Glaston: Preliminary information on 2010 results
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.