Panostaja Oyj Half-year Financial Report June 3, 2021
Easing of the pandemic reflected by outlook
- Net sales increased in two of the six segments. Net sales for the Group as a whole weakened by 7% to MEUR 36.3 (MEUR 39.1).
- EBIT improved in one of the six segments. The entire Group’s EBIT declined from the reference period, standing at MEUR -0.5 (MEUR 0.9).
- Grano’s net sales for the review period declined by 6% from the reference period in the previous year. EBIT totaled MEUR 0.8 (MEUR 1.2).
- Earnings per share (undiluted) were -
4.1 cents (-1.3 cents ). - In the review period,
Panostaja made an agreement on selling the share capital ofSuomen Helakeskus Oy to HTF Group Oy.Panostaja Group recorded a sales loss of about MEUR 1.0 for the trade.
- Net sales increased in two of the six segments. Net sales for the Group as a whole weakened by 9% to MEUR 73.0 (MEUR 80.0).
- EBIT improved in two of the six segments. The entire Group’s EBIT declined from the reference period, standing at MEUR -1.8 (MEUR 0.3).
- Grano’s net sales for the review period declined by 6% from the reference period in the previous year. EBIT totaled MEUR 0.7 (MEUR 0.8).
- Earnings per share (undiluted) were -
7.5 cents (-3.2 cents ).
CEO
“During the three-month review period, the total net sales of the segments dropped by 7% from the reference period. The impacts of the coronavirus pandemic remained clearly evident in each segment’s operating environment and net sales continued to decline, especially for Carrot and CoreHW. Grano’s net sales, too, were 6% lower than in the reference period. On the other hand, Hygga continued its strong increase in net sales as a result of the outsourcing services provided in Helsinki. Due to the decline in net sales, EBIT for the review period weakened from the reference period to MEUR -0.5 (MEUR 0.9).
The corporate acquisitions market remained active in the period under review, and the availability of new opportunities has been high. During the period under review, we also sold the entire share capital of
The impacts of the, so far, year-long coronavirus pandemic persisted through the past review period. The easing of the pandemic after the review period has resulted in increased activity and an improved outlook for Grano, for example.”
MEUR | Q2 | Q2 | 6 months | 6 months | 12 months |
2/21- 4/21 | 2/20- 4/20 | 11/20- 4/21 | 11/19- 4/20 | 11/19- 10/20 | |
Net sales, MEUR | 36.3 | 39.1 | 73.0 | 80.0 | 151.4 |
EBIT, MEUR | -0.5 | 0.9 | -1.8 | 0.3 | 0.3 |
Profit before taxes, MEUR | -1.1 | 0.3 | -3.1 | -0.8 | -2.2 |
Profit/loss for the financial period, MEUR | -2.4 | -0.4 | -4.9 | -1.7 | -3.4 |
Earnings per share, undiluted (EUR) | -0.04 | -0.01 | -0.08 | -0.03 | -0.08 |
Equity per share (EUR) | 0.71 | 0.88 | 0.71 | 0.88 | 0.82 |
Operating cash flow (MEUR) | 4.8 | 16.1 | 5.6 | 17.6 | 23.6 |
Impacts of COVID-19
The impacts of the coronavirus pandemic on the business operations of
Division of the net sales by segment MEUR | Q2 | Q2 | 6 months | 6 months | 12 months |
Net sales | 2/21- 4/21 | 2/20- 4/20 | 11/20- 4/21 | 11/19- 4/20 | 11/19- 10/20 |
Grano | 26.9 | 28.5 | 54.2 | 57.8 | 109.9 |
Hygga | 2.1 | 1.0 | 4.0 | 2.1 | 4.1 |
Heatmasters | 1.3 | 1.1 | 2.2 | 2.2 | 4.0 |
CoreHW | 1.4 | 2.3 | 3.1 | 4.7 | 8.1 |
Carrot | 1.8 | 3.4 | 3.9 | 7.8 | 14.5 |
2.8 | 2.9 | 5.6 | 5.6 | 11.0 | |
Others | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Eliminations | 0.0 | 0.0 | -0.1 | -0.1 | -0.2 |
Group in total | 36.3 | 39.1 | 73.0 | 80.0 | 151.4 |
MEUR | Q2 | Q2 | 6 months | 6 months | 12 months |
EBIT | 2/21- 4/21 | 2/20- 4/20 | 11/20- 4/21 | 11/19- 4/20 | 11/19- 10/20 |
Grano | 0.8 | 1.2 | 0.7 | 0.8 | 4.8 |
Hygga | -0.1 | -0.1 | -0.4 | -0.1 | -0.3 |
Heatmasters | 0.2 | 0.1 | 0.2 | 0.2 | 0.3 |
CoreHW | -0.6 | 0.2 | -1.0 | 0.6 | 0.5 |
Carrot | -0.3 | -0.2 | -0.5 | -0.6 | -4.0 |
0.1 | 0.3 | 0.4 | 0.5 | 1.1 | |
Others | -0.7 | -0.5 | -1.3 | -1.1 | -2.0 |
Group in total | -0.5 | 0.9 | -1.8 | 0.3 | 0.3 |
Panostaja Group’s business operations for the current review period are reported in six segments: Grano, Heatmasters, Hygga, CoreHW, Carrot,
In the review period, two associated companies,
Outlook for the 2021 Financial Period
As regards the corporate acquisition market, plenty of opportunities are available and the market is active. The need to leverage ownership arrangements and growth opportunities will persist for SMEs, but the high market liquidity and increased price expectations of sellers are making the operating environment more 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
Oscar Software will remain good. - The demand for Hygga and Heatmasters will remain satisfactory, and the demand for Grano will return to a satisfactory level (previously poor) as the general pandemic situation improves. CoreHW’s short-term demand will decline to a satisfactory level due to slow trade returns, despite market demand remaining at a good level.
- The demand for Carrot will remain poor.
Board of Directors
For further information, contact CEO
CEO
Attachment
- Panostaja Oyj Half-year Financial Report 3.6.2021_Appendix
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