2008-04-24 08:45:00 CEST
2008-04-24 08:45:02 CEST
REGULATED INFORMATION
Olvi Oyj - Interim report (Q1 and Q3)
OLVI GROUP'S INTERIM REPORT, 1 JANUARY TO 31 MARCH 2008 (3 MONTHS)
OLVI PLC INTERIM REPORT 24 APRIL 2008 9.45 am
OLVI GROUP'S INTERIM REPORT, 1 JANUARY TO 31 MARCH 2008 (3 MONTHS)
Olvi Group's net sales continued on a strong growth track but relative
profitability declined. Olvi Group's net sales amounted to 45.8 (39.8) million
euro. Operating profit for the period under review amounted to 3.2 (3.6) million
euro. The Group's gross capital expenditure amounted to 8.7 (4.8) million euro,
and its equity to total assets ratio stood at 47.7 percent (48.9%). Earnings per
share amounted to 0.22 (0.26) euro.
OLVI GROUP'S KEY INDICATORS
Change
1-3/2008 1-3/2007 % 1-12/2007
Net sales, MEUR 45.8 39.8 + 15.2 205.2
Operating profit, MEUR 3.2 3.6 - 13.2 23.1
Gross capital expenditure, MEUR 8.7 4.8 + 81.3 25.4
Earnings per share, EUR 0.22 0.26 1.83
Equity per share, EUR 8.83 7.71 8.61
Equity to total assets, % 47.7 48.9 47.7
Gearing, % 52.3 52.7 45.6
SALES VOLUME, NET SALES AND EARNINGS
Olvi Group
Olvi Group's sales in the first quarter of 2008 increased to 73 (67) million
litres. This represents an increase of 6 million litres or 8.5 percent on the
previous year. The sales improvement in Finland was 21.3 percent and in the
Baltic states 6.2 percent.
The Group's net sales from January to March amounted to 45.8 (39.8) million
euro. This represents an increase of 6.0 million euro or 15.2 percent on the
previous year. Net sales in Finland amounted to 23.3 (19.3) million euro and
aggregate net sales in the Baltic states to 25.8 (22.4) million euro, an
increase of 3.4 million euro. Net sales in Finland increased by 20.9 percent in
the first quarter, while net sales in the Baltic states increased by 15.1
percent. The net sales increase in the Baltic states clearly outperformed the
increase in sales volume.
Olvi Group's net sales in the first quarter amounted to 3.2 (3.6) million euro.
Operating profit came to 6.9 (9.2) percent of net sales. The aggregate
operating profit of the units in the Baltic states was on a par with the
previous year, while the parent company Olvi plc's profit fell short of the
previous year.
In the period under review, earnings after taxes stood at 2.3 (2.7) million
euro. Earnings per share calculated from the profit belonging to parent company
shareholders in the first quarter of 2008 stood at 0.22 (0.26) euro per share.
Owing to the seasonal character of the brewing industry, the majority of the
full-year net sales and operating profit is made during the second and third
quarters.
Parent company Olvi plc
The parent company Olvi plc's sales improved substantially in the first quarter.
Sales from January to March amounted to 32 (27) million litres, representing an
increase of 6 million litres or 21.3 percent.
Factors affecting the growth included a clear increase in Olvi plc's market
share in beers, as well as a large number of new products. In terms of litres
sold, the greatest increase was seen in beers, while proportional growth was
greatest in long drinks. According to sales monitoring by the Federation of the
Brewing and Soft Drinks Industry, Olvi plc's overall market position in the main
product groups was 22.6% in the period under review.
The parent company's net sales from January to March amounted to 23.3 (19.3)
million euro, representing an increase of 4.0 million euro or 20.9 percent on
the previous year.
Operating profit for the first quarter of the year, January to March, stood at
1.0 (1.5) million euro or 4.2 (8.0) percent of net sales. Operating profit fell
short of the previous year's level due to increased costs of raw materials and
packaging supplies, which could not be transferred to product prices in full
during the first quarter. Furthermore, the packaging reform concerning the
entire industry, which involves a transition from refillable plastic bottles to
single-use recyclable plastic bottles, has been substantially slower than
planned across the entire industry, which causes additional logistics costs. In
addition, total consumption in March, which is the most important month of the
first quarter, fell substantially short of the previous year.
Scrapping of the obsolete package inventory resulted in 0.2 (0.4) million euro
of write-downs on inventories that burdened the January-March earnings.
AS A. Le Coq
The Estonian subsidiary AS A. Le Coq's first-quarter sales were on a par with
the previous year at 28 (28) million litres.
In terms of litres sold, the greatest increase was seen in beers, while
proportional growth was greatest in ciders. However, the sales of mineral
waters, well-being beverages and long drinks declined somewhat on the previous
year.
A. Le Coq's net sales growth in January-March outperformed the growth in sales
volume. Net sales in the first quarter totalled 15.3 (14.0) million euro,
representing an increase of 1.3 million euro or 9.3 percent.
Operating profit in January-March stood at 2.1 (1.8) million euro, which was
13.5 (12.6) percent of net sales. The operating profit increased by 0.3 million
euro or 17.0 percent compared to the previous year.
A/S Cesu Alus
The sales of A/S Cesu Alus operating in Latvia continued on a strong growth
track also in the first quarter of 2008. Sales in January-March increased by
almost 3 million litres to 12 (9) million litres, an increase of 25.9 percent.
In terms of volume, the greatest growth was seen in beers, while proportional
growth was greatest in mineral waters and ciders.
A/S Cesu Alus's net sales growth in January-March outperformed the growth in
sales volume. Net sales in the first quarter increased to 6.0 (4.3) million
euro, representing an increase of 1.7 million euro or 38.3 percent.
Operating profit in January—March was on a par with the previous year at 0.1
(0.1) million euro.
AB Ragutis
The first-quarter sales of AB Ragutis operating in Lithuania were approximately
on a par with the previous year at 8 (8) million litres.
However, the net sales of AB Ragutis increased in the first quarter. Net sales
in January-March increased by 10.3 percent to 4.5 (4.1) million euro, an
increase of 0.4 million euro.
AB Ragutis's operating profit for the first quarter stood at -0.1 (0.2) million
euro, a difference of -0.3 million euro compared to the previous year.
FINANCING AND INVESTMENTS
Olvi Group's balance sheet total at the end of March 2008 was 194.1 (163.7)
million euro. Equity per share in January-March stood at 8.83 (7.71) euro. The
equity to total assets ratio, 47.1 (48.9) percent, declined slightly on the
previous year. The amount of interest-bearing liabilities was 49.4 (44.4)
million euro, including current liabilities of 20.8 (19.5) million euro.
During the period under review, Olvi Group's gross capital expenditure amounted
to 8.7 (4.8) million euro. The parent company Olvi plc accounted for 3.7 million
euro and the subsidiaries in the Baltic states for 5.0 million euro of the
total. The largest investments in Finland in 2008 will include Olvi plc's
automatic product storage facility, a new canning line and multi-packaging
equipment for the new recyclable plastic bottles. The largest investments in the
Baltic states include a canning line and storage extension at A/S Cesu Alus, as
well as a plastic bottle filling line and a fermentation cellar extension at
Ragutis.
The gross capital expenditure also includes purchases made on finance lease.
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.
NEW PRODUCTS
Olvi plc has introduced plenty of new products to the market during the entire
first quarter. The main themes include Olvi's 130th anniversary, well-being and
health.
The Olvi 130th Anniversary beer was introduced in 0.5 L cans and in six-packs of
0.33 L bottles. The beer has received positive feedback from beer critics and
the media.
The FIZZ product family was expanded with four new flavours: Fizz Cooler Red
Berries and Fizz Cooler Pineapple&Citrus in 0.5 L cans, as well as Fizz Fresh
Perry and Fizz Fresh Apple Light in 0.5 L bottles. In addition to these, both
Coolers are available in six-packs of 0.33 L cans. The Cooler cans are embossed
all around the circumference, 360 degrees. The surface emphasises the freshness
of the product, increasing its attractiveness and shelf impact at retail
outlets.
OLVI Greippi-Lonkero was introduced in a completely new size of package, a
0.95-litre recyclable plastic deposit bottle. OLVI Greippi-Lonkero was
complemented with Olvi Kultalonkero (Gold Long Drink) in cans and six-packs of
cans. The gold colour is visible on the package as well as in the actual
beverage. The product has already gained good distribution coverage.
Olvi expanded the KevytOlo product family with two new well-being beverages.
KevytOlo Piristävä (Energising) tastes of citrus fruit, while KevytOlo for
weight management has a forest berry flavour. Well-being beverages are a
strongly growing segment because healthiness and comprehensive well-being are
important for consumers.
Olvi also launched the juice-mineral water KevytOlo Sitruuna (Lemon). The
product combines the refreshing character and ease of drinking of mineral water
with the naturalness and healthiness of juices.
KevytOlo Vadelma Kalsium (Raspberry Calcium) is targeted at people who need to
increase their calcium intake. The classic product OLVI Vichy was complemented
with a lemon-flavoured variant OLVI Vichy Sitruuna. Lemon is a classic taste of
flavoured mineral waters.
The TEHO energy drink was launched in new recyclable plastic bottles in addition
to cans. The number of competitors in the bottle market for energy drinks is
smaller than in the can market. The bottle was chosen to be of non-transparent
yellow plastic to emphasise performance and maximise the shelf visibility of the
product.
In January 2008, Olvi plc signed a licencing agreement with Warner Bros.
Consumer Products Inc. that entitles Olvi plc to manufacture, sell and
distribute Batman soft drinks in Finland. Batman Cola regular and light will be
packaged in 0.5 L and 1.5 L recyclable plastic deposit bottles.
Baltic states
A.Le Coq, the largest manufacturer of beverages in Estonia, entered the juice
concentrate product group. Concentrated juices were launched in four different
flavours and contain real juice. A.Le Coq, which is already the market leader in
juices, is aiming at a 15% share of the Estonian concentrated juice market by
the end of the year. In terms of ready-mixed beverage, the overall market in
Estonia is some 17 - 19 million litres.
The Aura juice brand was expanded to juice-mineral waters with the Aura Spritzer
products, two variants of lemon and apple juice plus mineral water. Grapefruit
was introduced to regular Aura juices.
A.Le Coq is the Estonian market leader in long drinks. The A.Le Coq GIN Long
Drink product family was expanded with Mohito, which honours the original recipe
of the traditional cocktail.
The energy drink Dynamite launched in Estonia a year ago was complemented by the
Dynamite Red Energy product. It is expected to increase Dynamite's share of the
Estonian energy drink market to 25 percent.
FIZZ Original Dry, which is the best selling dry cider in Finland, was also
launched in Estonia. The dry cider market in Estonia is still in its infancy. It
was natural that FIZZ, the market leader in ciders in Estonia, took the
initiative.
Cesu Alus, which is the second largest and the most rapidly growing brewery in
Latvia, introduced several new products to the market in the first quarter. Aqua
Plus is a range of functional beverages of the “near water” type. Among other
ingredients, the products contain L-carnitine and vitamins. There are three
flavour variants: raspberry, green apple and rhubarb-aloe vera, as well as a
separate grapefruit-flavoured product Aqua Plus Sport for athletes. The FIZZ
cider brand was expanded with cherry. Cēsu Džins, which is the best selling mild
alcohol mixed drink (long drink) in Latvia, was expanded with a new
mandarin-lime flavour.
Ragutis, the third-largest brewery in Lithuania, brought Aura Spritzer and
Dynamite Red Energy from Estonia to the Lithuanian market. It also launched two
new beers: Fortas Pilsner 4.7% and Fortas Nefiltruotas 5.0%, the latter being
nonfiltered.
PERSONNEL
Olvi Group's average number of personnel in January-March was 1,235 (1,142), 423
(343) of them in Finland, 394 (401) in Estonia, 219 (201) in Latvia and 198
(197) in Lithuania. The average number of personnel increased by 93 people or
8.1 percent on the previous year. The total number of personnel at the end of
March was 1,257 (1,165).
GROUP STRUCTURE
At the end of March 2008, Olvi Group's holding in AS A. Le Coq was 100 percent,
in A/S Cesu Alus 97.89 percent and in AB Ragutis 99.57 percent.
RESOLUTIONS OF ANNUAL GENERAL MEETING 10 APRIL 2008
At their Annual General Meeting held on 10 April 2008, the shareholders of Olvi
plc adopted the closing of the accounts for the year 2007 and granted discharge
from liability to the members of the Board of Directors and Managing Director as
regards the fiscal year 2007.
In accordance with the Board's proposal, the General Meeting of Shareholders
decided that a dividend of 0.80 euro be paid on each K and A share for fiscal
2007. The dividend according to the decision represented 43.7 percent of
earnings per share. The dividend payout totalled 8.3 million euro. The dividend
was paid on 22 April 2008 to all shareholders recorded in the company's register
of shareholders maintained by the Finnish Central Securities Depository Ltd on
the record date 15 April 2008 at the latest. The payment of dividends will
expire on 22 April 2013.
Board members and auditors
The Annual General Meeting re-elected the members of the Board who were in
office in 2007: Mr. Heikki Hortling, Chairman of the Board, M.Sc. (Econ),
Iisalmi, Mr. Esa Lager, CFO, LL.M., M.Sc. (Econ), Kauniainen, Mr. Lauri Ratia,
Managing Director, M.Sc. (Eng), Helsinki, Mr. Heikki Sinnemaa, LL.M., Member of
the Bar, Iisalmi, and Mr. Harri Sivula, Managing Director, M.Adm.Sc., Tuusula.
The Annual General Meeting appointed PricewaterhouseCoopers Ltd, Authorised
Public Accountants, as the company's auditor, with Mr. Pekka Loikkanen,
Authorised Public Accountant, Kuopio, as the auditor in charge. Ms. Silja
Komulainen, Authorised Public Accountant, Sotkamo, was elected deputy auditor.
Organisation of the Board of Directors
At its organising meeting held on 10 April 2008, the Board elected Mr. Heikki
Hortling as the Chairman of the Board and Mr. Esa Lager as the Vice Chairman of
the Board.
Decision regarding the acquisition of own A shares
In accordance with the Board of Directors' proposal, the Annual General Meeting
decided to revoke all existing unused authorisations to acquire treasury shares
and authorise the Board of Directors to decide on the acquisition of the
company's own Series A shares using distributable funds. The authorisation is
valid for one year starting from the Annual General Meeting and covers a maximum
of 245,000 Series A shares. The Board of Directors may also decide that any
shares acquired on the company's own account be cancelled by reducing the share
capital.
The authorisation allows the Board of Directors to acquire the company's own
shares for use as consideration in case of any upcoming corporate acquisitions,
for the funding of investments, for the incentive and commitment scheme for key
personnel or for cancellation.
Decision regarding the transfer of own shares
In accordance with the Board of Directors' proposal, the Annual General Meeting
decided to revoke all existing unused authorisations for the transfer of own
shares and authorise the Board of Directors to decide on the transfer of any A
shares acquired on the company's own account within one year of the Annual
General Meeting. The authorisation comprises the transfer of all shares
purchased on the basis of acquisition authorisations granted to the Board of
Directors.
The authorisation grants the Board of Directors with the power to decide to whom
and in what order the shares held by the company shall be transferred. The Board
of Directors could transfer the company's own shares for use as consideration in
case of any upcoming corporate acquisitions, for the funding of investments or
for use within an incentive and commitment scheme for key personnel. The Board
of Directors is authorised to decide on the transfer price of the company's own
shares and on the bases for determining the transfer price.
BUSINESS RISKS AND UNCERTAINTIES IN THE NEAR TERM
The present refillable bottle stock will probably be completely phased out step
by step before the year 2010. This will result in increased non-marketability
write-downs on inventories within the next few years.
As the consumption of beers, ciders and long drinks is increasingly moving to
canned products, the costs of production, raw materials and packaging will
increase in comparison to bottled products, resulting in more intense price
competition.
The prices of raw materials and packaging supplies, as well as the costs of
energy and logistics will increase substantially in 2008. This will impose a
great challenge to optimise the product range and to transfer the cost increases
to product sales prices.
It is still difficult to recruit skilled and committed personnel in the Baltic
states. Personnel costs and the costs of the most important raw materials and
packaging supplies have increased substantially, which together with price
increases on power and fuels imposes a pressure for increasing product prices.
The inflation rate in the Baltic states has accelerated and uncertainty in the
economy has increased, due to which the economic trend in the Baltic states is
under intense supervision.
NEAR-TERM OUTLOOK
The overall market position of Olvi Group companies has strengthened both in
Finland and in the Baltic states. Substantial investments ensure the sufficiency
of capacity supporting our growth and cost-efficient production of versatile
product ranges and alternative packages. Further improvement of the entire Olvi
Group's profitability and competitive ability is a crucial target. Olvi plc is
more intensively seeking growth also outside Finland.
We expect Olvi Group's net sales to increase and operating profit to improve
slightly on the previous year.
Further information:
Lasse Aho, Managing Director
Phone +358 17 838 5200 or +358 400 203 600
OLVI PLC
Board of Directors
APPENDICES
- Balance sheet, Appendix 1
- Income statement, Appendix 2
- Changes in shareholders' equity, Appendix 3
- Cash flow statement, Appendix 4
- Notes to the interim report, Appendix 5
DISTRIBUTION
OMX Nordic Exchange, Helsinki
Key media
www.olvi.fi
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| OLVI GROUP | | | |
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| BALANCE SHEET | | | |
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| EUR 1,000 | | | |
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| | 31 Mar 2008 | 31 Mar 2007 | 31 Dec 2007 |
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| ASSETS | | | |
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| Non-current assets | | | |
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| Tangible assets | 102,950 | 85,677 | 97,706 |
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| Goodwill | 10,679 | 10,675 | 10,679 |
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| Other intangible assets | 884 | 1,510 | 1,002 |
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| Financial assets available | 285 | 254 | 285 |
| for sale | | | |
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| Other non-current assets | 5 | 307 | 63 |
| available for sale | | | |
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| Loan receivables and other | 119 | 44 | 480 |
| non-current receivables | | | |
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| Deferred tax receivables | 359 | 90 | 0 |
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| Total non-current assets | 115,281 | 98,558 | 110,215 |
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| Current assets | | | |
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| Inventories | 35,486 | 28,793 | 30,159 |
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| Accounts receivable and other | 39,561 | 34,115 | 42,181 |
| receivables | | | |
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| Deferred tax receivables | 117 | | 110 |
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| Liquid assets | 1,529 | 2,184 | 4,332 |
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| Total current assets | 76,693 | 65,092 | 76,782 |
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| TOTAL ASSETS | 191,974 | 163,650 | 186,997 |
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| SHAREHOLDERS' EQUITY AND LIABILITIES | | |
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| Shareholders' equity held by parent company shareholders | |
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| Share capital | 20,759 | 20,759 | 20,759 |
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| Other reserves | 1,092 | 1,127 | 1,092 |
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| Treasury shares | -722 | -290 | -722 |
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| Retained earnings | 67,943 | 55,608 | 48,979 |
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| Net profit for the period | 2,317 | 2,722 | 18,944 |
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| | 91,389 | 79,926 | 89,052 |
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| Minority interest | 131 | 98 | 136 |
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| Total shareholders' equity | 91,520 | 80,024 | 89,188 |
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| Non-current liabilities | | | |
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| Interest-bearing liabilities | 28,140 | 24,652 | 28,592 |
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| Interest-free liabilities | 0 | 712 | 0 |
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| Deferred tax liabilities | 1,030 | 1,328 | 1,113 |
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| Current liabilities | | | |
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| Interest-bearing liabilities | 21,212 | 19,717 | 16,383 |
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| Accounts payable and other | 50,072 | 37,217 | 51,721 |
| liabilities | | | |
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| Total liabilities | 100,454 | 83,626 | 97,809 |
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| TOTAL SHAREHOLDERS' EQUITY AND | 191,974 | 163,650 | 186,997 |
| LIABILITIES | | | |
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| OLVI GROUP | | | |
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| INCOME STATEMENT | | | |
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| EUR 1,000 | | | |
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| | 1-3/2008 | 1-3/2007 | 1-12/2007 |
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| Net sales | 45800 | 39750 | 205188 |
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| Other operating income | 287 | 253 | 894 |
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| Operating expenses | -39600 | -33510 | -171222 |
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| Depreciation and impairment | -3325 | -2851 | -11759 |
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| Operating profit | 3162 | 3642 | 23101 |
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| Financial income | 35 | 20 | 186 |
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| Financial expenses | -582 | -399 | -1953 |
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| Earnings before tax | 2615 | 3263 | 21334 |
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| Taxes *) | -303 | -543 | -2354 |
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| Net profit for the period | 2312 | 2720 | 18980 |
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| Distribution: | | | |
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| - parent company shareholders | 2317 | 2722 | 18944 |
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| - minority | -5 | -2 | 36 |
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| Ratios calculated from the profit belonging | |
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| to parent company shareholders: | | |
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| - earnings per share, euro | 0.22 | 0.26 | 1.83 |
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| *) Taxes calculated from the profit for the review period. | |
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| OLVI GROUP | |
| CHANGES IN CONSOLIDATED SHAREHOLDERS' EQUITY | |
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| EUR 1,000 | A | B | C | D | E | F | G | H | I |
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| Sharehold |20759 | 857 | 127 | -290 | 143 | -18 | 55688 | 101 | 77367 |
| ers' | | | | | | | | | |
| equity 1 | | | | | | | | | |
| Jan 2007 | | | | | | | | | |
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| Translati | | | | | | -64 | | -1 | -65 |
| on | | | | | | | | | |
| differenc | | | | | | | | | |
| es | | | | | | | | | |
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| Net profit for | | | | | | 2722 | | 2722 |
| the period | | | | | | | | |
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| Change in minority | | | | | 2 | -2 | 0 |
| interest | | | | | | | |
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| Sharehold |20759 | 857 | 127 | -290 | 143 | -82 | 58412 | 98 | 80024 |
| ers' | | | | | | | | | |
| equity 31 | | | | | | | | | |
| Mar 2007 | | | | | | | | | |
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| EUR 1,000 | A | B | C | D | E | F | G | H | I |
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| Sharehold |20759 | 857 | 127 | -722 | 108 | -9 | 67932 | 136 | 89188 |
| ers' | | | | | | | | | |
| equity 1 | | | | | | | | | |
| Jan 2008 | | | | | | | | | |
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| Translati | | | | | | 19 | | | 19 |
| on | | | | | | | | | |
| differenc | | | | | | | | | |
| es | | | | | | | | | |
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| Net profit for | | | | | | 2313 | | 2313 |
| the period | | | | | | | | |
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| Share of profit belonging to the | | | 5 | -5 | 0 |
| minority | | | | | |
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| Sharehold | 20759 | 857 | 127 | -722 | 108 | 10 | 70250 | 131 | 91520 |
| ers' | | | | | | | | | |
| equity 31 | | | | | | | | | |
| Mar 2008 | | | | | | | | | |
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A = Share capital
B = Share premium account
C = Legal reserve
D = Treasury shares reserve
E = Other reserves
F = Translation differences
G = Retained earnings
H = Minority interest
I = Total
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| OLVI GROUP | | | |
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| CASH FLOW STATEMENT | | | |
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| EUR 1,000 | | | |
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| | 1-3/2008 | 1-3/2007 | 1-12/2007 |
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| Net profit for the period | 2313 | 2722 | 18980 |
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| Adjustments to profit for the | 4179 | 3912 | 15542 |
| period | | | |
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| Change in net working capital | -4390 | -6765 | -1597 |
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| Interest paid | -298 | -276 | -1806 |
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| Interest received | 35 | 20 | 72 |
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| Taxes paid | -641 | -416 | -3307 |
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| Cash flow from operations (A) | 1198 | -803 | 27884 |
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| Capital expenditure | -8392 | -4921 | -25140 |
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| Disposals of fixed assets | 14 | 4 | 308 |
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| Cash flow from investments(B) | -8378 | -4917 | -24832 |
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| Withdrawals of loans | 7706 | 8000 | 16000 |
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| Repayments of loans | -3329 | -2200 | -9665 |
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| Acquisition of treasury shares | | | -432 |
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| Dividends paid | 0 | 0 | -6725 |
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| Cash flow from financing (C) | 4377 | 5800 | -822 |
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| Increase (+)/decrease (-) in | -2803 | 82 | 2230 |
| liquid assets (A+B+C) | | | |
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| Liquid assets 1 January | 4332 | 2102 | 2102 |
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| Liquid assets 31 Mar/31 Dec | 1529 | 2184 | 4332 |
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| Change in liquid assets | -2803 | 82 | 2230 |
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OLVI GROUP
NOTES TO THE INTERIM REPORT
The accounting policies used for the preparation of this interim report are the
same as those used for the annual financial statements 2007.
The Group has adopted the interpretation IFRIC 11, Group and Treasury Share
Transactions. The Group's management does not expect this new interpretation to
have any effect on upcoming interim reports or financial statements.
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| 1. SEGMENT INFORMATION | | | |
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| SALES BY GEOGRAPHICAL SEGMENT (1,000 litres) | |
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| | 1-3/2008 | 1-3/2007 | 1-12/2007 |
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| Olvi Group total | 72958 | 67216 | 341765 |
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| Finland | 32408 | 26714 | 137586 |
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| Estonia | 28176 | 27718 | 138163 |
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| Latvia | 11710 | 9302 | 54124 |
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| Lithuania | 8316 | 8356 | 42778 |
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| - sales between segments | -7652 | -4874 | -30886 |
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| NET SALES BY GEOGRAPHICAL SEGMENT (EUR 1,000) |
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| | 1-3/2008 | 1-3/2007 | 1-12/2007 |
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| Olvi Group total | 45800 | 39750 | 205188 |
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| Finland | 23319 | 19280 | 96546 |
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| Estonia *) | 15301 | 13999 | 72494 |
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| Latvia | 5986 | 4328 | 26686 |
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| Lithuania | 4541 | 4118 | 22069 |
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| - sales between segments | -3347 | -1975 | -12607 |
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| OPERATING PROFIT BY GEOGRAPHICAL SEGMENT (EUR 1,000) |
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| | 1-3/2008 | 1-3/2007 | 1-12/2007 |
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| Olvi Group total | 3162 | 3642 | 23101 |
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| Finland | 974 | 1540 | 8514 |
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| Estonia | 2064 | 1765 | 10838 |
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| Latvia | 113 | 115 | 2294 |
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| Lithuania | -115 | 162 | 1553 |
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| - eliminations | 126 | 60 | -98 |
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| 2. PERSONNEL ON AVERAGE | 1-3/2008 | 1-3/2007 | 1-12/2007 |
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| Finland | 423 | 343 | 389 |
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| Estonia | 394 | 401 | 409 |
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| Latvia | 219 | 201 | 211 |
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| Lithuania | 198 | 197 | 202 |
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| Total | 1234 | 1142 | 1211 |
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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
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| | 1-3/2008 | 1-3/2007 | 1-12/2007 |
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| Managing Directors | 299 | 237 | 577 |
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| Chairman of the Board | 52 | 49 | 203 |
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| Other members of the Board | 29 | 23 | 106 |
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| Total | 380 | 309 | 886 |
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4. SHARES AND SHARE CAPITAL
31 Mar 2008
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| Number of A shares | 8513276 |
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| Number of K shares | 1866128 |
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| Total | 10379404 |
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| Total votes carried by A shares | 8513276 |
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| Total votes carried by K shares | 37322560 |
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| Total number of votes | 45835836 |
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| Registered share capital, EUR 1,000 | 20759 |
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The General Meeting of Shareholders on 10 April 2008 decided to pay a dividend
of 0.80 euro per share on each A and K share for 2007 (0.65 euro for 2006),
totalling 8.3 (6.7) million euro. The dividends were paid on 22 April 2008.
Nominal value of A and K shares, euro 2.00
Votes per Series A share 1
Votes per Series K share 20
The shares entitle to equal dividend. The Articles of Association include a
redemption clause concerning Series K shares.
5. TREASURY SHARES
On the basis of authorisations granted by General Meetings of Shareholders, the
company's Board of Directors has in 2006 and 2007 acquired a total of 32,000 of
the company's own Series A shares for an aggregate purchase price of 722
thousand euro.
The Board of Directors has not exercised the authorisation granted by the
General Meeting to transfer the company's own Series A shares during
January-March 2008. All of the treasury shares acquired are in the company's
possession at the end of the review period.
Series A shares held by Olvi plc as treasury shares represent 0.31 percent of
the share capital and 0.07 percent of the aggregate number of votes. The
acquired shares represent 0.38 percent of all Series A shares and associated
votes.
6. NUMBER OF SHARES *)
1-3/2008 1-3/2007 1-12/2007
- average 10347404 10363404 10358296
- at end of period 10347404 10363404 10347404
*) Acquired treasury shares deducted.
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| 7. TRADING OF SERIES A SHARES ON THE HELSINKI STOCK EXCHANGE | |
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| | 1-3/2008 | 1-3/2007 | 1-12/2007 |
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| Olvi A shares traded in 1-3/2008 | 580945 | 867682 | 2286279 |
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| Total trading volume, EUR 1,000 | 14114 | 18715 | 55328 |
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| Traded shares in proportion to | | | |
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| all Series A shares, % | 6.8 | 10.2 | 26.9 |
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| Average share price, EUR | 23.88 | 21.55 | 24.14 |
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| Price on the closing date, EUR | 26.10 | 22.66 | 24.00 |
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| Highest quote, EUR | 26.55 | 25.50 | 30.80 |
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| Lowest quote, EUR | 20.00 | 19.50 | 19.50 |
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8. FOREIGN AND NOMINEE-REGISTERED HOLDINGS ON 31 MARCH 2008
Number of Number of Number of
book entries % votes % shareholders
Finnish total 8319337 80.15 42804033 93.39 5869
Foreign total 272886 2.63 1244622 2.72 25
Nominee-reg.(foreign) total 1170 0.01 1170 0.00 2
Nominee-reg.(Finnish) total 1786011 17.21 1786011 3.90 7
Total 10379404 100.00 45835836 100.00 5903
9. LARGEST SHAREHOLDERS ON 31 MARCH 2008
Series K Series A Total % Votes %
1. Olvi Foundation 1181952 354408 1536360 14.80 23993448 52.35
2. Hortling Heikki W*) 450712 85380 536092 5.16 9099620 19.85
3. Heirs of Hortling K.E 93552 12624 106176 1.02 1883664 4.11
4. Hortling Timo Einari 82912 17304 100216 0.97 1675544 3.66
5. Hortling-Rinne Marit 51144 1050 52194 0.50 1023930 2.23
6. Skandinaviska Enskilda
Banken nominee register 981293 981293 9.45 981293 2.14
7. Nordea Bank Finland plc,
nominee register 690742 690742 6.65 690742 1.51
8. Ilmarinen Mutual Pension Insur. 515748 515748 4.97 515748 1.13
9. Autocarrera Oy Ab 221891 221891 2.14 221891 0.48
10. Veritas Pension Insurance Co. 208000 208000 2.00 208000 0.45
Others 5856 5424836 5430692 52.32 5541956 12.09
Total 1866128 8513276 10379404 100.00 45835836 100.00
*) The figures include the shareholder's own holdings and shares held by parties
in his control.
10. PROPERTY, PLANT AND EQUIPMENT
EUR 1,000
1-3/2008 1-3/2007
Increases 8576 4701
Decreases -81 -126
Total 8495 4575
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| 11. CONTINGENT LIABILITIES | 31 Mar 2008 | 31 Mar 2007*) | 31 Dec 2007 |
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| Pledges and contingent | | | |
| liabilities | | | |
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| For own commitments | 1134 | 1135 | 1134 |
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| For others | 0 | 1055 | 0 |
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| Leasing liabilities: | | | |
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| Due within one year | 765 | 1086 | 882 |
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| Due within 1 to 5 years | 850 | 1074 | 1101 |
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| Due in more than 5 years | | 1 | 5 |
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| Total leasing liabilities | 1615 | 2161 | 1988 |
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| Package liabilities | 4943 | 5468 | 4604 |
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| Other liabilities | 1980 | 1980 | 1980 |
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| Debts for which mortgages have been given as collateral | |
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| Loans from financial | | | |
| institutions | | | |
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| For own commitments | 0 | 1545 | 0 |
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| For others | 0 | 763 | 0 |
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| *) The comparison data for 2007 has been adjusted. | |
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12. CALCULATION OF FINANCIAL RATIOS
Equity to total assets, % = Shareholders' equity held by parent company
shareholders + minority interest/100 * 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, % = Interest-bearing debt - cash in hand and at bank / Shareholders'
equity held by parent company shareholders + minority interest
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