Vacon Plc, Stock Exchange Release, 3 February 2010 at 10.20 am
October-December summary:
* Order intake totalled MEUR 63.5, a decline of 5.5 % from the corresponding
period in the previous year (MEUR 67.2).
* Revenues totalled MEUR 64.2, a decline of 14.6 % (MEUR 75.2).
* Operating profit was MEUR 4.3 and 6.7 % of revenues (MEUR 7.5 and 10.0 %).
* Cash flow from operationsgrew to MEUR 12.1 (MEUR 5.1).
* Earnings per share were EUR 0.19 (EUR 0.32), down 40.6 % on the previous
year.
January-December summary:
* Order intake totalled MEUR 256.1, a decline of 16.4 % from the corresponding
period in the previous year (MEUR 306.5).
* Revenues totalled MEUR 272.0, a decline of 7.2 % (MEUR 293.2).
* Operating profit was MEUR 22.5, down 35.0 % (MEUR 34.6). Operating profit
margin was 8.3 % (11.8 %).
* Cash flow from operationsgrew to MEUR 37.1 (MEUR 21.9).
* Earnings per share were EUR 1.01 (EUR 1.51), down 33.1 % on the previous
year.
* The Board of Directors proposes to the Annual General Meeting that a
dividend of EUR 0.70 per share be paid from the profit for 2009.
Vacon revises its long-term financial targets
Vacon's goal is to achieve revenues of EUR 500 million in 2014. The long-term
profitability targets are an operating profit of 14 % and a return on equity of
more than 30 %. It was previously Vacon's goal to achieve these targets in
2012, but the global recession and the consequent decline in the global AC drive
market has resulted in Vacon revising the schedule for the targets.
Market developments in 2009
According to market surveys, the AC drive market declined worldwide by about 16
% in 2009. The global recession weakened demand for AC drives in most market
segments. AC drive investments to improve energy efficiency and in renewable
energy generation remained brisk especially in Asia, but they were not able to
compensate for the decline in business in other market segments and areas. Vacon
does not expect the AC drive market to decline any further during 2010.
October-December 2009
The final quarter of 2009 developed as had been expected by the company. The
value of the order intake in the final quarter was EUR 63.5 million, growth of
11.2 % from the third quarter. Orders declined 5.5 % compared to the final
quarter in the previous year. In Asia orders increased 25.8 %. In Europe the
decline in orders was 21.1 % and in North and South America 18.0 %.
Revenues in the final quarter totalled EUR 64.2 million, down 14.6 % from the
previous year. Revenues rose 3.4 % from the third quarter.
The operating profit margin in the final quarter was 6.7 %, compared to 10.0 %
in the corresponding period in the previous year. The operating profit margin
increased from the third quarter. Factors in the weakening of profitability were
the decline in revenues and an increase in depreciation on the investments in
growth made in the previous years. During the year Vacon initiated measures to
adjust costs to the current level of business operations. The target is cost
savings of EUR 5 million a year from the level in the final period of 2008. The
savings measures have progressed according to plan.
The balance sheet remained strong. The company has paid particular attention to
the management of working capital. The cash flow from operations developed
positively and stood at EUR12.1 million in the final quarter, growth of EUR 6.6
million from the previous year. Intensified control of trade receivables and
stocks helped achieve this improvement.
2009 result and equity structure
MEUR 10-12/ 10-12/ 1-12/ 1-12/ Change,
2009 2008 2009 2008 %
Revenues 64.2 75.2 272.0 293.2 -7.2
EBITDA 6.9 9.5 32.1 41.9 -23.4
Depreciation -1.2 -1.0 -4.3 -3.5 22.9
EBITA 5.7 8.6 27.8 38.4 -27.6
Amortization -1.4 -1.1 -5.3 -3.8 39.5
Operating
profit 4.3 7.5 22.5 34.6 -35.0
Profit
before taxes 4.3 6.4 22.0 32.6 -32.5
Profit
for period 2.9 5.1 16.1 23.9 -32.6
The Group's order intake in 2009 declined 16.4 % to EUR 256.1 million (EUR
306.5 million in 2008). The Group's order book stood at EUR 32.0 million at the
end of 2009 (EUR 48.0 million). The order book declined EUR 16.0 million from
the beginning of the year.
Vacon's revenues declined 7.2 % in 2009 to EUR 272.0 million (EUR 293.2
million). The impact of the global recession was felt in revenues especially in
the second half of 2009, when revenues fell 13.3 % compared to the first half of
the year.
Market surveys show that the global AC drive market decreased by 16 % in 2009.
As the company's revenues declined 7.2 % at the same time, it can be deducted
that the company's market share increased during the year. Vacon's sales were
assisted by winning new customers and by demand for applications for renewable
power generation.
Vacon's profitability weakened in 2009, and the operating profit was EUR 22.5
(34.6) million. Factors contributing to the decline in the operating profit
margin from the previous year were the fall in revenues and depreciation, which
was made on ITC projects, production investments for new products and
development work on new products. The new subsidiaries also raised the company's
costs compared to the previous year. During the year Vacon initiated measures to
adjust costs to the current level of business operations.
The Group's profit for the period was EUR 16.1 (23.9) million. Earnings per
share (EPS) fell to EUR 1.01 (1.51). The operating profit margin was 8.3 % (11.8
%).
The Group's cash flow from business operations in January-December was EUR 37.1
(21.9) million. Receivables decreased altogether by EUR 17 % from the beginning
of the year. The consolidated balance sheet total was EUR 145.6 (149.1) million.
Vacon's equity ratio remained strong at 56.5 % (51.1 %). Interest-bearing net
debt stood at EUR 1.6 (12.3) million at the end of the year and gearing was 2.0
% (16.3 %). The debt comprises long-term loans. The return on investment was
23.1 % (37.0 %), and return on equity 20.5 % (34.3 %).
Market position
Vacon Group revenues by market area were as follows:
MEUR 10-12/ % 10-12/ % 1-12/ % 1-12/ %
2009 2008 2009 2008
Europe,
Middle East,
Africa 42.8 66.7 54.0 71.8 190.8 70.1 210.5 71.8
North and
South
America 11.1 17.3 14.0 18.6 46.3 17.0 55.9 19.1
Asia and
Pacific 10.4 16.2 7.2 9.6 34.9 12.8 26.8 9.1
Total 64.2 100.0 75.2 100.0 272.0 100.0 293.2 100.0
According to its own estimates, Vacon has strengthened its position in all main
market areas during 2009. Based on market surveys, the company estimates that it
has about five per cent of the global market.
Vacon's revenues by region were as follows in 2009: Europe, Middle East and
Africa in total 70.1 % (71.8 % in 2008), North and South America 17.0 % (19.1
%), Asia and Pacific 12.8 % (9.1 %).
Breakdown of Vacon Group revenues by distribution channel
MEUR 10-12/ % 10-12/ % 1-12/ % 1-12/ %
2009 2008 2009 2008
Direct
sales 35.2 54.8 42.4 56.4 155.2 57.1 146.4 49.9
Distribu-
tors 5.2 8.1 6.8 9.0 24.6 9.0 34.4 11.7
OEM 13.8 21.5 9.7 12.9 51.7 19.0 60.0 20.5
Brand
label 10.0 15.6 16.2 21.5 40.5 14.9 52.4 17.9
Total 64.2 100.0 75.2 100.0 272.0 100.0 293.2 100.0
Vacon's 2009 revenues by distribution channel were as follows: direct sales
57.1 % (49.9 %), distributors 9.0 % (11.7 %), OEM 19.0 % (20.5 %) and brand
label customers 14.9 % (17.9 %).
Vacon Group structure
During 2009 Vacon established subsidiaries in Brazil and Canada. At the end of
2009 Vacon's own sales network comprised 23 subsidiaries and five representative
offices.
Research and development
R&D expenditure during the year totalled EUR 17.6 (17.0) million, and EUR 5.4
(2.3) million of this was capitalized as development costs. R&D costs accounted
for 6.5 % of the Group's revenues (5.8 %). Amortization of capitalized
development costs totalled EUR 1.0 (0.6) million in 2009.
During 2009 Vacon increased the number of personnel at its R&D units in Finland,
China and Italy. Vacon also has R&D in the USA.
Vacon's goal is to renew most of its product offering by the end of 2010. Work
on developing the new products continued during 2009 in accordance with the
company's plans. The new generation products are more competitive.
Investments
Gross investments by the Group during the year totalled EUR 18.2 (11.2) million.
Expenditure focused mainly on increasing and maintaining production capacity,
expanding the sales network, and on standardizing and developing information
systems. During 2009 the new factory in the USA was completed and construction
began of a new factory in China.
Organization and personnel
Vacon's personnel policy is based on the company's values. The competence
management is quided by the company strategy.
The number of Vacon personnel has increased by 31 from the beginning of the
year. At the end of December the Group employed 1,228 (1,197) people, of whom
627 (639) were in Finland and 601 (558) in other countries.
The table below shows the average number of Vacon employees during the review
period:
1-12/2009 1-12/2008
Office personnel 763 687
Factory personnel 468 444
TOTAL 1,231 1,131
During the autumn Vacon Plc conducted personnel negotiations affecting office
staff at its operations in Finland, examining the means available to adjust its
operations to weaker market conditions. In consequence of these negotiations
Vacon decided to lay off 160 office workers for fixed periods.
Shares and shareholders
Vacon had a market capitalization at the end of December of EUR 406.1 million.
The closing share price on 31 December 2009 was EUR 26.70. The lowest share
price during the January-December period was EUR 15.30 and the highest EUR
28.90. A total of 4,493,871 shares (29.4 % of the share stock) were traded in
the January-December period, in monetary terms EUR 97.0 million. According to
the shareholder register updated on 31 December 2009, Vacon had 5,114 registered
shareholders. Shares that were nominee registered and in foreign ownership
amounted to 28.9 % of the share stock.
Vacon's main shareholders on 31 December 2009 were:
Number of Holding, %
shares
Ahlström Capital Group 3,059,715 20.0
Tapiola Mutual
Pension Insurance Company 584,500 3.8
Ilmarinen Mutual
Pension Insurance Company 563,230 3.7
Vaasa Engineering Oy 424,433 2.8
Koskinen Jari 362,088 2.4
Holma Mauri 347,171 2.3
Ehrnrooth Martti 333,000 2.2
Tapiola Group companies 325,300 2.1
Niemelä Harri 271,939 1.8
Karppinen Veijo 209,349 1.4
Nominee registered
and in foreign ownership 4,421,015 28.9
Own shares 85,011
Others 4,308,249 28.7
Total 15,295,000 100.0
Shares outstanding 15,209,989
On 31 December 2009 members of Vacon's Board of Directors, the President and
CEO, and the Deputy to the CEO held directly a total of 578,529 shares, or 3.8 %
of Vacon's share stock.
Own shares
On 31 December 2009 Vacon Plc held a total of 85,011 of its own shares, which it
had acquired at an average price of EUR 21.01. This is 0.6 % of the share
capital and voting rights, so it has no significant impact on the distribution
of ownership or voting rights in the company.
Dividend proposal
At the end of the financial year the distributable equity of the parent company
stands at EUR50.5 million. The Board of Directors proposes to the Annual General
Meeting of Shareholders to be held on 23 March 2010 that a dividend of EUR 0.70
per share be paid from the parent company's profit for the financial year 2009
of EUR 11.8 million, and the remainder of the profit for the year be transferred
to retained earnings. According to this proposal, a total of EUR 10.6 million
would be paid in dividend.
Business strategy
AC drives are a key product in production automation, increasing energy
efficiency and in utilizing renewable energy sources. This creates a solid base
for long-term growth in the AC drives business. By focusing one hundred per cent
on AC drives, Vacon aims to grow profitably and much faster than the average
growth rate in the sector.
Vacon'sgoal is to achieve revenues of EUR 500 million by 2014. The long-term
targets for profitability are an operating profit (EBIT) of 14 % and a return on
equity (ROE) of more than 30 %. The basis for Vacon's business operations lies
with four strategic choices: product leadership, focusing 100 % on AC drives, a
multi-channel sales network, and a global presence.
In 2010 Vacon will direct its biggest strategic efforts at strengthening its
product leadership. The company is currently developing and bringing to market
its third generation products, of which the Vacon 10 and Vacon 100 HVAC have
already been launched. During 2010 Vacon plans to launch new products, with
features, quality and competitiveness that will ensure excellent conditions for
growth when the market recovers.
Vacon is still the largest company in the world that designs and manufactures
nothing else but AC drives, and intends to stay so. This one hundred per cent
focus gives Vacon a clear competitive edge, for it means that Vacon's customers
always obtain service with the highest level of expertise in the sector, whether
it is a question of sales, customer service, or service and maintenance.
Multi-channel sales is the core of Vacon's sales and marketing strategy.The
company sells its products to original equipment manufacturers (OEM), system
suppliers, brand label customers, distributors and direct to end customers.
Utilizing different sales channels in each geographical region or industrial
sector is a genuine competitive advantage from which Vacon has benefited during
the economic downturn - sales have not been dependent on just one mainstay.
Over the past few years Vacon has strongly expanded its global presence. The
company has production, research and product development units in four countries
- in Finland, China, Italy and the USA - and sales companies and representative
offices in altogether 23 countries. A broad presence on different continents
makes it possible to locate production close to the customer, and at the same
time protects against currency risks. A comprehensive sales network brings the
necessary local touch to sales. During 2009, the Group's own sales companies
succeeded in winning many new customers, which helped compensate for the fall in
orders from other customers.
Vacon has invested heavily during the past few years in developing its
information and communications technology, and has succeeded in building common
tools for almost all its global organization. Vacon's other areas of strategic
expertise are a common hardware and software platform for AC drives and
management of the product selection, customer relations management, stream
production and a global sourcing network. Each expertise area is monitored and
developed continuously, to ensure the company has the correct knowhow needed to
implement its strategy.
Risks and uncertainties in the near future
The most significant risks for Vacon in the near future relate to the
uncertainty of general demand and intensifying competition on price. Vacon's
order book has always been short term in nature, so there are no major risks
connected with the timing of deliveries or their cancellation. Vacon has
thousands of customers worldwide. The ten largest customers account for less
than half of Vacon's revenues. Vacon does not finance customer projects. The
company assesses continuously the creditworthiness of its customers and their
ability to pay their debts.
Vacon is able to adjust its production capacity to market demand. The company
estimates that its cash funds and available credit facilities are sufficient to
ensure its liquidity.
Vacon's balance sheet includes goodwill of EUR 8.1 million, most of which is
related to the company acquisition at the beginning of 2008.The company tests
goodwill for impairment annually.
The availability and quality of raw materials and components and changes in
their prices can affect the profitability and scale of the company's
business.Purchase agreements for raw materials and components are mainly annual
agreements, which contain price and exchange rate clauses for changes in the
global market prices of raw and other materials. Changes in the global economic
situation may harm the business opportunities for some component suppliers.
Some of the most significant financial risks affecting the result are foreign
exchange risks. Exchange rate fluctuations may have an impact on business,
although the international expansion of business operations reduces the relative
importance of individual currencies. The biggest exchange rate risks against the
euro relate to the US dollar and the Chinese renminbi. The Group applies IAS 39
-compliant hedge accounting for cash flow hedging with respect to operative
currency exposure.
Prospects for 2010 and long-term targets
Vacon does not expect the AC drive market to weaken further during 2010.Vacon
has roughly a 5 % market share. The global sales network, diverse customer base,
renewal of the product selection, and the relatively low market share, coupled
with a flexible organization support the development of Vacon's business even in
a difficult market situation. Vacon reduces temporarily its investments in
growth in order to secure its profitability in the prevailing market situation.
Vacon forecasts that revenues in 2010 will increase, profitability will be at
the same level, and earnings per share will improve from 2009.
It is Vacon's goal to achieve revenues of EUR 500 million in 2014. Its long-term
profitability targets are an operating profit of14 % and a return on equity of
more than 30 %. It was previously Vacon's goal to achieve these targets in
2012, but the global recession and the consequent decline in the Ac drive market
has resulted in the timetable for the targets being revised.
Most of this growth will be organic, but Vacon does not exclude the possibility
of further acquisitions. Organic growth will be financed by cash flow from
operations and any further acquisitions may increase gearing a maximum of 60 %.
Financial reports in 2010
Vacon is publishing three interim reports in 2010 as follows:
January-March: 27 April 2010
January-June: 4 August 2010
January-September: 27 October 2010
The 2009 Annual Report will be published in week 10/2010 (8-12 March). The
Annual General Meeting of Vacon Plc will be held in Vaasa at 3.00 pm on Tuesday
23 March 2010 at the premises of Åbo Akademi University, visiting address
Academill, Rantakatu 2, Vaasa.
Formal statement
This release contains certain forward-looking statements that reflect the
current views of the company's management. Due to the nature of these
statements, they contain risks and uncertainties and are subject to changes in
the general economic situation and in the company's business sector.
Vacon in brief
Vacon's operations are driven by a passion to develop, manufacture and sell the
best AC drives in the world - and nothing else. AC drives are used to control
electric motors and in renewable energy generation. Vacon has R&D and production
units in Finland, the USA, China and Italy, and sales offices in 27 countries.
In 2009 Vacon had revenues of EUR 272 million and globally employed 1,200
people.The shares of Vacon Plc (VAC1V) are quoted on the main list of the
Helsinki stock exchange.
Driven by Drives,www.vacon.com <http://www.vacon.com>
Vaasa, 3 February 2010
VACON PLC
Board of Directors
For more information please contact:
Mr Vesa Laisi, President and CEO, phone: +358 (0)40 8371 510
Ms Eriikka Söderström, CFO and Vice President, Finance & Control, phone: +358
(0)40 8371 443
Conference for media and analysts
Vacon will hold a briefing for analysts and the media at 11.30 am on3 February
2010 at the Radisson Blu Hotel Plaza, Mikonkatu 23, Helsinki.
Dial-in conference for investors and investment analysts
A dial-in conference in English for investors and investment analysts will be
held at 3.00 pm on 3 February 2010. President and CEO Vesa Laisi and Eriikka
Söderström, CFO and Vice President, Finance and Control, will participate in the
conference. Lines can be booked ten minutes before the conference by calling the
service number +44 207 162 0025. The conference ID code is "855961". Conference
link:http://wcc.webeventservices.com/view/wl/r.htm?e=189217&s=1&k=142F763A5264F4
56DFDC9266AEEE6716&cb=blank
To hear a recording of the conference, available for four working days, call +44
207 031 4064, ID code855961.
Distribution
NASDAQ OMX Nordic Exchange Helsinki
Financial Supervision Authority
Main media
Accounting principles
The 2009 financial statement release has been prepared in accordance with IFRS
recognition and measurement principles. Vacon has prepared this release applying
the same IFRS accounting principles as in its 2008 consolidated financial
statements, because the new standards have not had any material impact. The
figures presented for the whole year in the financial statement release are
audited. The quarterly figures presented are unaudited.
Consolidated income statement, MEUR
10-12/ 10-12/ 1-12/ 1-12/
2009 2008 2009 2008
Revenues 64.2 75.2 272.0 293.2
Other operating income 0.0 0.1 0.3 0.2
Change in inventories of
finished goods and work
in progress -1.0 -3.7 -1.0 0.2
Materials and services -32.0 -34.8 -138.1 -150.8
Employee benefit costs -12.9 -13.7 -53.6 -52.7
Other operating costs -11.5 -13.4 -47.5 -48.2
Depreciation -1.2 -1.0 -4.3 -3.5
EBITA 5.7 8.6 27.8 38.4
Amortization -1.4 -1.1 -5.3 -3.8
Operating profit 4.3 7.5 22.5 34.6
Financial income
and expenses 0.0 -1.0 -0.6 -2.0
Profit before taxes 4.3 6.4 22.0 32.6
Income taxes -1.4 -1.3 -5.9 -8.7
Profit for period 2.9 5.1 16.1 23.9
Attributable to:
Equity holders
of the parent 2.8 4.9 15.4 23.1
Minority interest 0.1 0.2 0.6 0.8
Earnings per share,
Euro 0.19 0.32 1.01 1.51
Earnings per share
diluted, euro 0.19 0.32 1.01 1.51
Consolidated statement of comprehensive income, MEUR
10-12/2009 10-12/2008 1-12/2009 1-12/2008
Net profit for period 2.9 5.1 16.1 23.9
Other comprehensive
income
Cash flow hedging 0.0 0.0 -0.1 0.0
Exchange differences
on translating
foreign operations 0.3 0.0 -0.1 0.4
Total comprehensive income 3.1 5.1 15.9 24.3
Attributable to:
Shareholders
of parent company 3.0 4.9 15.3 23.5
Minority interest 0.1 0.2 0.6 0.8
Consolidated balance sheet, MEUR
31.12.2009 31.12.2008
ASSETS
Goodwill 8.1 8.3
Development costs 9.1 4.8
Intangible assets 13.3 14.9
Tangible assets 18.5 16.3
Loans receivable
and other receivables 0.2 0.2
Deferred tax assets 3.3 2.6
Other financial assets 5.3 3.3
Total non-current assets 57.8 50.3
Inventories 19.3 21.3
Trade and other receivables 51.3 61.7
Cash and cash equivalents 17.2 15.7
Total current assets 87.8 98.8
Total assets 145.6 149.1
EQUITY AND LIABILITIES
Share capital 3.1 3.1
Share premium reserve 5.0 5.0
Own shares -2.6 -2.6
Retained earnings 74.4 68.7
Minority interest 1.5 1.4
Total equity 81.3 75.5
Deferred tax liabilities 4.6 3.5
Employee benefits 1.5 1.4
Interest-bearing liabilities 12.4 15.8
Total non-current liabilities 18.5 20.7
Trade and other payables 36.1 37.6
Income tax liabilities 1.3 1.5
Provisions 1.9 1.6
Interest-bearing liabilities 6.4 12.2
Total current liabilities 45.7 52.9
Total equity and liabilities 145.6 149.1
2008 Calculation of changes in shareholders' equity, MEUR
Attributable to equity holders of the parent Minority Total
interest equity
Share Share Own Retain Total
capital pre- share -ed
mium s earn-
re- ings
serve
Shareholders'
equity
31.12.2007 3.1 5.0 -1.2 56.0 62.9 1.1 64.0
Dividend paid -11.1 -11.1 -0.6 -11.7
Purchase
of own
shares -1.5 -1.5 -1.5
Total
comprehensive
income
for period 23.5 23.5 0.8 24.4
Share
bonuses 0.3 0.3 0.3
Other
changes 0.0 0.0 0.0
Shareholders'
equity
31.12.2008 3.1 5.0 -2.6 68.7 74.1 1.4 75.5
2009 Calculation of changes in shareholders' equity, MEUR
Attributable to equity holders of the parent Minority Total
interest equity
Share Share Own Retain Total
capital pre- share -ed
mium s earn-
re- ings
serve
Shareholders'
- equity
31.12.2008 3.1 5.0 -2.6 68.7 74.1 1.4 75.5
Dividend
paid -10.0 -10.0 -0.5 -10.5
Total
comprehensive
income
for period 15.3 15.3 0.6 15.9
Share
bonuses 0.3 0.3 0.3
Other
changes 0.1 0.1 0.0 0.1
Shareholders'
equity
31.12.2009 3.1 5.0 -2.6 74.4 79.8 1.5 81.3
Consolidated cash flow statement, MEUR
31.12.2009 31.12.2008
Profit for the period 16.1 23.9
Depreciation 9.6 7.3
Financial income and expenses 0.6 2.0
Taxes 5.9 8.7
Other adjustments 0.5 0.5
Change in working capital 11.0 -10.1
Cash flow from
financial items and tax -6.5 -10.4
Cash flow from
operating activities 37.1 21.9
Purchase of subsidiary 0.0 -20.4
Investments in tangible and
intangible assets -16.1 -9.2
Proceeds from disposal of
tangible and intangible assets 1.4 -0.1
Other investments -2.3 -1.7
Proceeds from disposal
of other investments 0.6 0.6
Cash flow from
investing activities -16.5 -30.8
Repayment of long-term loans -3.3 -3.9
Proceeds from short-term
borrowings 0.0 7.9
Repayment of short-term loans -5.8 0.0
Purchase of own shares 0.0 -1.5
Dividends paid -10.4 -11.9
Cash flow from financial activities -19.5 -9.4
Change in liquid funds 1.2 -18.3
Liquid funds at start of period 15.7 34.4
Translation differences
for liquid funds 0.3 -0.4
Liquid funds at end of period 17.2 15.7
Segment information
Vacon has one business segment, AC drives. The figures for the business segment
are identical with the figures for the whole Group. Vacon's operations are
organized in the following functions: Products and Markets, Production, Research
& Development, Finance and Administration, Human Resources, IT and Process
Development, and Business Development. To ensure that the organisation is
customer-oriented, operations are controlled by sales channel: Distributors,
Systems Integrators, Direct Sales, OEM Customers and Brand Label Customers.
Financial ratios
Per share data
2009 2008 2007 2006 2005
Earnings
per share, EUR 1.01 1.51 1.37 1.04 0.79
Equity
per share, EUR 5.25 4.88 4.13 3.42 2.78
Dividend
per share EUR*) 0.70 0.65 0.75 0.65 0.41
Dividend
payout ratio, %*) 69.02 42.94 54.59 62.57 52.12
Effective
dividend yield %*) 2.6 3.5 2.7 2.5 2.3
Price/earnings ratio 26.3 12.1 20.4 25.1 22.2
Lowest
trading price, EUR 15.30 17.00 24.60 17.70 11.85
Highest
trading price, EUR 28.90 32.44 38.00 26.99 17.50
Share price
at year end, EUR 26.70 18.30 28.00 26.10 17.50
Average
trading price, EUR 21.51 26.65 30.01 22.60 14.68
Market
capitalization, MEUR 406.11 278.00 426.50 397.10 266.00
Trading volume, 4,493, 4,915, 8,241, 4,439, 5,693,
no. of shares 871 722 357 458 881
Trading volume, % 29.6 32.3 54.1 29.2 37.5
Adjusted average
number of shares
during the 15,204, 15,238, 15,226, 15,209, 15,203,
financial year**) 263 236 997 303 147
Number of shares 15,209, 15,193, 15,232, 15,213, 15,199,
at year end **) 989 188 188 428 740
Own shares 85,011 101,812 62,812 81,572 95,260
*) The 2009 dividend is the Board of Directors' proposal to the Annual General
Meeting.
**) The average number of shares during the year was 15,204,263. The total
number of shares outstanding is 15,209,989.
Key figures showing the Group's financial performance
2009 2008 2007 2006 2005
Revenues, MEUR 272.0 293.2 232.2 186.4 149.9
Change in revenues, % -7.2 26.3 24.6 24.3 16.6
Operating profit, MEUR 22.5 34.6 29.2 23.1 18.1
Change in
operating profit, % -35.0 18.5 26.4 27.6 13.8
Operating profit,
% of revenues 8.3 11.8 12.6 12.4 12.1
Profit before taxes, MEUR 22.0 32.6 28.8 22.7 17.7
Profit before taxes,
% of revenues 8.1 11.1 12.4 12.2 11.8
Return on equity, % 20.5 34.3 36.5 33.7 30.5
Return on investment, % 23.1 37.0 41.2 45.1 40.8
Interest-bearing
net liabilities, MEUR 1.6 12.3 -11.0 -8.8 -7.9
Gearing, % 2.0 16.3 -17.1 -16.6 -18.3
Net working capital, MEUR 31.2 42.5 27.2 21.8 14.2
Equity ratio, % 56.5 51.1 52.9 61.7 56.8
Gross capital
expenditure, MEUR***) 18.2 11.2 9.1 8.5 6.6
Gross capital
expenditure,
% of revenues 6.7 3.8 3.9 4.6 4.4
R & D costs, MEUR 17.6 17.0 14.3 12.6 10.8
R & D costs,
% of revenues 6.5 5.8 6.2 6.7 7.2
Number of personnel
at end of the period 1 228 1 197 869 675 577
Order book, MEUR 32.0 48.0 34.8 29.7 18.8
***)The 2008 gross capital expenditure figure does not include the acquisition
of TB Woods'.
Commitments and contingencies, MEUR
31.12.2009 31.12.2008
Commitments and contingencies 2.4 0.4
Financing commitments 0.3 0.6
Group quarterly performance, MEUR
10-12/ 7-9/ 4-6/ 1-3/ 1-12/ 1-9/ 1-6/ 1-3/
2009 2009 2009 2009 2009 2009 2009 2009
Revenues 64.2 62.1 75.7 70.0 272.0 207.8 145.7 70.0
Operating
profit 4.3 3.4 7.8 7.1 22.5 18.2 14.9 7.1
Profit
before tax 4.3 3.7 7.5 6.6 22.0 17.7 14.0 6.6
Calculation of financial ratios
Profit for the financial year attributable to equity
holders of the parent company
Earnings per share = -------------------------------------------------
Adjusted average number of shares
Shareholders' equity - minority holding
Equity per share = -------------------------------------------------
Adjusted average number of shares at year end
Dividend for the financial year
Dividend per share = ----------------------------------------------
Adjusted number of shares at year end
Dividend for the financial year x 100
Dividend payout ----------------------------------------------
ratio, % =
Profit for period attributable to equity holders
of the parent company
Dividend per share x 100
Effective dividend ----------------------------------------------
yield, % =
Adjusted closing share price at year end
Adjusted closing share price at year end
Price/earnings ratio -------------------------------------------------
=
Earnings per share
Profit for the financial year x 100
Return on equity, % -------------------------------------------------
=
Shareholders' equity, average of the
beginning and end of the year
(Profit before taxes + interest and other financial
expenses) x 100
Return on -------------------------------------------------
investment, % =
Balance sheet total - non-interest-bearing liabilities,
average of the beginning and end of the year
Shareholders' equity x 100
Equity ratio, % = -------------------------------------------------
Balance sheet total - advances received
(Interest-bearing liabilities - cash, bank balances
and financial assets) x 100
Gearing, % = -------------------------------------------------
Shareholders' equity
Net working capital Inventories + non-interest-bearing current
=
receivables - non-interest-bearing current liabilities
Research and development costs
R & D costs = recognized in income statement (incl. costs covered
with subsidies) and capitalized development
expenses
Market Number of shares outstanding at year end
capitalization =
x closing share price
Number of shares traded during the year x 100
Trading volume, % = ---------------------------------------------------------
Adjusted average number of shares
[HUG#1380081]
Vacon Plc Financial Bulletin 1 January - 31 December 2009
| Source: Vacon.
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