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2011-10-25 08:30:00 CEST 2011-10-25 08:31:01 CEST REGULATED INFORMATION Vacon - Interim report (Q1 and Q3)Vacon Plc Interim Report 1 January - 30 September 2011Vacon Plc, Stock Exchange Release, 25 October 2011 at 9.30 am 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 83.9, a decline of 24.4 % from the corresponding period in the previous year (MEUR 110.9). * Revenues totalled MEUR 91.1, growth of 2.0 % (MEUR 89.3). * Operating profit was MEUR 8.2 or 9.1 % of revenues, a decline of 0.5 % (MEUR 8.3 and 9.3 %). * Net cash flow from operating activities was MEUR 19.8 (MEUR 6.6). * Earnings per share were EUR 0.36 (EUR 0.31), growth of 14.4 %. January-September summary: * Order intake totalled MEUR 288.4, growth of 4.6 % from the corresponding period in the previous year (MEUR 275.7). * Revenues totalled MEUR 293.2, growth of 24.9 % (MEUR 234.8). * Operating profit was MEUR 28.6 or 9.8 % of revenues, an increase of 46.6 % (MEUR 19.5 and 8.3 %). * Net cash flow from operating activities was MEUR 20.6 (MEUR 14.3). * Earnings per share were EUR 1.29 (EUR 0.76), growth of 69.7 %. Key indicators +-------------------+------------+------------+---------------+ |MEUR |7-9/2011 |7-9/2010 |Change, % | +-------------------+------------+------------+---------------+ |Order intake |83.9 |110.9 |-24.4 % | +-------------------+------------+------------+---------------+ |Revenues |91.1 |89.3 |2.0 % | +-------------------+------------+------------+---------------+ |Operating profit |8.2 |8.3 |-0.5 % | +-------------------+------------+------------+---------------+ |% of revenues |9.1 % |9.3 % | | +-------------------+------------+------------+---------------+ |Profit before taxes|7.8 |7.3 | | +-------------------+------------+------------+---------------+ +---------------------------------------+--------+--------+---------+---------+ |MEUR |1-9/2011|1-9/2010|Change, %|1-12/2010| +---------------------------------------+--------+--------+---------+---------+ |Order intake |288.4 |275.7 |4.6 % |358.2 | +---------------------------------------+--------+--------+---------+---------+ |Order book |47.3 |72.9 |-35.1 % |52.1 | +---------------------------------------+--------+--------+---------+---------+ |Revenues |293.2 |234.8 |24.9 % |338.0 | +---------------------------------------+--------+--------+---------+---------+ |Operating profit |28.6 |19.5 |46.6 % |28.6 | +---------------------------------------+--------+--------+---------+---------+ |% of revenues |9.8 % |8.3 % | |8.5 % | +---------------------------------------+--------+--------+---------+---------+ |Profit before taxes |28.4 |18.1 | |27.5 | +---------------------------------------+--------+--------+---------+---------+ |Net cash flow from operating activities| | | | | | |20.6 |14.3 | |15.9 | +---------------------------------------+--------+--------+---------+---------+ |Earnings per share, EUR | | | | | | |1.29 |0.76 | |1.22 | +---------------------------------------+--------+--------+---------+---------+ |Interest-bearing net liabilities | | | | | | |13.4 |8.4 | |9.8 | +---------------------------------------+--------+--------+---------+---------+ |Gearing, % |10.8 % |10.1 % | |10.7 % | +---------------------------------------+--------+--------+---------+---------+ |Gross capital expenditure | | | | | | |13.7 |12.1 | |15.9 | +---------------------------------------+--------+--------+---------+---------+ General review Vacon estimates that growth in the global AC drive market levelled off in the third quarter of 2011 in all market areas compared to the extremely strong first half of the year. Demand for AC drives was evenly divided among all industrial sectors, except for renewable energy and in particular wind power. In China the new regulations imposed on wind power have temporarily reduced wind power investments in that country. One positive aspect, however, is that Vacon's clients who sell wind power solutions to China are able to comply with the new official regulations. This ensures Vacon a strong competitive position when wind power investments in China pick up. Vacon's revenues grew 2.0 % in the July - September period, to EUR 91.1 (89.3) million. In January - September revenues rose 24.9 %, to EUR 293.2 (234.8) million. Operating profit declined to EUR 8.2 million in July - September, or 9.1 % of revenues (EUR 8.3 million and 9.3 %). Operating profit rose to EUR 28.6 million in January - September, or 9.8 % of revenues (EUR 19.5 million and 8.3 %). The main reason for the slow down in the growth in revenues in the third quarter was the poor order intake for products for renewable energy generation. Demand for Vacon's wind power products in particular has been weak specifically due to the temporary decline in the Chinese wind power market. Demand for Vacon's products for controlling electric motors in the third quarter has been similar to what it was in the first half of the year. Developments in revenues vary from one country to another, but a slow down in growth can be seen on all continents. Order intake by Vacon in the third quarter totalled EUR 83.9 (110.9) million. The main reason for this decline is the poor demand for products for renewable energy generation. The figures for the third quarter of 2010 include an exceptionally high number of orders for solar energy products. Prospects for 2011 Vacon still estimates that the AC drive market will grow 6-10 % in 2011, thanks to the strong performance in the first half of the year. Vacon does not expect demand to grow significantly in the final quarter of 2011 compared to the strong first half of the year. Vacon also does not expect demand for products for wind power production to pick up significantly yet in 2011. The risks to overall economic growth prospects in Europe and North America came to a head in the third quarter of 2011. Vacon considers that overall economic growth prospects are exposed to risks. Vacon is launching several new products towards the end of 2011 and in the first half of 2012, which creates good potential for the company to increase its business even in a challenging market environment. Market guidelines for 2011 Vacon estimates that revenues in 2011 will increase 10 - 20 % and the operating profit margin will rise from 2010. Earnings per share are expected to improve considerably from 2010. 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's operations are driven by a passion to develop, manufacture and sell the best AC drives in the world - and nothing else. AC drives are used to control electric motors and in renewable energy generation. Vacon has R&D and production units in Finland, the USA, China and Italy, and sales offices in 27 countries. In 2010 Vacon had revenues of EUR 338.0 million and globally employed 1300 people. The shares of Vacon Plc (VAC1V) are quoted on the main list of the Helsinki stock exchange. Driven by Drives, www.vacon.com Vantaa, 25 October 2011 VACON PLC Board of Directors For more information please contact: * Mr Vesa Laisi, President and CEO, phone: +358 (0)40 8371 510 * Ms Eriikka Söderström, CFO and Vice President, Finance & Control, phone: +358 (0)40 8371 445 Conference for media and analysts Vacon will hold a briefing for analysts and the media at 11.30 am on 25 October 2011 at the Scandic Simonkenttä Hotel, Simonkatu 9, 00100 Helsinki. The briefing will be in Finnish. Dial-in conference for investors and investment analysts An international dial-in conference for investors and investment analysts will be held at 3.00 pm on 25 October 2011. President and CEO Vesa Laisi and Eriikka Söderström, CFO and Vice President, Finance and Control, will participate in the conference. Lines can be booked ten minutes before the conference by calling the service number +358(0)9 2310 1620 (Finland) or +44 (0)20 3364 5381 (UK). The conference ID code is 8441413. To hear a recording of the conference, available for seven working days, call +358 (0)9 2310 1650 (Finland) or +44 (0)20 7111 1244 (UK), ID code 8441413#. Conference link: http://www.media-server.com/m/p/rux9zesj The presentation material will be available before the media briefing on Vacon's website at: www.vacon.com -> Investors DISTRIBUTION: NASDAQ OMX Helsinki Financial Supervisory Authority Main Media [HUG#1557510] |
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