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INTERIM REPORT JANUARY SEPTEMBER INTERIM REPORT JANUARY SEPTEMBER 2001 Revenues in the first nine months totalled MEUR 66.4 (growth of 41.6% on the corresponding period last year) Operating profit
of 25
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INTERIM REPORT JANUARY SEPTEMBER INTERIM REPORT JANUARY SEPTEMBER 2001 Revenues in the first nine months totalled MEUR 66.4 (growth of 41.6% on the corresponding period last year) Operating profit was MEUR 7.8 (increase of 30%) Profit before taxes was MEUR 7.5 (growth of 21%) Positive cash flow from operations MEUR organic growth can be financed from operations Commissioning of new premises facilitates future growth Markets give encouraging reception to new products 2 RESULT JANUARY-SEPTEMBER 2001 MEUR 1-9/01 1-9/00 pro forma Change % 1-12/00 pro forma Revenues % 64.9 EBIT % 8.1 EBIT % Profit before taxes and minority interest % 8.2 Profit for the period % 5.6 Equity ratio % % 49.1 Personnel on average % 283 3 RESULT JULY-SEPTEMBER 2001 MEUR 7-9/01 7-9/00 Change pro forma Revenues % EBIT % EBIT % Profit before taxes and minority interest % Profit for the period % 4 MEUR REVENUES 64,9 66,4 46,9 44,3 25,7 17 8, /00 1-9/01 % Revenues Growth of revenues 5 SALES BY MARKET AREA 1-9/ /2001 Other countries 2 % Far East 7 % Finland 19 % Other countries Far East 2 % 11 % Finland 20 % North America 23 % North America 19 % Rest of Europe 49 % Rest of Europe 48 % 6 SALES BY CHANNEL 1-9/ /2001 Brand Label 29 % Direct sales 32 % Brand Label 22 % Direct sales 36 % OEM 23 % Distributors 16 % OEM 25 % Distributors 17 % 7 MEUR EBIT 8,1 7, ,2 2,6 0, /00 1-9/01 EBIT EBIT % % CASH FLOW MEUR Q1 Q2 Q3 Q INTEREST BEARING NET DEBT MEUR ,3 4,3 2,7 2,3 2 0, /00 1-9/01 % Interest bearing net debt Net gearing 10 ORDERBOOK MEUR 12 11, ,3 8, ,9 5, REVENUES Tammi Helmi Maalis Huhti Touko Kesä Heinä Elo Syys Loka Marras Joulu ENGINEERED DRIVES ACHIEVEMENTS ÖREBRO KARTONGFABRIK First common project for Honeywell Finland and Vacon within the P&P The first Vacon Engineered Drives unit's project outside Finland The first Vacon NXP system drive. 13 The process is run by 18 Vacon NXP drives in the power range of kw (400 V). The 100-meter-long production line manufactures 3-meter-wide paperboard. The production speed was increased from 230 m/min to a new design speed of 450 m/min. FUTURE OUTLOOK Year 2001 sales will be about 87 MEUR (growth of 35%) The profitability will remain at the same level as 2000 (EBIT 12,5%) The world-wide markets grow about 8-10% The increasing price of energy has a positive impact on energy-saving investments based on frequency converter solutions Vacon s goal is achieve growth of 20-30% in 2002 Then long-term goal remains of maintaining an operating profit of 12.5% 14 VACON SHARE PRICE VS. HEX GENERAL 15 Market growth Conclusions - Benefits offered by frequency converters - Low penetration - Open automation enlarging market potential Competitive position - Technology forerunner - Modular approach - full product range across industries - World-wide distribution network - Focus on core competencies - Focused and independent supplier 16 Profitable growth continues INVESTOR RELATIONS Veijo Karppinen, President Dag Sandås, Vice President, Finance & Control Catarina Fant, Investor Relations Manager NEW IR-site: 17 18 INCOME STATEMENT (MEUR) 1-9/ / 2000 pro forma 1-12/ 2000 pro forma 7-9/ / 2000 pro forma Revenues EBIT Financial income and expenses Profit before extraordinary items. taxes and minority interest Taxes Minority interest Profit for the period ASSETS BALANCE SHEET (MEUR) pro forma pro forma Fixed assets Intangible assets Tangible assets Investments Current Assets Inventories Short-term receivables Cash and equivalents Total BALANCE SHEET (MEUR) SHAREHOLDERS EQUITY AND LIABILITIES pro forma pro forma Shareholders equity 1) Minority interest Group reserves Long-term liabilities Current liabilities Total ) Includes equity loans of MEUR 1.8 MEUR and and 0.3 MEUR CONSOLIDATED CASH FLOW STATEMENT (MEUR) 1-9/ /2000 pro forma 1-12/2000 pro forma Net cash flow from operations Cash flow used in investment activities, net Financing total Cash flow after financing PER SHARE DATA 1-9/ / pro forma pro forma Earning per share, EUR Shareholders equity per share, EUR Equity ratio (%), without capital loans Gross capital expenditure, MEUR Interest bearing net debt, MEUR 1) Net gearing Order book, MEUR Adjusted average number of shares during the financial period 15,150,000 13,717,702 13,722,242 Number of shares at the end of the financial period 15,150,000 15,063,978 15,150,000 1)Includes equity loans 1.8 MEUR and and 0.3 MEUR COMMITMENTS AND CONTINGENCIES (MEUR) 1-9/ / /2000 Company mortgages Guarantees Leasing contracts Contingent liabilities, total 25
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