Vaisala Corporation Interim Report January–September 2023
Vaisala
Corporation Interim
Report October
27, 2023, at 9.00 a.m. (EEST)
Vaisala Corporation Interim Report
January–September 2023Q3 operating result increased
following improvement in gross margin in an uncertain market
environment
Third quarter 2023 highlights
- Orders received EUR 119.7 (129.5)
million, decrease 8%
- Order book at the end of the period
EUR 165.8 (162.5) million, increase 2%
- Net sales EUR 130.4 (133.3) million,
decrease 2%
- Operating result (EBIT) EUR 25.2
(22.0) million, 19.3 (16.5) % of net sales
- Earnings per share EUR 0.51
(0.44)
- Cash flow from operating activities
EUR 18.5 (7.3) million
January–September 2023
highlights
- Orders received EUR 381.0 (371.7)
million, increase 3%
- Net sales EUR 393.0 (372.6) million,
increase 5%
- Operating result (EBIT) EUR 50.3
(49.9) million, 12.8 (13.4) % of net sales
- Earnings per share EUR 0.99
(1.00)
- Cash flow from operating activities
EUR 54.2 (7.1) million
Market development for the remaining 2023
and business outlook for 2023Markets for high-end
industrial instruments and life science have somewhat declined and
we do not expect recovery yet this year. Markets for 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, high inflation, and increased interest
rates. 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 additional costs related to
component spot purchases are expected to be insignificant in the
fourth quarter.
Vaisala estimates that its full-year 2023 net sales
will be in the range of EUR 530–560 million and its operating
result (EBIT) will be in the range of EUR 65–75 million.
Vaisala’s President and CEO Kai
Öistämö“Vaisala’s third quarter 2023 reflected uncertainty
in the business environment. Our quarterly net sales decreased
slightly Y/Y following the continued soft demand for industrial
products and services and headwinds from currency exchange rates.
However, our gross margin improved clearly, and hence, our
operating result reached 19.3% of net sales.
The demand for products and services for Industrial
Measurements business area continued to be soft during the third
quarter. The lower demand in industrial instruments, life science,
as well as power and energy market segments led to a 14% decrease
in orders received and 6% decrease in net sales Y/Y. However, we
believe we have maintained our market position.
On the other hand, during the quarter, business
environment for Weather and Environment business area was more
resilient than in industrial measurements. The business area
reached previous year’s level both in orders received and net
sales. In order intake, aviation was the strongest market segment
during the quarter.
Our gross margin improved clearly to 58% as
additional costs related to component spot purchases have been
fading away as expected and the sales mix in Weather and
Environment business area was more favorable compared to previous
year. The higher share of more profitable product and subscription
sales played an important role in the business area’s gross margin
improvement.
Our strategy execution continued as planned. In
Weather and Environment business area, growth of subscription sales
and growth businesses continued, and flagship business focused on
profitability improvement. In Industrial Measurements business
area, we continued our strategic investments in new technologies
and products for long-term growth.
During the quarter, we also took the next steps on
our journey of increasing climate action. In September, we
submitted our science-based emission reduction targets for
validation by the Science-Based Targets initiative (SBTi). We
expect to receive approval from SBTi by February 2024.
The uncertainty in the business environment is
expected to remain high during the fourth quarter of 2023. The
additional costs related to component spot purchases are expected
to be insignificant in the fourth quarter. We continue to estimate
that our full-year 2023 net sales will be in the range of EUR
530–560 million and operating result (EBIT) to be in the range of
EUR 65–75 million.”
Key figures |
|
|
|
|
|
|
|
MEUR |
7-9/2023 |
7-9/2022 |
Change |
1-9/2023 |
1-9/2022 |
Change |
1-12/2022 |
Orders received |
119.7 |
129.5 |
-8% |
381.0 |
371.7 |
3% |
500.8 |
Order book |
165.8 |
162.5 |
2% |
165.8 |
162.5 |
2% |
154.6 |
Net sales |
130.4 |
133.3 |
-2% |
393.0 |
372.6 |
5% |
514.2 |
Gross profit |
75.6 |
72.9 |
4% |
221.6 |
206.2 |
7% |
282.0 |
Gross margin, % |
58.0 |
54.7 |
|
56.4 |
55.3 |
|
54.8 |
Operating expenses |
50.4 |
50.9 |
-1% |
171.5 |
156.6 |
10% |
219.7 |
Operating result |
25.2 |
22.0 |
|
50.3 |
49.9 |
|
62.5 |
Operating result, % |
19.3 |
16.5 |
|
12.8 |
13.4 |
|
12.2 |
Result before taxes |
24.1 |
20.7 |
|
47.1 |
47.4 |
|
59.6 |
Result for the period |
18.5 |
16.1 |
|
36.0 |
36.1 |
|
45.1 |
Earnings per share |
0.51 |
0.44 |
15% |
0.99 |
1.00 |
0% |
1.24 |
Return on equity, % |
|
|
|
19.0 |
20.1 |
|
18.7 |
Research and development costs |
13.6 |
13.6 |
0% |
49.6 |
45.0 |
10% |
62.4 |
Capital expenditure |
4.1 |
3.3 |
26% |
10.9 |
9.6 |
13% |
13.7 |
Depreciation, amortization and impairment |
6.2 |
5.9 |
5% |
18.2 |
17.3 |
5% |
23.6 |
Cash flow from operating activities |
18.5 |
7.3 |
154% |
54.2 |
7.1 |
662% |
29.8 |
Cash and cash equivalents |
|
|
|
65.8 |
52.1 |
26% |
55.5 |
Interest-bearing liabilities |
|
|
|
62.8 |
76.0 |
-17% |
63.4 |
Gearing, % |
|
|
|
-1.2 |
9.6 |
|
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 Q3/2023
Orders received and order book
MEUR |
7-9/2023 |
7-9/2022 |
Change |
FX* |
1-12/2022 |
Orders received |
119.7 |
129.5 |
-8% |
-2% |
500.8 |
Order book, end of period |
165.8 |
162.5 |
2% |
|
154.6 |
* Change with comparable exchange rates
Third quarter 2023 orders received decreased by 8%
compared to previous year and totaled EUR 119.7 (129.5) million.
Orders received decreased in both business areas and in most of the
market segments.
At the end of September 2023, order book amounted
EUR 165.8 (162.5) million and increased by 2% compared to previous
year. Order book increased in Weather and Environment business area
but decreased in Industrial Measurements business area. EUR 93.5
(92.5) million of the order book is scheduled to be delivered in
2023.
Financial performance
MEUR |
7-9/2023 |
7-9/2022 |
Change |
FX** |
1-12/2022 |
Net sales |
130.4 |
133.3 |
-2% |
2% |
514.2 |
Product sales |
97.3 |
96.9 |
0% |
|
375.5 |
Project sales |
14.5 |
19.8 |
-27% |
|
73.5 |
Service sales |
10.1 |
9.1 |
11% |
|
35.0 |
Subscription sales |
7.8 |
7.3 |
7% |
|
28.4 |
Lease income |
0.8 |
0.3 |
185% |
|
1.7 |
Gross margin, % |
58.0 |
54.7 |
|
|
54.8 |
Operating result |
25.2 |
22.0 |
|
|
62.5 |
% of net sales |
19.3 |
16.5 |
|
|
12.2 |
|
|
|
|
|
|
R&D costs |
13.6 |
13.6 |
0% |
|
62.4 |
Amortization* |
2.1 |
2.1 |
|
|
8.2 |
* Amortization of intangible assets related to
the acquired businesses** Change with comparable exchange rates
Third quarter 2023 net sales decreased by 2%
compared to previous year and were EUR 130.4 (133.3) million. In
constant currencies, net sales increased by 2%. Net sales decreased
in Industrial Measurements business area and were at previous
year’s level in Weather and Environment business area. Net sales
decreased in aviation, industrial instruments, and life science
market segments. Net sales growth in renewable energy, roads and
automotive, as well as in power and energy market segments was very
strong.
Gross margin improved to 58.0 (54.7) %. Additional
costs related to component spot purchases had a 0.7 (4.2)
percentage point negative impact on gross margin.
Third quarter 2023 operating result increased
compared to previous year following improvement in gross margin and
was EUR 25.2 (22.0) million, 19.3 (16.5) % of net sales.
Operating expenses were at previous year’s level.
Third quarter 2023 financial income and expenses
were EUR -1.0 (-1.3) million. This was mainly a result of valuation
of foreign currency denominated items, currency hedging and
interest expenses. Income taxes were EUR 5.7 (4.7) million and
estimated effective tax rate for the whole year was 23.4 (23.9) %.
Result before taxes was EUR 24.1 (20.7) million and result for the
period EUR 18.5 (16.1) million. Earnings per share was EUR 0.51
(0.44).
Financial review January–September
2023
Orders received and order book
MEUR |
1-9/2023 |
1-9/2022 |
Change |
FX* |
1-12/2022 |
Orders received |
381.0 |
371.7 |
3% |
5% |
500.8 |
Order book, end of period |
165.8 |
162.5 |
2% |
|
154.6 |
* Change with comparable exchange rates
January–September 2023 orders received increased by
3% compared to previous year and totaled EUR 381.0 (371.7) million.
Orders received grew in Weather and Environment business area but
decreased in Industrial Measurements business area. Orders received
grew very strongly in roads and automotive market segment, but on
the other hand, decreased strongly in life science market
segment.
Financial performance
MEUR |
1-9/2023 |
1-9/2022 |
Change |
FX** |
1-12/2022 |
Net sales |
393.0 |
372.6 |
5% |
8% |
514.2 |
Product sales |
293.4 |
273.1 |
7% |
|
375.5 |
Project sales |
46.5 |
53.2 |
-13% |
|
73.5 |
Service sales |
28.3 |
25.3 |
12% |
|
35.0 |
Subscription sales |
23.3 |
19.9 |
17% |
|
28.4 |
Lease income |
1.5 |
1.1 |
34% |
|
1.7 |
Gross margin, % |
56.4 |
55.3 |
|
|
54.8 |
Operating result |
50.3 |
49.9 |
|
|
62.5 |
% of net sales |
12.8 |
13.4 |
|
|
12.2 |
|
|
|
|
|
|
R&D costs |
49.6 |
45.0 |
10% |
|
62.4 |
Amortization* |
6.2 |
6.1 |
|
|
8.2 |
* Amortization of intangible assets related to
the acquired businesses** Change with comparable exchange rates
January–September 2023 net sales increased by 5%
compared to previous year and were EUR 393.0 (372.6) million. In
constant currencies, net sales increased by 8%. Net sales grew in
both business areas. Net sales increased very strongly in roads and
automotive, renewable energy, industrial instruments as well as in
power and energy market segments.
Gross margin improved to 56.4 (55.3) %. Additional
costs related to component spot purchases had a 0.9 (2.5)
percentage point negative impact on gross margin.
January–September 2023 operating result was at
previous year’s level and totaled EUR 50.3 (49.9) million, 12.8
(13.4) % of net sales. Operating expenses increased due to
investments in sales and marketing as well as in R&D and IT
system renewal.
January–September 2023 financial income and
expenses were EUR -3.3 (-2.5) million. This was mainly a result of
valuation of foreign currency denominated items, currency hedging
and interest expenses. Income taxes were EUR 11.0 (11.3) million
and estimated effective tax rate for the whole year was 23.4 (23.9)
%. Result before taxes was EUR 47.1 (47.4) million and result for
the period EUR 36.0 (36.1) million. Earnings per share was EUR 0.99
(1.00).
Statement of financial position, cash flow
and financingVaisala’s financial position remained strong
during January–September 2023. At the end of September, statement
of financial position totaled EUR 432.9 (Dec 31, 2022: 439.2)
million. Cash and cash equivalents totaled EUR 65.8 (Dec 31, 2022:
55.5) million. Dividend payment, decided by the Annual General
Meeting on March 28, 2023, totaled EUR 26.1 million.
In January–September 2023, cash flow from operating
activities increased to EUR 54.2 (7.1) million. Change in net
working capital was EUR 0.4 (-48.8) million and this was mainly a
result of decrease in trade receivables.
On September 30, 2023, Vaisala had interest-bearing
borrowings totaling EUR 50.0 (Dec 31, 2022: 52.5) million. EUR 50
million of the interest-bearing borrowings related to an unsecured
term loan, which is due in 2026. The loan has a financial covenant
(gearing) tested semi-annually. Vaisala had not issued any domestic
commercial papers on September 30, 2023 (Dec 31, 2022: EUR 12.5
million). Vaisala has also a EUR 50 million committed revolving
credit facility, which was undrawn on September 30, 2023, as at the
end of 2022. In addition, interest-bearing lease liabilities
totaled EUR 12.8 (Dec 31, 2022: 10.9) million.
Capital expenditureIn
January–September 2023, capital expenditure in intangible assets
and property, plant, and equipment totaled EUR 10.9 (9.6) 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
18.2 (17.3) million. This included EUR 6.2 (6.1) million of
amortization of identified intangible assets related to the
acquired businesses.
PersonnelThe average number of
personnel employed during January–September 2023 was 2,328 (2,115).
At the end of September 2023, the number of employees was 2,328
(Dec 31, 2022: 2,235). 77 (77) % of employees were located in EMEA,
16 (16) % in Americas and 7 (8) % in APAC. 66 (66) % of employees
were based in Finland.
Q3 and January–September 2023 review by
business area
Industrial Measurements business
area
MEUR |
7-9/2023 |
7-9/2022 |
Change |
FX** |
1-9/2023 |
1-9/2022 |
Change |
FX** |
1-12/2022 |
Orders received |
50.4 |
58.8 |
-14% |
-8% |
163.0 |
169.8 |
-4% |
0% |
234.2 |
Order book, end of period |
34.3 |
39.1 |
-12% |
|
34.3 |
39.1 |
-12% |
|
41.8 |
Net sales |
53.9 |
57.6 |
-6% |
0% |
169.8 |
165.3 |
3% |
6% |
225.6 |
Product sales |
48.8 |
53.0 |
-8% |
|
154.9 |
152.4 |
2% |
|
208.1 |
Service sales |
5.1 |
4.6 |
11% |
|
14.8 |
13.0 |
14% |
|
17.5 |
Gross margin, % |
64.0 |
60.9 |
|
|
62.2 |
62.8 |
|
|
61.9 |
Operating result |
14.7 |
14.6 |
|
|
36.5 |
40.7 |
|
|
51.5 |
of net sales, % |
27.3 |
25.3 |
|
|
21.5 |
24.6 |
|
|
22.8 |
|
|
|
|
|
|
|
|
|
|
R&D costs |
5.1 |
5.8 |
-13% |
|
19.2 |
18.6 |
3% |
|
25.3 |
Amortization* |
0.4 |
0.4 |
|
|
1.2 |
1.2 |
|
|
1.7 |
* Amortization of intangible assets related to
the acquired businesses** Change with comparable exchange rates
Q3/2023 reviewIndustrial
Measurements business area’s third quarter 2023 orders received
decreased by 14% compared to previous year totaling EUR 50.4 (58.8)
million. Orders received decreased in industrial instruments, life
science, as well as in power and energy market segments. Orders
received in liquid measurements market segment were at previous
year’s level.
At the end of September 2023, Industrial
Measurements business area’s order book amounted to EUR 34.3 (39.1)
million and decreased by 12% compared to previous year. EUR 26.5
(28.7) million of the order book is scheduled to be delivered in
2023. Order book decreased in life science, power and energy, as
well as in industrial instruments market segments. Order book for
liquid measurements market segment was at previous year’s
level.
Third quarter 2023 net sales were EUR 53.9 (57.6)
million and decreased by 6% compared to previous year. In constant
currencies, net sales were flat compared to previous year. Net
sales decreased in life science and industrial instruments market
segments and were at previous year’s level in liquid measurements
market segment. Net sales in power and energy market segment grew
very strongly.
Gross margin improved compared to previous year and
was 64.0 (60.9) %. Additional costs related to component spot
purchases had a 0.7 (6.3) percentage point negative impact on gross
margin. Price pressure especially in China and unfavorable product
mix burdened gross margin.
Industrial Measurements business area’s third
quarter 2023 operating result was at previous year’s level and
totaled EUR 14.7 (14.6) million, 27.3 (25.3) % of net sales.
Operating expenses were at previous year’s level.
January–September 2023
reviewIndustrial Measurements business area’s
January–September 2023 orders received decreased by 4% compared to
previous year and totaled EUR 163.0 (169.8) million. Orders
received decreased in life science and industrial instruments
market segments and were at previous year’s level in power and
energy market segment. Orders received in liquid measurements
market segment increased compared to previous year.
January–September 2023 net sales increased by 3%
compared to previous year and were EUR 169.8 (165.3) million. In
constant currencies, net sales increased by 6%. Net sales grew in
industrial instruments as well as in power and energy market
segment, whereas net sales in liquid measurements market segment
were at previous year’s level. Net sales in life science market
segment decreased compared to previous year.
Gross margin was at previous year’s level 62.2
(62.8) %. Additional costs related to component spot purchases had
a 1.2 (3.4) percentage point negative impact on gross margin. Price
pressure especially in China and unfavorable product mix burdened
gross margin.
Industrial Measurements business area’s
January–September 2023 operating result decreased compared to
previous year following increase in operating expenses and totaled
EUR 36.5 (40.7) million, 21.5 (24.6) % 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 |
7-9/2023 |
7-9/2022 |
Change |
FX** |
1-9/2023 |
1-9/2022 |
Change |
FX** |
1-12/2022 |
Orders received |
69.3 |
70.7 |
-2% |
2% |
218.1 |
201.9 |
8% |
10% |
266.6 |
Order book, end of period |
131.5 |
123.4 |
7% |
|
131.5 |
123.4 |
7% |
|
112.8 |
Net sales |
76.4 |
75.7 |
1% |
4% |
223.3 |
207.3 |
8% |
9% |
288.6 |
Product sales |
48.5 |
43.9 |
10% |
|
138.5 |
120.7 |
15% |
|
167.4 |
Project sales |
14.5 |
19.8 |
-27% |
|
46.5 |
53.2 |
-13% |
|
73.5 |
Service sales |
5.0 |
4.5 |
11% |
|
13.5 |
12.4 |
9% |
|
17.5 |
Subscription sales |
7.8 |
7.3 |
7% |
|
23.3 |
19.9 |
17% |
|
28.4 |
Lease income |
0.8 |
0.3 |
185% |
|
1.5 |
1.1 |
34% |
|
1.7 |
Gross margin, % |
53.7 |
49.9 |
|
|
52.0 |
49.5 |
|
|
49.3 |
Operating result |
10.4 |
7.5 |
|
|
13.6 |
9.3 |
|
|
11.1 |
of net sales, % |
13.7 |
9.9 |
|
|
6.1 |
4.5 |
|
|
3.8 |
|
|
|
|
|
|
|
|
|
|
R&D costs |
8.5 |
7.8 |
9% |
|
30.5 |
26.4 |
16% |
|
37.2 |
Amortization* |
1.7 |
1.7 |
|
|
5.0 |
4.9 |
|
|
6.6 |
* Amortization of intangible assets related to
the acquired businesses** Change with comparable exchange rates
Q3/2023 reviewWeather and
Environment business area’s third quarter 2023 orders received
decreased by 2% compared to previous year and totaled EUR 69.3
(70.7) million. Orders received decreased in meteorology market
segment, whereas orders received in aviation market segment
increased very strongly. Orders received in roads and automotive as
well as in renewable energy market segments were at previous year’s
level.
At the end of September 2023, Weather and
Environment business area’s order book amounted to EUR 131.5
(123.4) million and increased by 7% compared to previous year. EUR
67.0 (63.9) million of the order book is scheduled to be delivered
in 2023. Order book increased in roads and automotive as well as in
aviation market segments, whereas order book in meteorology and
renewable energy market segments were at previous year’s level.
Third quarter 2023 net sales were at previous
year’s level and totaled EUR 76.4 (75.7) million. In constant
currencies, net sales increased by 4%. Net sales grew very strongly
in renewable energy as well as in roads and automotive market
segments but decreased strongly in aviation market segment. Net
sales in meteorology market segment grew somewhat.
Gross margin improved compared to previous year and
was 53.7 (49.9) %. Additional costs related to component spot
purchases had a 0.6 (2.5) percentage point negative impact on gross
margin. Higher share of more profitable product and subscription
sales improved gross margin.
Weather and Environment business area’s third
quarter 2023 operating result increased compared to previous year
following improved gross margin and totaled EUR 10.4 (7.5) million,
13.7 (9.9) % of net sales. Operating expenses were at previous
year’s level.
January–September 2023
reviewWeather and Environment business area’s
January–September 2023 orders received increased by 8% compared to
previous year and totaled EUR 218.1 (201.9) million. Orders
received grew in roads and automotive, meteorology and aviation
market segments, whereas orders received in renewable energy market
segment were at previous year’s level. Growth of orders received
was very strong in roads and automotive market segment.
January–September 2023 net sales were EUR 223.3
(207.3) million and increased by 8% compared to previous year. In
constant currencies, net sales increased by 9%. Net sales grew very
strongly in roads and automotive as well as in renewable energy
market segments and decreased in aviation market segment. Net sales
in meteorology market segment were at previous year’s level.
Gross margin improved compared to previous year and
was 52.0 (49.5) %. Additional costs related to component spot
purchases had a 0.7 (1.8) percentage point negative impact on gross
margin. Higher share of more profitable product and subscription
sales improved gross margin.
Weather and Environment business area’s
January–September 2023 operating result increased compared to
previous year following growth in net sales and improved gross
margin and totaled EUR 13.6 (9.3) million, 6.1 (4.5) % of net
sales. Operating expenses increased due to investments in sales and
marketing as well as in R&D and IT system renewal.
Changes in Leadership TeamOn May
6, 2023, Heli Lindfors started as Chief Financial Officer and
member of the Vaisala Leadership Team. Vaisala’s Chief
Sustainability and Strategy Officer Anne Jalkala was appointed
member of the Vaisala Leadership Team as of May 5, 2023. They
report to President and CEO Kai Öistämö.
Members of the Vaisala Leadership Team on September
30, 2023
- Kai Öistämö,
President and CEO, Chair of the Leadership Team
- Anne Jalkala,
Chief Sustainability and Strategy Officer
- Sampsa Lahtinen,
EVP, Industrial Measurements business area
- Timo Leskinen,
EVP, Human Resources
- Heli Lindfors,
Chief Financial Officer
- Olli Nastamo, EVP,
Operational Excellence
- Vesa Pylvänäinen,
EVP, Operations
- Jarkko Sairanen,
EVP, Weather and Environment business area
- Katriina Vainio,
EVP, Group General Counsel
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.
DividendThe 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
September 30, 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–September 2023, a total of 2,430,758
series A shares with a value totaling EUR 95.1 million were traded
on the Nasdaq Helsinki Ltd. The closing price of the series A share
on the Nasdaq Helsinki stock exchange was EUR 33.20. Shares
registered a high of EUR 44.55 and a low of EUR 32.70.
Volume-weighted average share price was EUR 39.14.
The market value of series A shares on September
30, 2023, was EUR 980.1 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 September, the total market value of all
the series A and series K shares together was EUR 1,203.5 million,
excluding company’s treasury shares.
Treasury sharesIn September, a
total of 500 of Vaisala’s Corporation’s treasury shares were
conveyed without consideration to a person participating in the
Restricted Share Unit Plan 2022–2026 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 28, 2023.
In May 2023, the Board of Directors decided to
exercise the authorization of the 2023 Annual General Meeting to
repurchase own series A shares. The repurchases started on May 10,
2023, and ended on June 15, 2023. During this period, Vaisala
repurchased a total of 50,000 own series A shares for an average
price of EUR 42.4587 per share. The shares were repurchased in
public trading on Nasdaq Helsinki Ltd. at the market price
prevailing at the time of purchase. The shares are planned to be
used as a reward payment for Vaisala’s share-based incentive
plans.
In 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.
The total number of series A treasury shares on
September 30, 2023, was 185,476, which represents 0.6% of series A
shares and 0.5% of total shares.
ShareholdersAt the end of
September 2023, Vaisala had 14,572 (13,605) registered
shareholders. Ownership outside of Finland and nominee
registrations represented 21.7 (21.1) % of the company's shares.
Households owned 40.5 (40.3) %, private companies 13.5 (12.9)
%, financial and insurance institutions 10.2 (11.7) %, non-profit
organizations 10.0 (10.3) % and public sector organizations 4.1
(3.7) % of the shares.
More information about Vaisala’s shares and
shareholders are presented on the company’s website at
vaisala.com/investors.
Near-term risks and
uncertaintiesInflationary environment and geopolitical
situation including the war in Ukraine and the situation in the
Middle East will affect economic situation and increase risk of
achieving Vaisala’s financial targets.
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 availability has normalized during
the year, but temporary component shortage may cause delays or
interruptions in deliveries or generate additional material costs.
Cyber risk and transition into new ERP system 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.
Events after reporting periodOn
October 5, 2023, Vaisala signed a EUR 50 million three-year
unsecured revolving credit facility with two one-year extension
options with two of its core banks. The facility agreement includes
a financial covenant based on gearing, which is tested
semi-annually. The revolving credit facility is for general
corporate and working capital purposes. The arrangement replaced
undrawn EUR 50 million facility signed in October 2018.
Financial calendar 2024Financial
Statement Release 2023: February 14, 2024Annual Report 2023: Week
9Interim Report January–March 2024: May 3, 2024Half Year Financial
Report 2024: July 25, 2024Interim Report January–September 2024:
October 24, 2024
Vantaa, October 26, 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 |
7-9/2023 |
7-9/2022 |
1-9/2023 |
1-9/2022 |
1-12/2022 |
Net sales |
130.4 |
133.3 |
393.0 |
372.6 |
514.2 |
Cost of goods sold |
-54.8 |
-60.4 |
-171.4 |
-166.4 |
-232.2 |
Gross profit |
75.6 |
72.9 |
221.6 |
206.2 |
282.0 |
|
|
|
|
|
|
Sales, marketing and administrative costs |
-36.8 |
-37.3 |
-121.9 |
-111.6 |
-157.3 |
Research and development costs |
-13.6 |
-13.6 |
-49.6 |
-45.0 |
-62.4 |
Other operating income and expenses |
0.0 |
0.0 |
0.3 |
0.2 |
0.3 |
Operating result |
25.2 |
22.0 |
50.3 |
49.9 |
62.5 |
|
|
|
|
|
|
Share of result in associated company |
- |
- |
- |
- |
0.2 |
Financial income and expenses |
-1.0 |
-1.3 |
-3.3 |
-2.5 |
-3.1 |
Result before taxes |
24.1 |
20.7 |
47.1 |
47.4 |
59.6 |
|
|
|
|
|
|
Income taxes |
-5.7 |
-4.7 |
-11.0 |
-11.3 |
-14.5 |
Result for the period |
18.5 |
16.1 |
36.0 |
36.1 |
45.1 |
|
|
|
|
|
|
Attributable to |
|
|
|
|
|
Owners of the parent company |
18.5 |
16.1 |
36.0 |
36.1 |
45.0 |
Non-controlling interests |
- |
0.0 |
- |
0.0 |
0.0 |
Result for the period |
18.5 |
16.1 |
36.0 |
36.1 |
45.1 |
|
|
|
|
|
|
Earnings per share for result attributable to the equity
holders of the parent company |
|
|
|
|
|
Earnings per share, EUR |
0.51 |
0.44 |
0.99 |
1.00 |
1.24 |
Diluted earnings per share, EUR |
0.51 |
0.44 |
0.99 |
0.99 |
1.24 |
Consolidated statement of comprehensive
income |
EUR million |
7-9/2023 |
7-9/2022 |
1-9/2023 |
1-9/2022 |
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 |
0.0 |
0.0 |
-0.2 |
Total |
0.0 |
0.0 |
0.0 |
0.0 |
-0.2 |
|
|
|
|
|
|
Items that may be reclassified subsequently to profit or
loss |
|
|
|
|
|
Translation differences |
2.1 |
4.6 |
-0.1 |
10.2 |
2.4 |
Total |
2.1 |
4.6 |
-0.1 |
10.2 |
2.4 |
|
|
|
|
|
|
Total other comprehensive income |
2.1 |
4.6 |
-0.1 |
10.2 |
2.2 |
|
|
|
|
|
|
Comprehensive income for the period |
20.6 |
20.7 |
35.9 |
46.3 |
47.3 |
|
|
|
|
|
|
Attributable to |
|
|
|
|
|
Owners of the parent company |
20.6 |
20.7 |
35.9 |
46.3 |
47.3 |
Non-controlling interests |
- |
0.0 |
- |
0.0 |
0.0 |
Comprehensive income for the period |
20.6 |
20.7 |
35.9 |
46.3 |
47.3 |
Consolidated statement of financial position |
|
EUR million |
|
|
|
Assets |
Sep 30, 2023 |
Sep 30, 2022 |
Dec 31, 2022 |
|
|
|
|
Non-current assets |
|
|
|
Intangible assets |
65.5 |
74.3 |
71.3 |
Property, plant and equipment |
96.6 |
97.2 |
96.0 |
Right-of-use assets |
13.8 |
12.0 |
11.9 |
Investments in shares |
0.1 |
0.1 |
0.1 |
Investment in associated company |
1.4 |
1.3 |
1.4 |
Non-current receivables |
0.8 |
0.9 |
1.0 |
Deferred tax assets |
7.8 |
12.2 |
9.5 |
Total non-current assets |
185.9 |
198.1 |
191.1 |
|
|
|
|
Current assets |
|
|
|
Inventories |
66.8 |
65.0 |
61.6 |
Trade and other receivables |
86.6 |
88.8 |
101.7 |
Contract assets and other accrued revenue |
26.2 |
32.7 |
26.2 |
Income tax receivables |
1.6 |
1.2 |
3.1 |
Cash and cash equivalents |
65.8 |
52.1 |
55.5 |
Total current assets |
247.0 |
239.6 |
248.1 |
|
|
|
|
Total assets |
432.9 |
437.7 |
439.2 |
Equity and liabilities |
Sep 30, 2023 |
Sep 30, 2022 |
Dec 31, 2022 |
|
|
|
|
Equity |
|
|
|
Share capital |
7.7 |
7.7 |
7.7 |
Other reserves |
0.3 |
2.4 |
3.5 |
Translation differences |
4.0 |
11.9 |
4.1 |
Treasury shares |
-4.2 |
-3.3 |
-3.3 |
Retained earnings |
248.4 |
229.7 |
238.5 |
Total equity attributable to owners of parent
company |
256.2 |
248.4 |
250.5 |
|
|
|
|
Non-controlling interests |
- |
0.0 |
0.0 |
|
|
|
|
Total equity |
256.2 |
248.4 |
250.5 |
|
|
|
|
Non-current liabilities |
|
|
|
Interest-bearing borrowings |
50.0 |
0.0 |
0.0 |
Interest-bearing lease liabilities |
10.0 |
8.3 |
8.3 |
Post-employment benefits |
2.5 |
2.5 |
2.7 |
Deferred tax liabilities |
3.4 |
6.8 |
4.5 |
Provisions |
0.4 |
0.4 |
0.3 |
Other non-current liabilities |
4.3 |
0.7 |
2.1 |
Total non-current liabilities |
70.6 |
18.7 |
17.9 |
|
|
|
|
Current liabilities |
|
|
|
Interest-bearing borrowings |
0.0 |
65.0 |
52.5 |
Interest-bearing lease liabilities |
2.8 |
2.7 |
2.7 |
Trade and other payables |
64.1 |
68.1 |
74.0 |
Contract liabilities and other deferred revenue |
36.3 |
31.9 |
37.1 |
Income tax liabilities |
0.3 |
0.2 |
1.8 |
Provisions |
2.5 |
2.7 |
2.8 |
Total current liabilities |
106.1 |
170.7 |
170.8 |
|
|
|
|
Total liabilities |
176.7 |
189.3 |
188.7 |
|
|
|
|
Total equity and liabilities |
432.9 |
437.7 |
439.2 |
Consolidated cash flow statement |
|
|
|
EUR million |
1-9/2023 |
1-9/2022 |
1-12/2022 |
Result for the period |
36.0 |
36.1 |
45.1 |
|
|
|
|
Depreciation, amortization and impairment |
18.2 |
17.3 |
23.6 |
Financial income and expenses |
3.3 |
2.5 |
3.1 |
Gains and losses on sale of intangible assets and property, |
|
|
|
plant and equipment |
-0.1 |
0.0 |
0.0 |
Share of result in associated company |
- |
- |
-0.2 |
Income taxes |
11.0 |
11.3 |
14.5 |
Other adjustments |
-2.0 |
-0.8 |
0.3 |
|
|
|
|
Inventories, increase (-) / decrease (+) |
-5.3 |
-14.0 |
-11.2 |
Non-interest-bearing receivables, increase (-) / decrease (+) |
14.1 |
-15.8 |
-26.0 |
Non-interest-bearing liabilities, increase (+) / decrease (-) |
-8.3 |
-19.1 |
-0.8 |
Changes in working capital |
0.4 |
-48.8 |
-38.0 |
|
|
|
|
Financial items paid/received |
-1.4 |
-1.6 |
-4.9 |
Income taxes paid |
-11.2 |
-8.8 |
-13.6 |
Cash flow from operating activities |
54.2 |
7.1 |
29.8 |
|
|
|
|
Acquisition of subsidiaries, net of cash acquired |
- |
-23.1 |
-23.1 |
Capital expenditure on intangible assets and property, |
|
|
|
plant and equipment |
-10.9 |
-9.6 |
-13.7 |
Proceeds from sale of intangible assets and property, |
|
|
|
plant and equipment |
0.2 |
0.0 |
0.0 |
Cash flow from investing activities |
-10.6 |
-32.7 |
-36.8 |
|
|
|
|
Dividends paid |
-26.1 |
-24.6 |
-24.6 |
Purchase of treasury shares |
-2.1 |
- |
- |
Change in loan receivables |
0.1 |
0.1 |
-0.1 |
Proceeds from borrowings |
77.4 |
84.9 |
114.9 |
Repayment of borrowings |
-79.9 |
-59.9 |
-102.4 |
Principal payments of lease liabilities |
-2.3 |
-2.1 |
-2.9 |
Cash flow from financing activities |
-33.0 |
-1.7 |
-15.1 |
|
|
|
|
Change in cash and cash equivalents increase (+) / decrease
(-) |
10.6 |
-27.3 |
-22.1 |
|
|
|
|
Cash and cash equivalents at the beginning of period |
55.5 |
77.9 |
77.9 |
Change in cash and cash equivalents |
10.6 |
-27.3 |
-22.1 |
Effect from changes in exchange rates |
-0.3 |
1.5 |
-0.3 |
Cash and cash equivalents at the end of
period |
65.8 |
52.1 |
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 |
|
|
|
|
|
|
|
|
|
IAS 12 amendment |
|
|
|
|
-0.2 |
-0.2 |
|
-0.2 |
|
|
|
|
|
|
|
|
|
Equity at Jan 1, 2022 |
7.7 |
7.0 |
1.7 |
-4.6 |
217.7 |
229.4 |
0.7 |
230.1 |
|
|
|
|
|
|
|
|
|
Result for the period |
|
|
|
|
36.1 |
36.1 |
0.0 |
36.1 |
Other comprehensive income |
|
0.0 |
10.2 |
|
|
10.2 |
|
10.2 |
Dividend distribution |
|
|
|
|
-24.6 |
-24.6 |
|
-24.6 |
Share-based payments |
|
-4.6 |
|
1.4 |
|
-3.2 |
|
-3.2 |
Changes in non-controlling interest |
|
|
|
|
|
|
|
|
that did not result in changes in control |
|
|
|
|
0.7 |
0.7 |
-0.7 |
|
Equity at Sep 30, 2022 |
7.7 |
2.4 |
11.9 |
-3.3 |
229.7 |
248.4 |
0.0 |
248.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
36.0 |
36.0 |
|
36.0 |
Other comprehensive income |
|
-0.0 |
-0.1 |
|
|
-0.2 |
|
-0.2 |
Dividend distribution |
|
|
|
|
-26.1 |
-26.1 |
|
-26.1 |
Purchase of treasury shares |
|
|
|
-2.1 |
|
-2.1 |
|
-2.1 |
Share-based payments |
|
-3.2 |
|
1.2 |
|
-2.0 |
|
-2.0 |
Changes in non-controlling interests |
|
|
|
|
|
|
|
|
that did not result in changes in control |
|
|
|
|
0.0 |
0.0 |
-0.0 |
|
Equity at Sep 30, 2023 |
7.7 |
0.3 |
4.0 |
-4.2 |
248.4 |
256.2 |
- |
256.2 |
Notes to the report |
|
|
|
|
|
|
|
|
|
|
|
Orders received by business area |
|
|
|
|
|
EUR million |
7-9/2023 |
7-9/2022 |
1-9/2023 |
1-9/2022 |
1-12/2022 |
Industrial Measurements |
50.4 |
58.8 |
163.0 |
169.8 |
234.2 |
Weather and Environment |
69.3 |
70.7 |
218.1 |
201.9 |
266.6 |
Total |
119.7 |
129.5 |
381.0 |
371.7 |
500.8 |
|
|
|
|
|
|
Order book by business area |
|
|
|
|
|
EUR million |
7-9/2023 |
7-9/2022 |
1-9/2023 |
1-9/2022 |
1-12/2022 |
Industrial Measurements |
34.3 |
39.1 |
34.3 |
39.1 |
41.8 |
Weather and Environment |
131.5 |
123.4 |
131.5 |
123.4 |
112.8 |
Total |
165.8 |
162.5 |
165.8 |
162.5 |
154.6 |
|
|
|
|
|
|
Net sales by business area |
|
|
|
|
|
EUR million |
7-9/2023 |
7-9/2022 |
1-9/2023 |
1-9/2022 |
1-12/2022 |
Industrial Measurements |
|
|
|
|
|
Product sales |
48.8 |
53.0 |
154.9 |
152.4 |
208.1 |
Service sales |
5.1 |
4.6 |
14.8 |
13.0 |
17.5 |
Total |
53.9 |
57.6 |
169.8 |
165.3 |
225.6 |
|
|
|
|
|
|
Weather and Environment |
|
|
|
|
|
Product sales |
48.5 |
43.9 |
138.5 |
120.7 |
167.4 |
Project sales |
14.5 |
19.8 |
46.5 |
53.2 |
73.5 |
Service sales |
5.0 |
4.5 |
13.5 |
12.4 |
17.5 |
Subscription sales |
7.8 |
7.3 |
23.3 |
19.9 |
28.4 |
Lease income |
0.8 |
0.3 |
1.5 |
1.1 |
1.7 |
Total |
76.4 |
75.7 |
223.3 |
207.3 |
288.6 |
|
|
|
|
|
|
Total net sales |
130.4 |
133.3 |
393.0 |
372.6 |
514.2 |
|
|
|
|
|
|
Operating result by business area |
|
|
|
|
|
EUR million |
7-9/2023 |
7-9/2022 |
1-9/2023 |
1-9/2022 |
1-12/2022 |
Industrial Measurements |
14.7 |
14.6 |
36.5 |
40.7 |
51.5 |
Weather and Environment |
10.4 |
7.5 |
13.6 |
9.3 |
11.1 |
Other |
0.0 |
0.0 |
0.2 |
-0.1 |
-0.1 |
Total |
25.2 |
22.0 |
50.3 |
49.9 |
62.5 |
|
|
|
|
|
|
Net sales by region |
|
|
|
|
|
EUR million |
7-9/2023 |
7-9/2022 |
1-9/2023 |
1-9/2022 |
1-12/2022 |
Americas |
49.3 |
51.0 |
142.3 |
132.7 |
191.2 |
APAC |
37.0 |
40.8 |
119.0 |
120.6 |
160.3 |
EMEA |
44.1 |
41.5 |
131.7 |
119.4 |
162.7 |
Total |
130.4 |
133.3 |
393.0 |
372.6 |
514.2 |
Timing of revenue recognition |
|
|
|
|
|
EUR million |
7-9/2023 |
7-9/2022 |
1-9/2023 |
1-9/2022 |
1-12/2022 |
Performance obligations satisfied at a point in time |
107.1 |
105.4 |
320.4 |
296.5 |
408.1 |
Performance obligations satisfied over time |
22.7 |
27.7 |
71.4 |
75.1 |
104.4 |
Lease income recognized on a straight-line basis |
0.5 |
0.3 |
1.3 |
1.1 |
1.7 |
Total |
130.4 |
133.3 |
393.0 |
372.6 |
514.2 |
|
|
|
|
|
|
Personnel |
|
|
|
|
|
|
7-9/2023 |
7-9/2022 |
1-9/2023 |
1-9/2022 |
1-12/2022 |
Average personnel |
2,358 |
2,192 |
2,328 |
2,115 |
2,141 |
Personnel at the end of period |
2,328 |
2,187 |
2,328 |
2,187 |
2,235 |
|
|
|
|
|
|
Derivative financial instruments |
|
|
|
|
|
EUR million |
|
|
Sep 30, 2023 |
Sep 30, 2022 |
Dec 31, 2022 |
Nominal value of derivative financial contracts |
|
|
47.1 |
38.0 |
38.3 |
|
|
|
|
|
|
Fair values of derivative financial contracts, assets |
|
|
0.3 |
0.3 |
1.0 |
Fair values of derivative financial contracts, liabilities |
|
|
0.8 |
2.8 |
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 |
7-9/2023 |
7-9/2022 |
1-9/2023 |
1-9/2022 |
1-12/2022 |
Number of shares outstanding |
36,250 |
36,228 |
36,250 |
36,228 |
36,228 |
Number of treasury shares |
185 |
208 |
185 |
208 |
208 |
Number of shares, weighted average, diluted |
36,349 |
36,405 |
36,348 |
36,356 |
36,367 |
Number of shares, weighted average |
36,251 |
36,228 |
36,262 |
36,199 |
36,207 |
Number of shares traded |
842 |
326 |
2,431 |
1,774 |
2,385 |
Share price, highest |
42.95 |
46.05 |
44.55 |
54.40 |
54.40 |
Share price, lowest |
32.70 |
37.00 |
32.70 |
37.00 |
36.15 |
|
|
|
|
|
|
Key ratios |
|
|
|
|
|
EUR |
7-9/2023 |
7-9/2022 |
1-9/2023 |
1-9/2022 |
1-12/2022 |
Earnings per share |
0.51 |
0.44 |
0.99 |
1.00 |
1.24 |
Diluted earnings per share |
0.51 |
0.44 |
0.99 |
0.99 |
1.24 |
Equity per share |
|
|
7.07 |
6.86 |
6.91 |
Return on equity, % |
|
|
19.0 |
20.1 |
18.7 |
Cash flow from operating activities per share |
0.51 |
0.20 |
1.50 |
0.20 |
0.82 |
Solvency ratio, % |
|
|
60.1 |
57.7 |
58.1 |
Gearing, % |
|
|
-1.2 |
9.6 |
3.2 |
Key exchange rates |
|
|
|
|
|
Average rates |
Period end rates |
|
1-9/2023 |
1-9/2022 |
Sep 30, 2023 |
Sep 30, 2022 |
Dec 31, 2022 |
USD |
1.0824 |
1.0736 |
1.0594 |
0.9748 |
1.0666 |
CNY |
7.6011 |
7.0234 |
7.7352 |
6.9368 |
7.3582 |
JPY |
149.21 |
134.97 |
158.10 |
141.01 |
140.66 |
GBP |
0.8713 |
0.8447 |
0.8646 |
0.8830 |
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 October 27, 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: +1 212 999 6659
Password: Vaisala Q3
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 measurements. Building on
over 85 years of experience, Vaisala provides observations for a
better world, with space-proof technology even exploring Mars and
beyond. 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
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