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2015‐10‐27
1
Interim ReportJanuary–September 2015Vaisala CorporationOctober 27, 2015
Page © Vaisala
Overview of Q3/2015 Orders received EUR 81.0 (68.8) million, +18%
Order book EUR 139.7 (137.7) million, +1%
Net sales EUR 81.7 (77.9) million, +5%
Gross margin 53.3% (52.7%)
Operating result EUR 14.1 (12.6) million, +12%
Earnings per share EUR 0.58 (0.62)
Cash flow from operating activities EUR 4.6 (10.3) million
2015-10-27 Interim Report January-September 20152
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Orders, Net Sales and Order Book (MEUR)
2015-10-27 Interim Report January-September 20153
Q12013
Q22013
Q32013
Q42013
Q12014
Q22014
Q32014
Q42014
Q12015
Q22015
Q32015
Orders 58.7 65.6 76.0 82.7 68.6 70.6 68.8 87.1 66.9 79.9 81.0Net sales 65.6 65.2 61.9 80.5 57.5 68.7 77.9 95.7 58.7 77.0 81.7Order Book 98.6 99.0 115.1 122.0 144.7 146.8 137.7 129.2 137.5 140.4 139.7
0.0
30.0
60.0
90.0
120.0
150.0
Page © Vaisala
41.047.5
39.1 37.2
56.847.1 49.8 53.3 48.9 42.9
57.3 58.471.3
62.473.3
17.718.1
18.3 21.5
18.5
18.118.9
23.720.8
19.0
20.6 23.4
18.3
18.0
22.3
0
20
40
60
80
100
2012 2013 2014 2015 2012 2013 2014 2015 2012 2013 2014 2015 2012 2013 2014
Weather Controlled Environment
Quarterly Net Sales by Business Area (MEUR)
2015-10-27 Interim Report January-September 20154
+5%81.7
Q1 Q2 Q3 Q4
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Net Sales by Business Type
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MEUR Q3/2015 Q3/2014 2014
Weather 58.4 57.3 219.6
Products 31.4 24.0 108.1
Projects 18.6 21.1 74.7
Services 8.4 12.2 36.7
MEUR Q3/2015 Q3/2014 2014
Controlled Environment 23.4 20.6 80.2
Products 20.9 18.6 71.9
Services 2.4 1.9 8.3
Sales, other 0.0 0.0 0.0
TOTAL VAISALA NET SALES 81.7 77.9 299.7
Page © Vaisala 2015-10-27 Interim Report January-September 20156
Americas EMEA APAC
Q3/2015 (Q3/2014)
36.9 (28.4) 23.9 (29.5) 20.9 (20.0)
ChangeQ3/2015(Q3/2014)
+30% -19% +5%
Share of net sales
45% 29% 26%
MEUR
Net Sales by Regions
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Foreign Exchange Rate Effect onNet Sales (MEUR)
2015-10-27 Interim Report January-September 20157
Foreign exchange rate effect mainly from USD/EUR
Comparable exchange rates: translation impact eliminated
Q3/2015 Q3/2014 Q3/2015
Reported ReportedAt comparable
exchange rates Currency
effect
Weather 58.4 57.3 54.1 4.2
Controlled Environment 23.4 20.6 21.2 2.2
Total 81.7 77.9 75.4 6.3
Page © Vaisala
Weather in Q3/2015 Orders received EUR 58.2 (47.3) million, +23%
The increase came from all business units
Order book EUR 132.2 (131.7) million, 0%
Net sales EUR 58.4 (57.3) million, +2% The increase came from Energy and Transportation At comparable exchange rates -6%
Operating result EUR 8.2 (8.4) million, -2% Gross margin 49.6% (50.1%) Operating expenses EUR 20.8 (20.3) million, +2%
2015-10-27 Interim Report January-September 20158
-35
-25
-15
-5
5
15
25
0
20
40
60
80
Q1/
13
Q2/
13
Q3/
13
Q4/
13
Q1/
14
Q2/
14
Q3/
14
Q4/
14
Q1/
15
Q2/
15
Q3/
15
Net sales and operating result development
Net sales Operating result, %
MEUR %
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Page © Vaisala
Sounding Systems to Asia Pacific Vaisala’s sounding systems will be integrated
into customer’s meteorological system for decision support.
The contract also includes integration services and training.
Deliveries will start late 2015 and will be completed during 2016.
The value of the deal is five million euros.
2015-10-27 Interim Report January-September 20159
Page © Vaisala
Road Weather Information Network to Pennsylvania The statewide network collects and
distributes operationally relevant weather and pavement conditions
Maintains safe and optimum traffic mobility conditions on state roads and highways
The contract, worth USD 5 million, is for five years with an option for extension by two years until the end of 2022
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Controlled Environment in Q3/2015 Orders received EUR 22.8 (21.5) million, +6%
The increase came from Americas and APAC
Order book EUR 7.5 (6.1) million, +23% The increase came from Americas and APAC
Net sales EUR 23.4 (20.6) million, +14% The growth came from all regions At comparable exchange rates +3%
Operating result EUR 6.1 (4.5) million, +35% Gross margin 61.7% (60.4%) Operating expenses EUR 8.3 (7.9) million, +5%
2015-10-27 Interim Report January-September 201511
-30
-20
-10
0
10
20
30
0
10
20
30
Q1/
13
Q2/
13
Q3/
13
Q4/
13
Q1/
14
Q2/
14
Q3/
14
Q4/
14
Q1/
15
Q2/
15
Q3/
15
Net sales and operating result development
Net sales Operating result, %
MEUR %
Page © Vaisala
Moisture In-Oil Monitoring Instrument
New Moisture, Hydrogen, and Temperature Transmitter, MHT410 shipped to the first customer, Vantaa Energy Electricity Networks Ltd
The transmitter helps power and energy utilities minimize transformer-related downtime and, in doing so, address a significant energy bottleneck
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Overview 1–9/2015
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Page © Vaisala
Overview of 1-9/2015 Orders received EUR 227.8 (207.9) million, +10%
Net sales EUR 217.4 (204.0) million, +7%
Gross margin 49.8% (50.4%)
Operating result EUR 10.5 (11.5) million, -9%
Earnings per share EUR 0.54 (0.57)
Cash flow from operating activities EUR 9.8 (8.8) million
Cash and cash equivalents EUR 34.1 (34.4) million
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Net Sales by Business Type
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MEUR 1-9/2015 1-9/2014 2014
Weather 148.8 146.2 219.6
Products 74.9 72.2 108.1
Projects 47.9 48.2 74.7
Services 26.1 25.8 36.7
MEUR 1-9/2015 1-9/2014 2014
Controlled Environment 68.5 57.8 80.2
Products 61.3 51.9 71.9
Services 7.2 5.9 8.3
Sales, other 0.0 0.0 0.0
TOTAL VAISALA NET SALES 217.4 204.0 299.7
50%
32%
18%
% of net sales 1-9/2015
89%
11%
% of net sales 1-9/2015
Page © Vaisala 2015-10-27 Interim Report January-September 201516
Americas EMEA APAC
1-9/2015 (1-9/2014)
89.7 (75.8) 71.3 (76.0) 56.3 (52.2)
Change1-9/2015(1-9/2014)
+18% -6% +8%
Share of net sales
41% 33% 26%
MEUR
Net Sales by Regions
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Page © Vaisala
Foreign Exchange Rate Effect onNet Sales (MEUR)
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Foreign exchange rate effect mainly from USD/EUR
Comparable exchange rates: translation impact eliminated
1-9/2015 1-9/2014 1-9/2015
Reported ReportedAt comparable
exchange rates Currency
effect
Weather 148.8 146.2 138.0 10.9
Controlled Environment 68.5 57.8 61.7 6.8
Total 217.4 204.0 199.7 17.6
Page © Vaisala
Weather in 1-9/2015 Orders received EUR 157.3 (149.8) million, +5%
The increase came from all business units
Order book EUR 132.2 (131.7) million, 0%
Net sales EUR 148.8 (146.2) million, +2% The increase came from all business units At comparable exchange rates -6%
Operating result EUR 0.1 (4.3) million, -98% Gross margin 45.1% (47.5%)
Operating expenses EUR 67.2 (65.5) million, +2%
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Controlled Environment in 1-9/2015 Orders received EUR 70.5 (58.1) million, +21%
The growth came from all regions
Order book EUR 7.5 (6.1) million, +23%
Net sales EUR 68.5 (57.8) million, +19% The growth came from all regions At comparable exchange rates +7%
Operating result EUR 13.5 (8.2) million, +64% Gross margin 59.7% (57.8%) Operating expenses EUR 27.4 (25.3) million, +9%
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Page © Vaisala
R&D Costs
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R&D expenses were EUR 25.8 (24.6) million, 11.9% (12.1%) of net sales
Weather 12.9% (12.6%) of net sales
Controlled Environment 9.7% (10.6%) of net sales
0
4
8
12
16
20
24
28
32
36
2010 2011 2012 2013 2014 1-9/2015
R&D costs (MEUR) % of net sales
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Page © Vaisala
Key Ratios
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1-9/2015 1-9/2014 2014
Earnings per share, EUR 0.54 0.57 1.30
Equity per share, EUR 9.06 8.65 9.41
Cash flow from operating activities per share, EUR 0.54 0.49 1.32
Return on equity, % 7.9 8.7 14.3
Capital expenditure, MEUR 5.4 5.8 7.9
Personnel at the end of period 1,591 1,616 1,613
Market and Business Outlook
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Market Outlook 2015 Even though global economy has recently slightly decelerated, the latest forecasts still predict
moderate development for the fourth quarter of 2015 and Vaisala is expecting stable weather observation and industrial measurement market conditions.
As typical, weather observation market activity is expected to improve seasonally towards the end of the year. However, differences in business conditions between customer groups and regions are expected to remain.
In the short term, industrial measurement solutions and weather radars have the most favorable market conditions.
Heavy decline in commodity prices, especially in crude oil and gas, is affecting market conditions in offshore business and commodity exporting economies.
Competition in weather observation market is expected to continue intensifying.
In weather observations market it continues to be challenging to forecast customers’ timing for decision making and acceptance of larger customer projects, having potentially material impact on overall Vaisala weather business.
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Page © Vaisala
Business Outlook 2015
2015-10-27 Interim Report January-September 201524
Vaisala estimates its full year 2015 net sales to be in the range of EUR 305-325 million and the operating result (EBIT) in the range of EUR 22-32 million.
253.2
273.6
293.3
273.2
299.7
220
240
260
280
300
2010 2011 2012 2013 2014
Net sales
11.8
16.1
30.2
18.1
26.4
0
5
10
15
20
25
30
35
2010 2011 2012 2013* 2014
Operating result
* Impairment charge of EUR 4.3 million
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Observations for a Better World
25 2015-10-27 Interim Report January-September 2015