Panostaja Oyj Financial Statement December 9, 2016, 9:00 a.m
August 1, 2016–October 31, 2016 (3 months)
- KotiSun continued its strong growth in the review period, with net sales increasing by 45% from the reference period in the previous year. Profitability, too, remained excellent.
- Grano’s net sales for the review period dropped 2% from the reference period in the previous year. EBIT dropped to MEUR 1.9 from last year’s MEUR 3.1.
- The market situation remained challenging in many investment targets. Net sales increased in five of the eight investment targets. Net sales for the Group as a whole increased by 4% and stood at MEUR 45.7 (MEUR 44.1).
- EBIT improved in three of the eight investment targets, but the EBIT of the entire Group declined from MEUR 3.1 to MEUR 2.6.
- Earnings per share (undiluted) were 3.0 cents (17.6 cents). The profit/loss for the review period includes the divestment of Flexim Security.
November 1, 2015–October 31, 2016 (12 months)
- Net sales increased in five of the eight investment targets. For the Group as a whole, net sales in the review period increased by 16% from the same period last year, standing at MEUR 172.5 (MEUR 148.2).
-
EBIT improved in four of the eight investment targets, and the EBIT of the entire Group
increased from MEUR 7.3 to MEUR 9.0. - Earnings per share (undiluted) were 6.9 cents (14.1 cents).
Proposal for the distribution of profits: The Board of Directors proposes to the Annual General Meeting that a dividend of EUR 0.04 per share be paid for the past financial period.
CEO Juha Sarsama:
“In the final quarter of the financial period, the uneven development of the investment targets continued, and there were still significant variation in their profitability development. KotiSun maintained its strong profitable growth. On the other hand, the poor profitability development of Takoma and Heatmasters continued, and Megaklinikka’s result was encumbered by the opening of the Stockholm clinic. In addition to this, Grano’s profit development failed to reach our expectation with a slight decline from the reference period due to reorganization costs dragging the earnings down. All in all, the profitability development of the investment targets was slightly weaker than expected in the final quarter.
Some additional positive signs regarding Finland’s economic situation emerged in the fourth quarter, but we have yet to see a substantial change in the economic climate in the fields of our investment targets and the situation remained uncertain. The market situation of many investment targets has remained poor.
The corporate acquisitions market has been active in the period under review, and the availability of new opportunities has remained high. However, we still did not make an investment in a new target. We will continue to actively explore new opportunities but remain cool-headed in terms of assessing prospective corporate acquisitions.
Panostaja will change its guideline practices and discontinue the publication of financial guidelines as of the beginning of 2017. Instead of result management regarding the Group’s EBIT, Panostaja will provide its investors with more information on the growth and development opportunities of the investment targets as well as the company’s goals for increasing value in them. Discontinuing the result management arrangement is a natural part of the shift in Panostaja’s communications from a group-centric perspective to an investment company standpoint. It is not related to the prevalent market conditions. Our future aim is to ensure that investors have the opportunity to ascertain the independent value of the investment targets and gain a clearer view of Panostaja’s structure as an investment company.”
|
MEUR |
Q4 | Q4 | 12 months | 12 months |
|
8/16- 10/16 |
8/15- 10/15 |
11/15- 10/16 |
11/14- 10/15 |
|
| Net sales, MEUR | 45.7 | 44.1 | 172.5 | 148.2 |
| EBIT, MEUR | 2.6 | 3.1 | 9.0 | 7.3 |
| Profit before taxes, MEUR | 2.1 | 1.4 | 7.0 | 3.4 |
| Profit/loss for the financial period, MEUR | 3.1 | 13.5 | 9.2 | 13.5 |
| Earnings per share, undiluted (EUR) | 0.03 | 0.18 | 0.07 | 0.14 |
| Equity per share (EUR) | 0.77 | 0.74 | 0.77 | 0.74 |
| Operating cash flow (MEUR) | 4.6 | -1.6 | 9.6 | 8.0 |
|
Distribution of net sales by segment MEUR |
Q4 | Q4 | 12 months | 12 months |
|
Net sales |
8/16- 10/16 |
8/15- 10/15 |
11/15- 10/16 |
11/14- 10/15 |
| Grano | 22.8 | 23.4 | 88.2 | 69.9 |
| KotiSun | 9.8 | 6.8 | 31.9 | 23.7 |
| Takoma | 1.9 | 3.1 | 10.2 | 13.2 |
| Selog | 2.7 | 2.4 | 10.3 | 9.9 |
| Helakeskus | 2.4 | 2.6 | 9.8 | 10.4 |
| KL-Varaosat | 3.4 | 3.3 | 13.0 | 11.8 |
| Heatmasters | 1.3 | 1.3 | 4.5 | 6.3 |
| Megaklinikka | 1.3 | 1.2 | 4.7 | 3.4 |
| Others | 0.0 | 0.0 | 0.0 | 0.0 |
| Eliminations | 0.0 | 0.0 | -0.1 | -0.3 |
| Group in total | 45.7 | 44.1 | 172.5 | 148.2 |
|
Distribution of EBIT by segment MEUR |
Q4 | Q4 | 12 months | 12 months |
|
EBIT |
8/16- 10/16 |
8/15- 10/15 |
11/15- 10/16 |
11/14- 10/15 |
| Grano | 1.9 | 3.1 | 7.8 | 5.9 |
| KotiSun | 1.9 | 1.4 | 5.8 | 4.2 |
| Takoma | -0.3 | -0.3 | -1.2 | -0.7 |
| Selog | 0.2 | 0.1 | 0.7 | 0.5 |
| Helakeskus | 0.2 | 0.2 | 0.3 | 0.7 |
| KL-Varaosat | 0.4 | 0.3 | 1.0 | 0.5 |
| Heatmasters | -0.3 | -0.2 | -1.0 | 0.1 |
| Megaklinikka | -0.6 | -0.2 | -1.5 | -0.5 |
| Others | -0.7 | -1.2 | -2.9 | -3.3 |
| Group in total | 2.6 | 3.1 | 9.0 | 7.3 |
PRESS CONFERENCE
Panostaja Oyj will arrange a press conference for analysts, investors and representatives of the press at Hotel Scandic Simonkenttä, in Helsinki, address Simonkatu 9, Helsinki on Friday, December 9, 2016, at 10:00 a.m.
The Financial Statements Bulletin will be available at the address www.panostaja.fi
Panostaja Oyj
Juha Sarsama
Chief Executive Officer
For further information, please contact Mr. Juha Sarsama, mobile +358 40 774 2099
