Vaisala Corporation Financial Statement Release January–December
2023
Vaisala
Corporation Financial
Statement
Release February
14, 2024, at 9.00 a.m. (EET)
Vaisala Corporation Financial Statement
Release January–December 2023
Year ended with record-high order book and Q4 operating result
increased
Fourth quarter 2023 highlights
- Orders received EUR 147.1 (129.1)
million, increase 14%
- Order book at the end of the period
EUR 172.5 (154.6) million, increase 12%
- Net sales EUR 147.4 (141.6) million,
increase 4%
- Operating result (EBIT) EUR 16.3
(12.6) million, 11.0 (8.9) % of net sales
- Earnings per share EUR 0.36
(0.25)
- Cash flow from operating activities
EUR 29.5 (22.7) million
January–December 2023
highlights
- Orders received EUR 528.1 (500.8)
million, increase 5%
- Net sales EUR 540.4 (514.2) million,
increase 5%
- Operating result (EBIT) EUR 66.6
(62.5) million, 12.3 (12.2) % of net sales
- Earnings per share EUR 1.35
(1.24)
- Cash flow from operating activities
EUR 83.8 (29.8) million
- The Board proposes a dividend of EUR
0.75 (0.72) per share
Market outlook for 2024
Markets for high-end industrial instruments and life science slowed
down significantly during Q2/2023 and remained on a lower level for
the rest of the year. Markets are expected to remain flat in
H1/2024 and start improving during H2/2024. Markets for power and
energy, and liquid measurements markets are expected to grow.
Markets for the more mature markets, meteorology,
aviation, and roads, are expected to be stable. Market for
renewable energy is expected to grow.
Business outlook for 2024
Vaisala estimates that its full-year 2024 net sales will be in the
range of EUR 530–570 million and its operating result (EBIT) will
be in the range of EUR 63–78 million.
Vaisala’s President and CEO Kai
Öistämö
“Vaisala’s year 2023 ended with strong order intake during the
fourth quarter resulting to record-high order book of EUR 173
million. Despite the uncertain business environment, our fourth
quarter net sales grew and both gross margin and operating result
margin improved from previous year.
The business environment in 2023 deteriorated from
previous year. The inflationary environment, continuation of
geopolitical instability, and slow down in industrial investments
are main factors that affected our performance. Despite the
challenges in Industrial Measurements business area, and with
strong performance in Weather and Environment business area, our
full year order intake and net sales grew by 5%, and gross margin
improved by one percentage point to 55.8%. Our operating expenses
increased as planned due to investments in sales and marketing,
R&D, and IT system renewal. Hence, our operating result margin
remained at previous year’s level.
Our fourth quarter orders received grew by strong
14%. In Weather and Environment business area, we saw very strong
growth of orders received, which was boosted by an approximately
EUR 20 million order for an airport surface observation system for
Kuwait International airport. Finalization of several-year
negotiations is great evidence of persistent work in our
governmental business. Fourth quarter order intake grew also in
renewable energy and meteorology market segments. In Industrial
Measurements business area, orders received decreased by 8%. The
challenging market environment was visible especially in life
science market segment. At the same time, orders for power and
energy market segment grew very strongly.
Our fourth quarter net sales growth was a result of
solid orders received during previous quarters in aviation,
meteorology, renewable energy, as well as in roads and automotive
market segment and through the continued strong growth in power and
energy market segment. Our fourth quarter gross margin improved
helped by significantly lower additional costs related component
spot purchases compared to previous year.
Our strategy execution progressed during the year,
while challenging business environment affected our financial
performance. We continued our targeted investments to develop our
technology leadership and to ensure future growth. In Weather and
Environment business area, we developed our business operations and
offering in the subscription-based data and software business. The
net sales growth of both subscription sales and renewable energy
business continued very strong. Moreover, we improved the
profitability of the business in the more mature market of weather
systems such as in meteorology and aviation. In Industrial
Measurements business area, we further strengthened our product
leadership with several new product launches. The business area’s
net sales grew slightly despite the difficult market environment.
As the year changed to 2024, we also reached an important milestone
when our new company-wide ERP system went live. Vaisala employees
showed perseverance and flexibility throughout the year, and I
would like to thank all colleagues and partners for their
commitment to continue executing our strategy.
In 2024, the uncertainty in the business
environment is expected to continue high. We anticipate that our
second half performance will be stronger compared to the first half
as market improves. In the first quarter, combined impact of
implementation of new ERP system and industrial actions in Finland
is expected to affect our operations and financial performance. We
expect the situation to normalize by the second quarter.
We estimate that our full-year 2024 net sales will
be in the range of EUR 530–570 million and operating result (EBIT)
to be in the range of EUR 63–78 million.”
Key figures |
|
|
|
|
|
|
MEUR |
10-12/
2023 |
10-12/
2022 |
Change |
1-12/
2023 |
1-12/
2022 |
Change |
Orders received |
147.1 |
129.1 |
14% |
528.1 |
500.8 |
5% |
Order book |
172.5 |
154.6 |
12% |
172.5 |
154.6 |
12% |
Net sales |
147.4 |
141.6 |
4% |
540.4 |
514.2 |
5% |
Gross profit |
80.1 |
75.7 |
6% |
301.7 |
282.0 |
7% |
Gross margin, % |
54.3 |
53.5 |
|
55.8 |
54.8 |
|
Operating expenses |
64.4 |
63.1 |
2% |
235.9 |
219.7 |
7% |
Operating result |
16.3 |
12.6 |
|
66.6 |
62.5 |
|
Operating result, % |
11.0 |
8.9 |
|
12.3 |
12.2 |
|
Result before taxes |
16.1 |
12.1 |
|
63.1 |
59.6 |
|
Result for the period |
12.9 |
9.0 |
|
48.9 |
45.1 |
|
Earnings per share |
0.36 |
0.25 |
44% |
1.35 |
1.24 |
8% |
Return on equity, % |
|
|
|
18.9 |
18.7 |
|
Research and development costs |
18.1 |
17.4 |
4% |
67.7 |
62.4 |
8% |
Capital expenditure |
3.1 |
4.1 |
-25% |
13.9 |
13.7 |
2% |
Depreciation, amortization, and impairment |
6.1 |
6.3 |
-4% |
24.3 |
23.6 |
3% |
Cash flow from operating activities |
29.5 |
22.7 |
30% |
83.8 |
29.8 |
181% |
Cash and cash equivalents |
|
|
|
90.3 |
55.5 |
63% |
Interest-bearing liabilities |
|
|
|
62.1 |
63.4 |
-2% |
Gearing, % |
|
|
|
-10.5 |
3.2 |
|
As of the beginning of 2023, Weather and
Environment business area’s subscription business has been excluded
from orders received and order book. Comparison period has been
reported accordingly.
Financial review Q4/2023
Orders received and order book
MEUR |
10-12/
2023 |
10-12/
2022 |
Change |
FX* |
Orders received |
147.1 |
129.1 |
14% |
16% |
Order book, end of period |
172.5 |
154.6 |
12% |
|
* Change with comparable exchange rates
Fourth quarter 2023 orders received increased by
14% compared to previous year and totaled EUR 147.1 (129.1)
million. Orders received increased very strongly in Weather and
Environment business area including approximately EUR 20 million
airport surface observation system order for Kuwait International
airport, whereas decreased in Industrial Measurements business
area.
At the end of December 2023, order book was
all-time high and amounted to EUR 172.5 (154.6) million and
increased by 12% compared to previous year. Order book increased
very strongly in Weather and Environment business area but
decreased very strongly in Industrial Measurements business area.
EUR 127.7 (126.8) million of the order book is scheduled to be
delivered in 2024.
Financial performance
MEUR |
10-12/
2023 |
10-12/
2022 |
Change |
FX** |
1-12/
2022 |
Net sales |
147.4 |
141.6 |
4% |
8% |
514.2 |
Product sales |
104.3 |
102.4 |
2% |
|
375.5 |
Project sales |
23.0 |
20.3 |
13% |
|
73.5 |
Service sales |
10.5 |
9.7 |
9% |
|
35.0 |
Subscription sales |
9.1 |
8.5 |
7% |
|
28.4 |
Lease income |
0.4 |
0.6 |
-36% |
|
1.7 |
Gross margin, % |
54.3 |
53.5 |
|
|
54.8 |
Operating result |
16.3 |
12.6 |
|
|
62.5 |
% of net sales |
11.0 |
8.9 |
|
|
12.2 |
|
|
|
|
|
|
R&D costs |
18.1 |
17.4 |
4% |
|
62.4 |
Amortization* |
1.9 |
2.1 |
|
|
8.2 |
* Amortization of intangible assets related to
the acquired businesses
** Change with comparable exchange rates
Fourth quarter 2023 net sales increased by 4%
compared to previous year and were EUR 147.4 (141.6) million. In
constant currencies, net sales increased by 8%. Net sales increased
in Weather and Environment business area but decreased in
Industrial Measurements business area. Net sales increased very
strongly in aviation as well as in power and energy market segment,
but on the other hand, decreased very strongly in life science
market segment.
Gross margin improved to 54.3 (53.5) %. Additional
costs related to component spot purchases had a 0.1 (3.0)
percentage point negative impact on gross margin.
Fourth quarter 2023 operating result increased
compared to previous year following net sales growth and improved
gross margin and was EUR 16.3 (12.6) million, 11.0 (8.9) % of
net sales. Operating expenses increased somewhat compared to
previous year.
Fourth quarter 2023 financial income and expenses
were EUR -0.5 (-0.6) million. This was mainly a result of valuation
of foreign currency denominated items, currency hedging and
interest expenses. Income taxes were EUR 3.2 (3.2) million and
effective tax rate for the whole year was 22.5 (24.4) %. Result
before taxes was EUR 16.1 (12.1) million and result for the period
EUR 12.9 (9.0) million. Earnings per share was EUR 0.36 (0.25).
Financial review January–December
2023
Orders received and order book
MEUR |
1-12/
2023 |
1-12/
2022 |
Change |
FX* |
Orders received |
528.1 |
500.8 |
5% |
8% |
Order book, end of period |
172.5 |
154.6 |
12% |
|
* Change with comparable exchange rates
January–December 2023 orders received increased by
5% compared to previous year and totaled EUR 528.1 (500.8) million.
Orders received grew very strongly in Weather and Environment
business area but decreased in Industrial Measurements business
area. Orders received grew very strongly in aviation, roads and
automotive, as well as in power and energy market segments, whereas
in life science market segment orders received decreased
strongly.
Financial performance
MEUR |
1-12/
2023 |
1-12/
2022 |
Change |
FX** |
Net sales |
540.4 |
514.2 |
5% |
8% |
Product sales |
397.7 |
375.5 |
6% |
|
Project sales |
69.5 |
73.5 |
-5% |
|
Service sales |
38.9 |
35.0 |
11% |
|
Subscription sales |
32.5 |
28.4 |
14% |
|
Lease income |
1.8 |
1.7 |
10% |
|
Gross margin, % |
55.8 |
54.8 |
|
|
Operating result |
66.6 |
62.5 |
|
|
% of net sales |
12.3 |
12.2 |
|
|
|
|
|
|
|
R&D costs |
67.7 |
62.4 |
8% |
|
Amortization* |
8.1 |
8.2 |
|
|
* Amortization of intangible assets related to
the acquired businesses
** Change with comparable exchange rates
January–December 2023 net sales increased by 5%
compared to previous year and were EUR 540.4 (514.2) million. In
constant currencies, net sales increased by 8%. Operations outside
Finland accounted for 98 (98) % of net sales. Net sales grew in
Weather and Environment business area and were at previous year’s
level in Industrial Measurements business area. Net sales increased
very strongly in roads and automotive, renewable energy, as well as
in power and energy market segments, but net sales decreased in
life science market segment.
Gross margin improved to 55.8 (54.8) %. Additional
costs related to component spot purchases had a 0.7 (2.7)
percentage point negative impact on gross margin.
January–December 2023 operating result increased
from previous year following net sales growth and improved gross
margin and totaled EUR 66.6 (62.5) million, 12.3 (12.2) % of
net sales. Operating expenses increased due to investments in sales
and marketing as well as in R&D and IT system renewal.
January–December 2023 financial income and expenses
were EUR -3.7 (-3.1) million. This was mainly a result of valuation
of foreign currency denominated items, currency hedging and
interest expenses. Income taxes decreased somewhat from previous
year and were EUR 14.2 (14.5) million and effective tax rate was
22.5 (24.4) %. Result before taxes was EUR 63.1 (59.6) million and
result for the period EUR 48.9 (45.1) million. Earnings per share
was EUR 1.35 (1.24).
Statement of financial position and cash
flow
Vaisala’s financial position remained strong during
January–December 2023. At the end of December, statement of
financial position totaled EUR 442.8 (439.2) million. Net debt
amounted to EUR -28.2 (7.9) million. Cash and cash equivalents
totaled EUR 90.3 (55.5) million. Dividend payment, decided by the
Annual General Meeting on March 28, 2023, totaled EUR 26.1 million.
On December 31, 2023, Vaisala had interest-bearing borrowings
totaling EUR 50.0 (52.5) million, which related to an unsecured
term loan due in 2026. The loan has a financial covenant (gearing)
tested semi-annually. On December 31, 2023, Vaisala was in
compliance with the covenant. Vaisala had not issued any domestic
commercial papers on December 31, 2023 (EUR 12.5 million). Vaisala
has also a EUR 50 million committed revolving credit facility,
which was undrawn on December 31, 2023, as at the end of 2022. In
addition, interest-bearing lease liabilities totaled EUR 12.1
(10.9) million.
In January–December 2023, cash flow from operating
activities increased to EUR 83.8 (29.8) million. Change in net
working capital was EUR 9.5 (-38.0) million and this was mainly a
result of decrease in trade receivables.
Capital expenditure
In January–December 2023, capital expenditure in intangible assets
and property, plant, and equipment totaled EUR 13.9 (13.7) million.
Capital expenditure was mainly related to investments in machinery
and equipment to develop and maintain Vaisala’s production,
R&D, and service operations as well as facilities.
Depreciation, amortization, and impairment were EUR
24.3 (23.6) million. This included EUR 8.1 (8.2) million of
amortization of identified intangible assets related to the
acquired businesses.
Personnel
The average number of personnel employed during January–December
2023 was 2,327 (2,141). At the end of December 2023, the number of
employees was 2,314 (2,235). 77 (77) % of employees were located in
EMEA, 16 (16) % in Americas and 7 (8) % in APAC. 66 (66) % of
employees were based in Finland.
Number of employees by region
|
Dec 31, 2023 |
Dec 31, 2022 |
Change |
Americas |
360 |
350 |
10 |
APAC |
167 |
173 |
-6 |
EMEA (excluding Finland) |
254 |
237 |
17 |
Finland |
1,533 |
1,475 |
58 |
Total |
2,314 |
2,235 |
79 |
Number of employees by
function
|
Dec 31, 2023 |
Dec 31, 2022 |
Change |
Sales and marketing |
442 |
431 |
11 |
R&D |
647 |
637 |
10 |
Operations |
566 |
567 |
-1 |
Services |
390 |
350 |
40 |
Administration |
269 |
250 |
19 |
Total |
2,314 |
2,235 |
79 |
Increase in number of employees reflects business
growth. Services personnel increased partly due to internal
transfers from a subunit to another.
In November 2023, Weather and Environment business
area in Finland started change negotiations to reshape the
operations and organization. The changes support the execution of
Weather and Environment business area’s strategy and performance
priorities. The negotiations resulted in reduction of 15 people’s
employment.
In January–December 2023, personnel expenses
totaled EUR 210.9 (190.4) million.
Vaisala has share-based incentive plans that are
targeted to its key employees. In 2023, expenses related to
share-based incentive plans totaled EUR 3.4 (4.0) million.
Q4 and January–December 2023 review by
business area
Industrial Measurements business
area
MEUR |
10-12/
2023 |
10-12/
2022 |
Change |
FX** |
1-12/
2023 |
1-12/
2022 |
Change |
FX** |
Orders received |
59.4 |
64.4 |
-8% |
-4% |
222.4 |
234.2 |
-5% |
-1% |
Order book, end of period |
35.2 |
41.8 |
-16% |
|
35.2 |
41.8 |
-16% |
|
Net sales |
57.6 |
60.2 |
-4% |
1% |
227.3 |
225.6 |
1% |
5% |
Product sales |
52.5 |
55.7 |
-6% |
|
207.4 |
208.1 |
0% |
|
Service sales |
5.1 |
4.5 |
11% |
|
19.9 |
17.5 |
14% |
|
Gross margin, % |
60.7 |
59.7 |
|
|
61.8 |
61.9 |
|
|
Operating result |
8.7 |
10.8 |
|
|
45.2 |
51.5 |
|
|
of net sales, % |
15.1 |
17.9 |
|
|
19.9 |
22.8 |
|
|
|
|
|
|
|
|
|
|
|
R&D costs |
6.8 |
6.6 |
2% |
|
25.9 |
25.3 |
3% |
|
Amortization* |
0.4 |
0.4 |
|
|
1.7 |
1.7 |
|
|
* Amortization of intangible assets related to
the acquired businesses
** Change with comparable exchange rates
Q4/2023 review
Industrial Measurements business area’s fourth quarter 2023 orders
received decreased by 8% compared to previous year totaling EUR
59.4 (64.4) million. Orders received decreased very strongly in
life science market segment and somewhat in industrial instruments
and liquid measurements market segments. Orders received in power
and energy market segment increased very strongly.
At the end of December 2023, Industrial
Measurements business area’s order book amounted to EUR 35.2 (41.8)
million and decreased by 16% compared to previous year. EUR 31.6
(39.0) million of the order book is scheduled to be delivered in
2024. Order book decreased in life science and industrial
instruments market segments. Order book for power and energy and
well as in liquid measurements market segments was at previous
year’s level.
Fourth quarter 2023 net sales were EUR 57.6 (60.2)
million and decreased by 4% compared to previous year. In constant
currencies, net sales were flat compared to previous year. Net
sales decreased very strongly in life science market segment and
were at previous year’s level in industrial instruments and liquid
measurements market segments. Net sales in power and energy market
segment grew very strongly.
Gross margin improved compared to previous year and
was 60.7 (59.7) %. Additional costs related to component spot
purchases had a 0.0 (4.3) percentage point negative impact on gross
margin. Lower volume and price pressure especially in China
burdened gross margin.
Industrial Measurements business area’s fourth
quarter 2023 operating result decreased compared to previous year
following decrease in net sales and increase in operating expenses
and totaled EUR 8.7 (10.8) million, 15.1 (17.9) % of net sales.
January–December 2023 review
Industrial Measurements business area’s January–December 2023
orders received decreased by 5% compared to previous year and
totaled EUR 222.4 (234.2) million. Orders received decreased
strongly in life science and somewhat in industrial instruments
market segment. Orders received increased very strongly in power
and energy market segment and somewhat in liquid measurements
market segment.
January–December 2023 net sales were at previous
year’s level and totaled EUR 227.3 (225.6) million. In constant
currencies, net sales increased by 5%. Net sales grew strongly in
power and energy market segment and were flat in industrial
instruments and liquid measurements market segments. Net sales in
life science market segment decreased compared to previous
year.
Gross margin was at previous year’s level 61.8
(61.9) %. Additional costs related to component spot purchases had
a 1.0 (3.6) percentage point negative impact on gross margin. Price
pressure especially in China burdened gross margin.
Industrial Measurements business area’s
January–December 2023 operating result decreased compared to
previous year following increase in operating expenses and totaled
EUR 45.2 (51.5) million, 19.9 (22.8) % of net sales. Operating
expenses increased due to investments in sales and marketing as
well as in R&D and IT system renewal.
Weather and Environment business
area
MEUR |
10-12/
2023 |
10-12/
2022 |
Change |
FX** |
1-12/
2023 |
1-12/
2022 |
Change |
FX** |
Orders received |
87.7 |
64.7 |
35% |
37% |
305.8 |
266.6 |
15% |
16% |
Order book, end of period |
137.3 |
112.8 |
22% |
|
137.3 |
112.8 |
22% |
|
Net sales |
89.8 |
81.3 |
10% |
14% |
313.1 |
288.6 |
8% |
10% |
Product sales |
51.8 |
46.7 |
11% |
|
190.3 |
167.4 |
14% |
|
Project sales |
23.0 |
20.3 |
13% |
|
69.5 |
73.5 |
-5% |
|
Service sales |
5.5 |
5.2 |
6% |
|
19.0 |
17.5 |
8% |
|
Subscription sales |
9.1 |
8.5 |
7% |
|
32.5 |
28.4 |
14% |
|
Lease income |
0.4 |
0.6 |
-36% |
|
1.8 |
1.7 |
10% |
|
Gross margin, % |
50.3 |
49.0 |
|
|
51.5 |
49.3 |
|
|
Operating result |
7.5 |
1.8 |
|
|
21.1 |
11.1 |
|
|
of net sales, % |
8.3 |
2.2 |
|
|
6.7 |
3.8 |
|
|
|
|
|
|
|
|
|
|
|
R&D costs |
11.3 |
10.8 |
4% |
|
41.8 |
37.2 |
12% |
|
Amortization* |
1.5 |
1.7 |
|
|
6.4 |
6.6 |
|
|
* Amortization of intangible assets related to
the acquired businesses
** Change with comparable exchange rates
Q4/2023 review
Weather and Environment business area’s fourth quarter 2023 orders
received increased by 35% compared to previous year and totaled EUR
87.7 (64.7) million. Orders received increased in aviation,
renewable energy, and meteorology market segments but decreased in
roads and automotive market segment. Orders received in aviation
market segment included approximately EUR 20 million airport
surface observation system order for Kuwait International
airport.
At the end of December 2023, Weather and
Environment business area’s order book amounted to EUR 137.3
(112.8) million and increased by 22% compared to previous year. EUR
96.1 (87.8) million of the order book is scheduled to be delivered
in 2024. Order book increased in aviation market segment but
decreased in all other market segments.
Fourth quarter 2023 net sales grew by 10% compared
to previous year and totaled EUR 89.8 (81.3) million. In constant
currencies, net sales increased by 14%. Net sales grew in all
market segments, very strongly in aviation market segment and
strongly in renewable energy market segment.
Gross margin improved compared to previous year and
was 50.3 (49.0) %. Additional costs related to component spot
purchases had a 0.1 (2.0) percentage point negative impact on gross
margin.
Weather and Environment business area’s fourth
quarter 2023 operating result increased compared to previous year
following net sales growth and improved gross margin and totaled
EUR 7.5 (1.8) million, 8.3 (2.2) % of net sales. Operating expenses
were at previous year’s level.
January–December 2023
review
Weather and Environment business area’s January–December 2023
orders received increased by 15% compared to previous year and
totaled EUR 305.8 (266.6) million. Orders received grew very
strongly in aviation as well as in roads and automotive market
segments, whereas orders received in meteorology and renewable
energy market segments were at previous year’s level.
January–December 2023 net sales increased by 8%
compared to previous year and were EUR 313.1 (288.6) million. In
constant currencies, net sales increased by 10%. Net sales grew
very strongly in roads and automotive as well as in renewable
energy market segments and were at previous year’s level in
meteorology and aviation market segments.
Gross margin improved compared to previous year and
was 51.5 (49.3) %. Additional costs related to component spot
purchases had a 0.5 (1.9) percentage point negative impact on gross
margin. Higher share of more profitable product and subscription
sales improved gross margin. In addition, gross margin improved in
more mature market of weather systems.
Weather and Environment business area’s
January–December 2023 operating result increased compared to
previous year following growth in net sales and improved gross
margin and totaled EUR 21.1 (11.1) million, 6.7 (3.8) % of net
sales. Operating expenses increased due to investments in sales and
marketing as well as in R&D and IT system renewal.
Changes in Leadership Team
On May 6, 2023, Heli Lindfors started as Chief Financial Officer
and member of the Vaisala Leadership Team. Vaisala’s Chief
Sustainability and Strategy Officer Anne Jalkala was appointed
member of the Vaisala Leadership Team as of May 5, 2023. They
report to President and CEO Kai Öistämö.
Members of the Vaisala Leadership Team on December
31, 2023
- Kai Öistämö,
President and CEO, Chair of the Leadership Team
- Anne Jalkala,
Chief Sustainability and Strategy Officer
- Sampsa Lahtinen,
EVP, Industrial Measurements business area
- Timo Leskinen,
EVP, Human Resources
- Heli Lindfors,
Chief Financial Officer
- Olli Nastamo, EVP,
Operational Excellence
- Vesa Pylvänäinen,
EVP, Operations
- Jarkko Sairanen,
EVP, Weather and Environment business area
- Katriina Vainio,
EVP, Group General Counsel
Annual General Meeting 2023
Vaisala Corporation’s Annual General Meeting was held on March 28,
2023. The meeting approved the financial statements and discharged
the members of the Board of Directors and the President and CEO
from liability for the financial period January 1–December 31,
2022.
Dividend
The Annual General Meeting decided a dividend of EUR 0.72 per
share. The record date for the dividend payment was March 30, 2023,
and the payment date was April 12, 2023.
Board of Directors
The Annual General Meeting confirmed that the number of Board
members is eight. Petri Castrén, Antti Jääskeläinen, Petra
Lundström, Jukka Rinnevaara, Kaarina Ståhlberg, Tuomas Syrjänen,
Raimo Voipio and Ville Voipio will continue as members of the Board
of Directors.
The Annual General Meeting confirmed that the
annual remuneration payable to the Chairman of the Board of
Directors is EUR 55,000 and each Board member EUR 40,000 per year.
Approximately 40% of the annual remuneration will be paid in
Vaisala Corporation’s series A shares acquired from the market and
the rest in cash. In addition, the Annual General Meeting confirmed
that the meeting fee for the Chairman of the Audit Committee would
be EUR 1,500 per attended meeting and EUR 1,000 for each member of
the Audit Committee and Chairman and each member of the People and
Sustainability Committee, the Nomination Committee and any other
committee established by the Board of Directors for a term until
the close of the Annual General Meeting in 2024. The meeting fees
are paid in cash. Possible travel expenses are reimbursed according
to the travel policy of the company.
Auditor
The Annual General Meeting elected PricewaterhouseCoopers Oy as the
auditor of the company and APA Niina Vilske will act as the auditor
with the principal responsibility. The Auditors are reimbursed
according to invoice presented to the company.
Proposal by the Board of Directors to amend
the articles of association
The Annual General Meeting resolved to amend the articles of
association so that the § 6 of Articles of Association stipulates
that the term of Board members from now on terminates on the
closing of the first Annual General Meeting, and the number of
board members is 6–9, and § 13 of Articles of Association
stipulates that a general meeting can be organized without a
meeting venue as a so-called remote meeting.
Authorization for the directed repurchase
of own series A shares
The Annual General Meeting authorized the Board of Directors to
resolve on the directed repurchase of a maximum of 800,000 of the
company's own series A shares in one or more instalments by using
company's unrestricted equity. The authorization is valid until the
closing of the next Annual General Meeting, however, no longer than
September 28, 2024.
Authorization on the issuance of the
company's own series A shares
The Annual General Meeting authorized the Board of Directors to
resolve on the issuance of a maximum of 935,976 company's own
series A shares. The issuance of own shares may be carried out in
deviation from the shareholders' pre-emptive rights (directed
issue). The authorization entitles the issuance of treasury series
A shares as a directed issue without payment as part of the
company's share-based incentive plan. The subscription price of the
shares can instead of cash also be paid in full or in part as
contribution in kind. The authorization is valid until September
28, 2024. The authorization for the company's incentive program
shall however be valid until March 28, 2027.
The organizing meeting of the Board of
Directors
At its organizing meeting held after the Annual General Meeting the
Board elected Ville Voipio as the Chair of the Board of Directors
and Raimo Voipio as the Vice Chair.
Kaarina Ståhlberg was elected as the Chair and
Petri Castrén, Antti Jääskeläinen and Raimo Voipio as members of
the Audit Committee. Ville Voipio was elected as the Chair and
Petra Lundström, Jukka Rinnevaara and Tuomas Syrjänen as members of
the People and Sustainability Committee. Ville Voipio was elected
as the Chair and Petra Lundström, Kaarina Ståhlberg and Raimo
Voipio as members of the Nomination Committee. The Chair and all
members of the Audit Committee, People and Sustainability Committee
as well as Nomination Committee are independent both of the company
and of significant shareholders.
Shares and shareholders
Share capital and shares
Vaisala’s share capital totaled EUR 7,660,808 on December 31, 2023.
Vaisala has 36,436,728 shares, of which 6,731,092 are series K
shares and 29,705,636 series A shares. Series A shares are listed
on the Nasdaq Helsinki Ltd. The series K shares and series A shares
are differentiated by the fact that each series K share entitles
its owner to 20 votes at a General Meeting of Shareholders while
each series A share entitles its owner to 1 vote. The series A
shares represented 81.5% of the total number of shares and 18.1% of
the total votes. The series K shares represented 18.5% of the total
number of shares and 81.9% of the total votes.
Trading and share price
development
In January–December 2023, a total of 3,089,946 series A shares with
a value totaling EUR 118.3 million were traded on the Nasdaq
Helsinki Ltd. During the year, the share price increased by 1%
while OMXHCAPPI index decreased by 5%. The closing price of the
series A share on the Nasdaq Helsinki stock exchange was EUR 39.70.
Shares registered a high of EUR 44.55 and a low of EUR 30.30.
Volume-weighted average share price was EUR 38.28.
The market value of series A shares on December 31,
2023, was EUR 1,172.0 million, excluding company’s treasury shares.
Valuing the series K shares – which are not traded on the stock
market – at the rate of the series A share’s closing price on the
last trading day of December, the total market value of all the
series A and series K shares together was EUR 1,439.2 million,
excluding company’s treasury shares.
Treasury shares
In September 2023, a total of 500 of Vaisala’s Corporation’s
treasury shares were conveyed without consideration to a person
participating in the Restricted Share Unit Plan 2022–2026 under the
terms and conditions of the plan. The directed share issue was
based on an authorization given by the Annual General Meeting held
on March 28, 2023.
In May 2023, the Board of Directors decided to
exercise the authorization of the 2023 Annual General Meeting to
repurchase own series A shares. The repurchases started on May 10,
2023, and ended on June 15, 2023. During this period, Vaisala
repurchased a total of 50,000 own series A shares for an average
price of EUR 42.4587 per share. The shares were repurchased in
public trading on Nasdaq Helsinki Ltd. at the market price
prevailing at the time of purchase. The shares are planned to be
used as a reward payment for Vaisala’s share-based incentive
plans.
In March 2023, a total of 72,511 of Vaisala
Corporation's treasury shares were conveyed without consideration
to the 43 key employees participating in the Performance Share Plan
2020–2022 under the terms and conditions of the plan. The directed
share issue was based on an authorization given by the Annual
General Meeting held on March 29, 2022.
The total number of series A treasury shares on
December 31, 2023, was 185,476, which represents 0.6% of series A
shares and 0.5% of total shares.
Shareholders
At the end of December 2023, Vaisala had 15,210 (13,794) registered
shareholders. Ownership outside of Finland and nominee
registrations represented 21.6 (21.3) % of the company's shares.
Households owned 40.4 (40.3) %, private companies 13.6 (12.9)
%, financial and insurance institutions 10.2 (11.7) %, non-profit
organizations 10.0 (10.1) % and public sector organizations 4.2
(3.8) % of the shares.
Shareholding by the Board of Directors and
the Leadership Team
On December 31, 2023, the Board of Directors held and controlled
995,971 (992,647) series A shares. These shares accounted for 3.4
(3.3) % of series A shares and 2.7 (2.7) % of total shares. The
number of series K shares held and controlled by the Board was
524,008 (524,008). Total votes attached to the series A and K
shares held and controlled by the Board were 11,476,131
(11,427,807), which accounted for 7.0 (7.0) % of the total votes of
all shares.
On December 31, 2023, Kai Öistämö, the President
and CEO, held and controlled 14,860 (6,000) series A shares but no
series K shares. Other Leadership Team members held and controlled
133,161 (166,768) series A shares but no series K shares. Number of
series A shares held and controlled by the Leadership Team members
decreased compared to 2022 mainly due to change of CFO.
More information about Vaisala’s shares and
shareholders are presented on the company’s website at
vaisala.com/investors.
Near-term risks and
uncertainties
Changes in inflationary environment, interest rates, and
geopolitical situation may affect industrial investments and
economic situation and increase risk of achieving Vaisala’s
financial targets.
Industrial actions in Finland may cause disruptions
in Vaisala’s operations and deteriorate Vaisala’s delivery
capability. Vaisala’s delivery capability may deteriorate due to
disruptions in suppliers’ operations, Vaisala’s production or
project delivery operation, or disruptions in incoming and/or
outgoing logistics. Component availability has normalized during
the past 12 months, but temporary component shortage may cause
delays or interruptions in deliveries or generate additional
material costs. Cyber risk and long disruptions in IT systems may
impact operations and delivery capability.
New and changing regulations impacting product
acceptance, operation’s capability to meet changing compliance
requirements, and changes in international trade policies may cause
delays or interruptions in supply chain. Customers’ preference for
local manufacturing may reduce demand for Vaisala’s products and
services. Customers’ budgetary constraints, complex decision-making
processes, and missing financing solutions may postpone closing of
infrastructure contracts in Weather and Environment business
area.
Further information about risk management and risks
are available on Annual Report’s Corporate Governance/Risk
management section and on the company’s website at vaisala.com.
Board of Directors’ proposal for
dividend
The parent company’s distributable earnings amount to EUR
189,890,179.05 of which the result for the period is EUR
51,628,491.26.
The Board of Directors proposes to the Annual
General Meeting that a dividend of EUR 0.75 per share be paid out
of distributable earnings totaling EUR 27.2 million and the rest to
be carried forward in the shareholders’ equity. No dividend will be
paid for treasury shares held by the company.
There have been no significant changes in the
company’s financial position since the close of the financial
period. According to the Board of Directors, the proposed dividend
distribution does not endanger the company’s financial
standing.
Annual General Meeting 2024
Vaisala Corporation’s Annual General Meeting will be held on
Tuesday March 26, 2024, at 2:00 p.m. (EET) at Vaisala Corporation
headquarters, address Vanha Nurmijärventie 21, 01670 Vantaa,
Finland.
Financial calendar 2024
Annual Report 2023: Week 9
Interim Report January–March 2024: May 3, 2024
Half Year Financial Report 2024: July 25, 2024
Interim Report January–September 2024: October 24, 2024
Vantaa, February 13, 2024
Vaisala Corporation
Board of Directors
The forward-looking statements in this release are
based on the current expectations, known factors, decisions, and
plans of Vaisala's management. Although the management believes
that the expectations reflected in these forward-looking statements
are reasonable, there is no assurance that these expectations would
prove to be correct. Therefore, the results could differ materially
from those implied in the forward-looking statements, due to for
example changes in the economic, market and competitive
environments, regulatory or other government-related changes, or
shifts in exchange rates.
Financial information and changes in
accounting policies
This Financial Statement Release has been prepared in accordance
with IAS 34 Interim Financial Reporting, following the same
accounting policies and principles as in the annual financial
statements for 2023. All figures in this Financial Statement
Release are group figures. All presented figures have been rounded
and consequently the sum of individual figures may deviate from the
sum presented. The figures in this Financial Statement Release are
based on Vaisala’s audited 2023 financial statements.
Preparation of Financial Statement Release in
accordance with IFRS requires Vaisala’s management to make
estimates and assumptions that affect the valuation of the reported
assets and liabilities and the recognition of income and expenses
in statement of income. Although estimates are based on
management’s best knowledge at the date of Financial Statement
Release, actual results may differ from those estimates.
New and amended IFRS standards effective
for the year 2023
Amendments to IAS 1, IAS 1 and IFRS Practice Statement 2 as well as
IAS 8 have been adopted from January 1, 2023. The adoption of these
amendments is not expected to have an impact on the group’s
consolidated financial statements in future periods.
Amendments to IAS 12 Income Taxes: Deferred
Tax related to Assets and Liabilities arising from a Single
Transaction
The amendments are effective for annual reporting periods beginning
on or after January 1, 2023. Vaisala has applied the amendments in
accordance with transition rule with the effect of initial
application recognized as of January 1, 2022.
The amendments introduce a further exception from
the initial recognition exemption. Under the amendments, an entity
does not apply the initial recognition exemption for transactions
that give rise to equal taxable and deductible temporary
differences. Following the amendments to IAS 12, an entity is
required to recognize the related deferred tax asset and liability,
with the recognition of any deferred tax asset being subject to the
recoverability criteria in IAS 12.
The amendments apply to transactions that occur on
or after the beginning of the earliest comparative period
presented. In addition, at the beginning of the earliest
comparative period an entity recognizes:
- A deferred tax
asset and a deferred tax liability for all deductible and taxable
temporary differences associated with:
- Right-of-use assets
and lease liabilities
- Decommissioning,
restoration and similar liabilities and the corresponding amounts
recognized as part of the cost of the related asset
- The cumulative
effect of initially applying the amendments as an adjustment to the
opening balance of retained earnings (or other component of equity,
as appropriate) at that date
Table below presents year 2022 quarterly
comparative figures after amendments described above:
|
1-3/
2022 |
4-6/
2022 |
7-9/
2022 |
10-12/
2022 |
1-12/
2022 |
EUR million |
Earlier reported |
Restated |
Earlier reported |
Restated |
Earlier reported |
Restated |
Earlier reported |
Restated |
Earlier reported |
Restated |
Income taxes |
-3.6 |
-3.6 |
-3.1 |
-3.1 |
-4.7 |
-4.7 |
-3.2 |
-3.2 |
-14.5 |
-14.5 |
Result for the period |
13.8 |
13.8 |
6.2 |
6.2 |
16.1 |
16.1 |
9.0 |
9.0 |
45.0 |
45.1 |
Attributable to |
|
|
|
|
|
|
|
|
|
|
Owners of the parent |
|
|
|
|
|
|
|
|
|
|
company |
13.6 |
13.6 |
6.4 |
6.4 |
16.1 |
16.1 |
9.0 |
9.0 |
45.0 |
45.0 |
Non-controlling interests |
0.2 |
0.2 |
-0.2 |
-0.2 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
Comprehensive income for |
|
|
|
|
|
|
|
|
|
|
the period |
15.2 |
15.2 |
10.4 |
10.4 |
20.7 |
20.7 |
1.0 |
1.0 |
47.3 |
47.3 |
Attributable to |
|
|
|
|
|
|
|
|
|
|
Owners of the parent |
|
|
|
|
|
|
|
|
|
|
company |
15.0 |
15.0 |
10.6 |
10.6 |
20.7 |
20.7 |
1.0 |
1.0 |
47.3 |
47.3 |
Non-controlling interests |
0.2 |
0.2 |
-0.2 |
-0.2 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
Retained earnings |
206.8 |
206.6 |
213.9 |
213.7 |
230.0 |
229.7 |
238.7 |
238.5 |
238.7 |
238.5 |
Total equity |
215.6 |
215.4 |
226.8 |
226.6 |
248.6 |
248.4 |
250.7 |
250.5 |
250.7 |
250.5 |
Deferred tax liabilities |
7.0 |
7.2 |
6.8 |
7.1 |
6.6 |
6.8 |
4.3 |
4.5 |
4.3 |
4.5 |
Total non-current liabilities |
58.0 |
58.2 |
17.3 |
17.6 |
18.4 |
18.7 |
17.6 |
17.9 |
17.6 |
17.9 |
Total liabilities |
214.3 |
214.5 |
191.2 |
191.4 |
189.1 |
189.3 |
188.5 |
188.7 |
188.5 |
188.7 |
Total equity and liabilities |
429.9 |
429.9 |
418.0 |
418.0 |
437.7 |
437.7 |
439.2 |
439.2 |
439.2 |
439.2 |
Earnings per share, EUR |
0.38 |
0.38 |
0.18 |
0.18 |
0.44 |
0.44 |
0.25 |
0.25 |
1.24 |
1.24 |
Diluted earnings per share, |
|
|
|
|
|
|
|
|
|
|
EUR |
0.37 |
0.37 |
0.18 |
0.18 |
0.44 |
0.44 |
0.25 |
0.25 |
1.24 |
1.24 |
Equity per share, EUR |
|
|
|
|
|
|
|
|
6.92 |
6.91 |
Return on equity, % |
|
|
|
|
|
|
|
|
18.7 |
18.7 |
Solvency ratio, % |
|
|
|
|
|
|
|
|
58.2 |
58.1 |
Gearing, % |
|
|
|
|
|
|
|
|
3.2 |
3.2 |
Consolidated statement of income |
|
|
|
|
EUR million |
10-12/
2023 |
10-12/
2022 |
1-12/
2023 |
1-12/
2022 |
Net sales |
147.4 |
141.6 |
540.4 |
514.2 |
Cost of goods sold |
-67.3 |
-65.8 |
-238.8 |
-232.2 |
Gross profit |
80.1 |
75.7 |
301.7 |
282.0 |
|
|
|
|
|
Sales, marketing, and administrative costs |
-46.3 |
-45.7 |
-168.2 |
-157.3 |
Research and development costs |
-18.1 |
-17.4 |
-67.7 |
-62.4 |
Other operating income and expenses |
0.6 |
0.0 |
0.9 |
0.3 |
Operating result |
16.3 |
12.6 |
66.6 |
62.5 |
|
|
|
|
|
Share of result in associated company |
0.2 |
0.2 |
0.2 |
0.2 |
Financial income |
1.8 |
0.9 |
8.2 |
7.7 |
Financial expenses |
-2.3 |
-1.6 |
-11.9 |
-10.8 |
Result before taxes |
16.1 |
12.1 |
63.1 |
59.6 |
|
|
|
|
|
Income taxes |
-3.2 |
-3.2 |
-14.2 |
-14.5 |
Result for the period |
12.9 |
9.0 |
48.9 |
45.1 |
|
|
|
|
|
Attributable to |
|
|
|
|
Owners of the parent company |
12.9 |
9.0 |
48.9 |
45.0 |
Non-controlling interests |
- |
0.0 |
- |
0.0 |
Result for the period |
12.9 |
9.0 |
48.9 |
45.1 |
|
|
|
|
|
Earnings per share for result attributable to the equity
holders of the parent company |
|
|
|
|
Earnings per share, EUR |
0.36 |
0.25 |
1.35 |
1.24 |
Diluted earnings per share, EUR |
0.35 |
0.25 |
1.35 |
1.24 |
Consolidated statement of comprehensive
income |
EUR million |
10-12/
2023 |
10-12/
2022 |
1-12/
2023 |
1-12/
2022 |
Items that will not be reclassified to profit or loss (net
of taxes) |
|
|
|
|
Actuarial profit (loss) on post-employment benefits |
-0.0 |
-0.2 |
-0.0 |
-0.2 |
Total |
-0.0 |
-0.2 |
-0.0 |
-0.2 |
|
|
|
|
|
Items that may be reclassified subsequently to profit or
loss |
|
|
|
|
Translation differences |
-3.2 |
-7.8 |
-3.3 |
2.4 |
Total |
-3.2 |
-7.8 |
-3.3 |
2.4 |
|
|
|
|
|
Total other comprehensive income |
-3.2 |
-8.0 |
-3.3 |
2.2 |
|
|
|
|
|
Comprehensive income for the period |
9.7 |
1.0 |
45.6 |
47.3 |
|
|
|
|
|
Attributable to |
|
|
|
|
Owners of the parent company |
9.7 |
1.0 |
45.6 |
47.3 |
Non-controlling interests |
- |
0.0 |
- |
0.0 |
Comprehensive income for the period |
9.7 |
1.0 |
45.6 |
47.3 |
Consolidated statement of financial position |
|
|
EUR million |
|
|
Assets |
Dec 31,
2023 |
Dec 31,
2022 |
|
|
|
Non-current assets |
|
|
Intangible assets |
62.5 |
71.3 |
Property, plant, and equipment |
95.0 |
96.0 |
Right-of-use assets |
13.1 |
11.9 |
Investments in shares |
0.1 |
0.1 |
Investment in associated company |
1.4 |
1.4 |
Non-current receivables |
1.3 |
1.0 |
Deferred tax assets |
7.8 |
9.5 |
Total non-current assets |
181.1 |
191.1 |
|
|
|
Current assets |
|
|
Inventories |
58.8 |
61.6 |
Trade and other receivables |
85.5 |
101.7 |
Contract assets and other accrued revenue |
24.2 |
26.2 |
Income tax receivables |
2.8 |
3.1 |
Cash and cash equivalents |
90.3 |
55.5 |
Total current assets |
261.7 |
248.1 |
|
|
|
Total assets |
442.8 |
439.2 |
Equity and liabilities |
Dec 31,
2023 |
Dec 31,
2022 |
|
|
|
Equity |
|
|
Share capital |
7.7 |
7.7 |
Other reserves |
2.3 |
3.5 |
Translation differences |
0.8 |
4.1 |
Treasury shares |
-4.2 |
-3.3 |
Retained earnings |
261.3 |
238.5 |
Total equity attributable to owners of parent
company |
267.9 |
250.5 |
|
|
|
Non-controlling interests |
- |
0.0 |
|
|
|
Total equity |
267.9 |
250.5 |
|
|
|
Non-current liabilities |
|
|
Interest-bearing borrowings |
50.0 |
0.0 |
Interest-bearing lease liabilities |
9.3 |
8.3 |
Post-employment benefits |
2.3 |
2.7 |
Deferred tax liabilities |
2.9 |
4.5 |
Provisions |
0.4 |
0.3 |
Other non-current liabilities |
4.2 |
2.1 |
Total non-current liabilities |
69.0 |
17.9 |
|
|
|
Current liabilities |
|
|
Interest-bearing borrowings |
0.0 |
52.5 |
Interest-bearing lease liabilities |
2.8 |
2.7 |
Trade and other payables |
66.5 |
74.0 |
Contract liabilities and other deferred revenue |
30.7 |
37.1 |
Income tax liabilities |
3.3 |
1.8 |
Provisions |
2.5 |
2.8 |
Total current liabilities |
105.9 |
170.8 |
|
|
|
Total liabilities |
175.0 |
188.7 |
|
|
|
Total equity and liabilities |
442.8 |
439.2 |
Consolidated cash flow statement |
|
|
EUR million |
1-12/
2023 |
1-12/
2022 |
Result for the period |
48.9 |
45.1 |
|
|
|
Depreciation, amortization, and impairment |
24.3 |
23.6 |
Financial income and expenses |
3.7 |
3.1 |
Gains and losses on sale of intangible assets and property, plant,
and equipment |
-0.2 |
0.0 |
Share of result in associated company |
-0.2 |
-0.2 |
Income taxes |
14.2 |
14.5 |
Other adjustments |
-0.7 |
0.3 |
|
|
|
Inventories, increase (-) / decrease (+) |
3.0 |
-11.2 |
Non-interest-bearing receivables, increase (-) / decrease (+) |
16.2 |
-26.0 |
Non-interest-bearing liabilities, increase (+) / decrease (-) |
-9.7 |
-0.8 |
Changes in working capital |
9.5 |
-38.0 |
|
|
|
Interest and other financial items received |
1.7 |
0.2 |
Interest and other financial items paid |
-4.4 |
-5.2 |
Income taxes paid |
-12.9 |
-13.6 |
Cash flow from operating activities |
83.8 |
29.8 |
|
|
|
Acquisition of subsidiaries, net of cash acquired |
- |
-23.1 |
Capital expenditure on intangible assets and property, plant, and
equipment |
-13.9 |
-13.7 |
Proceeds from sale of intangible assets and property, plant, and
equipment |
0.3 |
0.0 |
Cash flow from investing activities |
-13.7 |
-36.8 |
|
|
|
Dividends paid |
-26.1 |
-24.6 |
Purchase of treasury shares |
-2.1 |
- |
Change in loan receivables |
-0.3 |
-0.1 |
Proceeds from borrowings |
77.4 |
114.9 |
Repayment of borrowings |
-79.9 |
-102.4 |
Principal payments of lease liabilities |
-3.1 |
-2.9 |
Cash flow from financing activities |
-34.1 |
-15.1 |
|
|
|
Change in cash and cash equivalents increase (+) / decrease
(-) |
36.0 |
-22.1 |
|
|
|
Cash and cash equivalents at the beginning of period |
55.5 |
77.9 |
Change in cash and cash equivalents |
36.0 |
-22.1 |
Effect from changes in exchange rates |
-1.2 |
-0.3 |
Cash and cash equivalents at the end of
period |
90.3 |
55.5 |
Consolidated statement of changes in equity |
EUR million |
Share capital |
Other reserves |
Translation differences |
Treasury shares |
Retained earnings |
Equity attributable to owners of the parent company |
Non-controlling interests |
Total |
|
|
|
|
|
|
|
|
|
Equity at Dec 31, 2021 |
7.7 |
7.0 |
1.7 |
-4.6 |
218.0 |
229.6 |
0.7 |
230.3 |
|
|
|
|
|
|
|
|
|
IAS 12 amendment |
|
|
|
|
-0.2 |
-0.2 |
|
-0.2 |
|
|
|
|
|
|
|
|
|
Equity at Jan 1, 2022 |
7.7 |
7.0 |
1.7 |
-4.6 |
217.7 |
229.4 |
0.7 |
230.1 |
|
|
|
|
|
|
|
|
|
Result for the period |
|
|
|
|
45.1 |
45.1 |
0.0 |
45.1 |
Other comprehensive income |
|
-0.0 |
2.4 |
|
-0.2 |
2.2 |
|
2.2 |
Dividend distribution |
|
|
|
|
-24.6 |
-24.6 |
|
-24.6 |
Share-based payments |
|
-3.4 |
|
1.4 |
|
-2.1 |
|
-2.1 |
Changes in non-controlling interests |
|
|
|
|
|
|
|
|
that did not result in changes in control |
|
|
|
|
0.7 |
0.7 |
-0.7 |
|
Equity at Dec 31, 2022 |
7.7 |
3.5 |
4.1 |
-3.3 |
238.5 |
250.5 |
0.0 |
250.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EUR million |
Share capital |
Other reserves |
Translation differences |
Treasury shares |
Retained earnings |
Equity attributable to owners of the parent company |
Non-controlling interests |
Total |
|
|
|
|
|
|
|
|
|
Equity at Dec 31, 2022 |
7.7 |
3.5 |
4.1 |
-3.3 |
238.5 |
250.5 |
0.0 |
250.5 |
|
|
|
|
|
|
|
|
|
Result for the period |
|
|
|
|
48.9 |
48.9 |
|
48.9 |
Other comprehensive income |
|
0.0 |
-3.3 |
|
0.0 |
-3.3 |
|
-3.3 |
Dividend distribution |
|
|
|
|
-26.1 |
-26.1 |
|
-26.1 |
Purchase of treasury shares |
|
|
|
-2.1 |
|
-2.1 |
|
-2.1 |
Share-based payments |
|
-1.2 |
|
1.2 |
|
-0.1 |
|
-0.1 |
Changes in non-controlling interests |
|
|
|
|
|
|
|
|
that did not result in changes in control |
|
|
|
|
0.0 |
0.0 |
-0.0 |
|
Equity at Dec 31, 2023 |
7.7 |
2.3 |
0.8 |
-4.2 |
261.3 |
267.9 |
- |
267.9 |
Notes to the report |
|
|
|
|
|
|
|
|
|
Orders received by business area |
|
|
|
|
EUR million |
10-12/
2023 |
10-12/
2022 |
1-12/
2023 |
1-12/
2022 |
Industrial Measurements |
59.4 |
64.4 |
222.4 |
234.2 |
Weather and Environment |
87.7 |
64.7 |
305.8 |
266.6 |
Total |
147.1 |
129.1 |
528.1 |
500.8 |
|
|
|
|
|
Order book by business area |
|
|
|
|
EUR million |
10-12/
2023 |
10-12/
2022 |
1-12/
2023 |
1-12/
2022 |
Industrial Measurements |
35.2 |
41.8 |
35.2 |
41.8 |
Weather and Environment |
137.3 |
112.8 |
137.3 |
112.8 |
Total |
172.5 |
154.6 |
172.5 |
154.6 |
|
|
|
|
|
Net sales by business area |
|
|
|
|
EUR million |
10-12/
2023 |
10-12/
2022 |
1-12/
2023 |
1-12/
2022 |
Industrial Measurements |
|
|
|
|
Product sales |
52.5 |
55.7 |
207.4 |
208.1 |
Service sales |
5.1 |
4.5 |
19.9 |
17.5 |
Total |
57.6 |
60.2 |
227.3 |
225.6 |
|
|
|
|
|
Weather and Environment |
|
|
|
|
Product sales |
51.8 |
46.7 |
190.3 |
167.4 |
Project sales |
23.0 |
20.3 |
69.5 |
73.5 |
Service sales |
5.5 |
5.2 |
19.0 |
17.5 |
Subscription sales |
9.1 |
8.5 |
32.5 |
28.4 |
Lease income |
0.4 |
0.6 |
1.8 |
1.7 |
Total |
89.8 |
81.3 |
313.1 |
288.6 |
|
|
|
|
|
Total net sales |
147.4 |
141.6 |
540.4 |
514.2 |
|
|
|
|
|
Operating result by business area |
|
|
|
|
EUR million |
10-12/
2023 |
10-12/
2022 |
1-12/
2023 |
1-12/
2022 |
Industrial Measurements |
8.7 |
10.8 |
45.2 |
51.5 |
Weather and Environment |
7.5 |
1.8 |
21.1 |
11.1 |
Other |
0.1 |
0.0 |
0.3 |
-0.1 |
Total |
16.3 |
12.6 |
66.6 |
62.5 |
|
|
|
|
|
Net sales by region |
|
|
|
|
EUR million |
10-12/
2023 |
10-12/
2022 |
1-12/
2023 |
1-12/
2022 |
Americas |
58.1 |
58.4 |
200.4 |
191.2 |
APAC |
41.2 |
39.7 |
160.2 |
160.3 |
EMEA |
48.1 |
43.4 |
179.8 |
162.7 |
Total |
147.4 |
141.6 |
540.4 |
514.2 |
Timing of revenue recognition |
|
|
|
|
EUR million |
10-12/
2023 |
10-12/
2022 |
1-12/
2023 |
1-12/
2022 |
Performance obligations satisfied at a point in time |
114.4 |
111.7 |
434.8 |
408.1 |
Performance obligations satisfied over time |
32.6 |
29.3 |
104.0 |
104.4 |
Lease income recognized on a straight-line basis |
0.4 |
0.6 |
1.7 |
1.7 |
Total |
147.4 |
141.6 |
540.4 |
514.2 |
|
|
|
|
|
Personnel |
|
|
|
|
|
10-12/
2023 |
10-12/
2022 |
1-12/
2023 |
1-12/
2022 |
Average personnel |
2,321 |
2,221 |
2,327 |
2,141 |
Personnel at the end of period |
2,314 |
2,235 |
2,314 |
2,235 |
|
|
|
|
|
Derivative financial instruments |
|
|
|
|
EUR million |
|
|
Dec 31,
2023 |
Dec 31,
2022 |
Nominal value of derivative financial contracts |
|
|
43.7 |
38.3 |
|
|
|
|
|
Fair values of derivative financial contracts, assets |
|
|
0.4 |
1.0 |
Fair values of derivative financial contracts, liabilities |
|
|
0.4 |
0.5 |
|
|
|
|
|
Derivative financial instruments consist solely of foreign exchange
forward contracts, and they are measured based on price information
derived from active markets and commonly used valuation methods
(Fair value hierarchy 2). Derivative financial contracts are
executed only with counterparties that have high credit
ratings. |
|
|
|
|
|
Share information |
|
|
|
|
EUR/thousand |
10-12/
2023 |
10-12/
2022 |
1-12/
2023 |
1-12/
2022 |
Number of shares outstanding |
36,251 |
36,228 |
36,251 |
36,228 |
Number of treasury shares |
185 |
208 |
185 |
208 |
Number of shares, weighted average, diluted |
36,384 |
36,403 |
36,379 |
36,367 |
Number of shares, weighted average |
36,251 |
36,228 |
36,259 |
36,207 |
Number of shares traded |
659 |
610 |
3,090 |
2,385 |
Share price, highest |
40.65 |
43.40 |
44.55 |
54.40 |
Share price, lowest |
30.30 |
36.15 |
30.30 |
36.15 |
|
|
|
|
|
Key ratios |
|
|
|
|
EUR |
10-12/
2023 |
10-12/
2022 |
1-12/
2023 |
1-12/
2022 |
Earnings per share |
0.36 |
0.25 |
1.35 |
1.24 |
Diluted earnings per share |
0.35 |
0.25 |
1.35 |
1.24 |
Equity per share |
|
|
7.39 |
6.91 |
Return on equity, % |
|
|
18.9 |
18.7 |
Cash flow from operating activities per share |
0.81 |
0.63 |
2.31 |
0.82 |
Solvency ratio, % |
|
|
61.3 |
58.1 |
Gearing, % |
|
|
-10.5 |
3.2 |
Key exchange rates |
|
|
|
|
Average rates |
Period end rates |
|
1-12/
2023 |
1-12/
2022 |
Dec 31,
2023 |
Dec 31,
2022 |
USD |
1.0797 |
1.0555 |
1.1050 |
1.0666 |
CNY |
7.6429 |
7.0607 |
7.8509 |
7.3582 |
JPY |
151.87 |
137.28 |
156.33 |
140.66 |
GBP |
0.8703 |
0.8509 |
0.8691 |
0.8869 |
Further information
Paula Liimatta
+358 9 8949 2020, ir@vaisala.com
Vaisala Corporation
Audiocast and
teleconference
An audiocast and a conference call for analysts, investors and
media will be held in English on February 14, 2024, starting at
2:00 p.m. (Finnish time).
You can participate in the live audiocast via
following link: https://vaisala.videosync.fi/q4-2023
Questions may be presented by participating in
the teleconference. You can access the teleconference by
registering on the link below. After the registration, you will
receive an email with the dial-in numbers and a conference ID.
https://palvelu.flik.fi/teleconference/?id=50048550
A recording will be available at
Vaisala.com/investors later the same day.
Distribution
Nasdaq Helsinki
Key media
vaisala.com
Vaisala is a global leader in
weather, environmental, and industrial measurements. Building on
over 85 years of experience, Vaisala provides observations for a
better world, with space-proof technology even exploring Mars and
beyond. We are a reliable partner for customers around the world,
offering a comprehensive range of innovative observation and
measurement products and services. Headquartered in Finland,
Vaisala employs over 2,000 professionals worldwide and is listed on
the Nasdaq Helsinki stock exchange. vaisala.com
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- Vaisala Financial Statement Release 2023 EN
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