Vacon Plc Interim Report 1 January - 30 September 2010
(Thomson Reuters ONE) -
July-September summary:
- Order intake totalled MEUR 110.9, growth of 94.3 % from the corresponding
period in the previous year (MEUR 57.1).
- Revenues totalled MEUR 89.3, an increase of 43.8 % (MEUR 62.1).
- Operating profit was MEUR 8.3, growth of 145.1 % (MEUR 3.4).
- Cash flow from operations was MEUR 6.6 (MEUR 10.8).
- Earnings per share were EUR 0.31 (EUR 0.19), an increase of 63.2 % from the
previous year.
January-September summary:
- Order intake totalled MEUR 275.7, growth of 43.2 % from the corresponding
period in the previous year (MEUR 192.5).
- Revenues totalled MEUR 234.8, an increase of 13.0 % (MEUR 207.8).
- Operating profit was MEUR 19.5, growth of 6.9 % (MEUR 18.2).
- Cash flow from operations was MEUR 14.3 (MEUR 25.0).
- Earnings per share were EUR 0.76 (EUR 0.83), a decline of 8.4 % from the
previous year.
January - September result
MEUR 7-9/ 7-9/ 1-9/ 1-9/ Change 1-12/
2010 2009 2010 2009 % 2009
Revenues 89.3 62.1 234.8 207.8 43.8 272.0
EBITDA 11.2 5.8 27.8 25.3 10.0 32.1
Depreciation -1.3 -1.1 -3.7 -3.2 18.2 -4.3
Amortization -1.6 -1.3 -4.6 -3.9 17.7 -5.3
Operating
profit 8.3 3.4 19.5 18.2 6.9 22.5
Operating
profit-% 9.3 5.5 8.3 8.8 8.3
Profit
before tax 7.3 3.7 18.1 17.7 1.9 22.0
Profit
for period 4.9 3.1 12.0 13.2 -9.2 16.1
General review
The AC drive market continued to pick up during the third quarter, having
started to recover in the first half of the year.
The impact of improved demand and the company's sales efforts could be seen in
the sharp increase in the order intake in all market areas. The company's order
intake has been higher than the level it reached before the recession since
April this year. The strong demand for products for solar energy generation had
also for its part a positive impact on the growth in order volumes. Vacon
received new solar energy orders in several countries including Czech Republic,
Italy and Belgium during the review period.
Revenues have followed the growth in orders. Demand for low-power products in
particular has risen sharply. In contrast, demand for AC drives in major
industrial projects and the ship building industry has not started to pick up
yet. These projects usually require a large number of high-power AC drives. The
rapid recovery of the market has made it more difficult to obtain certain
components and materials, and the company's delivery times have become slightly
longer.
The operating profit improved from the beginning of the year, but the growth in
the operating profit was slowed by the focus in sales on low-power products with
a lower profit margin. A further factor weakening any improvement in the
operating profit was the costs for electronic components, which rose in
consequence of spot market purchases with a onetime increase of about one
million Euros in the third quarter compared to their costs earlier in the year.
The company has invested in growth by for example recruiting new personnel for
its R&D and production. This has increased the company's fixed costs.
Vacon is keeping its market guidelines for 2010 unchanged.
Order intake and order book
Orders received increased 94.3 % during the third quarter from the corresponding
period in the previous year. The order intake totalled EUR 110.9 million, which
represents growth of 20.4 % from the previous quarter. During the third quarter
the volume of orders increased from the corresponding period in the previous
year in all geographical regions: in North and South America 121.7 %, in Asia
75.1 % and in Europe 92.1 %. The Group's order book stood at EUR 72.9 (32.7)
million. This was an increase of EUR 40.9 million from the beginning of the
year.
Revenues
Revenues in the third quarter totalled EUR 89.3 million, growth of 11.3 % from
the previous quarter. Revenues increased 43.8 % from the corresponding period in
the previous year. Revenues in the first nine months of the year were 13.0 %
higher than in the previous year.
Operating profit
The operating profit in the third quarter was EUR 8.3 million, compared with EUR
3.4 million in the corresponding period in the previous year. Operating profit
as a percentage of revenues in the third quarter was 9.3 %, compared to 8.2 %
for the second quarter this year. The growth in the operating profit and
operating profit percentage were boosted by the distinct increase in revenues.
The operating profit percentage in the first nine months of the year declined
from 8.8 % in the previous year to 8.3 %. Higher costs for electronic components
and the focus in sales on low power products with a smaller profit margin
reduced the operating profit percentage from the previous year. Earnings per
share for the January-September period were EUR 0.76, a decline of EUR 0.07 from
the previous year.
Balance sheet and cash flow
The balance sheet remained strong. Cash flow in the third quarter totalled EUR
6.6 million, a decline from the corresponding period in the previous year of EUR
4.2 million. This decline from the comparative period was due mainly to the
extra working capital tied up by the growth in business operations. The balance
sheet total stood at EUR 178.9 (143.0) million and the equity ratio was 47.9 %
(55.3 %). The consolidated cash flow in the January - September period was EUR
14.3 (25.0) million. The reduction in the cash flow is due to the increase in
committed working capital.
The Group's equity structure and liquidity remained strong. Interest-bearing net
debt at the end of the period totalled EUR 8.4 (8.6) million, and gearing was
10.1 % (11.0 %).
Market position
Vacon Group revenues by market area were as follows:
MEUR 7-9/ % 7-9/ % 1-9/ % 1-9/ % 1-12/ %
2010 2009 2010 2009 2009
Europe,
Middle
East,
Africa 56.1 62.8 42.1 67.8 155.0 66.0 148.1 71.3 190.8 70.1
North
and
South
America 17.0 19.1 11.4 18.4 42.8 18.2 35.2 16.9 46.3 17.0
Asia &
Pacific 16.2 18.2 8.6 13.8 37.0 15.8 24.5 11.8 34.9 12.8
Total 89.3 100.0 62.1 100.0 234.8 100.0 207.8 100.0 272.0 100.0
During 2010 Vacon has strengthened its global position. Based on market surveys,
the company estimates that it has about five per cent of the global market.
Developments in Vacon's revenues by market region during the nine month period
were as follows: Europe, Middle East and Africa in total +4.7 %, North and South
America +21.6 %, and Asia and Pacific +50.9 % from the corresponding period in
the previous year. Vacon reports its regional sales based on the invoicing
addresses, not the final location of the products.
Breakdown of Vacon Group revenues by distribution channel:
MEUR 7-9/ % 7-9/ % 1-9/ % 1-9/ % 1-12/ %
2010 2009 2010 2009 2009
Direct
sales 7.6 8.5 7.2 11.6 21.3 9.1 21.3 10.3 26.5 9.8
Distri-
butors 12.5 13.9 9.1 14.7 32.3 13.7 25.7 12.4 35.3 13.0
OEM 21.9 24.5 18.1 29.1 60.5 25.8 49.3 23.7 68.0 25.0
Brand
label
cus-
tomers 20.0 22.4 13.7 22.0 50.0 21.3 39.7 19.1 52.6 19.3
System
inte-
grators 27.4 30.7 14.0 22.6 70.7 30.1 71.7 34.5 89.6 32.9
Total 89.3 100.0 62.1 100.0 234.8 100.0 207.8 100.0 272.0 100.0
Sales through several of Vacon's distribution channels rose in the first nine
months of the year: OEM +22.7 %, distributors +25.4 % and brand label customers
+26.2 %.
Vacon Group structure
No significant changes took place in the Group structure during the third
quarter.
Research and development
R&D expenditure during the first nine months of the year totalled EUR 13.7
(13.0) million, and EUR 3.4 (3.9) million of this was capitalized as development
costs. R&D costs accounted for 5.8 % of the Group's revenues (6.3 %).
Development work on new products continued on schedule. During the third quarter
the company supplied the first new products for solar energy applications.
During the final part of the year the company will launch several new products.
R&D focuses on improving cost-efficiency, functionality, usage of space, user
friendliness, energy efficiency and visual properties. The company has also
invested in growth by recruiting new personnel for its R&D.
On 16 September 2010 Vacon announced that it was donating EUR 100,000 to Finnish
universities to develop technical education.
Investments
Gross investments by the Group during the first nine months totalled EUR 12.1
(11.5) million. Expenditure focused mainly on R&D, on raising production testing
capacity, expanding production capacity for new products and information
systems.
Organization and personnel
The number of Vacon Group personnel has increased by 76 since the beginning of
the year. At the end of September, the Group employed 1,304 (1,226) people, of
whom 668 (640) were in Finland and 636 (586) in other countries. The table below
shows the average number of Vacon employees during the review period:
1-9/2010 1-9/2009 1-12/2009
Office personnel 796 759 763
Factory personnel 495 474 468
Total 1,291 1,233 1,231
Shares and shareholders
Vacon had a market capitalization at the end of September of EUR 533 million.
The closing share price on 30 September 2010 was EUR 35.05. The lowest share
price during the January-September period was EUR 24.90 and the highest EUR
37.59. A total of 2,178,504 Vacon shares were traded during the January-
September period, in monetary terms EUR 68.1 million.
Vacon's main shareholders on 30 September 2010:
Number of Holding, %
shares
Ahlström Capital Group 3,061,215 20.0
Ilmarinen Mutual
Pension Insurance Company 699,877 4.6
Tapiola Mutual
Pension Insurance Company 584,500 3.8
Vaasa Engineering Oy 407,433 2.7
Koskinen Jari 362,403 2.4
Holma Mauri 347,171 2.3
Ehrnrooth Martti 333,000 2.2
Tapiola Group companies 245,300 1.6
Karppinen Veijo 185,586 1.2
Autio Heikki 147,060 1.0
Nominee registered
and in foreign ownership 5,048,629 33.0
Vacon Plc own shares 80,565 0.5
Others 3,792,261 24.8
Total 15,295,000 100.0
Shares outstanding 15,214,435
On 30 September 2010 members of Vacon's Board of Directors, the President and
CEO, and the Deputy to the CEO held directly a total of 22,954 shares, or 0.2 %
of Vacon's share stock.
Own shares
On 30 September 2010 Vacon Plc held a total of 80,565 of its own shares.
Risks and uncertainties in the near future
The most significant risks for Vacon in the near future relate to the
availability of critical components and materials, uncertainty about general
demand and intensifying competition on price.
On 19 March 2010 Vacon announced that the Chinese Customs were carrying out an
audit of the customs clearance process at Vacon's factory in China. The
investigation by the Chinese authorities is still in progress. Vacon has carried
out its own internal audit of the matter but does not wish to comment on the
issue while the official investigation is still in progress. At the request of
the Chinese customs, the company has paid a bond of about RMB 26 million (EUR
2.8 million) into a blocked account. This amount has been entered in Vacon's
balance sheet as a receivable.
Vacon's order book has always been short term in nature, so there are no major
risks connected with the timing of deliveries or their cancellation. Vacon has
thousands of customers worldwide. The ten largest customers account for less
than half of Vacon's revenues. Vacon does not finance customer projects and is
also continuously assessing the creditworthiness of its customers and their
ability to pay their debts.
Vacon's balance sheet includes goodwill of EUR 9.0 million, most of which is
related to the company acquisition at the beginning of 2008. The company tests
goodwill for impairment annually.
The availability of raw materials and components and changes in their prices can
affect the profitability and scale of the company's business. There may be
problems with the availability of certain components and materials in the last
part of this year and in the first months of next year. Purchase agreements for
raw materials and components are mainly annual agreements, which contain price
and exchange rate clauses for changes in the global market prices of raw and
other materials.
Some of the most significant financial risks affecting the result are foreign
exchange risks. Exchange rate fluctuations may have an impact on business,
although the international expansion of business operations reduces the relative
importance of individual currencies. The biggest exchange rate risks against the
euro relate to the US dollar and the Chinese renminbi.
Prospects for 2010
The AC drive market began to pick up in the second quarter of 2010, and this has
continued in the third quarter. Despite this, market developments in the final
quarter of the year are exposed to uncertainties arising from the global
economy. During the recession Vacon invested strongly in developing skills and
knowhow and in product development and established new subsidiaries. This
creates a solid basis for future growth.
Vacon keeps its market guidelines unchanged and estimates that revenues in 2010
will increase from 2009. It expects relative profitability to be similar to that
in 2009 and earnings per share to improve from 2009.
Publication of 2010 financial bulletin
Vacon will publish its 2010 financial bulletin on 2 February 2011 at 9.30 am.
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 more than 25
countries. In 2009 Vacon had revenues of EUR 272 million and globally employed
1200 people. The shares of Vacon Plc (VAC1V) are quoted on the main list of the
Helsinki stock exchange.
Vacon's long-term targets are to achieve annual revenues of EUR 500 million and
an operating profit percentage (EBIT %) of more than 14 % by the end of 2012. An
annual target of more than 30 % has been set for return on equity (ROE).
Driven by Drives, www.vacon.com
Vaasa, 27 October 2010
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 27 October
2010 at the Scandic Simonkenttä Hotel, Simonkatu 9, 00100 Helsinki.
Dial-in conference for investors and investment analysts
A dial-in conference in English for investors and investment analysts will be
held at 3.00 pm on 27 October 2010. 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 +44 207 162 0025. The conference ID code is "Vacon Oyj". To hear
a recording of the conference, available for three working days, call
+44 207 031 4064, ID code 855961.
Conference link: http://wcc.webeventservices.com/view/wl/r.htm?
e=189225&s=1&k=A088B96268E7FAE0E3EB44C1A8ACC144&cb=blank
Distribution
NASDAQ OMX Nordic Exchange Helsinki
Financial Supervision Authority
Main media
Accounting principles
This interim report has been prepared in accordance with IFRS (International
Financial Reporting Standards) standard IAS 34 on Interim Financial Reporting.
Vacon has prepared this interim report applying the same accounting principles
as those decribed in detail in its 2009 consolidated financial statements
The interim report is unaudited.
Consolidated income statement, IFRS, MEUR
7-9/ 7-9/ 1-9/ 1-9/ 1-12/
2010 2009 2010 2009 2009
Revenues 89.3 62.1 234.8 207.8 272.0
Other operating income 0.1 0.1 0.2 0.2 0.3
Change in inventories of
finished goods and work
in progress 3.4 0.0 4.6 0.0 -1.0
Materials and services -51.1 -32.2 -127.6 -106.1 -138.1
Employee benefit costs -17.2 -12.9 -46.8 -40.6 -53.6
Other operating costs -13.3 -11.2 -37.4 -36.0 -47.5
Depreciation -1.3 -1.1 -3.7 -3.2 -4.3
EBITA 9.9 4.7 24.1 22.1 27.8
Amortization -1.6 -1.3 -4.6 -3.9 -5.3
Operating profit 8.3 3.4 19.5 18.2 22.5
Financial income
and expenses -1.0 0.3 -1.4 -0.5 -0.6
Profit before taxes 7.3 3.7 18.1 17.7 22.0
Income taxes -2.4 -0.6 -6.1 -4.6 -5.9
Profit for period 4.9 3.1 12.0 13.2 16.1
Attributable to:
Equity holders
of the parent 4.8 2.9 11.5 12.6 15.4
Minority interest 0.1 0.2 0.5 0.6 0.6
Earnings per share,
euro 0.31 0.19 0.76 0.83 1.01
Earnings per share
diluted, euro 0.31 0.19 0.76 0.83 1.01
Consolidated statement of comprehensive income, MEUR
7-9/ 7-9/ 1-9/ 1-9/ 1-12/
2010 2009 2010 2009 2009
Profit for period 4.9 3.1 12.0 13.2 16.1
Other comprehensive
income
Cash flow hedging 0.0 0.0 0.0 0.0 -0.1
Exchange differences
on translating
foreign operations -1.0 -0.2 1.0 -0.3 -0.1
Total comprehensive
income 3.9 2.9 13.0 12.8 15.9
Attributable to:
Shareholders of
parent company 3.7 2.7 12.5 12.2 15.3
Minority interest 0.2 0.2 0.5 0.6 0.6
Consolidated balance sheet, MEUR
30.9.2010 30.9.2009 31.12.2009
ASSETS
Goodwill 9.0 8.1 8.1
Development costs 11.6 8.0 9.1
Intangible assets 10.8 13.0 13.3
Tangible assets 20.5 18.7 18.5
Loans receivable and
other receivables 0.1 0.2 0.2
Deferred tax assets 4.8 3.8 3.3
Other financial assets 3.9 3.7 5.3
Total non-current assets 60.7 55.4 57.8
Inventories 28.2 20.5 19.3
Trade and other receivables 72.2 54.4 51.3
Cash and cash equivalents 17.8 12.8 17.2
Total current assets 118.2 87.7 87.8
Total assets 178.9 143.0 145.6
EQUITY AND LIABILITIES
Share capital 3.1 3.1 3.1
Share premium reserve 5.0 5.0 5.0
Own shares -2.6 -2.6 -2.6
Retained earnings 76.7 71.3 74.4
Minority interest 1.4 1.4 1.5
Total equity 83.6 78.1 81.3
Deferred tax liabilities 5.1 4.3 4.6
Employee benefits 1.6 1.5 1.5
Interest-bearing liabilities 10.8 13.2 12.4
Total non-current liabilities 17.5 19.1 18.5
Trade and other payables 56.8 35.7 36.1
Income tax liabilities 3.5 0.4 1.3
Provisions 2.1 1.6 1.9
Interest-bearing liabilities 15.4 8.1 6.4
Total current liabilities 77.8 45.8 45.7
Total equity and liabilities 178.9 143.0 145.6
Q3/ 2009 Calculation of changes in shareholders' equity, IFRS, MEUR
Attributable to equity holders of the parent Minority Total
interest equity
Share Share Own Retain Total
capital pre- shares -ed
mium earn-
re- ings
serve
Shareholders'
equity
31.12.2008 3.1 5.0 -2.6 68.7 74.1 1.4 75.5
Dividend paid -10.1 -10.1 -0.5 -10.6
Total
comprehen-
sive income
for period 12.2 12.2 0.6 12.8
Share
bonuses 0.2 0.2 0.2
Other
changes 0.2 0.2 0.2
Shareholders'
equity
30.9.2009 3.1 5.0 -2.6 71.3 76.7 1.4 78.1
Q3/2010 Calculation of changes in shareholders' equity, IFRS, MEUR
Attributable to equity holders of the parent Minority Total
interest equity
Share Share Own Retain Total
capital pre- shares -ed
mium earn-
re- ings
serve
Shareholders'
equity
31.12.2009 3.1 5.0 -2.6 74.4 79.8 1.5 81.3
Dividend paid -10.7 -10.7 -0.5 -11.2
Total
comprehen-
sive income
for period 12.5 12.5 0.5 13.0
Share
bonuses 0.4 0.4 0.4
Other
changes 0.1 0.1 0.0 0.1
Shareholders'
equity
30.9.2010 3.1 5.0 -2.6 76.7 82.1 1.4 83.6
Consolidated cash flow statement, IFRS, MEUR
30.9.2010 30.9.2009 31.12.2009
Profit for period 12.0 13.2 16.1
Depreciation/amortization 8.3 7.0 9.6
Financial income and expenses 1.4 0.5 0.6
Taxes 6.1 4.6 5.9
Other adjustments -0.5 0.3 0.5
Change in working capital -6.3 6.1 11.0
Cash flow from
financial items and tax -6.7 -6.7 -6.5
Cash flow from
operating activities 14.3 25.0 37.1
Investments in tangible and
intangible assets -10.4 -11.1 -16.1
Proceeds from disposal of
tangible and intangible assets 0.0 0.0 1.4
Other investments 0.7 -0.2 -2.3
Proceeds from disposal
of other investments 0.0 0.0 0.6
Cash flow from
investing activities -9.8 -11.3 -16.5
Repayment of long-term loans -2.2 -2.4 -3.3
Proceeds from
short-term borrowings 8.9 0.0 0.0
Repayment of short-term loans 0.0 -4.1 -5.8
Dividends paid -11.2 -10.4 -10.4
Cash flow from
financial activities -4.5 -17.0 -19.5
Change in liquid funds 0.0 -3.3 1.2
Liquid funds at start of period 17.2 15.7 15.7
Translation differences
for liquid funds 0.6 0.3 0.3
Liquid funds at end of period 17.8 12.8 17.2
Segment information
Vacon has one business segment, AC drives. The figures for the business segment
are identical with the figures for the whole Group. Vacon's operations are
organized in the following functions: Products and Markets, Production, Research
& Development, Finance and Administration, Human Resources, IT and Process
Development. To ensure that the organisation is customer-oriented, operations
are controlled by customer segments: Component Customers, Solutions Customers,
OEM and Brand Label Customers, and Service and After-Market Services.
Purchased business operations
In March 2010 the Group acquired a controlling interest (85 %) in a small
Spanish company Global Inver Sonne S.L. to promote its own technology in the
utilization of solar energy. The estimated final price for the transaction is
EUR 0.8 million. According to initial calculations, the acquisition of Global
Inver Sonne S.L. gave rise to goodwill of EUR 0.7 million, which is based on the
anticipated potential for expanding business operations.
MEUR
Acquisition cost
Amount recognized on acquisition date 0.4
Estimated conditional transaction price 0.4
Possible variation in conditional price 0-0.4
Total acquisition cost 0.8
Fair value of net acquired assets 0.1
Goodwill 0.7
Allocation of goodwill:
Europe, Middle East and Africa 0.7
The impact on the cash flow was
as follows:
Total acquisition cost -0.8
of which paid on acquisition date -0.4
Cash funds acquired 0.1
Net payment for acquisition from cash funds 0.3
Carrying amount Fair value
Inventories 0.1 0.1
Receivables, total 0.0 0.0
Cash and bank balances 0.1 0.1
Total assets 0.1 0.1
Total liabilities 0.0 0.0
Net assets 0.1
Acquisition cost 0.8
Goodwill 0.7
Key indicators
30.9.2010 30.9.2009 31.12.2009
Orders received, MEUR 257.7 192.5 256.1
Change in
orders received, % 43.2 -19.6 -16.4
Revenues, MEUR 234.8 207.8 272.0
Change in revenues, % 13.0 -4.7 -7.2
Operating profit, MEUR 19.5 18.2 22.5
Change in
operating profit, % 6.9 -32.8 -35.0
Operating profit, %
of revenues 8.3 8.8 8.3
Earnings per share, EUR 0.76 0.83 1.01
Equity per share, EUR 5.40 5.04 5.25
Equity ratio, % 47.9 55.3 56.5
Gross capital
expenditure, MEUR 12.1 11.5 18.2
Gross capital
expenditure,
% of revenues 5.2 5.5 6.7
Interest-bearing
net liabilities, MEUR 8.4 8.6 1.6
Gearing, % 10.1 11.0 2.0
Working capital, MEUR 38.0 37.2 31.2
Order book, MEUR 72.9 32.7 32.0
Adjusted average
number of shares
during the period 15,212,627 15,202,564 15,204,263
Number of shares
at end of period 15,214,435 15,208,989 15,209,989
Number of personnel
at end of the period 1,304 1,226 1,228
Commitments and contingencies, MEUR
30.9.2010 30.9.2009 31.12.2009
Commitments and contingencies 2.4 5.3 2.4
Financing commitments 0.2 0.3 0.3
Calculation of financial ratios
Profit for financial period attributable to
equity holders of parent company
Earnings per share = -------------------------------------------------
Adjusted average number of shares
Shareholders' equity - minority holding
Equity per share = -------------------------------------------------
Adjusted number of shares at year end
Shareholders' equity x 100
Equity ratio % = -------------------------------------------------
Balance sheet total - advances received
(Interest-bearing liabilities - cash,
bank balances and financial assets) x 100
Gearing, % = -------------------------------------------------
Shareholders' equity
Inventories + non-interest-bearing current
Working capital = receivables - non-interest-bearing current
liabilities
[HUG#1455630]
Vacon results presentation Q3 2010:
http://hugin.info/132524/R/1455630/395521.pdf
Interim Report Q3 2010:
http://hugin.info/132524/R/1455630/395519.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Vacon Oyj via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 27.10.2010 - 08:31 Uhr
Sprache: Deutsch
News-ID 46552
Anzahl Zeichen: 0
contact information:
Town:
Vaasa
Kategorie:
Business News
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