Result Q4 and year Kjell Forsén CEO Vaisala Group

Transcription

1 Result Q4 and year 2007 Kjell Forsén CEO Vaisala Group

2 Vaisala and the changing world The state of the environment and accurate environmental observations are gaining growing interest in the changing world. The focus of the environmental measurement market is changing from "How to measure this?" to "How do we best benefit from this observation?" -approach. This shift is in the heart of our vision. Vaisala Vaisala-konserni Page 2

3 One Vaisala velocity, direction, growth We focus on the application of environmental observations. We become more and better integrated into our customers' processes. To maintain and improve our competitiveness, we expand our business from measurement equipment and systems to solutions and services. Vaisala Vaisala-konserni Page 3

4 Vaisala's vision We believe in a world where environmental observations improve daily life. We believe that: Environmental awareness and decision-making are besed on innovative observations. Goals for better quality of life, safety and productiveness can be reached when environmental observations are integrated into everyday life. The current environmental challenges provide opportunities in all sectors of the society. Vaisala Vaisala-konserni Page 4

5 Vaisala's mission We offer superior observation services, products and solutions for environmental and industrial measurement. Observations for a better world Vaisala Vaisala-konserni Page 5

6 Goal: sustainable and profitable growth Vaisala's culture is characterized by customer-focus productiveness one Vaisala attractive employer Simple organization, clear responsibilities. Simplicity and Execution Vaisala Vaisala-konserni Page 6

7 Strategy in a nutshell Vaisala Vaisala-konserni Page 7

8 Vaisala's organization Vaisala Vaisala-konserni Page 8

9 Largest customer groups Weather professionals meteorological and hydrological institutes aviation authorities defense forces rail and road authorities private enterprises with weather-critical processes system integrators Industry pharmaceutical, automotive, food and beverage power plants biotechnology Vaisala Vaisala-konserni Page 9

10 Vaisala worldwide Vaisala Vaisala-konserni Page 10

11 Q Net sales: EUR 71.9 (75.9) million, decrease 5,4% Operating profit: EUR 15.7 (19.5) million, decrease 20.9% Orders received: EUR 53.7 (65.1) million, decrease 17.5% Profit before taxes: EUR 16.0 (19.4) million, decrease 17.2% Net profit for the review period: EUR 11.0 (13.3) million, decrease 17.4% Earnings per share: EUR 0.60 (0.73), decrease 17.4% Vaisala Vaisala-konserni Page 11

12 Overview of year 2007 Net sales were EUR million, growth 1.5% Vaisala Instruments +7.2% Vaisala Solutions +12.6% Vaisala Measurement Systems -11.6% In comparable currencies, the increase in net sales would have been 5.8% Regions Europe +6.2% Asia-Pacific +15.2% Africa, South- and Central America -26.1% North America -7.4%* Orders received EUR million, decrease 6.2%. Operating profit 15.8% of net sales, EUR 35.3 million. Net profit EUR 25.8 million * Exchange rates had an impact particularly in North America, where net sales calculated at comparable exchange rates grew by 1%. Vaisala Vaisala-konserni Page 12

13 Net sales by geographical areas 1-12 / 2007, (1-12 / 2006) Asia, Oceania % 28 Africa, South and Central America % 5 Million euro Change Europe % Europe % 36 North America % Asia, Oceania % North America % 31 Africa, South and Central America % Vaisala Vaisala-konserni Page 13

14 Performance by business area 1-12 / 2007 (1-12 / 2006) 1-12/2007 Measurement Systems Change Instruments Change Solutions Change Others Group & Eliminat ions Change -11.6% +7.2% +12.6% Net sales Operating profit Operating profit-% 1-12/ % +2% -2% % 24.6% 7.4% Net sales Operating profit Operating profit-% % 25.9% 8.5% % % +1% -8% Vaisala Vaisala-konserni Page 14

15 Vaisala Measurement Systems in 2007 Net sales EUR 82.5 million, % Operating profit EUR 12.7 million Orders received EUR 84.1 million Had the currency exchange rates remained at the previous year's level, the net sales would have been down by 7.4 percent. The drop in net sales was due to the decrease in sales of sounding equipment, wind profilers and weather radar signal processors. In the field, it is typical that the volume of sales changes notably from year to year. Contract with Meteorological Service Canada for synoptic observation network Outsourcing production and rationalizing North American operations: estimated annual improvement of EUR 2 million in the division's results Vaisala Vaisala-konserni Page 15

16 Vaisala Instruments in 2007 Net sales EUR 70.3 million, +9.5 % Operating profit EUR 19.9 (19.5) million Orders received EUR 70.4 million Had the currency exchange rates remained at the previous year's level, the increase in net sales would have been 15.3 percent. Vaisala Vaisala-konserni Page 16

17 Vaisala Solutions in 2007 Net sales EUR 71.3 million, % Operating profit EUR 5.3 million Orders received EUR 74.0 million Had the currency exchange rates remained at the previous year's level, the net sales would have been up by 15.6 percent. Contract with a long-term customer: automatic weather stations for aviation weather observations Vaisala Vaisala-konserni Page 17

18 Key figures 1-12 / / /2006 Change Net sales 224,1 M 220,8 M +1,5 % Operating profit 35,3 M 38,6 M -8,4 % Profit before taxes 37,0 M 38,2 M -3,0 % Net profit 25,8 M 26,6 M -2,9 % Capital expenditure 7,3 M 20,4 M -64,4 % R&D expenditure (of net sales) 10,5 % 9,3 % Orders received 228,5 M 243,6 M -6,2 % Order book 82,3 M 77,6 M Personnel (avg.) ,1 % Earnings per share 1,42 1,46-3,1 % Solvency ratio 83 % 81 % Cash flow from operations/share 1,98 1,96 Vaisala Vaisala-konserni Page 18

19 Orders received rolling 12 months M Q4 /01 Q2 /02 Q4 /02 Q2 /03 Q4 /03 Q2 /04 Q4 /04 Q2 /05 Q4 /05 Q2 /06 Q4 /06 Q2 /07 Q4 /07 Order backlog Orders received, rolling 12 months Vaisala Vaisala-konserni Page 19

20 Net sales, operating profit and profit before tax M Q1/04 Q2/04 Q3/04 Q4/04 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06 Q1/07 Q2/07 Q3/07 Q4/07 Net Sales Operating Profit Profit before Tax Vaisala Vaisala-konserni Page 20

21 Net sales, operating profit and profit before tax; rolling 12 months M Q4/03 Q1/04 Q2/04 Q3/04 Q4/04 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Q4/06 Q1/07 Q2/07 Q3/07 Q4/07 Net sales, rolling 12m Operating profit, rolling 12m Profit before tax, rolling 12m Vaisala Vaisala-konserni Page 21

22 Research and development expenditure Vaisala Vaisala-konserni Page 22 R & D Expenditure (M ) % of Net Sales

23 Net sales and average personnel M Net Sales Personnel Vaisala Vaisala-konserni Page 23

24 Major shareholders Owners Shares total % of shares A-series shares % A-series shares K-series shares % K-series shares 1 Novametor Oy , , ,47 12,74 2 Voipio Inkeri , ,29-0,00 2,19 3 Finnish Academy of Science and Letters 4 Ilmarinen Mutual Pension Insurance Company 5 Sampo Life Insurance Company Ltd % votes , , ,79 21, , ,40-0,00 1, , , ,03 4,07 6 Voipio Mikko Volmari , , ,84 7,65 7 Voipio Raimo , , ,67 5,78 8 Caspers Anja , , ,26 7,02 9 Voipio Tauno , , ,63 4,16 10 Varma Mutual Pension Insurance Company , ,33-0,00 0,42 Nominee registered , ,60-0,00 4,03 Major share holder listings at: Vaisala Vaisala-konserni Page 24

25 Outlook Instability in the world economy and currency rates are expected to continue to affect the result Due to the structure of Vaisala's customer base, the company's market situation is expected to remain unchanged in Net sales and profit for 2008 are expected to remain at the same level or be slightly higher than in the preceding year. Large seasonal variations are typical of Vaisala s business, on account of which the first quarter will probably be weaker than subsequent ones, as in previous years. The market situation is expected to remain favorable, especially in Asia-Pacific. Vaisala Vaisala-konserni Page 25

26 Consolidated income statement (MEUR) Change % Net sales Cost of production and procurement Gross profit Other operating income Cost of sales and marketing Development costs Other administrative costs Other operating cost Operating profit Financial income and expenses Share of results of associated companies Profit before tax Income taxes Profit after tax Attributable to Equity holders of the parent Vaisala Vaisala-konserni Page 26

27 Consolidated balance sheet - assets (MEUR) ASSETS NON-CURRENT ASSETS Intangible assets Tangible assets Investments in associates Other financial assets Long-term receivables Deferred tax assets CURRENT ASSETS Inventories Trade and other receivables Accrued income tax receivables Financial assets recognised at fair value through Cash and cash equivalents TOTAL ASSETS Vaisala Vaisala-konserni Page 27