2017-10-23 13:00:35 CEST
2017-10-23 13:00:35 CEST
REGULATED INFORMATION
Vaisala - Interim report (Q1 and Q3)
Vaisala Corporation Interim Report January-September 2017
Vaisala Corporation Interim Report
October 23, 2017 at 2.00 p.m. (EEST)
Vaisala Corporation Interim Report January-September 2017
Third-quarter orders received were strong and operating result was 16.9% of net
sales
Third quarter 2017 highlights
* Orders received EUR 100.1 (76.6) million, increase 31%
* Order book at the end of the period EUR 145.0 (114.8) million, increase 26%
* Net sales EUR 87.1 (81.8) million, increase 6%
* Gross margin 52.8% (53.9%)
* Operating result (EBIT) EUR 14.7 (5.3) million, 16.9% (6.5%) 0f net sales.
Third quarter included EUR 0.8 million cost related to transformation in
Digital Solutions business in Weather and Environment Business Area.
Comparison period included EUR 10.5 million write-down of intangible assets.
* Earnings per share EUR 0.59 (0.21)
* Cash flow from operating activities EUR 14.9 (10.0) million
* Business outlook for 2017 unchanged: Vaisala estimates its full-year 2017
net sales to be in the range of EUR 310-340 million and its operating result
(EBIT) to be in the range of EUR 32-42 million.
January-September 2017 highlights
* Orders received EUR 262.9 (218.3) million, increase 20%
* Net sales EUR 230.3 (226.0) million, increase 2%
* Gross margin 52.2% (51.4%)
* Operating result (EBIT) EUR 22.4 (7.7) million, 9.7% (3.4%) of net sales.
Third quarter included EUR 0.8 million cost related to transformation in
Digital Solutions business in Weather and Environment Business Area.
Comparison period included EUR 10.5 million write-down of intangible assets.
* Earnings per share EUR 0.86 (0.26)
* Cash flow from operating activities EUR 26.2 (17.1) million
* Cash and cash equivalents at the end of the period EUR 72.3 (49.9) million,
increase 45%
Vaisala's President and CEO Kjell Forsén comments on the third quarter 2017
"In the third quarter, orders received were strong and exceeded one hundred
million euros for the first time in Vaisala's history. We entered the last
quarter of this year with a 26% higher order book than a year ago. In Weather
and Environment Business Area, third-quarter order intake growth was outstanding
at 50% year-on-year and included several large project orders. Finally,
following almost ten years of negotiations, we were able to book the first
project phase amounting to EUR 6.3 million of the Vietnamese contract announced
in February 2016. Deliveries started during the third quarter, and Vietnam is
expected to allocate budget funds for the second phase still this year. Demand
was exceptionally strong in meteorology customer segment, and we signed among
others several contracts for automatic radiosonde launching systems. In
transportation and renewable energy customer segments demand did not improve. In
Industrial Measurements Business Area, order intake slightly decreased compared
to strong previous year due to slowness in Americas. However, orders continued
to increase in APAC, and order book remained above ten million euros.
Third-quarter net sales increased by 6%. The increase came mainly from Weather
and Environment Business Areas's project deliveries, which increased by 51%
compared to previous year. Industrial Measurements Business Areas's net sales
were all time high on quarterly level, even though year-on-year growth was
modest 2%. Vaisala's operating result was 16.9% of net sales, which is
seasonally good as usually in third quarter. Industrial Measurements Business
Area reached excellent operating result of 29.0% of net sales and Weather and
Environment Business Area 12.3%.
In Weather and Environment Business Area's Digital Solutions unit, our long-term
target is to exceed 10% annual net sales growth. In order to reach this target,
we have launched a new organization, reviewed the strategy and started
infrastructure transition to cloud based solutions. Third-quarter operating
result included EUR 0.8 million cost related to this transformation.
I am confident with our full-year outlook and we continue to estimate our full-
year net sales to be in the range of EUR 310-340 million and the operating
result (EBIT) in the range of EUR 32-42 million."
Key Figures
7-9/2017 7-9/2016 1-9/2017 1-9/2016 1-12/2016
-------------------------------------------------------------------------------
Orders received, EUR million 100.1 76.6 262.9 218.3 311.3
Order book, EUR million 145.0 114.8 145.0 114.8 118.0
Net sales, EUR million 87.1 81.8 230.3 226.0 319.1
Gross profit, EUR million 46.0 44.1 120.3 116.3 164.8
Gross margin, % 52.8 53.9 52.2 51.4 51.6
Operating expenses, EUR million 30.5 40.1 97.8 107.3 141.5
Operating result, EUR million 14.7 5.3 22.4 7.7 22.3
Operating result, % 16.9 6.5 9.7 3.4 7.0
Profit (loss) before taxes, EUR
million 13.8 4.6 20.0 5.8 22.1
Profit (loss) for the period,
EUR million 10.6 3.8 15.4 4.7 18.8
Earnings per share, EUR 0.59 0.21 0.86 0.26 1.05
Return on equity, % 11.7 3.6 10.5
Capital expenditure, EUR million 2.8 2.3 6.6 6.2 7.7
Depreciation, EUR million 2.2 14.1 7.5 21.3 24.1
Cash flow from operating
activities, EUR million 14.9 10.0 26.2 17.1 41.8
Cash and cash equivalents, EUR
million 72.3 49.9 72.4
-------------------------------------------------------------------------------
Market situation in the third quarter 2017
During the third quarter 2017, global economic growth remained solid and Vaisala
achieved all time high order intake during one single quarter. Order intake was
strong especially in Weather and Environment Business Area.
In Weather and Environment Business Area, growth in order intake came from all
regions. Demand was particularly strong in meteorological customer segment. In
addition to the good overall business activity, some large contracts were
signed. Demand from transportation and renewable energy customer segments did
not improve.
During the third quarter, order intake for industrial measurement solutions was
slightly lower than during the first half of the year. However, orders continued
to grow in APAC. Customers' interest towards power transmission products
remained strong, and Vaisala received first commercial orders.
Third quarter 2017
Orders received
EUR million 7-9/2017 7-9/2016 Change, % 2016
----------------------------------------------------------
Weather and Environment 72.5 48.5 50 206.0
Industrial Measurements 27.6 28.1 -2 105.3
----------------------------------------------------------
Total 100.1 76.6 31 311.3
----------------------------------------------------------
In the third quarter 2017, Vaisala's orders received increased by 31% compared
to previous year and were EUR 100.1 (76.6) million. The increase was strong in
all geographical areas. Orders received included several large project orders.
EUR 6.3 million, the first phase, of the Vietnamese contract announced in
February 2016 was booked in the third quarter.
In the third quarter 2017, Weather and Environment Business Area's orders
received increased by 50% compared to previous year and were EUR 72.5 (48.5)
million. Orders received included several large project orders. The increase was
strong in all regions. EUR 6.3 million, the first phase, of the Vietnamese
contract announced in February 2016 was booked in the third quarter.
In the third quarter 2017, Industrial Measurements Business Area's orders
received decreased by 2% compared to strong previous year and were EUR 27.6
(28.1) million. The decrease came from Americas.
Order book
EUR million Sep 30, 2017 Sep 30, 2016 Change,% Dec 31, 2016
------------------------------------------------------------------------
Weather and Environment 134.3 106.4 26 109.4
Industrial Measurements 10.7 8.3 28 8.6
------------------------------------------------------------------------
Total 145.0 114.8 26 118.0
------------------------------------------------------------------------
At the end of September 2017, Vaisala's order book was EUR 145.0 (114.8) million
and increased by 26% compared to previous year. Order book increased in all
geographical areas. EUR 66.1 (53.7) million of the order book is scheduled to be
delivered in 2017.
At the end of September 2017, Weather and Environment Business Area's order book
was EUR 134.3 (106.4) million and increased by 26% compared to previous year.
The increase came from all regions. EUR 57.7 (47.2) million of the order book is
scheduled to be delivered in 2017.
At the end of September 2017, Industrial Measurements Business Area's order book
was EUR 10.7 (8.3) million and increased by 28% compared to previous year. The
increase came from all regions. EUR 8.4 (6.6) million of the order book is
scheduled to be delivered in 2017.
Net sales by business area
EUR million 7-9/2017 7-9/2016 Change, % 2016
----------------------------------------------------------
Weather and Environment 58.3 53.4 9 215.4
Products 29.7 30.4 -2 115.5
Projects 21.7 14.4 51 65.0
Services 6.9 8.7 -21 34.9
Industrial Measurements 28.8 28.4 2 103.7
Products 25.9 25.7 1 93.0
Services 2.9 2.7 8 10.7
----------------------------------------------------------
Total 87.1 81.8 6 319.1
----------------------------------------------------------
Net sales by geographical area
EUR million 7-9/2017 7-9/2016 Change, % 2016
----------------------------------------------------------
EMEA 29.6 23.1 28 92.0
Americas 31.7 35.4 -10 140.9
APAC 25.8 23.3 11 86.2
----------------------------------------------------------
Total 87.1 81.8 6 319.1
----------------------------------------------------------
In the third quarter 2017, Vaisala's net sales increased by 6% compared to
previous year and totaled EUR 87.1 (81.8) million. The increase came mainly from
Weather and Environment Business Area's project deliveries. Net sales in EMEA
were EUR 29.6 (23.1) million and increased by 28%, in the Americas EUR 31.7
(35.4) million and decreased by 10%. In APAC, net sales increased by 11% and
totaled EUR 25.8 (23.3) million. At comparable exchange rates, the net sales
would have been EUR 89.5 (81.8) million and increase would have been EUR 7.7
million or 9% from previous year. The negative exchange rate effect was EUR 2.4
million, which was mainly caused by USD and JPY exchange rate depreciation
against EUR.
In the third quarter 2017, Weather and Environment Business Area's net sales
increased by 9% compared to previous year and were EUR 58.3 (53.4) million. The
increase came from project deliveries, whereas services sales decreased mainly
due to Transportation field services. At comparable exchange rates, the net
sales would have been EUR 59.4 (53.4) million and increase would have been EUR
6.0 million or 11% from previous year. The negative exchange rate effect was EUR
1.2 million, which was mainly caused by USD depreciation against EUR.
In the third quarter 2017, Industrial Measurements Business Area's net sales
increased by 2% compared to strong previous year and were EUR 28.8 (28.4)
million. The increase came from APAC and EMEA. At comparable exchange rates, the
net sales would have been EUR 30.1 (28.4) million and increase would have been
EUR 1.7 million or 6% from previous year. The negative exchange rate effect was
EUR 1.3 million, which was mainly caused by USD and JPY depreciation against
EUR.
Gross margin and operating result
7-9/2017 7-9/2016 2016
-----------------------------------------------------
Gross margin, % 52.8 53.9 51.6
Weather and Environment 47.1 50.7 47.3
Industrial Measurements 64.2 60.3 60.8
Operating result, EUR million 14.7 5.3 22.3
Weather and Environment 7.1 -3.3 3.4
Industrial Measurements 8.3 7.4 21.6
Other -0.8 1.2 -2.7
Operating result, % 16.9 6.5 7.0
Weather and Environment 12.3 -6.1 1.6
Industrial Measurements 29.0 26.2 20.8
-----------------------------------------------------
In the third quarter 2017, Vaisala's operating result increased by EUR 9.4
million compared to previous year and was EUR 14.7 (5.3) million, 16.9% (6.5%)
of net sales. Third quarter included EUR 0.8 million cost related to
transformation in Digital Solutions in Weather and Environment Business Area.
Comparison period included EUR 10.5 million write-down of intangible assets in
Weather and Environment Business Area. Gross margin was 52.8% (53.9%) and
decreased mainly due to exceptionally low gross margins in few project
deliveries in Weather and Environment Business Area. Operating expenses
decreased by 24% compared to previous year due to the write-down of intangible
assets in the comparison period and were EUR 30.5 (40.1) million.
In the third quarter 2017, Weather and Environment Business Area's operating
result increased by EUR 10.4 million compared to previous year and was EUR 7.1
(-3.3) million, 12.3% (-6.1%) of net sales. Third quarter included EUR 0.8
million cost related to transformation in Digital Solutions. Comparison period
included EUR 10.5 million write-down of intangible assets. Gross margin was
47.1% (50.7%) and decreased mainly due to exceptionally low gross margins in few
project deliveries. Operating expenses decreased by 33% compared to previous
year due to the write-down of intangible assets in the comparison period and
were EUR 20.4 (30.3) million.
In the third quarter 2017, Industrial Measurements Business Area's operating
result increased by EUR 0.9 million compared to previous year and was EUR 8.3
(7.4) million, 29.0% (26.2%) of net sales. Gross margin was 64.2% (60.3%) and
improved both in product and service businesses and especially in calibration
and repair services. Operating expenses increased by 5% compared to previous
year and were EUR 10.1 (9.7) million. The increase came from R&D, sales and
marketing expenses according to plan.
In the third quarter 2017, financial income and expenses were EUR -0.9 (-0.7)
million. This was mainly a result of valuation of USD denominated receivables.
In the third quarter 2017, profit/loss before taxes was EUR 13.8 (4.6) million.
Income taxes were EUR -3.2 (-0.8) million. Net result was EUR 10.6 (3.8)
million.
In the third quarter 2017, earnings per share were EUR 0.59 (0.21).
January-September 2017
Orders received
EUR million 1-9/2017 1-9/2016 Change, % 2016
----------------------------------------------------------
Weather and Environment 177.6 139.5 27 206.0
Industrial Measurements 85.3 78.8 8 105.3
----------------------------------------------------------
Total 262.9 218.3 20 311.3
----------------------------------------------------------
In January-September 2017, Vaisala's orders received increased by 20% compared
to previous year and were EUR 262.9 (218.3) million. The increase came from both
business areas and all geographical areas. EUR 6.3 million, the first phase, of
the Vietnamese contract announced in February 2016 was booked in the third
quarter.
In January-September 2017, Weather and Environment Business Area's orders
received increased by 27% compared to previous year and were EUR 177.6 (139.5)
million. The increase came from all regions. EUR 6.3 million, the first phase,
of the Vietnamese contract announced in February 2016 was booked in the third
quarter.
In January-September 2017, Industrial Measurements Business Area's orders
received increased by 8% compared to previous year and were EUR 85.3 (78.8)
million. The increase came from all regions and was strongest in APAC.
Order book
EUR million Sep 30, 2017 Sep 30, 2016 Change, % Dec 31, 2016
-------------------------------------------------------------------------
Weather and Environment 134.3 106.4 26 109.4
Industrial Measurements 10.7 8.3 28 8.6
-------------------------------------------------------------------------
Total 145.0 114.8 26 118.0
-------------------------------------------------------------------------
At the end of September 2017, Vaisala's order book was EUR 145.0 (114.8) million
and increased by 26% compared to previous year. Order book increased in all
geographical areas. EUR 66.1 (53.7) million of the order book is scheduled to be
delivered in 2017.
At the end of September 2017, Weather and Environment Business Area's order book
was EUR 134.3 (106.4) million and increased by 26% compared to previous year.
The increase came from all regions. EUR 57.7 (47.2) million of the order book is
scheduled to be delivered in 2017.
At the end of September 2017, Industrial Measurements Business Area's order book
was EUR 10.7 (8.3) million and increased by 28% compared to previous year. The
increase came from all regions. EUR 8.4 (6.6) million of the order book is
scheduled to be delivered in 2017.
Net sales by business area
EUR million 1-9/2017 1-9/2016 Change, % 2016
----------------------------------------------------------
Weather and Environment 147.9 148.7 -1 215.4
Products 80.2 81.2 -1 115.5
Projects 43.7 41.3 6 65.0
Services 24.0 26.2 -9 34.9
Industrial Measurements 82.4 77.3 7 103.7
Products 73.7 69.3 6 93.0
Services 8.7 8.1 7 10.7
----------------------------------------------------------
Total 230.3 226.0 2 319.1
----------------------------------------------------------
Net sales by geographical area
EUR million 1-9/2017 1-9/2016 Change, % 2016
----------------------------------------------------------
EMEA 71.5 67.7 6 92.0
Americas 91.1 94.8 -4 140.9
APAC 67.7 63.5 7 86.2
----------------------------------------------------------
Total 230.3 226.0 2 319.1
----------------------------------------------------------
In January-September 2017, Vaisala's net sales increased by 2 % compared to
previous year and totaled EUR 230.3 (226.0). Net sales in EMEA were EUR 71.5
(67.7) million and increased by 6%, and in the Americas net sales decreased by
4% and were EUR 91.1 (94.8) million. In APAC, net sales increased by 7% and
totaled EUR 67.7 (63.5) million. Operations outside Finland accounted for 98%
(98%) of net sales. At comparable exchange rates, the net sales would have been
EUR 231.4 (226.0) million and increase would have been EUR 5.4 million or 2%
from previous year. The negative exchange rate effect was EUR 1.1 million, which
was mainly caused by GBP and CNY exchange rate depreciation against EUR.
In January-September 2017, Weather and Environment Business Area's net sales
decreased by 1% compared to previous year and were EUR 147.9 (148.7) million.
The decrease came from Transportation field services following divestiture in
2016. At comparable exchange rates, the net sales would have been EUR 148.4
(148.7) million and decrease would have been EUR 0.3 million or 0% from previous
year. The negative exchange rate effect was EUR 0.5 million, which was mainly
caused by GBP depreciation against EUR.
In January-September 2017, Industrial Measurements Business Area's net sales
increased by 7% compared to previous year and were EUR 82.4 (77.3) million. The
increase came from all regions and was strongest in APAC. At comparable exchange
rates, the net sales would have been EUR 83.0 (77.3) million and increase would
have been EUR 5.7 million or 7% from previous year. The negative exchange rate
effect was EUR 0.6 million, which was mainly caused by CNY, GBP and JPY
depreciation against EUR.
Gross margin and operating result
1-9/2017 1-9/2016 2016
-----------------------------------------------------
Gross margin, % 52.2 51.4 51.6
Weather and Environment 46.4 46.9 47.3
Industrial Measurements 62.8 60.4 60.8
Operating result, EUR million 22.4 7.7 22.3
Weather and Environment 4.2 -6.1 3.4
Industrial Measurements 18.5 16.7 21.6
Other -0.3 -2.9 -2.7
Operating result, % 9.7 3.4 7.0
Weather and Environment 2.8 -4.1 1.6
Industrial Measurements 22.4 21.6 20.8
-----------------------------------------------------
In January-September 2017, Vaisala's operating result increased by EUR 14.7
million compared to previous year and totaled EUR 22.4 (7.7) million, 9.7%
(3.4%) of net sales. Net sales growth and improved gross margin in Industrial
Measurements Business Area increased operating profit. Comparison period
included EUR 10.5 million write-down of intangible assets. Gross margin was
52.2% (51.4%). Operating expenses decreased by 9% compared to previous year due
to the write-down of intangible assets in the comparison period and totaled EUR
97.8 (107.3) million.
In January-September 2017, Weather and Environment Business Area's operating
result increased by EUR 10.3 million compared to previous year and was EUR 4.2
(-6.1) million, 2.8% (-4.1%) of net sales. Comparison period included EUR 10.5
million write-down of intangible assets. Gross margin was 46.4% (46.9%).
Operating expenses decreased by 15% compared to previous year due to the write-
down of intangible assets in the comparison period and were EUR 64.7 (75.8)
million.
In January-September 2017, Industrial Measurements Business Area's operating
result increased by EUR 1.8 million compared to previous year and was EUR 18.5
(16.7) million, 22.4% (21.6%) of net sales. The increase came from higher net
sales and gross margin. Gross margin was 62.8% (60.4%) and it improved both in
product and service businesses. Operating expenses increased by 11% compared to
previous year and were EUR 33.3 (30.0) million. The increase came from R&D,
sales and marketing expenses according to plan.
In January-September 2017, financial income and expenses were EUR -2.3 (-1.9)
million. This was a result of valuation of USD denominated receivables.
In January-September 2017, profit/loss before taxes was EUR 20.0 (5.8) million.
Income taxes were
EUR -4.6 (-1.1) million. Net result was EUR 15.4 (4.7) million.
In January-September 2017, earnings per share were EUR 0.86 (0.26).
Statement of financial position and cash flow
Vaisala's financial position remained strong at the end of September 2017. Cash
and cash equivalents increased to EUR 72.3 (49.9) million. Vaisala did not have
any material interest bearing liabilities.
Following improved cash balance, financial statement total increased to EUR
251.7 (234.7) million. Trade and other payables increased mainly because of
project business related accruals. Inventories decreased because of high level
of project deliveries during third quarter.
In January-September 2017, Vaisala's cash flow from operating activities
increased to EUR 26.2 (17.1) million mainly because of increased EBITDA
(earnings before interest, taxes, depreciation and amortization) and positive
working capital development.
During January-September 2017, Vaisala repurchased 23,173 Company's series A
shares with EUR 0.8 million. Purchases were completed on February 24, 2017. In
the second quarter, Vaisala paid dividend EUR 17.8 million.
Capital expenditure and divestments
In January-September 2017, gross capital expenditure totaled EUR 6.6 (6.2)
million. Capital expenditure was mainly related to investments in machinery and
equipment to develop and maintain Vaisala's production and service operations.
Depreciation, amortization and write-downs were EUR 7.5 (21.3) million. The
decrease in depreciation was mainly due to EUR 10.5 million write-down of
intangible assets, booked in the third quarter of 2016.
Research and development
R&D by business area
EUR million 1-9/2017 1-9/2016 Change, % 2016
---------------------------------------------------------
Weather and Environment 20.2 19.7 3 26.5
Industrial Measurements 9.0 8.2 10 11.5
---------------------------------------------------------
Total 29.2 27.9 5 38.0
---------------------------------------------------------
Industrial Measurements Business Area's R&D activity continued increasing
according to plan.
R&D expenditure % of net sales
1-9/2017 1-9/2016 2016
-----------------------------------------------
Weather and Environment 13.6 13.2 12.3
Industrial Measurements 11.0 10.6 11.1
-----------------------------------------------
Total 12.7 12.3 11.9
-----------------------------------------------
Personnel
The average number of personnel employed in Vaisala during January-September
2017 was 1,590 (1,598). At the end of September, the number of employees was
1,588 (1,574). 70% (68%) of employees were located in EMEA, 22% (23%) in the
Americas and 9% (9%) in APAC. 63% (61%) of employees were based in Finland.
Strategy and business area names
In May, Vaisala's Board of Directors confirmed strategy for 2017-2021. Vaisala
continues to drive profitable growth through implementation of strategic
priorities. Consequently, Vaisala decided to rename its business areas to better
describe their current and future business focus. Controlled Environment
Business Area was renamed to Industrial Measurements Business Area and Weather
Business Area was renamed to Weather and Environment Business Area.
Industrial Measurements Business Area continues to further accelerate growth
through product leadership strategy. Business Area's strategic priorities are to
achieve strong foothold in power transmission and life science markets, to
continuously create new winning products by discovering customers' needs, and to
seek new business opportunities in industrial applications.
Weather and Environment Business Area drives profitability and growth through
expansion of industry-leading products and digital solutions. Business Area's
strategic priorities are: to systematically improve competitiveness by renewal
of product offering; to grow through meteorological infrastructure improvement
projects in developing countries; to expand digital solutions, which support
decision-making in weather critical operations; as well as to build new business
in environmental measurements with air quality as a spearhead.
Vaisala Operations continues to develop excellence in high mix low volume supply
chain through further development of Vaisala Production System. Foundation of
the Production System is creation of a culture, which engages everyone to
systematic improvement. Operations has also strategic development priorities to
increase productivity, to develop core production technologies, as well as
sourcing and product life cycle management processes.
Long-term financial targets
Vaisala's objective is profitable growth with an average annual growth of 5%,
and to achieve 15% operating profit margin (EBIT). In selected growth
businesses, such as digital solutions, life science and power transmission, the
target is to exceed 10% annual growth.
Vaisala does not consider the long-term financial targets as market guidance for
any given year.
Management Group
Vaisala's Management Group members are
* Kjell Forsén, President and CEO, Chairman of the Management Group
* Marja Happonen, Executive Vice President, Human Resources
* Sampsa Lahtinen, Executive Vice President, Industrial Measurements Business
Area
* Kaarina Muurinen, Chief Financial Officer
* Vesa Pylvänäinen, Executive Vice President, Operations
* Jarkko Sairanen, Executive Vice President, Weather and Environment Business
Area
* Katriina Vainio, Executive Vice President, Group General Counsel
Decisions by Vaisala Corporation's Annual General Meeting
Vaisala Corporation's Annual General Meeting was held on March 28, 2017. The
meeting approved the financial statements and discharged the members of the
Board of Directors and the President and CEO from liability for the financial
period January 1-December 31, 2016.
Dividend
The Annual General Meeting decided a dividend of EUR 1.00 per share,
corresponding to the total of EUR 17.8 million. The record date for the dividend
payment was March 30, 2017 and the payment date was April 6, 2017.
Board of Directors
The Annual General Meeting confirmed that the number of Board members is eight.
Petra Lundström, Yrjö Neuvo, Mikko Niinivaara, Kaarina Ståhlberg, Pertti
Torstila, Raimo Voipio and Ville Voipio will continue as members of the Board of
Directors. Petri Castrén was elected as a new member of the Board of Directors.
The Annual General Meeting confirmed that the annual fee payable to the Chairman
of the Board of Directors is EUR 45,000 and each Board member EUR 35,000 per
year. Approximately 40 percent of the annual remuneration will be paid in
Vaisala Corporation's A shares acquired from the market and the rest in cash. In
addition, the Annual General Meeting confirmed that the compensation for the
Chairman of the Audit Committee would be EUR 1,500 per attended meeting and EUR
1,000 for each member of the Audit Committee and Chairman and each member of the
Remuneration and HR Committee and any other committee established by the Board
of Directors for a term until the close of the Annual General Meeting in 2018.
The meeting compensation fees are paid in cash.
Auditor
The Annual General Meeting re-elected Deloitte & Touche Oy as the auditor of the
Company and APA Merja Itäniemi will act as the auditor with the principal
responsibility. The Auditors are reimbursed according to invoice presented to
the Company.
Authorization for the directed repurchase of own A shares
The Annual General Meeting authorized the Board of Directors to decide on the
directed repurchase of a maximum of 200,000 of the Company's own A shares in one
or more instalments with funds belonging to the Company's unrestricted equity.
This authorization is valid until the closing of the next Annual General
Meeting, however, no longer than September 28, 2018, and it replaced the
previous authorization for directed repurchase of own A shares.
Authorization on the issuance of the Company's own A shares
The Annual General Meeting authorized the Board of Directors to decide on the
issuance of a maximum of 568,344 Company's own A shares. The issuance of own
shares may be carried out in deviation from the shareholders' pre-emptive rights
(directed issue). The subscription price of the shares can instead of cash also
be paid in full or in part as contribution in kind. This authorization is valid
until March 28, 2022, and it replaced the previous authorization for issuance of
own A shares.
Resolution on the forfeiture of shares entered in the Vaisala Corporation joint
book-entry account and of the rights attached to such shares
The Annual General Meeting decided in accordance with the proposal by the Board
of Directors that, regarding the shares entered in the Vaisala joint book-entry
account, the right to shares incorporated in the book-entry system and the
rights such shares carry are forfeited, and authorized the Board of Directors to
take all actions required by said decision.
The forfeiture of shareholder rights concerns shares that are in the joint book-
entry account, i.e. 4,820 shares of which 4,800 are series A-shares and 20
series K-shares. The shares, whose registration of shareholder rights to the
shareholder's book-entry account were requested prior to the commencement of the
Annual General Meeting, and which will entered in the shareholder's book-entry
account by June 30, 2017, will not be subject to the forfeiture of rights
referred to above.
The organizing meeting of the Board of Directors
At its organizing meeting held after the Annual General Meeting, the Board
elected Raimo Voipio to continue as the Chairman of the Board of Directors and
Yrjö Neuvo to continue as the Vice Chairman.
The composition of the Board committees was decided to be as follows:
Kaarina Ståhlberg was elected as the Chairman and Petri Castrén and Mikko
Niinivaara as members of the Audit Committee. The Chairman and all members of
the Audit Committee are independent both of the Company and of significant
shareholders.
Raimo Voipio was elected as the Chairman and Yrjö Neuvo, Mikko Niinivaara and
Pertti Torstila as members of the Remuneration and HR Committee. The Chairman
and all members of the Remuneration and HR Committee are independent both of the
Company and of significant shareholders.
Vaisala's shares and shareholders
Vaisala's share capital totaled EUR 7,660,808 on September 30, 2017. Vaisala had
18,218,364 shares, of which 3,389,331 were series K shares and 14,829,033 were
series A shares. The number of series K shares decreased by 20 and number of
series A shares increased by 20 as the Board of Directors decided that 20 series
K shares held by the Company will be converted to series A shares. This
conversion was registered into the Trade Register on August 24, 2017. The series
K shares and series A shares are differentiated by the fact that each series K
share entitles its owner to 20 votes at a General Meeting of Shareholders while
each series A share entitles its owner to 1 vote. The series A shares represent
81.4% of the total number of shares and 17.9% of the total votes. The series K
shares represent 18.6% of the total number of shares and 82.1% of the total
votes.
Trading in shares on the Nasdaq Helsinki Ltd
In January-September 2017, a total of 1,751,278 (1,561,606) Vaisala series A
shares with a value totaling EUR 69.3 (42.4) million were traded on the Nasdaq
Helsinki Ltd. The closing price of the series A share on the Nasdaq Helsinki
stock exchange was EUR 43.50 (31.50). Shares registered a high of EUR 48.55
(34.81) and a low of EUR 31.88 (21.81). The volume-weighted average share price
was EUR 39.09 (27.16).
The market value of Vaisala's series A shares on September 30, 2017 was EUR
628.9 (456.7) million, excluding the Company's treasury shares. Valuing the
series K shares - which are not traded on the stock market - at the rate of the
series A share's closing price on the last trading day of September, the total
market value of all the series A and series K shares together was EUR 776.3
(563.4) million, excluding the Company's treasury shares.
At the end of September, 2017 Vaisala Corporation had 7,768 (7,494) registered
shareholders. Ownership outside of Finland and nominee registrations represented
15.7% (14.5%) of the company's shares. Households owned 40.1% (40.7%), private
companies 14.9% (14.3%), financial and insurance institutions 13.1% (12.8%),
non-profit organizations 11.2% (11.7%) and public sector organizations owned
5.0% (6.0%).
Flagging notifications
In January-September 2017, Nordea Funds Ltd. informed Vaisala of the following
change in ownership:
On September 13, 2017, Nordea Funds Ltd's aggregate holding in Vaisala increased
above the 5 percent threshold and amounted to 911,662 shares or 5.004% of
Vaisala's shares and 1.103% of total votes.
Treasury shares and their authorizations
The Annual General Meeting held on April 5, 2016 authorized the Board of
Directors to decide on the directed repurchase of a maximum of 200,000 of the
Company's series A shares. This authorization was valid until the closing of the
Annual General Meeting held on March 28, 2017.
In April 2016, the Board of Directors resolved to commence repurchases of shares
under this authorization. During May 2-December 30, 2016 Vaisala acquired a
total of 176,827 Company's series A shares at an average price of EUR 29.96 and
the total cost of the acquired shares was EUR 5,297,463.80. During January 2-
February 24, 2017 Vaisala acquired a total of 23,173 Company's series A shares
at an average price of EUR 34.03 and the total cost of the acquired shares was
EUR 788,522.13.
The Annual General Meeting held on April 5, 2016, authorized the Board of
Directors to decide on the issuance of a maximum of 391,550 Company's series A
shares. This authorization was valid until the closing of the Annual General
Meeting held on March 28, 2017.
In March 2017, the Board of Directors decided to transfer shares under this
authorization. A total of 22,506 Company's series A shares were transferred to
the 22 key employees participating on the Share-based incentive plan 2014 and
Restricted share-based incentive plan 2016 under the terms and conditions of the
plans.
Vaisala Corporation's General Meeting, held on March 28, 2017 decided, that
regarding the shares entered in the Vaisala joint book-entry account, the right
to shares incorporated in the book-entry system and the rights such shares carry
are forfeited, and authorized the Board of Directors to take all actions
required by said decision after June 3o, 2017. The forfeiture of shareholder
rights concerned shares that were in the joint book-entry account, i.e. 4,820
shares of which 4,800 were series A shares and 20 series K shares.
Vaisala's Board of Directors decided on July 20, 2017, that the shares entered
in the Vaisala joint book-entry account will become own shares of Vaisala, and
that the above-mentioned 20 series K shares will be converted to series A
shares.
At the end of September 2017, Vaisala held a total of 372,364 (331,380)
Company's series A shares, which represented 2.5% (2.2%) of all series A shares
and 2.0% (1.8 %) of all shares.
More information about Vaisala's shares and shareholders are presented on the
website, www.vaisala.com/investors.
Near-term risks and uncertainties
Uncertainties in political situation and governmental customers' budgetary
constraints may reduce demand for Vaisala's products and services or slow down
customer projects.
Delay in developing applications for digital solutions as well as acquiring and
in building related competences for sales and business operations may slow down
growth in Weather and Environment Business Area. Closing of infrastructure
projects in Weather and Environment Business Area may be postponed by budgetary
constraints, complex customer decision making processes, changes in scope, and
financing. Thus, Vaisala's financial performance may vary significantly over
time.
Prolonged new product ramp-ups, market acceptances and regulatory certifications
of new offering, such as power transformer monitoring products, supplementary
air quality network sensors, and continuous monitoring systems, may postpone the
realization of Vaisala's growth plans. Weakness in introducing new technologies
and applications may result in erosion of price premium or loss of cost
competitiveness and market position.
Long interruption in production or test equipment or disruption in suppliers'
and subcontractors' delivery capability or product quality may impact
significantly Vaisala's net sales and profitability. Cyber risk and downtime of
IT systems may impact operations, delivery of information services or internet-
based services, or cause financial loss.
Vaisala's capability to successfully complete investments, acquisitions,
divestments and restructurings on a timely basis and to achieve related
financial and operational targets may include uncertainties and risks, which may
negatively impact net sales and profitability.
Further information about risk management and risks are available on the company
website at www.vaisala.com/investors, Corporate Governance and
www.vaisala.com/investors, Vaisala as an Investment.
Market outlook 2017
Vaisala is expecting moderate improvement for weather observation market
compared to previous year, and as typical, deliveries are expected to improve
seasonally towards the end of the year. While the budgetary constraints restrict
purchasing power in many countries, the importance of improvements in weather
observation and forecasting capabilities continue to drive demand. Compared to
previous year, growth in new orders and deliveries is expected in particular in
Europe and Asia Pacific. Growth is driven by meteorology customer segment.
Market development with transportation customer segment looks overall stable and
demand for digital solutions is expected to grow modestly compared to previous
year. Industrial measurement market outlook continues to be favorable.
Business outlook for 2017
Vaisala continues t0 estimate its full-year 2017 net sales to be in the range of
EUR 310-340 million and its operating result (EBIT) to be in the range of EUR
32-42 million.
Financial Calendar 2018
Financial Statements Release 2017, February 7, 2018
Annual Review 2017, by the end of week 9
Interim Report January-March 2018, April 25, 2018
Half Year Financial Report 2018, July 20, 2018
Interim Report January-September 2018, October 23, 2018
Vantaa, October 23, 2017
Vaisala Corporation
Board of Directors
The forward-looking statements in this release are based on the current
expectations, known factors, decisions and plans of Vaisala's management.
Although the management believes that the expectations reflected in these
forward-looking statements are reasonable, there is no assurance that these
expectations would prove to be correct. Therefore, the results could differ
materially from those implied in the forward-looking statements, due to for
example changes in the economic, market and competitive environments, regulatory
or other government-related changes, or shifts in exchange rates.
Financial information and changes in accounting policies
This interim financial report has been prepared in accordance with IAS 34,
Interim Financial Reporting, following the same accounting policies and
principles as in the annual financial statements for 2016. All figures in the
interim report are Group figures. All presented figures have been rounded and
consequently the sum of individual figures may deviate from the sum presented.
The preparation of the financial statements in accordance with IFRS requires
Vaisala's management to make estimates and assumptions that affect the valuation
of the reported assets and liabilities and the recognition of income and
expenses in the statement of income. Although the estimates are based on the
management's best knowledge at the date of the interim report, actual results
may differ from the estimates. This interim financial report is unaudited.
New and amended IFRS standards not yet adopted
Revenue from Contracts with Customers
IFRS 15 Revenue from contracts with customers establishes a single comprehensive
model for entities to use in accounting for revenue arising from contracts with
customers. IFRS 15 will supersede the current revenue recognition guidance
including IAS 18 Revenue, IAS 11 Construction Contracts and the related
interpretations when it becomes effective. The core principle of IFRS 15 is that
an entity should recognize revenue to depict the transfer of promised goods or
services to customers with an amount that reflects the consideration to which
the entity expects to be entitled in exchange for those goods or services. Under
IFRS 15, an entity recognizes revenue when (or as) a performance obligation is
satisfied, i.e. when control of the good or service underlying the particular
performance obligation is transferred to the customer. These principles are
applied using the following five steps:
1. Identify the contract(s) with a customer
2. Identify the performance obligations in the contract
3. Determine the transaction price
4. Allocate the transaction price to the performance obligations in
the contract
5. Recognize revenue
Furthermore, IFRS 15 requires extensive disclosures.
Vaisala will adopt IFRS 15 Revenue from contracts with customers as of January
1, 2018. Management estimates that IFRS 15 affects mainly Weather and
Environment Business Area's project business, while effects on product and
services businesses in Weather and Environment as well as Industrial
Measurements Business Areas are limited.
Project business
Net sales of Weather and Environment Business Area's project business totaled
EUR 44 million in January-September 2017 and EUR 65 million during financial
year 2016. Management estimates, that major changes in project revenue
recognition will take place in the above mentioned steps two, four and five,
whereas changes are limited in step one and step three.
Vaisala's delivery projects are typically integrated projects. In integrated
projects, Vaisala delivers observation solutions consisting of products,
services and software to a customer. These solutions are integrated/connected to
customer systems according to customer specifications. Therefore, one delivery
project is typically one performance obligation under IFRS 15. Vaisala will
recognize revenue for integrated projects using percentage of completion method.
Based on contract analysis performed, the conclusion is that Vaisala's projects
typically meet the over-time revenue recognition criteria, either by creating an
asset without an alternative use and Vaisala having an enforceable right to
payment for performance completed to date and/or by creating an asset under
customer control.
Revenue of projects, which do not meet the over-time revenue recognition
criteria, is recognized at a point in time when control has been transferred to
a customer. These projects are typically standard shipments or collections of
several individual deliveries, which Vaisala manages as projects because of
their size.
Prior to 2018, Vaisala has rarely used percentage of completion method, and only
in projects with very long delivery times. Generally, Vaisala has recognized
project revenue separately for hardware and field service in accordance with
their pro rata selling prices. Hence, adoption of over-time revenue recognition
will have an impact on timing of revenue recognition in Vaisala's project
business since control over assets transfers to customers over time.
Consequently, recognition of project revenue and profit will be advanced.
Product and service businesses
As currently, Vaisala will recognize revenue of product deliveries based on
delivery terms, and revenue of services when benefits are rendered to customers.
Vaisala continues to recognize revenue of such fixed-time service contracts,
which are negotiated in connection with delivery projects and commence after
completion of the delivery projects, as separate performance obligations with
over time revenue recognition method.
Implementation and transition
During 2017, Vaisala has been reviewing contracts, creating revenue recognition
policy, developing accounting systems and preparing disclosure information to
the notes of the financial statements. During the third quarter of 2017, Vaisala
has also developed control environment, trained key persons and performed system
testing with several delivery projects.
Vaisala will use cumulative method in transition, which means that open
contracts will be recognized according to IFRS 15 as of January 1, 2018, but
revenue or profit of completed projects will not be adjusted retrospectively.
According to management's preliminary estimate for January-September 2017, net
sales would have been approximately EUR 4 million higher and order book would
have cumulatively been approximately EUR 10 million lower under IFRS 15 compared
to current accounting policies. This estimated effect is due to earlier timing
of revenue recognition. Current revenue recognition method results in
seasonality where revenue in third and especially in fourth quarter of a year
has been typically high, while concrete project completion takes place more
evenly throughout a year. In the above management estimate, there are
significant accounting judgements involved especially as the percentage of
completion method requires accurate estimates in project revenue and costs.
The management continues to analyze and prepare estimates throughout 2017 and
will disclose similar estimate in the 2017 financial statement release. Due to
seasonality in project business, impact of IFRS 15 in fourth quarter of the year
may materially differ from first nine months. Also, project profitability may
vary over reporting periods. Transition effect depends on the size and scope of
projects at the time of transition January 1, 2018.
Consolidated Statement of Income
EUR million 7-9/2017 7-9/2016 1-9/2017 1-9/2016 1-12/2016
-------------------------------------------------------------------------------
Net sales 87.1 81.8 230.3 226.0 319.1
Cost of sales -41.1 -37.7 -110.0 -109.8 -154.3
-------------------------------------------------------------------------------
Gross profit 46.0 44.1 120.3 116.3 164.8
Sales, marketing and
administrative costs -21.9 -31.7 -68.6 -79.4 -103.4
Research and development costs -8.6 -8.5 -29.2 -27.9 -38.0
Other operating income and
expense -0.8 1.4 -0.2 -1.4 -1.0
-------------------------------------------------------------------------------
Operating profit (loss) 14.7 5.3 22.4 7.7 22.3
Share of result in associated
company - - - - 0.1
Financial income and expenses,
net -0.9 -0.7 -2.3 -1.9 -0.3
-------------------------------------------------------------------------------
Profit (loss) before taxes 13.8 4.6 20.0 5.8 22.1
Income taxes -3.2 -0.8 -4.6 -1.1 -3.3
-------------------------------------------------------------------------------
Profit (loss) for the period 10.6 3.8 15.4 4.7 18.8
Earnings per share, EUR 0.59 0.21 0.86 0.26 1.05
Diluted earnings per share, EUR 0.58 0.21 0.85 0.26 1.03
Consolidated Statement of Comprehensive Income
EUR million 7-9/2017 7-9/2016 1-9/2017 1-9/2016 1-12/2016
-------------------------------------------------------------------------------
Items that will not be
reclassified to profit or loss
Actuarial profit (loss) on
post-employment benefits 0.0 0.0 0.0 0.0 -0.0
-------------------------------------------------------------------------------
Total 0.0 0.0 0.0 0.0 -0.0
-------------------------------------------------------------------------------
Items that may be reclassified
subsequently to profit or loss
Currency translation
differences -0.7 -0.2 -2.8 -0.9 0.0
-------------------------------------------------------------------------------
Total -0.7 -0.2 -2.8 -0.9 0.0
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Total other comprehensive income -0.7 -0.2 -2.8 -0.9 0.0
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Total comprehensive income 9.8 3.6 12.7 3.8 18.8
-------------------------------------------------------------------------------
Consolidated Statement of Financial Position
EUR million
Assets Sep 30, 2017 Sep 30, 2016 Dec 31, 2016
-------------------------------------------------------------------------------
Non-current assets
Intangible assets 17.0 20.0 20.0
Property, plant and equipment 40.5 41.6 41.4
Investments 0.1 0.1 0.1
Investment in associated companies 0.7 0.8 0.8
Long-term receivables 0.7 0.8 0.7
Deferred tax assets 10.4 10.4 10.8
-------------------------------------------------------------------------------
Total non-current assets 69.4 73.6 73.8
Current assets
Inventories 35.5 39.1 32.1
Trade and other receivables 72.3 69.7 75.4
Income tax receivables 2.1 2.5 1.4
Cash and cash equivalents 72.3 49.9 72.4
-------------------------------------------------------------------------------
Total current assets 182.3 161.2 181.2
-------------------------------------------------------------------------------
Total assets 251.7 234.7 255.0
-------------------------------------------------------------------------------
Shareholders' equity and liabilities Sep 30, 2017 Sep 30, 2016 Dec 31, 2016
-------------------------------------------------------------------------------
Shareholders' equity
Share capital 7.7 7.7 7.7
Other reserves 2.4 1.7 2.0
Cumulative translation adjustment 0.2 2.0 2.9
Treasury shares -10.1 -8.5 -9.6
Retained earnings 173.3 161.5 175.6
-------------------------------------------------------------------------------
Total shareholders' equity 173.5 164.3 178.5
Non-current liabilities
Interest-bearing liabilities 0.0 0.0 0.0
Post-employment benefit obligations 2.4 2.4 2.4
Deferred tax liabilities 0.0 0.9 0.0
Provisions for other liabilities and 0.1 - 0.0
charges
Other long-term liabilities 1.3 1.0 1.3
-------------------------------------------------------------------------------
Total non-current liabilities 3.8 4.4 3.7
Current liabilities
Interest-bearing liabilities 0.0 0.0 0.0
Advances received 4.8 3.7 4.0
Income tax liabilities 0.8 0.2 0.4
Provisions for other liabilities and 1.7 3.0 1.8
charges
Trade and other payables 67.0 59.0 66.6
-------------------------------------------------------------------------------
Total current liabilities 74.4 65.9 72.8
-------------------------------------------------------------------------------
Total shareholders' equity and 251.7 234.7 255.0
liabilities
-------------------------------------------------------------------------------
Consolidated Statement of Changes in Shareholders' Equity
Share Other Treasury Translation Retained
EUR million capital reserves shares adjustment earnings Total
-------------------------------------------------------------------------------
Balance at Jan
1, 2016 7.7 1.1 -4.3 2.9 173.9 181.3
Profit (loss)
for the period 4.7 4.7
Other
comprehensive
income -0.0 -0.9 -0.9
Dividend paid -17.1 -17.1
Purchase of
treasury shares -4.1 -4.1
Share-based
payment 0.6 0.0 0.6
-------------------------------------------------------------------------------
Balance at Sep
30, 2016 7.7 1.7 -8.5 2.0 161.5 164.3
-------------------------------------------------------------------------------
Share Other Treasury Translation Retained
EUR million capital reserves shares adjustment earnings Total
-------------------------------------------------------------------------------
Balance at Jan
1, 2017 7.7 2.0 -9.6 2.9 175.6 178.5
Profit (loss)
for the period 15.4 15.4
Other
comprehensive
income -0.0 -2.7 -2.8
Dividend paid -17.8 -17.8
Return of
unpaid
dividends to
shareholders'
equity 0.1 0.1
Purchase of
treasury shares -0.8 -0.8
Share-based
payment 0.5 0.3 0.8
-------------------------------------------------------------------------------
Balance at Sep
30, 2017 7.7 2.4 -10.1 0.2 173.3 173.5
-------------------------------------------------------------------------------
Consolidated Cash Flow Statement
EUR million 1-9/2017 1-9/2016 1-12/2016
-------------------------------------------------------------------------------
Cash flows from operating activities
Cash receipts from customers 242.1 232.8 320.1
Other income from business operations 0.0 0.0 0.0
Cash paid to suppliers and employees -207.9 -207.2 -268.3
Financials paid, net -2.5 -1.1 -0.7
Income taxes paid, net -5.5 -7.4 -9.4
-------------------------------------------------------------------------------
Cash flow from operating activities 26.2 17.1 41.8
Cash flows from investing activities
Capital expenditure on fixed assets -6.6 -6.2 -7.7
Divestments 0.2 1.2 1.4
-------------------------------------------------------------------------------
Cash flow from investing activities -6.3 -5.1 -6.4
Cash flows from financing activities
Dividends paid -17.8 -17.1 -17.1
Purchase of treasury shares -0.8 -4.0 -5.3
Change in loan receivables 0.0 0.0 0.0
Change in leasing liabilities 0.0 0.0 0.0
-------------------------------------------------------------------------------
Cash flow from financing activities -18.6 -21.1 -22.4
Cash and cash equivalents at the beginning of
period 72.4 59.2 59.2
Net increase (+) / decrease (-) in cash and cash
equivalents 1.2 -9.1 13.0
Effect from changes in exchange rates -1.4 -0.2 0.2
-------------------------------------------------------------------------------
Cash and cash equivalents at the end of period 72.3 49.9 72.4
Notes for Report
Orders Received by Business Area
EUR million 7-9/2017 7-9/2016 1-9/2017 1-9/2016 1-12/2016
-----------------------------------------------------------------------------
Weather and Environment 72.5 48.5 177.6 139.5 206.0
Industrial Measurements 27.6 28.1 85.3 78.8 105.3
-----------------------------------------------------------------------------
Total 100.1 76.6 262.9 218.3 311.3
-----------------------------------------------------------------------------
Net Sales by Business Area
EUR million 7-9/2017 7-9/2016 1-9/2017 1-9/2016 1-12/2016
-----------------------------------------------------------------------------
Weather and Environment
Products 29.7 30.4 80.2 81.2 115.5
Projects 21.7 14.4 43.7 41.3 65.0
Services 6.9 8.7 24.0 26.2 34.9
-----------------------------------------------------------------------------
Total 58.3 53.4 147.9 148.7 215.4
Industrial Measurements
Products 25.9 25.7 73.7 69.3 93.0
Services 2.9 2.7 8.7 8.1 10.7
-----------------------------------------------------------------------------
Total 28.8 28.4 82.4 77.3 103.7
Sales, Other 0.0 0.0 0.0 0.0 0.0
-----------------------------------------------------------------------------
Total Sales 87.1 81.8 230.3 226.0 319.1
-----------------------------------------------------------------------------
Operating Result by Business Area
EUR million 7-9/2017 7-9/2016 1-9/2017 1-9/2016 1-12/2016
-----------------------------------------------------------------------------
Weather and Environment 7.1 -3.3 4.2 -6.1 3.4
Industrial Measurements 8.3 7.4 18.5 16.7 21.6
Other -0.8 1.2 -0.3 -2.9 -2.7
-----------------------------------------------------------------------------
Total 14.7 5.3 22.4 7.7 22.3
-----------------------------------------------------------------------------
Net Sales by Geographical Area
EUR million 7-9/2017 7-9/2016 1-9/2017 1-9/2016 1-12/2016
-----------------------------------------------------------------------------
EMEA 29.6 23.1 71.5 67.7 92.0
Americas 31.7 35.4 91.1 94.8 140.9
APAC 25.8 23.3 67.7 63.5 86.2
-----------------------------------------------------------------------------
Total 87.1 81.8 230.3 226.0 319.1
-----------------------------------------------------------------------------
Personnel
7-9/2017 7-9/2016 1-9/2017 1-9/2016 1-12/2016
-------------------------------------------------------------------------------
Average personnel 1,606 1,599 1,590 1,598 1,590
Personnel at the end
of period 1,588 1,574 1,588 1,574 1,569
-------------------------------------------------------------------------------
Financial
Instruments
Sep 30, Dec 31,
2017 Sep 30, 2016 2016
-------------------------------------------------------------------------------
Nominal value of
financial
derivatives, EUR
million 39.8 33.2 50.2
Fair values of
financial
derivatives, assets,
EUR million 2.5 0.0 0.3
Fair values of
financial
derivatives,
liabilities, EUR
million 0.4 0.5 1.5
-------------------------------------------------------------------------------
Financial derivatives consist solely of foreign currency forwards and they are
measured based on price information derived from active markets and commonly
used valuation methods (Fair value hierarchy 2). Financial contracts are
executed only with counterparties that have high credit ratings.
Share Information
7-9/2017 7-9/2016 1-9/2017 1-9/2016 1-12/2016
-------------------------------------------------------------------------------
Number of shares outstanding,
thousand 17,846 17,887 17,846 17,887 17,851
Number of treasury shares,
thousand 372 331 372 331 367
Number of shares, weighted
average, diluted, thousand 18,146 18,176 18,146 18,241 18,203
Number of shares, weighted
average, thousand 17,847 17,918 17,847 17,983 17,955
Number of shares traded,
thousand 622 389 1,751 1,562 2,031
Share price, highest, EUR 45.21 34.81 48.55 34.81 36.96
Share price, lowest, EUR 38.27 27.89 31.88 21.81 21.81
-------------------------------------------------------------------------------
Key Ratios
7-9/2017 7-9/2016 1-9/2017 1-9/2016 1-12/2016
-------------------------------------------------------------------------------
Earnings per share, EUR 0.59 0.21 0.86 0.26 1.05
Earnings per share, diluted, EUR 0.58 0.21 0.85 0.26 1.03
Equity per share, EUR 9.72 9.19 10.00
Return on equity, % 11.7 3.6 10.5
Cash flow from operating
activities per share, EUR 0.83 0.56 1.47 0.96 2.34
Solvency ratio, % 70.3 71.1 71.1
-------------------------------------------------------------------------------
Further information
Kaarina Muurinen, CFO
Tel. +358 40 577 5066
Vaisala Corporation
Telephone Conference
An English-language conference call for analysts, investors and media will be
held on the same day starting at 4:00 p.m. (Finnish time). Numbers for
conference call, during which questions may be presented, are:
Finland: +358 9 8171 0495
UK: +44 20 3194 0552
Sweden: +46 8 5664 2702
US: +1 85 5716 1597
Audiocast
The presentation by Kjell Forsén, President and CEO, can also be followed
through a live audiocast at www.vaisala.com/investors starting at 4:00 p.m. A
recording will be published at the same address by 6:00 p.m.
Distribution
Nasdaq Helsinki
Key media
www.vaisala.com
Vaisala is a global leader in environmental and industrial measurement. Building
on over 80 years of experience, Vaisala provides observations for a better
world. We are a reliable partner for customers around the world, offering a
comprehensive range of innovative observation and measurement products and
services. Headquartered in Finland, Vaisala employs approximately 1,600
professionals worldwide and is listed on the Nasdaq Helsinki stock exchange.
www.vaisala.com www.twitter.com/VaisalaGroup
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