2017-03-02 09:00:01 CET
2017-03-02 09:00:01 CET
REGULATED INFORMATION
Panostaja Oyj - Interim report (Q1 and Q3)
Panostaja Oyj´s Interim Report: November 1, 2016-January 31, 2017
Panostaja Oyj Interim Report March 2, 2017, 10:00
a.m.
November 1, 2016-January 31, 2017 (3 months)
-- KotiSun continued its strong growth in the review period, with net sales
increasing by 53% from the reference period in the previous year. As a new
area of business, the company began offering room-specific intelligent
heating adjustment systems.
-- Grano’s net sales for the review period increased more than 10% from the
reference period in the previous year. EBIT dropped to MEUR 0.6 from last
year’s MEUR 1.3.
-- Net sales increased in six of the eight investment targets. Net sales for
the Group as a whole increased by 11.5% and stood at MEUR 45.4 (MEUR 40.7).
-- EBIT improved in three of the eight investment targets, but the EBIT of the
entire Group declined from MEUR 1.3 to MEUR 0.2.
-- Earnings per share (undiluted) were -1.90 cents (0.4 cents). The
profit/loss for the review period includes the additional purchase price
for the divestment of Flexim Security.
CEO Juha Sarsama:
“KotiSun was once again responsible for the strongest performance in the review
period, with an increase in net sales exceeding 50%. Conversely, Takoma and
Heatmasters faced the biggest challenges in terms of their bottom line, as
their market situation remained poor. The profit/loss for the review period was
further encumbered by Megaklinikka’s weak profit development, which was due to
the slower-than-expected growth in the customer numbers of the Stockholm
clinic. Grano’s net sales met our expectations, but the volume in the review
period largely concentrated in the lower profitability product groups. All in
all, the profitability development of the investment targets was slightly
weaker than expected in the review period.
The development measures in the investment targets continued. KotiSun expanded
its operations and began offering intelligent room-specific heat control
systems to residents of detached houses. This is a significant project in
KotiSun’s strategic transition toward securing more continuous customer
relationships. Grano continued to implement its corporate acquisition strategy
by purchasing the Vaasa-based Oy Fram Ab. Megaklinikka signed two new
agreements for the licensing of its ERP system for oral health care.
The corporate acquisitions market remained active in the period under review,
and the availability of new opportunities has been high. The markets still
provide opportunities for both new acquisitions and select divestments, and we
will continue to actively explore new corporate acquisition opportunities.”
MEUR Q1 Q1 12 months
---------------------------------------------------------------------
11/16- 11/15- 11/15-
1/17 1/16 10/16
---------------------------------------------------------------------
Net sales, MEUR 45.4 40.7 172.5
---------------------------------------------------------------------
EBIT, MEUR 0.2 1.3 9.0
---------------------------------------------------------------------
Profit before taxes, MEUR -0.3 0.6 7.0
---------------------------------------------------------------------
Profit/loss for the financial period, MEUR -0.5 1.6 9.2
---------------------------------------------------------------------
Earnings per share, undiluted (EUR) -0.02 0.00 0.07
---------------------------------------------------------------------
Equity per share (EUR) 0.70 0.75 0.77
---------------------------------------------------------------------
Operating cash flow (MEUR) 4.6 4.2 9.6
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Distribution of net sales by segment Q1 Q1 12 months
MEUR
---------------------------------------------------------------
Net sales 11/16- 11/15- 11/15-
1/17 1/16 10/16
---------------------------------------------------------------
Grano 23.3 21.2 88.2
---------------------------------------------------------------
KotiSun 10.0 6.5 31.9
---------------------------------------------------------------
KL-Varaosat 3.2 3.2 13.0
---------------------------------------------------------------
Selog 2.6 2.3 10.3
---------------------------------------------------------------
Takoma 1.8 3.2 10.2
---------------------------------------------------------------
Helakeskus 2.1 2.4 9.8
---------------------------------------------------------------
Megaklinikka 1.4 1.1 4.7
---------------------------------------------------------------
Heatmasters 0.9 0.9 4.5
---------------------------------------------------------------
Others 0.0 0.0 0.0
---------------------------------------------------------------
Eliminations 0.0 0.0 -0.1
---------------------------------------------------------------
Group in total 45.4 40.7 172.5
---------------------------------------------------------------
Distribution of EBIT by segment Q1 Q1 12 months
MEUR
----------------------------------------------------------
EBIT 11/16- 11/15- 11/15-
1/17 1/16 10/16
----------------------------------------------------------
Grano 0.6 1.3 7.8
----------------------------------------------------------
KotiSun 1.7 1.2 5.8
----------------------------------------------------------
KL-Varaosat 0.2 0.2 1.0
----------------------------------------------------------
Selog 0.1 0.1 0.7
----------------------------------------------------------
Takoma -0.5 -0.2 -1.2
----------------------------------------------------------
Helakeskus 0.0 0.1 0.3
----------------------------------------------------------
Megaklinikka -0.8 -0.3 -1.5
----------------------------------------------------------
Heatmasters -0.3 -0.3 -1.0
----------------------------------------------------------
Others -0.8 -0.8 -2.9
----------------------------------------------------------
Group in total 0.2 1.3 9.0
----------------------------------------------------------
Outlook for the 2017 Financial Period
The corporate acquisitions market has been active in the period under review,
and the availability of new opportunities has remained high. The need for SMEs
to utilize ownership arrangements and growth opportunities persists and, with
the companies’ own active operations supplementing external procurement
opportunities, there are still a sufficient number of corporate acquisition
opportunities in the markets. Panostaja aims to implement its strategy by means
of controlled acquisitions in current investment targets, and new potential
targets are also being actively studied. Divestment possibilities will also be
assessed actively, and slightly more widely than before, as part of the
ownership strategies of the investment targets.
Economic prospects in the fields of the existing investment targets remain
divided and partially marred by uncommonly high uncertainty. The demand for the
various investment targets is estimated to develop as follows in the short
term:
-- The demand of KotiSun, Selog and Helakeskus will remain good
-- The demand of Grano and KL-Varaosat will remain satisfactory
-- The demand of Takoma, Megaklinikka and Heatmasters will remain poor
Press Conference
Panostaja Oyj will arrange a press conference for analysts, investors and
representatives of the press at Hotel Scandic Simonkenttä, in Helsinki, address
Simonkatu 9 on Thursday, March 2, 2017 at 11:30 a.m.
The Interim Report will be available at the address www.panostaja.fi.
Panostaja Oyj
Board of Directors
For further information, contact CEO Juha Sarsama: tel. +358 (0)40 774 2099
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