RAISIO GROUP INTERIM REPORT 1 JANUARY-30
Raisio Group plc Stock Exchange Release
30 July 2004 at 11:00 a.m. Finnish time
RAISIO GROUP INTERIM REPORT 1 JANUARY30 JUNE 2004
Raisios Restructuring Completed: Favourable Development in the
Continuing Business Operations
- The divestment of Raisio Chemicals was finalised at the
beginning of June. This interim report includes the figures for
Raisio Chemicals for the January to May period.
- Raisio Groups turnover for the second quarter amounted to EUR
196.2 million (EUR 224.8 million in Q2/2003).
- Operating result in the second quarter totalled EUR 195.4
million (EUR -3.7 million) and the operating result excluding one-
off items EUR 4.4 million (EUR -0.4 million).
- The Groups full year result, excluding one-off items, is
expected to improve considerable from the previous year and to
show a profit.
Key Figures
1-6/2004 1-6/2003 2003
Turnover, EUR million 401.8 425.8 860.5
Operating result, EUR million 196.1 -10.4 -14.3
Result before taxes, EUR million 190.1 -15.4 -27.2
Earnings per share, EUR 1.12 -0.09 -0.16
Earnings per share excl. one-off
items, EUR -0.01
Gearing, % -41.1 144.3 127.9
Cash flow from business operations,
EUR million 15.7 -2.1 77.0
CEO Rabbe Klemets:
The operative result for the second quarter was better than a
year earlier, and better than in the first quarter. I was
particularly pleased to see Raisio Life Sciences show such strong
growth and positive financial performance. Thanks to a number of
new product applications, the demand for functional foods has
significantly picked up in Europe.
The divestment of Raisio Chemicals was finalised in early June.
The sales profit generated by the divestment, according to our
interpretation of the renewed corporate tax legislation,
represents tax-free income for Raisio. A stronger balance sheet
allows us to develop Raisio as an innovative and financially sound
listed company in the food industry, and to pay extra dividend to
our shareholders.ö
THE DIVESTMENT OF RAISIO CHEMICALS
The divestment of Raisio Chemicals to the Swiss Ciba Specialty
Chemicals was concluded on 2 June 2004. The enterprise value of
the deal was EUR 475 million. The enterprise value consists of a
cash payment and the transfer of debts.
As a result of the divestment of Raisio Chemicals, a sales profit
of EUR 223.1 million has now been recorded. As for the shares,
Raisio considers the sales profit to be tax-free in accordance
with the corporate and capital tax reform approved by the Finnish
Parliament in June. Consequently, no tax on the sales profit from
the shares under fixed assets was recorded in the financial
statements. As for the divestment of other assets, taxes in the
amount of EUR 2.7 million were recorded. In accordance with the
previous legislation, the capital gains tax would have amounted to
approximately EUR 70 million.
Raisio Chemicals posted a turnover of EUR 77.1 million for the
April to May period, and of EUR 183.7 million for the January to
May period. Operating profit in the April to May period totalled
EUR 1.7 million and EUR 3.6 million in the January to May period.
STRATEGIC REALIGNMENT
After the conclusion of the Raisio Chemicals divestment, the
Board of Directors and the Supervisory Board approved a new vision
and a new strategy for the Group in June. Raisios vision is to be
the leading specialist in plant-based products and in ensuring
food safety.
The Groups business operations are arranged into two areas:
Raisio Nutrition and Raisio Life Sciences. Raisio Nutrition
comprises two profit centres - Food and Feed&Malt - and,
similarly, Raisio Life Sciences two - Ingredients and Food
Diagnostics. The two business areas share research and development
activities, which will be expanded to include a unit focused on
developing new business operations. By centralising the service
functions Raisio aims at cost savings.
Raisio Nutritions strategic growth areas are Russia and Poland.
Raisio Nutrition is expected to reach an annual organic growth of
2% in Finland and approximately 5% in Russia and Poland. Although
the functional ingredients and food diagnostics businesses seek
growth specifically in the European markets, their operations are
global. Raisio Life Sciences is expected to grow organically by 15
to 20% annually. The Groups strong balance sheet also enables
business development through acquisitions.
Measures aimed at improving profitability include increasing the
added value of products and the continued enhancement of
operational efficiency. The objective is to raise the return on
investment to 12% within a few years.
RESULTS AND FINANCING
Raisio Group recorded a turnover of EUR 196.2 million (EUR 224.8
million) in the second quarter. The turnover for Raisio Nutrition
was on par with the comparison period while the turnover for
Raisio Life Sciences saw an increase of some 65 per cent. The
Groups turnover for the January to June period totalled EUR 401.8
million (EUR 425.8 million).
Using the exchange rates of the comparison period, turnover in the
January to June period was EUR 407.6 million. Exchange rate
fluctuations did not have a significant impact on the results.
Turnover from outside Finland represented 50.3% (52.0%) of the
total, or EUR 202.2 million (EUR 221.5 million). When calculating
the figures for the new structure after the divestment of Raisio
Chemicals, domestic turnover accounted for a significantly larger
portion of the total, in other words approximately 62 per cent.
The Groups operating result for the second quarter was EUR 195.4
million (EUR -3.7 million) and excluding one-off items EUR 4.4
million (EUR -0.4 million). The most important one-off income was
the sales profit of EUR 223.1 million from the divestment of
Raisio Chemicals. In connection with the strategy reassessment
process, Raisio updated the business plans for the business areas
and conducted a critical assessment of the valuation of balance
sheet items in light of the new strategy and the current return
expectations. Goodwill and other balance sheet items were written
down by a total of EUR 32.4 million. The result for the comparison
period also contains one-off items worth EUR 3.3 million.
One-off items 4-6/2004, EUR million
Raisio Raisio Non- Total
Nutrition Life allocated
Sciences items
SALES PROFITS 226.4
Raisio Chemicals 223.1
The Risella brand 3.3
WRITE-DOWNS -32.4
Goodwill of the Swedish
margarine business -20.2
Diffchamb goodwill -4.1
Others -3.7 -4.5
RATIONALISATION PROVISION -3.0 -3.0
TOTAL IMPACT ON OPERATING RESULT-20.6 -8.6 220.1 191.0
Financial expenses -2.0 -2.0
Operating result for the January to June period was EUR 196.1
million (EUR -10.4 million) and EUR 5.1 million for the January to
June period (EUR -8.3 million).
The result before taxes was EUR 192.4 million (EUR -6.3 million)
for the second quarter and excluding one-off items EUR 3.4 million
(EUR -3.0 million). For the January to June period the result
before taxes was EUR 190.1 million (EUR -15.4 million) and
excluding one-off items EUR 1.1 million (EUR -13.3 million).
Research and development costs amounted to EUR 4.8 million (EUR
5.1 million) in the second quarter, and to EUR 10.2 million in the
January to June period (EUR 10.9 million).
The divestment of Raisio Chemicals considerably strengthened the
Groups financial position, making Raisio a net debt-free company.
In addition to the debts transferred in connection with the
divestment, the Group repaid its debts to the effect that its
interest-bearing liabilities decreased by EUR 181.0 million from
the beginning of the year. As a result, the Groups interest rate
swaps were closed, which increased the financial expenses in the
second quarter by EUR 2.0 million.
Net financial expenses in the second quarter amounted to EUR 3.0
million compared with EUR 2.5 million a year earlier. The increase
in financial expenses could be attributed to the costs associated
with the closing of the interest rate swaps and to the exchange
rate losses of EUR 0.8 million, compared with exchange rate gains
of EUR 0.7 million recorded a year earlier. The decrease in
financial expenses resulted from higher interest income and lower
interest expenses. Net financial expenses in the January to June
period totalled EUR 6.0 million (EUR 5.0 million).
The credit limit agreement (syndicated loan) signed in 1998 was
fully repaid by the end of June, and the arrangement was
terminated.
The change in the Groups financial position had a dramatic impact
on the key figures and the Groups financial risk position. Any
rise in interest rates would currently have a positive impact on
the Groups financial performance. Moreover, the Groups currency
risks were considerably reduced after the divestment of Chemicals.
At the end of June, gearing was -41.1 per cent (127.9% on 31
December 2003), and the equity ratio was 65.8 per cent (32.2% on
31 December 2003). Working capital shrank to EUR 61.7 million (EUR
110.4 million on 31 December 2003) owing to the restructuring and
the strict capital management measures in the continuing business
operations.
Cash flow from business operations in the second quarter was EUR
13.4 million (EUR 13.5 million) and EUR 15.7 million in the
January to June period (EUR -2.1 million). The Groups gross
investments totalled EUR 7.5 million (EUR 24.3 million) in the
second quarter, and EUR 20.0 million in the January to June period
(EUR 32.9 million).
BUSINESS AREAS
Raisio Nutrition
Raisio Nutrition recorded a turnover of EUR 108.5 million (EUR
110.4 million) in the second quarter. Margarine sales grew in
Poland and Russia while in Sweden the sales figures continued to
fall. The animal feeds and malt businesses were able to boost
their turnover slightly. The turnover of Raisio Nutrition for the
January to June period was EUR 199.6 million (EUR 205.0 million).
Raisio Nutrition, Turnover by Profit Centre, EUR million
1-6/2004 1-6/2003 2003
Food 110.8 117.8 232.2
Margarine 60.3 66.2 130.8
Milling 36.2 37.4 75.3
Food Potato 11.6 11.7 21.2
Others 7.8 6.7 14.4
Internal Sales in Food -5.1 -4.2 -9.5
Animal Feeds 78.7 77.5 163.8
Malt 13.2 12.0 26.4
Grain Starch 8.5 7.3 15.0
Internal Sales -11.6 -9.6 -19.5
Total 199.6 205.0 417.9
Raisio Nutrition recorded an operating result of EUR -18.8 million
(EUR -2.4 million) for the second quarter and excluding one-off
items EUR 1.8 million (EUR -2.4 million). The cost savings
generated in the Finnish and Polish Food units particularly helped
boost the operative results. The operating results of Animal Feed
and Malt were on par with the comparison period. Meanwhile the
margarine business in Sweden continues to show a loss, and a write-
down of EUR 20.2 million was made on the associated goodwill. In
addition, other write-downs totalling EUR 3.7 million were made.
The operating result also includes the profit from the sale of the
Risella rice brand, which has now been specified at EUR 3.3
million owing to the smaller amount of non-current machinery and
equipment than was originally estimated.
The January to June operating result was EUR -20.4 million
(EUR -3.8 million) while the result excluding one-off items amounted
to EUR 0.2 million (EUR -5.0 million). The divestment of the ice
cream business increased the January to June 2003 operating result
by EUR 1.2 million.
Ateriamestarit Oy started operations in May. Ateriamestarit is a
sales company for the catering sector, and it is 50/50 owned by
Raisio Nutrition and Lännen Tehtaat.
Raisio Life Sciences
The turnover for Raisio Life Sciences grew by 65% in the second
quarter, amounting to EUR 13.7 million (EUR 8.3 million). The
Ingredients business was able to boost its sales, particularly in
Europe. During the second quarter, Raisios business partners
launched several products containing Benecol ingredient, including
a yoghurt drink in France, and yoghurt and milk in Portugal. Food
Diagnostics sales were on the same level as in the comparison
period.
Turnover in the January to June period was EUR 25.5 million (EUR
14.5 million). The figures for the comparison period include the
food diagnostics company Diffchamb from the beginning of April.
Raisio Life Sciences, Turnover by Profit Centre, EUR million
1-6/2004 1-6/2003 2003
Ingredients 21.3 12.2 27.0
Diagnostics 4.1 2.3 7.0
Total 25.5 14.5 34.0
Raisio Life Sciences posted an operating result of EUR -7.8
million (EUR -1.7 million) for the second quarter and excluding
one-off items EUR 0.8 million (EUR -1.7 million).Thanks to
business growth and a strict cost regime, operative profitability
has improved significantly from the comparison period. The
operating result includes a EUR 4.1 million write-down on the
Diffchamb goodwill and EUR 4.5 million write-downs on other
balance sheet items.
The January to June operating result was EUR -7.2 million
(EUR -3.2 million) while the result excluding one-off items was
EUR 1.4 million (EUR -3.2 million).
RESEARCH AND DEVELOPMENT
Continued strong inputs in research and development will serve as
a cornerstone for business development at Raisio as they will
allow more effective utilisation of the Group-level synergies.
To support its objective to bolster R&D activities, Raisio has set
up research units in order to promote food and food diagnostics
development. The new strategic food research unit will begin
operations at the Viikki campus in Helsinki in the late summer.
This unit will support the development work carried out at
production plants.
The research unit focusing on food diagnostics started operations
at the Turku Science Park in June. The Turku research unit will
enable large-scale utilisation of Finnish technology know-how, and
will promote Raisios international networking in R&D. The key
objective is to create competitive solutions for rapid pathogen
screening, and later for mycotoxin and allergen diagnostics.
PERSONNEL AND GOVERNANCE
Raisio Group employed 1,615 people on 30 June 2004 (2,735 on 31
December 2003), 29% of whom worked outside Finland (45% on 31
December 2003).
Raisio Nutrition employed 1,365 and Raisio Life Sciences 196
people at the end of June.
Following the divestment of Raisio Chemicals, Jari Lehmusvaara,
COO of Raisio Chemicals, resigned from his position as a deputy
Board member.
At the extraordinary shareholders meeting to be held on 30
September 2004, proposals will be made to amend the Articles of
Association. The Supervisory Boards duties will be restricted to
the election of Board members, supervision of corporate
governance, issuing instructions, and duties specified in the
Companies Act. According to the proposals, the Supervisory Board
would no longer make decisions to essentially expand or reduce the
companys operations. Furthermore, it will be suggested that the
number of Supervisory Board members be reduced to 15-25. The
proposals also state that the CEO should be appointed by the Board
of Directors instead of by the Supervisory Board, and that the CEO
need not be a Board member. Furthermore, deputy members would no
longer be elected to the Board of Directors. The Board members
term is one calendar year. In addition, the proposal would
eliminate the 15-per mille shareholder-specific vote restriction
clause in the Articles of Association.
A recommendation for the corporate governance of listed companies
entered into force on 1 July 2004. The amendments to be made to
Raisio Groups Articles of Association require approval by two
successive shareholders meetings; therefore, Raisio does not, for
the time being, fully comply with the recommendation. As the
Supervisory Boards key duty still is to supervise the
administration, Raisio feels that it is logical that the
Supervisory Board appoints the Board members.
SHARES AND SHAREHOLDERS
The number of Raisio Group plc free shares traded on the Helsinki
Exchanges between January and June totalled 70.0 million (21.5
million in Jan-June/2003). The value of share trading was EUR
105.0 million and the average share price was EUR 1.50. The
closing price on 30 June 2004 was EUR 1.84. The price of series V
shares rose by 48% from the beginning of the year.
A total of 887,081 restricted shares were traded in the January to
June period (123,016 in Jan-June/2003). The value of share trading
was EUR 1.4 million and the average share price was EUR 1.58. The
closing price on 30 June 2004 was EUR 1.92. The price of the
Series K share rose by 52% from the beginning of the year.
On 30 June 2004, Raisio Group had 44,992 registered shareholders.
Of all shares, 8.8% were in foreign holding (5.8% on 31 December
2003) with the corresponding value for free shares being 11.2%
(7.4% on 31 December 2003).
The sales profit from the divestment of Raisio Chemicals will
allow for an extra dividend payment in 2004. At the extraordinary
shareholders meeting to be held on 30 September 2004, the Board
of Directors will propose that a dividend of 12 cents per share be
paid. In addition, the Board of Directors plans to propose the
payment of an extra dividend of 18 cents at the Annual General
Meeting in the spring of 2005.
Raisios Board of Directors approved the Groups dividend policy
in June. It is Raisios objective to generate added value for all
of its shareholders by developing its business operations and
improving business profitability, and by following a long-range
dividend policy. The objective is to annually distribute half of
the per-share earnings generated by the continuing business
operations, provided the dividend payment does not compromise the
companys ability to meet its strategic objectives.
ADOPTION OF THE IFRS ACCOUNTING STANDARDS
Preparation for the adoption of the IFRS standard compliant
accounting system has progressed as planned. Raisio Groups most
significant goodwill items have been tested during the summer.
Raisio Group will adopt IFRS compliant accounting methods in 2005.
IFRS compliant figures for 2004 will be disclosed in the spring of
2005.
OUTLOOK
The turnover of Raisio Nutrition is expected to remain slightly
lower in the second half of the year compared to the previous
year. The production of grain starch will be discontinued in
September, as planned. Raisio Life Sciences is expected to show
sustained growth, although somewhat less powerful than in the
first half. Owing to the structural changes, the Groups turnover
for the full year will be significantly smaller than a year
earlier.
The Groups full year result, excluding one-off items, is expected
to improve considerable from the previous year and to show a
profit.
Raisio, 30 July 2004
Raisio Group plc
Board of Directors
Further information:
Taru Narvanmaa, Executive Vice President, Communications and
Investor Relations, tel. +358 50 590 9398
Antti Salminen, Chief Financial Officer, tel. +358 40 535 1216
Raisio Group plc, P.O. Box 101, FIN-21201 Raisio
Tel. +358 2 443 2111, www.raisiogroup.com
A teleconference in English will be held on 30 July 2004 at 2 p.m,
tel. +358 (0) 800 148766.
The figures in this interim report are not audited.
CONSOLIDATED INCOME STATEMENT
(EURm) 1-6/2004 1-6/2003 2003
Turnover 401.8 425.8 860.5
Other income from business operations 228.9 2.6 8.0
Expenses from business operations -381.9 -411.9 -822.6
Depreciation of goodwill and
write-downs -28.6 -2.5 -5.1
Other depreciation and write-downs -23,6 -24,3 -54.8
Share of associated companies results -0.5 0.0 -0.3
Operating result 196.1 -10.4 -14.3
% of turnover 48.8 -2.4 -1.7
Financial income 3.5 3.5 4.1
Financial expenses -9.5 -8.6 -17.0
Result before extraordinary items
and taxes 190.1 -15.4 -27.2
% of turnover 47.3 -3.6 -3.2
Extraordinary items 0.0 0.0 0.0
Result before taxes 190.1 -15.4 -27.2
% of turnover 47.3 -3.6 -3.2
Income taxes -4.4 0.2 1.4
Minority interest -1.0 -0.2 -0.9
Consolidated result for the period 184.7 -15.4 -26.7
% of turnover 46.0 -3.6 -3.1
CONSOLIDATED BALANCE SHEET
(EURm) 30.6.2004 30.6.2003 31.12.2003
Non-current assets
Intangible assets 9.9 25.8 23.4
Goodwill 15.3 67.1 65.3
Tangible assets 127.9 281.3 277.2
Investments 9.1 13.2 12.6
Current assets
Inventories 70.7 140.5 117.7
Deferred tax assets 18.0 15.9 20.3
Accounts receivable 38.5 121.6 86.8
Other receivables 27.0 50.6 37.1
Securities under financial assets 291.9 9.2 14.1
Cash in hand and at banks 4.5 10.5 20.5
Assets 612.8 735.7 675.0
Share capital 27.8 27.8 27.8
Other shareholders equity 359.6 182.5 166.2
Minority interest 14.4 23.2 23.2
Deferred tax liability 12.9 20.4 22.0
Non-current liabilities 87.4 272.7 235.0
Accounts payable 23.2 61.6 75.2
Other current liabilities 87.5 147.4 125.5
Liabilities 612.8 735.7 675.0
CONSOLIDATED SOURCE AND APPLICATION OF FUNDS
(EURm)
1-6/2004 1-6/2003 1-12/2003
Cash flow before change in
working capital 23.9 16.0 44.4
Change in working capital 3.1 -12.8 50.7
Financial items and taxes -11.4 -5.2 -18.2
Cash flow from business operations 15.7 -2.1 77.0
Investments -19.8 -38.9 -65.8
Proceeds from sales of fixed assets 398.9* 2.5 3.6
Cash flow from investments 379.1 -36.4 -62.2
Change in non-current loans -132.9 17.2 -18.1
Change in current liabilities 1.8 2.5 -1.0
Change in loan receivables -1.1 -0.2 0.1
Dividend paid -1.9 -3.6 -3.5
Cash flow from financial operations -134.0 16.0 -22.6
Unallocated items 0.9 -0.1 0.3
Change in liquid funds 261.8 -22.5 -7.5
Liquid funds at beginning of period 34.6 42.2 42.2
Liquid funds at end of period 296.4 19.7 34.6
* Includes a payment of intra-Group interest-bearing net
liabilities received in connection with the divestment of Raisio
Chemicals.
FINANCIAL INDICATORS
30.6.2004 30.6.2003 31.12.2003
Return on equity, ROE, % 120.0 -12.4 -10.9
Return on investment, ROI, % 75.1 -2.3 -1.8
Interest-bearing liabilities
at end of period, EURm 131.1 356.5 312.5
Gross investments, EURm 20.0 32.9 63.7
% of turnover 5.0 7.7 7.4
R & D expenditure, EURm 10.2 10.9 21.1
% of turnover 2.5 2.6 2.5
Personnel average 2,537 2,844 2,822
Equity ratio, % 65.8 31.8 32.2
Gearing, % -41.1 144.3 127.9
Earnings/share, EUR 1.12 -0.09 -0.16
Earnings/share excl. one-off items,EUR -0.01
Cash flow from operations/share, EUR 0.10 -0.01 0.47
Equity/share, EUR 2.35 1.27 1.17
Average number of shares during
the period, in 1000s
Free shares 130,334 129,767 129,768
Restricted shares 34,815 35,382 35,381
Total 165,149 165,149 165,149
Market capitalization of shares at
end of period, EURm
Free shares 240.2 123.3 160.9
Restricted shares 66.4 41.7 44.6
Total 306.6 165.0 205.5
CONTINGENT LIABILITIES
(EURm) 30.6.2004 30.6.2003 31.12.2003
Assets given as security
For the company
Mortgages on real estate 60.2 71.8 72.4
Securities pledged 0.0 0.0 4.0
Corporate mortgages 34.5 53.6 53.1
For others
Securities pledged 4.1 0.0 0.0
Contingent off-balance-sheet liabilities
Leasing liabilities
Amounts outstanding on leasing contracts
Falling due during 2004 2.8 2.9 4.7
Falling due later 3.2 7.1 4.9
Contingent liabilities for the
Group companies
Guarantees 1.0 1.0 1.0
Contingent liabilities for the Company 2.3 13.5 7.0
Contingent liabilities for others
Guarantees 75.1* 0.3 0.4
Other liabilities 0.0 0.0 5.0
Liabilities arising from
derivative contracts
Raw material futures: market value 0.3 -0.1 -0.5
Raw material futures:
value of underlying instruments 7.5 6,9 11.3
Forward electricity contracts:
market value 0.6 -0.2 0.0
Forward electricity contracts:
value of underlying instruments 4.3 2.6 2.6
Currency forward contracts:
market value -0.1 0.3 2.1
Currency forward contracts:
value of underlying instruments 34.6 60.5 53.0
Interest-rate swaps: market value 0.0 -2.4 -1.5
Interest-rate swaps:
value of underlying instruments 0.0 80.0 80.0
* Includes guarantees given to financiers on behalf of companies
belonging to Raisio Chemicals. A release from the guarantees is
expected during the third quarter.
CONSOLIDATED TURNOVER BY BUSINESS AREA
(EURm) 1-6/2004 1-6/2003 2003
Raisio Nutrition 199.6 205.0 417.9
Raisio Life Sciences 25.5 14.5 34.0
Raisio Chemicals 183.7 212.6 422.3
Interdivisional -7.0 -6.3 -13.8
Turnover, total 401.8 425.8 860.5
CONSOLIDATED TURNOVER BY MARKET AREA
(EURm) % of % of % of
1-6/ turn- 1-6/ turn- turn-
2004 over 2003 over 2003 over
Finland 199.6 49.7 204.2 48.0 412.0 47.9
Scandinavia 21.2 5.3 36.0 8.4 66.5 7.7
Europe (excl. Finland
and Scandinavia) 136.9 34.1 132.7 31.2 278.2 32.3
The Americas 19.1 4.8 23.0 5.4 47.4 5.5
Asia 24.0 6.0 29.0 6.8 54.6 6.3
Other 1.0 0.2 0.9 0.2 1.9 0.2
Total 401.8 100.0 425.8 100.0 860.5 100.0
CONSOLIDATED OPERATING RESULT BY BUSINESS AREA
(EURm) 1-6/2004 1-6/2003 2003
Raisio Nutrition -20.4 -3.8 -11.7
Raisio Life Sciences -7.2 -3.2 -5.4
Raisio Chemicals 3.6 -3.3 1.9
Others 220.0 -0.1 1.0
Operating result, total 196.1 -10.4 -14.3
QUARTERLY PERFORMANCE
(EURm) 1-3/ 4-6/ 7-9/ 10-12/ 1-3/ 4-6/
2003 2003 2003 2003 2004 2004
Consolidated turnover
Raisio Nutrition 94.6 110.4 108.5 104.4 91.1 108.5
Raisio Life Sciences 6.3 8.3 8.5 11.0 11.8 13.7
Raisio Chemicals 103.2 109.4 105.4 104.3 106.5 77.1
Interdivisional -3.0 -3.3 -3.8 -3.6 -3.9 -3.1
Turnover, total 201.0 224.8 218.7 216.1 205.6 196.2
Consolidated operating result
Raisio Nutrition -1.4 -2.4 1.3 -9.2 -1.5 -18.8
Raisio Life Sciences -1.6 -1.7 -2.0 -0.2 0.6 -7.8
Raisio Chemicals -3.2 -0.1 2.9 2.2 1.9 1.7
Others -0.6 0.5 1.0 0.1 -0.3 220.3
Operating result, total -6.7 -3.7 3.2 -7.1 0.7 195.4
Financial items -2.5 -2.5 -4.2 -3.7 -3.0 -3.0
Result before extraordinary
items and taxes -9.2 -6.3 -1.0 -10.8 -2.3 192.4
Extraordinary items 0.0 0.0 0.0 0.0 0.0 0.0
Result before taxes -9.2 -6.3 -1.0 -10.8 -2.3 192.4
Income taxes 0.0 0.2 -1.0 2.2 -2.0 -2.4
Minority interest -0.1 -0.2 -0.4 -0.2 0.0 -1.0
Consolidated result for the period
-9.3 -6.2 -2.4 -8.8 -4.3 189.0
