Vaisala Oyj Stock Exchange Release 13.2.2007 at 10.00 1(12)
Vaisala Group financial statements for 2006
- Net sales: EUR 220.8 (197.9) million, growth 12 %
- Operating profit: EUR 39.6 (30.1) million, growth 32 %.
- Orders received: EUR 243.6 (196.5) million, growth 24 %.
- Order book: EUR 77.6 (55.3) million.
- Profit before tax: EUR 38.2 (34.1) million, growth 12 %.
- Profit after tax: EUR 26.6 (24.9) million, growth 7 %.
- Earnings per share: EUR 1.46 (1.42).
- Return on Equity: 16.4 % (17.5 %)
Overview
Year 2006 was better than expected. Demand remained on good level and net sales
grew to EUR 220.8 million. Growth was 12 % compared to the previous year, while
organic growth was 7 %. Additional growth was achieved from the business
activities of Sigmet Inc. acquired in January 2006. Net sales grew particularly
in surface observation networks and in Vaisala Instruments division's product
sales. Growth in net sales, together with actions to improve operations,
increased the operating profit to EUR 39.6 million, growth 32 %. Net profit grew
7 %, being EUR 26.6 million. The profit of the review period was burdened by
costs incurred from exchange rate changes and increased effective tax rate.
Weather radar signal processing system provider Sigmet was acquired and merged
as part of the Vaisala Measurement Systems division in January 2006. Parts of
radiosonde production were outsourced to Malaysia while corresponding functions
in Finland were downsized. Vaisala Instruments and Vaisala Solutions divisions'
businesses have continued without major structural changes.
Office was opened in Shenzhen, South China, in September. The Shenzhen office
has both sales and procurement functions. Vaisala also announced that it will be
opening an office in Dubai, United Arab Emirates.
Market situation
The sustained maintenance and development of competitiveness has enabled Vaisala
to retain its strong market share. The growth in net sales was relatively evenly
distributed geographically. The greatest growth in net sales in euros took place
in the region of Asia-Pacific, 15 %, when in Europe the growth was 9 %.
Growth in demand and positive order book developments started during the second
half of 2005 have continued in 2006. Demand remained on a good level, and the
number of orders received during the review period was considerably better than
in the previous year, growth 24 %.
Net sales and order book
The Vaisala Group's net sales for the review period grew by 12 % during the
review period and were EUR 220.8 (197.9/2005; 178.1/2004) million. Operations
outside Finland accounted for 97 % (96 %/2005; 97 %/2004) of net sales. The
Group received new orders worth EUR 243.6 (196.5/2005; 172.8/2004) million,
growth 24 % compared to the previous year. The order book at the end of the
review period was EUR 77.6 (55.3) million, of which some EUR 18 million can be
recognized as sales in 2008 or later.
Performance and balance sheet
Operating profit for the review period grew by EUR 39.6 (30.1/2005; 29.4/2004)
million. Change in hedging costs improved the operating profit by EUR 2.1
million compared to the previous year. Thus the improvement in operating profit
caused by operative measures was EUR 7.4 million.
Profit before tax was 17.3 % of net sales, EUR 38.2 (34.1/2005; 29.1/2004)
million. When assessing the profit before tax of the review period, it should
also be remembered that: the exchange rate differences and financing income were
EUR
-1.5 million (+3.9 million).
Net profit for the review period was EUR 26.6 (24.9/2005; 21.0/2004) million.
Effective tax rate was 30.3 % (26.9 %/2005).
The Vaisala Groups solvency and liquidity remained strong. On December 31,
2006, the balance sheet total was EUR 219.2 (196.9/2005; 163.7/2004) million.
The Group's solvency ratio at the end of the review period was 81 % (81 %/2005;
82 %/2004).
The total of the Group's liquid assets was EUR 87.3 (81.4) million.
Research and development
Expenditure on research and development in the review period totaled EUR 20.6
(19.8/2005; 21.3/2004) million, being 9.3 % of the Group's net sales.
One of the most important research and development efforts in 2006 was the
weather radar, which has been developed together with leading international
research institutes and partners. New technology has been used in the radar
development. For example, the radar's dual-polarization technology enables more
precise information on the quantity and quality of precipitation. A prototype
was completed in 2005, and has been in research and test use in Kumpula,
Helsinki. The Vaisala Weather Radar will be launched to the market by the end of
the third quarter in 2007, and first deliveries are likely to take place in the
beginning of 2008.
Another significant development project is the Helsinki Testbed, which is a
research platform for precision weather applications and services. The project
has been carried out together with the Finnish Meteorological Institute and
partners. Helsinki Testbed works as an open innovation platform where new
weather and environmental information systems and services can be tested in an
authentic environment. Vaisala has commercialized the weather station network
maintenance software used in the Helsinki Testbed, and will continue to
commercialize other observation network components relating to the project.
Together with partners, Vaisala also develops precision weather and air quality
applications based on local observation networks.
Capital expenditure
Gross capital expenditure totaled EUR 20.4 million (8.0/2005; 4.8/2004). The
total for the review period includes the cost incurred from the acquisition of
Sigmet, Inc., EUR 16.5 million.
At the end of the year the decision was made to start the implementation project
of a new enterprise resource planning system, which will include Vaisala's
global organization and replace many systems currently in use.
Vaisala Measurement Systems
Vaisala Measurement Systems division generated net sales of EUR 93.2 (84.3)
million. EUR 10.0 million of the growth is due to the Sigmet acquisition carried
out in January. The division's net sales were as expected. Decrease in
comparable net sales is due to slower sales of wind profilers and lightning
detection systems compared to the corresponding period in 2005.
Operating profit was EUR 19.8 (19.6) million. The operating profit was burdened
by the one-off costs caused by the reorganization of the radiosonde production,
as well as the slower sales of wind profilers and lightning detection systems.
The number of orders received by the Vaisala Measurement Systems grew 23 %
compared to the previous year, being EUR 97.2 (79.1) million.
In March, the reorganization relating to the partial outsourcing of the Vaisala
Measurement Systems division's production functions was started, as the
codetermination negotiations started on January 19, 2006, were concluded. As a
result, Vaisala gave notice to 37 employees. For other parts, the target
reduction of approximately 60 productive labor years was realized through
terminations of temporary employment, relocations and pension programs. The one-
off costs caused by the partial outsourcing of the radiosonde production
incurred an accrual of approximately EUR 0.8 million in 2006.
The acquisition of the world's leading independent weather radar signal
processor and application software manufacturer Sigmet Inc. was confirmed in
January. The balance of the margin of the acquired order book, EUR 1.8 million,
was fully depreciated according to IFRS 3 during the review period.
Vaisala Instruments
Vaisala Instruments division's year was better than expected by both net sales
and orders received. The division's net sales grew by 10 %, being EUR 64.3
(58.2) million. All product lines of the Vaisala Instruments division grew,
except the carbon dioxide product line. Vaisala's carbon dioxide product
deliveries were hampered by fire at a subcontractor's premises in February. The
fire did not affect the result of the review period as Vaisala's insurance
covered the loss in gross profit.
Operating profit was EUR 19.5 (14.0) million. Operating profit was improved by
constant actions to improve the order-delivery process.
The number of orders received by the Vaisala Instruments grew 13 % being EUR
68.2 (60.2) million.
Vaisala Instruments received a significant order from the US National Weather
Service. The value of the order is EUR 12.4 million, and it includes a maximum
of 1200 cloud height measurement instruments. The deliveries are estimated to
take place in 2008 - 2010.
The U.S. Federal Aviation Administration (FAA) awarded Vaisala a contract to
supply ceilometers and visibility instruments for the Federal Automated Weather
Observation System (AWOS) program. The value of the contract is EUR 4.4 million.
Deliveries have started in April 2006 and will be completed in 2007.
In May, Vaisala Instruments introduced a new product for oxygen concentration
measurements in industrial processes.
Competition in all product categories remains fierce. Vaisala's global operating
model, combined with significant investments in research and development, form
the basis to retain market leadership and increase market share.
Vaisala Solutions
Vaisala Solutions division's year was better than expected. The division's net
sales grew by 14 %, being EUR 63.3 (55.5) million. Operating profit for the
review period was EUR 5.4 (3.0) million.
Demand for the comprehensive solutions offered by the Vaisala Solutions division
was good throughout the year. The number of orders received grew more than
estimated. As a result, net sales and order book grew significantly from the
previous year, and the result and profitability goals were met. Compared to the
previous year, the number of orders received grew by 36 %, being EUR 78.1 (57.2)
million.
The Vaisala Solutions has signed a significant contract with a long-standing
customer to provide two airports with automated weather observation solutions.
In addition to the equipment and software, the turnkey contract includes site
surveys, project management and training, as well as a maintenance contract for
two years. The total value of the contract is EUR 7.5 million. Deliveries are
scheduled to be completed by June 2008.
Changes in Vaisala Oyj's management
As former Vaisala CEO Pekka Ketonen announced his wish to retire, the Board of
Directors nominated Licentiate of Technology Kjell Forsén (47 years) as the new
Vaisala CEO starting October 1, 2006. Pekka Ketonen's employment terminated at
the end of 2006.
M.Sc.(Eng) Jouni Lintunen was appointed as the new Chief Financial Officer of
Vaisala beginning July 1, 2006.
Vaisala's share
At the end of 2006, Vaisala's Board of Directors had no authorization to
increase the company's share capital or to issue convertible or warrant bonds.
The acquisition and conveyance of own shares
The Board of Directors had been authorized by the Annual General Meeting of
March 22, 2005, to acquire and convey the company's own shares to launch a share-
based incentive program until March 22, 2006.
A total of 35,000 Vaisala A-shares were subscribed for with the warrants
granted, corresponding the value of EUR 14,717.47. Of these, 25 850 A-shares,
corresponding the value of EUR 10,869.90 were conveyed on March 6 and March 16
to the key personnel, according to the share-based incentive program. The
average value of the acquisitions and conveyances was EUR 27.53.
Vaisala's share capital at the end of the review period was EUR 7,660,807.86 and
the total number of shares was 18,218,364.
By January 31, 2006, a total of 739,364 Vaisala A-shares were subscribed for
with the warrants granted in 2000 to the key personnel of Vaisala. All the
shares have been registered in the Finnish Trade Register. Dividend was payable
for the 186 450 A-shares subscribed for in 2005. The average value of the
acquisitions and conveyances was EUR 20.78. The shares subscribed for in January
2006, a total of 552.914 Vaisala A-shares, did not qualify for dividend. The
share capital grew by EUR 232.499,90 because of the shares subscribed for in
2006. Therefore Vaisala had two series of A-shares during the period February
22, 2006 - March 28, 2006: the A-share and the new A-share. Vaisala's year 2000
option program ended on January 31, 2006. All shares have been registered in the
Finnish Trade Register.
On February 27, 2006, Vaisala Oyj received the following notification of change
in the share of ownership in accordance with the Security Markets Act, Chapter 2
§ 9: Harris Associates L.P.'s holding in Vaisala Oyj falls below five (5) per
cent of the outstanding share capital of Vaisala Oyj.
On June 14, 2006, Vaisala Oyj received the following notification of change in
the share of ownership in accordance with the Security Markets Act, Chapter 2 §
9: Inkeri Voipio's holding in Vaisala Oyj has fallen below ten (10) per cent of
the outstanding share capital of Vaisala Oy on February 22, 2006.
The price of Vaisala's A share on the Helsinki Exchanges was EUR 24.00 on
December 31, 2005, and EUR 33.07 at the end of the review period. The highest
share price quoted during the review period was EUR 33.33 (new A-share EUR
27.67) and the lowest EUR 23.10 (new A-share EUR 25.35).
A total of 6,873,504 Vaisala shares were traded during the review period (new A-
share 85,411), and 249,300 option rights.
Vaisala's main shareowners are listed on the company's website and in the notes
to the financial statements.
Own and parent company's shares
The company holds a total of 9150 of its own shares at the end of the review
period, representing 0.05% of the share capital and 0.01% of votes. The
compensation for the shares owned by the company is EUR 251,899.69.
Board of Directors
Members of the Board
In accordance with Vaisala Oyj's Articles of Association, the Vaisalas Board of
Directors comprises at least three (3) and at most six (6) members. According to
current practice, the Board comprises five members. All Board members are
appointed by the Annual General Meeting. The Board chooses a Chairman and a Vice
Chairman from its members.
Term of office of members of the Board
In deviation from recommendation no. 12 of the Corporate Governance
Recommendation for Listed Companies, the term of office of members of the Board
is not one year. According to the Articles of Association, the term of office is
3 years. The term of office begins after the meeting in which the member is
elected, and ends after three (3) subsequent Annual General Meetings.
President & CEO
Vaisalas President and CEO is appointed by the Board. The CEO manages the
company in accordance with the instructions and orders given by the Board, and
informs the Board of the development of the companys business and financial
situation. The CEO is also responsible for organizing the companys management.
Events in the permanent group of insiders
CEO Pekka Ketonen, who belonged to the permanent group of insiders, received 3
207 A-shares based on the 2005 share-based incentive program. The permanent
group of insiders has not been granted loans or contingent liability.
Personnel
The average number of employees in the Vaisala Group during the review period
was 1 069 (1 062/2005, 1 092/2004).
Salary is based on local collective and individual agreements, personal
performance and demands set by the role. Basic salary is complimented by result-
based bonus systems, which apply to the entire personnel. In 2006, the total
paid in salaries was EUR 57.3 million (51.9/2005, 48.5/2004).
Some 19% (19 %/2005, 22 %/2004) of the personnel worked in research and
development. Approximately 40% (38 %/2005, 37 %/2004) of the Group's personnel
worked outside Finland.
Outlook
Positive market development is expected to continue in 2007. As in the previous
years, the first quarter will be modest, due to seasonality of the business. The
organic growth of net sales is expected to continue in 2007, and operating
profit is expected to be higher than in 2006.
Vaisala aims to be the global market leader in its selected business areas also
in the future. Therefore investments in product development and competitiveness
will continue to be substantial.
Proposals to the Annual General Meeting
The Board of Directors' proposal for the distribution of profits
According to the financial statements of December 31, 2006, the company's
distributable funds total EUR 123.786.516,87, of which the profit for the
financial year is EUR 22.916.896,33 million.
The Board proposes to the Annual General Meeting the distributable funds to be
used as follows:
- dividend payments EUR 0.85 /share, totaling 15.477.831,90 EUR
- held on the account for profit funds 108.308.684,97 EUR
total 123.786.516,87 EUR
No significant changes have occurred in the company's financial situation after
the end of the review period. The company's solvency remains good, and the
proposed distribution of funds does not endanger it, according to the Board of
Directors.
The record date for dividend payment is March, 27, 2007, and it is proposed that
the dividend will be paid on April, 3, 2007.
Board member Yrjö Neuvo is in turn to retire by rotation. Shareholders
representing more than 10 percent of all the votes in the company have informed
that they will propose to the Annual General Meeting held on 22 March 2007 that
the number of Board members should be six. The Board proposes the re-election of
Mr Yrjö Neuvo. The Board also proposes Ms Maija Torkko as a new member. Ms
Torkko has worked in several positions at Nokia, most recently as the Chief
Financial Officer until June 30, 2006. Ms Torkko is also a member of the Board
of Directors of Nordea, and nominee to the Board of Directors of Kemira GrowHow
Oyj.
The Board proposes PricewaterhouseCoopers Oy and Mr Hannu Pellinen APA, to be
selected as Vaisala Oyj's Authorized Public Accountants.
The proposed members of the Board of Directors and the Authorized Public
Accountants have given their consent for the election.
Vantaa, Finland, February 13, 2007.
Vaisala Oyj
Board of Directors
Financial indicators 1-12 1-12 10-12 10-12
2006 2005 2006 2005
Return on equity 16.4% 17.5%
Number of shares at December 31 (pcs) 18 209 17 665 18 209 17 665
Number of chares at December 31 (pcs), 18 168 17 488 18 209 17 665
weighted average
Adjusted number of shares (pcs) 18 174 17 532 18 209 17 665
Earnings/share (EUR) 1.46 1.42 0.73 0.63
Earnings/share (EUR),fully diluted 1.46 1.42 0.73 0.63
Net cash flow from operating 1.96 2.21
activities/share (EUR)
Equity/share (EUR) 9.32 8.74 9.32 8.74
Solvency ratio 81% 81% 81% 81%
Gross capital expenditure (EUR 20.4 8.0 1.8 0.3
Million)
Depreciation 10.8 8.4 2.2 2.5
Average personnel 1 069 1 062 1 069 1 062
Order book (EUR Million) 77.6 55.0 77.6 55.0
Liabilities from derivative contracts 11.9 12.7 11.9 12.7
CONSOLIDATED INCOME STATEMENT (IFRS, EUR Million)
1-12 1-12 Change 10-12 10-12 Change
2006 2005 % 2006 2005 %
Net sales 220.8 197.9 11.6 75.9 67.1 13.2
Cost of production and -100.1 -92.3 8.4 -31.7 -31.3 1.2
procurement
Gross profit 120.8 105.6 14.3 44.3 35.8 23.8
Other operating income 1.4 0.5 187.5 0.4 0.2 64.6
Cost of sales and marketing -42.1 -37.7 11.6 -12.2 -10.9 11.9
Development costs -20.6 -19.8 3.9 -5.9 -4.4 33.5
Other administrative costs -19.6 -16.9 16.1 -6.8 -6.0 13.4
Other operating cost -0.2 -1.5 -88.4 0.0 -0.2 -106.3
Operating profit 39.6 30.1 31.6 19.8 14.5 36.8
Financial income and expenses -1.5 3.9 -138.9 -0.5 0.7 -168.0
Share of results of 0.0 0.0 -21.9 0.0 0.0 -21.9
associated companies
Profit before tax 38.2 34.1 12.0 19.4 15.3 27.1
Income taxes -11.6 -9.2 26.2 -6.1 -4.1 48.3
Profit after tax 26.6 24.9 6.8 13.3 11.2 19.3
Attributable to Equity 26.6 24.9 6.8 13.3 11.2 19.3
holders of the parent
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, EUR 1.46 1.42 2.82 0.73 0.63 14.9
Diluted earnings per share, 1.46 1.42 2.82 0.73 0.63 15.0
EUR
CONSOLIDATED BALANCE SHEET (EUR million) 31.12.2006 31.12.2005 Change
%
ASSETS
NON-CURRENT ASSETS
Intangible assets 21.0 10.3 103.9
Tangible assets 33.5 36.0 -6.9
Investments in associates 0.4 0.3 29.9
Other financial assets 0.2 0.2 -10.9
Long-term receivables 0.1 1.6 -96.6
Deferred tax assets 5.2 5.3 -0.3
CURRENT ASSETS
Inventories 17.6 14.1 25.1
Trade and other receivables 53.9 47.1 14.4
Accrued income tax receivables 0.0 0.6 -96.5
Financial assets recognized at fair value 41.2 27.2 51.5
through profit and loss
Cash and cash equivalents 46.1 54.2 -14.9
TOTAL ASSETS 219.2 196.9 11.4
SHAREHOLDERS' EQUITY AND LIABILITIES
Equity attributable to equity holders of the parent
Share capital 7.7 7.4 3.1
Share issue 0.0 5.4 -100.0
Share premium reserve 16.6 5.3 210.5
Reserve fund 0.1 0.1 -8.7
Translation differences -1.6 1.9 -183.2
Profit from previous years 120.7 109.2 10.5
Own shares -0.3 0.0
Profit for the financial year 26.6 24.9 6.8
Total equity 169.8 154.3 10.0
Long-term liabilities
Retirement benefit obligations 0.3 0.6 -40.2
Interest-bearing liabilities 0.3 0.7 -54.7
Provisions 0.0 0.2 -85.7
Deferred tax liabilities 0.4 0.5 -24.7
Current liabilities
Current portion of long-term borrowings 0.3 0.5 -43.6
Current interest-bearing liabilities 0.3 0.3 -1.0
Advances received 9.6 5.8 66.3
Accrued income tax payables 2.6 0.7 253.4
Trade and other payables 35.6 33.3 6.9
TOTAL LIABILITIES 219.2 196.9 11.4
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY December
31.2006 (EUR million)
Share Share Share Reser Own Trans Re- Total
capi- issue prem- ve sha- lat- tain- equity
tal ium fund res ion ed
reser diffe earn-
ve ren- ings
ces
Balance at 7.4 5.4 5.3 0.1 0.0 1.9 134.1 154.3
December 31, 2005
Translation 0.0 -3.5 -3.5
differences
Net profit for the 26.6 26.6
period
Dividend paid -13.4 -13.4
Stock options 0.2 -5.4 11.3 6.1
exercised
Own shares -1.0 -1.0
acquired
Own shares 0.7 0.7
transferred
Balance at 7.7 0.0 16.6 0.1 -0.3 -1.6 147.3 169.8
December 31. 2006
Sha- Sha- Sha- Res- Own Trans Retai- Total
re re re erve sha- lat- ned equity
capi is- prem fund res ion earn-
tal sue ium diffe ings
res- ren-
erve ces
Balance at December 7.4 0.0 1.6 0.1 0.0 -1.6 122.3 129.7
31, 2004
Translation 0.0 3.5 3.5
differences
Net profit for the 24.9 24.9
period
Dividend paid -13.1 -13.1
Stock options 0.1 5.4 3.8 9.3
exercised
Balance at December 7.4 5.4 5.3 0.1 0.0 1.9 134.1 154.3
31, 2005
CONSOLIDATED CASH FLOW STATEMENT (EUR million)
1-12 1-12 Change
2006 2005 %
Cash flows from operating activities
Cash receipts from customers 220.3 191.1 15.3
Other income from business operations 0.0 0.3 -93.1
Cash paid to suppliers and employees -173.7 -145.3 19.5
Interest received 2.2 1.4 59.2
Interest paid -0.1 -0.1 93.2
Other financial items, net -3.3 1.9 -275.6
Dividend received from business operations 0.0 0.0
Direct tax paid -9.7 -10.3 -6.0
Cash flow from business operations (A) 35.7 39.0 -8.4
Cash flow from investing activities
Investments in tangible and intangible assets -7.2 -5.7 27.1
Acquisition of subsidiary, net of cash acquired -15.7 -2.8 462.0
Proceeds from sale of fixed assets 0.1 0.0 2 360.0
Loans granted 0.0 0.0
Repayment of loans 0.0 0.0
Other investments -0.1 -0.1 11.9
Cash flow from investing activities (B) -22.9 -8.5 169.1
Cash flow from financing activities
Equity issue 6.1 9.3 -34.3
Repayment of short-term loans 0.0 -0.3 -100.0
Withdrawal of long-term loans 0.0 0.0
Repayment of long-term loans -0.5 -0.6 -26.0
Dividend paid and other distribution of profit -13.4 -13.1 2.5
Cash flow from financing activities (C) -7.8 -4.7 65.5
Change in liquid funds (A+B+C) increase (+) / 5.0 25.7 -80.5
decrease (-)
Liquid funds at beginning of period 81.4 54.8 48.6
Foreign exchange effect on cash 0.9 0.9 -1.5
Net increase in cash and cash equivalents 5.0 25.7 -80.5
Liquid funds at end of period 87.3 81.4 7.3
Segment Report
Business segments
1-12/2006 Vaisala Vaisala Vaisa- Other Elimin Group
Measure- Instru- la opera ations
ment ments Solut- tions
Systems ions
MEUR
Net sales to external 93.2 64.3 63.3 0.0 0.0 220.8
customers
Intragroup sales 0.0 11.1 0.4 0.0 -11.5 0.0
Net sales 93.2 75.3 63.7 0.0 -11.5 220.8
Operating profit 19.8 19.5 5.4 -5.1 0.0 39.6
Depreciation 4.8 1.9 0.7 3.4 0.0 10.8
Restructuring expenses 0.0 0.0 0.0 0.0 0.0 0.0
Segment Report
Business segments
1-12/2005 Vaisala Vaisa- Vaisala Other Elimi Group
Measure- la Solut- operat nat-
ment Instru ions ions ions
Systems ments
MEUR
Net sales to external 84.3 58.2 55.5 0.0 0.0 197.9
customers
Intragroup sales 0.0 8.7 0.5 0.0 -9.1 0.0
Net sales 84.3 66.8 56.0 0.0 -9.1 197.9
Operating profit 19.6 14.0 3.0 -6.5 0.0 30.1
Depreciation 1.7 2.1 0.7 3.6 0.0 8.2
Impairment 0.2 0.0 0.0 0.0 0.0 0.2
Restructuring expenses 0.2 0.0 0.0 0.0 0.0 0.2
Segment Report
Business segments
10-12/2006 Vaisala Vaisa- Vaisala Other Elimi Group
Measure- la Solut- operat- nat-
ment Instru ions ions ions
Systems ments
MEUR
Net sales to external 33.8 17.1 25.1 0.0 0.0 75.9
customers
Intragroup sales 0.0 4.0 0.1 0.0 -4.1 0.0
Net sales 33.8 21.1 25.2 0.0 -4.1 75.9
Operating profit 11.3 5.0 6.0 -2.5 0.0 19.8
Depreciation 0.7 0.5 0.2 0.9 0.0 2.2
Restructuring 0.0 0.0 0.0 0.0 0.0 0.0
expenses
Segment Report
Business segments
10-12/2005 Vaisala Vaisa- Vaisala Other Elimi Group
Measure- la Solut- operat- nat-
ment Instru ions ions ions
Systems ments
MEUR
Net sales to 27.2 17.2 22.7 0.0 0.0 67.0
external customers
Intragroup sales 0.0 3.0 0.2 0.0 -3.1 0.0
Net sales 27.2 20.1 22.9 0.0 -3.1 67.0
Operating profit 7.5 4.2 4.6 -2.1 0.4 14.5
Depreciation 0.4 0.5 0.4 0.9 0.0 2.3
Impairment 0.2 0.0 0.0 0.0 0.0 0.2
Restructuring 0.2 0.0 0.0 0.0 0.0 0.2
expenses
Further information:
Jouni Lintunen, CFO +358 (9) 8949 2215, GSM +358 40 579 0181
www.vaisala.com
Vaisala Oyj
Distribution:
Helsinki Exchanges
Finnish News Agency
Major Media