Fiscal year 2008-2009 in brief
In consequence of the international economic recession, the market situation for both the Pulp & Paper Machinery and the Process Machinery division was extremely challenging. The rate of investments in the paper industry and the board and process industry as well was low, and investment demand experienced a sharp decline.
Annual turnover was 75.7 million euros (comparative: 73.2 million euros), an increase of 3% from the previous fiscal period’s figure, caused by the Pulp & Paper Machinery division’s large project deliveries completed near the end of the period.
The operating loss was 2.3 million euros (compared with a 2007-2008 operating profit of 0.6 million euros). This loss was generated in the first half of the year, when turnover was far below the previous period’s figure. The Pulp & Paper Machinery division posted a loss, but the Process Machinery division showed a small profit.
The earnings per share (EPS) figure was -0.81 euros per share (0.08 euros). The Annual General Meeting on December 16, 2009 decided according the proposal of the Board of Directors that no dividend be distributed.
The order book decreased in the last months of the fiscal year an account of project deliveries that were completed at the end of the period. At the end of the fiscal year, the order book stood at 17.1 million euros (54.4 million euros). The order backlog decreased for both the Pulp & Paper Machinery and the Process Machinery division.
The operations of the Pulp & Paper Machinery division were simplified in the 2008-2009 financial year. Following these rearrangements, the division has two business units, Vaahto Projects and Vaahto Service.