Vaisala Corporation Half Year Financial Report January-June 2020

Vaisala Corporation         Half Year Financial Report                                           July 21, 2020 at 12.00 p.m. (EEST)

 

Vaisala Corporation Half Year Financial Report January-June 2020

Operating result improved despite decrease in net sales and orders received

Second quarter 2020 highlights

Orders received EUR 95.9 (98.0) million, decrease 2%Order book at the end of the period EUR 145.3 (151.7) million, decrease 4%Net sales EUR 91.4 (96.1) million, decrease 5%Operating result (EBIT) EUR 7.9 (7.2) million, 8.7 (7.5) % 0f net salesEarnings per share EUR 0.16 (0.14)Cash flow from operating activities EUR -1.1 (-6.2) million

January-June 2020 highlights

Orders received EUR 185.6 (211.0) million, decrease 12%Net sales EUR 178.6 (180.3) million, decrease 1%Operating result (EBIT) EUR 13.1 (7.2) million, 7.3 (4.0) % 0f net salesEarnings per share EUR 0.27 (0.15)Cash flow from operating activities EUR 4.2 (1.7) millionCash and cash equivalents at the end of the period EUR 62.2 (Dec 31, 2019: 56.4) million, increase 10%

On June 3, 2020, Vaisala's Board of Directors appointed Kai Öistämö, b. 1964, as President and CEO. Öistämö starts at Vaisala latest on October 1, 2020.

Business outlook for 2020

Vaisala reiterates the business outlook that was published on April 21, 2020.
Vaisala estimates that its full-year 2020 net sales will be in the range of EUR 370-405 million and its operating result (EBIT) will be in the range of EUR 34-46 million.

Key figures
MEUR	4-6/ 2020	4-6/ 2019	Change	1-6/ 2020	1-6/ 2019	Change	1-12/ 2019
Orders received	95.9	98.0	-2%	185.6	211.0	-12%	419.4
Order book	145.3	151.7	-4%	145.3	151.7	-4%	139.0
Net sales	91.4	96.1	-5%	178.6	180.3	-1%	403.6
Gross profit	49.8	52.1	-4%	99.0	96.9	2%	221.2
Gross margin, %	54.5	54.2		55.4	53.7		54.8
Operating expenses	40.6	44.7	-9%	84.6	87.7	-4%	177.3
Operating result	7.9	7.2		13.1	7.2		41.1
Operating result, %	8.7	7.5		7.3	4.0		10.2
Result before taxes	7.0	6.5		11.9	6.7		40.2
Result for the period	5.7	5.1		9.8	5.3		33.6
Earnings per share	0.16	0.14	12%	0.27	0.15	86%	0.94
Return on equity, %				10.2	6.0		17.7
Capital expenditure	9.6	5.7	67%	17.3	10.1	71%	26.8
Depreciation, amortization
and impairment	5.6	5.8	-3%	10.5	12.1	-13%	23.5
Cash flow from operating activities	-1.1	-6.2	83%	4.2	1.7	147%	40.8
Cash and cash equivalents				62.2	42.2	47%	56.4
Interest-bearing liabilities				91.1	50.7	80%	51.5
Gearing, %				15.7	5.1		-2.4

Vaisala's President and CEO Kjell Forsén

"'Vaisala's second quarter performance was solid, and operating result improved even though customers and suppliers were affected by the COVID-19 pandemic and related economic slow-down. Vaisala's priority has been to protect the health and safety and wellbeing of employees and to ensure business continuity in order to fulfill customers' needs. I am grateful to Vaisala personnel for excellent work and adaptability during the immensely difficult situation. I appreciate flexibility and cooperation of our customers in adjusting to changes and restrictions in supply chains. I would also like to thank our suppliers and partners for their commitment and adaptability in this unprecedented situation.

Second quarter orders received decreased by 2% compared to previous year due to weakened order intake in Industrial Measurements business area and especially in APAC region. Orders received in Weather and Environment business area were at previous year's level as a result of strong order intake in Europe.

Second quarter net sales decreased by 5% in both business areas. In Industrial Measurements business area, net sales growth was good in APAC region and especially in China as a result of the COVID-19 pandemic easing up. However, net sales decreased both in Americas and EMEA regions more than offsetting the growth in APAC region. In Weather and Environment business area, net sales decreased mostly in APAC region. Gross margin was good at 54.5% despite volume decrease and largely as a result of strategic improvement actions carried out in digital services.

Industrial Measurements business area's flagship markets, high-end humidity and high-end carbon dioxide were most hit by consequences of the COVID-19 pandemic such as suspension of customers' operations and delayed decision making, whereas service business developed positively during the first half. Deliveries for liquid measurements and continuous monitoring systems did not meet expectations, whereas power industry applications continued high growth and their net sales doubled during the second quarter compared to previous year.

In Weather and Environment business area, project deliveries proceeded well despite challenges due to the COVID-19 pandemic. On-going large projects brought two thirds of business area's project net sales during the first half of the year. Growth of wind lidar business was slow partially due to issues related to the COVID-19 pandemic. Refocus and reorganization of the digital business was completed successfully last year, and consequently profitability has risen to a new level. During the second quarter, Vaisala decided to discontinue unprofitable assessment consulting services provided to renewable energy segment. Vaisala Digital will now in line with its strategy fully focus on the forecasting and weather data services that Vaisala's customers in the renewable energy sector depend on. The renewable energy segment remains a strategic growth area for Vaisala, and it will also continue to offer remote sensing lidar products that enable optimized operations and development activities.

I will step down from my position as President and CEO of Vaisala and retire by the end of this year. I warmly welcome Kai Öistämö to Vaisala. We will together ensure smooth transition of responsibilities when Kai will start in this position latest in the beginning of October.

Vaisala continues to assess impact of the COVID-19 pandemic and related economic slow-down on its operations, performance and results for the rest of the year. Biggest concern for Weather and Environment business area is market development in South East Asia, Middle East, Africa and Latin America. In Industrial Measurements business area, recovery of industrial instrument orders will depend on customers' possibility to restart their operations. Vaisala estimates that its full-year 2020 net sales will be in the range of EUR 370-405 million and its operating result (EBIT) will be in the range of EUR 34-46 million."

Impact of the COVID-19 pandemic
During the first quarter of 2020, the COVID-19 pandemic affected Weather and Environment business area's order intake and both business areas' net sales in China. During the second quarter of 2020, the COVID-19 pandemic played a more significant role resulting in declined customer demand for industrial instruments in Industrial Measurements business area. The main reasons have been suspension of customers' operations and delayed decision making due to uncertainties. Weather and Environment business area's customers in South East Asia, Middle East, Africa and Latin America have suffered from lockdowns, significant financial issues and national budget deficits. Consequently, several large project tenders have been cancelled or put on hold. Also, project and service deliveries have been impacted by travel restrictions. Overall, second quarter 2020 saw a decline in order intake across all regions except EMEA region in Weather and Environment business area. Vaisala estimates that lost order intake during the first half of the year is in the range of EUR 15-25 million and lost net sales in the range of EUR 5-15 million. Related negative impact on operating result was partially offset by cost savings resulting from low travel and marketing activities and postponed recruitments.

Vaisala's production and logistics have been running smoothly as a result of successful mitigation activities. Vaisala has closely cooperated with its strategic suppliers to ensure availability of components. Inventory levels for most critical components were increased by EUR 3 million. Decreased volumes and prolonged delivery times have caused challenges in maintaining productivity and meeting customers' expectations. Also, field service capabilities have been limited due to travel restrictions and lockdowns and thus limited access to customer sites.

Despite the COVID-19 pandemic, Vaisala has uninterruptedly carried on R&D projects as well as core process and system development to ensure progress of strategic projects according to plans.  

Vaisala's financial position and cash flow have remained strong despite EUR 17 million capital expenditure and EUR 19 million dividend payments during the first half of 2020. Gearing was 15.7% at the end of June 2020. No material changes have been identified in customers' payment behavior and thus, credit loss allowance has not changed significantly.

Financial review Q2 2020

 

Orders received and order book

MEUR	4-6/ 2020	4-6/ 2019	Change	FX*	2019
Orders received	95.9	98.0	-2%	-3%	419.4
Order book, end of period	145.3	151.7	-4%		139.0

* Change with comparable exchange rates

Second quarter 2020 orders received were EUR 95.9 (98.0) million and decreased by 2% compared to previous year due to weak order intake in Industrial Measurements business area and especially in APAC region. Orders received in Weather and Environment business area were at previous year's level as a result of strong order intake in Europe.

At the end of June 2020, order book amounted to EUR 145.3 (151.7) million and decreased by 4% compared to previous year. In Weather and Environment business area, order book decreased by 5% but remained at good level as a result of strong order intake in EMEA region during the quarter. EUR 13 million weather infrastructure project order with the National Meteorology Agency in Ethiopia, announced in October 2019, is not included in order book, as the finance instrument related to the order is pending ratification by the Ethiopian Parliament. Order book for Industrial Measurements business area was at previous year's level. EUR 85.5 (93.9) million of the order book is scheduled to be delivered in 2020.

Financial performance

MEUR	4-6/ 2020	4-6/ 2019	Change	FX**	2019
Net sales	91.4	96.1	-5%	-5%	403.6
Products	61.0	67.3	-9%		278.5
Projects	17.7	16.9	5%		73.2
Services	12.7	12.0	6%		51.9
Gross margin, %	54.5	54.2			54.8
Operating expenses	40.6	44.7	-9%		177.3
R&D expenditure	13.2	14.2	-7%		52.8
% of net sales	14.5	14.8			13.1
Amortization*	1.9	2.2			9.6
Operating result	7.9	7.2			41.1
% of net sales	8.7	7.5			10.2

* Amortization of intangible assets related to the acquired businesses
** Change with comparable exchange rates

Net sales by region

MEUR	4-6/ 2020	4-6/ 2019	Change	2019
Americas	32.3	34.2	-6%	149.7
APAC	27.6	28.7	-4%	119.6
EMEA	31.5	33.2	-5%	134.3
Total	91.4	96.1	-5%	403.6

Second quarter 2020 net sales decreased by 5% compared to previous year and were EUR 91.4 (96.1) million. Foreign currency translation impact on net sales was positive EUR 0.4 million, evenly distributed between business areas. Net sales decreased by 5% in both business areas. In Weather and Environment business area, net sales decreased in APAC region. In Industrial Measurements business area, net sales growth was good in APAC region and especially in China as a result of the COVID-19 pandemic easing up. However, net sales decreased both in Americas and EMEA regions more than offsetting the growth in APAC region.

Second quarter 2020 gross margin was 54.5 (54.2) %. Gross margin of products remained at good level despite volume decrease. Gross margin of services improved in Weather and Environment business area's digital services. Operating result increased from previous year to EUR 7.9 (7.2) million, 8.7 (7.5) % of net sales. Restrictions caused by the COVID-19 pandemic and postponed recruitments led to lower operating expenses compared to previous year. Amortization of intangible assets, included in operating expenses, decreased by EUR 0.3 million compared to previous year. In addition, about half of the EUR 1.1 million credit loss allowance included in first quarter 2020 operating expenses was reversed based on customer payments received during the second quarter. On the other hand, operating result was affected by EUR 1.6 million cost related to discontinuation of assessment services provided to renewable energy segment.  These costs include mainly severance and lease contract related expenses.

Second quarter 2020 financial income and expenses were EUR -0.9 (-0.7) million. This was mainly a result of valuation of USD denominated receivables, USD currency hedging and interest expenses. Result before taxes was EUR 7.0 (6.5) million and result for the period EUR 5.7 (5.1) million. Earnings per share was EUR 0.16 (0.14).

Financial review January-June 2020

 

Orders received and order book

MEUR	1-6/ 2020	1-6/ 2019	Change	FX*	2019
Orders received	185.6	211.0	-12%	-13%	419.4
Order book, end of period	145.3	151.7	-4%		139.0

* Change with comparable exchange rates

January-June 2020 orders received were EUR 185.6 (211.0) million and decreased by 12% compared to strong comparison period including two large project orders totaling EUR 22 million. In Weather and Environment business area, orders received were weak both in APAC region and in Latin America. In Europe, orders received were strong. In North America, orders received increased compared to previous year. Orders received decreased by 3% in Industrial Measurements business area as a result of low order intake during the second quarter especially in APAC region.

Financial performance

MEUR	1-6/ 2020	1-6/ 2019	Change	FX**	2019
Net sales	178.6	180.3	-1%	-2%	403.6
Products	119.9	127.0	-6%		278.5
Projects	32.3	28.4	14%		73.2
Services	26.4	25.0	6%		51.9
Gross margin, %	55.4	53.7			54.8
Operating expenses	84.6	87.7	-4%		177.3
R&D expenditure	27.1	27.1	0%		52.8
% of net sales	15.2	15.1			13.1
Amortization*	3.6	5.2			9.6
Operating result	13.1	7.2			41.1
% of net sales	7.3	4.0			10.2

* Amortization of intangible assets related to the acquired businesses
** Change with comparable exchange rates

Net sales by region

MEUR	1-6/ 2020	1-6/ 2019	Change	2019
Americas	64.2	66.9	-4%	149.7
APAC	48.8	53.1	-8%	119.6
EMEA	65.5	60.3	9%	134.3
Total	178.6	180.3	-1%	403.6

January-June 2020 net sales decreased by 1% compared to previous year and were EUR 178.6 (180.3) million. Foreign currency translation impact on net sales was positive EUR 1.6 million, evenly distributed between business areas. Net sales were at previous year's level in both business areas. In Weather and Environment business area, net sales decreased in APAC region but increased in EMEA region. In Industrial Measurements business area, net sales slowed down in Americas and EMEA regions during the second quarter. Net sales in APAC region developed positively as a result of strong second quarter in China.

January-June 2020 gross margin improved to 55.4 (53.7) % as a result of profitability improvement in Weather and Environment business area's digital services and project business, as well as in Industrial Measurements business area's product and service businesses. Operating result increased from previous year to EUR 13.1 (7.2) million, 7.3 (4.0) % of net sales. Gross margin improvement and low operating expenses compared to previous year increased operating result. Restrictions caused by the COVID-19 pandemic and postponed recruitments led to lower operating expenses compared to previous year. Amortization of intangible assets, included in operating expenses, decreased by EUR 1.6 million compared to previous year. In addition, about half of the EUR 1.1 million credit loss allowance included in first quarter 2020 operating expenses was reversed based on customer payments received during the second quarter. On the other hand, operating result was affected by EUR 1.6 million cost related to discontinuation of assessment services provided to renewable energy segment.  These costs include mainly severance and lease contract related expenses. Comparison period also included EUR 1.5 million one-off expense related to a lease contract termination.

January-June 2020 financial income and expenses were EUR -1.2 (-0.4) million. This was mainly a result of valuation of USD denominated receivables, USD currency hedging and interest expenses. Result before taxes was EUR 11.9 (6.7) million and result for the period EUR 9.8 (5.3) million. Earnings per share was EUR 0.27 (0.15).

Statement of financial position, cash flow and financing

Vaisala's financial position remained strong during January-June 2020. Cash and cash equivalents increased to EUR 62.2 (Dec 31, 2019: 56.4) million at the end of June as a result of utilization of a term loan. At the end of June, statement of financial position totaled EUR 375.7 (Dec 31, 2019: 361.5) million.

In January-June 2020, cash flow from operating activities increased to EUR 4.2 (1.7) million mainly as a result of improved net result and change in short-term receivables.

On May 25, 2020, Vaisala signed a EUR 40.0 million unsecured term loan agreement with one of its core banks and on May 29, 2020, the loan was fully utilized. The loan matures in three years from the signing date and has a financial covenant (gearing), which is tested semi-annually. On June 30, 2020, Vaisala was in compliance with the covenant. This facility will be used for refinancing of existing indebtedness as well as for general corporate and working capital purposes.

On June 30, 2020, Vaisala had interest-bearing loans from financial institutions totaling EUR 80.2 (Dec 31, 2019: 40.2) million, of which EUR 40.0 million related to term loan and EUR 40.0 million related to utilized revolving credit facility. In addition, interest-bearing lease liabilities totaled to EUR 10.9 (Dec 31, 2019: 11.3) million.

Capital expenditure

In January-June 2020, capital expenditure in intangible assets and property, plant and equipment totaled EUR 17.3 (10.1) million. Capital expenditure was mainly related to building projects in Vantaa, Finland and Louisville, Colorado US, as well as to investments in machinery and equipment to develop and maintain Vaisala's production and service operations. Louisville office building is expected to be finalized during the third quarter. On June 30, 2020, commitments related to Vantaa and Louisville building projects totaled EUR 3 (Dec 31, 2019: 9) million.

Depreciation, amortization and impairment were EUR 10.5 (12.1) million. This included EUR 3.6 (5.2) million of amortization of identified intangible assets related to the acquired businesses.

Personnel

The average number of personnel employed during January-June 2020 was 1,894 (1,821). At the end of June 2020, the number of employees was 1,954 (Dec 31, 2019: 1,837). 76 (74) % of employees were located in EMEA, 15 (16) % in Americas and 9 (9) % in APAC. 64 (62) % of employees were based in Finland.

 

 

Q2 and January-June 2020 review by business area

 

Weather and Environment business area

MEUR	4-6/ 2020	4-6/ 2019	Change	FX**	1-6/ 2020	1-6/ 2019	Change	FX**	2019
Orders received	63.8	63.2	1%	1%	116.0	139.4	-17%	-17%	276.2
Order book, end of period	128.1	134.3	-5%		128.1	134.3	-5%		122.3
Net sales	57.6	60.7	-5%	-5%	109.3	110.3	-1%	-2%	261.3
Products	30.5	35.1	-13%		57.5	63.4	-9%		149.0
Projects	17.7	16.9	5%		32.3	28.4	14%		73.2
Services	9.4	8.7	8%		19.4	18.5	5%		39.1
Gross margin, %	48.6	47.9			49.3	47.1			49.9
Operating expenses	25.7	28.7	-10%		54.0	55.9	-4%		113.0
R&D expenditure	8.6	9.2	-7%		17.4	17.7	-2%		34.0
of net sales, %	14.9	15.2			15.9	16.0			13.0
Amortization*	1.5	1.6			2.8	3.2			6.9
Operating result	0.7	0.6			-1.7	-3.7			17.7
of net sales, %	1.2	1.0			-1.5	-3.4			6.8

* Amortization of intangible assets related to the acquired businesses
** Change with comparable exchange rates

Q2 2020 review
Weather and Environment business area's second quarter 2020 orders received were at previous year's level and amounted to EUR 63.8 (63.2) million. Orders received were very strong in EMEA region as orders received increased especially in Europe. Orders received in APAC region and Latin America were weak.

At the end of June 2020, Weather and Environment business area's order book amounted to EUR 128.1 (134.3) million and decreased by 5% compared to previous year. Order book remained at good level as a result of strong order intake in EMEA region during the quarter. Order book decreased significantly in APAC region and Latin America following weak order intake. EUR 13 million weather infrastructure project order with the National Meteorology Agency in Ethiopia, announced in October 2019, is not included in order book, as the finance instrument related to the order is pending ratification by the Ethiopian Parliament. EUR 70.9 (78.6) million of the order book is scheduled to be delivered in 2020.

Weather and Environment business area's second quarter 2020 net sales were EUR 57.6 (60.7) million and decreased by 5% compared to previous year mainly as a result of weak performance in APAC region and Latin America. Despite volume decrease, gross margin improved to 48.6 (47.9) % as a result of profitability improvement in digital services.

Weather and Environment business area's second quarter 2020 operating result improved slightly compared to previous year and totaled EUR 0.7 (0.6) million, 1.2 (1.0) % of net sales. Restrictions caused by the COVID-19 pandemic and postponed recruitments led to lower operating expenses compared to previous year. In addition, about half of the EUR 1.1 million credit loss allowance included in first quarter 2020 operating expenses was reversed based on customer payments received during the second quarter. On the other hand, operating result was affected by EUR 1.6 million cost related to discontinuation of assessment services provided to renewable energy segment.  These costs include mainly severance and lease contract related expenses.

January-June 2020 review
Weather and Environment business area's January-June 2020 orders received were EUR 116.0 (139.4) million and decreased by 17% compared to strong comparison period, which included two large project orders. Orders received were weak in APAC region and Latin America, whereas in Europe orders received were strong. In North America, orders received increased compared to previous year.

Weather and Environment business area's January-June 2020 net sales decreased by 1% compared to previous year and were EUR 109.3 (110.3) million. Net sales in APAC region decreased but increased in EMEA region. Net sales in project business increased by 14% and mainly in Europe. Gross margin improved to 49.3 (47.1) % as a result of profitability improvement in project business and digital services. Despite decrease in product deliveries, gross margin of products was stable.

Weather and Environment business area's January-June 2020 operating result improved compared to previous year and totaled EUR -1.7 (-3.7) million, -1.5 (-3.4) % of net sales. Gross margin improvement and low operating expenses compared to previous year increased operating result. Restrictions caused by the COVID-19 pandemic and postponed recruitments led to lower operating expenses compared to previous year. In addition, about half of the EUR 1.1 million credit loss allowance included in first quarter 2020 operating expenses was reversed based on customer payments received during the second quarter. On the other hand, operating result was affected by EUR 1.6 million cost related to discontinuation of assessment services provided to renewable energy segment. These costs include mainly severance and lease contract related expenses.

Industrial Measurements business area

MEUR	4-6/ 2020	4-6/ 2019	Change	FX**	1-6/ 2020	1-6/ 2019	Change	FX**	2019
Orders received	32.1	34.8	-8%	-9%	69.6	71.6	-3%	-4%	143.2
Order book, end of period	17.2	17.4	-1%		17.2	17.4	-1%		16.8
Net sales	33.8	35.4	-5%	-5%	69.2	70.0	-1%	-2%	142.3
Products	30.5	32.1	-5%		62.3	63.6	-2%		129.5
Services	3.3	3.3	1%		6.9	6.4	8%		12.8
Gross margin, %	64.6	64.9			65.2	64.2			63.9
Operating expenses	14.9	16.0	-7%		30.7	31.4	-2%		63.4
R&D expenditure	4.7	5.0	-6%		9.7	9.5	3%		18.8
of net sales, %	13.8	14.1			14.1	13.5			13.2
Amortization*	0.4	0.6			0.8	2.0			2.8
Operating result	7.1	7.5			14.7	12.1			26.1
of net sales, %	20.9	21.2			21.2	17.3			18.4

* Amortization of intangible assets related to the acquired businesses
** Change with comparable exchange rates

Q2 2020 review
Industrial Measurements business area's second quarter 2020 orders received decreased by 8% compared to previous year totaling to EUR 32.1 (34.8) million. Orders received decreased in all regions. Decrease was biggest in APAC region.

At the end of June 2020, Industrial Measurements business area's order book amounted to EUR 17.2 (17.4) million and decreased by 1% compared to previous year. Decrease in order book was a result of weak order intake in APAC region during the quarter. EUR 14.6 (15.3) million of the order book is scheduled to be delivered in 2020.

Industrial Measurements business area's second quarter 2020 net sales decreased by 5% compared to previous year and were EUR 33.8 (35.4) million. Net sales of industrial instruments decreased, whereas net sales for power industry applications doubled compared to previous year. Net sales decreased in EMEA and Americas regions. In APAC region and especially in China, net sales increased. Gross margin was at previous year's level at 64.6 (64.9) %.

Industrial Measurements business area's second quarter 2020 operating result decreased from previous year and totaled EUR 7.1 (7.5) million, 20.9 (21.2) % of net sales. Decreased net sales lowered operating result. Restrictions caused by the COVID-19 pandemic and postponed recruitments led to lower operating expenses compared to previous year.

January-June 2020 review
Industrial Measurements business area's January-June 2020 orders received decreased by 3% compared to previous year and totaled EUR 69.6 (71.6) million. Orders received decreased as a result of low order intake during the second quarter especially in APAC region.

Industrial Measurements business area's January-June 2020 net sales decreased by 1% compared to previous year and were EUR 69.2 (70.0) million. Net sales slowed down in Americas and EMEA regions during the second quarter, whereas in APAC region net sales increased as a result of growth in China during the second quarter. Gross margin improved to 65.2 (64.2) % as a result of improved profitability in product and service businesses.

Industrial Measurements business area's January-June 2020 operating result improved from previous year and totaled EUR 14.7 (12.1) million, 21.2 (17.3) % of net sales. Gross margin improvement increased operating result. Amortization of intangible assets, included in operating expenses, decreased by EUR 1.1 million compared to previous year and improved operating result. In addition, comparison period included EUR 1.5 million one-off expense related to a lease contract termination.

 

Changes in Management Group

On June 3, 2020, Vaisala's Board of Directors appointed Kai Öistämö, b. 1964, as President and CEO. Öistämö starts at Vaisala latest on October 1, 2020. Vaisala's current President and CEO Kjell Forsén is to step down from his current position and retire by the end of 2020. Other positions in the Vaisala Management Group remain unchanged.

Vaisala Corporation's Annual General Meeting 2020

Vaisala Corporation's Annual General Meeting was held on June 3, 2020. The meeting approved the financial statements and discharged the members of the Board of Directors and the President and CEO from liability for the financial period January 1-December 31, 2019.

Dividend
The Annual General Meeting decided a dividend of EUR 0.61 per share. The record date for the dividend payment was June 5, 2020, and the payment date was June 12, 2020.

Board of Directors
The Annual General Meeting confirmed that the number of Board members is eight. Petri Castrén, Petra Lundström, Jukka Rinnevaara, Kaarina Ståhlberg, Tuomas Syrjänen, Raimo Voipio and Ville Voipio will continue as members of the Board of Directors. Antti Jääskeläinen was elected as a new member of the Board of Directors.

The Annual General Meeting confirmed that that the annual remuneration payable to the Chairman of the Board of Directors is EUR 45,000 and each Board member EUR 35,000 per year. Approximately 40% of the annual remuneration will be paid in Vaisala Corporation's series A shares acquired from the market and the rest in cash. In addition, the Annual General Meeting confirmed that the meeting fee for the Chairman of the Audit Committee would be EUR 1,500 per attended meeting and EUR 1,000 for each member of the Audit Committee and Chairman and each member of the Remuneration and HR Committee and any other committee established by the Board of Directors for a term until the close of the Annual General Meeting in 2021. The meeting fees are paid in cash. Possible travel expenses are proposed to be reimbursed according to the travel policy of the company.

Auditor
The Annual General Meeting re-elected Deloitte Oy as the auditor of the company and APA Reeta Virolainen will act as the auditor with the principal responsibility. The auditors are reimbursed according to invoice presented to the company.

Authorization for the directed repurchase of own series A shares
The Annual General Meeting authorized the Board of Directors to resolve on the directed repurchase of a maximum of 500,000 of the company's own series A shares in one or more instalments by using company's unrestricted equity. The authorization is valid until the closing of the next Annual General Meeting, however, no longer than December 3, 2021.

Authorization on the issuance of the company's own series A shares
The Annual General Meeting authorized the Board of Directors to resolve on the issuance of a maximum of 937,039 company's own series A shares. The issuance of own shares may be carried out in deviation from the shareholders' pre-emptive rights (directed issue). The authorization entitles the issuance of treasury series A shares as a directed issue without payment as part of the company's share-based incentive plan. The subscription price of the shares can instead of cash also be paid in full or in part as contribution in kind. The authorization is valid until December 3, 2021. The authorization for the company's incentive program shall however be valid until June 3, 2024.

The organizing meeting of the Board of Directors

At its organizing meeting held after the Annual General Meeting the Board elected Raimo Voipio to continue as the Chairman of the Board of Directors and Ville Voipio as the Vice Chairman.

Kaarina Ståhlberg was elected as the Chairman and Petri Castrén, Antti Jääskeläinen and Ville Voipio as members of the Audit Committee. Ville Voipio was elected as the Chairman and Petra Lundström and Jukka Rinnevaara as members of the Remuneration and HR Committee. The Chairman and all members of the Audit Committee as well as the Remuneration and HR Committee are independent both of the company and of significant shareholders.

Shares and shareholders

Share capital and shares
Vaisala's share capital totaled EUR 7,660,808 on June 30, 2020. Vaisala has 36,436,728 shares, of which 6,751,398 are series K shares and 29,685,330 series A shares. The series K shares, and series A shares are differentiated by the fact that each series K share entitles its owner to 20 votes at a General Meeting of Shareholders while each series A share entitles its owner to 1 vote. The series A shares represented 81.5% of the total number of shares and 18.0% of the total votes. The series K shares represented 18.5% of the total number of shares and 82.0% of the total votes.

Trading and share price development
In January-June 2020, a total of 2,272,572 series A shares with a value totaling EUR 69.1 million were traded on the Nasdaq Helsinki Ltd. The closing price of the series A share on the Nasdaq Helsinki stock exchange was EUR 33.35. Shares registered a high of EUR 37.50 and a low of EUR 21.65. Volume-weighted average share price was EUR 30.42.

The market value of series A shares on June 30, 2020 was EUR 975.4 million, excluding company's treasury shares. Valuing the series K shares - which are not traded on the stock market - at the rate of the series A share's closing price on the last trading day of June, the total market value of all the series A and series K shares together was EUR 1,200.6 million, excluding company's treasury shares.

Treasury shares
In March 2020, a total of 118,950 of treasury shares were conveyed without consideration to the 33 key employees participating in the Share-based incentive plan 2017 under the terms and conditions of the plan. This directed share issue was based on an authorization given by the Annual General Meeting held on March 26, 2019.

Following this directed share issue, the number of series A treasury shares is 437,039, which represents 1.5% of series A shares and 1.2% of total shares.

Shareholders
At the end of June 2020, Vaisala had 10,359 (9,213) registered shareholders. Ownership outside of Finland and nominee registrations represented 17.7 (15.5) % of the company's shares. Households owned 40.6 (41.0) %, private companies 13.3 (13.6) %, financial and insurance institutions 13.9 (14.4) %, non-profit organizations 10.9 (11.0) % and public sector organizations 3.7 (4.6) % of the shares.

More information about Vaisala's shares and shareholders are presented on the company's website at vaisala.com/investors.

Near-term risks and uncertainties

COVID-19 pandemic affects people and operations worldwide. Pandemic's impact on Vaisala's business is depending on the duration and severity of this exceptional situation. Vaisala's delivery capability may deteriorate due to disruptions in suppliers' operations, absence of own production employees or disruptions in incoming and/or outgoing logistics. Demand may fluctuate materially by country or customer segment and customers' recovery from the exceptional situation varies a lot. Effects of the pandemic on customers' cash flow can be significant and lead to credit losses. Exceptional situation may also cause delays or interruptions in any Vaisala's functions, e.g. in R&D.

Uncertainties in international trade policies, political situation and governmental customers' budgetary constraints or changes in their sourcing criteria may reduce or delay demand for Vaisala's products and services.

Increasing competition or customers' preference for local manufacturing may reduce demand for Vaisala's products and services. Prolonged ramp-up, market acceptance, sales channel development, or regulatory certification of new products and services may postpone realization of Vaisala's growth and profitability plans. Customers' budgetary constraints, complex decision-making processes, changes in scope, and financing arrangements may postpone closing of infrastructure contracts in Weather and Environment business area.

Long interruption in production or disruption in suppliers' and subcontractors' delivery capability or product quality may impact significantly Vaisala's net sales and profitability. Cyber risk and downtime of IT systems may impact operations and delivery of digital solutions.

Vaisala's capability to successfully complete investments, acquisitions, divestments and restructurings on a timely basis and to achieve related financial and operational targets includes uncertainties and risks, which may negatively impact net sales and profitability.

Measures taken to mitigate impacts of the COVID-19 pandemic
Employees
Ensuring employees' wellbeing and their health and safety has been the most important focus area during the COVID-19 pandemic. To enforce containment actions and safe work environment for production workers, access to factories was limited. Remote working practices were introduced in all offices already in March and office environments were adapted to meet local recommendations and regulations.

Customers
Effective delivery of products and services has been crucial while customer organizations have dealt with staff shortages, closures of offices and factories and health protection measures. Remote customer meetings, electronic signatures, re-routing of shipments, remote acceptance testing and cooperation with local field service companies and their remote support are examples of measures, which were taken to fulfill customer expectations.

Supplier relationships and cooperation
Vaisala has hundreds of suppliers, technology providers and outsourcing partners. Strategic suppliers, which are critical to ongoing business operations, have been assessed for their business continuity and information reliability. Purchase orders, delivery schedules and changes in lead times have been assessed to ensure timely receipt of components. Inventory levels for most critical components were increased by two-three months availability.

Communications
Vaisala has communicated regularly with multiple stakeholders: employees, customers, suppliers and authorities. Objective has been to ensure clear and transparent communication how Vaisala manages possible impacts of the COVID-19 pandemic, and to ensure continuity of core operations, including support and services for customers without endangering employees, customers and other stakeholders. Digital marketing efforts have been intensified to compensate for absence of conventional marketing events.

Liquidity
Vaisala's financial position and liquidity have been assessed. New term loan agreement has been negotiated in order to provide more flexibility.

Scenario planning
Vaisala has done scenario planning and contingency planning in order to make sound decisions in a highly volatile operating environment. Already before the first quarter 2020 reporting Vaisala identified risks related to delivery capability and demand outlook as well as new challenges emerging in the operating environment. Based on this assessment Vaisala downgraded its business outlook for 2020. Scenario plans and related assumptions have been continuously updated and followed up.

Further information about risk management and risks are available on Annual Report and on the company website at vaisala.com/investors.

Market outlook for 2020

Market outlook is affected by the COVID-19 pandemic and related economic slow-down. For weather observation solutions, market in developed countries is expected to remain more stable while in developing countries the negative impact of the COVID-19 pandemic will be more significant. The restrictions imposed by governments and authorities on people and businesses as well as travel, will cause delays or interruptions globally in project and service deliveries.

Climate change and severe weather events drive need for continued replacement and enhancement of weather observation and forecasting capabilities. Due to the COVID-19 pandemic, decisions on larger meteorology infrastructure projects may be postponed.

Within transportation, market situation varies exceptionally from market to market. In aviation, market for weather observation solutions is expected to suffer due to the steep decline in air traffic and consequent fall in aviation revenues. Ground transportation and road surface state modeling market is expected to be stable.

The renewable energy market is generally expected to continue to grow, but short-term investments in wind and solar energy capacity may suffer from increased uncertainty and financing constraints.

In industrial measurements, increasing focus on energy and operations efficiency as well as increasing regulations and requirements for high-quality and security drive the need for high-end industrial instruments and systems. Industrial instruments and liquid measurements markets are expected to suffer from implications of the COVID-19 pandemic. Continuous monitoring systems and power industry markets' growth is expected to continue.

Business outlook for 2020

Vaisala estimates that its full-year 2020 net sales will be in the range of EUR 370-405 million and its operating result (EBIT) will be in the range of EUR 34-46 million.

Financial calendar 2020

Interim Report January-September 2020, October 27, 2020

Vantaa, July 21, 2020

Vaisala Corporation
Board of Directors

The forward-looking statements in this release are based on the current expectations, known factors, decisions and plans of Vaisala's management. Although the management believes that the expectations reflected in these forward-looking statements are reasonable, there is no assurance that these expectations would prove to be correct. Therefore, the results could differ materially from those implied in the forward-looking statements, due to for example changes in the economic, market and competitive environments, regulatory or other government-related changes, or shifts in exchange rates.

Financial information and changes in accounting policies

This Half Year Financial Report has been prepared in accordance with IAS 34 Interim Financial Reporting, following the same accounting policies and principles as in the annual financial statements for 2019. All figures in this Half Year Financial Report are group figures. All presented figures have been rounded and consequently the sum of individual figures may deviate from the sum presented. This Half Year Financial Report is unaudited.

Preparation of Half Year Financial Report in accordance with IFRS requires Vaisala's management to make estimates and assumptions that affect the valuation of the reported assets and liabilities and the recognition of income and expenses in statement of income. Although estimates are based on management's best knowledge at the date of Half Year Financial report, actual results may differ from those estimates.

The reporting of cash flows from operating activities in the consolidated cash flow statement has been changed from the direct method to the indirect method as of January 1, 2020. The comparative information has been reported accordingly.

Weather and Environment business area's renewable energy digital solutions business is no longer meeting the criteria of non-current assets held for sale and classification of those assets as non-current assets held for sale was ceased accordingly as of September 30, 2019. 

New and amended IFRS standards effective for the year 2020
The following new or revised IFRSs have been adopted from January 1, 2020:

Amendments to IFRS 3 Definition of a businessAmendments to IAS 1 and IAS 8 Definition of material Amendments to IFRS 9, IAS 39 and IFRS 7: Interest Rate Benchmark Reform

The adoption of the amendment to IFRS 3 may have an impact on the group's consolidated financial statements in future periods should such transactions arise. The adoption of the amendments to IAS 1 and IAS 8 as well as to IFRS 9, IAS 39 and IFRS 7 is not expected to have a material impact on the financial statements of the group in future periods.

Consolidated statement of  income
EUR million	4-6/ 2020	4-6/ 2019	1-6/ 2020	1-6/ 2019	1-12/ 2019
Net sales	91.4	96.1	178.6	180.3	403.6
Cost of goods sold	-41.5	-44.0	-79.6	-83.4	-182.4
Gross profit	49.8	52.1	99.0	96.9	221.2
Sales, marketing and administrative costs	-27.4	-30.6	-57.5	-60.6	-124.5
Research and development costs	-13.2	-14.2	-27.1	-27.1	-52.8
Other operating income and expenses	-1.3	-0.2	-1.3	-2.0	-2.7
Operating result	7.9	7.2	13.1	7.2	41.1
Share of result in associated company	-	-	-	-	0.1
Financial income and expenses	-0.9	-0.7	-1.2	-0.4	-1.1
Result before taxes	7.0	6.5	11.9	6.7	40.2
Income taxes	-1.2	-1.4	-2.2	-1.4	-6.6
Result for the period	5.7	5.1	9.8	5.3	33.6
Attributable to
Owners of the parent company	5.8	5.1	9.9	5.3	33.5
Non-controlling interests	-0.0	-	-0.1	-	0.1
Result for the period	5.7	5.1	9.8	5.3	33.6
Earnings per share for result attributable to the equity holders of the parent company
Earnings per share, EUR	0.16	0.14	0.27	0.15	0.94
Diluted earnings per share, EUR	0.16	0.14	0.27	0.15	0.93

Consolidated statement of comprehensive income
EUR million	4-6/ 2020	4-6/ 2019	1-6/ 2020	1-6/ 2019	1-12/ 2019
Items that will not be reclassified to profit or loss (net of taxes)
Actuarial profit (loss) on post-employment benefits	0.0	0.0	0.0	0.0	0.2
Total	0.0	0.0	0.0	0.0	0.2
Items that may be reclassified subsequently to profit or loss
Translation differences	-0.9	-0.5	-0.5	0.1	0.5
Total	-0.9	-0.5	-0.5	0.1	0.5
Total other comprehensive income	-0.9	-0.5	-0.5	0.1	0.7
Comprehensive income for the period	4.9	4.6	9.2	5.4	34.3
Attributable to
Owners of the parent company	4.9	4.6	9.3	5.4	34.2
Non-controlling interests	-0.0	-	-0.1	-	0.1
Comprehensive income for the period	4.9	4.6	9.2	5.4	34.3

Consolidated statement of financial position
EUR million
Assets	Jun 30,2020	Jun 30, 2019	Dec 31, 2019
Non-current assets
Intangible assets	69.0	69.4	72.7
Property, plant and equipment	76.0	51.6	63.4
Right-of-use assets	11.9	11.4	12.3
Investments in shares	0.1	0.1	0.1
Investment in associated company	1.1	1.0	1.1
Non-current receivables	0.9	1.0	0.9
Deferred tax assets	9.2	9.8	9.8
Total non-current assets	168.1	144.3	160.3
Current assets
Inventories	47.7	36.5	39.6
Trade and other receivables	62.6	69.7	77.3
Contract assets	29.4	20.8	25.0
Income tax receivables	5.7	4.8	2.8
Cash and cash equivalents	62.2	42.2	56.4
Total current assets	207.5	174.0	201.1
Assets classified as held for sale	-	2.2	-
Total assets	375.7	320.5	361.5

Equity and liabilities	Jun 30,2020	Jun 30, 2019	Dec 31, 2019
Equity
Share capital	7.7	7.7	7.7
Other reserves	3.8	5.0	7.0
Translation differences	0.7	0.9	1.3
Treasury shares	-6.3	-7.9	-7.9
Retained earnings	177.5	161.8	190.0
Total equity attributable to owners of parent company	183.4	167.5	198.0
Non-controlling interests	0.2	-	0.3
Total equity	183.7	167.5	198.3
Non-current liabilities
Interest-bearing loans from financial institutions	40.0	0.0	-
Interest-bearing lease liabilities	8.6	7.4	8.3
Post-employment benefits	2.4	2.9	2.4
Deferred tax liabilities	7.4	8.1	8.1
Provisions	0.2	0.2	0.1
Other non-current liabilities	4.7	5.7	4.3
Total non-current liabilities	63.2	24.3	23.3
Current liabilities
Interest-bearing loans from financial institutions	40.2	40.2	40.2
Interest-bearing lease liabilities	2.3	3.1	3.0
Trade and other payables	56.2	52.8	64.5
Contract liabilities	25.8	28.4	27.3
Income tax liabilities	1.5	0.7	1.7
Provisions	2.6	2.6	3.2
Total current liabilities	128.7	127.8	139.8
Liabilities directly associated with assets classified as held for sale	-	0.9	-
Total liabilities	191.8	153.0	163.1
Total equity and liabilities	375.7	320.5	361.5

Consolidated cash flow statement
EUR million	1-6/ 2020	1-6/ 2019	1-12/ 2019
Cash flow from operating activities
Result for the period	9.8	5.3	33.6
Depreciation, amortization and impairment	10.5	12.1	23.5
Financial income and expenses	1.2	0.4	1.1
Gains and losses on sale of intangible assets and property,	0.0	-0.3	-0.3
plant and equipment
Share of result in associated company	0.0	0.0	-0.1
Income taxes	2.2	1.4	6.6
Other non-cash items	-2.3	-1.1	1.6
Inventories, increase (-) / decrease (+)	-7.5	-4.8	-7.5
Non-interest-bearing receivables, increase (-) / decrease (+)	8.9	2.0	-7.8
Non-interest-bearing liabilities, increase (+) / decrease (-)	-12.1	-5.9	1.5
Changes in working capital	-10.8	-8.7	-13.9
Financial items paid	-1.4	-1.5	-2.3
Income taxes paid	-4.9	-6.2	-9.0
Cash flow from operating activities	4.2	1.7	40.8
Cash flow from investing activities
Acquisition of subsidiaries, net of cash acquired	-	-	-7.3
Capital expenditure on intangible assets and property, plant and equipment	-17.3	-10.1	-26.8
Proceeds from sale of intangible assets and property, plant and equipment	0.0	0.3	0.5
Proceeds from sale of shares	0.1	-	-
Cash flow from investing activities	-17.2	-9.8	-33.6
Cash flow from financing activities
Dividends paid	-19.0	-20.8	-20.8
Change in loan receivables	0.1	0.0	0.1
Proceeds from borrowings	80.0	40.0	80.0
Repayment of borrowings	-40.1	-40.2	-80.5
Principal payments of lease liabilities	-1.8	-2.0	-4.1
Cash flow from financing activities	19.2	-23.0	-25.4
Change in cash and cash equivalents increase (+) / decrease (-)	6.2	-31.1	-18.1
Cash and cash equivalents at the beginning of period	56.4	72.7	72.7
Change in cash and cash equivalents	6.2	-31.1	-18.1
Cash and cash equivalents classified as assets held for sale	-	-0.7	-
Transfer of cash and cash equivalents classified as assets held for	-	-	1.1
sale to continuing operations
Effect from changes in exchange rates	-0.4	1.3	0.7
Cash and cash equivalents at the end of period	62.2	42.2	56.4

Consolidated statement of changes in equity
EUR million	Share capital	Other reserves	Translation differences	Treasury shares	Retained earnings	Equity attributable to owners of the parent company	Non-controlling interests	Total
Equity at Dec 31, 2018	7.7	6.1	0.8	-9.0	177.3	182.9		182.9
Result for the period					5.3	5.3		5.3
Other comprehensive income		0.0	0.1			0.1		0.1
Dividend distribution					-20.8	-20.8		-20.8
Share-based payments		-1.1		1.1		0.0		0.0
Equity at Jun 30, 2019	7.7	5.0	0.9	-7.9	161.8	167.5		167.5
EUR million	Share capital	Other reserves	Translation differences	Treasury shares	Retained earnings	Equity attributable to owners of the parent company	Non-controlling interests	Total
Equity at Dec 31, 2019	7.7	7.0	1.3	-7.9	190.0	198.0	0.3	198.3
Result for the period					9.9	9.9	-0.1	9.8
Other comprehensive income		-0.0	-0.5			-0.5		-0.5
Dividend distribution					-22.0	-22.0		-22.0
Share-based payments		-3.5		1.6		-1.9		-1.9
Transfer between items		0.4			-0.4	0.0		0.0
Balance at Jun 30, 2020	7.7	3.8	0.7	-6.3	177.5	183.4	0.2	183.7

Notes to the report
Orders received by business area
EUR million	4-6/ 2020	4-6/ 2019	1-6/ 2020	1-6/ 2019	1-12/ 2019
Weather and Environment	63.8	63.2	116.0	139.4	276.2
Industrial Measurements	32.1	34.8	69.6	71.6	143.2
Total	95.9	98.0	185.6	211.0	419.4
Net sales by business area
EUR million	4-6/ 2020	4-6/ 2019	1-6/ 2020	1-6/ 2019	1-12/ 2019
Weather and Environment
Products	30.5	35.1	57.5	63.4	149.0
Projects	17.7	16.9	32.3	28.4	73.2
Services	9.4	8.7	19.4	18.5	39.1
Total	57.6	60.7	109.3	110.3	261.3
Industrial Measurements
Products	30.5	32.1	62.3	63.6	129.5
Services	3.3	3.3	6.9	6.4	12.8
Total	33.8	35.4	69.2	70.0	142.3
Total net sales	91.4	96.1	178.6	180.3	403.6
Operating result by business area
EUR million	4-6/ 2020	4-6/ 2019	1-6/ 2020	1-6/ 2019	1-12/ 2019
Weather and Environment	0.7	0.6	-1.7	-3.7	17.7
Industrial Measurements	7.1	7.5	14.7	12.1	26.1
Other	0.1	-0.9	0.1	-1.3	-2.7
Total	7.9	-7.2	13.1	-7.2	41.1
Net sales by region
EUR million	4-6/ 2020	4-6/ 2019	1-6/ 2020	1-6/ 2019	1-12/ 2019
Americas	32.3	34.2	64.2	66.9	149.7
APAC	27.6	28.7	48.8	53.1	119.6
EMEA	31.5	33.2	65.5	60.3	134.3
Total	91.4	96.1	178.6	180.3	403.6
Timing of revenue recognition
EUR million	4-6/ 2020	4-6/ 2019	1-6/ 2020	1-6/ 2019	1-12/ 2019
Performance obligations satisfied at a point in time	67.8	74.2	134.2	141.7	308.6
Performance obligations satisfied over time	23.6	21.8	44.3	38.6	95.0
Total	91.4	96.1	178.6	180.3	403.6

Personnel
	4-6/ 2020	4-6/ 2019	1-6/ 2020	1-6/ 2019	1-12/ 2019
Average personnel	1,929	1,847	1,894	1,821	1,829
Personnel at the end of period	1,954	1,883	1,954	1,883	1,837

Derivative financial instruments
EUR million			Jun 30, 2020	Jun 30,2019	Dec 31, 2019
Nominal value of derivative contracts			30.8	22.1	33.8
Fair values of derivative contracts, assets			0.2	0.2	0.3
Fair values of derivative contracts, liabilities			0.1	0.2	0.4
Derivative financial instruments consist solely of foreign exchange forward contracts and they are measured based on price information derived from active markets and commonly used valuation methods (Fair value hierarchy 2). Derivative contracts are executed only with counterparties that have high credit ratings.

Share information
EUR/thousand	4-6/ 2020	4-6/ 2019	1-6/ 2020	1-6/ 2019	1-12/ 2019
Number of shares outstanding	36,000	35,881	36,000	35,881	35,881
Number of treasury shares	437	556	437	556	556
Number of shares, weighted average, diluted	36,223	36,144	36,171	36,082	36,133
Number of shares, weighted average	36,000	35,879	35,959	35,847	35,864
Number of shares traded	572	616	2,273	1,574	3,442
Share price, highest	36.65	22.75	37.50	22.75	32.80
Share price, lowest	26.00	17.90	21.65	15.95	15.95
Key ratios
EUR	4-6/ 2020	4-6/ 2019	1-6/ 2020	1-6/ 2019	1-12/ 2019
Earnings per share	0.16	0.14	0.27	0.15	0.94
Diluted earnings per share	0.16	0.14	0.27	0.15	0.93
Equity per share			5.10	4.67	5.52
Return on equity, %			10.2	6.0	17.7
Cash flow from operating activities per share	-0.03	-0.17	0.12	0.05	1.14
Solvency ratio, %			49.5	53.2	55.7
Gearing, %			15.7	5.1	-2.4

Key exchange rates
	Average rates		Period end rates
	1-6/ 2020	1-6/ 2019	Jun 30,2020	Jun 30, 2019	Dec 31, 2019
USD	1.1039	1.1326	1.1198	1.1380	1.1234
CNY	7.7573	7.6676	7.9219	7.8185	7.8205
JPY	119.29	124.63	120.66	122.60	121.94
GBP	0.8670	0.8727	0.9124	0.8966	0.8508

Further information
Kaarina Muurinen, CFO
Tel. +358 40 577 5066
Vaisala Corporation

Conference call
An English-language conference call for analysts, investors and media will be held today on July 21, 2020 starting at 2:00 p.m. (Finnish time). Numbers for conference call, during which questions may be presented, are:

Finland: +358 9 8171 0310
UK: +44 33 3300 0804
Sweden: +46 8 5664 2651
US: +1 63 1913 1422

PIN: 89149081#

Audiocast
The presentation by Kjell Forsén, President and CEO, can also be followed through a live audiocast at www.vaisala.com/investors starting at 2:00 p.m. A recording will be published at the same address by 4:00 p.m.

Distribution
Nasdaq Helsinki
Key media
vaisala.com

Vaisala is a global leader in environmental and industrial measurement. Building on over 80 years of experience, Vaisala provides observations for a better world. We are a reliable partner for customers around the world, offering a comprehensive range of innovative observation and measurement products and services. Headquartered in Finland, Vaisala employs approximately 1,850 professionals worldwide and is listed on the Nasdaq Helsinki stock exchange.  vaisala.com  twitter.com/VaisalaGroup

Attachment

Vaisala Half Year Financial Report 2020 EN

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