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Financial Statements 2011

Board of Directors' report 2011 - Overview

Net sales EUR 273.6 million was 8% higher than in 2010. Comparable proforma net sales in 2010, including Veriteq acquisition, were EUR 254.6 million. Operating profit improved by EUR 4.3 million or 36% compared to 2010.

Controlled Environment’s net sales performance was stable throughout the year whereas Weather had a very strong fourth quarter compared to quite stable first three quarters.

Net sales increased in APAC region by 20% and in Americas by 10%, but EMEA region decreased by 2%.

Orders received improved significantly in the second half of the year, compared to the first half of 2011. High net sales during the fourth quarter increased the full year net sales to 8% above previous year.

Services sales in 2011 grew by 21% to EUR 40.8 million.

Implementation of the company-wide ERP program progressed in 2011 with go-lives in Germany and the USA. Roll-out will continue until the end of 2012.

In 2011, Vaisala launched 39 products. In 2011 R&D spend was EUR 3.4 million below the 2010 level. In 2011 R&D costs were 10.2% of net sales (12.4%) which is the longer term target level for R&D investment.

Expenditure in research and development totaled EUR 28.0 (31.4/2010; 28.4/2009) million. The share of research and development expenses of the Group's net sales reduced to 10% from previous year’s 12%.

One off costs of EUR 1.5 million relating to the consolidation of R&D activities were booked in the fourth quarter.