2010-04-13 12:00:00 CEST
2010-04-13 12:00:02 CEST
REGLERAD INFORMATION
SRV Yhtiöt Oyj - Company Announcement
SRV'S COMPARISON FIGURES FOR THE 2009 FINANCIAL YEAR IN ACCORDANCE WITH THE NEW IFRS INTERPRETATION
SRV GROUP PLC STOCK EXCHANGE RELEASE 13 APRIL 2010 at 1:00 p.m. SRV'S COMPARISON FIGURES FOR THE 2009 FINANCIAL YEAR IN ACCORDANCE WITH THE NEW IFRS INTERPRETATION As from 1 January 2010, SRV Group will apply IFRIC 15 Agreements for the Construction of Real Estate in its reporting. This interpretation concerns the recognition of revenue from developer contracting projects. The interpretation specifies whether revenue from a construction project should be recognised on a percentage of completion basis or upon delivery. The adoption of the interpretation primarily affects the recognition of revenue from SRV Group's developer contracting housing projects. The Group previously recognised revenue from developer contracting housing projects on a percentage of completion basis. Under the new interpretation, revenue will from now on mainly be recognised on the basis of project delivery. The change in revenue recognition affects SRV Group's income statement and balance sheet items, the key figures based on them, and the order backlog. It will result in greater variation between quarterly trends in revenue and earnings, as the recognition of revenue from developer contracting projects may depend on the date of their completion. The delayed revenue recognition of projects will increase the balance sheet total and weaken the key figures calculated on the basis of the balance sheet. SRV Group's internal management reporting follows earnings in line with the new interpretation and the Group publishes its segment reports in accordance with the new accounting principles. The change in the interpretation does not have a material impact on the comparison figures for the 2009 financial year, as the amount of revenue recognised from SRV's developer contracting projects in progress was not significant. MAJOR CHANGES DUE TO THE INTERPRETATION Revenue recognition of developer contracting projects From now on, developer contracting housing projects will be recognised upon completion at the earliest. The share of revenue and expenses corresponding to the percentage of sale at the time of completion will be recognised as revenue. Previously, housing projects were recognised in accordance with the combined percentage of completion - calculated on the basis of the percentage of completion of construction and percentage of sale - as the projects progressed. The revenue recognition method to be employed in the developer contracting of business premises is determined on a project-by-project basis. Sold developer contracting projects are recognised on a percentage of completion basis if the risks and rewards of the project are transferred substantially to the buyer when the project is sold. The relative share recognised as revenue is calculated in accordance with the combined percentage of completion, which is derived from the percentage of completion of construction and percentage of sale. If the risks and rewards cannot be deemed to have been transferred to the buyer during construction, the project is recognised when it has been completed and the risks and rewards have been transferred. Previously, the recognition of revenue in accordance with the percentage of completion began at the time of project start-up. Consolidated income statement The adoption of the interpretation affects the reported revenue, operating profit and result before taxes. In the case of developer contracting projects, the fact that the recognition of revenue and expenses is firmly connected to project completion leads to the later timing of revenue recognition. The interpretation does not affect the total sum of project revenue and expenses or the Group's tax rate. Consolidated balance sheet The key change caused by the adoption of the interpretation concerns inventories and advance payments for developer contracting projects. The gross accumulated expenses of developer contracting projects are included in the inventory item Work in progress and the payments received from the buyer of the project in Advance payments until the revenue from the project is recognised, which increases the amounts of the inventories and advance payments in the balance sheet. This, coupled with the increase in deferred taxes due to the later recognition of revenue, increases the balance sheet total. Housing corporation loans - including those of sold residential units - remain in the consolidated balance sheet until the project has been handed over. Group's key figures and order backlog The adoption of the interpretation will affect most of the key figures calculated on the basis of the income statement and balance sheet. The change in revenue recognition also affects the Group's reported order backlog. The Group's order backlog includes the unrecognised share of the expected revenue from received, ongoing and completed projects. It is expected that the greater quarterly variations in revenue will also be reflected in the Group's order backlog, which will see larger fluctuations. Consolidated cash flow statement The net change in cash and cash equivalents as well as cash and cash equivalents at the end of the period will remain unchanged. There are only changes between items. -------------------------------------------------------------------------------- | (EUR million) | 2009 | 2009 | Change | | | new | previous | | -------------------------------------------------------------------------------- | Revenue | 390.5 | 385.0 | 5.5 | -------------------------------------------------------------------------------- | Operating profit | 10.7 | 9.9 | 0.8 | -------------------------------------------------------------------------------- | Net profit for the period | 2.9 | 2.3 | 0.6 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Inventories | 292.2 | 291.4 | 0.8 | -------------------------------------------------------------------------------- | Trade and other receivables | 76.9 | 77.6 | -0.7 | -------------------------------------------------------------------------------- | Advances received | 20.8 | 20.5 | 0.3 | -------------------------------------------------------------------------------- | Other liabilities | 56.4 | 56.2 | 0.2 | -------------------------------------------------------------------------------- | Equity, total | 163.9 | 164.1 | -0.2 | -------------------------------------------------------------------------------- | Balance sheet total | 418.0 | 417.9 | 0.1 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Order backlog | 481.6 | 480.6 | 1.0 | -------------------------------------------------------------------------------- | - sold order backlog | 317 | 316 | 1.0 | -------------------------------------------------------------------------------- | - unsold order backlog | 165 | 165 | 0.0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity ratio, % | 41.3 | 41.3 | | -------------------------------------------------------------------------------- | Return on investment, % | 4.9 | 4.7 | | -------------------------------------------------------------------------------- | Return on equity, % | 1.8 | 1.4 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net cash flow from operating | 6.1 | 3.6 | 2.5 | | activities | | | | -------------------------------------------------------------------------------- | (equivalent negative impact on net | | | | | cash flow from financing activities) | | | | -------------------------------------------------------------------------------- The key figures and tables of the financial statement bulletin released on 11 February 2009 are provided as an attachment to this release, recalculated in line with the new revenue recognition method for the financial year 1 January - 31 December 2009 and for the comparison period 1 January - 31 December 2008. SRV Group Plc Hannu Linnoinen, President and CEO For further information, please contact: SRV Group Plc Hannu Linnoinen, CEO, CFO, +358 (201) 455 990, +358 (50) 523 5850 Distribution: Nasdaq OMX Helsinki, principal media, www.srv.fi FINANCIAL STATEMENTS 2009 IFRIC 15 adjusted key figures: -------------------------------------------------------------------------------- | | | IFRS | IFRS | -------------------------------------------------------------------------------- | | | 1-12/ | 1-12/ 2008 | | | | 2009 | | -------------------------------------------------------------------------------- | Revenue | EUR million | 390.5 | 547.1 | -------------------------------------------------------------------------------- | Operating profit | EUR million | 10.7 | 34.8 | -------------------------------------------------------------------------------- | Operating profit, % of revenue | % | 2.7 | 6.4 | -------------------------------------------------------------------------------- | Profit before taxes | EUR million | 6.5 | 25.6 | -------------------------------------------------------------------------------- | Profit before taxes, % of revenue | % | 1.7 | 4.7 | -------------------------------------------------------------------------------- | Net profit attributable to equity | EUR million | 2.9 | 17.1 | | holders of the parent company | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Return on equity | % | 1.8 | 10.3 | -------------------------------------------------------------------------------- | Return on investment | % | 4.9 | 13.4 | -------------------------------------------------------------------------------- | Invested capital | EUR million | 349.0 | 340.8 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity ratio | % | 41.3 | 40.9 | -------------------------------------------------------------------------------- | Net interest-bearing debt | EUR million | 179.9 | 171.5 | -------------------------------------------------------------------------------- | Net gearing ratio | % | 109.8 | 103.4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Order backlog | EUR million | | | -------------------------------------------------------------------------------- | New agreements | | 396.1 | 399.1 | -------------------------------------------------------------------------------- | Personnel on average | | 776 | 871 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Property, plant and equipment | EUR million | 3.7 | 16.8 | | investments | | | | -------------------------------------------------------------------------------- | Property, plant and equipment | % | 0.9 | 3.1 | | investments, % of revenue | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share, share issue | EUR | 0.08 | 0.47 | | adjusted | | | | -------------------------------------------------------------------------------- | Equity per share, share issue | EUR | 4.48 | 4.52 | | adjusted | | | | -------------------------------------------------------------------------------- | Dividend per share, share issue | EUR | 0.12 | 0.12 | | adjusted | | | | -------------------------------------------------------------------------------- | Dividend payout ratio | % | 150.0 | 25.5 | -------------------------------------------------------------------------------- | Dividend yield | % | 2.0 | 3.5 | -------------------------------------------------------------------------------- | Price per earnings ratio | | 73.6 | 7.4 | -------------------------------------------------------------------------------- | Share price development | | | | -------------------------------------------------------------------------------- | Share price at the end of the period | EUR | 5.89 | 3.47 | -------------------------------------------------------------------------------- | Average share price | EUR | 4.06 | 5.05 | -------------------------------------------------------------------------------- | Lowest share price | EUR | 2.75 | 2.82 | -------------------------------------------------------------------------------- | Highest share price | EUR | 5.97 | 6.60 | -------------------------------------------------------------------------------- | Market capitalisation at the end of | EUR million | 210.7 | 125.7 | | the period | | | | -------------------------------------------------------------------------------- | Trading volume | 1,000 | 8 309 | 13 543 | -------------------------------------------------------------------------------- | Trading volume | % | 23.1 | 37.1 | -------------------------------------------------------------------------------- | Weighted average number of shares | 1,000 | 35 999 | 36 526 | | outstanding | | | | -------------------------------------------------------------------------------- | Number of shares outstanding at the | 1,000 | 35 768 | 36 210 | | end of the period | | | | -------------------------------------------------------------------------------- Calculation of key figures: -------------------------------------------------------------------------------- | Net gearing ratio, % | Net interest-bearing debt x 100 / | | | Total equity | -------------------------------------------------------------------------------- | Return on equity, % | Profit before taxes - income taxes) x 100/ | | | Total equity. average | -------------------------------------------------------------------------------- | Return on investment, % | (Profit before taxes + interest and other | | | financial expenses) x 100 / | | | Invested capital. average | -------------------------------------------------------------------------------- | Equity ratio, % | Total equity x 100 / | | | (Total assets - advances received) | -------------------------------------------------------------------------------- | Invested capital | Total assets - non-interest bearing debt - | | | deferred tax liabilities - provisions | -------------------------------------------------------------------------------- | Net interest bearing debt | Interest bearing debt - cash and cash | | | equivalents | -------------------------------------------------------------------------------- | Earnings per share, share | Net profit for the period attributable to | | issue adjusted | equity holders of the parent company / | | | Weighted average number of shares outstanding | -------------------------------------------------------------------------------- | Equity per share, share | Shareholders' equity attributable to equity | | issue adjusted | holders of the parent company / | | | Number of shares outstanding at the end of | | | the period. share issue adjusted | -------------------------------------------------------------------------------- | Price per earnings ratio | Share price at the end of the period / | | | Earnings per share. share issue adjusted | -------------------------------------------------------------------------------- | Dividend payout ratio, % | Dividend per share. share issue adjusted x | | | 100 / | | | Earnings per share. share issue adjusted | -------------------------------------------------------------------------------- | Dividend yield, % | Dividend per share. share issue adjusted x | | | 100 / | | | Share price at the end of the period. share | | | issue adjusted | -------------------------------------------------------------------------------- | Average share price | Number of shares traded in euros during the | | | period / | | | Number of shares traded during the period | -------------------------------------------------------------------------------- | Market capitalisation at the | Number of shares outstanding at the end of | | end of the period | the period x share price at the end of the | | | period | -------------------------------------------------------------------------------- | Trading volume | Number of shares traded during the period and | | | in relation to the weighted average number of | | | shares outstanding | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Consolidated income | IFRS | IFRS | | | -------------------------------------------------------------------------------- | statement | 1-12/ | 1-12/ | change, | change,% | | (EUR million) | 2009 | 2008 | MEUR | | -------------------------------------------------------------------------------- | Revenue | 390.5 | 547.1 | -156.6 | -28.6 | -------------------------------------------------------------------------------- | Other operating income | 2.6 | 1.4 | 1.2 | 89.3 | -------------------------------------------------------------------------------- | Change in inventories of | -10.3 | 44.5 | -54.8 | -123.2 | | finished goods and work in | | | | | | progress | | | | | -------------------------------------------------------------------------------- | Use of materials and services | -313.5 | -494.5 | 181.0 | -36.6 | -------------------------------------------------------------------------------- | Employee benefit expenses | -44.5 | -46.3 | 1.8 | -3.9 | -------------------------------------------------------------------------------- | Depreciation and impairments | -3.7 | -3.2 | -0.5 | 16.1 | -------------------------------------------------------------------------------- | Other operating expenses | -10.4 | -14.1 | 3.7 | -26.4 | -------------------------------------------------------------------------------- | Operating profit | 10.7 | 34.8 | -24.1 | -69.2 | -------------------------------------------------------------------------------- | Financial income | 6.0 | 4.2 | 1.9 | 45.2 | -------------------------------------------------------------------------------- | Financial expenses | -10.2 | -13.4 | 3.2 | -23.7 | -------------------------------------------------------------------------------- | Financial income and expenses, | -4.2 | -9.2 | 5.0 | -54.8 | | total | | | | | -------------------------------------------------------------------------------- | Profit before taxes | 6.5 | 25.6 | -19.1 | -74.4 | -------------------------------------------------------------------------------- | Income taxes | -3.6 | -9.0 | 5.3 | -59.6 | -------------------------------------------------------------------------------- | Net profit for the period | 2.9 | 16.6 | -13.7 | -82.4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Attributable to | | | | | -------------------------------------------------------------------------------- | Equity holders of the parent | 2.9 | 17.1 | | | | company | | | | | -------------------------------------------------------------------------------- | Minority interest | 0.0 | -0.5 | | | -------------------------------------------------------------------------------- | Earnings per share calculated on | 0.08 | 0.47 | | -83.0 | | the profit attributable to | | | | | | equity holders of the parent | | | | | | company (undiluted and diluted) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | IFRS | IFRS | -------------------------------------------------------------------------------- | Statement of comprehensive income | 1-12/ | 1-12/ | | (EUR million) | 2009 | 2008 | -------------------------------------------------------------------------------- | Net profit for the period | 2.9 | 16.6 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Items recognised directly in equity: | | | -------------------------------------------------------------------------------- | Exchange differences on translating foreign | 0.0 | -0.1 | | operations | | | -------------------------------------------------------------------------------- | Available for sale financial assets | 0.0 | -0.1 | -------------------------------------------------------------------------------- | Net gain (loss) on cash flow hedges | 0.0 | 0.0 | -------------------------------------------------------------------------------- | Deferred tax | 0.0 | 0.0 | -------------------------------------------------------------------------------- | Income (loss) recognised directly in equity net of | 0.0 | -0.1 | | tax | | | -------------------------------------------------------------------------------- | Total comprehensive income for the period | 2.9 | 16.5 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit for the period attributable to: | | | -------------------------------------------------------------------------------- | Equity holders of the parent company | 2.9 | 17.0 | -------------------------------------------------------------------------------- | Minority interest | 0.0 | -0.5 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Consolidated balance sheet | IFRS | IFRS | change, | -------------------------------------------------------------------------------- | (EUR million) | 31.12.09 | 31.12.08 | % | -------------------------------------------------------------------------------- | ASSETS | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-current assets | | | | -------------------------------------------------------------------------------- | Property, plant and equipment | 16.3 | 19.0 | -14.3 | -------------------------------------------------------------------------------- | Goodwill | 1.7 | 1.7 | 0.0 | -------------------------------------------------------------------------------- | Other intangible assets | 0.5 | 0.5 | -15.8 | -------------------------------------------------------------------------------- | Other financial assets | 4.8 | 4.3 | 12.5 | -------------------------------------------------------------------------------- | Receivables | 16.2 | 6.6 | 145.4 | -------------------------------------------------------------------------------- | Deferred tax assets | 2.3 | 1.9 | 17.4 | -------------------------------------------------------------------------------- | Non-current assets, total | 41.7 | 34.1 | 22.5 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Current assets | | | | -------------------------------------------------------------------------------- | Inventories | 292.2 | 300.2 | -2.7 | -------------------------------------------------------------------------------- | Trade and other receivables | 76.9 | 85.8 | -10.4 | -------------------------------------------------------------------------------- | Current tax receivables | 1.9 | 5.1 | -62.5 | -------------------------------------------------------------------------------- | Cash and cash equivalents | 5.2 | 3.4 | 54.7 | -------------------------------------------------------------------------------- | Current assets, total | 376.2 | 394.5 | -4.6 | -------------------------------------------------------------------------------- | ASSETS, TOTAL | 418.0 | 428.6 | -2.5 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Consolidated balance sheet | IFRS | IFRS | change, | -------------------------------------------------------------------------------- | (EUR million) | 31.12.09 | 31.12.08 | % | -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity attributable to equity | | | | | holders of the parent company | | | | -------------------------------------------------------------------------------- | Share capital | 3.1 | 3.1 | 0.0 | -------------------------------------------------------------------------------- | Invested free equity fund | 87.3 | 87.3 | 0.0 | -------------------------------------------------------------------------------- | Translation differences | -0.1 | -0.1 | 43.7 | -------------------------------------------------------------------------------- | Fair value reserve | -0.1 | -0.1 | 0.0 | -------------------------------------------------------------------------------- | Retained earnings | 69.9 | 73.4 | -4.7 | -------------------------------------------------------------------------------- | Equity attributable to equity | 160.1 | 163.6 | -2.1 | | holders of the parent company, | | | | | total | | | | -------------------------------------------------------------------------------- | Minority interest | 3.8 | 2.2 | 68.8 | -------------------------------------------------------------------------------- | Equity, total | 163.9 | 165.9 | -1.2 | -------------------------------------------------------------------------------- | Non-current liabilities | | | | -------------------------------------------------------------------------------- | Deferred tax liabilities | 0.5 | 0.3 | 95.8 | -------------------------------------------------------------------------------- | Provisions | 4.8 | 5.6 | -14.4 | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 96.9 | 71.8 | 34.8 | -------------------------------------------------------------------------------- | Other liabilities | 0.8 | 0.4 | 95.9 | -------------------------------------------------------------------------------- | Non-current liabilities, total | 102.9 | 78.1 | 31.8 | -------------------------------------------------------------------------------- | Current liabilities | | | | -------------------------------------------------------------------------------- | Trade and other payables | 56.4 | 69.8 | -19.1 | -------------------------------------------------------------------------------- | Current tax payables | 2.6 | 8.0 | -67.1 | -------------------------------------------------------------------------------- | Provisions | 3.8 | 3.8 | 0.7 | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 88.2 | 103.1 | -14.4 | -------------------------------------------------------------------------------- | Current liabilities, total | 151.1 | 184.6 | -18.1 | -------------------------------------------------------------------------------- | Liabilities, total | 254.1 | 262.7 | -3.3 | -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | 418.0 | 428.6 | -2.5 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Consolidated cash flow statement | IFRS | IFRS | -------------------------------------------------------------------------------- | (EUR million) | 1-12/2009 | 1-12/2008 | -------------------------------------------------------------------------------- | Cash flows from operating activities | | | -------------------------------------------------------------------------------- | Net profit for the period | 2.9 | 16.6 | -------------------------------------------------------------------------------- | Adjustments: | | | -------------------------------------------------------------------------------- | Depreciation and impairments | 3.7 | 3.2 | -------------------------------------------------------------------------------- | Non-cash transactions | 2.7 | -0.5 | -------------------------------------------------------------------------------- | Financial income and expenses | 4.2 | 9.2 | -------------------------------------------------------------------------------- | Capital gains on sales of tangible and | 0.0 | 0.0 | | intangible assets | | | -------------------------------------------------------------------------------- | Income taxes | 3.6 | 9.0 | -------------------------------------------------------------------------------- | Adjustments, total | 14.1 | 20.8 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Changes in working capital: | | | -------------------------------------------------------------------------------- | Change in loan receivables | -13.5 | -12.6 | -------------------------------------------------------------------------------- | Change in trade and other receivables | 17.7 | 14.0 | -------------------------------------------------------------------------------- | Change in inventories | 10.0 | -90.4 | -------------------------------------------------------------------------------- | Change in trade and other payables | -12.3 | -37.9 | -------------------------------------------------------------------------------- | Changes in working capital, total | 1.9 | -126.9 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Interest paid | -12.7 | -13.0 | -------------------------------------------------------------------------------- | Interest received | 5.7 | 6.7 | -------------------------------------------------------------------------------- | Dividends received | 0.0 | 0.0 | -------------------------------------------------------------------------------- | Income taxes paid | -5.9 | -4.2 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | Net cash flow from operating activities | 6.1 | -99.9 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from investing activities | | | -------------------------------------------------------------------------------- | Acquisition of subsidiaries, net of cash | -2.3 | -1.3 | -------------------------------------------------------------------------------- | Property, plant and equipment | -0.8 | -13.7 | -------------------------------------------------------------------------------- | Intangible assets | -0.1 | -0.3 | -------------------------------------------------------------------------------- | Other financial assets | -0.5 | -1.5 | -------------------------------------------------------------------------------- | Sale of property, plant and equipment and | 0.0 | 0.1 | | intangible assets | | | -------------------------------------------------------------------------------- | Sale of financial assets | 0.0 | 0.0 | -------------------------------------------------------------------------------- | Net cash used in investing activities | -3.7 | -16.7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flows from financing activities | | | -------------------------------------------------------------------------------- | Proceeds from share issue | 0.0 | 0.0 | -------------------------------------------------------------------------------- | Proceeds from loans | 19.6 | 68.9 | -------------------------------------------------------------------------------- | Repayments of loans | -22.2 | -10.1 | -------------------------------------------------------------------------------- | Change in loan receivables | 0.0 | 0.0 | -------------------------------------------------------------------------------- | Change in housing corporation loans | -9.2 | 27.3 | -------------------------------------------------------------------------------- | Change in credit limits | 17.5 | 18.8 | -------------------------------------------------------------------------------- | Purchase of treasury shares | -1.8 | -1.9 | -------------------------------------------------------------------------------- | Dividends paid | -4.4 | -4.4 | -------------------------------------------------------------------------------- | Net cash from financing activities | -0.6 | 98.5 | -------------------------------------------------------------------------------- | Net change in cash and cash equivalents | 1.8 | -18.0 | -------------------------------------------------------------------------------- | Cash and cash equivalents at the beginning of | 3.4 | 21.4 | | period | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at the end of period | 5.2 | 3.4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Inventories | IFRS | IFRS | change, | -------------------------------------------------------------------------------- | (EUR million) | 31.12.09 | 31.12.08 | % | -------------------------------------------------------------------------------- | Raw materials and consumables | 0.0 | 0.0 | 209.3 | -------------------------------------------------------------------------------- | Work in progress | 35.1 | 106.2 | -66.9 | -------------------------------------------------------------------------------- | Land areas and plot-owning companies | 153.0 | 142.1 | 7.7 | -------------------------------------------------------------------------------- | Shares in completed housing corporations | 86.5 | 34.0 | 154.2 | | and real estate companies | | | | -------------------------------------------------------------------------------- | Advance payments | 3.6 | 3.7 | -3.5 | -------------------------------------------------------------------------------- | Other inventories | 14.0 | 14.2 | -1.3 | -------------------------------------------------------------------------------- | Inventories, total | 292.2 | 300.2 | -2.7 | -------------------------------------------------------------------------------- Statement of changes in Group equity 1.1. - 31.12.2009 -------------------------------------------------------------------------------- | | Equity attributable to | | | | the equity holders of the parent company | | -------------------------------------------------------------------------------- | IFRS | Sha | Shar | Inve | Tran | Fai | Retai | Tota | Minor | Total | | (EUR | re | e | sted | s-la | r | -ned | l | ity | equit | | million) | cap | prem | free | tion | val | earni | | inter | y | | | ita | ium | equi | diff | ue | ngs | | est | | | | l | rese | ty | er-e | res | | | | | | | | rve | fund | nces | erv | | | | | | | | | | | e | | | | | -------------------------------------------------------------------------------- | Equity on | 3.1 | 0.0 | 87.3 | -0.1 | -0. | 73.4 | 163. | 2.2 | 165.9 | | 1.1.2009 | | | | | 1 | | 6 | | | -------------------------------------------------------------------------------- | Net income | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | -0.2 | -0.2 | | | | recognised | | | | | | | | | | | directly in | | | | | | | | | | | equity | | | | | | | | | | -------------------------------------------------------------------------------- | Net profit | | | | | | 2.9 | 2.9 | | | | for the | | | | | | | | | | | financial | | | | | | | | | | | year | | | | | | | | | | -------------------------------------------------------------------------------- | Total income | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 2.9 | 2.9 | | | | and expenses | | | | | | | | | | | for the | | | | | | | | | | | financial | | | | | | | | | | | year | | | | | | | | | | -------------------------------------------------------------------------------- | Dividends | | | | | | -4.3 | -4.3 | | | | paid | | | | | | | | | | -------------------------------------------------------------------------------- | Purchase of | | | | | | -1.8 | -1.8 | | | | treasury | | | | | | | | | | | shares | | | | | | | | | | -------------------------------------------------------------------------------- | Equity on | 3.1 | 0.0 | 87.3 | -0.1 | -0. | 69.9 | 160. | 3.8 | 163.9 | | 31.12.2009 | | | | | 1 | | 2 | | | -------------------------------------------------------------------------------- Statement of changes in Group equity 1.1. - 31.12.2008 -------------------------------------------------------------------------------- | | Equity attributable to the equity holders of | | | | the parent company | | -------------------------------------------------------------------------------- | IFRS | Sha | Sha | Inve | Trans | Fair | Reta | Tota | Minor | Total | | (EUR | re | re | sted | -lati | valu | i-ne | l | ity | equit | | million) | cap | pre | free | on | e | d | | inter | y | | | ita | miu | equi | diffe | rese | earn | | est | | | | l | m | ty | r-enc | rve | ings | | | | | | | res | fund | es | | | | | | | | | erv | | | | | | | | | | | e | | | | | | | | -------------------------------------------------------------------------------- | Equity on | 3.1 | 0.0 | 87.3 | 0.0 | 0.0 | 62.7 | 153. | 3.1 | 156.2 | | 1.1.2008 | | | | | | | 1 | | | -------------------------------------------------------------------------------- | Net income | 0.0 | 0.0 | 0.0 | -0.1 | -0.1 | 0.0 | -0.2 | | | | recognised | | | | | | | | | | | directly in | | | | | | | | | | | equity | | | | | | | | | | -------------------------------------------------------------------------------- | Net profit | | | | | | 17.1 | 17.1 | | | | for the | | | | | | | | | | | financial | | | | | | | | | | | year | | | | | | | | | | -------------------------------------------------------------------------------- | Total income | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 17.1 | 17.1 | | | | and expenses | | | | | | | | | | | for the | | | | | | | | | | | financial | | | | | | | | | | | year | | | | | | | | | | -------------------------------------------------------------------------------- | Dividends | | | | | | -4.4 | -4.4 | | | | paid | | | | | | | | | | -------------------------------------------------------------------------------- | Purchase of | | | | | | -1.9 | -1.9 | | | | treasury | | | | | | | | | | | shares | | | | | | | | | | -------------------------------------------------------------------------------- | Equity on | 3.1 | 0.0 | 87.3 | -0.1 | -0.1 | 73.4 | 163. | 2.2 | 165.9 | | 31.12.2008 | | | | | | | 7 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Commitments and contingent liabilities | IFRS | IFRS | change, | -------------------------------------------------------------------------------- | EUR million | 31.12.09 | 31.12.08 | % | -------------------------------------------------------------------------------- | Collateral given for own liabilities | | | | -------------------------------------------------------------------------------- | Real estate mortgages given | 106.0 | 114.7 | -7.5 | -------------------------------------------------------------------------------- | Pledges given | 0.0 | 0.0 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other commitments | | | | -------------------------------------------------------------------------------- | Guarantees given for liabilities on | 0.0 | 0.4 | -100.0 | | uncompleted projects | | | | -------------------------------------------------------------------------------- | Investment commitments given | 22.1 | 2.7 | 718.2 | -------------------------------------------------------------------------------- | Plots purchase commitments | 21.6 | 29.9 | -27.8 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Fair and nominal values of | IFRS | IFRS | | | derivative instruments | 31.12.09 | 31.12.2008 | | -------------------------------------------------------------------------------- | (EUR million) | Fair Values | Fair Values | | -------------------------------------------------------------------------------- | | Positi | Negativ | Positiv | Negativ | | | | ve | e | e | e | | -------------------------------------------------------------------------------- | Hedge accounting not | | | | | | | applied | | | | | | -------------------------------------------------------------------------------- | Foreign exchange forward | 0.0 | 0.0 | 0.0 | 0.0 | | | contracts | | | | | | -------------------------------------------------------------------------------- | Interest rate swaps | 0.0 | 0.7 | 0.0 | 0.0 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Nominal values of | | IFRS | | IFRS | | | derivative instruments | | | | | | -------------------------------------------------------------------------------- | | | 31.12.0 | | 31.12.0 | | | | | 9 | | 8 | | -------------------------------------------------------------------------------- | Foreign exchange forward | | 0.0 | | 0.0 | | | contracts | | | | | | -------------------------------------------------------------------------------- | Interest rate swaps | | 63.4 | | 18.8 | | -------------------------------------------------------------------------------- | The fair values of derivative instruments are based on market prices at the | | end of the reporting period. | | Open foreign exchange forward contracts are | | hedging the financing cash flow. | -------------------------------------------------------------------------------- 2. Group and Segment information by quarter -------------------------------------------------------------------------------- | SRV Group | IFRS | IFRS | IFRS | IFRS | IFRS | IFRS | IFRS | IFRS | -------------------------------------------------------------------------------- | (EUR million) | 10-12 | 7-9/ | 4-6/ | 1-3/0 | 10-12 | 7-9/0 | 4-6/0 | 1-3/0 | | | /09 | 09 | 09 | 9 | /08 | 8 | 8 | 8 | -------------------------------------------------------------------------------- | Revenue | 120.1 | 87.3 | 96.0 | 87.0 | 118.7 | 125.3 | 145.8 | 157.3 | -------------------------------------------------------------------------------- | Operating | 2.7 | 2.3 | 3.9 | 1.8 | 0.4 | 13.8 | 9.9 | 10.7 | | profit | | | | | | | | | -------------------------------------------------------------------------------- | Financial | -0.5 | -1.2 | -1.0 | -1.5 | -3.3 | -2.9 | -2.4 | -0.6 | | income and | | | | | | | | | | expenses, | | | | | | | | | | total | | | | | | | | | -------------------------------------------------------------------------------- | Profit before | 2.2 | 1.1 | 2.9 | 0.3 | -2.9 | 10.9 | 7.5 | 10.1 | | taxes | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Order backlog | 481.6 | 465. | 461. | 458.5 | 460.8 | 458.2 | 522.8 | 456.9 | | 1) | | 8 | 1 | | | | | | -------------------------------------------------------------------------------- | New agreements | 120.4 | 86.2 | 98.2 | 91.3 | 115.4 | 36.7 | 185.0 | 62.0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per | 0.03 | 0.01 | 0.04 | 0.00 | -0.07 | 0.21 | 0.14 | 0.19 | | share, eur | | | | | | | | | -------------------------------------------------------------------------------- | Equity per | 4.48 | 4.45 | 4.44 | 4.40 | 4.52 | 4.59 | 4.39 | 4.36 | | share, eur 1) | | | | | | | | | -------------------------------------------------------------------------------- | Share price, | 5.89 | 5.64 | 4.18 | 3.00 | 3.47 | 4.19 | 5.28 | 5.55 | | eur 1) | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity ratio, | 41.3 | 40.9 | 40.1 | 40.5 | 40.9 | 45.5 | 44.7 | 51.5 | | % 1) | | | | | | | | | -------------------------------------------------------------------------------- | Net interest | 179.9 | 189. | 186. | 172.6 | 171.5 | 129.0 | 123.0 | 78.6 | | bearing debt | | 8 | 8 | | | | | | | 1) | | | | | | | | | -------------------------------------------------------------------------------- | Net gearing | 109.8 | 116. | 116. | 107.1 | 103.4 | 76.0 | 75.3 | 48.1 | | ratio, % 1) | | 3 | 6 | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Revenue | IFRS | IFRS | IFRS | IFRS | IFRS | IFRS | IFRS | IFRS | -------------------------------------------------------------------------------- | (EUR million) | 10-12 | 7-9/ | 4-6/ | 1-3/0 | 10-12 | 7-9/0 | 4-6/0 | 1-3/0 | | | /09 | 09 | 09 | 9 | /08 | 8 | 8 | 8 | -------------------------------------------------------------------------------- | Business | 66.9 | 40.2 | 46.1 | 54.8 | 77.9 | 74.3 | 92.2 | 104.8 | | Premises | | | | | | | | | -------------------------------------------------------------------------------- | Housing | 49.9 | 39.7 | 42.4 | 26.6 | 30.8 | 30.2 | 41.1 | 36.9 | -------------------------------------------------------------------------------- | International | 3.4 | 7.4 | 7.6 | 5.6 | 10.0 | 20.9 | 12.5 | 15.7 | -------------------------------------------------------------------------------- | Other | 2.3 | 2.1 | 2.1 | 2.2 | 3.0 | 2.7 | 2.8 | 2.9 | | Operations | | | | | | | | | -------------------------------------------------------------------------------- | Eliminations | -2.3 | -2.1 | -2.1 | -2.2 | -3.1 | -2.7 | -2.9 | -2.9 | -------------------------------------------------------------------------------- | Group, total | 120.1 | 87.3 | 96.0 | 87.0 | 118.7 | 125.3 | 145.8 | 157.3 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating | IFRS | IFRS | IFRS | IFRS | IFRS | IFRS | IFRS | IFRS | | profit | | | | | | | | | -------------------------------------------------------------------------------- | (EUR million) | 10-12 | 7-9/ | 4-6/ | 1-3/0 | 10-12 | 7-9/0 | 4-6/0 | 1-3/0 | | | /09 | 09 | 09 | 9 | /08 | 8 | 8 | 8 | -------------------------------------------------------------------------------- | Business | 4.3 | 3.1 | 4.6 | 5.9 | 6.0 | 3.7 | 9.9 | 8.2 | | Premises | | | | | | | | | -------------------------------------------------------------------------------- | Housing | 1.9 | 1.3 | 2.3 | -0.1 | -1.5 | 0.3 | 1.7 | 2.2 | -------------------------------------------------------------------------------- | International | -2.0 | -1.3 | -1.9 | -2.5 | -2.8 | 10.8 | -0.2 | 1.2 | -------------------------------------------------------------------------------- | Other | -1.4 | -0.7 | -1.0 | -1.6 | -1.4 | -1.0 | -1.6 | -0.9 | | Operations | | | | | | | | | -------------------------------------------------------------------------------- | Eliminations | -0.2 | -0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | -------------------------------------------------------------------------------- | Group, total | 2.7 | 2.3 | 3.9 | 1.8 | 0.4 | 13.8 | 9.9 | 10.7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating | IFRS | IFRS | IFRS | IFRS | IFRS | IFRS | IFRS | IFRS | | profit | | | | | | | | | -------------------------------------------------------------------------------- | (%) | 10-12 | 7-9/ | 4-6/ | 1-3/0 | 10-12 | 7-9/0 | 4-6/0 | 1-3/0 | | | /09 | 09 | 09 | 9 | /08 | 8 | 8 | 8 | -------------------------------------------------------------------------------- | Business | 6.5 | 7.7 | 10.0 | 10.8 | 7.8 | 4.9 | 10.8 | 7.8 | | Premises | | | | | | | | | -------------------------------------------------------------------------------- | Housing | 3.8 | 3.4 | 5.3 | -0.4 | -4.8 | 1.1 | 4.3 | 5.9 | -------------------------------------------------------------------------------- | International | -58.4 | -17. | -25. | -44.4 | -27.6 | 51.7 | -1.6 | 7.9 | | | | 6 | 6 | | | | | | -------------------------------------------------------------------------------- | Group, total | 2.2 | 2.6 | 4.1 | 2.1 | 0.3 | 11.0 | 6.8 | 6.8 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Order backlog | IFRS | IFRS | IFRS | IFRS | IFRS | IFRS | IFRS | IFRS | -------------------------------------------------------------------------------- | (EUR million) | 31.12 | 30.9 | 30.6 | 31.3. | 31.12 | 30.9. | 30.6. | 31.3. | | | .09 | .09 | .09 | 09 | .08 | 08 | 08 | 08 | -------------------------------------------------------------------------------- | Business | 255.3 | 252. | 224. | 252.8 | 265.7 | 228.8 | 291.1 | 235.2 | | Premises | | 0 | 3 | | | | | | -------------------------------------------------------------------------------- | Housing | 201.7 | 187. | 206. | 174.3 | 159.4 | 189.2 | 188.5 | 188.0 | | | | 5 | 1 | | | | | | -------------------------------------------------------------------------------- | International | 24.6 | 26.3 | 30.7 | 31.5 | 35.6 | 40.2 | 43.2 | 33.7 | -------------------------------------------------------------------------------- | Group, total | 481.6 | 465. | 461. | 458.5 | 460.8 | 458.2 | 522.8 | 456.9 | | | | 8 | 1 | | | | | | -------------------------------------------------------------------------------- | - sold order | 317 | 325 | 306 | 291 | 285 | 282 | 360 | 287 | | backlog | | | | | | | | | -------------------------------------------------------------------------------- | - unsold order | 165 | 141 | 155 | 168 | 176 | 176 | 163 | 170 | | backlog | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Invested | IFRS | IFRS | IFRS | IFRS | IFRS | IFRS | IFRS | IFRS | | capital | | | | | | | | | -------------------------------------------------------------------------------- | (EUR million) | 31.12 | 30.9 | 30.6 | 31.3. | 31.12 | 30.9. | 30.6. | 31.3. | | | .09 | .09 | .09 | 09 | .08 | 08 | 08 | 08 | -------------------------------------------------------------------------------- | Business | 42.0 | 61.0 | 77.0 | 69.2 | 63.9 | 63.5 | 51.2 | 43.7 | | Premises | | | | | | | | | -------------------------------------------------------------------------------- | Housing | 122.9 | 124. | 137. | 136.7 | 140.8 | 117.0 | 106.1 | 99.1 | | | | 1 | 0 | | | | | | -------------------------------------------------------------------------------- | International | 176.3 | 165. | 152. | 150.5 | 138.1 | 143.4 | 144.6 | 114.7 | | | | 6 | 0 | | | | | | -------------------------------------------------------------------------------- | Other and | 7.7 | 6.2 | -12. | -14.0 | -2.0 | -16.6 | -5.4 | 4.0 | | eliminations | | | 2 | | | | | | -------------------------------------------------------------------------------- | Group, total | 349.0 | 356. | 353. | 342.3 | 340.8 | 307.2 | 296.5 | 261.5 | | | | 9 | 8 | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Residential | | | | | | | | | | production | | | | | | | | | -------------------------------------------------------------------------------- | in Finland | 10-12 | 7-9/ | 4-6/ | 1-3/0 | 10-12 | 7-9/0 | 4-6/0 | 1-3/0 | | (units) | /09 | 09 | 09 | 9 | /08 | 8 | 8 | 8 | -------------------------------------------------------------------------------- | Start-ups | 247 | 0 | 0 | 4 | 0 | 49 | 53 | 8 | -------------------------------------------------------------------------------- | Sold | 86 | 43 | 51 | 27 | 13 | 32 | 63 | 33 | -------------------------------------------------------------------------------- | Completed 1) | 64 | 37 | 93 | 58 | 0 | 31 | 104 | 125 | -------------------------------------------------------------------------------- | Completed and | 171 | 161 | 185 | 156 | 133 | 140 | 128 | 105 | | unsold 1) | | | | | | | | | -------------------------------------------------------------------------------- | Under | 263 | 80 | 118 | 211 | 265 | 251 | 247 | 298 | | construction 1 | | | | | | | | | -------------------------------------------------------------------------------- | - of which | 231 | 79 | 100 | 180 | 226 | 232 | 227 | 260 | | unsold 1) | | | | | | | | | -------------------------------------------------------------------------------- 1) at the end of the period 3. Segment information -------------------------------------------------------------------------------- | Assets | IFRS | IFRS | change, | change, | -------------------------------------------------------------------------------- | (EUR million) | 31.12.09 | 31.12.08 | MEUR | % | -------------------------------------------------------------------------------- | Business Premises | 88.7 | 116.9 | -28.2 | -24.1 | -------------------------------------------------------------------------------- | Housing | 151.5 | 162.1 | -10.6 | -6.6 | -------------------------------------------------------------------------------- | International | 182.5 | 159.4 | 23.1 | 14.5 | -------------------------------------------------------------------------------- | Other Operations | 214.5 | 185.1 | 29.4 | 15.9 | -------------------------------------------------------------------------------- | Eliminations | -219.3 | -194.9 | -24.4 | | -------------------------------------------------------------------------------- | Group, total | 418.0 | 428.6 | -10.6 | -2.5 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Liabilities | IFRS | IFRS | change, | change, | -------------------------------------------------------------------------------- | (EUR million) | 31.12.09 | 31.12.08 | MEUR | % | -------------------------------------------------------------------------------- | Business Premises | 55.5 | 81.7 | -26.2 | -32.0 | -------------------------------------------------------------------------------- | Housing | 133.2 | 146.1 | -12.9 | -8.8 | -------------------------------------------------------------------------------- | International | 181.7 | 148.2 | 33.6 | 22.7 | -------------------------------------------------------------------------------- | Other Operations | 79.2 | 65.7 | 13.5 | 20.6 | -------------------------------------------------------------------------------- | Eliminations | -195.6 | -178.9 | -16.7 | | -------------------------------------------------------------------------------- | Group, total | 254.1 | 262.7 | -8.6 | -3.3 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Inventories | IFRS | IFRS | change, | -------------------------------------------------------------------------------- | (MEUR) | 31.12.09 | 31.12.08 | MEUR | -------------------------------------------------------------------------------- | Land areas and plot-owning companies | 153.0 | 142.1 | 10.9 | -------------------------------------------------------------------------------- | Business Premises | 27.8 | 24.6 | 3.2 | -------------------------------------------------------------------------------- | Housing | 41.4 | 41.6 | -0.1 | -------------------------------------------------------------------------------- | International | 83.6 | 76.0 | 7.6 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Work in progress | 35.1 | 106.2 | -71.1 | -------------------------------------------------------------------------------- | Business Premises | 0.0 | 30.0 | -30.0 | -------------------------------------------------------------------------------- | Housing | 21.2 | 61.9 | -40.7 | -------------------------------------------------------------------------------- | International | 14.0 | 14.3 | -0.4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shares in completed housing | 86.5 | 34.0 | 52.4 | | corporations and real estate companies | | | | -------------------------------------------------------------------------------- | Business Premises | 25.5 | 0.0 | 25.5 | -------------------------------------------------------------------------------- | Housing | 55.5 | 30.6 | 24.9 | -------------------------------------------------------------------------------- | International | 5.5 | 3.3 | 2.1 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other inventories | 17.6 | 17.9 | -0.3 | -------------------------------------------------------------------------------- | Business Premises | 5.1 | 5.0 | 0.0 | -------------------------------------------------------------------------------- | Housing | 3.7 | 4.6 | -0.9 | -------------------------------------------------------------------------------- | International | 9.9 | 9.3 | 0.6 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Inventories, total | 292.2 | 300.2 | -8.0 | -------------------------------------------------------------------------------- | Business Premises | 58.4 | 59.6 | -1.2 | -------------------------------------------------------------------------------- | Housing | 121.7 | 138.7 | -16.9 | -------------------------------------------------------------------------------- | International | 112.9 | 102.9 | 10.0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Invested capital | IFRS | IFRS | change, | change, | -------------------------------------------------------------------------------- | (EUR million) | 31.12.09 | 31.12.08 | MEUR | % | -------------------------------------------------------------------------------- | Business Premises | 42.0 | 63.9 | -21.8 | -34.2 | -------------------------------------------------------------------------------- | Housing | 122.9 | 140.8 | -17.9 | -12.7 | -------------------------------------------------------------------------------- | International | 176.3 | 138.1 | 38.2 | 27.7 | -------------------------------------------------------------------------------- | Eliminations and other | 7.7 | -2.0 | 9.7 | | -------------------------------------------------------------------------------- | Group, total | 349.0 | 340.8 | 8.2 | 2.4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Business Premises | IFRS | IFRS | change, | change, | -------------------------------------------------------------------------------- | (EUR million) | 1-12/2009 | 1-12/200 | MEUR | % | | | | 8 | | | -------------------------------------------------------------------------------- | Revenue | 208.0 | 349.1 | -141.1 | -40.4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating profit | 18.0 | 27.8 | -9.8 | -35.4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Segment's assets | | | | | -------------------------------------------------------------------------------- | Non-current assets | 0.9 | 0.9 | -0.1 | -5.8 | -------------------------------------------------------------------------------- | Current assets | 87.8 | 116.0 | -28.1 | -24.3 | -------------------------------------------------------------------------------- | Total assets | 88.7 | 116.9 | -28.2 | -24.1 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Segment's liabilities | | | | | -------------------------------------------------------------------------------- | Non-current liabilities | 11.0 | 1.1 | 9.9 | 885.1 | -------------------------------------------------------------------------------- | Current liabilities | 44.5 | 80.6 | -36.0 | -44.7 | -------------------------------------------------------------------------------- | Total liabilities | 55.5 | 81.7 | -26.2 | -32.0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Invested capital at end of | 42.0 | 63.9 | -21.8 | -34.2 | | period | | | | | -------------------------------------------------------------------------------- | Return on investment, % | 35.2 | 60.8 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Order backlog at end of | 255.3 | 265.7 | -10.4 | -3.9 | | period | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Housing | IFRS | IFRS | change, | change, | -------------------------------------------------------------------------------- | (EUR million) | 1-12/2009 | 1-12/200 | MEUR | % | | | | 8 | | | -------------------------------------------------------------------------------- | Revenue | 158.6 | 139.0 | 19.6 | 14.1 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating profit | 5.4 | 2.8 | 2.7 | 96.4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Segment's assets | | | | | -------------------------------------------------------------------------------- | Non-current assets | 1.4 | 1.9 | -0.5 | -25.9 | -------------------------------------------------------------------------------- | Current assets | 150.1 | 160.2 | -10.1 | -6.3 | -------------------------------------------------------------------------------- | Total assets | 151.5 | 162.1 | -10.6 | -6.6 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Segment's liabilities | | | | | -------------------------------------------------------------------------------- | Non-current liabilities | 68.2 | 60.8 | 7.4 | 12.2 | -------------------------------------------------------------------------------- | Current liabilities | 65.0 | 85.3 | -20.3 | -23.8 | -------------------------------------------------------------------------------- | Total liabilities | 133.2 | 146.1 | -12.9 | -8.8 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Invested capital at end of | 122.9 | 140.8 | -17.9 | -12.7 | | period | | | | | -------------------------------------------------------------------------------- | Return on investment, % | 4.2 | 2.5 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Order backlog at end of | 201.7 | 159.4 | 42.3 | 26.5 | | period | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | International Operations | IFRS | IFRS | change, | change, | -------------------------------------------------------------------------------- | (EUR million) | 1-12/2009 | 1-12/200 | MEUR | % | | | | 8 | | | -------------------------------------------------------------------------------- | Revenue | 24.0 | 59.1 | -35.1 | -59.4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating profit | -7.7 | 9.1 | -16.7 | -185.0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Segment's assets | | | | | -------------------------------------------------------------------------------- | Non-current assets | 25.1 | 16.2 | 8.9 | 54.9 | -------------------------------------------------------------------------------- | Current assets | 157.4 | 143.2 | 14.2 | 9.9 | -------------------------------------------------------------------------------- | Total assets | 182.5 | 159.4 | 23.1 | 14.5 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Segment's liabilities | | | | | -------------------------------------------------------------------------------- | Non-current liabilities | 18.4 | 12.7 | 5.7 | 45.0 | -------------------------------------------------------------------------------- | Current liabilities | 163.4 | 135.5 | 27.9 | 20.6 | -------------------------------------------------------------------------------- | Total liabilities | 181.7 | 148.2 | 33.6 | 22.7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Invested capital at end of | 176.3 | 138.1 | 38.2 | 27.7 | | period | | | | | -------------------------------------------------------------------------------- | Return on investment. % | -1.4 | 9.2 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Order backlog at end of | 24.6 | 35.6 | -11.0 | -31.0 | | period | | | | | --------------------------------------------------------------------------------
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