Vaisala Corporation Stock exchange release 8.5.2009 at
09.00 a.m.
Vaisala Group interim report January-March 2009 (3 months)
Orders received at a good level, delayed deliveries and strategic
growth initiatives weakening the first quarter, outlook for 2009
unchanged.
- Net sales EUR 42.1 (46.4) million, decline 9.4%. In
comparable currencies, the decline would have been 14.7%.
- Operating profit EUR -3.1 (3.1) million, decline 201.2%.
- Earnings per share EUR -0.23 (0.11), decline 318.8%.
- Orders received at a good level at EUR 66.1 (63.9) million,
growth 3.5%.
1-3 1-3 Change
2009 2008 (%) 2008
(MEUR) (MEUR)
Group net sales 42.1 46.4 -9.4 242.5
Meteorology 15.8 12.6 +25.0 64.9
Controlled Environment 12.8 13.7 -6.6 54.3
Weather Critical Operations 13.5 20.1 -32.8 123.3
Eliminations and other
Operating profit, group -3.1 3.1 -201.2 38.0
Meteorology 0.6 -0.2 469.4 8.0
Controlled Environment 1.2 2.7 -54.7 8.4
Weather Critical Operations -4.4 -0.2 -2125.7 24.6
Eliminations and other -0.5 0.7 -3.0
Profit before taxes -4.2 2.9 -243.5 38.9
Net profit -4.2 1.9 -318.8 28.4
Orders received 66.1 63.9 3.5 247.9
Order book 114.4 96.0 90.3
Earnings per share -0.23 0.11 -318.8 1.56
Return on equity (%) -9.3 4.6 15.5
Comments on the first quarter
Orders received are at a good level with slight growth year on year.
The first quarter is typically weaker than the subsequent ones.
Vaisala's net sales were lower than a year ago due to project
deliveries that were postponed to second and third quarter. The
markets of the Controlled Environment business area, i.e. industrial
measurement segments declined at the beginning of the year. Group
operating profit was negative due to lower net sales and costs
incurred by growth-oriented strategic initiatives.
Outlook
Due to the structure of Vaisala's customer base, the company's market
situation is expected to remain mostly unchanged in 2009 and there
are no signs of order cancellations. However, the demand has slowed
down for the industrial segments which are more sensitive to economic
fluctuations. These segments represent approximately 25 percent of
Vaisala's net sales. The weakening of these segments may continue,
shifting their growth expectations to a later stage.
The outlook for the weather segments, i.e. Meteorology and Weather
Critical Operations business areas is still good. However, schedules
of the delivery projects may be delayed which increases uncertainty
towards the rest of the year.
We reiterate our estimate that Vaisala's net sales in 2009 will grow
slightly compared to the preceding year. We expect that the
operational profitability will remain at a good level, but the
strategic, growth oriented efforts will burden Group profitability
this year by approximately EUR 10 million. With these efforts Vaisala
aims to maintain its technological leadership, make processes more
efficient and reduce manufacturing costs.
President and CEO Kjell Forsén on Vaisala's result:"Despite the uncertainties in the global economy, the number of
orders received and order book exceed last year's level, which gives
us a good starting point for the rest of the year.
The first quarter was a slight disappointment. However, we still
expect to see growth in 2009 because our order backlog is strong and
the basic business environment has not changed substantially. Both
net sales and operating profit declined year on year. The decline in
net sales was largely due to some postponed project deliveries in
Weather Critical Operations, which are due to take place in the
second and third quarter, and the slightly lower sales in the
industrial segments. Our operating profit declined because of lower
sales and because of costs incurred by the growth initiatives.
We continue to execute Vaisala's growth strategy this year, which
will result in increased costs. We are especially going to strengthen
our research and development capabilities and sales organization to
support our businesses globally. Additionally the sizeable
ERP-development project is progressing. We consider the current
situation highly suitable for taking measures that aim to improve our
future position. Vaisala's strong balance sheet enables this. We
believe that when the world economy starts recovering, these efforts
will further strengthen our competitiveness in the markets."
Market situation, net sales and order book
Instability of the world economy shows especially in the Controlled
Environment business area, i.e. in the industrial segments, where the
markets declined at the beginning of the year. Vaisala has
nevertheless been able to retain its market shares.
The outlook for Meteorology and Weather Critical Operations business
areas, i.e. the weather segments, is still favorable and the demand
is expected to remain good.
Vaisala Group's net sales declined by 9.4 percent on the comparison
period and totaled EUR 42.1 (46.4) million. Net sales of the
Meteorology business area grew by 25.0 percent, whereas the net sales
of Weather Critical Operations declined by 32.8 percent and
Controlled Environment by 6.6 percent. In comparable currencies,
Vaisala group's net sales would have been down by 14.7 percent.
Operations outside Finland accounted for 97 (96) percent of net
sales.
Net sales in euros remained at last year's level in the Americas
region, totaling EUR 15.8 (15.8) million. Net sales declined by 12.0
percent to EUR 16.3 (18.5) million in the EMEA region and by 17.9
percent to EUR 9.9 (12.1) million in the APAC region. In comparable
currencies, the changes in net sales have been: Americas -12.6%, EMEA
-9.2% and APAC -24.5%.
The value of orders received grew by 3.5 percent year on year and
totaled EUR 66.1 (63.9) million. The number of orders received for
the past 12 months is EUR 250.1 million. The order book stood at EUR
114.4 million (96.0) at the end of the review period.
Performance and balance sheet
Operating profit for the financial year was EUR -3.1 million (3.1),
or -7.4 percent of net sales. Profit before taxes was -10.0 percent
of net sales and totaled EUR -4.2 (2.9). Net profit for the review
period was -10.0 percent of net sales, totaling EUR -4.2 (1.9)
million.
Vaisala Group's solvency ratio and liquidity remained strong. On
March 31, 2009, the balance sheet total was EUR 233.9 (220.0)
million. The Group's solvency ratio at the end of the review period
was 76% (78%).
Vaisala's consolidated liquid assets totaled EUR 97.1 (100.2)
million.
Capital expenditure
Gross capital expenditure totaled EUR 6.5 (2.1) million.
In January 2009, Vaisala acquired all shares of Aviation System
Maintenance Inc (ASMI), a US-based airport service company. The
company has 10 employees and the estimated net sales for 2008 were
EUR 1.8 million. ASMI, which is located in Kansas, has a large
customer base and over 25 years of experience in the installation and
maintenance of airport weather equipment.
The acquisition will considerably strengthen Vaisala's position as a
supplier of maintenance services in the US airport weather business,
complementing the existing service contracts and expertise. According
to preliminary calculations, these synergy benefits have accrued to
EUR one million goodwill. The deal price was EUR 2.4 million, which
includes a conditional EUR 0.5 million deal price. This conditional
price will be paid at the end of 2010, provided that certain
performance expectations are met.
Vaisala's new ERP system is gradually taken into use during this and
next year. The project to build new office space in Vantaa, Finland
is progressing according to plans. The old building will be torn down
during the second quarter of 2009.
Changes in financial reporting
Vaisala published its new strategy in November 2008. Going forward,
the company will focus on markets with the biggest growth potential
in the environmental measurement business. The company will seek
growth from the current and new market segments. Vaisala also
announced that it adopts a market segment based reporting model. From
the first interim report in 2009, Vaisala Group's business will be
reported in three segments, which are Meteorology, Weather Critical
Operations and Controlled Environment. From the beginning of 2009,
the Group adopted the amended IAS 1 Presentation of the Financial
Statements standard and IFRS 8 Operating Segments standard. The
amended standards have no significant impact on the presentation of
the interim report.
Meteorology
Meteorology consists of Emerging markets and Established markets. The
Meteorology business area serves national meteorological and
hydrological institutes, whose primary interest is to provide
national weather information and forecasts.
Net sales of Meteorology grew by 25.0 percent year on year to EUR
15.8 (12.6) million. In comparable currencies, the net sales would
have grown by 17.2 percent. Operating profit was EUR 0.6 (-0.2)
million.
The value of orders received for Meteorology was EUR 22.8 million and
the order book stood at EUR 48.1 million at the end of the review
period.
A major part of the modernization project for the Russian weather
observation network was delivered during the first quarter.
Controlled Environment
Controlled Environment consists of Cleanrooms and Chambers, Building
Automation and Targeted Industrial Applications segments. This
business area includes customers who operate in tightly controlled
and demanding areas where the measurement of precise environmental
conditions is required to increase operational quality, productivity
and energy savings.
The instability of the global economy was reflected in the Controlled
Environment business area, where the markets declined especially in
Japan and North America. Net sales of Controlled Environment declined
by 6.6 percent year on year to EUR 12.8 (13.7) million. In spite of
declined net sales, Vaisala has been able to maintain its market
shares. In comparable currencies, the net sales would have been down
by 15.5 percent. Operating profit in January-March was EUR 1.2 (2.7)
million.
The value of orders received for Controlled Environment was EUR 12.6
million and the order book stood at EUR 3.2 million at the end of the
review period.
Weather Critical Operations
Weather Critical Operations consists of Airports, Roads, Defense,
Wind Energy and Targeted Business Development segments. This business
area focuses on customers whose operations or businesses are affected
by the weather, like aviation customers, road authorities, defense
forces and wind parks.
Net sales of Weather Critical Operations declined by 32.8 percent
year on year to EUR 13.5 (20.1) million. In comparable currencies,
the net sales would have been down by 34.2 percent. Operating profit
for the review period was EUR -4.4 (-0.2) million. The result was
mostly burdened by delayed deliveries of weather radar signal
processors and weather observation systems for airports. The revenue
of these deliveries is expected to be recognized during the second
and third quarters.
The value of orders received for Weather Critical Operations was EUR
30.7 million and the order book stood at EUR 63.1 million at the end
of the review period.
Vaisala signed a contract with a long standing customer for upper-air
sounding equipment. The contract was valued at USD 8.6 million and
the deliveries are expected to take place by the end of the first
quarter in 2010.
Other functions
Research and development
Expenditure in research and development totaled EUR 6.5 (6.3)
million, representing 15.5% of the Group's net sales.
The share of research and development expenses of the company's net
sales will grow in 2009. This is due to some one-off projects aiming
at the alignment of technology platforms and improved product
modularity, usability and mass customization capability.
The total additional R&D cost will be approximately EUR 3 million in
2009 and the R&D share will grow to 11-12% of the company's net
sales.
Vaisala announced the development of a reference radio sonde, which
will enable more accurate global observations to monitor climate
change. The project will be carried out in co-operation with the
international climate research community. The sonde will provide
extremely precise weather information from the upper atmosphere.
Vaisala Services
Starting in 2009, Vaisala's service business will be reported as part
of the business areas. Services sales in the first quarter totaled
EUR 7.3 (6.8) million.
In January 2009, Vaisala acquired Aviation Systems Maintenance Inc.
(ASMI) to strengthen its airport weather service offering.
Personnel
The average number of people employed in the Vaisala Group in
January-March was 1,236 (1,121). Some 40 (39) percent of the
personnel was based outside Finland.
Vaisala has two incentive plans; one based on the development of
sales and profitability and covering all employees, and the other,
three-year plan, based on the development of profitability and
covering key personnel.
Changes in Vaisala Corporation's management
Timo Raikaslehto, M.Sc. (Econ.), was appointed Senior Vice President,
Group Marketing and Sales, and a member of the strategic management
group starting March 1, 2009.
Near-term risks and uncertainties
The near term risks and uncertainties are estimated to relate to
changes in the global economy, shifts of currency exchange rates,
interruptions in manufacturing, project delivery capabilities,
changes in purchasing or investment behavior, and delays or
cancellations of orders and deliveries. The biggest risks in
realization of net sales relate to the industrial segments which are
more sensitive to economic fluctuations and where the demand has
clearly slowed down. The share of these segments is approximately 25
percent of Vaisala's net sales.
Significant changes in subcontractor relations, their operations or
operating environment especially due to the uncertainty of the
financial markets 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 implementing significant development
projects and organizational changes, which lay the foundation for
successful execution of Vaisala's new strategy. A new Group-wide
enterprise resource planning system is also under development. These
efforts constitute a short-term risk regarding Vaisala's net sales
and result.
Vaisala's shares
As at the end of the review period, the company's Board of Directors
had no valid authorizations for increasing the share capital,
granting special rights, or issuing stock option rights.
On December 31, 2008, the price of Vaisala's A share in the NASDAQ
OMX Helsinki was EUR 22.11, and at the end of the review period, the
share price was EUR 21.22. The highest quotation during the review
period was EUR 25.00 and the lowest EUR 20.80. The number of shares
traded in the stock exchange was 416.031.
On March 31, 2009, Vaisala has 18,218,364 shares, of which 3,405,084
are series K shares and 14,813,280 are series A shares. The shares
have no counter book value. The K shares and A shares are
differentiated by the fact that each K share 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 March 31, 2009 was EUR
314.1 million, excluding the Company's own shares. Valuing the K
shares - which are not traded on the stock market - at the rate of
the A share's closing price on the final day of the financial year,
the total year-end market value of all the A and K shares together
was EUR 386.4 million, excluding the company's own shares.
Vaisala's main shareholders are listed on the Company's website.
Conversion of unlisted shares series K into series A
Vaisala Corporation's 500 unlisted shares (series K) were converted
into listed shares (series A). The conversion was registered in the
Finnish Trade Register on March 5, 2009. Listing of the new series A
shares was applied for as of March 6, 2009.
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% of the share capital and
0.01% 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 26, 2009 at
the Company's headquarters in Vantaa. The Annual General Meeting
confirmed the annual accounts for 2008 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.-31.12.2008.
The Annual General Meeting decided that a dividend of EUR 0.90 per
share, corresponding to the total of EUR 16,388,292.60 was to be
distributed for the financial year 2008. Dividend was not paid to the
A-shares that are held by Vaisala Corporation. Dividend was paid on
April 7, 2009.
The Annual General Meeting decided that the Board of Directors
continues to comprise of six members. Stig Gustavson and Mikko
Voipio, who were to retire by rotation were re-elected for three
years. Other members in the Board of Directors are Yrjö Neuvo, Maija
Torkko, Raimo Voipio and Mikko Niinivaara.
The Annual General Meeting decided on the annual remuneration of theBoard 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.
Vantaa, Finland, May 8, 2009
Vaisala Corporation
Board of Directors
The forward-looking statements in this release are based on the
current expectations, known factors, decisions and plans of Vaisala's
management. Although the management believes that the expectations
reflected in these forward-looking statements are reasonable, there
is no assurance that these expectations would prove to be correct.
Therefore, the results could differ materially from those implied in
the forward-looking statements, due to for example changes in the
economic, market and competitive environments, regulatory or other
government-related changes, or shifts in exchange rates.
Financial indicators 1-3 1-3 1-12
2009 2008 2008
Return on equity (ROE) -9.3% 4.6% 15.5%
Number of shares at March. 31 (1000 pcs) 18,209 18,209 18,209
Number of shares at March 31 (1000 pcs),
weighted average 18,209 18,209 18,209
Adjusted number of shares (1000 pcs) 18,209 18,209 18,209
Earnings/share (EUR) -0.23 0.11 1.56
Earnings/share (EUR),fully diluted -0.23 0.11 1.56
Net cash flow from operating activities/share
(EUR) 0.02 0.24 1.77
Equity/share (EUR) 9.42 8.81 10.47
Solvency ratio 76% 78% 82%
Gross capital expenditure (EUR Million) 6.5 2.1 12.2
Depreciation (EUR Million) 2.4 2.0 8.2
Average personnel 1,236 1,121 1,177
Order book (EUR Million) 114.4 96.0 90.3
Liabilities from derivative contracts (EUR
Million) 15.2 13.6 14.8
The interim report has been prepared in accordance with the IAS 34
following the same accounting principles as in the annual financial
statements for 2008. From the beginning of 2009, the Group adopted
the amended IAS 1 Presentation of the Financial Statements standard
and IFRS 8 Operating Segments standard. The amended standards have no
significant impact on the presentation of the interim report.
The interim financial statements have not been audited.
CONSOLIDATED INCOME STATEMENT (IFRS, EUR
Million)
1-3 1-3 Change 1-12
2009 2008 % 2008
Net sales 42.1 46.4 -9.4 242.5
Cost of production and procurement -19.8 -21.4 -7.4 -105.1
Gross profit 22.2 25.0 -11.1 137.4
Other operating income 0.0 0.0 -84.6 0.1
Cost of sales and marketing -12.3 -11.6 6.6 -51.5
Development costs -6.5 -6.3 3.8 -24.6
Other administrative costs -6.5 -4.0 60.0 -23.4
Other operating cost 0.0 0.0 0.0
Operating profit -3.1 3.1 -201.2 38.0
Financial income and expenses -1.1 -0.2 597.4 0.9
Share of results of associated companies 0.0 0.0 0.0
Profit before tax -4.2 2.9 -243.5 38.9
Income taxes 0.0 -1.0 -100.9 -10.5
Profit for the year -4.2 1.9 -318.8 28.4
Attributable to Equity holders of the
parent -4.2 1.9 -318.8 28.4
Taxes for the review period have been
calculated under taxes.
Earnings per share for profit attributable to the
equity holders of the parent
Basic earnings per share, € -0.23 0.11 -318.8 1.56
Diluted earnigns per share,€ -0.23 0.11 -318.8 1.56
STATEMENT OF COMPREHENSIVE INCOME
Profit for the year -4.2 1.9 -318.8 28.4
Other comprehensive income
Exchange differences on translating
foreign operations 1.5 -2.3 -165.4 1.3
Total comprehensive income -2.7 -0.4 551.1 29.7
Total comprehensive income attributable
to:
Equity holders of the parent -2.7 -0.4 29.7
STATEMENT OF FINANCIAL
POSITION (EUR million) 31.3.2009 31.3.2008 Change 31.12.2008
%
ASSETS
NON-CURRENT ASSETS
Intangible assets 19.1 16.2 17.8 17.3
Tangible assets 41.1 33.4 23.0 39.1
Investments in associates 0.4 0.3 21.2 0.6
Other financial assets 0.3 0.0 1,025.9 0.1
Long-term receivables 0.1 0.2 -53.1 0.1
Deferred tax assets 5.9 4.5 31.4 5.8
CURRENT ASSETS
Inventories 29.8 18.3 63.3 22.8
Trade and other receivables 36.8 44.6 -17.5 51.7
Accrued income tax receivables 3.2 2.3 40.1 0.8
Financial assets recognised at
fair value through profit and
loss 23.6 42.7 -44.8 25.3
Cash and cash equivalents 73.5 57.5 28.0 78.1
TOTAL ASSETS 233.9 220.0 6.3 241.7
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 0.2 0.1 58.4 0.2
Translation differences -2.6 -7.7 -67.0 -4.1
Profit from previous years 154.1 142.1 8.4 142.1
Own shares -0.3 -0.3 0.0 -0.3
Profit for the financial year -4.2 1.9 -319.7 28.4
Total equity 171.5 160.4 6.9 190.6
Liabilities
Long-term liabilities
Retirement benefit obligations 0.3 0.3 7.4 0.3
Interest-bearing liabilities 0.2 0.1 71.7 0.0
Provisions 0.4 0.2 116.8 0.7
Deferred tax liabilities 0.1 0.3 -79.2 0.4
Current liabilities
Current portion of long-term
borrowings 0.0 0.1 -100.0 0.0
Current interest-bearing
liabilities 0.2 0.7 -76.9 0.2
Advances received 9.5 13.7 -30.8 10.3
Accrued income tax payables 1.3 1.8 -28.3 1.8
Trade and other payables 50.4 42.3 19.0 37.3
TOTAL SHAREHOLDERS' EQUITY AND
LIABILITIES 233.9 220.0 6.3 241.7
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
March 31.2009 (EUR million)
Share
Share Share permium Reserve Own Translation Retained Total
capital issue Reserve fund shares differences earnings equity
Balance at
December 31,
2008 7.7 0.0 16.6 0.2 -0.3 -4.1 170.4 190.6
Total
comprehensive
income for
the year 1.5 -4.2 -2.7
Other changes 0.0
Dividend paid -16.4 -16.4
Balance at
March 31.
2009 7.7 0.0 16.6 0.2 -0.3 -2.6 149.8 171.5 Share
Share Share permium Reserve Own Translation Retained Total
capital issue Reserve fund shares differences earnings equity
Balance at
December 31,
2007 7.7 0.0 16.6 0.1 -0.3 -5.4 157.6 176.3
Total
comprehensive
income for
the year -2.3 1.9 -0.4
Other changes -0.1 0.0
Dividend paid -15.5 -15.5
Balance at
March 31,
2008 7.7 0.0 16.6 0.1 -0.3 -7.7 144.0 160.4
CONSOLIDATED STATEMENT OF CASH FLOWS (EUR
million)
1-3 1-3 Change % 1-12
2009 2008 2008
Cash flows from operating activities
Cash receipts from customers 57.5 56.4 2.0 241.4
Other income from business operations 0.0 0.0 0.0 0.1
Cash paid to suppliers and employees -55.0 -48.7 13.0 -197.6
Interest received 0.6 0.6 -14.5 0.0
Interest paid 0.0 -0.2 -79.5 -0.2
Other financial items, net 0.4 -0.1 -405.3 0.9
Direct tax paid -3.0 -3.6 -17.4 -12.5
Cash flow from business operations (A) 0.36 4.4 -91.8 32.2
Cash flow from investing activities
Investments in intangible assets -0.3 -0.4 -29.6 -0.5
Investments in tangible assets -3.0 -2.1 23.1 -12.0
Acquisition of subsidiary, net of cash
acquired -1.8 0.0 0.0
Proceeds from sale of fixed assets 0.0 0.2 -99.0 0.2
Repayments on loan receivables 0.0 0.0 -100.0 0.0
Other investments 0.0 0.0 -172.4 -0.2
Financial assets recognised at
fair value through profit and loss 0.0 -0.1 17.3
Cash flow from investing activities (B) -5.0 -2.4 -107.7 4.9
Cash flow from financing activities
Equity issue 0.0 0.0 0.0
Repayment of short-term loans -0.1 0.0 0.0
Withdrawal of long-term loans 0.0 0.0 0.0
Repayment of long-term loans 0.0 0.0 0.1
Dividend paid and other distribution of
profit 0.0 0.0 -15.5
Cash flow from financing activities (C) -0.1 0.0 -15.4
Change in liquid funds (A+B+C) increase
(+) / decrease (-) -4.8 2.0 -339.9 21.7
Liquid funds at beginning of period 78.1 56.6 37.8 56.7
Foreign exchange effect on cash 0.3 -1.2 -121.2 -0.3
Net increase in cash and cash equivalents -4.8 2.0 -339.7 21.7
Liquid funds at end of period 73.5 57.5 28.0 78.1
Segment Report
Business segments
1-3/2009 WCO * CEN * MET * Other operations Group
EUR Million
Net sales to external
customers 13,5 12,8 15,8 0,0 42,1
Net sales 13,5 12,8 15,8 0,0 42,1
Operating profit -4,4 1,2 0,6 -0,5 -3,1
Financial income and
expenses -1,1
Share of associated
companies' net profit 0,0
Net profit before taxes -4,2
Income taxes 0,0
Net profit -4,2
Depreciation 0,2 0,0 0,4 1,9 2,5
* WCO= Weather critical
operations
* CEN = Controlled
environment
* MET= Meteorology
1-3/2008 WCO * CEN * MET * Other operations Group
EUR Million
Net sales to external
customers 20,1 13,7 12,6 0,0 46,4
Net sales 20,1 13,7 12,6 0,0 46,4
Operating profit -0,2 2,7 -0,2 0,7 3,1
Financial income and
expenses -0,2
Share of associated
companies' net profit 0,0
Net profit before taxes 2,9
Income taxes -1,0
Net profit 1,9
Depreciation 0,2 0,0 0,3 1,5 2,0
* WCO= Weather Critical
Operations
* CEN = Controlled
Environment
* MET= Meteorology
1-12/2008 WCO * CEN * MET * Other operations Group
EUR Million
Net sales to external
customers 123,3 54,3 64,9 0,0 242,5
Net sales 123,3 54,3 64,9 0,0 242,5
Operating profit 24,6 8,4 8,0 -3,0 38,0
Financial income and
expenses 0,9
Share of associated
companies' net profit 0,0
Net profit before taxes 38,9
Income taxes -10,5
Net profit 28,4
Depreciation 0,7 0,1 1,2 6,2 8,2
* WCO= Weather critical
operations
* CEN = Controlled
environment
* MET= Meteorology
Calculation of financial indicators
Shareholders' equity plus minority
interest
Solvency x
ratio, (%) = --------------------------------------- 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 + minority interest
(average)
Further information:
Jouni Lintunen, CFO
Tel +358 9 8949 2215, mobile +358 40 579 0181
www.vaisala.com
Vaisala Corporation
Distribution:
NASDAQ OMX Helsinki Oy
Finnish News Agency
Other key media
