Vaisala Corporation Interim Report January–March 2023
Vaisala
Corporation Interim
Report May
5, 2023, at 9.00 a.m. (EEST)
Vaisala Corporation
Interim Report
January–March
2023Year started
with strong demand
First
quarter 2023
highlights
- Orders received EUR 132.0 (118.8)
million, increase 11%
- Order book at the end of the period
EUR 163.7 (146.1) million, increase 12%
- Net sales EUR 131.8 (118.8) million,
increase 11%
- Operating result (EBIT) EUR 13.3
(17.5) million, 10.1 (14.8) % of net sales
- Earnings per share EUR 0.27
(0.38)
- Cash flow from operating activities
EUR 26.9 (9.6) million
Market development
and business
outlook for
2023Markets for high-end
industrial instruments, life science, power and energy, and liquid
measurements are expected to grow.
Markets for renewable energy as well as roads and
automotive are expected to grow. Market for aviation is expected to
be stable or to grow. Market for meteorology is expected to be
stable.
Uncertainty in the business environment is high due
to weak economic outlook and high inflation. The war in Ukraine and
sanctions against Russia are not expected to have direct material
impact on Vaisala’s operations, financial position or cash flow.
The availability of components is expected to normalize during the
first half of 2023.
Vaisala continues to estimate that its full-year
2023 net sales will be in the range of EUR 530–570 million and its
operating result (EBIT) will be in the range of EUR 70–85
million.
Vaisala’s President and CEO Kai
Öistämö“Vaisala’s year 2023 started with strong demand.
Market activity remained high despite the uncertainty in the
business environment.
Our order intake grew by 11% and growth was strong
in both business areas. This time meteorology was the strongest
market segment followed by industrial instruments as well as roads
and automotive. Orders for life science market segment decreased
somewhat from previous year due to variation between quarters,
while outlook for the market segment’s growth remains strong.
Industrial Measurements business area’s net sales
growth was again strong 19% compared to previous year. Net sales
grew in all market segments and especially industrial instruments
continued its strong performance. Weather and Environment business
area’s net sales grew by 5%, growth coming mainly from roads and
automotive market segment. Subscription sales, which is strategic
growth area in Weather and Environment, increased by 27% following
acquisition of AerisWeather and successful launch of Vaisala
Xweather last year.
Our operating result was 10.1% of net sales.
Operating result margin decreased from previous year due to higher
operating expenses. The personnel investments made during last
year, especially in R&D as well as in sales and marketing,
increased our operating expense level. I am confident that these
investments will bring added value in the future despite the impact
on first quarter’s result.
The uncertainty in the business environment remains
high. The availability of components is expected to normalize
during the first half of 2023. We continue to estimate that our
full-year 2023 net sales will be in the range of EUR 530–570
million and operating result (EBIT) to be in the range of EUR 70–85
million.”
Key figures |
|
|
|
|
MEUR |
1-3/2023 |
1-3/2022 |
Change |
1-12/2022 |
Orders received |
132.0 |
118.8 |
11% |
500.8 |
Order book |
163.7 |
146.1 |
12% |
154.6 |
Net sales |
131.8 |
118.8 |
11% |
514.2 |
Gross profit |
73.9 |
66.8 |
11% |
282.0 |
Gross margin, % |
56.1 |
56.2 |
|
54.8 |
Operating expenses |
60.7 |
49.4 |
23% |
219.7 |
Operating result |
13.3 |
17.5 |
|
62.5 |
Operating result, % |
10.1 |
14.8 |
|
12.2 |
Result before taxes |
12.5 |
17.4 |
|
59.6 |
Result for the period |
9.6 |
13.8 |
|
45.1 |
Earnings per share |
0.27 |
0.38 |
-29% |
1.24 |
Return on equity, % |
16.0 |
24.8 |
|
18.7 |
Research and development costs |
17.9 |
14.6 |
22% |
62.4 |
Capital expenditure |
3.1 |
3.5 |
-12% |
13.7 |
Depreciation, amortization, and impairment |
5.9 |
5.6 |
5% |
23.6 |
Cash flow from operating activities |
26.9 |
9.6 |
179% |
29.8 |
Cash and cash equivalents |
75.4 |
70.5 |
7% |
55.5 |
Interest-bearing liabilities |
60.4 |
59.7 |
1% |
63.4 |
Gearing, % |
-6.5 |
-5.0 |
|
3.2 |
As of the beginning of 2023, Weather and
Environment business area’s subscription business has been excluded
from orders received and order book. Comparison period has been
reported accordingly.
Financial review
Q1/2023
Orders received and order book
MEUR |
1-3/2023 |
1-3/2022 |
Change |
FX* |
1-12/2022 |
Orders received |
132.0 |
118.8 |
11% |
11% |
500.8 |
Order book, end of period |
163.7 |
146.1 |
12% |
|
154.6 |
* Change with comparable exchange rates
First quarter 2023 orders received increased by 11%
compared to previous year and totaled EUR 132.0 (118.8) million.
Orders received grew in both business areas. Orders received grew
very strongly in meteorology, roads and automotive as well as in
industrial instruments market segments.
At the end of March 2023, order book amounted EUR
163.7 (146.1) million and increased by 12% compared to previous
year. Order book increased in both business areas. EUR 130.9
(115.0) million of the order book is scheduled to be delivered in
2023.
Financial
performance
MEUR |
1-3/2023 |
1-3/2022 |
Change |
FX** |
1-12/2022 |
Net sales |
131.8 |
118.8 |
11% |
11% |
514.2 |
Product sales |
99.1 |
88.1 |
12% |
|
375.5 |
Project sales |
14.8 |
15.8 |
-6% |
|
73.5 |
Service sales |
9.3 |
8.0 |
17% |
|
35.0 |
Subscription sales |
8.2 |
6.4 |
27% |
|
28.4 |
Lease income |
0.4 |
0.5 |
-19% |
|
1.7 |
Gross margin, % |
56.1 |
56.2 |
|
|
54.8 |
Operating result |
13.3 |
17.5 |
|
|
62.5 |
% of net sales |
10.1 |
14.8 |
|
|
12.2 |
|
|
|
|
|
|
R&D costs |
17.9 |
14.6 |
22% |
|
62.4 |
Amortization* |
2.1 |
2.0 |
|
|
8.2 |
* Amortization of intangible assets related to
the acquired businesses** Change with comparable exchange rates
First quarter 2023 net sales increased by 11%
compared to previous year and were EUR 131.8 (118.8) million. In
constant currencies, net sales increased by 11%. Net sales grew in
both business areas. Net sales increased strongly in industrial
instruments, life science as well as in roads and automotive market
segments.
Gross margin was at previous year’s level 56.1
(56.2) %. Additional costs related to component spot purchases had
a 1.3 (0.4) percentage point negative impact on gross margin.
First quarter 2023 operating result decreased
compared to previous year and was EUR 13.3 (17.5) million, 10.1
(14.8) % of net sales. Operating expenses increased due to
investments in sales and marketing as well as in R&D and IT
system renewal.
First quarter 2023 financial income and expenses
were EUR -0.8 (-0.2) million. This was mainly a result of valuation
of foreign currency denominated receivables and currency hedging.
Income taxes were EUR 2.9 (3.6) million and estimated effective tax
rate for the whole year was 23.0 (20.6) %. Result before taxes was
EUR 12.5 (17.4) million and result for the period EUR 9.6 (13.8)
million. Earnings per share was EUR 0.27 (0.38).
Statement of financial
position, cash flow and
financingVaisala’s financial position remained strong
during January–March 2023. At the end of March, statement of
financial position totaled EUR 443.2 (Dec 31, 2022: 439.2) million.
Cash and cash equivalents totaled EUR 75.4 (Dec 31, 2022: 55.5)
million. Dividend liability, decided by the Annual General Meeting
on March 28, 2023, totaled EUR 26.1 million.
In January–March 2023, cash flow from operating
activities increased to EUR 26.9 (9.6) million. This was mainly a
result of decrease in trade receivables.
On March 31, 2023, Vaisala had interest-bearing
borrowings totaling EUR 49.9 (Dec 31, 2022: 52.5) million. EUR 40.0
million of the interest-bearing borrowings related to a term loan,
which has a financial covenant (gearing) tested semi-annually. For
short term liquidity purposes, Vaisala had issued domestic
commercial papers totaling EUR 9.9 (Dec 31, 2022: 12.5) million on
March 31, 2023. Vaisala has also a EUR 50 million committed
revolving credit facility, which was undrawn on March 31, 2023. In
addition, interest-bearing lease liabilities totaled EUR 10.4 (Dec
31, 2022: 10.9) million.
Capital expenditureIn
January–March 2023, capital expenditure in intangible assets and
property, plant, and equipment totaled EUR 3.1 (3.5) million.
Capital expenditure was mainly related to investments in machinery
and equipment to develop and maintain Vaisala’s production,
R&D, and service operations as well as facilities.
Depreciation, amortization, and impairment were EUR
5.9 (5.6) million. This included EUR 2.1 (2.0) million of
amortization of identified intangible assets related to the
acquired businesses.
PersonnelThe average number of
personnel employed during January–March 2023 was 2,266 (2,021). At
the end of March 2023, the number of employees was 2,287 (Dec 31,
2022: 2,235). 77 (77) % of employees were located in EMEA, 16 (16)
% in Americas and 8 (8) % in APAC. 66 (66) % of employees were
based in Finland.
Q1/2023
review by business area
Industrial Measurements business
area
MEUR |
1-3/2023 |
1-3/2022 |
Change |
FX** |
1-12/2022 |
Orders received |
59.9 |
54.7 |
9% |
10% |
234.2 |
Order book, end of period |
38.6 |
35.1 |
10% |
|
41.8 |
Net sales |
63.0 |
53.1 |
19% |
19% |
225.6 |
Product sales |
58.2 |
49.0 |
19% |
|
208.1 |
Service sales |
4.8 |
4.1 |
18% |
|
17.5 |
Gross margin, % |
62.6 |
64.3 |
|
|
61.9 |
Operating result |
15.0 |
14.6 |
|
|
51.5 |
of net sales, % |
23.8 |
27.5 |
|
|
22.8 |
|
|
|
|
|
|
R&D costs |
7.1 |
5.8 |
22% |
|
25.3 |
Amortization* |
0.4 |
0.4 |
|
|
1.7 |
* Amortization of intangible assets related to
the acquired businesses** Change with comparable exchange rates
Q1/2023
reviewIndustrial Measurements business area’s
first quarter 2023 orders received increased by 9% compared to
previous year totaling EUR 59.9 (54.7) million. Orders received
grew in industrial instruments, liquid measurements as well as in
power and energy market segments, whereas orders received in life
science market segment decreased somewhat from previous year.
Growth of orders received was very strong in industrial instruments
market segment.
At the end of March 2023, Industrial Measurements
business area’s order book amounted to EUR 38.6 (35.1) million and
increased by 10% compared to previous year. EUR 34.7 (32.3) million
of the order book is scheduled to be delivered in 2023. Order book
increased in industrial instruments as well as in power and energy
market segments, whereas order book decreased somewhat in life
science and liquid measurements market segments.
First quarter 2023 net sales were EUR 63.0 (53.1)
million and increased by 19% compared to previous year. In constant
currencies, net sales increased by 19%. Net sales grew in all
market segments and growth was very strong in industrial
instruments, life science as well as in power and energy market
segments.
Gross margin decreased compared to previous year
and was 62.6 (64.3) %. Additional costs related to component spot
purchases had a 1.7 (0.6) percentage point negative impact on gross
margin.
Industrial Measurements business area’s first
quarter 2023 operating result increased compared to previous year
following growth in net sales and totaled EUR 15.0 (14.6) million,
23.8 (27.5) % of net sales. Operating expenses increased due to
investments in sales and marketing as well as in R&D and IT
system renewal.
Weather and Environment
business
area
MEUR |
1-3/2023 |
1-3/2022 |
Change |
FX** |
1-12/2022 |
Orders received |
72.1 |
64.0 |
13% |
12% |
266.6 |
Order book, end of period |
125.1 |
111.0 |
13% |
|
112.8 |
Net sales |
68.8 |
65.7 |
5% |
4% |
288.6 |
Product sales |
40.9 |
39.1 |
5% |
|
167.4 |
Project sales |
14.8 |
15.8 |
-6% |
|
73.5 |
Service sales |
4.5 |
3.9 |
15% |
|
17.5 |
Subscription sales |
8.2 |
6.4 |
27% |
|
28.4 |
Lease income |
0.4 |
0.5 |
-19% |
|
1.7 |
Gross margin, % |
50.2 |
49.7 |
|
|
49.3 |
Operating result |
-1.7 |
2.9 |
|
|
11.1 |
of net sales, % |
-2.5 |
4.4 |
|
|
3.8 |
|
|
|
|
|
|
R&D costs |
10.8 |
8.8 |
23% |
|
37.2 |
Amortization* |
1.7 |
1.6 |
|
|
6.6 |
* Amortization of intangible assets related to
the acquired businesses** Change with comparable exchange rates
Q1/2023
reviewWeather and Environment business area’s
first quarter 2023 orders received increased by 13% compared to
previous year and totaled EUR 72.1 (64.0) million. Orders received
grew very strongly in meteorology as well as in road and automotive
market segments, whereas orders received in renewable energy market
segment decreased. Orders received for aviation market segment were
at previous year’s level.
At the end of March 2023, Weather and Environment
business area’s order book amounted to EUR 125.1 (111.0)
million and increased by 13% compared to previous year. EUR 96.1
(82.7) million of the order book is scheduled to be delivered in
2023. Order book increased in all market segments.
First quarter 2023 net sales were EUR 68.8 (65.7)
million and increased by 5% compared to previous year. In constant
currencies, net sales increased by 4%. Net sales growth was very
strong in roads and automotive market segment. Net sales grew in
renewable energy market segment and decreased in meteorology and
aviation market segments.
Gross margin improved compared to previous year and
was 50.2 (49.7) %. Additional costs related to component spot
purchases had a 0.9 (0.2) percentage point negative impact on gross
margin. Underlying gross margin for product sales and subscription
sales improved compared to previous year.
Weather and Environment business area’s first
quarter 2023 operating result decreased compared to previous year
and totaled EUR -1.7 (2.9) million, -2.5 (4.4) % of net sales.
Operating expenses increased due to investments in sales and
marketing as well as in R&D and IT system renewal.
Annual General Meeting
2023Vaisala Corporation’s Annual
General Meeting was held on March 28, 2023. The meeting approved
the financial statements and discharged the members of the Board of
Directors and the President and CEO from liability for the
financial period January 1–December 31, 2022.
Dividend The Annual General
Meeting decided a dividend of EUR 0.72 per share. The record date
for the dividend payment was March 30, 2023, and the payment date
was April 12, 2023.
Board of DirectorsThe Annual
General Meeting confirmed that the number of Board members is
eight. Petri Castrén, Antti Jääskeläinen, Petra Lundström, Jukka
Rinnevaara, Kaarina Ståhlberg, Tuomas Syrjänen, Raimo Voipio and
Ville Voipio will continue as members of the Board of
Directors.
The Annual General Meeting confirmed that the
annual remuneration payable to the Chairman of the Board of
Directors is EUR 55,000 and each Board member EUR 40,000 per year.
Approximately 40% of the annual remuneration will be paid in
Vaisala Corporation’s series A shares acquired from the market and
the rest in cash. In addition, the Annual General Meeting confirmed
that the meeting fee for the Chairman of the Audit Committee would
be EUR 1,500 per attended meeting and EUR 1,000 for each member of
the Audit Committee and Chairman and each member of the People and
Sustainability Committee, the Nomination Committee and any other
committee established by the Board of Directors for a term until
the close of the Annual General Meeting in 2024. The meeting fees
are paid in cash. Possible travel expenses are reimbursed according
to the travel policy of the company.
AuditorThe Annual General Meeting
elected PricewaterhouseCoopers Oy as the auditor of the company and
APA Niina Vilske will act as the auditor with the principal
responsibility. The Auditors are reimbursed according to invoice
presented to the company.
Proposal by the Board of Directors to amend
the articles of associationThe Annual General Meeting
resolved to amend the articles of association so that the § 6 of
Articles of Association stipulates that the term of Board members
from now on terminates on the closing of the first Annual General
Meeting, and the number of board members is 6–9, and § 13 of
Articles of Association stipulates that a general meeting can be
organized without a meeting venue as a so-called remote
meeting.
Authorization for the directed repurchase
of own series A sharesThe Annual General Meeting
authorized the Board of Directors to resolve on the directed
repurchase of a maximum of 800,000 of the company's own series A
shares in one or more instalments by using company's unrestricted
equity. The authorization is valid until the closing of the next
Annual General Meeting, however, no longer than September 28,
2024.
Authorization on the issuance of the
company's own series A sharesThe Annual General Meeting
authorized the Board of Directors to resolve on the issuance of a
maximum of 935,976 company's own series A shares. The issuance of
own shares may be carried out in deviation from the shareholders'
pre-emptive rights (directed issue). The authorization entitles the
issuance of treasury series A shares as a directed issue without
payment as part of the company's share-based incentive plan. The
subscription price of the shares can instead of cash also be paid
in full or in part as contribution in kind. The authorization is
valid until September 28, 2024. The authorization for the company's
incentive program shall however be valid until March 28, 2027.
The organizing meeting of the Board of
DirectorsAt its organizing meeting held after the Annual
General Meeting the Board elected Ville Voipio as the Chair of the
Board of Directors and Raimo Voipio as the Vice Chair.
Kaarina Ståhlberg was elected as the Chair and
Petri Castrén, Antti Jääskeläinen and Raimo Voipio as members of
the Audit Committee. Ville Voipio was elected as the Chair and
Petra Lundström, Jukka Rinnevaara and Tuomas Syrjänen as members of
the People and Sustainability Committee. Ville Voipio was elected
as the Chair and Petra Lundström, Kaarina Ståhlberg and Raimo
Voipio as members of the Nomination Committee. The Chair and all
members of the Audit Committee, People and Sustainability Committee
as well as Nomination Committee are independent both of the company
and of significant shareholders.
Shares and
shareholdersShare capital and
sharesVaisala’s share capital totaled EUR 7,660,808 on
March 31, 2023. Vaisala has 36,436,728 shares, of which 6,731,092
are series K shares and 29,705,636 series A shares. The series K
shares and series A shares are differentiated by the fact that each
series K share entitles its owner to 20 votes at a General Meeting
of Shareholders while each series A share entitles its owner to 1
vote. The series A shares represented 81.5% of the total number of
shares and 18.1% of the total votes. The series K shares
represented 18.5% of the total number of shares and 81.9% of the
total votes.
Trading and share price
developmentIn January–March 2023, a total of 600,138
series A shares with a value totaling EUR 24.1 million were traded
on the Nasdaq Helsinki Ltd. The closing price of the series A share
on the Nasdaq Helsinki stock exchange was EUR 39.75. Shares
registered a high of EUR 43.45 and a low of EUR 37.70.
Volume-weighted average share price was EUR 40.12.
The market value of series A shares on March 31,
2023, was EUR 1,175.4 million, excluding company’s treasury shares.
Valuing the series K shares – which are not traded on the stock
market – at the rate of the series A share’s closing price on the
last trading day of March, the total market value of all the series
A and series K shares together was EUR 1,443.0 million, excluding
company’s treasury shares.
Treasury sharesIn March 2023, a
total of 72,511 of Vaisala Corporation's treasury shares were
conveyed without consideration to the 43 key employees
participating in the Performance Share Plan 2020–2022 under the
terms and conditions of the plan. The directed share issue was
based on an authorization given by the Annual General Meeting held
on March 29, 2022.
Following this directed share issue, the number of
series A treasury shares on March 31, 2023, was 135,976, which
represents 0.5% of series A shares and 0.4% of total shares.
ShareholdersAt the end of March
2023, Vaisala had 14,002 (13,194) registered shareholders.
Ownership outside of Finland and nominee registrations represented
21.3 (20.7) % of the company's shares. Households owned 40.5
(40.4) %, private companies 12.8 (12.8) %, financial and
insurance institutions 11.5 (12.2) %, non-profit organizations 10.1
(10.5) % and public sector organizations 3.9 (3.4) % of the
shares.
More information about Vaisala’s shares and
shareholders are presented on the company’s website at
vaisala.com/investors.
Events after reporting periodOn
March 31, 2023, Vaisala signed a EUR 50 million unsecured term loan
agreement with one of its core banks in order to refinance the term
loan, EUR 40 million. On April 5, 2023, EUR 50 million loan was
fully utilized, and EUR 40 million loan was repaid.
This new loan matures in three years from the
signing date and has a financial covenant (gearing), which is
tested semi-annually. This facility will be used for refinancing of
existing indebtedness as well as for general corporate and working
capital purposes.
Near-term risks and
uncertaintiesThe war in Ukraine will affect economic
situation especially in Europe and increase risk of achieving
Vaisala’s financial targets. Impact of COVID-19 on Vaisala’s
business is depending on development of possible new virus variants
and regional outbreaks.
Vaisala’s delivery capability may deteriorate due
to disruptions in suppliers’ operations, Vaisala’s production or
project delivery operation, or disruptions in incoming and/or
outgoing logistics. Industrial actions in Finland may cause
disruptions in Vaisala’s operations and deteriorate Vaisala’s
delivery capability. Component shortage may cause delays or
interruptions in deliveries or generate additional material costs.
Cyber risk and downtime of IT systems may impact operations and
delivery capability.
New and changing regulations impacting product
acceptance, operation’s capability to meet changing compliance
requirements, and changes in international trade policies may cause
delays or interruptions in supply chain. Customers’ preference for
local manufacturing may reduce demand for Vaisala’s products and
services. Customers’ budgetary constraints, complex decision-making
processes, and missing financing solutions may postpone closing of
infrastructure contracts in Weather and Environment business
area.
Further information about risk management and risks
are available on Annual Report’s Corporate Governance/Risk
management section and on the company’s website at vaisala.com.
Financial calendar
2023Half Year Financial
Report 2023, July 28, 2023Interim Report January–September 2023,
October 27, 2023
Vantaa, May 4, 2023
Vaisala CorporationBoard of Directors
The forward-looking statements in this report are
based on the current expectations, known factors, decisions, and
plans of Vaisala's management. Although the management believes
that the expectations reflected in these forward-looking statements
are reasonable, there is no assurance that these expectations would
prove to be correct. Therefore, the results could differ materially
from those implied in the forward-looking statements, due to for
example changes in the economic, market and competitive
environments, regulatory or other government-related changes, or
shifts in exchange rates.
Financial information and changes in
accounting policiesThis Interim Report has been prepared
in accordance with IAS 34 Interim Financial Reporting, following
the same accounting policies and principles as in the annual
financial statements for 2022. All figures in this Interim Report
are group figures. All presented figures have been rounded and
consequently the sum of individual figures may deviate from the sum
presented. The Interim Report is unaudited.
Preparation of Interim Report in accordance with
IFRS requires Vaisala’s management to make estimates and
assumptions that affect the valuation of the reported assets and
liabilities and the recognition of income and expenses in statement
of income. Although estimates are based on management’s best
knowledge at the date of Interim Report, actual results may differ
from those estimates.
New and amended IFRS
standards effective for the year
2023Amendments to IAS 1, IAS 1
and IFRS Practice Statement 2 as well as IAS 8 have been adopted
from January 1, 2023. The adoption of these amendments is not
expected to have an impact on the group’s consolidated financial
statements in future periods.
Amendments to IAS 12 Income Taxes: Deferred
Tax related to Assets and Liabilities arising from a Single
TransactionThe amendments are effective for annual
reporting periods beginning on or after January 1, 2023. Vaisala
has applied the amendments in accordance with transition rule with
the effect of initial application recognized as of January 1,
2022.
The amendments introduce a further exception from
the initial recognition exemption. Under the amendments, an entity
does not apply the initial recognition exemption for transactions
that give rise to equal taxable and deductible temporary
differences. Following the amendments to IAS 12, an entity is
required to recognize the related deferred tax asset and liability,
with the recognition of any deferred tax asset being subject to the
recoverability criteria in IAS 12.
The amendments apply to transactions that occur on
or after the beginning of the earliest comparative period
presented. In addition, at the beginning of the earliest
comparative period an entity recognizes:
- A deferred tax
asset and a deferred tax liability for all deductible and taxable
temporary differences associated with:
- Right-of-use assets
and lease liabilities
- Decommissioning,
restoration and similar liabilities and the corresponding amounts
recognized as part of the cost of the related asset
- The cumulative
effect of initially applying the amendments as an adjustment to the
opening balance of retained earnings (or other component of equity,
as appropriate) at that date
Table below presents year 2022 quarterly
comparative figures after amendments described above:
|
1-3/2022 |
4-6/2022 |
7-9/2022 |
10-12/2022 |
1-12/2022 |
EUR million |
Earlier reported |
Restated |
Earlier reported |
Restated |
Earlier reported |
Restated |
Earlier reported |
Restated |
Earlier reported |
Restated |
Income taxes |
-3.6 |
-3.6 |
-3.1 |
-3.1 |
-4.7 |
-4.7 |
-3.2 |
-3.2 |
-14.5 |
-14.5 |
Result for the period |
13.8 |
13.8 |
6.2 |
6.2 |
16.1 |
16.1 |
9.0 |
9.0 |
45.0 |
45.1 |
Attributable to |
|
|
|
|
|
|
|
|
|
|
Owners of the parent |
|
|
|
|
|
|
|
|
|
|
company |
13.6 |
13.6 |
6.4 |
6.4 |
16.1 |
16.1 |
9.0 |
9.0 |
45.0 |
45.0 |
Non-controlling interests |
0.2 |
0.2 |
-0.2 |
-0.2 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
Comprehensive income for |
|
|
|
|
|
|
|
|
|
|
the period |
15.2 |
15.2 |
10.4 |
10.4 |
20.7 |
20.7 |
1.0 |
1.0 |
47.3 |
47.3 |
Attributable to |
|
|
|
|
|
|
|
|
|
|
Owners of the parent |
|
|
|
|
|
|
|
|
|
|
company |
15.0 |
15.0 |
10.6 |
10.6 |
20.7 |
20.7 |
1.0 |
1.0 |
47.3 |
47.3 |
Non-controlling interests |
0.2 |
0.2 |
-0.2 |
-0.2 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
Retained earnings |
206.8 |
206.6 |
213.9 |
213.7 |
230.0 |
229.7 |
238.7 |
238.5 |
238.7 |
238.5 |
Total equity |
215.6 |
215.4 |
226.8 |
226.6 |
248.6 |
248.4 |
250.7 |
250.5 |
250.7 |
250.5 |
Deferred tax liabilities |
7.0 |
7.2 |
6.8 |
7.1 |
6.6 |
6.8 |
4.3 |
4.5 |
4.3 |
4.5 |
Total non-current liabilities |
58.0 |
58.2 |
17.3 |
17.6 |
18.4 |
18.7 |
17.6 |
17.9 |
17.6 |
17.9 |
Total liabilities |
214.3 |
214.5 |
191.2 |
191.4 |
189.1 |
189.3 |
188.5 |
188.7 |
188.5 |
188.7 |
Total equity and liabilities |
429.9 |
429.9 |
418.0 |
418.0 |
437.7 |
437.7 |
439.2 |
439.2 |
439.2 |
439.2 |
Earnings per share, EUR |
0.38 |
0.38 |
0.18 |
0.18 |
0.44 |
0.44 |
0.25 |
0.25 |
1.24 |
1.24 |
Diluted earnings per share, |
|
|
|
|
|
|
|
|
|
|
EUR |
0.37 |
0.37 |
0.18 |
0.18 |
0.44 |
0.44 |
0.25 |
0.25 |
1.24 |
1.24 |
Equity per share, EUR |
|
|
|
|
|
|
|
|
6.92 |
6.91 |
Return on equity, % |
|
|
|
|
|
|
|
|
18.7 |
18.7 |
Solvency ratio, % |
|
|
|
|
|
|
|
|
58.2 |
58.1 |
Gearing, % |
|
|
|
|
|
|
|
|
3.2 |
3.2 |
Consolidated statement of income |
|
|
|
EUR million |
1-3/2023 |
1-3/2022 |
1-12/2022 |
Net sales |
131.8 |
118.8 |
514.2 |
Cost of goods sold |
-57.9 |
-52.0 |
-232.2 |
Gross profit |
73.9 |
66.8 |
282.0 |
|
|
|
|
Sales, marketing, and administrative costs |
-42.8 |
-34.8 |
-157.3 |
Research and development costs |
-17.9 |
-14.6 |
-62.4 |
Other operating income and expenses |
0.0 |
0.2 |
0.3 |
Operating result |
13.3 |
17.5 |
62.5 |
|
|
|
|
Share of result in associated company |
- |
- |
0.2 |
Financial income and expenses |
-0.8 |
-0.2 |
-3.1 |
Result before taxes |
12.5 |
17.4 |
59.6 |
|
|
|
|
Income taxes |
-2.9 |
-3.6 |
-14.5 |
Result for the period |
9.6 |
13.8 |
45.1 |
|
|
|
|
Attributable to |
|
|
|
Owners of the parent company |
9.6 |
13.6 |
45.0 |
Non-controlling interests |
- |
0.2 |
0.0 |
Result for the period |
9.6 |
13.8 |
45.1 |
|
|
|
|
Earnings per share for result attributable to the equity
holders of the parent company |
|
|
|
Earnings per share, EUR |
0.27 |
0.38 |
1.24 |
Diluted earnings per share, EUR |
0.26 |
0.37 |
1.24 |
Consolidated statement of comprehensive
income |
EUR million |
1-3/2023 |
1-3/2022 |
1-12/2022 |
Items that will not be reclassified to profit or loss (net
of taxes) |
|
|
|
Actuarial profit (loss) on post-employment benefits |
0.0 |
0.0 |
-0.2 |
Total |
0.0 |
0.0 |
-0.2 |
|
|
|
|
Items that may be reclassified subsequently to profit or
loss |
|
|
|
Translation differences |
-1.7 |
1.4 |
2.4 |
Total |
-1.7 |
1.4 |
2.4 |
|
|
|
|
Total other comprehensive income |
-1.7 |
1.4 |
2.2 |
|
|
|
|
Comprehensive income for the period |
7.9 |
15.2 |
47.3 |
|
|
|
|
Attributable to |
|
|
|
Owners of the parent company |
7.9 |
15.0 |
47.3 |
Non-controlling interests |
- |
0.2 |
0.0 |
Comprehensive income for the period |
7.9 |
15.2 |
47.3 |
Consolidated statement of financial position |
|
|
|
EUR million |
|
|
|
Assets |
Mar 31, 2023 |
Mar 31, 2022 |
Dec 31, 2022 |
|
|
|
|
Non-current assets |
|
|
|
Intangible assets |
68.8 |
79.6 |
71.3 |
Property, plant, and equipment |
95.4 |
94.7 |
96.0 |
Right-of-use assets |
11.4 |
10.6 |
11.9 |
Investments in shares |
0.1 |
0.1 |
0.1 |
Investment in associated company |
1.4 |
1.3 |
1.4 |
Non-current receivables |
0.9 |
0.9 |
1.0 |
Deferred tax assets |
8.3 |
7.7 |
9.5 |
Total non-current assets |
186.3 |
194.9 |
191.1 |
|
|
|
|
Current assets |
|
|
|
Inventories |
65.6 |
55.7 |
61.6 |
Trade and other receivables |
88.5 |
80.1 |
101.7 |
Contract assets and other accrued revenue |
24.1 |
26.1 |
26.2 |
Income tax receivables |
3.3 |
2.6 |
3.1 |
Cash and cash equivalents |
75.4 |
70.5 |
55.5 |
Total current assets |
257.0 |
234.9 |
248.1 |
|
|
|
|
Total assets |
443.2 |
429.9 |
439.2 |
Equity and liabilities |
Mar 31, 2023 |
Mar 31, 2022 |
Dec 31, 2022 |
|
|
|
|
Equity |
|
|
|
Share capital |
7.7 |
7.7 |
7.7 |
Other reserves |
-0.1 |
0.5 |
3.5 |
Translation differences |
2.4 |
3.1 |
4.1 |
Treasury shares |
-2.1 |
-3.3 |
-3.3 |
Retained earnings |
222.0 |
206.6 |
238.5 |
Total equity attributable to owners of parent
company |
229.8 |
214.5 |
250.5 |
|
|
|
|
Non-controlling interests |
- |
0.9 |
0.0 |
|
|
|
|
Total equity |
229.8 |
215.4 |
250.5 |
|
|
|
|
Non-current liabilities |
|
|
|
Interest-bearing borrowings |
0.0 |
40.0 |
0.0 |
Interest-bearing lease liabilities |
8.0 |
7.4 |
8.3 |
Post-employment benefits |
2.7 |
2.5 |
2.7 |
Deferred tax liabilities |
4.0 |
7.2 |
4.5 |
Provisions |
0.3 |
0.3 |
0.3 |
Other non-current liabilities |
5.8 |
0.8 |
2.1 |
Total non-current liabilities |
20.8 |
58.2 |
17.9 |
|
|
|
|
Current liabilities |
|
|
|
Interest-bearing borrowings |
50.0 |
10.1 |
52.5 |
Interest-bearing lease liabilities |
2.5 |
2.3 |
2.7 |
Trade and other payables |
99.8 |
108.4 |
74.0 |
Contract liabilities and other deferred revenue |
36.6 |
31.8 |
37.1 |
Income tax liabilities |
1.3 |
1.3 |
1.8 |
Provisions |
2.5 |
2.5 |
2.8 |
Total current liabilities |
192.6 |
156.3 |
170.8 |
|
|
|
|
Total liabilities |
213.4 |
214.5 |
188.7 |
|
|
|
|
Total equity and liabilities |
443.2 |
429.9 |
439.2 |
Consolidated cash flow statement |
|
|
|
EUR million |
1-3/2023 |
1-3/2022 |
1-12/2022 |
Result for the period |
9.6 |
13.8 |
45.1 |
|
|
|
|
Depreciation, amortization, and impairment |
5.9 |
5.6 |
23.6 |
Financial income and expenses |
0.8 |
0.2 |
3.1 |
Gains and losses on sale of intangible assets and property,
plant, |
|
|
|
and equipment |
- |
- |
0.0 |
Share of result in associated company |
- |
- |
-0.2 |
Income taxes |
2.9 |
3.6 |
14.5 |
Other adjustments |
-2.3 |
-2.7 |
0.3 |
|
|
|
|
Inventories, increase (-) / decrease (+) |
-4.1 |
-6.3 |
-11.2 |
Non-interest-bearing receivables, increase (-) / decrease (+) |
14.8 |
-3.7 |
-26.0 |
Non-interest-bearing liabilities, increase (+) / decrease (-) |
4.1 |
1.3 |
-0.8 |
Changes in working capital |
14.8 |
-8.8 |
-38.0 |
|
|
|
|
Financial items paid/received |
-1.1 |
-0.7 |
-4.9 |
Income taxes paid |
-3.6 |
-1.4 |
-13.6 |
Cash flow from operating activities |
26.9 |
9.6 |
29.8 |
|
|
|
|
Acquisition of subsidiaries, net of cash acquired |
- |
-23.1 |
-23.1 |
Capital expenditure on intangible assets and property, plant, |
|
|
|
and equipment |
-3.1 |
-3.5 |
-13.7 |
Proceeds from sale of intangible assets and property, plant, |
|
|
|
and equipment |
- |
0.0 |
0.0 |
Cash flow from investing activities |
-3.1 |
-26.6 |
-36.8 |
|
|
|
|
Dividends paid |
- |
- |
-24.6 |
Change in loan receivables |
0.0 |
0.0 |
-0.1 |
Proceeds from borrowings |
17.4 |
10.0 |
114.9 |
Repayment of borrowings |
-20.0 |
0.0 |
-102.4 |
Principal payments of lease liabilities |
-0.7 |
-0.7 |
-2.9 |
Cash flow from financing activities |
-3.3 |
9.3 |
-15.1 |
|
|
|
|
Change in cash and cash equivalents increase (+) / decrease
(-) |
20.5 |
-7.6 |
-22.1 |
|
|
|
|
Cash and cash equivalents at the beginning of period |
55.5 |
77.9 |
77.9 |
Change in cash and cash equivalents |
20.5 |
-7.6 |
-22.1 |
Effect from changes in exchange rates |
-0.6 |
0.3 |
-0.3 |
Cash and cash equivalents at the end of
period |
75.4 |
70.5 |
55.5 |
Consolidated statement of changes in equity |
|
EUR million |
Share capital |
Other reserves |
Translation differences |
Treasury shares |
Retained earnings |
Equity attributable to owners of the parent company |
Non-controlling interests |
Total |
|
|
|
|
|
|
|
|
|
Equity at Dec 31, 2021 |
7.7 |
7.0 |
1.7 |
-4.6 |
218.0 |
229.6 |
0.7 |
230.3 |
|
|
|
|
|
|
|
|
|
Adjustment to opening balance |
|
|
|
|
|
|
|
|
IAS 12 amendment |
|
|
|
|
-0.2 |
-0.2 |
|
-0.2 |
|
|
|
|
|
|
|
|
|
Equity at Jan 1, 2022 |
7.7 |
7.0 |
1.7 |
-4.6 |
217.8 |
229.4 |
0.7 |
230.1 |
|
|
|
|
|
|
|
|
|
Result for the period |
|
|
|
|
13.6 |
13.6 |
0.2 |
13.8 |
Other comprehensive income |
|
0.0 |
1.4 |
|
|
1.4 |
|
1.4 |
Dividend distribution |
|
|
|
|
-24.6 |
-24.6 |
|
-24.6 |
Share-based payments |
|
-6.5 |
|
1.4 |
|
-5.1 |
|
-5.1 |
Equity at Mar 31,
2022 |
7.7 |
0.5 |
3.1 |
-3.3 |
206.6 |
214.5 |
0.9 |
215.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EUR million |
Share capital |
Other reserves |
Translation differences |
Treasury shares |
Retained earnings |
Equity attributable to owners of the parent company |
Non-controlling interests |
Total |
|
|
|
|
|
|
|
|
|
Equity at Dec 31, 2022 |
7.7 |
3.5 |
4.1 |
-3.3 |
238.5 |
250.5 |
0.0 |
250.5 |
|
|
|
|
|
|
|
|
|
Result for the period |
|
|
|
|
9.6 |
9.6 |
|
9.6 |
Other comprehensive income |
|
-0.0 |
-1.7 |
|
|
-1.7 |
|
-1.7 |
Dividend distribution |
|
|
|
|
-26.1 |
-26.1 |
|
-26.1 |
Share-based payments |
|
-3.6 |
|
1.2 |
|
-2.5 |
|
-2.5 |
Changes in non-controlling interests |
|
|
|
|
|
|
|
|
that did not result in changes in |
|
|
|
|
|
|
|
|
control |
|
|
|
|
0.0 |
0.0 |
-0.0 |
|
Equity at Mar 31,
2023 |
7.7 |
-0.1 |
2.4 |
-2.1 |
222.0 |
229.8 |
- |
229.8 |
Notes to the report |
|
|
|
|
|
|
|
Orders received by business area |
|
|
|
EUR million |
1-3/2023 |
1-3/2022 |
1-12/2022 |
Industrial Measurements |
59.9 |
54.7 |
234.2 |
Weather and Environment |
72.1 |
64.0 |
266.6 |
Total |
132.0 |
118.8 |
500.8 |
|
|
|
|
Order book by business area |
|
|
|
EUR million |
1-3/2023 |
1-3/2022 |
1-12/2022 |
Industrial Measurements |
38.6 |
35.1 |
41.8 |
Weather and Environment |
125.1 |
111.0 |
112.8 |
Total |
163.7 |
146.1 |
154.6 |
|
|
|
|
Net sales by business area |
|
|
|
EUR million |
1-3/2023 |
1-3/2022 |
1-12/2022 |
Industrial Measurements |
|
|
|
Product sales |
58.2 |
49.0 |
208.1 |
Service sales |
4.8 |
4.1 |
17.5 |
Total |
63.0 |
53.1 |
225.6 |
|
|
|
|
Weather and Environment |
|
|
|
Product sales |
40.9 |
39.1 |
167.4 |
Project sales |
14.8 |
15.8 |
73.5 |
Service sales |
4.5 |
3.9 |
17.5 |
Subscription sales |
8.2 |
6.4 |
28.4 |
Lease income |
0.4 |
0.5 |
1.7 |
Total |
68.8 |
65.7 |
288.6 |
|
|
|
|
Total net sales |
131.8 |
118.8 |
514.2 |
|
|
|
|
Operating result by business area |
|
|
|
EUR million |
1-3/2023 |
1-3/2022 |
1-12/2022 |
Industrial Measurements |
15.0 |
14.6 |
51.5 |
Weather and Environment |
-1.7 |
2.9 |
11.1 |
Other |
0.0 |
0.1 |
-0.1 |
Total |
13.3 |
17.5 |
62.5 |
|
|
|
|
Net sales by region |
|
|
|
EUR million |
1-3/2023 |
1-3/2022 |
1-12/2022 |
Americas |
45.8 |
37.4 |
191.2 |
APAC |
44.1 |
41.7 |
160.3 |
EMEA |
41.9 |
39.8 |
162.7 |
Total |
131.8 |
118.8 |
514.2 |
Timing of revenue recognition |
|
|
|
EUR million |
1-3/2023 |
1-3/2022 |
1-12/2022 |
Performance obligations satisfied at a point in time |
107.9 |
95.3 |
408.1 |
Performance obligations satisfied over time |
23.5 |
23.0 |
104.4 |
Lease income recognized on a straight-line basis |
0.4 |
0.5 |
1.7 |
Total |
131.8 |
118.8 |
514.2 |
|
|
|
|
Personnel |
|
|
|
|
1-3/2023 |
1-3/2022 |
1-12/2022 |
Average personnel |
2,266 |
2,021 |
2,141 |
Personnel at the end of period |
2,287 |
2,037 |
2,235 |
|
|
|
|
Derivative financial instruments |
|
|
|
EUR million |
Mar 31, 2023 |
Mar 31, 2022 |
Dec 31, 2022 |
Nominal value of derivative financial contracts |
42.8 |
38.3 |
38.3 |
|
|
|
|
Fair values of derivative financial contracts, assets |
1.3 |
0.2 |
1.0 |
Fair values of derivative financial contracts, liabilities |
0.1 |
0.9 |
0.5 |
|
|
|
|
Derivative financial instruments consist solely of foreign exchange
forward contracts, and they are measured based on price information
derived from active markets and commonly used valuation methods
(Fair value hierarchy 2). Derivative financial contracts are
executed only with counterparties that have high credit
ratings. |
Share information |
|
|
|
EUR/thousand |
1-3/2023 |
1-3/2022 |
1-12/2022 |
Number of shares outstanding |
36,301 |
36,228 |
36,228 |
Number of treasury shares |
136 |
208 |
208 |
Number of shares, weighted average, diluted |
36,349 |
36,285 |
36,367 |
Number of shares, weighted average |
36,251 |
36,141 |
36,207 |
Number of shares traded |
600 |
1,017 |
2,385 |
Share price, highest |
43.45 |
54.40 |
54.40 |
Share price, lowest |
37.70 |
38.35 |
36.15 |
|
|
|
|
Key ratios |
|
|
|
EUR |
1-3/2023 |
1-3/2022 |
1-12/2022 |
Earnings per share |
0.27 |
0.38 |
1.24 |
Diluted earnings per share |
0.26 |
0.37 |
1.24 |
Equity per share |
6.33 |
5.92 |
6.91 |
Return on equity, % |
16.0 |
24.8 |
18.7 |
Cash flow from operating activities per share |
0.74 |
0.27 |
0.82 |
Solvency ratio, % |
52.7 |
50.8 |
58.1 |
Gearing, % |
-6.5 |
-5.0 |
3.2 |
Key exchange rates |
|
|
|
|
|
Average rates |
Period end rates |
|
1-3/2023 |
1-3/2022 |
Mar 31, 2023 |
Mar 31, 2022 |
Dec 31,
2022 |
USD |
1.0706 |
1.1227 |
1.0875 |
1.1101 |
1.0666 |
CNY |
7.3481 |
7.1193 |
7.4763 |
7.0403 |
7.3582 |
JPY |
142.39 |
129.49 |
144.83 |
135.17 |
140.66 |
GBP |
0.8816 |
0.8358 |
0.8792 |
0.8460 |
0.8869 |
Further informationPaula
Liimatta+358 9 8949 2020, ir@vaisala.comVaisala Corporation
Audiocast and conference callAn
audiocast and a conference call for analysts, investors and media
will be held in English on May 5, 2023, starting at 2:00 p.m.
(Finnish time). Numbers for conference call, during which questions
may be presented, are:
Finland: +358 9 2319 5437UK: +44 33 0551
0200Sweden: +46 8 5052 0424US: +1 786 697 3501
Password: Vaisala Q1
A link to the live audiocast will be available at
vaisala.com/investors. A recording will be available on the website
later the same day.
DistributionNasdaq HelsinkiKey
mediavaisala.com
Vaisala is a global leader in
weather, environmental and industrial measurement. Building on over
85 years of experience, Vaisala provides observations for a better
world. We are a reliable partner for customers around the world,
offering a comprehensive range of innovative observation and
measurement products and services. Headquartered in Finland,
Vaisala employs over 2,000 professionals worldwide and is listed on
the Nasdaq Helsinki stock exchange. vaisala.com
twitter.com/VaisalaGroup linkedin.com/Vaisala
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