Vaisala Corporation Stock exchange release November 4, 2011 at
9:00 a.m.
January-September 2011 net sales increased, orders received declined but order
book remains strong. Outlook unchanged.
Third quarter highlights
* Orders received: EUR 79.5 (65.5) million, increase 21%.
* Net sales EUR 62.6 (64.7) million, decrease 3%.
* Operating result EUR 0.9 (6.4) million.
* Earnings per share EUR 0.11 (0.16).
January-September 2011 highlights
* Orders received: EUR 191.3 (197.4) million, decrease 3%.
* Net sales EUR 183.3 (168.7) million, increase 9%. Net sales increase 8%
compared to proforma* net sales in January-September 2010.
* Operating result EUR 3.1 (-4.7) million.
* Earnings per share EUR 0.08 (-0.11).
* Cash flow from business operations EUR 19.5 (9.7) million.
* Cash and cash equivalents EUR 30.7 (30.4) million.
Comments on the third quarter
Orders received increased year-on-year by 21 percent in the third quarter. Most
of the growth came from Meteorology business area. The order book increased by
10 percent year-on-year.
Net sales year-on-year increased in the Weather Critical Operations business
area, but declined in Meteorology. In Controlled Environment, net sales remained
at last year's level. At Group level, the net sales declined by 3 percent year-
on-year, also compared to proforma net sales.
Vaisala's operating result declined, mainly due to the Meteorology business area
and project business in emerging markets. The operating result of the Controlled
Environment business area was impacted by Life Science growth investments.
Key figures
1-9 1-9 Change 7-9 7-9 Change 1-12
2011 2010 (%) 2011 2010 (%) 2010
(MEUR) (MEUR) (MEUR) (MEUR) (MEUR)
+-----------------------------+------+------+------+------+------+------+------+
|Group net sales | 183.3| 168.7| 8.7| 62.6| 64.7| -3.3| 253.2|
+-----------------------------+------+------+------+------+------+------+------+
|Group net sales (proforma*) | 183.3| 170.1| 7.8| 62.6| 64.7| -3.3| 254.6|
+-----------------------------+------+------+------+------+------+------+------+
| * Meteorology | 44.9| 49.6| -9.5| 13.8| 18.5| -25.2| 75.2|
+-----------------------------+------+------+------+------+------+------+------+
| * Controlled Environment | 53.3| 44.6| 19.6| 17.8| 17.7| 1.0| 63.4|
+-----------------------------+------+------+------+------+------+------+------+
| * Controlled Environment | | | | | | | |
| (proforma*) | 53.3| 46.0| 15.9| 17.8| 17.7| 1.0| 64.9|
+-----------------------------+------+------+------+------+------+------+------+
| * Weather Critical | | | | | | | |
| Operations | 85.1| 74.5| 14.3| 30.9| 28.5| 8.3| 114.6|
+-----------------------------+------+------+------+------+------+------+------+
|Operating result, Group | 3.1| -4.7| 166.2| 0.9| 6.4| -86.5| 11.8|
+-----------------------------+------+------+------+------+------+------+------+
| * Meteorology | -5.9| -2.9|-104.1| -2.6| 1.0|-353.7| 2.8|
+-----------------------------+------+------+------+------+------+------+------+
| * Controlled Environment | 8.7| 5.9| 45.5| 2.6| 3.9| -32.4| 8.9|
+-----------------------------+------+------+------+------+------+------+------+
| * Weather Critical | | | | | | | |
| Operations | 1.8| -6.6| 127.8| 1.1| 0.7| 63.6| 1.0|
+-----------------------------+------+------+------+------+------+------+------+
|Eliminations and other | -1.5| -1.2| | -0.3| 0.8| | -0.9|
+-----------------------------+------+------+------+------+------+------+------+
|Result before taxes | 2.2| -3.4| 165.6| 2.2| 3.7| -38.6| 14.0|
+-----------------------------+------+------+------+------+------+------+------+
|Net result | 1.4| -1.9| 175.2| 2.0| 2.8| -31.1| 10.2|
+-----------------------------+------+------+------+------+------+------+------+
|Orders received | 191.3| 197.4| -3.1| 79.5| 65.5| 21.3| 286.7|
+-----------------------------+------+------+------+------+------+------+------+
|Order book | 136.9| 124.2| | 136.9| 124.2| | 129.0|
+-----------------------------+------+------+------+------+------+------+------+
|Earnings per share | 0.08| -0.11| 175.2| 0.11| 0.16| -31.1| 0.56|
+-----------------------------+------+------+------+------+------+------+------+
|Return on equity (%) | 1.09| -1.46| 174.3| | | | 5.62|
+-----------------------------+------+------+------+------+------+------+------+
* Vaisala acquired Veriteq as part of its Controlled Environment business area
on April 1, 2010. The proforma figures for January-September of 2010 and the
full year 2010 presented in this release for comparison purposes include the
first quarter 2010 figures of Veriteq. For example, references to organic
growth are based on comparisons with Vaisala 2010 proforma figures.
President and CEO Kjell Forsén on the third quarter result
"Order intake grew by 21 percent in the third quarter, which is a good
achievement considering the uncertainty in the markets in North-America and
Europe. The growth is partly due to increased demand especially among our
meteorological customers, but it is also a sign of our strong market position
and leading products.
Vaisala's net sales and profitability improved during January-September, despite
our ongoing significant growth investments. Also our Service business remained
on growth path and the related net sales increased by 30 percent during January-
September.
In the third quarter, we combined our two weather-related business areas
Meteorology and Weather Critical Operations into one. Starting from the fourth
quarter 2011 and onwards, Vaisala will report its results in two business areas:
Weather and Controlled Environment. The reason for this move is to consolidate
our global efforts in the growing project and service business.
Going forward, our guidance for the full year is unchanged."
Market outlook
Current increased uncertainty in the global economy and shifts in exchange rates
are expected to affect all Vaisala's business areas. However, based on Vaisala's
technology and the structure of Vaisala's customer base, the company's
competitive position is expected to remain mostly unchanged in 2011.
Financial guidance
Vaisala expects its net sales in 2011 to grow moderately from the preceding
year's proforma net sales. The operating profit is expected to improve
moderately. Proforma net sales in 2010 were EUR 254.6 million and the operating
result was EUR 11.8 million.
Vaisala's long-term business outlook remains unchanged.
New disclosure procedure
Vaisala has adopted the new disclosure procedure enabled by the Standard 5.2b
published by the Finnish Financial Supervision Authority. This is a summary of
Vaisala's January-September 2011 Interim Report. The complete report is attached
as a pdf file to this release and is also available at Vaisala website
atwww.vaisala.com/investors.
Briefing and webcast
Briefing for analysts and media will be arranged in Hotel Kämp, Paavo Nurmi
meeting room, Pohjoisesplanadi 29, Helsinki, starting at noon. Please register
to the briefing by email toliisa.ahtiluoto@vaisala.com.
A live audiocast of the presentation of Kjell Forsén, President and CEO of
Vaisala, will be sent starting at 12:00 a.m. (GMT +2). The audiocast will be
available at www.vaisala.com/investors. It will be recorded and published at
2:00 p.m. (GMT +2) at the same address on the same day.
Further information:
Kaarina Muurinen, CFO, tel +358 9 8949 2215, mobile +358 40 577 5066
Vaisala is a global leader in environmental and industrial measurement. Building
on 75 years of experience, Vaisala contributes to a better quality of life by
providing a comprehensive range of innovative observation and measurement
products and services for chosen weather-related and industrial markets.
Headquartered in Finland, Vaisala employs approximately 1400 professionals
worldwide and is listed on the NASDAQ OMX Helsinki stock exchange.
www.vaisala.com
Distribution:
NASDAQ OMX Helsinki
Key media
[HUG#1560947]
Vaisala Oyj : Vaisala Group financial statement bulletin for January-September 2011
| Source: Vaisala
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