SRV'S ORDER BACKLOG CONTINUED TO GROW - SRV'S INTERIM REPORT 1 JANUARY-30 JUNE 2010
SRV GROUP PLC INTERIM REPORT 5 August 2010, 8.30 a.m. EET
Reporting period 1 January-30 June 2010 in brief:
- SRV's revenue was EUR 212.3 million (EUR 183.1 million in January-June 2009),
change 16.0%
- Operating profit was EUR 3.1 million (EUR 5.7 million), change 46.4% negative
- Profit before taxes was EUR 0.0 million (EUR 3.3 million)
- The order backlog at the close of the review period was EUR 604.4 million (EUR
461.1 million), change 31.1%
- New contracts EUR 327.3 million (EUR 189.5 million), change 72.7%
- The equity ratio was 35.1 per cent (40.1%)
- Earnings per share were EUR 0.01 (EUR 0.04)
- SRV adheres to the previous outlook for 2010. Revenue in 2010 is expected to
exceed the previous year's level and profit before taxes is expected to be
positive.
Second quarter 1 April - 30 June 2010 in brief:
- Revenue amounted to EUR 117.3 million (EUR 96.0 million in April - June 2009)
- Operating profit was EUR 1.5 million (EUR 3.9 million)
- Loss before taxes was EUR -0.1 million (profit EUR 2.9 million)
- Earnings per share were EUR 0.02 (EUR 0.04)
The interim report has been prepared in accordance with IAS 34. The disclosed
information is unaudited.
“SRV's efforts on customer acquisition and residential construction have
produced results. Order backlog grew to all time high in SRV's history amounting
to EUR 604 million. The volume of new contracts grew by 72.7 per cent. The
development of the order backlog in Business Premises was especially positive,
which grew by 59.7 per cent. The position of SRV has strengthened in residential
construction as planned. SRV started the construction of 300 developer
contracting housing units in the first half of the year, this surpasses the
total number of start-ups in 2009. The economic recession put further on hold
the start-ups in SRV's international operations and weakened the development of
the order backlog in the segment.
In the first half of the year, SRV's revenue grew by 16% thanks to the positive
trend in the volume of domestic construction. SRV's operating profit and
financial result declined due to decline in volume and growth of operating
profit in international operations.
Revenue and order backlog in SRV's Business Premises grew during the first half
of the year. The growth of the order backlog proves that SRV's robust expertise
in implementation, and our reputation as a reliable construction firm, support
new customer acquisition also in a tight market situation. The profitability of
the business area was good.
The positive trend in the Housing business area continued. Its revenue and
operating profit improved, thanks to the growth in contract production volumes
and housing sales. SRV sold a total of 197 housing units to consumers (78 units
in January-June 2009). Demand for housing is also directed towards projects
under construction and as a result of premarketing outcome, SRV has decided to
start the construction of another 110 residential units.
In our Russian operations, start-ups of projects under development were
postponed. The Russian financial and property markets are gradually recovering.
In order to further boost our growth strategy, we have diversified our business
model. Besides developing implementation of SRV's current projects, we are
seeking growth by placing emphasis on the preparation of the first investment
sites for the property fund, as well as the development of a shopping centre to
be realised in cooperation with Shanghai Industrial Investment Group.
SRV's result is not on a satisfactory level due to postponement of projects in
the International Business Area. We will now focus our efforts on start-up of
key projects in order to raise the volume of the segment to the level required
by its cost level.
“SRV boasts strong innovative project development, and we will continue our
efforts on it by utilising the support from the company's solvency and financing
position. Even though the business premises market is challenging, I believe
that through project development SRV can start projects that are important to
the business activities of our clients. As an example of successful result of
persistence we can mention the Karisto shopping centre project, the construction
contract for which was signed in June. In the domestic housing production our
aim is to raise our market share in the growth centres. Of the long-term
possibilities offered by project development we can mention, among others, the
Keilaniemi Towers project, the future metro station in Niittykumpu district in
Espoo and the project for planning the land use of the neighbouring areas, as
well as the Sitra's Low2No project with the aim to develop and implement a
solution for the construction of low carbon or no-carbon sustainable urban
environment”, says Jukka Hienonen, CEO of SRV.
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| Group key figures | IFRS | IFRS | | | IFRS | IFRS | IFRS |
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| (EUR million) | 1-6/ | 1-6/ | chang | change | 4-6/ | 4-6/ | 1-12/ |
| | 2010 | 2009 | e, | ,% | 2010 | 2009 | 2009 |
| | | | MEUR | | | | |
--------------------------------------------------------------------------------
| Revenue | 212.3 | 183. | 29.3 | 16.0 | 117.3 | 96.0 | 390.5 |
| | | 1 | | | | | |
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| Operating profit | 3.1 | 5.7 | -2.6 | -46.4 | 1.5 | 3.9 | 10.7 |
--------------------------------------------------------------------------------
| Financial income | -3.0 | -2.5 | -0.6 | | -1.6 | -1.0 | -4.2 |
| and expenses. total | | | | | | | |
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| Profit before taxes | 0.0 | 3.3 | -3.2 | -98.9 | -0.1 | 2.9 | 6.5 |
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| Order backlog | 604.4 | 461. | 143.2 | 31.1 | | | 481.6 |
| | | 1 | | | | | |
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| New agreements | 327.3 | 189. | 137.7 | 72.7 | 186.7 | 98.2 | 396.1 |
| | | 5 | | | | | |
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| Operating profit. % | 1.4 | 3.1 | | | 1.3 | 4.1 | 2.7 |
--------------------------------------------------------------------------------
| Net profit. % | 0.0 | 0.8 | | | 0.6 | 1.6 | 0.7 |
--------------------------------------------------------------------------------
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| Equity ratio. % | 35.1 | 40.1 | | | | | 41.3 |
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| Net interest | 216.7 | 186. | | | | | 179.9 |
| bearing debt | | 8 | | | | | |
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| Gearing. % | 142.3 | 116. | | | | | 109.8 |
| | | 6 | | | | | |
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| Return on | 2.1 | 4.0 | | | | | 4.9 |
| investment. % 1) | | | | | | | |
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| Return on equity. % | 0.1 | 1.8 | | | | | 1.8 |
| 1) | | | | | | | |
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| | | | | | | | |
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| Earnings per share. | 0.01 | 0.04 | | | 0.02 | 0.04 | 0.08 |
| EUR | | | | | | | |
--------------------------------------------------------------------------------
| Equity per share. | 4.38 | 4.44 | | | | | 4.48 |
| EUR | | | | | | | |
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| Weighted average | 33.9 | 36.2 | | -6.2 | | | 36.0 |
| number of shares | | | | | | | |
| outstanding | | | | | | | |
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1) In calculating the key ratio only the profit for the period has been
annualised
Consolidated revenue was EUR 212.3 million (EUR 183.1 million in January-June
2009). of which Finland accounted for 97 per cent (93%) and Russia and the
Baltic countries for 3 per cent (7%). Revenue in the Business Premises business
area was EUR 131.5 million (EUR 100.9 million). Revenue in the Housing business
area was EUR 74.1 million (EUR 69.0 million). Revenue in the International
business area was EUR 6.7 million (EUR 13.2 million).
The Group's operating profit was EUR 3.1 million (EUR 5.7 million in
January-June 2009). Operating profit margin was 1.4 per cent (3.1%). Operating
profit in the Business Premises business area was EUR 9.0 million (EUR 10.6
million). Operating profit in the Housing business area was EUR 3.2 million (EUR
2.2 million). Operating loss in the International business area was EUR 6.1
million (operating loss of EUR 4.4 million).
The Group's profit before taxes was EUR 0.0 million (profit of EUR 3.3 million
in January-June 2009). The profit for the review period was EUR 0.1 million
(profit of EUR 1.5 million). Earnings per share were EUR 0.01 (EUR 0.04
positive). Return on equity was 0.1 per cent (1.8%) and return on investment was
2.1 per cent (4.0%).
The Group's revenue for the second quarter was EUR 117.3 million (EUR 96.0
million in April-June 2009) and operating profit EUR 1.5 million (EUR 3.9
million). Loss before taxes was EUR 0.1 million (profit of EUR 2.9 million).
Earnings per share were EUR 0.02 (EUR 0.04)
The order backlog grew by 31.1 per cent and was EUR 604.4 million on 30 June
2010 (EUR 461.1 million on 30 June 2009). The growth in the order backlog was
attributed by the 39.3 per cent growth of the portion of the sold production to
EUR 426 million (EUR 306.1 million on 30 June 2009). The start-ups of the
developer contracting housing projects raised the share of the unsold order
backlog to EUR 178 million (EUR 155 million on 30 June 2009).
Key figures for the Segments
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| | IFRS | IFRS | | | IFRS | IFRS | IFRS |
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| Revenue | 1-6/ | 1-6/ | chang | chang | 4-6/ | 4-6/ | 1-12/ |
| (EUR million) | 2010 | 2009 | e. | e.% | 2010 | 2009 | 2009 |
| | | | MEUR | | | | |
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| Business Premises | 131.5 | 100.9 | 30.5 | 30.2 | 76.8 | 46.1 | 208.0 |
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| Housing | 74.1 | 69.0 | 5.2 | 7.5 | 35.8 | 42.4 | 158.6 |
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| International | 6.7 | 13.2 | -6.5 | -48.9 | 4.8 | 7.6 | 24.0 |
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| Other Operations | 5.0 | 4.3 | 0.8 | 17.6 | 2.5 | 2.1 | 8.7 |
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| Eliminations | -5.1 | -4.3 | -0.7 | | -2.6 | -2.1 | -8.8 |
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| Group. total | 212.3 | 183.1 | 29.3 | 16.0 | 117.3 | 96.0 | 390.5 |
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| | IFRS | IFRS | | | IFRS | IFRS | IFRS |
--------------------------------------------------------------------------------
| Operating profit | 1-6/ | 1-6/ | chang | chang | 4-6/ | 4-6/ | 1-12/ |
| (EUR million) | 2010 | 2009 | e. | e.% | 2010 | 2009 | 2009 |
| | | | MEUR | | | | |
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| Business Premises | 9.0 | 10.6 | -1.6 | -14.9 | 4.7 | 4.6 | 18.0 |
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| Housing | 3.2 | 2.2 | 1.0 | 45.6 | 0.7 | 2.3 | 5.4 |
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| International | -6.1 | -4.4 | -1.7 | | -2.2 | -1.9 | -7.7 |
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| Other Operations | -2.8 | -2.6 | -0.2 | | -1.6 | -1.0 | -4.7 |
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| Eliminations | -0.2 | 0.0 | -0.2 | -641. | -0.1 | 0.0 | -0.3 |
| | | | | 2 | | | |
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| Group. total | 3.1 | 5.7 | -2.6 | -46.4 | 1.5 | 3.9 | 10.7 |
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| Operating profit | IFRS | IFRS | IFRS | IFRS | IFRS |
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| (%) | 1-6/2010 | 1-6/2009 | 4-6/2009 | 4-6/2008 | 1-12/2009 |
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| Business Premises | 6.8 | 10.5 | 6.1 | 10.0 | 8.6 |
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| Housing | 4.3 | 3.1 | 2.1 | 5.3 | 3.4 |
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| International | -90.6 | -33.5 | -46.6 | -25.6 | -32.1 |
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| Group. total | 1.4 | 3.1 | 1.3 | 4.1 | 2.7 |
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| Order backlog | IFRS | IFRS | muutos. | muutos. | IFRS |
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| (EUR million) | 30.6.09 | 30.6.08 | meur | % | 31.12.09 |
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| Business Premises | 358.2 | 224.3 | 133.8 | 59.7 | 255.3 |
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| Housing | 220.5 | 206.1 | 14.4 | 7.0 | 201.7 |
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| International | 25.7 | 30.7 | -5.0 | -16.2 | 24.6 |
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| Group. total | 604.4 | 461.1 | 143.2 | 31.1 | 481.6 |
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| - sold order | 426 | 306 | | | 317 |
| backlog | | | | | |
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| - unsold order | 178 | 155 | | | 165 |
| backlog | | | | | |
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Earnings trends of the Segments
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| | IFRS | IFRS | | | IFRS | IFRS | IFRS |
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| Business Premises | 1-6/ | 1-6/ | chang | chang | 4-6/ | 4-6/ | 1-12/ |
| | 2010 | 2009 | e. | e.% | 2010 | 2009 | 2009 |
| (EUR million) | | | MEUR | | | | |
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| Revenue | 131.5 | 100.9 | 30.5 | 30.2 | 76.8 | 46.1 | 208.0 |
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| Operating profit | 9.0 | 10.6 | -1.6 | -14.9 | 4.7 | 4.6 | 18.0 |
--------------------------------------------------------------------------------
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| Operating profit. | 6.8 | 10.5 | | | 6.1 | 10.0 | 8.6 |
| % | | | | | | | |
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| Order backlog | 358.2 | 224.3 | 133.8 | 59.7 | | | 255.3 |
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The Business Premises business area comprises SRV Toimitilat Oy's retail,
office, logistics and rock construction operations and property development.
Revenue in the Business Premises business area was EUR 131.5 million (EUR 100.9
million). Operating profit was EUR 9.0 million (EUR 10.6 million), generating an
operating profit margin of 6.8 per cent (10.5%). The order backlog grew by 59.7
per cent, to EUR 358.2 million (EUR 224.3 million).
Second-quarter revenue amounted to EUR 76.8 million (EUR 46.1 million) and
operating profit to EUR 4.7 million (EUR 4.6 million). Competition for new
contracts remained tight.
Among the projects completed during the review period were the first phase of
Malmi Hospital in Helsinki, the renovation of Kiinteistö Oy Niittymäentie 7 for
Ilmarinen Mutual Pension Insurance Company in Espoo alteration and renovation
works in the mail sorting department of Itella's postal centre in Pasila,
Helsinki, as well as the service tunnel and repair works on the second stage of
the University of Helsinki's Metsätalo Building in Unioninkatu, Helsinki. The
new equestrian center Primus in Espoo, the bus depot in Kivikko, Vantaa, and the
renovation and building of Mercuria business school in Vantaa were also
completed. The construction of Vierumäki Congress & Resort Hotel was completed
and handed over to Mutual Pension Insurance Company Varma.
In January, SRV signed a contract for the construction of the spa hotel Holiday
Club Saimaa in Lappeenranta. In addition to the hotel, the contract includes an
aqua park with a wellness area, a restaurant world and a multifunction ice
arena. The spa hotel will be completed in the summer of 2011. In January, SRV
and the Finnish Fair Corporation signed a contract for the heightening of the
Helsinki Fair Centre's car park, expanding it by approximately 1,200 new parking
spaces. The project will be completed by the end of 2010.
In February, Citycon Oyj chose SRV as its project management contractor for the
construction and renovation of Espoontori shopping centre. The total floor area
of the project is about 18,600 square metres and the renovation will be
completed by December 2010. In February, SRV and Helsinki University Premises
and Property Services signed a project management contract on the construction
and renovation of the Kaisa-talo building, a shopping centre in Kaisaniemenkatu,
Helsinki, which will be converted into the University's central campus library.
This 30,740 square metre project will be completed by 1 May 2012.
In June, SRV and Kesko signed the project management contract for the
construction of the shopping centre Karisma to be built in the Karisto district
in Lahti. SRV and Kesko have jointly developed the project and SRV will act as
the main contractor in the project. The total sales area in the shopping centre
is 35,000 square meters including a modern K-Citymarket and some 90 shops. The
shopping centre will open for Christmas 2011.
During the review period, contracts were also signed for the construction of new
car service and repair premises for ScanAuto in Hämeenlinna, the renovation of
the premises of the European Chemicals Agency in Annankatu, Helsinki, and the
renovation of the Jyväskylä Forum shopping centre owned by Citycon Oyj.
Moreover, SRV signed a contract with the City of Hyvinkää on the construction of
new premises for town hall in the Old Wool Factory. Contracts were also signed
with the Helsinki University Premises and Property Services for the completion
of the renovation of the Institute of Dentistry and the renovation of the
Accelerator Laboratory on the Kumpula campus, for construction of K-supermarket
for Ruokakesko in Espoo and for the extension works of an aviation service
hangar at the Helsinki-Vantaa airport.
After the end of the review period, SRV and Aro-Yhtymä Oy signed a project
management contract for the construction of a car sales room in Vantaa. The
earth works at the site will start in August and the 18,400 gross square meter
building will be completed towards the end of 2011.
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| | IFRS | IFRS | | | IFRS | IFRS | IFRS |
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| Housing | 1-6/ | 1-6/ | chang | chang | 4-6/ | 4-6/ | 1-12/ |
| (EUR million) | 2010 | 2009 | e. | e.% | 2010 | 2009 | 2009 |
| | | | MEUR | | | | |
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| Revenue | 74.1 | 69.0 | 5.2 | 7.5 | 35.8 | 42.4 | 158.6 |
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| Operating profit | 3.2 | 2.2 | 1.0 | 45.6 | 0.7 | 2.3 | 5.4 |
--------------------------------------------------------------------------------
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| Operating profit. | 4.3 | 3.1 | | | 2.1 | 5.3 | 3.4 |
| % | | | | | | | |
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| Order backlog | 220.5 | 206.1 | 14.4 | 7.0 | | | 201.7 |
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The Housing business area comprises housing construction in the Helsinki
Metropolitan Area and the neighbouring municipalities, in addition to regional
business operations. Besides housing, regional business operations include
commercial, business premises and logistics construction projects.
Revenue in the Housing business area amounted to EUR 74.1 million (EUR 69.0
million) in the review period and operating profit was EUR 3.2 million (EUR 2.2
million). This growth in revenue and operating profit was attributable to the
pickup in housing sales as well as the expansion of contract operation volumes.
The order backlog was EUR 220.5 million (EUR 206.1 million). For the developer
contracting housing projects SRV applies the recognition principle based upon
delivery. By using the earlier percentage of completion method the revenue for
the review period would have been around EUR 11.1 million bigger.
Second-quarter revenue amounted to EUR 35.8 million (EUR 42.3 million) and
operating profit EUR 0.7 million (EUR 2.3 million). During the second quarter
the housing sales concentrated more to production under construction. Planning
expenses of EUR 0.4 million, which were earlier activated, were recorded as
costs, because essential changes were made in the planning specifications,
affecting the second-quarter result.
During the review period, we signed contracts worth EUR 29.8 million with
external clients. Of the signed contracts, negotiation contracts amounted to EUR
17.0 million. In March, SRV completed a Scania centre in Jyväskylä and a
contract was signed with Scan-Auto for the construction of a new Scania centre
in Oulu for servicing large vehicles. We signed a contract with YH-Asumisoikeus
Länsi Oy for the construction of 28 right-of-occupancy flats in the Vatiala
district in Kangasala. These terraced houses will be completed in April 2011. In
Ylöjärvi, SRV will build two blocks of flats housing a total of 40 residential
units for AVO Vuokratalot Oy. Moreover, 28 flats n terraced houses will be built
for Suomen Asumisoikeus Oy in Kaarina. Contracts worth EUR 12.9 million that
were won through bidding competition were signed.
During the review period 300 (4) new housing units reached sales conditions and
were included in the order backlog. The number includes 142 price and quality
controlled owner-occupied HITAS apartments in Isolokki, which will be built in
Arabianranta, Helsinki. The selling will start in August. Construction of 29
flats in high-rise blocks was started in Kannelmäki, Helsinki, 57 flats in
Saunavuori, in Saunalahti, Espoo and 26 flats in Sello in Kaarina. Moreover, a
terraced-house project, Pirkkalan Sinisiipi, with 26 housing units was started
in Pirkanmaa and a terraced-house with 20 units, Marjalan Saunaranta, in
Joensuu.
In addition to projects that have reached the selling stage, SRV has decided to
start the construction of high-rise blocks in Matinkylä, Espoo and in Jyväskylä
as well as a terraced-house in Tampere. The projects include 110 housing units,
but they have not reached the selling stage and are not included in the order
backlog.
During the review period, SRV sold 293 (284) developer contracting units. 197
(78) units were sold to consumers, most of them in projects under construction.
With negotiation contracts, 96 (206) units were sold to investors. At the end of
the period, 547 (118) residential units were being constructed, 400 (100) of
which had not been sold. Of the unsold units 142 are in the HITAS-project in
Arabianranta, the selling of which will start in August. There were 105 (185)
completed but unsold units, 27 of which were rented at the period-end. A total
of 16 (151) developer contracting residential units were completed during the
review period. Based on the current completion schedules, SRV estimates that a
total of 116 developer contracting residential units will be completed by the
end of 2010.
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| Developer | 1-6/ | 1-6/ | change | 4-6/ | 4-6/ | 1-12/ |
| contracting housing | 2010 | 2009 | . | 2010 | 2009 | 2009 |
| production in | | | units | | | |
| Finland | | | | | | |
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| Start-ups | 300 | 4 | 296 | 300 | 0 | 251 |
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| Sold | 197 | 78 | 119 | 102 | 51 | 207 |
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| Completed | 16 | 151 | -135 | 0 | 93 | 252 |
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| Completed and unsold | 105 | 185 | -80 | | | 171 |
| 1) | | | | | | |
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| Under construction | 547 | 118 | 429 | | | 263 |
| 1) | | | | | | |
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| - of which unsold | 400 | 100 | 300 | | | 231 |
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1) at the end of the period
The S-Group's Kodin Terra hardware and home decor department store and ABC
service station in the Kolmenkulma business estate in Nokia were completed in
late spring. Major projects under construction include Musketööri in the
Kartanonkoski district of Vantaa (88 units) and Vantaan Martti in the
Martinlaakso district of Vantaa (67 units) and the HITAS-project Isolokki in
Arabianranta, Helsinki.
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| | IFRS | IFRS | | | IFRS | IFRS | IFRS |
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| International | 1-6/ | 1-6/ | chang | chang | 4-6/ | 4-6/ | 1-12/ |
| Operations | 2010 | 2009 | e. | e.% | 2010 | 2009 | 2009 |
| (EUR million) | | | MEUR | | | | |
--------------------------------------------------------------------------------
| Revenue | 6.7 | 13.2 | -6.5 | -48.9 | 4.8 | 7.6 | 24.0 |
--------------------------------------------------------------------------------
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| Operating profit | -6.1 | -4.4 | -1.7 | | -2.2 | -1.9 | -7.7 |
--------------------------------------------------------------------------------
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| Operating profit. | -90.6 | -33.5 | | | -46.6 | -25.6 | -32.1 |
| % | | | | | | | |
--------------------------------------------------------------------------------
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| Order backlog | 25.7 | 30.7 | -5.0 | -16.2 | | | 24.6 |
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International Operations comprises the business activities of the SRV
International subgroup in Russia and the Baltic countries.
Revenue in the International business area was EUR 6.7 million (EUR 13.2
million). The decrease in revenue was due to the small number of projects under
construction while the activities were focused on the development of our own
projects in Russia, in particular. Operating loss was EUR 6.1 million (a loss of
EUR 4.4 million). In addition to the small number of projects under
construction, operating profit was affected by the development costs of
developer contracting projects and the fixed costs of business operations.
Furthermore, a cost increase provision of EUR 1.9 million was made. The order
backlog was EUR 25.7 million (EUR 30.7 million).
Second-quarter revenue amounted to EUR 4.8 million (EUR 7.6 million) and
operating loss EUR 2.2 million (loss of EUR 1.9 million).
Russia
The leasing of the Etmia II office and parking facility project in the heart of
Moscow was continued. Around 50 per cent of the facilities are leased. SRV's
role in the project is to act as co-owner with a 50 per cent stake and as the
project management contractor.
In the Moscow area, construction of the electrical connection for the Mytischi
shopping centre project, which has been developed by SRV, will be completed
during the summer. The building permit for this project was obtained already in
the summer of 2009. The majority owner of the project is the Finnish real estate
investment company Vicus, with a 75 per cent stake. The final investment
decisions will be made after the financing of the project and negotiations with
the tenants have been concluded. SRV owns 25 per cent of the shopping centre
project and its total investments amount to EUR 7.9 million.
At the Sheremetyevo airport in Moscow, SRV began the renovation of the old
Aeroport hotel. This hotel, which will move under the Park Inn brand, is a
continuation of the cooperation SRV initiated in St. Petersburg with the hotel
owner, Wenaas Group. At the end of June a new contract was signed with Wenaas
Group for the renovation of some 200 rooms in the Pulkovskaya Hotel.
SRV continued the development of the roughly 8.5 hectare land area in St
Petersburg. The plans include the construction of office and retail space, as
well as hotel, restaurant and entertainment premises. Moreover, facilities will
be built for the IBI University. In January 2010, the Urban Planning and
Architectural Committee of St. Petersburg approved SRV's concept for the 600,000
square metre project, and site planning for phase I has begun. SRV has invested
about EUR 50 million in acquisition of land and properties in this area; further
investment in land acquisition is estimated at EUR 10 million. At the moment,
SRV owns 87.5 per cent of the project, but its ownership will decline to 77.5
per cent when all ownership arrangements have been completed according to the
cooperation contract.
The development of the Eurograd logistics area in St Petersburg continued. SRV
has 49 per cent ownership of the Russian company that possesses a plot of 24.9
hectares located north of St. Petersburg, in the immediate vicinity of the Ring
Road. Over 100,000 square metres of logistics facilities are planned for the
site, in several stages during the next few years. The zoning of the area for
logistics has been completed.
In the city of Vyborg, the intensified marketing campaign for the apartments in
the Papula residential area continued till the summer. A total of 10 housing
units have been sold while 28 units remained unsold at the end of the period.
During the review period, SRV had a particular focus on the analysis and
clarification of the investment sites of VTBC-DB Real Estate Partners I in
Moscow and St. Petersburg. The fund primarily invests in the construction of
offices, commercial premises, hotels and upscale housing in Moscow and St.
Petersburg. SRV's share of the investment commitments in the first phase is EUR
20 million. During the spring, Deutsche Bank announced its wishes to withdraw
from its position in the General Partner company due to tightened bank control
regulations. Deutsche Bank has been replaced with Ashmore Group Plc ("Ashmore"),
which became also a shareholder in the General Partner company and, together
with various funds it manages, a Limited Partner investor. The other investors
involved in the fund are VTB Capital and the Finnish pension insurance companies
Ilmarinen and Etera. VTB Capital and Ashmore act as sponsors and general
partners of the fund. Their tasks include identifying investments and arranging
financing for the projects. SRV acts both as an investor and project management
contractor with respect to the fund, through which it expects to receive at
least EUR 200 million worth of construction contracts.
During the spring, SRV continued the development of the shopping centre to be
built on the Baltic Pearl area. SRV and Shanghai Industrial Investment Company
(SIIC) established a joint project company OOO Pearl Plaza to develop the
project. SRV is responsible for the development and construction of the project.
During the review period, SRV signed a project management contract with OOO
Pearl Plaza for the design and development of the shopping centre. The
construction of the shopping centre will move ahead if a final investment
decision is made by 31 December. 2010. The shopping centre is part of a Baltic
Pearl development project, in which Baltic Pearl CJSC will use a land area of
over 205 hectares, located south-west of central St. Petersburg, for
development. This project is China's largest international investment project,
apart from oil and natural gas investments.
Baltic countries
Volumes in the Baltic business operation were low. In Estonia, 7 (4) residential
units were sold during the period and, all in all, there were 24 (37) completed
but unsold units at the end of the period. In Estonia, a cost increase provision
of EUR 1.0 million was made during the review period. In Latvia, the number of
staff was adjusted to the market situation.
Due to a delay in the financing of a construction contract between SRV and the
International School of Latvia, the project start-up has been postponed to the
end of 2010.
--------------------------------------------------------------------------------
| | IFRS | IFRS | | | IFRS | IFRS | IFRS |
--------------------------------------------------------------------------------
| Other Operations | 1-6/ | 1-6/ | chang | chang | 4-6/ | 4-6/ | 1-12/ |
| (EUR million) | 2010 | 2009 | e. | e.% | 2010 | 2009 | 2009 |
| | | | MEUR | | | | |
--------------------------------------------------------------------------------
| Revenue | 5.0 | 4.3 | 0.8 | 17.6 | 2.5 | 2.1 | 8.7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit | -2.8 | -2.6 | -0.2 | | -1.6 | -1.0 | -4.7 |
--------------------------------------------------------------------------------
Other Operations comprise mainly the SRV Group Plc and SRV Kalusto Oy
businesses.
The revenue of Other Operations during the review period was EUR 5.0 million
(EUR 4.3 million) and operating loss was EUR 2.8 million (a loss of EUR 2.6
million). Second-quarter revenue was EUR 2.5 million (EUR 2.1 million) and
operating loss EUR 1.6 million (a loss of EUR 1.0 million). The increase in
revenue was attributable to higher operation volumes and the decrease in
operating profit was attributable to increased costs used for project
development.
Financing and financial position
Net operational cash flow was EUR -23.8 million (EUR -8.0 million in
January-June 2009). The weakening of the cash flow during the review period was
attributed to the increase of inventories. The group's inventories were EUR
316.7 million (EUR 304.2 million), the share of land areas and plot-owning
companies being EUR 174.0 million (EUR 149.2 million). The Group's invested
capital amounted to EUR 384.9 million (EUR 353.8 million).
At the end of the review period, the Group's financing reserves were EUR 88.1
million, of which the Group's cash assets amounted to EUR 16.0 million and
committed undrawn financing reserves amounted to EUR 70.1 million. The Group's
net interest-bearing liabilities were EUR 216.7 million on 30 June 2010 (EUR
186.6 million on 30 June 2009). Net financing expenses totalled EUR -3.0 million
(EUR 2.5 million).
Investments in SRV's developer contracting housing projects in Finland consonant
with the RS-system, including completed, unsold projects, total around EUR 69.9
million. SRV estimates that the completion of these projects requires another
EUR 67.0 million. Undrawn housing corporate loans related to RS projects
totalled EUR 59.6 million. Investments in the international business area
related to unsold residential projects in Estonia amount to EUR 2.4 million, and
EUR 3.3 million in Vyborg. EUR 32.2 million is invested in the Etmia office
project.
Equity ratio was 35.1 per cent (40.1%). The change in the equity ratio and net
liabilities was affected by the EUR 8.5 million derivative agreement signed by
SRV with Nordea Bank Ab for 1,909,483 SRV Group Plc's shares which are
considered equal to treasury shares held by the company (an impact of
approximately 2.1 percentage points) as well as the increase in receivables. The
Group's shareholders' equity totalled EUR 148.7 million (EUR 159.8 million on 30
June 2009). The return on investment was 2.1 per cent (4.0%) and the return on
equity was 0.1 per cent (1.8%).
In its reporting SRV Group applies IFRIC 15 Agreements for the Construction of
Real Estate. The recognition of developer contracting production upon delivery
increases the total amount of inventories, interest bearing debts and balance
sheet, thus weakening the key figures related to the financing position for its
part.
Investments
The Group's investments totalled EUR 1.0 million (EUR 2.3 million) and were
mainly related to the acquisition of machinery and equipment.
Unbuilt land areas. land acquisition commitments and land development agreements
--------------------------------------------------------------------------------
| Land reserve | Business | Housing | International | Total |
| 30.6.2010 | Operations | | Operations | |
--------------------------------------------------------------------------------
| Unbuilt land areas and land acquisition commitments |
--------------------------------------------------------------------------------
| Building rights*. | 220 000 | 264 000 | 842 000 | 1 326 000 |
| m2 | | | | |
--------------------------------------------------------------------------------
| Land development | | | | |
| agreements | | | | |
--------------------------------------------------------------------------------
| Building rights*. | 446 000 | 312 000 | 169 000 | 927 000 |
| m2 | | | | |
--------------------------------------------------------------------------------
| * Building rights also include the estimated building rights/construction |
| volume of unzoned land reserves and land areas covered by agreements in |
| projects that are wholly or partly owned by SRV |
--------------------------------------------------------------------------------
During the review period, SRV bought a total of 10,000 square metres of building
rights in the Matinkylä district from the city of Espoo. Furthermore, the
company has agreed with the city of Espoo on the purchase of 4,000 square metres
in Matinkylä. SRV bought 7,000 square metres of building rights in the Kaarela
area in the district of Kannelmäki in Helsinki. Moreover, the lease of 12.000
square metres of building rights in a HITAS project in the Arabianranta district
of Helsinki has been transferred from VVO to SRV.
On 14 June 2010, The Trade and Competitiveness Division of the Espoo City Board
decided to make a reservation for SRV, Mutual Pension Insurance Company Varma
and SATO Oyj regarding the future Niittykumpu metro station and neighbouring
areas in the intersection of Merituulentie and Haukilahdenkatu for planning of
the metro station and related use of land. The meaning is to plan and build
residential and commercial buildings in the area. The preliminary plan includes
building right of about 150,000 floor square meters.
Group structure
SRV is Finland's leading project management contractor that builds and develops
commercial and business premises, residential units as well as infrastructure
and logistics projects. Apart from Finland, the company operates in Russia and
the Baltic countries. SRV Group Plc, the Group's parent company, is responsible
for the Group's management, treasury, finance and administrative functions. The
Property Development and Building Systems units support and serve all of the
Group's business operations.
SRV's business areas are Business Premises, Housing, International Operations,
and Other Operations. The Business Premises business area comprises the
operations of SRV Toimitilat Oy. Housing comprises the operations of SRV Asunnot
Oy and one regional subsidiary. International Operations comprises the business
activities in Russia and the Baltic countries. Other Operations consist
primarily of the SRV Group Plc and SRV Kalusto Oy businesses.
Changes in the Group management
Jukka Hienonen started as CEO of the Group on 1 August 2010. Hannu Linnoinen.
Senior Executive Vice President, CFO,. has acted as CEO during 1. January - 31.
July 2010. Member of the Corporate Executive Team, Senior Vice President,
Communications and Marketing, Jussi Ollila will move to another company outside
the group as of 1. September 2010.
Personnel
SRV had an average payroll of 780 (796) employees, of whom 549 (562) were
white-collar. The parent company had an average staff of 46 (58) white-collar
employees. At the close of the review period, the Group had 835 (784) employees,
of whom 47 (54) were employed by the parent company. An average of 18 per cent
(17) of the employees work in subsidiaries and representative offices abroad. .
At the end of the review period, SRV had a total of 86 (44) trainees working in
the Group's operations in Finland (in summer jobs and in work training as well
as students working on their thesis or diploma).
--------------------------------------------------------------------------------
| Personnel by business area | 30.6.2010 | 30.6.2009 | Share of Group |
| | | | personnel. |
| | | | 30.6.2010. % |
--------------------------------------------------------------------------------
| Business Premises | 369 | 291 | 44.2 |
--------------------------------------------------------------------------------
| Housing | 229 | 240 | 27.4 |
--------------------------------------------------------------------------------
| International | 152 | 169 | 18.2 |
--------------------------------------------------------------------------------
| Other Operations | 85 | 84 | 10.2 |
--------------------------------------------------------------------------------
| Group. total | 835 | 784 | 100.0 |
--------------------------------------------------------------------------------
The share-based incentive plan for 2010 includes about 70 employees and the
reward is based mainly on consolidated and partly on business area performance.
The rewards to be paid for the earning period 2010 correspond to the total
maximum of 240,000 SRV Group Plc shares plus a corresponding sum of money paid
for tax withholding purposes.
Outlook for construction
The recovery of the world economy has continued to be slow and unstable. The
situation continues to be challenging in the property and construction markets.
Expectations for increases in interest rates have been postponed in Europe and
the United States. The Finnish economy is expected to grow by 1-2 per cent in
2010.
The total number of building permits increased during the review period due to
sharp rise in residential buildings. The number of permits of commercial and
office buildings declined clearly. There has been some upward pressure on
construction costs.
Strong consumer confidence in the housing markets and the low interest level
have increased demand, prompting a larger number of new start-ups in developer
contracting housing projects. Weak employment trends will have a negative
short-term effect on the housing markets. Meanwhile, in the longer term, trends
such as migration to population growth centres and the smaller size of household
dwelling units will increase the need for housing construction.
New start-ups in commercial and office construction continued to decrease during
the period. Vacancy rates in office premises in particular have reached a high
level and construction is slow. The near future outlook for commercial and
logistics construction is somewhat better.
The slight growth in renovations is expected to continue in 2010. The outlook
for civil engineering has weakened despite government support measures.
The economic situation in the Baltic countries has remained weak. The Estonian
economy is predicted to grow during the ongoing year. In Latvia and Lithuania,
the decline in total production is expected to continue in 2010, although at a
decelerating pace. Construction and the property markets are extremely slow. In
the short term, the economic situation in the Baltic countries will continue to
be difficult.
The Russian economy continues to be challenging. The Russian national economy
has revived due to rising oil prices, inflation has abated and interest rates
have declined while the scarce availability of financing limits growth
opportunities. In 2010, Russia's total production is expected to grow by 5-6 per
cent.
Risks, risk management and corporate governance
General economic trends and changes in customers' operating environments have an
immediate effect on the construction and property markets. A change in the
general interest level has a direct impact on both SRV's cash flow from
operating activities and financing costs. The general economic trend is upward
but unstable. Demand for property investments has remained weak. Interest rates
are low but, compared to pre-recession times, the availability of credit from
banks is lower and loan margins are clearly higher. The global financial crisis
is making it more difficult for SRV's clients to obtain financing and is
hampering the functioning of the property markets. Property values face
pressures and the number of property transactions and, in particular, new
large-scale project start-ups have decreased due to difficulties in securing
financing. The financial crisis adds SRV's risk to be forced to tie up capital
in projects longer than intended.
SRV's revenue is generated by construction projects, and the company's result
depends on the profitability of individual projects as well as their progress.
Fierce competition for new orders in the construction sector may affect the
volume and profitability of SRV's new order backlog. In developer contracting
projects, recognition of revenue is based mainly on the Completed Contract
method. Revenue recognition depends on the percentage of sold premises in
delivered projects. Project sales are affected by factors such as the
availability of financing for the buyer and occupancy rate. When sales are
delayed, the recognition of revenue and operating profit is delayed
correspondingly. Postponed start-ups of developer contracting projects increase
the level of development expenses, which are recorded as costs. The slowdown in
housing sales will increase sales and marketing costs and interest expenses in
developer contracting housing production. After a rapid decline, housing sales
have recovered in Finland while remaining virtually at a standstill in Estonia.
Construction is subject to significant cost risks relating to subcontracting and
deliveries, and the control of these underlines the need for long-term planning.
A weak economic cycle increases financial risks relating to subcontractors.
SRV's contracting model requires skilled and competent personnel. Warranty and
liability obligations related to construction can span up to ten years.
Construction costs in many materials are rising. The swift growth in residential
construction has hampered the availability of purchases in adjusted production
chains.
Besides land acquisition risks, property projects face other challenges, such as
those related to the outcome of zoning, soil conditions, financing,
commercialisation of projects, partners, and the geographical location and type
of project. In accordance with its strategy, SRV has focused on developer
contracting projects and has increased its land acquisition in Finland and
Russia, in particular. The crisis in the international financial market has
substantially weakened the availability of financing in property projects for
property development and investments. It has also put project start-ups on hold.
The financial risks connected with SRV's operations are interest rate, currency,
liquidity and contractual party risks, which are discussed in more detail in the
Notes to the 2009 Financial Statements. Currency risks are divided into
transaction risks and translation risks. Transaction risks are related to
currency-denominated business and financing cash flows. Translation risks
encompass investments made in foreign subsidiaries, the accounting effects of
which are recorded in the translation differences of equity in the consolidated
figures.
Liquidity risks may have an effect on the Group's earnings and cash flow if the
Group is unable to ensure sufficient financing for its operations. SRV maintains
adequate liquidity by means of efficient management of cash flows and solutions
linked to it, such as binding lines of credit that are valid until further
notice. The company has a long-term liquidity arrangement of EUR 100 million,
part of which will mature in 2012 and the rest in 2013. The company's financing
agreements contain customary terms and conditions. The financial terms and
conditions of the agreements concern the equity ratio.
The Group's risk management is carried out in line with the Group's operations
system and control is exercised in accordance with the Group strategy approved
by the Board of Directors of the Group's parent company. SRV also makes every
effort to cover operational risks by means of insurance and contractual terms.
A more detailed account of SRV's risks, risk management and corporate governance
policies has been disclosed in the 2009 Annual Report and Financial Statements.
Corporate governance and resolutions of general meetings
The Annual General Meeting was held on 16 March 2010. The AGM adopted the
financial statements for 2009 and granted release from liability to the members
of the Board of Directors and the Presidents and CEOs. A dividend of EUR 0.12
per share was declared. Mr Ilpo Kokkila was elected chairman of the Board of
Directors and Mr Arto Hiltunen, Mr Timo Kokkila, Mr Lasse Kurkilahti, Mr Matti
Mustaniemi and Mr Ilkka Salonen were elected to seats on the Board. The firm of
public accountants Ernst & Young Oy was elected as the company's auditor. Mikko
Rytilahti, authorised public accountant, will act as the principal auditor.
The general meeting authorised the Board of Directors to decide on the
acquisition of the company's own shares, using the company's unrestricted
equity. The Board was authorised to acquire a maximum of 3,676,846 own shares,
however, in such a manner that the number of shares acquired on the basis of
this authorisation when combined with the shares already owned by the company
and its subsidiaries, does not at any given time exceed 3,676,846 shares, or 10
per cent of all shares of the company. Based on this authorisation, the Board
may acquire a maximum of 3,676,846 shares of the company in public trading
arranged by Nasdaq OMX Helsinki Oy at a market price valid at the moment of
acquisition, and a maximum of 2,400,000 shares of the company in public trading
arranged by Nasdaq OMX Helsinki Oy or otherwise for a maximum price of EUR 4.45
per share, the maximum being, however 3,676,846 shares. The aforementioned
authorisations include the right to acquire own shares otherwise than in
proportion to the holdings of the shareholders. These authorisations will remain
in force for 18 months from the decision of the meeting.
The general meeting authorised the Board of Directors to decide on the issue of
new shares or the transfer of treasury shares against payment or without
consideration. This authorisation includes the right to issue new shares or to
transfer the treasury shares in deviation from the shareholders' pre-emptive
subscription right under the terms of the Companies Act. This authorisation is
in force for two years from the decision of the meeting.
In its organisational meeting on 16 March 2010, the Board of Directors elected
Lasse Kurkilahti vice chairman of the Board, Matti Mustaniemi chairman of the
Audit Committee, Lasse Kurkilahti and Timo Kokkila members of the Audit
Committee, Arto Hiltunen and Ilkka Salonen members of the Nomination and
Remuneration Committee and Ilpo Kokkila chairman of the Nomination and
Remuneration Committee.
Shares and shareholders
SRV Group Plc's share capital is EUR 3,062,520. The share has no nominal value
and the number of shares outstanding is 36,768,468. The company has one class of
shares. SRV had a total of 5,740 shareholders on 30 June 2010. The company
received four flagging notifications during the reporting period. On 5 January
2010, Eero Heliövara announced that he had sold and Nordea Bank AB (publ)
announced that it had bought 1,909,483 SRV Group Plc shares, increasing Nordea
Group's total holding in SRV to 5.28 per cent. On 17 March 2010, Nordea Bank
Suomi Oyj announced that it had purchased the above-mentioned shares from Nordea
Bank AB (publ), after which the total holding of Nordea Group in SRV was 5.28
per cent. On 17 May 2010 Nordea Bank AB (publ) announced that it had bought the
above mentioned shares, the holding of Nordea Group being 5.27%. The flagging
notifications are related to a futures contract between Nordea and SRV. Upon
termination of the contract, the shares will be sold and Nordea Group's holding
in SRV will fall to below 1/20.
The share closing price at OMX Helsinki at the end of the review period was EUR
6.16 (EUR 5.89 on 31 December 2009). The highest share price in the review
period was EUR 7.14 and the lowest was EUR 5.50. The change in the all-share
index of the Helsinki Stock Exchange (OMX Helsinki) during the same period was
5.8 per cent negative and the OMX Industrial and Services index 6.0 per cent
positive.
At the end of the review period, the company had a market capitalisation of EUR
209.0 million, excluding the Group's own shares. About 9.3 million shares were
traded during the period and the trade volume was EUR 53.0 million.
On 5 January 2010, SRV implemented the agreement signed with Eero Heliövaara on
11 August 2009, and Nordea Bank AB (publ) acquired Heliövaara's shares for a
per-share price of EUR 4.45. In the same connection, SRV signed an EUR 8.5
million derivative agreement with Nordea for 1,909,483 company shares, according
to which the shares will be sold to SRV or an entity named by SRV. These shares
are considered equal to treasury shares held by the company. The derivative
agreement will mature in November 2010.
At the end of the review period, SRV Group Plc had 2,842,421 of SRV Group Plc's
shares taking account of the derivative contract concluded with Nordea Bank AB.
SRV (7.7 per cent of the total number of the company's shares and combined
number of votes).
Financial targets
As SRV's medium term aim, the Board of Directors has set the achievement of
annual average growth of approximately 15 per cent in Group revenue and annual
average growth of over 30 per cent in revenue from International Operations. SRV
aims to increase the level of operating profit and, in the medium to long term,
to achieve an operating margin of 8 per cent. In addition, the company aims to
maintain an equity ratio of over 30 per cent.
The international economic and financial crisis has hampered the growth outlook
for business operations. Realisation of the sales of developer contracting
projects has an essential effect on the development of profitability. In the
current economic conditions, the set financial targets cannot be met. The
company is endeavouring to maintain profitability by rationalising operations
and cutting costs.
Previous outlook for 2010 (11 February 2010)
Revenue in 2010 is expected to exceed the previous year's level and profit
before taxes is expected to be clearly positive.
Previous outlook for 2010 (5 May 2010)
SRV changes the previous outlook for 2010 due to the postponement of start-ups
of projects in Russia. Revenue in 2010 is expected to exceed the previous year's
level and profit before taxes is expected to be positive.
Outlook for 2010
SRV repeats the previous outlook for the revenue and profit before taxes in
2010.
Revenue in 2010 is expected to exceed the previous year's level and profit
before taxes is expected to be positive.
Espoo. 5 August 2010
Board of Directors
All forward-looking statements in this review are based on the management's
current expectations and beliefs about future events, and actual results may
differ materially from the expectations and beliefs such statements contain.
For further information, please contact:
Jukka Hienonen, CEO. +358 201 455 213
Hannu Linnoinen. Senior Executive Vice President, CFO. +358 201 455 990. +358 50
523 5850
Distribution: Nasdaq OMX Helsinki, principal media, www.srv.fi
Key figures:
--------------------------------------------------------------------------------
| | | IFRS | IFRS | IFRS | IFRS | IFRS |
--------------------------------------------------------------------------------
| | | 1-6/ | 1-6/ | 4-6/ | 4-6/ | 1-12/ |
| | | 2010 | 2009 | 2010 | 2010 | 2009 |
--------------------------------------------------------------------------------
| Revenue | EUR | 212.3 | 183.1 | 117.3 | 96.0 | 390.5 |
| | million | | | | | |
--------------------------------------------------------------------------------
| Operating profit | EUR | 3.1 | 5.7 | 1.5 | 3.9 | 10.7 |
| | million | | | | | |
--------------------------------------------------------------------------------
| Operating profit, % of | % | 1.4 | 3.1 | 1.3 | 4.1 | 2.7 |
| revenue | | | | | | |
--------------------------------------------------------------------------------
| Profit before taxes | EUR | 0.0 | 3.3 | -0.1 | 2.9 | 6.5 |
| | million | | | | | |
--------------------------------------------------------------------------------
| Profit before taxes, % | % | 0.0 | 1.8 | -0.1 | 3.1 | 1.7 |
| of revenue | | | | | | |
--------------------------------------------------------------------------------
| Net profit | EUR | 0.4 | 1.4 | 0.8 | 1.3 | 2.9 |
| attributable to equity | million | | | | | |
| holders of the parent | | | | | | |
| company | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Return on equity 1) | % | 0.1 | 1.8 | | | 1.8 |
--------------------------------------------------------------------------------
| Return on investment | % | 2.1 | 4.0 | | | 4.9 |
| 1) | | | | | | |
--------------------------------------------------------------------------------
| Invested capital | EUR | 384.9 | 353.8 | | | 349.0 |
| | million | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity ratio | % | 35.1 | 40.1 | | | 41.3 |
--------------------------------------------------------------------------------
| Net interest-bearing | EUR | 216.7 | 186.8 | | | 179.9 |
| debt | million | | | | | |
--------------------------------------------------------------------------------
| Gearing ratio | % | 142.3 | 116.6 | | | 109.8 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Order backlog | EUR | 604.4 | 461.1 | | | 481.6 |
| | million | | | | | |
--------------------------------------------------------------------------------
| New agreements | | 327.3 | 189.5 | | | 396.1 |
--------------------------------------------------------------------------------
| Personnel on average | | 780 | 796 | | | 776 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Property, plant and | EUR | 1.0 | 2.3 | 0.5 | 2.2 | 3.7 |
| equipment investments | million | | | | | |
--------------------------------------------------------------------------------
| Property, plant and | % | 0.5 | 1.3 | 0.4 | 2.3 | 0.9 |
| equipment investments, | | | | | | |
| % of revenue | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share, | EUR | 0.01 | 0.04 | 0.02 | 0.04 | 0.08 |
| share issue adjusted | | | | | | |
--------------------------------------------------------------------------------
| Equity per share, | EUR | 4.38 | 4.44 | - | - | 4.48 |
| share issue adjusted | | | | | | |
--------------------------------------------------------------------------------
| Dividend per share, | EUR | 0.12 | 0.12 | - | - | 0.12 |
| share issue adjusted | | | | | | |
--------------------------------------------------------------------------------
| Dividend payout ratio | % | 1 | 300.0 | - | - | 150.0 |
| | | 200.0 | | | | |
--------------------------------------------------------------------------------
| Dividend yield | % | 1.9 | 2.9 | - | - | 2.0 |
--------------------------------------------------------------------------------
| Price per earnings | | 616.0 | 104.5 | - | - | 73.6 |
| ratio | | | | | | |
--------------------------------------------------------------------------------
| Share price | | | | - | - | |
| development | | | | | | |
--------------------------------------------------------------------------------
| Share price at the end | EUR | 6.16 | 4.18 | - | - | 5.89 |
| of the period | | | | | | |
--------------------------------------------------------------------------------
| Average share price | EUR | 6.40 | 3.52 | - | - | 4.06 |
--------------------------------------------------------------------------------
| Lowest share price | EUR | 5.50 | 2.75 | - | - | 2.75 |
--------------------------------------------------------------------------------
| Highest share price | EUR | 7.14 | 4.79 | - | - | 5.97 |
--------------------------------------------------------------------------------
| Market capitalisation | EUR | 209.0 | 150.4 | - | - | 210.7 |
| at the end of the | million | | | | | |
| period | | | | | | |
--------------------------------------------------------------------------------
| Trading volume | 1.000 | 9 263 | 6 004 | - | - | 8 309 |
--------------------------------------------------------------------------------
| Trading volume | % | 27.3 | 16.6 | - | - | 23.1 |
--------------------------------------------------------------------------------
| Weighted average | 1.000 | 33 | 36 169 | - | - | 35 999 |
| number of shares | | 930 | | | | |
| outstanding | | | | | | |
--------------------------------------------------------------------------------
| Number of shares | 1.000 | 33 | 35 981 | - | - | 35 768 |
| outstanding at the end | | 926 | | | | |
| of the period | | | | | | |
--------------------------------------------------------------------------------
1)In calculating the key ratio only the profit for the period has been
annualised
Calculation of key figures:
--------------------------------------------------------------------------------
| Net gearing ratio, % | Net interest-bearing debt x 100 / |
| | Total equity |
--------------------------------------------------------------------------------
| Return on equity, % | Profit before taxes - income taxes) x 100/ |
| | Total equity. average |
--------------------------------------------------------------------------------
| Return on investment, % | (Profit before taxes + interest and other |
| | financial expenses) x 100 / |
| | Invested capital. average |
--------------------------------------------------------------------------------
| Equity ratio, % | Total equity x 100 / |
| | (Total assets - advances received) |
--------------------------------------------------------------------------------
| Invested capital | Total assets - non-interest bearing debt - |
| | deferred tax liabilities - provisions |
--------------------------------------------------------------------------------
| Net interest bearing debt | Interest bearing debt - cash and cash |
| | equivalents |
--------------------------------------------------------------------------------
| Earnings per share, share | Net profit for the period attributable to |
| issue adjusted | equity holders of the parent company / |
| | Weighted average number of shares outstanding |
--------------------------------------------------------------------------------
| Equity per share, share | Shareholders' equity attributable to equity |
| issue adjusted | holders of the parent company / |
| | Number of shares outstanding at the end of |
| | the period. share issue adjusted |
--------------------------------------------------------------------------------
| Price per earnings ratio | Share price at the end of the period / |
| | Earnings per share. share issue adjusted |
--------------------------------------------------------------------------------
| Dividend payout ratio, % | Dividend per share. share issue adjusted x |
| | 100 / |
| | Earnings per share. share issue adjusted |
--------------------------------------------------------------------------------
| Dividend yield, % | Dividend per share. share issue adjusted x |
| | 100 / |
| | Share price at the end of the period. share |
| | issue adjusted |
--------------------------------------------------------------------------------
| Average share price | Number of shares traded in euros during the |
| | period / |
| | Number of shares traded during the period |
--------------------------------------------------------------------------------
| Market capitalisation at the | Number of shares outstanding at the end of |
| end of the period | the period x share price at the end of the |
| | period |
--------------------------------------------------------------------------------
| Trading volume | Number of shares traded during the period and |
| | in relation to the weighted average number of |
| | shares outstanding |
--------------------------------------------------------------------------------
SRV Group Plc Interim Report 1.1. - 30.6.2010: TABLES
Appendixes
1) Condensed consolidated financial statements: income statement, balance sheet,
statement of changes in equity, cash flow statement, commitments and contingent
liabilities, derivative contracts liabilities
2) Quarterly development
3) Segment information
4) Events after the reporting period
1. Group financials 1.1. - 30.6.2010
IFRS standards and operating segments
The interim report has been prepared in accordance with the accounting policies
set out in the IAS 34 standard and the information disclosed is unaudited. SRV
has applied the same accounting principles as in its year-end financial
statements for 2009. The figures in the tables have been rounded which should be
noted when counting the total sums.
SRV's reporting segments comprise Business Premises, Housing, International
Operations and Other Operations. The operating segment figures are disclosed in
accordance with IFRS 8, following the accounting principles applied in the
consolidated financial statements.
Estimate of the impacts of the new standards, changes and interpretations:
As from 1 January 2010, SRV Group will apply IFRIC 15 Agreements for the
Construction of Real Estate in its reporting. This interpretation concerns the
recognition of revenue from developer contracting projects. The interpretation
specifies whether revenue from a construction project should be recognised on a
percentage of completion basis or upon delivery. The adoption of the
interpretation primarily affects the recognition of revenue from SRV Group's
developer contracting housing projects. The Group previously recognised revenue
from developer contracting housing projects on a percentage of completion basis.
Under the new interpretation, revenue will from now on mainly be recognised on
the basis of project delivery.
The change in revenue recognition affects SRV Group's income statement and
balance sheet items, the key figures based on them, and the order backlog. It
will result in greater variation between quarterly trends in revenue and
earnings, as the recognition of revenue from developer contracting projects may
depend on the date of their completion. The delayed revenue recognition of
projects will increase the balance sheet total and weaken the key figures
calculated on the basis of the balance sheet.
SRV Group's internal management reporting follows earnings in line with the new
interpretation and the Group publishes its segment reports in accordance with
the new accounting principles.
--------------------------------------------------------------------------------
| Consolidated | IFRS | IFRS | | | IFRS | IFRS | IFRS |
| income | | | | | | | |
--------------------------------------------------------------------------------
| statement | 1-6/ | 1-6/ | chang | chang | 4-6/ | 4-6/ | 1-12/ |
| (EUR million) | 2010 | 2009 | e, | e,% | 2010 | 2009 | 2009 |
| | | | MEUR | | | | |
--------------------------------------------------------------------------------
| Revenue | 212.3 | 183.1 | 29.3 | 16.0 | 117.3 | 96.0 | 390.5 |
--------------------------------------------------------------------------------
| Other operating | 1.5 | 1.1 | 0.4 | 32.2 | 0.7 | 0.7 | 2.6 |
| income | | | | | | | |
--------------------------------------------------------------------------------
| Change in | 17.5 | 7.9 | 9.6 | 121.1 | 6.7 | 1.2 | -10.3 |
| inventories of | | | | | | | |
| finished goods | | | | | | | |
| and work in | | | | | | | |
| progress | | | | | | | |
--------------------------------------------------------------------------------
| Use of materials | -195. | -156. | -39.4 | 25.2 | -105.9 | -79.1 | -313.5 |
| and services | 6 | 2 | | | | | |
--------------------------------------------------------------------------------
| Employee benefit | -24.8 | -23.2 | -1.6 | 6.8 | -13.1 | -11.7 | -44.5 |
| expenses | | | | | | | |
--------------------------------------------------------------------------------
| Depreciation and | -1.7 | -1.8 | 0.1 | -6.0 | -0.9 | -0.9 | -3.7 |
| impairments | | | | | | | |
--------------------------------------------------------------------------------
| Other operating | -6.2 | -5.2 | -1.0 | 19.3 | -3.4 | -2.3 | -10.4 |
| expenses | | | | | | | |
--------------------------------------------------------------------------------
| Operating profit | 3.1 | 5.7 | -2.6 | -46.4 | 1.5 | 3.9 | 10.7 |
--------------------------------------------------------------------------------
| Financial income | 0.8 | 1.3 | -0.4 | -35.3 | 0.2 | 0.6 | 6.0 |
--------------------------------------------------------------------------------
| Financial | -3.8 | -3.7 | -0.1 | 3.5 | -1.8 | -1.6 | -10.2 |
| expenses | | | | | | | |
--------------------------------------------------------------------------------
| Financial income | -3.0 | -2.5 | -0.6 | | -1.6 | -1.0 | -4.2 |
| and expenses, | | | | | | | |
| total | | | | | | | |
--------------------------------------------------------------------------------
| Profit before | 0.0 | 3.3 | -3.2 | -98.9 | -0.1 | 2.9 | 6.5 |
| taxes | | | | | | | |
--------------------------------------------------------------------------------
| Income taxes | 0.0 | -1.8 | 1.8 | -101. | 0.8 | -1.4 | -3.6 |
| | | | | 3 | | | |
--------------------------------------------------------------------------------
| Net profit for | 0.1 | 1.5 | -1.4 | -96.0 | 0.7 | 1.5 | 2.9 |
| the period | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Attributable to | | | | | | | |
--------------------------------------------------------------------------------
| Equity holders of | 0.4 | 1.4 | | | 0.8 | 1.3 | 2.9 |
| the parent | | | | | | | |
| company | | | | | | | |
--------------------------------------------------------------------------------
| Minority interest | -0.3 | 0.1 | | | -0.1 | 0.2 | 0.0 |
--------------------------------------------------------------------------------
| Earnings per | 0.01 | 0.04 | | -75.0 | 0.02 | 0.04 | 0.08 |
| share calculated | | | | | | | |
| on the profit | | | | | | | |
| attributable to | | | | | | | |
| equity holders of | | | | | | | |
| the parent | | | | | | | |
| company | | | | | | | |
| (undiluted and | | | | | | | |
| diluted) | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | IFRS | IFRS | IFRS | IFRS | IFRS |
--------------------------------------------------------------------------------
| Statement of comprehensive | 1-6/ | 1-6/ | 4-6/ | 4-6/ | 1-12/ |
| income | 2010 | 2009 | 2010 | 2010 | 2009 |
| (EUR million) | | | | | |
--------------------------------------------------------------------------------
| Net profit for the period | 0.1 | 1.5 | 0.7 | 1.5 | 2.9 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Items recognised directly in | | | | | |
| equity: | | | | | |
--------------------------------------------------------------------------------
| Exchange differences on | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| translating foreign operations | | | | | |
--------------------------------------------------------------------------------
| Available for sale financial | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| assets | | | | | |
--------------------------------------------------------------------------------
| Net gain (loss) on cash flow | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| hedges | | | | | |
--------------------------------------------------------------------------------
| Deferred tax | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
--------------------------------------------------------------------------------
| Income (loss) recognised | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| directly in equity net of tax | | | | | |
--------------------------------------------------------------------------------
| Total comprehensive income for | 0.1 | 1.5 | 0.7 | 1.5 | 2.9 |
| the period | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit for the period | | | | | |
| attributable to: | | | | | |
--------------------------------------------------------------------------------
| Equity holders of the parent | 0.4 | 1.4 | 0.7 | 1.5 | 2.9 |
| company | | | | | |
--------------------------------------------------------------------------------
| Minority interest | -0.3 | 0.1 | 0.0 | 0.0 | 0.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Consolidated balance sheet | IFRS | IFRS | change, | IFRS |
--------------------------------------------------------------------------------
| (EUR million) | 30.6.10 | 30.6.09 | % | 31.12.09 |
--------------------------------------------------------------------------------
| ASSETS | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current assets | | | | |
--------------------------------------------------------------------------------
| Property. plant and | 15.1 | 17.5 | -13.5 | 16.3 |
| equipment | | | | |
--------------------------------------------------------------------------------
| Goodwill | 1.7 | 1.7 | 0.0 | 1.7 |
--------------------------------------------------------------------------------
| Other intangible assets | 0.4 | 0.5 | -13.2 | 0.5 |
--------------------------------------------------------------------------------
| Other financial assets | 4.9 | 4.3 | 13.5 | 4.8 |
--------------------------------------------------------------------------------
| Receivables | 16.8 | 7.4 | 125.7 | 16.2 |
--------------------------------------------------------------------------------
| Deferred tax assets | 4.2 | 2.0 | 107.3 | 2.3 |
--------------------------------------------------------------------------------
| Non-current assets, total | 43.1 | 33.4 | 29.0 | 41.7 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Current assets | | | | |
--------------------------------------------------------------------------------
| Inventories | 316.7 | 304.2 | 4.1 | 292.2 |
--------------------------------------------------------------------------------
| Trade and other receivables | 77.3 | 71.6 | 8.0 | 76.9 |
--------------------------------------------------------------------------------
| Current tax receivables | 1.4 | 5.6 | -74.7 | 1.9 |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 15.9 | 6.7 | 137.1 | 5.2 |
--------------------------------------------------------------------------------
| Current assets, total | 411.4 | 388.1 | 6.0 | 376.2 |
--------------------------------------------------------------------------------
| ASSETS, TOTAL | 454.5 | 421.6 | 7.8 | 418.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Consolidated balance sheet | IFRS | IFRS | change, | IFRS |
--------------------------------------------------------------------------------
| (EUR million) | 30.6.10 | 30.6.09 | % | 31.12.09 |
--------------------------------------------------------------------------------
| EQUITY AND LIABILITIES | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity attributable to | | | | |
| equity holders of the parent | | | | |
| company | | | | |
--------------------------------------------------------------------------------
| Share capital | 3.1 | 3.1 | 0.0 | 3.1 |
--------------------------------------------------------------------------------
| Invested free equity fund | 87.3 | 87.3 | 0.0 | 87.3 |
--------------------------------------------------------------------------------
| Translation differences | -0.1 | -0.1 | 47.4 | -0.1 |
--------------------------------------------------------------------------------
| Fair value reserve | -0.1 | -0.1 | 0.0 | -0.1 |
--------------------------------------------------------------------------------
| Retained earnings | 58.5 | 69.5 | -15.8 | 69.9 |
--------------------------------------------------------------------------------
| Equity attributable to | 148.7 | 159.8 | -6.9 | 160.1 |
| equity holders of the parent | | | | |
| company, total | | | | |
--------------------------------------------------------------------------------
| Minority interest | 3.5 | 0.4 | 692.0 | 3.8 |
--------------------------------------------------------------------------------
| Equity, total | 152.2 | 160.2 | -5.0 | 163.9 |
--------------------------------------------------------------------------------
| Non-current liabilities | | | | |
--------------------------------------------------------------------------------
| Deferred tax liabilities | 1.3 | 0.2 | 528.4 | 0.5 |
--------------------------------------------------------------------------------
| Provisions | 4.6 | 4.9 | -6.0 | 4.8 |
--------------------------------------------------------------------------------
| Interest-bearing liabilities | 70.1 | 84.1 | -16.7 | 96.9 |
--------------------------------------------------------------------------------
| Other liabilities | 1.0 | 0.4 | 145.0 | 0.8 |
--------------------------------------------------------------------------------
| Non-current liabilities, | 76.9 | 89.5 | -14.1 | 102.9 |
| total | | | | |
--------------------------------------------------------------------------------
| Current liabilities | | | | |
--------------------------------------------------------------------------------
| Trade and other payables | 57.3 | 56.2 | 1.9 | 56.4 |
--------------------------------------------------------------------------------
| Current tax payables | 1.7 | 2.4 | -30.4 | 2.6 |
--------------------------------------------------------------------------------
| Provisions | 3.9 | 3.7 | 4.7 | 3.8 |
--------------------------------------------------------------------------------
| Interest-bearing liabilities | 162.6 | 109.5 | 48.5 | 88.2 |
--------------------------------------------------------------------------------
| Current liabilities, total | 225.4 | 171.8 | 31.2 | 151.1 |
--------------------------------------------------------------------------------
| Liabilities, total | 302.3 | 261.4 | 15.7 | 254.1 |
--------------------------------------------------------------------------------
| EQUITY AND LIABILITIES | 454.5 | 421.6 | 7.8 | 418.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Consolidated cash flow statement | IFRS | IFRS | IFRS |
--------------------------------------------------------------------------------
| (EUR million) | 1-6/2010 | 1-6/2009 | 1-12/2009 |
--------------------------------------------------------------------------------
| Cash flows from operating activities | | | |
--------------------------------------------------------------------------------
| Net profit for the period | 0.1 | 1.5 | 2.9 |
--------------------------------------------------------------------------------
| Adjustments: | | | |
--------------------------------------------------------------------------------
| Depreciation and impairments | 1.7 | 1.8 | 3.7 |
--------------------------------------------------------------------------------
| Non-cash transactions | 9.2 | -1.0 | 2.7 |
--------------------------------------------------------------------------------
| Financial income and expenses | 3.0 | 2.5 | 4.2 |
--------------------------------------------------------------------------------
| Capital gains on sales of tangible and | 0.0 | 0.0 | 0.0 |
| intangible assets | | | |
--------------------------------------------------------------------------------
| Income taxes | 0.0 | 1.8 | 3.6 |
--------------------------------------------------------------------------------
| Adjustments, total | 13.9 | 5.1 | 14.1 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Changes in working capital: | | | |
--------------------------------------------------------------------------------
| Change in loan receivables | 5.3 | 0.0 | -13.5 |
--------------------------------------------------------------------------------
| Change in trade and other receivables | -6.2 | 14.4 | 17.7 |
--------------------------------------------------------------------------------
| Change in inventories | -24.0 | -3.6 | 10.0 |
--------------------------------------------------------------------------------
| Change in trade and other payables | -8.9 | -12.0 | -12.3 |
--------------------------------------------------------------------------------
| Changes in working capital, total | -33.8 | -1.2 | 1.9 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Interest paid | -2.8 | -6.4 | -12.7 |
--------------------------------------------------------------------------------
| Interest received | 0.5 | 1.1 | 5.7 |
--------------------------------------------------------------------------------
| Dividends received | 0.0 | 0.0 | 0.0 |
--------------------------------------------------------------------------------
| Income taxes paid | -1.6 | -8.0 | -5.9 |
--------------------------------------------------------------------------------
| Net cash flow from operating | -23.8 | -8.0 | 6.1 |
| activities | | | |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Cash flow from investing activities | | | |
--------------------------------------------------------------------------------
| Acquisition of subsidiaries, net of | -0.1 | -2.0 | -2.3 |
| cash | | | |
--------------------------------------------------------------------------------
| Property, plant and equipment | -0.9 | -0.2 | -0.8 |
--------------------------------------------------------------------------------
| Intangible assets | 0.0 | 0.0 | -0.1 |
--------------------------------------------------------------------------------
| Other financial assets | 0.0 | -0.1 | -0.5 |
--------------------------------------------------------------------------------
| Sale of property, plant and equipment | 0.1 | 0.0 | 0.0 |
| and intangible assets | | | |
--------------------------------------------------------------------------------
| Sale of financial assets | 0.0 | 0.0 | 0.0 |
--------------------------------------------------------------------------------
| Net cash used in investing activities | -0.8 | -2.3 | -3.7 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Cash flows from financing activities | | | |
--------------------------------------------------------------------------------
| Proceeds from share issue | 0.0 | 0.0 | 0.0 |
--------------------------------------------------------------------------------
| Proceeds from loans | 0.3 | 14.1 | 19.6 |
--------------------------------------------------------------------------------
| Repayments of loans | -1.6 | -17.2 | -22.2 |
--------------------------------------------------------------------------------
| Change in loan receivables | 0.0 | 0.0 | 0.0 |
--------------------------------------------------------------------------------
| Change in housing corporation loans | 7.1 | 1.8 | -9.2 |
--------------------------------------------------------------------------------
| Change in credit limits | 33.7 | 20.1 | 17.5 |
--------------------------------------------------------------------------------
| Purchase of treasury shares | 0.0 | -0.7 | -1.8 |
--------------------------------------------------------------------------------
| Dividends paid | -4.1 | -4.4 | -4.4 |
--------------------------------------------------------------------------------
| Net cash from financing activities | 35.4 | 13.6 | -0.6 |
--------------------------------------------------------------------------------
| Net change in cash and cash | 10.7 | 3.4 | 1.8 |
| equivalents | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents at the | 5.2 | 3.4 | 3.4 |
| beginning of period | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents at the end | 15.9 | 6.7 | 5.2 |
| of period | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Inventories | IFRS | IFRS | change, | IFRS |
--------------------------------------------------------------------------------
| (EUR million) | 30.6.10 | 30.6.09 | % | 31.12.09 |
--------------------------------------------------------------------------------
| Raw materials and consumables | 0.0 | 0.0 | -90.3 | 0.0 |
--------------------------------------------------------------------------------
| Work in progress | 36.3 | 94.9 | -61.7 | 35.1 |
--------------------------------------------------------------------------------
| Land areas and plot-owning | 174.0 | 149.2 | 16.6 | 153.0 |
| companies | | | | |
--------------------------------------------------------------------------------
| Shares in completed housing | 87.4 | 41.8 | 109.1 | 86.5 |
| corporations and real estate | | | | |
| companies | | | | |
--------------------------------------------------------------------------------
| Advance payments | 4.6 | 4.0 | 13.9 | 3.6 |
--------------------------------------------------------------------------------
| Other inventories | 14.4 | 14.3 | 0.6 | 14.0 |
--------------------------------------------------------------------------------
| Inventories, total | 316.7 | 304.2 | 4.1 | 292.2 |
--------------------------------------------------------------------------------
Statement of changes in Group equity 1.1. - 30.6.2010
--------------------------------------------------------------------------------
| | Equity attributable to | |
| | the equity holders of the parent company | |
--------------------------------------------------------------------------------
| IFRS | Shar | Inves | Trans | Fair | Retai | Tota | Minor | Total |
| (EUR million) | e | ted | -lati | valu | -ned | l | ity | equit |
| | capi | free | on | e | earni | | inter | y |
| | tal | equit | diffe | rese | ngs | | est | |
| | | y | r-enc | rve | | | | |
| | | fund | es | | | | | |
--------------------------------------------------------------------------------
| Equity on | 3.1 | 87.3 | -0.1 | -0.1 | 69.9 | 160. | 3.8 | 163.9 |
| 1.1.2010 | | | | | | 1 | | |
--------------------------------------------------------------------------------
| Total income | 0.0 | 0.0 | 0.0 | 0.0 | 0.4 | 0.4 | | |
| and expenses | | | | | | | | |
| for the | | | | | | | | |
| financial year | | | | | | | | |
--------------------------------------------------------------------------------
| Dividends paid | | | | | -4.1 | -4.1 | | |
--------------------------------------------------------------------------------
| Share based | | | | | 1.1 | 1.1 | | |
| incentive plan | | | | | | | | |
--------------------------------------------------------------------------------
| Purchase of | | | | | -8.5 | -8.5 | | |
| treasury shares | | | | | | | | |
--------------------------------------------------------------------------------
| Other changes | | | | | -0.3 | -0.3 | | |
--------------------------------------------------------------------------------
| Equity on | 3.1 | 87.3 | -0.1 | -0.1 | 58.5 | 148. | 3.5 | 152.2 |
| 30.6.2010 | | | | | | 7 | | |
--------------------------------------------------------------------------------
Statement of changes in Group equity 1.1. - 30.6.2009
--------------------------------------------------------------------------------
| | Equity attributable to | |
| | the equity holders of the parent company | |
--------------------------------------------------------------------------------
| IFRS | Shar | Inves | Trans | Fair | Retai | Tota | Minor | Total |
| (EUR million) | e | ted | -lati | valu | -ned | l | ity | equit |
| | capi | free | on | e | earni | | inter | y |
| | tal | equit | diffe | rese | ngs | | est | |
| | | y | r-enc | rve | | | | |
| | | fund | es | | | | | |
--------------------------------------------------------------------------------
| Equity on | 3.1 | 87.3 | -0.1 | -0.1 | 73.4 | 163. | 2.2 | 165.9 |
| 1.1.2009 | | | | | | 6 | | |
--------------------------------------------------------------------------------
| Total income | 0.0 | 0.0 | 0.0 | 0.0 | 1.4 | 1.4 | | |
| and expenses | | | | | | | | |
| for the | | | | | | | | |
| financial year | | | | | | | | |
--------------------------------------------------------------------------------
| Dividends paid | | | | | -4.3 | -4.3 | | |
--------------------------------------------------------------------------------
| Share based | | | | | 0.0 | 0.0 | | |
| incentive plan | | | | | | | | |
--------------------------------------------------------------------------------
| Purchase of | | | | | -0.7 | -0.7 | | |
| treasury shares | | | | | | | | |
--------------------------------------------------------------------------------
| Other changes | | | | | -0.2 | -0.2 | | |
--------------------------------------------------------------------------------
| Equity on | 3.1 | 87.3 | -0.1 | -0.1 | 69.5 | 159. | 0.4 | 160.2 |
| 30.6.2009 | | | | | | 8 | | |
--------------------------------------------------------------------------------
Statement of changes in Group equity 1.1. - 31.12.2009
--------------------------------------------------------------------------------
| | Equity attributable to | |
| | the equity holders of the parent company | |
--------------------------------------------------------------------------------
| IFRS | Shar | Inves | Trans | Fair | Retai | Tota | Minor | Total |
| (EUR million) | e | ted | -lati | valu | -ned | l | ity | equit |
| | capi | free | on | e | earni | | inter | y |
| | tal | equit | diffe | rese | ngs | | est | |
| | | y | r-enc | rve | | | | |
| | | fund | es | | | | | |
--------------------------------------------------------------------------------
| Equity on | 3.1 | 87.3 | -0.1 | -0.1 | 73.4 | 163. | 2.2 | 165.9 |
| 1.1.2009 | | | | | | 6 | | |
--------------------------------------------------------------------------------
| Total income | 0.0 | 0.0 | 0.0 | 0.0 | 2.9 | 2.9 | | |
| and expenses | | | | | | | | |
| for the | | | | | | | | |
| financial year | | | | | | | | |
--------------------------------------------------------------------------------
| Dividends paid | | | | | -4.3 | -4.3 | | |
--------------------------------------------------------------------------------
| Share based | | | | | 0.0 | 0.0 | | |
| incentive plan | | | | | | | | |
--------------------------------------------------------------------------------
| Purchase of | | | | | -1.8 | -1.8 | | |
| treasury shares | | | | | | | | |
--------------------------------------------------------------------------------
| Other changes | | | | | -0.2 | -0.2 | | |
--------------------------------------------------------------------------------
| Equity on | 3.1 | 87.3 | -0.1 | -0.1 | 69.9 | 160. | 3.8 | 163.9 |
| 31.12.2009 | | | | | | 2 | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Commitments and contingent | IFRS | IFRS | change, | IFRS |
| liabilities | | | | |
--------------------------------------------------------------------------------
| EUR million | 30.6.10 | 30.6.09 | % | 31.12.09 |
--------------------------------------------------------------------------------
| Collateral given for own | | | | |
| liabilities | | | | |
--------------------------------------------------------------------------------
| Real estate mortgages given | 125.4 | 118.3 | 6.0 | 106.0 |
--------------------------------------------------------------------------------
| Pledges given | 0.0 | 0.0 | | 0.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other commitments | | | | |
--------------------------------------------------------------------------------
| Guarantees given for liabilities | 0.0 | 0.0 | | 0.0 |
| on uncompleted projects | | | | |
--------------------------------------------------------------------------------
| Investment commitments given | 22.2 | 22.3 | -0.2 | 22.1 |
--------------------------------------------------------------------------------
| Plots purchase commitments | 24.0 | 41.6 | -42.4 | 19.5 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Fair and nominal | IFRS | IFRS | IFRS |
| values of | 30.6.10 | 30.9.2009 | 31.12.09 |
| derivative | | | |
| instruments | | | |
--------------------------------------------------------------------------------
| (EUR million) | Fair Values | Fair Values | Fair Values |
--------------------------------------------------------------------------------
| | Positi | Negati | Positi | | Positiv | Negativ |
| | ve | ve | ve | | e | e |
--------------------------------------------------------------------------------
| Hedge accounting | | | | | | |
| not applied | | | | | | |
--------------------------------------------------------------------------------
| Foreign exchange | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| forward contracts | | | | | | |
--------------------------------------------------------------------------------
| Interest rate swaps | 0.0 | 1.9 | 0.1 | 0.1 | 0.0 | 0.7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Nominal values of | | IFRS | | IFRS | | IFRS |
| derivative | | | | | | |
| instruments | | | | | | |
--------------------------------------------------------------------------------
| | | 30.6.1 | | 30.6.09 | | 31.12.0 |
| | | 0 | | | | 9 |
--------------------------------------------------------------------------------
| Foreign exchange | | 0.0 | | 0.0 | | 0.0 |
| forward contracts | | | | | | |
--------------------------------------------------------------------------------
| Interest rate swaps | | 63.4 | | 63.4 | | 63.4 |
--------------------------------------------------------------------------------
| The fair values of derivative instruments are based on market prices at the |
| end of the reporting period. |
| Open foreign exchange forward contracts are |
| hedging the financing cash flow. |
--------------------------------------------------------------------------------
2. Group and Segment information by quarter
--------------------------------------------------------------------------------
| SRV Group | IFRS | IFRS | IFRS | IFRS | IFRS | IFRS |
--------------------------------------------------------------------------------
| (EUR million) | 4-6/10 | 1-3/10 | 10-12/ | 7-9/09 | 4-6/09 | 1-3/09 |
| | | | 09 | | | |
--------------------------------------------------------------------------------
| Revenue | 117.3 | 95.0 | 120.1 | 87.3 | 96.0 | 87.0 |
--------------------------------------------------------------------------------
| Operating profit | 1.5 | 1.6 | 2.7 | 2.3 | 3.9 | 1.8 |
--------------------------------------------------------------------------------
| Financial income | -1.6 | -1.4 | -0.5 | -1.2 | -1.0 | -1.5 |
| and expenses, total | | | | | | |
--------------------------------------------------------------------------------
| Profit before taxes | -0.1 | 0.2 | 2.2 | 1.1 | 2.9 | 0.3 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Order backlog 1) | 604.4 | 530.0 | 481.6 | 465.8 | 461.1 | 458.5 |
--------------------------------------------------------------------------------
| New agreements | 186.7 | 140.6 | 120.4 | 86.2 | 98.2 | 91.3 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share, | 0.02 | -0.01 | 0.03 | 0.01 | 0.04 | 0.00 |
| eur | | | | | | |
--------------------------------------------------------------------------------
| Equity per share, | 4.38 | 4.36 | 4.48 | 4.45 | 4.44 | 4.40 |
| eur 1) | | | | | | |
--------------------------------------------------------------------------------
| Share price, eur 1) | 6.16 | 6.41 | 5.89 | 5.64 | 4.18 | 3.00 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity ratio, % 1) | 35.1 | 37.0 | 41.3 | 40.9 | 40.1 | 40.5 |
--------------------------------------------------------------------------------
| Net interest | 216.7 | 199.8 | 179.9 | 189.8 | 186.8 | 172.6 |
| bearing debt 1) | | | | | | |
--------------------------------------------------------------------------------
| Gearing, % 1) | 142.3 | 132.3 | 109.8 | 116.3 | 116.6 | 107.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Revenue | IFRS | IFRS | IFRS | IFRS | IFRS | IFRS |
--------------------------------------------------------------------------------
| (EUR million) | 4-6/10 | 1-3/10 | 10-12/ | 7-9/09 | 4-6/09 | 1-3/09 |
| | | | 09 | | | |
--------------------------------------------------------------------------------
| Business Premises | 76.8 | 54.7 | 66.9 | 40.2 | 46.1 | 54.8 |
--------------------------------------------------------------------------------
| Housing | 35.8 | 38.3 | 49.9 | 39.7 | 42.4 | 26.6 |
--------------------------------------------------------------------------------
| International | 4.8 | 2.0 | 3.4 | 7.4 | 7.6 | 5.6 |
--------------------------------------------------------------------------------
| Other Operations | 2.5 | 2.5 | 2.3 | 2.1 | 2.1 | 2.2 |
--------------------------------------------------------------------------------
| Eliminations | -2.6 | -2.5 | -2.3 | -2.1 | -2.1 | -2.2 |
--------------------------------------------------------------------------------
| Group, total | 117.3 | 95.0 | 120.1 | 87.3 | 96.0 | 87.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit | IFRS | IFRS | IFRS | IFRS | IFRS | IFRS |
--------------------------------------------------------------------------------
| (EUR million) | 4-6/10 | 1-3/10 | 10-12/ | 7-9/09 | 4-6/09 | 1-3/09 |
| | | | 09 | | | |
--------------------------------------------------------------------------------
| Business Premises | 4.7 | 4.3 | 4.3 | 3.1 | 4.6 | 5.9 |
--------------------------------------------------------------------------------
| Housing | 0.7 | 2.4 | 1.9 | 1.3 | 2.3 | -0.1 |
--------------------------------------------------------------------------------
| International | -2.2 | -3.9 | -2.0 | -1.3 | -1.9 | -2.5 |
--------------------------------------------------------------------------------
| Other Operations | -1.6 | -1.2 | -1.4 | -0.7 | -1.0 | -1.6 |
--------------------------------------------------------------------------------
| Eliminations | -0.1 | -0.1 | -0.2 | -0.1 | 0.0 | 0.0 |
--------------------------------------------------------------------------------
| Group, total | 1.5 | 1.6 | 2.7 | 2.3 | 3.9 | 1.8 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit | IFRS | IFRS | IFRS | IFRS | IFRS | IFRS |
--------------------------------------------------------------------------------
| (%) | 4-6/10 | 1-3/10 | 10-12/ | 7-9/09 | 4-6/09 | 1-3/09 |
| | | | 09 | | | |
--------------------------------------------------------------------------------
| Business Premises | 6.1 | 7.9 | 6.5 | 7.7 | 10.0 | 10.8 |
--------------------------------------------------------------------------------
| Housing | 2.1 | 6.3 | 3.8 | 3.4 | 5.3 | -0.4 |
--------------------------------------------------------------------------------
| International | -46.6 | -197.5 | -58.4 | -17.6 | -25.6 | -44.4 |
--------------------------------------------------------------------------------
| Group, total | 1.3 | 1.6 | 2.2 | 2.6 | 4.1 | 2.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Order backlog | IFRS | IFRS | IFRS | IFRS | IFRS | IFRS |
--------------------------------------------------------------------------------
| (EUR million) | 30.6.10 | 31.3.1 | 31.12. | 30.9.0 | 30.6.0 | 31.3.09 |
| | | 0 | 09 | 9 | 9 | |
--------------------------------------------------------------------------------
| Business Premises | 358.2 | 331.7 | 255.3 | 252.0 | 224.3 | 252.8 |
--------------------------------------------------------------------------------
| Housing | 220.5 | 174.3 | 201.7 | 187.5 | 206.1 | 174.3 |
--------------------------------------------------------------------------------
| International | 25.7 | 24.0 | 24.6 | 26.3 | 30.7 | 31.5 |
--------------------------------------------------------------------------------
| Group, total | 604.4 | 530.0 | 481.6 | 465.8 | 461.1 | 458.5 |
--------------------------------------------------------------------------------
| - sold order backlog | 426 | 389 | 317 | 325 | 306 | 291 |
--------------------------------------------------------------------------------
| - unsold order | 178 | 141 | 165 | 141 | 155 | 168 |
| backlog | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Invested capital | IFRS | IFRS | IFRS | IFRS | IFRS | IFRS |
--------------------------------------------------------------------------------
| (EUR million) | 30.6.10 | 31.3.1 | 31.12. | 30.9.0 | 30.6.0 | 31.3.09 |
| | | 0 | 09 | 9 | 9 | |
--------------------------------------------------------------------------------
| Business Premises | 75.8 | 56.2 | 42.0 | 61.0 | 77.0 | 69.2 |
--------------------------------------------------------------------------------
| Housing | 127.7 | 121.6 | 122.9 | 124.1 | 137.0 | 136.7 |
--------------------------------------------------------------------------------
| International | 177.2 | 173.6 | 176.3 | 165.6 | 152.0 | 150.5 |
--------------------------------------------------------------------------------
| Other and | 4.2 | 6.0 | 7.7 | 6.2 | -12.2 | -14.0 |
| eliminations | | | | | | |
--------------------------------------------------------------------------------
| Group, total | 384.9 | 357.5 | 349.0 | 356.9 | 353.8 | 342.3 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Residential | | | | | | |
| production | | | | | | |
--------------------------------------------------------------------------------
| in Finland (units) | 4-6/10 | 1-3/10 | 10-12/ | 7-9/09 | 4-6/09 | 1-3/09 |
| | | | 09 | | | |
--------------------------------------------------------------------------------
| Start-ups | 300 | 0 | 247 | 0 | 0 | 4 |
--------------------------------------------------------------------------------
| Sold | 102 | 95 | 86 | 43 | 51 | 27 |
--------------------------------------------------------------------------------
| Completed 1) | 0 | 16 | 64 | 37 | 93 | 58 |
--------------------------------------------------------------------------------
| Completed and unsold | 105 | 138 | 171 | 161 | 185 | 156 |
| 1) | | | | | | |
--------------------------------------------------------------------------------
| Under construction 1 | 547 | 247 | 263 | 80 | 118 | 211 |
--------------------------------------------------------------------------------
| - of which unsold 1) | 400 | 169 | 231 | 79 | 100 | 180 |
--------------------------------------------------------------------------------
1) at the end of the period
3. Segment information
--------------------------------------------------------------------------------
| Assets | IFRS | IFRS | change, | change, | IFRS |
--------------------------------------------------------------------------------
| (EUR million) | 30.6.10 | 30.6.09 | MEUR | % | 31.12.09 |
--------------------------------------------------------------------------------
| Business Premises | 110.1 | 90.2 | 19.9 | 22.1 | 88.7 |
--------------------------------------------------------------------------------
| Housing | 151.8 | 162.4 | -10.6 | -6.5 | 151.5 |
--------------------------------------------------------------------------------
| International | 180.6 | 158.7 | 21.9 | 13.8 | 182.5 |
--------------------------------------------------------------------------------
| Other Operations | 225.1 | 194.1 | 31.0 | 16.0 | 214.5 |
--------------------------------------------------------------------------------
| Eliminations | -213.1 | -183.8 | -29.2 | | -219.3 |
--------------------------------------------------------------------------------
| Group, total | 454.5 | 421.6 | 32.9 | 7.8 | 418.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Liabilities | IFRS | IFRS | change, | change, | IFRS |
--------------------------------------------------------------------------------
| (EUR million) | 30.6.10 | 30.6.09 | MEUR | % | 31.12.09 |
--------------------------------------------------------------------------------
| Business Premises | 85.2 | 46.6 | 38.6 | 82.8 | 55.5 |
--------------------------------------------------------------------------------
| Housing | 131.7 | 146.6 | -14.9 | -10.2 | 133.2 |
--------------------------------------------------------------------------------
| International | 187.3 | 164.5 | 22.9 | 13.9 | 181.7 |
--------------------------------------------------------------------------------
| Other Operations | 115.5 | 90.6 | 24.9 | 27.5 | 79.2 |
--------------------------------------------------------------------------------
| Eliminations | -217.5 | -187.0 | -30.6 | | -195.6 |
--------------------------------------------------------------------------------
| Group, total | 302.3 | 261.4 | 40.9 | 15.7 | 254.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Invested capital | IFRS | IFRS | change, | change, | IFRS |
--------------------------------------------------------------------------------
| (EUR million) | 30.6.10 | 30.6.09 | MEUR | % | 31.12.09 |
--------------------------------------------------------------------------------
| Business Premises | 75.8 | 77.0 | -1.2 | -1.5 | 42.0 |
--------------------------------------------------------------------------------
| Housing | 127.7 | 137.0 | -9.3 | -6.8 | 122.9 |
--------------------------------------------------------------------------------
| International | 177.2 | 152.0 | 25.1 | 16.5 | 176.3 |
--------------------------------------------------------------------------------
| Other and eliminations | 4.2 | -12.2 | 16.5 | | 7.7 |
--------------------------------------------------------------------------------
| Group, total | 384.9 | 353.8 | 31.1 | 8.8 | 349.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Inventories | IFRS | IFRS | change, | IFRS |
--------------------------------------------------------------------------------
| (MEUR) | 30.6.10 | 30.6.09 | MEUR | 31.12.09 |
--------------------------------------------------------------------------------
| Land areas and plot-owning | 174.0 | 149.2 | 24.8 | 153.0 |
| companies | | | | |
--------------------------------------------------------------------------------
| Business Premises | 34.4 | 25.0 | 9.3 | 27.8 |
--------------------------------------------------------------------------------
| Housing | 55.0 | 45.5 | 9.5 | 41.4 |
--------------------------------------------------------------------------------
| International | 84.4 | 78.4 | 6.0 | 83.6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Work in progress | 36.3 | 94.9 | -58.6 | 35.1 |
--------------------------------------------------------------------------------
| Business Premises | 0.0 | 32.9 | -32.9 | 0.0 |
--------------------------------------------------------------------------------
| Housing | 34.8 | 45.2 | -10.4 | 21.2 |
--------------------------------------------------------------------------------
| International | 1.5 | 16.8 | -15.3 | 14.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shares in completed housing | 87.4 | 41.8 | 45.6 | 86.5 |
| corporations and real estate | | | | |
| companies | | | | |
--------------------------------------------------------------------------------
| Business Premises | 25.7 | 0.0 | 25.7 | 25.5 |
--------------------------------------------------------------------------------
| Housing | 39.6 | 39.1 | 0.4 | 55.5 |
--------------------------------------------------------------------------------
| International | 22.2 | 2.6 | 19.6 | 5.5 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other inventories | 19.0 | 18.4 | 0.6 | 17.6 |
--------------------------------------------------------------------------------
| Business Premises | 5.1 | 5.1 | 0.0 | 5.1 |
--------------------------------------------------------------------------------
| Housing | 5.1 | 5.1 | 0.0 | 3.7 |
--------------------------------------------------------------------------------
| International | 9.9 | 9.3 | 0.6 | 9.9 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Inventories, total | 316.7 | 304.2 | 12.5 | 292.2 |
--------------------------------------------------------------------------------
| Business Premises | 65.1 | 63.0 | 2.1 | 58.4 |
--------------------------------------------------------------------------------
| Housing | 134.5 | 134.9 | -0.4 | 121.7 |
--------------------------------------------------------------------------------
| International | 117.9 | 107.0 | 10.9 | 112.9 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Business Premises | IFRS | IFRS | change, | change, | IFRS |
--------------------------------------------------------------------------------
| (EUR million) | 1-6/201 | 1-6/200 | MEUR | % | 2009 |
| | 0 | 9 | | | |
--------------------------------------------------------------------------------
| Revenue | 131.5 | 100.9 | 30.5 | 30.2 | 208.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit | 9.0 | 10.6 | -1.6 | -14.9 | 18.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Segment's assets | | | | | |
--------------------------------------------------------------------------------
| Non-current assets | 0.8 | 0.9 | -0.1 | -7.8 | 0.9 |
--------------------------------------------------------------------------------
| Current assets | 109.3 | 89.3 | 20.0 | 22.3 | 87.8 |
--------------------------------------------------------------------------------
| Total assets | 110.1 | 90.2 | 19.9 | 22.1 | 88.7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Segment's liabilities | | | | | |
--------------------------------------------------------------------------------
| Non-current liabilities | 1.1 | 11.3 | -10.2 | -90.6 | 11.0 |
--------------------------------------------------------------------------------
| Current liabilities | 84.2 | 35.4 | 48.8 | 137.9 | 44.5 |
--------------------------------------------------------------------------------
| Total liabilities | 85.2 | 46.6 | 38.6 | 82.8 | 55.5 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Invested capital at end | 75.8 | 77.0 | -1.2 | -1.5 | 42.0 |
| of period | | | | | |
--------------------------------------------------------------------------------
| Return on investment. % | 31.8 | 30.5 | | | 35.2 |
| 1) | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Order backlog at end of | 358.2 | 224.3 | 133.8 | 59.7 | 255.3 |
| period | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Housing | IFRS | IFRS | change, | change, | IFRS |
--------------------------------------------------------------------------------
| (EUR million) | 1-6/201 | 1-6/200 | MEUR | % | 2009 |
| | 0 | 9 | | | |
--------------------------------------------------------------------------------
| Revenue | 74.1 | 69.0 | 5.2 | 7.5 | 158.6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit | 3.2 | 2.2 | 1.0 | 45.6 | 5.4 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Segment's assets | | | | | |
--------------------------------------------------------------------------------
| Non-current assets | 0.9 | 1.7 | -0.8 | -45.9 | 1.4 |
--------------------------------------------------------------------------------
| Current assets | 150.9 | 160.7 | -9.8 | -6.1 | 150.1 |
--------------------------------------------------------------------------------
| Total assets | 151.8 | 162.4 | -10.6 | -6.5 | 151.5 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Segment's liabilities | | | | | |
--------------------------------------------------------------------------------
| Non-current liabilities | 61.2 | 61.0 | 0.2 | 0.3 | 68.2 |
--------------------------------------------------------------------------------
| Current liabilities | 70.5 | 85.6 | -15.1 | -17.6 | 65.0 |
--------------------------------------------------------------------------------
| Total liabilities | 131.7 | 146.6 | -14.9 | -10.2 | 133.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Invested capital at end | 127.7 | 137.0 | -9.3 | -6.8 | 122.9 |
| of period | | | | | |
--------------------------------------------------------------------------------
| Return on investment, % | 5.0 | 3.1 | | | 4.2 |
| 1) | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Order backlog at end of | 220.5 | 206.1 | 14.4 | 7.0 | 201.7 |
| period | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| International Operations | IFRS | IFRS | change, | change, | IFRS |
--------------------------------------------------------------------------------
| (EUR million) | 1-6/201 | 1-6/200 | MEUR | % | 2009 |
| | 0 | 9 | | | |
--------------------------------------------------------------------------------
| Revenue | 6.7 | 13.2 | -6.5 | -48.9 | 24.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit | -6.1 | -4.4 | -1.7 | | -7.7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Segment's assets | | | | | |
--------------------------------------------------------------------------------
| Non-current assets | 25.1 | 16.5 | 8.7 | 52.5 | 25.1 |
--------------------------------------------------------------------------------
| Current assets | 155.5 | 142.3 | 13.2 | 9.3 | 157.4 |
--------------------------------------------------------------------------------
| Total assets | 180.6 | 158.7 | 21.9 | 13.8 | 182.5 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Segment's liabilities | | | | | |
--------------------------------------------------------------------------------
| Non-current liabilities | 9.2 | 14.1 | -4.9 | -34.7 | 18.4 |
--------------------------------------------------------------------------------
| Current liabilities | 178.1 | 150.4 | 27.7 | 18.5 | 163.4 |
--------------------------------------------------------------------------------
| Total liabilities | 187.3 | 164.5 | 22.9 | 13.9 | 181.7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Invested capital at end | 176.3 | 152.0 | 24.3 | 16.0 | 176.3 |
| of period | | | | | |
--------------------------------------------------------------------------------
| Return on investment, % | -6.6 | -4.8 | | | -1.4 |
| 1) | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Order backlog at end of | 25.7 | 30.7 | -5.0 | -16.2 | 24.6 |
| period | | | | | |
--------------------------------------------------------------------------------
1)In calculating the key ratio only the profit for the period has been
annualised
