Panostaja Oyj Semi-Annual Report June 1, 2017 10.00 a.m.
1 November 2016–30 April 2017 (6 months)
- Net sales increased in six of seven investments. Net sales for the review period increased by 14.0% to MEUR 90.3 (MEUR 79.2).
- EBIT increased in three of seven investments, and EBIT of the group decreased slightly from MEUR 4.6 to MEUR 3.6.
- Earnings per share (undiluted) were -4.8 cents (2.7 cents). The additional purchase price of Flexim Security Oy is included in the result of the period.
CEO Juha Sarsama:
”During the review period, the total net sales of the investments increased by 12% from the corresponding period. The growth resulted from corporate acquisitions and organic growth. The growth of the net sales was weakened by the development of net sales in April, which in many of our investments was clearly weaker than expected, even considering the low amount of working days. We believe, however, that the weak demand in April was an exception and the perking up of the economy seen in the beginning of this year will continue.
Our EBIT was slightly lower than we expected as a result of the low net sales in April. We also continue working for better profitability especially in Grano, Megaklinikka and Heatmasters in order to get back to our target profitability levels in these companies as well.
Unfortunately, during this review period we found that despite our many attempts, there was no solution for Takoma’s difficult situation. Takoma’s cash position became critical, and the company had to file a bankruptcy petition. As shareholders, we are strongly committed to the development of all of our companies, but unfortunately, we have to make difficult decisions as well. A new continuator for Takoma business has been found, and its operation in Parkano will continue.
KotiSun begun its operations in Sweden at the end of this review period, and the demand for sewer renewals has been good. They have made their first installations after the review period in May. Grano continued to carry out their strategy of acquisitions and, after the review period, bought Finepress Oy and Neon 2 Oy. After the review period, Megaklinikka made a significant partnership agreement with Swedish Aqua Dental, and as a part of that, Aqua Dental acquired Megaklinikka's Stockholm clinic. Aqua Dental will continue to operate the clinic as Megaklinikka’s first private sector licensed client, using Megaklinikka's ERP system. The partnership with Aqua Dental also includes the objectives of opening new clinics that operate under Megaklinikka's ERP system in Sweden in the coming years.
Activity on the corporate acquisition market has continued on a good level, and the supply of new investments has been active. The market continues to offer possibilities for both new acquisitions and selected surrenderings, and we will continue to actively map new opportunities for corporate acquisitions.”
| M€ | Q2 | Q2 | 6 months | 6 months | 12 months |
| 2/17- 4/17 | 2/16- 4/16 | 11/16- 4/17 | 11/15- 4/16 | 11/15- 10/16 | |
| Net sales, MEUR | 46.6 | 41.6 | 90.3 | 79.2 | 162.3 |
| EBIT, MEUR | 2.9 | 3.0 | 3.6 | 4.6 | 10.1 |
| Profit before taxes, MEUR | 2.5 | 2.7 | 2.7 | 3.6 | 8.3 |
| Profit/loss for the financial period, MEUR | 0.2 | 2.8 | -0.3 | 4.5 | 9.2 |
| Earnings per share, undiluted (EUR) | -0.03 | 0.02 | -0.05 | 0.03 | 0.07 |
| Equity per share (EUR) | 0.67 | 0.72 | 0.67 | 0.72 | 0.77 |
| Operating cash flow (MEUR) | 1.3 | 0.3 | 5.9 | 4.5 | 9.6 |
| Division of the net sales by segment M€ | Q2 | Q2 | 6 months | 6 months | 12 months |
| Net sales | 2/17- 4/17 | 2/16- 4/16 | 11/16- 4/17 | 11/15- 4/16 | 11/15- 10/16 |
| Grano | 25.4 | 23.3 | 48.7 | 44.5 | 88.2 |
| KotiSun | 10.4 | 7.6 | 20.4 | 14.1 | 31.9 |
| KL-Varaosat | 3.2 | 3.3 | 6.4 | 6.4 | 13.0 |
| Selog | 2.4 | 2.5 | 5.0 | 4.8 | 10.3 |
| Helakeskus | 2.4 | 2.8 | 4.5 | 5.1 | 9.8 |
| Megaklinikka | 1.6 | 1.2 | 3.0 | 2.3 | 4.7 |
| Heatmasters | 1.3 | 1.1 | 2.2 | 2.0 | 4.5 |
| Others | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Eliminations | 0.0 | 0.0 | 0.0 | 0.0 | -0.1 |
| Group in total | 46.6 | 41.6 | 90.3 | 79.2 | 162.3 |
| Division of EBIT by segment M€ | Q2 | Q2 | 6 months | 6 months | 12 months |
| EBIT | 2/17- 4/17 | 2/16- 4/16 | 11/16- 4/17 | 11/15- 4/16 | 11/15- 10/16 |
| Grano | 2.4 | 3.0 | 3.0 | 4.3 | 7.8 |
| KotiSun | 1.5 | 1.3 | 3.1 | 2.5 | 5.8 |
| KL-Varaosat | 0.2 | 0.2 | 0.4 | 0.4 | 1.0 |
| Selog | 0.1 | 0.1 | 0.2 | 0.2 | 0.7 |
| Helakeskus | 0.2 | -0.2 | 0.2 | -0.1 | 0.3 |
| Megaklinikka | -0.6 | -0.4 | -1.4 | -0.7 | -1.5 |
| Heatmasters | 0.0 | -0.2 | -0.3 | -0.5 | -1.0 |
| Others | -0.8 | -0.8 | -1.6 | -1.6 | -2.9 |
| Group in total | 2.9 | 3.0 | 3.6 | 4.6 | 10.1 |
OUTLOOK FOR THE 2017 FINANCIAL PERIOD
Activity on the corporate acquisition market has continued on a good level during the review period, and the supply of new investments has been active. The need to exploit ownership arrangements and growth opportunities in SMEs will continue, and as our own activity complements the supply of possible acquisitions from outside, there are plenty of possibilities for corporate acquisitions on the market. Panostaja aims to implement its growth strategy by means of controlled acquisitions in current investments, and new potential investments are also being actively studied. Withdrawing possibilities are actively evaluated as well, on a somewhat larger scale than before as a part of the owner strategies of the investments.
The demand situation for different investments is thought to develop in the short term as follows:
- Demand for KotiSun, Selog and Helakeskus will remain good
- Demand for Grano and KL-Varaosat will remain satisfactory, and demand for Heatmasters will rise to satisfactory level (has been weak)
- Demand for Megaklinikka will remain weak
Panostaja Oyj
Board of Directors
For further information, contact CEO Juha Sarsama: tel. +358 (0)40 774 2099.
Panostaja Oyj
Juha Sarsama
CEO
