2012-02-23 08:00:04 CET
2012-02-23 08:01:14 CET
REGULATED INFORMATION
Olvi Oyj - Financial Statement Release
Olvi Group’s sales volume and net sales reached their all-time high
Our overall market position strengthened in Finland, the Baltic states and
Belarus. Operating profit fell short of the previous year due to hyperinflation
and devaluation in Belarus.
OLVI PLC FINANCIAL STATEMENTS BULLETIN 23 FEB 2012 at 9:00 am
OLVI GROUP'S FINANCIAL STATEMENTS JANUARY TO DECEMBER 2011
Olvi Group's sales volume and net sales reached their all-time high. Our
overall market position strengthened in Finland, the Baltic states and Belarus.
Operating profit fell short of the previous year due to hyperinflation and
devaluation in Belarus.
January to December 2011 in brief:
- Olvi Group's sales increased by 9.8 percent to 518 (472) million litres
- The Group's net sales increased by 6.6 percent to 285.2 (267.5) million euro
- The Group's operating profit declined by 12.5 percent to 26.7 (30.5) million
euro
- Belarus was listed as a hyperinflationary economy in December 2011, due to
which the financial statements of OAO Lidskoe Pivo have been adjusted using the
general consumer price index as required in the IAS 29 standard
- Olvi Group's earnings per share stood at 0.65 (1.21*) euro, and the Board of
Directors proposes a dividend of 0.50 (0.50*) euro per share
- the equity ratio, at 50.6 (54.7), remained on a healthy level
KEY RATIOS
1-12/2011 1-12/2010 Change %
Net sales, MEUR 285.2 267.5 +6.6
Operating profit, MEUR 26.7 30.5 -12.5
Gross capital expenditure, MEUR 43.2 24.5 +76.6
Earnings per share, EUR 0.65 1.21*) -46.3
Equity per share, EUR 6.11 6.13*) -0.3
Equity to total assets, % 50.6 54.7
Gearing, % 43.2 29.5
*) The per-share ratios have been adjusted for comparability.
Lasse Aho, Managing Director of Olvi plc, said the following in connection with
the disclosure of the accounts: ”Olvi Group's sales volume and net sales grew
well in 2011. We were able to further improve our overall market position
across the entire operating area, and Olvi Group's financial position remained
on a healthy level. The most significant factors contributing to the decline in
operating profit were major devaluation of the Belarusian rouble and the
country's listing as a hyperinflationary economy.”
OLVI GROUP'S SALES VOLUME, NET SALES AND OPERATING PROFIT IN JANUARY-DECEMBER
2011
The total sales volume was 518 (472) million litres, an increase of 9.8 percent
or 46 million litres. Sales increased in all operating areas and set a new
all-time high.
The sales volume in Finland was 149 (137), in the Baltic states 276 (253) and
in Belarus 128 (111) million litres. Intra-Group sales increased by 22.2
percent to 35 (29) million litres.
Net sales in the review period amounted to 285.2 (267.5) million euro, which is
an all-time high. This represents an increase of 17.7 million euro or 6.6
percent. Net sales increased in Finland and the Baltic states but declined in
Belarus due to devaluation of the local currency, in spite of positive sales
development.
Domestic net sales amounted to 119.8 (111.0) million euro. The Baltic
subsidiaries generated net sales of 140.6 (127.8) million euro, while net sales
in Belarus amounted to 39.6 (40.8) million euro. Net sales in Finland increased
by 8.8 million euro or 7.9 percent, and net sales in the Baltic states
increased by 12.9 million euro or 10.1 percent. Net sales in Belarus declined
by 1.2 million euro or 2.8 percent due to devaluation of the local currency.
Net sales calculated in local currency increased by 87.2 percent on the
previous year, not including the effect of the inflation adjustment.
Olvi Group's operating profit for January-December stood at 26.7 (30.5) million
euro, or 9.4 (11.4) percent of net sales. Operating profit declined by 3.8
million euro or 12.5 percent, mainly due to accounting for hyperinflation and
currency devaluation in Belarus.
Operating profit in Finland improved by 1.5 million euro to 13.2 (11.7) million
euro. The operating profit in Finland includes 1.5 (0.6) million euro of sales
gains from the sales of decommissioned production machinery. Commensurate
operating profit improved by 0.6 million euro.
Aggregated operating profit in the Baltic states declined by 0.9 million euro
to 14.1 (15.0) million euro. Operating profit in Belarus declined by 3.7
million euro to 0.7 (4.4) million euro due to accounting for hyperinflation and
currency devaluation.
The Group's profit after taxes in the period under review was 13.0 (25.3)
million euro.
Earnings per share calculated from the profit belonging to parent company
shareholders amounted to 0.65 (1.21) euro per share and declined by 46.3
percent on the previous year because exchange rate losses due to devaluation of
the Belarusian rouble were recognised in financial expenses. The recognition
of exchange rate losses had no impact on the Group's cash flow.
OLVI GROUP'S SALES VOLUME, NET SALES AND OPERATING PROFIT IN OCTOBER-DECEMBER
2011
The total fourth-quarter sales volume was 117 (107) million litres, which is
9.5 percent more than in the previous year. Sales increased in all of the
Group's operating areas. The sales volume in Finland was 37 (34), in the Baltic
states 58 (53) and in Belarus 27 (24) million litres.
Net sales amounted to 60.9 (61.4) million euro. Net sales declined by 0.5
million euro or 0.8 percent. Net sales in Finland increased by 2.0 million euro
to 29.1 (27.1) million euro, an increase of 7.2 percent. Net sales in the
Baltic states stood at 29.5 (26.9) million euro, an increase of 2.6 million
euro or 9.7 percent. In spite of good growth in sales volume, net sales in
Belarus declined by 4.9 million euro or 51.0 percent due to devaluation of the
local currency. Net sales in Belarus stood at 4.7 (9.6) million euro.
Fourth-quarter operating profit stood at 1.5 (2.8) million euro, which was 2.4
(4.6) percent of net sales. The operating profit declined by 1.3 million euro
or 48.0 percent. The main reason for the change was the fact that accounting
for hyperinflation in Belarus (IAS 29) specifically impacted the fourth quarter
of the year.
Operating profit in Finland amounted to 1.5 (0.9) million euro, representing an
increase of 0.6 million euro or 67.6 percent. Operating profit in the Baltic
states amounted to 1.7 (2.0) million euro, a decline of 0.3 million euro or
16.3 percent on the previous year. Operating result in Belarus showed a loss of
-1.9 (-0.1) million euro due to accounting for hyperinflation.
SALES VOLUME, NET SALES AND OPERATING PROFIT BY GEOGRAPHICAL SEGMENTS
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 season, prevailing weather and
environmental conditions, and the characteristics of each segment.
PARENT COMPANY OLVI PLC (Olvi)
January to December 2011
According to statistics, the Finnish beverage market grew by approximately two
percent in January-December 2011 compared to the previous year (statistics by
the Finnish Federation of the Brewing and Soft Drinks Industry). The sales of
beers increased by 4.3 percent, and long drinks by 2 percent. The sales of
ciders declined by approximately one percent. The sales of mineral waters
increased by 3.5 percent and the sales of soft drinks declined by slightly more
than one percent.
Olvi's domestic sales amounted to 149 (137) million litres. Sales increased by
12 million litres or 9.0 percent. Olvi's sales growth has clearly outperformed
the industry average. Among the product groups, the best development was seen
in long drinks and beers. The sales of mineral waters were on a par with the
previous year but the sales of ciders and soft drinks declined slightly.
According to statistics by the Finnish Federation of the Brewing and Soft
Drinks Industry, Olvi's domestic market share in mild alcoholic beverages in
the reporting period increased from the previous year's approximately 22
percent to more than 24 percent. The market share in non-alcoholic beverages
was 7 percent.
Olvi's exports and tax-free sales increased by 3.3 percent on the previous
year, making up 3.0 (3.2) percent of total sales.
Thanks to good sales development, Olvi's net sales increased to 119.8 (111.0)
million euro, an increase of 8.8 million euro or 7.9 percent.
Olvi's operating profit improved by 1.5 million euro or 13.1 percent on the
previous year. The operating profit stood at 13.2 (11.7) million euro, which
was 11.1 (10.5) percent of net sales. The operating profit includes 1.5 (0.6)
million euro of sales gains from the sales of decommissioned production
machinery. Commensurate operating profit improved by 0.6 million euro or 5.7
percent on the previous year.
October to December 2011
Olvi's sales amounted to 37 (34) million litres, an increase of 3 million
litres or 7.1 percent. Net sales increased to 29.1 (27.1) million euro, by 7.2
percent.
Operating profit amounted to 1.5 (0.9) million euro, an increase of 0.6 million
euro on the previous year. Relative operating profit was 5.3 (3.4) percent of
net sales.
AS A. LE COQ (A. Le Coq)
January to December 2011
The Estonian company A. Le Coq's sales amounted to 133 (125) million litres.
Sales increased by 8 million litres or 6.9 percent.
The Estonian beer, cider and long drink markets are growing well. A. Le Coq
strengthened its market position in the most important beverage groups. The
sales of the company's long drinks increased by 10 percent, beers by some 5
percent and ciders by 3 percent. Among the product groups, the largest growth
of approximately 19 percent was seen in juices, while the sales of soft drinks
(including kvass) declined on the previous year. The sales of mineral waters
increased by some 8 percent.
A. Le Coq is a market leader in long drinks and ciders. Fizz is Estonia's
largest cider brand. A. Le Coq's market share in long drinks is 56 (53) percent
and in ciders 39 (47) percent. There are two equally strong main players in the
beer market. A. Le Coq's market share in beers is 42 (40) percent.
The market share in soft drinks at the end of November 2011 was 27 (29)
percent, and in mineral waters 15 (13) percent. In the sales of juices and
juice drinks, A. Le Coq is the clear market leader with a 30 percent share in
tetrapacks and 50 percent share in other types of packaging (Nielsen,
October-November 2011).
The company's exports and tax-free sales increased by 36.2 percent on the
previous year to 6 (4) million litres.
The company's net sales in 2011 amounted to 76.0 (69.9) million euro,
representing an increase of 6.1 million euro or 8.6 percent.
Operating profit improved by 1.1 million euro to 13.0 (11.9) million euro, an
increase of 9.0 percent. The operating profit represented 17.1 (17.0) percent
of net sales. The earnings improvement was made possible by increased sales
volume and, above all, cost-efficient operations.
In September 2011, A. Le Coq received an award as the country's most
competitive food industry company in an annual competition arranged by the
Estonian Chamber of Commerce and Industry.
October to December 2011
The company's fourth-quarter sales amounted to 28 (27) million litres, and
increase of 4.8 percent on the previous year. Net sales amounted to 16.0 (14.9)
million euro. Net sales increased by 7.4 percent.
The company's operating profit stood at 1.9 (2.0) million litres, a decline of
-5.3 percent on the previous year.
A/S CESU ALUS (Cesu Alus)
January to December 2011
The sales of Cesu Alus operating in Latvia amounted to 75 (69) million litres.
Sales increased by 6 million litres or 9.7 percent.
80.5 (80.3) of the company's domestic sales is attributable to beer. The sales
of beer increased by approximately 4 percent in 2011. The greatest proportional
sales growth was seen in ciders, 26 percent. The sales of long drinks and soft
drinks (including kvass) declined on the previous year.
The company's market share in the Latvian beer market is 37 (32), in the cider
market 54 (56) and in the long drink market 49 (45) percent. (Nielsen,
October-November 2011). The company is a clear market leader in ciders and long
drinks and the number two player in beers (Nielsen, December 2011).
The company's net sales stood at 35.2 (31.4) million euro, an increase of 3.8
million euro or 11.9 percent.
The company's operating profit stood at 0.7 (1.7) million euro, which was 2.1
(5.5) percent of net sales.
The decline in operating profit was particularly due to increased costs of raw
materials and packaging, which could not be completely reflected in prices.
October to December 2011
Cesu Alus's sales volume amounted to 16 (14) million litres, which was 16.4
percent more than in the previous year. Thanks to good sales development, net
sales increased by 16.1 percent to 7.0 (6.0) million euro.
In spite of the good development in sales volume and net sales, the company's
operating result declined by 0.1 million euro on the previous year, amounting
to -0.1 (-0.01) million euro.
AB VOLFAS ENGELMAN (Volfas Engelman)
January to December 2011
The sales of Volfas Engelman operating in Lithuania increased by 14.3 percent
to 68 (59) million litres. The sales of beer increased by 23, long drinks by 10
and ciders by two percent. The sales of soft drinks (including kvass) were
almost on a par with last year.
The company's overall position in the Lithuanian beverage market has become
stronger. The company had a market share of 13 (13) percent in beers, which is
the largest product group. The company is the market leader in ciders with a
market share of 36 (48) percent and in long drinks with a market share of 30
(40) percent. The company is also the clear market leader in the kvass market
with a market share of 32 (34) percent (Nielsen, October-November 2011).
The company's net sales amounted to 29.5 (26.4) million euro, an increase of
11.8 percent on the previous year. The growth in net sales fell short of the
sales volume growth due to price competition and promotional activities to gain
market shares.
The company's operating profit stood at 0.4 (1.4) million euro, which was 1.4
(5.4) percent of net sales. In spite of increased sales volume and net sales,
the company's earnings declined on the previous year. Earnings were hampered by
a decline in the average price of net sales due to price competition, as well
as increased marketing costs arising from the launch of the new company name
and a long-term brand-building programme.
October to December 2011
The company's sales amounted to 14 (13) million litres, an increase of 8.5
percent on the previous year.
Net sales increased by 9.1 percent to 6.5 (5.9) million euro.
The company's operating profit amounted to -0.1 (-0.03) million euro. The
negative change was attributable to the same reasons as the full-year result.
OAO LIDSKOE PIVO (Lidskoe Pivo)
January to December 2011
The Belarusian economy was in a deep crisis during the financial year 2011. The
Belarusian rouble has devaluated by more than 169 percent when comparing the
exchange rates in December 2011 and December 2010. The country's cumulative
inflation rate in the last three years has increased to almost 150 percent, due
to which the purchase prices of raw materials, packaging and other supplies
have increased substantially.
Because the Belarusian rouble had lost its purchasing power so rapidly, Belarus
was listed as a hyperinflationary economy in December 2011.
The listing of Belarus as a hyperinflationary economy requires the application
of the IAS 29 standard “Financial Reporting in Hyperinflationary Economies” to
Lidskoe Pivo's financial statements for 2011 and all of the company's financial
reports from now on, as long as Belarus is listed as a hyperinflationary
economy. In the company's financial statements for 2011, transactions and
non-monetary items have been adjusted using the price index for the date of
closing the accounts, and all items in the income statement and balance sheet
have been reported in accordance with the BYR exchange rate on the date of
closing the accounts.
The day-to-day operations of Lidskoe Pivo have developed well in spite of the
difficult economic situation in Belarus. The company's sales grew by 15 percent
to 128 (111) million litres.
The sales of beers increased by 22, mineral waters by 94 and soft drinks
(including kvass) by five percent. There was a seven percent decline in the
sales of juices. The sales of Fizz cider, which was launched in the end of
2010, developed well during the year 2011.
The company is the clear market leader in kvass with a market share of 50 (52)
percent. The market share in beers is 10 (10) and in juices 31 (29) percent
(Nielsen, October-November 2011).
The company's exports in the reporting period increased by 43 percent on the
previous year. Exports made 6.8 (5.5) percent of the company's total sales.
The main destinations for exports were Russia and Lithuania.
Lidskoe Pivo's net sales amounted to 39.6 (40.8) million euro. Net sales in
declined by 1.2 million euro or 2.8 percent due to devaluation of the
Belarusian rouble. The net sales increase calculated in local currency (BYR)
was excellent, 87.2 percent on the previous year (without index adjustment).
The positive development in net sales was attributable particularly to
increased manufacturing capacity and successful product launches. High
inflation contributed to the improvement in average net sales price.
The company's operating profit stood at 0.7 (4.4) million euro, which was 1.9
(10.9) percent of net sales. The operating profit declined by 3.7 million euro
on the previous year. The negative development was affected by heavy
devaluation of the local currency during the reporting period, due to which the
prices of many raw materials, packaging supplies and other production factors
increased substantially. The application of the IAS 29 standard also
substantially affected the decline in operating profit. Due to the inflation
adjustment, the company's depreciation in 2011 increased by 152 percent in
local currency, due to substantial investments made in the company. Operating
profit calculated in local currency (without adjustment for inflation) amounted
to 6.1 (10.9) percent of net sales and increased by 5.1 percent on the previous
year.
The company has completed a two-year initial period of investments. This
included modernisation of the brewery and a substantial increase in production
and storage capacity. The investments were completed in late 2011.
October to December 2011
Lidskoe Pivo's sales amounted to 27 (24) million litres, an increase of 3
million litres or 13.5 percent.
The company's net sales declined by 4.9 million euro to 4.7 (9.6) million euro
due to changes in the exchange rate of the local currency. Net sales calculated
in local currency (without adjustment for inflation) increased by 128.8 percent
in the fourth quarter.
The company's operating result showed a loss of -1.9 (-0.1) million euro. The
operating profit declined by 1.8 million euro. In addition to changes in the
exchange rate of the local currency, the fourth-quarter decline in operating
profit was primarily attributable to a substantial increase in depreciation due
to the application of IAS 29. Operating profit calculated in local currency
(without adjustment for inflation) improved on the previous year, amounting to
2.7 (-1.1) percent of net sales.
FINANCING AND INVESTMENTS
Olvi Group's balance sheet total at the end of December 2011 was 253.6 (236.1)
million euro. Equity per share at the end of 2011 stood at 6.11 (6.13) euro, a
change of -0.02 euro per share on the previous year (the last year's per-share
ratios have been adjusted for comparability with 2011). The equity to total
assets ratio remained at Olvi Group's long-term target of 50 percent. The
actual figure at the end of December was 50.6 (54.7) percent. Gearing stood at
43.2 (29.5) percent. The current ratio, which represents liquidity, was 1.0
(1.3).
The amount of interest-bearing liabilities at the end of 2011 was 59.2 (46.1)
million euro, including current liabilities of 28.3 (8.7) million euro. The
balance sheet figures and key ratios also reflect the impacts of devaluation of
the Belarusian rouble.
Olvi Group's gross capital expenditure in 2011 amounted to 43.2 (24.5) million
euro. The parent company Olvi accounted for 11.9 million euro, the Baltic
subsidiaries for 7.6 million euro and Lidskoe Pivo for 23.7 million euro of the
total.
The largest investments in Finland in 2011 consisted of the modernisation of
wine separation and filtering equipment, an extension to the tank cellar and
improvements in the efficiency of the filling halls and storehouse logistics.
Olvi also started the construction of a new canning line towards the end of the
year.
In the Baltic states, A. Le Coq's investments were focused on labelling
machines for the filling lines, as well as systems for the processing of malt
and water. Cesu Alus modernised its bottle formats and built an extension to
the yeast tank cellar. Volfas Engelman's investments comprised an extension to
the pressure tank cellar and fermentation tanks, as well as some filling line
equipment and machinery.
Lidskoe Pivo's investment programme was continued in the review period by
completing the previously started increases in production and storage capacity.
PRODUCT DEVELOPMENT AND NEW PRODUCTS
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.
Finland
Olvi's new beer products in the spring of 2012 include OLVI Reino (0.568-litre
can), the low-alcohol beer Sven Tuuva 3.5% (0.5-litre can) and Sandels Special
Edition in a 0.5-litre recyclable glass bottle. New ciders include OLVI Aino
(0.5-litre can), OLVI Cider Tropical Fruit flavour in a 0.45-litre recyclable
deposit bottle, as well as the sparkling-wine-like FIZZ Sparkling Dry
(0.5-litre can). New long drinks include the OLVI Leguana long drink in
0.5-litre cans and 6-packs (0.33-litre cans).
New soft drinks to be launched in the beginning of April include the popular
brand Angry Birds with Tropic and Paradise flavours (0.33-litre can). The OLVI
family of soft drinks also saw some development. New mineral waters include
KevytOlo Aloe Vera (1.5-litre recyclable plastic bottle), as well as
juice-mineral waters KevytOlo Cranberry and Orange-Carrot (0.95-litre
recyclable plastic bottle). The energy drink range will see the new Super TEHO
in 0.355-litre sleek cans, which are narrower and higher than normal cans and
constitute a more attractive premium type of packaging. Olvi will also enter a
completely new product segment through the launch of the TEHO Sport family of
sports drinks, including two ready-to-drink products and two beverage
concentrates. The range of juices will be supplemented by functional Aura
Active juices in the flavours of Multivitamin, Apple-Pear and Cranberry.
Subsidiaries
A. Le Coq in Estonia supplemented its Aura Fresh range of juice drinks with the
new flavour of apple. Intra-Group cooperation was continued with the launch of
Sandels beer in Estonia in late January in 0.568-litre cans.
Cesu Alus in Latvia also launched Sandels beer in 0.568-litre cans in January.
Other new products in beers include Peterocka 5% and Semjorka 7% in 2-litre PET
bottles, Cesu Nefiltrētais 5.4% (0.568-litre can) and Cesu Nefiltrētais
Baltalus 5% (0.5-litre glass bottle). New long drinks include Cesu 10% Apple
and Blackcurrant in 0.280-litre PET bottles, Cesu Džons Pina Colada 5% in
0.5-litre cans and Cesu Džons Cherry edition 5% in 1.5-litre PET bottles. In
ciders, Cesu will launch Sherwood 4.7% apple and pear ciders in 0.33-litre
glass bottles and FIZZ Fragolino 4.7% in 0.5-litre cans. New soft drinks
include Lemonade Klasiska in 0.33-litre glass bottles, geared for the adult
taste, as well as RC Cola Kick in 1.5-litre PET bottles and naturally brewed
Ulmaņlaiku kvass in 0.568-litre cans.
Volfas Engelman in Lithuania launched G:N Grapefruit 5.6% long drink in
1.5-litre PET bottles and Smetoniška kvass in 0.5-litre PET bottles in
November.
Lidskoe Pivo in Belarus launched a dark kvass in 0.75-litre and 1.5-litre PET
bottles.
PERSONNEL
Olvi Group's average number of personnel in January-December was 2,032 (2,051).
The Group's average number of personnel decreased by 19 people or 0.9 percent.
The total number of personnel at the end of December 2011 was 1,905 (1,973).
Olvi Group's average number of personnel by country:
Finland 383 (378)
Estonia 311 (312)
Latvia 217 (207)
Lithuania 205 (195)
Belarus 916 (959)
Total 2032 (2051)
CHANGES IN CORPORATE STRUCTURE IN 2011
During 2011, the parent company Olvi increased its holding in Cesu Alus by 0.16
percent. At the end of December 2011, Olvi Group's holding in Cesu Alus was
99.53 percent, in A. Le Coq 100.0 percent, in Volfas Engelman 99.57 percent and
in Lidskoe Pivo 91.58 percent.
OLVI A SHARE AND SHARE MARKET
The total number of Olvi plc shares at the end of December 2011 was 20,758,808,
of these 17,026,552 or 82.0 percent being publicly traded Series A shares and
3,732,256 or 18.0 percent Series K shares. In April 2011, Olvi implemented a
free issue (split) in which one Series A share produced one free Series A
share, and one Series K share produced one free Series K share. Due to the
issue, the numbers of shares in Olvi doubled.
Each Series A share carries one (1) vote and each Series K share carries twenty
(20) votes. Treasury shares held by the company itself are ineligible for
voting. Olvi's share capital at the end of December 2011 stood at 20.8 million
euro. Detailed information on Olvi's shares and share capital can be found in
the tables attached to this financial statements bulletin, in Table 5, Section
4.
The total trading volume of Olvi A shares on Nasdaq OMX Helsinki in 2011 was
3,208,911 (3,256,516) shares, which represented 18.8 (19.1) of all Series A
shares. The value of trading was 62.3 (45.7) million euro.
The Olvi A share was quoted on Nasdaq OMX Helsinki (Helsinki Stock Exchange) at
14.75 (15.35) euro at the end of 2011. In January-December, the highest quote
for the Series A share was 19.86 (15.73) euro and the lowest quote was 13.49
(12.01) euro. The per-share data for the previous year has been adjusted for
comparability with the year 2011.
At the end of December 2011, the market capitalisation of Series A shares was
251.1 (261.4) million euro and the market capitalisation of all shares was
306.2 (318.6) million euro.
The number of shareholders at the end of December 2011 was 9,146 (8,089).
Foreign holdings plus foreign and Finnish nominee-registered holdings
represented 17.5 (18.9) percent of the total number of book entries and 6.1
(6.4) percent of total votes.
Foreign and nominee-registered holdings are reported in Table 5, Section 9 of
the tables attached to this financial statements bulletin, and the largest
shareholders are reported in Table 5, Section 10.
TREASURY SHARES
Olvi held 1,124 of its own Series A shares on 31 December 2011 as treasury
shares.
Treasury shares held by Olvi plc are reported in the tables section of this
financial statements bulletin, in Table 5, Section 6.
SHARE-BASED INCENTIVE SCHEMES
A declaration of Olvi Group's share-based payments can be found in the tables
section of this financial statements bulletin, in Table 5, Section 5.
FLAGGING NOTICES
Olvi did not receive any flagging notices during the financial year 2011.
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.
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 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, personnel, information security and systems, as well as changes in
foreign exchange rates.
Raw materials
General economic development and annual fluctuations in crop yield affect the
prices and availability of major raw materials used within Olvi Group.
Disruptions in raw material deliveries may hamper customer relations and
business operations. Purchases of major raw materials are made under
procurement contracts standardised at the Group level. The Group aims to secure
the predictability of purchase prices for critical raw materials through
long-term procurement contracts. At the end of the review period, the company
initiated a survey of hedging policy for raw materials. All units emphasise the
significance of the quality of raw materials and other production factors in
the overall production chain.
Production process
The aim is to minimise production risks through clear documentation of
processes, increasing the degree of automation, compliance with quality
management system and the pursuit of clear operating methods in relation to
decision-making and supervision. The efficiency and applicability of processes
and methods are monitored using internal indicators. The monitoring and
development of production efficiency includes, among other things, the
reliability and utilisation rate of production machinery, development of the
working environment and factors related to people's work. The Group has a
property and loss-of-profits insurance programme covering all of the operating
areas, and its coverage is reviewed annually.
Markets and customers
The Group's business operations are characterised by substantial seasonal
variation. The net sales and operating profit from the reported geographical
segments do not accumulate evenly but vary substantially according to the time
of the year and the characteristics of each season.
Negative changes in the economy may impact consumers' purchasing behaviour and
hamper the liquidity of hotel and restaurant customers in particular. All Group
companies employ efficient credit controls as a major method for minimising
credit losses.
Legislative changes and other changes in the operations of authorities, such as
changes in excise taxes and marketing restrictions, may affect the demand for
the Group's products and their relative competitive position.
Personnel
Risks related to personnel include, among others, risks in obtaining labour,
employment relationship risks, key person risks, competence risks and risks
arising from insufficient well-being and accidents at work.
Crucial focal points in HR management include maintaining and developing a good
employer image, as well as ensuring the availability and commitment of
personnel. Other focal points include maintaining and developing well-being and
safety at work, management, training and incentive schemes, as well as the
construction and maintenance of backup personnel systems.
Information security and IT
Olvi Group employs an information security policy pertaining to all of the
companies. It defines the principles for implementing information security and
provides guidelines for its development.
Risks related to information technology and systems are manifested as
operational disruptions and deficiencies, for example. The availability and
correctness of data is ensured through the choice of operating methods and
various technical solutions. The Group's operations in Finland and the Baltic
states utilise a common enterprise resource planning system. The system will be
introduced into use in Belarus during the financial year 2012. A risk analysis
pertaining to information security and the operation of information systems is
carried out annually.
Financing risks
The Group operates in an international market and is therefore exposed to
foreign exchange risk due to changes in exchange rates. Foreign exchange risk
consists of sales, purchases and balance sheet items in foreign currency
(transaction risk), as well as investments and loans in foreign subsidiaries
(valuation risk). Foreign exchange risk is reduced by the fact that most of the
Group's product sales and purchases of raw materials are denominated in euro.
The objective of financing risks management is to protect the Group against
unfavourable changes in the financial markets and to secure the Group's
earnings development, liquidity and equity. The parent company's financial
management bears central responsibility for the Group's financing and the
management of financing risks in accordance with principles confirmed by the
Group's Board of Directors. The objectives of centralisation include
optimisation of cash flows, cost savings and efficient risk management.
Financing risks are described in more detail in the Investors section of the
corporate Web site.
Legal proceedings and other pending legal issues
There is one trademark-related lawsuit pending against the company in Finland.
According to management estimate, the outcome of the dispute does not have any
substantial negative effect on the Group's financial position.
BUSINESS RISKS AND UNCERTAINTIES IN THE NEAR TERM
The economic situation and future development in Europe is characterised by
uncertainty. However, the outlook for the daily consumer goods market can be
considered stable in comparison to many other industries. An increase in the
unemployment rate and the resulting decline in consumer purchasing power may
have a negative effect on the demand for the company's products.
The most substantial factor hampering the predictability of Olvi Group's
business relates to Belarus and its economic outlook for the next few years.
Devaluation of the Belarusian rouble against the euro can be considered
probable in the near term. Also sustained high inflation can be considered
probable. The change in the Belarusian consumer price index in January-November
2011 was 104 percent and in the last three years 146.8 percent, due to which
the IAS 29 standard (“Financial Reporting in Hyperinflationary Economies”) will
probably be applied at least until 2014. Devaluation of the local currency is
estimated to decrease the imports and increase the exports of beer.
EVENTS AFTER THE REVIEW PERIOD
On 10 January 2012, the company received a flagging notice from The Family
Kamprad Foundation. According to the notice, the foundation's holding had
increased to 5.28 percent of Olvi plc's share capital and 1.20 percent of the
votes. The foundation holds a total of 1,095,700 Olvi Series A shares.
In its stock exchange release of 6 February 2012, Olvi adjusted its earnings
outlook for 2011 originally disclosed on 27 October 2011. The company announced
that the fourth-quarter operating profit will fall short of the forecast and
the previous year due to devaluation of the Belarusian rouble (BYR). The
full-year operating profit was estimated to be approximately 26.5 million euro.
Marius Horbacauskas has been appointed Managing Director of the Lithuanian
company Volfas Engelman as of 1 March 2012.
NEAR-TERM OUTLOOK
The full-year sales volumes and net sales level are expected to develop
favourably in the current accounting period. The full-year operating profit for
2012 is estimated to equal or slightly exceed the previous year's result.
BOARD OF DIRECTORS' PROPOSAL FOR THE DISTRIBUTION OF PROFIT
Olvi plc's dividend policy is active and earnings-based.
The parent company Olvi plc had 42.9 (39.7) million euro of distributable funds
on 31 December 2011, of which profit for the period accounted for 13.1 (7.5)
million euro.
Olvi plc's Board of Directors proposes to the Annual General Meeting that
distributable funds be used as follows:
1) A dividend of 0.50 (0.50) euro shall be paid for 2011 on each Series K and
Series A share, totalling 10.4 (10.4) million euro. The dividend represents
76.9 (41.5) percent of Olvi Group's earnings per share. The dividend will be
paid to shareholders registered in Olvi plc's register of shareholders held by
Euroclear Finland Ltd on the record date of the dividend payment, 16 April
2012. It is proposed that the dividend be paid on 23 April 2012.
No dividend shall be paid on treasury shares.
2) 32.5 million euro shall be retained in the parent company's non-restricted
equity.
ANNUAL SUMMARY
An annual summary of disclosures made by the company in 2011 can be found on
the company's Web site under Investors/Press releases/Stock Exchange releases.
FINANCIAL REPORTS IN 2012
Olvi Group's financial statements, Board of Directors' report and Corporate
Governance Statement 2011 will be published on 19 March 2012. The notice to
convene Olvi plc's Annual General Meeting, which will be held on 11 April 2012
in Iisalmi, will be published on 19 March 2012. The financial statements, Board
of Directors' report and notice to convene the AGM will be available on Olvi
plc's Web site on the same day.
The following interim reports will be released in 2012:
Interim Report for January-March on 26 April 2012,
Interim Report for January-June on 9 August 2012 and
Interim Report for January-September on 26 October 2012.
Further information:
Lasse Aho, Managing Director, Olvi plc, phone +358 17 838 5200 or +358 400 203
600
OLVI PLC
Board of Directors
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 financial statements, Table 5
DISTRIBUTION:
NASDAQ OMX Helsinki Ltd
Key media
www.olvi.fi
OLVI GROUP TABLE 1
INCOME STATEMENT
EUR 1,000
10-12/ 10-12/ 1-12/ 1-12/
2011 2010 2011 2010
Net sales 60907 61420 285174 267509
Other operating income 184 325 522 717
Operating expenses -54369 -54252 -240376 -219101
Depreciation and impairment -5265 -4688 -18637 -18640
Operating profit 1457 2805 26683 30485
Financial income 7694 246 7826 514
Adjustments for hyperinflation 526 0 526 0
Financial expenses -6516 -168 -16596 -1831
Financial expenses - net 1704 78 -8244 -1317
Earnings before tax 3161 2883 18439 29168
Taxes *) -2758 -192 -5485 -3909
NET PROFIT FOR THE PERIOD 403 2691 12954 25259
Other comprehensive income items:
Translation differences related to
foreign subsidiaries -1567 604 -15170 557
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD -1164 3295 -2216 25816
Distribution of profit:
- parent company shareholders 591 2689 13506 24954
- non-controlling interests -188 2 -552 305
Distribution of comprehensive profit:
- parent company shareholders -581 3242 -340 25405
- non-controlling interests -583 53 -1876 411
Earnings per share calculated from the profit
belonging
to parent company shareholders, EUR
- undiluted 0.03 0.13 0.65 1.21**)
- diluted 0.03 0.13 0.65 1.21**)
*) Taxes calculated from the profit for the review period.
**) The per-share ratios have been adjusted for comparability with the 2011
figures.
The notes constitute an essential part of the financial statements.
OLVI GROUP TABLE 2
BALANCE SHEET
EUR 1,000
31.12.2011 31.12.2010
ASSETS
Non-current assets
Tangible assets 142443 124857
Goodwill 16761 17169
Other intangible assets 1017 1134
Financial assets available for sale 548 545
Loan receivables and other non-current receivables 141 137
Deferred tax receivables 196 1682
Total non-current assets 161106 145524
Current assets
Inventories 35875 35124
Accounts receivable and other receivables 52718 47270
Other non-current assets available for sale 56 333
Liquid assets 3836 7891
Total current assets 92485 90618
TOTAL ASSETS 253591 236142
SHAREHOLDERS' EQUITY AND LIABILITIES
Shareholders' equity held by parent company shareholders
Share capital 20759 20759
Other reserves 1092 1092
Treasury shares -8 -222
Translation differences -18248 -4402
Retained earnings 123286 109750
126881 126977
Share belonging to non-controlling interests 1341 2277
Total shareholders' equity 128222 129254
Non-current liabilities
Loans 29436 35607
Other liabilities 1513 1755
Deferred tax liabilities 2097 1847
Current liabilities
Loans 27039 7578
Accounts payable and other liabilities 64953 59739
Income tax liability 331 362
Total liabilities 125369 106888
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 253591 236142
The notes constitute an essential part of the financial statements.
OLVI GROUP TABLE 3
CHANGES IN OLVI GROUP'S CONSOLIDATED SHAREHOLDERS'
EQUITY
Share Other Treasu Transl Accrue Share of Total
capita reserv ry ation d non-controll
l es shares differ earnin ing
reserv ences gs interests
e
EUR 1,000
Shareholders' 20759 1092 -222 -4853 92746 2764 112286
equity 1 Jan 2010
Payment of -8345 -8345
dividends
Acquisition of shares from
non-controlling
interests 395 395
Total comprehensive income 451 25259 106 25816
for the period
Share of profit belonging
to non-controlling
interests -305 305 0
Change in share belonging
to non-controlling
interests -898 -898
Shareholders' 20759 1092 -222 -4402 109750 2277 129254
equity 31 Dec
2010
Share Other Treasu Transl Accrue Share of Total
capita reserv ry ation d non-controll
l es shares differ earnin ing
reserv ences gs interests
e
1000 EUR
Shareholders' 20759 1092 -222 -4402 109750 2277 129254
equity 1 Jan 2011
Adjustments for 10672 981 11653
hyperinflation
Adjusted 20759 1092 -222 -4402 120422 3258 140907
shareholders'
equity 1 Jan 2011
Payment of -10659 -10659
dividends
Transfer of 214 -214 0
treasury shares
Gains from transfer of 216 216
treasury shares
Total comprehensive income -13846 12954 -1324 -2216
for the period
Share of profit belonging
to non-controlling
interests 552 -552 0
Acquisition of shares from
non-controlling
interests 15 15
Change in share belonging
to non-controlling
interests -41 -41
Shareholders' 20759 1092 -8 -18248 123286 1341 128222
equity 31 Dec
2011
Other reserves include the share premium account, legal reserve and other
reserves.
The notes constitute an essential part of the financial statements.
OLVI GROUP TABLE 4
OLVI GROUP
CASH FLOW STATEMENT
EUR 1,000
1-12/2011 1-12/2010
Net profit for the period 12954 25259
Adjustments to profit for the period 32530 22253
Change in net working capital -3910 -1489
Interest paid -2205 -1848
Interest received 151 514
Taxes paid -5064 -2767
Cash flow from operations (A) 34456 41922
Investments in tangible assets -33358 -17419
Investments in intangible assets -295 -522
Sales gains from tangible and intangible
assets 130 376
Expenditure on other investments -2980 -257
Cash flow from investments (B) -36503 -17822
Withdrawals of loans 30266 25000
Repayments of loans -17103 -41288
Increase (-) / decrease (+) in current interest-
bearing business receivables 0 -2
Dividends paid -10377 -8321
Cash flow from financing (C) 2785 -24611
Increase (+)/decrease (-) in liquid assets (A+B+C) 738 -511
Liquid assets 1 January 7891 8402
Effect of exchange rate changes -4793 7891
Liquid assets 31 December 3836 -511
The notes constitute an essential part of the financial statements.
OLVI GROUP TABLE 5
NOTES TO THE FINANCIAL STATEMENTS
The financial statements for 1 January to 31 December 2011 have been prepared
in compliance with the International Financial Reporting Standards (IFRS),
observing the IAS and IFRS standards as well as the official SIC and IFRIC
interpretations valid on 31 December 2011.
The accounting policies used for the preparation of the financial statements
2011 are the same as those used for the annual financial statements 2010, with
the exception of the following changes due to new and revised IFRS standards
and IFRIC interpretations:
- IAS 24 (Revised), Related Party Disclosures
- IAS 32 (Amendment), Classification of Rights Issues
- IFRIC 19, Extinguishing Financial Liabilities with Equity Instruments
- IFRS 14 (Amendment), Prepayments of a Minimum Funding Requirement
The above changes in standards and their interpretations have not had any
substantial effect on the income statement, balance sheet or notes.
The information in the financial statements bulletin is presented in thousands
of euros (EUR 1000). For the sake of presentation, individual figures and
totals have been rounded to full thousands, which causes rounding differences
in additions. The ratios are calculated from exact amounts in euros.
1. SEGMENT INFORMATION
SALES BY GEOGRAPHICAL SEGMENT (1,000 litres)
10-12/ 10-12/ 1-12/ 1-12/
2011 2010 2011 2010
Olvi Group total 116701 106615 518211 471913
Finland 36704 34261 149084 136832
Estonia 28053 26763 133421 124772
Latvia 15787 13557 75352 68705
Lithuania 14235 13115 67540 59075
Belarus 27015 23803 128005 111323
- sales between segments -5093 -4884 -35191 -28794
NET SALES BY GEOGRAPHICAL SEGMENT (EUR 1,000)
10-12/ 10-12/ 1-12/ 1-12/
2011 2010 2011 2010
Olvi Group total 60907 61420 285174 267509
Finland 29117 27155 119788 110989
Estonia 16024 14918 75964 69935
Latvia 7039 6065 35184 31448
Lithuania 6470 5933 29495 26379
Belarus 4690 9573 39609 40769
- sales between segments -2433 -2224 -14866 -12011
OPERATING PROFIT BY GEOGRAPHICAL SEGMENT (EUR 1,000)
10-12/ 10-12/ 1-12/ 1-12/
2011 2010 2011 2010
Olvi Group total 1457 2806 26683 30485
Finland 1530 913 13239 11702
Estonia 1920 2027 12973 11905
Latvia -139 -8 737 1714
Lithuania -112 -25 411 1423
Belarus -1889 -133 737 4444
- eliminations 147 32 -1414 -703
2. PERSONNEL ON AVERAGE
1-12/2011 1-12/2010
Finland 383 378
Estonia 311 312
Latvia 217 207
Lithuania 205 195
Belarus 916 959
Total 2032 2051
3. RELATED PARTY TRANSACTIONS
Employee benefits to management
Salaries and other short-term employee benefits to the Board of Directors and
Managing Directors
EUR 1,000
1-12/2011 1-12/2010
Managing Directors 1017 668
Chairman of the Board 150 225
Other members of the Board 125 109
Total 1292 1002
4. SHARES AND SHARE CAPITAL
31.12.2011 %
Number of A shares 17026552 82.0
Number of K shares 3732256 18.0
Total 20758808 100.0
Total votes carried by A shares 17026552 18.6
Total votes carried by K shares 74645120 81.4
Total number of votes 91671672 100.0
The General Meeting of Olvi plc on 7 April 2011 decided to implement a free
issue (split) in which one Series A share produced one free Series A share, and
one Series K share produced one free Series K share. 8,513,276 Series A shares
and 1,866,128 Series K shares were issued. After the issue, the number of
Series A shares is 17,026,552 and the number of Series K shares is 3,732,256.
The total number of shares is 20,758,808.
All shareholders registered in the list of shareholders on the record date 12
April 2011 were entitled to the new shares issued. The new Series A shares were
included in public trading and the book-entry system on 13 April 2011, at which
time they carried shareholders' rights.
Votes per Series A share 1
Votes per Series K share 20
The registered share capital on 31 December 2011 totalled 20,759 thousand euro.
Olvi Group's General Meeting of 7 April 2011 decided to amend Article 3 of the
Articles of Association by eliminating the reference to nominal value of
shares.
Olvi plc's Series A and Series K shares received a dividend of 1.00 euro per
share for 2010 (0.80 euro per share for 2009), totalling 10.4 (8.3) million
euro. The dividends were paid on 19 April 2011. The new shares issued in the
free issue decided by the General Meeting of 7 April 2011 did not entitle to
dividends paid for 2010.
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 26 January 2006 on a share-based
incentive scheme for Olvi Group's key personnel.
The share-based bonus scheme was a part of the incentive and commitment scheme
for the Group's key personnel and its purpose was to combine the objectives of
shareholders and key personnel to improve the company's value.
The scheme included two vesting periods, the first one extending from 1 January
2006 to 31 December 2007 and the second one from 1 January 2008 to 31 December
2010. The amount of bonuses payable out of the scheme was linked to Olvi
Group's net sales and the operating profit percentage in relation to net sales.
The bonuses were paid partially in Olvi plc's Series A shares and partially in
cash. The proportion paid in cash covered the taxes and other statutory fees
arising from the share-based bonuses. The bonuses for the first vesting period
were paid in April 2008. The shares carried a ban on transferring them within
two years of reception.
The bonuses for the second vesting period were paid in April 2011. 50 percent
of the shares received as bonus for the second vesting period may be
transferred after one year of reception, and 100 percent after two years of
reception. The right to dividends began when the shares were transferred to the
key employees' book-entry accounts.
The share-based bonuses paid for the second vesting period in 2011 totalled
11,838 Olvi plc Series A shares (the shares were transferred before the free
issue, or split, implemented by Olvi plc on 12 April).
The target group of the scheme included 20 key employees.
The incentive scheme does not have any diluting effect.
Olvi plc's Board of Directors has not decided on any new share-based incentive
schemes for Olvi Group's key personnel.
Olvi Group has no warrants or options.
6. TREASURY SHARES
Olvi plc held a total of 12,400 of its own Series A shares on 1 January 2011
(before the split). The total purchase price of treasury shares was 222
thousand euro.
On 7 April 2011, 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 245,000 Series A
shares (before the split).
The Annual General Meeting also decided to revoke all existing unused
authorisations for the transfer of own shares and authorise the Board of
Directors of Olvi plc to decide on the transfer of any A shares acquired on the
company's own account within one year of the Annual General Meeting.
Olvi plc's Board of Directors has not exercised the authorisation granted by
the General Meeting to acquire more Series A shares during January-December
2011.
In April 2011 Olvi plc's Board of Directors transferred a total of 11,838
treasury shares (before the split) as bonuses for the second vesting period to
key employees belonging to the Group's share-based incentive scheme.
After the share-based bonuses were paid, Olvi plc held a total of 562 of its
own Series A shares. Because Olvi plc implemented a free issue on 12 April 2011
in which one Series A share produced one new Series A share and one Series K
share produced one new Series K share, the number of Series A shares held by
Olvi plc after the split was 1,124.
On 31 December 2011, Olvi plc still held a total of 1,124 of its own Series A
shares acquired for a price of 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.
7. NUMBER OF SHARES *)
1-12/2011 1-12/2010 **)
- average 20751392 20734008
- at end of period 20757684 20734008
*) Treasury shares deducted.
**) The numbers of shares have been adjusted for comparability with the numbers
for 2011.
8. TRADING OF SERIES A SHARES ON THE HELSINKI STOCK EXCHANGE
1-12/2011 1-12/2010
Trading volume of Olvi A shares 3208911 3256516 *)
Total trading volume, EUR 1,000 62299 45735
Traded shares in proportion to
all Series A shares, % 18.8 19.1
Average share price, EUR 21.13 14.03 *)
Price on the closing date, EUR 14.75 15.35 *)
Highest quote, EUR 19.86 15.73 *)
Lowest quote, EUR 13.49 12.01 *)
*) The figures have been adjusted for comparability with the figures for 2011.
9. FOREIGN AND NOMINEE-REGISTERED HOLDINGS ON 31 DECEMBER 2011
Book entries Votes Shareholders
qty % qty % qty %
Finnish total 17136744 82.55 86106136 93.93 9095 99.44
Foreign total 821212 3.96 2764684 3.02 42 0.46
Nominee-registered (foreign) 498 0.00 498 0.00 2 0.02
total
Nominee-registered (Finnish) 2800354 13.49 2800354 3.05 7 0.08
total
Total 20758808 100.00 91671672 100.00 9146 100.00
10. LARGEST SHAREHOLDERS ON 31 DECEMBER 2011
Series Series A Total % Votes %
K
1. Olvi Foundation 2363904 896332 3260236 15.71 48174412 52.55
2. Hortling Heikki 901424 155124 1056548 5.09 18183604 19.84
Wilhelm *)
3. The Heirs of Hortling 187104 25248 212352 1.02 3767328 4.11
Kalle Einari
4. Hortling Timo Einari 165824 34608 200432 0.97 3351088 3.66
5. Hortling-Rinne Marit 102288 2100 104388 0.50 2047860 2.23
6. Nordea Bank Finland plc, 1666507 1666507 8.03 1666507 1.82
nominee register
7. Ilmarinen Mutual Pension 903235 903235 4.35 903235 0.99
Insurance Company
8. Pohjola Bank plc, nominee 629500 629500 3.03 629500 0.69
register
9. Autocarrera Oy Ab 460000 460000 2.22 460000 0.50
10. Nasdaq OMXBS/Skandinaviska Enskilda
Banken Ab, nominee register 440468 440468 2.12 440468 0.48
Others 11712 11813430 11825142 56.96 12047670 13.13
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
1-12/2011 1-12/2010
Increase 42937 23044
Decrease -6436 -4405
Total 36501 18639
12. CONTINGENT LIABILITIES 31.12.2011 31.12.2010
EUR 1,000
Pledges and contingent liabilities
For own commitments 4632 4453
For others 130 810
Leasing liabilities:
Due within one year 644 748
Due within 1 to 5 years 663 672
Due in more than 5 years 0 0
Total leasing liabilities 1307 1420
Package liabilities 4208 3648
Other liabilities 1980 1980
13. 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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