Vacon Plc Financial Bulletin 1 January - 31 December 2009

(Thomson Reuters ONE) - Vacon Plc, Stock Exchange Release, 3 February 2010 at 10.20 amOctober-December summary: * Order intake totalled MEUR 63.5, a decline of 5.5 % from the corresponding period in the previous year (MEUR 67.2). * Revenues totalled MEUR 64.2, a decline of 14.6 % (MEUR 75.2). * Operating profit was MEUR 4.3 and 6.7 % of revenues (MEUR 7.5 and 10.0 %). * Cash flow from operationsgrew to MEUR 12.1 (MEUR 5.1). * Earnings per share were EUR 0.19 (EUR 0.32), down 40.6 % on the previous year.January-December summary: * Order intake totalled MEUR 256.1, a decline of 16.4 % from the corresponding period in the previous year (MEUR 306.5). * Revenues totalled MEUR 272.0, a decline of 7.2 % (MEUR 293.2). * Operating profit was MEUR 22.5, down 35.0 % (MEUR 34.6). Operating profit margin was 8.3 % (11.8 %). * Cash flow from operationsgrew to MEUR 37.1 (MEUR 21.9). * Earnings per share were EUR 1.01 (EUR 1.51), down 33.1 % on the previous year. * The Board of Directors proposes to the Annual General Meeting that a dividend of EUR 0.70 per share be paid from the profit for 2009.Vacon revises its long-term financial targetsVacon's goal is to achieve revenues of EUR 500 million in 2014. The long-termprofitability targets are an operating profit of 14 % and a return on equity ofmore than 30 %. It was previously Vacon's goal to achieve these targets in2012, but the global recession and the consequent decline in the global AC drivemarket has resulted in Vacon revising the schedule for the targets.Market developments in 2009According to market surveys, the AC drive market declined worldwide by about 16% in 2009. The global recession weakened demand for AC drives in most marketsegments. AC drive investments to improve energy efficiency and in renewableenergy generation remained brisk especially in Asia, but they were not able tocompensate for the decline in business in other market segments and areas. Vacondoes not expect the AC drive market to decline any further during 2010.October-December 2009The final quarter of 2009 developed as had been expected by the company. Thevalue of the order intake in the final quarter was EUR 63.5 million, growth of11.2 % from the third quarter. Orders declined 5.5 % compared to the finalquarter in the previous year. In Asia orders increased 25.8 %. In Europe thedecline in orders was 21.1 % and in North and South America 18.0 %.Revenues in the final quarter totalled EUR 64.2 million, down 14.6 % from theprevious year. Revenues rose 3.4 % from the third quarter.The operating profit margin in the final quarter was 6.7 %, compared to 10.0 %in the corresponding period in the previous year. The operating profit marginincreased from the third quarter. Factors in the weakening of profitability werethe decline in revenues and an increase in depreciation on the investments ingrowth made in the previous years. During the year Vacon initiated measures toadjust costs to the current level of business operations. The target is costsavings of EUR 5 million a year from the level in the final period of 2008. Thesavings measures have progressed according to plan.The balance sheet remained strong. The company has paid particular attention tothe management of working capital. The cash flow from operations developedpositively and stood at EUR12.1 million in the final quarter, growth of EUR 6.6million from the previous year. Intensified control of trade receivables andstocks helped achieve this improvement.2009 result and equity structure MEUR 10-12/ 10-12/ 1-12/ 1-12/ Change, 2009 2008 2009 2008 % Revenues 64.2 75.2 272.0 293.2 -7.2 EBITDA 6.9 9.5 32.1 41.9 -23.4 Depreciation -1.2 -1.0 -4.3 -3.5 22.9 EBITA 5.7 8.6 27.8 38.4 -27.6 Amortization -1.4 -1.1 -5.3 -3.8 39.5 Operating profit 4.3 7.5 22.5 34.6 -35.0 Profit before taxes 4.3 6.4 22.0 32.6 -32.5 Profit for period 2.9 5.1 16.1 23.9 -32.6The Group's order intake in 2009 declined 16.4 % to EUR 256.1 million (EUR306.5 million in 2008). The Group's order book stood at EUR 32.0 million at theend of 2009 (EUR 48.0 million). The order book declined EUR 16.0 million fromthe beginning of the year.Vacon's revenues declined 7.2 % in 2009 to EUR 272.0 million (EUR 293.2million). The impact of the global recession was felt in revenues especially inthe second half of 2009, when revenues fell 13.3 % compared to the first half ofthe year.Market surveys show that the global AC drive market decreased by 16 % in 2009.As the company's revenues declined 7.2 % at the same time, it can be deductedthat the company's market share increased during the year. Vacon's sales wereassisted by winning new customers and by demand for applications for renewablepower generation.Vacon's profitability weakened in 2009, and the operating profit was EUR 22.5(34.6) million. Factors contributing to the decline in the operating profitmargin from the previous year were the fall in revenues and depreciation, whichwas made on ITC projects, production investments for new products anddevelopment work on new products. The new subsidiaries also raised the company'scosts compared to the previous year. During the year Vacon initiated measures toadjust costs to the current level of business operations.The Group's profit for the period was EUR 16.1 (23.9) million. Earnings pershare (EPS) fell to EUR 1.01 (1.51). The operating profit margin was 8.3 % (11.8%).The Group's cash flow from business operations in January-December was EUR 37.1(21.9) million. Receivables decreased altogether by EUR 17 % from the beginningof the year. The consolidated balance sheet total was EUR 145.6 (149.1) million.Vacon's equity ratio remained strong at 56.5 % (51.1 %). Interest-bearing netdebt stood at EUR 1.6 (12.3) million at the end of the year and gearing was 2.0% (16.3 %). The debt comprises long-term loans. The return on investment was23.1 % (37.0 %), and return on equity 20.5 % (34.3 %).Market positionVacon Group revenues by market area were as follows: MEUR 10-12/ % 10-12/ % 1-12/ % 1-12/ % 2009 2008 2009 2008 Europe, Middle East, Africa 42.8 66.7 54.0 71.8 190.8 70.1 210.5 71.8 North and South America 11.1 17.3 14.0 18.6 46.3 17.0 55.9 19.1 Asia and Pacific 10.4 16.2 7.2 9.6 34.9 12.8 26.8 9.1 Total 64.2 100.0 75.2 100.0 272.0 100.0 293.2 100.0According to its own estimates, Vacon has strengthened its position in all mainmarket areas during 2009. Based on market surveys, the company estimates that ithas about five per cent of the global market.Vacon's revenues by region were as follows in 2009: Europe, Middle East andAfrica in total 70.1 % (71.8 % in 2008), North and South America 17.0 % (19.1%), Asia and Pacific 12.8 % (9.1 %).Breakdown of Vacon Group revenues by distribution channel MEUR 10-12/ % 10-12/ % 1-12/ % 1-12/ % 2009 2008 2009 2008 Direct sales 35.2 54.8 42.4 56.4 155.2 57.1 146.4 49.9 Distribu- tors 5.2 8.1 6.8 9.0 24.6 9.0 34.4 11.7 OEM 13.8 21.5 9.7 12.9 51.7 19.0 60.0 20.5 Brand label 10.0 15.6 16.2 21.5 40.5 14.9 52.4 17.9 Total 64.2 100.0 75.2 100.0 272.0 100.0 293.2 100.0Vacon's 2009 revenues by distribution channel were as follows: direct sales57.1 % (49.9 %), distributors 9.0 % (11.7 %), OEM 19.0 % (20.5 %) and brandlabel customers 14.9 % (17.9 %).Vacon Group structureDuring 2009 Vacon established subsidiaries in Brazil and Canada. At the end of2009 Vacon's own sales network comprised 23 subsidiaries and five representativeoffices.Research and developmentR&D expenditure during the year totalled EUR 17.6 (17.0) million, and EUR 5.4(2.3) million of this was capitalized as development costs. R&D costs accountedfor 6.5 % of the Group's revenues (5.8 %). Amortization of capitalizeddevelopment costs totalled EUR 1.0 (0.6) million in 2009.During 2009 Vacon increased the number of personnel at its R&D units in Finland,China and Italy. Vacon also has R&D in the USA.Vacon's goal is to renew most of its product offering by the end of 2010. Workon developing the new products continued during 2009 in accordance with thecompany's plans. The new generation products are more competitive.InvestmentsGross investments by the Group during the year totalled EUR 18.2 (11.2) million.Expenditure focused mainly on increasing and maintaining production capacity,expanding the sales network, and on standardizing and developing informationsystems. During 2009 the new factory in the USA was completed and constructionbegan of a new factory in China.Organization and personnelVacon's personnel policy is based on the company's values. The competencemanagement is quided by the company strategy.The number of Vacon personnel has increased by 31 from the beginning of theyear. At the end of December the Group employed 1,228 (1,197) people, of whom627 (639) were in Finland and 601 (558) in other countries.The table below shows the average number of Vacon employees during the reviewperiod: 1-12/2009 1-12/2008 Office personnel 763 687 Factory personnel 468 444 TOTAL 1,231 1,131During the autumn Vacon Plc conducted personnel negotiations affecting officestaff at its operations in Finland, examining the means available to adjust itsoperations to weaker market conditions. In consequence of these negotiationsVacon decided to lay off 160 office workers for fixed periods.Shares and shareholdersVacon had a market capitalization at the end of December of EUR 406.1 million.The closing share price on 31 December 2009 was EUR 26.70. The lowest shareprice during the January-December period was EUR 15.30 and the highest EUR28.90. A total of 4,493,871 shares (29.4 % of the share stock) were traded inthe January-December period, in monetary terms EUR 97.0 million. According tothe shareholder register updated on 31 December 2009, Vacon had 5,114 registeredshareholders. Shares that were nominee registered and in foreign ownershipamounted to 28.9 % of the share stock.Vacon's main shareholders on 31 December 2009 were: Number of Holding, % shares Ahlstr?apital Group 3,059,715 20.0 Tapiola Mutual Pension Insurance Company 584,500 3.8 Ilmarinen Mutual Pension Insurance Company 563,230 3.7 Vaasa Engineering Oy 424,433 2.8 Koskinen Jari 362,088 2.4 Holma Mauri 347,171 2.3 Ehrnrooth Martti 333,000 2.2 Tapiola Group companies 325,300 2.1 Niemel?arri 271,939 1.8 Karppinen Veijo 209,349 1.4 Nominee registered and in foreign ownership 4,421,015 28.9 Own shares 85,011 Others 4,308,249 28.7 Total 15,295,000 100.0 Shares outstanding 15,209,989On 31 December 2009 members of Vacon's Board of Directors, the President andCEO, and the Deputy to the CEO held directly a total of 578,529 shares, or 3.8 %of Vacon's share stock.Own sharesOn 31 December 2009 Vacon Plc held a total of 85,011 of its own shares, which ithad acquired at an average price of EUR 21.01. This is 0.6 % of the sharecapital and voting rights, so it has no significant impact on the distributionof ownership or voting rights in the company.Dividend proposalAt the end of the financial year the distributable equity of the parent companystands at EUR50.5 million. The Board of Directors proposes to the Annual GeneralMeeting of Shareholders to be held on 23 March 2010 that a dividend of EUR 0.70per share be paid from the parent company's profit for the financial year 2009of EUR 11.8 million, and the remainder of the profit for the year be transferredto retained earnings. According to this proposal, a total of EUR 10.6 millionwould be paid in dividend.Business strategyAC drives are a key product in production automation, increasing energyefficiency and in utilizing renewable energy sources. This creates a solid basefor long-term growth in the AC drives business. By focusing one hundred per centon AC drives, Vacon aims to grow profitably and much faster than the averagegrowth rate in the sector.Vacon'sgoal is to achieve revenues of EUR 500 million by 2014. The long-termtargets for profitability are an operating profit (EBIT) of 14 % and a return onequity (ROE) of more than 30 %. The basis for Vacon's business operations lieswith four strategic choices: product leadership, focusing 100 % on AC drives, amulti-channel sales network, and a global presence.In 2010 Vacon will direct its biggest strategic efforts at strengthening itsproduct leadership. The company is currently developing and bringing to marketits third generation products, of which the Vacon 10 and Vacon 100 HVAC havealready been launched. During 2010 Vacon plans to launch new products, withfeatures, quality and competitiveness that will ensure excellent conditions forgrowth when the market recovers.Vacon is still the largest company in the world that designs and manufacturesnothing else but AC drives, and intends to stay so. This one hundred per centfocus gives Vacon a clear competitive edge, for it means that Vacon's customersalways obtain service with the highest level of expertise in the sector, whetherit is a question of sales, customer service, or service and maintenance.Multi-channel sales is the core of Vacon's sales and marketing strategy.Thecompany sells its products to original equipment manufacturers (OEM), systemsuppliers, brand label customers, distributors and direct to end customers.Utilizing different sales channels in each geographical region or industrialsector is a genuine competitive advantage from which Vacon has benefited duringthe economic downturn - sales have not been dependent on just one mainstay.Over the past few years Vacon has strongly expanded its global presence. Thecompany has production, research and product development units in four countries- in Finland, China, Italy and the USA - and sales companies and representativeoffices in altogether 23 countries. A broad presence on different continentsmakes it possible to locate production close to the customer, and at the sametime protects against currency risks. A comprehensive sales network brings thenecessary local touch to sales. During 2009, the Group's own sales companiessucceeded in winning many new customers, which helped compensate for the fall inorders from other customers.Vacon has invested heavily during the past few years in developing itsinformation and communications technology, and has succeeded in building commontools for almost all its global organization. Vacon's other areas of strategicexpertise are a common hardware and software platform for AC drives andmanagement of the product selection, customer relations management, streamproduction and a global sourcing network. Each expertise area is monitored anddeveloped continuously, to ensure the company has the correct knowhow needed toimplement its strategy.Risks and uncertainties in the near futureThe most significant risks for Vacon in the near future relate to theuncertainty of general demand and intensifying competition on price. Vacon'sorder book has always been short term in nature, so there are no major risksconnected with the timing of deliveries or their cancellation. Vacon hasthousands of customers worldwide. The ten largest customers account for lessthan half of Vacon's revenues. Vacon does not finance customer projects. Thecompany assesses continuously the creditworthiness of its customers and theirability to pay their debts.Vacon is able to adjust its production capacity to market demand. The companyestimates that its cash funds and available credit facilities are sufficient toensure its liquidity.Vacon's balance sheet includes goodwill of EUR 8.1 million, most of which isrelated to the company acquisition at the beginning of 2008.The company testsgoodwill for impairment annually.The availability and quality of raw materials and components and changes intheir prices can affect the profitability and scale of the company'sbusiness.Purchase agreements for raw materials and components are mainly annualagreements, which contain price and exchange rate clauses for changes in theglobal market prices of raw and other materials. Changes in the global economicsituation may harm the business opportunities for some component suppliers.Some of the most significant financial risks affecting the result are foreignexchange risks. Exchange rate fluctuations may have an impact on business,although the international expansion of business operations reduces the relativeimportance of individual currencies. The biggest exchange rate risks against theeuro relate to the US dollar and the Chinese renminbi. The Group applies IAS 39-compliant hedge accounting for cash flow hedging with respect to operativecurrency exposure.Prospects for 2010 and long-term targetsVacon does not expect the AC drive market to weaken further during 2010.Vaconhas roughly a 5 % market share. The global sales network, diverse customer base,renewal of the product selection, and the relatively low market share, coupledwith a flexible organization support the development of Vacon's business even ina difficult market situation. Vacon reduces temporarily its investments ingrowth in order to secure its profitability in the prevailing market situation.Vacon forecasts that revenues in 2010 will increase, profitability will be atthe same level, and earnings per share will improve from 2009.It is Vacon's goal to achieve revenues of EUR 500 million in 2014. Its long-termprofitability targets are an operating profit of14 % and a return on equity ofmore than 30 %. It was previously Vacon's goal to achieve these targets in2012, but the global recession and the consequent decline in the Ac drive markethas resulted in the timetable for the targets being revised.Most of this growth will be organic, but Vacon does not exclude the possibilityof further acquisitions. Organic growth will be financed by cash flow fromoperations and any further acquisitions may increase gearing a maximum of 60 %.Financial reports in 2010Vacon is publishing three interim reports in 2010 as follows:January-March: 27 April 2010January-June: 4 August 2010January-September: 27 October 2010The 2009 Annual Report will be published in week 10/2010 (8-12 March). TheAnnual General Meeting of Vacon Plc will be held in Vaasa at 3.00 pm on Tuesday23 March 2010 at the premises of ?o Akademi University, visiting addressAcademill, Rantakatu 2, Vaasa.Formal statementThis release contains certain forward-looking statements that reflect thecurrent views of the company's management. Due to the nature of thesestatements, they contain risks and uncertainties and are subject to changes inthe general economic situation and in the company's business sector.Vacon in briefVacon's operations are driven by a passion to develop, manufacture and sell thebest AC drives in the world - and nothing else. AC drives are used to controlelectric motors and in renewable energy generation. Vacon has R&D and productionunits in Finland, the USA, China and Italy, and sales offices in 27 countries.In 2009 Vacon had revenues of EUR 272 million and globally employed 1,200people.The shares of Vacon Plc (VAC1V) are quoted on the main list of theHelsinki stock exchange.Driven by Drives,www.vacon.com Vaasa, 3 February 2010VACON PLCBoard of DirectorsFor more information please contact:Mr Vesa Laisi, President and CEO, phone: +358 (0)40 8371 510Ms Eriikka S?str?CFO and Vice President, Finance & Control, phone: +358(0)40 8371 443Conference for media and analystsVacon will hold a briefing for analysts and the media at 11.30 am on3 February2010 at the Radisson Blu Hotel Plaza, Mikonkatu 23, Helsinki.Dial-in conference for investors and investment analystsA dial-in conference in English for investors and investment analysts will beheld at 3.00 pm on 3 February 2010. President and CEO Vesa Laisi and EriikkaS?str?CFO and Vice President, Finance and Control, will participate in theconference. Lines can be booked ten minutes before the conference by calling theservice number +44 207 162 0025. The conference ID code is "855961". Conferencelink:http://wcc.webeventservices.com/view/wl/r.htm?e=189217&s=1&k=142F763A5264F456DFDC9266AEEE6716&cb=blankTo hear a recording of the conference, available for four working days, call +44207 031 4064, ID code855961.DistributionNASDAQ OMX Nordic Exchange HelsinkiFinancial Supervision AuthorityMain mediaAccounting principlesThe 2009 financial statement release has been prepared in accordance with IFRSrecognition and measurement principles. Vacon has prepared this release applyingthe same IFRS accounting principles as in its 2008 consolidated financialstatements, because the new standards have not had any material impact. Thefigures presented for the whole year in the financial statement release areaudited. The quarterly figures presented are unaudited.Consolidated income statement, MEUR 10-12/ 10-12/ 1-12/ 1-12/ 2009 2008 2009 2008 Revenues 64.2 75.2 272.0 293.2 Other operating income 0.0 0.1 0.3 0.2 Change in inventories of finished goods and work in progress -1.0 -3.7 -1.0 0.2 Materials and services -32.0 -34.8 -138.1 -150.8 Employee benefit costs -12.9 -13.7 -53.6 -52.7 Other operating costs -11.5 -13.4 -47.5 -48.2 Depreciation -1.2 -1.0 -4.3 -3.5 EBITA 5.7 8.6 27.8 38.4 Amortization -1.4 -1.1 -5.3 -3.8 Operating profit 4.3 7.5 22.5 34.6 Financial income and expenses 0.0 -1.0 -0.6 -2.0 Profit before taxes 4.3 6.4 22.0 32.6 Income taxes -1.4 -1.3 -5.9 -8.7 Profit for period 2.9 5.1 16.1 23.9 Attributable to: Equity holders of the parent 2.8 4.9 15.4 23.1 Minority interest 0.1 0.2 0.6 0.8 Earnings per share, Euro 0.19 0.32 1.01 1.51 Earnings per share diluted, euro 0.19 0.32 1.01 1.51Consolidated statement of comprehensive income, MEUR 10-12/2009 10-12/2008 1-12/2009 1-12/2008 Net profit for period 2.9 5.1 16.1 23.9 Other comprehensive income Cash flow hedging 0.0 0.0 -0.1 0.0 Exchange differences on translating foreign operations 0.3 0.0 -0.1 0.4 Total comprehensive income 3.1 5.1 15.9 24.3 Attributable to: Shareholders of parent company 3.0 4.9 15.3 23.5 Minority interest 0.1 0.2 0.6 0.8Consolidated balance sheet, MEUR 31.12.2009 31.12.2008 ASSETS Goodwill 8.1 8.3 Development costs 9.1 4.8 Intangible assets 13.3 14.9 Tangible assets 18.5 16.3 Loans receivable and other receivables 0.2 0.2 Deferred tax assets 3.3 2.6 Other financial assets 5.3 3.3 Total non-current assets 57.8 50.3 Inventories 19.3 21.3 Trade and other receivables 51.3 61.7 Cash and cash equivalents 17.2 15.7 Total current assets 87.8 98.8 Total assets 145.6 149.1 EQUITY AND LIABILITIES Share capital 3.1 3.1 Share premium reserve 5.0 5.0 Own shares -2.6 -2.6 Retained earnings 74.4 68.7 Minority interest 1.5 1.4 Total equity 81.3 75.5 Deferred tax liabilities 4.6 3.5 Employee benefits 1.5 1.4 Interest-bearing liabilities 12.4 15.8 Total non-current liabilities 18.5 20.7 Trade and other payables 36.1 37.6 Income tax liabilities 1.3 1.5 Provisions 1.9 1.6 Interest-bearing liabilities 6.4 12.2 Total current liabilities 45.7 52.9 Total equity and liabilities 145.6 149.12008 Calculation of changes in shareholders' equity, MEUR Attributable to equity holders of the parent Minority Total interest equity Share Share Own Retain Total capital pre- share -ed mium s earn- re- ings serve Shareholders' equity 31.12.2007 3.1 5.0 -1.2 56.0 62.9 1.1 64.0 Dividend paid -11.1 -11.1 -0.6 -11.7 Purchase of own shares -1.5 -1.5 -1.5 Total comprehensive income for period 23.5 23.5 0.8 24.4 Share bonuses 0.3 0.3 0.3 Other changes 0.0 0.0 0.0 Shareholders' equity 31.12.2008 3.1 5.0 -2.6 68.7 74.1 1.4 75.52009 Calculation of changes in shareholders' equity, MEUR Attributable to equity holders of the parent Minority Total interest equity Share Share Own Retain Total capital pre- share -ed mium s earn- re- ings serve Shareholders' - equity 31.12.2008 3.1 5.0 -2.6 68.7 74.1 1.4 75.5 Dividend paid -10.0 -10.0 -0.5 -10.5 Total comprehensive income for period 15.3 15.3 0.6 15.9 Share bonuses 0.3 0.3 0.3 Other changes 0.1 0.1 0.0 0.1 Shareholders' equity 31.12.2009 3.1 5.0 -2.6 74.4 79.8 1.5 81.3Consolidated cash flow statement, MEUR 31.12.2009 31.12.2008 Profit for the period 16.1 23.9 Depreciation 9.6 7.3 Financial income and expenses 0.6 2.0 Taxes 5.9 8.7 Other adjustments 0.5 0.5 Change in working capital 11.0 -10.1 Cash flow from financial items and tax -6.5 -10.4 Cash flow from operating activities 37.1 21.9 Purchase of subsidiary 0.0 -20.4 Investments in tangible and intangible assets -16.1 -9.2 Proceeds from disposal of tangible and intangible assets 1.4 -0.1 Other investments -2.3 -1.7 Proceeds from disposal of other investments 0.6 0.6 Cash flow from investing activities -16.5 -30.8 Repayment of long-term loans -3.3 -3.9 Proceeds from short-term borrowings 0.0 7.9 Repayment of short-term loans -5.8 0.0 Purchase of own shares 0.0 -1.5 Dividends paid -10.4 -11.9 Cash flow from financial activities -19.5 -9.4 Change in liquid funds 1.2 -18.3 Liquid funds at start of period 15.7 34.4 Translation differences for liquid funds 0.3 -0.4 Liquid funds at end of period 17.2 15.7Segment informationVacon has one business segment, AC drives. The figures for the business segmentare identical with the figures for the whole Group. Vacon's operations areorganized in the following functions: Products and Markets, Production, Research& Development, Finance and Administration, Human Resources, IT and ProcessDevelopment, and Business Development. To ensure that the organisation iscustomer-oriented, operations are controlled by sales channel: Distributors,Systems Integrators, Direct Sales, OEM Customers and Brand Label Customers.Financial ratiosPer share data 2009 2008 2007 2006 2005 Earnings per share, EUR 1.01 1.51 1.37 1.04 0.79 Equity per share, EUR 5.25 4.88 4.13 3.42 2.78 Dividend per share EUR*) 0.70 0.65 0.75 0.65 0.41 Dividend payout ratio, %*) 69.02 42.94 54.59 62.57 52.12 Effective dividend yield %*) 2.6 3.5 2.7 2.5 2.3 Price/earnings ratio 26.3 12.1 20.4 25.1 22.2 Lowest trading price, EUR 15.30 17.00 24.60 17.70 11.85 Highest trading price, EUR 28.90 32.44 38.00 26.99 17.50 Share price at year end, EUR 26.70 18.30 28.00 26.10 17.50 Average trading price, EUR 21.51 26.65 30.01 22.60 14.68 Market capitalization, MEUR 406.11 278.00 426.50 397.10 266.00 Trading volume, 4,493, 4,915, 8,241, 4,439, 5,693, no. of shares 871 722 357 458 881 Trading volume, % 29.6 32.3 54.1 29.2 37.5 Adjusted average number of shares during the 15,204, 15,238, 15,226, 15,209, 15,203, financial year**) 263 236 997 303 147 Number of shares 15,209, 15,193, 15,232, 15,213, 15,199, at year end **) 989 188 188 428 740 Own shares 85,011 101,812 62,812 81,572 95,260*) The 2009 dividend is the Board of Directors' proposal to the Annual GeneralMeeting.**) The average number of shares during the year was 15,204,263. The totalnumber of shares outstanding is 15,209,989.Key figures showing the Group's financial performance 2009 2008 2007 2006 2005 Revenues, MEUR 272.0 293.2 232.2 186.4 149.9 Change in revenues, % -7.2 26.3 24.6 24.3 16.6 Operating profit, MEUR 22.5 34.6 29.2 23.1 18.1 Change in operating profit, % -35.0 18.5 26.4 27.6 13.8 Operating profit, % of revenues 8.3 11.8 12.6 12.4 12.1 Profit before taxes, MEUR 22.0 32.6 28.8 22.7 17.7 Profit before taxes, % of revenues 8.1 11.1 12.4 12.2 11.8 Return on equity, % 20.5 34.3 36.5 33.7 30.5 Return on investment, % 23.1 37.0 41.2 45.1 40.8 Interest-bearing net liabilities, MEUR 1.6 12.3 -11.0 -8.8 -7.9 Gearing, % 2.0 16.3 -17.1 -16.6 -18.3 Net working capital, MEUR 31.2 42.5 27.2 21.8 14.2 Equity ratio, % 56.5 51.1 52.9 61.7 56.8 Gross capital expenditure, MEUR***) 18.2 11.2 9.1 8.5 6.6 Gross capital expenditure, % of revenues 6.7 3.8 3.9 4.6 4.4 R & D costs, MEUR 17.6 17.0 14.3 12.6 10.8 R & D costs, % of revenues 6.5 5.8 6.2 6.7 7.2 Number of personnel at end of the period 1 228 1 197 869 675 577 Order book, MEUR 32.0 48.0 34.8 29.7 18.8***)The 2008 gross capital expenditure figure does not include the acquisitionof TB Woods'.Commitments and contingencies, MEUR 31.12.2009 31.12.2008 Commitments and contingencies 2.4 0.4 Financing commitments 0.3 0.6Group quarterly performance, MEUR 10-12/ 7-9/ 4-6/ 1-3/ 1-12/ 1-9/ 1-6/ 1-3/ 2009 2009 2009 2009 2009 2009 2009 2009 Revenues 64.2 62.1 75.7 70.0 272.0 207.8 145.7 70.0 Operating profit 4.3 3.4 7.8 7.1 22.5 18.2 14.9 7.1 Profit before tax 4.3 3.7 7.5 6.6 22.0 17.7 14.0 6.6Calculation of financial ratios Profit for the financial year attributable to equity holders of the parent company Earnings per share = ------------------------------------------------- Adjusted average number of shares Shareholders' equity - minority holding Equity per share = ------------------------------------------------- Adjusted average number of shares at year end Dividend for the financial year Dividend per share = ---------------------------------------------- Adjusted number of shares at year end Dividend for the financial year x 100 Dividend payout ---------------------------------------------- ratio, % = Profit for period attributable to equity holders of the parent company Dividend per share x 100 Effective dividend ---------------------------------------------- yield, % = Adjusted closing share price at year end Adjusted closing share price at year end Price/earnings ratio ------------------------------------------------- = Earnings per share Profit for the financial year x 100 Return on equity, % ------------------------------------------------- = Shareholders' equity, average of the beginning and end of the year (Profit before taxes + interest and other financial expenses) x 100 Return on ------------------------------------------------- investment, % = Balance sheet total - non-interest-bearing liabilities, average of the beginning and end of the year Shareholders' equity x 100 Equity ratio, % = ------------------------------------------------- Balance sheet total - advances received (Interest-bearing liabilities - cash, bank balances and financial assets) x 100 Gearing, % = ------------------------------------------------- Shareholders' equity Net working capital Inventories + non-interest-bearing current = receivables - non-interest-bearing current liabilities Research and development costs R & D costs = recognized in income statement (incl. costs covered with subsidies) and capitalized development expenses Market Number of shares outstanding at year end capitalization = x closing share price Number of shares traded during the year x 100 Trading volume, % = --------------------------------------------------------- Adjusted average number of shares[HUG#1380081] Vacon Plc Financial Bulletin 1 January - 31 December 2009: http://hugin.info/132524/R/1380081/339787.pdf Vacon results presentation Q42009 WEB version: http://hugin.info/132524/R/1380081/339788.pdf

Themen in dieser Pressemitteilung:


Unternehmensinformation / Kurzprofil:
Leseranfragen:
PresseKontakt / Agentur:
Bereitgestellt von Benutzer: hugin
Datum: 03.02.2010 - 03:22 Uhr
Sprache: Deutsch
News-ID 1009928
Anzahl Zeichen: 0

contact information:
Contact person:
Town:

Vaasa

Phone:

Kategorie:

Business News

Anmerkungen:


Diese Pressemitteilung wurde bisher 123 mal aufgerufen.


Die Pressemitteilung mit dem Titel:
"Vacon Plc Financial Bulletin 1 January - 31 December 2009
"
steht unter der journalistisch-redaktionellen Verantwortung von

Vacon Oyj (Nachricht senden)

Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).

Alle Meldungen von Vacon Oyj