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2011-02-11 08:00:00 CET 2011-02-11 08:01:01 CET REGULATED INFORMATION Tikkurila Oyj - Financial Statement ReleaseTikkurila's Financial Statement Release, January 1-December 31, 2010 - Revenue increased and operating profit improved clearlyTikkurila Oyj Stock Exchange Release February 11, 2011 at 9:00 a.m. (CET+1) Full year 2010 highlights * Revenue for 2010 increased by 11.0 percent in comparison to the previous year and was EUR 588.6 million (2009: EUR 530.2 million). * Operating profit (EBIT) excluding non-recurring items was EUR 59.7 (50.2) million, i.e. 10.1 (9.5) percent of revenue. * Cash flow after capital expenditure was EUR 51.4 (45.3) million. * EPS was EUR 0.83 (0.63). * The Board proposes a dividend of EUR 0.70 per share, which corresponds to about 84 percent of Group's 2010 earnings per share. October-December 2010 highlights * Revenue for the last quarter increased by 15.1 percent in comparison to the previous year and was EUR 113.3 million (10-12/2009: EUR 98.4 million). * Operating loss (EBIT) excluding non-recurring items was EUR -1.4 (-4.6) million, i.e. -1.2 (-4.7) percent of revenue. * EPS was EUR -0.10 (-0.05). Key Figures (EUR million) 10-12/2010 10-12/2009 Change % 1-12/2010 1-12/2009 Change % ------------------------------------------------------------------------------- Income statement Revenue 113.3 98.4 15.1% 588.6 530.2 11.0% Operating profit (EBIT), excluding non- recurring items -1.4 -4.6 69.7% 59.7 50.2 19.0% Operating profit (EBIT) margin, excluding non- recurring items, % -1.2% -4.7% 10.1% 9.5% Operating profit (EBIT) -1.0 -4.6 77.5% 60.8 47.7 27.3% Operating profit (EBIT) margin, % -0.9% -4.7% 10.3% 9.0% Profit before tax -3.8 -6.4 40.4% 52.0 35.7 45.5% Net profit -4.4 -2.2 -104.6% 36.5 27.8 31.4% Other key indicators EPS*, EUR -0.10 -0.05 -100.0% 0.83 0.63 31.7% ROCE, % p.a. 19.2% 15.7% 19.2% 15.7% Cash flow after capital expenditure 14.0 6.9 101.1% 51.4 45.3 13.4% Net interest- bearing debt at period-end 78.6 129.5 -39.3% Gearing, % 41.4% 90.0% Equity ratio, % 41.1% 35.7% Personnel at period-end 3,468 3,538 -2.0% * As calculated by using the amount of shares outstanding of 44,108,252. Comments by President and CEO Erkki Järvinen"I am happy with the year 2010. Our revenue grew thanks to higher sales volumes and exchange rate fluctuations. Taking into account the cost pressures related to raw materials, I consider our improved profitability to be our biggest achievement of the year. In line with our medium-term target, 2010's operating profit margin increased to 10 percent. Our gearing clearly decreased, while return on capital employed improved. Our efforts were supported by economic recovery in our main markets, our strong product and service selection and improved efficiency in our operations. We want to thank our customers, partners and employees for the good results. Among our strategic business units, the biggest growth was seen in East and Scandinavia, where sales volumes improved significantly and operating profits grew by nearly one third from last year. In these areas we succeeded in transferring the increased raw material costs to our sales prices. SBU Central Eastern Europe's profitability was clearly weaker than that of the other business units. This is due to the tough competition in the area, as well as the higher relative share of industrial coatings. In addition, many units in the area are in the start-up phase. We aim to improve our position in Central Eastern Europe by enhancing the cost-efficiency of our operations, as well as through organic growth and selected acquisitions. Our main challenges last year were related to the price and availability of raw materials. We are now focusing on securing sufficient raw material deliveries by expanding our delivery network where possible and adapting our raw material base where applicable." Outlook for 2011 GDP growth is expected to continue in the key market areas of the Tikkurila Group in 2011. Further raw material cost increases are predicted. The suppliers for the paint industry will probably not be able to fully match the increasing demand, due to some of the capacity shutdowns carried out during the recession. In 2011, Tikkurila expects revenue growth to exceed the average GDP growth in Tikkurila's main market areas. In spite of the rising raw material prices, Tikkurila expects EBIT margin as a percentage of revenue to stay at the same level as in 2010. These estimates are based on the assumption that foreign exchange rates will stay close to the end of 2010 level and that the gradual economic recovery of Tikkurila's key markets will continue. The estimates are also based on Tikkurila's current business structure. Board of Directors' proposal for the distribution of profit Tikkurila Oyj's retained earnings totaled EUR 71.1 million on December 31, 2010. The Board proposes to the Annual General Meeting that a dividend of EUR 0.70 per share will be distributed for the year ended on December 31, 2010 and that the rest be retained in the unrestricted equity. The proposed dividend totals EUR 30.9 million, which corresponds to approximately 84 percent of the Group's net profit for 2010. Disclosing procedures of financial reviews Tikkurila Oyj follows the new disclosure procedure enabled by Standard 5.2b published by the Finnish Financial Supervision Authority, and from now on discloses relevant information (i.e. information likely to have a material effect on the value of Tikkurila's share price) related to its periodic information reviews via Stock Exchange Release. Tikkurila's Financial Statement Release is attached to this release and is also available on company's website at www.tikkurilagroup.com/fi. Press conference and conference call Tikkurila will hold a press conference about its Financial Statement Release for 2010 for the media and analysts today on February 11, 2011 starting at 12.00 noon Finnish time at hotel Kämp's Mirror Room (address: Pohjoisesplanadi 29, 00100 Helsinki). The conference will be held in Finnish. Attendees will be served lunch in connection with the conference, starting at 11.30 am Finnish time. The Financial Statements will be presented by Erkki Järvinen, President and CEO, and Jukka Havia, CFO. A conference call in English will be held at 3.00 pm Finnish time. Participants will be asked for their full name and conference ID, which is 42448865. In order to participate in the conference call, please dial in 5-10 minutes before the beginning of the event as follows: From Finland (free call): 0800 112 363 From Russia (free call): 8108 002 097 2044 From Sweden (free call): 0200 890 171 From USA (free call): 1866 966 9439 From UK (free call): 0800 694 0257 UK Standard International (all countries): +44 (0) 1452 555 566 A stock exchange release and presentation material will be available before the events at www.tikkurilagroup.com/investors. A recording of the conference call will be available on Tikkurila's website later. Tikkurila Oyj Erkki Järvinen, President and CEO For further information, please contact: Erkki Järvinen, President and CEO Mobile +358 400 455 913,erkki.jarvinen@tikkurila.com Jukka Havia, CFO Mobile +358 50 355 3757,jukka.havia@tikkurila.com Susanna Aaltonen, Group Vice President, Communications & IR Mobile +358 40 593 4221,susanna.aaltonen@tikkurila.com Tikkurila provides consumers, professionals and the industry with user-friendly and environmentally sustainable solutions for protection and decoration. Tikkurila is a strong regional player that aims to be the leading paint company in the Nordic area and Eastern Europe including Russia. - Tikkurila inspires you to color your life. www.tikkurila.com [HUG#1487823] |
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