President & CEO’s Review

President & CEO Arto Metsänen in the Q1 2013 Interim Report:

“As a result of the measures implemented during the first quarter our company now stands on a solid foundation and we can focus on developing our business operations. We completed the sales of the Software Solutions segment and the Tampere factory property, implemented a share issue and a conversion issue, and agreed a new long-term financing agreement. The implemented arrangements reduced our net debt significantly and raised our equity ratio to a good level.

Glaston’s markets developed according to our expectations in the first quarter. The cautious revival of the North American market that began at the end of last year continued. The Asian market also continued to develop favourably. No major changes occurred in the South American market. In the EMEA area, the market was still challenging, with significant regional differences.

Our company’s main objective for 2013 is a positive operating result. The adjustment programme completed at the end of 2012, which will yield around EUR 5 million in savings on an annual basis, combined with the measures implemented at beginning of this year, will create an excellent basis to achieve this objective.”

Arto Metsänen
CEO and Presindent