2013-12-13 09:00:00 CET
2013-12-13 09:00:04 CET
REGULATED INFORMATION
Panostaja Oyj - Company Announcement
PANOSTAJA GROUP FINANCIAL STATEMENT BULLETIN NOVEMBER 1, 2012–OCTOBER 31, 2013 (12 months)
Panostaja Oyj Stock Exchange Bulletin, December 13, 2013
10:00 a.m.
Fourth-quarter net sales MEUR 49.7 (MEUR 39.8), growth 25%.
Fourth quarter EBIT MEUR 0.4 (MEUR 0.0), growth MEUR 0.4.
Operating profit includes write-downs of MEUR 2.2 related to the restructuring
of Takoma and product development projects in the Heat Treatment segment.
EBIT without one-time items MEUR 2.6 (MEUR 2.6).
During the quarter, Panostaja divested the Carpentry and Fasteners segments.
After the end of the financial period, Panostaja also divested the Supports
segment.
Takoma Oyj and its subsidiaries Takoma Gears Oy and Tampereen Laatukoneistus Oy
filed on December 9, 2013 business restructuring proceedings applications at
the District Court of Pirkanmaa in order to complete the reorganization
measures of the Group on which decisions have been made.
The Board of Directors proposes to the Annual General Meeting that no dividends
be paid or capital repayment be made for the financial period.
FOURTH QUARTER, AUGUST-OCTOBER 2013
Net sales MEUR 49.7 (MEUR 39.8), growth 25%.
EBIT MEUR 0.4 (MEUR 0.0), growth MEUR 0.4. Operating profit includes
write-downs of MEUR 2.2 related to the restructuring of Takoma and product
development projects in the Heat Treatment segment.
EBIT without one-time items MEUR 2.6 (MEUR 2.6).
Profit before taxes MEUR -0.6 (MEUR -1.6).
Earnings per share (undiluted) -0.7 cents (-5.5 cents).
Cash flow from business operations MEUR 3.1 (MEUR 3.5).
The growth in net sales was mainly due to corporate acquisitions carried out in
the current year and the previous year and the operational growth of the Safety
and Value-added Logistics segments. The impact of corporate acquisitions on the
net sales of the fourth quarter stood at MEUR 7.0.
Fourth-quarter EBIT adjusted with one-time items remained at the level of the
previous year.
NOVEMBER 2012-OCTOBER 2013
Net sales MEUR 179.6 (MEUR 147.9), growth 21%.
EBIT MEUR -0.4 (MEUR 3.2), change MEUR -3.6.
EBIT without one-time items MEUR 4.6 (MEUR 6.2), change -26%.
Profit before taxes MEUR -3.7 (MEUR 0.0).
Earnings per share (undiluted) -9.0 cents (-3.9 cents).
Equity per share EUR 0.59 (EUR 0.56).
Equity ratio 33.2% (34.1%).
Cash flow from business operations was MEUR 7.8 (MEUR 10.6).
The increase in net sales was primarily a result of the corporate acquisitions
carried out during the previous financial period and the current financial
period. The impact of corporate acquisitions stood at MEUR 32.6. Furthermore,
organic growth in the Safety and Value-added Logistics segments increased net
sales.
The MEUR -3.6 decrease in EBIT was especially caused by weak demand in the
technology industry segments, write-downs concerning restructuring in the
Takoma segment, the MEUR 0.9 costs incurred from goodwill amortization related
to product development projects in the Heat Treatment segment, and from costs
of MEUR 1.1 arising from goodwill allocations from corporate acquisitions
carried out at the beginning of the financial period.
The EBIT also includes a MEUR 2.3 goodwill amortization entry for Takoma.
The General Meeting of January 29, 2013 approved the capital repayment proposal
made by the Board. EUR 0.04 per share of capital was repaid from the invested
unrestricted equity fund. The record date for the capital repayment was
February 1, 2013, with the payment date being February 8, 2013. A total of MEUR
2.0 of capital was repaid to parent company shareholders.
12 months 12 months
-----------------------------------------------------------------------------
Key figures 11/12-10/13 11/11-10/12
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
Net sales (MEUR) € 179.6 147.9
EBIT (MEUR) € -0.4 3.2
Profit before taxes (MEUR) -3.7 -0.0
Earnings per share, undiluted (EUR) -0.09 -0.04
Equity per share (EUR) 0.59 0.56
Financial position and cash flow: October 31, 2013 October 31, 2012
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
Net liabilities (MEUR) 40.1 40.5
Gearing (%) 82.6 89.6
Equity ratio,% 33.2 34.1
Cash flow from business operations (MEUR) 7.8 10.6
-----------------------------------------------------------------------------
The income statement for operations discontinued during the reference period
has been separated from the income statement for retained operations and the
result for them is presented in accordance with the IFRS standard on row
‘Earnings from discontinued operations'. Prior to separating discontinued
operations from retained operations in the income statement, the consolidated
net sales for the reference period were MEUR 156.8 and the EBIT was MEUR 4.2.
MARKET SITUATION
Panostaja Group's financial period did not meet the financial expectations
targeted at all segments. In particular, the segments serving the technology
industry suffered from weak demand. The general economic situation and
atmosphere has remained challenging, especially in export industry-related
segments. For the time being, the demand for companies operating on the
domestic market has remained at a satisfactory level at least. When economic
growth starts in the future, the position of the segments within their fields
should become stronger. The situation on the financial markets remains
challenging, particularly in the SME sector, and the tightening of credit issue
is a significant risk to general financial development. In terms of volumes,
the corporate acquisitions market remains at a lower level than normal, and no
significant change in activity is expected to take place in the coming months.
Panostaja prepared for the weak financial market situation in the SME sector
and for a continued quiet period in the corporate acquisitions market by taking
out a MEUR 7.5 hybrid loan in May. This hybrid loan will enable Panostaja to
make, in line with the company's strategy and investment criteria, new
complementary acquisitions and to give more temporal room for maneuver for
possible divestments.
THE ECONOMIC DEVELOPMENT OF THE PANOSTAJA GROUP
FOURTH QUARTER, AUGUST-OCTOBER 2013
Panostaja Group's net sales in the fourth quarter were MEUR 49.7 (MEUR 39.8).
Export amounted to MEUR 1.5, or 3.4%, (MEUR 3.4, or 8.2%) of net sales.
Net sales increased by 25%. The MEUR 9.8 increase in net sales was primarily
the result of growth stemming from corporate acquisitions, and from organic
growth in the Safety and Value-added Logistics segments. Corporate acquisitions
made in the previous financial period and the current financial period
increased net sales by MEUR 7.0.
Of the Group's nine operational segments, five exceeded the net sales of the
reference year. Correspondingly, three fell below the net sales levels of the
reference year. There is not yet any comparative data for the Ceiling Materials
segment. On November 7, 2012, Panostaja bought 60% of the share capital of
Selog Oy, which supplies material, calculation and design services for ceiling
construction.
EBIT totaled MEUR 0.4 (MEUR 0.0). The increase in EBIT by MEUR 0.4 was
positively affected by corporate acquisitions carried out at the beginning of
the financial period and by a strong result in the Safety and Value-added
Logistics segments. Five segments achieved better EBIT than in the reference
period.
The Group's net financial expenses for the review period were approximately
MEUR -0.8 (MEUR -1.5). The Group's liquidity was good. Cash flow from business
operations deteriorated slightly and was MEUR 3.1 (MEUR 3.5).
NOVEMBER 2012-OCTOBER 2013
Net sales increased by 21%. Panostaja Group's net sales were MEUR 179.6 (MEUR
147.9) in the review period that has ended. Export amounted to MEUR 8.5, or
4.7%, (MEUR 12.5, or 7.9%) of net sales. Corporate acquisitions realized during
the previous financial period affected the MEUR 31.7 increase in net sales by
MEUR 32.6.
Of the Group's nine operational segments, four exceeded the cumulative net
sales for the reference period, and three segments exceeded the EBIT levels in
the review period. EBIT improved in the segments of Digital Printing Services,
Safety, and Value-added Logistics.
EBIT totaled MEUR -0.4 (MEUR 3.2). The MEUR -3.6 decrease in EBIT was
especially caused by weak demand in the technology industry segments,
write-downs concerning restructuring in the Takoma segment, the MEUR 0.9 costs
incurred from goodwill amortization related to product development projects in
the Heat Treatment segment, and from costs of MEUR 1.1 arising from goodwill
allocations from corporate acquisitions carried out at the beginning of the
financial period.
The EBIT also includes a MEUR 2.3 goodwill amortization entry for Takoma.
The Group's net financial expenses for the review period were approximately
MEUR -3.2 (MEUR -3.6). The Group's liquidity remained good and operating cash
flow was MEUR 7.8 positive.
Personnel
Panostaja's personnel continued to grow. At the end of the review period,
Panostaja Group employed a total of 1,295 persons, while the average number of
personnel during the financial year was 1,251.
October 31, October 31,
2013 2012
--------------------------------------------------------------------------------
Average number of employees 1,251 1,152
Employees at the end of the review period 1,295 1,206
--------------------------------------------------------------------------------
Employees in each segment at the end of the October 31, October 31,
review period 2013 2012
--------------------------------------------------------------------------------
Digital Printing Services 451 335
Safety 205 212
Takoma 163 193
Value-added Logistics 299 253
Ceiling Materials 15 0
Spare Parts for Motor Vehicles 39 38
Fittings 37 30
Heat Treatment 62 65
Carpentry Industry 0 30
Supports 16 16
Fasteners 0 24
Other 8 10
--------------------------------------------------------------------------------
Group in total 1,295 1,206
--------------------------------------------------------------------------------
GROUP STRUCTURE CHANGES
In line with its strategy, Panostaja actively carried out corporate
acquisitions and sales and expanded operations by creating a new segment of
Ceiling Materials.
On November 6, 2012, Panostaja Oyj's subsidiary Suomen Helasto Oy bought the
entire shareholding of Oy Eurohela Trading Ltd, which provides furniture
fittings wholesale services. In the same connection, the segment was also
reorganized, so that the furniture fittings and construction fittings
operations were divided into individual companies. Suomen Helasto Oy's
subsidiaries Oy Eurohela Trading Ltd and Suomen Helakeskus Oy merged to form
Suomen Helakeskus Oy, focusing on the furniture fittings business. Suomen
Helasto Oy's new subsidiary Rakennushelasto Oy, which was established as part
of the reorganization, specializes in the construction fittings business. As a
result of the reorganization, Panostaja Oyj's shareholding in Suomen Helasto Oy
is about 95%.
Panostaja Oyj announced on November 7, 2012 that it had bought 60% of the share
capital of Selog Oy, a company supplying material, calculation and design
services for ceiling construction. As a result of the transaction, Panostaja
expanded its business operations and established within the Group a new
business area specializing in wholesale services of ceiling materials. As part
of the arrangement, Selog Oy's owners continued as minority shareholders in the
new segment.
Panostaja expanded its Digital Printing Services segment on December 4, 2012,
which already includes the Kopijyvä Group. Panostaja's subsidiary Digiprint
Finland Oy acquired the entire share capital of DMP-Digital Media Partners Oy.
The DMP Group provides printing, publication and production services for
marketing communications. After the reorganization, Panostaja Oyj's
shareholding in Digiprint Finland Oy is about 56%. As part of the
reorganization, the owners of DMP-Digital Media Partners Oy became minority
shareholders in Digiprint Finland Oy. As a result of the reorganization,
Digiprint Finland Oy owns all of Kopijyvä Oy and DMP-Digital Media Partners Oy.
Panostaja announced on September 18, 2013 that Kopijyvä Oy, which belongs to
the Digital Printing Services segment, had acquired the entire share capital of
Lappeenranta-based Mainos-PainoDuo Oy. The transaction strengthened Kopijyvä's
position in Southeast Finland.
On October 9, 2013, Panostaja announced that it was divesting its Carpentry
segment and selling its entire shareholding in Matti-Ovi Oy to Taaleritehtaan
Sijoitustehdas Oy.
On October 17, 2013, Panostaja announced that it was divesting its Fasteners
segment and selling its entire shareholding in Suomen Kiinnikekeskus Oy to
Länsi-Suomen Sähkötukku Oy.
SEGMENT REVIEW
Panostaja Group's business operations for the period under review are reported
in 10 segments: Digital Printing Services, Safety, Takoma, Value-added
Logistics, Ceiling Materials, Spare Parts for Motor Vehicles, Fittings, Heat
Treatment, Supports and Other (parent company and associated companies).
NOVEMBER 2012-OCTOBER 2013
The growth of the net sales of the Digital Printing Services segment was MEUR
15.7, a significant proportion of which is attributed to the acquisition of the
DMP companies in December 2012. The net sales of the Digital Printing Services
grew from MEUR 35.1 to MEUR 50.8 and EBIT from MEUR 5.5 to MEUR 6.4.
Consumption of print paper and CAD paper is falling and, due to the poor market
situation, customer activity is low, which is causing strong price competition
on the market. In spite of tightening competition, however, the segment was
able to maintain good development of net sales and EBIT. During the financial
period, smaller business transactions were accomplished in the segment in
addition to the DMP acquisition, with Digicolor Oy merging with
DMP-DigitalMediaPartners Oy. At the end of the financial period, the segment
employed 451 (335) persons.
The growth of the net sales of the Safety segment was MEUR 2.8. The net sales
grew from MEUR 29.0 to MEUR 31.8, and EBIT improved from MEUR 1.1 to MEUR 1.6.
The strong development of product and service provision continued during the
financial period, and investments made in growth had a negative impact on the
profit of the financial period. A corporate acquisition took place in the
segment during the period under review: the Group purchased the business
operations of the Lappeenranta-based Lappeenranta Lukko- ja Varustepalvelu Oy.
At the end of the financial period, the segment employed 205 (212) persons.
Net sales in the Takoma segment deteriorated strongly from MEUR 28.9 to MEUR
23.2.
EBIT also decreased from MEUR -5.0 to MEUR -8.0.
The segment's EBIT was burdened by a goodwill amortization of MEUR 2.3 and
significant costs arising from operational restructuring. During the financial
period, major operational restructuring was carried out as Takoma Systems and
Hervannan Koneistus were wound down. Uncertainty in the segment's market
environment continued throughout the financial period. New customers for the
Offshore industry were gained on the Norwegian market, but their impact will
only be seen later. The filing for business restructuring proceedings announced
after the end of the financial period on December 9, 2013 may have an impact on
old customers, the acquisition of new customers, and goods suppliers. Efforts
are being made to reduce negative effects through active dialogue. At the end
of the financial period, the segment employed 163 (193) persons.
Net sales in the Value-added Logistics segment increased from MEUR 23.3 to MEUR
29.9.
A significant proportion of this growth is attributed to the acquisition of
HSG-Logistics Oy in May 2012.
The segment's EBIT improved from MEUR 1.4 to MEUR 1.7.
The segment's business continued strongly despite the poor prospects for the
technology industry. During the financial period, several significant
outsourcings from the customer base to Vindea were carried out. The positive
development of operating profit has been affected by the constant improvement
of operations. At the end of the financial period, the segment employed 299
(253) persons.
Ceiling Materials is a new segment that was created when Panostaja acquired 60%
of the shares of Selog Oy on November 7, 2012.
During the financial period, net sales in the segment were MEUR 12.8 and EBIT
MEUR 0.9.
The segment's result in the reference period is burdened by cost- and
depreciation write-downs arising from sales price allocations. A generally weak
market situation in construction is also reflected in the demand from the
segment's customers.
Net sales in the Spare Parts for Motor Vehicles segment declined slightly from
MEUR 10.4 to MEUR 10.3, with EBIT deteriorating from MEUR 1.1 to MEUR 0.8.
The general poor economic situation has cut growth in the business of
KL-Varaosat. At the end of the financial period, the segment employed 39 (38)
persons.
Net sales in the Fittings segment increased during the review period from MEUR
10.3 to MEUR 11.9.
This growth can be explained by the acquisition of the business of Oy Eurohela
Trading Ltd in November 2012. EBIT for the review period, however, declined
from MEUR 0.4 to MEUR -0.2, which can be attributed to costs arising from
restructuring and cost- and depreciations write-downs arising from sales price
allocations. Uncertainty still prevails on the market and both units are
suffering from the market downturn in the construction industry. At the end of
the financial period, the segment employed 37 (30) persons.
Net sales of the Heat Treatment segment declined by MEUR 1.7 and EBIT by MEUR
2.5 during the review period. Net sales decreased from MEUR 7.5 to MEUR 5.7 and
EBIT from MEUR 1.0 to MEUR -1.5. The result is burdened by an amortization
entry of MEUR 0.9 in product development projects. The deterioration of net
sales and EBIT was affected by weak customer demand on all markets, for which
reason production adaptation measures have been ongoing throughout the
financial period. At the end of the financial period, the segment employed 62
(65) persons.
Net sales in the Supports segment declined from MEUR 4.0 to MEUR 3.6, owing to
the poor economic situation in construction. EBIT declined slightly from MEUR
0.3 to MEUR 0.2. At the end of the financial period, the segment employed 16
(16) persons.
There were no significant changes in the net sales of the Other segment. In the
review period, two associated companies, Ecosir Group Oy and Spectra Yhtiöt Oy,
issued reports to the parent company. The profit/loss of the reported
associated companies in the review period was MEUR -0.1 (MEUR 0.4), which is
presented on a separate row in the consolidated income statement.
INVESTMENTS AND FINANCE
The Group's liquidity remained good, and operating cash flow was MEUR 7.8 (MEUR
10.6). The Group's liquid assets and equivalents for sale were MEUR 16.4 (MEUR
12.3).
The Group's gross capital expenditure increased and was MEUR 21.2 (MEUR 6.2) in
the review period. Investments were mainly targeted at corporate acquisitions.
The Group's equity ratio was 33.2% (34.1%) and interest-bearing net liabilities
totaled MEUR 40.1 (MEUR 40.5). Interest-bearing net liabilities remained at the
level of the previous year. Panostaja Oyj's convertible subordinated loan
amounted to MEUR 14.6 of the net liabilities (MEUR 14.4). The return on equity
was -10.9% (-5.4%) and the return on investment 0.5% (1.8%). Gearing ratio was
82.6% (89.6%).
In May, Panostaja Oyj issued a domestic hybrid loan of MEUR 7.5 (equity
debenture loan). The loan was issued on May 27, 2013. It will strengthen the
company's solvency and financial position. The hybrid loan has been processed
in accordance with the IFRS standard as an equity loan and is shown in the
balance sheet in the equity group.
Financial position:
MEUR October 31, 2013 October 31, 2012
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Interest-bearing liabilities 60.1 56.6
Interest-bearing receivables 3.6 3.7
Equivalents for sale 8.4
Cash and cash equivalents 8.0 12.3
Interest-bearing net liabilities 40.1 40.5
Equity (belonging to the parent company's 49.1 45.2
shareholders as well as minority
shareholders)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Gearing ratio,% 82.6 89.6
Equity ratio,% 33.2 34.1
Return on equity,% -10.9 -5.4
Return on investment,% 0.5 1.8
--------------------------------------------------------------------------------
The Annual General Meeting of January 29, 2013 approved the capital repayment
proposal made by the Board. EUR 0.04 per share of capital repayment was paid
from the invested unrestricted equity fund. The record date for the capital
repayment was February 1, 2013, with the payment date being February 8, 2013. A
total of MEUR 2.0 of capital was repaid to parent company shareholders.
SHARE PRICE DEVELOPMENT AND SHARE OWNERSHIP
Panostaja Oyj's share closing rate fluctuated between EUR 0.66 and EUR 0.86
during the review period. During the financial period, the exchange of shares
totaled 3,814,701 shares, 7.4% of the share capital. The review-period share
closing rate was EUR 0.80. The market value of the company's share capital at
the end of October was MEUR 41.4 and the company had 3,743 shareholders
(3,785).
Development of share exchange 4Q/2013 4Q/2012 1-4Q/2013 1-4Q/2012
---------------------------------------------------------------------
---------------------------------------------------------------------
Shares exchanged, 1,000 pcs 1,276 443 3,815 5,726
% of share capital 2.5 0.9 7.4 11.2
---------------------------------------------------------------------
Share October 31, 2013 October 31, 2012
--------------------------------------------------------------
Shares in total, 1,000 pcs 51,733 51,733
Own shares, 1,000 pcs 491 565
Closing rate 0.80 0.77
Market value (MEUR) 41.4 39.8
Shareholders 3,743 3,785
--------------------------------------------------------------
10 largest shareholders (pcs) October 31, 2013 October 31, 2012
Koskenkorva Matti 6,000,000 4,711,873
Etera Mutual Pension Insurance Company 4,259,000 4,259,000
Koskenkorva Maija 3,821,742 3,821,742
Fennia Mutual Insurance Company 3,468,576 3,468,576
Treindex Oy 3,400,000 3,400,000
Koskenkorva Mauno 1,640,769 1,840,769
Koskenkorva Mikko 1,245,139 1,245,139
Johtopanostus Oy 1,030,000 1,030,000
Tampereen Seudun Osuuspankki 985,334 985,334
Malo Hanna 982,207 982,207
On December 28, 2012, Panostaja Oyj received a notification of change in
holding in the company pursuant to Section 2(9) of the Securities Markets Act.
Matti Koskenkorva's share of Panostaja Oyj's total number of voting shares
exceeded 10%. Matti Koskenkorva's share on the record date was 5,187,192
shares, 10.03% of Panostaja Oyj's share capital and voting shares.
ADMINISTRATION AND GENERAL MEETING
Panostaja Oyj's Annual General Meeting was held on January 29, 2013 in Tampere.
Jukka Ala-Mello, Satu Eskelinen, Mikko Koskenkorva and Eero Eriksson were
re-elected to Panostaja Oyj's Board of Directors. Antero Virtanen and Jukka
Terhonen were elected as new members. In the Board's organizing meeting held
immediately after the General Meeting, Jukka Ala-Mello was elected Chairman of
the Board and Eero Eriksson as Vice Chairman. Authorized Public Accountant
Markku Launis and Authorized Public Accountants PricewaterhouseCoopers Oy were
selected as general chartered accountants, with Authorized Public Accountant
Janne Rajalahti as the responsible public accountant.
The General Meeting approved the closing of the November 1, 2011-October 31,
2012 accounts as well as the proposal by the Board to transfer the loss for the
financial period to the profit funds and that capital repayment be paid at a
rate of EUR 0.04 per share. The record date for the capital repayment was
February 1, 2013, with the payment date being February 8, 2012. In addition,
the General Meeting authorized the Board to decide, at its discretion, on the
potential distribution of assets to shareholders, the company's financial
status permitting, as distribution of assets from the invested unrestricted
equity fund. The maximum distribution of assets performed on the basis of this
authorization totals EUR 5,200,000. The authorization includes the right of the
Board to decide on all other terms and conditions relating to the said asset
distribution. The authorization will remain valid until the end of the next
Annual General Meeting.
In addition, the General Meeting granted exemption from liability to the
members of the Board and to the CEO. It was decided at the General Meeting that
the Chairman of the Board be paid EUR 40,000 as an annual compensation for the
term that begins at the end of the Meeting and ends at the end of the 2014
Annual General Meeting, and that the other members of the Board be paid an
annual compensation of EUR 20,000. It was further resolved at the General
Meeting that approximately 40% of the compensation remitted to the members of
the Board be paid on the basis of the share issue authorization given to the
Board, by issuing company shares to each Board member if the Board member does
not own more than one percent of the company's shares on the date of the
General Meeting. If the holding of a Board member on the date of the General
Meeting is over one percent of all company shares, the compensation will be
paid in full in monetary form.
The General Meeting authorized the Board of Directors to decide on the
acquisition of the company's own shares, so that the shares will be acquired in
one or more installments and, based on this authorization, a maximum of
5,100,000 shares can be acquired, which corresponds to about 9.86% of all the
company's shares. By virtue of the authorization, the company's own shares may
be obtained using unrestricted equity only.
The company's own shares may be acquired at the price in public trade arranged
by NASDAQ OMX Helsinki Oy on the date of acquisition or otherwise at the
prevailing market price. The Board of Directors will decide how the company's
own shares are to be acquired. The company's own shares may be acquired not
following the proportion of ownership of the shareholders (directed
acquisition). The authorization remains valid until July 29, 2014.
The Board of Directors has not used the authorization granted by the Annual
Meeting to acquire the company's own shares during the review period.
SHARE CAPITAL AND THE COMPANY'S OWN SHARES
At the close of the review period, Panostaja Oyj's share capital was EUR
5,568,681.60. The total number of shares is 51,733,110.
The total number of the company's own shares held by the company at the end of
the review period was 490,956 individual shares (at the beginning of the
financial period: 552,566). The number of the company's own shares corresponded
to 0.9% of the number of shares and votes at the end of the entire review
period.
In accordance with the decisions of the General Meeting of January 30, 2012 and
the Board, Panostaja Oyj transferred a total of 12,656 individual shares as
meeting compensation to the members of the Board on December 14, 2012. As per
the decision of the General Meeting of January 29, 2013 and the Board on March
7, 2013, 15,384 shares were transferred, on June 6, 2013 16,902 shares were
transferred, and on September 5, 2013 16,668 Panostaja Oyj shares were
transferred.
EQUITY CONVERTIBLE SUBORDINATED LOAN AND HYBRID LOAN
At the end of the review period, EUR 15,000,000 of the 2011 convertible
subordinated loan remained. The interest on the loan is 6.5% and the loan
period February 7, 2011-April 1, 2016. The original share exchange rate is EUR
2.20, and the loan shares may be exchanged for no more than 6,818,181 company
shares. The total number of loan shares is 300, and they are available for
public trade on the Nasdaq OMX Helsinki stock exchange. The share exchange rate
will be entered into the company's invested unrestricted equity fund.
On May 27, 2013, the Group issued an equity convertible subordinated loan to
the value of MEUR 7.5. The equity convertible subordinated loan has not
maturity date, but the Group is entitled, but not obliged, to redeem the loan
within four years. Based on the contract, the annual interest is 9.75%.
Interest is only paid if the company decides to distribute dividends. If
dividends are not distributed, the Group will decide separately on the payment
of interest. In the consolidated financial statements, the loan is classified
as equity and interest is presented as dividend.
BOARD PROPOSAL ON THE DISTRIBUTION OF PROFITS
The Board of Directors proposes that the loss for the financial period be
transferred to the accrued earnings account and no dividends be paid or capital
repayment made for the financial period.
The Board also proposes that the General Meeting authorize the Board of
Directors to decide, at its discretion, on the potential distribution of assets
to shareholders, should the company's financial status permit this, either as
dividend or as capital repayment from the invested unrestricted equity fund.
The maximum allocation of assets performed on the basis of this authorization
totals no more than EUR 5,200,000.
It is proposed that the authorization include the right of the Board to decide
on all other terms and conditions relating to the said asset allocation. It is
also proposed that the authorization remain valid until the start of the next
Annual General Meeting.
Panostaja Oyj's Annual General Meeting will be held on January 29, 2014 in
Tampere.
NEAR-FUTURE RISKS AND FACTORS OF UNCERTAINTY
Panostaja Group's most significant near-future risks are mainly tied to the
uncertainty resulting from Finland's economic situation, export industry
competitiveness and the change it has caused, as well as their potential impact
on achieving the goals set for the various segments. The instability of the
overall economic situation has led to a decline in customer demand as well as
the postponement of investments, particularly in segments serving the
technology sector, which may result in a need for consolidated goodwill
write-downs. Changes concerning Takoma may cause needs for one-time
write-downs. In the current financial period, credit loss risks continue to
represent a significant uncertainty factor in some of the segments. This risk
is increased by the tightening of credit issue to SMEs. The weakening in
financial market liquidity and the tightening on credit issue may hamper the
realization of corporate acquisitions and the availability of finance for
working capital. Panostaja has prepared for a weak financial market situation
in the SME sector and for a continued quiet period in the corporate
acquisitions market by taking out a MEUR 7.5 hybrid loan in May. Panostaja
Group's annual report 2013, which will be published at a later date, will
provide more detailed information about risks.
In order to complete the reorganization measures of the Group on which
decisions have been made, Takoma Oyj and its subsidiaries Takoma Gears Oy and
Tampereen Laatukoneistus Oy have on December 9, 2013 filed business
restructuring proceedings applications at the District Court of Pirkanmaa. The
filing of the applications may have an impact on business, depending on the
reactions of customers and suppliers. In order to reduce the negative impact
and safeguard undisturbed operations, the company has been in contact with both
customers and suppliers and has discussed the situation of each company and the
reasons for it with different interest groups. Takoma's financial statements
have been prepared on the assumption that business will continue. This will
require that admission into the business restructuring process is granted,
additional finance is acquired, loan periods are extended, and the
profitability of operations is improved.
EVENTS AFTER THE REVIEW PERIOD
On December 3, 2013, Panostaja Oyj announced that it was divesting its Supports
segment and selling its shares in the segment's parent company, Kannake Oy, to
a group of Tampere-based investors and existing managers. This divestment is in
keeping with Panostaja's strategy and supports its active portfolio development
objective. Panostaja does not record a major sales profit from the transaction.
On December 9, 2013, Panostaja announced that Takoma Oyj and its subsidiaries
Takoma Gears Oy and Tampereen Laatukoneistus Oy have on December 9, 2013 filed
business restructuring proceedings applications under the Restructuring of
Enterprises Act at the District Court of Pirkanmaa in order to complete the
reorganization measures of the Group on which decisions have been made.
The Takoma Group has implemented significant structural and operational changes
aiming to restore the Group's profitability. Furthermore, as previously
reported, the Group has negotiated to reorganize its financial structure and
change its loan repayment periods.
Takoma has negotiated with its main owner and main investor on the need to
acquire financing for the shutdown costs and development of operations. The
negotiations have not reached a mutual understanding of such matters as
extending the loan periods and how to finance the costs arising from the
reorganization measures of the operating companies. With the protraction of
negotiations, Takoma's financial standing has become difficult.
Panostaja Oyj owns 63.05% of Takoma Oyj. The value of Takoma Oyj's shares on
the balance sheet of Panostaja Oyj's parent company on October 31, 2013 was
MEUR 3.1.
Furthermore, Panostaja Oyj's parent company has receivables of MEUR 1.4.Goodwill concerning the Takoma segment on Panostaja Oyj's consolidated balance
sheet is MEUR 2.2.
On October 31, 2013, Panostaja announced that Ilkka Mujunen M.Sc. (Tech.) had
been invited to become Managing Director of Heatmasters Group Oy. Mujunen
assumed his duties as Managing Director on November 27, 2013.
PROSPECTS FOR THE NEXT FINANCIAL YEAR
In accordance with its business strategy, Panostaja Group focuses on increasing
shareholder value in the segments owned by the Group. The development of
shareholder value will be constantly monitored as part of a changing operating
environment, and decisions on the development or divestment of business areas
will be made in order to maximize the shareholder value. Active development of
shareholder value, the effective allocation of capital and finance
opportunities create a solid foundation for operational expansion. The need for
ownership arrangements in SMEs enables both growth in existing segments and
expansion into new ones.
Economic prospects in the fields of the existing segments are strongly tied to
the prospects of customer enterprises. The current economic prospects remain
uncertain and difficult to predict, and the growth forecasts have generally had
to be cut, particularly due to slow growth in the export industry. In the
various segments of Panostaja Group, prospects vary from cautiously positive to
pessimistic. The challenges in the forecastability of the technology industry
or weakening prospects may create a need for consolidated goodwill write-downs.
The prospects for new construction have also declined during the current year
and, during the winter months in particular, demand may be weak.
The market still provides sufficient opportunities for corporate acquisitions,
and Panostaja Group aims to implement its growth strategy by means of
controlled acquisitions, particularly in current segments, but new potential
segments are also being actively studied. Preparation for divestments is being
continued as part of the ownership strategies of segments.
To continue Takoma's operations, it must gain admission into the business
restructuring process, additional financing must be acquired, loan periods must
be extended and the profitability of operations must be improved. Takoma's
failure to secure the continuation of business operations does not impact the
operational preconditions of the Panostaja Group.
The Group's comparable net sales in the 2014 financial year are expected to be
at the same level or better than in 2013 (MEUR 176.2). It is expected that the
Group's comparable EBIT (MEUR -0.6) will improve in the 2014 financial period.
The divestment of the Supports segment from the Group has been taken into
account in results management.
Panostaja Oyj
Board of Directors
For further information, contact CEO Juha Sarsama: tel. +358 40 774 2099.
Panostaja Oyj
Juha Sarsama
CEO
All forecasts and assessments presented in this interim report bulletin are
based on the current outlook of the Group and the views of the Management of
the various business areas with regard to the state of the economy and its
development. The results attained may be substantially different.
ACCOUNTING PRINCIPLES
This financial statement bulletin has been prepared in accordance with the
recording and valuation principles of the International Financial Reporting
Standards (IFRS) in line with the IAS 34 standard.
The financial statement bulletin has not been audited.
INCOME STATEMENT 08/13 08/12-1 11/12-10 11/11-10/
-10/1 0/12 /13 12
3
3 3 12 12 months
month months months
s
(EUR 1,000)
Net sales 49,67 39,826 179,618 147,897
1
Other operating income 739 534 1,470 1,170
Costs in total 47,31 36,743 171,142 138,425
2
Depreciations, amortizations and 2,723 3,590 10,362 7,413
impairment
Operating profit 375 27 -416 3,229
Financial income and expenses -788 -1,505 -3,178 -3,645
Share of associated company profits -186 -135 -110 387
Profit before taxes -599 -1,613 -3,704 -29
Income taxes -635 -1,538 -2,423 -1,881
Profit/loss from retained operations -1,23 -3,151 -6,127 -1,910
3
Profit/loss from discontinued 275 67 607 -580
operations
Profit/loss for the financial period -958 -3,084 -5,520 -2,490
Attributable to
shareholders of the parent company -376 -2,831 -4,628 -1,984
minority shareholders -582 -253 -892 -506
Earnings per share from
retained operations
EUR, undiluted -0.01 -0.054 -0.102 -0.027
3
Earnings per share from
retained operations
EUR, diluted -0.01 -0.054 -0.102 -0.027
3
Earnings per share from
discontinued operations
EUR, undiluted 0.005 -0.002 0.012 -0.011
Earnings per share from discontinued
operations EUR, diluted 0.005 -0.002 0.010 -0.011
Earnings per share on retained and
discontinued
operations EUR, undiluted -0.00 -0.055 -0.090 -0.039
7
Earnings per share on retained and
discontinued
operations EUR, diluted -0.00 -0.055 -0.090 -0.039
7
EXTENSIVE INCOME STATEMENT
Items of the extensive income statement -958 -3,084 -5,520 -2,490
Translation differences -7 103
Extensive income statement for the period -958 -3,084 -5,527 -2,387
Attributable to
shareholders of the parent company -376 -2,831 -4,628 -1,984
minority shareholders -582 -253 -892 -506
BALANCE SHEET October 31, 2013 October
31,
2012
(EUR 1,000)
ASSETS
Non-current assets
Goodwill 41,929 34,348
Other intangible assets 8,079 6,081
Property, plant and equipment 15,153 18,996
Interests in associates 3,714 3,824
Deferred tax assets 4,070 4,623
Other non-current assets 8,699 8,452
Non-current assets total 81,644 76,324
Current assets
Stocks 15,437 18,639
Trade receivables and other non-interest-bearing 30,835 25,293
receivables
Short-term investments 8,400
Cash and cash equivalents 7,970 12,347
Current assets total 62,641 56,278
Held-for-sale non-current asset items 4,348
Assets in total 148,633 132,601
EQUITY AND LIABILITIES
Equity attributable to parent company
shareholders
Share capital 5,569 5,569
Share premium account 4,646 4,646
Translation difference -73 -66
Invested unrestricted equity fund 14,508 16,523
Equity convertible loan 7,390
Retained earnings -1,979 1,981
Total 30,061 28,653
Minority interest 19,016 16,520
Equity total 49,077 45,173
Liabilities
Deferred tax liabilities 1,672 1,505
Equity convertible subordinated loan 14,556 14,414
Non-current liabilities 28 046 27,752
Current liabilities 54,965 43,756
Liabilities total 99,240 87,428
Liabilities related to non-current asset items 316
held for sale
Equity and liabilities in total 148,633 132,601
CASH FLOW STATEMENT 11/2012-10/20 11/2011-10/2
13 012
(EUR 1,000)
Business operations
Profit/loss for the financial period -5,520 -2,490
Adjustments:
Depreciations 10,482 7,607
Financial income and costs 3,220 3,840
Share of associated company profits 110 -400
Taxes 2,569 2,207
Sales profits and losses from property, plant and -1,828 34
equipment
Other earnings and expenses with no payment 1,765 704
attached
Operating cash flow before change in working 10,798 11,502
capital
Change in working capital
Change in non-interest-bearing receivables -1,781 -77
Change in non-interest-bearing liabilities 2,919 3,247
Change in stocks 1,768 2,210
Change in working capital 2,906 5,380
Operating cash flow before financial items and 13,704 16,882
taxes
Financial items and taxes:
Interest paid -3,111 -3,509
Interest received 325 384
Taxes paid -3,138 -3,170
Financial items and taxes -5,924 -6,295
Operating net cash flow 7,780 10,586
Investments
Investments in intangible and tangible assets -5,766 -4,417
Sales of intangible and tangible assets 2,060 273
Acquisition of subsidiaries with -15,482 -1,806
time-of-acquisition liquid assets deducted
Sale of subsidiaries 2,258 125
Sale of associated companies 0 8
Capital gains from sales of other shares 6 3
Loans receivable repaid -128 -128
Investment net cash flow -17,052 -5,942
Finance
Share issue 5,102 1,521
Hybrid loan 7,500 0
Loans drawn 25,577 12,594
Loans repaid -21,543 -17,916
Disposal of own shares 46 44
Dividends paid -3,156 -3,216
Finance net cash flow 13,527 -6,972
Change in liquid assets 4,254 -2,328
Liquid assets at the beginning of the period 12,347 14,643
Effect of exchange rates -8 32
Liquid assets at the end of the period 16,593 12,347
Liquid assets at the end of the period include liquid assets from the Supports
segment classified as assets held for sale.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(EUR 1,000) Share Share Invested Transl Profit Equity Minorit Total capit premi unrestr ation funds conve y
al um icted diffe rtible shareh
accou equity rences loan olders'
nt fund intere
st
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Equity 5,569 4,646 19,023 -169 4,047 14,270 47,386
November 1,
2011
================================================================================
Profit for -1,984 -506 -
the 2,490
financial
period
Profit and -1,984 -506 -
costs 2,490
recorded
during the
financial
period,
total
Dividends -660 -660
paid
Repayment of -2,557 -2,557
capital
Share
subscription
Share issue
Disposal of 44 44
own shares
Reward scheme 13 13
Translation 103 103
differences
Changes in -82 3,416 3,334
minority
interest
Other changes -2,500 103 -2,066 2,250 -2,213
in equity,
total
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Equity 52
October 31, 5,569 4,646 16,523 -66 1,981 16,520 45,173
2012
================================================================================
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Equity 5,569 4,646 16,523 -66 1,981 16,520 45,173
November 1,
2012
================================================================================
Profit for -4,628 -892 -5,520
the
financial
period
Profit and -4,628 -892 -5,520
costs
recorded
during the
financial
period,
total
Dividends -1,116 -
paid 1,116
Repayment of -2,040 -2,040
capital
Equity 7,390 7,390
convertible
loan
Disposal of 38 38
own shares
Reward scheme -13 -13
Translation -7 7 0
differences Changes in 661 4,505 5,166
minority
interest
Other changes -2,015 -7 668 7,390 3,388 9,424
in equity,
total
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Equity 5,569 4,646 14,508 -73 -1,979 7,390 19,016 49,077
October 31,
2013
================================================================================
Loan covenants
The loans of the Takoma segment are affected by loan covenants. Under the terms
and conditions of the covenants, the equity ratio of the Takoma Group should be
at least 35% and the ratio between interest-bearing net financial liabilities
and the operating margin should not exceed 100. The Takoma Group has not been
able to meet the covenant terms, and the main investor may call its loans.
Since the Takoma Group has not on closing the books received a consent clause
from its main investor, all loans from this investor, MEUR 3.60, have been
presented in current loans.
Goodwill impairment testing
The Group performed goodwill impairment testing on the situation of September
30, 2013. An exception to this is the Takoma segment, the testing of which has
been performed based on the situation of July 31, 2013 as part of the decisions
made on the restructuring of the business operations of the segment. As a
result of this testing, an amortization loss of MEUR 2.3 was recorded from the
goodwill of the Takoma Group. Increasing the forecast discount rate by one
percentage point would have resulted in a write-down of MEUR 1.1, and a
decrease of the operating margin by one percentage point would have resulted in
a write-down of MEUR 2.2.
KEY FIGURES
10/2013 10/2012
Equity per share (EUR) 0.59 0.56
Earnings per share, diluted (EUR) -0.09 -0.04
Earnings per share, undiluted (EUR) -0.09 -0.04
Average number of shares during financial period, 1,000 pcs. 51,211 51,157
Number of shares at end of financial period, 1,000 pcs. 51,733 51,733
Share issues/CL exchanges during financial period, 1,000 pcs. 0 0
Number of shares, 1,000, diluted 58,029 57,075
Return on equity,% -11.7 -5.4
Return on investment,% 0.5 1.8
Gross capital expenditure
To permanent assets (MEUR) 21.2 6.2
% of net sales 11.8 4.2
Interest-bearing liabilities 60.1 56.6
Equity ratio (%) 33.2 34.1
Average number of employees 1,251 1,152
GROUP DEVELOPMENT BY QUARTER
(MEUR) Q4/13 Q3/13 Q2/13 Q1/13 Q4/12 Q3/12 Q2/12 Q1/12
Net sales 49.7 43.9 44.7 41.4 39.8 36.7 35.7 35.6
Other operating income 0.7 0.2 0.3 0.2 0.5 0.2 0.3 0.1
Costs in total -47.3 -40.4 -42.6 -40.9 -36.7 -34.4 -33.9 -33.5
Depreciations, -2.7 -4.3 -1.9 -1.5 -3.6 -1.3 -1.3 -1.2
amortizations and
impairment
EBIT 0.4 -0.5 0.5 -0.8 0.0 1.3 0.9 1.1
Finance items -0.8 -0.8 -0.8 -0.8 -1.5 -0.8 -0.6 -0.8
Share of associated -0.2 0.2 0.0 -0.1 -0.1 0.1 0.4 0.1
company profits
Profit before taxes -0.6 -1.1 -0.3 -1.7 -1.6 0.6 0.6 0.4
Taxes -0.6 -0.8 -0.5 -0.5 -1.5 -0.3 -0.1 0.0
Profit from continuing -1.3 -1.9 -0.8 -2.2 -3.2 0.3 0.5 0.4
operations
Profit from discontinued 0.3 0.1 0.1 0.1 0.1 0.4 -0.3 -0.8
operations
Profit for the financial -1.0 -1.8 -0.7 -2.1 -3.1 0.7 0.2 -0.4
period
Minority interest -0.6 -0.4 0.3 -0.2 -0.3 -0.2 -0.2 0.2
Parent company -0.4 -1.4 -1.0 -1.9 -2.8 1.0 0.4 -0.6
shareholder interest
GUARANTEES GIVEN
(EUR 1,000) 2013 2012
Guarantees given on behalf of Group companies
Enterprise mortgages 41,449 40,861
Pledges given 72,939 58,321
Other liabilities 2,950 1,888
Other rental agreements
In one year 9,227 7,779
In over one year but within five years maximum 16,854 17,466
In over five years 2,438 2,833
Total 28,519 28,078
SEGMENT INFORMATION
NET SALES 08/13-10/13 08/12-10/12 11/12-10/1 11/11-10/12
3
(EUR 1,000)
Digital Printing Services 14,162 9,533 50,777 35,078
Safety 9,482 7,951 31,831 29,009
Takoma 5,956 6,966 23,233 28,877
Value-added Logistics 8,092 7,248 29,907 23,307
Ceiling Materials 3,249 0 12,760 0
Spare Parts for Motor 2,670 2,852 10,274 10,410
Vehicles
Fittings 3,005 2,546 11,909 10,316
Heat Treatment 2,119 1,818 5,744 7,480
Supports 898 1,022 3,396 4,015
Other -8 17 34 65
Eliminations 46 -128 -248 -658
Group in total 49,671 39,826 179,618 147,897
OPERATING PROFIT
(EUR 1,000)
Digital Printing Services 1,944 1,909 6,351 5,503
Safety 964 466 1,574 1,083
Takoma -2,589 -2,905 -7,603 -4,991
Value-added Logistics 803 584 1,699 1,395
Ceiling Materials 211 0 873 0
Spare Parts for Motor 213 451 813 1,090
Vehicles
Fittings -7 68 -152 395
Heat Treatment -713 212 -1,469 1,013
Supports 67 21 177 324
Other -519 -779 -2,298 -2,584
Group in total 375 26 -36 3,229
ASSETS LIABILITIES
October 31, October 31, October 31, October 31,
2013 2012 2013 2012
Digital Printing 42,782 27,161 18,810 10,899
Services
Safety 19,657 18,333 17,372 16,592
Takoma 20,058 27,854 18,033 16,205
Value-added Logistics 13,114 11,501 6,093 6,117
Ceiling Materials 5,718 0 3,615 0
Spare Parts for Motor 4,462 4,869 3,566 4,241
Vehicles
Fittings 10,772 9,682 8,584 7,475
Heat Treatment 4,906 6,769 2,817 2,706
Supports 2,019 1,952 316 297
Other 31,823 31,884 27,028 30,300
Eliminations -6,677 -7,404 -6,677 -7,404
Group in total 148,633 132,601 99,556 87,428
The Other segment includes the transferred balance items of discontinued
segments for the reference year.
SEGMENT INFORMATION BY QUARTER
Net sales, MEUR 4Q/13 3Q/13 2Q/13 1Q/13 4Q/12 3Q/12 2Q/12 1Q/12
Digital Printing 14.2 12.3 13.4 10.9 9.5 8.3 8.9 8.3
Services
Safety 9.5 7.0 7.8 7.6 8.0 6.4 7.3 7.3
Takoma 6.0 6.0 5.8 5.5 7.0 6.7 7.5 7.7
Value-added Logistics 8.1 7.6 7.2 7.1 7.2 7.5 4.1 4.4
Ceiling Materials 3.2 3.5 3.0 3.0 0.0 0.0 0.0
Spare Parts for Motor 2.7 2.6 2.5 2.5 2.9 2.6 2.5 2.4
Vehicles
Fittings 3.0 2.8 3.1 3.0 2.5 2.3 2.7 2.7
Heat Treatment 2.1 1.3 1.2 1.1 1.8 1.8 1.9 2.0
Supports 0.9 0.9 0.8 0.8 1.0 1.1 1.0 0.9
Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Eliminations 0.0 -0.1 -0.1 -0.1 -0.1 -0.1 -0.2 -0.2
Group in total 49.7 43.9 44.7 41.4 39.8 36.7 35.7 35.6
Operating profit (MEUR) 4Q/13 3Q/13 2Q/13 1Q/13 4Q/12 3Q/12 2Q/12 1Q/12
Digital Printing 1.9 1.7 1.7 1.0 1.9 1.0 1.4 1.2
Services
Safety 1.0 0.4 0.4 -0.2 0.5 0.0 0.4 0.3
Takoma -2.6 -3.4 -0.9 -1.0 -2.9 -0.5 -1.0 -0.5
Value-added Logistics 0.8 0.5 0.3 0.1 0.6 0.5 0.1 0.2
Ceiling Materials 0.2 0.3 0.1 0.2 0.0 0.0 0.0 0.0
Spare Parts for Motor 0.2 0.3 0.1 0.2 0.5 0.3 0.2 0.2
Vehicles
Fittings 0.0 0.2 -0.2 -0.2 0.1 0.1 0.2 0.1
Heat Treatment -0.7 -0.1 -0.3 -0.3 0.2 0.2 0.2 0.4
Supports 0.1 0.1 0.0 0.0 0.0 0.2 0.0 0.1
Other -0.5 -0.6 -0.6 -0.6 -0.8 -0.4 -0.6 -0.8
Group in total 0.4 -0.5 0.5 -0.8 0.0 1.3 0.9 1.1
Panostaja is an investment company developing Finnish SMEs in the role of an
active majority shareholder. The company aims to be the most sought-after
partner for business owners selling their companies as well as for the best
managers and investors. Together with its partners, Panostaja increases the
Group's shareholder value and creates Finnish success stories.
At the time of the closing of the books, Panostaja had nine segments engaging
in business operations. Flexim Security Oy (Safety) is a specialist in security
technology and services, locking, door automation and access control products
and solutions. Heatmasters Group (Heat Treatment) offers thermal treatment
services of metals in Finland and internationally, and produces, develops and
markets heat treatment technology. KL-Varaosat (Spare Parts for Motor Vehicles)
is an importer, wholesale dealer and retailer of original spare parts and
supplies for Mercedes Benz and BMW cars. Kopijyvä Oy & DMP-Digital Media
Partners Oy (Digital Printing Services) form Finland's largest company offering
digital printing services and publication and production services. Suomen
Helakeskus Oy (Fittings) is a major wholesaler of construction and furniture
fittings in Finland. Selog Oy (Ceiling Materials) is a specialty supplier and
wholesaler of ceiling materials. Takoma Oyj (Takoma) is a listed machine shop
group with an entrepreneur-driven business model. Toimex Oy (Supports) works in
the HEPAC field, manufacturing and selling supports. Vindea Oy (Value-added
Logistics) is an enterprise specialized in value-added logistics services for
the Finnish metal industry.
© 2024 Nasdaq, Inc. All Rights Reserved |