Vaisala Corporation Stock Exchange Release 14.2.2008 9:00 a.m.
1(13)
Vaisala Group financial statements for 2007
Q4 2007 Q4 2006 Change 2007 2006 Change
(MEUR) (MEUR) % (MEUR) (MEUR) %
Net sales 71.9 75.9 -5.4 224.1 220.8 1.5
Operating profit 15.7 19.5 -20.9 35.3 38.6 -8.4
Profit before 16.0 19.4 -17.2 37.0 38.2 -3.0
taxes
Net profit for 11.0 13.3 -17.4 25.8 26.6 -2.9
the year
Orders received 53.7 65.1 -17.5 228.5 243.6 -6.2
Order book 82.3 77.6
Earnings per 0.60 0.73 -17.4 1.42 1.46 -3,1
share
Return on equity 14.9 16.4
(%)
Comments on the fourth quarter
Vaisala's net sales in the fourth quarter of 2007 were slightly below
those of the comparison period in 2006 due to a number of deliveries
being postponed to 2008. Profit was negatively affected by expenses
relating to growth generation and efficiency improvement projects and
the weakened U.S. dollar.
Outlook
Instability in the world economy and currency exchange rate changes
are expected to continue to affect the result. Due to the structure
of Vaisala's customer base, the company's market situation is
expected to remain unchanged in 2008. The net sales and operating
profit for 2008 are expected to remain at the same level or be
slightly higher than in the preceding year. Large seasonal variations
are typical of Vaisala's business, on account of which the first
quarter will probably be weaker than subsequent ones, as in previous
years. The market situation is expected to remain favorable,
especially in Asia-Pacific.
Vaisala aims to be the global market leader in its selected business
areas in the future, too. Therefore, inputs in the development of
products and competitiveness will continue to be substantial in 2008.
President and CEO Kjell Forsén on Vaisala's result:"Vaisala's net sales in 2007 fell slightly below the expectations
stated in the beginning of the year, due to a number of deliveries
being postponed to 2008. Deterioration in the exchange rates also had
a negative impact on the growth of net sales. Had the currency
exchange rates remained at the previous year's level, the net sales
would have increased by 5.8 percent instead of the recorded 1.5
percent. The profit was also affected by ongoing development projects
supporting the corporate strategy and the weakening in exchange
rates.
Our net sales increased particularly in Asia-Pacific, whereas sales
in the USA were burdened by the weakening of the U.S. dollar. Net
sales developed favorably in the Vaisala Instruments and Vaisala
Solutions divisions, while the net sales and profit of Vaisala
Measurement Systems were lower than expected.
A particularly positive achievement in 2007 was the launch of our
weather radar and the signing of the first agreements on weather
radar deliveries. We were able to work more efficiently, thanks to
the outsourcing of radiosonde assembly in 2006, improvements in the
efficiency of our procurements and utilization of common product
platforms. Concentrating all of Vaisala's procurements, production
and logistics into a single unit, Operations, will further boost our
efficiency and generate economies of scale.
Many Group-wide changes were carried out in 2007. We defined a new
strategy for Vaisala; one that focuses on the customer and targets
growth. We seek growth both organically and through selective company
acquisitions. We will develop especially the service and solutions
business and transform the instrument business model from a
product-based concept into a customer segment-based concept."
Market situation, net sales and order book
The Vaisala Group's net sales in 2007 developed most favorably in
Asia-Pacific, increasing by 15.2 percent on the previous year to EUR
60.2 million (52.2). Net sales in Europe increased by 6.2 percent to
EUR 80.7 million (76.0), while in Africa, South and Central America
they fell by 26.1 percent to EUR 10.0 million (13.6). Exchange rates
affected especially the North American net sales, which decreased by
7.4 percent and, after translation into euros, totaled EUR 73.2
million (79.0). Without the effect of exchange rates, North American
net sales would have grown 1.3 percent.
The goal-oriented development work and maintenance of competitiveness
has helped the company to retain its strong market shares.
The value of orders received fell by 6.2 percent from the comparison
year and totaled EUR 228.5 million (EUR 243.6 million in 2006, EUR
196.5 million in 2005). The end-of-year order book stood at EUR 82.3
million (77.6), of which some EUR 18 million can be recognized as
sales in 2009 or later.
The Vaisala Group's net sales increased by 1.5 percent on the
comparison year and totaled EUR 224.1 million (EUR 220.8 million in
2006, EUR 197.9 million in 2005). Net sales of the Vaisala
Instruments division were up by 7.2 percent and those of the Vaisala
Solutions division by 12.5 percent, whereas net sales of the Vaisala
Measurement Systems division fell by 11.6 percent. The deterioration
of exchange rates had a negative impact on the growth of net sales.
If the most significant currencies with respect to Vaisala had
remained at the previous year's level, Vaisala's consolidated net
sales would have been up by 5.8 percent. Operations outside Finland
accounted for 96 percent (97%) of net sales.
Performance and balance sheet
Operating profit for the financial year was EUR 35.3 million (38.6),
or 15.8 percent of net sales. The structure of financial reporting
has been revised by no longer reporting the result of currency
hedging activities from the beginning of 2007 under 'Other operating
income and expenses', but under 'Financial income and expenses'.
'Exchange rate gains and losses' are also reported under the same
heading. The figures for the comparison year and the entire 2006
financial year have been adjusted to correspond with the current
reporting structure.
Profit before taxes decreased from the comparison year by 3.0 percent
to EUR 37.0 million (38.2), or 16.5 percent of net sales. Net profit
for the financial year was EUR 25.8 million (26.6), down by 2.9
percent from the previous year.
The Vaisala Group's solvency ratio and liquidity remained strong. On
December 31, 2007, the balance sheet total was EUR 225.6 million (EUR
219.2 million in 2006, EUR 196.9 in 2005). The Group's solvency ratio
at the end of the financial year was 83 percent (81% in 2006, 81% in
2005).
Vaisala's consolidated liquid assets totaled EUR 99.2 million (EUR
87.3 million in 2006, EUR 81.4 million in 2005).
Research and development
Investment in research and development in the financial year totaled
EUR 23.5 million (EUR 20.6 million in 2006, EUR 19.8 million in
2005), representing 10.5 percent of the Group's net sales. 21 percent
(19/2006, 19/2005) of the Group's personnel worked in research and
development. One result of the R&D activity is the weather radar,
launched in autumn 2007. In addition, the company launched the
upgraded AviMet aviation weather management system in February 2007.
Development of common platforms for Vaisala's products was continued
as well.
Capital expenditure
Gross capital expenditure totaled EUR 7.3 million (EUR 20.4 million
in 2006, EUR 8.0 million in 2005).
Construction of a new enterprise resource planning (ERP) system for
the entire organization commenced at the beginning of 2007. Once
completed, the ERP system will replace a number of existing systems
and will support Vaisala's growth strategy and business processes.
The new system is intended to be introduced during the first half of
2009.
Vaisala Measurement Systems
Vaisala Measurement Systems' net sales to customers outside the Group
fell below the expected level and decreased by 11.6 percent on the
comparison year to EUR 82.5 million (93.2). Had the currency exchange
rates remained at the previous year's level, the net sales would have
been down by 7.4 percent. Operating profit dropped to EUR 12.7
million (19.8).
The total value of orders received decreased by 13.5 percent and was
EUR 84.1 million (EUR 97.2 million in 2006, EUR 79.1 in 2005).
The drop in net sales was due to the decrease in sales of sounding
equipment, wind profilers and weather radar signal processors. In the
field, it is typical that the volume of sales changes notably from
year to year. Thanks to the efficiency improvements in radiosonde
production in 2006, cost savings of over EUR 2 million were achieved.
Vaisala received its first orders for weather radars during the year.
The orders comprise five dual polarization radars featuring Sigmet's
signal processors and application programs. The total value of these
orders, when completed in full, will be about EUR 4 million. If the
deliveries take place as planned, the projects will be recognized as
revenue during the first two quarters of 2008.
Vaisala entered into an agreement with the Meteorological Service
Canada on upgrading the country's synoptic upper-air observation
network. The estimated total value of the 10-year agreement is USD 27
million, and deliveries commenced in October 2007.
Vaisala outsourced some of the Measurement Systems' production and
reorganized its North American research and product development
operations. The financial effects of this outsourcing are estimated
to improve the division's annual profit by some EUR 2 million
beginning from the 2008 financial year. As part of these measures,
Vaisala had to let 14 persons go in the USA. Due to this measure, an
expense of EUR 0.3 million has been recognized in the 2007 financial
statements.
Vaisala Instruments
The business of the Vaisala Instruments division exceeded
expectations in 2007. The division's net sales to customers outside
the Group increased by 9.5 percent on the comparison year to EUR 70.3
million (64.3). Had the currency exchange rates remained at the
previous year's level, the increase in net sales would have been 15.3
percent.
Total net sales increased by 7.2 percent and were EUR 80.8 million
(75.3).
The operating profit increased to EUR 19.9 million (19.5). Despite
the weakening of the U.S. dollar and the Japanese yen, the operating
profit remained at an excellent level.
The value of orders from external customers increased to some extent
from the comparison year and was EUR 70.4 million (EUR 68.2 million
in 2006, EUR 60.2 million in 2005).
The competitive situation has remained tight in all product market
areas for industrial measurement devices.
Vaisala Solutions
Vaisala Solutions' net sales to customers outside the Group increased
by 12.6 percent on the comparison year and totaled EUR 71.3 million
(63.3). Due to expenses arising from development projects, the
division's operating profit remained at the level of the previous
year and was EUR 5.3 million (5.4). Had the currency exchange rates
remained at the previous year's level, the net sales would have been
up by 15.6 percent.
The total value of orders received decreased by 5.2 percent and was
EUR 74.0 million (EUR 78.1 million in 2006, EUR 57.2 in 2005).
Demand for the comprehensive solutions offered by Vaisala Solutions
remained at a good level throughout the year. As a result, net sales
and the order book increased over the previous year, and the profit
and profitability targets were reached.
Vaisala signed an agreement with a customer on deliveries of
fixed-installation automatic weather stations for aviation weather
observations. The agreement covers weather station deliveries and
support services and includes an extension option until the end of
2012. The estimated value of the agreement exceeds USD 10 million.
Personnel
The average number of employees in the Vaisala Group during the
financial year was 1,113 (1,069 in 2006, 1,062 in 2005). Some 39
percent of the personnel was based outside Finland (40% in 2006, 38%
in 2005). About 21 percent of the personnel worked in research and
development (19% in 2006, 19% in 2005).
Salaries paid by the company are based on local collective and
individual agreements, personal performance and the demand level of
each job. The base salaries are supplemented by results-based bonus
systems, which cover all Vaisala personnel. The total sum of salaries
paid in 2007 was EUR 57.2 million (57.3 million in 2006, 51.9 million
in 2005).
Changes in Vaisala Corporation's management
The following appointments were made in Vaisala's management:
Matti Ervasti, born in 1955, M.Sc. (Chem.), was appointed Sales and
Marketing Director as from May 15, 2007; Ari Meskanen, born in 1963,
M.Sc. (Eng.), eMBA, was appointed Chief Technology Officer as from
May 1, 2007; Scott Sternberg, born in 1964, M.Sc. (Phys.), was
appointed Director of Vaisala Services as from June 1, 2007; Antti
Ritvos, born in 1953, M.Sc. (Eng, Tech Physics), BA (Physics and
Astronomy) was appointed Director of Vaisala Solutions as from
November 15, 2007; Lauri Rintanen, born in 1955, M.Sc. (Eng.) was
appointed Director of Operations as from November 1, 2007; Tapio
Engström, born in 1963, M.Sc. (Accounting), was appointed Director of
Business Development as from November 1, 2007; and Helena Marjaranta,
born in 1963, M.A. (English philology, Communication and
Organizational Psychology) was appointed Communications Director as
from December 1, 2007.
All the above-mentioned persons are members of Vaisala's Corporate
Management Group.
Risk management
Organization of risk management
Vaisala has a risk management policy that has been approved by the
Board of Directors and that covers strategic, operating and financial
risks relating to the company. Vaisala's Corporate Management Group
regularly assesses risk management policies, and the scope, adequacy
and focus areas of related practices. The policy aims at ensuring the
safety of personnel and the company's operations and products and the
continuity of operations. The policy also covers intellectual
capital, corporate image and brand protection. An appropriate and
up-to-date risk concept is integrated in decision-making.
Near-term risks and uncertainties
Vaisala regularly assesses risks and uncertainties relating to its
business. To increase the transparency of its activities, Vaisala has
further developed its reporting relating to risks. The effort is to
describe risks and uncertainties in more detail.
The usual risks related to international business affect Vaisala's
operating environment. The most significant of these are risks
relating to changes in the global economy and hence in purchasing
activities, currency exchange rates (with particular respect to the
U.S. dollar), supply network management and production activities.
Vaisala uses subcontractors. Significant changes in subcontractor
relations, activities or operating environment may have an impact on
Vaisala's business. Vaisala monitors these risks and prepares for
them in accordance with the company's risk management policy.
Group-level insurance programs and risk-management methods have been
established to deal with manageable operating risks. The insurance
programs cover risks relating to property damage, business
interruption, different liabilities, transport and business travel.
The company is currently introducing some major organizational
changes in support of its new strategy. Substantial efforts are also
being carried out regarding the sales organization, research and
development, and new enterprise resource planning system development.
These efforts may constitute a short-term risk regarding Vaisala's
net sales and result.
The net sales and operating profit estimates are based on the
assumption that the order intake will remain at the current level and
deliveries will be completed as planned.
Vaisala's share
As at the end of 2007, the company's Board of Directors had no valid
authorizations for increasing the share capital or issuing
convertible bonds or bonds with warrants.
On December 31, 2006, the average price of Vaisala's A share in the
OMX Nordic Exchange Helsinki was EUR 33.07, and on December 31, 2007
the share price was EUR 35.60. The highest quotation during the
financial year was EUR 41.99 and the lowest EUR 29.43.
A total of 5,595,292 Vaisala shares were traded in the stock exchange
during the financial year.
Vaisala's main shareholders are listed on the company's website and
in the Notes to the Financial Statements.
Treasury shares and parent company shares
At year's end, the company held a total of 9,150 Vaisala A shares,
which represented 0.05 percent of the share capital and 0.01 percent
of the votes. The consideration paid for these shares was EUR
251,898.31.
Board of Directors
Members of the Board
In accordance with Vaisala Corporation's Articles of Association, the
company's Board of Directors comprises at least three (3) and at most
six (6) members. According to current practice, the Board comprises
six members. All Board members are appointed by a General Meeting of
Shareholders. The Board elects a Chairman and a Vice Chairman from
among 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. Instead, the term of office is 3 years, as
stipulated in the Articles of Association. The term of office begins
after the General Meeting of Shareholders at which the member is
elected, and ends at the close of the third Annual General Meeting
that follows the member's election.
President and CEO
Vaisala's President and CEO is appointed by the Board. The President
and CEO manages the company in accordance with the instructions and
orders given by the Board, and informs the Board of the development
of the company's business and financial situation. The President and
CEO is also responsible for arranging the company's management.
Events relating to the permanent group of insiders
No loans were granted to any of the persons belonging to the
permanent group of insiders, and no contingent liabilities were made
on their behalf.
Proposals to the Annual General Meeting
The Board of Directors' proposal for the distribution of profit
According to the financial statements as per December 31, 2007, the
parent company's distributable funds amount to EUR 130,992,510.76, of
which the profit for the financial year is EUR 22,683,835.80.
The Board proposes to the Annual General Meeting that the
distributable funds be used as follows:
- A dividend of EUR 0.85 per share be paid, totaling EUR
15,477,831.90
- To be retained in shareholders' equity EUR
115,514,678.86
Total EUR
130,992,510.76
No material changes have occurred in the company's financial
situation since the end of the financial year. The company's
liquidity remains good and, in the view of the Board, is not
threatened by the proposed profit distribution.
The record date for dividend payment has been set at April 1, 2008,
and it is proposed that the dividend be paid on April 8, 2008.
The terms of office of Board members Mikko Niinivaara and Raimo
Voipio will end at the Annual General Meeting. Shareholders
representing more than 10 percent of all the votes in the company
have announced their intention to propose to Vaisala's Annual General
Meeting, to be held on March 27, 2008, that the number of Board
members will be six. The Board proposes that Mikko Niinivaara and
Raimo Voipio be re-elected.
The Board proposes that PricewaterhouseCoopers Oy, Authorized Public
Accountants, and Hannu Pellinen, APA, be re-elected as Vaisala's
auditor.
The proposed persons and auditor have given their consent to their
re-election.
Events after the financial year
Vaisala has entered into an agreement with a long-standing customer
on the delivery of upper air observation products. The agreement is
substantial in scope. The order has a value of EUR 8.3 million and
comprises radiosondes and supplies. The deliveries will take place
during 2008.
Vantaa, Finland, February 13, 2008
Vaisala Corporation
Board of Directors
Key figures
1-12 1-12 10-12 10-12
2007 2006 2007 2006
Return on equity (%) 14.9 % 16.4 %
Number of outstanding shares
(1,000) 18,209 18,209 18,209 18,209
Number of shares (1,000),
weighted average 18,209 18,168 18,209 18,209
Number of shares (1,000),
issue-adjusted 18,209 18,174 18,209 18,209
Earnings/share (EUR) 1.42 1.46 0.60 0.73
Earnings/share (EUR),
adjusted for dilution effect 1.42 1.46 0.60 0.73
Cash flow from operating
activities/share (EUR) 1.98 1.96
Equity/share (EUR) 9.68 9.32 9.68 9.32
Solvency ratio 83% 81% 83% 81%
Gross capital expenditure
(EUR million) 7.3 20.4 2.2 1.8
Depreciation (EUR million) 8.2 10.8 2.1 2.2
Average personnel 1,113 1,069 1,107 1,069
Order book (EUR million) 82.3 77.6 82.3 77.6
Exposure from derivative contracts*) 14.3 11.9 14.3 11.9
CONSOLIDATED INCOME STATEMENT
(IFRS, EUR million)
1-12 1-12 Change 10-12 10-12 Change
2007 2006 % 2007 2006 %
Net sales 224.1 220.8 1.5 71.9 75.9 -5.4
Cost of production and
procurement -99.6 -100.1 -0.5 -32.6 -31.7 3.1
Gross profit 124.5 120.8 3.1 39.2 44.3 -11.5
Other operating income 0.0 0.1 -99.2 0.0 0.4 -100.0
Cost of sales and marketing -46.2 -42.1 9.9 -12.7 -12.2 4.8
R&D costs -23.5 -20.6 13.7 -6.6 -5.9 12.0
Other administrative costs -19.5 -19.6 -0.6 -4.1 -6.8 -38.6
Other operating costs 0.0 0.0 0.0 0.0 -233.3
Operating profit 35.3 38.6 -8.4 15.7 19.8 -20.9
Financial income and
expenses 1.6 -0.5 -459.5 0.4 -0.5 -172.3
Share of results of
associated
companies 0.0 0.0 20.0 0.0 0.0 -92.0
Profit before taxes 37.0 38.2 -3.0 16.0 19.4 -17.2
Income taxes -11.2 -11.6 -3.3 -5.0 -6.1 -16.8
Profit after taxes 25.8 26.6 -2.9 11.0 13.3 -17.4
Attributable to equity
holders
of the parent 25.8 26.6 -2.9 11.0 13.3 -17.4
Taxes corresponding to the profit for the
financial year have been accounted for as taxes.
Earnings per share for profit attributable to the
equity holders of the parent:
Basic earnings per share
(EUR) 1.42 1.46 -2.9 0.60 0.73 -17.4
Diluted earnings per share
(EUR) 1.42 1.46 -2.9 0.60 0.73 -17.4
CONSOLIDATED BALANCE SHEET
(EUR million) 31.12.2007 31.12.2006 Change
%
ASSETS
Non-current assets
Intangible assets 17.8 21.0 -15.1
Tangible assets 33.1 33.5 -1.0
Investments in associates 0.5 0.4 7.4
Other financial assets 0.0 0.2 -84.7
Long-term receivables 0.1 0.1 25.0
Deferred tax assets 4.7 5.2 -9.5
Current assets
Inventories 16.1 17.6 -8.3
Trade and other receivables
53.4 53.9 -1.0
Accrued income tax receivables 0.5 0.0 2570.0
Financial assets recognized at fair
value through profit or loss 42.6 41.2 3.3
Cash and cash equivalents 56.6 46.1 22.9
TOTAL ASSETS 225.6 219.2 2.9
SHAREHOLDERS' EQUITY AND
LIABILITIES
Equity attributable to equity
holders of the parent
Share capital 7.7 7.7 0.0
Share issue 0.0 0.0
Share premium reserve 16.6 16.6 0.0
Other funds/Legal reserve 0.1 0.1 28.4
Translation differences -5.4 -1.6 137.1
Profit from previous years 131.8 120.7 7.9
Own shares -0.3 -0.3 0.0
Profit for the financial year 25.8 26.6 -2.9
Total equity 176.3 169.8 3.9
Liabilities
Retirement benefit obligations 0.3 0.3 -8.0
Interest-bearing liabilities 0.2 0.3 -29.3
Provisions 0.2 0.0 585.7
Deferred tax liabilities 0.4 0.4 5.8
Current liabilities
Current portion of long-term
borrowings 0.1 0.3 -80.4
Current interest-bearing
liabilities 0.7 0.3 145.1
Advances received 12.0 9.6 24.6
Accrued income tax payables 2.5 2.6 -4.1
Trade and other payables 32.9 35.6 -7.6
TOTAL LIABILITIES 225.6 219.2 2.9
Statement of changes in
shareholders'
equity, December 31, 2007
Transl- Retai
Share Share Reser ation ned Total
capi- Share premium ve Own differ- earn- equi-
tal issue reserve Fund Shares ences ings ty
Shareholders'
equity on
January
1, 2007 7.7 0.0 16.6 0.1 -0.3 -1.6 147.3 169.8
Translation
differences 0.0 -3.8 -3.8
Transfer between
reserved funds
and retained
earnings 0.0 0.0 0.0
Net profit for
the year 25.8 25.8
Dividend paid -15.5 -15.5
Stock options
exercised 0.0
Purchase of
own shares 0.0
Conveyance of
own shares 0.0
Shareholders'
equity on
December 31,
2007 7.7 0.0 16.6 0.1 -0.3 -5.4 157.6 176.3
Transl Retai
Share Share Reser Own ation ned Total
capi- Share premium ve Share differ earn- equi-
tal issue reserve fund s ences ings ty
Shareholders'
equity on
January 1,2006 7.4 5.4 5.3 0.1 0.0 1.9 134.1 154.3
Translation
differences 0.0 -3.5 -3.5
Net profit for
the year 26.6 26.6
Dividend paid -13.4 -13.4
Stock options
exercised 0.2 -5.4 11.3 6.1
Purchase of
own shares -1.0 -1.0
Conveyance of
own shares 0.7 0.7
Shareholders'
equity on
December 31,2006 7.7 0.0 16.6 0.1 -0.3 -1.6 147.3 169.8
Consolidated cash flow statement
(EUR million)
1-12 1-12 Change
2007 2006 %
Cash flows from operating activities
Cash receipts from customers 228.2 220.3 3.6
Other income from business operations 0.0 0.0 -206.8
Cash paid to suppliers and employees -184.0 -173.7 5.9
Interest received 3.4 2.2 52.0
Interest paid -0.4 -0.1 243.4
Other financial items, net -0.4 -3.3 -88.2
Dividend received from business operations 0.0 0.0 0.0
Direct tax paid -10.8 -9.7 10.9
Cash flow from business operations (A) 36.0 35.7 0.9
Cash flow from investing activities
Investments in tangible and intangible assets -7.4 -7.2 3.1
Acquisition of subsidiary, net of cash acquired 0.0 -15.7 -100.0
Proceeds from sale of tangible and intangible
assets 0.0 0.1 -97.9
Loans granted 0.0 0.0
Repayments on loan receivables 0.0 0.0 25.0
Other investments 0.0 -0.1 -169.1
Cash flow from investing activities (B) -7.4 -22.9 -67.8
Cash flow from financing activities
Equity issue 0.0 6.1 -100.0
Repayment of short-term loans 0.0 0.0
Withdrawal of long-term loans 0.0 0.0
Repayment of long-term loans -0.2 -0.5 -48.0
Dividends paid and other distribution of profit -15.5 -13.4 15.2
Cash flow from financing activities (C) -15.7 -7.8 101.2
Change in liquid funds (A + B + C)
increase (+) / decrease (-) 12.9 5.0 158.2
Liquid funds at beginning of period 87.3 81.4 7.3
Foreign exchange effect on cash -1.0 0.9 -214.3
Net increase in cash and cash equivalents 12.9 5.0 158.2
Liquid funds at end of period 99.2 87.3 13.7
Segment information
Business segments
Vaisala
Measure Vaisala Vaisala Other
Ment Instru- Solut- operat Elimi-
1-12/2007 Systems ments ions ions nations Group
EUR million
Net sales to
external customers 82.5 70.3 71.3 0.0 0.0 224.1
Intragroup sales 0.0 10.4 0.4 0.0 -10.9 0.0
Net sales 82.5 80.8 71.7 0.0 -10.9 224.1
Operating profit 12.7 19.9 5.3 -2.6 0.0 35.3
Depreciation 2.6 1.8 0.5 3.3 0.0 8.2
Restructuring costs 0.0 0.0 0.0 0.0 0.0 0.0
Segment information
Business segments
Vaisala
Measure- Vaisala Other
ment Instru- Vaisala operat- Elimi-
1-12/2006 Systems ments Solut-ions ions nations Group
EUR million
Net sales to
external customers 93.2 64.3 63.3 0.0 0.0 220.8
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 -6.1 0.0 38.6
Depreciation 4.8 1.9 0.7 3.4 0.0 10.8
Segment information
Business segments
Vaisala
Measure Vaisala Vaisala Other
ment Instru- Solut- operat- Elimi-
10-12/2007 Systems ments ions ions nations Group
EUR million
Net sales to
external customers 23.5 18.7 29.7 0.0 0.0 71.8
Intragroup sales 0.0 4.0 0.1 0.0 -4.1 0.0
Net sales 23.5 22.7 29.8 0.0 -4.1 71.8
Operating profit 3.2 5.0 6.4 1.1 0.0 15.7
Depreciation 0.6 0.5 0.1 0.9 0.0 2.1
Restructuring costs 0.0 0.0 0.0 0.0 0.0 0.0
Segment information
Business segments
Vaisala
Measure Vaisala Vaisala Other
ment Instru- Solut- operat- Elimi-
10-12/2006 Systems ments ions ions nations Group
EUR million
Net sales to
external customers 33.8 17.1 25.1 0.0 0.0 75.9
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 -2.8 0.0 19.5
Depreciation 0.7 0.5 0.2 0.9 0.0 2.2
Restructuring costs 0.0 0.0 0.0 0.0 0.0 0.0
CALCULATION OF FINANCIAL RATIOS
Shareholders' equity plus minority interest
x
Solvency ratio(%) = --------------------------------------- 100
Balance sheet total less advance payments
Profit before taxes
less taxes, +/- minority interest
Earnings/share
(EPS) = ----------------------------------------
Average number of outstanding shares,
issue-adjusted
Cash flows from business operations
Cash flow from
business
operations/share = ----------------------------------------
Number of outstanding shares at
balance sheet date
Shareholders' equity
Equity/share = ----------------------------------------
Number of outstanding shares at
balance sheet date, issue-adjusted
Dividend
Dividend/share = ----------------------------------------
Number of outstanding shares at
balance sheet date, issue-adjusted
Further information:
Jouni Lintunen
CFO, tel. +358 (0)9 8949 2215, mobile +358 (0)400 579 0181
www.vaisala.com
Vaisala Corporation
DISTRIBUTION:
OMX Nordic Exchange Helsinki
Finnish News Agency
Other key media
VAISALA
Vaisala is a global leader in environmental and industrial
measurement, providing services, products and solutions for
meteorology, environmental sciences, aviation, traffic and industry.
Built on science-based innovation, advanced technology and over 70
years of experience, Vaisala is committed to providing a better
quality of life through environmental measurement. Headquartered in
Finland, Vaisala employs over 1100 professionals and is listed in
Nordic Exchange, Helsinki. www.vaisala.com