Vaisala Corporation Stock Exchange Release 7.8.2008 09:00
a.m. 1(13)
Vaisala Group's Interim Report, January-June 2008 (6 months)
- Orders received at a good level: 121.9 (107.9) million EUR,
growth 12.9%. In comparable currencies, the growth would have been
19.2%.
- Net sales EUR 106.5 (100.8) million, up 5.7%. In comparable
currencies, the growth would have been 12.8%.
- Operating profit EUR 14.8 (15.1) million, down 2.0%.
- Earnings per share EUR 0.59 (0.65), down 9.4%.
H1 2008 H1 2007 Change Q2 2008 Q2 2007 Change 2007
(MEUR) (MEUR) (%) (MEUR) (MEUR) (%)
Net sales, group 106.5 100.8 5.7 60.1 50.5 19.0 224.1
Measurement
Systems 43.2 43.9 -1.5 26.6 21.9 21.2 95.4
Instruments 41.1 36.0 14.1 22.4 18.1 23.5 76.6
Solutions 18.2 12.0 52.1 11.4 6.1 86.7 34.6
Services 12.5 14.4 -13.3 5.7 7.2 -21.2 33.0
Eliminations and
other -8.6 -5.6 -5.9 -2.8 -15.5
Operating profit,
group 14.8 15.1 -2.0 11.7 8.7 35.3 35.3
Measurement
Systems 4.5 6.1 -26.9 5.8 3.8 48.9 12.3
Instruments 12.1 10.5 15.5 7.2 5.5 31.5 20.5
Solutions -1.4 -1.0 -48.6 0.3 0.0 482.6 -0.6
Services -0.2 1.4 -117.4 -0.7 0.3 -311.1 5.7
Eliminations and
other -0.1 -1.9 -0.8 -1.0 -2.6
Profit before
taxes 15.5 16.4 -5.2 12.6 9.4 34.3 37.0
Net profit for
the review period 10.7 11.8 -9.4 8.8 6.8 29.1 25.8
Orders booked 121.9 107.9 12.9 57.9 54.4 6.5 228.5
Order book 95.6 82.6 15.7 95.6 82.6 15.7 82.3
Earnings per
share 0.59 0.65 -9.4 0.48 0.37 29.1 1.42
Return on equity
(%) 12.4 14.1 12.4 14.1 14.9
Comments on the second quarter
Vaisala's net sales in the second quarter developed favorably. Also
the operating profit and number of orders received were on a good
level. Exchange rates continued to affect the net sales in a negative
way.
Outlook for the remainder of 2008
Instability in the world economy and changes in the currency exchange
rates are expected to continue to affect the business. Due to the
structure of Vaisala's customer base, the Company's market situation
is expected to remain unchanged in 2008. We expect our net sales to
be slightly higher than in the preceding year and operating profit to
remain at the same level or be slightly higher than in the preceding
year. The market situation is expected to remain favorable especially
in Asia-Pacific.
Development projects aiming at long-term growth are continuing.
President and CEO Kjell Forsén on Vaisala's six month results:"Vaisala's second quarter was a good one. Our net sales developed
favorably, especially in the instruments and airport weather
solutions business areas. The number of orders received has also
grown, and for example the order book for weather radars is good.
Vaisala was able to grow despite the fact that the US dollar has
weakened by some 15 percent in the review period compared to the
corresponding period last year. In comparable currencies, our net
sales would have grown by nearly 13 percent, instead of the 5.7
percent in current rates. Nearly 40% of our net sales this year has
been USD based.
A particularly positive development was the growth of sales in the
Asia Pacific region by 24 percent. The region grew into the second
biggest market for Vaisala after Europe.
The result was somewhat burdened by the development projects aiming
at long-term growth."
Market situation, net sales and order book
Vaisala's market situation remains unchanged. The number of orders
received has developed positively during the first six months.
Vaisala's market-position also remains strong.
The value of orders received was EUR 121.9 (107.9) million, which is
12.9 percent more than in the corresponding period last year. In
comparable currencies, the value of orders received would have grown
by 19.2 percent. The number of orders received for the past 12 months
is EUR 242.4 million. The order book stood at EUR 95.6 (82.6) million
at the end of the review period. Of the order book, approximately EUR
27 million will be delivered in 2009 or later.
Net sales increased by 5.7 percent year on year, to EUR 106.5 (100.8)
million. In comparable currencies, Vaisala's consolidated net sales
would have grown by 12.8 percent.
Net sales developed most favorably in the Asia-Pacific region and in
Europe, but declined in North America and South and Central America.
Net sales per region were as follows: Europe EUR 39.0 (34.8)
million, Asia-Pacific EUR 33.5 (27.8) million, North America EUR 30.8
(33.8) million, and Africa and South and Central America EUR 3.3
(4.4) million. Exchange rates affected especially the North American
net sales. In comparable currencies, the net sales there would have
grown by 4.7 percent.
Operations outside Finland accounted for 94 (96) percent of net
sales.
Performance and balance sheet
Operating profit for the review period was 13.9 percent of the net
sales, EUR 14.8 (15.1) million. Profit before taxes was 14.6 percent
of the net sales, EUR 15.5 (16.4) million. Net profit for the review
period was EUR 10.7 (11.8) million.
Vaisala Group's solvency ratio and liquidity remained strong. On June
30, 2008, the balance sheet total was EUR 212.7 (204.8) million. The
Group's solvency ratio at the end of the review period was 86 (85)
percent.
Vaisala's consolidated liquid assets totaled EUR 89.6 (87.0) million.
Research and development
Investment in research and development in the review period totaled
EUR 11.5 (10.4) million, representing 10.8 percent of the Group's net
sales.
Capital expenditure
Gross capital expenditure totaled EUR 5.0 (3.4) million. The
construction of a new enterprise resource planning (ERP) system for
the entire organization continues. Implementation will proceed in
phases, and will commence this year.
Changes in financial reporting
From the first Interim Report for 2008, Vaisala Group's business will
be reported in four segments, which are Vaisala Instruments, Vaisala
Measurement Systems, Vaisala Solutions and Vaisala Services.
All figures for 2007 have been changed to correspond to the new
reporting model, and are therefore comparable. The comparative
figures for 2007 have been published in a stock exchange release on
30.4.2008.
Vaisala Measurement Systems
Vaisala Measurement Systems consists of sounding, surface weather
system, thunderstorm system, wind profiler, and weather radar
business segments. Vaisala Measurement Systems' offering was
complemented by single products and systems from Vaisala Solutions.
Correspondingly, the lightning detection services were moved to the
Vaisala Services business area.
Vaisala Measurement Systems' net sales to customers outside the Group
decreased by 3.4 percent year on year, to EUR 40.5 (42.0) million. In
comparable currencies, the net sales would have grown by 2.8 percent.
Operating profit was EUR 4.5 (6.1) million.
Even though some of the delay caused by a temporary disruption in
production in the first quarter has been caught up, the soundings
business is still somewhat behind the comparable level a year ago.
The disruption is not expected to have a significant impact on the
total net sales of the business area in 2008.
The value of orders received was EUR 56.3 million and the order book
stood at EUR 45.6 million at the end of the review period.
Vaisala Instruments
Vaisala Instruments consists of humidity, barometric pressure, carbon
dioxide, dewpoint, oxygen, wind and optical measurement business
segments.
The instruments business has developed well despite of the weakened
US dollar. The division's net sales to customers outside the Group
increased by 8.8 percent year on year to EUR 35.2 (32.4) million. In
comparable currencies, the increase in net sales would have been 15.8
percent. Operating profit of the review period was EUR 12.1 (10.5)
million.
The sales of all the product lines in the instruments business have
developed very positively.
The value of orders received from external customers was EUR 36.1
million and the order book stood at EUR 8.8 million at the end of the
review period.
Vaisala Solutions
The focus of business area's offering is in comprehensive weather
observation solutions within aviation, traffic, meteorology and
hydrology. Therefore single products and systems were moved to the
Vaisala Measurement Systems business area. Additionally, the road
weather services were moved to the Vaisala Services business area.
Vaisala Solutions' net sales to customers outside the Group increased
by 52.1 percent year on year to EUR 18.2 (12.0) million. In
comparable currencies, the net sales would have been up by 59.7
percent. Operating profit for the review period was EUR -1.4 (-1.0)
million. Markets for aviation weather solutions have developed
particularly favorably.
The total value of orders received was EUR 19.1 million and the order
book stood at EUR 28.2 million at the end of the review period.
Vaisala Services
Vaisala's service offering has been centralized under the Vaisala
Services business area, which became operative at the beginning of
2008. Vaisala Services consists of two business segments, Product
Services and Observation Services.
Net sales to customers outside the Group decreased by 13.3 percent
year on year to EUR 12.5 (14.4) million. In comparable currencies,
the net sales would have been down by 3.9 percent. Operating profit
for the review period was EUR -0.2 (1.4) million.
The total value of orders received was EUR 10.4 million and the order
book stood at EUR 13.0 million at the end of the review period.
Personnel
The average number of employees in the Vaisala Group during
January-June was 1,150 (1,095). Some 37 (39) percent of the personnel
were based outside Finland.
Vaisala has two incentive plans; one based on the development of
sales and profitability and covering all employees, and another three
year plan based on the development of profitability and covering key
employees.
Near-term risks and uncertainties
No significant changes occurred in the risks and uncertainties
relating to Vaisala's business during the review period.
The most significant near-term risks and uncertainties relate to
changes in the global economy. Changes in purchasing activities,
currency exchange rates (with particular respect to the U.S. dollar),
supply chain management and production activities are the most
significant of these. Significant changes in subcontractor relations,
activities or operating environment may have a negative impact on
Vaisala's business. Vaisala monitors these risks and prepares for
them in accordance with the Company's risk management policy.
The Company is currently carrying out some significant improvements
in its research and development and sales organizations. These
changes lay the foundation for the successful execution of Vaisala's
new strategy. A new Group-wide enterprise resource planning system is
also under development. These efforts may constitute a short-term
risk regarding Vaisala's net sales and result.
Vaisala's share
The Company's Board of Directors had no valid authorizations for
increasing the share capital or issuing convertible bonds or bonds
with warrants at the end of the review period.
The closing price of Vaisala's A share in the OMX Nordic Exchange
Helsinki was EUR 26.31 at the end of the review period. The highest
quotation during the review period was EUR 36.49 and the lowest EUR
24.60. A total of 1,245,708 Vaisala shares were traded in the stock
exchange during the review period.
Conversion of unlisted shares series K into series A
Vaisala Oyj's 500 unlisted shares (series K) were converted into
listed shares (series A). The conversion was registered in the
Finnish Trade Register on June 25, 2008. Listing of the new series A
shares was applied for as of June 26, 2008.
Vaisala has 18,218,364 shares, of which 3,406,885 are K shares and
14,811,479 are A shares. The shares have a counter book value of EUR
0.42. The K shares and A shares are differentiated by the fact that
each K shares entitles its owner to 20 votes at a General Meeting of
Shareholders while each A share entitles its owner to 1 vote. The A
shares represent 81.3% of the total number of shares and 17.9% of the
total votes. The K shares represent 18.7% of the total number of
shares and 82.1% of the total votes.
The market value of Vaisala's A shares on 30.6.2008 was EUR 389.4
million, excluding the Company's own shares. The total market value
of all shares, when the K series shares which are not traded on the
stock market are valued at the rate of the A series shares' closing
price on the final day of the review period, was EUR 479.1 million at
the end of the review period, excluding the Company's own shares.
Vaisala's main shareholders are listed on the Company's website and
in the Notes to the Financial Statements.
Treasury shares and parent company shares
At the end of the review period, the Company held a total of 9,150
Vaisala A shares, which represented 0.05 percent of the share capital
and 0.01 percent of the votes. The consideration paid for these
shares was EUR 251,898.31.
Decisions made by the Annual General Meeting
Vaisala Oyj's Annual General Meeting was held on March 27, 2008 at
the Company's headquarters in Vantaa. The Annual General Meeting
confirmed the annual accounts for 2007 and granted the Members of the
Board of Directors and the Company's President and CEO discharge from
liability for the accounts between 1.1.-31.12.2007.
The Annual General Meeting decided that a dividend of EUR 0.85 per
share, corresponding to the total of EUR 15,477,831.90 was to be
distributed for the financial year 2007. Dividend was not paid to the
A-shares that are held by Vaisala Oyj. Dividend was paid on April 8,
2008.
The Annual General Meeting decided that the Board of Directors
continues to comprise of six members. Raimo Voipio and Mikko
Niinivaara, who were to retire by rotation were re-elected for three
years. Other members in the Board of Directors are Yrjö Neuvo, Maija
Torkko, Mikko Voipio and Stig Gustavson.
The Annual General Meeting decided on the annual remuneration of the
Board of Directors to be as follows: chairman EUR 35,000, and a
member EUR 25,000.
Auditors
PricewaterhouseCoopers Oy and Mr. Hannu Pellinen APA were chosen as
the Company's Authorized Public Accountants.
Board of Directors' Organizing Meeting
Raimo Voipio will continue as the Chairman of the Board of Directors,
and Yrjö Neuvo as Vice Chairman. Maija Torkko, Mikko Niinivaara,
Mikko Voipio and Stig Gustavson are members of the Board.
Events outside the review period
Vaisala and the Australian Bureau of Meteorology signed a three-year
agreement to supply radiosondes for the country's upper air
observation network. The stock exchange release on the agreement was
published on July 16, 2008.
Vantaa, Finland, August 7, 2008
Vaisala Corporation
Board of Directors
Key figures
Financial indicators 1-6 1-6 4-6 4-6 1-12
2008 2007 2008 2007 2007
Return on equity (ROE) 12.4% 14.1% 12.4% 14.1% 14.9%
Number of shares at June 30 (1000
pcs) 18,209 18,209 18,209 18,209 18,209
Number of chares at June 30 (1000
pcs), weighted average 18,209 18,209 18,209 18,209 18,209
Adjusted number of shares (1000
pcs) 18,209 18,209 18,209 18,209 18,209
Earnings/share (EUR) 0.59 0.65 0.48 0.37 1.42
Earnings/share (EUR),fully diluted 0.59 0.65 0.48 0.37 1.42
Net cash flow from operating
activities/share (EUR) 0.65 1.05 1.98
Equity/share (EUR) 9.30 9.08 9.30 9.08 9.68
Solvency ratio 86% 85% 86% 85% 83%
Gross capital expenditure (EUR
Million) 5.0 3.4 2.9 2.0 7.3
Depreciation (EUR Million) 3.9 4.1 2.0 2.1 8.2
Average personnel 1,150 1,095 1,180 1,109 1,113
Order book (EUR Million) 95.6 82.6 95.6 82.6 82.3
Liabilities from derivative
contracts 13.3 11.6 13.3 11.6 14.3
This interim report has been prepared according to the IFRS-Standards
accounting and valuation principles.
This report qualifies all IAS 34, Interim Financial
Reporting, standards requirements.
CONSOLIDATED INCOME STATEMENT (IFRS, EUR
Million)
1-6 1-6 Change 4-6 4-6 Change 1-12
2008 2007 % 2008 2007 % 2007
Net sales 106.5 100.8 5.7 60.1 50.5 19.0 224.1
Cost of production and
procurement -46.5 -43.8 6.3 -25.1 -21.9 14.5 -99.6
Gross profit 60.0 57.0 5.3 35.0 28.6 22.4 124.5
Other operating income 0.0 0.0 0.0 0.0 -200.0 0.0
Cost of sales and
marketing -23.5 -21.8 7.5 -11.9 -10.4 14.5 -46.2
Development costs -11.5 -10.4 10.5 -5.2 -4.9 7.7 -23.5
Other administrative
costs -10.2 -9.6 6.0 -6.1 -4.7 31.7 -19.5
Operating profit 14.8 15.1 -2.0 11.7 8.7 35.3 35.3
Financial income and
expenses 0.7 1.2 -44.3 0.8 0.7 21.4 1.6
Profit before tax 15.5 16.4 -5.2 12.6 9.4 34.3 37.0
Income taxes -4.8 -4.6 5.8 -3.8 -2.6 48.1 -11.2
Profit after tax 10.7 11.8 -9.4 8.8 6.8 29.1 25.8
Attributable to Equity
holders of the parent 10.7 11.8 -9.4 8.8 6.8 29.1 25.8
Taxes for the review period have been calculated under taxes.
Earnings per share for profit attributable to the
equity holders of the parent
1-6 1-6 Change 4-6 4-6 Change 1-12
2008 2007 % 2008 2007 % 2007
Basic earnings per
share, EUR 0.59 0.65 -9.4 0.48 0.37 29.1 1.42
Diluted earnigns per
share, EUR 0.59 0.65 -9.4 0.48 0.37 29.1 1.42
CONSOLIDATED BALANCE SHEET (EUR
million) 30.6.2008 30.6.2007 Change 31.12.2007
%
ASSETS
NON-CURRENT ASSETS
Intangible assets 15.7 19.9 -21.2 17.8
Tangible assets 34.9 33.1 5.4 33.1
Investments in associates 0.3 0.3 15.3 0.5
Other financial assets 0.0 0.0 44.4 0.0
Long-term receivables 0.2 0.2 11.3 0.1
Deferred tax assets 4.5 5.4 -16.5 4.7
CURRENT ASSETS
Inventories 20.1 18.5 8.6 16.1
Trade and other receivables 46.6 39.6 17.5 53.4
Accrued income tax receivables 0.8 0.7 19.1 0.5
Financial assets recognised at
fair value through profit and
loss 27.9 42.0 -33.5 42.6
Cash and cash equivalents 61.6 45.0 36.8 56.6
TOTAL ASSETS 212.7 204.8 3.9 225.6
SHAREHOLDERS' EQUITY AND LIABILITIES
Equity attributable to equity holders of
the parent
Share capital 7.7 7.7 0.0 7.7
Share premium reserve 16.6 16.6 0.0 16.6
Reserve fund 0.1 0.1 32.6 0.1
Translation differences -7.7 -2.3 229.2 -5.4
Profit from previous years 142.1 131.8 7.8 131.8
Own shares -0.3 -0.3 0.0 -0.3
Profit for the financial year 10.7 11.8 -9.4 25.8
Total equity 169.3 165.4 2.4 176.3
Liabilities
Long-term liabilities
Retirement benefit obligations 0.3 0.3 -6.7 0.3
Interest-bearing liabilities 0.1 0.2 -59.2 0.2
Provisions 0.1 0.0 34.2 0.2
Deferred tax liabilities 0.3 0.3 -3.8 0.4
Current liabilities
Current portion of long-term
borrowings 0.1 0.1 -58.2 0.1
Current interest-bearing
liabilities 0.3 0.3 -8.8 0.7
Advances received 15.1 10.3 47.0 12.0
Accrued income tax payables 1.9 3.9 -50.6 2.5
Trade and other payables 25.4 24.1 5.6 32.9
TOTAL SHAREHOLDERS' EQUITY AND
LIABILITIES 212.7 204.8 3.9 225.6
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY June
30, 2008 (EUR million)
Share
pre- Trans- Retain-
Share mium Re- lation dif- ed Total
capi- Share re- serve Own fer- earn- equi-
tal issue serve fund shares ences ings ty
Balance at
December
31, 2007 7.7 0.0 16.6 0.1 -0.3 -5.4 157.6 176.3
Translation
differences -2.3 -2.3
Net profit
for the
period 10.7 10.7
Dividend
paid -15.5 -15.5
Balance at
June 30.
2008 7.7 0.0 16.6 0.1 -0.3 -7.7 152.8 169.3
Share Retain-
Share pre- Re- ed
capi- Share mium serve Own Trans- earn- Total
tal issue re- fund shares lation ings equi-
serve dif-fe-rences ty
Balance at
December
31, 2006 7.7 0.0 16.6 0.1 -0.3 -1.6 147.3 169.8
Translation
differences 0.0 -0.7 -0.7
Net profit
for the
period 11.8 11.8
Dividend
paid -15.5 -15.5
Balance at
June 30,
2007 7.7 0.0 16.6 0.1 -0.3 -2.3 143.6 165.4
CONSOLIDATED CASH FLOW STATEMENT (EUR million)
1-6 1-6 Change 1-12
2008 2007 % 2007
Cash flows from operating activities
Cash receipts from customers 115.5 115.7 -0.2 228.2
Other income from business operations 0.0 0.0 740.0 0.0
Cash paid to suppliers and employees -99.1 -93.4 6.1 -184.0
Interest received 1.4 1.7 -16.2 3.4
Interest paid -0.2 -0.1 56.9 -0.4
Other financial items, net 0.2 0.0 -423.6 -0.4
Direct tax paid -5.8 -4.8 22.5 -10.8
Cash flow from business operations (A) 11.9 19.0 -37.4 36.0
Cash flow from investing activities
Investments in tangible and intangible
assets -5.3 -3.5 54.0 -7.4
Proceeds from sale of fixed assets 0.2 0.0 0.0
Repayments on loan receivables 0.0 0.0 -98.7 0.0
Other investments 0.0 0.1 -111.6 0.0
Cash flow from investing activities (B) -5.1 -3.3 56.0 -7.4
Cash flow from financing activities
Repayment of long-term loans 0.0 -0.2 -100.0 -0.2
Dividend paid and other distribution of
profit -15.5 -15.4 0.2 -15.5
Cash flow from financing activities (C) -15.5 -15.6 -0.8 -15.7
Change in liquid funds (A+B+C) increase
(+) / decrease (-) -8.7 0.1 -7274.5 12.9
Liquid funds at beginning of period 99.2 87.3 13.6 87.3
Foreign exchange effect on cash -1.0 -0.4 128.5 -1.0
Net change in cash and cash equivalents -8.7 0.1 -7274.5 12.9
Liquid funds at end of period 89.6 87.0 2.9 99.2
Segment Report
Business
segments
Other
1-6/2008 VMS * VIN * VSO * VSE * operations Eliminations Group
EUR million
Net sales to
external
customers 40.5 35.2 18.2 12.5 0.0 0.0 106.5
Intragroup
sales 2.7 5.9 0.0 0.0 0.1 -8.7 0.0
Net sales 43.2 41.1 18.2 12.5 0.1 -8.7 106.5
Operating
profit 4.5 12.1 -1.4 -0.2 -0.1 0.0 14.8
Depreciation 0.9 0.8 0.1 0.5 1.7 0.0 3.9
* VMS = Vaisala Measurement Systems
* VIN = Vaisala Instruments
* VSO = Vaisala Solutions
* VSE = Vaisala Services
Segment Report
Business
segments
Other
1-6/2007 VMS * VIN * VSO * VSE * operations Eliminations Group
EUR million
Net sales to
external
customers 42.0 32.4 12.0 14.4 0.0 0.0 100.8
Intragroup
sales 1.9 3.7 0.0 0.0 0.0 -5.6 0.0
Net sales 43.9 36.0 12.0 14.4 0.0 -5.6 100.8
Operating
profit 6.1 10.5 -1.0 1.4 -1.9 0.0 15.1
Depreciation 1.1 0.8 0.1 0.5 1.6 0.0 4.1
* VMS = Vaisala
Measurement Systems
* VIN = Vaisala
Instruments
* VSO = Vaisala
Solutions
* VSE = Vaisala
Services
Segment Report
Business
segments
Other
4-6/2008 VMS * VIN * VSO * VSE * operations Eliminations Group
EUR million
Net sales to
external
customers 24.6 18.3 11.5 5.7 0.0 0.0 60.1
Intragroup
sales 2.0 4.0 -0.1 0.0 0.1 -6.0 0.0
Net sales 26.6 22.4 11.4 5.7 0.1 -6.0 60.1
Operating
profit 5.8 7.2 0.3 -0.7 -0.8 0.0 11.7
Depreciation 0.6 0.7 0.0 0.3 0.4 0.0 2.0
* VMS = Vaisala Measurement Systems
* VIN = Vaisala Instruments
* VSO = Vaisala Solutions
* VSE = Vaisala Services
Segment Report
Business segments
VSE Other
4-6/2007 VMS * VIN * VSO * * operations Eliminations Group
EUR million
Net sales to
external
customers 21.0 16.2 6.1 7.2 0.0 0.0 50.5
Intragroup sales 1.0 1.9 0.0 0.0 0.0 -2.8 0.0
Net sales 21.9 18.1 6.1 7.2 0.0 -2.8 50.5
Operating profit 3.8 5.5 0.0 0.3 -1.0 0.0 8.7
Depreciation 0.5 0.4 0.1 0.2 0.8 0.0 2.1
* VMS = Vaisala Measurement Systems
* VIN = Vaisala Instruments
* VSO = Vaisala Solutions
* VSE = Vaisala Services
Segment Report
Business
segments
Other
1-12/2007 VMS * VIN * VSO * VSE * operations Eliminations Group
EUR million
Net sales to
external
customers 90.2 66.2 34.6 33.0 0.0 0.0 224.1
Intragroup
sales 5.2 10.4 0.0 0.0 0.0 -15.5 0.0
Net sales 95.4 76.6 34.6 33.0 0.0 -15.5 224.1
Operating
profit 12.3 20.5 -0.6 5.7 -2.6 0.0 35.3
Depreciation 2.1 1.6 0.2 1.0 3.2 0.0 8.2
* VMS = Vaisala Measurement Systems
* VIN = Vaisala Instruments
* VSO = Vaisala Solutions
* VSE = Vaisala Services
Calculation of financial indicators
Shareholders' equity plus minority
interest
Solvency
ratio, (%) = --------------------------------------- x 100
Balance sheet total less advance payments
Profit before taxes less taxes
+/- minority interest
Earnings /
share = ---------------------------------------
Average number of shares, adjusted
Cash flow from business operations
Cash flow from
business = ---------------------------------------
operations /
share Number of shares at balance sheet date
Shareholders' equity
Equity / share = ---------------------------------------
Number of shares at balance sheet date,
adjusted
Dividend
Dividend /
share = ----------------------------------------
Number of shares at balance sheet date,
adjusted
Profit before taxes less taxes
Return on
equity, ROE
(%) = ---------------------------------------- x 100
Shareholders' equity plus minority interest
(average)
Further information:
Jouni Lintunen
CFO, tel. +358 (0)9 8949 2215, mobile +358 (0)400 579 0181
www.vaisala.com
Vaisala Corporation
DISTRIBUTION:
OMX Nordic Exchange Helsinki
Finnish News Agency
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