2013-02-14 14:00:01 CET
2013-02-14 14:00:10 CET
REGULATED INFORMATION
Honkarakenne Oyj - Financial Statement Release
HONKARAKENNE OYJ’S FINANCIAL STATEMENT RELEASE 1 JANUARY - 31 DECEMBER 2012
HONKARAKENNE OYJ FINANCIAL STATEMENT RELEASE 14 February 2013 at 3:00 p.m.
HONKARAKENNE OYJ'S FINANCIAL STATEMENT RELEASE 1 JANUARY - 31 DECEMBER 2012
SUMMARY
In 2012 the net sales and the result were lower than previous year. During the
last quarter of the year Honkarakenne made major decisions concerning
production and organization structure aiming for better result and growth.
September - December 2012
-- Honkarakenne Group's consolidated net sales for the last quarter of the
year amounted to MEUR 13.9 (MEUR 13.6 in 2011),
representing an increase over the same period the previous year of 2 %
-- Operating loss was MEUR -3.0 (MEUR -0.2). Operating profit/loss without
non-recurring items was MEUR 0.5 (MEUR -0.2)
-- Loss before taxes was MEUR -2.7 (MEUR -0.4)
-- Earnings per share amounted to EUR -0.66 (EUR -0.10)
Year 2012
-- Honkarakenne Group's consolidated net sales for the entire year was MEUR
46.2,
representing a reduction over the same period the previous year of 16 %
-- Operating loss was MEUR -4.3 (MEUR 1.9). Operating loss before
non-recurring items was MEUR -0.7 (MEUR 1.6)
-- Loss before taxes was MEUR -4.4 (MEUR 1.1)
-- Earnings per share amounted to EUR
-0.90 (EUR 0.17)
Honkarakenne started negotiations under the act on co-operation in the fourth
quarter of 2012. These negotiations were concluded in January 2013 and resulted
in decisions to consolidate production in Karstula and implement Finland-wide
redundancies. Consequently, a total of MEUR 3.5 in non-recurring expenses were
recognised in the 2012 financial year, of which MEUR 1.9 were accounted for by
write-offs and restructuring provisions for the maintenance of a
soon-to-be-closed business location and MEUR 1.6 by provisions for
redundancies.
The Board of Directors proposes to the Annual General Meeting that no dividend
be paid for the financial year ended 31 December 2012. In addition, the Board
proposes the repayment of capital totalling EUR 0.08 per share from the fund
for invested unrestricted equity.
In year 2013 Honkarakenne expects its net sales to be at same level than in
previous year and the result before non-recurring items and taxes to be close
to zero.
KEY INDICATORS 10-12/ 10-12/ 1-12/ 1-12/ muutos
2012 2011 2012 2011 %
Net sales, MEUR 13.9 13.6 46.2 55.0 -16.1
Operating profit/loss, MEUR -3.0 -0.2 -4.3 1.9
Operating profit before non-recurring 0.5 -0.2 -0.8 1.6
items, MEUR
Profit/loss before taxes, MEUR -2,8 -0.4 -4.4 1.1
Average number of personnel 257 265
Personnel in person-years, average 198 220
Earnings/share (EPS), EUR -0.66 -0.10 -0.90 0.17
Equity ratio, % 47 53
Return on equity, % -28 5
Shareholders' equity/share, EUR 2.7 3.7
Gearing, % 11 35
Mikko Kilpeläinen, President and CEO of Honkarakenne Oyj, in connection with
the financial statement release:
“2012 was a very challenging year in terms of net sales. The order book was
small at the beginning of the year. This impacted on net sales, particularly in
the early months of the year. Net sales fell significantly short of 2011.
Growth in the order book during the first half of the year was reflected in net
sales during the second half, which saw a substantial improvement.
We implemented a major operational restructuring process in the fourth quarter.
We reorganised our business areas and appointed a new Executive Group to
develop the company's operating model in order to support sales growth in the
main business areas. We combined functions to boost efficiency and enable even
more customer-oriented service. After the negotiations under the act on
co-operation were concluded in January 2013, we decided to consolidate
production at the Karstula plant and reduce the number of employees to a level
commensurate with our net sales performance. This resulted in non-recurring
expenses that burden earnings. In spite of these expenses, the company's
financial position has remained good.
In 2013, our Finnish operations will focus on the detached house market and
growth in sales of holiday homes in association with the S Group. We will
develop our operational structure to boost efficiency, particularly in Finland.
A new dirctor was appointed for the Russia & CIS business area in January 2013.
The new operating model is expected to generate growth in this region.”
NET SALES
Honkarakenne Group's net sales for the year 2012 decreased by 16 per cent to
MEUR 46.2 (MEUR 55.0).
The Group's last-quarter net sales in 2012 increased by 2 per cent to MEUR 13.9
(MEUR 13.6).
Geographical distribution of net sales:
DEVELOPMENT OF SALES
Distribution of 1-12 1-12
net sales, % /2012 /2011
Finland & Baltics 41% 45%
Russia & CIS 32% 25%
Global Markets 27% 30%
Total 100% 100%
Net sales, MEUR 10-12 10-12 % muutos 1-12 1-12 % muutos
/2012 /2011 /2012 /2011
Finland & Baltics 4.1 5.1 -24 19.0 24.5 -22
Russia & CIS 6.7 4.0 68 14.7 13.9 6
Global Markets 3.1 4.5 -32 12.5 16.6 -25
Total 13.9 13.7 46.2 55.0 -16
Finland & Baltics includes the following countries: Finland, Estonia, Latvia
and Lithuania. It includes also Process waste sales for recycling which was
reported separately before. The impact of Process waste sales for recycling in
distribution of net sales was 1 percentage point in 1-12/2012 and 3 percentage
points in 1-12/2011 in Finland & Baltics. The impact in net sales 10-12/2012
and 10-12/2011 is MEUR 0.2 and 1-12/2012 it is MEUR 0.7 and 1-12/2011 it is
MEUR 1.5.
Russia & CIS includes the following countries: Russia, Azerbaijan, Kazakhstan,
Ukraine and other CIS countries.
Global Markets includes other countries than above-mentioned.
The Group's order book stood at MEUR 15.9 at the end of December. In the
previous year at the same time period it was MEUR 13.6.
DEVELOPMENT OF RESULT AND PROFITABILITY
Operating loss in 2012 was MEUR -4.3 (MEUR 1.9), and result before taxes was
MEUR -4.4 (MEUR 1.1). The result includes a MEUR 1.6 provision for redundancies
and a total of MEUR 1.9 in write-offs and restructuring provisions for the
maintenance of a soon-to-be-closed business location. Earnings in 2011 were
improved by non-recurring capital gains of MEUR 0.3 from the sale of a holding
in Karjalan Lisenssisaha Invest Oy.
Operating loss without non-recurring items in January-December was MEUR -0.8
(MEUR 1.6). The change in the operating result without non-recurring items was
due to lower net sales than in 2011, as well as investments in marketing,
training the Group's sales network, and developing operations in Japan.
FINANCING AND INVESTMENTS
In the course of the period under review, the financial position of the Group
remained satisfactory due to low investments and good control of working
capital. The equity ratio stood at 47% (53%) and net financial liabilities at
MEUR 1.5 (MEUR 6.1). MEUR 2.0 (0.8) of the financial liabilities carry a 30%
equity ratio covenant term. Group liquid assets totalled MEUR 4.8 (MEUR 2.6).
The Group also has a MEUR 8.0 (MEUR 10.0) bank overdraft facility, MEUR 0.0
(MEUR 0.8) of which had been drawn on at the end of the report period. Gearing
stood at 11 % (35 %).
The Group's capital expenditure on fixed assets totalled MEUR 0.9 (MEUR 1.0),
while the Group's depreciation amounted to MEUR 4.8 (MEUR 3.3), including MEUR
1.8 (0.0) in non-recurring write-offs of fixed assets.
PRODUCTS AND MARKETING
In Finland & Baltics, our operations in 2012 focused on the detached house
market by launching revamped design lines. In the fourth quarter, Honkarakenne
started co-operation with the S Group in the sale of holiday homes with Mainio
brand. Finnish operations were restructured.
In Russia & CIS, we improved the coverage of our sales network with the
addition of new retailers. We reorganised our operating structure in the
fourth quarter. After the end of the review period, we bolstered this business
area by appointing a new sales manager.
In Global Markets, our operations in the report year focused on large
individual project sites that are expected to be realised in 2013. We launched
a new building collection in Japan. Its marketing highlighted Finnish and
Japanese designers and architects.
During the report year, we implemented several measures covering all of our
market areas. We honed the customer focus of our house collection by revamping
their designs and carried out a global website redesign according to the
strategy. In addition, we launched a sales training programme for the Group's
global sales network.
RESEARCH AND DEVELOPMENT
In the third quarter, Honkarakenne was granted PEFC certification, which
indicates that the company employs a PEFC-approved mechanism for tracking the
origin of timber.
In the January-December period, the Group's R&D expenditure totalled MEUR 0.4
(MEUR 0.5), representing 0.9 % of net sales (1.0 %). The Group did not
capitalise any development expenditure during the report period.
STAFF AND MANAGEMENT
In 2012, the Group employed a total of 198 (220) people on average in terms of
person-years, a year-on-year decrease of 22.
The Group had an average of 257 (265) employees during the report year. At the
end of 2012, the Group had 248 (261) employees.
In January, the company concluded the negotiations under the act on
co-operation. As a result 49 persons were laid off for an indefinite period.
The company had an authorisation for temporary employee layoffs for other
personnel of a maximum of 90 days that was in effect until the end of September
2012. As a result of the negotiations under the act on co-operation that were
held in September, the company was authorised to temporarily lay off personnel
for a maximum of 90 days until the end of April 2013. The negotiations under
the act on co-operation started in November and concluded in January, after the
end of the report year. As a result of these negotiations, the company decided
to consolidate production in Karstula and to make 68 employees redundant. It
was agreed that the company's other personnel in Finland can be temporarily
laid off for a maximum of 90 days until the end of September 2013.
The company's CEO, Esa Rautalinko, resigned on 27 January 2012. On 2 February
2012, the Board of Directors appointed the company's CFO, Mikko Jaskari, as
acting CEO. On 7 May 2012, the Board appointed Mikko Kilpeläinen as the new
CEO. Mikko Kilpeläinen took up his new position on 1 August 2012.
On 25 October 2012, Honkarakenne's Board of Directors appointed a new Executive
Group, which consists of the following persons: Mikko Kilpeläinen, CEO, Mikko
Jaskari, CFO, Sami Leinonen, Finland & Baltics, Pekka Elo, Global Markets,
Sanna Wester, Marketing, Planning and R&D, and Reijo Virtanen, Operations. In
addition, Petr Morinov was appointed as the sales manager responsible for
Russia & CIS on 30 January 2013.
HONKARAKENNE OYJ'S 2012 ANNUAL GENERAL MEETING, BOARD OF DIRECTORS, AND AUDITORS
The Annual General Meeting (AGM) of Honkarakenne Oyj was held at the company's
headquarters in Tuusula on 30 March 2012. The AGM confirmed the financial
statements of the parent company and Group, and discharged from liability the
board members and CEO for 2011. The AGM decided that no dividends be paid for
the 2011 financial year. The AGM decided that a repayment of capital totalling
EUR 0.08 per share be paid from the fund for invested unrestricted equity.
Anders Adlercreutz, Lasse Kurkilahti, Mauri Saarelainen, Marko Saarelainen,
Mauri Niemi, Teijo Pankko, and Pirjo Ruuska were re-elected to the Board of
Directors. The Board's organisation meeting elected Lasse Kurkilahti the
Chairman of the Board. Mauri Saarelainen was appointed to the post of Deputy
Chairman. Board of Directors decided not to set up any committees.
KPMG Oy Ab, Corporation of Authorized Public Accountants, was reappointed as
auditor of the company with Mr Reino Tikkanen, APA, as chief auditor.
HONKARAKENNE OYJ'S OWN SHARES AND AUTHORISATIONS OF THE BOARD OF DIRECTORS
Honkarakenne has not acquired its own shares during the report period. At the
end of the report period, the Group held 364,385 of its Honkarakenne B shares
with a total purchase price of EUR 1,381,750.23. These shares represent 7.05 %
of the company's capital stock and 3.35 % of all votes. The purchase cost has
been deducted from shareholders' equity in the consolidated financial
statements.
On 30 March 2012, the AGM decided that the Board of Directors will be
authorised to acquire a maximum of 400,000 of the company's own B shares with
assets included in the company's unrestricted equity. In addition, the AGM
authorised the Board to decide on a rights issue or bonus issue and on granting
special rights to shares referred to in Section 1 of Chapter 10 of the Limited
Liability Companies Act in one or more instalments. By virtue of the
authorisation, the Board may issue a maximum total of 400,000 new shares and/or
relinquish old B shares held by the company, including those shares that can be
issued by virtue of special rights. Both authorisations will be valid until 25
March 2013. The Board did not exercise these authorisations in 2012.
TRANSFERRING THE RESERVE FUND'S ASSETS TO THE FUND FOR INVESTED UNRESTRICTED
EQUITY
As decided in the AGM on 30 March 2012 the reserve fund recognised on the
balance sheet on 31 December 2011 has been reduced by the sum of EUR
5,316,389.64, by transferring all of the reserve fund's assets to the fund for
invested unrestricted equity. The transfer of the reserve fund's assets to the
fund for invested unrestricted equity enhances the flexibility of the company's
capital structure and increases distributable equity.
OWNERSHIP CHANGES IN GROUP COMPANIES
On 29 March 2012 Honkarakenne redeemed the shares of Honka Management Oy
previously owned by Esa Rautalinko based on the shareholders' agreement. Even
before this redeeming Honkarakenne Oyj has had control of Honka Management Oy
based on the shareholders' agreement and the company has also previously been
included in the consolidated financial statements.
CORPORATE GOVERNANCE
Honkarakenne Oyj follows the Limited Liability Companies Act and the Finnish
Corporate Governance Code, 1 October 2010, for listed companies issued by the
Finnish Securities Market Association. The company's website, www.honka.com,
provides more information on the corporate governance systems.
FUTURE OUTLOOK
The market situation is still unstable. General economic uncertainty factors,
such as the personnel reductions that have been carried out in several market
areas, are being reflected in customers' unwillingness to make decisions on
major construction projects.
At the end of December, the Group's order book stood at MEUR 15.9, which is a
17 % increase from the MEUR 13.6 of the same time period in the previous year.
The order book refers to orders whose delivery date falls within the next 24
months. Some orders may include a financing or building permit condition.
FORTHCOMING RISKS AND UNCERTAINTIES
The Group has one significant concentration of credit risks in sales
receivables, concerning the open sales receivables of one importer. No
provision for doubtful debt has been made for this. The new sales made with
this importer have been paid and open sales receivables have been amortised as
per the agreement. Deliveries to the importer have continued, and the risks
with the open sales receivables have not increased.
The assessment of amounts in the balance sheet is based on current assessment
by the management. If these assessments are changed, this may result in changes
to the Group's result.
REPORTING
This report contains statements that relate to the future, and these statements
are based on hypotheses that the company's management hold currently as well as
on the decisions and plans that are currently in place. Although the management
believes that the hypotheses relating to the future are well-founded, there is
no guarantee that the said hypotheses will prove to be correct.
This financial statements release has been prepared in line with standard IAS
34, Interim Financial Reporting. This interim report has been prepared in line
with the same IFRS principles of bookkeeping and assessment as Financial
Statements 2011 but new and amended IFRS standards effective in 2012 have been
applied. Amended standards and interpretations effective from the beginning of
year 2012 have no bearing on the figures presented for the report period. The
figures have not been examined by the auditor.
EVENTS AFTER THE REVIEW PERIOD
Honkarakenne started negotiations under the act on co-operation in the fourth
quarter of 2012. These negotiations were concluded in January 2013 and resulted
in a decision to consolidate production in Karstula. Due to the restructuring
of operations, the company made 68 redundancies. In addition, the company
agreed on temporary lay-offs of a maximum of 90 days affecting all of its
personnel in Finland until the end of September 2013.
A total of MEUR 3.5 in non-recurring expenses were recognised in the 2012
financial year from redundancies and the restructuring of operations, of which
MEUR 1.9 were accounted for by write-offs and restructuring provisions for the
maintenance of a soon-to-be-closed business location and MEUR 1.6 by provisions
for redundancies.
Due to the conclusion of negotiations under the act on co-operation, the
company announced on 4 January 2013 that it will change its guidance for 2012.
The company announced that its result before taxes for 2012 will fall
significantly short of the previous year.
On 30 January 2013, the Board of Directors of Honkarakenne Oyj appointed Petr
Morinov as the company's sales manager and a member of the Executive Group. He
is responsible for Russia & CIS.
PROPOSAL OF THE BOARD OF DIRECTORS ON THE USE OF PROFIT FUNDS
On 31 December 2012, the parent company's unrestricted equity stood at MEUR
3.7, of which distributable funds totalled MEUR 2.9. No funds can be allocated
as profits. The parent company posted a MEUR -3.9 loss for the financial year.
The Board of Directors proposes to the Annual General Meeting that no dividend
be paid for the financial year ended 31 December 2012. In addition, the Board
proposes the repayment of capital totalling EUR 0.08 per share from the fund
for invested unrestricted equity.
THE OUTLOOK FOR 2013
In 2013 Honkarakenne expects its net sales to be at same level than in previous
year and the result before non-recurring items and taxes to be close to zero.
GENERAL MEETING
The Annual General Meeting of Honkarakenne Oyj will be held at the company's
headquarters in Tuusula on Friday 5 May 2013 at 2:00 pm.
HONKARAKENNE OYJ
Board of Directors
Further information:
Mikko Kilpeläinen, President and CEO, tel.+358 50 542 5884,
mikko.kilpelainen@honka.com or
Mikko Jaskari, CFO, tel. +358 400 535 337, mikko.jaskari@honka.com.
This and previous releases are available for viewing on the company's website
at www.honka.com.
During week 10, Honkarakenne will publish the Directors' Report and financial
statements for 2012 as well as a separate Corporate Governance Statement on the
company's website at www.honka.com. Interim Reports for 2013 will be published
on 8 May 2013, 8 August 2013 and 31 October 2013.
DISTRIBUTION
NASDAQ OMX Helsinki
Key media
Financial Supervisory Authority
www.honka.com
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
unaudited 10-12 10-12 1-12 1-12
/2012 /2011 /2012 /2011
MEUR
Net sales 13.9 13.6 46.2 55.0
Other operating income 0.2 0.3 0.8 1.1
Change in inventories -0.7 -1.8 -0.2 -2.0
Production for own use 0.0 0.0 0.0 0.0
Materials and services -6.9 -5.7 -25.2 -28.9
Employee benefit expenses -4.6 -2.8 -12.4 -11.1
Depreciations -0.7 -0.8 -3.0 -3.2
Other operating expenses -1.8 -0.1 -1.8 -0.1
Materials and services -2.4 -2.9 -8.7 -8.9
Operating profit/loss -3.0 -0.2 -4.3 1.9
Financial income 0.4 0.2 0.6 0.2
Financial expenses -0.3 -0.4 -0.7 -0.9
Share of associated companies' result 0.1 0.0 -0.0 -0.1
Profit/loss before taxes -2.8 -0.4 -4.4 1.1
Taxes -0.3 -0.1 0.1 -0.3
Profit/loss for the period -3.1 -0.5 -4.3 0.8
Other comprehensive income:
Translation differences -0.2 0.0 -0.2 0.1
Total comprehensive -3.4 -0.5 -4.6 0.9
income for the period
Result for the period attributable to:
Equity holders of the parent -3.4 -0.5 -4.6 0.9
Non-controlling interest -0.0 -0.0 0.0 0.0
-3.4 -0.5 -4.6 0.9
Calculated from the result for the period
attributable to equity holders of parent
Earnings/share (EPS), EUR
Basic -0.66 -0.10 -0.90 0.17
Diluted -0.66 -0.10 -0.90 0.17
CONSOLIDATED BALANCE SHEET 31.12.2012 31.12.2011
unaudited
MEUR
Assets
Non-current assets
Property, plant and equipment 14.6 19.0
Goodwill 0.1 0.1
Other intangible assets 0.6 0.7
Investments in associated companies 0.3 0.3
Other investments 0.1 0.2
Receivables 0.3 0.3
Deferred tax assets 1.1 1.1
17.0 21.7
Current assets
Inventories 6.5 7.1
Trade and other receivables 5.9 7.7
Cash and bank receivables 4.8 2.6
17.2 17.3
Total assets 34.2 39.0
Shareholders' equity and liabilities 31.12.2012 31.12.2011
Equity attributable to equity holders
of the parent
Capital stock 9.9 9.9
Share premium 0.5 0.5
Reserve fund 0.0 5.3
Unrestricted equity reserve 6.8 1.9
Translation differences -1.4 -1.4
Retained earnings 0.2 0.5
-3.2 1.2
Non-controlling interests 12.9 17.9
Total equity 0.2 0.2
13.1 18.1
Non-current liabilities
Deferred tax liabilities
Provisions 0.0 0.2
Financial liabilities 0.5 0.3
Non-interest bearing debt 3.9 5.1
0.0 0.0
Current liabilities 4.4 5.6
Trade and other payables
Tax liabilities 12.6 11.5
Provisions 0.0 0.1
Financial liabilities 1.6 0.0
2.4 3.7
Total liabilities 16.7 15.3
Total equity and liabilities 21.1 20.9
Shareholders' equity and liabilities 34.2 39.0
STATEMENT OF CHANGES IN EQUITY
abridged
unaudited
1000 eur Equity attributable to equity holders of
the parent
a) b) c) d) e) f) g) Yht. h) Total
equity
Total equity 9898 520 5316 1896 319 -1382 771 17338 200 17538
1.1.2011
Profit/loss for 825 825 2 827
the period
Translation 141 141 141
difference
Dividends -445 -445 -445
Proceeds from 40 40
sale of own
shares
Total equity 9898 520 5316 1896 462 -1382 1152 17861 242 18103
31.12.2011
a) b) c) d) e) f) g) Yht. h) Total
equity
Total equity 9898 520 5316 1896 462 -1382 1152 17861 242 18103
1.1.2012
Profit/loss for -4329 -4329 1 -4328
the period
Translation -238 -238 -238
difference
Repayment of -384 -384 -384
capital
Purchase of -35 -35
non-controlling
interests
Reclassification -5316 5316
Total equity 9898 520 0 6828 224 -1382 -3178 12909 209 13117
31.12.2012
a) Share capital
b) Premium fund
c) Reserve fund
d) Fund for invested unrestricted equity
e) Translation difference
f) Own shares
g) Retained earnings
h) Non-controlling interests
CONSOLIDATED CASH FLOW STATEMENT 1.1.- 1.1.-
abridged 31.12.2012 31.12.2011
unaudited
MEUR
Cash flow from operations 5.5 6.0
Cash flow from investments, net -0.1 0.9
Total cash flow from financing -3.1 -6.3
Increase in credit capital -0.5
Decrease in credit capital -0.4
Other financial items 2.1 0.8
Dividends paid -4.6 -6.5
Repayment of capital -0.2 -0.2
Change in liquid assets 2.2 0.7
Liquid assets at the beginning of period 2.6 1.9
Liquid assets at the end of period 4.8 2.6
NOTES TO THE REPORT
Calculation methods
This financial statements release has been prepared in line with standard IAS
34, Interim Financial Reporting. This interim report has been prepared in line
with the same IFRS principles of bookkeeping and assessment as Financial
Statements 2011 but new and amended IFRS standards effective in 2012 have been
applied. Amended standards and interpretations effective from the beginning of
year 2012 have no bearing on the figures presented for the report period. The
figures have not been examined by the auditor.
Honka Management Oy, established year 2010 and owned by the top management of
the company, has been included in the consolidated financial statements due to
the terms and conditions of the shareholder agreement concluded between it and
Honkarakenne Oyj.
Honkarakenne has one operating segment, the manufacture, sales and marketing of
log houses. Geographically, the sales of the Group divide as follows: Finland &
Baltics, Russia & CIS and Global Markets. The internal reporting of the
management is in line with IFRS reporting. For this reason, separate
reconciliations are not presented.
The figures have not been examined by the auditor.
TANGIBLE ASSETS Tangible
assets
Unaudited
MEUR
66.7
Acquisition cost 1.1.2012 0.5
Translation difference (+/-) 0.7
Increase -3.4
Decrease -0.6
Transfers between balance sheet items 63.9
Acquisition cost 31.12.2012
-47.7
Accumulated depreciation 1.1.2012 0.3
Translation difference (+/-) 2.5
Disposals and reclassifications -2.8
Depreciation for the period -1.8
Accumulated depreciation 31.12.2012 -49.4
Book value 1.1.2012 19.0
Book value 31.12.2012 14.6
Restructuring of operations
A total of MEUR 3.5 in non-recurring expenses were recognised in the 2012
financial year from redundancies and the restructuring of operations, of which
MEUR 1.9 were accounted for by write-offs and restructuring provisions for the
maintenance of a soon-to-be-closed business location and MEUR 1.6 by provisions
for redundancies.
Own shares
Honkarakenne Oyj has not acquired its own shares during the report period. At
the end of the report period, the Group held 364 385 of its Honkarakenne B
shares with a total purchase price of EUR 1 381 750.23. These shares represent
7.05% of the company's capital stock and 3.35% of all votes. The purchase cost
for own shares has been entered in the consolidated accounts to reduce the
Group's shareholders' equity.
Contingent liabilities
unaudited 31.12.2012 31.12.2011
MEUR
For own loans
- Mortgages 25.7 25.7
- Other quarantees 3.4 1.8
For others
- Guarantees 0.0 0.2
Leasing liabilities 0.2 0.4
Nominal values of forward exchange contracts 2.9 3.4
Derivative contracts 0.5 0.4
Events with related parties
The Group's related parties consist of subsidiaries, associated companies as
well as key management and the companies in which they exercise influence. Key
management comprises the Board of Directors, the CEO and the company's
Executive Group. The pricing of goods and services in related party
transactions is based on market prices.
During the report period, ordinary business transactions with related parties
were made as follows: the sales to the related parties were EUR 358 thousand
and the purchases from the related parties were EUR 281 thousand. In 2010 and
2011, Honkarakenne Oyj granted long-term loans totalling MEUR 0.9 to Honka
Management Oy, which is owned by the company's senior management.
Key indicators
1-12 1-12
unaudited 2012 2011
Earnings/share (EPS) eur -0,90 0,17
Return on equity % -27,7 4,6
Equity ratio % 47,4 52,6
Shareholders equity/share eur 2,7 3,7
Net debt MEUR 1,5 6,1
Gearing % 11,1 34,5
Gross investments MEUR 0,9 1,0
% of net sales 1,9 1,8
Order book MEUR 15,9 13,6
Personnel in person-years, average Staff 117 117
Workers 81 103
Total 198 220
Calculation of key indicators
Profit for the period attributable to equity
holders of parent
Earnings/share (EPS) -----------------------------------------------
Average number of outstanding shares
Result before taxes - taxes
Return on equity % ----------------------------------------------- x 100
Total equity. average
Total equity
Equity ratio. % ----------------------------------------------- x 100
Balance sheet total - advances received
Net debt Interest-bearing debt - cash and cash equivalents
Interest-bearing debt - cash and cash equivalents
Gearing. % ------------------------------------------------ x 100
Total equity
Shareholders' equity
Shareholders ------------------------------------------------
equity/share
Number of shares outstanding at end of period
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