Vacon Financial Report for February 2, 2011 Vesa Laisi, President and CEO Eriikka Söderström, CFO Vacon Plc

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1 Vacon Financial Report for 21 February 2, 211 Vesa Laisi, President and CEO Eriikka Söderström, CFO Vacon Plc

2 Disclaimer The content of this presentation contains time-sensitive information that is accurate as of the time hereof. A number of forward-looking statements will be made during this presentation. Forward-looking statements are any statements that are not historical facts. These statements are based on current decisions and plans and currently known factors. They involve risks and uncertainties which may cause the actual results to materially differ from the results currently expected by Vacon. If any portion of this presentation is rebroadcast, retransmitted or redistributed at a later date, Vacon will not be reviewing or updating the material that is contained herein. 2/2/211 2

3 Outline Business environment and key events in 21, Vesa Laisi, President and CEO Highlights Q4 and 21, Vesa Laisi, President and CEO Financial Report, Eriikka Söderström, CFO Outlook, Vesa Laisi, President and CEO Appendix 2/2/211 3

4 Business environment The global AC drive market picked up considerably in 21 from its state in 29. According to business research firm Frost & Sullivan, the AC drive market grew about 8 % in 21. The AC drive market had a value of USD 9 billion in 21. The construction industry, renewable energy production and machine building were the industrial sectors that picked up most strongly. Sectors that normally require major investment, such as ship building, were still growing slowly. During 21 Vacon strengthened its global position and Vacon s market share is estimated at some 5 % and the company is one of the seven largest AC drive suppliers in the world. * Frost & Sullivan 21 2/2/211 4

5 21: Vacon back on the Growth Path Vacon has come through the economic downturn in good shape Orders went up across most segments and regions, short cycle businesses are booming Inverter orders to solar applications took off Revenues were growing fast but the growth was negatively impacted by industry-wide shortage of certain components. EBIT margin improvement was on track, sales growth was on low power side with lower margin than average The Board of Directors proposes to the Annual General Meeting of Shareholders that a dividend of EUR 1. per share be paid from the profit in 21. 2/2/211 5

6 Other Vacon s key events in 21 In the spring 21 Vacon purchased a small company that specializes in solar energy technology Vacon signs supplier contract with KONE Vacon introduced new products Vacon and F-Secure join forces for industrial automation security research Vacon donates EUR 1, to Finnish universities The Chinese prosecuting authority demands compensation of EUR 3.2 million from Vacon, and a provision for this was recorded in the result for the fourth quarter. 2/2/211 6

7 Highlights Q4/21 MEUR Q4/21 Q4/29 Change Order intake % Revenues % Operating profit % Operating profit, % Operating cash flow % EPS, euro % 2/2/211 7

8 Highlights 21 MEUR Change Order intake % Revenues % Operating profit % Operating profit, % Operating cash flow % EPS, euro % Dividend, euro * % * The Board of Directors proposition to the Annual General Meeting of Shareholders 2/2/211 8

9 Financial Report Eriikka Söderström, Chief Financial Officer, Vacon Plc

10 Revenues MEUR ,2 75,2 64,2 61,4 74,2 62,1 89,3 51, 58,7 47,6 78, 75,7 8,2 45, 59,8 42,8 52,3 65,9 7, 65,3 Q4 Q3 Q2 Q1 26: 186,4 27: 232,2 28: 293,2 29: 272, 21: 338, 2/2/211 1

11 Orders and revenues MEUR Q1/8 Q2/8 Q3/8 Q4/8 Q1/9 Q2/9 Q3/9 Q4/9 Q1/1 Q2/1 Q3/1 Q4/1 Order intake 78,2 83,3 77,8 67,2 69, 66,4 57,1 63,5 72,8 92,1 11,9 82,4 Revenues 65,9 78, 74,2 75,2 7, 75,7 62,1 64,2 65,3 8,2 89,3 13,2 2/2/211 11

12 Order intake and order book MEUR Q1/8 Q2/8 Q3/8 Q4/8 Q1/9 Q2/9 Q3/9 Q4/9 Q1/1 Q2/1 Q3/1 Q4/1 Order intake 78,2 83,3 77,8 67,2 69, 66,4 57,1 63,5 72,8 92,1 11,9 82,4 Order book 47,1 52,4 56, 48, 47, 37,7 32,7 32, 39,4 51,3 72,9 52,1 2/2/211 12

13 Order intake by region Q , % 5 4 MEUR ,2 % +9,9 % EMEA Americas APAC Q4 29 Q4 21 2/2/211 13

14 Order intake by region MEUR ,7 % +49,5 % +34,2 % EMEA Americas APAC /2/211 14

15 Revenues by region Q4 21 MEUR , % +57,1 % +3,4 % EMEA Americas APAC Q4 29 Q4 21 2/2/211 15

16 Revenues by region % MEUR EMEA Americas APAC % +45 % 2/2/211 16

17 Revenues by sales channel MEUR ,1 % +42,6 % +29,1 % +29,5 % +16,9 % Direct sales Distributor OEM Brand Label System integrator /2/211 17

18 EBIT MEUR ,5 7,5 9,1 9,1 6, 4,3 7,8 3,4 5,8 8,3 1,4 5,7 7,7 7,8 6,6 5,6 6,3 7,6 7,1 4,6 *) Q4 Q3 Q2 Q1 26: 23,1 27: 29,2 28: 34,6 29: 22,5 21: 28,6 **) Excl. China customs case *) 12,6 MEUR **) 32,4 MEUR 2/2/211 18

19 Revenues and EBIT-% MEUR Q1/8 Q2/8 Q3/8 Q4/8 Q1/9 Q2/9 Q3/9 Q4/9 Q1/1 Q2/1 Q3/1 Q4/1 Revenues 65, ,2 75,2 7, 75,7 62,1 64,2 65,3 8,2 89,3 13,2 Ebit margin, % 11,5 %13,3 %12,3 %1, %1,1 %1,3 % 5,5 % 6,7 % 7, % 8,2 % 9,3 % 8,8 % *) 14 % 12 % 1 % 8 % 6 % 4 % 2 % % *) Excl. China customs case 12,2% 2/2/211 19

20 Research and development costs MEUR % 6.5 % 5.8 % 6.2 % 6.2 % 7,2 4,3 4,6 3,5 4,2 4,3 4, 4,3 2,9 3,5 3, 3,4 4,3 4,6 4,9 3,1 3,2 4,1 4,4 4, % Q1 Q2 Q3 Q4 % of revenues 2/2/211 2

21 Operating cash flow 4 MEUR ,1 6,9 5,1 1,8 1,8 6,4 6,6 7,9 7,9 5,8 4,2 3,7 2,5 2,5 4,6 6,3 1,6 6,6 5,8 1,9 Q4 Q3 Q2 Q1 26: 15,1 27: 21,1 28: 21,9 29: 37,1 21: 15,9 2/2/211 21

22 Working capital MEUR Inventories Non-interest bearing receivables Non-interest bearing liabilities Working capital Working capital of rolling revenues, % /2/211 22

23 Return on equity ratio, % ,5 33,7 36,5 34,3 2,5 22, Return on equity -% = Profit for the financial year x 1 Total equity, average of the beginning and end of the year 2/2/211 23

24 Personnel 1 4 Average personnel 1 4 Personnel at end of period Total Factory personnel Office personnel Total in other countries in Finland /2/211 24

25 Key balance sheet ratios Equity ratio Net debt and gearing,% 7 % % 5 % 4 % 3 % 2 % 46,% Net Debt MEUR ,7 % 1 9,8 meur -1 Gearing % 1 % -2-2 % Q46 Q47 Q48 Q49 Q41-3 Q46 Q47 Q48 Q49 Q41-3 2/2/211 25

26 Earnings per share 1,75 1,5 1,25,4,32 EUR 1,,75,5,25,,24,22,22,11,26,37,19,28,34,48,19,26,35,35,25,28,34,29,46,31,27,17 Q4 Q3 Q2 Q1 25:,79 26: 1,4 27: 1,37 28: 1,51 29: 1,1 21: 1,22 2/2/211 26

27 Outlook Vesa Laisi, President and CEO, Vacon Plc 2/2/211 27

28 Strategy The Goal 214 Profitable Growth 5 MEUR EBIT > 14 % ROE > 3 % Strategic Choices 1 % focus on AC drives Product leadership Multi-channel sales Strategic Competences Global presence and transnational operations AC drives know-how Common product platform design & product portfolio management Customer relationship management Mass customization, demand flow technology and global sourcing Global ICT infrastructure and applications 2/2/211 28

29 Market outlook Vacon estimates that the AC drive market will grow 6-1 % in 211. Investments to improve energy efficiency and in renewable energy production will support strong growth in all market areas. Market growth is expected to be strongest in the Asia Pacific region. Steady growth is also forecast for EMEA and North America. Demand for Vacon s products is expected to rise in all industrial sectors. The problems with the availability of raw material and components that affected the company s deliveries in 21 are forecast to continue during the first months of 211, but Vacon expects an improvement in their availability by the middle of /2/211 29

30 Market guidance 211 Revenues, MEUR EBIT margin, % ACT 21 FC , +1 2 % 8,5 % > 8,5 % EPS, EUR 1.22 > 1,22 Vacon estimates that revenues in 211 will increase 1 % 2 % and the operating profit percentage will rise from the 21 figures. Earnings per share are expected to improve from 21. 2/2/211 3

31 Risks and factors causing uncertainty The uncertainty in general demand The availability and quality of raw materials and components Foreign exchange risks Price competition 2/2/211 31

32 Major shareholders December 31, 21 Ahlström Capital Oy Group 2. % Others 23.9 % Nominee registered and in foreign ownership 34.7% Ilmarinen Mutual Pension Insurance Company 4.6 % Tapiola Mutual Pension Insurance Company 3.8 % Vaasa Engineering 2.5 % Koskinen Jari 2.4 % Ehrnrooth Martti 2.1 % Holma Mauri 2. % Tapiola Group Companies 1.6 % Karppinen Veijo.9 % Autio Heikki.9 % Own shares.5 % 2/2/211 32

33 Contacts Vesa Laisi, CEO , vesa.laisi@vacon.com Eriikka Söderström, CFO , eriikka.soderstrom@vacon.com Johanna Koskinen, IR , johanna.koskinen@vacon.com 2/2/211 33

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