RAISIO PLC INTERIM REPORT 1 January - 30 June 2006
Raisio plc Stock Exchange Release 1 August 2006 at 11.00 a.m. Finnish time
RAISIO PLC INTERIM REPORT 1 January 30 June 2006
SECOND QUARTER RESULT IMPROVED OVER THE EARLY PART OF THE YEAR
Turnover continued on a moderate growth track
· Turnover grew by 2.1 per cent in AprilJune, amounting to EUR
115.3 million (EUR 112.9 million in AprilJune 2005).
· Operating result totalled EUR 1.5 million (EUR 2.9 million),
including a one-off income item of EUR 1.8 million.
· Turnover growth is expected to continue in the latter part of
the year. The full-year operating result is expected to fall
slightly short of the previous years result excluding one-off
items.
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 for this Interim
Report as it did for the 2005 annual financial statements. The
information presented in the Interim Report has not been audited.
Figures for the comparison period are given in brackets.
Key figures, result
4-6/2006 4-6/2005 1-6/2006 1-6/2005 2005
Turnover, EUR million 115.3 112.9 214.6 211.0 434.6
Operating result,
EUR million -0.3* 2.9 -1.8* 7.0 9.1*
% of turnover - 2.6 - 3.3 2.1*
Result before taxes,
EUR million 0.1* 3.9 -0.9* 8.8 10.9*
Earnings per share, EUR 0.00* 0.02 -0.01* 0.04 0.05*
* Excluding one-off items
Key figures, balance sheet
30.6.2006 30.6.2005 31.12.2005
Return on investment, % 1.0 4.6 -1.3
Equity ratio, % 79.5 78.1 76.8
Gearing, % -14.7 -26.4 -25.0
Equity per share, EUR 1.99 2.13 2.06
CEO Rabbe Klemets:
"The second quarter result improved over the first quarter in
several business areas. Turnover in the food business developed
positively, increasing by over four per cent. However, significant
inputs in product development and numerous product launches, all
of which aim to secure Raisio's future business opportunities,
weakened the company's profit development. As expected, the
operating result remained at the break-even level, but is in the
latter part of the year estimated to improve considerably from
early part of the year.
Raisio made two significant investment decisions in the second
quarter. The company will construct an oat meal plant in
Tatarstan, Russia and transfer its northernmost feed plant in
Finland from Oulu to Ylivieska. The feed plant's capacity will be
doubled in the process. Totalling some EUR 30 million, these
investments will enable enhanced production and provide logistical
benefits. The oat meal plant will be completed in 2007 and the
feed plant in 2008."
RESULT
Raisio made changes to its organisational structure, effective as
of 1 May 2006. The organisation now consists of four divisions:
Food, Feed & Malt, Ingredients and Diagnostics. The four-segment
model will be adopted in the third quarter financial reporting.
This interim report still deals with Raisio's old segments: Raisio
Nutrition (Food and Feed & Malt) and Raisio Life Sciences
(Ingredients and Diagnostics).
The Group's turnover in AprilJune totalled EUR 115.3 million (EUR
112.9 million). The turnover of Raisio Nutrition was EUR 101.0
million (EUR 98.4 million) and that of Raisio Life Sciences EUR
16.1 million (EUR 16.1 million).
Raisios turnover for JanuaryJune amounted to EUR 214.6 million
(EUR 211.0 million), of which turnover from outside Finland
represented 40.1% (37.5 %), or EUR 86.1 million (EUR 79.2
million).
The Group's operating result in AprilJune totalled EUR 1.5
million (EUR 2.9 million). The second quarter figures include a
one-off income item of EUR 1.8 million resulting from the
contractual lease transfer of the plot that Raisio's feed plant in
Oulu is currently located on. Raisio Nutrition recorded an
operating result of EUR 1.2 million (EUR 3.2 million), Raisio Life
Sciences EUR 1.8 million (EUR 1.7 million) and other operations
EUR -1.5 million (EUR -2.0 million). Depreciations, allocated to
operations in the income statement, amounted to EUR 5.6 million
(EUR 6.0 million) in AprilJune and to EUR 11.1 million (EUR 12.1
million) in JanuaryJune. Operating result in JanuaryJune
totalled EUR 0.0 million (EUR 7.0 million).
The second quarter result before taxes was EUR 1.9 million (EUR
3.9 million), while that of JanuaryJune was EUR 1.0 million (EUR
8.8 million). Raisios net financial income in AprilJune totalled
EUR 0.5 million (EUR 1.0 million), and EUR 1.1 million (EUR 1.8
million) in JanuaryJune.
The result for the financial period AprilJune amounted to EUR 1.3
million (EUR 2.5 million) and that of JanuaryJune to EUR 0.5
million (EUR 6.1 million).
Earnings per share in AprilJune amounted to EUR 0.01 (EUR 0.02)
and in JanuaryJune to EUR 0.00 (EUR 0.04).
Cash flow from business operations in the second quarter was EUR
0.8 million (EUR 2.7 million) and EUR -6.7 million (EUR -10.7
million) in JanuaryJune.
BALANCE SHEET AND FINANCIAL POSITION
The balance sheet total at the end of June was EUR 418.4 million
(EUR 452.5 million on 31 December 2005) and the equity of parent
company shareholders EUR 318.8 million (EUR 332.0 million on 31
December 2005). Equity per share at the end of June was EUR 1.99
(EUR 2.06 on 31 December 2005).
The Groups net interest-bearing debt at the end of June was EUR
-48.8 million (EUR -86.8 million on 31 December 2005). The equity
ratio at the end of June was 79.5% (76.8 % on 31 December 2005),
and the gearing ratio -14.7% (-25.0% on 31 December 2005).
Working capital rose to EUR 106.5 million (EUR 86.6 million on 31
December 2005), boosted by an increase in sales receivables
especially in the malt business. Raisios gross investments in
AprilJune totalled EUR 6.7 million (EUR 17.4 million), and EUR
14.1 million (EUR 22.1 million) in JanuaryJune. The largest
single investments were equipment and machinery for the pure oats
plant and the expansion of capacity at the stanol ester plant.
In February 2006, the tax office for major corporations informed
Raisio plc that the representative of the tax authority had
appealed against the 2004 taxation in which the tax authorities
considered the proceeds of the divestment of Raisio Chemicals to
be exempt from tax. The divestment resulted in a sales profit of
approximately EUR 220 million. In Raisios opinion, the sales
profit is exempt of tax corporate and capital tax approved in
2004. Raisio submitted its response in March 2006 and the matter
is still processed by the Assessment Adjustment Board.
BUSINESS AREAS
Raisio Nutrition
Raisio Nutrition's turnover in AprilJune totalled EUR 101.0
million (EUR 98.4 million). Turnover increased in the Polish and
Russian food businesses and in the malt business. Margarine sales
continued to decrease in Sweden, and feed sales decreased
following the downward trend on the overall market. Raisio
Nutrition's turnover in JanuaryJune totalled EUR 186.6 million
(EUR 184.2 million).
In May, Raisio launched approximately 30 new products in Finland,
the most significant ones being the Provena pure oat products
suitable for gluten-free diets. Raisio's Elovena oat cookies came
out on top in the retail trade desserts category of the Finnish
Food Product of the Year 2006 contest, arranged by the Finnish
Food and Drink Industries' Federation.
Raisio strengthened its market position in the Finnish retail
trade in the first half of 2006 in both margarines and pasta
products. No significant changes were recorded in bakery and
industrial products or catering products. Raisio maintained its
good market position in Poland, but saw a further decline in the
Swedish margarine markets.
In Russia, Raisio's sales increased by approximately 10 per cent
as expected. In order to better respond to the challenges arising
from the rapid formation of store chains in Russia, Raisio decided
to build margarine and flake warehouses next to the margarine
plant in Istra. The margarine warehouse came on line in June. In
Estonia, Raisio has achieved market leadership in all of the
product groups it represents.
A slight drop was recorded in the overall feed market, but Raisio
maintained its market position. The decrease in farm feed exports
to Russia resulted mainly from consumer reactions to the avian
flu. ZAO Scandic Feed, the fifty-fifty owned joint venture of
Raisio and Lännen Tehtaat, has acquired the control of ZAO Tosno
Feed Factory specialized in feed production and marketing. The
factory is located in Tosno town near St. Petersburg. The
competition authorities in Russia have given a permission to the
deal. Final closing of the deal is expected during the autumn.
The sales volume of malt improved by 60 per cent over the
comparison period, but prices were lower. Most of the growth came
from export. While both competition and pricing remained stiff,
small signs of improvement are detected.
Raisio Nutrition turnover, EUR million
4-6/2006 4-6/2005 1-6/2006 1-6/2005 2005
Food 54.3 52.1 105.0 102.2 210.2
Margarine products 29.9 28.6 58.0 56.9 117.9
Milling products 18.0 18.5 37.6 36.6 77.0
Potato products 4.9 5.7 8.3 10.3 18.5
Soy-oat products 0.8 - 1.4 - -
Other 0.1 - 0.1 - -
Internal sales 0.7 -0.8 -0.3 -1.6 -3.1
Feed and malt 50.3 50.6 88.9 90.1 186.2
Feeds 40.8 43.9 76.9 80.1 163.6
Malt 8.5 5.7 10.8 8.7 21.4
Other 1.2 1.2 1.4 1.8 2.0
Internal sales -0.1 -0.2 -0.2 -0.5 -0.8
Internal Sales
in Raisio Nutrition -3.4 -4.3 -7.3 -8.1 -15.9
Total 101.0 98.4 186.6 184.2 380.6
Raisio Nutrition's operating result including a one-off income
item of EUR 1.8 million amounted to EUR 1.2 million (EUR 3.2
million) in AprilJune. Operating result in JanuaryJune was
EUR -0.2 million (EUR 5.8 million).
Significant inputs in research and product development, as well as
new product launches, burdened the result in the food business.
The demand for soy-oat based fresh products has been clearly
weaker than expected. While the increasing demand for bio diesel
contributed to high rapeseed oil prices, the increase in the price
of rapeseed seed ate away at the profitability of processing, thus
weakening the result of Raisio's oil milling industry, which is
part of feed business. Corrective measures in the food potato and
malt businesses helped to bring their results close to break-even.
Raisio Life Sciences
Raisio Life Sciences recorded a turnover of EUR 16.1 million (EUR
16.1 million) in the second quarter. While the volume of
ingredients sales increased slightly, the sales prices in some
geographic areas were lower than those in the comparison period.
Turnover in JanuaryJune totalled EUR 31.5 million (EUR 29.5
million).
Raisio Life Sciences turnover, EUR million
4-6/2006 4-6/2005 1-6/2006 1-6/2005 2005
Ingredients 13.8 13.8 27.0 25.0 50.2
Diagnostics 2.3 2.4 4.5 4.5 8.8
Total 16.1 16.1 31.5 29.5 59.0
The operating result of Raisio Life Sciences was EUR 1.8 million
(EUR 1.7 million) in the second quarter. Material expenses, which
were lower than those in the comparison period, improved the
result in ingredients business. The diagnostics business remained
in the red. In the JanuaryJune period, Raisio Life Sciences
booked an operating result of EUR 3.1 million (EUR 3.9 million),
which corresponds to 9.8 per cent of turnover.
The new capacity of the stanol ester plant in Raisio came on line
in June. Benecol products were launched in Turkey in July.
In the diagnostics business the name change from Diffchamb to
Raisio Diagnostics was adopted by all subsidiaries.
RESEARCH AND DEVELOPMENT
In the second quarter, Raisio introduced some 30 new food products
on the Finnish market. Research and development costs amounted to
EUR 2.9 million (EUR 2.8 million) in the second quarter, and to
EUR 5.5 million (EUR 5.0 million) in January-June, representing
2.6 per cent of turnover.
PERSONNEL
Raisio employed 1,502 people at the end of June (1,396 on 31
December 2005), 31.3% of whom worked outside Finland (33.0% on 31
December 2005). The increase in the company's headcount results
from the approximately 120 summer employees hired by Raisio.
At the end of June, Raisio Nutrition had 1,136, Raisio Life
Sciences 155, R&D 115 and Group administration 96 employees.
Ilari Antila, M.Sc., has been appointed President of Raisio
Diagnostics.
SHARES AND SHAREHOLDERS
The number of Raisio plc's free shares traded on the Helsinki
Stock Exchange in JanuaryJune totalled 28.1 million (70.1
million). The value of trading was EUR 58.3 million (EUR 157.6
million), and the average price was EUR 2.07 (EUR 2.25). The
closing price on 30 June 2006 was EUR 1.66. The price of free
shares was down 26.6 per cent from the beginning of the year.
A total of 881,086 restricted shares (1,021,595) were traded in
January-June. The value of trading was EUR 1.8 million (EUR 2.4
million), and the average price was EUR 2.01 (EUR 2.31). The
closing price on 30 June 2006 was EUR 1.62. The price of
restricted shares was down 29.0% from the beginning of the year.
On 30 June 2006, Raisio had 41,306 registered shareholders (42,953
on 31 December 2005). Of all shares, 17.2% were in foreign holding
(16.2% on 31 December 2005). The corresponding value for free
shares is 21.8% (20.5% on 31 December 2005).
Raisios market capitalization at the end of June amounted to EUR
272.8 million (EUR 373.9 million on 31 December 2005).
The information of the repurchase of own shares published in the
first quarter Interim Report has not changed as the share
repurchasing ended in March 2006. The Annual General Meeting
granted the Board of Directors an authorisation to dispose all of
the company shares held by Raisio, that is 4,930,500 free shares
and 41,200 restricted shares. This authorisation has not been
used.
OUTLOOK
Turnover growth is expected to continue in the latter part of the
year.
The full-year operating result is expected to fall slightly short
of the previous years result excluding one-off items.
Raisio, 1 August 2006
Raisio plc
Board of Directors
Further information:
Rabbe Klemets, CEO, tel. +358 (0)400 821 614
Taru Narvanmaa, Executive Vice President, Communications and
Investor Relations, tel. +358 (0)50 590 9398
Jyrki Paappa, Chief Financial Officer, tel. +358 (0)50 556 6512
A press conference will be held on 1 August 2006 at 1:00 p.m.
Finnish time at Raisio's headquarters at Raisionkaari 55, Raisio.
A teleconference in English will be held on 1 August 2006 at 3:00
p.m. Finnish time, tel. +358 (0)9 8248 3015, PIN code 3419.
INCOME STATEMENT (EUR million)
1-6/06 1-6/05 2005
Turnover 214.6 211.0 434.6
Cost of sales -174.9 -165.7 -363.4
Gross profit 39.7 45.3 71.2
Other operating income and expenses, net -39.7 -38.3 -82.1
Operating result 0.0 7.0 -10.9
Financial income and expenses, net 1.1 1.8 4.4
Share of result of associated
companies and joint ventures -0.1 0.0 -0.8
Result before taxes 1.0 8.8 -7.3
Income tax -0.5 -2.7 1.9
RESULT FOR THE PERIOD 0.5 6.1 -5.4
Attributable to:
Equity holders of the parent company 0.2 5.9 -6.0
Minority interest 0.3 0.2 0.6
Earnings per share from the profit
attributable to equity holders
of the parent company (EUR) 0.00 0.04 -0.04
The taxes reported in the income statement are based on the
proportion of estimated full-year taxes corresponding to the
result for the review period.
ONE-OFF ITEMS (EUR million)
1-6/06 1-6/05 2005
Raisio Nutrition
Write-downs 0.0 0.0 -15.9
Compensation resulting from the
contractual lease transfer 1.8 0.0 0.0
Raisio Life Sciences
Write-downs 0.0 0.0 -5.1
Other operations 0.0 0.0 1.0
Impact on result for the period 1.8 0.0 -19.9
Financial items 0.0 0.0 1.7
Impact on result 1.8 0.0 -18.2
BALANCE SHEET (EUR million)
30.6.06 30.6.05 31.12.05
Non-current assets
Intangible assets 13.8 11.6 13.4
Goodwill 11.7 16.6 11.6
Tangible assets 131.9 133.5 130.5
Shares in associated companies
and joint ventures 4.8 5.4 4.9
Financial assets available for sale 2.2 8.4 2.2
Receivables 8.0 7.5 6.2
Deferred tax assets 13.2 8.4 12.3
Current assets
Inventories 77.5 73.5 73.9
Accounts receivables and
other receivables 81.4 69.0 74.7
Financial assets at fair value
through profit or loss 64.6 131.1 117.0
Cash in hand and at banks 9.5 5.6 5.8
Total assets 418.4 470.6 452.5
Equity attributable to equity
holders of the parent company
Share capital 27.8 27.8 27.8
Own shares -11.4 0.0 -8.7
Other equity attributable to
equity holders of the parent company 302.4 324.0 312.9
Minority interest 13.1 14.9 15.3
Deferred tax liabilities 9.1 10.7 8.7
Pension liabilities 0.4 0.7 0.4
Non-current interest-bearing liabilities 5.4 16.6 12.9
Accounts payable and other liabilities 52.3 53.3 60.5
Current interest-bearing liabilities 19.4 22.6 22.8
Total equity and liabilities 418.4 470.6 452.5
CHANGES IN GROUP EQUITY (EUR million)
Sha- Sha- Re- Ot- Own Trans- Fair Re- To- Mino- To-
re re ser- her sha- lati- value tai- tal rity tal
ca- pre- ve re- res on re- ned in-
pi- mium fund ser- diffe- ser- ear- te-
tal re- ves ren- ve nings rest
serve ces
Equity at
1.1.2005
27.8 2.9 88.6 0.0 0.0 -2.2 0.0 261.0 378.1 14.7 392.8
Effects of
adopting
IAS 32 and IAS
39 - - - - - - 0.3 -0.3 0.0 - 0.0
Dividends
paid - - - - - - - -34.7 -34.7 - -34.7
Changes in
translation
differen-
ces - - - - - 2.7 - - 2.7 - 2.7
Exchange differences
from receivables
considered to be
net investments
from a foreign
unit - - - - - -0.4 - - -0.4 - -0.4
Tax of
previous
- - - - - 0.1 - - 0.1 - 0.1
Cash flow
hedges
Transferred to
the equity
with taxes
deducted
- - - - - - -0.1 - -0.1 - -0.1
Transferred to
income statement
with taxes
deducted
- - - - - - -0.1 - -0.1 - -0.1
Investments available
for sale
Gains from
recognition
at fair value
less taxes
- - - - - - 0.3 - 0.3 - 0.3
Net profit
for review
period- - - - - - - 5.9 5.9 0.2 6.1
Other
changes
- - 0.0 - - - - 0.0 0.0 0.0 0.0
Equity at
30.6.2005
27.8 2.9 88.6 0.0 0.0 0.2 0.4 231.9 351.8 14.9 366.7
Equity at
1.1.2006
27.8 2.9 88.6 0.0 -8.7 1.3 0.0 220.1 332.0 15.3 347.3
Dividend
paid - - - - - - - -8.0 -8.0 -2.5 -10.5
Changes in
translation
differen-
ces - - - - - -2.5 - - -2.5 0.0 -2.5
Repurchase
of own
shares- - - - -2,6 - - - -2,6 - -2,6
Exchange differences
from receivables
considered to be
net investments
from a foreign
unit - - - - - 0.1 - - 0.1 - 0.1
Tax of
previous
- - - - - 0.0 - - 0.0 - 0.0
Cash flow
hedges
Transferred to
the equity
with taxes
deducted
- - - - - - -0.2 - -0.2 - -0.2
Transferred to
income statement
with taxes
deducted
- - - - - - 0.0 - 0.0 - 0.0
Net profit
for review
period- - - - - - - 0.2 0.2 0.3 0.5
Other
changes
- - - - - - - 0.0 0.0 - 0.0
Equity at
30.6.2006
27.8 2.9 88.6 0.0-11.4 -1.2 -0.2 212.3 318.8 13.1 331.8
CASH FLOW STATEMENT(EUR million)
1-6/06 1-6/05 2005
Cash flow before change
in working capital 9.5 19.0 34.5
Change in working capital -17.5 -29.1 -27.0
Financial items and taxes 1.4 -0.6 -1.9
Cash flow from business operations -6.7 -10.7 5.6
Investments -17.2 -22.7 -48.6
Proceeds from sale of fixed assets 0.0 0.2 8.3
Cash flow from investments -17.1 -22.6 -40.3
Change in non-current loans -9.3 -9.3 -14.0
Change in current loans -1.3 -0.5 -0.3
Repurchase of own shares -2.6 0.0 -8.6
Dividends paid to equity holders
of the parent company -8.0 -34.7 -34.5
Dividends paid to minority interests -2.5 0.0 0.0
Cash flow from financial operations -23.7 -44.5 -57.4
Adjustment to translation difference -0.5 -0.3 -0.3
Change in liquid funds -47.9 -78.1 -92.4
Liquid funds at the beginning
of the period 122.9 214.1 214.1
Impact of change in market value on
liquid funds -0.9 0.6 1.2
Liquid funds at the end of the period 74.1 136.7 122.9
TURNOVER BY SEGMENT (EUR million)
1-6/06 1-6/05 2005
Raisio Nutrition 186.6 184.2 380.6
Raisio Life Sciences 31.5 29.5 59.0
Other operations 0.3 0.5 1.3
Interdivisional turnover -3.7 -3.2 -6.3
Total turnover 214.6 211.0 434.6
OPERATING RESULT BY SEGMENT (EUR million)
1-6/06 1-6/05 2005
Raisio Nutrition -0.2 5.8 -7.3
Raisio Life Sciences 3.1 3.9 2.4
Other operations -2.9 -2.6 -5.8
Eliminations 0.0 -0.2 0.0
Total operating result 0.0 7.0 -10.9
NET ASSETS BY SEGMENT (EUR million)
30.6.06 30.6.05 31.12.05
Raisio Nutrition 189.0 178.7 167.3
Raisio Life Sciences 52.6 52.5 57.0
Other operations and unallocated items 90.2 135.5 123.0
Total net assets 331.8 366.7 347.3
INVESTMENTS BY SEGMENT (EUR million)
1-6/06 1-6/05 2005
Raisio Nutrition 10.6 16.4 36.2
Raisio Life Sciences 2.2 2.6 6.3
Other operations 1.5 6.7 10.3
Eliminations -0.2 -3.6 -3.6
Total investments 14.1 22.1 49.3
TURNOVER BY MARKET AREA (EUR million)
1-6/06 1-6/05 2005
Finland 128.5 131.8 272.5
Poland 22.0 17.7 36.6
Russia 16.6 12.8 31.3
Other Europe 44.0 46.2 86.4
ROW 3.5 2.5 7.6
Total 214.6 211.0 434.6
QUARTERLY PERFORMANCE (EUR million)
4-6/ 1-3/ 10-12/ 7-9/ 4-6/ 1-3/
2006 2006 2005 2005 2005 2005
Turnover of
Raisio Nutrition 101.0 85.6 99.0 97.4 98.4 85.9
Turnover of
Raisio Life Sciences 16.1 15.4 15.1 14.4 16.1 13.4
Turnover of
other operations 0.1 0.2 0.6 0.3 0.3 0.2
Interdivisional turnover -1.9 -1.8 -1.7 -1.4 -1.8 -1.4
Total turnover 115.3 99.3 112.9 110.7 112.9 98.1
Operating result
of Raisio Nutrition 1.2 -1.4 -16.5 3.4 3.2 2.6
Operating result
of Raisio Life Sciences 1.8 1.3 -3.3 1.7 1.7 2.2
Operating result
of other operations -1.5 -1.4 -1.8 -1.5 -2.0 -0.6
Eliminations 0.0 0.0 -0.1 0.2 0.0 -0.1
Total operating results 1.5 -1.5 -21.6 3.8 2.9 4.1
Share of result
of associated companies -0.1 0.0 -0.5 -0.3 0.0 -0.1
Segment results 1.4 -1.5 -22.1 3.5 2.9 4.0
Financial income
and expenses, net 0.5 0.6 0.5 2.1 1.0 0.8
Result before taxes 1.9 -0.9 -21.7 5.6 3.9 4.8
Income tax -0.6 0.0 6.1 -1.5 -1.4 -1.3
Result for the period 1.3 -0.9 -15.6 4.1 2.5 3.5
KEY INDICATORS
30.6.06 30.6.05 31.12.05
Return on equity, ROE, % 0.3 3.2 -1.5
Return on investment, ROI, % 1.0 4.6 -1.3
Interest-bearing liabilities
at the end of the period, EURm 25.2 39.9 36.1
Gross investments, EURm 14.1 22.1 49.3
% of turnover 6.6 10.5 11.3
R & D expenses, EURm 5.5 5.0 10.3
% of turnover 2.6 2.4 2.4
Average personnel 1,415 1,406 1,414
Equity ratio, % 79.5 78.1 76.8
Gearing, % -14.7 -26.4 -25,0
Earnings/share, EUR* 0.00 0.04 -0.04
Cash flow from operations/share, EUR* -0.04 -0.06 0.03
Equity/share, EUR* 1.99 2.13 2.06
Average number of shares
during the period, in 1,000s*
Free shares 126,034 130,585 129,694
Restricted shares 34,526 34,564 34,556
Total 160,560 165,149 164,250
Average number of shares at the
end of the period, in 1,000s*
Free shares 125,655 130,585 126,848
Restricted shares 34,522 34,564 34,533
Total 160,177 165,149 161,381
Market capitalisation of shares at the
end of the period, EURm
Free shares 216.8 318.6 295.1
Restricted shares 56.0 83.6 78.8
Total 272.8 402.2 373.9
*Number of shares without own shares
CONTINGENT LIABILITIES (EUR million)
30.6.06 30.6.05 31.12.05
Assets given for security
For the company
Mortages on real estate 16.9 16.9 16.9
Securities pledged 0.0 0.0 0.0
Corporate mortgages 34.2 34.1 33.8
Contingent off-balance sheet liabilities
Non-cancellable other leases
Minimum lease payments 2.3 2.6 2.8
Contingent liabilities for the Company 1.5 1.5 1.5
Contingent liabilities for
associated companies
Guarantees 2.9 0.0 0.0
Contingent liabilities for others
Guarantees 0.0 0.0 0.0
Other liabilities 2.1 1.3 1.6
DERIVATIVE CONTRACTS (EUR million)
30.6.06 30.6.05 31.12.05
Nominal values of derivative contracts
Raw material futures 2.6 3.0 2.6
Currency forward contracts 35.8 31.6 34.9
