Glaston: Preliminary information on 2010 resultsHelsinki, Finland, 2011-02-08 08:00 CET --
GLASTON CORPORATION Stock Exchange Release 8.2.2011 at 9.00 a.m. (EET)
Glaston: Preliminary information on 2010 results
-
Orders received in January-December totalled EUR 148.3 (151.5) million. Orders received in the fourth quarter totalled EUR 39.7 (44.1) million.
-
Glaston’s order book on 31 December 2010 was EUR 42.1 (45.5) million.
-
Consolidated net sales in January-December were EUR 149.4 (151.8) million. Net sales for the last quarter totalled EUR 37.7 (35.8) million
-
The operating result in January-December was a loss of EUR 24.9 (55.3 loss) million,
i.e. -16.7 (-36.4)% of net sales.
-
Operating result excluding non-recurring items was a loss of EUR 11.3 (33.6 loss) million,
i.e. -7.5 (-22.2)% of net sales. In the fourth quarter the operating result excluding non-recurring items was a loss of EUR 3.9 (11.0 loss) million, i.e. -10.5 (-30.8)% of net sales.
-
Non-recurring items in 2010 totalled EUR -13.7 (-21.6) and were recognized during the last quarter of 2010.
-
Return on capital employed (ROCE) was -19.0 (-32.1)%.
|
CONDENSED INCOME STATEMENT |
|
|
|
|
|
EUR million |
10-12/
2010 |
10-12/
2009 |
1-12/
2010 |
1-12/
2009 |
|
|
|
|
|
|
|
Net sales |
37.7 |
35.8 |
149.4 |
151.8 |
|
Other operating income |
0.4 |
0.2 |
0.9 |
1.1 |
|
Expenses |
-47.0 |
-50.6 |
-160.3 |
-185.8 |
|
Share of associates and joint ventures' result |
0.0 |
-0.5 |
-0.4 |
-1.5 |
|
Depreciation, amortization and impairment |
-8.6 |
-13.3 |
-14.5 |
-20.9 |
|
Operating profit / loss |
-17.6 |
-28.4 |
-24.9 |
-55.3 |
|
Financial items, net |
-1.0 |
-0.7 |
-6.9 |
-2.3 |
|
Result before income taxes |
-18.5 |
-29.0 |
-31.8 |
-57.6 |
|
Income taxes |
-0.2 |
2.2 |
-0.2 |
4.0 |
|
Profit / loss for the period |
-18.8 |
-26.8 |
-32.0 |
-53.6 |
|
Attributable to: |
|
|
|
|
|
Owners of the parent |
-18.7 |
-26.8 |
-31.9 |
-53.6 |
|
Non-controlling interest |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total |
-18.8 |
-26.8 |
-32.0 |
-53.6 |
|
|
|
|
|
|
Earnings per share, EUR, basic |
-0.24 |
-0.34 |
-0.41 |
-0.68 |
|
Earnings per share, EUR, diluted |
-0.24 |
-0.34 |
-0.41 |
-0.68 |
|
|
|
|
|
|
|
Operating profit / loss, as % of net sales |
-46.7 |
-79.2 |
-16.7 |
-36.4 |
|
Profit / loss for the period, as % of net sales |
-49.8 |
-74.9 |
-21.4 |
-35.3 |
|
|
|
|
|
|
|
Non-recurring items included in operating profit / loss |
-13.7 |
-17.3 |
-13.7 |
-21.6 |
|
Operating profit / loss, non-recurring items excluded |
-3.9 |
-11.0 |
-11.3 |
-33.6 |
|
Operating profit / loss, non-recurring items excluded, as % of net sales |
-10.5 |
-30.8 |
-7.5 |
-22.2 |
|
CONDENSED STATEMENT OF FINANCIAL POSITION |
|
|
|
EUR million |
31.12.2010 |
31.12.2009 |
|
Assets |
|
|
|
Non-current assets |
|
|
|
Goodwill |
52.6 |
58.4 |
|
Other intangible assets |
18.8 |
19.7 |
|
Property, plant and equipment |
19.5 |
24.7 |
|
Investments in joint ventures and associates |
0.0 |
0.4 |
|
Available-for-sale assets |
0.3 |
0.3 |
|
Loan receivables |
4.5 |
5.9 |
|
Deferred tax assets |
8.9 |
8.5 |
|
Total non-current assets |
104.6 |
117.9 |
|
Current assets |
|
|
|
Inventories |
27.9 |
37.4 |
|
Receivables |
|
|
|
Trade and other receivables |
43.1 |
52.2 |
|
Assets for current tax |
0.8 |
3.6 |
|
Total receivables |
43.9 |
55.8 |
|
Cash equivalents |
15.7 |
15.6 |
|
Assets held for sale |
2.8 |
-- |
|
Total current assets |
90.3 |
108.8 |
|
Total assets |
194.9 |
226.7 |
|
|
|
|
|
|
31.12.2010 |
31.12.2009 |
|
Equity and liabilities |
|
|
|
Equity |
|
|
|
Share capital |
12.7 |
12.7 |
|
Share premium account |
25.3 |
25.3 |
|
Other reserves |
0.0 |
0.0 |
|
Reserve for invested unrestricted equity |
0.1 |
0.2 |
|
Treasury shares |
-3.3 |
-3.5 |
|
Fair value reserve |
0.0 |
0.0 |
|
Retained earnings and exchange differences |
36.3 |
87.9 |
|
Net result attributable to owners of the parent |
-31.9 |
-53.6 |
|
Equity attributable to owners of the parent |
39.1 |
69.0 |
|
Non-controlling interest |
0.3 |
0.3 |
|
Total equity |
39.5 |
69.4 |
|
Non-current liabilities |
|
|
|
Convertible bond |
26.2 |
20.1 |
|
Non-current interest-bearing liabilities |
0.0 |
4.7 |
|
Non-current interest-free liabilities and provisions |
4.3 |
7.3 |
|
Deferred tax liabilities |
4.7 |
6.6 |
|
Total non-current liabilities |
35.2 |
38.8 |
|
Current liabilities |
|
|
|
Current interest-bearing liabilities |
61.4 |
54.4 |
|
Current provisions |
7.0 |
9.8 |
|
Trade and other payables |
48.2 |
53.2 |
|
Liabilities for current tax |
0.8 |
1.0 |
|
Liabilities related to non-current assets held for sale |
2.8 |
-- |
|
Total current liabilities |
120.2 |
118.5 |
|
Total liabilities |
155.4 |
157.3 |
|
Total equity and liabilities |
194.9 |
226.7 |
|
CONDENSED STATEMENT OF CASH FLOWS |
|
|
|
EUR million |
1-12/2010 |
1-12/2009 |
|
Cash flows from operating activities |
|
|
|
|
|
|
|
Cash flow before change in net working capital |
-13.7 |
-29.8 |
|
Change in net working capital |
2.7 |
28.6 |
|
Net cash flow from operating activities |
-11.0 |
-1.2 |
|
Cash flow from investing activities |
|
|
|
Business combinations |
0.0 |
-0.5 |
|
Other purchases of non-current assets |
-4.4 |
-6.5 |
|
Investment in joint ventures |
-0.2 |
-2.0 |
|
Proceeds from sale of joint ventures |
0.4 |
-- |
|
Other |
-- |
0.1 |
|
Proceeds from sale of other non-current assets |
0.7 |
1.4 |
|
Net cash flow from investing activities |
-3.5 |
-7.5 |
|
Cash flow before financing |
-14.5 |
-8.7 |
|
Cash flow from financing activities |
|
|
|
Increase in non-current liabilities |
6.2 |
23.8 |
|
Decrease in non-current liabilities |
-1.2 |
-11.9 |
|
Changes in loan receivables (increase -- / decrease +) |
-0.1 |
-- |
|
Changes in short-term liabilities (increase + / decrease --) |
5.5 |
3.2 |
|
Dividends paid |
-- |
-3.9 |
|
Other financing |
1.4 |
1.2 |
|
Net cash flow from financing activities |
11.9 |
12.3 |
|
|
|
|
|
Effect of exchange rate changes |
2.7 |
0.4 |
|
Net change in cash and cash equivalents |
0.1 |
4.0 |
|
Cash and cash equivalents at the beginning of period |
15.6 |
11.5 |
|
Cash and cash equivalents at the end of period |
15.7 |
15.6 |
|
Net change in cash and cash equivalents |
0.1 |
4.0 |
|
KEY RATIOS |
|
|
|
|
31.12.2010 |
31.12.2009 |
|
|
|
|
|
EBITDA, as % of net sales (1 |
-6.9 |
-22.7 |
|
Operating profit / loss (EBIT), as % of net sales |
-16.7 |
-36.4 |
|
Net result, as % of net sales |
-21.4 |
-35.3 |
|
Equity ratio, % |
22.1 |
33.1 |
|
Net gearing, % |
189.0 |
91.9 |
|
Net interest-bearing debt, EUR million |
74.6 |
63.7 |
|
Capital employed, end of period, EUR million |
129.7 |
148.6 |
|
Return on equity, % |
-58.7 |
-55.5 |
|
Return on capital employed, % |
-19.0 |
-32.1 |
|
Number of personnel, average |
1,028 |
1,344 |
|
Number of personnel, end of period |
957 |
1,160 |
|
|
|
|
|
(1 EBITDA = Operating profit / loss + depreciation, amortization and impairment |
|
|
Net sales |
|
|
|
|
|
|
|
|
|
|
|
EUR million |
10-12/
2010 |
10-12/
2009 |
1-12/
2010 |
1-12/
2009 |
|
Machines |
23.6 |
21.9 |
95.0 |
92.5 |
|
Services |
8.8 |
8.2 |
32.0 |
37.7 |
|
Software Solutions |
5.8 |
6.3 |
23.9 |
23.9 |
|
Other and intersegment sales |
-0.5 |
-0.6 |
-1.5 |
-2.4 |
|
Glaston Group total |
37.7 |
35.8 |
149.4 |
151.8 |
|
EBIT |
|
|
|
|
|
EUR million |
10-12/
2010 |
10-12/
2009 |
1-12/
2010 |
1-12/
2009 |
|
Machines |
-2.7 |
-7.7 |
-8.5 |
-22.4 |
|
Services |
1.2 |
-0.5 |
3.3 |
-2.4 |
|
Software Solutions |
-0.3 |
-0.2 |
1.1 |
0.4 |
|
Other and eliminations |
-2.1 |
-2.7 |
-7.1 |
-9.3 |
|
EBIT excluding non-recurring items |
-3.9 |
-11.0 |
-11.3 |
-33.6 |
|
Non-recurring items |
-13.7 |
-17.3 |
-13.7 |
-21.6 |
|
EBIT |
-17.6 |
-28.4 |
-24.9 |
-55.3 |
|
Net financial items |
-1.0 |
-0.7 |
-6.9 |
-2.3 |
|
Result before income taxes and non-controlling interest |
-18.5 |
-29.0 |
-31.8 |
-57.6 |
|
Income taxes |
-0.2 |
2.2 |
-0.2 |
4.0 |
|
Result |
-18.8 |
-26.8 |
-32.0 |
-53.6 |
|
Net sales |
|
|
|
|
|
|
|
|
|
EUR million |
10-12/
2010 |
7-9/
2010 |
4-6/
2010 |
1-3/
2010 |
10-12/
2009 |
7-9/
2009 |
4-6/
2009 |
1-3/
2009 |
|
Machines |
23.6 |
18.5 |
28.5 |
24.3 |
21.9 |
17.3 |
29.8 |
23.6 |
|
Services |
8.8 |
7.8 |
7.3 |
8.2 |
8.2 |
9.1 |
9.7 |
10.7 |
|
Software Solutions |
5.8 |
6.1 |
6.0 |
6.1 |
6.3 |
5.8 |
5.9 |
6.0 |
|
Other and intersegment sales |
-0.5 |
-0.5 |
-0.2 |
-0.2 |
-0.6 |
-0.7 |
-0.2 |
-1.0 |
|
Glaston Group total |
37.7 |
31.9 |
41.5 |
38.4 |
35.8 |
31.5 |
45.2 |
39.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
EBIT |
|
|
|
|
|
|
|
|
|
EUR million |
10-12/
2010 |
7-9/
2010 |
4-6/
2010 |
1-3/
2010 |
10-12/
2009 |
7-9/
2009 |
4-6/
2009 |
1-3/
2009 |
|
Machines |
-2.7 |
-2.6 |
-1.7 |
-1.5 |
-7.7 |
-4.9 |
-4.6 |
-5.3 |
|
Services |
1.2 |
0.6 |
0.5 |
1.0 |
-0.5 |
-0.1 |
-0.2 |
-1.7 |
|
Software Solutions |
-0.3 |
0.2 |
0.5 |
0.7 |
-0.2 |
0.5 |
0.5 |
-0.4 |
|
Other and eliminations |
-2.1 |
-1.1 |
-2.1 |
-1.9 |
-2.7 |
-2.9 |
-1.9 |
-1.6 |
|
EBIT excluding non-recurring items |
-3.9 |
-2.8 |
-2.8 |
-1.7 |
-11.0 |
-7.4 |
-6.2 |
-9.0 |
|
Non-recurring items |
-13.7 |
-- |
-- |
-- |
-17.3 |
-- |
-4.3 |
-- |
|
EBIT |
-17.6 |
-2.8 |
-2.8 |
-1.7 |
-28.4 |
-7.4 |
-10.5 |
-9.0 |
|
|
|
|
|
|
|
|
|
|
|
Order book |
31.12.
2010 |
30.9.
2010 |
30.6.
2010 |
31.3.
2010 |
31.12.
2009 |
30.9.
2009 |
30.6.
2009 |
31.3.
2009 |
|
Machines |
37.4 |
34.7 |
25.6 |
32.4 |
39.8 |
35.8 |
30.8 |
38.2 |
|
Services |
1.2 |
1.9 |
0.9 |
0.7 |
1.6 |
1.6 |
2.3 |
4.0 |
|
Software Solutions |
3.5 |
4.0 |
3.7 |
3.8 |
4.1 |
3.5 |
4.0 |
3.7 |
|
Total Glaston Group |
42.1 |
40.7 |
30.2 |
36.9 |
45.5 |
40.9 |
37.1 |
45.9 |
|
Order intake |
|
|
|
EUR million |
1-12/2010 |
1-12/2009 |
|
Machines |
96.2 |
98.8 |
|
Services |
29.8 |
32.6 |
|
Software Solutions |
22.3 |
20.2 |
|
Total Glaston Group |
148.3 |
151.5 |
|
Order intake |
|
|
|
|
|
|
|
|
|
EUR million |
10-12/
2010 |
7-9/
2010 |
4-6/
2010 |
1-3/
2010 |
10-12/
2009 |
7-9/
2009 |
4-6/
2009 |
1-3/
2009 |
|
Machines |
26.8 |
25.3 |
23.8 |
20.3 |
30.1 |
23.0 |
30.0 |
15.7 |
|
Services |
8.0 |
7.7 |
7.4 |
6.7 |
8.5 |
7.8 |
7.6 |
8.7 |
|
Software Solutions |
4.8 |
6.1 |
5.5 |
5.9 |
5.5 |
4.4 |
5.2 |
5.1 |
|
Total Glaston Group |
39.7 |
39.0 |
36.7 |
32.9 |
44.1 |
35.2 |
42.8 |
29.5 |
All numbers in this stock exchange release are unaudited.
Glaston publishes its January-December 2010 Financial Statements on 1 March 2011 at 2 p.m. The press and analyst meeting is at the same day at 3 p.m. in Glaston’s office on Yliopistonkatu 7, Helsinki, Finland.
Additional information:
Arto Metsänen, CEO&President, phone. +358 10 500 6100
Tapio Engström, CFO, phone +358 10 500 6419
Glaston Corporation
Arto Metsänen
CEO&President
Distribution: NASDAQ OMX, media, www.glaston.net
Glaston Corporation
Glaston Corporation is an international glass technology companyand a pioneer of glass processing technology. Its product range and service network are the widest in the industry. Glaston's well–known brands are Bavelloni in pre-processing machines and tools, Tamglass and Uniglass in safety glass machines, and Albat+Wirsam in glass industry software.
Glaston's share (GLA1V) is listed on the NASDAQ OMX Helsinki Small Cap List.
|