2014-10-30 14:00:00 CET
2014-10-30 14:00:02 CET
REGULATED INFORMATION
Honkarakenne Oyj - Interim report (Q1 and Q3)
HONKARAKENNE OYJ’S INTERIM REPORT, 1 JANUARY – 30 SEPTEMBER 2014
HONKARAKENNE OYJ INTERIM REPORT 30 October 2014 at 3:00 p.m.
HONKARAKENNE OYJ'S INTERIM REPORT, 1 JANUARY - 30 SEPTEMBER 2014
SUMMARY
Third-quarter net sales saw year-on-year growth of 8%. The operating result
improved by 202% compared with 2013. Net sales in January-September were up 9%
on the previous year and the operating result weakened by 4%.
Net sales in Finland and Russia and CIS continued to develop favourably. Growth
was particularly strong in Russia and CIS, with a cumulative year-on-year
increase of 28%. Net sales in Global Markets weakened in comparison to the
previous year. Decreased demand and strong competition continued to impact on
profitability in all markets.
July- September 2014
-- The Honkarakenne Group's net sales for the third quarter amounted to MEUR
13.5 (MEUR 12.4 in 2013). Net sales rose by 8 % on the previous year.
-- The operating result was MEUR 0.6 (MEUR 0.2). The operating result
before non-recurring items was MEUR 0.6 (MEUR 0.2).
-- The result before taxes was MEUR 0.5 (MEUR 0.1).
-- Earnings per share amounted to EUR 0.07 (EUR 0.03).
January - September 2014
-- The Honkarakenne Group's net sales January-September amounted to MEUR 34.0
(MEUR 31.3 in 2013). Net sales rose by 9 % on the previous year.
-- The operating result was MEUR -1.9 (MEUR -1.8). The operating result
before non-recurring items was MEUR -1.9 (MEUR -1.8).
-- The result before taxes was MEUR -2.1 (MEUR -1.6).
-- Earnings per share amounted to EUR -0.36 (EUR -0.26).
The Group's order book stood at MEUR 15.9 at the end of September. In the
previous year at the same time period it was MEUR 21.4.
Honkarakenne reiterates the outlook announced in October.
According the Honkarakenne's view the net sales and result before non-recurring
items and taxes will be lower than in the previous year.
KEY FIGURES 7-9/ 7-9/ 1-9/ 1-9/ 1-12/
2014 2013 2014 2013 2013
Net sales, MEUR 13.5 12.4 34.0 31.3 48.3
Operating profit/loss, MEUR 0.6 0.2 -1.9 -1.8 -1.7
Operating profit/loss before non-recurring 0.6 0.2 -1.9 -1.8 -1.1
items, MEUR
Profit/loss before taxes, MEUR 0.5 0.1 -2.1 -1.6 -1.7
Average number of personnel 153 187 164 221 213
Personnel in person-years, average 151 184 156 181 185
Earnings/share (EPS), EUR 0.07 0.03 -0.36 -0.26 -0.32
Earnings/share (EPS), diluted, EUR 0.07 0.03 -0.36 -0.26 -0.32
Equity ratio, % 35 42 38
Return on equity, % -17 -10 -13
Shareholders' equity/share, EUR 1.86 2.30 2.20
Gearing, % 86 35 57
Mikko Kilpeläinen, President and CEO of Honkarakenne Oyj, in connection with
the interim report: "In the third quarter, the Group's net sales growth was 8% on the previous
year. Net sales grew in all market areas except Global Markets.
In Finland, our main activities were launching ready-to-move in detached houses
and Healthy House model collection. Honkarakenne participated in Jyväskylä
Housing Fair with two detached houses. One of them showcased the Healthy House
concept, which was developed to cater to the requirements of healthy living.
The housing fair reinforced our view that there is clear market demand for
healthy construction in Finland. We acquired a substantial number of sales
leads at the fair and are currently working on them. At the earliest, they will
lead to deliveries during next summer's construction season. Honka continued to
increase its market shares in Finland especially in winter-habitable second
homes and the detached house segment in spite of the challenging market.
In Russia and CIS, we continued to forge ahead with our tried-and-true area
construction concept. Sales in Russia have developed well and the outlook for
the rest of the year is also good.
The development of net sales in Global Markets has not been satisfactory. In
Japan, exchange rates and the sales tax hike that came into force in early 2014
have slowed down sales. Sales development has continued in the Chinese market.
We shipped our first deliveries to China in the third quarter."
NET SALES
Honkarakenne Group's net sales for the third quarter of 2014 increased by 8 per
cent to MEUR 13.5 (MEUR 14.4).
Geographical distribution of net sales:
DEVELOPMENT OF SALES
Distribution of 1-9 1-9
net sales, % /2014 /2013
Finland & Baltics 46 % 45 %
Russia & CIS 37 % 28 %
Global Markets 17 % 27 %
Total 100 % 100 %
Net sales, MEUR 7-9 7-9 change % 1-9 1-9 change %
/2014 /2013 /2014 /2013
Finland & Baltics 6.2 5.5 12 % 17.3 15.3 13 %
Russia & CIS 4.9 3.5 42 % 10.1 7.9 28 %
Global Markets 2.3 3.4 -31 % 6.7 8.1 -17 %
Total 13.5 12.4 8 % 34.0 31.3 9 %
Finland & Baltics includes the following countries: Finland, Estonia, Latvia
and Lithuania. It includes also Process waste sales for recycling and power
production.
Russia & CIS includes the following countries: Russia, Azerbaijan, Kazakhstan,
Ukraine and other CIS countries.
Global Markets includes other countries than above-mentioned.
The Group's order book stood at MEUR 15.9 at the end of September. In the
previous year at the same time period it was MEUR 21.4.
TRENDS IN PROFIT AND PROFITABILITY
Operating loss for January-September was MEUR -1.9 (MEUR -1.8) and profit
before taxes was MEUR -2.1 (MEUR -1.6).
The operating result was affected by price competition in all markets. In
addition the implementation of new production lines at the end of June
increased production costs in the first half of the year.
FINANCING AND INVESTMENTS
The financial position of the Group was satisfactory at the end of the report
period. The equity ratio stood at 35 % (42 %) and net financial liabilities at
MEUR 7.9 (MEUR 3.9). MEUR 2.4 (MEUR 1.7) of the financial liabilities carries a
30 % equity ratio covenant term. Group liquid assets totalled MEUR 1.3 (MEUR
4.3). The Group also has a MEUR 8.0 (MEUR 8.0) bank overdraft facility, MEUR
4.2 of which had been drawn on at the end of the report period (MEUR 4.6).
Gearing stood at 86 % (35 %).
The Group's capital expenditure totalled MEUR 1.0 (MEUR 1.3). The capital
expenditure consist modernised and more efficient production lines which were
finalised at the end of June.
MARKET DEVELOPMENT
The Confederation of Finnish Construction Industries expects that the
construction of a total of 6,000 detached houses will be begun this year, which
is the lowest number in almost twenty years. According to a study commissioned
by RTS Oy, Finnish log house production is expected to decrease by 5% this
year, this includes also export.
In addition, market development is slowed by the fact that availability of bank
loans has become more difficult for both detached and holiday home
construction.
PRODUCTS AND MARKETING
In the Finland & Baltics market area, price competition continued to be severe
due to the difficult market situation. During the third quarter, we focused our
efforts on the Jyväskylä Housing Fair by showcasing two houses. At the fair, we
gained particularly great interest with our Healthy House concept.
In Russia & CIS, we continued to develop area construction projects. In spite
of the political situation, sales to Russia have developed well and the outlook
for the rest of the year is also good.
In Global Markets, measures focused on developing the Chinese market. The first
deliveries to China were made during the third quarter. In the Japanese market,
sales are hindered by the trend in exchange rates and the sales tax hike that
came into force in the spring.
RESEARCH AND DEVELOPMENT
In R&D, we continued to develop the Healthy House model collection and our
focus on the special features of the Chinese market.
In the January - September period, the Group's R&D expenditure totalled MEUR
0.4 (MEUR 0.3), representing 1.1 % of net sales (0.8 %). The Group did not
capitalise any development expenditure during the report period.
STAFF
During the third quarter, the Group employed 153 (187) people on average. By
the end of the review period, the average number of employees for current year
totalled 164 (221), representing a year-on-year decrease of 57. At the end of
the review period, the Group had 153 (181) employees, 28 less than in the
corresponding period of the previous year.
In terms of person years, the Group employed a total of 151 (184) people on
average during the third quarter and the average number of employees forJanuary - September totalled 156 (181) at the end of the review period,
representing a year-on-year decrease of 25 in person years.
On the basis of the co-operation negotiations that ended in December 2013, the
company had the authorisation to implement temporary lay-offs of a maximum of
90 days affecting its personnel in Finland until the end September 2014.
In August 2014 the company concluded co-operation negotiations and as a result
it was agreed that Honkarakenne has authorisation to implement temporary
lay-offs of a maximum of 90 days affecting its personnel in Finland until the
end of February 2015.
LONG-TERM INCENTIVE PLAN
In the second quarter of 2013, the Board of Directors decided on a long-term
share-based incentive plan for members of the Executive Group. The performance
period of the new plan began on 1 January 2013 and will end on 31 December
2016. The potential reward for the performance period is based on the
cumulative earnings per share (EPS) for 2013 - 2016 and on the average return
on capital employed (ROCE) for 2013 - 2016. Any rewards for the performance
period 2013 - 2016 will be paid partly as B shares and partly in cash in 2017.
The rewards to be paid on the basis of the performance period will correspond
to a total maximum of about 340,000 B shares, including the amount to be paid
in cash.
In January - September the number of allocated shares was 3,361. These
allocated shares are recognised as follows: 6 (20) thousand euros for employee
benefit expenses, 0 (2) thousand euros for income tax deductions and deferred
tax assets and 5 (11) thousand euros in retained earnings.
HONKARAKENNE OYJ'S 2014 ANNUAL GENERAL MEETING, BOARD OF DIRECTORS, AND AUDITORS
The Annual General Meeting of Honkarakenne Oyj was held at the company's
headquarters in Tuusula on 4 April 2014. The AGM approved the parent company's
and the consolidated Financial Statements, and discharged the members of the
Board of Directors and the CEO from liability for 2013. The AGM decided not to
pay a dividend for the 2013 financial year.
Teijo Pankko and Mauri Saarelainen were re-elected to the Board of Directors.
Arto Tiitinen, Anita Saarelainen and Hannu Krook were elected to the Board as
new members. At the Board's constituent meeting, Arto Tiitinen was elected
Chairman of the Board. Mauri Saarelainen was elected as Deputy Chairman. The
Board of Directors decided not to elect any committees from among its members.
PricewaterhouseCoopers Oy, member of the Finnish Institute of Authorised Public
Accountants, was re-appointed as auditor of the company, with Maria Grönroos,
APA, as chief auditor.
HONKARAKENNE OYJ's DIRECTED ISSUE, OWN SHARES AND BOARD AUTHORISATIONS
On the basis of an authorisation to issue shares granted to the Board of
Directors at the Annual General Meeting of 5 April 2013, the Board decided (on
10 January 2014) to arrange a directed issue to Honkarakenne employees. The
Board approved a total of 42,451 subscriptions for new Series B shares through
the directed issue. The Series B shares subscribed for through the directed
issue represent about 0.9 per cent of the total number of Series B shares and
the voting rights conferred by them. 62 company employees subscribed for shares
through the directed issue. Shares were offered to a total of 146 employees.
The total number of Series B shares increased to 4,911,323 shares after the new
shares were registered in the Trade Register.
At the end of the review period, the total number of Honkarakenne Oyj shares
entered in the Trade Register amounted to 5,211,419, of which 300,096 were
Series A shares and 4,911,323 Series B shares. Each B share carries one (1)
vote and each A share carries twenty (20) votes. Hence, Honkarakenne's shares
in aggregate carry a total of 10,913,243 votes. The company's registered share
capital is EUR 9,897,936.00.
Honkarakenne has not acquired its own shares during the report period. At the
end of the report period, the Group held 364,385 of its Honkarakenne B shares
with a total purchase price of EUR 1,381,750.23. These shares represent 6.99 %
of the company's all shares and 3.34 % of all votes. The purchase cost has been
deducted from shareholders' equity in the consolidated financial statements.
On 4 April 2014, the AGM decided that the Board of Directors will be authorised
to acquire a maximum of 400,000 of the company's own B shares with assets
included in the company's unrestricted equity. In addition, the AGM authorised
the Board to decide on a rights issue or bonus issue and on granting special
rights to shares referred to in Section 1 of Chapter 10 of the Limited
Liability Companies Act in one or more instalments. By virtue of the
authorisation, the Board may issue a maximum total of 400,000 new shares and/or
relinquish old B shares held by the company, including those shares that can be
issued by virtue of special rights. Both authorisations will be valid until 25
March 2015.
CORPORATE GOVERNANCE
Honkarakenne Oyj follows the Limited Liability Companies Act and the Finnish
Corporate Governance Code, 1 October 2010, for listed companies issued by the
Finnish Securities Market Association. The company's website, www.honka.com,
provides more information on the corporate governance systems.
FUTURE OUTLOOK
The market situation remains uncertain. The Finnish market is being impacted by
the general low level of construction in both the detached house and holiday
home sectors. The situation in Ukraine and its associated sanctions are causing
uncertainty in the Russian market.
At the end of September, the Group's order book stood at MEUR 15.9, down 26 %
on the corresponding period of the previous year, when it stood at MEUR 21.4.
The order book refers to orders whose delivery date falls within the next 24
months. Some orders may include terms and conditions relating to financing or
building permits.
FORTHCOMING RISKS AND UNCERTAINTIES
Changes in the Russian market in particular may lead to amendments to the
future outlook. However, sales have thus far been better than last year.
The economic situation in Finland is weak. Both detached house and holiday home
construction is waning. In addition, it is now even more difficult for
customers to obtain financing from banks.
The Group has one concentration of credit risks in sales receivables,
concerning the open sales receivables of one dealer. No provision for doubtful
debt has been made for this. A payment plan has been made with this dealer. The
payment plan is intended to be completed in 2014.
The assessment of amounts in the balance sheet is based on current assessment
by the management. If these assessments are changed, this may result in changes
to the Group's result.
REPORTING
This report contains statements that relate to the future, and these statements
are based on hypotheses that the company's management hold currently as well as
on the decisions and plans that are currently in place. Although the management
believes that the hypotheses relating to the future are well-founded, there is
no guarantee that the said hypotheses will prove to be correct.
This interim report has been drafted in accordance with IAS 34. The principles
adhered to in preparing the annual financial statements also apply to this
interim report. The interim report should be read together with the annual
financial statements for 2013. The new revised standards or interpretations
effective as of 1 January 2014 have no bearing on the figures presented for the
report period. The figures have not been examined by the auditor.
EVENTS AFTER THE REVIEW PERIOD
On 7 October 2014, Honkarakenne announced that it will continue with its
development programme. In the current phase, the target is to achieve savings
of three million euros. The development programme is expected to come into full
effect during the third quarter of 2015. The programme might result in
non-recurring costs in 2014.
In connection with this Honkarakenne initiated co-operation negotiations which
may lead to redundancy. According the preliminary estimate the reduction of
workforce is maximum 25 persons.
THE OUTLOOK FOR 2014
Honkarakenne reiterates the outlook announced in October.
According the Honkarakenne's view the net sales and result before non-recurring
items and taxes will be lower than in the previous year.
HONKARAKENNE OYJ
Board of Directors
Further information:
Mikko Kilpeläinen, President and CEO, tel. +358 50 542 5884,
mikko.kilpelainen@honka.comor
Mikko Jaskari, CFO, tel. +358 400 535 337, mikko.jaskari@honka.com
This and previous releases are available for viewing on the company's website
at www.honka.com. Honkarakenne publishes its financial results from 2014 on 12
February 2015.
DISTRIBUTION
NASDAQ OMX Helsinki
Key media
Financial Supervisory Authority
www.honka.com
CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
unaudited 7-9 7-9 1-9 1-9 1-12
/2014 /2013 /2014 /2013 /2013
MEUR
Net sales 13.5 12.4 34.0 31.3 48.3
Other operating income 0.2 0.0 0.5 0.3 0.4
Change in inventories 0.3 0.2 -0.3 1.9 0.9
Materials and services -9.2 -8.0 -23.1 -20.9 -30.9
Employee benefit expenses -2.0 -2.4 -6.3 -7.4 -10.9
Depreciations and amortisation -0.6 -0.5 -1.6 -1.9 -2.3
Impairment 0.0 0.0 0.0 0.0 -0.2
Other operating expenses -1.5 -1.6 -5.0 -5.1 -6.9
Operating profit/loss 0.6 0.2 -1.9 -1.8 -1.7
Financial income 0.0 0.1 0.0 0.4 0.8
Financial expenses -0.1 -0.1 -0.3 -0.2 -0.7
Share of result of assosiated companies -0.0 -0.0 0.0 -0.1 -0.0
Profit/loss before taxes 0.5 0.1 -2.1 -1.6 -1.7
Taxes -0.2 -0.0 0.4 0.4 0.1
Profit/loss for the period 0.3 0.1 -1.7 -1.2 -1.5
Other comprehensive income
Translation differences 0.0 0.0 0.1 -0.2 -0.4
Total comprehensive 0.3 0.1 -1.7 -1.5 -2.0
income for the period
Result for the period attributable to
Equity holders of the parent 0.3 0.1 -1.7 -1.2 -1.5
Non-controlling interest -0.0 0.0 -0.0 0.0 0.0
0.3 0.1 -1.7 -1.2 -1.5
Comprehensive income attributable to
Equity holders of the parent 0.3 0.1 -1.7 -1.5 -2.0
Non-controlling interest -0.0 0.0 -0.0 0.0 0.0
0.3 0.1 -1.7 -1.5 -2.0
Earnings/share (EPS) calculated on the
profit attributable to equity holders
of the parent, EUR
Basic 0.07 0.03 -0.36 -0.26 -0.32
Diluted 0.07 0.03 -0.36 -0.26 -0.32
Honkarakenne Oyj has two series of shares: A shares and B shares, which have
different right to dividend. Profit distribution of 0.20 EUR per share will be
paid first for B shares, then 0.20 EUR per share for A shares, followed by
equal distribution of remaining profit distribution between all shares.
CONSOLIDATED BALANCE SHEET 30.9.2014 30.9.2013 31.12.2013
unaudited
MEUR
Assets
Non-current assets
Property, plant and equipment 15.1 14.0 15.9
Goodwill 0.1 0.1 0.1
Other intangible assets 0.4 0.5 0.5
Investments in associated companies 0.3 0.3 0.3
Available-for-sale financial assets 0.0 0.1 0.0
Receivables 0.3 0.3 0.2
Deferred tax assets 1.9 1.6 1.5
18.1 16.7 18.4
Current assets
Inventories 6.8 8.4 7.1
Trade and other receivables 4.3 6.4 5.2
Cash and bank receivables 1.3 4.3 3.2
12.3 19.0 15.6
Total assets 30.4 35.7 34.0
Shareholders' equity and liabilities 30.9.2014 30.9.2013 31.12.2013
Equity attributable to equity holders
of the parent company
Share capital 9.9 9.9 9.9
Share premium account 0.5 0.5 0.5
Fund for invested unrestricted equity 6.5 6.4 6.4
Own shares -1.4 -1.4 -1.4
Translation differences -0.1 -0.0 -0.2
Retained earnings -6.4 -4.4 -4.7
9.0 11.1 10.6
Non-controlling interests 0.2 0.2 0.2
Total equity 9.2 11.3 10.8
Non-current liabilities
Deferred tax liabilities 0.0 0.1 0.1
Provisions 0.5 0.5 0.5
Financial liabilities 7.4 6.3 7.5
8.0 6.9 8.1
Current liabilities
Trade and other payables 11.0 15.2 12.3
Current tax liabilities 0.2 0.2 0.2
Provisions 0.2 0.2 0.9
Current financial liabilities 1.8 1.9 1.8
13.2 17.5 15.1
Total liabilities 21.2 24.4 23.2
Total equity and liabilities 30.4 35.7 34.0
STATEMENT OF CHANGES IN EQUITY
abridged
unaudited
EUR thousand Equity attributable to equity holders of
the parent
a) b) c) d) e) f) Total g) Total equity
Total equity 9898 520 6828 224 -1382 -3178 12909 209 13117
1.1.2013
Profit/loss for -1230 -1230 1 -1229
the period
Translation -238 -238 -238
difference
Repayment of -384 -384 -384
capital
Management 10 10 10
incentive plan
Total equity 9898 520 6444 -14 -1382 -4400 11066 212 11277
30.9.2013
EUR thousand Equity attributable to equity holders
of the parent
a) b) c) d) e) f) Total g) Total equity
Total equity 9898 520 6444 -197 -1382 -4710 10573 211 10784
1.1.2014
Profit/loss for -1734 -1734 -6 -1740
the period
Translation 72 72 72
difference
Share issue 90 90 90
Management 5 5 5
incentive plan
Total equity 9898 520 6534 -126 -1382 -6438 9006 205 9211
30.9.2014
a) Share capital
b) Share premium account
c) Fund for invested unrestricted equity
d) Translation difference
e) Own shares
f) Retained earnings
g) Non-controlling interests
CONSOLIDATED STATEMENT OF CASH FLOWS 1.1.- 1.1.- 1.1.-
abridged 30.9.2014 30.9.2013 31.12.2013
unaudited
MEUR
Cash flow from operating activities -0.3 -0.8 -1.2
Cash flow from investing activities, net -1.6 -1.2 -3.0
Total cash flows from financing activities -0.1 1.5 2.6
Share issue 0.1 0.0 0.0
Repayment of capital 0.0 -0.4 -0.4
Proceeds from borrowings 3.0 4.4 5.6
Repayment of borrowings -3.1 -2.3 -2.4
Other financial items -0.1 -0.1 -0.2
Change in cash and cash equivalents -1.9 -0.5 -1.6
Cash and cash equivalents at the beginning of 3.2 4.8 4.8
period
Cash and cash equivalents at the close of 1.3 4.3 3.2
period
NOTES TO THE REPORT
Accounting policies
This interim report has been drafted in accordance with IAS 34. The principles
adhered to in preparing the annual financial statements also apply to this
interim report. The interim report should be read together with the annual
financial statements for 2013. The new revised standards or interpretations
effective as of 1 January 2014 have no bearing on the figures presented for the
report period. The figures have not been examined by the auditor.
Honka Management Oy, which is a company established in 2010 by members of
company's Executive Group, is included in the consolidated financial statements
due to the terms and conditions of the shareholder agreement concluded between
it and Honkarakenne Oyj.
Honkarakenne has three geographical operating segments that have been combined
into one segment for reporting purposes. Geographically, sales are divided as
follows: Finland & Baltics, Russia & CIS and Global Markets. The internal
reporting of the management is in line with IFRS reporting. For this reason,
separate reconciliations are not presented.
PROPERTY, PLANT AND EQUIPMENT
Unaudited Property, plant and
equipment
MEUR
Cost 1.1.2014 65.7
Translation differences (+/-) 0.0
Increase 0.9
Disposals -0.7
Cost 30.9.2014 65.9
Accumulated depreciation 1.1.2014 -49.8
Translation differences (+/-) -0.0
Accumulated depreciation of disposals and 0.5
reclassifications
Depreciation for the period -1.4
Accumulated depreciation 30.9.2014 -50.8
Carrying amount 1.1.2014 15.9
Carrying amount 30.9.2014 15.1
SHARES AND OWN SHARES
At the end of the review period, the total number of Honkarakenne Oyj shares
entered in the Trade Register amounted to 5,211,419, of which 300,096 were
Series A shares and 4,911,323 Series B shares. Each B share carries one (1)
vote and each A share carries twenty (20) votes. Hence, Honkarakenne's shares
in aggregate carry a total of 10,913,243 votes. The company's registered share
capital is EUR 9,897,936.00.
Honkarakenne has not acquired its own shares during the report period. At the
end of the report period, the Group held 364,385 of its Honkarakenne B shares
with a total purchase price of EUR 1,381,750.23. These shares represent 6.99 %
of the company's all shares and 3.34 % of all votes. The purchase cost has been
deducted from shareholders' equity in the consolidated financial statements.
CONTINGENT LIABILITIES
unaudited 30.9.2014 30.9.2013 31.12.2013
MEUR
For own loans
- Mortgages 25.7 25.7 25.7
- Other quarantees 1.8 2.0 2.3
Rental liabilities 0.5 0.0 0.6
Leasing liabilities 0.2 0.3 0.2
Derivative contracts 0.3 0.3 0.4
Nominal values of forward exchange contracts 0.5 0.7 1.7
EVENTS WITH RELATED PARTIES
The Group's related parties consist of subsidiaries and associated companies;
the company's management and any companies in which they exert influence; and
those involved in the Saarelainen shareholder agreement and any companies
controlled by them. The management personnel considered to be related parties
comprise the Board of Directors, President & CEO, and the company's Executive
Group. The pricing of goods and services in transactions with related parties
conforms to market-based pricing.
During the report period, ordinary business transactions with related parties
were made as follows: the sales to the related parties were EUR 291 thousand
and the purchases from the related parties were EUR 361 thousand. There are
total EUR 924 thousand receivables from related parties and this includes the
long-term loan granted to Honka Management Oy, which is a company established
in 2010 by members of company's Executive Group.
KEY INDICATORS
1-9/ 1-9/ 1-12/
Unaudited 2014 2013 2013
Earnings/share (EPS) euro -0.36 -0.26 -0.32
Return on equity % -17 -10 -13
Equity ratio % 35 42 38
Shareholders equity/share euro 1.86 2.30 2.20
Net financial liabilities MEUR 7.9 3.9 6.1
Gearing % 86 35 57
Gross investments MEUR 1.0 1.3 3.7
% of net sales 3 4 8
Order book MEUR 15.9 21.4 18.1
Average number of personnel Staff 93 113 111
Workers 71 108 102
Total 164 221 213
Personnel in person-years, average Staff 84 103 104
Workers 71 78 82
Total 156 181 185
Adjusted number of shares ('000) At period-end 4847 4805 4805
Average during 4844 4813 4813
period
CALCULATION OF KEY INDICATORS
Profit / loss for the period
attributable to equity holders of parent
Earnings/share (EPS) --------------------------------
---------------
Average number of outstanding
shares
Profit / loss before taxes -
taxes
Return on equity % -------------------------------- x 100
---------------
Total equity, average
Total equity
Equity ratio, % -------------------------------- x 100
---------------
Balance sheet total - advances
received
Net financial liabilities Financial liabilities - cash and
cash equivalents
Financial liabilities - cash and
cash equivalents
Gearing, % -------------------------------- x 100
----------- Total equity
Shareholders' equity
Shareholders equity/share --------------------------------
----------------
Number of shares outstanding at the
close of period
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