Vaisala Corporation Half Year Financial Report January–June 2023
Vaisala
Corporation Half
Year Financial
Report July
28, 2023, at 9.00 a.m. (EEST)
Vaisala Corporation Half
Year Financial Report
January–June
2023Uncertain
market environment affected growth of orders received in Q2,
business outlook for 2023 was changed on July 17
Second quarter
2023
highlights
- Orders received EUR 129.3 (123.4)
million, increase 5%
- Order book at the end of the period
EUR 167.4 (157.9) million, increase 6%
- Net sales EUR 130.8 (120.5) million,
increase 9%
- Operating result (EBIT) EUR 11.9
(10.3) million, 9.1 (8.6) % of net sales
- Earnings per share EUR 0.22
(0.18)
- Cash flow from operating activities
EUR 8.8 (-9.8) million
January–June
2023
highlights
- Orders received EUR 261.3 (242.2)
million, increase 8%
- Net sales EUR 262.6 (239.3) million,
increase 10%
- Operating result (EBIT) EUR 25.2
(27.9) million, 9.6 (11.7) % of net sales
- Earnings per share EUR 0.49
(0.55)
- Cash flow from operating activities
EUR 35.7 (-0.2) million
Market development
and business
outlook for
2023Markets for high-end
industrial instruments and life science are expected to grow
moderately. 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 increasing 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 by the
end of 2023.
Vaisala reiterates the business outlook that was
published on July 17, 2023: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 second quarter 2023 was two-folded.
Although our quarterly net sales grew by 9% and operating result
increased compared to previous year, due to an uncertain market
environment, we needed to adjust our full-year 2023 net sales
estimate and decrease our operating result estimate earlier in
July.
The uncertainty in the business environment
originating from weak economic outlook, high inflation, and
increasing interest rates has slowed down industrial activity
around the world. Consequently, the demand for products and
services as well as net sales for Industrial Measurements business
area were lower than expected during the second quarter due to
customers postponing their investment decisions. Even though we
believe we maintained our market position, market softness resulted
in a 6% decrease Y/Y in orders received in Industrial Measurements
business area. This quarter orders in power and energy as well as
liquid measurements market segments grew Y/Y, while orders for
industrial instruments and life science market segments decreased.
Following the decrease in orders received, net sales of Industrial
Measurements business area fell short from previous year by 3%.
Business area’s gross margin was impacted negatively by more
intense than expected price competition especially in China and
unfavorable product mix.
On the other hand, demand for products and
solutions for Weather and Environment business area continued
strong, especially in roads and automotive as well as in renewable
energy market segments. Net sales growth was very strong in product
and subscription sales, contributing to business area’s gross
margin improvement.
Our gross margin remained at previous year’s level
thanks to Weather and Environment business area’s net sales growth
and decrease of additional costs related to component spot
purchases. In both business areas, we continued our investments in
sales and marketing as well as in R&D and IT system renewal
according to plan, yet more moderately than during previous
quarters. Following net sales growth, our operating result
increased and was 9.1% of net sales.
We continued executing our strategy as planned. In
Weather and Environment business area, the growth businesses and
subscription sales continued to improve sales mix, contributing to
the business area’s profitability improvement. In Industrial
Measurements business area, we continued to invest in new
technologies and products to drive future growth. Although the
economic uncertainty impacted our profitability during the second
quarter in Industrial Measurements business area, our view of
long-term market outlook is supported by several megatrends.
The uncertainty in the business environment is
expected to remain high without significant improvements in
industrial activity during the second half of 2023. The additional
costs related to component spot purchases are expected to be
insignificant by the end of 2023. We now 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 |
4-6/2023 |
4-6/2022 |
Change |
1-6/2023 |
1-6/2022 |
Change |
1-12/2022 |
Orders received |
129.3 |
123.4 |
5% |
261.3 |
242.2 |
8% |
500.8 |
Order book |
167.4 |
157.9 |
6% |
167.4 |
157.9 |
6% |
154.6 |
Net sales |
130.8 |
120.5 |
9% |
262.6 |
239.3 |
10% |
514.2 |
Gross profit |
72.1 |
66.6 |
8% |
146.0 |
133.4 |
9% |
282.0 |
Gross margin, % |
55.1 |
55.3 |
|
55.6 |
55.7 |
|
54.8 |
Operating expenses |
60.4 |
56.3 |
7% |
121.1 |
105.7 |
15% |
219.7 |
Operating result |
11.9 |
10.3 |
|
25.2 |
27.9 |
|
62.5 |
Operating result, % |
9.1 |
8.6 |
|
9.6 |
11.7 |
|
12.2 |
Result before taxes |
10.5 |
9.3 |
|
22.9 |
26.7 |
|
59.6 |
Result for the period |
8.0 |
6.2 |
|
17.6 |
20.0 |
|
45.1 |
Earnings per share |
0.22 |
0.18 |
24% |
0.49 |
0.55 |
-12% |
1.24 |
Return on equity, % |
|
|
|
14.5 |
17.5 |
|
18.7 |
Research and development costs |
18.1 |
16.7 |
8% |
36.0 |
31.4 |
15% |
62.4 |
Capital expenditure |
3.6 |
2.8 |
29% |
6.7 |
6.3 |
7% |
13.7 |
Depreciation, amortization and |
|
|
|
|
|
|
|
impairment |
6.1 |
5.8 |
6% |
12.0 |
11.4 |
6% |
23.6 |
Cash flow from operating activities |
8.8 |
-9.8 |
|
35.7 |
-0.2 |
|
29.8 |
Cash and cash equivalents |
|
|
|
51.2 |
48.4 |
6% |
55.5 |
Interest-bearing liabilities |
|
|
|
62.9 |
74.5 |
-16% |
63.4 |
Gearing, % |
|
|
|
4.9 |
11.5 |
|
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
Q2/2023
Orders received and order book
MEUR |
4-6/2023 |
4-6/2022 |
Change |
FX* |
1-12/2022 |
Orders received |
129.3 |
123.4 |
5% |
7% |
500.8 |
Order book, end of period |
167.4 |
157.9 |
6% |
|
154.6 |
* Change with comparable exchange rates
Second quarter 2023 orders received increased by 5%
compared to previous year and totaled EUR 129.3 (123.4) 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, renewable energy, as
well as in power and energy market segments.
At the end of June 2023, order book amounted EUR
167.4 (157.9) million and increased by 6% compared to previous
year. Order book increased in Weather and Environment business area
and were at previous year’s level in Industrial Measurements
business area. EUR 116.7 (115.0) million of the order book is
scheduled to be delivered in 2023.
Financial
performance
MEUR |
4-6/2023 |
4-6/2022 |
Change |
FX** |
1-12/2022 |
Net sales |
130.8 |
120.5 |
9% |
11% |
514.2 |
Product sales |
97.0 |
88.1 |
10% |
|
375.5 |
Project sales |
17.2 |
17.6 |
-2% |
|
73.5 |
Service sales |
8.9 |
8.2 |
8% |
|
35.0 |
Subscription sales |
7.4 |
6.2 |
19% |
|
28.4 |
Lease income |
0.3 |
0.4 |
-8% |
|
1.7 |
Gross margin, % |
55.1 |
55.3 |
|
|
54.8 |
Operating result |
11.9 |
10.3 |
|
|
62.5 |
% of net sales |
9.1 |
8.6 |
|
|
12.2 |
|
|
|
|
|
|
R&D costs |
18.1 |
16.7 |
8% |
|
62.4 |
Amortization* |
2.1 |
2.1 |
|
|
8.2 |
* Amortization of intangible assets related to
the acquired businesses** Change with comparable exchange rates
Second quarter 2023 net sales increased by 9%
compared to previous year and were EUR 130.8 (120.5) million. In
constant currencies, net sales increased by 11%. Net sales grew in
Weather and Environment business area but decreased in Industrial
Measurements business area. Net sales increased in renewable
energy, roads and automotive, as well as in meteorology market
segments. In renewable energy as well as in roads and automotive
markets segments, net sales growth was very strong.
Gross margin was at previous year’s level 55.1
(55.3) %. Additional costs related to component spot purchases had
a 0.8 (2.8) percentage point negative impact on gross margin.
Second quarter 2023 operating result increased
compared to previous year following growth in net sales and was EUR
11.9 (10.3) million, 9.1 (8.6) % of net sales. Operating
expenses increased due to investments in sales and marketing as
well as in R&D and IT system renewal.
Second quarter 2023 financial income and expenses
were EUR -1.4 (-1.0) million. This was mainly a result of valuation
of foreign currency denominated items, currency hedging and
interest expenses. Income taxes were EUR 2.5 (3.1) million and
estimated effective tax rate for the whole year was 23.3 (24.9) %.
Result before taxes was EUR 10.5 (9.3) million and result for the
period EUR 8.0 (6.2) million. Earnings per share was EUR 0.22
(0.18).
Financial review
January–June
2023
Orders received and order book
MEUR |
1-6/2023 |
1-6/2022 |
Change |
FX* |
1-12/2022 |
Orders received |
261.3 |
242.2 |
8% |
9% |
500.8 |
Order book, end of period |
167.4 |
157.9 |
6% |
|
154.6 |
* Change with comparable exchange rates
January–June 2023 orders received increased by 8%
compared to previous year and totaled EUR 261.3 (242.2) million.
Orders received grew in Weather and Environment business area and
were at previous years’ level in Industrial Measurements business
area. Orders received grew very strongly in roads and automotive as
well as in power and energy market segments and strongly in
meteorology and liquid measurements market segments.
Financial performance
MEUR |
1-6/2023 |
1-6/2022 |
Change |
FX** |
1-12/2022 |
Net sales |
262.6 |
239.3 |
10% |
11% |
514.2 |
Product sales |
196.1 |
176.2 |
11% |
|
375.5 |
Project sales |
32.0 |
33.4 |
-4% |
|
73.5 |
Service sales |
18.2 |
16.2 |
12% |
|
35.0 |
Subscription sales |
15.6 |
12.6 |
23% |
|
28.4 |
Lease income |
0.7 |
0.8 |
-14% |
|
1.7 |
Gross margin, % |
55.6 |
55.7 |
|
|
54.8 |
Operating result |
25.2 |
27.9 |
|
|
62.5 |
% of net sales |
9.6 |
11.7 |
|
|
12.2 |
|
|
|
|
|
|
R&D costs |
36.0 |
31.4 |
15% |
|
62.4 |
Amortization* |
4.1 |
4.1 |
|
|
8.2 |
* Amortization of intangible assets related to
the acquired businesses** Change with comparable exchange rates
January–June 2023 net sales increased by 10%
compared to previous year and were EUR 262.6 (239.3) million. In
constant currencies, net sales increased by 11%. Net sales grew in
both business areas. Net sales increased strongly in industrial
instruments, roads and automotive, as well as in renewable energy
market segments.
Gross margin was at previous year’s level 55.6
(55.7) %. Additional costs related to component spot purchases had
a 1.0 (1.6) percentage point negative impact on gross margin.
January–June 2023 operating result decreased
compared to previous year and was EUR 25.2 (27.9) million, 9.6
(11.7) % of net sales. Operating expenses increased due to
investments in sales and marketing as well as in R&D and IT
system renewal.
January–June 2023 financial income and expenses
were EUR -2.2 (-1.2) million. This was mainly a result of valuation
of foreign currency denominated items, currency hedging and
interest expenses. Income taxes were EUR 5.3 (6.7) million and
estimated effective tax rate for the whole year was 23.3 (24.9) %.
Result before taxes was EUR 22.9 (26.7) million and result for the
period EUR 17.6 (20.0) million. Earnings per share was EUR 0.49
(0.55).
Statement of financial
position, cash flow and
financingVaisala’s financial position remained strong
during January–June 2023. At the end of June, statement of
financial position totaled EUR 415.9 (Dec 31, 2022: 439.2) million.
Cash and cash equivalents totaled EUR 51.2 (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–June 2023, cash flow from operating
activities increased to EUR 35.7 (-0.2) million. Change in net
working capital was EUR 11.0 (-30.2) million and this was mainly a
result of decrease in trade receivables.
On June 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 a term loan.
In the first quarter, Vaisala signed a EUR 50 million unsecured
term loan agreement with one of its core banks for general
corporate and working capital purposes and refinancing the term
loan, EUR 40 million. The loan was fully utilized on April 5, 2023,
and EUR 40 million loan was repaid. The loan has a financial
covenant (gearing) tested semi-annually and on June 30, 2023,
Vaisala was in compliance with the covenant. The term loan matures
in three years from the signing. Vaisala had not issued any
domestic commercial papers on June 30, 2023 (Dec 31, 2022: EUR 12.5
million). Vaisala has also a EUR 50 million committed revolving
credit facility, which was undrawn on June 30, 2023, as at the end
of 2022. In addition, interest-bearing lease liabilities totaled
EUR 12.9 (Dec 31, 2022: 10.9) million.
Capital expenditureIn January–June
2023, capital expenditure in intangible assets and property, plant,
and equipment totaled EUR 6.7 (6.3) 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
12.0 (11.4) million. This included EUR 4.1 (4.1) million of
amortization of identified intangible assets related to the
acquired businesses.
PersonnelThe average number of
personnel employed during January–June 2023 was 2,314 (2,077). At
the end of June 2023, the number of employees was 2,401 (Dec 31,
2022: 2,235). 77 (77) % of employees were located in EMEA, 15 (16)
% in Americas and 7 (8) % in APAC. 67 (66) % of employees were
based in Finland.
Q2 and January–June
2023
review by business area
Industrial Measurements business
area
MEUR |
4-6/2023 |
4-6/2022 |
Change |
FX** |
1-6/2023 |
1-6/2022 |
Change |
FX** |
1-12/2022 |
Orders received |
52.6 |
56.2 |
-6% |
-3% |
112.6 |
111.0 |
1% |
3% |
234.2 |
Order book, end of period |
37.2 |
37.2 |
0% |
|
37.2 |
37.2 |
0% |
|
41.8 |
Net sales |
52.8 |
54.7 |
-3% |
-0% |
115.8 |
107.8 |
7% |
9% |
225.6 |
Product sales |
47.9 |
50.4 |
-5% |
|
106.1 |
99.4 |
7% |
|
208.1 |
Service sales |
4.9 |
4.3 |
15% |
|
9.7 |
8.4 |
16% |
|
17.5 |
Gross margin, % |
59.7 |
63.2 |
|
|
61.3 |
63.7 |
|
|
61.9 |
Operating result |
6.8 |
11.5 |
|
|
21.8 |
26.1 |
|
|
51.5 |
of net sales, % |
12.9 |
21.0 |
|
|
18.8 |
24.2 |
|
|
22.8 |
|
|
|
|
|
|
|
|
|
|
R&D costs |
6.9 |
6.9 |
0% |
|
14.0 |
12.8 |
10% |
|
25.3 |
Amortization* |
0.4 |
0.4 |
|
|
0.8 |
0.8 |
|
|
1.7 |
* Amortization of intangible assets related to
the acquired businesses** Change with comparable exchange rates
Q2/2023
reviewIndustrial Measurements business area’s
second quarter 2023 orders received decreased by 6% compared to
previous year totaling EUR 52.6 (56.2) million. Orders received
decreased in industrial instruments and life science market
segments, whereas orders received grew in power and energy as well
as in liquid measurements market segments.
At the end of June 2023, Industrial Measurements
business area’s order book was at previous year’s level and
amounted to EUR 37.2 (37.2) million. EUR 31.6 (32.8) million of the
order book is scheduled to be delivered in 2023.
Second quarter 2023 net sales were EUR 52.8 (54.7)
million and decreased by 3% compared to previous year. In constant
currencies, net sales were flat compared to previous year. Net
sales decreased in life science market segment and were at previous
year’s level in industrial instruments, liquid measurements, as
well as in power and energy market segments.
Gross margin decreased compared to previous year
and was 59.7 (63.2) %. Additional costs related to component spot
purchases had a 1.2 (2.9) percentage point negative impact on gross
margin. Price pressure especially in China and unfavorable product
mix burdened gross margin.
Industrial Measurements business area’s second
quarter 2023 operating result decreased compared to previous year
following decrease in net sales and gross margin and totaled EUR
6.8 (11.5) million, 12.9 (21.0) % of net sales. Operating expenses
increased due to investments in sales and marketing as well as in
R&D and IT system renewal.
January–June
2023
reviewIndustrial Measurements business area’s
January–June 2023 orders received were at previous year’s level and
totaled EUR 112.6 (111.0) million. Orders received grew in
industrial instruments, power and energy as well as in liquid
measurements market segments, whereas orders received in life
science market segment decreased from previous year. Growth of
orders received was very strong in power and energy market
segment.
January–June 2023 net sales were EUR 115.8 (107.8)
million and increased by 7% compared to previous year. In constant
currencies, net sales increased by 9%. Net sales grew strongly in
industrial instruments as well as in power and energy market
segments. Net sales in liquid measurements and life science market
segments were flat compared to previous year.
Gross margin decreased compared to previous year
and was 61.3 (63.7) %. Additional costs related to component spot
purchases had a 1.5 (1.8) percentage point negative impact on gross
margin. Price pressure especially in China burdened gross
margin.
Industrial Measurements business area’s
January–June 2023 operating result decreased compared to previous
year following decrease in gross margin as well as increase in
operating expenses and totaled EUR 21.8 (26.1) million, 18.8 (24.2)
% 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 |
4-6/2023 |
4-6/2022 |
Change |
FX** |
1-6/2023 |
1-6/2022 |
Change |
FX** |
1-12/2022 |
Orders received |
76.6 |
67.2 |
14% |
16% |
148.7 |
131.2 |
13% |
14% |
266.6 |
Order book, end of period |
130.2 |
120.6 |
8% |
|
130.2 |
120.6 |
8% |
|
112.8 |
Net sales |
78.0 |
65.9 |
18% |
20% |
146.8 |
131.6 |
12% |
12% |
288.6 |
Product sales |
49.1 |
37.7 |
30% |
|
90.0 |
76.8 |
17% |
|
167.4 |
Project sales |
17.2 |
17.6 |
-2% |
|
32.0 |
33.4 |
-4% |
|
73.5 |
Service sales |
4.0 |
4.0 |
1% |
|
8.5 |
7.8 |
8% |
|
17.5 |
Subscription sales |
7.4 |
6.2 |
19% |
|
15.6 |
12.6 |
23% |
|
28.4 |
Lease income |
0.3 |
0.4 |
-8% |
|
0.7 |
0.8 |
-14% |
|
1.7 |
Gross margin, % |
51.9 |
48.8 |
|
|
51.1 |
49.2 |
|
|
49.3 |
Operating result |
4.9 |
-1.1 |
|
|
3.2 |
1.8 |
|
|
11.1 |
of net sales, % |
6.3 |
-1.6 |
|
|
2.2 |
1.4 |
|
|
3.8 |
|
|
|
|
|
|
|
|
|
|
R&D costs |
11.2 |
9.8 |
14% |
|
22.0 |
18.6 |
18% |
|
37.2 |
Amortization* |
1.7 |
1.7 |
|
|
3.3 |
3.2 |
|
|
6.6 |
* Amortization of intangible assets related to
the acquired businesses** Change with comparable exchange rates
Q2/2023
reviewWeather and Environment business area’s
second quarter 2023 orders received increased by 14% compared to
previous year and totaled EUR 76.6 (67.2) million. Orders received
grew very strongly in roads and automotive as well as in renewable
energy market segments and decreased in aviation and meteorology
market segments.
At the end of June 2023, Weather and Environment
business area’s order book amounted to EUR 130.2 (120.6)
million and increased by 8% compared to previous year. EUR 85.1
(82.1) million of the order book is scheduled to be delivered in
2023. Order book increased in roads and automotive, meteorology,
and renewable energy market segments, whereas order book in
aviation market segment somewhat decreased.
Second quarter 2023 net sales were EUR 78.0 (65.9)
million and increased by 18% compared to previous year. In constant
currencies, net sales increased by 20%. Net sales grew in renewable
energy, roads and automotive as well as in meteorology market
segments, whereas net sales decreased somewhat in aviation market
segment. Net sales growth in renewable energy as well as in roads
and automotive market segments was very strong.
Gross margin improved compared to previous year and
was 51.9 (48.8) %. Additional costs related to component spot
purchases had a 0.5 (2.6) percentage point negative impact on gross
margin. Very strong net sales growth in product sales and
subscription sales improved gross margin.
Weather and Environment business area’s second
quarter 2023 operating result increased compared to previous year
following strong growth of net sales and improved gross margin and
totaled EUR 4.9 (-1.1) million, 6.3 (-1.6) % of net sales.
Operating expenses increased due to investments in sales and
marketing as well as in R&D and IT system renewal.
January–June
2023
reviewWeather and Environment business area’s
January–June 2023 orders received increased by 13% compared to
previous year and totaled EUR 148.7 (131.2) million. Orders
received grew in roads and automotive as well as in meteorology
market segments, whereas orders received in aviation and renewable
energy market segments decreased. Growth of orders received was
very strong in roads and automotive market segment and strong in
meteorology market segment.
January–June 2023 net sales were EUR 146.8 (131.6)
million and increased by 12% compared to previous year. In constant
currencies, net sales increased by 12%. 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 51.1 (49.2) %. Additional costs related to component spot
purchases had a 0.7 (1.4) percentage point negative impact on gross
margin. Very strong net sales growth in product business as well as
in subscription sales improved gross margin.
Weather and Environment business area’s
January–June 2023 operating result increased compared to previous
year following growth in net sales and improved gross margin and
totaled EUR 3.2 (1.8) million, 2.2 (1.4) % 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 June 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
June 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–June 2023, a total of 1,588,767
series A shares with a value totaling EUR 64.4 million were traded
on the Nasdaq Helsinki Ltd. The closing price of the series A share
on the Nasdaq Helsinki stock exchange was EUR 42.15. Shares
registered a high of EUR 44.55 and a low of EUR 37.70.
Volume-weighted average share price was EUR 40.55.
The market value of series A shares on June 30,
2023, was EUR 1,244.3 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 June, the total market value of all the series
A and series K shares together was EUR 1,528.0 million, excluding
company’s treasury shares.
Treasury sharesIn 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
June 30, 2023, was 185,976, which represents 0.6% of series A
shares and 0.5% of total shares.
ShareholdersAt the end of June
2023, Vaisala had 14,101 (13,450) registered shareholders.
Ownership outside of Finland and nominee registrations represented
22.6 (21.0) % of the company's shares. Households owned 40.4
(40.4) %, private companies 13.0 (12.9) %, financial and
insurance institutions 10.0 (11.7) %, non-profit organizations 10.0
(10.4) % and public sector organizations 4.0 (3.5) % 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 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 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
2023Interim Report
January–September 2023: October 27, 2023
Vantaa, July 27, 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 Half Year 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 Half Year Report
are group figures. All presented figures have been rounded and
consequently the sum of individual figures may deviate from the sum
presented. The Half Year Report is unaudited.
Preparation of Half Year 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 Half Year 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 |
4-6/2023 |
4-6/2022 |
1-6/2023 |
1-6/2022 |
1-12/2022 |
Net sales |
130.8 |
120.5 |
262.6 |
239.3 |
514.2 |
Cost of goods sold |
-58.7 |
-53.9 |
-116.6 |
-106.0 |
-232.2 |
Gross profit |
72.1 |
66.6 |
146.0 |
133.4 |
282.0 |
|
|
|
|
|
|
Sales, marketing and administrative costs |
-42.3 |
-39.6 |
-85.1 |
-74.3 |
-157.3 |
Research and development costs |
-18.1 |
-16.7 |
-36.0 |
-31.4 |
-62.4 |
Other operating income and expenses |
0.2 |
0.1 |
0.3 |
0.2 |
0.3 |
Operating result |
11.9 |
10.3 |
25.2 |
27.9 |
62.5 |
|
|
|
|
|
|
Share of result in associated company |
- |
- |
- |
- |
0.2 |
Financial income and expenses |
-1.4 |
-1.0 |
-2.2 |
-1.2 |
-3.1 |
Result before taxes |
10.5 |
9.3 |
22.9 |
26.7 |
59.6 |
|
|
|
|
|
|
Income taxes |
-2.5 |
-3.1 |
-5.3 |
-6.7 |
-14.5 |
Result for the period |
8.0 |
6.2 |
17.6 |
20.0 |
45.1 |
|
|
|
|
|
|
Attributable to |
|
|
|
|
|
Owners of the parent company |
8.0 |
6.4 |
17.6 |
20.0 |
45.0 |
Non-controlling interests |
- |
-0.2 |
- |
0.0 |
0.0 |
Result for the period |
8.0 |
6.2 |
17.6 |
20.0 |
45.1 |
|
|
|
|
|
|
Earnings per share for result attributable to the equity
holders of the parent company |
|
|
|
|
|
Earnings per share, EUR |
0.22 |
0.18 |
0.49 |
0.55 |
1.24 |
Diluted earnings per share, EUR |
0.22 |
0.18 |
0.48 |
0.55 |
1.24 |
Consolidated statement of comprehensive
income |
EUR million |
4-6/2023 |
4-6/2022 |
1-6/2023 |
1-6/2022 |
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 |
-0.6 |
4.2 |
-2.3 |
5.6 |
2.4 |
Total |
-0.6 |
4.2 |
-2.3 |
5.6 |
2.4 |
|
|
|
|
|
|
Total other comprehensive income |
-0.6 |
4.2 |
-2.3 |
5.6 |
2.2 |
|
|
|
|
|
|
Comprehensive income for the period |
7.4 |
10.4 |
15.3 |
25.6 |
47.3 |
|
|
|
|
|
|
Attributable to |
|
|
|
|
|
Owners of the parent company |
7.4 |
10.6 |
15.3 |
25.6 |
47.3 |
Non-controlling interests |
- |
-0.2 |
- |
0.0 |
0.0 |
Comprehensive income for the period |
7.4 |
10.4 |
15.3 |
25.6 |
47.3 |
Consolidated statement of financial position |
|
|
|
EUR million |
|
|
|
Assets |
Jun 30, 2023 |
Jun 30, 2022 |
Dec 31, 2022 |
|
|
|
|
Non-current assets |
|
|
|
Intangible assets |
66.7 |
77.2 |
71.3 |
Property, plant and equipment |
95.7 |
95.8 |
96.0 |
Right-of-use assets |
13.9 |
10.5 |
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 |
8.1 |
9.2 |
9.5 |
Total non-current assets |
186.8 |
195.0 |
191.1 |
|
|
|
|
Current assets |
|
|
|
Inventories |
66.1 |
64.0 |
61.6 |
Trade and other receivables |
81.4 |
86.1 |
101.7 |
Contract assets and other accrued revenue |
26.0 |
21.0 |
26.2 |
Income tax receivables |
4.3 |
3.6 |
3.1 |
Cash and cash equivalents |
51.2 |
48.4 |
55.5 |
Total current assets |
229.1 |
223.0 |
248.1 |
|
|
|
|
Total assets |
415.9 |
418.0 |
439.2 |
Equity and liabilities |
Jun 30, 2023 |
Jun 30, 2022 |
Dec 31, 2022 |
|
|
|
|
Equity |
|
|
|
Share capital |
7.7 |
7.7 |
7.7 |
Other reserves |
0.8 |
1.3 |
3.5 |
Translation differences |
1.9 |
7.2 |
4.1 |
Treasury shares |
-4.2 |
-3.3 |
-3.3 |
Retained earnings |
230.0 |
213.7 |
238.5 |
Total equity attributable to owners of parent
company |
236.0 |
226.6 |
250.5 |
|
|
|
|
Non-controlling interests |
- |
0.0 |
0.0 |
|
|
|
|
Total equity |
236.0 |
226.6 |
250.5 |
|
|
|
|
Non-current liabilities |
|
|
|
Interest-bearing borrowings |
50.0 |
0.0 |
0.0 |
Interest-bearing lease liabilities |
10.1 |
7.0 |
8.3 |
Post-employment benefits |
2.6 |
2.5 |
2.7 |
Deferred tax liabilities |
3.8 |
7.1 |
4.5 |
Provisions |
0.4 |
0.3 |
0.3 |
Other non-current liabilities |
4.3 |
0.7 |
2.1 |
Total non-current liabilities |
71.2 |
17.6 |
17.9 |
|
|
|
|
Current liabilities |
|
|
|
Interest-bearing borrowings |
0.0 |
65.0 |
52.5 |
Interest-bearing lease liabilities |
2.8 |
2.4 |
2.7 |
Trade and other payables |
69.0 |
70.3 |
74.0 |
Contract liabilities and other deferred revenue |
33.8 |
32.6 |
37.1 |
Income tax liabilities |
0.4 |
1.0 |
1.8 |
Provisions |
2.5 |
2.6 |
2.8 |
Total current liabilities |
108.6 |
173.9 |
170.8 |
|
|
|
|
Total liabilities |
179.9 |
191.4 |
188.7 |
|
|
|
|
Total equity and liabilities |
415.9 |
418.0 |
439.2 |
Consolidated cash flow statement |
|
|
|
EUR million |
1-6/2023 |
1-6/2022 |
1-12/2022 |
Result for the period |
17.6 |
20.0 |
45.1 |
|
|
|
|
Depreciation, amortization and impairment |
12.0 |
11.4 |
23.6 |
Financial income and expenses |
2.2 |
1.2 |
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 |
5.3 |
6.6 |
14.5 |
Other adjustments |
-1.8 |
-2.4 |
0.3 |
|
|
|
|
Inventories, increase (-) / decrease (+) |
-5.0 |
-13.9 |
-11.2 |
Non-interest-bearing receivables, increase (-) / decrease (+) |
19.7 |
-2.9 |
-26.0 |
Non-interest-bearing liabilities, increase (+) / decrease (-) |
-3.7 |
-13.4 |
-0.8 |
Changes in working capital |
11.0 |
-30.2 |
-38.0 |
|
|
|
|
Financial items paid/received |
-2.5 |
-1.4 |
-4.9 |
Income taxes paid |
-8.1 |
-5.5 |
-13.6 |
Cash flow from operating activities |
35.7 |
-0.2 |
29.8 |
|
|
|
|
Acquisition of subsidiaries, net of cash acquired |
- |
-23.1 |
-23.1 |
Capital expenditure on intangible assets and property, |
-6.7 |
-6.3 |
-13.7 |
plant and equipment |
|
|
|
Proceeds from sale of intangible assets and property, |
|
|
|
plant and equipment |
0.1 |
0.3 |
0.0 |
Cash flow from investing activities |
-6.6 |
-29.1 |
-36.8 |
|
|
|
|
Dividends paid |
-26.1 |
-24.6 |
-24.6 |
Purchase of treasury shares |
-2.1 |
- |
- |
Change in loan receivables |
0.0 |
0.0 |
-0.1 |
Proceeds from borrowings |
77.4 |
42.5 |
114.9 |
Repayment of borrowings |
-79.9 |
-17.5 |
-102.4 |
Principal payments of lease liabilities |
-1.6 |
-1.4 |
-2.9 |
Cash flow from financing activities |
-32.3 |
-1.1 |
-15.1 |
|
|
|
|
Change in cash and cash equivalents increase (+) / decrease
(-) |
-3.2 |
-30.4 |
-22.1 |
|
|
|
|
Cash and cash equivalents at the beginning of period |
55.5 |
77.9 |
77.9 |
Change in cash and cash equivalents |
-3.2 |
-30.4 |
-22.1 |
Effect from changes in exchange rates |
-1.0 |
0.9 |
-0.3 |
Cash and cash equivalents at the end of
period |
51.2 |
48.4 |
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 |
217.8 |
229.4 |
0.7 |
230.1 |
|
|
|
|
|
|
|
|
|
Result for the period |
|
|
|
|
20.0 |
20.0 |
0.0 |
20.0 |
Other comprehensive income |
|
0.0 |
5.6 |
|
|
5.6 |
|
5.6 |
Dividend distribution |
|
|
|
|
-24.6 |
-24.6 |
|
-24.6 |
Share-based payments |
|
-5.7 |
|
1.4 |
|
-4.3 |
|
-4.3 |
Changes in non-controlling interests |
|
|
|
|
|
|
|
|
that did not result in changes in control |
|
|
|
|
0.7 |
0.7 |
-0.7 |
|
Equity at Jun 30, 2022 |
7.7 |
1.3 |
7.2 |
-3.3 |
213.7 |
226.6 |
0.0 |
226.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
17.6 |
17.6 |
|
17.6 |
Other comprehensive income |
|
-0.0 |
-2.3 |
|
|
-2.3 |
|
-2.3 |
Dividend distribution |
|
|
|
|
-26.1 |
-26.1 |
|
-26.1 |
Purchase of treasury shares |
|
|
|
-2.1 |
|
-2.1 |
|
-2.1 |
Share-based payments |
|
-2.7 |
|
1.2 |
|
-1.5 |
|
-1.5 |
Changes in non-controlling interests |
|
|
|
|
|
|
|
|
that did not result in changes in control |
|
|
|
|
0.0 |
0.0 |
-0.0 |
|
Equity at Jun 30, 2023 |
7.7 |
0.8 |
1.9 |
-4.2 |
230.0 |
236.0 |
- |
236.0 |
Notes to the report |
|
|
|
|
|
|
|
|
|
|
|
Orders received by business area |
|
|
|
|
|
EUR million |
4-6/2023 |
4-6/2022 |
1-6/2023 |
1-6/2022 |
1-12/2022 |
Industrial Measurements |
52.6 |
56.2 |
112.6 |
111.0 |
234.2 |
Weather and Environment |
76.6 |
67.2 |
148.7 |
131.2 |
266.6 |
Total |
129.3 |
123.4 |
261.3 |
242.2 |
500.8 |
|
|
|
|
|
|
Order book by business area |
|
|
|
|
|
EUR million |
4-6/2023 |
4-6/2022 |
1-6/2023 |
1-6/2022 |
1-12/2022 |
Industrial Measurements |
37.2 |
37.2 |
37.2 |
37.2 |
41.8 |
Weather and Environment |
130.2 |
120.6 |
130.2 |
120.6 |
112.8 |
Total |
167.4 |
157.9 |
167.4 |
157.9 |
154.6 |
|
|
|
|
|
|
Net sales by business area |
|
|
|
|
|
EUR million |
4-6/2023 |
4-6/2022 |
1-6/2023 |
1-6/2022 |
1-12/2022 |
Industrial Measurements |
|
|
|
|
|
Product sales |
47.9 |
50.4 |
106.1 |
99.4 |
208.1 |
Service sales |
4.9 |
4.3 |
9.7 |
8.4 |
17.5 |
Total |
52.8 |
54.7 |
115.8 |
107.8 |
225.6 |
|
|
|
|
|
|
Weather and Environment |
|
|
|
|
|
Product sales |
49.1 |
37.7 |
90.0 |
76.8 |
167.4 |
Project sales |
17.2 |
17.6 |
32.0 |
33.4 |
73.5 |
Service sales |
4.0 |
4.0 |
8.5 |
7.8 |
17.5 |
Subscription sales |
7.4 |
6.2 |
15.6 |
12.6 |
28.4 |
Lease income |
0.3 |
0.4 |
0.7 |
0.8 |
1.7 |
Total |
78.0 |
65.9 |
146.8 |
131.6 |
288.6 |
|
|
|
|
|
|
Total net sales |
130.8 |
120.5 |
262.6 |
239.3 |
514.2 |
|
|
|
|
|
|
Operating result by business area |
|
|
|
|
|
EUR million |
4-6/2023 |
4-6/2022 |
1-6/2023 |
1-6/2022 |
1-12/2022 |
Industrial Measurements |
6.8 |
11.5 |
21.8 |
26.1 |
51.5 |
Weather and Environment |
4.9 |
-1.1 |
3.2 |
1.8 |
11.1 |
Other |
0.2 |
-0.1 |
0.2 |
0.0 |
-0.1 |
Total |
11.9 |
10.3 |
25.2 |
27.9 |
62.5 |
|
|
|
|
|
|
Net sales by region |
|
|
|
|
|
EUR million |
4-6/2023 |
4-6/2022 |
1-6/2023 |
1-6/2022 |
1-12/2022 |
Americas |
47.1 |
44.4 |
92.9 |
81.7 |
191.2 |
APAC |
37.9 |
38.1 |
82.0 |
79.8 |
160.3 |
EMEA |
45.8 |
38.0 |
87.7 |
77.8 |
162.7 |
Total |
130.8 |
120.5 |
262.6 |
239.3 |
514.2 |
Timing of revenue recognition |
|
|
|
|
|
EUR million |
4-6/2023 |
4-6/2022 |
1-6/2023 |
1-6/2022 |
1-12/2022 |
Performance obligations satisfied at a point in time |
105.4 |
95.8 |
213.3 |
191.1 |
408.1 |
Performance obligations satisfied over time |
25.1 |
24.4 |
48.6 |
47.4 |
104.4 |
Lease income recognized on a straight-line basis |
0.3 |
0.4 |
0.7 |
0.8 |
1.7 |
Total |
130.8 |
120.5 |
262.6 |
239.3 |
514.2 |
|
|
|
|
|
|
Personnel |
|
|
|
|
|
|
4-6/2023 |
4-6/2022 |
1-6/2023 |
1-6/2022 |
1-12/2022 |
Average personnel |
2,361 |
2,132 |
2,314 |
2,077 |
2,141 |
Personnel at the end of period |
2,401 |
2,187 |
2,401 |
2,187 |
2,235 |
|
|
|
|
|
|
Derivative financial instruments |
|
|
|
|
|
EUR million |
|
|
Jun 30, 2023 |
Jun 30, 2022 |
Dec 31, 2022 |
Nominal value of derivative financial contracts |
|
|
44.7 |
36.7 |
38.3 |
|
|
|
|
|
|
Fair values of derivative financial contracts, assets |
|
|
1.2 |
0.2 |
1.0 |
Fair values of derivative financial contracts, liabilities |
|
|
0.1 |
1.7 |
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 |
4-6/2023 |
4-6/2022 |
1-6/2023 |
1-6/2022 |
1-12/2022 |
Number of shares outstanding |
36,251 |
36,228 |
36,251 |
36,228 |
36,228 |
Number of treasury shares |
186 |
208 |
186 |
208 |
208 |
Number of shares, weighted average, diluted |
36,399 |
36,391 |
36,387 |
36,337 |
36,367 |
Number of shares, weighted average |
36,250 |
36,228 |
36,267 |
36,185 |
36,207 |
Number of shares traded |
989 |
432 |
1,589 |
1,449 |
2,385 |
Share price, highest |
44.55 |
45.50 |
44.55 |
54.40 |
54.40 |
Share price, lowest |
37.75 |
38.00 |
37.70 |
38.00 |
36.15 |
|
|
|
|
|
|
Key ratios |
|
|
|
|
|
EUR |
4-6/2023 |
4-6/2022 |
1-6/2023 |
1-6/2022 |
1-12/2022 |
Earnings per share |
0.22 |
0.18 |
0.49 |
0.55 |
1.24 |
Diluted earnings per share |
0.22 |
0.18 |
0.48 |
0.55 |
1.24 |
Equity per share |
|
|
6.51 |
6.25 |
6.91 |
Return on equity, % |
|
|
14.5 |
17.5 |
18.7 |
Cash flow from operating activities per share |
0.24 |
-0.27 |
0.99 |
-0.00 |
0.82 |
Solvency ratio, % |
|
|
57.6 |
55.2 |
58.1 |
Gearing, % |
|
|
4.9 |
11.5 |
3.2 |
Key exchange rates |
|
|
|
|
|
Average rates |
Period end rates |
|
1-6/2023 |
1-6/2022 |
Jun 30, 2023 |
Jun 30, 2022 |
Dec 31,
2022 |
USD |
1.0776 |
1.1006 |
1.0866 |
1.0387 |
1.0666 |
CNY |
7.4519 |
7.0804 |
7.8983 |
6.9624 |
7.3582 |
JPY |
145.08 |
133.00 |
157.16 |
141.54 |
140.66 |
GBP |
0.8781 |
0.8406 |
0.8583 |
0.8582 |
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 July 28, 2023, starting at 12:00 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
Passcode: Vaisala Q2
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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