Panostaja Oyj’s Business Review Q3 November 1, 2022-July 31, 2023
Panostaja Oyj
Business Review Q3 September 1, 2023
at 10.00 a.m
Panostaja Oyj’s
Business Review
Q3 November 1, 2022-July 31,
2023
The weakening market environment increases
the importance of profitability measures
May
2023-July 2023 (3 months)
in brief:
- Net sales increased in three of the
four segments. Net sales for the Group as a whole declined by -3%
to MEUR 31.5 (MEUR 32.4).
- EBIT improved for three of the four
segments. The entire Group’s EBIT improved from the reference
period, standing at MEUR -0.5 (MEUR -1.2).
- Grano’s net sales for the review
period dropped by -7% from the reference period. EBIT totaled MEUR
0.2 (MEUR 0.3).
- Earnings per share (undiluted) were
-1.5 cents (-2.3 cents).
November
2022-July 2023 (9 months)
in brief:
- Net sales increased in three of the
four segments. Net sales for the Group as a whole increased by 1%
to MEUR 102.0 (MEUR 101.1).
- EBIT improved for three of the four
segments. The entire Group’s EBIT declined from the reference
period, standing at MEUR -0.3 (MEUR 5.8). The EBIT for the
reference period includes MEUR 9.4 in sales profit from the SokoPro
deal.
- Comparable net sales and EBIT
improved across all segments (Grano adjusted based on the impacts
of the SokoPro divestment).
- Grano’s net sales for the review
period dropped by 0.7% from the reference period. EBIT totaled MEUR
1.8 (MEUR 9.2). Adjusted with the SokoPro divestment, the net sales
for the review period climbed by 1.3% and net sales improved by
MEUR 2.8 from the reference period.
- Earnings per share (undiluted) were
-4.0 cents (3.7 cents).
CEO Tapio Tommila:
“During the third quarter, we noticed signs of
slowing financial activity in the development of our operating
environment as well as indications of increased caution with regard
to procurement decisions among customers. For the duration of the
entire financial period, we have sought to drive forward measures
that promote profitability across our segments in order to prepare
for changes in demand and ensure the necessary flexibility to
implement our value-creation plans in the long term.
For our largest segment Grano, the market
situation deteriorated in the summer following a favorable first
half of the year. Thanks to the measures to restore our sales
margins, we were able to safeguard the profitability of our
business, but we initiated change negotiations within the company
after the review period to secure our competitiveness in the
uncertain market situation.
The market environment has been somewhat more
challenging than before for our other segments as well, since
companies are now more careful about investment decisions and the
purchasing power of consumers has weakened. As regards Oscar
Software, we have been able to consistently expand the continuously
invoiced software business but, due to the slower-than-hoped-for
development, we have been forced to adapt the expenditures to
secure the preconditions for implementing our strategy. Despite the
private business suffering slightly from the decreased purchasing
power of consumers, Hygga’s demand has remained stable, with the
persistent software business and outsourcing services representing
a large share of the company’s overall operations. Our productivity
measures for Hygga have been successful, and the shift in
profit/loss is good. Design service activity at CoreHW has remained
high, but the customers’ aversion to making investment decisions is
beginning to show on the market.
Through our efforts to secure profitability, we
have strived to build the preconditions to execute our segment
strategy in the best way possible and continued to make determined
investments in the segments: Among others, Oscar Software’s cloud
transition, CoreHW’s product business and Hygga’s software business
have progressed well in the financial period.
The number of deals closed in the corporate
acquisition market has dropped substantially from the high levels
of recent years. For our part, we will continue to actively explore
corporate acquisition opportunities in our own target sectors.”
Financial Development November 1,
2022–July 31, 2023
KEY
FIGURES MEUR |
Q3 |
Q3 |
9 MONTHS |
9 MONTHS |
12 months |
|
5/23-7/23 |
5/22-7/22 |
11/22-7/23 |
11/21-7/22 |
11/21-10/22 |
Net sales, MEUR |
31.5 |
32.4 |
102.0 |
101.1 |
137.9 |
EBIT, MEUR |
-0.5 |
-1.2 |
-0.3 |
5.8 |
5.2 |
Profit before taxes, MEUR |
-1.1 |
-1.6 |
-2.0 |
4.4 |
3.2 |
Profit/loss for the financial period, MEUR |
-1.1 |
-1.6 |
-2.2 |
4.9 |
3.9 |
Distribution: |
|
|
|
|
|
Shareholders of the parent
company |
-0.8 |
-1.2 |
-2.1 |
1.9 |
1.3 |
Minority shareholders |
-0.3 |
-0.4 |
-0.1 |
3.0 |
2.6 |
Earnings per share, undiluted, EUR |
-0.01 |
-0.02 |
-0.04 |
0.04 |
0.03 |
Interest-bearing net liabilities |
42.7 |
37.5 |
42.7 |
37.5 |
42.3 |
Gearing ratio, % |
78.5 |
63.7 |
78.5 |
63.7 |
72.8 |
Equity ratio, % |
39.6 |
41.9 |
39.6 |
41.9 |
39.1 |
Equity per share, EUR |
0.64 |
0.72 |
0.64 |
0.72 |
0.71 |
Distribution of net sales by segment
MEUR |
Q3 |
Q3 |
9 MONTHS |
9 MONTHS |
12 months |
Net sales |
5/23-7/23 |
5/22-7/22 |
11/22-7/23 |
11/21-7/22 |
11/21-10/22 |
Grano |
24.9 |
26.8 |
81.2 |
81.7 |
111.5 |
Hygga |
1.9 |
1.7 |
5.8 |
5.7 |
7.3 |
CoreHW |
2.0 |
1.3 |
6.4 |
5.4 |
8.0 |
Oscar Software |
2.7 |
2.6 |
8.7 |
8.4 |
11.2 |
Others |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
Eliminations |
0.0 |
0.0 |
-0.1 |
-0.1 |
-0.1 |
Group in total |
31.5 |
32.4 |
102.0 |
101.1 |
137.9 |
Distribution of EBIT by segment
MEUR |
Q3 |
Q3 |
9 MONTHS |
9 MONTHS |
12 months |
EBIT |
5/23-7/23 |
5/22-7/22 |
11/22-7/23 |
11/21-7/22 |
11/21-10/22 |
Grano |
0.2 |
0.3 |
1.8 |
9.2 |
8.7 |
Hygga |
0.1 |
-0.2 |
-0.1 |
-0.5 |
-0.4 |
CoreHW |
-0.3 |
-0.8 |
-0.5 |
-1.0 |
-0.5 |
Oscar Software |
0.1 |
-0.1 |
0.2 |
-0.4 |
-0.5 |
Others |
-0.5 |
-0.5 |
-1.6 |
-1.6 |
-2.2 |
Group in total |
-0.5 |
-1.2 |
-0.3 |
5.8 |
5.2 |
Panostaja Group’s business operations for the
current review period are reported in five segments: Grano, Hygga,
CoreHW, Oscar Software and Others (parent company and associated
companies).
One associated company, Gugguu Group Oy,
provided a report for the review period. The impact on profit/loss
of the reported associated companies in the review period was MEUR
-0.1 (MEUR 0.0), which is presented in a separate row in the
consolidated income statement. The development of Gugguu’s net
sales and EBIT has been commented on more specifically in the
Segments section.
Events after the Review
Period
On August 16, 2023, Panostaja announced that its
segment Grano will be initiating change negotiations. The change
negotiations apply to the entire staff of Grano Group, excluding
the subsidiary Grano Diesel. The change negotiations aim to improve
the company’s profitability and competitiveness, and to secure
future operational capacity in the weakened market environment.
The Board of Directors of Panostaja segment
Hygga appointed interim CEO Christoffer Nordström as the company’s
CEO on August 14, 2023. Nordström has handled managerial duties for
the company since 2010.
On August 31, 2023, Panostaja announced that
M.Sc. (Econ.) Heikki Korelin (born 1986) has been appointed as
Panostaja’s new CFO and Member of the Board He will assume the
duties of CFO in next February, at the latest. Korelin’s current
position is Vice President, Group Business Control, at Patria Oyj.
An announcement on the current CFO Antti Kauppila moving to other
tasks outside the Group was released on June 5, 2023.
Outlook for the 2023 Financial
Period
As regards the corporate acquisition market, new
opportunities are available and the market is active. SMEs will
still need to utilize ownership arrangements and growth
opportunities, but the consistently high market liquidity and the
high price expectations of sellers, which tend to follow changes in
economic trends with some delay, make the operating environment
challenging for corporate acquisitions. We will continue exploring
new possible investment targets in accordance with our strategy and
assess divestment possibilities as part of the ownership strategies
of the investment targets.
It is thought that the demand situation for
different investments will develop in the short term as
follows:
- The demand for Grano, Oscar
Software, CoreHW and Hygga will remain
satisfactory.
The demand situation presented above involves
uncertainties relating to any geopolitical and macroeconomic
impacts that are difficult to anticipate. The effects of the war in
Ukraine and the related economic sanctions and geopolitical
tensions will increase economic uncertainty in Finland and abroad,
which may negatively impact segment demand or the availability of
materials, and thereby material prices and delivery capabilities.
If strengthened and prolonged, the inflation may have a negative
impact on the purchasing power of consumers and the willingness of
companies to make investments, which may weaken the demand
situation of our segments from the estimate provided
above.
Panostaja Oyj
Board of Directors
For further information, contact CEO Tapio
Tommila, +358 (0)40 527 6311
Panostaja Oyj
Tapio Tommila
CEO
All forecasts and assessments presented in this
business report are based on the current outlook of Panostaja and
the views of the management of the various investments with regard
to the state of the economy and its development. The results
attained may be substantially different.
This is not an interim report compliant with the
IAS 34 standard. The company observes the six-monthly reporting
practice prescribed in the Finnish Securities Markets Act and
publishes business reports for the initial three and nine months of
each year, presenting the key information on the company’s
financial development. The financial information presented in the
business report has not been audited.
Panostaja is an investment company developing
Finnish companies in the growing service and software sectors as an
active shareholder. The company aims to be the most sought-after
partner for business owners selling their companies as well as for
the best managers and investors. Together with its partners,
Panostaja increases the Group's shareholder value and creates
Finnish success stories.
Panostaja has a majority holding in four
investment targets. Grano Oy is the most versatile expert of
content services in Finland. Hygga Oy is a company providing health
care services and the ERP system for health care providers. CoreHW
provides high added value RF IC design services. Oscar Software
provides ERP systems and financial management services.
https://panostaja.fi/en/
- Panostaja Oyj Business Review 1.9.2023 Q3_Appendix
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