2012-04-12 12:00:00 CEST
2012-04-12 12:00:03 CEST
REGULATED INFORMATION
Vaahto Group Plc Oyj - Interim report (Q1 and Q3)
VAAHTO GROUP INTERIM REPORT FOR 1 SEPTEMBER 2011 – 29 FEBRUARY 2012
Lahti, Finland, 2012-04-12 12:00 CEST (GLOBE NEWSWIRE) -- VAAHTO GROUP PLC OYJ
STOCK EXCHANGE BULLETIN 12.4.2012 at 13.00
VAAHTO GROUP INTERIM REPORT FOR 1 SEPTEMBER 2011 - 29 FEBRUARY 2012
Vaahto Group's turnover for 1 September 2011 - 29 February 2012 was 26.5 MEUR
(compared with 24.9 MEUR for the corresponding period in the previous financial
year), with an operating loss of 2.9 MEUR (comparative: operating loss 1.3
MEUR). Turnover increased by six per cent from the reference period's level,
but the operating result was weaker than in the comparative period. The Group's
order backlog decreased by six per cent and stood at 21.1 MEUR at the closing
of the period under review. Vaahto Group's profitability is expected to improve
in the latter part of the year, but the full-year result is still expected to
be negative.
Vaahto Paper Technology
The Paper Technology division's turnover during the period under review was
17.5 MEUR (17.4 MEUR), and the division made an operating loss of 2.1 MEUR
(operating loss 0.6 MEUR). Turnover increased by 0.4 per cent from the
reference period's figure, but the result remained clearly weaker than that of
the comparative period, on account of the low profitability of the project
business.
The most significant new order during the period under review was for the
modernisation of the pulp dryer at the Södra Cell Mönsterås pulp mill.
Profitability was heavily affected by the order from the InvestLesProm Group
(ILP) Kama mill in Russia, which, because of delays and economic problems on
the customer's side, still caused extra work, administration, and costs.
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 project business unit focuses on offering its key products,
headboxes and shoe pressers, to both European and Asian markets.
The company has made a strategic decision to focus on service business in the
Vaahto Paper Technology division, where possibilities for utilizing Vaahto's
paper-technology expertise have made themselves evident. Investments are being
made in product development and expansion of the product range, for attainment
of growth. The division's objective is to be a strong Nordic service
organisation.
Vaahto Process Technology
Vaahto Process Technology's turnover during the period under review was 9.0
MEUR (from 7.5 MEUR) and operating loss 0.8 MEUR (operating loss 0.7 MEUR). The
turnover improved 20% from the reference period's level, but the operating
result decreased slightly. The negative result was caused by weak profitability
in the vessel business.
The market situation where pricing is concerned remained difficult for the
division's vessel business, even though the number of confirmed orders and of
projects in the tender stage are rapidly growing. The order book doubled in
size during the period under review.
Vaahto Process Technology's market situation in the agitator business has
remained good, and the size of the order book is unchanged. Objectives for the
agitator business have almost been met, and the outlook for our agitator
operations for the latter part of the financial year is good. The agitator
business is considered one of the strategic areas of focus for the Group.
Research and development
The Group's research and development activities have focused on expanding the
product range of the Vaahto Paper Technology division. 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 0.5 MEUR
(1.1 MEUR). It consisted mainly of machine and equipment investments and
information systems for the Vaahto Paper Technology division's service
business.
Financing
The cash flow of the Group's business operations was -0.4 MEUR (-1.3 MEUR), and
the cash flow of investments -0.1 MEUR (7.7 MEUR) during the period under
review. The interest-bearing liabilities remained at 15.1 MEUR in the period
under review. The Group's consolidated balance sheet total was 33.4 MEUR (35.8
MEUR), with an equity ratio of 7.9% (22.8%). Measures have been taken in the
Group to improve the equity ratio.
Human resources
The average number of personnel employed by the Group during the period under
review was 341 (342).
Ari Viinikkala, M.Sc. (Econ.), has been appointed as CFO of Vaahto Group Plc
Oyj, serving in this capacity from 1 February 2012.
Authorisation for a share issue
The annual general meeting of 12 December 2011 authorised the Executive Board
to decide on the issuing of new shares in one or more tranches. The maximum
number of new shares that may be issued is 1,000,000. At maximum, the
authorisation for a share issue corresponds to approximately 33% of all shares
in the company. This authorisation entitles the Board to decide on all terms of
the share issue, including the right to deviate from the shareholders'
subscription privilege. The authorisation is valid until 31 December 2012
unless a general meeting amends or revokes the authorisation before that date.
International Financial Reporting Standards
The interim report has been prepared in accordance with International Financial
Reporting Standards (IFRS) IAS 34, Interim Financial Reporting.
Development prospects
General uncertainty about the economic situation and a highly challengingmarket situation in Vaahto Group's main fields of operation continue, making
forecasting difficult. The new strategy definitions are expected to improve the
Group's competitiveness, but results from this work are not expected to be seen
before the end of the year. Therefore Vaahto Group's result for the full
financial year is expected to be negative.
Vaahto Group interim management statement
Instead of an interim report, Vaahto Group Plc Oyj will publish the
management's interim statement for a period of nine months in the second half
of the 1 September 2011 - 31 August 2012 financial year. The management's
interim report will be published on 29 June 2012.
Events after the end of the period under review
The board of Vaahto Group has appointed Ari Viinikkala as acting CEO of Vaahto
Group Plc Oyj as of 4th April 2012. Former CEO, Anssi Klinga, has resigned and
will pursue his career outside Vaahto Group.
CONSOLIDATED STATEMENT OF COMPREHENSIVE Interim Interim Annual
INCOME, IFRS Report Report Report
1000 EUR 1.9.2011-29.2. 1.9.2010-28.2. 1.9.201
2012 2011 0-
6 months 6 months 31.8.20
11
12
months
Net sales 26 494 24 914 55 318
Change in finished goods -285 182 547
and work in progress
Production for own use 343 751 1 183
Other operating income 56 168 390
Share of profits of affiliated 14 2 -4
companies
Material and services -13 289 -12 052 -28 614
Employee benefit -9 954 -8 910 -17 586
expenses
Depreciations -1 002 -1 056 -2 115
Other operating expenses -5 301 -5 323 -10 424
Operating profit or loss -2 925 -1 325 -1 304
Financing income 10 287 320
Financing expenses -420 -402 -963
Profit or loss before taxes -3 335 -1 440 -1 946
Tax on income from operations -156 500 -172
Profit or loss for the period -3 491 -940 -2 118
Other comprehensive income:
Translation differences -8 -6 -1
Other comprehensive income, -8 -6 -1
net of tax
Total comprehensive income -3 500 -946 -2 120
Net profit or loss attributable:
Equity holders of the parent -3 476 -998 -2 225
Non-controlling interest -16 59 107
Total -3 491 -940 -2 118
Total comprehensive income
attributable:
Equity holders of the parent -3 484 -1 005 -2 226
Non-controlling interest -16 59 107
Total -3 500 -946 -2 120
Earnings per share calculated
on profit attributable to
equity holders of the parent:
EPS undiluted, euros/share -1,16 -0,34 -0,75
EPS diluted, euros/share -1,16 -0,34 -0,75
Average number of shares (1000 shares) 2 987 2 919 2 953
CONSOLIDATED Interim Interim Annual
BALANCE SHEET, IFRS Report Report Report
1000 EUR 29.2.2012 28.2.2011 31.8.20
11
Assets
Intangible assets 810 1 309 1 030
Goodwill 1 702 1 702 1 702
Tangible assets 10 658 10 919 10 907
Shares in affiliated companies 70 57 57
Non-current trade and other 44 44 44
receivables
Other long-term investments 10 11 11
Deferred tax asset 2 140 2 752 2 274
Non-current assets 15 434 16 795 16 026
Inventories 5 385 5 303 5 601
Trade receivables 12 283 12 067 14 124
and other receivables
Tax receivable, 2 0 0
income tax
Cash and bank 283 1 601 775
Current assets 17 953 18 970 20 500
Total assets 33 387 35 765 36 525
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 36 41 29
Retained earnings -3 825 859 -351
Equity attributable to 1 083 5 773 4 552
equity holders of the parent
Non-controlling interests 1 202 1 169 1 217
Shareholders' equity 2 285 6 942 5 768
Deferred tax liability 639 597 624
Long-term liabilities, interest-bearing 5 681 8 057 6 831
Non-current provisions 273 245 273
Non-current liabilities 6 593 8 899 7 728
Short-term liabilities, 9 394 4 690 8 269
interest-bearing
Trade payables and other liabilities 14 929 15 151 14 573
Tax liability 186 84 186
Current liabilities 24 509 19 925 23 028
Liabilities 31 102 28 823 30 757
Total equity and liabilities 33 387 35 765 36 525
KEY FIGURES, IFRS Interim Interim Annual
Report Report Report
1.9.2011-29.2. 1.9.2010-28.2. 1.9.201
2012 2011 0-
6 months 6 months 31.8.20
11
12 months
Operating profit or loss 1000 EUR -2 925 -1 325 -1 304
Operating profit or loss % of turnover -11,0 -5,3 -2,4
Return on equity %, 12 months 1) -173,4 -25,4 -31,0
Return on investment %, 12 months 1) -30,5 -9,4 -4,2
Earnings per share EUR -1,16 -0,34 -0,75
Shareholders' equity per share EUR 0,36 1,93 1,52
Solidity % 7,9 22,8 17,8
Gearing 647,4 160,6 248,3
Order backlog 1000 EUR 21 136 27 560 22 401
Gross investments 1000 EUR 532 1 148 1 876
Total average number of personnel 341 342 348
1) Return on equity % and return on investment % has been calculated by
converting the profit or loss for the reporting period September 1, 2011 -
February 29, 2012 to correspond the profit or loss for the fiscal period.
CONSOLIDATED FLOW OF Interim Interim Annual
FUNDS STATEMENT, IFRS Report Report Report
1000 EUR 1.9.2011-29.2. 1.9.2010-28.2. 1.9.201
2012 2011 0-
6 months 6 months 31.8.20
11
12 months
Profit or loss before taxes -3 335 -1 440 -1 946
Adjustments 1 393 962 2 429
Change in working capital 2 000 -670 -3 470
Financial income and expenses and taxes -417 -147 -843
Flow of funds from operations -359 -1 294 -3 831
Investments in tangible and -532 -1 148 -1 879
intangible assets
Income from sales of tangible 423 8 846 8 934
and intangible assets
Repayments of loans 0 0 1
Flow of funds from investments -108 7 698 7 055
Increase of the interest-bearing 1 175 2 902 5 329
liabilities
Decrease of the interest-bearing -1 200 -8 265 -8 338
liabilities
Flow of funds from financial items -25 -5 363 -3 009
Change of liquid funds -492 1 041 215
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY,
IFRS 1000 EUR
1000 EUR
Changes in Share Share Reserv Transl Re- Total Non-con Total
shareholders' capita premiu e fund ation tained trollin
equity l m differ earn- g
1.9.2011 - accoun ences ings interes
29.2.2012 t ts
Shareholders' 2 872 6 1 995 29 -351 4 552 1 217 5 768
equity in the
beginning of
the fiscal
period
Total 0 0 0 6 -3 474 -3 468 -15 -3 483
comprehensive
income
Shareholders' 2 872 6 1 995 36 -3 825 1 084 1 202 2 285
equity at the
end of the
period
Changes in Share Share Reserv Transl Re- Total Non-con Total
shareholders' capita premiu e fund ation tained trollin
equity l m differ earn- g
1.9.2010 - accoun ences ings interes
28.2.2011 t ts
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 Reserv Transl Re- Total Non-con Total
shareholders' capita premiu e fund ation tained trollin
equity l m differ earn- g
1.9.2010 - accoun ences ings interes
31.8.2011 t ts
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 -12 -2 214 -2 226 107 -2 120
comprehensive
income
Shareholders' 2 872 6 1 995 29 -351 4 552 1 217 5 768
equity at the
end of the
period
SEGMENT INFORMATION, IFRS
NET SALES BY OPERATING SEGMENTS, IFRS Interim Interim Annual
1000 EUR Report Report Report
1.9.2011-29.2. 1.9.2010-28.2. 1.9.201
2012 2011 0-
6 months 6 months 31.8.20
11
12
months
Vaahto Paper Technology 17 505 17 438 39 653
Vaahto Process Technology 9 038 7 512 15 707
Net sales -50 -36 -42
between segments
Group total 26 494 24 914 55 318
NET SALES BY MARKET AREAS, IFRS Interim Interim Annual
1000 EUR Report Report Report
1.9.2011-29.2. 1.9.2010-28.2. 1.9.201 2012 2011 0-
6 months 6 months 31.8.20
11
12
months
Finland 13 263 6 679 14 176
Other Europe 9 672 8 481 16 828
Asia 3 108 9 358 23 096
Africa 368 63 425
North America 83 300 436
Other 0 33 356
Group total 26 494 24 914 55 318
OPERATING PROFIT OR Interim Interim Annual
LOSS BY OPERATING Report Report Report
SEGMENTS, IFRS 1.9.2011-29.2. 1.9.2010-28.2. 1.9.201
1000 EUR 2012 2011 0-
6 months 6 months 31.8.20
11
12
months
Vaahto Paper Technology -2 089 -578 -102
Vaahto Process Technology -850 -740 -1 202
Operating profit or 14 -7 0
loss between segments
Group total -2 925 -1 325 -1 304
TOTAL AVERAGE NUMBER OF PERSONNEL BY Interim Interim Annual
OPERATING SEGMENTS Report Report Report
1.9.2011-29.2. 1.9.2010-28.2. 1.9.201
2012 2011 0-
6 months 6 months 31.8.20
11
12
months
Vaahto Paper Technology 219 226 223
Vaahto Process Technology 122 116 125
Group total 341 342 348
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 statement, for the fiscal period
that ended on August 31, 2011.
Dividends paid
During the period under review, Vaahto Group Plc Oyj paid no dividends.
Lahti, April 12, 2012
VAAHTO GROUP PLC OYJ
Board of Directors
Information:
Ari Viinikkala
acting CEO
tel. +358 400 127664
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