2014-08-14 07:44:53 CEST
2014-08-14 07:45:57 CEST
REGULATED INFORMATION
Olvi Oyj - Interim report (Q1 and Q3)
OLVI GROUP’S INTERIM REPORT, 1 JANUARY TO 30 JUNE 2014 (6 MONTHS)
The entire Group's sales volume was almost on a par with the previous year.
Extremely cold weather in the early summer took its toll on second-quarter
sales volumes. Olvi's position remained strong in all market areas.
Consolidated operating profit fell short of the previous year but relative
profitability remained good.
Iisalmi, Olvi plc, 2014-08-14 07:44 CEST (GLOBE NEWSWIRE) -- OLVI PLC
INTERIM REPORT 14 AUG 2014
OLVI GROUP'S INTERIM REPORT, 1 JANUARY TO 30 JUNE 2014 (6 MONTHS)
The entire Group's sales volume was almost on a par with the previous year.
Extremely cold weather in the early summer took its toll on second-quarter
sales volumes. Olvi's position remained strong in all market areas.
Consolidated operating profit fell short of the previous year but relative
profitability remained good. The earnings outlook for 2014 remains unchanged:
sales volume and net sales are expected to slightly increase, and operating
profit is estimated to remain at the healthy level of 2013.
January-June in brief:
- The entire Group's net sales declined by 6.7 percent to 159.3 (170.7) million
euro mostly due to the decline in the parent company's net sales
- The Group's operating profit declined to 19.3 (22.8) million euro mainly due
to weakened performance in the parent company
- The Group's equity to total assets ratio remained at a healthy level of 50.5%
(50.0%)
- Gross capital expenditure increased to 23.5 (13.3) million euro. The
expenditure was spent on increasing production capacity and improving
production efficiency
- The entire Group's sales volume diminished slightly by 1.1 percent to 278.9
(282.0) million litres due to a decline in the parent company's sales
- Business performance in the Baltic states was better than in the previous
year: sales increased by 7.5 percent to 148.8 (138.5) million litres, net sales
improved by 3.3 percent to 79.7 (77.2) million euro and operating profit
improved by 3.6 percent to 10.2 (9.8) million euro
- Sales in Belarus increased by 4.3 percent to 81.1 (77.8) million litres, net
sales increased by 4.0 percent to 36.7 (35.3) million euro, and operating
profit remained almost at the previous year's level at 5.7 (5.8) million euro
KEY RATIOS
1-6/2014 1-6/2013 Change % 1-12/2013
Net sales, MEUR 159.3 170.7 -6.7 327.3
Operating profit, MEUR 19.3 22.8 -15.3 43.2
Gross capital expenditure, MEUR 23.5 13.3 +76.6 35.7
Earnings per share, EUR 0.66 0.79 -16.5 1.61
Equity per share, EUR 8.22 7.39 +11.2 8.14
Equity to total assets, % 50.5 50.0 58.0
Gearing, % 38.4 34.8 26.4
Lasse Aho, Managing Director of Olvi plc, said the following in connection with
the disclosure of the accounts: “Performance from January to June was in line
with the budget. Business developed favourably in the Baltic states and also
sustained a healthy level in Belarus. Factors contributing to the deterioration
of performance in Finland included the impacts of excise tax hikes, the
diminishing Finnish beverage markets, clearly intensified price competition
within the industry, strong growth in tax-free tourist imports, and diminished
exports of soft drinks. Extremely cold weather that lasted all of June impacted
second-quarter sales volumes in all of the Group's operating countries. We
believe that the exceptionally long period of hot weather will have a positive
effect on sales volumes for the late summer.
OLVI GROUP'S SALES VOLUME, NET SALES AND EARNINGS IN JANUARY-JUNE 2014
In the first half of 2014, Olvi Group's sales volume was 278.9 (282.0) million
litres, a change of -3.1 million litres or 1.1 percent on the previous year.
The parent company's sales declined by 12.7 million litres, which was mainly
due to diminished sales volumes in soft drink exports. Sales within Finland
declined by slightly less than 3 percent while Olvi was able to increase its
market share in a diminishing market.
Sales in the Baltic states increased clearly by 10.3 million litres or 7.5
percent to 148.8 (138.5) million litres. Sales in Estonia remained almost on a
par with the previous year. Sales in Latvia increased by 9.0 percent and in
Lithuania by 22.0 percent.
Sales in Belarus in January-June increased by 3.3 million litres or 4.3 percent
to 81.1 (77.8) million litres. Intra-Group sales increased by 4.1 million
litres on the previous year.
The Group's net sales from January to June amounted to 159.3 (170.7) million
euro. Net sales declined by 11.4 million euro or 6.7 percent. Finnish net sales
amounted to 52.5 (67.5) million euro. Net sales in the Baltic states increased
by 3.3 percent to 79.7 (77.2) million euro and in Belarus by 4.0 percent to
36.7 (35.3) million euro. Among the Baltic states, Lithuania was the only one
to show a clear net sales increase of 17.3 percent. Net sales in Latvia
increased by 4.1 percent and in Estonia, declined slightly.
Olvi Group's operating profit for January-June stood at 19.3 (22.8) million
euro, or 12.1 (13.4) percent of net sales. The Group's operating profit
declined by 3.5 million euro or 15.3 percent.
Operating profit in Finland amounted to 4.2 (7.1) million euro, a decline of
2.9 million euro. Operating profit in the Baltic states declined by 0.4 million
euro to 10.2 (9.8) million euro. Among the Baltic states, the greatest increase
in operating profit was seen in Lithuania. In Estonia, the operating profit
improved slightly and in Latvia there was a slight decline. Operating profit in
Belarus was on a par with the previous year at 5.7 (5.8) million euro.
Eliminations against operating profit increased by 0.7 million euro.
Olvi Group's profit after taxes in the period under review was 13.9 (16.9)
million euro. Earnings per share calculated from the profit belonging to parent
company shareholders in January-June declined to 0.66 (0.79) euro per share.
OLVI GROUP'S SALES VOLUME, NET SALES AND EARNINGS IN APRIL-JUNE 2014
The Group's sales volume in the second quarter was on a par with the previous
year at 171.7 (171.3) million litres. Historically cold weather in June had an
impact on second-quarter sales volumes in all of Olvi Group's operating
countries. Sales in Finland declined by 4.0 million litres to 44.6 (48.6)
million litres. Sales in the Beltic states increased by 5.7 million litres to
89.4 (83.7) million litres and sales in Belarus by 0.6 million litres to 51.2
(50.6) million litres. Among the Baltic states, a clear growth in sales was
seen in Lithuania, 23.5 percent. Intra-Group eliminations increased by 1.9
million litres.
The Group's net sales from April to June amounted to 98.3 (102.7) million euro.
Net sales declined by 4.4 million euro or 4.3 percent. Net sales in Finland
declined by 6.5 million euro to 31.5 (38.0) million euro. Net sales in the
Baltic states improved slightly on the previous year, amounting to 48.0 (47.6)
million litres. Among the Baltic states, a clear increase in net sales was seen
in Lithuania, while net sales in Estonia and Latvia declined slightly. Net
sales in Belarus increased by 1.3 million euro to 24.0 (22.7) million euro.
The Group's operating profit for the second quarter stood at 15.9 (17.8)
million euro, or 16.2 (17.4) percent of net sales. The operating profit
declined by 1.9 million euro or 10.9 percent compared to the previous year.
Operating profit in Finland declined by 1.4 million euro and in Belarus by 0.6
million euro, while operating profit in the Baltic states was on a par with the
previous year. Operating profit in Finland amounted to 2.9 (4.3) million euro,
in the Baltic states to 7.8 (7.8) million euro and in Belarus to 5.1 (5.7)
million euro. Among the Baltic states, the greatest increase in operating
profit was seen in Lithuania, while operating profit in Estonia increased
slightly and the corresponding figure in Latvia declined clearly.
SALES VOLUME, NET SALES AND EARNINGS BY GEOGRAPHICAL SEGMENT IN JANUARY-JUNE
2014
Seasonal nature of the operations
The Group's business operations are characterised by seasonal variation. The
net sales and operating profit from the reported geographical segments do not
accumulate evenly but vary according to the time of the year, the conditions
and and the variation between seasons. Most of the Group's earnings is
accumulated during the second and third quarters.
PARENT COMPANY OLVI PLC (Olvi)
January to June 2014
According to statistics by the Federation of the Brewing and Soft Drinks
Industry, the Finnish beverage market in January-June diminished by 15 million
litres or four percent compared to the previous year. Sales declined in all
product groups. The greatest reasons for the sales decline were the excise tax
hikes effective as of the beginning of 2014, increasing private imports and
extremely cold weather in June. Consumer purchasing power has also weakened due
to the poor economic situation and tax hikes.
Sales of alcoholic beverages declined by more than three percent while sales of
non-alcoholic beverages declined by five percent. The sales volume declined by
three percent in beers, almost six percent in ciders and more than two percent
in long drinks. Total sales of soft drinks in January-June declined by almost
five percent and the sales of mineral waters by almost six percent. (Federation
of the Brewing and Soft Drinks Industry, June 2014).
Olvi's domestic sales in the first half of the year were almost on a par with
the previous year, and sales declined less than the entire industry's sales,
thanks to which Olvi's overall market position strengthened in January-June,
from 17.8 percent to 18.2 percent compared to the previous year.
Olvi's total sales in January-June amounted to 72.4 (85.1) million litres.
Sales declined by 12.7 million litres or 14.9 percent. The major reason for the
substantial decline in sales was that exports of Angry Birds soft drinks into
Russia diminished greatly in comparison to the initial launch in the comparison
period. The decline in soft drink exports was also affected by substantial
devaluation of the Russian rouble. Any decline in the exchange rate of the
rouble will increase the retail prices of imported foodstuffs in Russia.
However, the exports of beer increased in the review period.
Among Olvi's main product groups in Finland, the sales of beers increased
slightly and the sales of ciders increased clearly, while the entire industry's
sales were declining. The sales of long drinks declined clearly. The sales of
soft drinks declined clearly due to a sales dip in Angry Birds beverages. The
sales of mineral waters declined slightly but the decline was smaller than that
of the industry.
According to statistics by the Federation of the Brewing and Soft Drinks
Industry, Olvi's market share in alcoholic beverages (beers, ciders and long
drinks) increased in January-June 2014 to 24 (23) percent. The market share in
non-alcoholic beverages was 9 (9) percent.
Olvi's exports and tax-free sales declined substantially during the review
period, amounting to 4.7 (15.5) million litres. The decline in exports was due
to a halt in soft drink exports into Russia. However, tax free sales to ships
and harbour sales increased clearly in the review period. Exports and tax-free
sales represented 6.6 (18.2) percent of total sales.
Olvi's net sales from January to June declined to 52.5 (67.5) million euro. Net
sales declined by 15.0 million euro or 22.3 percent. The average price of net
sales was affected by greatly intensified price competition and a change in
consumption habits towards a lower price bracket due to a decline in consumer
purchasing power.
Olvi's operating profit also declined in the review period. Operating profit
stood at 4.2 (7.1) million euro, which was 7.9 (10.5) percent of net sales. The
operating profit declined by 2.9 million euro or 41.4 percent. Furthermore, the
earnings included 0.7 million euro of write-downs on unsaleable inventories and
package scrapping costs. The company was also unable to adapt its costs to the
diminished sales volume quickly enough.
Olvi's operating profit in January-June included 0.7 million euro of sales
gains arising from the sales of production machinery to the Lithuanian
subsidiary.
April to June 2014
The parent company's sales in the second quarter declined by 4.0 million litres
or 8.3 percent to 44.6 (48.6) million litres.
Net sales amounted to 31.5 (38.0) million euro, representing a decline of 6.5
million euro or 17.0 percent.
Operating profit in April-June stood at 2.9 (4.3) million euro, or 9.2 (11.2)
percent of net sales. The operating profit declined by 1.4 million euro or 31.8
percent in the second quarter.
Reasons for the declines in sales volume, net sales and earnings are described
above in connection with accumulated earnings.
AS A. LE COQ (A. Le Coq)
January to June 2014
In the Estonian beverage market, the consumption of ciders and waters increased
during the first half of the year. Also the consumption of beers saw a slight
upturn after a long-lasting downward trend. The consumption of long drinks and
soft drinks declined slightly and juices saw a drop of more than 11 percent.
(Nielsen, April-May 2014).
The Estonian subsidiary A. Le Coq's sales volume from January to June almost
matched the previous year at 66.7 (67.0) million litres. Sales declined by 0.3
million litres or 0.4 percent.
The sales of A. Le Coq waters increased in the domestic market while the sales
of long drinks and soft drinks were on a par with the previous year. The sales
of beers declined slightly while the sales of ciders and juices saw a clear
drop compared to the previous year.
A. Le Coq has still retained its good position in the Estonian beverage market.
The company is the clear market leader in long drinks and juices. In the first
half of 2014, the company has become the market leader in beers by a slim
margin. In ciders and soft drinks the company is the clear number two player.
In waters, the company is close to the second position in terms of volume but
the clear market leader in terms of value. (Nielsen, April-May 2014).
Exports and tourist sales made up 26 percent of the company's total sales.
A. Le Coq's net sales in the first half of the year amounted to 41.1 (42.1)
million euro, a decline of 1.0 million euro or 2.4 percent.
In spite of the decline in net sales, the company's operating profit for
January-June improved on the previous year. Operating profit stood at 8.3 (8.0)
million euro, which was 20.1 (19.0) percent of net sales. The operating profit
improved by 0.3 million euro or 3.3 percent.
April to June 2014
A. Le Coq's second-quarter sales increased slightly by 0.4 million litres or
1.1 percent, ending up at 41.5 (41.1) million litres. Net sales from April to
June amounted to 25.3 (26.2) million euro. Net sales declined by 0.9 million
euro or 3.5 percent.
The company was able to slightly improve its profitability during the second
quarter. A. Le Coq's operating profit was 6.1 (5.9) million euro or 24.1 (22.4)
percent of net sales. The operating profit improved by 0.2 million euro or 3.7
percent.
A/S CESU ALUS (Cesu Alus)
January to June
In the Latvian beverage market, there was a healthy upward trend in total sales
of beers and long drinks. However, a decline continued in ciders. (Nielsen,
April-May 2014).
The company's sales in January-June amounted to 43.2 (39.6) million litres.
Sales increased by 3.6 million litres or 9.0 percent. The sales increase was
mainly attributable to internal sales to other Olvi Group companies.
During the reporting period, Cesu Alus's domestic sales of beers increased
slightly on the previous year. The sales of long drinks and soft drinks
(including kvass) increased while the sales of ciders declined clearly.
Cesu Alus is the market leader in the declining cider market. The company is
also the market leader in long drinks. During the first half of 2014, the
company's market share in beers has gradually increased towards the
market-leading position. (Nielsen, May 2014).
Cesu Alus's net sales from January to June amounted to 19.9 (19.1) million
euro, representing an increase of 0.8 million euro or 4.1 percent.
Operating profit in January-June stood at 1.3 (1.6) million euro, or 6.6 (8.5)
percent of net sales. The operating profit declined by 0.3 million euro or 19.1
percent. The decline in operating profit was due to deteriorated profitability
caused by the decline in average price of net sales.
April to June 2014
Cesu Alus's second quarter fell short of the previous year due to intensified
competition in the Latvian beverage market and the record-breaking cold weather
in June.
Cesu Alus's sales in the second quarter amounted to 24.9 (24.1) million litres,
representing an increase of 0.8 million litres or 3.5 percent. Net sales
amounted to 11.6 (11.9) million euro, representing a decline of 0.3 million
euro or 2.7 percent on the previous year.
The company's operating profit in April-June stood at 1.0 (1.5) million euro,
or 8.7 (12.7) percent of net sales. The operating profit declined by 0.5
million euro or 33.9 percent.
AB VOLFAS ENGELMAN (Volfas Engelman)
January to June
In the overall Lithuanian beverage market, the sales of beers increased while
the sales of long drinks declined clearly on the previous year. The decline in
cider sales was substantial. (Nielsen, April-May 2014).
Volfas Engelman's sales volume, net sales and operating profit developed well
also in the second quarter. Sales amounted to 39.0 (32.0) million litres,
representing an increase of 7.0 million litres or 22.0 percent.
The sales of the company's beers and long drinks in the domestic market
increased substantially. The drop in cider sales was smaller than that of the
overall cider market. The sales of soft drinks (including kvass) declined
slightly on the previous year.
Volfas Engelman has further improved its position in the Lithuanian beverage
market. The company is the clear market leader in long drinks and kvass, and it
has clearly improved its market share in comparison with the previous year. In
the beer market, the company shares the number two position with another
player. (Nielsen, April-May 2014).
Exports made 3.2 (3.4) percent of the company's total sales.
The company's net sales from January to June amounted to 18.8 (16.0) million
euro. Thanks to good sales development, net sales increased by 2.8 million euro
or 17.3 percent.
Thanks to good performance in the second quarter, operating profit increased to
0.6 (0.2) million euro compared to the previous year. Operating profit came to
3.3 (1.4) percent of net sales. The improvement in operating profit was
attributable to good development in sales volumes and cost-cutting.
April to June 2014
Volfas Engelman performed well in the second quarter. The company's sales
volume from April to June amounted to 23.0 (18.6) million litres, representing
an increase of 4.4 million litres or 23.5 percent. Second-quarter net sales
increased by 1.7 million euro or 17.5 percent to 11.1 (9.4) million euro.
The company's operating profit improved substantially during the second
quarter. Operating profit stood at 0.7 (0.4) million euro, which was 6.6 (4.7)
percent of net sales. The operating profit increased by 0.3 million euro.
OAO LIDSKOE PIVO (Lidskoe Pivo)
January to June 2014
The overall beverage market in Belarus saw an upward trend from January to
June. The sales of beers remained on the previous year's level while the sales
of juice drinks and waters improved substantially. A good uptrend was also seen
in soft drinks during the first half of the year. The sales of kvass and ciders
declined. (Nielsen, April-May 2014).
In terms of sales volume, Lidskoe Pivo's year 2014 got a historically good
start but the cold weather in early summer had a substantial impact on
second-quarter earnings. The company's sales in January-June amounted to 81.1
(77.8) million litres. Sales increased by 3.3 million litres or 4.3 percent on
the previous year.
The sales of waters in the domestic market increased substantially. A clear
increase was also seen in juice drinks. The sales of beers remained on a par
with the previous year but the sales of ciders declined by almost one-fifth.
The sales of soft drinks (including kvass) declined clearly.
Lidskoe Pivo stepped up to the number two position in the beer market in
April-May. The company is clearly the number two player in juice drinks. Its
market share in soft drinks declined slightly but it is clearly the market
leader in kvass as well as ciders. The company's market share in waters is
gradually increasing. (Nielsen, April-May 2014).
Lidskoe Pivo's exports increased substantially in the review period, by 39.3
percent. Exports accounted for 19.2 (14.4) percent of total sales. The main
destination for exports was Russia.
The company's net sales in January-June increased by 1.4 million euro or 4.0
percent on the previous year, amounting to 36.7 (35.3) million euro.
Operating profit in January-June was almost on a par with the previous year at
5.7 (5.8) million euro, or 15.5 (16.5) percent of net sales.
April to June 2014
Lidskoe Pivo's sales volume got a good start in the second quarter but the
extremely cold weather in June had a substantial impact on quarterly
performance. The company's second-quarter sales increased to 51.2 (50.6)
million litres. This represents an increase of 0.6 million litres or 1.1
percent.
Net sales stood at 24.0 (22.7) million euro, an increase of 1.3 million euro or
5.5 percent. The increase in net sales outperformed the sales volume growth in
April-June.
The company's profitability remained on a healthy level in the second quarter.
Operating profit stood at 5.1 (5.7) million euro, which was 21.3 (25.1) percent
of net sales. The operating profit declined by 0.6 million euro or 10.6 percent
on the previous year.
FINANCING AND INVESTMENTS
Olvi Group's balance sheet total at the end of June 2014 was 341.9 (311.3)
million euro. Equity per share stood at 8.22 (7.39) euro, an increase of 0.83
euro per share or 11.2 percent. The equity to total assets ratio improved
slightly to 50.5 (50.0) percent. The amount of interest-bearing liabilities was
72.6 (61.0) million euro, including current liabilities of 36.7 (27.4) million
euro.
During the period under review, Olvi Group's gross capital expenditure amounted
to 23.5 (13.3) million euro. The parent company Olvi accounted for 10.5 million
euro and the subsidiaries in the Baltic states for 6.9 million euro of the
total. Lidskoe Pivo's gross capital expenditure in the first quarter was 6.1
million euro.
The largest investments in Finland in 2014 are an extension and performance
improvement in automated picking, the completion of the new high-rise
storehouse and installations of related equipment, an extension to the dispatch
area, development of packaging options at the production lines, as well as
acquisitions of additional product conveyors. Olvi's investments include 0.7
million euro of shares acquired from minority shareholders of Lidskoe Pivo in
April 2014.
In the Baltic states, A. Le Coq's largest investments consist of new PET bottle
formats, a reception, storage and handling system for glucose syrup, an
extension to the cold storage rooms of the juice factory, and replacement of
conveyor systems for logistics. Cesu Alus's largest investments consist of the
replacement of the bottle-blowing machine, the acquisitions of pre-mixing
equipment for the juicing facility and a machine for laying PET bottles on
pallets, as well as investments related to logistics performance improvements.
The largest investments in Volfas Engelman consist of the acquisitions of a
bottle-blowing machine and a new canning line.
Lidskoe Pivo's investments in 2014 include extensions to storage and production
facilities, the construction of a new boiling room, replacement of pipelines in
fermentation and yeast tanks, the acquisition of new pressure tanks, mixing
equipment for fermentation tanks, as well as the acquisition of buffer
conveyors and new formats.
PRODUCT DEVELOPMENT
Research and development includes projects to design and develop new products,
packages, processes and production methods, as well as further development of
existing products and packages. The R&D costs have been recognised as expenses.
The main objective of Olvi Group's product development is to create new
products for profitable and growing beverage segments.
NEW PRODUCTS
Finland
In December 2013, Olvi entered into a co-operation agreement with the German
company Warsteiner Brauerei Haus Cramer KG established in 1753. Under the
agreement, Olvi introduced high-quality German beers to the market in the
beginning of April: Warsteiner Premium Fresh (0.0%), Warsteiner Premium Verum
(4.7%) and König Ludwig Weissbier (5.5%).
In April, the Sandels beer range saw the introduction of the first
top-fermented beer made by Olvi, the unfiltered Sandels Wheat Beer. Olvi also
introduced beers from Estonia: A. Le Coq Imperial Gold (4.8%) and A. Le Coq
Imperial Ale (5.0%). A. Le Coq Cocktails Pina Colada and Cuba Libre were also
launched in Finland.
A new introduction to long drinks just before the Football World Cup was the
Samba long drink. Fruit Circus was a new addition to the Olvi Cider product
range, and a sweet apple cider was introduced to Sherwood ciders.
The well-known Simpsons characters can now be found also in soft drinks made by
Olvi: Simpsons JaffaX and Simpsons JaffaX Light. Angry Birds soft drinks saw
the introduction of Angry Birds Go with a mango flavour. A new introduction to
TEHO was the Boost Lite energy drink. OLVI Raikas juice drinks were
reintroduced to the juice range.
During the September product range period, several novelties will be launched,
with the focus on non-alcoholic products. KevytOlo mineral waters will be
complemented with the new Grapefruit flavour with natural grapefruit aroma. All
KevytOlo products are naturally flavoured. KevytOlo Raikas will be available in
new multi-packs of 6 * 0.45 L piccolo bottles. Pineapple Light will be
introduced in Olvi soft drinks. Angry Birds soft drinks will see the new
flavour Stella in cans. In ciders, the Sherwood brand will be expanced with
Oaky Apple and Perry products, both available in cans as well as long neck
glass bottles. In beers, OLVI Halko beer will be accompanied by OLVI Hiili, a
dark lager. A. Le Coq Kvass and OLVI Kotikalja home-style ale will be
reintroduced.
Subsidiaries
A. Le Coq introduced the light beer Radler (2.9%) containing lemon juice. A. Le
Coq Extra Ginger is a beer flavoured with ginger. A new introduction to long
drinks was Sangrina, which is aromatised to achieve the familiar sangria
flavour. The Cocktail range saw the introduction of Margarita with a watermelon
flavour. A new introduction in ciders was strawberry and rhubarb-flavoured FIZZ
Summer Love, which was simultaneously launched also in Latvia and Lithuania.
Soft drinks saw the introduction of the More Hito mint-lime and Ginger Ale
beverages under the Blue Sheep brand. A novelty in the kvass range was Imperial
Kvass, a darker version. Two new products were launched in vitaminised waters:
Power grapefruit-lemon grass and Mental lingonberry-green tea.
Cesu Alus launched the strong and dark beer Miezītis Tumšais (7.1%), the
inexpensive Garais Pilzenes beer in 2.35 L PET bottles and the light Radler
beer containing lemon juice already familiar from Estonia (2.5%). The Beer
Shake range saw the introduction of Shandy as a new product. New introductions
in long drinks included Mojito and Margarita with a watermelon flavour, and in
ciders strawberry and rhubarb-flavoured FIZZ Summer Love and plum-flavoured
FIZZ Plum. Also in Latvia, Sangrina was launched, and the Blue Sheep range saw
the introduction of More Hito and Pina Lada soft drinks. Two new flavours were
introduced to soft drinks, Lielbata green tea-pomegranate and Lielbata green
tea-peach.
Volfas Engelman launched the FORTAS Max Radler (4.0%) and FORTAS Meister beers.
The Beer Shake range saw the introduction of Shandy, and long drinks were
complemented with Sangria, as in the other Baltic states. In ciders, the
Sherwood brand was expanded with the Blue Plum flavour and the FIZZ brand with
the Summer Love flavour. The A. Le Coq Coctail range saw the introduction of
Margarita Watermelon. Soft drinks saw the introduction of Blue Sheep More Hito,
and cocktails under the Beach brand were complemented with two flavours
Margarita and Irish Cream. Dynami:t energy drinks were expanded with the new
flavour of Mojito, and a dark version of kvass was introduced. Both carbonated
and non-carbonated mineral waters were launched under the Tiche brand.
Lidskoe Pivo of Belarus introduced two flavours of ciders under the FIZZ brand
(grape and cherry), and Mojito under cocktails. A new flavour of kvass, Kvass
Lidskij White, was introduced. Soft drinks saw the introduction of
orange-flavoured Limpa, and three flavours Mojito, Kinotto and orange were
launched under the Lids brand. New introductions in waters included Aura Aloe
Vera, as well as vitaminised waters with grapefruit + ACE vitamins.
PERSONNEL
Olvi Group's average number of personnel in January-June 2014 was 1,985
(2,030). The Group's average number of personnel decreased by 45 people or 2.2
percent. The total number of personnel at the end of June was 2,110 (2,183).
Olvi Group's average number of personnel by country:
Finland 378 (412)
Estonia 333 (318)
Latvia 222 (225)
Lithuania 213 (216)
Belarus 839 (859)
Total 1,985 (2,030)
GROUP STRUCTURE
In the beginning of April 2014, Olvi acquired 2,256 shares from the minority in
Lidskoe Pivo, after which Olvi's holding in the company increased to 94.57
percent.
At the end of June 2014, Olvi Group's holding in A. Le Coq was 100.0 percent,
in Cesu Alus 99.76 percent and in Volfas Engelman 99.58 percent. Furthermore,
A. Le Coq has a 49.0 percent holding in AS Karme and a 20.0 percent holding in
Verska Mineraalvee OÜ in Estonia.
OLVI A SHARE AND SHARE MARKET
Olvi's share capital at the end of June 2014 stood at 20.8 million euro. The
total number of shares was 20,758,808, of these 17,026,552 or 82.0 percent
being Series A shares and 3,732,256 or 18.0 percent Series K shares. Each
Series A share carries one (1) vote and each Series K share carries twenty (20)
votes. Series A and Series K shares have equal rights to dividends.
The Olvi A share was quoted on Nasdaq OMX Helsinki (Helsinki Stock Exchange) at
24.81 (26.86) euro at the end of June 2014. In January-June, the highest quote
for the Series A share was 29.90 (27.00) euro and the lowest quote was 23.30
(19.70) euro. The average price was 26.50 (22.42) euro.
In January-June , a total of 1,088,396 (1,257,113) Olvi A shares were traded,
representing 6.4 (7.4) percent of the total number of Series A shares. The
value of trading was 28.8 (28.1) million euro.
At the end of June 2014, the market capitalisation of Series A shares was 422.4
(457.3) million euro and the market capitalisation of all shares was 515.0
(557.6) million euro.
The number of shareholders at the end of June 2014 was 9,973 (9,419). Foreign
holdings plus foreign and Finnish nominee-registered holdings represented 20.8
(20.7) percent of the total number of book entries and 4.7 (6.8) percent of
total votes.
Foreign and nominee-registered holdings are reported in Table 5, Section 9 of
the tables attached to this interim report, and the largest shareholders are
reported in Table 5, Section 10.
TREASURY SHARES
There were no changes in the number of treasury shares held by Olvi in
January-June 2014. At the end of June 2014, Olvi held 1,124 of its own Series A
shares. Treasury shares held by Olvi plc are reported in the tables section of
this interim report, in Table 5, Section 6.
BUSINESS RISKS AND THEIR MANAGEMENT
Risk management is a part of Olvi Group's everyday management and operations.
It increases corporate security and contributes to the achievement of
operational targets. The objective of risk management is to operate proactively
and create operating conditions in which business risks are managed
comprehensively and systematically in all of the Group companies and all levels
of the organisation. In addition to the company itself, risk management
benefits its personnel, customers, shareholders and other related groups.
The objective of risk management is to ensure the realisation of the company's
strategy and secure the continuity of business. Olvi Group identifies,
assesses, manages and monitors its crucial risks regularly. With regard to
identified risks, the effects, scope and probability of realisation are
assessed together with the means of eliminating or reducing the risk.
Furthermore, risk management aims to identify and utilise any business
opportunities that may arise.
Strategic and operational risks
Olvi Group's strategic risks refer to risks related to the characteristics of
the company's business and strategic choices. The Group's operations are
located in several countries that differ substantially in terms of their social
and economic situations and the phases and directions of development. For
example, strategic risks relate to changes in tax legislation and other
regulations, the operating environment and foreign exchange markets. If
realised, strategic risks can substantially hamper the company's operational
preconditions. The Group's most substantial identified strategic risks relate
to Belarus, particularly the situation in the country's economy and politics.
The Group's most substantial identified operational risks relate to the
procurement and quality of raw materials, the production process, markets and
customers, information security and systems, as well as changes in foreign
exchange rates.
Financing risks
Olvi Group operates internationally, and its business involves risks arising
from exchange rate fluctuations. Foreign exchange risks arise from the cash
flows of purchases and sales in foreign currency, as well as investments in
foreign subsidiaries and the conversion of their balance sheet items into euro.
Foreign exchange risk is reduced by the fact that most of the Group's product
sales and raw material purchases are denominated in euro.
The objective of financing risk management is to minimise the adverse effects
of changes in the financial markets on the Group's financial performance,
shareholders' equity and liquidity. The general principles of the Group's risk
management are approved by the Board of Directors of the parent company, and
the parent company's management together with the management of subsidiaries is
responsible for their practical implementation. Responsibility for Olvi Group's
financing tasks is centralised in the parent company Olvi. The objectives of
centralisation include optimisation of cash flows and financing costs, as well
as efficient risk management.
There have not been any significant changes in Olvi Group's business risks
since the closing of the accounts 2013. A more detailed description of the
risks is provided in the Board of Directors' report and the notes to the
financial statements. Financing risks are also described in more detail in the
Investors section of the corporate Web site.
BUSINESS RISKS AND UNCERTAINTIES IN THE NEAR TERM
The economic situation in Europe has turned more positive even though
instability is still seen in individual countries. However, the unemployment
rate is still high. Weakened consumer purchasing power leads to a choice of
less expensive products. Demand in Finland is also held back by the highest
excise tax rates within the European Union.
The continuation of the Ukrainian crisis and increased tension affect the
development of the Russian rouble and therefore exports to Russia. Olvi is
putting effort to increasing exports into Russia particularly from Belarus,
which is in a customs union with Russia.
Another substantial factor hampering the predictability of Olvi Group's
business still relates to Belarus and its economic outlook for the next few
years. The IAS 29 standard “Financial Reporting in Hyperinflationary Economies”
will be applied at least until the end of 2014.
NEAR-TERM OUTLOOK
The full-year sales volumes and net sales in 2014 are expected to grow slightly
in the current accounting period. The operating profit for 2014 is expected to
be on a par with the healthy level of 2013.
OLVI PLC
Board of Directors
Further information:
Lasse Aho, Managing Director, Olvi plc
Phone +358 290 00 1050 or +358 400 203 600
TABLES:
- Statement of comprehensive income, Table 1
- Balance sheet, Table 2
- Changes in shareholders' equity, Table 3
- Cash flow statement, Table 4
- Notes to the interim report, Table 5
DISTRIBUTION:
NASDAQ OMX Helsinki Ltd
Key media
www.olvi.fi
OLVI GROUP TABLE 1
INCOME STATEMENT
EUR 1,000
4-6/ 4-6/ 1-6/ 1-6/ 1-12/
2014 2013 2014 2013 2013
Net sales 98307 102705 159310 170700 327256
Other operating income 640 138 743 321 983
Operating expenses -79494 -81597 -133631 -141367 -271391
Depreciation and impairment -3575 -3427 -7078 -6823 -13627
Operating profit 15878 17819 19344 22831 43221
Financial income 962 -255 2105 1831 3105
Financial expenses -928 271 -2033 -1734 -4501
Share of earnings of associates 0 0 0 0 -11
Earnings before tax 15912 17835 19416 22928 41814
Taxes *) -4758 -5291 -5534 -5988 -7628
NET PROFIT FOR THE PERIOD 11154 12544 13882 16940 34186
Other comprehensive income items:
Translation differences related to
foreign subsidiaries -950 -1563 -1954 318 -2858
TOTAL COMPREHENSIVE INCOME FOR THE 10204 10981 11928 17258 31328
PERIOD
Distribution of profit:
- parent company shareholders 10938 12142 13639 16479 33520
- non-controlling interests 216 402 243 461 666
Distribution of comprehensive profit:
- parent company shareholders 9991 10703 11779 16795 30886
- non-controlling interests 213 278 149 463 442
Earnings per share calculated from the profit belonging
to parent company shareholders, EUR
- undiluted 0.53 0.58 0.66 0.79 1.61
- diluted 0.53 0.58 0.66 0.79 1.61
*) Taxes calculated from the profit for the review period.
OLVI GROUP TABLE 2
BALANCE SHEET
EUR 1,000 30.6.2014 30.6.2013 31.12.2013
ASSETS
Non-current assets
Tangible assets 182189 154804 165783
Goodwill 18081 18141 17805
Other intangible assets 2647 2628 2701
Interests in associates 1077 1077 1077
Financial assets available for sale 549 549 549
Loan receivables and other non-current 349 401 349
receivables
Deferred tax receivables 189 214 87
Total non-current assets 205081 177814 188351
Current assets
Inventories 47110 45480 41178
Accounts receivable and other receivables 83224 81063 57705
Income tax receivable 338 50 848
Other non-current assets available for sale 4 163 124
Liquid assets 6192 6761 7507
Total current assets 136868 133517 107362
TOTAL ASSETS 341949 311331 295713
SHAREHOLDERS' EQUITY AND LIABILITIES
Shareholders' equity held by parent company shareholders
Share capital 20759 20759 20759
Other reserves 1092 1092 1092
Treasury shares -8 -8 -8
Translation differences -22180 -17371 -20321
Retained earnings 171018 148828 167420
170681 153300 168942
Share belonging to non-controlling interests 1927 2486 2597
Total shareholders' equity 172608 155786 171539
Non-current liabilities
Financial liabilities 35875 33559 28483
Other liabilities 0 250 0
Deferred tax liabilities 4864 3896 3761
Current liabilities
Financial liabilities 36683 27435 24348
Accounts payable and other liabilities 91011 88751 66704
Income tax liability 908 1654 878
Total liabilities 169341 155545 124174
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 341949 311331 295713
OLVI GROUP TABLE 3
CHANGES IN OLVI GROUP'S CONSOLIDATED SHAREHOLDERS' EQUITY
EUR 1,000 Share Other Treasury Translat Retained Share of Total
capita reserv shares ion earnings non-contr
l es account differen olling
ces interests
Shareholders' 20759 1092 -8 -17687 141317 1939 147412
equity 1 Jan
2013
Adjustments for 1411 130 1541
hyperinflation
Adjusted 20759 1092 -8 -17687 142728 2069 148953
shareholders
' equity 1
Jan 2013
Comprehensive
income:
Net profit for the 16479 461 16940
period
Other comprehensive income items:
Translation 316 2 318
differences
Total comprehensive income for the 316 16479 463 17258
period
Transactions with
shareholders
Payment of dividends -10379 -46 -10425
Total transactions with shareholders -10379 -46 -10425
Shareholders' 20759 1092 -8 -17371 148828 2486 155786
equity 30
June 2013
EUR 1,000 Share Other Treasu Translation Retained Share of Total
capita reserv ry differences earnings non-contr
l es shares olling
accoun interests
t
Shareholders' 20759 1092 -8 -20321 167420 2597 171539
equity 1 Jan
2014
Adjustments for 2781 160 2941
hyperinflation
Adjusted 20759 1092 -8 -20321 170201 2757 174480
shareholders
' equity 1
Jan 2014
Comprehensive
income:
Net profit for the 13639 243 13882
period
Other comprehensive income items:
Translation -1859 -94 -1953
differences
Total comprehensive income for the -1859 13639 149 11929
period
Transactions with shareholders:
Payment of dividends -13492 -72 -13564
Total transactions with shareholders -13492 -72 -13564
Changes in holdings in subsidiaries:
Acquisition of shares from
non-controlli -237 -237
ng interests
Change in share belonging to non-controlling
interests 907 -907 0
Total changes in holdings in subsidiaries 670 -907 -237
Shareholders' 20759 1092 -8 -22180 171018 1927 172608
equity 30
June 2014
Other reserves include the share premium account, legal reserve and other
reserves.
OLVI GROUP TABLE 4
CASH FLOW STATEMENT
EUR 1,000
1-6/2014 1-6/2013 1-12/2013
Net profit for the period 13882 16940 34186
Adjustments to profit for the period 12169 13137 24214
Change in net working capital -7742 -5892 2451
Interest paid -1872 -1092 -4246
Interest received 130 195 530
Taxes paid -1344 -2324 -7126
Cash flow from operations (A) 15223 20964 50009
Investments in tangible and intangible
assets -22412 -12053 -31975
Sales gains from tangible and intangible
assets 42 326 220
Expenditure on other investments -250 0 0
Cash flow from investments (B) -22620 -11727 -31755
Withdrawals of loans 27751 9587 5541
Repayments of loans -8024 -7063 -11180
Dividends paid -13532 -10549 -10541
Increase (-) / decrease (+) in current interest-
bearing business receivables -15 -1 1
Increase (-) / decrease (+) in long-term
loan receivables 0 8 55
Cash flow from financing (C) 6180 -8018 -16124
Increase (+)/decrease (-) in liquid assets -1217 1219 2130
(A+B+C)
Liquid assets 1 January 7507 5698 5698
Effect of exchange rate changes -98 -155 -321
Liquid assets 30 June/31 December 6192 6762 7507
OLVI GROUP
TABLE 5
NOTES TO THE INTERIM REPORT
The accounting policies used for this interim report are the same as those used
for the annual financial statements 2013.
The accounting policies are presented in the Annual Report 2013 which was
published on 20 March 2014. The information disclosed in the interim report is
unaudited.
The information in the interim report is presented in thousands of euros (EUR
1,000). For the sake of presentation, individual figures and totals have been
rounded to full thousands, which causes rounding differences in additions.
The Group has adopted the following new or revised standards and
interpretations in 2014:
-- Amendment to IFRSs 10, 11 and 12 on transition guidance
-- IFRS 10 “Consolidated Financial Statements”
-- IFRS 11 “Joint Arrangements”
-- IFRS 12 “Disclosures of Interests in Other Entities”
-- IAS 27 (Revised 2011) “Separate Financial Statements”
-- IAS 28 (Revised 2011) “Investments in Associates and Joint Ventures"
-- Amendment to IAS 32 “Financial Instruments: Presentation” concerning the
offset of assets and liabilities
-- Amendment to IAS 36 “Impairment of Assets” concerning the disclosure of
recoverable amounts
-- Amendment to IAS 39 “Financial Instruments: Recognition and Measurement”
concerning the novation of derivatives
The above changes in standards and their interpretations have no substantial
effect on the income statement or balance sheet. Some changes in standards may
affect the scope of disclosure of notes.
1. SEGMENT INFORMATION
SALES BY GEOGRAPHICAL SEGMENT (1,000 litres)
4-6/ 4-6/ 1-6/ 1-6/ 1-12/
2014 2013 2014 2013 2013
Olvi Group total 171670 171300 278920 282004 557232
Finland 44612 48628 72429 85125 159909
Estonia 41545 41080 66669 66960 129314
Latvia 24931 24087 43174 39592 79724
Lithuania 22956 18580 38988 31953 69554
Belarus 51164 50603 81125 77763 156523
- sales between segments -13538 -11678 -23465 -19389 -37792
NET SALES BY GEOGRAPHICAL SEGMENT (EUR 1,000)
4-6/ 4-6/ 1-6/ 1-6/ 1-12/
2014 2013 2014 2013 2013
Olvi Group total 98307 102705 159310 170700 327256
Finland 31547 38028 52464 67535 123608
Estonia 25301 26210 41058 42080 81261
Latvia 11623 11940 19931 19147 37571
Lithuania 11074 9425 18751 15987 34139
Belarus 24002 22746 36734 35306 68319
- sales between segments -5240 -5644 -9628 -9355 -17642
OPERATING PROFIT BY GEOGRAPHICAL SEGMENT (EUR 1,000)
4-6/ 4-6/ 1-6/ 1-6/ 1-12/
2014 2013 2014 2013 2013
Olvi Group total 15878 17819 19344 22831 43221
Finland 2912 4269 4168 7112 12844
Estonia 6096 5876 8258 7994 15998
Latvia 1006 1522 1322 1634 2458
Lithuania 733 447 623 221 1264
Belarus 5113 5716 5689 5838 10665
- eliminations 18 -11 -716 32 -8
2. PERSONNEL ON AVERAGE 1-6/2014 1-6/2013 1-12/2013
Finland 378 412 401
Estonia 333 318 314
Latvia 222 225 215
Lithuania 213 216 216
Belarus 839 859 853
Total 1985 2030 1999
3. RELATED PARTY TRANSACTIONS
Employee benefits to management
Salaries and other short-term employee benefits to the Board of Directors and
Managing Director
EUR 1,000
1-6/2014 1-6/2013 1-12/2013
Managing Director 185 170 340
Chairman of the Board 41 43 85
Other members of the Board 64 66 130
Total 290 279 555
4. SHARES AND SHARE CAPITAL
30.6.2014 %
Number of A shares 17026552 82.0
Number of K shares 3732256 18.0
Total 20758808 100.00
Total votes carried by A shares 17026552 18.6
Total votes carried by K shares 74645120 81.4
Total number of votes 91671672 100.00
Votes per Series A share 1
Votes per Series K share 20
The registered share capital on 30 June 2014 totalled 20,759 thousand euro.
Olvi plc's Series A and Series K shares received a dividend of 0.65 euro per
share for 2013 (0.50 euro per share for 2012), totalling 13.5 (10.4) million
euro. The dividends were paid on 30 April 2014. The Series K and Series A
shares entitle to equal dividend. The Articles of Association include a
redemption clause concerning Series K shares.
5. SHARE-BASED PAYMENTS
Olvi plc's Board of Directors decided on 29 April 2014 on a share-based
incentive scheme for Olvi Group's key personnel.
The purpose of the scheme is to combine the objectives of shareholders and key
personnel to improve the Company's value, make key personnel committed to the
Company and provide them with a competitive bonus scheme based on earning
shares in the company.
The scheme has one vesting period of three calendar years, the years 2014 to
2016. Any bonus from the scheme for the vesting period 2014 to 2016 is based on
the Group's accumulated operating profit (EBIT).
Furthermore, the share-based incentive scheme has a three-year vesting period
starting on 1 July 2014 and ending on 30 June 2017. Receiving a bonus for this
vesting period requires that the key person purchases shares in the company to
the amount decided by the Board of Directors. Furthermore, entitlement to a
bonus is bound to the validity of the key person's employment or service
contract at the time the bonus is paid.
The bonuses for both vesting periods will be paid in 2017 partially in Olvi plc
Series A shares and partially in cash. The purpose of the cash portion is to
cover taxes and other statutory fees levied on the key person due to the bonus.
If the key person's employment or service contract terminates before the
payment of the bonus, the principal rule is that no bonus will be paid.
The members of the company's Management Group must hold one-half of the shares
received on the basis of the vesting period 2014-2016 for the duration of their
employment or service contract.
The target group of the share-based incentive scheme includes approximately 50
people. The total bonuses paid on the basis of the scheme amount to an
approximate maximum of 40,000 Olvi plc Series A shares and the amount of cash
required to pay the taxes and other statutory fees arising from the shares.
No accounting entries associated with the 2014-2016 vesting period were
recognised in January-June 2014.
Olvi Group has no warrants or options.
6. TREASURY SHARES
Olvi plc held a total of 1,124 of its own Series A shares on 1 January 2014.
Olvi plc has not acquired more treasury shares or transferred them to others in
January-June 2014, which means that the number of Series A shares held by the
company was unchanged on 30 June 2014. The purchase price of the Series A
shares held as treasury shares totalled 8.5 thousand euro.
Series A shares held by Olvi plc as treasury shares represented 0.005 percent
of the share capital and 0.001 percent of the aggregate number of votes. The
treasury shares represented 0.007 percent of all Series A shares and associated
votes.
On 16 April 2014, the General Meeting of Shareholders of Olvi plc decided to
revoke any unused authorisations to acquire treasury shares and authorise the
Board of Directors of Olvi plc to decide on the acquisition of the company's
own shares using distributable funds. The authorisation is valid for one year
starting from the General Meeting and covers a maximum of 500,000 Series A
shares.
The Annual General Meeting also decided to revoke all existing unused
authorisations for the transfer of own shares and authorise the Board of
Directors to decide on the issue of a maximum of 1,000,000 new Series A shares
and the transfer of a maximum of 500,000 Series A shares held as treasury
shares.
In January-June 2014, the Board of Directors of Olvi plc has not exercised the
authorisations granted by the General Meeting.
7. NUMBER OF SHARES *) 1-6/2014 1-6/2013 1-12/2013
- average 20757684 20757684 20757684
- at end of period 20757684 20757684 20757684
*) Treasury shares deducted.
8. TRADING OF SERIES A SHARES ON THE HELSINKI STOCK EXCHANGE
1-6/2014 1-6/2013 1-12/2013
Trading volume of Olvi A shares 1088396 1257113 2601699
Total trading volume, EUR 1,000 28834 28119 63938
Traded shares in proportion to
all Series A shares, % 6.4 7.4 15.3
Average share price, EUR 26.50 22.42 24.26
Price on the closing date, EUR 24.81 26.86 28.60
Highest quote, EUR 29.90 27.00 28.75
Lowest quote, EUR 23.30 19.70 19.70
9. FOREIGN AND NOMINEE-REGISTERED HOLDINGS ON 30 JUNE 2014
Book entries Votes Shareholders
qty % qty % qty %
Finnish total 16447495 79.23 87360359 95.29 9907 99.34
Foreign total 435476 2.10 435476 0.48 58 0.58
Nominee-registered (foreign) 14313 0.07 14313 0.02 3 0.03
total
Nominee-registered (Finnish) 3861524 18.60 3861524 4.21 5 0.05
total
Total 20758808 100.00 91671672 100.00 9973 100.00
10. LARGEST SHAREHOLDERS ON 30 JUNE 2014
Series Series A Total % Votes %
K
1. Olvi Foundation 2363904 890613 3254517 15.68 48168693 52.54
2. Hortling Heikki 903488 103280 1006768 4.85 18173040 19.82
Wilhelm *)
3. The Heirs of Hortling 187104 25248 212352 1.02 3767328 4.11
Kalle Einari
4. Hortling Timo Einari 165824 35308 201132 0.97 3351788 3.66
5. Hortling-Rinne Laila 102288 2100 104388 0.50 2047860 2.23
Marit
6. Pohjola Bank plc, nominee 1902900 1902900 9.17 1902900 2.08
register
7. Nordea Bank Finland plc, 1318624 1318624 6.35 1318624 1.44
nominee register
8. Ilmarinen Mutual Pension 849218 849218 4.09 849218 0.93
Insurance Company
9. Skandinaviska Enskilda Banken Ab (Publ)
Helsinki branch, nominee register 586848 586848 2.83 586848 0.64
10. Varma Mutual Pension Insurance 511586 511586 2.46 511586 0.56
Company
Others 9648 10800827 10810475 52.08 10993787 11.99
Total 3732256 17026552 20758808 100.00 91671672 100.00
*) The figures include the shareholder's own holdings and shares held by
parties in his control.
11. PROPERTY, PLANT AND EQUIPMENT
EUR 1,000
1-6/2014 1-6/2013 1-12/2013
Increase 22475 12503 34509
Decrease -2659 -335 -1087
Total 19816 12168 33422
12. CONTINGENT LIABILITIES
EUR 1,000
30.6.2014 30.6.2013 31.12.2013
Pledges and contingent liabilities
For own commitments 3152 5150 2715
Leasing and rental liabilities:
Due within one year 1209 1136 1238
Due within 1 to 5 years 880 737 637
Due in more than 5 years 5 7 6
Leasing and rental liabilities total 2094 1880 1881
Package liabilities 3349 4121 2781
Other liabilities 2000 2000 2000
12. CALCULATION OF FINANCIAL RATIOS
Equity to total assets, % = 100 * (Shareholders' equity held by parent company
shareholders + non-controlling interests) / (Balance sheet total - advances
received)
Earnings per share = Profit belonging to parent company shareholders / Average
number of shares during the period, adjusted for share issues
Equity per share = Shareholders' equity held by parent company shareholders /
Number of shares at end of period, adjusted for share issues
Gearing, % = 100 * (Interest-bearing debt - cash in hand and at bank) /
(Shareholders' equity held by parent company shareholders + non-controlling
interests)
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