2007-10-25 08:35:46 CEST
2007-10-25 08:35:46 CEST
REGULATED INFORMATION
Olvi Oyj - Quarterly report
OLVI GROUP´S STRONG GROWTH CONTINUED
OLVI GROUP'S INTERIM REPORT, 1 JANUARY TO 30 SEPTEMBER 2007 (9
MONTHS)
Olvi Group's strong growth continued in January-September in all of
the four operating countries. Net sales increased by 20.0 percent to
156.7 (130.6) million euro while operating profit improved by 19.2
percent to 19.9 (16.7) million euro, an increase of 3.2 million
euro. Profitability improved in all of the four operating countries.
Improvement was particularly significant in Latvia and Lithuania.
The Group's gross capital expenditure amounted to 14.8 (15.3)
million euro, which is on a par with January-September 2006. The
equity to total assets ratio remained good at 49.7 (50.0) percent.
Earnings per share improved to 1.58 (1.32) euro.
OLVI GROUP'S KEY INDICATORS
Change
1-9/2007 1-9/2006 % 1-12/2006
Net sales, MEUR 156.7 130.6 + 20.0 170.3
Operating profit, MEUR 19.9 16.7 + 19.2 18.5
Gross capital expenditure,
MEUR 14.8 15.3 - 3.3 21.9
Earnings per share, EUR 1.58 1.32 + 19.7 1.43
Equity per share, EUR 8.35 7.36 + 13.4 7.46
Equity to total assets, % 49.7 50.0 49.6
Gearing, % 42.4 47.8 47.3
SALES VOLUME, NET SALES AND EARNINGS IN JANUARY-SEPTEMBER 2007
Olvi Group's sales volume, net sales and earnings
Olvi Group's sales from January to September totalled 260 (233)
million litres, an increase of 26 million litres or 11.3 percent.
The sales improvement in Finland was 18.3 percent and in the Baltic
states 10.7 percent.
The Group's net sales from January to September amounted to 156.7
(130.6) million euro, representing an increase of 26.1 million euro
or 20.0 percent. Net sales in Finland increased by 10.0 million euro
or 16.5 percent, and aggregate net sales in the Baltic states
increased by 19.4 million euro or 25.7 percent. Net sales growth in
the Baltic states in January-September clearly outperformed the
growth in sales volume.
Olvi Group's operating profit for January-June stood at 19.9 (16.7)
million euro, or 12.7 (12.8) percent of net sales. This represents
an increase of 3.2 million euro or 19.2 percent on the previous
year. Operating profits improved on the previous year in all of the
Group companies, particularly in the Latvian subsidiary A/S Cesu
Alus that posted an operating profit improvement of 133 percent.
In the period under review, earnings after taxes stood at 16.4
(13.7) million euro, an improvement of 2.7 million euro or 19.8
percent on the previous year.
Parent company Olvi plc
The parent company Olvi plc's sales in January-September totalled
100 (85) million litres, an increase of 15 million litres or 18.3
percent. Factors contributing to the growth included a controlled
increase in promotional sales of beer, new products in ciders, the
successful launch of the OLVI Greippi Lonkero product, a long drink
that is sold in grocery shops and filled a gap in Olvi's product
range, as well as new customer relationships. Cool and rainy summer
weather slowed down sales growth in the third quarter.
The greatest sales growth was seen in beers and long drinks. Sales
of soft drinks and ciders also increased substantially thanks to
expanded product ranges. Sales of mineral waters declined due to
intense price competition and cool weather.
Olvi plc's market share in medium-strength beer has increased
constantly for a few years. According to the Nielsen market research
company, Olvi plc took the second place in retail sales of beer
during the four-week review period that ended in the middle of
September. At that time, Olvi's market share by value was 20.1 percent.
Over the period from the beginning of the year to mid-September,
Olvi's market share by value was 18.1 percent. Olvi plc's total market
share in its main product groups at the end of September was 19.0
(17.0) percent.
The parent company's net sales from January to September 2007
amounted to 71.0 (60.9) million euro, representing an increase of
10.1 million euro or 16.5 percent.
Olvi plc's operating profit in January-September totalled 7.4 (6.6)
million euro or 10.5 (10.9) percent of net sales. The operating
profit improved by 0.8 million euro or 12.4 percent.
Scrapping of the obsolete package inventory resulted in 1.3 (1.1)
million euro of write-downs on inventories that burdened the January-
September earnings.
AS A. Le Coq
The total sales of Olvi plc's Estonian subsidiary AS A. Le Coq in
January-September amounted to 106 (99) million litres, an increase
of 7 million litres or 7.4 percent on the previous year. In terms of
litres sold, the greatest increase was seen in beers, while
proportional growth was greatest in energy drinks and long drinks.
Sales growth was also considerable in juices.
For the entire year, AS A. Le Coq's net sales growth has clearly
outperformed the growth in sales volume. Net sales from January to
September amounted to 56.7 (47.5) million euro, representing an
increase of 9.2 million euro or 19.5 percent.
AS A. Le Coq's operating profit in January-September was 8.8 (8.1)
million euro or 15.5 (17.0) percent of net sales. The operating
profit increased by 0.7 million euro or 8.5 percent compared to the
previous year.
AS A. Le Coq was ranked the best food industry company in Estonia
for the third time in a row. The annual Competitive List of the Best
Performances of the Estonian Enterprises competition is arranged by
the Estonian Chamber of Commerce and Industry, Enterprise Estonia
and the Estonian Employers' Confederation. The 2007 competition
included a total of 455 participants of which 15 were food industry
companies. Winners are chosen on the basis of competitive ability
and a comparison of facts such as sales development, profitability,
staff costs, investments and balance sheet value.
A/S Cesu Alus
The total sales of Olvi plc's Latvian subsidiary A/S Cesu Alus in
January-September amounted to 42 (33.0) million litres, increasing
by 9 million litres or 28.0 percent. The greatest growth in sales
volume was seen in beers that represent approximately 70 percent of
total sales. In the primary product group, beers, A/S Cesu Alus's
market position has strengthened to more than 25 percent, and the
brewery is now clearly the number two player in the market. The
sales of ciders, energy drinks, long drinks and waters are also
growing strongly.
The company's net sales from January to September amounted to 20.7
(14.1) million euro, representing an increase of 6.6 million euro or
46.9 percent.
Thanks to the growth, A/S Cesu Alus's profitability has improved
substantially. Operating profit in January-September totalled 2.1
(0.9) million euro, an increase of 1.2 million euro. Operating
profit in proportion to net sales was 10.3 (6.5) percent.
AB Ragutis
The total sales of the Lithuanian company AB Ragutis from January to
September amounted to 34 (33) million litres, representing an
increase of 1 million litres or 3.4 percent. The sales of Ragutis
ciders and long drinks are rapidly increasing in Lithuania. The
sales of beer declined slightly as the company scaled down its
Private Label production.
The net sales of AB Ragutis have clearly outperformed the increase
in sales volumes in 2007. The company's net sales from January to
September amounted to 17.3 (13.8) million euro, representing an
increase of 3.5 million euro or 25.4 percent. The net sales
improvement is affected by the favourable development of sales
volumes and prices of other product groups that are now
supplementing beer.
The operating profit of AB Ragutis has improved thanks to previous
major investments and the good development of sales volumes. Net
sales from January to September amounted to 1.6 (1.1) million euro,
representing an increase of 0.5 million euro or 47.9 percent.
Operating profit in proportion to net sales was 9.3 (7.9) percent.
SALES VOLUME, NET SALES AND EARNINGS IN THE THIRD QUARTER OF 2007
Olvi Group's Q3 sales volume
Olvi Group's sales from July to September 2007 totalled 91 (88)
million litres, an increase of 3 million litres or 3.8 percent. The
growth of sales volumes was affected by this summer's damp and cool
weather in comparison to last year's summer months both in Finland
and in the Baltic states.
The parent company Olvi plc's third-quarter sales amounted to 35
(32) million litres, which is 3 million litres or 10.5 percent more
than a year earlier.
Sales in the Baltic states improved by a total of 2 million litres
or 3.8 percent. The Estonian subsidiary AS A. Le Coq's third-
quarter sales were on a par with the previous year at 37 (37)
million litres. In Latvia, A/S Cesu Alus made the Group's best sales
result by selling 16 (13) million litres in July-September, which is
3 million litres or 19.1 percent more than last year. The sales of
AB Ragutis in Lithuania declined by 4.2 percent on the previous
year.
Olvi Group's Q3 net sales
The Group's net sales from July to September amounted to 56.5 (50.3)
million euro, representing an increase of 6.2 million euro or 12.3
percent.
In Finland, the parent company Olvi plc's net sales were up 11.4
percent at 25.5 (22.9) million euro.
In the Baltic countries, third-quarter net sales improved by 15.8
percent on the previous year, which clearly outperformed the growth
in sales volume. AS A. Le Coq's net sales amounted to 20.4 (18.4)
million euro, an increase of 10.7 percent. Thanks to good sales
development, A/S Cesu Alus's net sales improved by 36.5 percent on
the previous year to 7.9 (5.8) million euro. AB Ragutis's net sales
amounted to 6.1 (5.5) million euro, representing an increase of 0.6
million euro or 11.1 percent in spite of declined sales volume.
Olvi Group's Q3 operating profit
The Group's operating profit in the third quarter was on a par with
the previous year at 8.5 (8.7) million euro or 15.1 (17.4) percent
of net sales. Olvi Group was able to maintain the excellent earnings
level of the previous year in spite of unfavourable weather
conditions in high summer that contributed to the decline in total
consumption. The third-quarter operating profit includes 0.4 million
euro of additional costs for Olvi Group's stock-based incentive
scheme compared to the previous year due to the good price
development of the Olvi A share.
The parent company Olvi plc's operating profit in July-September was
on a par with the previous year at 3.2 (3.6) million euro or 12.6
(15.6) percent of net sales. In the third quarter of 2007,
investment in items such as advertising was clearly greater than in
the previous year.
The aggregate third-quarter operating profit of the Baltic companies
was on a par with the previous year at 5.3 (5.1) million euro. AS A.
Le Coq's operating profit also reached the previous year's level at
3.7 (3.6) million euro or 18.3 (19.6) percent of net sales. The
entire Group's best improvement was seen in A/S Cesu Alus with an
operating profit of 1.2 (0.6) million euro. The increase was 0.6
million euro or 90.8 percent compared to the previous year. AB
Ragutis's operating profit fell short of the previous year's level
by 0.5 million euro.
FINANCING AND INVESTMENTS
Olvi Group's balance sheet total at the end of September 2007 was
174.0 (153.1) million euro. Equity per share in January-September
stood at 8.35 (7.36) euro. The equity to total assets ratio was
approximately at the previous year's level at 49.7 (50.0) percent.
The amount of interest-bearing liabilities was 41.5 (39.1) million
euro, including current liabilities of 9.7 (3.4) million euro.
During the period under review, Olvi Group's gross capital
expenditure amounted to 14.8 (15.3) million euro. The parent company
Olvi plc accounted for 4.8 million euro and the subsidiaries in the
Baltic states for 10.0 million euro of the total. The largest
investments in 2007 will be the filling and packaging lines for
recyclable plastic bottles to be constructed at Olvi plc and A. Le
Coq, as well as extensions to storage facilities at A/S Cesu Alus
and AB Ragutis.
The gross capital expenditure also includes purchases made on
finance lease.
PRODUCT DEVELOPMENT
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 been recognised as expenses.
The parent company Olvi plc launched several new products for the
September product range period. Olvi Suomi 90 vuotta Juhlaolut in
0.5 L cans was launched to celebrate Finland's 90th anniversary. The
product layout makes it suitable for all kinds of festive occasions.
OLVI Ykkönen, which is the market leader in mild beers with an
approximate market share of 65 percent, was launched in 0.5 L cans.
OLVI Ykkönen is the first mild beer sold in cans in Finland. In
mineral waters, Olvi KevytOlo Vihreä Omena (Green Apple) flavoured
with real apples was introduced in single portions as well as family
packages. Olvi TEHO, the number three energy drink sold in Finland,
was also launched as the light version TEHO Kevyt. In soft drinks,
successful licence manufacturing continued with The Simpsons Orange
Light. Olvi had introduced a Disney Donald Duck soft drink earlier
this year.
In Estonia, product introductions included a new cider, Fizz Cherry
taste, and a new energy drink packaging, a 0.5 L bottle for the
Dynami:t brand that was successfully launched a year ago. The market
leader in juices, the Aura brand, expanded to soft drinks with the
Aura Jaffa Orange and Aura Jaffa Grapefruit products. The Aura range
of juices was also expanded by the Aura Tropical sub-brand. Three
new flavours, mango-lemon, apricot and multi-fruit, were introduced
under the sub-brand.
In Latvia, three new beers were introduced in July: Cesu Light and
Cesu Dry introduced in a special bottle; the Sataseles beer was
launched to celebrate the 800th anniversary of the city of Segulda.
Latvia was also active in other product groups. The new FIZZ Diamond
cider was introduced. The energy drink Dynami:t expanded to 0.5 L
plastic bottles like in Estonia. This is an example of Group synergy
as the same product can be sold in several countries. In Latvia, the
Group also jumped on the retro trend with the Zvanins soft drink
carrying the slogan “a soft drink from your childhood”. The Aura
brand is also shared across the Group. Two ice teas, Aura Tea of
white and red tea, were introduced in Latvia.
The Dynami:t energy drink was introduced in 0.5 L bottles also in
Lithuania. One of Ragutis's two main brands of beer is Horn. The
Horn dry version was launched in a clear half-litre glass bottle. It
is an image-building product. In Lithuania, the Group also
introduced two new products to the successful long drinks product
group in half-litre cans under the Jamaica brand.
Olvi Group has made systematic efforts to unify operating models
across the Group and intensify co-operation, with the third-quarter
product launches serving as a good example.
PERSONNEL
Thanks to good sales development, the number of personnel increased
in all Group companies in January-September. Olvi Group's average
number of personnel in January-September was 1,219 (1,127), 387
(346) of them in Finland, 417 (395) in Estonia, 211 (195) in Latvia
and 204 (191) in Lithuania. The average number of personnel
increased by 100 people or 9.0 percent on the previous year. The
total number of personnel at the end of September was 1,184 (1,107).
GROUP STRUCTURE
The merger process between AS A. Le Coq Group, a holding company
fully owned by Olvi plc, and its 100% subsidiary AS A. Le Coq, is
still underway. According to present estimates, the merger will be
completed in October-November 2007. The arrangements will have no
effect on Olvi Group's earnings or balance sheet.
At the end of September, Olvi Group's holding in AS A. Le Coq is 100
percent, in A/S Cesu Alus 97.89 percent and in AB Ragutis 99.56
percent.
NEAR-TERM RISKS AND UNCERTAINTIES
The introduction of recyclable plastic deposit bottles into the
Finnish market will bring great changes to the production and
logistics processes of breweries. The majority of soft drink,
mineral water and cider consumption can be expected to change over
to recyclable plastic deposit bottles. However, it is difficult to
predict the rate of change. The present refillable bottle stock will
probably be completely phased out step by step before the year 2010.
This will result in increased scrapping of inventories within the
next few years.
Furthermore, personnel and raw material costs will increase
substantially, which together with price hikes on electricity and
fuels will create pressure to increase the prices of beverages.
It is still challenging to recruit skilled personnel in the Baltic
states. Due to this, personnel costs will increase faster than other
production costs.
NEAR-TERM OUTLOOK
Olvi Group aims to strengthen its market position in all business
areas. Substantial investments will ensure the sufficiency of
capacity supporting our growth and cost-efficient production of a
versatile product range. Further improvement of the entire Olvi
Group's profitability and competitive ability is a crucial target.
Olvi Group's performance in the rest of the year will be better than
in the corresponding period last year. This is attributable to facts
such as a strengthened overall market position in Finland as well as
the Baltic states.
We expect Olvi Group's full-year net sales to increase and operating
profit to improve clearly on the previous year.
The interim report from 1 January to 30 September 2007 has been
prepared in accordance with IFRS recognition and valuation
principles. The interim report has not been prepared in compliance
with all of the requirements in the standard IAS 34, Interim
Financial Reporting.
The accounting policies used for the preparation of this interim
report are the same as those used for the annual financial
statements 2006.
The information in this interim report is unaudited.
Further information:
Lasse Aho, Managing Director
Phone +358 17 838 5200 or +358 400 203 600
OLVI PLC
Board of Directors
APPENDICES
- Balance sheet, Appendix 1
- Income statement, Appendix 2
- Changes in shareholders' equity, Appendix 3
- Cash flow statement, Appendix 4
- Notes to the interim report, Appendix 5
DISTRIBUTION
OMX Nordic Exchange, Helsinki
Key media
www.olvi.fi
OLVI GROUP APPENDIX 1
BALANCE SHEET
EUR 1,000
30 Sep 30 Sep 31 Dec
2007 2006 2006
ASSETS
Non-current assets
Tangible assets 89,468 81,228 83,473
Goodwill 10,675 10,531 10,675
Other intangible assets 1,228 1,852 1,640
Financial assets available for 284 254 254
sale
Other non-current assets available 326 311 311
for sale
Loans receivable 44 44 44
Deferred tax receivables 143 49 65
Total non-current assets 102,168 94,269 96,462
Current assets
Inventories 30,613 25,574 25,173
Accounts receivable and other 36,438 30,651 32,256
receivables
Liquid assets 4,826 2,580 2,102
Total current assets 71,877 58,805 59,531
TOTAL ASSETS 174,045 153,074 155,993
SHAREHOLDERS' EQUITY AND
LIABILITIES
Shareholders' equity held by
parent company shareholders
Share capital 20,759 20,759 20,759
Other reserves 1,092 1,127 1,128
Treasury shares -722 -54 -290
Retained earnings 48,926 40,856 40,847
Net profit for the period 16,340 13,656 14,822
86,394 76,344 77,266
Minority interest 137 157 101
Total shareholders' equity 86,531 76,501 77,367
Non-current liabilities
Interest-bearing liabilities 31,827 35,779 27,108
Interest-free liabilities 1,195 459 490
Deferred tax liabilities 1,186 1,427 1,413
Current liabilities
Interest-bearing liabilities 9,711 3,361 11,562
Interest-free liabilities 43,595 35,547 38,053
Total liabilities 87,514 76,573 78,626
TOTAL SHAREHOLDERS' EQUITY AND 174,045 153,074 155,993
LIABILITIES
OLVI GROUP APPENDIX 2
INCOME STATEMENT
EUR 1,000
7-9/ 7-9/ 1-9/ 1-9/ 1-12/
2007 2006 2007 2006 2006
Net sales 56,511 50,303 156,738 130,595 170,319
Other operating income 299 28 716 381 590
Operating expenses -45,334 -38,891 -128,751 -106,115 -141,577
Depreciation and -2,959 -2,706 -8,767 -8,130 -10,851
impairment
Operating profit 8,517 8,734 19,936 16,731 18,481
Financial income 67 59 142 142 188
Financial expenses -554 -401 -1,456 -1,069 -1,432
Earnings before tax 8,030 8,392 18,622 15,804 17,237
Taxes *) -936 -1,063 -2,245 -2,136 -2,413
Net profit for the 7,094 7,329 16,377 13,668 14,824
period
Distribution:
- parent company 7,072 7,312 16,340 13,656 14,822
shareholders
- minority 22 17 37 12 2
Ratios calculated from the profit
belonging
to parent company shareholders:
- earnings per share,euro 1.58 1.32 1.43
- earnings per share adjusted
for dilution from warrants, euro 1.58 1.31 1.42
*) Taxes are recognised as the share of the entire financial year's
estimated taxes proportionate to the profit for the review period.
OLVI GROUP APPENDIX 3
CHANGES IN OLVI GROUP'S SHAREHOLDERS' EQUITY, EUR 1,000
A B C D E F G H I
Shareholders' equity 10379 11236 127 0 143 0 45377 67262
1 Jan 2006
Bonus issue 10379 -10379 0
Effect of increases in -145 145 0
the share
capital of subsidiaries
on minority interest
Acquisition of treasury -54 -54
shares
Change in translation 36 36
difference
Payment of dividends -4411 -4411
Net profit for the 13668 13668
period
Share of profit -12 12 0
belonging to the
minority
Shareholders' equity 20759 857 127 -54 143 36 54476 157 76501
30 Sep 2006
EUR 1,000 A B C D E F G H I
Shareholders' equity 20759 857 127 -290 143 -18 55688 101 77367
1 Jan 2007
Transfer of reserve to -35 35 0
retained earnings
Acquisition of treasury -432 -432
shares
Change in translation -44 -1 -45
difference
Payment of dividends -6736 -6736
Net profit for the 16377 16377
period
Share of profit -37 37 0
belonging to the
minority
Shareholders' equity
30 Sep 2007 20759 857 127 -722 108 -62 65327 137 86531
A = Share capital
B = Share premium account
C = Legal reserve
D = Treasury shares reserve
E = Other reserves
F = Translation differences
G = Retained earnings
H = Minority interest
I = Total
OLVI GROUP
APPENDIX 4
CASH FLOW STATEMENT
EUR 1,000
1-9/ 1-9/ 1-12/
2007 2006 2006
Net profit for the period 16,377 13,668 14,824
Adjustments to profit for 12,879 11,689 14,852
the period
Change in net working -4,666 -4,911 -3,320
capital
Interest paid -1,063 -991 -1,529
Interest received 54 141 188
Taxes paid -2,342 -1,051 -1,080
Cash flow from operations 21,239 18,545 23,935
(A)
Capital expenditure -14,395 -17,166 -22,064
Disposals of fixed assets 50 0 145
Cash flow from investments -14,345 -17,166 -21,919
B)
Increase of share capital 0 0 0
Withdrawals of loans 12,000 9,750 7,000
Repayments of loans -9,013 -10,521 -8,650
Acquisition of treasury -432 -54 -290
shares
Dividends paid -6,725 -4,411 -4,411
Cash flow from financing -4,170 -5,236 -6,351
(C)
Increase (+)/decrease (-) 2,724 -3,857 -4,335
in liquid assets (A+B+C)
Liquid assets 1 January 2,102 6,437 6,437
Liquid assets 30 Sep/31 Dec 4,826 2,580 2,102
Change in liquid assets 2,724 -3,857 -4,335
OLVI GROUP
APPENDIX 5
NOTES TO THE INTERIM REPORT
The accounting policies used for the preparation of this
interim report are the same as those used for the annual
financial statements 2006. The Group has adopted the IFRS
7 Financial Instruments: Disclosures standard and the associated
amendment to the IAS 1 Presentation of Financial Statements - Capital
Disclosures standard that entered into force on 1 January 2007.
According to the Group's estimate, the adoption of the new and amended
standard will mostly affect the notes to the Group's financial statements.
1. SEGMENT INFORMATION
SALES BY GEOGRAPHICAL SEGMENT
(1,000 litres)
7-9/ 7-9/ 1-9/ 1-9/ 1-12/
2007 2006 2007 2006 2006
Olvi Group total 91,370 87,987 259,820 233,420 303,416
Finland 35,550 32,167 100,442 84,928 110,092
Estonia 37,239 36,855 106,217 98,931 127,817
Latvia 15,689 13,178 42,244 33,012 42,736
Lithuania 11,918 12,436 33,627 32,522 42,249
- sales between -9,026 -6,649 -22,710 -15,973 -19,478
segments
NET SALES BY GEOGRAPHICAL SEGMENT (EUR 1,000)
7-9/ 7-9/ 1-9/ 1-9/ 1-12/
2007 2006 2007 2006 2006
Olvi Group total 56,511 50,303 156,738 130,599 170,319
Finland 25,497 22,891 70,967 60,895 79,458
Estonia 20,359 18,385 56,732 47,488 61,517
Latvia 7,937 5,815 20,759 14,130 18,573
Lithuania 6,156 5,539 17,271 13,772 18,224
- sales between -3,438 -2,327 -8,991 -5,690 -7,453
segments
OPERATING PROFIT BY
GEOGRAPHICAL SEGMENT (EUR 1,000)
7-9/ 7-9/ 1-9/ 1-9/ 1-12/
2007 2006 2007 2006 2006
Olvi Group total 8,517 8,735 19,936 16,731 18,481
Finland 3,222 3,570 7,434 6,616 7,060
Estonia 3,728 3,609 8,783 8,092 9,268
Latvia 1,168 612 2,143 919 845
Lithuania 396 895 1,602 1,083 1,239
- sales between segments 3 49 -26 21 69
2. PERSONNEL ON AVERAGE
1-9/2007 1-9/2006 1-12/2006
Finland 387 346 346
Estonia 417 395 393
Latvia 211 195 195
Lithuania 204 191 192
Total 1,219 1,127 1,126
3. RELATED PARTY TRANSACTIONS
Employee benefits to management
Salaries and other short-term employee benefits to the Board of Directors
and Managing Director
1-9/ 1-9/ 1-12/
2007 2006 2006
Managing Directors 462 370 488
Chairman of the Board 153 131 181
Other members of the 78 62 91
Board
Total 693 563 760 *)
*) The figures for 2006 have been adjusted to be comparable
with the information in the interim report.
Share-based payments: Olvi plc's Board of Directors decided in 2006
on a share-based incentive and commitment scheme for Olvi Group's key
personnel. The share-based incentive scheme is described in more detail
in Olvi Group's financial statements for 2006, note 22.
4. SHARES AND SHARE CAPITAL
30 Sep 2007
Number of A shares 8,513,276
Number of K shares 1,866,128
Total 10,379,404
4
Total votes carried by A shares 8,513,276
Total votes carried by K shares 37,322,560
Total number of votes 45,835,836
Registered share capital, EUR 1,000 20,759
The Series A and Series K shares received a dividend of 0.65 euro
per share for 2006(0.425 euro per share for 2005), totalling 6.7 (4.4)
million euro. The dividends were paid on 16 April 2007.
Nominal value of A and K shares, EUR 2.00
Votes per Series A share 1
Votes per Series K share 20
The shares entitle to equal dividend.
The Articles of Association include a redemption clause concerning Series K
shares.
5. TREASURY SHARES
In April 2007, the General Meeting of Shareholders of Olvi plc decided to
authorise
the Board of Directors 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 245,000 Series A shares.
The Board of Directors may also decide that any shares acquired on the
company's own account be cancelled by reducing the share capital.
On 16 August 2007, on the basis of the authorisation granted by the General
Meeting on 3 April 2007, the Board of Directors of Olvi plc decided
to acquire a maximum total of 16,000 of the company's own Series A shares.
In compliance with the rules of the Helsinki Stock Exchange and guidelines
concerning treasury shares of a listed company, the shares were
acquired through public trading on the Helsinki Stock Exchange at
the current market price at the time of acquisition. The acquisition was
carried out between 27 August and 18 September 2007. 16,000 shares were
bought at an average price of 26.96 euro per share. The total purchase
price was 431,832.63 euro.
Olvi plc already possessed 16,000 Olvi Series A shares acquired by the Board of
Directors in 2006 on the basis of an authorisation granted by the General
Meeting of Shareholders. The purchase price for treasury shares in
2006 totalled 290,399.76 euro.
The Board of Directors has not exercised the authorisation granted by the
General Meeting to transfer the company's own Series A shares during January-
September 2007. All of the treasury shares acquired, a total of 32,000 shares,
are in the company's possession.
Series A shares held by Olvi plc as treasury shares represent 0.31 percent of
the
share capital and 0.07 percent of the aggregate number of votes. The acquired
shares
represent 0.38 percent of all Series A shares and associated votes.
6. NUMBER OF SHARES *)
1-9/2007 1-9/2006 1-12/2006
- average 10,361,967 10,377,707 10,363,311
- at end of period 10,347,404 10,375,404 10,363,404
- average number of shares
adjusted for dilution from
warrants 10,361,967 10,426,826 10,413,050
*) Acquired treasury shares
deducted.
7. TRADING OF SERIES A SHARES ON THE HELSINKI STOCK EXCHANGE
IN JANUARY-SEPTEMBER 2007
Number of Olvi A shares traded in 01- 1,722,88
09/2007 4
Total trading volume, EUR 1,000 41,323
Traded shares in proportion to all Series 20.2
A shares, %
Average share price 01-09/2007, EUR 23.86
Highest quote in June, EUR 30.80
Lowest quote in January, EUR 19.50
8.SHAREHOLDERS
Book entries Votes Shareholders
qty % qty % qty
Finnish total 8,305,282 80.02 42,789,978 93.35 5,6565
Foreign total 316,613 3.05 1,288,349 2.81 25
Nominee-registered 1,270 0.01 1,270 0.00 2
(foreign) total
Nominee-registered 1,756,239 16.92 1,756,239 3.83 8
(Finnish) total
Total 10,379,404 100.00 45,835,836 100.00 5,691
9. LARGEST SHAREHOLDERS
Series K Series A Total % Votes %
1. Olvi 1,181,952 354,408 1,536,360 14.80 23,993,448 52.3
Foundation
2. Hortling 450,712 85,380 536,092 5.16 9,099,620 19.8
Heikki Wilhelm*)
3. The Heirs of 93,552 12,624 106,176 1.02 1,883,664 4.11
Hortling Kalle
Einari
4. Hortling 82,912 17,304 100,216 0.97 1,675,544 3.66
Timo Einari
5. Hortling- 51,144 1,050 52,194 0.50 1,023,930 2.23
Rinne Marit
6. 986,534 986,534 9.50 986,534 2.15
Skandinaviska
Enskilda Banken
nominee
register
7. Nordea Bank 644,930 644,930 6.21 644,930 1.41
Finland plc,
nominee
register
8. Ilmarinen Mutual 515,748 15,748 4.97 515,748 1.13
Pension Insurance Company
9. Autocarrera 221,891 221,891 2.14 221,891 0.48
Oy Ab
10.Pensionsförsäkringsaktieb
olaget Veritas
Pension 208,000 208,000 2.00 208,000 0.45
Insurance Company
Others 5,856 5,465,407 5,471,263 52.71 5,582,527 12.18
Total 1,866,128 8,513,276 10,379,404 100.0 45,835,836 100.00
*) The figures include the shareholder's own holdings and shares held by
parties
in his control.
10. PROPERTY, PLANT AND EQUIPMENT
EUR 1,000
1-9/ 1-9/ 1-12/
2007 2006 2006
Increase 14,457 15,185 21,878
Decrease -187 -1,357 -3,535
Total 14,270 13,828 18,343
11. CONTINGENT LIABILITIES
30 Sep 30 Sep 31 Dec
2007 2006 2006
Pledges and contingent
liabilities
For own commitments 1,135 1,135 765
For others 731 1,035 1,055
Leasing liabilities:
Due within one year 667 1,009 1,041
Due within 1 to 5 years 1,132 1,005 1,019
Due in more than 5 5 0 5
years
Total leasing liabilities 1,804 2,014 2,065
Package liabilities 4,879 4,880 4,734
Other liabilities 1,980 1,980 1,980
Debts for which mortgages have been given as collateral
Loans from financial institutions
For own commitments 773 3,091 2,318
For others 229 2,062 1,527
12. CALCULATION OF FINANCIAL RATIOS
Equity to total Shareholder´s equity held by parent company
assets, % = 100 * shareholders + minority interest
__________________________________________
Balance sheet total - advance
payments received
Profit belonging to parent company shareholders
Earnings per share = ______________________________________________
Average number of shares during the period,
adjusted for share issues
Shareholders' equity held by parent company
shareholders
Equity per share = _____________________________________________
Number of shares at end of period, adjusted
for share issues
Interest-bearing debt - cash in hand and at bank
Gearing, % = ________________________________________________
Shareholders' equity held by parent company
shareholders + minority interest
© 2023 Nasdaq, Inc. All Rights Reserved |