2009-11-12 08:00:00 CET
2009-11-12 08:00:43 CET
REGULATED INFORMATION
Honkarakenne Oyj - Interim report (Q1 and Q3)
HONKARAKENNE OYJ'S INTERIM REPORT, 1 JANUARY - 30 SEPTEMBER 2009
HONKARAKENNE OYJ INTERIM REPORT 12 NOVEMBER 2009 at 9.00 AM HONKARAKENNE OYJ'S INTERIM REPORT, 1 JANUARY - 30 SEPTEMBER 2009 SUMMARY Interim Report, July - September 2009 Honkarakenne's consolidated net sales for the third quarter of the year amounted to EUR 12.0 million, a decrease of 30.8% on the previous year's corresponding period (EUR 17.3 million). Profit before taxes showed a loss of EUR 1.5 million (loss of EUR 0.6 million) and the earnings/share ratio was a loss of EUR 0.41 (loss of EUR 0.13). Total consolidated net sales for the year will show a marked decrease on last year's level, and there will be an increase in the loss on the previous year's figure. INTERIM REPORT, January - September 2009 Honkarakenne's consolidated net sales for January-September 2009 amounted to EUR 39.6, a decrease of 37.0 % on the previous year's corresponding period (EUR 62.8 million). (Loss)/profit before tax showed a loss of EUR 2.1 million (profit of EUR 1.3 million) and the earnings/share ratio was a loss of EUR 0.53 (profit of EUR 0.26). The weak advance sales, a trend begun at the end of last year, reflects in the delivery volumes in all market areas. -------------------------------------------------------------------------------- | KEY FIGURES | 7-9 | 7-9/ | 1-9 | 1-9 | change | 1-12 | | | /2009 | 2008 | /2009 | /2008 | % | /2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales, MEUR | 12.0 | 17.3 | 39.6 | 62.8 | -37.0 | 78.4 | -------------------------------------------------------------------------------- | Operating | -1.4 | -0.4 | -1.8 | 1.8 | -198.2 | -0.1 | | profit/loss, MEUR | | | | | | | -------------------------------------------------------------------------------- | Profit/loss before | -1.5 | -0.6 | -2.1 | 1.3 | -269.1 | -1.5 | | taxes, MEUR | | | | | | | -------------------------------------------------------------------------------- | Average number of | | | 368 | 402 | | 398 | | personnel | | | | | | | -------------------------------------------------------------------------------- | Earnings/share (EPS), | | | -0.53 | 0.26 | | -0.32 | | EUR | | | | | | | -------------------------------------------------------------------------------- | Equity ratio, % | | | 30.8 | 35.6 | | 33.0 | -------------------------------------------------------------------------------- | Return on equity, % | | | -13.1 | 5.07 | | -6.6 | -------------------------------------------------------------------------------- | Shareholders | | | 4.0 | 5.17 | | 4.5 | | equity/share, EUR | | | | | | | -------------------------------------------------------------------------------- | Gearing, % | | | 135.8 | 97.6 | | 121.6 | -------------------------------------------------------------------------------- Review by Honkarakenne Oyj's President & CEO, Esa Rautalinko, in connection with the interim report: ”The prolonged global downturn is reflected in Honkarakenne's sales in all of its main market areas. The decrease in sales is substantially more marked in the company's export markets than in the domestic markets. In the operating period, eastern European and Russian and near-by markets have experienced the deepest slump. Honkarakenne's advance sales figures for the review period are 38% down on the previous year's level. Domestic advance sales saw a 29% decrease and advance export sales were 44% less than in the previous year. At Group level, net sales were 37% down in the review period on the previous year's equivalent period. In the review period, Group business operations have been adjusted to a lower level of net sales in line with the cost adjustment and improvement strategy. Operational development has focused on the project to centralise purchasing as well as the adoption of the customer relationship management system (HonkaCRM) and the bid calculation system (Honka Master). The review period has seen further work to boost processes throughout the organisation as well as progress in developing production and the acquisition of raw-materials. Sawn goods from Honkarakenne's affiliated company in the Republic of Karelia have continued to arrive in the company's production facilities in the last quarter, according to schedule. By the end of September, the operations of Honkarakenne's subsidiary Finwood had all been merged with the parent company. Finwood's production plant in Paltamo was closed down and all production transferred to the Karstula unit. Following their market launch in early 2009, deliveries of the Honka Duo eco round log and the Honka Major multi-laminated log were begun in the second and third quarters of the year. The products have been well received and customer feedback has been as anticipated. The development of the production process of the Honka Duo log is ongoing, with a view to boosting production efficiency further and improving gain. Both architects and end-users have given a favourable welcome to the Honka Fusion product and service concept, which was launched in Central Europe. The structural solution deployed in the Honka Fusion product is a log which does not suffer from indentation, an original concept developed by Honkarakenne. Thanks to non-indentation, various different building materials may be combined with the ecological log more easily than previously, both in architectural and structural terms. Honka Fusion makes it possible to build healthy homes from massive wood in a city environment, even in areas where stone-built houses are the norm. Total consolidated net sales for the year will show a marked decrease on last year's level, and there will be an increase in the loss on the previous year's figure. The cost adjustment and improvement measures, begun in late autumn 2008, have not been sufficient in terms of the realised net sales. Considerable further measures to boost efficiency will be required in order to safeguard the Group's profitable operation in future years.” NET SALES Honkarakenne's consolidated net sales from January to September 2009 were EUR 39.6 million, compared to EUR 62.8 million in the same period last year. Net sales decreased by EUR 23.2 million, remaining 37.0% below last year's figure. Domestic net sales decreased by EUR 5.5 million (-22.9%), and export net sales by EUR 17.6 million (-45.8%). Geographical distribution of net sales: -------------------------------------------------------------------------------- | DEVELOPMENT OF SALES | | | | -------------------------------------------------------------------------------- | Distribution of net | 1-9 | 1-9 | | | | | sales, % | /2009 | /2008 | | | | -------------------------------------------------------------------------------- | Finland | 47.3 % | 38.6 % | | | | -------------------------------------------------------------------------------- | Central Europe | 25.2 % | 21.0 % | | | | -------------------------------------------------------------------------------- | Far East | 10.2 % | 7.8 % | | | | -------------------------------------------------------------------------------- | Other countries | 17.4 % | 32.6 % | | | | -------------------------------------------------------------------------------- | Total | 100.0 % | 100.0 % | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Net sales 1000 euros | 7-9 | 7-9 | 1-9 | 1-9 | change % | | | /2009 | /2008 | /2009 | /2008 | | -------------------------------------------------------------------------------- | Finland | 5 700 | 7 020 | 18 696 | 24 234 | -22.9 % | -------------------------------------------------------------------------------- | Central Europe | 4 053 | 4 292 | 9 968 | 13 194 | -24.5 % | -------------------------------------------------------------------------------- | Far East | 466 | 867 | 4 026 | 4 864 | -17.2 % | -------------------------------------------------------------------------------- | Other countries | 1 754 | 5 133 | 6 874 | 20 458 | -66.4 % | -------------------------------------------------------------------------------- | Total | 11 973 | 17 312 | 39 564 | 62 753 | -37.0 % | -------------------------------------------------------------------------------- The figures for ‘Central Europe' comprise the main market areas of Germany and France as well as the rest of Europe. The figures for ‘Far East' comprise Japan and Mongolia. The figures for ‘Other countries' comprise the CIS countries, USA and Estonia. The Group's order book was EUR 20.1 million at the end of September. The corresponding figure for last year was EUR 26.6 million. DEVELOPMENT OF PROFIT The operating result for January-September amounted to a loss of EUR 1.8 million (profit of EUR 1.8 million), and (loss)/profit before taxes showed a loss of EUR 2.1 million (profit of EUR 1.3 million). The significant decrease in net sales contributed to the negative profit trend. In compliance with the requirements concerning goodwill impairment testing, the consolidated financial statements will recognise an impairment loss on goodwill amounting to EUR 0.4 million. Deferred tax liabilities of EUR 0.2 million are recognised as an expense. The impact of the adjustment measures, begun in late autumn 2008, is evident in the current cost structure, but not to a sufficient degree. The cost cutting has targeted the entire organisation. FINANCING AND INVESTMENTS The Group's financial position has remained at a satisfactory level in 2009. The equity ratio stood at 30.8% (35.6%) and interest-bearing net liabilities at EUR 19.3 million (EUR 18.0 million). EUR 4.4 million of interest-bearing net liabilities include 30 % covenant tied to equity ration. Group liquid assets totalled EUR 2.7 million (EUR 1.6 million). Gearing stood at 135.8% (97.6%). Capital expenditure totalled EUR 2.2 million (EUR 4.1 million). MARKET DEVELOPMENT Total annual net sales of EUR 245 million are forecast in the log house construction industry, which is 24% below last year's level. Domestic annual sales in the sector are forecast to achieve EUR 151 million (-15%), while exports will be at the level of EUR 94 million (-35%). The figures available at the beginning of September indicate that domestic sales (deliveries + orderbook for 2009) in the sector remained 15% below and exports 35% below last year's sales figures at the equivalent time. In terms of deliveries, domestic figures lagged 22% behind and export figures 40% behind last year's figures. The differences in the 2008 and 2009 orderbooks for the sector as a whole were a 5% reduction for domestic orders and 16% for export orders. Honkarakenne's advance sales in the review period of January-September 2009 fell by 29% in domestic sales and 44% in export sales on last year's equivalent period. The lack of demand brought on by the recession continued in the third quarter of the year. Advance sales are expected to remain at the same level throughout the year. PRODUCTS AND MARKETING The operating period saw the market launch of the new Honka Duo eco round log and the Honka Major multi-laminated log. Honka Duo is a round log which is split during the production process, before it is dried and then glued together again prior to finishing. The procedure achieves lower overall dampness, which reduces indentation and splitting in the end-product. Due to the effectiveness of the drying process, production is more environmentally friendly than previous processes. The Honka Major is 27 cm in diameter and it is mainly used in large log construction projects. As a massive construction element, the Honka Major multi-laminated log meets the new energy requirements, which will come into force at the beginning of 2010. The production process of the Honka Duo log will be developed further, in order to boost gain and improve production efficiency. In the review period, marketing campaigns have focused on local events along with the accompanying media advertising in support of the events. In the current scenario of weak demand, brought on by the recession, the cost effectiveness and accurate targeting of the marketing operations have become of paramount importance. The harmonisation of the functioning and appearance of the company's websites, serving the different market areas, has been a focus of attention. There has been a further concentration of the significance of the Internet as a source of potential customers in all market areas. The “House Game” software solution, used in Internet marketing within Finland, acts as a natural channel, both for customers to use in project design and for the company to generate customer contact for Honkarakenne Sales. RESEARCH AND DEVELOPMENT In January-September consolidated R&D expenditure was EUR 0.3 million (EUR 0.5 million), representing 0.7% of net sales (0.8%). In the review period, the Group did not capitalize any research expenditure. PRESIDENT & CEO AND STAFF Esa Rautalinko, M.Sc.(Econ.), took up the post of President & CEO of Honkarakenne Oyj on 1 November, 2009. Mr Rautalinko came to Honkarakenne from TeliaSonera Finland Oyj, where his role had been that of President & CEO and Director of Mobility Services. Esko Teerikorpi resigned from Honkarakenne Oyj on 14 September 2009, having served four years as President & CEO. At the end of September, the Group employed on average 368 people. This is 34 less than at the same time in the previous year. The reduction was mostly from the parent company. When production is terminated at the subsidiary Finwood Oy's own production plant and production is transferred to the Group's principal production facilities in Karstula, production personnel will be cut by 18 people by the end of the autumn, representing the employees who were given notice on 9 April 2009. HONKARAKENNE OYJ'S ANNUAL GENERAL MEETING 2009, BOARD OF DIRECTORS AND ACCOUNTANTS Honkarakenne Oyj's annual general meeting was held on Friday 3 April 2009. The general meeting confirmed the financial statements of the parent company and the Group, and released the Board members and the President from liability for the year of 2008. The annual general meeting decided that no dividend would be payable for the 2008 financial year. The following Board members were elected to continue in office: Mauri Saarelainen, Tomi Laamanen, Mauri Niemi and Pirjo Ruuska. Lasse Kurkilahti and Marko Saarelainen were elected as new members. The Board meeting elected Lasse Kurkilahti as chairman. KPMG Oy Ab, Authorized Public Accountants, was selected to continue as the company's auditor with Ari Eskelinen as chief accountant. HONKARAKENNE OYJ'S OWN SHARES AND AUTHORIZATION TO THE BOARD OF DIRECTORS Honkarakenne Oyj repurchased 5,185 shares during the period under review, for an average price of EUR 2.68 per share. At the end of the review period the company held 213,885 of its B shares with a total nominal value of EUR 427,770.00 and a total purchase price of EUR 1,137,564.73. These shares represent 5.71% of the company's capital stock and 2.26% of the voting rights. The purchase cost has been deducted from shareholders' equity in the consolidated financial statements. The Board of Directors has been granted a share repurchase authorization, valid until 26 March 2010, to repurchase company shares following which the company and its subsidiaries would hold a maximum of 10% of the company's capital stock. The Board of Directors has also been granted authority, also valid until 26 March 2010, to dispose a maximum of 374,896 B shares. CORPORATE GOVERNANCE Honkarakenne Oyj observes the corporate governance code for listed companies issued by the Finnish Securities Market Association. The company's website, www.honka.com/Investors, provides more information on the corporate governance systems. CHANGES IN IFRS REPORTING On 1 January 2009, the company adopted the revised IAS 1 standard for presenting financial statements and the new IFRS 8 Operating Segments standard. The application of the new standard will not change the data that is presented on the Group segments. Honkarakenne only reports on one segment: the manufacture, sale and marketing of log houses. Additional information is provided in accordance with the following geographical breakdown: Finland, Central Europe, Far East and other countries. FUTURE OUTLOOK It is believed that the decline in demand has now levelled off in all market areas. Domestic advance sales have seen sporadic spurts during the autumn months. There are no expectations of any substantial improvement in the advance sales trend in the eastern European and Russian and neighbouring markets in the autumn. Demand in the Far East is also anticipated to remain low this autumn. Demand in the European market area has not shown any fundamental change. On the whole, demand in construction is not expected to improve until from the beginning of next year, at the earliest. Any growth is expected to be modest. Total annual consolidated net sales will remain well below the previous year's level, and there will be an increase in the loss on the previous year. The cost adjustment and improvement measures, which were launched in late autumn 2008, have not been sufficient in terms of the realised net sales. If we are to safeguard the profitable operation of the Group in future years, considerably more effective measures are required. FORTHCOMING RISKS AND UNCERTAINTIES The most significant operational risk factor lies in the prolonging of the global recession and the potential for further weakening in construction activity over the winter period. The ongoing economic slump and the weak demand for construction projects mean that Honkarakenne will be forced to adjust costs in the coming winter months, in order to maintain a sufficient finance base for operation to continue. The consolidated financial statements include EUR 3.3 million of long-term receivables which are more than 180 days overdue, with no credit loss provision. The largest individual item is the open accounts receivable of a long-term importer. Payments in line with agreed terms have, however, been effected in respect of new transactions with the importer concerned. REPORTING This bulletin contains statements that relate to the future; these statements are based on hypotheses that the company's management holds currently as well as the decisions and plans that are currently in place. Although the management believes hat the hypotheses relating to the future are well-founded, there is no guarantee that the said hypotheses will prove to be correct. This interim report is prepared in line with the IFRS reporting standards, but not all of the requirements of the standard IAS 34 apply. The principles adhered to in preparing the annual financial statements for 2008 also apply to this interim report. The figures have not been examined by the auditor. HONKARAKENNE OYJ Board of Directors Further information: Esa Rautalinko, President and CEO, tel. +358 400 740 997, esa.rautalinko@honka.com. This and previous press releases can be found on the company's website at www.honka.com, Investors. DISTRIBUTION Helsinki Stock Exchange Principal media Financial Supervision -------------------------------------------------------------------------------- | CONSOLIDATED STATEMENT OF | | | | | | | COMPREHENSIVE INCOME | | | | | | -------------------------------------------------------------------------------- | (unaudited) | 7-9 | 7-9 | 1-9 | 1-9 | 1-12 | | | /2009 | /2008 | /2009 | /2008 | /2008 | -------------------------------------------------------------------------------- | (MEUR) | | | | | | -------------------------------------------------------------------------------- | Net sales | 12.0 | 17.3 | 39.6 | 62.8 | 78.4 | -------------------------------------------------------------------------------- | Other operating income | 0.2 | 0.1 | 0.6 | 0.9 | 1.1 | -------------------------------------------------------------------------------- | Change in inventories | -1.4 | 0.5 | -2.0 | 1.7 | -0.8 | -------------------------------------------------------------------------------- | Production for own use | 0.0 | 0.0 | 0.1 | 0.1 | 0.3 | -------------------------------------------------------------------------------- | Materials and services | -5.7 | -11.3 | -20.3 | -39.4 | -47.2 | -------------------------------------------------------------------------------- | Employee benefit expenses | -3.2 | -3.5 | -10.1 | -12.1 | -15.8 | -------------------------------------------------------------------------------- | Depreciations | -1.4 | -1.0 | -3.2 | -3.1 | -4.1 | -------------------------------------------------------------------------------- | Other operating expenses | -1.8 | -2.6 | -6.4 | -9.0 | -11.8 | -------------------------------------------------------------------------------- | Operating profit/loss | -1.3 | -0.4 | -1.8 | 1.8 | -0.1 | -------------------------------------------------------------------------------- | Financial income and | -0.2 | -0.2 | -0.2 | -0.6 | -1.3 | | expenses | | | | | | -------------------------------------------------------------------------------- | Share of associated | 0.0 | 0.0 | -0.1 | 0.0 | -0.1 | | companies' profit | | | | | | -------------------------------------------------------------------------------- | Profit/loss before taxes | -1.5 | -0.6 | -2.1 | 1.3 | -1.5 | -------------------------------------------------------------------------------- | Taxes | 0.1 | 0.2 | 0.3 | -0.3 | 0.4 | -------------------------------------------------------------------------------- | Profit/loss for the | -1.5 | -0.5 | -1.9 | 0.9 | -1.1 | | period | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other comprehensive | | | | | | | income: | | | | | | -------------------------------------------------------------------------------- | Translation differences | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | -------------------------------------------------------------------------------- | Total comprehensive | -1.5 | -0.5 | -1.9 | 0.9 | -1.1 | | Income for the period | | | | | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Attributable to: | | | | | | -------------------------------------------------------------------------------- | Equity holders of the | -1.5 | -0.5 | -1.9 | 0.9 | -1.1 | | parent | | | | | | -------------------------------------------------------------------------------- | Minority interest | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | -------------------------------------------------------------------------------- | | -1.5 | -0.5 | -1.9 | 0.9 | -1.1 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings/share (EPS), EUR | | | | | | -------------------------------------------------------------------------------- | Basic | -0.41 | -0.13 | -0.53 | 0.26 | -0.32 | -------------------------------------------------------------------------------- | Diluted | -0.41 | -0.13 | -0.53 | 0.26 | -0.32 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED BALANCE SHEET | 30.9.2009 | 30.9.2008 | 31.12.2008 | | (unaudited) | | | | -------------------------------------------------------------------------------- | (MEUR) | | | | -------------------------------------------------------------------------------- | Assets | | | | -------------------------------------------------------------------------------- | Non-current assets | | | | -------------------------------------------------------------------------------- | Property, plant and equipment | 25.1 | 25.7 | 26.0 | -------------------------------------------------------------------------------- | Goodwill | 0.1 | 0.5 | 0.5 | -------------------------------------------------------------------------------- | Other intangible assets | 1.5 | 1.5 | 1.5 | -------------------------------------------------------------------------------- | Investments in associated companies | 2.2 | 2.3 | 2.2 | -------------------------------------------------------------------------------- | Other investments | 0.2 | 0.3 | 0.2 | -------------------------------------------------------------------------------- | Receivables | 0.2 | 0.2 | 0.1 | -------------------------------------------------------------------------------- | Deferred tax assets | 1.6 | 1.1 | 1.4 | -------------------------------------------------------------------------------- | | 30.9 | 31.6 | 32.0 | -------------------------------------------------------------------------------- | Current assets | | | | -------------------------------------------------------------------------------- | Inventories | 10.3 | 15.3 | 12.5 | -------------------------------------------------------------------------------- | Trade and other receivables | 8.1 | 12.0 | 9.1 | -------------------------------------------------------------------------------- | Cash and bank receivables | 2.7 | 1.6 | 1.6 | -------------------------------------------------------------------------------- | | 21.1 | 28.9 | 23.2 | -------------------------------------------------------------------------------- | Total assets | 52.0 | 60.4 | 55.2 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 30.9.2009 | 30.9.2008 | 31.12.2008 | -------------------------------------------------------------------------------- | Shareholders' equity and liabilities | | | | -------------------------------------------------------------------------------- | Equity attributable to equity holders | | | | | of the parent | | | | -------------------------------------------------------------------------------- | Capital stock | 7.5 | 7.5 | 7.5 | -------------------------------------------------------------------------------- | Share premium | 0.5 | 0.5 | 0.5 | -------------------------------------------------------------------------------- | Reserve fund | 5.3 | 5.3 | 5.3 | -------------------------------------------------------------------------------- | Translation differences | 0.0 | 0.2 | 0.0 | -------------------------------------------------------------------------------- | Retained earnings | 1.9 | 4.9 | 2.7 | -------------------------------------------------------------------------------- | | 14.2 | 18.4 | 16.1 | -------------------------------------------------------------------------------- | Minority share | 0.0 | 0.0 | 0.0 | -------------------------------------------------------------------------------- | Total equity | 14.2 | 18.4 | 16.1 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-current liabilities | | | | -------------------------------------------------------------------------------- | Deferred tax liabilities | 0.8 | 0.6 | 0.8 | -------------------------------------------------------------------------------- | Provisions | 0.4 | 0.4 | 0.4 | -------------------------------------------------------------------------------- | Intrest bearing debt | 19.3 | 17.3 | 19.2 | -------------------------------------------------------------------------------- | Non-intrest bearing debt | 0.7 | 0.8 | 0.6 | -------------------------------------------------------------------------------- | | 21.1 | 18.9 | 21.0 | -------------------------------------------------------------------------------- | Current liabilities | | | | -------------------------------------------------------------------------------- | Trade and other payables | 13.9 | 19.1 | 16.2 | -------------------------------------------------------------------------------- | Tax liabilities | 0.0 | 1.5 | 0.0 | -------------------------------------------------------------------------------- | Intrest bearing debt | 2.7 | 2.5 | 1.9 | -------------------------------------------------------------------------------- | | 16.6 | 23.0 | 18.1 | -------------------------------------------------------------------------------- | Total liabilities | 37.7 | 42.0 | 39.1 | -------------------------------------------------------------------------------- | Total equity and liabilities | 52.0 | 60.4 | 55.2 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | STATEMENT OF CHANGES IN EQUITY | | | (unaudited) | | -------------------------------------------------------------------------------- | 1000 EUR | Equity attributable to equity holders of the | | | | | parent | | | -------------------------------------------------------------------------------- | | a) | b) | c) | d) | e) | f) | Total | g) | Total | | | | | | | | | | | equity | -------------------------------------------------------------------------------- | Total | 7,498 | 520 | 5,316 | 179 | -942 | 6,03 | 18,608 | -8 | 18,600 | | equity | | | | | | 7 | | | | | 1.1.2008 | | | | | | | | | | -------------------------------------------------------------------------------- | Translati | | | | 64 | | | 64 | | 64 | | on | | | | | | | | | | | differenc | | | | | | | | | | | e | | | | | | | | | | -------------------------------------------------------------------------------- | Dividends | | | | | | -1,0 | -1,067 | | -1,067 | | | | | | | | 67 | | | | -------------------------------------------------------------------------------- | Repurchas | | | | | -260 | | -260 | | -260 | | e of | | | | | | | | | | | own | | | | | | | | | | | shares | | | | | | | | | | -------------------------------------------------------------------------------- | Transfer | | | | | 186 | | 186 | | 186 | | of | | | | | | | | | | | own | | | | | | | | | | | shares | | | | | | | | | | -------------------------------------------------------------------------------- | Result of | | | | | | 941 | 941 | 16 | 957 | | the | | | | | | | | | | | period | | | | | | | | | | -------------------------------------------------------------------------------- | Total | 7,498 | 520 | 5,316 | 243 | -1,016 | 5,91 | 18,472 | 9 | 18,481 | | equity | | | | | | 1 | | | | | 30.9.2008 | | | | | | | | | | -------------------------------------------------------------------------------- | | a) | b) | c) | d) | e) | f) | Total | g) | Total | | | | | | | | | | | equity | -------------------------------------------------------------------------------- | Total | 7,498 | 520 | 5,316 | 27 | -1,124 | 3,81 | 16,056 | 9 | 16,065 | | equity | | | | | | 9 | | | | | 1.1.2009 | | | | | | | | | | -------------------------------------------------------------------------------- | Translati | | | | 37 | | | 37 | | 37 | | on | | | | | | | | | | | differenc | | | | | | | | | | | e | | | | | | | | | | -------------------------------------------------------------------------------- | Repurchas | | | | | -14 | | -14 | | -14 | | e of | | | | | | | | | | | own | | | | | | | | | | | shares | | | | | | | | | | -------------------------------------------------------------------------------- | Result of | | | | | | -186 | -1865 | 0 | -1865 | | the | | | | | | 5 | | | | | period | | | | | | | | | | -------------------------------------------------------------------------------- | Total | 7,498 | 520 | 5,316 | 64 | -1,138 | 1,95 | 14,215 | 9 | 14,224 | | equity | | | | | | 4 | | | | | 30.9.2009 | | | | | | | | | | -------------------------------------------------------------------------------- a) Share capital b) Premium fund c) Reserve fund d) Translation difference e) Own shares f) Retained earnings g) Minority interest -------------------------------------------------------------------------------- | CONSOLIDATED CASH FLOW | 1.1.- | 1.1.- | 1.1.-31.12.2 | | STATEMENT | 30.9.2009 | 30.9.2008 | 008 | | (Unaudited) | | | | -------------------------------------------------------------------------------- | (MEUR) | | | | -------------------------------------------------------------------------------- | Cash flow from operations | 1.3 | 1.1 | 0.8 | -------------------------------------------------------------------------------- | Cash flow from investments, | -1.1 | -4.2 | -4.9 | | net | | | | -------------------------------------------------------------------------------- | Total cash flow from | 0.9 | 2.7 | 3.7 | | financing | | | | -------------------------------------------------------------------------------- | Increase in credit capital | 5.6 | 5.7 | 7.1 | -------------------------------------------------------------------------------- | Decrease in credit capital | -4.5 | -1.3 | -1.5 | -------------------------------------------------------------------------------- | Dividends paid | | -1.1 | -1.1 | -------------------------------------------------------------------------------- | Other financial items | -0.3 | -0.6 | -0.8 | -------------------------------------------------------------------------------- | Change in liquid assets | 1.1 | -0.4 | -0.4 | -------------------------------------------------------------------------------- | Liquid assets at the | 1.6 | 1.9 | 1.9 | | beginning of period | | | | -------------------------------------------------------------------------------- | Liquid assets at the end of | 2.7 | 1.6 | 1.6 | | period | | | | -------------------------------------------------------------------------------- NOTES TO THE INTERIM REPORT Calculation methods The financial statements release has been prepared in compliance with the recognition and measurement policies of the IFRS, but requirements of 34 standards has not been fully followed. This interim report should be studied in conjunction with the 2008 financial statements. The figures have not been examined by the auditor. On 1 January 2009, the Group adopted the revised IAS 1 standard for presenting financial statements and the new IFRS 8 Operating Segments standard. Other revised standards or interpretations have no bearing on this interim report. The adoption of the IFRS 8 standard did not change the number of reported segments, only the notes to the interim report. Honkarakenne has only one operating segment: the manufacture, sale and marketing of log houses. Additional information is provided in accordance with the following geographical breakdown: Finland, Central Europe, Far East and other countries. Because the internal reporting procedures applied by the management are in line with IFRS reporting standards, additional detail is not required. -------------------------------------------------------------------------------- | TANGIBLE ASSETS | | -------------------------------------------------------------------------------- | (MEUR) | Tangible | -------------------------------------------------------------------------------- | (Unaudited) | assets | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Acquisition cost 1.1.2009 | 66.2 | -------------------------------------------------------------------------------- | Translation difference (+/-) | -0.1 | -------------------------------------------------------------------------------- | Increase | 1.9 | -------------------------------------------------------------------------------- | Decrease | -0.3 | -------------------------------------------------------------------------------- | Transfers between balance sheet items | 0.0 | -------------------------------------------------------------------------------- | Acquisition cost 30.09.2009 | 67.7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Accumulated depreciation 1.1.2009 | -40.2 | -------------------------------------------------------------------------------- | Translation difference (+/-) | 0.1 | -------------------------------------------------------------------------------- | Disposals and reclassifications | 0.1 | -------------------------------------------------------------------------------- | Depreciation for the period | -2.6 | -------------------------------------------------------------------------------- | Accumulated depreciation 30.09.2009 | -42.6 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Book value 1.1.2009 | 26.0 | -------------------------------------------------------------------------------- | Book value 30.09.2009 | 25.1 | -------------------------------------------------------------------------------- Own shares Honkarakenne acquired during the period under review 5,185 of its own B shares, whose purchase price amounted to 13,8 meur. -------------------------------------------------------------------------------- | CONTINGENT LIABILITIES | | | -------------------------------------------------------------------------------- | (Unaudited) | | | -------------------------------------------------------------------------------- | MEUR | 30.9.2009 | 30.9.2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | For own loans | | | -------------------------------------------------------------------------------- | - Mortgages | 25.52 | 19.66 | -------------------------------------------------------------------------------- | - Pledged shares | 0.36 | 0.58 | -------------------------------------------------------------------------------- | - Other quarantees | 2.47 | 1.19 | -------------------------------------------------------------------------------- | For others | | | -------------------------------------------------------------------------------- | - Guarantees | 1.06 | 1.09 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Leasing liabilities | 0.86 | 0.72 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Rent liabilities | 0.12 | 0.19 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Nominal values of forward exchange | 0.8 | 3.8 | | contracts | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Events in the circle of acquaintances The circle of acquaintances consists of subsidiaries associated companies and the company's management. The management included in the circle of acquaintances comprises the Board of Directors, CEO and the company's managing committee. There haven't been transactions with acquaintances during the reporting period. -------------------------------------------------------------------------------- | KEY INDICATORS | | | | | | -------------------------------------------------------------------------------- | | | 1-9 | 1-9 | 1-12 | -------------------------------------------------------------------------------- | (Unaudited) | | 2009 | 2008 | 2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings/share | eur | -0.53 | 0.26 | -0.32 | | (EPS) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Return on equity | % | -13.1 | 5.07 | -6.6 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity ratio | % | 30.8 | 35.6 | 33.0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders | eur | 4.0 | 5.17 | 4.5 | | equity/share | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net debt | MEUR | 19.3 | 18.0 | 19.5 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Gearing | % | 135.8 | 97.6 | 121.6 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Gross investments | MEUR | 2.2 | 4.1 | 5.1 | -------------------------------------------------------------------------------- | | % of net sales | 5.5 | 6.6 | 6.5 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Order book | MEUR | 20.1 | 26.6 | 23.7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Average number of | Staff | 179 | 196 | 195 | | personnel | | | | | -------------------------------------------------------------------------------- | | Workers | 189 | 206 | 203 | -------------------------------------------------------------------------------- | | Total | 368 | 402 | 398 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CALCULATION OF KEY INDICATORS | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Profit for the period attributable to equity | | | | holders of parent | | -------------------------------------------------------------------------------- | Earnings/share | ----------------------------------------- | | | (EPS) | | | -------------------------------------------------------------------------------- | | Average number of outstanding shares | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Profit before taxes - taxes | | -------------------------------------------------------------------------------- | Return on equity % | ----------------------------------------- | x 100 | -------------------------------------------------------------------------------- | | Total equity, average | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Total equity | | -------------------------------------------------------------------------------- | Equity ratio, % | ----------------------------------------- | x 100 | -------------------------------------------------------------------------------- | | Balance sheet total - advances received | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net debt | Interest-bearing debt - cash and cash | | | | equivalents | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Interest-bearing debt - cash and cash | | | | equivalents | | -------------------------------------------------------------------------------- | Gearing, % | ----------------------------------------- | x 100 | -------------------------------------------------------------------------------- | | Total equity | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Shareholders' equity | | -------------------------------------------------------------------------------- | Shareholders | ----------------------------------------- | | | equity/share | | | -------------------------------------------------------------------------------- | | Number of shares outstanding at end of period | --------------------------------------------------------------------------------
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