Plc Uutechnic Group Oyj: Correction to the Business Review from January – September 2018
PLC UUTECHNIC GROUP OYJ STOCK EXCHANGE RELEASE, December 12, 2018 at 14:48
PLC UUTECHNIC GROUP OYJ: CORRECTION TO THE BUSINESS REVIEW FROM JANUARY-SEPTEMBER 2018
Plc Uutechnic Group Oyj corrects its Business review from January – September 2018, published on October 29, 2018. In the review, the order backlog reference figure of 30.6.2018 (1-6 2018, 6 months) was incorrectly 9 365 thousand euros. The correct figure is 10 635 thousand euros.
Below the corrected review in its entirety.
PLC UUTECHNIC GROUP OYJ BUSINESS REVIEW, JANUARY-SEPTEMBER 2018
This business review presents the key figures of Uutechnic Group’s continuing operations, main events in January-September 2018 and comparison figures for the previous year. The figures are unaudited.
Uutechnic Group’s turnover from continuing operations for 1 January-30 September 2018 was EUR 16.5 million (12.8 million), and its operating profit was EUR 1.7 million (0.5 million). The order book of Uutechnic Group’s continuing operations stood at EUR 9.4 million (8.6 million) on 30 September 2018. The comparable order book of the Group’s continuing operations, disregarding revenue recognition in accordance with IFRS 15, stood at EUR 11.5 million.
On 28 September 2018, Plc Uutechnic Group Oyj announced that the sale of 81% of Japrotek Oy Ab’s shares to the company’s management was completed mainly as announced on 4 June 2018. In the Group’s financial reporting, Japrotek Oy Ab is classified under discontinued operations and it is included in the Group’s consolidated statement of income until 28 September 2018. The result of discontinued operations for the financial year stood at approximately EUR -1.2 million on 30 September 2018. The transaction sees Uutechnic Group focus increasingly on developing its mixing technology business in accordance with its strategy.
|Key Figures, T EUR|| 1-9 2018
| 1-9 2017
| 7-9 2018
| 7-9 2017
| 1-6 2018
| 1-6 2017
| 1 – 12 2017
|Turnover, continuing operations||16 538||12 782||6 517||4 293||10 020||8 489||19 077|
|Operating profit/loss, continuing operations||1 688||514||941||306||747||208||1 196|
|Operation profit/loss continuing operations %||10 %||4 %||14 %||7 %||7 %||2 %||6 %|
|Order backlog at the end of the period, continuing operations||9 355||8 555||9 355||8 555||10 635||7 769||8 049|
Uutechnic Group has implemented IFRS15 -standard Revenue from Contracts with Customers as accounting policy in the consolidated financial statement from 1.1.2018. In the implementation the reliefs allowed in the retrospective application has been applied so that the effect of applying IFRS15 is recognized as an adjustment to the opening balance of equity as at the date of initial application and the comparison figures have not been adjusted. The change in the revenue recognition principles increased the turnover of the Group’s continuing operations by EUR 2.2 million and operating profit by EUR 0.6 million.
Mixing technology business
As planned, the order book has developed better than in the previous year. The record-high order book has been successfully converted into turnover and delays in deliveries have been avoided thanks to an increase in production capacity.
Production will be at full capacity in the fourth quarter and the order book for next year is larger than it was at the corresponding time last year. The recent difficulties experienced by component suppliers may be seen as a temporary decline in delivery reliability.
The efficiency improvement programme launched this year has progressed according to plan.
Roll and pipe business
In the third quarter, the demand for rolls was very stable in the forest and energy industries.
The demand for paper machine rolls was on a par with the first half of the year. However, the increase in the demand for pulp and packaging board was seen as a substantial increase in the demand for rolls and cylinders for packaging board and pulp drying machines.
The demand for special pipes and structures manufactured for marine and offshore customers remained very low.
New orders have been received at a steady rate throughout the year in the roll and pipe business, and production capacity has been fully utilised. The order book is at a good level, extending to the first quarter of 2019.
All of Uutechnic Group’s continuing business operations are reported under one segment.
STOCK EXCHANGE RELEASES PUBLISHED DURING THE REVIEW PERIOD
28.02.2018 Review of the financial statements for 1 January – 31 December 2017
09.03.2018 Financial statements, corporate governance statement and remuneration statement for 2017 published
19.0.32018 Invitation to the annual general meeting of Plc Uutechnic Group Oyj
23.03.2018 Uutechnic Group received a remarkable order for complete delivery to Norway
12.4.2018 The resolutions of the annual general meeting of Plc Uutechnic Group Oyj and the decisions of the board of directors
27.04.2018 Uutechic Group’s business review from January to March 2018
04.06.2018 Uutechnic Group to sell 81% of Japrotek Oy Ab’s shares to the company’s management. The implementation of this transaction is conditional on the final decisions of the financiers.
29.06.2018 Finalization for selling majority of Japrotek Oy Ab’s shares is postponed, financial negotiations will continue.
27.07.2018 Half Year Report 1 January – 30 June 2018
17.09.2018 FIN-FSA impose penalty payment of EUR 50.000 on previous Vaahto Group Olc Oyj for violation of disclosure obligation
28.09.2018 The sale of 81% Japrotek Oy Ab*s shares to the company’s management, announced on June 4th 2018, is completed
Stock exchange releases published after the review period
25.10.2018 Changes in Plc Uutechnic Group Oyj’s management team
In Uusikaupunki December 12, 2018
PLC UUTECHNIC GROUP OYJ
Board of Directors
Jouko Peräaho, CEO Plc Uutechnic Group Oyj, +358 500 740 808
Uutechnic Group is focused on improving the competitiveness of its customers by providing them advanced equipment technology and unique service concept worldwide. The product range includes agitators, different types of pressure vessels, process- and storage tanks, reactors and heat exchangers. Additionally, different types of long welded and machined axially symmetrical parts as rolls, cylinders, tubes and cones.
The main industries are hydrometallurgy, mining-, pulp and paper-, food-, fertilizer-, other chemical industries and environmental technology.
Plc Uutechnic Group’s subsidiaries are AP-Tela Oy, Uutechnic Oy and Stelzer Rührtechnik International GmbH.