2012-12-14 09:00:00 CET
2012-12-14 09:00:06 CET
REGULATED INFORMATION
Panostaja Oyj - Financial Statement Release
PANOSTAJA GROUP REPORT FINANCIAL STATEMENT BULLETIN NOVEMBER 1, 2011–OCTOBER 31, 2012
Panostaja Oyj Stock Exchange Bulletin, December 14, 2012
10:00 a.m.
Net sales for the financial period were MEUR 156.8, up by 11%, and EBIT was
MEUR 4.2. EBIT without
one-time items was MEUR 7.2, up by 7%. The most significant one-time item
burdening the EBIT is Takoma's MEUR 2.1 goodwill amortization entry.
The Board of Directors proposes to the General Meeting a capital repayment of
EUR 0.04 from the invested unrestricted equity fund.
The cumulative operating cash flow MEUR 10.6, up by MEUR 6.
Panostaja Oyj's subsidiary Vindea Group Oy acquired the entire shareholding of
packaging and logistics services company HSG Logistics Oy.
After the review period, Panostaja Group has realized three corporate
acquisitions. In November, Oy Eurohela Trading Ltd and Selog Oy were acquired,
and DMP-Digital Media Partners was acquired in December.
FOURTH QUARTER, AUGUST-OCTOBER 2012
Net sales MEUR 42.1 (MEUR 38.6) (growth 9%)
EBIT MEUR 0.2 (MEUR 2.0)
Profit before taxes MEUR -1.4 (MEUR 1.4)
Earnings per share (undiluted) -5.5 cents (0.8 cents)
Cash flow from business operations MEUR 4.1 (MEUR 1.2).
The growth of MEUR 3.5 in net sales was due to the operative development of
Digital Printing Services and the Safety segment and a corporate acquisition
made in the Value-added Logistics segment. The impact of corporate acquisitions
on the growth of net sales in the fourth quarter stood at MEUR 3.2.
The decrease in net sales of the fourth quarter by MEUR 1.8 was due to, in
particular, a write-down of MEUR 2.1 from the goodwill of Takoma.
NOVEMBER 2011-OCTOBER 2012
Net sales MEUR 156.8 (MEUR 141.4) (growth 11%)
EBIT MEUR 4.2 (MEUR 6.7) (change -26%)
EBIT without one-time items MEUR 7.2 (MEUR 6.7), (change + 7%)
Profit before taxes MEUR 0.9 (MEUR 4.1)
Earnings per share (undiluted) -3.9 cents (1.9 cents)
Equity per share EUR 0.56 (EUR 0.65)
Equity ratio 34.1% (33.4%)
Cash flow from business operations MEUR 10.6 (MEUR 4.4).
As regards organic growth, the MEUR 15.7 growth in net sales resulted primarily
from development of the Digital Printing Services and the Safety segments, and
within the Value-added Logistics segment from the acquisition of HSG Logistics
Oy. Acquisitions made in the previous financial period and the period under
review increased net sales by MEUR 8.8.
EBIT totaled MEUR 4.2 (MEUR 6.7). The decrease of MEUR 2.5 in EBIT was
primarily due to the write-down of the goodwill of the Takoma segment. Net
sales exceeding the reference period were achieved by four business segments.
The General Meeting of January 31, 2012 approved the capital repayment proposal
made by the Board. EUR 0.05 per share of capital repayment was paid from the
invested unrestricted equity fund. The record date for the capital repayment
was February 3, 2012, with the payment date being February 10, 2012. A total of
MEUR 2.6 of capital was repaid to parent company shareholders.
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Key figures Nov 2011-Oct 2012 Nov 2010-Oct 2011
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Net sales (MEUR) € 156.8 141.2
EBIT (MEUR) € 4.2 6.7
Profit before taxes (MEUR) € 0.9 4.1
Earnings per share, undiluted (EUR) -0.04 0.02
Equity per share (EUR) 0.56 0.65
Financial position and cash flow: 31 October 2012 31 October 2011
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Net liabilities (MEUR) € 40.5 47.2
Gearing (%) 89.6 99.6
Equity ratio, % 34.1 33.4
Cash flow from business operations (MEUR) 10.6 4.4
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The income statement for operations discontinued during the review 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 comparative period were MEUR 163.2 and the operating profit was MEUR
5.9.
MARKET SITUATION
During the fourth quarter, the development of Panostaja Group's business
operations without one-time items outperformed the third quarter. There are
still significant differences in the development between the different
segments. The general economic situation and atmosphere remained unstable due
to the European financial crisis, and this uncertainty was particularly
reflected in segments serving the technology sector. The situation on the
financial markets has become more challenging, particularly in the SME sector,
and the restraints on credit issue remain a clear risk to financial
development. The corporate acquisitions market remains quiet, particularly due
to tighter bank lending policies.
THE ECONOMIC DEVELOPMENT OF THE PANOSTAJA GROUP
AUGUST-OCTOBER 2012
Panostaja Group's net sales in the fourth quarter were MEUR 42.1 (MEUR 38.6).
Export amounted to MEUR 3.4, or 8.2%, of the net sales.
The growth of MEUR 3.5 in net sales was due to the operative development of
Digital Printing Services and the Safety segment and a corporate acquisition
made in the Value-added Logistics segment. The impact of corporate acquisitions
on the growth of net sales in the fourth quarter stood at MEUR 3.2.
Of the Group's ten operational segments, five exceeded the net sales of the
comparative year. Correspondingly, five segments fell below the net sales level
of the reference year. Net sales grew in six segments, while four segments
remained below the level of the reference year.
In the fourth quarter, the Group's EBIT was MEUR 0.3 (MEUR 2.0) and profit
before taxes was MEUR -1.3 (MEUR 1.4). The operating profit margin was 0.1%
(0.5%). The weak net sales of the fourth quarter are effectively due to the
MEUR 2.1 goodwill amortization entry of the Takoma segment. Profit before taxes
is also burdened by an amortization entry of MEUR 1.0 due to associate company
EcoSir's loans receivable.
NOVEMBER-OCTOBER 2012
Panostaja Group's net sales were MEUR 156.8 (MEUR 141.2) at the end of the
period under review. Export amounted to MEUR 12.5, or 7.9%, of the net sales.
The corporate acquisitions made during the previous and current financial
period affected the MEUR 15.7 increase in net sales by MEUR 8.8.
Of the Group's ten operational segments, seven exceeded the cumulative net
sales for the reference period. Correspondingly, four segments exceeded the
EBIT levels during the period under review. EBIT improved in the following
segments: Digital Printing Services, Value-added Logistics, Carpentry Industry
and Fittings.
EBIT totaled MEUR 4.2 (MEUR 6.7). The decrease of MEUR 2.5 in EBIT was
primarily due to the MEUR 2.1 goodwill amortization entry of the Takoma
segment. The loss recorded in the operations of Takoma also contributed to the
decrease in profit. Takoma's volumes are still low in comparison with capacity
and cost structure. The Value-added Logistics, Digital Printing Services, and
Carpentry Industry segments clearly exceeded the business result of the
reference period.
The cumulative result from discontinued operations during the financial period
was - MEUR 1.2. The corresponding result for the reference year, 2011, was -
MEUR 1.4. The consolidated income statement does not include the income
statement for operations discontinued in 2011. Instead, the result is entered
separately in the consolidated income statement under ‘Income from discontinued
operations'.
As far as the entire 2012 financial period is concerned, net sales from
operations discontinued during the review period were MEUR 7.5 and EBIT MEUR
-0.7. Prior to separation of discontinued operations in the income statement
from retained operations, the Group's net sales for the entire 2011 financial
year were MEUR 163.2 and EBIT MEUR 5.9.
The Group's net financing expenses for the review period were approximately
MEUR -3.7 (MEUR -2.8). Financing expenses are also burdened by a MEUR 1.0
amortization entry for the associate company EcoSir's loans receivable. The
Group's liquidity was good and cash flow from business operations (MEUR 10.6)
was positive.
Personnel
31 October 2012 31 October 2011
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Average number of employees 1,152 1,034
Employees at the end of the period 1,206 1,097
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Employees in each segment at the end of the 31 October 2012 31 October 2011
period
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Digital Printing Services 335 325
Takoma 193 190
Safety 212 188
HEPAC Wholesale 0 37
Value-added Logistics 253 131
Fittings 30 32
Spare Parts for Motor Vehicles 38 35
Heat Treatment 65 64
Carpentry Industry 30 32
Supports 16 16
Fasteners 24 25
Technochemical 0 12
Parent company 10 10
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Group in total 1,206 1,097
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In the preliminary ruling on the capital repayment in respect of Takoma Oyj
shares in spring 2008, the Tax Office for Major Corporations decided on the
basis of an overall assessment that Panostaja was a capital investor within the
meaning of Section 6, Subsection 1, Item 1 of the Finnish Business Tax Act. For
capital investors, capital gains from fixed asset shares are considered taxable
income.
Due to the said preliminary ruling, the Tax Office for Major Corporations, in
its taxation by direct assessment in 2007, regarded Panostaja Oyj as a capital
investor in the aforementioned sense and taxed the company's certain capital
gains from fixed asset shares. Panostaja Oyj submitted a claim for adjustment
over the 2007 taxation to the Board of Adjustment claiming that the capital
gain from fixed asset shares should be exempt from tax. The Board of Adjustment
denied Panostaja Oyj's claim in August 2009. Panostaja Oyj appealed the
decision to the Administrative Court of Helsinki.
In June 2011, Panostaja Oyj was informed that the Administrative Court of
Helsinki had rejected the appeal. Panostaja Oyj requested for leave to appeal
from the Supreme Administrative Court in August 2011. The Supreme
Administrative Court has rejected the company's request for leave to appeal.
Therefore, the ruling of the Administrative Court will remain in force. Since
Panostaja Oyj has been taxed as a capital investor in the recent years, in the
interpretation of the Tax Office for Major Corporations, it will not incur
further taxes as a result of this ruling.
The legally binding ruling establishes Panostaja Oy's status as a capital
investor, as defined in the Finnish Business Tax Act, and hence clarifies the
company's fiscal position in the future
GROUP STRUCTURE CHANGES
Panostaja expanded its Value-added Logistics segment when, at the beginning of
May, its subsidiary Vindea Group Oy acquired the entire shareholding of HSG
Logistics Oy, a company supplying packaging and logistics services. In 2011,
the newly-formed company had approximately MEUR 27 in combined net sales and
employed a total of 260 people. Since the reorganization, Panostaja Oyj's
shareholding in Vindea Group is about 54%.
A corporate acquisition was made in the Safety segment on May 29, 2012: the
business operations of the Helsinki-based IP-Valvonta Oy were acquired.
In March, Panostaja announced that it was selling its entire shareholding in
Lämpö-Tukku Oy to Onninen Oy. Lämpö-Tukku Oy was a subsidiary of Eurotermo
Holding Oy, a company in which Panostaja owns a 63.3% share. The compensation
paid to Panostaja Group comprised the purchase price and repayment of internal
loans, and totaled some MEUR 2.4. Panostaja did not record any sales profit or
loss from the transaction. The conclusion of the transaction required the
approval of the Finnish Competition Authority. At the beginning of April,
Panostaja announced that the Finnish Competition Authority had approved it and
that the deal had been concluded.
In December 2011, Panostaja implemented an arrangement, through which Spectra
Yhtiöt Oy acquired a 100% holding in Oy Alfa-Kem Ab by means of share exchange.
Previously, Oy Alfa-Kem Ab formed Panostaja Group's Technochemical segment.
Panostaja Oyj's holding in the corporate entity is 32%, which Panostaja will
report as an associated company as of January 2012. Oy Alfa-Kem Ab's prior
parent company Annektor Oy merged with Panostaja Oyj on February 29, 2012.
During the current financial period, Panostaja Group has discontinued two
reporting segments, Technochemical and HEPAC Wholesale, as a result of
corporate divestments. In the previous financial period, the Group reported its
business operations in thirteen segments.
SEGMENT REVIEW
Panostaja Group's business operations for the period under review are reported
in eleven segments: Digital Printing Services, Takoma, Safety, Value-added
Logistics, Fittings, Spare Parts for Motor Vehicles, Heat Treatment, Carpentry
Industry, Supports, Fasteners and Other (parent company and unallocated units).
NOVEMBER 2011-OCTOBER 2012
The growth of the net sales of the Digital Printing Services segment was MEUR
3.5. The net sales of the Digital Printing Services grew from MEUR 31.5 to MEUR
35.1 and the EBIT from MEUR 4.1 to MEUR 5.5. Even though price competition on
the market increased further, the positive development of net sales and EBIT
was maintained thanks to operative efficiency. No corporate acquisitions took
place in the segment during the financial period, but Microtieto Suomi Oy was
amalgamated with Kopijyvä Oy. At the end of the financial period, the segment
employed 335 (325) persons.
The growth in the net sales of the Takoma segment was MEUR 1.4. The net sales
of the Takoma segment grew from MEUR 27.5 to MEUR 28.9. Operating loss,
however, increased from MEUR -1.4 to MEUR -5.0. The EBIT of the segment was
burdened by a MEUR 2.5 goodwill amortization entry. The insecurity in the
market environment of the segment that started in the summer 2011 continued
throughout the financial period, and Takoma's volumes remain low in comparison
with capacity. In addition, customers ordering small batches affected the
efficient use of capacity, and costs have not been successfully adapted to
fluctuations in demand. At the end of the financial period, the segment
employed 193 (190) persons.
The growth of the net sales of the Safety segment was MEUR 4.3. The net sales
grew strongly from MEUR 24.6 to MEUR 29.0, but the EBIT decreased slightly from
MEUR 1.2 to MEUR 1.1. The development of product and service provision
implemented during the financial period as well as investment 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 business
operations of IP-valvonta Oy based in Helsinki were purchased. At the end of
the financial period, the segment employed 212 (188) persons.
In the beginning of May, Vindea Group Oy purchased the entire share capital of
HSG Logistics Oy, a company providing packaging and logistics services, thus
strengthening its Value-added Logistics segment. The net sales of the
Value-added Logistics segment grew from MEUR 15.4 to MEUR 23.3, of which
approximately MEUR 6 were due to the acquisition of HSG Logistics Oy. At the
same time, the EBIT of the segment grew from MEUR 0.4 to MEUR 1.4. The positive
development of the EBIT has also been influenced by increased operational
efficiency. HSG Logistics Oy was amalgamated with Vindea Oy on October 31,
2012. At the end of the financial period, the segment employed 253 (131)
persons.
The net sales of the Fittings segment declined from MEUR 11.4 to MEUR 10.3. The
net sales of the review period were impaired by a decline in collaboration with
Abloy. Nevertheless, the EBIT in the review period increased slightly from MEUR
0.3 to MEUR 0.4. The prevailing market insecurity has affected operations of
the segment, and customer demand has remained at a low level like the year
before. At the end of the financial period, the segment employed 30 (32)
persons.
Net sales in the Spare Parts for Motor Vehicles segment grew from MEUR 9.6 to
MEUR 10.4, while EBIT remained at last year's level at MEUR 1.1. The demand
for original spare parts has remained good for the entire review period. The
operations in Tampere moved to new modern premises during the review period.
At the end of the financial period, the segment employed 38 (35) persons.
Net sales of the Heat Treatment segment declined by MEUR 1.6 and EBIT by MEUR
1.1 during the review period. Net sales decreased from MEUR 9.0 to MEUR 7.5 and
EBIT from MEUR 2.1 to MEUR 1.0. The decline in net sales and EBIT were affected
by the termination of the Olkiluoto project and postponements of new projects,
particularly in the operations of the unit in Poland. Operator channel demand
has clearly remained at a lower level since last summer, in comparison with the
reference period. At the end of the financial period, the segment employed 65
(64) persons.
Net sales of the Carpentry Industry segment grew from MEUR 5.8 to MEUR 6.1.
EBIT grew from MEUR 1.0 to MEUR 1.3. The strong development is partly
attributed to the continuously strengthening market position of the Matti-Ovi
brand and the company's well-managed and efficient operations. The market share
of Norway, in particular, developed favorably during the review period. At the
end of the financial period, the segment employed 30 (32) persons.
Net sales of the Supports segment stayed with the previous year's level at MEUR
4.0, even though the prospects in construction declined rapidly in the summer.
EBIT declined slightly from MEUR 0.4 to MEUR 0.3. At the end of the financial
period, the segment employed 16 (16) persons.
Net sales decreased slightly in the Supports segment from MEUR 3.1 to MEUR 2.9.
Operating loss increased from MEUR -0.1 to MEUR -0.3. Insecurity in the
technology industries market continued, and
customer demand has remained low, which has also been reflected in the net
sales and EBIT of the segment. At the end of the financial period, the segment
employed 24 (25) persons.
There were no significant changes in the net sales of the Other segment. Three
associated companies reported to the parent company during the financial
period: Spectra Oy, Ecosir Group Oy and PE Kiinteistörahasto I Ky. It was
decided in October 2012 to dissolve Kiinteistörahasto, and it has returned
realized assets to its shareholders. The value of the associated companies'
shares in the parent company's balance sheet totals MEUR 0.9.
INVESTMENTS AND FINANCING
The Group's liquidity was good and cash flow from business operations, MEUR
10.6, was positive (MEUR 4.4). The Group's liquid assets were MEUR 12.3 (MEUR
14.6). A total of MEUR 7.8 of parent company and the merged Annektor Oy debts,
including the convertible bond loan, was paid off on March 1, 2012. In the same
connection, a total of MEUR 6.3 of loans were rearranged.
The Group's gross capital expenditure in the review period closed were
approximately MEUR 6.2 (MEUR 9.1). The Group's equity ratio was 34.1% (33.4%)
and interest-bearing net liabilities totaled MEUR 40.5 (MEUR 47.2). Of the net
liabilities, Panostaja Oyj's convertible subordinated loan amounted to MEUR
14.4 (MEUR 20.6). Return on equity was -5.4% (5.0%) and the return on
investment 2.2% (5.6%).
Financial position:
MEUR 31 October 2012 31 October 2011
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Interest-bearing liabilities 56.6 66.2
Interest-bearing receivables 3.7 4.4
Cash and cash equivalents 12.3 14.6
Interest-bearing net liabilities 40.5 47.2
Equity (belonging to the parent company's 45.2 47.4
shareholders as well as minority
shareholders)
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Gearing ratio, % 89.6 99.6
Equity ratio, % 34.1 33.4
Return on equity, % -5.4 5.0
Return on investment, % 2.2 5.6
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The Annual General Meeting of January 31, 2012 approved the capital repayment
proposal made by the Board. EUR 0.05 per share of capital repayment was paid
from the invested unrestricted equity fund. The record date for the capital
repayment was February 3, 2012, with the payment date being February 10, 2012.
A total of MEUR 2.6 of capital was repaid to parent company shareholders.
SHARE PRICE DEVELOPMENT AND SHARE OWNERSHIP
During the financial period, Panostaja Oyj's share closing rate fluctuated
between EUR 0.73 and EUR 1.05. During the period under review, a total of
5,725,530 shares were exchanged, which amounts to 11.1% of the share capital.The October share closing rate was EUR 0.76. The market value of the company's
share capital at the end of October was MEUR 39.3 and the company had 3,780
shareholders (3,826).
Development of share exchange 4Q/2012 4Q/2011 1-4Q/2012 1-4Q/2011
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Shares exchanged, 1,000 pcs 443 620 5,726 3,840
% of share capital 0.9 1.2 11.2 7.7
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Share 31 Oct 2012 31 Oct 2011
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Shares in total, 1,000 pcs 51,733 51,733
Own shares, 1,000 pcs 553 602
Closing rate 0.76 1.06
Market value (MEUR) 39.3 54.8
Shareholders 3,780 3,826
----------------------------------------------------
On December 16, 2010, the Board decided on a new long-term incentive and
commitment scheme for the members of the Senior Management Team. During the
review period, Panostaja sold 623,561 of the company's own shares to the
members of the Senior Management Team, and members of the Senior Management
Team acquired a total of 950,000 Panostaja shares for their personal ownership
or for the ownership of a company where they have a controlling interest. The
maximum quantity held in such ownership as specified in the company's ownership
system is the said 950,000.
The Management's share ownership within the incentive and commitment scheme is
distributed as follows:
Pravia Oy (Juha Sarsama) 350,000 shares
Artaksan Oy (Simo Mustila) 200,000 shares
Heikki Nuutila 200,000 shares
Comito Oy (Tapio Tommila) 200,000 shares
Total 950,000 shares
The members of the Senior Management Team have financed their investments
themselves, in part, and through company loans, in part, and they bear the
genuine corporate risk with respect to the investment they have made in the
scheme. In order to enable the acquisition of the shares, and as part of the
scheme, Panostaja's Board of Directors decided to grant an interest-bearing
loan in the amount of EUR 1,250,000 maximum to the Senior Management Team
members or to the companies where they have a controlling interest. To finance
the acquisition, the Management has taken out an interest-bearing loan in the
amount of EUR 1,207,127.84.
The members of the Senior Management Team participating in the scheme during
2011-2015 may be granted a maximum of 237,500 Panostaja shares as a bonus,
based on the achievement of set targets. A potential bonus may also be paid in
cash to cover the taxes and tax-like payments arising from the bonus. Members
of the Senior Management Team are obliged not to sell shares received as a
bonus during a period of 27 months after receiving them.
10 largest shareholders
31 Oct 2012 31 Oct 2011
KOSKENKORVA MATTI 4,711,873 6,561,873
ETERA MUTUAL PENSION INSURANCE COMPANY 4,259,000 4,259,000
KOSKENKORVA MAIJA 3,821,742 5,071,742
FENNIA MUTUAL INSURANCE COMPANY 3,468,576 3,468,576
TREINDEX OY 3,400,000 0
KOSKENKORVA MAUNO 1,840,769 2,256,173
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 19, 2011, Panostaja Oyj received two notifications pursuant to
Chapter 2, Section 9 of the Securities Markets Act concerning changes to
holding in the company.
Matti Koskenkorva's share of Panostaja Oyj's total number of voting shares was
below 10%. Maija Koskenkorva's share on the record date was 4,411,873 shares,
8.52% of Panostaja Oyj's share capital and voting shares.
Treindex Oy's (former Koskismatti Oy) share of Panostaja Oyj's total number of
voting shares exceeded 5%. Treindex's share was 3,400,000 shares, 6.57% of
Panostaja Oyj's share capital and voting shares. Treindex Oy's shareholders are
Minna Kumpu, Hanna Malo and Mikko Koskenkorva.
ADMINISTRATION AND GENERAL MEETING
Panostaja Oyj's Annual General Meeting was held on January 31, 2012 in Tampere.
Jukka Ala-Mello, Satu Eskelinen, Hannu Martikainen, Hannu Tarkkonen, Mikko
Koskenkorva and Eero Eriksson were re-elected to Panostaja Oyj's Board of
Directors. In the Board's organizing meeting held immediately after the General
Meeting, Jukka Ala-Mello was elected Chairman of the Board. Hannu Tarkkonen was
elected 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, 2010-October 31,
2011 accounts as well as the proposal by the Board to transfer the profit of
the financial period to the profit funds and that capital repayment be paid at
a rate of EUR 0.05 per share. The record date for the capital repayment was
February 3, 2012 and the payment date February 10, 2012. In addition, the
Annual Meeting authorized the Board to decide, at its discretion, on the
potential distribution of assets to shareholders, the company's financial
status permitting, either as dividends from profit funds or 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 2013
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.
In addition, the Annual General Meeting resolved to cancel the authorization
concerning the acquisition of the company's own shares given at the General
Meeting of January 27, 2011, and authorized the Board of Directors to decide on
the acquisition of the company's own shares so that the company's own shares
will be acquired in one or several installments and, on the basis of the
authorization, a total maximum of 5,100,000 of the company's own shares may be
acquired. 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 shall be valid until July 31, 2013.
The Board of Directors has not used the authorization granted by the Annual
Meeting to acquire its own shares during the review period.
Hannu Tarkkonen, Managing Director of Etera Mutual Pension Insurance Company,
announced that he would resign from Panostaja's Board of Directors on May 10,
2012. According to Panostaja Oyj's Articles of Association, the company's Board
of Directors must comprise at least three (3) and no more than six (6) ordinary
members, according to which the Board will continue with five (5) members. Eero
Eriksson was elected the new Vice Chairman of the Board on October 24, 2012.
SHARE CAPITAL AND THE COMPANY'S OWN SHARES
At the close of the period under review, Panostaja Oyj's share capital was EUR
5,568,681.60. The total number of shares is 51,733,110.
The total number of shares held by the company at the end of the review period
was 552,566 individual shares (at the beginning of review period: 601,875). The
number of the company's own shares corresponded to 1.1% of the number of shares
and votes at the end of the entire review period.
In accordance with the decision of the General Meeting of January 27, 2011 and
the Board, Panostaja Oyj transferred a total of 12,000 shares as meeting
compensation to the members of the Board on December 16, 2011. As per the
decisions of the General Meeting of January 31, 2012 and the Board, 12,763,
12,046, and 12,500 shares were transferred.
EQUITY CONVERTIBLE SUBORDINATED LOANS
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.
The loan period for the 2006 convertible subordinated loan ended on March 1,
2012. The loan was repaid as a single installment on the end date of the loan
period. A fixed 6.5% annual interest was paid for the loan. The interest was
paid for the last time at the end of the loan period.
BOARD PROPOSAL ON DISTRIBUTION OF PROFITS
The Board of Directors proposes that no dividends be paid for the financial
year. The Board also proposes to the Annual General Meeting that EUR 0.04 per
share be paid as capital repayment from the invested unrestricted equity fund.
The capital repayment will be made to those shareholders who on the record date
of the repayment, February 1, 2013, are recorded in the company's shareholder
list maintained by Euroclear Finland Oy. The Board of Directors proposes that
the repayment of capital be made on February 8, 2013.
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
dividends from profit funds or as distribution of assets from the invested
unrestricted equity fund. The maximum distribution 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 distribution.
It is also proposed that the authorization remain valid until the next Annual
General Meeting. The Board has estimated that the capital repayment will not
endanger the Company's solvency.
Panostaja Oyj's Annual General Meeting will be held on February 29, 2013 in
Tampere.
NEAR-FUTURE RISKS AND FACTORS OF UNCERTAINTY
The most significant risks of Panostaja Group have been described in the
financial statements. The near-future risks the Group faces are mainly tied to
the uncertainty resulting from the crisis in the eurozone and the global
economic situation as well as their potential impact on achieving the goals set
for the various segments. The uncertainty of the general economic situation has
resulted in a decrease in customer demand and investment transfers,
particularly in segments serving the technology industry and other export
industries. In the current financial period, credit loss risks will continue to
represent a significant uncertainty factor in some of the segments, and this
risk is increased by the tightening of credit issue to SMEs. The weakening in
the liquidity of the financial markets and the potential restraints on credit
issue may hamper the realization of corporate acquisitions and divestments of
business areas as well as the availability of finance for working capital.
EVENTS AFTER THE REVIEW PERIOD
Panostaja announced on November 6, 2012 that its subsidiary Suomen Helasto Oy
has bought the entire share capital of Oy Eurohela Trading Ltd, which provides
services in the wholesale of furniture fittings. In 2011, Eurohela Trading's
net sales totaled approximately MEUR 3.8.
As a result of the transaction, Panostaja strengthens its business area
specializing in fittings wholesale with a diverse product range and
comprehensive sales network. The segment will also be reorganized, so that the
furniture fittings and construction fittings operations will be divided into
individual companies. Suomen Helasto Oy's subsidiaries Oy Eurohela Trading Ltd
and Suomen Helakeskus Oy merge to form Suomen Helakeskus Oy, focusing on the
furniture fittings business. Suomen Helasto Oy's new subsidiary Rakennushelasto
Oy, which is established as part of the reorganization, will specialize 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
expands its business operations and establishes within the Group a new business
area specializing in wholesale services of ceiling materials. As part of the
arrangement, Selog Oy's owners continue as minority shareholders in the new
segment.
Panostaja announced on November 12 that M.Sc.(Econ.) Juha Kivinen (48) has been
invited to become
Managing Director of KL-Varaosat Oy, which is part of the Panostaja Group.
Kivinen has previously served as Managing Director of Motoral Oy. Kivinen will
assume his duties as Managing Director no later than February 4, 2013. The
current Managing Director of KL-Varaosat Oy, Jarkko Iso-Eskeli, will continue
in his duties until the new managing director assumes the position, after which
Iso-Eskeli will resign from the Group.
Panostaja announced on November 28 that Panostaja Oyj's Development Director,
Heikki Nuutila M.Soc.Sc., will move on to other duties from January 1, 2013.
Nuutila will continue as a board member of some of the business areas of the
Panostaja Group. Minna Telanne Lic.Sc. (Admin.) (48) will take over as new
Development Director and a member of the Senior Management Team in Panostaja
Oyj on January 14, 2013.
Panostaja announced on December 4, 2012 that its subsidiary Digiprint Finland
Oy had acquired the entire share capital of DMP-Digital Media Partners Oy. The
DMP Group provides printing, publication, and production services for marketing
communications. As a result of the transaction, Panostaja expands its segment
specializing in digital printing services that already includes the Kopijyvä
Group.
As a result of the reorganization, Panostaja will own approximately 56% of the
total share capital of Digiprint Finland Oy. As part of the reorganization, the
shareholders of DMP-Digital Media Partners Oy will become minority shareholders
in Digiprint Finland Oy. After the conclusion of the reorganization, Digiprint
Finland Oy owns Kopijyvä Oy and DMP-Digital Media Partners Oy entirely.
Kopijyvä Oy CEO Heimo Viinanen will continue as the CEO of Kopijyvä Oy and
Digiprint Finland Oy as well as a major shareholder. Jyrki Narinen will
continue as the Managing Director of DMP-Digital Media Partners Oy.
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, effective allocation of capital, and financial opportunities
will further create a solid foundation for operational expansion. The need for
ownership arrangements in SMEs enables both expansion into new segments and
growth in existing ones. The target is also to carry out the divestment
activities, taking into consideration the development of the corporate
acquisition market.
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 the growth forecast has been cut due to the credit crisis in the
eurozone and decelerated economic growth. In the various segments of Panostaja
Group, the prospects still vary from cautiously positive to neutral. The market
still provides sufficient opportunities for corporate acquisitions, and
Panostaja Group aims to implement its growth strategy by means of controlled
acquisitions. In addition, the divestment of certain segments will be carried
out actively, in order to release capital for new projects. It is expected that
the Group's net sales will increase and the Group's EBIT will improve in the
2013 financial period.
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 Management of the various
business areas with regard to the state of the economy and its development, and
the results attained may be substantially different.
The information in the interim report has been audited.
Panostaja Oyj has announced on September 21, 2012 that the annual report will
be published on January 9, 2013 on the company's website. However, the annual
report will now be published on January 8, 2013 on the company's website
INCOME STATEMENT AUG AUG 2011- NOV 2011- NOV 2010-
2012-
OCT OCT 2011 OCT 2012 OCT 2011
2012
(EUR 1,000)
Net sales 42,100 38,560 156,819 141,152
Other operating income 535 353 1,172 901
Costs in total 38,745 36,111 146,193 130,277
Depreciations, amortizations and 3,626 817 7,561 5,041
impairment
EBIT 264 1,985 4,236 6,735
Financial income and expenses -1,519 -695 -3,710 -2,812
Share of associated company profits -122 124 400 205
Profit before taxes -1,377 1,415 927 4,128
Income taxes -1,617 -181 -2,181 -524
Profit/loss from retained operations -2,994 1,233 -1,254 3,604
Profit/loss from discontinued -91 -556 -1,236 -1,388
operations
Profit/loss for the financial period -3,085 678 -2,490 2,216
Attributable to
the shareholders of the parent company -2,832 378 -1,984 937
to the minority shareholders -253 300 -506 1,279
Earnings per share from retained
operations
EUR, undiluted -0.055 0.008 -0.015 0.027
Earnings per share from retained
operations
EUR, diluted -0.055 0.008 -0.015 0.027
Earnings per share from discontinued
operations
EUR, undiluted -0.002 0.000 -0.024 -0.008
Earnings per share from discontinued
operations EUR, diluted -0.002 0.000 -0.024 -0.008
Earnings per share on retained and
discontinued
operations EUR, undiluted -0.054 0.008 -0.039 0.019
Earnings per share on retained and
discontinued
operations EUR, diluted -0.054 0.008 -0.039 0.019
EXTENSIVE INCOME STATEMENT
Items of the extensive income statement -3,085 678 -2,490 2,216
Translation differences 103 -135
Extensive income statement for the -3,085 678 -2,387 2,081
period
Attributable to
the shareholders of the parent company -2,832 378 -1,881 802
to the minority shareholders -253 300 -506 1,279
BALANCE SHEET 31 Oct 2012 31 Oct 2011
(EUR 1,000)
ASSETS
Non-current assets
Goodwill 34,348 36,529
Other intangible assets 6,081 5,049
Property, plant and equipment 18,996 20,061
Interests in associates 3,824 2,740
Other non-current assets 8,452 8,271
Deferred tax assets 4,623 4,826
Non-current assets total 76,324 77,476
Current assets
Stocks 18,639 24,005
Trade and other non-interest-bearing receivables 25,293 26,307
Cash and cash equivalents 12,347 14,643
Current assets total 56,278 64,955
Assets in total 132,601 142,431
EQUITY AND LIABILITIES
Equity attributable to parent company shareholders
Share capital 5,569 5,569
Share premium account 4,646 4,646
Translation difference -66 -169
Invested unrestricted equity fund 16,523 19,023
Retained earnings 1,981 4,047
Total 28,653 33,116
Minority interest 16,520 14,270
Equity total 45,173 47,386
Liabilities
Deferred tax liabilities 1,505 1,520
Equity convertible subordinated loan 14,414 14,264
Non-current liabilities 27,752 32,679
Current liabilities 43,756 46,582
Liabilities total 87,428 95,045
Equity and liabilities in total 132,601 142,431
CASH FLOW STATEMENT Nov Nov 2010-Oct
2011-Oct2012 2011
(EUR 1,000)
Business operations
Profit/loss for the financial period -2,490 2,215
Adjustments:
Depreciations 7,607 5,200
Financial income and costs 3,840 2,988
Share of associated company profits -400 -205
Taxes 2,207 527
Sales profits and losses from property, plant and 34 -80
equipment
Other earnings and expenses with no payment attached 704 118
Operating cash flow before change in working capital 11,502 10,763
Change in working capital
Change in non-interest-bearing receivables -77 -3,843
Change in non-interest-bearing liabilities 3,247 2,366
Change in stocks 2,210 -1,202
Change in working capital 5,380 -2,679
Operating cash flow before financial items and taxes 16,882 8,084
Financial items and taxes
Interest paid -3,509 -3,252
Interest received 384 644
Taxes paid -3,170 -1,122
Financial items and taxes -6,295 -3,730
Operating net cash flow 10,586 4,354
Investments
Investments in intangible and tangible assets -4,417 -4,013
Sales of intangible and tangible assets 273 360
Acquisition of subsidiaries with time-of-acquisition -1,806 -1,995
liquid assets deducted
Sale of subsidiaries 125 408
Sale of associated companies 8 34
Capital gains from sales of other shares 3 3
Loans receivable repaid -128 -1,579
Investment net cash flow -5,942 -6,782
Finance
Share issue 1,521 6,053
Loans drawn 12,594 19,437
Loans repaid -17,916 -17,743
Acquisition of own shares 44 0
Disposal of own shares 0 942
Dividends paid -3,216 -2,853
Financing net cash flow -6,972 5,836
Change in liquid assets -2,328 3,408
Liquid assets at the beginning of the period 14,643 11,271
Effect of exchange rates 32 -36
Liquid assets at the end of the period 12,347 14,643
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(EUR 1,000) Share Share Invested Transla Profit Minori Total
capit premi unrestric tion funds ty
al um ted equity differ inter
accou fund ences est
nt
Equity 5,529 4,646 11,574 -57 5,598 13,402 40,692
1 Nov 2010
Profit for the 937 1,279 2,216
financial period
Equity component of 481 481
convertible
subordinated loan
Dividend -2,555 -265 -2,820
distribution
Disposal of own 942 942
shares
Translation -112 -23 -135
differences
Share issue 5,738 5,738
Share subscription 40 276 316
Reward system 12 12
Changes in minority 90 -146 -56
interest
Other changes in 40 7,449 -112 -2,488 -411 4,478
equity, total
31 Oct 2011 5,529 4,686 19,023 -169 4,047 14,270 47,386
Equity 5,529 4,686 19,023 -169 4,047 14,270 47,386
1 Nov 2011
Profit for the -1,984 -506 -2,490
financial period
Dividend -660 -660
distribution
Capital repayment -2,557 -2,557
Disposal of own 44 44
shares
Translation 103 103
differences
Reward system 13 13
Changes in minority 3,416 3,416
interest
Disposal of -82 -82
subsidiary
holdings without
change in
controlling
interest
Other changes in -2,500 103 -82 2,756 277
equity, total
31 Oct 2012 5,529 4,686 16,523 -66 1,981 16,520 45,173
KEY FIGURES
Oct 2012 Oct 2011
Equity per share(EUR) 0.56 0.65
Earnings per share, diluted (EUR) -0.04 0.02
Earnings per share, undiluted(EUR) -0.04 0.02
Average number of shares during financial period, 1,000 51,157 50,128
Number of shares at end of financial period, 1,000 51,733 51,733
Share issues/CL exchanges during financial period, 1,000 0 4,330
Number of shares, 1,000, diluted 57,957 60,258
Return on equity, % -5.4 5.0
Return on investment, % 2.2 5.6
Gross capital expenditure
to permanent assets (MEUR) 6.2 9.1
% of net sales 4.0 6.4
Interest-bearing liabilities 56.6 66.2
Equity ratio, % 34.1 33.4
Average number of employees 1,152 1,034
GROUP DEVELOPMENT BY QUARTER
(MEUR) Q4/12 Q3/12 Q2/12 Q1/12 Q4/11 Q3/11 Q2/11 Q1/11
Net sales 42.1 39.0 38.0 37.7 38.6 33.9 35.6 33.1
Other operating income 0.5 0.2 0.3 0.1 0.3 0.1 0.3 0.2
Costs in total -38.7 -36.2 -35.9 -35.3 -36.1 -30.3 -32.7 -31.3
Depreciations, -3.6 -1.4 -1.3 -1.3 -0.8 -1.5 -1.4 -1.3
amortizations and
impairment
EBIT 0.3 1.6 1.1 1.2 2.0 2.2 1.8 0.7
Financing items -1.5 -0.8 -0.6 -0.7 -0.7 -0.8 -0.7 -0.5
Share of associated -0.1 0.1 0.4 0.0 0.1 -0.1 0.1 0.1
company profits
Profit before taxes -1.4 0.9 0.9 0.5 1.4 1.3 1,1 0.3
Taxes -1.6 -0.3 -0.4 0.0 -0.1 -0.6 0.2 0.0
Profit from continuing -3.0 0.6 0.5 0.5 1.2 0.7 1.4 0.3
operations
Profit from discontinued -0.1 0.1 -0.3 -0.8 -0.5 -0.1 -0.4 -0.3
operations
Profit for the financial -3.1 0.7 0.2 -0.4 0.7 0.6 1.0 0.0
period
Minority interest -0.3 -0.2 -0.2 0.2 0.3 0.3 0.5 0.1
Parent company -2.8 0.9 0.4 -0.6 0.4 0.3 0.5 -0.1
shareholder interest
GUARANTEES GIVEN
(EUR 1,000) 2012 2011
Guarantees given on behalf of Group companies
Enterprise mortgages 40,861 41,394
Pledges given 58,321 63,868
Other liabilities 1,888 1,549
Other rental agreements
In one year 7,779 7,160
In over one year but within five years maximum 17,466 17,543
In over five years 2,833 3,162
Total 28,078 27,865
SEGMENT INFORMATION
NET SALES Aug 2012-Oct Aug 2011-Oct Nov 2011-Oct Nov 2010-Oct
2012 2011 2012 2011
(EUR 1,000)
Digital Printing 9,533 8,533 35,078 31,529
Services
Takoma 6,966 7,370 28,877 27,451
Safety 7,951 7,028 29,009 24,635
Value-added Logistics 7,248 4,028 23,307 15,442
Fittings 2,546 2,994 10,316 11,401
Spare Parts for Motor 2,852 2,775 10,410 9,598
Vehicles
Heat Treatment 1,818 2,699 7,480 9,037
Carpentry Industry 1,552 1,337 6,061 5,766
Supports 1,022 1,230 4,015 4,005
Fasteners 722 804 2,860 3,067
Other 17 15 65 57
Eliminations -128 -255 -658 -836
Group in total 42,099 38,560 156,819 141,152
EBIT Aug 2012-Oct Aug 2011-Oct Nov 2011-Oct Nov 2010-Oct
2012 2011 2012 2011
(EUR 1,000)
Digital Printing 1,909 1,315 5,503 4,148
Services
Takoma -2,905 -569 -4,991 -1,353
Safety 466 284 1,083 1,231
Value-added Logistics 584 260 1,395 371
Fittings 68 -19 395 311
Spare Parts for Motor 451 417 1,090 1,115
Vehicles
Heat Treatment 212 673 1,013 2,123
Carpentry Industry 372 118 1,305 1,034
Supports 21 164 324 377
Fasteners -134 -70 -304 -101
Other -779 -588 -2,578 -2,519
Group in total 264 1,985 4,236 6,735
ASSETS LIABILITIE
S
31 Oct 2012 31 Oct 2011 31 Oct 31 Oct 2011
2012
Digital Printing Services 27,161 25,671 10,899 12,477
Takoma 27,854 33,553 16,205 17,184
Safety 18,333 17,023 16,592 15,086
Value-added Logistics 11,501 7,101 6,117 4,254
Fittings 9,682 10,656 7,475 8,413
Spare Parts for Motor 4,869 4,614 4,241 4,546
Vehicles
Heat Treatment 6,769 7,095 2,706 3,277
Carpentry Industry 2,942 2,638 1,980 2,219
Supports 1,952 1,976 297 375
Fasteners 2,097 2,224 2,420 2,178
Other 26,845 41,478 25,900 36,634
Eliminations -7,404 -11,598 -7,404 -11,598
Group in total 132,601 142,431 87,428 95,045
-- The Other segment includes the transferred balance items of discontinued
segments for the reference year.
SEGMENT INFORMATION BY QUARTER
Net sales (MEUR) 4Q/12 3Q/12 2Q/12 1Q/12 4Q/11 3Q/11 2Q/11 1Q/11
Digital Printing 9.5 8.3 8.9 8.3 8.5 7.8 8.2 7.0
Services
Takoma 7.0 6.7 7.5 7.7 7.4 6.3 7.2 6.6
Safety 8.0 6.4 7.3 7.3 7.0 5.8 6.0 5.8
Value-added Logistics 7.2 7.5 4.1 4.4 4.0 3.9 3.8 3.8
Fittings 2.5 2.3 2.7 3.0 2.7 3.0 2.7 3.1
Spare Parts for Motor 2.9 2.6 2.4 2.8 2.4 2.2 2.2 2.4
Vehicles
Heat Treatment 1.8 1.8 2.0 2.7 2.2 2.2 2.0 2.0
Carpentry Industry 1.6 1.5 1.4 1.3 1.3 1.5 1.6 1.3
Supports 1.0 1.1 0.9 1.2 1.0 0.9 0.8 1.1
Fasteners 0.7 0.7 0.7 0.8 0.8 0.8 0.7 0.8
Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1
Eliminations -0.1 -0.1 -0.1 -0.1 -0.3 -0.2 -0.1 -0.3
Group in total 42.1 39.0 37.7 38.6 33.9 35.6 33.1 34.1
EBIT (MEUR) 4Q/12 3Q/12 2Q/12 1Q/12 4Q/11 3Q/11 2Q/11 1Q/11
Digital Printing 1.9 1.0 1.1 1.3 1.1 1.1 0.6 1.0
Services
Takoma -2.9 -0.5 -0.5 -0.6 -0.4 -0.1 -0.2 -0.6
Safety 0.5 0.0 0.3 0.3 0.4 0.4 0.1 1.2
Value-added Logistics 0.6 0.5 0.1 0.3 0.2 0.0 -0.1 0.0
Fittings 0.1 0.1 0.1 0.0 0.0 0.2 0.1 0.2
Spare Parts for Motor 0.5 0.3 0.2 0.4 0.3 0.2 0.2 0.3
Vehicles
Heat Treatment 0.2 0.2 0.4 0.7 0.5 0.4 0.5 0.1
Carpentry Industry 0.4 0.4 0.2 0.1 0.3 0.3 0.3 -0.1
Supports 0.0 0.2 0.1 0.2 0.2 0.1 -0.1 0.1
Fasteners -0.1 0.0 -0.1 -0.1 0.0 0.0 0.0 0.0
Other -0.8 -0.4 -0.7 -0.6 -0.4 -0.9 -0.7 -0.3
Group in total 0.3 1.6 1.2 2.0 2.2 1.8 0.7 1.9
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.
Panostaja Oyj currently operates in eleven business areas. 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 for 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 (Digital Printing Services) is one of Finland's largest
companies offering digital printing services. Suomen Helakeskus Oy (Fittings)
is a major wholesaler of construction and furniture fittings in Finland. Suomen
Kiinnikekeskus Oy (Fasteners) is a supply shop in the fastener field. Matti-Ovi
Oy (Carpentry Industry) manufactures and markets, as its main product, solid
wood interior doors. Selog Oy (Ceiling Materials) is a ceiling materials
specialist and wholesaler. Takoma Oyj (Takoma) is a machine shop group with an
entrepreneur-driven business model and is registered on the stock exchange.
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
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