2011-04-08 09:00:00 CEST
2011-04-08 09:00:08 CEST
REGULATED INFORMATION
Vaahto Group Plc Oyj - Interim report (Q1 and Q3)
VAAHTO GROUP INTERIM REPORT FOR THE PERIOD SEPTEMBER 1, 2010 - FEBRUARY 28, 2011
Lahti, Finland, 2011-04-08 09:00 CEST (GLOBE NEWSWIRE) -- VAAHTO GROUP PLC OYJ
STOCK EXCHANGE RELEASE 8.4.2011 at 10.00
VAAHTO GROUP INTERIM REPORT FOR THE PERIOD SEPTEMBER 1, 2010 - FEBRUARY 28, 2011
Vaahto Group's turnover for September 1, 2010, to February 28, 2011, was 24.9
million euros (compared with 18.2 million euros for the corresponding period in
the previous fiscal year), with an operating loss of 1.3 million euros
(comparative: operating loss of 3.7 million euros). Turnover grew by 37% from
the reference period, and the operating result was better than in the
comparative period. The Group's order book increased by 82% in the review
period and stood at 27.6 million euros on February 28, 2011. Vaahto Group's
result is expected to improve from the previous fiscal year's figure, and the
full-year result is expected to be positive.
Pulp & Paper Machinery
The Pulp & Paper Machinery division's turnover for the period under review was
17.4 million euros (comparative: 12.1 million euros), with an operating loss of
0.6 million euros (operating loss of 3.5 million euros). Turnover grew by 44%
from the reference period's level, and the operating result was clearly better.
The division's order book grew considerably during the review period. In the
project business, the most significant orders for the period were the orders
for four headboxes placed by Dongguan Jianhui Paper Co. Ltd. and Dongguan
Jinzhou Paper Co. Ltd., both from China; an order for five headboxes from
Vantage Dragon Ltd. for two new exterior package board production lines; and an
order for modernization of Fajar Paper's board machine in Indonesia.
Furthermore, in March-April, after the end of the period under review, Vaahto
Pulp & Paper Machinery received orders from Finland for modernization of a pulp
drying machine at Stora Enso's Imatra mill and for the rebuild of a board
machine at the same company's Inkeroinen mill.
The Pulp & Paper Machinery division's service business fell short of its
targets set for the review period. Contributing factors were December-January
sales and a result that was weaker than forecast. Toward the end of the period,
the market situation improved and the order book of the Service branch began to
grow considerably.
Process Machinery
The Process Machinery division's turnover for the period under review was 7.5
million euros (comparative: 6.2 million euros), with an operating loss of 0.7
million euros (operating loss of 0.3 million euros). The turnover increased by
21% from that of the reference period, but the result was still lower than the
comparative figure. The result was affected by poor profitability of the vessel
business.
The market situation for the division's vessel business has remained weak. The
number of projects in the offer phase has been on the increase, but few
projects have entered the decision stage and the price level has been weak.
The market situation for the Process Machinery division's agitator business has
remained strong, and the order book grew during the review period. The
profitability of agitator business was in line with the objectives during the
period under review, and the prospects for the latter half of the fiscal year
are good.
In order to improve the profitability of the Process Machinery division, the
company has launched an action program that includes rearrangements of
operations and the option of mergers or acquisitions.
Research and development
The Group's research and development activities during the period under review
concentrated for the most part on improving the competitiveness of the Pulp &
Paper Machinery division's key components for paper and board machines, and on
expansion of the roll servicing product selection. The scope of the Group's R&D
activities remained the same as in the previous fiscal period.
Investments
The Group's capital expenditure for the period came to 1.1 million euros
(comparative: 0.3 million euros). The investments consisted mainly of machinery
and equipment acquisitions in the Pulp & Paper Machinery division's service
business and of investments in information systems.
Financing
The Group's cash flow for the period under review was -1.3 million euros
(comparative: 14.2 million euros to the negative), with an investment cash flow
of 7.7 million euros (0.2 million euros). The decrease in debt, including
interest, during the period was 5.4 million euros and they were 12.7 million
euros at the end of the period. The total on the consolidated balance sheet was
35.8 million euros (36.9 million euros), and the Group's equity ratio was 22.8%
(22.3%).
There were some significant changes in the Group's financial arrangements
during the period under review. The Group's buildings in Tampere and
Pietarsaari had been sold in the previous fiscal year, but the sale price was
paid during the period under review, in September 2010, and the amount paid,
roughly eight million euros, was used primarily for payment of loans from
credit institutions and pension loans.
Personnel
The number of Group personnel averaged 342 (comparative: 376) over the period.
Combination of the share classes through amendment to the Articles of
Association and a related free share issue
On December 14, 2010, the Annual General Meeting of Vaahto Group Plc Oyj
decided on a combination of the company's share classes through amendment of
the Articles of Association and a directed share issue to the holders of
class-K shares. The new shares issued, totaling 113,564 shares, were registered
in the Trade Register on December 17, 2010, along with the combination of the
share classes and the amendments to the Articles of Association. As a result of
the share issue and the combination of the share classes, the total number of
Vaahto Group Plc Oyj's shares is 2,985,866 shares. Each share confers on its
holder one vote, with all shares conferring equal rights in all other respects,
too. Neither the share issue nor the combination of share classes had an effect
on the company's share capital.
Share issue authorizations
The Annual General Meeting held on December 14, 2010, decided to authorize the
Board of Directors to decide on an issue of new shares in one or several lots.
The number of new shares issued would be no more than 300,000 shares. The
maximum number in the authorization concerning the shares corresponds roughly
to 10 percent of all of the company's shares after the combination of the
class-A and class-K shares. The authorization entitles the Board to decide on
all the terms of the share issue, including the right to deviate from the
shareholders' subscription privilege.
International Financial Reporting Standards
The interim report was drawn up in accordance with the International Financial
Reporting Standards (IFRS) standard IAS 34 (“Interim Financial Reporting”).
Forecast of developments
The international market situation for the main sectors of Vaahto Group's
operation has improved. Demand is moderate, particularly in Chinese and other
Asian markets, and there are also signs of improvement in Europe.
In the period under review, Vaahto Group's order book has grown significantly,
enabling profitable business operations. Recognition of projects in the order
backlog will be weighted toward the latter half of the fiscal year. Vaahto
Group's result is forecast to improve from the previous period's figure, and
the full-year result is expected to be positive.
Interim management statement
In the second half of the September 1, 2010, to August 31, 2011, financial
year, Vaahto Group Plc Oyj will publish an interim management statement instead
of an interim report on operations during a nine-month period. The interim
management statement will be published on July 1, 2011.
CONSOLIDATED STATEMENT OF COMPREHENSIVE Interim Interim Annual
INCOME, IFRS Report Report Report
1000 EUR 1.9.2010-28.2.20 1.9.2009 1.9.2009
11 - -
6 months 28.2.201 31.8.201
0 0
6 months 12
months
Net sales 24 914 18 234 35 160
Change in finished goods 182 927 1 264
and work in progress
Production for own use 751 244 500
Other operating income 168 524 4 901
Share of profits of affiliated companies 2 9 17
Material and services -12 052 -9 417 -17 548
Employee benefit -8 910 -8 570 -16 374
expenses
Depreciations -1 056 -1 246 -2 547
Other operating expenses -5 323 -4 423 -8 230
Operating profit -1 325 -3 717 -2 857
Financing income 287 32 91
Financing expenses -402 -379 -1075
Profit or loss before taxes -1 440 -4 064 -3 840
Tax on income from operations 500 893 812
Profit or loss for the period -940 -3 171 -3 028
Other comprehensive income:
Translation differences -6 -5 14
Other comprehensive income, -6 -5 14
net of tax
Total comprehensive income -946 -3 176 -3 014
Net profit or loss attributable:
To equity holders of the parent -998 -2 999 -2 910
To minority interest 59 -171 -118
Total -940 -3 171 -3 028
Total comprehensive income attributable:
To equity holders of the parent -1 005 -3 004 -2 896
To minority interest 59 -171 -118
Total -946 -3 176 -3 014
Earnings per share calculated
on profit attributable to
equity holders of the parent:
EPS undiluted, euros/share -0,34 -1,04 -1,01
EPS diluted, euros/share -0,34 -1,04 -1,01
Average number of shares (1000 shares) 2 919 2 872 2 872
CONSOLIDATED Interim Interim Annual
BALANCE SHEET, IFRS Report Report Report
1000 EUR 28.2.2011 28.2.201 31.8.201
0 0
Assets
Intangible assets 1 309 2 086 1 642
Goodwill 1 702 1 702 1 702
Tangible assets 10 919 15 431 10 923
Shares in affiliated companies 57 54 62
Non-current trade and other 44 44 44
receivables
Other long-term investments 11 12 11
Deferred tax asset 2 752 2 233 2 172
Non-current assets 16 795 21 562 16 557
Inventories 5 303 4 850 5 241
Trade receivables 12 067 10 224 16 685
and other receivables
Tax receivable, 0 0 2
income tax
Cash and bank 1 601 217 560
Current assets 18 971 15 291 22 488
Total assets 35 765 36 853 39 045
Equity and liabilities
Share capital 2 872 2 872 2 872
Share premium account 6 6 6
Other reserves 1 995 1 995 1 995
Translation differences 41 20 41
Retained earnings 859 1 777 1 864
Equity attributable to 5 773 6 669 6 778
equity holders of the parent
Minority share 1 169 1 057 1 110
Shareholders' equity 6 942 7 726 7 888
Deferred tax liability 597 580 549
Long-term liabilities, interest-bearing 8 057 5 760 3 042
Non-current provisions 245 268 245
Non-current liabilities 8 899 6 607 3 836
Short-term liabilities, interest-bearing 4 690 9 716 15 068
Trade payables and other liabilities 15 151 12 672 12 072
Tax liability 84 132 182
Current liabilities 19 925 22 520 27 322
Liabilities 28 823 29 127 31 157
Total equity and liabilities 35 765 36 853 39 045
KEY FIGURES, IFRS Interim Interim Annual
Report Report Report
1.9.2010-28.2.20 1.9.2009 1.9.2009
11 - -
6 months 28.2.201 31.8.201
0 0
6 months 12
months
Operating profit or loss 1000 EUR -1 325 -3 717 -2 857
Operating profit or loss % of turnover -5,3 -20,4 -8,1
Return on equity %, 12 months 1) -25,4 -68,4 -32,2
Return on investment %, 12 months 1) -9,4 -31,1 -11,0
Earnings per share EUR -0,34 -1,04 -1,01
Shareholders' equity per share EUR 1,93 2,32 2,36
Solidity % 22,8 22,3 21,8
Gearing 160,6 197,5 222,5
Order backlog 1000 EUR 27 560 12 015 15 175
Gross investments 1000 EUR 1 148 258 776
Total average number of personnel 342 376 371
1) Return on equity % and return on investment % has been calculated by
converting the profit or loss for the reporting period September 1, 2010 -
February 28, 2011 to correspond the profit or loss for the fiscal period. The
key figures for the comparison period September 1, 2009 - February 28, 2010 has
been amended accordingly.
CONSOLIDATED FLOW OF Interim Interim Annual
FUNDS STATEMENT, IFRS Report Report Report
1000 EUR 1.9.2010-28.2.20 1.9.2009 1.9.2009
11 - -
6 months 28.2.201 31.8.201
0 0
6 months 12
months
Profit or loss before taxes -1 440 -4 064 -3 840
Adjustments 962 1 065 -1 336
Change in working capital -670 -10 794 -9 815
Financial income and expenses and taxes -147 -456 -1 056
Flow of funds from operations -1 294 -14 249 -16 047
Investments in tangible and -1 148 -258 -776
intangible assets
Income from sales of tangible 8 846 457 479
and intangible assets
Repayments of loans 0 0 1
Flow of funds from investments 7 698 198 -295
Increase of the interest-bearing 2 902 3 199 6 410
liabilities
Decrease of the interest-bearing -8 265 -1 331 -1 908
liabilities
Flow of funds from financial items -5 363 1 868 4 502
Change of liquid funds 1 041 -12 183 -11 840
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY, IFRS
1000 EUR
Changes in Share Share Emerge Transla Re- Total Minori Total
shareholders' capita premiu ncy tion tained ty
equity l m reserv differe earn- shares
1.9.2010 - accoun e nces ings
28.2.2011 t
Shareholders' 2 872 6 1 995 41 1 864 6 778 1 110 7 888
equity in the
beginning of
the fiscal
period
Total 0 0 0 0 -1 005 -1 005 59 -946
comprehensive
income
Shareholders' 2 872 6 1 995 41 859 5 773 1 169 6 942
equity at the
end of the
period
Changes in Share Share Emerge Transla Re- Total Minori Total
shareholders' capita premiu ncy tion tained ty
equity l m reserv differe earn- shares
1.9.2009 - accoun e nces ings
28.2.2010 t
Shareholders' 2 872 6 1 995 20 4 781 9 673 1 229 10 902
equity in the
beginning of
the fiscal
period
Total 0 0 0 0 -3 004 -3 004 -171 -3 176
comprehensive
income
Shareholders' 2 872 6 1 995 20 1 777 6 669 1 057 7 726
equity at the
end of the
period
Changes in Share Share Emerge Transla Re- Total Minori Total
shareholders' capita premiu ncy tion tained ty
equity l m reserv differe earn- shares
1.9.2009 - accoun e nces ings
31.8.2010 t
Shareholders' 2 872 6 1 995 20 4 781 9 673 1 229 10 902
equity in the
beginning of
the fiscal
period
Total 0 0 0 22 -2 917 -2 896 -118 -3 014
comprehensive
income
Shareholders' 2 872 6 1 995 41 1 864 6 778 1 110 7 888
equity at the
end of the
period
SEGMENT INFORMATION, IFRS
NET SALES BY OPERATING SEGMENTS, IFRS Interim Interim Annual
1000 EUR Report Report Report
1.9.2010- 1.9.2009- 1.9.2009-
28.2.2011 28.2.2010 31.8.2011
6 months 6 months 12 months
Pulp & Paper Machinery 17 438 12 148 21 501
Process Machinery 7 512 6 183 13 806
Net sales -36 -96 -146
between segments
Group total 24 914 18 234 35 160
NET SALES BY MARKET AREAS, IFRS Interim Interim Annual
1000 EUR Report Report Report
1.9.2010- 1.9.2009- 1.9.2009-
28.2.2011 28.2.2010 31.8.2011
6 months 6 months 12 months
Finland 6 679 9 051 15 600
Other Europe 8 481 7 628 15 468
North America 300 92 130
Asia 9 358 982 2 813
Africa 63 128 468
Other 33 353 681
Group total 24 914 18 234 35 160
OPERATING PROFIT OR Interim Interim Annual
LOSS BY OPERATING Report Report Report
SEGMENTS, IFRS 1.9.2010- 1.9.2009- 1.9.2009-
1000 EUR 28.2.2011 28.2.2010 31.8.2011
6 months 6 months 12 months
Pulp & Paper Machinery -578 -3 464 -4 795
Process Machinery -740 -255 1 922
Operating profit or -7 2 16
loss between segments
Group total -1 325 -3 717 -2 857
TOTAL AVERAGE NUMBER OF PERSONNEL BY OPERATING Interim Interim Annual
SEGMENTS Report Report Report
1.9.2010- 1.9.2009- 1.9.2009-
28.2.2011 28.2.2010 31.8.2011
6 months 6 months 12 months
Pulp & Paper Machinery 226 241 242
Process Machinery 116 135 129
Group total 342 376 371
Figures are in thousand euros unless stated otherwise. Figures are unaudited.
RETROACTIVE ADJUSTMENTS
The Group has retroactively adjusted the application of hedge accounting in the
previous Interim report, because the documentation of hedge accounting did not
meet the criteria of IAS 39. The adjustment increased the financing income and
improved the profit for the reporting period September 1, 2009 - February 28,
2010 approximately 17 thousand euros. The adjustment changed the key figure
“earning per share” as per 28.2.2010 from -1.05 euros/share to -1.04
euros/share.
NOTES REQUIRED BY IAS 34
Accounting principles
The Interim Report was drawn up according to the same accounting principles and
calculation methods as the previous financial statement, for the fiscal period
that ended on August 31, 2010.
Dividends paid
During the period under review, Vaahto Group Plc Oyj paid no dividends.
Lahti, April 8, 2011
VAAHTO GROUP PLC OYJ
Anssi Klinga
CEO
Further information:
Anssi Klinga
CEO
tel. +358 50 466 1470
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