2007-05-10 08:02:49 CEST
2007-05-10 08:02:49 CEST
REGLERAD INFORMATION
Huhtamäki Oyj - Quarterly report
Interim report January 1 - March 31, 2007
Huhtamäki Oyj Stock Exchange Release 10.5.2007 At 8:55
Solid performance in the first quarter
* Good sales growth on a comparable basis driven by positive
price/mix and modest volume growth
* Operational result improved while corporate income decreased
significantly
* In Europe profitability returned to previous year's level supported
by growth in Flexibles, Films and Molded Fiber as well as early stage
recovery in Rigid
* Good earnings in Americas from solid pricing and product mix as
well as improved operational efficiency
* Ramp-up of capacity investments on schedule in Asia
Key figures
Q1 Q1
EUR million 2007 2006 2006
Net sales 564.7 562.1 2,275.6
EBIT, underlying* 37.7 40.9 157.6
EBIT margin % 6.7 7.3 6.9
EBIT, reported 37.7 37.2 145.5
EPS, reported 0.24 0.24 0.94
* The underlying EBIT excludes restructuring charges
Business review
In the first quarter, market demand for consumer packaging in the
mature markets remained stable. In the emerging markets healthy
growth is driven by an increase in purchasing power and modern
retail. While overall demand has remained on a similar level to last
year, the increasing raw material prices require continuous efforts
to pass the cost pressure upstream as well as improve productivity.
The prices for the main raw materials remained on a high level during
the quarter, showing a clear increase compared to the average level
of the previous year. The same applied to the development of energy
prices.
Volume was slightly up, especially on a comparable basis, and
price/mix changes had a positive impact (+4%). These are not fully
reflected in reported net sales of EUR 564.7 million (EUR 562.1
million) due to unfavorable movement in currency translations (-3%).
The geographical distribution of sales was the following: Europe 54%
(52%), Americas 29% (31%) and Asia-Oceania-Africa 17% (17%). As a
whole, emerging markets represented approximately 20% (19%) of net
sales.
Europe
Q1 Q1
EUR million 2007 2006 2006
Net sales 304.9 292.6 1,188.7
EBIT, underlying* 13.6 13.9 52.1
EBIT margin % 4.5 4.8 4.4
EBIT, reported 13.6 10.2 40.3
RONA % underlying (12m roll.) 6.6 8.7 6.7
In Europe, growth in the Flexibles, Films and Molded Fiber businesses
was robust. Sales performance in the Rigid business varied: steady
growth within Foodservice was driven by Eastern and Southern Europe
as well as the UK, while within Consumer Goods sales development was
negatively impacted by the divested expanded polystyrene businesses
and volume decline in the UK. For the quarter, net sales increased by
4% to EUR 304.9 million positively impacted by price/mix changes
(+2%) and volume growth (+1%) with minor effect from currency
translations.
The region's underlying EBIT was EUR 13.6 million (EUR 13.9 million),
corresponding to an EBIT margin of 4.5% (4.8%). This reflects
positive momentum experienced in the Flexibles business and
operational efficiency in Rigid units with major change programs
moving towards targeted levels. Also, the previous year's raw
material and energy cost increases were largely recovered following
reinforced pricing activities. The reported EBIT was EUR 13.6
million. In the previous year the reported EBIT of EUR 10.2 million
included restructuring charges of EUR 3.7 million.
Americas
Q1 Q1
EUR million 2007 2006 2006
Net sales 163.7 176.3 711.5
EBIT, underlying* 18.5 13.7 61.3
EBIT margin % 11.3 7.8 8.6
EBIT, reported 18.5 13.7 61.3
RONA % underlying (12m roll.) 11.7 9.7 11.0
In the Americas, growth within Foodservice continued strong in the
Retail division. Meanwhile, the change in product assortment in the
remaining categories had a negative sales impact. The Flexibles
business posted strong growth especially in Pet food. The Frozen
desserts category saw lower demand compared to the previous year as
customers rebalanced inventories ahead of the season start.
Furthermore, the divested Mexican Molded Fiber unit affected
negatively the comparison. In South America, sales development was
flat. For the quarter, the positive impact from price/mix changes
(+7%) was largely offset by volume decline (-6%). The reported net
sales of EUR 163.7 million (-7%) is depressed by currency
translations (-8%).
The region's underlying EBIT increased by 35% to EUR 18.5 million
(EUR 13.7 million), corresponding to an EBIT margin of 11.3% (7.8%).
This includes approximately EUR 6 million received as damages
compensation relating to long-pending court proceedings settled. The
previous year included a capital gain of EUR 3 million from the
divested business. On a comparable basis, successful price management
and favorable development in product mix together with good
operational efficiency more than compensated the experienced
shortfall in volume and higher distribution costs.
Asia-Oceania-Africa
Q1 Q1
EUR million 2007 2006 2006
Net sales 96.1 93.2 375.4
EBIT, underlying* 5.7 6.3 24.7
EBIT margin % 5.9 6.8 6.6
EBIT, reported 5.7 6.3 24.4
RONA % underlying (12m roll.) 7.9 8.4 8.1
In Asia, growth continued in the Flexibles and Rigid businesses.
Sales performance was improving in the Rigid business in Oceania. For
the quarter, volume growth was strong (+7%) and price/mix changes had
a positive impact (+3%). The reported net sales of EUR 96.1 million
(+3%) is depressed by currency translations (-6%).
The region's underlying EBIT was EUR 5.7 million (EUR 6.3 million),
corresponding to an EBIT margin of 5.9% (6.8%). The favorable volume
development led by the emerging markets was mitigated by start-up
costs associated with investments in added capacity.
Financial review
The underlying EBIT before corporate items increased by 12% to EUR
37.8 million (EUR 33.9 million), corresponding to an EBIT margin of
6.7% (6.0%).
Corporate net in the quarter was EUR -0.1 million (EUR 7.0 million)
reflecting the expiry of the royalty income relating to a previous
divestment of the pharmaceuticals business. The underlying group EBIT
was EUR 37.7 million (EUR 40.9 million), corresponding to an EBIT
margin of 6.7% (7.3%). The reported EBIT was EUR 37.7 million. In the
previous year the reported EBIT of EUR 37.2 million included
restructuring charges of EUR 3.7 million.
At EUR 9.1 million (EUR 7.9 million), the increase in net financial
items was mainly due to lower financial income. The reported profit
for the period was EUR 24.4 million (EUR 24.2 million) leading to an
unchanged reported EPS of EUR 0.24.
The average number of outstanding shares used in the EPS calculation
was 100,426,461 (98,778,283) excluding 5,061,089 (unchanged)
company's own shares.
On a rolling 12-month basis, the return on investment (ROI) was 9.3%
(4.3%) and return on equity (ROE) was 11.5% (1.8%).
Balance sheet and cash flow
Free cash flow of EUR -36.4 million (EUR -1.1 million) was burdened
by an elevated level of working capital due to higher inventories in
units with major change programs as well as normal seasonal inventory
build-up. In addition, capital expenditure continued high during the
quarter amounting to EUR 25.6 million (EUR 18.7 million).
Net debt at the end of the quarter increased to EUR 742.6 million
(EUR 699.2 million). The corresponding gearing ratio was 0.84 (0.87).
Strategic direction
Towards the end of 2006 the emphasis in the Group was shifted to
developing growth platforms in order to accelerate profitable growth
in attractive markets and product segments. In addition to progress
in this area, the completion of the earlier announced change programs
is another key priority for the current year.
In Europe, capacity was added in Foodservice hot cups in several
units during the first quarter of 2007. The final exit from
Göttingen, Germany, will take place during Q2 2007. In the Americas,
the capacity to be added in retortable flexibles packaging is
progressing at the existing facility in Malvern, USA, and is expected
to be operational during the second half of 2007. In
Asia-Oceania-Africa, the new flexibles packaging facility in
Rudrapur, India, was in operation at year-end and commercial
production started in January 2007. The construction work of the new
rigid packaging facility in Guangzhou, China, was nearing completion
at the end of the first quarter and is expected to be operational by
the end of 2007.
Personnel
Huhtamaki had 14,885 (14,754) employees on March 31, 2007.
Events after the reporting period
The Annual General Meeting of Shareholders (AGM) of Huhtamäki Oyj was
held on April 12, 2007 in Helsinki, Finland. The meeting approved the
company's and consolidated financial statements for 2006 and
discharged the members of the Board of Directors and the CEO from
liability. The dividend for 2006 was set at EUR 0.42 per share,
increasing by 11% from the previous year. The meeting approved the
proposal of the Board of Directors regarding the amendment of the
Articles of Association of Huhtamäki Oyj. The AGM granted the Board
of Directors authorization to decide on the conveyance of the
company's own shares. The authorization is valid until December 31,
2009. The Board of Directors was re-elected and comprises the
following persons: Ms. Eija Ailasmaa, Mr. George V. Bayly, Mr.
Robertus van Gestel, Mr. Paavo Hohti, Mr. Mikael Lilius, Mr. Anthony
J.B. Simon and Mr. Jukka Suominen. The Board of Directors
subsequently elected Mikael Lilius as the Chairman and Jukka Suominen
as Vice Chairman.
Huhtamaki continues to strengthen its position as a leading consumer
packaging company in the Asian emerging markets. A new flexibles
packaging facility will be built close to the existing facility in
Bangkok, Thailand. The aim is to capture growth opportunities by
supplying the local and multinational food and consumer goods
industry with advanced flexibles packaging. According to the
preliminary schedule the new facility will commence production around
mid 2008. The value of the investment is approximately EUR 17
million.
Short-term risks and uncertainties
Volatile polymer-based raw material and energy prices as well as
movements in currency translations are considered to be significant
short-term business risks and uncertainties in the Group's
operations.
Outlook for 2007
Organic growth will continue to be a priority. The positive impact
from sales growth and cost savings should balance out the significant
reduction in unallocated corporate income.
Capital expenditure is estimated to be somewhat lower in 2007 versus
2006.
The underlying EBIT for the full year is expected to be around the
level of 2006.
This interim report is unaudited.
Espoo, May 9, 2007
Huhtamäki Oyj
Board of Directors
The Q2 2007 interim report will be published on July 19, 2007.
For further information, please contact:
Mr. Heikki Takanen, CEO, tel. +358-10-686 7801
Mr. Sakari Ahdekivi, CFO, tel. +358-10-686 7853
Ms. Kia Aejmelaeus, Head of Investor Relations, tel. +358-10-686 7819
or mobile +358-40-765 4616
Ms. Taina Erkkilä, Group Vice President Communications, tel.
+358-10-686 7876 or mobile +358-50-577 4059
A conference for investors, analysts and media will be held at 11:00
Finnish time at Huhtamaki's head office, Länsituulentie 7, Espoo. CEO
Heikki Takanen and CFO Sakari Ahdekivi will present the results.
At 15:00 Finnish / 13:00 London / 08:00 New York time a conference
call for investors and analysts will start with a management
presentation, followed by a question and answer session. Should you
wish to participate, please dial one of the following numbers:
* Number for participants from Finland: 0923 193 019
* Number for participants outside of Finland: +44 (0) 1452 542 300
* Reference code: Huhtamaki
All materials will be available at our website at www.huhtamaki.com.
****************************
Group Income statement (IFRS)
Unaudited
Q1 Q1 Q1-Q4
EUR million 2007 2006 2006
Net sales 564.7 562.1 2,275.6
Cost of goods sold -479.1 -481.9 -1,946.4
Gross profit 85.6 80.2 329.2
Other operating income 10.0 16.1 56.2
Sales and marketing -20.0 -20.0 -82.8
Research and development -4.8 -5.4 -19.3
Administration costs -30.1 -31.5 -126.5
Other operating expenses -3.0 -2.2 -11.3
-47.9 -43.0 -183.7
Earnings before interest and taxes 37.7 37.2 145.5
Financial income 1.7 3.8 11.0
Financial expenses -10.8 -11.7 -47.8
Income of associated companies 0.1 0.0 0.5
Profit before taxes 28.7 29.3 109.2
Income tax expense -4.3 -5.1 -12.6
Profit for the period 24.4 24.2 96.6
Attributable to:
Equity holders of the parent company 23.9 23.3 93.3
Minority interest 0.5 0.9 3.3
Basic earnings per share (EUR) for the 0.24 0.24 0.94
shareholders of parent company
Diluted earnings per share (EUR) for the 0.24 0.23 0.93
shareholders of parent company
Group balance sheet (IFRS)
Unaudited
Mar 31 Dec 31 Mar 31
EUR million 2007 2006 2006
ASSETS
Non-current assets
Goodwill 524.2 525.2 535.8
Other intangible assets 37.7 35.1 8.5
Tangible assets 839.0 840.1 827.8
Investments in associated companies 1.6 1.5 1.6
Available for sale investments 1.7 1.8 1.9
Interest bearing receivables 6.1 6.6 7.1
Deferred tax assets 15.5 14.1 15.2
Employee benefit assets 63.7 64.0 67.1
Other non-current assets 5.0 5.0 5.0
1,494.5 1,493.4 1,470.0
Current assets
Inventory 375.7 341.8 331.2
Interest bearing receivables 0.0 0.5 17.3
Current tax assets 10.5 9.9 24.4
Trade and other current receivables 418.8 400.7 414.9
Cash and cash equivalents 25.2 22.3 46.2
830.2 775.2 834.0
Total assets 2,324.7 2,268.6 2,304.0
EQUITY AND LIABILITIES
Share capital 358.7 358.7 353.0
Premium fund 104.7 104.7 96.8
Treasury shares -46.5 -46.5 -46.5
Translation differencies -108.2 -106.7 -83.3
Fair value and other reserves 2.9 2.1 2.4
Retained earnings 555.8 528.8 460.7
Total equity attributable to equity 867.4 841.1 783.1
holders of
the parent company
Minority interest 20.0 19.3 18.9
Total equity 887.4 860.4 802.0
Non-current liabilities
Interest bearing liabilities 311.8 314.7 390.1
Deferred tax liabilities 66.4 62.9 81.8
Employee benefit liabilities 111.8 111.4 117.2
Provisions 46.1 46.8 53.2
Other non-current liabilities 4.0 3.9 4.5
540.1 539.7 646.8
Current liabilities
Interest bearing liabilities
- Current portion of long term loans 45.6 41.7 15.8
- Short term loans 416.6 383.7 363.8
Provisions 8.4 11.9 16.8
Current tax liabilities 19.0 19.7 27.2
Trade and other current liabilities 407.6 411.5 431.6
897.2 868.5 855.2
Total liabilities 1,437.3 1,408.2 1,502.0
Total equity and liabilities 2,324.7 2,268.6 2,304.0
Mar 31 Dec 31 Mar 31
2007 2006 2006
Net debt 742.6 710.7 699.2
Net debt to equity (gearing) 0.84 0.83 0.87
Changes in shareholders' equity
Unaudited
Attributable to equity holders Minor Total
of the parent ty
company inter
st
EUR million Share Share Trea Trans Fair Retai Total
capital Issue Ury Ation Value ed equity
Prem Shar diff. And earni
um s Other gs
Reser
es
Balance at 353.0 96.8 -46.5 -76.3 -0.2 475.2 802.0 18.4 820.4
Dec 31,
2005
Cash flow
hedges
Hedge result 4.0 4.0 4.0
deferred to
equity
Hedge result recognized -0.4 -0.4 -0.4
in
income statement
Translation -7.0 -7.0 -0.4 -7.4
differences
Deferred tax -1.0 -1.0 -1.0
in equity
Other -0.7 -0.7 -0.7
changes
Net income -7.0 2.6 -0.7 -5.1 -0.4 -5.5
recognized
directly in equity
Net income 23.3 23.3 0.9 24.2
for the
period
Total recognized income -7.0 2.6 22.6 18.2 0.5 18.7
and
expense for the period
Dividend -37.5 -37.5 -37.5
Share-based 0.4 0.4 0.4
payments
Balance at 353.0 96.8 -46.5 -83.3 2.4 460.7 783.1 18.9 802.0
Mar 31,
2006
Balance at 358.7 104.7 -46.5 -106.7 2.1 528.8 841.1 19.3 860.4
Dec 31,
2006
Cash flow
hedges
Hedge result 0.8 0.8 0.8
deferred to
equity
Hedge result recognized -1.4 -1.4 -1.4
in income statement
Translation -1.5 -1.5 0.2 -1.3
differences
Deferred tax 1.4 1.4 1.4
in equity
Other 2.7 2.7 2.7
changes
Net income -1.5 0.8 2.7 2.1 0.2 2.3
recognized
directly in equity
Net income 23.9 23.9 0.5 24.4
for the
period
Total recognized income -1.5 0.8 26.7 26.0 0.7 26.7
and
expense for the period
Dividend 0.0 0.0 0.0
Share-based 0.3 0.3 0.3
payments
Balance at 358.7 104.7 -46.5 -108.2 2.9 555.8 867.4 20.0 887.4
Mar 31,
2007
Group cash flow statement (IFRS)
Unaudited
Q1 Q1 Q1-Q4
EUR million 2007 2006 2006
Profit for the period* 24.4 24.2 96.6
Adjustments* 33.5 36.4 126.9
- Depreciation and amortization* 24.5 30.5 101.5
- Gain on equity of minorities* -0.1 0.0 -0.5
- Gain/loss from disposal of assets* 0.2 -0.3 0.1
- Financial expense/-income* 9.1 7.9 36.8
- Income tax expense* 4.3 5.1 12.6
- Other adjustments, operational* -4.5 -6.8 -23.6
Change in inventory* -34.7 -22.7 -44.1
Change in non-interest -19.6 -1.3 -9.7
bearing receivables*
Change in non-interest bearing payables* -1.9 -8.6 19.3
Dividends received* 0.1 0.3 1.0
Interest received* 0.6 1.1 2.7
Interest paid* -12.2 -10.2 -38.0
Other financial expense and income* -0.2 1.4 0.7
Taxes paid* -1.9 -5.5 -16.3
Net cash flows from operating activities -11.9 15.1 139.1
Capital expenditure* -25.6 -18.7 -154.0
Proceeds from selling fixed assets* 1.1 2.5 6.5
Divested subsidiaries - 12.8 22.9
Proceeds from long-term deposits 0.5 - 1.6
Payment of long-term deposits -0.1 -2.8 -3.9
Proceeds from short-term deposits 0.5 5.4 24.8
Payment of short-term deposits - -5.5 -8.1
Net cash flows from investing -23.6 -6.3 -110.2
Proceeds from long-term borrowings 164.8 207.0 409.0
Repayment of long-term borrowings -169.0 -221.2 -495.5
Proceeds from short-term borrowings 691.8 770.4 2,612.7
Repayment of short-term borrowings -649.4 -755.6 -2,543.6
Dividends paid - - -37.5
Proceeds from stock option exercises - - 13.5
Net cash flows from financing 38.2 0.6 -41.4
Change in liquid assets 2.9 8.6 -15.3
Cash flow based 2.7 9.4 -12.5
Translation difference 0.2 -0.9 -2.8
Liquid assets period start 22.3 37.6 37.6
Liquid assets period end 25.2 46.2 22.3
Free cash flow -36.4 -1.1 -8.4
(including figures marked with *)
NOTES FOR THE INTERIM REPORT
This interim report has been prepared in accordance with IAS 34
Interim Financial Reporting. Except for accounting policy changes
listed below, the same accounting policies have been applied in the
interim financial statements as in annual financial statements for
2006.
Interim report is unaudited.
Changes in accounting principles
The Group has adopted the following IFRS standards and
interpretations considered applicable to Huhtamaki, with effect from
January 1, 2007:
IAS 1 Presentation of Financial statements: Capital disclosures: The
Amendment to IAS 1 requires information about capital and capital
management during the accounting period.
IFRIC 8 Scope of IFRS 2 Share-Based Payments: The interpretation
applies to share-based payments, where the received compensation is
below the fair value of granted equity instrument.
IFRIC 9 Reassessment of Embedded Derivatives: The interpretation
requires the determination of whether the arrangement contains
embedded derivatives, which have to be reported separately as
derivative instruments.
IFRIC 10 Interim Financial reporting and Impairment: IFRIC 10 denies
to reverse the impairment charge reported in interim report at later
closing dates.
The effect of these newly adopted standards has not had a material
impact on the reported results or disclosures.
In 2006 in the Americas segment the price reduction type item has
been transferred from sales and marketing costs to amend net sales.
In the business segment the whole item fell on the Foodservice
segment. The effect of this restatement on net sales was EUR -3.9
million in Q1, EUR -6.7 million in Q2 and EUR -3.2 million in Q3 of
2006. The restatement did not have material impact on net sales based
key ratios.
Regions
Net sales
Q1 Q4 Q3 Q2 Q1 Q1-Q4
EUR million 2007 2006 2006 2006 2006 2006
Europe 304.9 288.4 296.5 311.2 292.6 1,188.7
Americas 163.7 170.3 173.8 191.2 176.3 711.6
Asia-Oceania-Africa 96.1 98.5 91.9 91.8 93.2 375.4
Total 564.7 557.2 562.2 594.2 562.1 2,275.7
Interregional sales
are not significant.
EBIT
Q1 Q4 Q3 Q2 Q1 Q1-Q4
EUR million 2007 2006 2006 2006 2006 2006
Europe 13.6 0.4 13.2 16.4 10.2 40.3
Americas 18.5 13.9 14.0 19.7 13.7 61.3
Asia-Oceania-Africa 5.7 6.6 7.5 4.1 6.3 24.4
EBIT before corporate items 37.8 20.9 34.7 40.2 30.2 126.0
Corporate net -0.1 -0.5 3.4 9.6 7.0 19.5
Total 37.7 20.4 38.1 49.8 37.2 145.5
Underlying EBIT
Q1 Q4 Q3 Q2 Q1 Q1-Q4
EUR million 2007 2006 2006 2006 2006 2006
Europe 13.6 3.4 14.9 19.9 13.9 52.1
Americas 18.5 13.9 14.0 19.7 13.7 61.3
Asia-Oceania-Africa 5.7 6.9 7.5 4.0 6.3 24.7
EBIT before corporate items 37.8 24.2 36.4 43.6 33.9 138.1
Corporate net -0.1 -0.5 3.4 9.6 7.0 19.5
Total 37.7 23.7 39.8 53.2 40.9 157.6
Net assets and RONA % (12m roll.)
Q1 Q4 Q3 Q2 Q1
EUR million 2007 2006 2006 2006 2006
Europe 789.7 782.7 779.4 778.6 784.8
RONA-% underlying 6.6% 6.7% 7.8% 8.2% 8.7%
RONA-% reported 5.5% 5.1% 6.1% 5.5% 0.1%
Americas 566.2 558.1 564.5 565.9 573.4
RONA-% underlying 11.7% 11.0% 11.0% 10.9% 9.7%
RONA-% reported 11.7% 11.0% 11.0% 10.9% 4.3%
Asia-Oceania-Africa 303.4 301.0 295.8 292.2 293.9
RONA-% underlying 7.9% 8.1% 8.1% 7.7% 8.4%
RONA-% reported 7.9% 8.1% 6.1% 5.6% 5.8%
Business segments
Net sales
Q1 Q4 Q3 Q2 Q1 Q1-Q4
EUR million 2007 2006 2006 2006 2006 2006
Consumer Goods 389.2 359.0 368.2 379.6 388.5 1,495.3
Foodservice 175.5 198.2 194.0 214.5 173.6 780.3
Total 564.7 557.2 562.2 594.1 562.1 2,275.6
Intersegment sales are not significant.
EBIT
Q1 Q4 Q3 Q2 Q1 Q1-Q4
EUR million 2007 2006 2006 2006 2006 2006
Consumer Goods 26.5 11.6 23.7 21.1 18.1 74.7
Foodservice 11.3 9.3 11.0 19.1 12.1 51.3
EBIT before corporate items 37.8 20.9 34.7 40.2 30.2 126.0
Corporate net -0.1 -0.5 3.4 9.6 7.0 19.5
Total 37.7 20.4 38.1 49.8 37.2 145.5
Underlying EBIT
Q1 Q4 Q3 Q2 Q1 Q1-Q4
EUR million 2007 2006 2006 2006 2006 2006
Consumer Goods 26.5 14.5 25.2 23.5 20.9 84.1
Foodservice 11.3 9.7 11.2 20.1 13.0 54.0
EBIT before corporate items 37.8 24.2 36.4 43.6 33.9 138.1
Corporate net -0.1 -0.5 3.4 9.6 7.0 19.5
Total 37.7 23.7 39.8 53.2 40.9 157.6
Share capital and shareholders
At the end of the review period, the company's registered share
capital was EUR 358,657,670.00 (EUR 353,053,864.80) corresponding to
a total number of outstanding shares of 105,487,550 (103,839,372)
including 5,061,089 (unchanged) company's own shares. The company's
own shares represent 4.8% of the total number of shares. The net
figure of outstanding shares was 100,426,461 (98,778,283).
The ownership structure relating to the largest registered
shareholders saw some adjustments but was not subject to major
changes during the first quarter. At the end of March there were
22,033 (20,740) registered shareholders. Foreign ownership accounted
for 25.9% (21.6%), of which 20.7% (18.0%) was under nominee
registration within financial institutions.
Share developments
Huhtamaki's share is quoted on the Helsinki Stock Exchange on the
Nordic Large Cap list under the Materials sector. At the end of
March, the company's market capitalization was EUR 1,307.0 million
(EUR 1,619.9 million) and EUR 1,244.3 million (EUR 1,540.9 million)
excluding company's own shares. With a closing price of EUR 12.39
(EUR 15.60) the share price decreased by 17% (+12%) from the
beginning of the year, while the OMX Helsinki CAP PI Index increased
by 6% (+17%). In January-March, the volume weighted average price for
the Huhtamaki share was EUR 13.30 (EUR 15.12). The highest price paid
was EUR 15.89 on January 15, 2007 and the lowest price paid was EUR
12.01 on March 14, 2007.
The cumulative value of the Huhtamaki share turnover was EUR 426.9
million
(EUR 273.1 million). The trading volume of 32.1 million (18.3
million) shares equaled an average daily turnover of EUR 6.7 million
(EUR 4.3 million) or, correspondingly 501,172 (285,169) shares.
In total, turnover of the company's 2003 A and B option rights was
EUR 1.8 million (EUR 1.6 million), corresponding to a trading volume
of 341,792 (213,650).
Other information
Q1 Q1 Q1-Q4
EUR million 2007 2006 2006
Equity per share (EUR) 8.64 7.93 8.37
ROE, % 11.5 1.8 11.7
ROI, % 9.3 4.3 9.4
Capital expenditure 25.6 18.7 154.0
Personnel 14,885 14,754 14,792
Profit before taxes (12m roll.) 108.7 25.8 109.2
Depreciation 23.0 23.4 92.6
Amortization of other intangible assets 1.4 0.8 2.7
Contingent liabilities
Mar 31 Dec 31 Mar 31
2007 2006 2006
EUR million Group Group Group
Mortgages 14.6 14.7 14.9
Guarantee obligations 6.2 3.8 4.6
Lease payments 59.1 59.3 65.5
Capital expenditure commitments 48.5 27.4 32.0
Nominal values of derivative instruments
Mar 31 Dec 31 Mar 31
2007 2006 2006
EUR million Group Group Group
Currency forwards, transaction risk hedges 57 54 81
Currency forwards, translation risk hedges 111 112 58
Currency swaps, financing hedges 130 107 143
Currency options - 1 1
Interest rate swaps 132 139 229
Electricity forwards - 2 -
The following EUR rates have been applied to GBP, INR, AUD and USD
Q1/07 Q1/06
Income statement, average: GBP 1 = 1.491 1.458
INR 1 = 0.017 0.019
AUD 1 = 0.600 0.615
USD 1 = 0.763 0.832
Q1/07 Q1/06
Balance sheet, month end: GBP 1 = 1.471 1.436
INR 1 = 0.017 0.019
AUD 1 = 0.607 0.588 USD 1 = 0.751 0.826
Definitions for key indicators
Earnings per share = Profit before taxes - minority interest - taxes
/ Average number of shares outstanding
Earnings per share (diluted) = Diluted profit before taxes - minority
interest - taxes / Average fully diluted number of shares outstanding
Net debt to equity (gearing) = Interest bearing net debt / Equity +
minority interest (average)
RONA-% = 100 x Earnings before interest and taxes (12 m roll.) / Net
assets (12 m roll.)
Shareholders' equity per share = Equity / Issue-adjusted number of
shares at period end
Return on equity (ROE) = 100 x (Profit for the period) / Equity +
minority interest (average)
Return on investment (ROI) = 100 x (Profit before taxes + interest
expenses + net other financial expenses) / Balance sheet total -
Interest-free liabilities (average)
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