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2011-11-11 09:00:00 CET 2011-11-11 09:00:09 CET REGULATED INFORMATION Vaahto Group Plc Oyj - Financial Statement ReleaseVAAHTO GROUP'S FINANCIAL STATEMENT RELEASE FOR 1.9.2010 - 31.8.2011Lahti, Finland, 2011-11-11 09:00 CET (GLOBE NEWSWIRE) -- VAAHTO GROUP PLC OYJ STOCK EXCHANGE RELEASE 11.11.2011 at 10.00 VAAHTO GROUP'S FINANCIAL STATEMENT RELEASE FOR 1.9.2010 - 31.8.2011 For the financial year ending in August 2011, Vaahto Group's turnover was 55.3 MEUR (comparative from the previous financial year: 35.2 MEUR) and operating loss 1.3 MEUR (comparative: operating loss of 2.9 MEUR). Turnover increased by 57 per cent from the reference period's level, and the operating result improved. Loss for the fiscal year was 2.1 MEUR (loss 3.0 MEUR) and earning per share was -0.75 euros (-1.01 euros). The Group's outstanding orders stood at 22.4 MEUR (15.2 MEUR) at the closing of the financial year. Vaahto Paper Technology Vaahto Paper Technology's turnover was 39.7 MEUR (21.5 MEUR) and net result an operating loss of 0.1 MEUR (operating loss of 4.8 MEUR). The result of the previous financial year was improved upon through sales profit of approximately 2 MEUR resulting from the Group's sale of real estate in Tampere. Vaahto Paper Technology's turnover increased by 85 per cent from the reference period's figure, and the result of the financial year was approximately 6.6 MEUR higher than that of the previous financial year (with the real-estate transaction included). The most important orders received by Vaahto Paper Technology's project business unit during the financial year under review were an order for four headboxes received from Dongguan Jianhui Paper Co. Ltd and Dongguan Jinzhou Paper Co. Ltd in China; an order for five headboxes for two exterior package board production lines of Vantage Dragon Ltd, also in China; and a paper machine modernisation project commissioned by Fajar Paper in Indonesia. In addition, the business unit received substantial domestic orders from Finland, including the modernisation of a drying machine at the Stora Enso pulp mill in Imatra and the modernisation of the press section of a cardboard machine at Stora Enso's mill in Inkeroinen. The financial year also saw continued efforts toward developing Vaahto Paper Technology's service business branch. Service and maintenance operations, however, fell short of the objectives set for the period, especially during the first half of the financial year. Toward the end of the financial year, however, the market situation for short-circulation maintenance services improved and orders started accumulating. The objective of the Vaahto Paper Technology business unit is to continue strengthening its position as a leading supplier of technologies and services for the international paper and cardboard market. Vaahto Process Technology Vaahto Process Technology's turnover was 15.7 MEUR (13.8 MEUR) and result an operating loss of 1.2 MEUR (operating profit of 1.9 MEUR). The result of the previous financial year was improved upon, thanks to sales profit of approximately 2.6 MEUR resulting from the sale of real estate in Pietarsaari and the sale of the HVAC business. Turnover increased from the reference period's level by 14 per cent, but the result remained negative and was 0.4 MEUR weaker than that of the reference period (including real-estate transactions and the selling of business operations). The division's negative operating result was principally caused by the low profitability of the tank business. Vaahto Process Technology's market situation in the vessel business was extremely weak. At the end of the financial year the order book started to increase, and the outlook for the next financial year is better. Vaahto Process Technology's market situation in the agitator business was good, and order book increased significantly in the course of the financial year. The agitator business objectives have been met, and the outlook for our agitator operations in the 2011-2012 financial year is good. Profitability Vaahto Group's turnover during the financial year was 55.3 MEUR (35.2 MEUR) and operating loss 1.3 MEUR (operating loss 2.9 MEUR). The operating loss represented 2.3 per cent (8.1 per cent) of the turnover. The primary reason for the negative result was weak profitability in the tank business. We improved on the result of the previous financial year through sales profit of approximately 4.6 MEUR from the sale of real estate in Tampere and Pietarsaari and the sale of the Group's HVAC business. Turnover increased by 57 per cent from the reference period's level, and the result for the financial year showed an increase of approximately 6.2 MEUR from the previous financial year's figure (including the real-estate transactions and the sale of business operations). Financing The cash flow of the Group's business operations was -3.8 MEUR (-16.0 MEUR). The Group's net financing costs came to 0.6 MEUR (1.0 MEUR). The cash flow for investments made during the financial year was 7.1 MEUR (-0.3 MEUR). The Group's consolidated balance sheet total was 36.5 MEUR (39.0 MEUR), with an equity ratio of 17.8 per cent (21.8 per cent). Important changes were made in the Group's financing arrangements during the financial year under review. The Group sold real estate in Tampere and Pietarsaari during the previous financial year, but the payment was received only in September 2010. The purchase price, approximately eight million euros, was primarily used to pay off bank and pension loans. The Group is constantly monitoring and tracking the level of financing required for its operations, to ensure the availability of sufficient liquid assets to finance the Group's operations and repay its loans. Availability of the working capital required by the Group's normal operations is aimed to ensure by means of sufficient financing instruments. The Group's financing agreement includes covenant condition restrictions that are specified in more detail in Item 27 of the Notes to the Consolidated Financial Statements, “Financial Risk Management”. Investments The Group's capital expenditure during the financial year was 1.9 MEUR (0.8 MEUR), mostly consisting of small-scale machine and equipment investments. Information systems Development of the Group's information administration efforts and information systems was continued in accordance with the centralised model. Research and development The Group's research and development activities focused on expansion of Vaahto Paper Technology's service business product range and improvement to the competitive features of the key components of paper and cardboard machines. The scope of research and development activities remains at the level seen in the previous financial year. Human resources The average number of personnel employed by the Group during the financial year was 348 (371). Risks and uncertainty factors Demand for Vaahto Group's products is highly dependent on trends and other developments in the global economy and the Group's primary customer industries. Attempts are made to balance out the risks caused by market fluctuations by adapting the Group's sales operations in accordance with current trends in the relevant market areas and customer industries. 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. Attempts are made to control the risks involved in large-scale projects, by means of several quality management systems, profitability analyses, operation guidelines, and approval procedures. The objective of the efforts to manage the Group's financing risks is to minimise the negative impact of changes in financing markets on the Group's result and to ensure the availability of internal and external capital 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. Equity capital Information on Vaahto Group Plc Oyj's shares is presented in Item 24 of the Notes to the Consolidated Financial Statements, “Notes on the Shareholders' Equity”. The Annual General Meeting of 14 December 2010 authorised the Board of Directors to decide on the issuing of new shares in one or more instalments. The maximum number of new shares that may be issued is 300,000. The authorisation is valid until 31 December 2011 unless a general meeting amends or revokes the authorisation prior to that date. The Board of Directors has no authorisation to issue convertible bonds or warrant bonds or for purchasing or transferring the Group's own stock. Administration The Annual General Meeting of 14 December 2010 nominated the following members to the Board of Directors of Vaahto Group Plc Oyj: Reijo Järvinen, as chairman Rainer Häggblom, as deputy chairman Topi Karppanen, as an ordinary member Antti Vaahto, as an ordinary member Mikko Vaahto, as an ordinary member Antti Vaahto resigned from the Board on 28 April 2011. The Group's managing director throughout the 2010-2011 financial year was Anssi Klinga. The Group's accounts have been audited by certified auditing company Ernst & Young Oy. The head auditor was Certified Public Accountant Panu Juonala. The company follows the 2010 Corporate Governance Code issued for companies listed on the NASDAQ OMX Helsinki exchange. A report on the Group's management and steering system is available on the Group's Web site. Development prospects The development of the international economy has shown alarming signals, and the market situation of Vaahto Group's principal customer industries is increasingly uncertain. No significant changes, however, had occurred in demand for Vaahto Group products by the beginning of the new financial year, and the volume of outstanding orders is higher than that at the start of the 2010-2011 financial year. Vaahto Group's profitability can be expected to increase from the previous financial year's level. The result for the financial year is expected to be positive. Distribution of profit The parent company's financial resources available for distribution of profit stood at 3,120,471.55 EUR, with the operating loss for the financial year at 354,920.90 EUR. The Board will propose to the Annual General Meeting that no dividend be distributed and that the retained earnings be deposited in the profit account. The Annual General Meeting The Annual General Meeting of Vaahto Group Plc Oyj will be held on December 12, 2011 at 1.00 p.m. in the Sibelius Hall, Lahti. Interim management statement Instead of the interim report for the first three months of the accounting period, Vaahto Group Plc Oyj will disclose the interim management statement on January 13, 2012. VAAHTO GROUP CONSOLIDATED FIGURES CONSOLIDATED 2010-2011 % of 2009-2010 % of STATEMENT OF 12 turn- 12 turn- COMPREHENSIVE months over months over INCOME, IFRS 1000 EUR NET TURNOVER 55 318 35 160 Change in finished goods and work in progress 547 1 264 Production for own use 1 183 500 Other operating income 390 4 901 Share of results of affiliated companies -4 17 Material and services -28 613 -17 548 Employee benefits expenses -17 586 -16 374 Depreciations -2 115 -2 547 Other operating expenses -10 424 -8 230 OPERATING PROFIT OR LOSS -1 304 -2,4 -2 857 -8,1 Financing income 320 91 Financing expenses -963 -1 075 PROFIT BEFORE TAXES -1 946 -3,5 -3 840 -10,9 Tax on income from operations -172 812 PROFIT OR LOSS FOR THE PERIOD -2 118 -3,8 -3 028 -8,6 OTHER COMPREHENSIVE INCOME: Translation differences -1 14 OTHER COMPREHENSIVE INCOME, NET OF TAX -1 14 TOTAL COMPREHENSIVE INCOME -2 120 -3 014 Net profit or loss attributable: Equity holders of the parent -2 225 -2 910 Non-controlling interest 107 -118 Total -2 118 -3 028 Total comprehensive income attributable: Equity holders of the parent -2 226 -2 896 Non-controlling interest 107 -118 Total -2 120 -3 014 Earnings per share calculated on profit attributable to equity holders of the parent: EPS undiluted, euros/share -0,75 -1,01 EPS diluted, euros/share -0,75 -1,01 Average number of shares (1000 shares): undiluted 2 953 2 872 diluted 2 953 2 872 CONSOLIDATED 31.8.2011 31.8.2010 BALANCE SHEET,IFRS 1000 EUR ASSETS NON-CURRENT ASSETS: Intangible assets 1 030 1 642 Goodwill 1 702 1 702 Tangible assets 10 907 10 923 Shares in affiliated companies 57 62 Available for sale investments 44 44 Non-current trade and other receivables 11 11 Deferred tax asset 2 274 2 172 NON-CURRENT ASSETS 16 026 16 557 CURRENT ASSETS: Inventories 5 601 5 241 Trade receivables and other receivables 7 305 14 732 Current receivables for revenue recognised in part prior to project completion 6 818 1 953 Tax receivable, income tax 0 2 Cash and bank 775 560 CURRENT ASSETS 20 500 22 488 TOTAL ASSETS 36 525 39 045 CONSOLIDATED 31.8.2011 31.8.2010 BALANCE SHEET, IFRS 1000 EUR EQUITY AND LIABILITIES SHAREHOLDERS' EQUITY: Share capital 2 872 2 872 Share premium account 6 6 Contingency reserve 1 995 1 995 Translation differences 29 41 Retained earnings -351 1 864 Equity attributable to equity holders of the parent 4 552 6 778 Non-controlling interest 1 217 1 110 SHAREHOLDERS' EQUITY 5 768 7 888 NON-CURRENT LIABILITIES: Deferred tax liability 624 549 Long-term liabilities, interest-bearing 6 831 3 042 Non-current provisions 273 245 NON-CURRENT LIABILITIES 7 728 3 836 CURRENT LIABILITIES: Short-term liabilities, interest-bearing 8 269 15 068 Trade payables and other liabilities 14 573 12 072 Tax liability, income tax 186 182 CURRENT LIABILITIES 23 028 27 321 TOTAL EQUITY AND LIABILITIES 36 525 39 045 KEY FIGURES, IFRS 2010-2011 2009-2010 Shareholders' equity per share, euros 1,52 2,36 Earnings per share, euros -0,75 -1,01 Equity ratio % 17,8 21,8 Gross investments 1 876 776 Total average number of personnel 348 371 Order backlog at the end of the fiscal period 22 401 15 175 The amount of contract revenue recognized as revenue has been deducted from the order backlog. OTHER LIABILITIES 31.8.2011 31.8.2010 1000 EUR Bank guarantees: Bank guarantee limits total 18 000 25 000 Bank guarantee limits used 11 218 5 720 Lease liabilities, excluded financial lease liabilities: Current lease liabilities 246 220 Lease liabilities maturing in 1-5 years 275 287 Total 521 508 Rent liabilities: Current lease liabilities 804 804 Lease liabilities maturing in 1-5 years 3 216 3 216 Later 3 216 4 020 Total 7 236 8 040 Other liabilities: Granted guarantees to customers and creditors 500 660 Guarantees granted to secure bank guarantee limits 17 600 17 600 Guarantees granted to secure bank guarantees 290 0 Guarantees granted to secure bank loans 2 910 2 910 Guarantees granted to secure rent guarantees 400 0 Total 21 700 21 170 Derivative contracts: Currency forward agreements are as a rule used to hedge against exchange rate risks. The currency forward agreements have been used to protect receivables and future assets. Interest rate agreements are used to hedge against the changes of the interests. The derivative agreements of the group are booked according to IAS 39: Financial instruments. Derivative agreements are initially recognized at their purchase cost which is equivalent to the fair value and they are subsequently remeasured at fair value. Fair values Nominal Fair Fair Fair of derivative value value, value, value agreements pos. neg. total 31.8.2011 arvo 1000 EUR Koronvaihto- sopimukset 6 666 0 -241 -241 Fair values of derivative agreements are determined by using the market prices for the equivalent agreements on the day of the closing of the accounts. Fair values state for the income or expenses the group would book if the derivative agreements were closed at the end of the fiscal period. CONSOLIDATED FLOW 2010-2011 2009-2010 OF FUNDS 12 12 STATEMENT, IFRS months months 1000 EUR Flow of funds from operations: Profit before taxes -1 946 -3 840 Adjustments 2 429 -1 337 Change in working capital -3 470 -9 815 Financial income and expenses and taxes -843 -1 055 Flow of funds from operations -3 831 -16 047 Flow of funds from investments: Investments in tangible and intangible assets -1 879 -776 Income from sales of tangible and intangible assets 8 933 479 Payments of loans 1 1 Flow of funds from investments 7 055 -295 Flow of funds from financial items: Withdrawals of short-term loans 55 6 172 Payments of short-term loans -6 793 -869 Withdrawals of long-term loans 5 274 238 Payments of long-term loans -1 545 -1 039 Flow of funds from financial items -3 009 4 502 Change of liquid funds 215 -11 840 Lahti November 11, 2011 VAAHTO GROUP PLC OYJ The Board of Directors Information: Anssi Klinga CEO, Vaahto Group Plc Oyj tel. +358 50 4661470 www.vaahtogroup.fi |
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