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Vaisala Corporation Interim Report January–September 2021

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Vaisala Corporation        Interim Report                                October 28, 2021 at 9.00 a.m. (EEST)

Vaisala Corporation Interim Report January–September 2021
Strong demand and excellent performance continued during third quarter

Third quarter 2021 highlights

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Key figures              
MEUR 7-9/
2021
7-9/
2020
Change 1-9/
2021
1-9/
2020
Change 1-12/
2020
Orders received 109.9 85.3 29% 336.2 270.9 24% 382.8
Order book 164.8 134.6 22% 164.8 134.6 22% 137.8
Net sales 111.5 94.0 19% 312.9 272.6 15% 379.5
Gross profit 64.3 54.2 19% 175.3 153.2 14% 212.9
Gross margin, % 57.7 57.7   56.0 56.2   56.1
Operating expenses 42.8 36.7 17% 132.7 121.3 9% 169.2
Operating result 19.2 19.5   38.3 32.6   44.8
Operating result, % 17.3 20.7   12.2 11.9   11.8
Result before taxes 18.8 18.2   36.8 30.1   41.3
Result for the period 16.0 14.5   31.7 24.3   32.8
Earnings per share 0.44 0.40 9% 0.87 0.68 28% 0.91
Return on equity, %       19.9 16.4   16.3
Capital expenditure 4.6 6.7 -32% 13.9 24.0 -42% 31.0
Depreciation, amortization              
and impairment 5.5 5.2 6% 16.0 15.7 2% 21.1
Cash flow from operating activities 19.6 12.5 56% 48.9 16.7 193% 41.0
Cash and cash equivalents       51.9 39.1 33% 45.4
Interest-bearing liabilities       50.7 67.7 -25% 57.0
Gearing, %       -0.6 14.5   5.7

Vaisala’s President and CEO Kai Öistämö
“Vaisala’s excellent performance continued during the third quarter. Demand for Vaisala’s products and solutions continued strong in both business areas and resulted to strong 19% net sales growth. Order book remained at all-time high EUR 165 million level. Despite component availability restrictions, we delivered excellent results and EBIT margin was 17.3%.

Our third quarter order intake increased by 29% year-on-year and the increase was evenly strong in both business areas. We saw early signs of aviation market recovery as orders received in the market segment more than doubled compared to previous year. Orders received were very strong also in industrial instruments, life science, and renewable energy market segments.

I am extremely proud how our team has managed to find solutions in a difficult component availability situation together with suppliers, finding alternative components and being active on the spot market. Hence, our delivery volumes continued at high level. Net sales growth in Industrial Measurements business area was again excellent 35% driven by industrial instruments and life science market segments. Weather and Environment business area reached good 9% net sales growth and it came from renewable energy and aviation market segments.

During the third quarter, we updated our strategy and raised long-term financial targets for the next three years. Our strategy now focuses on driving sustainable growth and global leadership in weather, environmental, and industrial measurements. Through our products and technologies, we enable business-critical decisions and operations for our customers. Thereby, we strongly contribute to solving global challenges related to climate change, resource efficiency, as well as well-being and health. We always aim to be market leader in the markets where we operate.

I am also very pleased with the two recognitions Vaisala received during the third quarter. In a study among Finnish private investors, Vaisala was valued as the most sustainable company among publicly listed Finnish companies. Also, Vaisala got top scores for ESG in a global study by Sustainalytics. These are great proof points of the continuous work that the company has done over the years.

Based on our strong January–September and despite risks for shortage of components, on October 19, 2021, we raised our business outlook for 2021. We now estimate that full-year 2021 net sales will be in the range of EUR 425–440 million and operating result (EBIT) to be in the range of EUR 48–58 million.”

Financial review Q3 2021

Orders received and order book

MEUR 7-9/
2021
7-9/
2020
Change

FX*
1-12/
2020
Orders received 109.9 85.3 29% 28% 382.8
Order book, end of period 164.8 134.6 22%   137.8

* Change with comparable exchange rates

Third quarter 2021 orders received were strong with 29% increase compared to previous year and totaled EUR 109.9 (85.3) million. Orders received increased mostly in industrial instruments, life science, aviation, and renewable energy market segments. Orders received increased in both business areas. Comparison period included EUR 5.6 million reduction of the scope and value of the Argentina contract.

At the end of September 2021, order book amounted to EUR 164.8 (134.6) million and increased by 22% compared to previous year. Order book increased in both business areas. EUR 79.8 (66.5) million of the order book is scheduled to be delivered in 2021.

Financial performance

MEUR 7-9/
2021
7-9/
2020
Change

FX**
1-12/
2020
Net sales 111.5 94.0 19% 18% 379.5
Products 81.7 70.2 16%   267.3
Projects 16.0 11.3 41%   59.3
Services 12.9 12.5 4%   52.9
Lease income 0.8 - -   -
Gross margin, % 57.7 57.7     56.1
Operating expenses 42.8 36.7 17%   169.2
R&D expenditure 12.5 11.5 9%   53.2
Amortization* 2.0 1.9     7.5
Operating result 19.2 19.5     44.8
% of net sales 17.3 20.7     11.8

* Amortization of intangible assets related to the acquired businesses
** Change with comparable exchange rates

Third quarter 2021 operating result decreased from previous year to EUR 19.2 (19.5) million, 17.3 (20.7) % of net sales.

Net sales increased by 19% compared to previous year and were EUR 111.5 (94.0) million. In constant currencies, net sales increased by 18%. Net sales increased mostly in industrial instruments, life science, renewable energy, and aviation market segments. Net sales grew in both business areas.

Gross margin was at previous year’s level 57.7 (57.7) %. Additional costs related to component spot purchases were compensated by economies of scale impact.

Operating result included expenses arising from valuation increase of contingent considerations of acquired businesses based on updated financial plans for 2021, as well as a settlement payment to a business partner and related legal fees in the US. These expenses totaled EUR 2.5 million. Comparison period included EUR 1.8 million positive impact of valuation of contingent considerations of acquired businesses.

Third quarter 2021 financial income and expenses were EUR -0.5 (-1.3) million. This was mainly a result of valuation of USD denominated receivables, USD currency hedging and interest expenses. Result before taxes was EUR 18.8 (18.2) million and result for the period EUR 16.0 (14.5) million. Earnings per share was EUR 0.44 (0.40).

Financial review January–September 2021

Orders received and order book

MEUR 1-9/
2021
1-9/
2020
Change

FX*
1-12/
2020
Orders received 336.2 270.9 24% 26% 382.8
Order book, end of period 164.8 134.6 22%   137.8

* Change with comparable exchange rates

January–September 2021 orders received were strong with 24% increase compared to previous year and totaled EUR 336.2 (270.9) million. Orders received increased mostly in industrial instruments, life science, meteorology, renewable energy, and aviation market segments. Orders received increased in both business areas. Second quarter orders received included EUR 13 million weather infrastructure project order with the National Meteorology Agency in Ethiopia announced in October 2019.

Financial performance

MEUR 1-9/
2021
1-9/
2020
Change

FX**
1-12/
2020
Net sales 312.9 272.6 15% 17% 379.5
Products 227.1 190.1 19%   267.3
Projects 46.6 43.7 7%   59.3
Services 37.9 38.9 -3%   52.9
Lease income 1.4 - -   -
Gross margin, % 56.0 56.2     56.1
Operating expenses 132.7 121.3 9%   169.2
R&D expenditure 39.7 38.6 3%   53.2
Amortization* 5.7 5.6     7.5
Operating result 38.3 32.6     44.8
% of net sales 12.2 11.9     11.8

* Amortization of intangible assets related to the acquired businesses
** Change with comparable exchange rates

January–September 2021 operating result increased from previous year to EUR 38.3 (32.6) million, 12.2 (11.9) % of net sales following growth in net sales.

Net sales increased by 15% compared to previous year and were EUR 312.9 (272.6) million. In constant currencies, net sales increased by 17%. Net sales increased mostly in industrial instruments, life science, renewable energy, and meteorology market segments. In the comparison period, services net sales included discontinued assessment services provided for renewable energy customers and lease income.

Gross margin was at previous year’s level 56.0 (56.2) %.

Operating result included expenses arising from valuation increase of contingent considerations of acquired businesses based on updated financial plans for 2021, as well as a settlement payment to a business partner and related legal fees in the US. These expenses totaled EUR 5.8 million.

January–September 2021 financial income and expenses were EUR -1.5 (-2.4) million. This was mainly a result of valuation of USD denominated receivables, USD currency hedging and interest expenses. Income taxes were EUR 5.1 (5.8) million based on estimated effective tax rate of 14.0 (19.3) %. Estimated effective tax rate declined from previous year as Vaisala expects to utilize tax losses carried forward from acquired companies. Result before taxes was EUR 36.8 (30.1) million and result for the period EUR 31.7 (24.3) million. Earnings per share was EUR 0.87 (0.68).

Statement of financial position, cash flow and financing
Vaisala’s financial position remained strong during January–September 2021. Cash and cash equivalents increased to EUR 51.9 (Dec 31, 2020: 45.4) million at the end of September despite EUR 22 million dividend payment and EUR 5 million repayment of revolving credit facility. At the end of September, statement of financial position totaled EUR 379.5 (Dec 31, 2020: 351.8) million.

In January–September 2021, cash flow from operating activities increased to EUR 48.9 (16.7) million mainly as a result of increase in liabilities as well as improved net result.

On September 30, 2021, Vaisala had interest-bearing borrowings totaling EUR 40.1 (Dec 31, 2020: 45.2) million. EUR 40.0 million of the interest-bearing borrowings related to a term loan, which has a financial covenant (gearing) tested semi-annually. For short term liquidity purposes, Vaisala has a domestic commercial paper program and a committed revolving credit facility, which were both unutilized on September 30, 2021 (Dec 31, 2020: EUR 0 million and EUR 5 million respectively). In addition, interest-bearing lease liabilities totaled EUR 10.6 (Dec 31, 2020: 11.9) million.

Capital expenditure
In January–September 2021, capital expenditure in intangible assets and property, plant and equipment totaled EUR 15.0 (24.1) million. Capital expenditure was mainly related to investments in machinery and equipment to develop and maintain Vaisala’s production and service operations as well as equipment for the R&D laboratories.

Depreciation, amortization, and impairment were EUR 16.0 (15.7) million. This included EUR 5.7 (5.6) million of amortization of identified intangible assets related to the acquired businesses.

Personnel
The average number of personnel employed during January–September 2021 was 1,964 (1,926). At the end of September 2021, the number of employees was 1,965 (Dec 31, 2020: 1,939). 77 (77) % of employees were located in EMEA, 14 (14) % in Americas and 8 (9) % in APAC. 65 (65) % of employees were based in Finland.

In May 2021, Vaisala started co-operation negotiations in Finland in its Project and Customer Services unit within Weather and Environment business area following decrease in project orders. These negotiations covered 57 employees. As a result of the negotiations, nine positions were terminated. Redundancies were avoided as impacted employees were employed in open positions within the company. 

Q3 and January–September 2021 review by business area

Industrial Measurements business area

MEUR   7-9/
2021
7-9/
2020
Change
 
FX**


1-9/
2021


1-9/
2020

 
Change

 
FX**


1-12/
2020
Orders received   45.1 35.3 28% 27% 136.2 104.9 30% 34% 146.0
Order book, end of period   24.5 17.4 41%   24.5 17.4 41%   18.0
Net sales   47.1 34.8 35% 35% 130.9 104.1 26% 29% 143.9
Products   43.3 31.2 39%   119.7 93.6 28%   129.9
Services   3.8 3.6 5%   11.2 10.5 7%   14.1
Gross margin, %   64.4 64.2     63.9 64.9     64.4
Operating expenses   16.1 13.8 17%   49.6 44.4 12%   61.5
R&D expenditure   5.0 4.2 18%   15.1 14.0 8%   19.2
Amortization*   0.4 0.4     1.2 1.2     1.7
Operating result   14.2 8.6     34.1 23.3     31.6
of net sales, %   30.2 24.7     26.1 22.4     21.9

* Amortization of intangible assets related to the acquired businesses
** Change with comparable exchange rates

Q3 2021 review
Industrial Measurements business area’s third quarter 2021 orders received increased by 28% compared to previous year totaling to EUR 45.1 (35.3) million. Orders received increased strongly in industrial instruments and life science market segments. Orders received increased also in power industry and liquid measurements market segments.

At the end of September 2021, Industrial Measurements business area’s order book amounted to EUR 24.5 (17.4) million and increased by 41% compared to previous year. EUR 19.1 (14.0) million of the order book is scheduled to be delivered in 2021. Order book increased in all market segments.

Industrial Measurements business area’s third quarter 2021 operating result increased compared to previous year and totaled EUR 14.2 (8.6) million, 30.2 (24.7) % of net sales. Net sales growth increased operating result.

Third quarter 2021 net sales were EUR 47.1 (34.8) million and increased by 35% compared to previous year. In constant currencies, net sales increased by 35%. Net sales growth was strong in industrial instruments and life science market segments, and good in power industry market segment. Net sales in liquid measurements market segment were at previous year’s level.

Gross margin was at previous year’s level 64.4 (64.2) %. Component spot purchases had about two percentage point negative impact on gross margin, however, it was compensated by economies of scale impact.

January–September 2021 review
Industrial Measurements business area’s January–September 2021 orders received increased by 30% compared to previous year totaling to EUR 136.2 (104.9) million. Increase in orders received was strong in industrial instruments and life science, and good in power industry and liquid measurements market segments.

Industrial Measurements business area’s January–September 2021 operating result increased compared to previous year and totaled EUR 34.1 (23.3) million, 26.1 (22.4) % of net sales. Net sales growth increased operating result.

January–September 2021 net sales were EUR 130.9 (104.1) million and increased by 26% compared to previous year. In constant currencies, net sales increased by 29%. Net sales growth was strong in industrial instruments and life science market segments, and good in power industry market segment. Net sales for liquid measurements were still below previous year’s level.

Gross margin decreased to 63.9 (64.9) % mainly due to product mix and additional material costs from spot purchases.

Weather and Environment business area

MEUR 7-9/
2021
7-9/
2020
Change
 
FX**


1-9/
2021


1-9/
2020

 
Change

 
FX**


1-12/
2020
Orders received 64.8 50.0 29% 29% 200.0 166.1 20% 22% 236.9
Order book, end of period 140.4 117.2 20%   140.4 117.2 20%   119.8
Net sales 64.4 59.2 9% 9% 182.0 168.5 8% 10% 235.5
Products 38.4 39.0 -1%   107.4 96.5 11%   137.4
Projects 16.0 11.3 41%   46.6 43.7 7%   59.3
Services 9.2 8.9 3%   26.6 28.4 -6%   38.8
Lease income 0.8 - -   1.4 - -   -
Gross margin, % 52.9 53.8     50.3 50.9     51.0
Operating expenses 26.5 22.7 17%   81.8 76.6 7%   106.3
R&D expenditure 7.6 7.3 3%   24.6 24.7 0%   34.1
Amortization* 1.6 1.5     4.5 4.3     5.8
Operating result 5.3 11.1     5.3 9.4     14.6
of net sales, % 8.2 18.7     2.9 5.6     6.2

* Amortization of intangible assets related to the acquired businesses
** Change with comparable exchange rates

Q3 2021 review
Weather and Environment business area’s third quarter 2021 orders received increased by 29% compared to previous year and totaled EUR 64.8 (50.0) million. Orders received increased strongly in aviation and renewable energy market segment. Orders received in ground transportation market segment were at previous year’s level and decreased slightly in meteorology market segment. Comparison period included EUR 5.6 million reduction of the scope and value of the Argentina contact.

At the end of September 2021, Weather and Environment business area’s order book amounted to EUR 140.4 (117.2) million and increased by 20% compared to previous year. EUR 60.7 (52.5) million of the order book is scheduled to be delivered in 2021. Order book grew in meteorology and renewable energy market segments, whereas order book in aviation and ground transportation market segments decreased.

Weather and Environment business area’s third quarter 2021 operating result decreased compared to previous year and totaled EUR 5.3 (11.1) million, 8.2 (18.7) % of net sales.

Third quarter 2021 net sales were EUR 64.4 (59.2) million and increased by 9% compared to previous year. In constant currencies, net sales increased by 9%. Net sales grew in renewable energy and aviation market segments and were at previous year’s level in meteorology market segment, whereas net sales in ground transportation market segment decreased.

Gross margin decreased to 52.9 (53.8) % mainly due to sales mix.

Operating result included expenses arising from valuation increase of contingent considerations of acquired businesses based on updated financial plans for 2021, as well as a settlement payment to a business partner in the US. These expenses totaled EUR 2.3 million. Comparison period included EUR 1.8 million positive impact of valuation of contingent considerations of acquired businesses.

January–September 2021 review
Weather and Environment business area’s January–September 2021 orders received increased by 20% compared to previous year and totaled EUR 200.0 (166.1) million. Increase in orders received was strong in meteorology, renewable energy, and aviation market segments, whereas orders received in ground transportation market segments decreased. Second quarter orders received included EUR 13 million weather infrastructure project order with the National Meteorology Agency in Ethiopia announced in October 2019.

Weather and Environment business area’s January–September 2021 operating result decreased compared to previous year and totaled EUR 5.3 (9.4) million, 2.9 (5.6) % of net sales.

January–September 2021 net sales were EUR 182.0 (168.5) million and increased by 8% compared to previous year. In constant currencies, net sales increased by 10%. Net sales grew in renewable energy and meteorology market segments, were at previous year’s level in aviation market segment, and decreased in ground transportation segments. In the comparison period, services net sales included discontinued assessment services provided for renewable energy customers and lease income.

Gross margin was at previous year’s level 50.3 (50.9) %.

Operating result included expenses arising from valuation increase of contingent considerations of acquired businesses based on updated financial plans for 2021, as well as a settlement payment to a business partner in the US. These expenses totaled EUR 4.5 million.

Impact of the COVID-19 pandemic
The COVID-19 pandemic continued to impact aviation market segment and emerging markets during January–September 2021. In other market segments global economic recovery has been stronger and faster than earlier expected. The recovery had a positive effect on third quarter demand. Picked up demand was reflected especially in Industrial Measurements business area. However, it is difficult to estimate impact of the pandemic on financial results.

Following decrease in project orders, Vaisala’s co-operation negotiations in Finland in its Project and Customer Services unit within Weather and Environment business area resulted to termination of nine positions. Redundancies were avoided as other positions were found within the company.

Shortage of components did not affect Vaisala’s delivery capability during January–September 2021. However, shortage of components generated additional material costs during the third quarter and had about one percentage point negative impact on Vaisala’s gross margin. Visibility to component availability has deteriorated and the global shortage of components is expected to continue during the fourth quarter and the first half of next year.

Vaisala’s financial position and cash flow remained strong. Gearing was -0.6% at the end of September 2021. No material changes were identified in customers’ payment behavior and credit loss allowance did not materially change during January–September.

Strategy update and long-term financial targets
In September, Vaisala's Board of Directors approved the company’s strategy and updated long-term financial targets for the next three years.

Vaisala’s strategy focuses on driving sustainable growth and global leadership in weather, environmental, and industrial measurements. Through its products and technologies, Vaisala enables business-critical decisions and operations for its customers. Thereby, the company strongly contributes to solving global challenges related to climate change, resource efficiency, and well-being and health.

Vaisala aims to be market leader in the markets where it operates. The company has identified four drivers for successful strategy implementation:
•        Product and technology leadership from sensors to digital solutions
•        Deep customer understanding and application knowhow
•        Scalability in high-mix, low-volume business
•        Engaged and talented people

Long-term financial targets
Based on the revised strategic objectives with raised growth ambition and focus on operational excellence, Vaisala updated its long-term financial targets. Vaisala's long-term target is to achieve an average annual net sales growth of 7% and an operating result margin (EBIT) of 15% during the strategy period.

Earlier Vaisala’s objective was profitable growth with an average annual growth exceeding 5% and operating result margin (EBIT) exceeding 12%.

Vaisala does not consider the long-term financial targets as market guidance for any given year.

Changes in Management Group
In July, Timo Leskinen was appointed as Executive Vice President, Human Resources. He started in this position on October 1, 2021. Leskinen is a member of the Vaisala Management Group and reports to President and CEO Kai Öistämö.

In January, Olli Nastamo was appointed Executive Vice President, Operational Excellence. He started in his position on March 1, 2021. Nastamo is a member of the Vaisala Management Group and reports to President and CEO Kai Öistämö.

Annual General Meeting 2021
Vaisala Corporation’s Annual General Meeting was held on March 30, 2021. 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, 2020.

Dividend
The Annual General Meeting decided a dividend of EUR 0.61 per share. The record date for the dividend payment was April 1, 2021, and the payment date was April 12, 2021.

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 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 will 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 Remuneration and HR Committee and any other committee established by the Board of Directors for a term until the close of the Annual General Meeting in 2022. The meeting fees are paid in cash. Possible travel expenses will be reimbursed according to the travel policy of the company.

Auditor
The Annual General Meeting re-elected Deloitte Oy as the auditor of the company and APA Reeta Virolainen will act as the auditor with the principal responsibility. The Auditors are reimbursed according to invoice presented to the company.

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 500,000 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 30, 2022.

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 835,794 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 30, 2022. The authorization for the company's incentive program shall however be valid until March 30, 2025.

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 Chairman of the Board of Directors and Raimo Voipio as the Vice Chairman.

Kaarina Ståhlberg was elected as the Chairman and Petri Castrén, Antti Jääskeläinen and Raimo Voipio as members of the Audit Committee. Ville Voipio was elected as the Chairman and Petra Lundström, Jukka Rinnevaara and Tuomas Syrjänen as members of the Remuneration and HR Committee. The Chairman and all members of the Audit Committee as well as the Remuneration and HR 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 September 30, 2021. Vaisala has 36,436,728 shares, of which 6,731,092 are series K shares and 29,705,636 series A shares. 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–September 2021, a total of 2,110,731 series A shares with a value totaling EUR 75.1 million were traded on the Nasdaq Helsinki Ltd. The closing price of the series A share on the Nasdaq Helsinki stock exchange was EUR 37.55. Shares registered a high of EUR 44.95 and a low of EUR 30.00. Volume-weighted average share price was EUR 35.61.

The market value of series A shares on September 30, 2021 was EUR 1,102.8 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 September, the total market value of all the series A and series K shares together was EUR 1,355.6 million, excluding company’s treasury shares.

Treasury shares
In March 2021, a total of 87,100 of treasury shares were conveyed without consideration to the 28 key employees who participated in the Share-based incentive plan 2018 under the terms and conditions of the plan. Of these shares, 4,000 were conveyed to the President and CEO Kai Öistämö and 13,850 to the previous President and CEO Kjell Forsén. In addition, 11,520 shares were conveyed to Kjell Forsén related to the Share-based incentive plan 2019–2021 and 2,764 shares related to the Share-based incentive plan 2020–2022 under the terms and conditions of the plans. This directed share issue was based on an authorization given by the Annual General Meeting held on June 3, 2020.

Following this directed share issue, the number of series A treasury shares on September 30, 2021 was 335,655, which represents 1.1% of series A shares and 0.9% of total shares.

Shareholders
At the end of September 2021, Vaisala had 12,676 (10,399) registered shareholders. Ownership outside of Finland and nominee registrations represented 19.5 (18.3) % of the company's shares. Households owned 40.5 (40.4) %, private companies 13.2 (13.3) %, financial and insurance institutions 13.0 (13.5) %, non-profit organizations 10.6 (10.8) % and public sector organizations 3.4 (3.7) % of the shares.

More information about Vaisala’s shares and shareholders are presented on the company’s website at vaisala.com/investors.

Near-term risks and uncertainties
COVID-19 pandemic’s impact on Vaisala’s business is depending on the duration and severity of this exceptional situation. Component shortage may cause delays or interruptions in deliveries or generate additional material costs. Vaisala’s delivery capability may deteriorate due to disruptions in suppliers’ operations, absence of own production employees or disruptions in incoming and/or outgoing logistics. Demand may fluctuate materially by country or market segment and customers’ recovery from the exceptional situation varies a lot. Effects of the pandemic on customers’ cash flow can be significant and lead to credit losses. Exceptional situation may also cause delays or interruptions in Vaisala’s operations, e.g. in project deliveries and R&D.

Uncertainties in international trade policies or political situation may reduce or delay demand for Vaisala’s products and services. Customers’ preference for local manufacturing may reduce demand for Vaisala’s products and services.

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