The Annual General Meeting of Patria Oyj on 8th of May 2017
The Annual General Meeting of Patria Oyj adopted the Consolidated Financial Statements for the financial period that ended on 31st December 2016.
Patria Group’s net sales for 2016 totaled EUR 489.9 million (EUR 427.7 million in 2015), grown by 14.6 % as expected. Defence solutions and their lifecycle business accounted for 95 % (93 %) and civilian products for 5 % (7 %) of net sales, while 41 % (31 %) of net sales accrued from abroad.
The Group’s operating profit for the Financial Period was EUR 74.6 million, representing 15.2% of net sales (EUR 46.8 million, 10.9% in 2015). The consolidated income before taxes amounted to EUR 71.7 million (EUR 44.4 million). The Group’s return on equity was 26.2% (19.0%).
It was decided to discharge the members of the Board of Directors and the President and CEO (Heikki Allonen until 14 August, Olli Isotalo as of 15 August) from liability for the financial period of 2016. Furthermore, the Annual General Meeting decided, according to the Board of Directors’ proposal, to distribute a dividend of EUR 1.12 per share owned by the State of Finland and Governia Oy, totally EUR 31 182 915.68, representing 49,8 % of Group’s profit.
Christer Granskog, MSc (Eng.) will continue as the Chairman of the Board of Directors of Patria Oyj. Marko Hyvärinen, Financial Counsellor, Prime Minister’s Office, Ownership Steering Department, Ari Puheloinen, General (ret.), Päivi Marttila, M.Sc. (Econ.), Board professional, Harald Aarø, Executive Vice President Business Development and Strategy and acting CFO, Kongsberg, Geir Håøy, President and Chief Executive Officer, Kongsberg, Eirik Lie, Executive Vice President, Kongsberg Defence Systems and Janne Sølvi Weseth, Head of Finance and Administration, Kongsberg Aerostructures will continue as members of the Board of Directors.
Sinuhe Wallinheimo, Member of Parliament, will continue as the Chairman of Patria Oyj Consultative Committee and Kalle Hyötynen, member of Tampere city council, as the Vice Chairman. Mika Kari, Member of Parliament; Lieutenant General Timo Kivinen, Chief of Defence Command (as of 1 June); Mikko Savola, Member of Parliament; Petri Peltonen, Under-Secretary of State at the Ministry of Economic Affairs and Employment; Raimo Vistbacka, Master of Laws; Jussi Karimäki, Equipment Assembler, Patria; Juha Kuusi, System Specialist, Patria; Petri Pitkänen, Logistics Manager, Patria; and Ossi Ritala, Measurement Inspector, Patria, will be the other members of the Consultative Committee.
PricewaterhouseCoopers Oy (PwC), Authorised Public Accountants, will continue as Auditor. Mr Jouko Malinen, MSc (econ.), APA is the partner in charge of the audit.
Further information:
Ville Jaakonsalo, CFO, Patria Group, phone +358 500 881 070, [email protected]
Patria is a trusted provider of defence, security and aviation life cycle support services and technology solutions. Besides Finland, the Group has operations in Sweden, Norway, Estonia, Poland, the United Arab Emirates, the United States, and South Africa. Patria employs 2,800 professionals. Patria is owned by the State of Finland (50.1%) and Norwegian Kongsberg Defence & Aerospace AS (49.9%).
