Feb 28, 2013. /Lesprom Network/. Turnover from Vaahto Group’s continuing operations for the financial year closing in December 2012 was Euro 40.1 million and the operating loss from continuing operations Euro 4.9 million, as the company said in a press release received by Lesprom Network. Scaled to annual figures, the company’s turnover showed a 1% increase from the reference period, but the operating result was clearly weaker. The primary reason for the negative result was Vaahto Paper Technology’s weak order book and low profitability. The Group’s outstanding orders stood at Euro 24.8 million at the closing of the financial year. The reference period is 12 months, while the financial period now ending is 16 months. Vaahto Group Plc Oyj’s Extraordinary Meeting of Shareholders of 19 June 2012 approved an amendment to the company’s bylaws whereby the company’s financial year changes to run from 1 January to 31 December. For this reason, the duration of the financial period now being closed is 16 months (1 September 2011 to 31 December 2012). Vaahto Paper Technology’s turnover from continuing operations was Euro 17 million and the net result an operating loss of Euro 4.2 million. Converted into annual terms, Vaahto Paper Technology’s turnover decreased by 13%, and the financial year’s result was very weak. Therefore, the Group decided in December 2012 to sell the project business belonging to the Vaahto Paper Technology division and the spare-parts and small-project business belonging to the service-business unit. The Group made a preliminary contract with a buyer in January 2013, and the transaction is expected to be completed by the end of the 1Q 2013. Because the sale was considered highly likely at the closing of the financial year, assets and liabilities belonging to the project business are included on the balance sheet as long-term assets on sale and related debts. In the income statement, the project business is presented as discontinuing operations. Also, reference data from the 2010–2011 financial period included in the income statement have been adjusted accordingly. The operating loss from discontinuing operations in the course of the financial period under review came to Euro 1.6 million. Vaahto Process Technology’s turnover was Euro 24.1 million and net result an operating loss of Euro 0.7 million. Scaled to annual figures, turnover increased by 15% from the level of the reference period. Though up Euro 0.5 million from that of the reference period, the business result remained negative. The division’s negative operating result was principally caused by the low profitability of the tank business in the first eight months of the financial year. Vaahto Group is a globally operating high technology company serving process industry in the fields of pulp and paper machinery and process machinery.