Vaisala Corporation Stock exchange release 11 May 2010 at 8.30 a.m.
Vaisala Group interim report January-March 2010
Net sales higher year-on-year and at a good level, profitability declined from
last year
* Net sales 49.3 EUR (42.1) million, growth 17.2%. In comparable currencies,
the growth would have been 18.5%
* Operating profit EUR -6.2 (-3.1) million
* Earnings per share EUR -0.18 (-0.23)
* Orders received EUR 68.1 (66.1) million, growth 2.9%
* Cash flow from business operations EUR 6.7 (0.4) million
* Liquid assets EUR 42.2 (97.1) million
The information presented in this document is unaudited.
1-3 1-3 Change 1-12
2010 2009 (%) 2009
(MEUR) (MEUR) (MEUR)
Group net sales 49.3 42.1 17.2 231,8
Meteorology 12.0 15.8 -24.0 80,8
Controlled Environment 13.6 12.8 6.2 49,2
Weather Critical Operations 23.6 13.5 75.5 101,8
Operating profit, Group -6.2 -3.1 -99.1 12,0
Meteorology -3.4 0.6 -718.0 3,4
Controlled Environment 1.4 1.2 17.8 3,4
Weather Critical Operations -3.2 -4.4 27.4 5,5
Eliminations and other -1.0 -0.5 -0,4
Profit before taxes -4.4 -4.2 -5.2 10,1
Net profit -3.3 -4.2 20.6 6,9
Orders received 68.1 66.1 2.9 237,0
Order book 114.3 114.4 95,5
Earnings per share -0.18 -0.23 20.6 0,38
Return on equity (%) -7.7 -9.3 3,7
Comments on the first quarter
Net sales in the first quarter were higher than in the corresponding period in
2009, but profitability declined year-on-year.
The result was mostly affected by low project delivery gross margins in
market-entry phase, especially relating to the emerging market weather
businesses. Additionally, the strategic growth-oriented initiatives, one-off
costs relating to the acquisitions and the enterprise resource planning (ERP)
project costs burdened the result.
Orders received and the order book remain at previous year's level, and the
order book remains good.
Business outlook
Uncertainty of the global economy and shifts in exchange rates are still
expected to affect Vaisala's business. Due to the structure of Vaisala's
customer base and the orders received, the company's market situation is
expected to remain mostly unchanged in 2010.
Vaisala expects that its net sales in 2010 grow slightly from the preceding
year. Profitability is also expected to improve slightly. Strategic growth
initiatives will continue and burden the result also in 2010.
The first quarter has traditionally been moderate, and the company believes that
the operating profit will develop positively during the rest of the year.
The QTT- and Veriteq acquisitions are not expected to have a significant impact
on Vaisala's operating profit in 2010.
Vaisala's long term business outlook remains unchanged and the company is still
fully committed to implementing its growth strategy.
President and CEO Kjell Forsén on Vaisala's result:
Net sales in the first quarter were at a good level and clearly higher than a
year ago: our sales grew in all geographic regions. However, our profitability
declined clearly compared to last year. Declined profitability was mostly due to
low sales margins especially relating to project business in the emerging
markets. Additionally, the strategic development initiatives and acquisition
costs affected the result by approximately EUR 3 million.
Development of profitability in the Controlled Environment business has been
positive, indicating that the demand for the industrial measurement equipment
might be picking up. The biggest growth in this business area was seen in the
Life Science business which is part of the Cleanrooms and Chambers market
segment. Sales grew also in the Weather Critical Operations business area, but
the profitability of this business was not satisfactory. The Meteorology
business in the first quarter was weaker than expected.
We will continue efforts to improve profitability and competitiveness. We will
also review the need to make structural changes to respond to the needs of the
current business more efficiently.
Also the implementation of our growth strategy continues. We firmly believe that
the efforts that burden our profitability in the short term will reward the
company and its owners in the long term and strengthen Vaisala's position as the
leading company in environmental measurement.
Market situation, net sales and order book
The first quarter was positive for the Controlled Environment business area. The
uncertainty of the global economy is still reflected in the Meteorology and
Weather Critical Operations businesses, even though the net sales of the latter
grew significantly.
Vaisala did not receive any big orders in the first quarter. Market shares
remain unchanged.
Vaisala Group's net sales grew by 17.2 percent year-on-year and totaled EUR
49.3 (42.1) million. Net sales of the QTT company acquired in December 2009 was
EUR 1.9 million. Net sales of the Weather Critical Operations business area grew
by 75.5 percent and Controlled Environment by 6.2 percent. Net sales of the
Meteorology business area declined by 24.0 percent. In comparable currencies,
Vaisala Group's net sales would have grown by 18.5 percent.
Operations outside Finland accounted for 99 (97) percent of net sales.
Net sales in euros grew by 27.6 percent in Americas, totaling EUR 20.2 (15.8)
million. Net sales grew by 14.7 percent in the APAC region to EUR 11.4 (9.9)
million and in the EMEA region by 8.5 percent to EUR 17.7 (16.3) million. In
comparable currencies, the changes in net sales would have been Americas 33.9%,
APAC 13.2%, and EMEA 7.9%.
The value of orders received increased by 2.9 percent year-on-year and totaled
EUR 68.1 (66.1) million. The number of orders received organically, excluding
the QTT acquisition, grew by 1.1 percent.
Of the order book, approximately EUR 26 million will be delivered in 2011 or
later.
Performance and balance sheet
Operating profit for the financial year was EUR -6.2 (-3.1) million or -12.6
percent of net sales. The result was mostly burdened by lowered sales margins
especially in the emerging market weather businesses, research and development
projects, reorganization and one-off costs relating to the acquisitions and the
ERP project costs.
Profit before taxes was EUR -4.4 (-4.2) million or -9.0 percent of net sales.
Net profit for the review period was EUR -3.3 (-4.2) million, or -6.8 percent of
net sales.
Vaisala Group's solvency ratio and liquidity remained strong. On March
31, 2010, the balance sheet total was EUR 232.7 (233.9) million. The Group's
solvency ratio at the end of the financial year was 76% (76%).
The cash flow from business operations was EUR 6.7 (0.4) million. Vaisala's
consolidated liquid assets totaled EUR 42.2 (97.1) million.
Capital expenditure
Gross capital expenditure totaled EUR 14.1 (6.5) million.
The capital expenditure includes an advance payment of EUR 8.4 million paid as
equity capital for the company established due to the Veriteq-acquisition.
The gradual implementation of Vaisala's new ERP system is progressing according
to plan during this and next year.
The project to build new office space in Vantaa, Finland, is progressing
according to plan. The estimated date of accomplishment is at the end of 2010.
Meteorology
Net sales of the Meteorology business area declined by 24.0 percent year-on-year
to EUR 12.0 (15.8) million. In comparable currencies, the net sales would have
declined by 24.8 percent. Operating profit for the review period was EUR -3.4
(0.6) million.
Lower net sales in Meteorology were due to the fact that there were no large
project orders in the first quarter. The subsequent decline in sales volumes
lowered the profitability of this business. The profitability of project
business is low in the emerging markets in a market-entry phase.
The value of orders received for Meteorology was EUR 24.1 (22.8) million and the
order book stood at EUR 48.7 million at the end of the review period.
Controlled Environment
Net sales of the Controlled Environment business area grew by 6.2 percent
year-on-year to EUR 13.6 (12.8) million. In comparable currencies, the net sales
would have been up by 8.5 percent. Operating profit for the review period was
EUR 1.4 (1.2) million.
Sales compared to the corresponding period in 2009 grew especially in Europe and
Japan. Biggest growth was seen in the Life Science business which is part of the
Cleanrooms and Chambers market segment.
The value of orders received for Controlled Environment was EUR 14.1 (12.6)
million and the order book stood at EUR 3.7 million at the end of the review
period.
Weather Critical Operations
Net sales of the Weather Critical Operations business area grew by 75.5 percent
year-on-year to EUR 23.6 (13.5) million. In comparable currencies, the net sales
would have been up by 78.5 percent. Net sales of the QTT company acquired in
December 2009 was EUR 1.9 million. All market segments in the Weather Critical
Operations business increased their net sales.
Operating profit for the review period was EUR -3.2 (-4.4) million. The
operations of the QTT-company, which was acquired in December 2009, were
reorganized during the first quarter. The cost of these burdened the operating
profit in the first quarter by EUR 0.8 million. These arrangements aim at EUR
3-4 million synergy savings starting in 2011.
The value of orders received for Weather Critical Operations was EUR 29.9 (30.7)
million and the order book stood at EUR 61.9 million at the end of the review
period.
Other functions
Research and development
Expenditure in research and development totaled EUR 8.4 (6.5) million,
representing 17.0% of the Group's net sales. The QTT share of this is EUR 0.4
million.
The share of research and development expenses of the Group's net sales will
remain high in 2010. This is due to some one-off projects aiming at the
alignment of technology platforms and improved product modularity, usability and
mass customization capability.
Vaisala launched nine new products in the first quarter. The most significant of
these were Vaisala Ceilometer CL51; Vaisala HUMICAP Humidity and Temperature
Probes HMP60 and HMP110 for humidity and temperature measurement; and Vaisala
MetMan Webview 2.0, a web based meteorological data visualization software.
Services
Vaisala's service business is reported as part of the business areas. Services
sales in the review period totaled EUR 6.5 (7.3) million.
Personnel
The average number of people employed in the Vaisala Group in the review period
was 1 399 (1 236). Some 43 (40) percent of the personnel was based outside
Finland.
Vaisala has two incentive plans; one based on the development of sales and
profitability and covering all employees, and the other, three-year plan, based
on the development of profitability and covering key personnel.
Changes in Vaisala Corporation's management
Ari Meskanen, the Chief Technology Officer (CTO) of Vaisala was appointed Senior
Vice President, Group Marketing and Sales starting January 1, 2010.
Petteri Naulapää was appointed Chief Information Officer (CIO) and a member of
the group's strategic management group starting February 16, 2010. Jussi
Kallunki, the former CIO was appointed Vaisala's Chief Risk Officer.
Near-term risks and uncertainties
The most significant near term risks and uncertainties are estimated to relate
to changes in the global economy, shifts of currency exchange rates,
interruptions in manufacturing, project delivery capabilities, customers'
financing capability, changes in purchasing or investment behavior, and delays
or cancellations of orders and deliveries. Market development and the
realization of projects in the industrial segments affect the net sales and
operating profit. The company has additionally expanded its project activities
into emerging markets where the profitability of the projects is lower than
normally, due to the market-making nature of the business. The share of project
business out of the total business volume is also growing. Should the
assumptions regarding the profitability and new business opportunities in the
project business prove wrong, this may constitute risks for Vaisala's net sales
and profit.
Changes in subcontractor relations, their operations or operating environment
may have a negative impact on Vaisala's business. Vaisala monitors these risks
and prepares for them in accordance with the company's risk management policy.
Vaisala is currently implementing significant development projects and
organizational changes, which are building the foundation for a successful
execution of Vaisala's new strategy. A new Group-wide ERP system is also under
development. These efforts constitute a short-term risk regarding Vaisala's net
sales and profit.
Vaisala has made acquisitions and their impact on net sales and operating profit
depends essentially on the success of integration activities. In case the
assumptions about achievable synergies prove incorrect or the integration fails,
these constitute a short-term risk regarding Vaisala's net sales and result.
Vaisala's shares
As at the end of the review period, the Group's Board of Directors had no valid
authorizations for increasing the share capital, granting special rights, or
issuing stock option rights.
On December 31, 2009, the price of Vaisala's A share in the NASDAQ OMX Helsinki
was EUR 25.10, and at the end of the review period, the share price was EUR
22.25. The highest quotation during the review period was EUR 25.77 and the
lowest EUR 21.11. The number of shares traded in the stock exchange during the
review period was 898.011.
On March 31, 2010, Vaisala has 18,218.364 shares, of which 3,397.684 are series
K shares and 14,820.680 are series A shares. The shares have no counter book
value. The K shares and A shares are differentiated by the fact that each K
share entitles its owner to 20 votes at a General Meeting of Shareholders while
each A share entitles its owner to 1 vote. The A shares represent 81.4% of the
total number of shares and 17.9% of the total votes. The K shares represent
18.6% of the total number of shares and 82.1% of the total votes.
The market value of Vaisala's A shares on March 31, 2010 was EUR 329.6 million,
excluding the Company's own shares. Valuing the K shares - which are not traded
on the stock market - at the rate of the A share's closing price on the final
day of the financial year, the total year-end market value of all the A and K
shares together was EUR 405.2 million, excluding the Company's own shares.
Vaisala's main shareholders are listed on the Group website and in the appendix
of the financial statements.
Treasury shares and parent company shares
At the end of the review period, the Company held a total of 9,150 Vaisala A
shares, which represented 0.05% of the share capital and 0.01% of the votes. The
consideration paid for these shares was EUR 251,898.31.
Decisions made by the Annual General Meeting
Vaisala Oyj's Annual General Meeting was held on March 25, 2010 in Vantaa. The
Annual General Meeting confirmed the annual accounts for 2009 and granted the
Members of the Board of Directors and the Company's President and CEO discharge
from liability for the accounts between 1.1.-31.12.2009.
The Annual General Meeting confirmed based on the proposal by the Board of
Directors that a dividend of EUR 0.65 per share, corresponding to the total of
EUR 11,835,989.10 was to be distributed for the financial year 2009. Dividend
was not paid to the A-shares that are held by Vaisala Corporation. Dividend was
paid on April 8, 2010.
The Annual General Meeting decided that the Board of Directors continues to
comprise of six members. Yrjö Neuvo and Maija Torkko, who were to retire by
rotation were re-elected for three years. Other members in the Board of
Directors are Raimo Voipio, Mikko Niinivaara, Mikko Voipio and Stig Gustavson.
The Annual General Meeting decided on the annual remuneration of the Board of
Directors to be as follows: chairman EUR 35,000, and a member EUR 25,000.
The Annual General Meeting decided to authorize the Board of Directors to donate
a maximum of EUR 250,000 to the universities. The authorization is valid until
the Annual General Meeting in 2011.
Auditors
PricewaterhouseCoopers Oy and Mr. Hannu Pellinen APA were chosen as the
Company's Authorized Public Accountants.
Board of Directors' organizing meeting
Raimo Voipio will continue as the Chairman of the Board of Directors, and Yrjö
Neuvo as Vice Chairman. Maija Torkko, Mikko Niinivaara, Mikko Voipio and Stig
Gustavson are members of the Board.
Events after the financial year
On April 1, 2010 Vaisala acquired Veriteq Instruments Inc, a Canadian company
operating in the life science markets. Veriteq provides productized systems and
equipment for the continuous monitoring of controlled environments.
Veriteq is a leading provider of productized continuous monitoring systems and
data logger solutions for the life science industry comprising of
pharmaceutical, biotechnological and medical device companies. Veriteq
Instruments Inc. reached 5 MEUR net sales in 2009. The company is located in
Vancouver, Canada and employs approximately 40 people. The value of the deal was
8.5 MEUR, including a conditional purchase price of 0.7 MEUR.
Kai Konola, M.Sc. (El. Eng.), was appointed Executive Vice President of the
Weather Critical Operations Business Area, and a member of Vaisala's Management
Group starting July 1, 2010.
Vantaa, Finland, May 10, 2010
Vaisala Corporation
Board of Directors
The forward-looking statements in this release are based on the current
expectations, known factors, decisions and plans of Vaisala's management.
Although the management believes that the expectations reflected in these
forward-looking statements are reasonable, there is no assurance that these
expectations would prove to be correct. Therefore, the results could differ
materially from those implied in the forward-looking statements, due to for
example changes in the economic, market and competitive environments, regulatory
or other government-related changes, or shifts in exchange rates.
Further information about the risks and risk management in Vaisala is available
in the 2009 online Annual Report and on the internet at
http://www.vaisala.com/annualreport2009/riskmanagement.html
Financial indicators 1-3 1-3 1-12
2010 2009 2009
Return on equity (ROE) -7.7% -9.3% 3.7%
Number of shares (1000 pcs) 18 209 18 209 18 209
Number of chares (1000 pcs), weighted average 18 209 18 209 18 209
Adjusted number of shares (1000 pcs) 18 209 18 209 18 209
Earnings/share (EUR) -0.18 -0.23 0.38
Earnings/share (EUR),fully diluted -0.18 -0.23 0.38
Net cash flow from operating activities/share (EUR) 0.37 0.02 -0.17
Equity/share (EUR) 9.20 9.42 9.90
Solvency ratio 76% 76% 81%
Gross capital expenditure (EUR Million) 14.1 6.5 27.7
Depreciation 2.9 2.4 9.6
Average personnel 1 399 1 236 1 302
Order book (EUR Million) 114.3 114.4 95.5
Liabilities from derivative contracts 17.3 15.2 15.8
The interim report has been prepared in accordance with the IAS 34 standard,
following the same accounting principles as in the annual financial statements
of 2009. The Group adopts the standards and amendments in effect on 1.1,2010.
Further information is available in the online Annual Report from 2009. The
information presented in the interim report is unaudited.
CONSOLIDATED INCOME STATEMENT (IFRS,
EUR Million)
1-3 1-3 Change 1-12
2010 2009 % 2009
Net sales 49.3 42.1 17.2 231.8
Cost of production and procurement -26.0 -19.8 31.2 -121.1
--------------------------------------------------------------------------------
Gross profit 23.2 22.2 4.6 110.7
Other operating income 0.0 0.0 2000.0 0.1
Cost of sales and marketing -13.9 -12.3 12.3 -48.6
Development costs -8.4 -6.5 28.4 -28.4
Other administrative costs -7.3 -6.5 12.1 -21.8
Operating profit -6.2 -3.1 -99.1 12.0
Financial income and expenses 1.8 -1.1 -266.3 -1.9
Profit before tax -4.4 -4.2 -5.1 10.1
Income taxes 1.1 0.0 11 844.4 -3.2
--------------------------------------------------------------------------------
Profit after tax -3.3 -4.2 20.3 6.9
--------------------------------------------------------------------------------
Attributable to Equity holders of the
parent -3.3 -4.2 20.3 6.9
Taxes for the review period have been
calculated under taxes.
Earnings per share for profit attributable to the equity holders
of the parent
Basic earnings per share, € -0.18 -0.23 20.1 0.38
Diluted earnigns per share,€ -0.18 -0.23 20.1 0.38
STATEMENT OF COMPREHENSIVE INCOME
Profit for the year -3.3 -4.2 20.6 6.9
Other comprehensive income
Exchange differences on translating
foreign operations 2.4 1.5 57.0 -0.8
--------------------------------------------------------------------------------
Total comprehensive income -1.0 -2.7 64.6 6.1
--------------------------------------------------------------------------------
Total comprehensive income attributable
to:
Equity holders of the parent -1.0 -2.7 6.1
CONSOLIDATED STATEMENT OF FINANCIAL
POSITION (EUR million) 31.3.2010 31.3.2009 Change 31.12.2009
%
ASSETS
NON-CURRENT ASSETS
Intangible assets 24.2 19.1 26.8 23.7
Tangible assets 62.5 41.1 52.1 49.8
Investments in associates 0.5 0.4 18.7 0.5
Other financial assets 0.3 0.3 -6.9 0.1
Long-term receivables 0.1 0.1 3.1 0.3
Deferred tax assets 6.1 5.9 2.8 5.7
CURRENT ASSETS
Inventories 30.6 29.8 2.7 27.3
Trade and other receivables 56.6 36.8 53.7 67.9
Accrued income tax receivables 9.7 3.2 202.1 6.2
Financial assets recognized at fair value
through profit and loss 0.0 23.6 -100.0 0.0
Cash and cash equivalents 42.2 73.5 -42.7 50.1
--------------------------------------------------------------------------------
TOTAL ASSETS 232.7 233.9 -0.5 231.4
--------------------------------------------------------------------------------
SHAREHOLDERS' EQUITY AND LIABILITIES
Equity attributable to equity holders of
the parent
Share capital 7.7 7.7 0.0 7.7
Share premium reserve 16.6 16.6 0.0 16.6
Reserve fund 0.2 0.2 1.0 0.2
Translation differences -2.4 -2.6 -5.5 -4.8
Profit from previous years 149.1 154.1 -3.2 154.0
Own shares -0.3 -0.3 0.0 -0.3
Profit for the financial year -3.3 -4.2 -20.6 6.9
--------------------------------------------------------------------------------
Total equity 167.6 171.5 -2.3 180.3
Liabilities
Long-term liabilities
Retirement benefit obligations 1.3 0.3 299.7 1.2
Interest-bearing liabilities 1.0 0.2 337.6 0.7
Provisions 0.1 0.4 -79.8 0.1
Deferred tax liabilities 0.2 0.1 184.5 0.3
Current liabilities
Current interest-bearing liabilities 0.2 0.2 49.1 0.3
Advances received 11.0 9.5 16.3 10.2
Accrued income tax payables -0.3 1.3 -120.3 0.3
Trade and other payables 51.5 50.4 2.3 38.0
--------------------------------------------------------------------------------
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 232.7 233.9 -0.5 231.4
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY March 31.2010 (EUR
million)
a* b* c* d* e* f* g* h*
--------------------------------------------------------------------------------
Balance at December
31, 2009 7.7 0.0 16.6 0.2 -0.3 -4.9 160.9 180.3
--------------------------------------------------------------------------------
Total comprehencive income for the
year 0.0 2.5 -3.3 -0.9
Other changes 0.0
Dividend paid -11.8 -11.8
--------------------------------------------------------------------------------
Balance at March
31, 2010 7.7 0.0 16.6 0.2 -0.3 -2.4 145.8 167.6
--------------------------------------------------------------------------------
a* b* c* d* e* f* g* h*
--------------------------------------------------------------------------------
Balance at December
31, 2008 7.7 0.0 16.6 0.2 -0.3 -4.1 170.4 190.6
--------------------------------------------------------------------------------
Total comprehencive income for the
year 1.5 -4.2 -2.7
Other changes 0.0
Dividend paid -16.4 -16.4
--------------------------------------------------------------------------------
Balance at March
31, 2009 7.7 0.0 16.6 0.2 -0.3 -2.6 149.8 171.5
--------------------------------------------------------------------------------
a*= Share capital
b*= Share issue
c*= Share premium Reserve
d*= Reserve fund
e*= Own shares
f*= Translation
differences
g*= Retained earnings
h*= Total equity
CONSOLIDATED CASH FLOW STATEMENT (EUR million)
1-3 1-3 Change 1-12
2010 2009 % 2009
Cash flows from operating activities
Cash receipts from customers 66.2 57.5 15.2 225.7
Other income from business operations 0.0 0.0 -100.0 0.0
Cash paid to suppliers and employees -57.0 -55.0 3.6 -218.0
Interest received 0.1 0.6 -85.9 1.0
Interest paid 0.0 0.0 -111.4 -0.1
Other financial items, net 0.6 0.4 75.1 -1.4
Direct tax paid -3.3 -3.0 8.1 -10.3
Cash flow from business operations (A) 6.7 0.4 1.748.2 -3.2
Cash flow from investing activities
Investments in intangible assets -0.2 -0.3 -35.9 -1.3
Investments in tangible assets -14.7 -3.0 385.5 -13.7
Acquisition of subsidiary, net of cash acquired 0.0 -1.8 -100.0 -16.7
Proceeds from sale of fixed assets 0.0 0.0 900.0 0.1
Other investments 0.1 0.0 354.5 -0.1
Financial assets recognised at
fair value through profit and loss 0.0 0.0 23.2
Cash flow from investing activities (B) -14.7 -5.0 192.3 -8.5
Cash flow from financing activities
Repayment of short-term loans 0.0 -0.1 -100.0 -0.1
Dividend paid and other distribution of profit 0.0 0.0 -16.4
Cash flow from financing activities (C) 0.0 -0.1 -100.0 -16.5
Change in liquid funds (A+B+C) increase (+) /
decrease (-) -8.0 -4.8 67.3 -28.2
Liquid funds at beginning of period 50.1 78.1 -35.9 78.1
Foreign exchange effect on cash 0.1 0.3 -64.0 0.2
Net increase in cash and cash equivalents -8.0 -4.8 67.3 -28.2
Liquid funds at end of period 42.2 73.5 -42.7 50.1
Segment Report
Business segments
1-3/2010 WCO * CEN * MET * Other operations Group
EUR Million
Net sales to external customers 23.6 13.6 12.0 0.0 49.3
Net sales 23.6 13.6 12.0 0.0 49.3
Operating profit -3.2 1.4 -3.4 -1.0 -6.2
Financial income and expenses 1.8
Share of associated companies' net
profit 0.0
------
Profit before taxes -4.4
Income taxes 1.1
------
Net profit -3.3
------
Depreciation 0.7 0.0 0.3 1.9 2.9
* WCO= Weather critical operations
* CEN = Controlled environment
* MET= Meteorology
1-3/2009 WCO * CEN * MET * Other operations Group
EUR Million
Net sales to external customers 13.5 12.8 15.8 0.0 42.1
Net sales 13.5 12.8 15.8 0.0 42.1
Operating profit -4.4 1.2 0.6 -0.5 -3.1
Financial income and expenses -1.1
Share of associated companies' net
profit 0.0
------
Profit before taxes -4.2
Income taxes 0.0
------
Net profit -4.2
------
Depreciation 0.2 0.0 0.4 1.9 2.5
* WCO= Weather critical operations
* CEN = Controlled environment
* MET= Meteorology
1-12/2009 WCO * CEN * MET * Other operations Group
EUR Million
Net sales to external customers 101.8 49.2 80.8 0.0 231.8
Net sales 101.8 49.2 80.8 0.0 231.8
Operating profit 5.5 3.4 3.4 -0.4 12.0
Financial income and expenses -1.9
Share of associated companies' net
profit 0.0
------
Profit before taxes 10.1
Income taxes -3.2
------
Net profit 6.9
------
Depreciation 0.8 0.1 1.4 7.3 9.6
* WCO= Weather critical operations
* CEN = Controlled environment
* MET= Meteorology
Calculation of financial indicators
Shareholders' equity plus minority
interest
Solvency ratio, (%) = --------------------------------------- x 100
Balance sheet total less advance payments
Profit before taxes less taxes
+/- minority interest
Earnings / share = ---------------------------------------
Average number of shares, adjusted
Cash flow from business operations
Cash flow from
business = ---------------------------------------
operations / share Number of shares at balance sheet date
Shareholders' equity
Equity / share = ---------------------------------------
Number of shares at balance sheet date,
adjusted
Dividend
Dividend / share = ----------------------------------------
Number of shares at balance sheet date,
adjusted
Profit before taxes less taxes
Return on equity,
(ROE) (%) = ------------------------------------------- x 100
Shareholders' equity + minority interest (average)
Further information:
Jouni Lintunen, CFO
Tel +358 9 8949 2215, mobile +358 40 579 0181
www.vaisala.com
Vaisala Corporation
Distribution:
NASDAQ OMX Helsinki Oy
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