Panostaja Oyj’s Business Review Q1 November 1, 2022–January 31, 2023


Panostaja Oyj        Business Review Q1     March 15, 2023      at 10.00 a.m.


Panostaja Oyj’s Business Review November 1, 2022–January 31, 2023

Measures to improve profitability are progressing


November 2022-January 2023 (3 months) in brief:

  • The Group’s reported net sales dropped by -0.9% and were MEUR 35.5 (MEUR 35.8). The comparable net sales increased in three of the four segments.
  • EBIT improved for three of the four segments. The entire Group’s EBIT improved from the reference period, standing at MEUR 0.1 (MEUR -0.9).
  • Grano’s net sales for the review period dropped by -1.3% from the reference period. EBIT totaled MEUR 0.8 (MEUR 0.3). Net sales for the review period increased by 4.3% from the reference period net sales that were adjusted based on the SokoPro sale.
  • Earnings per share (undiluted) were -1.5 cents (-1.3 cents).

CEO Tapio Tommila:

“We started the new financial period with clear goals: we want to emphasize measures to improve profitability across all of our segments and strive to prepare for any risks brought on by the uncertain economic situation. In accordance with our strategy, we also strive to add new value-adding segments to our portfolio. In the first quarter, our measures to increase profitability began to generate good results and we improved our performance substantially, particularly in Grano and Oscar Software.

Alongside focusing the strategy and its implementation, Grano has worked extremely hard to manage the challenges brought on by the abnormal cost inflation environment and support profitability development. I am very pleased that the persistent efforts are beginning to produce results. In the first quarter, Oscar Software succeeded with regard to sales efforts and the efficiency of customer deliveries. We are now heading in the right direction, with an emphasis on the profitable growth of continuously invoiced business operations. CoreHW’s customer project activity has expectedly remained high, and the demand for the company’s high added value design services is consistently strong. Hygga continued its determined efforts to solve the availability challenges related to health care staff and, even though the goals are yet to be reached, results were achieved near the end of the quarter.

At CoreHW, we have continued our long-term investments in the development of our technologies and our own product business. Customer feedback shows that the company’s indoor range of component products focused on Bluetooth-based positioning solutions is among the best in the world in terms of accuracy and reliability. The indoor positioning technology has become reliable enough for customers to begin investing in the product development and commercialization of their own solutions – with the help of CoreHW’s technology. The company finds that the global market for indoor positioning solutions is about to see rapid growth in a variety of application areas, such as industry, retail and health care. In the coming years, the commercial potential of CoreHW’s products will be significant. We find that the timing is currently just right to invest in the accelerating of the commercialization of CoreHW’s business, which is why we have agreed to allocate almost MEUR 4 in additional funding to bolstering product development and commercialization measures. The additional funding consists of Panostaja’s subordinated loan and a product development loan granted by Business Finland.

Our additional investment in accelerating the ramp-up of CoreHW’s product business is a good demonstration of Panostaja’s strategy of being an active owner partner for growing SMEs. Through the entire period of Panostaja ownership, CoreHW has persistently invested in developing its own technologies. Together with our owner partners, we have systematically worked on building the company’s value creation path. In fact, our strength as a balance investor is highlighted when we can, in our chosen way, bolster the implementation of the company’s value creation strategy with an additional investment a good while after our initial investment, once the company has developed to a suitable stage and the market situation is right.”


Financial Development November 1, 2022-January 31, 2023

Q1Q112 months
Net sales, MEUR 35.535.8137.9
EBIT, MEUR 0.1-0.95.2
Profit before taxes, MEUR -0.5-1.43.2
Profit/loss for the financial period, MEUR -0.7-0.93.9
     Shareholders of the parent company -0.8-0.71.3
     Minority shareholders 0.1-0.22.6
Earnings per share, undiluted, EUR -0.01-0.010.03
Interest-bearing net liabilities 40.159.842.3
Gearing ratio, % 69.890.972.8
Equity ratio, % 39.838.239.1
Equity per share, EUR 0.690.740.71


Distribution of net sales by segment
Q1Q112 months
Net sales11/22-
Grano 28.528.9111.5
Oscar Software3.12.911.2
Eliminations 0.00.0-0.1
Group in total 35.535.8137.9


Distribution of EBIT by segment
Q1Q112 months
Oscar Software0.2-0.1-0.5
Others -0.6-0.6-2.2
Group in total 0.1-0.95.2

Panostaja Group’s business operations for the current review period are reported in five segments: Grano, Hygga, CoreHW, Oscar Software and Others (parent company and associated companies).

One associated company, Gugguu Group Oy, provided a report for the review period. The impact on profit/loss of the reported associated companies in the review period was MEUR -0.0 (MEUR 0.1), which is presented in a separate row in the consolidated income statement. 

Outlook for the 2023 Financial Period

As regards the corporate acquisition market, new opportunities are available and the market is active.SMEs will still need to utilize ownership arrangements and growth opportunities, but the consistently high market liquidity and the high price expectations of sellers, which tend to follow changes in economic trends with some delay, make the operating environment challenging for corporate acquisitions.We will continue exploring new possible investment targets in accordance with our strategy and assess divestment possibilities as part of the ownership strategies of the investment targets.

It is thought that the demand situation for different investments will develop in the short term as follows:

•        The demand for Oscar Software and CoreHW will remain good.

•        The demand of Grano and Hygga will remain satisfactory.

The demand situation presented above involves uncertainties relating to any geopolitical and macroeconomic impacts that are difficult to anticipate. The effects of the war in Ukraine and the related economic sanctions and geopolitical tensions will increase economic uncertainty in Finland and abroad, which may negatively impact segment demand or the availability of materials, and thereby material prices and delivery capabilities. If strengthened and prolonged, the inflation may have a negative impact on the purchasing power of consumers and the willingness of companies to make investments, which may weaken the demand situation of our segments from the estimate provided above. Furthermore, the possible resurgence of the coronavirus pandemic may impact the future development of Grano and Hygga, in particular, and rapidly and dramatically change the estimate provided above.

Panostaja Oyj

Board of Directors

For further information, contact CEO Tapio Tommila, +358 (0)40 527 6311

Panostaja Oyj
Tapio Tommila

All forecasts and assessments presented in this business report are based on the current outlook of Panostaja and the views of the management of the various investments with regard to the state of the economy and its development. The results attained may be substantially different.

This is not an interim report compliant with the IAS 34 standard. The company observes the six-monthly reporting practice prescribed in the Finnish Securities Markets Act and publishes business reports for the initial three and nine months of each year, presenting the key information on the company’s financial development. The financial information presented in the business report has not been audited.


Panostaja is an investment company developing Finnish companies in the growing service and software sectors as an active shareholder. The company aims to be the most sought-after partner for business owners selling their companies as well as for the best managers and investors. Together with its partners, Panostaja increases the Group's shareholder value and creates Finnish success stories.

Panostaja has a majority holding in four investment targets. Grano Oy is the most versatile expert of content services in Finland. Hygga Oy is a company providing health care services and the ERP system for health care providers. CoreHW provides high added value RF IC design services. Oscar Software provides ERP systems and financial management services.