Uutechnic Group’s Half Year Financial Report for 1 January – 30 June 2016
PLC UUTECHNIC GROUP OYJ HALF YEAR FINANCIAL REPORT AUGUST 17, 2016 at 10:00 am
UUTECHNIC GROUP’S HALF YEAR FINANCIAL REPORT FOR 1 JANUARY – 30 JUNE 2016
TURNOVER AND OPERATING PROFIT IMPROVED – ALL UNITS RECORDED A POSITIVE RESULT
Uutechnic Group’s turnover for 1 January – 30 June 2016 was EUR 16.9 million (1.7 million), and its operating profit was EUR 1.06 million (0.38 million). The Group’s order book stood at EUR 19.5 million on 30 June 2016. The comparable order book for 2015 was EUR 14.5 million.
The business arrangement carried out in the Group in 2015 was recognised as a reverse acquisition in the Group’s IFRS financial statements. For this reason, the comparison figures for the previous financial year presented in the half year financial report on 30 June 2016 are figures concerning Uutechnic Oy before the demerger. The consolidated figures for 2015 presented in the half year financial report are not comparable to the Group’s previous reporting. As applicable, the combined figures for Uutechnic Oy, Japrotek Oy Ab, Stelzer Rührtechnik Int and AP-Tela Oy – the Group units engaged in business operations – are presented as comparable figures for 2015. Any figures for 2015 with no mention of comparability are figures for Uutechnic Oy.
KEY EVENTS IN 1 JANUARY – 30 JUNE 2016
Martti Heikkilä, CEO of Uutechnic Group says that a new group of companies created through a merger in October 2015 was well-received in the market. Our customers have shown that they trust our Group’s ability to deliver high-quality process equipment, agitators, complex tanks and columns, as well as combinations of these, to the process industry. Our thick-walled, welded and machined steel pipes, as well as our rolls for the paper, energy and crane industries, have found their customers. Our order book developed favourably during the first half of the year, and all of our subsidiaries recorded a positive result over that period of time.
The efficiency programmes that had been started within the Group, aiming at total savings of EUR 1.5 million per year compared to 2015, progressed as planned during the review period and continue to be implemented. The Group is also continuing to review and streamline its companies’ processes.
The business environment has remained challenging globally. The competitive situation is intensifying in the standard tank and agitator markets. However, with regard to complex process industry projects, customers trust experience and strong expertise. In a challenging business environment, our cost-efficiency continues to be a key factor in terms of profitable and competitive business operations.
Of the industries that are important for Uutechnic Group, investments in the paper and pulp industry continue to create opportunities for new orders, whereas investments in the mining and mineral processing industries are at a low level. Replacement investments are about to be carried out in the chemical, fertiliser, food and pharmaceutical industries. However, as an agile operator, Uutechnic Group is well-positioned for profitable business operations even in a challenging market situation.
NEW ORDERS AND ORDER BOOK
During the review period, the Group’s subsidiaries received significant new orders. At the end of the period, the order book stood at a good level, totaling EUR 19.5 million. The comparable order book for 2015 was EUR 14.5 million.
TURNOVER
The Group’s turnover for the review period was EUR 16.9 million. Its comparable turnover for 2015 was EUR 13.9 million. Finland represented 45% of the Group’s turnover, including indirect exports. The rest of Europe constituted 45%, Asia constituted 9% and North America constituted 1% of its turnover.
RESULT AND PROFITABILITY
The Group’s operating result for the review period was EUR 1.06 million (0.38 million) and the result of the review period was EUR 0.70 million (0.85 million). The Group’s earnings per share were EUR 0.01. All of its business units recorded a positive result for the review period. This was partly due to the fact that the efficiency programmes that were started during the fiscal period progressed as planned.
CASH FLOW AND BALANCE SHEET
The Group’s cash flow from operations for the review period was EUR 0.74 million (0.80 million), and its cash flow from investing activities was EUR -0.70 million (0,00 million). Most of the investments were investments in fixed assets related to AP-Tela Oy and Japrotek Oy Ab. At the end of the review period, the Group’s interest-bearing liabilities stood at EUR 5.3 million, of which EUR 2 million was attributable to subordinated loans from owners. The consolidated balance sheet stood at EUR 25.8 million (7.1 million). The Group’s equity ratio was 58.2% (91.9%).
CHANGE IN GROUP STRUCTURE
In its financial statements for 2015, the Group announced the planned merger of Steva Oy with Uutechnic Oy. The merger was implemented on 30 June 2016. The Group has also decided to centralise its agitator production in Finland in Uusikaupunki. With regard to this, a stock exchange release was issued on 21 June 2016.
SUBSIDIARIES
AP-Tela Oy’s order book remained at a good level during the review period. In January, the company secured the largest order in its history. The order was placed by Valmet and included the design and manufacture of 27 massive drying cylinders. The order will be delivered in the fourth quarter of 2016. With regard to operational development at AP-Tela, special attention will be paid to production lead times. AP-Tela’s turnover increased during the first half of the year, and its operating result was positive.
Japrotek Oy Ab had a challenging first half of 2016 due to a low order book. Towards the summer, its order book improved considerably. Japrotek Oy Ab received significant orders, including orders from Kemapco for the fertiliser industry in Jordan, a client producing tall oil in Sweden and a Finnish equipment manufacturer for the nuclear power industry, as well as an order for a turnkey delivery of a crystallisation plant for the Joutseno plant of Kemira. The company has deliveries booked until 2018. Its turnover increased year-on-year. The company started an efficiency programme in early 2016, and it was implemented as planned during the review period. The company’s operations were clearly loss-making in 2015 but turned positive during the first half of 2016.
Stelzer Rührtechnik Int GmbH faced intensified competition in its traditional areas of operation, and its challenges in the first half of 2016 also included unevenly distributed agitator deliveries. However, the company was able to cut costs in response to the slow beginning of the year. Its turnover increased, and its operating result was positive.
Uutechnic Oy had a good first half of the year, with its turnover growing despite the lack of major projects. Its profitability remained at a very good level.
RESEARCH AND PRODUCT DEVELOPMENT
Research and product development expenses are recognised as an annual cost. The Group’s research and development operations are customer-oriented and mainly focus on the development of customers’ production results and processes.
PERSONNEL
On 30 June 2016, Uutechnic Group had 189 employees, of whom 77 were professional and managerial employees and 112 were production employees. At the beginning of the period, the Group had 179 employees. The increase is due to an increase in the number of production employees.
BOARD OF DIRECTORS AND CEO
On 28 April 2016, the Annual General Meeting re-elected Sami Alatalo and Jouko Peräaho as Board members and elected Hannu Kottonen and Kristiina Lagerstedt as new Board members. The new members are independent of the company and its major shareholders. Jouko Peräaho continues to serve as Chair of the Board, with Sami Alatalo as Vice Chair.
Martti Heikkilä has served as the CEO of the company since 1 December 2015. Ismo Haaparanta was appointed as Deputy CEO of the Group as of 18 January 2016. He is responsible for the Group’s business development and HR.
EVENTS DURING THE REVIEW PERIOD
Plc Uutechnic Group Oyj issued the following stock exchange releases during the review period:
12 January 2016 – Mr Ismo Haaparanta Has Been Appointed as Deputy CEO of Uutechnic Group
14 January 2016 – All the Shares of Plc Uutechnic Group Oyj’s Directed Share Issue Have Been Subscribed for
20 January 2016 – The New Shares of Plc Uutechnic Group Oyj Registered with the Trade Register
20 January 2016 – Disclosure of Change in Shareholdings Under Chapter 9, Section 10 of the Securities Markets Act
26 January 2016 – Japrotek Oy Ab, a Subsidiary of Uutechnic Group, Starts Co-determination Negotiations
29 January 2016 – Uutechnic Group Delivers Drying Cylinders to Valmet
11 February 2016 – Advance Information about Uutechnic Group’s Result for 2015
17 February 2016 – Japrotek Oy Ab, a Subsidiary of Uutechnic Group, Concludes Co-determination Negotiations
26 February 2016 – Uutechnic Group’s Order Backlog Has Progressed Favourably during the First Months of the Year 2016
11 March 2016 – Review of Uutechnic Group’s Financial Statements for 1 January – 31 December 2015
7 April 2016 – Plc Uutechnic Group Oyj’s Annual Report for the Fiscal Period 1 January to 31 December 2015 Has Been Published
7 April 2016 – Invitation to the Annual General Meeting
28 April 2016 – The Annual General Meeting of Plc Uutechnic Group Oyj Held on 28 April 2016
3 May 2016 – Uutechnic Group Received New Orders Worth over EUR 5 Million
6 June 2016 – Uutechnic Group Received a Significant Order
6 June 2016 – The Board of Directors of Plc Uutechnic Group Oyj Decided to Carry out a Share Issue Directed to the Personnel and Management
21 June 2016 – Uutechnic Group Will Centralise Agitator Production in Finland in Uusikaupunki
22 June 2016 – The Lessor of Japrotek Oy Ab Changes
RELATED-PARTY EVENTS
On 22 June 2016, the company announced that the lessor of the facilities of Japrotek Oy Ab, a subsidiary of the Group, would divest the facilities in Pietarsaari and the new lessor would be Uurec Holding Oy. The terms and conditions of the lease agreement remained unchanged. Uurec Holding Oy is owned by Saola Invest Oy and UuCap Oy, which are companies controlled by Sami Alatalo, Timo Lindström and Jouko Peräaho.
SHARES AND SHAREHOLDERS
At the beginning of the review period, the total number of shares and votes in Plc Uutechnic Group Oyj was 25,963,210. The shares subscribed for during the directed share issue carried out in late 2015 were entered into the Trade Register on 20 January 2016. The total number of these shares was 30,000,000, which increased the total number of shares and votes in Plc Uutechnic Group Oyj to 55,963,210.
On 30 June 2016, the company had 1,380 shareholders (1,045 at the beginning of the review period).
The total number of shares owned directly or through controlled companies by the Board of Directors, CEO and Group Management Team at the end of the review period was 22,393, or 40.0% of all shares.
Shares in Plc Uutechnic Group Oyj are listed on the Nasdaq Helsinki. Their trading code is UUTEC, and their ISIN code is FI0009900708.
Plc Uutechnic Group Oyj did not pay dividends during the review period.
AUTHORISATION AND SHARE ISSUE
The Annual General Meeting of 28 April 2016 authorised the Board of Directors to decide on the issue of new shares and other special rights that entitle their holders to subscribe for shares in accordance with Chapter 10, Section 1 of the Limited Liability Companies Act, in one or more instalments. The Board is authorised to issue a maximum of 10,000,000 new shares, including shares based on special rights.
Of the shares and special rights covered by the authorisation, a maximum of 1,000,000 shares may be directed to the Group’s personnel and Board of Directors, including shares based on special rights. Of these shares, including shares based on special rights, a maximum of 200,000 may be directed to the members of the Board of Directors. In a share issue directed to the Group’s personnel and Board of Directors, the subscription price of the share must be at least its market price less 10%, and at least its market price if shares are subscribed for based on special rights. The market price is the average price of the share on the Nasdaq Helsinki for the calendar month preceding the decision to issue shares or special rights. The authorisation entitles the Board to decide on any other terms and conditions for the issuance of shares and special rights, including any deviations from the shareholders’ pre-emptive right.
On 6 June 2016, the company announced that its Board of Directors had decided to carry out a share issue directed to its personnel and management. The subscription period ran from 20 June to 12 August 2016.
GOVERNANCE
Plc Uutechnic Group Oyj has complied with the Finnish Corporate Governance Code 2015 since 1 January 2016. The Finnish Corporate Governance Code 2015 was issued by the Securities Market Association on 1 October 2015.
SIGNIFICANT RISKS AND UNCERTAINTY FACTORS AND THEIR MANAGEMENT
The demand for Uutechnic Group’s products is dependent on trends and developments in the global economy and the Group’s customer industries, thereby posing a general external risk to its operations. The Group seeks to mitigate the risks arising from changes in demand by targeting its sales operations in line with current trends in various market areas and customer industries.
According to the Board of Directors of the Group’s parent company, other significant risks and uncertainty factors to which the Group is exposed are related to at least the following aspects:
- The profitable business operations of the Group’s previously loss-making units require the continuous improvement of their competitive ability and the achievement of sufficient business volumes, as well as the continued successful integration of operational development into operations.
- Part of the Group’s business operations consist of major or large project deliveries. Extensive and complicated projects involve the risk that the future costs and any other risks related to the delivery cannot be estimated sufficiently accurately in the bidding phase. In such cases, the result of the project may prove weaker than expected.
- Unfavourable changes in the financial markets may have an effect on the availability of financing for customers’ investments, the Group’s result and the availability of equity and debt financing at competitive terms.
The Group seeks to protect itself against risks using all measures that can reasonably be implemented. Such measures include measures aiming for the improvement of profitability and productivity, training for employees, guidelines and instructions, insurance policies, critical examination of the terms and conditions of commercial agreements and continuous, systematic monitoring of operations.
OUTLOOK
In 2016, the main goal is to improve performance ability in all of the Group’s units and harmonise its corporate culture and operating methods.
Due to the Group’s efficiency programmes and the favourable development of its order book, its turnover in 2016 is expected to be over EUR 35 million. All of its units are expected to record positive results, and the Group’s operating result is expected to be EUR 2.2 to 2.4 million.
EVENTS AFTER THE END OF THE REVIEW PERIOD
On August 16, 2016 the company announced that unlike previously announced Plc Uutechnic Group Oyj will publish the Half year financial report from 1.1. – 30.6.2016 on August 17, 2016.
ACCOUNTING PRINCIPLES
This half year financial report was prepared in accordance with the IAS 34 standard. It does not include all of the notes or other information to be presented with financial statements. For this reason, the half year financial report should be read together with the financial statements for 2015.
The half year financial report was prepared in line with the accounting principles presented in the financial statements for 2015.
The information included in this half year financial report has not been audited. The figures are presented in thousands of euros (EUR 1,000), unless otherwise mentioned.
The business arrangement carried out in the Group in 2015 was recognised as a reverse acquisition in the Group’s IFRS financial statements. For this reason, the comparison figures for the previous financial year presented in the half year financial report on 30 June 2016 are figures concerning Uutechnic Oy.
| KEY FIGURES | |||
| 1.1.-30.6.16 | 1.1.-30.6.15 | 1.1.-31.12.15 | |
| 1 000 EUR | 6 months | 6 months | 12 months |
| Turnover, continuing operations | 16 942 | 1 681 | 8 859 |
| Operating profit/loss, continuing operations | 1 065 | 379 | 1 186 |
| % of turnover | 6,3 | 22,5 | 13,4 |
| Profit/Loss before taxes, continuing operations | 702 | 379 | 810 |
| % of turnover | 4,1 | 22,5 | 0,3 |
| Profit or loss for the period fron the discontinuing operations | 0 | 551 | 245 |
| Earnings per share calculated on profit attributable to equity holders of the parent | 705 | 930 | 987 |
| % of turnover | 4,2 | 55,3 | 11,1 |
| Return on equity (ROE), % 2) | 14,2 | 14,0 | 12,4 |
| Return on investment (ROI), % 2) | 11,0 | 17,9 | 13,5 |
| Equity ratio, % | 58,2 | 91,9 | 68,0 |
| Current ratio | 1,3 | -1,3 | 1,4 |
| Net gearing | 46,7 | -81,3 | 50,5 |
| Gross investments in fixed assets | 703 | 0 | 41 |
| % of turnover | 4,1 | 0,0 | 0,0 |
| Order backlog, continuing operations | 19 495 | 0 | 11 680 |
| Consolidated balance sheet total | 25 838 | 297 | 22 179 |
| Total number of personnel at the end of the period | 189 | 14 | 179 |
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME, IFRS | |||
| 1 000 EUR | 1.1.-30.6.2016 | 1.1.-30.6.2015 | 1.1.-31.12.2015 |
| 6 months | 6 months | 12 months | |
| CONTINIUING OPERATIONS | |||
| NET TURNOVER | 16 942 | 1 681 | 8 859 |
| Change in finished goods and work in progress | 1 124 | 52 | -477 |
| Production for own use | |||
| Other operating income | 60 | 12 | 34 |
| Material and services | 9 597 | 705 | 3 522 |
| Employee benefit expenses | 5 558 | 450 | 2 481 |
| Depreciations | 274 | 26 | 137 |
| Other operating expenses | 2 314 | 186 | 1 089 |
| OPERATING PROFIT OR LOSS | 1 065 | 379 | 1 186 |
| Depreciation, amortiztion and impairment loss of acqisition | 228 | 0 | 76 |
| Financing expenses | 135 | 0 | 300 |
| PROFIT OR LOSS BEFORE TAXES | 702 | 379 | 810 |
| Tax on income from operations | -3 | 82 | 102 |
| PROFIT OR LOSS FOR THE FISCAL YEAR FROM THE CONTINUING OPERATIONS | 705 | 297 | 709 |
| DISCONTINUING OPERATIONS | |||
| Profit of loss for the fiscal year from the discontinuing operations | 0 | 551 | 245 |
| PROFIT OR LOSS FOR THE FISCAL YEAR | 705 | 848 | 954 |
| OTHER COMPREHENSIVE INCOME: | |||
| Translation differences | 0 | 0 | 33 |
| Other comprehensive income, net of tax | 0 | 0 | 33 |
| TOTAL COMPREHENSIVE INCOME | 705 | 848 | 987 |
| NET PROFIT OR LOSS ATTRIBUTABLE: | |||
| Equity holders of the parent | 705 | 297 | 709 |
| TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE: | |||
| Equity holders of the parent | 705 | 848 | 987 |
| Earnings per share calculated on profit attributable to equity holders of the parent: | |||
| EPS undiluted, euros/share, continuing operations | 0,01 | 2 965,61 | 0,02 |
| EPS diluted, euros/share, continuing operations | 0,01 | 2 965,61 | 0,02 |
| EPS undiluted, euros/share, cdisontinuing operations | 0,00 | 5 510,96 | 0,01 |
| EPS diluted, euros/share, discontinuing operations | 0,00 | 5 510,96 | 0,01 |
| EPS undiluted, euros/share | 0,01 | 8 476,57 | 0,03 |
| EPS diluted, euros/share | 0,01 | 8 476,57 | 0,03 |
| Average number of shares | |||
| -undiluted | 55 963 210 | 100 | 29 516 938 |
| -diluted | 55 963 210 | 100 | 29 516 938 |
| CONSOLIDATED BALANCE SHEET, IFRS | |||||||
| 1 000 EUR | 30.6.2016 | 30.6.2015 | 31.12.2015 | ||||
| ASSETS | |||||||
| NON-CURRENT ASSETS | |||||||
| Intangible assets | 2 126 | 5 | 2 262 | ||||
| Goodwill | 3 534 | 0 | 3 534 | ||||
| Tangible assets | 5 630 | 142 | 5 295 | ||||
| Available for sale investments | 25 | 0 | 25 | ||||
| NON-CURRENT ASSETS | 11 315 | 147 | 11 115 | ||||
| CURRENT ASSETS | |||||||
| Inventories | 3 905 | 298 | 2 684 | ||||
| Trade receivables and other receivables | 4 092 | 425 | 1 223 | ||||
| Current receivables for revenue recognized in part prior to project completion | 5 828 | 0 | 6 478 | ||||
| Tax receivable, income tax | 153 | 0 | 0 | ||||
| Cash and bank | 545 | 686 | 679 | ||||
| CURRENT ASSETS | 14 523 | 1 408 | 11 063 | ||||
| NON-CURRENT ASSETS HELD FOR SALE | 0 | 5 537 | 0 | ||||
| ASSETS | 25 838 | 7 092 | 22 179 | ||||
| SHAREHOLDERS’ EQUITY | |||||||
| SHAREHOLDERS’ EQUITY | |||||||
| Share capital | 2 872 | 17 | 2 872 | ||||
| Share premium account | 6 | 0 | 6 | ||||
| Fair value reserve and other reserves | 6 120 | 0 | 6 120 | ||||
| Translation differences | 33 | 0 | 33 | ||||
| Retained earnings | 1 177 | 6 020 | 6 126 | ||||
| Retained earnings to be transferred to uncontinued business | 0 | 0 | -5 654 | ||||
| SHAREHOLDERS’ EQUITY | 10 208 | 6 037 | 9 504 | ||||
| NON-CURRENT LIABILITIES | |||||||
| Deferred tax liability | 474 | 0 | 525 | ||||
| Subordinated loans | 2 000 | 0 | 2 000 | ||||
| Long-term liabilities, interest-bearing | 2 000 | 2 000 | |||||
| Non-current provisions | 298 | 0 | 263 | ||||
| NON-CURRENT LIABILITIES | 4 772 | 0 | 4 788 | ||||
| CURRENT LIABILITIES | |||||||
| Short-term liabilities, interest-bearing | 1 310 | 0 | 1 482 | ||||
| Trade payables and other liabilities | 9 548 | 808 | 6 360 | ||||
| Tax liability, income tax | 0 | 20 | 10 | ||||
| Current provisions | 0 | 14 | 35 | ||||
| CURRENT LIABILITIES | 10 858 | 842 | 7 887 | ||||
| LIABILITIES OF DISPOSAL GROUP HELD FOR SALE | |||||||
| Interest-free liabilities held for sale | 0 | 214 | 0 | ||||
| LIABILITIES OF DISPOSAL GROUP HELD FOR SALE | 0 | 214 | 0 | ||||
| EQUITY AND LIABILITIES | 25 838 | 7 092 | 22 179 | ||||
| In conjunction with the financing arrangement made in the fiscal year 2015, the loans granted by Mikko Laakkonen and Hannu Laakkonen, totalling EUR 2.0 million, were converted into unsecured subordinated loans. These loans are subordinated loans in accordance with chapter 12 of the Limited Liability Companies Act, and their capital repayments and interest payments must meet the conditions provided in the Act. The loans will be repaid as a one-off payment on 31 December 2019. However, the company is entitled to pay early. The annual interest rate on the outstanding loan capital is 4%. Of the total loan capital, EUR 1 million involves a specific right of exchange. To the extent that loan capital remains unpaid on 31 December 2017, the creditors are entitled to convert EUR 1 million of the capital, in part or in full, into shares in the company at a value of EUR 0.25. This right of exchange is based on the authorisation to issue shares that was approved by the company’s Annual General Meeting on 14 April 2015. | |||||||
| CONSOLIDATED FLOW OF FUNDS STATEMENT, IFRS | |||||||
| 1 000 EUR | 1.1.-30.6.2016 | 1.1.-30.6.2015 | 1.1.-31.12.2015 | ||||
| FLOW OF FUNDS FROM OPERATIONS: | |||||||
| Profit or loss before taxes, continuing operations | 702 | 379 | 810 | ||||
| Profit or loss before taxes, discontinued operations | 0 | 704 | 306 | ||||
| Adjustments: | |||||||
| Depreciations | 274 | 40 | 151 | ||||
| Depreciation, amortiztion and impairment loss of acqisition | 228 | 0 | 76 | ||||
| Other income and expenses, no payment related | -70 | -164 | -499 | ||||
| Financing income and expenses | 135 | -171 | 91 | ||||
| Flow of funds from operations before the change in working capital | 1 269 | 788 | 936 | ||||
| Change in working capital: | 0 | 0 | 0 | ||||
| Change in short-term receivables | -2 308 | -200 | -745 | ||||
| Change in inventories | -1 220 | -78 | 297 | ||||
| Change in short-term non-interest-bearing creditors | 3 238 | 294 | -602 | ||||
| Flow of funds from operations before financial items and taxes | 979 | 803 | -115 | ||||
| Interests and other financial expenses from operations paid | -125 | -14 | -49 | ||||
| Interests and other financial income received | 0 | 91 | 246 | ||||
| Income taxes paid | -113 | -81 | -176 | ||||
| FLOW OF FUNDS FROM OPERATIONS | 741 | 799 | -94 | ||||
| FLOW OF FUNDS FROM INVESTMENTS: | |||||||
| Investments in tangible and intangible assets | -702 | 0 | -42 | ||||
| Income from sales of tangible and intangible assets | 0 | 0 | 25 | ||||
| FLOW OF FUNDS FROM INVESTMENTS | -702 | 0 | -16 | ||||
| FLOW OF FUNDS FROM FINANCIAL ITEMS: | |||||||
| Share issue | 0 | 0 | 1 500 | ||||
| Dividends paid | |||||||
| Repayments of short-term loans | -605 | 0 | -2 750 | ||||
| Withdrawals of short-term loans | 434 | 0 | 2 000 | ||||
| FLOW OF FUNDS FROM FINANCIAL ITEMS | -172 | -700 | 50 | ||||
| Change of liquid funds | -133 | 99 | -61 | ||||
| Liquid assets at the beginning of the fiscal year | 679 | 587 | 587 | ||||
| Liquid assets received in connection with the aquisition | 0 | 0 | 438 | ||||
| Liquid assets to be transferred to uncontinued operations | 0 | 0 | -286 | ||||
| Liquid assets at the end of the fiscal year | 545 | 686 | 679 | ||||
| Change in liquid assets according to the balance sheet | -133 | 99 | -61 | ||||
| CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY, IFRS | |||||||
| 1 000 EUR | |||||||
| Change in shareholders’ equity 1.1.-30.6.2016 | Share capital | Share premium account | Unrestricted equity reserve | Reserve fund | Translation differences | Retained earnings | Total |
| Shareholders’ equity at the beginning of the fiscal period | 2 872 | 6 | 6 120 | 0 | 33 | 472 | 9 504 |
| Comprehensive income: | |||||||
| Profit or loss for the period | 705 | 705 | |||||
| Translation differences | 0 | 0 | 0 | ||||
| Total comprehensive income | 0 | 705 | 705 | ||||
| Transactions with owners: | |||||||
| Transactions with owners total | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Shareholders’ equity at the end of the fiscal period | 2 872 | 6 | 6 120 | 0 | 33 | 1 177 | 10 208 |
| Change in shareholders’ equity 1.1.-30.6.2015 | Share capital | Share premium account | Unrestricted equity reserve | Reserve fund | Translation differences | Retained earnings | Total |
| Shareholders’ equity at the beginning of the fiscal period | 17 | 0 | 0 | 0 | 0 | 5 872 | 5 889 |
| Comprehensive income: | |||||||
| Profit or loss for the period | 848 | 848 | |||||
| Translation differences | 0 | ||||||
| Total comprehensive income | 0 | 0 | 0 | 0 | 0 | 848 | 848 |
| Transactions with owners: | 0 | ||||||
| Dividend distribution | 0 | -700 | -700 | ||||
| Transactions with owners total | 0 | 0 | 0 | 0 | 0 | -700 | -700 |
| Shareholders’ equity at the end of the fiscal period | 17 | 0 | 0 | 0 | 0 | 6 020 | 6 037 |
| Change in shareholders’ equity 1.1.-31.12.2015 | Share capital | Share premium account | Unrestricted equity reserve | Reserve fund | Translation differences | Retained earnings | Total |
| Shareholders’ equity at the beginning of the fiscal period | 17 | 0 | 0 | 0 | 0 | 5 872 | 5 889 |
| Comprehensive income: | |||||||
| Profit or loss for the period | 954 | 954 | |||||
| Translation differences | 33 | 0 | 33 | ||||
| Total comprehensive income | 33 | 954 | 987 | ||||
| Transactions with owners: | |||||||
| Dividend distribution | -700 | -700 | |||||
| Share issue | 1 500 | 1 500 | |||||
| Share exchange | 7 680 | 7 680 | |||||
| Transaction costs for equity | -159 | -159 | |||||
| Items due to reverce aquisition | 2 855 | 6 | -2 901 | -40 | |||
| Items to be transferred with the splitting | -5 654 | -5 654 | |||||
| Transactions with owners total | 2 855 | 6 | 6 120 | 0 | 0 | -6 354 | 2 627 |
| Shareholders’ equity at the end of the fiscal period | 2 872 | 6 | 6 120 | 0 | 33 | 472 | 9 504 |
| SECURITIES AND RESPONSIBILITIES | ||
| Securities and Responsibilities | ||
| EUR | ||
| 30.6.2016 | 31.12.2015 | |
| Granted securities | ||
| Dept secured by real estate and corporate mortgages | ||
| Loans from financial instititions and | 2 000 | 2 267 |
| Credit limits in use | 1 606 | 1 215 |
| Total | 3 606 | 3 482 |
| Loans from financial institutions are secured by real estate and corporate mortgatges and share pledges. Share pledges are the share capitals of Plc Uutechnic Group Oyj’s subsidiaries. | ||
| Mortgages granted to secure loans and bank guarantees | ||
| Real estate mortgages | 4 743 | 4 743 |
| Corporate mortgages | 22 238 | 17 238 |
| Total | 26 981 | 21 981 |
| Other granted secirities for own behalf | ||
| Deposits | 9 | 9 |
| Total | 9 | 9 |
| Other granted securities | ||
| Plc Uutechnic Group Oyj has granted as secirities the share capitals of its subsidiaries AP-Tela Oy, Japrotek Oy, Uutechnic Oy and Stelzer Rührtechnik International GmbH. | ||
| Contignent Liabilities and Other Liabilities | ||
| Bank quarantees | ||
| Bank guarantee limits total | 7 172 | 7 443 |
| Bank guarantee limits in use | 5 217 | 5 235 |
| Operating lease agreements | ||
| Within a year | 23 | 23 |
| More than one year but no more than 5 years | 27 | 27 |
| Total | 50 | 50 |
| Operating lease contracts consist mainly of short-term leasing contracts for IT equipment and sotware. The terms and condidtions are of leasing agreements correspond to those of normal operational leasing agreements. | ||
| Arrangements according to IFRIC 4 | ||
| The Group has no arrangements meant in IFRIC 4. | ||
| Other rent agreements | ||
| The Group has rented production and office buildings for tis use with various types of terminable rental agreements. | ||
| Rent liabilities | ||
| Within a year | 560 | 552 |
| Moren than one year but no more than 5 years | 2 238 | 2 209 |
| Later | 3 134 | 3 134 |
| Total | 5 931 | 5 895 |
| On June 22, 2016 Plc Uutechnic Group Oyj announced that the the lessor of Japrotek Oy Ab has decided to divest the premises in Pietarsaari and the new lessor is Uurec Holding Oy. The change of ownership does not change the conditions of Japrotek’s long-term lease agreement. Uurec Holding Oy is owned by Saola Invest Oy and Uucap Oy, which are companies under the control of Sami Alatalo, Timo Lindström and Jouko Peräaho. The lessor of the premises in Uusikaupunki is UuCap Oy. Timo Lindström and Jouko Peräaho are in control of this company. | ||
| Other contingent liabilities | ||
| Granted guarantees to customers and creditors | 570 | 50 |
| Guarantees granted to secure bank guarantee limit | 7 172 | 7 443 |
| Guarantees granted to secure bank loans | 3 606 | 3 482 |
| Guarantees granted to secure rent guarantees | 410 | 410 |
| Total | 11 758 | 11 385 |
In Uusikaupunki August 17, 2016
PLC UUTECHNIC GROUP OYJ
Board of Directors
Further information:
Jouko Peräaho, the Chairman of the Board of Directors, +358 500 740808
www.uutechnicgroup.fi
Uutechnic Group is focused on improving the competitiveness of its customers by providing them with 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. Also 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, Japrotek Oy Ab, Uutechnic Oy and Stelzer Rührtechnik International GmbH.