INTERIM REPORT January 1 - June 30, 2005
Lännen Tehtaat plc Stock exchange release August 11, 2005 9;00 a.m.
INTERIM REPORT January 1 - June 30, 2005
· Lännen Tehtaats net turnover for January-June amounted to EUR
201.5 million (2004: EUR 254.4 million). Operating profit was EUR 0.0
million (EUR -0.7 million).
· Net turnover for continuing business operations in January-June
amounted to EUR 201.5 million (EUR 205.4 million) and operating profit
before deduction of non-recurring items was EUR 2.1 million (EUR 4.9
million).
· The non-recurring items weakened the performance by EUR 2.1
million (EUR 4.0 million) in January-June.
· The consolidated result before taxes was EUR -1.2 million (EUR -
1.4 million).
· Mildola Oy was merged with the Group at the beginning of May.
This interim report has been drawn up in line with IFRS bookkeeping
and valuation principles.
Key figures illustrating performance, EUR million
Group total Continuing operations Discontinued operations
4-6/2005 4-6/2004 4-6/2005 4-6/2004 4-6/2005 4-6/2004
Net turnover 107.5 130.4 107.5 102.1 28.3
Operating profit before
non-recurring items 2.5 2.5 2.5 2.5 0.0
Operating profit/loss
after non-recurring items 3.6 -1.5 3.6 2.5 -4.0
Profit/loss before taxes 3.2 -0.8 3.2 3.4 -4.2
Profit/loss after taxes 2.4 -1.9 2.4 2.3 -4.2
Earnings per share, EUR 0.40 -0.32 0.40 0.37
Group total Continuing operations Discontinued operations
1-6/2005 1-6/2004 1-6/2005 1-6/2004 1-6/2005 1-6/2004
Net turnover 201.5 254.4 201.5 205.4 48.9
Operating profit/loss
before non-recurring items 2.1 3.3 2.1 4.9 -1.6
Operating profit/loss
after non-recurring items 0.0 -0.7 0.0 4.9 -5.6
Profit/loss before taxes -1.2 -1.4 -1.2 4.6 -6.0
Profit/loss after taxes -1.0 -2.7 -1.0 3.3 -6.0
Earnings per share, EUR -0.09 -0.37 -0.09 0.49
Net turnover and financial performance in the second quarter
The net turnover for continuing business operations in the April-June
period was EUR 107.5 million (EUR 102.1 million). Operating profit was
EUR 3.6 million (EUR 2.5 million).Non-recurring items improved the
performance by EUR 1.1 million. The consolidated profit before taxes
for the second quarter was EUR 3.2 million (EUR -0.8 million) and the
profit for the period was EUR 2.4 million (EUR -1.9 million).
Net turnover for the Food segment was EUR 38.5 million (EUR 29.4
million), the Feed segment EUR 49.0 million (EUR 46.0 million), the
Grain Trading segment EUR 17.6 million (EUR 23.4 million) and the
Other Operations sgment EUR 2.4 million (EUR 3.3 million). The net
turnover for discontinued operations was EUR 28.3 million in April-
June 2004.
The operating profit/loss for the second quarter was EUR -0.2 million
(EUR 0.3 million) for Food, EUR 4.3 million (EUR 2.2 milion) for Feed,
EUR 0.3 million (EUR 0.4 million) for Grain Trading and EUR -0.9
million (EUR -0.4 million) for Other Operations. The operating loss
for discontinued operations was EUR -4.0 million in April-June 2004.
Review period Jan 1 - Jun 30, 2005
Net turnover
The net turnover for Lännen Tehtaats continuing operations amounted
to EUR 201.5 million in the January-June 2005 period (EUR 205.4
million). The net turnover for discontinued operations was EUR 48.9
million in January-June 2004.
Financial performance
The operating profit for Lännen Tehtaats continuing business
operations before deduction of non-recurring items was EUR 2.1 million
(EUR 4.9 million). The non-recurring items for the review period came
to EUR 2.1 million, including EUR 3.2 million in provisions for
expenses entered in the first quarter as a result of the decision to
close down the Suomen Rehu factory in Vaasa, and the recording of EUR
1.1 million in negative goodwill as income, which arose through the
acquisition of Mildola Oy in the second quarter. The result for
discontinued operations was EUR -5.6 million in the comparative
period.
The consolidated result before taxes was EUR -1.2 million (EUR -1.4
million) and the result for the period EUR -1.0 million (EUR -2.7
million).
Financing
The Groups interest-bearing liabilities at the end of the period
under review totalled EUR 50.0 million (EUR 90.2 million) and
financial assets EUR 10.1 million (EUR 12.4 million). The consolidated
balance sheet total was EUR 210.2 million (EUR 262.6 million) and the
equity ratio 49% (37%). The balance sheet for the comparative period
included the balance sheet for discontinued operations, in which
interest-bearing liabilities including financial leasing came to EUR
35.6 million and financial assets to EUR 3.8 million. At the end of
the review period, the commercial papers issued for the Groups short-
term financing totalled EUR 21.0 million (EUR 9.0 million). Liquidity
has been secured through long-term committed credit facilities. No
credit facilities were used during the period under review. The
Groups financing situation was good throughout the review period.
Investment
Investment during the period under review amounted to EUR 5.7 million
(EUR 5.5 million). The most significant investment item was the
acquisition of a majority shareholding in Mildola Oy totalling EUR 4.0
million, under a deal that came into effect at the beginning of May.
Other consolidated investments were made mostly in productivity and
replacement.
Use of AGM authorizations
So far the Board has not used the authorizations granted by the Annual
General Meeting to raise share capital and to surrender Lännen shares
held by the company. The company owns 65,000 of its own shares,
representing 1.0% of the share capital and votes.
New CEO
On June 3, 2005, the Lännen Tehtaat plc Board appointed Matti
Karppinen Chief Executive Officer as from September 1, 2005. Erkki
Lepistö, who has acted as CEO since 2001, will continue in the company
as director in charge of mergers and acquisitions.
Share trading
During the review period, 1,775,753 (1,317,200) company shares were
traded on the Stock Exchange, which was 28.1% (21.5%) of the total
stock. The highest share price was EUR 13.70 (EUR 14.50) and the
lowest EUR 11.71 (EUR 11.00). Share trading during the period totalled
EUR 23.3 million (EUR 16.7 million).
Business segments
Food
The Food segments net turnover for January-June was EUR 70.5 million
(EUR 54.3 million). The increase was due to the merging of Apetit Kala
with the Group at the end of June 2004. Retail sales of Apetit frozen
food products equalled those for the comparative period, but retail
sales of jams and marmalades fell. Sales to the hotel, restaurant and
catering sector and the food industry also fell short of the
comparative period. Sales of sugar were distinctly lower than in the
comparative period, primarily due to imports from the Baltic States.
The Food segments operating result was EUR -1.4 million (EUR 0.4
million). The profitability of the Food segment fell short of the
targeted level and was below the figure for the comparitive period as
a result of poor profitability in the fish product business. The
integration of the Kalatori and Kesäpöytä brands under a single Apetit
brand caused some non-recurring expenses. Increase in production
capacity of the Kerava plant increased production costs at the start-
up stage, and profitability was further weakened by a steep increase
in raw material costs and tighter price competition. In other
respects, the profitability of the Food segment was at the same level
as in the comparative period.
Feed
Net turnover for January-June in the Feed segment was EUR 93.0 million
(EUR 93.1 million). Mildola was merged with the segment at the beginning
of May, which raised net turnover to the level of the comparative
period. The volumes of feed produced increased somewhat in the early
part of the year, but comparable net turnover went down slightly as a
result of the impact on sales prices of lower feed raw material prices
than in the previous year. Excluding the non-recurring expenses of EUR
3.2 million related to the closing down of the Vaasa factory and the EUR
1.1 million non-recurring income entry arising from the Mildola
acquisition, profitability was better than in the comparative period.
Operating profit was EUR 4.8 million before non-recurring items and EUR
2.7 million after non-recurring items (EUR 4.4 million).
At the beginning of May, Lännen Tehtaat and Raisio decided to set up
an equal-ownership joint venture in charge of starting up production
of farm feeds in Northwest Russia. The company is currently analysing
potential acquisitions.
Grain Trading
The net turnover for Grain Trading in January-June was EUR 33.9 million
(EUR 53.1 million). Volumes fell due to the autumn crop, which was lower
than expected and the smallest for five years in Finland. Net turnover
was significantly below that of the comparative period, during which the
number of export consignments was exceptionally great and the price
level considerably higher. The lower sales also affected the financial
performance of the segment.
The Grain Trading operating profit was EUR 0.4 million (EUR 1.4
million). EUR 0.5 million of the reduction in operating profit was
accounted for by timing differentials, mostly arising in the first
quarter, caused by the adoption of the IFRS. Recording the derivative
contracts taken out to protect raw material positions at fair value
weakened the review periods financial performance by EUR 0.2 million
and improved the performance for the comparative 2004 period by EUR 0.3
million. Reporting on derivative contracts made after the beginning of
2005 has been arranged so that hedge accounting can be applied to the
contracts, which will reduce fluctuation in the Grain Trading
performance.
Avena Nordic Grain set up a subsidiary, UAB Avena Nordic Grain, in
Lithuania in order to develop its grain trade business in the Baltic
States. The company will start operating in August.
Other Operations
In January-June, the net turnover of the Other Operations segment was
EUR 4.1 million (EUR 4.9 million) and the operating profit was EUR -
1.8 million (EUR -1.3 million). Lännen Plant Systems operations, which
had been part of Other Operations, were sold at the beginning of
April. The deal has no impact on the financial performance of the
review period.
Reform of the EU sugar regime
The EU Commission announced its proposal for the new sugar regime in
June, proposing a reduction of 39 per cent in sugar prices and 42 per
cent in sugar beet prices in order to cut surplus production and to
reduce sugar prices in the EU area. The proposal includes partial
compensation to sugar beet farmers and a one-time compensation to the
section of the industry giving up or reducing sugar production. The
proposal is also based on a WTO decision regarding the abolition of
export subsidies.
The proposal threatens sugar beet growing and the beet sugar industry
in peripheral areas of the EU, such as Finland. Together with other
Member States situated in peripheral areas, Finland is going to demand
amendments to the Commission proposal that take better account of
local conditions and full compensation to farmers.
The EU sugar regime is likely to be given its final form after
negotiations late in the autumn, before the WTO Ministerial Meeting in
December. The new regime will apply to the 2006 crop period.
The proposal as such would cause considerable reductions in both sugar
beet farming and in the beet sugar industry and would reduce
profitability in Finland. It includes compensation to be paid for
discontinuation. Compensation equivalent to Lännen Tehtaats ownership
share roughly equals the value of Sucros Ltd shares in the Lännen
Tehtaat consolidated balance sheet. The reform would have a negative
impact on the performance of Lännen Tehtaat in future years.
Prospects for the entire year
The Food segments net turnover will grow when Apetit Kalas net
turnover for a full year is included in the segments figures. Sales
of frozen foods are estimated to follow the general trend in the
market. Total consumption of sugar is not expected to grow and the
proportion accounted for by domestic sugar is estimated to fall.
Sales of Lännen Sugar consumer products are estimated to fall short
of the 2004 level as a result of imports of sugar. A programme
launched in May to improve efficiency and cut costs is expected to
improve Apetit Kalas profitability in the second half of the year.
The Feed segments net turnover will increase as a result of its
merging with Mildola. Feed sales excluding Mildola are expected to
be at the same level as in 2004. The non-recurring expenses caused
by the closing of the Vaasa factory will weaken profitability in the
Feed segment in 2005. The benefits of this arrangement will be
realized in full as from 2007.
The net turnover for Grain Trading will depend on the volumes and
quality of crops in the main market areas in the coming season.
Finlands crop prospects are good. Net turnover for the rest of the
year is expected to make up for some of the lag in the early part of
the year. Net turnover for the entire year is estimated to be close
to the 2004 level.
Net turnover for Lännen Tehtaat Groups continuing business
operations will increase on the 2004 level.
Most of the consolidated operating profit will accrue in the last
quarter. The profits for Lännen Tehtaat in the whole of 2005 are
expected to be close to the 2004 level. As a result of the non-
recurring expenses in the Feed segment and poor profitability in the
fish business, both the operating profit and the profit before taxes
for Lännens continuing operations for the whole of 2005 are
expected to fall short of the 2004 figures.
The next interim report, for the period January 1 - September 30,
2005, will be issued on November 1, 2005.
CONSOLIDATED INCOME STATEMENT CONTINUING OPERATIONS
EUR million
4-6/ 4-6/ 1-6/ 1-6/ 1-12/
2005 2004 2005 2004 2004
3 mths 3 mths6 mths6 mths12 mths
Net turnover 107.5 102.1 201.5 205.4 424.9
Other operating income 1.6 1.0 2.2 2.5 2.9
Operating expenses -103.5 -98.7-196.9-199.2 -405.0
Depreciation and reduction
in value -2.0 -1.9 -6.8 -3.8 -8.1
Operating profit/loss 3.6 2.5 0.0 4.9 14.7
Financial income and expenses -0.2 0.8 -0.5 -0.3 -1.1
Share of profit of associate
companies -0.2 0.1 -0.7 0.0 2.7
Profit/loss before taxes 3.2 3.4 -1.2 4.6 16.3
Income taxes -0.8 -1.1 0.2 -1.3 -2.1
Profit/loss for the financial
period 2.4 2.3 -1.0 3.3 14.2
The income taxes are based on the result for the period.
Attributable to:
Equity holders of the parent 2.5 2.2 -0.6 3.0 14.1
Minority interest -0.1 0.1 -0.4 0.3 0.1
Earnings per share, EUR 0.40 0.37 -0.09 0.49 2.30
Diluted earnings per share, EUR0.40 0.37 -0.09 0.49 2.30
CONSOLIDATED INCOME STATEMENT DISCONTINUED OPERATIONS
EUR million
4-6/ 4-6/ 1-6/ 1-6/ 1-12/
2005 2004 2005 2004 2004
3 mths 3 mths6 mths6 mths12 mths
Net turnover 0.0 28.3 0.0 49.0 48.9
Other operating income 0.0 1.1 0.0 1.2 1.2
Operating expenses 0.0 -33.1 0.0 -55.2 -52.8
Depreciation and reduction
in value 0.0 -0.3 0.0 -0.6 -0.6
Operating profit/loss 0.0 -4.0 0.0 -5.6 -3.3
Financial income and expenses 0.0 -0.2 0.0 -0.4 -0.4
Share of profit of associate
companies 0.0 0.0
Profit/loss before taxes 0.0 -4.2 0.0 -6.0 -3.7
Income taxes 0.0 0.0 0.0 0.0 0.0
Profit/loss for the financial
period 0.0 -4.2 0.0 -6.0 -3.7
The income taxes are based on the result for the period.
Attributable to:
Equity holders of the parent -4.1 0.0 -5.2 -3.7
Minority interest -0.1 0.0 -0.8 0.0
CONSOLIDATED INCOME STATEMENT CONTINUING AND DISCONTINUED OPERATIONS
EUR million
4-6/ 4-6/ 1-6/ 1-6/ 1-12/
2005 2004 2005 2004 2004
3 mths 3 mths6 mths6 mths12 mths
Net turnover 107.5 130.4 201.5 254.4 473.8
Other operating income 1.6 2.1 2.2 3.7 4.1
Operating expenses -103.5-131.8-196.9-254.4 -457.8
Depreciation and reduction
in value -2.0 -2.2 -6.8 -4.4 -8.7
Operating profit/loss 3.6 -1.5 0.0 -0.7 11.4
Financial income and expenses -0.2 0.6 -0.5 -0.7 -1.5
Share of profit of associate
companies -0.2 0.1 -0.7 0.0 2.7
Profit/loss before taxes 3.2 -0.8 -1.2 -1.4 12.6
Income taxes -0.8 -1.1 0.2 -1.3 -2.1
Profit/loss for the financial
period 2.4 -1.9 -1.0 -2.7 10.5
The income taxes are based on the result for the period.
Attributable to:
Equity holders of the parent 2.5 -1.9 -0.6 -2.2 10.4
Minority interest -0.1 0.0 -0.4 -0.5 0.1
Earnings per share, EUR 0.40 -0.32 -0.09 -0.37 1.68
Diluted earnings per share, EUR0.40 -0.32 -0.09 -0.37 1.68
NET TURNOVER BY BUSINESS SEGMENT
EUR million
4-6/ 4-6/ 1-6/ 1-6/ 1-12/
2005 2004 2005 2004 2004
3 mths 3 mths6 mths6 mths12 mths
Food Division 38.5 29.4 70.5 54.3 130.6
Feed Division 49.0 46.0 93.0 93.1 194.8
Grain Trading Division 17.6 23.4 33.9 53.1 91.0
Other operations 2.4 3.3 4.1 4.9 8.5
Continuing operations total 107.5 102.1 201.5 205.4 424.9
Discontinued operations 28.3 48.9 48.9
Total 107.5 130.4 201.5 254.3 473.8
OPERATING PROFIT/LOSS BY BUSINESS SEGMENT
EUR million
4-6/ 4-6/ 1-6/ 1-6/ 1-12/
2005 2004 2005 2004 2004
3 mths 3 mths6 mths6 mths12 mths
Food Division -0.2 0.3 -1.4 0.4 4.1
Feed Division 4.3 2.2 2.7 4.4 11.7
Grain Trading Division 0.3 0.4 0.4 1.4 2.3
Other operations -0.9 -0.4 -1.8 -1.3 -3.4
Continuing operations total 3.6 2.5 0.0 4.9 14.7
Discontinued operations -4.0 -5.6 -3.3
Total 3.6 -1.5 0.0 -0.7 11.4
NET TURNOVER BY GEOGRAPHICAL SEGMENT
EUR million
4-6/ 4-6/ 1-6/ 1-6/ 1-12/
2005 2004 2005 2004 2004
3 mths 3 mths6 mths6 mths12 mths
Finland 95.1 98.2 178.3 184.0 383.2
Other EU member states 6.1 24.5 13.7 45.3 59.6
Other countries 6.3 7.7 9.5 25.0 31.0
Total 107.5 130.4 201.5 254.3 473.8
CONSOLIDATED BALANCE SHEET
EUR million
June 30, 2005June 30, 2004Dec. 31, 2004
ASSETS
Non-current assets
Tangible assets 71.1 91.6 70.1
Goodwill 17.4 17.7 17.4
Other intangible assets 2.1 3.6 2.5
Investment in associate
companies 21.7 22.3 23.5
Available-for-sale financial
assets 2.8 3.1 2.8
Receivables 0.6 0.3 0.3
Deferred tax assets 3.3 2.6 2.2
119.0 141.2 118.8
Current assets
Inventories 45.3 60.0 49.5
Receivables 35.8 48.4 36.9
Financial assets at fair value
through profit or loss 0.0 0.5 0.5
Cash and cash equivalents 10.1 12.4 9.7
91.2 121.3 96.6
Total assets 210.2 262.5 215.4
EQUITY AND LIABILITIES
Equity attributable to the
equity holders of the parent 99.7 92.1 104.3
Minority interest 3.2 5.9 2.5
Total equity 102.9 98.0 106.8
Non-current liabilities
Long-term borrowings 18.6 64.1 23.1
Deferred tax liabilities 7.7 7.5 7.5
Non-current provisions 1.0 1.0 1.0
Non-current liabilities total 27.3 72.6 31.6
Current liabilities
Trade payables and other
liabilities 47.6 61.0 52.7
Short-term borrowings 31.4 26.0 23.3
Current provisions 1.0 4.9 1.0
Current liabilities total 80.0 91.9 77.0
Liabilities total 107.3 164.5 108.6
Total equity and liabilities 210.2 262.5 215.4
CONSOLIDATED CASH FLOW STATEMENT
EUR million
1-6/ 1-6/ 1-12/
2005 2004 2004
6 mths 6 mths 12 mths
Cash flows from operating activities 6.9 16.6 28.8
Cash flows from investing activities -2.8 0.6 -10.6
Cash flows from financing activities -4.3 -17.3 -21.0
Net increase/decrease in cash
and cash equivalents -0.1 -0.1 -2.8
Cash and cash equivalents
at beginning of the period 10.2 13.1 13.0
Cash and cash equivalents
at the end of the period 10.1 13.0 10.3
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
EUR million
A = Share capital
B = Share issue premium
C = Net unrealised reserves
D = Other reserves
E = Own shares
F = Translation differences
G = Retained earnings
H = Subordinated loans
I = Equity attributable to equity holders of the parent company
J = Minority interest
K = Shareholders equity total
A B C D E F G H I J
K
Shareholders
equity Dec 31,2003
FAS 12.2 21.4 7.3 0.8 -0.5 52.1 1.7 95.1 4.9 100.0
Transition to
IFRS standards 0.9 -0.8 0.0 2.1 -1.7 0.6 -0.6 0.0
Shareholders
equity Jan 1,2004
IFRS 12.2 21.4 0.9 7.3 0.0 -0.5 54.3 0.0 95.7 4.3 99.9
Available-for-sale
financial assets:
gains/losses
from fair value
measurement 0.2 0.2 0.2
removed from equity
and recognized in the
income statement -0.2 -0.2 -0.2
Translation differences 0.0 0.0
Dividend distribution -4.0 -4.0 -4.0
Targeted share
issue 0.4 2.0 2.4 2.4
Changes in minority
interest 0.4 0.4 2.0 2.4
Other changes 0.0 0.0 0.0
Result of the period -2.2 -2.2 -0.5 -2.7
Shareholders
equity Jun 30, 2004
IFRS 12.6 23.4 0.9 7.3 0.0 -0.5 48.4 0.0 92.1 5.9 98.0
Shareholders
equity Jan 1,2005
IFRS 12.6 23.4 1.1 7.3 0.0 -0.3 60.2 0.0104.3 2.5 106.8
Available-for-sale
financial assets:
gains/losses
from fair value
measurement 0.2 0.2 0.2
Cash flow hedges:
hedge result
deferred -0.2 -0.2 -0.2
Translation
differences 0.1 0.1 0.1
Dividend distribution -4.2 -4.2 -0.2 -4.4
Changes in minority
interest 0.0 1.3 1.3
Other changes 0.0 0.0 1.0
Result of the period -0.6 -0.6 -0.4 -1.0
Shareholders
equity Jun 30,2005
IFRS 12.6 23.4 1.1 7.3 0.0 -0.2 55.6 0.0 99.7 3.2 102.9
RECONCILIATION OF SHAREHOLDERS EQUITY IN THE COMPARATIVE PERIOD
EUR million
Shareholders equity at June 30, 2004, FAS 91.9
+ minority interest
(IAS 1, difference in presentation) 5.4
IFRS 3 Goodwill 1.8
IAS 1 Subordinated loan -1.7
IAS 2 Inventories 2.2
IAS 12 Deferred tax assets 1.8
IAS 12 Deferred tax liabilities -3.0
IAS 16 Tangible assets 0.4
IAS 17 Finance leases -1.7
IAS 19 Pension liability -0.7
IAS 28 Investments in associate companies0.9
IAS 32 Own shares -0.8
IAS 39 Shares in listed companies 1.3
IAS 39 Derivatives 0.2
Shareholders equity at June 30, 2004 (IFRS) 98.0
RECONCILIATION OF result IN THE COMPARATIVE PERIOD
EUR million
Profit/loss for the period (FAS) -1.9
+ minority interest -0.5
(IAS 1, difference in presentation)
IFRS 3 Reversal of good will amortizations 1.6
IAS 2 Inventories -1.7
IAS 12 Deferred tax assets -0.2
IAS 12 Deferred tax liabilities 0.1
IAS 17 Finance leases 0.0
IAS 19 Pension liability 0.0
IAS 28 Investments in associate companies-1.1
IAS 38 Intangible assets 0.0
IAS 39 Derivatives 1.0
Profit/loss for the period (IFRS) -2.7
KEY INDICATORS
June 30, 2005June 30, 2004Dec. 31, 2004
Shareholders equity
per share, EUR 16.28 15.67 17.08
Equity ratio, % 49.0 37.3 49.6
Investments, EUR million 5.7 5.5 11.1
Average number of personnel,
continuing operations 1006 746 890
Average number of personnel,
discontinued operations - 365 182
CONTINGENT LIABILITIES
EUR million
June 30, 2005June 30, 2004Dec. 31, 2004
Mortgages given for debts:
Real estate mortgages 40.7 35.1 34.9
Corporate mortgages 51.4 77.3 51.4
Shares pledged 3.6 3.6 3.6
Other securities given:
Pledges 0.0 0.3 0.0
Corporate mortgages 0.2 5.2 0.2
Leasing liabilities 0.9 1.6 0.9
Non-cancellable other leases,
minimum lease payments 2.3 0.3 1.9
Contingent liabilities for own
commitments:
Repurchasing commitments 0.2 0.2
Other commitments 0.0 2.3 0.5
Contingent liabilities on behalf
of the associated companies:
Guarantees 0.2 0.1 0.2
Other contingent liabilities:
Redemption liability of leased
buildings 2.5 2.5
OUTSTANDING VALUES OF DERIVATIVE INSTRUMENTS
Forward currency contracts 2.0 2.2 3.3
Commodity derivative instruments3.4 1.7 5.9
Interest rate swaps 25.0 25.0 25.0
The data in this interim report have not been audited.
LÄNNEN TEHTAAT PLC
Board of Directors
More details: Erkki Lepistö, CEO, tel. +358 10 402 00
Distribution:
Helsinki Stock Exchange
Main media
www.lannen.fi
