Vaisala Oyj : Vaisala Corporation Financial Statement Bulletin January-March
Vaisala Corporation Stock Exchange Release April 24,
2013 at 2 p.m.
January-March 2013 net sales and operating profit at good level, order book
down. Business outlook unchanged.
*Orders received EUR 58.7 (55.7) million, increase 5%
*Order book EUR 98.6 (131.1) million, decrease 25%
*Net sales EUR 65.6 (58.8) million, increase 12%
*Operating profit EUR 5.1 (1.0) million, increase 407%
*One-time gain from product line divestment EUR 1.5 million
*Earnings per share EUR 0.16 (-0.01)
*Cash flow from business operations EUR -4.9 (4.5) million
*Cash and cash equivalents EUR 70.5 (50.2) million
January-March 2013 Performance
In January-March 2013, net sales were EUR 65.6 (58.8) million and showed an
increase of 12% year-on-year. Sales increased in all geographical areas and in
all business types i.e. product, delivery projects and services.
Weather Business Area net sales were EUR 47.5 (41.0) million and increased by
16% year-on-year. In Weather Business Area product, delivery project and
service sales were higher than previous year. This was due to high net sales
in meteorology as well as strong product sales in most customer groups.
Controlled Environment Business Area net sales were EUR 18.1 (17.7) million
and increased by 2% year-on-year. Net sales growth in North America was strong
but flat sales development in Japan was not expected.
In January-March 2013, net sales in APAC increased by 14%, in Americas by 12%,
and in EMEA by 10% year-on-year.
Orders received were EUR 58.7 (55.7) million in January-March 2013 and
increased by 5% year-on-year. Increase in orders received was mainly from
China in Weather Business Area. The order book was EUR 98.6 (131.1) million,
25% lower than at the end of March 2012. The decrease in order book is mostly
due to low order intake of Weather Business Area in fourth quarter of 2012.
The operating profit for January-March 2013 was EUR 5.1 million and increased
by EUR 4.1 million or by 407% from previous year's EUR 1.0 million due to
strong performance in Weather Business Area. Divestment of Non-weather Road
Transportation Product Lines in Americas had a EUR 1.5 million once-only
positive effect to operating profit. Weather Business Area operating profit
was EUR 2.0 million and increased by EUR 4.2 million from EUR -2.2 million in
previous year. This was due to higher net sales and improved gross margin
especially for product sales. Controlled Environment Business Area operating
profit was EUR 1.8 million and decreased by 47% from previous year's EUR 3.3
million. This was mainly due to increased investments in Service function
related to Life Science customer group and in R&D related to new product
Key Figures (unaudited)
EUR Million 1-3/2013 1-3/2012 1-12/2012
Net sales 65.6 58.8 293.3
Weather 47.5 41.0 218.0
Controlled Environment 18.1 17.7 75.3
Orders received 58.7 55.7 264.7
Order book 98.6 131.1 105.6
Operating profit (loss) 5.1 1.0 30.2
Weather 2.0 -2.2 22.6
Controlled Environment 1.8 3.3 9.4
Eliminations and other 1.3 -0.2 -1.9
Profit (loss) before taxes 5.2 0.0 29.1
Profit (loss) for the period 2.9 -0.1 21.7
% of Net sales
Operating profit (loss) 7.7% 1.6% 10.3%
Profit (loss) before taxes 8.0% 0.0% 9.9%
Profit (loss) for the period 4.5% -0.2% 7.4%
Earnings per share 0.16 -0.01 1.19
Return on equity 6.4% -0.3% 11.7%
Cash flow from business operations -4.9 4.5 48.2
Cash and cash equivalents 70.5 50.2 74.8
Comparative figures for 2012 have been restated according to the revised IAS
19 Employee Benefits. For further information please see page 10.
Kjell Forsén, President and CEO:
"Vaisala continued its good sales and profitability performance in the
beginning of 2013. Net sales increased by 12% from previous year's first
quarter and were EUR 65.6 million. The growth was equally strong in all
regions as net sales grew by 14% in APAC, in Americas by 12% and in EMEA by
10%. Also orders received increased by 5% year-on-year but the order book was
25% lower than in the previous year mostly due to low order intake of Weather
Business Area during the last quarter of 2012 and the continued trend towards
shorter purchase cycles.
EMEA was again the biggest region by 39% share. APAC had good sales
performance but for Controlled Environment Business Area the sales in Japan
did not meet our expectations and also some deliveries to European customers
were postponed to the second quarter. Meteorology customer group increased
both product and delivery project sales.
Vaisala's operating profit reached EUR 5.1 million which is an excellent
result for the first quarter and confirming our expectation for improved
performance both in product as well as in delivery project businesses. The
profit was higher also due to the divestment of our non-weather road
transportation product lines which generated EUR 1.5 million operating profit.
Despite the strong first quarter our business outlook for the whole year
remains unchanged. Already last year the seasonality was more even over the
quarters than in earlier years and we assume that the purchasing behaviour has
changed to shorter order cycles ."
The global economic uncertainty continues to impact Vaisala's business and
constrain growth opportunities. The market in North America is expected to
gradually recover. The cuts in governmental spending and uncertainty of new
project timings are expected to impact Weather Business Area sales. The market
for Controlled Environment Business Area's products in Asia is expected to
continue challenging and Europe market is in unpredictable phase.
Business Outlook for 2013 Unchanged
Vaisala's outlook for the year 2013 remains unchanged from the one published
on February 6, 2013.
Vaisala's net sales are estimated to be in the range of EUR 280-310 million at
comparable exchange rates as compared to 2012. The operating profit (EBIT) is
expected to be in the range of EUR 25-35 million at comparable exchange rates
as compared to 2012.
Net sales in 2012 were EUR 293.3 million and operating profit was EUR 30.2
This is a summary of Vaisala's January-March 2013 Interim Report. The complete
report is attached to this release as a .pdf file and also available at
Vaisala's website at www.vaisala.com/investors. (Re. Standard 5.2b published
by the Finnish Financial Supervision Authority.)
Briefing and Audiocast
Briefing for analysts and media will be arranged in Hotel Kämp, Paavo Nurmi
meeting room, Pohjoisesplanadi 29, Helsinki starting at 4 p.m. (EEST) today.
Please register to the briefing by e-mail to email@example.com.
The presentation of Kjell Forsén, President and CEO, at the briefing will be
audiocast live at www.vaisala.com/investors starting at 4 p.m. A recording of
the audiocast will be published at the same address at 6 p.m.
Kaarina Muurinen, CFO
Tel +358 40 577 5066
Vaisala is a global leader in environmental and industrial measurement.
Building on 75 years of experience, Vaisala contributes to a better quality of
life by providing a comprehensive range of innovative observation and
measurement products and services for chosen weather-related and industrial
markets. Headquartered in Finland, Vaisala employs approximately 1400
professionals worldwide and is listed on the NASDAQ OMX Helsinki stock
exchange. www.vaisala.com www.twitter.com/VaisalaGroup
NASDAQ OMX Helsinki
Interim Report January-March 2013
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Source: Vaisala Oyj via Thomson Reuters ONE
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