2011-02-08 08:00:00 CET
2011-02-08 08:00:04 CET
REGULATED INFORMATION
Glaston Oyj Abp - Company Announcement
Glaston: Preliminary information on 2010 results
Helsinki, Finland, 2011-02-08 08:00 CET (GLOBE NEWSWIRE) -- GLASTON CORPORATION
Stock Exchange Release 8.2.2011 at 9.00 a.m. (EET)
Glaston: Preliminary information on 2010 results
-- Orders received in January-December totalled EUR 148.3 (151.5) million.
Orders received in the fourth quarter totalled EUR 39.7 (44.1) million.
-- Glaston's order book on 31 December 2010 was EUR 42.1 (45.5) million.
-- Consolidated net sales in January-December were EUR 149.4 (151.8) million.
Net sales for the last quarter totalled EUR 37.7 (35.8) million
-- The operating result in January-December was a loss of EUR 24.9 (55.3 loss)
million,
i.e. -16.7 (-36.4)% of net sales.
-- Operating result excluding non-recurring items was a loss of EUR 11.3 (33.6
loss) million,
i.e. -7.5 (-22.2)% of net sales. In the fourth quarter the operating result
excluding non-recurring items was a loss of EUR 3.9 (11.0 loss) million,
i.e. -10.5 (-30.8)% of net sales.
-- Non-recurring items in 2010 totalled EUR -13.7 (-21.6) and were recognized
during the last quarter of 2010.
-- Return on capital employed (ROCE) was -19.0 (-32.1)%.
CONDENSED INCOME STATEMENT
EUR million 10-12/ 10-12/ 1-12/ 1-12/
2010 2009 2010 2009
Net sales 37.7 35.8 149.4 151.8
Other operating income 0.4 0.2 0.9 1.1
Expenses -47.0 -50.6 -160.3 -185.8
Share of associates and joint ventures' result 0.0 -0.5 -0.4 -1.5
Depreciation, amortization and impairment -8.6 -13.3 -14.5 -20.9
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Operating profit / loss -17.6 -28.4 -24.9 -55.3
Financial items, net -1.0 -0.7 -6.9 -2.3
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Result before income taxes -18.5 -29.0 -31.8 -57.6
Income taxes -0.2 2.2 -0.2 4.0
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Profit / loss for the period -18.8 -26.8 -32.0 -53.6
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Attributable to:
Owners of the parent -18.7 -26.8 -31.9 -53.6
Non-controlling interest 0.0 0.0 0.0 0.0
Total -18.8 -26.8 -32.0 -53.6
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Earnings per share, EUR, basic -0.24 -0.34 -0.41 -0.68
Earnings per share, EUR, diluted -0.24 -0.34 -0.41 -0.68
Operating profit / loss, as % of net sales -46.7 -79.2 -16.7 -36.4
Profit / loss for the period, as % of net sales -49.8 -74.9 -21.4 -35.3
Non-recurring items included in operating profit / -13.7 -17.3 -13.7 -21.6
loss
Operating profit / loss, non-recurring items -3.9 -11.0 -11.3 -33.6
excluded
Operating profit / loss, non-recurring items -10.5 -30.8 -7.5 -22.2
excluded, as % of net sales
CONDENSED STATEMENT OF FINANCIAL POSITION
EUR million 31.12.2010 31.12.2009
Assets
Non-current assets
Goodwill 52.6 58.4
Other intangible assets 18.8 19.7
Property, plant and equipment 19.5 24.7
Investments in joint ventures and associates 0.0 0.4
Available-for-sale assets 0.3 0.3
Loan receivables 4.5 5.9
Deferred tax assets 8.9 8.5
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Total non-current assets 104.6 117.9
Current assets
Inventories 27.9 37.4
Receivables
Trade and other receivables 43.1 52.2
Assets for current tax 0.8 3.6
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Total receivables 43.9 55.8
Cash equivalents 15.7 15.6
Assets held for sale 2.8 --
Total current assets 90.3 108.8
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Total assets 194.9 226.7
31.12.2010 31.12.2009
Equity and liabilities
Equity
Share capital 12.7 12.7
Share premium account 25.3 25.3
Other reserves 0.0 0.0
Reserve for invested unrestricted equity 0.1 0.2
Treasury shares -3.3 -3.5
Fair value reserve 0.0 0.0
Retained earnings and exchange differences 36.3 87.9
Net result attributable to owners of the parent -31.9 -53.6
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Equity attributable to owners of the parent 39.1 69.0
Non-controlling interest 0.3 0.3
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Total equity 39.5 69.4
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Non-current liabilities
Convertible bond 26.2 20.1
Non-current interest-bearing liabilities 0.0 4.7
Non-current interest-free liabilities and provisions 4.3 7.3
Deferred tax liabilities 4.7 6.6
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Total non-current liabilities 35.2 38.8
Current liabilities
Current interest-bearing liabilities 61.4 54.4
Current provisions 7.0 9.8
Trade and other payables 48.2 53.2
Liabilities for current tax 0.8 1.0
Liabilities related to non-current assets held for sale 2.8 --
Total current liabilities 120.2 118.5
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Total liabilities 155.4 157.3
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Total equity and liabilities 194.9 226.7
CONDENSED STATEMENT OF CASH FLOWS
EUR million 1-12/2010 1-12/2009
Cash flows from operating activities
Cash flow before change in net working capital -13.7 -29.8
Change in net working capital 2.7 28.6
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Net cash flow from operating activities -11.0 -1.2
Cash flow from investing activities
Business combinations 0.0 -0.5
Other purchases of non-current assets -4.4 -6.5
Investment in joint ventures -0.2 -2.0
Proceeds from sale of joint ventures 0.4 --
Other -- 0.1
Proceeds from sale of other non-current assets 0.7 1.4
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Net cash flow from investing activities -3.5 -7.5
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Cash flow before financing -14.5 -8.7
Cash flow from financing activities
Increase in non-current liabilities 6.2 23.8
Decrease in non-current liabilities -1.2 -11.9
Changes in loan receivables (increase -- / decrease +) -0.1 --
Changes in short-term liabilities (increase + / decrease 5.5 3.2
--)
Dividends paid -- -3.9
Other financing 1.4 1.2
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Net cash flow from financing activities 11.9 12.3
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Effect of exchange rate changes 2.7 0.4
Net change in cash and cash equivalents 0.1 4.0
Cash and cash equivalents at the beginning of period 15.6 11.5
Cash and cash equivalents at the end of period 15.7 15.6
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Net change in cash and cash equivalents 0.1 4.0
KEY RATIOS
31.12.2010 31.12.2009
EBITDA, as % of net sales (1 -6.9 -22.7
Operating profit / loss (EBIT), as % of net sales -16.7 -36.4
Net result, as % of net sales -21.4 -35.3
Equity ratio, % 22.1 33.1
Net gearing, % 189.0 91.9
Net interest-bearing debt, EUR million 74.6 63.7
Capital employed, end of period, EUR million 129.7 148.6
Return on equity, % -58.7 -55.5
Return on capital employed, % -19.0 -32.1
Number of personnel, average 1,028 1,344
Number of personnel, end of period 957 1,160
(1 EBITDA = Operating profit / loss + depreciation, amortization and
impairment
Net sales
EUR million 10-12/ 10-12/ 1-12/ 1-12/
2010 2009 2010 2009
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Machines 23.6 21.9 95.0 92.5
Services 8.8 8.2 32.0 37.7
Software Solutions 5.8 6.3 23.9 23.9
Other and intersegment sales -0.5 -0.6 -1.5 -2.4
Glaston Group total 37.7 35.8 149.4 151.8
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EBIT
EUR million 10-12/ 10-12/ 1-12/ 1-12/
2010 2009 2010 2009
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Machines -2.7 -7.7 -8.5 -22.4
Services 1.2 -0.5 3.3 -2.4
Software Solutions -0.3 -0.2 1.1 0.4
Other and eliminations -2.1 -2.7 -7.1 -9.3
EBIT excluding non-recurring items -3.9 -11.0 -11.3 -33.6
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Non-recurring items -13.7 -17.3 -13.7 -21.6
EBIT -17.6 -28.4 -24.9 -55.3
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Net financial items -1.0 -0.7 -6.9 -2.3
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Result before income taxes and non-controlling -18.5 -29.0 -31.8 -57.6
interest
Income taxes -0.2 2.2 -0.2 4.0
Result -18.8 -26.8 -32.0 -53.6
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Object reference not set to an instance of an object.
EBIT
EUR million 10-12/ 7-9/ 4-6/ 1-3/ 10-12/ 7-9/ 4-6/ 1-3/
2010 2010 2010 2010 2009 2009 2009 2009
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Machines -2.7 -2.6 -1.7 -1.5 -7.7 -4.9 -4.6 -5.3
Services 1.2 0.6 0.5 1.0 -0.5 -0.1 -0.2 -1.7
Software Solutions -0.3 0.2 0.5 0.7 -0.2 0.5 0.5 -0.4
Other and eliminations -2.1 -1.1 -2.1 -1.9 -2.7 -2.9 -1.9 -1.6
EBIT excluding -3.9 -2.8 -2.8 -1.7 -11.0 -7.4 -6.2 -9.0
non-recurring items
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Non-recurring items -13.7 -- -- -- -17.3 -- -4.3 --
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EBIT -17.6 -2.8 -2.8 -1.7 -28.4 -7.4 -10.5 -9.0
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Order book 31.12. 30.9. 30.6. 31.3. 31.12. 30.9. 30.6. 31.3.
2010 2010 2010 2010 2009 2009 2009 2009
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Machines 37.4 34.7 25.6 32.4 39.8 35.8 30.8 38.2
Services 1.2 1.9 0.9 0.7 1.6 1.6 2.3 4.0
Software Solutions 3.5 4.0 3.7 3.8 4.1 3.5 4.0 3.7
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Total Glaston Group 42.1 40.7 30.2 36.9 45.5 40.9 37.1 45.9
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Order intake
EUR million 1-12/2010 1-12/2009
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Machines 96.2 98.8
Services 29.8 32.6
Software Solutions 22.3 20.2
Total Glaston Group 148.3 151.5
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Order intake
EUR million 10-12/ 7-9/ 4-6/ 1-3/ 10-12/ 7-9/ 4-6/ 1-3/
2010 2010 2010 2010 2009 2009 2009 2009
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Machines 26.8 25.3 23.8 20.3 30.1 23.0 30.0 15.7
Services 8.0 7.7 7.4 6.7 8.5 7.8 7.6 8.7
Software Solutions 4.8 6.1 5.5 5.9 5.5 4.4 5.2 5.1
Total Glaston Group 39.7 39.0 36.7 32.9 44.1 35.2 42.8 29.5
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All numbers in this stock exchange release are unaudited.
Glaston publishes its January-December 2010 Financial Statements on 1 March
2011 at 2 p.m. The press and analyst meeting is at the same day at 3 p.m. in
Glaston's office on Yliopistonkatu 7, Helsinki, Finland.
Additional information:
Arto Metsänen, CEO&President, phone. +358 10 500 6100
Tapio Engström, CFO, phone +358 10 500 6419
Glaston Corporation
Arto Metsänen
CEO&President
Distribution: NASDAQ OMX, media, www.glaston.net
Glaston Corporation
Glaston Corporation is an international glass technology companyand a pioneer
of glass processing technology. Its product range and service network are the
widest in the industry. Glaston's well-known brands are Bavelloni in
pre-processing machines and tools, Tamglass and Uniglass in safety glass
machines, and Albat+Wirsam in glass industry software.
Glaston's share (GLA1V) is listed on the NASDAQ OMX Helsinki Small Cap List.
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