Vacon Plc, Stock Exchange Release, 3 August 2011 at 9.30 am
In this stock exchange release Vacon is publishing information included in the
interim report that has a significant impact on the value of securities. The
full interim report is in the appendix to this release and can be downloaded
from the company's website in Finnish at www.vacon.fi and in English at
www.vacon.com.
April-June summary:
* Order intake totalled MEUR 103.8, an increase of 12.8 % from the
corresponding period in the previous year (MEUR 92.1).
* Revenues totalled MEUR 107.2, growth of 33.6 % (MEUR 80.2).
* Operating profit was MEUR 11.5, or 10.7 % of revenues, an increase of 74.7 %
(MEUR 6.6 and 8.2 %).
* Net cash flow from operating activities was MEUR 7.2 (MEUR 5.8).
* Earnings per share were EUR 0.58 (EUR 0.27), growth of 110.5 %.
January-June summary:
* Order intake totalled MEUR 204.6, an increase of 24.1 % from the
corresponding period in the previous year (MEUR 164.8).
* Revenues totalled MEUR 202.2, growth of 38.9 % (MEUR 145.5).
* Operating profit was MEUR 20.4, or 10.1 % of revenues, growth of 81.5 %
(MEUR 11.2 and 7.7 %).
* Net cash flow from operating activities was MEUR 0.8 (MEUR 7.7).
* Earnings per share were EUR 0.93 (EUR 0.44), growth of 108.6 %.
Key indicators
+-------------------+--------+--------+---------+
|MEUR |4-6/2011|4-6/2010|Change, %|
| | | | |
| | | | |
+-------------------+--------+--------+---------+
|Order intake | 103.8| 92.1| 12.8 %|
| | | | |
| | | | |
+-------------------+--------+--------+---------+
|Revenues | 107.2| 80.2| 33.6 %|
| | | | |
| | | | |
+-------------------+--------+--------+---------+
|Operating profit | 11.5| 6.6| 74.7 %|
| | | | |
| | | | |
+-------------------+--------+--------+---------+
|% of revenues | 10.7 %| 8.2 %| -|
| | | | |
| | | | |
+-------------------+--------+--------+---------+
|Profit before taxes| 12.0| 6.4| -|
| | | | |
| | | | |
+-------------------+--------+--------+---------+
+---------------------------------------+--------+--------+---------+---------+
|MEUR |1-6/2011|1-6/2010|Change, %|1-12/2010|
| | | | | |
| | | | | |
+---------------------------------------+--------+--------+---------+---------+
|Order intake | 204.6| 164.8| 24.1 %| 358.2|
| | | | | |
| | | | | |
+---------------------------------------+--------+--------+---------+---------+
|Order book | 54.5| 51.3| 6.3 %| 52.1|
| | | | | |
| | | | | |
+---------------------------------------+--------+--------+---------+---------+
|Revenues | 202.2| 145.5| 38.9 %| 338.0|
| | | | | |
| | | | | |
+---------------------------------------+--------+--------+---------+---------+
|Operating profit | 20.4| 11.2| 81.5 %| 28.6|
| | | | | |
| | | | | |
+---------------------------------------+--------+--------+---------+---------+
|% of revenues | 10.1 %| 7.7 %| -| 8.5 %|
| | | | | |
| | | | | |
+---------------------------------------+--------+--------+---------+---------+
|Profit before taxes | 20.5| 10.8| -| 27.5|
| | | | | |
| | | | | |
+---------------------------------------+--------+--------+---------+---------+
|Net cash flow from operating activities| 0.8| 7.7| -| 15.9|
| | | | | |
| | | | | |
+---------------------------------------+--------+--------+---------+---------+
|Earnings per share, EUR | 0.93| 0.44| -| 1.22|
| | | | | |
| | | | | |
+---------------------------------------+--------+--------+---------+---------+
|Interest-bearing net liabilities | 31.5| 11.4| -| 9.8|
| | | | | |
| | | | | |
+---------------------------------------+--------+--------+---------+---------+
|Gearing, % | 26.8 %| 14.3 %| -| 10.7 %|
| | | | | |
| | | | | |
+---------------------------------------+--------+--------+---------+---------+
|Gross capital expenditure | 10.1| 6.3| 59.8 %| 15.9|
| | | | | |
| | | | | |
+---------------------------------------+--------+--------+---------+---------+
General review
Developments in the global AC drive market remained positive also in the second
quarter of 2011. Growth was strongest in the Asia and Pacific region, but the
markets in Europe and North America also developed as expected. Germany remains
the engine of growth in Europe.
Demand for AC drives was evenly divided among all the main industrial sectors.
One factor worth noting is that the demand of AC drives in the marine industry
showed clear signs of picking up in all main market areas. There are still
strong seasonal fluctuations in demand for products for the generation of
renewable energy.
The shortage of components that slowed down deliveries in 2010 and in the
beginning of 2011 has eased and the availability of the components used by Vacon
in its products is at the moment reasonably good.
Vacon's revenues grew 33.6 % in the April-June period to EUR 107.2 (80.2)
million. Growth was strong in Europe and the Asia and Pacific region. In
January-June revenues rose 38.9 % to EUR 202.2 (145.5) million. Operating profit
rose to EUR 11.5 million in April-June, or 10.7 % of revenues (EUR 6.6 million
and 8.2 %). The growth in revenues contributed to the positive developments in
profitability. Operating profit rose in the January-June period to EUR 20.4
million, or 10.1 % of revenues (EUR 11.2 million and 7.7 %).
Vacon estimates that the AC drive market will grow 6-10 % in 2011. Investments
in improving energy efficiency and in the production of renewable energy will
support strong growth in all market areas. Demand for Vacon's products is
expected to rise in all key industrial sectors. Growth is expected to be
greatest in the Asia and Pacific region. The general outlook for economic growth
in Europe and North America now includes more uncertainty factors.
Market guidelines for 2011
Vacon estimates that revenues in 2011 will increase 10 - 20 % and the operating
profit margin will rise from 2010. Earnings per share are expected to improve
considerably from 2010.
Financial reports in 2011
Vacon is publishing its third interim report in 2011 as follows:
* January-September: 25 October 2011
Formal statement
This release contains certain forward-looking statements that reflect the
current views of the company's management. Due to the nature of these
statements, they contain risks and uncertainties and are subject to changes in
the general economic situation and in the company's business sector.
Vacon in brief
Vacon's operations are driven by a passion to develop, manufacture and sell the
best AC drives in the world - and nothing else. AC drives are used to control
electric motors and in renewable energy generation. Vacon has R&D and production
units in Finland, the USA, China and Italy, and sales offices in 27 countries.
In 2010 Vacon had revenues of EUR 338.0 million and globally employed 1300
people. The shares of Vacon Plc (VAC1V) are quoted on the main list of the
Helsinki stock exchange.
Driven by Drives, www.vacon.com
Vantaa, 3 August 2011
VACON PLC
Board of Directors
For more information please contact:
* Mr Vesa Laisi, President and CEO, phone: +358 (0)40 8371 510
* Ms Eriikka Söderström, CFO and Vice President, Finance & Control, phone:
+358 (0)40 8371 445
Conference for media and analysts
Vacon will hold a briefing for analysts and the media at 11.30 am on 3 August
2011 at the Scandic Simonkenttä Hotel, Simonkatu 9, 00100 Helsinki. The briefing
will be in Finnish.
Dial-in conference for investors and investment analysts
An international dial-in conference for investors and investment analysts will
be held at 3.00 pm on 3 August 2011. President and CEO Vesa Laisi and Eriikka
Söderström, CFO and Vice President, Finance and Control, will participate in the
conference. Lines can be booked ten minutes before the conference by calling the
service number +358 (0)9 2319 4344 (Finland) or +44 (0)20 7136 2050 (UK). The
conference ID code is 1153384.
To hear a recording of the conference, available for seven working days, call
+358 (0)9 2310 1650 (Finland) or +44 (0)20 7111 1244 (UK), ID code 1153384#.
Conference link: http://www.media-server.com/m/p/bnik5j84
The presentation material will be available before the media briefing on Vacon's
website at:
www.vacon.com -> Investors
DISTRIBUTION:
NASDAQ OMX Helsinki
Financial Supervisory Authority
Main Media
[HUG#1535789]
Vacon Plc Interim Report 1 January - 30 June 2011
| Source: Vacon.
Attachments
