2009-10-15 08:00:00 CEST
2009-10-15 08:02:42 CEST
REGULATED INFORMATION
Outotec Oyj - Company Announcement
Outotec to acquire control in Larox Corporation and to make a mandatory public tender offer for all the remaining Larox shares
OUTOTEC OYJ STOCK EXCHANGE RELEASE, OCTOBER 15, 2009 AT 9.00 AM
Outotec to acquire control in Larox Corporation and to make a
mandatory public tender offer for all the remaining Larox shares
Outotec Oyj ("Outotec") aims to increase its business for example by
acquiring complementing technologies, increasing significantly the
proportion of services in its sales and applying existing
technologies in new industries. In order to speed up growth Outotec
has agreed with certain main shareholders of Larox Corporation
("Larox") on share transactions, in which they sell all their Larox
series A and B shares to Outotec. The purchase price for the shares
shall be paid in the form of new Outotec shares. Upon completion of
the share transactions, Outotec will make a mandatory public tender
offer for all the remaining Larox series A and B shares.
Combining the businesses of Outotec and Larox will further strengthen
Outotec's position as a globally leading provider of technology
solutions and services to the mining and metals industry and enable
Larox to develop its business in an international, financially solid
technology group operating in the same industry."Our aim to supplement the technology portfolio became achievable
through this share exchange arrangement. Larox's products and
services fit seamlessly into Outotec's technology portfolio. The
transaction also supports our objective of profitable growth. By
combining our respective sales and service networks and product
portfolios we can provide even more comprehensive solutions and
services for minerals concentrators and metallurgical plants and
generate more added value to our joint customer base," says Tapani
Järvinen, CEO of Outotec."I believe that this arrangement will provide Larox's employees with
more diverse opportunities to develop their careers and all
shareholders will be offered an opportunity to continue to invest in
a strong company within the same industry. Also the customers will
benefit from the increased resources, which will allow Larox to
persistently develop and increase the filtration business", says Timo
Vartiainen, Chairman of the Board of Directors of Larox.
Benefits of the combination
Outotec estimates that the combination will provide substantial
benefits to the shareholders and other stakeholders of both
companies.
* Larox's filtration technologies complement Outotec's technology
portfolio and enable the offering of comprehensive solutions for
minerals concentrators and metallurgical plants of the large
joint customer base.
* The transaction is expected to increase Outotec's service
business by over EUR 70 million and enable Outotec to increase
its sales of services to an annual level of EUR 250-300 million
by the end of 2010.
* The transaction supports Outotec's businesses relating to
industrial water treatment and the energy sector.
* Larox provides Outotec access to the chemical industry market on
which Outotec can offer for example water treatment solutions.
* Combining the global sales and service networks and
administration of both companies as well as economies of scale
achieved by the larger size are estimated to create synergy
benefits of at least EUR 7 million annually.
* The combination is not expected to have a significant effect on
Outotec's earnings per share in 2010 excluding possible one-time
costs related to the transaction. When the synergies materialize
in 2011, the transaction is expected to have a clearly positive
effect on Outotec's earnings per share.
* The solid financial position and balance sheet of the combined
company will enhance international growth opportunities.
Share Transactions and Tender Offer
Outotec has today on October 15, 2009 agreed with certain members of
the Vartiainen family, Capillary Oy, Ilmarinen Mutual Pension
Insurance Company, Mikko Laakkonen and Laakkosen Arvopaperi Oy on
share transactions, in which the aforementioned will sell all their
Larox series A and B shares to Outotec (the "Share Transactions").
The purchase price for such shares will be paid in the form of new
Outotec shares. The shares to be purchased correspond altogether to
94.40 per cent of all the votes in Larox, to 99.99 per cent of all
Larox series A shares and to 61.89 per cent of all Larox series B
shares. The completion of the Share Transactions is conditional on
the receipt of necessary approvals from the competition authorities
(the "Competition Clearances"). Based on a preliminary analysis,
Outotec does not consider it likely that the receipt of the
Competition Clearances would, in addition to the first phase
investigation, require a second phase investigation and estimates
therefore the clearances to be received in December, at the latest.
Upon completion of the Share Transactions, Outotec will make a
mandatory public tender offer pursuant to the Finnish Securities
Market Act for all series A and series B shares in Larox that are not
yet, as a consequence of the Share Transactions or otherwise, owned
by Outotec (the "Tender Offer").
In connection with the Share Transactions Capillary Oy has informed
Outotec that it will make an offer to Larox to purchase the 49 per
cent share held by Larox of Larox Flowsys Oy's share capital.
Provided that the Board of Directors of Larox decides on such sale
after the completion of the Share Transactions, Outotec has confirmed
that it will, after the completion of the Tender Offer, contribute to
the fact that the shares in Larox Flowsys Oy owned by Larox will be
assigned to Capillary Oy for their fair price at the time of the sale
and that Larox Flowsys Oy shall be entitled to continue using the
name "Larox" for an agreed period. Based on a statement given by an
external independent expert the value of the Larox Flowsys Oy shares
to be sold is currently approximately EUR 3.5 million.
The Offer Consideration
The consideration to be offered for each series A and series B share
in the Tender Offer equals to the consideration under the Share
Transactions, i.e. 0.45 Outotec shares per each Larox series A share
and 0.40 Outotec shares per each Larox series B share (the "Share
Consideration"). Should the aggregate Share Consideration, to which
an individual Larox shareholder would, based on the above exchange
ratios, be entitled to, not be an integer, the number of Outotec
shares to be offered to him/her as consideration will be rounded up
to the nearest integer.
As required under the Finnish Securities Market Act, a cash
consideration of EUR 10.76 per each series A share and EUR 9.56 per
each series B share will be offered as an alternative in the Tender
Offer (the "Cash Consideration"). The amount of the Cash
Consideration corresponds to the value of the Share Consideration
based on the closing price of Outotec share on NASDAQ OMX Helsinki
Ltd. on October 14, 2009, the last trading day preceding this
announcement (the "Closing Day") (the Share Consideration and the
Cash Consideration jointly the "Offer Consideration"). The
transaction values Larox as a whole at approximately EUR 93 million.
The Offer Consideration for each Larox series B share represents a
premium of approximately 36.6 per cent compared to the closing price
of the Larox series B share on NASDAQ OMX Helsinki Ltd. on the
Closing Day, and a premium of approximately 41.8 per cent compared to
the volume-weighted average trading price of the Larox series B share
during the last 6 months. The Larox series A share is not subject to
public trading.
As at the date hereof, Larox's share capital amounts to EUR
5,628,960. The number of issued Larox series A shares amounts to
2,124,000 and series B shares to 7,301,950. Larox series A shares
entitle to 20 votes each and Larox series B shares to one vote each.
Outotec does not currently own any Larox shares.
Other terms and conditions of the Tender Offer
The acceptance period under the Tender Offer is expected to commence
within 2-3 weeks from the completion of the Share Transactions after
the receipt of the Competition Clearances, and to run for
approximately 3 weeks. Outotec reserves the right to extend the
acceptance period in accordance with the terms and conditions of the
Tender Offer.
The detailed terms and conditions of the Tender Offer will be
included in the
combined offer document and prospectus that Outotec will publish
within 2-3 weeks after the receipt of the Competition Clearances.
Outotec will publish a stock exchange release on the receipt of the
Competition Clearances and completion of the Share Transactions
without delay.
The possible Cash Consideration to be offered in the Tender Offer
will be financed through existing cash reserves of Outotec.
The effects of the transaction on Outotec
Outotec estimates the transaction to have a positive effect on
Outotec's business. The estimated synergy benefits are at least EUR 7
million annually. The transaction is not expected to have a
significant effect on Outotec's earnings per share in 2010 excluding
the possible one-time costs relating to the transaction. When the
synergies materialize in 2011 the transaction is expected to have a
clearly positive effect on Outotec's earnings per share.
Effects on the number of Outotec shares
The Outotec shares offered as consideration in the Share Transactions
and possibly as Share Consideration in the Tender Offer will be
issued in deviation from the shareholders' pre-emptive subscription
right based on the authorization given to the Board of Directors by
the Annual General Meeting of Outotec on March 18, 2009.
Outotec will in connection with the completion of the Share
Transactions issue 2,763,419 new shares for the payment of the
consideration in the Share Transactions. If all the remaining current
Larox shareholders accept the Share Consideration offered in the
Tender Offer, Outotec would in connection with the completion of the
Tender Offer in addition issue a maximum of approximately 1,115,500
new shares. Outotec has currently 42 million registered shares. As a
consequence of the issues the total number of registered Outotec
shares would amount to a maximum of approximately 45,878,900 and the
current Larox shareholders would own a maximum of approximately 8.5
per cent of the aggregate shares in Outotec.
Information regarding the companies
Outotec is a leading international developer and provider of
technologies for the mining and metallurgical industries. It offers
innovative and environmentally sound plants, processes, equipment and
services to its customers worldwide. Outotec's sales in 2008 amounted
to approximately EUR 1.2 billion and the company has approximately
2,500 employees in 21 countries. Outotec's headquarters are located
in Espoo, Finland. Outotec is listed on NASDAQ OMX Helsinki and its
market capitalization on October 14, 2009, was approximately EUR 1.0
billion. Outotec will publish its January - September 2009 interim
report on October 23 at 9.00 (EEST). Additional information at
www.outotec.com.
Larox develops and delivers industrial filters for separating solids
from liquids. Larox's filtration solutions are mainly used worldwide
in the mining and metallurgical industries as well as in chemical
processing. Larox operates in over 40 countries. The company is
headquartered in Lappeenranta, Finland and it has production
facilities in Finland and China. Sales in 2008 totaled EUR 208.0
million, and the number of employees was approximately 560. Larox is
listed on NASDAQ OMX Helsinki and on October 14, 2009, the market
capitalization of its series B shares subject to public trading was
approximately EUR 51 million. The key financial figures for the
period January 1 - June 30, 2009 presented in Attachment 1 hereto
have been extracted from the interim report published by Larox on
August 6, 2009. Larox will publish its January - September 2009
interim report on October 23 at 8.30 (EEST). Additional information
at www.larox.com.
Advisors
Aventum Partners Ltd. acts as Outotec's financial advisor and
Roschier, Attorneys Ltd. as Outotec's legal advisor in connection
with the Share Transactions and the Tender Offer.
For further information, please contact:
OUTOTEC OYJ
Tapani Järvinen, CEO, tel. +358 20 529 2000
Vesa-Pekka Takala, CFO, tel. +358 20 529 211, +358 40 570 0074
Rita Uotila, VP - Investor Relations, tel. +358 20 529 2003, +358
0400 954 141
Eila Paatela, VP - Corporate Communications, tel. +358 20 529 2004,
+358 400 817 198
e-mails: firstname.lastname@outotec.com
Teleconference:
Teleconference regarding the transaction will be held in English for
investors, analysts and media starting at 4.15 p.m. (EEST). To
register as a participant for the teleconference please dial:
FI/UK: +44 20 7162 0025
Code: 848509
The presentation material will be available at
www.outotec.com/investors at 3.30 p.m.
In addition, an on demand version of the conference call will be
published on Outotec webcast center later in the afternoon.
DISTRIBUTION
NASDAQ OMX Helsinki
Main media
www.outotec.com
THE TENDER OFFER IS NOT BEING MADE DIRECTLY OR INDIRECTLY IN ANY
JURISDICTION
WHERE PROHIBITED BY APPLICABLE LAW AND THIS STOCK EXCHANGE RELEASE IS
NOT AND MAY NOT BE DISTRIBUTED, FORWARDED OR TRANSMITTED INTO OR FROM
ANY JURISDICTION WHERE PROHIBITED BY APPLICABLE LAW BY ANY MEANS
WHATSOEVER INCLUDING, WITHOUT LIMITATION, MAIL, FACSIMILE
TRANSMISSION, E-MAIL OR TELEPHONE.
ATTACHMENT 1
The income statement, balance sheet and key figures of Larox for the
period of January 1 - June 30, 2009 as published on August 6, 2009 by
Larox Oyj
INCOME STATEMENT OF LAROX GROUP
--------------------------------------------------------------------------------
| INCOME STATEMENT | | | |
| |
--------------------------------------------------------------------------------
| 1 000 EUR | 4-6 | 4-6 | 1-6 | 1-6
| 1-12 |
| | /2009 | /2008 | /2009 | /2008
| /2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | 40 768 | 47 548 | 84 060 | 85 111
| 207 995 |
--------------------------------------------------------------------------------
| Other operating income | 55 | 627 | 534 | 1 486
| 4 230 |
--------------------------------------------------------------------------------
| Materials | -20 480 | -23 456 | -41 542 | -41 544 |
-107 971 |
--------------------------------------------------------------------------------
| External services | -1 975 | -2 231 | -4 169 | -4 052
| -11 146 |
--------------------------------------------------------------------------------
| Employee benefits | -9 399 | -8 697 | -18 928 | -16 888
| -36 360 |
| expense | | | |
| |
--------------------------------------------------------------------------------
| Depreciation, | -1 111 | -981 | -2 112 | -1 864
| -3 808 |
| amortization & | | | |
| |
| impairment losses | | | |
| |
--------------------------------------------------------------------------------
| Other operating | -7 369 | -9 352 | -14 250 | -16 064
| -36 322 |
| expenses | | | |
| |
--------------------------------------------------------------------------------
| OPERATING PROFIT | 490 | 3 460 | 3 593 | 6 186
| 16 618 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financial income | 257 | 50 | 582 | 568
| 655 |
--------------------------------------------------------------------------------
| Financial expenses | -395 | -437 | -1 050 | -1 573
| -3 778 |
--------------------------------------------------------------------------------
| Share of profit/loss | -37 | 154 | -67 | 258
| 462 |
| in associates | | | |
| |
--------------------------------------------------------------------------------
| PROFIT/LOSS BEFORE TAX | 315 | 3 227 | 3 058 | 5 439
| 13 957 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Income tax expense | -180 | -678 | -1 004 | -1 562
| -3 935 |
--------------------------------------------------------------------------------
| PROFIT/LOSS FOR THE | 135 | 2 548 | 2 054 | 3 877
| 10 022 |
| PERIOD | | | |
| |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit for the period | 135 | 2 548 | 2 054 | 3 877
| 10 022 |
| attributable to equity | | | |
| |
| holders of | | | |
| |
| the parent company | | | |
| |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share | | | |
| |
| attributable to equity | | | |
| |
| holders of | | | |
| |
| the parent company | | | |
| |
--------------------------------------------------------------------------------
| EPS basic (EUR) | 0.01 | 0.27 | 0.22 | 0.41
| 1.07 |
--------------------------------------------------------------------------------
| EPS diluted (EUR) | 0.01 | 0.27 | 0.22 | 0.41
| 1.07 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| STATEMENT OF | 4-6 | 4-6 | 1-6 | 1-6
| 1-12 |
| COMPREHENSIVE | /2009 | /2008 | /2009 | /2008
| /2008 |
| INCOME | | | |
| |
--------------------------------------------------------------------------------
| 1 000 EUR | | | |
| |
--------------------------------------------------------------------------------
| Profit for the period | 135 | 2 548 | 2 054 | 3 877
| 10 022 |
--------------------------------------------------------------------------------
| OTHER COMPREHENSIVE | | | |
| |
| INCOME | | | |
| |
--------------------------------------------------------------------------------
| Gains/ losses | | | |
| |
| recognized directly in | | | |
| |
| equity | | | |
| |
--------------------------------------------------------------------------------
| Cash flow hedges | 318 | 174 | 328 | 222
| -208 |
| excluding taxes,( | | | |
| |
| 4-6/2009 112, 4-6/2008 | | | |
| |
| 61, 1-6/2009 115, | | | |
| |
| 1-6/2008 78 ja | | | |
| |
| 1-12/2008 -73) | | | |
| |
--------------------------------------------------------------------------------
| Currency translation | 251 | -427 | 826 | -1 018
| -1 269 |
| differences | | | |
| |
--------------------------------------------------------------------------------
| Total other | 569 | -253 | 1 154 | -796
| -1 477 |
| comprehensive | | | |
| |
| income | | | |
| |
--------------------------------------------------------------------------------
| TOTAL COMPREHENSIVE | 704 | 2 295 | 3 208 | 3 081
| 8 545 |
| INCOME FOR THE PERIOD | | | |
| |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total comprehensive | 704 | 2 295 | 3 208 | 3 081
| 8 545 |
| income attributable to | | | |
| |
| equity holders | | | |
| |
| of the parent company | | | |
| |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| STATEMENT OF FINANCIAL POSITION, | |
| |
| IFRS | |
| |
--------------------------------------------------------------------------------
| 1 000 EUR | 30.6.2009 | 30.6.2008 |
31.12.2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| ASSETS | |
| |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| NON-CURRENT ASSETS | |
| |
--------------------------------------------------------------------------------
| Intangible asssets | 18 325 | 18 476
| 18 998 |
--------------------------------------------------------------------------------
| Goodwill | 3 103 | 2 825
| 2 843 |
--------------------------------------------------------------------------------
| Property, plant and equipment | 11 872 | 9 177
| 11 382 |
--------------------------------------------------------------------------------
| Investments in associates | 1 573 | 1 511
| 1 723 |
--------------------------------------------------------------------------------
| Available-for-sale investments | 23 | 34
| 23 |
--------------------------------------------------------------------------------
| Deferred tax asset | 5 108 | 5 400
| 5 063 |
--------------------------------------------------------------------------------
| TOTAL NON-CURRENT ASSETS | 40 003 | 37 423
| 40 031 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CURRENT ASSET | |
| |
--------------------------------------------------------------------------------
| Inventories | 25 963 | 28 273
| 28 191 |
--------------------------------------------------------------------------------
| Trade receivables and other | 35 988 | 32 288
| 46 555 |
| receivables | |
| |
--------------------------------------------------------------------------------
| Current tax assets | 645 | 1 160
| 1 701 |
--------------------------------------------------------------------------------
| Cash and bank | 2 902 | 2 501
| 1 661 |
--------------------------------------------------------------------------------
| TOTAL CURRENT ASSET | 65 499 | 64 221
| 78 108 |
--------------------------------------------------------------------------------
| TOTAL ASSET | 105 502 | 101 645
| 118 139 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EQUITY AND LIABILITIES | |
| |
--------------------------------------------------------------------------------
| Share capital | 5 629 | 5 629
| 5 629 |
--------------------------------------------------------------------------------
| Share premium account | 5 777 | 5 777
| 5 777 |
--------------------------------------------------------------------------------
| Other reserves | 120 | 222
| -208 |
--------------------------------------------------------------------------------
| Translation differences | -287 | -152
| -205 |
--------------------------------------------------------------------------------
| Retained earnings | 25 090 | 18 893
| 24 777 |
--------------------------------------------------------------------------------
| SHAREHOLDERS' EQUITY | 36 329 | 30 370
| 35 770 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| NON-CURRENT LIABILITIES | |
| |
--------------------------------------------------------------------------------
| Deferred tax liability | 3 705 | 2 281
| 4 111 |
--------------------------------------------------------------------------------
| Long term financial liabilities | 14 421 | 10 616 |
13 124 |
--------------------------------------------------------------------------------
| Employee benefit obligations | 533 | 479
| 594 |
--------------------------------------------------------------------------------
| Non-current provisions | 1 317 | 1 193
| 1 843 |
--------------------------------------------------------------------------------
| TOTAL NON-CURRENT LIABILITIES | 19 977 | 14 569
| 19 672 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CURRENT LIABILITIES | |
| |
--------------------------------------------------------------------------------
| Short term financial liabilities | 22 291 | 21 404
| 25 144 |
--------------------------------------------------------------------------------
| Trade payables and other payables | 23 069 | 32 368
| 35 893 |
--------------------------------------------------------------------------------
| Current tax liabilities | 1 244 | 723
| 550 |
--------------------------------------------------------------------------------
| Current provisions | 1 962 | 2 211
| 1 110 |
--------------------------------------------------------------------------------
| TOTAL CURRENT LIABILITIES | 49 196 | 56 706
| 62 697 |
--------------------------------------------------------------------------------
| TOTAL EQUITY AND LIABILITIES | 105 502 | 101 645
| 118 139 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| STATEMENT OF CASH FLOW, IFRS | |
| |
--------------------------------------------------------------------------------
| 1 000 EUR | 1-6/2009 | 1-6/2008 |
1-12/2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net profit/loss | 2 054 | 3 877
| 10 022 |
--------------------------------------------------------------------------------
| Adjustments to the net | 3 650 | 4 173
| 10 400 |
| profit/loss of the period | |
| |
--------------------------------------------------------------------------------
| Change in working capital | 1 252 | 7 576
| -2 999 |
--------------------------------------------------------------------------------
| Interest paid | -724 | -991
| -1 848 |
--------------------------------------------------------------------------------
| Interest income received | 140 | 27
| 78 |
--------------------------------------------------------------------------------
| Other financing items | -365 | -8
| 253 |
--------------------------------------------------------------------------------
| Income taxes paid | 369 | -2 048
| -5 058 |
--------------------------------------------------------------------------------
| Net cash from operating | 6 376 | 12 206
| 10 848 |
| activities | |
| |
--------------------------------------------------------------------------------
| Net cash used in investment | -1 694 | -1 361
| -6 228 |
| activities | |
| |
--------------------------------------------------------------------------------
| Increase in loans | 12 850 | 12 370
| 27 356 |
--------------------------------------------------------------------------------
| Decrease in loans | -13 613 | -17 257
| -26 129 |
--------------------------------------------------------------------------------
| Repayment of finance lease | -15 | -41
| -88 |
| liabilities | |
| |
--------------------------------------------------------------------------------
| Dividends paid | -2 814 | -5 629
| -5 629 |
--------------------------------------------------------------------------------
| Net cash used in financing | -3 592 | -10 557
| -4 490 |
| activities | | |
|
--------------------------------------------------------------------------------
| Change in cash and cash | 1 089 | 688
| 131 |
| equivalents | |
| |
--------------------------------------------------------------------------------
| Operating balance of cash and | 1 661 | 1 812
| 1 812 |
| cash equivalents | |
| |
--------------------------------------------------------------------------------
| Effect of the foreign exchange | 152 | 0
| -282 |
| rates | |
| |
--------------------------------------------------------------------------------
| Closing balance of cash and cash | 2 902 | 2 501
| 1 661 |
| equivalents | |
| |
--------------------------------------------------------------------------------
KEY RATIOS OF LAROX
GROUP
--------------------------------------------------------------------------------
| 1 000 EUR | 1-6/2009 | 1-6/2008 |
1-12/2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| New orders | 51 676 | 105 223
| 184 799 |
--------------------------------------------------------------------------------
| Group order backlog, end of the | 40 535 | 115 675
| 72 006 |
| period | |
| |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | 84 060 | 85 111
| 207 995 |
--------------------------------------------------------------------------------
| Operating profit | 3 593 | 6 186
| 16 618 |
--------------------------------------------------------------------------------
| % of net sales | 4.3 | 7.3
| 8.0 |
--------------------------------------------------------------------------------
| Net financing costs | 534 | 747
| 2 661 |
--------------------------------------------------------------------------------
| % of net sales | 0.6 | 0.9
| 1.3 |
--------------------------------------------------------------------------------
| Result before taxes | 3 058 | 5 439
| 13 957 |
--------------------------------------------------------------------------------
| Result for the period | 2 054 | 3 877
| 10 022 |
--------------------------------------------------------------------------------
| EPS basic and diluted (EUR) | 0.22 | 0.41
| 1.07 |
--------------------------------------------------------------------------------
| Investments | 1 852 | 1 486
| 7 402 |
--------------------------------------------------------------------------------
| Shareholders' equity per share at the | 3.85 | 3.24
| 3.81 |
| end of the period (EUR) | |
| |
--------------------------------------------------------------------------------
| Equity ration % | 35.1 | 33.6
| 32.3 |
--------------------------------------------------------------------------------
| Contingent liabilities (EUR million) | 43.8 | 28.1
| 44.2 |
--------------------------------------------------------------------------------
| Trading price at the end of period, | 6.41 | 10.20
| 4.60 |
| (EUR) | |
| |
--------------------------------------------------------------------------------
| Market capitalization at the end of | |
| |
| period, | |
| |
--------------------------------------------------------------------------------
| EUR million *) | 60.4 | 95.7
| 43.2 |
--------------------------------------------------------------------------------
| Personnel, average | 602 | 510
| 562 |
--------------------------------------------------------------------------------
| Personnel at the end of the period | 590 | 495 |
593 |
--------------------------------------------------------------------------------
| Net sales/employer | 140 | 167
| 370 |
--------------------------------------------------------------------------------
*) The price of the A share is based on the B share's last trading
rate of the
reporting period (weighted
average).
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