FINANCIAL STATEMENTS 2002
Raisio Group plc Stock Exchange Release 1 (13)
February 10, 2003 at 10.45 Finnish time
FINANCIAL STATEMENTS 2002
Turnover and profit before taxes improved slightly
- Raisio Group turnover in 2002 was EUR 843.1 (822.9) million,
up 2.5 per cent. Consolidated operating profit was EUR 20.6 (25.0)
million and profit before taxes EUR 9.3 (8.3) million.
- Earnings per share came to EUR 0.03 (0.04). The Board
proposes a dividend of EUR 0.02 (0.017) per share.
- Cash flow from operations stood at EUR 45.4 million, an
improvement of EUR 9.0 on the previous year. Considerably more
funds were tied up in investments than in 2001, i.e. EUR 64.9
(14.8) million, after which the cash flow before financial items
turned negative at EUR -19.5 million.
- Raisio Chemicals turnover grew as a result of the acquisition
of Latexia, but the poor market situation in the paper industry
hampered profitability.
- Raisio Nutrition turnover remained at the previous years
level, but operating profit fell due to one-off expenses caused by
rationalisation of margarine production.
- Raisio Life Sciences turnover increased and operating profit
was in the black. The range and market area of products containing
the Benecol ingredient expanded significantly in 2002.
- Raisio Group turnover for the last quarter of the year
totalled EUR 225.2 (209.5) million and adjusted operating profit
was at the same level as in the last quarter in 2001. The reported
operating profit was EUR 0.6 (10.7 million) because of EUR 5.7
million one-off expense. The operating profit in the comparison
period included EUR 4.3 million sales profit.
- Global political and economic uncertainty has caused raw
material prices to rise, hampering profit prospects especially in
Raisio Chemicals at the beginning of the year. For this reason the
consolidated first-quarter result is expected to be distinctly
poorer than in the comparison year. Turnover is expected to
increase as a result of the acquisition of Latexia and the growth
of Raisio Life Sciences. Ongoing measures to improve efficiency
and to reduce working capital will allow the Groups profitability
to improve towards the end of the year.
Raisio Group plc
Taru Narvanmaa
Executive Vice-President
Communications and Investor Relations
Further information:
Rabbe Klemets, Chief Executive, tel. +358 (0)2 443 2220 or +358
(0)400 821 614
Antti Salminen, Chief Financial Officer, tel. +358 (0)2 443 2460
or +358 (0)40 535 1216
Taru Narvanmaa, Executive Vice-President, Communications and IR,
+358 (0)2 443 2240 or +358 (0)50 590 9398
Raisio Group annual report will be issued in week 11 and the
Annual General Meeting will be held in Raisio on Friday, March 21,
2003. An interim report will be issued for the January-March
period on May 5, 2003, for the January-June period on July 31,
2003 and for the January-September period on November 3, 2003.
REPORT OF THE BOARD OF DIRECTORS
A dual trend prevailed in the Raisio Group in 2002. On the one
hand, strategy was carried out successfully through measures to
boost profitability and inputs in growth. The rationalization of
margarine production, sale of the ice-cream business, cost cuts in
various business areas, and action to make capital employment more
efficient all create a foundation for better profitability. Future
growth will be advanced by the acquisition of Latexia, the biggest
corporate acquisition in the history of the Raisio Group, and by
investments in the specialty chemicals and latex business in
China.
On the other hand, operations did not develop as expected. The low
business cycle had a particularly adverse effect on growth and
profitability in Raisio Chemicals. Raisio Nutritions result was
in turn hampered by losses in Swedish margarine business and one-
off expenses for the production rationalisation. The improved
profit trend in Raisio Life Sciences was insufficient to offset
the weaker trends in the bigger business sectors.
TURNOVER
Consolidated turnover in 2002 amounted to EUR 843.1 (822.9)
million, up 2.5 per cent. The increase was primarily due to the
acquisition of Latexia S.A. at the beginning of August and the
good sales trend in Raisio Life Sciences.
Turnover from international operations came to EUR 442.7 (433.4)
million, representing 52.5 (52.7) per cent of total turnover.
RESULT AND DIVIDEND PROPOSAL
Consolidated operating profit was EUR 20.6 (25.0) million. The
2001 operating profit includes EUR 4.3 million on the sale of
Raisios share of the Valmet-Raisio associated company. The change
in accounting practices due to IAS-based evaluation of inventories
improved the 2002 operating profit by EUR 3.2 million, and the
rationalization of margarine production caused a one-off cost of
EUR 5.7 million.
The result before taxes was EUR 9.3 (8.3) million. Financial
expenses fell compared with 2001, since interest rates and total
borrowing were lower at the beginning of the year, explaining why
the result before taxes was slightly higher than in 2001. The net
consolidated result after taxes fell to EUR 5.4 (6.6) million as a
result of a change in minority interest, mainly caused by Melia
Ltd. The tax percentage paid by the Group was lower than in 2001.
Earnings per share came to EUR 0.03 (0.04). The Board proposes a
dividend of EUR 0.02 (0.017) per share for 2002.
BUSINESS SECTORS
Raisio Chemicals
A poor market trend prevailed in the paper industry throughout
2002. Demand was particularly depressed in Europe, Raisio
Chemicals principal market area. Signs of a slight recovery were
visible in North America towards the end of the year, however. The
favourable trend continued on the Chinese market.
Turnover totalled EUR 370.1 (354.6) million, up 4.4 per cent,
mainly as a result of the acquisition of Latexia. Low capacity
utilization rates in the paper industry, particularly in the
Nordic countries, strained turnover figures. Exports to Russia
developed well.
Operating profit fell sharply in 2002, totalling EUR 10.7 (19.3)
million. The 2001 result includes a profit of EUR 4.3 million on
the sale of Raisios holding in the Valmet-Raisio associated
company. The change in accounting practices due to IAS-based
evaluation of inventories improved the 2002 operating profit by
EUR 1.8 million. The poor trend in profitability was due to low
capacity utilization rates at the production plants and the high
prices of petrochemical raw materials, which could not be
transferred into sales prices in full. To improve the
profitability all units continued to intensify their operations. A
few sales companies in North America, South America and Germany
were closed and rearrangements were made to improve the sales
efficiency. Swedish latex production was transferred to other
Raisio Chemicals units.
A violent explosion at a nearby fertilizer plant interrupted the
operation of Raisios AKD wax plant in France in September 2001.
The Raisio plant, which was damaged by the explosion, was given
permission to resume production by the French authorities first in
early July 2002. The interruption reduced turnover for the first
six months of the year, but insurance policies covered most of the
direct property and consequential losses.
The Chinese paper industry started numerous significant
investments to increase production. Raisio Chemicals is investing
in the fast-growing Chinese market by building a latex and a
specialty chemicals plant in the Shanghai economic area. The value
of the investments is over EUR 30 million. The latex plant is
expected to be completed at the end of 2003 and the specialty
chemicals plant in summer 2003.
At the beginning of September Raisio Chemicals and the Hansaprint
printing house announced that they planned to establish a pilot
printing plant (Future Printing Center) in connection to the
Coating Technology Center in Raisio. The Future Printing Center
will incorporate a testing and development service unique in the
printing sector. The Raisio skill center will cover every phase of
the paper production process from base paper to finished printed
product. This, together with other R&D inputs, will help Raisio
Chemicals and its customers to remain in the vanguard of progress
and safeguard their competitive edge in future years.
Raisio Nutrition
Raisio Nutrition turnover remained at the 2001 level, totalling
EUR 456.9 (457.6) million. Operating profit fell to EUR 10.7
(13.4) million. The change in accounting practices due to IAS-
based evaluation of inventories raised the figure by EUR 1.2
million. The transfer of the margarine production from Sweden to
Finland and Poland weakened the operating profit by EUR 5.7
million one-off expense. The transfer will be made in the first
quarter of 2003.
Turnover in the Foods business area came to EUR 265.3 (264.5)
million. Turnover was EUR 160.6 (162.6) million in the Margarine
business, EUR 77.1 (74.4) million in the Milling business and EUR
25.0 (26.6) million in the Food Potato business. Operating profit
for the Foods business area was EUR 0.1 (4.4) million. The above-
mentioned one-off expenses weakened the Margarine businesss
operating result. By contrast, Milling operating profit grew,
thanks to earlier made capacity adjustments. Food Potato business
operating profit was unchanged compared with the previous year.
The Finnish market shares of the Foods business area developed
favourably in flakes, flour and pasta products, though slight
reductions took place in margarines and frozen potato products.
Sales to bakery, industry and catering segments were at previous
years level in all product groups. On the Polish market, sales of
margarines were hampered by weaker purchasing power among
consumers and extremely tough price competition. Price competition
was keen on the Swedish market, and private label products gained
a bigger market share.
Turnover in the Animal Feeds business area amounted to EUR 158.7
(161.4) million and operating profit to EUR 9.1 (8.6) million. The
overall volume of industrial feeds continued to grow steadily
throughout the year, although the hot summer weather reduced
demand for fish and fur farming feeds. No major changes took place
in market shares in the Animal Feeds business area. Exports to
Russia and the Baltic States looked up at the end of the year even
though they were hampered by keen competition, especially on the
Russian market, and by efforts to boost self-sufficiency in food
and animal feed production.
Turnover for the Malt business area totalled EUR 30.2 (30.7)
million. Operating profit was EUR 2.5 (2.4) million, i.e. at the
previous years level and better than expected, since the need to
import malting barley was not as great as anticipated. Hot summer
weather in the Malt business areas market areas increased
consumption of beer and thus malts. Sales of beer rose by 1.3 per
cent in Finland and by almost 15 per cent in Russia, Raisio Malts
primary export area.
Turnover in the Grain starch business was EUR 20.6 (19.7) million.
The 2001 operating loss of EUR -2.1 million was halved and stood
at EUR -1.0. Low capacity utilization rates in the paper industry
weakened demand for wheat starch, and alternative uses are now
being sought for these products.
Raisio Life Sciences
Interest in cholesterol-lowering functional foods increased,
particularly in Central and Southern Europe, although Finland
continues to be a pioneer in this sector. The range of products
containing the Benecol ingredient, stanol ester, was expanded with
a number of products and extended to grain-based products such as
pasta. In October 2002 the European Union Science Committee on
food approved a safety report concerning sterol- and stanol-based
products. This is likely to allow the grant of new permits for end-
product markets. The regulatory approval processes are long and
varying in different countries, however.
Raisio Life Sciences turnover grew 27 per cent, amounting to EUR
30.3 (23.8) million. Stanol ester was sold to new market areas
such as the Middle East and Continental Europe.
Raisio Life Sciences operating result showed a profit of EUR 0.5 (-
3.5) million. The increase was due to higher sales and greater
cost efficiency. The change in accounting practices due to IAS-
based evaluation of inventories improved the figure by EUR 0.2
million. Raisio Life Sciences has succeeded in raising sales of
ingredients to a level allowing profitable operations.
Raisio Group and McNeil Nutritionals agreed on new marketing
responsibility areas for Benecol products and stanol ester in
February 2002. Apart from areas referred to in previous
agreements, Raisio Group can now sell stanol ester to the food
industry in Germany, Italy, Spain, Portugal, Switzerland, Austria
and Greece. Raisio also gained the right to sell Benecol foods on
these markets, although McNeil kept its sole right to certain
Benecol-branded speciality products. Furthermore, the agreement
allowed both parties to license the ingredient and brand to third
parties in their respective territories. Spanish and Greek
authorities have granted permission to market Benecol products,
and Benecol yoghurt was introduced on the Spanish market at the
beginning of February 2003.
RESEARCH AND DEVELOPMENT
The Groups R&D expenditure totalled EUR 20.3 (18.3) million in
2002, representing 2.4 (2.2) per cent of turnover. Raisio
Chemicals used EUR 14.0 (11.7) million of this amount,
approximately 3.8 per cent of the business areas turnover. Raisio
Chemicals also received technology income from sale of research,
analysis and test-run services to customer industries.
Raisio Nutrition spent EUR 4.3 (4.2) million, 0.9 per cent of its
turnover, on R&D, while the corresponding figures for Raisio Life
Sciences were EUR 2.0 (2.3) million and 6.6 per cent.
INVESTMENT
Gross investment for 2002 came to EUR 81.0 (29.0) million, 9.6
(3.5) per cent of turnover. Raisio Chemicals accounted for EUR
62.4 (16.2) million of this amount. The biggest investment was the
acquisition of Latexia.
Raisio Nutritions gross investment totalled EUR 13.8 (11.4)
million. The biggest investment was the purchase of the Karczew
margarine factory property in Poland, which had previously been
rented. Gross investment by Raisio Life Sciences came to EUR 3.5
(0.6) million.
FINANCE
Financial expenses for 2002 totalled EUR 11.3 million (1.3 per
cent of turnover) and were thus significantly lower than the EUR
16.7 million in 2001 (2.0 per cent of turnover). This was due to
lower interest rates in 2002 and less borrowing in the first six
months of the year. In the latter half of the year, borrowing
increased with the purchase of Latexia, which meant higher
financial expenses. Exchange rate gains were made in 2002, while
the comparison year showed a loss for this item.
Cash flow from operations was EUR 45.4 million, an improvement of
EUR 9.0 on the previous year. Far more funds were tied up in
investments than in 2001, i.e. EUR 64.9 (14.8) million, after
which cash flow before financial items was EUR 19.5 million in the
negative.
The syndicated loan facility signed by the Group in 1998 continued
to be a key instrument in planning and managing liquidity. The
increase in short-term loans in 2002 was mainly due to increased
utilisation of this instrument. Long-term loans were repaid up to
the amount of EUR 36.1 million and loans worth EUR 11.8 million
were raised. The capital drawn down on the above-mentioned
syndicated loan is booked under short-term loans, which should be
taken into account when considering quick ratio and current ratio.
The Groups interest-bearing net debt totalled EUR 281.4 (232.8)
million at the end of the financial year. The equity ratio fell to
34.4 (38.1) per cent at the end of the year, while the gearing
ratio rose to 109.4 (88.9) per cent. The changes are due to the
funding required for the acquisition of Latexia.
The central goal for 2002 was to manage the working capital and
release capital tied up. The amount of working capital was indeed
reduced in most of the business units. Some Raisio Chemicals and
Raisio Nutrition units started projects covering all their
business functions to boost the efficient use of capital employed.
Similar projects will be introduced in other units this year in
order to release more capital for operative needs.
CHANGES IN GROUP STRUCTURE
The Group structure was simplified and cost efficiency improved by
giving up some sales companies and increasing Group ownership in
partly owned companies in 2002. These arrangements had no
significant financial impact.
Raisio Groups holding in Latexia S.A. rose from 50 to 100 per
cent. The Latexia sub-group has been fully consolidated in the
financial statements as of August 1, 2002. The enterprise value of
the acquisition was EUR 75 million.
In April, Raisio Chemicals Ltd and Suzhou Tianma Chemical Co.
established a joint enterprise in China in which Raisio Chemicals
acquired a 70 per cent holding with an investment of EUR 5
million. The paper chemicals business of Suzhou Tianma Chemical
Co. was transferred to the new company, which began to build a new
paper chemicals plant in the Shanghai economic area.
The incorporation of Raisio Nutrition was completed. Raisio Group
plc owns 100 per cent of Raisio Nutrition Ltd., the parent company
of the Raisio Nutrition sub-group.
GOVERNANCE, MANAGEMENT AND PERSONNEL
In November 2002, the Supervisory Board elected Christoffer Taxell
and Jörgen Grandell to the Board of Directors as from January 1,
2003, to replace Antti Herlin and, on the basis of the age limit
regulation in the Articles of Association, Kaj Lönnroth. Matti
Linnainmaa and Arimo Uusitalo, whose terms on the Board also came
to an end, were re-elected. Jukka Lavi, Antti Salminen and Eero
Nurminen were elected new deputy members. At its first meeting in
2003, the Board re-elected Arimo Uusitalo chairman.
The auditors during the 2002 financial year were Esa Kailiala,
APA, and Pekka Pajamo, APA. On the basis of competitive bidding
the Annual General Meeting decided that the auditors for 2003
would be Johan Kronberg, APA, and Mika Kaarisalo, APA. Authorized
Accounting Firm PricewaterhouseCoopers and Kalle Laaksonen, APA,
were elected deputy auditors.
Kauko Mannerjärvi, Executive Vice-President, Group Administration,
and Anssi Aapola, Executive Vice-President, Purchasing and
Logistics, resigned in the autumn at their own request and also
gave up their duties as deputy Board members. Responsibility for
the areas formerly in Mr Mannerjärvis charge were transferred to
the new CFO Antti Salminens organization. Eero Nurminen,
previously the head of Raisio Group Agricultural Group, was
appointed the new Executive Vice-President, Purchasing and
Logistics.
Raisio Group employed 2,767 (2,563) people on December 31, 2002
and 45 (43) per cent of them worked abroad. Raisio Chemicals
employed 1,194, Raisio Nutrition 1,359 and Raisio Life Sciences 91
people at the end of the year.
SHARE INFORMATION
A total of 59.7 million Raisio Group plc free shares were traded
on Helsinki Exchanges in 2002. The value of trading was EUR 75.9
million and the average price EUR 1.27. The closing quotation was
EUR 1.07. The price rose by 14.1 per cent from January 1.
A total of 312,000 restricted shares were traded, for altogether
EUR 0.5 million and at an average price of EUR 1.62. The closing
quotation was EUR 1.42. The price fell by 9.0 per cent from
January 1.
On December 31, 2002 the company had a total of 48,591 registered
shareholders. 7.6 per cent of the stock was owned by shareholders
outside Finland.
On January 11, 2002 Tudor Capital (U.K.) announced that the
holding owned by its Group companies and funds in Raisio Group plc
(free and restricted shares) fell below 5 per cent on January 8,
2002, after which their ownership was 3.19 per cent of the Raisio
Group plc stock.
The Board did not exercise the authorization granted by the Annual
General Meeting on April 5, 2002 to increase share capital.
VISION AND STRATEGY
According to its vision, Raisio Group is a major food and animal
feed company operating in the Baltic region which grows also to an
internationally leading life science oriented chemicals company in
selected key areas.
The Group strategy was outlined in autumn 2001. In future years,
strong growth and improved profitability will be sought by
developing business via investment and acquisitions in all three
sectors. Global political and economic uncertainty and the unsure
outlook for the paper industry will restrict the growth that was
anticipated and hamper accurate definition of long-term growth
targets. The time span scheduled for achieving the growth targets
will therefore probably have to be extended, though the
profitability and equity ratio targets will not change.
Parallel with the strategy process, a process of defining the
Raisio Group values began. Those crystallized in the course of the
process were expertise, openmindedness, responsibility and
enjoyment in working together. On this value basis the Raisio
Group will proceed to work for its key goals of good profitability
and high customer satisfaction.
EVENTS AFTER THE END OF THE FINANCIAL YEAR
In accordance with a letter of intent signed in December, Raisio
Group sold the ice-cream business of Carlshamn Mejeri to Åhus
Glass AB (plc), which is part of Ingman Foods Ltd, on January 13,
2003. The 2002 turnover of the business transferred was some EUR
15 million. Carlshamn Mejeri continues to toll manufacture the ice-
cream until this summer.
Co-determination talks begun in November aimed at improving the
administrative efficiency of Raisio Group were completed in
January. A total of 26 jobs were cut from the Group administration
through internal transfers, pension arrangements and termination
of contracts. Outsourcing is still being studied in the case of
certain administrative functions.
At a meeting held on January 29, 2003, the Raisio Group
Supervisory Board decided to release Antti Haavisto from his
duties as a member of the Raisio Group Board of Directors. He was
not replaced on the Board.
FUTURE OUTLOOK
The Raisio Chemicals market situation continues to be challenging,
particularly in the principal market area in Europe. The
acquisition of Latexia and the specialty chemicals plant starting
operations in China in the summer will make for significant growth
in Raisio Chemicals turnover, however. The intensification
projects introduced are expected to improve cost efficiency
towards the end of the year.
Sale of the ice-cream business will reduce Raisio Nutrition
turnover by some EUR 10 million. Rationalization of margarine
production will be completed in the first quarter of 2003. Inputs
in the product development and marketing of healthy, vegetable-
based foods will continue, and the performance of the Foods
business area is expected to develop favourably. Vegetable oil
pressing margins are at a record low, and this is expected to
weaken the performance of the Animal Feeds business area slightly.
The poor malting barley crops in the most recent growing season
will reduce profits in the Malt business area.
Strong growth is expected to continue in Raisio Life Sciences. New
customers will bring opportunities for selling functional
ingredients to new countries and for new product applications.
Profit trend prospects look encouraging. Negotiations will
continue concerning the introduction of diagnostics.
Global political and economic uncertainty has caused raw material
prices to rise, hampering profit prospects especially in Raisio
Chemicals at the beginning of the year. For this reason the
consolidated first-quarter result is expected to be distinctly
poorer than in the comparison year. Turnover is expected to
increase as a result of the acquisition of Latexia and the growth
of Raisio Life Sciences. Ongoing measures to improve efficiency
and to reduce working capital will allow the Groups profitability
to improve towards the end of the year.
Raisio, February 10, 2003
Raisio Group plc
Board of Directors
FINANCIAL STATEMENTS (not audited)
CONSOLIDATED INCOME STATEMENT
(EURm) 2002 2001
Turnover 843,1 822.9
Income and expenses from business operations -772.3 -752.5
Depreciations and write-downs -50.1 -47.5
Share of associated companies results -0.1 2.1
Operating profit 20.6 25.0
% of turnover 2.4% 3.0%
Financial items -11.3 -16.7
Result before extraordinary items and taxes 9.3 8.3
% of turnover 1.1% 1.0%
Extraordinary items 0.0 0.0
Result before taxes 9.3 8.3
% of turnover 1.1% 1.0%
Income taxes -2.9 -3.6
Minority interest -0.9 1.9
Consolidated result for the period 5.4 6.6
% of turnover 0.6% 0.8%
CONSOLIDATED BALANCE SHEET
(EURm) 31.12.2002 31.12.2001
Non-current assets
Intangible assets 85.5 76.1
Tangible assets 289.7 258.4
Investments 12.9 15.2
Current assets
Inventories 153.6 143.8
Receivables 165.4 154.1
Securities under financial assets 30.0 30.6
Cash in hand and at banks 12.2 10.4
Assets 749.4 688.5
Share capital 27.8 27.8
Other shareholders equity 205.7 212.0
Minority interest 23.6 22.1
Non-current liabilities 121.2 154.7
Current liabilities 371.0 272.0
Liabilities 749.4 688.5
CONSOLIDATED SOURCE AND APPLICATION OF FUNDS
(EURm)
31.12.2002 31.12.2001
Cash flow from business operations 45.4 36.4
Cash flow from investments -64.9 -14.8
Cash flow from financial operations 19.8 -39.3
Unallocated items 0.9 0.8
Change in liquid funds 1.2 -16.9
Liquid funds at beginning of period 41.0 57.9
Liquid funds at end of period 42.2 41.0
FINANCIAL INDICATORS
31.12.2002 31.12.2001
Return on equity, ROE, % 2.4 1.8
Return on investment, ROI, % 4.5 5.5
Net interest-bearing liabilities at end
of period, EURm 281 233
Quick ratio 0.5 0.7
Current ratio 0.9 1.2
Gross investments, EURm 81.0 29.0
% of turnover 9.6 3.5
R & D expenditure, EURm 20.3 18.3
% of turnover 2.4 2.2
Personnel average 2,654 2,684
Equity ratio, % 34.4 38.1
Gearing, % 109.4 88.9
Earnings/share, EUR 0.03 0.04
Cash flow/share, EUR 0.27 0.22
Equity/share, EUR 1.41 1.45
Dividend/share, EUR* 0.020 0.017
Dividend/earnings, %* 60.8 42.4
Effective dividend yield, %*
Free shares 1.9 1.8
Restricted shares 1.5 1.2
Average number of shares during
the period, in 1000s
Free shares 129,761 129,575
Restricted shares 35,388 35,574
Total 165,149 165,149
Market capitalization of shares at end
of period, EURm
Free shares 138.8 120.7
Restricted shares 50.2 51.0
Total 189.0 171.7
*Board of Directors proposal to AGM
CONTINGENT LIABILITIES
(EURm) 31.12.2002 31.12.2001
Assets given as security
For the company
Mortgages on real estate 10.5 66.8
Securities pledged 0.0 0.0
Corporate mortgages 22.8 55.7
Contingent off-balance-sheet liabilities
Leasing liabilities
Amounts outstanding on leasing contracts
Falling due during 2003 4.5 3.6
Falling due later 6.2 6.9
Contingent liabilities for the Group companies
Guarantees 67.5 6.0
Contingent liabilities for the Company 14.4 14.1
Contingent liabilities for associated companies
Guarantees 0.0 10.1
Contingent liabilities for others
Guarantees 0.2 3.6
Liabilities arising from derivative contracts
Raw material futures: market value -0.3 0.4
Raw material futures:
value of underlying instruments 11.6 17.5
Forward electricity contracts: market value 0.0 0.0
Forward electricity contracts:
value of underlying instruments 0.5 0.0
Currency futures: market value 0.4 -0.5
Currency futures:
value of underlying instruments 26.7 32.0
Interest-rate swaps: market value -1.5 0.0
Interest-rate swaps:
value of underlying instruments 80.0 60.0
CONSOLIDATED TURNOVER BY BUSINESS SECTORS
(EURm) 2002 2001
Raisio Chemicals 370.1 354.6
Raisio Nutrition 456.9 457.6
Raisio Life Sciences 30.3 23.8
Others 1.6 1.4
Interdivisional -15.8 -14.6
Turnover, total 843.1 822.9
CONSOLIDATED TURNOVER BY MARKET AREA
(EURm) % of % of
turn- turn-
2002 over 2001 over
Finland 401.4 47.6 393.1 47.8
Scandinavia 77.3 9.2 75.2 9.1
Rest of Europe (excl. Finland
and Scandinavia) 258.3 30.6 260.3 31.6
The Americas 52.6 6.2 52.4 6.4
Asia 52.0 6.2 36.7 4.5
Other 1.6 0.2 5.1 0.7
Total 843.1 100.0 822.9 100.0
CONSOLIDATED OPERATING PROFIT BY BUSINESS SECTORS
(EURm) 2002 2001
Raisio Chemicals 10.7 19.3
Raisio Nutrition 10.7 13.4
Raisio Life Sciences 0.5 -3.5
Others -1.3 -4.2
Operating profit, total 20.6 25.0
QUARTERLY PERFORMANCE
(EURm) 2001 2002
1-3 4-6 7-9 10-12 1-3 4-6 7-910-12
Consolidated turnover
Raisio Chemicals 88.6 88.5 90.1 87.4 86.3 85.8 95.6102.4
Raisio Nutrition 101.5 118.0 119.4 118.8 106.1 115.5 117.9117.3
Raisio Life Sciences 5.8 5.2 5.6 7.2 6.2 7.1 7.6 9.3
Others 0.4 0.8 0.2 0.2 0.4 0.9 0.2 0.1
Interdivisional -3.6 -3.2 -3.8 -4.0 -4.1 -3.8 -4.0 -4.0
Turnover, total 192.7 209.2 211.5 209.5 194.9 205.5 217.5225.2
Consolidated operating profit
Raisio Chemicals 2.8 2.8 4.5 9.2 3.8 2.1 2.3 2.5
Raisio Nutrition 0.8 4.9 4.8 3.0 3.9 3.1 5.5 -1.8
Raisio Life Sciences -1.7 -0.6 -1.2 0.0 -0.1 0.0 0.4 0.2
Others -1.0 0.0 -1.7 -1.5 -0.2 -0.2 -0.5 -0.4
Operating profit, total
0.9 7.0 6.4 10.7 7.5 5.0 7.6 0.6
Financial items -5.6 -4.7 -3.2 -3.1 -2.9 -0.3 -4.0 -4.2
Result before extraordinary
items and taxes -4.7 2.3 3.1 7.6 4.6 4.7 3.6 -3.6
Extraordinary items 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Result before taxes -4.7 2.3 3.1 7.6 4.6 4.7 3.6 -3.6
Income taxes 0.3 -1.1 -1.4 -1.4 -2.4 -1.9 -1.1 2.5
Minority interest 0.0 -0.1 -0.8 2.8 0.2 -0.2 -0.4 -0.5
Consolidated result for the period
-4.4 1.2 0.9 8.9 2.3 2.6 2.1 -1.6
