2010-07-22 07:30:00 CEST
2010-07-22 07:31:03 CEST
REGULATED INFORMATION
Huhtamäki Oyj - Half Year financial report
Interim Report January 1-June 30, 2010: Sales and earnings increased
STOCK EXCHANGE RELEASE HUHTAMÄKI OYJ 22.7.2010 AT 8:30
- Group net sales grew helped by a favorable currency effect and improved
price/mix
- Earnings improved due to successful cost control
- Good cash flow
- Due to progress in the ongoing strategic review, the majority of the Rigid
Consumer Goods Plastics operations is classified for reporting purposes as
assets held for sale and consequently reported under discontinued operations
- Based on the good first half year result, it is expected that the full year
2010 EPS will be higher than in 2009 before non-recurring charges (EUR 0.74)
Key figures
EUR million H1 2010 H1 2009 Q2 2010 Q2 2009
Continuing operations
Net sales 970.2 939.3 522.3 492.7
EBIT* 73.2 64.1 44.3 34.6
EBIT margin % 7.5 6.8 8.5 7.0
EPS 0.47 0.33 0.30 0.20
Including discontinued operations
EPS 0.51 0.42 0.32 0.24
ROI % (12m roll.) 10.0 -3.2 - -
*Q2 and H1 2009 EBIT include EUR 3.8 million non-recurring charges
Overview
In the reporting period all business segments were affected by increasing raw
material prices. Despite a challenging market environment and stable volumes,
the Group net sales increased compared with the corresponding period in 2009 as
a result of a favorable currency translation effect and improved price and
product mix management.
Operating earnings improved due to successful cost control, efficient response
to higher raw material cost as well as a better product mix. Earnings per share
(EPS) from continuing operations improved to EUR 0.47 (EUR 0.33).
Cash flow generation was solid especially in North America and Group free cash
flow was EUR 44 million. Gearing reduced during the reporting period compared to
the corresponding period in 2009 to 0.47 (0.68).
The ongoing strategic review of the Rigid Consumer Goods Plastics operations
progressed. The carve out process has been completed during the second quarter.
Therefore the majority of the Rigid Consumer Goods Plastics operations are
classified as assets held for sale and reported as discontinued operations. The
strategic review will continue.
Business review by segment, continuing operations
The sales distribution by segment was following: Flexible Packaging 26% (25%),
Films 8% (8%), North America 28% (30%), Molded Fiber 12% (11%), Foodservice
Europe-Asia-Oceania 23% (23%) and Other activities 3% (3%).
Flexible Packaging
Flexibles are used for consumer packaging of a wide range including food, pet
food, hygiene and health care products. The segment serves global markets from
production units in Europe, Asia, Oceania and South America.
EUR million H1 2010 H1 2009 Q2 2010 Q2 2009
Net sales 257.2 239.3 130.4 119.0
EBIT 17.0 13.6 7.1 4.8
EBIT margin % 6.6 5.7 5.4 4.0
RONA % (12m roll.) 10.0 0.3 - -
The segment's volumes and net sales increased during the reporting period
compared to the corresponding period in 2009. The Asian units were important
contributors to the positive development. In Europe the growth slowed down
during the second quarter.
The segment's earnings improved, supported by increased volumes in Asia and
improved product mix.
Films
Films are mainly used for technical applications in the label, adhesive tape,
hygiene and health care industries, as well as building and construction,
automotive, packaging and graphic arts industries. The segment serves global
markets from production units in Europe and North America.
EUR million H1 2010 H1 2009 Q2 2010 Q2 2009
Net sales 83.3 80.3 42.1 39.1
EBIT* 6.3 -2.9 3.8 -3.4
EBIT margin % 7.6 -3.6 9.0 -8.7
RONA % (12m roll.) 5.5 0.7 - -
*Q2 and H1 2009 EBIT include EUR 3.8 million non-recurring charges
Sales within the segment increased during the reporting period compared to the
corresponding period in 2009. Chosen core segments especially in North America
contributed to a significant volume growth. Volume growth accelerated during the
second quarter.
Earnings within the segment developed very positively due to higher volumes and
lower cost base.
North America
The North America segment serves local markets with Chinet® disposable tableware
products, ice-cream containers as well as other consumer goods and foodservice
products. The segment has production in North America and Mexico.
EUR million H1 2010 H1 2009 Q2 2010 Q2 2009
Net sales 271.4 282.2 157.8 153.1
EBIT 27.3 38.1 18.9 23.6
EBIT margin % 10.1 13.5 12.0 15.4
RONA % (12m roll.) 11.7 13.0 - -
Soft market conditions lowered sales and earnings during the reporting period
compared to the corresponding period in 2009. After a sluggish start to the year
some volume improvement was visible in the Retail and Foodservice divisions.
Reduction in manufacturing and distribution costs as well as a favorable
currency translation effect had a positive impact on earnings in the second
quarter, mitigating the impact of lower volumes and higher raw material cost.
Molded Fiber
Recycled molded fiber is used to make fresh product packaging, such as egg and
fruit packaging. The segment has production in Europe, Oceania, Africa and South
America.
EUR million H1 2010 H1 2009 Q2 2010 Q2 2009
Net sales 114.7 99.6 59.2 51.3
EBIT 10.3 8.1 5.7 4.3
EBIT margin % 9.0 8.1 9.6 8.4
RONA % (12m roll.) 11.6 6.1 - -
The segment's net sales increased during the reporting period compared to the
corresponding period in 2009, mostly as a result of successful price and product
mix management.
Growth in earnings was mainly based on good price and product mix management.
Foodservice Europe-Asia-Oceania
Foodservice paper and plastic disposable tableware, such as cups, is supplied to
foodservice operators and fast food restaurants. The segment has production in
Europe, Middle-East, Asia and Oceania.
EUR million H1 2010 H1 2009 Q2 2010 Q2 2009
Net sales 231.1 225.3 125.1 120.8
EBIT 11.7 8.8 8.2 6.4
EBIT margin % 5.1 3.9 6.6 5.3
RONA % (12m roll.) 8.3 -0.2 - -
Soft market conditions continued and volumes decreased during the reporting
period. Earnings continued at an improving trend, driven by good cost
containment.
Discontinued operations
Rigid Consumer Goods Plastics operations have been under strategic review since
autumn 2008.
Rigid Consumer Goods Plastics units in South America and Australia were divested
in 2009. In Europe, the carve out process has been completed during the second
quarter. The Rigid Consumer Goods Plastics operations have been segregated into
separate legal entities. Income statement items, as well as assets and
liabilities directly associated with those units have been separated. Therefore
the units in Finland, France, Germany, Lithuania, Poland and Turkey are
classified as assets held for sale. The unit in Italy is reported under other
activities. For all units the strategic review is ongoing.
In this report the result for the assets held for sale is presented as a
separate line item under "discontinued operations". Quarterly results for 2009
and Q1 2010 have been restated accordingly. Results of units sold during 2009
are also included in the "discontinued operations" for respective quarters.
The result for the period from discontinued operations was EUR 4 million (EUR 9
million) and in the second quarter EUR 2 million (EUR 3 million). The decrease
is due to impact of divestments as well as higher raw material costs. The 2010
figures include a non-recurring charge of EUR 2 million related to the strategic
review of the discontinued operations.
Assets and liabilities under the assets held for sale are reported separately
from continuing operations in the statement of financial position.
Financial review
The Group EBIT in the reporting period from continuing operations was EUR 73
million (EUR 64 million, including EUR 4 million non-recurring charges),
corresponding to an EBIT margin of 7.5% (6.8%). In the second quarter, the Group
EBIT from continuing operations was EUR 44 million (EUR 35 million, including
EUR 4 million non-recurring charges), corresponding to an EBIT margin of 8.5%
(7.0%).
The net financial items for the reporting period were EUR -8 million (EUR -15
million) and for the second quarter EUR -4 million (EUR -6 million). Tax expense
for the reporting period was EUR 12 million (EUR 11 million) and for the second
quarter EUR 7 million (EUR 6 million).
The result for the period from continuing operations was EUR 54 million (EUR 38
million) and the earnings per share (EPS) from continuing operations were EUR
0.47 (EUR 0.33). Correspondingly in the second quarter these were EUR 33 million
(EUR 23 million) and EUR 0.30 (EUR 0.20). The average number of outstanding
shares used in the EPS calculations was 101,131,905 (100,426,461) excluding
4,826,089 (5,061,089) of the Company's own shares.
The result for the period including discontinued operations was EUR 57 million
(EUR 47 million) and the earnings per share (EPS) were EUR 0.51 (EUR 0.42).
Correspondingly in the second quarter these were EUR 35 million (EUR 26 million)
and EUR 0.32 (EUR 0.24). The 2010 figures include a non-recurring charge of EUR
2 million related to the strategic review of the discontinued operations.
Statement of financial position and cash flow
Free cash flow in the reporting period was EUR 44 million (EUR 102 million) and
for the second quarter it was EUR 37 million (EUR 65 million). Capital
expenditure was EUR 24 million (EUR 18 million), correspondingly in the second
quarter it was EUR 14 million (EUR 10 million).
Net debt was EUR 378 million (EUR 487 million) at the end of June 2010. This
corresponds to a gearing ratio of 0.47 (0.68).
Total assets on the balance sheet were EUR 1,966 million (EUR 1,889 million).
Personnel
The Group had 13,049 (13,712) employees at the end of June 2010.
Short-term risks and uncertainties
Volatile raw material and energy prices as well as movements in currency rates
are considered to be relevant short-term business risks and uncertainties in the
Group's operations. General economic and financial market conditions can also
have an adverse effect on the implementation of the Group's strategy and on its
business performance and earnings.
Outlook for 2010
General economic and market conditions for the second half of 2010 remain
uncertain. However, based on the good first half year result, it is expected
that the full year 2010 EPS will be higher than in 2009 before non-recurring
charges (EUR 0.74). The Group is in a good financial position to address growth
opportunities in stronghold segments when they arise. Capital expenditure is
expected to be higher than in 2009 but below EUR 100 million.
Financial reporting in 2010
Huhtamaki will publish the interim report for January - September, 2010 on
October 21.
Espoo, July 21, 2010
Huhtamäki Oyj
Board of Directors
For further information, please contact:
Mr. Jukka Moisio, CEO, tel. +358-10-686 7801
Mr. Timo Salonen, CFO, tel. +358-10-686 7880
Investor Relations, tel. +358-10-686 7830
Media, tel. +358-10-686 7863
A news conference for analysts and media will be held at 11:00 Finnish time at
the head office, address Keilaranta 10, Espoo, Finland. CEO Jukka Moisio and CFO
Timo Salonen will present the results, after which a buffet lunch is served. A
conference call for analysts and investors will start at 14:00 Finnish / 12:00
UK / 07:00 New York time with a management presentation, followed by a question
and answer session. To participate, please dial one of the following numbers
5-10 minutes prior to the call start:
- Number for participants from Finland: 0800 112 363
- Number for participants outside of Finland: +44 (0) 1452 555 566
- Conference ID: 86450682
All results materials will be available at www.huhtamaki.com. The results
presentation slides will be online approximately at 11:00 Finnish time. A replay
of the conference call in the form of an audio webcast will be available during
the same evening.
Huhtamäki Oyj
January 1 - June 30, 2010
Group income statement (IFRS)
Unaudited
H1 H1 Q2 Q2 Q1-Q4
EUR million 2010 2009 2010 2009 2009
Continuing operations
Net sales 970.2 939.3 522.3 492.7
1,831.8
Cost of goods sold -805.1 -779.9 -429.4 -408.6 -1,530.0
Gross profit 165.1 159.4 92.9 84.1 301.8
Other operating income 10.4 7.1 5.6 4.1 15.0
Sales and marketing -36.7 -36.0 -20.2 -19.9 -70.0
Research and development -7.7 -6.6 -4.2 -3.2 -14.7
Administration costs -53.6 -55.8 -28.0 -28.4 -111.3
Other operating expenses -4.3 -4.0 -1.8 -2.1 -8.9
-91.9 -95.3 -48.6 -49.5 -189.9
Earnings before interest and 73.2 64.1 44.3 34.6 111.9
taxes
Financial income 2.4 14.0 0.9 10.7 24.1
Financial expenses -10.6 -29.5 -5.1 -17.2 -49.9
Income of associated 0.3 0.3 0.2 0.1 0.6
companies
Result before taxes 65.3 48.9 40.3 28.2 86.7
Income taxes -11.6 -10.9 -7.2 -5.6 -19.4
Result for the period from 53.7 38.0 33.1 22.6 67.3
continuing operations
Discontinued operations
Result from operations 5.5 9.1 3.8 3.5 6.2
Impairment loss recognised on
the remeasurement to fair
value
less cost to sell -2.0 - -2.0 - -
Result for the period from 3.5 9.1 1.8 3.5 6.2
discontinued operations
Result for the period 57.2 47.1 34.9 26.1 73.5
Attributable to:
Equity holders of the parent
company
Result for the period 52.0 36.6 32.5 21.8 64.9
from continuing operations
Result for the period 3.5 9.1 1.8 3.5 6.2
from discontinued operations
Result for the period 55.5 45.7 34.3 25.3 71.1
attributable to owners of
parent
Non-controlling interest
Result for the period 1.7 1.4 0.6 0.8 2.4
from continuing operations
Result for the period - - - - -
from discontinued operations
Result for the period 1.7 1.4 0.6 0.8 2.4
attributable to
non-controlling interest
EUR
EPS result for the period 0.51 0.37 0.32 0.22 0.65
from continuing operations
EPS attributable to hybrid 0.04 0.04 0.02 0.02 0.08
bond investors
EPS continuing operations 0.47 0.33 0.30 0.20 0.57
EPS result for the period 0.04 0.09 0.02 0.04 0.06
from discontinued operations
EPS attributable to equity 0.51 0.42 0.32 0.24 0.63
holders of the parent company
EPS result for the period 0.55 0.46 0.34 0.26 0.71
Diluted:
EPS result for the period 0.51 0.37 0.32 0.22 0.65
from continuing operations
EPS attributable to hybrid 0.04 0.04 0.02 0.02 0.08
bond investors
EPS continuing operations 0.47 0.33 0.30 0.20 0.57
EPS result for the period 0.04 0.09 0.02 0.04 0.06
from discontinued operations
EPS attributable to equity 0.51 0.42 0.32 0.24 0.63
holders of the parent company
EPS result for the period 0.55 0.46 0.34 0.26 0.71
Group statement of comprehensive income (IFRS)
H1 H1 Q2 Q2 Q1-Q4
EUR million 2010 2009 2010 2009 2009
Result for the period 57.2 47.1 34.9 26.1 73.5
Other comprehensive income:
Translation differences 59.4 3.8 34.7 -6.6 0.7
Fair value and other reserves -1.9 -1.3 -1.2 1.8 1.2
Income tax related to components of other 0.4 0.1 0.2 -0.6 -0.5
comprehensive income
Other comprehensive income, net of tax 57.9 2.6 33.7 -5.4 1.4
Total comprehensive income 115.1 49.7 68.6 20.7 74.9
Attributable to:
Equity holders of the parent company 113.4 48.2 68.3 19.9 72.3
Non-controlling interest 1.7 1.5 0.3 0.8 2.6
Group statement of financial position (IFRS)
Unaudited
Jun 30 Dec 31 Jun 30
EUR million 2010 2009 2009
ASSETS
Non-current assets
Goodwill 407.8 394.8 396.1
Other intangible assets 30.1 32.7 32.5
Tangible assets 616.9 604.2 645.3
Investments in associated 3.0 2.5 2.2
companies
Available for sale 1.2 1.9 2.0
investments
Interest bearing 1.1 11.0 0.4
receivables
Deferred tax assets 13.8 16.5 14.6
Employee benefit assets 67.3 57.9 60.6
Other non-current assets 4.3 3.0 4.1
1,143.5 1,124.5 1,157.8
Current assets
Inventory 264.4 236.1 263.8
Interest bearing 34.6 19.4 12.5
receivables
Current tax assets 3.2 9.1 8.1
Trade and other current 349.4 305.5 362.4
receivables
Cash and cash equivalents 90.2 64.0 84.8
741.8 634.1 731.6
Assets classified as held 78.6 - -
for sale
Total assets
1,965.9
1,758.6 1,889.4
EQUITY AND LIABILITIES
Share capital 360.6 360.6 358.7
Premium fund 106.8 106.8 104.7
Treasury shares -44.4 -46.5 -46.5
Translation differencies -72.9 -130.0 -126.8
Fair value and other -5.8 -4.3 -6.2
reserves
Retained earnings 366.0 354.8 334.6
Amounts recognized in
other comprehensive
income and accumulated
in equity relating to 2.3 - -
non-current assets held
for sale
Total equity attributable 712.6 641.4 618.5
to equity holders of the
parent company
Non-controlling interest 24.1 20.2 19.0
Hybrid bond 75.0 75.0 75.0
Total equity 811.7 736.6 712.5
Non-current liabilities
Interest bearing 283.3 294.3 466.3
liabilities
Deferred tax liabilities 51.4 42.5 37.9
Employee benefit 106.2 102.8 103.4
liabilities
Provisions 57.2 55.9 56.1
Other non-current 6.0 5.4 6.5
liabilities
504.1 500.9 670.2
Current liabilities
Interest bearing
liabilities
- Current portion of long 94.7 67.3 26.5
term loans
- Short term loans 125.9 101.1 91.9
Provisions 2.3 6.0 8.3
Current tax liabilities 6.4 10.9 5.2
Trade and other current 380.6 335.8 374.8
liabilities
609.9 521.1 506.7
Liabilities directly
associated with assets
classified
as held for sale 40.2 - -
Total liabilities
1,154.2 1,022.0 1,176.9
Total equity and
liabilities 1,965.9
1,758.6 1,889.4
Jun 30 Dec 31 Jun 30
2010 2009 2009
Net debt 378.0 368.3 487.0
Net debt to equity 0.47 0.50 0.68
(gearing)
Statement of changes in equity
Unaudited
Attributable Non- Hyb- T
to cont- rid ot
equity rol- bo- al
holders ling nd eq
of ui
the ty
parent
company
Sha- Sha- Trea- Trans- Fair Re- D To- in-
re re su la val tai is tal te
cap issue ry tion ue ned c rest
it pre- sha diff. and ear o
al mium res ot nin nt
her gs inue
re d
ser ope
ves ra
ti
ons
EUR million
Balance
at
Dec 31,
2008 358.7 104.7 -46.5 -130.5 -5.0 327.5 - 608.9 18.4 75.0 702.3
Di
vi-
dend -34.1 -34.1 -34.1
Sha-
re
based
pay-
men-
ts 1.5 1.5 1.5
Inter
rest
on
Hybrid
Bo-
nd -4.7 -4.7 -4.7
Total
comp-
re-
hensive
income
for
the
ye-
ar 3.7 -1.2 45.7 48.2 1.5 49.7
Other
chan-
ges -1.3 -1.3 -0.9 -2.2
Balance
at
Jun 30,
2009 358.7 104.7 -46.5 -126.8 -6.2 334.6 - 618.5 19.0 75.0 712.5
Balance
at
Dec 31 360.6 106.8 -46.5 -130.0 -4.3 354.8 - 641.4 20.2 75.0 736.6
,2009
Di-
vi- -38.5 -38.5 -38.5
dend
Share-
based
pay-
men-
ts 2.1 -1.3 0.8 0.8
Inte
rest
on
Hybrid
Bo-
nd -4.6 -4.6 -4.6
Total
Compre
hensive
income for the
ye-
ar 59.4 -1.5 55.5 113.4 1.7 115.1
Dis
con
ti
nued
ope-
ra-
tions -2.3 2.3 0.0 0.0
Ot
her
chan
ges 0.1 0.1 2.2. 2.3
Balance
at
Jun 30,
2010 360.6 106.8 -44.4 -72.9 -5.8 366.0 2.3 712.6 24.1 75.0 811.7
Group cash flow statement (IFRS)
Unaudited
H1 H1 Q2 Q2 Q1-Q4
EUR million 2010 2009 2010 2009 2009
Result for the period* 57.2 47.1 34.9 26.1 73.5
Adjustments* 51.6 68.1 28.0 36.3 134.2
- Depreciation, amortization and impairment* 40.6 48.9 20.8 27.2 88.6
- Gain on equity of minorities* -0.3 -0.3 -0.2 -0.1 -0.6
- Gain/loss from disposal of assets* -2.7 0.7 -0.6 1.2 5.7
- Financial expense/-income* 8.2 15.5 4.2 6.6 25.8
- Income tax expense* 11.7 11.8 7.1 6.6 20.4
- Other adjustments, operational* -5.9 -8.5 -3.3 -5.2 -5.7
Change in inventory* -24.1 32.3 -1.2 29.7 58.3
Change in non-interest bearing receivables* -39.3 3.1 -26.0 -16.1 50.4
Change in non-interest bearing payables* 20.8 -16.4 13.1 5.5 -28.3
Dividends received* 0.1 0.1 - 0.0 0.5
Interest received* 2.1 1.0 1.0 0.6 2.2
Interest paid* -5.3 -10.0 -0.8 -1.2 -21.0
Other financial expense and income* 0.8 -2.6 0.9 -2.4 -2.3
Taxes paid* -0.8 -5.6 -1.5 -3.5 -12.5
Net cash flows from operating activities 63.1 117.1 48.4 75.0 255.0
Capital expenditure* -24.3 -17.7 -14.1 -9.7 -52.9
Proceeds from selling fixed assets* 5.5 3.0 2.9 0.0 5.9
Divested subsidiaries - 35.3 - 35.3 69.0
Proceeds from long-term deposits 12.2 0.4 10.6 0.0 1.3
Payment of long-term deposits -1.3 -0.7 - -0.3 -11.4
Proceeds from short-term deposits 3.2 2.4 0.8 0.0 13.7
Payment of short-term deposits -15.2 -12.0 -13.5 -11.3 -29.2
Net cash flows from investing -19.9 10.7 -13.3 14.0 -3.6
Proceeds from long-term borrowings 122.5 353.5 29.0 173.7 599.3
Repayment of long-term borrowings -136.6 -365.4 -45.5 -181.0 -785.2
Proceeds from short-term borrowings 416.1 123.5 215.7 59.2 333.8
Repayment of short-term borrowings -393.8 -189.7 -204.1 -85.0 -363.3
Dividends paid -38.4 -34.1 -38.4 -34.1 -34.1
Hybrid bond interest - - - - -7.9
Proceeds from stock options exercised - - - - 4.1
Net cash flows from financing -30.2 -112.2 -43.3 -67.2 -253.3
Change in liquid assets 26.2 17.0 2.1 21.5 -3.8
Cash flow based 13.0 15.6 -8.2 21.8 -1.9
Translation difference 13.2 1.4 10.3 -0.3 -1.9
Liquid assets period start 64.0 67.8 88.1 63.3 67.8
Liquid assets period end 90.2 84.8 90.2 84.8 64.0
Free cash flow (including figures marked with 44.3 102.4 37.2 65.1 208.0
*)
NOTES FOR THE INTERIM REPORT
Except for accounting policy changes listed below, the same accounting policies
have been applied in the interim financial statements as in annual financial
statements for 2009.
Changes in accounting principles
The Group has adopted the following IFRS standards and interpretations
considered applicable to Huhtamaki, with effect from January 1, 2010:
- Revised IFRS 3 Business Combination.
- Amended IAS 27 Consolidated and Separate Financial Statements.
- Amended IAS 39 Financial Instruments: Recognition and Measurement - Eligible
Hedged Items.
- IFRIC 17 Distribution of Non-cash Assets to Owners.
- IFRIC 18 Transfers of Assets from Customers.
- Improvements to IFRSs (April 2009).
- IFRS 2 Share-based Payment: Group Cash-settled Share-based Payment
Transactions.
- Amendment IAS 32 Financial Instruments: Presentation - Classification of
Rights Issues.
These newly adopted standards have not had impact on the reported results.
Segments
Segment information is presented according to the IFRS standards. Items below
EBIT - financial items and taxes - are not allocated to the segments.
Net sales
Q2 Q1 H1 Q4 Q3 Q2 Q1 Q1-Q4
EUR million 2010 2010 2010 2009 2009 2009 2009 2009
Continuing operations
Flexible Packaging 129.9 126.4 256.3 109.5 114.0 118.2 119.7 461.4
- Intersegment net sales 0.5 0.4 0.9 0.7 0.8 0.8 0.6 2.9
Films 41.0 40.0 81.0 32.1 40.4 38.3 40.0 150.8
- Intersegment net sales 1.1 1.2 2.3 0.7 0.9 0.8 1.2 3.6
North America 156.9 112.8 269.7 116.5 128.3 152.1 128.1 525.0
- Intersegment net sales 0.9 0.8 1.7 0.7 1.0 1.0 1.0 3.7
Molded Fiber 59.2 55.4 114.6 56.6 51.6 51.0 48.3 207.5
- Intersegment net sales 0.0 0.1 0.1 -0.6 0.4 0.3 0.0 0.1
Foodservice 119.9 100.7 220.6 103.8 111.2 117.8 97.1 429.9
Europe-Asia-Oceania
- Intersegment net sales 5.2 5.3 10.5 4.3 5.0 3.0 7.4 19.7
Other activities 15.4 12.6 28.0 14.1 14.4 15.3 13.4 57.2
- Intersegment net sales 1.0 0.7 1.7 0.6 0.8 0.9 0.7 3.0
Elimination of intersegment -8.7 -8.5 -17.2 -6.4 -8.9 -6.8 -10.9 -33.0
net sales
Total continuing operations 522.3 447.9 970.2 432.6 459.9 492.7 446.6 1,831.8
Discontinued operations
Rigid consumer goods plastics 40.2 37.1 77.3 43.6 47.2 55.1 60.0 205.9
units held for sale
- Intersegment net sales 3.5 2.8 6.3 3.7 4.1 5.0 3.6 16.4
Elimination of intersegment -3.5 -2.8 -6.3 -3.7 -4.1 -5.0 -3.6 -16.4
net sales
Total discontinued operations 40.2 37.1 77.3 43.6 47.2 55.1 60.0 205.9
EBIT
Q2 Q1 H1 Q4 Q3 Q2 Q1 Q1-Q4
EUR million 2010 2010 2010 2009 2009 2009 2009 2009
Continuing operations
Flexible Packaging 7.1 9.9 17.0 7.2 7.6 4.8 8.8 28.4
Films (1 3.8 2.5 6.3 -1.3 1.5 -3.4 0.5 -2.7
North America 18.9 8.4 27.3 2.9 14.5 23.6 14.5 55.5
Molded Fiber 5.7 4.6 10.3 4.8 4.7 4.3 3.8 17.6
Foodservice Europe-Asia-Oceania 8.2 3.5 11.7 0.7 6.8 6.4 2.4 16.3Other activities 0.6 0.0 0.6 -0.7 -0.9 -1.1 -0.5 -3.2
Total continuing operations (1 44.3 28.9 73.2 13.6 34.2 34.6 29.5 111.9
Discontinued operations
Rigid consumer goods plastics units 1.7 1.9 3.6 -7.1 4.4 4.4 5.5 7.2
held for sale (2
1) Q2 and Q1-Q4 2009 includes non-recuring charges MEUR 3.8.
2) Q2 and H1 2010 includes non-recuring charges MEUR 2.0, Q4 and Q1-Q4 2009
includes non-recuring charges MEUR 10.1.
EBITDA
Q2 Q1 H1 Q4 Q3 Q2 Q1 Q1-Q4
EUR million 2010 2010 2010 2009 2009 2009 2009 2009
Continuing operations
Flexible Packaging 12.1 14.6 26.7 12.6 12.1 9.3 13.3 47.3
Films (1 5.3 3.9 9.2 0.3 3.0 -2.0 2.1 3.4
North America 23.8 12.9 36.7 7.7 20.4 29.4 19.8 77.3
Molded Fiber 8.7 7.6 16.3 8.6 7.5 7.0 6.5 29.6
Foodservice Europe-Asia-Oceania 13.3 8.2 21.5 6.7 11.9 11.0 7.2 36.8
Other activities 1.0 0.5 1.5 -0.2 -0.5 -0.6 -0.1 -1.4
Total continuing operations (1 64.2 47.7 111.9 35.7 54.4 54.1 48.8 193.0
Discontinued operations
Rigid consumer goods plastics units 2.6 2.9 5.5 -5.5 5.9 6.6 7.7 14.7
held for sale (2
1) Q2 and Q1-Q4 2009 includes non-recuring charges MEUR 3.8.
2) Q2 and H1 2010 includes non-recuring charges MEUR 2.0, Q4 and Q1-Q4 2009
includes non-recuring charges MEUR 10.1.
Depreciation and amortization
Q2 Q1 H1 Q4 Q3 Q2 Q1 Q1-Q4
EUR million 2010 2010 2010 2009 2009 2009 2009 2009
Continuing operations
Flexible Packaging 5.0 4.7 9.7 5.4 4.5 4.5 4.5 18.9
Films 1.5 1.4 2.9 1.6 1.5 1.4 1.6 6.1
North America 4.9 4.5 9.4 4.8 5.9 5.8 5.3 21.8
Molded Fiber 3.0 3.0 6.0 3.8 2.8 2.7 2.7 12.0
Foodservice Europe-Asia-Oceania 5.1 4.7 9.8 6.0 5.1 4.6 4.8 20.5
Other activities 0.4 0.5 0.9 0.5 0.4 0.5 0.4 1.8
Total continuing operations 19.9 18.8 38.7 22.1 20.2 19.5 19.3 81.1
Discontinued operations
Rigid consumer goods plastics units 0.9 1.0 1.9 1.6 1.5 2.2 2.2 7.5
held for sale
Net assets allocated to the segments (3
Q2 Q1 Q4 Q3 Q2 Q1
EUR million 2010 2010 2009 2009 2009 2009
Continuing operations
Flexible Packaging 328.6 320.4 305.5 311.5 325.8 342.2
Films 125.0 119.3 111.0 117.5 125.2 135.8
North America 411.2 385.1 364.8 365.8 370.8 393.9
Molded Fiber 176.0 174.2 166.0 167.1 169.9 170.4
Foodservice Europe-Asia-Oceania 237.3 228.2 225.7 236.8 246.6 241.7
Discontinued operations
Rigid consumer goods plastics units held for 42.5 47.3 41.2 72.9 71.8 104.6
sale
3) Following statement of financial position items are included in net assets:
intangible and tangible assets, other non-current assets, inventories, trade and
other current receivables (excluding accrued interest income), other non-current
liabilities and trade and other current liabilities (excluding accrued interest
expense).
Capital expenditure
Q2 Q1 H1 Q4 Q3 Q2 Q1 Q1-Q4
EUR million 2010 2010 2010 2009 2009 2009 2009 2009
Continuing operations
Flexible Packaging 1.5 2.2 3.7 3.3 2.3 3.2 2.1 10.9
Films 1.1 0.4 1.5 0.4 0.2 0.3 0.2 1.1
North America 5.6 2.9 8.5 6.5 6.5 2.8 1.0 16.8
Molded Fiber 0.8 1.2 2.0 3.7 0.7 0.8 1.6 6.8
Foodservice Europe-Asia-Oceania 3.5 3.0 6.5 5.1 2.7 1.4 2.3 11.5
Other activities 1.0 0.2 1.2 0.7 0.4 0.4 0.1 1.6
Total continuing operations 13.5 9.9 23.4 19.7 12.8 8.9 7.3 48.7
Discontinued operations
Rigid consumer goods plastics units 0.6 0.3 0.9 1.5 1.2 0.8 0.7 4.2
held for sale
RONA, % (12m roll.)
Q2 Q1 Q4 Q3 Q2 Q1
2010 2010 2009 2009 2009 2009
Continuing operations
Flexible Packaging 10.0% 9.3% 8.8% 1.4% 0.3% 0.4%
Films 5.5% -0.6% -2.2% -1.0% 0.7% 5.7%
North America 11.7% 13.3% 14.8% 14.3% 13.0% 10.7%
Molded Fiber 11.6% 10.9% 10.5% 6.8% 6.1% 5.3%
Foodservice Europe-Asia-Oceania 8.3% 7.4% 6.9% 0.2% -0.2% -0.6%
Discontinued operations
Rigid consumer goods plastics units held 1.9% 6.2% 9.6% -114.3% -82.3% -66.7%
for sale
Operating Cash Flow
Q2 Q1 H1 Q4 Q3 Q2 Q1 Q1-Q4
EUR million 2010 2010 2010 2009 2009 2009 2009 2009
Continuing operations
Flexible Packaging 7.7 1.2 8.9 21.1 17.3 23.4 20.0 81.8
Films -0.2 -4.8 -5.0 5.0 8.4 8.2 1.9 23.5
North America 18.4 12.6 31.0 8.9 9.6 22.9 14.5 55.9
Molded Fiber 7.3 2.3 9.6 6.1 4.3 8.6 -0.6 18.4
Foodservice Europe-Asia-Oceania 5.2 -0.3 4.9 9.6 18.3 7.1 -2.1 32.9
Discontinued operations
Rigid consumer goods plastics units 0.4 4.6 5.0 3.7 5.8 9.2 0.6 19.3
held for sale
Reportable segments net sales and EBIT forms Groups' total net sales and EBIT,
so no reconciliations to corresponding amounts are presented.
Other information
H1 H1 Q1-Q4
EUR million 2010 2009 2009
Equity per share (EUR) 7.04 6.16 6.35
ROE, % (12m roll.) 11.2 -11.7 10.1
ROI, % (12m roll.) 10.0 -3.2 9.6
Personnel 13,049 13,712 12,900
Result before taxes (12m roll.) 103.9 -88.2 93.9
Depreciation 37.5 40.3 82.6
Amortization of other intangible assets 3.1 2.9 5.9
Share capital and shareholders
At the end of June 2010, the Company's registered share capital was EUR
360,615,288.00 (358,657,670.00) corresponding to a total number of outstanding
shares of 106,063,320 (105,487,550) including 4,826,089 (5.061.089) Company's
own shares. The Company's own shares had the total accountable par value of EUR
16,408,702.60, representing 4.6% of the total number of shares and voting
rights. The amount of outstanding shares net of Company's own shares was
101,237,231 (100,426,461).
There were 25,891 (22,058) registered shareholders at the end of the reporting
period. Foreign ownership including nominee registered shares accounted for
24.0% (26.4%).
Share developments
The Company´s share is quoted on the NASDAQ OMX Helsinki Ltd on the Nordic Mid
Cap list under the Materials sector.
At the end of June 2010, the Company's market capitalization was EUR 805.0
million (EUR 775.3 million) and EUR 768.4 million (EUR 738.1 million) excluding
Company's own shares.
With a closing price of EUR 7.59 (EUR 7.35) the share price decreased by 22%
(+67%) from the beginning of the year, while the OMX Helsinki Cap PI Index
increased by 1% (9%) and the OMX Helsinki Materials PI Index increased by 12%
(-7%). During the reporting period the volume weighted average price for the
Company's share was EUR 8.51 (EUR 6.12). The highest price paid was EUR 10.19 on
Jan 11, 2010 and the lowest price paid was EUR 7.57 on Jun 30, 2010.
During the reporting period the cumulative value of the Company's share turnover
was EUR 422.1 million (EUR 244.3 million). The trading volume of 49.6 million
(39.9 million) shares equaled an average daily turnover of EUR 3.4 million (EUR
2.0 million) or, correspondingly 403,510 (327,004) shares.
In total, turnover of the Company's 2006 A and B option rights was EUR 190,119
corresponding to a trading volume of 155,486.
Contingent liabilities
Jun 30 Dec 31 Jun 30
2010 2009 2009
EUR million
Mortgages 14.5 14.5 14.5
Guarantee obligations 0.4 2.5 3.2
Lease payments 56.6 54.0 49.1
Capital expenditure commitments 32.2 10.2 24.4
Nominal values of derivative instruments
Jun 30 Dec 31 Jun 30
2010 2009 2009
EUR million
Currency forwards, transaction risk hedges 54 25 33
Currency forwards, translation risk hedges 27 29 24
Currency swaps, financing hedges 127 123 104
Currency options - 3 1
Interest rate swaps 162 167 174
Interest rate options - - 8
Electricity forwards 1 1 -
The following EUR rates have been applied to GBP, INR, AUD and USD
H1/10 H1/09
Income statement, average: GBP 1 = 1.149 1.118
INR 1 = 0.016 0.015
AUD 1 = 0.673 0.532
USD 1 = 0.753 0.751
Q2/10 Q2/09
Statement of financial position, month end: GBP 1 = 1.223 1.174
INR 1 = 0.018 0.015
AUD 1 = 0.694 0.576
USD 1 = 0.815 0.708
Definitions for key indicators
EPS result for the period = Result for the period - non-controlling interest /
Average number of shares outstanding
EPS result for the period (diluted) = Diluted result for the period -
non-controlling interest / Average fully diluted number of shares outstanding
EPS attributable to hybrid bond investors = Hybrid bond interest / Average
number of shares outstanding
EPS attributable to hybrid bond investors (diluted) = Hybrid bond interest /
Average fully diluted number of shares outstanding
EPS attributable to equity holders of the parent company = Result for the period
- non-controlling interest - hybrid bond interest / Average number of shares
outstanding
EPS attributable to equity holders of the parent company (diluted) = Diluted
result for the period - non-controlling interest - hybrid bond interest /
Average fully diluted number of shares outstanding
Net debt to equity (gearing) = Interest bearing net debt / Equity +
non-controlling interest + hybrid bond
RONA, % = 100 x Earnings before interest and taxes (12 m roll.) / Net assets (12
m roll.)
Operating cash flow = Ebit + depreciation and amortization (including
impairment) - capital expenditures + disposals +/- change in inventories, trade
receivables and trade payables
Shareholders' equity per share = Total equity attributable to equity holders of
parent company / Issue-adjusted number of shares at period end
Return on equity (ROE) = 100 x (Result for the period ) (12 m roll.) / Equity +
non-controlling interest + hybrid bond (average)
Return on investment (ROI) = 100 x (Result before taxes + interest expenses +
net other financial expenses) (12 m roll.) / Statement of financial position
total - Interest-free liabilities (average)
[HUG#1433302]
© 2024 Nasdaq, Inc. All Rights Reserved |