INTERIM REPORT FOR JANUARY 1 - SEPTEMBER 30, 2006
LÄNNEN TEHTAAT PLC Stock Exchange release November 1, 2006 at 8.30 am
INTERIM REPORT FOR JANUARY 1 - SEPTEMBER 30, 2006
Third quarter
. The Group's continuing divisions achieved net sales of EUR 91.6 million (EUR
91.7 million) which was at the level of July-September in the comparative year.
. Because of the absence of sugar sales, overall net sales decreased by 16%
compared with the corresponding quarter in 2005.
. The operating profit was EUR 4.5 million (EUR 3.6 million).
. The operating profit excluding non-recurring items was EUR 4.0 million (EUR 3.6
million).
. The profit before taxes was EUR 4.3 million (EUR 3.3 million).
. Earnings per share were EUR 0.56 (EUR 0.38).
. Lännen Tehtaat plc acquired the remaining 49.1% of Apetit Kala Oy's shares in
July.
. It was decided to shut down the fish-processing plant at Kustavi and transfer
production to Kuopio.
. Production at the Vaasa feed plant was terminated, as planned.
. The acquisition of ZAO Scandic Feed in Russia was cancelled when the seller
withdrew from the transaction.
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
7-9/2006 7-9/2005
Net sales 91.6 109.0
Operating profit 4.5 3.6
Operating profit excluding
non-recurring items 4.0 3.6
Profit before taxes 4.3 3.3
Profit for period 3.5 2.4
Earnings per share, EUR 0.56 0.38
The net sales of the Food Division in July-September were EUR 24.5 million (EUR
39.9 million). The comparable net sales went up by about 5% when the effect of
the terminated sugar sales (EUR 16.6 million) is eliminated from the net sales of
the comparative period.
The net sales of the Apetit Frozen Foods business unit were 4% higher than in the
comparative period. Sales of retail products went up by about 4%, and the sales
by the hotel, restaurant and catering sector by about 5%. Exports also increased
but industrial sales fell slightly short of the comparative period. Sales of
retail frozen foods went up by about 6%. The highest growth was recorded in
frozen vegetables and pizzas sold under the Apetit brand.
Apetit Kala's net sales rose by 5% from the comparative period last year, boosted
by increases in sales prices, which were a consequence of higher raw-material
prices. The focus was on consumer-packaged fish products. Shop-in-shop sales also
progressed well.
The operating profit of the Food Division in July-September was EUR 1.5 million
(EUR 0.9 million). Non-recurring items improved the profit by EUR 0.5 million
(EUR 0.0 million). The effect of sugar sales on the operating profit of the Food
Division during the comparative period was EUR 0.6 million. Because of higher
gross margins resulting from an increase in the share of Apetit products and cost
cutting, the Apetit Frozen Foods business unit performed better than in the
comparative period. Apetit Kala's financial performance was also better than that
of the comparative period. The unusually strong rise in the prices of fish raw
materials that started in the spring slowed down the improvement in the profit
because the price rises were not passed on in full to the sales prices. The non-
recurring items refer to the acquisition of the 49% minority interest in Apetit
Kala (+EUR 0.7 million) and the decision to close down the Kustavi production
plant (-EUR 0.2 million).
The net sales of the Feeds business amounted to EUR 53.3 million (EUR 52.2
million). The operating profit of the Feeds segment was EUR 3.5 million (EUR 3.0
million). The demand for feed was at last year's level. The improvement in
productivity and successful implementation of a programme to cut fixed costs
compensated for the fall in the sales margin, which was caused by higher raw-
material costs.
The net sales of Grain Trading fell by 9%. During the third quarter they totalled
EUR 17.4 million (EUR 19.2 million). Grain Trading's volume was lower than in the
comparative period in Finland and in exports but higher in third-country trade.
The operating profit was EUR 0.4 million (EUR 0.5 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 1.0 million). The net sales of Harviala Ltd, which later exited the Group,
are included in the comparative period. The segment's operating loss was EUR -0.9
million (EUR -0.7 million), which was mainly caused by the absence of Harviala
and by Group reorganization expenses. The comparable cost-effectiveness of Other
Operations segment showed a marked improvement from the comparative period.
Period under review January 1 - September 30, 2006
1-9/2006 1-9/2005
Net sales 291.3 310.5
Operating profit 6.4 3.6
Operating profit excluding
non-recurring items 6.9 5.7
Profit before taxes 7.8 2.1
Profit for period 5.8 1.4
Earnings per share, EUR 0.92 0.29
Net sales
Lännen Tehtaat's net sales in January-September totalled EUR 291.3 million (EUR
310.5 million). Mildola Oy, acquired in May 2005, contributed EUR 21.7 million
(EUR 11.1 million) to the consolidated net sales. The terminated operations
caused the net sales to decrease by EUR 38.3 million. Net sales of continuing
divisions increased by 7% from the comparative period.
The net sales of the Food Division totalled EUR 80.7 million (EUR 110.4 million).
Its comparable net sales went up by 5%, if the effect of the terminated sugar
sales, EUR 33.8 million, is eliminated from the figures of the comparative
period. Apetit Kala's net sales rose as a result of an increase in sales volumes
and in sales prices. The net sales of the Apetit Frozen Foods business unit were
slightly lower than in the comparative year, because of a reduction in the sales
of the agricultural department. Product sales increased. Sales of retail products
went up by about 2.5%. Sales of ready-made frozen foods, pizzas and frozen potato
products increased on the previous year. Sales of frozen vegetables sold under
Apetit brand were also up over the previous year. Sales of jam and marmalade went
down. Sales of the hotel, restaurant and catering sector and exports increased on
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-September rose by 9% to EUR
158.4 million (EUR 145.2 million). The effect of corporate acquisitions on the
growth in the segment's net sales was EUR 11.4 million.
Net sales of Grain Trading rose by 3% to EUR 62.2 million (EUR 60.6 million).
The net sales of the Other Operations segment in January-September were EUR 0.0
million (EUR 5.3 million). The net sales of the comparative period were mostly
net sales of the Lännen Plant Systems and Harviala Ltd.
Profit
Lännen Tehtaat's operating profit in January-September was EUR 6.4 million (EUR
3.6 million). The net impact of non-recurring items in the period under review
was EUR -0.6 million (EUR -2.1 million). The loss of EUR -1.6 million in non-
recurring items comprise provisions made for reductions in personnel (EUR -0.9
million) and the loss incurred in selling the shares in Harviala Ltd (EUR -0.6
million) and a write-off entry of EUR -0.2 million arising from the decision to
close down the Apetit Kala factory at Kustavi. The non-recurring revenue, EUR 1.0
million, came from the realization of the negative goodwill generated by the
purchase of Mildola shares in the second quarter and of Apetit Kala shares in the
third. Excluding the non-recurring items, the operating profit for January-
September was EUR 6.9 million (EUR 5.7 million).
The operating profit of the Food Division was EUR 1.2 million (loss EUR -0.5
million), the effect of non-recurring items being EUR +0.4 million (EUR 0.0
million). The now terminated sugar sales caused the operating profit of the Food
Division in the comparative period to improve by EUR 1.3 million.
The financial performance of the Apetit Frozen Foods business unit improved as a
result of enhanced cost-efficiency. The financial performance of Apetit Kala
improved considerably due to increased net sales and productivity measures.
The operating profit of the Feeds segment in January-September was EUR 7.9
million (EUR 5.8 million). Non-recurring items had an effect of EUR -0.4 million
(EUR -2.1 million) on the profit. Excluding the non-recurring items, the profit
was EUR 8.3 million (EUR 7.9 million).
The operating profit of Grain Trading increased to EUR 1.2 million (EUR 0.9
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 -4.0 million (EUR -2.5
million). The loss for the period under review includes non-recurring expenses of
EUR 0.6 million that mainly comprised the sale of the shares in Harviala Ltd in
the first quarter. Expenses incurred in Group restructuring also reduced the
profit. The cost-effectiveness of Other Operations showed a marked improvement as
a result of the efficiency measures carried out at the end of last year.
Consolidated net financial revenue/expenses totalled EUR 1.6 million (expenses
EUR -0.9 million). The financial revenue includes a profit of about EUR 2.6
million on sales of shares not related to business activities. 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 7.8 million (EUR 2.1
million) and after taxes EUR 5.8 million (EUR 1.4 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 11.3 million (EUR 11.9 million).
The change is mainly the result of adjustments in the working capital. The net
cash flow from investment was EUR -5.1 million (EUR -4.7 million). Dividends paid
totalled EUR 4.6 million (EUR 4.1 million).
At the end of the period under review, the Group had interest-bearing
liabilities amounting to EUR 37.6 million (EUR 44.4 million) and liquid assets
of EUR 4.3 million (EUR 7.3 million). Net interest-bearing liabilities totalled
EUR 33.3 million (EUR 37.1 million). The consolidated balance sheet total was
EUR 207.7 million (EUR 215.8 million). The equity ratio was 54.2% (49.0%).
Commercial papers issued for the Group's short-term financing stood at EUR 17.0
million (14.0 million). There was EUR 23.0 million (EUR 23.0 million) in unused
credit limits.
Investment, divestments and Group restructuring
The gross investment in non-current assets in January-September excluding
corporate acquisitions was EUR 5.4 million (EUR 3.9 million). A further EUR 3.0
million (EUR 4.2 million) was spent on the acquisition of shares in subsidiaries
and joint ventures.
Investment by the Food Division excluding corporate acquisitions totalled EUR 1.1
million, and investment by the Feeds segment excluding corporate acquisitions EUR
4.3 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 and renovation of the
Baltic Feed factory in Latvia, the extension to the Lännen Rehu factory at Säkylä
and a loading station for bulk feed at Suomen Rehu's Seinäjoki factory. 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 2.6 million realized from
these sales have been entered under financial income.
Suomen Rehu Ltd's Latvian subsidiary, SIA Baltic Feed, established a subsidiary,
UAB Baltijos Pasarai, in Lithuania for the direct sale of feeds. The company has
already started operations.
At the end of March, Lännen Tehtaat plc sold its shares in Harviala Ltd to
Saarioisten Taimistot Oy. The Group recorded a loss of EUR 0.6 million from this
sale. Harviala Ltd was included in the consolidated income statement until the
end of February.
In April, Suomen Rehu Ltd acquired the 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 the minority shareholding in Mildola Oy, Lännen Tehtaat
entered negative goodwill of EUR 0.3 million for the second quarter.
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 the 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. In
relation to the acquisition the Group recorded non-recurring income of EUR 0.7
million generated by negative goodwill in the third quarter.
The acquisition in Russia of ZAO Scandic Feed, a joint-venture company owned
equally by Lännen Tehtaat and Raisio, was cancelled in August. The cancellation
of the purchase of a majority shareholding in Tosno Feed Factory caused write-
offs of EUR 0.2 million in the third quarter, which are shown under the heading
'Share of profits of associated companies'.
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 for shares,
subscription terms, terms concerning a convertible bond and other terms and
factors 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
was 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 tranches. 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 1,379,454 (3,210,991) company shares were traded
on the Stock Exchange, i.e. 21.8 (50.8) per cent of the total stock. The highest
share price was EUR 24.19 (EUR 17.65) and the lowest EUR 15.26 (EUR 11.71). The
share turnover for the period totalled EUR 27.6 million (EUR 44.5 million). The
market capitalization at the end of the period under review stood at EUR 132.2
million (EUR 103.0 million).
Flaggings
No flagging notices were made during the period under review.
Personnel and organization
The average number of personnel during the period under review was 955 (1,030),
of whom 38 (32) worked outside Finland. The figure decreased in the Food Division
and Other Operations segment. In the Feeds segment it increased, as a result of
the acquisition of Mildola.
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.
Grain Trading's net sales fluctuate annually and quarterly depending on the
amount of grain and grain prices. Grain Trading accounts for 20-25 per cent of
the Lännen Tehtaat's consolidated net sales. Fluctuations in its net sales have a
considerable impact on the entire Group's net sales and their periodization.
Prospects for the entire 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.
A study was started in autumn 2005 on how the Group can expand its food
business in Finland and the northern parts of the Baltic Rim. The work
continues.
The Feeds business's net sales for the entire year 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. The financial
performance, excluding non-recurring items, is expected to be at the same level
as in 2005.
The extension and modernization of the Feeds segment's SIA Baltic Feed factory in
Latvia will come into operation at the beginning of November. The transfer of
production at the Vaasa feed factory to other factories was concluded during the
autumn.
Grain Trading's net sales are expected to be higher than those of last year but
still fall short of the EUR 100 million level. The financial performance is
expected to be slightly better 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 the 2005 equivalent as a result of a better
performance in the fish business, productivity measures and higher cost-
effectiveness.
The financial performance for the last quarter of 2005 included non-recurring
items that improved the performance by a net amount of EUR +6.3 million. As there
are no equivalent items in this years's final quarter, the financial performance
will not come up to that of last year.
CONSOLIDATED INCOME STATEMENT
EUR million
7-9/ 7-9/ 1-9/ 1-9/ 1-12/
2006 2005 2006 2005 2005
3 mths 3 mths 9 mths 9 mths 12 mths
Net sales 91.6 109.0 291.3 310.5 433.0
Other operating income 1.3 0.5 3.1 2.7 10.9
Operating expenses -86.2 -103.7 -281.7 -300.6 -416.3
Depreciation -2.0 -2.1 -6.2 -6.2 -8.3
Impairments -0.2 - -0.2 -2.7 -3.0
Operating profit 4.5 3.6 6.4 3.6 16.3
Financial income and expenses -0.3 -0.4 1.6 -0.9 -1.2
Share of profit of associate
companies 0.0 0.1 -0.2 -0.7 -0.1
Profit before taxes 4.3 3.3 7.8 2.1 14.9
Income taxes -0.8 -1.0 -2.0 -0.7 -3.6
Profitfor the financial period 3.5 2.4 5.8 1.4 11.4
The income taxes are based on the result for the period.
Attributable to:
Equity holders of the parent 3.5 2.4 5.8 1.8 11.3
Minority interests 0.0 -0.0 0.0 -0.4 0.1
Earnings per share, EUR 0.56 0.38 0.92 0.29 1.81
Diluted earnings per share, EUR 0.56 0.38 0.92 0.29 1.81
NET SALES BY BUSINESS SEGMENT
EUR million
7-9/ 7-9/ 1-9/ 1-9/ 1-12/
2006 2005 2006 2005 2005
3 mths 3 mths 9 mths 9 mths 12 mths
Food Division 24.5 39.9 80.7 110.4 149.5
Feed segment 53.3 52.2 158.4 145.2 205.1
Grain Trading segment 17.4 19.2 62.2 60.6 86.6
Other operations segment 0.0 1.0 0.0 5.3 7.1
Intra-group sales -3.6 -3.3 -10.0 -11.1 -15.3
Consolidated 91.6 109.0 291.3 310.5 433.0
OPERATING PROFIT/LOSS BY BUSINESS SEGMENT
EUR million
7-9/ 7-9/ 1-9/ 1-9/ 1-12/
2006 2005 2006 2005 2005
3 mths 3 mths 9 mths 9 mths 12 mths
Food Division 1.5 0.9 1.2 -0.5 9.6
Feed segment 3.5 3.0 7.9 5.8 9.4
Grain Trading segment 0.4 0.5 1.2 0.9 1.4
Other operations segment -0.9 -0.7 -4.0 -2.5 -4.1
Consolidated 4.5 3.6 6.4 3.6 16.3
NET SALES BY GEOGRAPHICAL SEGMENT
EUR million
7-9/ 7-9/ 1-9/ 1-9/ 1-12/
2006 2005 2006 2005 2005
3 mths 3 mths 9 mths 9 mths 12 mths
Finlans 82.1 99.3 251.2 277.6 382.8
Other EU member states 6.5 7.0 27.5 20.7 34.2
Other countries 2.9 2.7 12.6 12.2 16.0
Consolidated 91.6 109.0 291.3 310.5 433.0
CONSOLIDATED BALANCE SHEET
EUR million
Sept.30.2006 Sept.30.2005 Dec.31.2005
ASSETS
Non-current assets
Tangible assets 71.6 71.1 72.2
Goodwill 17.4 17.4 17.4
Other intangible assets 1.5 1.9 1.7
Investment in associated companies 21.3 20.7 21.3
Available-for-sale investments 0.2 3.1 3.2
Receivables 5.7 0.6 6.9
Deferred tax assets 2.4 2.8 1.3
120.0 117.6 123.9
Current assets
Inventories 46.8 52.8 54.5
Receivables 36.6 38.0 42.5
Cash and cash equivalents 4.3 7.3 11.2
87.8 98.2 108.2
Total assets 207.7 215.8 232.2
EQUITY AND LIABILITIES
Equity attributable to the
equity holders of the parent 112.4 102.5 112.4
Minority interests 3.2 3.7
Total equity 112.4 105.7 116.1
Non-current liabilities
Long-term borrowings 9.7 19.9 16.0
Deferred tax liabilities 7.0 8.1 7.4
Non-current provisions 0.9 1.0 0.9
Non-current liabilities total 17.6 29.0 24.3
Current liabilities
Trade payables and other
liabilities 48.9 55.6 60.9
Short-term borrowings 27.9 24.5 29.9
Current provisions 0.9 1.0 0.9
Current liabilities total 77.7 81.1 91.7
Liabilities total 95.3 110.1 116.1
Total equity and liabilities 207.7 215.8 232.2
CONSOLIDATED CASH FLOW STATEMENT
EUR million
1-9/2006 1-9/2005 1-12/2005
9 mths 9 mths 12 mths
Cash flows from operating
activities 11.3 11.9 17.8
Cash flows from investing
activities -5.1 -4.7 -8.0
Cash flows from financing
activities
Change in net debt -8.4 -6.0 -4.5
Dividends paid -4.6 -4.1 -4.1
Net increase/decrease in cash
and cash equivalents -6.9 -2.9 1.0
Cash and cash equivalents
at beginning of the period 11.2 10.2 10.2
Cash and cash equivalents
at end of the period 4.3 7.3 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 0.6 0.6 0.6
Cash flow hedges:
gains/losses
recorded in
equity
Taxes related to
items entered into
equity and removed
from equity -0.1 -0.1 -0.1
Transition
difference 0.1 0.1 0.1
Dividend
distribution -4.1 -4.1 -0.1 -4.2
Increase of
ownership
in subsidiary 1.3 1.3
Result of the period 1.8 1.8 -0.4 1.4
Other changes 0.0 0.0 0.0
Shareholders'
equity at
Sept. 30.2005 12.6 23.4 1.5 7.3 -0.2 57.8 102.5 3.2 105.7
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 0.8 0.8 0.8
Taxes related to
items entered into
equity and removed
from equity 0.3 0.3 0.3
Transition
differences 0.0 0.0 0.0
Dividend
distribution -4.6 -4.6 -4.6
Increase of
ownership
in subsidiary 0.0 -3.7 -3.7
Result of the period 5.8 5.8 5.8
Other changes -0.2 -0.2 -0.2
Shareholders'
equity at
sept.30.2006 12.6 23.4 0.9 7.3 -0.2 68.5 112.4 0.0 112.4
KEY INDICATORS
Sept.30.2006 Sept.30.2005 Dec.31.2005
Shareholders' equity
per share, EUR 17.98 16.91 18.56
Equity ratio % 54.2% 49.0% 50.0%
Gearing, % 29.6% 35.1% 29.9%
Investments, EUR million 8.4 8.1 11.7
Average number of personnel 955 1030 1033
Average number of shares, 1 000 6 253 6 253 6 253
CONTINGENT LIABILITIES
EUR million
Sept.30.2006 Sept.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 2.8 3.1 3.0
Contingent liabilities for own
commitments:
Repurchase commitments 0.0 0.1 0.1
Contingent liabilities on behalf
of the associate companies:
Guarantees 0.0 0.1 0.0
Repurchase commitments 0.1 0.1
Other contingent liabilities:
Redemption liability of
leased buildings - 2.4 -
OUTSTANDING VALUES OF DERIVATIVE INSTRUMENTS
Forward currency contracts 7.5 2.8 1.5
Forward currency contracts 6.4 4.9 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
