LAROX CORPORATION INTERIM REPORT 24.4.2008 AT 8.30 AM
INTERIM FINANCIAL REPORT OF THE LAROX GROUP FOR THE PERIOD 1 JANUARY 2008 TO 31
MARCH 2008
GENERAL
Larox Group's result before tax for the three months totaled EUR 2.2 million
(EUR 2.3 million, 1 January 2007 to 31 March 2007). Net sales totaled EUR 37.6
million (EUR 32.7 million). Order backlog at the end of the review period
totaled EUR 109.2 million (EUR 55.2 million). The amount of new orders received
during the review period totaled EUR 53.3 million (EUR 43.1 million). Earnings
per share was EUR 0.14 (EUR 0.17).
BUSINESS OPERATIONS
Demand for the Larox products has remained good. During the review period the
order accumulation improved positively and the order backlog was about 11.9
million euros higher than at the turn of the fiscal year.
More than 90% of Group net sales were generated by exports and foreign
operations. Net sales by geographical division were as follows:
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| | 1-3/2008 | 1-3/2007 |
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| North, Central and South | 22.3% | 37.4% |
| America | | |
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| Asia and Australasia | 24.0% | 22.1% |
| | | |
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| Europe, CIS, Middle East and | 53.7% | 40.4% |
| Africa | | |
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CHANGES IN GROUP STRUCTURE
There was no change in Group structure during the review period.
PROFITS AND PROFITABILITY
Group profitability compared to the first quarter of last year decreased
slightly due to low margin of two first deliveries of a new product and
increased other costs of sales and business operations.
The Group showed an operating profit of EUR 2.7 million (EUR 2.7 million),
i.e. 7.3% (8.4%) of net sales. Larox Group's result before tax for the three
months totaled EUR 2.2 million (EUR 2.3 million, 1 January 2007 to 31 March
2007).
BALANCE SHEET AND FINANCING
By the end of March 2008 the Group balance sheet totaled EUR 107.4 million
(EUR 86.2 million). By the turn of the year the balance sheet total was EUR
102.9 million. The main reasons for the increase of balance sheet during the
first quarter is the working capital due to increased net sales.
The Group's net financing costs totaled EUR 0.5 million (EUR 0.4 million). The
equity ratio was 30.7 % (31.1 %) and at the end of the previous financial year
(31 December 2007)it was 34.2 %.
INVESTMENTS
Larox Group's investments totaled EUR 0.6 million (EUR 0.5 million).
PERSONNEL
The average number of personnel employed by the Group during the review period
was 490 (435). At the end of the review period it was 495 (441) of whom 229
(205) worked for the parent company. At the turn of the fiscal year the number
of Group personnel totaled 469 and 220 in the parent company.
SHARES AND SHAREHOLDERS
During 1 January 2008 to 31 March 2008 trading in shares totaled 805,256,
which is 8.58 % of the total number of shares. The value of shares traded was
EUR 8.0 million. During the review period the lowest share price was EUR 8.00
and the highest was EUR 12.40. The closing price of the share was 10.94 and
the total market value of the shares was EUR 102.6 million. At the end of
March there were 1.788 shareholders.
LAROX CORPORATION ANNUAL GENERAL MEETING OF SHAREHOLDERS
The Annual General Meeting of the shareholders of Larox Corporation on 26
March 2008 confirmed the annual financial statements of the company and the
Group. A dividend of 0.60 euro per share, in total EUR 5.6 million, was
distributed in accordance with the proposal of the Board of Directors. Mr.
Timo Vartiainen, Ms. Katariina Aaltonen, Mr. Teppo Taberman, Mr. Thomas Franck
and Mr. Matti Ruotsala were re-elected to the Board. Mr. Timo Vartiainen was
elected Chairman of the Board in the organizational meeting of the Board of
Directors held immediately after the Annual General Meeting of shareholders.
Larox Corporation annual general meeting of shareholders elected the auditing
society PricewaterhouseCoopers Oy as auditors, the primary responsibility
resting with APA Kim Karhu.
Larox Corporation annual general meeting of shareholders approved the proposal
regarding the amendment of the articles of association. Some changes resulted
from the new Companies Act. The essential changes were related to the expansion
of the business, delivery of the invitation to the annual general meeting of
shareholders, increase in the number of the places where the annual general
meeting of shareholders take place, abandoning the rules regarding minority and
majority capital and number of shares; electing one main auditor, who must be
either an auditing society approved by the Central Chamber of Commerce or an
auditor or deputy auditor approved by the Central Chamber of Commerce.
AUTHORIZATIONS TO THE BOARD OF DIRECTORS DECIDED IN THE ANNUAL GENERAL MEETING
OF SHAREHOLDERS
The authorization to the Board of Directors regarding the repurchase of shares
by using the company's unrestricted shareholders' equity was not used during the
review period. The authorization is for 500.000 Larox Corporation B-series
shares at the maximum and is valid until 30.9.2008.
The authorization to the Board of Directors to decide on shares, stock option
rights or special rights referred to in the Finnish Companies Act chapter 10,
paragraph 1 in one or more lots in such a way that based on the authorization
the total maximum number of Larox Corporation B-series shares is 500 000 was not
used during the review period. The authorization is valid until 30.3.2012.
RISKS AND UNCERTAINTY FACTORS
No significant changes have taken place in Larox's risks and uncertainty
factors during the review period. Exchange rate changes in Larox's invoicing
currencies have been proceted as before.
OUTLOOK FOR THE REST OF THE YEAR
The demand situation is expected to continue favorable but raw material markets
and certain component deliveries are challenging. The Group net sales and
profitability are likely to improve from the previous year. The order backlog of
109.2 million euros during the review period supports this. It is expected that
76 million euros of the order backlog will be delivered during the current year.
The orders of approximately EUR 53.3 million, received during the first quarter
of 2008 are a proof of strong investment activity in filters. Positive demand
for metals, which is expected to continue strong and the recovering demand in
the chemical process industry influence specially investment decisions.
The decision, published in March, to establish a subsidiary in China, progresses
as planned. The aim is that the subsidiary would be fully operational during the
first quarter of the year 2009. The new subsidiary will be responsible for
filter sales and after market services to the existing and potential Larox
customers in China. Furthermore, the subsidiary aims at purchasing components
from local suppliers. The company also plans to start local assembly of filters,
primarily for the needs of Chinese and Asian markets.
Lappeenranta on 23 April 2008
Larox Corporation
Board of Directors
For further information please contact
Mr Toivo Matti Karppanen
President & CEO
Tel +358 (0) 207 687 210
Fax +358 (0) 207 687 277
E-mail topi.karppanen@larox.com
Internet www.larox.com
Distribution: OMX Nordic Exchange in Helsinki, central media
www.larox.com
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| KEY RATIOS OF LAROX GROUP | | | |
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| EUR 1000 | 1-3/2008 | 1-3/2007 | 1-12/2007 |
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| New orders | 53 317 | 43 059 | 208 421 |
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| Group order backlog at end of period | 109 183 | 55 201 | 97 330 |
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| Net sales | 37 563 | 32 659 | 158 270 |
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| Operating profit | 2 726 | 2 743 | 13 070 |
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| % of net sales | 7.3 | 8.4 | 8.3 |
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| Net financing costs | 514 | 426 | 1 315 |
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| % of net sales | 1.4 | 1.3 | 0.8 |
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| Result before taxes | 2 212 | 2 318 | 11 755 |
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| Result for the period | 1 329 | 1 550 | 9 496 |
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| EPS basic and diluted (EUR) | 0.14 | 0.17 | 1.01 |
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| Investments | 625 | 476 | 3 284 |
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| Shareholders' equity per share at | | | |
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| end of period, EUR | 2.99 | 2.68 | 3.5 |
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| Equity Ratio % | 30.7 | 31.1 | 34.2 |
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| Contingent liabilities | 27.7 | 27.1 | 27.7 |
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| Trading price at end of period, EUR | 10.94 | 8.98 | 12.00 |
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| Market capitalization at end of period, | | |
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| EUR million *) | 102.6 | 84.6 | 112.6 |
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*) The price of the A share is based on the B share's last trading rate of the
reporting period (weighted average).
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| KEY FIGURES BY | | | | | |
| QUARTERS | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | 2008 | 2007 | 2007 | 2007 | 2007 |
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| EUR 1000 | 1-3 | 10-12 | 7-9 | 4-6 | 1-3 |
--------------------------------------------------------------------------------
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| New orders | 53 317 | 64 912 | 57 471 | 42 979 | 43 059 |
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| Group order backlog | 109 183 | 97 330 | 79 606 | 53 845 | 55 201 |
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--------------------------------------------------------------------------------
| Net sales | 37 563 | 49 298 | 33 662 | 42 651 | 32 659 |
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| Operating profit | 2 726 | 5 164 | 1 886 | 3 276 | 2 743 |
--------------------------------------------------------------------------------
| % of net sales | 7.3 | 10.5 | 5.6 | 7.7 | 8.4 |
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| Net financing costs | 514 | 256 | 507 | 126 | 426 |
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| % of net sales | 1.4 | 0.5 | 1.5 | 0.3 | 1.3 |
--------------------------------------------------------------------------------
| Result before taxes | 2 212 | 4 908 | 1 379 | 3 150 | 2 318 |
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| Result for the quarter | 1 329 | 5 250 | 979 | *) 1 716 | 1 550 |
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| EPS basic and diluted | 0.14 | 0.56 | 0.10 | 0.18 | 0.17 |
| (EUR) | | | | | |
--------------------------------------------------------------------------------
*) includes one-time cost of EUR 0.8 million for terminating filter assembly
functions in The Netherlands
This interim financial report has been prepared in accordance with IFRS
recognition and measurement principles. The review is not prepared in
accordance with all the requirements of IAS 34 Interim Financial Reporting
-standard.
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| INCOME STATEMENTS, IFRS | | | |
--------------------------------------------------------------------------------
| 1000 EUR | 1-3/2008 | 1-3/2007 | 1-12/2007 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Sales | 37 563 | 32 659 | 158 270 |
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| Other operating income | 859 | 227 | 2 240 |
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| Change in inventories of finished | | | |
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| goods and work in progress | -899 | 724 | 447 |
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| Materials and services | -19 010 | -17 038 | -87 305 |
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| Employee benefits expense | -7 492 | -6 804 | -29 906 |
--------------------------------------------------------------------------------
| Depreciation, amortisation & | -884 | -859 | -3 504 |
| impairment losses | | | |
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| Other operating expenses | -7 411 | -6 165 | -27 171 |
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| OPERATING PROFIT | 2 726 | 2 744 | 13 070 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financial income | 518 | 136 | 946 |
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| Financial expenses | -1 137 | -543 | -2 622 |
--------------------------------------------------------------------------------
| Share of profit/loss in associates | 105 | -19 | 361 |
--------------------------------------------------------------------------------
| PROFIT/LOSS BEFORE TAX | 2 212 | 2 318 | 11 755 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Income tax expense | -883 | -767 | -2 259 |
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| PROFIT/LOSS FOR THE PERIOD | 1 329 | 1 550 | 9 496 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EPS basic (EUR) | 0.14 | 0.17 | 1.01 |
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| EPS diluted (EUR) | 0.14 | 0.17 | 1.01 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| BALANCE SHEETS, IFRS | | | |
--------------------------------------------------------------------------------
| 1000 EUR | 31.3.2008 | 31.3.2007 | 31.12.2007 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| ASSETS | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| NON-CURRENT ASSETS | | | |
--------------------------------------------------------------------------------
| Intangible assets | 18 596 | 18 776 | 18 795 |
--------------------------------------------------------------------------------
| Goodwill | 2 818 | 2 919 | 2 926 |
--------------------------------------------------------------------------------
| Property, plant and equipment | 9 187 | 9 322 | 9 257 |
--------------------------------------------------------------------------------
| Investments in associates | 1 483 | 1 020 | 1 393 |
--------------------------------------------------------------------------------
| Available-for-sale investments | 23 | 208 | 23 |
--------------------------------------------------------------------------------
| Deferred tax asset | 5 407 | 3 557 | 5 238 |
--------------------------------------------------------------------------------
| NON-CURRENT ASSETS | 37 515 | 35 802 | 37 633 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CURRENT ASSETS | | | |
--------------------------------------------------------------------------------
| Inventories | 29 867 | 22 018 | 26 592 |
--------------------------------------------------------------------------------
| Trade receivables and other | 37 224 | 26 511 | 36 651 |
| receivables | | | |
--------------------------------------------------------------------------------
| Current tax | 733 | 329 | 165 |
--------------------------------------------------------------------------------
| Cash and bank | 2 037 | 1 547 | 1 812 |
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| CURRENT ASSETS | 69 860 | 50 404 | 65 220 |
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| TOTAL ASSETS | 107 376 | 86 207 | 102 853 |
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| EQUITY AND LIABILITIES | | | |
--------------------------------------------------------------------------------
| Share capital | 5 629 | 5 629 | 5 629 |
--------------------------------------------------------------------------------
| Share premium account | 5 777 | 5 777 | 5 777 |
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| Other reserves | 48 | 89 | 0 |
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| Translation differences | -197 | -145 | -127 |
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| Retained earnings | 16 788 | 13 803 | 21 566 |
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| SHAREHOLDERS' EQUITY | 28 044 | 25 153 | 32 845 |
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--------------------------------------------------------------------------------
| NON-CURRENT LIABILITIES | | | |
--------------------------------------------------------------------------------
| Deferred tax liability | 2 578 | 1 927 | 1 804 |
--------------------------------------------------------------------------------
| Long-term financial liabilities | 11 245 | 14 726 | 12 751 |
--------------------------------------------------------------------------------
| Employee benefit obligations | 479 | 407 | 555 |
--------------------------------------------------------------------------------
| Non-current provisions | 841 | 1 137 | 826 |
--------------------------------------------------------------------------------
| NON-CURRENT LIABILITIES | 15 143 | 18 197 | 15 936 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CURRENT LIABILITIES | | | |
--------------------------------------------------------------------------------
| Short-term financial liabilities | 17 418 | 12 949 | 24 133 |
--------------------------------------------------------------------------------
| Trade payables and other payables | 46 770 | 29 908 | 29 939 |
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| CURRENT LIABILITIES | 64 188 | 42 857 | 54 072 |
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| TOTAL EQUITY AND LIABILITIES | 107 376 | 86 207 | 102 853 |
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| CASH FLOW STATEMENTS, IFRS | | | |
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| 1000 EUR | 1-3/2008 | 1-3/2007 | 1-12/2007 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net profit/loss | 1 329 | 1 550 | 9 496 |
--------------------------------------------------------------------------------
| Adjustments to the net profit/loss of | 2 280 | 2 035 | 6 986 |
| the period | | | |
--------------------------------------------------------------------------------
| Change in working capital | 6 306 | -507 | -13 817 |
--------------------------------------------------------------------------------
| Interest paid | -517 | -417 | -1 819 |
--------------------------------------------------------------------------------
| Interest income received | 14 | 15 | 53 |
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| Other financing items | -84 | -93 | -50 |
--------------------------------------------------------------------------------
| Income taxes paid | -623 | -1 157 | -3 218 |
--------------------------------------------------------------------------------
| Net cash from operating activities | 8 705 | 1 425 | -2 369 |
--------------------------------------------------------------------------------
| Net cash used in investment activities | -677 | -459 | -3 037 |
--------------------------------------------------------------------------------
| Increase in loans | 8 349 | 3 053 | 23 197 |
--------------------------------------------------------------------------------
| Decrease in loans | -16 114 | -4 403 | -15 024 |
--------------------------------------------------------------------------------
| Repayment of finance lease liabilities | -39 | -22 | -93 |
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| Dividends paid | 0 | 0 | -2 814 |
--------------------------------------------------------------------------------
| Net cash used in financing activities | -7 804 | -1 372 | 5 265 |
--------------------------------------------------------------------------------
| Change in cash and cash equivalents | 224 | -405 | -141 |
--------------------------------------------------------------------------------
| Operating balance of cash and cash | 1 812 | 1 952 | 1 952 |
| equivalents | | | |
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| Effect of the foreign exchange rates | 0 | 0 | 1 |
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| Closing balance of cash and cash | 2 037 | 1 547 | 1 812 |
| equivalents | | | |
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| CHANGE IN SHAREHOLDERS' EQUITY 1-3/2007 | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Equity belonging to parent company's shareholders |
--------------------------------------------------------------------------------
| | | Share | Fair | Hed- | Trans- | | |
--------------------------------------------------------------------------------
| 1000 EUR | Share | issue | value | ging | lation | Retaine | |
| | | | | | | d | |
--------------------------------------------------------------------------------
| | capita | premiu | res. | res. | diff. | earning | Total |
| | l | m | | | | s | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| SHAREHOLDERS' | 5 629 | 5 777 | 105 | -44 | -69 | 15 271 | 26 668 |
| EQUITY | | | | | | | |
--------------------------------------------------------------------------------
| 1 JANUARY 2007 | | | | | | | |
--------------------------------------------------------------------------------
| Cash flow | | | | | | | |
| hedging | | | | | | | |
--------------------------------------------------------------------------------
| Recogninized in equity, net of | | 30 | | | 30 |
| tax | | | | | |
--------------------------------------------------------------------------------
| Change in translation difference | | | -76 | -214 | -290 |
--------------------------------------------------------------------------------
| Net profits and losses recognized directly in | | | |
--------------------------------------------------------------------------------
| shareholders | | | | 30 | -76 | -214 | -260 |
| equity | | | | | | | |
--------------------------------------------------------------------------------
| Profit for the | | | | | | 1 550 | 1 550 |
| period | | | | | | | |
--------------------------------------------------------------------------------
| Total profits and | | | 30 | -76 | 1 336 | 1 290 |
| losses | | | | | | |
--------------------------------------------------------------------------------
| Dividend | | | | | | -2 814 | -2 814 |
| distribution | | | | | | | |
--------------------------------------------------------------------------------
| Share-based | | | | | | 9 | 9 |
| payments | | | | | | | |
--------------------------------------------------------------------------------
| SHAREHOLDERS' | | | | | | | |
| EQUITY | | | | | | | |
--------------------------------------------------------------------------------
| 31 MARCH 2007 | 5 629 | 5 777 | 105 | -14 | -145 | 13 802 | 25 153 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CHANGE IN SHAREHOLDERS' EQUITY 1-3/2008 | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Equity belonging to parent company's shareholders |
--------------------------------------------------------------------------------
| | | Share | Fair | Hed- | Trans- | | |
--------------------------------------------------------------------------------
| 1000 EUR | Share | issue | value | ging | lation | Retaine | |
| | | | | | | d | |
--------------------------------------------------------------------------------
| | capita | premiu | res. | res. | diff. | earning | Total |
| | l | m | | | | s | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| SHAREHOLDERS' | 5 629 | 5 777 | | | -127 | 21 566 | 32 845 |
| EQUITY | | | | | | | |
--------------------------------------------------------------------------------
| 1 JANUARY 2008 | | | | | | | |
--------------------------------------------------------------------------------
| Cash flow | | | | | | | |
| hedging | | | | | | | |
--------------------------------------------------------------------------------
| Recogninized in equity, | | | 48 | | | 48 |
| net of tax | | | | | | |
--------------------------------------------------------------------------------
| Change in translation difference | | | -70 | -520 | -591 |
--------------------------------------------------------------------------------
| Net profits and losses recognized directly in | | | |
--------------------------------------------------------------------------------
| shareholders | | | | 48 | -70 | -520 | -543 |
| equity | | | | | | | |
--------------------------------------------------------------------------------
| Profit for the | | | | | | 1 329 | 1 329 |
| period | | | | | | | |
--------------------------------------------------------------------------------
| Total profits and | | | 48 | -70 | 809 | 786 |
| losses | | | | | | |
--------------------------------------------------------------------------------
| Dividend | | | | | | -5 629 | -5 629 |
| distribution | | | | | | | |
--------------------------------------------------------------------------------
| Share-based | | | | | | 42 | 42 |
| payments | | | | | | | |
--------------------------------------------------------------------------------
| SHAREHOLDERS' | | | | | | | |
| EQUITY | | | | | | | |
--------------------------------------------------------------------------------
| 31 MARCH 2008 | 5 629 | 5 777 | | 48 | -197 | 16 788 | 28 044 |
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Larox has applied the same preparation principles in this interim report as in
the financial statements for 2007. Contents of standard changes and
interpretations are presented in more detail in the financial statements for
2007.
All figures in the charts have been rounded and therefore the total sum of
individual figures may differ from the presented total figures.
The information in the interim report is unaudited.
Publication dates of financial information in 2008
The interim report for January-June will be published on Friday 8 August.
The interim report for January-September will be published on Wednesday 22
October.
The financial year-end of the Larox Group is on 31 December 2008.
CALCULATION OF KEY FIGURES
Equity ratio, % =
Shareholders' equity
--------------------------------- x 100
Total assets - advances received
Earnings per share =
Net profit
---------------------------------
Adjusted average number of shares
during the period
Market capitalization at the end of the period
Number of shares at the end of the period x trading price at the end of period
weighted by the number of shares traded
Larox develops, designs and manufactures industrial filters and is a leading
technology company in its field. Larox is a full service solution provider in
filtration for separating solids from liquids. It supplies comprehensive
aftermarket services throughout the lifespan of the Larox solution. Companies
world-wide in mining and metallurgy, chemical processing and related industries
benefit from the Larox technologies. Larox operates in over 40 countries and has
over 460 employees. Larox Group is headquartered in Lappeenranta, Finland where
the Group also has production facilities. Net sales in 2007 totaled 158.3
million euros, of which more than 95 % were generated by exports and the
company's foreign operations.
