Glaston financial statement sees favourable growth continue; order book grow

Glaston’s 2014 financial statement shows growth in both net sales and operating profit. The company started this year with a strong order book and now expects net sales and operating profit to exceed the 2014 levels.

Orders received in January-December totalled EUR 145.1 (123.3) million. Orders received in the fourth quarter totalled EUR 55.5 (33.3) million.
The order book on 31 December 2014 was EUR 57.9 (39.1) million.
Consolidated net sales totalled EUR 124.5 (122.2) million. Final quarter net sales totalled EUR 40.8 (35.9) million.
EBITDA, excluding non-recurring items, was EUR 9.2 (6.7) million, i.e. 7.4 (5.5)% of net sales.
EBITDA was EUR 8.6 (10.5) million, i.e. 6.9 (8.6)% of net sales.
The operating profit, excluding non-recurring items, grew 130.7% and was EUR 4.9 (2.1) million, i.e. 3.9 (1.7)% of net sales. The final quarter operating profit, excluding non-recurring items, was EUR 2.5 (1.9) million.
Continuing Operations’ operating profit was EUR 4.3 (5.9) million, i.e. 3.4 (4.8)% of net sales. The final quarter operating profit was EUR 2.5 (1.9) million.
Continuing Operations’ return on capital employed (ROCE) was 7.9 (9.8)%.
Continuing Operations’ earnings per share were EUR 0.01 (0.01) and for the fourth quarter EUR 0.00 (-0.01). Continuing and Discontinued Operations’ earnings per share were EUR 0.01 (0.01) and in the fourth quarter EUR 0.00 (-0.01).
Glaston’s interest-bearing net debt totalled EUR -5.0 (8.6) million.
The Board of Directors proposes to the Annual General Meeting a return of capital of EUR 0.02 per share.
Glaston expects that 2015 net sales and operating profit, excluding non-recurring items, will exceed the level of 2014 (net sales EUR 124.5 million and operating profit, excluding non-recurring items EUR 4.9 million in 2014).
Glaston President and CEO Arto Metsänen: “For Glaston, the final quarter of the year was good and we start 2015 with a strong order book. Our new products and particularly the FC series have gained a strong reputation among customers and this was reflected in new orders. Based on feedback received from customers, our new convection systems are clearly ahead of what our competitors have to offer.
For the full year, we achieved growth in both net sales and operating profit. I am particularly satisfied with the stronger than expected development of operating profit. In terms of net sales, our growth expectations were higher than the level of net sales achieved. The situation in Russia and a lower than expected order intake in Asia slowed development of net sales. We will continue our strong focus on Asia. Our new products have already gained a strong position in the European and North American markets, and we also believe in their competitiveness in Asia.
Among the other significant events during the review period was strong cash flow, as a result of which our net debt was negative. In addition, we concluded our first deal for a GlastonAir™ machine, equipped with our new air floatation technology. The deal was a significant milestone in the technological development of the industry.”
We expect that 2015 net sales and operating profit, excluding non-recurring items, will exceed the level of 2014 (net sales EUR 124.5 million and operating profit, excluding non-recurring items EUR 4.9 million in 2014).