Lappset Group Ltd performed better than expected
Lappset Group's performance in 2014 was better than expected, despite the challenging situation in the world economy and the realignment of operations in the theme park business. The Group´s turnover was slightly lower compared to the previous year, EUR 50.5 million (2013: EUR 53.1 million). The performance can be regarded as satisfactory, since the targets set for the basic business – sales of playground and exercise facility equipment – were met. The business of Lappset Creative, having responsibility for the theme parks, took a plunge on account of the changed strategy of a key business partner. The new co-operation agreements concluded with HIT Entertainment Ltd and SantaPark Oy will be reflected in the business performance in the coming years.
Lappset Group's financial position was strengthened even further. The Group's equity ratio was 62.4 % in 2014 (2013: 57.5 %). The targets for the operating profit fell short of the previous year, amounting to EUR 2.1 million, i.e. 4.2 % (2013: EUR 3.1 million, 5.8 %). The company's cash flow and liquidity were very strong.
The quality and environmental management systems launched at the Estonia works in 2013 were finalised in 2014. The Estonia works were audited and certified by Inspecta Oy. The Lappset Estonia Oü works in Tallinn now have both the ISO 9001 quality management system and the ISO 14001 environmental management system. The production volume of the Estonia works increased in line with the targets, and profitability improved.
No notable changes took place regarding the subsidiary network during 2014. At the end of the financial year, Lappset Group comprised the parent company in Finland and subsidiaries in six countries: Sweden, the UK, Germany, France, the Netherlands and Estonia. No notable changes took place regarding the dealer network during 2013.
A co-operation procedure was instituted at the Pello works of the parent company, resulting in a transfer of operations to Rovaniemi.
Read more in the attached document below (Lappset Group Ltd Annual Report 2015). Additional information, please contact MD Tero Ylinenpaa, email@example.com