2010-08-11 11:40:20 CEST
2010-08-11 11:41:18 CEST
REGULATED INFORMATION
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Ahlstrom - Interim report (Q1 and Q3)
Ahlstrom Interim Report January-June 2010: Profitability improved, driven by increased demand
Ahlstrom Corporation STOCK EXCHANGE RELEASE 11.8.2010 klo 12.00
Ahlstrom Interim Report January-June 2010:
Profitability improved, driven by increased demand
April-June 2010 compared to April-June 2009:
Net sales EUR 489.4 million (EUR 398.9 million).
Operating profit EUR 29.8 million (EUR 9.7 million). The figure includes
non-recurring items of EUR 0.8 million (EUR -3.0 million).
Profit before taxes EUR 22.5 million (EUR 4.7 million), and earnings per share
EUR 0.29 (EUR 0.05).
Net cash flow from operating activities EUR 45.1 million (EUR 72.8 million).
January-June 2010 compared to January-June 2009
Net sales EUR 930.4 million (EUR 775.0 million)
Operating profit EUR 43.8 million (loss EUR 1.0 million). The figure includes
non-recurring items of EUR 1.1 million (EUR -3.7 million).
Profit before taxes EUR 29.8 million (loss EUR 13.9 million) and earnings per
share EUR 0.38 (EUR -0.21).
Net cash flow from operating activities EUR 77.2 million (EUR 93.7 million).
Events during April-June 2010
Ahlstrom announced its new organization and operating model in May to support
its revised strategy.The new operating model took effect on July 1, 2010.
The Mundra medical nonwovens plant in India was inaugurated.
The company started a development project to reduce production waste, aiming to
improve earnings by approximately EUR 20 million annually.
Outlook for 2010
Ahlstrom raises its net sales estimate for 2010 as a result of strong demand and
successful price increases. The company estimates that net sales in 2010 will be
above the 2008 level, whereas it had earlier estimated that net sales would
reach approximately the same level as in 2008. Operating profit excluding
non-recurring items is expected to increase from 2009, unchanged from the
earlier forecast.
Jan Lång, President and CEO:
- Continued favorable demand in most of our customer segments was the main
driver for the significant improvement of profitability in the second quarter.
Furthermore, efficiency improvement measures initiated earlier are now bearing
fruit. We were also able to pass on rapidly rising raw material costs to our
sales prices.
- It has been delightful to note that demand has recovered at such a rapid phase
and our net sales returned to the pre-recession levels of the second quarter in
2008. The fastest growth was again seen in Asia, where we today took a
significant step in our growth strategy by agreeing to acquire Shandong Puri
Filter & Paper Products Limited.
- During the first part of this year, we prepared an extensive renewal of our
organization and operating model, which became effective on July 1, 2010. This
allows us to implement our revised strategy more effectively. It also enables us
to introduce a stronger customer focus to a fairly traditional industry.
Furthermore, we aim to improve cost efficiency in the entire supply chain.
KEY FIGURES
--------------------------------------------------------------------------------
| MEUR | 4-6/ | 4-6/ | Change | 1-6/ | 1-6/ | Change, |
| | 20 | 200 | , | 2 | 2009 | % |
| | 10 | 9 | % | 010 | | |
--------------------------------------------------------------------------------
| Net sales | 489.4 | 398.9 | 22.7 | 930.4 | 775.0 | 20.0 |
--------------------------------------------------------------------------------
| EBIT (Operating | 29.8 | 9.7 | 205.2 | 43.8 | -1.0 | - |
| profit/loss) | | | | | | |
--------------------------------------------------------------------------------
| Profit/loss | 22.5 | 4.7 | 380.3 | 29.8 | -13.9 | - |
| before taxes | | | | | | |
--------------------------------------------------------------------------------
| Profit for the | 15.1 | 2.5 | 506.5 | 20.6 | -9.9 | - |
| period | | | | | | |
--------------------------------------------------------------------------------
| Earnings per | 0.29 | 0.05 | - | 0.38 | -0.21 | - |
| share | | | | | | |
--------------------------------------------------------------------------------
| Return on capital | 10.9 | 3.2 | - | 8.0 | -0.1 | - |
| employed (ROCE), | | | | | | |
| % | | | | | | |
--------------------------------------------------------------------------------
| Equity ratio, % | 44.4 | 37.9 | - | 44.4 | 37.9 | - |
--------------------------------------------------------------------------------
| Gearing ratio, % | 50.3 | 92.0 | - | 50.3 | 92.0 | - |
--------------------------------------------------------------------------------
| Interest-bearing | 364.9 | 569.5 | -35.9 | 364.9 | 569.5 | -35.9 |
| net liabilities | | | | | | |
--------------------------------------------------------------------------------
| Capital | 5.3 | 14.6 | -63.9 | 11.8 | 41.5 | -71.6 |
| expenditure | | | | | | |
| (excluding | | | | | | |
| acquisitions) | | | | | | |
--------------------------------------------------------------------------------
| Net cash flow | 45.1 | 72.8 | -38.0 | 77.2 | 93.7 | -17.6 |
| from operating | | | | | | |
| activities | | | | | | |
--------------------------------------------------------------------------------
| Number of | 5,787 | 6,023 | -3.9 | 5,789 | 6,104 | -5.2 |
| personnel, on | | | | | | |
| average | | | | | | |
--------------------------------------------------------------------------------
| Number of | 5,799 | 5,992 | -3.2 | 5,799 | 5,992 | -3.2 |
| personnel, at the | | | | | | |
| end of the period | | | | | | |
--------------------------------------------------------------------------------
OPERATING ENVIRONMENT
Demand for Ahlstrom's products started to pick up in the summer of 2009 and the
same trend continued in April-June 2010. As the global economy continues to
recover, replenishment of inventories left at a low level after the recession,
has supported the demand. In some of the business areas, demand reached
pre-recession levels of the second quarter in 2008.
In the Fiber Composites segment*Ahlstrom reports its business in two segments,
Fiber Composites and Specialty Papers. The Fiber Composites segment comprises
the Advanced Nonwovens, Filtration, Glass & Industrial Nonwovens and Home &
Personal Nonwovens business areas. Ahlstrom's Specialty Papers segment comprises
the Release & Label and the Technical Papers business areas. , demand for
Ahlstrom's filtration media for the transportation industry and building
materials benefited from the general upturn of the economy. Demand for the
company's food packaging and teabag materials as well as for nonwovens in
medical applications was steady. In wipes, demand continued to grow from the
comparison period of the previous year. Windmill and marine industries continued
to show signs of recovery.
In the Specialty Papers segment*, demand for nearly all of Ahlstrom's specialty
paper products continued to grow. The market was improved by the general
recovery of the economy. Increase in the demand for release and label papers was
markedly strong in Europe. Demand for technical papers continued strong in
nearly all of the company's market areas, supported by the replenishment of
inventories after the recession.
Raw material price increases
Ahlstrom's main raw materials are natural fibers, mainly pulp, synthetic fibers
and chemicals. The company is one of the world's largest buyers of market pulp.
The price of pulp and most other raw materials started increasing in June 2009,
and this trend continued.
Pulp production in Chile has mainly returned to normal levels after the
earthquake in February, and the first deliveries to European ports arrived
during the latter half of June. Due to the end of February earthquake,
approximately 8% of the world's pulp production capacity was temporarily shut
down in March.
The company took special actions in order to safeguard the continuity of the
operation of its plants in the tighter pulp market, and was able to continue
operations normally.
DEVELOPMENT OF NET SALES
--------------------------------------------------------------------------------
| Net sales | 4-6/ | 4-6/ | Change, | 1-6/ | 1-6/ | Change, |
| by segment | 20 | 20 | % | 201 | 200 | % |
| and business | 10 | 09 | | 0 | 9 | |
| area | | | | | | |
--------------------------------------------------------------------------------
| Fiber | 257.9 | 212.4 | 21.4 | 489.6 | 421.2 | 16.2 |
| Composites | | | | | | |
--------------------------------------------------------------------------------
| Advanced | 49.7 | 44.3 | 12.1 | 93.7 | 89.7 | 4.5 |
| Nonwovens | | | | | | |
--------------------------------------------------------------------------------
| Filtration | 88.7 | 69.5 | 27.6 | 167.8 | 134.5 | 24.7 |
--------------------------------------------------------------------------------
| Glass & | 56.0 | 42.7 | 31.1 | 105.8 | 87.2 | 21.3 |
| Industrial | | | | | | |
| Nonwovens | | | | | | |
--------------------------------------------------------------------------------
| Home & | 66.5 | 58.0 | 14.8 | 127.6 | 114.3 | 11.7 |
| Personal | | | | | | |
| Nonwovens | | | | | | |
--------------------------------------------------------------------------------
| Specialty | 234.2 | 188.2 | 24.4 | 446.5 | 358.3 | 24.6 |
| Papers | | | | | | |
--------------------------------------------------------------------------------
| Release & | 92.1 | 70.4 | 30.8 | 172.0 | 133.7 | 28.6 |
| Label Papers | | | | | | |
--------------------------------------------------------------------------------
| Technical | 142.1 | 118.3 | 20.1 | 274.5 | 225.0 | 22.0 |
| Papers | | | | | | |
--------------------------------------------------------------------------------
| Other | -2.7 | -1.7 | - | -5.6 | -4.5 | - |
| functions* | | | | | | |
| and | | | | | | |
| eliminations | | | | | | |
--------------------------------------------------------------------------------
| Total net | 489.4 | 398.9 | 22.7 | 930.4 | 775.0 | 20.0 |
| sales | | | | | | |
--------------------------------------------------------------------------------
* Other functions include financing and taxation related receivables,
liabilities, and cost items, as well as earnings, costs, assets and liabilities
belonging to holding and sales companies.
Development of net sales in April-June 2010
The Group's net sales increased by 22.7% compared to April-June 2009 and
amounted to EUR 489.4 million (EUR 398.9 million). Approximately half of the
growth in net sales was attributable to higher sales volumes, and the rest to
price increases. Strongest growth was seen in the Asia-Pacific region (+40.5%)
and South America (+33.4%). In North America, net sales rebounded to a 15.7%
growth due to favorable exchange rate impact and higher sales volumes and
prices.
Net sales of the Fiber Composites segment amounted to EUR 257.9 million (EUR
212.4 million), representing 52% of the Group net sales. The segment's net sales
increased by 21.4% compared to April-June 2009. The strongest growth was seen in
the Glass & Industrial Nonwovens business area (+31.1%) as the building product
market recovered; especially the wallcover market was strong in China and demand
for flooring materials increased in Europe and Russia. Demand for windmill and
marine construction materials still remained below pre-recession levels.
Exchange rate fluctuations boosted net sales growth at the Advanced Nonwovens
business area (+12.1%), whereas in the previous quarter net sales were still
declining.
Net sales of the Specialty Papers segment amounted to EUR 234.2 million (EUR
188.2 million), representing 48% of the Group net sales. Net sales of the entire
segment were 24.4% higher than in the second quarter of 2009. Demand for
technical papers strengthened compared to the comparison period in nearly all
product areas, with the exception of poster papers and wallpapers. Demand for
release and label papers surpassed the pre-recession level of the 2008 second
quarter.
Development of net sales in January-June 2010
Demand for Ahlstrom's products continued to increase in the first half of 2010,
and the company adjusted the pricing of its products due to the rapidly
increased raw material costs. The Group's net sales for January-June amounted to
EUR 930.4 million, showing an increase of 20.0% compared to the corresponding
period in the previous year (EUR 775.0 million). The increase in net sales was
primarily attributable to increased sales volumes.
Net sales of the Fiber Composites segment amounted to EUR 489.6 million (EUR
421.2 million), representing 52% of the Group net sales. The segment's net sales
grew by 16.2% as all business areas increased their sales. The biggest increase
was seen in the Filtration (+24.7%) and Glass & Industrial Nonwovens (+21.3%)
business areas.
Net sales of the Specialty Papers segment amounted to EUR 446.5 million (EUR
358.3 million), representing 48% of the Group net sales. The segment's net sales
increased by 24.6% compared to January-June 2009. Net sales increased in both
the Release & Label Papers (+28.6%) and Technical Papers (+22.0%) business
areas.
RESULT AND PROFITABILITY
--------------------------------------------------------------------------------
| Financial result | 4-6/ | 4-6/ | Change | 1-6/ | 1-6/ | Change, |
| by segment | 2 | 2 | , | 20 | 2009 | MEUR |
| | 010 | 009 | MEUR | 10 | | |
--------------------------------------------------------------------------------
| Fiber Composites | | | | | | |
--------------------------------------------------------------------------------
| Operating | 14.0 | 5.3 | 8.7 | 23.6 | 2.9 | 20.7 |
| profit/loss | | | | | | |
| (EBIT) | | | | | | |
--------------------------------------------------------------------------------
| Operating | 5.4 | 2.5 | - | 4.8 | 0.7 | - |
| profit/loss | | | | | | |
| (EBIT), % | | | | | | |
--------------------------------------------------------------------------------
| Return on net | 7.7 | 2.7 | - | 6.6 | 0.7 | - |
| assets, RONA, % | | | | | | |
--------------------------------------------------------------------------------
| Specialty Papers | | | | | | |
--------------------------------------------------------------------------------
| Operating | 21.1 | 6.8 | 14.3 | 28.8 | 3.4 | 25.4 |
| profit/loss | | | | | | |
| (EBIT) | | | | | | |
--------------------------------------------------------------------------------
| Operating | 9.0 | 3.6 | - | 6.5 | 1.0 | - |
| profit/loss | | | | | | |
| (EBIT), % | | | | | | |
--------------------------------------------------------------------------------
| Return on net | 24.3 | 6.8 | - | 16.3 | 1.7 | - |
| assets, RONA, % | | | | | | |
--------------------------------------------------------------------------------
| Other functions* | | | | | | |
| and eliminations | | | | | | |
--------------------------------------------------------------------------------
| Operating | -5.4 | -2.4 | -3.0 | -8.6 | -7.3 | -1.3 |
| profit/loss | | | | | | |
--------------------------------------------------------------------------------
| Ahlstrom Group | | | | | | |
| total | | | | | | |
--------------------------------------------------------------------------------
| Operating | 29.8 | 9.7 | 20.0 | 43.8 | -1.0 | 44.8 |
| profit/loss | | | | | | |
| (EBIT) | | | | | | |
--------------------------------------------------------------------------------
| Operating | 6.1 | 2.4 | - | 4.7 | -0.1 | - |
| profit/loss | | | | | | |
| (EBIT), % | | | | | | |
--------------------------------------------------------------------------------
| ROCE, % | 10.9 | 3.2 | - | 8.0 | -0.1 | - |
--------------------------------------------------------------------------------
* Other functions include financing and taxation related receivables,
liabilities, and cost items, as well as earnings, costs, assets, and liabilities
belonging to holding and sales companies.
Result and profitability in April-June 2010
The Group operating profit was EUR 29.8 million (EUR 9.7 million). The result
includes non-recurring items of EUR 0.8 million. Operating profit excluding
non-recurring items was EUR 29.0 million, including a gain of approximately EUR
4.2 million from the sale of additional carbon dioxide emission rights granted
for the previous year. It was significantly higher than in the comparison period
(EUR 12.8 million).
The operating result was most of all improved by the revived demand and
increased production and delivery volumes. It was also affected by the
continuous streamlining of operations and restructuring programs started in
2009. Higher raw material prices and other costs did not weaken the result since
increasing costs were compensated by price increases. Ahlstrom increased prices
of specialty papers, filtration materials and wipes in particular. Additional
price increases were announced to cover recent increases in raw material costs
to maintain the profit level.
Operating profit of the Fiber Composites segment increased to EUR 14.0 million
(EUR 5.3 million). Operating profit of the Specialty Papers segment increased to
EUR 21.1 million (EUR 6.8 million).
Thanks to the recovered demand, market related downtime in production amounted
to only 9.3% in April-June 2010, whereas it had been 21.1% in the same period
last year.
Net financial expenses were EUR 6.9 million (EUR 4.8 million). Net financial
expenses include net interest expenses of EUR 5.6 million (EUR 4.1 million),
financing exchange rate gains of EUR 0.1 million (loss of EUR 0.2 million), and
other financial expenses of EUR 1.4 million (EUR 0.4 million).
Profit before taxes was EUR 22.5 million (EUR 4.7 million).
Income taxes amounted to EUR 7.4 million (EUR 2.2 million).
Profit for the period was EUR 15.1 million (EUR 2.5 million). Earnings per share
were EUR 0.29 (EUR 0.05).
Return on capital employed (ROCE) amounted to 10.9% (3.2%), and return on equity
(ROE) was 8.6% (1.6%).
Result and profitability in January-June 2010
The Group's operating profit was EUR 43.8 million (operating loss of EUR 1.0
million). The result includes non-recurring items of EUR 1.1 million. Operating
profit excluding non-recurring items amounted to EUR 42.7 million. It was
significantly higher than in the comparison period (EUR 2.7 million).
Operating profit of the Fiber Composites segment increased to EUR 23.6 million
(EUR 2.9 million). Operating profit of the Specialty Papers segment rose to EUR
28.8 million (EUR 3.4 million).
Thanks to the recovered demand, market related downtime in production amounted
to no more than 10.0% in January-June 2010, whereas it had been 22.8% in the
same period last year.
Capacity utilization of the projects included in the EUR 500 million investment
program carried out in 2007 and 2008 has improved, but did not yet achieve
target levels. The ramp-up of the new glassfiber plant in Tver, Russia, has been
successful. On the other hand, the La Gere release base papers plant in France
has improved its profitability, which however remains unsatisfactory.
Commercialization of the teabag materials line, opened at the end of 2008 in
Chirnside, United Kingdom, has been delayed.
Net financial expenses were EUR 13.5 million (EUR 13.0 million). Net financial
expenses include net interest expenses of EUR 11.3 million (EUR 12.4 million),
financing exchange rate gains of EUR 0.5 million (EUR 0.2 million), and other
financial expenses of EUR 2.7 million (EUR 0.8 million).
Profit before taxes was EUR 29.8 million (loss EUR 13.9 million).
Income taxes were EUR 9.3 million (deferred income EUR 4.0 million).
Profit for the period was EUR 20.6 million (loss EUR 9.9 million). Earnings per
share were EUR 0.38 (EUR -0.21).
FINANCING
Net cash flow from operating activities in January-June amounted to EUR 77.2
million (EUR 93.7 million), and cash flow after investments was EUR 64.1 million
(EUR 50.1 million).
Special attention has been paid to operative working capital since the beginning
of 2009. Operative working capital decreased by EUR 3.8 million compared to the
end of 2009 but increased by EUR 10.3 million from the end of March. Working
capital turnover continued to improve in January-June, declining by eight days.
At the end of the period, working capital amounted to EUR 241.0 million, which
was EUR 108.1 million less than at the end of 2008, before the project to
improve working capital was started. At the end of June 2010, working capital
turnover had improved by 31 days to 45 days since the end of 2008.
The company's interest-bearing net liabilities decreased by EUR 31.0 million
from the end of 2009 to EUR 364.9 million (December 31, 2009: EUR 395.9
million). Ahlstrom's interest bearing liabilities amounted to EUR 385.0 million.
Of the loan portfolio, approximately 66.9% was tied to a fixed interest rate
using interest rate derivatives or loan contracts. Duration of the loan
portfolio (average interest rate tying period) was 27 months and the effective
interest rate was 4.5%. The average maturity of the loan portfolio was 28
months.
The company's liquidity is good. At the end of the period, its total liquidity,
including cash, unused committed credit facilities, and the available cash pool
overdraft facilities totaled EUR 319.0 million. In addition, the company had
available uncommitted credit facilities totaling EUR 159.3 million.
The gearing ratio decreased to 50.3% (December 31, 2009: 57.7%). The equity
ratio was 44.4% (December 31, 2009: 44.8%).
CAPITAL EXPENDITURE
Ahlstrom did not make any significant investments or investment decisions during
January-June. The company's investments amounted to EUR 11.8 million (EUR 41.5
million).
Ahlstrom's new medical nonwovens plant in Gujarat, on the northwestern coast of
India, was inaugurated in May. The investment was approximately EUR 42 million,
and initially the plant employs approximately 70 people.
NEW BUSINESS AREAS AND FINANCIAL REPORTING
As part of the reorganization announced on May 10, 2010, the company formed five
new business areas as of July 1, 2010 in line with its strategy of two business
clusters, the Value-Added cluster and the Operational Excellence cluster.
The new business areas are:
Building and Energy: covers the Glass & Industrial Nonwovens business area and
paper products used in wallpapers
Filtration: the current Filtration business area
Food and Medical: the current Advanced Nonwovens business area as well as crepe
papers and parchment papers
Home and Personal: the current Home & Personal Nonwovens business area
Label and Processing: covers the majority of the Technical Papers and Release &
Label Papers business areas
Of the business areas, Building and Energy, Filtration, and Food and Medical
belong to the Value-Added Cluster, whereas Home and Personal and Label and
Processing business areas are part of the Operational Excellence cluster.
In the financial reporting, these five business areas form Ahlstrom's new
reporting segments instead of the former Fiber Composites and Specialty Papers.
Ahlstrom will publish the comparison data according to the new segment division
for 2009 and the first two quarters of 2010 by the end of the third quarter this
year.
The previous organization with 18 product lines operating within the business
areas has been discontinued. It will be integrated as part of the organization
aligned with the new business areas in order to further strengthen
customer-orientation and supply chain management.
CHANGES IN THE EXECUTIVE MANAGEMENT TEAM
In connection with the reorganization, the following changes were made in the
Group Executive Management Team as of July 1, 2010.
The Specialty Papers business areas were combined, and Patrick Jeambar was
nominated Executive Vice President of the newly formed Label and Processing
business area..Daniele Borlatto took on a new role as the Vice President of the
Release and Label business and Vice President of the production and supply chain
for the business area. He reports to Patrick Jeambar. Gustav Adlercreutz is Vice
President, General Counsel and reports to Chief Financial Officer Seppo Parvi.
Daniele Borlatto, formerly Executive Vice President, Release & Label, and Gustav
Adlercreutz, formerly Executive Vice President and General Counsel, shall not
continue as Executive Management Team membersIn addition, Ahlstrom will
strengthen the development of its global supply chain with a new Executive Vice
President of Production and Supply Chain. The appointment for this position will
be announced in due course.Ahlstrom's Executive Management Team as of July 1,
2010:
Jan Lång, President and CEO
Risto Anttonen, Deputy to the CEO
Paula Aarnio, EVP,
HR and Sustainability
Jean-Marie Becker, EVP, Home and Personal
Tommi Björnman, EVP,
Filtration
William Casey, EVP, Food and Medical
Claudio Ermondi, EVP, Product
and Technology Development
Patrick Jeambar, EVP, Label and Processing
Seppo
Parvi, CFO
Laura Raitio, EVP, Building and Energy
Rami Raulas, EVP, Sales and
Marketing
RESTRUCTURING AND STREAMLINING PROGRAMS
In 2009, Ahlstrom executed two restructuring programs in order to streamline its
operations. The combined annual savings generated by these programs are
approximately EUR 55 million, and they will be achieved in full this year.
The working capital efficiency improvement project started in 2009 is at a final
stage and will continue until the end of the year.
A production waste reduction project was initiated as a new efficiency
improvement program in 2010 with the aim to cut waste by 15%. The improvement
corresponds to a saving of approximately EUR 20 million annually. The project
has been launched in two pilot units, and will be extended to all production
units within the next 18 months.
PERSONNEL
In the first half of the year, Ahlstrom employed an average of 5,789*1 Number of
personnel is calculated as full-time equivalent. people (6,104), and at the end
of the period 5,799 people (5,992). The restructuring programs of 2009 resulted
in a total reduction of about 700 people, of whom 635 had left the company by
the end of June, 2010. .. On the other hand, the company hired new employees,
e.g. in India, during the first half of the year. At the end of June, the
highest number of employees was in the United States (25%), France (21%), Italy
(12%), Finland (10%), Germany (9%), and Brazil (7%).
AUTHORIZATIONS OF THE BOARD
Ahlstrom Corporation's Annual General Meeting of March 31, 2010 authorized the
Board of Directors to repurchase the company's own shares in one or more
installments in accordance with the proposal of the Board. Based on the
authorization, a maximum of 4,500,000 of the company's own shares can be
repurchased, however, taking into consideration the regulations of the Limited
Liability Companies Act regarding the allowable maximum number of own shares at
any given time. The shares may be repurchased only through public trading at the
prevailing market price using unrestricted shareholders' equity.
The authorization contains the right of the Board of Directors to decide on all
other terms and conditions of the repurchase. Thus, the authorization also
contains the right to repurchase shares in a manner other than applying the
proportionate ownership of the shareholders.
Based on the authorization, the Board of Directors may resolve to distribute a
maximum of 4,500,000 own shares in the company's possession. The Board of
Directors is authorized to decide to whom and in which order the shares will be
distributed. The Board of Directors may resolve to distribute shares in a manner
other than that in which the shareholders have the priority to repurchase
shares. The shares may be used as consideration in acquisitions and in other
arrangements as well as to implement the company's share-based incentive plans,
in a manner and scope decided on by the Board of Directors. The Board of
Directors also has the right to decide on the distribution of the shares in
public trading for the purpose of financing possible acquisitions.
The Board's authorizations to repurchase and distribute own shares are valid for
18 months from the close of the Annual General Meeting but will, however, expire
at the close of the next Annual General Meeting, at the latest.
EVENTS AFTER THE REVIEW PERIOD
Cooperation with Eureka Forbes
On July 19, 2010, Ahlstrom announced its partnership with Eureka Forbes Limited,
for introducing to the market a ground-breaking product to meet the growing need
for clean water on the Indian sub-continent.
The product, designed and manufactured by Eureka Forbes, is sold under the brand
name AquaSure, and it uses Ahlstrom's Disruptor(TM) filter material.
Disruptor(TM) is based on technology that eliminates various contaminants, such
as viruses, bacteria and organic impurities, from water. The new AquaSure water
filter removes physical, chemical and microbiological substances from water
without harmful chemicals. The end result is microbiologically clean, drinkable
water free of chemical residues.
Acquisition of Shandong Puri Filter & Paper Products Limited
On August 11, 2010, Ahlstrom signed an agreement to purchase Shandong Puri
Filter & Paper Products Limited in China from Purico Group as part of its growth
strategy in Asia. The value of the transaction for the manufacturer of
transportation filtration materials is EUR 22.5 million. The transaction is
expected to be completed by the end of September and is subject to regulatory
approvals.
SHARES AND SHARE CAPITAL
Ahlstrom's share is listed on the NASDAQ OMX Helsinki. Ahlstrom has one series
of shares. The share is classified under NASDAQ OMX's Materials sector and the
trading code is AHL1V.
In January-June 2010, a total of 4.86 million Ahlstrom shares were traded for a
total of EUR 54.8 million. The lowest trading price was EUR 9.31 and the highest
EUR 12.52. The closing price on June 30, 2010 was EUR 11.18. The market
capitalization was EUR 520.9 million at the end of June.
During the period under review, Ahlstrom's Board of Directors used the
authorization granted by the Annual General Meeting of March 25, 2009, to
repurchase the company's own shares. The number of shares purchased was 75,000,
which accounts for less than 0.2% of Ahlstrom's all shares. The repurchase
reduced the company's distributable shareholders' equity. The purchases began on
February 10, 2010 and ended on March 16, 2010. The average price was EUR 11.68.
Ahlstrom Group's equity per share was EUR 13.85 at the end of the review period
(December 31, 2009: EUR 12.98).
The company received a notification in accordance with the Securities Markets
Act Chapter 2, Section 9, from Erkki Etola, dated May 21, 2010, on the change of
the said shareholder's holding. According to the notification, on May 20, 2010,
Etola's shareholding increased to over 5% (1/20) of Ahlstrom Corporation's
shares and votes.
OUTLOOK
Ahlstrom revises its outlook on the development of net sales for 2010 as a
result of continued strong demand and successful price increases. The company
now estimates that net sales in 2010 will be above the 2008 level, whereas it
had earlier forecast that net sales would reach approximately the same level as
in 2008. Development of net sales in the second half of the year is driven by
the impact of increasing prices, while the development of sales volumes will
stabilize compared to the previous year.
Selling price increases will be continued in order to cover the recently
increased raw material costs. Possible later increases in raw material prices
will also be aimed to be covered with higher prices.
In the Glass & Industrial Nonwovens business area, the market situation of
specialty reinforcements continues to be challenging, but windmill and marine
industries in Ahlstrom's main markets in Europe and North America are expected
to revive towards the end of the year.
The company's more efficient cost structure and improved demand are expected to
improve profitability. Continuous streamlining of operations will continue to be
a priority. The estimate provided on the operating profit in the financial
statements bulletin 2009 remains unchanged. Operating profit excluding
non-recurring items is estimated to increase from 2009.
In 2010, investments excluding acquisitions are estimated at approximately EUR
60 million (EUR 63.8 million in 2009).
SHORT-TERM RISKS
The recovery of the world economy seems promising based on the developments in
recent months, but it is difficult to predict the speed, stability and further
continuation of the recovery. Economic growth and demand for products
manufactured by Ahlstrom may also be weakened by budget cuts planned by
developed industrial nations in order to reduce public deficits caused by the
recession. If the recovery from the recession is delayed and the replenishment
of inventory levels that support demand halts, it may be necessary to limit
production more than planned, and the risk of unsuccessful implementation of the
selling price increases will grow.
For the time being, credit losses have remained low, but due to the uncertain
economic situation, Ahlstrom's customer credit risks are still difficult to
cover in full with credit insurance.
In addition, the prices of raw materials, pulp, synthetic fibers and polymers in
particular have been increasing since last summer and are expected to remain at
a high level in 2010. The pulp market is expected to be more balanced in the
third quarter and prices of viscose and polypropylene are expected to have
reached their peak levels in the previous quarter. On the other hand, prices of
polyester and materials used in glass fiber are expected to continue rising due
to the market situation and stronger US dollar.
Selling prices will be actively increased in order to cover rising costs. If raw
material prices remain at a high level or continue to rise, and the increased
costs cannot be passed onto selling prices, the increase in profitability
achieved in 2009 and January-June 2010 might be compromised.
The general risks of Ahlstrom's business operations are described in greater
detail on the company website at www.ahlstrom.com and in the report by the Board
of Directors in the company's Annual Report 2009. The risk management process is
also described in the Corporate Governance Statement available on the company
website.
* * *
This interim report has been prepared in accordance with the International
Financial Reporting Standards (IFRS). Comparable figures refer to the same
period last year unless otherwise stated.
This report contains certain forward-looking statements that reflect the present
views of the company's management. The statements contain uncertainties and
risks and are thus subject to changes in the general economic situation and in
the company's business.
Helsinki, August 11, 2010
Ahlstrom Corporation
Board of Directors
FURTHER INFORMATION
Jan Lång, President & CEO, tel. +358 (0)10 888 4700
Seppo Parvi, CFO, tel. +358
(0)10 888 4768
Ahlstrom's President & CEO Jan Lång and CFO Seppo Parvi will present the 2010
second-quarter results in a Finnish-language press and analyst conference in
Helsinki today, August 11, 2010 at 2:00 p.m. (CET+1). The conference will take
place at Event Arena Bank, address Unioninkatu 20, 2nd floor. The name of the
meeting room will be displayed on the display board in the lobby.
In addition, President and CEO Lång and CFO Parvi will hold a conference call in
English for analysts and investors today, August 11,2010, at 4:00 p.m. To
participate in the conference call, please dial +358 (0)9 2319 4345 in Finland
or +44 (0)20 7136 2051 outside Finland a few minutes before the conference
begins. The access code is 8978241.
The conference call can also be followed live on the Internet. The link to the
English-language presentation (an audio webcast) including slides is available
on the company website at www.ahlstrom.com. Questions may also be submitted in
writing via the Internet. Listening to the conference call requires
registration.
An on-demand webcast including slides is available for viewing and listening on
the company website for one year after the conference call.
The presentation material will be available on August 11, 2010 after the Interim
Report is published at www.ahlstrom.com > Investors > Reports and presentations > 2010.
AHLSTROM'S FINANCIAL INFORMATION IN 2010
Ahlstrom will publish its financial information in 2010 as follows:
--------------------------------------------------------------------------------
| Report | Date of publication | Silent period |
--------------------------------------------------------------------------------
| Interim report | Tuesday, October 26 | October 1-October 26 |
| January-September | | |
--------------------------------------------------------------------------------
During the silent period Ahlstrom will not communicate with capital market
representatives.
Distribution:
NASDAQ OMX Helsinki
www.ahlstrom.com
Principal media
Ahlstrom in brief
Ahlstrom is a global leader in the development, manufacture and marketing of
high performance nonwovens and specialty papers. Ahlstrom's products are used in
a large variety of everyday applications, such as filters, wipes, flooring,
labels, and tapes. Based upon its unique fiber expertise and innovative
approach, the company has a strong market position in several business areas in
which it operates. Ahlstrom's 5,800 employees serve customers via sales offices
and production facilities in more than 20 countries on six continents. In 2009,
Ahlstrom's net sales amounted to approximately EUR 1.6 billion. Ahlstrom's share
is quoted on the NASDAQ OMX Helsinki. The company website is at
www.ahlstrom.com.
APPENDIX
Consolidated financial statements
APPENDIX
CONSOLIDATED FINANCIAL STATEMENTS
Financial statements are unaudited.
--------------------------------------------------------------------------------
| INCOME STATEMENT | Q2 | Q2 | Q1-Q2 | Q1-Q2 | Q1-Q4 |
--------------------------------------------------------------------------------
| EUR million | 2010 | 2009 | 2010 | 2009 | 2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | 489.4 | 398.9 | 930.4 | 775.0 | 1,596.1 |
--------------------------------------------------------------------------------
| Cost of goods sold | -416.3 | -349.4 | -801.6 | -696.5 | -1,421. |
| | | | | | 5 |
--------------------------------------------------------------------------------
| Gross profit | 73.1 | 49.5 | 128.8 | 78.5 | 174.6 |
--------------------------------------------------------------------------------
| Sales and marketing expenses | -14.1 | -11.7 | -27.4 | -24.5 | -49.6 |
--------------------------------------------------------------------------------
| R&D expenses | -5.1 | -4.9 | -9.7 | -10.4 | -21.6 |
--------------------------------------------------------------------------------
| Administrative expenses | -29.5 | -25.1 | -54.5 | -48.5 | -95.0 |
--------------------------------------------------------------------------------
| Other operating income | 5.9 | 3.5 | 8.0 | 6.1 | 13.4 |
--------------------------------------------------------------------------------
| Other operating expense | -0.6 | -1.6 | -1.4 | -2.2 | -36.3 |
--------------------------------------------------------------------------------
| Operating profit / loss | 29.8 | 9.7 | 43.8 | -1.0 | -14.6 |
--------------------------------------------------------------------------------
| Net financial expenses | -6.9 | -4.8 | -13.5 | -13.0 | -26.2 |
--------------------------------------------------------------------------------
| Share of profit / loss of | -0.4 | -0.3 | -0.4 | 0.1 | 0.7 |
| associated companies | | | | | |
--------------------------------------------------------------------------------
| Profit / loss before taxes | 22.5 | 4.7 | 29.8 | -13.9 | -40.1 |
--------------------------------------------------------------------------------
| Income taxes | -7.4 | -2.2 | -9.3 | 4.0 | 7.1 |
--------------------------------------------------------------------------------
| Profit / loss for the period | 15.1 | 2.5 | 20.6 | -9.9 | -32.9 |
--------------------------------------------------------------------------------
| Attributable to | | | | | |
--------------------------------------------------------------------------------
| Owners of the parent | 15.1 | 2.5 | 20.6 | -9.9 | -32.9 |
--------------------------------------------------------------------------------
| Non-controlling interest | - | - | - | - | - |
--------------------------------------------------------------------------------
| Earnings per share, EUR | | | | | |
--------------------------------------------------------------------------------
| - Basic and diluted * | 0.29 | 0.05 | 0.38 | -0.21 | -0.72 |
--------------------------------------------------------------------------------
* With the effect of interest on hybrid bond for the period, net of tax
--------------------------------------------------------------------------------
| STATEMENT OF COMPREHENSIVE | Q2 | Q2 | Q1-Q2 | Q1-Q2 | Q1-Q4 |
| INCOME | | | | | |
--------------------------------------------------------------------------------
| EUR million | 2010 | 2009 | 2010 | 2009 | 2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit / loss for the period | 15.1 | 2.5 | 20.6 | -9.9 | -32.9 |
--------------------------------------------------------------------------------
| Other comprehensive income, | | | | | |
| net of tax: | | | | | |
--------------------------------------------------------------------------------
| Translation differences | 31.8 | 11.9 | 54.8 | 21.3 | 32.5 |
--------------------------------------------------------------------------------
| Hedges of net investments in | -0.8 | 1.3 | -2.8 | 0.4 | -1.0 |
| foreign operations | | | | | |
--------------------------------------------------------------------------------
| Cash flow hedges | -0.0 | 0.1 | -0.4 | 0.1 | 0.4 |
--------------------------------------------------------------------------------
| Other comprehensive income, | 31.0 | 13.3 | 51.7 | 21.8 | 31.8 |
| net of tax | | | | | |
--------------------------------------------------------------------------------
| Total comprehensive income | 46.0 | 15.8 | 72.2 | 11.9 | -1.1 |
| for the period | | | | | |
--------------------------------------------------------------------------------
| Attributable to | | | | | |
--------------------------------------------------------------------------------
| Owners of the parent | 46.0 | 15.8 | 72.2 | 11.9 | -1.1 |
--------------------------------------------------------------------------------
| Non-controlling interest | - | - | - | - | - |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| BALANCE SHEET | Jun 30, | Jun 30, | Dec 31, |
--------------------------------------------------------------------------------
| EUR million | 2010 | 2009 | 2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| ASSETS | | | |
--------------------------------------------------------------------------------
| Non-current assets | | | |
--------------------------------------------------------------------------------
| Property, plant and equipment | 736.0 | 750.1 | 717.6 |
--------------------------------------------------------------------------------
| Goodwill | 169.9 | 173.6 | 151.3 |
--------------------------------------------------------------------------------
| Other intangible assets | 55.9 | 52.9 | 52.1 |
--------------------------------------------------------------------------------
| Investments in associated companies | 11.6 | 11.5 | 12.1 |
--------------------------------------------------------------------------------
| Other investments | 0.4 | 0.2 | 0.2 |
--------------------------------------------------------------------------------
| Other receivables | 24.8 | 17.6 | 23.0 |
--------------------------------------------------------------------------------
| Deferred tax assets | 56.7 | 44.4 | 54.5 |
--------------------------------------------------------------------------------
| Total non-current assets | 1,055.4 | 1,050.3 | 1,010.8 |
--------------------------------------------------------------------------------
| Current assets | | | |
--------------------------------------------------------------------------------
| Inventories | 203.3 | 206.8 | 175.9 |
--------------------------------------------------------------------------------
| Trade and other receivables | 354.1 | 342.7 | 319.9 |
--------------------------------------------------------------------------------
| Income tax receivables | 2.4 | 3.1 | 3.7 |
--------------------------------------------------------------------------------
| Other investments | - | - | - |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 20.0 | 32.6 | 19.9 |
--------------------------------------------------------------------------------
| Total current assets | 579.9 | 585.3 | 519.4 |
--------------------------------------------------------------------------------
| Total assets | 1,635.2 | 1,635.5 | 1,530.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EQUITY AND LIABILITIES | | | |
--------------------------------------------------------------------------------
| Equity attributable to owners of the | 645.6 | 619.0 | 605.6 |
| parent | | | |
--------------------------------------------------------------------------------
| Hybrid bond | 80.0 | - | 80.0 |
--------------------------------------------------------------------------------
| Non-controlling interest | - | - | - |
--------------------------------------------------------------------------------
| Total equity | 725.6 | 619.0 | 685.6 |
--------------------------------------------------------------------------------
| Non-current liabilities | | | |
--------------------------------------------------------------------------------
| Interest-bearing loans and borrowings | 202.5 | 196.1 | 235.1 |
--------------------------------------------------------------------------------
| Employee benefit obligations | 80.3 | 84.5 | 78.2 |
--------------------------------------------------------------------------------
| Provisions | 3.8 | 4.5 | 5.0 |
--------------------------------------------------------------------------------
| Other liabilities | 3.1 | 0.1 | 0.4 |
--------------------------------------------------------------------------------
| Deferred tax liabilities | 32.2 | 18.8 | 23.8 |
--------------------------------------------------------------------------------
| Total non-current liabilities | 321.9 | 303.9 | 342.5 |
--------------------------------------------------------------------------------
| Current liabilities | | | |
--------------------------------------------------------------------------------
| Interest-bearing loans and borrowings | 182.5 | 406.0 | 180.7 |
--------------------------------------------------------------------------------
| Trade and other payables | 390.2 | 290.5 | 305.1 |
--------------------------------------------------------------------------------
| Income tax liabilities | 5.6 | 2.7 | 3.7 |
--------------------------------------------------------------------------------
| Provisions | 9.5 | 13.3 | 12.7 |
--------------------------------------------------------------------------------
| Total current liabilities | 587.8 | 712.5 | 502.1 |
--------------------------------------------------------------------------------
| Total liabilities | 909.7 | 1,016.5 | 844.6 |
--------------------------------------------------------------------------------
| Total equity and liabilities | 1,635.2 | 1,635.5 | 1,530.2 |
--------------------------------------------------------------------------------
STATEMENT OF CHANGES IN EQUITY
1) Issued capital
2) Share premium
3) Non-restricted equity reserve
4) Hedging
reserve
5) Translation reserve
6) Own shares
7) Retained earnings
8) Total
attributable to owners of the parent
9) Non-controlling interest
10) Hybrid
bond
11) Total equity
--------------------------------------------------------------------------------
| EUR | 1) | 2 | 3 | 4) | 5) | 6) | 7) | 8) | 9) | 10 | 11 |
| million | | ) | ) | | | | | | | ) | ) |
--------------------------------------------------------------------------------
| | | | | | | | | | | | | |
--------------------------------------------------------------------------------
| Equity at | 70.0 | 2 | 8 | -1.2 | -4 | - | 390.9 | 628.1 | 0.0 | - | 62 |
| January | | 0 | . | | 9. | | | | | | 8. |
| 1, 2009 | | 9 | 3 | | 1 | | | | | | 1 |
| | | . | | | | | | | | | |
| | | 3 | | | | | | | | | |
--------------------------------------------------------------------------------
| Profit / | - | - | - | - | - | - | -9.9 | -9.9 | - | - | -9 |
| loss for | | | | | | | | | | | .9 |
| the | | | | | | | | | | | |
| period | | | | | | | | | | | |
--------------------------------------------------------------------------------
| Other | | | | | | | | | | | |
| comprehen | | | | | | | | | | | |
| sive | | | | | | | | | | | |
| income, | | | | | | | | | | | |
| n | | | | | | | | | | | |
| et of tax | | | | | | | | | | | |
--------------------------------------------------------------------------------
| Translati | - | - | - | - | 21 | - | - | 21.3 | - | - | 21 |
| on | | | | | .3 | | | | | | .3 |
| differenc | | | | | | | | | | | |
| es | | | | | | | | | | | |
--------------------------------------------------------------------------------
| Hedges of | - | - | - | - | 0. | - | - | 0.4 | - | - | 0. |
| net | | | | | 4 | | | | | | 4 |
| investmen | | | | | | | | | | | |
| ts | | | | | | | | | | | |
| in | | | | | | | | | | | |
| foreign | | | | | | | | | | | |
| operation | | | | | | | | | | | |
| s | | | | | | | | | | | |
--------------------------------------------------------------------------------
| Cash flow | - | - | - | 0.1 | - | - | - | 0.1 | - | - | 0. |
| hedges | | | | | | | | | | | 1 |
--------------------------------------------------------------------------------
| Dividends | - | - | - | - | - | - | -21.0 | -21.0 | - | - | -2 |
| paid and | | | | | | | | | | | 1. |
| other | | | | | | | | | | | 0 |
--------------------------------------------------------------------------------
| Hybrid | - | - | - | - | - | - | - | - | - | - | - |
| bond | | | | | | | | | | | |
--------------------------------------------------------------------------------
| Interest | - | - | - | - | - | - | - | - | - | - | - |
| on hybrid | | | | | | | | | | | |
| bond | | | | | | | | | | | |
--------------------------------------------------------------------------------
| Purcha | | - | - | - | - | - | - | - | - | - | - | - |
| ses of | | | | | | | | | | | | |
| own | | | | | | | | | | | | |
| shares | | | | | | | | | | | | |
--------------------------------------------------------------------------------
| Change in | - | - | - | - | - | - | - | - | -0. | - | -0 |
| non-contr | | | | | | | | | 0 | | .0 |
| olling | | | | | | | | | | | |
| in | | | | | | | | | | | |
| terests | | | | | | | | | | | |
--------------------------------------------------------------------------------
| Share-bas | - | - | - | - | - | - | - | - | - | - | - |
| ed | | | | | | | | | | | |
| incentive | | | | | | | | | | | |
| plan | | | | | | | | | | | |
--------------------------------------------------------------------------------
| Equity at | 70.0 | 2 | 8 | -1.1 | -2 | - | 360.1 | 619.0 | - | - | 61 |
| June 30, | | 0 | . | | 7. | | | | | | 9. |
| 2009 | | 9 | 3 | | 4 | | | | | | 0 |
| | | . | | | | | | | | | |
| | | 3 | | | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | | | | | |
--------------------------------------------------------------------------------
| Equity at | 70.0 | 2 | 8 | -0.8 | -1 | - | 336.6 | 605.6 | - | 80 | 68 |
| January | | 0 | . | | 7. | | | | | .0 | 5. |
| 1, 2010 | | 9 | 3 | | 7 | | | | | | 6 |
| | | . | | | | | | | | | |
| | | 3 | | | | | | | | | |
--------------------------------------------------------------------------------
| Profit / | - | - | - | - | - | - | 20.6 | 20.6 | - | - | 20 |
| loss for | | | | | | | | | | | .6 |
| the | | | | | | | | | | | |
| period | | | | | | | | | | | |
--------------------------------------------------------------------------------
| Other | | | | | | | | | | | |
| comprehen | | | | | | | | | | | |
| sive | | | | | | | | | | | |
| income, | | | | | | | | | | | |
| n | | | | | | | | | | | |
| et of tax | | | | | | | | | | | |
--------------------------------------------------------------------------------
| Translati | - | - | - | - | 54 | - | - | 54.8 | - | - | 54 |
| on | | | | | .8 | | | | | | .8 |
| differenc | | | | | | | | | | | |
| es | | | | | | | | | | | |
--------------------------------------------------------------------------------
| Hedges of | - | - | - | - | -2 | - | - | -2.8 | - | - | -2 |
| net | | | | | .8 | | | | | | .8 |
| investmen | | | | | | | | | | | |
| ts | | | | | | | | | | | |
| | | | | | | | | | | | |
| in | | | | | | | | | | | |
| foreign | | | | | | | | | | | |
| operation | | | | | | | | | | | |
| s | | | | | | | | | | | |
--------------------------------------------------------------------------------
| Cash flow | - | - | - | -0.4 | - | - | - | -0.4 | - | - | -0 |
| hedges | | | | | | | | | | | .4 |
--------------------------------------------------------------------------------
| Dividends | - | - | - | - | - | - | -26.0 | -26.0 | - | - | -2 |
| paid and | | | | | | | | | | | 6. |
| other | | | | | | | | | | | 0 |
--------------------------------------------------------------------------------
| Hybrid | - | - | - | - | - | - | - | - | - | - | - |
| bond | | | | | | | | | | | |
--------------------------------------------------------------------------------
| Interest | - | - | - | - | - | - | -5.6 | -5.6 | - | - | -5 |
| on hybrid | | | | | | | | | | | .6 |
| bond | | | | | | | | | | | |
--------------------------------------------------------------------------------
| Purcha | | - | - | - | - | - | -0.9 | - | -0 | - | - | -0 |
| ses of | | | | | | | | | .9 | | | .9 |
| own | | | | | | | | | | | | |
| shares | | | | | | | | | | | | |
--------------------------------------------------------------------------------
| Change in | - | - | - | - | - | - | - | - | - | - | - |
| non-contr | | | | | | | | | | | |
| olling | | | | | | | | | | | |
| in | | | | | | | | | | | |
| terests | | | | | | | | | | | |
--------------------------------------------------------------------------------
| Share-bas | - | - | - | - | - | - | 0.2 | 0.2 | - | - | 0. |
| ed | | | | | | | | | | | 2 |
| incentive | | | | | | | | | | | |
| plan | | | | | | | | | | | |
--------------------------------------------------------------------------------
| Equity at | 70.0 | 2 | 8 | -1.2 | 34 | -0 | 325.8 | 645.6 | - | 80 | 72 |
| June 30, | | 0 | . | | .3 | .9 | | | | .0 | 5. |
| 2010 | | 9 | 3 | | | | | | | | 6 |
| | | . | | | | | | | | | |
| | | 3 | | | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| STATEMENT OF CASH FLOWS | Q2 | Q2 | Q1-Q2 | Q1-Q2 | Q1-Q4 |
--------------------------------------------------------------------------------
| EUR million | 2010 | 2009 | 2010 | 2009 | 2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from operating | | | | | |
| activities | | | | | |
--------------------------------------------------------------------------------
| Profit / loss for the period | 15.1 | 2.5 | 20.6 | -9.9 | -32.9 |
--------------------------------------------------------------------------------
| Adjustments, total | 40.8 | 33.4 | 74.4 | 59.9 | 146.3 |
--------------------------------------------------------------------------------
| Changes in net working | 12.6 | 30.6 | 25.3 | 56.4 | 129.3 |
| capital | | | | | |
--------------------------------------------------------------------------------
| Change in provisions | -1.2 | -0.8 | -3.4 | -5.2 | -5.3 |
--------------------------------------------------------------------------------
| Financial items | -20.5 | 4.3 | -36.7 | -9.0 | -28.2 |
--------------------------------------------------------------------------------
| Income taxes paid / received | -1.7 | 2.9 | -2.9 | 1.4 | 0.4 |
--------------------------------------------------------------------------------
| Net cash from operating | 45.1 | 72.8 | 77.2 | 93.7 | 209.6 |
| activities | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from investing | | | | | |
| activities | | | | | |
--------------------------------------------------------------------------------
| Acquisition of Group | - | -0.0 | - | -0.0 | -0.0 |
| companies | | | | | |
--------------------------------------------------------------------------------
| Purchases of intangible and | -5.8 | -22.5 | -13.3 | -44.6 | -69.8 |
| tangible assets | | | | | |
--------------------------------------------------------------------------------
| Other investing activities | -0.3 | 0.5 | 0.3 | 1.1 | 3.5 |
--------------------------------------------------------------------------------
| Net cash from investing | -6.1 | -22.0 | -13.1 | -43.5 | -66.3 |
| activities | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from financing | | | | | |
| activities | | | | | |
--------------------------------------------------------------------------------
| Dividends paid | -25.6 | -21.0 | -25.6 | -21.0 | -21.0 |
--------------------------------------------------------------------------------
| Repurchase of own shares | - | - | -0.9 | - | - |
--------------------------------------------------------------------------------
| Payments received on hybrid | - | - | - | - | 80.0 |
| bond | | | | | |
--------------------------------------------------------------------------------
| Changes in loans and other | -21.5 | -14.2 | -39.0 | -55.9 | -242.6 |
| financing activities | | | | | |
--------------------------------------------------------------------------------
| Net cash from financing | -47.1 | -35.2 | -65.5 | -76.9 | -183.6 |
| activities | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net change in cash and cash | -8.1 | 15.6 | -1.4 | -26.8 | -40.2 |
| equivalents | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash and cash equivalents at | 27.2 | 16.6 | 19.9 | 58.2 | 58.2 |
| the beginning of the period | | | | | |
--------------------------------------------------------------------------------
| Foreign exchange adjustment | 0.9 | 0.4 | 1.5 | 1.2 | 2.0 |
--------------------------------------------------------------------------------
| Cash and cash equivalents at | 20.0 | 32.6 | 20.0 | 32.6 | 19.9 |
| the end of the period | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| KEY FIGURES | Q2 | Q2 | Q1-Q2 | Q1-Q2 | Q1-Q4 |
--------------------------------------------------------------------------------
| | | 2010 | 2009 | 2010 | 2009 | 2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Personnel costs | -91.4 | -82.8 | -175.5 | -166.3 | -337.8 |
--------------------------------------------------------------------------------
| Depreciation and | -26.6 | -25.9 | -52.1 | -51.3 | -106.7 |
| amortization | | | | | |
--------------------------------------------------------------------------------
| Impairment charges | -0.1 | -0.0 | -0.1 | -0.0 | -31.1 |
--------------------------------------------------------------------------------
| | | | | | | |
--------------------------------------------------------------------------------
| Operating profit, % | 6.1 | 2.4 | 4.7 | -0.1 | -0.9 |
--------------------------------------------------------------------------------
| Return on capital employed | 10.9 | 3.2 | 8.0 | -0.1 | -1.1 |
| (ROCE), % | | | | | |
--------------------------------------------------------------------------------
| Return on equity (ROE), % | 8.6 | 1.6 | 5.8 | -3.2 | -5.0 |
--------------------------------------------------------------------------------
| | | | | | | |
--------------------------------------------------------------------------------
| Interest-bearing net | 364.9 | 569.5 | 364.9 | 569.5 | 395.9 |
| liabilities, EUR million | | | | | |
--------------------------------------------------------------------------------
| Equity ratio, % | 44.4 | 37.9 | 44.4 | 37.9 | 44.8 |
--------------------------------------------------------------------------------
| Gearing ratio, % | 50.3 | 92.0 | 50.3 | 92.0 | 57.7 |
--------------------------------------------------------------------------------
| | | | | | | |
--------------------------------------------------------------------------------
| Basic earnings per share *, | 0.29 | 0.05 | 0.38 | -0.21 | -0.72 |
| EUR | | | | | |
--------------------------------------------------------------------------------
| Equity per share, EUR | 13.85 | 13.26 | 13.85 | 13.26 | 12.98 |
--------------------------------------------------------------------------------
| Average number of shares | 46,59 | 46,671 | 46,619 | 46,671 | 46,671 |
| during the period, | 6 | | | | |
| 1000's | | | | | |
--------------------------------------------------------------------------------
| Number of shares at the end | 46,59 | 46,671 | 46,596 | 46,671 | 46,671 |
| of the period, | 6 | | | | |
| 1000's | | | | | |
--------------------------------------------------------------------------------
| | | | | | | |
--------------------------------------------------------------------------------
| Capital expenditure, EUR | 5.3 | 14.6 | 11.8 | 41.5 | 63.8 |
| million | | | | | |
--------------------------------------------------------------------------------
| Capital employed, at the end | 1,110 | 1,221.2 | 1,110.5 | 1,221.2 | 1,101.5 |
| of the period, | .5 | | | | |
| EUR million | | | | | |
--------------------------------------------------------------------------------
| Number of employees, average | 5,787 | 6,023 | 5,789 | 6,104 | 5,993 |
--------------------------------------------------------------------------------
* With the effect of interest on hybrid bond for the period, net of tax
ACCOUNTING PRINCIPLES
This interim report has been prepared in accordance with IAS 34, Interim
Financial reporting, as adopted by EU and the accounting principles set out in
the Group's Financial Statements for 2009 except for the changes below.
Changes in accounting principles
The Group has adopted the following new or amended standards and interpretations
as of January 1, 2010:
- IFRS 3 Business Combinations (revised)
Some of the main changes to the
standard are as follows:
Contingent consideration is measured at fair value at
the acquisition date, with subsequent changes recognized in the income
statement.
All acquisition-related costs are expensed.
Any non-controlling
interest is measured at either fair value, or at its proportionate interest in
the identifiable assets and liabilities, on a transaction-by-transaction basis.
- IAS 27 Consolidated and Separate Financial Statements (revised)
The amendment
specifies the accounting for changes in ownership interests in subsidiaries.
- Improvements to IFRS Standards 2009
The effects of the amendments vary by
standard but the amendments have had no major impact on the cosolidated
financial statements.
The below mentioned new or amended standards and interpretations adopted by the
Group in 2010 do not have an effect on the consolidated financial statements.
- IAS 39 Financial Instruments: Recognition and Measurement (amendment) -
Eligible Hedged Items
- IFRIC 12 Service Concession Arrangements
- IFRIC 15
Agreements for the Construction of Real Estate
- IFRIC 16 Hedges of a Net
Investment in a Foreign Operation
- IFRIC 17 Distributions of Non-cash Assets to
Owners
- IFRIC 18 Transfers of Assets from Customers
Income statement by function
The Group has changed the presentation of the income statement from the "nature
of expense" method to the "function of expense" method. The comparable figures
have been restated accordingly.
--------------------------------------------------------------------------------
| SEGMENT INFORMATION | Q2 | Q2 | Q1-Q2 | Q1-Q2 | Q1-Q4 |
--------------------------------------------------------------------------------
| EUR million | 2010 | 2009 | 2010 | 2009 | 2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Fiber Composites | 257.9 | 212.4 | 489.6 | 421.2 | 861.2 |
--------------------------------------------------------------------------------
| Specialty Papers | 234.2 | 188.2 | 446.5 | 358.3 | 743.8 |
--------------------------------------------------------------------------------
| Other operations | 4.6 | 4.6 | 9.0 | 7.2 | 16.3 |
--------------------------------------------------------------------------------
| Internal sales | -7.3 | -6.3 | -14.6 | -11.7 | -25.2 |
--------------------------------------------------------------------------------
| Total net sales | 489.4 | 398.9 | 930.4 | 775.0 | 1,596.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Fiber Composites | 1.8 | 1.3 | 3.8 | 3.0 | 6.4 |
--------------------------------------------------------------------------------
| Specialty Papers | 1.1 | 0.7 | 2.2 | 2.0 | 3.2 |
--------------------------------------------------------------------------------
| Other operations | 4.4 | 4.3 | 8.6 | 6.7 | 15.6 |
--------------------------------------------------------------------------------
| Total internal sales | 7.3 | 6.3 | 14.6 | 11.7 | 25.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Fiber Composites | 14.0 | 5.3 | 23.6 | 2.9 | -18.8 |
--------------------------------------------------------------------------------
| Specialty Papers | 21.1 | 6.8 | 28.8 | 3.4 | 14.6 |
--------------------------------------------------------------------------------
| Other operations | -5.4 | -2.5 | -8.6 | -7.4 | -10.4 |
--------------------------------------------------------------------------------
| Eliminations | 0.1 | 0.1 | 0.0 | 0.1 | 0.1 |
--------------------------------------------------------------------------------
| Operating profit / loss | 29.8 | 9.7 | 43.8 | -1.0 | -14.6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Fiber Composites | 739.1 | 768.7 | 739.1 | 768.7 | 691.1 |
--------------------------------------------------------------------------------
| Specialty Papers | 351.3 | 393.7 | 351.3 | 393.7 | 357.4 |
--------------------------------------------------------------------------------
| Other operations | -13.5 | -5.9 | -13.5 | -5.9 | -5.1 |
--------------------------------------------------------------------------------
| Eliminations | -0.1 | -0.1 | -0.1 | -0.1 | -0.1 |
--------------------------------------------------------------------------------
| Total net assets | 1,076.8 | 1,156.4 | 1,076.8 | 1,156.4 | 1,043.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Fiber Composites | 3.1 | 12.1 | 8.1 | 36.6 | 52.5 |
--------------------------------------------------------------------------------
| Specialty Papers | 2.0 | 2.3 | 3.2 | 4.6 | 10.7 |
--------------------------------------------------------------------------------
| Other operations | 0.2 | 0.1 | 0.5 | 0.3 | 0.7 |
--------------------------------------------------------------------------------
| Total capital expenditure | 5.3 | 14.6 | 11.8 | 41.5 | 63.8 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Fiber Composites | -17.6 | -16.8 | -34.0 | -32.6 | -70.0 |
--------------------------------------------------------------------------------
| Specialty Papers | -8.4 | -8.6 | -16.9 | -17.4 | -34.3 |
--------------------------------------------------------------------------------
| Other operations | -0.6 | -0.6 | -1.2 | -1.2 | -2.4 |
--------------------------------------------------------------------------------
| Total depreciation and | -26.6 | -25.9 | -52.1 | -51.3 | -106.7 |
| amortization | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Fiber Composites | -0.0 | - | -0.0 | - | -31.2 |
--------------------------------------------------------------------------------
| Specialty Papers | -0.0 | -0.0 | -0.0 | -0.0 | 0.1 |
--------------------------------------------------------------------------------
| Other operations | - | - | - | - | - |
--------------------------------------------------------------------------------
| Total impairment charges | -0.1 | -0.0 | -0.1 | -0.0 | -31.1 |
--------------------------------------------------------------------------------
Segment information is presented according to the IFRS standards.
--------------------------------------------------------------------------------
| NET SALES BY REGION | Q2 | Q2 | Q1-Q2 | Q1-Q2 | Q1-Q4 |
--------------------------------------------------------------------------------
| EUR million | 2010 | 2009 | 2010 | 2009 | 2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Europe | 252.9 | 212.0 | 494.4 | 411.5 | 846.3 |
--------------------------------------------------------------------------------
| North America | 118.9 | 102.8 | 221.8 | 208.5 | 410.1 |
--------------------------------------------------------------------------------
| South America | 56.6 | 42.4 | 104.0 | 79.2 | 174.9 |
--------------------------------------------------------------------------------
| Asia-Pacific | 50.1 | 35.7 | 90.1 | 62.5 | 134.2 |
--------------------------------------------------------------------------------
| Rest of the world | 10.8 | 6.0 | 20.1 | 13.3 | 30.7 |
--------------------------------------------------------------------------------
| Total net sales | 489.4 | 398.9 | 930.4 | 775.0 | 1,596.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CHANGES OF PROPERTY, PLANT AND | | | |
--------------------------------------------------------------------------------
| EQUIPMENT | Q1-Q2 | Q1-Q2 | Q1-Q4 |
--------------------------------------------------------------------------------
| EUR million | 2010 | 2009 | 2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Book value at Jan 1 | 717.6 | 745.7 | 745.7 |
--------------------------------------------------------------------------------
| Acquisitions through business combinations | - | - | - |
--------------------------------------------------------------------------------
| Additions | 11.8 | 41.2 | 63.6 |
--------------------------------------------------------------------------------
| Disposals | -0.2 | -0.5 | -1.0 |
--------------------------------------------------------------------------------
| Depreciations and impairment charges | -49.2 | -48.3 | -106.9 |
--------------------------------------------------------------------------------
| Translation differences and other changes | 55.9 | 11.9 | 16.1 |
--------------------------------------------------------------------------------
| Book value at the end of the period | 736.0 | 750.1 | 717.6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TRANSACTIONS WITH RELATED PARTIES | Q1-Q2 | Q1-Q2 | Q1-Q4 |
--------------------------------------------------------------------------------
| EUR million | 2010 | 2009 | 2009 |
----------------------------------------------------------------------------------------------------------------------------------------------------------------
| Transactions with associated companies | | | |
--------------------------------------------------------------------------------
| Sales and interest income | 0.2 | 0.3 | 0.5 |
--------------------------------------------------------------------------------
| Purchases of goods and services | -1.3 | -1.1 | -2.4 |
--------------------------------------------------------------------------------
| Trade and other receivables | 0.1 | 1.5 | 0.0 |
--------------------------------------------------------------------------------
| Trade and other payables | 0.2 | 0.3 | 0.2 |
--------------------------------------------------------------------------------
Market prices have been used in transactions with associated companies.
--------------------------------------------------------------------------------
| OPERATING LEASES | Jun 30, | Jun 30, | Dec 31, |
--------------------------------------------------------------------------------
| EUR million | 2010 | 2009 | 2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current portion | 6.4 | 6.1 | 6.6 |
--------------------------------------------------------------------------------
| Non-current portion | 19.4 | 16.7 | 20.4 |
--------------------------------------------------------------------------------
| Total | 25.8 | 22.9 | 27.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| COLLATERALS AND COMMITMENTS | Jun 30, | Jun 30, | Dec 31, |
--------------------------------------------------------------------------------
| EUR million | 2010 | 2009 | 2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Mortgages | 73.0 | - | 73.0 |
--------------------------------------------------------------------------------
| Pledges | 0.2 | 0.4 | 0.3 |
--------------------------------------------------------------------------------
| Commitments | | | |
--------------------------------------------------------------------------------
| Guarantees given on behalf of group | 21.2 | 39.2 | 19.6 |
| companies | | | |
--------------------------------------------------------------------------------
| Guarantees given on behalf of associated | 1.0 | 3.1 | 2.1 |
| companies | | | |
--------------------------------------------------------------------------------
| Capital expenditure commitments | 8.6 | 17.1 | 10.2 |
--------------------------------------------------------------------------------
| Other commitments | | 2.7 | 3.5 | 3.6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| QUARTERLY DATA | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
--------------------------------------------------------------------------------
| EUR million | 2010 | 2010 | 2009 | 2009 | 2009 | 2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | 489.4 | 441.0 | 420.5 | 400.6 | 398.9 | 376.1 |
--------------------------------------------------------------------------------
| Cost of goods sold | -416.3 | -385.3 | -378.1 | -346.9 | -349.4 | -347.1 |
--------------------------------------------------------------------------------
| Gross profit | 73.1 | 55.7 | 42.4 | 53.7 | 49.5 | 29.0 |
--------------------------------------------------------------------------------
| Sales and marketing | -14.1 | -13.3 | -13.2 | -11.9 | -11.7 | -12.8 |
| expenses | | | | | | |
--------------------------------------------------------------------------------
| R&D expenses | -5.1 | -4.6 | -5.7 | -5.5 | -4.9 | -5.5 |
--------------------------------------------------------------------------------
| Administrative | -29.5 | -25.0 | -22.3 | -24.1 | -25.1 | -23.5 |
| expenses | | | | | | |
--------------------------------------------------------------------------------
| Other operating income | 5.9 | 2.1 | 5.3 | 2.0 | 3.5 | 2.7 |
--------------------------------------------------------------------------------
| Other operating | -0.6 | -0.8 | -33.0 | -1.1 | -1.6 | -0.6 |
| expense | | | | | | |
--------------------------------------------------------------------------------
| Operating profit / | 29.8 | 14.0 | -26.6 | 13.1 | 9.7 | -10.7 |
| loss | | | | | | |
--------------------------------------------------------------------------------
| Net financial expenses | -6.9 | -6.7 | -6.4 | -6.8 | -4.8 | -8.2 |
--------------------------------------------------------------------------------
| Share of profit / loss | -0.4 | -0.0 | -0.4 | 1.0 | -0.3 | 0.4 |
| of | | | | | | |
| associated | | | | | | |
| companies | | | | | | |
--------------------------------------------------------------------------------
| Profit / loss before | 22.5 | 7.4 | -33.4 | 7.3 | 4.7 | -18.6 |
| taxes | | | | | | |
--------------------------------------------------------------------------------
| Income taxes | -7.4 | -1.9 | 5.5 | -2.4 | -2.2 | 6.2 |
--------------------------------------------------------------------------------
| Profit / loss for the | 15.1 | 5.5 | -27.9 | 4.9 | 2.5 | -12.4 |
| period | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Attributable to | | | | | | |
--------------------------------------------------------------------------------
| Owners of the parent | 15.1 | 5.5 | -27.9 | 4.9 | 2.5 | -12.4 |
--------------------------------------------------------------------------------
| Non-controlling | - | - | - | - | - | - |
| interest | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| QUARTERLY DATA BY | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| SEGMENT | | | | | | |
--------------------------------------------------------------------------------
| EUR million | 2010 | 2010 | 2009 | 2009 | 2009 | 2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | | | | | | |
--------------------------------------------------------------------------------
| Fiber Composites | 257.9 | 231.6 | 223.4 | 216.5 | 212.4 | 208.8 |
--------------------------------------------------------------------------------
| Specialty Papers | 234.2 | 212.3 | 199.6 | 185.9 | 188.2 | 170.1 |
--------------------------------------------------------------------------------
| Other operations and | -2.7 | -2.9 | -2.5 | -1.8 | -1.7 | -2.8 |
| eliminations | | | | | | |
--------------------------------------------------------------------------------
| Group total | 489.4 | 441.0 | 420.5 | 400.6 | 398.9 | 376.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit / | | | | | | |
| loss | | | | | | |
--------------------------------------------------------------------------------
| Fiber Composites | 14.0 | 9.5 | -30.4 | 8.8 | 5.3 | -2.5 |
--------------------------------------------------------------------------------
| Specialty Papers | 21.1 | 7.7 | 3.8 | 7.3 | 6.8 | -3.4 |
--------------------------------------------------------------------------------
| Other operations and | -5.4 | -3.2 | -0.0 | -3.0 | -2.4 | -4.9 |
| eliminations | | | | | | |
--------------------------------------------------------------------------------
| Group total | 29.8 | 14.0 | -26.6 | 13.1 | 9.7 | -10.7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| KEY FIGURES | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| QUARTERLY | | | | | | |
--------------------------------------------------------------------------------
| EUR million | 2010 | 2010 | 2009 | 2009 | 2009 | 2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | 489.4 | 441.0 | 420.5 | 400.6 | 398.9 | 376.1 |
--------------------------------------------------------------------------------
| Operating profit / | 29.8 | 14.0 | -26.6 | 13.1 | 9.7 | -10.7 |
| loss | | | | | | |
--------------------------------------------------------------------------------
| Profit / loss before | 22.5 | 7.4 | -33.4 | 7.3 | 4.7 | -18.6 |
| taxes | | | | | | |
--------------------------------------------------------------------------------
| Profit / loss for | 15.1 | 5.5 | -27.9 | 4.9 | 2.5 | -12.4 |
| the period | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Gearing ratio, % | 50.3 | 55.3 | 57.7 | 81.9 | 92.0 | 99.8 |
--------------------------------------------------------------------------------
| Return on capital | 10.9 | 5.2 | -9.4 | 4.8 | 3.2 | -3.3 |
| employed (ROCE), % | | | | | | |
--------------------------------------------------------------------------------
| Basic earnings per | 0.29 | 0.09 | -0.61 | 0.10 | 0.05 | -0.26 |
| share *, EUR | | | | | | |
--------------------------------------------------------------------------------
| Average number of | 46,596 | 46,642 | 46,671 | 46,671 | 46,671 | 46,671 |
| shares during | | | | | | |
| the | | | | | | |
| period, 1000's | | | | | | |
--------------------------------------------------------------------------------
* With the effect of interest on hybrid bond for the period, net of tax
CALCULATION OF KEY FIGURES
--------------------------------------------------------------------------------
| Interest-be | | Interest-bearing loans and borrowings - Cash and | |
| aring net | | cash equivalents - Other investments (current) | |
| liabilities | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity | | Total equity | | | x | | | |
| ratio, | | | | | 100 | | | |
--------------------------------------------------------------------------------
| % | | Total assets - Advances | | | | | |
| | | received | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Gearing | | Interest-bearing net | x 100 | | | |
| ratio, | | liabilities | | | | |
--------------------------------------------------------------------------------
| % | | Total equity | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Return on | | Profit (loss) for the period | | x | | | |
| equity | | | | 100 | | | |
--------------------------------------------------------------------------------
| (ROE), % | | Total equity (annual average) | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Return on | | Profit (loss) before taxes + Financing | | | x |
| capital | | expenses | | | 100 |
| employed | | | | | |
--------------------------------------------------------------------------------
| (ROCE), % | | Total assets (annual average) - Non-interest | |
| | | bearing | |
| | | liabilities (annual average) | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Basic | | Profit (loss) for the period - Non-controlling | |
| earnings | | interest - Interest | |
| per share, | | on hybrid bond for the period | |
| | | after taxes | |
--------------------------------------------------------------------------------
| EUR | | Average number of shares during the period | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Diluted | | Profit (loss) for the period - Non-controlling | |
| earnings | | interest - Interest | |
| per share, | | on hybrid bond for the period | |
| | | after taxes | |
--------------------------------------------------------------------------------
| EUR | | Average diluted number of shares during the period | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity per | | Equity attributable to owners of the parent | |
| share, | | | |
--------------------------------------------------------------------------------
| EUR | | Number of shares at the end of the period | |
--------------------------------------------------------------------------------
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