 9.30 10.47
Solvency ratio 84 % 86 % 84 % 86 % 82 %
Gross capital expenditure (EUR
Million) 9.4 5.0 2.9 2.9 12.2
Depreciation (EUR Million) 4.8 3.9 2.4 2.0 8.2
Average personnel 1,268 1,150 1,299 1,180 1,177
Order book (EUR Million) 113.7 95.6 113.7 95.6 90.3
Liabilities from derivative
contracts (EUR Million) 16.1 13.3 16.1 13.3 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)
1-6 1-6 Change 4-6 4-6 Change 1-12
2009 2008 % 2009 2008 % 2008
Net sales 95.9 106.5 -10.0 53.8 60.1 -10.5 242.5
Cost of production and
procurement -50.2 -46.5 8.0 -30.4 -25.1 21.1 -105.1
Gross profit 45.6 60.0 -23.9 23.4 35.0 -33.1 137.4
Other operating income 0.0 0.0 -28.6 0.0 0.0 700.0 0.1
Cost of sales and
marketing -23.1 -23.5 -1.7 -10.7 -11.9 -9.7 -51.5
Development costs -12.7 -11.5 9.7 -6.1 -5.2 16.7 -24.6
Other administrative
costs -11.6 -10.2 13.8 -5.1 -6.1 -16.6 -23.4
Operating profit -1.7 14.8 -111.2 1.5 11.7 -87.5 38.0
Financial income and
expenses -1.9 0.7 -378.2 -0.8 0.8 -198.0 0.9
Share of results of
associated companies 0.0 0.0 -100.0 0.0 0.0 -100.0 0.0
Profit before tax -3.6 15.5 -123.0 0.6 12.6 -94.9 38.9
Income taxes 1.3 -4.8 -126.8 1.3 -3.8 -133.7 -10.5
Profit after tax -2.3 10.7 -121.2 1.9 8.8 -78.0 28.4
Attributable to Equity
holders of the parent -2.3 10.7 -121.2 1.9 8.8 -78.0 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, € -0.12 0.59 -121.2 0.11 0.48 -78.0 1.56
Diluted earnigns per
share,€ -0.12 0.59 -121.2 0.11 0.48 -78.0 1.56
STATEMENT OF
COMPREHENSIVE INCOME
Profit for the year -2.3 10.7 -121.2 1.9 8.8 -78.0 28.4
Other comprehensive
income
Exchange differences on
translating foreign
operations -0.1 -2.2 -97.0 -1.6 0.1 -2051.4 1.3
Total comprehensive
income -2.3 8.4 -127.7 0.3 8.8 -2129.4 29.7
Total comprehensive income attributable to:
Equity holders of the
parent -2.3 8.4 0.3 8.8 29.7
STATEMENT OF FINANCIAL POSITION
(EUR million) 30.6.2009 30.6.2008 Change 31.12.2008
%
ASSETS
NON-CURRENT ASSETS
Intangible assets 17.3 15.7 9.9 17.3
Tangible assets 42.8 34.9 22.7 39.1
Investments in associates 0.4 0.3 13.9 0.6
Other financial assets 0.1 0.0 407.7 0.1
Long-term receivables 0.3 0.2 25.9 0.1
Deferred tax assets 6.2 4.5 35.8 5.8
CURRENT ASSETS
Inventories 30.7 20.1 52.6 22.8
Trade and other receivables 40.6 46.6 -12.7 51.7
Accrued income tax receivables 6.1 0.8 624.4 0.8
Financial assets recognised at
fair value through profit and
loss 0.0 27.9 -100.0 25.3
Cash and cash equivalents 68.8 61.6 11.7 78.1
TOTAL ASSETS 213.1 212.7 0.2 241.7
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 55.7 0.2
Translation differences -4.1 -7.7 -46.5 -4.1
Profit from previous years 154.1 142.1 8.4 142.1
Own shares -0.3 -0.3 0.0 -0.3
Profit for the financial year -2.3 10.7 -121.2 28.4
Total equity 171.9 169.3 1.5 190.6
Liabilities
Long-term liabilities
Retirement benefit obligations 0.3 0.3 12.0 0.3
Interest-bearing liabilities 0.2 0.1 156.5 0.0
Provisions 0.1 0.1 21.6 0.7
Deferred tax liabilities 0.1 0.3 -76.4 0.4
Current liabilities
Current portion of long-term
borrowings 0.0 0.1 -100.0 0.0
Current interest-bearing
liabilities 0.2 0.3 -37.8 0.2
Advances received 8.8 15.1 -41.8 10.3
Accrued income tax payables 0.4 1.9 -81.6 1.8
Trade and other payables 31.3 25.4 23.2 37.3
TOTAL SHAREHOLDERS' EQUITY AND
LIABILITIES 213.1 212.7 0.2 241.7
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY June 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 0.0 -2.3 -2.3
Dividend paid -16.4 -16.4
Balance at
June 30, 2009 7.7 0.0 16.6 0.2 -0.3 -4.1 151.8 171.9
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 -2.3 10.7 8.4
Dividend paid -15.5 -15.5
Balance at
June 30, 2008 7.7 0.0 16.6 0.1 -0.3 -7.7 152.8 169.3
CONSOLIDATED CASH FLOW STATEMENT (EUR
Million)
1-6 1-6 Change 1-12
2009 2008 % 2008
Cash flows from operating activities
Cash receipts from customers 106.7 115.5 -7.6 241.4
Other income from business operations 0.0 0.0 -100.0 0.1
Cash paid to suppliers and employees -109.8 -99.1 10.8 -197.6
Interest received 0.7 1.4 -49.0 0.0
Interest paid -0.1 -0.2 -74.4 -0.2
Other financial items, net 1.0 0.2 530.4 0.9
Direct tax paid -6.0 -5.8 3.0 -12.5
Cash flow from business operations (A) -7.5 11.9 -163.2 32.2
Cash flow from investing activities
Investments in intangible assets -0.3 -0.1 373.0 -0.5
Investments in tangible assets -6.8 -5.3 29.7 -12.0
Acquisition of subsidiary, net of cash
acquired -1.7 0.0 0.0
Proceeds from sale of fixed assets 0.0 0.2 -94.9 0.2
Repayments on loan receivables 0.0 0.0 -483.5 0.0
Other investments 0.0 0.0 -63.2 -0.2
Financial assets recognised at
fair value through profit and loss 23.2 14.7 58.3 17.3
Cash flow from investing activities (B) 14.4 9.5 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 (-) -9.7 5.9 -263.0 21.7
Liquid funds at beginning of period 78.1 56.6 37.8 56.7
Foreign exchange effect on cash 0.4 -1.0 -137.3 -0.3
Net increase in cash and cash equivalents -9.7 5.9 -263.0 21.7
Liquid funds at end of period 68.8 61.6 11.6 78.1
Segment Report
Business segments
1-6/2009 WCO * CEN * MET * Other operations Group
EUR Million
Net sales to external
customers 36.7 24.5 34.6 0.0 95.9
Net sales 36.7 24.5 34.6 0.0 95.9
Operating profit -2.4 2.7 -0.8 -1.1 -1.7
Financial income and
expenses -1.9
Share of associated
companies' net profit 0.0
Net profit before taxes -3.6
Income taxes 1.3
Net profit -2.3
Depreciation 0.4 0.0 0.7 3.6 4.8
* WCO= Weather Critical
Operations
* CEN = Controlled
Environment
* MET= Meteorology
1-6/2008 WCO * CEN * MET * Other operations Group
EUR Million
Net sales to external
customers 49.7 27.7 29.1 0.0 106.5
Net sales 49.7 27.7 29.1 0.0 106.5
Operating profit 6.1 5.5 3.1 0.1 14.8
Financial income and
expenses 0.7
Share of associated
companies' net profit 0.0
Net profit before taxes 15.5
Income taxes -4.8
Net profit 10.7
Depreciation 0.3 0.0 0.6 3.0 3.9
* WCO= Weather Critical
Operations
* CEN = Controlled
Environment
* MET= Meteorology
4-6/2009 WCO * CEN * MET * Other operations Group
EUR Million
Net sales to external
customers 23.2 11.7 18.8 0.0 53.8
Net sales 23.2 11.7 18.8 0.0 53.8
Operating profit 2.0 1.5 -1.4 -0.6 1.5
Financial income and
expenses -0.8
Share of associated
companies' net profit 0.0
Net profit before taxes 0.6
Income taxes 1.3
Net profit 1.9
Depreciation 0.2 0.0 0.4 1.7 2.3
* WCO= Weather Critical
Operations
* CEN = Controlled
Environment
* MET= Meteorology
4-6/2008 WCO * CEN * MET * Other operations Group
EUR Million
Net sales to external
customers 29.6 14.0 16.5 0.0 60.1
Net sales 29.6 14.0 16.5 0.0 60.1
Operating profit 6.3 2.8 3.3 -0.6 11.7
Financial income and
expenses 0.8
Share of associated
companies' net profit 0.0
Net profit before taxes 12.6
Income taxes -3.8
Net profit 8.8
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
Other key media
© 2024 Nasdaq, Inc. All Rights Reserved |