2007-09-12 11:51:58 CEST
2007-09-12 11:51:58 CEST
REGULATED INFORMATION
Panostaja Oyj - Quarterly report
PANOSTAJA GROUP INTERIM REPORT FOR THE NINE MONTHS TO 31st JULY 2007
Panostaja Oyj Stock Exchange Bulletin 12th September 2007 PANOSTAJA GROUP INTERIM REPORT FOR THE NINE MONTHS TO 31st JULY 2007 Net turnover stood at EUR 59.8 million (EUR 37.9 million), equivalent to 58% growth. Operating profit stood at EUR 6.2 million (EUR 2.5 million), equivalent to 145% growth. Diluted earnings per share stood at 8.0 cents (5.5 cents), equivalent to 46% growth. Equity per share was EUR 0.78 (EUR 0.41). The equity ratio stood at 38.1% (31.6%). The Group's net turnover for the financial year will increase significantly due to the acquisitions of Suomen Helasto Oyj, the KL-Varaosat companies, Lahden Lämpökäsittely Oy, Heatmasters Oy and Tampereen Laatukoneistus Oy, and due to growth in other business operations as well. The Group's profit from continuing operations for the financial year will show improvement on the previous period. This Interim Report was prepared in compliance with the recognition and measurement principles of the International Financial Reporting Standards (IFRS), complying with the same accounting policies as the financial statements prepared for 2005/2006. GROUP FINANCIAL PERFORMANCE Panostaja Group's net turnover for the last nine-month period was EUR 59.8 million (EUR 37.9 million). Growth was a result both of acquisitions made during the reporting period and of overall growth in business operations. Business growth was strongest within the Industrial Construction segment, where the 53% increase in net turnover resulted from significant investment decisions taken by industries operating in Finland. The Industrial Construction segment's net turnover was EUR 16.3 million (EUR 10.6 million). The Group's operating profit was EUR 6.2 million (EUR 2.5 million), while profit before taxes stood at EUR 5.7 million (EUR 2.1 million). The Group's operating profit improved due to growth in net turnover and greater profitability. In addition, the new companies incorporated into the Group helped increase operating profit. The high capacity level within the Industrial Construction segment further improved the segment's operating profitability. Profit from discontinued operations includes an additional purchase price of EUR 0.4 million for the disposal of Pajakulma Oy. The Group's net financial expenses amounted to about EUR 0.5 million. Interest expenses will increase from now on due to the subordinated loan raised during the period under review. The Group's average number of employees during the reporting period was 522 (417). INVESTMENTS AND FINANCING The Group's gross capital expenditure during the reporting period amounted to EUR 14.3 million (EUR 5.2 million). The most important investments were the acquisitions of Suomen Helasto Oyj, the KL-Varaosat companies, Lahden Lämpökäsittely Oy, Heatmasters Oy and Tampereen Laatukoneistus Oy. Cash flow from operating activities was strong throughout the period under review. The Group's equity ratio stood at 38.1% (31.6%). Dividends distributed during the period amounted to EUR 3.87 million (dividends paid to minority shareholders in subsidiaries amounted to EUR 0.51 million). CHANGES TO THE GROUP STRUCTURE On 20th December 2006, the parent company of Annektor Group was demerged into Annektor Oy and Solikko Finance Oy. This had no impact on the Group's financial results and balance sheet. In April, Panostaja Oyj's subsidiary KL-Parts Oy purchased the entire share capital of the KL-Varaosat group of companies, specialising in the supply of OEM spare parts for Mercedes-Benz and BMW cars. The purchase price paid for the KL-Varaosat companies was about EUR 5.1 million and 300,000 Panostaja Oyj new Class B shares. The total purchase price amounted to around EUR 5.5 million. In addition, the seller has an opportunity to receive an additional payment up to a maximum value of about EUR 1.4 million within one year. Panostaja Oyj shaped the KL-Varaosat companies into a new business area focusing on supply of OEM car spare parts. On 30th May 2007, Panostaja Group acquired the majority of shares in Suomen Helasto Oyj, which specialises in locks and security as well as fittings and fastenings services and wholesale. The principal shareholders in Panostaja Oyj and in Suomen Helasto Oyj carried out a share exchange, whereby Panostaja acquired 68.77% of the share capital and the voting power in Suomen Helasto. As part of the private placement, the principal shareholders in Suomen Helasto received 7,450,933 new Panostaja Class B shares. As a result of the share exchange, Panostaja incurred an obligation under the Securities Markets Act Chapter 6 section 10 to launch a takeover bid to other Suomen Helasto shareholders. As part of the takeover bid, Panostaja offered an exchange of shares, where six Suomen Helasto shares were exchanged for five Panostaja B shares. As an alternative to the share exchange, Panostaja offered a full cash consideration to the value of EUR 1.27 per share. The closing prices for Panostaja's B share and Suomen Helasto's share on 29th May 2007 were EUR 1.52 and EUR 1.19 respectively. The takeover bid was valid from 3rd July 2007 until 6th August 2007, during which time shareholders in Suomen Helasto had the opportunity to accept the takeover bid. Suomen Helasto's net turnover for 2006 was EUR 26 million and the company employed 150 people. Panostaja intends to shape Suomen Helasto's subsidiaries into three new business areas. In June, Panostaja acquired the entire share capital in Lahden Lämpökäsittely Oy and Heatmasters Oy, companies specialising in heat treatment services and related technological development. Established in 1974, Lahden Lämpökäsittely is based in Lahti and Varkaus in Finland, offering metal heat treatment services to major industrial clients. The company also has operations in Sweden, Poland, Ukraine and Estonia. The company employs 55 people and its net turnover for 2006 amounted to EUR 4.5 million. Heatmasters focuses on computer-based heat-treatment technology, making use of computer and GSM technologies, for example. The company exports to more than 20 countries and net turnover for 2006 amounted to EUR 1.8 million. Lahden Lämpökäsittely Oy and Heatmasters Oy will form a new business area within Panostaja Group with a focus on heat treatment. The total purchase price for the companies amounts to about EUR 3.1 million. In addition, the sellers have an opportunity to receive a conditional additional payment up to a maximum value of about EUR 1.3 million, payable within one year of the transaction date. In addition, Panostaja acquired the entire share capital in Tampereen Laatukoneistus Oy, a company specialising in manufacturing hydraulic cylinders. Panostaja set up a new business area within the Group to specialise in hydraulics components. Tampereen Laatukoneistus manufactures individually designed hydraulic cylinders for the shipbuilding, lifting, wood processing, mining, metals and transportation industries, among others. It has a strong position in Finland as a supplier of large hydraulic cylinders. The company's turnover in 2006 amounted to some EUR 5.6 million. The total purchase price for the company amounts to about EUR 3.2 million. In addition, the sellers have an opportunity to receive a conditional additional payment up to a maximum value of about EUR 1.1 million, payable by the end of the year. The balance sheets of the KL-Varaosat companies have been consolidated for the first time within the Group's interim report for the six months to 30th April 2007, while their income statements have been consolidated as from 1st May 2007. Suomen Helasto Oyj, the KL-Varaosat companies, Lahden Lämpökäsittely Oy, Heatmasters Oy and Tampereen Laatukoneistus Oy have been consolidated into the Group's financial statements as from 1st May 2007 in terms of both balance sheets and income statements. Consolidation of Suomen Helasto Oyj is based on a 68.77% holding. The conditional additional payments involved in the acquisitions of the KL-Varaosat companies, Lahden Lämpökäsittely Oy, Heatmasters Oy and Tampereen Laatukoneistus Oy have been estimated in accordance with the most likely scenario. The IFRS 3-compliant purchase price allocations for business acquisitions made during the financial year are preliminary. EVENTS SUBSEQUENT TO THE REPORTING PERIOD Upon completion of the takeover bid on 6th August 2007, Panostaja had acquired ownership of 12,404,692 shares in Suomen Helasto, which represent approximately 95.41% of shares issued by Suomen Helasto and votes carried by them. As part of the related share issue, Panostaja offered shareholders in Suomen Helasto 2,829,175 Class B shares for subscription at a nominal price of EUR 0.12 each. Following registration of the share issue, the total number of Panostaja Oyj shares amounts to 43,700,680 (17,256,595 Class A shares and 26,444,085 Class B shares). The company's share capital as a result of the increase now totals EUR 5,244,081.64. Following transactions carried out according to the terms of the takeover bid, the percentage of Panostaja's holdings of the total amount of Suomen Helasto shares and voting rights carried by them exceeded nine tenths (9/10). On this basis, Panostaja incurred the right and, if demanded, the obligation under Chapter 18 section 1 of the Limited Liability Companies Act to redeem shares belonging to other Suomen Helasto shareholders at market value. This information was entered in the Trade Register on 21st August 2007. On 3rd September 2007, Panostaja was served with an application dated 28th August 2007, submitted by 2M Ventures Oy, a shareholder in Suomen Helasto, to the Redemption Committee of the Central Chamber of Commerce of Finland for appointment of an arbitrator to resolve the redemption obligation and price of Suomen Helasto shares. The redemption price demanded by 2M Ventures Oy is EUR 1.48 per share. Panostaja will submit a statement about the application to the Redemption Committee by 14th September 2007. ADMINISTRATION AND ANNUAL GENERAL MEETING The Annual General Meeting was held on 15th December 2006. The AGM re-elected Mr. Olli Halmevuo and Mr. Matti Koskenkorva to Panostaja Oyj's Board of Directors. New members elected to the Board were Mr. Jukka Ala-Mello, Secretary of the Board of Kone Corporation, Mr. Eero Lehti, Chairman of the Board of the Federation of Finnish Enterprises, and Mr. Hannu Tarkkonen, Executive Vice President of Etera Mutual Pension Insurance Company. The AGM further elected Mr. Hannu Pellinen, APA, and PricewaterhouseCoopers Oy, APA, as auditors. Board member Eero Lehti was elected to the Finnish Parliament in the spring 2007 general election. Mr. Lehti resigned from Panostaja Oyj's Board of Directors on 10th April 2007. The Annual General Meeting adopted the financial statements presented for the financial year ended 31st October 2006 and the Board's proposal to transfer the profit for the period to retained earnings and to distribute EUR 0.13 per share in dividends was approved. The record date for dividend payment was 20th December 2006 and the payment date was as from 29th December 2006. In addition, the AGM discharged the Board of Directors and the Chief Executive Officer from liability. The Annual General Meeting authorised the Board of Directors to decide on an increase in share capital through one or more regular or bonus issues, such that a maximum of 30,000,000 new Class A shares and a maximum of 30,000,000 new Class B shares may be offered for subscription in the issue(s) at a nominal price of EUR 0.12 each, and that the share capital increase must not exceed EUR 7,200,000. In addition, the Board of Directors was authorised to decide on an increase in share capital by granting options and other rights referred to in Chapter 10, section 1 of the Limited Liability Companies Act, such that a maximum of 30,000,000 new Class A shares and a maximum of 30,000,000 new Class B shares may be offered for subscription in the issue(s), and that the share capital increase must not exceed EUR 7,200,000. The share issue authorisations did not exclude the Board's right to decide on private placements; such issues may disapply the shareholders' pre-emption rights laid down in Chapter 9, section 3 of the Limited Liability Companies Act. Furthermore, the Annual General Meeting authorised the Board of Directors to obtain a subordinated loan at a maximum of EUR 21,250,000 from domestic institutional investors, to decide on granting option rights to key personnel within the company and on acquisition and disposal of the company's own shares within the limits of acquiring a maximum of 1,725,659 Class A shares and a maximum of 1,247,797 Class B shares. During the period under review, the Board has exercised its authorisation to obtain a subordinated loan of EUR 21,250,000 from domestic institutional investors and to decide on granting option rights to key personnel within the company. The Board has also exercised its authorisation to increase share capital through one or more regular or bonus issues during the period. As part of a private placement, the seller of the KL-Varaosat companies, Kari Lindfors, subscribed for 300,000 of Panostaja's new Class B shares. In addition, the principal shareholders in Panostaja Oyj and in Suomen Helasto Oyj carried out a share exchange, whereby Panostaja acquired 68.77% of the share capital and the voting power in Suomen Helasto. As part of the private placement, the principal shareholders in Suomen Helasto received 7,450,933 new Panostaja Class B shares. The Board of Directors has launched a repurchase of Panostaja's own shares according to the authorisation granted at the company's Annual General Meeting on 15th December 2007. The maximum volumes to be acquired are 1,725,659 Class A shares and 1,247,797 Class B shares. The company will acquire its own shares in order to have them available to offer as part of possible business acquisitions or other restructuring measures or when purchasing assets as part of its business operations, to develop its capital structure, to cancel shares, or to implement an incentive scheme for key personnel. In June, the Board of Directors announced that it would not propose an additional dividend during the current financial year. SHARE CAPITAL AND OWN SHARES Panostaja Oyj's share capital entered in the Trade Register equated to EUR 4,904,580.60 and the number of shares was 40,871,505 at the end of the reporting period. The numbers of issued Class A and B shares amounted to 17,259,595 and 23,614,910 respectively. At the end of the reporting period, the numbers of Panostaja Oyj's own shares amounted to 59,600 Class A shares, 118,415 Class B shares and 172,860 new Class B Shares. The number of acquired Class A shares was equivalent to 0.15% of the total number of shares at the end of the reporting period and to 0.32% of the total number of votes carried by all shares. The number of Class B shares was equivalent to 0.71% and 0.08% of total numbers of shares and votes respectively. CONVERTIBLE SUBORDINATED LOANS On 4th January 2007, the company sent notification to holders of 2004 convertible subordinated bonds to the effect that the company would exercise its right under the terms of the loan to repay the entire loan principal early at a nominal price, because the volume-weighted average price of Panostaja Oyj's Class B share had, since 2nd January 2006, exceeded the conversion price specified in the terms of the loan by more than 100% for 20 of 30 consecutive trading days on the Helsinki Stock Exchange. Repayment of the subordinated loan was cancelled, however, because all bond holders applied to convert their bonds into shares according to the terms of the loan. As a result of conversions, bond-holders subscribed for 3,358,000 Panostaja new Class B shares. The Board of Directors exercised the authorisation granted at the Annual General Meeting on 15th December 2006 to obtain a subordinated loan from domestic institutional investors. During the reporting period, the Board approved subscriptions for 2006 convertible subordinated bonds at a total of EUR 21,250,000. The interest rate is 6.5% and the loan period runs from 15th January 2007 to 1st March 2012. The bonds may be converted into a maximum of 12,500,000 Panostaja's new Class B shares and bond conversions may result in an increase of share capital at a maximum of EUR 1,500,000. The first loan disbursement, amounting to EUR 10,625,000, was made to Panostaja Oyj on 15th January 2007 and the remainder of the loan, also amounting to EUR 10,625,000, was paid on 15th May 2007. A component of the amount of the subordinated loan paid, about EUR 860,000, has been recognised as an increase in equity during the reporting period in accordance with IAS 32. OPTIONS The Board of Directors exercised its authorisation to decide on granting option rights 2006A to key personnel within the company and to a subsidiary fully owned by the company. The number of options granted was 460,000, which entitled holders to subscribe for 460,000 shares. The options granted have been treated in the Interim Report in accordance with IFRS 2. SHARE PERFORMANCE AND SHAREHOLDING During the reporting period, prices of Panostaja Oyj's Class A and B shares varied between EUR 1.21 and EUR 1.83 and between EUR 1.18 and EUR 1.79 respectively. The volumes of trading in Class A and B shares amounted to 1,110,482 and 2,212,196 shares respectively, while the trading volume in new Class B shares was 1,864,513 shares, equating to 12.7% of the share capital. The July closing price was EUR 1.73 for Class A shares, EUR 1.76 for Class B shares and EUR 1.65 for new Class B shares. The company's total market capitalisation stood at EUR 71.0 million at the end of July, equivalent to 58% growth. During the period under review, Panostaja Oyj and OKO Bank Plc signed a market making agreement concerning Panostaja Oyj's Class A and B shares. The aims of this agreement include increasing the liquidity of the shares, reducing the share price volatility and facilitating minor shareholders' trading with the shares. Holdings in Panostaja Oyj changed during the reporting period, when the shares issued by Panostaja Oyj to the principal shareholders in Suomen Helasto Oyj through a private placement were entered in the Trade Register on 6th June 2007. Maija Koskenkorva's and Mauno Koskenkorva's holdings in Panostaja Oyj's share capital exceeded 10% and 5% respectively, while Mikko Koskenkorva's holding in the share capital remained below 5%. Other changes in holdings notified earlier on in the financial year are included in the Stock Exchange Bulletin dated 26th February 2007. SHORT-TERM RISKS AND UNCERTAINTIES Panostaja Group's significant risks have been described in the latest financial statements. Short-term risks are related to successful integration of acquisitions made during the financial year in particular. OUTLOOK FOR THE REST OF THE FINANCIAL YEAR Panostaja Group will focus on the business idea in alignment with its core business strategy and on development of its business areas. The company aims to dispose of assets not related to its core business. The increasing supply of companies will enable expansion into new business areas. The company believes that the level of prices of small enterprises will become more moderate in the future, as the rising interest rate and the continuous increase in the supply of businesses over the next few years will affect valuation levels. Panostaja aims to pursue growth by acquiring SMEs operating in traditional industries with a view both to complementing existing business areas and to creating new business areas. Domestically, the economic situation is expected to remain favourable. The economic outlook for Panostaja's business areas is moderately positive. The Group's net turnover for the financial year will increase significantly due to the acquisitions of Suomen Helasto Oyj and other businesses and due to growth in other business operations as well. In addition, the Group's profit from continuing operations for the financial year will show improvement on the previous period. The data provided in this Interim Report is unaudited. Panostaja Oyj Board of Directors For further information, please contact Mr. Olli Halmevuo, CEO, tel. +358 (0)3 263 4300. All forecasts and estimates presented in this Interim Report are based on the current views of the management of the Group and the business areas on the economic environment and outlook and actual results may be significantly different. CONSOLIDATED INCOME STATEMENT -------------------------------------------------------------------------------- | Panostaja Group | 11/06-07/07 | 11/05-07/06*) | 11/05-10/06 | -------------------------------------------------------------------------------- | (EUR 1,000) | (9 months) | (9 months) | (12 months) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net turnover | 59,755 | 37,890 | 57,755 | -------------------------------------------------------------------------------- | Other operating income | 352 | 236 | 772 | -------------------------------------------------------------------------------- | Share of profit of associates | 0 | 89 | 86 | -------------------------------------------------------------------------------- | Total expenses | 52,730 | 34,878 | 51,929 | -------------------------------------------------------------------------------- | Planned depreciation and | 1,198 | 814 | 1,209 | | amortisation | | | | -------------------------------------------------------------------------------- | Operating profit | 6,179 | 2,523 | 5,476 | -------------------------------------------------------------------------------- | Financial income and expenses | -529 | -410 | -540 | -------------------------------------------------------------------------------- | Profit before taxes | 5,650 | 2,112 | 4,936 | -------------------------------------------------------------------------------- | Taxes | -1,498 | -559 | -1,210 | -------------------------------------------------------------------------------- | Profit for the period from | 4,152 | 1,553 | 3,725 | | continuing operations | | | | -------------------------------------------------------------------------------- | Profit for the period from | 350 | 805 | 4,903 | | discontinued operations | | | | -------------------------------------------------------------------------------- | Profit for the period | 4,502 | 2,358 | 8,628 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Attributable to: | -------------------------------------------------------------------------------- | Minority interest | 1,277 | 687 | 1,171 | -------------------------------------------------------------------------------- | Equity holders of the parent | 3,225 | 1,671 | 7,457 | | company | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share attributable to equity holders of the parent company | -------------------------------------------------------------------------------- | Earnings per share on continuing operations, EUR | -------------------------------------------------------------------------------- | Basic | 0.088 | 0.030 | 0.092 | -------------------------------------------------------------------------------- | Diluted | 0.072 | 0.030 | 0.085 | -------------------------------------------------------------------------------- | Earnings per share on discontinued operations, EUR | -------------------------------------------------------------------------------- | Basic | 0.011 | 0.025 | 0.176 | -------------------------------------------------------------------------------- | Diluted | 0.008 | 0.025 | 0.157 | -------------------------------------------------------------------------------- | Earnings per share on continuing and discontinued operations, EUR | -------------------------------------------------------------------------------- | Basic | 0.099 | 0.055 | 0.268 | -------------------------------------------------------------------------------- | Diluted | 0.080 | 0.055 | 0.242 | -------------------------------------------------------------------------------- *) Net turnover and expenses relating to Pajakulma Group, sold on 31st October 2006, have been removed from the income statement for the comparative period. Pajakulma Group's profit is reported under ‘Profit for the period from discontinued operations'. CONSOLIDATED BALANCE SHEET SUMMARY -------------------------------------------------------------------------------- | (EUR 1,000) | 07/2007 | 07/2006 | 10/2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | ASSETS | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-current assets | | | | -------------------------------------------------------------------------------- | Intangible assets | 14,056 | 2,882 | 2,211 | -------------------------------------------------------------------------------- | Property, plant and equipment | 15,980 | 11,706 | 9,654 | -------------------------------------------------------------------------------- | Interests in associates | 977 | 896 | 894 | -------------------------------------------------------------------------------- | Other non-current assets | 218 | 134 | 127 | -------------------------------------------------------------------------------- | Interest-bearing receivables | 15 | 15 | 15 | -------------------------------------------------------------------------------- | Total | 31,246 | 15,633 | 12,900 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Current assets | | | | -------------------------------------------------------------------------------- | Stocks | 21,058 | 11,534 | 7,941 | -------------------------------------------------------------------------------- | Trade and other receivables | 14,754 | 11,114 | 14,360 | -------------------------------------------------------------------------------- | Short-term investments | 26,255 | 3,361 | 2,222 | -------------------------------------------------------------------------------- | Cash and cash equivalents | 5,450 | 4,029 | 10,207 | -------------------------------------------------------------------------------- | Total | 67,518 | 30,038 | 34,730 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL ASSETS | 98,764 | 45,671 | 47,631 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity attributable to equity holders of the parent company | -------------------------------------------------------------------------------- | Share capital | 4,905 | 3,452 | 3,568 | -------------------------------------------------------------------------------- | Other equity | 27,001 | 8,258 | 14,592 | -------------------------------------------------------------------------------- | Total | 31,906 | 11,710 | 18,160 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Minority interest | 4,610 | 2,493 | 2,154 | -------------------------------------------------------------------------------- | Total equity | 36,516 | 14,202 | 20,314 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LIABILITIES | | | | -------------------------------------------------------------------------------- | Deferred tax liabilities | 1,336 | 376 | 309 | -------------------------------------------------------------------------------- | Convertible loan | 20,476 | 2,980 | 2,316 | -------------------------------------------------------------------------------- | Non-current liabilities | 16,197 | 14,232 | 9,393 | -------------------------------------------------------------------------------- | Current liabilities | 24,238 | 13,881 | 15,298 | -------------------------------------------------------------------------------- | Total liabilities | 62,248 | 31,469 | 27,316 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL EQUITY AND LIABILITIES | 98,764 | 45,671 | 47,631 | -------------------------------------------------------------------------------- CONSOLIDATED CASH FLOW STATEMENT -------------------------------------------------------------------------------- | (EUR 1,000) | 07/2007 | 07/2006 | 10/2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from operating activities | 8,696 | 3,410 | 6,062 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from (used in) investing | -7,939 | -4,418 | 1,788 | | activities | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Increase in creditors | 26,450 | 4,000 | 4,000 | -------------------------------------------------------------------------------- | Decrease in creditors | -3,334 | 254 | -4,358 | -------------------------------------------------------------------------------- | Dividends paid | -4,373 | -2,222 | -2,094 | -------------------------------------------------------------------------------- | Other changes in equity | -224 | 1,413 | 2,078 | -------------------------------------------------------------------------------- | Total cash flow from (used in) | 18,519 | 3,445 | -374 | | financing activities | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in cash and cash equivalents | 19,276 | 2,437 | 7,476 | -------------------------------------------------------------------------------- KEY INDICATORS -------------------------------------------------------------------------------- | | 07/2007 | 07/2006 | 10/2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity per share, EUR | 0.78 | 0.41 | 0.68 | -------------------------------------------------------------------------------- | Average no. of shares, 1,000 | 32,546 | 27,768 | 27,839 | -------------------------------------------------------------------------------- | No. of shares at end of period, | 40,872 | 27,765 | 29,735 | | 1,000 | | | | -------------------------------------------------------------------------------- | No. of shares, 1,000, diluted | 45,046 | 32,124 | 31,224 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Return on equity (ROE), % | 19.5 | 18.2 | 22.7 | -------------------------------------------------------------------------------- | Return on investment (ROI), % | 16.2 | 12.6 | 16.1 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Gross capital expenditure | | | | -------------------------------------------------------------------------------- | On non-current assets (EUR | 14.3 | 5.2 | 4.8 | | million) | | | | -------------------------------------------------------------------------------- | % of net turnover | 23.9 | 10.1 | 8.3 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Interest-bearing liabilities | 39,724 | 17,866 | 13,605 | -------------------------------------------------------------------------------- | Equity ratio, % | 38.1 | 31.6 | 43.4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Average number of employees | 522 | 417 | 424 | -------------------------------------------------------------------------------- CONSOLIDATED STATEMENT OF CHANGES IN EQUITY -------------------------------------------------------------------------------- | (EUR 1,000) | | Shar | Own | Share | Invest | Trans | Retai | Minor | Tota | | | | e | sha | premi | ed | lati | ned | ity | l | | | | capi | res | um | unres | on | earni | inter | | | | | tal | | accou | tricte | diffe | ngs | est | | | | | | | nt | d | renc | | | | | | | | | | equity | es | | | | | | | | | | fund | | | | | -------------------------------------------------------------------------------- | Shareholders' | 3,56 | | 2,683 | | | 11,90 | 2,154 | 20,3 | | equity 31st | 8 | | | | | 9 | | 14 | | October 2006 | | | | | | | | | -------------------------------------------------------------------------------- | Increase of | 407 | | 1,964 | | | | | 2,37 | | share capital | | | | | | | | 1 | | relating to | | | | | | | | | | conversions of | | | | | | | | | | convertible | | | | | | | | | | subordinated | | | | | | | | | | bonds | | | | | | | | | -------------------------------------------------------------------------------- | Equity | | | | 860 | | | | 860 | | component of | | | | | | | | | | convertible | | | | | | | | | | subordinated | | | | | | | | | | loan | | | | | | | | | -------------------------------------------------------------------------------- | Share-based incentive | | | 57 | | | | 57 | | schemes | | | | | | | | -------------------------------------------------------------------------------- | Profit for the period | | | | | 3,225 | 1,277 | 4,50 | | | | | | | | | 2 | -------------------------------------------------------------------------------- | Dividends paid | | | | | | -3,86 | -509 | -4,3 | | | | | | | | 5 | | 74 | -------------------------------------------------------------------------------- | Share issue | 930 | | | 10,781 | | | | 11,7 | | | | | | | | | | 11 | -------------------------------------------------------------------------------- | Acquisition of own | -60 | | | | | | -609 | | shares | 9 | | | | | | | -------------------------------------------------------------------------------- | Currency translation | | | | -4 | | | -4 | | differences | | | | | | | | -------------------------------------------------------------------------------- | Acquisitions of | | | | | | 1,688 | 1,68 | | minority interests | | | | | | | 8 | -------------------------------------------------------------------------------- | Shareholders' | 4,90 | -60 | 4,647 | 11,698 | -4 | 11,26 | 4,610 | 36,5 | | equity 31st | 5 | 9 | | | | 9 | | 16 | | July 2007 | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders' | 3,29 | | 882 | | | 6,098 | 2,277 | 12,5 | | equity 31st | 1 | | | | | | | 48 | | October 2005 | | | | | | | | | -------------------------------------------------------------------------------- | Profit for the | | | | | | 1,671 | 687 | 2,35 | | period | | | | | | | | 8 | -------------------------------------------------------------------------------- | Dividends paid | | | | | | -1,64 | -471 | -2,1 | | | | | | | | 5 | | 16 | -------------------------------------------------------------------------------- | Share issue | 161 | | 1,252 | | | | | 1,41 | | | | | | | | | | 3 | -------------------------------------------------------------------------------- | Shareholders' | 3,45 | | 2,134 | | | 6,123 | 2,493 | 14,2 | | equity 31st | 2 | | | | | | | 02 | | July 2006 | | | | | | | | | -------------------------------------------------------------------------------- SEGMENT INFORMATION Primary reporting format - business segments -------------------------------------------------------------------------------- | EUR 1,000 | 07/2007 | 07/2006 | -------------------------------------------------------------------------------- | NET TURNOVER | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Industrial services | 10,017 | 6,062 | -------------------------------------------------------------------------------- | Joinery industry | 6,951 | 8,004 | -------------------------------------------------------------------------------- | Industrial construction | 16,273 | 10,644 | -------------------------------------------------------------------------------- | Wholesale trade | 17,047 | 8,891 | -------------------------------------------------------------------------------- | Other | 9,467 | 4,290 | -------------------------------------------------------------------------------- | Total | 59,755 | 37,890 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | OPERATING PROFIT/LOSS | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Industrial services | 1,207 | 317 | -------------------------------------------------------------------------------- | Joinery industry | 297 | 54 | -------------------------------------------------------------------------------- | Industrial construction | 4,319 | 1,797 | -------------------------------------------------------------------------------- | Wholesale trade | 760 | 245 | -------------------------------------------------------------------------------- | Other | -404 | 110 | -------------------------------------------------------------------------------- | Total | 6,179 | 2,523 | -------------------------------------------------------------------------------- Acquisitions made during the financial year were allocated to business segments as follows: The KL-Varaosat companies were incorporated into the Wholesale Trade segment. Suomen Helasto Group's Fittings segment and Fastenings segment were incorporated into the Wholesale Trade segment. Suomen Helasto Group's Locking and Security segment and Group Functions were incorporated into the Other segment. Lahden Lämpökäsittely Oy and Heatmasters Oy were incorporated into the Industrial Services segment. Tampereen Laatukoneistus Oy was incorporated into the Other segment. The Group does not have a secondary reporting segment. GROUP'S QUARTERLY PERFORMANCE -------------------------------------------------------------------------------- | (EUR million) | IFR | IFRS | IFRS | IFRS | IFRS | IFRS | IFRS | IFRS | IFRS | | | S | | | | | | | | | -------------------------------------------------------------------------------- | | Q3/ | Q4/0 | Q1/0 | Q2/0 | Q3/0 | Q4/0 | Q1/0 | Q2/0 | Q3/0 | | | 05 | 5 | 6 | 6 | 6 | 6 | 7 | 7 | 7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net turnover | 14. | 18.4 | 11.4 | 12.5 | 14.0 | 19.9 | 16.7 | 16.0 | 27.1 | | | 5 | | | | | | | | | -------------------------------------------------------------------------------- | Other | 0.1 | 0.1 | 0.1 | 0.0 | 0.1 | 0.6 | 0.0 | 0.1 | 0.3 | | operating | | | | | | | | | | | income | | | | | | | | | | -------------------------------------------------------------------------------- | Total expenses | 13. | 16.2 | 10.5 | 11.7 | 12.5 | 17.1 | 15.0 | 13.4 | 24.3 | | | 0 | | | | | | | | | -------------------------------------------------------------------------------- | Depreciation | 0.2 | 0.3 | 0.2 | 0.3 | 0.3 | 0.4 | 0.3 | 0.4 | 0.5 | | and | | | | | | | | | | | amortisation | | | | | | | | | | -------------------------------------------------------------------------------- | Operating | 1.4 | 2.0 | 0.7 | 0.5 | 1.3 | 3.0 | 1.4 | 2.3 | 2.5 | | profit | | | | | | | | | | -------------------------------------------------------------------------------- | Financial | -0. | -0.1 | -0.2 | -0.1 | -0.1 | -0.1 | -0.1 | -0.1 | -0.3 | | items | 2 | | | | | | | | | -------------------------------------------------------------------------------- | Profit before | 1.2 | 1.9 | 0.5 | 0.4 | 1.2 | 2.8 | 1.2 | 2.3 | 2.2 | | taxes | | | | | | | | | | -------------------------------------------------------------------------------- | Taxes | -0. | -0.7 | -0.1 | -0.1 | -0.3 | -0.7 | -0.3 | -0.7 | -0.5 | | | 3 | | | | | | | | | -------------------------------------------------------------------------------- | Minority | -0. | -0.4 | -0.2 | -0.2 | -0.3 | -0.5 | -0.3 | -0.6 | -0.4 | | interest | 3 | | | | | | | | | -------------------------------------------------------------------------------- | Profit from | 0.6 | 0.8 | 0.2 | 0.1 | 0.6 | 1.7 | 0.6 | 1.0 | 1.3 | | continuing | | | | | | | | | | | operations | | | | | | | | | | -------------------------------------------------------------------------------- | Profit from | 0.0 | 0.0 | 0.1 | 0.5 | 0.2 | 4.1 | 0.0 | 0.4 | 0.0 | | discontinued | | | | | | | | | | | operations | | | | | | | | | | -------------------------------------------------------------------------------- | Total | 0.6 | 0.8 | 0.3 | 0.6 | 0.8 | 5.8 | 0.6 | 1.4 | 1.3 | -------------------------------------------------------------------------------- CONTINGENT LIABILITIES -------------------------------------------------------------------------------- | (EUR million) | 07/2007 | 07/2006 | 10/2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Collateral and contingent liabilities: | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Mortgages | 7.2 | 5.6 | 6.1 | -------------------------------------------------------------------------------- | Floating charges | 6.9 | 5.4 | 3.5 | -------------------------------------------------------------------------------- | Pledges | 4.1 | 3.8 | 6.3 | -------------------------------------------------------------------------------- | Rental liabilities | 1.3 | 1.2 | 1.2 | -------------------------------------------------------------------------------- | Other liabilities | 0.0 | 1.3 | 0.1 | -------------------------------------------------------------------------------- | Lease liabilities | 1.1 | 0.6 | 0.8 | -------------------------------------------------------------------------------- The Group has entered into interest rate swaps at a nominal value of EUR 1.2 million. Liabilities have been measured at the nominal or book value of collateral. Income taxes have been accounted for as a share of the estimated taxes for the entire financial year calculated in proportion to the results for the reporting period. This stock exchange bulletin is a translation of the original Finnish stock exchange bulletin September 10, 2007.
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