INTERIM REPORT JANUARY - MARCH 2005
METSÄLIITTO GROUP RELEASE
28 April 2005 at 1.00 p.m.
INTERIM REPORT JANUARY MARCH 2005
President and CEO Kari Jordan:
Profitability showed a slight improvement in the first quarter but
is still unsatisfactory. Efforts to raise prices will continue,
together with rationalizations and the cost-reduction programme.
KEY FIGURES
Unaudited figures
2005 2004 2004 2004 2004
1-3 1-12 1-9 1-6 1-3
Sales 2 187 8 598 6 462 4 364 2 160
Operating profit 74 144 140 105 70
Result before tax 18 -76 -31 -10 -19
Result for the period 14 -24 -2 14 8
Return on capital
employed, % 4.9 2.5 3.3 3.7 4.6
Return on equity, % 1.5 -3.9 -2.8 -1.5 -2.2
Equity ratio, % 32.1 32.1 30.1 29.6 28.8
Gearing, % 123 120 136 145 146
Interest bearing net
liabilities 3 440 3 336 3 503 3 713 3 694
Personnel at
the end of period 29 050 28 783 29 397 30 791 29 410
ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)
The Metsäliitto Group adopted International Financial Reporting
Standards (IFRS) from the beginning of 2005. The effects of the
transition on the profit and loss account and balance sheet were
explained in detail in a press release published on 26 April 2005.
This is available on Metsäliittos website at www.metsaliitto.com.
This Interim Report has been prepared using accounting and valuation
policies conforming with IFRS.
SALES AND FINANCIAL RESULTS
Sales for the period January March were EUR 2,187 million, little
changed on last years corresponding figure of EUR 2,160 million.
Operating profit for the first quarter was EUR 74.0 million (69.7).
The figure for the first quarter last year includes a capital gain of
EUR 19 million from the sale of Metsä Tissue. Operating profit was
boosted by growth in paper and board deliveries and by lower
overheads. The profitability of the sawmilling business declined
further, with sales prices for redwood goods more than ten per cent
lower than during the first quarter last year.
Average sales prices for both magazine papers and coated fine papers
were similar to those for this period last year. However, the
strengthening of the euro by some 5 per cent against the dollar
reduced export prices in euros. The average sales price of uncoated
fine paper was about 4 per cent lower. Although prices for folding
boxboard were raised, the stronger euro kept average prices almost
unchanged.
Net finance costs were 2.5 per cent of sales (4.3). Finance income
was EUR 6.4 million (1.2) and finance costs were EUR 50.7 million
(79.5). The Groups share of the results of associated companies was
EUR -0.3 million (4.5). Exchange rate differences on financing were
EUR -11.2 million (-14.9). Before tax there was a profit of EUR 18.3
million (-19.0).
Taxes, including the change in deferred tax liability, were EUR -7.6
million (+5.1) and minority interest was EUR 2.9 million (21.8).
Result for the period was EUR 13,6 million (7.9).
Return on capital employed for the first quarter was 4.9 per cent
(4.6) and return on equity 1.5 per cent (-2.2).
BALANCE SHEET AND FINANCING
At the end of March the Groups equity ratio was 32.1 per cent and
the gearing ratio 123 per cent (32.1% and 120%, respectively, at 31
December 2004). Interest-bearing net liabilities increased by EUR 104
million during the first quarter and at the end of March stood at EUR
3,440 million (3,336 million at 31 December 2004).
The Groups total liquidity at the end of March was EUR 2.0 billion
(2.1 billion at 31 December 2004). Of this amount, EUR 0.2 billion
was in the form of liquid funds and investments (0.3) and EUR 1.8
billion in the form of committed credit facilities not shown in the
balance sheet (1.8). For its short-term financing needs the Group
also had around EUR 0.6 billion available in non-committed domestic
and foreign commercial paper programmes and forward credits.
At its meeting on 13 April 2005, Metsäliitto Cooperatives
Representative Council decided that interest of 6.5 per cent would be
paid on members capital for 2004 (6.5%), interest of 5.5 per cent of
additional members capital A (5.5%) and 4.0 per cent on additional
members capital B.
At the same meeting, the Representative Council decided to amend the
by-laws to allow one-third of the distributable surplus for the
financial period, as shown in the most recently adopted balance
sheet, annually to be used to repay members capital and additional
members capital. Under the amended by-laws, the amount that may be
used for this purpose under IFRS is entered under liabilities and the
remaining members capital as members funds.
Members capital totalling EUR 17 million had been received by the
end of March. Members capital increased by EUR 2 million, additional
members capital A by EUR 13 million and additional members capital
B by EUR 2 million. At the end of March Metsäliitto had a total of
130,746 members (130,869 at 31 December 2004).
CAPITAL EXPENDITURE AND ACQUISITIONS
Gross capital expenditure on fixed assets and company acquisitions by
the Metsäliitto Group during the first quarter was EUR 171 million
(47).
In January, Metsäliitto Cooperative bought 16.6 per cent of the
shares of Vapo from the Finnish state for EUR 47.0 million. At the
end of January, Metsäliitto also acquired a 49.9 per cent interest in
Finsilva, a company which has purchased the forest assets owned
jointly by M-real and Metsäliitto, together with those owned by Suomi
Mutual Life Assurance Company.
In a significant internal transaction at the end of March,
Metsäliitto Cooperative purchased 8 per cent of the shares of Metsä-
Botnia from M-real for EUR 164 million. Also in March, Metsäliitto
increased Finnforests share capital by EUR 50 million.
Construction work on Botnias sawmill in Russia is progressing. The
sawmill is scheduled to start production early in 2006. It will have
an annual capacity of 200,000 cubic metres and will cost a total of
around EUR 50 million.
Finnforest is expanding production at its Kerto unit at Punkaharju.
When complete in the first half of 2006, the units annual production
capacity will increase by 60,000 cubic metres to 130,000 cubic
metres. The estimated cost of the investment is EUR 20 million.
At the beginning of March, M-real announced its intention to
modernize the board machine at its Simpele mill at a cost of EUR 60
million. As a result, the mills capacity will rise by 45,000 tonnes
to 215,000 tonnes a year. The work will be completed in stages by
spring 2006.
URUGUAY PULP MILL PROJECT
The decision to build a eucalyptus pulp mill, capacity one million
t/a, was taken in March. The mill is due for completion in the third
quarter of 2007 at a total cost of around USD 1.1 billion.
An environmental permit for the Uruguay pulp mill project was granted
in February. The free trade zone status granted by the Uruguay
government in October took effect at the same time.
PERSONNEL
The average number of employees during the period January March was
29,079 (29,434). The number at the end of March was 29,050 (29,410).
Staff costs include the Groups 49.9 per cent share in the Vapo group
from the beginning of January. At the end of March, Vapo had 1,720
employees. At the end of 2004, the Metsäliitto Group had 28,783
employees.
METSÄLIITTO GROUP COMPANIES
METSÄLIITTO COOPERATIVE AND THOMESTO
Metsäliitto Cooperatives sales for the first quarter were EUR 323
million (327). Operating profit was EUR 13.6 million (8.5), 4.2 per
cent of sales (2.6). Profit after financial items was EUR 33.2
million (49.5). Finance items include a write-down of EUR 6.2 million
on the Forestia transaction and dividend income of EUR 26.2 million
(40.7). Dividend for the first quarter of last year includes
corporation tax credit of EUR 11.7 million.
Metsäliitto Cooperatives return on capital employed was 6.5 per cent
(7.7). At the end of March the equity ratio was 56.3 per cent and the
gearing ratio 14 per cent (59.8% and -8%, respectively, at 31
December 2004). Interest-bearing liabilities were EUR 152 million (-
82 million at 31 December 2004).
The parent company Metsäliitto Cooperatives figures are presented
according to Finnish accounting standards.
Thomesto produced first-quarter sales of EUR 114 million (101) and an
operating profit of EUR 1.2 million (0.7). Deliveries to Finland
totalled 0.9 million cubic metres (0.8).
FINNFOREST
Finnforests sales were EUR 468 million, about the same as this
period last year (470). The result from operations was EUR -0.9
million (+6.9) and the result before taxes was EUR -11.4 million (-
10.4).
The weaker result was due primarily to the problems encountered by
the sawmilling business: over-supply, falling sales prices and the
high cost of sawlogs.
Return on capital employed was -0.2 per cent, compared with 2.8 per
cent for the first quarter last year. At the end of March the equity
ratio was 29.0 per cent and the gearing ratio 167 per cent (27.0% and
179%, respectively, at 31 December 2004).
Finnforest published its own interim report on 28 April 2005.
METSÄ TISSUE
Metsä Tissue booked sales of EUR 171 million for the first three
months of the year (170). Operating profit was EUR 9.4 million
(12.4). Calculated on a comparative basis, operating profit was about
the same as a year ago taking into account the effect of the
transactions in the first quarter of 2004 and the one-off impact of
the transition to IFRS. Last years operating profit also included
non-recurring income of EUR 2.7 million from the hedging of chemical
pulp purchases.
M-REAL
M-real booked sales of EUR 1,344 million (1,412) and an operating
profit of EUR 115 million (24). Operating profit includes non-
recurring gains totalling EUR 85 million, of which EUR 81 million
came from the sale of 8 per cent of Metsä-Botnia. The figure for the
first-quarter last year contains no non-recurring items.
Excluding non-recurring items, operating profit was EUR 30 million.
Profitability benefited primarily from growth in paper and board
deliveries, lower overheads in the paper business, and growth in both
paper and board stocks.
Result before tax was EUR 76 million (-42), earnings per share EUR
0.23 (0.66) and return on capital employed 9.9 per cent (2.0).
Excluding non-recurring items, result before tax was EUR -8 million,
earnings per share EUR -0.03 and return on capital employed 3.0 per
cent.
At the end of March the equity ratio was 38.6 per cent and the
gearing ratio 81 per cent (37.5% and 89%, respectively, at 31
December 2004).
M-real published its own interim report on 28 April 2005.
BOTNIA
First-quarter sales were EUR 255 million (263) and operating profit
was EUR 23.9 million (19.6). Operating profit contains a non-
recurring write-down on goodwill of EUR 5.1 million relating to the
Baltic Pulp business.
The improvement in operating profit is due largely to higher sales
prices for pulp. Foreign currency-denominated market prices for
softwood pulp were on average 8 per cent higher than for the first
quarter last year. The average price of hardwood pulp was up by 11
per cent.
Profit before tax was EUR 25.4 million (20.1) and the return on
capital employed was 8.4 per cent (6.9). At the end of March the
equity ratio was 73 per cent and the gearing ratio 1 per cent.
Forty-seven per cent of Botnias income statement and 39 per cent of
the balance sheet is included in M-reals accounts. Totally 53 per cent
of Botnias figures are included in the Metsäliitto Groups consolidated
accounts.
OUTLOOK
Metsäliitto Cooperatives wood purchasing this year will focus on
spruce-dominated stands marked for clear cutting and on pine
thinnings. The purchasing target for the year is 17.7 million cubic
metres. Stands suitable for summer harvesting are currently in good
demand.
No major changes are expected in demand for wood products during the
second quarter. The situation as regards conifer and birch plywoods
is likely to remain satisfactory, but the market for timber will
probably continue to be challenging. A quality pricing system will be
introduced for pine logs based on their sawing value. This is
expected to make sawmilling more profitable during the latter part of
the year.
Competition on tissue markets will remain fierce.
Demand for paper and board is expected to remain good, though for
seasonal reasons delivery volumes in the second quarter could be down
on the first. Modest increases in prices for folding boxboard and
magazine papers have been successfully introduced this year, but
price rises for fine papers have not been achieved as early as
planned. However, prices are likely to rise later this spring.
For seasonal reasons, the Metsäliitto Group expects its financial
result for the second quarter to be slightly below that for the first
quarter. In Finland, industrial action could disrupt production.
Espoo, 28 April 2005
BOARD OF DIRECTORS
Additional information:
Mr. Pekka Kivelä, Senior VP, Group Communications,
tel. int +358 1046 94545
BUSINESS SECTOR REVIEWS
Consumer Packaging
2005 2004 2004 2004 2004 2004
1-3 10-12 7-9 4-6 1-3 1-12
Sales 238 256 264 267 258 1 045
EBITDA 49 45 49 42 44 180
- % of turnover 20.6 17.7 18.4 15.9 17.0 17.2
Depreciation and
impairment losses -22 -16 -24 -24 -23 -87
Operating profit 27 30 25 18 20 93
- % of turnover 11.2 11.6 9.4 6.9 7.9 8.9
EBITDA = result before depreciation and impairment losses
The consumer packaging business produced first-quarter sales of EUR
238 million (258) and an operating profit of EUR 26.6 million (20.4).
Operating profit was improved by growth in deliveries of folding
boxboard. Deliveries by folding boxboard producers in Western Europe
were 6 per cent higher than for this period last year. Despite the
price rises introduced for folding boxboard, the strengthening of the
euro has kept average prices almost unchanged. Board production was
cut by 17,000 tonnes in line with demand (40,000).
Profitability was better than the previous quarter, mainly thanks to
lower overheads and to higher sales prices for folding boxboard.
Linerboard deliveries were well up and sales prices were similar to
those in the previous quarter.
Papers
2005 2004 2004 2004 2004 2004
1-3 10-12 7-9 4-6 1-3 1-12
Sales 747 759 738 710 737 2 944
EBITDA 72 34 71 55 69 229
- % of turnover 9.6 4.5 9.6 7.7 9.4 7.8
Depreciation and
impairment losses -63 -64 -65 -64 -64 -256
Operating profit 9 -30 6 -9 6 -27
- % of turnover 1.2 -4.0 0.8 -1.3 0.8 -0.9
EBITDA = result before depreciation and impairment losses
The papers business consists of M-reals Publishing, Commercial
Printing and Office Papers business areas.
Demand for paper remained reasonably good during the first quarter of
2005 and was about the same as for this period last year. Production
capacity continued to be under-utilized, particularly that for fine
papers.
The papers business booked sales of EUR 747 million (737) and an
operating profit of EUR 8.8 million (5.9). Production had to be
curtailed by 64,000 tonnes (107,000).
Deliveries by coated magazine paper producers in Western Europe were
8 per cent higher than for this period last year, but fine paper
deliveries fell by around one per cent. Average prices for both
magazine papers and coated fine papers were similar to those a year
ago, but the stronger euro reduced export prices in euros. The
average sales price of uncoated fine paper fell by around 4 per cent.
MAP Merchant Group
2005 2004 2004 2004 2004 2004
1-3 10-12 7-9 4-6 1-3 1-12
Sales 341 343 332 339 354 1 368
EBITDA 8 5 5 7 7 24
- % of turnover 2.3 1.5 1.4 2.1 2.0 1.8
Depreciation and
impairment losses -2 -2 -2 -2 -2 -7
Operating profit 6 4 3 5 5 17
- % of turnover 1.8 1.0 0.8 1.6 1.5 1.2
EBITDA = result before depreciation and impairment losses
Sales by the Map Merchant Group were EUR 341 million (354). Operating
profit improved to EUR 6.3 million (5.3), mainly thanks to lower
overheads.
Wood products
2005 2004 2004 2004 2004 2004
1-3 10-12 7-9 4-6 1-3 1-12
Sales 468 466 458 529 470 1 923
EBITDA 17 15 24 32 24 94
- % of turnover 3.6 3.2 5.2 6.0 5.1 4.9
Depreciation and
impairment losses -18 -18 -18 -18 -17 -71
Operating profit -1 -3 6 14 7 23
- % of turnover -0.2 -0.6 1.3 2.6 1.5 1.2
EBITDA = result before depreciation and impairment losses
The Finnforest Group is the Metsäliitto Groups wood products
division.
The wood products business booked sales of EUR 468 million (470) and
an operating result of EUR -0.9 million (6.9). The financial result
was affected by over-supply on sawn timber markets and by the high
cost of raw material, particularly pine logs. Also, sales prices for
sawn redwood were more than ten per cent lower than in the first
quarter of last year.
Both demand and prices for birch and conifer plywoods showed an
improvement on the same period a year ago. Prices for Kerto LVL have
also strengthened.
Others
2005 2004 2004 2004 2004 2004
1-3 10-12 7-9 4-6 1-3 1-12
Sales 1) 428 346 341 395 377 1 459
Operating profit 33 4 -5 7 32 38
of which
Wood procurement in
Finland 14 6 8 2 9 25
International wood
procurement 1 -1 2 1 1 3
Hygiene products 9 10 10 5 13 38
Others and Group
eliminations 9 -12 -25 -2 10 -28
1) Sales to companies outside the Group
Other operations consists of Metsäliitto Cooperative, Metsä Tissue
and Thomesto. Figures also include Metsäliittos 49.9 per cent share
of the Vapo group as from January 2005.
Trading in wood raw material started the year briskly but returned to
normal by the end of March. Metsäliittos wood purchases during
January March were 4.2 million cubic metres (3.7), just under a
quarter of the target for the year. Good demand for pulpwood meant
that delivery contracts represented a slightly higher proportion of
purchases than normal. Prices for pine logs have been falling, but
deals for other species were struck at prices similar to those last
autumn.
Deliveries to mills in Finland, including wood chips, totalled 7.1
million cubic metres, of which 5.0 million cubic metres was domestic
roundwood. Soft ground conditions hampered wood harvesting at the
start of the year, and in many parts of Finland it was mid-February
before stands marked for winter harvesting could be tackled.
Slow economic growth and over-capacity have intensified competition
for tissue products, notably on the markets of western and southern
Europe. As a result, the negative trend in sales prices has
continued, particularly for consumer products. At the same time, the
business climate for tissue is changing along with the rapid growth
of European retail chains.
The trends in the market meant that Metsä Tissue fell somewhat behind
its targets for both sales volumes and sales. Compared with last
year, however, both sales volumes and sales continued to show growth.
Thanks to greater cost-effectiveness, Metsä Tissue met its targets
for the first quarter.
The Vapo group will publish its own interim report on 2 May 2005.
Production
1 000 units 2005 2004 2004 2004 2004 2004
1-3 10-12 7-9 4-6 1-3 1-12
Paper, t 1 026 1 030 1 021 970 987 4 008
Paperboard, t 293 326 355 319 331 1 330
Sawn goods, m3 1 053 1 014 988 1 059 1 123 4 185
Processed timber, m3 299 427 231 211 297 1 166
EW-products, m3 226 225 196 236 253 911
Pulp & CTMP, t (M-real) 383 399 384 369 381 1 533
Pulp, t (Botnia) 653 602 616 594 638 2 450
METSÄLIITTO GROUP
2005 2004 Change 2004
Income statement 1-3 1-3 1-12
Sales 2 187 2 160 27 8 598
Other operating income 43 53 -10 135
Operating expenses -2 024 -2 012 -12 -8 066
Depreciation and impairment
losses -132 -131 -1 -522
Operating profit 74 70 4 144
Share of results in associates 0 4 -4 1
Net exchange gains / losses -11 -15 4 -2
Other financial income and
expenses -45 -78 33 -219
Result before tax
and minority interest 18 -19 37 -76
Income taxes -7 5 -13 -28
Result after tax 11 -14 24 -104
Minority interest 3 22 -18 80
Result for the period 14 8 6 -24
2005 2004 Change 2004
Balance sheet 31.3. 31.3. 31.12.
ASSETS
Non-current assets
Intangible assets 812 797 15 802
Tangible assets 4 239 4 210 29 4 148
Biological assets 46 203 -157 201
Financial assets
Interest bearing 71 82 -11 59
Deferred tax receivables 103 91 12 102
Other non-interest bearing 207 292 -85 283
5 478 5 675 -197 5 596
Current assets
Inventories 1 301 1 225 76 1 172
Receivables
Interest bearing 25 29 -4 66
Non-interest bearing 1 691 1 667 24 1 564
Cash and cash equivalents 200 207 -7 252
3 217 3 128 89 3 055
TOTAL 8 695 8 802 -107 8 651
MEMBERS FUNDS AND LIABILITIES
Members funds 1 387 1 350 37 1 351
Minority interest 1 400 1 181 219 1 428
Total members funds 2 787 2 531 256 2 779
Non-current liabilities
Deferred tax liabilities 478 489 -11 505
Post employment benefit
obligations 271 297 -26 271
Provisions 48 34 14 45
Interest bearing 2 880 3 184 -304 2 946
Other non-interest bearing 110 93 17 37
3 787 4 097 -310 3 805
Current liabilities
Interest bearing 855 828 27 768
Non-interest bearing 1 266 1 345 -79 1 299
2 121 2 173 -52 2 067
Total liabilities 5 908 6 271 -363 5 872
TOTAL 8 695 8 802 -107 8 651
Change in members
funds Mino-
Members Reser- Retaianed rity
capital ves earnings Inte- Total
rest
Members funds 31.12.2003
545 63 947 1 408 2 963
Effect of transition to
IFRS -114 -9 -123 -169 -415
Members funds 1.1.2004,
IFRS 431 54 824 1 239 2 548
Translation differences 10 10
Increase in members capital 24 24
Effects of financial
instruments -2 -2
Minority interest -58 -58
Result for the period 8 8
Members funds 31.3.2004 455 52 842 1 181 2 530
Members funds 1.1.2005 505 62 783 1 428 2 778
Translation differences -9 -9
Increase in members capital 17 17
Effects of financial
instruments 14 14
Minority interest -27 -27
Result for the period 14 14
Members funds 31.3.2005 522 76 45 1 401 2 788
2005 2004 2004
Cash flow statement 1-3 1-3 1-12
Cash flow from operations
Result for the period 14 8 -24
Adjustments total 188 190 672
Change in working capital -140 -34 35
Cash generated from operations 62 164 683
Finance costs, net -56 -89 -225
Income taxes paid -46 -38 -85
Net cash from operations -40 37 373
Cash flow from investments
Acquisitions -46
Purchases of assets -125 -46 -434
Sold assets and others 189 404 568
Net cash from investments 18 358 134
Cash flow from financing
Change in non-current loans
and other financial items -6 -374 -413
Dividends paid -24 -33 -62
Net cash flow from financing -30 -407 -475
Change in cash and cash
equivalents -53 -12 33
Cash at beginning of period 252 219 219
Change in cash and cash
equivalents -53 -12 33
Cash at end of period 200 207 252
METSÄLIITTO GROUP
Quarterly data 2005 2004 2004 2004 2004 2004
1-3 10-12 7-9 4-6 1-3 1-12
Sales by segment
Consumer packaging 238 256 264 267 258 1 045
Papers 747 759 738 710 737 2 944
MAP Merchant Group 341 343 332 339 354 1 368
Wood products 468 466 458 529 470 1 923
Others 428 346 341 395 377 1 459
- internal sales -35 -35 -35 -37 -35 -142
Group sales 2 187 2 135 2 099 2 204 2 160 8 598
Operating profit by
segment
Consumer packaging 27 30 25 18 20 93
Papers 9 -30 6 -9 6 -27
MAP Merchant Group 6 4 3 5 5 17
Wood products -1 -3 6 14 7 23
Others 33 4 -5 7 32 38
Group operating profit 74 4 35 35 70 144
- % of turnover 3.4 0.2 1.7 1.6 3.2 1.7
Share of results in
associates 0 -4 0 1 4 1
Net exchange gains/
losses -11 19 0 -6 -15 -2
Other financial income
& expenses -45 -64 -55 -22 -78 -219
Result before tax 18 -45 -21 9 -19 -76
Income taxes -7 -5 -14 -14 5 -28
Result after tax 11 -50 -35 -5 14 -104
Minority interest 3 28 19 12 22 80
Result for the period 14 -22 -16 6 8 -24
METSÄLIITTO GROUP
Reconciliation of profit
Effects of
Income statement FAS transition IFRS
1-3/2004 to IFRS 1-3/2004
Sales 2 155 5 2 160
Other operating income 40 13 53
Operating expenses -2 007 -5 -2 012
Share of results in associates 2 -2 0
Depreciation and impairment
losses -141 10 -131
Operating profit 50 20 70
Share of results in associates 0 4 4
Net exchange gains / losses 6 -21 -15
Other financial income and
expenses -51 -27 -78
Result before tax
and minority interest 5 -24 -19
Income taxes -5 10 5
Minority interest 18 4 22
Result for the period 18 -10 8
Reconciliation of balance sheet
Effects of
Balance sheet FAS transition IFRS
31.3.2004 to IFRS 31.3.2004
ASSETS
Non-current assets
Intangible assets 847 -50 797
Tangible assets 4 314 -104 4 210
Biological assets 0 203 203
Financial assets
Interest bearing 79 3 82
Deferred tax receivables 57 34 91
Other non-interest bearing 290 2 292
5 587 88 5 675
Current assets
Inventories 1 232 -7 1 225
Receivables
Interest bearing 35 -6 29
Non-interest bearing 1 670 -3 1 667
Cash and cash equivalents 203 4 207
3 141 -13 3 128
TOTAL 8 728 74 8 802
MEMBERS FUNDS AND LIABILITIES
Members funds 1 595 -245 1 350
Minority interest 1 358 -177 1 181
Total members funds 2 953 -422 2 531
Non-current liabilities
Deferred tax liabilities 467 22 489
Post employment benefit 30 267 297
obligations
Provisions 49 -15 34
Interest bearing 3 150 34 3 184
Other non-interest bearing 46 47 93
3 742 355 4 097
Current liabilities
Interest bearing 705 123 828
Non-interest bearing 1 328 17 1 345
2 033 140 2 173
Total liabilities 5 775 496 6 271
TOTAL 8 728 74 8 802
