Patria Oyj - Financial Statements 2009

Key figures

New orders and order stock

The value of new orders received during the financial period was EUR 624.4 million (EUR 863.0 million in 2008). Defence material and maintenance accounted for 89% (93%) and civilian products for 11% (7%) of the new orders. At the end of the financial period, the volume of the Group’s order stock was EUR 1 315.6 million (EUR 1 192.1 million).

Net sales and profitability

The Group’s net sales for January–December totalled EUR 539.5 million (EUR 534.6 million in 2008). Defence material and maintenance accounted for 88% (86%) and civilian products for 12% (14%) of the net sales. Sales outside Finland accounted for 62% (55%) of the net sales.

The Group’s operating profit for January–December was EUR 20.0 million (EUR 8.9 million), 3.7% of net sales (1.7%). The profitability of the Group improved compared to the previous year. This was, however, mainly due to the fact that the recognised impairment losses on capitalised development expenses related to the Airbus A380 and A400M programs were EUR 5.8 million in 2009 compared to EUR 20.6 million in 2008.  Millog Oy improved its profitability significantly as a result of its successful first operational year, but Land & Armament Business Unit’s profitability in 2009 in turn was clearly lower than in 2008.

Outlook

The net sales and the operating profit excluding non-recurring items are estimated to be on the same level in 2010 as in 2009. There are, however, risks in certain delivery projects, especially the Slovenian vehicle project, which, if materialising, may have a material adverse impact on the Group’s net sales and profitability.   

In general, the demand for the Group’s products and services is expected to remain at a fair level in 2010. The uncertainty in the global economy has, however, made the Group’s operating environment much more challenging. Customers may reduce, postpone or abandon planned procurements or request changes to existing contracts

The Review of the Financial Year 1.1.-31.12.2009 is published on internet.

Contact persons:

Mr Heikki Allonen
President and CEO
Mobile: +358 40 869 2040

Mr Kai Nurmio
Executive Vice President, CFO
Tel. +358 20 469 2020
Mobile: +358 40 869 2020

Patria is a defence and aerospace group with international operations delivering its customers competitive solutions based on own specialist know-how and partnerships. Patria is owned by the State of Finland and the European Aeronautic Defence and Space Company EADS N.V.

Further information: www.patria.fi