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2007-05-03 08:00:00 CEST 2007-05-03 08:00:00 CEST REGULATED INFORMATION Honkarakenne Oyj - Quarterly reportHONKARAKENNE OYJ INTERIM REPORT 1 JANUARY - 31 MARCH 2007Honkarakenne's consolidated net sales for the first quarter of 2007 amounted to EUR 18.5 million, compared with EUR 13.9 million in the same period last year. The net sales increased by 4.6 million euros, which is a 33% improvement on the previous year. Profit before tax showed a loss of EUR 0.1 million (loss of MEUR 2.3) The profit for the beginning of the year will show a loss due to seasonal changes. The winter season production volumes and deliveries were significantly better in comparison to previous years. In addition to favorable volumes, the profit was also boosted by improved utilization rates at the factories, more efficient raw material use, and lower overhead costs. The weakening of the Japa-nese Yen continues to burden the profitability of Japanese exports. The price of the raw wood material has increased very rapidly, which weakened the otherwise favorable profit development. The net sales increased in Finland, Russia and France. The 100-house project in Kazakhstan is progressing as planned. The increase in VAT resulted in smaller German exports than last year, and the Japanese exports fell short of the previ-ous year's figures due to the weakened Yen. The market situation has remained favorable in Honka's main market areas Honkarakenne Group's order book amounted to EUR 39.6 million (27.8) at the end of March, i.e. it was 42 per cent bigger than the corresponding figure from last year. Financing and investments The financial position of the Group has remained stable. The equity ratio stood at 39.7% (37.6%) and interest-bearing net liabilities at EUR 9.1 million (EUR 17.5 million). Group's liquid assets totaled EUR 4.0 million (EUR 1.8 million). Gearing stood at 52.9% (99.9%). Capital expenditure totaled EUR 0.6 million (EUR 0.7 million). Own shares Honkarakenne Oyj has repurchased 40.556 of its B shares during the period under review for an average price of EUR 5.57 per share. At the end of the review period the company held 69,100 of its B shares with a total nominal value of EUR 138,200.00 and a total purchase price of EUR 379,353.34. These shares represent 1.84% of the company's capital stock and 0.73% of the voting rights. The purchase cost has been deducted from sharehold-ers' equity in the consolidated financial statements. The Board of Directors has been granted a share repurchase authorization, valid until 4 April 2008, to repurchase company shares for an amount equivalent to a maximum of 5% of the company's capital stock. The Board of Directors has also been granted authority, also valid until 4 April 2008, to dispose of 187,448 B shares. Strengthening program The company's Board of Directors held a meeting on 30 March 2007 and agreed on a strengthening program, which enables rapid profitability improvement. The ef-fects of the strengthening program will be seen mainly in the result of 2008. Future Outlook The price of raw wood material has continued its upward climb, which forces the company to transfer the new increases to its sales prices during the spring and summer. Nevertheless, the heavily increased prices have not weakened the demand that has remained stable. The net sales and profit of the second quarter will exceed last year's figures, thanks to excellent advance sales and order book. Further information: CEO and President Esko Teerikorpi, tel. +358 20 575 7816, +358 40 580 6111, esko.teerikorpi@honka.com. This and previous press releases can be found on the company's website at www.honka.com, Investors. The interim report for January-June 2007 will be pub-lished on 9 August 2007. HONKARAKENNE OYJ Board of Directors DISTRIBUTION Helsinki Stock Exchange Principal media Financial supervision CONSOLIDATED INCOME STATEMENT (MEUR) 1-3/07 1-3/06 1-12/06 Net sales 18,5 13,9 84,9 Increase/decrease in inventories 2,0 0,8 -1,6 Production for own use 0,0 0,0 0,2 Other operating income 0,3 0,5 2,0 Materials and services 12,2 9,2 51,3 Staff expenses 4,2 3,9 16,6 Depreciations 1,0 1,0 4,0 Other operating expenses 3,2 3,2 14,7 Operating profit/loss 0,1 -2,2 -1,3 Financial income and expenses -0,2 -0,1 -0,5 Profit/loss before taxes -0,1 -2,3 -1,8 Taxes -0,1 +0,5 +0,2 Minority share 0,0 0,0 0,0 Profit/loss for the period -0,2 -1,8 -1,6 CONSOLIDATED BALANCE SHEET (MEUR) 31.3.07 31.3.06 31.12.06 Assets Non current assets - Intangible assets 1,4 1,1 1,3 - Tangible assets 25,0 26,9 25,4 - Loans receivables and other receivables 0,8 1,2 0,9 - Deferred tax assets 1,4 1,7 1,3 - Investments 0,8 0,9 0,7 Total 29,4 31,8 29,6 Current assets - Inventories 18,4 16,9 15,7 - Receivables 9,6 9,1 9,4 - Cash and bank receivables 4,0 1,8 4,1 Total 32,0 27,8 29,2 Total assets 61,3 59,6 58,8 Shareholders' equity and liabilities Capital stock 7,5 7,5 7,5 Other capital and reserves 9,7 10,0 10,1 Total 17,2 17,5 17,6 Minority share 0,0 0,0 0,0 Long term liabilities Loans 10,7 14,7 11,9 Deferred tax liabilities 1,1 1,3 1,3 Provisions 0,2 0,2 0,2 Other liabilities 0,0 0,1 0,0 Total 12,0 16,3 13,4 Short term liabilities Loans 2,4 4,6 3,8 Accounts payable and other liabilities 29,7 21,1 23,9 Total 32,1 25,7 27,7 Total shareholders' equity and Liabilities 61,3 59,6 58,8 KEY INDICATORS Earnings per share(EPS), EUR -0,03 -0,49 -0,42 Equity per share, EUR 4,6 4,7 4,7 Equity ratio, % 39,7 37,6 37,7 Interest bearing net liabilities(MEUR) 9,1 17,5 11,7 Gearing, % 52,9 99,9 65,7 Gross investments (MEUR) 0,6 0,7 2,6 % of net sales 3,2 5,2 3,1 Average number of personnel 432 415 428 Order book (MEUR) 39,6 27,8 32,6 CONSOLIDATED CASH FLOW STATEMENT (MEUR) 1-3/07 1-3/06 1-12/06 Cash flow from operations +1,9 -3,5 +4,7 Cash flow from investments -0,4 +0,6 -1,6 Cash flow from financing -1,6 +2,6 -1,0 Increase in credit capital 0,0 +3,4 +10,0 Decrease in credit capital -1,3 -0,8 -10,7 Dividends paid 0,0 0,0 0,0 Other financial items -0,3 0,0 -0,3 Change in liquid assets -0,1 -0,3 +2,0 Liquid assets at the beginning of the period +4,1 +2,1 +2,1 Liquid assets at the end of the period +4,0 +1,8 +4,1 CONTINGENT LIABILITIES (MEUR) For own loans - Mortgages 20,0 20,9 20,0 - Pledged shares 0,18 0,18 0,18 For others - Guarantees 0,80 0,68 1,49 Leasing liabilities 0,50 0,59 0,30 Rent liabilities 0,40 0,43 0,42 Other liabilities 0,00 0,10 0,00 Nominal values of forward exchange contracts 1,9 0,0 0,0 STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY 1000 EUR Share Share premium Reserve Retained Total capital fund fund earnings 1.1.2006 7.498 520 5.316 5.959 19.293 Translation differences 18 18 Profit/loss for the period -1.824 -1.824 31.3.2006 7.498 520 5.316 4.153 17.487 1.1.2007 7.498 520 5.316 4.308 17.642 Translation differences 0 0 Purchase of own shares -226 -226 Profit/loss for the period -231 -231 31.3.2007 7.498 520 5.316 3.851 17.185 The accounting principles used in this interim report correspond to IFRS standards. The figures are unaudited |
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