2007-04-26 07:32:05 CEST
2007-04-26 07:32:05 CEST
REGULATED INFORMATION
Pöyry - Quarterly report
INTERIM REPORT JANUARY 1 - MARCH 31, 2007
The Pöyry Group's net sales for the period under review were EUR
167.0 million (144.0 million in the same period 2006). Profit before
taxes was EUR 16.5 (10.5) million.
The Group's consolidated balance sheet is healthy. The equity ratio
was 46.0 (48.4) per cent and the net debt/equity ratio (gearing)
-33.2 (-27.9) per cent.
Earnings per share were EUR 0.19 (0.12) and the return on investment
39.5 (28.3) per cent.
The order stock increased by EUR 60.0 million during the period under
review to EUR 567.6 million. The number of personnel increased,
amounting to 6483 at the end of the review period (6389 at the end of
2006).
Consolidated net sales will increase during 2007. Profit before taxes
is expected to improve clearly in 2007.
This interim report has been prepared in accordance with the
International Financial Reporting Standards (IFRS) with the exception
of IAS 34, which is not completely followed. In the Financial
Statements for 2007 the Group will adopt the new IFRS 7 standard
Financial Instruments: Disclosures, and the amendment of IAS 1
Presentation of Financial Statements - Capital Disclosures.
The data in this interim report are unaudited.
Business groups
Energy
Net sales for the period under review were EUR 51.4 (42.8) million.
Operating profit was EUR 5.3 (3.2) million.
Demand for energy-related services has remained good especially in
Europe and the business group has further strengthened its global
market position. The acquisitions in the consulting business and in
the oil and gas sector in 2006 have had a favourable impact on
earnings during the period under review.
The order stock is good, amounting to EUR 214.8 million at the end of
the review period (204.9 at the end of 2006). The most important new
projects were the bioethanol plant for San Carlos Bioenergy Inc. in
the Philippines (EUR 10 million), the Puttalam coal-fired power plant
project in Sri Lanka (EUR 7 million), the combined heat and power
plant project with Propower GmbH in Germany (EUR 6.2 million), the
gas turbine combined cycle power plant for Isolux Ingeniería in
Mexico (EUR 3.1 million) and the OGK-3 coal-fired power plant in
Russia (EUR 2 million).
Forest Industry
Net sales for the period under review were EUR 64.6 (52.8) million.
Operating profit amounted to EUR 7.8 (4.4) million.
Most of the forest industry's new investments have been directed to
emerging markets. Several biofuel projects, especially in North
America, have improved the business group's capacity utilisation.
Demand for local engineering services and operations improvement
services has remained stable, as has demand for consulting services.
The business group's order stock has increased, amounting to EUR
154.1 million (111.4 million at the end of 2006), which is a good
figure. The most important new projects received during the review
period were the implementation of the bleached hardwood kraft pulp
mill of VCP - MS Celulose Sul Mato-Grossense Ltda (the new name of
Chamflora - Três Lagoas Agroflorestal Ltda) in Mato Grosso do Sul,
Brazil (EUR 54 million), Stora Enso's paper machine rebuild at
Wisconsin Rapids in the United States, the rebuild of two paper
machines for Billerud in Sweden, and Holmen Paper AB's TMP plant
upgrade at the Braviken mill in Sweden (EUR 2 million).
Infrastructure & Environment
Net sales for the period under review were EUR 50.8 (48.3) million.
Operating profit was EUR 3.7 (3.3) million.
Demand in the infrastructure and environment markets has remained
stable. The business group has continued to strengthen its position
in local and international markets.
The order stock amounted to EUR 198.4 million (191.0 at the end of
2006), which is a good level. The most important new projects were
the contract with the German Railways (DB ProjektBau GmbH) for
improvement of the railway network of Berlin (EUR 3 million), waste
water management projects in Brno, Czech Republic and Paris, France
(EUR 2.5 million) and the traffic control system project with ASFINAG
(Autobahnen- und Schnellstrassen- Finanzierungs- Aktiengesellschaft)
Verkehrstelematik GmbH in Linz, Austria (EUR 1.3 million).
Group structure
Energy
Pöyry has divested its French subsidiary Pöyry Energy (Lyon) SAS and
sold its 100 per cent ownership in the company. The reason for the
sale was that the company's profile and product portfolio were not in
line with the current strategy of the Energy business group. The
income from the sale was EUR 0.7 million.
Forest Industry
In April, after the period under review, Pöyry will expand its
business in Russia by acquiring 70 per cent of the shares of ZAO
Giprobum Engineering, based in St. Petersburg. The company's net
sales are about EUR 5 million and it has a staff of 260. The
transaction includes an option to acquire the remaining 30 per cent
of the shares during the first half of 2009. The closure of the
transaction is subject to approval by the Russian competition
authorities.
Giprobum Engineering has a leading position in its own business
sector in Russia. Prior to its privatisation in 1990, Giprobum was
for decades the leading government design institute developing the
Russian forest industry. The company has designed and carried out
most of the projects implemented in the Russian forest industry. In
addition, the company has also developed and designed projects in the
energy and infrastructure sectors. The services of Giprobum
Engineering include investment studies, services related to
permitting and agreements with authorities, various sectors of plant
engineering, and construction management services. Giprobum
Engineering has a wide clientele both in pulp and paper and
mechanical wood industries in Russia, Ukraine, Belarus and several
eastern European countries.
The special know-how and many years' experience of Pöyry and Giprobum
will provide an excellent basis for Pöyry's business in the Russian
forest industry. Apart from the forest industry, the acquisition will
also strengthen Pöyry's foothold in the growing Russian energy and
chemical industry. In future Pöyry can offer solid local expertise
and comprehensive services to companies planning or implementing
investments in Russia.
Order stock
The Group's order stock is good. It increased by EUR 60.0 million
during the period under review, totalling EUR 567.6 million at the
end of March. At the end of 2006 the order stock was EUR 507.6
million.
Personnel
The number of personnel in the Group has increased, amounting to 6483
(6389 at the end of 2006).
Balance sheet structure and financial position
The Group's consolidated balance sheet is healthy. The equity ratio
was at the end of the review period 46.0 (49.2 at the end of 2006)
per cent. The Group's liquidity is good. The net debt/equity ratio
(gearing) was -33.2 (-37.6 at the end of 2006) per cent.
Capital expenditure
The Group's capital expenditure for the period under review totalled
EUR 2.0 (3.0) million, of which EUR 1.7 (1.4) million consisted of
tangible assets, mainly IT related, and EUR 0.3 (0.3) million were IT
software and systems. Capital expenditure due to share investments
was EUR 0.0 (1.3) million.
Risks and uncertainties
No such new major risks or uncertainties were identified in the
reporting period which, if materialised, would be assessed to have a
significant impact on the Group. A detailed report on the Group's
risks and risk management is given in the Financial Statements of
2006.
Share capital and shares
The total number of shares at the end of 2006 was 58 180 144. During
the period under review there were no changes in the number of
shares.
Pöyry Plc issued in 2004 stock options to the management of the Group
as well as to a wholly-owned subsidiary of Pöyry Plc. The number of
stock options is 550 000, entitling to subscription of four shares
each, i.e. a total of 2 200 000 shares in Pöyry Plc.
The share subscription periods are the following: for 660 000 shares
between March 1, 2007 and March 31, 2010, for 660 000 shares between
March 1, 2008 and March 31, 2011, and for 880 000 shares between
March 1, 2009 and March 31, 2012. All stock options have been issued
and their receipt confirmed. During the period under review no
subscriptions were made.
Authorisation to issue shares
The Annual General Meeting on March 5, 2007 authorised the Board of
Directors to decide to issue new shares and to convey the company's
own shares held by the company in one or more tranches. The share
issue can be carried out as a share issue against payment or without
consideration on terms to be determined by the Board of Directors and
in relation to a share issue against payment at a price to be
determined by the Board of Directors.
A maximum of 11 600 000 new shares can be issued. A maximum of
5 800 000 own shares held by the company can be conveyed.
The authorisation is in force until the next Annual General Meeting.
The decision made by the Annual General Meeting was published in its
entirety as a stock exchange notice on March 5, 2007.
The Board has not exercised the authorisation during the period under
review.
Authorisation to acquire the company's own shares
The Annual Meeting authorised the Board of Directors to decide to
acquire the company's own shares with distributable funds on the
terms given below. The acquisition of shares reduces the company's
distributable non-restricted shareholders' equity.
A maximum of 5 800 000 shares can be acquired. The company's own
shares can be acquired in accordance with the decision of the Board
of Directors either through public trading or by public offer at
their market price at the time of purchase.
The authorisation is in force until the next Annual General Meeting.
The decision made by the Annual General Meeting was published in its
entirety as a stock exchange notice on March 5, 2007.
Pöyry Plc does not hold its own shares.
The Annual General Meeting decided that a dividend of EUR 0.50 be
distributed per outstanding share for 2006 (EUR 0.325 for 2005),
totalling EUR 29.1 million. The dividend was paid on March 15, 2007.
The company's shares are quoted on the Helsinki Stock Exchange. The
average trading price during the period under review was EUR 12.92,
with a high of EUR 14.80 and a low of EUR 11.37. A total of 3.6
million of the company's shares were traded, equalling 6.3 per cent
of the total number of shares and corresponding to a turnover of
EUR 47.1 million.
Prospects
Energy
The good performance of Southeast Asian, Latin American and European
economies, combined with the expansion of the EU, creates good
opportunities for growth of demand for energy-related services. The
EU's expanding energy legislation is driving demand for
industry-specific management consulting services in the energy
sector. Environmental legislation continues to boost demand for
renewable energy and plant refurbishment services. The high price of
crude oil is creating new opportunities within the oil and gas
sectors. In the thermal power sector, clients focus on diversifying
their energy mix. The Energy business group's market position has
improved further and its order stock is good. The business group's
operating profit will improve clearly in 2007.
Forest Industry
Investment activity in the forest industry will remain relatively
strong in emerging markets. Rising production costs continue to call
for operational and productivity improvements in mature markets.
Industry restructurings will increase demand for consulting and
investment banking services. Demand for biofuel and chemical industry
engineering services will remain good. The business group's order
stock is good. The operating profit will improve during 2007.
Infrastructure & Environment
The infrastructure and environment markets have improved in the
course of 2006. Demand prospects have improved especially in Central
Europe, where the recovery of national economies has boosted
investments in the public sector. Maintaining a local presence is
becoming more important in emerging markets. The business group's
order stock has remained good. The operating profit will improve in
2007.
Group
The Group has a strong market position in all of its business areas.
The order stock is good and has increased by EUR 60.0 million during
the period under review. Consolidated net sales will increase in
2007. Profit before taxes is expected to improve clearly in 2007.
Vantaa, Finland, April 25, 2007
PÖYRY PLC
Board of Directors
PÖYRY PLC
Erkki Pehu-Lehtonen
President and CEO
Teuvo Salminen
Deputy to President and CEO
Additional information by:
Erkki Pehu-Lehtonen, President and CEO, Pöyry Plc
tel. +358 10 33 22999, +358 400 468 084
Satu Perälampi, Investor Relations Manager, Pöyry Plc
tel. +358 10 33 23002, +358 40 526 3388
www.poyry.com
DISTRIBUTION:
Helsinki Stock Exchange
Major media
PÖYRY GROUP
Consolidated statement of income 1-3/2007 1-3/2006 1-12/2006
EUR million
NET SALES 167.0 144.0 623.3
Other operating income 0.7 0.1 0.3
Share of associated companies'
results 0.1 0.1 1.2
Materials, supplies and subconsulting -22.5 -20.6 -97.2
Personnel expenses -91.1 -78.3 -327.7
Depreciation -2.1 -1.9 -7.8
Other operating expenses -36.1 -33.2 -142.2
OPERATING PROFIT 16.0 10.2 49.9
Proportion of net sales, % 9.6 7.1 8.0
Financial income 0.8 0.6 2.3
Financial expenses -0.3 -0.2 -1.2
Exchange rate differences 0.0 -0.1 -0.8
PROFIT BEFORE TAXES 16.5 10.5 50.2
Proportion of net sales, % 9.9 7.3 8.1
Income taxes -5.3 -3.5 -15.4
NET PROFIT FOR THE PERIOD 11.2 7.0 34.8
Attributable to:
Equity holders of the parent company 10.9 6.9 33.6
Minority interest 0.3 0.1 1.2
Earnings per share, EUR 0.19 0.12 0.58
Corrected with dilution effect 0.18 0.12 0.57
Consolidated balance sheet March 31, March 31, December 31,
EUR million 2007 2006 2006
ASSETS
NON-CURRENT ASSETS
Goodwill 61.0 43.3 61.4
Intangible assets 7.3 8.1 7.9
Tangible assets 17.1 15.2 17.0
Shares in associated companies 5.0 4.3 5.0
Other shares 6.7 6.8 6.7
Loans receivable 1.0 1.3 0.6
Deferred tax receivables 5.4 6.6 5.8
Pension receivables 2.8 4.7 3.1
Other 8.6 8.6 9.0
114.9 98.9 116,5
CURRENT ASSETS
Work in progress 68.4 69.4 52.7
Accounts receivable 120.1 99.7 134.2
Loans receivable 0.0 0.0 0.6
Other receivables 13.9 9.4 12.1
Prepaid expenses and accrued
income 11.2 10.1 9.8
Cash and cash equivalents 67.7 47.7 74.9
281.3 236.3 284,3
TOTAL 396.2 335.2 400.8
EQUITY AND LIABILITIES
EQUITY
Equity attributable to the
equity holders of the parent
company
Share capital 14.5 14.5 14.5
Share premium reserve 31.5 31.5 31.5
Legal reserve 19.1 18.6 19.1
Translation difference -11.0 -10.2 -10.9
Retained earnings 73.6 69.2 69.0
Net profit for the period 10.9 6.9 33.6
138.6 130.5 156.8
Minority interest 6.2 4.7 6.1
144.8 135.2 162.9
LIABILITIES
Non-current liabilities
Interest bearing non-current
liabilities 3.9 6.4 4.2
Pension obligations 6.7 7.0 6.9
Deferred tax liability 3.4 2.8 3.3
Other non-current liabilities 2.9 7.8 3.4
16.9 24.0 17.8
Current liabilities
Amortisations of interest
bearing non-current liabilities 2.6 2.6 2.7
Interest bearing current
liabilities 13.1 0.9 6.6
Provisions 2.9 4.6 3.7
Project advances 81.3 55.5 70.0
Accounts payable 21.2 17.3 25.1
Other current liabilities 39.0 27.9 37.2
Current tax payable 1.5 1.0 8.2
Accrued expenses and deferred
income 72.9 66.2 66.6
234.5 176.0 220.1
TOTAL 396.2 335.2 400.8
Statement of changes in financial
position 1-3/2007 1-3/2006 1-12/2006
EUR million
FROM OPERATING ACTIVITIES
Net profit for the period 11.2 7.0 34.8
Depreciation and value decrease 2.1 1.9 7.8
Gain on sale of fixed assets -0.7 0.0 -0.1
Share of associated companies'
results -0.1 -0.1 -1.2
Financial items -0.5 -0.3 -0.3
Income taxes 5.3 3.5 15.4
Change in work in progress -15.7 -12.8 3.9
Change in accounts and other
receivables 11.9 10.3 -25.5
Change in advances received 11.3 4.5 18.9
Change in payables and other
liabilities -3.7 -5.9 15.5
Received financial income 0.8 0.6 1.9
Paid financial expenses -0.3 -0.3 -0.4
Paid taxes -4.1 -3.5 -13.1
Total from operating activities 17.5 4.9 57.6
CAPITAL EXPENDITURE
Investments in shares in
subsidiaries -1.7 -1.3 -22.4
Investments in other shares 0.0 0.0 0.0
Investments in fixed assets -2.0 -1.7 -9.8
Sales of shares 0.6 0.5 0.5
Sales of fixed assets 0.3 0.1 0.5
Capital expenditure total, net -2.8 -2.4 -31.2
Net cash before financing 14.7 2.5 26.4
FINANCING
Repayments of loans -0.5 -0.4 -2.5
Change in current financing 6.8 -0.4 5.4
Change in non-current
investments 0.0 0.0 0.5
Dividends -28.2 -18.5 -19.4
Share subscription 0.0 0.0 0.0
Net cash from financing -21.9 -19.3 -16.0
Change in cash and cash equivalents -7.2 -16.8 10.4
Cash and cash equivalents at the
beginning of the period 74.9 64.5 64.5
Cash and cash equivalents at the end
of period 67.7 47.7 74.9
Changes in equity 1-3/2007 1-3/2006 1-12/2006
EUR million
Share capital beginning of period 14.5 14.5 14.5
Shares subscribed with warrants 0.0 0.0 0.0
Share capital end of period 14.5 14.5 14.5
Share premium reserve beginning of
period 31.5 31.5 31.5
Shares subscribed with warrants 0.0 0.0 0.0
Share premium reserve end of period 31.5 31.5 31.5
Legal reserve beginning of period 19.1 18.6 18.6
Transfer, retained earnings 0.0 0.0 0.5
Legal reserve end of period 19.1 18.6 19.1
Translation differences beginning of
period -10.9 -8.6 -8.6
Change during the period -0.1 -1.6 -2.4
Translation differences end of period -11.0 -10.2 -10.9
Retained earnings beginning of period 102.6 88.1 88.1
Payment of dividend -29.1 -18.9 -18.9
Minority change 0.0 0.0 -0.2
Transfer, retained earnings 0.0 0.0 -0.5
Other changes 0.1 0.0 0.8
Translation difference included in
the result 0.0 0.0 -0.2
Net profit for the period 10.9 6.9 33.6
Retained earnings end of period 84.5 76.1 102.6
Minority interest beginning of period 6.1 4.7 4.7
Change during the period -0.2 -0.1 0.2
Net profit for the period 0.3 0.1 1.2
Minority interest end of period 6.2 4.7 6.1
Total equity beginning of period 162.9 148.9 148.9
Payment of dividend -29.1 -18.9 -18.9
Shares subscribed with warrants 0.0 0.0 0.0
Other changes -0.1 -0.2 0.8
Translation differences -0.1 -1.6 -2.4
Translation difference included in
the result 0.0 0.0 -0.2
Net profit for the period 11.2 7.0 34.8
Total equity end of period 144.8 135.2 162.9
Contingent liabilities March 31, March 31, December 31,
EUR million 2007 2006 2006
For own debt 0.0 0.0 0.0
Other obligations
Pledged assets 0.4 0.3 0.5
Other obligations 44.5 44.3 46.4
For others
Pledged assets 0.1 0.1 0.1
Other obligations 0.0 0.0 0.0
Rent and leasing obligations 106.1 106.4 107.0
Derivative instruments
Foreign exchange forward
contracts, notional values 25.3 26.1 34.9
Foreign exchange forward
contracts, 0.3 0.2 0.5
fair values -0.2 -0.6 -0.1
Interest rate swaps, fair
values 0.0 0.0 0.1
Pöyry Plc has made interest rate
swaps for EUR 5.6 million
external loans.
Key figures 1-3/2007 1-3/2006 1-12/2006
Earnings / share, EUR 0.19 0.12 0.58
Corrected with dilution
effect 0.18 0.12 0.57
Equity attributable to equity holders
of the parent company/share, EUR 2.38 2.24 2.70
Return on investment, % p.a. 39.5 28.3 31.1
Return on investment, % p.a. for the
business groups
Energy 29.5 22.7 23.3
Forest Industry 47.7 26.9 34.9
Infrastructure & Environment 27.8 26.0 25.9
Return on equity, % p.a. 29.1 19.8 22.3
Equity ratio, % 46.0 48.4 49.2
Equity / Assets ratio, % 36.6 40.3 40.7
Net debt / Equity ratio (gearing), % -33.2 -27.9 -37.6
Net debt, EUR million -48.1 -37.8 -61.3
Consulting and engineering, EUR
million 553.1 496.9 500.8
EPC, EUR million 14.5 22.2 6.8
Order stock total, EUR million 567.6 519.1 507.6
Capital expenditure, operating, EUR
million 2.0 1.7 9.8
Capital expenditure in shares, EUR
million 0.0 1.3 27.9
Personnel in Group companies on
average 6451 5652 6038
Personnel in Group companies at the
end of the period 6483 5710 6389
Personnel in associated companies at
the end of the period 257 252 236
Segment information 1-3/2007 1-3/2006 1-12/2006
EUR million
NET SALES
Energy 51.4 42.8 197.4
Forest Industry 64.6 52.8 224.9
Infrastructure & Environment 50.8 48.3 201.8
Unallocated 0.2 0.1 -0.8
Total 167.0 144.0 623.3
OPERATING PROFIT AND NET PROFIT FOR THE PERIOD
Energy 5.3 3.2 14.6
Forest Industry 7.8 4.4 22.9
Infrastructure & Environment 3.7 3.3 13.0
Unallocated -0.8 -0.7 -0.6
Operating profit total 16.0 10.2 49.9
Financial items 0.5 0.3 0.3
Profit before taxes 16.5 10.5 50.2
Income taxes -5.3 -3.5 -15.4
Net profit for the period 11.2 7.0 34.8
Profit attributable to:
Equity holders of the parent company 10.9 6.9 33.6
Minority interest 0.3 0.1 1.2
OPERATING PROFIT %
Energy 10.3 7.5 7.4
Forest Industry 12.1 8.3 10.2
Infrastructure & Environment 7.3 6.8 6.4
Total 9.6 7.1 8.0
ORDER STOCK
Energy 214.8 220.0 204.9
Forest Industry 154.1 111.4 111.4
Infrastructure & Environment 198.4 187.6 191.0
Unallocated 0.3 0.1 0.3
Total 567.6 519.1 507.6
Consulting and engineering 553.1 496.9 500.8
EPC 14.5 22.2 6.8
Total 567.6 519.1 507.6
NET SALES BY AREA
The Nordic countries 47.9 37.0 154.6
Europe 70.9 66.6 277.3
Asia 17.3 17.0 79.5
North America 8.5 5.4 26.6
South America 17.1 12.3 63.9
Other 5.3 5.7 21.4
Total 167.0 144.0 623.3
Segment information 1-3/05 4-6/05 7-9/05 10-12/05
EUR million
NET SALES
Energy 37.8 39.3 37.4 45.5
Forest Industry 50.0 51.5 47.4 50.4
Infrastructure & Environment 35.7 39.2 39.7 50.3
Unallocated -0.2 -0.1 0.6 -0.9
Total 123.3 129.9 125.1 145.3
OPERATING PROFIT AND NET PROFIT FOR THE PERIOD
Energy 2.0 2.1 1.8 3.2
Forest Industry 4.1 4.7 5.9 5.0
Infrastructure & Environment 1.3 2.6 2.3 3.0
Unallocated -0.2 -0.5 -0.2 0.1
Operating profit total 7.2 8.9 9.8 11.3
Financial items 0.3 0.1 0.6 0.4
Profit before taxes 7.5 9.0 10.4 11.7
Income taxes -2.5 -2.8 -3.2 -3.8
Net profit for the period 5.0 6.2 7.2 7.9
Profit attributable to:
Equity holders of the parent company 4.7 6.1 7.4 7.7
Minority interest 0.3 0.1 -0.2 0.2
OPERATING PROFIT %
Energy 5.3 5.3 4.8 7.0
Forest Industry 8.2 9.1 12.4 9.9
Infrastructure & Environment 3.6 6.6 5.8 6.0
Total 5.8 6.9 7.8 7.8
ORDER STOCK
Energy 167.1 203.4 197.6 195.2
Forest Industry 82.5 79.6 78.3 97.3
Infrastructure & Environment 127.0 121.1 144.2 159.5
Unallocated 0.3 0.2 0.2 0.1
Total 376.9 404.3 420.3 452.1
Consulting and engineering 366.7 367.4 388.1 428.1
EPC 10.2 36.9 32.2 24.0
Total 376.9 404.3 420.3 452.1
Segment information 1-3/06 4-6/06 7-9/06 10-12/06
EUR million
NET SALES
Energy 42.8 45.6 49.1 59.9
Forest Industry 52.8 57.0 54.8 60.3
Infrastructure & Environment 48.3 50.7 48.7 54.1
Unallocated 0.1 0.6 0.4 -1.9
Total 144.0 153.9 153.0 172.4
OPERATING PROFIT AND NET PROFIT FOR THE PERIOD
Energy 3.2 3.3 3.7 4.4
Forest Industry 4.4 4.6 6.4 7.5
Infrastructure & Environment 3.3 2.8 3.4 3.5
Unallocated -0.7 -0.4 -0.3 0.8
Operating profit total 10.2 10.3 13.2 16.2
Financial items 0.3 0.1 0.0 -0.1
Profit before taxes 10.5 10.4 13.2 16.1
Income taxes -3.5 -3.2 -4.2 -4.5
Net profit for the period 7.0 7.2 9.0 11.6
Profit attributable to:
Equity holders of the parent company 6.9 6.9 8.6 11.2
Minority interest 0.1 0.3 0.4 0.4
OPERATING PROFIT %
Energy 7.5 7.2 7.5 7.3
Forest Industry 8.3 8.1 11.7 12.4
Infrastructure & Environment 6.8 5.5 7.0 6.5
Total 7.1 6.7 8.6 9.4
ORDER STOCK
Energy 220.0 237.1 222.6 204.9
Forest Industry 111.4 109.1 111.0 111.4
Infrastructure & Environment 187.6 185.3 183.7 191.0
Unallocated 0.1 0.0 0.0 0.3
Total 519.1 531.5 517.3 507.6
Consulting and engineering 496.9 514.0 502.1 500.8
EPC 22.2 17.5 15.2 6.8
Total 519.1 531.5 517.3 507.6
The figures in the interim report are
unaudited.
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