contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  createdAt
  changedAt
  isPremium
  authors {
    __typename
    name
    pageUrl
    id
  }
  companies {
    name
    id
  }
  tags {
    name
    id
  }
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
      researchContentUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
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            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
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            sharePrice
            nav
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            quarterlySharePrice
          }
          estimates {
            year
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            ebitReported
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            enterpriseValue
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            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


meriaura-group-tightening-up-financial-management

__typename

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isPremium

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summary

companies

createdAt

publishers

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changedAt

Analyst

Pauli Lohi

Summa Defence is a Finnish defence and security technology group. The group provides strategic support and resources to companies in the sector, focusing on technologies related to situational awareness, mobility and protection, which benefit both civilian, security and defence sectors. The goal is to improve Finland's and Europe's overall security, security of supply and crisis management capabilities. Summa Defence is headquartered in Helsinki.

Even if there are unpaid TyEL contributions and a payment plan is in place for them, the fact that they have fallen due still signals the group’s weak solvency. Overdue payments, whether under a plan or not, must be managed at the same time as new TyEL contributions accrue as wages are paid to employees. This is how the snowball effect begins and can escalate to the point where the bailiff is brought in, especially when there are debts elsewhere; in this collection game, the fastest ones have the best chance of getting at least something back. Perhaps Summa’s situation is not yet at that point, but if the direction does not change, that is inevitably where it is headed.

A somewhat vaguely phrased message. For example, regarding TyEL, there is a significant difference depending on whether there is a valid payment plan in place for them. Similarly, those delays in electricity bills are not yet catastrophically large. Those who use services like Asiakastieto will get a clearer picture, but it is perhaps a bit unethical to copy the report here. But indeed, it is not entirely uncommon to make payment plans for TyEL debt; you just have to stick to the plan.

From the Kauppalehti forum: ”Let’s do a recap of the payment delays, with a real surprise at the end. At Lännen Tractors, the delays are roughly the same; there are nearly 30,000 euros in debts in collection here and there. Uudenkaupungin Työvene is about to have its electricity cut off, as over 20,000 euros of the more than 40,000 euros in payment delays are electricity bills—specifically for transmission, as I understand it. Good luck welding a boat together then, or will they bring a ‘mehumaija’ (juice steamer) from Loimaa to run a generator if some entrepreneur-led gas station still gives them fuel on credit? The drone company’s parent still has the same 23,000 euro set in collection. Some of these have been outstanding for so long that a bankruptcy petition might soon slide into the district court. Summa Defence itself still has the assumed rents on its tab, but a real bombshell has now surfaced there. They have failed to pay employees’ TYEL (pension insurance) contributions, and pension companies are known to have a short fuse and an automated bankruptcy process where the system pushes out the necessary paperwork in minimum time.”

Do any Lynchians happen to live near Savosolar’s production facilities? It would be quite interesting to see what it actually looks like there.

That’s what happens if you invest… blindly.  I took a look at the report out of interest (digging through dumpsters for bottle money hasn’t usually been my thing) and something like 70% of the balance sheet is goodwill. Since there was 4.6 million in cash at the turn of the year, they’ll need some more dough pretty soon. This year, despite the promises, there’s no way they’ll be anywhere near a positive result. On the other hand, how possible is a share issue, when even the former owners have been happy to dump stock into new pockets at any price. I suppose the board’s maximum will be diluted for starters, so about 21% worth. Someone will snatch them up anyway, hoping some gullible soul picks them up later on the back of some great-sounding hyperbolic news (wait a minute, are we talking about bitcoin now). As a bigger positive, the boat business seems solid, but that’s where it ends. They haven’t even bothered lying about the drones for a while now. Starting their production is already brutally late, and especially the value of the businesses inherited from Savosolar is probably mostly negative. I thought the only positive thing was that the existing Savosolar production facilities could be upgraded into mass production facilities for drones, but that hasn’t happened. And there’s still no estimate for the drone production scale at this stage, while at the same time one reads about Ukraine cooperation on massive scales all across Europe. The cash on hand isn’t enough for big plans, and at least the new CFO’s CV isn’t convincing yet. If both are still employed next year, then things have gone incredibly well. Maybe just surviving through the summer would already be a 10/10 performance.

The fate of individual entrepreneurs caught up in the mess is truly sad.

Summa’s new CFO, Petter Ruda, previously held the position of “Chief Financial Officer, Interim CFO CEO, Business Advisor, Management Consultant” at Carassio Ltd, according to his LinkedIn profile. This company was founded last August, and in a very Summa-like fashion, they hadn’t yet registered in the tax registries. Seems like the right recruitment. The gentleman also holds a couple of board memberships in a company comparable in size to a small barbershop/hair salon.

Summa Defence

The Group's CFO, Heikki Timonen, who has a Savosolar background, is leaving the company. The Group's financial management tasks will be outsourced to Meriaura Oy, a subsidiary of Meriaura Group. 

Translation: Original published in Finnish on 11/18/2024 at 8:26 am EET.
On Friday, Meriaura Group announced changes in the company&#x2019;s financial management. The Group&apos;s CFO, Heikki Timonen, who has a Savosolar background, is leaving the company. The Group&apos;s financial management tasks will be outsourced to Meriaura Oy, a subsidiary of Meriaura Group. The management of the financial administration will be transferred to Miia Peltonen, who will act as CFO of Meriaura Oy.
We see these changes as part of the consolidation of the organization following the merger of the two companies, Meriaura and Savosolar, in the fall of 2022. The business of Meriaura Oy, which forms the Marine Logistics reporting area, accounts for the majority of the Group&apos;s business and is relatively stable, so it is natural that the management&apos;s focus is also on Meriaura. This action is expected to reduce the Group&apos;s administrative costs and support profitability slightly, but we do not consider the change to be material in relation to the uncertainty surrounding the forecasts and therefore do not need to revise the estimates for the time being.

Meriaura Group: Tightening up financial management

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