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2009-12-17 09:00:00 CET 2009-12-17 09:00:02 CET REGULATED INFORMATION Panostaja Oyj - Financial Statement ReleasePANOSTAJA GROUP'S FINANCIAL STATEMENT REPORT 1/11/08-31/10/09Panostaja Oyj Stock Exchange Bulletin 17/12/09 10:00 a.m. PANOSTAJA GROUP'S FINANCIAL STATEMENT REPORT 1/11/08-31/10/09 Turnover stood at EUR 120.0 million (121.1 million, which is equivalent to a 1% decrease. Operating profit stood at EUR 4.3 million (6.4 million), which is equivalent to a 3% decrease. Earnings per share (undiluted) was 2 cents (28 cents) Equity per share was EUR 0.80 (0.93) Equity ratio was 37.9% (36.8%) The generally rapid deterioration of the economic situation during the financial year weakened the Group's profitability, despite the corrective measures taken. Earnings were weakened especially by a business loss of EUR 2.2 million in the environmental business sector and from the writing off of the goodwill generated by the acquisition of Oy Alfa-Kem Ab (-0.5 million). The Group's property trading yielded a profit from sales of EUR 5.8 million, of which EUR 4.2 million was credited to the other operating income for the 2009 financial year. Four acquisitions to the present operating sectors were confirmed. The Board of Directors proposed a dividend of EUR 0.12. ECONOMIC DEVELOPMENT TURNOVER The Panostaja Group's turnover was EUR 120.0 million (121.1 million). Realised company acquisitions resulted in an increase in turnover (8.0 million) during the accounting period. In the previous financial year, the effect of realised acquisitions on turnover during the reporting period was EUR 9.4 million. Turnover weakened this period due to a fall in demand in several sectors, which was caused by the global economic downturn that in turn caused the total turnover to remain the same as last year's level. Wholesale Trade The Group's turnover in the largest segment in terms of sales (i.e. wholesale trade) decreased by EUR 6.1 million (-13.5%), from EUR 45.4 million to EUR 39.3 million, particularly because of a decline in the volume of construction. Construction furniture fittings and wholesale trade by Suomen Helakeskus declined by -21.3%, fastenings wholesale trade by Suomen Kiinnikekeskus fell by -29.7%, and HVAC wholesale trade by Lämpö-Tukku fell by -12.0%. KL-Varaosat, which specialises in selling OEM spare parts for passenger cars, exceeded the previous year's turnover (up 8.0%) because the slowdown in new car sales increased the demand for spare parts for used cars. Industrial Services The turnover of the Industrial Services segment declined by EUR 5.6 million (-24.9%), from EUR 22.4 million to EUR 16.8 million, as a consequence of the general weakening of demand for the technology industry. The turnover of the Heatmasters Group, which specialises in heat treatment equipment, declined by -19.7% and that of Vallog, a logistics service and spare parts manufacturer for the technology industry, by 28.7%. The segment expanded in October with the acquisition of CLO Packaging, which had no effect on turnover during the financial year. Takoma Takoma's sales declined by EUR 3.0 million (-16.2%); from EUR 18.4 million to EUR 15.4 million. A decline in volume led to halts in production by Takoma Subcon's clients and, consequently, a fall in order intake as well as changes in the delivery schedules and a few cancellations of orders by Takoma Hydraulics' overseas customers. Digital Printing Services The digital printing services segment grew from EUR 5.9 million to EUR 13.5 million. The growth occurred organically with the gaining of new customers, amalgamation of Metso's documentation service to become part of Kopijyvä and acquisition of Sokonet in August. The Group gained digital printing services with the acquisition of Kopijyvä Oy in May 2008. Joinery Industry The joinery industry segment declined by EUR 2.7 million (-36.2%); from EUR 7.5 million to EUR 4.8 million. The demand for doors and wooden staircases fell due to a quietening down of the small house construction market in Finland and in the most important export countries, Germany, Russia and Norway. Other Business Activities The Other Business Activities segment grew by EUR 9.0 million; from EUR 22.0 million to EUR 31.0 million. This growth is explained by the acquisition of security technology specialist Bewator Oy and environmental technology company Puztec Oy. The demand for security technology and services continued to grow, but the slowdown in new construction and the global financial crisis stopped international environmental technology project deliveries. The turnover of industrial chemicals and detergents manufacturer Alfa-Kem declined by 17.2% because of a decrease in the products offered to the engineering industry as well as in the property management and cleaning product groups. The turnover of Toimex Oy, which manufactures HVAC pipe support systems, decreased by 36.4% due to a slowdown in new construction. OPERATING PROFIT AND RESULT FOR THE FINANCIAL YEAR The Group's operating profit was EUR 4.3 million (6.4 million) and the result before taxes was EUR 2.1 million (4.4 million). The operating profit margin was 3.6% (5.3%). The generally rapid deterioration of the economic situation that began in September 2008 weakened the Group's profitability despite corrective measures taken. An operating profit of EUR 4.2 million was realised by the sale of the Group's real estate in October. In addition, the Group's profitability was strengthened by the digital printing services segment's operating profit of EUR 2.1 million. Profitability was weakened particularly in the Other Business Activities segment by a EUR 2.2 million business loss in the environmental business sector and by the writing off of Oy Alfa-Kem Ab's goodwill EUR -0.5 million. The profitably of the digital printing services segment is confirmed by the growth in turnover, cost savings achieved by the franchising of activities and by the shifting of the market centre of gravity from traditional printing to digital printing. The environmental technology division's losses were increased by the cessation in the trade of environmental technology projects and equipment, which is being caused by the global financial crisis. Customers' planned projects remained undone or they were delayed. The environmental technology division's loss consisted of EUR -1.2 million of one-time items, which included the increasing of project reserves, the writing down of export receivables and costs accrued by the joining of acquired businesses. Oy Alfa-Kem Ab's goodwill write down was due to the company's weaker outlook in the industrial and cleaning product groups. In industrial products and services, the decline in the volume of engineering customers reduced the use of coolant oil and thus demand. In the property management and cleaning products group, the general market trend is downward. In the large kitchen product group, sales have remained the same. The delays in invoicing caused by the introduction of LukkoExpert Security Oy's ERP system, as reported in the first quarter, were corrected but, nevertheless, the company's operating profit fell despite this, and the final result was a loss of EUR 0.3 million. The business segment's operating income in industrial services declined from EUR 2.3 million to EUR 0.8 million (-1.4 million), in Takoma from EUR 1.1 million to EUR -0.3 million (-1.4 million), in the joinery industry from EUR 0.3 million to EUR 0.1 million (-0.2 million) and in the other business activities segment from EUR -0.7 million to EUR -1.8 million (-1.1 million). In the digital printing services segment, operating income grew from EUR 0.7 million to EUR 2.1 million (+1.4 million) and in the wholesale trade from EUR 2.8 million to EUR 3.4 million (+0.5 million). The sale of property in turn affected the profits of the business segments as follows: industrial services EUR +0.7 million, joinery industry EUR +0.1 million, wholesale trade EUR +1.6 million and other business activities EUR +1.8 million. The profit for the financial year was EUR 1.3 million (13.8 million). The profit for the shareholders in the parent company amounted to EUR 0.7 million (12.7 million). The Group's financial yields were around EUR 1.1 million (1.9 million) and its financing costs were approximately EUR 3.4 million (3.9 million). Because of a fall in interest rates and the growth in the premiums of some Group's variable-rate loans, the Group's net financing costs have increased causing a decline in financial income. The average number of the Group's personnel during the financial year was 790 (646). At end of the financial year, the number of personnel was 921 (727). The number of staff in the Industrial Services segment increased from 161 to 241 (+80 people). Of these, the acquisition of CLO Pakkaukset Oy increased the number of staff by about 100 people, and adjustment measures reduced the staff by about 20 people. In the digital printing services, personnel grew from 131 to 192 (+61 persons), which was mainly due to the acquisitions of Metso's documentation service and of Sokonet Oy. In other business segments, personnel grew from 165 to 238 (+73 persons) because of the acquisition of Bewator Oy and Puztec Oy. In the wholesale trade, the staff level decreased from 145 to 127 (-18 persons), in Takoma from 86 to 82 (-4 persons) and in the joinery industry from 59 to 41 (-18 persons) as a consequence of adjustment measures. The taxes for the reporting period include EUR 0.1 million from the previous financial year. The Board of Adjustment issued a decision in August regarding capital gains tax on Panostaja Oyj's fixed assets. In a preliminary ruling on the capital repayment on Takoma Oyj's shares, the Tax Office for Major Corporations decided, in spring 2008, based on an overall valuation, that Panostaja Oyj was a venture capital investor within the meaning of section 6 of the Finnish Business Tax Act. For investors, capital gains from shares in fixed assets are taxable income. In normal taxation, in 2007 and 2008, the Tax Office for Major Corporations has considered Panostaja Oyj as a venture capital investor, as previously mentioned, and has taxed Panostaja Oyj on capital gains from the shares in certain fixed assets. In its taxation for 2007, Panostaja Oyj submitted a claim for adjustment to the Board of Adjustment requesting tax exemption on capital gains from the sold shares in fixed assets. The Board of Adjustment has issued a negative decision regarding Panostaja Oyj's claim for adjustment to consider Panostaja to be a venture capital investor. In mid-December 2009, Panostaja Oyj submitted a complaint to the Helsinki Administrative Court regarding the Board of Adjustment's decision. CHANGES IN FORECASTS FOR THE FINANCIAL YEAR On 22/5/09, Panostaja Oyj's subsidiary Takoma Oyj announced that in the financial year 2009, Takoma Oyj's net sales and operating profit would fall significantly from the level seen in the 2008 accounting period. Since Takoma Oyj's annual operating profit has a significant impact on Panostaja Group's operating profit, on 22/5/09 the Panostaja Groups' board of directors decided to revise the outlook for the end of the financial year and make the following statement about the group's weaker income expectations: “Panostaja Group's turnover for the financial year is expected to continue to exceed the level of the previous accounting period, but the year's operating profit will remain weaker than that of the previous financial year. The company's previous view was that the Group's operating profit was expected, by comparison, to be weaker during the first quarter despite the high level of the previous financial year. On 23/10/09, Panostaja Group's board clarified their outlook on turnover development with the following statement: “Panostaja Group's turnover for the financial year is expected to remain the same as the previous accounting period”. The company's previous view was that the group's turnover would exceed the previous financial year's level.” INVESTMENTS AND FINANCING The Group's gross investments during the review period were EUR 23.0 million (24.2 million). The review period's most significant investments were the acquisitions of Bewator Oy, Puztec Oy, Sokonet Oy and CLO Packaging Oy. In February 2009, the company issued a dividend of EUR 5.6 million, for the financial year 2007-2008, to the parent company's shareholders. In addition, the subsidiaries paid dividends of EUR 0.3 million to minority shareholders. The change in the net working capital (+ 5,7 million) and the income taxes paid (-5.6 million) constituted, during the review period, the largest items in the Group's operating cash flow, which was EUR 2.0 million in the positive. In February 2009, Panostaja Oyj paid the taxes for the previous financial year, which included tax on Arme Oy's profits from sales. The Group's liquidity was good despite the investments made. At every level, the group has paid attention to the amount of working capital. The Group's cash and cash equivalents of EUR 28.3 million (46.0 million) enable the implementation of its growth strategy. The Group's equity ratio was 37.9% (36.8%) and interest-bearing net liabilities EUR 30.2 million (18.1 million). Panostaja Oyj's convertible capital had net liabilities of EUR 17.2 million (17.2 million). The Annual General Meeting on 26/1/09 approved the dividend distribution proposed by the Board. The dividend paid was EUR 0.12 per share. The record date for dividend distribution was 29/1/09 with payment from 5/2/09. The dividend paid to the parent company's shareholders totalled EUR 5.6 million. The net debt ratio (gearing) was 58.9 per cent (33.7%). The return on equity was 2.6 per cent (29.6%). The return on capital employed was 4.7 per cent (18.5%). CHANGES IN GROUP STRUCTURE During the review period, Panostaja bought the entire stock of Puztec Oy, which is a supplier of tube conveyor systems. On 2/1/2009, 64% of the shares were transferred to the ownership by Panostaja and the remainder on 30/4/09. Through the acquisition, Panostaja expanded its business activity specialised in the environmental technology field. Puztec Ltd. designs, manufactures and markets the household and pipeline transport of bio-systems and the gap between the collection systems. The company's turnover for the financial year 2008 was approx. 2 million, and its operating facilities are located in Kivenlahti in Espoo. On 30/4/09, Panostaja purchased access control products and solutions provider Bewator Oy's entire stock from Siemens Oy. As part of the transaction, the company name was changed to Flexim Security Oy. In particular, the company's customers are large companies and the public sector. The company has its headquarters in Helsinki, and regional offices in Turku and Tampere. For the financial year 1/10/07-30/9/08, Bewator Oy's turnover was EUR 11.6 million and its operating profit was EUR 1.5 million. The purchase price for the company was approximately EUR 8.0 million. Of the purchase price, EUR 6.9 million was paid at a trade opportunity event. The remaining part of the purchase price, EUR 1.1 million, is to be paid in three contingency payments over the next three years. Panostaja's locking and security business area includes LukkoExpert Security Oy, which is specialised in advance locking, door automation and security technology services. The structure of the Group has been simplified during the review period by working on the Group's internal company organisation. Panostaja Oyj's environmental business group comprises EcoSir Oy, Puztec Oy and Kospa Oy, which were combined from 1/6/2009 as a new solution provider for the built environment named Ecosir Group Oy. DI Mauri Leponen (46) was invited to be the new company's managing director and a shareholder. Leponen has worked previously as a director and was responsible for business operations in Glaston Oyj. In August, Panostaja purchased the entire stock of the digital printing services provider Sokonet Oy. Through the acquisition, Panostaja has expanded its specialised area of business activity to digital printing services. Kopijyvä Oy is one of Finland's largest companies offering digital printing services. Sokonet Oy was founded in 1982 as a family-run digital printing house. The company's services are copying, printing, CAD overlaying, digital printing, scanning, SokoPro project bank and courier services. The company's headquarters are located in Olari, Espoo. The company's turnover in 2008 was 5.3 million, and the company employs about 50 people. During the financial year 2009, Panostaja Oyj reported the digital printing services segment as a new segment, which is formed from the Kopijyvä group. In the financial year 2008, the Kopijyvä group was reported as being part of the other business activities segment. After the aforementioned change, Panostaja's six business segments are: industrial services, joinery manufacturing, wholesale trade, Takoma, digital printing services and other business activities. In October, Panostaja Oyj purchased packaging and logistics services provider CLO Packaging Ltd's entire stock. With this acquisition Panostaja Oyj further expanded it's business area specializing in value-added logistics, part of which Vallog Oy, provider of logistics services, was already part of. CLO Packaging Oy is a company that was founded in 1994 and is owned by Jouni Arolainen. The company's services include different forms of packaging, packing, logistics and design. The company has its headquarters in Jokela. The company's turnover in 2008 was EUR 11.2 million and it employs about 100 people. The managing director of Vallog Oy is Risto Rousku, and Jouni Arolainen continues in the service of the new entity and as a significant shareholder. On 23/10/2008 Panostaja Oyj announced that it was clarifying the properties owned by the Group as part of realisation of its chosen growth strategy and to focus on its core activities. As a result of the clarification, Panostaja sold the group's eleven properties to PE Real Estate Fund I Ky for the debt free sale price of EUR 14.2 million on 23/10/09. From the transaction, the Panostaja Group made a sales profit of EUR 5.8 million, of which EUR 4.2 million was credited to the group's operating profit for the financial year that has ended. The activities of Panostaja Group's operating companies will continue as before in the properties sold and the companies will remain in them as tenants with fixed-term rental agreements of different durations. The package that was sold consists of ten production and logistics properties in central and southern Finland, in addition to a 50% share in a land area that is located at Lahdesjärvi, Tampere. In connection with the transaction, PE Real Estate Fund I Ky has set up a real estate fund for investment in logistics and production properties. The fund's largest investor is the mutual pension insurance company Etera. As a part of the arrangement, Panostaja invested EUR 3.2 million in PE Kiinteistörahasto I Ky, which corresponds to a 27% share of the fund. Panostaja combined the real estate fund in the Group's financial statement as an associated company, for which reason it left the profit capital gain from the part ownership out of the result. The real estate fund that was created by Panostaja, for its part an investment of EUR 3.2 million, was written on the Group's balance sheet as an uncalculated net sales profit EUR 1.7 million in size. ADMINISTRATIVE AND COMPANY MEETINGS An extraordinary general meeting on 10/11/08 decided the combination of the A-and B-share series into a single share series. In connection with the combining, Panostaja Oyj organised a free share issue class for A-series shareholders, in which one (1) new Panostaja share was issued for every thirteen (13) held. Following the combination of share series and directed share issue the A-series shareholders, instead of the earlier thirteen (13) A shares, owned fourteen (14) Panostaja shares. After the combination of the share series, each share has one vote and the same shareholder rights. The new shares were put on the Trade Register on 14/11/08, and trading on the combined shares started on the same day. On 10/11/2008 an extraordinary general meeting decided to amend the Articles of Association. The new statutes were registered in the Trade Register on 14/11/08. Panostaja Oyj's annual general meeting was held on 26 January 2009 in Tampere. Matti Koskenkorva, Jukka Ala-Mello, Hannu Tarkkonen, Hannu Martikainen and Hannu Ketola were re-elected to Panostaja Oyj's board. At an organising meeting of the Board, which was held immediately after the general meeting, Matti Koskenkorva was elected the Chairman of the Board and Jukka Ala-Mello the vice chairman. KHT Eero Suomela and Pricewaterhouse Coopers Oy, Chartered Accountants were selected as the auditors, and KHT Janne Lahti was chosen as the auditor with the main responsibility. The AGM approved the financial statement for 11/1/07-31/10/08 and the Board's proposal to transfer the net profit earnings and to issue a dividend of EUR 0.12 per share. The record date for dividend distribution was 29/1/09 with payment from 5/2/09. The Annual General Meeting also discharged the members of the Board and the Managing Director. In addition, the annual general meeting cancelled the authorisation given by the AGM on 18/12/2007 for the acquisition of own shares and authorised the Board to decide on the acquisition of own shares such that the most acquired were 4 740 311 units, or some other lower amount, which, together with the company or its subsidiaries owned others or pledged with their own shares, is at most one-tenth of all the company's shares; i.e. 4 740 311 shares. Shares, other than the holdings of the shareholders, are acquired in relation to the prevailing market price in public trading at NASDAQ OMX Helsinki Oy. The acquisition of shares is in compliance with the rules of NASDAQ OMX Helsinki Oy and Euroclear Finland Oy's rules. The authorisation is valid for 18 months from its issuance. The Board, using the authorisation given in the AGM of 18/12/07, acquired 222,109 of the company's own shares during the review period. The company also received 37,160 of the company's own shares in the free-share offering that was organised in connection with the combination of the share series. In addition, the government has used the authorisation that was given at the Annual General Meeting on 26/1/09 to initiate a share repurchase programme. Up to 3,500,000 shares could be acquired. The purchase programme began on 18/5/2009 and ended on 31/10/2009. The Board, using the authorisation given in the AGM of 26/01/09 to acquire own shares, obtained 318,428 of the company's own shares during the review period. Own shares were acquired by the company for use in possible acquisitions or other structural arrangements, or in the acquisition of assets pertaining to the company's business activities, the development of the company's capital structure or to cancel shares or realise the key personnel incentive system. SHARE CAPITAL At the end of the financial year, Panostaja Oyj's share capital was EUR 5 529 081 60. The total number of shares is 47 403 110. On 19/12/08, Panostaja Oyj released 7 430 shares to Board members as a meeting fee for the AGM on 18/12/07, in accordance with a Board decision. In addition, on 13/3/2009 the company transferred a total of 8 614 shares; on 12/6/09, a total of 6,327 shares and on 11/09/09 a total of 5 868 shares in accordance with the decision of the AGM on 26/01/09 and the Board. At the end review period, the company held 1 289 209 own shares. At the end of the reporting period, the number of own shares corresponded to 2.7 per cent of the end number of shares and voting rights. CAPITAL LOAN (SUBORDINATED LOAN) At the end of the 2006 reporting period, the amount of convertible subordinated debt was EUR 17 212 500, and it legitimises a total of 10 125 000 shares with the new labelling. During the review period, the capital loan was not marked with new shares. SHARE PRICE DEVELOPMENT AND OWNERSHIP OF SHARES Panostaja Oyj's share price during the financial year varied between EUR 0.89 and EUR 1.40. The share trading volume was 8 108 040 units, representing 17.5% of the share capital. The share closing price in October was EUR 1.39. At the end of October, the company's market value was EUR 65.9 million and the company had 3,910 (2,369) shareholders. Major shareholders: 31/10/09 31/10/08 Matti Koskenkorva 6 124 452 5 869 636 Maija Koskenkorva 5 071 742 4 985 374 Mauno Koskenkorva 2 443 873 2 325 684 Mutual Pens. Fund Fennia 2 262 076 2 214 000 Etera Mutual Pens. Fund 1 500 000 1 500 000 Panostaja Oyj 1 282 908 739 751 Mikko Koskenkorva 1 245 139 1 192 008 Johtopanostus Oy 1 000 000 0 Tampereen Seudun OP 985 334 985 334 Hanna Malo 982 207 939.971 Panostaja Oyj's ownership of shares changed when Panostaja Oyj's new free share issue was registered in the Trade Register. On 14/11/08, Panostaja Oyj received a change in owner shares in connection with the following announcements: Matti Koskenkorva's share fell below 15 per cent of Panostaja Oyj's voting rights. Matti Koskenkorva's share is 6 124 452 shares, which represents 12.9% of Panostaja Oyj's share capital and voting rights. Maija Koskenkorva's share exceeded 10 per cent of Panostaja Oyj's voting rights Maija Koskenkorva's share is 5,071,742 shares, which represents 10.7% of Panostaja Oyj's share capital and voting rights. Olli Halmevuo's share fell below 5 per cent of Panostaja Oyj's voting rights. Olli Halmevuo's share of 2 013 715 shares represents 4.2% of Panostaja Oyj's share capital and voting rights. BOARD'S DIVIDEND PROPOSAL The Board of Panostaja Oyj has decided to propose to the AGM that a shares dividend of EUR 0.12 per share be paid for the fiscal year that has ended. Panostaja Oyj's AGM will be held in Tampere on 27/1/10. SHORT-TERM RISKS AND UNCERTAINTIES The Panostaja Group's main risks are described in the financial statement. Short-term risks related to the acquired companies, in particular regarding the success of the takeover. A dramatic deterioration in the general economic situation may result in the weakening of customer demand and a credit loss risk in some segments. EVENTS AFTER THE FINANCIAL YEAR There were no subsequent events. PROSPECTS FOR THE NEXT FINANCIAL YEAR The Panostaja Group will continue to focus on the fundamental business strategy according to the business idea and the development of existing business segments. In the coming year, the retirement of the “Baby Boom” generation, ever worsening changes in the business environment and globalisation will all bring to market a large number of companies that can be bought. The conditions required by Panostaja, available capital and liquid assets, provide a good basis for the strong expansion. The increasing supply of companies is made possible by SMEs operating in traditional sectors, and by the continuation of enlargement into new business areas along with growth in the existing business areas. The economic expectations of the existing business areas by industries are closely tied to the outlook of client companies. Although economic expectations have changed in many sectors in a positive direction, the economic downturn means that permanent growth remains uncertain. In the Panostaja Group's various business areas, the outlook ranges from continuing weak to cautiously positive. Although the economic situation may take a permanent turn for the better, the market still has enough potential for company acquisitions, and Panostaja Group's growth strategy is to implement controlled company acquisitions, particularly in existing business areas. Under certain business conditions, it might become possible to withdraw from some business area. The Panostaja Group's turnover and net profit for the financial year are expected to exceed the level of the previous accounting period. Panostaja Oyj Board of Directors Further information: Managing Director Juha Sarsama, tel. 03-263 4333 or 040 774 2099 Panostaja Oyj Juha Sarsama Managing Director All the projections and estimates in this financial statement report are based on the views of the management of both the Group and of its business areas concerning the current state of the economy, and subsequent development and the actual results may differ substantially. The financial statement's figures have been audited. FINANCIAL INFORMATION INCOME STATEMENT -------------------------------------------------------------------------------- | | 11/08-10/09 | 11/07-10/08 | -------------------------------------------------------------------------------- | (EUR 1,000) | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Turnover | 120,050 | 121,133 | -------------------------------------------------------------------------------- | Other operating income | 5,040 | 757 | -------------------------------------------------------------------------------- | Materials and Services | 64,826 | 68,970 | -------------------------------------------------------------------------------- | Personnel Costs | 32,560 | 27,289 | -------------------------------------------------------------------------------- | Depreciation and impairment | 4,087 | 3,602 | -------------------------------------------------------------------------------- | Other operating expenses | 19,322 | 15,622 | -------------------------------------------------------------------------------- | Operating profit | 4,295 | 6,407 | -------------------------------------------------------------------------------- | Financial income | 1,096 | 1,858 | -------------------------------------------------------------------------------- | Financial expenses | -3,362 | -3,916 | -------------------------------------------------------------------------------- | Share of associated company results | 23 | 45 | -------------------------------------------------------------------------------- | Profit before taxes | 2,052 | 4,394 | -------------------------------------------------------------------------------- | Income Taxes | 707 | 1,635 | -------------------------------------------------------------------------------- | Profit from continuing operations | 1,345 | 2,759 | -------------------------------------------------------------------------------- | Profit from sold operations | 0 | 11,038 | -------------------------------------------------------------------------------- | Profit for financial year | 1,345 | 13,797 | -------------------------------------------------------------------------------- | Distribution | | | -------------------------------------------------------------------------------- | Profit attributable to shareholders | 693 | 12,694 | | in the parent company | | | -------------------------------------------------------------------------------- | To a minority interest | 652 | 1,103 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share from continuing | 0.015 | 0.037 | | operations €, undiluted | | | -------------------------------------------------------------------------------- | Earnings per share from continuing | 0.015 | 0.046 | | operations €, diluted | | | -------------------------------------------------------------------------------- | Earnings per share from sold | 0.000 | 0.247 | | operations €, undiluted | | | -------------------------------------------------------------------------------- | Earnings per share from sold | 0.000 | 0.201 | | operations €, diluted | | | -------------------------------------------------------------------------------- | Earnings per share from continuing | 0.015 | 0.284 | | and sold operations €, undiluted | | | -------------------------------------------------------------------------------- | Earnings per share from continuing | 0.015 | 0.247 | | and sold operations €, diluted | | | -------------------------------------------------------------------------------- BALANCE SHEET -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | (EUR 1,000) | 10/2009 | 10/2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | RESOURCES | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-current assets | | | -------------------------------------------------------------------------------- | Goodwill | 36,414 | 27,329 | -------------------------------------------------------------------------------- | Other intangible assets | 5,358 | 2,190 | -------------------------------------------------------------------------------- | Tangible assets | 11,140 | 18,770 | -------------------------------------------------------------------------------- | Investments in associated companies | 2,835 | 1,787 | -------------------------------------------------------------------------------- | Other non-current assets | 4,209 | 4,169 | -------------------------------------------------------------------------------- | Interest-bearing receivables | 40 | 65 | -------------------------------------------------------------------------------- | Deferred tax receivables | 2,102 | 628 | -------------------------------------------------------------------------------- | Total non-current assets | 62,098 | 54,938 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Current assets | | | -------------------------------------------------------------------------------- | Inventories | 23,021 | 22,991 | -------------------------------------------------------------------------------- | Accounts receivable and other interest | 21,344 | 22,279 | | bearing receivables | | | -------------------------------------------------------------------------------- | Taxable income for accounting period | 657 | 273 | -------------------------------------------------------------------------------- | Marketable securities | 1,979 | 0 | -------------------------------------------------------------------------------- | Cash reserves | 26,322 | 46,081 | -------------------------------------------------------------------------------- | Total current assets | 73,323 | 91,561 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total Assets | 135,421 | 146,499 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | -------------------------------------------------------------------------------- | Parent company's shareholders' equity | | | -------------------------------------------------------------------------------- | share capital | 5,529 | 5,529 | -------------------------------------------------------------------------------- | Share premium | 4,646 | 4,646 | -------------------------------------------------------------------------------- | Translation difference | -123 | -6 | -------------------------------------------------------------------------------- | Investor's unrestricted equity fund | 11,876 | 12,403 | -------------------------------------------------------------------------------- | Retained earnings | 14,792 | 19,669 | -------------------------------------------------------------------------------- | Total | 36,720 | 42,241 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Minority interest | 14,560 | 11,562 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total Equity | 51,280 | 53,803 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Liabilities | | | -------------------------------------------------------------------------------- | Deferred tax liabilities | 1,730 | 1,729 | -------------------------------------------------------------------------------- | Convertible Loan | 17,006 | 16,878 | -------------------------------------------------------------------------------- | Long-term liabilities | 33,284 | 41,119 | -------------------------------------------------------------------------------- | Short-term liabilities | 32,121 | 32,970 | -------------------------------------------------------------------------------- | Total liabilities | 84,141 | 92,696 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity and liabilities combined | 135,421 | 146,499 | -------------------------------------------------------------------------------- CASH FLOW STATEMENT -------------------------------------------------------------------------------- | | 10/2009 | 10/2008 | -------------------------------------------------------------------------------- | CASH FLOW FROM OPERATIONS | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating profit | 4,295 | 6,407 | -------------------------------------------------------------------------------- | Adjustments to operating profit | 330 | 3,648 | -------------------------------------------------------------------------------- | Change in net working capital | 5,694 | -3,294 | -------------------------------------------------------------------------------- | Interest paid | -3,815 | -3,624 | -------------------------------------------------------------------------------- | Interest received | 1,137 | 1,870 | -------------------------------------------------------------------------------- | Taxes | -5,601 | -1,256 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net cash flow | 2,040 | 3,751 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | INVESTMENTS | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Investments in tangible and intangible assets | -4,730 | -3,986 | -------------------------------------------------------------------------------- | Acquisition of associate companies | -3,282 | | -------------------------------------------------------------------------------- | Sale of tangible and intangible assets | 10,049 | 417 | -------------------------------------------------------------------------------- | Acquisition of subsidiaries net of cash received | -15,002 | -13,729 | -------------------------------------------------------------------------------- | Sale of a subsidiary less cash acquired at the time of | 450 | 12,828 | | sale | | | -------------------------------------------------------------------------------- | Change in loans receivable | 44 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net cash flow from investments | -12,470 | -4,470 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financing | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Subsidiaries' minority share issue | 2,803 | 0 | -------------------------------------------------------------------------------- | Loans taken | 6,520 | 30,400 | -------------------------------------------------------------------------------- | Loan repayments | -10,094 | -20,57 | -------------------------------------------------------------------------------- | Purchase of own shares | -675 | -458 | -------------------------------------------------------------------------------- | Sale of own shares | 33 | 359 | -------------------------------------------------------------------------------- | Dividends paid | -5,875 | -4,263 | -------------------------------------------------------------------------------- | Net cash from operating activities | -7,288 | 5,464 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in cash flow | -17,718 | 4,745 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow at the beginning of the financial year | 46,018 | 41,274 | -------------------------------------------------------------------------------- | Cash flow at the end of the financial year | 28,300 | 46,019 | -------------------------------------------------------------------------------- STATEMENT OF CHANGES IN EQUITY -------------------------------------------------------------------------------- | (EUR 1,000) | Shar | Shar | Invest | Transla | Profi | Minori | Total | | | e | e | ed | tion | t | ty | | | | capi | prem | unrest | differe | | intere | | | | tal | ium | ricted | nce | | st | | | | | acco | equity | | | | | | | | unt | fund | | | | | -------------------------------------------------------------------------------- | Equity at 1/11/07 | 5,42 | 4,64 | 14,219 | 35 | 10,94 | 4,290 | 39,560 | | | 4 | 6 | | | 5 | | | -------------------------------------------------------------------------------- | Share-based | | | 89 | | | | 89 | | payment cost | | | | | | | | -------------------------------------------------------------------------------- | Profit for | | | | | 12,69 | 1,103 | 13,797 | | financial year | | | | | 4 | | | -------------------------------------------------------------------------------- | Total income and | 0 | 0 | 89 | | 12,69 | 1,103 | 13,886 | | expenses recorded | | | | | 4 | | | | for the financial | | | | | | | | | year | | | | | | | | -------------------------------------------------------------------------------- | Increase in share | 105 | | 1,383 | | | | 1 488 | | capital relating | | | | | | | | | to convertible | | | | | | | | | subordinated loan | | | | | | | | -------------------------------------------------------------------------------- | Equity component | | | -132 | | | | -132 | | of convertible | | | | | | | | | subordinated loan | | | | | | | | -------------------------------------------------------------------------------- | Dividend paid | | | | | - | - 469 | - | | | | | | | 3,970 | | 4,439 | -------------------------------------------------------------------------------- | Return on capital | | | -3,081 | | | 2,722 | - 359 | -------------------------------------------------------------------------------- | Acquisition of | | | -458 | | | | - 458 | | own shares | | | | | | | | -------------------------------------------------------------------------------- | Sale of own | | | 383 | | | | 383 | | shares | | | | | | | | -------------------------------------------------------------------------------- | Sold operations | | | | | | -2,099 | -2,099 | -------------------------------------------------------------------------------- | Translation | | | | -41 | | | -41 | | differences | | | | | | | | -------------------------------------------------------------------------------- | Share of Minority | | | | | | 6,015 | 6,015 | | interests | | | | | | | | -------------------------------------------------------------------------------- | Other changes in | 105 | | -1,905 | -41 | -3,97 | 6,169 | 358 | | capital, in total | | | | | 0 | | | -------------------------------------------------------------------------------- | Equity as at | 5,53 | 4,64 | 12,403 | -6 | 19,66 | 11,562 | 53,804 | | 31/10/08 | | 6 | | | 9 | | | -------------------------------------------------------------------------------- | Equity as at | 5,52 | 4,64 | 12,403 | -6 | 19,66 | 11,562 | 53,804 | | 1/11/08 | 9 | 6 | | | 9 | | | -------------------------------------------------------------------------------- | Share-based | | | 95 | | | | 95 | | payments cost | | | | | | | | -------------------------------------------------------------------------------- | Profit during the | | | | | 692 | 652 | 1,344 | | accounting period | | | | | | | | -------------------------------------------------------------------------------- | Total income and | | | 95 | | 692 | 652 | 1,439 | | costs during the | | | | | | | | | accounting period | | | | | | | | -------------------------------------------------------------------------------- | Equity component | | | 20 | | | | 20 | | of convertible | | | | | | | | | subordinated loan | | | | | | | | -------------------------------------------------------------------------------- | Dividend paid | | | | | - | - 320 | - | | | | | | | 5,569 | | 5,889 | -------------------------------------------------------------------------------- | Acquisition of | | | -675 | | | | -675 | | own shares | | | | | | | | -------------------------------------------------------------------------------- | Sale of own | | | 33 | | | | 33 | | shares | | | | | | | | -------------------------------------------------------------------------------- | Translation | | | | -117 | | | -117 | | differences | | | | | | | | -------------------------------------------------------------------------------- | Share of Minority | | | | | | 2,666 | 2,666 | | interests | | | | | | | | -------------------------------------------------------------------------------- | Other changes in | | | -622 | -99 | -5,56 | 2 346 | -3,962 | | equity in total | | | | | 9 | | | -------------------------------------------------------------------------------- | Equity 31/10/09 | 5,52 | 4,64 | 11,876 | -123 | 14,79 | 14,560 | 51,280 | | | 9 | 6 | | | 2 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- KEY INDICATORS -------------------------------------------------------------------------------- | | 10/2009 | 10/2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity per share, € | 0.80 | 0.93 | -------------------------------------------------------------------------------- | Earnings per share, diluted, € | 0.02 | 0.25 | -------------------------------------------------------------------------------- | Earnings per share, basic, | 0.02 | 0.28 | -------------------------------------------------------------------------------- | The average number of shares during the fiscal year, | 46,324 | 44,760 | | x 1,000 | | | -------------------------------------------------------------------------------- | Number of shares at end of year, x 1 000 | 47,403 | 46,076 | -------------------------------------------------------------------------------- | Share issues/convertible breaks during the financial | 0 | 875 | | year, x 1 000 | | | -------------------------------------------------------------------------------- | Number of shares, x 1 000, diluted | 56,449 | 54,885 | -------------------------------------------------------------------------------- | Return on equity,% | 2,6 | 29,6 | -------------------------------------------------------------------------------- | Return on capital employed,% | 4,7 | 18,5 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Gross investments | | | -------------------------------------------------------------------------------- | Fixed assets, in millions of Euros | 23,0 | 24,2 | -------------------------------------------------------------------------------- | % of turnover | 19,2 | 19,9 | -------------------------------------------------------------------------------- | Interest bearing liabilities | 59,221 | 64,189 | -------------------------------------------------------------------------------- | Equity ratio, % | 37,9 | 36,8 | -------------------------------------------------------------------------------- | Average personnel | 790 | 646 | -------------------------------------------------------------------------------- QUARTERLY DEVELOPMENT OF THE GROUP -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | (Million) | IFRS|IFRS |IFRS |IFRS| IFRS | IFRS | IFRS | IFRS | | | | | | | | | -------------------------------------------------------------------------------- | |Q1/08|Q2/08|Q3/08|Q4/08|Q1/09 |Q2/09 |Q3/09 |Q4/09 | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Turnover | 26,0 |28,4| 31,0|35,8 | 28,8 | 30,5 | 27,3 | 33,5 | | | | | | | | | | | | | | | -------------------------------------------------------------------------------- | Other | 0,2 | 0,1 | 0,1 | 0,4 | 0,2 | 0,1 | 0,3 | 4,5 | | | | operating | | | | | | | | | | | | income | | | | | | | | | | | -------------------------------------------------------------------------------- | Total | 24,9| 26,6| 28,3| 31,9| 28,7 | 28,0 | 26,8 | 33,3 | | | | expenses | | | | | | | -------------------------------------------------------------------------------- | Depreciati | 0,7 | 0,7 | 1,2 | 1,0 | 0,9 | 0,8 | 1,0 | 1,4 | | | | on | | | | | | | | | | | -------------------------------------------------------------------------------- | Operating | 0,5 | 1,2 | 1,6 | 3,2 | -0,6 | 1,8 | -0,2 | 3,3 | | | | profit | | | | | | | | | | | -------------------------------------------------------------------------------- | Financial | -0,4| -0,6|-0,7 |-0,4 | -0,4 | -0,7 | -0,8 | -0,4 | | | | items | | | | | | | -------------------------------------------------------------------------------- | Income | 0,1 | 0,6 | 0,9 | 2,8 | -1,0 | 1,1 | -1,0 | 3,0 | | | | before | | | | | | | | | | | | taxes | | | | | | | | | | | -------------------------------------------------------------------------------- | Taxes | -0,1| 0,0 | -0,3|-1,3 | 0,0 | -0,4 | 0,4 | -0,7 | | | | | | | | | | | -------------------------------------------------------------------------------- | Minority | 0,3 | 0,7 | -0, | -0, | -0,1 | -0,1 | 0,0 | -0,1 | | | | interest | | | 4 | 5 | | | | | | | -------------------------------------------------------------------------------- | Profit | 0,0 | -0,7| 1,9 | 1,6 | -0,9 | 0,6 | -0,6 | 2,2 | | | | from | | | | | | | | continuing | | | | | | | | | | | | operations | | | | | | | | | | | -------------------------------------------------------------------------------- | Profit | 0,7 | 1,7 | | 0,5 | 0,0 | 0,0 | 0,0 | 0,0 | | | | from sold | | | 8,1 | | | | | | | | | operations | | | | | | | | | | | -------------------------------------------------------------------------------- | Profit for | 0,7 | 1,0 | 10,0| 2,1 | -0,9 | 0,6 | -0,6 | 2,2 | | | | the | | | | | | | | | | | | financial | | | | | | | | | | | | year | | | | | | | | | | | -------------------------------------------------------------------------------- GUARANTEES GIVEN -------------------------------------------------------------------------------- | EUR 1 000 | 2009 | 2008 | -------------------------------------------------------------------------------- | Guarantees given on behalf of the Group's companies | | | -------------------------------------------------------------------------------- | Mortgages | 0 | 8,621 | -------------------------------------------------------------------------------- | Company Mortgages | 30,747 | 30,905 | -------------------------------------------------------------------------------- | Pledges given | 52,162 | 48,734 | -------------------------------------------------------------------------------- | Other liabilities | 166 | 93 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other rental agreements | | | -------------------------------------------------------------------------------- | Within one year | 4,537 | 1,716 | -------------------------------------------------------------------------------- | Over one year but not more than after five years | 13,450 | 4,505 | -------------------------------------------------------------------------------- | Total | 17,987 | 6,221 | -------------------------------------------------------------------------------- The value of the liabilities is used for guaranteeing the nominal - or book - value. SEGMENT-INFORMATION In the Group's segment reporting by business sector, each division is primarily defined by the segment reporting format. At the end of the financial year, the Group will report on six operational business segments. The Group does not have a secondary division of segments. -------------------------------------------------------------------------------- | EUR 1000 | 2009 | 2008 | -------------------------------------------------------------------------------- | TURNOVER | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Industrial Services | 16,810 | 22,399 | -------------------------------------------------------------------------------- | Joinery Industry | 4,784 | 7,502 | -------------------------------------------------------------------------------- | Wholesale Trade | 39,265 | 45,398 | -------------------------------------------------------------------------------- | Takoma | 15,408 | 18,397 | -------------------------------------------------------------------------------- | Digital Printing Services | 13,508 | 5,937 | -------------------------------------------------------------------------------- | Other | 30,980 | 21,979 | -------------------------------------------------------------------------------- | Eliminations | -705 | -479 | -------------------------------------------------------------------------------- | Total | 120,050 | 121,133 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | OPERATING PROFIT | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Industrial Services | 845 | 2,270 | -------------------------------------------------------------------------------- | Joinery Industry | 103 | 285 | -------------------------------------------------------------------------------- | Wholesale Trade | 3,396 | 2,843 | -------------------------------------------------------------------------------- | Takoma | -328 | 1,059 | -------------------------------------------------------------------------------- | Digital Printing Services | 2,088 | 683 | -------------------------------------------------------------------------------- | Other | -1,809 | -733 | -------------------------------------------------------------------------------- | Total | 4,295 | 6,407 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | RESOURCES | | | -------------------------------------------------------------------------------- | Industrial Services | 13,758 | 12,286 | -------------------------------------------------------------------------------- | Joinery Industry | 3,610 | 5,322 | -------------------------------------------------------------------------------- | Wholesale Trade | 28,003 | 25,758 | -------------------------------------------------------------------------------- | Takoma | 23,056 | 32,616 | -------------------------------------------------------------------------------- | Digital Printing Services | 19,227 | 9,280 | -------------------------------------------------------------------------------- | Other | 54,185 | 67,537 | -------------------------------------------------------------------------------- | Total | -6,418 | -6,300 | -------------------------------------------------------------------------------- | Industrial Services | 135,421 | 146,499 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LIABILITIES | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Industrial Services | 7,855 | 8,260 | -------------------------------------------------------------------------------- | Joinery Industry | 5 105 | 6,773 | -------------------------------------------------------------------------------- | Wholesale Trade | 24,359 | 30,647 | -------------------------------------------------------------------------------- | Takoma | 4,036 | 6,031 | -------------------------------------------------------------------------------- | Digital Printing Services | 10,026 | 8,460 | -------------------------------------------------------------------------------- | Other | 38,880 | 67,537 | -------------------------------------------------------------------------------- | Eliminations | -6,418 | -6,300 | -------------------------------------------------------------------------------- | Total | 83,843 | 92,696 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | INVESTMENTS | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Industrial Services | 1,635 | 760 | -------------------------------------------------------------------------------- | Joinery Industry | 54 | 47 | -------------------------------------------------------------------------------- | Wholesale Trade | 329 | 4,938 | -------------------------------------------------------------------------------- | Takoma | 1,144 | 366 | -------------------------------------------------------------------------------- | Digital Printing Services | 688 | 516 | -------------------------------------------------------------------------------- | Other | 609 | 569 | -------------------------------------------------------------------------------- | Total | 4,459 | 7,196 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | DEPRECIATION | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Industrial Services | 559 | 682 | -------------------------------------------------------------------------------- | Joinery Industry | 336 | 451 | -------------------------------------------------------------------------------- | Wholesale Trade | 415 | 434 | -------------------------------------------------------------------------------- | Takoma | 947 | 922 | -------------------------------------------------------------------------------- | Digital Printing Services | 617 | 619 | -------------------------------------------------------------------------------- | Other | 1,213 | 494 | -------------------------------------------------------------------------------- | Total | 4,087 | 3,602 | -------------------------------------------------------------------------------- | PERSONNEL | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Industrial Services | 241 | 161 | -------------------------------------------------------------------------------- | Joinery Industry | 41 | 59 | -------------------------------------------------------------------------------- | Wholesale Trade | 127 | 145 | -------------------------------------------------------------------------------- | Takoma | 82 | 86 | -------------------------------------------------------------------------------- | Digital Printing Services | 192 | 131 | -------------------------------------------------------------------------------- | Other | 238 | 165 | -------------------------------------------------------------------------------- | Total | 921 | 747 | -------------------------------------------------------------------------------- QUARTERLY SEGMENT INFORMATION -------------------------------------------------------------------------------- | (EUR million) | Q1/08| Q2/08| Q3/08| Q4/08 | Q1/09 | Q2/09 | Q3/09 | Q4/09 | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Turnover | | | | | | | | | -------------------------------------------------------------------------------- | Industrial | 4.6 | 5.2 | 6.3 | 6.3 | 4.7 | 4.4 | 3.9 | 3.8 | | Services | | | | | | | | | -------------------------------------------------------------------------------- | Joinery | 2.0 | 2.2 | 1.6 | 1.7 | 1.4 | 1.2 | 1.1 | 1.1 | | Industry | | | | | | | | | -------------------------------------------------------------------------------- | Wholesale Trade | 10.1 | 11.3 | 11.7 | 12.3 | 9.2 | 9.6 | 9.9 | 10.6 | -------------------------------------------------------------------------------- | Takoma | 4.6 | 4.6 | 4.1 | 5.1 | 4.6 | 4.6 | 2.4 | 3.8 | -------------------------------------------------------------------------------- | Digital | 0.0 | 0.0 | 2.7 | 3.2 | 3.0 | 3.3 | 3.0 | 4.2 | | Printing | | | | | | | | | | Services | | | | | | | | | -------------------------------------------------------------------------------- | Other | 4.6 | 5.1 | 4.6 | 7.2 | 5.9 | 7.4 | 7.0 | 10.0 | -------------------------------------------------------------------------------- | Total | 26.0 | 28.4 | 31.0 | 35.8 | 28.8 | 30.5 | 27.3 | 33.5 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating | | | | | | | | | | profit | | | | | | | | | -------------------------------------------------------------------------------- | Industrial | 0.4 | 0.2 | 0.7 | 1.0 | 0.1 | 0.4 | 0.0 | 0.3 | | Services | | | | | | | | | -------------------------------------------------------------------------------- | Joinery | -0.1 | 0.2 | 0.0 | 0.1 | -0.2 | 0.1 | 0.1 | 0.1 | | Industry | | | | | | | | | -------------------------------------------------------------------------------- | Wholesale Trade | 0.6 | 0.0 | 1.6 | 0.6 | 0.3 | 0.1 | 0.8 | 2.2 | -------------------------------------------------------------------------------- | Takoma | 0.0 | 0.4 | 0.2 | 0.5 | 0.0 | 0.3 | -0.4 | -0.2 | -------------------------------------------------------------------------------- | Digital | 0.0 | 0.0 | 0.1 | 0.6 | 0.3 | 0.6 | 0.5 | 0.7 | | Printing | | | | | | | | | | Services | | | | | | | | | -------------------------------------------------------------------------------- | Other | -0.4 | 0.4 | -1.0 | 0.4 | -1.1 | 0.4 | -1.2 | 0.1 | -------------------------------------------------------------------------------- | Total | 0.5 | 1.2 | 1.6 | 3.2 | -0.6 | 1.9 | -0.2 | 3.3 | -------------------------------------------------------------------------------- Panostaja Oyj is a multifield company. The company invests in Finnish small and medium-sized enterprises operating in traditional sectors. Investments are mostly carried out through acquisitions. The Panostaja Group invests business resources and strategic expertise in companies. The objective is to raise the target company to become a major player in its field according to a schedule agreed on beforehand. Subsequently, the company continues to operate as an independent growth company. The company currently operates in 13 business areas. Oy Alfa-Kem Ab manufactures and markets industrial chemicals, cleaning agents and detergents for institutional kitchens. Ecosir Group Oy is specialised in waste and building maintenance equipment solutions. The Heatmasters Group offers metal heat treatment services in Finland and internationally, and manufactures, develops and markets heat treatment technology. Suomen Helakeskus Oy is a wholesaler f building and furniture hardware in Finland. The fastenings company Suomen Kiinnikeskus Oy serves retailers throughout Finland. The KL-Varaosat companies specialise in the import, wholesale and retail of OEM spare parts and accessories for Mercedes-Benz and BMW automobiles. Kopijyvä Oy is one of Finland's biggest companies providing digital printing services. Flexim Security Ltd is a security technology and services expert offering locking, door automation and security technology services as well as access control products and solutions. Lämpö-Tukku Oy is specialised in the HVAC wholesale industry dealing in heating, plumbing and ventilation equipment. Suomen Puunjalostus Oy operates in the joinery industry, with solid-wood interior doors and wooden staircases as its main products. Takoma Oyj is a listed mechanical engineering group that is based on an entrepreneur-driven business model. Toimex Ltd operates in the HVAC field of selling heating, plumbing and ventilation support. Vallog Oy specialises in Finnish metal industry manufacturing and logistics services. CLO Pakkaukset Oy is a company offering packing and logistical services. |
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