2009-06-11 09:00:00 CEST
2009-06-11 09:00:03 CEST
REGULATED INFORMATION
Panostaja Oyj - Interim report (Q1 and Q3)
PANOSTAJA GROUP INTERIM REPORT 1 November 2008 - 30 April 2009
Panostaja Oyj Stock Exchange bulletin 11 June 2009 10:00a.m PANOSTAJA GROUP INTERIM REPORT 1 November 2008 - 30 April 2009 Net turnover stood at EUR 59.3 million (EUR 54.3 million), equivalent to 9% growth. Operating profit stood at EUR 1.3 million (EUR 1.7 million). Earnings per share (basic) were -1.2 cents (3.8 cents). Equity per share was EUR 0.77 (EUR 0.74). The equity ratio was 35.6% (34.5%). The speedy downturn in the economy weakened the Group's profitability, despite the corrective measures taken. The Group's net turnover for the financial year is expected to surpass that for the previous financial year, but the operating profit for the financial year is expected to be down on the previous year. This Interim Report was prepared in compliance with the recognition and measurement principles of the International Financial Reporting Standards (IFRS) and in accordance with the same accounting policies as the financial statements for 2008. The interim report has been prepared in accordance with the IAS 34 , Interim Financial Reporting. GROUP FINANCIAL PERFORMANCE Panostaja Group's net turnover for the six months just ended was EUR 59.3 million (EUR 54.3 million). Growth in net turnover resulted from acquisitions made during the previous financial year, accounting for EUR 10.3 million of the turnover for the reporting period. Turnover for the Group's largest segment in terms of turnover (Wholesale Trade) during the first six months of the year fell by EUR 2.6 million, as that segment's corporate customers adjusted their inventories to the poorer levels of demand at the start of the calendar year. The fall in turnover for the joinery industry segment (EUR 1.6 million) was partly the result of the slowdown in (private) house building. The Group's operating profit stood at EUR 1.3 million (EUR 1.7 million), while profit before taxes was EUR 0.1 million (EUR 0.6 million). The operating margin was 2.1% (3.1%). The speedy downturn in the economy weakened the Group's profitability, despite the corrective measures taken. Profitability was mainly down in the Wholesale Trade segment, where the fall in turnover was most dramatic. The normal seasonal fluctuation associated with Panostaja's reporting periods increased because several corporate customers discontinued their activities around the end of the year. We were able to prevent the delay in the introduction of the enterprise resource planning system for LukkoexpertSecurity Oy reported during the first quarter and the company showed a profit for the reporting period. At the same time the operating loss for the Other Business segment diminished substantially compared to the reference period. The Group's net financial expenditure remained at about EUR -1.1 million. It employed an average of 763 (747) staff during the reporting period. Taxes due for the reporting period include EUR 0.2 million from the previous financial year. Furthermore, no tax demand has been recorded for the parent company's expenditure because the dividends from subsidiaries the company receives are free of tax. INVESTMENTS AND FINANCING The Group's gross capital expenditure during the first six months was EUR 9.3 million (EUR 9.7 million). The most important investments during the reporting period were the Bewator Oy and Puztec Oy acquisitions. Taxes paid (EUR -5.5 million) comprised the major part of the Group's cash flow being EUR -5.7 million negative. Panostaja Oyj paid taxes for the previous financial year in February 2009. They included the tax on Arme Oy's sales profit. The Group's liquidity, despite negative cash flow and the investments made, was good. Furthermore, logistical development work is under way in the Group, organised by Vallog Oy, which optimise the value of inventories in Panostaja's business segments (subgroups). The Group's cash and cash equivalents and short-term investments of EUR 26.4 million (EUR 35.6 million) enabled the realisation of the growth strategy. The Group's equity ratio was 35.6% (34.5%) and interest-bearing net liabilities stood at EUR 37.5 million (EUR 21.3 million). Panostaja Oyj's convertible subordinated loan accounted for EUR 17.2 million (EUR 18.2 million) of the net liabilities. The Annual General Meeting on 26 January 2009 adopted a proposal on a distribution of dividends. Dividends were distributed at EUR 0.12 per share. The record date for dividend distribution was 29 January 2009 and the payment date was from 5 February 2009. A total of EUR 5.6 million was paid in dividends to the parent's shareholders. CHANGES TO THE GROUP STRUCTURE During the reporting period Panostaja Oyj bought the entire share capital of Puztec Oy, which supplies tube conveyor systems. A total of 64% of the share capital became owned by Panostaja on 2 January 2009, with the rest transferring on 30 April 2009. With the acquisition, Panostaja expanded its business segment that specialises in environmental technology. Puztec Oy designs, manufactures and markets community and bio-waste tube conveyor systems and disposal shafts. The company's turnover in the financial year 2008 was around EUR 2 million. Its head office is in Kivenlahti, in Espoo. On 30 April 2009 Panostaja Oy bought the entire share capital of Bewator Oy, a company that delivers access control products and solutions, from Siemens. On completion Bewator changed its name to Flexim Security Oy. The company's customers are mainly large companies and the public sector. Its head office is in Helsinki and there are regional offices in Turku and Tampere. Bewator Oy's turnover was EUR 11.6 million and its operating profit was EUR 1.5 million in the financial year 1 October 2007 - 30 September 2008. The price paid for the company is estimated at EUR 8.1 million. The final figure is to be confirmed by 29 June 2009. A total of EUR 6.9 million of the purchase price was paid at the time of the conclusion of the sale. The remaining EUR 1.2 million is to be paid in three separate instalments, based on certain conditions, over the next three years. LukkoExpert Security Oy is an expert in locks, door automation and security technology and services and belongs to Panostaja's locks and security business area. The deal is expected to have a positive effect on the Panostaja Group's profits for the current financial year and its share capital and yield. Once the deal's financing has been finalised, it is assumed it will result in roughly a 1% fall in the Group's equity ratio. In the reporting period Panostaja Oyj reported that Digital Printing Services was a new segment. It is formed from the Kopijyvä Group. Kopijyvä Oy is one of Finland's biggest companies providing digital printing services. In the financial year 2008 the Kopijyvä Group was reported as part of the Other Business segment. Following the change, Panostaja's six business segments are now: Industrial Services, the Joinery Industry, Wholesale Trade, Takoma, Digital Printing Services, and Other Business. In the preliminary ruling on the Equity Rebate in respect of Takoma Oyj shares in spring 2008, the Tax Office for Major Corporations decided on the basis of an overall assessment that Panostaja was a capital investor (venture capital company) within the meaning of section 6 of the Finnish Business Tax Act. In its regular taxation practices in 2007 the Tax Office for Major Corporations regarded Panostaja Oy as the capital investor alluded to and taxed the company on certain profits from the sale of shares in fixed assets. Panostaja Oyj disputes the interpretation by the tax authorities and during the reporting period submitted a claim for rectification over the matter to the Tax Rectification Board. A decision by the Board cannot be expected until autumn 2009 at the earliest. As part of its chosen strategy for growth and focus on core activities, Panostaja Oyj on 23 October 2008 announced that it was exploring the possible cash realisation of the properties owned by the Group, although the Group's current cash flows are adequate for creating growth. The exploratory work was meant to end in December 2008, but because of the situation in the financial markets, it will continue. Internal changes have been made in order to simplify the Group structure during and after the reporting period. EVENTS SUBSEQUENT TO THE REPORTING PERIOD The Board of Directors exercised the authority it was given at the General Meeting of 26 January 2009 after the end of the review period to acquire the company's own shares. The purchase programme was announced on 11 May 2009 and began on 18 May 2009. The number of shares being acquired is a maximum of 3,500,000. The purchase programme will end by 31 October 2009. The company's own shares are being acquired to be used as payment in any possible company acquisitions or other structural arrangements or when assets for the business operation are being acquired for the company, in order to improve the company's capital structure, or to cancel shares or to implement an incentive scheme for key personnel. On 22 May 2009, Panostaja Oy's subsidiary, Takoma Oyj, announced that its turnover for the financial year 2009 would fall and that operating profit would be substantially down on 2008. Because Takoma's operating profit for the financial year will have a significant impact on that for the Panostaja Group as a whole, the Panostaja Oy Board decided to revise the Group's year-end outlook and also to announce expectations of poorer profit levels on 22 May 2009. The Panostaja Group's turnover for the financial year is still expected to surpass that for the previous year, but the operating profit for the financial year is expected to be down on the previous year. The company's earlier opinion was that, despite poorer results for the first quarter as compared to the reference period, the Group's operation profit could be expected to surpass the previous year's levels. Panostaja Oyj's Environment Business group comprises EcoSir Oy, Puztec Oy and Kospa Oy, but on 1 June 2009 these will merge to form a new company called Ecosir Group Oy, a company that will deliver built environment solutions. Mauri Leponen, Master of Science (Technology), aged 46, was invited to be the new company's CEO and a shareholder. Leponen was formerly a director at Glaston Oyj. ADMINISTRATION, ANNUAL GENERAL MEETING AND MANAGEMENT At an extraordinary general meeting on 10 November 2008 it was decided to combine the A and B share series into one. At the same time, Panostaja Oyj organised a bonus share issue for A series shareholders, in which one new Panostaja share would be issued free for every 13 A shares held. After the series were combined and after the share issue, an A series shareholder would thus own 14 Panostaja shares for each 13 A shares previously held, instead of the A shares. Each share would now carry one vote and the same shareholder rights. The new shares were entered in the Trade Register on 14 November 2008 and trading in the combined shares began the same day. At the extraordinary general meeting on 10 November 2008 it was decided to amend the Articles of Association. The new Articles of Association were recorded in the Trade register on 14 November 2008. Panostaja Oyj's Annual General Meeting was held on 26 January 2009. Mr. Matti Koskenkorva, Mr. Jukka Ala-Mello, Mr. Hannu Tarkkonen, Mr. Hannu Martikainen and Mr. Hannu Ketola were re-elected to Panostaja Oyj's Board of Directors. As soon as the Annual General Meeting was concluded, the Board of Directors convened for their organisational meeting and appointed Mr. Matti Koskenkorva Chairman of the Board and Jukka Ala-Mello Vice-chairman. As auditors the AGM elected Mr. Eero Suomala, APA, and PricewaterhouseCoopers Oy, APA, with Mr. Janne Rajalahti, APA, as the responsible auditor. The AGM approved the financial statements presented for the financial year 1 November 2007 - 31 October 2008 and the Board's proposal to transfer the profit for the period to retained earnings and to distribute EUR 0.12 per share in dividends. The record date for dividend distribution was 29 January 2009 and the payment date was as from 5 February 2009. In addition, the AGM granted discharge in respect of the members of the Board of Directors and the Chief Executive Officer. In addition, the Annual General Meeting revoked the authorisation regarding the acquisition of its own shares given at its General Meeting on 18 December 2007 and authorised the Board of Directors to decide on the acquisition of its own shares, with the maximum number to be acquired set at 4,740,311 or less, which, together with the other shares held by or pledged to the company or its subsidiaries, would be a maximum of one tenth of all the company shares, i.e. 4,740,311. The shares are to be acquired at the going market price in public trading organised by NASDAQ OMX Helsinki Oy not in proportion to shareholders' holdings. The acquisition of shares will be consistent with NASDAQ OMX Helsinki Oy and Euroclear Finland Oy rules. The authorisation will be in effect for 18 months from the date it was announced. The Board exercised the authority it was given at the General Meeting of 18 December 2007 and acquired 222,109 of the company's own shares during the reporting period. It also received 37,160 of the company's own shares in the bonus share issue organised when the share series were combined. In addition, the Board exercised the authority it was given at the General Meeting of 26 January 2009 to start a purchase programme for the company's own shares. The number of shares being acquired is a maximum of 3,500,000. The purchase programme began on 18 May 2009 and will end by 31 October 2009. SHARE CAPITAL AND OWN SHARES At the end of the reporting period, Panostaja Oyj's share capital stood at EUR 5,529,081.60. The number of shares amounted to 47,403,110. In accordance with the decisions taken at the AGM on 18 December 2007 and by the Board of Directors on 19 December 2008 Panostaja Oyj distributed a total of 7,430 shares to the Board members as payment of their attendance allowance. On 13 March 2009 it distributed a total of 8,614 shares on the same grounds, in accordance with its decisions taken at the AGM on 26 January 2009 and by the Board. The number of own shares held by the company at the end of the reporting period was 982,976. The number of own shares was equivalent to 2.1% of the total number of shares and votes at the end of the reporting period. SUBORDINATED LOAN The amount of the 2006 convertible subordinated loan outstanding at the end of the reporting period was EUR 17,212,500, entitling holders to subscribe for a total of 10,125,000 new shares. The convertible subordinated loan was not used to subscribe for any new shares during the reporting period. SHARE PERFORMANCE AND HOLDINGS Panostaja Oyj share prices varied during the reporting period between EUR 0.89 and EUR 1.25. The equity turnover for shares was 5,232,396, equivalent to 11.0% of the share capital. The price at the end of April was EUR 1.18. The market value of the company's share capital was EUR 55.9 million at the end of April, when the company had 3,517 (2,157) shareholders. Panostaja Oyj's holdings altered when the new (shares) issued in the bonus issue were recorded in the Trade Register. On 14 November 2008 Panostaja Oy received the following notifications in connection with the change in share ownership: Matti Koskenkorva's holding went under 15% of the votes carried by the shares of Panostaja Oyj. His holding is 6,124,453 shares, which is 12.9% of Panostaja Oyj's equity capital and votes. Maija Koskenkorva's holding exceeded 10% of the votes carried by the shares of Panostaja Oyj. Her holding is 5,071,742 shares, which is 10.7% of Panostaja Oyj's equity capital and votes. Olli Halmevuo's holding went under 5% of the votes carried by the shares of Panostaja Oyj. His holding is 2,013,715 shares, which is 4.2% of Panostaja Oyj's equity capital and votes. SHORT-TERM RISKS AND UNCERTAINTIES Panostaja Group's most significant risks were described in the previous financial statements. Short-term risks relate in particular to the successful integration of acquired companies. The dramatic economic downturn has caused customer demand to weaken and has increased the risk of bad debts in some segments. OUTLOOK FOR THE REST OF THE FINANCIAL YEAR The Panostaja Group will continue to focus on the business idea in line with its core business strategy and on the development of existing business areas. The retirement of the baby-boomers, the ever more dramatic changes in the business environment and internationalisation will result in a large number of business purchases over the next few years. Panostaja's operating conditions, available capital resources and liquid assets are a good basis for intense expansion of operations. The increasing number of SMEs operating in traditional industries will enable both further expansion into new business areas and growth in existing business areas. The dramatic economic downturn is having its effect on Finland. Expectations for the current business sectors are closely tied to the economic outlook for corporate customers. The prospects for the different business areas in the Panostaja Group vary from weakening to cautiously positive. The downturn in the building sector has affected some of the Panostaja Group business areas, although the company has begun to take corrective action in good time. The investments in reporting and monitoring systems made in the previous financial year will make us more able to respond and react. The current economic climate is also an opportunity for acquisitions and the Panostaja Group strategy for growth is intended to be realised through controlled acquisitions, especially in existing business areas. The Panostaja Group's net turnover for the financial year is expected to surpass that for the previous financial year, but the operating profit for the financial year is expected to be down on the previous year. Panostaja Oyj Board of Directors For further information, please contact Mr. Juha Sarsama, CEO, on (tel.) 040 774 2099. Panostaja Oyj Juha Sarsama CEO All forecasts and estimates in this Interim Report are based on the current views of the management of the Group and the managers of the business areas on the economic climate and developments and the actual results may be significantly different. The data provided in this Interim Report is unaudited. FINANCIAL INFORMATION CONSOLIDATED INCOME STATEMENT -------------------------------------------------------------------------------- | | 11/08-4/09 | 11/07-4/08 | 11/07-10/08 | -------------------------------------------------------------------------------- | (EUR 1,000) | 6 months | 6 months | 12 months | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net turnover | 59,332 | 54,265 | 121,133 | -------------------------------------------------------------------------------- | Other operating income | 334 | 298 | 757 | -------------------------------------------------------------------------------- | Total expenses | 56,700 | 51,542 | 111,881 | -------------------------------------------------------------------------------- | Depreciation, amortisation and | 1,708 | 1,319 | 3,602 | | impairment | | | | -------------------------------------------------------------------------------- | Operating profit/loss | 1,258 | 1,702 | 6,407 | -------------------------------------------------------------------------------- | Financial income and expenses | -1,110 | -1,130 | -2,058 | -------------------------------------------------------------------------------- | Share of profit of associates | 0 | 0 | 45 | -------------------------------------------------------------------------------- | Profit before taxes | 148 | 572 | 4 394 | -------------------------------------------------------------------------------- | Income taxes | -424 | -117 | -1 635 | -------------------------------------------------------------------------------- | Profit/loss from continuing | -275 | 455 | 2 759 | | operations | | | | -------------------------------------------------------------------------------- | Profit/loss from discontinued | 0 | 2,392 | 11,038 | | operations | | | | -------------------------------------------------------------------------------- | Profit for the period | -275 | 2,847 | 13,797 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Attributable to: | | | | -------------------------------------------------------------------------------- | Equity holders of the parent | -539 | 1,676 | 12,694 | | company | | | | -------------------------------------------------------------------------------- | Minority interest | 264 | 1,171 | 1,103 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share on | -0.012 | -0.016 | 0.037 | | continuing operations, EUR - | | | | | basic | | | | -------------------------------------------------------------------------------- | Earnings per share on | -0.002 -0.003 |0.046| | continuing operations, EUR - | | | | | diluted | | | | -------------------------------------------------------------------------------- | Earnings per share on | 0.000 | 0.054 | 0.247 | | discontinued operations, EUR - | | | | | basic | | | | -------------------------------------------------------------------------------- | Earnings per share on | 0.000 | 0.043 | 0.201 | | discontinued operations, EUR - | | | | | diluted | | | | -------------------------------------------------------------------------------- | Earnings per share on | -0.012 | 0.038 | 0.284 | | continuing and discontinued | | | | | operations, EUR - basic | | | | -------------------------------------------------------------------------------- | Earnings per share on | -0.002 | 0.040 | 0.247 | | continuing and discontinued | | | | | operations, EUR - diluted | | | | -------------------------------------------------------------------------------- CONSOLIDATED BALANCE SHEET -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | (EUR 1,000) | 04/2009 | 04/2008 | 10/2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | ASSETS | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-current assets | | | | -------------------------------------------------------------------------------- | Intangible assets | 37,890 | 16,995 | 29,519 | -------------------------------------------------------------------------------- | Property, plant and equipment | 18,719 | 21,128 | 18,770 | -------------------------------------------------------------------------------- | Interests in associates | 1,810 | 971 | 1,787 | -------------------------------------------------------------------------------- | Other non-current assets | 5,944 | 320 | 4,797 | -------------------------------------------------------------------------------- | Interest-bearing receivables | 39 | 0 | 65 | -------------------------------------------------------------------------------- | Total non-current assets | 64,401 | 39,374 | 54,938 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Current assets | | | | -------------------------------------------------------------------------------- | Stocks | 24,885 | 21,939 | 22,991 | -------------------------------------------------------------------------------- | Trade and other non-interest-bearing | 21,499 | 27,059 | 22,552 | | receivables | | | | -------------------------------------------------------------------------------- | Short-term investments | 0 | 6,524 | 0 | -------------------------------------------------------------------------------- | Cash and cash equivalents | 26,359 | 29,129 | 46,018 | -------------------------------------------------------------------------------- | Total current assets | 72,744 | 84,651 | 91,561 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total assets | 137,145 | 124,025 | 146,499 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | | -------------------------------------------------------------------------------- | Share capital | 5,529 | 5,424 | 5,529 | -------------------------------------------------------------------------------- | Other equity | 30,268 | 27,672 | 36,712 | -------------------------------------------------------------------------------- | Total | 35,798 | 33,096 | 42,241 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Minority interest | 12,970 | 8,631 | 11,562 | -------------------------------------------------------------------------------- | Total equity | 48,768 | 41,709 | 53,803 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Liabilities | | | | -------------------------------------------------------------------------------- | Deferred tax liabilities | 1,767 | 1,503 | 1,729 | -------------------------------------------------------------------------------- | Convertible loan | 16,943 | 18,152 | 16,878 | -------------------------------------------------------------------------------- | Non-current liabilities | 39,498 | 36,868 | 41,119 | -------------------------------------------------------------------------------- | Current liabilities | 30,169 | 25,793 | 32,970 | -------------------------------------------------------------------------------- | Total liabilities | 88,377 | 82,316 | 92,696 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total equity and liabilities | 137,145 | 124,025 | 146,499 | -------------------------------------------------------------------------------- CASH FLOW STATEMENT -------------------------------------------------------------------------------- | |04/2009 | 04/2008 | 10/2008 | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from operating activities | -5,718 | -279 | 3,751 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow used in investing | -8,007 | -3,589 | -4,470 | | | activities | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Increase in creditors | 3,545 | 21,600 | 30,400 | | -------------------------------------------------------------------------------- | Decrease in creditors | -3,874 | -19,029 | -20,574 | | -------------------------------------------------------------------------------- | Minorities share issues to | 467 | 0 | 0 | | | subsidiaries | | | | | -------------------------------------------------------------------------------- | Dividends paid | -5,837 | -4,439 | -4,263 | | -------------------------------------------------------------------------------- | Other changes in equity | -235 | ,116 | -99 | | -------------------------------------------------------------------------------- | Total cash flow from financing | -5,934 | -1,753 | 5,464 | | | activities | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in cash and cash equivalents | -19,659 | -5,621 | -4,745 | -------------------------------------------------------------------------------- CONSOLIDATED STATEMENT OF CHANGES IN EQUITY -------------------------------------------------------------------------------- | (EUR 1,000) | Sha | Shar | Inves | Tran | Reta | Minor | Total | | | | re | e | ted | sla | ined | ity | | | | | cap | prem | unres | tion | earn | inter | | | | | ital| ium | trict | diff | ings | est | | | | | | acco | ed | ere | | | | | | | | unt | equit | nces | | | | | | | | | y | | | | | | | | | | fund | | | | | | -------------------------------------------------------------------------------- | Shareholders' |5,424| 4,647| 12,825| 35 |12,339| 4,290 | 39,560 | | | equity as at 1 | | | | | | | | | | November 2007 | | | | | | | | | -------------------------------------------------------------------------------- | Share-based | | | 42 | | | | 42 | | | incentive | | | | | | | | | | schemes | | | | | | | | | -------------------------------------------------------------------------------- | Profit for the | | | | | 1,67 | 1,172 | 2,847 | | | period | | | | | 5 | | | | -------------------------------------------------------------------------------- | Total income and | | | 42 | | 1,675| 1,172 | 2,889 | | | expenses | | | | | | | | | | recorded for the | | | | | | | | | | financial year | | | | | | | | | -------------------------------------------------------------------------------- | Dividends paid | | | | |-3,970| -469 | -4,439 | | | | | | | | | | | | -------------------------------------------------------------------------------- | Acquisition of | | | -450 | | | | -450 | | | own shares | | | | | | | | | -------------------------------------------------------------------------------- | Sale of own | | | 565 | | | | 565 | | | shares | | | | | | | | | -------------------------------------------------------------------------------- | Currency | | | | -36 | | | -36 | | | translation | | | | | | | | | | differences | | | | | | | | | -------------------------------------------------------------------------------- | Minority | | | | | | 3,620 | 3,620 | | | interest | | | | | | | | | -------------------------------------------------------------------------------- | Shareholders' |5,424|4,647 | 12,982| -1 |10,044| 8,613 | 41,709 | | | equity as at 30 | | | | | | | | | | April 2008 | | | | | | | | | -------------------------------------------------------------------------------- | Shareholders' |5,529|4,647 |12,403 | -6 |19,669|11,562 | 53,804 | | | equity as at 1 | | | | | | | | | | November 2008 | | | | | | | | | -------------------------------------------------------------------------------- | Share-based | | | 47 | | | | 47 | | | incentive | | | | | | | | | | schemes | | | | | | | | | -------------------------------------------------------------------------------- | Profit for the | | | | | -539 | 264 | -275 | | | period | | | | | | | | | -------------------------------------------------------------------------------- | Total income and | | | 47 | | -539 | 264 | -228 | | | expenses | | | | | | | | | | recorded for the | | | | | | | | | | financial year | | | | | | | | | -------------------------------------------------------------------------------- | Dividends paid | | | | |-5,569| -276 | -5,845 | | | | | | | | | | | | -------------------------------------------------------------------------------- | Acquisition of | | | -252 | | | | -252 | | | own shares | | | | | | | | | -------------------------------------------------------------------------------- | Sale of own | | | 16 | | | | 16 | | | shares | | | | | | | | | -------------------------------------------------------------------------------- | Currency | | | | -146 | | | -146 | | | translation | | | | | | | | | | differences | | | | | | | | | -------------------------------------------------------------------------------- | Minority | | | | | | 1,419 | 1,419 | | | interest | | | | | | | | | -------------------------------------------------------------------------------- | Shareholders' 5,529 |4,647 |12,214 | -152 |13,561|12,970 | 48,768 | | | equity as at 30 | | | | | | | | | | April 2009 | | | | | | | | | -------------------------------------------------------------------------------- KEY INDICATORS -------------------------------------------------------------------------------- | | 04/2009 | 04/2008 | 10/2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity per share, EUR | 0.77 | 0.74 | 0.93 | -------------------------------------------------------------------------------- | Average number of shares during the period | 46,379 | 44,215 | 44,760 | | (000's) | | | | -------------------------------------------------------------------------------- | Number of shares at end of period (000's) | 47,403 | 44,456 | 46,076 | -------------------------------------------------------------------------------- | Share issues / convertible during the period | 0 | 0 | 875 | | (000's) | | | | -------------------------------------------------------------------------------- | Average number of shares (000's)- diluted | 56,504 | 55,245 | 54,885 | -------------------------------------------------------------------------------- | Return on equity (ROE), % | -1.1 | 14.0 | 29.6 | -------------------------------------------------------------------------------- | Return on investment (ROI), % | 3.6 | 11.8 | 18.5 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Gross capital expenditure | | | | -------------------------------------------------------------------------------- | on non-current assets (MEUR) | 9.3 | 9.7 | 24.2 | -------------------------------------------------------------------------------- | % of net turnover | 15.7 | 14.6 | 19.9 | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 64,297 | 57,734 | 64,189 | -------------------------------------------------------------------------------- | Equity ratio, % | 35.6 | 34.5 | 36.8 | -------------------------------------------------------------------------------- | Average number of employees | 763 | 747 | 646 | -------------------------------------------------------------------------------- Key indicators have been calculated eliminating own shares held by the company. GROUP'S QUARTERLY PERFORMANCE -------------------------------------------------------------------------------- | (EUR | IFRS | IFRS | IFRS | IFRS | IFRS | IFRS | IFRS | IFRS | | million) | | | | | | | | | -------------------------------------------------------------------------------- | | Q3/07 | Q4/07 | Q1/08 | Q2/08 | Q3/08 | Q4/08 | Q1/09 | Q2/09 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net turnover | 23.1 | 25.7 | 26.0 | 28.4 | 31.0 | 35.8 | 28.8 | 30.5 | -------------------------------------------------------------------------------- | Other | 0.2 | 0.4 | 0.2 | 0.1 | 0.1 | 0.4 | 0.2 | 0.1 | | operating | | | | | | | | | | income | | | | | | | | | -------------------------------------------------------------------------------- | Total | 21.1 | 24.0 | 24.9 | 26.6 | 28.3 | 31.9 | 28.7 | 28.0 | | expenses | | | | | | | | | -------------------------------------------------------------------------------- | Depreciation | 0.4 | 0.7 | 0.7 | 0.7 | 1.2 | 1.0 | 0.9 | 0.8 | | and | | | | | | | | | | amortisation | | | | | | | | | -------------------------------------------------------------------------------- | Operating | 1.8 | 1.4 | 0.5 | 1.2 | 1.6 | 3.2 | -0.6 | 1.8 | | profit | | | | | | | | | -------------------------------------------------------------------------------- | Financial | -0.4 | -0.5 | -0.4 | -0.6 | -0.7 | -0.4 | -0.4 | -0.7 | | items | | | | | | | | | -------------------------------------------------------------------------------- | Profit | 1.4 | 0.9 | 0.1 | 0.6 | 0.9 | 2.8 | -1.0 | 1.1 | | before taxes | | | | | | | | | -------------------------------------------------------------------------------- | Taxes | 0.3 | 0.2 | -0.1 | 0.0 | -0.3 | -1.3 | 0.0 | -0.4 | -------------------------------------------------------------------------------- | Minority | 0.4 | 0.3 | 0.3 | 0.7 | -0.4 | -0.5 | -0.1 | -0.1 | | interest | | | | | | | | | -------------------------------------------------------------------------------- | Profit from | 1.8 | 0.7 | 0.0 | -0.7 | 1.9 | 1.6 | -0.9 | 0.6 | | continuing | | | | | | | | | | operations | | | | | | | | | -------------------------------------------------------------------------------- | Profit from | 0.7 | 0.7 | 0.7 | 1.7 | | 0.5 | 0.0 | 0.0 | | discontinued | | | | | 8.1 | | | | | operations | | | | | | | | | -------------------------------------------------------------------------------- | Profit for | 2.5 | 1.4 | 0.7 | 1.0 | 10.0 | 2.1 | -0.9 | 0.6 | | the period | | | | | | | | | -------------------------------------------------------------------------------- CONTINGENT LIABILITIES EUR 1,000 04/2009 04/2008 2008 Collateral given on behalf of Group companies Mortgages 9,111 9,317 8,621 Floating charges 30,955 21,540 30,905 Pledges given 47,936 31,078 48,734 Other liabilities 161 3,936 93 Amounts payable under lease contracts Payable within one year 3,245 679 1,716 Payable after one year but within five years 3,443 726 4,505 Total 6,688 1,405 6,221 Liabilities have been measured at the nominal or book value of collateral. SEGMENT INFORMATION The Group's primary reporting segment is the business segment. The Group reported on six business segments for the financial year. The Group does not have a secondary reporting segment. -------------------------------------------------------------------------------- | EUR 1,000 | 4/2009 | 4/2008 | -------------------------------------------------------------------------------- | NET TURNOVER | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Industrial services | 9,142 | 9,811 | -------------------------------------------------------------------------------- | Joinery industry | 2,571 | 4,153 | -------------------------------------------------------------------------------- | Wholesale trade | 18,840 | 21,424 | -------------------------------------------------------------------------------- | Takoma | 9,228 | 9,250 | -------------------------------------------------------------------------------- | Digital services | 6,319 | 0 | -------------------------------------------------------------------------------- | Other | 13,701 | 9,846 | -------------------------------------------------------------------------------- | Eliminations | -470 | -219 | -------------------------------------------------------------------------------- | Total | 59,332 | 54,265 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | OPERATING PROFIT/LOSS | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Industrial services | 473 | 622 | -------------------------------------------------------------------------------- | Joinery industry | -134 | 153 | -------------------------------------------------------------------------------- | Wholesale trade | 438 | 2,299 | -------------------------------------------------------------------------------- | Takoma | 280 | 339 | -------------------------------------------------------------------------------- | Digital services | 854 | 0 | -------------------------------------------------------------------------------- | Other | -654 | -1,711 | -------------------------------------------------------------------------------- | Total | 1,258 | 1,702 | -------------------------------------------------------------------------------- SEGMENT INFORMATION BY QUARTER -------------------------------------------------------------------------------- | (EUR million) | Q3/0 | Q4/0 | Q1/0 | Q2/08 | Q3/08 | Q4/08 | Q1/09 | Q2/09 | | | 7 | 7 | 8 | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net turnover | | | | | | | | | -------------------------------------------------------------------------------- | Industrial | 5.0 | 5.2 | 4.6 | 5.2 | 6.3 | 6.3 | 4.7 | 4.4 | | services | | | | | | | | | -------------------------------------------------------------------------------- | Joinery | 2.2 | 2.5 | 2.0 | 2.2 | 1.6 | 1.7 | 1.4 | 1.2 | | industry | | | | | | | | | -------------------------------------------------------------------------------- | Wholesale trade | 10.1 | 12.6 | 10.1 | 11.3 | 11.7 | 12.3 | 9.2 | 9.6 | -------------------------------------------------------------------------------- | Takoma | 0.0 | 0.0 | 4.6 | 4.6 | 4.1 | 5.1 | 4.6 | 4.6 | -------------------------------------------------------------------------------- | Digital | 0.0 | 0.0 | 0.0 | 0.0 | 2.7 | 3.2 | 3.0 | 3.3 | | printing | | | | | | | | | | services | | | | | | | | | -------------------------------------------------------------------------------- | Other | 5.8 | 5.2 | 4.6 | 5.1 | 4.6 | 7.2 | 5.9 | 7.4 | -------------------------------------------------------------------------------- | Total | 23.1 | 25.7 | 26.0 | 28.4 | 31.0 | 35.8 | 28.8 | 30.5 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating | | | | | | | | | | profit/loss | | | | | | | | | -------------------------------------------------------------------------------- | Industrial | 1.0 | 0.5 | 0.4 | 0.2 | 0.7 | 1.0 | 0.1 | 0.4 | | services | | | | | | | | | -------------------------------------------------------------------------------- | Joinery | 0.2 | 0.3 | -0.1 | 0.2 | 0.0 | 0.1 | -0.2 | 0.1 | | industry | | | | | | | | | -------------------------------------------------------------------------------- | Wholesale trade | 0.6 | 0.8 | 0.6 | 0.0 | 1.6 | 0.6 | 0.3 | 0.1 | -------------------------------------------------------------------------------- | Takoma | 0.0 | 0.0 | 0.0 | 0.4 | 0.2 | 0.5 | 0.0 | 0.3 | -------------------------------------------------------------------------------- | Digital | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.6 | 0.3 | 0.6 | | printing | | | | | | | | | | services | | | | | | | | | -------------------------------------------------------------------------------- | Other | 0.0 | -0.2 | -0.4 | 0.4 | -1.0 | 0.4 | -1.1 | 0.4 | -------------------------------------------------------------------------------- | Total | 1.8 | 1.4 | 0.5 | 1.2 | 1.6 | 3.2 | -0.6 | 1.9 | -------------------------------------------------------------------------------- Panostaja Oyj is a multi-sector holding company. The company invests in Finnish small and medium-sized enterprises operating in traditional industries. Investments are mostly carried out through acquisitions. The Panostaja Group invests business resources and strategic know-how in companies. The objective is to raise the target company to become a major player in its field according to a pre-determined schedule. Once this schedule has elapsed, the enterprise continues to operate as an independent growth company. At present, the company operates in 13 business areas. Oy Alfa-Kem Ab manufactures and markets industrial chemicals, cleaning agents and institutional kitchen detergents. Ecosir Oy, Kospa Oy and Puztec Oy are companies specialising in solutions for waste management and property maintenance equipment. The Heatmasters Group delivers metal heat treatment services in Finland and internationally and manufactures, develops and markets heat treatment technology. Fittings companies Suomen Helakeskus Oy and Seinäjoen Rakennustarvike ja Lukko Oy are key wholesalers of construction and furniture fittings in Finland. Fastenings companies Helsingin Laaturuuvi Oy, Porin Pultti Oy and Ruuvipojat Oy serve retailers throughout Finland. KL-Varaosat specialises in the import, wholesale and retail of OEM spare parts and accessories for Mercedes-Benz and BMW cars. Kopijyvä Oy is one of Finland's biggest companies providing digital printing services. LukkoExpert Security Oy is an expert in locks, door automation and security technology and services. Flexim Security Oy delivers access control products and solutions. Lämpö-Tukku Oy specialises in wholesale heating, plumbing and ventilation equipment. Suomen Puunjalostus Oy operates in the joinery industry, solid wood interior doors and wooden staircases being its main products. Takoma Oyj is a listed mechanical engineering Group based on an entrepreneur-driven business model. Toimex Oy manufactures and sells heating, plumbing and ventilation supports. Vallog Oy specialises in Finnish metal industry manufacturing and logistics services.
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