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2010-07-28 09:00:00 CEST 2010-07-28 09:00:02 CEST REGULATED INFORMATION Itella Oyj - Interim report (Q1 and Q3)Itella Interim Report for January-June 2010ITELLA CORPORATION STOCK EXCHANGE RELEASE JULY 28, 2010, AT 10:00 AM Itella Interim Report for January-June 2010 January-June 2010 * The Itella Group's net sales in the first half of 2010 totaled EUR 904.6 million (EUR 916.2 million in January-June 2009). International operations accounted for 31% (30%) of net sales. Itella Information and Itella Logistics increased their net sales, while Itella Mail Communication saw its net sales decline. * Operating profit was EUR 12.1 million (EUR 27.7 million), representing 1.3% (3.0%) of net sales. Financial performance was taxed by restructuring costs of EUR 13.8 million (EUR 6.1 million). Profitability weakened considerably in Itella Mail Communication and slightly in Itella Information. Itella Logistics was able to decrease its loss. * Mail delivery volumes followed the trend seen in other industrialized countries. The volume of addressed mail decreased by 1% year-on-year. The delivery volumes of newspapers and magazines fell by 2% and 8%, respectively. Parcel delivery volumes dropped by 4%. * The average personnel reduction compared with the corresponding period in 2009 was 1,050 in Finland and 650 in other countries. April-June 2010 * The Itella Group recorded net sales of EUR 450.6 million in April-June (EUR 438.6 million). * Operating profit was EUR -6.3 million (EUR 7.8 million), including EUR 14.5 million (EUR 4.4 million) of restructuring costs. -------------------------------------------------------------------------------- | Key figures of Itella Group | 1-6 / 2010 | 1-6 / 2009 | 2009 | -------------------------------------------------------------------------------- | Net sales, MEUR | 904.6 | 916.2 | 1,819.7 | -------------------------------------------------------------------------------- | Operating profit (EBIT), MEUR | 12.1 | 27.7 | 46.7 | -------------------------------------------------------------------------------- | EBIT margin, % | 1.3 | 3.0 | 2.6 | -------------------------------------------------------------------------------- | Operating profit (EBIT), MEUR *) | 25.9 | 33.8 | 86.3 | -------------------------------------------------------------------------------- | EBIT margin, % *) | 2.9 | 3.7 | 4.7 | -------------------------------------------------------------------------------- | Profit before tax, MEUR | 11.5 | 3.1 | 19.6 | -------------------------------------------------------------------------------- | Return on equity (12 months), % | -0.2 | -2.2 | -0.7 | -------------------------------------------------------------------------------- | Return on investment (12 months), | 4.7 | 9.4 | 5.8 | | % | | | | -------------------------------------------------------------------------------- | Equity ratio, % | 50.3 | 50.9 | 48.5 | -------------------------------------------------------------------------------- | Gearing, % | 21.8 | 19.7 | 19.7 | -------------------------------------------------------------------------------- | Gross capital expenditure, MEUR | 43.4 | 64.8 | 144.9 | -------------------------------------------------------------------------------- | Personnel on average | 28,982 | 30,683 | 30,217 | -------------------------------------------------------------------------------- | * Excl. non-recurring items | | | | -------------------------------------------------------------------------------- Jukka Alho, President and CEO: “Itella's net sales do not yet suggest any clear changes in the economic conditions. Logistics are the most sensitive barometer in this respect; the result for the period indicates that the economic outlook is slowly improving. Recently the market has picked up in international freight and Russian warehouse logistics, for instance. In Finland we are reaching a situation where the financial recession is leading to accelerated digitization of postal mail. Thus, we will have to adapt to decreasing delivery volumes in the next few years. This naturally involves a need for personnel reductions over a longer period of time. The profitability of Finnish postal services has been continually declining and is no longer satisfactory. Despite this, regulatory supervision in Finland is further hampering the profitability of postal services. In other countries and other fields of business that face similar problems efforts are being made to improve the operating conditions. This is particularly the case when citizens' core services are at stake. A more challenging operating environment will increase the pressure to reduce personnel, and it will be especially difficult to provide postal services for sparsely populated areas.” APPENDICES Itella's full Interim Report FURTHER INFORMATION Tuija Soanjärvi, CFO, tel. +358 20 45 20907, tuija.soanjarvi@itella.com DISTRIBUTION NASDAQ OMX Helsinki Principal media www.itella.com/financials FINANCIAL CALENDER 2010 Interim Report for January-September on Wednesday, October 27 PHOTOGRAPS AND LOGOS www.itella.com/media Itella Group provides solutions for managing information and product flows. Itella operates in mail communication, information logistics and logistics in northern and central Europe, and in Russia. Net sales in 2009 amounted to EUR 1,820 million. Corporate services are delivered under the Itella brand, while the Posti brand is used for services targeted at consumers in Finland. More information is available online at www.itella.com/group. Itella Corporation Interim Report for January-June 2010 Market situation and business environment Expectations regarding economic developments have become more optimistic during the reporting period. Among the business segments, Itella Logistics is the most susceptible to economic trends. Thus, the revival of international trade began to be seen in the demand for logistics services in Itella's operating areas. In Itella Information and Itella Mail Communication, demand varies depending on the product line and country. Mail deliveries were not affected by the economic upturn; it is possible that the recession has accelerated digitization of communication. The new Postal Services Act will enter into force in 2011. This will probably affect the competitive arena and customers' decision-making in the near future. Profit performance and net sales in April-June 2010 The Itella Group recorded net sales of EUR 450.6 million in April-June (EUR 438.6 million). Operating profit before non-recurring items amounted to EUR 8.3 million (EUR 12.2 million), representing 1.8% (2.8%) of net sales. The Group's operating profit including non-recurring items was EUR -6.3 million (EUR 7.8 million), or -1.4% (1.8%) of net sales. Operating profit was taxed by restructuring costs of EUR 14.5 million (EUR 4.4 million). Profit before taxes was EUR -5.6 million (EUR 11.2 million). Profit performance and net sales in January-June 2010 The Itella Group's net sales in the first half of 2010 totaled EUR 904.6 million (EUR 916.2 million in January-June 2009), down by 1.3%. In local currencies, the decline in net sales was 2.9%. Acquisitions had no impact on net sales performance. Itella Information and Itella Logistics increased their net sales, while Itella Mail Communication saw its net sales decline. In Finland, net sales were down by 3.1%. In other countries of operation, total net sales increased, mainly because of exchange rate effects. International operations accounted for 31% (30%) of net sales. In January-June, consolidated operating profit before non-recurring items decreased by 23.6% to EUR 25.9 million (EUR 33.8 million), representing 2.9% (3.7%) of net sales. Operating profit including non-recurring items fell by 56.5% to EUR 12.1 million (EUR 27.7 million), representing 1.3% (3.0%) of net sales. Operating profit decreased considerably in Itella Mail Communication and slightly in Itella Information. Itella Logistics was able to clearly decrease its operating loss from the previous year. In other operations, operating profit decreased, because expenses common to the businesses are now allocated more evenly across the calendar year than in 2009. Financial performance was taxed by restructuring costs of EUR 13.8 million (EUR 6.1 million). The Group's net financing costs were EUR 0.6 million (EUR 24.6 million). In 2009, net financing costs were increased by hedging costs of ruble receivables, as well as the considerable exchange rate losses generated by the weakening of the Russian ruble. Consolidated profit after financial items was EUR 11.5 million (EUR 3.1 million). Income tax totaled EUR 10.7 million (EUR 5.9 million). The Group's effective tax rate, which was affected by losses from international operations, was 97.0% (190.3%). The Group recorded a net profit of EUR 0.8 million for the period (net loss of EUR 2.8 million). Return on equity (rolling 12 months) was -0.2% (-2.2%). Itella Mail Communication Itella Mail Communication recorded net sales of EUR 565.9 million in January-June (EUR 587.0 million), showing a decrease of 3.6%. In January-June, business volumes developed as follows compared with the corresponding period in 2009: * Deliveries of both first- and second-class letters fell slightly. Addressed direct marketing volumes decreased by 2%. In total, addressed letter deliveries fell by 1 percent. * Newspaper delivery volumes dropped by 2% and magazine delivery volumes by 8%. * Non-addressed direct marketing volumes continued to grow. * Parcel delivery volumes fell by 4%. Itella Mail Communication posted an operating profit of EUR 22.0 million (EUR 42.6 million), representing 3.9% (7.3%) of net sales. The result included EUR 13.6 million (EUR 4.0 million) of restructuring costs. Moreover, profitability weakened because of the decreased net sales, particularly in important key products. The positive productivity development could not fully compensate for the fall. The mail sorting and delivery modernization moved ahead as planned with about 90% of investments completed. All real estate investments have been completed, and nearly all sorting systems and other equipment have been implemented; the elements to improve automation and, consequently, productivity in service production are in place. Continuing decrease of delivery volumes will require further efficiency enhancement measures, which will reduce the need for personnel. Itella Information Itella Information's net sales rose to EUR 131.7 million (EUR 126.6 million), up by 4.0%. Net sales increased in all product lines and countries of operation, except Germany, Estonia and Lithuania. The business group posted an operating profit of EUR 7.4 million (EUR 8.4 million), representing 5.6% of net sales (6.6%). The efficiency of product lines and companies has been enhanced using various measures to compensate for the effects of price erosion and volume reductions on profitability. Further measures to improve efficiency will still be necessary, particularly outside the Nordic countries. Itella Logistics In the first half of 2010, Itella Logistics recorded net sales of EUR 322.8 million (EUR 319.3 million). Net sales increased by 1.1%. As regards product lines, net sales in international road freight fell but increased in international sea & air freight and service warehousing. In the countries of operation, net sales improved in Russia, the Baltic countries, and Norway and declined in Finland and Denmark. In Sweden, net sales remained stable. Itella Logistics recorded a loss of EUR 8.6 million (EUR -17.9 million), representing -2.7% (-5.6%) of net sales. Thanks to the many measures to enhance efficiency, operating profit improved in all product lines and countries except Sweden. Logistics volumes remained low in all eight countries, despite a more promising economic outlook. In the second quarter, however, positive signs could be seen, and Itella's logistics volumes began to grow, particularly in sea and air freight. In contract logistics, Itella signed customer agreements that will affect the result in the second half of the year. Once economic growth picks up in the countries of operation, increased demand by corporate customers and consumers will be crucial for Itella Logistics' performance. Financial position and capital expenditure Consolidated net cash flow from operating activities before investment activities totaled EUR 19.8 million (EUR 39.9 million). Net cash flow declined by EUR 22.1 million from the previous year, because the personnel in Finland received their vacation pay in June, which is a month earlier than 2009. Capital expenditure amounted to EUR 43.4 million (EUR 64.8 million). No acquisitions were made in the first half of the year. At the end of June, liquid assets stood at EUR 144.0 million (EUR 94.5 million), and undrawn committed credit facilities totaled EUR 200.0 million (EUR 175.0 million). Commercial papers issued amounted to EUR 38.0 million. The Group's interest-bearing liabilities were EUR 300.3 million (EUR 227.2 million). The equity ratio stood at 50.3% (50.9%) and gearing was 21.8% (19.7%). Personnel In January-June, the Itella Group employed an average of 28,982 (30,683) people. At the end of the period, the number of personnel was 30,585 (31,627) with 23,911 (24,607) employees based in Finland. The average personnel reduction compared with the corresponding period in 2009 was 1,050 in Finland and 650 in other countries. At the end of the period, the Group employed personnel by segment as follows: Itella Mail Communication 20,671, Itella Information 1,926, Itella Logistics 7,946 and other Group functions 42. The Group's personnel costs decreased by EUR 2.4 million during the period, down by 0.5% year-on-year. Excluding the cost provision for restructuring arrangements, personnel expenses fell by EUR 10.1 million, equaling to 2.3%. Changes in corporate structure Itella's legal structure did not change during the period. Preparations to renew the legal structure of Finnish operations continued as planned. The operational structure was already renewed at the beginning of the second quarter. This involved transferring parcel services from Itella Logistics and domestic sales operations, postal outlets and customer service from Group functions to Itella Mail Communication. The change affected the content of reported segments. In this interim report, the realized and reference figures have been converted to correspond to the new structure. Short-term business risks and uncertainties Itella's risk management policy and business-related risks are described in more detail in the Annual Report and Financial Statements for 2009 and on Itella's website (www.itella.fi/corporategovernance). These risks have not changed substantially this year. The general economic climate in Itella's operating area further increases business risks and uncertainties. Country- and sector-specific differences in economic recovery can be seen in the demand for Itella's services and, consequently, the predictability of net sales. This complicates decision-making concerning the size of Itella's own production resources. In order to ensure profitability, adjustment of costs and management of working capital items are still emphasized. The economic conditions have contributed to the difficulties in estimating the effects of increased electronic communication on mail delivery volumes. Because of the universal service obligation, costs of the postal network decrease more slowly than delivery volumes. Lower volumes reduce the need for personnel, which may cause significant restructuring costs that will burden the result and cash flow. From Itella's point of view, regulatory supervision of postal services involves risk-augmenting features, because the regulatory supervision of cost accounting and product profitability is not swift enough in responding to changes in business. The effects of the new Postal Services Act on the competitive situation may be seen in the decisions of Itella's customers in the latter half of the year. Seasonal fluctuation Seasonal fluctuation is characteristic of the Group's business operations. Net sales and operating profit in the business segments are not accrued evenly over the year. The first and fourth quarters are typically strong, while the second and third quarters are weaker. Events after the reporting period Itella Corporation acquired the parcel business of SmartPOST OÜ, based in Estonia. It is now part of Itella Mail Communication. The acquisition will not have a material impact on Itella's financial figures. In July, Itella Corporation signed a EUR 120 million syndicated credit facility with a bank group consisting of four Nordic banks. The credit facility is intended for general financing purposes. Its duration is five years and it replaces a former credit facility signed in 2006. Outlook for the rest of the year It is predicted that economic conditions will improve. Revival of economic growth is particularly critical for Itella Logistics' net sales and profitability. In Itella Mail Communication, a change in the economic climate may not have a similar effect on mail delivery services, as electronic substitution may be accelerating as a result of the recession. On the other hand, efficiency-improvement demands may support customers' interest in Itella's outsourcing solutions. Changes in the competitive environment are expected after the introduction of the new postal legislation. The dissimilar views of Itella and the Finnish Communications Regulatory Agency concerning the definition of universal postal service products and the allocation of costs of the shared delivery network to product prices has some impact on the development of Itella's net sales and profitability. Enhancement of productivity and efficiency will continue in order to ensure profitability while mail volumes are declining. Fixed personnel expenses constitute a major item in Itella's business. As the volumes are declining, personnel reductions can sometimes considerably burden the result and cash flow. Capital expenditure in 2010 will be lower than in previous years. The timing and volume of new investments will be considered carefully. APPENDICES Key figures of Itella Group Comprehensive consolidated income statement Consolidated balance sheet Consolidated cash flow statement Statement of changes in shareholders' equity Notes: - Accounting principles - Segment information - Net sales by geographical area - Changes in property, plant and equipment - The Group's contingent liabilities - Related party transactions -------------------------------------------------------------------------------- | Key figures of Itella | | | | | | | Group | | | | | | -------------------------------------------------------------------------------- | | 4-6 | 4-6 | 1-6 | 1-6 | 1-12 | -------------------------------------------------------------------------------- | | 2010 | 2009 | 2010 | 2009 | 2009 | -------------------------------------------------------------------------------- | Net sales, MEUR | 450.6 | 438.6 | 904.6 | 916.2 | 1,819.7 | -------------------------------------------------------------------------------- | Operating profit (EBIT), | -6.3 | 7.8 | 12.1 | 27.7 | 46.7 | | MEUR | | | | | | -------------------------------------------------------------------------------- | EBIT margin, % | -1.4 | 1.8 | 1.3 | 3.0 | 2.6 | -------------------------------------------------------------------------------- | Operating profit (EBIT), | 8.3 | 12.2 | 25.9 | 33.8 | 86.3 | | MEUR *) | | | | | | -------------------------------------------------------------------------------- | EBIT margin, % *) | 1.8 | 2.8 | 2.9 | 3.7 | 4.7 | -------------------------------------------------------------------------------- | Profit before tax, MEUR | -5.6 | 11.2 | 11.5 | 3.1 | 19.6 | -------------------------------------------------------------------------------- | Return on equity (12 | | | -0.2 | -2.2 | -0.7 | | months), % | | | | | | -------------------------------------------------------------------------------- | Return on investment (12 months), | | 4.7 | 9.4 | 5.8 | | % | | | | | -------------------------------------------------------------------------------- | Equity ratio, % | | | 50.3 | 50.9 | 48.5 | -------------------------------------------------------------------------------- | Gearing, % | | | 21.8 | 19.7 | 19.7 | -------------------------------------------------------------------------------- | Gross capital | 24.6 | 28.9 | 43.4 | 64.8 | 144.9 | | expenditure, MEUR | | | | | | -------------------------------------------------------------------------------- | Personnel on average | 29,154 | 30,994 | 28,982 | 30,683 | 30,217 | -------------------------------------------------------------------------------- | *) Excl. non-recurring items, see | | | | | | notes 2 | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Comprehensive Consolidated Income Statement | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | | 4-6 | 4-6 | 1-6 | 1-6 | 1-12 | -------------------------------------------------------------------------------- | EUR million | 2010 | 2009 | 2010 | 2009 | 2009 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Net sales | 450.6 | 438. | 904.6 | 916.2 | 1,819.7 | | | | 6 | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Other operating income | 2.5 | 5.6 | 6.8 | 8.6 | 14.3 | -------------------------------------------------------------------------------- | Share of associated companies' | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | | results | | | | | | -------------------------------------------------------------------------------- | Materials and services | 120.7 | 117. | 238.8 | 243.1 | 474.9 | | | | 6 | | | | -------------------------------------------------------------------------------- | Employee benefits | 229.3 | 218. | 447.7 | 450.1 | 888.0 | | | | 7 | | | | -------------------------------------------------------------------------------- | Depreciation and amortisation | 21.6 | 19.2 | 42.6 | 38.1 | 77.8 | -------------------------------------------------------------------------------- | Impairment losses | | | | | 13.5 | -------------------------------------------------------------------------------- | Other operating expenses | 87.9 | 80.9 | 170.3 | 165.8 | 333.2 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Operating profit (EBIT) | -6.3 | 7.8 | 12.1 | 27.7 | 46.7 | -------------------------------------------------------------------------------- | % of net sales | -1.4 | 1.8 | 1.3 % | 3.0 % | 2.6 % | | | % | % | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Financial income and expenses | 0.6 | 3.4 | -0.6 | -24.6 | -27.1 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Profit/loss before income tax | -5.6 | 11.2 | 11.5 | 3.1 | 19.6 | -------------------------------------------------------------------------------- | % of net sales | -1.2 | 2.6 | 1.3 % | 0.3 % | 1.1 % | | | % | % | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Income tax | -1.9 | -3.2 | -10.7 | -5.9 | -24.2 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Profit/loss for the financial | -7.5 | 8.0 | 0.8 | -2.8 | -4.6 | | period | | | | | | -------------------------------------------------------------------------------- | % of net sales | -1.7 | 1.8 | 0.1 % | -0.3 % | -0.3 % | | | % | % | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Other items of comprehensive | | | | | | | income | | | | | | -------------------------------------------------------------------------------- | Available-for-sale financial | 0.1 | -0.4 | 0.1 | -0.4 | -0.3 | | assets | | | | | | -------------------------------------------------------------------------------- | Translation differences | 13.0 | -1.2 | 38.3 | -8.9 | -4.3 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Comprehensive income, total | 5.6 | 6.4 | 39.2 | -12.1 | -9.2 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Profit for the financial period | | | | | | attributable to | | | | | -------------------------------------------------------------------------------- | Parent company shareholders | -7.6 | 7.7 | 0.7 | -2.6 | -4.6 | -------------------------------------------------------------------------------- | Non-controlling intrest | 0.1 | 0.3 | 0.1 | -0.2 | 0.0 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Comprehensive income | | | | | | | attributable to | | | | | | -------------------------------------------------------------------------------- | Parent company shareholders | 5.5 | 6.1 | 39.1 | -11.9 | -9.2 | -------------------------------------------------------------------------------- | Non-controlling intrest | 0.1 | 0.3 | 0.1 | -0.2 | 0.0 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Consolidated Balance Sheet | | | | | -------------------------------------------------------------------------------- | | 30 June | 30 June | 31 Dec | | -------------------------------------------------------------------------------- | EUR million | 2010 | 2009 | 2009 | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Non-current assets | | | | | -------------------------------------------------------------------------------- | Goodwill | 167.0 | 172.9 | 165.2 | | -------------------------------------------------------------------------------- | Other intangible assets | 77.6 | 78.8 | 80.1 | | -------------------------------------------------------------------------------- | Investment property | 4.2 | 4.5 | 4.4 | | -------------------------------------------------------------------------------- | Property, plant and equipment | 724.9 | 670.6 | 688.3 | | -------------------------------------------------------------------------------- | Investments in associated | 0.6 | 1.4 | 0.6 | | | companies | | | | | -------------------------------------------------------------------------------- | Other non-current investments | 1.9 | 0.6 | 2.4 | | -------------------------------------------------------------------------------- | Non-current receivables | 7.5 | 6.3 | 8.4 | | -------------------------------------------------------------------------------- | Deferred tax assets | 15.4 | 14.9 | 12.7 | | -------------------------------------------------------------------------------- | Total non-current assets | 999.2 | 950.0 | 962.1 | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Current assets | | | | | -------------------------------------------------------------------------------- | Inventories | 6.1 | 6.7 | 6.5 | | -------------------------------------------------------------------------------- | Trade and other receivables | 284.1 | 262.6 | 271.9 | | -------------------------------------------------------------------------------- | Current tax assets | 9.5 | 14.1 | 4.0 | | -------------------------------------------------------------------------------- | Financial assets | 2.5 | 2.5 | 2.4 | | | available-for-sale | | | | | -------------------------------------------------------------------------------- | Financial assets at fair value | 62.8 | 45.4 | 78.9 | | | through profit or loss *) | | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents *) | 81.2 | 49.1 | 82.3 | | -------------------------------------------------------------------------------- | Total current assets | 446.3 | 380.4 | 446.0 | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Total assets | 1,445.5 | 1,330.4 | 1,408.1 | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Equity | | | | | -------------------------------------------------------------------------------- | Share capital | 70.0 | 70.0 | 70.0 | | -------------------------------------------------------------------------------- | Contingency reserve | 142.7 | 142.7 | 142.7 | | -------------------------------------------------------------------------------- | Fair value reserve | 0.1 | -0.1 | 0.0 | | -------------------------------------------------------------------------------- | Translation differences | 17.6 | -25.3 | -20.7 | | -------------------------------------------------------------------------------- | Retained earnings | 484.4 | 485.6 | 483.6 | | -------------------------------------------------------------------------------- | Equity attributable to equity | | | | | holders of the parent company | 714.7 | 672.9 | 675.6 | | -------------------------------------------------------------------------------- | Non-controlling intrest | 1.8 | 1.4 | 1.6 | | -------------------------------------------------------------------------------- | Total equity | 716.6 | 674.3 | 677.2 | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Non-current liabilities | | | | | -------------------------------------------------------------------------------- | Deferred tax liabilities | 51.3 | 46.7 | 48.3 | | -------------------------------------------------------------------------------- | Non-current interest-bearing | 229.3 | 113.3 | 246.1 | | | liabilities | | | | | -------------------------------------------------------------------------------- | Other non-current liabilities | 15.7 | 34.9 | 15.1 | | -------------------------------------------------------------------------------- | Non-current provisions | 15.8 | 0.3 | 9.2 | | -------------------------------------------------------------------------------- | Defined benefit pension plan | 6.5 | 7.1 | 6.5 | | | obligations | | | | | -------------------------------------------------------------------------------- | Total non-current liabilities | 318.5 | 202.3 | 325.2 | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Current liabilities | | | | | -------------------------------------------------------------------------------- | Current interest-bearing | 71.1 | 113.9 | 48.0 | | | liabilities | | | | | -------------------------------------------------------------------------------- | Trade payables and other | 321.3 | 329.4 | 335.1 | | | liabilities | | | | | -------------------------------------------------------------------------------- | Current tax liabilities | 4.0 | 4.2 | 9.0 | | -------------------------------------------------------------------------------- | Current provisions | 14.1 | 6.3 | 13.6 | | -------------------------------------------------------------------------------- | Total current liabilities | 410.4 | 453.8 | 405.7 | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Total liabilities | 728.9 | 656.1 | 730.9 | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Total equity and liabilities | 1,445.5 | 1,330.4 | 1,408.1 | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 300.3 | 227.2 | 294.1 | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | *) Items classified under the Group's cash and cash equivalents have | | | a maximum maturity of three months from the time of acquisition. | | | Data for the comparison year have been adjusted to match this | | | definition. | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Consolidated Cash Flow Statement | | | | -------------------------------------------------------------------------------- | | 1-6 | 1-6 | 1-12 | -------------------------------------------------------------------------------- | EUR million | 2010 | 2009 | 2009 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Result before tax | 11.5 | 3.1 | 19.6 | -------------------------------------------------------------------------------- | Total adjustments | 42.7 | 63.4 | 120.2 | -------------------------------------------------------------------------------- | Change in net working capital | -10.4 | 4.1 | 16.8 | -------------------------------------------------------------------------------- | Cash flow before financial items and income | 43.8 | 70.6 | 156.6 | | tax | | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Financial items (net) | 0.8 | -15.3 | -29.0 | -------------------------------------------------------------------------------- | Tax paid | -24.8 | -15.4 | -16.9 | -------------------------------------------------------------------------------- | Cash flow from operating activities (net) | 19.8 | 39.9 | 110.7 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Acquisition of subsidiaries less cash and | -0.1 | 0.0 | -22.8 | | cash equivalents | | | | -------------------------------------------------------------------------------- | Purchase of intangible assets and property, | -43.4 | -64.6 | -121.7 | | plant and equipment | | | | -------------------------------------------------------------------------------- | Proceeds from sale of intangible and | 1.5 | 1.7 | 2.2 | | tangible assets | | | | -------------------------------------------------------------------------------- | Proceeds from sale of subsidiaries and | - | 0.4 | 1.4 | | businesses | | | | -------------------------------------------------------------------------------- | Change in financial assets at fair value | 15.3 | 35.0 | 5.4 | | through profit or loss *) | | | | -------------------------------------------------------------------------------- | Cash flow from other investments | 0.0 | 0.2 | -2.2 | -------------------------------------------------------------------------------- | Cash flow from investing activities (net) | -26.7 | -27.3 | -137.7 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Change in loans (net) | 11.2 | -3.0 | 71.8 | -------------------------------------------------------------------------------- | Finance lease principal payments | -4.1 | -5.7 | -9.9 | -------------------------------------------------------------------------------- | Dividends paid | - | -10.0 | -10.0 | -------------------------------------------------------------------------------- | Cash flow from financing activities (net) | 7.1 | -18.7 | 51.9 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Change in cash and cash equivalents | 0.3 | -6.1 | 24.9 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at period-start *) | 82.3 | 49.5 | 49.5 | -------------------------------------------------------------------------------- | Effect of changes in exchange rates | -1.3 | 5.7 | 7.9 | -------------------------------------------------------------------------------- | Cash and cash equivalents at period-end *) | 81.2 | 49.1 | 82.3 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | *) Items classified under the Group's cash and cash equivalents have a | | maximum maturity | -------------------------------------------------------------------------------- | of three months from the time of acquisition. Data for the comparison year | | have been | -------------------------------------------------------------------------------- | adjusted to match this definition. | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Statement of changes in | | | | | | | | shareholders' equity | | | | | | | -------------------------------------------------------------------------------- | | | | | | | | | | -------------------------------------------------------------------------------- | EUR million | Equity attributable to equity holders | | | | | | of the parent company | | | | -------------------------------------------------------------------------------- | | Share | Conti | Fair | Trans | Retai | Tota | Non-c | Total | | | capit | ngenc | value | latio | ned | l | ontro | equity | | | al | y | reser | n | earni | | lling | | | | | reser | ve | diffe | ngs | | intre | | | | | ve | | rence | | | st | | | | | | | s | | | | | -------------------------------------------------------------------------------- | | | | | | | | | | -------------------------------------------------------------------------------- | | | | | | | | | | -------------------------------------------------------------------------------- | Equity 1 Jan | 70.0 | 142.7 | 0.3 | -16.4 | 498.2 | 694. | 1.5 | 696.3 | | 2009 | | | | | | 8 | | | -------------------------------------------------------------------------------- | Dividends | | | | | -10.0 | -10. | | -10.0 | | paid | | | | | | 0 | | | -------------------------------------------------------------------------------- | Other | | | | | | | 0.1 | 0.1 | | changes | | | | | | | | | -------------------------------------------------------------------------------- | Result for | | | | | -2.6 | -2.6 | -0.2 | -2.8 | | the | | | | | | | | | | financial | | | | | | | | | | period | | | | | | | | | -------------------------------------------------------------------------------- | Change in | | | -0.4 | | | -0.4 | | -0.4 | | fair value | | | | | | | | | | reserve | | | | | | | | | -------------------------------------------------------------------------------- | Change in | | | -8.9 | | -8.9 | | -8.9 | | translation | | | | | | | | | differences | | | | | | | | -------------------------------------------------------------------------------- | Equity 30 | 70.0 | 142.7 | -0.1 | -25.3 | 485.6 | 672. | 1.4 | 674.3 | | June 2009 | | | | | | 9 | | | -------------------------------------------------------------------------------- | | | | | | | | | | -------------------------------------------------------------------------------- | Equity 1 Jan | 70.0 | 142.7 | 0.0 | -20.7 | 483.6 | 675. | 1.6 | 677.2 | | 2010 | | | | | | 6 | | | -------------------------------------------------------------------------------- | Dividends | | | | | - | - | | - | | paid | | | | | | | | | -------------------------------------------------------------------------------- | Result for | | | | | 0.7 | 0.7 | 0.1 | 0.8 | | the | | | | | | | | | | financial | | | | | | | | | | period | | | | | | | | | -------------------------------------------------------------------------------- | Change in | | | 0.1 | | | 0.1 | | 0.1 | | fair value | | | | | | | | | | reserve | | | | | | | | | -------------------------------------------------------------------------------- | Change in | | | 38.3 | | 38.3 | | 38.3 | | translation | | | | | | | | | differences | | | | | | | | -------------------------------------------------------------------------------- | Equity 30 | 70.0 | 142.7 | 0.1 | 17.6 | 484.4 | 714. | 1.8 | 716.6 | | June 2010 | | | | | | 7 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NOTES | | | | | | | | | -------------------------------------------------------------------------------- | | | | | | | | | | -------------------------------------------------------------------------------- | 1. Accounting principles | | | | | | | | | -------------------------------------------------------------------------------- | The interim report was prepared in accordance with IAS 34 'Interim Financial | | Reporting' and in line with the same accounting principles as those used in | | Itella's financial statements for 2009. Itella has applied the currently | | valid IFRS standards and interpretations in the preparation of this interim | | report. The figures shown have been rounded, which is why the sum total of | | individual figures may differ from that shown here. | -------------------------------------------------------------------------------- | | | | | | | | | | -------------------------------------------------------------------------------- | New and revised IFRS | | | | | | | | | | standards | | | | | | | | | -------------------------------------------------------------------------------- | As of January 1, 2010 the Group applies | | | | | | | the following revised standards: | | | | | | -------------------------------------------------------------------------------- | - IFRS 3 Business | | | | | | | | | | Combinations | | | | | | | | | -------------------------------------------------------------------------------- | - IAS 27 Consolidated and | | | | | | | | Separate Financial Statements | | | | | | | -------------------------------------------------------------------------------- | | | | | | | | | | -------------------------------------------------------------------------------- | These new and revised standards have no material impact on the data | | | disclosed in the financial statements bulletin. | | -------------------------------------------------------------------------------- | Information in this interim report is | | | | | | | unaudited. | | | | | | -------------------------------------------------------------------------------- | | | | | | | | | | -------------------------------------------------------------------------------- | 2. Segment Information | | | | | | | | | -------------------------------------------------------------------------------- | | | | | | | | | | -------------------------------------------------------------------------------- | The following changes in Itella Group's business operations took effect | | | on April 1, 2010: Domestic sales operations, mail and customer | | | service from Other operations and Itella Logistics' parcel services | | | were transferred to Itella Mail Communication. This change will improve | | | the financial transparency of operations in anticipation of the postal | | | operations legislative reform at the beginning of next year. | | -------------------------------------------------------------------------------- | | | | | | | | | | -------------------------------------------------------------------------------- | In addition, following the reorganization of the parent company's legal | | structure to be implemented on January 1, 2011, the freight service | | transactions previously handled as internal cost allocation between business | | operations will now be recorded as net sales charged by one Group company to | | another. This change will result in an increase in intra-Group net sales and | | eliminations. | -------------------------------------------------------------------------------- | | | | | | | | | | -------------------------------------------------------------------------------- | The Group's internal reporting has been changed to reflect the changes | | referred to above, and the segment division in external accounting will be | | presented in line with the revised structure. | -------------------------------------------------------------------------------- | | | | | | | | | | -------------------------------------------------------------------------------- | In addition to the structural changes described above, a larger proportion | | of the Group's non-allocated assets and liabilities has been allocated to | | segments as of May 1, 2010, based on their actual use. | -------------------------------------------------------------------------------- | | | | | | | | | | -------------------------------------------------------------------------------- | Itella Group's segment information is presented according to the new | | structure and the new allocation principles.The reorganization of the legal | | structure has also been proactively accounted for in the actual and | | comparison periods. | -------------------------------------------------------------------------------- | | | | | | | | | | -------------------------------------------------------------------------------- | | | | 4-6 | 4-6 | 1-6 | 1-6 | 1-12 | | -------------------------------------------------------------------------------- | EUR million | | | 2010 | 200 | 2010 | 2009 | 2009 | | | | | | | 9 | | | | | -------------------------------------------------------------------------------- | | | | | | | | | | -------------------------------------------------------------------------------- | Net sales by business | | | | | | | | | | segment | | | | | | | | | -------------------------------------------------------------------------------- | Itella Mail | | | 280. | 284 | 565.9 | 587. | 1,168.1 | | | Communication | | | 8 | .9 | | 0 | | | -------------------------------------------------------------------------------- | inter-segment sales | | | 10.9 | 11. | 21.5 | 21.5 | 41.4 | | | | | | | 3 | | | | | -------------------------------------------------------------------------------- | Itella Information | | | 63.4 | 58. | 131.7 | 126. | 247.2 | | | | | | | 6 | | 6 | | | -------------------------------------------------------------------------------- | inter-segment sales | | | 2.8 | 2.7 | 5.5 | 5.5 | 11.3 | | -------------------------------------------------------------------------------- | Itella Logistics | | | 166. | 153 | 322.8 | 319. | 637.3 | | | | | | 4 | .9 | | 3 | | | -------------------------------------------------------------------------------- | inter-segment sales | | | 46.9 | 44. | 89.9 | 89.6 | 180.3 | | | | | | | 4 | | | | | -------------------------------------------------------------------------------- | Other operations | | | 3.1 | 0.9 | 5.6 | 2.4 | 6.2 | | -------------------------------------------------------------------------------- | inter-segment sales | | | 2.4 | 1.3 | 4.3 | 2.4 | 6.2 | | -------------------------------------------------------------------------------- | Eliminations (Interim | | | -63. | -59 | -121.3 | -119 | -239.1 | | | sales) | | | 1 | .7 | | .1 | | | -------------------------------------------------------------------------------- | Total | | | 450. | 438 | 904.6 | 916. | 1,819.7 | | | | | | 6 | .6 | | 2 | | | -------------------------------------------------------------------------------- | | | | | | | | | | -------------------------------------------------------------------------------- | | | | 4-6 | 4-6 | 1-6 | 1-6 | 1-12 | | -------------------------------------------------------------------------------- | EUR million | | | 2010 | 200 | 2010 | 2009 | 2009 | | | | | | | 9 | | | | | -------------------------------------------------------------------------------- | | | | | | | | | | -------------------------------------------------------------------------------- | Operating profit/loss | | | | | | | | | | (EBIT) by business | | | | | | | | | | segment | | | | | | | | | -------------------------------------------------------------------------------- | Itella Mail | | | -1.3 | 12. | 22.0 | 42.6 | 86.0 | | | Communication | | | | 9 | | | | | -------------------------------------------------------------------------------- | Itella Information | | | 1.7 | 3.2 | 7.4 | 8.4 | 15.3 | | -------------------------------------------------------------------------------- | Itella Logistics | | | -2.0 | -9. | -8.6 | -17. | -35.2 | | | | | | | 9 | | 9 | | | -------------------------------------------------------------------------------- | Other operations | | | -4.7 | 1.6 | -8.7 | -5.3 | -19.4 | | -------------------------------------------------------------------------------- | Total | | | -6.3 | 7.8 | 12.1 | 27.7 | 46.7 | | -------------------------------------------------------------------------------- | | | | | | | | | | -------------------------------------------------------------------------------- | Non-recurring items by | | | | | | | | | | business segment | | | | | | | | | -------------------------------------------------------------------------------- | Itella Mail | | | 13.7 | 3.5 | 13.6 | 4.0 | 21.1 | | | Communication | | | | | | | | | -------------------------------------------------------------------------------- | Itella Information | | | 0.0 | 0.0 | 0.0 | 0.6 | 1.5 | | -------------------------------------------------------------------------------- | Itella Logistics | | | 0.1 | 0.7 | 0.1 | 1.1 | 16.8 | *) | -------------------------------------------------------------------------------- | Other operations | | | 0.7 | 0.2 | 0.1 | 0.4 | 0.2 | | -------------------------------------------------------------------------------- | Total | | | 14.5 | 4.4 | 13.8 | 6.1 | 39.6 | | -------------------------------------------------------------------------------- | | | | | | | | | | -------------------------------------------------------------------------------- | Operating profit/loss (EBIT) by | | | | | | | business segment excluding | | | | | | | non-recurring items | | | | | | -------------------------------------------------------------------------------- | Itella Mail | | | 12.4 | 16. | 35.5 | 46.6 | 107.1 | | | Communication | | | | 4 | | | | | -------------------------------------------------------------------------------- | Itella Information | | | 1.7 | 3.2 | 7.4 | 9.0 | 16.8 | | -------------------------------------------------------------------------------- | Itella Logistics | | | -1.9 | -9. | -8.5 | -16. | -18.4 | | | | | | | 2 | | 8 | | | -------------------------------------------------------------------------------- | Other operations | | | -4.0 | 1.8 | -8.6 | -4.9 | -19.2 | | -------------------------------------------------------------------------------- | Total | | | 8.3 | 12. | 25.9 | 33.8 | 86.3 | | | | | | | 2 | | | | | -------------------------------------------------------------------------------- | | | | | | | | | | -------------------------------------------------------------------------------- | Financial income and | | | 0.6 | 3.4 | -0.6 | -24. | -27.1 | | | expenses | | | | | | 6 | | |-------------------------------------------------------------------------------- | Result before income | | | -5.6 | 11. | 11.5 | 3.1 | 19.6 | | | tax | | | | 2 | | | | | -------------------------------------------------------------------------------- | | | | | | | | | | -------------------------------------------------------------------------------- | EUR million | | | | | 30 June| | 31 Dec | | | | | | | | 2010 | | 2009 | | -------------------------------------------------------------------------------- | | | | | | | | | | -------------------------------------------------------------------------------- | Assets | | | | | | | | | -------------------------------------------------------------------------------- | Itella Mail | | | | | 456.4 | | 450.0 | | | Communication | | | | | | | | | -------------------------------------------------------------------------------- | Itella Information | | | | | 163.7 | | 157.8 | | -------------------------------------------------------------------------------- | Itella Logistics | | | | | 648.7 | | 624.4 | | -------------------------------------------------------------------------------- | Other operations and | | | | | 184.3 | | 183.3 | | | unallocated | | | | | | | | | -------------------------------------------------------------------------------- | Eliminations | | | | | -7.7 | | -7.4 | | -------------------------------------------------------------------------------- | Total | | | | | 1,445. | | 1,408.1 | | | | | | | | 5 | | | | -------------------------------------------------------------------------------- | | | | | | | | | | -------------------------------------------------------------------------------- | Liabilities | | | | | | | | | -------------------------------------------------------------------------------- | Itella Mail | | | | | 221.7 | | 227.9 | | | Communication | | | | | | | | | -------------------------------------------------------------------------------- | Itella Information | | | | | 38.1 | | 36.5 | | -------------------------------------------------------------------------------- | Itella Logistics | | | | | 104.7 | | 106.3 | | -------------------------------------------------------------------------------- | Other operations and | | | | | 372.3 | | 367.5 | | | unallocated | | | | | | | | | -------------------------------------------------------------------------------- | Eliminations | | | | | -7.9 | | -7.4 | | -------------------------------------------------------------------------------- | Total | | | | | 728.9 | | 730.9 | | -------------------------------------------------------------------------------- | | | | | | | | | | -------------------------------------------------------------------------------- | Personnel at period-end | | | | | | | | | -------------------------------------------------------------------------------- | Itella Mail | | | | | 20,671 | | 19,100 | | | Communication | | | | | | | | | -------------------------------------------------------------------------------- | Itella Information | | | | | 1,926 | | 1,926 | | -------------------------------------------------------------------------------- | Itella Logistics | | | | | 7,946 | | 8,503 | | -------------------------------------------------------------------------------- | Other operations | | | | | 42 | | 39 | | -------------------------------------------------------------------------------- | Total | | | | | 30,585 | | 29,568 | | -------------------------------------------------------------------------------- | *)The result for Itella Logistics 2009 includes EUR 6.2 million of | | | restructuring costs and EUR 10.6 million of goodwill impairment. | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 3 | Net sales by | | | | | | | . | geographical location | | | | | | -------------------------------------------------------------------------------- | | | 4-6 | 4-6 | 1-6 | 1-6 | 1-12 | -------------------------------------------------------------------------------- | | EUR million | 2010 | 2009 | 2010 | 2009 | 2009 | -------------------------------------------------------------------------------- | | | | | | | | -------------------------------------------------------------------------------- | | Finland | 310.6 | 309.9 | 623.4 | 643.6 | 1,275.7 | -------------------------------------------------------------------------------- | | Scandinavia | 64.5 | 62.4 | 128.9 | 122.1 | 263.4 | -------------------------------------------------------------------------------- | | Baltic countries and | 45.7 | 37.8 | 90.1 | 81.5 | 170.6 | | | Russia | | | | | | -------------------------------------------------------------------------------- | | Other countries | 29.9 | 28.5 | 62.2 | 69.0 | 110.0 | -------------------------------------------------------------------------------- | | Total | 450.6 | 438.6 | 904.6 | 916.2 | 1,819.7 | -------------------------------------------------------------------------------- | | | | | | | | -------------------------------------------------------------------------------- | | | | | | | | -------------------------------------------------------------------------------- | 4 | Changes in property, plant and | | | | | | . | equipment | | | | | -------------------------------------------------------------------------------- | | EUR million | | | 30 June | 30 June | 31 Dec | | | | | | 2010 | 2009 | 2009 | -------------------------------------------------------------------------------- | | | | | | | | -------------------------------------------------------------------------------- | | Carrying amount on 1 | | | 688.4 | 655.3 | 655.3 | | | Jan | | | | | | -------------------------------------------------------------------------------- | | Additions | | | 39.9 | 64.8 | 107.7 | -------------------------------------------------------------------------------- | | Disposals and transfers between | | -1.0 | -7.9 | -2.2 | | | items | | | | | -------------------------------------------------------------------------------- | | Amortisation and Impairment for the | -32.0 | -28.3 | -61.4 | | | financial period | | | | -------------------------------------------------------------------------------- | | Translation | | | 29.6 | -13.3 | -11.0 | | | differences | | | | | | -------------------------------------------------------------------------------- | | Carrying amount at | | | 724.9 | 670.6 | 688.4 | | | period-end | | | | | | -------------------------------------------------------------------------------- | | | | | | | | -------------------------------------------------------------------------------- | | | | | | | | -------------------------------------------------------------------------------- | 5 | The Group's contingent | | | | | | | . | liabilities | | | | | | -------------------------------------------------------------------------------- | | EUR million | | | 30 June | 30 June | 31 Dec | | | | | | 2010 | 2009 | 2009 | -------------------------------------------------------------------------------- | | | | | | | | -------------------------------------------------------------------------------- | | Pledges for own behalf | | | 18.1 | 7.6 | 14.6 | -------------------------------------------------------------------------------- | | Lease commitments | | | 361.4 | 218.1 | 365.7 | -------------------------------------------------------------------------------- | | | | | | | | -------------------------------------------------------------------------------- | | Derivative contracts | | | | | | -------------------------------------------------------------------------------- | | EUR million | | | 30 June | 30 June | 31 Dec | | | | | | 2010 | 2009 | 2009 | -------------------------------------------------------------------------------- | | | | | | | | -------------------------------------------------------------------------------- | | Currency forward | | | | | | | | contracts | | | | | | -------------------------------------------------------------------------------- | | Fair value | | | 3.2 | -1.9 | -0.7 | -------------------------------------------------------------------------------- | | Nominal value | | | 110.6 | 144.4 | 85.9 | -------------------------------------------------------------------------------- | | | | | | | | -------------------------------------------------------------------------------- | | Interest rate swaps | | | | | | -------------------------------------------------------------------------------- | | Fair value | | | 3.4 | - | 0.2 | -------------------------------------------------------------------------------- | | Nominal value | | | 70.0 | - | 70.0 | -------------------------------------------------------------------------------- | | | | | | | | -------------------------------------------------------------------------------- | | Derivative contracts were used to hedge against currency and interest | | | rate risks. Currency forward contracts were measured at fair value by | | | using the market prices on the closing day, | -------------------------------------------------------------------------------- | | and the fair values of interest rate swaps are the present values of | | | forecast future cash flows. | -------------------------------------------------------------------------------- | | | | | | | | -------------------------------------------------------------------------------- | 6 | Related party | | | | | | | . | transactions | | | | | | -------------------------------------------------------------------------------- | | | | | | | | -------------------------------------------------------------------------------- | | Related party transactions were insignificant and there have been no | | | material changes since the financial year 2009. | -------------------------------------------------------------------------------- |
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