2011-05-04 12:00:00 CEST
2011-05-04 12:00:06 CEST
REGULATED INFORMATION
Glaston Oyj Abp - Interim report (Q1 and Q3)
Glaston Interim Report 1 January-31 March 2011
Helsinki, Finland, 2011-05-04 12:00 CEST (GLOBE NEWSWIRE) -- GLASTON
CORPORATION INTERIM REPORT 4 May 2011 at 13.00
Glaston Interim Report 1 January-31 March 2011
-Orders received in January-March totalled EUR 38.8 (32.9) million.
-Order book on 31 March 2011 was EUR 45.6 (36.9) million.
-Consolidated net sales in January-March totalled EUR 34.2 (38.4) million.
-EBITDA was EUR 1.0 (0.2) million, i.e. 3.0 (0.6)% of net sales.
-The operating profit in January-March was a loss of EUR 0.9 (1.7 loss)
million, i.e. -2.6 (- 4.4)% of net sales.
-Return on capital employed (ROCE) was -3.4 (-9.9)%.
-January-March share-issue adjusted earnings per share were EUR -0.09 (-0.06).
-Glaston expects that 2011 net sales will be at least at the 2010 level and
that the operating profit will return to a positive trend.
President & CEO Arto Metsänen:
“The January-March operating profit is an indication of the effectiveness of
our adjustment and efficiency measures. Due to measures implemented and
currently under way, our cost structure is now lighter and the results will
begin to be seen in full towards the end of the year.
In February, Glaston signed a long-term financing agreement with its financing
banks. The agreement improved our financial flexibility and also strengthened
our equity. Our lower gearing provides a good basis for future operations.
The cautious positive development of the glass processing market has continued
during the first quarter.”
Markets
Cautious recovery continued during the first quarter, with growth centred on
emerging markets such as Asia and South America. Solar energy glass demand in
particular developed positively. In mature markets, where growth is more
steady, Services segment products were the focus of demand. In Europe the
market remained subdued, while in North America the cautious recovery of the
market continued.
Machines
Due to overcapacity and economic uncertainty, demand remained on a low level in
Europe and North America and this influenced in particular the number of new
orders for heat treatment machines. The positive development of the South
American and Asian markets continued on a good level due to sustained demand.
In Asia demand was most buoyant in China and India.
In January, Glaston strengthened its position in the Asian market by
establishing a China Technology Centre in connection with its Tianjin factory.
The technology centre will enable Glaston to respond better to the growing
demands of Asian customers in terms of both production technology and product
range. The centre will also help the company to influence production costs and
product localisations more effectively and to accelerate the development of new
products. The new technology centre will be fully operational in autumn 2011.
There was a perceptible recovery in demand for solar energy glass solutions
during the review period. In March, the first Beneq-Glaston TFC2000™ thin film
coated glass production line for the manufacture of solar panels was sold in
Asia. The order value was around EUR 14 million, of which Glaston's share was
more than EUR 4 million. In the review period, a number of smaller
pre-processing machine orders were also received for solar energy glass
production in, among other places, Asia, North America, India, Slovenia and
Angola.
Machines segment adjustment measures, which were directed mainly at Italy, were
completed during the reporting period. Around 140 people continue to work at
the Bregnano plant in Italy.
In January-March, the Machines segment's net sales totalled EUR 20.1 (24.3)
million.
Services
During the first quarter, signs of recovery were perceptible in the Services
segment market, and demand grew for upgrade and modernisation products in
particular. Customers are showing most interest in capacity-raising and
quality-improving products. The Vortex Pro convection system, which improves
production line capacity and glass quality, was very well received in the North
American market. Demand for spare parts also developed positively.
During the first quarter, the segment did not launch any new products onto the
markets rather it focused on active sales of its existing product range.
In January-March, the Services segment's net sales totalled EUR 8.3 (8.2)
million.
Software Solutions
The cautious recovery of the Software Solutions segment's markets continued
during the first quarter. Rising energy costs and a more stable economic
situation boosted demand for energy-efficient façade glass and windows in
Central Europe. Investments of customers operating in the window and façade
glass segments relate to raising the degree of production automation, namely
renewing and updating production technology and software. In the review period,
orders were also received from the Middle East and North Africa.
Despite the fact that the construction industry in Europe and North America is
still suffering from the 2009 economic crisis, major global customers have
resumed investment. This was evident in a growing interest towards the products
of the Software Solutions segment.
The most significant new products of the review period were the window and
glass industry applications Cantor Cockpit and Cockpit 2000 for the iPhone,
which are available to licensed A+W users in the Apple Store. With the aid of
the applications, customers receive key business information directly to their
phones.
In January-March, the Software Solutions segment's net sales totalled EUR 6.0
(6.1) million.
Orders received
Glaston's orders received during the first quarter totalled EUR 38.8 (32.9)
million. Of orders received, the Machines segment accounted for 62%, the
Services segment 16% and the Software Solutions segment 22%. Geographically,
orders were distributed as follows: EMEA 45%, Asia 28% and the Americas 27%.
Order book
Glaston's order book on 31 March 2011 was EUR 45.6 (36.9) million. Of the order
book, the Machines segment accounted for EUR 40.2 million, the Services segment
EUR 1.7 million and the Software Solutions segment EUR 3.8 million.
Order book, EUR million 31.3.2011 31.3.2010 Change, %
--------------------------------------------------------
Machines 40.2 32.4 +24%
--------------------------------------------------------
Services 1.7 0.7 + 147%
--------------------------------------------------------
Software Solutions 3.8 3.8 -
--------------------------------------------------------
Total 45.6 36.9 +24%
--------------------------------------------------------
Net sales and result
Net sales for the financial period totalled EUR 34.2 (38.4) million. The
Machines segment's net sales in the first quarter were EUR 20.1 (24.3) million,
the Services segment's net sales EUR 8.3 (8.2) million and the Software
Solutions segment's net sales EUR 6.0 (6.1) million.
Net sales, EUR million 1-3/2011 1-3/2010 1-12/2010
-------------------------------------------------------
Machines 20.1 24.3 95.0
-------------------------------------------------------
Services 8.3 8.2 32.0
-------------------------------------------------------
Software Solutions 6.0 6.1 23.9
-------------------------------------------------------
Other and internal sales -0.2 -0.2 -1.5
-------------------------------------------------------
Total 34.2 38.4 149.4
-------------------------------------------------------
The operating profit (EBIT) in January-March was a loss of EUR 0.9 (1.7 loss)
million, i.e. -2.6 (- 4.4)% of net sales. Of the first-quarter operating
profit, the Machines segment contribution was EUR -1.9 (-1.5) million, the
Services segment's contribution EUR 1.5 (1.0) million and the Software
Solutions segment's contribution EUR 1.0 (0.7) million.
Glaston's net financial expenses were EUR -6.3 (-3.1) million. Financial
expenses for 2011 were increased by a EUR 3.4 million expense recognition
arising from additional compensation granted in connection with the conversion
of a convertible bond. This recognition has no impact on equity or cash flow.
The result for the review period was a loss of EUR 8.1 (4.4 loss) million and
share-issue adjusted earnings per share were EUR -0.09 (-0.06).
Adjustment measures
In 2011 the business development priorities will be improving profitability and
completing adjustment measures.
Adjustment measures proceeded during the review period according to plan and
negotiations on the reduction of approximately 40 jobs in Italy were completed.
During the first quarter of the year, temporary lay-offs in Italy also
continued.
Financing package
On 25 February 2011, Glaston signed a EUR 84 million financing package aimed at
refinancing the company's funding from short-term into long-term, improving its
financial flexibility and strengthening its equity.
EUR 73.7 million of the financing package consists of a syndicated loan
arranged by Pohjola Bank Plc, Nordea Bank Finland Plc and Sampo Bank Plc. The
syndicated loan facility has a maturity of three years and the financial
agreement includes typical financial covenants. Payment of dividend will be
conditional on a net financial debt to EBITDA ratio of less than 2.75. These
restrictions do not apply to statutory dividends. Glaston's largest
shareholders Oy G.W.Sohlberg Ab and GWS Trade Oy have also separately agreed
not to claim minority dividends as prescribed in Chapter 13 Section 7 of the
Finnish Companies Act.
Glaston issued new shares valued at approximately EUR 6 million and also a EUR
4.0 million debenture loan with a maturity of three years.
The Board of Directors of Glaston decided by virtue of the authorisation
granted by the Annual General Meeting on 13 April 2010 to conduct a directed
share issue and to offer a maximum number of 6.8 million new shares for
subscription against payment to experienced and professional Finnish investors.
The share issue in its entirety was underwritten. Among others, Varma Mutual
Pension Insurance Company and Finnish Industry Investment Ltd. had provided
undertakings to the Company to subscribe for the shares. The subscription price
for each share issued in the directed issue was the trade volume-weighted
average price of the Glaston share less 4.9% for a time period of five days
preceding the payment date.
Glaston also entered into agreement with Varma and Finnish Industry Investment
Ltd. on the conversion of their Glaston convertible bond holdings into shares
in Glaston at the conversion rate of EUR 1.30 per share specified in the terms
and conditions of the convertible bond. The amount of the convertible bond held
by Varma was EUR 9.0 million and by Finnish Industry Investment Ltd. EUR 6.25
million, a total of EUR 15.25 million, for which they received in the
conversion a total of 11,730,768 Glaston shares. To compensate for the
difference between the conversion price and the market price of the shares,
Glaston undertook to compensate investors making the conversion with an
additional consideration of 21 cents per share. A corresponding offer was also
made to other convertible bond holders. The total issue amount of the
convertible load was EUR 30 million, of which EUR 15.25 million was converted
into shares in this conversion.
The converted amount of the convertible bond was credited fully to the reserve
for invested unrestricted equity. In accordance with IAS 32, a financial
expense of around EUR 2.5 million was recognised in the income statement for
the additional consideration made to Varma and Finnish Industry Investment Ltd.
The expense, however, has no effect on Glaston's equity or cash flow. The new
shares were entered in the Trade Register on 4 March 2011.
On 28 March 2011, the Board of Directors of Glaston approved loan conversion
undertakings for other convertible bond holders totalling EUR 6.0 million, for
which they received in the conversion a total of 4,615,367 Glaston shares. The
share conversion took place in accordance with the terms of the convertible
bond at a conversion price of EUR 1.30 per share. To compensate for the
difference between the conversion price and the market price of the shares, the
company undertook to compensate investors making the conversion with an
additional consideration of 21 cents per share. The converted amount of the
convertible bond was credited fully into the reserve for invested unrestricted
equity. In accordance with IAS 32, a financial expense of around EUR 1.0
million was recognised for the additional consideration. The expense, however,
has no effect on Glaston's equity or cash flow. The new shares were entered in
the Trade Register on 4 April 2011.
The Annual General Meeting held on 5 April 2011 authorised the company's Board
of Directors to decide on the issue of new shares. As part of the proposal, the
Board of Directors sought an authorisation for a share issue for no payment,
which can be used for the payment of the above-mentioned additional
consideration connected with the conversion of the convertible bond. Further
information about the authorisation and the share issue can be found in the
section ”Events after the review period”.
Financial position, cash flow and financing
At the end of the review period, the consolidated asset total was EUR 198.1
(224.3) million. The equity attributable to the owners of the parent was EUR
57.8 (66.1) million, i.e. EUR 0.57 (0.84) per share (share-issue adjusted). The
equity ratio on 31 March 2011 was 32.0 (32.1)%; the equity ratio on 31 December
2010 equity ratio was 22.1%. Net gearing was 94.7 (102.0)% (on 31 December
2010, 189.0%)
Return on equity in January-March was -3.4 (-9.9)%.
Cash flow from operating activities, excluding the change in working capital,
was EUR -5.7 (-3.2) million in the review period. The most significant reasons
for the negative cash flow from operating activities were financial expenses,
such as payment of interest on the converted convertible bond as well as the
settling of provisions recognised in 2010. The change in working capital was
EUR 1.0 (-3.5) million. Cash flow from investments was EUR -1.1 (-0.7) million.
Cash flow from financing activities in January-March was EUR 11.8 (5.5)
million.
Capital expenditure, depreciation and amortisation
Glaston's gross capital expenditure totalled EUR 1.2 (0.8) million. In the
review period, there were no significant individual investments; the largest
investments were directed at development expenditure.
In the first quarter, depreciation and amortisation of intangible assets and
property, plant and equipment totalled EUR 1.9 (1.8) million. In addition,
impairment losses of EUR 0.0 (0.1) million on intangible assets and property,
plant and equipment were recognised in the review period.
Organisation and personnel
Senior Vice President, Machines and member of the Executive Management Group
Topi Saarenhovi left Glaston on 1 February 2011. No new Senior Vice President,
Machines was appointed; the business area will report directly to the President& CEO.
On 31 March 2011, Glaston Corporation had a total of 900 (1,072) employees. Of
the Group's employees, 19% worked in Finland and 42% elsewhere in the EMEA
area, 25% in Asia and 15% in the Americas. The average number of employees
during the review period was 920 (1,080).
Shares and share prices
On 25 February 2011, Glaston published a stock exchange release outlining the
company's new financial package. As part of the arrangement, Glaston's
convertible bond holders were offered the opportunity to convert their bond
holdings into the company's shares, and 6.8 million shares were issued in a
directed share issue for subscription by experienced and professional Finnish
investors.
On 25 February 2011, a total of 18,530,768 new shares were subscribed for in
the directed share issue and in the conversion of the convertible bonds into
shares. These new shares were entered in the Trade Register on 4 March 2011 and
became available for trading on the NASDAQ OMX Helsinki Stock Exchange on 7
March 2011. On 28 March 2011, the Board of Directors of Glaston approved bond
conversion undertakings totalling EUR 6.0 million, for which bond holders
received in the conversion a total of 4,615,367 Glaston shares. These shares
were entered in the Trade Register on 4 April 2011, after the review period
ended.
Glaston Corporation's paid and registered share capital on 31 March 2011 was
EUR 12.7 million and the number of issued and registered shares totalled
97,880,768. The company has one series of share. At the end of March, the
company held 788,582 of the company's own shares (treasury shares),
corresponding to 0.8% of the total number of issued and registered shares and
votes. The counter book value of treasury shares is EUR 102,286.
Every share that the company does not hold itself entitles its owner to one
vote at the Annual General Meeting. The share has no nominal value. The counter
book value of each share is EUR 0.13.
On 31 March 2011, the market capitalisation of the company's registered shares,
treasury shares excluded, was EUR 98.1 (113.1) million. During the first
quarter of the year, a total of around 2.1 million of the company's shares were
traded, i.e. around 2.5% of the average number of registered shares. The lowest
price paid for a share was EUR 0.87 and the highest price EUR 1.27. The
volume-weighted average price of shares traded during January-March was EUR
1.05. The closing price on 31 March 2011 was EUR 1.01.
The share-issue adjusted equity per share attributable to owners of the parent
was EUR 0.57 (0.84).
Disclosures under Chapter 2, Section 9 of the Securities Markets Act
During the review period, Glaston was informed of the following changes in
ownership: on 25 February 2011, Varma Mutual Pension Insurance Company and
Finnish Industry Investment Ltd. announced that that they had subscribed for
shares in Glaston's directed share offering and had converted their Glaston
convertible bond holdings into the company's shares. Finnish Industry
Investment Ltd's ownership rose to 8,139,692 shares, which is 8.32% of all
Glaston shares and votes. Varma's ownership rose to 8,137,549 shares, which is
8.31% of all Glaston shares and votes.
On 29 March 2011 Glaston was informed that the holdings of both Oy G.W.Sohlberg
Ab and GWS Trade Oy in Glaston Corporation had fallen below 15% as part of the
convertible bond conversion relating to Glaston's financing arrangements. Oy
G.W.Sohlberg Ab's ownership fell to 12,819,400 shares, which is 12.51% of all
Glaston shares and votes. GWS Trade Oy's ownership fell to 13,446,700 shares,
which is 13.12% of all Glaston shares and votes.
Decisions of the Annual General Meeting
The Annual General Meeting of Glaston Corporation was held in Helsinki on 5
April 2011. The Annual General Meeting approved the financial statements and
consolidated financial statements for 2010 and released the Board of Directors
and the President & CEO from liability for the financial year 1 January-31
December 2010.
The Annual General Meeting approved the proposal of the Board of Directors that
no dividend be distributed for the financial year ending 31 December 2010.
The Annual General Meeting confirmed the re-election of the following Members
of the Board of Directors for a year-long term of office: Claus von Bonsdorff,
Carl-Johan Rosenbröijer, Teuvo Salminen, Christer Sumelius and Andreas
Tallberg. A new member, Pekka Vauramo, was also elected.
The Annual General Meeting decided to maintain the Chairman of the Board's
annual remuneration at EUR 40,000 and the Deputy Chairman's annual remuneration
at EUR 30,000. It was also decided to maintain the annual remuneration of the
other Members of the Board at EUR 20,000.
The Annual General Meeting elected as auditor Public Accountants Ernst & Young,
with Harri Pärssinen, APA, as the responsible auditor.
The Annual General Meeting approved an amendment to Article 1 of Articles of
Association so that the domicile of the company shall be Helsinki.
Authorisations given by the Annual General Meeting
The Annual General Meeting authorised the Board of Directors to decide on the
issue of new shares and/or the conveyance of the own shares held by the
company. By virtue of the authorisation, the Board of Directors is entitled to
decide on the issuance of a maximum of 20,000,000 new shares and on the
conveyance of a maximum of 20,000,000 own shares held by the company. However,
the total number of shares to be issued and/or conveyed may not exceed
20,000,000 shares.
The new shares may be issued and own shares held by the company may be conveyed
either against payment or without payment.
The new shares may be issued and/or own shares held by the company conveyed to
the company's shareholders in proportion to their existing shareholdings in the
company, or by means of a directed share issue, in derogation of the
pre-emptive subscription right of the shareholders, if there is a weighty
reason for the company to do so, such as the shares are to be used to improve
the capital structure of the company or as consideration in future acquisitions
or other arrangements that are part of the company's business or as part of the
company's or its subsidiaries' incentive schemes.
Shares can be issued or conveyed without payment in derogation the pre-emptive
subscription right of shareholders only if there is an especially weighty
financial reason for the company to do so, taking the interests of all
shareholders into account.
The Board of Directors may decide on a share issue without payment also to the
company itself. A decision regarding a share issue to the company itself cannot
be made such that the total number of shares held jointly by the company or its
subsidiaries would exceed one tenth of all shares of the company.
The subscription price of new shares issued and the consideration paid for the
conveyance of the company's own shares shall be credited to the reserve for
invested unrestricted equity.
By virtue of the share issue authorisation, the Board of Directors shall decide
on other matters relating to the issuing and conveyance of shares. The share
issue authorisation is valid until the end of the 2013 Annual General Meeting.
The Board of Directors has no other authorisations.
Organising meeting of the Board of Directors
At its organising meeting, the Board of Directors elected from among its
members Andreas Tallberg to continue as the Chairman of the Board and Christer
Sumelius to continue as the Deputy Chairman of the Board.
Events after the review period
On 8 April 2011, Dr. Uwe Schmid was appointed Senior Vice President, Software
Solutions and he will assume full operational responsibility for the segment on
1 September 2011.
The shares subscribed for in the Glaston Corporation's convertible bond
conversion approved on 28 March 2011, a total of 4,615,367 new shares, were
entered into the Trade Register on 4 April 2011. The total number of Glaston
shares after the registration of the new shares is 102,496,135. The shares
entered into the Trade Register became available for public trading on the
NASDAQ OMX Helsinki Stock Exchange on 5 April 2011.
The Board of Directors of Glaston Corporation decided on 28 April 2011 to
implement a directed share issue without payment on the basis of the
authorisation granted to it by the Annual General Meeting on 5 April 2011. In
the share issue, a total of 3,092,501 new shares in the company were issued
without payment to those investors who have converted convertible bonds, issued
by the company on 16 June 2009 and 18 February 2010, into shares in the
company. The new shares are expected to be entered in the Trade Register on 6
May 2011. After the Trade Register entry, Glaston will have a total of
105,588,636 shares. The issued new shares are of the same type as the company's
other shares. It is expected that the new shares will be publicly traded on the
NASDAQ OMX Helsinki Stock Exchange approximately on 9 May 2011.
On 29 April 2011 Glaston was informed that the holding of Oy G.W.Sohlberg Ab
and GWS Trade Oy in Glaston Corporation had fallen under 25% as part of the
directed share issue without payment relating to Glaston's financing
arrangements as described in the stock exchange release of 28 April 2011. Oy
G.W. Solhlberg Ab's ownership fell to 12.14% and GWS Trade Oy's to 12.73%.
Uncertainties and risks in the near future
The risks arising from the international financial crisis have receded further.
In some markets, uncertainty is still evident and the risk of the postponement
of orders and changes in delivery schedules remains, if perhaps on a diminished
level. Customers' difficulties relating to finance arrangements may further
restrict customers' investment opportunities.
The underlying nature of the sector is expected to remain unchanged, so
development in the coming years is expected to be positive. If the recovery of
the sector is delayed or slows, this will have a negative effect on Glaston's
result. The shift of the geographical focus of activity to areas of higher
economic growth will, however, dampen the economic effects of a possibly slower
recovery in Western Europe.
Outlook
A modest recovery in Glaston's market is expected during 2011. In Asia and
particularly in China demand is expected grow steadily, and Glaston is expected
to grow in line with the market. In South America, demand was on a good level
in 2010 and positive development continued in the first quarter of 2011. In the
North American market, cautious growth of demand is expected in 2011. In Europe
and the Middle East, the market conditions and competition situation continue
to be challenging.
The cornerstones of Glaston's operations remain the architectural glass segment
and the solar energy market. The automotive industry, which has recovered
rapidly, also presents growth opportunities. Asia, particularly China, has a
strongly developing solar energy market and we expect demand for solar energy
projects to grow. We will continue purposefully to strengthen our position in
China and elsewhere in Asia.
In 2011 the business development priorities are improving profitability and
completing the adjustment measures, whose positive effect on the result will be
realised towards the end of the year.
We expect that 2011 net sales will be at least at the 2010 level and that the
operating profit will return to a positive trend.
Helsinki, 4 May 2011
Glaston Corporation
Board of Directors
For further information, please contact:
President & CEO Arto Metsänen, tel. +358 10 500 6100
Chief Financial Officer Tapio Engström, +358 10 500 6419
Glaston Corporation
Arto Metsänen
President & CEO
Glaston Corporation
Glaston Corporation is an international glass technology company and a pioneer
in glass processing technology. Its product range and service network are the
widest in the industry. Glaston's notable brands are Bavelloni in
pre-processing machines and tools, Tamglass and Uniglass in safety glass
machines, and Albat+Wirsam in glass industry software.
Glaston's share (GLA1V) is listed on the NASDAQ OMX Helsinki Small Cap List.
Distribution: NASDAQ OMX, key media, www.glaston.net
GLASTON CORPORATION
CONDENSED FINANCIAL STATEMENTS AND NOTES 1 JANUARY - 31 MARCH 2011
These interim financial statements are not audited. As a result of rounding
differences, the figures presented in the tables may not add up to the total.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
EUR million 31.3.2011 31.3.2010 31.12.2010
Assets
Non-current assets
Goodwill 52.6 58.4 52.6
Other intangible assets 18.4 19.3 18.8
Property, plant and equipment 19.6 23.7 19.5
Investments in joint ventures and associates 0.0 0.0 0.0
Available-for-sale assets 0.3 0.3 0.3
Loan receivables 4.5 3.2 4.5
Deferred tax assets 8.2 9.0 8.9
--------------------------------------------------------------------------------
Total non-current assets 103.7 114.0 104.6
Current assets
Inventories 27.9 37.2 27.9
Receivables
Trade and other receivables 45.2 54.2 43.1
Assets for current tax 0.6 3.6 0.8
--------------------------------------------------------------------------------
Total receivables 45.8 57.8 43.9
Cash equivalents 20.7 15.3 15.7
Assets held for sale - - 2.8
Total current assets 94.4 110.3 90.3
--------------------------------------------------------------------------------
Total assets 198.1 224.3 194.9
31.3.2011 31.3.2010 31.12.2010
Equity and liabilities
Equity
Share capital 12.7 12.7 12.7
Share premium account 25.3 25.3 25.3
Other reserves 0.0 0.0 0.0
Reserve for invested unrestricted equity 26.8 0.2 0.1
Treasury shares -3.3 -3.5 -3.3
Fair value reserve 0.0 0.0 0.0
Retained earnings and exchange differences 4.3 35.7 36.3
Net result attributable to owners of the -8.1 -4.4 -31.9
parent
--------------------------------------------------------------------------------
Equity attributable to owners of the parent 57.8 66.1 39.1
Non-controlling interest 0.3 0.3 0.3
--------------------------------------------------------------------------------
Total equity 58.1 66.4 39.5
--------------------------------------------------------------------------------
Non-current liabilities
Convertible bond 8.0 25.5 26.2
Non-current interest-bearing liabilities 45.9 4.6 0.0
Non-current interest-free liabilities and 3.2 6.3 4.3
provisions
Deferred tax liabilities 4.3 5.3 4.7
--------------------------------------------------------------------------------
Total non-current liabilities 61.5 41.8 35.2
Current liabilities
Current interest-bearing liabilities 21.8 52.8 61.4
Current provisions 5.9 6.9 7.0
Trade and other payables 50.3 54.2 48.2
Liabilities for current tax 0.6 2.2 0.8
Liabilities related to non-current assets held - - 2.8
for sale
Total current liabilities 78.6 116.1 120.2
--------------------------------------------------------------------------------
Total liabilities 140.0 157.9 155.4
--------------------------------------------------------------------------------
Total equity and liabilities 198.1 224.3 194.9
CONDENSED CONSOLIDATED INCOME STATEMENT
EUR million 1-3/201 1-3/201 1-12/20
1 0 10
Net sales 34.2 38.4 149.4
Other operating income 0.2 0.1 0.9
Expenses -33.4 -37.8 -160.3
Share of associates and joint ventures' result - -0.5 -0.4
Depreciation, amortization and impairment -1.9 -1.9 -14.5
--------------------------------------------------------------------------------
Operating profit / loss -0.9 -1.7 -24.9
Financial items, net -6.3 -3.1 -6.9
--------------------------------------------------------------------------------
Result before income taxes -7.2 -4.8 -31.8
Income taxes -0.9 0.4 -0.2
--------------------------------------------------------------------------------
Profit / loss for the period -8.1 -4.4 -32.0
--------------------------------------------------------------------------------
Attributable to:
Owners of the parent -8.1 -4.4 -31.9
Non-controlling interest 0.0 0.0 0.0
Total -8.1 -4.4 -32.0
--------------------------------------------------------------------------------
Earnings per share adjusted with share issue, EUR, -0.09 -0.06 -0.40
basic
Earnings per share adjusted with share issue, EUR, -0.09 -0.06 -0.40
diluted
Operating profit / loss, as % of net sales -2.6 -4.4 -16.7
Profit / loss for the period, as % of net sales -23.6 -11.4 -21.4
Non-recurring items included in operating profit / - - -13.7
loss
Operating profit / loss, non-recurring items excluded -0.9 -1.7 -11.3
Operating profit / loss, non-recurring items -2.6 -4.4 -7.5
excluded, as % of net sales
CONSOLIDATED STATEMENT OF COMPEREHENSIVE INCOME
STATEMENT OF COMPREHENSIVE INCOME 1-3/201 1-3/201 1-12/201
1 0 0
Profit / loss for the period -8.1 -4.4 -32.0
Other comprehensive income
Total exchange differences on translating foreign -0.7 0.7 1.0
operations
Fair value changes of available-for-sale assets 0.0 0.0 0.0
--------------------------------------------------------------------------------
Other comprehensive income for the reporting period, -0.7 0.7 1.0
net of tax
--------------------------------------------------------------------------------
Total comprehensive income for the reporting period -8.8 -3.7 -30.9
--------------------------------------------------------------------------------
Attributable to
Owners of the parent -8.7 -3.7 -30.9
Non-controlling interest 0.0 0.0 0.0
Total comprehensive income for the reporting period -8.8 -3.7 -30.9
--------------------------------------------------------------------------------
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
EUR million 1-3/2011 1-3/2010 1-12/2010
Cash flows from operating activities
Cash flow before change in net working capital -5.7 -3.2 -13.7
Change in net working capital 1.0 -3.5 2.7
--------------------------------------------------------------------------------
Net cash flow from operating activities -4.7 -6.7 -11.0
Cash flow from investing activities
Business combinations - 0.0 0.0
Other purchases of non-current assets -1.2 -0.8 -4.4
Investment in joint ventures - - -0.2
Proceeds from sale of joint ventures - - 0.4
Other - - -
Proceeds from sale of other non-current assets 0.1 0.1 0.7
--------------------------------------------------------------------------------
Net cash flow from investing activities -1.1 -0.7 -3.5
--------------------------------------------------------------------------------
Cash flow before financing -5.8 -7.4 -14.5
Cash flow from financing activities
Share issue 5.5 - -
Increase in non-current liabilities 47.8 6.2 6.2
Decrease in non-current liabilities -1.8 -0.1 -1.2
Changes in loan receivables (increase - / 0.0 - -0.1
decrease +)
Increase in short-term liabilities 15.2 12.6 50.1
Decrease in short-term liabilities -54.9 -14.6 -44.5
Other financing 0.0 1.4 1.4
--------------------------------------------------------------------------------
Net cash flow from financing activities 11.8 5.5 11.9
--------------------------------------------------------------------------------
Effect of exchange rate changes -1.0 1.6 2.7
Net change in cash and cash equivalents 5.0 -0.3 0.1
Cash and cash equivalents at the beginning of 15.7 15.6 15.6
period
Cash and cash equivalents at the end of period 20.7 15.3 15.7
--------------------------------------------------------------------------------
Net change in cash and cash equivalents 5.0 -0.3 0.1
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
EUR million Share Share Other Reserve for Treasur Fair
capita premium reserve invested y value
l account s unrest. equity shares reserve
---------------------------------------------------------------
Equity at 1 12.7 25.3 0.0 0.2 -3.5 0.0
January, 2010
--------------------------------------------------------------------------------
Total - - - - - 0.0
comprehensive
income for the
period
Equity at 31 12.7 25.3 0.0 0.2 -3.5 0.0
March, 2010
--------------------------------------------------------------------------------
EUR million Share Share Other Reserve for Treasur Fair
capita premium reserve invested y value
l account s unrest. equity shares reserve
---------------------------------------------------------------
Equity at 1 12.7 25.3 0.0 0.1 -3.3 0.0
January, 2011
--------------------------------------------------------------------------------
Total - - 0.0 - - 0.0
comprehensive
income for the
period
Share issue - - - 5.9 - -
Conversion of - - - 20.8 - -
convertible
bond
Equity at 31 12.7 25.3 0.0 26.8 -3.3 0.0
March, 2011
--------------------------------------------------------------------------------
EUR million Retained Exchang Equity attrib. to Non-control Total
earnings e diff. owners of the ling equity
parent interest
------------------------------------------------------------
Equity at 1 35.6 -1.3 69.0 0.3 69.4
January, 2010
--------------------------------------------------------------------------------
Total comprehensive -4.4 0.6 -3.7 0.0 -3.7
income for the
period
Share-based 0.0 - 0.0 - 0.0
incentive plan
Share-based 0.0 - 0.0 - 0.0
incentive plan,
tax effect
Equity part of 0.8 - 0.8 - 0.8
convertible bond
Equity at 31 March, 32.0 -0.6 66.1 0.3 66.4
2009
--------------------------------------------------------------------------------
EUR million Retaine Exchan Equity attrib. Non-contr Total
d ge to owners of olling equity
earning diff. the parent interest
s
---------------------------------------------------
Equity at 1 January, 2011 4.6 -0.3 39.1 0.3 39.5
--------------------------------------------------------------------------------
Total comprehensive income -8.1 -0.6 -8.7 0.0 -8.8
for the period
Share-based incentive plan 0.1 - 0.1 - 0.1
Share-based incentive plan, 0.0 - 0.0 - 0.0
tax effect
Share issue - - 5.9 - 5.9
Conversion of convertible -2.8 - 18.0 - 18.0
bond
Cost effect of the share 3.4 - 3.4 - 3.4
price compensation related
to convertible bond
conversion
Equity at 31 March, 2011 -2.8 -0.9 57.8 0.3 58.1
--------------------------------------------------------------------------------
KEY RATIOS
31.3.2011 31.3.2010 31.12.2010
EBITDA, as % of net sales (1 3.0 0.6 -6.9
Operating profit / loss (EBIT), as % of net -2.6 -4.4 -16.7
sales
Net result, as % of net sales -23.6 -11.4 -21.4
Gross capital expenditure, EUR million 1.2 0.8 4.6
Gross capital expenditure, as % of net sales 3.5 2.0 3.1
Equity ratio, % 32.0 32.1 22.1
Gearing, % 130.3 125.0 228.6
Net gearing, % 94.7 102.0 189.0
Net interest-bearing debt, EUR million 55.0 67.7 74.6
Capital employed, end of period, EUR million 133.8 149.4 129.7
Return on equity, %, annualized -66.3 -25.8 -58.7
Return on capital employed, %, annualized -3.4 -9.9 -19.0
Number of personnel, average 920 1,080 1,028
Number of personnel, end of period 900 1,072 957
(1 EBITDA = Operating profit / loss + depreciation, amortization and impairment.
PER SHARE DATA
31.3.2011 31.3.2010 31.12.2010
Number of registered shares, end of period, 97,092 78,511 78,561
treasury shares excluded (1,000)
Number of shares issued, end of period, 101,708 79,036 79,086
adjusted with share issue, treasury shares
excluded (1,000) ('
Number of shares, average, adjusted with share 85,589 79,036 79,052
issue, treasury shares excluded (1,000) ('
Number of shares, dilution effect of the 104,411 99,310 101,554
convertible bond taken into account, average,
adjusted with share issue, treasury shares
excluded (1,000) ('
EPS, basic, adjusted with share issue, EUR -0.09 -0.06 -0.40
EPS, diluted, adjusted with share issue, EUR -0.09 -0.06 -0.40
Adjusted equity attributable to owners of the 0.57 0.84 0.49
parent per share, EUR
Price per adjusted earnings per share (P/E) -10.7 -26.0 -2.8
ratio
Price per adjusted equity attributable to 1.78 1.72 2.28
owners of the parent per share
Market capitalization of registered shares, 98.1 113.1 88.8
EUR million
Share turnover, % (number of shares traded, % 2.5 7.4 19.6
of the average registered number of shares)
Number of shares traded, (1,000) 2,067 5,826 15,419
Closing price of the share, EUR 1.01 1.44 1.13
Highest quoted price, EUR 1.27 1.65 1.65
Lowest quoted price, EUR 0.87 1.05 0.80
Volume-weighted average quoted price, EUR 1.05 1.21 1.17
(* Includes issued but not yet registered shares.
DEFINITIONS OF KEY RATIOS
Financial ratios
EBITDA = Profit / loss before depreciation, amortization and impairment, share
of joint ventures' and associates' results included
Operating result (EBIT)= Profit / loss after depreciation, amortization and
impairment, share of joint ventures' and associates' results included
Operating result (EBIT) excluding non-recurring items = Profit / loss after
depreciation, amortization and impairment, share of joint ventures' and
associates' results included, non-recurring items excluded
Cash and cash equivalents = Cash + other financial assets
Net interest-bearing debt = Interest-bearing liabilities - cash and cash
equivalents
Financial expenses = Interest expenses of financial liabilities + fees of
financing arrangements + foreign currency differences of financial liabilities
Equity ratio, % = Equity (Equity attributable to owners of the parent +
non-controlling interest) x 100 / Total assets - advance payments received
Gearing, % = Interest-bearing liabilities x 100 / Equity (Equity attributable
to owners of the parent + non-controlling interest)
Net gearing, % = Net interest-bearing debt x 100 / Equity (Equity attributable
to owners of the parent + non-controlling interest)
Return on investments, % (ROCE) = Profit / loss before taxes + financial
expenses x 100 / Equity + interest-bearing liabilities (average of 1 January
and end of the reporting period)
Return on equity, % (ROE)= Profit / loss for the reporting period x 100 /
Equity (Equity attributable to owners of the parent + non-controlling interest)
(average of 1 January and end of the reporting period)
Non-recurring items = mainly items arising from restructuring and structural
changes. They can include expenses arising from personnel reduction, product
portfolio rationalization, changes in production structure and from reduction
of offices. Impairment loss of goodwill is also included in non-recurring
items. Non-recurring items are recognized in profit or loss in the income or
expense category where they belong by their nature and they are included in
operating result. In its key ratios Glaston presents also operating result
excluding non-recurring items. If a non-recurring expense is reversed for
example due to changes in circumstances, the reversal is also included in
non-recurring items. In addition, exceptionally large gains or losses from
disposals of property, plant and equipment and intangible assets as well as
capital gains or losses arising from group restructuring are included in
non-recurring items.
Per share data
Earnings per share (EPS) = Net result attributable to owners of the parent /
Adjusted average number of shares
Diluted earnings per share = Net result attributable to owners of the parent
adjusted with the result effect of convertible bond / Adjusted average number
of shares, dilution effect of the convertible bond taken into account
Equity attributable to owners of the parent per share = Equity attributable to
owners of the parent at end of the period / Adjusted number of shares at end of
the period
Average trading price = Shares traded (EUR) / Shares traded (volume)
Price per earnings per share (P/E) = Share price at end of the period /
Earnings per share (EPS)
Price per equity per share = Share price at period end / Equity attributable to
owners of the parent per share
Share turnover = The proportion of number of shares traded during the period to
average number of shares
Market capitalization = Number of shares at end of the period x share price at
end of the period
Number of shares at period end = Number of issued shares - treasury shares
ACCOUNTING POLICIES
The consolidated interim financial statements of Glaston Group are prepared in
accordance with International Financial Reporting Standard IAS 34 Interim
Financial Reporting as approved by the European Union. They do not include all
of the information required for full annual financial statements.
The accounting principles applied in these interim financial statements are the
same as those applied by Glaston in its consolidated financial statements as at
and for the year ended 31 December, 2009, with the exception of the following
new or revised or amended standards and interpretations which have been applied
from 1 January, 2011:
- IAS 24 (revised) Related Party Disclosures
- Amendments to IAS 32 Financial Instruments: Presentation - Classification of
Rights Issues
- Amendment to IFRIC 14 IAS 19 Prepayments of a Minimum Funding Requirement
- IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments
IAS 24 (revised) Related Party Disclosures standard shall be applied for
annual periods beginning on or after 1 January, 2011. The application is
retrospective.
Amendments to IAS 32 Financial Instruments: Presentation - Classification of
Rights Issues shall be applied for annual periods beginning on or after 1
February, 2010.
Amendment to IFRIC 14 IAS 19 Prepayments of a Minimum Funding Requirement shall
be applied for annual periods beginning on or after 1 January, 2011. The
application is retrospective.
IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments shall be
applied for annual periods beginning on or after 1 July, 2010.
In addition, Glaston will apply the annual Improvements to IFRSs issued in May
2010. These will affect mainly the disclosure information in Glaston's
consolidated financial statements. These improvements shall be mainly applied
for annual periods beginning on or after 1 January, 2011.
The change of IFRS 3 Business Combinations included in the annual improvements
of IFRSs changes the measurement of non-controlling interest. For each business
combination it is possible to choose, whether the non-controlling interest will
be measured at fair value or as the non-controlling interest's proportionate
share of the acquiree's net assets. This choice affects the goodwill arising
from the business combination. In accordance with the improvement, the choice
is possible only for the non-controlling interests in the acquiree that are
present ownership interests and entitle their holders to a proportionate share
of the entity's net assets in the event of liquidation. All other components of
non-controlling interests, such as options, are measured at their
acquisition-date fair value.
Other new or amended standards or interpretations applicable from 1 January,
2011 are not material for Glaston Group.
SEGMENT INFORMATION
The reportable segments of Glaston are Machines, Services and Software
Solutions. The reportable segments apply Glaston Group's accounting and
measurement principles. Glaston follows the same commercial terms in
transactions between segments as with third parties.
The reportable segments consist of operating segments, which have been
aggregated in accordance with the criteria of IFRS 8.12. Operating segments
have been aggregated, when the nature of the products and services is similar,
the nature of the production process is similar, as well as the type or class
of customers. Also the methods to distribute products or to provide services
are similar.
The reportable Machines segment consists of Glaston's operating segments
manufacturing glass processing machines and related tools. The Machines segment
includes manufacturing and sale of glass tempering, bending and laminating
machines sold under Tamglass and Uniglass brands, glass pre-processing machines
sold under the Bavelloni brand as well as manufacturing and sale of tools.
Services segment includes maintenance and service of glass processing machines,
machine upgrades and sale of spare parts.
Software Solutions segment's product offering, sold under the Albat+Wirsam
brand, covers enterprise resource planning systems for the glass industry,
software for window and door glass manufacturers, and software for glass
processor's integrated line solutions.
The unallocated operating result consists of head office operations of the
Group and in 2010 also unallocated share of joint venture's result.
Machines
EUR million 1-3/2011 1-3/2010 1-12/2010
-------------------------------------------------------------------------------
External sales 20.1 24.3 94.9
Intersegment sales 0.0 0.0 0.1
-------------------------------------------------------------------------------
Net sales 20.1 24.3 95.0
EBIT excluding non-recurring items -1.9 -1.5 -8.5
-------------------------------------------------------------------------------
EBIT-%, excl. non-recurring items -9.2 -6.1 -8.9
Non-recurring items - - -12.0
-------------------------------------------------------------------------------
EBIT -1.9 -1.5 -20.4
EBIT-% -9.2 -6.1 -21.5
Net working capital 23.6 34.8 24.2
-------------------------------------------------------------------------------
Number of personnel, average 556 640 616
Number of personnel, end of period 550 645 577
-------------------------------------------------------------------------------
Services
EUR million 1-3/2011 1-3/2010 1-12/2010
-------------------------------------------------------------------------------
External sales 8.1 8.0 30.7
Intersegment sales 0.2 0.2 1.4
-------------------------------------------------------------------------------
Net sales 8.3 8.2 32.0
EBIT excluding non-recurring items 1.5 1.0 3.3
-------------------------------------------------------------------------------
EBIT-%, excl. non-recurring items 18.4 12.1 10.1
Non-recurring items - - -2.2
-------------------------------------------------------------------------------
EBIT 1.5 1.0 1.1
EBIT-% 18.4 12.1 3.4
Net working capital 8.0 10.3 6.9
-------------------------------------------------------------------------------
Number of personnel, average 145 192 171
Number of personnel, end of period 139 182 149
-------------------------------------------------------------------------------
Software Solutions
EUR million 1-3/2011 1-3/2010 1-12/2010
-------------------------------------------------------------------------------
External sales 6.0 6.0 23.9
Intersegment sales 0.0 0.0 0.0
-------------------------------------------------------------------------------
Net sales 6.0 6.1 23.9
Share of associates' and joint ventures' results - - 0.0
-------------------------------------------------------------------------------
EBIT excluding non-recurring items 1.0 0.7 1.1
-------------------------------------------------------------------------------
EBIT-%, excl. non-recurring items 16.4 11.7 4.5
Non-recurring items - - 0.5
-------------------------------------------------------------------------------
EBIT 1.0 0.7 1.5
EBIT-% 16.4 11.7 6.4
Net working capital 5.1 7.5 4.5
-------------------------------------------------------------------------------
Number of personnel, average 204 223 219
Number of personnel, end of period 198 222 214
-------------------------------------------------------------------------------
Glaston Group
EUR million
Net sales 1-3/2011 1-3/2010 1-12/2010
--------------------------------------------------------------------------------
Machines 20.1 24.3 95.0
Services 8.3 8.2 32.0
Software Solutions 6.0 6.1 23.9
Other and intersegment sales -0.2 -0.2 -1.5
Glaston Group total 34.2 38.4 149.4
--------------------------------------------------------------------------------
EBIT 1-3/2011 1-3/2010 1-12/2010
--------------------------------------------------------------------------------
Machines -1.9 -1.5 -8.5
Services 1.5 1.0 3.3
Software Solutions 1.0 0.7 1.1
Other and eliminations -1.6 -1.9 -7.1
EBIT excluding non-recurring items -0.9 -1.7 -11.3
--------------------------------------------------------------------------------
Non-recurring items - - -13.7
EBIT -0.9 -1.7 -24.9
--------------------------------------------------------------------------------
Net financial items -6.3 -3.1 -6.9
--------------------------------------------------------------------------------
Result before income taxes and non-controlling -7.2 -4.8 -31.8
interest
Income taxes -0.9 0.4 -0.2
Result -8.1 -4.4 -32.0
--------------------------------------------------------------------------------
Number of personnel, average 920 1,080 1,028
Number of personnel, end of period 900 1,072 957
--------------------------------------------------------------------------------
Segment assets 31.3.2011 31.3.2010 31.12.2010
-----------------------------------------------------------
Machines 46.6 60.2 46.5
Services 10.9 12.9 10.1
Software Solutions 6.0 7.9 5.2
Other 0.0 0.4 0.0
Total segment assets 63.5 81.4 61.8
-----------------------------------------------------------
Other assets 134.6 142.9 133.1
Total assets 198.1 224.3 194.9
-----------------------------------------------------------
Segment liabilities 31.3.2011 31.3.2010 31.12.2010
-----------------------------------------------------------
Machines 23.0 25.4 22.3
Services 2.9 2.6 3.2
Software Solutions 0.8 0.4 0.7
Other 0.2 0.2 0.3
Total segment liabilities 26.9 28.7 26.5
-----------------------------------------------------------
Other liabilities 113.1 129.2 129.0
Total liabilities 140.0 157.9 155.4
-----------------------------------------------------------
Net working capital 31.3.2011 31.3.2010 31.12.2010
-----------------------------------------------------------
Machines 23.6 34.8 24.2
Services 8.0 10.3 6.9
Software Solutions 5.1 7.5 4.5
Other -0.2 0.2 -0.2
Total Glaston Group 36.6 52.8 35.4
-----------------------------------------------------------
In segment reporting net working capital consists of inventory, external trade
receivables and trade payables and advances received.
Order intake
EUR million 1-3/2011 1-3/2011 1-12/2010
--------------------------------------------------
Machines 24.0 20.3 96.2
Services 8.7 6.7 29.8
Software Solutions 6.1 5.9 22.3
Total Glaston Group 38.8 32.9 148.3
--------------------------------------------------
Net sales by geographical areas
EUR million 1-3/2011 1-3/2011 1-12/2010
----------------------------------------------------
EMEA 16.6 20.5 75.3
Asia 9.7 9.2 35.2
America 7.9 8.7 39.0
Total 34.2 38.4 149.4
----------------------------------------------------
QUARTERLY NET SALES, OPERATING RESULT, ORDER INTAKE AND ORDER BOOK
Machines
EUR million 1-3/ 10-12/ 7-9/ 4-6/ 1-3/
2011 2010 2010 2010 2010
--------------------------------------------------------------------------------
External sales 20.1 23.5 18.5 28.5 24.3
Intersegment sales 0.0 0.1 0.0 0.0 0.0
--------------------------------------------------------------------------------
Net sales 20.1 23.6 18.5 28.5 24.3
EBIT excluding non-recurring items -1.9 -2.7 -2.6 -1.7 -1.5
--------------------------------------------------------------------------------
EBIT-%, excl. non-recurring items -9.2 -11.5 -14.0 -5.9 -6.1
Non-recurring items - -12.0 - - -
------------------------------------------------
EBIT -1.9 -14.7 -2.6 -1.7 -1.5
--------------------------------------------------------------------------------
EBIT-% -9.2 -62.1 -14.0 -5.9 -6.1
--------------------------------------------------------------------------------
Services
EUR million 1-3/ 10-12/ 7-9/ 4-6/ 1-3/
2011 2010 2010 2010 2010
--------------------------------------------------------------------------------
External sales 8.1 8.3 7.3 7.0 8.0
Intersegment sales 0.2 0.5 0.4 0.2 0.2
--------------------------------------------------------------------------------
Net sales 8.3 8.8 7.8 7.3 8.2
EBIT excluding non-recurring items 1.5 1.2 0.6 0.5 1.0
--------------------------------------------------------------------------------
EBIT-%, excl. non-recurring items 18.4 13.3 7.8 6.6 12.1
Non-recurring items - -2.2 - - -
------------------------------------------------
EBIT 1.5 -1.0 0.6 0.5 1.0
--------------------------------------------------------------------------------
EBIT-% 18.4 -11.3 7.8 6.6 12.1
--------------------------------------------------------------------------------
Software Solutions
EUR million 1-3/ 10-12/ 7-9/ 4-6/ 1-3/
2011 2010 2010 2010 2010
--------------------------------------------------------------------------------
External sales 6.0 5.8 6.0 6.0 6.0
Intersegment sales 0.0 -0.1 0.1 0.0 0.0
--------------------------------------------------------------------------------
Net sales 6.0 5.8 6.1 6.0 6.1
Share of associates' and joint ventures' - - 0.0 - -
results
EBIT excluding non-recurring items 1.0 -0.3 0.2 0.5 0.7
--------------------------------------------------------------------------------
EBIT-%, excl. non-recurring items 16.4 -5.9 4.0 7.8 11.7
Non-recurring items - 0.5 - - -
------------------------------------------------
EBIT 1.0 0.1 0.2 0.5 0.7
--------------------------------------------------------------------------------
EBIT-% 16.4 2.2 4.0 7.8 11.7
--------------------------------------------------------------------------------
Net sales
EUR million 1-3/ 10-12/ 7-9/ 4-6/ 1-3/
2011 2010 2010 2010 2010
--------------------------------------------------------------------------------
Machines 20.1 23.6 18.5 28.5 24.3
Services 8.3 8.8 7.8 7.3 8.2
Software Solutions 6.0 5.8 6.1 6.0 6.1
Other and intersegment sales -0.2 -0.5 -0.5 -0.2 -0.2
Glaston Group total 34.2 37.7 31.9 41.5 38.4
--------------------------------------------------------------------------------
EBIT
EUR million 1-3/ 10-12/ 7-9/ 4-6/ 1-3/
2011 2010 2010 2010 2010
--------------------------------------------------------------------------------
Machines -1.9 -2.7 -2.6 -1.7 -1.5
Services 1.5 1.2 0.6 0.5 1.0
Software Solutions 1.0 -0.3 0.2 0.5 0.7
Other and eliminations -1.6 -2.1 -1.1 -2.1 -1.9
EBIT excluding non-recurring items -0.9 -3.9 -2.8 -2.8 -1.7
--------------------------------------------------------------------------------
Non-recurring items - -13.7 - - -
--------------------------------
EBIT -0.9 -17.6 -2.8 -2.8 -1.7
--------------------------------------------------------------------------------
Order book 31.3.2011 31.12.2010 30.9.2010 30.6.2010 31.3.2010
---------------------------------------------------------------------------
Machines 40,2 37,4 34,7 25,6 32,4
Services 1,7 1,2 1,9 0,9 0,7
Software Solutions 3,8 3,5 4,0 3,7 3,8
--------------------
Total Glaston Group 45,6 42,1 40,7 30,2 36,9
---------------------------------------------------------------------------
Order intake
EUR million 1-3/ 10-12/ 7-9/ 4-6/ 1-3/
2011 2010 2010 2010 2010
---------------------------------------------------
Machines 24.0 26.8 25.3 23.8 20.3
Services 8.7 8.0 7.7 7.4 6.7
Software Solutions 6.1 4.8 6.1 5.5 5.9
Total Glaston Group 38.8 39.7 39.0 36.7 32.9
---------------------------------------------------
CONTINGENT LIABILITIES
EUR million 31.3.2011 31.3.2010 31.12.2010
Mortgages and pledges
On own behalf 516.9 130.8 274.6
On behalf of others 0.2 - 0.1
Guarantees
On own behalf 0.2 0.5 0.7
On behalf of others 0.2 0.1 0.2
Lease obligations 10.5 13.6 10.7
Repurchase obligations 0.2 0.3 0.2
Other obligation on own behalf 0.0 - 0.0
Capital commitments in relation to interests - 0.6 -
in joint ventures
Pledged assets include EUR 122.2 million shares in group companies and EUR 55.3
million receivables from group companies.
Glaston Group has international operations and can be a defendant or plaintiff
in a number of legal proceedings incidental to those operations. The Group does
not expect the outcome of any unmentioned legal proceedings currently pending,
either individually or in the aggregate, to have material adverse effect upon
the Group's consolidated financial position or results of operations.
DERIVATIVE INSTRUMENTS
EUR million 31.3.2011 31.3.2010 31.12.2010
Nominal Fair Nominal Fair Nominal Fair
value value value value value value
Currency
derivatives
Currency 0.2 0.0 1.7 -0.1 0.4 0.1
forwards
Commodity
derivatives
Electricity 0.3 0.2 0.5 0.1 0.3 0.2
forwards
Derivative instruments are used only for hedging purposes. Nominal values of
derivative instruments do not necessarily correspond with the actual cash flows
between the counterparties and do not therefore give a fair view of the risk
position of the Group. The fair values are based on market valuation on the
date of reporting.
PROPERTY, PLANT AND EQUIPMENT
EUR million
Changes in property, plant and equipment 1-3/2011 1-3/2010 1-12/2010
Carrying amount at beginning of the period 19.5 24.7 24.7
--------------------------------------------------------------------------------
Additions 0.3 0.1 0.9
Disposals -0.1 0.0 -0.4
Depreciation and amortization -0.7 -0.8 -3.4
Impairment losses and reversals of impairment 0.0 0.0 -1.2
losses
Reclassification and other changes 0.8 -0.5 -1.5
Exchange differences -0.2 0.3 0.5
Carrying amount at end of the period 19.6 23.7 19.5
--------------------------------------------------------------------------------
At the end of March 2011 and 2010, Glaston did not have of contractual
commitments for the acquisition of property, plant and equipment.
SHAREHOLDER INFORMATION
Largest shareholders 31 March, 2011 Number of % of shares and
shares votes
1 Gws Trade Oy 13,446,700 13.74
2 Oy G.W.Sohlberg Ab 12,819,400 13.10
3 Finnish Industry Investment Ltd. 8,139,692 8.32
4 Varma Mutual Pension Insurance Company 8,137,549 8.31
5 Sumelius Birgit 3,644,200 3.72
6 Fondita Nordic Micro Cap Investment Fund 2,350,000 2.40
7 Oy Investsum Ab 1,820,000 1.86
8 Suutarinen Helena Estate 1,802,400 1.84
9 Von Christierson Charlie 1,600,000 1.63
10 Sumelius Bjarne Henning 1,190,936 1.22
11 Sumelius-Koljonen Barbro 1,175,238 1.20
12 Oy Cacava Ab 1,000,000 1.02
13 Investment Fund Nordea Pro Suomi 909,655 0.93
14 Sumelius-Fogelholm Birgitta Christina 850,000 0.87
15 Sumelius Bertil Christer 803,800 0.82
16 Huber Karin 800,800 0.82
17 Nordea Life Assurance Finland Ltd. 800,000 0.82
18 Evli Alexander Management Oy 788,582 0.81
19 Investment Fund Aktia Capital 734,574 0.75
-----------------------------------------------------------------------------
Total 20 largest shareholders 62,813,526 64.18
Other shareholders 862,777 0.88
Not in the book-entry securities system (in 34,204,465 34.95
joint account)
-----------------------------------------------------------------------------
Total 97,880,768 100.00
RELATED PARTY TRANSACTIONS
Glaston Group's related parties include the parent, subsidiaries, associates
and joint ventures. Related parties also include the members of the Board of
Directors and the Group's Executive Management Group, the CEO and their family
members.
Glaston follows the same commercial terms in transactions with associates and
joint ventures and other related parties as with third parties.
During the review period Glaston's related party transactions included leasing
of premises to a joint venture. In addition, the Group has leased premises from
companies owned by individuals belonging to the management. The lease payments
were in January - March EUR 0.2 (0.2) million.
During the review period there were no related party transactions whose terms
would differ from the terms in transactions with third parties.
Transactions with joint ventures and associates
In 2011 Glaston did not have transactions with joint ventures or the associate.
EUR million
Transactions with joint ventures
1-3/2011 1-3/2010 1-12/2010
Sales to joint ventures - - -
Other operating income from joint ventures - 0.1 0.1
Interest income from joint ventures - 0.1 0.1
Other financial expenses - - -3.3
Receivables from and liabilities to joint 1-3/2011 1-3/2010 1-12/2010
ventures
Current receivables - 1.6 -
Non-current loan receivables - 3.2 -
Trade payables - 0.0 -
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