2010-04-22 07:30:00 CEST
2010-04-22 07:31:47 CEST
REGULATED INFORMATION
Huhtamäki Oyj - Interim report (Q1 and Q3)
Interim Report January 1 - March 31, 2010: Volumes and margins stable, improved earnings per share (EPS)
STOCK EXCHANGE RELEASE HUHTAMÄKI OYJ 22.4.2010 AT 8:30
- Group net sales stable but reported sales down due to divestments, and
discontinued operations
- Volume growth achieved in Flexible Packaging, Films and Molded Fiber segments
- Financial charges considerably lower
- Successful cost containment and stable margins contributed to EPS growth
Key figures
EUR million Q1 2010 Q1 2009
Net sales 485.0 506.6
EBIT 30.8 35.0
EBIT margin % 6.4 6.9
EPS 0.19 0.18
ROI % (12m roll.) 9.5 -3.9
Overview
Group net sales stabilized but, as a result of the divestments completed in
2009, the reported net sales were lower than in the corresponding period in
2009. Volumes increased in Flexible Packaging, Films and Molded Fiber.
Foodservice Europe-Asia-Oceania segment's volumes remained stable. North America
continued to experience softer markets, although some recovery was recorded in
the end of the reporting period.
Volume growth contributed positively to earnings. Group earnings before interest
and taxes (EBIT) were lower than prior year due to divestments and the negative
impact of higher raw material costs particularly in Rigid Consumer Goods
Plastics segment. North America segment's profitability was weaker due to soft
volumes, higher marketing costs as well as higher raw material costs.
The financial expense was significantly lower than in the corresponding period
in 2009 due to lower net debt and interest rates. Result before taxes and EPS
improved versus the corresponding period last year.
The strategic review of the remaining Rigid Consumer Goods Plastics operations
is ongoing.
Business review by segment
The sales distribution by segment was following: Flexible Packaging 26% (23%),
Films 8% (8%), North America 23% (25%), Molded Fiber 11% (10%), Foodservice
Europe-Asia-Oceania 21% (19%) and Rigid Consumer Goods Plastics 11% (14%).
Flexible Packaging
Flexibles are used for consumer packaging of a wide range including food, pet
food, hygiene and health care products. The segment serves global markets from
production units in Europe, Asia, Oceania and South America.
EUR million Q1 2010 Q1 2009
Net sales 126.8 120.2
EBIT 9.9 8.8
EBIT margin % 7.8 7.3
RONA % (12m roll.) 9.3 0.4
The segment's volumes and net sales increased during the reporting period versus
the corresponding period in 2009. Both Europe and Asia made a positive
contribution.
The segment's earnings continued on a stable growth path, supported by volume
growth. The adverse impact of increasing raw material prices was largely offset
with a favorable product mix and successful cost containment.
Films
Films are mainly used for technical applications in the label, adhesive tape,
hygiene and health care industries, as well as building and construction,
automotive, packaging and graphic arts industries. The segment serves global
markets from production units in Europe and North America.
EUR million Q1 2010 Q1 2009
Net sales 41.2 41.2
EBIT 2.5 0.5
EBIT margin % 6.1 1.2
RONA % (12m roll.) -0.6 5.7
Films segment's business was restructured and refocused during 2009. The
segment's net sales were on the same level as in the corresponding period in
2009 despite the divestment of the release paper business. Volumes, having
fallen throughout 2009, recovered by nearly twenty per cent in the reporting
period. The recovery in demand was most evident in the market for industrial
applications, although there is a better sentiment in the hygiene and health
care as well as in pressure sensitive markets.
The segment's earnings increase reflected its positive volume development. The
improvement in EBIT was further supported by good operational control and lower
cost base after restructuring and refocusing the business in 2009.
All manufacturing of the divested release paper business in Forchheim, Germany,
was transferred to the buyer, B. Laufenberg GmbH, by the end of the first
quarter of 2010.
North America
The North America segment serves local markets with Chinet® disposable tableware
products, ice-cream containers as well as other consumer goods and foodservice
products. The segment has production in North America and Mexico.
EUR million Q1 2010 Q1 2009
Net sales 113.6 129.1
EBIT 8.4 14.5
EBIT margin % 7.4 11.2
RONA % (12m roll.) 13.3 10.7
The segment's net sales decreased in the reporting period due to the exit of
certain segments of the plastics business and generally weak demand on soft
markets. Some recovery in sales performance was recorded in the end of the
reporting period. Currency translation had a further negative impact on the
segment's reported net sales compared to the corresponding period in 2009.
The earnings in the first quarter 2010 lag those of the corresponding period in
2009, primarily due to more expensive raw materials. Careful cost containment as
well as favorable price and product mix together with margin management efforts
mitigated some of this adverse impact.
The marketing and promotion actions related to Chinet® brand re-launch were
continued in the reporting period but with a lower level of expenditure than in
the fourth quarter of 2009.
Molded Fiber
Recycled molded fiber is used to make fresh product packaging, such as egg and
fruit packaging. The segment has production in Europe, Oceania, Africa and South
America.
EUR million Q1 2010 Q1 2009
Net sales 55.5 48.3
EBIT 4.6 3.8
EBIT margin % 8.3 7.9
RONA % (12m roll.) 10.9 5.3
The segment's net sales increased compared to the corresponding period in the
previous year, mostly as a result of higher market demand and successful price
and product mix management.
Molded Fiber segment's earnings growth reflects good cost containment, efficient
operations and a favorable price and product mix.
Foodservice Europe-Asia-Oceania
Foodservice paper and plastic disposable tableware, such as cups, is supplied to
foodservice operators and fast food restaurants. The segment has production in
Europe, Middle-East, Asia and Oceania.
EUR million Q1 2010 Q1 2009
Net sales 106.0 104.5
EBIT 3.5 2.4
EBIT margin % 3.3 2.3
RONA % (12m roll.) 7.4 -0.6
The segment's net sales were stable compared to the corresponding period in
2009. A minor decrease in volumes was more than compensated by a favorable
impact from currency translations.
The segment's EBIT was supported by good operational control and successful cost
containment.
Rigid Consumer Goods Plastics
Rigid plastic packaging is supplied to fresh food, dairy, ice cream and edible
fats manufacturers in Europe. The segment is under strategic review.
EUR million Q1 2010 Q1 2009
Net sales 53.1 77.7
EBIT 1.1 5.7
EBIT margin % 2.1 7.3
RONA % (12m roll.) 5.6 -59.3
The segment's net sales in the reporting period were lower than in the
corresponding period prior year due to the divestments completed in 2009.
Similarly, the impact of the divestments was reflected in a lower EBIT. More
expensive raw materials compressed the segment's margins.
The strategic review of the remaining operations is ongoing.
Financial review
The Group EBIT in the reporting period was EUR 31 million (EUR 35 million),
corresponding to an EBIT margin of 6.4% (6.9%).
The net financial items were EUR -4 million (EUR -9 million). Tax expense was
EUR 5 million (EUR 5 million).
The result for the reporting period was EUR 22 million (EUR 21 million) and the
earnings per share (EPS) were EUR 0.19 (EUR 0.18). The average number of
outstanding shares used in the EPS calculations was 101,023,681 (100,426,461)
excluding 4,847,089 (5,061,089) of the Company's own shares.
Balance sheet and cash flow
Free cash flow in the reporting period amounted to EUR 7 million (EUR 37
million). Capital expenditure was EUR 10 million (EUR 8 million).
Net debt was EUR 371 million (EUR 561 million) at the end of March 2010. This
corresponds to a gearing ratio of 0.50 (0.77).
Total assets on the balance sheet were EUR 1,877 million (EUR 1,930 million).
Personnel
The Group had 12,923 (14,294) employees at the end of March 2010.
Resolutions of Huhtamäki Oyj's Annual General Meeting of Shareholders
Huhtamäki Oyj's Annual General Meeting of Shareholders (AGM) was held in
Helsinki on March 24, 2010. The meeting adopted the Company's Annual Accounts
and the Consolidated Annual Accounts for 2009 and discharged the members of the
Company's Board of Directors and the CEO from liability. As proposed by the
Board of Directors, dividend for 2009 was set at EUR 0.38 per share compared
with EUR 0.34 paid for the previous year.
Eight members of the Board of Directors were elected for a term which lasts
until the end of the AGM following the election. To the Board of Directors were
re-elected Ms. Eija Ailasmaa, Mr. George V. Bayly, Mr. Rolf Börjesson, Ms.
Siaou-Sze Lien, Mr. Mikael Lilius, Mr. Anthony J.B. Simon and Mr. Jukka
Suominen. Mr. William R. Barker was elected as a new member of the Board of
Directors. The Board of Directors elected Mr. Mikael Lilius as Chairman of the
Board and Mr. Jukka Suominen as Vice-Chairman of the Board. In addition, the
Board of Directors resolved upon members of its committees for a term which
lasts until the end of the AGM following the election.
The Authorized Public Accountant firm Ernst & Young Oy was elected as Auditor of
the Company. Mr. Harri Pärssinen, APA, shall be the Auditor with principal
responsibility.
Short-term risks and uncertainties
Volatile raw material and energy prices as well as movements in currency rates
are considered to be relevant short-term business risks and uncertainties in the
Group's operations. General economic and financial market conditions can also
have an adverse effect on the implementation of the Group's strategy and on its
business performance and earnings.
Outlook for 2010
General economic and market conditions in 2010 remain uncertain. The Group is in
a good financial position to address growth opportunities in stronghold segments
when they arise. Capital expenditure is expected to be higher than in 2009 but
below EUR 100 million.
Financial reporting in 2010
Huhtamaki will publish the interim report for January 1 - June 30, 2010 on July
22 and January - September on October 21.
Espoo, April 21, 2010
Huhtamäki Oyj
Board of Directors
For further information, please contact:
Mr. Jukka Moisio, CEO, tel. +358-10-686 7801
Mr. Timo Salonen, CFO, tel. +358-10-686 7880
Ms. Marika Lindell, Group Investor Relations Manager, tel. +358-10-686 7818 or
mobile +358-50-577 4019
Ms. Minna Kylänpää, Head of Group Communications, tel. +358-10-686 7863
A news conference for analysts and media will be held at 11:00 Finnish time at
the head office, address Keilaranta 10, Espoo, Finland. CEO Jukka Moisio and CFO
Timo Salonen will present the results, after which a buffet lunch is served. A
conference call for analysts and investors will start at 14:00 Finnish / 12:00
UK / 07:00 New York time with a management presentation, followed by a question
and answer session. To participate, please dial one of the following numbers
5-10 minutes prior to the call start:
- Number for participants from Finland: 0923 114 173
- Number for participants outside of Finland: +44 (0) 1452 555 566
- Conference ID: 67554454
All results materials will be available at www.huhtamaki.com. The results
presentation slides will be online approximately at 11:00 Finnish time. A replay
of the conference call in the form of an audio webcast will be available during
the same evening.
Huhtamäki Oyj
January 1 - March 31, 2010
Group income statement (IFRS)
Unaudited
Q1 Q1 Q1-Q4
EUR million 2010 2009 2009
Net sales 485.0 506.6 2,037.7
Cost of goods sold -407.1 -420.2 -1,699.1
Gross profit 77.9 86.4 338.6
Other operating income 5.5 3.6 19.0
Sales and marketing -17.7 -17.8 -75.7
Research and development -4.0 -4.0 -16.5
Administration costs -27.3 -30.1 -120.8
Other operating expenses -3.6 -3.1 -25.5
-47.1 -51.4 -219.5
Earnings before interest and taxes 30.8 35.0 119.1
Financial income 1.5 3.3 24.1
Financial expenses -5.5 -12.3 -49.9
Income of associated companies 0.1 0.2 0.6
Result before taxes 26.9 26.2 93.9
Income taxes -4.6 -5.2 -20.4
Result for the period 22.3 21.0 73.5
Attributable to:
Equity holders of the parent company 21.2 20.4 71.1
Non-controlling interest 1.1 0.6 2.4
EPS (EUR) from result for the period 0.21 0.20 0.71
EPS (EUR) attributable to hybrid bond investors 0.02 0.02 0.08
EPS (EUR) attributable to equity holders of the parent 0.19 0.18 0.63
company
Diluted:
EPS (EUR) from result for the period 0.21 0.20 0.71
EPS (EUR) attributable to hybrid bond investors 0.02 0.02 0.08
EPS (EUR) attributable to equity holders of the parent 0.19 0.18 0.63
company
Group statement of comprehensive income (IFRS)
Q1 Q1 Q1-Q4
EUR million 2010 2009 2009
Result for the period 22.3 21.0 73.5
Other comprehensive income:
Translation differences 24.7 10.4 0.7
Fair value and other reserves -0.7 -3.1 1.2
Income tax related to components of other 0.2 0.7 -0.5
comprehensive income
Other comprehensive income, net of tax 24.2 8.0 1.4
Total comprehensive income 46.5 29.0 74.9
Attributable to:
Equity holders of the parent company 45.1 28.3 72.3
Non-controlling interest 1.4 0.7 2.6
Group statement of financial position (IFRS)
Unaudited
Mar 31 Dec 31 Mar 31
EUR million 2010 2009 2009
ASSETS
Non-current assets
Goodwill 400.0 394.8 406.0
Other intangible assets 32.7 32.7 35.0
Tangible assets 622.7 604.2 672.9
Investments in associated 2.7 2.5 2.2
companies
Available for sale 2.0 1.9 1.9
investments
Interest bearing 11.6 11.0 0.1
receivables
Deferred tax assets 16.6 16.5 14.6
Employee benefit assets 61.4 57.9 64.7
Other non-current assets 4.1 3.0 4.3
1,153.8 1,124.5 1,201.7
Current assets
Inventory 269.8 236.1 299.4
Interest bearing 19.5 19.4 0.6
receivables
Current tax assets 4.1 9.1 7.8
Trade and other current 341.5 305.5 356.9
receivables
Cash and cash equivalents 88.1 64.0 63.3
723.0 634.1 728.0
Total assets
1,876.8
1,758.6 1,929.7
EQUITY AND LIABILITIES
Share capital 360.6 360.6 358.7
Premium fund 106.8 106.8 104.7
Treasury shares -44.5 -46.5 -46.5
Translation differencies -105.6 -130.0 -120.2
Fair value and other -4.8 -4.3 -7.3
reserves
Retained earnings 332.9 354.8 347.1
Total equity attributable 645.4 641.4 636.5
to equity holders of the
parent company
Non-controlling interest 23.4 20.2 19.0
Hybrid bond 75.0 75.0 75.0
Total equity 743.8 736.6 730.5
Non-current liabilities
Interest bearing 297.9 294.3 471.4
liabilities
Deferred tax liabilities 46.6 42.5 32.5
Employee benefit 104.8 102.8 105.0
liabilities
Provisions 57.3 55.9 58.3
Other non-current 4.8 5.4 8.3
liabilities
511.4 500.9 675.5
Current liabilities
Interest bearing
liabilities
- Current portion of long 66.4 67.3 26.9
term loans
- Short term loans 125.9 101.1 127.1
Provisions 4.9 6.0 7.7
Current tax liabilities 7.9 10.9 7.5
Trade and other current 416.5 335.8 354.5
liabilities
621.6 521.1 523.7
Total liabilities 1,133.0 1,022.0 1,199.2
Total equity and 1,876.8 1,758.6 1,929.7
liabilities
Mar 31 Dec 31 Mar 31
2010 2009 2009
Net debt 371.0 368.3 561.4
Net debt to equity 0.50 0.50 0.77
(gearing)
Statement of changes in equity
Unaudited
Attributable to equity holders Mino- Hybrid To-
of the parent company rity tal
Share Sha- Trea- Trans- Fair Retai- Total inte- bond equity
capi- re sury lation value ned rest
tal issue sha- diff. and earn-
pre- res other ings
mium reser-
EUR million ves
Balance at Dec
31, 2008 358.7 104.7 -46.5 -130.5 -5.0 327.5 608.9 18.4 75.0 702.3
Dividend - - -
Share-based 0.5 0.5 0.5
payments
Total
comprehensive 10.3 -2.3 20.3 28.3 0.7 29.0
income for the
year
Other changes -1.2 -1.2 -0.1 -1.3
Balance at Mar
31, 2009 358.7 104.7 -46.5 -120.2 -7.3 347.1 636.5 19.0 75.0 730.5
Balance at Dec
31, 2009 360.6 106.8 -46.5 -130.0 -4.3 354.8 641.4 20.2 75.0 736.6
Dividend -38.5 -38.5 -38.5
Share-based 2.0 -1.7 0.3 0.3
payments
Interest on -2.7 -2.7 -2.7
Hybrid Bond
Total 24.4 -0.5 21.2 45.1 1.4 46.5
comprehensive
income for the
year
Other changes -0.2 -0.2 1.8 1.6
Balance at Mar
31, 2010 360.6 106.8 -44.5 -105.6 -4.8 332.9 654.4 23.4 75.0 743.8
Group cash flow statement (IFRS)
Unaudited
Q1 Q1 Q1-Q4
EUR million 2010 2009 2009
Result for the period* 22.3 21.0 73.5
Adjustments* 23.6 31.8 134.2
- Depreciation, amortization and impairment* 19.8 21.7 88.6
- Gain on equity of minorities* -0.1 -0.2 -0.6
- Gain/loss from disposal of assets* -2.1 -0.5 5.7
- Financial expense/-income* 4.0 8.9 25.8
- Income tax expense* 4.6 5.2 20.4
- Other adjustments, operational* -2.6 -3.3 -5.7
Change in inventory* -22.9 2.6 58.3
Change in non-interest bearing receivables* -13.3 19.2 50.4
Change in non-interest bearing payables* 7.7 -22.0 -28.3
Dividends received* 0.1 0.1 0.5
Interest received* 1.1 0.4 2.2
Interest paid* -4.5 -8.8 -21.0
Other financial expense and income* -0.1 -0.1 -2.3
Taxes paid* 0.7 -2.1 -12.5
Net cash flows from operating activities 14.7 42.1 255.0
Capital expenditure* -10.2 -8.0 -52.9
Proceeds from selling fixed assets* 2.6 3.0 5.9
Divested subsidiaries - - 69.0
Proceeds from long-term deposits 1.6 0.4 1.3
Payment of long-term deposits -1.3 -0.4 -11.4
Proceeds from short-term deposits 2.4 2.4 13.7
Payment of short-term deposits -1.7 -0.7 -29.2
Net cash flows from investing -6.6 -3.3 -3.6
Proceeds from long-term borrowings 93.5 179.8 599.3
Repayment of long-term borrowings -91.1 -184.4 -785.2
Proceeds from short-term borrowings 200.4 64.3 333.8
Repayment of short-term borrowings -189.7 -104.7 -363.3
Dividends paid - - -34.1
Hybrid bond interest - - -7.9
Proceeds from stock options exercised - - 4.1
Net cash flows from financing 13.1 -45.0 -253.3
Change in liquid assets 24.1 -4.5 -3.8
Cash flow based 21.2 -6.2 -1.9
Translation difference 2.9 1.7 -1.9
Liquid assets period start 64.0 67.8 67.8
Liquid assets period end 88.1 63.3 64.0
Free cash flow (including figures marked with *) 7.1 37.1 208.0
NOTES FOR THE INTERIM REPORT
Except for accounting policy changes listed below, the same accounting policies
have been applied in the interim financial statements as in annual financial
statements for 2009.
Changes in accounting principles
The Group has adopted the following IFRS standards and interpretations
considered applicable to Huhtamaki, with effect from January 1, 2010:
- Revised IFRS 3 Business Combination.
- Amended IAS 27 Consolidated and Separate Financial Statements.
- Amended IAS 39 Financial Instruments: Recognition and Measurement - Eligible
Hedged Items.
- IFRIC 17 Distribution of Non-cash Assets to Owners.
- IFRIC 18 Transfers of Assets from Customers.
- Improvements to IFRSs (April 2009).
- IFRS 2 Share-based Payment: Group Cash-settled Share-based Payment
Transactions.
- Amendment IAS 32 Financial Instruments: Presentation - Classification of
Rights Issues.
These newly adopted standards have not had impact on the reported results.
Segments
Segment information is presented according to the IFRS standards. Items below
EBIT - financial items and taxes - are not allocated to the segments.
Net sales
Q1 Q4 Q3 Q2 Q1 Q1-Q4
EUR million 2010 2009 2009 2009 2009 2009
Flexible Packaging 126.4 109.5 114.0 118.2 119.7 461.4
- Intersegment net sales 0.4 0.7 0.8 0.8 0.6 2.9
Films 40.0 32.1 40.4 38.3 40.0 150.8
- Intersegment net sales 1.2 0.7 0.9 0.8 1.2 3.6
North America 112.8 116.5 128.3 152.1 128.1 525.0
- Intersegment net sales 0.8 0.7 1.0 1.0 1.0 3.7
Molded Fiber 55.4 56.6 51.6 51.0 48.3 207.5
- Intersegment net sales 0.1 -0.6 0.4 0.3 0.0 0.1
Foodservice Europe-Asia-Oceania 100.7 103.8 111.2 117.8 97.1 429.9
- Intersegment net sales 5.3 4.3 5.0 3.0 7.4 19.7
Rigid Consumer Goods Plastics 49.7 57.7 61.6 70.4 73.4 263.1
- Intersegment net sales 3.4 4.2 4.9 5.7 4.3 19.1
Elimination of intersegment net sales -11.2 -10.0 -13.0 -11.6 -14.5 -49.1
Total 485.0 476.2 507.1 547.8 506.6 2,037.7
EBIT
Q1 Q4 Q3 Q2 Q1 Q1-Q4
EUR million 2010 2009 2009 2009 2009 2009
Flexible Packaging 9.9 7.2 7.6 4.8 8.8 28.4
Films (1 2.5 -1.3 1.5 -3.4 0.5 -2.7
North America 8.4 2.9 14.5 23.6 14.5 55.5
Molded Fiber 4.6 4.8 4.7 4.3 3.8 17.6
Foodservice Europe-Asia-Oceania 3.5 0.7 6.8 6.4 2.4 16.3
Rigid Consumer Goods Plastics (2 1.1 -6.6 4.5 6.0 5.7 9.6
Other activities 0.8 -1.2 -1.0 -2.7 -0.7 -5.6
Total (3 30.8 6.5 38.6 39.0 35.0 119.1
1) Q2 and Q1-Q4 2009 includes non-recuring charges MEUR 3.8.
2) Q4 and Q1-Q4 2009 includes non-recuring charges MEUR 10.1.
3) Q4 2009 includes non-recuring charges MEUR 10.1, Q2 2009 includes
non-recuring charges MEUR 3.8, Q1-Q4 2009 includes non-recuring charges MEUR
13.9.
EBITDA
Q1 Q4 Q3 Q2 Q1 Q1-Q4
EUR million 2010 2009 2009 2009 2009 2009
Flexible Packaging 14.6 12.6 12.1 9.3 13.3 47.3
Films 3.9 0.3 3.0 -2.0 2.1 3.4
North America 12.9 7.7 20.4 29.4 19.8 77.3
Molded Fiber 7.6 8.6 7.5 7.0 6.5 29.6
Foodservice Europe-Asia-Oceania 8.2 6.7 11.9 11.0 7.2 36.8
Rigid Consumer Goods Plastics 2.4 -4.8 6.3 8.5 8.1 18.1
Other activities 1.0 -0.9 -0.9 -2.5 -0.5 -4.8
Total 50.6 30.2 60.3 60.7 56.5 207.7
Depreciation and amortization
Q1 Q4 Q3 Q2 Q1 Q1-Q4
EUR million 2010 2009 2009 2009 2009 2009
Flexible Packaging 4.7 5.4 4.5 4.5 4.5 18.9
Films 1.4 1.6 1.5 1.4 1.6 6.1
North America 4.5 4.8 5.9 5.8 5.3 21.8
Molded Fiber 3.0 3.8 2.8 2.7 2.7 12.0
Foodservice Europe-Asia-Oceania 4.7 6.0 5.1 4.6 4.8 20.5
Rigid Consumer Goods Plastics 1.3 1.8 1.8 2.5 2.4 8.5
Other activities 0.2 0.3 0.1 0.2 0.2 0.8
Total 19.8 23.7 21.7 21.7 21.5 88.6
Net assets allocated to the segments(4
Q1 Q4 Q3 Q2 Q1
EUR million 2010 2009 2009 2009 2009
Flexible Packaging 320.4 305.5 311.5 325.8 342.2
Films 119.3 111.0 117.5 125.2 135.8
North America 385.1 364.8 365.8 370.8 393.9
Molded Fiber 174.2 166.0 167.1 169.9 170.4
Foodservice Europe-Asia-Oceania 228.2 225.7 236.8 246.6 241.7
Rigid Consumer Goods Plastics 76.8 72.6 103.3 103.8 137.3
4) Following statement of financial position items are included in net assets:
intangible and tangible assets, other non-current assets, inventories, trade and
other current receivables (excluding accrued interest income), other non-current
liabilities and trade and other current liabilities (excluding accrued interest
expense).
Capital expenditure
Q1 Q4 Q3 Q2 Q1 Q1-Q4
EUR million 2010 2009 2009 2009 2009 2009
Flexible Packaging 2.2 3.3 2.3 3.2 2.1 10.9
Films 0.4 0.4 0.2 0.3 0.2 1.1
North America 2.9 6.5 6.5 2.8 1.0 16.8
Molded Fiber 1.2 3.7 0.7 0.8 1.6 6.8
Foodservice Europe-Asia-Oceania 3.0 5.1 2.7 1.4 2.3 11.5
Rigid Consumer Goods Plastics 0.4 2.1 1.6 1.0 0.8 5.5
Other activities 0.1 0.1 0.0 0.2 0.0 0.3
Total 10.2 21.2 14.0 9.7 8.0 52.9
RONA, % (12m roll.)
Q1 Q4 Q3 Q2 Q1
2010 2009 2009 2009 2009
Flexible Packaging 9.3% 8.8% 1.4% 0.3% 0.4%
Films -0.6% -2.2% -1.0% 0.7% 5.7%
North America 13.3% 14.8% 14.3% 13.0% 10.7%
Molded Fiber 10.9% 10.5% 6.8% 6.1% 5.3%
Foodservice Europe-Asia-Oceania 7.4% 6.9% 0.2% -0.2% -0.6%
Rigid Consumer Goods Plastics 5.6% 9.2% -85.6% -67.9% -59.3%
Operating Cash Flow
Q1 Q4 Q3 Q2 Q1 Q1-Q4
EUR million 2010 2009 2009 2009 2009 2009
Flexible Packaging 1.2 21.1 17.3 23.4 20.0 81.8
Films -4.8 5.0 8.4 8.2 1.9 23.5
North America 12.6 8.9 9.6 22.9 14.5 55.9
Molded Fiber 2.3 6.1 4.3 8.6 -0.6 18.4
Foodservice Europe-Asia-Oceania -0.3 9.6 18.3 7.1 -2.1 32.9
Rigid Consumer Goods Plastics 4.2 4.7 7.9 11.1 0.7 24.4
Reportable segments net sales and EBIT forms Groups' total net sales and EBIT,
so no reconciliations to corresponding amounts are presented.
Other information
Q1 Q1 Q1-Q4
EUR million 2010 2009 2009
Equity per share (EUR) 6.37 6.34 6.35
ROE, % (12m roll.) 10.2 -13.3 10.1
ROI, % (12m roll.) 9.5 -3.9 9.6
Personnel
12,923 14,294 12,900
Result before taxes (12m 94.6 -105.0 93.9
roll.)
Depreciation 18.2 20.0 82.6
Amortization of other 1.6 1.5 5.9
intangible assets
Share capital and shareholders
At the end of March 2010, the Company's registered share capital was EUR
360,615,288.00 (358,657,670.00) corresponding to a total number of outstanding
shares of 106,063,320 (105,487,550) including 4,847,089 (5.061.089) Company's
own shares. The Company's own shares had the total accountable par value of EUR
16,480,102.60, representing 4.6% of the total number of shares and voting
rights. The amount of outstanding shares net of Company's own shares was
101,216,231 (100,426,461).
There were 25,840 (22,186) registered shareholders at the end of the reporting
period. Foreign ownership including nominee registered shares accounted for
23.6% (23.0%).
Share developments
The Company's share is quoted on the NASDAQ OMX Helsinki Ltd on the Nordic Mid
Cap list under the Materials sector.
At the end of March 2010, the Company's market capitalization was EUR 855.9
million (EUR 540.1 million) and EUR 816.8 million (EUR 514.2 million) excluding
Company's own shares.
With a closing price of EUR 8.07 (EUR 5.12) the share price decreased by 17%
(increased 16%) from the beginning of the year, while the OMX Helsinki Cap PI
Index increased by 14% (-13%) and the OMX Helsinki Materials PI Index increased
by 11% (-34%). During the reporting period the volume weighted average price for
the Company's share was EUR 8.67 (EUR 5.32). The highest price paid was EUR
10.19 on Jan 11, 2010 and the lowest price paid was EUR 7.72 on Feb 12, 2010.
During the reporting period the cumulative value of the Company's share turnover
was EUR 219.6 million (EUR 83.9 million). The trading volume of 25.3 million
(15.7 million) shares equaled an average daily turnover of EUR 3.5 million (EUR
1.4 million) or, correspondingly 408,701 (253,101) shares.
In total, turnover of the Company's 2006 A and B option rights was EUR 142,165
corresponding to a trading volume of 115,626.
Contingent liabilities
Mar 31 Dec 31 Mar 31
2010 2009 2009
EUR million
Mortgages 14.5 14.5 14.5
Guarantee obligations 0.4 2.5 2.7
Lease payments 53.1 54.0 49.5
Capital expenditure commitments 16.2 10.2 13.0
Nominal values of derivative instruments
Mar 31 Dec 31 Mar 31
2010 2009 2009
EUR million
Currency forwards, transaction risk hedges 32 25 55
Currency forwards, translation risk hedges 24 29 24
Currency swaps, financing hedges 127 123 97
Currency options 2 3 -
Interest rate swaps 173 167 187
Electricity forwards 1 1 -
The following EUR rates have been applied to GBP, INR, AUD and USD
Q1/10 Q1/09
Income statement, average: GBP 1 = 1.128 1.101
INR 1 = 0.016 0.015
AUD 1 = 0.653 0.509
USD 1 = 0.723 0.768
Q1/10 Q1/09
Balance sheet, month end: GBP 1 = 1.124 1.074
INR 1 = 0.017 0.015
AUD 1 = 0.678 0.520
USD 1 = 0.742 0.751
Definitions for key indicators
EPS from the result for the period = Result for the period - non-controlling
interest / Average number of shares outstanding
EPS from the result for the period (diluted) = Diluted result for the period -
non-controlling interest / Average fully diluted number of shares outstanding
EPS attributable to hybrid bond investors = Hybrid bond interest / Average
number of shares outstanding
EPS attributable to hybrid bond investors (diluted) = Hybrid bond interest /
Average fully diluted number of shares outstanding
EPS attributable to equity holders of the parent company = Result for the period
- non-controlling interest - hybrid bond interest / Average number of shares
outstanding
EPS attributable to equity holders of the parent company (diluted) = Diluted
result for the period - non-controlling interest - hybrid bond interest /
Average fully diluted number of shares outstanding
Net debt to equity (gearing) = Interest bearing net debt / Equity +
non-controlling interest + hybrid bond
RONA, % = 100 x Earnings before interest and taxes (12 m roll.) / Net assets (12
m roll.)
Operating cash flow = Ebit + depreciation and amortization (including
impairment) - capital expenditures + disposals +/- change in inventories, trade
receivables and trade payables
Shareholders' equity per share = Total equity attributable to equity holders of
parent company / Issue-adjusted number of shares at period end
Return on equity (ROE) = 100 x (Result for the period ) (12 m roll.) / Equity +
non-controlling interest + hybrid bond (average)
Return on investment (ROI) = 100 x (Result before taxes + interest expenses +
net other financial expenses) (12 m roll.) / Statement of financial position
total - Interest-free liabilities (average)
[HUG#1406557]
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