result january-june 2011 - vaisala · 2011. 8. 4. · page 2 / 4.8.2011 / ©vaisala net sales at...
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Vaisala Group
August 4, 2011
Result January-June 2011
Page 2 / 4.8.2011 / ©Vaisala
Net sales at good level. Orders received decreased, order book remains strong. Outlook unchanged.
Orders received: EUR 111.8 (131.8) million, decrease 15%.
Net sales EUR 120.8 (104.0) million, increase 16%. Net sales increase 15% compared to proforma* H1/2010 net sales.
Operating result EUR 2.3 (-11.1) million.
Earnings per share EUR -0.03 (-0.26).
Cash flow from business operations EUR 12.7 (9.9) million.
Overview January - June 2011
Page 3 / 4.8.2011 / ©Vaisala
Net sales by regions
Mill. EUR 20111-6
20101-6
Change
Americas 48.1 41.3 +16% *
EMEA 37.7 38.1 -1%
APAC 35.0 24.5 +43%
Americas 40 %
APAC 29 %
EMEA 31 %
* Organic growth in Americas of combined Vaisala and Veriteq was 12 percent.
Page 4 / 4.8.2011 / ©Vaisala
Performance by Quarter
1-3 4-6 7-9 10-12 1-3 4-62010 2010 2010 2010 2011 2011
Net sales 49.3 54.7 64.7 84.5 58.9 61.9Cost of production and procurement
26.0 28.9 31.6 37.8 32.7 31.0
Gross profit 23.2 25.9 33.1 46.7 26.2 30.9Gross margin 47 % 47 % 51 % 55 % 44 % 50 %Other operating income 0.0 0.0 1.3 -0.4 0.0 0.0Cost of sales and marketing 13.9 15.3 14.8 15.3 13.5 13.7Development costs 8.4 8.4 7.3 7.3 6.9 6.5Other administrative costs 7.3 7.2 6.0 8.0 6.7 7.6Operating profit -6.2 -4.9 6.4 16.6 -0.9 3.2
-13 % -9 % 10 % 20 % -2 % 5 %
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Meteorology (MET)
Net sales EUR 31.1 (31.1) million, +0 %.
Operating result EUR -3.3 (-3.9) million.
Orders received EUR 24.5 (44.2) million.
Order book EUR 34.1 million.
Page 6 / 4.8.2011 / ©Vaisala
Weather Critical Operations (WCO)
Net sales EUR 54.2 (45.9) million, +18%.
Operating result EUR 0.7 (-7.3) million.
Orders received EUR 52.2 (57.1) million.
Order book EUR 80.3 million.
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Controlled Environment (CEN)
Net sales EUR 35.5 (26.9) million, +32 %.
Organic growth +25%
Operating profit EUR 6.0 (2.1) million.
Orders received EUR 35.0 (30.5) million.
Order book EUR 5.6 million.
All market segments in Controlled Environment grew.
Page 8 / 4.8.2011 / ©Vaisala
Key figures 1-6/20111-6/2011 1-6/2010
Net sales 120.8 M€ 104.0 M€(proforma) 105.4 M€
Services net sales 19.0 M€ 14.4 M€
Operating profit 2.3 M€ -11.1 M€
Profit before taxes 0.0 M€ -7.1 M€
Net profit -0.5 M€ -4.8 M€
Capital expenditure 7.5 M€ 18.9 M€
R&D expenditure (of net sales) 11.1% 16.3%
Orders received 111.8 M€ 131.8 M€
Order book 120.0 M€ 123.3 M€
Personnel (at the end of the period) 1434 1452
Earnings/share -0.03 € -0.26 €
Solvency ratio 77% 79%
Cash flow from operations/share 0.70 € 0.54 €
Page 9 / 4.8.2011 / ©Vaisala
Orders received and order backlog
0
50
100
150
200
250
300
Q4/03
Q2/04
Q4/04
Q2/05
Q4/05
Q2/06
Q4/06
Q2/07
Q4/07
Q2/08
Q4/08
Q2/09
Q4/09
Q2/10
Q4/10
Q2/11
Order book M€ Orders received, rolling 12m, M€
Page 10 / 4.8.2011 / ©Vaisala
Net sales
020406080
100120140160180200220240260280
2004 2005 2006 2007 2008 2009 2010 2011
Page 11 / 4.8.2011 / ©Vaisala
Operating profit
-20
-10
0
10
20
30
40
50
2004 2005 2006 2007 2008 2009 2010 2011
Page 12 / 4.8.2011 / ©Vaisala
Net sales and operating profit, rolling 12 months
0
50
100
150
200
250
300
M€
Q4/03
Q2/04
Q4/04
Q2/05
Q4/05
Q2/06
Q4/06
Q2/07
Q4/07
Q2/08
Q4/08
Q2/09
Q4/09
Q2/10
Q4/10
Q2/11
Net sales, rolling 12m Operating profit, rolling 12m
Page 13 / 4.8.2011 / ©Vaisala
Research and Development
0
5
10
15
20
25
30
35
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Last 12months
R&D costs (M€) % of net sales
Share of R&D expenses of net sales is expected to decrease in 2011.
Page 14 / 4.8.2011 / ©Vaisala
Net sales and average personnel
0
25
50
75
100
125
150
175
200
225
250
275
300
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010 LTM
M€
0
300
600
900
1,200
1,500
1,800
Net sales Personnel Personnel at the end of the period
Page 15 / 4.8.2011 / ©Vaisala
OutlookMarket outlook
Current increased uncertainty in the global economy and shifts in exchange rates are expected especially to affect Vaisala's weather related business. However, based on Vaisala's technology and the structure of Vaisala's customer base, the company's competitive position is expected to remain mostly unchanged in 2011.
The markets of the Controlled Environment business area continue to provide growth opportunities.
Financial guidance
Vaisala expects its net sales in 2011 to grow moderately from the preceding year's proforma net sales. Also the operating profit is expected to improve moderately. Proforma net sales in 2010 were EUR 254.6 million.
Vaisala’s long-term business outlook remains unchanged.