2015-10-29 08:30:00 CET
2015-10-29 08:30:04 CET
REGLERAD INFORMATION
Honkarakenne Oyj - Interim report (Q1 and Q3)
HONKARAKENNE OYJ’S INTERIM REPORT, 1 JANUARY – 30 SEPTEMBER 2015
HONKARAKENNE OYJ INTERIM REPORT 29 October 2015 at 09:30 a.m.
HONKARAKENNE OYJ'S INTERIM REPORT, 1 JANUARY - 30 SEPTEMBER 2015
SUMMARY
Third-quarter net sales decreased by 14% year-on-year. The operating result
weakened compared with the previous year, amounting to MEUR 0.6. Net sales in
January-September were down 14% on the previous year but the operating result
improved by MEUR 0.9.
Net sales in Russia and Finland declined. In the case of Russia, net sales will
be mainly generated in the fourth quarter. Net sales in Global Markets saw a
year-on-year increase thanks to the improvement in project sales.
July - September 2015
-- Honkarakenne Group's net sales for the third quarter amounted to MEUR 11.6
(MEUR 13.5). Net sales fell by 14 % on the previous year.
-- Operating result was MEUR 0.0 (MEUR 0.6).
-- Operating profit excluding non-recurring items was MEUR 0.1 (MEUR 0.6).
-- Result before taxes was MEUR 0.0 (MEUR 0.5).
-- Earnings per share amounted to EUR 0.01 (EUR 0.07).
January - September 2015
-- Honkarakenne Group's net sales January-September amounted to MEUR 29.2
(MEUR 34.0). Net sales fell by 14 % on the previous year.
-- Operating result was MEUR -1.0 (MEUR -1.9).
-- Operating profit excluding non-recurring items was MEUR -0.4 (MEUR -1.9).
-- Result before taxes was MEUR -1.4 (MEUR -2.1).
-- Earnings per share amounted to EUR -0.21 (EUR -0.36).
Honkarakenne revises its outlook for net sales: net sales will decline in 2015
from the previous year. Honkarakenne's previous view was that net sales may
decline in 2015 from the previous year. With regard to earnings, Honkarakenne
reiterates its previous view that the result before non-recurring items and
taxes is estimated to improve due to the development programme initiated by the
Group.
At the end of September, the Group's order book stood at MEUR 16.3. On the
corresponding period of the previous year it amounted to MEUR 15.9. The order
book refers to orders whose delivery date falls within the next 24 months. Some
orders may include terms and conditions relating to financing or building
permits.
KEY INDICATORS 7-9/ 7-9/ 1-9/ 1-9/ 1-12/
2015 2014 2015 2014 2014
Net sales, MEUR 11.6 13.5 29.2 34.0 45.5
Operating profit/loss, MEUR 0.0 0.6 -1.0 -1.9 -2.2
Operating profit excluding non-recurring 0.1 0.6 -0.4 -1.9 -2.0
items, MEUR
Profit/loss before taxes, MEUR 0.0 0.5 -1.4 -2.1 -2.5
Average number of personnel 140 153 142 164 161
Personnel in person-years, average 131 151 117 156 146
Earnings/share, basic (EPS), EUR 0.01 0.07 -0.21 -0.36 -0.40
Earnings/share, diluted (EPS), EUR 0.01 0.07 -0.21 -0.36 -0.40
Equity ratio, % 34 35 37
Return on equity, % -12 -17 -20
Shareholders' equity/share, EUR 1.62 1.86 1.80
Gearing, % 89 86 92
Marko Saarelainen, President and CEO of Honkarakenne Oyj, in connection with
the interim report:
”Net sales saw a year-on-year decline in both Finland and Russia. In the case
of Russia, net sales in 2015 will be mainly generated in the fourth quarter.
Net sales in Global Markets developed well, largely thanks to a major project
sale in Kenya.
In Finland, we have engaged in long-term development of our detached house
products. We continued these efforts in 2015 at the Vantaa Housing Fair, where
we unveiled the Savukvartsi house. It is the flagship model in our Savukvartsi
collection, which is especially designed for compact urban living on small
plots. Towards the end of the fair, we also launched our new modular Pala
collection. Our detached house sales have seen substantial growth, but have not
as yet offset the decline in holiday home sales.
The market remained challenging in Russia & CIS, and third-quarter net sales
were weaker than in the previous year. However, the Russian order book is
currently larger than it was a year earlier. In that respect, the situation in
Russia has returned to normal.
The trend in net sales in Global Markets was satisfactory. The major reason
behind this was a project sale to Kenya, whose deliveries will still continue
during the fourth quarter.”
NET SALES
The Group's third-quarter net sales in 2015 decreased by 14 per cent to MEUR
11.6 (MEUR 13.5).
Geographical distribution of net sales:
TRENDS IN SALES
Distribution of 1-9 1-9
net sales, % /2015 /2014
Finland & Baltics 46 % 46 %
Russia & CIS 24 % 37 %
Global Markets 30 % 17 %
Total 100 % 100 %
Net sales, MEUR 7-9 7-9 change % 1-9 1-9 change %
/2015 /2014 /2015 /2014
Finland & Baltics 5.3 6.2 -15 % 13.4 17.3 -24 %
Russia & CIS 2.6 4.9 -46 % 7.0 10.1 -31 %
Global Markets 3.7 2.3 59 % 8.8 6.7 32 %
Total 11.6 13.5 -14 % 29.2 34.0 -14 %
Finland & Baltics includes the following countries: Finland, Estonia, Latvia
and Lithuania. It includes also process waste sales for recycling.
Russia & CIS includes the following countries: Russia, Azerbaijan, Kazakhstan,
Ukraine and other CIS countries.
Global Markets includes other countries than above-mentioned.
At the end of September, the Group's order book stood at MEUR 16.3. On the
corresponding period of the previous year it amounted to MEUR 15.9.
TRENDS IN PROFIT AND PROFITABILITY
The operating result for the January-September period was MEUR -1.0 (MEUR -1.9)
and the result before taxes was MEUR -1.4 (MEUR -2.1).
The operating result was impacted by tighter cost competition in all markets.
FINANCING AND INVESTMENTS
The financial position of the Group remained satisfactory during the report
period. The equity ratio stood at 34 % (35 %) and net financial liabilities at
MEUR 7.1 (MEUR 7.9). MEUR 1.7 (MEUR 2.4) of the financial liabilities carries a
30 % equity ratio covenant term. Group liquid assets totalled MEUR 1.1 (MEUR
1.3). The Group also has a MEUR 7.8 (MEUR 8.0) bank overdraft facility, MEUR
3.0 of which had been drawn on at the end of the report period (MEUR 4.2).
Gearing stood at 89 % (86 %).
The Group's capital expenditure on fixed assets totalled MEUR 0.0 (MEUR 1.0).
MARKET TRENDS
The RTS expect that the construction of 6,400 detached homes will be begun this
year in Finland. According to a report commissioned by RTS Oy, the Finnish log
house production is expected to decline by 5 % compared to the previous year.
PRODUCTS AND MARKETING
In Finland & Baltics, the main focus in the third quarter was on developing
sales of detached houses. At the Vantaa Housing Fair, Honkarakenne launched the
Savukvartsi collection, which is especially designed for small urban plots. In
addition, towards the end of the fair, Honkarakenne unveiled the new modular
Pala collection, whose modifiability facilitates clients' house design.
Detached house sales promotion efforts are bearing fruit, with sales seeing
substantial growth in 2015.
In Russia & CIS, the market situation remained challenging and third-quarter
net sales fell short of the previous year. That said, in spite of the
challenging situation, the Russian order book was at a better level at the end
of the third quarter than a year earlier. In that respect, the situation has
returned to normal.
In Global Markets, the main focus was on a project delivery to Kenya. Sales
development measures in China continued.
RESEARCH AND DEVELOPMENT
In the January-September period, the Group's R&D expenditure totalled MEUR 0.3
(MEUR 0.4), representing 0.9 % of net sales (1.1 %). The Group did not
capitalise any development expenditure during the report period.
STAFF
The Group had an average of 140 (153) employees during the third quarter,
representing a year-on-year decrease of 13.
On the basis of the negotiations under the act on co-operation within
undertakings that were concluded in December 2014, the company is authorised to
temporarily lay off clerical and managerial employees for a maximum of 90 days
until the end of December 2015.
As a result of negotiations under the act on co-operation within undertakings
carried out during the third quarter of 2015, the company is authorised to
temporarily lay off workers for 90 days until the end of May 2016.
CHANGE IN MANAGEMENT
Honkarakenne streamlined its management during the third quarter. President and
CEO Marko Saarelainen took greater responsibility for customer work and is in
charge for all sales areas.
Mika Koivisto, former Vice President of Business Area Finland and Peter
Morinov, former Vice President of Business Area Russia and CIS, moved to Sales
Manager positions inside the company but did not continue as members of the
company's management team. Pekka Elo, former Vice President of Business Area
Global Markets, did not continue working with the company.
President and CEO Mikko Kilpeläinen was relieved of his duties at the end of
March. The company's CFO Mikko Jaskari was the acting President and CEO. Marko
Saarelainen was appointed as Honkarakenne's President and CEO at the end of the
second quarter. Marko Saarelainen has served as the managing director of
Honka's subsidiary Honka Japan for almost 20 years.
LONG-TERM INCENTIVE PLAN
In the second quarter of 2013, the Board of Directors decided on a long-term
share-based incentive plan for members of the Executive Group. The performance
period of the new plan began on 1 January 2013 and will end on 31 December
2016. The potential reward for the performance period is based on the
cumulative earnings per share (EPS) for 2013 - 2016 and on the average return
on capital employed (ROCE) for 2013 - 2016. Any rewards for the performance
period 2013 - 2016 will be paid partly as B shares and partly in cash in 2017.
The rewards to be paid on the basis of the performance period will correspond
to a total maximum of about 340,000 B shares, including the amount to be paid
in cash.
During the first three quarters of the year the amount of allocated shares
decreased by 11,796 (+3,361) shares. These allocated shares are recognized as
follows: -29 (6) thousand euros employee benefit expenses, 2 (0) thousand euros
in taxes and in deferred tax assets and -19 (5) thousand euros directly in
retained earnings.
HONKARAKENNE OYJ'S 2015 ANNUAL GENERAL MEETING, BOARD OF DIRECTORS, AND AUDITORS
The Annual General Meeting of Honkarakenne Oyj was held at the company's
headquarters in Tuusula on 17 April 2015. The AGM approved the parent company's
and the consolidated Financial Statements, and discharged the members of the
Board of Directors and the CEO from liability for 2014. The AGM decided not to
pay a dividend for the 2014 financial year.
Hannu Krook, Anita Saarelainen, Mauri Saarelainen and Arto Tiitinen were
re-elected to the company's Board of Directors. Kati Rauhaniemi and Jukka
Saarelainen were elected as new members. At the Board's constituent meeting,
Arto Tiitinen was elected Chairman of the Board and Mauri Saarelainen was
elected as Deputy Chairman. At the same meeting, the Board decided to establish
a Remuneration and Nomination Committee. The following directors were elected
as members of the committee: Arto Tiitinen (as Chairman of the Committee),
Anita Saarelainen and Mauri Saarelainen.
PricewaterhouseCoopers Oy, member of the Finnish Institute of Authorised Public
Accountants, was re-appointed as auditor of the company, with Maria Grönroos,
APA, as chief auditor.
OWN SHARES AND AUTHORISATIONS OF THE BOARD OF DIRECTORS
Honkarakenne has not acquired its own shares during the report period. At the
end of the report period, the Group held 364,385 of its Honkarakenne B shares
with a total purchase price of EUR 1,381,750.23. These shares represent 6.99 %
of the company's all shares and 3.34 % of all votes. The purchase cost has been
deducted from shareholders' equity in the consolidated financial statements.
On 17 April 2015, the AGM decided that the Board of Directors will be
authorised to acquire a maximum of 400,000 of the company's own B shares with
assets included in the company's unrestricted equity. In addition, the AGM
authorised the Board to decide on a rights issue or bonus issue and on granting
special rights to shares referred to in Section 1 of Chapter 10 of the Limited
Liability Companies Act in one or more instalments. By virtue of the
authorisation, the Board may issue a maximum total of 1,500,000 new shares
and/or relinquish old B shares held by the company, including those shares that
can be issued by virtue of special rights. Both authorisations will remain in
force until the next Annual General Meeting, however expiring at the latest on
June 30, 2016.
CORPORATE GOVERNANCE
Honkarakenne Oyj follows the Limited Liability Companies Act and the Finnish
Corporate Governance Code, 1 October 2010, for listed companies issued by the
Finnish Securities Market Association. The company's website, www.honka.com,
provides more information on the corporate governance systems.
FORTHCOMING RISKS AND UNCERTAINTIES
Russia is one of Honkarakenne's major business territories. The Ukrainian
crisis, the trend in the price of oil and strong exchange rate fluctuations
currently cause instability in the Russian market. This might have major
impacts on Honkarakenne's operations.
It is currently more difficult to acquire funding from the financial markets.
Some of the company's loans carry a 30% equity ratio covenant term.
The assessment of amounts in the balance sheet is based on current assessment
by the management. If these assessments are changed, this may result in changes
to the Group's result.
REPORTING
This report contains statements that relate to the future, and these statements
are based on hypotheses that the company's management hold currently as well as
on the decisions and plans that are currently in place. Although the management
believes that the hypotheses relating to the future are well-founded, there is
no guarantee that the said hypotheses will prove to be correct.
This interim report has been drafted in accordance with IAS 34. The principles
adhered to in preparing the annual financial statements also apply to this
interim report. The interim report should be read together with the annual
financial statements for 2014. The new revised standards or interpretations
effective as of 1 January 2015 have no bearing on the figures presented for the
report period. The figures have not been examined by the auditor.
THE OUTLOOK FOR 2015
Honkarakenne revises its outlook for net sales: net sales will decline in 2015
from the previous year. Honkarakenne's previous view was that net sales may
decline in 2015 from the previous year. With regard to earnings, Honkarakenne
reiterates its previous view that the result before non-recurring items and
taxes is estimated to improve due to the development programme initiated by the
Group.
HONKARAKENNE OYJ
Board of Directors
Further information:
Marko Saarelainen, President and CEO, tel. +358 40 542 0254,
marko.saarelainen@honka.com or
Mikko Jaskari, CFO tel. +358 400 535 337, mikko.jaskari@honka.com
This and previous releases are available for viewing on the company's website
at www.honka.com.
DISTRIBUTION
NASDAQ OMX Helsinki
Key media
Financial Supervisory Authority
www.honka.com
CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
unaudited 7-9 7-9 1-9 1-9 1-12
/2015 /2014 /2015 /2014 /2014
MEUR
Net sales 11.6 13.5 29.2 34.0 45.5
Other operating income 0.0 0.2 0.2 0.5 0.5
Change in inventories -1.4 0.3 -0.7 -0.3 -2.1
Materials and services -6.7 -9.2 -18.4 -23.1 -29.2
Employee benefit expenses -1.8 -2.0 -5.8 -6.3 -8.3
Depreciations and amortisation -0.5 -0.6 -1.5 -1.6 -2.2
Other operating expenses -1.3 -1.5 -3.8 -5.0 -6.4
Operating profit/loss 0.0 0.6 -1.0 -1.9 -2.2
Financial income 0.0 0.0 0.2 0.0 0.1
Financial expenses 0.0 -0.1 -0.6 -0.3 -0.5
Profit/loss before taxes 0.0 0.5 -1.4 -2.1 -2.5
Taxes 0.0 -0.2 0.4 0.4 0.6
Profit/loss for the period 0.0 0.3 -1.0 -1.7 -1.9
Other comprehensive income
Translation differences 0.0 0.0 0.1 0.1 -0.0
Total comprehensive 0.1 0.3 -0.9 -1.7 -2.0
income for the period
Result for the period attributable to
Equity holders of the parent 0.0 0.3 -1.0 -1.7 -1.9
Non-controlling interest -0.0 -0.0 0.0 -0.0 -0.0
0.0 0.3 -1.0 -1.7 -1.9
Comprehensive income attributable to
Equity holders of the parent 0.1 0.3 -0.9 -1.7 -2.0
Non-controlling interest -0.0 -0.0 0.0 -0.0 -0.0
0.1 0.3 -0.9 -1.7 -2.0
Calculated from the result for the period
attributable to equity holders of parent
Earnings/share (EPS), EUR
Basic 0.01 0.07 -0.21 -0.36 -0.40
Diluted 0.01 0.07 -0.21 -0.36 -0.40
Honkarakenne Oyj has two series of shares: A shares and B shares, which have
different right to dividend. Profit distribution of 0.20 EUR per share will be
paid first for B shares, then 0.20 EUR per share for A shares, followed by
equal distribution of remaining profit distribution between all shares.
CONSOLIDATED BALANCE SHEET 30.9.2015 30.9.2014 31.12.2014
Unaudited
MEUR
Assets
Non-current assets
Property, plant and equipment 13.0 15.1 14.5
Goodwill 0.1 0.1 0.1
Other intangible assets 0.3 0.4 0.3
Investments in associated companies 0.2 0.3 0.3
Receivables 0.2 0.3 0.2
Deferred tax assets 2.6 1.9 2.1
16.3 18.1 17.5
Current assets
Inventories 4.3 6.8 4.9
Trade and other receivables 5.6 4.0 4.5
Current tax assets 0.2 0.2 0.0
Cash and bank receivables 1.1 1.3 1.0
11.2 12.3 10.4
Total assets 27.5 30.4 27.9
Shareholders' equity and liabilities 30.9.2015 30.9.2014 31.12.2014
Equity attributable to equity holders
of the parent company
Share capital 9.9 9.9 9.9
Share premium account 0.5 0.5 0.5
Fund for invested unrestricted equity 6.5 6.5 6.5
Own shares -1.4 -1.4 -1.4
Translation differences -0.1 -0.1 -0.2
Retained earnings -7.7 -6.4 -6.6
7.8 9.0 8.7
Non-controlling interests 0.2 0.2 0.2
Total equity 8.0 9.2 8.9
Non-current liabilities
Provisions 0.3 0.5 0.3
Financial liabilities 6.2 7.4 7.4
6.5 8.0 7.7
Current liabilities
Trade and other payables 10.3 11.0 8.8
Current tax liabilities 0.3 0.2 0.0
Provisions 0.4 0.2 0.6
Current financial liabilities 2.0 1.8 1.8
13.0 13.2 11.3
Total liabilities 19.4 21.2 19.0
Total equity and liabilities 27.5 30.4 27.9
STATEMENT OF CHANGES IN EQUITY
abridged
Unaudited
EUR thousand Equity attributable to equity holders
of the parent
a) b) c) d) e) f) Total g) Total
equity
Total equity 9898 520 6444 -197 -1382 -4710 10573 211 10784
1.1.2014
Profit/loss for the -1734 -1734 -6 -1740
period
Translation 72 72 72
difference
Directed share 90 90 90
issue
Management 5 5 5
incentive plan
Total equity 9898 520 6534 -126 -1382 -6438 9006 205 9211
30.9.2014
EUR thousand Equity attributable to equity holders
of the parent
a) b) c) d) e) f) Total g) Total
equity
Total equity 9898 520 6534 -215 -1382 -6638 8716 204 8920
1.1.2015
Profit/loss for the -1000 -1000 0 -1000
period
Translation 139 139 139
difference
Management -19 -19 -19
incentive plan
Total equity 9898 520 6534 -77 -1382 -7657 7836 205 8041
30.9.2015
a) Share capital
b) Share premium account
c) Fund for invested unrestricted equity
d) Translation difference
e) Own shares
f) Retained earnings
g) Non-controlling interests
CONSOLIDATED STATEMENT OF CASH FLOWS 1.1.- 1.1.- 1.1.-
abridged 30.9.2015 30.9.2014 31.12.2014
unaudited
MEUR
Cash flow from operating activities 1.1 -0.3 -0.8
Cash flow from investing activities, net -0.0 -1.6 -1.3
Total cash flows from financing activities -1.0 -0.1 -0.2
Share issue 0.0 0.1 0.1
Proceeds from borrowings 0.0 3.0 3.0
Repayment of borrowings -1.0 -3.1 -3.1
Other financial items -0.1 -0.1 -0.1
Change in cash and cash equivalents 0.1 -1.9 -2.3
Cash and cash equivalents at the beginning of 1.0 3.2 3.2
period
Change in cash and cash equivalents 1.1 1.3 1.0
NOTES TO THE REPORT
Accounting policies
This interim report has been drafted in accordance with IAS 34. The principles
adhered to in preparing the annual financial statements also apply to this
interim report. The interim report should be read together with the annual
financial statements for 2014. The new revised standards or interpretations
effective as of 1 January 2015 have no bearing on the figures presented for the
report period. The figures have not been examined by the auditor.
Honka Management Oy, which was established in 2010 and owned by the senior
management of Honkarakenne Oyj, is included in the consolidated financial
statements due to the terms and conditions of the shareholder agreement
concluded between it and Honkarakenne Oyj.
Honkarakenne has three geographical operating segments that have been combined
into one segment for reporting purposes. Geographically, sales are divided as
follows: Finland & Baltics, Russia & CIS and Global Markets. The internal
reporting of the management is in line with IFRS reporting. For this reason,
separate reconciliations are not presented.
PROPERTY, PLANT AND EQUIPMENT
Unaudited Property, plant and
MEUR equipment
Cost 1.1.2015 65.9
Translation differences (+/-) 0.0
Increase 0.0
Disposals -0.1
Cost 30.9.2015 65.8
Accumulated depreciation 1.1.2015 -51.4
Translation differences (+/-) -0.0
Accumulated depreciation of disposals and 0.1
reclassifications
Depreciation for the period -1.5
Accumulated depreciation 30.9.2015 -52.8
Carrying amount 1.1.2015 14.5
Carrying amount 30.9.2015 13.0
SHARES AND OWN SHARES
At the end of the review period, the total number of Honkarakenne Oyj shares
entered in the Trade Register amounted to 5,211,419, of which 300,096 were
Series A shares and 4,911,323 Series B shares. Each B share carries one (1)
vote and each A share carries twenty (20) votes. Hence, Honkarakenne's shares
in aggregate carry a total of 10,913,243 votes. The company's registered share
capital is EUR 9,897,936.00.
Honkarakenne has not acquired its own shares during the report period. At the
end of the report period, the Group held 364,385 of its Honkarakenne B shares
with a total purchase price of EUR 1,381,750.23. These shares represent 6.99 %
of the company's all shares and 3.34 % of all votes. The purchase cost has been
deducted from shareholders' equity in the consolidated financial statements.
CONTINGENT LIABILITIES
Unaudited 30.9.2015 30.9.2014 31.12.2014
MEUR
For own loans
- Mortgages 25.7 25.7 25.7
- Other quarantees 1.8 1.8 2.1
Rental liabilities 0.3 0.5 0.4
Leasing liabilities 0.2 0.2 0.4
Derivative contracts 0.2 0.3 0.3
Nominal values of forward exchange contracts 0.5 0.5 1.7
EVENTS WITH RELATED PARTIES
The Group's related parties consist of subsidiaries and associated companies;
the company's management and any companies in which they exert influence; and
those involved in the Saarelainen shareholder agreement and any companies
controlled by them. The management personnel considered to be related parties
comprise the Board of Directors, President & CEO, and the company's Executive
Group. The pricing of goods and services in transactions with related parties
conforms to market-based pricing.
During the report period, ordinary business transactions with related parties
were made as follows: sales of goods and services to related parties amounted
to EUR 248 thousand and purchases from related parties amounted to EUR 316
thousand. In 2010 and 2011, Honkarakenne Oyj granted long-term loans totalling
MEUR 0.9 to Honka Management Oy, which is owned by the company's senior
management. An impairment amounting MEUR 0.4 was recognised in 2014 for this
loan in the parent company.
KEY INDICATORS
1-9/ 1-9/ 1-12/
Unaudited 2015 2014 2014
Earnings/share (EPS) euro -0.21 -0.36 -0.40
Return on equity % -12 -17 -20
Equity ratio % 34 35 37
Shareholders equity/share euro 1.62 1.86 1.80
Net financial liabilities MEUR 7.1 7.9 8.2
Gearing % 89 86 92
Gross investments MEUR 0.0 1.0 0.9
% of net sales 0 3 2
Order book MEUR 16.3 15.9 12.5
Average number of personnel Clerical 75 93 90
Workers 67 71 71
Total 142 164 161
Personnel in person-years, average Clerical 65 84 81
Workers 52 71 66
Total 117 156 146
Adjusted number of shares ('000) At period-end 4847 4847 4847
Average during 4847 4844 4840
period
CALCULATION OF KEY INDICATORS
Profit for the period
attributable to equity holders
of parent
Earnings/share (EPS): --------------------------------
----------------
Average number of outstanding
shares
Result before taxes - taxes
Return on equity %: -------------------------------- x 100
----------------
Total equity, average
Total equity
Equity ratio, %: -------------------------------- x 100
----------------
Balance sheet total - advances
received
Net financial liabilities: Financial liabilities - cash and
cash equivalents
Financial liabilities - cash and
cash equivalents
Gearing, %: -------------------------------- x 100
----------------
Total equity
Shareholders' equity
Shareholders equity/share: --------------------------------
----------------
Number of outstanding shares at the
close of period
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