GLASTON CORPORATION Stock Exchange Release 24 June, 2009 at 14.00 p.m.
GLASTON'S NEW SEGMENTS
Glaston announced on 22 April, 2009, that it launches structural
actions to increase profitability. In addition to structural changes, the
product portfolio and the manufacturing footprint are rationalized, among others
by closing a manufacturing plant in Cinnaminson, USA, and by transferring
production to China and Finland.
In accordance with the announcement, Glaston has merged Pre-processing and Heat
Treatment segments into a new Machines segment. At the same time, maintenance
and service business was separated from the machine business to a new Services
segment.
Machines segment includes tempering, bending and laminating machines sold under
Tamglass and Uniglass brands and glass pre-processing machines sold under the
Bavelloni brand as well as tools manufacturing.
Services segment includes maintenance and service of glass processing machines,
sale of spare parts and tools as well as operating of glass processing factory
in Akaa, Finland, on behalf of a customer.
Software Solutions segment remains unchanged, and its product offering, sold
under the Albat+Wirsam brand, covers enterprise resource planning systems for
the glass industry, software for window and door glass manufacturers, and
software for glass processor's integrated line solutions.
The information in accordance of Glaston's new segments are presented in the
tables below. Glaston's January - June interim report will be reported in
accordance with the new segment structure.
SEGMENTS
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| Machines | | | | | |
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| EUR million | 1-3/ | 1-3/ | 1-6/ | 1-9/ | 1-12/ |
| | 2009 | 2008 | 2008 | 2008 | 2008 |
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| External net sales | 22.8 | 42.7 | 92.3 | 133.7 | 180.2 |
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| Internal net sales | 0.7 | 0.2 | 0.4 | 0.6 | 0.9 |
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| Net sales | 23.6 | 42.9 | 92.7 | 134.3 | 181.1 |
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| Share of associates' and | - | 0.0 | 0.0 | 0.0 | 0.0 |
| joint ventures' results | | | | | |
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| EBITDA | -4.3 | 2.9 | 7.1 | 7.7 | 10.2 |
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| EBIT excluding | -5.3 | 2.0 | 5.4 | 5.0 | 5.3 |
| non-recurring items | | | | | |
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| EBIT-% | -22.3 | 4.8 | 5.8 | 3.7 | 2.9 |
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| Non-recurring items | - | - | - | - | -9.5 |
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| EBIT | -5.3 | 2.0 | 5.4 | 5.0 | -4.2 |
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| Net working capital | 59.4 | 50.7 | 58.4 | 66.1 | 69.6 |
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| Number of personnel, | 820 | 778 | 799 | 815 | 825 |
| average | | | | | |
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| Number of personnel, end | 812 | 810 | 842 | 842 | 861 |
| of period | | | | | |
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| Services | | | | | |
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| EUR million | 1-3/ | 1-3/ | 1-6/ | 1-9/ | 1-12/ |
| | 2009 | 2008 | 2008 | 2008 | 2008 |
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| External net sales | 10.4 | 13.1 | 29.7 | 46.4 | 62.2 |
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| Internal net sales | 0.3 | 0.1 | 0.5 | 0.6 | 1.2 |
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| Net sales | 10.7 | 13.3 | 30.2 | 47.0 | 63.4 |
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| EBITDA | -1.0 | 0.9 | 2.7 | 5.5 | 8.5 |
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| EBIT excluding | -1.7 | 0.4 | 1.7 | 3.7 | 4.7 |
| non-recurring items | | | | | |
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| EBIT-% | -16.0 | 3.2 | 5.6 | 7.9 | 7.4 |
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| Non-recurring items | - | - | - | - | -2.2 |
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| EBIT | -1.7 | 0.4 | 1.7 | 3.7 | 2.5 |
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| Net working capital | 16.2 | 10.3 | 16.7 | 17.7 | 17.1 |
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| Number of personnel, | 387 | 413 | 419 | 414 | 413 |
| average | | | | | |
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| Number of personnel, end | 387 | 415 | 405 | 410 | 393 |
| of period | | | | | |
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| Software Solutions | | | | | |
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| EUR million | 1-3/ | 1-3/ | 1-6/ | 1-9/ | 1-12/ |
| | 2009 | 2008 | 2008 | 2008 | 2008 |
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| External net sales | 6.0 | 7.3 | 13.7 | 21.5 | 28.1 |
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| Internal net sales | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
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| Net sales | 6.0 | 7.3 | 13.7 | 21.5 | 28.2 |
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| Share of associates' and | - | - | - | - | 0.0 |
| joint ventures' results | | | | | |
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| EBITDA | 0.4 | 1.4 | 3.1 | 4.9 | 5.5 |
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| EBIT excluding | -0.4 | 1.0 | 2.2 | 3.6 | 3.7 |
| non-recurring items | | | | | |
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| EBIT-% | -6.0 | 13.2 | 16.0 | 16.8 | 13.3 |
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| Non-recurring items | - | - | - | - | -0.6 |
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| EBIT | -0.4 | 1.0 | 2.2 | 3.6 | 3.2 |
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| Net working capital | 7.1 | 5.3 | 5.0 | 7.0 | 5.8 |
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| Number of personnel, | 256 | 246 | 249 | 251 | 255 |
| average | | | | | |
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| Number of personnel, end of | 253 | 239 | 252 | 255 | 262 |
| period | | | | | |
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EBIT (= Operating result) = Profit / loss after depreciation, amortization and
impairment, share of joint ventures' and associates' results included
EBITDA = EBIT (= operating result) + depreciation, amortization and impairment
charges
Net working capital of segments = inventory + external trade receivables -
external trade payables - advance payments received
Non-recurring items consist of expenses arising from rationalization measures as
well as non-recurring costs for agreements and doubtful receivables from
previous years.
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| Glaston Group | | | | | |
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| Net sales | | | | | |
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| EUR million | 1-3/ | 1-3/ | 1-6/ | 1-9/ | 1-12/ |
| | 2009 | 2008 | 2008 | 2008 | 2008 |
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| Machines | 23.6 | 42.9 | 92.7 | 134.3 | 181.1 |
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| Services | 10.7 | 13.3 | 30.2 | 47.0 | 63.4 |
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| Software Solutions | 6.0 | 7.3 | 13.7 | 21.5 | 28.2 |
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| Other and internal net | -1.0 | -0.4 | -1.0 | -1.4 | -2.2 |
| sales | | | | | |
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| Glaston Group total | 39.2 | 63.1 | 135.7 | 201.5 | 270.4 |
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| EBIT | | | | | |
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| EUR million | 1-3/ | 1-3/ | 1-6/ | 1-9/ | 1-12/ |
| | 2009 | 2008 | 2008 | 2008 | 2008 |
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| Machines | -5.3 | 2.0 | 5.4 | 5.0 | 5.3 |
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| Services | -1.7 | 0.4 | 1.7 | 3.7 | 4.7 |
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| Software Solutions | -0.4 | 1.0 | 2.2 | 3.6 | 3.7 |
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| Other and eliminations | -1.6 | -1.8 | -3.8 | -5.8 | -7.6 |
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| EBIT excluding | -9.0 | 1.6 | 5.4 | 6.5 | 6.2 |
| non-recurring items | | | | | |
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| Non-recurring items | - | - | - | - | -12.3 |
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| EBIT | -9.0 | 1.6 | 5.4 | 6.5 | -6.1 |
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| Net financial items | 0.0 | -0.5 | 1.3 | 0.2 | -2.0 |
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| Result before income taxes | -9.0 | 1.1 | 6.7 | 6.7 | -8.1 |
| and non-controlling | | | | | |
| interest | | | | | |
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| Income taxes | 0.9 | -0.5 | -3.0 | -3.6 | -1.1 |
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| Result | -8.1 | 0.6 | 3.7 | 3.1 | -9.2 |
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| Number of personnel, | 1,490 | 1,461 | 1,492 | 1,507 | 1,519 |
| average | | | | | |
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| Number of personnel, end of | 1,480 | 1,490 | 1,529 | 1,534 | 1,541 |
| period | | | | | |
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QUARTERLY SEGMENT INFORMATION
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| Machines | | | | | |
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| EUR million | 1-3/ | 10-12/ | 7-9/ | 4-6/ | 1-3/ |
| | 2009 | 2008 | 2008 | 2008 | 2008 |
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| External sales | 22.8 | 46.5 | 41.4 | 49.6 | 42.7 |
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| Intersegment sales | 0.7 | 0.3 | 0.2 | 0.3 | 0.2 |
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| Net sales | 23.6 | 46.8 | 41.6 | 49.9 | 42.9 |
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| Share of associates' and | - | 0.0 | 0.0 | 0.0 | 0.0 |
| joint ventures' results | | | | | |
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| EBITDA | -4.3 | 2.5 | 0.6 | 4.1 | 2.9 |
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| EBIT excluding | -5.3 | 0.3 | -0.4 | 3.3 | 2.0 |
| non-recurring items | | | | | |
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| EBIT-% | -22.3 | 0.7 | -0.9 | 6.6 | 4.8 |
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| Non-recurring items | - | -9.5 | - | - | - |
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| EBIT | -5.3 | -9.1 | -0.4 | 3.3 | 2.0 |
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| Services | | | | | |
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| EUR million | 1-3/ | 10-12/ | 7-9/ | 4-6/ | 1-3/ |
| | 2009 | 2008 | 2008 | 2008 | 2008 |
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| External sales | 10.4 | 15.8 | 16.6 | 16.6 | 13.1 |
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| Intersegment sales | 0.3 | 0.5 | 0.2 | 0.3 | 0.1 |
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| Net sales | 10.7 | 16.4 | 16.8 | 16.9 | 13.3 |
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| EBITDA | -1.0 | 2.9 | 2.8 | 1.9 | 0.9 |
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| EBIT excluding | -1.7 | 1.0 | 2.0 | 1.3 | 0.4 |
| non-recurring items | | | | | |
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| EBIT-% | -16.0 | 6.2 | 12.0 | 7.5 | 3.2 |
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| Non-recurring items | - | -2.2 | - | - | - |
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| EBIT | -1.7 | -1.2 | 2.0 | 1.3 | 0.4 |
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| Software Solutions | | | | | |
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| EUR million | 1-3/ | 10-12/ | 7-9/ | 4-6/ | 1-3/ |
| | 2009 | 2008 | 2008 | 2008 | 2008 |
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| External sales | 6.0 | 6.6 | 7.8 | 6.4 | 7.3 |
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| Intersegment sales | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
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| Net sales | 6.0 | 6.6 | 7.8 | 6.4 | 7.3 |
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| Share of associates' and | - | 0.0 | - | - | - |
| joint ventures' results | | | | | |
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| EBITDA | 0.4 | 0.5 | 1.9 | 1.7 | 1.4 |
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| EBIT excluding | -0.4 | 0.1 | 1.4 | 1.2 | 1.0 |
| non-recurring items | | | | | |
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| EBIT-% | -6.0 | 1.8 | 18.1 | 19.3 | 13.2 |
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| Non-recurring items | - | -0.6 | - | - | - |
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| EBIT | -0.4 | -0.4 | 1.4 | 1.2 | 1.0 |
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GLASTON GROUP QUARTERLY INFORMATION
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| Net sales | | | | | |
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| EUR million | 1-3/ | 10-12/ | 7-9/ | 4-6/ | 1-3/ |
| | 2009 | 2008 | 2008 | 2008 | 2008 |
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| Machines | 23.6 | 46.8 | 41.6 | 49.9 | 42.9 |
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| Services | 10.7 | 16.4 | 16.8 | 16.9 | 13.3 |
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| Software Solutions | 6.0 | 6.6 | 7.8 | 6.4 | 7.3 |
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| Other and intersegment | -1.0 | -0.8 | -0.4 | -0.6 | -0.4 |
| sales | | | | | |
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| Glaston Group total | 39.2 | 68.9 | 65.8 | 72.6 | 63.1 |
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| EBIT | | | | | |
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| EUR million | 1-3/ | 10-12/ | 7-9/ | 4-6/ | 1-3/ |
| | 2009 | 2008 | 2008 | 2008 | 2008 |
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| Machines | -5.3 | 0.3 | -0.4 | 3.3 | 2.0 |
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| Services | -1.7 | 1.0 | 2.0 | 1.3 | 0.4 |
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| Software Solutions | -0.4 | 0.1 | 1.4 | 1.2 | 1.0 |
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| Other and eliminations | -1.6 | -1.8 | -2.0 | -2.0 | -1.8 |
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| EBIT excluding | -9.0 | -0.3 | 1.1 | 3.8 | 1.6 |
| non-recurring items | | | | | |
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| Non-recurring items | - | -12.3 | - | - | - |
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| EBIT | -9.0 | -0.3 | 1.1 | 3.8 | 1.6 |
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For additional information, please call:
Kimmo Lautanen, CFO, +358 10 500 6419
Sender:
Glaston Corporation
Agneta Selroos
IR and Communications Manager
Tel. +358 10 500 6105
Glaston Corporation
Glaston Corporation is a growing, international glass technology company.
Glaston is the global market leader in glass processing machines, and a
comprehensive One-Stop-Partner supplier to its customers. 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 Mid Cap List.
www.glaston.net