News and Media

Uutechnic Group’s Half Year Financial Report for 1 January – 30 June 2016

PLC UUTECHNIC GROUP OYJ HALF YEAR FINANCIAL REPORT AUGUST 17, 2016 at 10:00 am

 

UUTECHNIC GROUP’S HALF YEAR FINANCIAL REPORT FOR 1 JANUARY – 30 JUNE 2016

TURNOVER AND OPERATING PROFIT IMPROVED – ALL UNITS RECORDED A POSITIVE RESULT  

Uutechnic Group’s turnover for 1 January – 30 June 2016 was EUR 16.9 million (1.7 million), and its operating profit was EUR 1.06 million (0.38 million). The Group’s order book stood at EUR 19.5 million on 30 June 2016. The comparable order book for 2015 was EUR 14.5 million.

The business arrangement carried out in the Group in 2015 was recognised as a reverse acquisition in the Group’s IFRS financial statements. For this reason, the comparison figures for the previous financial year presented in the half year financial report on 30 June 2016 are figures concerning Uutechnic Oy before the demerger. The consolidated figures for 2015 presented in the half year financial report are not comparable to the Group’s previous reporting. As applicable, the combined figures for Uutechnic Oy, Japrotek Oy Ab, Stelzer Rührtechnik Int and AP-Tela Oy – the Group units engaged in business operations – are presented as comparable figures for 2015. Any figures for 2015 with no mention of comparability are figures for Uutechnic Oy.

 

KEY EVENTS IN 1 JANUARY – 30 JUNE 2016

Martti Heikkilä, CEO of Uutechnic Group says that a new group of companies created through a merger in October 2015 was well-received in the market. Our customers have shown that they trust our Group’s ability to deliver high-quality process equipment, agitators, complex tanks and columns, as well as combinations of these, to the process industry. Our thick-walled, welded and machined steel pipes, as well as our rolls for the paper, energy and crane industries, have found their customers. Our order book developed favourably during the first half of the year, and all of our subsidiaries recorded a positive result over that period of time.

The efficiency programmes that had been started within the Group, aiming at total savings of EUR 1.5 million per year compared to 2015, progressed as planned during the review period and continue to be implemented. The Group is also continuing to review and streamline its companies’ processes.

The business environment has remained challenging globally. The competitive situation is intensifying in the standard tank and agitator markets. However, with regard to complex process industry projects, customers trust experience and strong expertise. In a challenging business environment, our cost-efficiency continues to be a key factor in terms of profitable and competitive business operations.

Of the industries that are important for Uutechnic Group, investments in the paper and pulp industry continue to create opportunities for new orders, whereas investments in the mining and mineral processing industries are at a low level. Replacement investments are about to be carried out in the chemical, fertiliser, food and pharmaceutical industries. However, as an agile operator, Uutechnic Group is well-positioned for profitable business operations even in a challenging market situation.

 

NEW ORDERS AND ORDER BOOK

During the review period, the Group’s subsidiaries received significant new orders. At the end of the period, the order book stood at a good level, totaling EUR 19.5 million. The comparable order book for 2015 was EUR 14.5 million.

 

TURNOVER

The Group’s turnover for the review period was EUR 16.9 million. Its comparable turnover for 2015 was EUR 13.9 million. Finland represented 45% of the Group’s turnover, including indirect exports. The rest of Europe constituted 45%, Asia constituted 9% and North America constituted 1% of its turnover.

 

RESULT AND PROFITABILITY

The Group’s operating result for the review period was EUR 1.06 million (0.38 million) and the result of the review period was EUR 0.70 million (0.85 million). The Group’s earnings per share were EUR 0.01. All of its business units recorded a positive result for the review period. This was partly due to the fact that the efficiency programmes that were started during the fiscal period progressed as planned.

 

CASH FLOW AND BALANCE SHEET

The Group’s cash flow from operations for the review period was EUR 0.74 million (0.80 million), and its cash flow from investing activities was EUR -0.70 million (0,00 million). Most of the investments were investments in fixed assets related to AP-Tela Oy and Japrotek Oy Ab. At the end of the review period, the Group’s interest-bearing liabilities stood at EUR 5.3 million, of which EUR 2 million was attributable to subordinated loans from owners. The consolidated balance sheet stood at EUR 25.8 million (7.1 million).  The Group’s equity ratio was 58.2% (91.9%).

 

CHANGE IN GROUP STRUCTURE

In its financial statements for 2015, the Group announced the planned merger of Steva Oy with Uutechnic Oy. The merger was implemented on 30 June 2016. The Group has also decided to centralise its agitator production in Finland in Uusikaupunki. With regard to this, a stock exchange release was issued on 21 June 2016.

 

SUBSIDIARIES

AP-Tela Oy’s order book remained at a good level during the review period. In January, the company secured the largest order in its history. The order was placed by Valmet and included the design and manufacture of 27 massive drying cylinders. The order will be delivered in the fourth quarter of 2016. With regard to operational development at AP-Tela, special attention will be paid to production lead times. AP-Tela’s turnover increased during the first half of the year, and its operating result was positive.

Japrotek Oy Ab had a challenging first half of 2016 due to a low order book. Towards the summer, its order book improved considerably. Japrotek Oy Ab received significant orders, including orders from Kemapco for the fertiliser industry in Jordan, a client producing tall oil in Sweden and a Finnish equipment manufacturer for the nuclear power industry, as well as an order for a turnkey delivery of a crystallisation plant for the Joutseno plant of Kemira. The company has deliveries booked until 2018. Its turnover increased year-on-year. The company started an efficiency programme in early 2016, and it was implemented as planned during the review period. The company’s operations were clearly loss-making in 2015 but turned positive during the first half of 2016.

Stelzer Rührtechnik Int GmbH faced intensified competition in its traditional areas of operation, and its challenges in the first half of 2016 also included unevenly distributed agitator deliveries. However, the company was able to cut costs in response to the slow beginning of the year. Its turnover increased, and its operating result was positive.

Uutechnic Oy had a good first half of the year, with its turnover growing despite the lack of major projects. Its profitability remained at a very good level.

 

RESEARCH AND PRODUCT DEVELOPMENT

Research and product development expenses are recognised as an annual cost. The Group’s research and development operations are customer-oriented and mainly focus on the development of customers’ production results and processes.

 

PERSONNEL

On 30 June 2016, Uutechnic Group had 189 employees, of whom 77 were professional and managerial employees and 112 were production employees. At the beginning of the period, the Group had 179 employees. The increase is due to an increase in the number of production employees.

 

BOARD OF DIRECTORS AND CEO

On 28 April 2016, the Annual General Meeting re-elected Sami Alatalo and Jouko Peräaho as Board members and elected Hannu Kottonen and Kristiina Lagerstedt as new Board members. The new members are independent of the company and its major shareholders. Jouko Peräaho continues to serve as Chair of the Board, with Sami Alatalo as Vice Chair.

Martti Heikkilä has served as the CEO of the company since 1 December 2015. Ismo Haaparanta was appointed as Deputy CEO of the Group as of 18 January 2016. He is responsible for the Group’s business development and HR.

 

EVENTS DURING THE REVIEW PERIOD

Plc Uutechnic Group Oyj issued the following stock exchange releases during the review period:

12 January 2016 – Mr Ismo Haaparanta Has Been Appointed as Deputy CEO of Uutechnic Group

14 January 2016 – All the Shares of Plc Uutechnic Group Oyj’s Directed Share Issue Have Been Subscribed for

20 January 2016 – The New Shares of Plc Uutechnic Group Oyj Registered with the Trade Register

20 January 2016 – Disclosure of Change in Shareholdings Under Chapter 9, Section 10 of the Securities Markets Act

26 January 2016 – Japrotek Oy Ab, a Subsidiary of Uutechnic Group, Starts Co-determination Negotiations

29 January 2016 – Uutechnic Group Delivers Drying Cylinders to Valmet

11 February 2016 – Advance Information about Uutechnic Group’s Result for 2015

17 February 2016 – Japrotek Oy Ab, a Subsidiary of Uutechnic Group, Concludes Co-determination Negotiations

26 February 2016 – Uutechnic Group’s Order Backlog Has Progressed Favourably during the First Months of the Year 2016

11 March 2016 – Review of Uutechnic Group’s Financial Statements for 1 January – 31 December 2015

7 April 2016 – Plc Uutechnic Group Oyj’s Annual Report for the Fiscal Period 1 January to 31 December 2015 Has Been Published

7 April 2016 – Invitation to the Annual General Meeting

28 April 2016 – The Annual General Meeting of Plc Uutechnic Group Oyj Held on 28 April 2016

3 May 2016 – Uutechnic Group Received New Orders Worth over EUR 5 Million

6 June 2016 – Uutechnic Group Received a Significant Order

6 June 2016 – The Board of Directors of Plc Uutechnic Group Oyj Decided to Carry out a Share Issue Directed to the Personnel and Management

21 June 2016 – Uutechnic Group Will Centralise Agitator Production in Finland in Uusikaupunki

22 June 2016 – The Lessor of Japrotek Oy Ab Changes

 

RELATED-PARTY EVENTS

On 22 June 2016, the company announced that the lessor of the facilities of Japrotek Oy Ab, a subsidiary of the Group, would divest the facilities in Pietarsaari and the new lessor would be Uurec Holding Oy. The terms and conditions of the lease agreement remained unchanged. Uurec Holding Oy is owned by Saola Invest Oy and UuCap Oy, which are companies controlled by Sami Alatalo, Timo Lindström and Jouko Peräaho.

 

SHARES AND SHAREHOLDERS

 

At the beginning of the review period, the total number of shares and votes in Plc Uutechnic Group Oyj was 25,963,210. The shares subscribed for during the directed share issue carried out in late 2015 were entered into the Trade Register on 20 January 2016. The total number of these shares was 30,000,000, which increased the total number of shares and votes in Plc Uutechnic Group Oyj to 55,963,210.

On 30 June 2016, the company had 1,380 shareholders (1,045 at the beginning of the review period).

The total number of shares owned directly or through controlled companies by the Board of Directors, CEO and Group Management Team at the end of the review period was 22,393, or 40.0% of all shares.

Shares in Plc Uutechnic Group Oyj are listed on the Nasdaq Helsinki. Their trading code is UUTEC, and their ISIN code is FI0009900708.

Plc Uutechnic Group Oyj did not pay dividends during the review period.

 

 

AUTHORISATION AND SHARE ISSUE

The Annual General Meeting of 28 April 2016 authorised the Board of Directors to decide on the issue of new shares and other special rights that entitle their holders to subscribe for shares in accordance with Chapter 10, Section 1 of the Limited Liability Companies Act, in one or more instalments. The Board is authorised to issue a maximum of 10,000,000 new shares, including shares based on special rights.

Of the shares and special rights covered by the authorisation, a maximum of 1,000,000 shares may be directed to the Group’s personnel and Board of Directors, including shares based on special rights. Of these shares, including shares based on special rights, a maximum of 200,000 may be directed to the members of the Board of Directors. In a share issue directed to the Group’s personnel and Board of Directors, the subscription price of the share must be at least its market price less 10%, and at least its market price if shares are subscribed for based on special rights. The market price is the average price of the share on the Nasdaq Helsinki for the calendar month preceding the decision to issue shares or special rights. The authorisation entitles the Board to decide on any other terms and conditions for the issuance of shares and special rights, including any deviations from the shareholders’ pre-emptive right.

On 6 June 2016, the company announced that its Board of Directors had decided to carry out a share issue directed to its personnel and management. The subscription period ran from 20 June to 12 August 2016.

 

GOVERNANCE

Plc Uutechnic Group Oyj has complied with the Finnish Corporate Governance Code 2015 since 1 January 2016. The Finnish Corporate Governance Code 2015 was issued by the Securities Market Association on 1 October 2015.

 

SIGNIFICANT RISKS AND UNCERTAINTY FACTORS AND THEIR MANAGEMENT

The demand for Uutechnic Group’s products is dependent on trends and developments in the global economy and the Group’s customer industries, thereby posing a general external risk to its operations. The Group seeks to mitigate the risks arising from changes in demand by targeting its sales operations in line with current trends in various market areas and customer industries.

According to the Board of Directors of the Group’s parent company, other significant risks and uncertainty factors to which the Group is exposed are related to at least the following aspects:

 

  • The profitable business operations of the Group’s previously loss-making units require the continuous improvement of their competitive ability and the achievement of sufficient business volumes, as well as the continued successful integration of operational development into operations.
  • Part of the Group’s business operations consist of major or large project deliveries. Extensive and complicated projects involve the risk that the future costs and any other risks related to the delivery cannot be estimated sufficiently accurately in the bidding phase. In such cases, the result of the project may prove weaker than expected.
  • Unfavourable changes in the financial markets may have an effect on the availability of financing for customers’ investments, the Group’s result and the availability of equity and debt financing at competitive terms.

The Group seeks to protect itself against risks using all measures that can reasonably be implemented. Such measures include measures aiming for the improvement of profitability and productivity, training for employees, guidelines and instructions, insurance policies, critical examination of the terms and conditions of commercial agreements and continuous, systematic monitoring of operations.

 

OUTLOOK

In 2016, the main goal is to improve performance ability in all of the Group’s units and harmonise its corporate culture and operating methods.

Due to the Group’s efficiency programmes and the favourable development of its order book, its turnover in 2016 is expected to be over EUR 35 million. All of its units are expected to record positive results, and the Group’s operating result is expected to be EUR 2.2 to 2.4 million.

 

EVENTS AFTER THE END OF THE REVIEW PERIOD

On August 16, 2016 the company announced that unlike previously announced Plc Uutechnic Group Oyj will publish the Half year financial report from 1.1. – 30.6.2016 on August 17, 2016.

 

ACCOUNTING PRINCIPLES

This half year financial report was prepared in accordance with the IAS 34 standard. It does not include all of the notes or other information to be presented with financial statements. For this reason, the half year financial report should be read together with the financial statements for 2015.

The half year financial report was prepared in line with the accounting principles presented in the financial statements for 2015.

The information included in this half year financial report has not been audited. The figures are presented in thousands of euros (EUR 1,000), unless otherwise mentioned.

The business arrangement carried out in the Group in 2015 was recognised as a reverse acquisition in the Group’s IFRS financial statements. For this reason, the comparison figures for the previous financial year presented in the half year financial report on 30 June 2016 are figures concerning Uutechnic Oy.

 

 

 

KEY FIGURES   
 
 1.1.-30.6.161.1.-30.6.151.1.-31.12.15
1 000 EUR6 months6 months12 months
   
Turnover, continuing operations16 9421 6818 859
Operating profit/loss, continuing operations1 0653791 186
% of turnover6,322,513,4
Profit/Loss before taxes, continuing operations702379810
% of turnover4,122,50,3
Profit or loss for the period fron the discontinuing operations0551245
Earnings per share calculated on profit attributable to equity holders of the parent705930987
% of turnover4,255,311,1
Return on equity (ROE), % 2)14,214,012,4
Return on investment (ROI), % 2)11,017,913,5
Equity ratio, %58,291,968,0
Current ratio1,3-1,31,4
Net gearing46,7-81,350,5
Gross investments in fixed assets703041
% of turnover4,10,00,0
Order backlog, continuing operations19 495011 680
Consolidated balance sheet total25 83829722 179
Total number of personnel at the end of the period18914179

 

 

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME, IFRS    
1 000 EUR1.1.-30.6.20161.1.-30.6.20151.1.-31.12.2015
6 months6 months12 months
CONTINIUING OPERATIONS   
   
NET TURNOVER16 9421 6818 859
Change in finished goods and work in progress1 12452-477
Production for own use
Other operating income601234
Material and services9 5977053 522
Employee benefit expenses5 5584502 481
Depreciations27426137
Other operating expenses2 3141861 089
OPERATING PROFIT OR LOSS1 0653791 186
    
Depreciation, amortiztion and impairment loss of acqisition228076
Financing expenses1350300
PROFIT OR LOSS BEFORE TAXES702379810
    
Tax on income from operations-382102
PROFIT OR LOSS FOR THE FISCAL YEAR FROM THE CONTINUING OPERATIONS705297709
DISCONTINUING OPERATIONS   
Profit of loss for the fiscal year from the discontinuing operations0551245
PROFIT OR LOSS FOR THE FISCAL YEAR705848954
OTHER COMPREHENSIVE INCOME:   
Translation differences0033
Other comprehensive income, net of tax0033
TOTAL COMPREHENSIVE INCOME     705848987
NET PROFIT OR LOSS ATTRIBUTABLE:
Equity holders of the parent705297709
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE:
Equity holders of the parent705848987

 

Earnings per share calculated on profit attributable to equity holders of the parent:      
EPS undiluted, euros/share, continuing operations0,012 965,610,02
EPS diluted, euros/share, continuing operations0,012 965,610,02
EPS undiluted, euros/share, cdisontinuing operations0,005 510,960,01
EPS diluted, euros/share, discontinuing operations0,005 510,960,01
EPS undiluted, euros/share0,018 476,570,03
EPS diluted, euros/share0,018 476,570,03
Average number of shares
-undiluted55 963 21010029 516 938
-diluted55 963 21010029 516 938

 

 

 

CONSOLIDATED BALANCE SHEET, IFRS
1 000 EUR30.6.201630.6.201531.12.2015
   
ASSETS
NON-CURRENT ASSETS
Intangible assets2 12652 262
Goodwill3 53403 534
Tangible assets5 6301425 295
Available for sale investments25025
NON-CURRENT ASSETS11 31514711 115
CURRENT ASSETS   
Inventories3 9052982 684
Trade receivables and other receivables4 0924251 223
Current receivables for revenue recognized in part prior to project completion5 82806 478
Tax receivable, income tax15300
Cash and bank545686679
CURRENT ASSETS14 5231 40811 063
NON-CURRENT ASSETS HELD FOR SALE05 5370
ASSETS25 8387 09222 179
SHAREHOLDERS’ EQUITY
SHAREHOLDERS’ EQUITY   
Share capital2 872172 872
Share premium account606
Fair value reserve and other reserves6 12006 120
Translation differences33033
Retained earnings1 1776 0206 126
Retained earnings to be transferred to uncontinued business00-5 654
SHAREHOLDERS’ EQUITY10 2086 0379 504
NON-CURRENT LIABILITIES   
Deferred tax liability4740525
Subordinated loans2 00002 000
Long-term liabilities, interest-bearing2 0002 000
Non-current provisions2980263
NON-CURRENT LIABILITIES4 77204 788
CURRENT LIABILITIES   
Short-term liabilities, interest-bearing1 31001 482
Trade payables and other liabilities9 5488086 360
Tax liability, income tax02010
Current provisions01435
CURRENT LIABILITIES10 8588427 887
LIABILITIES OF DISPOSAL GROUP HELD FOR SALE   
Interest-free liabilities held for sale02140
LIABILITIES OF DISPOSAL GROUP HELD FOR SALE02140
EQUITY AND LIABILITIES25 8387 09222 179
In conjunction with the financing arrangement made in the fiscal year 2015, the loans granted by Mikko Laakkonen and Hannu Laakkonen, totalling EUR 2.0 million, were converted into unsecured subordinated loans. These loans are subordinated loans in accordance with chapter 12 of the Limited Liability Companies Act, and their capital repayments and interest payments must meet the conditions provided in the Act. The loans will be repaid as a one-off payment on 31 December 2019. However, the company is entitled to pay early. The annual interest rate on the outstanding loan capital is 4%. Of the total loan capital, EUR 1 million involves a specific right of exchange. To the extent that loan capital remains unpaid on 31 December 2017, the creditors are entitled to convert EUR 1 million of the capital, in part or in full, into shares in the company at a value of EUR 0.25. This right of exchange is based on the authorisation to issue shares that was approved by the company’s Annual General Meeting on 14 April 2015.
CONSOLIDATED FLOW OF FUNDS STATEMENT, IFRS
1 000 EUR1.1.-30.6.20161.1.-30.6.20151.1.-31.12.2015
FLOW OF FUNDS FROM OPERATIONS:
Profit or loss before taxes, continuing operations702379810
Profit or loss before taxes, discontinued operations0704306
Adjustments:
Depreciations27440151
Depreciation, amortiztion and impairment loss of acqisition228076
Other income and expenses, no payment related-70-164-499
Financing income and expenses135-17191
Flow of funds from operations before the change in working capital1 269788936
Change in working capital:000
Change in short-term receivables-2 308-200-745
Change in inventories-1 220-78297
Change in short-term non-interest-bearing creditors3 238294-602
Flow of funds from operations before financial items and taxes979803-115
Interests and other financial expenses from operations paid-125-14-49
Interests and other financial income received091246
Income taxes paid-113-81-176
FLOW OF FUNDS FROM OPERATIONS741799-94
 
FLOW OF FUNDS FROM INVESTMENTS:
Investments in tangible and intangible assets-7020-42
Income from sales of tangible and intangible assets0025
FLOW OF FUNDS FROM INVESTMENTS-7020-16
 
FLOW OF FUNDS FROM FINANCIAL ITEMS:
Share issue001 500
Dividends paid
Repayments of short-term loans-6050-2 750
Withdrawals of short-term loans43402 000
FLOW OF FUNDS FROM FINANCIAL ITEMS-172-70050
 
Change of liquid funds-13399-61
Liquid assets at the beginning of the fiscal year679587587
Liquid assets received in connection with the aquisition00438
Liquid assets to be transferred to uncontinued operations00-286
Liquid assets at the end of the fiscal year545686679
Change in liquid assets according to the balance sheet-13399-61

 

 

 

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY, IFRS
 
1 000 EUR
Change in shareholders’ equity 1.1.-30.6.2016Share capitalShare premium accountUnrestricted equity reserveReserve fundTranslation differencesRetained earningsTotal
Shareholders’ equity at the beginning of the fiscal period2 87266 1200334729 504
Comprehensive income:
Profit or loss for the period705705
Translation differences000
Total comprehensive income   0705705
Transactions with owners:       
Transactions with owners total0000000
Shareholders’ equity at the end of the fiscal period2 87266 1200331 17710 208
        
Change in shareholders’ equity 1.1.-30.6.2015Share capitalShare premium accountUnrestricted equity reserveReserve fundTranslation differencesRetained earningsTotal
Shareholders’ equity at the beginning of the fiscal period1700005 8725 889
Comprehensive income:
Profit or loss for the period848848
Translation differences0
Total comprehensive income00000848848
Transactions with owners:      0
Dividend distribution  0-700-700
Transactions with owners total00000-700-700
Shareholders’ equity at the end of the fiscal period1700006 0206 037
Change in shareholders’ equity 1.1.-31.12.2015Share capitalShare premium accountUnrestricted equity reserveReserve fundTranslation differencesRetained earningsTotal
Shareholders’ equity at the beginning of the fiscal period1700005 8725 889
Comprehensive income:
Profit or loss for the period954954
Translation differences33033
Total comprehensive income   33954987
Transactions with owners:       
Dividend distribution-700-700
Share issue1 5001 500
Share exchange7 6807 680
Transaction costs for equity-159-159
Items due to reverce aquisition2 8556-2 901-40
Items to be transferred with the splitting-5 654-5 654
Transactions with owners total2 85566 12000-6 3542 627
Shareholders’ equity at the end of the fiscal period2 87266 1200334729 504

 

 

SECURITIES AND RESPONSIBILITIES
Securities and Responsibilities
 
EUR
 30.6.201631.12.2015
Granted securities
 
Dept secured by real estate and corporate mortgages
Loans from financial instititions and2 0002 267
Credit limits in use1 6061 215
Total3 6063 482
 
Loans from financial institutions are secured by real estate and corporate mortgatges and share pledges. Share pledges are the share capitals of Plc Uutechnic Group Oyj’s subsidiaries.
 
Mortgages granted to secure loans and bank guarantees
Real estate mortgages4 7434 743
Corporate mortgages22 23817 238
Total26 98121 981
 
Other granted secirities for own behalf
Deposits99
Total99
 
Other granted securities
 
Plc Uutechnic Group Oyj has granted as secirities the share capitals of its subsidiaries   AP-Tela Oy, Japrotek Oy, Uutechnic Oy and Stelzer Rührtechnik International GmbH.
 
Contignent Liabilities and Other Liabilities
 
Bank quarantees
Bank guarantee limits total7 1727 443
Bank guarantee limits in use5 2175 235
 
Operating lease agreements
Within a year2323
More than one year but no more than 5 years2727
Total5050
Operating lease contracts consist mainly of short-term leasing contracts for IT equipment and sotware. The terms and condidtions are of leasing agreements correspond to those of normal operational leasing agreements.
Arrangements according to IFRIC 4
The Group has no arrangements meant in IFRIC 4.
Other rent agreements
The Group has rented production and office buildings for tis use with various types of terminable rental agreements.
Rent liabilities
Within a year560552
Moren than one year but no more than 5 years2 2382 209
Later3 1343 134
Total5 9315 895
   
On June 22, 2016 Plc Uutechnic Group Oyj announced that the the lessor of Japrotek Oy Ab has decided to divest the premises in Pietarsaari and the new lessor is Uurec Holding Oy. The change of ownership does not change the conditions of Japrotek’s long-term lease agreement. Uurec Holding Oy is owned by Saola Invest Oy and Uucap Oy, which are companies under the control of Sami Alatalo, Timo Lindström and Jouko Peräaho. The lessor of the premises in Uusikaupunki is UuCap Oy. Timo Lindström and Jouko Peräaho are in control of this company.
 
Other contingent liabilities
Granted guarantees to customers and creditors57050
Guarantees granted to secure bank guarantee limit7 1727 443
Guarantees granted to secure bank loans3 6063 482
Guarantees granted to secure rent guarantees410410
Total11 75811 385

 

 

In Uusikaupunki August 17, 2016

PLC UUTECHNIC GROUP OYJ

Board of Directors

 

Further information:

Jouko Peräaho, the Chairman of the Board of Directors, +358 500 740808

www.uutechnicgroup.fi

 

Uutechnic Group is focused on improving the competitiveness of its customers by providing them with advanced equipment technology and unique service concept worldwide. The product range includes agitators, different types of pressure vessels, process- and storage tanks, reactors and heat exchangers. Also different types of long welded and machined axially symmetrical parts as rolls, cylinders, tubes and cones.

The main industries are hydrometallurgy, mining-, pulp and paper-, food-, fertilizer-, other chemical industries and environmental technology.

Plc Uutechnic Group’s subsidiaries are AP-Tela Oy, Japrotek Oy Ab, Uutechnic Oy and Stelzer Rührtechnik International GmbH.