2016-03-03 09:00:01 CET
2016-03-03 09:00:01 CET
REGULATED INFORMATION
Panostaja Oyj - Interim report (Q1 and Q3)
PANOSTAJA OYJ´S INTERIM REPORT November 1, 2015–January 31, 2016
Panostaja Oyj Interim Report 3 March 2016 10.00 a.m.
November 1, 2015 – January 31, 2016 (3 months)
-- Grano’s net sales for the review period increased more than 50% from the
previous year. The main reason behind this is the acquisition of Multiprint
Group in June 2015. Grano’s EBIT improved correspondingly from MEUR 0.8 to
MEUR 1.3. The Multiprint integration is making progress.
-- KotiSun’s growth continued in the review period with net sales increasing
by 26%. The provision of sewer renovation services began in the
metropolitan area.
-- The market situation remained challenging in almost every investment
target. Net sales increased in four of the eight targets. The Group’s total
net sales increased by 29% and stood at MEUR 40.7 (MEUR 31.6).
-- EBIT improved in three of the eight investment targets, and the EBIT of the
entire Group increased from MEUR 1.0 to MEUR 1.3.
-- Earnings per share (undiluted) were 0.4 cents (-2.2 cents).
-- Panostaja updated its estimate of the fair value of the additional purchase
price receivable from the Flexim Security sale and recorded a MEUR 2.0
additional purchase price, in which Panostaja’s share before taxes is MEUR
1.4. The amount of the additional purchase price will be determined based
on the period ending on April 30, 2016.
-- Panostaja Oyj signed agreements for a financing package worth a total of
MEUR 30 on December 8, 2015. The package consists of MEUR 20 in loans and a
MEUR 10 acquisition limit. Panostaja Oyj has good financial resources for
making new investments.
Outlook for the 2016 financial period
Panostaja keeps its result management issued on December 11, 2015 unaltered.The
Group’s EBIT is expected to improve substantially over the course of the 2016
financial period.
Changes to business segment names
The names of Panostaja’s business segments have changed, but their contents
have remained as before. The investment targets in Panostaja’s majority
ownership form the company’s business segments, in addition to which the Others
segment has been set up to report on the Group’s parent company, including
associated companies and non-allocated items. The segment names are the names
of the businesses serving as the investment targets.
CEO Juha Sarsama:
“There was significant variation in the profitability development of the
investment targets during the review period. The market situation remains poor
in many of our investment targets. Furthermore, the profit development of the
investment targets was partially weaker than expected. Overall, the Group’s net
sales grew to MEUR 1.3 from the previous year’s MEUR 1.0.
The development measures in the investment targets continued. The Grano
integration process proceeded to the implementation of the new strategy, and
joint systems were adopted for operational purposes. KotiSun began to provide
sewer renovation services in the Helsinki Metropolitan Area, taking a
significant step towards building a nationwide range of such services in line
with its growth strategy. Megaklinikka signed two agreements on licensing its
oral health care ERP system to the cities of Jyväskylä and Joensuu, which is
further proof of the operating model’s excellent growth opportunities.
The economic situation in Finland remains uncertain. Various threat scenarios
related to the development of the global economy, political risks, the collapse
of raw material prices and the financial market cause widespread and prolonged
uncertainty that affects economic development in Europe and Finland. The
general economic situation and atmosphere are challenging, which is reflected
in almost all of our investment targets.
In the review period, activity in the corporate acquisition market has been at
a good level overall, even though the availability of new targets has been
fairly sparse since the beginning of the year. The markets still provide
opportunities for both new acquisitions and select divestments, and we will
continue to actively explore new corporate acquisition opportunities.
Key figures Panostaja Group Q1 Q1 12 months
MEUR
---------------------------------------------------------------------
11/15- 11/14- 11/14-
1/16 1/15 10/15
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Net sales, MEUR 40.7 31.6 148.2
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EBIT, MEUR 1.3 1.0 7.3
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Profit before taxes, MEUR 0.6 0.3 3.4
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Earnings per share, undiluted (EUR) 0.00 -0.02 0.14
---------------------------------------------------------------------
Profit/loss for the financial period, MEUR 1.6 -0.7 13.5
---------------------------------------------------------------------
Equity per share (EUR) 0.75 0.60 0.74
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Operating cash flow (MEUR) 4.2 2.6 8.0
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The income statement for operations discontinued during the reference period
has been separated from the income statement for continuing operations and the
profit/loss for them is presented in accordance with the IFRS standards in the
row ‘Earnings from discontinued operations.’ Prior to separating discontinued
and sold operations from continuing operations in the income statement, the
consolidated net sales for the reference period were MEUR 39.6 and EBIT was
MEUR 1.4.
Distribution of net sales by segment Q1 Q1 12 months
MEUR
---------------------------------------------------------------
Net sales 11/15- 11/14- 11/14-
1/16 1/15 10/15
---------------------------------------------------------------
Grano 21.2 13.7 69.9
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KotiSun 6.5 5.2 23.7
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Takoma 3.2 4.0 13.2
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Selog 2.3 2.3 9.9
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Helakeskus 2.4 2.4 10.4
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KL-Varaosat 3.2 2.6 11.8
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Heatmasters 0.9 1.4 6.3
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Megaklinikka 1.1 0.0 3.4
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Others 0.0 0.0 0.0
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Eliminations 0.0 -0.1 -0.3
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Group in total 40.7 31.6 148.2
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Distribution of EBIT by segment Q1 Q1 12 months
MEUR
----------------------------------------------------------
EBIT 11/15- 11/14- 11/14-
1/16 1/15 10/15
----------------------------------------------------------
Grano 1.3 0.8 5.9
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KotiSun 1.2 0.7 4.2
----------------------------------------------------------
Takoma -0.2 0.0 -0.7
----------------------------------------------------------
Selog 0.1 0.1 0.5
----------------------------------------------------------
Helakeskus 0.1 0.1 0.7
----------------------------------------------------------
KL-Varaosat 0.2 0.0 0.5
----------------------------------------------------------
Heatmasters -0.3 -0.1 0.1
----------------------------------------------------------
Megaklinikka -0.3 0.0 -0.5
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Others -0.8 -0.7 -3.3
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Group in total 1.3 1.0 7.3
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PRESS CONFERENCE
Panostaja will arrange a press conference for analysts, institutional investors
and representatives of the press on March 3, 2016, at 11:30 a.m.-12:30 p.m., at
the Scandic Simonkenttä, in Helsinki, at the address Simonkatu 9, Helsinki.
The Interim Report will be available at the address www.panostaja.fi on March
3, 2016, at 10:00 a.m.
Panostaja Oyj
Juha Sarsama
CEO
Further information
CEO Juha Sarsama +358 40 774 2099
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