2014-12-12 09:00:04 CET
2014-12-12 09:00:09 CET
REGULATED INFORMATION
Panostaja Oyj - Company Announcement
PANOSTAJA GROUP FINANCIAL STATEMENT BULLETIN
Panostaja Oyj Financial Statement Bulletin, December 12, 2014
10:00am
PANOSTAJA GROUP FINANCIAL STATEMENT BULLETIN
November 1, 2013-October 31, 2014 (12 months)
-- Net sales increased by 13% and stood at MEUR 154.8 (MEUR 137.0).
-- EBIT improved and was MEUR 10.2 (MEUR 1.6).
-- The result for the financial period was MEUR 8.2 (MEUR -5.5).
-- Operating cash flow improved and was MEUR 11.4 (MEUR 7.8).
Proposal for the distribution of profits:
The Board of Directors proposes to the Annual General Meeting that EUR 0.04 per
share in capital repayment be paid for the financial period that has ended.
At its meeting on December 11, 2014, Panostaja Oyj's Board of Directors
specified the policy on the distribution of profits - the newly specified
policy is as follows: Distribution of profits reflects the development of the
Group's result in the long term, and the primary aim is to ensure the
continuity of the Group's investment activity, after which it will be possible
to distribute at least half of the annual consolidated profit targeted at the
parent company shareholders, either as dividends, capital repayments or the
repurchase of shares.
Outlook for the 2015 financial period:
The Group's net sales and EBIT in the 2015 financial period are expected to be
at the same level as in the 2014 financial period (net sales MEUR 154.8 and
EBIT MEUR 10.2).
CEO Juha Sarsama: Good development in a difficult market situation
Our overall growth development and profit development in the financial period
were good. Our net sales increased by 13%, and our EBIT improved by MEUR 8.6.
We actively developed our ownerships: We expanded into the consumer business
and founded within the Group a new segments specializing in building technology
renovation for houses. KotiSun has a well-developed service model, and the
company has grown fast into the leading company in its field in Finland. We
sold value-added logistics expert Vindea, for which we recorded a sales profit
of MEUR 5.5. Panostaja owned Vindea from 2003, and under Panostaja's ownership
Vindea achieved a strong market position, increased its know-how and number of
customers, obtained new resources, and expanded with new openings. The
reorganization proceedings of Takoma Oyj and Takoma Gears Oy ended, and the
reorganization program was confirmed, which gives an opportunity to develop the
operations of Takoma Gears Oy. Takoma proceeded more quickly than planned. Net
sales from Takoma's continuing operations grew, and the EBIT from continuing
operations decreased.
The Finnish economic situation continues to be uncertain. The effects of the
Ukraine crisis and the economic sanctions imposed on Russia have increased
uncertainty in the economic development of Europe. The general economic
situation and atmosphere has remained challenging, which is especially
reflected in the construction- and export industry-related segments.
On the corporate acquisitions market, activity has increased and this will
offer Panostaja opportunities both for new acquisitions and later, as economic
forecastability improves, for divestments. The position of Panostaja's business
segments in their fields of operation has improved and is expected to continue
to do so.
August 1, 2014-October 31, 2014 (Q4)
-- Net sales increased by 14% and stood at MEUR 44.1 (MEUR 38.7). The impact
of corporate acquisitions on the MEUR 5.4 increase of net sales stood at
MEUR 5.6. Net sales increased in three of the eight segments.
-- EBIT improved and was MEUR 4.4 (MEUR 1.8). Growth of MEUR 2.6 in EBIT is
attributable to the acquisition of the Building Technology Renovation
segment and good profit development in the Digital Printing Services,
Takoma and Heat Treatment segments. Five of the eight segments achieved
better EBIT than in the reference period.
-- Profit before taxes was MEUR 3.5 (MEUR 1.0)
-- The result for the review period was MEUR 2.4 (MEUR -1.0).
-- Earnings per share (undiluted) were 1.6 cents (-1.0 cents).
-- Operating cash flow improved and was MEUR 6.2 (MEUR 3.1).
-- The reorganization proceedings of Takoma Oyj and Takoma Gears Oy ended and
the reorganization program was confirmed.
November 1, 2013-October 31, 2014 (12 months)
-- Net sales for the review period increased by 13% and were MEUR 154.8 (MEUR
137.0). The MEUR 17.8 growth in net sales was a result of organic growth
and the impact of corporate acquisitions carried out in the previous and
current financial period, the impact of which totaled MEUR 12.9. Net sales
increased in five of the eight segments.
-- EBIT improved and was MEUR 10.2 (MEUR 1.6). Growth was MEUR 8.6. EBIT
particularly benefited from an improvement in profit in the Takoma,
Fittings and Heat Treatment segments. The reference period includes Takoma
segment's goodwill write-down amounting to MEUR 2.3. Five segments exceeded
the level of EBIT in the reference period.
-- Profit before taxes was MEUR 6.8 (MEUR -1.3).
-- The result for the financial period was MEUR 8.2 (MEUR -5.5).
-- Earnings per share (undiluted) were 9.4 cents (-9.5 cents).
-- Operating cash flow improved and was MEUR 11.4 (MEUR 7.8).
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Key figures Panostaja Group 12 months 12 months Q4 Q4
11/13-10/14 11/12-10/1 8/14-10/14 8/13-10/13
3
--------------------------------------------------------------------------------
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Net sales, MEUR 154.8 137.0 44.1 38.7
EBIT, MEUR 10.2 1.6 4.4 1.8
Profit before taxes, MEUR 6.8 -1.3 3.5 1.0
Earnings per share, undiluted 0.09 -0.10 0.02 -0.01
(EUR)
Equity per share (EUR) 0.62 0.59 0.62 0.59
Operating cash flow (MEUR) 11.4 7.8 6.2 3.1
The income statement for operations discontinued during the reference period
has been separated from the income statement for continuing operations and the
result for them is presented in accordance with the IFRS standards on row
‘Earnings from discontinued operations'. Prior to separating discontinued and
sold operations from continuing operations in the income statement, the
consolidated net sales for the reference period were MEUR 179.6 and the EBIT
was MEUR -0.4.
Key figures by segment
Net sales, MEUR
12 months 12 months Q4 Q4
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11/13-10/14 11/12-10/13 8/14-10/14 8/13-10/13
--------------------------------------------------------------------------------
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Digital Printing Services 57.8 50.8 15.8 14.2
Safety 33.7 31.8 9.3 9.5
Takoma 15.3 14.1 4.6 4.0
Ceiling Materials 11.0 12.8 2.6 3.2
Fittings 10.9 11.9 2.6 3.0
Spare parts for Motor Vehicles 10.8 10.3 2.9 2.7
Building Technology Renovation 8.8 4.9
Heat Treatment 6.8 5.7 1.6 2.1
Others 0.0 0.0 0.0 0.0
Eliminations -0.3 -0.4 -0.1 0.0
Group in total 154.8 137.0 44.1 38.7
EBIT, MEUR
12 months 12 months Q4 Q4
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11/13-10/14 11/12-10/13 8/14-10/14 8/13-10/13
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Digital Printing Services 7.1 6.4 2.6 1.9
Safety 2.1 1.6 1.0 1.0
Takoma -0.4 -4.1 0.2 -0.3
Ceiling Materials 0.5 0.9 0.0 0.2
Fittings 0.8 -0.2 0.3 0.0
Spare parts for Motor Vehicles 0.7 0.8 0.2 0.2
Building Technology Renovation 1.1 0.6
Heat Treatment 0.2 -1.5 -0.1 -0.7
Others -2.1 -2.3 -0.4 -0.5
Group in total 10.2 1.6 4.4 1.8
PRESS CONFERENCE
Panostaja will hold a press conference for analysts, investors and the press on
December 12, 2014 from 11:30 am to 12:30 pm at Hotel Scandic Simonkenttä,
Bulsa-Freda 1-2, Simonkatu 9, Helsinki
The financial statement bulletin, presentations and other investor information
are available at: www.panostaja.fi.
Panostaja Oyj
Juha Sarsama
CEO
Further information:
CEO Juha Sarsama, Panostaja Oyj, +358 40 774 2099
Distribution: NASDAQ OMX Helsinki, key media, www.panostaja.fi.
PANOSTAJA GROUP REPORT FINANCIAL STATEMENT BULLETIN November 1, 2013-October
31, 2014
THE ECONOMIC DEVELOPMENT OF THE PANOSTAJA GROUP
12 12 Change, 3 3 months Change,
months months % months %
--------------------------------------------------------------------------------
Key figures 11/13-10 11/12-10 8/14-10 8/13-10/
Panostaja Group /14 /13 /14 13
--------------------------------------------------------------------------------
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Net sales, MEUR 154.8 137.0 13.0% 44.1 38.7 14.1%
EBIT, MEUR 10.2 1.6 541.3% 4.4 1.8 144.1%
Profit before taxes, 6.8 -1.3 638.6% 3.5 1.0 256.0%
MEUR
Earnings per share, 0.09 -0.10 0.02 -0.01
undiluted (EUR)
Equity per share (EUR) 0.62 0.59 5.1% 0.62 0.59 5.1%
Operating cash flow 11.4 7.8 46.4% 6.2 3.1 103.2%
(MEUR)
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AUGUST 2014-OCTOBER 2014
In the fourth quarter, net sales increased by 14% and stood at MEUR 44.1 (MEUR
38.7). Export amounted to MEUR 2.4, or 5.5%, (MEUR 1.5, or 3.9%) of net sales.
The impact of corporate acquisitions on the MEUR 5.4 increase in net sales
stood at MEUR 5.6. Of the Group's eight business segments, three exceeded the
net sales level of the reference period.
EBIT improved and was MEUR 4.4 (MEUR 1.8). The MEUR 2.6 growth in EBIT is
attributable to the acquisition of the Building Technology Renovation segment
and good profit development in the Digital Printing Services, Takoma and Heat
Treatment segments. Five of the eight segments achieved better EBIT than in the
reference period.
Profit before taxes was MEUR 3.5 (MEUR 1.0) Earnings per share (undiluted) were
1.6 cents (-1.0 cents). Equity per share was EUR 0.62 (EUR 0.59).
Operating cash flow was MEUR 6.2 (MEUR 3.1).
NOVEMBER 2013-OCTOBER 2014
Net sales for the review period increased by 13% and were MEUR 154.8 (MEUR
137.0). The MEUR 17.8 growth in net sales was mainly a result of organic growth
and the impact of corporate acquisitions carried out in the previous and
present financial period, the effect of which totaled MEUR 12.9.
Of the Group's eight operational segments, five exceeded the cumulative net
sales level of the reference period, EBIT improved and was MEUR 10.2 (MEUR
1.6). Growth was MEUR 8.6. EBIT particularly benefited from an improvement in
profit in the Takoma, Fittings and Heat Treatment segments. The reference
period includes Takoma segment's goodwill write-down amounting to MEUR 2.3.
Five segments exceeded the level of EBIT in the reference period.
Profit before taxes was MEUR 6.8 (MEUR -1.3) Earnings per share (undiluted)
were 9.4 cents (-9.5 cents). Equity per share was EUR 0.62 (EUR 0.59).
The Group's net financial expenses for the review period were MEUR -3.3 (MEUR
-2.7). The Group's liquidity remained good and operating cash flow was MEUR
11.4 positive.
SEGMENT REVIEW
Key figures by segment
Net sales, MEUR
12 12 Change, Q4 Q4 Change,
months months % %
--------------------------------------------------------------------------------
11/13-10 11/12-10 8/14-10/ 8/13-10/
/14 /13 14 13
--------------------------------------------------------------------------------
----------------------- -------------------------------------
Digital Printing 57.8 50.8 13.8% 15.8 14.2 11.3%
Services
Safety 33.7 31.8 5.8% 9.3 9.5 -1.8%
Takoma 15.3 14.1 8.4% 4.6 4.0 14.2%
Ceiling Materials 11.0 12.8 -13.9% 2.6 3.2 -21.4%
Fittings 10.9 11.9 -8.4% 2.6 3.0 -11.9%
Spare parts for Motor 10.8 10.3 4.8% 2.9 2.7 9.2%
Vehicles
Building Technology 8.8 4.9
Renovation
Heat Treatment 6.8 5.7 19.0% 1.6 2.1 -25.1%
Others 0.0 0.0 0.0 0.0
Eliminations -0.3 -0.4 -0.1 0.0
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Group in total 154.8 137.0 13.0% 44.1 38.7 14.1%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
EBIT, MEUR
12 months 12 Change, Q4 Q4 Change,
months % %
--------------------------------------------------------------------------------
11/13-10/ 11/12-10 8/14-10/ 8/13-10/
14 /13 14 13
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Digital Printing 7.1 6.4 12.5% 2.6 1.9 33.8%
Services
Safety 2.1 1.6 34.2% 1.0 1.0 -1.2%
Takoma -0.4 -4.1 91.1% 0.2 -0.3 179.1%
Ceiling Materials 0.5 0.9 -37.7% 0.0 0.2 -103.2%
Fittings 0.8 -0.2 638.4% 0.3 0.0 4,013.9%
Spare parts for 0.7 0.8 -12.1% 0.2 0.2 10.7%
Motor Vehicles
Building Technology 1.1 0.6
Renovation
Heat Treatment 0.2 -1.5 116.2% -0.1 -0.7 92.1%
Others -2.1 -2.3 7.0% -0.4 -0.5 13.7%
Group in total 10.2 1.6 541.3% 4.4 1.8 144.1%
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The income statement for operations discontinued during the reference period
has been separated from the income statement for continuing operations and the
result for them is presented in accordance with the IFRS standards on row
‘Earnings from discontinued operations'.
Panostaja Group's business operations for the period under review are reported
in nine segments: Digital Printing Services, Safety, Takoma, Ceiling Materials,
Fittings, Spare Parts for Motor Vehicles, Building Technology Renovation, Heat
Treatment and Other (parent company and associated companies).
Segment comments, November 2013-October 2014
The net sales of the Digital Printing Services segment grew 14%, from MEUR 50.8
to MEUR 57.8. A significant proportion of growth is attributable to the
acquisition of the DMP companies in December 2012 and the Eriksen printing
business in February 2014. The segment's EBIT improved from MEUR 6.4 to MEUR
7.1. Consumption of print paper and CAD paper has continued to fall. Owing to
the poor general economic situation, price competition has also intensified and
is exerting pressure on profitability. On the other hand, in a weak market
situation customers seek efficiency in their operations, which creates new
opportunities In spite of tightening competition, however, the segment was able
to maintain good development of net sales and EBIT. At the end of the financial
period, the segment employed 497 (451) staff.
The growth of the net sales of the Safety segment was 6%. Net sales grew from
MEUR 31.8 to MEUR 33.7. EBIT improved from MEUR 1.6 to MEUR 2.1. The market
situation in the sector is difficult, and customers are cautious in their
investment decisions. In spite of all this, the development of net sales has
been positive. In the review period, the new-generation Flexim Safea solution
was launched, as well as solutions conceptualized around it, and it has been
positively received by customers. Flexim Safea has also interested completely
new target groups, which have not previously been Flexim users. At the end of
the financial period, the segment employed 249 (205) staff.
The reorganization proceedings of Takoma Oyj and Takoma Gears Oy began on
January 17, 2014, and the reorganization program was confirmed at Pirkanmaa
District Court on September 30, 2014. The repayment schedule of the
reorganization debts was prolonged and the debt structure was lightened in the
reorganization program. The confirmation of the reorganization program provides
an opportunity to develop the operations of Takoma Gears Oy. In the period
under review, Tampereen Laatukoneistus Oy, Hervannan Koneistus Oy and Takoma
Systems Oy filed for bankruptcy. As a result of the bankruptcy, the companies
in question have been treated as discontinued operations in Panostaja's
consolidated financial statements.
Net sales of Takoma's continuing operations improved from MEUR 14.1 to MEUR
15.3. The loss for the segment's continuing operations was reduced from MEUR
-4.1 to MEUR -0.4. The loss for the reference period includes MEUR 2.3 in
goodwill write-down. During the reorganization proceedings, the cost structure
of Takoma has been adjusted to meet the demand situation. At the same time, the
orders received and order book have developed favorably. The figures for
discontinued operations are presented in ‘discontinued operations', and they
incurred a combined loss of MEUR 0.8 in the period under review. At the end of
the financial period, the segment employed 92 (163) staff.
In the financial period, net sales in the Ceiling Materials segment decreased
from MEUR 12.8 to MEUR 11.0 owing to the difficult market situation in
construction. EBIT weakened from MEUR 0.9 to MEUR 0.5. Economic conditions in
construction are poor and competition for projects is fierce, which is also
directly reflected in customer demand. The unfavorable development of net sales
has been softened by cost adaptation. Despite the difficult situation in
construction, the development of the segment has remained on a reasonable
level. At the end of the financial period, the segment employed 13 (15) staff.
Net sales in the Fittings segment declined from MEUR 11.9 to MEUR 10.9. The
segment's market situation is difficult, and bankruptcies, corporate
reorganizations and liquidity problems among customer companies have increased.
EBIT for the review period, however, improved from MEUR -0.2 to MEUR 0.8, which
can be attributed to costs arising from restructuring in the reference period,
as well as to companies adapting their operations and significant operational
streamlining. At the end of the financial period, the segment employed 33 (37)
staff.
Net sales in the Spare Parts for Motor Vehicles segment grew 5% from last
year's MEUR 10.3 to MEUR 10.8. EBIT dropped slightly from last year's MEUR 0.8
to MEUR 0.7. Since the weakening that took place in late winter, however, the
market situation has remained steady. Customer demand is on as low a level as
in normal economic conditions, which has cut growth for KL-varaosat. During
the financial period, the company has actively implemented measures necessary
to develop business in line with the company's strategy. At the end of the
financial period, the segment employed 47 (39) staff.
The Building Technology Renovation segment was created when Panostaja acquired
a 60% share in KotiSun Oy in May 2014. The company offers consumers
conceptualized service water and heating network renovations as a turnkey
service. KotiSun has grown rapidly into the largest and best-known company in
its sector in Finland. Building Technology Renovation is a new segment, so
there is no comparative data on it. The segment's net sales totaled MEUR 8.8
and EBIT MEUR 1.1 (May 1, 2014−October 31, 2014). The figures of the segment
have been consolidated into Panostaja Group as of May 1, 2014. At the end of
the financial period, the segment employed 113 staff.
Net sales of the Heat Treatment segment improved 19% in the review period, from
MEUR 5.7 to MEUR 6.8. EBIT improved from MEUR -1.5 to MEUR 0.2. The result of
the reference period is burdened by an amortization entry of MEUR 0.9 in
product development projects. The improvement in net sales and EBIT was
attributable to improved customer demand, both in the furnace business and at
energy-sector sites. At the end of the financial period, the segment employed
59 (62) staff.
There were no significant changes in the net sales of the Other segment. In the
review period, two associated companies, Ecosir Group Oy and Spectra Yhtiöt Oy,
issued reports to the parent company. The profit/loss of the reported
associated companies in the review period was MEUR -0,1 (MEUR -0,1), which is
presented on a separate row in the consolidated income statement.
Personnel
October 31, October 31, Change
2014 2013
--------------------------------------------------------------------------------
Average number of employees 1,204 1,251 -4%
Employees at the end of the review period 1,112 1,295 -14%
--------------------------------------------------------------------------------
Employees in each segment at the end of October 31, October 31, Change
the review period 2014 2013
--------------------------------------------------------------------------------
Digital Printing Services 497 451 10%
Safety 249 205 21%
Takoma 92 163 -44%
Value-added Logistics 299
Ceilings 13 15 -13%
Fittings 33 37 -15%
Spare parts for Motor Vehicles 47 39 27%
Building Technology Renovation 113
Heat Treatment 59 62 -5%
Supports 16
Others 9 8 13%
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Group in total 1,112 1,295 -14%
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The number of personnel employed by Panostaja fell compared with one year
earlier, mainly as a result of the sale of the Value-added Logistics segment.
The discontinued operations of Takoma also contributed to the reduction in
personnel. On the other hand, during the review period the new Building
Technology Renovation segment was established At the end of the review period,
Panostaja Group employed a total of 1,112 persons, while the average number of
personnel during the period was 1,204. During the review period, Panostaja
continued to develop its personnel in line with its strategy.
INVESTMENTS AND FINANCE
Operating cash flow improved and was MEUR 11.4 (MEUR 7.8). Liquidity remained
good. The Group's liquid assets were MEUR 18.6 (MEUR 16.4) and interest-bearing
net liabilities MEUR 35.0 (MEUR 40.1). Gearing ratio fell and was 73.7%
(82.6%). The Group's net financial expenses for the review period were MEUR
-3.3 (MEUR -2.7), or 2.1% (2.0%) of net sales.
Panostaja Oyj's convertible subordinated loan amounted to MEUR 15 of the net
liabilities (MEUR 15.0). The Group's equity ratio at the end of the review
period was 33.3% (33.2%). Return on equity improved significantly and was 17.1%
(-11.7%). Return on investment improved significantly to 15.4% (3.7%).
The Group's gross capital expenditure for the review period were MEUR 19.9
(MEUR 20.1), or 12.9% (15.5%) of net sales. In the reference period,
investments were mainly targeted at corporate acquisitions.
In May 2013, Panostaja Oyj issued a domestic hybrid loan of MEUR 7.5 (equity
debenture loan). The loan was issued on May 27, 2013. It will strengthen the
company's solvency and financial position. The hybrid loan has been processed
in accordance with the IFRS standards as an equity loan and is shown on the
balance sheet in the equity group.
Financial position:
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--------------------------------------------------------------------------------
MEUR October 31, October 31,
2014 2013
Interest-bearing liabilities 58.1 60.1
Interest-bearing receivables 4.5 3.6
Cash and cash equivalents 18.6 16.4
Interest-bearing net liabilities 35.0 40.1
Equity (belonging to the parent company's shareholders 47.5 49.1
as well as minority shareholders)
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Gearing ratio, % 73.7 82.6
Equity ratio, % 33.3 33.2
Return on equity, % 17.1 -11.7
Return on investment, % 15.4 3.7
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GROUP STRUCTURE CHANGES
Panostaja Oyj announced on December 3, 2013 that it had sold 80% of the share
capital of Kannake Oy, a company manufacturing and selling supports. As a
result of the transaction, Panostaja divested its Supports segment.
In the period under review, Tampereen Laatukoneistus Oy, Hervannan Koneistus Oy
and Takoma Systems Oy filed for bankruptcy. On June 5, 2014, Takoma Oyj and
Takoma Gears Oy submitted their proposals for corporate restructuring programs
to Pirkanmaa District Court. The District Court confirmed the programs on
September 30, 2014.
On April 10, 2014, Panostaja Oyj announced an arrangement, the end result of
which was that Panostaja Group's shareholding in the parent company of the
Digital Printing Services segment, Digiprint Finland Oy, increased to 64.6%.
Previously, the shareholding was 56.4%.
On May 7, 2014, Panostaja Oyj announced that it had bought a 60% shareholding
in KotiSun Oy, a company offering service water and heating network renovation
services. As a result of the transaction, Panostaja expanded its business
operations and established within the Group a new business area specializing in
building technology renovation for houses.
On May 21, 2014, Panostaja Oyj announced that, together with the owners of
Vindea Group Oy, it had signed a deed for the sale of its entire shareholding
in Vindea Group Oy to Suomen Transval Group Oy. Vindea Group Oy was a
subsidiary 54.22%-owned by Panostaja and, as a result of the transaction, the
company's entire share capital in Vindea Group Oy was transferred to the buyer.
As a result of the transaction, Panostaja divested the Value-added Logistics
segment.
In October, Panostaja Oyj acquired the entire minority shareholding in
Heatmasters Group Oy. Previously, the shareholding was 80%.
SHARE PRICE DEVELOPMENT AND SHARE OWNERSHIP
Panostaja Oyj's share closing rate fluctuated between EUR 0.70 (lowest
quotation) and EUR 0.86 (highest quotation) during the fourth quarter. During
the period under review, a total of 2,230,452 shares were exchanged, which
amounts to 4.4% of the share capital. The October 2014 share closing rate was
EUR 0.82. The market value of the company's share capital at the end of October
2014 was MEUR 42.4 (MEUR 41.4). At the end of October 2014, the company had
3,493 shareholders (3,743).
Development of share exchange 4Q/2014 4Q/2013 1−4Q/2014 1−4Q/2013
---------------------------------------------------------------------
---------------------------------------------------------------------
Shares exchanged, 1,000 pcs 2,230 1,276 7,908 3,815
% of share capital 4.4 2.5 15.4 7.4
---------------------------------------------------------------------
Share October 31, 2014 October 31, 2013
--------------------------------------------------------------
--------------------------------------------------------------
Shares in total, 1,000 pcs 51,733 51,733
Own shares, 1,000 pcs 429 491
Closing rate 0.82 0.77
Market value (MEUR) 42.4 41.4
Shareholders 3,493 3,743
--------------------------------------------------------------
10 largest shareholders (pcs) October 31, 2014 October 31, 2013
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Treindex Oy 5,679,200 3,400,000
Koskenkorva Matti 4,300,000 6,000,000
Mutual Pension Insurance Company Etera 4,259,000 4,259,000
Koskenkorva Maija 3,729,542 3,821,742
Mutual Insurance Company Fennia 3,468,576 3,468,576
Koskenkorva Mauno 1,640,769 1,640,769
Koskenkorva Mikko 1,245,139 1,245,139
Johtopanostus Oy 1,030,000 1,030,000
Malo Hanna 982,207 982,207
Kumpu Minna 982,170 982,170
On December 16, 2013, Panostaja Oyj received a notification of change in
holding in the company pursuant to Section 2(9) of the Securities Markets Act.
Matti Koskenkorva's share of Panostaja Oyj's total number of voting shares was
below 10%. Matti Koskenkorva's share on the record date was 4,300,000 shares,
8.31% of Panostaja Oyj's share capital and voting shares.
On December 16, 2013, Panostaja Oyj received a notification of change in
holding in the company pursuant to Section 2(9) of the Securities Markets Act.
Treindex Oy's share of Panostaja Oyj's total number of voting shares exceeded
10%. On the reporting date, Treindex's share was 5,192,200 shares, 10.04% of
Panostaja Oyj's share capital and voting shares.
ADMINISTRATION AND GENERAL MEETING
Panostaja Oyj's Annual General Meeting was held on January 29, 2014 in Tampere.
Jukka Ala-Mello, Mikko Koskenkorva, Eero Eriksson, Antero Virtanen and Jukka
Terhonen were re-elected to Panostaja Oyj's Board of Directors. Hannu Tarkkonen
was elected as new member of the Board. In the Board's organizing meeting held
immediately after the General Meeting, Jukka Ala-Mello was elected Chairman of
the Board and Eero Eriksson as Vice Chairman. Authorized Public Accountant
Markku Launis and Authorized Public Accountants PricewaterhouseCoopers Oy were
selected as general chartered accountants, with Authorized Public Accountant
Janne Rajalahti as the responsible public accountant.
The annual general meeting confirmed the financial statements presented and the
consolidated financial statements for the financial period November 1,
2012-October 31, 2013 and decided that no dividend or capital repayment be
distributed.
In addition, the Annual Meeting authorized the Board to decide, at its
discretion, on the potential distribution of assets to shareholders, the
company's financial status permitting, as distribution of assets from the
invested unrestricted equity fund. The maximum distribution of assets performed
on the basis of this authorization totals EUR 5,200,000. The authorization
includes the right of the Board to decide on all other terms and conditions
relating to the said asset distribution. The authorization will remain valid
until the end of the next Annual General Meeting.
In addition, the Annual General Meeting granted exemption from liability to the
members of the Board and to the CEO. It was decided at the General Meeting that
the Chairman of the Board be paid EUR 40,000 as an annual fee for the term that
begins at the end of the Meeting and ends at the end of the 2015 Annual General
Meeting, and that the other members of the Board be paid an annual fee of EUR
20,000. It was further resolved at the General Meeting that approximately 40%
of the compensation remitted to the members of the Board be paid on the basis
of the share issue authorization given to the Board, by issuing company shares
to each Board member if the Board member does not own more than one percent of
the company's shares on the date of the General Meeting. If the holding of a
Board member on the date of the General Meeting is over one percent of all
company shares, the compensation will be paid in full in monetary form.
The Annual General Meeting also authorized the Board of Directors to decide on
the acquisition of the company's own shares, so that the shares will be
acquired in one or more installments and, based on this authorization, a
maximum of 5,100,000 shares can be acquired, which corresponds to about 9.86%
of all the company's shares. By virtue of the authorization, the company's own
shares may be obtained using unrestricted equity only.
The company's own shares may be acquired at the date-of-acquisition price in
public trade arranged by NASDAQ OMX Helsinki Oy or otherwise at the prevailing
market price. The Board of Directors will decide how the company's own shares
are to be acquired. The company's own shares may be acquired not following the
proportion of ownership of the shareholders (directed acquisition). The
authorization remains valid until July 29, 2015.
The Board of Directors has not used the authorization granted by the Annual
Meeting to acquire the company's own shares during the review period.
SHARE CAPITAL AND THE COMPANY'S OWN SHARES
At the close of the review period, Panostaja Oyj's share capital was EUR
5,568,681.60. The total number of shares is 51,733,110.
The total number of shares held by the company at the end of the review period
was 429,058 individual shares (at the beginning of financial period: 490,956).
The number of the company's own shares corresponded to 0.8% of the number of
shares and votes at the end of the entire review period.
In accordance with the decisions by the General Meeting on January 29, 2013 and
by the Board, Panostaja Oyj relinquished a total of 16,439 individual shares as
meeting compensation to the members of the Board on December 16, 2013, a total
of 16,000 shares on March 11, 2014 and a total of 14,459 shares on June 5,
2014, and a total of 15,000 shares on September 4, 2014.
EQUITY CONVERTIBLE SUBORDINATED LOAN AND HYBRID LOAN
At the end of the review period, EUR 15,000,000 of the 2011 convertible
subordinated loan remained. The interest on the loan is 6.5% and the loan
period February 7, 2011-April 1, 2016. The original share exchange rate is EUR
2.20, and the loan shares may be exchanged for no more than 6,818,181 company
shares. The total number of loan shares is 300, and they are available for
public trade on the Nasdaq OMX Helsinki stock exchange. The share exchange rate
will be entered into the company's invested unrestricted equity fund.
On May 27, 2013, the Group issued an equity convertible subordinated loan to
the value of MEUR 7.5. The equity convertible subordinated loan has not
maturity date, but the Group is entitled, but not obliged, to redeem the loan
within four years. Based on the contract, the annual interest is 9.75%.
Interest is only paid if the company decides to distribute dividends. If
dividends are not distributed, the Group will decide separately on the payment
of interest. In the consolidated financial statements, the loan is classified
as equity and interest is presented as dividend. The Board of Directors of
Panostaja Oyj decided to pay the hybrid loan interest amounting to MEUR 0.7,
which was paid on May 27, 2014.
BOARD PROPOSAL ON THE DISTRIBUTION OF PROFITS
The Board of Directors proposes to the Annual General meeting that shareholders
be paid EUR 0.04 per share as repayment of capital from the invested
unrestricted equity fund.
The Board also proposes that the General Meeting authorize the Board of
Directors to decide, at its discretion, on the potential distribution of assets
to shareholders, should the company's financial status permit this, either as
dividends or as repayment of capital from the invested unrestricted equity
fund. The maximum distribution of assets performed on the basis of this
authorization totals no more than EUR 4.700.000.
It is proposed that the authorization include the right of the Board to decide
on all other terms and conditions relating to the said asset distribution. It
is also proposed that the authorization remain valid until the start of the
next Annual General Meeting.
Panostaja Oyj's Annual General Meeting will be held on February 5, 2015 in
Tampere.
EVENTS AFTER THE REVIEW PERIOD
There are no major events to report.
MARKET PROSPECTS
The general economic situation and atmosphere has remained uncertain owing to
the situations in Russia and Ukraine. The demand for companies operating on the
domestic market is low and domestic consumer demand is not expected to recover
in the near future. The position of Panostaja's business segments in their
fields of operation has improved and is expected to continue to do so. Although
the financial situation of companies in the SME sector is generally tightening
due to increasing regulation, finance is, however, available for good projects.
The protraction of the crises in Russia and Ukraine and the structural
challenges of the Finnish economy are a significant risk to general economic
development in 2015. Activity in the corporate acquisitions market has
increased and continues to offer opportunities both for new acquisitions and
for divestments when forecastability in the economy later improves.
MOST SIGNIFICANT NEAR-FUTURE BUSINESS RISKS AND RISK MANAGEMENT
Risk management is part of the Panostaja Group's management and monitoring
systems Panostaja aims to identify and monitor changes in the business
environment and general market situation of its segments, to react to them and
to utilize the business opportunities that they present. Risk is classified as
factors that may endanger or impede Panostaja or the business segments owned by
it from achieving strategic objectives, improvement in profit and the financial
position or business continuity, or that may otherwise cause significant
consequences for Panostaja, its owners, segments, personnel or other
stakeholder groups. A more detailed report on Panostaja's risk management
policy and the most significant risks will be published later in the 2014
annual report. Financial risks are discussed in greater detail in the Notes to
the 2014 Financial Statements.
Market risks, general: General market risks are mainly tied to the uncertainty
resulting from Finland's economic situation and change caused by the crises in
Russia and Ukraine, as well as their potential impact on achieving the goals
set for the various segments. The change in the financial markets and the
tightening on credit issue may hamper the realization of corporate acquisitions
and the availability of finance for working capital.
Panostaja has prepared for a weak financial market situation in the SME sector
and for a continued quiet period in the corporate acquisitions market by taking
out a MEUR 7.5 hybrid loan in May 2013. This hybrid loan will enable Panostaja
to make, in line with the company's strategy and investment criteria, new
complementary acquisitions and to give more temporal room for maneuver for
possible divestments.
Market risks, operating fields of the segments: The instability of the overall
economic situation has led to a decline in customer demand as well as the
postponement of investments, which may result in a need for consolidated
goodwill write-downs. Economic prospects in the fields of the existing segments
are strongly tied to the prospects of customer enterprises. Expectations for
the financial situation are still characterized by uncertainty and poor
forecastability. In the various segments of Panostaja Group, the prospects
still vary from cautiously positive to neutral. Panostaja regularly assesses
the risks for each segment and, based on the updated risk assessment, takes the
necessary remedial action.
Strategic risks: Panostaja represents the Finnish SME sector extensively. Net
sales are divided into five different sectors whose cyclical nature varies. The
Group's business structure partially evens out economic fluctuations. In spite
of this, general and sector-specific market risks can, however, affect the
Group's result and financial development. In the business segments, the
expected market situation is taken into account by adapting production and
costs to market demand and by safeguarding the financial position. In changes
in the global economy, Panostaja also sees opportunities to improve its market
position, for example through corporate acquisitions. The crises in Russia and
Ukraine do not have direct effects on Panostaja Group, but their protraction is
negatively affecting demand on the domestic Finnish market and thereby the
development of Panostaja's profit and financial position.
Financial risks: As a consequence of its operations, the Group is exposed to
many financial risks. The aim of risk management is to limit the adverse
effects of changes in financial markets on the result and financial development
of the Group. The Group's revenue and operative cash flows are mainly
independent of fluctuations in market interest rates. The interest risk of the
Group mainly constitutes borrowing, which is spread over variable and
fixed-interest loans. Some of the business segments use interest rate swaps and
interest rate ceiling agreements. The Group mainly operates in the eurozone and
so is only exposed to foreign exchange risks resulting from changes in exchange
rates to a slight degree. Credit loss risks continue to represent a significant
uncertainty factor in some of the segments. This risk is increased by the
tightness of credit issue to SMEs.
Corporate acquisitions: Panostaja actively seeks SMEs and endeavors to increase
and create value, through organic growth, corporate acquisitions and
correctly-timed divestments. The market still provides sufficient opportunities
for corporate acquisitions, and Panostaja Group aims to implement its growth
strategy by means of controlled acquisitions in current segments, but new
potential segments are also being actively studied. Preparation for divestments
is being continued as part of the ownership strategies of segments. Risks
related to corporate acquisitions are managed by investing carefully according
to specific investment criteria, as well as through efficient integration
processes. Panostaja Group has specified harmonized guidelines and a corporate
acquisitions process for the preparation and implementation of corporate
acquisitions.
Non-life risks: Non-life risks are managed in Panostaja Group through insurance
and Group guidelines, which set policy for the different areas.
Operative risks: During the 2014 financial period, the management of operative
risks has particularly focused on business concerning Takoma. On January 17,
2014, business restructuring proceedings began at Takoma Oyj and Takoma Gears
Oy. In the period under review, Tampereen Laatukoneistus Oy, Hervannan
Koneistus Oy and Takoma Systems Oy filed for bankruptcy. As a result of the
bankruptcy, the companies in question have been treated as discontinued
operations in Panostaja's consolidated financial statements. Takoma's financial
statements have been prepared on the assumption that business will continue. On
June 5, 2014, Takoma Oyj and Takoma Gears Oy submitted their proposals for
corporate restructuring programs to Pirkanmaa District Court. Pirkanmaa
District Court confirmed the reorganization programs on September 30, 2014. The
repayment schedule of the reorganization debts was prolonged and the debt
structure was lightened in the reorganization program. The confirmation of the
reorganization program provides an opportunity to develop the operations of
Takoma Gears Oy.
Changes concerning Takoma may also in future cause needs for one-time
write-downs. Takoma's failure to implement the reorganization program is not
expected to cause changes to Panostaja Group's operating conditions.
OUTLOOK FOR THE 2015 FINANCIAL PERIOD
In accordance with its business strategy, Panostaja Group focuses on increasing
shareholder value in the segments owned by the Group. The development of
shareholder value will be constantly monitored as part of a changing operating
environment, and decisions on the development or divestment of business areas
will be made in order to maximize the shareholder value.
Active development of shareholder value, the effective allocation of capital
and finance opportunities create a solid foundation for operational expansion.
The need to exploit ownership arrangements and growth opportunities in SMEs
enables both expansion into new segments and growth in existing ones.
Economic prospects in the fields of the existing segments are strongly tied to
the prospects of customer enterprises. Expectations for the financial situation
are still characterized by uncertainty and poor forecastability. In the various
segments of Panostaja Group, the prospects still vary from cautiously positive
to neutral. The challenges in forecastability or weakening prospects may create
a need for consolidated goodwill write-downs. The prospects for new
construction remain poor.
The market still provides sufficient opportunities for corporate acquisitions,
and Panostaja Group aims to implement its growth strategy by means of
controlled corporate acquisitions in current segments,but new potential
segments are also being actively studied. Preparation for divestments is being
continued as part of the ownership strategies of segments.
The confirmation of Takoma's reorganization program at Pirkanmaa District Court
on September 30, 2014, the extension of the repayment schedule for
reorganization debts related to the confirmation and the lightening of the debt
structure give the opportunity to develop the operations of Takoma Gears Oy in
the 2015 financial period. Takoma's failure to implement the reorganization
program is not expected to cause changes to Panostaja Group's operating
conditions.
The Group's net sales and EBIT in the 2015 financial period are expected to be
at the same level as in the 2014 financial period (net sales MEUR 154.8 and
EBIT MEUR 10.2).
Panostaja Oyj
Board of Directors
For further information, contact CEO Juha Sarsama: tel. +358 40 774 2099.
Panostaja Oyj
Juha Sarsama
CEO
All forecasts and assessments presented in this interim report bulletin are
based on the current outlook of the Group and the views of the management of
the various business areas with regard to the state of the economy and its
development. The results attained may be substantially different.
ACCOUNTING PRINCIPLES
This financial statement bulletin has been prepared in compliance with the IFRS
accounting and valuation principle based on the IAS 34 standard.
The financial statement bulletin is unaudited.
INCOME STATEMENT 08/14-1 08/13-1 11/13-1 11/12-1 0/14 0/13 0/14 0/13
3 3 12 12
months months months months
(EUR 1,000)
Net sales 44,144 38,697 154,802 137,044
Other operating income 295 641 1,560 1,276
Costs in total 40,027 37,530 146,193 136,735
Depreciations, amortizations and impairment 1,465 1,849 5,408 8,554
Operating profit 4,412 1,808 10,169 1,586
Financial income and expenses -1,133 -651 -3,255 -2,734
Share of associated company profits 175 -186 -137 -110
Profit before taxes 3,455 970 6,778 -1,259
Income taxes -1,600 581 -3,763 -968
Profit/loss from continuing operations 1,855 1,552 3,015 -2,226
Profit/loss from discontinued operations -85 923 6,052 1,977
Profit/loss from discontinued operations 627 -3,433 -834 -5,271
Profit/loss for the financial period 2,396 -958 8,234 -5,520
Attributable to
shareholders of the parent company 953 -376 5,385 -4,628
minority shareholders 1,444 -582 2,849 -892
Earnings per share from continuing
operations
EUR, undiluted 0.010 0.014 -0.014 -0.069
Earnings per share from continuing
operations
EUR, diluted 0.010 0.014 -0.014 -0.069
Earnings per share from discontinued
operations
EUR, undiluted 0.006 -0.024 0.108 -0.026
Earnings per share from discontinued
operations EUR, diluted 0.005 -0.024 0.095 -0.026
Earnings per share from continuing and 0.016 -0.010 0.094 -0.095
discontinued operations EUR, undiluted
Earnings per share from continuing and 0.016 -0.010 0.094 -0.095
discontinued operations EUR, diluted
EXTENSIVE INCOME STATEMENT
Items of the extensive income statement 2,396 -958 8,234 -5,520
Translation differences 0 0 -79 -7
Extensive income statement for the period 2,396 -958 8,155 -5,527
Attributable to
shareholders of the parent company 953 -376 5,306 -4,635
minority shareholders 1,444 -582 2,849 -892
BALANCE SHEET October 31, October 31,
2014 2013
(EUR 1,000)
ASSETS
Non-current assets
Goodwill 49,692 41,929
Other intangible assets 8,707 8,079
Property, plant and equipment 9,129 15,153
Interests in associated companies 3,611 3,714
Other non-current assets 10,643 12,769
Non-current assets total 81,781 81,644
Current assets
Stocks 14,932 15,437
Trade receivables and other non-interest-bearing 27,461 30,834
receivables
Short-term investments 9,490 8,400
Cash and cash equivalents 9,146 7,970
Current assets total 61,029 62,641
Held-for-sale non-current asset items 0 4,348
Assets in total 142,810 148,633
EQUITY AND LIABILITIES
Equity attributable to parent company
shareholders
Share capital 5,569 5,569
Share premium account 4,646 4,646
Invested unrestricted equity fund 14,569 14,508
Equity convertible loan 7,390 7,390
Translation difference -152 -73
Retained earnings 94 -1,979
Total 32,116 30,061
Minority interest 15,378 19,016
Equity total 47,494 49,077
Liabilities
Deferred tax liabilities 996 1,672
Equity convertible subordinated loan 14,691 14,556
Non-current liabilities 34,399 28,046
Current liabilities 45,231 55,282
Liabilities total 95,316 99,556
Equity and liabilities in total 142,810 148,633
CASH FLOW STATEMENT 11/2013-10/ 11/2012-10/
2014 2013
(EUR 1,000)
Business operations
Profit/loss for the financial period 8,234 -5,520
Adjustments:
Depreciations 5,408 10,481
Financial income and costs 3,255 3,220
Share of associated company profits 137 110
Taxes 3,763 2,569
Sales profits and losses from property, plant and -6,381 -1,828
equipment
Other earnings and expenses with no payment attached 1,665 1,765
Operating cash flow before change in working capital 16,080 10,798
Change in working capital
Change in non-interest-bearing receivables 707 -1,781
Change in non-interest-bearing liabilities 909 2,919
Change in stocks 6 1,768
Change in working capital 1,622 2,906
Operating cash flow before financial items and taxes 17 702 13 704
Financial items and taxes:
Interest paid -3,941 -3,111
Interest received 262 325
Taxes paid -2,630 -3,138
Financial items and taxes -6,309 -5,924
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Operating net cash flow 11,393 7,780
Investments
Investments in intangible and tangible assets -5,356 -5,766
Sales of intangible and tangible assets 2,195 2,060
Acquisition of subsidiaries with time-of-acquisition -14,349 -15,482
liquid assets deducted
Sale of subsidiaries with time-of-sale liquid assets 9,881 2,258
deducted
Sale of associated companies -235 0
Financial assets acquired and sold entered at fair -1,000 -8,400
value through profit and loss
Capital gains from sales of other shares 13 6
Loans receivable and repayments granted -409 -128
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Investment net cash flow -9,260 -25,452
Finance
Share issue 1,224 5,102
Hybrid loan 0 7,500
Loans drawn 13,638 25,577
Loans repaid -14,502 -21,543
Disposal of own shares 48 46
Dividends paid -1,577 -3,156
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Finance net cash flow -1,169 13,527
Change in liquid assets 965 -4,146
Liquid assets at the beginning of the period 8,193 12,347
Effect of exchange rates -12 -8
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Liquid assets at the end of the period 9,146 8,193
Liquid assets in the reference year at the end of the period include liquid
assets from the Supports segment classified as assets held for sale.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(EUR 1,000) Share Share Invested Transl Profit Other Minorit Total
capita premiu unrestri ation funds funds y
l m cted differ shareho
accoun equity ences lders'
t fund interes
t
Equity 5,569 4,646 16,523 -66 1,981 1,652 45,173
November 1,
2012
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Profit for -4,628 -892 -5,520
the
financial
period
Profit and costs -4,628 -892 -5,520
recorded during the
financial period,
total
Dividends -1 116 -1,116
paid
Equity 7,390 7,390
convertible
loan
Repayment of -2,040 -2,040
capital
Share
subscription
Share issue
Disposal of 38 13
own shares
Reward scheme 13
Translation -7 7 0
differences
Other changes
Changes in 661 4,505 5,166
minority
interest
Other changes -2,015 -7 868 7,390 3,388 9,424
in equity,
total
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Equity 52
October 31, 5,569 4,646 14,508 -73 -1,979 7,390 19,016 49,077
2013
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Equity
November 1, 5,569 4,646 14,508 -73 -1,979 7,390 19,016 49,077
2013
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Profit for 5,385 2,849 8,234
the
financial
period
Profit and 5,385 2,849 8,234
costs
recorded
during the
financial
period,
total
Dividends -1,577 -1,577
paid
Repayment of
capital
Interest on -731 -731
equity
convertible
loan
Disposal of 48 48
own shares
Reward scheme 13 13
Translation -79 14 -49
differences
Changes in -2,594 -4,910 -7,504
minority
interest
Other changes 61 -79 -3,311 -6,487 -9,906
in equity,
total
--------------------------------------------------------------------------------
Equity 5,569 4,646 14,569 -152 95 7,390 15,378 47,494
October 31,
2014
--------------------------------------------------------------------------------
KEY FIGURES
10/2014 10/2013
Equity per share (EUR) 0.62 0.59
Earnings per share, undiluted (EUR) 0.09 -0.10
Earnings per share, diluted (EUR) 0.09 -0.10
Average number of shares during financial period, 1,000 pcs. 51,284 51,211
Number of shares at end of financial period, 1,000 pcs. 51,733 51,733
Share issues/CL exchanges during financial period, 1,000 pcs. 0 0
Number of shares, 1,000, diluted 58,102 58,029
Return on equity,% 17.1 -11.7
Return on investment,% 15.4 3.7
Gross capital expenditure
To permanent assets (MEUR) 19.9 20.1
% of net sales 12.9 15.5
Interest-bearing liabilities 58.1 60.1
Equity ratio (%) 33.3 33.2
Average number of employees 1,204 1,251
GROUP DEVELOPMENT BY QUARTER
(MEUR) Q4/14 Q3/14 Q2/14 Q1/14 Q4/13 Q3/13 Q2/13
Net sales 44.1 38.1 37.5 35.1 38.7 33.0 34.4
Other operating income 0.3 0.6 0.2 0.5 0.6 0.2 0.2
Costs in total 40.0 35.9 35.4 34.8 37.5 33.8 34.0
Depreciations, amortizations 1.5 1.3 1.3 1.3 1.8 3.9 1.6
and impairment
EBIT 4.4 2.8 2.3 0.7 1.8 -0.6 0.7
Finance items -1.1 -0.8 -0.6 -0.7 -0.7 -0.7 -0.7
Share of associated company 0.2 0.0 0.0 -0.3 -0.2 0.2 0.0
profits
Profit before taxes 3.5 1.9 1.7 -0.3 1.0 -1.1 0.0
Taxes -1.6 -0.5 -0.7 -0.9 0.6 -0.6 -0.4
Profit from continuing 1.9 1.4 1.0 -1.2 1.6 -1.7 -0.5
operations
Profit/loss from discontinued -0.1 5.6 0.3 0.2 0.9 0.6 0.4
operations
Profit/loss from discontinued 0.6 0.0 -0.2 -1.3 -3.4 -0.7 -0.6
operations
Profit for the financial period 2.4 7.0 1.1 -2.3 -1.0 -1.8 -0.7
Minority interest 1.4 0.7 0.9 -0.2 -0.6 -0.4 0.3
Parent company shareholder 1.0 6.3 0.2 -2.0 -0.4 -1.4 -1.0
interest
GUARANTEES GIVEN
(EUR 1,000) 2014 2013
Guarantees given on behalf of Group companies
Enterprise mortgages 44,277 41,449
Pledges given 67,947 72,939
Other liabilities 4,562 2,950
Other rental agreements
In one year 6,238 9,227
In over one year but within five years maximum 13,320 16,854
In over five years 2,006 2,438
Total 21,564 28,519
SEGMENT INFORMATION
NET SALES 11/13-10/14 11/12-10/13 Change
(EUR 1,000)
Digital Printing Services 57,795 50,777 7,017
Safety 33,671 31,831 1,839
Takoma 15,339 14,149 1,190
Ceiling Materials 10,989 12,760 -1,772
Fittings 10,912 11,909 -997
Spare parts for Motor Vehicles 10,768 10,274 494
Building Technology Renovation 8,758 0 8,758
Heat Treatment 6,832 5,744 1,089
Others 0 34 -34
Eliminations -262 -434 172
---------------------------------------------------------------------
Group in total 154,802 137,044 17,757
---------------------------------------------------------------------
---------------------------------------------------------------------
OPERATING PROFIT
(EUR 1,000)
Digital Printing Services 7,146 6,351 795
Safety 2,113 1,574 539
Takoma -365 -4,106 3,740
Ceiling Materials 544 873 -329
Fittings 818 -152 970
Spare parts for Motor Vehicles 714 813 -98
Building Technology Renovation 1,099 0 1,099
Heat Treatment 239 -1,469 1,708
Others -2,138 -2,298 160
---------------------------------------------------------------------
Group in total 10,169 1,586 8,584
---------------------------------------------------------------------
ASSETS LIABILITIES
(EUR 1,000)
October 31, October 31, October 31, October 31,
2014 2013 2014 2013
Digital Printing 45,051 42,782 21,519 18,810
Services
Safety 20,551 19,657 17,377 17,372
Takoma 13,292 20,058 13,048 18,033
Ceiling Materials 4,879 5,718 2,735 3,615
Fittings 10,538 10,772 8,000 8,584
Spare parts for Motor 4,423 4,462 3,173 3,566
Vehicles
Building Technology 16,414 0 12,791 0
Renovation
Heat Treatment 4,269 4,906 1,854 2,817
Others 31,073 46,955 22,499 33,437
Eliminations -7,681 -6,677 -7,681 -6,677
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Group in total 142,810 148,633 95,316 99,556
SEGMENT INFORMATION BY QUARTER
Net sales, MEUR 4Q/14 3Q/14 2Q/14 1Q/14 4Q/13 3Q/13 2Q/13
Digital Printing Services 15.8 13.2 15.2 13.6 14.2 12.3 13.4
Safety 9.3 7.7 8.4 8.3 9.5 7.0 7.8
Takoma 4.6 3.5 3.8 3.5 4.0 3.6 3.5
Ceiling Materials 2.6 2.9 2.9 2.7 3.2 3.5 3.0
Fittings 2.6 2.6 3.2 2.5 3.0 2.8 3.1
Spare parts for Motor Vehicles 2.9 2.7 2.6 2.6 2.7 2.6 2.5
Building Technology Renovation 4.9 3.9 0.0 0.0 0.0 0.0 0.0
Heat Treatment 1.6 1.6 1.6 2.0 2.1 1.3 1.2
Others 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Eliminations -0.1 -0.1 0.0 -0.1 0.0 -0.1 -0.1
Group in total 44.1 38.1 37.5 35.1 38.7 33.0 34.4
Operating profit (MEUR) 4Q/14 3Q/14 2Q/14 1Q/14 4Q/13 3Q/13 2Q/13
Digital Printing Services 2.6 1.3 2.2 1.0 1.9 1.7 1.7
Safety 1.0 0.9 0.1 0.1 1.0 0.4 0.4
Takoma 0.2 0.0 -0.3 -0.3 -0.3 -2.9 -0.5
Ceiling Materials 0.0 0.1 0.4 0.1 0.2 0.3 0.1
Fittings 0.3 0.2 0.3 0.1 0.0 0.2 -0.2
Spare parts for Motor Vehicles 0.2 0.2 0.1 0.2 0.2 0.3 0.1
Building Technology Renovation 0.6 0.5 0.0 0.0 0.0 0.0 0.0
Heat Treatment -0.1 0.1 0.0 0.2 -0.7 -0.1 -0.3
Others -0.4 -0.4 -0.6 -0.7 -0.5 -0.6 -0.6
Group in total 4.4 2.8 2.3 0.7 1.8 -0.6 0.7
Panostaja is an investment company developing Finnish SMEs in the role of an
active majority shareholder. The company aims to be the most sought-after
partner for business owners selling their companies as well as for the best
managers and investors. Together with its partners, Panostaja increases the
Group's shareholder value and creates Finnish success stories.
Panostaja has eight segments engaging in business operations. Flexim Security
Oy (Safety) is a specialist in security technology and services, locking, door
automation and access control products and solutions. Heatmasters Group (Heat
Treatment) offers thermal treatment services of metals in Finland and
internationally, and produces, develops and markets heat treatment technology.
KL-Varaosat (Spare Parts for Motor Vehicles) is an importer, wholesale dealer
and retailer of original spare parts and supplies for Mercedes Benz and BMW
cars. Grano Oy (Digital Printing Services) forms Finland's largest company
offering digital printing services and publication and production services.
Suomen Helakeskus Oy (Fittings) is a major wholesaler of construction and
furniture fittings in Finland. Selog Oy (Ceiling Materials) is a specialty
supplier and wholesaler of ceiling materials. Takoma Oyj (Takoma) is a listed
machine shop group. KotiSun Oy (Building Technology Renovation) is Finland's
leading company in service water and heating network building technology
renovations for detached houses.
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