2009-02-26 08:00:00 CET
2009-02-26 08:00:01 CET
REGULATED INFORMATION
Honkarakenne Oyj - Financial Statement Release
HONKARAKENNE OYJ STOCK EXCHANGE RELEASE 26 FEBRUARY 2009 AT 9:00 AM
HONKARAKENNE OYJ STOCK EXCHANGE RELEASE 26 FEBRUARY 2009 AT 9:00 AM HONKARAKENNE OYJ'S REPORT ON ACCOUNTS 1 January - 31 December 2008 Honkarakenne's consolidated net sales from January to December 2008 were EUR 78.4 million, compared to EUR 93.4 million in the same period last year. The net sales decreased by EUR 15.0 million and remained 16.1% below last year's figures. Profit before taxes was EUR -1.5 million (EUR 2.7 million) and earnings per share were EUR -0.32 (EUR 0.52). -------------------------------------------------------------------------------- | KEY FIGURES | 1-12/2008 | 1-12/2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales, MEUR | 78.4 | 93.4 | -------------------------------------------------------------------------------- | Net sales, change % | -16.1 | 10.0 | -------------------------------------------------------------------------------- | Operating profit/loss, MEUR | -0.1 | 3.1 | -------------------------------------------------------------------------------- | Profit/loss before taxes, MEUR | -1.5 | 2.7 | -------------------------------------------------------------------------------- | Average number of personnel | 398 | 421 | -------------------------------------------------------------------------------- | Earnings/share (EPS), EUR | -0.32 | 0.52 | -------------------------------------------------------------------------------- | Shareholders equity/share, EUR | 4.5 | 5.18 | -------------------------------------------------------------------------------- DEVELOPMENT OF NET SALES AND PROFIT Honkarakenne's consolidated net sales of 2008 were EUR 78.4 million, compared to EUR 93.4 million in the same period last year. The net sales decreased by EUR 15.0 million and remained 16.1% below last year's figures. The domestic net sales decreased by EUR 7.3 million (-19.1%), and the international trade decreased by EUR 7.7 million (-14.1%). The operating profit was EUR -0.1 million (EUR 3.1 million), and profit before taxes stood at EUR -1.5 million (EUR 2.7 million). The reasons for weak result were a significant decrease in net sales in the second half of the year, unrealized losses from forward exchange agreements, the one-off costs of project installation operations, and the low utilization rate of the production lines since last summer. In addition, the proportional profitability of exports to Germany and France was significantly lower than last year. FINANCING AND INVESTMENTS The Group's financial position has weakened during the period under review. The equity ratio has remained satisfactory, and stood at 33.0% (40.1%). The interest-bearing net liabilities increased to EUR 19.5 million (EUR 13.4 million). The financial position was weakened because of the investments, changes in customers' payment behavior due to the financial crisis and weakening of advanced sales during the fall. The Group's liquid assets amounted to EUR 1.6 million (EUR 1.9 million). Gearing stood at 121.6% (72.0%). Capital expenditure totaled EUR 5.1 million (EUR 3.7 million). The most significant investments were a new Hundegger machine tool line in the Karstula board production, renewal of the heating central in Alajärvi factory and a new office building for designers in Alajärvi. In addition, Honkarakenne bought a minority stake in Karjalan Lisenssisaha Invest Oy, which saws lumber in Russia. MARKET DEVELOPMENT The number of new single-family home construction projects and construction permits has decreased during the second half of the year. The demand for holiday house construction, which remained strong in the first half of the year, took a downward turn in the second half of the year. At the end of the year the Finnish log industry's order book decreased by 28%, compared to the previous year. The domestic market for holiday house construction was reduced by nearly 12% and the volume for single-family house construction decreased by approximately 17% last year. The insecurity which has characterized the Western European and Japanese markets throughout the year turned into a significant decrease in demand when the financial situation worsened. The number of construction permits and start-ups of new projects has decreased heavily from the previous year. Demand in Eastern Europe, Russia and its neighboring regions remained good for the first two quarters. In the second half of the year, the deepening of the financial crisis has caused insecurity in the making of purchase decisions in the Russian market. Trading in the Eastern European market has increased steadily throughout the last year. The Group's advance sales for the last quarter decreased clearly below previous year's figures. -------------------------------------------------------------------------------- | DEVELOPMENT OF SALES | | -------------------------------------------------------------------------------- | Distribution of net sales, % | 2008 | 2007 | | -------------------------------------------------------------------------------- | Finland | 39.3% | 40.7% | | -------------------------------------------------------------------------------- | Central Europe | 21.1% | 21.7% | | -------------------------------------------------------------------------------- | Far East | 8.8% | 9.6% | | -------------------------------------------------------------------------------- | Other countries | 30.8% | 28.0% | | -------------------------------------------------------------------------------- | Total | 100.0% | 100.0% | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Net sales 1000 euro | 2008 | 2007 | % change | -------------------------------------------------------------------------------- | Finland | 30,761 | 38,037 | -19.1% | -------------------------------------------------------------------------------- | Central Europe | 16,556 | 20,302 | -18.5% | -------------------------------------------------------------------------------- | Far East | 6,887 | 8,977 | -23.3% | -------------------------------------------------------------------------------- | Other countries | 24,151 | 26,098 | -7.5% | -------------------------------------------------------------------------------- | Total | 78,355 | 93,413 | -16.1% | -------------------------------------------------------------------------------- The Group's order book was EUR 23.7 million at the end of December. The corresponding figure from last year was EUR 35.1 million. PRODUCTS AND MARKETING Honkarakenne has been very prominently displayed during its 50th anniversary in various fairs in different market areas. For example, in Finland, Honka took part in the Vacation Housing Fair held in Pori and in the Housing Fair held in Vaasa. In Pori, Honka's holiday house - the Honka Frigate - was chosen by the public as the best holiday house made of timber. The St. Petersburg Housing Fair was held in September-October, and it was the first-ever Finnish wooden house manufacturers' joint event in Russia. At the end October, Honka organized the Honka Summit for their international distribution and cooperation network. In this event, Honka presented to the network and press its new range of wall structures - the Honka Fusion, which is based on the new innovation of non-bending laminated log. The Honka Fusion products allow the designers to come up with new types of high-quality solid timber buildings also for the low-energy house category. In September, the company launched its new Lomakirja holiday house line in the domestic market. The German and Finnish heat insulation regulations will become stricter in 2009-2010. Honkarakenne will have the capabilities for manufacturing products and structures that exceed the new regulations. STAFF The group had 378 employees at the end of year. This is 23 less than last year. As a result of the statutory cooperation negotiations held in fall and early winter, the number of officials is reduced by 32 in all company units, compared to the situation at the beginning of 2008. As a whole the reductions will be seen at the beginning of 2010. OWNERSHIP CHANGES IN SUBSIDIARIES AND ASSOCIATED COMPANIES The company's subsidiary, Finwood Oy, organized a directed issue in February. The parent company's ownership decreased to 68.2% after the issue. On 9 June 2008 Honkarakenne Oyj bought a 37.5% stake in Karjalan Lisenssisaha Invest Oy. Its three Karlis companies, operating in Russia, were established in 1993, and have been Finnish-owned since 2006. Since then the companies' logging rights have been expanded, the sawmill's capacity improved, and its plant and equipment modernized. The companies' turnover is EUR 8 million, and they employ 45 people in the Republic of Karelia. 40,000 company shares were used as part of the share capital price, in addition to which Honkarakenne Oyj guaranteed the loan, taken out to develop the companies. Pine and spruce growing in Russian Karelia are of good quality and suitable for construction. The production plant of Karlis companies is situated close to the border, in Wärtsilä on the Russian side of the border. Its logging rights are approximately 60,000 cubic meters a year. In addition, it purchases saw-timber trees from Finnish forest companies and local companies. The plant's sawing capacity in one shift is 50,000 cubic meters a year. The semi-finished products will be upgraded in Honkarakenne's Finnish log house factories. Honkarakenne Oyj sold its stake (40.0%) in JJ-Suunnittelu Oy to the company's operative management in a deal signed on 30 September 2008. HONKARAKENNE OYJ'S ANNUAL GENERAL MEETING 2008, BOARD OF DIRECTORS AND ACCOUNTANTS Honkarakenne Oyj's annual general meeting was held on Friday 4 April 2008. 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 2007. The general meeting decided to pay a EUR 0.30 dividend per each of 3,572,000 shares outstanding. The dividend payment was EUR 1,071,00.00. The remaining earnings of EUR 2,671,572.74 were left in the Group's own capital. The elected board members include Mauri Saarelainen, Eero Saarelainen, Tomi Laamanen and Mauri Niemi (old members) and Pirjo Ruuska as a new member. Pirjo Ruuska, construction engineer, is the managing director of Epira Oy. She was born in Pielisjärvi in 1956, and owns 1,530 Honkarakenne A shares and 76,216 company's B shares. KPMG Oy Ab, Authorized Public Accountants, was selected to continue as the company's auditor with Ari Eskelinen as the chief accountant. HONKARAKENNE OYJ'S OWN SHARES AND AUTHORIZATION TO THE BOARD OF DIRECTORS Honkarakenne Oyj repurchased 90,600 shares during the period under review, for an average price of EUR 4.06 per share. At the end of the review period the company held 208,700 of its B shares with a total nominal value of EUR 417,400.00 and a total purchase price of EUR 1,123,678.07. These shares represent 5.38% of the company's capital stock and 2.21% 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 3 April 2009, 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 3 April 2009, to dispose of 374,896 B shares. Company used 40,000 shares of this authority, when purchasing Karjalan Lisenssisaha Invest Oy. CORPORATE GOVERNANCE SYSTEM Honkarakenne Oyj follows the Corporate Governance recommendations for listed companies issued by OMX Nordic Exchange in Helsinki, the Central Chamber of Commerce and the Confederation of Finnish Industries EK. FUTURE OUTLOOK The deepening global financial crisis and the resulting real economy recession will affect the construction related demand in all markets. The general lack of demand in the domestic and Western European markets will most likely continue all year. Independent construction, which has been known to increase when the market situation worsens, will probably even out the decrease in construction of holiday houses in Finland. The weakened situation is believed to have significantly shorter-term effects in the Russian market. In Eastern Europe, the market situation will remain moderate, although the financial crisis will make it more difficult to begin construction projects in the short run. The weak Yen, which has affected the Japanese export markets up to the end of the third quarter, has changed in the beginning of the fourth quarter to a rapidly weakening Euro. Nevertheless, the subdued overall situation, which has characterized the Japanese market for years, and the prevailing economic situation are likely to slow down the process of turning price benefits into increased sales in the near future. The weak development of advanced sales since last summer is seen especially in the development of net sales during the first and second quarters, in addition to the normal seasonal changes. Besides, the more severe winter in Western Europe has postponed the start-up of construction work until spring. The annual net sales are estimated to be below last year's figures. The company operations will be adapted to the lower level of net sales. The biggest risk for the result development is related to the uncertainty of the global economy and thus to the development of total demand. DIVIDENDS The parent company's own available capital on 31 December 2008 is EUR 4.0 million, of which the loss for the fiscal year is EUR 1.1 million. The board of directors will suggest to the general meeting that no dividends are paid from the earnings held by the company. EVENTS AFTER THE PERIOD UNDER REVIEW Varma Mutual Pension Insurance Company advanced a EUR 5.0 million loan in January to secure the working capital. HONKARAKENNE OYJ Board of Directors Further information: Esko Teerikorpi, President and CEO, phone +358 20 575 7816, +358 40 580 6111, esko.teerikorpi@honka.com. Honkarakenne Oyj's annual general meeting will be held on Friday, 3 April 2009 at 2 p.m. at the company headquarters in Tuusula. This and previous press releases can be found on the company's website at www.honka.com, Investors. The annual report 2008 will be published on the company's web pages at www.honka.com in week 12. The interim reports of 2009 will be published on 14 May 2009, 20 August 2009, and 12 November 2009. The figures have not been examined by the auditor. DISTRIBUTION Helsinki Stock Exchange Principal media Financial Supervision -------------------------------------------------------------------------------- | CONSOLIDATED INCOME | | | | | | STATEMENT | | | | | -------------------------------------------------------------------------------- | (unaudited) | 10-12/2008| 10-12/2007| 1.1.-31.12.| 1.1.-31.12.| | | | | 2008 | 2007 | -------------------------------------------------------------------------------- | (MEUR) | | | | | -------------------------------------------------------------------------------- | Net sales | 15.6 | 22.2 | 78.4 | 93.4 | -------------------------------------------------------------------------------- | Other operating income | 0.2 | 0.5 | 1.1 | 1.8 | -------------------------------------------------------------------------------- | Change in inventories | -2.5 | -2.6 | -0.8 | -0.5 | -------------------------------------------------------------------------------- | Production for own use | 0.1 | 0.1 | 0.3 | 0.7 | -------------------------------------------------------------------------------- | Materials and services | -7.8 | -13.5 | -47.2 | -59.0 | -------------------------------------------------------------------------------- | Employee benefit expenses | -3.7 | -3.7 | -15.8 | -17.3 | -------------------------------------------------------------------------------- | Depreciations | -1.0 | -1.1 | -4.1 | -4.0 | -------------------------------------------------------------------------------- | Other operating expenses | -2.9 | -2.7 | -11.8 | -12.0 | -------------------------------------------------------------------------------- | Operating profit/loss | -1.9 | -0.7 | -0.1 | 3.1 | -------------------------------------------------------------------------------- | Financial income and | -0.7 | -0.2 | -1.3 | -0.6 | | expenses | | | | | -------------------------------------------------------------------------------- | Share of associated | -0.1 | 0.2 | -0.1 | 0.2 | | companies' profit | | | | | -------------------------------------------------------------------------------- | Profit/loss before taxes | -2.8 | -0.7 | -1.5 | 2.7 | -------------------------------------------------------------------------------- | Taxes | 0.7 | 0.0 | 0.4 | -0.8 | -------------------------------------------------------------------------------- | Profit/loss for the period | -2.1 | -0.7 | -1.1 | 1.9 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Attributable to: | | | | | -------------------------------------------------------------------------------- | Equity holders of the | -2.1 | -0.7 | -1.1 | 1.9 | | parent | | | | | -------------------------------------------------------------------------------- | Minority interest | 0.0 | 0.0 | 0.0 | 0.0 | -------------------------------------------------------------------------------- | | -2.1 | -0.7 | -1.1 | 1.9 | -------------------------------------------------------------------------------- --------------------------------------------------------------------------------| Earnings/share (EPS), EUR | | | | | -------------------------------------------------------------------------------- | Basic | -0.58 | -0.19 | -0.32 | 0.52 | -------------------------------------------------------------------------------- | Diluted | -0.58 | -0.19 | -0.32 | 0.52 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED BALANCE SHEET | 31.12.2008 | 31.12.2007 | | (unaudited) | | | -------------------------------------------------------------------------------- | (MEUR) | | | -------------------------------------------------------------------------------- | Assets | | | -------------------------------------------------------------------------------- | Non-current assets | | | -------------------------------------------------------------------------------- | Property, plant and equipment | 26.0 | 24.8 | -------------------------------------------------------------------------------- | Goodwill | 0.5 | 0.5 | -------------------------------------------------------------------------------- | Other intangible assets | 1.5 | 1.1 | -------------------------------------------------------------------------------- | Investments in associated companies | 2.2 | 0.6 | -------------------------------------------------------------------------------- | Other investments | 0.2 | 0.2 | -------------------------------------------------------------------------------- | Receivables | 0.1 | 0.3 | -------------------------------------------------------------------------------- | Deferred tax assets | 1.4 | 0.8 | -------------------------------------------------------------------------------- | | 32.0 | 28.3 | -------------------------------------------------------------------------------- | Current assets | | | -------------------------------------------------------------------------------- | Inventories | 12.5 | 14.1 | -------------------------------------------------------------------------------- | Trade and other receivables | 9.1 | 8.7 | -------------------------------------------------------------------------------- | Cash and bank receivables | 1.6 | 1.9 | -------------------------------------------------------------------------------- | | 23.2 | 24.7 | -------------------------------------------------------------------------------- | Total assets | 55.2 | 53.0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders' equity and liabilities | | | -------------------------------------------------------------------------------- | Equity attributable to equity holders | | | | of the parent | | | -------------------------------------------------------------------------------- | Capital stock | 7.5 | 7.5 | -------------------------------------------------------------------------------- | Share premium | 0.5 | 0.5 | -------------------------------------------------------------------------------- | Reserve fund | 5.3 | 5.3 | -------------------------------------------------------------------------------- | Translation differences | 0.0 | 0.2 | -------------------------------------------------------------------------------- | Retained earnings | 2.7 | 5.1 | -------------------------------------------------------------------------------- | | 16.1 | 18.6 | -------------------------------------------------------------------------------- | Minority share | 0.0 | 0.0 | -------------------------------------------------------------------------------- | Total equity | 16.1 | 18.6 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-current liabilities | | | -------------------------------------------------------------------------------- | Deferred tax liabilities | 0.8 | 0.6 | -------------------------------------------------------------------------------- | Provisions | 0.4 | 0.4 | -------------------------------------------------------------------------------- | Intrest bearing debt | 19.2 | 13.0 | -------------------------------------------------------------------------------- | Non-intrest bearing debt | 0.6 | 0.0 | -------------------------------------------------------------------------------- | | 21.0 | 13.9 | -------------------------------------------------------------------------------- | Current liabilities | | | -------------------------------------------------------------------------------- | Trade and other payables | 16.2 | 17.6 | -------------------------------------------------------------------------------- | Tax liabilities | 0.0 | 0.5 | -------------------------------------------------------------------------------- | Intrest bearing debt | 1.9 | 2.4 | -------------------------------------------------------------------------------- | | 18.1 | 20.5 | -------------------------------------------------------------------------------- | Total liabilities | 39.1 | 34.4 | -------------------------------------------------------------------------------- | Total equity and liabilities | 55.2 | 53.0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | STATEMENT OF CHANGES IN EQUITY | | | | | | | | (unaudited) | | | | | | | -------------------------------------------------------------------------------- | 1000 | Equity attributable to equity holders of the parent | | | | EUR | | | | -------------------------------------------------------------------------------- | | a) | b) | c) | d) | e) | f) | Total | g) | Total | | | | | | | | | | | equity| | | | | | | | | | | | -------------------------------------------------------------------------------- | Total | 7,4 | 520 | 5,3 | 218 | -15 | 4,216 | 17,615 | 8 | 17,62 | | equity | 98 | | 16 | | 3 | | | | 3 | | 1.1.20 | | | | | | | | | | | 07 | | | | | | | | | | -------------------------------------------------------------------------------- | Transl | | | | -39 | | | -39 | | -39 | | ation | | | | | | | | | | | differ | | | | | | | | | | | ence | | | | | | | | | | -------------------------------------------------------------------------------- | Repurc | | | | | -78 | | -789 | | -789 | | hase | | | | | 9 | | | | | | of own | | | | | | | | | | | shares | | | | | | | | | | -------------------------------------------------------------------------------- | Result | | | | | | 1,899 | 1,899 | -16 | 1,883 | | of the | | | | | | | | | | | period | | | | | | | | | | -------------------------------------------------------------------------------- | Other | | | | | | -78 | -78 | | -78 | | change | | | | | | | | | | | s | | | | | | | | | | -------------------------------------------------------------------------------- | Total | 7,4 | 520 | 5,3 | 179 | -94 | 6,037 | 18,608 | -8 | 18,60 | | equity | 98 | | 16 | | 2 | | | | 0 | | 31.12. | | | | | | | | | | | 2007 | | | | | | | | | | -------------------------------------------------------------------------------- | | a) | b) | c) | d) | e) | f) | Total | g) | Total | | | | | | | | | | | equity| | | | | | | | | | | | -------------------------------------------------------------------------------- | Total | 7,4 | 520 | 5,3 | 179 | -94 | 6,037 | 18,608 | -8 | 18,60 | | equity | 98 | | 16 | | 2 | | | | 0 | | 1.1.20 | | | | | | | | | | | 08 | | | | | | | | | | -------------------------------------------------------------------------------- | Transl | | | | -152 | | | -152 | | -152 | | ation | | | | | | | | | | | differ | | | | | | | | | | | ence | | | | | | | | | | -------------------------------------------------------------------------------- | Divide | | | | | | -1,067 | -1,067 | | -1,067| | nds | | | | | | | | | | -------------------------------------------------------------------------------- | Repurc | | | | | -36 | | -368 | | -368 | | hase | | | | | 8 | | | | | | of own | | | | | | | | | | | shares | | | | | | | | | | -------------------------------------------------------------------------------- | Transf | | | | | 186 | | 186 | | 186 | | er of | | | | | | | | | | | own | | | | | | | | | | | shares | | | | | | | | | | -------------------------------------------------------------------------------- | Result | | | | | | -1,151 | -1,151 | 16 | -1,13 | | of the | | | | | | | | | 5 | | period | | | | | | | | | | -------------------------------------------------------------------------------- | Total | 7,4 | 520 | 5,3 | 27 | -1, | 3,819 | 16,056 | 9 | 16,06 | | equity | 98 | | 16 | | 124 | | | | 5 | | 31.12. | | | | | | | | | | | 2008 | | | | | | | | | | -------------------------------------------------------------------------------- a) Share capital b) Premium fund c) Reserve fund d) Translation difference e) Own shares f) Retained earnings g) Minority interest -------------------------------------------------------------------------------- | CONSOLIDATED CASH FLOW STATEMENT | 1-12/2008 | 1-12/2007 | | (Unaudited) | | | -------------------------------------------------------------------------------- | (MEUR) | | | -------------------------------------------------------------------------------- | Cash flow from operations | 0.8 | 2.3 | -------------------------------------------------------------------------------- | Cash flow from investments, net | -4.9 | -3.1 | -------------------------------------------------------------------------------- | Total cash flow from financing | 3.7 | -1.4 | -------------------------------------------------------------------------------- | Increase in credit capital | 7.1 | 2.4 | -------------------------------------------------------------------------------- | Decrease in credit capital | -1.5 | -2.8 | -------------------------------------------------------------------------------- | Dividends paid | -1.1 | | -------------------------------------------------------------------------------- | Other financial items | -0.8 | -1.0 | -------------------------------------------------------------------------------- | Change in liquid assets | -0.4 | -2.2 | -------------------------------------------------------------------------------- | Liquid assets at the beginning of period | 1.9 | 4.1 | -------------------------------------------------------------------------------- | Liquid assets at the end of period | 1.6 | 1.9 | -------------------------------------------------------------------------------- NOTES TO THE 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. -------------------------------------------------------------------------------- | TANGIBLE ASSETS | | -------------------------------------------------------------------------------- | (MEUR) | Tangible | -------------------------------------------------------------------------------- | (Unaudited) | assets | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Acquisition cost 1.1.2008 | 58.2 | -------------------------------------------------------------------------------- | Translation difference (+/-) | 0.4 | -------------------------------------------------------------------------------- | Increase | 5.0 | -------------------------------------------------------------------------------- | Decrease | -0.5 | -------------------------------------------------------------------------------- | Transfers between balance sheet items | 0.0 | -------------------------------------------------------------------------------- | Acquisition cost 31.12.2008 | 63.1 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Accumulated depreciation 1.1.2008 | -33.2 | -------------------------------------------------------------------------------- | Translation difference (+/-) | -0.3 | -------------------------------------------------------------------------------- | Disposals and reclassifications | 0.0 | -------------------------------------------------------------------------------- | Depreciation for the period | -3.8 | -------------------------------------------------------------------------------- | Accumulated depreciation 31.12.2008 | -37.1 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Book value 1.1.2008 | 24.8 | -------------------------------------------------------------------------------- | Book value 31.12.2008 | 26.0 | -------------------------------------------------------------------------------- Own shares Honkarakenne acquired during the period under review 90,600 of its own B shares, whose purchase price amounted to EUR 0.37 million. 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. -------------------------------------------------------------------------------- | CONTINGENT LIABILITIES | | | -------------------------------------------------------------------------------- | (Unaudited) | | | -------------------------------------------------------------------------------- | MEUR | 31.12.2008 | 31.12.2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | For own loans | | | -------------------------------------------------------------------------------- | - Mortgages | 19.11 | 19.66 | -------------------------------------------------------------------------------- | - Pledged shares | 0.37 | 0.54 | -------------------------------------------------------------------------------- | - Other quarantees | 3.12 | 1.54 | -------------------------------------------------------------------------------- | For others | | | -------------------------------------------------------------------------------- | - Guarantees | 1.09 | 0.65 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Leasing liabilities | 0.95 | 0.83 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Rent liabilities | 0.19 | 0.26 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Nominal values of forward exchange | 3.37 | 0.91 | | contracts | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KEY INDICATORS | | | | -------------------------------------------------------------------------------- | | | 1-12 | 1-12 | -------------------------------------------------------------------------------- | (Unaudited) | | 2008 | 2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings/share (EPS) | eur | -0.32 | 0.51 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Return on equity | % | -6.6 | 10.5 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity ratio | % | 33.0 | 40.1 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders equity/share | | 4,5 | 5,18 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net debt | MEUR | 19.5 | 13.4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Gearing | % | 121.6 | 72.0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Gross investments | MEUR | 5.1 | 3.7 | -------------------------------------------------------------------------------- | | % of net sales | 6.5 | 3.9 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Order book | MEUR | 23.7 | 35.1 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Average number of personnel | Staff | 203 | 206 | -------------------------------------------------------------------------------- | | Workers | 195 | 215 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 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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