Panostaja Oyj Interim Report 1 September 2016 10.00 a.m.
May 1, 2016–July 31, 2016 (3 months)
- KotiSun’s growth continued in the review period, with net sales increasing by 32% from the reference period in the previous year.
- Grano’s net sales for the review period increased more than 17% from the reference period in the previous year. The main reason behind this is the acquisition of Multiprint Group in June 2015.
- The market situation remained challenging in many investment targets. Net sales increased in four of the eight targets. Net sales for the Group as a whole increased by 9.5% and stood at MEUR 41.6 (MEUR 37.9).
- EBIT improved in four of the eight investment targets, and the EBIT of the entire Group increased from MEUR 1.0 to MEUR 2.4.
- Earnings per share (undiluted) were 1.2 cents (-1.0 cents).
- MEUR 4.7 after expenses was confirmed as the final additional purchase price for the sale of Flexim Security. Panostaja’s share of the amount stood at MEUR 3.3 before taxes. In the second quarter, Panostaja estimated the additional purchase price to be MEUR 4.0, with Panostaja’s share before taxes standing at MEUR 2.8.
November 1, 2015–July 31, 2016 (9 months)
- The market situation remained challenging in almost every investment target. Net sales increased in five of the eight investment targets. For the Group as a whole, net sales in the review period increased by 22% from the same period last year, standing at MEUR 126.8 (MEUR 104.1).
- EBIT improved in four of the eight investment targets, and the EBIT of the entire Group increased from MEUR 4.2 to MEUR 6.4.
- Earnings per share (undiluted) were 3.9 cents (-3.5 cents).
Outlook for the 2016 financial period
Panostaja keeps its result management issued on December 11, 2015 unaltered.The Group’s EBIT is expected to improve substantially over the course of the 2016 financial period.
CEO Juha Sarsama:
“There was still significant variation in the profitability development of the investment targets in the third quarter of the financial period. KotiSun maintained its strong profitability development. On the other hand, the extremely poor profitability development of Takoma and Heatmasters continued. Despite the improvement in profit and loss, Grano, too, demonstrated slightly weaker development than expected as we have been unable to proceed with our efforts to increase efficiency due to structural challenges. These hindrances will be removed in the final quarter. Overall, the Group’s EBIT increased to MEUR 2.4 from the previous year’s MEUR 1.0.
In terms of the financial picture, we have not seen a substantial change compared to the previous quarter. During the financial period, there have been some positive signs in Finland’s economic situation with regard to construction in particular, but the climate remains uncertain. Various threat scenarios related to the development of the global economy, political risks, the collapse of raw material prices and the financial markets still cause uncertainty that affects economic development in Europe and Finland. The overall economic situation remains challenging, which is reflected in almost all of our investment targets.
The corporate acquisitions market, as a whole, was active in the period under review, and the availability of new opportunities has remained high. However, discussions regarding the acquisition of new investment targets are often lengthy processes. In addition to this, the competition for some of the corporate acquisition opportunities is fierce. We are actively exploring new investment opportunities, but at this stage of the financial period it is no longer likely that we will reach our earlier goal of making two new investments before the end of the period at the valuation levels we thought plausible.”
| Key figures Panostaja Group MEUR | Q3 | Q3 | 9 months | 9 months | 12 months |
| 5/16- 7/16 | 5/15– 7/15 | 11/15- 7/16 | 11/14- 7/15 | 11/14- 10/15 | |
| Net sales, MEUR | 41.6 | 37.9 | 126.8 | 104.1 | 148.2 |
| EBIT, MEUR | 2.4 | 1.0 | 6.4 | 4.2 | 7.3 |
| Profit before taxes, MEUR | 1.9 | 0.1 | 4.8 | 2.0 | 3.4 |
| Profit/loss for the financial period, MEUR | 1.7 | 0.2 | 6.2 | 0.0 | 13.5 |
| Earnings per share, undiluted (EUR) | 0.01 | -0.01 | 0.04 | -0.04 | 0.14 |
| Equity per share (EUR) | 0.73 | 0.57 | 0.73 | 0.57 | 0.74 |
| Operating cash flow (MEUR) | 0.5 | 3.8 | 5.0 | 9.6 | 8.0 |
| Distribution of net sales by segment MEUR | Q3 | Q3 | 9 months | 9 months | 12 months |
| Net sales | 5/16- 7/16 | 5/15– 7/15 | 11/15- 7/16 | 11/14- 7/15 | 11/14- 10/15 |
| Grano | 20.8 | 17.9 | 65.4 | 46.5 | 69.9 |
| KotiSun | 7.9 | 6.0 | 22.0 | 17.0 | 23.7 |
| Takoma | 2.3 | 2.8 | 8.3 | 10.1 | 13.2 |
| Selog | 2.8 | 2.7 | 7.6 | 7.4 | 9.9 |
| Helakeskus | 2.3 | 2.5 | 7.4 | 7.8 | 10.4 |
| KL-Varaosat | 3.2 | 3.0 | 9.6 | 8.5 | 11.8 |
| Heatmasters | 1.2 | 1.8 | 3.2 | 5.0 | 6.3 |
| Megaklinikka | 1.1 | 1.3 | 3.4 | 2.2 | 3.4 |
| Others | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Eliminations | -0.1 | 0.0 | -0.1 | -0.3 | -0.3 |
| Group in total | 41.6 | 37.9 | 126.8 | 104.1 | 148.2 |
| Distribution of EBIT by segment MEUR | Q3 | Q3 | 9 months | 9 months | 12 months |
| EBIT | 5/16- 7/16 | 5/15– 7/15 | 11/15- 7/16 | 11/14- 7/15 | 11/14- 10/15 |
| Grano | 1.6 | 0.2 | 5.9 | 2.9 | 5.9 |
| KotiSun | 1.4 | 1.0 | 3.9 | 2.8 | 4.2 |
| Takoma | -0.3 | -0.1 | -0.8 | -0.4 | -0.7 |
| Selog | 0.2 | 0.2 | 0.5 | 0.4 | 0.5 |
| Helakeskus | 0.2 | 0.2 | 0.1 | 0.4 | 0.7 |
| KL-Varaosat | 0.2 | 0.2 | 0.7 | 0.2 | 0.5 |
| Heatmasters | -0.2 | 0.1 | -0.7 | 0.2 | 0.1 |
| Megaklinikka | -0.2 | -0.2 | -0.9 | -0.3 | -0.5 |
| Others | -0.6 | -0.8 | -2.2 | -2.1 | -3.3 |
| Group in total | 2.4 | 1.0 | 6.4 | 4.2 | 7.3 |
PRESS CONREFENCE
Panostaja will arrange a press conference for analysts, institutional investors and representatives of the press on September 1, 2016, at 11:30-12:30 p.m., at the Scandic Simonkenttä, in Helsinki, at the address Simonkatu 9, Helsinki.
The Interim Report will be available at the address www.panostaja.fi on September 1, 2016, at 10:00 a.m.
Panostaja Oyj Juha Sarsama CEO
Further information: CEO Juha Sarsama +358 40 774 2099
