2011-09-07 09:00:00 CEST
2011-09-07 09:00:09 CEST
REGLERAD INFORMATION
Panostaja Oyj - Interim report (Q1 and Q3)
PANOSTAJA GROUP INTERIM REPORT November 1, 2010-July 31, 2011
Panostaja Oyj Stock Exchange Bulletin, September 7, 2011 10:00 a.m.
PANOSTAJA GROUP INTERIM REPORT November 1, 2010-July 31, 2011
-- The net sales for the third quarter: MEUR 39.5, growth 14%
-- Operating profit for the third quarter: MEUR 2.2, growth 96%
THIRD QUARTER, MAY-JULY 2011
-- Net sales MEUR 39.5 (MEUR 34.8), growth 14%
-- Operating profit MEUR 2.2 (MEUR 1.1), growth 96%
-- Operating profit before taxes MEUR 1.2 (MEUR 0.5)
-- Earnings per share (undiluted) 0.5 cents (-0.3 cents)
-- Cash flow from business operations MEUR 3.5 (MEUR 1.0).
-- The MEUR 4.7 growth in net sales resulted from the business acquisitions
realized during the previous financial period, from the operative
development of the digital printing services, and from the recovery of the
engineering industry. The impact of the acquisitions on the net sales for
the third quarter stood at MEUR 1.2.
-- The MEUR 1.1 increase in operating profit was primarily the result of
growth in net sales.
NOVEMBER 2010-JULY 2011
-- Net sales MEUR 118.1 (MEUR 97.6), growth 21%
-- Operating profit MEUR 4.5 (operating loss MEUR 0.8)
-- Operating profit before taxes MEUR 2.3 (MEUR -0.6)
-- Earnings per share (undiluted) 1.1 cents (-3.8 cents)
-- Equity per share EUR 0.66 (EUR 0.64)
-- Equity ratio 34.0 % (32.8%)
-- Cash flow from business operations MEUR 3.4 (MEUR 0.6).
Panostaja will specify its result management procedures as the result for the
financial period. In 2011, the Group's net sales are expected to grow approx.
15-20% over the previous year. The profitability of the business areas is
estimated to improve significantly resulting in approx. MEUR 2.2-3.0.
The previous result control on June 8, 2011: In 2011, the Group's net sales are
expected to grow approx. 15-20% over the previous year. The profitability of
the business areas is estimated to improve significantly resulting in a clearly
positive result for the financial period.
Panostaja Oyj's subsidiary Takoma Oyj altered its result control scheme in
June. The bankruptcy petition of Moventas Oy and the business reorganization of
its subsidiaries Moventas Wind Oy and Moventas Santasalo Oy have a negative
impact on Takoma's result expectations for the 2011 financial period. Takoma
has receivables from the parent company and the subsidiaries that applied for
reorganization.
Takoma changed its forecast with regard to operating profit. The full
realization of the risk connected to the aforementioned receivables, and the
uncertainty as to the continuation of the customer relationship resulted in the
Takoma's operating profit for 2011 being estimated at zero. In its previous
result control, Takoma anticipated the net sales to increase significantly
during the Group's 2011 financial year. New customer accounts, recovering
demand and operational streamlining were expected to lead to a positive
operating profit for 2011.
In the preliminary ruling on the Equity Rebate in respect of Takoma Oyj shares
in spring 2008, the Tax Office for Major Corporations decided on the basis of
an overall assessment that Panostaja was a capital investor within the meaning
of Section 6, Subsection 1 of the Finnish Business Tax Act. For capital
investors, capital gains from fixed asset shares are considered taxable income.
Due to the said preliminary ruling, the Tax Office for Major Corporations, in
its taxation by direct assessment in 2007, regarded Panostaja Oyj as a capital
investor in the aforementioned sense and taxed the company's certain profits
gained from the sale of shares in fixed assets. Panostaja Oyj submitted a claim
for rectification over the 2007 taxation to the Tax Rectification Board
claiming that the capital gain from fixed asset shares should be exempt from
tax. The Tax Rectification Board denied Panostaja Oyj's claim in August 2009.
Panostaja Oyj appealed the decision to the Administrative Court of Helsinki.
In June, Panostaja Oyj was informed that the Administrative Court of Helsinki
had rejected the appeal. The Administrative Court considers Panostaja Oyj as a
capital investor within the meaning of the Finnish Business Tax Act. Panostaja
Oyj has applied for the right to appeal the decision with the Supreme
Administrative Court.
Key figures 05/11-07/11 05/10-07/10 11/10-07/11 11/09-07/10
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Net sales, MEUR € 39.5 34.8 118.1 97.6
Operating profit, MEUR € 2.2 1.1 4.5 0.8
Profit before taxes, MEUR € 1.2 0.5 2.3 -0.6
Earnings per share 0.5 -0.3 1.1 -3.8
(undiluted), cents
Equity per share, EUR 0.66 0.64
Financial position and cash 31 Jul 2011 31 Jul 2010 31 Oct 2010
flow:
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Net liabilities, MEUR € 47.2 47.8 48.3
Gearing, % 97.8 111.2 114.7
Equity ratio, % 34.0 32.8 31.9
Cash flow from business 3.4 0.6 1.3
operations, MEUR
In the financial statement, the profit from discontinued business operations
and the profit from continuing business operations have been separated in
accordance with the IFRS standard. Unless otherwise specified, the figures
listed in this interim report for the 2011 financial period and the reference
year 2010 concern the Group's continuing operations. Therefore, they do not
include the Environmental Technology sector, which was sold in April.
MARKET SITUATION
On the whole, Panostaja Group's business operations continued their positive
trend through the third quarter, even though there was considerable variation
in the development of different segments. The Group's management will focus on
improving the profitability of these few weak segments. The overall economic
situation has become more uncertain, but Panostaja has remained confident that
positive development will continue for the remainder of the financial year.
There were some clear sights of reinvigoration in the corporate acquisition
market already during the second quarter and amount of potential targets has
continued to increase, even though the current situation is fairly stagnant due
to the uncertainty of the overall economic climate.
FINANCIAL DEVELOPMENT
PANOSTAJA GROUP
MAY-JULY 2011
Panostaja Group's net sales were MEUR 39.5 (MEUR 34.8) at the end of the
quarter. The growth in net sales over the third quarter resulted particularly
from the business acquisitions realized during the previous financial period,
from the operative development of the digital printing services, and from the
recovery of the engineering industry. The impact of the corporate acquisitions
on the net sales for the third quarter stood at MEUR 1.2. Net sales increased
especially in the Digital Printing Services, Takoma, and Heat Treatment
segments.
Of the Group's twelve segments engaged in business, ten exceeded the net sales
for the previous year. Correspondingly, two fell short of the prior levels.
Turnover decreased in the Fittings and Technochemical segments. Operating
profit increased in seven segments. During the third quarter, net sales
increased in the following segments: Digital Printing Services, Value-added
logistics, Spare Parts for Motor Vehicles, Heat Treatment, Carpentry Industry,
Supports, and Technochemical.
In the third quarter, the Group's operating profit was MEUR 2.2 (MEUR 1.1
operating profit) and profit before taxes was MEUR 1.1 (MEUR 0.5). The
operating profit margin was 5.6% (3.2%). The MEUR 1.1 increase in operating
profit was primarily the result of growth in net sales.
NOVEMBER 2010-JULY 2011
Panostaja Group net sales were MEUR 118.1 (MEUR 97.6) at the end of the period
under review. Export amounted to MEUR 9.7, i.e. 8.2% of the turnover. Corporate
acquisitions realized during the previous quarter affected the MEUR 20.5
increase in operating profit by MEUR 13.5.
Of the Group's twelve segments engaged in business, ten exceeded the cumulative
net sales for the previous year. Two fell short of the prior levels.
Correspondingly, nine segments showed an increase and three a decrease in
cumulative operating profit from the previous year.
The operating profit was MEUR 4.5 (MEUR 0.8). The operating profit margin was
3.8% (0.8%). The MEUR 3.6 increase in operating profit was primarily the result
of growth in net sales and of corporate acquisitions realized over the previous
financial period. The effect of the acquisitions on the growth in operating
profit was MEUR 1.0. Operating profit improved particularly in the following
segments: Safety, Heat Treatment, and Value-added Logistics.
The loss on discontinued business operations was MEUR -0.4. Ecosir Group Oy
separated from the Group in April 2011. For the reference year, the net sales
on discontinued operations stood at MEUR 2.4, while the operating loss was MEUR
-2.6, and the loss for the financial period totaled MEUR -2.2. The Group's
financial statement does not include a figure indicating the profit/loss from
discontinued operations for the reference year 2010. Instead, the loss (MEUR
-2.2) is separately listed in the Group's financial statement on row Earnings
from discontinued operations. The loss from discontinued operations for the
third quarter of 2010 was MEUR -0.2.
Before separating the discontinued operations from continued operations in the
financial statement, the Group's net sales in 2010, for the review period, was
MEUR 100.1, while the operating loss stood at MEUR -1.8, and the operating
profit before taxes was MEUR -3.4.
The net financing costs of the Group for the review period were approximately
MEUR -2.2 (MEUR -1.7). The financial position and liquidity of Panostaja Group
remained good. In the period under review, the financial expenses were burdened
by the interest costs of repurchased shares of subordinated loan, which
amounted to MEUR 0.7.
Personnel
31 Jul 2011 31 Jul 2010 31 Oct 2010
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Average number of employees 1,032 888 967
Employees at the end of the period 1,094 1,023 970
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Employees in each segment at the end of the 31 Jul 31 Jul 31 Oct
period 2011 2010 2010
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Safety 180 158 151
Digital Printing Services 328 256 256
HEPAC Wholesale 37 43 37
Takoma 195 173 168
Value-added Logistics 131 149 123
Fittings 32 37 32
Spare Parts for Motor Vehicles 36 30 31
Heat Treatment 61 65 64
Carpentry Industry 32 37 35
Supports 15 16 16
Fasteners 25 24 24
Technochemical 12 15 14
Environmental Technology 10 9
Other 10 10 10
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Group in total 1,094 1,023 970
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GROUP STRUCTURE CHANGES
In December 2010, Panostaja Oyj's subsidiary Digiprint Finland Oy purchased the
entire share capital of Suomen Graafiset Palvelut Oy Ltd, which offers print
products and services. The net sales of Suomen Graafiset Palvelut Oy Ltd during
the financial year ending in April 2010 totaled MEUR 3.2, and the company
employed 30 people. The company's domicile is Kuopio and it has an office in
Helsinki.
On June 21, 2011, Digiprint Finland Oy's subsidiary Kopijyvä Oy purchased the
entire share capital of Microtieto Suomi Oy. Through the acquisition, Kopijyvä
strengthened its market share in the field of microfilming and microprinting.
The company operates in Espoo and employs five people.
At the end of April, the acting management and other shareholders of Ecosir
Group Oy purchased EcoSir Group shares held by the Panostaja Oyj to an extent
that reduced Panostaja Oyj's stake in the company to 49%, whereby Ecosir Group
Oy is no longer a subsidiary of Panostaja Oyj. In conjunction with the
transaction, Panostaja Oyj made an investment of approx. MEUR 2.5 in Ecosir
Group Oy's invested unrestricted equity fund. The investment was carried out by
converting MEUR 2.4 of Panostaja Oyj's receivables and partially by means of a
new investment. The arrangement did not significantly affect Panostaja Group's
profit/loss. After the transaction, Panostaja Oyj's receivables from Ecosir
Group total MEUR 2.2. The terms of the receivables match those of subordinated
loans. In the future, Panostaja Oyj will report Ecosir Group Oy as an
associated company. After the transaction, the purchase cost of associated
company shares in Panostaja Oyj's balance sheet is at MEUR 0.2.
In June, Takoma Oyj's subsidiary Takoma System Oy purchased the business
operations of TL-Tuotanto Oy, a Keminmaa-based company specializing in
hydraulics and automation systems, for a price of approx. MEUR 0.8. The net
sales of TL-Tuotanto Oy during the financial year ending in December 2010
totaled MEUR 3.4, and the company employed approx. 25 people.
At the end of March, Jouni Arolainen (age 43) was invited to serve as Vindea
Oy's CEO. Before the new assignment, Arolainen worked as the deputy CEO of
Vindea Oy. The previous CEO, Risto Rousku, will take a new position outside the
Group. Previously, Panostaja Oyj had a 66.1% holding in Vindea Oy's parent
company Vindea Group Oy. As a result of the CEO change, the stake in Vindea
Group Oy increased to 70.0%. In conjunction with the change, Risto Rousku
relinquished his shareholding and Jouni Arolainen increased his holding to 30%.
SEGMENT INSPECTION
The business operations of Panostaja Group are reported in thirteen segments:
Safety, Digital Printing Services, HEPAC Wholesale, Takoma, Value-added
Logistics, Fittings, Spare Parts for Motor Vehicles, Heat Treatment, Carpentry
Industry, Supports, Fasteners, Technochemical and Other (parent company).
NOVEMBER-JULY
Net sales in the Safety segment grew by MEUR 2.0 from MEUR 15.6 to MEUR 17.6,
while the operating profit rose from MEUR 0.0 to MEUR 0.9. Improvement in net
sales and profitability were given impetus by increased customer demand and
operative efficiency. A corporate acquisition took place in the segment during
the period under review: the Group purchased the business operations of the
Lahti-based Lukkohuolto Lempiäinen.
Net sales in the Digital Printing Services segment grew by MEUR 8.0. Net sales
for the Digital Printing Services segment grew from MEUR 15.0 to MEUR 23.0 and
operating profit from MEUR 2.2 to MEUR 2.8. In addition to the development of
operative functions, the acquisition of Domus Print Oy in the previous
financial period and the acquisition of Suomen Graafiset Palvelut Oy on 16
December 2010 had a positive impact on net sales and operating profit.
Net sales of the HEPAC Wholesale segment increased from MEUR 14.1 to MEUR 14.4,
with operating profit remaining on the level of the previous year at MEUR 0.1.
Market uncertainty has curbed renovation building. During the period under
review, new building projects have been postponed and sales have taken longer
to complete.
Net sales in the Takoma segment grew by MEUR 7.8 from MEUR 12.3 to MEUR 21.0.
Operating loss decreased from MEUR -1.1 to MEUR -0.8. The growth in net sales
was nearly entirely caused by Takoma Gears Oy, which was acquired during the
previous financial period. The bankruptcy petition of Moventas Oy, and the
business reorganization of its subsidiaries Moventas Wind Oy and Moventas
Santasalo Oy, had a negative impact on Takoma's result expectations for the
2011 financial period. Takoma has receivables from the parent company and the
subsidiaries that applied for reorganization. Due to the bankruptcy, Takoma
altered its result control scheme. Within the segment the strengthening of
order books has stalled, particularly with regard to shipbuilding industry.
Net sales in the Value-added Logistics segment increased from MEUR 11.3 to MEUR
11.4, operating loss of MEUR -0.5 turned to a MEUR 0.1 operating profit. The
volumes of customers in the technology industry have clearly increased, but the
competitive situation within the segment has become more severe.
Net turnover in the Fittings segment declined from MEUR 9.2 to MEUR 8.4, and
the MEUR 0.5 operating profit dropped to MEUR 0.3. The uncertainty of the
market has also affected the operations of the Helat segment. The demand among
construction and furniture fitting customers has not recovered as expected
during the review period.
Net sales in the Spare Parts for Motor Vehicles segment grew from MEUR 6.1 to
MEUR 6.8 and operating profit increased from MEUR 0.5 to MEUR 0.7. The demand
for original spare parts has remained good for the entire review period. The
expansion of the electronic ordering system has increased operational
efficiency and accelerated the sale of spare parts.
During the period under review, net sales in the Heat Treatment segment grew by
MEUR 1.7, while operating profit increased by MEUR 1.4. Net sales rose from
MEUR 4.6 to MEUR 6.3, and operating profit increased from MEUR 0.1 to MEUR 1.5.
The demand for heat treatment services and the investments in new equipment
stock have shown clear increases. In addition, repair investments in the
technology industry clearly affected the growth in this segment.
Net sales in the Carpentry Industry segment increased from MEUR 4.0 to MEUR
4.4. Operating profit grew from MEUR 0.5 to MEUR 0.9. Improvement in net sales
and profitability were given impetus by increased customer demand and efficient
operative activities. The development was further aided by successful product
launches and raising of market share.
Net sales in the Supports segment grew from MEUR 2.5 to MEUR 2.8, while
business profit remained at MEUR 0.2. Customer demand in the Supports segment
improved in the third quarter after a less than favorable start to the
financial period.
Net sales in the Fasteners segment grew from MEUR 2.0 to MEUR 2.3, while
operating loss improved from MEUR -0.2 to MEUR 0.0. Customer demand in the
segment has remained low, but the segment has nonetheless increased its net
sales and operating profit. The competitive situation for the Supports segment,
too, has become more severe.
Net sales in the Technochemical segment declined from MEUR 1.5 to MEUR 1.1.
Operating loss grew from MEUR -0.1 to MEUR -0.3. Customer demand has increased
slightly but the development has been slower than expected.
There were no significant changes in the net sales of the Other segment. Ecosir
Group Oy separated from the Group in April. In the future, the parent company
will report Ecosir Group Oy as an associated company. In the period under
review, two associated companies, Ecosir Group Oy and PE Kiinteistörahasto I
Ky, issued reports to the parent company. The value of the associated
companies' shares in the parent company's balance totals approx. MEUR 2.6.
INVESTMENTS AND FINANCING
The gross investments of the Group in the review period were approximately MEUR
7.7 (MEUR 8.5). The Group's largest single investments were the acquisition of
Suomen Graafiset Palvelut Oy Ltd and TL-Tuotanto Oy, as well as purchasing
Takoma's new production facilities in Akaa. The procurement of the facilities
in Akaa was financed with a redemption agreement made with the City of Akaa.
The goodwill of the Group has declined as a result of the acquisition of Suomen
Graafiset Palvelut Oy Ltd, the adjustment in the sale price of Bewator Oy, and
the sale of Ecosir Group Oy.
The assets of the Group were MEUR 15.6 (MEUR 12.5). The Group's equity ratio
was 34.0% (32.8%) and net liabilities with interest totaled MEUR 47.2 (MEUR
47.8).
During the review period, the Group reorganized its financing loans in several
segments. The value of the reorganized loans amounts to approx. MEUR 13.
The Group's liquidity is good. Cash flow from business operations in the period
under review was MEUR +3.4 (MEUR 0.6). The third quarter's share of the
positive cash flow was MEUR +3.5 (MEUR 1.0). Panostaja Oyj repurchased shares
of the 2006 convertible subordinated loan at a value of MEUR 11.6. In the
period under review, the cash flow was burdened by the interest costs of the
repurchased shares of a subordinated loan, which amounted to MEUR -0.7.
The Board of Directors approved new 2011 convertible subordinated loan issues
totaling MEUR 15. The convertible subordinated loan is divided into equity and
liabilities. The equity component is calculated by determining the difference
between the monetary amount obtained through the loan issue and the current
value of the loan. The equity component of the 2011 convertible subordinated
loan, EUR 598,000, has been entered in the invested unrestricted equity fund.
At the end of the review period, Panostaja Oyj's convertible subordinated loan
amounted to MEUR 20.6 of the net liabilities (MEUR 17.2 at the beginning of the
period).
The return on equity was 4.5% (-7.3%). The return on investment was 5.4%
(-1.9%).
Financial position:
MEUR 31 Jul 2011 31 Jul 2010 31 Oct 2010
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Interest-bearing liabilities 67.4 64.5 63.9
Interest-bearing receivables 4.6 4.2 4.3
Cash and cash equivalents 15.6 12.5 11.3
Net interest-bearing liabilities 47.2 47.8 48.3
Equity (belonging to the parent company's 48.2 43.0 42.1
shareholders as well as minority
shareholders)
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Gearing ratio, % 97.8 111.2 114.7
Equity ratio, % 34.0 32.8 31.9
Return on equity, % 4.5 -7.3 -6.9
Return on investment, % 5.4 -1.9 -1.1
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The Annual General Meeting (January 27, 2011) approved the dividend
distribution proposed by the Board. The dividend paid was EUR 0.05 per share.
The record date for dividend distribution was February 1, 2011 with payment
from February 8, 2011. The dividend paid to the parent company's shareholders
totaled MEUR 2.6.
SHARE PRICE DEVELOPMENT AND SHARE OWNERSHIP
Panostaja Oyj's share price fluctuated between EUR 1.32 and EUR 1.75 during the
period under review. The exchange of shares totaled 3,221,446 individual
shares, which represents 6.5% of the share capital. The July share closing rate
was EUR 1.12. The market value of the company's share capital at the end of
July was MEUR 57.9 and the company had 3,870 shareholders (4,041).
Development of share exchange 7-9/2011 7-9/2010 1-9/2011 1-9/2010
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Exchanged shares, 1,000 pcs 489 739 3,221 4,410
% of share capital 1.0 1.6 6.5 9.6
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Share 31 Jul 2011 31 Jul 2010 31 Oct 2010
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Shares in total, 1,000 pcs 51,733 47,403 47,403
Own shares, 1,000 pcs 613 1,269 1,262
Closing rate 1.12 1.41 1.46
Market value, MEUR 57.9 66.8 69.2
Shareholders 3,870 4,041 4,050
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The Board decided on December 16, 2010 on a new long-term incentive and
commitment plan for the members of the Management Team. During the review
period, Panostaja sold 623,561 of its own individual shares to the members of
the Management Team, and the latter acquired a total of 950,000 personal or
controlling Panostaja shares specified as the maximum quantity in the company's
ownership system.
The Management's share ownership within the incentive and commitment-building
system is distributed as follows:
Pravia Oy (Juha Sarsama) 350,000 shares
Artaksan Oy (Simo Mustila) 200,000 shares
Heikki Nuutila 200,000 shares
Comito Oy (Tapio Tommila) 200,000 shares
Total 950,000
shares
The members of the Management Team have partly financed their investments
themselves and partly through company loans, and they carry genuine corporate
risk with respect to the investment they have made in the system. In order to
enable the procurement of the shares and as part of the system, Panostaja's
Board decided to grant a loan with interest in the amount of EUR 1,250,000
maximum to the Management Team members or to the companies in which they have a
controlling interest. The Management raised an interest-bearing loan in the
total amount of EUR 1,207,127.84 to finance the acquisition.
During the period 2011-2015, members of the Management Team participating in
the system may be granted a maximum of 237,500 Panostaja shares as a bonus on
the basis of the achievement of set targets. A possible bonus may also be paid
in cash to cover taxes and tax-like payments arising from the bonus. Members of
the Management Team are obliged not to sell shares received as a bonus for a
period of 27 months after having received them.
During the period under review, Panostaja Oyj received four notifications
pursuant to Chapter 2, Section 9 of the Securities Markets Act concerning
changes to ownership in a company.
On December 16, 2010, Panostaja Oyj announced the buyback of the 2006
convertible subordinated loan and the issue of a new 2011 convertible
subordinated loan. On December 16, 2010, Panostaja Oyj received a notice from
Etera Mutual Pension Insurance Company, since Etera's possible future holding
in Panostaja Oyj shall be, in total, 3,318,182 shares and votes when Etera uses
the rights of exchange respective to Panostaja's 2011 convertible subordinated
loan in full. This holding falls below 10% of Panostaja Oyj's share capital and
number of votes. The holding corresponded to 6.74% of Panostaja Oyj's
post-exchange number of shares and votes by the date of the announcement,
taking into account the shares issued.
Furthermore, on December 21, 2010, Panostaja Oyj received a notice from Etera
Mutual Pension Insurance Company, since Etera's possible future holding in
Panostaja Oyj shall be, in total, 6,077,182 shares and votes if Etera uses the
rights of exchange respective to Panostaja's 2011 convertible subordinated loan
in full. This holding exceeds 10% of Panostaja Oyj's share capital and number
of votes. The shareholding is equivalent to 11.42% of the number of Panostaja
Oyj's post-exchange shares and votes, taking into consideration the shares
issued by the date of the bulletin.
As a result of the options issue, on 23 December 2010, the company received
Mauno Koskenkorva's notice of change of holdings. Mauno Koskenkorva's allotment
of Panostaja Oyj's combined number of shares and votes fell under 5%. Mauno
Koskenkorva's allotment totaled 2,375,173 shares. The holding corresponded to
4.98% of Panostaja Oyj's post-exchange number of shares and votes by the date
of the announcement, taking into account the shares issued.
As a result of the issue of shares, the company received Maija Koskenkorva's
notice on January 11, 2011. Maija Koskenkorva's allotment of Panostaja Oyj's
combined number of shares and votes fell under 10%. Maija Koskenkorva's
allotment was 5,071,742 shares, which represents 9.80% of Panostaja Oyj's share
capital and number of votes.
ADMINISTRATION AND GENERAL MEETING
Panostaja Oyj's Annual General Meeting was held on 27 January 2011 in Tampere.
Jukka Ala-Mello, Satu Eskelinen, Hannu Martikainen and Hannu Tarkkonen were
again selected to Panostaja Oyj's Board of Directors. Mikko Koskenkorva and
Eero Eriksson were selected to the Board as new members. Jukka Ala-Mello was
selected as Chairperson immediately after the General Meeting, in the Board's
organizational meeting. A Vice Chairperson was not chosen. Authorized Public
Accountant Eero Suomela and authorized body of public accountants
PricewaterhouseCoopers Oy were selected as general chartered accountants, with
Authorized Public Accountant Janne Rajalahti as the responsible public
accountant.
The General Meeting approved the closing of the November 1, 2009-October 31,
2010 accounts as well as the proposal of the Board to transfer the profit of
the financial period to the profit funds and that dividends would be
distributed at a rate of EUR 0.05 per share. The record date for dividend
distribution was February 1, 2011 with a payment from February 8, 2011. In
addition, the Annual Meeting authorized the Board of Directors to decide on the
possible allocation of assets to shareholders in accordance with its discretion
on the strength of the company's financial status, either as dividends from
profit funds or as allocation of assets from the invested unrestricted equity
fund. On the basis of this authorization, the maximum allocation of assets
performed totals no more than MEUR 4 (EUR 4,000,000). 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 next Annual General Meeting.
In addition, the General Meeting granted exemption from liability to the
members of the Board and to the CEO. It was decided at the Annual Meeting that
the Chairperson of the Board would be paid EUR 40,000 as compensation for the
term that begins at the end of the Meeting and ends at the end of the 2012
Annual General Meeting, and that the other members of the Board would obtain
compensation for the year totaling EUR 20,000. It was further resolved at the
General Meeting that approx. 40% of the compensation remitted to the members of
the Board would 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 all the company's shares on the date of
the General Meeting. If the share of ownership 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.
Moreover, the Annual Meeting approved the proposal of the Board to revise
Section 8 of the company's Articles of Association as follows:
“Section 8 - Invitation to the Annual General Meeting and participation therein
The invitation to the Annual General Meeting must be published on the Company's
website at the earliest two (2) months and no later than three (3) weeks prior
to the Meeting, as well as at least nine days before the record date of the
General Meeting. The Board of Directors may also, in accordance with its
discretion, announce the General Meeting in one or more newspapers.
In order to be able to participate in the General Meeting, the shareholder must
register with the company no later than the day stated in the invitation to the
meeting, which may be no earlier than ten (10) days prior to the General
Meeting.”
In addition, the Annual General Meeting resolved to cancel the authorization
concerning the acquisition of personal shares given at the General Meeting of
January 27, 2010, and authorized the Board of Directors to decide on its own
regarding the acquisition of shares so that personal shares are acquired in one
or several installments and personal shares may be acquired, on the basis of
authorization, to the maximum total of 4,700,000. Personal shares may be
obtained on the basis of authorization only with unrestricted equity.
Personal shares can be acquired other than in accordance with the proportion of
ownership of the shareholders in public trade arranged by NASDAQ OMX Helsinki
Oy, at the prevailing market price at the time. In acquiring shares, the rules
of NASDAQ OMX Helsinki Oy and Euroclear Finland Oy are observed.
The authorization shall be in effect for 18 months from its issue.
The Board of Directors has not used the authorization granted by the Annual
Meeting to acquire its own shares during the review period.
The General Meeting also resolved to authorize the Board of Directors to decide
on share distribution as well as rights of option and the issue of other
special rights providing entitlement to shares. The total number of shares
issued on the basis of authorization can be no more than 30,000,000. The
provision of share issues and rights of option as well as that of other rights
entitling one to shares may occur on an exceptional basis to shareholders'
right to subscribe for new shares (directed issue).
The authorization issued at the General Meeting on December 18, 2007 to decide
on share issues and the provision of special rights with respect to share
entitlement is, by similar authorization, cancelled. The authorization shall be
valid until January 27, 2016.
SHARE CAPITAL AND OWN SHARES
At the close of the period under review, 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 612,880 individual shares (at beginning of review period: 1,262,504).
Personal shares corresponded to 1.2% of the share quantity and the number of
votes at the end of the entire review period.
In accordance with the decisions of the General Meeting on January 27, 2010 and
the Board, Panostaja Oyj relinquished a total of 6,777 individual shares as
meeting compensation to the members of the Board on December 17, 2010. As per
the decisions of the General Meeting on January 27, 2011 and the Board, a total
of 9,373 shares were issued on March 10, 2011, followed by a total of 9,913 on
June 9, 2011.
In total, 330,000 share subscriptions were approved by the Board on 15 December
2010. These are based on the rights to option given to the company management
in 2006. The share subscriptions were made with the A-options of the options
program for the year 2006. The new shares were entered in the Trade Register on
December 23, 2010. The subscription price of the shares was entered in
accordance with the option terms as EUR 0.12 into the share capital, and the
remaining part into the fund for unrestricted invested equity.
On December 16, 2010, the Board of Directors decided on the basis of the
authorization given at the Annual General Meeting on December 18, 2007, on an
issue of shares in which the company offered, in a manner exceptional to the
shareholders' right to subscription, a maximum of 4,000,000 new company shares
for registration by domestic institutional investors. The Board approved on
December 21, 2010 the subscriptions made during the issue of shares. The issue
of shares-based subscription price was EUR 1.45 per share, so that the overall
yields of the share issue prior to sales commission as well as the costs
totaled EUR 5,800,000. The new shares were entered in the Trade Register on
January 11, 2011.
As a result of the subscriptions rendered with the issue of shares and
A-options of the 2006 option program, the total number of company shares rose
to 51,733,110 shares.
SUBORDINATED LOANS
Panostaja Oyj repurchased shares of the 2006 convertible subordinated loan at avalue of EUR 12,288,658 (including interest). The transaction took place on
February 7, 2011. The loan shares were bought back at a rate of 100%, with
interest up to the date of the transaction. The amount repurchased by the
company corresponds to 54.5% of the original total value of the convertible
subordinated loan maturing in 2012.
The transaction is connected to the capital arrangement announced on December
16, 2010, with regard to which the company has previously carried out a share
issue of 4,000,000 shares and the issue of a new convertible subordinated loan
valued at MEUR 15. The transaction was completed to improve the maturity
schedule of the company's non-current liabilities. The loan shares were
nullified on February 28, 2011.
After this, an amount of EUR 5,631,250 of the 2006 convertible subordinated
loan remains (EUR 17,212,500 at the beginning of the financial period). Each
EUR 106,250 share of the 2006 convertible subordinated loan entitles the holder
to exchange the share for 62,500 company shares.
The Board utilized the authorization it received in the General Meeting on
December 18, 2007 to take out a subordinated loan from domestic institutional
investors. The Board approved a total of EUR 15,000,000 subscriptions for the
2011 convertible subordinated loan, and the 2011 loan was subscribed for in
full. The interest rate for the loan is 6.5%, and the loan period is February
7, 2011-April 1, 2016. The original share exchange rate is EUR 2.20, and the
loan shares can be exchanged for no more than 6,818,181 company shares. The
share exchange rate will be entered into the company's invested unrestricted
equity fund.
Trade on the 300 loan shares of the convertible subordinated loan began on the
Nasdaq OMX Helsinki stock exchange on February 23, 2011. The Financial
Supervisory Authority approved the proposal for the public trade of the
convertible subordinated loan shares on February 18, 2011.
At the end of the review period, the total sum of Panostaja Oyj's subordinated
loans stood at EUR 20,631,250.
NEAR-FUTURE RISKS AND FACTORS OF UNCERTAINTY
The most significant risks of the Panostaja Group have been described in the
financial statement. The risks the Group faces in the near future are mainly
tied to the uncertainty resulting from the global economic situation as well as
its possible impact on achieving the goals set for the various segments. The
instability of the economic situation may lead to a recurrent decline in
customer demand as well as the postponement of major investments, particularly
in segments serving the technology sector, which may result in a need for
consolidated goodwill write-downs. In the current financial period, credit loss
risks represent a factor of uncertainty in some of the segments.
EVENTS AFTER THE REVIEW PERIOD
Ari Suomalainen, the CEO of Suomen Kiinnikekeskus Oy, which belongs to the
Panostaja Group, was invited on August 26, 2011 to become a shareholder in the
company. Mr. Suomalainen has been the CEO of Suomen Kiinnikekeskus Oy since
2009. He has served as a CEO in the Group since 1991.
On September 6, 2011 Mr. Hannu Rantanen, 51, has been appointed Managing
Director at Suomen Helakeskus Oy, which is part of the Panostaja group. Prior
to this, Mr. Rantanen has worked e.g. as an Investment Director at Oy Wedeco
Management Ab and as a Managing Director at Helatukku Finland Oy. Mr. Rantanen
takes up his role as Managing Director on 12th September 2011. Mr. Pekka
Koskenkorva, former Managing Director at Suomen Helakeskus Oy, will not
continue to work within a group.
PROSPECTS FOR THE REMAINDER OF THE FINANCIAL PERIOD
The Panostaja group will continue to focus on its business idea following its
fundamental business strategy and on the development of existing business
segments. In the coming years, the retirement of the ‘baby boom' generation,
ever worsening changes in the business environment and globalization will bring
to the market a large number of companies that can be acquired. Active
development of shareholder value and financial opportunities create a solid
foundation for significant operational expansion. The increasing range of SMEs
operating in traditional fields enables both expansion into new business areas
and growth in existing ones.
Economic trend expectations in the fields of existing business areas are
strongly tied to the prospects of customer enterprises. The current economic
trend expectations are uncertain, and the growth forecast has generally been
cut due to the credit crisis in the euro area and the decelerated economic
growth of the United States. In the various business areas of Panostaja Group,
the prospects still vary from cautiously positive to neutral. The market still
provides sufficient opportunities for corporate acquisitions, and Panostaja
Group aims to implement its growth strategy by means of controlled
acquisitions. In addition, the divestment of certain business areas is being
considered in order to release capital for new projects.
Panostaja will specify its result management procedures as the result for the
financial period. In 2011, the Group's net sales are expected to grow approx.
15-20% over the previous year. The profitability of the business areas is
estimated to improve significantly resulting in approx. MEUR 2.2-3.0.
The previous result control on June 8, 2011: In 2011, the Group's net sales are
expected to grow approx. 15-20% over the previous year. The profitability of
the business areas is estimated to improve significantly resulting in a clearly
positive result for the financial period.
Panostaja Oyj
Board of Directors
For further information, contact Juha Sarsama, CEO: tel. +358 (0)40 774 2099.
Panostaja Oyj
Juha Sarsama
CEO
All forecasts and assessments presented in this financial statement bulletin
are based on the current outlook of the Group and the Management of the various
business areas with regard to the state of the economy and its development, and
the results attained may be substantially different. This interim report has
been prepared in accordance with the IAS 34 regulations.
In the financial statement, the profit from discontinued business operating and
the profit from continuing business operations have been separated in
accordance with the IFRS standard. Unless otherwise specified, the figures
listed in this interim report for the 2011 financial period and the reference
year 2010 concern the Group's continuing operations. Therefore, they do not
include the Environmental Technology sector, which was sold in April.
The information in the interim report has not been audited.
FINANCIAL INFORMATION
INCOME STATEMENT 05/11 05/10 11/10 11/09
-07/11 -07/10 -07/11 -07/10 2010
(EUR 1,000)
Net sales 39,510 34,774 118,121 97,637 137,939
Other operating income 149 45 549 329 1 900
Costs in total 35,926 32,479 109,863 94,035 132,337
Depreciations, amortizations and 1,571 1,235 4,341 3,107 4,575
impairment
Operating profit/loss 2,162 1,105 4,466 824 2,927
Financial yields and costs -907 -675 -2,244 -1,675 -2,373
Share of associated company profits -84 39 80 220 224
Profit before taxes 1,171 469 2,302 -631 778
Taxes on income -607 -238 -363 270 362
Profit/loss from continuing operations 564 231 1,939 -361 1,141
Loss from discontinued operations 0 -239 -401 -2,211 -4,346
Profit/loss for the financial period 564 -8 1,538 -2,572 -3,205
Attributable to
Equity holders of the parent company 231 164 559 -1,775 -2,775
Minority shareholders 333 -172 979 -797 -430
Earnings/share from continuing
operations
EUR, undiluted 0.005 0.002 0.019 0.009 0.034
Earnings/share from continuing
operations
EUR, diluted 0.005 0.002 0.019 0.009 0.034
Earnings/share from discontinued
operations
EUR, undiluted 0.000 -0.005 -0.008 -0.048 -0.094
Earnings/share from discontinued
operations EUR, diluted 0.000 -0.005 -0.008 -0.048 -0.077
Earnings/share on continuing and
discontinued
operations EUR, undiluted 0.005 -0.003 0.011 -0.038 -0.060
Earnings/share on continuing and
discontinued
operations EUR, undiluted 0.005 -0.003 0.011 -0.038 -0.060
EXTENSIVE INCOME STATEMENT
Profit/loss for the financial period 564 -8 1,538 -2,572 -3,205
Translation differences -19 -15 -6 60 80
Extensive result for the period 545 -23 1,532 -2,512 -3,125
Attributable to
Equity holders of the parent company 212 149 553 -1,715 -2,695
Minority shareholders 333 -172 979 -797 -430
BALANCE SHEET
(EUR 1,000)
ASSETS 07/2011 07/2010 10/2010
Non-current assets
Goodwill 36,561 40,964 39,256
Other intangible goods 5,207 5,041 5,641
Property, plant and equipment 21,28 16,527 16,406
Interests in associates 2,616 2,708 2,387
Other non-current assets 12,53 8,393 8,268
Non-current assets total 78,194 73,633 71,958
Current assets
Inventories 26,895 25,808 24,049
Trade and other receivables without interest 21,588 19,805 24,984
Short-term investments 3 828 833
Cash and cash equivalents 15,623 11,681 10,438
Non-current assets total 64,109 58,122 60,304
Assets in total 142,303 131,755 132,262
EQUITY AND LIABILITIES
Equity attributable to parent company shareholders
Share capital 5,569 5,529 5,529
Share premium reserve 4,646 4,646 4,646
Translation difference -63 -63 -56
Invested unrestricted equity fund 19,014 11,989 11,574
Retained earnings 4,471 7,484 6,497
Total 33,637 29,585 28,19
Minority interest 14,584 13,456 13,922
Equity total 48,221 43,041 42,112
Non-current liabilities
Deferred tax liabilities 1,78 1,649 1,693
Convertible subordinated loan 19,848 17,014 16,999
Financial liabilities 41,803 41,762 32,573
Non-current liabilities total 63,431 60,425 51,265
Current liabilities
Financial liabilities 6,165 5,964 14,416
Trade payables and other liabilities 24,147 21,973 24,108
Provisions 339 352 361
Current liabilities total 30,651 28,289 38,885
Liabilities total 94,082 88,714 90,15
Equity and liabilities in total 142,303 131,755 132,262
CASH FLOW STATEMENT 07/2011 07/2010 10/2010
Net cash flow from (used in) operations 3,354 618 1,264
Net cash flow from (used in) investments -7,846 -7,825 -14,333
Loans drawn 21,998 10,414 11,150
Loans repaid -17,328 -13,175 -9,298
Share issue 6,053 0 0
Disposal of own shares 930 28 38
Paid dividends -2,804 -5,878 -5,868
Net cash flow from (used in) financing 8,849 -8,611 -3,978
Change in cash flows 4,357 -15,818 -17,047
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(EUR 1,000) Share Share Invested Transla Profit Minori Total
capita premium unrestricte tion funds ty
l reserve d equity differe intere
fund nces st
Equity 11/1/2009 5,529 4,646 11,876 -123 14,792 14,560 51,280
Cost of 17
share-based
payments
Profit for the -1,775 -797 -2,572
period
Recorded total 17 -1,775 -797 -2,555
profit and costs
during the
financial period
Dividends paid -5,533 -367 -5,900
Disposal of own 28 28
shares
Translation 60 60
differences
Changes in 60 60
minority
interest
Other changes 68 68
Total changes in 96 60 -5,533 -307 -5,684
equity
Equity 7/31/2010 5,529 4,646 11,989 -63 7,484 13,456 43,041
Equity 11/1/2010 5,529 4,646 11,574 -57 6,497 13,923 42,112
Profit for the 559 979 1,538
period
Recorded total 559 979 1,538
profit and costs
during the
financial period
Dividends paid -2,555 -265 -2,820
Share 40 276 316
subscription
Share issue 5,738 5,738
Disposal of own 930 930
shares
Equity component 481 481
of convertible
subordinated
loan
Reward system 15 15
Translation -6 -6
differences
Changes in -30 -53 -83
minority
interest
Total changes in 40 7,440 -6 -2,585 -318 4,571
equity
Equity 7/31/2011 5,569 4 646 19,014 -63 4,471 14,584 48,221
KEY FIGURES
07/2011 07/2010 10/2010
Equity per share, EUR 0.66 0.64 0.61
Earnings/share, diluted, EUR 0.01 -0.04 -0.06
Earnings/share, undiluted, EUR 0.01 -0.04 -0.06
Average number of shares during financial period, 49,791 46,124 46,127
1,000
Number of shares at end of financial period, 1,000 51,733 47,403 47,403
Share issues/CL exchanges during financial period, 4,330 0 0
1,000
Number of shares, 1,000, diluted 59,922 56,249 56,252
Return on equity, % 4.5 -7.3 -6.9
Return on investment, % 5.4 -1.9 -1.1
Gross capital expenditure
To permanent assets, MEUR 7.7 8.5 15.7
% of net sales 6.5 8.5 11.4
Interest-bearing liabilities 67,439 64,479 64,015
Equity ratio, % 34.0 32.8 31.9
Average number of employees 1,032 888 967
GROUP DEVELOPMENT ON A QUARTERLY BASIS
(MEUR) IFRS IFRS IFRS IFRS IFRS IFRS
Q2/10 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11
Net sales 34.7 34.8 40.2 38.3 40.3 39.5
Other operating income 0.2 0.0 1.6 0.2 0.2 0.1
Costs in total -32.5 -32.5 -38.2 -36.6 -37.3 -35.8
Depreciations, amortizations and -1.0 -1.2 -1.5 -1.3 -1.5 -1.6
impairment
Operating profit/loss 1.4 1.1 2.1 0.6 1.7 2.2
Financing items -0.6 -0.6 -0.7 -0.6 -0.8 -0.9
Share of associated company profits 0.2 0.0 0.0 0.1 0.1 -0.1
Profit before taxes 1.0 0.5 1.4 0.1 1.0 1.2
Taxes -0.1 -0.3 0.1 0.0 0.2 -0.6
Profit from continuing operations 0.9 0.2 1.5 0.1 1.3 0.6
Profit from discontinued operations -1.3 -0.2 -2.1 -0.1 -0.3 0.0
Profit for the period -0.4 0.0 -0.6 0.0 1.0 0.6
Minority interest 0.1 -0.2 0.4 0.1 0.5 0.3
Parent company shareholder interest -0.5 0.2 -1.0 -0.1 0.5 0.3
GUARANTEES GIVEN
EUR 1,000 3Q/2011 3Q/2010 2010
Guarantees given on behalf of Group companies
Corporate mortgages 41,422 39,381 41,257
Securities given 55,792 47,134 58,942
Other liabilities 1,359 346 912
Other rental agreements
In one year 5,911 4,251 5,927
In over one year but within five years maximum 16,401 9,444 13,597
In over five years 4,300 4,143 3,957
Total 26,612 17,838 23,481
The nominal or book value has been used as the value of liabilities.
SEGMENT INFORMATION
05/11-07/11 05/10-07/10 11/10-07/1 11/09-07/10
1
NET SALES Safety 5,803 5,293 17,607 15,562
Digital Printing Services 7,813 5,610 22,997 15,041
HEPAC Wholesale 5,196 5,031 14,382 14,090
Takoma 6,280 4,882 20,081 12,267
Value-added Logistics 3,869 3,858 11,413 11,313
Fittings 2,670 3,163 8,407 9,161
Spare Parts for Motor 2,369 2,164 6,822 6,089
Vehicles
Heat Treatment 2,176 1,681 6,338 4,592
Carpentry Industry 1,314 1,228 4,429 3,958
Supports 1,054 890 2,776 2,502
Fasteners 797 738 2,263 2,044
Technochemical 339 447 1,146 1,532
Other 14 13 42 40
Eliminations -184 -224 -582 -554
Group in total 39,510 34,774 118,121 97,637
OPERATING PROFIT
Safety 344 374 947 -13
Digital Printing Services 1,096 723 2,833 2,237
HEPAC Wholesale -6 36 69 117
Takoma -434 -362 -785 -1,101
Value-added Logistics 218 63 111 -537
Fittings 46 67 330 477
Spare Parts for Motor 303 287 698 524
Vehicles
Heat Treatment 548 -39 1,450 74
Carpentry Industry 288 206 916 494
Supports 216 138 213 184
Fasteners 8 12 -31 -202
Technochemical -43 -50 -267 -77
Other -422 -350 -2,018 -1,353
Group in total 2,162 1,105 4,466 824
SEGMENT INFORMATION BY QUARTER
Net sales (MEUR) 2Q/10 3Q/10 3Q/10 1Q/11 2Q/11 3Q/11
Safety 5.8 5.3 6.3 5.8 6.0 5.8
Digital Printing Services 5.1 5.6 6.7 7.0 8.2 7.8
HEPAC Wholesale 4.8 5.0 5.5 4.8 4.4 5.2
Takoma 4.9 4.9 6.8 6.6 7.2 6.3
Value-added Logistics 3.9 3.8 3.8 3.8 3.8 3.9
Fittings 3.2 3.2 3.1 2.7 3.0 2.7
Spare Parts for Motor Vehicles 2.0 2.2 2.4 2.2 2.2 2.4
Heat Treatment 1.7 1.7 2.0 2.0 2.2 2.2
Carpentry Industry 1.5 1.3 1.3 1.6 1.5 1.3
Supports 0.8 0.9 1.1 0.8 0.9 1.0
Fasteners 0.7 0.7 0.8 0.7 0.8 0.8
Technochemical 0.5 0.4 0.6 0.4 0.4 0.3
Other 0.0 0.0 0.1 0.0 0.0 0.0
Eliminations -0.2 -0.2 -0.3 -0.2 -0.2 -0.2
Group in total 34.7 34.8 40.2 38.3 40.3 39.5
Operating profit (MEUR) 2Q/10 3Q/10 3Q/10 1Q/11 2Q/11 3Q/11
Safety 0.3 0.4 1.2 0.1 04 0.4
Digital Printing Services 1.1 0.7 1.0 0.6 1.1 1.1
HEPAC Wholesale 0.0 0.1 0.2 0.0 0.0 0.0
Takoma 0.0 -0.4 -0.6 -0.2 -0.1 -0.4
Value-added Logistics -0.2 0.1 0.0 -0.1 0.0 0.2
Fittings 0.2 0.1 0.2 0.1 0.2 0.0
Spare Parts for Motor Vehicles 0.0 0.3 0.3 0.2 0.2 0.3
Heat Treatment 0.2 0.0 0.1 0.5 0.4 0.5
Carpentry Industry 0.3 0.2 -0.1 0.3 0.3 0.3
Supports 0.0 0.2 0.1 -0.1 0.1 0.2
Fasteners -0.1 0.0 0.0 0.0 0.0 0.0
Technochemical 0.0 -0.1 0.0 -0.1 -0.1 0.0
Other -0.4 -0.4 -0.2 -0.7 -0.9 -0.4
Group in total 1.4 1.1 2.1 0.6 1.7 2.2
Panostaja Oyj is an active majority shareholder in Finnish SMEs. The core of
our operations is based on Finnish entrepreneurship and persevering the
development of entrepreneurial activity. Together with our entrepreneur
partners, we are cultivating companies to become the best in the field and are
thereby creating Finnish success stories.
Panostaja Oyj currently operates in twelve business areas. Oy Alfa-Kem Ab
(Technochemical) manufactures and markets industrial chemicals, cleaning agents
and various agents for institutional kitchens. 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 for 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
for original spare parts and supplies intended for Mercedes Benz and BMW cars.
Kopijyvä Oy (Digital Printing Services) is one of Finland's largest companies
offering digital printing services. Lämpö-Tukku Oy (HEPAC Wholesale)
specializes in HEPAC wholesale operations. Suomen Helakeskus Oy (Fittings) is a
significant wholesale dealer concentrating on construction- and furniture-based
fittings. Suomen Kiinnikekeskus Oy (Fasteners) is a supply shop in the fastener
field. Matti-Ovi Oy (Carpentry Industry) manufactures and markets, as its main
product, solid wood interior doors. Takoma Oyj (Takoma) is a machine shop group
with an entrepreneur-driven business model and is registered on the stock
exchange. Toimex Oy (Supports) works in the HVAC field, manufacturing and
selling supports for the purpose. Vindea Oy (Added-value Logistics) is an
enterprise specialized in added-value logistics services for the Finnish metal
industry.
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