2013-06-18 08:00:00 CEST
2013-06-18 08:00:06 CEST
REGULATED INFORMATION
YIT - Company Announcement
YIT publishes ifrs comparative information for continuing operations
Helsinki, Finland, 2013-06-18 08:00 CEST (GLOBE NEWSWIRE) -- YIT Corporation
STOCK EXCHANGE RELEASE June 18, 2013 at 9:00
a.m.
YIT PUBLISHES IFRS COMPARATIVE INFORMATION FOR CONTINUING OPERATIONS
The Extraordinary General Meeting of YIT Corporation, held on June 17, 2013,
has approved the demerger of YIT. The planned registration date for the
demerger is June 30, 2013. The shares of Caverion Corporation have been
applied for public trading from July 1, 2013 onwards on NASDAQ OMX Helsinki
Ltd.
The IFRS comparative information for YIT's continuing operations for 2012 and
the first quarter of 2013
YIT's continuing operations consist of the Group's Construction Services
business. The comparative information presented in this release will be shown
as corresponding figures in YIT's future interim reports and financial
statements. The IFRS comparative information differs from the non-IFRS
information for YIT's continuing operations published on May 21, 2013.
The comparative information shall furthermore consider the demerger to take
place on the demerger's implementation date (estimate June 30, 2013). Until
then, the occurrences of YIT's Building Services business to be transferred to
Caverion Corporation are disclosed as a separate line item under discontinued
operations in YIT's income and cash flow statement. The balance sheet is not
adjusted in the official comparative information compliant with IFRS; rather,
it will also include the items associated with the Building Services business,
thus corresponding to the previously reported balance sheet of YIT Corporation.
Due to this, the balance sheet disclosed as comparative information does not,
in this respect, illustrate the financial position of the continuing
operations.
Accounting method applied to comparative information
The IFRS comparative information disclosed in this release has been drawn up in
accordance with the International Financial Reporting Standard adopted in the
European Union. The share belonging to the Building Services business is shown
under discontinued operations in the income statement and cash flow statement.
Expences and income related to assets and liabilities transferred to Caverion
Corporation have been allocated to discontinued operations in the income
statement. Balance sheet reference periods prior to the demerger include in
accordance with IFRS 5, the assets and liabilities related to the Building
Services business to be transferred to Caverion Corporation in connection with
the implementation of the demerger. As such, the balance sheet does not
illustrate the financial position of the continuing operations. Accordingly,
this release does not show key figures calculated on the basis of the balance
sheet.
The information in this release is unaudited.
1. KEY FIGURES
1.1 Quarterly development of the Group based on segment reporting (percentage
of completion, POC)
1-3/13 1-3/12 4-6/12 7-9/12 10-12/1 1-12/12
2
--------------------------------------------------------------------------------
Continuing operations
--------------------------------------------------------------------------------
Revenue, EUR million 452.0 444.4 488.9 470.3 555.4 1,959.0
--------------------------------------------------------------------------------
Operating profit, EUR 35.9 37.2 43.4 52.5 68.0 201.1
million
--------------------------------------------------------------------------------
% of revenue 7.9 8.4 8.9 11.2 12.2 10.3
--------------------------------------------------------------------------------
Profit before taxes, EUR 30.6 30.2 35.7 44.6 59.1 169.6
million
--------------------------------------------------------------------------------
Profit for the review 23.4 22.9 28.9 35.1 43.8 130.7
period, EUR million,
continuing operations 1)
--------------------------------------------------------------------------------
Discontinued operations
--------------------------------------------------------------------------------
Profit for the review 2.2 11.0 11.7 13.5 1.3 37.4
period, EUR million 1),
discontinued operations
--------------------------------------------------------------------------------
Profit for the review 25.6 33.9 40.6 48.6 45.0 168.1
period, EUR million 1),
Continuing and
discontinued operations,
total
--------------------------------------------------------------------------------
Reconciliation to IFRS
--------------------------------------------------------------------------------
IFRIC 15 adjustment2) -0.5 2.6 6.2 -2.5 4.3 10.6
--------------------------------------------------------------------------------
Profit for the review 22.9 25.5 35.1 32.6 48.0 141.2
period, continuing
operations IFRS1),
--------------------------------------------------------------------------------
Profit for the review 2.2 10.9 11.6 13.6 1.3 37.6
period, EUR million 1),
discontinued operations,
IFRS
--------------------------------------------------------------------------------
Profit for the review 25.1 36.4 46.7 46.2 49.3 178.6
period, EUR million 1),
Continuing and
discontinued operations,
total, IFRS
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
-
Key figures, segment
reporting
--------------------------------------------------------------------------------
Earnings/share, continuing 0.19 0.18 0.23 0.28 0.35 1.04
operations, EUR 1)
--------------------------------------------------------------------------------
Earnings/share, EUR 1), 0.01 0.09 0.09 0.11 0.01 0.30
discontinued operations
--------------------------------------------------------------------------------
Earnings/share, EUR 1), 0.20 0.27 0.32 0.39 0.36 1.34
Continuing and
discontinued operations,
total
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Earnings/share, diluted, 0.19 0.18 0.23 0.28 0.35 1.04
continuing operations,
EUR
--------------------------------------------------------------------------------
Earnings/share, diluted, 0.01 0.09 0.09 0.11 0.01 0.30
discontinued operations,
EUR
--------------------------------------------------------------------------------
Earnings/share, diluted, 0.20 0.27 0.32 0.39 0.36 1.34
continuing and
discontinued operations,
total, EUR
--------------------------------------------------------------------------------
Order backlog at end of 2,710.2 2,570.9 2,686.6 2,748.4 2,765.1 2,765.1
period, EUR million
--------------------------------------------------------------------------------
Average number of 6,658 6,508 6,813 6,860 6,741 6,730
personnel
--------------------------------------------------------------------------------
Personnel at the end of 6,689 6,505 7,001 6,756 6,691 6,691
period
--------------------------------------------------------------------------------
1) Attributable to equity holders of the parent company
2) IFRIC 15 adjustment allocated to continuing operations
1.2 Revenue by business segment
EUR million 1-3/13 1-3/12 4-6/12 7-9/12 10-12/1 1-12/12
2
--------------------------------------------------------------------------------
Construction Services Finland 326.0 329.5 347.9 308.9 342.6 1,329.0
--------------------------------------------------------------------------------
International Construction 119.0 107.9 133.4 153.3 205.0 599.6
Services
--------------------------------------------------------------------------------
Other items 7.0 7.0 7.6 8.1 7.8 30.5
--------------------------------------------------------------------------------
Revenue in total, segment 452.0 444.4 488.9 470.3 555.4 1,959.0
reporting
--------------------------------------------------------------------------------
IFRIC 15 adjustment -6.4 0.1 34.4 -11.7 7.1 29.9
--------------------------------------------------------------------------------
Revenue in total, IFRS 445.6 444.5 523.3 458.6 562.5 1,988.9--------------------------------------------------------------------------------
1.3 Operating profit by business segment
EUR million 1-3/13 1-3/12 4-6/12 7-9/12 10-12/1 1-12/1
2 2
--------------------------------------------------------------------------------
Construction Services Finland 26.5 31.4 33.5 28.9 40.2 134.1
--------------------------------------------------------------------------------
International Construction 11.6 9.7 14.1 25.7 31.0 80.4
Services
--------------------------------------------------------------------------------
Other items -2.2 -3.9 -4.2 -2.1 -3.2 -13.4
--------------------------------------------------------------------------------
Operating profit total, segment 35.9 37.2 43.4 52.5 68.0 201.1
reporting
--------------------------------------------------------------------------------
1.4 Operating profit margin by business segment
% 1-3/13 1-3/12 4-6/12 7-9/12 10-12/12 1-12/12
--------------------------------------------------------------------------------
Construction Services Finland 8.1 9.5 9.6 9.3 11.7 10.1
--------------------------------------------------------------------------------
International Construction 9.8 9.0 10.6 16.7 15.1 13.4
Services
--------------------------------------------------------------------------------
1.5 Order backlog by business segment
EUR million 3/13 3/12 6/12 9/12 12/12
--------------------------------------------------------------------------------
Construction Services Finland 1,424.9 1,428.0 1,499.9 1,541.0 1,499.0
--------------------------------------------------------------------------------
International Construction Services 1,285.3 1,142.9 1,186.7 1,207.4 1,266.1
--------------------------------------------------------------------------------
Order backlog total, segment 2,710.2 2,570.9 2,686.6 2,748.4 2,765.1
reporting
--------------------------------------------------------------------------------
IFRIC 15 adjustment 335.7 419.8 363.9 443.4 343.5
--------------------------------------------------------------------------------
Order backlog total, IFRS 3,045.9 2,990.7 3,050.5 3,191.8 3,108.6
--------------------------------------------------------------------------------
1.6 Operative invested capital*)
EUR million 3/13 3/12 6/12 9/12 12/12
----------------------------------------------------------------------
Construction Services Finland 584.2 552.1 515.3 546.8 581.7
----------------------------------------------------------------------
International Construction Services 718.7 651.8 655.7 703.8 708.3
----------------------------------------------------------------------
1.7 Return on operative invested capital*)
last 12 months, % 3/13 3/12 6/12 9/12 12/12
------------------------------------------------------------------
Construction Services Finland 22.7 24.6 25.0 24.3 23.5
------------------------------------------------------------------
International Construction Services 12.0 6.1 6.5 10.5 12.3
------------------------------------------------------------------
*) Only operational items are taken into account in calculating the segments'
invested capital.
2. GROUP REPORTING, IFRS
2.1 YIT Group figures by quarter, IFRS
1-3/13 1-3/12 4-6/12 7-9/12 10-12/1 1-12/12 2
--------------------------------------------------------------------------------
Continuing operations
--------------------------------------------------------------------------------
Revenue, EUR million 445.6 444.5 523.3 458.6 562.5 1,988.9
--------------------------------------------------------------------------------
Other operating income -409.4 -402.3 -470.7 -408.7 -488.6 -1,770.3
and expenses
--------------------------------------------------------------------------------
Depreciation, -5.2 -5.1 -5.1 -5.4 -5.0 -20.6
amortisation and
impairment
--------------------------------------------------------------------------------
Operating profit, EUR 31.0 37.2 47.4 44.5 68.9 198.0
million
--------------------------------------------------------------------------------
% of revenue 7.0 8.4 9.1 9.7 12.2 10.0
--------------------------------------------------------------------------------
Financial income, EUR 0.4 1.1 2.7 0.0 0.8 4.6
million
--------------------------------------------------------------------------------
Exchange rate -0.1 -0.9 -1.5 -1.4 -1.7 -5.5
differences, EUR million
--------------------------------------------------------------------------------
Financial expenses, EUR -1.0 -3.5 -4.6 -1.9 -3.3 -13.3
million
--------------------------------------------------------------------------------
Profit before taxes, EUR 30.3 33.9 44.0 41.2 64.7 183.8
million
--------------------------------------------------------------------------------
% of revenue 6.8 7.6 8.4 9.0 11.5 9.2
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Income taxes -7.4 -7.9 -9.2 -8.3 -16.0 -41.5
--------------------------------------------------------------------------------
Profit for the review 22.9 25.9 34.8 32.9 48.7 142.3
period, continuing
operations
--------------------------------------------------------------------------------
% of revenue 5.1 5.8 6.6 7.2 8.7 7.2
--------------------------------------------------------------------------------
Equity holders of the 22.9 25.5 35.1 32.6 48.0 141.2
parent company
--------------------------------------------------------------------------------
Non-controlling interest 0.0 0.4 -0.3 0.3 0.7 1.1
--------------------------------------------------------------------------------
Discontinued operations
--------------------------------------------------------------------------------
Profit for the review 2.2 11.4 11.7 14.1 1.9 40.1
period, EUR million
discontinued operations
--------------------------------------------------------------------------------
Equity holders of the 2.2 10.9 11.7 13.6 1.3 37.4
parent company
--------------------------------------------------------------------------------
Non-controlling interest 0.0 0.1 0.0 -0.1 0.1 0.1
--------------------------------------------------------------------------------
Profit for the review 25.1 36.9 46.5 46.4 50.1 179.8
period, EUR million
Continuing and
discontinued operations,
total
--------------------------------------------------------------------------------
Equity holders of the 25.1 36.4 46.7 46.2 49.3 178.6
parent company
--------------------------------------------------------------------------------
Non-controlling interest 0.0 0.5 -0.3 0.2 0.8 1.2
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Earnings/share, 0.18 0.20 0.28 0.26 0.38 1.13
continuing operations,
EUR 1)
--------------------------------------------------------------------------------
Earnings/share, EUR 1), 0.02 0.09 0.09 0.11 0.02 0.30
discontinued operations
--------------------------------------------------------------------------------
Earnings/share, EUR 1), 0.20 0.29 0.37 0.37 0.39 1.43
Continuing and
discontinued operations,
total
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Earnings/share, diluted, 0.18 0.20 0.28 0.26 0.38 1.13
continuing operations,
EUR
--------------------------------------------------------------------------------
Earnings/share, diluted, 0.02 0.09 0.09 0.11 0.02 0.30
discontinued operations,
EUR
--------------------------------------------------------------------------------
Earnings/share, diluted, 0.20 0.29 0.37 0.37 0.40 1.43
continuing and
discontinued operations,
total, EUR
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Gross capital 8.8 6.0 6.5 7.9 8.0 28.4
expenditure, continuing
operations, EUR million
--------------------------------------------------------------------------------
% of revenue 2.0 1.4 1.2 1.7 1.4 1.4
--------------------------------------------------------------------------------
Unrecognised order 3,045.9 2,990.7 3,050.5 3,191.8 3,108.6 3,108.6
backlog at end of
period, EUR million
--------------------------------------------------------------------------------
Personnel at the end of 6,689 6,505 7,001 6,756 6,691 6,691
period
--------------------------------------------------------------------------------
2.2 Consolidated balance sheet, IFRS
EUR million 3/13 3/12 6/12 9/12 12/12
--------------------------------------------------------------------------------
Assets
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Non-current assets
--------------------------------------------------------------------------------
Tangible assets 107.5 110.9 108.1 109.7 110.6
--------------------------------------------------------------------------------
Goodwill 346.6 347.5 347.5 346.6 346.6
--------------------------------------------------------------------------------
Other intangible assets 58.5 61.1 62.3 62.7 61.8
--------------------------------------------------------------------------------
Shares in associated companies 0.5 3.2 0.6 0.4 0.6
--------------------------------------------------------------------------------
Other investments 3.3 3.9 3.8 3.1 3.4
--------------------------------------------------------------------------------
Other receivables 4.8 7.8 6.7 6.4 6.3
--------------------------------------------------------------------------------
Deferred tax receivables 53.3 64.4 53.7 55.9 49.8
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Current assets
--------------------------------------------------------------------------------
Inventories 1,956.9 1,774.8 1,769.5 1,858.5 1,901.5
--------------------------------------------------------------------------------
Trade and other receivables 982.5 1,037.3 1,114.3 1,118.2 1,015.5
--------------------------------------------------------------------------------
Cash and cash equivalents 130.3 209.3 169.5 150.0 175.7
--------------------------------------------------------------------------------
Total assets 3,644.3 3,620.2 3,635.8 3,711.4 3,671.6
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Equity and liabilities
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Equity attributable to equity
holders of the parent company
--------------------------------------------------------------------------------
Share capital 149.2 149.2 149.2 149.2 149.2
--------------------------------------------------------------------------------
Other equity 794.0 711.1 744.1 808.9 856.7
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Non-controlling interest 1.0 2.9 2.2 2.5 3.3
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total equity 944.2 863.3 895.5 960.6 1,009.2
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Non-current liabilities
--------------------------------------------------------------------------------
Deferred tax liabilities 95.8 75.9 77.5 82.6 89.4
--------------------------------------------------------------------------------
Pension obligations 45.2 63.3 59.1 55.5 52.4
--------------------------------------------------------------------------------
Provisions 49.6 55.1 61.7 52.9 48.5
--------------------------------------------------------------------------------
Borrowings 459.7 564.1 549.9 541.7 517.1
--------------------------------------------------------------------------------
Other liabilities 37.3 49.8 42.6 40.0 32.6
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Current liabilities
--------------------------------------------------------------------------------
Advances received 597.7 518.7 558.1 593.6 566.6
--------------------------------------------------------------------------------
Trade and other liabilities 860.7 965.7 918.1 892.9 896.1
--------------------------------------------------------------------------------
Provisions 44.6 63.2 50.7 56.1 54.9
--------------------------------------------------------------------------------
Current borrowings 509.6 401.1 422.7 435.6 404.9
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total equity and liabilities 3,644.3 3,620.2 3,635.8 3,711.4 3,671.6
--------------------------------------------------------------------------------
2.3 Consolidated cash flow statement
EUR million 1-3/13 1-3/12 4-6/12 7-9/12 10-12/ 1-12/1
12 2
--------------------------------------------------------------------------------
Cash flow from operating
activities
--------------------------------------------------------------------------------
Net profit for the financial 22.9 25.9 34.8 32.9 48.7 142.3
year
--------------------------------------------------------------------------------
Reversal of accrual-based items 12.6 23.2 24.0 13.7 24.8 85.7
--------------------------------------------------------------------------------
Change in working capital
--------------------------------------------------------------------------------
Change in current receivables -2.1 -40.3 -5.8 10.4 42.1 6.4
--------------------------------------------------------------------------------
Change in inventories -39.6 -46.9 -37.5 -62.3 -51.4 -198.0
--------------------------------------------------------------------------------
Change in current liabilities 18.7 57.1 61.9 14.1 -39.5 93.6
--------------------------------------------------------------------------------
Change in working capital, total -23.0 -30.1 18.6 -37.7 -48.8 -98.0
--------------------------------------------------------------------------------
Interest paid -10.1 -10.2 -9.3 -4.4 -6.6 -30.4
--------------------------------------------------------------------------------
Other financial items, net -1.6 -4.4 -0.6 -1.9 0.3 -6.6
--------------------------------------------------------------------------------
Interest received 0.3 0.7 0.6 0.5 1.4 3.2
--------------------------------------------------------------------------------
Taxes paid -3.9 -13.1 -2.5 -3.4 -5.1 -24.1
--------------------------------------------------------------------------------
Discontinued operations -1.0 11.0 -15.2 -25.4 79.0 49.3
--------------------------------------------------------------------------------
Net cash generated from -3.6 3.0 50.4 -25.6 93.7 121.5
operating activities
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cash flow from investing
activities
--------------------------------------------------------------------------------
Purchases of property, plant and -2.4 -3.7 -4.5 -7.3 -6.0 -21.5
equipment
--------------------------------------------------------------------------------
Purchases of intangible assets -1.2 -2.5 -2.3 -0.7 -2.0 -7.5
--------------------------------------------------------------------------------
Proceeds from sale of shares in 2.9 2.9
associated companies
--------------------------------------------------------------------------------
Proceeds from sale of tangible 1.0 0.0 2.2 0.3 1.3 3.8
and intangible assets
--------------------------------------------------------------------------------
Sale of investments 0.1 0.1
--------------------------------------------------------------------------------
Discontinued operations -1.2 -5.8 -3.2 -0.1 0.3 -8.8
--------------------------------------------------------------------------------
Net cash used in investing -3.9 -11.9 -7.8 -4.9 -6.4 -31.2
activities
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Operating cash flow after -7.5 -9.0 42.6 -30.5 87.3 90.4
investments
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cash flow from financing
activities
--------------------------------------------------------------------------------
Change in loan receivables 2.4 -8.1 -3.7 5.5 -7.6 -13.9
--------------------------------------------------------------------------------
Change in current liabilities 57.2 28.6 21.9 14.3 -99.6 -34.9
--------------------------------------------------------------------------------
Proceeds from borrowings 50.0 50.0 50.0 150.0
--------------------------------------------------------------------------------
Repayment of borrowings -5.3 -55.3 -60.3 -5,6 -0,5 -121,6
--------------------------------------------------------------------------------
Payments of financial leasing -0.1 -0.1 0.0 -0.1 0.0 -0.2
debts
--------------------------------------------------------------------------------
Dividends paid -87.9 -88.1 -88.1
--------------------------------------------------------------------------------
Discontinued operations -3.7 -3.5 -4.0 -3.8 -4.2 -15.5
--------------------------------------------------------------------------------
Net cash used in financing -37.4 11.6 -84.2 10.3 -61.9 -124.2
activities
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net change in cash and cash -44.9 2.6 -41.6 -20.2 25.4 -33.9
equivalents
--------------------------------------------------------------------------------
Cash and cash equivalents at 174.6 204.8 209.3 167.6 149.3 204.8
beginning of period
--------------------------------------------------------------------------------
Change in the fair value of cash 0.6 2.0 0.0 1.9 -0.1 3.8
equivalents
--------------------------------------------------------------------------------
Cash and cash equivalents at end 130.3 209.3 167.6 149.3 174.6 174.6
of period
--------------------------------------------------------------------------------
2.4 Exceptional items affecting operating profit
EUR million 1-3/13 1-3/12 4-6/12 7-9/12 10-12/12 1-12/12
--------------------------------------------------------------------------------
International Construction 7.0 7.0
Services
--------------------------------------------------------------------------------
Total 7.0 7.0
--------------------------------------------------------------------------------
The operating profit for International Construction Services for the third
quarter of 2012 was improved by the cancellation of a EUR 7 million cost
provision due to the ammonia issue in St. Petersburg. YIT made a provision of
EUR 10 million during the third quarter of 2011 to cover the costs of
rectifying the problem.
The registration document according to the Finnish Securities Markets Act,
which includes information on Caverion and its business and financial position,
as well as the securities note and summary (together with the registration
document the “Prospectus”) related to the partial demerger disclosed by YIT on
February 5, 2013 and the shares to be given as demerger consideration in
connection with the partial demerger, have been available as of June 5, 2013 on
YIT's website at www.yit.fi/sijoittajat. The unofficial English translation of
the Prospectus has been available as of June 5, 2013 on YIT's website at
www.yitgroup.com/investors.
For further information, please contact:
Timo Lehtinen, Chief Financial Officer, YIT Corporation, tel. +358 45 670 0626,
timo.lehtinen@yit.fi
Hanna-Maria Heikkinen, Vice President, Investor Relations, YIT Corporation,
tel. +358 20 433 2635, hanna-maria.heikkinen@yit.fi
YIT Corporation
Hanna-Maria Heikkinen
Vice President, Investor Relations
Distribution: NASDAQ OMX, principal media, www.yitgroup.com
YIT is a leading European service company in building systems, construction
services and services for industry. Our 25,000 professionals serve customers in
14 countries in the Nordic and Baltic countries, Russia and Central Europe. For
over one hundred years we have grown together with our customers and developed
our services in line with the changes taking place in different societies. We
intend to continue on that track. Our vision is to lead the way in creating and
maintaining good living environments. In 2012, YIT's revenue was approximately
EUR 4.7 billion. YIT's shares are listed on the NASDAQ OMX Helsinki.
www.yitgroup.com
DISCLAIMER
This announcement is not an offer of securities for sale in any jurisdiction.
No securities are being registered under the US Securities Act of 1933 and may
not be offered or sold in the United States absent registration or an exemption
from registration. No public offering of securities is being made in the
United States.
This release includes forward-looking statements. These forward-looking
statements include, but are not limited to, all statements other than
statements of historical facts contained in this communication, including,
without limitation, those regarding the demerger plan and its execution. By
their nature, forward looking statements involve known and unknown risks,
uncertainties and other factors because they relate to events and depend on
circumstances that may or may not occur in the future. Such statements are
based on numerous assumptions and may differ materially from (and be
significantly more negative than) those made in, or suggested by, the
forward-looking statements contained in this release.
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