2010-02-09 09:15:00 CET
2010-02-09 09:15:01 CET
REGULATED INFORMATION
Kemira Oyj - Company Announcement
Kemira Oyj: Background information on the separation of Tikkurila
Kemira Oyj Stock exchange release February 9, 2010 at 10.15 am Kemira Oyj: Board of Directors of Kemira proposes that the majority of Tikkurila's shares to be distributed as dividend; listing of Tikkurila's shares on NASDAQ OMX Helsinki expected in March 2010 The Board of Directors of Kemira Oyj (”Kemira”) has today published a proposal to Kemira's Annual General Meeting that Kemira distributes 86% of Tikkurila (”Tikkurila” or “the Company”) shares as dividend to Kemira's shareholders. Tikkurila's shares are expected to be listed on NASDAQ OMX Helsinki in March 2010. In June 2008, Kemira announced a new strategy according to which Kemira focuses on serving water intensive customer industries. As a part of the new strategy, Kemira announced its intensions to separate Tikkurila and list its shares. Kemira announced that it will remain as a shareholder in Tikkurila in order to participate in the value upside in Tikkurila's shares. In September 2009, Kemira presented a more specific growth strategy focusing on water quality and quantity management. In October 2009, the Board of Directors of Kemira approved the planned structure for the listing. According to the planned structure, Kemira would distribute a substantial majority of the shares in Tikkurila as dividend to Kemira's shareholders. There is no intention to raise cash proceeds for Kemira nor issue new shares of Tikkurila in connection with the listing of Tikkurila's shares. The management of Kemira believes that the separation of Tikkurila and the listing of its shares will provide increased shareholder value for Kemira's shareholders. Tikkurila offers consumers, professionals and industry user-friendly and environmentally sustainable products for protecting and decorating surfaces. Tikkurila is a strong regional company which aims to be a leading paint company in the Nordic countries and in Eastern Europe, including Russia. With a history dating back to 1862, Tikkurila is the leading decorative paints company in Finland, Sweden and Russia and one of the leading in its field in the Baltic countries and Poland. Tikkurila also has a strong and established market position in several other Eastern European and CIS countries. Tikkurila's business operations are divided into four strategic business units: East, Finland, Scandinavia and Central Eastern Europe. Currently, Tikkurila has production facilities in seven countries and operations in 18 countries. For the year ended December 31, 2009, Tikkurila's net revenue was EUR 530.2 million and its operating profit amounted to EUR 47.7 million. As of December 31, 2009, the Company had 3,538 employees. The Board of Directors of the Company consists of Jari Paasikivi, Petteri Walldén, Eeva Ahdekivi, Ove Mattsson and Pia Rudengren. Jari Paasikivi acts as Chairman of the Board. Harri Kerminen, the President & CEO of Kemira, has resigned from the Board of Directors in connection to the Company's Annual General Meeting held on February 8, 2010. Appendix A contains a brief description of Tikkurila and Appendix B a brief discussion of the Company's operating results, financial condition and prospects. SEB Enskilda acts as Financial Advisor to Kemira and Tikkurila. Kemira Oyj Päivi Antola, Senior Manager, Investor Relations and Financial Communications For further information please contact Jyrki Mäki-Kala, CFO Tel. +358 86 21589 Päivi Antola, Senior Manager, Investor Relations and Financial Communications Tel. +358 10 862 1140 Kemira is a global 2.5 billion euro chemicals company that is focused on serving customers in water-intensive industries. The company offers water quality and quantity management that improves customers' energy, water, and raw material efficiency. Kemira's vision is to be a leading water chemistry company. Its paints and coatings business, Tikkurila, aims to be the market leader in decorative paints and selected wood and metal coatings in chosen markets. www.kemira.com www.waterfootprintkemira.com DISCLAIMER Laws of certain jurisdictions may impose restrictions on the distribution of this release and the share dividend. This release does not constitute an offer to sell or a solicitation to buy any shares in any jurisdiction to any person to whom it is unlawful to make such an offer in such jurisdiction. No actions have been taken to register or qualify the share dividend or otherwise to permit a public offering of the Tikkurila shares in any jurisdiction outside of Finland. Persons into whose possession this release comes must inform themselves of and observe all such restrictions. In particular, the dividend shares have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or under the securities laws of any state of the United States and, accordingly, may not be offered or sold, directly or indirectly, in or into the United States (as defined in Regulation S), unless registered under the Securities Act or where such registration is not required. SEB Enskilda is acting exclusively for Kemira and Tikkurila and no one else in connection with the share dividend. It will not regard any other person (whether or not a recipient of this release) as its client in relation to the share dividend and will not be responsible to anyone other than Kemira and Tikkurila for providing the protections afforded to its clients, nor for giving advice in relation to the share dividend or any transaction or arrangement referred to herein. No representation or warranty, express or implied, is made by SEB Enskilda as to the accuracy, completeness or verification of the information set forth in this release, and nothing contained in this release is, or shall be relied upon as, a promise or representation in this respect, whether as to the past or the future. SEB Enskilda assumes no responsibility for its accuracy, completeness or verification and, accordingly, disclaim, to the fullest extent permitted by applicable law, any and all liability which it may otherwise be found to have in respect of this release or any such statement. Appendix A: Brief description of the Business of Tikkurila Oy Business of Tikkurila Tikkurila offers consumers, professionals and industry user-friendly and environmentally sustainable products for protecting and decorating surfaces. Tikkurila is a strong regional company which aims to be a leading paint company in the Nordic countries and in Eastern Europe, including Russia. With a history dating back to 1862, Tikkurila is the leading decorative paints company in Finland, Sweden and Russia and one of the leading in its field in the Baltic countries and Poland. Tikkurila has a strong and established market position in several other Eastern European and CIS countries. Tikkurila's business operations are divided into four strategic business units: East, Finland, Scandinavia and Central Eastern Europe. Currently, Tikkurila has production facilities in seven countries and operations in 18 countries. For the year ended December 31, 2009, Tikkurila's net revenue was EUR 530.2 million and its operating profit amounted to EUR 47.7 million. As of December 31, 2009, the Company had 3,538 employees. Tikkurila's objective is based on its objective to increase its sales, particularly in the Russian market, but also in other adjacent countries, such as Belarus, Ukraine, other CIS countries as well as Central Eastern European countries. In the recent six years, net revenue generated by the SBU East (CIS countries, including Russia) has increased from 11.9 percent for the year ended December 31, 2003 to 31.5 percent for the year ended December 31, 2009. Tikkurila manages a strong brand portfolio in its operating markets. Tikkurila has positioned its brands based on pricing, quality perception, packaging, distribution and other product characteristics to maximize their profitability and market penetration primarily in the premium and medium products. Tikkurila's main brands include Tikkurila, Alcro, Vivacolor and Teks. The following table sets forth net revenue of the Company's strategic business units for the years ended December 31, 2009, 2008 and 2007: -------------------------------------------------------------------------------- | | For the year ended December 31, | -------------------------------------------------------------------------------- | | 2009 | 2008 | 2007 | -------------------------------------------------------------------------------- | | (audited) | -------------------------------------------------------------------------------- | | (EUR in millions) | -------------------------------------------------------------------------------- | East | 167.1 | 226.6 | 203.8 | -------------------------------------------------------------------------------- | Finland | 106.8 | 115.2 | 116.5 | -------------------------------------------------------------------------------- | Scandinavia | 157.8 | 176.0 | 180.7 | -------------------------------------------------------------------------------- | Central Eastern Europe | 98.5 | 130.3 | 124.2 | -------------------------------------------------------------------------------- | Group total | 530.2 | 648.1 | 625.2 | -------------------------------------------------------------------------------- Currently, Tikkurila is a wholly-owned subsidiary of Kemira, a global chemical industry company based in Finland and listed on the Helsinki Stock Exchange. After the Share Dividend, Kemira will remain as a significant shareholder in the Company. The management of Tikkurila believes that Tikkurila's success as a leading paints company in Finland, Sweden, Russia, the Baltic countries and Poland serving consumers, professionals and industry is based on the following key strengths: Regional Market Leaderships; Strong and Well-Established Brands; Good Position to Grow Further in Russia, Other CIS Countries and Central Eastern European Countries; Advanced Service Concepts and Tinting Technology; Efficient Supply Chain; and Experienced Management Team and Employees. Business Strategy Tikkurila offers consumers, professionals and industry user-friendly and environmentally sustainable products for protecting and decorating surfaces. Tikkurila is a strong regional company which aims to be a leading paint company in the Nordic countries and in Eastern Europe, including Russia. In October 2009, Tikkurila announced its specified strategy. The cornerstones of the strategy are: Customer Focus; Geographical Focus; Profitable Growth; Strong Brands; and One Unified Tikkurila. Appendix B: A description of the Company's Operating and Financial review and prospects. The following summary consolidated financial information of Tikkurila for the years ended December 31, 2009, 2008 and 2007 has been derived from the audited consolidated financial statements of Tikkurila for the years ended December 31, 2009 and 2008. The consolidated financial information of Tikkurila for the years ended December 31, 2009, 2008 and 2007 has been prepared in accordance with IFRS as adopted by the EU. The consolidated financial statements of Tikkurila for the years ended December 31, 2009 and 2008 have been audited by KPMG Oy Ab. -------------------------------------------------------------------------------- | | For the year ended December 31, | -------------------------------------------------------------------------------- | | 2009 | 2008 | 2007 | -------------------------------------------------------------------------------- | | (audited) | -------------------------------------------------------------------------------- | | (EUR in millions) | -------------------------------------------------------------------------------- | CONSOLIDATED INCOME STATEMENT DATA | | | | -------------------------------------------------------------------------------- | Net revenue | 530.2 | 648.1 | 625.2 | -------------------------------------------------------------------------------- | Other operating income | 1.5 | 2.3 | 12.6 | -------------------------------------------------------------------------------- | Operating expenses | (465.2) | (572.6) | (546.6) | --------------------------------------------------------------------------------| Depreciation and impairments | (18.8) | (19.0) | (18.1) | -------------------------------------------------------------------------------- | Operating profit/loss (EBIT) | 47.7(1) | 58.8(2) | 73.1(3) | -------------------------------------------------------------------------------- | Financial income and expenses, net | (12.0) | (15.6) | (10.8) | -------------------------------------------------------------------------------- | Share of profit or loss of associates | 0.1 | 0.0 | 1.2 | -------------------------------------------------------------------------------- | Profit before tax | 35.7 | 43.2 | 63.5 | -------------------------------------------------------------------------------- | Income tax | (8.0) | (6.5) | (6.7) | -------------------------------------------------------------------------------- | Net profit for the period | 27.8 | 36.7 | 56.7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Attributable to: | | | | -------------------------------------------------------------------------------- | Equity holders of the parent | 27.8 | 36.5 | 56.7 | -------------------------------------------------------------------------------- | Minority interests | 0.0 | 0.2 | 0.1 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Includes EUR 2.4 million non-recurring cost related to personnel reductions EUR 0.4 million difference in operating profit compared to previously published by Kemira is due to group level adjustment related to Kemira's internal project in 2008. Includes capital gains of EUR 11.1 million related to the sale Scanspac and non-recurring costs of EUR 2.4 million. -------------------------------------------------------------------------------- | | As of December 31, | -------------------------------------------------------------------------------- | | 2009 | 2008 | 2007 | -------------------------------------------------------------------------------- | | (audited) | -------------------------------------------------------------------------------- | | (EUR in millions) | -------------------------------------------------------------------------------- | CONSOLIDATED BALANCE SHEET DATA | | | | -------------------------------------------------------------------------------- | Assets | | | | -------------------------------------------------------------------------------- | Non-current assets | | | | -------------------------------------------------------------------------------- | Goodwill | 68.3 | 68.1 | 68.1 | -------------------------------------------------------------------------------- | Other intangible assets | 33.7 | 35.3 | 38.1 | -------------------------------------------------------------------------------- | Property, plant and equipment | 114.9 | 118.2 | 118.2 | -------------------------------------------------------------------------------- | Holdings in associates | 0.8 | 0.7 | 0.7 | -------------------------------------------------------------------------------- | Available-for-sale financial assets | 0.9 | 0.9 | 1.1 | -------------------------------------------------------------------------------- | Other investments | 5.9 | 5.8 | 9.3 | -------------------------------------------------------------------------------- | Defined benefit pension receivables | 0.4 | 0.8 | 0.1 | -------------------------------------------------------------------------------- | Deferred tax assets | 2.4 | 2.2 | 1.5 | -------------------------------------------------------------------------------- | Total non-current assets | 227.2 | 232.0 | 237.2 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Current Assets | | | | -------------------------------------------------------------------------------- | Inventories | 73.5 | 83.3 | 84.4 | -------------------------------------------------------------------------------- | Receivables: | | | | -------------------------------------------------------------------------------- | Interest-bearing receivables | 0.3 | 0.4 | 0.8 | -------------------------------------------------------------------------------- | Interest-free receivables | 77.6 | 80.8 | 85.3 | -------------------------------------------------------------------------------- | Total receivables | 77.9 | 81.2 | 86.1 | -------------------------------------------------------------------------------- | Money market investments - cash | 16.3 | 13.9 | 43.5 | | equivalents | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents | 8.3 | 17.4 | 18.1 | -------------------------------------------------------------------------------- | Total current assets | 175.9 | 195.7 | 232.2 | -------------------------------------------------------------------------------- | Non-current assets held for sale | - | - | - | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total assets | 403.1 | 427.8 | 469.4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity and Liabilities | | | | -------------------------------------------------------------------------------- | Equity | | | | -------------------------------------------------------------------------------- | Share capital | 35.0 | 35.0 | 35.0 | -------------------------------------------------------------------------------- | Capital paid-in in excess of par value | - | - | - | -------------------------------------------------------------------------------- | Treasury shares | - | - | - | -------------------------------------------------------------------------------- | Fair value and other reserves | 0.4 | 0.4 | 0.4 | -------------------------------------------------------------------------------- | Unrestricted equity reserve | 40.0 | - | - | -------------------------------------------------------------------------------- | Retained earnings | 68.5 | 51.2 | 77.6 | -------------------------------------------------------------------------------- | Equity attributable to equity holders of | 143.9 | 86.6 | 113.0 | | the parent | | | | -------------------------------------------------------------------------------- | Minority interests | 0.0 | 0.1 | 0.2 | -------------------------------------------------------------------------------- | Total equity | 143.9 | 86.7 | 113.2 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-current Liabilities | | | | -------------------------------------------------------------------------------- | Interest-bearing non-current | 115.1 | 174.2 | 158.3 | | liabilities | | | | -------------------------------------------------------------------------------- | Deferred tax liabilities | 9.6 | 9.8 | 9.7 | -------------------------------------------------------------------------------- | Pension liabilities | 14.6 | 13.6 | 15.2 | -------------------------------------------------------------------------------- | Provisions | 0.4 | 0.4 | 0.7 | -------------------------------------------------------------------------------- | Total non-current liabilities | 139.7 | 198.0 | 183.9 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Current Liabilities | | | | -------------------------------------------------------------------------------- | Interest-bearing current liabilities | 39.0 | 37.9 | 56.5 | -------------------------------------------------------------------------------- | Interest-free current liabilities | 80.2 | 104.8 | 113.1 | -------------------------------------------------------------------------------- | Provisions | 0.4 | 0.3 | 2.7 | -------------------------------------------------------------------------------- | Total current liabilities | 119.6 | 143.0 | 172.3 | -------------------------------------------------------------------------------- | Liabilities directly associated with | - | - | - | | non-current assets classified as held | | | | | for sale | | | | -------------------------------------------------------------------------------- | Total liabilities | 259.3 | 341.0 | 356.2 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total equity and liabilities | 403.1 | 427.8 | 469.4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | For the year ended December 31, | -------------------------------------------------------------------------------- | | 2009 | 2008 | 2007 | -------------------------------------------------------------------------------- | | (audited) | -------------------------------------------------------------------------------- | | (EUR in millions) | -------------------------------------------------------------------------------- | CONSOLIDATED CASH FLOW STATEMENT DATA | | | | -------------------------------------------------------------------------------- | Cash flows from operating activities | | | | -------------------------------------------------------------------------------- | Adjusted operating profit | 67.9 | 72.1 | 79.6 | -------------------------------------------------------------------------------- | Interests and other financing items | (13.7) | (11.2) | (10.3) | -------------------------------------------------------------------------------- | Income tax paid | (3.3) | (7.0) | (6.5) | -------------------------------------------------------------------------------- | Total funds from operations | 50.9 | 53.8 | 62.8 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in net working capital, total | 11.6 | 1.9 | (11.2) | -------------------------------------------------------------------------------- | Total cash flows from operations | 62.5 | 55.7 | 51.6 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flows from investing activities | | | | -------------------------------------------------------------------------------- | Capital expenditure for acquisitions | (3.7) | (4.7) | (4.8) | -------------------------------------------------------------------------------- | Other capital expenditure | (13.5) | (32.1) | (42.9) | -------------------------------------------------------------------------------- | Proceeds from sale of assets | 0.4 | 5.4 | 18.7 | -------------------------------------------------------------------------------- | Dividends received | 0.1 | 0.1 | 1.5 | -------------------------------------------------------------------------------- | Long term loan receivables, | (0.4) | 0.8 | 0.7 | | increase(+)/ Decrease (-) | | | | -------------------------------------------------------------------------------- | Net cash used in investing activities | (17.1) | (30.5) | (26.8) | -------------------------------------------------------------------------------- | Cash flow before financing | 45.3 | 25.3 | 24.8 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flows from financing activities | | | | -------------------------------------------------------------------------------- | Change in non-current loans (increase | (18.9) | (10.7) | 1.5 | | (+), decrease (-)) | | | | -------------------------------------------------------------------------------- | Short-term financing, net (increase | 1.5 | 9.9 | 0.4 | | (+), decrease (-)) | | | | -------------------------------------------------------------------------------- | Distribution of profits | (34.0) | (50.6) | (24.8) | -------------------------------------------------------------------------------- | Other | (1.6) | (6.4) | 1.8 | -------------------------------------------------------------------------------- | Net cash used in financing activities | (53.0) | (57.8) | (21.1) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net change in cash and cash | (7.7) | (32.5) | 3.7 | | equivalents | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash and cash equivalents, end of the | 24.2 | 30.9 | 61.2 | | period | | | | -------------------------------------------------------------------------------- | Effect of exchange rate fluctuations on | (1.0) | (2.2) | 0.2 | | cash held…………. | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents, beginning of | 30.9 | 61.2 | 57.8 | | period | | | | -------------------------------------------------------------------------------- | Net change in cash and cash | (7.7) | (32.5) | 3.7 | | equivalents | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | For the year ended and as of | | | December 31, | -------------------------------------------------------------------------------- | | 2009 | 2008 | 2007 | -------------------------------------------------------------------------------- | | (EUR in millions, except where | | | otherwise indicated) | -------------------------------------------------------------------------------- | KEY FIGURES | | | | -------------------------------------------------------------------------------- | Net revenue | 530.2 | 648.1 | 625.2 | -------------------------------------------------------------------------------- | Net revenue growth, percent | (18.19) | 3.67 | 11.09 | -------------------------------------------------------------------------------- | EBITDA(1) | 66.5 | 77.8 | 91.2 | -------------------------------------------------------------------------------- | EBITDA, percent of revenue | 12.5 | 12.0 | 14.6 | -------------------------------------------------------------------------------- | EBIT | 47.7(10) | 58.8(11) | 73.1(12) | -------------------------------------------------------------------------------- | EBIT, percent of revenue | 9.0 | 9.1 | 11.7 | -------------------------------------------------------------------------------- | Profit for the period | 27.8 | 36.7 | 56.7 | -------------------------------------------------------------------------------- | Net interest-bearing debt(2) | 129.5 | 180.8 | 153.1 | -------------------------------------------------------------------------------- | Equity-ratio(3), percent | 35.7 | 20.3 | 24.1 | -------------------------------------------------------------------------------- | Net gearing(4), percent | 90.0 | 208.5 | 135.3 | -------------------------------------------------------------------------------- | Net interest-bearing debt / EBITDA(5) | 1.9 | 2.3 | 1.7 | -------------------------------------------------------------------------------- | Capital employed(6) | 284.9 | 253.1 | 264.5 | -------------------------------------------------------------------------------- | Return on capital employed(7), percent | 17.7 | 22.7 | 28.9 | -------------------------------------------------------------------------------- | Return on equity(8), percent | 24.1 | 36.7 | 56.3 | -------------------------------------------------------------------------------- | Capital expenditure | 17.2 | 36.7 | 47.7 | -------------------------------------------------------------------------------- | Capital expenditure, percent of | 3.2 | 5.7 | 7.6 | | revenue | | | | -------------------------------------------------------------------------------- | Average number of employees | 3,757 | 4,027 | 3,883 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Key ratios per share: | | | | -------------------------------------------------------------------------------- | Basic earnings per share, EUR | 27.08 | 35.59 | 55.27 | -------------------------------------------------------------------------------- | Operating cash flow per share, EUR | 60.93 | 54.39 | 50.35 | -------------------------------------------------------------------------------- | Dividend per share, EUR | - | 19.51 | - | -------------------------------------------------------------------------------- | Equity per share, EUR | 121.92 | 67.81 | 78.74 | -------------------------------------------------------------------------------- | Number of shares outstanding (´000) | 1,025 | 1,025 | 1,025 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | For the year ended and as of | | | December 31, | -------------------------------------------------------------------------------- | | 2009 | 2008 | 2007 | -------------------------------------------------------------------------------- | | (audited) | -------------------------------------------------------------------------------- | | (EUR in millions) | -------------------------------------------------------------------------------- | BUSINESS UNIT DATA | | | | -------------------------------------------------------------------------------- | Net revenue | | | | -------------------------------------------------------------------------------- | East | 167.1 | 226.6 | 203.8 | -------------------------------------------------------------------------------- | Finland | 106.8 | 115.2 | 116.5 | -------------------------------------------------------------------------------- | Scandinavia | 157.8 | 176.0 | 180.7 | -------------------------------------------------------------------------------- | Central Eastern Europe | 98.5 | 130.3 | 124.2 | -------------------------------------------------------------------------------- | Operating profit/loss (EBIT) | | | | -------------------------------------------------------------------------------- | East | 17.7 | 25.2 | 24.3(13) | -------------------------------------------------------------------------------- | Finland | 12.2(14) | 7.4 | 9.4 | -------------------------------------------------------------------------------- | Scandinavia | 15.7(15) | 17.1 | 32.6(16) | -------------------------------------------------------------------------------- | Central Eastern Europe | 5.0 | 10.8 | 10.5(17) | -------------------------------------------------------------------------------- | Assets | | | | -------------------------------------------------------------------------------- | East | 108.7 | 107.6 | 110.4 | -------------------------------------------------------------------------------- | Finland | 79.2 | 98.6 | 100.8 | -------------------------------------------------------------------------------- | Scandinavia | 139.9 | 144.1 | 185.8 | -------------------------------------------------------------------------------- | Central Eastern Europe | 77.5 | 77.9 | 79.2 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | (1 | EBITDA | = | Operating profit + depreciation, | | | ) | | | amortization and impairment losses | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | (2 | Interest-bearing | = | Interest-bearing financial | | | ) | net financial | | liabilities - cash and cash | | | | liabilities | | equivalents | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total equity | -------------------------------------------------------------------------------- | Total assets - Advances received | -------------------------------------------------------------------------------- | (3 | Equity ratio, % | = | | x 100 | | ) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Interest‑bearing net financial liabilities | -------------------------------------------------------------------------------- | Total equity | -------------------------------------------------------------------------------- | (4 | Net gearing, % | = | | x 100 | | ) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Interest-bearing net financial liabilities | | -------------------------------------------------------------------------------- | Operating profit + depreciation, amortisation and impairment | | | losses | | -------------------------------------------------------------------------------- | (5 | Interest-bearing | = | | | ) | net financial | | | | | liabilities / | | | | | EBITDA | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | (6 | Capital employed | = | Net working capital + intangible | | | ) | | | assets ready for use + property, | | | | | | plant, equipment ready for use + | | | | | | investments in associates(9) | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating profit + share of profit or loss of associates | -------------------------------------------------------------------------------- | Net working capital + property, plant and equipment ready for use + | | intangible assets ready for use + investments in associates(9) | -------------------------------------------------------------------------------- | (7 | Return on capital | = | | x 100 | | ) | employed (ROCE), | | | | | | % | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net profit for the period | x 100 | -------------------------------------------------------------------------------- | Total equity(9) | | -------------------------------------------------------------------------------- | (8 | Return on equity | = | | | ) | (ROE), % | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | (9 | Average during | | | | | ) | the period | | | | -------------------------------------------------------------------------------- (10) Includes EUR 2.4 million non-recurring cost related to personnel reductions. (11) EUR 0.4 million difference in operating profit compared to previously published by Kemira is due to group level adjustment related to Kemira's internal project in 2008. (12) Includes capital gains of EUR 11.1 million related to the sale Scanspac and non-recurring costs of EUR 2.4 million. (13) Includes a EUR 1.6 million write-down of an insurance receivable related to the fire at Kraski Teks Metallostroy logistics center in Russia. (14) Includes a EUR 2.0 million non-recurring cost related to personnel reductions. (15) Includes a EUR 0.4 million non-recurring cost related to personnel reductions. (16) Includes a EUR 0.4 million non-recurring costs related to the transferring of Alcro-Beckers employees to Nykvarn in Sweden and a EUR 11.1 million capital gain related to sale of Scanspac. (17) Includes a EUR 0.4 million provision related to an alleged breach of antitrust regulations in Poland.
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