Panostaja Oyj Stock Exchange Bulletin, 18th December 2008 09:00 am
PANOSTAJA GROUP FINANCIAL STATEMENTS REPORT, 1st NOVEMBER 2007-31st OCTOBER 2008
Net turnover stood at EUR 121.1 million (EUR 69.1 million), equivalent to 75%
growth.
Operating profit stood at EUR 6.5 million (EUR 3.3 million), equivalent to 96 %
growth.
Earnings per share (basic) were 28 cents (12 cents).
Earnings per share (diluted) were 25 cents (10 cents).
Equity per share was EUR 0.93 (EUR 0.78) and the equity ratio was 36.8 %
(34.9%).
The Group's financial assets enabled the realisation of the growth strategy.
The company's Board of Directors proposes a dividend of EUR 0.12 share.
GROUP
FINANCIAL PERFORMANCE
Panostaja Group's net turnover was EUR 121.1 million (EUR 69.1 million). The
growth in net turnover was mainly the result of completed acquisitions during
the financial year.
The Group's operating profit increased by 96 % from the previous year's EUR 3.3
million to EUR 6.5 million, while profit before taxes grew by 103 % from EUR 2.2
million to EUR 4.4 million.
Profit for the financial year was EUR 13.8 million (EUR 5.9 million), with EUR
2.8 million and EUR 11.0 million attributable to continuing and discontinued
operations respectively. Profit from discontinued operations consisted of the
sale of Arme Oy.
Profit attributable to parent company shareholders accounted for EUR 12.7
million (4.3 million).
As a result of an divestments on 3rd July 2008 the Arme Group was entirely
removed from the Panostaja Group results for the financial year and continuing
business operations for the reference period. Arme's overall contribution to
Panostaja's profits for the year 1.11.2007 - 31.10.08 is EUR 11 million, as the
profit from the sale of the shares is treated as taxable income.
The Group's net financing income was approximately EUR 1.9 million and its
financial expenditure was about EUR 3.9 million. The Group's average number of
employees during the financial year was 646 (571). At year-end there were 727
(719) staff employed.
INVESTMENTS AND FINANCING
The Group's gross capital expenditure during the reporting period was EUR 24,2
million (EUR 21.9 million). The most important investments during the reporting
period were the purchase of Kopijyvä Oy and the acquisition of Hervannan
Koneistus Oy by Takoma Oyj.
In December 2007, the company distributed EUR 3.97 million in dividends to
parent company shareholders for the 2006/2007 period. Dividends paid to minority
shareholders in subsidiaries amounted to EUR 0.47 million. The Equity Rebate
paid to the shareholders amounted to 14.0% of Takoma Oyj's share capital,
equivalent to EUR 3.75 million at the time of the decision.
During the reporting period, the Group acquired an interest-rate cap agreement
to act as a hedge against the loans raised by Group companies during the
financial year 2007, totalling EUR 24.82 million. The amount of the Group's
interest-bearing liabilities at year-end was EUR 43.7 million (EUR 32.6
million), excluding the convertible subordinated loan.
Cash flow from operating activities remained at a good level throughout the
period. The Group's equity ratio stood at 36.6 (34.9%), while its gearing ratio
was 33.7 (23.7%). Return on equity was 29.3 %(18.6%). Return on investment stood
at 18.3 % (14.8%).
CHANGES TO THE GROUP STRUCTURE
Takoma Oyj (formerly Suomen Helasto Oyj), Panostaja Oyj's publicly listed
subsidiary, purchased the share capital of Hervannan Koneistus Oy from Kimmo
Korhonen and the business operation of Tampereen Laatukoneistus Oy from
Panostaja Oyj through transactions carried out on 1st November 2007.
Acquisitions were made on the basis of authorisations granted by Takoma Oyj's
Annual General Meeting on 17th October 2007.
Takoma Oyj signed a share exchange agreement with Kimmo Korhonen, owner of
Hervannan Koneistus Oy, whereupon Mr. Korhonen surrendered the entire share
capital of Hervannan Koneistus Oy to Takoma. To this end, Takoma Oyj's Board of
Directors decided to increase the company's share capital by EUR 159,775.50 to
EUR 939,855.96 by launching a share issue disapplying shareholders' pre-emption
rights and to give Kimmo Korhonen 2,662,925 new Takoma Oyj shares at a
subscription price of EUR 1.84 per share in exchange. The value of the share
exchange, according to the closing price of Suomen Helasto Oyj's share on 31
October 2007, was EUR 4.9 million. Disapplication of pre-emption rights was
authorised by the General Meeting and there were pressing financial reasons for
following this course of action from the Company's point of view. New shares
were issued as part of an acquisition relating to restructuring. The new shares
surrendered to Kimmo Korhonen were entered in the Trade Register on 28th
November 2007, meaning that Panostaja Oyj's holding in Takoma Oyj dropped to
79.19%, thus causing Panostaja Oyj to forfeit its right and obligation of
redemption as a majority shareholder under Chapter 18, section 1 of the Finnish
Companies Act in respect of Takoma Oyj shares.
On 1st November 2007, Takoma Oyj's subsidiary, Causatak Oy, purchased the
business operation of Tampereen Laatukoneistus Oy, part of the Panostaja Group,
at a price of EUR 3.7 million. Assets outside the ordinary course of business,
including premises owned by the company, remained with the selling company as
part of the deal.
Panostaja Oyj purchased the entire share capital of Kopijyvä Oy with a bill of
sale signed on 29th April 2008 and the deal became binding on both parties on
2nd May 2008. Kopijyvä Oy is one of Finland's biggest companies providing
digital printing services. After 30 years in the business, the firm has sound
experience of copying, construction drawings, posters and four-colour as well as
black and white print products. The group's annual turnover is around EUR 11
million. Kopijyvä employs about 130 staff and has offices in Jyväskylä, Kuopio,
Joensuu, Varkaus, Kouvola, and - as from September 2008 - Mikkeli. But, via its
affiliates/associated companies and network of partners, the firm in fact
operates in a total of 16 locations. There are also offices abroad - in St
Petersburg and Tallinn. Heimo Viinanen, CEO of Kopijyvä Oy, will continue to run
the company and be a significant minority shareholder. The final price of the
deal was confirmed between the parties on 22nd May 2008 at EUR 16,983,490.60.
On 2nd May 2008 Panostaja Oyj signed an agreement to acquire the business
operation of Ecosir Oy, a company established in 1996 specialising in solutions
for waste management and property maintenance equipment. With the acquisition,
Panostaja expanded its operation and established a new business area
specialising in environmental technology. Furthermore, on 1st July 2008 the
entire share capital of Kospa Oy, a company manufacturing waste treatment
equipment, was purchased. The combined annual turnover for Ecosir and Kospa is
around EUR 5.7 million and the companies employ a total of 32 staff.
In October Suomen Helakeskus Oy, Seinäjoen Rakennustarvike and Lukko Oy, all at
Seinäjoki and part of the Panostaja Group, merged their operations. The name of
the new parent company became Suomen Helasto Oy.
In its Financial Statements Bulletin of 11th December 2007 the Board of
Directors of Panostaja Oyj said it had decided to start exploring the
possibilities of distributing Takoma Oyj shares as dividends to Panostaja Oyj
shareholders. The exploratory work reached an end on 22nd May 2008 and, instead
of a distribution of dividends, the Panostaja Board decided to propose at an
extraordinary general meeting that the shareholders should be refunded their
capital out of the invested unrestricted shareholder's capital fund paid either
in the form of Takoma shares or cash ('Equity Rebate'). The Equity Rebate also
involved a sale of shares (seasoned equity offering) ('Sale of Shares'). The
summary of the Equity Rebate and Sale of Shares and the relevant securities note
were approved by the Financial Supervision Authority on 2nd June 2008. In the
preliminary ruling on the Equity Rebate and Sale of Shares the Tax Office for
Major Corporations decided on the basis of an overall assessment that Panostaja
was a capital investor (venture capital company) within the meaning of section 6
of the Finnish Business Tax Act, meaning that the profit (capital gain) from any
sales of Takoma shares given in the form of an Equity Rebate was taxable income
for Panostaja. This interpretation by the tax office would, if adhered to, have
an impact on the tax treatment of any profits and losses resulting from the
surrender of Panostaja's other shares in fixed assets. The interpretation would
not, however, have any impact on the tax treatment of shareholders.
The proposal by the Board for the Equity Rebate was approved at Panostaja Oyj's
extraordinary meeting on 9th June 2008. The company reimbursed to shareholders
who owned at least 3,000 Panostaja shares, Panostaja-owned Takoma shares
according to the value of their holdings. Those shareholders who owned fewer
than 3,000 Panostaja shares received their Equity Rebate in the form of cash.
The Equity Rebate involved a total of 2,189,127 Takoma OY shares being
distributed to 798 Panostaja Oyj shareholders. Cash payments amounted to EUR
112,231.59. The sale of shares in connection with the Equity Rebate involved the
sale of 1,166 Takoma Oyj shares in all, for a total of EUR 1,935.56.
As a result of the Equity Rebate, Panostaja Oyj's holding in Takoma Oyj fell to
65.21% of shares and votes. CEO Kimmo Korhonen's shareholding in the company
remained at 17%. Following the Equity Rebate, 17.79% of Takoma Oyj shares and
votes were held by the public. Furthermore, the OMX Nordic Stock Exchange
Helsinki announced that the problems regarding the pricing of the Takoma share
had been eradicated. The Takoma Oyj share was therefore removed from the watch
list on 4th July 2008.
Together with the other Arme Oy owners, Panostaja Oyj sold its shares in Arme Oy
(69.9% of the share capital) with a bill of sale signed on 3rd July 2008 to a
fund managed by Sentica Partners Oy. After costs and expert fees, Panostaja
Oyj's share of the sale price was EUR 20.0 million. In addition to its
liabilities connected with the acquisition, Panostaja finances the purchaser
with a temporary loan of EUR 3.5 million. The contribution of the Arme sale to
Panostaja Group profits for the year 1.11.2007 - 31.10.08 is approximately EUR
11.0 million, as the profit from the sale of the shares is treated as taxable
income.
In the preliminary ruling on the Equity Rebate in May 2008 the Tax Office for
Major Corporations decided on the basis of an overall assessment that Panostaja
was a capital investor (venture capital company) within the meaning of section 6
of the Finnish Business Tax Act, meaning that the profit (capital gain) recorded
on the sales of Arme Oy shares would be taxable income for Panostaja. If this
interpretation is adhered to, Panostaja Oyj would have to pay EUR 4.6 million in
capital gains tax. Panostaja Oyj's view is that the company is not a capital
investor as referred to in the Act.
As a result of the acquisition, the Arme Group was removed entirely from the
results for continuing business operations for the Panostaja Group in the
financial year and reference period. The Panostaja Oyj Board nevertheless
adhered to its forecast that the profit for continuing operations in the
financial year would be up on the previous year. The comparable operating profit
for continuing operations for the Panostaja group in the financial year 2007 was
EUR 3.3 million, ignoring the Arme Group.
ADMINISTRATION AND ANNUAL GENERAL MEETINGS
Panostaja Oyj's Annual General Meeting was held in Tampere, Finland, on 18th
December 2007. Mr. Matti Koskenkorva, Mr. Jukka Ala-Mello and Mr. Hannu
Tarkkonen were re-elected to Panostaja Oyj's Board of Directors. New members
elected to the Board were Mr. Hannu Martikainen, Honorary Counsellor of
Construction Engineering, and Mr. Hannu Ketola, Master of Social Sciences in
Political Science. As soon as the Annual General Meeting was concluded, the
Board of Directors convened for their organisational meeting and appointed Mr.
Matti Koskenkorva Chairman of the Board and Mr. Jukka Ala-Mello Deputy Chairman.
As auditors, the AGM re-elected Mr. Hannu Pellinen, APA, and
PricewaterhouseCoopers Oy, APA, with Mr. Janne Rajalahti, APA, as the
responsible auditor.
The AGM approved the financial statements presented for the financial year 1.11.
2006 - 31.20.2007 and the Board's proposal to transfer the profit for the period
to retained earnings and to distribute EUR 0.09 per share in dividends. The
record date for dividend distribution was 21st December 2007 and the payment
date was as from 31st December 2007. In addition, the AGM granted discharge in
respect of the members of the Board of Directors and the Chief Executive
Officer.
The Annual General Meeting revoked all authorisations granted at the Annual
General Meeting held on 15th December 2006 and authorised the Board of Directors
to decide on offering no more than 2,725,659 Class A shares and no more than
62,794,408 Class B shares through a regular or bonus issue or by granting share
options and other rights referred to in Chapter 10, section 1 of the Companies
Act, in one or more tranches. The authorisation does not exclude the Board's
right to decide on private placements or on granting the aforementioned special
rights. The authorisation covers the Board's right to decide on any terms and
conditions of the share issue(s) and said special rights, including recipients
of shares or special rights and the amounts payable in consideration.
The Annual General Meeting authorised the Board of Directors, within the limits
of the aforementioned authorisation, to decide on an increase in the share
capital through one or more share issues or by granting share options and other
rights referred to in Chapter 10, section 1 of the Companies Act, with a maximum
of 1,000,000 new Class A shares and a maximum of 60,000,000 new Class B shares
being offered for subscription in the issue(s) at a nominal price of EUR 0.12
each. The share capital increase cannot exceed EUR 7,320,000.
In addition, the Annual General Meeting authorised the Board of Directors,
within the limits of the aforementioned authorisation, to decide on a share
issue, granting share options and other rights referred to in Chapter 10,
section 1 of the Companies Act, with the company offering no more than 1,725,659
and 2,794,408 of its Class A and B shares respectively.
The authorisation will be valid for five years as from the decision taken at the
AGM.
During the reporting period the Board exercised its authority and sold a total
of 335,512 Panostaja Oyj Class B shares (trading code: PNABS) to the members of
the management team. The sale was carried out on 12th March 2008 in after-hours
trading on the Helsinki Stock Exchange. The sale price on 12th March 2008 was
the closing price, i.e. EUR 1.07 per share for a total of EUR 358, 997.84. The
sale was effected in order to implement the Panostaja Oy management team's
incentive scheme.
The Annual General Meeting authorised the Board of Directors to decide on buying
back the company's own shares using unrestricted shareholders' equity within 18
months from the date of the decision taken at the AGM. The shares are to be
bought in the manner and to the extent decided by the Board to be used as
consideration for possible business acquisitions or other restructuring measures
or when purchasing assets as part of business operations for the company or a
company in the same Group, for developing the company's capital structure, for
cancelling shares, or for implementing the incentive scheme for key personnel.
The shares will be acquired in disproportion to shareholdings in public trading
organised by the Helsinki Stock Exchange at their current price in public
trading at the time of purchase.
On 1st February 2008 Heikki Nuutila, Master of Social Sciences, was appointed
Development Director for Panostaja Oyj and thus invited to become a member of
the management team. He will be responsible for the development of the parent
company's business processes and the Group's real estate development, while also
working actively to support business area managers. Mr. Nuutila was CEO of Tutor
Partners Oy and a Director at Andersen Global Corporate Finance.
Jarkko Iso-Eskeli was invited to become CEO and shareholder in KL-Varaosat, to
start from 1st April 2008. He was formerly Export Manager for FennoSteel Oy.
Jukka Laakso, CEO of LukkoExpert Security Oy, was invited to be a shareholder in
the company on 10th June 2008. Laakso has been CEO of LukkoExpert Security Oy
since 2005.
In October Pekka Koskenkorva was appointed CEO of Suomen Helasto Oy.
SHARE CAPITAL AND OWN SHARES
At the end of the financial year, Panostaja Oyj's share capital stood at EUR
5,529,081.60. The number of issued Class A and B shares amounted to 17,256,595
and 28,819,085 respectively.
According to a notification received by Panostaja Oyj on 18th March 2008, Olli
Halmevuo's holding in Panostaja Oyj went under the 5% level that same day. His
holding was at that point 1,980,943 Class A and 272,634 Class B shares,
totalling 2,253,577, equivalent to 4.98% of the Panostaja shares and 10.69% of
the votes.
On 18th December 2007 Panostaja Oyj's AGM decided to pay the Board's attendance
allowance in such a way that approximately 40% of the allowance paid to a member
would be paid in Class B shares on the basis of the Board's authorisation to
issue shares if the Board member does not own more than 1% of all the company's
shares on the date of the AGM. If the Board member owns more than 1% of all the
company's shares on the date of the AGM the total allowance is paid in cash. In
addition, the Board of Panostaja Oyj decided at its organisational meeting after
the AGM to implement the decision taken at the AGM regarding Board members
allowances in shares, with the allowance being paid four times a year and always
on the day following publication of the interim report/financial statements.
On 13th March 2008 Panostaja Oyj distributed a total of 7,569 Class B shares to
the Board members as payment of their attendance allowance in accordance with
the decisions taken at the AGM and by the Board of Directors. On 12th June 2008
they also received a total of 6,530 Class B shares and on 11th September 2008
they received 6,638 class B shares.
On 30th October 2008 the Board embarked on a programme for buying back their own
shares based on a decision taken on 18th December 2007. The number in question
is a maximum of 4,520,067 shares, where the combined number of shares acquired
does not exceed 10% of all the company's shares. The programme will have ended
by 30th April 2009.
The number of own shares held by the company at the end of the reporting period
was 739,751, consisting of 476,000 and 263,751 Class A and B shares
respectively. The number of acquired Class A shares was equivalent to 1.03% of
the total number of shares at the end of the reporting period and to 2.55% of
the total number of votes carried by all shares. The number of Class B shares
was equivalent to 0.57% and 0.07% of total numbers of shares and votes
respectively.
SUBORDINATED LOAN
The amount of the 2006 convertible subordinated loan outstanding at the end of
the reporting period was EUR 17,212,500, entitling holders to subscribe for a
total of 10,125,000 new Class B shares.
Panostaja Oyj's convertible loan of 2006 was used to subscribe for 875,000 new
Panostaja Class B shares, the rise in share capital of EUR 105,000 concerning
which was recorded in the Trade Register on 8th May 2008.
The subscribed shares were traded on the Helsinki Stock Exchange on 12th May
2008. The new Panostaja Class B shares were combined with the other Class B
shares on 31st October 2008.
SHARE PERFORMANCE AND HOLDINGS
During the financial year 2007-2008, the equity turnover for Class A and B
shares amounted to 1,230,729 and 4,185,846 respectively, equivalent to 12.1 per
cent of the share capital. At the end of the financial year, the company's total
market capitalisation was EUR 50.7 million. The market price for Class A and B
shares varied between EUR 1.02 and EUR 1.75 and between EUR 1.00 and EUR 1.73
respectively during the financial year. Year-end closing prices for Class A and
B shares were EUR 1.15 and EUR 1.07 respectively.
Major shareholders (numbers of Class A and B shares combined):
31.10.2008 31.10.2007
Koskenkorva, Matti 5,869,636 5,869,636
Koskenkorva, Maija 4,985,374 4,985,374
Koskenkorva, Mauno 2,325,684 2,325,684
Fennia Mutual Insurance
Company 2,214,000 1,339,000
Halmevuo, Olli 1,869,878 2,594,321
Etera Mutual Pension
Insurance Company 1,500,000 1,500,000
Koskenkorva, Mikko 1,192,008 1,181,508
Tampere District
Co-operative Bank 985,334 985,334
Porkka, Harri 982,999 985,000
Kumpu, Minna 963,709 938,809
BOARD PROPOSAL FOR DISTRIBUTION OF PROFITS
Panostaja Oyj's Board of Directors has decided to propose to the Annual General
Meeting that a dividend of EUR -- per share be paid for externally held shares
for the year ending.
Panostaja Oyj's Annual General Meeting will be held in Tampere, Finland, on 26th
January 2009.
SHORT-TERM RISKS AND UNCERTAINTIES
Panostaja Group's most significant risks are described in the financial
statements. Short-term risks relate in particular to the successful integration
of acquired companies. The strong decline of the general economic situation may
cause a drop in customer demand and a credit loss risk in some segments.
EVENTS SUBSEQUENT TO THE FINANCIAL YEAR
An extraordinary general meeting on 10th November 2008 decided to combine the
Class A and B shares in one series of shares. To this end, Panostaja Oyj
organised a bonus share issue for the shareholders in which for every 13 Class A
shares one new Panostaja share was given free. After the share series merger and
private placements a holder of Class A shares would thus own 15 shares instead
of a previous 13 shares in Panostaja. Following the exercise, each share would
have one vote and the same membership (shareholders') rights.
Trading in the combined shares began on 14th November 2008. The share's trading
code is PNA1V.
Panostaja Oyj's equity capital and holdings altered when the new (shares) issued
in the bonus issue were recorded in the Trade Register on 14th November 2008.
The number of shares is 47,403,110 in total.
Matti Koskenkorva's holding went under 15% of the votes carried by the shares of
Panostaja Oyj. His holding is 6,124,453 shares, which is 12.9% of Panostaja
Oyj's equity capital and votes. Maija Koskenkorva's holding exceeded 10% of the
votes carried by the shares of Panostaja Oyj. Her holding is 5,071,742 shares,
which is 10.7% of Panostaja Oyj's equity capital and votes. Olli Halmevuo's
holding went under 5% of the votes carried by the shares of Panostaja Oyj. His
holding is 2,013,715 shares, which is 4.2% of Panostaja Oyj's equity capital and
votes.
The share issue did not affect the company's equity capital.
The extraordinary general meeting on 10th November 2008 also decided to change
the Articles of Association. The new Articles of Association were entered in the
Trade Register on 14th November 2008.
The company has also submitted a claim for rectification concerning the tax
authority's interpretation of capital investor after the end of the financial
year.
In the preliminary ruling on the Equity Rebate for the Takoma Oy shares in
spring 2008 the Tax Office for Major Corporations decided on the basis of an
overall assessment that Panostaja was a capital investor (venture capital
company) within the meaning of section 6 of the Finnish Business Tax Act. The
Tax Office for Major Corporations in its regular dealings in 2007 regarded
Panostaja Oy as a capital investor and taxed the company on certain capital
gains on its shares in fixed assets.
Panostaja Oyj contests the interpretation and has submitted a claim for
rectification to the relevant Taxation Verification Committee. The process is
likely to last six to eight months.
As part of its chosen growth strategy and aim to concentrate on core operations,
on 23rd October 2008 Panostaja Oyj advised that it was exploring the possibility
of realising the cash value of the real estate it owns, even though the Group's
current liquidity is sufficient to establish growth. The exploratory work was
meant to be completed by December 2008, but due to the situation in the
financial markets, it will continue in 2009.
OUTLOOK FOR THE REST OF THE FINANCIAL YEAR
The Panostaja Group will continue to focus on the business idea in line with its
core business strategy and on the development of existing business areas. The
retirement of the baby-boomers, the ever more dramatic changes in the business
environment and internationalisation will result in a large number of business
purchases over the next few years. Panostaja's operating conditions, available
capital resources and liquid assets are a good basis for intense expansion of
operations. The increasing number of SMEs operating in traditional industries
will enable both further expansion into new business areas and growth in
existing ones.
The dramatic downturn in the international economic situation is affecting
Finland as well. The economic outlook in current business area sectors is
closely bound up with the prospects that corporate customers face. The outlook
for the Panostaja Group's various business areas varies from declining to
cautiously positive. The crisis in the construction industry will have an impact
on some of these, but corrective action has started to be taken well in advance.
The investments in reporting and monitoring systems made this financial year
will boost its ability to react. The current economic climate is also an
opportunity for acquisitions, and the Panostaja Group's growth strategy is to
make controlled acquisitions, especially in existing business areas. Turnover
and profits for the Group's financial year are expected to exceed the level of
the past financial year.
Panostaja Oyj
Board of Directors
For further information, please contact Mr. Juha Sarsama, on tel. 03-263 4333 or
040 774 2099.
Panostaja Oyj
Juha Sarsama
CEO
All forecasts and estimates presented in this Financial Statements Report are
based on current views of the management of the Group and the business areas on
the economic situation and trends and developments, and actual results may be
significantly different. The data provided in these financial statements is
audited.
FINANCIAL INFORMATION
CONSOLIDATED INCOME STATEMENT
--------------------------------------------------------------------------------
| | 11/07-10/08 | 11/06-10/07 |
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| (EUR 1,000) | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net turnover | 121,133 | 69,135 |
--------------------------------------------------------------------------------
| Other operating income | 757 | 683 |
--------------------------------------------------------------------------------
| Share of profit of associates | 45 | 0 |
--------------------------------------------------------------------------------
| Raw materials and services | 68,970 | 40,197 |
--------------------------------------------------------------------------------
| Staff expenses | 27,289 | 16,076 |
--------------------------------------------------------------------------------
| Depreciation, amortisation and impairment | 3,602 | 1,610 |
--------------------------------------------------------------------------------
| Other operating expenses | 15,622 | 8,668 |
--------------------------------------------------------------------------------
| Operating profit | 6,453 | 3,267 |
--------------------------------------------------------------------------------
| Financial income | 1,858 | 712 |
--------------------------------------------------------------------------------
| Financial expenses | -3,916 | -1,809 |
--------------------------------------------------------------------------------
| Profit before taxes | 4,394 | 2,170 |
--------------------------------------------------------------------------------
| Income taxes | 1,635 | 509 |
--------------------------------------------------------------------------------
| Profit from continuing operations | 2,759 | 1,661 |
--------------------------------------------------------------------------------
| Profit from discontinued operations | 11,038 | 4,273 |
--------------------------------------------------------------------------------
| Profit for the financial year | 13,797 | 5,934 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Attributable to: | | |
--------------------------------------------------------------------------------
| Equity holders of the parent company | 12,694 | 4,295 |
--------------------------------------------------------------------------------
| Minority interest | 1,103 | 1,638 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share on continuing | 0.037 | 0.034 |
| operations, EUR - basic | | |
--------------------------------------------------------------------------------
| Earnings per share on continuing | 0.046 | 0.038 |
| operations, EUR - diluted | | |
--------------------------------------------------------------------------------
| Earnings per share on discontinued | 0.247 | 0.086 |
| operations, EUR - basic | | |
--------------------------------------------------------------------------------
| Earnings per share on discontinued | 0.201 | 0.066 |
| operations, EUR - diluted | | |
--------------------------------------------------------------------------------
| Earnings per share on continuing and | 0.284 | 0.120 |
| discontinued operations, EUR - basic | | |
--------------------------------------------------------------------------------
| Earnings per share on continuing and | 0.247 | 0.104 |
| discontinued operations, EUR - diluted | | |
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CONSOLIDATED BALANCE SHEET
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| (EUR 1,000) | 10/2008 | 10/2007 | |
--------------------------------------------------------------------------------
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| ASSETS | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current assets | | | |
--------------------------------------------------------------------------------
| Goodwill | 27,329 | 12,839 | |
--------------------------------------------------------------------------------
| Other intangible assets | 1,660 | 460 | |
--------------------------------------------------------------------------------
| Property, plant and equipment | 18,770 | 17,826 | |
--------------------------------------------------------------------------------
| Interests in associates | 1,787 | 975 | |
--------------------------------------------------------------------------------
| Other non-current assets | 4,699 | 230 | |
--------------------------------------------------------------------------------
| Interest-bearing receivables | 65 | 15 | |
--------------------------------------------------------------------------------
| Deffered tax assets | 628 | 1,252 | |
--------------------------------------------------------------------------------
| Total non-current assets | 54,938 | 32,345 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current assets | | | |
--------------------------------------------------------------------------------
| Stocks | 22,991 | 21,100 | |
--------------------------------------------------------------------------------
| Trade and other non-interest-bearing | 22,279 | 18,974 | |
| receivables | | | |
--------------------------------------------------------------------------------
| Tax claim based on the taxable income | 273 | 0 | |
| of the financial year | | | |
--------------------------------------------------------------------------------
| Short-term investments | 0 | 8.055 | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 46,081 | 33,219 | |
--------------------------------------------------------------------------------
| Total current assets | 91,561 | 82,600 | |
--------------------------------------------------------------------------------
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| Total assets | 146,499 | 114,945 | |
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| EQUITY AND LIABILITIES | | | |
--------------------------------------------------------------------------------
| Equity attributable to equity holders | | |
| of the parent company | | |
--------------------------------------------------------------------------------
| Share capital | 5,529 | 5,424 | |
--------------------------------------------------------------------------------
| Share premium account | 4,646 | 4,647 | |
--------------------------------------------------------------------------------
| Currency translation differences | -6 | 35 | |
--------------------------------------------------------------------------------
| Invested unrestricted equity fund | 12,403 | 14,219 | |
--------------------------------------------------------------------------------
| Retained earnings | 19,669 | 10,945 | |
--------------------------------------------------------------------------------
| Total | 42,241 | 35,270 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Minority interest | 11,562 | 4,290 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total equity | 53,803 | 39,560 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Liabilities | | | |
--------------------------------------------------------------------------------
| Deferred tax liabilities | 1,729 | 1,452 | |
--------------------------------------------------------------------------------
| Convertible loan | 16,878 | 18,074 | |
--------------------------------------------------------------------------------
| Non-current liabilities | 41,119 | 14,797 | |
--------------------------------------------------------------------------------
| Current liabilities | 32,970 | 41,062 | |
--------------------------------------------------------------------------------
| Total liabilities | 92,696 | 75,385 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total equity and liabilities | 146,499 | 114,945 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CONSOLIDATED CASH FLOW STATEMENT
--------------------------------------------------------------------------------
| | 10/2008 | 10/2007 |
--------------------------------------------------------------------------------
| CASH FLOW FROM OPERATING ACTIVITIES | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit | 6,453 | 8,299 |
--------------------------------------------------------------------------------
| Adjustments to operating profit | 3,602 | 2,188 |
--------------------------------------------------------------------------------
| Change in net working capital | -3,294 | 201 |
--------------------------------------------------------------------------------
| Interest paid | 3,624 | -1,585 |
--------------------------------------------------------------------------------
| Interest received | 1,870 | 1,002 |
--------------------------------------------------------------------------------
| Taxes | 1,256 | -1,488 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| NET CASH FROM OPERATING ACTIVITIES | 3,751 | 8,618 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| INVESTMENTS | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Investments in tangible and intangible assets | -3,986 | -2,883 |
--------------------------------------------------------------------------------
| Proceeds from disposal of tangible and intangible | 417 | 442 |
| assets | | |
--------------------------------------------------------------------------------
| Acquisition of subsidiaries, net of cash and cash | -13,729 | -8,749 |
| equivalents | | |
--------------------------------------------------------------------------------
| Disposal of business operations | 12 828 | 350 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| NET CASH FROM (USED IN) INVESTING ACTIVITIES | -4,470 | -10,840 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| FINANCING | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Proceeds from issue of share capital | 0 | 386 |
--------------------------------------------------------------------------------
| Loans drawn | 30 400 | 45,410 |
--------------------------------------------------------------------------------
| Loans repaid | -20,574 | -8,961 |
--------------------------------------------------------------------------------
| Acquisition of own shares | -458 | -2,051 |
--------------------------------------------------------------------------------
| Disposal of own shares | 359 | 656 |
--------------------------------------------------------------------------------
| Dividends paid | -4,263 | -4,373, |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| NET CASH from (USED IN) FINANCING ACTIVITIES | 5,646 | 31,067 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Change in cash and cash equivalents | 4,745 | 28,845 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash and cash equivalents at the beginning of the | 41,274 | 12,429 |
| year | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents at the end of the year | 46,019 | 41,274 |
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
--------------------------------------------------------------------------------
| (EUR 1,000) | Shar | Share | Invest | Trans | Retaine | Minorit | Total |
| | e | premi | ed | lati | d | y | |
| | capi | um | unrest | on | earning | interes | |
| | tal | accou | ricted | diffe | s | t | |
| | | nt | equity | renc | | | |
| | | | fund | es | | | |
--------------------------------------------------------------------------------
| Shareholders' | 3 | 2 683 | | | 11 909 | 2 154 | 20 314 |
| equity as at | 568 | | | | | | |
| 1st Nov. 2006 | | | | | | | |
--------------------------------------------------------------------------------
| Translation | | | | 35 | | | 35 |
| differences | | | | | | | |
--------------------------------------------------------------------------------
| Profit for the | | | | | 4 295 | 1 638 | 5 933 |
| financial year | | | | | | | |
--------------------------------------------------------------------------------
| Total income | | | | 35 | 4 295 | 1 638 | 5 968 |
| and expenses | | | | | | | |
| recorded for | | | | | | | |
| the financial | | | | | | | |
| year | | | | | | | |
--------------------------------------------------------------------------------
| Increase in | 587 | 1 964 | 2 265 | | | | 4 816 |
| share capital | | | | | | | |
| relating to | | | | | | | |
| convertible | | | | | | | |
| subordinated | | | | | | | |
| loan | | | | | | | |
--------------------------------------------------------------------------------
| Equity | | | 860 | | | | 860 |
| component of | | | | | | | |
| convertible | | | | | | | |
| subordinated | | | | | | | |
| loan | | | | | | | |
--------------------------------------------------------------------------------
| Share-based | | | 78 | | | | 78 |
| incentive | | | | | | | |
| schemes | | | | | | | |
--------------------------------------------------------------------------------
| Dividends paid | | | | | - 3 865 | - 508 | - 4 373 |
--------------------------------------------------------------------------------
| Share issue | 1 26 | | 11 016 | | | | 12 285 |
| | 9 | | | | | | |
--------------------------------------------------------------------------------
| Acquisition of | | | | | -2 050 | | - 2 050 |
| own shares | | | | | | | |
--------------------------------------------------------------------------------
| Sale of own | | | | | 656 | | 656 |
| shares | | | | | | | |
--------------------------------------------------------------------------------
| Acquisition of | | | | | | 1 006 | 1 006 |
| minority | | | | | | | |
| interests | | | | | | | |
--------------------------------------------------------------------------------
| Other changes | 1 | 1 964 | 14 219 | 0 | -5 259 | 498 | 13 278 |
| to equity | 856 | | | | | | |
| total | | | | | | | |
--------------------------------------------------------------------------------
| Shareholders' | 5 | 4 647 | 14 219 | 35 | 10 945 | 4 290 | 39 560 |
| equity as at | 424 | | | | | | |
| 31st Oct. 2007 | | | | | | | |
--------------------------------------------------------------------------------
| Translation | | | | -41 | | | -41 |
| differences | | | | | | | |
--------------------------------------------------------------------------------
| Profit for the | | | | | 12 694 | 1 103 | 13 798 |
| financial year | | | | | | | |
--------------------------------------------------------------------------------
| Total income | | | | -41 | 12 577 | 1 103 | 13 798 |
| and expenses | | | | | | | |
| recorded for | | | | | | | |
| the financial | | | | | | | |
| year | | | | | | | |
--------------------------------------------------------------------------------
| Increase in | 105 | | 1 383 | | | | 1 488 |
| share capital | | | | | | | |
| relating to | | | | | | | |
| convertible | | | | | | | |
| subordinated | | | | | | | |
| loan | | | | | | | |
--------------------------------------------------------------------------------
| Equity | | | -132 | | | | -132 |
| component of | | | | | | | |
| convertible | | | | | | | |
| subordinated | | | | | | | |
| loan | | | | | | | |
--------------------------------------------------------------------------------
| Share-based | | | 89 | | | | 89 |
| incentive | | | | | | | |
| schemes | | | | | | | |
--------------------------------------------------------------------------------
| Dividends paid | | | | | - 3 970 | -469 | -4 439 |
--------------------------------------------------------------------------------
| Share issue | | | -3 081 | | | 2 722 | -359 |
--------------------------------------------------------------------------------
| Acquisition of | | | -458 | | | | -458 |
| own shares | | | | | | | |
--------------------------------------------------------------------------------
| Sale of own | | | 383 | | | | 383 |
| shares | | | | | | | |
--------------------------------------------------------------------------------
| Discontinued | | | | | | -2 099 | -2 099 |
| opertions | | | | | | | |
--------------------------------------------------------------------------------
| Acquisition of | | | | | | 6 015 | 6 015 |
| minority | | | | | | | |
| interests | | | | | | | |
--------------------------------------------------------------------------------
| Other changes | 105 | | -1 816 | | -3 970 | 6 169 | 488 |
| to equity | | | | | | | |
| total | | | | | | | |
--------------------------------------------------------------------------------
| Shareholders' | 5 | 4 647 | 12 403 | -6 | 19 669 | 11 562 | 53 803 |
| equity as at | 529 | | | | | | |
| 31st Oct. 2008 | | | | | | | |
--------------------------------------------------------------------------------
KEY INDICATORS
--------------------------------------------------------------------------------
| | 10/2008 | 10/2007 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity per share, EUR | 0.93 | 0.78 |
--------------------------------------------------------------------------------
| Earnings per share (EPS), EUR - diluted | 0.25 | 0.10 |
--------------------------------------------------------------------------------
| Earnings per share (EPS), EUR - basic | 0.28 | 0.12 |
--------------------------------------------------------------------------------
| Average number of shares during the year, 1,000 | 44,760 | 35,782 |
--------------------------------------------------------------------------------
| Number of shares at year-end, 1,000 | 46,076 | 45,201 |
--------------------------------------------------------------------------------
| Dividends paid/bonds converted during the year, | 875 | 15,466 |
| 1,000 | | |
--------------------------------------------------------------------------------
| Number of shares, 1,000 - diluted | 54.885 | 46,782 |
--------------------------------------------------------------------------------
| Return on equity (ROE), % | 29.3 | 18.6 |
--------------------------------------------------------------------------------
| Return on investment (ROI), % | 18.3 | 14.8 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Gross capital expenditure | | |
--------------------------------------------------------------------------------
| On non-current assets, EUR million | 24,2 | 21.9 |
--------------------------------------------------------------------------------
| % of net turnover | 19.9 | 24.1 |
--------------------------------------------------------------------------------
| Interest-bearing liabilities | 64.189 | 50,653 |
--------------------------------------------------------------------------------
| Equity ratio, % | 36.7 | 34.9 |
--------------------------------------------------------------------------------
| Average number of employees | 646 | 571 |
--------------------------------------------------------------------------------
GROUP'S QUARTERLY PERFORMANCE
--------------------------------------------------------------------------------
| (EUR | IFRS | IFRS | IFRS | IFRS | IFRS | IFRS | IFRS | IFRS |
| million) | | | | | | | | |
--------------------------------------------------------------------------------
| | Q1/07 | Q2/07 | Q3/07 | Q4/07 | Q1/08 | Q2/08 | Q3/08 | Q4/08 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net | 10.1 | 10.2 | 23.1 | 25.7 | 25.9 | 28.4 | 31.0 | 35.8 |
| turnover | | | | | | | | |
--------------------------------------------------------------------------------
| Other | 0.0 | 0.1 | 0.2 | 0.4 | 0.2 | 0.1 | 0.1 | 0.4 |
| operating | | | | | | | | |
| income | | | | | | | | |
--------------------------------------------------------------------------------
| Total | 9.8 | 10 | 21.1 | 24.0 | 24.9 | 26.6 | 28.3 | 31.9 |
| expenses | | | | | | | | |
--------------------------------------------------------------------------------
| Depreciati | 0.3 | 0.2 | 0.4 | 0.7 | 0.7 | 0.7 | 1.2 | 1.0 |
| on and | | | | | | | | |
| amortisati | | | | | | | | |
| on | | | | | | | | |
--------------------------------------------------------------------------------
| Operating | 0.0 | 0.1 | 1.8 | 1.4 | 0.5 | 1.2 | 1.6 | 3.2 |
| profit | | | | | | | | |
--------------------------------------------------------------------------------
| Financial | 0.0 | -0.2 | -0.4 | -0.5 | -0.4 | -0.6 | -0.7 | -0.4 |
| items | | | | | | | | |
--------------------------------------------------------------------------------
| Profit | 0.0 | -0.1 | 1.4 | 0.9 | 0.1 | 0.6 | 0.9 | 2.8 |
| before | | | | | | | | |
| taxes | | | | | | | | |
--------------------------------------------------------------------------------
| Taxes | 0.0 | 0.0 | 0.3 | 0.2 | -0.1 | 0.9 | 0.6 | 0.2 |
--------------------------------------------------------------------------------
| Minority | 0.3 | 0.6 | 0.4 | 0.3 | 0.3 | 0.7 | -0.4 | 0.5 |
| interest | | | | | | | | |
--------------------------------------------------------------------------------
| Profit | -0.3 | -0.6 | 1.8 | 0.7 | 0.0 | -0.7 | 1.9 | 1.6 |
| from | | | | | | | | |
| continuing | | | | | | | | |
| operations | | | | | | | | |
--------------------------------------------------------------------------------
| Profit | 0.9 | 2.0 | 0.7 | 0.7 | 0.7 | 1.7 | | 0.5 |
| from | | | | | | | 8.1 | |
| discontinu | | | | | | | | |
| ed | | | | | | | | |
| operations | | | | | | | | |
--------------------------------------------------------------------------------
| Profit for | 0.6 | 1.4 | 2.5 | 1.4 | 0.7 | 1.0 | 10.0 | 2.1 |
| the | | | | | | | | |
| financial | | | | | | | | |
| year | | | | | | | | |
--------------------------------------------------------------------------------
CONTINGENT LIABILITIES
--------------------------------------------------------------------------------
| EUR 1,000 | 2008 | 2007 |
--------------------------------------------------------------------------------
| Collateral given on behalf of Group companies | | |
--------------------------------------------------------------------------------
| Mortgages | 8,621 | 7,938 |
--------------------------------------------------------------------------------
| Floating charges | 30,905 | 4,117 |
--------------------------------------------------------------------------------
| Pledges given | 48,734 | 14,610 |
--------------------------------------------------------------------------------
| Other liabilities | 93 | 1,868 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Amounts payable under lease contracts | | |
--------------------------------------------------------------------------------
| Payable within one year | 1,716 | 564 |
--------------------------------------------------------------------------------
| Payable after one year but within five years | 4,505 | 852 |
--------------------------------------------------------------------------------
| Total | 6,221 | 1,416 |
--------------------------------------------------------------------------------
Liabilities have been measured at the nominal or book value of collateral.
SEGMENT INFORMATION
The Group's primary reporting segments are business segments. For the last
financial year, the Group is reporting on five business segments. The Group does
not have a secondary reporting.
--------------------------------------------------------------------------------
| EUR 1,000 | 2008 | 2007 |
--------------------------------------------------------------------------------
| NET TURNOVER | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Industrial services | 22,399 | 15,251 |
--------------------------------------------------------------------------------
| Joinery industry | 7,502 | 9,471 |
--------------------------------------------------------------------------------
| Wholesale trade | 45,398 | 29,696 |
--------------------------------------------------------------------------------
| Takoma | 18,397 | 0 |
--------------------------------------------------------------------------------
| Other | 27,916 | 14,962 |
--------------------------------------------------------------------------------
| Eliminations | -479 | -244 |
--------------------------------------------------------------------------------
| Total | 121,133 | 69,135 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| OPERATING PROFIT/LOSS | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Industrial services | 2,270 | 1,678 |
--------------------------------------------------------------------------------
| Joinery industry | 285 | 615 |
--------------------------------------------------------------------------------
| Wholesale trade | 2,843 | 1,497 |
--------------------------------------------------------------------------------
| Takoma | 1,059 | 0 |
--------------------------------------------------------------------------------
| Other | -4 | -523 |
--------------------------------------------------------------------------------
| Eliminations | 0 | 0 |
--------------------------------------------------------------------------------
| Total | 6,453 | 3,267 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| ASSETS | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Industrial services | 11,479 | 10,596 |
--------------------------------------------------------------------------------
| Joinery industry | 4,826 | 6,407 |
--------------------------------------------------------------------------------
| Industrial construction | 0 | 12,399 |
--------------------------------------------------------------------------------
| Wholesale trade | 19,483 | 36,476 |
--------------------------------------------------------------------------------
| Takoma | 20,331 | 0 |
--------------------------------------------------------------------------------
| Other | 96,679 | 85,559 |
--------------------------------------------------------------------------------
| Eliminations | -6,300 | -36,492 |
--------------------------------------------------------------------------------
| Total | 146,499 | 114,945 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LIABILITIES | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Industrial services | 8,260 | 7,044 |
--------------------------------------------------------------------------------
| Joinery industry | 6,773 | 3,278 |
--------------------------------------------------------------------------------
| Industrial construction | 0 | 5,403 |
--------------------------------------------------------------------------------
| Wholesale trade | 30,647 | 12,395 |
--------------------------------------------------------------------------------
| Takoma | 6,012 | 0 |
--------------------------------------------------------------------------------
| Other | 47,285 | 83,107 |
--------------------------------------------------------------------------------
| Eliminations | 6,300 | -37,294 |
--------------------------------------------------------------------------------
| Total | 92,677 | 73,933 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| INVESTMENTS | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Industrial services | 760 | 3,490 |
--------------------------------------------------------------------------------
| Joinery industry | 47 | 136 |
--------------------------------------------------------------------------------
| Industrial construction | 2,008 | 1,457 |
--------------------------------------------------------------------------------
| Wholesale trade | 366 | 7,913 |
--------------------------------------------------------------------------------
| Other | 288 | 8,932 |
--------------------------------------------------------------------------------
| Total | 3,569 | 21,928 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| DEPRECIATION AND AMORTISATION | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Industrial services | 682 | 349 |
--------------------------------------------------------------------------------
| Joinery industry | 451 | 504 |
--------------------------------------------------------------------------------
| Wholesale trade | 434 | 224 |
--------------------------------------------------------------------------------
| Takoma | 922 | |
--------------------------------------------------------------------------------
| Other | 1,003 | 533 |
--------------------------------------------------------------------------------
| Total | 3,602 | 1,610 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EMPLOYEES | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Industrial services | 161 | 144 |
--------------------------------------------------------------------------------
| Joinery industry | 59 | 82 |
--------------------------------------------------------------------------------
| Industrial construction | 0 | 161 |
--------------------------------------------------------------------------------
| Wholesale trade | 125 | 133 |
--------------------------------------------------------------------------------
| Takoma | 86 | 0 |
--------------------------------------------------------------------------------
| Others | 296 | 199 |
--------------------------------------------------------------------------------
| Total | 727 | 719 |
--------------------------------------------------------------------------------
SEGMENT INFORMATION BY QUARTER
--------------------------------------------------------------------------------
| (EUR | Q2/07 | Q3/07 | Q4/07 | Q1/08 | Q2/08 | Q3/08 | Q4/08 |
| million) | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net turnover | | | | | | | |
--------------------------------------------------------------------------------
| Industrial | 2.5 | 5.0 | 5.2 | 4.6 | 5.2 | 6.3 | 6.3 |
| services | | | | | | | |
--------------------------------------------------------------------------------
| Joinery | 2.5 | 2.2 | 2.5 | 2 | 2.2 | 1.6 | 1.7 |
| industry | | | | | | | |
--------------------------------------------------------------------------------
| Wholesale | 3.4 | 10.1 | 12.6 | 10.1 | 11.3 | 11.7 | 12.3 |
| trade | | | | | | | |
--------------------------------------------------------------------------------
| Takoma | 0.0 | 0.0 | 0.0 | 4.6 | 4.6 | 4.1 | 5.1 |
--------------------------------------------------------------------------------
| Other | 1.9 | 5.8 | 5.2 | 4.6 | 5.1 | 7.3 | 10.4 |
--------------------------------------------------------------------------------
| Total | 10.2 | 23.1 | 25.7 | 25.9 | 28.4 | 31.0 | 35.8 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating | | | | | | | |
| profit/loss | | | | | | | |
--------------------------------------------------------------------------------
| Industrial | 0.0 | 1.0 | 0.5 | 0.4 | 0.2 | 0.7 | 1.0 |
| services | | | | | | | |
--------------------------------------------------------------------------------
| Joinery | 0.0 | 0.2 | 0.3 | -0.1 | 0.2 | 0.0 | 0.1 |
| industry | | | | | | | |
--------------------------------------------------------------------------------
| Wholesale | 0.1 | 0.6 | 0.8 | 0.6 | 0.0 | 1.6 | 0.6 |
| trade | | | | | | | |
--------------------------------------------------------------------------------
| Takoma | 0.0 | 0.0 | 0.0 | 0.0 | 0.4 | 0.2 | 0.5 |
--------------------------------------------------------------------------------
| Other | 0.0 | 0.0 | -0.2 | -0.4 | 0.4 | -0.9 | 1.0 |
--------------------------------------------------------------------------------
| Total | 0.1 | 1.8 | 1.4 | 0.5 | 1.2 | 1.6 | 3.2 |
--------------------------------------------------------------------------------
Panostaja Oyj is a holding company. The company invests in Finnish small and
medium-sized enterprises operating in traditional industries. Investments are
mostly carried out through acquisitions. The Panostaja Group invests business
resources and strategic know-how in companies. The objective is to raise the
target company to become a major player in its field according to a
pre-determined schedule. Once this schedule has elapsed, the enterprise will
continue to operate as an independent growth company.
At present, the company operates in 13 business areas. Oy Alfa-Kem Ab
manufactures and markets industrial chemicals, cleaning agents and institutional
kitchen detergents. Ecosir Oy and Kospa Oy are companies specialising in
solutions for waste management and property maintenance equipment. Heatmasters
Group offers metal heat-treatment services domestically and internationally and
manufactures, develops and markets heat-treatment technology. Fittings companies
Suomen Helakeskus Oy and Seinäjoen Rakennustarvike and Lukko Oy are key
wholesalers of building and furniture hardware in Finland. Fastenings companies
Helsingin Laaturuuvi Oy, Porin Pultti Oy and Ruuvipojat Oy serve retailers
throughout Finland. KL-Varaosat companies specialise in import, wholesale and
retail of OEM spare parts and accessories for Mercedes-Benz and BMW cars.
Kopijyvä Oy is one of Finland's biggest companies providing digital printing
services. LukkoExpert Security Oy is an expert in locks, door automation and
security technology and services. Lämpö-Tukku Oy specialises in wholesale of
heating, plumbing and ventilation equipment. Suomen Puunjalostus Oy operates in
the joinery industry, with solid-wood interior doors and wooden staircases as
its main products. Takoma Oyj is a listed mechanical engineering group based on
an entrepreneur-driven business model. Toimex Oy manufactures and sells heating,
plumbing and ventilation supports. Vallog Oy specialises in Finnish metal
industry manufacturing and logistics services.
PANOSTAJA GROUP FINANCIAL STATEMENTS REPORT, 1st NOVEMBER 2007-31st OCTOBER 2008
| Source: Panostaja Oyj