INTERIM REPORT FOR JANUARY 1 - JUNE 30, 2006
LÄNNEN TEHTAAT PLC Stock Exchange release August 10, 2006 at 8.30 am
INTERIM REPORT FOR JANUARY 1 - JUNE 30, 2006
SECOND QUARTER
. Net sales of continuing divisions in April-June increased by 6.5% from the
comparative year and stood at EUR 102.8 million (EUR 96.5 million).
. Consolidated net sales decreased by 4%, compared with the second quarter of
2005.
. Operating profit excluding non-recurring items EUR 2.4 million was at the same
level as in the comparative year (EUR 2.5 million).
. Operating profit after non-recurring items stood at EUR 2.5 million (EUR 3.6
million).
. Profit before taxes stood at EUR 2.7 million (EUR 3.2 million).
. Earnings per share stood at EUR 0.34 (EUR 0.40).
. Restructuring continued.
. Suomen Rehu Ltd acquired the remaining 17.5% of Mildola Oy's shares in April.
. An agreement was signed in June on the acquisition of the remaining Apetit Kala
Oy's shares.
This interim report has been drawn up according to the IFRS recognition and
valuation principles. Not all requirements of IAS standard 34, Interim Financial
Reporting have been observed.
The information in the report is unaudited.
Key indicators, EUR million
4-6/2006 4-6/2005
Net sales 102.8 107.5
Operating profit excluding non-recurring items 2.4 2.5
Operating profit after non-recurring items 2.5 3.6
Profit before taxes 2.7 3.2
Profit after taxes 2.0 2.4
Earnings per share, EUR 0.34 0.40
The net sales of the Food Division in April-June was EUR 30.0 million (EUR 38.5
million). The comparable net sales went up by 3%, if the effect of the terminated
sugar sales (EUR 9.5 million) is eliminated from the net sales of the comparative
period.
Because of a drop in the sales of the Apetit agricultural department, the net
sales of the Apetit Frozen Foods business unit was lower than in the comparative
period. Sales of retail products went up by about 2%, while the sales of the
hotel, restaurant and catering sector were about 4% higher than in the
comparative period. Industrial sales and exports were below the levels of the
comparative period. The highest growth was recorded in highly processed frozen
food and potato. Sales of frozen vegetables under the Apetit brand also went
well.
Apetit Kala's net sales rose by 17% from the comparative period. Net sales were
boosted by higher volumes and increases in sales prices, which resulted from
higher raw material prices. The focus was on consumer-packaged fish products.
Shop-in-shop sales also showed strong growth.
The operating profit of the Food Division in April-June was EUR 0.2 million (EUR
-0.2 million). Because of higher gross margins resulting from an increase in the
share of Apetit brand products and cost cutting, the Apetit Frozen Foods business
unit performed better than in the comparative period. Apetit Kala's performance
was also better than that of the comparative period. The rapid growth in the
prices of fish raw materials that started in spring continued during the second
quarter and slowed down profit growth. The effect of sugar sales on the
performance of the Food Division during the comparative period was EUR 0.4
million.
The net sales of the Feeds business was EUR 52.2 million (EUR 49.0 million).
Excluding corporate acquisitions, feed sales were at the same level as in the
comparative period.
The operating profit of the Feeds segment excluding non-recurring items was EUR
2.9 million (EUR 3.3 million) and after non-recurring items EUR 3.1 million (EUR
4.4 million). The profitability of feed sales suffered from a decrease in volumes
particularly in cattle feeds. The lower volumes were mainly a result of a good
harvest in Finland in 2005. Higher raw-material prices and competition for
reduced volumes decreased unit margins in cattle, pig and poultry feeds. Due to
productivity measures and a programme for reducing fixed costs, the profit of the
Feeds segment remained at the level of the comparative period. The non-recurring
expenses of EUR 0.2 million consist of reorganization provisions, and the non-
recurring revenue of EUR 0.3 million (EUR 1.1 million) consist of the realization
of the negative goodwill generated by the acquisition of Mildola shares.
The net sales of Grain Trading rose by 7%. The net sales during the second
quarter totalled EUR 23.3 million (EUR 21.7 million). Grain Trading's volume rose
from the comparative period in Finland, in exports and in third-country trade.
Prices were also higher. The operating profit increased to EUR 0.4 million (EUR
0.3 million).
The Other Operations segment comprises operations that are common to the Group
and unallocated to the segments. The segment's net sales were EUR 0.0 million
(EUR 2.5 million). The sales of the subsequently sold Harviala Ltd and the Lännen
Plant Systems business unit are included in the comparative period. The segment's
operating loss was EUR 1.2 million (EUR 0.9 million), which was mainly caused by
the absence of Harviala and by Group reorganization expenses.
PERIOD UNDER REVIEW JANUARY 1 - JUNE 30, 2006
1-6/2006 1-6/2005
Net sales 199.7 201.5
Operating profit excluding non-recurring items 3.1 2.1
Operating profit after non-recurring items 2.0 0.0
Profit/loss before taxes 3.7 -1.2
Profit/loss after taxes 2.5 -1.0
Earnings per share, EUR 0.37 -0.09
NET SALES
Lännen Tehtaat's net sales in January-June totalled EUR 199.7 million (EUR 201.5
million). Mildola Oy, acquired in May, had an effect of EUR 15.0 million (EUR 4.6
million) on consolidated net sales. The effect of the terminated operations on
the net sales of the comparison period was EUR 21.0 million.
The net sales of the Food Division totalled EUR 56.2 million (EUR 70.5 million).
The comparable net sales of the Food Division increased by slightly under 6%, if
the effect of the terminated sugar sales, EUR 17.3 million, is eliminated from
the figures of the comparative period. Apetit Kala's net sales rose due to an
increase in sales volumes and in sales prices. The net sales of Apetit Frozen
Foods business unit were slightly lower than in the comparative year, which was
due mainly to a reduction in the sales of the agricultural department. The net
sales of retail products went up by 2%. Sales of ready-made frozen foods, pizzas
and frozen potato products increased on the previous year and sales of frozen
vegetables sold under own product brand also went well. Sales of jam and
marmalade went down. Sales of the hotel, restaurant and catering sector and
exports increased from the comparative year. Industrial sales were below the
comparative period as domestic production lost ground to imports.
The net sales of the Feeds business in January-June totalled EUR 105.1 million
(EUR 93.0 million). The effect of corporate acquisitions on the growth in the
segment's net sales was EUR 10.4 million.
Net sales of Grain Trading rose by 8% to EUR 44.7 million (EUR 41.4 million).
The net sales of the Other Operations segment in January-June was EUR 0.0 million
(EUR 4.3 million). The net sales of the comparative period were mostly net sales
of the Lännen Plant Systems business unit and Harviala Ltd.
PROFIT/LOSS
Lännen Tehtaat's operating profit excluding non-recurring items in January-June
was EUR 3.1 million (EUR 2.1 million). The net impact of non-recurring items in
the period under review was EUR -1.1 million (EUR -2.1 million). The loss in non-
recurring items, EUR -1.4 million, constituted provisions made for reductions in
personnel totalling EUR -0.8 million and the loss incurred in selling the shares
in Harviala Ltd totalling EUR -0.6 million. The revenue in non-recurring items,
EUR 0.3 million, came from the realization of the negative goodwill generated by
the purchase of Mildola shares in the second quarter.
The operating loss of the Food Division was EUR -0.3 million (EUR -1.4 million).
The performance of the Apetit Frozen Foods business unit improved due to enhanced
cost-efficiency. The performance of Apetit Kala improved due to increased net
sales and productivity measures. The effect of the terminated sugar sales on the
operating profit of the Food Division in the comparative period was EUR 0.7
million.
The operating profit before non-recurring items of the Feeds segment in January-
June was EUR 5.0 million (EUR 4.8 million) and after non-recurring items EUR 4.6
million (EUR 2.7 million).
The operating profit of Grain Trading increased to EUR 0.8 million (EUR 0.4
million). Derivative financial instruments to which hedge accounting could not be
applied had an adverse effect of EUR 0.2 million on the result in the comparative
period.
The operating loss of the Other Operations segment was EUR -3.1 million (EUR -1.8
million). The main constituent of the loss in the period under review is non-
recurring expenses of EUR 0.6 million caused by the sale of the shares in
Harviala Ltd in the first quarter. The performance was also negatively affected
by Group restructuring costs. Measures to improve efficiency introduced late last
year brought about a marked improvement in the cost-effectiveness of Other
Operations.
Consolidated net financial income totalled EUR 1.9 million (expenses EUR -0.5
million). The financial income includes the profit on sales of shares not related
to business activities, totalling about EUR 2.5 million. The Group's share in the
profit/loss of associated companies was EUR -0.2 million (EUR -0.7 million).
The consolidated operating profit before taxes was EUR 3.7 million (loss EUR 1.2
million) and after taxes EUR 2.5 million (loss EUR 1.0 million).
FINANCING AND CASH FLOW
The Group's financing situation and liquidity remained good. The cash flow from
operations after interest and taxes stood at EUR 9.6 million (EUR 6.9 million).
This increase is mainly the result of variations in the working capital. The net
cash flow from investment was EUR 0.1 million (EUR -2.8 million). Dividends paid
totalled EUR 4.6 million (EUR 4.2 million).
At the end of the period under review, the Group had interest-bearing liabilities
amounting to EUR 40.5 million (EUR 50.0 million) and liquid assets of EUR 10.9
million (EUR 10.1 million). Net interest-bearing liabilities totalled EUR 29.6
million (EUR 39.9 million). The consolidated balance sheet total was EUR 201.2
million (EUR 210.2 million) and the equity ratio 55.3% (49.0%). Commercial papers
issued for the Group's short-term financing stood at EUR 19.0 million (EUR 21.0
million). There was EUR 18.0 million (EUR 18.0 million) in unused credit limits.
INVESTMENTS, DIVESTMENTS AND CHANGES IN THE GROUP STRUCTURE
The gross investment in non-current assets in January-June excluding corporate
acquisitions was EUR 2.8 million (EUR 1.6 million). A further EUR 1.5 million
(EUR 4.1 million) was used in the acquisition of shares in subsidiaries and joint
ventures.
Investment by the Food Division excluding corporate acquisitions totalled EUR 0.6
million, and investment by the Feeds segment excluding corporate acquisitions EUR
2.2 million. In the Food Division, the most important investment was the new
packaging line for Apetit Frozen Foods. In the Feeds segment, the most
significant investments were associated with the extension of the Lännen Rehu
factory at Säkylä, a loading station for bulk feed at Suomen Rehu's Seinäjoki
factory and the extension and renovation of the Baltic Feed factory in Latvia.
Other investment concerned mainly productivity and replacements.
The Group sold its investments in shares of other listed companies and other
shares outside its business. The sales profits of EUR 2.5 million realized from
these sales have been entered under financial income.
ZAO Scandic Feed, a joint venture company owned equally by Lännen Tehtaat and
Raisio, has concluded an agreement on the acquisition of the majority of shares
in the ZAO Tosno Feed Factory, which produces and markets feeds. The factory is
situated near St Petersburg in Russia. Russian competition authorities have
approved the sale, and the transaction is expected to be completed during the
autumn.
Suomen Rehu Ltd's Latvian subsidiary, SIA Baltic Feed, established a subsidiary
in Lithuania. The new company, UAB Baltijos Pasarai, has begun the direct sale of
feeds in Lithuania.
In April, Suomen Rehu Ltd acquired a 17.5% minority share in Mildola Oy. After
this transaction, Mildola Oy became wholly owned by the Group. In its minority
acquisitions, Lännen Tehtaat applies what is called the parent company model in
which minority acquisitions generate goodwill, profits or losses. In connection
with the acquisition of a minority shareholding in Mildola Oy, Lännen Tehtaat
entered a negative goodwill of EUR 0.3 million for the second quarter.
At the end of March, Lännen Tehtaat plc sold its shares in Harviala Ltd to
Saarioisten Taimistot Oy. The Group entered a loss of EUR 0.6 million from this
sale. Harviala Ltd was included in the consolidated profit and loss account until
the end of February.
IMPORTANT EVENTS AFTER THE REVIEW PERIOD
In an agreement between Lännen Tehtaat plc and Antti Räsänen in June, Antti
Räsänen's 49 percent holding in Apetit Kala Oy was purchased by Lännen Tehtaat
plc. The agreement was put into effect in July, after competition authorities had
given their approval. The sales price was EUR 1.5 million. Following the sales
agreement, Apetit Kala Oy became wholly owned by Lännen Tehtaat plc.
BOARD OF DIRECTORS' AUTHORIZATIONS
The Annual General Meeting authorized the Board of Directors to raise the share
capital by new share issues and/or to issue a convertible bond. The
authorizations are valid until March 29, 2007. In a new share issue and/or an
issue through a convertible bond, the share capital can be raised by a maximum
total of EUR 1,263,514.00 in such a way that a maximum of 631,757 shares with a
nominal value of EUR 2.00 are offered for subscription.
The Board of Directors was authorized to diverge from the shareholders' pre-
emptive subscription right to new shares and/or to convertible bonds if the
company's financial status so requires. The authorization also covers the right
to decide on the subscription prices, those entitled to subscribe shares,
subscription terms, terms concerning a convertible bond and other terms and
aspects related to a new share issue and/or issue of a convertible bond.
The Board of Directors was also authorized to decide on the surrender of the
company's own shares. The authorization concerns the 65,000 company shares
acquired using the authorization granted by the AGM on April 5, 2001. The Board
is authorized to decide to whom and in what order the company's own shares are
surrendered. The shares can be surrendered in one or more tranche. The Board may
decide to surrender the Company's own shares other than in proportion to the pre-
emptive right of shareholders.
So far the Board has not used the authorization granted by the Annual General
Meeting to increase the share capital or surrender the company's own shares.
SHARES
During the period under review 945,386 (1,775,753) company shares were traded on
the Stock Exchange, i.e. 15.0 (28.1) % of the total stock. The highest share
price was EUR 24.19 (EUR 13.70) and the lowest EUR 15.26 (EUR 11.71). The share
turnover for the period totalled EUR 18.7 million (EUR 23.3 million). The market
capitalization on June 30, 2006 stood at EUR 122.9 million (EUR 83.7 million).
PERSONNEL AND ORGANIZATION
The average number of personnel during the period under review was 947 (1,006) of
which 37 (29) worked outside Finland. The figure decreased in the Food Division
and Other Operations segment. In the Feeds segment it increased, mainly as a
result of corporate acquisitions.
Erkki Lepistö was appointed President of Suomen Rehu Ltd as of July 1, 2006.
SEASONALITY OF OPERATIONS
The transfer to IFRS reporting has had a major impact on the accrual of Lännen
Tehtaat's profits over the financial year. As a result of seasonal production and
valuation of inventories in accordance with IAS 2, most of the Group's annual
profit accrues during the final quarter.
Because of the harvest production, the seasonal nature of the operations features
most strongly in the Food Division and in the operations of the associated
company Sucros. There is also some seasonal fluctuation in the Feeds segment.
Most of Apetit Kala's products are sold during festive holidays. The year's
profits are largely determined by the success of Christmas sales.
There is quarterly fluctuation in Grain Trading's volumes and prices, depending
on supply and demand and on grain prices on different markets. Grain Trading
accounts for 20-25% of the Lännen Tehtaat's consolidated net sales. Fluctuations
in its net sales have a considerable impact on the entire Group's net sales.
PROSPECTS FOR THE END OF THE YEAR
The Food Division's net sales will fall from last year because of the absence of
sugar sales. The net sales of the continuing food business operations will
increase and the financial performance will improve significantly due to higher
cost-effectiveness in Apetit Frozen Foods and strong growth in Apetit Kala.
In connection with the acquisition of a minority shareholding in Apetit Kala in
July, the Group will enter a non-recurring profit resulting from the negative
goodwill of EUR 0.4 million in the third quarter.
In autumn 2005, the Group launched a study on how it can expand its food business
in Finland and the northern parts of the Baltic Rim. The work continues.
The net sales of the Feeds business will grow, mostly because of the acquisition
of Mildola. The demand for industrial feeds is still lower than in the previous
year but is expected to grow during the autumn if, as expected, the grain and
silage harvests are below normal. Despite lower volumes and profit margins, the
Group's operating profit for 2006 is expected to be at the same level as in 2005
(excluding non-recurring items). The improvement will result from cutting of
fixed costs and productivity measures.
The Feeds segment is continuing its investment by extending and modernizing the
SIA Baltic Feed's factory in Latvia. Russian competition authorities have given
their approval for the acquisition of the Tosno feed plant by the joint venture
company ZAO Scandic Feed and the deal is expected to be finalized in autumn. The
closure of the feed factory in Vaasa and the transfer of production to other
factories will take place in stages during the summer.
Grain Trading's net sales are expected to be around EUR 100 million and it should
post a slightly better financial performance than in 2005.
Consolidated net sales are expected to exceed EUR 400 million though they will
remain below last year's figures because of the termination of the sugar sales.
The operating profit for the entire year excluding non-recurring items is
expected to be slightly better than in 2005. The improvements will result from a
better performance in the fish business, productivity measures and higher cost-
effectiveness.
Because of the seasonal nature of grain trade and the termination of sugar sales,
the net sales in the third quarter are expected to be lower than in the
comparative period. As a result, consolidated financial performance excluding non-
recurring items is expected to be weaker than in the third quarter of 2005.
CONSOLIDATED INCOME STATEMENT
EUR million
4-6/ 4-6/ 1-6/ 1-6/ 1-12/
2006 2005 2006 2005 2005
3 mths 3 mths 6 mths 6 mths 12 mths
Net sales 102.8 107.5 199.7 201.5 433.0
Other operating income 1.1 1.6 1.8 2.2 10.9
Operating expenses -99.4 -103.5 -195.4 -196.9 -416.3
Depreciation -2.0 -2.0 -4.1 -4.1 -8.3
Impairments - - - -2.7 -3.0
Operating profit 2.5 3.6 2.0 0.0 16.3
Financial income and expenses -0.1 -0.2 1.9 -0.5 -1.2
Share of profit of associate
companies 0.2 -0.2 -0.2 -0.7 -0.1
Profit/loss before taxes 2.7 3.2 3.7 -1.2 14.9
Income taxes -0.6 -0.8 -1.3 0.2 -3.5
Profit/loss for the
financial period 2.0 2.4 2.5 -1.0 11.4
The income taxes are based on the result for the period.
Attributable to:
Equity holders of the parent 2.1 2.5 2.3 -0.6 11.3
Minority interests -0.1 -0.1 0.1 -0.4 0.1
Earnings per share, EUR 0.34 0.40 0.37 -0.09 1.81
Diluted earnings per share, EUR 0.34 0.40 0.37 -0.09 1.81
NET SALES BY BUSINESS SEGMENT
EUR million
4-6/ 4-6/ 1-6/ 1-6/ 1-12/
2006 2005 2006 2005 2005
3 mths 3 mths 6 mths 6 mths 12 mths
Food Division 30.0 38.5 56.2 70.5 149.4
Feed segment 52.2 49.0 105.1 93.0 205.1
Grain Trading segment 23.3 21.7 44.7 41.4 86.6
Other operations segment 0.0 2.5 0.0 4.3 7.1
Intra-group sales -2.7 -4.3 -6.4 -7.7 -15.3
Consolidated 102.8 107.5 199.7 201.5 433.0
OPERATING PROFIT/LOSS BY BUSINESS SEGMENT
EUR million
4-6/ 4-6/ 1-6/ 1-6/ 1-12/
2006 2005 2006 2005 2005
3 mths 3 mths 6 mths 6 mths 12 mths
Food Division 0.2 -0.2 -0.3 -1.4 9.6
Feed segment 3.1 4.4 4.6 2.8 9.4
Grain Trading segment 0.4 0.3 0.8 0.4 1.4
Other operations segment -1.2 -0.9 -3.1 -1.8 -4.1
Consolidated 2.5 3.6 2.0 0.0 16.3
NET SALES BY GEOGRAPHICAL SEGMENT
EUR million
4-6/ 4-6/ 1-6/ 1-6/ 1-12/
2006 2005 2006 2005 2005
3 mths 3 mths 6 mths 6 mths 12 mths
Finland 86.9 95.1 169.1 178.3 382.8
Other EU members states 6.2 6.1 17.3 13.7 34.2
Other countries 9.6 6.3 13.3 9.5 16.0
Consolidated 102.8 107.5 199.7 201.5 433.0
CONSOLIDATED BALANCE SHEET
EUR million
June 30, 2006 June 30,2005 Dec, 31, 2005
ASSETS
Non-current assets
Tangible assets 71.0 71.1 72.2
Goodwill 17.4 17.4 17.4
Other intangible assets 1.6 2.1 1.7
Investment in associated companies 21.3 21.7 21.3
Available-for-sale investments 0.3 2.8 3.2
Receivables 5.7 0.6 6.9
Deferred tax assets 1.0 3.3 1.3
118.3 119.0 123.9
Current assets
Inventories 37.1 45.3 54.5
Receivables 34.9 35.8 42.5
Cash and cash equivalents 10.9 10.1 11.2
83.0 91.2 108.2
Total assets 201.2 210.2 232.2
EQUITY AND LIABILITIES
Equity attributable to the
equity holders of the parent 108.8 99.7 112.4
Minority interests 2.3 3.2 3.7
Total equity 111.1 102.9 116.1
Non-current liabilities
Long-term borrowings 10.6 18.6 16.0
Deferred tax liabilities 6.7 7.7 7.4
Non-current provisions 0.9 1.0 0.9
Non-current liabilities total 18.2 27.3 24.3
Current liabilities
Trade payables and other
liabilities 41.0 47.6 60.9
Short-term borrowings 29.9 31.4 29.9
Current provisions 0.9 1.0 0.9
Current liabilities total 71.9 80.0 91.7
Liabilities total 90.1 107.3 116.1
Total equity and liabilities 201.2 210.2 232.2
CONSOLIDATED CASH FLOW STATEMENT
EUR million
1-6/2006 1-6/2005 1-12/2005
6 mths 6 mths 12 mths
Cash flows from operating
activities 9.6 6.9 17.8
Cash flows from investing
activities 0.1 -2.8 -8.0
Cash flows from financing
activities
Change in net debt -5.4 -0.2 -4.5
Dividends paid -4.6 -4.1 -4.1
Net increase/decrease in cash
and cash equivalents -0.3 -0.1 1.0
Cash and cash equivalents
at beginning of the period 10.9 10.2 10.2
Cash and cash equivalents
at end of the period 11.2 10.1 11.2
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
EUR million
A = Share capital
B = Share premium account
C = Net unrealised gains
D = Other reserves
E = Translation differences
F = Retained earnings
G = Equity attributable to equity holders of the parent company
H = Minority interest
I = Shareholders' equity total
A B C D E F G H I
Shareholders'
equity at
Jan.1.2005 12.6 23.4 1.1 7.3 -0.3 60.2 104.3 2.5 106.8
Available-for-sale
financial assets:
gains/losses
from fair value
measurement 0.2 0.2 0.2
Cash flow hedges:
gains/losses
recorded in
equity -0.2 -0.2 -0.2
Taxes related to
items entered into
equity and removed
from equity -
Translation
differences 0.1 0.1 0.1
Dividend
distribution -4.2 -4.2 -0.2 -4.4
Result of the period -0.6 -0.6 -0.4 -1.0
Other changes 1.3 1.3
Shareholders'
equity at
June 30, 2005 12.6 23.4 1.1 7.3 -0.2 55.6 99.7 3.2 102.9
Shareholders'
equity at
Jan 1,2006 12.6 23.4 1.9 7.3 -0.2 67.5 112.4 3.7 116.1
Available-for-sale
financial assets:
gains/losses
from fair value
measurement -2.1 -2.1 -2.1
Cash flow hedges:
gains/losses
recorded in
equity 0.6 0.6 0.6
Taxes related to
items entered into
equity and removed
from equity 0.4 0.4 0.4
Transition
differences 0.0
Dividend
distribution -4.6 -4.6 -4.6
Increase of
ownership
in subsidiary 0.0 -1.5 -1.5
Result of the period 2.4 2.4 0.1 2.5
Other changes -0.2 -0.2 -0.2
Shareholders'
equity at
June30,2006 12.6 23.4 0.8 7.3 -0.2 65.1 - 108.8 2.3 111.1
KEY INDICATORS
June 30, 2006 June 30, 2005 Dec 31, 2005
Shareholders' equity
per share, EUR 17.77 16.46 18.56
Equity ratio, % 55.3 % 49.0 % 50.0 %
Gearing, % 26.6 % 38.7 % 29.9 %
Investments, EUR million 4.3 5.7 11.7
Average number of personnel 947 1006 1033
Average number of shares, 1 000 6 253 6 253 6 253
CONTINGENT LIABILITIES
EUR million
June 30, 2006 June 30, 2005 Dec 31, 2005
Mortgages given for debts:
Real estate mortgages 40.7 40.7 40.7
Corporate mortgages 51.4 51.4 51.4
Share pledged 3.6 3.6 3.6
Other securities given for own
commitments
Real estate mortgages 0.0 0.2 0.1
Pledges 0.0 0.0 0.0
Leasing liabilities 1.1 0.9 1.3
Non-cancellable other leases,
minimum lease payments 1.9 2.3 2.1
Contingent liabilities for own
commitments:
Repurchase commitments 0.1 0.2 0.1
Contingent liabilities on behalf
of the associate companies:
Repurchase commitments 0.0 0.2 0.1
Other contingent liabilities:
Redemption liability of
leased buildings - 2.5 -
OUTSTANDING VALUES OF DERIVATIVE INSTRUMENTS
Forward currency contracts 0.4 2.0 1.5
Commodity derivative instruments 3.5 3.4 5.0
Interest rate swaps 25.0 25.0 25.0
LÄNNEN TEHTAAT PLC
Board of Directors
More details: Matti Karppinen, CEO, tel. +358 10 402 4001
Distribution:
Helsinki Stock Exchange
Main media
www.lannen.fi
