PROFITABLE RESULT IN THE FIRST QUARTER
Raisio plc Stock Exchange Release 3 May 2007
INTERIM REPORT 1 January - 31 March 2007
PROFITABLE RESULT IN THE FIRST QUARTER
Turnover increased
Raisio's turnover in January-March was up 4.0% to EUR 97.5 million (EUR 93.8
million in January-March 2006).
Operating result totalled EUR 1.3 million (EUR -1.0 million).
Discontinued operations consist of the diagnostics and potato businesses, and
the comparison figures have been adjusted correspondingly. Consequently, the
information for the Food Division is presented exclusive of the potato business.
Raisio's operating result for 2007, excluding one-off-items, is expected to be
clearly profitable. Turnover is expected to grow slightly compared to 2006.
This interim report has been prepared in accordance with the IFRS accounting
principles. The report does not comply with all of the requirements laid out in
IAS 34 Interim Financial Reporting. Raisio has applied the same accounting
principles to this Interim Report as it did for the 2006 annual financial
statements. The figures for the comparison period are given in brackets in the
text.
Key figures, continuing operations result
--------------------------------------------------------------------------------
| | 1-3/2007 | 1-3/2006 | 2006 |
--------------------------------------------------------------------------------
| Turnover, EUR million | 97.5 | 93.8 | 411.8 |
--------------------------------------------------------------------------------
| Operating result, EUR million | 1.3 | -1.0 | -2.5* |
--------------------------------------------------------------------------------
| % of turnover | 1.4 | -1.1 | -0.6* |
--------------------------------------------------------------------------------
| Result before taxes, EUR million | 1.7 | -0.5 | -0.7* |
--------------------------------------------------------------------------------
| Earnings per share, EUR | 0.01 | 0.00 | -0.01* |
--------------------------------------------------------------------------------
* excluding one-off items
Key figures, balance sheet
--------------------------------------------------------------------------------
| | 31.3.2007 | 31.3.2006 | 31.12.2006 |
--------------------------------------------------------------------------------
| Return on investment, % | 2.7 | -0.1 | -9.3 |
--------------------------------------------------------------------------------
| Equity ratio, % | 74.9 | 76.9 | 75.0 |
--------------------------------------------------------------------------------
| Gearing, % | -11.1 | -19.7 | -19.1 |
--------------------------------------------------------------------------------
| Equity per share, EUR | 1.70 | 1.99 | 1.73 |
--------------------------------------------------------------------------------
CEO Matti Rihko:
“Raisio's operating result was back in the black as a result of the
rationalisation measures beginning to have an impact sooner than expected. The
Ingredients Division rose back to an operating result level of 20 per cent. The
malt business also began to pick up faster than predicted. However, the Food
Division still recorded a negative operating result, underscoring the need to
raise prices to parallel the increase in expenses.
Raisio will stick to its plans and continue to implement rationalisation
measures. The main goal for 2007 is to improve profitability and the first
quarter of the year was a good start.”
RESULT FROM CONTINUING OPERATIONS
Raisio's turnover in January-March increased by 4.0% to EUR 97.5 million (EUR
93.8 million). Turnover was up on the comparison period in the milling, soy-oat
and malt businesses, as well as in the Russian and Polish food businesses. The
Food Division's turnover in the period amounted to EUR 49.8 million (EUR 47.4
million), while that of Feed & Malt was EUR 40.9 million (EUR 38.6 million) and
that of Ingredients EUR 12.5 million (EUR 13.2 million). Turnover from outside
Finland represented 37.8% (37.8%) of the total, or EUR 36.8 million (EUR 35.5
million).
The Group's operating result in January-March totalled EUR 1.3 million (EUR -1.0
million). It was up on the comparison period thanks to improvements in the
operating result of the ingredients, soy-oat and malt businesses and the Finnish
margarine business. The milling, feed and Polish businesses recorded lower
operating results than in the same period a year before. The operating result of
the Food Division was EUR -0.9 million (EUR -2.0 million), the Feed & Malt
Division EUR 0.6 million (EUR 0.5 million), the Ingredients Division EUR 2.5
million (EUR 1.8 million) and other operations EUR -0.8 million (EUR -1.4
million).
Depreciation, allocated to operations in the income statement, totalled EUR 4.4
million (EUR 5.3 million) in January-March.
The first quarter result before taxes was EUR 1.7 million (EUR -0.5 million).
The Group's net financial income in the period totalled EUR 0.5 million (EUR 0.6
million).
The post-tax result in January-March was EUR 1.5 million (EUR -0.4 million) and
earnings per share totalled EUR 0.01 (EUR 0.00). Return on investment amounted
to 2.7% (-0.1%).
BALANCE SHEET AND FINANCIAL POSITION
At the end of March, Raisio's balance sheet total was EUR 382.5 million (EUR
387.4 million on 31 December 2006) and shareholders' equity amounted to EUR
286.0 million (EUR 290.4 million on 31 December 2006). Equity per share at the
end of March was EUR 1.70 (EUR 1.73 on 31 December 2006).
The Group's interest-bearing debt at the end of March was EUR 22.2 million (EUR
23.2 million on 31 December 2006). Net interest-bearing debt totalled EUR -31.8
million (EUR -55.6 million on 31 December 2006).
The equity ratio at the end of March was 74.9% (75.0% on 31 December 2006), and
the gearing ratio was -11.1% (-19.1% on 31 December 2006).
Cash flow from operating activities totalled EUR -18.7 million (EUR -7.5
million) in the first quarter.
Working capital increased in January-March, totalling EUR 117.6 million (EUR
96.7 million on 31 December 2006). This resulted from the increase in raw
material prices, the cyclical nature of business and the measures taken to
ensure the availability of raw materials for the coming crop season. Gross
investments in January-March totalled EUR 6.6 million (EUR 7.4 million). The
biggest single investments targeted the ongoing expansion to the capacity of the
stanol ester plant in Raisio and the construction of the feed plant in
Ylivieska.
According to the resolution made by the Assessment Adjustment Board of the Tax
Office for Major Corporations in November 2006, the sales profit from the
divestment of Raisio Chemicals, totalling some EUR 220 million, is free of tax.
In February 2007, Raisio submitted a rejoinder to the appeal filed by the
representative of the Tax Office. Raisio's stand, supported by the expert
statements obtained by the company, remains the same: the sales profit is free
of tax.
CONTINUING BUSINESS OPERATIONS
Food
The Food Division's first-quarter turnover increased by 5.1% from the comparison
period, totalling EUR 49.8 million (EUR 47.4 million). The largest growth in
turnover was seen in the soy-oat and milling businesses, as well as in the
Russian and Polish operations. Flake sales in Russia grew from the comparison
period, but the country's margarine market continued to shrink. The sales of
Benecol margarines increased in Poland in the early part of the year, with
Raisio a clear market leader in the country. Raisio's margarine sales in Sweden
continued to decrease.
In Finland, Raisio's retail sales in yellow fats and flakes developed faster
than the market on average, and Raisio increased its market shares. The sales of
Elovena and Makuisa saw particularly strong growth. Raisio lost some of its
market share in pasta products although the sales of value-added pasta
increased. The sales of the company's soy-oat products developed clearly
stronger than the market in general. In bakery and industrial products, as well
as in the catering business, Raisio's position remained more or less the same.
Key figures for the Food Division
--------------------------------------------------------------------------------
| | 1-3/2007 | 1-3/2006 | 2006 |
--------------------------------------------------------------------------------
| Turnover, EUR million | 49.8 | 47.4 | 196.5 |
--------------------------------------------------------------------------------
| Margarines and soy-oat products | 28.9 | 28.8 | 118.6 |
--------------------------------------------------------------------------------
| Milling products | 21.0 | 19.6 | 78.1 |
--------------------------------------------------------------------------------
| Other | - | - | - |
--------------------------------------------------------------------------------
| Internal sales | -0.1 | -0.9 | -0.1 |
--------------------------------------------------------------------------------
| Operating result, EUR million | -0.9 | -2.0 | -37.9 |
--------------------------------------------------------------------------------
| % of turnover | -1.8 | -4.2 | -19.3 |
--------------------------------------------------------------------------------
| One-off items, EUR million | 0.0 | 0.0 | -27.4 |
--------------------------------------------------------------------------------
| Operating result, excluding one-off | -0.9 | -2.0 | -10.5 |
| items, EUR million | | | |
--------------------------------------------------------------------------------
| Investments | 3.3 | 4.0 | 15.3 |
--------------------------------------------------------------------------------
| Net assets | 94.1 | 122.0 | 85.5 |
--------------------------------------------------------------------------------
The Food Division's operating result in January-March totalled EUR -0.9 million
(EUR -2.0 million). It improved thanks to enhanced processes and improved
cost-effectiveness. Particular attention has been paid to sales and marketing
inputs.
Profitability suffered in the report period from Raisio not being able to fully
transfer the steep increase in raw material prices to Finnish consumer prices.
The goal of the ongoing product pruning and centralisation measures is to
clearly improve product and customer profitability.
In Russia, Raisio initiated direct deliveries to key chains, which represent the
growing, modern retail trade. The margarine market is expected to remain
challenging. The flake market is predicted to grow but to slow down towards the
end of the year.
The agency sales of yoghurts made by Raisio's associate, Obory, ended in Poland,
and Raisio will now focus on the sales of its own products. As a result of
market changes, the Polish margarine market will be characterised by stiff
competition also in the future. The sales and marketing costs incurred in the
early part of the year weakened profitability.
Feed & Malt
The Feed & Malt Division's turnover in January-March increased by 6.0% to EUR
40.9 million (EUR 38.6 million). This was due to the good development seen in
the malt business. No significant changes took place in the overall feed markets
or to Raisio's market position. The export of fish feed still looks good in
Russia.
Key figures for the Feed & Malt Division
--------------------------------------------------------------------------------
| | 1-3/2007 | 1-3/2006 | 2006 |
--------------------------------------------------------------------------------
| Turnover, EUR million | 40.9 | 38.6 | 186.5 |
--------------------------------------------------------------------------------
| Feeds | 35.1 | 36.1 | 165.3 |
--------------------------------------------------------------------------------
| Malt | 5.7 | 2.3 | 20.0 |
--------------------------------------------------------------------------------
| Other | 0.2 | 0.3 | 1.7 |
--------------------------------------------------------------------------------
| Internal sales | -0.1 | -0.1 | -0.5 |
--------------------------------------------------------------------------------
| Operating result, EUR million | 0.6 | 0.5 | 6.3 |
--------------------------------------------------------------------------------
| % of turnover | 1.5 | 1.4 | 3.4 |
--------------------------------------------------------------------------------
| One-off items, EUR million | 0.0 | 0.0 | 0.7 |
--------------------------------------------------------------------------------
| Operating result, excluding one-off | 0.6 | 0.5 | 5.6 |
| items, EUR million | | | |
--------------------------------------------------------------------------------
| Investments | 2.0 | 0.9 | 5.5 |
--------------------------------------------------------------------------------
| Net assets | 79.9 | 55.7 | 65.3 |
--------------------------------------------------------------------------------
The Feed & Malt Division's operating result in January-March was EUR 0.6 million
(EUR 0.5 million). The steep increase in raw material prices could not be fully
transferred to the prices of end products, which weakened the profitability of
the feed business. The operating result of malt developed positively. This
resulted from the significant increase in malt prices and from the shortage of
malt barley throughout the EU following last year's poor crop.
Changes in the operating environment of feeds affected the market situation,
especially distribution. To improve its services, Raisio now offers direct
invoicing for feed mixes from farms in addition to the traditional invoicing
methods. The objective is to use the most cost-effective method to ensure
competitiveness.
In the new crop season, Raisio offers its contract farmers the option to tie up
to half of the farming contract amount to a fixed price. By reforming and
enhancing operations, the company wants to ensure both the industry's and the
farmers' competitiveness in open markets. The goal of Raisio's new fixed-price
system is to improve the predictability of operations.
In Raisio's malt business, the market situation and rate of production capacity
utilisation look good. The overall feed market is expected to resemble that of
last year.
Ingredients
The Ingredients Division's first-quarter turnover was EUR 12.5 million (EUR 13.2
million) and operating result totalled EUR 2.5 million (EUR 1.8 million). Most
importantly, operating result was back to the level of 20 per cent of turnover.
The operating result improved thanks to enhanced production boosted by
investments, as well as to improved cost-effectiveness and the extension of the
economic useful life of the US plant.
Key figures for the Ingredients Division
--------------------------------------------------------------------------------
| | 1-3/2007 | 1-3/2006 | 2006 |
--------------------------------------------------------------------------------
| Turnover, EUR million | 12.5 | 13.2 | 49.7 |
--------------------------------------------------------------------------------
| Operating result, EUR million | 2.5 | 1.8 | 7.8 |
--------------------------------------------------------------------------------
| % of turnover | 19.7 | 13.7 | 15.6 |
--------------------------------------------------------------------------------
| One-off items, EUR million | 0.0 | 0.0 | 0.0 |
--------------------------------------------------------------------------------
| Operating result, excluding one-off | 2.5 | 1.8 | 7.8 |
| items, EUR million | | | |
--------------------------------------------------------------------------------
| Investments | 2.4 | 1.3 | 4.3 |
--------------------------------------------------------------------------------
| Net assets | 45.5 | 45.0 | 44.5 |
--------------------------------------------------------------------------------
The market for cholesterol-lowering functional foods is developing through the
introduction of new market areas and product applications. In geographical
terms, the biggest potential is in Asia.
DISCONTINUED OPERATIONS
In January 2007, Raisio decided to divest its diagnostics business, which has
only minor synergies with the Group's other business areas. The search for a new
owner for diagnostics has progressed. The goal is to carry out the divestment in
the first half of 2007.
In February 2007, Raisio announced its intention to sell the food potato
business in Vihanti. In March, the Group signed an agreement to sell the
business to Profood Oy. The goal is to finalise the deal by the end of June.
The turnover from the discontinued operations in January-March amounted to EUR
5.6 million and operating result to EUR -0.7 million.
RESEARCH AND DEVELOPMENT
Research and development costs in the first quarter amounted to EUR 1.7 million
(EUR 2.2 million), or 1.7% (2.4%) of turnover.
Research and development in food focuses on developing healthy, value-added
products following a consumer-oriented approach, as well as providing tailored
products and services to the industry and bakeries. Apart from partnerships, the
emphasis in the feed business is on developing feed and feeding technologies and
the nutritional quality of livestock products. In ingredients business, R&D
promotes the use of stanol ester in new product applications by creating new
types of products.
PERSONNEL
Raisio employed 1,301 people at the end of March (1,330 on 31 December 2006),
35.2% of whom worked outside Finland (34.5% on 31 December 2006). The number
includes the 116 employees working in discontinued operations.
At the end of March, the Food Division employed 776 people, excluding those
employed by the potato business, the Feed & Malt Division 280, the Ingredients
Division 73 and service functions 56 people. The headcount decreased, among
other things, because of the outsourcing of IT application services.
SHARES AND SHAREHOLDERS
The number of Raisio plc's free shares traded on the Helsinki Stock Exchange in
January-March totalled 13.2 million (16.4 million). The value of trading was EUR
26.0 million (EUR 36.6 million), and the average price was EUR 1.97. The closing
price on 31 March 2007 was EUR 1.86.
A total of 0.3 million restricted shares (0.4 million) were traded in
January-March. The value of trading was EUR 0.6 million (EUR 0.9 million), and
the average price was EUR 1.97. The closing price on 31 March 2007 was EUR 1.87.
On 31 March 2007, Raisio had 40,041 registered shareholders (40,822 on 31
December 2006). Of all shares, 15.3% (15.5% on 31 December 2006) were in foreign
holding.
Raisio's market capitalisation at the end of March amounted to EUR 298.3 million
(EUR 287.1 million on 31 December 2006), excluding the company shares held by
the Group.
At the end of the review period, Raisio plc held 4,930,500 of the company's free
shares and 41,200 of its restricted shares. The shares were acquired in 2005 and
2006. The company's free shares account for 3.78% of all free shares and their
votes. The corresponding figure for restricted shares is 0.12%. In all, the
company shares held by the Group represent 3.01% of the company's share capital
and 0.70% of the resulting votes. The book value of the free shares is EUR
829,251 and that of restricted shares EUR 6,929, or EUR 836,180 in all. Raisio
plc's subsidiaries did not hold any shares in the parent company. A share in
Raisio hold by the company itself or its subsidiary does not entitle the holder
to participate in the Annual General Meeting.
DECISIONS MADE AT THE ANNUAL GENERAL MEETING
Raisio plc's Annual General Meeting approved the financial statements for the
financial year 1 January - 31 December 2006 and discharged the members of the
Supervisory Board and the Board of Directors, as well as the Chief Executive
Officers. The Annual General Meeting decided to distribute a dividend of EUR
0.03 per share. The dividend was paid to shareholders on 13 April 2007.
The Board's proposal to amend sections 12, 13, 14, 15 and 17 and repeal section
20 of the Articles of Association was approved as presented. According to
section 10, approved by the Meeting, the Annual and Extraordinary General
Meetings will be held in Raisio or Turku. The main amendment to the Articles of
Association transfers the appointment of Board members from the Supervisory
Board to the Annual General Meeting, which will make its first election of Board
members in spring 2008.
The Annual General Meeting authorised the Board of Directors to decide on the
acquisition of a maximum of 3,300,000 free shares and 875,000 restricted shares.
The authorisation expires, at the latest, on 30 September 2008.
The Annual General Meeting also authorised the Board of Directors to decide on
the disposal of company shares. The authorisation encompasses the 4,930,500 free
shares and 41,200 restricted shares already held by the company, as well as any
shares that the company may acquire based on the new authorisation. The disposal
authorisation expires, at the latest, on 30 March 2012.
Detailed information regarding the amendments to the Articles of Association, as
well as the authorisations, is provided in the stock exchange release dated 12
February 2007.
The number of Supervisory Board members was confirmed to be 25. Juhani
Enkovaara, Risto Ervelä, Hans Langh, Asko Leinonen, Urban Silén, Tuula Tallskog
and Johan Taube were elected as Supervisory Board members starting from the
Annual General Meeting, making the appointment and ending at the Annual General
Meeting of 2010.
Johan Kronberg and Mika Kaarisalo, authorised public accountants, were elected
as the company's auditors for the financial year 2008. PricewaterhouseCoopers
Oy, authorised public accountants, and Kalle Laaksonen, authorised public
accountant, were elected as deputy auditors.
EVENTS AFTER THE REVIEW PERIOD
Raisio plc's Board of Directors decided on 5 April 2007 to exercise the
authorisation to acquire company shares granted to it by the Annual General
Meeting. The acquisition will be carried out through public trading arranged by
the Helsinki Stock Exchange. Acquisitions were initiated on 10 April 2007 and
will continue until further notice.
OUTLOOK
Raisio's operating result for 2007, excluding one-off-items, is expected to be
clearly profitable. Turnover is expected to grow slightly compared to 2006.
The operating result of Raisio's Food Division is expected to turn profitable
towards the end of the year. The Ingredients and Feed & Malt Divisions are
expected to record better operating results than last year.
Competition in the food market around the Baltic Sea will continue to be tough,
with centralisation continuing in the field. In the feed market, changes in the
operating environment and structural reorganisation in the field will maintain
stiff competition and introduce more challenges to profitability. Intense
competition in functional foods will continue in Europe, and product launches in
new market areas will slow down, among other things, by the different procedures
of various countries. Increases in product prices corresponding to the price
rise in grain raw materials are necessary to reach acceptable profitability.
Predictability should improve in the next crop season thanks to the new,
fixed-price system applied to the procurement of grain raw material.
Raisio, 3 May 2007
RAISIO PLC
Board of Directors
Further information:
Matti Rihko, CEO, tel. +358 (0)400 830 727
Jyrki Paappa, Chief Financial Officer, tel. +358 (0)50 5566 512
Heidi Hirvonen, Communications Manager, tel. +358 (0)50 567 3060
A press and analyst event will be organised on 3 May 2007 at 2.30 p.m. The event
will be held at Scandic Simonkenttä, in the Tapiola meeting room, at Simonkatu
9, Helsinki.
A teleconference in English will be held on 3 May 2007 at 4.00 p.m. We ask
participants to call the number +358 (0)20 699 121.
The interim report has not been audited.
INCOME STATEMENT (EUR million)
--------------------------------------------------------------------------------
| | 1-3/07 | 1-3/06 | 2006 |
--------------------------------------------------------------------------------
| CONTINUING OPERATIONS: | | | |
--------------------------------------------------------------------------------
| Turnover | 97.5 | 93.8 | 411.8 |
--------------------------------------------------------------------------------
| Expenses corresponding to products sold | -81.8 | -77.2 | -365.7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Gross profit | 15.7 | 16.6 | 46.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other operating income and expenses, | -14.3 | -17.6 | -75.3 |
| net | | | |
--------------------------------------------------------------------------------
| Operating result | 1.3 | -1.0 | -29.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financial income | 0.9 | 1.0 | 4.8 |
--------------------------------------------------------------------------------
| Financial expenses | -0.3 | -0.4 | -6.9 |
--------------------------------------------------------------------------------
| Share of result of associated companies | -0.2 | 0.0 | -2.7 |
| and joint ventures | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Result before taxes | 1.7 | -0.5 | -33.9 |
--------------------------------------------------------------------------------
| Income tax | -0.3 | 0.1 | -0.7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Result for the period from the | 1.5 | -0.4 | -34.6 |
| continuing operations | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| DISCONTINUED OPERATIONS: | | | |
--------------------------------------------------------------------------------
| Result for the period from discontinued | -0.7 | -0.5 | -6.6 |
| operations | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| RESULT FOR THE PERIOD | 0.7 | -0.9 | -41.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Attributable to: | | | |
--------------------------------------------------------------------------------
| Equity holders of the parent company | 0.7 | -1.1 | -41.7 |
--------------------------------------------------------------------------------
| Minority interest | 0.0 | 0.2 | 0.5 |
--------------------------------------------------------------------------------
| Earnings per share from the profit | | | |
| attributable to equity holders of the | | | |
| parent company (EUR) | | | |
--------------------------------------------------------------------------------
| Earnings per share from continued | 0.01 | 0.00 | -0.22 |
| operations (EUR) | | | |
--------------------------------------------------------------------------------
| Earnings per share from discontinued | 0.00 | 0.00 | -0.04 |
| operations (EUR) | | | |
--------------------------------------------------------------------------------
The taxes in the income statement have been calculated using the share of the
estimated taxes for the full financial year corresponding to the review period's
result.
ONE-OFF ITEMS (EUR million)
--------------------------------------------------------------------------------
| CONTINUING OPERATIONS: | 1-3/07 | 1-3/06 | 2006 |
--------------------------------------------------------------------------------
| Food Division | | | |
--------------------------------------------------------------------------------
| Write-downs | 0.0 | 0.0 | -21.7 |
--------------------------------------------------------------------------------
| Withdrawal from the investment | 0.0 | | -5.8 |
--------------------------------------------------------------------------------
| Feed & Malt | | | |
--------------------------------------------------------------------------------
| Write-downs | 0.0 | 0.0 | -1.1 |
--------------------------------------------------------------------------------
| Compensation resulting from the | 0.0 | 0.0 | 1.8 |
| contractual lease transfer | | | |
--------------------------------------------------------------------------------
| Impact on result for the period | 0.0 | 0.0 | -26.7 |
--------------------------------------------------------------------------------
| Financial income and expenses, net | 0.0 | 0.0 | -4.3 |
--------------------------------------------------------------------------------
| Share of result of associated companies | 0.0 | 0.0 | -2.2 |
| and joint ventures | | | |
--------------------------------------------------------------------------------
| Impact on result from the continuing | 0.0 | 0.0 | -33.2 |
| operations before taxes | | | |
--------------------------------------------------------------------------------
BALANCE SHEET (EUR million)
--------------------------------------------------------------------------------
| | 31.3.07 | 31.3.06 | 31.12.06 |
--------------------------------------------------------------------------------
| Non-current assets | | | |
--------------------------------------------------------------------------------
| Intangible assets | 11.5 | 14.1 | 13.0 |
--------------------------------------------------------------------------------
| Goodwill | 2.6 | 11.6 | 2.6 |
--------------------------------------------------------------------------------
| Property, plant and equipment | 116.8 | 131.2 | 117.7 |
--------------------------------------------------------------------------------
| Shares in associated companies and | 2.2 | 4.8 | 2.4 |
| joint ventures | | | |
--------------------------------------------------------------------------------
| Financial assets available for sale | 0.6 | 2.2 | 1.5 |
--------------------------------------------------------------------------------
| Receivables | 2.9 | 6.3 | 3.1 |
--------------------------------------------------------------------------------
| Deferred tax assets | 11.1 | 13.1 | 10.7 |
--------------------------------------------------------------------------------
| Current assets | | | |
--------------------------------------------------------------------------------
| Inventories | 92.5 | 83.1 | 82.1 |
--------------------------------------------------------------------------------
| Acconts receivables and other | 74.6 | 71.8 | 75.4 |
| receivables | | | |
--------------------------------------------------------------------------------
| Financial assets at fair value through | 43.6 | 91.3 | 64.4 |
| profit or loss | | | |
--------------------------------------------------------------------------------
| Cash in hand and at banks | 9.9 | 6.1 | 14.5 |
--------------------------------------------------------------------------------
| Non-current assets held for sale | 14.3 | | |
--------------------------------------------------------------------------------
| Total assets | 382.5 | 435.7 | 387.4 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity attributable to equity holders | | | |
| of the parent company | | | |
--------------------------------------------------------------------------------
| Share capital | 27.8 | 27.8 | 27.8 |
--------------------------------------------------------------------------------
| Own shares | -11.4 | -11.4 | -11.4 |
--------------------------------------------------------------------------------
| Other equity attributable to equity | 256.3 | 302.8 | 260.7 |
| holders of the parent company | | | |
--------------------------------------------------------------------------------
| Minority interest | 13.3 | 15.5 | 13.3 |
--------------------------------------------------------------------------------
| Deferred tax liabilities | 8.0 | 8.6 | 7.9 |
--------------------------------------------------------------------------------
| Pension liabilities | 0.2 | 0.4 | 0.2 |
--------------------------------------------------------------------------------
| Non-current interest-bearing | 1.2 | 11.9 | 1.4 |
| liabilities | | | |
--------------------------------------------------------------------------------
| Other non-current liabilities | 1.0 | | 1.0 |
--------------------------------------------------------------------------------
| Accounts payable and other liabilities | 60.7 | 60.9 | 59.8 |
--------------------------------------------------------------------------------
| Reserves | 2.6 | | 5.1 |
--------------------------------------------------------------------------------
| Current interest-bearing liabilities | 20.2 | 19.3 | 21.6 |
--------------------------------------------------------------------------------
| Liabilities related to non-current | 2.6 | | |
| assets held for sale | | | |
--------------------------------------------------------------------------------
| Total equity and liabilities | 382.5 | 435.7 | 387.4 |
--------------------------------------------------------------------------------
CHANGES IN GROUP EQUITY (EUR million)
--------------------------------------------------------------------------------
| | Sha | Sha | Re- | Ot- | Own | Tra | Fair | Reta | Tota | Mino | Total |
| | re | re | ser | her | shar | nsl | valu | ined | l | rity | |
| | cap | pre | ve | res | es | ati | e | earn | | inte | |
| | ita | miu | fun | erv | | on | rese | ings | | rest | |
| | l | m | d | es | | dif | rve | | | | |
| | | res | | | | fer | | | | | |
| | | erv | | | | enc | | | | | |
| | | e | | | | es | | | | | |
--------------------------------------------------------------------------------
| Equ | 27. | 2.9 | 88. | 0.0 | -8.7 | 1.3 | 0.0 | 220. | 332. | 15.3 | 347.3 |
| ity | 8 | | 6 | | | | | 1 | 0 | | |
| at | | | | | | | | | | | |
| 1.1 | | | | | | | | | | | |
| .20 | | | | | | | | | | | |
| 06 | | | | | | | | | | | |
--------------------------------------------------------------------------------
| Div | - | - | - | - | - | - | - | -8.0 | -8.0 | - | -8.0 |
| ide | | | | | | | | | | | |
| nd | | | | | | | | | | | |
| wil | | | | | | | | | | | |
| l | | | | | | | | | | | |
| be | | | | | | | | | | | |
| pai | | | | | | | | | | | |
| d | | | | | | | | | | | |
--------------------------------------------------------------------------------
| Cha | - | - | - | - | - | 1.0 | - | - | -1.0 | 0.0 | -1.0 |
| nge | | | | | | | | | | | |
| s | | | | | | | | | | | |
| in | | | | | | | | | | | |
| tra | | | | | | | | | | | |
| nsl | | | | | | | | | | | |
| ati | | | | | | | | | | | |
| on | | | | | | | | | | | |
| dif | | | | | | | | | | | |
| fer | | | | | | | | | | | |
| enc | | | | | | | | | | | |
| es | | | | | | | | | | | |
--------------------------------------------------------------------------------
| Rep | - | - | - | - | -2.6 | - | - | - | -2.6 | - | -2.6 |
| urc | | | | | | | | | | | |
| has | | | | | | | | | | | |
| e | | | | | | | | | | | |
| of | | | | | | | | | | | |
| own | | | | | | | | | | | |
| sha | | | | | | | | | | | |
| res | | | | | | | | | | | |
--------------------------------------------------------------------------------
| Exc | - | - | - | - | - | 0.1 | - | - | 0.1 | - | 0.1 |
| han | | | | | | | | | | | |
| ge | | | | | | | | | | | |
| dif | | | | | | | | | | | |
| fer | | | | | | | | | | | |
| enc | | | | | | | | | | | |
| es | | | | | | | | | | | |
| fro | | | | | | | | | | | |
| m | | | | | | | | | | | |
| rec | | | | | | | | | | | |
| eiv | | | | | | | | | | | |
| abl | | | | | | | | | | | |
| es | | | | | | | | | | | |
| con | | | | | | | | | | | |
| sid | | | | | | | | | | | |
| ere | | | | | | | | | | | |
| d | | | | | | | | | | | |
| to | | | | | | | | | | | |
| be | | | | | | | | | | | |
| net | | | | | | | | | | | |
| inv | | | | | | | | | | | |
| est | | | | | | | | | | | |
| men | | | | | | | | | | | |
| ts | | | | | | | | | | | |
| fro | | | | | | | | | | | |
| m a | | | | | | | | | | | |
| for | | | | | | | | | | | |
| eig | | | | | | | | | | | |
| n | | | | | | | | | | | |
| uni | | | | | | | | | | | |
| t | | | | | | | | | | | |
--------------------------------------------------------------------------------
| Tax | - | - | - | - | - | 0.0 | - | - | 0.0 | - | 0.0 |
| of | | | | | | | | | | | |
| pre | | | | | | | | | | | |
| vio | | | | | | | | | | | |
| us | | | | | | | | | | | |
--------------------------------------------------------------------------------
| Cas | | | | | | | | | | | |
| h | | | | | | | | | | | |
| flo | | | | | | | | | | | |
| w | | | | | | | | | | | |
| hed | | | | | | | | | | | |
| ges | | | | | | | | | | | |
--------------------------------------------------------------------------------
| Tra | - | - | - | - | - | - | -0.1 | - | -0.1 | - | -0.1 |
| nsf | | | | | | | | | | | |
| err | | | | | | | | | | | |
| ed | | | | | | | | | | | |
| to | | | | | | | | | | | |
| the | | | | | | | | | | | |
| equ | | | | | | | | | | | |
| ity | | | | | | | | | | | |
| wit | | | | | | | | | | | |
| h | | | | | | | | | | | |
| tax | | | | | | | | | | | |
| es | | | | | | | | | | | |
| ded | | | | | | | | | | | |
| uct | | | | | | | | | | | |
| ed | | | | | | | | | | | |
--------------------------------------------------------------------------------
| Tra | - | - | - | - | - | - | 0.0 | - | 0.0 | - | 0.0 |
| nsf | | | | | | | | | | | |
| err | | | | | | | | | | | |
| ed | | | | | | | | | | | |
| to | | | | | | | | | | | |
| inc | | | | | | | | | | | |
| ome | | | | | | | | | | | |
| sta | | | | | | | | | | | |
| tem | | | | | | | | | | | |
| ent | | | | | | | | | | | |
| wit | | | | | | | | | | | |
| h | | | | | | | | | | | |
| tax | | | | | | | | | | | |
| es | | | | | | | | | | | |
| ded | | | | | | | | | | | |
| uct | | | | | | | | | | | |
| ed | | | | | | | | | | | |
--------------------------------------------------------------------------------
| Net | - | - | - | - | - | - | - | -1.1 | -1.1 | 0.2 | -0.9 |
| pro | | | | | | | | | | | |
| fit | | | | | | | | | | | |
| for | | | | | | | | | | | |
| rev | | | | | | | | | | | |
| iew | | | | | | | | | | | |
| per | | | | | | | | | | | |
| iod | | | | | | | | | | | |
--------------------------------------------------------------------------------
| Oth | - | - | - | - | - | - | - | - | 0.0 | - | 0.0 |
| er | | | | | | | | | | | |
| cha | | | | | | | | | | | |
| nge | | | | | | | | | | | |
| s | | | | | | | | | | | |
--------------------------------------------------------------------------------
| Equ | 27. | 2.9 | 88. | 0.0 | -11. | 0.4 | -0.1 | 211. | 319. | 15.5 | 334.7 |
| ity | 8 | | 6 | | 4 | | | 0 | 2 | | |
| at | | | | | | | | | | | |
| 31. | | | | | | | | | | | |
| 3.2 | | | | | | | | | | | |
| 006 | | | | | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equ | 27. | 2.9 | 88. | 0.0 | -11. | -1. | 0.0 | 170. | 277. | 13.3 | 290.4 |
| ity | 8 | | 6 | | 4 | 2 | | 4 | 1 | | |
| at | | | | | | | | | | | |
| 1.1 | | | | | | | | | | | |
| .20 | | | | | | | | | | | |
| 07 | | | | | | | | | | | |
--------------------------------------------------------------------------------
| Div | - | - | - | - | - | - | - | -4.8 | -4.8 | - | -4.8 |
| ide | | | | | | | | | | | |
| nd | | | | | | | | | | | |
| wil | | | | | | | | | | | |
| l | | | | | | | | | | | |
| be | | | | | | | | | | | |
| pai | | | | | | | | | | | |
| d | | | | | | | | | | | |
--------------------------------------------------------------------------------
| Cha | - | - | - | - | - | -0. | - | - | -0.4 | 0.0 | -0.4 |
| nge | | | | | | 4 | | | | | |
| s | | | | | | | | | | | |
| in | | | | | | | | | | | |
| tra | | | | | | | | | | | |
| nsl | | | | | | | | | | | |
| ati | | | | | | | | | | | |
| on | | | | | | | | | | | |
| dif | | | | | | | | | | | |
| fer | | | | | | | | | | | |
| enc | | | | | | | | | | | |
| es | | | | | | | | | | | |
--------------------------------------------------------------------------------
| Net | - | - | - | - | - | - | - | 0.7 | 0.7 | 0.0 | 0.7 |
| pro | | | | | | | | | | | |
| fit | | | | | | | | | | | |
| for | | | | | | | | | | | |
| rev | | | | | | | | | | | |
| iew | | | | | | | | | | | |
| per | | | | | | | | | | | |
| iod | | | | | | | | | | | |
--------------------------------------------------------------------------------
| Oth | - | - | - | - | - | - | - | 0.0 | 0.0 | - | 0.0 |
| er | | | | | | | | | | | |
| cha | | | | | | | | | | | |
| nge | | | | | | | | | | | |
| s | | | | | | | | | | | |
--------------------------------------------------------------------------------
| Equ | 27. | 2.9 | 88. | 0.0 | -11. | -1. | 0.0 | 166. | 272. | 13.3 | 286.0 |
| ity | 8 | | 6 | | 4 | 6 | | 3 | 7 | | |
| at | | | | | | | | | | | |
| 31. | | | | | | | | | | | |
| 3.2 | | | | | | | | | | | |
| 007 | | | | | | | | | | | |
--------------------------------------------------------------------------------
CASH FLOW STATEMENT (EUR million)
--------------------------------------------------------------------------------
| | 1-3/07 | 1-3/06 | 2006 |
--------------------------------------------------------------------------------
| Cash flow before change in working | 5.2 | 4.3 | 20.8 |
| capital | | | |
--------------------------------------------------------------------------------
| Change in working capital | -24.7 | -13.3 | -7.3 |
--------------------------------------------------------------------------------
| Financial items and taxes | 0.8 | 1.4 | 1.7 |
--------------------------------------------------------------------------------
| Cash flow from business operations | -18.7 | -7.5 | 15.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Investments | -5.9 | -9.3 | -32.2 |
--------------------------------------------------------------------------------
| Proceeds from sale of fixed assets | 0.0 | 0.0 | 0.3 |
--------------------------------------------------------------------------------
| Loans granted | 0.0 | -0.4 | -1.5 |
--------------------------------------------------------------------------------
| Repayment of loan receivables | 1.1 | 0.0 | 0.1 |
--------------------------------------------------------------------------------
| Cash flow from investments | -4.8 | -9.6 | -33.3 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Change in non-current loans | -1.2 | -3.0 | -12.6 |
--------------------------------------------------------------------------------
| Change in current loans | 0.0 | -1.5 | 0.8 |
--------------------------------------------------------------------------------
| Repurchase of own shares | 0.0 | -2.6 | -2.6 |
--------------------------------------------------------------------------------
| Dividends paid to equity holders of the | 0.0 | 0.0 | -8.0 |
| parent company | | | |
--------------------------------------------------------------------------------
| Dividends paid to minority interests | 0.0 | 0.0 | -2.5 |
--------------------------------------------------------------------------------
| Cash flow from financial operations | -1.2 | -7.2 | -24.9 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Adjustment to translation difference | -0.1 | -0.1 | 0.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Change in liquid funds | -24.8 | -24.4 | -43.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Liquid funds at the beginning of the | 78.8 | 122.9 | 122.9 |
| period | | | |
--------------------------------------------------------------------------------
| Impact of change in market value on | -0.1 | -1.0 | -1.0 |
| liquid funds | | | |
--------------------------------------------------------------------------------
| Liquid funds at the end of the period | 54.0 | 97.4 | 78.8 |
--------------------------------------------------------------------------------
TURNOVER BY SEGMENT (EUR million)
--------------------------------------------------------------------------------
| | 1-3/07 | 1-3/06 | 2006 |
--------------------------------------------------------------------------------
| Food | 49.8 | 47.4 | 196.5 |
--------------------------------------------------------------------------------
| Feed & Malt | 40.9 | 38.6 | 186.5 |
--------------------------------------------------------------------------------
| Ingredients | 12.5 | 13.2 | 49.7 |
--------------------------------------------------------------------------------
| Other operations | 0.1 | 0.2 | 0.6 |
--------------------------------------------------------------------------------
| Interdivisional turnover | -5.9 | -5.6 | -21.5 |
--------------------------------------------------------------------------------
| Total turnover | 97.5 | 93.8 | 411.8 |
--------------------------------------------------------------------------------
OPERATING RESULT BY SEGMENT (EUR million)
--------------------------------------------------------------------------------
| | 1-3/07 | 1-3/06 | 2006 |
--------------------------------------------------------------------------------
| Food | -0.9 | -2.0 | -37.9 |
--------------------------------------------------------------------------------
| Feed & Malt | 0.6 | 0.5 | 6.3 |
--------------------------------------------------------------------------------
| Ingredients | 2.5 | 1.8 | 7.8 |
--------------------------------------------------------------------------------
| Other operations | -0.8 | -1.4 | -5.3 |
--------------------------------------------------------------------------------
| Eliminations | -0.1 | 0.0 | 0.0 |
--------------------------------------------------------------------------------
| Total operating result | 1.3 | -1.0 | -29.2 |
--------------------------------------------------------------------------------
NET ASSETS BY SEGMENT (EUR million)
--------------------------------------------------------------------------------
| | 31.3.07 | 31.3.06 | 31.12.06 |
--------------------------------------------------------------------------------
| Food | 94.1 | 122.0 | 85.5 |
--------------------------------------------------------------------------------
| Feed & Malt | 79.9 | 55.7 | 65.3 |
--------------------------------------------------------------------------------
| Ingredients | 45.5 | 45.0 | 44.5 |
--------------------------------------------------------------------------------
| Other operations, discontinued operations | | | |
--------------------------------------------------------------------------------
| and unallocated items | 66.5 | 112.0 | 95.0 |
--------------------------------------------------------------------------------
| Total net assets | 286.0 | 334.7 | 290.4 |
--------------------------------------------------------------------------------
INVESTMENTS BY SEGMENT (EUR million)
--------------------------------------------------------------------------------
| | 1-3/07 | 1-3/06 | 2006 |
--------------------------------------------------------------------------------
| Food | 3.3 | 4.0 | 15.3 |
--------------------------------------------------------------------------------
| Feed & Malt | 2.0 | 0.9 | 5.5 |
--------------------------------------------------------------------------------
| Ingredients | 2.4 | 1.3 | 4.3 |
--------------------------------------------------------------------------------
| Other operations | 0.4 | 0.9 | 3.2 |
--------------------------------------------------------------------------------
| Eliminations | -1.6 | 0.0 | 0.0 |
--------------------------------------------------------------------------------
| Total investments | 6.4 | 7.1 | 28.2 |
--------------------------------------------------------------------------------
TURNOVER BY MARKET AREA (EUR million)
--------------------------------------------------------------------------------
| | 1-3/07 | 1-3/06 | 2006 |
--------------------------------------------------------------------------------
| Finland | 60.7 | 58.3 | 252.9 |
--------------------------------------------------------------------------------
| Poland | 10.7 | 10.2 | 41.1 |
--------------------------------------------------------------------------------
| Russia | 5.7 | 5.1 | 33.3 |
--------------------------------------------------------------------------------
| Other Europe | 18.7 | 18.8 | 77.6 |
--------------------------------------------------------------------------------
| ROW | 1.7 | 1.4 | 6.9 |
--------------------------------------------------------------------------------
| Total | 97.5 | 93.8 | 411.8 |
--------------------------------------------------------------------------------
DISCONTINUED OPERATIONS AND NON-CURRENT ASSETS HELD FOR SALE
Discontinued operations
The Group announced its intention to divest the diagnostics business on 16
January 2007. The goal is to complete the deal by the end of the first half of
2007.
On 7 February 2007, the Group signed a preliminary agreement on the divestment
of its food potato business. The contract of sale was signed on 15 March 2007.
The intention is to finalise the divestment by the end of June.
Both the diagnostics and the food potato businesses are treated as discontinued
operations in the Group's income statement. Their assets and liabilities
classified as held for sale are presented separately in the balance sheet for
the review period.
--------------------------------------------------------------------------------
| | 1-3/07 | 1-3/06 | 1-12/06 |
--------------------------------------------------------------------------------
| Result for the discontinued operations | | | |
--------------------------------------------------------------------------------
| Income | 5.6 | 5.6 | 29.3 |
--------------------------------------------------------------------------------
| Expenses | -6.4 | -6.0 | -34.8 |
--------------------------------------------------------------------------------
| Result before taxes | -0.7 | -0.5 | -5.5 |
--------------------------------------------------------------------------------
| Taxes | 0.0 | -0.1 | -1.1 |
--------------------------------------------------------------------------------
| Result after taxes | -0.7 | -0.5 | -6.6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow for the discontinued | | | |
| operations | | | |
--------------------------------------------------------------------------------
| Cash flow from business operations | -0.8 | -0.7 | 3.1 |
--------------------------------------------------------------------------------
| Cash flow from investments | -0.3 | -0.7 | -3.0 |
--------------------------------------------------------------------------------
| Cash flow from financial operations | -0.1 | 0.2 | 0.1 |
--------------------------------------------------------------------------------
| Total cash flow | -1.2 | -1.2 | 0.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | 31.3.07 |
--------------------------------------------------------------------------------
| Assets classified as held for sale | |
--------------------------------------------------------------------------------
| Property, plant and equipment | 2.9 |
--------------------------------------------------------------------------------
| Intangible assets | 1.3 |
--------------------------------------------------------------------------------
| Inventories | 4.3 |
--------------------------------------------------------------------------------
| Financial assets available for sale | 0.9 |
--------------------------------------------------------------------------------
| Accounts receivables and other receivables | 4.4 |
--------------------------------------------------------------------------------
| Cash in hand and at banks | 0.5 |
--------------------------------------------------------------------------------
| Total assets | 14.3 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Liabilities classified as held for sale | |
--------------------------------------------------------------------------------
| Interest-bearing liabilities | 0.6 |
--------------------------------------------------------------------------------
| Accounts payable and other liabilities | 2.1 |
--------------------------------------------------------------------------------
| Total liabilities | 2.6 |
--------------------------------------------------------------------------------
QUARTERLY PERFORMANCE (EUR million)
--------------------------------------------------------------------------------
| | 1-3/ | 10-12/ | 7-9/ | 4-6/ | 1-3/ |
--------------------------------------------------------------------------------
| | 2007 | 2006 | 2006 | 2006 | 2006 |
--------------------------------------------------------------------------------
| Turnover by segment | | | | | |
--------------------------------------------------------------------------------
| Food | 49.8 | 50.1 | 49.6 | 49.5 | 47.4 |
--------------------------------------------------------------------------------
| Feed & Malt | 40.9 | 46.7 | 50.9 | 50.3 | 38.6 |
--------------------------------------------------------------------------------
| Ingredients | 12.5 | 10.1 | 12.6 | 13.8 | 13.2 |
--------------------------------------------------------------------------------
| Other operations | 0.1 | 0.2 | 0.2 | 0.1 | 0.2 |
--------------------------------------------------------------------------------
| Interdivisional turnover | -5.9 | -5.1 | -5.3 | -5.5 | -5.6 |
--------------------------------------------------------------------------------
| Total turnover | 97.5 | 101.9 | 108.0 | 108.1 | 93.8 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating result by segment | | | | | |
--------------------------------------------------------------------------------
| Food | -0.9 | -32.2 | -1.4 | -2.3 | -2.0 |
--------------------------------------------------------------------------------
| Feed & Malt | 0.6 | -0.5 | 2.7 | 3.6 | 0.5 |
--------------------------------------------------------------------------------
| Ingredients | 2.5 | 1.5 | 2.2 | 2.3 | 1.8 |
--------------------------------------------------------------------------------
| Other operations | -0.8 | -2.3 | -0.1 | -1.5 | -1.4 |
--------------------------------------------------------------------------------
| Eliminations | -0.1 | 0.1 | -0.1 | 0.0 | 0.0 |
--------------------------------------------------------------------------------
| Total operating result | 1.3 | -33.4 | 3.3 | 2.0 | -1.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financial income and | 0.5 | -3.5 | 0.4 | 0.5 | 0.6 |
| expenses, net | | | | | |
--------------------------------------------------------------------------------
| Share of result of | -0.2 | -2.3 | -0.2 | -0.1 | 0.0 |
| associated companies | | | | | |
--------------------------------------------------------------------------------
| Result before taxes | 1.7 | -39.3 | 3.5 | 2.4 | -0.5 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Income tax | -0.3 | 0.8 | -1.0 | -0.5 | 0.1 |
--------------------------------------------------------------------------------
| Result for the period from | 1.5 | -38.5 | 2.5 | 1.8 | -0.4 |
| continuing operations | | | | | |
--------------------------------------------------------------------------------
CONTINGENT LIABILITIES (EUR million)
--------------------------------------------------------------------------------
| | 31.3.07 | 31.3.06 | 31.12.06 |
--------------------------------------------------------------------------------
| Assets given for security | | | |
--------------------------------------------------------------------------------
| For the company | | | |
--------------------------------------------------------------------------------
| Mortages on real estate | 18.0 | 16.9 | 16.9 |
--------------------------------------------------------------------------------
| Securities pledged | 0.0 | 0.0 | 0.0 |
--------------------------------------------------------------------------------
| Corporate mortgages | 33.5 | 34.2 | 34.4 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Contingent off-balance sheet | | | |
| liabilities | | | |
--------------------------------------------------------------------------------
| Non-cancellable other leases | | | |
--------------------------------------------------------------------------------
| Minimum lease payments | 2.5 | 2.5 | 2.7 |
--------------------------------------------------------------------------------
| Contingent liabilities for the Company | 1.5 | 1.5 | 1.5 |
--------------------------------------------------------------------------------
| Contingent liabilities for associated | | | |
| companies | | | |
--------------------------------------------------------------------------------
| Guarantees | 3.0 | 0.0 | 3.0 |
--------------------------------------------------------------------------------
| Contingent liabilities for others | | | |
--------------------------------------------------------------------------------
| Guarantees | 0.0 | 0.0 | 0.0 |
--------------------------------------------------------------------------------
| Other liabilities | 2.7 | 1.9 | 2.8 |
--------------------------------------------------------------------------------
DERIVATIVE CONTRACTS (EUR million)
--------------------------------------------------------------------------------
| | 31.3.07 | 31.3.06 | 31.12.06 |
--------------------------------------------------------------------------------
| Nominal values of derivative contracts | | | |
--------------------------------------------------------------------------------
| Raw material futures | 3.0 | 4.6 | 5.4 |
--------------------------------------------------------------------------------
| Currency forward contracts | 26.4 | 42.0 | 25.5 |
--------------------------------------------------------------------------------
KEY INDICATORS
--------------------------------------------------------------------------------
| | 31.3.07 | 31.3.06 | 31.12.06 |
--------------------------------------------------------------------------------
| Return on equity, ROE, %* | 2.0 | -0.5 | -10.8 |
--------------------------------------------------------------------------------
| Return on investment, ROI, %* | 2.7 | -0.1 | -9.3 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Interest-bearing liabilities at the end | 22.2 | 31.6 | 23.2 |
| of the period, EURm | | | |
--------------------------------------------------------------------------------
| Gross investments, EURm* | 6.4 | 7.1 | 28.2 |
--------------------------------------------------------------------------------
| % of turnover* | 6.6 | 7.5 | 6.8 |
--------------------------------------------------------------------------------
| Depreciation, EURm* | 4.4 | 5.3 | 21.8 |
--------------------------------------------------------------------------------
| R & D expenses, EURm* | 1.7 | 2.2 | 9.8 |
--------------------------------------------------------------------------------
| % of turnover* | 1.7 | 2.4 | 2.4 |
--------------------------------------------------------------------------------
| Average personnel* | 1,184 | 1,257 | 1,277 |
--------------------------------------------------------------------------------
| Equity ratio, % | 74.9 | 76.9 | 75.0 |
--------------------------------------------------------------------------------
| Gearing, % | -11.1 | -19.7 | -19.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings/share from continuing | 0.01 | 0.00 | -0.22 |
| operations, EUR | | | |
--------------------------------------------------------------------------------
| Cash flow from operations/share, EUR | -0.12 | -0.05 | 0.09 |
--------------------------------------------------------------------------------
| Equity/share, EUR | 1.70 | 1.99 | 1.73 |
--------------------------------------------------------------------------------
| Average number of shares during the | | | |
| period, in 1,000s** | | | |
--------------------------------------------------------------------------------
| Free shares | 125,655 | 126,416 | 125,843 |
--------------------------------------------------------------------------------
| Restricted shares | 34,522 | 34,530 | 34,524 |
--------------------------------------------------------------------------------
| Total | 160,177 | 160,946 | 160,367 |
--------------------------------------------------------------------------------
| Average numer of shares at the end of | | | |
| the period, in 1,000s** | | | |
--------------------------------------------------------------------------------
| Free shares | 125,655 | 125,655 | 125,655 |
--------------------------------------------------------------------------------
| Restricted shares | 34,522 | 34,522 | 34,522 |
--------------------------------------------------------------------------------
| Total | 160,177 | 160,177 | 160,177 |
--------------------------------------------------------------------------------
| Market capitalisation of shares at the | | | |
| end of the period, EURm** | | | |
--------------------------------------------------------------------------------
| Free shares | 233.7 | 266.4 | 224.9 |
--------------------------------------------------------------------------------
| Restricted shares | 64.6 | 75.9 | 62.1 |
--------------------------------------------------------------------------------
| Total | 298.3 | 342.3 | 287.1 |
--------------------------------------------------------------------------------
*Based on continuing operations result
** Number of shares without own shares