2009-07-30 08:00:00 CEST
2009-07-30 08:01:27 CEST
REGULATED INFORMATION
Kemira Oyj - Interim report (Q1 and Q3)
Kemira Oyj's Interim Report January-June 2009
Kemira Group
Stock Exchange Release
July 30, 2009 at 9.00 am (CET+1)
Marked increase in operating profit from the previous year
January-June:
* Revenue in January-June 2009: EUR 1,259.6 million
(January-June 2008: EUR 1,425.1 million). Revenue from continuing
business operations decreased by 4%.
* Operating profit excluding non-recurring items rose by 27%
to EUR 81.9 million (EUR 64.4 million). Operating profit in
continuing business operations, excluding non-recurring items,
increased by 34%.
* Cash flows after investments grew significantly and were
EUR 49.5 million (EUR -65.7 million). Balance sheet strengthened.
* Earnings per share: EUR 0.28 (EUR 0.27).
* Kemira's revenue in 2009 is expected to fall compared to
2008 due to reduced demand in customer industries, especially in
Tikkurila and in pulp and paper chemicals. Operating profit in
continuing business operations, excluding non-recurring items, is
expected to increase from the previous year's EUR 126.3 million.
Second quarter:
* Revenue in April-June 2009: EUR 650.9 million (April-June
2008: EUR 741.5 million). Revenue from continuing business
operations decreased by 5%.
* Operating profit excluding non-recurring items rose by 45%
to EUR 53.8 million (EUR 37.2 million). Operating profit in
continuing business operations, excluding non-recurring items, was
up 52%.
* Cash flows after investments were EUR 83.9 million (EUR
-56.7 million).
* Earnings per share: EUR 0.23 (EUR 0.15).
Key Figures and Ratios
EUR million 4-6/2009 4-6/2008 1-6/2009 1-6/2008 1-12/2008
Revenue 650.9 741.5 1,259.6 1,425.1 2,832.7
EBITDA 82.2 71.7 139.3 139.3 243.3
EBITDA, % 12.6 9.7 11.1 9.8 8.6
Operating profit,
excluding 53.8 37.2 81.9 64.4 132.6
non-recurring items
Operating profit 51.4 39.3 79.5 72.3 74.0
Operating profit,
excluding 8.3 5.0 6.5 4.5 4.7
non-recurring items, %
Operating profit, % 7.9 5.3 6.3 5.1 2.6
Financial income and -10.6 -13.9 -26.7 -25.1 -69.5
expenses
Profit before tax 39.6 25.6 47.8 47.5 1.8
Profit before tax, % 6.1 3.5 3.8 3.3 0.1
Net profit 29.5 18.9 35.6 34.9 1.8
EPS, EUR 0.23 0.15 0.28 0.27 -0.02
Capital employed* 2,031.4 2,041.3 2,031.4 2,041.3 2,062.8
ROCE %* 3.6 5.4 3.6 5.4 3.5
Cash flows after -65.7
investments 83.9 -56.7 49.5 2.7
Equity ratio, % at 37
period-end 35 37 35 34
Gearing, % at 99
period-end 104 99 104 107
Personnel at period-end 9,139 10,673 9,139 10,673 9,405
* 12-month rolling average
Kemira's President and CEO Harri Kerminen:"Kemira's operating profit from continuing businesses, excluding
non-recurring items, increased by 52% in April-June from the same
period a year earlier, which is a very good achievement in the
current market environment. The decrease in sales volumes in several
customer segments was for the main part compensated by the sales
price increases implemented in the second half of last year. Fixed
costs in April-June were some EUR 22 million lower than in the same
period a year earlier.
I am particularly pleased with the fact that our cash flows after
investments turned clearly positive during the first half of the
year. Strengthening of the cash flow has been our main focus for this
year, and as part of this effort we reduced our net working capital
in the second quarter significantly. Thanks to the strong cash flow,
gearing took a turn in the right direction.
Customer demand remains weaker than last year, and in addition there
is pressure for increases in raw material prices. This makes our
efficiency-enhancement program, which we initiated already mid last
year, even more important. However, we are confident that our
operating profit excluding non-recurring items in continuing
businesses will be higher this year compared to last year."
A conference for analysts and the media:
Kemira will arrange a press conference for analysts and the media
today on July 30, 2009 starting at 10:30 a.m. at Kemira House,
Porkkalankatu 3, Helsinki. The press conference will be held in
Finnish. Harri Kerminen, Kemira's President and CEO, will present the
results. Presentation material will be available on Kemira's website
at www.kemira.com at 10:30 a.m.
A conference call in English will begin at 1:00 p.m. Helsinki time.
In order to participate in the call, please dial +44 (0)20 7162 0025
ten minutes before the conference begins. Presentation material will
be available on Kemira's website under Investors. A recording of the
conference call will be available on Kemira's website later today.
The recording will be available until August 3 at +358 9 2314 4681
and at +44 20 7031 4064, code 841545.
Kemira Oyj will publish its results for January-September on
Thursday, October 29, 2009 at 9:00 a.m.
For further information, please contact:
Jyrki Mäki-Kala, CFO
Tel. +358 10 86 21589
Päivi Antola, Senior Manager, IR & Financial Communications
Tel. +358 10 86 21140
Kemira is a focused company, best in water and fiber management
chemistry.
In 2008, Kemira recorded revenue of approximately EUR 2.8 billion and
had a staff of 9,400. Kemira operates in 40 countries.
www.kemira.com
The new strategy announced in June 2008 resulted in some changes to
Kemira's business structure. Financial reporting reflects the new
structure from the beginning of 2009. Kemira's new reporting segments
are Paper, Water, Oil & Mining, Tikkurila, and Other. The Other
segment consists of specialty chemicals such as organic salts and
acids and the Group expenses not charged to the segments (some
research and development costs and the costs of the CEO Office).
Kemira aims to have Tikkurila listed on the Helsinki Stock Exchange
once market conditions permit.
Financial Performance in April-June 2009
Revenue from Kemira Group's continuing business operations fell by 5%
in April-June 2009 compared to the same period a year earlier due to
weaker demand in several customer industries.
4-6/2008
April-June, Continuing business
EUR million 4-6/2009 operations 4-6/2008
Revenue 650.9 686.4 741.5
Operating profit, excluding
non-recurring items 53.8 35.4 37.2
Operating profit, excluding
non-recurring items, % 8.3 5.2 5.0
The impact of the titanium dioxide business transferred to a joint
venture has been eliminated in the continuing business operations.
Revenue in April-June 2009 totaled EUR 650.9 million (April-June
2008: EUR 741.5 million). In extremely volatile market conditions,
demand for paints and coatings decreased considerably as new
construction, building material sales, and housing sales slowed down
in all key markets. Pulp and paper chemical sales declined following
weaker demand in customer industries. Demand for municipal water
treatment solutions remained healthy, but in industrial water
treatment demand fell in some customer industries. The Oil & Mining
segment also experienced a decline in customer demand and revenue.
The demand and price of specialty chemicals supplied to the food,
feed, and pharmaceutical industries remained healthy.
Acquisitions had an approximately EUR 19 million positive impact on
revenue. The currency exchange effect had an approximately EUR 15
million negative impact on revenue, and the establishment of the
joint venture in the titanium dioxide business in 2008 decreased
revenue in April-June by some EUR 55 million.
Revenue, EUR million 4-6/2009 4-6/2008 1-12/2008
Paper 221.6 241.1 1,003.3
Water 160.7 144.4 583.7
Oil & Mining 55.2 66.8 275.4
Tikkurila 162.4 205.7 648.1
Other* 71.7 111.8 414.8
Eliminations -20.7 -28.3 -92.6
Total* 650.9 741.5 2,832.7
*2008 includes the titanium dioxide business for the period of
January-August.
Operating profit for April-June 2009 came to EUR 51.4 million (EUR
39.3 million). Operating profit excluding non-recurring items totaled
EUR 53.8 million (EUR 37.2 million). Operating profit from continuing
business operations, excluding non-recurring items, was up 52%. Sales
price increases were enforced in the second half last year in
response to the significant increase in raw material prices last
year, which contributed to the increase in operating profit in
April-June compared to the same period a year earlier and compensated
for the impact of declined sales volumes on operating profit. Other
factors contributing to the improvement in operating profit included
cost savings and the healthy demand for specialty chemicals. Fixed
costs decreased by about EUR 22 million compared to the same period a
year earlier. Variable costs increased in April-June 2009 by some EUR
4 million compared with the same period in 2008.
Acquisitions contributed some EUR 4 million to the growth in
operating profit. The currency exchange effect had an approximately
EUR 4 million negative impact on operating profit. As of September 1,
2008 Kemira's share of the titanium dioxide joint venture's results
is being reported below operating profit. In April-June 2008, the
titanium dioxide business made an operating profit of approximately
EUR 2 million.
Operating profit, excluding
non-recurring items, EUR million 4-6/2009 4-6/2008 1-12/2008
Paper 8.0 7.6 41.5
Water 18.2 4.6 25.0
Oil & Mining 3.2 2.4 8.4
Tikkurila 24.5 29.7 59.2
Other* -0.1 -6.9 -1.6
Eliminations - -0.2 0.1
Total* 53.8 37.2 132.6
*2008 includes the titanium dioxide business for the period of
January-August.
The share of associates' results was EUR -1.2 million (EUR 0.2
million).
The Group's net financial expenses in April-June totaled EUR 10.6
million (EUR 13.9 million). Net financial expenses decreased from the
corresponding period a year earlier mainly due to smaller exchange
rate losses.
Profit before tax in April-June amounted to EUR 39.6 million (EUR
25.6 million) and net profit totaled EUR 29.5 million (EUR 18.9
million). Earnings per share were EUR 0.23 (EUR 0.15).
Financial Performance in January-June 2009
Revenue from Kemira Group's continuing business operations fell by 4%
in January-June 2009 compared to the same period a year earlier due
to weaker demand in several customer industries.
1-6/2008
January-June, Continuing business
EUR million 1-6/2009 operations 1-6/2008
Revenue 1,259.6 1,315.7 1,425.1
Operating profit, excluding
non-recurring items 81.9 61.3 64.4
Operating profit, excluding
non-recurring items, % 6.5 4.7 4.5
The impact of the titanium dioxide business transferred to a joint
venture has been eliminated in the continuing business operations.
Revenue in January-June 2009 amounted to EUR 1,259.6 million
(January-June 2008: EUR 1,425.1 million). Acquisitions had an
approximately EUR 28 million positive impact on revenue. The currency
exchange effect had an approximately EUR 22 million negative impact
on revenue, and the establishment of the joint venture in the
titanium dioxide business in 2008 decreased revenue in January-June
by some EUR 109 million.
Operating profit for January-June 2009 came to EUR 79.5 million (EUR
72.3 million). Operating profit excluding non-recurring items totaled
EUR 81.9 million (EUR 64.4 million). Operating profit from continuing
business operations, excluding non-recurring items, was up 34%. Sales
price increases were enforced in the second half last year in
response to the significant increase in raw material prices last
year, which contributed to the increase in operating profit in
January-June compared to the same period a year earlier and
compensated for the impact of declined sales volumes on operating
profit. Other factors contributing to the improvement in operating
profit included cost savings and the healthy demand for specialty
chemicals. Operating profit was eroded by lower sales volumes,
particularly in Tikkurila and in pulp and paper chemicals, as well as
higher raw material prices and freight costs compared to the same
period a year earlier. Variable costs increased by some EUR 29
million in January--June 2009 compared to the same period in 2008,
but have decreased during the first half from the high reached at the
end of last year. Acquisitions contributed approximately EUR 5
million to the growth in operating profit. The currency exchange
effect had an approximately EUR 2 million negative impact on
operating profit. As of September 1, 2008 Kemira's share of the
titanium dioxide joint venture's results is being reported below
operating profit. In January-June 2008, the titanium dioxide business
made an operating profit of approximately EUR 3 million.
The annual savings target of Kemira's global cost savings program is
more than EUR 85 million. With the planned measures currently
underway, the related savings are estimated to materialize in
2009-2010. These savings will affect the entire Group and will be
achieved by streamlining the Group structure, organization, and
operating models. Fixed costs in January-June were approximately EUR
25 million lower than a year earlier.
The share of associates' results was EUR -5.0 million (EUR 0.3
million).
Profit before tax for January-June totaled EUR 47.8 million (EUR 47.5
million) and net profit totaled EUR 35.6 million (EUR 34.9 million).
Taxes totaled EUR 12.2 million (EUR 12.6 million), representing an
effective tax rate of around 25.5% (26.5%). Earnings per share were
EUR 0.28 (0.27).
Financial Position and Cash Flows
In January-June 2009, the Group reported cash flows of EUR 87.7
million (EUR 14.6 million) from operating activities. Inventories
declined from the year end by 19%, or by EUR 60.0 million. Cash flow
after investments was EUR 49.5 million (EUR -65.7 million). The cash
flow effect from expansion and improvement investments was EUR -26.4
million (EUR -67.8 million). Cash flow from acquisitions was EUR -3.7
million (EUR -3.9 million).
At the end of June, the Group's net debt stood at EUR 1,033.7 million
(December 31, 2008: EUR 1,049.1 million). Net debt declined mainly
due to the stronger cash flows. Currency exchange rates fluctuations
reduced net debt by some EUR 4 million.
At the period-end, interest-bearing liabilities stood at EUR 1,195.1
million. Fixed-rate loans accounted for 49% of total interest-bearing
loans. The average interest rate on the Group's interest-bearing
liabilities was 5.7% (5.2%). At the end of June, the duration of the
Group's interest-bearing loan portfolio was 16 months (December 31,
2008: 17 months).
The unused amount of the EUR 750 million revolving credit facility
that falls due in 2012 was EUR 313.3 million at the end of June, or
42% of the total amount. Short-term liabilities maturing in the next
12 months amounted to EUR 159.7 million at the end of June, with
commercial papers issued in the Finnish markets representing EUR
100.3 million and repayments of long-term loans representing EUR 44.4
million. Cash and cash equivalents totaled EUR 161.4 million on June
30, 2009. Based on its current structure, the Group will encounter no
significant refinancing needs in 2009-2010, since the current loan
arrangements cover its financing needs. The terms of the revolving
credit facility and other major bilateral loan agreements require
that the Group's equity ratio must be more than 25%.
At the end of June, the equity ratio stood at 35% (December 31, 2008:
34%), while gearing was 104% (December 31, 2008: 107%). Gearing
declined as a result of the decrease in net liabilities and the
increase in equity. The net impact of currencies on shareholders'
equity was approximately EUR 2 million. In April, after the Annual
General Meeting, Kemira Oyj paid out EUR 30.3 million in dividends.
The Group's net financial expenses for January--June totaled EUR 26.7
million (EUR 25.1 million). The increase in net financial expenses
from the comparison period can be attributed to higher average
liabilities.
Capital Expenditure
Gross capital expenditure, excluding acquisitions, amounted to EUR
36.1 million (EUR 87.5 million). Expansion investments represented
around 44% of capital expenditure excluding acquisitions, improvement
investments around 29%, and maintenance investments around 27%.
Full-year capital expenditure excluding acquisitions is expected to
remain below depreciation.
Group depreciation came to EUR 59.8 million (EUR 67.0 million).
Cash flow from the sale of assets was EUR 1.6 million (EUR 11.1
million). The Group's net capital expenditure totaled EUR 38.2
million (EUR 80.3 million).
Research and Development
In January-June, research and development expenditure totaled EUR
25.0 million (EUR 30.9 million), accounting for 2% (2%) of revenue.
Human Resources
The number of Group employees totaled 9,139 at the end of June
(10,673).
Near-Term Risks and Uncertainty Factors
The key risks and uncertainty factors affecting Kemira's business are
related to general economic developments and their impact on the
demand for Kemira's products.
Sharp fluctuations in global electricity and oil prices will affect
raw material prices and, therefore, be reflected in Kemira's
performance.
If the industrial by-products Kemira uses as raw materials were to be
in short supply or even run out entirely, this could have a negative
effect on Kemira's results, especially in Water.
With progressive implementation of the REACH legislation, the number
of raw materials and their suppliers may be reduced, which could
raise Kemira's raw material costs. Also, registration of Kemira's
own products under REACH may be more expensive than anticipated,
especially if costs cannot be shared with other companies.
Furthermore, currency exchange rate volatility in Kemira's key
currencies may affect the Group's figures.
A detailed account of Kemira's risk management principles and
practices is available at the company's website, www.kemira.com. An
account of financial risks was published in the Notes to the Accounts
section of the Financial Statements for 2008. Kemira's environmental
report discusses environmental and accident risks.
Segments
Paper
We offer chemical products and integrated systems that support
sustainable development and help customers in the pulp and paper
industry to improve their profitability as well as their raw material
and energy efficiency.
EUR million 4-6/2009 4-6/2008 1-6/2009 1-6/2008 1-12/2008
Revenue 221.6 241.1 446.6 488.8 1,003.3
EBITDA 20.9 18.7 40.7 43.8 69.4
EBITDA, % 9.4 7.8 9.1 9.0 6.9
Operating profit,
excluding 8.0 7.6 15.5 20.0 41.5
non-recurring items
Operating profit 8.0 7.6 15.5 20.0 -2.6
Operating profit,
excluding 3.6 3.2 3.5 4.1 4.1
non-recurring items, %
Operating profit, % 3.6 3.2 3.5 4.1 -0.3
Capital employed* 818.3 801.3 818.3 801.3 826.7
ROCE %* -0.9 5.1 -0.9 5.1 -0.3
Capital expenditure,
excluding acquisitions 13.4 17.3 18.5 31.2 51.7
Cash flow after
investments, excluding
interest and taxes 25.2 -1.9 31.5 36.2 15.5
* 12-month rolling average
The Paper segment's revenue in April-June 2009 shrank by 8% to EUR
221.6 million (EUR 241.1 million) as demand in customer industries
plummeted. The currency exchange effect had a positive impact on
revenue of approximately EUR 3 million.
The consumption of paper used in magazines and newspapers and the
number of printed merchandizing items has fallen, particularly in the
traditional markets in Europe and North America. To adapt production
to this weaker demand, the Paper segment's customers in the paper
industry have cut back and shut down capacity and cleared stocks. In
addition, the general economic slowdown has been reflected in the
global demand for packaging boards.
Operating profit excluding non-recurring items for April-June totaled
EUR 8.0 million (EUR 7.6 million). Fixed cost savings and increases
in sales prices helped compensate for the decline in sales volumes.
Variable costs increased by some EUR 3 million in April-June 2009
compared to the same period in 2008.
In January 2009, Kemira and the Chinese company Tiancheng Ltd. set up
a joint venture, Kemira-Tiancheng Chemicals (Yanzhou) Co., Ltd, to
produce AKD wax, and adhesives derived from this wax, for the paper
and board industry. Kemira has a 51 per cent holding in the joint
venture and Tiancheng 49 per cent. The joint venture has started off
according to the plan.
Kemira has been taking measures over a period of several years to
adjust its pulp and paper chemicals business to the increasingly
challenging chemicals market. In addition to shorter temporary
production shut-downs, AKD wax production in Vaasa, Finland, was shut
down in March 2009. Over the last few years, six production
facilities have been shut down in North America, and this year Kemira
will shut down its polymer production in Columbus, USA.
In January-June, the Paper segment's revenue fell by 9% to EUR 446.6
million (EUR 488.8 million). The currency exchange effect had a
positive impact on revenue of approximately EUR 6 million. Operating
profit excluding non-recurring items was EUR 15.5 million (EUR 20.0
million). Variable costs in January-June were approximately EUR 14
million higher than in the same period in 2008.
Water
We offer water treatment chemicals for municipalities and industrial
customers. Our strengths are high-level process know-how, a
comprehensive range of water treatment chemicals, and reliable
customer deliveries.
EUR million 4-6/2009 4-6/2008 1-6/2009 1-6/2008 1-12/2008
Revenue 160.7 144.4 311.4 280.7 583.7
EBITDA 25.1 10.1 41.5 22.7 41.0
EBITDA, % 15.6 7.0 13.3 8.1 7.0
Operating profit,
excluding 18.2 4.7 28.6 10.8 25.0
non-recurring items
Operating profit 18.2 4.6 28.6 11.3 5.3
Operating profit,
excluding 11.3 3.3 9.2 3.8 4.3
non-recurring items, %
Operating profit, % 11.3 3.2 9.2 4.0 0.9
Capital employed* 356.5 315.9 356.5 315.9 342.7
ROCE %* 6.3 11.3 6.3 11.3 1.6
Capital expenditure,
excluding acquisitions 3.4 11.6 5.5 19.8 29.7
Cash flow after
investments, excluding
interest and taxes 47.7 -7.6 55.9 -1.1 -13.8* 12-month rolling average
The Water segment's revenue in April-June 2009 rose by 11% to EUR
160.7 million (EUR 144.4 million). Organic growth in local currencies
was 5%. Revenue growth in the second quarter could be largely
attributed to price increases enforced in response to the significant
increase in raw material prices last year. Acquisitions contributed
approximately EUR 7 million to the growth in revenue.
Demand for municipal water treatment products remained healthy. In
the industrial water treatment business, demand has decreased in some
customer industries due to lower capacity utilization rates, but in
other industries, such as the food industry and power production,
demand for water treatment chemicals has been stable. Total delivery
volumes fell slightly in April-June 2009 compared to the same period
a year earlier.
Operating profit excluding non-recurring items was EUR 18.2 million
(EUR 4.7 million). Variable costs decreased in April-June by
approximately EUR 3 million compared to the same period in 2008.
Acquisitions contributed approximately EUR 2 million to the growth in
operating profit. Fixed cost savings also boosted the operating
profit.
The Water segment's revenue in January-June increased by 11% to EUR
311.4 million (EUR 280.7 million). Revenue growth could be largely
attributed to the price increases negotiated in the second half of
last year. Acquisitions contributed approximately EUR 13 million to
revenue growth. The currency exchange effect had an approximately EUR
3 million positive impact on revenue. Operating profit excluding
non-recurring items was EUR 28.6 million (EUR 10.8 million). Variable
costs increased in January-June by approximately EUR 2 million
compared to the same period in 2008. Acquisitions contributed
approximately EUR 3 million to the growth in operating profit.
Oil & Mining
We offer a large selection of groundbreaking chemical extraction and
process solutions for the oil and mining industries, where water
plays a central role. Utilizing our expertise, our customers are able
to improve their efficiency and productivity.
EUR million 4-6/2009 4-6/2008 1-6/2009 1-6/2008 1-12/2008
Revenue 55.2 66.8 109.6 134.3 275.4
EBITDA 5.4 5.0 9.9 11.5 15.3
EBITDA, % 9.8 7.5 9.0 8.6 5.6
Operating profit,
excluding 3.2 2.4 5.2 4.3 8.4
non-recurring items
Operating profit 3.2 2.4 5.2 6.2 1.9
Operating profit,
excluding 5.8 3.6 4.7 3.2 3.1
non-recurring items, %
Operating profit, % 5.8 3.6 4.7 4.6 0.7
Capital employed* 159.3 154.4 159.3 154.4 160.4
ROCE %* 0.6 -5.9 0.6 -5.9 1.2
Capital expenditure,
excluding acquisitions 0.9 2.9 1.5 5.8 8.8
Cash flow after
investments, excluding
interest and taxes 16.3 -0.4 8.9 11.7 14.3
* 12-month rolling average
The Oil & Mining segment's revenue in April-June declined by 17% and
totaled EUR 55.2 million (EUR 66.8 million). Revenue fell as a result
of weaker demand especially in the mining industry. The currency
exchange effect had an approximately EUR 4 million positive impact on
revenue.
In the oil and gas industry, high oil stocks and weak demand as well
as concerns about the path of economic recovery undermined prices. As
a result, upstream operations were at the lowest level in more than a
year and demand for oil field chemicals remained low during the
quarter. Also in the sub-segment Minings, volumes and prices remained
low due to the recession's impact.
Operating profit excluding non-recurring items in April-June was EUR
3.2 million (EUR 2.4 million). Variable costs decreased in April-June
by approximately EUR 3 million compared to the same period in 2008.
At the same time, however, lower sales volumes pushed operating
profit down. Operating profit as a share of revenue rose to 5.8% from
3.6% a year earlier.
In January-June, the Oil & Mining segment's revenue fell by 18% to
EUR 109.6 million (EUR 134.3 million) due to weak demand. The
currency exchange effect had an approximately EUR 8 million positive
impact on revenue. Operating profit excluding non-recurring items was
EUR 5.2 million (EUR 4.3 million). Variable costs in January-June
were approximately EUR 5 million lower than in January-June in 2008.
Oil & Mining's business is based on Kemira's water competence and
water treatment product range. It offers chemical extraction and
process solutions for the oil and mining industries, where water
plays a central role. Oil & Mining makes use of Kemira's existing
organization, production facilities, and R&D network to strengthen
its presence outside North America.
Tikkurila
Our product range consists of decorative paints and coatings for the
wood and metal industries. We provide consumers, professional
painters, and industrial customers with branded products and expert
services in approximately 40 countries.
EUR million 4-6/2009 4-6/2008 1-6/2009 1-6/2008 1-12/2008
Revenue 162.4 205.7 273.6 350.9 648.1
EBITDA 26.8 34.5 35.3 50.9 78.2
EBITDA, % 16.5 16.8 12.9 14.5 12.1
Operating profit,
excluding 24.5 29.7 28.5 41.4 59.2
non-recurring items
Operating profit 22.1 29.7 26.1 41.4 59.2
Operating profit,
excluding 15.1 14.4 10.4 11.8 9.1
non-recurring items, %
Operating profit, % 13.6 14.4 9.5 11.8 9.1
Capital employed* 308.8 320.3 308.8 320.3 323.6
ROCE %* 14.2 23.3 14.2 23.3 18.3
Capital expenditure,
excluding acquisitions 4.1 7.9 8.3 14.0 32.1
Cash flow after
investments, excluding
interest and taxes 15.2 12.1 -12.3 -3.0 52.2
* 12-month rolling average
Tikkurila's revenue in April-June declined by 21% and totaled
EUR 162.4 million (EUR 205.7 million). The decrease is associated
with the general economic recession, which caused a slowdown in both
new construction and the sales of building materials and resulted in
more sluggish housing sales in all key markets. The currency exchange
effect had an approximately EUR 25 million negative impact on
revenue. Acquisitions had a positive impact on revenue of some EUR 3
million.
Operating profit excluding non-recurring items for April-June was EUR
24.5 million (EUR 29.7 million). Lower sales volumes in particular
pushed operating profit down. The currency exchange effect had an
approximately EUR 3 million negative impact on operating profit.
Variable costs increased by some EUR 7 million compared to the same
period in 2008 but at the same time fixed cost savings improved the
operating profit.
The annual savings target of Tikkurila's cost savings program
launched in January is EUR 25 million. The mandatory co-determination
negotiations in Finland were concluded on April 15, 2009. The
organizational streamlining and savings program will lead to a
reduction of 163 employees in Finland. Savings programs are also
being enforced in other operating countries and cost levels are being
adjusted to lower demand. Due to Tikkurila's cost savings program,
approximately EUR 2.4 million in non-recurring costs was booked in
the second quarter.
The operations of the logistics and service center in Mytishchi near
Moscow, which came on stream in February, have started out well. The
center now houses all of Tikkurila's decorative paints and industrial
paints operations in the Moscow region and features facilities for
customer training. This center will further improve Tikkurila's
customer services in Moscow and the surrounding area.
In May, Tikkurila acquired the remaining 30% of the shares in two St
Petersburg-based industrial coatings companies from their founders
and previous management. OOO Gamma Industrial Coatings manufactures
coatings for the metal industry and OOO Tikkurila Powder Coatings
manufactures powder coatings. Their combined revenue totals
approximately EUR 10.7 million. After the transaction, Tikkurila has
a 100% holding in both companies.
In June, Tikkurila's Swedish subsidiary Alcro-Beckers AB became the
first company to receive the Nordic Ecolabel known as "the Swan" for
its exterior paints. Alcro-Beckers has decided to limit 99% of its
paint selection exclusively to water-borne products by the end of
2010. Tikkurila's target is to develop paints and coatings with a
minimal environmental impact.
Due to lower sales volumes, Tikkurila's revenue in January-June fell
by 22% to EUR 273.6 million (EUR 350.9 million). The currency
exchange effect had an approximately EUR 42 million negative impact
on revenue. Acquisitions had a positive impact on revenue of some EUR
5 million. Operating profit excluding non-recurring items was EUR
28.5 million (EUR 41.4 million). The currency exchange effect had an
approximately EUR 4 million negative impact on operating profit.
Variable costs in January-June were some EUR 14 million higher than
in January-June 2008.
Kemira Oyj's Shares and Shareholders
In January-June, the Kemira Oyj share price registered a high of
EUR 8.30 and a low of EUR 4.26, the average price being EUR 5.84. On
June 30, the company's market capitalization, excluding treasury
shares, totaled EUR 824.1 million.
On June 30, the company's share capital totaled EUR 221.8 million and
the number of registered shares was 125,045,000. Kemira holds
3,854,771 treasury shares, accounting for 3.1% of outstanding company
shares and voting rights.
The Board of Directors' Nomination Committee
Kemira Oyj's Board of Directors has assembled a Nomination Committee
to prepare a proposal for the next Annual General Meeting concerning
the composition and remuneration of the Board of Directors. The
Nomination Committee consists of the representatives of the three
largest shareholders as of May 31, 2009, and the Chairman of Kemira
Oyj's Board of Directors as an expert member. The members of the
Nomination Committee are Jari Paasikivi, Managing Director of Oras
Invest Oy; Kari Järvinen, Managing Director of Solidium Oy; Risto
Murto, Chief Investment Officer, Varma Mutual Pension Insurance
Company; and, as an expert member, Pekka Paasikivi, Chairman of
Kemira's Board of Directors.
Damage Claim for Violation of Competition Laws
It has come to Kemira Oyj's attention that Cartel Damage Claims
Hydrogen Peroxide SA (CDC), commissioned by hydrogen peroxide
industry customers, has filed an action against six hydrogen peroxide
manufacturers, including Kemira, for violations of competition law
applicable to the hydrogen peroxide business in the period
1994--2000. CDC issued a press release to this effect on April 23,
2009. Kemira Oyj has not received a summons.
Outlook
In 2009, Kemira will continue the performance improvement measures
launched earlier. The key focus areas in 2009 will be profitability
improvement and reinforcing cash flow and the balance sheet.
The annual savings target of the announced global cost savings
program is more than EUR 85 million. These savings are expected to be
realized in 2009--2010. Tikkurila accounts for EUR 25 million of the
savings target.
The market situation is challenging in many of Kemira's customer
industries. General economic trends are generating major
uncertainties in customers' and Kemira's business operations.
Kemira's revenue in 2009 is expected to fall compared to 2008 due to
reduced demand in customer industries, especially in Tikkurila and in
pulp and paper chemicals. In 2008, Kemira's operating profit in
continuing business operations, excluding non-recurring items, was
EUR 126.3 million. In 2009, operating profit in continuing business
operations, excluding non-recurring items, is expected to increase
from the previous year's level.
Helsinki, July 29, 2009
Board of Directors
All forward-looking statements in this review are based on the
management's current expectations and beliefs about future events,
and actual results may differ materially from the expectations and
beliefs contained in the forward-looking statements.
KEMIRA GROUP
The figures are unaudited.
All figures in this financial report have been rounded and
consequently the sum of individual figures can deviate from the
presented sum figure.
This Interim Consolidated Financial Statement has been prepared in
compliance with IAS 34.
The accounting policies adopted are consistent with those of the
Group's annual financial statement, added with the following changes.
Changes to the accounting policies as of January 1, 2009:
- IFRS 8 Operating Segments. The adoption of the standard has changed
the way in which segment information is presented. The segment
information in the financial statements changed at the beginning of
2009 owing to the reorganization of the Group. The comparative
figures have been published with separate release March 2009.
- IAS 23 Borrowing costs. The adoption of the amended standard will
mean a change to the consolidated financial statements' accounting
policies but will not have any material effect on the future
financial statements.
- IAS 1 Presentation of Financial Statements. The amendment of the
standard has changed the presentation of the income statement and the
statement of changes in equity.
The following changes of accounting principles have not had effect on
financial statement of the Group:
- Amendment of IFRS 2 Share-based Payment
- Amendments of IAS 1 Presentation of Financial Statements and IAS 32
Financial Instruments: Presentation
- Amendments of IFRS 1 First-time Adoption of IFRS and IAS 27
Consolidated and Separate Financial Statements
- IFRIC 15 Agreements for the Construction of Real Estate
INCOME STATEMENT 4-6/2009 4-6/2008 1-6/2009 1-6/2008 2008
EUR million
Revenue 650.9 741.5 1259.6 1425.1 2832.7
Other operating 4.1 7.6 7.5 21.3 51.5
income
Expenses -572.8 -677.4 -1127.8 -1307.1 -2640.8
Depreciation and -30.8 -32.4 -59.8 -67.0 -169.4
impairments
Operating profit 51.4 39.3 79.5 72.3 74.0
Financial income and
expenses,
net -10.6 -13.9 -26.7 -25.1 -69.5
Share of profit or
loss of
associates -1.2 0.2 -5.0 0.3 -2.7
Profit before tax 39.6 25.6 47.8 47.5 1.8
Income tax -10.1 -6.7 -12.2 -12.6 -
Net profit for the 29.5 18.9 35.6 34.9 1.8
period
Attributable to:
Equity holders of the 28.4 17.6 34.1 32.4 -1.8
parent
Minority interest 1.1 1.3 1.5 2.5 3.6
Net profit for the 29.5 18.9 35.6 34.9 1.8
period
Earnings per share,
basic
and diluted, EUR 0.23 0.15 0.28 0.27 -0.02
STATEMENT OF
COMPREHENSIVE INCOME
EUR million 4-6/2009 4-6/2008 1-6/2009 1-6/2008 2008
Net profit for the 29.5 18.9 35.6 34.9 1.8
period
Other comprehensive
income, net of tax:
Available-for-sale
- change in fair - 59.2 - 59.2 35.3
value
Exchange 10.5 4.2 2.6 -7.2 -74.2
differences
Hedge of net
investment in
foreign entities 0.0 0.4 -0.8 2.3 9.1
Cash flow hedging:
amount entered in
shareholders' 7.7 12.6 5.1 7.3 -22.0
equity
Other changes 0.5 0.2 0.0 0.1 2.1
Other comprehensive
income,
net of tax 18.7 76.6 6.9 61.7 -49.7
Total comprehensive 48.2 95.5 42.5 96.6 -47.9
income
Attributable to:
Equity holders of the 46.1 93.5 40.8 93.7 -49.4
parent
Minority interest 2.1 2.0 1.7 2.9 1.5
Total comprehensive 48.2 95.5 42.5 96.6 -47.9
income
BALANCE SHEET
EUR million
ASSETS 30.6.2009 31.12.2008
Non-current assets
Goodwill 660.2 655.1
Other intangible
assets 107.9 111.6
Property, plant and
equipment 754.2 765.7
Investments
Holdings in
associates 130.6 135.6
Available-for-sale
financial assets 161.3 159.8
Deferred tax assets 14.9 12.7
Other investments 11.9 11.5
Total investments 318.7 319.6
Defined benefit
pension receivables 54.2 54.0
Total non-current
assets 1,895.2 1,906.0
Current assets
Inventories 259.4 319.3
Receivables
Interest-bearing
receivables 5.5 7.6
Interest-free
receivables 517.1 507.4
Total receivables 522.6 515.0
Money market
investments
- cash equivalents 117.2 87.1
Cash and cash
equivalents 44.2 32.3
Total current assets 943.4 953.7
Total assets 2,838.6 2,859.7
EQUITY AND 30.6.2009 31.12.2008
LIABILITIES
Equity attributable
to equity
holders of the
parent 973.7 962.8
Minority interest 17.7 13.2
Total equity 991.4 976.0
Non-current
liabilities
Interest-bearing
non-current
liabilities 1,035.4 609.2
Deferred tax
liabilities 90.5 89.9
Pension liabilities 67.8 67.5
Provisions 60.6 61.8
Total non-current
liabilities 1,254.3 828.4
Current liabilities
Interest-bearing
current liabilities 159.7 559.3
Interest-free current
liabilities 425.4 485.2
Provisions 7.8 10.8
Total current
liabilities 592.9 1,055.3
Total liabilities 1,847.2 1,883.7
Total equity and
liabilities 2,838.6 2,859.7
CONSOLIDATED CASH
FLOW STATEMENT
EUR million 4-6/2009 4-6/2008 1-6/2009 1-6/2008 2008
Cash flows from
operating activities
Adjusted operating 81.0 61.8 135.2 124.3 217.0
profit
Interests and other -13.9 -21.6 -20.8 -32.8 -75.2
financing items
Dividend income 0.2 - 0.2 - 1.0
Income taxes paid -9.6 -14.4 -15.7 -18.6 -23.9
Total funds from 57.7 25.8 98.9 72.9 118.9
operations
Change in net working 52.1 -31.4 -11.2 -58.3 -28.7
capital
Total cash flows from 109.8 -5.6 87.7 14.6 90.2
operating activities
Cash flows from
investing activities
Capital expenditure -3.7 -3.9 -3.7 -3.9 -180.8
for acquisitions
Other capital -23.4 -48.9 -36.1 -87.5 -161.0
expenditure
Proceeds from sale of 1.2 1.7 1.6 11.1 254.3
assets
Net cash used in -25.9 -51.1 -38.2 -80.3 -87.5
investing activities
Cash flow after 83.9 -56.7 49.5 -65.7 2.7
investing activities
Cash flows from
financing activities
Change in non-current
loans
(increase +, -21.8 144.3 38.4 135.1 426.6
decrease -)
Change in non-current
loan receivables
(decrease +, 0.4 -2.6 -0.8 -2.1 -7.1
increase -)
Short-term financing,
net
(increase +, 2.2 -38.5 -10.9 -9.5 -282.1
decrease -)
Dividends paid -33.0 -63.9 -33.0 -63.9 -64.2
Other 4.3 15.3 -1.2 7.7 -9.1
Net cash used in -47.9 54.6 -7.5 67.3 64.1
financing activities
Net change in cash 36.0 -2.1 42.0 1.6 66.8
and cash equivalents
Cash and cash
equivalents at end of 161.4 54.2 161.4 54.2 119.4
period
Cash and cash
equivalents at
beginning of period 125.4 56.3 119.4 52.6 52.6
Net change in cash 36.0 -2.1 42.0 1.6 66.8
and cash equivalents
STATEMENT OF CHANGES IN EQUITY
EUR million
Equity attributable to equity holders of the
parent
Capital
paid-in in Fair value
Share excess of and other
capital par value reserves
Shareholders' equity 221.8 257.9 68.2
at January 1, 2008
Net profit for the - - -
period
Other comprehensive - - 66.4
income, net of tax
Total comprehensive 0.0 0.0 66.4
income
Dividends paid - - -
Share-based - - -
compensations
Transfer between
restricted and
non-restricted - - 0.4
equity
Shareholders' equity 221.8 257.9 135.0
at June 30, 2008
Shareholders' equity 221.8 257.9 81.4
at January 1, 2009
Net profit for the - - -
period
Other comprehensive - - 5.1
income, net of tax
Total comprehensive 0.0 0.0 5.1
income
Dividends paid - - -
Share-based - - -
compensations
Changes due to - - -
business combinations
Transfer between
restricted and
non-restricted - - 0.1
equity
Shareholders' equity 221.8 257.9 86.6
at June 30, 2009
Equity attributable
to equity holders
of the parent
Exchange Treasury Retained
differences shares earnings
Shareholders' equity -41.1 -25.9 591.1
at January 1, 2008
Net profit for the - - 32.4
period
Other comprehensive -5.6 - 0.5
income, net of tax
Total comprehensive -5.6 0.0 32.9
income
Dividends paid - - -60.6
Share-based - - 0.5
compensations
Transfer between
restricted and
non-restricted - - -0.4
equity
Shareholders' equity -46.7 -25.9 563.5
at June 30, 2008
Shareholders' equity -104.6 -25.9 532.2
at January 1, 2009
Net profit for the - - 34.1
period
Other comprehensive 1.5 - 0.1
income, net of tax
Total comprehensive 1.5 0.0 34.2
income
Dividends paid - - -30.3
Share-based - - 0.4
compensations
Changes due to - - -
business combinations
Transfer between
restricted and
non-restricted - - -0.1
equity
Shareholders' equity -103.1 -25.9 536.4
at June 30, 2009
Minority
interests Total
Shareholders' equity 15.3 1,087.3
at January 1, 2008
Net profit for the 2.5 34.9
period
Other comprehensive 0.4 61.7
income, net of tax
Total comprehensive 2.9 96.6
income
Dividends paid -3.3 -63.9
Share-based - 0.5
compensations
Transfer between
restricted and
non-restricted - 0.0
equity
Shareholders' equity 14.9 1,120.5
at June 30, 2008
Shareholders' equity 13.2 976.0
at January 1, 2009
Net profit for the 1.5 35.6
period
Other comprehensive 0.2 6.9
income, net of tax
Total comprehensive 1.7 42.5
income
Dividends paid -2.7 -33.0
Share-based - 0.4
compensations
Changes due to 5.5 5.5
business combinations
Transfer between
restricted and
non-restricted - 0.0
equity
Shareholders' equity 17.7 991.4
at June 30, 2009
Kemira had in its possession 3,854,465 of its treasury shares at
December 31, 2008. 306 shares granted according share-based incentive
plan were returned 2009. Kemira had in its possession 3,854,771 of
its treasury shares at June 30, 2009. Their average acquisition share
price was EUR 6.73 and the treasury shares represented 3.1% of the
share capital and of the aggregate number of votes conferred by all
the shares. The equivalent book value of the treasury shares is EUR
6.8 million.
KEY FIGURES 4-6/2009 4-6/2008 1-6/2009 1-6/2008 2008
Earnings per share,
basic and
diluted, EUR 0.23 0.15 0.28 0.27 -0.02
Cash flow from
operations
per share, EUR 0.90 -0.05 0.72 0.12 0.74
Capital
expenditure, EUR 27.1 52.8 39.8 91.4 341.8
million
Capital expenditure 4.2 7.1 3.2 6.4 12.1
/ revenue, %
Average number of
shares (1000),
basic * 121,190 121,191 121,190 121,191 121,191
Average number of
shares (1000),
diluted * 121,190 121,191 121,190 121,191 121,191
Number of shares at
the end
of the period 121,190 121,191 121,190 121,191 121,191
(1000), basic *
Number of shares at
the end of the
period (1000), 121,190 121,191 121,190 121,191 121,191
diluted *
Equity per share,
attributable to
equity holders of 8.03 9.12 7.94
the parent, EUR
Equity ratio, % 35.0 37.5 34.1
Gearing, % 104.3 99.4 107.5
Interest-bearing net 1,033.7 1,113.5 1,049.1
liabilities, EUR million
Personnel (average) 9,052 10,272 9,954
* Number of shares
outstanding, excluding the
number of shares
bought back.
REVENUE BY BUSINESS 4-6/2009 4-6/2008 1-6/2009 1-6/2008 2008
AREA
EUR million
Paper external 222.2 234.7 446.1 478.2 987.6
Paper Intra-Group -0.6 6.4 0.5 10.6 15.7
Water external 160.4 143.7 311.1 279.5 582.2
Water Intra-Group 0.3 0.7 0.3 1.2 1.5
Oil & Mining 52.3 66.7 109.3 133.7 273.3
external
Oil & Mining 2.9 0.1 0.3 0.6 2.1
Intra-Group
Tikkurila external 162.4 205.7 273.6 350.9 648.1
Tikkurila - - - - -
Intra-Group
Other external 53.6 90.7 119.5 182.8 341.5
Other Intra-Group 18.1 21.1 37.4 45.8 73.3
Eliminations -20.7 -28.3 -38.5 -58.2 -92.6
Total 650.9 741.5 1,259.6 1,425.1 2,832.7
OPERATING PROFIT BY 4-6/2009 4-6/2008 1-6/2009 1-6/2008 2008
BUSINESS AREA
EUR million
Paper 8.0 7.6 15.5 20.0 -2.6
Water 18.2 4.7 28.6 11.3 5.3
Oil & Mining 3.2 2.4 5.2 6.2 1.9
Tikkurila 22.1 29.7 26.1 41.4 59.2
Other -0.1 -4.9 4.1 -6.4 10.1
Eliminations - -0.2 - -0.2 0.1
Total 51.4 39.3 79.5 72.3 74.0
CHANGES IN PROPERTY, PLANT
AND EQUIPMENT 1-6/2009 1-6/2008 2008
EUR million
Carrying amount at 765.7 984.3 984.3
beginning of year
Acquisitions of - - 6.3
subsidiaries
Increases 34.7 73.6 127.9
Decreases -1.7 -3.9 -9.4
Disposal of - -0.5 -168.1
subsidiaries
Depreciation and -48.6 -56.7 -144.5
impairments
Exchange rate
differences and
other changes 4.1 -10.9 -30.8
Net carrying amount 754.2 985.9 765.7
at end of period
CHANGES IN
INTANGIBLE ASSETS 1-6/2009 1-6/2008 2008
EUR million
Carrying amount at 766.7 738.9 738.9
beginning of year
Acquisitions of 2.4 3.1 36.3
subsidiaries
Increases 6.4 14.1 24.3
Decreases - -0.1 -
Disposal of - - -8.1
subsidiaries
Depreciation and -11.2 -10.3 -24.9
impairments
Exchange rate
differences and
other changes 3.8 -4.2 0.2
Net carrying amount 768.1 741.5 766.7
at end of period
CONTINGENT 30.6.2009 31.12.2008
LIABILITIES
EUR million
Mortgages 43.3 43.3
Assets pledged
On behalf of own 5.3 5.2
commitments
Guarantees
On behalf of own 10.3 14.1
commitments
On behalf of 1.1 1.2
associates
On behalf of 9.6 5.5
others
Operating leasing
liabilities
Maturity within 21.8 20.9
one year
Maturity after 125.2 115.0
one year
Other obligations
On behalf of own 1.3 2.6
commitments
On behalf of 1.8 1.9
associates
Major off-balance sheet
investment commitments
There were no major contractual commitments for the
acquisition of property, plant and equipment on June 30,
2009.
Litigation
The Group has extensive international
operations and is involved in a number of legal
proceedings incidental to these operations. The
Group does not expect the outcome of any legal
proceedings currently pending to have
materially adverse effect upon its consolidated
results or financial position.
RELATED PARTY
Transactions with related parties have not
changed materially after annual closing 2008.
DERIVATIVE
INSTRUMENTS
EUR million
30.6.2009 31.12.2008
Nominal Fair Nominal Fair
value value value value
Currency
instruments
Forward contracts 344.7 -1.3 427.6 11.7
of which hedges of
net investment in a
foreign operation - - - -
Currency options
Bought - - - -
Sold - - - -
Currency swaps 27.7 -5.5 27.6 -5.6
Interest rate
instruments
Interest rate swaps 378.8 -7.7 338.8 -6.9
of which cash flow
hedge 317.6 -5.5 304.4 -6.5
Interest rate
options
Bought 110.0 -0.1 110.0 -0.1
Sold - - - -
Bond futures 10.0 -0.2 10.0 -
of which open 10.0 -0.2 10.0 -
Other instruments
GWh GWh
Electricity forward
contracts, bought 1,145.6 -6.6 1,431.5 -10.7
of which cash
flow hedge 1,093.0 -6.0 1,378.9 -9.7
Electricity forward
contracts, sold 52.6 0.6 52.6 1.2
of which cash
flow hedge - - - -
K tons K tons
Natural gas hedging 15.6 -0.6 15.6 -2.0
of which cash
flow hedge 15.6 -0.6 15.6 -2.0
Salt derivatives 160.0 0.3 212.8 2.0
The fair values of the instruments
which are publicly traded are based on
market valuation on the date of
reporting. Other instruments have been
valuated based on net present values
of future cash flows. Valuation models
have been used to estimate the fair
values of options.
Nominal values of the financial
instruments do not necessarily
correspond to the actual cash flows
between the counterparties and do not
therefore give a fair view of the risk
position of the Group.
QUARTERLY
INFORMATION 2008 2008 2008 2008
EUR million Q4 Q3 Q2 Q1
Revenue
Paper external 246.4 263.0 234.7 243.5
Paper Intra-Group 0.4 4.7 6.4 4.2
Water external 146.8 155.9 143.7 135.8
Water Intra-Group 0.2 0.1 0.7 0.5
Oil & Mining
external 66.0 73.6 66.7 67.0
Oil & Mining
Intra-Group 0.6 0.9 0.1 0.5
Tikkurila external 103.5 193.7 205.7 145.2
Tikkurila
Intra-Group - - - -
Other external 64.8 93.9 90.7 92.1
Other Intra-Group 17.1 10.4 21.1 24.7
Eliminations -18.2 -16.2 -28.3 -29.9
Total 627.6 780.0 741.5 683.6
Operating profit
Paper -33.5 10.9 7.6 12.4
Water -13.3 7.3 4.7 6.6
Oil & Mining -7.7 3.4 2.4 3.8
Tikkurila -12.6 30.4 29.7 11.7
Other -1.0 17.5 -4.9 -1.5
Eliminations - 0.3 -0.2 -
Total -68.1 69.8 39.3 33.0
Operating profit, excluding
non-recurring items
Paper 9.8 11.7 7.6 12.4
Water 6.9 7.3 4.6 6.2
Oil & Mining 0.6 3.5 2.4 1.9
Tikkurila -12.6 30.4 29.7 11.7
Other 7.0 3.3 -6.9 -5.0
Eliminations - 0.3 -0.2 -
Total 11.7 56.5 37.2 27.2
QUARTERLY
INFORMATION 2009 2009
EUR million Q2 Q1
Revenue
Paper external 222.2 223.9
Paper Intra-Group -0.6 1.1
Water external 160.4 150.7
Water Intra-Group 0.3 -
Oil & Mining
external 52.3 57.0
Oil & Mining
Intra-Group 2.9 -2.6
Tikkurila external 162.4 111.2
Tikkurila
Intra-Group - -
Other external 53.6 65.9
Other Intra-Group 18.1 19.3
Eliminations -20.7 -17.8
Total 650.9 608.7
Operating profit
Paper 8.0 7.5
Water 18.2 10.4
Oil & Mining 3.2 2.0
Tikkurila 22.1 4.0
Other -0.1 4.2
Eliminations - -
Total 51.4 28.1
Operating profit, excluding
non-recurring items
Paper 8.0 7.5
Water 18.2 10.4
Oil & Mining 3.2 2.0
Tikkurila 24.5 4.0
Other -0.1 4.2
Eliminations - -
Total 53.8 28.1
DEFINITIONS OF KEY FIGURES
Earnings per share (EPS): Equity ratio, %:
Net profit attributable to Total equity x 100 /
equity holders Total assets - prepayments
of the parent / received
Average number of shares
Cash flow from operations: Gearing, %:
Cash flow from operations, Interest-bearing net
after change in liabilities x 100 /
net working capital Total equity
and before investing
activities
Cash flow from operations Interest-bearing net liabilities:
per share: Interest-bearing liabilities -
Cash flow from operations / money market investments -
Average number of shares cash and cash equivalents
Equity per share: Return on capital employed
Equity attributable to equity (ROCE), %:
holders of the parent at Operating profit + share of profit
end of period / or loss of associates x 100 /
Number of shares at (Net working capital +
end of period property, plant and equipment
available for use + intangible
assets + investments in
associates) *
* Average
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