Vaisala Corporation Interim Report January-March 2014

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| Source: Vaisala
Vaisala Corporation
Interim Report
April 24, 2014 at 2.00 p.m. (EET)

Vaisala Corporation Interim Report January-March 2014

January-March 2014 net sales and operating result decreased, order book
increased by 47%. Business outlook unchanged.

January-March 2014 highlights
-    Orders received EUR 68.6 (58.7) million, increase 17%

-    Order book EUR 144.7 (98.6) million, increase 47%

-    Net sales EUR 57.5 (65.6) million, decrease 12%

-    Gross margin 48.1% (48.7%)

-    Operating result EUR -3.2 (+5.1) million

-    Earnings per share EUR -0.12 (+0.16)

-    Cash flow from operating activities EUR -0.9 (-4.9) million

-    Cash and cash equivalents EUR 43.3 (70.5) million

-    Business outlook for 2014: Vaisala estimates its full year 2014 net sales
to be in the range of EUR 290-320 million and the operating result (EBIT) in the
range of EUR 20-30 million.


Vaisala's President and CEO Kjell Forsén comments on the first quarter
"During the first quarter of 2014 signs of recovery in weather observation and
industrial measurement markets were evident. Vaisala received 17% more orders
than during the review period last year. The biggest growth in order intake came
from Weather Business Area, as most of the customer groups increased their order
intake from last year. Order book increased by 47% compared to the previous
year, growth coming mainly from EMEA and APAC.

However, the low order intake during the first half of 2013 is still reflected
in Vaisala's net sales that decreased by 12 %. Net sales decreased mainly in
Weather Business Area, where volumes were low especially in Meteorology customer
group. Also some delivery project revenue recognition was postponed to later
quarters. Quality and timeliness of the deliverables of some of our
subcontractors' has also caused a strain on Vaisala's delivery capability during
the first quarter.

Operating result decreased mainly due to decreased net sales of Weather Business
Area and lower production volumes deteriorating the gross margin. Operating
expenses increased mainly due to the consolidation of operating expenditures of
3TIER Inc. and Second Wind Systems Inc. which were acquired during the second
half of 2013 as well as investments to new product development and novel
technologies. The efforts to enter the weather dependent renewable energy market
represent a substantial investment for building a growth business founded on
Vaisala's core competence in weather observations.

Controlled Environment Business Area net sales were at last year's level.
However, noteworthy is Controlled Environment Business Area operating result
which increased by 22% from previous year. This was mainly due to improved gross
margin.

We expect that continued signs of economic recovery will continue to gradually
revive the weather observation and industrial measurement solutions market,
typically expressing post-cyclical behavior, and thereby Vaisala's guidance for
the full year 2014 remains unchanged. Alongside this we are closely monitoring
the market development to identify the risks and uncertainties that may affect
our performance. One such risk is the political and economic instability related
to the Ukraine crisis."

 Key Figures

                                                  1-3/2014 1-3/2013  2013
-------------------------------------------------------------------------
 Orders received, EUR million                         68.6     58.7 282.9

 Order book, EUR million                             144.7     98.6 122.0

 Net sales, EUR million                               57.5     65.6 273.2

 Gross profit, EUR million                            27.6     32.0 134.4

 Gross margin, %                                      48.1     48.7  49.2

 Operating expenses, EUR million                      30.8     28.6 113.6

 Operating result, EUR million                        -3.2      5.1  18.1

 Operating result, %                                  -5.5      7.7   6.6

 Profit (loss) before taxes, EUR million              -3.3      5.2  17.2

 Profit (loss) for the period, EUR million            -2.2      2.9  10.9

 Earnings per share, EUR                             -0.12     0.16  0.60

 Cash flow from operating activities, EUR million     -0.9     -4.9  28.2

 Capital expenditure, EUR million                      1.7      1.7   7.1

 Depreciation, EUR million                             3.7      3.7  14.8

 Return on equity, %                                  -5.9      6.4   6.3

 Cash and cash equivalents, EUR million               43.3     70.5  45.8
-------------------------------------------------------------------------

Market situation in January-March 2014
During the first quarter of 2014 signs of upturn in weather observation and
industrial measurement markets continued. However, increased tendering activity
and good order intake was not yet reflected in Vaisala's net sales. Strong euro
also continued to negatively impact Vaisala's performance.

In EMEA market conditions for weather observation solutions were reasonably
good, supported by gradual revival of Southern European countries. Depreciation
of Russian ruble and the political and economic instability related to the
Ukraine crisis are affecting market environment. Demand for industrial
measurement solutions remained slow in EMEA

In North America market environment for weather observation and industrial
measurement solutions remained challenging, in spite of favorable economic
outlook and passed increase in US debt ceiling. In Latin America weather
observation market has been active.

In China demand for weather observation solutions remained favorable, backed up
by the China's 12(th) Five-Year Plan. Positive market conditions also continued
in other areas of APAC. Demand for industrial measurement solutions increased in
APAC, but it did not yet fully reflect positive development of customer
industries.


January-March 2014 performance
Orders received
 EUR million            1-3/2014 1-3/2013 Change, %  2013
---------------------------------------------------------
 Weather                    50.4     40.9        23 208.3

 Controlled Environment     18.2     17.7         3  74.6
---------------------------------------------------------
 Total                      68.6     58.7        17 282.9
---------------------------------------------------------


 Order book

 EUR million            1-3/2014 1-3/2013 Change, %  2013
---------------------------------------------------------
 Weather                   139.1     94.6        47 116.2

 Controlled Environment      5.6      4.0        40   5.8
---------------------------------------------------------
 Total                     144.7     98.6        47 122.0
---------------------------------------------------------

In January-March 2014, orders received were EUR 68.6 (58.7) million and
increased by 17% compared to the previous year. Both Weather and Controlled
Environment Business Areas increased their order intake but Weather Business
Area's order growth was highest, as most of its customer groups increased their
order intake from last year.

At the end of March 2014 the order book was EUR 144.7 (98.6) million and
increased by 47% compared to the previous year. The increase in order book was
due to good order intake of Weather Business Area since the third quarter of
2013. Further, the order book includes EUR 17 million of orders which were
consolidated from 3TIER Inc. and Second Wind Systems Inc., acquired during the
second half of 2013. Of the order book EUR 58.3 million will be delivered in
2015 or later.

Net sales by business area
 EUR million             1-3/2014 1-3/2013 Change, %  2013
----------------------------------------------------------
 Weather                     39.1     47.5       -18 200.0

 Controlled Environment      18.3     18.1         1  73.2
----------------------------------------------------------
 Total                       57.5     65.6       -12 273.2
----------------------------------------------------------


 Net sales by geographical area

 EUR million             1-3/2014 1-3/2013 Change, %  2013
----------------------------------------------------------
 EMEA                        22.1     25.3       -13  98.6

 Americas                    21.9     24.0        -9 107.8

 APAC                        13.5     16.3       -17  66.9
----------------------------------------------------------
 Total                       57.5     65.6       -12 273.2
----------------------------------------------------------

In January-March 2014, Vaisala's net sales were EUR 57.5 (65.6) million and
decreased by 12% from the very high level of January-March 2013. The decline was
mainly due to decreased net sales of Weather Business Area, where especially
Meteorology customer group's net sales decreased and delivery project revenue
recognition was postponed to later quarters.

In January-March 2014, net sales in EMEA was EUR 22.1 (25.3) million and
decreased by 13% compared to the previous year, in the Americas EUR 21.9 (24.0)
million and decreased by 9% and in APAC EUR 13.5 (16.3) million and decreased by
17%.

At comparable exchange rates the net sales would have been EUR 58.8 (65.6)
million and decrease would have been EUR 6.9 million or 10% from previous year.
The negative exchange rate effect was EUR 1.3 million, which was mainly due to
changes in JPY and USD exchange rates.

Operations outside Finland accounted for 98% (98%) of net sales.

Gross margin was 48.1% (48.7%). The decline in gross margin was mainly caused by
lower production volumes than in the previous year.

Operating result
 EUR million            1-3/2014 1-3/2013 Change, % 2013
--------------------------------------------------------
 Weather                    -4.8      2.0         - 14.5

 Controlled Environment      2.1      1.8        22  4.0

 Eliminations and other     -0.5      1.3         - -0.4
--------------------------------------------------------
 Total                      -3.2      5.1         - 18.1
--------------------------------------------------------

In January-March 2014, operating result was EUR -3.2 (5.1) million. The decrease
was mainly due to decreased net sales of Weather Business Area, lower production
volumes deteriorating the gross margin and increase in operating expenses.
Operating expenses were EUR 30.8 (28.6) million and increased by 8% compared to
the previous year. The increase was mainly due to the consolidation of operating
expenditures of 3TIER Inc. and Second Wind Systems Inc. which were acquired
during the second half of 2013 as well as investments in R&D related to new
offering development and renewing instrument portfolio. The acquisitions and
investments in new offering in Weather Business Area are steps in entering the
weather dependent renewable energy market and building on Vaisala's core
competence in weather observations. Previous year's first quarter operating
result also included a net gain of EUR 1.5 million from the sale of three non-
weather road transportation product lines.

Profit (loss) before taxes was EUR -3.3 (5.2) million for the period of January-
March 2014. Income taxes were EUR -1.1 (2.3) million. Net result was EUR -2.2
(2.9) million.

Earnings per share for January-March 2014 were EUR -0.12 (0.16).

Statement of financial position and cash flow
Vaisala's financial position remained strong at the end of the March 2014. Cash
and cash equivalents amounted to EUR 43.3 (70.5) million at the end of March
2014 and Vaisala did not have any material interest bearing liabilities.

The statement of financial position total was EUR 226.5 (254.1) million. The
solvency ratio at the end of the March 2014 was 63% (70%), the decrease was
mainly caused by capital return of EUR 22.2 million in August 2013.

In January-March 2014, Vaisala's cash flow from operating activities was EUR
-0.9 (-4.9) million. The improvement compared to previous year was mainly
related to more favorable development of net working capital.

Capital expenditure and divestments
Gross capital expenditure totaled EUR 1.7 (1.7) million for January-March 2014.
Depreciation was EUR 3.7 (3.7) million.


Weather Business Area
 EUR million      1-3/2014 1-3/2013 Change, %  2013
---------------------------------------------------
 Orders received      50.4     40.9        23 208.3

 Order book          139.1     94.6        47 116.2

 Net sales, total     39.1     47.5       -18 200.0

    Products          19.0     24.1       -21  97.3

    Projects          11.0     15.5       -29  70.0

    Services           9.1      7.9        15  32.7

 Operating result     -4.8      2.0         -  14.5
---------------------------------------------------

January-March 2014
In January-March 2014, orders received were EUR 50.4 (40.9) million and
increased by 23% compared to the previous year. Orders increased in most Weather
Business Area's customer groups. At the end of March 2014 the order book was EUR
139.1 (94.6) million and increased by 47% compared to the previous year. The
increase in order book was due to good order intake since the third quarter of
2013. Further, the order book includes EUR 17 million of orders which were
consolidated from 3TIER Inc. and Second Wind Systems Inc., acquired during the
second half of 2013. Of the order book EUR 57.8 million will be delivered in
2015 or later.

In January-March 2014, Weather Business Area's net sales were EUR 39.1 (47.5)
million and decreased by 18% from the very high level of January-March 2013. Net
sales decreased in all customer groups except New Weather Market. Especially
Meteorology customer group's net sales decreased and delivery project revenue
recognition was postponed to later quarters. At comparable exchange rates the
net sales would have been EUR 39.7 (47.5) million and decrease would have been
EUR 7.9 million or 17% from previous year. The negative exchange rate effect was
EUR 0.5 million, which was mainly due to changes in USD and JPY exchange rates.

In January-March 2014, Weather Business Area's operating result was EUR -4.8
(2.0) million. The decline was mainly due to decreased net sales, lower
production volumes deteriorating the gross margin and increase in operating
expenses. The increase in operating expenses was mainly due to the consolidation
of operating expenditures of 3TIER Inc. and Second Wind Systems Inc. which were
acquired during the second half of 2013 as well as investments in R&D related to
new offering development and renewing instrument portfolio. The acquisitions and
investments in new offering are steps in entering the weather dependent
renewable energy market and building on Vaisala's core competence in weather
observations.

Controlled Environment Business Area
 EUR million      1-3/2014 1-3/2013 Change, % 2013
--------------------------------------------------
 Orders received      18.2     17.7         3 74.6

 Order book            5.6      4.0        40  5.8

 Net sales, total     18.3     18.1         1 73.2

    Products          16.2     16.0         2 64.2

    Services           2.1      2.1        -1  9.0

 Operating result      2.1      1.8        22  4.0
--------------------------------------------------

January-March 2014
In January-March 2014, orders received were EUR 18.2 (17.7) million and
increased by 3% compared to the previous year. Orders received increased in
Targeted Industrial Applications customer group. At the end of March 2014 the
order book was EUR 5.6 (4.0) million and increased by 40% compared to the
previous year. Of the order book EUR 0.5 million will be delivered in 2015 or
later.

In January-March 2014, Controlled Environment Business Area's net sales were EUR
18.3 (18.1) million and increased by 1% compared to the previous year. In EMEA
net sales increased from previous year. Net sales decreased in Americas and
APAC. At comparable exchange rates the net sales would have been EUR 19.1 (18.1)
million and increase would have been EUR 1.0 million or 6% from previous year.
The negative exchange rate effect was EUR 0.8 million, which was mainly caused
by JPY and USD and exchange rate fluctuations.

In January-March 2014, Controlled Environment Business Area's operating result
was EUR 2.1 (1.8) million and increased by 22% compared to the previous year.
This was mainly due to improved gross margin resulting from production
consolidation. Operating expenses increased from previous year due to increased
investments in R&D related to new product development.

Research and Development
In January-March 2014, research and development expenses totaled EUR 8.2 (7.6)
million, representing 14.4% (11.6%) of net sales.

 EUR million            1-3/2014 1-3/2013 Change, % 2013
--------------------------------------------------------
 Weather                     6.1      6.0         2 22.4

 Controlled Environment      2.1      1.6        31  6.5
--------------------------------------------------------
 Total                       8.2      7.6         8 28.9
--------------------------------------------------------

Weather Business Area R&D expenses were 15.6% (12.6%) of net sales. Controlled
Environment Business Area R&D expenses were 11.5% (8.8%) of net sales.

Personnel
The average number of personnel employed in Vaisala during January-March 2014
was 1,582 (1,445). The number of employees at the end of March 2014 was 1,585
(1,434). At the end of 2013, the number of employees was 1,563.

At the end of March 2014, 44% (41%) of the personnel was based outside Finland.

Near-term risks and uncertainties
Vaisala's business is exposed to changes in the global economy, politics,
policies, regulations, Vaisala's supply chain, and accidents as well as natural
disasters, which may affect business e.g. through order cancellations,
disturbance in logistics, and loss of market potential. Vaisala's capability to
successfully complete investments, acquisitions, divestments and restructurings
on a timely basis and to achieve related financial and operational targets
represent a risk which may impact revenue and profitability.

The most significant near term risks and uncertainties that may affect both
revenue and profitability relate to the company's ability to maintain its
delivery capability, availability of critical components, interruptions in
manufacturing and associated IT systems, changes in the global economy, expanded
western sanctions against Russia, currency exchange rates, customers' financing
capability, changes in customers' purchasing or investment behavior, and delays
or cancellations of orders. Changes in the competition may affect the volume and
profitability of business through introduction of new competitors and price
erosion in areas which traditionally have been strong for Vaisala. Changes in
subcontractor relations, their operations or operating environment as well as
the quality of the deliverables may have a negative impact on Vaisala's
business.

A significant part of Vaisala's business is project business. Project business
performance and schedules have dependencies to third parties, which may impact
profitability and the timing of revenue recognition. Assumptions regarding new
project and service business opportunities constitute a risk for both revenue
and profitability.

Further information about risk management in Vaisala is available on the company
website at http://www.vaisala.com/investors, Corporate Governance.

Decisions by Vaisala Corporation's Annual General Meeting
Annual General Meeting was held on Wednesday, March 26, 2014 at Vaisala's head
office in Finland. The meeting approved the financial statements and discharged
the members of the Board of Directors and the President and CEO from liability
for the financial period January 1-December 31, 2013.

Dividend
The Annual General Meeting decided a dividend of EUR 0.90 per share,
corresponding to the total of EUR 16,253,292.60. The record date for the
dividend payment was March 31, 2014 and the payment date was April 7, 2014.

Remuneration of the members of the Board of Directors
The Annual General Meeting decided that the annual fee payable to the Board
members for the term until the close of the Annual General Meeting in 2015 is:
the Chairman of the Board of Directors EUR 45,000 and each Board member EUR
35,000. Approximately 40 percent of the annual remuneration will be paid in
Vaisala Corporation's A shares acquired from the market and the rest in cash.

In addition, the Annual General Meeting decided that the compensation per
attended meeting for the Chairman of the Audit Committee is EUR 1,500 and EUR
1,000 for each member of the Audit Committee for the term until the close of the
Annual General Meeting in 2015. The compensation per attended meeting for the
Chairman and each member of the Remuneration and HR Committee and any other
committee established by the Board of Directors is EUR 1,000 for the term until
the close of the Annual General Meeting in 2015.

Composition of the Board of Directors
The Annual General Meeting confirmed that the number of Board members is seven.
Mikko Niinivaara and Raimo Voipio were re-elected for the term until the close
of the Annual General Meeting in 2017. Petra Lundström and Pertti Torstila were
elected as new members of the Board of Directors. Due to stipulations of the
Articles of Association concerning the term of the members of the Board of
Directors Petra Lundström was elected for the term until the close of the Annual
General Meeting in 2015. Pertti Torstila was elected for the term until the
close of the Annual General Meeting in 2017.


Auditor and their remuneration
The Annual General Meeting elected Deloitte & Touche Oy, Authorized Public
Accountants, as auditor of the Company until the close of the Annual General
Meeting in 2015. Deloitte & Touche Oy has informed that APA Merja Itäniemi will
act as the auditor with the principal responsibility. The Auditor's fee is paid
according to their reasonable invoice presented to the company.

Authorization for directed acquisition of own A shares
The Annual General Meeting authorized the Board of Directors to decide on the
directed acquisition of a maximum of 160,000 of the Company's own A shares in
one or more instalments with funds belonging to the Company's unrestricted
equity. The new authorization replaces the previous one and is valid until the
closing of the Annual General Meeting in 2015, however, no longer than September
26, 2015.

Authorization to transfer Company's own shares
The Annual General Meeting authorized the Board of Directors to decide on the
transfer of a maximum of 319,150 own A-shares. The transfer of own shares may be
carried out in deviation from the shareholders' pre-emptive rights and may be
transferred as a directed issue without payment as part of the Company's share
based incentive plan. The authorization can also be used to grant special rights
entitling subscription of own shares, and the subscription price of the shares
can instead of cash also be paid in full or in part as contribution in kind. The
new authorization replaces the previous one and is valid until March 26, 2019.

Donations
The Annual General Meeting authorized the Board of Directors to decide on
donations of maximum EUR 250,000. The authorization is valid until the close of
the Annual General Meeting in 2015.

The organizing meeting of the Board of Directors
At its organizing meeting held after the Annual General Meeting the Board
elected Raimo Voipio to continue as the Chairman of the Board of Directors and
Yrjö Neuvo to continue as the Vice Chairman.

The composition of the Board committees was decided to be as follows:

Audit Committee
Maija Torkko was elected as the Chairman and Petra Lundström and Mikko
Niinivaara as members of the Audit Committee. The Chairman and all members of
the Audit Committee are independent both of the Company and of significant
shareholders.

Remuneration and HR Committee
Raimo Voipio was elected as the Chairman and Yrjö Neuvo and Maija Torkko as
members of the Remuneration and HR Committee. Raimo Voipio is independent of the
Company. Yrjö Neuvo and Maija Torkko are independent both of the Company and of
significant shareholders.

Vaisala's shares
In January-March 2014, a total number of 425,035 (1,238,821) Vaisala A shares
with a value totaling EUR 9.9 (23.7) million were traded on the NASDAQ OMX
Helsinki Ltd. On March 31, 2014 the closing price was EUR 22.50 (19.66). The
highest quotation during January-March 2014 was EUR 24.98 (22.00) and the lowest
EUR 21.06 (16.04).

On March 31, 2014, Vaisala had 18,218,364 shares, of which 3,389,351 are series
K-shares and 14,829,013 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, 2014 was EUR 330.1 (288.4)
million, excluding the Company's treasury 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 last day of March, the total market value of all the A- and K-shares
together was EUR 406.3 million, excluding the Company's treasury shares.

More information about Vaisala's share and shareholders are presented on the
website, www.vaisala.com/investors.

Treasury shares and parent company shares
At the end of March 2014, the Company held a total of 159,150 Vaisala A-shares,
which represented 0.9% of the share capital and 0.2% of the votes. The
consideration paid for these shares was EUR 2,527,160.

Market outlook
Vaisala expects that continued signs of economic recovery will gradually revive
weather observation and industrial measurement solutions market, typically
expressing post-cyclical behavior. However, outlook still varies significantly
between customer groups and geographical areas and overall expectations do not
refer to significant upturn. Within reviving weather observations markets it
remains challenging to forecast customers' timing for decision making and
acceptance of larger customer projects, having potentially material impact to
overall Vaisala weather business.

In EMEA demand for weather observation solutions is expected to remain solid,
and also industrial measurement market has showed early signs of revival.

In North America market outlook for weather observation and industrial
measurement solutions is unfavorable. In spite of passed increase in US debt
ceiling and favorable economic outlook, signs of market upturn have not yet been
registered in the market.

Weather observation market in APAC is expected to remain active. Demand for
industrial measurement solutions in APAC is expected to continue increasing in
local currencies.

Business outlook for 2014
Vaisala estimates its full year 2014 net sales to be in the range of EUR
290-320 million and the operating result (EBIT) in the range of EUR 20-30
million.

Vantaa, April 24, 2014

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.

Financial information and changes in accounting policies
This interim financial report has been prepared in accordance with IAS 34,
Interim Financial Reporting, following the same accounting policies and
principles as in the annual financial statements for 2013. All figures in the
interim report are Group figures. All presented figures have been rounded and
consequently the sum of individual figures may deviate from the sum presented.

The preparation of the financial statements in accordance with IFRS requires
Vaisala's management to make estimates and assumptions that affect the valuation
of the reported assets and liabilities and the recognition of income and
expenses in the statement of income. Although the estimates are based on the
management's best knowledge at the date of the interim report, actual results
may differ from the estimates.

The interim financial report is unaudited.




 Consolidated Statement of Income

 EUR million                                      1-3/2014 1-3/2013 1-12/2013
------------------------------------------------------------------------------
    Net sales                                         57.5     65.6     273.2

    Costs of sales                                   -29.8    -33.6    -138.9
------------------------------------------------------------------------------
 Gross profit                                         27.6     32.0     134.3



    Sales, marketing and administrative costs        -22.5    -20.8     -84.7

    Research and development costs                    -8.2     -7.6     -28.9

    Other operating income and expense                 0.0      1.6      -2.6
------------------------------------------------------------------------------
 Operating profit (loss)                              -3.2      5.1      18.1



    Share of result in associated companies              -        -       0.1

    Financial income and expenses, net                -0.1      0.2      -1.0
------------------------------------------------------------------------------
 Profit (loss) before taxes                           -3.3      5.2      17.2



    Income taxes                                       1.1     -2.3      -6.2
------------------------------------------------------------------------------
 Profit (loss) for the period                         -2.2      2.9      10.9



 Earnings per share, EUR                             -0.12     0.16      0.60

 Diluted earnings per share, EUR                     -0.12     0.16      0.60



 Consolidated Statement of Comprehensive Income



 EUR million                                      1-3/2014 1-3/2013 1-12/2013
------------------------------------------------------------------------------
 Items that will not be reclassified to profit or
 loss

    Actuarial loss on post-employment benefits         0.0      0.0      -0.1
------------------------------------------------------------------------------
 Total                                                 0.0      0.0      -0.1
------------------------------------------------------------------------------


 Items that may be reclassified subsequently to profit or
 loss

    Currency translation differences                   0.0      0.7      -3.2
------------------------------------------------------------------------------
 Total                                                 0.0      0.7      -3.2
------------------------------------------------------------------------------

------------------------------------------------------------------------------
 Total other comprehensive income                      0.0      0.7      -3.3
------------------------------------------------------------------------------

------------------------------------------------------------------------------
 Total comprehensive income                           -2.2      3.6       7.6
------------------------------------------------------------------------------


 Consolidated Statement of Financial Position

 EUR million
-------------------------------------------------------------------------------
 Assets                         March 31, 2014 March 31, 2013 December 31, 2013
-------------------------------------------------------------------------------


 Non-current assets

    Intangible assets                     35.2           31.7              35.9

    Property, plant and
 equipment                                45.7           48.8              46.8

    Investments                            0.1            0.1               0.1

    Investment in associated
 companies                                 0.7            0.7               0.7

    Long-term receivables                  0.6            1.0               0.9

    Deferred tax assets                    8.9            6.1               8.0
-------------------------------------------------------------------------------
 Total non-current assets                 91.3           88.4              92.5



 Current assets

    Inventories                           31.4           31.2              28.6

    Trade and other receivables           57.0           63.4              57.4

    Income tax receivables                 3.4            0.5               1.4

    Cash and cash equivalents             43.3           70.5              45.8
-------------------------------------------------------------------------------
 Total current assets                    135.2          165.7             133.2


-------------------------------------------------------------------------------
 Total assets                            226.5          254.1             225.6
-------------------------------------------------------------------------------


 Shareholders' equity and
 liabilities
-------------------------------------------------------------------------------


 Shareholders' equity

    Share capital                          7.7            7.7               7.7

    Share premium                            -           22.3                 -

    Other reserves                         1.6            0.9               1.5

    Cumulative translation
 adjustment                               -3.6            0.2              -3.6

    Treasury shares                       -2.5           -2.5              -2.5

    Retained earnings                    137.4          148.2             155.9
-------------------------------------------------------------------------------
 Total shareholders' equity              140.5          176.8             158.9



 Non-current liabilities

    Interest-bearing
 liabilities                               0.0            0.2               0.0

    Post-employment benefit
 obligations                               0.7            0.4               0.7

    Deferred tax liabilities               5.1            0.8               5.2

    Provisions for other
 liabilities and charges                     -            0.1                 -

    Other long-term liabilities            2.2            2.5               2.1
-------------------------------------------------------------------------------
 Total non-current liabilities             8.0            4.0               8.0



 Current liabilities

    Interest-bearing
 liabilities                               0.0            0.3               0.0

    Advances received                      4.0            3.1               3.7

    Income tax liabilities                 0.3            2.3               0.3

    Provisions for other
 liabilities and charges                     -            0.2                 -

    Trade and other payables              73.6           67.4              54.8
-------------------------------------------------------------------------------
 Total current liabilities                77.9           73.3              58.7


-------------------------------------------------------------------------------
 Total shareholders' equity and
 liabilities                             226.5          254.1             225.6
-------------------------------------------------------------------------------

 Consolidated Statement of Changes in Shareholders' Equity

                     Share   Share    Other Treasury Translation Retained
 EUR million       capital premium reserves   shares  adjustment earnings Total
-------------------------------------------------------------------------------
 Balance at Jan
 1, 2013               7.7    22.3      0.7     -2.5        -0.5    161.4 189.2



 Profit (loss) for
 the period                                                           2.9   2.9

 Other
 comprehensive
 income                                                      0.7      0.0   0.7

 Dividend paid                                                      -16.3 -16.3

 Share-based
 payment                                0.2                                 0.2
-------------------------------------------------------------------------------
 Balance at March
 31,
 2013                  7.7    22.3      0.9     -2.5         0.2    148.2 176.8



                     Share            Other Treasury Translation Retained
 EUR million       capital         reserves   shares  adjustment earnings Total
-------------------------------------------------------------------------------


 Balance at Jan
 1, 2014               7.7              1.5     -2.5        -3.6    155.9 158.9



 Profit (loss) for
 the period                                                          -2.2  -2.2

 Other
 comprehensive
 income                                 0.0                  0.0      0.0   0.0

 Dividend paid                                                      -16.3 -16.3

 Share-based
 payment                                0.2                                 0.2
-------------------------------------------------------------------------------
 Balance at March
 31,
 2014                  7.7              1.6     -2.5        -3.6    137.4 140.5
-------------------------------------------------------------------------------



 Consolidated Cash Flow Statement

 EUR million                                        1-3/2014 1-3/2013 1-12/2013
-------------------------------------------------------------------------------
 Cash flows from operating activities

    Cash receipts from customers                        69.6     68.0     282.8

    Other income from business operations                0.0      0.0       0.2

    Cash paid to suppliers and employees               -68.9    -72.3    -246.3

    Financials paid, net                                 0.3      0.8      -0.8

    Income taxes paid, net                              -2.0     -1.4      -7.7
-------------------------------------------------------------------------------
 Cash flow from operating activities                    -0.9     -4.9      28.2



 Cash flows from investing activities

    Acquisition of subsidiary, net of cash acquired        -        -     -12.3

    Capital expenditure on fixed assets                 -1.7     -1.7      -7.1

    Divestments                                          0.3      2.5       2.6
-------------------------------------------------------------------------------
 Cash flow from investing activities                    -1.3      0.8     -16.8



 Cash flows from financing activities

    Return of capital                                      -        -     -22.2

    Dividends paid                                         -        -     -16.2

    Change in loan receivables                           0.0      0.0      -0.1

    Change in leasing liabilities                        0.0      0.0      -0.6
-------------------------------------------------------------------------------
 Cash flow from financing activities                     0.0      0.0     -39.1



 Cash and cash equivalents at the beginning of
 period                                                 45.8     74.8      74.8

    Net increase (+) / decrease (-) in cash and
 cash equivalents                                       -2.3     -4.1     -27.7

    Effect from changes in exchange rates               -0.2     -0.1      -1.3
-------------------------------------------------------------------------------
 Cash and cash equivalents at the end of period         43.3     70.5      45.8
-------------------------------------------------------------------------------



 Notes for Interim Report



 Orders Received by Business Area

 EUR million                    1-3/2014 1-3/2013 1-12/2013
-----------------------------------------------------------
 Weather                            50.4     40.9     208.3

 Controlled Environment             18.2     17.7      74.6
-----------------------------------------------------------
 Total                              68.6     58.7     282.9
-----------------------------------------------------------


 Net Sales by Business Area

 EUR million                    1-3/2014 1-3/2013 1-12/2013
-----------------------------------------------------------
 Weather

    Products                        19.0     24.1      97.3

    Projects                        11.0     15.5      70.0

    Services                         9.1      7.9      32.7
-----------------------------------------------------------
 Total                              39.1     47.5     200.0



 Controlled Environment

    Products                        16.2     16.0      64.2

    Services                         2.1      2.1       9.0
-----------------------------------------------------------
 Total                              18.3     18.1      73.2



 Sales, eliminations and others      0.0      0.0       0.1


-----------------------------------------------------------
 Total Sales                        57.5     65.6     273.2
-----------------------------------------------------------


 Operating Result by Business Area

 EUR million                    1-3/2014 1-3/2013 1-12/2013
-----------------------------------------------------------
 Weather                            -4.8      2.0      14.5

 Controlled Environment              2.1      1.8       4.0

 Eliminations and other             -0.5      1.3      -0.4
-----------------------------------------------------------
 Total                              -3.2      5.1      18.1
-----------------------------------------------------------


 Net Sales by Geographical Area

 EUR million                    1-3/2014 1-3/2013 1-12/2013
-----------------------------------------------------------
 EMEA                               22.1     25.3      98.6

 Americas                           21.9     24.0     107.8

 APAC                               13.5     16.3      66.9
-----------------------------------------------------------
 Total                              57.5     65.6     273.2
-----------------------------------------------------------



 Personnel

                                                    1-3/2014 1-3/2013 1-12/2013
-------------------------------------------------------------------------------
 Average personnel                                     1,582    1,445     1,485

 Personnel at the end of period                        1,585    1,434     1,563
-------------------------------------------------------------------------------


 Financial Instruments

                                                    1-3/2014 1-3/2013 1-12/2013
-------------------------------------------------------------------------------
 Nominal value of financial derivatives, EUR
 million                                                19.3     20.4      19.7

 Fair values of financial derivatives, assets, EUR
 million                                                 0.2      0.0       0.6

 Fair values of financial derivatives, liabilities,
 EUR million                                             0.1      0.5       0.0
-------------------------------------------------------------------------------

Financial derivatives consist solely of foreign currency forwards and they are
measured based on price information derived from active markets and commonly
used valuation methods (Fair value hierarchy 2). Financial contracts are
executed only with counterparties that have high credit ratings.

 Share Information

                                                    1-3/2014 1-3/2013 1-12/2013
-------------------------------------------------------------------------------
 Number of shares outstanding, thousand               18,059   18,059    18,059

 Number of treasury shares, thousand                     159      159       159

 Number of shares, diluted, thousand                  18,187   18,209    18,187

 Number of shares, weighted average, thousand         18,059   18,059    18,059

 Number of shares traded, thousand                       425    1,239     2,877

 Share price, highest, EUR                             24.98    22.00     23.47

 Share price, lowest, EUR                              21.06    16.04     16.04
-------------------------------------------------------------------------------


 Key Ratios

                                                    1-3/2014 1-3/2013 1-12/2013
-------------------------------------------------------------------------------
 Earnings per share, EUR                               -0.12     0.16      0.60

 Earnings per share, diluted, EUR                      -0.12     0.16      0.60

 Equity per share, EUR                                  7.78     9.79      8.80

 Cash flows from operating activities per share,
 EUR                                                   -0.05    -0.27      1.55

 Solvency ratio, %                                      63.2     70.4      71.6

 Return on equity, %                                    -5.9      6.4       6.3
-------------------------------------------------------------------------------


Further information
Kaarina Muurinen, CFO
Mobile +358 40 577 5066
Vaisala Corporation

Briefing and Audiocast
Briefing for analysts and media will be arranged in Hotel Kämp, Paavo Nurmi
meeting room, Pohjoisesplanadi 29, Helsinki starting at 4 p.m. (EEST) today. The
presentation of Kjell Forsén, President and CEO, at the briefing will be
audiocast live at www.vaisala.com/investors starting at 4 p.m. A recording of
the audiocast will be published at the same address at 6 p.m.

Second quarter results bulletin
Vaisala will publish its Q2/2014 results bulletin on Wednesday, July 23, 2014 at
approximately 2:00 p.m. Finnish time.

Capital Markets Day 2014
Vaisala will organize its Capital Markets Day in Vaisala's head office on
Monday, May 26, 2014 from 11:30 a.m. till 5 p.m. At the event, Vaisala's top
management will provide an update on the company's strategic direction,
development projects and near-term business priorities. A more detailed program
of the Capital Markets Day will be available on Vaisala's website at
www.vaisala.com and sent to the participants by May 12, 2014.

Distribution:
NASDAQ OMX Helsinki
Key media
www.vaisala.com

Vaisala is a global leader in environmental and industrial measurement. Building
on 78 years of experience, Vaisala contributes to a better quality of life by
providing a comprehensive range of innovative observation and measurement
products and services for chosen weather-related and industrial markets.
Headquartered in Finland, Vaisala employs approximately 1,500 professionals
worldwide and is listed on the NASDAQ OMX Helsinki stock exchange.
www.vaisala.com      www.twitter.com/VaisalaGroup



[HUG#1779614]