Panostaja Oyj´s Business Review Q1 1.11.2018-31.11.2019


Panostaja Oyj          Business Review Q1        March 7 2019  10.00 a.m.


November 1, 2018-January 31, 2019 (3 months)

  • Panostaja acquired a significant minority share in Gugguu Oy and sold its minority shareholding in Ecosir Group Oy.
  • Grano’s net sales for the review period deteriorated 5% from the reference period. EBIT weakened to MEUR -0.3 from MEUR 1.1 in the reference period.
  • Net sales increased in three of the nine investment targets. Overall, the Group’s net sales for the review period increased by 12% to MEUR 50.3 (MEUR 44.9).
  • EBIT improved in three of the nine segments. EBIT decreased from the reference period to MEUR 0.3 (MEUR 1.7). The review period’s EBIT includes sales profit for Ecosir Group in the amount of MEUR 1.6. EBIT for the reference period is improved by MEUR 1.3 in profit pertaining to the right to VAT deductions.
  • Earnings per share (undiluted) were -0.1 cents (50.9 cents).

CEO Tapio Tommila Active start to the year in terms of minority deals

“At the very beginning of the financial period, we acquired a significant minority shareholding in Gugguu Oy, which manufactures ecological, high-quality children’s wear. Our journey together with Gugguu is off to a good start, and the company’s Board of Directors has been bolstered with expertise in brand management and internationalization. Soon after acquiring Gugguu, we concluded another minority deal by selling our holding Ecosir Group to an international group of owners, which will support the next phase in the company’s internationalization process. Panostaja recorded a profit of MEUR 1.6 before taxes for the sale.

The development in net sales and profitability over the course of the first quarter was significantly weaker than expected. The total net sales of the segments continued growing by 12% as a result of the of the segments acquired during the previous financial period, but, among the old segments, KL-Varaosat was the only one the increase its net sales. However, there has been no significant change in the short-term market outlook of the segments, although some signs of a gradual decline in demand have been apparent.

Grano’s net sales for the review period were far lower than we expected. The process of leveraging the company’s diverse range of product areas and scale benefits in still under way, and we will be focusing on developing Grano’s operations in order to ensure the targeted net sales level and improve profitability. Mikko Moilanen stepped in as the company’s new CEO in December, and we will be continuing measures to achieve our targets under his leadership. The development of Carrot’s net sales in the review period reflected the staff turnover in regional organizations. The substitutive recruitments have been completed on a tight schedule, but we will continue to monitor the implementation of the changes to ensure an upward turn in Carrot’s profit. The share of CoreHW’s customer projects remained below the targeted level during the review period. Even though the company has successfully utilized resources freed from customer work to accelerate the development of proprietary products, the measures to realize potential customer projects at a quicker rate will be continued on a wide scale within the company. In Helakeskus, the measures to reverse the profitability development began to bear fruit during the review period and the company achieved a clear improvement in its profit/loss.

The corporate acquisitions market remained active in the period under review, and the availability of new opportunities has been good. Activity would seem to remain at a high level towards the spring. We will continue to actively explore corporate acquisition opportunities, but we are currently paying particular attention to supporting the development of our current segments.”


Key Figures 
Q1Q112 months
Net sales, MEUR50.344.9199.7
EBIT, MEUR0.31.75.3
Profit before taxes, MEUR-
Profit/loss for the financial period, MEUR-0.727.227.1
  Shareholders of the parent company-0.126.524.1
  Minority shareholders-
Earnings per share, undiluted (EUR)-0.000.510.46
Interest-bearing net liabilities57.538.658.1
Gearing ratio, %72.246.569.0
Equity ratio, %39.838.140.4
Equity per share (EUR)0.961.101.02


Division of the net sales by segment
Q1Q112 months

Net sales
Grano 32.334.0136.6
Carrot5.3 13.0
Oscar Software2.6 4.4
Eliminations -0.10.0-0.2
Group in total 50.344.9199.7


Division of EBIT by segment
Q1Q112 months

Grano -
Carrot-0.4 -0.1
Oscar Software0.2 0.1
Others 1.00.6-1.8
Group in total

In the review period, two associated companies, Gugguu and Spectra, issued reports to the parent company. The profit/loss of the associated companies in the review period was MEUR 0.0 (MEUR 0.0), which is presented in the consolidated income statement under the EBIT. Panostaja sold its shareholding in the Ecosir Group during the review period. Panostaja recorded a profit of MEUR 1.6 before taxes for the sale. At the end of the review period, interests in associated companies stood at MEUR 2.4.


Outlook for the 2019 Financial Period

The corporate acquisitions market remained active in the period under review, and the availability of new opportunities has been good. The need to exploit ownership arrangements and growth opportunities in SMEs will continue, and as our own activity complements the supply of possible acquisitions from outside, there are plenty of possibilities for corporate acquisitions on the market. Panostaja aims to implement its growth strategy by means of controlled acquisitions in current investments, and new potential investments are also being actively studied. Divestment possibilities will also be assessed 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 Selog, Helakeskus, CoreHW, KL-Varaosat, Carrot and Oscar Software will remain good
  • the demand for Grano, Heatmasters and Hygga will remain satisfactory


Panostaja Oyj

Board of Directors



For further information, contact CEO Tapio Tommila, +358 (0)40 527 6311

Panostaja Oyj

Tapio Tommila



This is not an interim report compliant with the IAS 34 standard. The company observes the six-monthly reporting practice prescribed in the Finnish Securities Markets Act and publishes business reports for the initial three and nine months of each year, presenting the key information on the company’s financial development. The financial information presented in the business report have not been audited.

Panostaja is an investment company developing Finnish start-ups in the role of 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 strives to increase shareholder value and create Finnish success stories.