The Annual General Meeting of Patria Oyj adopted the Consolidated Financial Statements for the financial period that ended on 31st December 2017.
Patria Group’s net sales for 2017 totaled EUR 467.7 million (EUR 489.9 million in 2016), decreased by 4.5 % as expected. Defence solutions and their lifecycle business accounted for 94 % (95 %) and civilian products for 6 % (5 %) of net sales, while 32 % (41 %) of net sales accrued from abroad.
The Group’s operating profit for the Financial Period was EUR 33.9 million, representing 7.2% of net sales (EUR 74.6 million, 15.2%). The consolidated income before taxes amounted to EUR 31.3 million (EUR 71.7 million). The Group’s return on equity was 10.4% (26.2%).
It was decided to discharge the members of the Board of Directors and the President and CEO from liability for the financial period of 2017. Furthermore, the Annual General Meeting decided, according to the Board of Directors’ proposal, to distribute a dividend of EUR 0.60 per share owned by the State of Finland and Governia Oy, totally EUR 16 705 133.40, representing 63.2 % of Group’s profit.
Christer Granskog, MSc (Eng.) will continue as the Chairman of the Board of Directors of Patria Oyj. Päivi Marttila, CEO, Sievi Capital plc; Ari Puheloinen, General (ret.); Harald Aarø, Executive Vice President Business Development and Strategy, Kongsberg and Eirik Lie, Executive Vice President, Kongsberg Defence & Aerospace will continue as members of the Board of Directors. Kimmo Viertola, Senior Financial Counsellor, the Ownership Steering Department in the Prime Minister’s Office; Gyrid Skalleberg Ingerø, Chief Financial Officer and Executive Vice President, Kongsberg and Jarle Næss, Senior Vice President Business Development, Kongsberg Defence & Aerospace were elected as the new members of the Board of Directors.
Sinuhe Wallinheimo, Member of Parliament, will continue as the Chairman of Patria Oyj Consultative Committee and Markus Mustajärvi, Member of Parliament was appointed as the Vice Chairman. The other members of the Consultative Committee are Mika Kari, Member of Parliament; Lieutenant General Timo Kivinen, Chief of Defence Command; Mikko Savola, Member of Parliament; Petri Peltonen, Under-Secretary of State at the Ministry of Economic Affairs and Employment; Raimo Vistbacka, Master of Laws; Jussi Karimäki, Equipment Assembler, Patria; Juha Kuusi, System Specialist, Patria; Petri Pitkänen, Logistics Manager, Patria; and Tomi Virtanen, Production Planner, Patria.
PricewaterhouseCoopers Oy (PwC), Authorised Public Accountants, will continue as Auditor. Mr Jouko Malinen, MSc (econ.), APA is the partner in charge of the audit.
Ville Jaakonsalo, CFO, phone +358 500 881 070, email@example.com
Patria is a trusted provider of defence, security and aviation life cycle support services and technology solutions. Besides Finland, the Group has operations in Sweden, Norway, Estonia, Poland, the United Arab Emirates, the United States, and South Africa. Patria employs 2,800 professionals. Patria is owned by the State of Finland (50.1%) and Norwegian Kongsberg Defence & Aerospace AS (49.9%).