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2010-05-06 07:30:00 CEST 2010-05-06 07:30:02 CEST REGULATED INFORMATION Lännen Tehtaat - Interim report (Q1 and Q3)INTERIM REPORT 1 January - 31 March 2010LÄNNEN TEHTAAT PLC Interim Report 6 May 2010, 8.30 am INTERIM REPORT 1 January - 31 March 2010 - Consolidated net sales came to EUR 74.8 (64.7) million, up by 16%. - Operating profit was EUR 0.9 (-0.7) million; there were no non-recurring items. - Profit before taxes totalled EUR 1.2 (-0.4) million. - Profit for the period came to EUR 0.8 (-0.3) million, and earnings per share amounted to EUR 0.13 (-0.04). - The equity ratio was 77.0% (76.5%). - Assessment of profit performance for the full year is unchanged. The information in this Interim Report has not been audited. Matti Karppinen, CEO: “The year began significantly better than last year. Consolidated net sales were up year-on-year thanks to growth in the Grains and Oilseeds business and the Seafood business. The operating profit also showed a year-on-year improvement, as expected. “The improved operating profit was significant in both the Grains and Oilseeds business and the Seafood business. In Frozen Foods and in Other Operations the result was almost at the previous year's level. “Market conditions have continued to be uncertain due to the weak economic circumstances. In the second quarter, the industrial action and the substantial price rises for salmon and rainbow trout are further challenges affecting our profit-earning capacity.” KEY FIGURES ILLUSTRATING PERFORMANCE EUR million Q1/2010 Q1/2009 Net sales 74.8 64.7 Operating profit 0.9 -0.7 Profit before taxes 1.2 -0.4 Profit for the period 0.8 -0.3 Earnings per share, EUR 0.13 -0.04 NET SALES AND PROFIT Consolidated net sales in January-March amounted to EUR 74.8 (64.7) million, up by about 16% year-on-year. Most of this growth was in the Grains and Oilseeds business. Operating profit was EUR 0.9 (-0.7) million. There were no non-recurring items in the first quarter of the year nor were there any in the same period the previous year. The operating profit includes the share of the profits of associated companies, which amounted to EUR -0.1 (0.0) million. Financial income and expenses came to a total of EUR 0.3 (0.3) million. This figure includes valuation gains of EUR 0.5 (0.1) million with no cash flow implications. Financial expenses also include EUR -0.2 (-0.1) million of Avena Nordic Grain Group's profit as the share attributable to the Avena Nordic Grain Oy employee shareholders. Profit before taxes was EUR 1.2 (-0.4) million. Profit for the period came to EUR 0.8 (-0.3) million, and earnings per share amounted to EUR 0.13 (-0.04). FINANCING AND BALANCE SHEET The Group's liquidity remained good and its financial position is strong. The first-quarter cash flow from operating activities after interest and taxes amounted to EUR -15.3 (8.1) million. The impact of the change in working capital was EUR -15.3 (6.3) million. In the first quarter, working capital was tied up in the Grains and Oilseeds business. The net cash flow from investing activities came to EUR 11.9 (-0.5) million. Withdrawal of investments made in short-term fixed income funds had an impact of EUR 12.0 (0.0) million on the net cash flow from investing activities. The cash flow from financing activities came to EUR -0.5 (-8.2) million, and this included EUR -0.2 (-8.1) million in repayments on short-term loans. The net change in cash and cash equivalents was EUR -4.0 (-0.5) million. At the end of the first quarter the Group had EUR 2.5 (8.6) million in interest-bearing liabilities and EUR 9.2 (13.0) million in liquid assets. Net interest-bearing liabilities totalled EUR -6.7 (-4.5) million. The consolidated balance sheet total stood at EUR 173.2 (178.4) million and shareholders' equity amounted to EUR 133.4 (136.5) million. The equity ratio was 77.0% (76.5%) and gearing was -5.0% (-3.3%). Commercial papers issued for the Group's short-term financing stood at a total value of EUR 0.0 (1.0) million at the end of the quarter. The Group's liquidity over the next few years is secured with committed credit facilities; a total of EUR 25 (25) million was available in credit at the end of March. No credit facilities were used during the January-March period. INVESTMENT Investment in non-current assets during January-March totalled EUR 0.4 (0.5) million. PERSONNEL The average number of personnel during the first quarter was 602 (652). The reduction in personnel occurred mainly in the Finnish Seafood business. OVERVIEW OF OPERATING SEGMENTS Frozen Foods EUR million Q1/2010 Q1/2009 2009 Net sales 12.8 12.9 46.0 Operating profit, excluding non-recurring items 0.3 0.4 3.4 Net sales in Frozen Foods were at the level of a year earlier. Sales of retail products were up by over 2%, this growth being especially in basic products under the Apetit brand, namely frozen vegetable and potato products and soups. Growth was also boosted by new products, for instance the Apetit products launched in autumn 2009 under the ‘domestic origin' theme. Sales to the hotel, restaurant and catering sector fell slightly, as did export sales, while sales to the food industry were at the level of the same quarter in 2009. Operating profit in the Frozen Foods business was almost at the level of the previous year. Relative profitability improved as a result of the product mix in sales and the increase in productivity. Factors adversely affecting profitability were the increase in depreciation and the growth in storage costs as a result of the autumn's large home-grown crop. Special themes in the marketing of Apetit products have been their domestic origin and the positive properties of frozen products. In particular, attention has focused on study results which show that the nutritional value of frozen vegetables is comparable to that of fresh vegetables, as nutritional value is retained extremely well in frozen vegetables. The number of personnel in Frozen Foods during the first quarter was 172 (179). Investment during January-March totalled EUR 0.0 (0.4) million. Seafood EUR million Q1/2010 Q1/2009 2009 Net sales 19.0 18.5 75.9 Operating profit, excluding non-recurring items -0.0 -0.9 -1.8 Net sales of the Seafood business were up by about 3% on the figure for the same quarter a year earlier. Operating profit improved by EUR 0.9 million. Profit improved in both the Finnish and foreign operations of the Seafood business. In the Finnish Seafood business, net sales were up year-on-year as a result of the increase in average prices and because Easter sales were partially in the first quarter, in contrast to the previous year. Profitability improved year-on-year, with the first quarter figure almost turning positive. This was due to good management of wastage, the continued high level of delivery reliability, increased productivity in production and in logistics operations, and the reduction in fixed costs as a consequence of the structural changes and rigorous cost control. The relative profitability of first-quarter sales was weakened by the substantial rise in the market price of salmon and rainbow trout raw materials. The rise in market prices was triggered by the drop in supply caused by the collapse in Chile's salmon production. This market disturbance could mean that the price of Norwegian salmon and of rainbow trout will remain unusually high for some time to come. The rise in raw material prices will continue to create significant pressures for price increases. The raw pickled and cold-smoked products that were redesigned at the start of the year have been well received. April saw the launch of two new salmon products, Apetit Lohichorizo and Apetit Lohiwursti, for the summer barbecue season. The productivity investment programme introduced at the Kuopio production plant in autumn 2009 will be completed during the second quarter of 2010. The changes will improve the efficiency of work procedures and processes and will further enhance the quality of production. In the foreign operations of the Seafood business, euro-denominated net sales were up by about 5% year-on-year. Measured in local currencies, sales were down by almost 5%. In Norway, the drop in sales was attributable to the discontinuation of an unprofitable product segment. In other product segments sales were at or above the previous year's level. There was particularly strong growth in sales of dressings, shellfish and mackerel. In Sweden, shellfish sales fell as a result of the drop in average prices. The entire Maritim Food Group is going through a comprehensive, customer-driven product renewal process in order to improve visibility in stores. The redesigned products will be launched during the spring and summer. The profitability of foreign operations was significantly better than a year earlier, and the operating profit was slightly positive. The improved level of profitability was due to the development measures taken in different parts of the business and the greater attention given to working closely with customers. The profitability of foreign operations was adversely affected by the considerable rise in the raw material price of Norwegian salmon, which will lead to pressures to increase product prices. The number of personnel in the Seafood business totalled 360 (400). The reduction in personnel occurred mainly in the Finnish Seafood business as a result of the reduction in Kalatori service counters and the outsourcing of logistics operations. Erkki Lepistö was appointed Managing Director of Apetit Kala Oy at the start of March. He will continue the implementation of the strategy for the Finnish Seafood business at Apetit Kala Oy. Investment in the Seafood business totalled EUR 0.3 (0.0) million. The investment was mainly in developing the smoked fish packaging department at the Kuopio production plant, as set out in the strategy. Grains and Oilseeds EUR million Q1/2010 Q1/2009 2009 Net sales 43.0 33.2 143.4 Operating profit, excluding non-recurring items 2.0 0.9 7.4 Net sales in the Grains and Oilseeds business were up by 29% year-on-year, mainly due to volume growth. The sales volume was significantly greater than a year earlier due to the growth in trade within the EU. There was a plentiful supply of grain on the world market during the first quarter. This was attributable not only to the good crop harvests around the world but also the high level of stocks transferred from the previous season, which together kept market prices low. The price of rapeseed in relation to grain prices was attractive from the grower's viewpoint. The rapeseed price level was maintained by the tough supply situation for soybeans at the start of the quarter and by the price of mineral oil. This ensured a busy market for rapeseed. The first-quarter operating profit in the Grains and Oilseeds business was up by EUR 1.1 million on the previous year's first-quarter figure. The good result was a consequence of sales volumes being greater than a year earlier and of the good oil yield and high-quality Finnish rapeseed crop. The total world supply of grain will continue to be plentiful in the near future, due to the good crop obtained in the last season and the large stocks from previous seasons around the world. In the second quarter, prices throughout the world are starting to be affected to an increasing extent by the overwintering of autumn grains and by the sowing area in the spring and the outlook for the new crop. Autumn grains are currently thought to be in good condition. However, the weather conditions in the growing and harvesting seasons are of major importance for the grain markets. The prices of European rapeseed are affected not only by weather conditions but also by the price of mineral oil, the plentiful crop in South America, the growing demand for biodiesel in Europe, and the area under cultivation, which is expected to rise in Finland and elsewhere in northern Europe. The Grains and Oilseeds business employed 59 (63) people. The drop in the number of personnel was due to the combining and reorganisation of the operations of Avena and Mildola in autumn 2009. Investment in the Grains and Oilseeds business came to EUR 0.1 (0.1) million and focused on the renewal of Avena's Internet marketplace (Avenakauppa) and replacement equipment for the Kirkkonummi vegetable oil mill. Other Operations EUR million Q1/2010 Q1/2009 2009 Net sales 0.4 0.4 2.4 Operating profit, excluding non-recurring items -1.2 -1.1 -1.3 The Other Operations segment comprises the service company Apetit Suomi Oy, Group Administration, items not allocated under any of the business segments, and the associated companies Sucros Ltd and Ateriamestarit Oy. The cost impact of the services produced by Apetit Suomi Oy is an encumbrance on the operating result of the Group's businesses in proportion to their use of the services. Net sales from the sale of services in the Other Operations segment were at the previous year's level. The operating profit includes EUR -0.1 (0.0) million as the share of the profits of associated companies. Investment in Other Operations totalled EUR 0.0 (0.0) million. DECISIONS OF THE ANNUAL GENERAL MEETING Lännen Tehtaat plc's Annual General Meeting was held at Säkylä on 30 March 2010. The Annual General Meeting adopted the parent company's financial statements and the consolidated financial statements and discharged the members of the Board of Directors and of the Supervisory Board and the Chief Executive Officer from liability for the financial year 2009. Dividend distribution The Annual General Meeting resolved that a dividend of EUR 0.76 per share be distributed from the profits of the financial year 2009, in accordance with the proposal of the Board of Directors. The dividend was paid on 13 April 2010. Amendments to the Articles of Association The Annual General Meeting approved the proposal of Lännen Tehtaat plc's Board of Directors concerning the amendment of section 9, subsection 2, paragraph 3 of the Articles of Association in regard to the tasks of the Supervisory Board. The Annual General Meeting also approved Esko Eela's proposal for amending the Articles of Association in respect of the tasks of the Supervisory Board and in respect to the two members of the Supervisory Board's Nomination Committee to be elected by the Annual General Meeting. More information on the amendments to the Articles of Association was given in the stock exchange release of 30 March 2010 concerning the decisions made by the Annual General Meeting. Authorisations to issue shares The Board of Directors has been authorised by the Annual General Meeting to decide on issuing new shares and transferring Lännen Tehtaat plc shares held by the company, and to do this in one or more lots as a share issue with a total of no more than 761,757 shares. The share issue authorisation covers all Lännen Tehtaat plc shares in the company's possession, i.e. 130,000 shares. The maximum number of new shares that can be issued is 631,757. The subscription price for each new share shall be at least the share's nominal value, or EUR 2. The transfer price for Lännen Tehtaat plc shares held by the company must be at least the current value of the share at the time of transfer, determined by the price quoted in public trading on the NASDAQ OMX Helsinki Ltd exchange, but when implementing share-based incentive plans shares can also be issued without consideration. The authorisation concerns the right to deviate from the shareholders' pre-emptive subscription right (targeted issue) if the company has an important financial reason to do so, such as developing the company's capital structure, financing and implementing corporate acquisitions or other arrangements, or implementing a share-based incentive plan. This authorisation also includes the right to offer shares instead of money, also against capital consideration in kind or otherwise under certain conditions or by using right of set-off; and the right to decide on the share subscription price and other terms and circumstances concerning the share issue. The authorisation is valid until the next AGM. The authorisation revoked the earlier authorisation to issue shares, given on 2 April 2009, and the authorisation to transfer Lännen Tehtaat plc shares, given on the same date. SHARES AND TRADING The number of Lännen Tehtaat plc shares traded on the stock exchange during the first quarter was 294,715 (156,317), representing 4.7% (2.5%) of the total number of shares. The highest share price quoted was EUR 18.51 (14.43) and the lowest EUR 15.51 (12.64). The average price of shares traded was EUR 17.23 (13.51). The share turnover was EUR 5.1 (2.1) million. At the end of March, the market capitalisation totalled EUR 107.4 (81.8) million. At the close of the first quarter, the company had in its possession a total of 130,000 of its own shares, with a combined nominal value of EUR 0.26 million. These shares represent 2.1% of the company's total number of shares and of the total number of votes. FLAGGING ANNOUNCEMENTS No flagging announcements were made during the first quarter. CORPORATE ADMINISTRATION AND AUDITORS At its organisational meeting on 13 April 2010, Lännen Tehtaat plc's Supervisory Board elected Helena Walldén as its chairman and Juha Nevavuori as its deputy chairman. At the same meeting, the Supervisory Board elected the following as members of the company's Board of Directors: Harri Eela, Heikki Halkilahti, Aappo Kontu, Matti Lappalainen, Hannu Simula and Soili Suonoja. Matti Lappalainen was elected chairman of the Board of Directors and Hannu Simula was elected deputy chairman. Hannu Pellinen, APA and PricewaterCoopers Oy Authorized Public Accountants, with Tomi Moisio, APA, CPFA as responsible auditor, were appointed as auditors for Lännen Tehtaat plc by the Annual General Meeting on 30 March 2010. SEASONALITY OF OPERATIONS In accordance with the IAS 2 standard, the historical cost of inventories includes a systematically allocated portion of the fixed production overheads. In production that focuses on seasonal crops, raw materials are processed into finished products mainly during the final quarter of the year, which means that the inventory volumes and their balance-sheet values are at their highest at the end of the year. Since the entry of the fixed production overheads included in the historical cost as an expense item is deferred until the time of sale, most of the Group's annual profit is accrued in the final quarter. The seasonal nature of operations is most marked in Frozen Foods and in the associated company Sucros, due to the link between production and the crop harvesting season. Apetit Kala's sales peak at weekends and on seasonal holidays. As Easter can take place in either the first or the second quarter, this can affect the comparability of Seafood's net sales and profit between different years. A significant proportion of the entire year's profit in the Seafood business depends on the success of Christmas sales. Net sales in the Grains and Oilseeds business vary from one year and quarter to the next to a greater extent than in the other businesses, being dependent on the demand and supply situation and on the price levels domestically and on other markets. SHORT-TERM RISKS AND UNCERTAINTIES The most significant short-term risks for the Lännen Tehtaat Group concern the following: industrial action in the Finnish food industry; the effects of a prolonged economic downturn on demand from consumers and customers; the solvency of customers and the delivery performance of suppliers; the management of raw material price changes and currency risks; changes in the Group's businesses and customerships; introduction of a new enterprise resource planning (ERP) system in Seafood's foreign operations; and corporate acquisitions and the subsequent integration processes. SIGNIFICANT EVENTS SINCE THE END OF THE REVIEW PERIOD The collective agreement negotiations between the Finnish Food Workers' Union (SEL) and food industry employers have become protracted and have led to industrial action being taken. If the industrial action were to continue, this would adversely affect the Group's businesses. So far, the impact of the industrial action has been limited. FUTURE OUTLOOK The Group's net sales will be affected particularly by the market activity and by changes in the price level of grains and oilseeds. Thanks to the development measures undertaken in the Group's businesses, the full-year operating profit, excluding non-recurring items, is expected to be at least at the level of 2009. Profit accrual is expected to be weighted heavily towards the latter part of the year, as in 2009. The profit performance in the second half of the year will be influenced substantially by the extent of activity in the grain and oilseed markets, which at this stage of the year is still difficult to assess. The profit outlook for the second quarter is more challenging than a year ago. If the industrial action in the food industry were to be prolonged, this would affect net sales and profits in all the Group's Finnish businesses. The profit performance in the Seafood business will be affected by the sharp rise seen in salmon and rainbow trout raw material costs and by the success with which these higher costs can be transferred to sales prices. CONSOLIDATED INCOME STATEMENT EUR million Q1/2010 Q1/2009 2009 Net sales 74.8 64.7 266.0 Other operating income 0.4 0.3 1.5 Operating expenses -72.8 -64.4 -257.3 Depreciation -1.3 -1.3 -5.3 Impairments 0.0 - -0.1 Share of profits of associated companies -0.1 0.0 2.0 Operating profit 0.9 -0.7 6.8 Financial income and expenses 0.3 0.3 0.5 Profit before taxes 1.2 -0.4 7.3 Income taxes -0.4 0.1 -1.5 Profit for the period 0,8 -0.3 5.8 Attributable to Equity holders of the parent 0.8 -0.2 5.8 Non-controlling interests - -0.1 - Basic and diluted earnings per share, calculated of the profit attributable to the shareholders of the parent company, EUR 0.13 -0.04 0.94 STATEMENT OF COMPREHENSIVE INCOME EUR million Q1/2010 Q1/2009 2009 Profit for the period 0.8 -0.3 5.8 Other comprehensive income Cash flow hedges -0.3 0.9 1.1 Taxes related to cash flow hedges 0.1 -0.3 -0.3 Translation differences 0.5 0.7 1.4 Total comprehensive income 1.1 1.0 8.0 Attributable to Equity holders of the parent 1.1 1.0 8.0 Non-controlling interests - 0.0 - CONSOLIDATED STATEMENT OF FINANCIAL POSITION EUR million 31 March 31 March 31 Dec 2010 2009 2009 ASSETS Non-current assets Intangible assets 5.6 5.8 5.6 Goodwill 7.1 6.4 6.9 Tangible assets 37.4 43.0 37.9 Investment in associated companies 24.0 25.1 24.0 Available-for-sale investments 0.1 0.1 0.1 Receivables 1.9 3.1 1.8 Deferred tax assets 0.9 1.2 1.1 Non-current assets total 76.9 84.6 77.4 Current assets Inventories 40.8 49.4 48.1 Receivables 46.3 31.1 25.5 Income tax receivable 0.1 0.2 0.1 Financial assets at fair value through profits 5.3 3.7 17.2 Cash and cash equivalents 3.9 9.3 7.9 Current assets total 96.3 93.7 98.7 Total assets 173.2 178.4 176.1 EUR million 31 March 31 March 31 Dec 2010 2009 2009 EQUITY AND LIABILITIES Equity attributable to the equity holders of the parent 133.4 136.1 137.3 Non-controlling interests - 0.4 - Total equity 133.4 136.5 137.3 Non-current liabilities Deferred tax liabilities 3.7 4.1 4.1 Long-term financial liabilities 2.0 4.6 2.4 Non-current provisions 0.2 0.1 0.2 Other non-current liabilities 0.0 0.2 - Non-current liabilities total 6.0 9.0 6.6 Current liabilities Short-term financial liabilities 0.4 4.0 0.9 Income tax payable 1.9 1.0 1.5 Trade payables and other liabilities 31.6 27.9 29.7 Current liabilities total 33.9 32.8 32.1 Total liabilities 39.9 41.8 38.8 Total equity and liabilities 173.2 178.4 176.1 CONSOLIDATED STATEMENT OF CASH FLOWS EUR million Q1/2010 Q1/2009 2009 Net profit for the period 0.8 -0.3 5.8 Adjustments, total -0.1 1.5 6.5 Change in net working capital -15.3 6.3 14.9 Financial expenses paid -0.7 -0.2 -1.8 Interests received 0.1 0.3 1.0 Taxes paid -0.1 0.4 -0.6 Net cash flow from operating activities -15.3 8.1 25.8 Investments in tangible and intangible assets -0.4 -0.5 -2.7 Proceeds from sales of tangible and intangible assets 0.4 0.0 3.2 Transactions with non-controlling interests - - -1.2 Purchases of other investments - - -22.0 Proceeds from sales of other investments 12.0 - 9.0 Dividends received from investing activities - - 3.3 Net cash flow from investing activities 11.9 -0.5 -10.4 Repayments of short-term loans -0.2 -8.1 -9.5 Repayments of long-term loans -0.3 -0.1 -2.7 Payment of financial lease liabilities - 0.0 0.0 Dividends paid - - -5.3 Cash flows from financing activities -0.5 -8.2 -17.5 Net change in cash and cash equivalents -4.0 -0.5 -2.0 Cash and cash equivalents at the beginning of the period 7.9 9.9 9.9 Cash and cash equivalents at the end of the period 3.9 9.3 7.9 STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY EUR million A = Share capital B = Share premium account C = Net unrealised gains D = Other reserves E = Own shares F = Translation differences G = Retained earnings H = Attributable to equity holders of the parent company total I = Non-controlling interests J = Shareholders' equity total A B C D E F G H I J Shareholders' equity at 1 Jan 2010 12.6 23.4 0.0 7.2 -1.8 -0.5 96.5 137.3 - 137.3 Dividend distribution - - - - - - -4.7 -4.7 - -4.7 Other changes - - - - - - -0.2 -0.2 - -0.2 Total comprehensive income - - -0.2 0.0 - 0.5 0.8 1.1 - 1.1 Shareholders' equity at 31 March 2010 12.6 23.4 -0.2 7.2 -1.8 0.0 92.1 133.4 - 133.4 Shareholders' equity at 1 Jan 2009 12.6 23.4 -0.8 7.2 -1.8 -1.9 96.6 135.1 0.5 135.6 Total comprehensive income - - - 0.6 - 0.7 -0.2 1.0 -0.1 1.0 Shareholders' equity at 31 March 2009 12.6 23.4 -0.8 7.8 -1.8 -1.2 96.3 136.1 0.4 136.5 BASIS OF PREPARATION AND ACCOUNTING POLICIES The interim report has been prepared in accordance with IAS 34, Interim Financial Reporting, as adopted by the EU. The accounting policies adopted are consistent with those of the Group's annual financial statements for the year ended 31 December 2009. SEGMENT INFORMATION A Frozen Foods B Seafood C Grains and Oilseeds D Other Operations E Total Operating segments Q1/2010 EUR million A B C D E Total segment sales 12.8 19.0 43.0 0.4 75.2 Intra-group sales 0.0 0.0 0.0 -0.3 -0.4 Net sales 12.7 19.0 43.0 0.1 74.8 Share of profits of associated companies included in operating profit - - - -0.1 -0.1 Operating profit 0.3 -0.0 2.0 -1.2 0.9 Gross investments in non-current assets 0.0 0.3 0.1 0.0 0.4 Corporate acquisitions and other share purchases - - - - - Depreciations 0.5 0.5 0.2 0.2 1.3 Impairments - 0.0 - - 0.0 Personnel 172 360 59 11 602 Operating segments Q1/2009 EUR million A B C D E Total segment sales 12.9 18.5 33.2 0.4 65.1 Intra-group sales 0.0 0.0 0.0 -0.3 -0.4 Net sales 12.9 18.5 33.2 0.1 64.7 Share of profits of associated companies included in operating profit - - - 0.0 0.0 Operating profit 0.4 -0.9 0.9 -1.1 -0.7 Gross investments in non-current assets 0.4 0.0 0.1 - 0.5 Corporate acquisitions and other share purchases - - - - - Depreciations 0.4 0.5 0.2 0.2 1.3 Impairments - - - - - Personnel 179 400 63 10 652 Operating segments 1-12/2009 EUR million A B C D E Total segment sales 46.0 75.9 143.4 2.4 267.8 Intra-group sales -0.1 0.0 0.0 -1.6 -1.7 Net sales 46.0 75.9 143.4 0.8 266.0 Share of profits of associated companies included in operating profit - - - 2.0 2.0 Operating profit 3.4 -2.5 7.3 -1.3 6.8 Gross investments in non-current assets 1.9 0.6 0.3 - 2.7 Corporate acquisitions and other share purchases - 1.2 - - 1.2 Depreciations 2.0 2.0 0.7 0.7 5.3 Impairments - - 0.1 - 0.1 Personnel 205 379 62 11 657 KEY INDICATORS 31 March 31 March 31 Dec 2010 2009 2009 Shareholders' equity per share, EUR 21.56 21.99 22.19 Equity ratio, % 77.0 76.5 78.0 Gearing, % -5.0 -3.3 -15.8 Gross investments in non- current assets, EUR million 0.4 0.5 2.7 Corporate acquisitions and other share purchases, EUR million - - 1.2 Average number of personnel 602 652 657 Average number of shares, 1 000 pcs 6,188 6,188 6,188 The key figures in this interim financial report are calculated with same accounting principles than presented in year 2009 annual financial statements. CONTINGENT LIABILITIES EUR million 31 March 31 March 31 Dec 2010 2009 2009 Mortgages given for debts Real estate mortgages 2.3 8.8 2.0 Guarantees 6.1 10.4 11.1 Non-cancellable other leases, minimum lease payments Real estate leases 4.5 4.8 4.3 Other leases 0.8 0.8 0.8 DERIVATIVE INSTRUMENTS Outstanding nominal values of derivative instruments Forward currency contracts 2.8 2.4 4.0 Commodity derivative instruments 6.2 13.5 9.2 CONTINGENT ASSETS The present value of proceeds from the sale of shares in the joint entry account 0.7 - 0.7 INVESTMENT COMMITMENTS Lännen Tehtaat does not have any significant investment commitments on 31 March 2010. CHANGES IN TANGIBLE ASSETS EUR million Q1/2010 Q1/2009 2009 Book value at the beginning of the period 37.9 43.5 43.5 Acquisitions 0.3 0.2 2.0 Disposals 0.0 0.0 -4.0 Depreciations and impairments -1.1 -1.2 -4.5 Other changes 0.3 0.5 0.9 Book value at the end of the period 37.4 43.0 37.9 TRANSACTIONS WITH ASSOCIATED COMPANIES AND JOINT VENTURES EUR million Q1/2010 Q1/2009 2009 Sales to associated companies 0.1 0.1 1.0 Sales to joint ventures 2.2 2.0 6.7 Purchases from associated companies 0.6 0.4 2.2 Long-term receivables from associated companies 1.5 2.7 1.3 Long-term receivables from joint ventures 0.1 0.0 0.1 Trade receivables and other receivables from associated companies 1.5 1.5 1.6 Trade receivables and other receivables from joint ventures 0.9 0.9 0.7 Trade payables and other liabilities to associated companies 0.0 0.0 0.2 LÄNNEN TEHTAAT PLC Board of Directors Further information: Matti Karppinen, CEO, tel. +358 10 402 4001 Copies to: NASDAQ OMX Helsinki Ltd Principal media www.lannen.fi |
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