Glaston has reported positive results for 2013, with orders received totalling EUR 123.3 (118.1) million. During the Annual General Meeting, the Board of Directors proposed that no dividend be distributed.
Glaston’s financial statement for 2013 reported positive results, with orders received in January-December totalling EUR 123.3 (118.1) million. Orders received in the fourth quarter totalled EUR 33.3 (33.3) million, and the order book on 31 December 2013 was EUR 39.1 (34.2) million.
Consolidated net sales in January-December totalled EUR 122.2 (115.6) million, while final quarter net sales were EUR 35.9 (32.3) million.
EBITDA was EUR 10.5 (-0.4) million, i.e. 8.6 (-0.3)% of net sales.
The operating result, excluding non-recurring items, was a profit of EUR 2.1 (3.4 loss) million, i.e. 1.7 (-2.9)% of net sales. The final quarter operating profit, excluding non-recurring items, was EUR 1.9 (0.5) million.
Continuing Operations’ operating result was a profit of EUR 5.9 (8.8 loss) million, i.e. 4.8 (-7.6)% of net sales. The final quarter operating result was a profit of EUR 1.9 (1.9 loss) million. Continuing Operations’ return on capital employed (ROCE) was 9.8 (-9.4)%. Continuing Operations’ earnings per share were EUR 0.01 (-0.16) and for the fourth quarter EUR -0.01 (-0.06). Continuing and Discontinued Operations’ earnings per share were EUR 0.01 (-0.20) and in the fourth quarter EUR -0.01 (-0.05).
The Board of Directors proposes to the Annual General Meeting that no dividend be distributed.
President & CEO Arto Metsänen: “We can be relatively satisfied with 2013. The company’s operational result returned to positive and we restored our financial position.
During the first quarter, we implemented an extensive number of measures aimed at strengthening our financial position. Full-year cash flow from operating activities, after the change in working capital, was positive at EUR 7.1 million. As a result of the measures undertaken, our net debt decreased by nearly EUR 50 million from the end of the previous year to stand at less than EUR 10 million.
With respect to the improvement in earnings, the most significant factor was full implementation of a savings programme amounting to around EUR 5 million. Due to this and good sales of heat treatment machines, we managed to restore our operating result to profit after a number of loss-making years. The operating result, excluding non-recurring items, was clearly positive, namely a profit of EUR 2.1 million.
The global market was relatively subdued and provided very limited support. A positive note was perceptible in North America throughout the year and also in Europe, particularly in the final quarter. Despite the low market activity, our net sales grew by 5.7% to EUR 122.2 million. Sales of heat treatment machines developed positively throughout the year, with the final quarter being particularly strong. Our flagship products, the FC and RC product lines, further strengthened their position among customers. The pre-processing machines market continued to be challenging.
We look forward to 2014 with confidence. Our company is on a solid foundation and our product portfolio is the most up-to-date on the market and meeting customers’ needs. We believe that our markets will develop positively but cautiously, giving us a good possibility of profitable growth.”