Vacon Plc Interim report 1 January - 31 March 2014

Vacon Plc, Stock Exchange Release, 23 April 2014 at 9.30 am (EET)

In this stock exchange release Vacon is publishing information included in the interim report that has a significant impact on the value of securities. The full interim report is in the appendix to this release and can be downloaded from the company's website in Finnish at www.vacon.fi and in English at www.vacon.com.

January-March highlights: 

• Order intake totalled MEUR 104.8 (MEUR 100.2, an increase of 4.6% on the corresponding period in the previous year.
• Revenues totalled MEUR 89.3 (MEUR 91.3), a decline of 2.3% from the corresponding period in the previous year.
• Operating profit was MEUR 6.7, or 7.5% of revenues (MEUR 5.8 and 6.3%).
• Net cash flow from operating activities was MEUR -0.6 (MEUR 16.6).
• Earnings per share were EUR 0.16 (EUR 0.12).
• The Annual General Meeting resolved to increase the number of shares in the Company by issuing new shares without payment to the shareholders in proportion to their holdings, so that one (1) share is given for each existing share. The figures presented in the interim report, apart from the dividend, have been adjusted to bring them in line with the situation after the issue of shares without payment (share split). The new shares registered in connection with the share split did not entitle holders to the dividend for the 2013 fiscal year decided on at the AGM.
• The AGM adopted the proposal of the Board of Directors to pay a dividend of EUR 1.30 a share, in total MEUR 19.8. The dividend was paid on 8 April 2014.
• At its organizational meeting after the AGM, the Board of Directors elected Panu Routila as Chairman and Jari Eklund as Vice Chairman of the Board.

January-March key indicators:

MEUR	1-3/2014	1-3/2013	Change, %	1-12/2013
Order intake	104.8	100.2	4.6%	399.8
Order book	62.4	58.9	5.9%	46.8
Revenues	89.3	91.3	-2.3%	403.0
Operating profit	6.7	5.8	16.0%	40.6
% of revenues	7.5%	6.3%		10.1%
Profit before taxes	6.7	6.0	10.7%	39.7
Net cash flow from operating activities	-0.6	16.6		46.7
Earnings per share, EUR	0.16	0.12	27.9%	0.92
Interest-bearing net liabilities	-10.0	-21.1	-52.4%	-17.2
Gearing, %	-10.0%	-22.2%		-14.7%
Gross capital expenditure	4.8	4.2	14.2%	19.7