2010-03-10 09:00:00 CET
2010-03-10 09:00:04 CET
REGULATED INFORMATION
Panostaja Oyj - Interim report (Q1 and Q3)
PANOSTAJA GROUP INTERIM REPORT 1 NOV. 2009 - 31 JAN. 2010
Panostaja Oyj Interim report, 10 March 2010 at 10:00 PANOSTAJA GROUP INTERIM REPORT 1 NOV. 2009 - 31 JAN. 2010 - Net sales MEUR 29.0 (MEUR 28.8), growth 1% - Operating loss MEUR -2.6 (MEUR -0.6) - Earnings/share -3.0 cents (-2.0 cents) - Equity per share 0.65 euros (0.76 euros) - The equity ratio 33.0% (33.0%) - The lengthening downturn in the technology industry and transfer of planned Environmental Technology projects to the future had a negative impact on the growing net sales of the Group. - Profitability was reduced by the deterioration in the segments serving the technology industry, operating loss in the Environmental Technology segment, and one-time costs in the Safety segment. - The turnover of Panostaja Group is still expected to increase from previous financial year but the operating profit of the financial year is expected to be lower than the operating profit of previous financial year. - However the operating profit of the financial year is expected to clearly surpass the operating profit of the previous financial year (EUR 0,1 million without the divestment profit of the Group's real estate holdings). The quarterly review has been prepared by observing the entry and appreciation principles of the IFRS standards and in accordance with the same principles of closing the accounts as with the final accounts in 2009, but not all the requirements of the IAS 34 Quarterly Review standard have been observed in its preparation. FINANCIAL DEVELOPMENT Panostaja Group Panostaja Group's net sales were MEUR 29.0 (MEUR 28.8) during the quarterly period ending. The growth in net sales resulted from the business acquisitions realized during the previous financial period, the effect of which was MEUR 5.1 on the review period net sales. Net sales of the Group were weakened in particular by the strong decline in the segments serving the technology industry as well as the transfer of planned projects in the environmental industry segment to the future. The general recession that had started at the close of 2008 has not yet eased for the time being. Of the Group's segments engaged in business, five exceeded last year's net sales level and eight remained at the net sales level of last year. Net sales rose in the following segments: Spare Parts for Motor Vehicles, Digital Printing Services, Fittings, Value-Added Logistics and Safety. Net sales declined in the following segments: Technochemical, Supports, Fasteners, the Carpentry Industry, HEPAC Wholesale, Heat Treatment, Takoma and Environmental Business. The Group's operating loss was MEUR -2.6 (MEUR -0.6) and profit before taxes was MEUR -3.0 (MEUR -1.0). The operating margin was -8.8%(-2.0%). The net financing costs of the Group were approximately MEUR -0.5 (MEUR -0.4). The total number of personnel in the Group during the review period was, on average, 826 (761) people. The profitability of the Group was improved by the growth in operating profit in the Digital Printing Services and Spare Parts for Motor Vehicles segments. Profitability was particularly weakened by the deterioration in the profitability of the segments serving the technology industry - Takoma, Value-Added Logistics and Heat Treatment - as well as the operating loss in the Environmental Technology segment and in the Safety segment one-time costs caused by the change of residence and the integration of operations. Segment inspection The net sales in the Safety segment increased from MEUR 3.1 to MEUR 4.5 with the purchase of the Bewator company. Operating loss grew from MEUR -0.5 to MEUR -0.7. Profitability deteriorated as a result of the integration of operations and one-time costs caused by the change. The net sales of HEPAC Wholesale remained on the level of the previous year - MEUR 4.3 - and operating profit was MEUR 0.0. Net sales leaned towards renovation construction with rebuilding being minimal. The net sales of the Takoma segment declined from MEUR 4.6 to MEUR 2.5, and operating profit dropped from MEUR 0.0 to a loss of MEUR -0.7. The vigorous decline results from the strong deterioration in demand from technology industry customers. Net sales in the Digital Printing Services segment grew from MEUR 3.1 to MEUR 4.3 and operating profit from MEUR 0.3 to MEUR 0.4. This growth is explained by the purchase of the Sokonet company and the new clientele. The profitability of the segmentin was weakened by the one-time cost of moving to the new operational premises in Jyväskylä and Joensuu. Net sales in the Fittings segment grew from MEUR 2.6 to MEUR 2.8, but owing to development measures, operating profit declined from MEUR 0.3 to MEUR 0.2. In both construction and fixture Supports, customer demand is slowly recuperating. Net sales in the Value-Added Logistics segment grew from MEUR 2.8 to MEUR 3.6, but operating loss deteriorated from MEUR 0.0 to MEUR -0.4. Net sales were increased by the corporate acquisition of CLO Pakkaukset Oy. Profitability was weakened by the low volume of clients functioning in the technology industry. Net sales in the Heat Treatment segment declined from MEUR 1.9 to MEUR 1.2 and the MEUR 0.2 operating profit turned to MEUR -0.1 operating loss. Demand for thermal treatment services is post-cyclical, and investments for new equipment stock have been transferred to the future as a result of the recession. Net sales in the Spare Parts for Motor Vehicles segment grew from MEUR 1.6 to MEUR 1.9 and operating profit from MEUR 0.1 to MEUR 0.2. The fall in sales for new vehicles has raised the demand for spare parts. Net sales in the Environmental Technology segment declined from MEUR 1.4 to MEUR 0.8 and the operating loss grew from MEUR -0.2 to MEUR -0.8. The investments in environmental technology are still frozen as a result of the recession and the projects planned or offered have been transferred to the future. Net sales in the Carpentry Industry segment declined from MEUR 1.4 to MEUR 1.2, but the MEUR -0.2 operating loss turned to MEUR 0.0 operating profit. The development of net sales is halted by the low volume of construction. The improvement in profitability is explained by the boosted efficiency in operative functions. In the Supports segment, net sales declined from MEUR 0.9 to 0.8 and operating profit remained at MEUR 0.0. The low volume of rebuilding in Finland, Russia and the Baltic keeps demand for Supports low. In the Fasteners segment, net sales dropped from MEUR 0.7 to MEUR 0.6 and operating loss remained at MEUR -0.1. The activities of clientele in the Fasteners segment are still on quite a low level. In the Technochemical segment, net sales declined from MEUR 0.7 to MEUR 0.6 and operating profit remained at MEUR 0.0. Net sales were particularly weakened by the deterioration in demand on the part of engineering products as a consequence of the recession in the technology industry and, due to weather conditions, the reduction in use of transport equipment-related maintenance chemicals. Significant changes have not occurred in other business segments. INVESTMENTS AND FINANCING The Group's gross investments during the first quarter were MEUR 1.4 (MEUR 2.8). The Group's cash flow from business operations was, despite the operating loss, MEUR 0.7 positive and liquidity was good. The Group's assets and financing securities, MEUR 23.6 (MEUR 40.5), enable the implementation of a growth strategy. The Group's equity ratio was 33.0% (33.0%) and net debts with interest totalled MEUR 31.2 (MEUR 21.0). The exchangeable capital loan of Panostaja Oyj from net debts was MEUR 17.2 (MEUR 17.2). The general Annual Meeting (27 Jan. 2010) approved the Board's proposal for the distribution of dividends. Dividends were distributed at a rate of 0.12 euros per share. The matching date for distribution of dividends was 1 Feb. 2010 and the starting payment date 8 Feb. 2010. Dividends were paid to the shareholders of the parent company to a total of MEUR 5.5. GROUP STRUCTURE CHANGES As of the financial period 1 November 2009 - 31 October 2010, starting with the first-quarter review, the business operations of Panostaja Group shall be reported in fourteen segments, which are: Safety, HEPAC Wholesale, Takoma, Digital Printing Services, Supports, Value-Added Logistics, Heat Treatment, Spare Parts for Motor Vehicles, Environmental Technology, Carpentry Industry, Fasteners, Fittings, Technochemical and Others. The new reporting segments have been assembled because they mutually produce various products and services. The Group's primary segment reporting is based on the business segments. The Group has no subsidiary segment distribution. EVENTS AFTER THE REVIEW PERIOD There are no events after the review period. ADMINISTRATION AND ANNUAL MEETING Panostaja Oyj's general Annual Meeting was held on 27 January 2010 in Tampere. Matti Koskenkorva, Jukka Ala-Mello, Hannu Tarkkonen, Hannu Martikainen and Hannu Ketola were again appointed to Panostaja Oyj's Board of Directors along with new member Satu Eskelinen. Immediately after the Annual Meeting, in the Board's organizational meeting, Matti Koskenkorva was appointed Chairperson with Jukka Ala-Mello as Vice-Chairperson. Authorized Public Accountant Eero Suomela and authorized body of public accountants PricewaterhouseCoopers Oy were selected as general chartered accountants with Authorized Public Accountant Janne Rajalahti as responsible public accountant. The Annual Meeting approved the closing of the accounts 1 Nov. 2008 - 31 Oct. 2009 as well as the proposal of the Board to transfer the profit of the financial period to the profit funds and that dividends would be distributed at a rate of 0.12 euros per share. The matching date for distribution of dividends was 1 Feb. 2010 and the starting payment date was 8 Feb. 2010. In addition, the Annual Meeting granted exemption from liability to the members of the Board and to the Managing Director. Moreover, the general Annual Meeting cancelled the power of attorney over the acquisition of its own shares assigned during the Annual Meeting of 26 Jan. 2009 and authorized the Board of Directors to decide on the acquisition of its own shares, so that personal shares would be acquired together or in several instalments so that, on the basis of the authorization, it is possible to acquire personal shares to a maximum number which, together with the personal shares held by the company or as security by others in its subsdiaries, is, at maximum, one-tenth of all the company's shares. The shares are acquired otherwise in relation to the ownership of the shareholders in public trade arranged by NASDAQ OMX Helsinki Oy at the prevailing market price at the time. In acquiring shares, the rules of NASDAQ OMX Helsinki Oy and Euroclear Finland Oy are observed. Authorization shall be in effect for 18 months from authorization issue. The Board of Directors has not used the authorization granted by the Annual Meeting to acquire its own shares during the review period. In addition, the Annual Meeting approved the proposal of the Board to revise company by-law 8 § as follows: ”8 § Invitation to Annual Meeting and participation therein The invitation to the Annual Meeting must be delivered to the shareholders at the earliest two (2) months and at the latest three (3) weeks prior to the meeting, and at least nine days prior to the Annual Meeting's matching date by registered letters posted with the addresses marked in the company's list of shareholders, in another demonstrable manner, or by publishing the invitation to the meeting at least in conjunction with a newspaper having national circulation specified by the Annual Meeting. In order to be able to participate in the Annual Meeting, the shareholder must register with the company no later than the day mentioned in the invitation to the meeting, which may be at earliest ten (10) days prior to the Annual Meeting.” SHARE CAPITAL AND OWN SHARES At the close of the review period, Panostaja Oyj's share capital was 5,529,081.60 euros. The total number of shares is 47,403,110. In accordance with the Annual Meeting on 26 Jan. 2009 and the decisions of the Board, Panostaja Oyj transferred the total of 5,585 individual shares as meeting fees to the members of the Board on 18 Dec. 2009. The total number of shares held by the company at the end of the review period was 1,283,624 individual shares. Personal shares corresponded to 2.7 percent of the share quantity and number of votes at the end of the entire review period. CAPITAL LOAN The amount of debt of the exchangeable capital loan in 2006 was, at the end of the review period, 17,212,500 euros, and this entitles a total of 10,125,000 as a new share entry. During the review period, no new shares have been marked with the capital loan. SHARE PRICE DEVELOPMENT AND SHARE OWNERSHIP Panostaja Oyj's share price varied during the review period between 1.34 euros and 1.75 euros. The exchange of shares totalled 2,259,354 individual shares, which represents 4.9% of share capital. The January share closing rate was 1.57 euros. The market value of the company's share capital at the end of January was MEUR 74.4 and the company had 4,137 shares (3,005). NEAR-FUTURE RISKS AND FACTORS OF UNCERTAINTY The most significant risks of Panostaja Group have been described in the final accounts. The near-future risks are particularly connected with the success of the integration of companies acquired and the completion of decided operational structural changes. The strong deterioration in the general economic situation has caused a lengthening downswing in customer demand and transformation of investments especially in segments serving the technology industry. In the case the downturn in the technology industry continues and investments in environment technology segment transfers, it may cause a need to write down Group's goodwill. Furthermore credit losses are more probable during this financial period than the previous. The aim of Panostaja is to divest the 27 per cent share of Real Estate Fund PE Kiinteistörahasto I Ky, which would mean, in the case of actualization, operating profit of circa MEUR 1.6. However, a weak situation in real estate markets may postpone the realization of the Real Estate share. PROSPECTS FOR THE FINAL ACCOUNT PERIOD Panostaja Group shall further concentrate on its business idea and the development of its current business areas. The transfer of the large age groups to retirement, increasingly vigorous continuous changes in the business environment of companies and internationalization shall bring a large group of enterprises to the market for purchase in the years to come. Panostaja's operational prerequisites, available capital and liquid assets establish a good foundation for vigorous expansion of its operations. The increasing business offering in traditional fields amongst functional SMEs is enabling both expansion into new business areas and growth in current ones. Economic trend expectations in the fields of current business area are strongly tied to the prospects of client enterprises. Although the trend expectations have changed in many fields in a positive direction, the turn of the economy towards permanent growth is still subject to uncertainty. In the various business areas of Panostaja Group, the prospects still vary from weakening to guardedly positive. Even if a permanent turn to the better were to occur in the economic trends, the market also offers sufficient opportunities for corporate acquisitions, and it is the purpose of the growth strategy of Panostaja to achieve growth through controlled company purchases, especially in existent business areas. With a change in market situation, the divestment of some business areas may become timely. The turnover of Panostaja Group is still expected to increase from previous financial year but the operating profit of the financial year is expected to be lower than the operating profit of previous financial year. However the operating profit of the financial year is expected to clearly surpass the operating profit of the previous financial year (EUR 0,1 million without the divestment profit of the Group's real estate holdings). Panostaja Oyj Board of Directors For further information, contact Juha Sarsama, Managing Director: tel. +358 (0)40 774 2099. Panostaja Oyj Juha Sarsama Managing Director All forecasts and assessments presented in this final accounts announcement are based on the current outlook of the Group and the Mangement of the various business areas with regard to the state of the economy and its development, and the results attained may even be substantially different. The quarterly report-based information has not been audited. FINANCIAL INFORMATION STATEMENT OF EARNINGS -------------------------------------------------------------------------------- | | 11/09-1/10 | 11/08-1/09 | 11/08-10/09 | -------------------------------------------------------------------------------- | (1,000 euros) | 3 months | 3 months | 12 months | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 28,964 | 28,769 | 120,050 | -------------------------------------------------------------------------------- | Other business yields | 49 | 224 | 5,040 | -------------------------------------------------------------------------------- | Costs in total | 30,622 | 28,698 | 116,708 | -------------------------------------------------------------------------------- | Depreciation and decreases in | 944 | 872 | 4,087 | | value | | | | -------------------------------------------------------------------------------- | Operating profit/loss | -2,553 | -577 | 4,295 | -------------------------------------------------------------------------------- | Financial yields and costs | -467 | -414 | -2,266 | -------------------------------------------------------------------------------- | Share of associated company | 0 | 0 | 23 | | profits | | | | -------------------------------------------------------------------------------- | Profit before taxes | -3,020 | -991 | 2,052 | -------------------------------------------------------------------------------- | Taxes on income | 907 | 0 | 707 | -------------------------------------------------------------------------------- | Profit/loss on continuous | -2,113 | -991 | 1,345 | | business | | | | -------------------------------------------------------------------------------- | Profit/loss on business sold | 0 | 0 | 0 | -------------------------------------------------------------------------------- | Profit/loss on financial period | -2,113 | -991 | 1,345 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Distribution | | | | -------------------------------------------------------------------------------- | Parent company to shareholders | -1,387 | -909 | 693 | -------------------------------------------------------------------------------- | To minority | -726 | -82 | 652 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Result/share from | -0.030 | -0.020 | 0.015 | | | continuous business €, | | | | | | undiluted | | | | | -------------------------------------------------------------------------------- | Result/share from | -0.030 | -0.020 | 0.015 | | | continuous business €, | | | | | | diluted | | | | | -------------------------------------------------------------------------------- | Result/share from business | 0.000 | 0.000 | 0.000 | | | sold €, undiluted | | | | | -------------------------------------------------------------------------------- | Result/share from | 0.000 | 0.000 | 0.000 | | | continuous business €, | | | | | | diluted | | | | | -------------------------------------------------------------------------------- | Result/share from | -0.030 | -0.020 | 0.015 | | | continuous business and | | | | | | business sold €, undiluted | | | | | -------------------------------------------------------------------------------- | Result/share from | -0.030 | -0.020 | 0.015 | | | continuous business and | | | | | | business sold €, diluted | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EXTENSIVE STATEMENT OF EARNINGS | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Result from period | | -2,113 | -991 | 1,345 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Extensive statement of | | | | | | | earnings items | | | | | | -------------------------------------------------------------------------------- | Translation differences | | | 32 | -155 | -117 | -------------------------------------------------------------------------------- | Extensive result from | | | -2,090 | -1,146 | 1,228 | | period | | | | | | -------------------------------------------------------------------------------- BALANCE SHEET -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 1,000 euros | 01/2010 | 01/2009 | 10/2009 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | ASSETS | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Long-term assets | | | | -------------------------------------------------------------------------------- | Intangible goods | 41,842 | 29,689 | 41,772 | -------------------------------------------------------------------------------- | Tangible goods | 11,590 | 19,192 | 11,140 | -------------------------------------------------------------------------------- | Shares in associated companies | 2,835 | 1,810 | 2,835 | -------------------------------------------------------------------------------- | Other long-term assets | 7,312 | 7,274 | 6,311 | -------------------------------------------------------------------------------- | Accounts with interest | 40 | 69 | 40 | -------------------------------------------------------------------------------- | Long-term assets: total | 63,619 | 58,034 | 62,098 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Short-term assets | | | | -------------------------------------------------------------------------------- | Inventories | 22,577 | 24,119 | 23,021 | -------------------------------------------------------------------------------- | Sales receivables and other receivables | 19,391 | 18,921 | 22,001 | | without interest | | | | -------------------------------------------------------------------------------- | Financing securities | 2,996 | 0 | 1,979 | -------------------------------------------------------------------------------- | Financial resources | 23,588 | 40,534 | 26,322 | -------------------------------------------------------------------------------- | Short-term assets: total | 68,552 | 83,574 | 73,323 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Assets in total | 132,171 | 141,607 | 135,421 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY AND DEBTS | | | | -------------------------------------------------------------------------------- | Share capital | 5,529 | 5,529 | 5,529 | -------------------------------------------------------------------------------- | Other equity | 24,396 | 29,858 | 31,191 | -------------------------------------------------------------------------------- | Total | 29,925 | 35,387 | 36,720 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Minority share | 13,521 | 11,234 | 14,560 | -------------------------------------------------------------------------------- | Equity: total | 43,446 | 46,621 | 51,280 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Debts | | | | -------------------------------------------------------------------------------- | Calculated tax debt | 1,694 | 1,753 | 1,730 | -------------------------------------------------------------------------------- | Convertible debenture loan | 16,890 | 16,906 | 17,006 | -------------------------------------------------------------------------------- | Long-term debts | 33,517 | 41,160 | 33,284 | -------------------------------------------------------------------------------- | Short-term debts | 36,624 | 35,166 | 32,121 | -------------------------------------------------------------------------------- | Debts in total | 88,725 | 94,986 | 84,141 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity and debts in total | 132,171 | 141,607 | 135,421 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- CASH FLOW CALCULATION -------------------------------------------------------------------------------- | | 01/2010 | 01/2009 | 10/2009 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Business net cash flow | 651 | -433 | 2,040 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net cash flow from investments | -995 | -2,660 | -12,470 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Issue of shares from subsidiaries to | 0 | 0 | 2,803 | | minorities | | | | -------------------------------------------------------------------------------- | Outside capital increase | 486 | 696 | 6,520 | -------------------------------------------------------------------------------- | Outside capital deduction | -1,551 | -2,818 | -10,094 | -------------------------------------------------------------------------------- | Paid dividends | -322 | -24 | -5,875 | -------------------------------------------------------------------------------- | Acquisition/sale of own shares | 8 | -244 | -642 | -------------------------------------------------------------------------------- | Net cash flow from financing: total | -1,379 | -2,389 | -7,288 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in cash flows | -1,723 | -5,482 | -17,718 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CALCULATION | | | | | | | | | OF GROUP'S | | | | | | | | | EQUITY | | | | | | | | | CHANGES | | | | | | | | -------------------------------------------------------------------------------- | 1 000 euros | | | | | | | | -------------------------------------------------------------------------------- | | Share | Premiu | Invest | Transl | Profit | Minorit | Total | | | capita | m fund | ed | ation | funds | y | | | | l | | non-ti | differ | | | | | | | | ed | ences | | | | | | | | equity | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity 1 | 5,529 | 4,647 | 12,403 | -6 | 19,669 | 11,562 | 53,804 | | Nov. 2008 | | | | | | | | -------------------------------------------------------------------------------- | Costs of | | | 23 | | | | 23 | | share-based | | | | | | | | | payments | | | | | | | | -------------------------------------------------------------------------------- | Profit on | | | | | -909 | -82 | -991 | | financial | | | | | | | | | period | | | | | | | | -------------------------------------------------------------------------------- | Recorded | | | 23 | | -909 | -82 | -968 | | yields and | | | | | | | | | costs in | | | | | | | | | total | | | | | | | | | during | | | | | | | | | financial | | | | | | | | | period | | | | | | | | -------------------------------------------------------------------------------- | Distributio | | | | | -5,569 | -260 | -5,829 | | n of | | | | | | | | | dividends | | | | | | | | -------------------------------------------------------------------------------- | Acquisition | | | -252 | | | | -252 | | of own | | | | | | | | | shares | | | | | | | | -------------------------------------------------------------------------------- | Sale of own | | | 8 | | | | 8 | | shares | | | | | | | | -------------------------------------------------------------------------------- | Translation | | | | -155 | | | -155 | | differences | | | | | | | | -------------------------------------------------------------------------------- | Acquisition | | | | | | 13 | 13 | | of minority | | | | | | | | | shares | | | | | | | | -------------------------------------------------------------------------------- | Equity 31 | 5,529 | 4,647 | 12,182 | -161 | 13,190 | 11,234 | 46,621 | | Jan. 2009 | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity 1 | 5,529 | 4,647 | 11,876 | -123 | 14,792 | 14,560 | 51,280 | | Nov. 2009 | | | | | | | | -------------------------------------------------------------------------------- | Costs of | | | 17 | | | | 17 | | share-based | | | | | | | | | payments | | | | | | | | -------------------------------------------------------------------------------- | Profit on | | | | | -1,387 | -726 | -2,113 | | financial | | | | | | | | | period | | | | | | | | -------------------------------------------------------------------------------- | Recorded | | | 17 | | -1,387 | -726 | -2,096 | | yields and | | | | | | | | | costs in | | | | | | | | | total | | | | | | | | | during | | | | | | | | | financial | | | | | | | | | period | | | | | | | | -------------------------------------------------------------------------------- | Equity | | | 68 | | | | 68 | | share of | | | | | | | | | exchangeabl | | | | | | | | | e capital | | | | | | | | | loan | | | | | | | | -------------------------------------------------------------------------------- | Distributio | | | | | -5,534 | -313 | -5,847 | | n of | | | | | | | | | dividends | | | | | | | | -------------------------------------------------------------------------------- | Sale of own | | | 8 | | | | 8 | | shares | | | | | | | | -------------------------------------------------------------------------------- | Translation | | | | 32 | | | 32 | | differences | | | | | | | | -------------------------------------------------------------------------------- | Equity 31 | 5,529 | 4,647 | 11,969 | -91 | 7,871 | 13,521 | 43,446 | | Jan. 2010 | | | | | | | | -------------------------------------------------------------------------------- KEY FIGURES -------------------------------------------------------------------------------- | | 01/2010 | 01/2009 | 10/2009 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity per share, € | 0.65 | 0.76 | 0.80 | -------------------------------------------------------------------------------- | Average number of shares during | 46,116 | 46,343 | 44,324 | | financial period, 1,000 | | | | -------------------------------------------------------------------------------- | Number of shares at end of | 47,403 | 47,403 | 47,403 | | financial period, 1,000 | | | | -------------------------------------------------------------------------------- | Average number of shares, 1,000 | 56,242 | 56,468 | 56,449 | -------------------------------------------------------------------------------- | Return on Equity, % | -17.9 | -7.9 | 2.6 | -------------------------------------------------------------------------------- | Return on Investment, % | -9.2 | 0.3 | 4.7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Gross investments | | | | -------------------------------------------------------------------------------- | To permanent assets (MEUR) | 1.4 | 2.8 | 23.0 | -------------------------------------------------------------------------------- | % of net sales | 4.8 | 9.7 | 19.2 | -------------------------------------------------------------------------------- | Debts with interest | 58,385 | 62,024 | 59,221 | -------------------------------------------------------------------------------- | Equity ratio, % | 33.0 | 33.0 | 37.9 | -------------------------------------------------------------------------------- | Average number of personnel | 826 | 761 | 790 | -------------------------------------------------------------------------------- In calculating the key figures, the shares in the possession of the company have been eliminated. GROUP DEVELOPMENT ON A QUARTERLY BASIS -------------------------------------------------------------------------------- | (MEUR) | IFR | IFR | IFR | IFR | IFR | IFR | IFR | IFRS | | IFRS | IFRS | | | S | S | S | S | S | S | S | | | | | -------------------------------------------------------------------------------- | | Q2/ | Q3/ | Q4/ | Q1/ | Q2/ | Q3/ | Q4/ | Q1/1 | | Q4/0 | Q1/0 | | | 08 | 08 | 08 | 09 | 09 | 09 | 09 | 0 | | 8 | 9 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net | 28. | 31. | 35. | 28. | 30. | 27. | 33. | 29.0 | | 35,8 | 28,8 | | sales | 4 | 0 | 8 | 8 | 5 | 3 | 5 | | | | | -------------------------------------------------------------------------------- | Other | 0.1 | 0.1 | 0.4 | 0.2 | 0.1 | 0.3 | 4.5 | 0.0 | | 0,4 | 0,2 | | busine | | | | | | | | | | | | | ss | | | | | | | | | | | | | yields | | | | | | | | | | | | -------------------------------------------------------------------------------- | Costs | 26. | 28. | 31. | 28. | 28. | 26. | 33. | 30.6 | | 31,9 | 28,7 | | in | 6 | 3 | 9 | 7 | 0 | 8 | 3 | | | | | | total | | | | | | | | | | | | -------------------------------------------------------------------------------- | Deprec | 0.7 | 1.2 | 1.0 | 0.9 | 0.8 | 1.0 | 1.4 | 0.9 | | 1,0 | 0,9 | | iation | | | | | | | | | | | | -------------------------------------------------------------------------------- | Operat | 1.2 | 1.6 | 3.2 | -0. | 1.8 | -0. | 3.3 | -2.6 | | 3,2 | -0,6 | | ing | | | | 6 | | 2 | | | | | | | profit | | | | | | | | | | | | -------------------------------------------------------------------------------- | Financ | -0. | -0. | -0. | -0. | -0. | -0. | -0. | -0.4 | | -0,4 | -0,4 | | ing | 6 | 7 | 4 | 4 | 7 | 8 | 4 | | | | | | items | | | | | | | | | | | | -------------------------------------------------------------------------------- | Profit | 0.6 | 0.9 | 2.8 | -1. | 1.1 | -1. | 3.0 | -3.0 | | 2,8 | -1,0 | | before | | | | 0 | | 0 | | | | | | | taxes | | | | | | | | | | | | -------------------------------------------------------------------------------- | Taxes | 0.0 | -0. | -1. | 0.0 | -0. | 0.4 | -0. | 0.9 | | 0,2 | 0,0 | | | | 3 | 3 | | 4 | | 7 | | | | | -------------------------------------------------------------------------------- | Minori | 0.7 | -0. | -0. | -0. | -0. | 0.0 | -0. | -0.7 | | 0,5 | -0,1 | | ty | | 4 | 5 | 1 | 1 | | 1 | | | | | | share | | | | | | | | | | | | -------------------------------------------------------------------------------- | Profit | -0. | 1.9 | 1.6 | -0. | 0.6 | -0. | 2.2 | -1.4 | | 1,6 | -0,9 | | on | 7 | | | 9 | | 6 | | | | | | | contin | | | | | | | | | | | | | uous | | | | | | | | | | | | | busine | | | | | | | | | | | | | ss | | | | | | | | | | | | -------------------------------------------------------------------------------- | Profit | 1.7 | | 0.5 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | | 0,5 | 0,0 | | on | | 8.1 | | | | | | | | | | | busine | | | | | | | | | | | | | ss | | | | | | | | | | | | | sold | | | | | | | | | | | | -------------------------------------------------------------------------------- | Profit | 1.0 | 10. | 2.1 | -0. | 0.6 | -0. | 2.2 | -1.4 | | 2,1 | -0,9 | | on | | 0 | | 9 | | 6 | | | | | | | financ | | | | | | | | | | | | | ial | | | | | | | | | | | | | period | | | | | | | | | | | | -------------------------------------------------------------------------------- GUARANTEES GIVEN -------------------------------------------------------------------------------- | 1,000 euros | 1Q/10 | 1Q/09 | 2009 | -------------------------------------------------------------------------------- | Guarantees given on behalf of Group | | | | | companies | | | | -------------------------------------------------------------------------------- | Mortgages on property | 0 | 8,234 | 0 | -------------------------------------------------------------------------------- | Corporate mortgages | 30,847 | 30,955 | 30,747 | -------------------------------------------------------------------------------- | Securities given | 52,479 | 48,182 | 52,162 | -------------------------------------------------------------------------------- | Other liabilities | 1,077 | 93 | 166 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other rental agreements | | | | -------------------------------------------------------------------------------- | In one year | 4,905 | 2,044 | 4,537 | -------------------------------------------------------------------------------- | Over one year but wihin five years at | 12,754 | 3,689 | 9,007 | | maximum | | | | -------------------------------------------------------------------------------- | In over five years | 4,187 | 251 | 4,443 | -------------------------------------------------------------------------------- | Total | 21,846 | 5,984 | 17,987 | -------------------------------------------------------------------------------- The nominal or book value has been used as the value of liabilities. SEGMENT INFORMATION As of the beginning of the financial period, the Group has initialized the renewed IFRS 8 Operation Segments standard. In the Group's segment reporting, the business segment has primarily been specified in segment reporting form. The Group reported on fourteen business segments from the review period. The Group has no subsidiary segment distribution. -------------------------------------------------------------------------------- | Net sales (€1,000) | 1Q/10 | 1Q/09 | -------------------------------------------------------------------------------- | Safety | 4,524 | 3,065 | -------------------------------------------------------------------------------- | HEPAC Wholesale | 4,307 | 4,341 | -------------------------------------------------------------------------------- | Takoma | 2,518 | 4,581 | -------------------------------------------------------------------------------- | Digital Printing Services | 4,318 | 3,079 | -------------------------------------------------------------------------------- | Fittings | 2,801 | 2,637 | -------------------------------------------------------------------------------- | Value-Added Logistics | 3,628 | 2,808 | -------------------------------------------------------------------------------- | Heat Treatment | 1,227 | 1,928 | -------------------------------------------------------------------------------- | Spare Parts for Motor Vehicles | 1,878 | 1,580 | -------------------------------------------------------------------------------- | Environmental Technology | 776 | 1,394 | -------------------------------------------------------------------------------- | Carpentry Industry | 1,214 | 1,360 | -------------------------------------------------------------------------------- | Supports | 758 | 865 | -------------------------------------------------------------------------------- | Fasteners | 584 | 747 | -------------------------------------------------------------------------------- | Technochemical | 551 | 671 | -------------------------------------------------------------------------------- | Other | 0 | 0 | -------------------------------------------------------------------------------- | Eliminations | -118 | -287 | -------------------------------------------------------------------------------- | Group in total | 28,964 | 28,769 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating profit (€1,000) | 1Q/10 | 1Q/09 | -------------------------------------------------------------------------------- | Safety | -664 | -479 | -------------------------------------------------------------------------------- | HEPAC Wholesale | 2 | 6 | -------------------------------------------------------------------------------- | Takoma | -668 | 16 | -------------------------------------------------------------------------------- | Digital Printing Services | 416 | 278 | -------------------------------------------------------------------------------- | Fittings | 169 | 88 | -------------------------------------------------------------------------------- | Value-Added Logistics | -420 | -23 | -------------------------------------------------------------------------------- | Heat Treatment | -112 | 169 | -------------------------------------------------------------------------------- | Spare Parts for Motor Vehicles | 169 | 88 | -------------------------------------------------------------------------------- | Environmental Technology | -835 | -157 | -------------------------------------------------------------------------------- | Carpentry Industry | 33 | -161 | -------------------------------------------------------------------------------- | Supports | 18 | 6 | -------------------------------------------------------------------------------- | Fasteners | -88 | -55 | -------------------------------------------------------------------------------- | Technochemical | -22 | 9 | -------------------------------------------------------------------------------- | Other | -552 | -572 | -------------------------------------------------------------------------------- | Group in total | -2,553 | -577 | -------------------------------------------------------------------------------- SEGMENT INFORMATION ON A QUARTERLY BASIS -------------------------------------------------------------------------------- | Net sales (MEUR) | 1Q/09 | 2Q/09 | 3Q/09 | 4Q/09 | 1Q/10 | -------------------------------------------------------------------------------- | Safety | 3.1 | 3.7 | 4.8 | 7.3 | 4.5 | -------------------------------------------------------------------------------- | HEPAC Wholesale | 4.3 | 4.2 | 4.4 | 4.5 | 4.3 | -------------------------------------------------------------------------------- | Takoma | 4.6 | 4.6 | 2.3 | 3.8 | 2.5 | -------------------------------------------------------------------------------- | Digital Printing Services | 3.1 | 3.2 | 2.9 | 4.3 | 4.3 | -------------------------------------------------------------------------------- | Fittings | | 2.6 | 3.0 | 2.9 | 3.2 | 2.8 | -------------------------------------------------------------------------------- | Value-Added Logistics | | 2.8 | 2.5 | 2.1 | 2.0 | 3.6 | -------------------------------------------------------------------------------- | Heat Treatment | | | 1.9 | 1.9 | 1.8 | 1.7 | 1.2 | -------------------------------------------------------------------------------- | Spare Parts for Motor | | 1.6 | 1.7 | 1.9 | 2.2 | 1.9 | | Vehicles | | | | | | | -------------------------------------------------------------------------------- | Environmental | | 1.4 | 2.6 | 1.2 | 1.2 | 0.8 | | Technology | | | | | | | -------------------------------------------------------------------------------- | Carpentry Industry | | 1.4 | 1.2 | 1.1 | 1.1 | 1.2 | -------------------------------------------------------------------------------- | Supports | | | 0.9 | 0.8 | 0.7 | 0.9 | 0.8 | -------------------------------------------------------------------------------- | Fasteners | | 0.7 | 0.7 | 0.7 | 0.7 | 0.6 | -------------------------------------------------------------------------------- | Technochemical | | 0.7 | 0.6 | 0.5 | 0.7 | 0.6 | -------------------------------------------------------------------------------- | Other | | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | -------------------------------------------------------------------------------- | Eliminations | | -0.3 | -0.2 | -0.1 | -0.2 | -0.1 | -------------------------------------------------------------------------------- | Group in total | | 28.8 | 30.5 | 27.3 | 33.4 | 29.0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating profit (MEUR) | 1Q/09 | 2Q/09 | 3Q/09 | 4Q/09 | 1Q/10 | -------------------------------------------------------------------------------- | Safety | -0.5 | 0.7 | 0.0 | 0.2 | -0,7 | -------------------------------------------------------------------------------- | HEPAC Wholesale | 0.0 | -0.1 | 0.2 | 1.5 | 0.0 | -------------------------------------------------------------------------------- | Takoma | 0.0 | 0.3 | -0.4 | -0.2 | -0.7 | -------------------------------------------------------------------------------- | Digital Printing Services | 0.3 | 0.6 | 0.5 | 0.7 | 0.4 | -------------------------------------------------------------------------------- | Fittings | | 0.3 | 0.2 | 0.3 | 0.4 | 0.2 | -------------------------------------------------------------------------------- | Value-Added Logistics | | 0.0 | 0.0 | -0.1 | 0.5 | -0.4 | -------------------------------------------------------------------------------- | Heat Treatment | | 0.2 | 0.4 | 0.1 | -0.1 | -0.1 | -------------------------------------------------------------------------------- | Spare Parts for Motor | | 0.1 | 0.1 | 0.3 | 0.3 | 0.2 | | Vehicles | | | | | | | -------------------------------------------------------------------------------- | Environmental | | -0.2 | 0.2 | -0.9 | -1.4 | -0.8 | | Technology | | | | | | | -------------------------------------------------------------------------------- | Carpentry | | | -0.2 | 0.0 | 0.1 | 0.1 | 0.0 | | Industry | | | | | | | | -------------------------------------------------------------------------------- | Supports | | 0.0 | 0.1 | 0.1 | 0.9 | 0.0 | -------------------------------------------------------------------------------- | Fasteners | | -0.1 | -0.1 | 0.0 | 0.1 | -0.1 | -------------------------------------------------------------------------------- | Technochemical | | 0.0 | 0.0 | 0.0 | -0.4 | 0.0 | -------------------------------------------------------------------------------- | Other | | -0.6 | -0.5 | -0.4 | 0.8 | -0.6 | -------------------------------------------------------------------------------- | Group in total | | -0.6 | 1.8 | -0.3 | 3.3 | -2.6 | -------------------------------------------------------------------------------- Panostaja Oyj is an active majority owner in Finnish SMEs. Our mission is to develop Finnish entrepreneurship and enterprises in the long run. Together with our entrepreneur-partners we raise our companies to be one of the best companies in the business area and in doing so we create Finnish success stories. At the moment Panostaja Oyj has thirteen business areas. Oy Alfa-Kem Ab (Technochemical) manufactures and markets industrial chemicals, cleaning agents and institutional kitchen agents. Ecosir Group Oy (Environmental Technology) has specialized in waste and property management equipment solutions. Flexim Security Oy (Safety) is a specialist in safety technology and services, locking, door automation and access control products and solutions. Heatmasters Group (Heat Treatment) offers thermal treatment services for metals in Finland and internationally, and produces, develops and markets heat treatment technology. KL-Varaosat (Spare Parts for Motor Vehicles) is an importer, wholesale dealer and retailer for original spare parts and supplies intended for Mercedes Benz and BMW cars. Kopijyvä Oy and Sokonet Oy (Digital Printing Services) are two of Finland's largest companies offering digital printing services. Lämpö-Tukku Oy (HEPAC Wholesale) has specialized in HEPAC wholesale operations. Suomen Helakeskus Oy (Fittings) is a wholesale dealer concentrated on construction- and furniture-based fixtures. Suomen Kiinnikeskus Oy (Fasteners) serves its retailers nation-wide. Suomen Puunjalostus Oy (Carpentry Industry) engages in the carpentry industry, its main products being solid wood inner doors and wooden stairs. Takoma Oyj (Takoma) is a machine shop group with an entrepreneur-driven business model and is registered on the stock exchange. Toimex Oy (Supports) works in the HEPAC field, manufacturing and selling related supports. Vallog Oy (Value-Added Logistics) is a Finnish metal industry-centred company, specialized in manufacturing and logistics services together with CLO Pakkaukset Oy.
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