HK RUOKATALO'S FINANCIAL STATEMENT BULLETIN FOR 2004
HK Ruokatalo Oyj STOCK EXCHANGE RELEASE 24 February 2005, at 10am
HK RUOKATALO'S FINANCIAL STATEMENT BULLETIN FOR 2004
The financial statements signed by HK Ruokatalos Board of Directors
today show a rise of 5.1 per cent in Group turnover to EUR 680.4
million. The result before exceptional items was EUR 26.1 million (EUR
22.2m in 2003). The Board of Directors is to recommend a dividend of
EUR 0.29 per share (EUR 0.28 in 2003) This is equivalent to almost
half the Groups earnings for the year.
MESSAGE BY CEO SIMO PALOKANGAS
The accession to the EU of ten new Member States on 1 May 2004 was of
major significance to the food industry since some of the new members
are large agricultural countries and food producers.
Internationalisation and concatenation of the retail trade is another
factor having broad implications for the food industry. Coupled with
pending international trade agreements and changing consumer habits,
this environment is also changing the competitive climate in the food
industry.
Together, these factors are giving rise to major structural change
also in the meat processing industry across the EU. HK Ruokatalos
internationalisation policy has sought to anticipate changes and to
develop the companys operational structures in good time in response
to future changes. We set out on the path of internationalisation over
six years ago and this year expect some 40 per cent of Group turnover
and half of production volume to be generated outside Finland.
We further strengthened our position in the Baltic Sea Region through
commencing strategic ownership cooperation with Danish Crown in
Sokolów, Polands leading meat production and processing company.
Cooperation, which started in late summer, rapidly progressed to a
majority holding in Sokolów. The driving force behind cooperation is
to further develop Sokolóws operations and to help Sokolów gain
access for its products to the Central and Eastern European markets.
Sokolów also aims to draw on Danish Crowns sales and distribution
network to access the Central European market in addition to Polands
own market of some 40 million consumers.
At home, HK Ruokatalo processed over 140 million kg of Finnish meat
and is by far the largest marketing channel for domestic meat. At
Christmas, an important season for the meat industry, we sold roughly
half of the Christmas hams consumed in Finland.
TURNOVER AND PERFORMANCE
Group turnover for 2004 was EUR 680.4 million, up by EUR 33.0 million
or 5.1 per cent on the figure a year earlier. The operating profit was
EUR 31.3 million (EUR 27.5m) and the operating result before
exceptional items was EUR 26.1 million, compared to EUR 22.2 million
in 2003.
These figures include the Groups operations in the Baltics, where our
turnover was EUR 108.8 million, up 0.8 per cent, and the result before
exceptional items was EUR 4.8 million, up 37.1 per cent. This compares
with a turnover of EUR 107.9 million and earnings of EUR 3.5 million
in 2003 from the Groups Baltic operations.
An analysis of turnover, operating profit and result before
exceptional items by main market area*) is given below (EUR million):
Turnover 2004 2003
-Finland 571.6 84.0% 539.5 83.3%
-Baltics 108.8 16.0% 107.9 16.7%
-Total 680.4 100.0% 647.4 100.0%
Operating profit 2004 2003
-Finland 25.5 81.5% 22.9 83.4%
-Baltics 5.8 18.5% 4.5 16.6%
-Total 31.3 100.0% 27.5 100.0%
Result 2004 2003
-Finland 21.2 81.5% 18.7 84.2%
-Baltics 4.8 18.5% 3.5 15.8%
-Total 26.1 100.0% 22.2 100.0%
*) The figures for the Polish market are included in the figures for
operating profit and result in Finland.
Overall turnover grew in line with targets. Group earnings improved in
the Baltics and Poland, whilst remaining unchanged in Finland. High
raw meat prices led to a fall in red meat margins at home.
In Poland, Sokolów increased its turnover significantly. 2004 turnover
was PLN 1,358.9 million, equivalent to EUR 342.5 million up by PLN
321.8 million or 31.0 per cent.
MARKET TRENDS
Despite rising raw meat prices, tough competition in the Finnish
retail trade translated into lower prices. The fastest growing markets
were in industrial packed meat and poultry. We enjoy market leadership
in both sectors. Growth was also in evidence in convenience foods,
where consumers are switching over to premium products. Finnish raw
pork meat production was in balance, whereas beef production declined.
Higher beef consumption led to a decline to 94 per cent in national
beef self-sufficiency. HK Ruokatalos share of the total pork produced
in Finland rose to around 40 per cent to make us clear market leader.
Higher beef procurement took our share of total beef production to
over 20 per cent to make us Finlands second largest beef processor.
In addition, we also process and market roughly half of the poultry
meat produced in Finland.
HK Ruokatalo successfully increased its exports from Finland in terms
of both volume and value. Export profitability also improved since at
long last prices began to rise on the world market. EU enlargement
resulted in greater demand for pork and broiler meat within the Union.
This in turn has pushed up raw meat prices. Russia, the EU, Japan and
the United States were HK Ruokatalos main export markets. Exports of
poultry meat to the Baltics and Sweden were up. HK Ruokatalos total
exports from Finland were valued at some EUR 56.6 million.
In the Baltics, EU membership gave rise to new competition. Whilst we
enjoy distinct market leadership in Estonia and Latvia, we are a
contender in Lithuania. More efficient operations within the HK Baltic
Group paved the way for improved profitability in red meat. On the
poultry meat front, high feed costs coupled with increased imports
from Lithuania into Estonia eroded profitability towards the end of
the year. The retail trade is currently focusing purchases and
building chains across the Baltics. Successful suppliers need to
understand the needs of the trade and be capable of operating in all
three countries. HK Ruokatalo is well-placed to do so.
Pork and beef prices rose sharply in Poland in the early days of EU
membership since raw meat prices mostly took their cue from German
prices. Sokolów successfully increased both turnover and sales volume
in the face of cutthroat competition in the retail trade. Polands EU
membership particularly boosted exports, which accounted for over 20
per cent of Sokolóws turnover in 2004. However, export profitability
was eroded by the unfavourable exchange rate of the zloty against the
euro. A quarter of Sokolóws sales were through its own network of
shops in Poland. The company plans to build further on this network,
which currently comprises a couple of hundred shops and sales outlets
across Poland. Some of these operate on a franchise basis.
OWNERSHIP ARRANGEMENTS AT SOKOLÓW
In May 2004, HK Ruokatalo signed an agreement with Conrad Jacobson
GmbH of Germany to buy all its Sokolów shares. The first stage of the
deal in July took HK Ruokatalos holding in Sokolów from 21.12 per
cent to 30.10 per cent.
In late summer, HK Ruokatalo and Danish cooperative slaughterhouse
Danish Crown AmbA entered into strategic cooperation in the ownership
of Sokolów. The driving force behind cooperation is to further develop
Sokolóws operations and to help Sokolóws products gain access to the
Central and Eastern European markets.
Once the EUs competition authority had given the joint venture the
green light on 13 September 2004, HK Ruokatalo transferred its 30.10
per cent shareholding in Sokolów to Saturn Nordic Holding AB (SNH) in
the form of a share exchange. SNH is a joint venture owned by HK
Ruokatalo and Danish Crown on a 50-50 basis. Correspondingly, Danish
Crown transferred its own Sokolów shares to SNH, to take SNHs
shareholding to 52.64 per cent. Under Polish stock exchange
legislation, an owner becoming a majority shareholder is required to
make a public offer to acquire the remaining shares. Subsequent to the
public offer made on 17 September 2004, SNHs shareholding in Sokolów
rose to 62.34 per cent.
On 28 October, SNH acquired a further 10.48 per cent stake in Sokolów
through share deals, including the remaining lot of shares totalling
2.49 per cent HK Ruokatalo agreed in May 2004 to purchase from Conrad
Jacobson GmbH of Germany.
Subsequent to the above arrangements, Saturn Nordic Holding AB had
72.82 per cent of Sokolów shares and votes.
At an extraordinary meeting of Sokolóws shareholders on 9 December
2004, HK Ruokatalo and Danish Crown each received three places on
Sokolóws Board of Directors and an independent chairman was also
jointly appointed.
SOKOLÓWS FIGURES
Saturn Nordic Holding AB, (SNH) the joint venture of HK Ruokatalo and
Danish Crown, prepared consolidated financial statements on 31
December 2004. These statements include SNHs Polish subsidiary,
Sokolów S.A. The SNH Group has been accounted for in HK Ruokatalos
consolidated financial statements using the equity method.
Proportionate consolidation was adopted on 1 January 2005.
SWITCH TO IFRS REPORTING
HK Ruokatalo Groups financial statements for 2004 have been prepared
in accordance with Finnish Accounting Standards (FAS). The Group
switched over to IFRS compliant financial reporting from the start of
2005. Before disclosure of the interim report for Q1 2005, we will
publish IFRS compliant figures for 2004, including the income
statement and balance sheet, quarterly figures and a bridging
statement of the transition from Finnish accounting practice to IFRS
accounting.
In earlier bulletins HK Ruokatalo has stated that the introduction of
IFRS will have no material impact on the Groups result or balance
sheet values.
We currently estimate that the opening balance sheet total at the time
of transition, or 2004, will rise by EUR 1.9 million and the
shareholders equity decrease by EUR 4.0 million. The most significant
changes in the balance sheet concern the booking of pension
liabilities and agriculture. IAS/IFRS adjustments will result in a
fall in the equity ratio from 41.2 per cent to 39.9 per cent in the
opening balance sheet. The charge based on premium based part of TEL
(Employees Pensions Act) insurance is almost entirely dissolved,
increasing earnings, during 2004.
In future, planned depreciation will no longer be made on goodwill on
consolidation but the need for impairment will be tested each year.
Goodwill on consolidation in the opening balance sheet has been tested
and there was no need for impairment.
CHANGES IN GROUP STRUCTURE
September saw us make a start on streamlining the legal structure of
the HK Ruokatalos business operations in Finland. This involves
merging domestic industrial operations, sales, marketing, logistics
and transport into one company. There were currently five companies in
the Group responsible for these operations.
Corporate restructuring is being effected in two stages. In the first
stage, HK Ruokatalo Oyjs fully-owned subsidiaries Broilertalo Oy,
Food Kuljetus Oy, Koiviston Teurastamo Oy and Pouttu Foods Oy are to
merge with and into HK Ruokatalo Oyj. Meeting on 16 September 2004,
the Boards of Directors of HK Ruokatalo and the merging companies
approved a merger plan to execute the envisaged merger. On 20 October
2004, once the merger plan had been entered in the Trade Register, HK
Ruokatalo notified shareholders of the plan. It is intended to
register execution of the mergers by 31 March 2005.
In the second stage of restructuring, the Groups Finnish industrial
operations, including employees, will be divested into a separate
subsidiary. Procurement company LSO Foods Oy is not part of
restructuring and its responsibilities will remain unchanged.
Restructuring will have no impact on employees. The employees of the
companies affected by the arrangements will be transferred without
loss of holiday and similar entitlements.
In Estonia, we acquired the remaining 1.75 per cent of Tallegg shares
from minority shareholders, thus taking our holding to 100 per cent.
In Latvia and Lithuania, the Group based its operations on one
operative unit in each country. In Latvia, Rigas Miesnieks acquired
Tallat. In Lithuania, Klaipedos Maisto Produktai took over the
operations of Selingas. Tallat and Selingas were formerly subsidiaries
of Tallegg. These actions were taken to achieve cost-effectiveness and
greater competitiveness.
INVESTMENTS
Group gross investments during 2004 amounted to EUR 52.3 million (EUR
64.8m), of which Finland accounted for EUR 41.0 million and the
Baltics for EUR 11.3 million. The figure for Finland includes the
acquisition of Sokolów and Saturn Nordic Holding shares.
The autumn saw HK Ruokatalo embark on an extensive investment
programme to replace the entire pork slaughtering line dating from
1987 and to raise capacity at the Forssa production facilities. This
investment is intended to take us to the cutting-edge of efficiency in
Europe. The animal reception facilities and quick carcass
refrigeration plant dating from the 1980s will also be replaced at the
same time. Estimated at some EUR 20 million, the project is scheduled
for completion in autumn 2005.
The extension to the distribution terminal was completed at HK
Ruokatalos production facilities in Vantaa. Our next step is to
upgrade the order picking system and increase the level of automation
in the older part of the terminal. In line with an earlier decision,
the convenience food factory in Riihimäki closed down at the end of
the year and production was shifted partly to Vantaa and partly to an
outside partner.
Earthworks and foundation work were completed on the site of HK
Ruokatalos freezing plant to be built at Forssa.
In Estonia, Rakvere Lihakombinaat acquired a modern gas stunning
system for its pork slaughterhouse and pig rearing company Ekseko
continued to make investments to cut environmental loading. In Latvia,
Rigas Miesnieks new logistics centre was inaugurated in May.
FINANCING
Q4 of 2004 saw a marked fall in Group interest-bearing liabilities,
which at year-end stood at EUR 132.4 million (EUR 149.3m). This was
mainly owing to a share issue taking place in November. Whilst the
issue has still not had a material impact on net financial charges,
the equity ratio rose to 49.5 per cent (41.2%).
BOARD OF DIRECTORS AUTHORISATION
Meeting on 22 April 2004, the Annual General Meeting of Shareholders
authorised the Board of Directors to decide whether to increase the
share capital through one or more rights issues, whether to issue one
or more convertible bond loans and/or warrants so that in a rights
issue or when issuing convertible bonds or warrants, a maximum of
2,000,000 of the companys new Series-A shares having a nominal value
of EUR 1.70 may be issued and the companys share capital may be
raised by no more than EUR 3,400,000.
The authorisation allows the Board of Directors to disapply the pre-
emptive subscription right of existing shareholders and to decide the
issue price and other terms and conditions of subscription and the
terms and conditions of a convertible bond loan or warrants. The
authorisation is valid until 22 April 2005. To date, the Board of
Directors has not exercised this authorisation.
INCREASE IN SHARE CAPITAL
(1) Between 2 and 30 January 2004, the exercise of warrants attached
to shares issued in the 1998 Employee Offering increased the number of
the companys Series-A shares by 595,705 new Series-A shares and the
share capital by EUR 1,012,698.50. The issue price was EUR 5.94 per
share. The increase was entered in the Trade Register on 13 February
2004. The new shares are entitled to receive a dividend for the 2004
financial year and thereafter. The warrant scheme expired on 31
January 2004. A total of 119,656 warrants of the 150,000 warrants
originally attached to the Employee Offering were exercised to
subscribe new Series-A shares. Around 220 members of staff employed by
the Group at the time subscribed to shares in the 1998 Employee
Offering.
(2) Meeting on 27 October 2004, HK Ruokatalo Oyjs extraordinary
general meeting of Shareholders decided to increase the companys
share capital by a maximum of EUR 14,646,856.60 through the issue of a
maximum of 8,615,798 new A Shares. The rights issue sought to raise a
maximum of EUR 36.2 million in new equity. The proceeds are being
principally applied to investments to develop the Groups
international and domestic business and to strengthen the capital
structure.
The issue entitled HK Ruokatalo shareholders to subscribe for one new
Series A share against three (3) old A and/or K shares they held at
the record date, 1 November 2004, at an issue price of EUR 4.20 per
share. The subscription period for the new issue was between 4 and 25
November 2004 and subscription rights were publicly traded on the
Helsinki Exchanges between 4 and 18 November 2004.
All the 8,615,798 new Series A Shares available for subscription in
the offering were subscribed. A total of 8,527,109 shares, equivalent
to 98.97 per cent of the shares available in the offering, were
subscribed by primary pre-emptive subscription right (Primary Right).
Shares subscribed by virtue of the Secondary Right were allotted to
those shareholders subscribing them on a pro rata basis to their
shareholding at the record date, 1 November 2004. Each shareholder
subscribing for shares under the Secondary Right received around 0.78
per cent of their shareholding at the record date, rounded to the
nearest whole share. However, each shareholder received at most the
number of new shares subscribed. Since only whole shares could be
issued, no shares were allotted to shareholders owing 125 shares or
less.
The increase of EUR 14,646,856.60 in share capital was entered in the
Trade Register on 7 December 2004. The new shares are entitled to any
future dividends commencing with any dividend payable for the
financial year beginning 1 January 2004.
NOTICES OF CHANGE IN OWNERSHIP
During the current year, the company received the following notices
regarding change of ownership pursuant to Chapter 2, Section 9 of the
Securities Market Act.
On 13 February 2004, Markku Helander reported that he had reduced his
stake in HK Ruokatalo to 4.91 per cent of the shares and 0.99 per cent
of the votes.
On 16 February 2004, Sampo Life Insurance Company reported that its
stake in HK Ruokatalo had fallen to 4.94 per cent of the shares and
0.99 per cent of the votes.
On 6 August 2004, Lantbrukarnas Riksförbund, LRF, of Sweden reported
its intention to sell its HK Ruokatalo shares and, subject to the deal
taking place, would have no stake in HK Ruokatalo.
On 6 August 2004, Danish Crown of Denmark reported that its stake in
HK Ruokatalo would rise to 10.14 per cent of the shares and 2.04 per
cent of the votes if a planned deal went through.
On 16 September 2004, LRF and Danish Crown announced that the deals
announced on 6 August 2004 had taken place.
EMPLOYEES
The Group employed an average of 4,713 (5,034) people during the year.
Efficiency programmes led to almost three hundred job being shed in
the Baltics. HK Ruokatalo Group employed 4,417 people at year-end
2004, compared to 4,788 a year earlier. This figure excludes Sokolów
S.A. employees. The parent company employed an average of 1,856
(1,858) people.
An analysis of employees by country at the end of the financial year
is as follows: Finland 58.4%, Estonia 36.0%, Latvia 4.5%, Lithuania
1.0% and other countries 0.1%.
EVENTS TAKING PLACE AFTER 31 DECEMBER 2004
Meeting on 23 February 2005, the extraordinary meeting of shareholders
voted to amend the companys Articles of Association as a result of
changes made in the corporate structure. The most important item of
business was the proposal to change the name of the company from HK
Ruokatalo Oyj to HK Ruokatalo Group Oyj. Additionally, the Board of
Directors decided to establish a new subsidiary to assume
responsibility for the Groups industrial operations, sales,
marketing, logistics and transport with effect from 1 April 2005. It
has been proposed to register the new company as HK Ruokatalo Oy.
Registration is scheduled to take place on 31 March 2005. The parent
company HK Ruokatalo Group Oyj will remain responsible for Group
management and administration. HK Ruokatalo Group Oyj is a public
listed company and owns the entire capital stock of HK Ruokatalo Oy.
The responsibilities of procurement company LSO Foods Oy, which is
outside restructuring, remain unchanged.
THE FUTURE
After business growth in Poland and consolidation of the Saturn Nordic
Holding Group, our turnover target for the current year is around EUR
900 million. We have grown into the largest industrial meat processing
company in our business area.
At home, we are acting on several logistics and structural measures to
further enhance cost-effectiveness. In the Baltics, we will continue
to streamline our operations and to develop our business structure
towards a process-like way of working. In Poland, we have started
working with Danish Crown to enhance operations and to increase
exports mostly to the Central European market. For 2005 budgeting we
have forecasted a positive development in revenue. This is based on
growth in the Baltics and Poland and on improvements in core
processes' efficiency.
In the long term, structural change in the retail trade will affect
the food industry in the EU. The retail trade is internationalising
and becoming increasingly concatenated. The share of private labels is
likely to increase in Finland. Even though we also produce private
labels, it is important for HK Ruokatalo to maintain strong brands.
Cost levels in the new EU Member States will probably long remain
lower than those in old Member States. This will somewhat increase
competition in old Member States. Imports from outside the EU are also
likely to grow, especially imports of poultry meat. Furthermore, the
EU may well be forced to change agricultural support structures to
make them more market driven.
Together, these factors are leading to major structural change also in
the meat processing industry across the EU. HK Ruokatalos
internationalisation policy has sought to anticipate changes and to
develop its operational structures in good time in response to future
needs.
DIVIDEND
The Groups distributable equity is EUR 41,226,340.81. The parent
companys distributable equity is EUR 26,394,666.99. The Board of
Directors recommends that the company pay a 2004 dividend of EUR 0.29
per share, in other words a total of EUR 10.0 million.
ANNUAL GENERAL MEETING
HK Ruokatalo Oyjs Annual General Meeting will be held at the
companys head office at Kaivokatu 18, Turku starting at 1pm on
Tuesday 12 April 2005. To be eligible to attend the meeting,
shareholders should be registered by 1 April 2005 in the share
register kept by the Finnish Central Securities Depository Ltd. Notice
of the Annual General Meeting and agenda will be published later.
CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR 1 JANUARY TO 31 DECEMBER (EUR
1000)
2004 2003
Turnover 680,405 647,435
Materials and services 439,373 414,262
Staff costs 117,345 115,767
Depreciation and value adjustments 22,989 21,402
Other operating charges 75,506 76,043
Operating profit 31,327 27,465
Financial income and charges, net -5,246 -5,276
Result before exceptional items 26,081 22,189
Exceptional items, net - -
Result before appropriations and taxes 26,081 22,189
Result for the year 20,464 15,380
CONSOLIDATED BALANCE SHEET AT 31 DECEMBER (EUR 1000)
2004 2003
ASSETS
Fixed assets
Intangible assets 5,688 7,247
Consolidation goodwill 24,121 24,597
Tangible assets 200,542 193,279
Financial assets 45,830 21,366
Fixed assets, total 276,181 246,489
Current assets
Stocks 43,959 39,704
Debtors 90,999 79,724
Cash at bank and in hand 13,930 12,055
Current assets, total 148,888 131,483
Assets, total 425,069 377,972
SHAREHOLDERS' EQUITY AND LIABILITIES
Shareholders equity 208,502 153,778
Capital loan 50 50
Minority interests 1,897 1,871
Provisions for liabilities and charges 445 178
Deferred tax liability 8,838 8,727
Long-term creditors 82,144 97,765
Short-term creditors 123,193 115,603
Shareholders equity and liabilities, total 425,069 377,972
CASH FLOW STATEMENT (EUR 1000)
2004 2003
Operating activities
Net cash inflow/outflow from
operating activities 54,553 48,465
Change in net working capital -5,624 -8,451
Financial items and taxes -10,365 -9,463
Net cash inflow/outflow from
operating activities 38,564 30,551
Investments
Net cash inflow/outflow from
investing activities -50,732 -55,391
Financing activities
Change in loans -17,929 17,478
Dividends paid -7,237 -6,244
Share issue 39,209 9,317
Net cash inflow/outflow from
financing activities 14,043 20,551
Change in liquid assets 1,875 -4,289
CONSOLIDATED CONTINGENT LIABILITIES (EUR 1000)
2004 2003
Debts for which pledges or
mortgages given as surety
- pension loans 14,584 16,519
- loans from financial institutions 79,530 114,949
For own debt
- pledges 10,007 9,561
- real estate mortgages 53,086 89,088
- business mortgages 22,125 23,804
For associated undertakings
- guarantees 120 50
For others
- pledges 17 40
- guarantees 4,868 6,292
Other own commitments
Leasing commitments 399 511
Other liabilities 4,860 1,315
FINANCIAL INDICATORS
2004 2003
Turnover, EUR 1000 680,405 647,435
Operating profit, EUR 1000 31,327 27,465
- as % of turnover 4.6 4.2
Result before exceptional items, EUR 1000 26,081 22,189
- as % of turnover 3.8 3.4
Result before appropriations
and taxes, EUR 1000 26,081 22,189
- as % of turnover 3.8 3.4
Return on equity (ROE), % 11.4 10.7
Return on investment (ROI), % 10.2 9.8
Equity ratio, % 49.5 41.2
Gross investments, EUR 1000 52,265 64,764
- as % of turnover 7.7 10.0
R&D expenditure, EUR 1000 6,379 6,091
- as % of turnover 0.9 0.9
Employees, average 4,713 5,034
PER SHARE DATA
2004 2003
Earnings per share (EPS), undiluted, EUR 0.70 0.55*
Earnings per share (EPS), diluted, EUR 0.70 0.54*
Earnings per share (EPS), diluted, EUR 1) 0.59 0.60
Equity per share, EUR 6.05 5.43*
Dividend paid per share, EUR 0.29 2) 0.28
Dividend per share, EUR 0.29 2) 0.25*
Dividend payout ratio, undiluted, % 41.7 2) 45.4
Dividend payout ratio, diluted, % 41.7 2) 46.5
Dividend payout ratio, diluted, % 1) 49.2 2) 46.5
Effective dividend yield, % 3.9 2) 4.3
Price/earnings ratio (P/E)
- undiluted 10.6 10.5
- diluted 10.6 10.8
Lowest trading price, EUR 5.53* 4.60*
Highest trading price, EUR 7.40* 6.07*
Middle price, EUR 6.28* 5.48*
Closing price on year, EUR 7.36* 5.80*
Market capitalisation, EUR million 253.6 164.1
Shares traded, 1,000 10,358.7 7,073.7
- % of average number 43.1 36.2
Adjusted number of shares
- average during the financial year 29,428,181 27,928,347*
- at the end of the financial year 34,463,193 28,300,301*
- fully diluted 34,463,193 28,595,971*
1) Based on number of shares at year-end.
2) Based on Board of Directors dividend recommendation.
* Adjusted share figure
Figures in this report are unaudited.
HK Ruokatalo Oyj
Board of Directors
Simo Palokangas
CEO
DISTRIBUTION:
Helsinki Exchanes
Internet: www.hk-ruokatalo.fi
