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2008-11-05 08:00:00 CET 2008-11-05 08:00:02 CET REGULATED INFORMATION Honkarakenne Oyj - Interim report (Q1 and Q3)HONKARAKENNE OYJ INTERIM REPORT 1 JANUARY - 30 SEPTEMBER 2008HONKARAKENNE OYJ INTERIM REPORT 1 JANUARY - 30 SEPTEMBER 2008 5 NOVEMBER 2008 AT 9:00 In January - September of 2008 the net sales of Honkarakenne Group amounted to EUR 62.8 million, compared with EUR 71.2 million in the same period last year. The net sales decreased by EUR 8.5 million and remained 11.9% below last year's figures. Profit before taxes stood at EUR 1.3 million (EUR 3.4 million) and earnings/share at EUR 0.26 (EUR 0.70). -------------------------------------------------------------------------------- | KEY FIGURES | 1-9/2008 | 1-9/2007 | 1-12/2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales, MEUR | 62,8 | 71,2 | 93,4 | -------------------------------------------------------------------------------- | Net sales, change % | -8,5 | 10,7 | 10,0 | -------------------------------------------------------------------------------- | Operating profit/loss, MEUR | 1,8 | 3,8 | 3,1 | -------------------------------------------------------------------------------- | Profit/loss before taxes, MEUR | 1,3 | 3,4 | 2,7 | -------------------------------------------------------------------------------- | Average number of personnel | 402 | 422 | 421 | -------------------------------------------------------------------------------- | Earnings/share (EPS), EUR | 0,26 | 0,70 | 0,52 | -------------------------------------------------------------------------------- | Shareholders equity/share, EUR | 5,17 | 5,34 | 5,18 | -------------------------------------------------------------------------------- DEVELOPMENT OF NET SALES AND PROFIT In January - September of 2008 the net sales of Honkarakenne Group amounted to EUR 62.8 million, compared with EUR 71.2 million in the same period last year. The net sales decreased by EUR 8.5 million and remained 11.9% below last year's figures. The domestic net sales decreased by EUR 5.2 million and international trade decreased by EUR 3.3 million. The operating profit for January-September amounted to EUR 1.8 million (EUR 3.8 million), and profit before taxes stood at EUR 1.3 million (EUR 3.4 million). FINANCING AND INVESTMENTS The Group's financial position has weakened during the period under review. The equity ratio has remained high, and stood at 35.6% (41.0%). The interest-bearing net liabilities increased to EUR 18.0 million (EUR 10.7 million), which was mainly due to changes in customers' payment behavior. Group's liquid assets amounted to EUR 1.6 million (EUR 2.5 million). Gearing stood at 97.6% (53.5%). Capital expenditure was EUR 4.1 million (EUR 2.1 million) and focused mainly on production's machine and equipment purchases. MARKET DEVELOPMENT The number of new single-family home construction projects and construction permits has decreased during the second half of the year. The demand for holiday house construction, which remained strong in the first half of the year, took a gradual downward turn in the third quarter. The effects of the financial crisis have affected the strong holiday center construction of the first part of the year. The preparation of new projects has been slower than before. The insecurity which has characterized the Western European and Japanese markets throughout the year turned into significant decrease in demand when the financial situation worsened. The number of construction permits and start-ups of new projects has decreased heavily from the previous year. Demand in Eastern Europe, Russia and its neighboring regions has remained good for the first two quarters. In the third quarter, the deepening of the financial crisis has caused insecurity in the making of purchase decisions in the Russian market. Trading in the Eastern European market has increased steadily throughout the year. Group's advance sales for the third quarter decreased clearly below last year's figures. At the end of September, the cumulative advance sales was nearly one-fifth smaller than a year before, which is mainly due to the third quarter changes in the market situation and the global financial crisis. -------------------------------------------------------------------------------- | DEVELOPMENT OF SALES | | -------------------------------------------------------------------------------- | Distribution of net sales, % | 2008 | 2007 | | -------------------------------------------------------------------------------- | Finland | 38,6 % | 41,3 % | | -------------------------------------------------------------------------------- | Central Europe | 21,0 % | 21,4 % | | -------------------------------------------------------------------------------- | Far East | 7,8 % | 10,2 % | | -------------------------------------------------------------------------------- | Other countries | 32,6 % | 27,9 % | | -------------------------------------------------------------------------------- | Total | 100,0 % | 100,0 % | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Net sales, 1000 euro | 2008 | 2007 | % change | -------------------------------------------------------------------------------- | Finland | 24 234 | 29 403 | -17,6 % | -------------------------------------------------------------------------------- | Central Europe | 13 194 | 15 272 | -13,6 % | -------------------------------------------------------------------------------- | Far East | 4 864 | 7 282 | -33,2 % | -------------------------------------------------------------------------------- | Other countries | 20 458 | 19 253 | 6,3 % | -------------------------------------------------------------------------------- | Total | 62 753 | 71 210 | -11,9 % | -------------------------------------------------------------------------------- The Group's order book amounted to EUR 26.6 million at the end of September. The corresponding figure from last year was EUR 29.9 million. PRODUCTS AND MARKETING Honkarakenne has been very prominently displayed during its 50th anniversary in various fairs in different market areas. For example, in Finland, Honka took part in the Vacation Housing Fair held in Pori and in the Housing Fair held in Vaasa. In Pori, Honka's holiday house - the Honka Frigate - was chosen by the public as the best holiday house made of timber. The St. Petersburg Housing Fair was held in September-October, and it was the first-ever Finnish wooden house manufacturers' joint event in Russia. At the end October, Honka organized the Honka Summit for their international distribution and cooperation network. In this event, Honka presented to the network and press its new range of wall structures - the Honka Fusion, which is based on the new innovation of non-bending laminated log. The Honka Fusion products allow the designers to come up with new types of high-quality solid timber buildings also for the low-energy house category. In September, the company launched its new Lomakirja holiday house line. The German and Finnish heat insulation regulations will become stricter in 2009-2010. Honkarakenne will have the capabilities for manufacturing products and structures that exceed the new regulations as of the beginning of 2009. STAFF The Group had 402 employees at the end of September. This is 20 less than last year, most of whom came from the parent company operations. In addition to normal seasonal changes, the market situation has worsened during the autumn. The company is also conducting statutory cooperation negotiations in order to adjust its costs and production volumes to the decreased trading levels. This year's company-wide layoffs have already been agreed upon. OWNERSHIP CHANGES IN SUBSIDIARIES AND ASSOCIATED COMPANIES The company's subsidiary, Finwood Oy, organized a directed issue in February. The parent company's ownership decreased to 68.2% after the issue. On 9 June 2008, Honkarakenne Oyj bought a 37.5% stake in Karjalan Lisenssisaha Invest Oy. Its three Karlis companies operating in Russia were established in 1993, and have been Finnish-owned since 2006. Since then the companies' logging rights have been expanded, the capacity of sawmill improved, and its plant and equipment modernized. The net sales of the companies will amount to EUR 8 million. The companies have 45 employees in the Republic of Karelia. 40,000 company shares were used as part of the share capital price, in addition to which Honkarakenne Oyj guaranteed the loan, taken out to develop the companies. Pine and spruce growing in Russian Karelia are of good quality and suitable for construction. The production plant of Karlis companies is situated close to the border, in Wärtsilä on the Russian side of the border. Its logging rights are approximately 60,000 cubic meters a year. Furthermore, it purchases saw-timber trees from Finnish forest companies and local companies. The plant's sawing capacity in one shift is 50,000 cubic meters a year. The acquired raw material will be upgraded in Honkarakenne's Finnish log house factories. Honkarakenne Oyj sold its stake (40.0%) in JJ-Suunnittelu Oy to the company's operative management in a deal signed on 30 September 2008. JJ-suunnittelu operates in Karstula and has offices also in Jyväskylä and Kuopio. The company specializes in small house design. HONKARAKENNE OYJ'S BOARD OF DIRECTORS AND ACCOUNTANTS Mauri Saarelainen, Eero Saarelainen, Tomi Laamanen and Mauri Niemi were elected to the Board by the general meeting held in the spring as old members and Pirjo Ruuska as a new member. Pirjo Ruuska, construction engineer, is the managing director of Epira Oy. She was born at Pielisjärvi in 1956, and owns 1,530 Honkarakenne A shares and 76,216 company's B shares. KPMG Oy Ab, Authorized Public Accountants, was selected to continue as the company's auditor with Ari Eskelinen as the chief accountant. HONKARAKENNE OYJ'S OWN SHARES AND AUTHORIZATION TO THE BOARD OF DIRECTORS Honkarakenne Oyj repurchased 55,183 of its own B shares during the period under review for an average price of EUR 4.71 per share. At the end of the review period the company held 173,286 of its B shares with a total nominal value of EUR 346,566.00 and a total purchase price of EUR 1,015,549.92. These shares represent 4.6% of the company's capital stock and 1.8% of the voting rights. The purchase cost has been deducted from shareholders' equity in the consolidated financial statements. The Board of Directors has been granted a share repurchase authorization, valid until 3 April 2009, to repurchase company shares following which the company and its subsidiaries would hold a maximum of 10% of the company's capital stock. The Board of Directors has also been granted authority, also valid until 3 April 2009, to dispose of 374,896 B shares. Company used 40,000 shares of this authority, when purchasing Karjalan Lisenssisaha Invest Oy. CORPORATE GOVERNANCE SYSTEM Honkarakenne Oyj follows the Corporate Governance recommendations for listed companies issued by OMX Nordic Exchange in Helsinki, the Central Chamber of Commerce and the Confederation of Finnish Industries EK. FUTURE OUTLOOK The deepening global financial crisis and the resulting real economy recession will affect the construction related demand in all markets. The general lack of demand in the domestic and Western European market will most likely continue well into the next year. Independent construction, which has been known to increase when market situation worsens, will probably even out the lack of demand for holiday houses in Finland. The weakened situation is believed to have significantly shorter-term effects in the Russian market. In Eastern Europe, the market situation will remain favorable. The weak Yen, which has affected the Japanese export markets up to the end of the third quarter, has changed in the beginning of the fourth quarter to a rapidly weakening Euro. This will help to improve the position of European exports in comparison to the local production and North American imports. Nevertheless, the subdued overall situation, which has characterized the Japanese market for years, and the prevailing economic situation are likely to slow down the process of turning price benefits into increased sales in the near future. The number of start-ups of new houses began to increase in July. The annual net sales and profit will remain clearly below last year's figures. The short-term effects of the financial crisis on the development of the company's main markets are hard to predict, and if the current situation lasts very long, the company will need to adjust its operations to lower volumes. Further information: Esko Teerikorpi, President and CEO, tel. +358 40 580 6111, esko.teerikorpi@honka.com. This and previous press releases can be found on the company's website at www.honka.com, Investors. The preliminary report on the financial statements of 2008 will be published on 26 February 2009. HONKARAKENNE OYJ Board of Directors DISTRIBUTION NASDAQ OMX Helsinki Ltd Principal media Financial Supervision Authority -------------------------------------------------------------------------------- | CONSOLIDATED INCOME | | | | | | | STATEMENT | | | | | | -------------------------------------------------------------------------------- | (unaudited) | 7-9/200 | 7-9/200 | 1-9/2008 | 1-9/2007 | 1-12/200 | | | 8 | 7 | | | 7 | -------------------------------------------------------------------------------- | (MEUR) | | | | | | -------------------------------------------------------------------------------- | Net sales | 17.3 | 24.0 | 62.8 | 71.2 | 93.4 | -------------------------------------------------------------------------------- | Other operating income | 0.1 | 0.4 | 0.9 | 1.3 | 1.8 | -------------------------------------------------------------------------------- | Change in inventories | 0.5 | -1.1 | 1.7 | 2.0 | -0.6 | -------------------------------------------------------------------------------- | Production for own use | 0.0 | 0.1 | 0.1 | 0.6 | 0.7 | -------------------------------------------------------------------------------- | Materials and services | -11.3 | -13.7 | -39.4 | -45.5 | -59.0 | -------------------------------------------------------------------------------- | Employee benefit | -3.5 | -4.6 | -12.1 | -13.6 | -17.3 | | expenses | | | | | | -------------------------------------------------------------------------------- | Depreciations | -1.0 | -0.9 | -3.1 | -2.8 | -4.0 | -------------------------------------------------------------------------------- | Other operating | -2.6 | -2.6 | -9.0 | -9.3 | -12.0 | | expenses | | | | | | -------------------------------------------------------------------------------- | Operating profit/loss | -0.4 | 1.5 | 1.8 | 3.8 | 3.1 | -------------------------------------------------------------------------------- | Financial income and | -0.2 | -0.1 | -0.6 | -0.4 | -0.6 | | expenses | | | | | | -------------------------------------------------------------------------------- | Share of associated | 0.0 | 0.0 | 0.0 | 0.0 | 0.2 | | companies' profit | | | | | | -------------------------------------------------------------------------------- | Profit/loss before | -0.6 | 1.4 | 1.3 | 3.4 | 2.7 | | taxes | | | | | | -------------------------------------------------------------------------------- | Taxes | 0.2 | -0.4 | -0.3 | -0.8 | -0.8 | -------------------------------------------------------------------------------- | Profit/loss for the | -0.5 | 1.1 | 0.9 | 2.6 | 1.9 | | period | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Attributable to: | | | | | | -------------------------------------------------------------------------------- | Equity holders of the | -0.5 | 1.1 | 0.9 | 2.6 | 1.9 | | parent | | | | | | -------------------------------------------------------------------------------- | Minority interest | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | -------------------------------------------------------------------------------- | | -0.5 | 1.1 | 0.9 | 2.6 | 1.9 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings/share (EPS), | | | | | | | EUR | | | | | | -------------------------------------------------------------------------------- | Basic | -0.13 | 0.29 | 0.26 | 0.7 | 0.52 | -------------------------------------------------------------------------------- | Diluted | -0.13 | 0.29 | 0.26 | 0.7 | 0.52 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED BALANCE SHEET | | | | -------------------------------------------------------------------------------- | (unaudited) | 30/09/2008 | 30/09/2007 | 31/12/2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | (MEUR) | | | | -------------------------------------------------------------------------------- | Assets | | | | -------------------------------------------------------------------------------- | Non-current assets | | | | -------------------------------------------------------------------------------- | Property, plant and equipment | 25.7 | 24.5 | 24.8 | -------------------------------------------------------------------------------- | Goodwill | 0.5 | 0.5 | 0.5 | -------------------------------------------------------------------------------- | Other intangible assets | 1.5 | 0.7 | 1.1 | -------------------------------------------------------------------------------- | Investments in associated companies | 2.3 | 0.7 | 0.6 | -------------------------------------------------------------------------------- | Other investments | 0.3 | 0.2 | 0.2 | -------------------------------------------------------------------------------- | Receivables | 0.2 | 0.2 | 0.3 | -------------------------------------------------------------------------------- | Deferred tax assets | 1.1 | 1.5 | 0.8 | -------------------------------------------------------------------------------- | | 31.6 | 28.3 | 28.3 | -------------------------------------------------------------------------------- | Current assets | | | | -------------------------------------------------------------------------------- | Inventories | 15.3 | 17.0 | 14.1 | -------------------------------------------------------------------------------- | Trade and other receivables | 12.0 | 10.7 | 8.7 | -------------------------------------------------------------------------------- | Cash and bank receivables | 1.6 | 2.5 | 1.9 | -------------------------------------------------------------------------------- | | 28.9 | 30.3 | 24.7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total assets | 60.4 | 58.6 | 53.0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders' equity and liabilities | | | | -------------------------------------------------------------------------------- | Equity attributable to equity holders | | | | of the parent | | | -------------------------------------------------------------------------------- | Capital stock | 7.5 | 7.5 | 7.5 | -------------------------------------------------------------------------------- | Share premium | 0.5 | 0.5 | 0.5 | -------------------------------------------------------------------------------- | Reserve fund | 5.3 | 5.3 | 5.3 | -------------------------------------------------------------------------------- | Translation differences | 0.2 | 0.4 | 0.2 | -------------------------------------------------------------------------------- | Retained earnings | 4.9 | 6.3 | 5.1 | -------------------------------------------------------------------------------- | | 18.4 | 20.0 | 18.6 | -------------------------------------------------------------------------------- | Minority share | 0.0 | 0.0 | 0.0 | -------------------------------------------------------------------------------- | Total equity | 18.4 | 20.0 | 18.6 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-current liabilities | 0.6 | 1.3 | | -------------------------------------------------------------------------------- | Deferred tax liabilities | 0.4 | 0.4 | 0.6 | -------------------------------------------------------------------------------- | Provisions | 17.3 | 10.6 | 0.4 | -------------------------------------------------------------------------------- | Interest bearing debt | 0.8 | 0.0 | 13.0 | -------------------------------------------------------------------------------- | | 18.9 | 12.2 | 13.9 | -------------------------------------------------------------------------------- | Current liabilities | | | | -------------------------------------------------------------------------------- | Trade and other payables | 19.1 | 22.9 | 17.6 | -------------------------------------------------------------------------------- | Tax liabilities | 1.5 | 0.8 | 0.5 | -------------------------------------------------------------------------------- | Interest bearing debt | 2.5 | 2.7 | 2.4 | -------------------------------------------------------------------------------- | | 23.0 | 26.3 | 20.5 | -------------------------------------------------------------------------------- | Total liabilities | 42.0 | 38.6 | 34.4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total equity and liabilities | 60.4 | 58.6 | 53.0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | STATEMENT OF CHANGES IN EQUITY | -------------------------------------------------------------------------------- | (unaudited) | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 1000 EUR | Equity attributable to equity holders of the | | | | | parent | | | -------------------------------------------------------------------------------- | | a) | b) | c) | d) | e) | f) | Total | g) | Total | | | | | | | | | | | equity | -------------------------------------------------------------------------------- | Total | 7,498 | 520 | 5,31 | 218 | -15 | 4,21 | 17,615 | 8 | 17,623 | | equity | | | 6 | | 3 | 6 | | | | | 1.1.2007 | | | | | | | | | | -------------------------------------------------------------------------------- | Translati | | | | 134 | | | 134 | | 134 | | on | | | | | | | | | | | differenc | | | | | | | | | | | e | | | | | | | | | | -------------------------------------------------------------------------------- | Repurchas | | | | | -35 | | -356 | | -356 | | e of own | | | | | 6 | | | | | | shares | | | | | | | | | | -------------------------------------------------------------------------------- | Result of | | | | | | -231 | -231 | -2 | -233 | | the | | | | | | | | | | | period | | | | | | | | | | -------------------------------------------------------------------------------- | Total | 7,498 | 520 | 5,31 | 177 | -50 | 6,82 | 20,000 | 25 | 20,027 | | equity | | | 6 | | 9 | 3 | | | | | 30.9.2007 | | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total | 7,498 | 520 | 5,31 | 179 | -94 | 6,03 | 18,608 | -8 | 18,600 | | equity | | | 6 | | 2 | 7 | | | | | 1.1.2008 | | | | | | | | | | -------------------------------------------------------------------------------- | Translati | | | | 64 | | | 64 | | 64 | | on | | | | | | | | | | | differenc | | | | | | | | | | | e | | | | | | | | | | -------------------------------------------------------------------------------- | Repurchas | | | | | -26 | | -260 | | -260 | | e of own | | | | | 0 | | | | | | shares | | | | | | | | | | -------------------------------------------------------------------------------- | Result of | | | | | 186 | | 186 | | 186 | | the | | | | | | | | | | | period | | | | | | | | | | -------------------------------------------------------------------------------- | Other | | | | | | 941 | 941 | 16 | 957 | | changes | | | | | | | | | | -------------------------------------------------------------------------------- | Total | 7,498 | 520 | 5,31 | 246 | -1, | 5,95 | 18,472 | 9 | 18,481 | | equity | | | 6 | | 016 | 4 | | | | | 30.9.2008 | | | | | | | | | | -------------------------------------------------------------------------------- a) Share capital b) Premium fund c) Reserve fund d) Translation difference e) Own shares f) Retained earnings g) Minority interest -------------------------------------------------------------------------------- | CONSOLIDATED CASH FLOW STATEMENT | | | | -------------------------------------------------------------------------------- | (Unaudited) | 1-9/2008 | 1-9/2007 | 1-12/2007 | -------------------------------------------------------------------------------- | (MEUR) | | | | -------------------------------------------------------------------------------- | Cash flow from operations | 1.1 | 2.8 | 2.30 | -------------------------------------------------------------------------------- | Cash flow from investments, net | -4.2 | -1.5 | -3.10 | -------------------------------------------------------------------------------- | Total cash flow from financing | 2,7 | -2.9 | -1.30 | -------------------------------------------------------------------------------- | Increase in credit capital | 5,7 | 0.0 | 2.40 | -------------------------------------------------------------------------------- | Decrease in credit capital | -1,3 | -2.5 | -2.80 | -------------------------------------------------------------------------------- | Dividends paid | -1.1 | 0.0 | 0.0 | -------------------------------------------------------------------------------- | Other financial items | -0.6 | -0.4 | -1.00 | -------------------------------------------------------------------------------- | Change in liquid assets | -0.4 | -1.6 | -2.20 | -------------------------------------------------------------------------------- | Liquid assets at the beginning of | 1.9 | 4.1 | 4.10 | | period | | | | -------------------------------------------------------------------------------- | Liquid assets at the end of period | 1.6 | 2.5 | 1.90 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- NOTES TO THE INTERIM REPORT Calculation methods The financial statements release has been prepared in compliance with the recognition and measurement policies of the IFRS, but requirements of 34 standards has not been fully followed. The drafting principles are the same as in the financial report drawn up 31 December 2007. This interim report should be read together with the financial report of 2007. -------------------------------------------------------------------------------- | TANGIBLE ASSETS | | -------------------------------------------------------------------------------- | (MEUR) | Tangible | -------------------------------------------------------------------------------- | (Unaudited) | assets | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Acquisition cost 1.1.2008 | 58.0 | -------------------------------------------------------------------------------- | Translation difference (+/-) | 0.4 | -------------------------------------------------------------------------------- | Increase | 3.6 | -------------------------------------------------------------------------------- | Decrease | -0.2 | -------------------------------------------------------------------------------- | Transfers between balance sheet items | 0.0 | -------------------------------------------------------------------------------- | Acquisition cost 30.9.2008 | 61.8 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Accumulated depreciation 1.1.2008 | -33.2 | -------------------------------------------------------------------------------- | Translation difference (+/-) | 0.1 | -------------------------------------------------------------------------------- | Disposals and reclassifications | 0.0 | -------------------------------------------------------------------------------- | Depreciation for the period | -2.8 | -------------------------------------------------------------------------------- | Accumulated depreciation 30.9.2008 | -36.0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Book value 1.1.2008 | 25.0 | -------------------------------------------------------------------------------- | Book value 30.9.2008 | 25.7 | -------------------------------------------------------------------------------- Own shares Honkarakenne acquired during the period under review 55,183 of its own B shares, whose purchase price amounted to EUR 0.26 million. Events in the circle of acquaintances The circle of acquaintances consists of subsidiaries associated companies and the company's management. The management included in the circle of acquaintances comprises the Board of Directors, CEO and the company's managing committee. There haven't been transactions with acquaintances during the reporting period. -------------------------------------------------------------------------------- | CONTINGENT LIABILITIES | | | | -------------------------------------------------------------------------------- | (Unaudited) | | | | -------------------------------------------------------------------------------- | MEUR | 1-9/2008 | 1-9/2007 | 31/12/2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | For own loans | | | | -------------------------------------------------------------------------------- | - Mortgages | 19.66 | 19.20 | 19.66 | -------------------------------------------------------------------------------- | - Pledged shares | 0.58 | 0.18 | 0.53 | -------------------------------------------------------------------------------- | - Other guarantees | 1.19 | 0.94 | 0.69 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | For others | | | | -------------------------------------------------------------------------------- | - Guarantees | 1.09 | 0.04 | 0.65 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Leasing liabilities | 0.72 | 0.35 | 0.70 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Rent liabilities | 0.19 | 0.40 | 0.26 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Nominal values of forward exchange | 3.8 | 0.0 | 0.9 | | contracts | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KEY INDICATORS | | | | | -------------------------------------------------------------------------------- | | | 1-9 | 1-9 | 1-12 | -------------------------------------------------------------------------------- | (Unaudited) | | 2008 | 2007 | 2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings/share (EPS) | Euro | 0.26 | 0.70 | 0.53 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Return on equity | % | 5.07 | 13.9 | 10.5 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity ratio | % | 35.6 | 41.0 | 40.1 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders | | 5.17 | 5.34 | 5.18 | | equity/share | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net debt | MEUR | 18.0 | 10.7 | 13.4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Gearing | % | 97.6 | 53.5 | 72.0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Gross investments | MEUR | 4.1 | 2.1 | 3.7 | -------------------------------------------------------------------------------- | | % of net | 6.6 | 2.9 | 3.9 | | | sales | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Order book | MEUR | 26.6 | 29.9 | 35.1 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Average number of | Staff | 196 | 202 | 206 | | personnel | | | | | -------------------------------------------------------------------------------- | | Workers | 206 | 220 | 215 | -------------------------------------------------------------------------------- | | Total | 402 | 422 | 421 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CALCULATION OF KEY | | | INDICATORS | | -------------------------------------------------------------------------------- | | Profit for the period attributable to | | | | equity holders of parent | | -------------------------------------------------------------------------------- | Earnings/share (EPS) | ------------------------------------- | | -------------------------------------------------------------------------------- | | Average number of outstanding shares | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Profit before taxes - taxes | | -------------------------------------------------------------------------------- | Return on equity % | ------------------------------------- | x 100 | -------------------------------------------------------------------------------- | | Total equity, average | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Total equity | | -------------------------------------------------------------------------------- | Equity ratio, % | ------------------------------------- | x 100 | -------------------------------------------------------------------------------- | | Balance sheet total - advances | | | | received | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net debt | Interest-bearing debt - cash and cash | | | | equivalents | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Interest-bearing debt - cash and cash | | | | equivalents | | -------------------------------------------------------------------------------- | Gearing, % | ------------------------------------- | x 100 | -------------------------------------------------------------------------------- | | Total equity | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Shareholders' equity | | -------------------------------------------------------------------------------- | Shareholders equity/share | ------------------------------------- | | -------------------------------------------------------------------------------- | | Number of shares outstanding at end | | | | of period | | -------------------------------------------------------------------------------- |
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