Glaston Reports 24.9 Million EUR Loss in 2010
February 8, 2011

Glaston Corp. in Finland reported an operating loss of EUR 24.9 million (approximately $34 million) as part of its 2010 preliminary financial results. This compares to a loss of EUR 55.3 (approximately $75 million) in 2009. Consolidated net sales for the year were EUR 149.4 million (approximately $204 million) compared to EUR 151.8 million (approximately $207 million) in 2009. Net sales for the last quarter of 2010 were EUR 37.7 million (approximately $53 million) representing a loss of EUR 17.6 million (approximately $24 million). This compares to EUR 35.8 million (approximately $49 million) for the same quarter in 2009, which was also at a loss of EUR 28.4 million (approximately $39 million).

In addition, Glaston reported that orders received from January to December totaled EUR 148.3 million (approximately $202 million). This is down compared to 2009, which saw orders of EUR 151.5 million (approximately $207 million). Orders received in the fourth quarter of 2010 totaled EUR 39.7 million (approximately $53 million) compared to EUR 44.1 million (approximately $60 million) in 2009.

While Glaston’s 2010 report showed improvements compared to last year, the company made no further comment on its earnings. However, in its 2009 statement Arto Metsänen, chief executive officer, stated that “2009 was very difficult for Glaston due to the economic recession. Demand for glass processing machines was at an exceptionally low level and net sales declined sharply.”

He added, “We will adjust our production capacity, optimize our product range and simplify the structure of our sales organization. The agreed measures will cut Glaston's workforce at most by around 400 employees. Thanks to the efficiency measures performed, we begin 2010 on a better foundation.”

Condensed Income Statement
(EUR millions)
  10-12/2010 10-12/2009 1-12/2010 1-12/2009
Net Sales
37.7
35.8
149.4
151.8
Other Operating Income
0.4
0.2
14.4
151.8
Expenses
-47.0
-50.6
-160.3
-185.8
Share of associaties and joint ventures' result
0.0
-0.5
0.4
-1.5
Depreciation, amortization and impairment
-8.6
-13.3
-14.5
-20.9
Operating profit/loss
-17.6
-18.4
-24.9
-55.3
Financial items, net
-1.0
-0.7
-6.9
-2.3
Result before income taxes
-19.5
-29.0
-31.8
-57.6
Income taxes
-0.2
2.2
-0.2
4.0
Profit/loss for the period
-18.8
-26.8
-32.0
-53.6
Attributable to
Owners of the parent
-18.7
-26.8
-31.9
-53.6
Non-controlling interest
0.0
0.0
0.0
0.0
Total
-18.8
-26.8
-32.0
-53.6

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