2009-07-23 07:30:00 CEST
2009-07-23 08:37:31 CEST
REGULATED INFORMATION
Huhtamäki Oyj - Interim report (Q1 and Q3)
Interim Report January 1 - June 30, 2009: Earnings improvement continued
Interim Report January 1 - June 30, 2009: Earnings improvement continued STOCK EXCHANGE RELEASE HUHTAMÄKI OYJ 23.7.2009 AT 8:30 - Group net sales dampened by economic downturn and customer cautiousness, some volume recovery experienced in the second quarter - Earnings improved due to successful cost containment, better operational control as well as price and mix management - Free cash flow continued strong, debt reduced further - Progress with strategic review of the rigid plastic consumer goods business; action taken in South America and Australia - Full year sales outlook remains uncertain and pressure on margins is expected to increase during the course of the year -------------------------------------------------------------------------------- | Key figures | | | | | -------------------------------------------------------------------------------- | EUR million | H1 2009 | H1 2008 | Q2 2009 | Q2 2008 | -------------------------------------------------------------------------------- | Net sales | 1,054.4 | 1,139.1 | 547.8 | 590.5 | -------------------------------------------------------------------------------- | EBIT* | 74.0 | 47.0 | 39.0 | 27.0 | -------------------------------------------------------------------------------- | EBIT margin | 7.0 | 4.1 | 7.1 | 4.6 | | % | | | | | -------------------------------------------------------------------------------- | EPS | 0.42 | 0.21 | 0.24 | 0.13 | -------------------------------------------------------------------------------- | ROI % (12m | -3.2 | 0.2 | - | - | | roll.) | | | | | -------------------------------------------------------------------------------- * EBIT includes non-recurring charges of EUR 3.8 million in Q2 2009 and EUR 6.8 million in Q2 2008. Overview The demand for consumer packaging was characterized by uncertainty and customer cautiousness in the first half of the year. Although majority of the Group's segments are considered to be of a defensive nature with mainly food and personal care related packaging products, the Group net sales were not immune to the economic downturn and declined during the reporting period. The net sales decline was volume driven in the first quarter. While there was some improvement in volumes in the second quarter this was more than offset by negative price and mix development compared to the previous year. Operating earnings for the reporting period continued well above the corresponding period in 2008 in spite of lower sales. Earnings improved due to successful cost containment, better operational control as well as price and mix management. Profitability improved markedly in North America and Rigid Consumer Goods Plastics segments. At EUR 102 million, free cash flow improved by EUR 30 million compared to the previous year. Cash flow generation was good especially in North America and Flexibles Global segments. Strong reduction of net debt was achieved. The ongoing strategic review of the rigid plastic consumer goods business progressed during the second quarter. The rigid plastic consumer goods business in South America as well as the expanded polystyrene (EPS) packaging business in Australia were divested. Business review by segment The current segment structure for financial reporting was adopted as of January 1, 2009. The sales distribution by segment is the following: Flexibles Global 23% (22% against same period in 2008), Films Global 7% (9%), North America 27% (22%), Rough Molded Fiber Global 9% (10%), Foodservice Europe-Asia-Oceania 20% (20%) and Rigid Consumer Goods Plastics 14% (17%). Flexibles Global Flexibles business is organized as a global segment. Flexibles are used for consumer packaging of a wide range and variety of food, personal and health care and other products. -------------------------------------------------------------------------------- | EUR million | H1 2009 | H1 2008 | Q2 2009 | Q2 2008 | -------------------------------------------------------------------------------- | Net sales | 239.3 | 255.2 | 119.0 | 126.4 | -------------------------------------------------------------------------------- | EBIT | 13.6 | 11.7 | 4.8 | 5.5 | -------------------------------------------------------------------------------- | EBIT margin | 5.7 | 4.6 | 4.0 | 4.4 | | % | | | | | -------------------------------------------------------------------------------- | RONA % (12m | 0.3 | 4.7 | - | - | | roll.) | | | | | -------------------------------------------------------------------------------- In Europe sales recovered in the second quarter after a weak start to the year. In Asia-Oceania sales development continued subdued due to market softness in the region. Improved profitability reflects cost containment. The second quarter earnings were negatively impacted by an inventory revaluation in Europe due to lower raw material costs. The discontinuation of the loss-making flexible packaging operations in Malvern, USA, was finalized in the second quarter 2009. Films Global Films business is organized as a global segment. 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. -------------------------------------------------------------------------------- | EUR million | H1 2009 | H1 2008 | Q2 2009 | Q2 2008 | -------------------------------------------------------------------------------- | Net sales | 80.3 | 106.5 | 39.1 | 53.4 | -------------------------------------------------------------------------------- | EBIT* | -2.9 | 4.1 | -3.4 | 3.6 | -------------------------------------------------------------------------------- | EBIT margin | -3.6 | 3.8 | -8.7 | 6.7 | | % | | | | | -------------------------------------------------------------------------------- | RONA % (12m | 0.7 | 6.6 | - | - | | roll.) | | | | | -------------------------------------------------------------------------------- * Q2 2009 EBIT includes EUR 3.8 million non-recurring charges. Sales within the segment suffered from weak demand of industrial applications during the reporting period. The consumer related products were more resilient to the economic downturn. Profitability reflects significant volume shortfall partially offset by cost reduction efforts and better operational control. The reported EBIT in the second quarter includes non-recurring charges following the divestment of the release paper business and further focus on release films in Forchheim, Germany. These resulted in the termination of approximately 100 permanent positions by the end of the first quarter 2010. North America The segment includes the Rigid and Molded Fiber business in North America and Mexico. Rigid paper and plastic packaging, which serves ice-cream and other consumer goods as well as foodservice markets, is completed with Molded Fiber Chinet® disposable tableware products. -------------------------------------------------------------------------------- | EUR million | H1 2009 | H1 2008 | Q2 2009 | Q2 2008 | -------------------------------------------------------------------------------- | Net sales | 282.2 | 252.7 | 153.1 | 138.6 | -------------------------------------------------------------------------------- | EBIT | 38.1 | 21.7 | 23.6 | 14.4 | -------------------------------------------------------------------------------- | EBIT margin | 13.5 | 8.6 | 15.4 | 10.4 | | % | | | | | -------------------------------------------------------------------------------- | RONA % (12m | 13.0 | 8.0 | - | - | | roll.) | | | | | -------------------------------------------------------------------------------- Sales within the segment grew during the reporting period. However, in constant currencies sales were slightly below the level of the corresponding period in 2008. Retail and Frozen desserts showed growth. Sales development in other market segments was weaker, partially as a result of product portfolio optimization. The clear improvement in profitability reflects strong market positions and lower costs. Also, currency translation impact was favorable. The closure of the rigid plastics site in Phoenix, USA, will be finalized in the third quarter 2009. Rough Molded Fiber Global The segment includes the Rough Molded Fiber business in Europe, Oceania, Africa and South America. Rough molded fiber is used to make fresh product packaging, such as egg and fruit packaging. -------------------------------------------------------------------------------- | EUR million | H1 2009 | H1 2008 | Q2 2009 | Q2 2008 | -------------------------------------------------------------------------------- | Net sales | 99.6 | 108.9 | 51.3 | 54.2 | -------------------------------------------------------------------------------- | EBIT | 8.1 | 6.1 | 4.3 | 3.0 | -------------------------------------------------------------------------------- | EBIT margin | 8.1 | 5.6 | 8.4 | 5.5 | | % | | | | | -------------------------------------------------------------------------------- | RONA % (12m | 6.1 | 7.6 | - | - | | roll.) | | | | | -------------------------------------------------------------------------------- Sales growth was achieved in constant currencies and excluding ancillary operations, i.e. machine and waste paper trade businesses. In the second quarter demand increased driven by South America, Africa and Oceania. The improvement in profitability reflects sales growth in certain market segments and cost containment. The adverse currency impact in the beginning of the year was less pronounced in the second quarter. Foodservice Europe-Asia-Oceania Foodservice paper and plastic disposable tableware is supplied to foodservice operators and fast food restaurants. -------------------------------------------------------------------------------- | EUR million | H1 2009 | H1 2008 | Q2 2009 | Q2 2008 | -------------------------------------------------------------------------------- | Net sales | 225.3 | 247.8 | 120.8 | 132.8 | -------------------------------------------------------------------------------- | EBIT | 8.8 | 7.7 | 6.4 | 5.3 | -------------------------------------------------------------------------------- | EBIT margin | 3.9 | 3.1 | 5.3 | 4.0 | | % | | | | | -------------------------------------------------------------------------------- | RONA % (12m | -0.2 | 0.3 | - | - | | roll.) | | | | | -------------------------------------------------------------------------------- Sales recovered in Asia and remained on a good level in Oceania in the second quarter. Meanwhile, sales growth in Europe slowed down. Overall sales within the segment declined during the reporting period. Profitability reflects lower costs and better operational control in Asia partially offset by adverse currency impact. The closure of the site in Balakong, Malaysia, is expected by the end of the third quarter 2009. Rigid Consumer Goods Plastics The segment includes the Rigid Consumer Goods Plastics business in Europe and Oceania. Rigid plastic packaging serves the consumer goods markets with fresh food, dairy, ice cream and edible fats packaging. -------------------------------------------------------------------------------- | EUR million | H1 2009 | H1 2008 | Q2 2009 | Q2 2008 | -------------------------------------------------------------------------------- | Net sales | 153.8 | 205.1 | 76.1 | 104.3 | -------------------------------------------------------------------------------- | EBIT | 11.7 | -4.3 | 6.0 | -4.8 | -------------------------------------------------------------------------------- | EBIT margin % | 7.6 | -2.1 | 7.9 | -4.6 | -------------------------------------------------------------------------------- | RONA % (12m roll.) | -67.9 | -24.2 | - | - | -------------------------------------------------------------------------------- * Q2 2008 EBIT includes EUR 6.8 million non-recurring charges. Sales within the segment declined during the reporting period. The discontinued operations in the UK and to a smaller extent the recently divested units had a negative impact on sales. The clear improvement in profitability reflects better operational control and lower costs. During the second quarter the rigid plastic consumer goods business in South America was sold to subsidiaries of Bemis Company, Inc. With three manufacturing units in Brazil and one in Argentina and some 640 employees the annual net sales of the divested businesses were approximately EUR 60 million. The agreed value for the transaction was EUR 30 million. Furthermore, the EPS packaging business in Australia was sold to Pact Group Pty Ltd. The annual net sales of the divested unit were approximately EUR 7 million and it employed some 40 people. The agreed value for the transaction was EUR 5 million. The transaction impact on earnings was neutral. A strategic review of the remaining rigid plastic consumer goods operations in Europe and Australia is ongoing. Financial review The Group EBIT for the reporting period was EUR 74 million (EUR 47 million), corresponding to an EBIT margin of 7.0% (4.1%). In the second quarter, the Group EBIT was EUR 39 million (EUR 27 million), corresponding to an EBIT margin of 7.1% (4.6%). Excluding the non-recurring charges of EUR 4 million (EUR 7 million), the Group EBIT for the reporting period was EUR 78 million (EUR 54 million), corresponding to an EBIT margin of 7.4% (4.7%), and for the second quarter EUR 43 million (EUR 34 million), corresponding to an EBIT margin of 7.8% (5.7%). The net financial items for the reporting period were EUR -16 million (EUR -20 million) and for the second quarter EUR -7 million (EUR -11 million). Tax expense for the period was EUR 12 million (EUR 5 million) and for the second quarter EUR 7 million (EUR 3 million). The result for the period was EUR 47 million (EUR 23 million) and the earnings per share (EPS) attributable to equity holders of the parent company were EUR 0.42 (EUR 0.21). Correspondingly in the second quarter these were EUR 26 million (EUR 13 million) and EUR 0.24 (EUR 0.13). The average number of outstanding shares used in the EPS calculations was 100,426,461 (unchanged) excluding 5,061,089 (unchanged) of the Company's own shares. Balance sheet and cash flow Free cash flow for the reporting period was EUR 102 million (EUR 73 million), with the second quarter amounting to EUR 65 million (EUR 85 million). The improvement was due to higher earnings, lower capital expenditure and prudent working capital management. North America and Flexibles Global segments continued as most successful in generating cash flow. Capital expenditure was EUR 18 million (EUR 31 million), with the second quarter spending at EUR 10 million (EUR 18 million). Net debt was EUR 487 million (EUR 710 million) at the end of June 2009. This corresponds to a gearing ratio of 0.68 (0.94). Total assets on the balance sheet were EUR 1,889 million (EUR 2,207 million). Personnel The Group had 13,712 (15,373) employees at the end of June 2009. Short-term risks and uncertainties Volatile raw material and energy prices as well as movements in currency translations are considered to be relevant short-term business risks and uncertainties in the Group's operations. Material changes in general economic conditions or in the financial markets could have an adverse effect on the implementation of the Group's strategy and on its business performance and earnings. Outlook for 2009 Full year sales outlook remains uncertain and pressure on margins is expected to increase during the course of the year. In the short-term, price and mix management, supply chain initiatives, control over costs and capital spending, positive cash flow generation and net debt reduction continue as key focus areas within the Group. Capital expenditure in 2009 is expected to be clearly below EUR 100 million. Financial reporting in 2009 Huhtamaki will publish the interim report for January 1 - September 30, 2009 on October 22. Espoo, July 22, 2009 Huhtamäki Oyj's 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 Ms. Kia Aejmelaeus, Head of Investor Relations, tel. +358-10-686 7819 or mobile +358-40-765 4616 Mrs. Minna Kylänpää, Head of Group Communications, 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: 0923 114 173 - Number for participants outside of Finland: +44 (0) 1452 555 566 - Conference ID: 17356248 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, 2009 -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Group income statement (IFRS) | | | | | | -------------------------------------------------------------------------------- | Unaudited | | | | | | -------------------------------------------------------------------------------- | | H1 | H1 | Q2 | Q2 | Q1-Q4 | -------------------------------------------------------------------------------- | EUR million | 2009 | 2008 | 2009 | 2008 | 2008 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Net sales | 1,05 | 1,13 | 547.8 | 590.5 | | | | 4.4 | 9.1 | | | 2,260.0 | -------------------------------------------------------------------------------- | Cost of goods sold | -873 | -983 | -453. | -508. | -2,043. | | | .8 | .2 | 6 | 3 | 2 | -------------------------------------------------------------------------------- | Gross profit | 180. | 155. | 94.2 | 82.2 | 216.8 | | | 6 | 9 | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Other operating income | 10.5 | 7.3 | 6.9 | 3.6 | 21.6 | -------------------------------------------------------------------------------- | Sales and marketing | -39. | -42. | -21.5 | -22.3 | -84.8 | | | 3 | 1 | | | | -------------------------------------------------------------------------------- | Research and development | -7.7 | -8.5 | -3.7 | -4.2 | -16.2 | -------------------------------------------------------------------------------- | Administration costs | -62. | -58. | -31.9 | -29.6 | -117.2 | | | 0 | 8 | | | | -------------------------------------------------------------------------------- | Other operating expenses | -8.1 | -6.8 | -5.0 | -2.7 | -94.7 | -------------------------------------------------------------------------------- | | -106 | -108 | -55.2 | -55.2 | -291.3 | | | .6 | .9 | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Earnings before interest and taxes | 74.0 | 47.0 | 39.0 | 27.0 | -74.5 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Financial income | 14.0 | 7.1 | 10.7 | 3.1 | 10.0 | -------------------------------------------------------------------------------- | Financial expenses | -29. | -27. | -17.2 | -14.5 | -55.7 | | | 5 | 1 | | | | -------------------------------------------------------------------------------- | Income of associated companies | 0.3 | 0.3 | 0.1 | 0.2 | 0.5 | -------------------------------------------------------------------------------- | Result before taxes | 58.8 | 27.3 | 32.6 | 15.8 | -119.7 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Income taxes | -11. | -4.8 | -6.5 | -2.7 | 9.5 | | | 7 | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Result for the period | 47.1 | 22.5 | 26.1 | 13.1 | -110.2 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Attributable to: | | | | | | -------------------------------------------------------------------------------- | Equity holders of the parent company | 45.7 | 21.4 | 25.3 | 12.7 | -111.9 | -------------------------------------------------------------------------------- | Minority interest | 1.4 | 1.1 | 0.8 | 0.4 | 1.7 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | EPS (EUR) from result for the period | 0.46 | 0.21 | 0.28 | 0.13 | -1.11 | -------------------------------------------------------------------------------- | EPS (EUR) attributable to hybrid | 0.04 | - | 0.04 | - | 0.01 | | bond investors | | | | | | -------------------------------------------------------------------------------- | EPS (EUR) attributable to equity | 0.42 | 0.21 | 0.24 | 0.13 | -1.12 | | holders of the parent company | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Diluted: | | | | | | -------------------------------------------------------------------------------- | EPS (EUR) from result for the period | 0.46 | 0.21 | 0.28 | 0.13 | -1.11 | -------------------------------------------------------------------------------- | EPS (EUR) attributable to hybrid | 0.04 | - | 0.04 | - | 0.01 | | bond investors | | | | | | -------------------------------------------------------------------------------- | EPS (EUR) attributable to equity | 0.42 | 0.21 | 0.24 | 0.13 | -1.12 | | holders of the parent company | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Group statement of comprehensive | | | | | | | income (IFRS) | | | | | | -------------------------------------------------------------------------------- | | H1 | H1 | Q2 | Q2 | Q1-Q4 | -------------------------------------------------------------------------------- | EUR million | 2009 | 2008 | 2009 | 2008 | 2008 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Result for the period | 47.1 | 22.5 | 26.1 | 13.1 | -110.2 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Other comprehensive income: | | | | | | -------------------------------------------------------------------------------- | Translation differences | 3.8 | -17. | -6.6 | 6.6 | -9.5 | | | | 8 | | | | -------------------------------------------------------------------------------- | Fair value and other reserves | -1.3 | -0.2 | 1.8 | 2.5 | -9.0 | -------------------------------------------------------------------------------- | Income tax related to components of | 0.1 | 0.0 | -0.6 | -0.6 | 2.7 | | other | | | | | | | comprehensive income | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Other comprehensive income, net of tax | 2.6 | -18. | -5.4 | 8.5 | -15.8 | | | | 0 | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Total comprehensive income | 49.7 | 4.5 | 20.7 | 21.6 | -126.0 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Attributable to: | | | | | | -------------------------------------------------------------------------------- | Equity holders of the parent company | 48.2 | 3.6 | 19.9 | 21.5 | -127.7 | -------------------------------------------------------------------------------- | Minority interest | 1.5 | 0.9 | 0.8 | 0.1 | 1.7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Group statement of financial position | | | | | (IFRS) | | | | -------------------------------------------------------------------------------- | Unaudited | | | | -------------------------------------------------------------------------------- | | Jun 30 | Dec 31 | Jun 30 | -------------------------------------------------------------------------------- | EUR million | 2009 | 2008 | 2008 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | ASSETS | | | | -------------------------------------------------------------------------------- | Non-current assets | | | | -------------------------------------------------------------------------------- | Goodwill | 396.1 | 402.4 | 466.7 | -------------------------------------------------------------------------------- | Other intangible assets | 32.5 | 34.5 | 40.2 | -------------------------------------------------------------------------------- | Tangible assets | 645.3 | 676.3 | 763.1 | -------------------------------------------------------------------------------- | Investments in associated companies | 2.2 | 1.9 | 1.6 | -------------------------------------------------------------------------------- | Available for sale investments | 2.0 | 1.9 | 1.9 | -------------------------------------------------------------------------------- | Interest bearing receivables | 0.4 | 0.1 | 1.9 | -------------------------------------------------------------------------------- | Deferred tax assets | 14.6 | 15.1 | 13.5 | -------------------------------------------------------------------------------- | Employee benefit assets | 60.6 | 62.5 | 55.0 | -------------------------------------------------------------------------------- | Other non-current assets | 4.1 | 3.7 | 3.8 | -------------------------------------------------------------------------------- | | 1,157.8 | 1,198.4 | 1,347.7 | -------------------------------------------------------------------------------- | Current assets | | | | -------------------------------------------------------------------------------- | Inventory | 263.8 | 296.7 | 354.8 | -------------------------------------------------------------------------------- | Interest bearing receivables | 12.5 | 2.1 | 25.4 | -------------------------------------------------------------------------------- | Current tax assets | 8.1 | 9.4 | 12.9 | -------------------------------------------------------------------------------- | Trade and other current receivables | 362.4 | 377.9 | 423.3 | -------------------------------------------------------------------------------- | Cash and cash equivalents | 84.8 | 67.8 | 42.8 | -------------------------------------------------------------------------------- | | 731.6 | 753.9 | 859.2 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Total assets | 1,889.4 | 1,952.3 | 2,206.9 | | | | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | | -------------------------------------------------------------------------------- | Share capital | 358.7 | 358.7 | 358.7 | -------------------------------------------------------------------------------- | Premium fund | 104.7 | 104.7 | 104.7 | -------------------------------------------------------------------------------- | Treasury shares | -46.5 | -46.5 | -46.5 | -------------------------------------------------------------------------------- | Translation differencies | -126.8 | -130.5 | -138.8 | -------------------------------------------------------------------------------- | Fair value and other reserves | -6.2 | -5.0 | 1.3 | -------------------------------------------------------------------------------- | Retained earnings | 334.6 | 327.5 | 454.5 | -------------------------------------------------------------------------------- | Total equity attributable to equity | 618.5 | 608.9 | 733.9 | | holders of the parent company | | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Minority interest | 19.0 | 18.4 | 17.8 | -------------------------------------------------------------------------------- | Hybrid bond | 75.0 | 75.0 | - | -------------------------------------------------------------------------------- | Total equity | 712.5 | 702.3 | 751.7 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Non-current liabilities | | | | -------------------------------------------------------------------------------- | Interest bearing liabilities | 466.3 | 474.7 | 399.0 | -------------------------------------------------------------------------------- | Deferred tax liabilities | 37.9 | 29.8 | 41.8 | -------------------------------------------------------------------------------- | Employee benefit liabilities | 103.4 | 103.8 | 104.2 | -------------------------------------------------------------------------------- | Provisions | 56.1 | 58.4 | 57.9 | -------------------------------------------------------------------------------- | Other non-current liabilities | 6.5 | 6.5 | 2.3 | -------------------------------------------------------------------------------- | | 670.2 | 673.2 | 605.2 | -------------------------------------------------------------------------------- | Current liabilities | | | | -------------------------------------------------------------------------------- | Interest bearing liabilities | | | | -------------------------------------------------------------------------------- | - Current portion of long term loans | 26.5 | 25.2 | 18.0 | -------------------------------------------------------------------------------- | - Short term loans | 91.9 | 157.3 | 362.8 | -------------------------------------------------------------------------------- | Provisions | 8.3 | 10.1 | 11.6 | -------------------------------------------------------------------------------- | Current tax liabilities | 5.2 | 9.8 | 13.8 | -------------------------------------------------------------------------------- | Trade and other current liabilities | 374.8 | 374.4 | 443.8 | -------------------------------------------------------------------------------- | | 506.7 | 576.8 | 850.0 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Total liabilities | | | | | | 1,176.9 | 1,250.0 | 1,455.2 | -------------------------------------------------------------------------------- | Total equity and liabilities | | | | | | 1,889.4 | 1,952.3 | 2,206.9 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | | Jun 30 | Dec 31 | Jun 30 | -------------------------------------------------------------------------------- | | 2009 | 2008 | 2008 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Net debt | 487.0 | 587.2 | 709.6 | -------------------------------------------------------------------------------- | Net debt to equity (gearing) | 0.68 | 0.84 | 0.94 | -------------------------------------------------------------------------------- Statement of changes in equity Unaudited -------------------------------------------------------------------------------- | | | | | | | | | | | | -------------------------------------------------------------------------------- | | | | Attributable to equity holders | Min | Hybr | To- | | | | | of the parent company | o- | id | tal | | | | | | rit | | | | | | | | y | | | -------------------------------------------------------------------------------- | EUR million | Shar | Sh | Tre | Tra | Fair | Reta | Tota | int | bond | equ | | | e | a | a- | ns- | valu | i- | l | e- | | ity | | | capi | re | sur | lat | e | ned | | res | | | | | - | is | y | ion | and | earn | | t | | | | | tal | su | sha | dif | othe | - | | | | | | | | e | - | f. | r | ings | | | | | | | | pr | res | | rese | | | | | | | | | e- | | | r- | | | | | | | | | mi | | | ves | | | | | | | | | um | | | | | | | | | -------------------------------------------------------------------------------- | | | | | | | | | | | | -------------------------------------------------------------------------------- | Balance at | 358. | 10 | -46 | -12 | 1.4 | 475. | 772. | 20. | - | 793 | | Dec 31, 2007 | 7 | 4. | .5 | 1.1 | | 7 | 9 | 5 | | .4 | | | | 7 | | | | | | | | | -------------------------------------------------------------------------------- | Dividend | | | | | | -42. | -42. | | | -42 | | | | | | | | 2 | 2 | | | .2 | -------------------------------------------------------------------------------- | Share-based | | | | | | 0.4 | 0.4 | | | 0.4 | | payments | | | | | | | | | | | -------------------------------------------------------------------------------- | Total | | | | -17 | -0.1 | 21.4 | 3.6 | 0.9 | | 4.5 | | comprehensiv | | | | .7 | | | | | | | | e income for | | | | | | | | | | | | the year | | | | | | | | | | | -------------------------------------------------------------------------------- | Other | | | | | | -0.8 | -0.8 | -3. | | -4. | | changes | | | | | | | | 6 | | 4 | -------------------------------------------------------------------------------- | Balance at | 358. | 10 | -46 | -13 | 1.3 | 454. | 733. | 17. | - | 751 | | Jun 30, 2008 | 7 | 4. | .5 | 8.8 | | 5 | 9 | 8 | | .7 | | | | 7 | | | | | | | | | -------------------------------------------------------------------------------- | | | | | | | | | | | | -------------------------------------------------------------------------------- | | | | | | | | | | | | -------------------------------------------------------------------------------- | | | | | | | | | | | | -------------------------------------------------------------------------------- | | | | | | | | | | | | -------------------------------------------------------------------------------- | | | | | | | | | | | | -------------------------------------------------------------------------------- | Balance at | 358. | 10 | -46 | -13 | -5.0 | 327. | 608. | 18. | 75.0 | 702 | | Dec 31, 2008 | 7 | 4. | .5 | 0.5 | | 5 | 9 | 4 | | .3 | | | | 7 | | | | | | | | | -------------------------------------------------------------------------------- | Dividend | | | | | | -34. | -34. | | | -34 | | | | | | | | 1 | 1 | | | .1 | -------------------------------------------------------------------------------- | Share-based | | | | | | 1.5 | 1.5 | | | 1.5 | | payments | | | | | | | | | | | -------------------------------------------------------------------------------- | Interest on | | | | | | -4.7 | -4.7 | | | -4. | | Hybrid Bond | | | | | | | | | | 7 | -------------------------------------------------------------------------------- | Total | | | | 3.7 | -1.2 | 45.7 | 48.2 | 1.5 | | 49. | | comprehensiv | | | | | | | | | | 7 | | e income for | | | | | | | | | | | | the year | | | | | | | | | | | -------------------------------------------------------------------------------- | Other | | | | | | -1.3 | -1.3 | -0. | | -2. | | changes | | | | | | | | 9 | | 2 | -------------------------------------------------------------------------------- | Balance at | 358. | 10 | -46 | -12 | -6.2 | 334. | 618. | 19. | 75.0 | 712 | | Jun 30, 2009 | 7 | 4. | .5 | 6.8 | | 6 | 5 | 0 | | .5 | | | | 7 | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Group cash flow statement | | | | | | | (IFRS) | | | | | | -------------------------------------------------------------------------------- | Unaudited | | | | | | -------------------------------------------------------------------------------- | | H1 | H1 | Q2 | Q2 | Q1-Q4 | -------------------------------------------------------------------------------- | EUR million | 2009 | 2008 | 2009 | 2008 | 2008 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Result for the period* | 47.1 | 22.5 | 26.1 | 13.1 | -110.2 | -------------------------------------------------------------------------------- | Adjustments* | 68.1 | 72.4 | 36.3 | 41.5 | 280.0 | -------------------------------------------------------------------------------- | - Depreciation, amortization | 48.9 | 46.2 | 27.2 | 23.1 | 245.9 | | and impairment* | | | | | | -------------------------------------------------------------------------------- | - Gain on equity of | -0.3 | -0.3 | -0.1 | -0.3 | -0.5 | | minorities* | | | | | | -------------------------------------------------------------------------------- | - Gain/loss from disposal of | 0.7 | -0.5 | 1.2 | -0.5 | -4.3 | | assets* | | | | | | -------------------------------------------------------------------------------- | - Financial expense/-income* | 15.5 | 20.0 | 6.6 | 11.4 | 45.7 | -------------------------------------------------------------------------------- | - Income tax expense* | 11.8 | 4.8 | 6.6 | 2.8 | -9.5 | -------------------------------------------------------------------------------- | - Other adjustments, | -8.5 | 2.2 | -5.2 | 5.0 | 2.7 | | operational* | | | | | | -------------------------------------------------------------------------------- | Change in inventory* | 32.3 | -14.7 | 29.7 | 7.3 | 38.2 | -------------------------------------------------------------------------------- | Change in non-interest bearing | 3.1 | -21.5 | -16. | -13.2 | 8.2 | | receivables* | | | 1 | | | -------------------------------------------------------------------------------- | Change in non-interest bearing | -16. | 62.8 | 5.5 | 62.9 | 2.8 | | payables* | 4 | | | | | -------------------------------------------------------------------------------- | Dividends received* | 0.1 | 0.2 | 0.0 | 0.1 | 0.5 | -------------------------------------------------------------------------------- | Interest received* | 1.0 | 0.9 | 0.6 | 0.1 | 1.7 | -------------------------------------------------------------------------------- | Interest paid* | -10. | -20.5 | -1.2 | -10.5 | -43.2 | | | 0 | | | | | -------------------------------------------------------------------------------- | Other financial expense and | -2.6 | 2.7 | -2.4 | 0.7 | -2.1 | | income* | | | | | | -------------------------------------------------------------------------------- | Taxes paid* | -5.6 | -3.0 | -3.5 | -1.5 | -5.0 | -------------------------------------------------------------------------------- | Net cash flows from operating | 117. | 101.8 | 75.0 | 100.5 | 170.9 | | activities | 1 | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Capital expenditure* | -17. | -31.3 | -9.7 | -17.8 | -74.3 | | | 7 | | | | | -------------------------------------------------------------------------------- | Proceeds from selling fixed | 3.0 | 2.0 | 0.0 | 1.8 | 7.1 | | assets* | | | | | | -------------------------------------------------------------------------------- | Divested subsidiaries | 35.3 | - | 35.3 | - | - | -------------------------------------------------------------------------------- | Proceeds from long-term | 0.4 | 1.2 | 0.0 | 0.2 | 3.3 | | deposits | | | | | | -------------------------------------------------------------------------------- | Payment of long-term deposits | -0.7 | -2.2 | -0.3 | -1.8 | -2.5 | -------------------------------------------------------------------------------- | Proceeds from short-term | 2.4 | 5.0 | 0.0 | 0.3 | 33.4 | | deposits | | | | | | -------------------------------------------------------------------------------- | Payment of short-term deposits | -12. | -25.7 | -11. | -22.6 | -31.4 | | | 0 | | 3 | | | -------------------------------------------------------------------------------- | Net cash flows from investing | 10.7 | -51.0 | 14.0 | -39.9 | -64.4 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Proceeds from long-term | 353. | 156.0 | 173. | 27.3 | 489.3 | | borrowings | 5 | | 7 | | | -------------------------------------------------------------------------------- | Repayment of long-term | -365 | -158.0 | -181 | -14.4 | -415.9 | | borrowings | .4 | | .0 | | | -------------------------------------------------------------------------------- | Proceeds from short-term | 123. | | 59.2 | 601.5 | | | borrowings | 5 | 1,450.6 | | | 2,446.3 | -------------------------------------------------------------------------------- | Repayment of short-term | -189 | -1,443.8 | -85. | -630. | -2,620.5 | | borrowings | .7 | | 0 | 0 | | -------------------------------------------------------------------------------- | Dividends paid | -34. | -42.2 | -34. | -42.2 | -42.2 | | | 1 | | 1 | | | -------------------------------------------------------------------------------- | Hybrid bond | - | - | - | - | 75.0 | -------------------------------------------------------------------------------- | Net cash flows from financing | -112 | -37.4 | -67. | -57.8 | -68.0 | | | .2 | | 2 | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Change in liquid assets | 17.0 | 12.0 | 21.5 | 2.3 | 37.0 | -------------------------------------------------------------------------------- | Cash flow based | 15.6 | 13.4 | 21.8 | 2.8 | 38.5 | -------------------------------------------------------------------------------- | Translation difference | 1.4 | -1.4 | -0.3 | -0.5 | -1.5 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Liquid assets period start | 67.8 | 30.8 | 63.3 | 40.5 | 30.8 | -------------------------------------------------------------------------------- | Liquid assets period end | 84.8 | 42.8 | 84.8 | 42.8 | 67.8 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Free cash flow (including | 102. | 72.5 | 65.1 | 84.5 | 103.7 | | figures marked with *) | 4 | | | | | -------------------------------------------------------------------------------- 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 2008. Changes in accounting principles The Group has adopted the following IFRS standards and interpretations considered applicable to Huhtamaki, with effect from January 1, 2009: - IAS 23 Borrowing cost. The amendment requires capitalization of borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset as part of the cost of asset. - IAS 1 Presentation of Financial Statements -amendment. Amended standard has changed the presentation of income statement and statement of changes in shareholders' equity. - IFRIC 13 Customer Loyalty Programmes. The interpretation addresses the accounting by entities that operate customer loyalty programmes with their customers. 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 | 200 | 200 | 2009 | 200 | 200 | 2008 | 2008 | 2008 | | | 9 | 9 | | 8 | 8 | | | | -------------------------------------------------------------------------------- | | | | | | | | | | -------------------------------------------------------------------------------- | Flexibles Global | 118 | 119 | 237.9 | 117 | 123 | 124. | 127. | 494.3 | | | .2 | .7 | | .9 | .9 | 7 | 8 | | -------------------------------------------------------------------------------- | - Intersegment | 0.8 | 0.6 | 1.4 | -0. | 1.4 | 1.7 | 1.0 | 3.3 | | net sales | | | | 8 | | | | | -------------------------------------------------------------------------------- | Films Global | 38. | 40. | 78.3 | 40. | 50. | 51.6 | 50.5 | 193.8 | | | 3 | 0 | | 9 | 8 | | | | -------------------------------------------------------------------------------- | - Intersegment | 0.8 | 1.2 | 2.0 | 1.0 | 1.5 | 1.8 | 2.6 | 6.9 | | net sales | | | | | | | | | -------------------------------------------------------------------------------- | North America | 152 | 128 | 280.2 | 148 | 132 | 137. | 113. | 531.8 | | | .1 | .1 | | .5 | .4 | 6 | 3 | | -------------------------------------------------------------------------------- | - Intersegment | 1.0 | 1.0 | 2.0 | 1.4 | 1.0 | 1.0 | 0.8 | 4.2 | | net sales | | | | | | | | | -------------------------------------------------------------------------------- | Rough Molded Fiber | 51. | 48. | 99.3 | 51. | 53. | 54.1 | 54.7 | 213.4 | | Global | 0 | 3 | | 5 | 1 | | | | -------------------------------------------------------------------------------- | - Intersegment | 0.3 | 0.0 | 0.3 | 0.2 | 0.3 | 0.1 | 0.0 | 0.6 | | net sales | | | | | | | | | -------------------------------------------------------------------------------- | Foodservice | 117 | 97. | 214.9 | 107 | 118 | 124. | 106. | 456.7 | | Europe-Asia-Oceania | .8 | 1 | | .0 | .7 | 6 | 4 | | -------------------------------------------------------------------------------- | - Intersegment | 3.0 | 7.4 | 10.4 | 7.9 | 8.1 | 8.2 | 8.6 | 32.8 | | net sales | | | | | | | | | -------------------------------------------------------------------------------- | Rigid Consumer | 70. | 73. | 143.8 | 83. | 93. | 97.9 | 95.9 | 370.0 | | Goods Plastics | 4 | 4 | | 0 | 2 | | | | -------------------------------------------------------------------------------- | - Intersegment | 5.7 | 4.3 | 10.0 | 3.8 | 4.7 | 6.4 | 4.9 | 19.8 | | net sales | | | | | | | | | -------------------------------------------------------------------------------- | Elimination of | 11. | 14. | 26.1 | 13. | 17. | 19.2 | 17.9 | 67.6 | | intersegment net | 6 | 5 | | 5 | 0 | | | | | sales | | | | | | | | | -------------------------------------------------------------------------------- | Total | 547 | 506 | | 548 | 572 | 590. | 548. | | | | .8 | .6 | | .8 | .1 | 5 | 6 | 2,260.0 | | | | | 1,054. | | | | | | | | | | 4 | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EBIT | | | | | | | | | -------------------------------------------------------------------------------- | | Q2 | Q1 | H1 | Q4 | Q3 | Q2 | Q1 | Q1-Q4 | -------------------------------------------------------------------------------- | EUR million | 200 | 200 | 200 | 2008 | 2008 | 2008 | 2008 | 2008 | | | 9 | 9 | 9 | | | | | | -------------------------------------------------------------------------------- | | | | | | | | | | -------------------------------------------------------------------------------- | Flexibles Global (1 | 4.8 | 8.8 | 13. | -16. | 3.9 | 5.5 | 6.2 | -1.0 | | | | | 6 | 6 | | | | | -------------------------------------------------------------------------------- | Films Global (2 | -3. | 0.5 | -2. | 0.1 | 3.7 | 3.6 | 0.5 | 7.9 | | | 4 | | 9 | | | | | | -------------------------------------------------------------------------------- | North America (3 | 23. | 14. | 38. | 1.2 | 10.5 | 14.4 | 7.3 | 33.4 | | | 6 | 5 | 1 | | | | | | -------------------------------------------------------------------------------- | Rough Molded Fiber | 4.3 | 3.8 | 8.1 | -1.4 | 3.7 | 3.0 | 3.1 | 8.4 | | Global (4 | | | | | | | | | -------------------------------------------------------------------------------- | Foodservice | 6.4 | 2.4 | 8.8 | -15. | 5.9 | 5.3 | 2.4 | -1.6 | | Europe-Asia-Oceania (5 | | | | 2 | | | | | -------------------------------------------------------------------------------- | Rigid Consumer Goods | 6.0 | 5.7 | 11. | -117 | -1.4 | -4.8 | 0.5 | -123. | | Plastics (6 | | | 7 | .7 | | | | 4 | -------------------------------------------------------------------------------- | Other activities | -2. | -0. | -3. | 1.9 | -0.1 | 0.0 | 0.0 | 1.8 | | | 7 | 7 | 4 | | | | | | -------------------------------------------------------------------------------- | Total (7 | 39. | 35. | 74. | -147 | 26.2 | 27.0 | 20.0 | -74.5 | | | 0 | 0 | 0 | .7 | | | | | -------------------------------------------------------------------------------- 1) Q4 2008 includes restructuring charges MEUR 1.7, goodwill impairment charges MEUR 7.4 and tangible asset impairment charges MEUR 8.8. 2) Q2 and H1 2009 includes restructuring charges MEUR 3.8. 3) Q4 2008 includes restructuring charges MEUR 2.0 and tangible asset impairment charges MEUR 3.2. 4) Q4 2008 includes goodwill impairment charges MEUR 3.7. 5) Q4 2008 includes restructuring charges MEUR 3.3, goodwill impairment charges MEUR 7.1 and tangible asset impairment charges MEUR 4.1. 6) Q4 2008 includes restructuring charges MEUR 2.3, goodwill impairment charges MEUR 54.1 and tangible asset impairment charges MEUR 60.9, Q3 2008 includes restructuring charges MEUR 0.1, Q2 2008 includes restructuring charges MEUR 6.8. 7) Q2 and H1 2009 includes restructuring charges MEUR 3.8. Q4 2008 includes restructuring charges MEUR 9.3, goodwill impairment charges MEUR 72.3 and tangible asset impairment charges MEUR 77.0, Q3 2008includes restructuring charges MEUR 0.1, Q2 2008 includes restructuring charges MEUR 6.8, total amount MEUR 165.5. -------------------------------------------------------------------------------- | EBITDA | | | | | | | | | -------------------------------------------------------------------------------- | | Q2 | Q1 | H1 | Q4 | Q3 | Q2 | Q1 | Q1-Q4 | -------------------------------------------------------------------------------- | EUR million | 200 | 200 | 200 | 2008 | 2008 | 2008 | 2008 | 2008 | | | 9 | 9 | 9 | | | | | | -------------------------------------------------------------------------------- | | | | | | | | | | -------------------------------------------------------------------------------- | Flexibles Global | 9.3 | 13. | 22. | -11.4 | 9.0 | 10.0 | 10.7 | 18.3 | | | | 3 | 6 | | | | | | -------------------------------------------------------------------------------- | Films Global | -2. | 2.1 | 0.1 | 1.2 | 5.4 | 5.2 | 1.9 | 13.7 | | | 0 | | | | | | | | -------------------------------------------------------------------------------- | North America | 29. | 19. | 49. | 6.4 | 14.8 | 18.7 | 11.6 | 51.5 | | | 4 | 8 | 2 | | | | | | -------------------------------------------------------------------------------- | Rough Molded Fiber | 7.0 | 6.5 | 13. | 1.3 | 6.5 | 5.9 | 6.1 | 19.8 | | Global | | | 5 | | | | | | -------------------------------------------------------------------------------- | Foodservice | 11. | 7.2 | 18. | -9.7 | 13.5 | 10.5 | 7.6 | 21.9 | | Europe-Asia-Oceania | 0 | | 2 | | | | | | -------------------------------------------------------------------------------- | Rigid Consumer Goods | 8.5 | 8.1 | 16. | -113. | 3.0 | -0.4 | 5.0 | -106. | | Plastics | | | 6 | 8 | | | | 2 | -------------------------------------------------------------------------------- | Other activities | -2. | -0. | -3. | 2.5 | 0.2 | 0.2 | 0.2 | 3.1 | | | 5 | 5 | 0 | | | | | | -------------------------------------------------------------------------------- | Total | 60. | 56. | 117 | -123. | 52.4 | 50.1 | 43.1 | 22.1 | | | 7 | 5 | .2 | 5 | | | | | -------------------------------------------------------------------------------- Depreciation and amortization -------------------------------------------------------------------------------- | | Q2 | Q1 | H1 | Q4 | Q3 | Q2 | Q1 | Q1-Q4 | -------------------------------------------------------------------------------- | EUR million | 200 | 200 | 200 | 2008 | 2008 | 2008 | 2008 | 2008 | | | 9 | 9 | 9 | | | | | | -------------------------------------------------------------------------------- | | | | | | | | | | -------------------------------------------------------------------------------- | Flexibles Global | 4.5 | 4.5 | 9.0 | 5.2 | 5.1 | 4.5 | 4.5 | 19.3 | -------------------------------------------------------------------------------- | Films Global | 1.4 | 1.6 | 3.0 | 1.1 | 1.7 | 1.6 | 1.4 | 5.8 | -------------------------------------------------------------------------------- | North America | 5.8 | 5.3 | 11. | 5.2 | 4.3 | 4.3 | 4.3 | 18.1 | | | | | 1 | | | | | | -------------------------------------------------------------------------------- | Rough Molded Fiber | 2.7 | 2.7 | 5.4 | 2.7 | 2.8 | 2.9 | 3.0 | 11.4 | | Global | | | | | | | | | -------------------------------------------------------------------------------- | Foodservice | 4.6 | 4.8 | 9.4 | 5.5 | 7.6 | 5.2 | 5.2 | 23.5 | | Europe-Asia-Oceania | | | | | | | | | -------------------------------------------------------------------------------- | Rigid Consumer Goods | 2.5 | 2.4 | 4.9 | 3.9 | 4.4 | 4.4 | 4.5 | 17.2 | | Plastics | | | | | | | | | -------------------------------------------------------------------------------- | Other activities | 0.2 | 0.2 | 0.4 | 0.6 | 0.3 | 0.2 | 0.2 | 1.3 | -------------------------------------------------------------------------------- | Total | 21. | 21. | 43. | 24.2 | 26.2 | 23.1 | 23.1 | 96.6 | | | 7 | 5 | 2 | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net assets allocated to the | | | | | | | | segments (8 | | | | | | | -------------------------------------------------------------------------------- | | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | -------------------------------------------------------------------------------- | EUR million | 2009 | 2009 | 2008 | 2008 | 2008 | 2008 | -------------------------------------------------------------------------------- | | | | | | | | -------------------------------------------------------------------------------- | Flexibles Global | 325. | 342.2 | 359.7 | 389.2 | 373.1 | 381.4 | | | 8 | | | | | | -------------------------------------------------------------------------------- | Films Global | 125. | 135.8 | 133.1 | 146.2 | 140.8 | 145.3 | | | 2 | | | | | | -------------------------------------------------------------------------------- | North America | 370. | 393.9 | 379.2 | 390.2 | 358.9 | 370.0 | | | 8 | | | | | | -------------------------------------------------------------------------------- | Rough Molded Fiber Global | 169. | 170.4 | 164.1 | 177.6 | 180.2 | 182.6 | | | 9 | | | | | | -------------------------------------------------------------------------------- | Foodservice | 246. | 241.7 | 244.2 | 284.0 | 286.0 | 293.6 | | Europe-Asia-Oceania | 6 | | | | | | -------------------------------------------------------------------------------- | Rigid Consumer Goods Plastics | 103. | 137.3 | 129.7 | 262.0 | 267.7 | 276.3 | | | 8 | | | | | | -------------------------------------------------------------------------------- 8) Net assets include the following balance sheet items: 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 | 200 | 200 | 200 | 2008 | 2008 | 2008 | 2008 | 2008 | | | 9 | 9 | 9 | | | | | | -------------------------------------------------------------------------------- | | | | | | | | | | -------------------------------------------------------------------------------- | Flexibles Global | 3.2 | 2.1 | 5.3 | 4.9 | 3.0 | 8.6 | 4.7 | 21.2 | -------------------------------------------------------------------------------- | Films Global | 0.3 | 0.2 | 0.5 | 0.5 | 0.8 | 1.0 | 2.1 | 4.4 | -------------------------------------------------------------------------------- | North America | 2.8 | 1.0 | 3.8 | 5.9 | 4.0 | 2.6 | 1.3 | 13.8 | -------------------------------------------------------------------------------- | Rough Molded Fiber | 0.8 | 1.6 | 2.4 | 4.8 | 3.1 | 1.0 | 0.8 | 9.7 | | Global | | | | | | | | | -------------------------------------------------------------------------------- | Foodservice | 1.4 | 2.3 | 3.7 | 6.3 | 4.2 | 3.2 | 3.2 | 16.9 | | Europe-Asia-Oceania | | | | | | | | | -------------------------------------------------------------------------------- | Rigid Consumer Goods | 1.0 | 0.8 | 1.8 | 4.1 | 1.3 | 1.4 | 0.7 | 7.5 | | Plastics | | | | | | | | | -------------------------------------------------------------------------------- | Other activities | 0.2 | 0.0 | 0.2 | 0.1 | 0.0 | 0.0 | 0.7 | 0.8 | -------------------------------------------------------------------------------- | Total | 9.7 | 8.0 | 17. | 26.6 | 16.4 | 17.8 | 13.5 | 74.3 | | | | | 7 | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | RONA, % (12m roll.) | | | | | | | -------------------------------------------------------------------------------- | | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | -------------------------------------------------------------------------------- | | 2009 | 2009 | 2008 | 2008 | 2008 | 2008 | -------------------------------------------------------------------------------- | | | | | | | | -------------------------------------------------------------------------------- | Flexibles Global | 0.3% | 0.4% | -0.3% | 3.7% | 4.7% | 5.5% | -------------------------------------------------------------------------------- | Films Global | 0.7% | 5.7% | 5.6% | 5.9% | 6.6% | 6.8% | -------------------------------------------------------------------------------- | North America | 13.0% | 10.7% | 8.9% | 7.8% | 8.0% | 8.7% | -------------------------------------------------------------------------------- | Rough Molded Fiber | 6.1% | 5.3% | 4.8% | 7.6% | 7.6% | 8.1% | | Global | | | | | | | -------------------------------------------------------------------------------- | Foodservice | -0.2% | -0.6% | -0.6% | 1.0% | 0.3% | 0.3% | | Europe-Asia-Oceania | | | | | | | -------------------------------------------------------------------------------- | Rigid Consumer Goods | -67.9 | -59.3 | -52.8% | -27.2% | -24.2% | -21.1% | | Plastics | % | % | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating Cash Flow | | | | | | | | | -------------------------------------------------------------------------------- | | Q2 | Q1 | H1 | Q4 | Q3 | Q2 | Q1 | Q1-Q4 | -------------------------------------------------------------------------------- | EUR million | 200 | 200 | 200 | 2008 | 2008 | 2008 | 2008 | 2008 | | | 9 | 9 | 9 | | | | | | -------------------------------------------------------------------------------- | | | | | | | | | | -------------------------------------------------------------------------------- | Flexibles Global | 23. | 20. | 43. | 12.7 | -3.2 | 6.7 | 4.6 | 20.8 | | | 4 | 0 | 4 | | | | | | -------------------------------------------------------------------------------- | Films Global | 8.2 | 1.9 | 10. | 13.9 | 0.5 | 7.7 | 2.5 | 24.6 | | | | | 1 | | | | | | -------------------------------------------------------------------------------- | North America | 22. | 14. | 37. | 16.5 | 6.7 | 23.1 | -3.9 | 42.4 | | | 9 | 5 | 4 | | | | | | -------------------------------------------------------------------------------- | Rough Molded Fiber | 8.6 | -0. | 8.0 | 3.6 | 3.9 | 8.7 | 1.2 | 17.4 | | Global | | 6 | | | | | | | -------------------------------------------------------------------------------- | Foodservice | 7.1 | -2. | 5.0 | 3.6 | 7.6 | 14.5 | 1.3 | 27.0 | | Europe-Asia-Oceania | | 1 | | | | | | | -------------------------------------------------------------------------------- | Rigid Consumer Goods | 11. | 0.7 | 11. | 11.6 | -1.2 | 19.9 | 5.5 | 35.8 | | Plastics | 1 | | 8 | | | | | | -------------------------------------------------------------------------------- As net sales and EBIT of reportable segments form Groups' total net sales and EBIT, reconciliations to corresponding amounts are not presented. -------------------------------------------------------------------------------- | Other information | | | | -------------------------------------------------------------------------------- | | H1 | H1 | Q1-Q4 | -------------------------------------------------------------------------------- | EUR million | 2009 | 2008 | 2008 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Equity per share (EUR) | 6.91 | 7.31 | 6.81 | -------------------------------------------------------------------------------- | ROE, % (12m roll.) | -11.7 | -5.3 | -14.8 | -------------------------------------------------------------------------------- | ROI, % (12m roll.) | -3.2 | 0.2 | -4.8 | -------------------------------------------------------------------------------- | Personnel | | | | | | 13,712 | 15,373 | 14,644 | -------------------------------------------------------------------------------- | Result before taxes (12m roll.) | -88.2 | -40.1 | -119.7 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Depreciation | 40.3 | 42.5 | 89.2 | -------------------------------------------------------------------------------- | Amortization of other intangible | 2.9 | 3.7 | 7.4 | | assets | | | | -------------------------------------------------------------------------------- Share capital and shareholders At the end of June 2009, the Company's registered share capital was EUR 358,657,670.00 (unchanged) corresponding to a total number of outstanding shares of 105,487,550 (unchanged) including 5,061,089 (unchanged) Company's own shares. The Company's own shares had the total accountable par value of EUR 17,207,702.60, representing 4.8% of the total number of shares and voting rights. The amount of outstanding shares net of Company's own shares was 100,426,461 (unchanged). There were 22,058 (22,120) registered shareholders at the end of the reporting period. Foreign ownership including nominee registered shares accounted for 26.4% (22.8%). 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 2009, the Company's market capitalization was EUR 775.3 million (EUR 573.9 million) and EUR 738.1 million (EUR 546.3 million) excluding Company's own shares. With a closing price of EUR 7.35 (EUR 5.44) the share price increased by 67% (-33%) from the beginning of the year, while the OMX Helsinki Cap PI Index increased by 9% (-20%) and the OMX Helsinki Materials PI Index decreased by 7% (-24%). During the reporting period the volume weighted average price for the Company's share was EUR 6.12 (EUR 6.97). The highest price paid was EUR 8.19 on May 7, 2009 and the lowest price paid was EUR 4.46 on January 2, 2009. During the reporting period the cumulative value of the Company's share turnover was EUR 244.3 million (EUR 397.3 million). The trading volume of 39.9 million (57.0 million) shares equaled an average daily turnover of EUR 2.0 million (EUR 3.2 million) or, correspondingly 327,004 (455,689) shares. In total, turnover of the Company's 2003 A, B and C as well as 2006 A option rights was EUR 218,077 corresponding to a trading volume of 383,637. -------------------------------------------------------------------------------- | Contingent liabilities | | | | -------------------------------------------------------------------------------- | | Jun 30 | Dec 31 | Jun 30 | -------------------------------------------------------------------------------- | | 2009 | 2008 | 2008 | -------------------------------------------------------------------------------- | EUR million | | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Mortgages | 14.5 | 14.5 | 14.6 | -------------------------------------------------------------------------------- | Guarantee obligations | 3.2 | 2.9 | 1.9 | -------------------------------------------------------------------------------- | Lease payments | 49.1 | 49.8 | 59.7 | -------------------------------------------------------------------------------- | Capital expenditure commitments | 24.4 | 7.3 | 30.7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Nominal values of derivative instruments | | | -------------------------------------------------------------------------------- | | Jun 30 | Dec 31 | Jun 30 | -------------------------------------------------------------------------------- | | 2009 | 2008 | 2008 | -------------------------------------------------------------------------------- | EUR million | | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Currency forwards, transaction risk hedges | 33 | 49 | 51 | -------------------------------------------------------------------------------- | Currency forwards, translation risk hedges | 24 | 34 | 47 | -------------------------------------------------------------------------------- | Currency swaps, financing hedges | 104 | 105 | 137 | -------------------------------------------------------------------------------- | Currency options | 1 | - | - | -------------------------------------------------------------------------------- | Interest rate swaps | 174 | 160 | 158 | -------------------------------------------------------------------------------- | Interest rate options | 8 | 7 | 10 | -------------------------------------------------------------------------------- | Electricity forwards | - | 6 | - | -------------------------------------------------------------------------------- The following EUR rates have been applied to GBP, INR, AUD and USD -------------------------------------------------------------------------------- | | | H1/09 | H1/08 | -------------------------------------------------------------------------------- | Income statement, average: | GBP 1 = | 1.118 | 1.290 | -------------------------------------------------------------------------------- | | INR 1 = | 0.015 | 0.016 | -------------------------------------------------------------------------------- | | AUD 1 = | 0.532 | 0.604 | -------------------------------------------------------------------------------- | | USD 1 = | 0.751 | 0.653 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | Q2/09 | Q2/08 | -------------------------------------------------------------------------------- | Balance sheet, month end: | GBP 1 = | 1.174 | 1.262 | -------------------------------------------------------------------------------- | | INR 1 = | 0.015 | 0.015 | -------------------------------------------------------------------------------- | | AUD 1 = | 0.576 | 0.611 | -------------------------------------------------------------------------------- | | USD 1 = | 0.708 | 0.634 | -------------------------------------------------------------------------------- Definitions for key indicators EPS from the result for the period = Result for the period - minority interest / Average number of shares outstanding EPS from the result for the period (diluted) = Diluted result for the period - minority 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 - minority interest - hybrid bond interest / Average number of shares outstanding EPS attributable to equity holders of the parent company (diluted) = Diluted result for the period - minority interest - hybrid bond interest / Average fully diluted number of shares outstanding Net debt to equity (gearing) = Interest bearing net debt / Equity + minority interest + hybrid bond (average) 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 = Equity / Issue-adjusted number of shares at period end Return on equity (ROE) = 100 x (Result for the period ) (12 m roll.) / Equity + minority interest + hybrid bond (average) Return on investment (ROI) = 100 x (Result before taxes + interest expenses + net other financial expenses) (12 m roll.) / Balance sheet total - Interest-free liabilities (average)
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