2017-07-20 13:00:24 CEST
2017-07-20 13:00:24 CEST
REGULATED INFORMATION
Vaisala - Half Year financial report
Vaisala Corporation Half Year Financial Report 2017
Vaisala Corporation Half Year Financial Report
July 20, 2017 at 2.00 p.m. (EEST)
Vaisala Corporation Half Year Financial Report 2017
Second quarter orders received continued to grow and operating result improved
despite slight decrease in net sales
Second quarter 2017 highlights
* Orders received EUR 81.3 (77.0) million, increase 6%
* Order book at the end of the period EUR 133.6 (123.5) million, increase 8%
* Net sales EUR 74.8 (75.6) million, decrease 1%
* Gross margin 52.4% (49.2%)
* Operating result (EBIT) EUR 5.1 (3.4) million, 6.8% (4.5%) 0f net sales
* Earnings per share EUR 0.18 (0.17)
* Cash flow from operating activities EUR 8.5 (7.7) million
* Business outlook for 2017 unchanged: Vaisala estimates its full-year 2017
net sales to be in the range of EUR 310-340 million and its operating result
(EBIT) to be in the range of EUR 32-42 million.
January-June 2017 highlights
* Orders received EUR 162.8 (141.7) million, increase 15%
* Net sales EUR 143.2 (144.3) million, decrease 1%
* Gross margin 51.9% (50.1%)
* Operating result (EBIT) EUR 7.7 (2.4) million, 5.3% (1.6%) of net sales.
Comparison period included EUR 2.8 million restructuring expenses.
* Earnings per share EUR 0.27 (0.05)
* Cash flow from operating activities EUR 11.3 (7.2) million
* Cash and cash equivalents at the end of the period EUR 60.6 (43.2) million,
increase 40%
Vaisala's President and CEO Kjell Forsén comments on the second quarter 2017
"During the second quarter orders received continued to grow in both business
areas achieving 6% growth on Vaisala level and order book increased by 8%. In
Weather and Environment Business Area, orders from meteorology and renewable
energy customers increased compared to previous year. In Industrial Measurements
Business Area, orders grew in all product areas, and growth was strongest in
APAC. It is noteworthy that Industrial Measurements Business Area's order book
has increased by 40% year-on-year, as order flow was strong especially towards
the end of the quarter.
Net sales development was a disappointment ending on slightly below previous
year's level. Weather and Environment Business Area's net sales declined to EUR
49.3 million mainly due to lower project deliveries in Asia-Pacific, Middle East
and Africa region as well as divestiture of Transportation business. Following
an exceptionally strong first quarter, Industrial Measurements Business Area's
net sales growth was weak at 2% totaling EUR 25.5 million. Sales growth came
from continuous monitoring systems and service business.
Despite the slight decrease in net sales, Vaisala's operating result improved to
EUR 5.1 million, or 6.8% of net sales. This was a result of gross margin
improvement in both business areas.
In Industrial Measurements Business Area one strategic milestone was achieved
with an expansion to a new area by launching a probe for vaporized hydrogen
peroxide measurement. Hydrogen peroxide is used extensively e.g. in bio-
decontamination and sterilization of rooms, facilities, and equipment. In power
transmission, customers' interest in our transformer monitoring products has
increased. We have several test customers whose feedback has been very positive,
however testing periods are in many cases still ongoing and sales ramp-up is
expected towards the end of the year. In Weather and Environment Business Area,
we announced our participation in Helsinki Smart & Clean Foundation's project in
which our new air quality instruments will measure air quality in the first
dense city-wide network in the world. As people living in many cities around the
world suffer from bad air quality this project will be a great showcase for the
advantages of more detailed location based air quality monitoring.
We continue to estimate our full-year net sales to be in the range of EUR
310-340 million and the operating result (EBIT) in the range of EUR 32-42
million."
Key Figures
4-6/ 4-6/ 1-6/ 1-6/ 1-12/
2017 2016 2017 2016 2016
-------------------------------------------------------------------------------
Orders received, EUR million 81.3 77.0 162.8 141.7 311.3
Order book, EUR million 133.6 123.5 133.6 123.5 118.0
Net sales, EUR million 74.8 75.6 143.2 144.3 319.1
Gross profit, EUR million 39.2 37.2 74.3 72.2 164.8
Gross margin, % 52.4 49.2 51.9 50.1 51.6
Operating expenses, EUR million 34.5 34.1 67.3 67.1 141.5
Operating result, EUR million 5.1 3.4 7.7 2.4 22.3
Operating result, % 6.8 4.5 5.3 1.6 7.0
Profit (loss) before taxes, EUR million 4.2 3.9 6.2 1.2 22.1
Profit (loss) for the period, EUR million 3.3 3.0 4.8 0.9 18.8
Earnings per share, EUR 0.18 0.17 0.27 0.05 1.05
Return on equity, % 5.7 1.1 10.5
Capital expenditure, EUR million 2.0 2.9 3.8 4.0 7.7
Depreciation, EUR million 2.4 3.5 5.3 7.2 24.1
Cash flow from operating activities, EUR million 8.5 7.7 11.3 7.2 41.8
Cash and cash equivalents, EUR million 60.6 43.2 72.4
-------------------------------------------------------------------------------
Market situation in the second quarter 2017
During the second quarter 2017, global economic growth remained solid and
Vaisala's order intake continued to increase compared to previous year both in
Weather and Environment and Industrial Measurements Business Areas.
Orders for weather observation solutions from Europe and Asia-Pacific, Middle
East and Africa regions improved compared to previous year. In particular,
orders from meteorology and renewable energy customers increased. Orders from
transportation customers decreased.
Orders for industrial measurement solutions continued to increase compared to
previous year followed by solid demand in all product areas. Growth in orders
was strongest in APAC. Customers' interest towards power transmission products
increased and there are several test users currently.
Second quarter 2017 performance
Orders received
EUR million 4-6/2017 4-6/2016 Change, % 2016
----------------------------------------------------------
Weather and Environment 53.0 50.1 6 206.0
Industrial Measurements 28.2 26.8 5 105.3
----------------------------------------------------------
Total 81.3 77.0 6 311.3
----------------------------------------------------------
In the second quarter 2017, Vaisala's orders received were EUR 81.3 (77.0)
million. Orders received increased by 6% compared to previous year. The increase
came from EMEA and APAC.
In the second quarter 2017, Weather and Environment Business Area's orders
received were EUR 53.0 (50.1) million and increased by 6% compared to previous
year. The increase came from Asia-Pacific, Middle East and Africa as well as
Europe regions.
In the second quarter 2017, Industrial Measurements Business Area's orders
received were EUR 28.2 (26.8) million and increased by 5% compared to previous
year. The increase came from all regions and was strongest in APAC and Americas.
Order book
EUR million Jun 30, 2017 Jun 30, 2016 Change,% Dec 31, 2016
------------------------------------------------------------------------
Weather and Environment 121.4 114.8 6 109.4
Industrial Measurements 12.2 8.7 40 8.6
------------------------------------------------------------------------
Total 133.6 123.5 8 118.0
------------------------------------------------------------------------
At the end of June 2017, Vaisala's order book was EUR 133.6 (123.5) million and
increased by 8% compared to previous year. The order book increased in EMEA and
APAC. Of the order book EUR 79.9 (77.3) million is scheduled to be delivered in
2017.
At the end of June 2017, Weather and Environment Business Area's order book was
EUR 121.4 (114.8) million and increased by 6% compared to previous year. Order
book increased in Europe, China as well as in Asia-Pacific, Middle East and
Africa regions. Of the order book EUR 69.6 (69.6) million is scheduled to be
delivered in 2017.
At the end of June 2017, Industrial Measurements Business Area's order book was
EUR 12.2 (8.7) million and increased by 40% compared to previous year. The
increase came from all regions and was strongest in APAC. Orders received were
strong towards the end of the quarter and hence increased order book. Of the
order book EUR 10.3 (7.7) million is scheduled to be delivered in 2017.
Net sales by business area
EUR million 4-6/2017 4-6/2016 Change, % 2016
----------------------------------------------------------
Weather and Environment 49.3 50.6 -2 215.4
Products 27.4 25.0 10 115.5
Projects 13.5 17.0 -20 65.0
Services 8.4 8.6 -2 34.9
Industrial Measurements 25.5 25.0 2 103.7
Products 22.6 22.3 1 93.0
Services 2.9 2.7 8 10.7
----------------------------------------------------------
Total 74.8 75.6 -1 319.1
----------------------------------------------------------
Net sales by geographical area
EUR million 4-6/2017 4-6/2016 Change, % 2016
----------------------------------------------------------
EMEA 23.8 23.0 3 92.0
Americas 30.6 29.9 3 140.9
APAC 20.4 22.7 -10 86.2
----------------------------------------------------------
Total 74.8 75.6 -1 319.1
----------------------------------------------------------
In the second quarter 2017, Vaisala's net sales decreased by 1% compared to
previous year and totaled EUR 74.8 (75.6). Net sales in EMEA were EUR 23.8
(23.0) million and increased by 3%, in the Americas EUR 30.6 (29.9) million and
increased by 3%. In APAC, net sales decreased by 10% and totaled EUR 20.4 (22.7)
million. At comparable exchange rates, the net sales would have been EUR 74.2
(75.6) million and decrease would have been EUR 1.4 million or 2% from previous
year. The positive exchange rate effect was EUR 0.7 million, which was mainly
caused by USD exchange rate appreciation against EUR.
In the second quarter 2017, Weather and Environment Business Area's net sales
were EUR 49.3 (50.6) million and decreased by 2% compared to previous year. The
decrease came mainly from lower project deliveries in Asia-Pacific, Middle East
and Africa region. At comparable exchange rates, the net sales would have been
EUR 49.0 (50.6) million and decrease would have been EUR 1.6 million or 3% from
previous year. The positive exchange rate effect was EUR 0.4 million, which was
mainly caused by USD appreciation against EUR.
In the second quarter 2017, Industrial Measurements Business Area's net sales
were EUR 25.5 (25.0) million and increased by 2% compared to previous year. The
increase came from APAC. Net sales growth was lower than growth of orders
received, as order flow was strong towards the end of the quarter. At comparable
exchange rates, the net sales would have been EUR 25.2 (25.0) million and
increase would have been EUR 0.2 million or 1% from previous year. The positive
exchange rate effect was EUR 0.3 million, which was mainly caused by USD
appreciation against EUR.
Gross margin and operating result
4-6/2017 4-6/2016 2016
-----------------------------------------------------
Gross margin, % 52.4 49.2 51.6
Weather and Environment 47.7 44.0 47.3
Industrial Measurements 61.4 60.0 60.8
Operating result, EUR million 5.1 3.4 22.3
Weather and Environment 1.1 -0.9 3.4
Industrial Measurements 3.7 4.3 21.6
Other 0.3 0.0 -2.7
-----------------------------------------------------
In the second quarter 2017, Vaisala's operating result increased by EUR 1.7
million compared to previous year and was EUR 5.1 (3.4) million, 6.8% (4.5%) of
net sales. Increased gross margin in Weather and Environment Business Area
improved operating result. Gross margin was 52.4% (49.2%). Gross margin improved
in product, project and service businesses in both business areas. Operating
expenses were EUR 34.5 (34.1) million and increased by 1%.
In the second quarter 2017, Weather and Environment Business Area's operating
result increased by EUR 2.0 million compared to previous year and was EUR 1.1
(-0.9) million, 2.2% (-1.8%) of net sales. Operating result increased mainly due
to increased gross margin. Gross margin improved in product, project and service
businesses and was 47.7% (44.0%). Sales mix improvement, mainly due to decreased
share of project sales, and realized savings from divestiture in Transportation
business improved gross margin. Operating expenses were EUR 22.6 (23.1) million
and decreased by 2%. Divestiture in Transportation business decreased also sales
expenses.
In the second quarter 2017, Industrial Measurements Business Area's operating
result decreased by EUR 0.6 million compared to previous year and was EUR 3.7
(4.3) million, 14.6% (17.3%) of net sales. Decrease was due to increased
operating expenses. Gross margin was 61.4% (60.0%). Gross margin improved both
in product and service businesses. Operating expenses were EUR 11.9 (10.7)
million and increased by 12%. The increase came mainly from R&D costs and sales
expenses according to plan.
In the second quarter 2017, financial income and expenses were EUR -0.9 (0.5)
million. This was a result of valuation of USD denominated receivables.
In the second quarter 2017, profit/loss before taxes was EUR 4.2 (3.9) million.
Income taxes were EUR -0.9 (-0.9) million. Net result was EUR 3.3 (3.0) million.
In the second quarter 2017, earnings per share were EUR 0.18 (0.17).
January-June 2017 performance
Orders received
EUR million 1-6/2017 1-6/2016 Change, % 2016
----------------------------------------------------------
Weather and Environment 105.1 91.1 15 206.0
Industrial Measurements 57.7 50.7 14 105.3
----------------------------------------------------------
Total 162.8 141.7 15 311.3
----------------------------------------------------------
In January-June 2017, Vaisala's orders received were EUR 162.8 (141.7) million.
Orders received increased by 15% compared to previous year. The increase came
from all geographical areas.
In January-June 2017, Weather and Environment Business Area's orders received
were EUR 105.1 (91.1) million and increased by 15% compared to previous year.
The increase came from all regions and was strongest in Europe and Americas.
In January-June 2017, Industrial Measurements Business Area's orders received
were EUR 57.7 (50.7) million and increased by 14% compared to previous year. The
increase came from all regions and was strongest in Americas and APAC.
Order book
EUR million Jun 30, 2017 Jun 30, 2016 Change, % Dec 31, 2016
-------------------------------------------------------------------------
Weather and Environment 121.4 114.8 6 109.4
Industrial Measurements 12.2 8.7 40 8.6
-------------------------------------------------------------------------
Total 133.6 123.5 8 118.0
-------------------------------------------------------------------------
At the end of June 2017, Vaisala's order book was EUR 133.6 (123.5) million and
increased by 8% compared to previous year. The order book increased in EMEA and
APAC. Of the order book EUR 79.9 (77.3) million is scheduled to be delivered in
2017.
At the end of June 2017, Weather and Environment Business Area's order book was
EUR 121.4 (114.8) million and increased by 6% compared to previous year. Order
book increased in Europe, China as well as in Asia-Pacific, Middle East and
Africa regions. Of the order book EUR 69.6 (69.6) million is scheduled to be
delivered in 2017.
At the end of June 2017, Industrial Measurements Business Area's order book was
EUR 12.2 (8.7) million and increased by 40% compared to previous year. The
increase came from all regions and was strongest in APAC. Orders received were
strong towards the end of the quarter and hence increased order book. Of the
order book EUR 10.3 (7.7) million is scheduled to be delivered in 2017.
Net sales by business area
EUR million 1-6/2017 1-6/2016 Change, % 2016
----------------------------------------------------------
Weather and Environment 89.6 95.3 -6 215.4
Products 50.4 50.8 -1 115.5
Projects 22.0 26.9 -18 65.0
Services 17.1 17.5 -2 34.9
Industrial Measurements 53.6 49.0 9 103.7
Products 47.9 43.6 10 93.0
Services 5.7 5.4 7 10.7
----------------------------------------------------------
Total 143.2 144.3 -1 319.1
----------------------------------------------------------
Net sales by geographical area
EUR million 1-6/2017 1-6/2016 Change, % 2016
----------------------------------------------------------
EMEA 41.8 44.6 -6 92.0
Americas 59.4 59.4 0 140.9
APAC 42.0 40.2 4 86.2
----------------------------------------------------------
Total 143.2 144.3 -1 319.1
----------------------------------------------------------
In January-June 2017, Vaisala's net sales decreased by 1 % compared to previous
year and totaled EUR 143.2 (144.3). Net sales in EMEA were EUR 41.8 (44.6)
million and decreased by 6%, and in the Americas net sales were flat at EUR
59.4 (59.4) million. In APAC, net sales increased by 4% and totaled EUR 42.0
(40.2) million. At comparable exchange rates, the net sales would have been EUR
141.9 (144.3) million and decrease would have been EUR 2.4 million or 2% from
previous year. The positive exchange rate effect was EUR 1.3 million, which was
mainly caused by USD exchange rate appreciation against EUR.
In January-June 2017, Weather and Environment Business Area's net sales were EUR
89.6 (95.3) million and decreased by 6% compared to previous year. The decrease
came from Asia-Pacific, Middle East and Africa as well as from Americas regions.
Especially project deliveries in Asia-Pacific, Middle East and Africa region
decreased. At comparable exchange rates, the net sales would have been EUR 89.0
(95.3) million and decrease would have been EUR 6.3 million or 7% from previous
year. The positive exchange rate effect was EUR 0.6 million, which was mainly
caused by USD appreciation against EUR.
In January-June 2017, Industrial Measurements Business Area's net sales were EUR
53.6 (49.0) million and increased by 9% compared to previous year. The increase
came from all regions and was strongest in APAC and Americas. At comparable
exchange rates, the net sales would have been EUR 52.9 (49.0) million and
increase would have been EUR 4.0 million or 8% from previous year. The positive
exchange rate effect was EUR 0.7 million, which was mainly caused by USD and JPY
appreciation against EUR.
Gross margin and operating result
1-6/2017 1-6/2016 2016
-----------------------------------------------------
Gross margin, % 51.9 50.1 51.6
Weather and Environment 46.0 44.8 47.3
Industrial Measurements 62.1 60.4 60.8
Operating result, EUR million 7.7 2.4 22.3
Weather and Environment -2.9 -2.8 3.4
Industrial Measurements 10.1 9.3 21.6
Other 0.5 -4.1 -2.7
-----------------------------------------------------
In January-June 2017, Vaisala's operating result increased by EUR 5.3 million
compared to previous year and totaled EUR 7.7 (2.4) million, 5.3% (1.6%) of net
sales. Net sales growth in Industrial Measurements Business area and improved
gross margin in both business areas increased operating result. In addition,
previous year's operating result included EUR 2.8 million expenses related to
the restructuring of Transportation business unit in Weather and Environment
Business Area. Gross margin was 51.9% (50.1%). The increase came mainly from
improved sales mix as a result of decreased share of Weather and Environment
Business Area's project sales and increased share of Industrial Measurement
Business Area's sales. Realized savings from restructuring of Transportation
business unit also improved gross margin. Operating expenses were at previous
year's level and totaled EUR 67.3 (67.1) million.
In January-June 2017, Weather and Environment Business Area's operating result
decreased by EUR 0.1 million compared to previous year and was EUR -2.9 (-2.8)
million, -3.3% (-2.9%) of net sales. Operating result decreased due to lower net
sales. Gross margin was 46.0% (44.8%). The increase came mainly from sales mix
improvement, mainly due to decreased share of project sales, and realized
savings from divestiture in Transportation business. Operating expenses were EUR
44.3 (45.5) million and decreased by 3%. Divestiture in Transportation business
decreased also sales expenses. In addition, sales expenses were lower due to
decrease in bad debt provision.
In January-June 2017, Industrial Measurements Business Area's operating result
increased by EUR 0.8 million compared to previous year and was EUR 10.1 (9.3)
million, 18.9% (18.9%) of net sales. Gross margin was 62.1% (60.4%) and it
improved both in product and service businesses. Operating expenses were EUR
23.2 (20.3) million and increased by 14%. The increase came mainly from sales
expenses according to plan.
In January-June 2017, financial income and expenses were EUR -1.4 (-1.2)
million. This was a result of valuation of USD denominated receivables.
In January-June 2017, profit/loss before taxes was EUR 6.2 (1.2) million. Income
taxes were EUR -1.4
(-0.3) million. Net result was EUR 4.8 (0.9) million.
In January-June 2017, earnings per share were EUR 0.27 (0.05).
Statement of financial position and cash flow
Vaisala's financial position remained strong at the end of June 2017. Cash and
cash equivalents increased to EUR 60.6 (43.2) million. Vaisala did not have any
material interest bearing liabilities.
Despite increased cash balance, the statement of financial position total was at
previous year's level EUR 239.2 (239.3) million. Increased cash balance was
offset by EUR 10.5 million write-down of intangible assets, booked in the third
quarter of 2016. Inventories, receivables and liabilities were at previous year
level.
In January-June 2017, Vaisala's cash flow from operating activities increased to
EUR 11.3 (7.2) million mainly because of increased EBITDA (earnings before
interest, taxes, depreciation and amortization).
During January-June, Vaisala repurchased 23,173 Company's series A shares with
EUR 0.8 million. Purchases were completed on February 24, 2017. In the second
quarter, Vaisala paid dividend EUR 17.9 million.
Capital expenditure and divestments
In January-June 2017, gross capital expenditure totaled EUR 3.8 (4.0) million.
Capital expenditure was mainly related to investments in machinery and equipment
to develop and maintain Vaisala's production and service operations.
Depreciation, amortization and write-downs were EUR 5.3 (7.2) million. The
decrease in depreciation was mainly due to EUR 10.5 million write-down of
intangible assets, booked in the third quarter of 2016.
Research and development
R&D by business area
EUR million 1-6/2017 1-6/2016 Change, % 2016
---------------------------------------------------------
Weather and Environment 14.3 13.7 4 26.5
Industrial Measurements 6.3 5.7 11 11.5
---------------------------------------------------------
Total 20.6 19.4 6 38.0
---------------------------------------------------------
Industrial Measurements Business Area's R&D activity continued increasing
according to plan.
R&D expenditure % of net sales
1-6/2017 1-6/2016 2016
-----------------------------------------------
Weather and Environment 16.0 14.4 12.3
Industrial Measurements 11.8 11.6 11.1
-----------------------------------------------
Total 14.4 13.5 11.9
-----------------------------------------------
Weather and Environment Business Area's R&D expenditure % of net sales increased
by 1.6 percentage points mainly due to lower net sales.
Personnel
The average number of personnel employed in Vaisala during January-June 2017 was
1,582 (1,597). At the end of June, the number of employees was 1,630 (1,634) and
it included 93 (82) summer trainees. 70% (68%) of employees were located EMEA,
22% (24%) in the Americas and 8% (8%) in APAC. 64% (61%) of employees were based
in Finland.
Strategy and business area names
In May, Vaisala's Board of Directors confirmed strategy for 2017-2021. Vaisala
continues to drive profitable growth through implementation of strategic
priorities. Consequently, Vaisala decided to rename its business areas to better
describe their current and future business focus. Controlled Environment
Business Area was renamed to Industrial Measurements Business Area and Weather
Business Area was renamed to Weather and Environment Business Area.
Industrial Measurements Business Area continues to further accelerate growth
through product leadership strategy. Business Area's strategic priorities are to
achieve strong foothold in power transmission and life science markets, to
continuously create new winning products by discovering customers' needs, and to
seek new business opportunities in industrial applications.
Weather and Environment Business Area drives profitability and growth through
expansion of industry-leading products and digital solutions. Business Area's
strategic priorities are: to systematically improve competitiveness by renewal
of product offering; to grow through meteorological infrastructure improvement
projects in developing countries; to expand digital solutions, which support
decision-making in weather critical operations; as well as to build new business
in environmental measurements with air quality as a spearhead.
Vaisala Operations continues to develop excellence in high mix low volume supply
chain through further development of Vaisala Production System. Foundation of
the Production System is creation of a culture, which engages everyone to
systematic improvement. Operations has also strategic development priorities to
increase productivity, to develop core production technologies, as well as
sourcing and product life cycle management processes.
Long-term financial targets
Vaisala's objective is profitable growth with an average annual growth of 5%,
and to achieve 15% operating profit margin (EBIT). In selected growth
businesses, such as digital solutions, life science and power transmission, the
target is to exceed 10% annual growth.
Vaisala does not consider the long-term financial targets as market guidance for
any given year.
Management Group
Vaisala's Management Group members are
* Kjell Forsén, President and CEO, Chairman of the Management Group
* Marja Happonen, Executive Vice President, Human Resources
* Sampsa Lahtinen, Executive Vice President, Industrial Measurements Business
Area
* Kaarina Muurinen, Chief Financial Officer
* Vesa Pylvänäinen, Executive Vice President, Operations
* Jarkko Sairanen, Executive Vice President, Weather and Environment Business
Area
* Katriina Vainio, Executive Vice President, Group General Counsel
Decisions by Vaisala Corporation's Annual General Meeting
Vaisala Corporation's Annual General Meeting was held on March 28, 2017. The
meeting approved the financial statements and discharged the members of the
Board of Directors and the President and CEO from liability for the financial
period January 1-December 31, 2016.
Dividend
The Annual General Meeting decided a dividend of EUR 1.00 per share,
corresponding to the total of EUR 17.9 million. The record date for the dividend
payment was March 30, 2017 and the payment date was April 6, 2017.
Board of Directors
The Annual General Meeting confirmed that the number of Board members is eight.
Petra Lundström, Yrjö Neuvo, Mikko Niinivaara, Kaarina Ståhlberg, Pertti
Torstila, Raimo Voipio and Ville Voipio will continue as members of the Board of
Directors. Petri Castrén was elected as a new member of the Board of Directors.
The Annual General Meeting confirmed that the annual fee payable to the Chairman
of the Board of Directors is EUR 45,000 and each Board member EUR 35,000 per
year. Approximately 40 percent of the annual remuneration will be paid in
Vaisala Corporation's A shares acquired from the market and the rest in cash. In
addition, the Annual General Meeting confirmed that the compensation for the
Chairman of the Audit Committee would be EUR 1,500 per attended meeting and EUR
1,000 for each member of the Audit Committee and Chairman and each member of the
Remuneration and HR Committee and any other committee established by the Board
of Directors for a term until the close of the Annual General Meeting in 2018.
The meeting compensation fees are paid in cash.
Auditor
The Annual General Meeting re-elected Deloitte & Touche Oy as the auditor of the
Company and APA Merja Itäniemi will act as the auditor with the principal
responsibility. The Auditors are reimbursed according to invoice presented to
the Company.
Authorization for the directed repurchase of own A shares
The Annual General Meeting authorized the Board of Directors to decide on the
directed repurchase of a maximum of 200,000 of the Company's own A shares in one
or more instalments with funds belonging to the Company's unrestricted equity.
This authorization is valid until the closing of the next Annual General
Meeting, however, no longer than September 28, 2018, and it replaced the
previous authorization for directed repurchase of own A shares.
Authorization on the issuance of the Company's own A shares
The Annual General Meeting authorized the Board of Directors to decide on the
issuance of a maximum of 568,344 Company's own A shares. The issuance of own
shares may be carried out in deviation from the shareholders' pre-emptive rights
(directed issue). The subscription price of the shares can instead of cash also
be paid in full or in part as contribution in kind. This authorization is valid
until March 28, 2022, and it replaced the previous authorization for issuance of
own A shares.
Resolution on the forfeiture of shares entered in the Vaisala Corporation joint
book-entry account and of the rights attached to such shares
The Annual General Meeting decided in accordance with the proposal by the Board
of Directors that, regarding the shares entered in the Vaisala joint book-entry
account, the right to shares incorporated in the book-entry system and the
rights such shares carry are forfeited, and authorized the Board of Directors to
take all actions required by said decision.
The forfeiture of shareholder rights concerns shares that are in the joint book-
entry account, i.e. 4,820 shares of which 4,800 are series A-shares and 20
series K-shares. The shares, whose registration of shareholder rights to the
shareholder's book-entry account were requested prior to the commencement of the
Annual General Meeting, and which will entered in the shareholder's book-entry
account by June 30, 2017, will not be subject to the forfeiture of rights
referred to above.
The organizing meeting of the Board of Directors
At its organizing meeting held after the Annual General Meeting, the Board
elected Raimo Voipio to continue as the Chairman of the Board of Directors and
Yrjö Neuvo to continue as the Vice Chairman.
The composition of the Board committees was decided to be as follows:
Kaarina Ståhlberg was elected as the Chairman and Petri Castrén and Mikko
Niinivaara as members of the Audit Committee. The Chairman and all members of
the Audit Committee are independent both of the Company and of significant
shareholders.
Raimo Voipio was elected as the Chairman and Yrjö Neuvo, Mikko Niinivaara and
Pertti Torstila as members of the Remuneration and HR Committee. The Chairman
and all members of the Remuneration and HR Committee are independent both of the
Company and of significant shareholders.
Vaisala's shares and shareholders
Vaisala's share capital totaled EUR 7,660,808 on June 30, 2017. Vaisala had
18,218,364 shares, of which 3,389,351 were series K shares and 14,829,013 were
series A shares. The series K shares and series A shares are differentiated by
the fact that each series K share entitles its owner to 20 votes at a General
Meeting of Shareholders while each series A share entitles its owner to 1 vote.
The series A shares represent 81.4% of the total number of shares and 17.9% of
the total votes. The series K shares represent 18.6% of the total number of
shares and 82.1% of the total votes.
Trading in shares on the Nasdaq Helsinki Ltd
In January-June 2017, a total of 1,128,870 (1,172,127) Vaisala series A shares
with a value totaling EUR 43.0 (30.1) million were traded on the Nasdaq Helsinki
Ltd. The closing price of the series A share on the Nasdaq Helsinki Ltd stock
exchange was EUR 43.66 (28.35). Shares registered a high of EUR 48.55 (29.83)
and a low of EUR 31.88 (21.81). The volume-weighted average share price was EUR
38.12 (25.69).
The market value of Vaisala's series A shares on June 30, 2017 was EUR 631.4
(412.7) million, excluding the Company's treasury shares. Valuing the series K
shares - which are not traded on the stock market - at the rate of the series A
share's closing price on the last trading day of June, the total market value of
all the series A and series K shares together was EUR 779.4 (508.8) million,
excluding the Company's treasury shares.
At the end of June, 2017 Vaisala Corporation had 7,620 (7,454) registered
shareholders. Ownership outside of Finland and nominee registrations represented
16.4% (14.3%) of the company's shares. Households owned 40.2% (40.9%), private
companies 14.2% (14.2%), financial and insurance institutions 13.0% (12.8%),
non-profit organizations 11.2% (11.8%) and public sector organizations owned
5.0% (6.0%).
Treasury shares and their authorizations
The Annual General Meeting held on April 5, 2016 authorized the Board of
Directors to decide on the directed repurchase of a maximum of 200,000 of the
Company's series A shares. This authorization was valid until the closing of the
Annual General Meeting held on March 28, 2017.
In April 2016, the Board of Directors resolved to commence repurchases of shares
under this authorization. During May 2-December 30, 2016 Vaisala acquired a
total of 176,827 Company's series A shares at an average price of EUR 29.96 and
the total cost of the acquired shares was EUR 5,297,463.80. During January 2-
February 24, 2017 Vaisala acquired a total of 23,173 Company's series A shares
at an average price of EUR 34.03 and the total cost of the acquired share was
EUR 788,522.13.
The Annual General Meeting held on April 5, 2016, authorized the Board of
Directors to decide on the issuance of a maximum of 391,550 Company's series A
shares. This authorization was valid until the closing of the Annual General
Meeting held on March 28, 2017.
In March 2017, the Board of Directors decided to transfer shares under this
authorization. A total of 22,506 Company's series A shares were transferred to
the 22 key employees participating on the Share-based incentive plan 2014 and
Restricted share-based incentive plan 2016 under the terms and conditions of the
plans.
At the end of June 2017, Vaisala held a total of 367,544 (270,333) Company's
series A shares, which represented 2.5% (1.8%) of all series A shares and 2.0%
(1.5 %) of all shares.
More information about Vaisala's shares and shareholders are presented on the
website, www.vaisala.com/investors.
Near-term risks and uncertainties
Uncertainties in political situation and governmental customers' budgetary
constraints may reduce demand for Vaisala's products and services or slow down
customer projects.
Delay in developing applications for digital solutions as well as acquiring and
in building related competences for sales and business operations may slow down
growth in Weather and Environment Business Area. Closing of infrastructure
projects in Weather and Environment Business Area may be postponed by budgetary
constraints, complex customer decision making processes, changes in scope, and
financing. Thus, Vaisala's financial performance may vary significantly over
time.
Prolonged new product ramp-ups and market acceptance of new offering, such as
power transformer monitoring products, supplementary air quality network
sensors, and continuous monitoring systems, may postpone the realization of
Vaisala's growth plans. Weakness in introducing new technologies and
applications may result in erosion of price premium or loss of cost
competitiveness and market position.
Long interruption in production or test equipment or disruption in suppliers'
and subcontractors' delivery capability or product quality may impact
significantly Vaisala's net sales and profitability. Cyber risk and downtime of
IT systems may impact operations, delivery of information services or internet-
based services, or cause financial loss.
Vaisala's capability to successfully complete investments, acquisitions,
divestments and restructurings on a timely basis and to achieve related
financial and operational targets may include uncertainties and risks, which may
negatively impact net sales and profitability.
Further information about risk management and risks are available on the company
website at www.vaisala.com/investors, Corporate Governance and
www.vaisala.com/investors, Vaisala as an Investment.
Market outlook 2017
Vaisala is expecting moderate improvement for weather observation market
compared to previous year, and as typical, customer activity is expected to
improve seasonally towards the end of the year. While the budgetary constraints
restrict order activity in many countries, the importance of improvements in
weather observation and forecasting capabilities continue to drive demand.
Growth in deliveries is expected in particular in Europe following a very weak
2016. Large project in Bahamas supports growth in Americas. Market activity for
weather observation solutions is expected to increase especially among
meteorology customer segment. Market development with transportation customer
industries looks overall stable, whereas order intake is expected to be slightly
lower than in the strong 2016 due to variations with large projects and weak
short-term visibility into Chinese aviation market development. Demand for
renewable energy solutions is expected to grow modestly.
Industrial measurement market outlook continues to be favorable. Especially, OEM
business and continuous monitoring systems drive demand growth for industrial
measurement solutions.
Business outlook for 2017
Vaisala continues t0 estimate its full-year 2017 net sales to be in the range of
EUR 310-340 million and its operating result (EBIT) to be in the range of EUR
32-42 million.
Financial Calendar 2017
Interim Report for January-September 2017, October 23, 2017
Vantaa, July 20, 2017
Vaisala Corporation
Board of Directors
The forward-looking statements in this release are based on the current
expectations, known factors, decisions and plans of Vaisala's management.
Although the management believes that the expectations reflected in these
forward-looking statements are reasonable, there is no assurance that these
expectations would prove to be correct. Therefore, the results could differ
materially from those implied in the forward-looking statements, due to for
example changes in the economic, market and competitive environments, regulatory
or other government-related changes, or shifts in exchange rates.
Financial information and changes in accounting policies
This interim financial report has been prepared in accordance with IAS 34,
Interim Financial Reporting, following the same accounting policies and
principles as in the annual financial statements for 2016. All figures in the
interim report are Group figures. All presented figures have been rounded and
consequently the sum of individual figures may deviate from the sum presented.
The preparation of the financial statements in accordance with IFRS requires
Vaisala's management to make estimates and assumptions that affect the valuation
of the reported assets and liabilities and the recognition of income and
expenses in the statement of income. Although the estimates are based on the
management's best knowledge at the date of the interim report, actual results
may differ from the estimates. This interim financial report is unaudited.
New and amended IFRS standards not yet adopted
Revenue from Contracts with Customers
IFRS 15 Revenue from contracts with customers establishes a single comprehensive
model for entities to use in accounting for revenue arising from contracts with
customers. IFRS 15 will supersede the current revenue recognition guidance
including IAS 18 Revenue, IAS 11 Construction Contracts and the related
interpretations when it becomes effective. The core principle of IFRS 15 is that
an entity should recognize revenue to depict the transfer of promised goods or
services to customers with an amount that reflects the consideration to which
the entity expects to be entitled in exchange for those goods or services. Under
IFRS 15, an entity recognizes revenue when (or as) a performance obligation is
satisfied, i.e. when control of the good or service underlying the particular
performance obligation is transferred to the customer. These principles are
applied using the following five steps:
1. Identify the contract(s) with a customer
2. Identify the performance obligations in the contract
3. Determine the transaction price
4. Allocate the transaction price to the performance obligations in
the contract
5. Recognize revenue
Furthermore, IFRS 15 requires extensive disclosures.
Vaisala will adopt IFRS 15 Revenue from contracts with customers as of January
1, 2018. Management estimates that IFRS 15 affects mainly Weather and
Environment Business Area's project business, while effects on product and
services businesses in Weather and Environment as well as Industrial
Measurements Business Areas are limited.
Project business
Net sales of Weather and Environment Business Area's project business totaled
EUR 22 million during the first six months of 2017 and EUR 65 million during
financial year 2016. Management estimates, that major changes in project revenue
recognition will take place in above mentioned steps two, four and five, whereas
changes are limited in step one and step three.
Vaisala's delivery projects are typically integrated projects. In integrated
projects, Vaisala delivers observation solutions consisting of products,
services and software to a customer. These solutions are integrated/connected to
customer systems according to customer specifications. Therefore, one delivery
project is typically one performance obligation under IFRS 15. Vaisala will
recognize revenue for integrated projects using percentage of completion method.
Based on contract analysis performed, the conclusion is that Vaisala's projects
typically meet the over-time revenue recognition criteria, either by creating an
asset without an alternative use and Vaisala having an enforceable right to
payment for performance completed to date and/or by creating an asset under
customer control.
Revenue of projects, which do not meet the over-time revenue recognition
criteria, is recognized at a point in time when control has been transferred to
a customer. These projects are typically standard shipments or collections of
several individual deliveries, which Vaisala manages as projects because of
their size.
Prior to 2018, Vaisala has rarely used percentage of completion method, and only
in projects with very long delivery times. Generally, Vaisala has recognized
project revenue separately for hardware and field service in accordance with
their pro rata selling prices. Hence, adoption of over-time revenue recognition
will have an impact on timing of revenue recognition in Vaisala's project
business since control over assets transfers to customers over time.
Consequently, recognition of project revenue and profit will be advanced.
Product and service businesses
As currently, Vaisala will recognize revenue of product deliveries based on
delivery terms, and revenue of services when benefits are rendered to customers.
Vaisala continues to recognize revenue of such fixed-time service contracts,
which are negotiated in connection with delivery projects and commence after
completion of the delivery projects, as separate performance obligations with
over time revenue recognition method.
Implementation and transition
During 2017, Vaisala has been reviewing contracts, creating revenue recognition
policy, developing accounting systems and preparing disclosure information to
the notes of the financial statements.
Vaisala will use cumulative method in transition, which means that open
contracts will be recognized according to IFRS 15 as of January 1, 2018, but
revenue or profit of completed projects will not be adjusted retrospectively.
According to management's preliminary estimate for January-June 2017, net sales
would have been approximately EUR 7 million higher and order book would have
cumulatively been approximately EUR 14 million lower under IFRS 15 compared to
current accounting policies. This estimated effect is due to earlier timing of
revenue recognition. Current revenue recognition method results in seasonality
where revenue for second half of a year has been typically higher while concrete
project completion takes place more evenly throughout a year. In the above
management estimate, there are significant accounting judgements involved
especially as the percentage of completion method requires accurate estimates in
project revenue and costs.
The management continues to analyze and prepare estimates throughout 2017. Due
to seasonality in project business, impact of IFRS 15 in second half of the year
may materially differ from the first half. Also, project profitability may vary
over reporting periods. Transition effect depends on the size and scope of
projects at the time of transition January 1, 2018.
Consolidated Statement of Income
EUR million 4-6/2017 4-6/2016 1-6/2017 1-6/2016 1-12/2016
-------------------------------------------------------------------------------
Net sales 74.8 75.6 143.2 144.3 319.1
Cost of sales -35.6 -38.3 -68.9 -72.0 -154.3
-------------------------------------------------------------------------------
Gross profit 39.2 37.2 74.3 72.2 164.8
Sales, marketing and
administrative costs -23.9 -24.2 -46.7 -47.7 -103.4
Research and development costs -10.6 -9.9 -20.6 -19.4 -38.0
Other operating income and
expense 0.3 0.3 0.6 -2.7 -1.0
-------------------------------------------------------------------------------
Operating profit (loss) 5.1 3.4 7.7 2.4 22.3
Share of result in associated
company - - - - 0.1
Financial income and expenses,
net -0.9 0.5 -1.4 -1.2 -0.3
-------------------------------------------------------------------------------
Profit (loss) before taxes 4.2 3.9 6.2 1.2 22.1
Income taxes -0.9 -0.9 -1.4 -0.3 -3.3
-------------------------------------------------------------------------------
Profit (loss) for the period 3.3 3.0 4.8 0.9 18.8
Earnings per share, EUR 0.18 0.17 0.27 0.05 1.05
Diluted earnings per share, EUR 0.18 0.17 0.27 0.05 1.03
Consolidated Statement of Comprehensive Income
EUR million 4-6/2017 4-6/2016 1-6/2017 1-6/2016 1-12/2016
-------------------------------------------------------------------------------
Items that will not be reclassified to
profit or loss
Actuarial profit (loss) on
post-employment benefits 0.0 0.0 0.0 0.0 -0.0
-------------------------------------------------------------------------------
Total 0.0 0.0 0.0 0.0 -0.0
-------------------------------------------------------------------------------
Items that may be reclassified
subsequently to profit or loss
Currency translation
differences -1.8 0.6 -2.0 -0.8 0.0
-------------------------------------------------------------------------------
Total -1.8 0.6 -2.0 -0.8 0.0
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Total other comprehensive income -1.8 0.6 -2.0 -0.8 0.0
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Total comprehensive income 1.5 3.6 2.8 0.2 18.8
-------------------------------------------------------------------------------
Consolidated Statement of Financial Position
EUR million
----------------------------------------------------------------------------
Assets Jun 30, 2017 Jun 30, 2016 Dec 31, 2016
----------------------------------------------------------------------------
Non-current assets
Intangible assets 17.6 30.6 20.0
Property, plant and equipment 40.1 42.2 41.4
Investments 0.1 0.1 0.1
Investment in associated companies 0.8 0.8 0.8
Long-term receivables 0.7 0.8 0.7
Deferred tax assets 10.6 12.3 10.8
----------------------------------------------------------------------------
Total non-current assets 69.9 86.9 73.8
Current assets
Inventories 39.2 39.1 32.1
Trade and other receivables 65.6 65.9 75.4
Income tax receivables 3.9 2.5 1.4
Cash and cash equivalents 60.6 43.2 72.4
----------------------------------------------------------------------------
Total current assets 169.3 150.8 181.2
Assets classified as held for sale - 1.7 -
----------------------------------------------------------------------------
Total assets 239.2 239.3 255.0
Shareholders' equity and liabilities Jun 30, 2017 Jun 30, 2016 Dec 31, 2016
-------------------------------------------------------------------------------
Shareholders' equity
Share capital 7.7 7.7 7.7
Other reserves 2.1 1.5 2.0
Cumulative translation adjustment 0.9 2.1 2.9
Treasury shares -10.1 -6.5 -9.6
Retained earnings 162.7 157.7 175.6
-------------------------------------------------------------------------------
Total shareholders' equity 163.3 162.5 178.5
Non-current liabilities
Interest-bearing liabilities 0.0 0.0 0.0
Post-employment benefit obligations 2.4 2.4 2.4
Deferred tax liabilities 0.0 4.4 0.0
Provisions for other liabilities and
charges 0.0 0.2 0.0
Other long-term liabilities 1.3 0.6 1.3
-------------------------------------------------------------------------------
Total non-current liabilities 3.7 7.6 3.7
Current liabilities
Interest-bearing liabilities 0.0 0.0 0.0
Advances received 3.8 3.6 4.0
Income tax liabilities 0.4 0.1 0.4
Provisions for other liabilities and
charges 0.9 3.3 1.8
Trade and other payables 67.0 61.4 66.6
-------------------------------------------------------------------------------
Total current liabilities 72.2 68.4 72.8
Liabilities directly associated with
assets classified as held for sale - 0.8 -
-------------------------------------------------------------------------------
Total shareholders' equity and
liabilities 239.2 239.3 255.0
Consolidated Statement of Changes in Shareholders' Equity
Share Other Treasury Translation Retained
EUR million capital reserves shares adjustment earnings Total
-------------------------------------------------------------------------------
Balance at Jan
1, 2016 7.7 1.1 -4.3 2.9 173.9 181.3
Profit (loss)
for the period 0.9 0.9
Other
comprehensive
income -0.0 -0.8 -0.8
Dividend paid -17.1 -17.1
Purchase of
treasury shares -2.2 -2.2
Share-based
payment 0.3 0.0 0.4
-------------------------------------------------------------------------------
Balance at Jun
30, 2016 7.7 1.5 -6.5 2.1 157.7 162.5
-------------------------------------------------------------------------------
Share Other Treasury Translation Retained
EUR million capital reserves shares adjustment earnings Total
-------------------------------------------------------------------------------
Balance at Jan
1, 2017 7.7 2.0 -9.6 2.9 175.6 178.5
Profit (loss)
for the period 4.8 4.8
Other
comprehensive
income -0.0 -2.0 -2.0
Dividend paid -17.8 -17.8
Return of
unpaid
dividends to
shareholders'
equity 0.1 0.1
Purchase of
treasury shares -0.8 -0.8
Share-based
payment 0.2 0.3 0.5
-------------------------------------------------------------------------------
Balance at Jun
30, 2017 7.7 2.1 -10.1 0.9 162.7 163.3
-------------------------------------------------------------------------------
Consolidated Cash Flow Statement
EUR million 1-6/2017 1-6/2016 1-12/2016
-------------------------------------------------------------------------------
Cash flows from operating activities
Cash receipts from customers 163.1 159.8 320.1
Other income from business operations 0.0 0.0 0.0
Cash paid to suppliers and employees -144.8 -146.2 -268.3
Financials paid, net -2.5 -1.1 -0.7
Income taxes paid, net -4.5 -5.3 -9.4
-------------------------------------------------------------------------------
Cash flow from operating activities 11.3 7.2 41.8
Cash flows from investing activities
Capital expenditure on fixed assets -3.8 -4.0 -7.7
Divestments 0.2 0.0 1.4
-------------------------------------------------------------------------------
Cash flow from investing activities -3.6 -3.9 -6.4
Cash flows from financing activities
Dividends paid -17.8 -17.1 -17.1
Purchase of treasury shares -0.8 -1.9 -5.3
Change in loan receivables 0.0 0.0 0.0
Change in leasing liabilities 0.0 0.0 0.0
-------------------------------------------------------------------------------
Cash flow from financing activities -18.6 -19.1 -22.4
Cash and cash equivalents at the beginning of
period 72.4 59.2 59.2
Net increase (+) / decrease (-) in cash and cash
equivalents -10.9 -15.9 13.0
Effect from changes in exchange rates -0.9 -0.1 0.2
-------------------------------------------------------------------------------
Cash and cash equivalents at the end of period 60.6 43.2 72.4
Notes for Report
Orders Received by Business Area
EUR million 4-6/2017 4-6/2016 1-6/2017 1-6/2016 1-12/2016
-------------------------------------------------------------------------
Weather and Environment 53.0 50.1 105.1 91.1 206.0
Industrial Measurements 28.2 26.8 57.7 50.7 105.3
-------------------------------------------------------------------------
Total 81.3 77.0 162.8 141.7 311.3
-------------------------------------------------------------------------
Net Sales by Business Area
EUR million 4-6/2017 4-6/2016 1-6/2017 1-6/2016 1-12/2016
-------------------------------------------------------------------------
Weather and Environment
Products 27.4 25.0 50.4 50.8 115.5
Projects 13.5 17.0 22.0 26.9 65.0
Services 8.4 8.6 17.1 17.5 34.9
-------------------------------------------------------------------------
Total 49.3 50.6 89.6 95.3 215.4
Industrial Measurements
Products 22.6 22.3 47.9 43.6 93.0
Services 2.9 2.7 5.7 5.4 10.7
-------------------------------------------------------------------------
Total 25.5 25.0 53.6 49.0 103.7
Sales, Other 0.0 0.0 0.0 0.0 0.0
-------------------------------------------------------------------------
Total Sales 74.8 75.6 143.2 144.3 319.1
-------------------------------------------------------------------------
Operating Result by Business Area
EUR million 4-6/2017 4-6/2016 1-6/2017 1-6/2016 1-12/2016
-------------------------------------------------------------------------
Weather and Environment 1.1 -0.9 -2.9 -2.8 3.4
Industrial Measurements 3.7 4.3 10.1 9.3 21.6
Other 0.3 0.0 0.5 -4.1 -2.7
-------------------------------------------------------------------------
Total 5.1 3.4 7.7 2.4 22.3
-------------------------------------------------------------------------
Net Sales by Geographical Area
EUR million 4-6/2017 4-6/2016 1-6/2017 1-6/2016 1-12/2016
-------------------------------------------------------------------------
EMEA 23.8 23.0 41.8 44.6 92.0
Americas 30.6 29.9 59.4 59.4 140.9
APAC 20.4 22.7 42.0 40.2 86.2
-------------------------------------------------------------------------
Total 74.8 75.6 143.2 144.3 319.1
-------------------------------------------------------------------------
Personnel
4-6/2017 4-6/2016 1-6/2017 1-6/2016 1-12/2016
-------------------------------------------------------------------------------
Average personnel 1,601 1,613 1,582 1,597 1,590
Personnel at the end
of period 1,630 1,634 1,630 1,634 1,569
-------------------------------------------------------------------------------
Financial Instruments
Jun 30, 2017 Jun 30, 2016 Dec 31, 2016
-------------------------------------------------------------------------------
Nominal value of
financial
derivatives, EUR
million 41.3 25.4 50.2
Fair values of
financial
derivatives, assets,
EUR million 2.3 0.1 0.3
Fair values of
financial
derivatives,
liabilities, EUR
million 0.3 0.5 1.5
-------------------------------------------------------------------------------
Financial derivatives consist solely of foreign currency forwards and they are
measured based on price
information derived from active markets and commonly used valuation methods
(Fair value hierarchy 2).
Financial contracts are executed only with counterparties that
have high credit ratings.
Share Information
4-6/2017 4-6/2016 1-6/2017 1-6/2016 1-12/2016
-------------------------------------------------------------------------------
Number of shares outstanding,
thousand 17,851 17,948 17,851 17,948 17,851
Number of treasury shares,
thousand 368 270 368 270 367
Number of shares, weighted
average, diluted, thousand 18,137 18,257 18,133 18,016 18,203
Number of shares, weighted
average, thousand 17,851 18,005 17,847 18,016 17,955
Number of shares traded,
thousand 630 626 1,129 1,172 2,031
Share price, highest, EUR 48.55 29.83 48.55 29.83 36.96
Share price, lowest, EUR 34.36 23.00 31.88 21.81 21.81
-------------------------------------------------------------------------------
Key Ratios
4-6/2017 4-6/2016 1-6/2017 1-6/2016 1-12/2016
-------------------------------------------------------------------------------
Earnings per share, EUR 0.18 0.17 0.27 0.05 1.05
Earnings per share, diluted, EUR 0.18 0.17 0.27 0.05 1.03
Equity per share, EUR 9.15 9.05 10.00
Return on equity, % 5.7 1.1 10.5
Cash flow from operating
activities per share, EUR 0.47 0.43 0.63 0.40 2.34
Solvency ratio, % 69.4 68.9 71.1
-------------------------------------------------------------------------------
Further information
Kaarina Muurinen, CFO
Mobile +358 40 577 5066
Vaisala Corporation
Telephone Conference
An English-language conference call for analysts, investors and media will be
held today, July 20, 2017 at 4:00 p.m. (Finnish time). Numbers for conference
call, during which questions may be presented, are:
Finland: +358 9 8171 0495
UK: +44 20 3194 0552
Sweden: +46 8 5664 2702
US: +1 85 5716 1597
Audiocast
The presentation by Kjell Forsén, President and CEO, can also be followed
through a live audiocast at www.vaisala.com/investors starting at 4:00 p.m. A
recording will be published at the same address by 6:00 p.m.
Distribution
Nasdaq Helsinki
Key media
www.vaisala.com
Vaisala is a global leader in environmental and industrial measurement. Building
on 80 years of experience, Vaisala contributes to a better quality of life by
providing a comprehensive range of innovative observation and measurement
products and services for chosen weather-related and industrial markets.
Headquartered in Finland, Vaisala employs approximately 1,600 professionals
worldwide and is listed on the Nasdaq Helsinki stock exchange.
www.vaisala.com www.twitter.com/VaisalaGroup
[]
© 2024 Nasdaq, Inc. All Rights Reserved |