2015-02-27 08:30:01 CET
2015-02-27 08:30:05 CET
REGULATED INFORMATION
Vaahto Group Plc Oyj - Financial Statement Release
REVIEW OF VAAHTO GROUP’S FINANCIAL STATEMENTS FOR 1 JANUARY–31 DECEMBER 2014
Helsinki, Finland, 2015-02-27 08:30 CET (GLOBE NEWSWIRE) -- REVIEW OF VAAHTO
GROUP PLC OYJ'S FINANCIAL STATEMENTS 27 FEBRUARY 2015 AT 09:30
REVIEW OF VAAHTO GROUP'S FINANCIAL STATEMENTS FOR 1 JANUARY-31 DECEMBER 2014
Development of business operations
Vaahto Group's turnover from continuing operations during the fiscal period
ending in December 2014 was 20.3 M euros (comparative: 32.2 M euros) and
operating loss 1.5 M (operating profit of 1.4 M euros).
Turnover and operative result decreased compared to previous year. Decrease is
due to general market situation continuing challenging. Administrative costs of
the group are allocated to smaller amount of business operations than earlier,
which weakens the result. Results of the ongoing cost adjustment program are
becoming visible already during fiscal year 2015.
Order book for the continuing operations at the end of the fiscal period was
9.3 M euros (5.8 M euros). Despite the challenging market situation, order book
increased significantly compared to previous year. New significant orders that
will be delivered during year 2015 especially in Japrotek Vessels business are
increasing the order book.
After the end of the fiscal period, Vaahto Group announced on 16 February 2015
of the arrangement with its major creditors. The purpose of the arrangement is
the strengthening of the company's financial standing and the securing of the
continuance of the company's operations. By the agreement, the creditors have
undertaken to forgive the company's debts in an amount of 3.9 M euros, to
convert the debts to subordinated capital loans in an amount of 1.2 M euros and
to grant the company a repayment holiday on such creditors' receivables until
30 June 2016. At the same time, Vaahto Group issued 10,000,000 new shares at a
subscription price of 0.25 euros per share in a targeted share issue.
As part of the stabilization of the financial situation, Vaahto Group starts
cost and operations adjusting program. Target of the program is to cut annual
costs by over 0.8 M euros. Program will be executed during year 2015 and costs
of the program will be 0.4 M euros, at the most. Targeted annual savings of 0.8
M will be fully visible during year 2016.
Business Reporting
In February 2014, Vaahto Group announced to divest or discontinue operations of
the unprofitable Paper Technology business in its entirety and to focus on the
Process Technology business, in accordance to the group strategy. The sale of
the Service business, which was classified as discontinued operations on
financial statements 31.12.2013, was completed on 26 September 2014. Vaahto
Paper Technology Ltd's 47 employees in Tampere transferred to the new employer
in the sale of the business. By the selling of the Service business, Vaahto
Group implemented the new strategy outlined by the Board of Directors.
On 30 June 2014, the Board of Directors resolved to present AP-Tela Oy as
discontinued operations in the interim report. Thus, the entire Vaahto Paper
Technology segment has been sold or classified as discontinued operations.
Vaahto Group reports in one segment, which consists of Vaahto Process
Technology business.
The effect of discontinued operations on profit/loss is shown on its own line,
separately from continuing operations. Earlier, the group's overhead costs have
been allocated also to operations now discontinued. As the costs will no longer
be allocated to discontinued operations, they affect solely continuing
operations. As the volume of the continuing operations reduces, the relative
effect of these costs has increased.
Vaahto Process Technology
Vaahto Process Technology business includes all of the company's continuing
operations. Turnover from the business during the fiscal period ending in
December 2014 was 20.3 M euros (comparative: 32.2 M euros) and operating loss
1.5 M (operating profit of 1.4 M euros).
Vaahto Process Technology business is divided into two business areas: Japrotek
Vessels and Stelzer Mixing Technology. Japrotek Vessels designs and
manufactures demanding vessel structures for process industry as well as
complete vessel and agitator combinations. Stelzer Mixing Technology focuses on
the mixing technology for process industry and related maintenance services.
Fiscal year 2014 for Japrotek Vessels was challenging due to general market
situation. However, order book increased compared to fiscal year 2013 despite
the customers postponing their investment decisions to year 2015. Japrotek
Vessels acquired new orders of which the most significant are delivery of a
leaching autoclave to a customer in Finland and a crystallization plant to
Kemira in Brazil. Deliveries are demanding process industry structures in which
Japrotek's expertise on titanium processing and insight into customer's
processes are at their best. The installations will both be handed over during
the summer 2015.
During the fiscal year 2014 Stelzer Mixing Technology business area faced
challenges on two important market areas: China and food industry. Customers
postponed their investments on new projects. However, the number of new orders
received was on a same level than previous fiscal year. At the end of the
fiscal year 2014 Stelzer got an order of a biggest single agitator in its
history. Agitator will be designed and manufactured at Stelzer's factory at
Warburg Germany and handed over to a customer in chemical industry in Asia
during year 2015.
Vaahto Group focuses on Process Technology business. The deployment of the
strategy has begun and continues also during year 2015. Japrotek Vessels
focuses on demanding applications for process industry and vessel-agitator
combinations. Stelzer Mixing Technology focuses on agitator solutions
especially for chemical and food industries and seeks growth from new market
areas.
Financing
The cash flow from the Group's business operations was 1.5 M euros (-2.4 M
euros), and the cash flow from investments made during the financial year was
0.7 M euros (0.3 M euros). At the end of the fiscal period, the total amount of
interest-bearing debt was 8.8 M euros (18.4 M euros). The Group's consolidated
balance sheet total was 13.3 M euros (23.6 M euros).
Loans from credit-institutions entail re-payment covenants linked to the
Group's solvency ratio. The year-end accounts of 31 December 2014 are in breach
of a covenant. After the end of the 2014 financial period the Group has made
an agreement of the loans and covenants as part of the financial arrangement.
Vaahto Group was provided with a grace period for loans from financial
institutions for fiscal year 2014. Conditions of the financing agreement for
2014 were met during the first quarter and the Group received a debt relief
totaling 3 million euros; 2.7 million euros for the parent company and 0.3
million euros for Vaahto Paper Technology Ltd.
Vaahto Group Plc Oyj's subsidiary Vapate Oy (former Vaahto Paper Technology
Ltd) filed for bankruptcy on 30 October 2014. The loans of Vapate Oy matured in
the bankruptcy. The parent company has secured loans for the financiers of the
company. These loans, amounting to 3.8 M euros, parent company has reserved in
the financial statements for 2014.
After the end of the fiscal year 2014 on 16 February 2015 Vaahto Group Plc Oyj
has made an agreement with its major creditors of an arrangement in which the
creditors have undertaken to forgive the company's debts in an amount of 3.9 M
euros, to convert the debts to subordinated capital loans in an amount of 1.2 M
euros and to grant the company a repayment holiday on such creditors'
receivables until 30 June 2016. At the same time, Vaahto Group issues
10,000,000 new shares at a subscription price of EUR 0.25 per share in a
targeted share issue.
As part of the stabilization of the financial situation, Vaahto Group starts
cost and operations adjusting program. Target of the program is to cut annual
costs by over 0.8 M euros. Program will be executed during year 2015 and costs
of the program will be 0.4 M euros, at the most. Targeted annual savings of 0.4
M euros will be fully visible during year 2016.
Arrangement is improving Group's financial and liquidity situation
significantly and the situation has been stabilized until the end of the first
half of the year 2016. However, the liquidity of the Group remains tight and
sufficiency of the working capital is followed actively with cash flow
forecasts.
Investments
The Group's capital expenditure during the period under review came to 0.3 M
euros (0.9 M euros). Investments went to minor machine and equipment
investments.
Environmental affairs
Earlier reported environmental affairs have related to the work required by the
company's environmental permit for the processing of drainage water on the
courtyard of the Hollola plant. Plant was sold during fiscal year 2014 and also
the environmental obligations have transferred to the new owner.
Research and development
The Group's research and development activities focused on the productization
of Vaahto Process Technology business area's range of service solutions.
Personnel
The average number of personnel employed by the continuing operations of the
Group during the period under review was 216 (256). With the sale of the
Service business, 47 people transferred to the new employer.
Risks and uncertainty factors
Demand for Vaahto Group's products is highly dependent on economic developments
and other trends in both the global economy and the Group's main customer
industries. The risks created by fluctuations in demand are addressed through
adaptation of the Group's sales operations to current trends in the relevant
market areas and customer industries.
Especially Japrotek's large-scale projects entail the risk of inaccurate
assessment of project costs and other risks inherent to projects in the tender
stage, which may cause a project's financial result to be lower than expected.
To keep the risks involved in large-scale projects under control, the Group
employs several means, such as multiple quality-management systems,
profitability analyses, operation guidelines, and approval procedures.
The objective of the efforts to manage the Group's financing risks is to
minimize the negative impact of changes in financial markets on the Group's
result and to ensure the availability of internal and external funding on
competitive terms.
The risk of property losses, consequential losses, and liability losses caused
by business operations is addressed by means of appropriate insurance
arrangements.
With the financial arrangement agreed after the end of the fiscal year and the
cost adjustment program, the group's finance is secured on a medium-term. Along
with the arrangement, security limits and liquidity are at the level that
doesn't limit the development of the business. However the working capital
situation will be tight and its adequacy shall be actively monitored.
Directed share issue
On 10 March 2014, the board of directors of Vaahto Group Plc resolved to issue
up to 2,000,000 new shares in a directed share issue based on an authorization
by the general meeting of shareholders on 10 April 2013.
In the share issue, the 10 largest shareholders had a subscription right. The
basis for the deviation from the pre-emptive subscription right was, according
to the resolution to issue shares, the strengthening of the company's financial
standing and the securing of the continuance of the company's operations. In
the share issue, Hannu Laakkonen subscribed for 1,000,000 shares and Mikko
Laakkonen subscribed for 1,000,000 shares. The subscription price per share for
all the shares was 0.52 euro. The subscription price was determined on the
basis of bids received by the company.
The issued new shares have been registered with the Trade Register on 31 March
2014. Subsequent to the share issue, the total number of shares in the company
and the number of votes carried by the shares is 5,977,360. The issued new
shares represent 33.5% of the total amount of shares of the company. The issued
new shares carry shareholder rights in the company from the date of
registration with the Trade Register.
The company will apply for the listing of the shares at the latest within one
year from the issuance of the shares. In connection with the application, the
company will publish a listing prospectus in accordance with the Finnish
Securities Market Act and the EU Prospectus Regulation.
After the end of the fiscal period on 15 February 2015, along with the
arrangement agreed with creditors, the board of directors of Vaahto Group Plc
resolved to issue up to 10,000,000 new shares in a targeted share issue at a
subscription price of EUR 0.25 per share. Investors subscribed all the shares
issued.
Equity
In the financial statements 2013, the equity of the parent company Vaahto Group
Plc Oyj was negative by 4.3 million euros. The issue of the new shares in the
first quarter of 2014 as well as the waiver of loans had a positive impact on
the equity of the parent company. Along with the classification of AP-Tela Oy
as discontinued operations on 30 June 2014, the parent company impaired the
shares of AP-Tela, which lowered the equity of the parent company. In the
financial statements 2014, provisions related to the loans of subsidiary Vapate
Oy, which the parent company has secured and have matured in the bankruptcy of
Vapate Oy, are lowering the equity of the company. On 31 December 2014, the
equity of the company was 7.8 M euros negative.
The arrangement agreed with creditors after the end of the fiscal year 2014 has
a positive impact on the equity of the company. Targeted share issue has a
positive impact of 2.5 M euros and the debt relief of 3.9 M euros. Also, 1.2 M
euros of debt will be converted to subordinated loan to stabilize the capital
structure of the company. Above-mentioned arrangements will be fulfilled during
the first quarter of the year 2015.
Authorization to decide on a share issue
On 15 April 2014, the Annual General Meeting authorized the Board to decide on
an issue of new shares as well as option rights and other special rights
entitling to shares referred to in Chapter 10 Section 1 of the Finnish
Companies Act in one or several lots. The number of new shares issued would be
no more than 10,000,000, including shares to be issued based on the special
rights.
The authorization was not used during fiscal year 2014. After the end of the
fiscal period, along with the arrangement agreed with creditors, the board of
directors of Vaahto Group Plc resolved to issue up to 10,000,000 new shares in
a targeted share issue at a subscription price of EUR 0.25 per share. The
subscription price was determined based on negotiations between the company and
the investors.
In determining the subscription price the financial standing of the company and
opportunities for alternative means of financing have been taken into account.
Due to the company's critical liquidity situation and the demands of the
company's creditors, it would not have been possible to continue the company's
operations without an equity injection of at least than 2.5 M euros. Based on
negotiations with investors, it has become clear that it would not have been
possible for the company to attract new equity financing on terms more
favourable to the company.
It has not been possible for the company to implement a rights issue while
retaining its solvency. Thus the continuance of the company's operations has
necessitated implementing the share issue as a targeted share issue. Pursuant
to the share issue resolution, the grounds for deviating from the pre-emptive
subscription rights of the shareholders were the strengthening of the company's
financial standing and the securing of the continuance of the company's
operations.
Shares have been paid to the company in cash on 18 February 2015. After having
received the subscription payments, the company will file an application to
have the shares registered with the Trade Register. The company will apply for
the listing of the shares at the latest within one year from the issuance of
the shares. In connection with the application, the company will publish a
listing prospectus in accordance with the Finnish Securities Market Act and the
EU Prospectus Regulation.
Administration
The Annual General Meeting held on 15 April 2014 nominated the following
persons as members of the Vaahto Group Plc Oyj Board of Directors:
Reijo Järvinen, chairman
Sami Alatalo, deputy chairman
Topi Karppanen, member
Mikko Vaahto, member
Vaahto Group's CEO until 15 January 2014 was Ari Viinikkala. Vesa Alatalo
served as CEO from 16 January 2014 to 31 August 2014. Topi Karppanen has served
as acting CEO starting on 1 September 2014. Karppanen has been a member of the
Board of Vaahto Group Plc Oyj since 2010.
The Group's accounts have been audited by certified auditing company Ernst &
Young Oy. The head auditor was Erkka Talvinko, Certified Public Accountant.
The Company follows the 2010 Corporate Governance Code issued for companies
listed on the NASDAQ OMX Helsinki exchange. A report on the Group management
and steering system is available on the Group's Web site.
Development prospects
Demand for Vaahto Group's products and its financial situation both are highly
dependent on global economic developments and other trends affecting its
customer industries. Market situation for Vaahto Process Technology remains
challenging. However, the order book is at a good level. Number of offers has
increased significantly and the amount of investment decisions is expected to
grow again during the spring 2015. The reached stabilization arrangement
improves the possibilities of the company in the competitive biddings.
During fiscal year 2014, the group deployed the strategy outlined by the board,
according to which the company focuses on Process Technology business. Actions
made for the deployment of the strategy and financing arrangement reached after
the end of the fiscal year 2014, together with the cost adjustment program, are
expected to improve the operative result of the company during fiscal year
2015.
Along with the financing arrangement reached after the end of the fiscal year
2014, together with the cost adjustment program, continuity of the operations
of the company are estimated to be secured in a medium-term.
Developments since the end of the financial year
Vaahto Group has on 16 February 2015 agreed with its major creditors on an
arrangement the purpose of which is the strengthening of the company's
financial standing and the securing of the continuance of the company's
operations. At the same time, Vaahto Group issued 10,000,000 new shares at a
subscription price of EUR 0.25 per share in a targeted share issue.
By the agreement, the creditors have undertaken to forgive the company's debts
in an amount of 3.9 M euros, to convert the debts to subordinated capital loans
in an amount of 1.2 M euros and to grant the company a repayment holiday on
such creditors' receivables until 30 June 2016.
Vaahto Group starts cost and operations adjusting program to stabilize the
financial situation. Target of the program is to cut annual costs by over 0.8 M
euros. Program will be executed during year 2015 and costs of the program will
be 0.4 M euros, at the most. Targeted annual savings of 0.8 M will be fully
visible during year 2016.
As part of the stabilization of the financial situation, the Board of Directors
of Vaahto Group has decided to move operations of headquarters from Lahti to
Japrotek Oy Ab's office in Pietarsaari by 30 August 2015. The cost of the move
of the headquarters is included in the estimated costs of the program.
Distribution of profit
The parent company made a business loss of 4,589,342.49 euros, and the company
has no distributable funds.
The Board of Directors proposes to the Annual General Meeting that no dividends
be distributed and that the loss be covered with funds from the profit account.
The General Meeting of Shareholders
The General Meeting of Shareholders of Vaahto Group Plc Oyj will be held in
Sibelius Hall, Lahti, on 14 April 2015, at 13:00.
Vaahto Group's interim management statement
Instead of an interim report for the first quarter of the 2014 financial year,
Vaahto Group Plc Oyj will publish the Interim Management Statement on 13 May
2015.
VAAHTO GROUP CONSOLIDATED FIGURES
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME, IFRS
1 000 EUR 1.1.-31.12.2014 1.1.-31.12.2013
12 months 12 months
CONTINIUING OPERATIONS
NET TURNOVER 20 262 32 165
Change in finished goods and work in progress 523 1 524
Other operating income 111 22
Material and services 9 621 16 617
Employee benefit expenses 7 499 7 911
Depreciations 259 393
Other operating expenses 3 929 4 313
OPERATING PROFIT OR LOSS -1 457 1 428
Financing income 3 036 1 107
Financing expenses 1 152 1 087
PROFIT OR LOSS BEFORE TAXES 426 1 448
Tax on income from operations 77 586
PROFIT OR LOSS FOR THE FISCAL YEAR FROM THE 349 862
CONTINUING OPERATIONS
DISCONTINUING OPERATIONS
Profit of loss for the fiscal year from the -3 658 -4 952
discontinuing operations
PROFIT OR LOSS FOR THE FISCAL YEAR -3 309 -4 090
OTHER COMPREHENSIVE INCOME:
Translation differences -5 -10
Other comprehensive income, net of tax -5 -10
TOTAL COMPREHENSIVE INCOME -3 314 -4 099
Earnings per share calculated on profit
attributable to equity holders of the parent:
EPS undiluted, euros/share, continuing 0,06 0,22
operations
EPS diluted, euros/share, continuing 0,06 0,22
operations
EPS undiluted, euros/share, cdisontinuing -0,67 -1,24
operations
EPS diluted, euros/share, discontinuing -0,67 -1,24
operations
EPS undiluted, euros/share -0,60 -1,03
EPS diluted, euros/share -0,60 -1,03
Average number of shares
-undiluted 5 484 209 3 977 360
-diluted 5 484 209 3 977 360
CONSOLIDATED BALANCE SHEET, IFRS
1 000 EUR 31.12.2014 31.12.2013
ASSETS
NON-CURRENT ASSETS
Intangible assets 22 51
Goodwill 1 583 1 692
Tangible assets 2 751 3 778
Shares in affiliated companies 0 74
Available for sale investments 25 35
NON-CURRENT ASSETS 4 382 5 629
CURRENT ASSETS
Inventories 1 762 2 464
Trade receivables and other receivables 4 599 6 954
Current receivables for revenue recognized in part prior 0 1 727
to project completion
Cash and bank 544 129
CURRENT ASSETS 6 904 11 274
NON-CURRENT ASSETS HELD FOR SALE 1 986 6 721
ASSETS 13 272 23 624
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY
Share capital 2 872 2 872
Share premium account 6 6
Fair value reserve and other reserves 6 060 5 063
Translation differences 51 48
Retained earnings -17 568 -14 251
SHAREHOLDERS' EQUITY -8 579 -6 262
NON-CURRENT LIABILITIES
Deferred tax liability 582 649
Long-term liabilities, interest-bearing 42 11 696
Non-current provisions 4 196 362
NON-CURRENT LIABILITIES 4 819 12 708
CURRENT LIABILITIES
Short-term liabilities, interest-bearing 8 794 6 712
Trade payables and other liabilities 6 820 7 459
Tax liability, income tax 232 200
Current provisions 800 0
CURRENT LIABILITIES 16 646 14 370
LIABILITIES OF DISPOSAL GROUP HELD FOR SALE
Interest-bearing liabilities held for sale 67 113
Interest-free liabilities held for sale 319 2 695
LIABILITIES OF DISPOSAL GROUP HELD FOR SALE 386 2 808
EQUITY AND LIABILITIES 13 272 23 624
KEY FIGURES, IFRS
2014 2013
Equity ratio, % neg neg
Gross investments in fixed assets 268 869
Order book, continuing operations 9 305 5 793
Total number of personnel (average) 216 256
Earnings per share (EPS), euros 1) -0,6 -1,0
1) The Earning per Share (EPS) includes also the profit of loss of
the discontinuing operations.
CONSOLIDATED FLOW OF FUNDS STATEMENT, IFRS
1 000 EUR 1.1.-31.12.2014 1.1.-31.12.2013
FLOW OF FUNDS FROM OPERATIONS:
Profit or loss before taxes -3 309 -4 090
Adjustments:
Depreciations 540 1 273
Impairment losses 3 650 0
Unrealized foreign exchange gains and losses -76 -114
Other income and expenses, no payment related -3 309 733
Financing income and expenses 1 160 -1 024
Taxes 4 515
Flow of funds from operations before the -1 339 -2 707
change in working capital
Change in working capital:
Change in short-term receivables 4 813 -754
Change in inventories 1 141 3 796
Change in short-term non-interest-bearing -2 050 -1 624
creditors
Flow of funds from operations before financial 2 565 -1 289
items and taxes
Interests and other financial expenses from -1 046 -988
operations paid
Dividends received 2 2
Interests and other financial income received 3 10
Income taxes paid -48 -94
FLOW OF FUNDS FROM OPERATIONS 1 475 -2 359
FLOW OF FUNDS FROM INVESTMENTS:
Investments in tangible and intangible assets -268 -869
Income from sales of tangible and intangible 922 1 188
assets
FLOW OF FUNDS FROM INVESTMENTS 654 320
FLOW OF FUNDS FROM FINANCIAL ITEMS:
Share issue 1 040 0
Withdrawals of short-term loans 906 244
Repayments of short-term loans -3 661 -597
Withdrawals of long-term loans 0 3 430
Repayments of long-term loans 0 -1 308
FLOW OF FUNDS FROM FINANCIAL ITEMS -1 715 1 769
Change of liquid funds 414 -271
Liquid assets at the beginning of the fiscal 129 400
year
Liquid assets at the end of the fiscal year 544 129
Change in liquid assets according to the 414 -271
balance sheet
SECURITIES AND RESPONSIBILITIES
1 000 EUR
31.12.201 31.12.2013
4
Granted securities
Debt secured by real estate and corporate mortgages
Loans from financial institutions and pension loans 2 215 11 092
Other loans 2 000 3 350
Credit limits in use 4 520 3 872
Total 8 735 18 313
Loans from financial institutions are secured by real estate
and corporate mortgages and share pledges. Other loans are
secured by share pledges and bank deposits. Share pledges
are the share capitals of Vaahto Group Plc Oyj's
subsidiaries.
Mortgages granted to secure loans and bank guarantees
Real estate mortgages 2 543 2 543
Corporate mortgages 3 582 4 928
Total 6 125 7 471
Mortgages granted to secure the bank guarantee limit
Corporate mortgages granted to secure the bank guarantee 0 8 235
limit
Total 0 8 235
Other granted securities for own behalf
Deposits 0 1 483
Total 0 1 483
Other granted securities
Vaahto Group Plc Oyj has granted as securities the share
capitals of its subsidiaries Japrotek Oy Ab, AP-Tela Oy and
Stelzer Rührtechnik International GmbH.
Contingent liabilities and other liabilities
Bank guarantees
Bank guarantee limits total 5 444 6 163
Bank guarantee limits, used 3 791 4 598
Operating lease agreements
Within a year 214 266
More than one year but no more than 5 years 59 276
Total 272 542
Contracts other than financial leasing contracts consist
mainly of short-term leasing contracts for IT equipment and
software.The terms and conditions are of leasing agreements
correspond to those of normal operational leasing
agreements.
Arrangements according to IFRIC 4
The Group has no arrangements meant in IFRIC 4.
Other rent agreements
The Group has rented production and office buildings for
its use with various types of terminable rental
agreements.
Rent liabilities
Within a year 388 792
More than one year but no more than 5 years 1 471 3 166
Later 260 1 885
Total 2 119 5 843
Other contingent liabilities
Granted guarantees to customers and creditors
Guarantees granted to secure bank guarantee limit 6 204 4 110
Guarantees granted to secure bank loans 1 542 3 580
Guarantees granted to secure guarantee insurances 0 2 175
Guarantees granted to secure rent guarantees 400 400
Others guarantees 0 427
Total 8 146 10 692
Figures are in thousand euros unless stated otherwise. Figures are unaudited.
Lahti 27 February 2015
VAAHTO GORUP PLC OYJ
Board of Directors
Information:
Reijo Järvinen, Chairman of the Board of Directors, Vaahto Group Plc
Oyj, +358 400 715968
Topi Karppanen, CEO, Vaahto Group Plc Oyj, +358 40 5001957
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