2007-10-26 07:27:16 CEST
2007-10-26 07:27:16 CEST
REGULATED INFORMATION
Larox Oyj - Quarterly report
INTERIM FINANCIAL REPORT OF THE LAROX GROUP FOR THE PERIOD 1 JANUARY 2007 TO 30 SEPTEMBER 2007
GENERAL
Larox Group's result before tax for the nine months totalled EUR 6.8 million
(EUR 2.7 million, 1 January 2006 to 30 September 2006). Net sales totalled EUR
109.0 million (EUR 82.4 million). Order backlog at the end of the review period
totalled EUR 79.6 million (EUR 41.8 million). The amount of new orders received
during the review period totalled EUR 143.5 million (EUR 94.5 million). Earnings
per share was EUR 0.45 (EUR 0.18).
For the third quarter of the year net sales totalled EUR 33.7 million (EUR 28.3
million) and profit before tax totalled EUR 1.4 million (EUR 2.2 million). The
amount of new orders received during the third quarter of the year totalled EUR
57.5 million (EUR 31.5 million).
BUSINESS OPERATIONS
Demand for the Larox products has remained good. During the review period the
order accumulation improved positively and the order backlog was about 35
million euros higher than at the turn of the fiscal year.
More than 95% of Group net sales were generated by exports and foreign
operations. Net sales by geographical division were as follows:
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| | 1-9/2007 | 1-9/2006 |
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| North, Central and South | 31.0% | 37.7% |
| America | | |
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| Asia and Australasia | 23.2% | 22.0% |
| | | |
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| Europe, CIS, Middle East | 45.8% | 40.3% |
| and Africa | | |
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CHANGES IN GROUP STRUCTURE
There was no change in Group structure during the review period.
PROFITS AND PROFITABILITY
Larox Group's result before tax for the nine months totalled EUR 6.8 million
(EUR 2.7 million, 1 January 2006 to 30 September 2006). Net sales totalled EUR
109.0 million (EUR 82.4 million). The Group showed an operating profit of EUR
7.9 million (EUR 4.4 million), i.e. 7.3% (5.3%) of net sales.
Order backlog at the end of the review period totalled EUR 79.6 million (EUR
41.8 million). The amount of new orders received during the review period
totalled EUR 143.5 million (EUR 94.5 million).
Operating profit includes a one-time cost of approx. EUR 0.8 million, recorded
in the second quarter caused by the termination of the filter assembly functions
in Larox's wholly owned subsidiary Larox B.V. in Utrecht, The Netherlands by the
end of 2007.
NET SALES AND RESULT DEVELOPMENT DURING THE THIRD QUARTER
For the third quarter of the year net sales totalled EUR 33.7 million (EUR 28.3
million) and profit before tax totalled EUR 1.4 million (EUR 2.2 million). The
Group showed an operating profit of EUR 1.9 million (EUR 2.5 million). The
amount of new orders received during the third quarter of the year totalled EUR
57.5 million (EUR 31.5 million). Earnings per share was EUR 0.10 (EUR 0.14).
BALANCE SHEET AND FINANCING
By the end of September 2007 the Group balance sheet totalled EUR 98.7 million
(EUR 80.8 million). By the turn of the year the balance sheet total was EUR 83.3
million. The main reason for the increase of balance sheet during the year is
the working capital due to increased net sales.
The Group's net financing costs totalled EUR 1.1 million (EUR 1.7 million). The
equity ratio was 31.0 % (30.9 %) and at the end of the previous financial year
(31 December 2006) it was 33.9 %.
INVESTMENTS
Larox Group's investments totalled EUR 2.2 million (EUR 1.1 million).
PERSONNEL
The average number of personnel employed by the Group during the review period
was 456 (451). At the end of the review period it was 466 (453) of whom 219
(212) worked for the parent company.
SHARES AND SHAREHOLDERS
During 1 January 2007 to 30 September 2007 trading in shares totaled 3,300,986,
which is 35.2 % of the total number of shares. The value of shares traded was
EUR 40.7 million. During the review period the lowest share price was EUR 8.04
and the highest was EUR 16.85. The closing price of the share was 15.19 and the
total market value of the shares was EUR 142.5 million. At the end of September
there were 1.381 shareholders.
The Board of Directors of Larox Corporation decided on 30 May 2007 on a new
share-based incentive plan for the Larox Group key personnel. This was informed
by a stock exchange release on 30 May 2007 and in the interim report from the
second quarter.
AUTHORIZATIONS TO THE BOARD OF DIRECTORS DECIDED IN THE ANNUAL GENERAL MEETING
OF SHAREHOLDERS
Authorization to decide on repurchase of shares
The authorization to the Board of Directors in the annual general meeting of
shareholders regarding the repurchase shares by using the company's unrestricted
shareholders' equity was not used during the review period. The authorization is
for 500.000 Larox Corporation B-series shares at the maximum and is valid for 18
months from the resolution of the annual general meeting of shareholders.
Authorization to decide on share issue, and/or stock option rights or other
special rights that entitle to shares
The authorization to the Board of Directors in the annual general meeting of
shareholders to decide on shares, stock option rights or special rights referred
to in the Finnish Companies Act chapter 10, paragraph 1 in one or more lots in
such a way that based on the authorization the total maximum number of Larox
Corporation B-series shares is 500 000 was not used during the review period.
The authorization is valid for five years from the resolution by the annual
general meeting of shareholders.
RISKS AND UNCERTAINTY FACTORS
Investments in customers' fields of business affect Larox's business. The most
remarkable risks that may affect the Group's business and financial result are
caused by overall development of economic trends, which is reflected in the
financial situation and demand in the customers' fields of operation. The
development of demand is followed based on general economic situation, e.g by
utilizing test filtrations, order backlog and three (3) and six (6) months'
sales forecasts.
There are a lot of competitors in the business. In addition to international
companies a great number of smaller local companies compete with Larox.
The Group's dependency on one single customer is limited.
The Group has paid special attention to risks related to the availability of
materials and subcontracting and their cost increases.
The risks related to stability and availability of the Group personnel have been
acknowledged and the Group has taken measures to retain the management and other
personnel in the Group and to facilitate recruiting of new personnel.
Different financial instruments are used to manage financial risks. The purpose
is to protect the Group against changes that are unfavourable to the Group's
financial situation. The objective of the Group is to minimize the impacts of
fluctuations in financial markets on the Group's cash reserves, profits and
shareholders' equity. The main risks are currency risks and interest rate
risks. The Group treasury function manages financial risks centrally according
to the currency policy approved by the board of directors.
Larox has insurance coverage on material damages and legal liability for
damages. Insurance coverage on unexpected risks is however limited.
No significant changes have taken place in Larox's risks and uncertainty factors
during the review period.
OUTLOOK FOR THE REST OF THE YEAR
The orders of approximately EUR 143.5 million, received during the first three
quarters of 2007 are a proof of strong investment activity in filters. Positive
demand for metals, which is expected to continue strong and the recovering
demand in the chemical process industry influence specially investment
decisions.
The market situation is expected to continue favorable and the Group net sales
and profitability are expected to improve from the previous year. The low volume
of the third quarter and the different product mix compared to the beginning of
the year weakened the total profitability during the review period. The next
quarter is expected to be more profitable.
The financial year-end of the Larox Group is on 31 December 2007.
Lappeenranta on 26 October 2007
Larox Corporation
Board of Directors
For further information please contact
Mr Toivo Matti Karppanen
President & CEO
Tel +358 (5) 668 8210
Fax +358 (5) 668 8277
E-mail topi.karppanen@larox.com
Internet www.larox.com
Distribution: OMX Nordic Exchange Helsinki, central media
www.larox.com
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| KEY RATIOS OF LAROX GROUP | | | |
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| EUR 1000 | 1-9/2007 | 1-9/2006 | 1-12/2006 |
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| New orders | 143 509 | 94 489 | 137 971 |
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| Group order backlog at end of period | 79 606 | 41 780 | 44 911 |
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| Net sales | 108 971 | 82 378 | 122 809 |
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| Operating profit | 7 906 | 4 363 | 8 931 |
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| % of net sales | 7.3 | 5.3 | 7.3 |
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| Net financing costs | 1 059 | 1 669 | 1 887 |
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| % of net sales | 1.0 | 2.0 | 1.5 |
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| Result before taxes | 6 848 | 2 694 | 7 044 |
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| Result for the period | 4 246 | 1 646 | 5 004 |
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| EPS basic and diluted (EUR) | 0.45 | 0.18 | 0.53 |
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| Investments | 2 210 | 1 112 | 2 285 |
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| Shareholders' equity per share at end | 2.96 | 2.48 | 2.84 |
| of period, EUR | | | |
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| Equity Ratio % | 31.0 | 30.9 | 33.9 |
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| Contingent liabilities | 27.8 | 26.6 | 27.8 |
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| Trading price at end of period, EUR | 15.19 | 7.95 | 9.00 |
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| Market capitalization at end of period, | | |
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| EUR million **) | 142.5 | 74.8 | 84.4 |
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*) The price of the A share is based on the B share's last trading rate of the
reporting period (weighted average).
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| KEY FIGURES BY | | | | | |
| QUARTERS | | | | | |
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| | 2007 | 2007 | 2007 | 2006 | 2006 |
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| EUR 1000 | 7-9 | 4-6 | 1-3 | 10-12 | 7-9 |
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| New orders | 57 471 | 42 979 | 43 059 | 43 482 | 31 525 |
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| Group order backlog | 79 606 | 53 845 | 55 201 | 44 911 | 41 780 |
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| Net sales | 33 662 | 42 651 | 32 659 | 40 431 | 28 281 |
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| Operating profit | 1 886 | 3 276 | 2 743 | 4 568 | 2 457 |
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| % of net sales | 5.6 | 7.7 | 8.4 | 11.3 | 8.7 |
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| Net financing costs | 507 | 126 | 426 | 218 | 259 |
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| % of net sales | 1.5 | 0.3 | 1.3 | 0.5 | 0.9 |
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| Result before taxes | 1 379 | 3 150 | 2 318 | 4 350 | 2 198 |
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| Result for the quarter | 979 | *) 1 716 | 1 550 | **) 3 358 | 1 293 |
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| EPS basic and diluted | 0.10 | 0.18 | 0.17 | 0.36 | 0.14 |
| (EUR) | | | | | |
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*) includes one-time cost of EUR 0.8 million for terminating filter assembly
functions in The Netherlands
**) includes one-time cost of EUR 0.9 million for terminating component
manufacturing functions in The Netherlands.
This interim financial report has been prepared in accordance with IFRS
recognition and measurement principles. The review is not prepared in accordance
with all the requirements of IAS 34 Interim Financial Reporting -standard.
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| INCOME STATEMENTS, | | | | | |
| IFRS | | | | | |
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| 1000 EUR | 7-9/200 | 7-9/200 | 1-9/2007 | 1-9/2006 | 1-12/2006 |
| | 7 | 6 | | | |
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| Sales | 33 662 | 28 281 | 108 971 | 82 378 | 122 809 |
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| Other operating income | 693 | 180 | 1 202 | 1 123 | 1 680 |
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| Change in inventories of | | | | |
| finished | | | | |
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| goods and work in | 1 613 | -395 | 1 186 | -476 | -1 287 |
| progress | | | | | |
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| Materials and services | -19 190 | -13 214 | -58 773 | -39 574 | -59 743 |
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| Employee benefits | -7 337 | -6 541 | -22 225 | -19 878 | -28 092 |
| expense | | | | | |
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| Depreciation, | | | | | |
| amortisation | | | | | |
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| & impairment losses | -878 | -900 | -2 562 | -2 635 | -3 412 |
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| Other operating | -6 677 | -4 953 | -19 893 | -16 576 | -23 023 |
| expenses | | | | | |
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| OPERATING PROFIT | 1 886 | 2 457 | 7 906 | 4 363 | 8 931 |
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| Financial income | 263 | 129 | 540 | 752 | 890 |
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| Financial expenses | -981 | -451 | -1 915 | -2 521 | -3 032 |
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| Share of profit/loss | | | | | |
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| in associates | 211 | 63 | 317 | 100 | 255 |
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| PROFIT/LOSS BEFORE TAX | 1 379 | 2 198 | 6 848 | 2 694 | 7 044 |
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| Income tax expense | -400 | -905 | -2 602 | -1 048 | -2 040 |
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| PROFIT/LOSS FOR THE | 979 | 1 293 | 4 246 | 1 646 | 5 004 |
| PERIOD | | | | | |
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--------------------------------------------------------------------------------
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| EPS basic (EUR) | 0.10 | 0.14 | 0.45 | 0.18 | 0.53 |
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| EPS diluted (EUR) | 0.10 | 0.14 | 0.45 | 0.18 | 0.53 |
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| BALANCE SHEETS, IFRS | | | |
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| 1000 EUR | 30.9.2007 | 30.9.2006 | 31.12.2006 |
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| ASSETS | | | |
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| NON-CURRENT ASSETS | | | |
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| Intangible assets | 18 738 | 18 421 | 18 871 |
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| Goodwill | 2 937 | 2 910 | 2 948 |
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| Property, plant and equipment | 9 213 | 9 863 | 9 566 |
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| Investments in associates | 1 351 | 1 003 | 1 153 |
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| Available-for-sale investments | 208 | 208 | 208 |
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| Deferred tax asset | 3 827 | 3 660 | 3 561 |
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| NON-CURRENT ASSETS | 36 273 | 36 066 | 36 307 |
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| CURRENT ASSETS | | | |
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| Inventories | 27 475 | 20 519 | 19 842 |
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| Trade receivables and other | 32 420 | 21 477 | 24 984 |
| receivables | | | |
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| Income tax receivable | 191 | 42 | 210 |
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| Cash and bank | 2 341 | 2 725 | 1 952 |
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| CURRENT ASSETS | 62 427 | 44 763 | 46 988 |
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| TOTAL ASSETS | 98 700 | 80 828 | 83 295 |
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| EQUITY AND LIABILITIES | | | |
--------------------------------------------------------------------------------
| Share capital | 5 629 | 5 629 | 5 629 |
--------------------------------------------------------------------------------
| Share premium account | 5 777 | 5 777 | 5 777 |
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| Other reserves | 75 | 75 | 61 |
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| Translation differences | -134 | -62 | -69 |
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| Retained earnings | 16 404 | 11 810 | 15 271 |
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| SHAREHOLDERS' EQUITY | 27 751 | 23 229 | 26 668 |
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| NON-CURRENT LIABILITIES | | | |
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| Deferred tax liability | 2 620 | 1 890 | 2 511 |
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| Long-term liabilities, | 10 926 | 20 152 | 19 405 |
| interest-bearing | | | |
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| Employee benefit obligations | 425 | 392 | 398 |
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| Non-current provisions | 2 336 | 1 545 | 1 422 |
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| NON-CURRENT LIABILITIES | 16 307 | 23 979 | 23 735 |
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| CURRENT LIABILITIES | | | |
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| Short-term liabilities, | 24 456 | 11 215 | 9 619 |
| interest-bearing | | | |
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| Trade payables and other payables | 30 187 | 22 405 | 23 273 |
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| CURRENT LIABILITIES | 54 642 | 33 620 | 32 892 |
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| TOTAL EQUITY AND LIABILITIES | 98 700 | 80 828 | 83 295 |
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| CASH FLOW STATEMENTS, IFRS | | | |
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| 1000 EUR | 1-9/2007 | 1-9/2006 | 1-12/2006 |
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| Net profit/loss | 4 245 | 1 646 | 5 004 |
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| Adjustments to the net profit/loss of | 6 169 | 5 298 | 7 132 |
| the period | | | |
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| Change in working capital | -8 114 | 7 728 | 6 020 |
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| Interest paid | -1 358 | -1 384 | -1 814 |
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| Interest income received | 45 | 60 | 79 |
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| Other financing items | -83 | 57 | -310 |
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| Income taxes paid | -1 817 | -1 041 | -1 229 |
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| Net cash from operating activities | -912 | 12 365 | 14 881 |
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| Net cash used in investment activities | -1 784 | -886 | -1 672 |
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| Share issue | 0 | 0 | 0 |
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| Increase in loans | 16 957 | 5 549 | 5 896 |
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| Decrease in loans | -10 966 | -13 605 | -16 494 |
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| Repayment of finance lease liabilities | -68 | -82 | -56 |
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| Dividends paid | -2 814 | -2 226 | -2 226 |
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| Net cash used in financing activities | 3 108 | -10 364 | -12 880 |
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| Change in cash and cash equivalents | 413 | 1 115 | 329 |
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| Operating balance of cash and cash | 1 952 | 1 737 | 1 737 |
| equivalents | | | |
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| Effect of the foreign exchange rates | -25 | -127 | -114 |
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| Closing balance of cash and cash | 2 341 | 2 725 | 1 952 |
| equivalents | | | |
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| CHANGE IN SHAREHOLDERS' EQUITY 1-9/2006 | | | | |
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| | | Share | Fair | Hed- | Trans- | | |
--------------------------------------------------------------------------------
| 1000 EUR | Share | issue | valu | ging | lation | Retained |
| | | | e | | | |
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| | capita | premiu | res. | res. | diff. | earning | Total |
| | l | m | | | | s | |
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| SHAREHOLDERS' | 5629 | 5777 | 138 | -15 | -145 | 13516 | 24901 |
| EQUITY | | | | | | | |
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| 1 JANUARY 2006 | | | | | | | |
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| Cash flow | | | | | | | |
| hedging | | | | | | | |
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| Transferred to profit or loss for the | -16 | | | -16 |
| period | | | | |
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| Change in translation difference | | | 83 | -1154 | -1071 |
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| Other changes | | | -33 | | | | -33 |
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| Net profits and losses recognized directly in | | |
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| shareholders | | | | -16 | 83 | -1154 | -1120 |
| equity | | | | | | | |
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| Profit for the | | | | | | 1646 | 1646 |
| period | | | | | | | |
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| Total profits and losses | | -33 | -16 | 83 | 492 | 526 |
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| Dividend | | | | | | -2226 | -2226 |
| distribution | | | | | | | |
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| Share-based | | | | | | 28 | 28 |
| payments | | | | | | | |
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| SHAREHOLDERS' | | | | | | | |
| EQUITY | | | | | | | |
--------------------------------------------------------------------------------
| 30 SEPTEMBER | 5629 | 5777 | 105 | -30 | -62 | 11810 | 23229 |
| 2006 | | | | | | | |
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| CHANGE IN SHAREHOLDERS' EQUITY 1-9/2007 | | | | |
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| | | Share | Fair | Hed- | Trans- | | |
--------------------------------------------------------------------------------
| 1000 EUR | Share | issue | valu | ging | lation | Retained |
| | | | e | | | |
--------------------------------------------------------------------------------
| | capita | premiu | res. | res. | diff. | earning | Total |
| | l | m | | | | s | |
--------------------------------------------------------------------------------
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| SHAREHOLDERS' | 5629 | 5777 | 105 | -44 | -69 | 15271 | 26668 |
| EQUITY | | | | | | | |
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| 1 JANUARY 2007 | | | | | | | |
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| Transferred to profit or loss for the | 15 | | | 15 |
| period | | | | |
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| Change in translation difference | | | -65 | -340 | -405 |
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| Net profits and losses recognized directly in | | |
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| shareholders | | | | 15 | -65 | -340 | -391 |
| equity | | | | | | | |
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| Profit for the | | | | | | 4246 | 4246 |
| period | | | | | | | |
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| Total profits and losses | | | 15 | -65 | 3905 | 3855 |
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| Dividend | | | | | | -2814 | -2814 |
| distribution | | | | | | | |
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| Share-based | | | | | | 42 | 42 |
| payments | | | | | | | |
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| SHAREHOLDERS' | | | | | | | |
| EQUITY | | | | | | | |
--------------------------------------------------------------------------------
| 30 SEPTEMBER | 5629 | 5777 | 105 | -30 | -134 | 16404 | 27751 |
| 2007 | | | | | | | |
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All figures in the financial statements have been adjusted and therefore the
added sum of individual figures may differ from the presented added figure.
The information in Interim Report is unaudited.
The financial year-end of the Larox Group is on 31 December 2007.
CALCULATION OF KEY FIGURES
Equity ratio, % =
Shareholders' equity
--------------------------------- x 100
Total assets - advances received
Earnings per share =
Net profit
---------------------------------
Adjusted average number of shares
during the period
Market capitalization at the end of the period
Number of shares at the end of the period x trading price at the end of period
weighted by the number of shares traded
Larox develops, designs and manufactures industrial filters and is a leading
technology company in its field. Larox is a full service solution provider in
filtration for separating solids from liquids. It supplies comprehensive
aftermarket services throughout the lifespan of the Larox solution. Companies
world-wide in mining and metallurgy, chemical processing and related industries
benefit from the Larox technologies. Larox operates in over 40 countries and has
over 440 employees. Larox Group is headquartered in Lappeenranta, Finland.
Product factories are located in Lappeenranta and Utrecht, The Netherlands. Net
sales in 2006 totalled 122.8 million euros, of which more than 95 % were
generated by exports and the company's foreign operations.
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