Correction to Vaisala Group interim report January - June 2009
(Thomson Reuters ONE) - Vaisala Corporation Stock exchange release 11 August 2009at 17.15 p.m.Correction to Vaisala Group interim report January - June 2009(6 months)The interim report released Aug 11, 2009 at 9.00 contained an errorin Services net sales. The correct Services sales for the reviewperiod totaled EUR 14.0 (12.5) million.Vaisala Group interim report January-June 2009 (6 months)Result for the second quarter slightly positive. Outlook for 2009unchanged, uncertainty increased.- Orders received EUR 119.2 (121.9) million, decline 2.2%.- Net sales EUR 95.9 (106.5) million, decline 10.0%. Incomparable currencies, the decline would have been 15.2%.- Operating profit EUR -1.7 (14.8) million, decline 111.2%.- Earnings per share EUR -0.12 (0.59), decline 121.2%.- Result for the second quarter (4-6/2009) positive despitethe declined net sales. 1-6 1-6 Change 4-6 4-6 Change 2009 2008 (%) 2009 2008 (%) 2008 (MEUR) (MEUR) (MEUR) (MEUR)Group net sales 95.9 106.5 -10.0 53.8 60.1 -10.5 242.5Meteorology 34.6 29.1 +18.8 18.8 16.5 +14.0 64.9ControlledEnvironment 24.5 27.7 -11.5 11.7 14.0 -16.3 54.3Weather CriticalOperations 36.7 49.7 -26.1 23.2 29.6 -21.5 123.3Operating profit,Group -1.7 14.8 -111.2 1.5 11.7 -87.5 38.0Meteorology -0.8 3.1 -125.7 -1.4 3.3 -141.4 8.0ControlledEnvironment 2.7 5.5 -51.2 1.5 2.8 -47.8 8.4Weather CriticalOperations -2.4 6.1 -139.8 2.0 6.3 -68.4 24.6Eliminations andother -1.1 0.1 -0.6 -0.6 -3.0Profit before taxes -3.6 15.5 -123.0 0.6 12.6 -94.9 38.9Net profit -2.3 10.7 -121.2 1.9 8.8 -78.0 28.4Orders received 119.2 121.9 -2.2 53.0 57.9 -8.4 247.9Order book 113.7 95.6 113.7 95.6 90.3Earnings per share -0.12 0.59 -121.2 0.11 0.48 -78.0 1.56Return on equity (%) -2.5 12.4 -2.5 12.4 15.5Comments on the second quarterOrders received declined slightly from the corresponding period in2008, but are still at a fairly good level. Order book remainsstrong. Result for the second quarter was slightly positive.Net sales declined year on year. Group operating profit for thereview period was still negative due to lower net sales. The resultwas additionally burdened by strategic initiatives.Due to the global economic recession, the demand of the industrialsegments continued to be moderate.Outlook for 2009Due to the structure of Vaisala's customer base, the company's marketsituation is expected to remain mostly unchanged in 2009 and thereare no signs of order cancellations.Demand is still moderate for the Controlled Environment segments, whoserve mainly industrial customers. This increases uncertainty andpostpones the growth targets of these segments to a later stage. Theshare of these segments of Vaisala's net sales is approximately 25percent.The outlook for the Meteorology business area is still good.Demand in the Weather Critical Operations business area is still at agood level, but the current economic uncertainty can have an impacton customers' purchasing decisions and affect the implementation ofprojects during the second half of the year. A very high number ofproject deliveries are scheduled to take place at the end of theyear, which increases the risk that some delivery projects may bedelayed. This increases uncertainty towards the rest of the year.We reiterate our estimate that Vaisala's net sales in 2009 will growslightly compared to the preceding year. Uncertainty towards the restof the year has increased due to the schedules of project sales anddeliveries and development of the demand in the industrial segments.These together will affect the development of net sales and profit.Additionally, the strategic, growth oriented efforts will burden theGroup profitability this year by approximately EUR 10 million. Withthese efforts Vaisala aims to maintain its technological leadershipin the strategically chosen markets, make processes more efficientand reduce manufacturing costs.Seasonal fluctuation is typical of Vaisala's business, andtraditionally a large share of net sales and profit is realizedduring the fourth quarter.President and CEO Kjell Forsén on Vaisala's result:"Uncertainty in the global economy has continued, even though somecautious optimism can be sensed. Continued uncertainty was alsoreflected in Vaisala's second quarter results, both in net sales andin operating profit. However, a good sign is that in line with ourexpectations, the operating profit for the second quarter turnedpositive.We have still been able to maintain our strong market position andshare. The number of orders received has also remained at a fairlygood level and the order book is strong, which gives us a goodstarting point for the second half of the year. Orders receivedduring the last 12 months, EUR 245.2 million, exceeds the net salesof 2008. The foundation of our business has not changed in anyparticular way.The pending project deliveries from the first quarter in the WeatherCritical Operations business area were delivered during the secondquarter.In spite of the economic uncertainty, we firmly believe that ourprospects are positive and continue to implement our growth strategywith determination, enabled by our strong balance sheet. Theseefforts will increase costs in 2009, but we believe that they lay thefoundation for future growth."Market situation, net sales and order bookInstability of the world economy shows especially in the ControlledEnvironment business area, i.e. in the industrial segments, where themarkets have declined during the first half of the year. Despite thechallenging market situation, Vaisala has nevertheless been able toretain its market shares.The outlook for the Meteorology business area is still favorable.Demand in the Weather Critical Operations business area is good, butthe economic uncertainties seem to affect the customers' purchasingdecisions.Vaisala Group's net sales declined by 10.0 percent year on year andtotaled EUR 95.9 (106.5) million. Net sales of the Meteorologybusiness area grew by 18.8 percent, whereas the net sales of WeatherCritical Operations declined by 26.1 percent and ControlledEnvironment by 11.5 percent. In comparable currencies, VaisalaGroup's net sales would have been down by 15.2 percent.Operations outside Finland accounted for 97 (94) percent of netsales.Net sales in euros increased by 20.5 percent in the Americas region,totaling EUR 39.6 (32.9) million. Net sales declined by 20.9 percentto EUR 35.1 (44.3) million in the EMEA region and by 27.7 percent toEUR 21.2 (29.3) million in the APAC region. In comparable currencies,the changes in net sales would have been: Americas +6.3%, EMEA -19.8%and APAC -32.2%.The value of orders received declined by 2.2 percent year on year andtotaled EUR 119.2 (121.9) million. The number of orders received forthe past 12 months is EUR 245.2 million. The order book stood at EUR113.7 (95.6) at the end of the review period. Of the order book,approximately EUR 34 million will be delivered in 2010 or later.Performance and balance sheetOperating profit for the review period was EUR -1.7 (14.8) million,or -1.7 percent of net sales. Profit before taxes was -3.7 percent ofnet sales and totaled EUR -3.6 (15.5). Net profit for the reviewperiod was -2.4 percent of net sales, totaling EUR -2.3 (10.7)million.Vaisala Group's solvency ratio and liquidity remained strong. On June30, 2009, the balance sheet total was EUR 213.1 (212.7) million. TheGroup's solvency ratio at the end of the review period was 84% (86%).Vaisala's consolidated liquid assets totaled EUR 68.8 (89.5) million.Capital expenditureGross capital expenditure totaled EUR 9.4 (5.0) million.In January 2009, Vaisala acquired all shares of Aviation SystemMaintenance Inc (ASMI), a US-based airport service company. Thecompany has 10 employees and the estimated net sales for 2008 wereEUR 1.8 million. ASMI, which is located in Kansas, has a largecustomer base and over 25 years of experience in the installation andmaintenance of airport weather equipment.The acquisition will considerably strengthen Vaisala's position as asupplier of maintenance services in the US airport weather business,complementing the existing service contracts and expertise. Accordingto preliminary calculations, these synergy benefits have accrued toEUR one million goodwill. The deal price was EUR 2.4 million, whichincludes a conditional EUR 0.5 million deal price. This conditionalprice will be paid at the end of 2010, provided that certainperformance expectations are met.Vaisala's new ERP system is gradually taken into use during this andnext year. The project to build new office space in Vantaa, Finland,is progressing according to plans. The tearing down of the oldbuilding was started in the second quarter of 2009.Changes in financial reportingVaisala published its new strategy in November 2008. Going forward,the Group will focus on markets with the biggest growth potential inthe environmental measurement business. The Group will seek growthfrom the current and new market segments. Vaisala also announced thatit adopts a market segment based reporting model. From the firstinterim report in 2009, Vaisala Group's business will be reported inthree segments, which are Meteorology, Weather Critical Operationsand Controlled Environment. From the beginning of 2009, the Groupadopted the amended IAS 1 Presentation of the Financial Statementsstandard and IFRS 8 Operating Segments standard. The amendedstandards have no significant impact on the presentation of theinterim report.MeteorologyMeteorology consists of Emerging markets and Established markets. TheMeteorology business area serves national meteorological andhydrological institutes, whose primary interest is to providenational weather information and forecasts.Net sales of Meteorology grew by 18.8 percent year on year to EUR34.6 (29.1) million. In comparable currencies, the net sales wouldhave grown by 11.6 percent. Operating profit was EUR -0.8 (3.1)million.Vaisala is participating in a large windpofiler renewal project forthe US National Weather Service. The project has progressed to itsthird phase and Vaisala delivers one wind profiler to the customerfor pilot use. Larger than expected project costs burdened theoperating profit of this business area by approximately EUR 2.0million.The value of orders received for Meteorology was EUR 44.7 million andthe order book stood at EUR 51.1 million at the end of the reviewperiod.The modernization project for the Russian weather observation networkwas completed during the review period. The Japan MeteorologicalAgency ordered 10 sounding stations for their national upper airnetwork. The order marks an important step in the Japanese markets;after it has been delivered, the majority of Japanese soundingstations use Vaisala's equipment.Vaisala and the US National Oceanic and Atmospheric Administration(NOAA) signed a five-year contract, according to which Vaisala willdeliver next generation GPS-dropsondes to the US National HurricaneCenter to enable hurricane reconnaissance, research and storm trackforecasting. The estimated value of the deal is USD 9.2 million.Controlled EnvironmentControlled Environment consists of Cleanrooms and Chambers, BuildingAutomation and Targeted Industrial Applications segments. Thisbusiness area includes customers who operate in tightly controlledand demanding areas where the measurement of precise environmentalconditions is required to increase operational quality, productivityand energy savings.Instability of the global economy affected the Controlled Environmentbusiness area and the net sales decreased. In Japan and Europe, themarkets continued to decline, whereas North America and China sawsome small signs of recovery.Net sales of Controlled Environment declined by 11.5 percent year onyear to EUR 24.5 (27.7) million. In spite of declined net sales,Vaisala has been able to maintain its market shares. In comparablecurrencies, the net sales would have been down by 18.9 percent.Operating profit in January-March was EUR 2.7 (5.5) million.The value of orders received for Controlled Environment was EUR 24.3million and the order book stood at EUR 3.2 million at the end of thereview period.Weather Critical OperationsWeather Critical Operations consists of Airports, Roads, Defense,Wind Energy and Targeted Business Development segments. This businessarea focuses on customers whose operations or businesses are affectedby the weather, like aviation customers, road authorities, defenseforces and wind parks.Net sales of Weather Critical Operations declined by 26.1 percentyear on year to EUR 36.7 (49.7) million. In comparable currencies,the net sales would have been down by 28.9 percent. Operating profitfor the review period was EUR -2.4 (6.1) million.The value of orders received for Weather Critical Operations was EUR50.2 million and the order book stood at EUR 59.3 million at the endof the review period.The deliveries of weather radar signal processors and weatherobservation systems for airports that were pending from the firstquarter were completed during the second quarter.Vaisala signed a contract with a long standing customer for upper-airsounding equipment. The contract was valued at USD 8.6 million andthe deliveries are expected to take place by the end of the firstquarter in 2010.Other functionsResearch and developmentExpenditure in research and development totaled EUR 12.7 (11.5)million, representing 13.2% of the Group's net sales.The share of research and development expenses of the Group's netsales will grow in 2009. This is due to some one-off projects aimingat the alignment of technology platforms and improved productmodularity, usability and mass customization capability.The total additional R&D cost will be approximately EUR 3 million in2009 and the R&D share will grow to 11-12% of the Group's net sales.Vaisala announced the development of a reference radio sonde torespond to the needs of the international science community. Thesonde will enable more accurate global observations to monitorclimate change. The project will be carried out in co-operation withthe international climate research community. The sonde will provideextremely precise weather information from the upper atmosphere.Vaisala ServicesStarting in 2009, Vaisala's service business will be reported as partof the business areas. Services sales in the review period totaledEUR 14.0 (12.5) million.In January 2009, Vaisala acquired Aviation Systems Maintenance Inc.(ASMI) to strengthen its airport weather service offering. Theintegration of ASMI's operations to Vaisala was completed on July 1,2009.PersonnelThe average number of people employed in the Vaisala Group inJanuary-June was 1,268 (1,150). Some 38 (37) percent of the personnelwas based outside Finland.Vaisala has two incentive plans; one based on the development ofsales and profitability and covering all employees, and the other,three-year plan, based on the development of profitability andcovering key personnel.Changes in Vaisala Corporation's managementTimo Raikaslehto, M.Sc. (Econ.), was appointed Senior Vice President,Group Marketing and Sales, and a member of the strategic managementgroup starting March 1, 2009.Near-term risks and uncertaintiesThe near term risks and uncertainties are estimated to relate tochanges in the global economy, shifts of currency exchange rates,interruptions in manufacturing, project delivery capabilities,customers' financing capability, changes in purchasing or investmentbehavior, and delays or cancellations of orders and deliveries. Thebiggest risks in realization of net sales relate to the industrialsegments which are more sensitive to economic fluctuations and wherethe demand has clearly slowed down. The share of these segments isapproximately 25 percent of Vaisala's net sales. Additionally,cancellations or delays of project deliveries that have been plannedto take place this year may affect the net sales and operatingprofit.Changes in subcontractor relations, their operations or operatingenvironment, especially due to the uncertainty of the financialmarkets, may have a negative impact on Vaisala's business. Vaisalamonitors these risks and prepares for them in accordance with thecompany's risk management policy.Vaisala is currently implementing significant development projectsand organizational changes, which lay the foundation for successfulexecution of Vaisala's new strategy. A new Group-wide enterpriseresource planning system is also under development. These effortsconstitute a short-term risk regarding Vaisala's net sales andresult.Vaisala's sharesAs at the end of the review period, the Group's Board of Directorshad no valid authorizations for increasing the share capital,granting special rights, or issuing stock option rights.On December 31, 2008, the price of Vaisala's A share in the NASDAQOMX Helsinki was EUR 22.11, and at the end of the review period, theshare price was EUR 25.20. The highest quotation during the reviewperiod was EUR 28.46 and the lowest EUR 20.80. The number of sharestraded in the stock exchange during the review period was 817,368.On June 30, 2009, Vaisala has 18,218,364 shares, of which 3,399,084are series K shares and 14,819,280 are series A shares. The shareshave no counter book value. The K shares and A shares aredifferentiated by the fact that each K share entitles its owner to 20votes at a General Meeting of Shareholders while each A shareentitles its owner to 1 vote. The A shares represent 81.3% of thetotal number of shares and 17.9% of the total votes. The K sharesrepresent 18.7% of the total number of shares and 82.1% of the totalvotes.The market value of Vaisala's A shares on June 30, 2009 was EUR 373.2million, excluding the Company's own shares. Valuing the K shares -which are not traded on the stock market - at the rate of the Ashare's closing price on the final day of the financial year, thetotal year-end market value of all the A and K shares together wasEUR 458.9 million, excluding the Company's own shares.Vaisala's main shareholders are listed on the Group website.Conversion of unlisted shares series K into series AVaisala Corporation's 500 unlisted shares (series K) were convertedinto listed shares (series A). The conversion was registered in theFinnish Trade Register on March 5, 2009. Listing of the new series Ashares was applied for as of March 6, 2009.Vaisala Corporation's 6000 unlisted shares (series K) were convertedinto listed shares (series A). The conversion was registered in theFinnish Trade Register on May 14, 2009. Listing of the new series Ashares was applied for as of May 15, 2009.Treasury shares and parent company sharesAt the end of the review period, the Company held a total of 9,150Vaisala A shares, which represented 0.05% of the share capital and0.01% of the votes. The consideration paid for these shares was EUR251,898.31.Decisions made by the Annual General MeetingVaisala Oyj's Annual General Meeting was held on March 26, 2009 atthe Company's headquarters in Vantaa. The Annual General Meetingconfirmed the annual accounts for 2008 and granted the Members of theBoard of Directors and the Company's President and CEO discharge fromliability for the accounts between 1.1.-31.12.2008.The Annual General Meeting decided that a dividend of EUR 0.90 pershare, corresponding to the total of EUR 16,388,292.60 was to bedistributed for the financial year 2008. Dividend was not paid to theA-shares that are held by Vaisala Corporation. Dividend was paid onApril 7, 2009.The Annual General Meeting decided that the Board of Directorscontinues to comprise of six members. Stig Gustavson and MikkoVoipio, who were to retire by rotation were re-elected for threeyears. Other members in the Board of Directors are Yrjö Neuvo, MaijaTorkko, Raimo Voipio and Mikko Niinivaara.The Annual General Meeting decided on the annual remuneration of theBoard of Directors to be as follows: chairman EUR 35,000, and amember EUR 25,000.AuditorsPricewaterhouseCoopers Oy and Mr. Hannu Pellinen APA were chosen asthe Company's Authorized Public Accountants.Board of Directors' organizing meetingRaimo 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.Vantaa, Finland, August 11, 2009Vaisala CorporationBoard of DirectorsThe forward-looking statements in this release are based on thecurrent expectations, known factors, decisions and plans of Vaisala'smanagement. Although the management believes that the expectationsreflected in these forward-looking statements are reasonable, thereis no assurance that these expectations would prove to be correct.Therefore, the results could differ materially from those implied inthe forward-looking statements, due to for example changes in theeconomic, market and competitive environments, regulatory or othergovernment-related changes, or shifts in exchange rates.Financial indicators 1-6 1-6 4-6 4-6 1-12 2009 2008 2009 2008 2008Return on equity (ROE) -2.5% 12.4% -2.5% 12.4% 15.5%Number of shares at June 30 (1000pcs) 18,209 18,209 18,209 18,209 18,209Number of chares at June 30 (1000pcs), weighted average 18,209 18,209 18,209 18,209 18,209Adjusted number of shares (1000pcs) 18,209 18,209 18,209 18,209 18,209Earnings/share (EUR) -0.12 0.59 0.11 0.48 1.56Earnings/share (EUR),fully diluted -0.12 0.59 0.11 0.48 1.56Net cash flow from operatingactivities/share (EUR) -0.41 0.65 1.77Equity/share (EUR) 9.44 9.30 9.44 9.30 10.47Solvency ratio 84 % 86 % 84 % 86 % 82 %Gross capital expenditure (EURMillion) 9.4 5.0 2.9 2.9 12.2Depreciation (EUR Million) 4.8 3.9 2.4 2.0 8.2Average personnel 1,268 1,150 1,299 1,180 1,177Order book (EUR Million) 113.7 95.6 113.7 95.6 90.3Liabilities from derivativecontracts (EUR Million) 16.1 13.3 16.1 13.3 14.8The interim report has been prepared in accordance with the IAS 34following the same accounting principles as in the annual financialstatements for 2008. From the beginning of 2009, the Group adoptedthe amended IAS 1 Presentation of the Financial Statements standardand IFRS 8 Operating Segments standard. The amended standards have nosignificant impact on the presentation of the interim report.The interim financial statements have not been audited.CONSOLIDATED INCOME STATEMENT (IFRS, EUR Million) 1-6 1-6 Change 4-6 4-6 Change 1-12 2009 2008 % 2009 2008 % 2008Net sales 95.9 106.5 -10.0 53.8 60.1 -10.5 242.5Cost of production andprocurement -50.2 -46.5 8.0 -30.4 -25.1 21.1 -105.1Gross profit 45.6 60.0 -23.9 23.4 35.0 -33.1 137.4Other operating income 0.0 0.0 -28.6 0.0 0.0 700.0 0.1Cost of sales andmarketing -23.1 -23.5 -1.7 -10.7 -11.9 -9.7 -51.5Development costs -12.7 -11.5 9.7 -6.1 -5.2 16.7 -24.6Other administrativecosts -11.6 -10.2 13.8 -5.1 -6.1 -16.6 -23.4Operating profit -1.7 14.8 -111.2 1.5 11.7 -87.5 38.0Financial income andexpenses -1.9 0.7 -378.2 -0.8 0.8 -198.0 0.9Share of results ofassociated companies 0.0 0.0 -100.0 0.0 0.0 -100.0 0.0Profit before tax -3.6 15.5 -123.0 0.6 12.6 -94.9 38.9Income taxes 1.3 -4.8 -126.8 1.3 -3.8 -133.7 -10.5Profit after tax -2.3 10.7 -121.2 1.9 8.8 -78.0 28.4Attributable to Equityholders of the parent -2.3 10.7 -121.2 1.9 8.8 -78.0 28.4Taxes for the review period have been calculated under taxes.Earnings per share for profit attributable to the equity holders ofthe parentBasic earnings pershare, ? -0.12 0.59 -121.2 0.11 0.48 -78.0 1.56Diluted earnigns pershare,? -0.12 0.59 -121.2 0.11 0.48 -78.0 1.56STATEMENT OFCOMPREHENSIVE INCOMEProfit for the year -2.3 10.7 -121.2 1.9 8.8 -78.0 28.4Other comprehensiveincomeExchange differences ontranslating foreignoperations -0.1 -2.2 -97.0 -1.6 0.1 -2051.4 1.3Total comprehensiveincome -2.3 8.4 -127.7 0.3 8.8 -2129.4 29.7Total comprehensive income attributable to:Equity holders of theparent -2.3 8.4 0.3 8.8 29.7STATEMENT OF FINANCIAL POSITION(EUR million) 30.6.2009 30.6.2008 Change 31.12.2008 %ASSETSNON-CURRENT ASSETSIntangible assets 17.3 15.7 9.9 17.3Tangible assets 42.8 34.9 22.7 39.1Investments in associates 0.4 0.3 13.9 0.6Other financial assets 0.1 0.0 407.7 0.1Long-term receivables 0.3 0.2 25.9 0.1Deferred tax assets 6.2 4.5 35.8 5.8CURRENT ASSETSInventories 30.7 20.1 52.6 22.8Trade and other receivables 40.6 46.6 -12.7 51.7Accrued income tax receivables 6.1 0.8 624.4 0.8Financial assets recognised atfair value through profit andloss 0.0 27.9 -100.0 25.3Cash and cash equivalents 68.8 61.6 11.7 78.1TOTAL ASSETS 213.1 212.7 0.2 241.7SHAREHOLDERS' EQUITY ANDLIABILITIESEquity attributable to equityholders of the parentShare capital 7.7 7.7 0.0 7.7Share premium reserve 16.6 16.6 0.0 16.6Reserve fund 0.2 0.1 55.7 0.2Translation differences -4.1 -7.7 -46.5 -4.1Profit from previous years 154.1 142.1 8.4 142.1Own shares -0.3 -0.3 0.0 -0.3Profit for the financial year -2.3 10.7 -121.2 28.4Total equity 171.9 169.3 1.5 190.6LiabilitiesLong-term liabilitiesRetirement benefit obligations 0.3 0.3 12.0 0.3Interest-bearing liabilities 0.2 0.1 156.5 0.0Provisions 0.1 0.1 21.6 0.7Deferred tax liabilities 0.1 0.3 -76.4 0.4Current liabilitiesCurrent portion of long-termborrowings 0.0 0.1 -100.0 0.0Current interest-bearingliabilities 0.2 0.3 -37.8 0.2Advances received 8.8 15.1 -41.8 10.3Accrued income tax payables 0.4 1.9 -81.6 1.8Trade and other payables 31.3 25.4 23.2 37.3TOTAL SHAREHOLDERS' EQUITY ANDLIABILITIES 213.1 212.7 0.2 241.7CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY June 30, 2009 (EURmillion) Share Share Share permium Reserve Own Translation Retained Total capital issue Resesrve fund shares differences earnings equityBalance atDecember 31,2008 7.7 0.0 16.6 0.2 -0.3 -4.1 170.4 190.6Totalcomprehensiveincome forthe year 0.0 0.0 -2.3 -2.3Dividend paid -16.4 -16.4Balance atJune 30, 2009 7.7 0.0 16.6 0.2 -0.3 -4.1 151.8 171.9 Share Share Share permium Reserve Own Translation Retained Total capital issue Resesrve fund shares differences earnings equityBalance atDecember 31,2007 7.7 0.0 16.6 0.1 -0.3 -5.4 157.6 176.3Totalcomprehensiveincome forthe year -2.3 10.7 8.4Dividend paid -15.5 -15.5Balance atJune 30, 2008 7.7 0.0 16.6 0.1 -0.3 -7.7 152.8 169.3CONSOLIDATED CASH FLOW STATEMENT (EURMillion) 1-6 1-6 Change 1-12 2009 2008 % 2008Cash flows from operating activitiesCash receipts from customers 106.7 115.5 -7.6 241.4Other income from business operations 0.0 0.0 -100.0 0.1Cash paid to suppliers and employees -109.8 -99.1 10.8 -197.6Interest received 0.7 1.4 -49.0 0.0Interest paid -0.1 -0.2 -74.4 -0.2Other financial items, net 1.0 0.2 530.4 0.9Direct tax paid -6.0 -5.8 3.0 -12.5Cash flow from business operations (A) -7.5 11.9 -163.2 32.2Cash flow from investing activitiesInvestments in intangible assets -0.3 -0.1 373.0 -0.5Investments in tangible assets -6.8 -5.3 29.7 -12.0Acquisition of subsidiary, net of cashacquired -1.7 0.0 0.0Proceeds from sale of fixed assets 0.0 0.2 -94.9 0.2Repayments on loan receivables 0.0 0.0 -483.5 0.0Other investments 0.0 0.0 -63.2 -0.2Financial assets recognised atfair value through profit and loss 23.2 14.7 58.3 17.3Cash flow from investing activities (B) 14.4 9.5 51.1 4.9Cash flow from financing activitiesRepayment of short-term loans -0.1 0.0 0.0Dividend paid and other distribution ofprofit -16.4 -15.5 5.9 -15.5Cash flow from financing activities (C) -16.5 -15.5 6.6 -15.4Change in liquid funds (A+B+C) increase(+) / decrease (-) -9.7 5.9 -263.0 21.7Liquid funds at beginning of period 78.1 56.6 37.8 56.7Foreign exchange effect on cash 0.4 -1.0 -137.3 -0.3Net increase in cash and cash equivalents -9.7 5.9 -263.0 21.7Liquid funds at end of period 68.8 61.6 11.6 78.1Segment ReportBusiness segments1-6/2009 WCO * CEN * MET * Other operations GroupEUR MillionNet sales to externalcustomers 36.7 24.5 34.6 0.0 95.9Net sales 36.7 24.5 34.6 0.0 95.9Operating profit -2.4 2.7 -0.8 -1.1 -1.7Financial income andexpenses -1.9Share of associatedcompanies' net profit 0.0Net profit before taxes -3.6Income taxes 1.3Net profit -2.3Depreciation 0.4 0.0 0.7 3.6 4.8* WCO= Weather CriticalOperations* CEN = ControlledEnvironment* MET= Meteorology1-6/2008 WCO * CEN * MET * Other operations GroupEUR MillionNet sales to externalcustomers 49.7 27.7 29.1 0.0 106.5Net sales 49.7 27.7 29.1 0.0 106.5Operating profit 6.1 5.5 3.1 0.1 14.8Financial income andexpenses 0.7Share of associatedcompanies' net profit 0.0Net profit before taxes 15.5Income taxes -4.8Net profit 10.7Depreciation 0.3 0.0 0.6 3.0 3.9* WCO= Weather CriticalOperations* CEN = ControlledEnvironment* MET= Meteorology4-6/2009 WCO * CEN * MET * Other operations GroupEUR MillionNet sales to externalcustomers 23.2 11.7 18.8 0.0 53.8Net sales 23.2 11.7 18.8 0.0 53.8Operating profit 2.0 1.5 -1.4 -0.6 1.5Financial income andexpenses -0.8Share of associatedcompanies' net profit 0.0Net profit before taxes 0.6Income taxes 1.3Net profit 1.9Depreciation 0.2 0.0 0.4 1.7 2.3* WCO= Weather CriticalOperations* CEN = ControlledEnvironment* MET= Meteorology4-6/2008 WCO * CEN * MET * Other operations GroupEUR MillionNet sales to externalcustomers 29.6 14.0 16.5 0.0 60.1Net sales 29.6 14.0 16.5 0.0 60.1Operating profit 6.3 2.8 3.3 -0.6 11.7Financial income andexpenses 0.8Share of associatedcompanies' net profit 0.0Net profit before taxes 12.6Income taxes -3.8Net profit 8.8Depreciation 0.2 0.0 0.3 1.5 2.0* WCO= Weather CriticalOperations* CEN = ControlledEnvironment* MET= Meteorology1-12/2008 WCO * CEN * MET * Other operations KonserniEUR MillionNet sales to externalcustomers 123.3 54.3 64.9 0.0 242.5Net sales 123.3 54.3 64.9 0.0 242.5Operating profit 24.6 8.4 8.0 -3.0 38.0Financial income andexpenses 0.9Share of associatedcompanies' net profit 0.0Net profit before taxes 38.9Income taxes -10.5Net profit 28.4Depreciation 0.7 0.1 1.2 6.2 8.2* WCO= Weather CriticalOperations* CEN = ControlledEnvironment* MET= MeteorologyCalculation of financial indicators Shareholders' equity plus minority interestSolvency xratio, (%) = --------------------------------------- 100 Balance sheet total less advance payments Profit before taxes less taxes +/- minority interestEarnings /share = --------------------------------------- Average number of shares, adjusted Cash flow from business operationsCash flowfrom business = ---------------------------------------operations /share Number of shares at balance sheet date Shareholders' equityEquity /share = --------------------------------------- Number of shares at balance sheet date, adjusted DividendDividend /share = ---------------------------------------- Number of shares at balance sheet date, adjusted Profit before taxes less taxesReturn onequity, (ROE) x(%) = ------------------------------------------- 100 Shareholders' equity + minority interest (average)Further information:Jouni Lintunen, CFOTel +358 9 8949 2215, mobile +358 40 579 0181www.vaisala.comVaisala CorporationDistribution:NASDAQ OMX Helsinki OyFinnish News AgencyOther key mediahttp://hugin.info/3120/R/1333968/316432.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 11.08.2009 - 16:15 Uhr
Sprache: Deutsch
News-ID 4591
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contact information:
Town:
London
Kategorie:
Business News
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Die Pressemitteilung mit dem Titel:
"Correction to Vaisala Group interim report January - June 2009"
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