VAAHTO GROUP PLC OYJ INTERIM REPORT 17.4.2009 at 10.00
VAAHTO GROUP PLC OYJ INTERIM REPORT FOR SEPTEMBER 1, 2008 - FEBRUARY 28, 2009
Vaahto Group's turnover for the period under review was 32.3 million euros
(compared with 41.8 million euros for the corresponding period in the previous
fiscal year), with an operating loss of 2.8 million euros (comparative:
operating profit of 0.2 million euros). Turnover saw a decrease of 23% from that
of the reference period, undermining the result significantly. Vaahto Group's
order backlog decreased during the period; it was 54.4 million euros at the
beginning of the period and 43.2 million euros at the period end.
Pulp & Paper Machinery
The Pulp & Paper Machinery division's turnover for the period under review was
18.7 million euros (23.3 million euros), with an operating loss of 3.5 million
euros (operating loss of 1.8 million euros). The turnover decreased by 20% from
that of the reference period, and the division's result was unprofitable.
Together with decreased turnover, the result was affected by poor profitability
of projects entered in the accounts during the period under review.
The investment level for forest industry is very low globally, and the marketing
environment for the Pulp & Paper Machinery division is extremely challenging.
In this
tough competitive situation the most significant new orders for the division
were the board machine rebuilding for Stora Enso in Inkeroinen, and the headbox
project for Stora Enso's board machine in Imatra.
The Pulp & Paper Machinery division's order backlog decreased during the period
under review. However, the large orders received at the end of the previous
fiscal year ensured that the division's order backlog at the end of the review
period was significantly larger than a year earlier. The results of these
projects will be entered in the accounts mainly in the latter part of the
current fiscal year.
In the period under review, the division took action to merge Vaahto Roll
Service Oy, part of the division, with Vaahto Oy. The purpose of the merger is
to simplify the Group's structure, diminish expenses, and further develop the
operations of the Vaahto Pulp & Paper Machinery division.
Process Machinery
The Process Machinery division's turnover for the period under review was 14.2
million euros (18.5 million euros), with an operating profit of 0.7 million
euros (2.0 million euros). The turnover decreased by 24% from that of the
reference period, making the result lower than in the reference period.
The Process Machinery division's market situation has deteriorated rapidly, and
the order backlog has decreased for both tanks and agitators. The most
significant deal made during the period under review was the order received by
Japrotek Oy Ab for a nitric acid absorption tower for Uhde in Indonesia. The
division still has a significant number of customer projects in the offer phase,
but decisions on the realization of the projects have been delayed due to the
current economic climate.
Research and development
The Group's research and development activities concentrate for the most part on
improving the competitiveness of the Pulp & Paper Machinery division's key
components for paper and board machines, and that of roll servicing. The scope
of the Group's R&D activities remained the same as in the previous fiscal
period.
Investments
The Group's capital expenditure for the period came to 2.4 million euros (1.1
million euros). The most significant investment was the acquisition of an FPT
broaching drill for Vaahto Oy. Other investments consisted mainly of smaller
machinery and equipment acquisitions and of investments in information systems.
Financing
The Group's cash flow for the period under review was -1.7 million euros (2.6
million euros), with an investment cash flow of -2.4 million euros (-1.1 million
euros). The increase in debt, including interest, was 6.7 million euros.
The total of the consolidated balance sheet was 46.7 million euros (45.9 million
euros). The Group's equity ratio decreased to 25.1% (35.4%).
Personnel
The number of Group personnel averaged 417 (427) over the period.
Share issue authorizations
The Board of Directors has no authority to issue new shares, convertible bonds,
or bonds with warrants, nor the authorization to obtain or surrender shares.
International financial reporting standards
The interim report was drawn up in accordance with International Financial
Reporting Standard (IFRS) IAS 34 (“Interim Financial Reporting”).
Forecast of developments
The international financial climate has led to great insecurity in the market
and the postponement of investment decisions. The market situation is thus
highly challenging, and Vaahto Group's order backlog decreased in the period
under review. During the period under review the Group companies have taken
action to adjust their operations to the current demand and market situation.
The results of these projects will be entered in the accounts mainly in the
latter part of the current fiscal year. The result for the second half of the
fiscal year is expected to improve from the first half, but the turnover for the
entire fiscal year will remain unprofitable.
Interim management statement
During the second half of the fiscal year lasting from September 1, 2008 to
August 31, 2009, Vaahto Group Plc Oyj will publish an interim management
statement instead of an interim report of operations during a nine month period.
The interim management statement will be published on June 26, 2009.
--------------------------------------------------------------------------------
| CONSOLIDATED INCOME | Interim | Interim | Annual |
| STATEMENT, IFRS | Report | Report | Report |
| 1000 EUR | 1.9.2008- | 1.9.2007- | 1.9.2007- |
| | 28.2.2009 | 29.2.2008 | 31.8.2008 |
| | 6 months | 6 months | 12 months |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | 32 280 | 41 828 | 73 207 |
--------------------------------------------------------------------------------
| Change in finished | -1 085 | 245 | 92 |
| goods and work | | | |
| in progress | | | |
--------------------------------------------------------------------------------
| Production for own use | 566 | 264 | 693 |
--------------------------------------------------------------------------------
| Other operating income | 35 | 61 | 688 |
--------------------------------------------------------------------------------
| Share of profits of | 25 | 14 | 14 |
| affiliated companies | | | |
--------------------------------------------------------------------------------
| Material and services | -17 369 | -23 750 | -39 404 |
--------------------------------------------------------------------------------
| Employee benefit | -10 962 | -11 519 | -21 082 |
| expenses | | | |
--------------------------------------------------------------------------------
| Depreciations | -1 467 | -887 | -2 220 |
--------------------------------------------------------------------------------
| Other operating | -4 781 | -6 051 | -11 339 |
| expenses | | | |
--------------------------------------------------------------------------------
| Operating profit | -2 758 | 204 | 649 |
--------------------------------------------------------------------------------
| Financing income | 54 | 78 | 70 |
--------------------------------------------------------------------------------
| Financing expenses | -540 | -339 | -796 |
--------------------------------------------------------------------------------
| Profit or loss | -3 244 | -57 | -77 |
| before taxes | | | |
--------------------------------------------------------------------------------
| Tax on income from operations | 843 | 86 | 396 |
--------------------------------------------------------------------------------
| Profit or loss | -2 401 | 29 | 320 |
| for the period | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net profit or loss attributable: | |
--------------------------------------------------------------------------------
| To equity holders | -2 372 | -19 | 238 |
| of the parent | | | |
--------------------------------------------------------------------------------
| To minority interest | -28 | 47 | 82 |
--------------------------------------------------------------------------------
| Total | -2 401 | 29 | 320 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share calculated | | | |
| on profit attributable to | | | |
| equity holders of the parent: | | | |
| | | | |
--------------------------------------------------------------------------------
| EPS undiluted, | -0,83 | -0,01 | 0,08 |
| euros/share | | | |
--------------------------------------------------------------------------------
| EPS diluted, | -0,83 | -0,01 | 0,08 |
| euros/share | | | |
--------------------------------------------------------------------------------
| Average number | 2 872 | 2 872 | 2 872 |
| of shares (1000 shares) | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED | Interim | Interim | Annual |
| BALANCE SHEET, IFRS | Report | Report | Report |
| 1000 EUR | 28.2.2009 | 29.2.2008 | 31.8.2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Assets | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Intangible assets | 2 441 | 651 | 3 127 |
--------------------------------------------------------------------------------
| Goodwill | 1 702 | 1 702 | 1 702 |
--------------------------------------------------------------------------------
| Tangible assets | 15 803 | 14 847 | 14 198 |
--------------------------------------------------------------------------------
| Shares in affiliated | 62 | 38 | 39 |
| companies | | | |
--------------------------------------------------------------------------------
| Non-current trade | 13 | 13 | 13 |
| and other receivables | | | |
--------------------------------------------------------------------------------
| Other long-term | 44 | 44 | 44 |
| investments | | | |
--------------------------------------------------------------------------------
| Deferred tax asset | 1 446 | 332 | 471 |
--------------------------------------------------------------------------------
| Non-current assets | 21 510 | 17 627 | 19 594 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Inventories | 7 993 | 8 466 | 8 508 |
--------------------------------------------------------------------------------
| Trade receivables | 15 724 | 17 373 | 12 392 |
| and other receivables | | | |
--------------------------------------------------------------------------------
| Tax receivable, | 1 017 | 100 | 624 |
| income tax | | | |
--------------------------------------------------------------------------------
| Cash equivalents | 0 | 950 | 0 |
--------------------------------------------------------------------------------
| Cash and bank | 440 | 1 405 | 730 |
--------------------------------------------------------------------------------
| Current assets | 25 174 | 28 294 | 22 253 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total assets | 46 684 | 45 921 | 41 847 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity and liabilities | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Share capital | 2 872 | 2 872 | 2 872 |
--------------------------------------------------------------------------------
| Share premium account | 6 | 6 | 6 |
--------------------------------------------------------------------------------
| Other reserves | 1 787 | 2 173 | 2 006 |
--------------------------------------------------------------------------------
| Retained earnings | 4 905 | 7 277 | 7 537 |
--------------------------------------------------------------------------------
| Equity attributable | 9 570 | 12 328 | 12 421 |
| to equity holders | | | |
| of the parent | | | |
--------------------------------------------------------------------------------
| Minority share | 1 262 | 1 302 | 1 336 |
--------------------------------------------------------------------------------
| Shareholders' equity | 10 832 | 13 630 | 13 757 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Deferred tax liability | 725 | 997 | 736 |
--------------------------------------------------------------------------------
| Long-term liabilities, | 7 429 | 4 130 | 7 378 |
| interest-bearing | | | |
--------------------------------------------------------------------------------
| Non-current provisions | 271 | 394 | 271 |
--------------------------------------------------------------------------------
| Non-current liabilities | 8 425 | 5 521 | 8 385 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Short-term liabilities, | 11 164 | 7 757 | 7 087 |
| interest-bearing | | | |
--------------------------------------------------------------------------------
| Trade payables and other | 16 197 | 19 012 | 12 618 |
| liabilities | | | |
--------------------------------------------------------------------------------
| Tax liability | 67 | 1 | 1 |
--------------------------------------------------------------------------------
| Current liabilities | 27 427 | 26 770 | 19 705 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Liabilities | 35 852 | 32 291 | 28 090 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total equity and liabilities | 46 684 | 45 921 | 41 847 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| KEY FIGURES, IFRS | Interim | Interim | Annual |
| | Report | Report | Report |
| | 1.9.2008- | 1.9.2007- | 1.9.2007- |
| | 28.2.2009 | 29.2.2008 | 31.8.2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit or loss 1000 | -2758 | 204 | 649 |
| EUR | | | |
--------------------------------------------------------------------------------
| Operating profit or loss % of | -8,5 | 0,5 | 0,9 |
| turnover | | | |
--------------------------------------------------------------------------------
| Return on equity % | -19,5 | 0,2 | 2,2 |
--------------------------------------------------------------------------------
| Return on investment % | -9,4 | 1,1 | 2,6 |
--------------------------------------------------------------------------------
| Earnings per share EUR | -0,83 | -0,01 | 0,08 |
--------------------------------------------------------------------------------
| Shareholders' | 3,33 | 4,25 | 4,32 |
| equity per share EUR | | | |
--------------------------------------------------------------------------------
| Solidity % | 25,1 | 35,4 | 37,3 |
--------------------------------------------------------------------------------
| Gearing | 167,6 | 69,9 | 99,8 |
--------------------------------------------------------------------------------
| Order backlog 1000 EUR | 43 194 | 33 464 | 54 384 |
--------------------------------------------------------------------------------
| Gross investments | 2 385 | 1 120 | 4 613 |
| 1000 EUR | | | |
--------------------------------------------------------------------------------
| Total average number | 417 | 427 | 426 |
| of personnel | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED FLOW OF | Interim | Interim | Annual |
| FUNDS STATEMENT, IFRS | Report | Report | Report |
| 1000 EUR | 1.9.2008- | 1.9.2007- | 1.9.2007- |
| | 28.2.2009 | 29.2.2008 | 31.8.2008 |
| | 6 months | 6 months | 12 months |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit or loss | -3 244 | -57 | -77 |
| before taxes | | | |
--------------------------------------------------------------------------------
| Adjustments | 1 655 | 891 | 1 817 |
--------------------------------------------------------------------------------
| Change in | 434 | 2 073 | 337 |
| working capital | | | |
--------------------------------------------------------------------------------
| Financial income and expenses | -553 | -318 | -840 |
| and taxes | | | |
--------------------------------------------------------------------------------
| Flow of funds from operations | -1 707 | 2 590 | 1 236 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Investments in | -2 385 | -1 120 | -4 613 |
| tangible and intangible | | | |
| assets | | | |
--------------------------------------------------------------------------------
| Income from sales of tangible | 7 | 5 | 650 |
| and intangible assets | | | |
--------------------------------------------------------------------------------
| Flow of funds from | -2 378 | -1 115 | -3 963 |
| investments | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Increase of the | 6 135 | 2 061 | 10 566 |
| interest-bearing | | | |
| liabilities | | | |
--------------------------------------------------------------------------------
| Decrease of the | -2 007 | -1 428 | -7 355 |
| interest-bearing | | | |
| liabilities | | | |
--------------------------------------------------------------------------------
| Dividends | -333 | -1 287 | -1 287 |
--------------------------------------------------------------------------------
| Flow of funds from | 3 795 | -654 | 1 923 |
| financial items | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Change of liquid funds | -290 | -821 | -804 |
| | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| STATEMENT OF | Share | Hedg- | Other | Re- | Mino- | Total |
| CHANGES IN | capi- | ing | res- | tained | rity | |
| SHAREHOLDERS' | tal | res- | erves | earn- | inte- | |
| EQUITY, IFRS | and | erve | | ings | rest | |
| 1000 EUR | share | | | | | |
| | prem- | | | | | |
| | ium | | | | | |
| | acc- | | | | | |
| | ount | | | | | |
--------------------------------------------------------------------------------
| Interim | | | | | | |
| Report | | | | | | |
| 1.9.2008 - | | | | | | |
| 28.2.2009 | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shareholders' | 2878 | -93 | 2100 | 7537 | 1336 | 13758 |
| equity 1.9.2008 | | | | | | |
--------------------------------------------------------------------------------
| Cash flow | | -292 | | | | -292 |
| hedging: | | | | | | |
| increase/ | | | | | | |
| decrease | | | | | | |
| (hedging | | | | | | |
| reserve) | | | | | | |
--------------------------------------------------------------------------------
| Deferred | 76 | | | | 76 |
| taxes' share | | | | | |
| of period | | | | | |
| movement | | | | | |
--------------------------------------------------------------------------------
| Change in | | | | 25 | | 25 |
| translation | | | | | | |
| difference | | | | | | |
--------------------------------------------------------------------------------
| Reclassifi- | | | -3 | 3 | | 0 |
| cations between | | | | | | |
| items | | | | | | |
--------------------------------------------------------------------------------
| Net | | -216 | -3 | 28 | | -191 |
| profits/losses | | | | | | |
| recognized | | | | | | |
| directly to | | | | | | |
| shareholders' | | | | | | |
| equity | | | | | | |
--------------------------------------------------------------------------------
| Profit/loss for | | | | -2372 | -28 | -2401 |
| the period | | | | | | |
--------------------------------------------------------------------------------
| Total profits | | -216 | -3 | -2344 | -28 | -2592 |
| and losses | | | | | | |
--------------------------------------------------------------------------------
| Dividend | | | | -287 | -46 | -333 |
| distribution | | | | | | |
--------------------------------------------------------------------------------
| Shareholders' | 2878 | -310 | 2097 | 4905 | 1262 | 10832 |
| equity | | | | | | |
| 28.2.2009 | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| STATEMENT OF | Share | Hedg- | Other | Re- | Mino- | Total |
| CHANGES IN | capi- | ing | res- | tained | rity | |
| SHAREHOLDERS' | tal | res- | erves | earn- | inte- | |
| EQUITY, IFRS | and | erve | | ings | rest | |
| 1000 EUR | share | | | | | |
| | prem- | | | | | |
| | ium | | | | | |
| | acc- | | | | | |
| | ount | | | | | |
--------------------------------------------------------------------------------
| Interim | | | | | | |
| Report | | | | | | |
| 1.9.2007 - | | | | | | |
| 29.2.2008 | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shareholders' | 2878 | 22 | 2106 | 8438 | 1393 | 14835 |
| equity 1.9.2007 | | | | | | |
--------------------------------------------------------------------------------
| Cash flow | | 49 | | | | 49 |
| hedging: | | | | | | |
| increase/ | | | | | | |
| decrease | | | | | | |
| (hedging | | | | | | |
| reserve) | | | | | | |
--------------------------------------------------------------------------------
| Change in | | | | 5 | | 5 |
| translation | | | | | | |
| difference | | | | | | |
--------------------------------------------------------------------------------
| Reclassifi- | | | -3 | 3 | | 0 |
| cations between | | | | | | |
| items | | | | | | |
--------------------------------------------------------------------------------
| Net | | 49 | -3 | 8 | | 53 |
| profits/losses | | | | | | |
| recognized | | | | | | |
| directly to | | | | | | |
| shareholders' | | | | | | |
| equity | | | | | | |
--------------------------------------------------------------------------------
| Profit/loss for | | | | -19 | 47 | 29 |
| the period | | | | | | |
--------------------------------------------------------------------------------
| Total profits | | 49 | -3 | -11 | 47 | 82 |
| and losses | | | | | | |
--------------------------------------------------------------------------------
| Dividend | | | | -1149 | -183 | -1287 |
| distribution | | | | | | |
--------------------------------------------------------------------------------
| Shareholders' | 2878 | 70 | 2103 | 7277 | 1302 | 13630 |
| equity | | | | | | |
| 29.2.2008 | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| STATEMENT OF | Share | Hedg- | Other | Re- | Mino- | Total |
| CHANGES IN | capi- | ing | res- | tained | rity | |
| SHAREHOLDERS' | tal | res- | erves | earn- | inte- | |
| EQUITY, IFRS | and | erve | | ings | rest | |
| 1000 EUR | share | | | | | |
| | prem- | | | | | |
| | ium | | | | | |
| | acc- | | | | | |
| | ount | | | | | |
--------------------------------------------------------------------------------
| Annual Report | | | | | | |
| 1.9.2007 - | | | | | | |
| 31.8.2008 | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shareholders' | 2878 | 22 | 2106 | 8438 | 1393 | 14835 |
| equity 1.9.2007 | | | | | | |
--------------------------------------------------------------------------------
| Cash flow | | -148 | | | | -148 |
| hedging: | | | | | | |
| increase/ | | | | | | |
| decrease | | | | | | |
| (hedging | | | | | | |
| reserve) | | | | | | |
--------------------------------------------------------------------------------
| Deferred | 33 | | | | 33 |
| taxes' share | | | | | |
| of period | | | | | |
| movement | | | | | |
--------------------------------------------------------------------------------
| Change in | | | | 5 | | 5 |
| translation | | | | | | |
| difference | | | | | | |
--------------------------------------------------------------------------------
| Reclassifi- | | | -6 | 6 | | 0 |
| cations between | | | | | | |
| items | | | | | | |
--------------------------------------------------------------------------------
| Net | | -115 | -6 | 11 | | -110 |
| profits/losses | | | | | | |
| recognized | | | | | | |
| directly to | | | | | | |
| shareholders' | | | | | | |
| equity | | | | | | |
--------------------------------------------------------------------------------
| Profit/loss for | | | | 238 | 82 | 320 |
| the period | | | | | | |
--------------------------------------------------------------------------------
| Total profits | | | -6 | 249 | 82 | 210 |
| and losses | | | | | | |
--------------------------------------------------------------------------------
| Dividend | | | | -1149 | -138 | -1287 |
| distribution | | | | | | |
--------------------------------------------------------------------------------
| Shareholders' | 2878 | -93 | 2100 | 7537 | 1336 | 13757 |
| equity | | | | | | |
| 31.8.2008 | | | | | | |
--------------------------------------------------------------------------------
SEGMENT INFORMATION, IFRS
The business of Vaahto Group is reported as two business segments: Pulp & Paper
Machinery and Process Machinery.
--------------------------------------------------------------------------------
| NET SALES BY BUSINESS | Interim | Interim | Annual |
| SEGMENTS, IFRS | Report | Report | Report |
| 1000 EUR | 1.9.2008- | 1.9.2007- | 1.9.2007- |
| | 28.2.2009 | 29.2.2008 | 31.8.2008 |
| | 6 months | 6 months | 12 months |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Pulp & Paper Machinery | 18 748 | 23 336 | 39 549 |
--------------------------------------------------------------------------------
| Process Machinery | 14 155 | 18 493 | 34 406 |
--------------------------------------------------------------------------------
| Net sales | -623 | -1 | -748 |
| between segments | | | |
--------------------------------------------------------------------------------
| Group total | 32 280 | 41 828 | 73 207 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| OPERATING PROFIT OR | Interim | Interim | Annual |
| LOSS BY BUSINESS | Report | Report | Report |
| SEGMENTS, IFRS | 1.9.2008- | 1.9.2007- | 1.9.2007- |
| 1000 EUR | 28.2.2009 | 29.2.2008 | 31.8.2008 |
| | 6 months | 6 months | 12 months |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Pulp & Paper Machinery | -3 450 | -1 778 | -3 330 |
--------------------------------------------------------------------------------
| Process Machinery | 684 | 1 976 | 3 982 |
--------------------------------------------------------------------------------
| Other | -1 | -2 | -2 |
--------------------------------------------------------------------------------
| Operating profit or | 9 | 7 | 0 |
| loss between segments | | | |
--------------------------------------------------------------------------------
| Group total | -2 758 | 204 | 649 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| AVERAGE NUMBER OF | Interim | Interim | Annual |
| PERSONNEL BY BUSINESS | Report | Report | Report |
| SEGMENTS | 1.9.2008- | 1.9.2007- | 1.9.2007- |
| | 28.2.2009 | 29.2.2008 | 31.8.2008 |
| | 6 months | 6 months | 12 months |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Pulp & Paper Machinery | 269 | 252 | 249 |
--------------------------------------------------------------------------------
| Process Machinery | 148 | 175 | 177 |
--------------------------------------------------------------------------------
| Group total | 417 | 427 | 426 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| NET SALES BY MARKET | Interim | Interim | Annual |
| AREAS, IFRS | Report | Report | Report |
| 1000 EUR | 1.9.2008- | 1.9.2007- | 1.9.2007- |
| | 28.2.2009 | 29.2.2008 | 31.8.2008 |
| | 6 months | 6 months | 12 months |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Finland | 12 012 | 14 234 | 28 859 |
--------------------------------------------------------------------------------
| Other Europe | 16 170 | 19 964 | 30 182 |
--------------------------------------------------------------------------------
| North America | 252 | 2 919 | 3 837 |
--------------------------------------------------------------------------------
| Asia | 3 839 | 4 589 | 9 881 |
--------------------------------------------------------------------------------
| Africa | 0 | 120 | 120 |
--------------------------------------------------------------------------------
| Other | 7 | 1 | 328 |
--------------------------------------------------------------------------------
| Group total | 32 280 | 41 828 | 73 207 |
--------------------------------------------------------------------------------
Figures are in thousand euros unless stated otherwise. Figures are unaudited.
NOTES REQUIRED BY IAS 34
Accounting principles
The interim report was drawn up according to the same accounting principles and
calculation methods as the previous financial statement, for the fiscal period
that ended on August 31, 2008.
Dividends paid
In the period under review, Vaahto Group Plc Oyj paid a dividend of 0.10 euros
per share (for both A and K shares) - i.e., a total of 287,230.20 euros.
Lahti, April 17, 2009
VAAHTO GROUP PLC OYJ
Board of Directors
Information:
Antti Vaahto
CEO, Vaahto Group Plc Oyj
tel. +358 40 8232835
VAAHTO GROUP PLC OYJ INTERIM REPORT FOR SEPTEMBER 1, 2008 - FEBRUARY 28, 2009
| Source: Plc Uutechnic Group Oyj