STOCK EXCHANGE RELEASE 28 April 2005 at am. Interim report January-March 2005 according to IFRS standards

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1 Vacon Plc STOCK EXCHANGE RELEASE 28 April 2005 at am Interim report January-March 2005 according to IFRS standards GROWTH IN VACON S ORDERS RECEIVED AND REVENUES January-March summary: Order intake totalled MEUR 34.6, increase of 18.9 % on the previous year (MEUR 29.1). Vacon had revenues of MEUR 30.1, growth of 6.4 % (MEUR 28.3). Operating profit was MEUR 2.5, decline of 13.8 % (MEUR 2.9). Cash flow from operations was MEUR 2.5 (MEUR 0.3). Earnings per share were 0.11 euro (0.12 euro), decline from the previous year of 8.3 %. Vacon continued to grow strongly during the first quarter of Orders were 19 % higher than in the corresponding period last year. All market areas developed in line with expectations and the review period was strong especially for the OEM and brand label distribution channels. As in the previous year, the growth in revenues took place particularly in the second half of the period. Sales in North America matched expectations, although the weaker dollar reduced the growth figures. Sales in Europe picked up towards the end of the review period. OEM and brand label customers were the distribution channels showing strong growth. During the first quarter of 2005 Vacon invested significantly in growth and in starting up operations at the factory in China. As a result, the operating profit declined EUR 0.4 million from the previous year. The orders received during the first quarter provide a firm foundation for meeting targets for the whole year. Changing over to IFRS standards does not significantly affect Vacon s result for 2005 when compared to Finnish accounting practice for financial statements (FAS). In the first quarter of 2005 the net impact of the activated R&D cost on the profit for the period was EUR +0.1 million (EUR +0.1 million).

2 Result for first quarter and equity structure Result: MEUR 1-3/ / 2004 Change, % 1-12/ 2004 Revenues EBITDA Depreciation EBIT Profit before taxes Profit for the period Revenues in the first quarter of 2005 totalled EUR 30.1 million and operating profit was EUR 2.5 million. Revenues were mainly from product sales and there were no individual major project deliveries during the period. The balance sheet total was EUR 62.8 (64.5) million. The equity ratio was 52.0 %. The Group s cash flow from operations was EUR 2.5 (0.3) million. The negative cash flow resulted from an increase in working capital of EUR 5.0 million, which was shared evenly among the different elements of working capital. The Group s equity structure and liquidity remained strong. Interest-bearing net debt at the end of the period totalled EUR 6.4 (-5.1) million and net gearing was 19.7 % ( 19.1 %). The Group s order book was EUR 16.5 (13.0) million. The order book has grown by EUR 4.5 million since the beginning of the year.

3 Market position Vacon Group revenues by market area were as follows: MEUR 1-3/ 2005 % 1-3/ 2004 % 1-12/ 2004 % Europe North America Asia and Australia Other countries Total The Group s growth in revenues in Europe (5.3 %) in the first quarter of the year reflects the small growth in the European frequency converter market. The growth in Vacon s revenues is expected to become stronger in Europe towards the end of the year, as it did in the previous year. Growth in North America remained strong (more than 30%) despite the weakening of the US dollar, in particular thanks to the new, high-power products. Developments in other dollar markets in Asia and Australia have been moderate, reflecting the lack of project sales in these market areas. Revenues in China are expected to increase following the start up of production in the country. Vacon Group s revenues by distribution channel were as follows: direct sales 40 % (41 %), distributors 15 % (20 %), OEM 23 % (21 %) and brand label customers 22 % (18 %). Vacon s direct sales are mainly in Europe and their share of the Group s sales remained almost unchanged. Vacon s new customers in North America have boosted sales by the brand label distribution channel and raised its share of revenues. Sales by distributors declined from the previous year, but they are expected to improve this year thanks to the strong order intake in the first quarter and the good prospects.

4 Group structure No changes took place in the Group structure during the first quarter. Research and development R & D expenditure during the review period totalled EUR 2.5 (2.3) million, or 8.3 % (8.3 %) of the Group s revenues. The company s goal is to launch new, innovative products during the next few years. Towards the end of 2004 the company took the decision to increase its R&D resources by 20 persons and start to develop two new product platforms. Progress has been made in increasing R&D personnel as planned and development of the new product platforms has begun. Research has continued at an active pace and numerous applications for patents are pending as a result of the innovations made. Investments Gross investments by the Group during the financial period totalled EUR 0.8 (0.9) million. Expenditure was mainly on starting up operations at the Suzhou factory in China, on R&D and on IT solutions needed to develop processes. Personnel The number of Vacon personnel grew by 14 persons during the first quarter. At the end of March the Group employed 483 (452) persons, of whom 352 (343) were in Finland and 131 (109) in other countries. The following table shows the average number of Vacon personnel in the review period. 1-3/ / /2004 Office personnel Factory personnel TOTAL In January 2005, Vacon s Board of Directors decided to initiate a share bonus scheme to provide long-term motivation and commitment for the Group s management and key personnel. The share bonus scheme will last thee years. The Board will decide each year on targets for revenues, result and turnover of working capital for each year, and these will determine the size of the bonus in accordance with the terms of the scheme.

5 Shares and shareholders Vacon had a market capitalization at the end of March of EUR million. The closing share price on 31 March 2005 was EUR The lowest share price during the review period was EUR and the highest EUR A total of 1,531,022 Vacon shares were traded in the January-March review period, in monetary terms EUR 20.1 million. Vacon s main shareholders on 31 March 2005: Number of shares Holding, % Nordea Bank Finland Plc (nominee reg.) 3,569, Ahlström Capital Oy 2,297, Tapiola Group companies 975, HSS/Skandinaviska Enskilda Banken Ab (nominee reg.) 523, Vaasa Engineering Oy 471, OP-Suomi Kasvu mutual fund 441, Koskinen Jari 354, Holma Mauri 347, Ehrnrooth Martti 315, Niemelä Harri 309, Others 5,687, Total 15,295, Vacon Plc s own shares -95, Fidelity International Limited announced on 17 February 2005 that the share capital and voting rights in Vacon Plc held by the company and its direct and indirect subsidiaries had fallen below 10 %. Following the sale of shares on 14 February 2005, Fidelity International Limited and its direct and indirect subsidiaries held 1,397,743 Vacon Plc shares, representing 9.14 % of the share capital and voting rights in Vacon Plc. Fidelity International Limited announced on 29 March 2005 that the share capital and voting rights in Vacon Plc held by the company and its direct and indirect subsidiaries had fallen below 5 %. Following the sale of shares on 23 March 2005, Fidelity International Limited and its direct and indirect subsidiaries held 618,803 Vacon Plc shares, representing 4.05 % of the share capital and voting rights in Vacon Plc. At the end of the year, members of the Board of Directors and the President held directly a total of 642,020 shares, or 4.2 % of Vacon s share stock.

6 Own shares On 31 March 2005 Vacon Plc held a total of 95,260 of its own shares (at an average price of EUR 12.29). These own shares account for 0.6 % of the share capital and voting rights, so they have no significant impact on the distribution of ownership and voting rights. A total of 82,460 shares (at an average price of EUR 12.38), or 0.5 % of the share capital and voting rights, were purchased under the authorization of the Annual General Meeting of Shareholders during the review period. Annual General Meeting Vacon Plc s Annual General Meeting was held in Vaasa on 30 March The AGM approved the 2004 financial statements and discharged the Board members and President from liability for the 2004 fiscal year. The AGM decided, in accordance with the Board s proposal, that a dividend of EUR 0.35 per share to be paid, a total of EUR 5.3 million. On the basis of this decision, the dividend to be paid is entered as a dividend liability. It was decided that the record date for the dividend would be 4 April 2005 and the payment date 11 April The number of Board members was confirmed as six (6). Pekka Ahlqvist, Jari Eklund, Kalle Heikkinen, Mauri Holma, Jan Inborr and Veijo Karppinen were re-elected as Board members. The AGM adopted the Board s proposals, authorizing the Board to decide to purchase the company s own shares and to dispose of shares in the company. The Board s proposals were reported in the stock exchange release on 4 March All decisions of the AGM were unanimous. Jan Inborr was re-elected chairman and Veijo Karppinen vice chairman at the organization meeting of the Board of Directors. Jan Inborr was re-elected chairman of the Remuneration and Nomination Committee and Pekka Ahlqvist and Veijo Karppinen as members. The rules of procedure for the Board of Directors and the Remuneration and Nomination Committee were approved at the organization meeting.

7 Events after the end of the review period On 18 April 2005, Fidelity International Limited announced that the share capital and voting rights in Vacon Plc held by the company and its direct and indirect subsidiaries had risen above 5 %. Fidelity International Limited and its direct and indirect subsidiaries now hold 965,037 Vacon Plc shares, representing 6.31 % of the share capital and voting rights in Vacon Plc. During April 2005, Vacon signed a brand label agreement with a major Asian group. The agreement is strategically important for Vacon and supports the Group in reaching its growth targets in Asia. The agreement will not have a major impact on Vacon s revenues in 2005 but we estimate that it will boost Vacon s growth in Asia over the next few years. Prospects According to marketing research in the field, long-term growth in the frequency converter market is estimated at more than 5 % a year. The prospects for 2005 are positive, and Vacon forecasts market growth of 5 %. The forecast rise in the price of electricity and the need of customers to raise the efficiency of their processes create demand for frequency converters and for their continuous development. Growth in Vacon s sales is based on competitive products, new customer relationships and the company s investments in sales and marketing. New customers and the sales network in Europe will be the drivers for growth in the near future. The factory in China gives opportunities for a much more active presence in the growing markets in Asia. The targets for improving profitability are based on an increase in revenues, an expanding product offering and more cost-efficient material suppliers. Possible threat is the weakening of the dollar. Vacon forecasts that its revenues in 2005 will increase by % and profitability will improve from Interim reports Vacon will publish two more interim reports in 2005 as follows: - January-June Thursday 4 August 2005 at am - January-September Thursday 27 October 2005 at am Vacon will hold briefings in Helsinki for analysts and the media on the days when it publishes its results and a dial-in conference in English.

8 Formal statement This release contains certain forward-looking statements that reflect the current views of the company's management. Due to the nature of these statements, they contain risks and uncertainties and are subject to changes in the general economic situation and in the company's business sector. Vaasa, 28 April 2005 VACON PLC Board of Directors For more information please contact: Mr. Vesa Laisi, President, Vacon Plc, phone: +358 (0) , Mr. Mika Leppänen, Vice President, Finance & Control, phone: +358 (0) , Conference for the media and analysts Vacon will hold a briefing for analysts and the media on Thursday, 28 April 2005 at am in Helsinki at the World Trade Center (Aleksanterinkatu 17). Dial-in conference for investors and investment analysts A dial-in conference in English for investors and investment analysts will be held on Thursday, 28 April 2005 at 3.00 pm. To participate in the conference, call +44 (0) , ID code Vacon Oyj. To hear a recording of the conference, available for two days, call +44 (0) , ID code Distribution: Helsinki Exchanges Financial Supervision Authority Main media

9 Income statement, MEUR 1-3/ / /2004 Revenues EBITDA Depreciation EBIT Financial income and expenses Profit before taxes Taxes Profit for the period Attributable to: Equity holders of the parent Minority interest Earnings per share, euro *) *) no dilution effect

10 Consolidated balance sheet, MEUR ASSETS Intangible assets Tangible assets Investments Loans receivable and other receivables Total non-current assets Inventories Short-term receivables Cash and equivalents Total current assets Total assets EQUITY AND LIABILITIES Shareholders equity Minority interest Total equity Deferred tax liabilities Pension obligations Interest-bearing liabilities Other liabilities Total non-current liabilities Current liabilities Trade payables and other liabilities Tax liabilities Provisions Interest-bearing liabilities Total current liabilities Total equity and liabilities

11 Q1/2005 Calculation of changes in shareholders equity. MEUR Attributable to equity holders of the parent Share capital Share premium reserve Translation difference Retained earnings Total Minorit y interest Total equity Shareholders equity Translation difference Profit for the period Income and expenses recorded during period. total Dividend paid Own shares purchased Shareholders equity Q1/2004 Calculation of changes in shareholders equity. MEUR Attributable to equity holders of the parent Share capital Share premium reserve Translation difference Retained earnings Total Minorit y interest Total equity Shareholders equity Translation difference Profit for the period Income and expenses recorded during period. total Dividend paid Shareholders equity

12 Calculation of change in profit for the period MEUR 1-3/ /2004 Result for the period. FAS Capitalization of R&D costs Deferred taxes Employee benefits Others (lease agreements. amortization of corporate goodwill) IFRS adjustments. total Result for the period. IFRS Calculation of changes in shareholders equity MEUR Shareholders equity according to FAS Impact of transition to IFRS: Capitalization of R&D costs Deferred taxes Employee benefits Lease agreements Amortization of corporate goodwill Capital loans Minority holding IFRS adjustments. total Shareholders equity according to IFRS

13 Consolidated cash flow statement. MEUR Operating profit Depreciation Other adjustments Change in working capital Cash flow from financial items and tax Cash flow from operating activities Investments in tangible and intangible assets Loans granted Other investments Proceeds from sale of tangible assets Cash flow from investing activities Share issue Share repurchases Repayment of loans Dividends paid Cash flow from financial activities Change in liquid funds Segment information Vacon Group s operations are primarily reported based on the business segment and secondarily based on the geographical segment. Vacon has one business segment, frequency converters. The figures for the primary segment are identical with the figures for the whole Group. Vacon s operations are organized into administration, sales, marketing, maintenance, global customers, engineered drives, product management, R&D, and production, and into four business areas: component customers, solutions customers, OEM and brand label customers, and after market service. The secondary, geographical segment is divided into four sales areas: Europe, North America, Asia and Australia, and other countries.

14 Key figures Shareholders equity per share. EUR Equity ratio. % Gross investments in non-current assets. MEUR Gross investments in non-current assets. % of revenues Interest-bearing net liabilities. MEUR Net gearing. % Order intake. MEUR Adjusted average number of shares during the financial period 15,213,557 15,150,000 15,186,805 Number of shares at the end of the financial period 15,199,740 15,150,000 15,282,200 Average number of personnel Commitments and contingencies. MEUR Company mortgages Guarantees Leasing contracts Contingent liabilities. total Financing commitments Currency derivatives. MEUR Forward exchange contracts Fair value Nominal value Option contracts. call Fair value Nominal value Option contracts. put Fair value Nominal value Vacon started to apply hedge accounting to derivative instruments, in accordance with IAS 39, as from the beginning of the financial year. Derivative instruments are valued at fair value on the closing date. Changes in fair value are entered in the hedging reserve in shareholders equity in so far as they meet the conditions of hedge accounting. Changes in the fair value of derivative instruments that do not meet these conditions are entered directly in the income statement. The value of items entered in the hedging reserve in the first quarter was not material. Derivative instruments are used to hedge foreign currency denominated cash flows.

15 Calculation of financial ratios Earnings per share = Result before taxes taxes -/+ minority holding Average number of shares adjusted for share issue Shareholders equity per share = Shareholders equity + minority holding Average number of shares adjusted for share issue Return on equity = (Result before extraordinary items -taxes)* Shareholders equity +minority holding. average - beginning and end of financial year Return on investment = (Result before extraordinary items +interest and financial costs)* Balance sheet total interest-free liabilities. average - beginning and end of financial year Equity ratio = (Shareholders equity +minority holding)* Balance sheet total - advances received

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