2014-02-27 08:00:07 CET
2014-02-27 08:01:13 CET
REGULATED INFORMATION
Olvi Oyj - Financial Statement Release
OLVI GROUP’S FINANCIAL STATEMENTS JANUARY TO DECEMBER 2013
Olvi Group's sales volume, net sales and operating profit developed favourably
in 2013. Earnings per share increased to 1.61 euro. The equity to assets ratio
improved. The Board proposes a dividend of 0.65 (0.50) euro per share.
Iisalmi, 2014-02-27 08:00 CET (GLOBE NEWSWIRE) -- OLVI PLC
FINANCIAL STATEMENTS BULLETIN 27 FEB 2014 at 9:00 am
OLVI GROUP'S FINANCIAL STATEMENTS JANUARY TO DECEMBER 2013
Olvi Group's sales volume, net sales and operating profit developed favourably
in 2013. Earnings per share increased to 1.61 euro. The equity to assets ratio
improved.
January to December 2013 in brief:
- Olvi Group's sales volume increased by 5.8 percent to 557.2 (526.8) million
litres
- The Group's comparable net sales increased by 7.3 percent to 327.3 (304.9)*)
million euro
- The Group's reported operating profit made an all-time high of 43.2**)
million euro
- The Group's comparable operating profit increased by 8.6 percent to 33.2
(30.5) million euro
- Olvi Group's earnings per share improved by 29.8 percent to 1.61 (1.24) euro
per share. The Board proposes a dividend of 0.65 (0.50) euro per share.
- The equity to assets ratio improved to 58.0 (54.8) percent and is clearly
over the target level
KEY RATIOS
1-12/2013 1-12/2012 Change %
Net sales, MEUR 327.3 304.9*) +7.3
Operating profit, MEUR 43.2**) 30.5 +41.5
Gross capital expenditure, MEUR 35.7 29.8 +19.6
Earnings per share, EUR 1.61 1.24 +29.8
Equity per share, EUR 8.14 7.01 +16.1
Equity to total assets, % 58.0 54.8
Gearing, % 26.4 35.8
*) The previous year's net sales in Finland have been adjusted for
comparability with the year 2013. Net sales reported in the financial
statements bulletin for 2012 amounted to 312.2 million euro.
**) A new depreciation policy has been applied to the income statement for
2013. Diminished depreciation affected the operating profit by approximately
10.1 million euro.
Lasse Aho, Managing Director of Olvi plc, states the following in connection
with the disclosure of the accounts:
“Olvi Group's business has been successful and has developed favourably during
2013. Our financial performance was particularly good in Belarus, Estonia and
Finland.”
CHANGES IN ACCOUNTING POLICIES STARTING FROM 1 JANUARY 2013
As of the beginning of 2013, the parent company Olvi plc has accounted for
marketing subsidies payable to customers as annual discounts under adjustments
to sales. The previous year's net sales figures in these financial statements
have been adjusted for comparability with the year 2013. These marketing
subsidies were previously recognised under other operating expenses. The change
did not affect the parent company's or the Group's operating profit. After the
change, Olvi Group companies have a uniform policy of accounting for marketing
subsidies.
As of the beginning of the year, Olvi Group's depreciation periods for
buildings, production machinery and equipment, as well as storage and
fermentation tanks, have been extended to better correspond to their actual
economic life and the depreciation policies common in the industry. The new
depreciation period for buildings is 30 years, and for production machinery and
equipment 15 years. The depreciation period for tanks is 20 years. Due to the
change, consolidated depreciation in the period under review declined by 10.1
million euro compared to previous depreciation practice.
OLVI GROUP'S SALES VOLUME, NET SALES AND EARNINGS
January to December 2013
Olvi Group's sales volume in 2013 made an all-time high of 557.2 (526.8)
million litres. This represents an increase of 30.4 million litres or 5.8
percent. Sales in Finland increased by 11.1 million litres, in Belarus by 15.0
million litres and in the Baltic states by 0.5 million litres. Intra-Group
sales declined by 3.8 million litres.
The Group's net sales in 2013 totalled 327.3 (304.9)*) million euro. This
represents an increase of 22.4 million euro or 7.3 percent. Net sales
development outperformed volume growth in all of the Group's operating areas
except Latvia.
Net sales in Finland amounted to 123.6 (113.6)*) million euro, while the
aggregate total for the Baltic states was 153.0 (150.5) and the corresponding
figure for Belarus was 68.3 (59.0) million euro. Net sales in Finland increased
by 10.0 million euro or 8.8 percent, in the Baltic states by 2.5 million euro
or 1.7 percent, and in Belarus by 9.3 million euro or 15.7 percent.
Olvi Group's operating profit for January-December stood at 43.2**) (30.5)
million euro, or 13.2 (10.0) percent of net sales. The operating profit
improved by 12.7 million euro or 41.5 percent. The change in depreciation
practice improved operating profit by 10.1 million euro, which means that
comparable operating profit improved by 8.6 percent on the previous year to
33.2 million euro.
Operating profit in Finland amounted to 12.8**) (9.1) million euro. The
operating profit improved by 3.7 million euro. Aggregate operating profit in
the Baltic states improved by 3.3 million euro to 19.7**) (16.4) million euro,
and operating profit in Belarus improved by 5.7 million euro to 10.7**) (5.0)
million euro. The effects of the extended depreciation periods on the operating
profits of different Group companies are described in connection with
performance by geographical segments.
The Group's profit after taxes in 2013 improved substantially on the previous
year, amounting to 34.2 (26.2) million euro.
Earnings per share calculated from the profit belonging to parent company
shareholders in January-December stood at 1.61 (1.24) euro per share. Earnings
per share improved by 0.37 euro or 29.8 percent.
October to December 2013
Olvi Group's sales volume from October to December was 123.3 (115.5) million
litres. Sales increased by 7.8 million litres or 6.7 percent. Sales in Finland
increased by 1.1 million litres to 35.9 (34.8) million litres, sales in the
Baltic states increased by 2.7 million litres to 59.6 (56.9) million litres,
and sales in Belarus increased by 3.9 million litres to 34.1 (30.2) million
litres.
The Group's net sales from October to December amounted to 70.0 (69.4)*)
million euro. Net sales improved by 0.6 million euro or 0.9 percent.
Net sales in Finland amounted to 26.5 (27.6)*) million euro, a decline of 1.1
million euro, net sales in the Baltic states amounted to 31.8 (30.8) million
euro, an increase of 1.0 million euro, and net sales in Belarus amounted to
14.4 (13.7) million euro, an increase of 0.7 million euro.
The Group's fourth-quarter operating profit improved by 0.9 million euro or
18.8 percent to 5.5**) (4.6) million euro, which is 7.8 (6.6) percent of net
sales. Operating profit in Finland amounted to 1.9**) (1.9) million euro, in
the Baltic states to 2.5**) (2.2) million euro and in Belarus to 1.2**) (0.4)
million euro. Operating profit in Finland remained on the previous year's
level, while the Baltic states improved by 0.3 million euro and Belarus by 0.8
million euro.
SALES VOLUME, NET SALES AND EARNINGS BY GEOGRAPHICAL SEGMENTS
Seasonal nature of the operations
The Group's business operations are characterised by seasonal variation. The
net sales and operating profit from the reported geographical segments do not
accumulate evenly but vary according to the time of the year and the
characteristics of each season.
PARENT COMPANY OLVI PLC (Olvi)
January to December 2013
According to statistics by the Federation of the Brewing and Soft Drinks
Industry, the Finnish beverage market in January-December improved by an
approximate total of 4 million litres or 0.5 percent compared to the previous
year. The sales of alcoholic products was on a par with the previous year but
the sales of non-alcoholic beverages improved by 1.2 percent. Among the
alcoholic product groups, the only improvement was seen in beers, 0.9 percent.
The sales of ciders declined by 1.6 percent and the sales of long drinks by as
much as 6.4 percent. In non-alcoholic products, a clear improvement was made in
mineral waters by 5.5 percent but the sales of soft drinks increased only
slightly by 0.4 percent. (Federation of the Brewing and Soft Drinks Industry,
December 2013).
Olvi's sales in January-December amounted to 159.9 (148.8) million litres.
Mostly thanks to increased exports and tax-free sales, the volume improved by
11.1 million litres or 7.5 percent. Among alcoholic products, only the sales of
beers increased by a few percent but the sales of ciders and long drinks
declined. Olvi retains its position as the market leader in retail sales of
long drinks. In non-alcoholic beverages, the sales of soft drinks improved by
almost ten percent. For the same reason, the sales of mineral waters improved
but the sales of juice drinks declined clearly on the previous year.
According to statistics by the Federation of the Brewing and Soft Drinks
Industry for January-December 2013, Olvi's market share in alcoholic beverages
(beers, ciders and long drinks) was on a par with the previous year at 24
percent. In mineral waters, Olvi had a market share of 23 (24), and in soft
drinks 5 (5) percent. The total market share in January-December was on a par
with the previous year at 18 (18) percent, showing a slight improvement.
In the period under review, Olvi's exports and tax-free sales increased clearly
to 19.0 (6.8) million litres, an increase of 12.2 million litres. Olvi's export
sales were particularly based on exports of soft drinks to nearby regions.
Exports and tax-free sales represented 11.9 (4.6) percent of total sales.
The parent company's net sales in 2013 totalled 123.6 (113.6)*) million euro.
Particularly thanks to good development of exports, net sales increased by 10.0
million euro or 8.8 percent.
Olvi's operating profit stood at 12.8**) (9.1) million euro, which was 10.4
(8.0)*) percent of net sales. The operating profit improved by 3.7 million euro
or 41.7 percent.
3.6 million euro of the operating profit improvement was attributable to the
extended depreciation periods. Comparable operating profit improved by 1.5
percent on the previous year. Olvi's earnings for January-December include a
total of 2.3 million euro attributable to performance bonuses to employees, a
profit-sharing contribution to the personnel fund, as well as write-downs on
inventories (including 0.33-litre glass beer bottles) which were not included
in last year's earnings.
October to December 2013
The parent company's sales in the fourth quarter amounted to 35.9 (34.8)
million litres. The sales volume increased by 1.1 million litres or 3.1 percent
mainly thanks to purchases made into retailer stocks due to the excise tax
hikes effective in the beginning of January 2014. Net sales amounted to 26.5
(27.6)*) million euro. Net sales declined by 1.1 million euro or 3.9 percent.
In relation to other quarters, the fourth quarter was the main season for sales
promotions which lowered the average price of net sales compared to the
previous quarters.
Operating profit for October-December was on a par with the previous year at
1.9 **) (1.9) million euro, or 7.0 (6.9)*) percent of net sales.
AS A. LE COQ (A. Le Coq)
January to December 2013
With the exception of ciders and mineral waters, the sales of all other product
groups declined in the Estonian beverage market in 2013. The sales of mineral
waters increased by 15 percent and ciders by 6 percent. The sales of beers
declined by five percent, and the sales of soft drinks and juices by four
percent. Sales of long drinks were on a par with the previous year. (Nielsen,
October-November 2013).
A. Le Coq retained its strong position in the Estonian beverage market. The
company's domestic sales improved by 2.8 million litres or 2.5 percent in spite
of the decline in the overall Estonian market.
The company's total sales in 2013 amounted to 129.3 (134.0) million litres.
Sales declined by 4.7 million litres or 3.5 percent. The sales decline is due
to the fact that intra-Group sales diminished by 8.1 million litres.
The greatest growth was seen in the sales of the company's mineral waters,
which increased by 28 percent. The sales of beers and long drinks also
increased by a few percent. Sales of ciders were on a par with the previous
year. The sales of soft drinks (including kvass) and juices declined.
The company is the clear market leader in long drinks and juices. In beers, the
company is in a tight struggle for the number one position, and in ciders and
soft drinks it is the number two player. The company has increased its market
share in mineral waters and is equal in strength among the top three. (Nielsen,
October-November 2013).
The company's exports and tax-free sales increased by 10.5 percent to 5.6 (5.1)
million litres. Exports and tax-free sales represented 4.3 (3.8) percent of
total sales.
The company's net sales from January to December amounted to 81.3 (80.0)
million euro, representing an increase of 1.3 million euro or 1.5 percent. Net
sales growth outperformed volume growth thanks to improved average price.
A. Le Coq's financial performance in 2013 was an all-time high. The company's
operating profit improved clearly by 3.0 million euro or 22.9 percent.
Operating profit stood at 16.0 (13.0) million euro, which was 19.7 (16.3)
percent of net sales. 1.7 million euro of the operating profit improvement was
attributable to the extended depreciation periods. In addition to increased
average price of net sales, the company has improved its production efficiency.
In a competition arranged by the Estonian Chamber of Commerce and Industry and
the Estonian Employers' Confederation, AS A. Le Coq was on 8 October 2013
awarded the most competitive food industry company in Estonia. The purpose of
the competition is to identify the most competitive companies in Estonia, to
provide them with an opportunity of comparison with similar companies, and to
assess their success, achievements and sustainability.
October to December 2013
A. Le Coq's sales in the fourth quarter declined by 1.6 million litres or 5.5
percent to 26.9 (28.5) million litres due to diminished intra-Group
manufacturing. In spite of the sales decline, net sales were almost on a par
with the previous year at 16.7 (16.9) million euro.
The company's operating profit for October-December stood at 2.4 (2.3) million
euro, or 14.5 (13.8) percent of net sales. The operating profit improved by 0.1
million euro or 3.9 percent.
A/S CESU ALUS (Cesu Alus)
January to December 2013
The total sales of beer in Latvia declined by three percent in 2013. The cider
market declined by 16 percent but the sales of long drinks increased by
approximately seven percent.
During the year 2013, Cesu Alus improved its sales by 7.3 million litres or
10.2 percent, totalling 79.7 (72.4) million litres. The improvement was
attributable to increased internal sales to other Olvi Group companies.
Domestic sales declined by 2.4 percent.
Among the company's main product groups, an increase of a few percent was seen
in long drinks but the sales of beers declined by approximately one percent.
The greatest sales decline was seen in ciders, almost 23 percent. However, Fizz
cider has retained its strong market share. The sales of soft drinks (including
kvass) declined by more than five percent while the sales of juice drinks
increased by more than 11 percent in January-December.
The company is a clear market leader in ciders and long drinks (Nielsen
October-November 2013). In the Latvian beer market, Cesu Alus has improved its
position and its market share falls only a few percent short of the market
leader (Nielsen, December 2013).
The company's net sales in 2013 amounted to 37.6 (36.2) million euro,
representing an increase of 1.4 million euro or 3.8 percent.
Cesu Alus's operating profit for January-December amounted to 2.5 (1.7) million
euro, which is 6.5 (4.6) percent of net sales. The extended depreciation
periods had an effect of 1.7 million euro on the operating profit.
October to December 2013
Cesu Alus's sales in October-December amounted to 16.1 (13.9) million litres,
representing an increase of 2.2 million litres or 16.1 percent. The increase
was attributable to increased intra-Group sales. Net sales amounted to 7.3
(6.7) million euro, representing an increase of 0.6 million euro or 8.4 percent
on the previous year.
The company's operating profit for the fourth quarter was in the red by -0.2
(-0.2) million euro.
AB VOLFAS ENGELMAN (Volfas Engelman)
January to December 2013
The Lithuanian beverage markets declined in 2013 mainly due to stricter alcohol
laws and new regulations concerning package sizes: the maximum strength of mild
brewery beverages is now limited to 7.5% and the largest single package size to
one-litre bottles. The only growth was seen in the sales of long drinks, four
percent. The total market in beers declined by seven percent, in ciders as much
as 21, and in kvass more than five percent.
Volfas Engelman's sales improved well in the fourth quarter. Total sales in
2013 amounted to 69.6 (71.7) million litres. Sales declined by 2.1 million
litres or 2.9 percent. 75 percent of the sales decline is attributable to
diminished intra-Group sales. Domestic sales declined by 1.3 percent.
Among the product groups, the sales of soft drinks (including kvass) increased
clearly by more than 19 percent, and the sales of long drinks also increased by
almost 18 percent. Correspondingly, the sales of ciders declined by almost 14
percent. The sales of the company's beers declined by approximately four
percent.
Volfas Engelman has improved its market position in the declining Lithuanian
beverage market. In the largest product group, beers, the company is the number
three player and has succeeded in clearly increasing its market share on the
previous year. The company's market share in beers was 19 (14) percent
(Nielsen, October-November 2013). The company is the clear market leader in
long drinks and kvass. In ciders it belongs to the top two players. (Nielsen,
October-December 2013).
The company's net sales in 2013 were almost on a par with the previous year at
34.1 (34.2) million euro in spite of the slight decline in sales volume.
Operating profit in January-December declined by 0.5 million euro on the
previous year to 1.3 (1.8) million euro. Operating profit came to 3.7 (5.1)
percent of net sales. The extended depreciation periods had an effect of 0.9
million euro on the operating profit. The company was unable to adapt its
operating expenses to the declined sales volume or make sufficient efficiency
improvements.
October to December 2013
Volfas Engelman's development in the fourth quarter outperformed the previous
quarters. The company succeeded to turn its sales volume to an upward track in
October-December. Sales amounted to 16.5 (14.5) million litres, representing an
increase of 2.0 million litres or 14.0 percent. Fourth-quarter net sales also
increased by 0.7 million euro or 9.4 percent to 7.9 (7.2) million euro.
The company's operating profit for October-December stood at 0.2 (0.01) million
euro, or 3.1 (0.1) percent of net sales.
OAO LIDSKOE PIVO (Lidskoe Pivo)
January to December 2013
The Belarusian beer market increased in January-December by approximately 7
percent compared to the previous year. At the same time, the sales of ciders
declined by approximately 17 percent. The sales of soft drinks (including
kvass) increased by some 16 percent.
The total sales of juices and juice drinks increased by almost 60 percent but
sales in PET bottles declined by approximately one percent compared to the
previous year (Nielsen, October-November 2013).
Lidskoe Pivo's operations developed favourably in 2013. The company's sales
amounted to 156.5 (141.5) million litres, representing an increase of 15.0
million litres or 10.6 percent. Among the main product groups, the greatest
sales increase was seen in mineral waters, approximately 49 percent. There was
also an increase of 10 percent in beer sales. The sales of ciders declined
clearly by more than 16 percent, and the sales of juice drinks declined by 5
percent. The sales of soft drinks (including kvass) were on a par with the
previous year.
Lidskoe Pivo has retained its market leadership in ciders, kvass and juice
drinks. The company's market share in beers has clearly increased on the
previous year. The company's market share in soft drinks and mineral waters is
approximately 3 percent (Nielsen October-December 2013). The company is the
number two player in the Belarusian beverage industry.
The company's exports increased by 7.0 million litres or 49.3 percent in
January-December. Exports made 13.6 (10.1) percent of the company's total
sales. The main destinations for exports were Russia, Ukraine, Lithuania and
Germany.
The company's net sales stood at 68.3 (59.0) million euro, an increase of 9.3
million euro or 15.7 percent. Factors contributing to net sales growth included
favourable development of sales volumes and an improved average price of net
sales.
Operating profit increased substantially on the previous year. Operating profit
from January to December amounted to 10.7 (5.0) million euro, representing an
increase of 5.7 million euro or 114.2 percent. The operating profit represented
15.6 (8.4) percent of net sales. 2.0 million euro of the operating profit
improvement was attributable to the extended depreciation periods. Factors
contributing to improved operating profit included growth in sales volumes,
improved average price of net sales and successful cost control.
October to December 2013
Lidskoe Pivo's sales in the fourth quarter increased to 34.1 (30.2) million
litres. This represents an increase of 3.9 million litres or 12.8 percent.
Net sales stood at 14.4 (13.7) million euro, an increase of 0.7 million euro or
5.6 percent.
The company's operating profit for October-December improved to 1.2 (0.4)
million euro, or 8.2 (3.0) percent of net sales. The operating profit improved
by 0.8 million euro.
FINANCING AND INVESTMENTS
Olvi Group's balance sheet total at the end of December 2013 was 295.7 (269.2)
million euro. Equity per share at the end of 2013 stood at 8.14 (7.01) euro.
The equity to total assets ratio clearly exceeded Olvi Group's long-term target
of 50 percent. The actual figure at the end of December was 58.0 (54.8)
percent. The gearing ratio declined clearly on the previous year to 26.4 (35.8)
percent. The current ratio, which represents the Group's liquidity, was 1.2
(1.3).
The amount of interest-bearing liabilities at the end of 2013 was 52.8 (58.5)
million euro, including current liabilities of 24.3 (16.0) million euro.
Olvi Group's gross capital expenditure in 2013 amounted to 35.7 (29.8) million
euro. The parent company Olvi accounted for 19.8 million euro, the Baltic
subsidiaries for 7.2 million euro and Lidskoe Pivo for 8.7 million euro of the
total.
The largest investments in Finland in 2013 included improving the efficiency of
internal logistics, automated warehouse operations and automatic picking,
increasing the capacity of the juicing facility and improving the pre-treatment
of waste water.
In the Baltic states, A. Le Coq's largest investments include procurements
related to improving canning line efficiency, extensions to conveyor systems
and acquisition of a can storage hall. Cesu Alus's investments mainly consisted
of extensions to the tank cellar and filtering department, and the acquisition
of a light-duty storage hall. Volfas Engelman's largest investments consisted
of an extension to the boiling room and the associated control equipment, an
extension to the tank cellar and the introduction of a PET bottle format.
Lidskoe Pivo's largest investments in 2013 were the second phase of the
fermentation cellar extension, extensions to cooling systems, and the
acquisition of a light-duty storage hall.
PRODUCT DEVELOPMENT AND NEW PRODUCTS
Research and development includes projects to design and develop new products,
packages, processes and production methods, as well as further development of
existing products and packages. The R&D costs have mostly been recognised as
expenses. The main objective of Olvi Group's product development is to create
new products for profitable and growing beverage segments.
Finland
In January, we launched Putous Cola in 0.33-litre cans. February saw the
launches of the TEHO Sport protein bar (40% protein) in chocolate flavour and
the Angry Birds snack drink Chocolate 0.33 L.
April will be the month of launching our novelties for the summer. New
non-alcoholic products include KevytOlo Lemon mineral water 0.5 L and 1.5 L,
KevytOlo Birch Sap juice mineral water 0.5 L, TEHO Lite Boost energy drink in
0.5-litre cans, OLVI soft drinks Jaffa, Jaffa Light, Cola, Cola Light and Lemon
in 0.95-litre bottles, Simpsons JaffaX and Simpsons JaffaX Light in 0.33-litre
cans, as well as Angry Birds Go soft drink in 0.33-litre cans. In beers,
Sandels Wheat beer will be launched in 0.5-litre cans and 30-litre kegs.
Sandels Wheat Beer is an unfiltered top-fermented beer. In other alcoholic
drinks, A. Le Coq Alcoholic Coctail Cuba Libre and Pina Colada will be launched
in 0.33-litre longneck glass bottles. The OLVI cider Fruit Circus will be
launched in 0.45-litre bottles and six-packs of 0.33-litre cans.
Olvi's distribution agreement with Warsteiner will become effective in April
and bring the 260-year-old German premium beer to Finland in three versions
manufactured in Germany: Warsteiner Premium Fresh in 0.33-litre longneck glass
bottles, Warsteiner Premium Verum as a 4.7% retail trade version in cans and
4.8% strength in longneck glass bottles and as draft beer, as well as König
Ludwig Weissbier 5.5% in half-litre glass bottles and as draft beer.
Our own Group's beers will be imported from Estonia: A. Le Coq Imperial Gold
4.8% and A. Le Coq Imperial Ale 5.0% in 0.4-litre glass bottles.
Subsidiaries
For the Christmas season, A. Le Coq of Estonia launched A. Le Coq Christmas
Porter 6.5% in 4-packs of half-litre bottles, as well as FIZZ Winter Cider in
0.33-litre longneck glass bottles.
In Latvia, Cesu Alus launched Miezitis Gaišais 4.7% and Miezitis Stiprais 7.1%
beers in 2-litre bottles in January. Launches in February included Cēsu Premium
Amber 5.2% in 0.568-litre cans and Cēsu Džons 7% Real Men Cola, which is a
whisky and cola-flavoured ready-to-drink alcoholic beverage in 0.5-litre cans.
March will see the launch of Cēsu Nefiltrētais Lēnalus 5.6% in 0.5-litre glass
bottles and Cēsu Džons Mojito 5% in 0.5-litre cans as well as the energy drink
Dynami:t Mate in 0.5-litre bottles. March will also be the month of launching
the completely new functional range Vitamineral, which will include Mental
Performance and Power Performance versions both in 0.75-litre bottles.
Volfas Engelman of Lithuania launched FIZZ Winter, already familiar from
Estonia, in October. November saw the launch of the dark beer Šnekorių Tamsus
in one-litre bottles with a strength of 7.5%. November was also the month of
launching Gera Kaina, which is a melon-flavoured 4.7% cider in one-litre
bottles. Two new versions of the 4Fun cider were launched: strawberry-flavoured
6.5% and cactus-lime-flavoured 7.5%, both in 1.0-litre bottles. The Fortas beer
brand was extended in December with the dark beer Tamsusis 7.5% in one-litre
bottles, and the FIZZ cider brand saw the introduction of a yellow plum
flavour.
In Belarus, Lidskoe Pivo launched a new flavour Pomegranate in the BCE
Vitamines range in both one-litre and 1.5-litre bottles. The energy drink
Dynami:t was extended with the new flavour Dynami:t Juice in 0.5-litre bottles.
The Estonian product A. Le Coq Alcoholic Coctail Cuba Libre, which will come to
Finland in April, was already launched in Belarus in December.
PERSONNEL
Olvi Group's average number of personnel in January-December was 1,999 (1,977).
The Group's average number of personnel increased by 22 people or 1.1 percent.
The greatest personnel increase was seen in Belarus due to increased sales
volumes. Latvia was the only country where personnel was reduced. The total
number of personnel at the end of December 2013 was 1,890 (1,905).
Olvi Group's average number of personnel by country:
Finland 401 (401)
Estonia 314 (313)
Latvia 215 (217)
Lithuania 216 (212)
Belarus 853 (834)
Total 1,999 (1,977)
CHANGES IN CORPORATE STRUCTURE IN 2013
During 2013, Olvi increased its holding in Cesu Alus by a total of 266 shares,
which corresponds to 0.09 percent of the company's share capital. Olvi's
holding in Cesu Alus at the end of December 2013 was 99.76 percent. In November
2013, Olvi also acquired 1,401 shares in Volfas Engelman, corresponding to 0.01
percent of the share capital. Olvi's holding in Volfas Engelman at the end of
December 2013 was 99.58 percent.
Olvi holds 100.0 percent of AS A. Le Coq and 91.58 percent of Lidskoe Pivo.
Furthermore, A. Le Coq has a 49.0 percent holding in AS Karme and 20.0 percent
holding in Verska Mineraalvee OÜ in Estonia.
OLVI A SHARE AND SHARE MARKET
Olvi's share capital at the end of December 2013 stood at 20.8 million euro.
The total number of shares was 20,758,808, of these 17,026,552 or 82.0 percent
being Series A shares and 3,732,256 or 18.0 percent Series K shares.
Each Series A share carries one (1) vote and each Series K share carries twenty
(20) votes. Series A and Series K shares have equal rights to dividends.
Detailed information on Olvi's shares and share capital can be found in the
tables attached to this financial statements bulletin, in Table 5, Section 4.
The total trading volume of Olvi A shares on Nasdaq OMX Helsinki in 2013 was
2,601,699 (1,793,149) shares, which represented 15.3 (10.5) percent of all
Series A shares. The value of trading was 63.9 (32.8) million euro.
The Olvi A share was quoted on Nasdaq OMX Helsinki (Helsinki Stock Exchange) at
28.60 (19.65) euro at the end of 2013. In January-December, the highest quote
for the Series A share was 28.75 (20.43) euro and the lowest quote was 19.70
(14.75) euro. The average share price in 2013 was 24.26 (18.26) euro.
At the end of December 2013, the market capitalisation of Series A shares was
487.0 (334.5) million euro and the market capitalisation of all shares was
593.7 (407.9) million euro.
The number of shareholders at the end of December 2013 was 9,522 (9,091).
Foreign holdings plus foreign and Finnish nominee-registered holdings
represented 21.3 (17.9) percent of the total number of book entries and 6.9
(6.2) percent of total votes.
Foreign and nominee-registered holdings are reported in Table 5, Section 8 of
the tables attached to this financial statements bulletin, and the largest
shareholders are reported in Table 5, Section 9.
TREASURY SHARES
There were no changes in the number of treasury shares held by Olvi during
2013. At the end of the reporting period, Olvi held 1,124 Series A shares as
treasury shares. Treasury shares held by the company itself are ineligible for
voting. Detailed information on treasury shares is provided in Table 5, Section
5 of the tables attached to this financial statements bulletin.
FLAGGING NOTICES
During 2013, Olvi received one flagging notice in accordance with Chapter 2,
Section 10 of the Securities Markets Act when The Family Kamprad Foundation
notified on 15 March 2013 that its share of holding had increased to 10.37
percent of Olvi's share capital and 2.35 percent of votes.
BUSINESS RISKS AND THEIR MANAGEMENT
Risk management is a part of Olvi Group's everyday management and operations.
It increases corporate security and contributes to the achievement of
operational targets. The objective of risk management is to operate proactively
and create operating conditions in which business risks are managed
comprehensively and systematically in all of the Group companies and all levels
of the organisation. In addition to the company itself, risk management
benefits its personnel, customers, shareholders and other related groups.
The objective of risk management is to ensure the realisation of the company's
strategy and secure the continuity of business. Olvi Group identifies,
assesses, manages and monitors its crucial risks regularly. With regard to
identified risks, the effects, scope and probability of realisation are
assessed together with the means of eliminating or reducing the risk.
Furthermore, risk management aims to identify and utilise any business
opportunities that may arise.
Strategic and operational risks
Olvi Group's strategic risks refer to risks related to the characteristics of
the company's business and strategic choices. The Group's operations are
located in several countries that differ substantially in terms of their social
and economic situations and the phases and directions of development. For
example, strategic risks relate to changes in tax legislation and other
regulations, the operating environment and foreign exchange markets. If
realised, strategic risks can substantially hamper the company's operational
preconditions. The Group's most substantial identified strategic risks relate
to Belarus, particularly the situation in the country's economy and politics.
The Group's most substantial identified operational risks relate to the
procurement and quality of raw materials, the production process, markets and
customers, personnel, information security and systems, as well as changes in
foreign exchange rates.
Financing risks
Olvi Group operates internationally, and its business involves risks arising
from exchange rate fluctuations. Foreign exchange risks arise from the cash
flows of purchases and sales in foreign currency, as well as investments in
foreign subsidiaries and the conversion of their balance sheet items into euro.
Foreign exchange risk is reduced by the fact that most of the Group's product
sales and raw material purchases are denominated in euro.
The objective of financing risk management is to minimise the adverse effects
of changes in the financial markets on the Group's financial performance,
shareholders' equity and liquidity. The general principles of the Group's risk
management are approved by the Board of Directors of the parent company, and
the parent company's management together with the management of subsidiaries is
responsible for their practical implementation. Responsibility for Olvi Group's
financing tasks is centralised in the parent company Olvi. The objectives of
centralisation include optimisation of cash flows and financing costs, as well
as efficient risk management.
There have not been any significant changes in Olvi Group's business risks. A
more detailed description of the risks is provided in the Board of Directors'
report and the notes to the financial statements. Financing risks are also
described in more detail in the Investors section of the corporate Web site.
BUSINESS RISKS AND UNCERTAINTIES IN THE NEAR TERM
The economic situation has turned slightly better in Europe. However, the
development of the beverage markets in Olvi Group's operating area still seems
challenging. Total consumption in the local markets is still expected to
decline slightly, with consumption shifting more and more to less expensive
products. An increase in the unemployment rate and the resulting decline in
consumer purchasing power may also have a negative effect on the demand for the
company's products.
The most substantial factor hampering the predictability of Olvi Group's
business still relates to Belarus and its economic and political outlook for
the next few years.
The IAS 29 standard “Financial Reporting in Hyperinflationary Economies” will
be applied in Belarus at least until the end of 2014.
NEAR-TERM OUTLOOK
The full-year sales volumes and net sales in 2014 are expected to grow slightly
in the current accounting period. The operating profit for 2014 is expected to
be on a par with the year 2013.
BOARD OF DIRECTORS' PROPOSAL FOR THE DISTRIBUTION OF PROFIT
The parent company Olvi plc had 50.6 (45.1) million euro of distributable funds
on 31 December 2013, of which profit for the period accounted for 15.8 (12.6)
million euro.
Olvi plc's Board of Directors proposes to the Annual General Meeting that
distributable funds be used as follows:
1) A dividend of 0.65 (0.50) euro shall be paid for 2013 on each Series K and
Series A share, totalling 13.5 (10.4) million euro. The dividend represents
40.4 (40.3) percent of Olvi Group's earnings per share. The dividend will be
paid to shareholders registered in Olvi plc's register of shareholders held by
Euroclear Finland Ltd on the record date of the dividend payment, 23 April
2014. It is proposed that the dividend be paid on 30 April 2014.
No dividend shall be paid on treasury shares.
2) 37.1 million euro shall be retained in the parent company's non-restricted
equity.
FINANCIAL REPORTS IN 2014
Olvi Group's financial statements, Board of Directors' report and Corporate
Governance Statement 2013 will be published on 20 March 2014. The notice to
convene Olvi plc's Annual General Meeting, which will be held on 16 April 2014
in Iisalmi, will be published on 20 March 2014. The financial statements, Board
of Directors' report and notice to convene the AGM will be available on Olvi
plc's Web site on the same day.
The following interim reports will be released in 2014:
Interim Report for January-March on 30 April 2014,
Interim Report for January-June on 14 August 2014 and
Interim Report for January-September on 30 October 2014.
Further information:
Lasse Aho, Managing Director, Olvi plc, phone +358 290 00 1050 or +358 400 203
600
OLVI PLC
Board of Directors
TABLES:
- Statement of comprehensive income, Table 1
- Balance sheet, Table 2
- Changes in shareholders' equity, Table 3
- Cash flow statement, Table 4
- Notes to the financial statements, Table 5
DISTRIBUTION:
NASDAQ OMX Helsinki Ltd
Key media
OLVI GROUP TABLE 1
INCOME STATEMENT
EUR 1,000
10-12/2 10-12/2012 1-12/2013 1-12/2012
013
Net sales 70043 69403*) 327256 304891*)
Other operating income 332 684 983 1020
Operating expenses -61368 -59636*) -271391 -253552*)
Depreciation and impairment -3524 -5836 -13627 -21822
Operating profit 5483 4615 43221 30537
Financial income 812 1382 3105 4871
Financial expenses -1718 -1297 -4501 -3093
Share of earnings of associates -11 0 -11 0
Earnings before tax 4566 4700 41814 32315
Taxes ***) 162 -795 -7628 -6151
NET PROFIT FOR THE PERIOD 4728 3905 34186 26164
Other comprehensive income items:
Translation differences related to
foreign subsidiaries -1459 -1745 -2858 527
TOTAL COMPREHENSIVE INCOME FOR THE 3269 2160 31328 26691
PERIOD
Distribution of profit:
- parent company shareholders 4707 3807 33520 25668
- non-controlling interests 21 98 666 496
Distribution of comprehensive profit:
- parent company shareholders 3354 2098 30886 26229
- non-controlling interests -85 62 442 462
Earnings per share calculated from the profit
belonging
to parent company shareholders, EUR
- undiluted 0.23 0.18 1.61 1.24
- diluted 0.23 0.18 1.61 1.24
*) The previous year's net sales in Finland have been adjusted for
comparability with the year 2013.
***) Taxes calculated from the profit for the review period.
The notes constitute an essential part of the financial statements.
OLVI GROUP TABLE 2
BALANCE SHEET
EUR 1,000 31 Dec 2013 31 Dec 2012
ASSETS
Non-current assets
Tangible assets 165783 146749
Goodwill 17805 17730
Other intangible assets 2701 2119
Interests in associates 1077 1077
Financial assets available for sale 549 549
Loan receivables and other non-current receivables 349 408
Deferred tax receivables 87 83
Total non-current assets 188351 168715
Current assets
Inventories 41178 40583
Accounts receivable and other receivables 57705 53345
Income tax receivable 848 693
Other non-current assets available for sale 124 163
Liquid assets 7507 5698
Total current assets 107362 100482
TOTAL ASSETS 295713 269197
SHAREHOLDERS' EQUITY AND LIABILITIES
Shareholders' equity held by parent company
shareholders
Share capital 20759 20759
Other reserves 1092 1092
Treasury shares -8 -8
Translation differences -20321 -17687
Retained earnings 167420 141317
168942 145473
Share belonging to non-controlling interests 2597 1939
Total shareholders' equity 171539 147412
Non-current liabilities
Financial liabilities 28483 42474
Other liabilities 0 250
Deferred tax liabilities 3761 3200
Current liabilities
Financial liabilities 24348 15996
Accounts payable and other liabilities 66704 58669
Income tax liability 878 1196
Total liabilities 124174 121785
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 295713 269197
The notes constitute an essential part of the financial statements.
OLVI GROUP TABLE 3
CHANGES IN OLVI GROUP'S CONSOLIDATED SHAREHOLDERS' EQUITY
Share Other Treasur Transl Retain Share of Total
capital reserv y ation ed non-control
es shares differ earnin ling
account ences gs interests
EUR 1,000
Shareholders' 20759 1092 -8 -18248 123286 1341 128222
equity 1 Jan
2012
Adjustments for hyperinflation 2685 247 2932
Adjusted 20759 1092 -8 -18248 125971 1588 131154
shareholders'
equity 1 Jan
2012
Comprehensive income:
Net profit for the period 25668 496 26164
Other comprehensive income items:
Translation differences 561 -34 527
Total comprehensive income for the period 561 25668 462 26691
Transactions with shareholders:
Payment of dividends -10379 -14 -10393
Total transactions with shareholders -10379 -14 -10393
Changes in holdings in subsidiaries:
Acquisition of shares from
non-controlling interests 20 20
Change in shares held by
non-controlling interests 37 -37 0
Reduction of share capital -60 -60
Total changes in holdings in subsidiaries 57 -97 -40
Shareholders' 20759 1092 -8 -17687 141317 1939 147412
equity 31 Dec
2012
Share Other Treasur Transl Retain Share of Total
capital reserv y ation ed non-control
es shares differ earnin ling
account ences gs interests
EUR 1,000
Shareholders' 20759 1092 -8 -17687 141317 1939 147412
equity 1 Jan
2013
Adjustments for hyperinflation 2945 271 3216
Adjusted 20759 1092 -8 -17687 144262 2210 150628
shareholders'
equity 1 Jan
2013
Comprehensive income:
Net profit for the period 33520 666 34186
Other comprehensive income items:
Translation differences -2634 -224 -2858
Total comprehensive income for the period -2634 33520 442 31328
Transactions with shareholders:
Payment of dividends -10379 -44 -10423
Total transactions with shareholders -10379 -44 -10423
Changes in holdings in subsidiaries:
Acquisition of shares from
non-controlling interests 6 6
Change in shares held by
non-controlling interests 11 -11 0
Total changes in holdings in subsidiaries 17 -11 6
Shareholders' 20759 1092 -8 -20321 167420 2597 171539
equity 31 Dec
2013
Other reserves include the share premium account, legal reserve and other
reserves.
The notes constitute an essential part of the financial statements.
OLVI GROUP TABLE 4
CASH FLOW STATEMENT
EUR 1,000
1-12/2013 1-12/2012
Net profit for the period 34186 26164
Adjustments to profit for the period 24214 29754
Change in net working capital 2451 -8967
Interest paid -4246 -2077
Interest received 530 315
Taxes paid -7126 -4900
Cash flow from operations (A) 50009 40289
Investments in tangible and intangible
assets -31975 -23757
Sales gains from tangible and intangible
assets 220 125
Expenditure on other investments 0 -582
Cash flow from investments (B) -31755 -24214
Withdrawals of loans 5541 32738
Repayments of loans -11180 -36179
Dividends paid -10541 -10377
Increase (-) / decrease (+) in current interest-
bearing business receivables 1 0
Increase (-) / decrease (+) in long-term
loan receivables 55 -265
Cash flow from financing (C) -16124 -14083
Increase (+)/decrease (-) in liquid assets (A+B+C) 2130 1992
Liquid assets 1 January 5698 3836
Effect of exchange rate changes -321 -130
Liquid assets 31 December 7507 5698
The notes constitute an essential part of the financial statements.
OLVI GROUP
TABLE 5
NOTES TO THE FINANCIAL STATEMENTS
The accounting policies used for the financial statements 2013 are the same as
those used for the annual financial statements 2012, with the following changes
implemented as of 1 January 2013:
1) As of the beginning of 2013, marketing subsidies payable to customers on the
basis of litres sold have been accounted for as annual discounts under
adjustments to sales. These marketing subsidies were previously recognised
under other operating expenses. Due to the change, the consolidated net sales
and other operating expenses for the previous year have declined by the amount
of the marketing subsidies, 7.3 million euro. The change concerned the parent
company Olvi.
2) As of the beginning of 2013, Olvi Group's depreciation periods for
buildings, production machinery and equipment, as well as storage and
fermentation tanks, have been extended to better correspond to their actual
economic life. The depreciation period for buildings was extended from 20 to 30
years and the depreciation period for production machinery and equipment from 8
years to 15 years. The depreciation period for tanks was extended from 8 years
to 20 years. Due to the change, depreciation declined by 10.1 million euro in
2013.
The financial statements for 1 January to 31 December 2013 have been prepared
in compliance with the International Financial Reporting Standards (IFRS),
observing the IAS and IFRS standards as well as the official SIC and IFRIC
interpretations valid on 31 December 2013.
The Group has adopted the following new or revised standards and
interpretations in 2013:
-- Amendment to IAS 12 “Income Taxes” concerning deferred taxes
-- Amendment to IAS 1 “Presentation of Financial Statements” concerning other
comprehensive income items
-- Amendment to IAS 19 “Employee Benefits”
-- Amendment to IFRS 7 “Financial Instruments: Disclosures” concerning the
offset of assets and liabilities
-- IFRS 13 “Fair Value Measurement”
The above changes in standards and their interpretations have not had any
substantial effect on the income statement, balance sheet or notes.
The information in the financial statements bulletin is presented in thousands
of euros (EUR 1000). For the sake of presentation, individual figures and
totals have been rounded to full thousands, which causes rounding differences
in additions. The ratios are calculated from exact amounts in euros.
1. SEGMENT INFORMATION
SALES BY GEOGRAPHICAL SEGMENT (1,000 litres)
10-12/2013 10-12/2012 1-12/2013 1-12/2012
Olvi Group total 123313 115525 557232 526753
Finland 35880 34799 159909 148764
Estonia 26928 28485 129314 134027
Latvia 16099 13868 79724 72358
Lithuania 16532 14504 69554 71661
Belarus 34101 30236 156523 141496
- sales between segments -6227 -6367 -37792 -41553
NET SALES BY GEOGRAPHICAL SEGMENT (EUR 1,000)
10-12/2013 10-12/2012 1-12/2013 1-12/2012
Olvi Group total 70043 69403*) 327256 304891*)
Finland 26540 27618*) 123608 113612*)
Estonia 16672 16908 81261 80043
Latvia 7287 6722 37571 36185
Lithuania 7857 7185 34139 34245
Belarus 14413 13653 68319 59030
- sales between segments -2726 -2683 -17642 -18224
*) The previous year's figures have been adjusted for comparability with the
year 2013.
OPERATING PROFIT BY GEOGRAPHICAL SEGMENT (EUR 1,000)
10-12/2013 10-12/2012 1-12/2013 1-12/2012
Olvi Group total 5483 4615 43221 30537
Finland 1859 1908 12844 9066
Estonia 2417 2325 15998 13017
Latvia -208 -157 2458 1654
Lithuania 243 6 1264 1753
Belarus 1178 406 10665 4979
- eliminations -6 127 -8 68
2. PERSONNEL ON AVERAGE 1-12/2013 1-12/2012
Finland 401 401
Estonia 314 313
Latvia 215 217
Lithuania 216 212
Belarus 853 834
Total 1999 1977
3. RELATED PARTY TRANSACTIONS
Employee benefits to management
Salaries and other short-term employee benefits to the Board of Directors and
Managing Directors
EUR 1,000
1-12/2013 1-12/2012
Managing Directors 920 931
Chairman of the Board 85 84
Other members of the Board 130 125
Total 1135 1140
4. SHARES AND SHARE CAPITAL 31 Dec 2013 %
Number of A shares 17026552 82.0
Number of K shares 3732256 18.0
Total 20758808 100.0
Total votes carried by A shares 17026552 18.6
Total votes carried by K shares 74645120 81.4
Total number of votes 91671672 100.0
Votes per Series A share 1
Votes per Series K share 20
The registered share capital on 31 December 2013 totalled 20,759 thousand euro.
Olvi plc's Series A and Series K shares received a dividend of 0.50 euro per
share for 2012 (0.50 euro per share for 2011), totalling 10.4 (10.4) million
euro. The dividends were paid on 22 April 2013. The Series K and Series A
shares entitle to equal dividend. The Articles of Association include a
redemption clause concerning Series K shares.
5. TREASURY SHARES
Olvi plc held a total of 1,124 of its own Series A shares on 1 January 2013.
Olvi plc has not acquired more treasury shares or transferred them to others in
January-December 2013, which means that the number of Series A shares held by
the company was unchanged on 31 December 2013. The purchase price of the Series
A shares held as treasury shares totalled 8.5 thousand euro.
Series A shares held by Olvi plc as treasury shares represented 0.005 percent
of the share capital and 0.001 percent of the aggregate number of votes. The
treasury shares represented 0.007 percent of all Series A shares and associated
votes.
On 10 April 2013, the General Meeting of Shareholders of Olvi plc decided to
revoke any unused authorisations to acquire treasury shares and authorise the
Board of Directors of Olvi plc to decide on the acquisition of the company's
own shares using distributable funds. The authorisation is valid for one year
starting from the General Meeting and covers a maximum of 500,000 Series A
shares.
The Annual General Meeting also decided to revoke all existing unused
authorisations for the transfer of own shares and authorise the Board of
Directors to decide on the issue of a maximum of 1,000,000 new Series A shares
and the transfer of a maximum of 500,000 Series A shares held as treasury
shares.
In January-December 2013, the Board of Directors of Olvi plc has not exercised
the authorisations granted by the General Meeting.
6. NUMBER OF SHARES *) 1-12/2013 1-12/2012
- average 20757684 20757684
- at end of period 20757684 20757684
*) Treasury shares deducted.
7. TRADING OF SERIES A SHARES ON THE HELSINKI STOCK EXCHANGE
1-12/2013 1-12/2012
Trading volume of Olvi A shares 2601699 1793149
Total trading volume, EUR 1,000 63938 32789
Traded shares in proportion to
all Series A shares, % 15.3 10.5
Average share price, EUR 24.26 18.26
Price on the closing date, EUR 28.60 19.65
Highest quote, EUR 28.75 20.43
Lowest quote, EUR 19.70 14.75
8. FOREIGN AND NOMINEE-REGISTERED HOLDINGS ON 31 DECEMBER 2013
Book entries Votes Shareholders
qty % qty % qty %
Finnish total 16340629 78.72 85310021 93.06 9479 99.55
Foreign total 505069 2.43 2448541 2.67 35 0.37
Nominee-registered (foreign) 16192 0.08 16192 0.02 3 0.03
total
Nominee-registered (Finnish) 3896918 18.77 3896918 4.25 5 0.05
total
Total 20758808 100.00 91671672 100.00 9522 100.00
9. LARGEST SHAREHOLDERS ON 31 DECEMBER 2013
Series Series A Total % Votes %
K
1. Olvi Foundation 2363904 890613 3254517 15.68 48168693 52.54
2. Hortling Heikki 903488 144194 1047682 5.05 18213954 19.87
Wilhelm *)
3. The Heirs of Hortling 187104 25248 212352 1.02 3767328 4.11
Kalle Einari
4. Hortling Timo Einari 165824 34608 200432 0.97 3351088 3.66
5. Hortling-Rinne Laila 102288 2100 104388 0.50 2047860 2.23
Marit
6. Pohjola Bank plc, nominee 1902700 1902700 9.17 1902700 2.08
register
7. Nordea Bank Finland plc, 1400693 1400693 6.75 1400693 1.53
nominee register
8. Ilmarinen Mutual Pension 649518 649518 3.13 649518 0.71
Insurance Company
9. Skandinaviska Enskilda Banken Ab (Publ)
Helsinki branch, nominee register 542249 542249 2.61 542249 0.59
10. Autocarrera Oy Ab 460000 460000 2.22 460000 0.50
Others 9648 10974629 10984277 52.90 11167589 12.18
Total 3732256 17026552 20758808 100.00 91671672 100.00
*) The figures include the shareholder's own holdings and shares held by parties
in his control.
10. PROPERTY, PLANT AND EQUIPMENT
EUR 1,000
1-12/2013 1-12/2012
Increase 34509 28197
Decrease -1087 -1122
Total 33422 27075
11. CONTINGENT LIABILITIES
EUR 1,000
31 Dec 2013 31 Dec 2012
Pledges and contingent liabilities
For own commitments 2715 7415
Leasing and rental liabilities:
Due within one year 1238 1240
Due within 1 to 5 years 637 580
Due in more than 5 years 6 7
Leasing and rental liabilities total 1881 1827
Package liabilities 2781 2265
Other liabilities 2000 2000
12. CALCULATION OF FINANCIAL RATIOS
Equity to total assets, % = 100 * (Shareholders' equity held by parent company
shareholders + non-controlling interests) / (Balance sheet total - advances
received)
Earnings per share = Profit belonging to parent company shareholders / Average
number of shares during the period, adjusted for share issues
Equity per share = Shareholders' equity held by parent company shareholders /
Number of shares at end of period, adjusted for share issues
Gearing, % = 100 * (Interest-bearing debt - cash in hand and at bank) /
(Shareholders' equity held by parent company shareholders + non-controlling
interests)
© 2024 Nasdaq, Inc. All Rights Reserved |