Vaisala Group interim report January-September 2009 (9 months)
(Thomson Reuters ONE) - Vaisala Corporation Stock exchange release 5 November2009 at 09.00 a.m.Result for the third quarter positive despite declined net sales.Orders received slightly down, but order book still strong. Long termoutlook and objectives unchanged.- Orders received EUR 179.5 (188.0) million, decline 4.6%.- Net sales EUR 151.5 (164.9) million, decline 8.1%. Incomparable currencies, the decline would have been 12.5%.- Operating profit EUR 4.7 (24.0) million, decline 80.5%.- Earnings per share EUR 0.10 (0.99), decline 90.3%.- Result for the third quarter (7-9/2009) positive, operatingprofit EUR 6.3 million. 1-9 1-9 Change 7-9 7-9 Change 2009 2008 (%) 2009 2008 (%) 2008 (MEUR) (MEUR) (MEUR) (MEUR)Group net sales 151.5 164.9 -8.1 55.6 58.4 -4.7 242.5Meteorology 53.3 43.7 +22.0 18.7 14.5 +28.6 64.9ControlledEnvironment 37.1 40.9 -9.3 12.5 13.2 -4.8 54.3Weather CriticalOperations 61.1 80.3 -23.9 24.4 30.6 -20.5 123.3Operating profit,Group 4.7 24.0 -80.5 6.3 9.2 -30.9 38.0Meteorology 0.5 5.1 -90.4 1.3 1.9 -32.7 8.0ControlledEnvironment 4.9 7.4 -33.8 2.2 1.9 +17.9 8.4Weather CriticalOperations -0.6 13.4 -104.5 1.8 7.3 -75.1 24.6Eliminations andother -0.1 -1.8 1.0 -1.9 -3.0Profit before taxes 2.3 25.9 -91.1 5.9 10.4 -43.5 38.9Net profit 1.8 18.0 -90.3 4.0 7.3 -45.1 28.4Orders received 179.5 188.0 -4.6 60.3 66.2 -8.9 247.9Order book 118.3 105.5 118.3 105.5 90.3Earnings per share 0.10 0.99 -90.3 0.22 0.40 -45.1 1.56Return on equity (%) 1.3 13.5 1.3 13.5 15.5Comments on the third quarterOperating profit for the third quarter was positive. Net salesdeclined slightly from the corresponding period in 2008. Due to theglobal economic recession, demand for the industrial segmentscontinued to be moderate. However, the net sales grew slightlycompared to the second quarter.Order book remains strong.In addition to strategic initiatives, Vaisala's result was burdenedby disruptions in radiosonde production, which impacted the net salesof Meteorology and Weather Critical Operations Business Areas byapproximately EUR 2 million. The cost effect of the disruption wasEUR 2.7 million, including a EUR 1.7 million scrapping cost. Thesituation has been normalized and the disruption will not affectproduction in the fourth quarter.Additionally, a one-off reversal of bonus accruals, made in the thirdquarter, improved the result by EUR 2 million. The reversal is bookedin Eliminations and other.Orders received in the third quarter declined year on year, but werestill at a fairly good level.Outlook for the near futureAccording to our updated estimate published on October 13, 2009, ourview is that net sales in 2009 will be slightly lower than in 2008.The main reason for this is lower than expected order intake to beinvoiced in the fourth quarter, especially in project sales.Additionally, there is still uncertainty relating to the rest of theyear in terms of project sales and deliveries and the development ofthe demand in the industrial segments.Due to the structure of Vaisala's customer base and the ordersreceived for 2010, the company's market situation is expected toremain mostly unchanged and the business stable as we approach year2010.Demand is still moderate in 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 good.Demand in the Weather Critical Operations business area is still at asatisfactory level, but the current economic uncertainty has animpact on customers' purchasing decisions and affects theimplementation of projects during the rest of the year. A very highnumber of project deliveries are scheduled to take place at the endof the year, which increases the risk that some delivery projects maybe delayed. This increases uncertainty towards the rest of the year.Strategic, growth oriented efforts will burden Group profitabilitythis year by approximately EUR 10 million. With these efforts Vaisalaaims to maintain its technological leadership in the strategicallychosen markets, make processes more efficient and reducemanufacturing costs.The long term business outlook has not changed and Vaisala is stillfully committed to continuing the implementation of its growthstrategy.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:The third quarter was positive for Vaisala despite the challengingeconomic situation and disruptions in radiosonde production which hada negative impact on our sales and profit. We were still able tomaintain our strong market position and shares. Also the number oforders received has remained fairly high and the order book strong.The basics of our business have not changed in any significant way.We continue implementing our growth strategy in a determined manner.The significant long-term growth initiatives will burden ourprofitability and also our net sales in the short term. However,these initiatives constitute the foundation for our future success byhelping us both cut costs and create new sales offering.The favorable development of sales in the Americas market wasespecially positive in the third quarter.During the first three quarters we have also focused on improving ourcapabilities to deliver significantly higher volumes, thus ensuringdelivery capacity in the fourth quarter. Our current capabilities,aligned with the strategy and new organization and operational mode,make it possible to ship very demanding deliveries to our globalclientele more efficiently and in larger volumes.Market situation, net sales and order bookInstability of the world economy is now reflected also in Vaisala'sbusiness. In this challenging market situation, Vaisala hasnevertheless been able to retain its market shares.Markets have declined during 2009 in the Controlled Environmentbusiness area, i.e. in the industrial segments. The uncertaineconomic situation affects the customers' purchising decisions alsoin the Weather Critical and Meteorology business areas, even thoughthe outlook for these segments is still fairly good.Vaisala Group's net sales declined by 8.1 percent year on year andtotaled EUR 151.5 (164.9) million. Net sales of the Meteorologybusiness area grew by 22.0 percent, whereas the net sales of WeatherCritical Operations declined by 23.9 percent and ControlledEnvironment by 9.3 percent. In comparable currencies, Vaisala Group'snet sales would have been down by 12.5 percent.Operations outside Finland accounted for 97 (95) percent of netsales.Net sales in euros increased by 21.4 percent in the Americas region,totaling EUR 64.0 (52.7) million. Net sales declined by 20.4 percentto EUR 53.4 (67.0) million in the EMEA region and by 24.4 percent toEUR 34.1 (45.1) million in the APAC region. In comparable currencies,the changes in net sales would have been Americas +10.2%, EMEA -19.4%and APAC -28.5%.The value of orders received declined by 4.6 percent year on year andtotaled EUR 179.5 (188.0) million. The number of orders received forthe past 12 months is EUR 239.3 million. The order book stood at EUR118.3 (105.5) at the end of the review period. Of the order book,approximately EUR 55 million will be delivered in 2010 or later.Performance and balance sheetOperating profit for the review period was EUR 4.7 (24.0) million, or3.1 percent of net sales. Profit before taxes was 1.5 percent of netsales and totaled EUR 2.3 (25.9) million. Net profit for the reviewperiod was 1.2 percent of net sales, totaling EUR 1.8 (18.0) million.Vaisala Group's solvency ratio and liquidity remained strong. OnSeptember 30, 2009, the balance sheet total was EUR 209.6 (230.5)million. The Group's solvency ratio at the end of the review periodwas 87% (84%).Vaisala's consolidated liquid assets totaled EUR 57.6 (102.4)million. Relating to the renewal of the company's ERP system, VaisalaCorporation took a new financial module into use on October 1, 2009.To ensure smooth transition from one system to another, the accountspayable in Vaisala Oyj at the end of September were paid in advance,which affected the liquid assets by EUR -5.8 million.Capital expenditureGross capital expenditure totaled EUR 12.8 (7.8) 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 old building was torn downduring the second quarter of 2009 and the excavation work started inthe third quarter of the year.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 22.0 percent year on year to EUR53.3 (43.7) million. In comparable currencies, the net sales wouldhave grown by 16.7 percent. Operating profit for the review periodwas EUR 0.5 (5.1) 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 in the second quarter byapproximately EUR 2.0 million.Disruptions in radiosonde production in the third quarter lowered thenet sales of Meteorology business area by approximately EUR 2million. The effect on operating profit of this was EUR 2.5 million,including a EUR 1.5 million scrapping cost. The situation has beennormalized and the disruption will not affect the result in thefourth quarter.The value of orders received for Meteorology was EUR 68.4 million andthe order book stood at EUR 56.2 million at the end of the reviewperiod.In the second quarter, the modernization project for the Russianweather observation network was completed and the JapanMeteorological Agency ordered 10 sounding stations for their nationalupper air network. The order marked an important step in the Japanesemarkets; after its delivery, the majority of Japanese soundingstations use Vaisala's equipment.Vaisala and the US National Oceanic and Atmospheric Administration(NOAA) signed a five-year contract in the second quarter, accordingto which Vaisala will deliver next generation GPS-dropsondes to theUS National Hurricane Center to enable hurricane reconnaissance,research and storm track forecasting. The estimated value of the dealis 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.The third quarter was the strongest quarter so far this year for theControlled Environment business area. Some signs of recovery wereseen especially in the US, Chinese and European markets.Net sales of Controlled Environment declined by 9.3 percent year onyear to EUR 37.1 (40.9) 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 15.7 percent.Operating profit for the review period was EUR 4.9 (7.4) million.The value of orders received for Controlled Environment was EUR 36.3million and the order book stood at EUR 2.7 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 23.9 percentyear on year to EUR 61.1 (80.3) million. In comparable currencies,the net sales would have been down by 26.8 percent. Operating profitfor the review period was EUR -0.6 (13.4) million.The value of orders received for Weather Critical Operations was EUR74.7 million and the order book stood at EUR 59.4 million at the endof the review period.Disruptions in radiosonde production in the third quarter and therelated scrapping costs burdened the operating profit of the WeatherCritical Operations business area by approximately EUR 0.2 million.The situation has normalized and the disruption will not affect theresult in the fourth quarter.The deliveries of weather radar signal processors and weatherobservation systems for airports that were pending from the firstquarter were completed during the second quarter.In the first quarter, Vaisala signed a contract with a long standingcustomer for upper-air sounding equipment. The contract was valuedat USD 8.6 million and the deliveries are expected to take place bythe end of the first quarter in 2010.Vaisala announced in the third quarter that it is, together with USNational Center for Atmospheric Research (NCAR) and Xcel Energy,piloting a new observation and forecasting system for wind energy.Other functionsResearch and developmentExpenditure in research and development totaled EUR 19.1 (17.6)million, representing 12.6% 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 is expected to grow to 11-12% of the Group'snet sales.In the first quarter, Vaisala announced the development of areference radio sonde to respond to the needs of the internationalscience community. The sonde will enable more accurate globalobservations to monitor climate change. The project will be carriedout in co-operation with the international climate researchcommunity. The sonde will provide extremely precise weatherinformation from the upper atmosphere.In the third quarter, Vaisala announced a Global Lightning Dataset(GLD360), which detects over two thirds of cloud to ground lightningstrikes globally. Additionally Vaisala developed a special radiosondeRS92-D for the defense forces and RVP900, a digital transmitter andsignal processor for weather radars.Vaisala ServicesStarting in 2009, Vaisala's service business will be reported as partof the business areas. Services sales in the review period totaledEUR 20.0 (21.9) 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 1,288 (1,167). Some 39 (39) 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 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 24.85. 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 1,167,669.On September 30, 2009, Vaisala has 18,218,364 shares, of which3,399,084 are series K shares and 14,819,280 are series A shares. Theshares have 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 September 30, 2009 was EUR368.0 million, excluding the Company's own shares. Valuing the Kshares - which are not traded on the stock market - at the rate ofthe A share's closing price on the final day of the financial year,the total year-end market value of all the A and K shares togetherwas EUR 452.5 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, November 5, 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 1-9 1-9 7-9 7-9 1-12 2009 2008 2009 2008 2008Return on equity (ROE) 1.3% 13.5% 1.3% 13.5% 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) 0.10 0.99 0.22 0.40 1.56Earnings/share (EUR),fully diluted 0.10 0.99 0.22 0.40 1.56Net cash flow from operatingactivities/share (EUR) -0.82 1.46 1.77Equity/share (EUR) 9.59 9.87 9.59 9.87 10.47Solvency ratio 87% 84% 87% 84% 82%Gross capital expenditure (EURMillion) 12.8 7.8 3.4 2.8 12.2Depreciation (EUR Million) 7.2 6.0 2.4 2.0 8.2Average personnel 1 288 1 167 1 330 1 202 1 177Order book (EUR Million) 118.3 105.5 118.3 105.5 90.3Liabilities from derivativecontracts (EUR Million) 16.3 14.3 16.3 14.3 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) 1-9 1-9 Change 7-9 7-9 Change 1-12 2009 2008 % 2009 2008 % 2008Net sales 151.5 164.9 -8.1 55.6 58.4 -4.7 242.5Cost of production andprocurement -78.6 -71.5 9.9 -28.4 -25.0 13.6 -105.1Gross profit 72.9 93.4 -22.0 27.2 33.4 -18.4 137.4Other operating income 0.1 0.1 8.7 0.1 0.1 18.2 0.1Cost of sales andmarketing -33.9 -35.7 -4.8 -10.9 -12.2 -10.9 -51.5Development costs -19.1 -17.6 8.5 -6.4 -6.1 6.4 -24.6Other administrativecosts -15.2 -16.2 -6.1 -3.7 -6.0 -39.5 -23.4Other operating cost 0.0 0.0 -100.0 0.0 0.0 -100.0 0.0Operating profit 4.7 24.0 -80.5 6.3 9.2 -30.9 38.0Financial income andexpenses -2.4 1.9 -222.5 -0.5 1.2 -136.5 0.9Share of results ofassociated companies 0.0 0.0 0.0 0.0 0.0 0.0Profit before tax 2.3 25.9 -91.1 5.9 10.4 -43.5 38.9Income taxes -0.6 -7.9 -92.9 -1.9 -3.1 -39.8 -10.5Profit after tax 1.8 18.0 -90.3 4.0 7.3 -45.1 28.4Attributable to Equityholders of the parent 1.8 18.0 -90.3 4.0 7.3 -45.1 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, ? 0.10 0.99 -90.3 0.22 0.40 -45.1 1.56Diluted earnigns pershare,? 0.10 0.99 -90.3 0.22 0.40 -45.1 1.56STATEMENT OFCOMPREHENSIVE INCOMEProfit for the year 1.8 18.0 -90.3 4.0 7.3 -45.1 28.4Exchange differences ontranslating foreignoperations -1.3 0.9 -255.2 -1.3 3.1 -141.0 1.3Total comprehensiveincome 0.4 18.9 -97.9 2.7 10.4 -73.8 29.7Total comprehensive income attributable to:Equity holders of theparent 0.4 18.9 -97.9 2.7 10.4 -73.8 29.7STATEMENT OF FINANCIALPOSITION (EUR million) 30.9.2009 30.9.2008 Change 31.12.2008 %ASSETSNON-CURRENT ASSETSIntangible assets 16.4 17.1 -4.0 17.3Tangible assets 44.2 36.3 21.8 39.1Investments in associates 0.5 0.5 -0.6 0.6Other financial assets 0.1 0.1 3.9 0.1Long-term receivables 0.1 0.1 15.7 0.1Deferred tax assets 6.5 4.9 34.0 5.8CURRENT ASSETSInventories 34.0 23.6 44.3 22.8Trade and other receivables 44.8 45.4 -1.5 51.7Accrued income tax receivables 5.3 0.1 7.094.6 0.8Financial assets recognised atfair value through profit andloss 0.0 27.5 -100.0 25.3Cash and cash equivalents 57.6 74.9 -23.1 78.1TOTAL ASSETS 209.6 230.5 -9.1 241.7SHAREHOLDERS' 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 45.0 0.2Translation differences -5.4 -4.5 8.9 -4.1Profit from previous years 154.1 142.1 8.1 142.1Own shares -0.3 -0.3 0.0 -0.3Profit for the financial year 1.8 18.0 -90.3 28.4Total equity 174.6 179.7 -2.9 190.6LiabilitiesLong-term liabilitiesRetirement benefit obligations 0.4 0.3 16.6 0.3Interest-bearing liabilities 0.1 0.2 -37.5 0.0Provisions 0.1 0.1 21.6 0.7Deferred tax liabilities 0.0 0.3 -100.0 0.4Current liabilitiesCurrent portion of long-termborrowings 0.0 0.1 -100.0 0.0Current interest-bearingliabilities 0.2 0.1 67.7 0.2Advances received 9.9 17.7 -43.9 10.3Accrued income tax payables 0.0 1.7 -101.0 1.8Trade and other payables 24.4 30.4 -19.8 37.3TOTAL SHAREHOLDERS' EQUITY ANDLIABILITIES 209.6 230.5 -9.1 241.7CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY September 30, 2009(EUR million) 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 -1.3 1.8 0.4Dividend paid -16.4 -16.4Balance atSeptember 30,2009 7.7 0.0 16.6 0.2 -0.3 -5.4 155.8 174.6 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 0.9 18.0 18.9Dividend paid -15.5 -15.5Balance atSeptember 30,2008 7.7 0.0 16.6 0.1 -0.3 -4.5 160.1 179.7CONSOLIDATED CASH FLOW STATEMENT (EURMillion) 1-9 1-9 Change 1-12 2009 2008 % 2008Cash flows from operating activitiesCash receipts from customers 162.5 177.7 -8.5 241.4Other income from business operations 0.0 0.0 -100.0 0.1Cash paid to suppliers and employees -168.7 -144.0 17.2 -197.6Interest received 0.8 1.6 -47.4 0.0Interest paid -0.1 -0.1 9.8 -0.2Other financial items, net -1.4 -0.2 -619.8 0.9Direct tax paid -8.1 -8.5 -5.2 -12.5Cash flow from business operations (A) -15.0 26.5 -156.4 32.2Cash flow from investing activitiesInvestments in intangible assets -0.7 -1.3 -46.7 -0.5Investments in tangible assets -10.0 -6.8 47.7 -12.0Acquisition of subsidiary, net of cashacquired -1.7 0.0 0.0Proceeds from sale of fixed assets 0.1 0.3 -78.7 0.2Repayments on loan receivables 0.0 0.0 -100.0 0.0Other investments 0.0 -0.1 -85.1 -0.2Financial assets recognised atfair value through profit and loss 23.2 15.1 53.7 17.3Cash flow from investing activities (B) 10.8 7.1 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 (-) -20.7 18.2 -213.7 21.7Liquid funds at beginning of period 78.1 56.7 37.8 56.7Foreign exchange effect on cash 0.2 0.0 286.6 -0.3Net increase in cash and cash equivalents -20.7 18.2 -213.7 21.7Liquid funds at end of period 57.6 74.9 -23.1 78.1Segment ReportBusiness segments1-9/2009 WCO * CEN * MET * Other operations GroupEUR MillionNet sales to externalcustomers 61.1 37.1 53.3 0.0 151.5Net sales 61.1 37.1 53.3 0.0 151.5Operating profit -0.6 4.9 0.5 -0.1 4.7Financial income andexpenses -2.4Share of associatedcompanies' net profit 0.0Net profit before taxes 2.3Income taxes -0.6Net profit 1.8Depreciation 0.6 0.1 1.1 5.4 7.2* WCO= Weather CriticalOperations* CEN = ControlledEnvironment* MET= Meteorology1-9/2008 WCO * CEN * MET * Other operations GroupEUR MillionNet sales to externalcustomers 80.3 40.9 43.7 0.0 164.9Net sales 80.3 40.9 43.7 0.0 164.9Operating profit 13.4 7.4 5.1 -1.8 24.0Financial income andexpenses 1.9Share of associatedcompanies' net profit 0.0Net profit before taxes 25.9Income taxes -7.9Net profit 18.0Depreciation 0.5 0.0 0.9 4.5 6.0* WCO= Weather CriticalOperations* CEN = ControlledEnvironment* MET= Meteorology7-9/2009 WCO * CEN * MET * Other operations GroupEUR MillionNet sales to externalcustomers 24.4 12.5 18.7 0.0 55.6Net sales 24.4 12.5 18.7 0.0 55.6Operating profit 1.8 2.2 1.3 1.0 6.3Financial income andexpenses -0.5Share of associatedcompanies' net profit 0.0Net profit before taxes 5.9Income taxes -1.9Net profit 4.0Depreciation 0.2 0.0 0.3 1.8 2.4* WCO= Weather CriticalOperations* CEN = ControlledEnvironment* MET= Meteorology7-9/2008 WCO * CEN * MET * Other operations GroupEUR MillionNet sales to externalcustomers 30.6 13.2 14.5 0.0 58.4Net sales 30.6 13.2 14.5 0.0 58.4Operating profit 7.3 1.9 1.9 -1.9 9.2Financial income andexpenses 1.2Share of associatedcompanies' net profit 0.0Net profit before taxes 10.4Income taxes -3.1Net profit 7.3Depreciation 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/1352784/327468.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
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" alt="Osisko Releases Third Quarter 2009 ResultsDatum: 05.11.2009 - 08:05 Uhr
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