2010-12-16 09:00:00 CET
2010-12-16 09:00:18 CET
REGULATED INFORMATION
Panostaja Oyj - Financial Statement Release
Panostaja Oyj PANOSTAJA GROUP FINAL STATEMENT BULLETIN
Stock Exchange Bulletin, 16 Dec. 2010 -
at 10:00 PANOSTAJA GROUP FINAL STATEMENT BULLETIN 1 NOV. 2009 -- 31 OCT. 2010
- Net turnover MEUR 140.5 (MEUR 120.0), growth 17%
- Operating loss MEUR -1.6 (MEUR 4.3) - Operating loss for the first
quarter was MEUR -2.6, operating profit for the second quarter was MEUR 0.0,
operating profit for the third quarter was MEUR 0.8 and operating profit for
the fourth quarter was MEUR 0.2.
- Earnings per share (undiluted) -6 cents (2 cents)
- Equity per share EUR 0.61 (EUR 0.80)
- Equity ratio 31.9% (37.9%)
- The growth in net turnover resulted from the business acquisitions
realised during the current and previous financial periods, the effect of which
was MEUR 27.6 on the net turnover for the period under review.
- Operating loss in the Environmental Technology segment (MEUR -4.5) and
segments serving technology industries decreased Group profitability overall.
Operating loss in the Environmental Technology segment included a MEUR -0.7
second quarter sales loss resulting from an asset deal as well as a
consolidated goodwill write-down of MEUR 1.5.
- Operating profit of business areas is expected to improve significantly
due to which the Group's operating profit will be clearly positive.
- The Board of directors proposes dividend of EURO0.05 per share GROUP
FINANCIAL DEVELOPMENT Panostaja Group Panostaja Group's net turnover for the
past financial period was MEUR 140.5 (MEUR 120.0). The growth in net turnover
resulted from the business acquisitions realised during the current and
previous financial periods, the effect of which was MEUR 27.6 on net turnover
for the period under review, and from the recovery of the construction market.
Group net turnover was particularly affected by the continued slump in the
technology sector as well as a decline in net turnover for the Environmental
Technology segment resulting from a still unfavourable market situation.
Of the Group segments engaged in business, nine exceeded and four fell below
the net turnover for the previous year. Net turnover rose in the following
segments: Spare Parts for Motor Vehicles, Digital Printing Services, Fittings,
Supports, Value-Added Logistics, HEPAC Wholesale, Carpentry Industry, Takoma
and Security. Net turnover declined in the following segments: Fasteners, Heat
Treatment, Technochemical and Environmental Technology. The Group's operating
loss was MEUR -1.6 (MEUR 4.3 operating profit) and profit before taxes was MEUR
-4.0 (MEUR 2.1). The operating profit margin was -1.1%(3.6%). The net financing
costs of the Group were approx. MEUR -2.6 (MEUR -2.3). The average total number
of personnel in the Group during the period under review was 967 (790) people.
At the end of the period, the total number of Group employees was 970 (921). Of
the thirteen Group segments engaged in business, five showed an increase and
eight a decrease in operating profit from the previous year. Segments showing
an improvement in profitability were Security, Digital Printing Services, Spare
Parts for Motor Vehicles, Carpentry Industry and Technochemical. Other segments
showed a decline. Profitability was weakened by the operating loss in the
Environmental Technology segment and the reduced profitability of segments
serving the technology industry: Takoma, Value-added Logistics and Heat
Treatment. Operating loss in the Environmental Technology segment (MEUR -4.5)
included a MEUR -0.7 sales loss resulting from an asset deal made on 9 April
2010 as well as a consolidated goodwill write-down of MEUR -1.5. Group real
estate disposals realised in the previous financial period affected the MEUR
4.2 operating profit for the period under review.
Segment inspection
As of the beginning of the financial period 1 November 2009 -- 31 October 2010,
the business operations of Panostaja Group will be reported in fourteen
segments: Safety, HEPAC Wholesale, Takoma, Digital Printing Services, Fittings,
Value-added Logistics, Heat Treatment, Spare Parts for Motor Vehicles,
Environmental Technology, Carpentry Industry, Supports, Fasteners,
Technochemical and Others (parent company). The new reporting segments were
formed because they produce various products and services amongst themselves.
The Group's primary segment reporting is based on the business segments. Net
turnover in the Security segment increased from MEUR 18.8 to MEUR 21.9.
Operating profit grew from MEUR 0.4 to MEUR 1.2. The development of both net
turnover and operating profit was greatly affected by the acquisition of
Bewator Oy and by the consolidation of its business operations into the
operations of the Security segment. Net turnover in the HEPAC Wholesale
segment increased from MEUR 17.3 to MEUR 19.6, while the operating profit
amounted to MEUR 0.3 (MEUR 1.6). The operating profit for the previous
financial period included MEUR 1.4 of sales profit from real estate.
Growth in the segment's net turnover and profitability is especially supported
by positive trends in renovation construction and the recovery of the
construction market. Net turnover in Takoma segment grew from MEUR 15.4 to MEUR
19.0 while operating loss increased from MEUR -0.3 to MEUR -1.7. On 31 October
2010, Takoma completed a business acquisition, in which the entire share
capital of Moventas Parkano Oy was acquired. The company (Takoma Gears Oy) was
integrated into the Group at the beginning of April, which affected the
increase in net turnover. The result for the period under review was burdened
by the valuation at fair value of the acquired assets and by direct acquisition
costs in the amount of MEUR 0.5. The slump among customers in the technology
industry had a negative impact on both the turnover and operating loss, and the
later improvements in the customers' situation did not have time to affect the
segment's fourth quarter result. Net turnover for the Digital Printing
Services segment grew from MEUR 13.5 to MEUR 21.7 and operating profit from
MEUR 2.0 to MEUR 3.2. This growth was the result of both the acquisition of
Sokonet and positive developments in operative functions. The Digital Printing
Services segment grew with the business acquisition on 3 June 2010 in which
Domus Print Oy changed from an affiliate to a subsidiary. The acquisition had a
positive effect on both the net turnover and operating profit of the segment.
Net turnover in the Fittings segment increased from MEUR 11.7 to MEUR 12.3.
Operating profit dropped from MEUR 1.2 to MEUR 0.7. In both construction and
fixture supports, customer demand is slowly recuperating, thus improving net
turnover. In June, the company moved to a new rented logistics centre located
in Seinäjoki and centralised the operations of the segment into a single
organisation and location. Net turnover in the Value-added Logistics segment
grew from MEUR 9.4 to MEUR 15.1, but operating income dropped from MEUR 0.3 to
MEUR -0.5. The operating profit for the previous financial period included MEUR
0.7 of sales profit from real estate. Net turnover was increased by the
corporate acquisition of CLO Pakkaukset Oy and decreased by the low volume of
customers operating in the technology sector as well as by operational and
organisational integration costs. Net turnover in the Heat Treatment segment
declined from MEUR 7.4 to MEUR 6.6, and the MEUR 0.5 operating profit dropped
to MEUR 0.2. The demand for Heat Treatment services and investments in new
equipment stock are low due to the slump in the technology sector. Net turnover
in the Spare Parts for Motor Vehicles segment grew from MEUR 7.3 to MEUR 8.5
and operating profit increased from MEUR 0.7 to MEUR 0.8. A decline in the sale
of new vehicles and the age distribution of Mercedes-Benz and BMW passenger
cars have resulted in an increased demand for original spare parts from the
manufacturers in question.
Net turnover in the Environmental Technology segment declined from MEUR 6.4 to
MEUR 2.6. Operating loss grew from MEUR -2.2 to MEUR -4.5. Due to the
recession, investments in environmental technology have plateaued since the end
of 2008. Planned or tendered client projects have been postponed. The company
sold its light and medium-duty product group via an asset deal. The asset deal
resulted in a MEUR -0.7 sales loss. Furthermore, as a result of a devaluation
test, a MEUR -1.4 goodwill write-down was made as regards the Environmental
Technology segment. Net turnover in the Carpentry Industry segment grew
from MEUR 4.8 to MEUR 5.3 while operating loss increased from MEUR 0.1 to MEUR
0.4. The improvements in net turnover and profitability are due to expanded
market share and improvements in operative functions. In the Supports segment,
net turnover increased from MEUR 3.3 to MEUR 3.6, whereas operating profit
dropped from MEUR 1.0 to MEUR 0.3. The recovery of new construction, which
began in spring, increased the demand for supports.The operating profit for the
previous financial period included MEUR 0.8 of sales profit from real estate.
In the Fasteners segment, net turnover remained level with the previous
financial period at MEUR 2.8. Operating loss grew from MEUR -0.0 to MEUR -0.3.
The activity level of clients operating in the segment's technology sector is
still low. Net turnover in the Technochemical segment declined from MEUR 2.5 to
MEUR 2.0. Operating loss decreased from MEUR -0.4 to MEUR -0.1. The economic
recession has reduced the demand for technochemical products, particularly in
the machine shop product group. However, the cost structure was successfully
adapted to the lowered demand. In the Others segment the operating profit for
the previous financial period included MEUR 1.1 of sales profit from real
estate. INVESTMENTS AND FINANCING The Group's gross investments for the
period under review amounted to MEUR 15.7 (MEUR 23.0). The largest single
investments made by the Group were the acquisitions of Moventas Parkano Oy and
Domus Print Oy. The Group's liquidity was good and the cash flow from business
operations was positive (MEUR 1.3). The Group's liquid assets and securities
for the period under review amounted to MEUR 11.4 (MEUR 28.3). The Group's
equity ratio was 31.9% (37.9%) and net debts with interest totalled MEUR 51.8
(MEUR 30.2). Panostaja Oyj's convertible capital as net liabilities amounted to
MEUR 17.2 (MEUR 17.2). The Annual General Meeting (27 January 2010) approved
the dividend distribution proposed by the Board. The dividend paid was EUR 0.12
per share. The record date for dividend distribution was 1 February 2010 with
payment from 8 February 2010. The dividend paid to the parent company's
shareholders totalled MEUR 5.5.
The net debt ratio was 123.1% (58.9%). The return on equity was -6,9% (2.6%).
The return on investment was -1,1% (4.7%).
GROUP STRUCTURE CHANGES In March 2010, Panostaja Oyj's subsidiary Takoma Oyj
acquired the entire share capital of transmission component manufacturer
Moventas Parkano Oy. Moventas Parkano employs 103 people, and the company's net
turnover from 1 January to 31 December 2009 was MEUR 22.6.
Panostaja Oyj restructured its Environmental Technology operations in April
2010 and sold the Ecosir Group's light and medium-duty product groups to
companies owned by Harri Salomaa, a significant minority shareholder in Ecosir
Group, in an asset deal. The restructuring significantly streamlined the cost
structure of the Ecosir Group. 25 of the company's employees were transferred
to the buyer's company as existing employees. In June 2010, Panostaja Oyj
subsidiary Digiprint Finland Oy acquired a 37.5% shareholding in digital
printing service provider Domus Print Oy from Karhukopio Oy. As Digiprint
Finland already owned a 37.5% shareholding in Domus Print, the acquisition
increased the Panostaja Group shareholding in Domus Print to 75%, thus changing
the company from an affiliate to a subsidiary. In September, Digiprint Finland
Oy acquired Managing Director Risto Jalo's 25% share in Domus Print Oy via a
share trade, in which Jalo subscribed for Digiprint Finland Oy's shares. Domus
Print Oy's net turnover for 2009 was MEUR 4.3, and it employs about 40 persons.
The company is also the main owner of the translation agency Lingoneer Oy.
ADMINISTRATION AND ANNUAL MEETING
Panostaja Oyj's Annual General Meeting was held on 27 January 2010 in Tampere.
Matti Koskenkorva, Jukka Ala-Mello, Hannu Tarkkonen, Hannu Martikainen and
Hannu Ketola were re-elected to Panostaja Oyj's Board of Directors along with
new member Satu Eskelinen. Immediately after the AGM, in the Board's
organisational meeting, Matti Koskenkorva was appointed Chairperson with Jukka
Ala-Mello as Vice-Chairperson. APA Eero Suomela and authorised body of public
accountants PricewaterhouseCoopers Oy were selected as general chartered
accountants with APA Janne Rajalahti as the accountant with main
responsibility.
The AGM approved the financial statement for 1 November 2008--31 October 2009
and the proposal of the Board to transfer the profit for the financial period
to retained earnings and issue a dividend of EUR 0.12 per share. The record
date for dividend distribution was 1 February 2010 with payment from 8 February
2010. The AGM also discharged from liability the members of the Board and the
Managing Director.
Moreover, the AGM cancelled the authorisation it had given on 26 January 2009
for acquisition of the company's own shares and authorised the Board of
Directors to decide on the acquisition of these shares, so that personal shares
would be acquired together or in several instalments so that, on the basis of
the authorisation, it would be possible to acquire personal shares to a maximum
of one-tenth of all the company's shares, together with the personal shares
held by the company or as security by others in its subsidiaries. Shares, other
than holdings of the shareholders, are acquired in relation to the prevailing
market price in public trading on NASDAQ OMX Helsinki Oy. The acquisition of
shares is in compliance with the rules of NASDAQ OMX Helsinki Oy and Euroclear
Finland Oy's rules. The authorisation is valid for 18 months from the date of
its issue. The Board of Directors has not used the authorisation granted by
the AGM to acquire the company's own shares during the review period.
In addition, the AGM approved the proposal of the Board to revise Section 8 of
the Articles of Association as follows: "Section 8 - Invitation to Annual Meeting and participation therein The
invitation to the Annual Meeting must be delivered to the shareholders at the
earliest two (2) months and at the latest three (3) weeks prior to the meeting,
and at least nine days prior to the Annual Meeting's record date by registered
letters posted with the addresses marked in the company's list of shareholders,
in another demonstrable manner, or by publishing the invitation to the meeting
in at least one national newspaper specified at the Annual Meeting. In order to
be able to participate in the Annual Meeting, the shareholder must register
with the company no later than the day mentioned in the invitation to the
meeting, which may be no earlier than ten (10) days prior to the Annual
Meeting."
Panostaja Oyj's Financial Director Veli Ollila resigned from his post in
September 2010 and took up duties as the manager of ThermiSol Oy's Element
business unit as of December 2010.
Simo Mustila M.Sc. (Econ. and Bus. Adm.), MBA was appointed as the Financial
Director of the Panostaja Group. Mustila will be in charge of the Group's
financial and administrative matters. Mustila has previously worked as Vice
President of Corporate Finance and Administration of the DNA Group, and his
latest post was F&I Manager at Delta Motor Group Oy.
SHARE CAPITAL AND OWN SHARES
At the close of the period under review, Panostaja Oyj's share capital was EUR
5,529,081.60. The total number of shares is 47,403,110.
In accordance with decisions made by the AGM on 26 January 2009 and the Board
of Directors, Panostaja Oyj awarded Board members a total of 5,585 shares as
meeting remuneration on 18 December 2009 as well as a total of 7,023 shares on
11 March 2010, 7,222 shares on 10 June 2010 and 6,875 shares on 9 September
2010 in accordance with the decisions made by the AGM on 27 January 2010 and
the Board of Directors.
At the end of the review period, the company held 1,289,209 own shares. At the
end of the reporting period, the number of own shares corresponded to 2.7 per
cent of the total number of shares and voting rights. CONVERTIBLE CAPITAL
LOAN At the end of the reporting period, the amount of convertible capital loan
from 2006 was EUR 17,212,500 and this enables the subscription for a total of
10,125,000 shares. During the review period, capital loan was not used to
subscribe for new shares.
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 totalled 5,301,507 individual shares, which represents 11.2%
of share capital. The January share closing rate was EUR 1.46. At the end of
the period, the company's market capitalisation stood at MEUR 69.2 and the
company had 4,050 shareholders (3,910).
Largest shareholders:
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31 Oct. 2010 31 Oct. 2009
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Koskenkorva Matti 6,381,873 6,124,452
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Koskenkorva Maija 5,071,742 5,071,742
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Koskenkorva Mauno 2,375,173 2,443,873
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Fennia Mutual Insurance Co. 2,262,076 2,262,076
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Etera Mutual Pension Insurance Co. 1,500,000 1,500,000
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Panostaja Oyj 1,262,504 1,282,908
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Koskenkorva Mikko 1,245,139 1,245,139
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Johtopanostus Oy 1,030,000 1,000,000
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Tampere Cooperative Bank 985,334 985,334
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Malo Hanna 982,207 982,207
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During the period under review, Panostaja Oyj received two notifications
pursuant to Chapter 2, Section 9 of the Securities Markets Act concerning
changes to ownership in a company.
Due to a debenture loan issue on 15 January 2007, the Etera Mutual Pension
Insurance Company's potential future shareholding in Panostaja Oyj is a total
of 6,250,000 shares and votes, provided that Etera makes full use of its 2006
exchange rights for Panostaja's convertible capital loan. The shareholding is
equivalent to 11.98% of the number of Panostaja Oyj's post-exchange shares and
votes, taking into consideration the shares issued by the date of the bulletin.
The Fennia Mutual Pension Insurance Company's potential future shareholding in
Panostaja Oyj is a total of 4,324,576 shares and votes, provided that Fennia
makes full use of its 2006 exchange rights for Panostaja's convertible capital
loan. The shareholding is equivalent to 8.74% of the number of Panostaja Oyj's
post-exchange shares and votes, taking into consideration the shares issued by
the date of the bulletin. BOARD'S DIVIDEND PROPOSAL Panostaja Oyj's Board of
Directors has decided to propose to the AGM that a dividend of EUR 0.05 per
outstanding share be paid for the period under review. According to the
proposal, the dividend will be paid to those shareholders who, on the recording
date 1 February 2011, are on the Euroclear Finland Oy's list of shareholders.
The proposal states that the dividend will be distributed on 8 February 2011
and that dividend will not be paid on own shares held by the company.
Furthermore, the Board proposes that the Annual General Meeting authorise the
Board to use its discretion to decide on a potential distribution of assets to
shareholders -- the financial situation permitting --either as a dividend of
profits or asset distribution from the invested unrestricted equity fund. The
maximum total value of the asset distribution is EUR 4,000,000.
The authorisation is proposed to include the right of the Board to decide on
all other terms and conditions relating to the above-mentioned asset
distribution.
The authorisation is proposed to remain valid until the next AGM.
Panostaja Oyj's AGM will be held on 27 January 2011 in Tampere. IMMINENT 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 are a significant uncertainty factor in
some segments. The availability of financing may become an uncertainty factor
if the general economic situation, particularly in the euro area, causes
liquidity problems on the financial market.
EVENTS FOLLOWING THE FINANCIAL PERIOD
On 22 November Panostaja Oyj's subsidiary Takoma Oyj issued a bulletin stating
that it estimated the operating loss for the financial period to total approx.
MEUR -1.7. Even though Takoma Oyj's operating profit for the period has a
significant impact on Panostaja Group's operating profit, Panostaja Oyj's Board
decided to maintain the Group's profit projection. Panostaja Group's operating
loss for the period 11/2009--10/2010 was estimated at approx. MEUR -1.5.
PROSPECTS FOR THE NEXT 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 globalisation 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 client enterprises. Although the trend
expectations have generally moved in a positive direction, a move toward
permanent economic growth is still uncertain, particularly due to the credit
crisis in the euro area. On the other hand, the weakening of the euro is gives
competitive advantage to the Group's client companies that engage in export. In
the various business areas of Panostaja Group, the prospects still vary from
cautiously positive to positive.
Even if the economic trends have already taken a permanent turn for the better,
the market also offers sufficient opportunities for corporate acquisitions.
Indeed, the objective of Panostaja's growth strategy is to achieve growth
through controlled corporate acquisitions, especially in existing business
areas. A more permanent turn in economic trends would also enable the
divestment of some business areas.
Panostaja Group net turnover for the period under review is expected to exceed
the turnover for the previous period. Operating profit of business areas is
expected to improve significantly due to which the Group's operating profit
will be clearly positive.
Panostaja Oyj Board of Directors For further information, contact Juha
Sarsama, Managing Director: tel. +358 (0)40 774 2099. Panostaja Oyj Juha
SarsamaManaging Director All forecasts and assessments presented in this
financial statement 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 even be substantially
different. The numbers in the statement have been audited.
INCOME STATEMENT
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11/09-10/10 11/08-10/09
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(EUR 1,000)
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Net turnover 140,517 120,05
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Other operating income 1,974 5,04
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Raw materials and services 72,135 64,826
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Staff expenses 41,11 32,56
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Depreciations, amortisations and impairment 6,184 4,087
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Other operating expenses 24,663 19,322
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Operating profit -1,601 4,295
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Financial income 362 1,096
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Financial expenses -2,954 -3,362
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Share of profit of associates 224 23
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Profit before taxes -3,969 2,052
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Income taxes 764 -707
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Profit from continuing operations -3,205 1,345
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Profit from discontinued operations 0 0
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Profit for the financial year -3,205 1,345
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Attributable to
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Equity holders of the parent company -2,775 693
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Minority interest -430 652
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Earnings per share on continuing operations -0.060 0.015
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EUR, basic
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Earnings per share on continuing operations -0.060 0.015
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EUR, diluted
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Earnings per share on discontinued operations 0.000 0.000
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EUR, basic
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Earnings per share on discontinued 0.000 0.000
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operations, EUR, diluted
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Earnings per share on continuing and -0.060 0.015
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discontinued operations, EUR, basic
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Earnings per share on continuing and -0.060 0.015
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discontinued operations, EUR, diluted
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EXTENSIVE FINANCIAL STATEMENT
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Extensive statement items -3,205 1,345
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Translation differences 80 -117
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Extensive result for the period -3,125 1,228
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Attributable to
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Equity holders of the parent company -2,695 576
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Minority interest -430 652
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Earnings per share from continuing operations -0.058 0.017
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EUR, basic
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Earnings per share from continuing operations -0.058 0.017
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EUR, diluted
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Earnings per share on discontinued operations 0.000 0.000
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EUR, basic
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Earnings per share on discontinued 0.000 0.000
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operations, EUR, diluted
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Earnings per share on continuing and -0.058 0.017
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discontinued operations, EUR, basic
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Earnings per share on continuing and -0.058 0.017
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discontinued operations, EUR, diluted
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BALANCE SHEET
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(EUR 1,000) 10/2010 10/2009
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ASSETS
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Non-current assets
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Goodwill 39,256 36,414
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Other intangible assets 5,641 5,358
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Property, plant and equipment 16,406 11,14
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Interests in associates 2,387 2,835
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Other non-current assets 4,397 4,249
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Deferred tax assets 3,871 2,102
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Total non-current assets 71,958 62,098
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Current assets
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Stocks 24,049 23,021
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Trade and other receivables without interest 24,76 21,344
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Tax receivables based on taxable income 224 657
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for the financial period
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Short-term investments 833 1,979
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Cast and cash equivalents 10,438 26,322
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Total current assets 60,304 73,323
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Total assets 132,262 135,421
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EQUITY AND LIABILITIES
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Equity attributable to parent company owners
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Share capital 5,529 5,529
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Share premium account 4,646 4,646
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Currency translation differences -56 -123
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Invested unrestricted equity fund 11,574 11,876
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Retained earnings 6,497 14,792
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Total 28,19 36,72
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Minority interest 13,922 14,56
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Total equity 42,112 51,28
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Liabilities
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Deferred tax liabilities 1,693 1,73
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Convertible loan 16,999 17,006
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Non-current liabilities 32,573 33,284
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Current liabilities 38,885 32,121
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Total liabilities 90,15 84,141
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Total equity and liabilities 132,262 135,421
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CASH FLOW STATEMENT
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CASH FLOW FROM OPERATIONS
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Profit for the financial period -3,205 1,345
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Adjustments:
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Depreciations 4,725 3,594
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Devaluations 1,459 493
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Financial income and expenses 2,592 2,266
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Share of profit of associates -224 -23
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Taxes -764 707
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Sales profit and loss from property, plant and equipment 721 -4,218
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Other income and expenses with no connected charges 129 461
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Change in non-interest bearing receivables 402 5-512
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Change in non-interest bearing liabilities -1,512 -774
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Change in stocks 1,666 956
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Interest paid -2 875 -3 815
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Interest received 370 1,137
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Taxes -2,22 -5,601
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---------------------------------------------------------------------------
---------------------------------------------------------------------------
Net cash flow from (used in) operations 1,257 2,04
---------------------------------------------------------------------------
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Investments
---------------------------------------------------------------------------
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Investments into tangible and intangible -3,737 -4,73
---------------------------------------------------------------------------
assets
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Acquisition of associates 0 -3,282
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Disposal of tangible and intangible assets 1,147 10,049
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Acquisition of subsidiaries, net of cash and cash -11,967 -15,002
---------------------------------------------------------------------------
equivalents at the time of acquisition
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Disposal of subsidiaries, net of cash and cash 0 450
---------------------------------------------------------------------------
equivalents at the time of acquisition
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Disposal of associates 191 0
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Disposal of available cash and cash equivalents 159 0
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Change in loans receivable -126 44
---------------------------------------------------------------------------
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Net cash from (used in) investments -14,333 -12,47
---------------------------------------------------------------------------
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Financing
---------------------------------------------------------------------------
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Issue of shares of subsidiaries for minority shareholders 0 2,803
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Loans drawn 11,15 6,52
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Loans repaid -9,298 -10,094
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Acquisition of own shares 0 -675
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Disposal of own shares 38 33
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Dividends paid -5,868 -5,875
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Net cash from (used in) financing -3,978 -7,288
---------------------------------------------------------------------------
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Change in cash flows -17,047 -17,718
---------------------------------------------------------------------------
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Cash flows at the beginning of the financial period 28,3 46,018
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Effect of currency rates 18 0
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Cash flows at the end of the financial period 11,271 28,3
---------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
------------------------------------------------------------------------------
------------------------------------------------------------------------------
(EUR 1,000) Share Share Investe Trans-- Retai- Minori- Total
d - -
------------------------------------------------------------------------------
capita premiu unres-- lation ned ty
l m
------------------------------------------------------------------------------
accoun tricted differ- ear-- inte--
t -
------------------------------------------------------------------------------
equity ences nings rest
------------------------------------------------------------------------------
fund
------------------------------------------------------------------------------
------------------------------------------------------------------------------
------------------------------------------------------------------------------
------------------------------------------------------------------------------
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Equity 1 nov.2008 5,529 4,646 12,403 -6 19,669 11,562 53,804
------------------------------------------------------------------------------
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Cost of share-based 95 95
------------------------------------------------------------------------------
payments
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Profit for the 692 652 1,344
period
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Total recognised 95 692 652 1,439
------------------------------------------------------------------------------
profit and costs
------------------------------------------------------------------------------
for the financial
period
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Equity component of 20 20
------------------------------------------------------------------------------
convertible
------------------------------------------------------------------------------
subordinated loans
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Dividends paid -5,569 -320 -5,889
------------------------------------------------------------------------------
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Acquisition of own -675 -675
------------------------------------------------------------------------------
shares
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Disposal of own 33 33
------------------------------------------------------------------------------
shares
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Translation -117 -117
differences
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Changes in minority 2,666 2,666
------------------------------------------------------------------------------
interest
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Total other equity -622 -99 -5,569 2,346 -3,962
------------------------------------------------------------------------------
changes
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Equity 31 oct 2009 5,529 4,646 11,876 -123 14,792 14,56 51,28
------------------------------------------------------------------------------
------------------------------------------------------------------------------
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Equity 1.11.2009 5,529 4,646 11,876 -123 14,792 14,56 51,28
------------------------------------------------------------------------------
------------------------------------------------------------------------------
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Cost of share-based 17 17
------------------------------------------------------------------------------
payments
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Profit for the -2,775 -430 -3,205
period
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Total recognised 17 -2,775 -430 -3,188
------------------------------------------------------------------------------
profit and costs
------------------------------------------------------------------------------
for the financial
period
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Dividends paid -5,534 -367 -5,901
------------------------------------------------------------------------------
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Disposal of own 38 38
------------------------------------------------------------------------------
shares
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Translation 66 14 80
differences
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Share issues to
minorities
------------------------------------------------------------------------------
share changes in -425 -425
minority
------------------------------------------------------------------------------
Changes in minority 160 160
------------------------------------------------------------------------------
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Other changes 68 68
------------------------------------------------------------------------------
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Total other equity -319 66 -5,52 -207 -5,98
------------------------------------------------------------------------------
changes
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Equity 31 Oct 2010 5,529 4,646 11,574 -57 6,497 13,923 42,112
------------------------------------------------------------------------------
------------------------------------------------------------------------------
KEY FIGURES
----------------------------------------------------
----------------------------------------------------
10/2010 10/2009
----------------------------------------------------
----------------------------------------------------
----------------------------------------------------
Equity per share, EUR 0.61 0.80
----------------------------------------------------
----------------------------------------------------
Earnings per share, diluted, EUR -0.06 0.02
----------------------------------------------------
----------------------------------------------------
Earnings per share, undiluted, EUR -0.06 0.02
----------------------------------------------------
----------------------------------------------------
Average number of shares during
----------------------------------------------------
financial period, 1,000 46,127 46,324
----------------------------------------------------
Number of shares at end of
----------------------------------------------------
financial period, 1,000 47,403 47,403
----------------------------------------------------
Share issues/CL exchanges during
----------------------------------------------------
financial period, 1,000 0 0
----------------------------------------------------
Number of shares, 1,000, diluted 56,252 56,449
----------------------------------------------------
----------------------------------------------------
Return on equity, % -6.9 2.6
----------------------------------------------------
----------------------------------------------------
Return on investment, % -1.1 4.7
----------------------------------------------------
----------------------------------------------------
----------------------------------------------------
----------------------------------------------------
Gross capital expenditure
----------------------------------------------------
----------------------------------------------------
to permanent assets, MEUR 15.7 23.0
----------------------------------------------------
----------------------------------------------------
% of turnover 11.2 19.2
----------------------------------------------------
----------------------------------------------------
Interest-bearing liabilities 64,015 59,221
----------------------------------------------------
----------------------------------------------------
Equity ratio, % 31.9 37.9
----------------------------------------------------
----------------------------------------------------
Average number of employees 967 790
----------------------------------------------------
----------------------------------------------------
GROUP DEVELOPMENT ON A QUARTERLY BASIS
-------------------------------------------------------------------------
-------------------------------------------------------------------------
(MEUR) IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Q3/10 Q4/10
-------------------------------------------------------------------------
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Net turnover 28.8 30.5 27.3 33.5 29.0 35.3 35.8 40.4
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Other operating 0.2 0.1 0.3 4.5 0.0 0.3 0.1 1.6
-------------------------------------------------------------------------
income
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Total 28.7 28.0 26.8 33.3 30.6 34.6 33.8 38.8
-------------------------------------------------------------------------
expenditure
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Depreciation 0.9 0.8 1.0 1.4 0.9 1.0 1.3 3.0
-------------------------------------------------------------------------
and amortisation
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Operating profit -0.6 1.8 -0.2 3.3 -2.6 0.0 0.8 0.2
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Financial items -0.4 -0.7 -0.8 -0.4 -0.4 -0.7 -0.7 -0.8
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Share of 0 0 0 0 0 0.2 0.0 0.0
-------------------------------------------------------------------------
profit of
-------------------------------------------------------------------------
associates
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Profit before -1.0 1.1 -1.0 3.0 -3.0 -0.5 0.1 -0.6
-------------------------------------------------------------------------
taxes
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Taxes 0.0 -0.4 0.4 -0.7 0.9 0.0 -0.1 0.0
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Minority -0.1 -0.1 0.0 -0.1 -0.7 0.1 -0.2 0.4
-------------------------------------------------------------------------
interest
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Profit -0.9 0.6 -0.6 2.2 -1.4 -0.5 0.1 -1.0
-------------------------------------------------------------------------
from
-------------------------------------------------------------------------
continuing
-------------------------------------------------------------------------
operations
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Profit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
-------------------------------------------------------------------------
from
-------------------------------------------------------------------------discontinued
-------------------------------------------------------------------------
operations
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Profit for the -0.9 0.6 -0.6 2.2 -1.4 -0.5 0.1 -1.0
-------------------------------------------------------------------------
financial period
-------------------------------------------------------------------------
GUARANTEES GIVEN
-------------------------------------------------------------------------
-------------------------------------------------------------------------
-------------------------------------------------------------------------
EUR 1,000 2010 2009
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Guarantees on behalf of Group companies
-------------------------------------------------------------------------
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Enterprise mortgages 41,257 30,747
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Pledges 58,942 52,162
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Other liabilities 912 166
-------------------------------------------------------------------------
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Other rental agreements
-------------------------------------------------------------------------
-------------------------------------------------------------------------
In one year 5,927 4,537
-------------------------------------------------------------------------
-------------------------------------------------------------------------
In over one year but within five years maximum 13,597 9,007
-------------------------------------------------------------------------
-------------------------------------------------------------------------
In over five years 3,957 4,443
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Total 23,481 17,987
-------------------------------------------------------------------------
The nominal or book value has been used as the value of liabilities.
SEGMENT INFORMATION
As of the beginning of the financial period, the Group has implemented the
renewed IFRS 8 Operation Segments standard.
The Group reported on fourteen business segments from the review period.
------------------------------------------------
EUR 1,000 2010 2009
------------------------------------------------
------------------------------------------------
NET TURNOVER
------------------------------------------------
------------------------------------------------
------------------------------------------------
Security 21,944 18,796
------------------------------------------------
------------------------------------------------
HEPAC Wholesale 19,604 17,347
------------------------------------------------
------------------------------------------------
Takoma 19,06 15,408
------------------------------------------------
------------------------------------------------
Digital Printing Services 21,742 13,508
------------------------------------------------
------------------------------------------------
Fittings 12,321 11,708
------------------------------------------------
------------------------------------------------
Value-Added Logistics 15,115 9,384
------------------------------------------------
------------------------------------------------
Heat Treatment 6,591 7,426
------------------------------------------------
------------------------------------------------
Spare Parts for Motor Vehicles 8,487 7,347
------------------------------------------------
------------------------------------------------
Environmental technology 2,578 6,372
------------------------------------------------
------------------------------------------------
Carpentry Industry 5,309 4,784
------------------------------------------------
------------------------------------------------
Supports 3,615 3,301
------------------------------------------------
------------------------------------------------
Fasteners 2,839 2,865
------------------------------------------------
------------------------------------------------
Technochemical 2,071 2,498
------------------------------------------------
------------------------------------------------
Others 55 53
------------------------------------------------
------------------------------------------------
Eliminations -814 -747
------------------------------------------------
------------------------------------------------
Group in total 140,517 120,05
------------------------------------------------
------------------------------------------------
------------------------------------------------
------------------------------------------------
OPERATING PROFIT
------------------------------------------------
------------------------------------------------
------------------------------------------------
Security 1,207 431
------------------------------------------------
------------------------------------------------
HEPAC Wholesale 292 1,569
------------------------------------------------
------------------------------------------------
Takoma -1,675 -328
------------------------------------------------
------------------------------------------------
Digital Printing Services 3,237 2,088
------------------------------------------------
------------------------------------------------
Fittings 652 1,165
------------------------------------------------
------------------------------------------------
Value-Added Logistics -499 309
------------------------------------------------
------------------------------------------------
Heat Treatment 192 536
------------------------------------------------
------------------------------------------------
Spare Parts for Motor Vehicles 801 714
------------------------------------------------
------------------------------------------------
Environmental technology -4,528 -2,211
------------------------------------------------
------------------------------------------------
Carpentry Industry 377 103
------------------------------------------------
------------------------------------------------
Supports 322 1,058
------------------------------------------------
------------------------------------------------
Fasteners -253 -52
------------------------------------------------
------------------------------------------------
Technochemical -133 -430
------------------------------------------------
------------------------------------------------
Others -1,593 -657
------------------------------------------------
------------------------------------------------
Group in total -1,601 4,295
------------------------------------------------
------------------------------------------------
------------------------------------------------
------------------------------------------------
------------------------------------------------
ASSETS
------------------------------------------------
------------------------------------------------
------------------------------------------------
Security 17,387 17,576
------------------------------------------------
------------------------------------------------
HEPAC Wholesale 9,716 9,224
------------------------------------------------
------------------------------------------------
Takoma 30,19 23,056
------------------------------------------------
------------------------------------------------
Digital Printing Services 22,778 19,227
------------------------------------------------
------------------------------------------------
Fittings 11,273 11,61
------------------------------------------------
------------------------------------------------
Value-Added Logistics 7,194 7,163
------------------------------------------------
------------------------------------------------
Heat Treatment 6,146 6,595
------------------------------------------------
------------------------------------------------
Spare Parts for Motor Vehicles 4,565 4,618
------------------------------------------------
------------------------------------------------
Environmental technology 3,822 7,064
------------------------------------------------
------------------------------------------------
Carpentry Industry 3,581 3,61
------------------------------------------------
------------------------------------------------
Supports 3,164 3,151
------------------------------------------------
------------------------------------------------
Fasteners 2,359 2,553
------------------------------------------------
------------------------------------------------
Technochemical 1,921 1,967
------------------------------------------------
------------------------------------------------
Others 25,79 24,425
------------------------------------------------
------------------------------------------------
Eliminations -17,624 -6,418
------------------------------------------------
------------------------------------------------
Group in total 132,262 135,421
------------------------------------------------
------------------------------------------------
------------------------------------------------
------------------------------------------------
LIABILITIES
------------------------------------------------
------------------------------------------------
------------------------------------------------
Security 15,901 16,71
------------------------------------------------
------------------------------------------------
HEPAC Wholesale 8,009 7,267
------------------------------------------------
------------------------------------------------
Takoma 12,481 4,094
------------------------------------------------
------------------------------------------------
Digital Printing Services 11,867 10,026
------------------------------------------------
------------------------------------------------
Fittings 8,933 9,425
------------------------------------------------
------------------------------------------------
Value-Added Logistics 4,638 4,162
------------------------------------------------
------------------------------------------------
Heat Treatment 3,53 3,934
------------------------------------------------
------------------------------------------------
Spare Parts for Motor Vehicles 5,07 5,551
------------------------------------------------
------------------------------------------------
Environmental technology 5,559 4,428
------------------------------------------------
------------------------------------------------
Carpentry Industry 4,566 5,105
------------------------------------------------
------------------------------------------------
Supports 571 557
------------------------------------------------
------------------------------------------------
Fasteners 2,157 2,118
------------------------------------------------
------------------------------------------------
Technochemical 5,999 5,938
------------------------------------------------
------------------------------------------------
Others 18,493 11,244
------------------------------------------------
------------------------------------------------
Eliminations -17,624 -6,418
------------------------------------------------
------------------------------------------------
Group in total 90,15 84,141
------------------------------------------------
------------------------------------------------
------------------------------------------------
------------------------------------------------
------------------------------------------------
------------------------------------------------
EMPLOYEES AT THE END OF
------------------------------------------------
THE FINANCIAL PERIOD
------------------------------------------------
------------------------------------------------
Security 151 146
------------------------------------------------
------------------------------------------------
HEPAC Wholesale 37 38
------------------------------------------------
------------------------------------------------
Takoma 168 82
------------------------------------------------
------------------------------------------------
Digital Printing Services 256 192
------------------------------------------------
------------------------------------------------
Fittings 32 34
------------------------------------------------
------------------------------------------------
Value-Added Logistics 123 175
------------------------------------------------
------------------------------------------------
Heat Treatment 64 66
------------------------------------------------
------------------------------------------------
Spare Parts for Motor Vehicles 31 30
------------------------------------------------
------------------------------------------------
Environmental technology 9 45
------------------------------------------------
------------------------------------------------
Carpentry Industry 35 41
------------------------------------------------
------------------------------------------------
Supports 16 16
------------------------------------------------
------------------------------------------------
Fasteners 24 26
------------------------------------------------
------------------------------------------------
Technochemical 14 21
------------------------------------------------
------------------------------------------------
Others 10 9
------------------------------------------------
------------------------------------------------
Group in total 970 921
------------------------------------------------
------------------------------------------------
------------------------------------------------
SEGMENT INFORMATION
--------------------------------------------------------------------
BY QUARTER
--------------------------------------------------------------------
Net turnover (MEUR) 2Q/09 3Q/09 4Q/09 1Q/10 2Q/10 3Q/10 4Q/10
--------------------------------------------------------------------
--------------------------------------------------------------------
--------------------------------------------------------------------
Security 3.7 4.8 7.3 4.5 5.8 5.3 6.3
--------------------------------------------------------------------
--------------------------------------------------------------------
HEPAC Wholesale 4.2 4.4 4.5 4.3 4.8 5.0 5.5
--------------------------------------------------------------------
--------------------------------------------------------------------
Takoma 4.6 2.3 3.8 2.5 4.9 4.9 6.8
--------------------------------------------------------------------
--------------------------------------------------------------------
Digital Printing 3.2 2.9 4.3 4.3 5.1 5.6 6.7
--------------------------------------------------------------------
Services
--------------------------------------------------------------------
--------------------------------------------------------------------
Fittings 3.0 2.9 3.2 2.8 3.2 3.2 3.1
--------------------------------------------------------------------
--------------------------------------------------------------------
Value-Added 2.5 2.1 2 3.6 3.9 3.8 3.8
--------------------------------------------------------------------
Logistics
--------------------------------------------------------------------
--------------------------------------------------------------------
Heat Treatment 1.9 1.8 1.7 1.2 1.7 1.7 2.0
--------------------------------------------------------------------
--------------------------------------------------------------------
--------------------------------------------------------------------
Spare Parts 1.7 1.9 2.2 1.9 2 2.2 2.4
--------------------------------------------------------------------
for Motor
--------------------------------------------------------------------
Vehicles
--------------------------------------------------------------------
--------------------------------------------------------------------
Environmental 2.6 1.2 1.2 0.8 0.6 1.0 0.2
--------------------------------------------------------------------
Technology
--------------------------------------------------------------------
--------------------------------------------------------------------
Carpentry 1.2 1.1 1.1 1.2 1.5 1.3 1.3
--------------------------------------------------------------------
Industry
--------------------------------------------------------------------
--------------------------------------------------------------------
Supports 0.8 0.7 0.9 0.8 0.8 0.9 1.1
--------------------------------------------------------------------
--------------------------------------------------------------------
Fasteners 0.7 0.7 0.7 0.6 0.7 0.7 0.8
--------------------------------------------------------------------
--------------------------------------------------------------------
Technochemical 0.6 0.5 0.7 0.6 0.5 0.4 0.6
--------------------------------------------------------------------
--------------------------------------------------------------------
Others 0 0 0 0 0 0 0.1
--------------------------------------------------------------------
--------------------------------------------------------------------
Eliminations -0.2 -0.1 -0.2 -0.1 -0.2 -0.2 -0.3
--------------------------------------------------------------------
--------------------------------------------------------------------
Group in 30.5 27.3 33.4 29 35.3 35.8 40.4
--------------------------------------------------------------------
total
--------------------------------------------------------------------
--------------------------------------------------------------------
--------------------------------------------------------------------
--------------------------------------------------------------------
Operating profit 2Q/09 3Q/09 4Q/09 1Q/10 2Q/10 3Q/10 4Q/10
--------------------------------------------------------------------
(MEUR)
--------------------------------------------------------------------
--------------------------------------------------------------------
Security 0.7 0 0.2 -0.7 0.3 0.4 1.2
--------------------------------------------------------------------
--------------------------------------------------------------------
HEPAC Wholesale -0.1 0.2 1.5 0 0 0.1 0.2
--------------------------------------------------------------------
--------------------------------------------------------------------
Takoma 0.3 -0.4 -0.2 -0.7 0 -0.4 -0.6
--------------------------------------------------------------------
--------------------------------------------------------------------
Digital Printing 0.6 0.5 0.7 0.4 1.1 0.7 1.0
--------------------------------------------------------------------
Services
--------------------------------------------------------------------
--------------------------------------------------------------------
Fittings 0.2 0.3 0.4 0.2 0.2 0.1 0.2
--------------------------------------------------------------------
--------------------------------------------------------------------
Value-Added 0 -0.1 0.5 -0.4 -0.2 0.1 0.0
--------------------------------------------------------------------
Logistics
--------------------------------------------------------------------
--------------------------------------------------------------------
Heat Treatment 0.4 0.1 -0.1 -0.1 0.2 0.0 0.1
--------------------------------------------------------------------
--------------------------------------------------------------------
--------------------------------------------------------------------
Spare Parts 0.1 0.3 0.3 0.2 0 0.3 0.3
--------------------------------------------------------------------
for Motor
--------------------------------------------------------------------
Vehicles
--------------------------------------------------------------------
--------------------------------------------------------------------
Environmental 0.2 -0.9 -1.4 -0.8 -1.5 -0.3 -1.9
--------------------------------------------------------------------
Technology
--------------------------------------------------------------------
--------------------------------------------------------------------
Carpentry 0 0.1 0.1 0 0.3 0.2 -0.1
--------------------------------------------------------------------
Industry
--------------------------------------------------------------------
--------------------------------------------------------------------
Supports 0.1 0.1 0.9 0 0 0.2 0.1
--------------------------------------------------------------------
--------------------------------------------------------------------
Fasteners -0.1 0 0.1 -0.1 -0.1 0.0 0.0
--------------------------------------------------------------------
--------------------------------------------------------------------
Technochemical 0 0 -0.4 0 0 -0.1 0.0
--------------------------------------------------------------------
--------------------------------------------------------------------
Others -0.5 -0.4 0.8 -0.6 -0.4 -0.4 -0.2
--------------------------------------------------------------------
--------------------------------------------------------------------
Group in 1.8 -0.3 3.3 -2.6 0 0.8 0.2
--------------------------------------------------------------------
total
--------------------------------------------------------------------
Panostaja Oyj is an active majority shareholder in Finnish SMEs. The core of
our operations is based on Finnish enterprise and long-term company
development. Together with our entrepreneur partners, we help build companies
to become industry leaders, thus creating Finnish success stories.
At present, the firm maintains operations in thirteen business areas. Oy
Alfa-Kem Ab (Technochemical) manufactures and markets industrial chemicals,
cleaning agents and institutional kitchen agents. Ecosir Group Oy
(Environmental Technology) specialises in waste and property management
equipment solutions.
Flexim Security Oy (Security) 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 in addition to producing, developing and
marketing 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 and
Domus Print Oy (Digital Printing Services) combined are one of Finland's
largest companies offering digital printing services. Lämpö-Tukku Oy (HEPAC
Wholesale) specialises in HEPAC wholesale operations. Suomen Helakeskus Oy
(Fittings) is a significant wholesale dealer in Finland, specialising in
construction- and furniture-based fixtures.
Suomen Kiinnikekeskus Oy (Fasteners) is a fixture supply retailer. Matti-Ovi Oy
(Carpentry Industry) manufactures and markets solid wood interior doors as its
main product. Takoma Oyj (Takoma) is a machine shop group with an
entrepreneurial business model and is registered on the stock exchange. Toimex
Oy (Supports) manufactures and sells supports for the HEPAC industry. Vindea Oy
(Value-added Logistics) specialises in added-value logistics services for the
Finnish metal industry.
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