Panostaja Oyj’s Half-year Financial Report November 1, 2022–April 30, 2023
June 02 2023 - 3:00AM
Panostaja Oyj’s Half-year Financial Report November
1, 2022–April 30, 2023
Panostaja Oyj
Half-year Financial Report June 2,
2023 10.00 a.m.
Panostaja Oyj’s half-yearly
reportNovember 1, 2022-April 30, 2023
Growth and good profitability development
in the first six-month period
February 2023-April 2023 (3 months)
in brief:
- Net sales increased in three of the
four segments. Net sales for the Group as a whole improved by 6%
and were MEUR 35.0 (MEUR 33.0).
- EBIT improved in two of the four
segments. The Group’s EBIT decreased from the reference period to
MEUR 0.1 (MEUR 7.9). The EBIT for the reference period
includes MEUR 9.4 in sales profit from the SokoPro deal.
- Comparable EBIT improved for three
of the four segments (Grano adjusted with the impacts of the
SokoPro divestment).
- Grano’s net sales for the review
period increased by 7% from the reference period in the previous
year. EBIT totaled MEUR 0.8 (MEUR 8.6). The reference period EBIT
includes the SokoPro sales profit of MEUR 9.4.
- Earnings per share (undiluted) were
-1.1 cents (7.2 cents).
November 2022-April 2023 (6 months) in
brief:
- Net sales increased in three of the
four segments. Net sales for the Group as a whole increased by 2.5%
to MEUR 70.5 (MEUR 68.8).
- EBIT improved in two of the four
segments. The Group’s EBIT decreased from the reference period to
MEUR 0.2 (MEUR 7.0). The EBIT for the reference period
includes MEUR 9.4 in sales profit from the SokoPro deal.
- Comparable EBIT improved for three
of the four segments (Grano adjusted with the impacts of the
SokoPro divestment).
- Grano’s net sales for the review
period increased by 2.4% from the reference period. EBIT was MEUR
1.6 (MEUR 9.0), including the SokoPro sales profit of MEUR 9.4. Net
sales for the review period increased by 5.4% from the reference
period net sales that were adjusted based on the SokoPro sale.
- Earnings per share (undiluted) were
-2.5 cents (5.9 cents).
CEO Tapio Tommila:
“The first half of the financial period mainly
progressed positively for our segments, and we have been able to
push our operations toward our goals on a broad scale. Our clear
focus in this financial period has been in improving the
profitability of our business operations, and we have succeeded in
driving profitability improvements across all of our segments –
particularly with regard to Grano’s sales profit measures. Grano’s
growth has also been at a good level, and the demand situation as a
whole has remained stable.
At Hygga, we have put a massive amount of work
into improving the profitability of the clinic business amid the
pressure imposed by the challenges with employee availability in
the field, and the work continued with the new CEO has begun to
yield good results. At Oscar Software, we have focused on ensuring
a good level of profitability, along with growing the continuously
invoiced software business and investments aiming at a full
transition to a cloud-based software platform. The progress has
been good, but the unfortunate cyber attack on some of Oscar
Software’s systems in March caused one-off costs and delayed new
projects. That said, I am proud of the Oscar Software team who
stepped up in the difficult situation and minimized the detriments
caused to our customers. We naturally are continuing our measures
to continuously improve data security at Oscar Software and all of
our segments. As regards CoreHW, customer project activity for
design services remained high, but our project profitability
suffered somewhat due to the slow progress of certain technically
challenging projects.
During the review period, we carried out a
substantial additional investment in the development and
commercialization of the company’s own product business by
allocating almost MEUR 4 in extra funding to bolstering the product
development and commercialization measures of the indoor
positioning solutions. Our clear goal is to achieve significant
sales volumes for component products in the next financial
period.
Even though the number of completed deals has
dropped from the peak levels in the corporate acquisition market,
there have been fairly active discussions and new projects are
being initiated. However, the high price expectations of the
sellers are hampering the deals in some cases. For our part, we
will continue to actively explore corporate acquisition
opportunities in our own target sectors.”
Financial Development November 1,
2022-April 30, 2023
KEY FIGURESMEUR |
Q2 |
Q2 |
6 MONTHS |
6 MONTHS |
12 months |
|
2/23-4/23 |
2/22-4/22 |
11/22-4/23 |
11/21-4/22 |
11/21-10/22 |
Net sales, MEUR |
35.0 |
33.0 |
70.5 |
68.8 |
137.9 |
EBIT, MEUR |
0.1 |
7.9 |
0.2 |
7.0 |
5.2 |
Profit before taxes, MEUR |
-0.4 |
7.4 |
-0.9 |
6.0 |
3.2 |
Profit/loss for the financial period, MEUR |
-0.5 |
7.4 |
-1.2 |
6.5 |
3.9 |
Distribution: |
|
|
|
|
|
Shareholders of the parent
company |
-0.6 |
3.8 |
-1.3 |
3.1 |
1.3 |
Minority shareholders |
0.0 |
3.6 |
0.2 |
3.4 |
2.6 |
Earnings per share, undiluted, EUR |
-0.01 |
0.07 |
-0.03 |
0.06 |
0.03 |
Interest-bearing net liabilities |
39.7 |
35.9 |
39.7 |
35.9 |
42.3 |
Gearing ratio, % |
71.7 |
56.9 |
71.7 |
56.9 |
72.8 |
Equity ratio, % |
37.4 |
41.0 |
37.4 |
41.0 |
39.1 |
Equity per share, EUR |
0.65 |
0.79 |
0.65 |
0.79 |
0.71 |
Distribution of net sales by segment
MEUR |
Q2 |
Q2 |
6 MONTHS |
6 MONTHS |
12 months |
Net sales |
2/23-4/23 |
2/22-4/22 |
11/22-4/23 |
11/21-4/22 |
11/21-10/22 |
Grano |
27.8 |
26.1 |
56.3 |
55.0 |
111.5 |
Hygga |
2.1 |
2.0 |
3.9 |
4.0 |
7.3 |
CoreHW |
2.3 |
2.1 |
4.5 |
4.1 |
8.0 |
Oscar Software |
2.9 |
2.9 |
5.9 |
5.8 |
11.2 |
Others |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
Eliminations |
0.0 |
0.0 |
-0.1 |
-0.1 |
-0.1 |
Group in total |
35.0 |
33.0 |
70.5 |
68.8 |
137.9 |
Distribution of EBIT by
segmentMEUR |
Q2 |
Q2 |
6 MONTHS |
6 MONTHS |
12 months |
EBIT |
2/23-4/23 |
2/22-4/22 |
11/22-4/23 |
11/21-4/22 |
11/21-10/22 |
Grano |
0.8 |
8.6 |
1.6 |
9.0 |
8.7 |
Hygga |
0.0 |
-0.1 |
-0.2 |
-0.3 |
-0.4 |
CoreHW |
-0.1 |
0.0 |
-0.2 |
-0.2 |
-0.5 |
Oscar Software |
-0.1 |
-0.2 |
0.1 |
-0.3 |
-0.5 |
Others |
-0.5 |
-0.5 |
-1.1 |
-1.1 |
-2.2 |
Group in total |
0.1 |
7.9 |
0.2 |
7.0 |
5.2 |
Panostaja Group’s business operations for the
current review period are reported in five segments: Grano, Hygga,
CoreHW, Oscar Software and Others (parent company and associated
companies).
One associated company, Gugguu Group Oy,
provided a report for the review period. The impact on profit/loss
of the reported associated companies in the review period was MEUR
-0.1 (MEUR -0.1), which is presented in a separate row in the
consolidated income statement.The development of Gugguu’s net sales
and EBIT has been commented on more specifically in the Segments
section.
Outlook for the 2023 Financial
Period
As regards the corporate acquisition market, new
opportunities are available and the market is active. SMEs will
still need to utilize ownership arrangements and growth
opportunities, but the consistently high market liquidity and the
high price expectations of sellers, which tend to follow changes in
economic trends with some delay, make the operating environment
challenging for corporate acquisitions. We will continue exploring
new possible investment targets in accordance with our strategy and
assess divestment possibilities as part of the ownership strategies
of the investment targets.
It is thought that the demand situation for
different investments will develop in the short term as
follows:
- The demand for Oscar Software and
CoreHW decline to satisfactory.
- The demand of Grano and Hygga will
remain satisfactory.
The demand situation presented above involves
uncertainties relating to any geopolitical and macroeconomic
impacts that are difficult to anticipate. The effects of the war in
Ukraine and the related economic sanctions and geopolitical
tensions will increase economic uncertainty in Finland and abroad,
which may negatively impact segment demand or the availability of
materials, and thereby material prices and delivery capabilities.
If strengthened and prolonged, the inflation may have a negative
impact on the purchasing power of consumers and the willingness of
companies to make investments, which may weaken the demand
situation of our segments from the estimate provided
above.
Panostaja Oyj
Board of Directors
For further information, contact CEO Tapio
Tommila, +358 (0)40 527 6311
Panostaja OyjTapio TommilaCEO
Panostaja is an investment company developing
Finnish companies in the growing service and software sectors as an
active shareholder. The company aims to be the most sought-after
partner for business owners selling their companies as well as for
the best managers and investors. Together with its partners,
Panostaja increases the Group's shareholder value and creates
Finnish success stories.
Panostaja has a majority holding in four
investment targets. Grano Oy is the most versatile expert of
content services in Finland. Hygga Oy is a company providing health
care services and the ERP system for health care providers. CoreHW
provides high added value RF IC design services. Oscar Software
provides ERP systems and financial management services.
- Panostaja Oyj Half-year Report 2.6.2023
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