2013-01-10 09:00:00 CET
2013-01-10 09:00:10 CET
REGULATED INFORMATION
Vaahto Group Plc Oyj - Interim report (Q1 and Q3)
VAAHTO GROUP INTERIM REPORT FOR 1 SEPTEMBER 2011 – 30 NOVEMBER 2012
Lahti, Finland, 2013-01-10 09:00 CET (GLOBE NEWSWIRE) -- VAAHTO GROUP PLC OYJ
INTERIM REPORT 10.1.2013 at 10.00
VAAHTO GROUP INTERIM REPORT FOR 1 SEPTEMBER 2011 - 30 NOVEMBER 2012
Vaahto Group's turnover for 1 September 2011 - 30 November 2012 was 57.2 MEUR
(compared with 55.3 MEUR for the reference period 1 September 2010 - 31 August
2011), with an operating loss of 5.7 MEUR (compared with an operating loss of
1.3 MEUR). Turnover grew by 3% from the reference period level, but the
operating result was weaker than in the reference period. The Group's order
book grew by 13% during the period under review and amounted to 25.4 MEUR on 30
November 2012. The length of the reference period is 12 months, when the length
of the reporting period is 15 months.
On 19 June 2012, Vaahto Group Plc Oyj's extraordinary general meeting approved
an amendment to the statutes, based on which the company's normal financial
year was changed to 1 January-31 December. Consequently, the duration of the
current financial year will be sixteen (16) months (1 September 2011-31
December 2012).
Vaahto Paper Technology
During the period under review, the turnover was 34.4 MEUR (reference period
39.7 MEUR) and the operating loss 5.0 MEUR (operating loss 0.1 MEUR). The
turnover fell 13% from the reference period (12 months), and combined with the
weak profitability of the project business, it caused the result to remain
clearly weaker than that of the reference period.
There have been clear signs that the market situation of the project business
is now very challenging and additionally being affected by the financial
situation of the company. The market situation of the service business is
intensifying.
As part of the strategy work at Vaahto Group, the possibilities for
clarification of the structure and organisation of the project business unit,
as well as potential options for business acquisitions or sales, are being
analysed.
The company has made a strategic decision to focus on the service business in
the Vaahto Paper Technology division, where possibilities for utilising
Vaahto's paper technology expertise have made themselves evident.
Vaahto Process Technology
The turnover of the Vaahto Process Technology division for the period under
review was 22.9 MEUR (15.7 MEUR), and its operating loss was 0.7 MEUR
(operating loss 1.2 MEUR). The turnover increased by 46% compared to the
reference period (12 months). The operating result improved but still remained
negative. The result was impacted by the low profitability of the vessel
business during the first six months of the financial year.
In terms of pricing, the market situation remained difficult for the division's
vessel business, but the number of confirmed orders and of projects in the
tender stage is rapidly growing. In August 2012, Japrotek Oy Ab received a
substantial order from Sasol Technology (Pty) Limited in South Africa for the
design, fabrication and site-assembly of eight large tank structures.
Vaahto Process Technology's market situation in the agitator business has
remained good, and the size of the order book has clearly grown. Profitability
objectives for the agitator business have almost been met in the period under
review. The agitator business is considered part of the Group's strategic area
of focus.
Research and development
During the period under review, the Group's research and development activities
have focused on expanding the product range of the Vaahto Paper Technology
division's service business. The scope of research and development activities
remains at the level seen in the previous financial year.
Investments
The Group's capital expenditure during the period under review was 1.3 MEUR
(1.9 MEUR). It consisted mainly of machine and equipment investments for the
Vaahto Paper Technology division's service business.
Environmental impact
Vaahto Paper Technology Ltd has on November 2012 received from the Supreme
Administrative Court a decision according to which the company's complaint
concerning the decision of the Häme Environmental Centre has been rejected. The
company's complaint concerned the decision of the Environmental Centre not to
lengthen the deadline for the action according to the environmental permit
concerning the handling of the flood water of the company's Hollola plant yard
area. The surfacing of the storage yard area and construction of the flood
water piping as demanded in the environmental permit of the Hollola plant will
be accomplished during year 2013.
Financing and taxes
The cash flow of the Group's business operations was -3.2 MEUR (-3.8 MEUR) and
the cash flow from investments -0.9 MEUR (7.1 MEUR) during the period under
review. At the end of the period under review, the interest-bearing liabilities
amounted to 17.6 MEUR. The Group's consolidated balance sheet total was 29.9
MEUR (36.5 MEUR), with an equity ratio of -3.9% (17.8%). Measures have been
taken in the Group to improve the financial position and the equity ratio. The
repayment covenant conditions related to the equity ratio of the Group involved
in the loans from the credit institutions were violated on the Interim Report
date, 31 August 2012, and because of that, those long-term loans had been
recorded as current liabilities. The financial negotiations with the financier
have now been completed and the Group has received from the financier a
commitment that the violations will not lead to any consequences.
During the fiscal period 2011-2012 the Group has booked total 1.4 MEUR
impairment losses related to deferred tax assets recognized for tax losses.
Human resources
The average number of personnel employed by the Group during the period under
review was 334 (348). Ari Viinikkala, M.Sc. (Econ.), has been appointed the CEO
of Vaahto Group Plc Oyj as of 30 November 2012. Ari Viinikkala has served as
acting CEO of Vaahto Group Plc Oyj since 4 April 2012.
Directed share issue and share exchange agreement
The company's Board of Directors decided on 19 April 2012 to issue 600,000 new
shares and to deviate from the shareholders' subscription privilege, issuing
the shares to a group of selected investors instead. Based on the discussions
with the investors, the subscription price was agreed at 3.50 EUR per share,
thus the total subscription price amounted to 2,100,000 EUR.
The company's Board also decided to approve a share exchange agreement, which
was signed on 19 April 2012, concerning the company's subsidiary AP-Tela Oy, as
well as a directed share issue based on the agreement in order to carry out a
share exchange for the minority shareholders of AP-Tela Oy. Following the share
exchange, the Group's share in AP-Tela Oy is 100%.
The company's Board of Directors decided on 2 December 2012 to issue 73,892 new
shares to Mikko Laakkonen. The subscription price is EUR 2.03 per share, which
was the closing price of the company's share on the Helsinki Stock Exchange
maintained by NASDAQ OMX Helsinki Ltd on 30 November 2012. The total
subscription price amounted to 150,000.76 EUR.
Extraordinary general meeting on 19 June 2012
Vaahto Group Plc Oyj's extraordinary general meeting on 19 June 2012 appointed
Sami Alatalo as a new Board member. The general meeting also approved an
amendment to the statutes, based on which the company's normal financial year
was changed to 1 January-31 December. Consequently, the duration of the current
financial year will be sixteen (16) months (1 September 2011-31 December 2012).
International Financial Reporting Standards
The interim report has been prepared in accordance with International Financial
Reporting Standards (IFRS) IAS 34, Interim Financial Reporting.
Estimate for the financial year 1 September 2011-31 December 2012
There have been worrying trends in the development of the international
financial situation and the market situation of Vaahto Group's main branches of
industry has continued on its difficult course. Vaahto Group's operating result
for the remaining month of the extended financial year is estimated to remain
loss-making. Consequently, it is estimated the result for the entire financial
year will be weaker than the 15-month result achieved this far.
CONSOLIDATED STATEMENT OF Interim Interim Interim Annual
COMPREHENSIVE INCOME, IFRS Report Report Report Report
1000 EUR 1.9.2012- 1.9.2011 1.9.2011 1.9.201
30.11.2012 - - 0-
3 months 30.11.20 30.11.20 31.8.20
11 12 11
3 months 15 12
months months
Net sales 8 968 14 253 57 227 55 318
Change in finished goods 1 579 -286 1 034 547
and work in progress
Production for own use 153 107 830 1 183
Other operating income 43 12 99 390
Share of profits of affiliated 0 0 16 -4
companies
Material and services -4 254 -6 799 -27 730 -28 614
Employee benefit expenses -4 490 -4 999 -22 418 -17 586
Depreciations -539 -501 -2 592 -2 115
Other operating expenses -2 304 -2 579 -12 149 -10 424
Operating profit or loss -845 -791 -5 684 -1 304
Financing income 32 10 63 320
Financing expenses -243 -192 -1 198 -963
Profit or loss before taxes -1 056 -974 -6 818 -1 946
Tax on income from operations -29 -56 -1 845 -172
Profit or loss for the period -1 085 -1 030 -8 663 -2 118
Other comprehensive income:
Translation differences 0 8 38 -1
Other comprehensive income, 0 8 38 -1
net of tax
Total comprehensive income -1 085 -1 022 -8 625 -2 120
Net profit or loss attributable:
Equity holders of the parent -1 085 -1 070 -8 663 -2 225
Non-controlling interest 0 40 0 107
Total -1 085 -1 030 -8 663 -2 118
Total comprehensive income
attributable:
Equity holders of the parent -1 085 -1 062 -8 625 -2 226
Non-controlling interest 0 40 0 107
Total -1 085 -1 022 -8 625 -2 120
Earnings per share calculated
on profit attributable to
equity holders of the parent:
EPS undiluted, euros/share -0,24 -0,36 -2,53 -0,75
EPS diluted, euros/share -0,24 -0,36 -2,53 -0,75
Average number of shares (1000 shares) 3 903 2 986 3 431 2 953
CONSOLIDATED Interim Annual
BALANCE SHEET, IFRS Report Report
1000 EUR 30.11.20 31.8.20
12 11
Assets
Intangible assets 378 1 030
Goodwill 1 720 1 702
Tangible assets 10 252 10 907
Shares in affiliated companies 74 57
Non-current trade and other 43 44
receivables
Other long-term investments 3 11
Deferred tax asset 773 2 274
Non-current assets 13 243 16 026
Inventories 6 211 5 601
Trade receivables 9 498 14 124
and other receivables
Tax receivable, income tax 0 0
Cash and bank 934 775
Current assets 16 643 20 500
Total assets 29 886 36 525
Equity and liabilities
Share capital 2 872 2 872
Share premium account 6 6
Other reserves 4 925 1 995
Translation differences 56 29
Retained earnings -8 898 -351
Equity attributable to -1 038 4 552
equity holders of the parent
Non-controlling interests 0 1 217
Shareholders' equity -1 038 5 768
Deferred tax liability 703 624
Long-term liabilities, 8 066 6 831
interest-bearing
Non-current provisions 322 273
Non-current liabilities 9 091 7 728
Short-term liabilities, 9 576 8 269
interest-bearing
Trade payables and other liabilities 11 910 14 573
Tax liability 347 186
Current liabilities 21 833 23 028
Liabilities 30 924 30 757
Total equity and liabilities 29 886 36 525
KEY FIGURES, IFRS Interim Annual
Report Report
1.9.2011 1.9.201
- 0-
30.11.20 31.8.20
12 11
15 12
months months
Operating profit or loss 1000 EUR -5 684 -1 304
Operating profit or loss % of turnover -9,9 -2,4
Return on equity % 1) -293,02 -31,0
Return on investment % 1) -24,0 -4,2
Earnings per share EUR -2,53 -0,75
Shareholders' equity per share EUR 0,00 1,52
Solidity % -3,9 17,8
Gearing -1 609,6 248,3
Order backlog 1000 EUR 25 357 22 401
Gross investments 1000 EUR 1 282 1 879
Total average number of personnel 334 348
1) Return on equity % and return on investment % has been calculated by
converting the profit or loss for the reporting period 1 September
2011 - 30 November 2012 to correspond the profit or loss for the
fiscal period.
CONSOLIDATED FLOW OF Interim Annual
FUNDS STATEMENT, IFRS Report Report
1000 EUR 1.9.2011 1.9.201
- 0-
30.11.20 31.8.20
12 11
15 12
months months
Profit or loss before taxes -6 818 -1 946
Adjustments 3 756 2 429
Change in working capital 1 153 -3 470
Financial income and expenses and -1 307 -843
taxes
Flow of funds from operations -3 216 -3 831
Investments in tangible and -1 282 -1 879
intangible assets
Increase caused by the change in Group -18 0
structure
Income from sales of tangible 399 8 934
and intangible assets
Repayments of loans 8 1
Flow of funds from investments -893 7 055
Share issue 1 728 0
Increase of the interest-bearing 6 204 5 329
liabilities
Decrease of the interest-bearing -3 663 -8 338
liabilities
Flow of funds from financial items 4 269 -3 009
Change of liquid funds 160 215
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY,
IFRS 1000 EUR
1000 EUR
Changes Share Share Reserv Reserv Transl Re- Total Non-co Total
in capita premiu e for e fund ation tained ntroll
shareho l m invest differ earn- ing
lders' accoun ed ences ings intere
equity t unrest sts
1.9.2011 ricted
- equity
30.11.2
012
Sharehol 2 872 6 0 1 995 29 -351 4 552 1 217 5 768
ders'
equity
in the
beginni
ng of
the
fiscal
period
Total 0 0 0 0 27 -8 652 -8 625 0 -8 625
compreh
ensive
income
Transact
ions
with
owners:
Share 0 0 2 100 0 0 0 2 100 0 2 100
issue
Transact 0 0 -372 0 0 0 -372 0 -372
ion
costs
for
equity
Increase 0 0 1 112 0 0 105 1 217 0 1 217
in
interes
t in
subsidi
ary
Decrease 0 0 0 0 0 0 0 -1 217 -1 217
in
interes
t in
subsidi
ary
Deferred 0 0 91 0 0 0 91 0 91
taxes'
share
of
periods
movemen
ts
Sharehol 2 872 6 2 931 1 995 56 -8 898 -1 038 0 -1 038
ders'
equity
at the
end of
the
period
Changes Share Share Reserv Reserv Transl Re- Total Non-co Total
in capita premiu e for e fund ation tained ntroll
shareho l m invest differ earn- ing
lders' accoun ed ences ings intere
equity t unrest sts
1.9.2010 ricted
- equity
31.8.20
11
Sharehol 2 872 6 0 1 995 41 1 864 6 778 1 110 7 888
ders'
equity
in the
beginni
ng of
the
fiscal
period
Total 0 0 0 0 -12 -2 214 -2 226 107 -2 120
compreh
ensive
income
Sharehol 2 872 6 0 1 995 29 -351 4 552 1 217 5 768
ders'
equity
at the
end of
the
period
SEGMENT INFORMATION, IFRS
NET SALES BY OPERATING SEGMENTS, IFRS Interim Interim Interim Annual
1000 EUR Report Report Report Report
1.9.2012- 1.9.2011 1.9.2011 1.9.201
30.11.2012 - - 0-
3 months 30.11.20 30.11.20 31.8.20
11 12 11
3 months 15 12
months months
Vaahto Paper Technology 5 443 9 009 34 409 39 653
Vaahto Process Technology 3 539 5 293 22 938 15 707
Net sales -14 -49 -120 -42
between segments
Group total 8 968 14 253 57 227 55 318
NET SALES BY MARKET AREAS, IFRS Interim Interim Interim Annual
1000 EUR Report Report Report Report
1.9.2012- 1.9.2011 1.9.2011 1.9.201
30.11.2012 - - 0-
3 months 30.11.20 30.11.20 31.8.20
11 12 11
3 months 15 12
months months
Finland 3 150 6 260 23 764 14 176
Other Europe 5 427 5 484 26 773 16 828
Asia -60 2 282 5 560 23 096
Africa 0 131 147 425
North America 87 55 225 436
Other 364 42 757 356
Group total 8 968 14 253 57 227 55 318
OPERATING PROFIT OR Interim Interim Interim Annual
LOSS BY OPERATING Report Report Report Report
SEGMENTS, IFRS 1.9.2012- 1.9.2011 1.9.2011 1.9.201
1000 EUR 30.11.2012 - - 0-
3 months 30.11.20 30.11.20 31.8.20
11 12 11
3 months 15 12
months months
Vaahto Paper Technology -665 -693 -5 017 -102
Vaahto Process Technology -179 -98 -665 -1 202
Operating profit or -1 0 -2 0
loss between segments
Group total -845 -791 -5 684 -1 304
TOTAL AVERAGE NUMBER OF PERSONNEL BY Interim Interim Interim Annual
OPERATING SEGMENTS Report Report Report Report
1.9.2012- 1.9.2011 1.9.2011 1.9.201
30.11.2012 - - 0-
3 months 30.11.20 30.11.20 31.8.20
11 12 11
3 months 15 12
months months
Vaahto Paper Technology 202 222 212 223
Vaahto Process Technology 125 122 122 125
Group total 326 344 334 348
Figures are in thousand euros unless stated otherwise. Figures are unaudited.
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 statements for the fiscal period
that ended on 31 August 2011.
Dividends paid
During the period under the review, Vaahto Group Plc Oyj paid no dividends
Lahti, 10 January 2013
VAAHTO GROUP PLC OYJ
Board of Directors
Vaahto Group is a globally operating high technology company serving process
industry in the fields of pulp and paper machinery and process machinery.
Information:
Ari Viinikkala
Vaahto Group Plc Oyj
CEO
tel. +358 400 127664
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