2014-08-07 21:00:00 CEST
2014-08-07 21:00:03 CEST
REGULATED INFORMATION
Honkarakenne Oyj - Interim report (Q1 and Q3)
HONKARAKENNE OYJ’S INTERIM REPORT, 1 JANUARY –30 JUNE 2014
HONKARAKENNE OYJ INTERIM REPORT 7 August 2014 at 10:00 p.m.
HONKARAKENNE OYJ'S INTERIM REPORT, 1 JANUARY -30 JUNE 2014
SUMMARY
Second-quarter net sales saw year-on-year growth of 2 %. The operating result
weakened by 126 % compared with 2013. Net sales in January-June were up 9 % on
the previous year and the operating result weakened by 25 %.
Net sales in Finland and Russia and CIS developed favourably. Net sales in
Global Markets weakened in comparison to the previous year. Strong competition
impacted on profitability in all markets. In addition the implementation of new
production lines at the end of June increased production costs in the second
quarter of the year.
April - June 2014
-- The Honkarakenne Group's net sales for the second quarter amounted to MEUR
11.7 (MEUR 11.5 in 2013). Net sales rose by 2 % on the previous year.
-- The operating result was MEUR -1.2 (MEUR -0.5). The operating result
before non-recurring items was MEUR -1.2 (MEUR -0,5).
-- The result before taxes was MEUR -1.3 (MEUR -0.5).
-- Earnings per share amounted to EUR -0.22 (EUR -0.07).
January - June 2014
-- The Honkarakenne Group's net sales January-June amounted to MEUR 20.5 (MEUR
18.8 in 2013). Net sales rose by 9 % on the previous year.
-- The operating result was MEUR -2.5 (MEUR -2.0). The operating result
before non-recurring items was MEUR -2.5 (MEUR -2.0).
-- The result before taxes was MEUR -2.6 (MEUR -1.7).
-- Earnings per share amounted to EUR -0.43 (EUR -0.28).
KEY FIGURES 4-6/ 4-6/ 1-6/ 1-6/ 1-12/
2014 2013 2014 2013 2013
Net sales, MEUR 11.7 11.5 20.5 18.8 48.3
Operating profit/loss, MEUR -1.2 -0.5 -2.5 -2.0 -1.7
Operating profit/loss before non-recurring -1.2 -0.5 -2.5 -2.0 -1.1
items, MEUR
Profit/loss before taxes, MEUR -1.3 -0.5 -2.6 -1.7 -1.7
Average number of personnel 165 231 170 238 213
Personnel in person-years, average 154 191 158 183 185
Earnings/share (EPS), EUR -0.22 -0.07 -0.43 -0.28 -0.32
Equity ratio, % 35 41 38
Return on equity, % -21 -11 -13
Shareholders' equity/share, EUR 1.79 2.28 2.20
Gearing, % 74 49 57
Mikko Kilpeläinen, President and CEO of Honkarakenne Oyj, in connection with
the interim report: "In the first half of the year the Group's net sales growth was 9 % on the
previous year. Net sales grew in all market areas except Global Markets.
In Finland, we launched a major innovation in the detached house market: the
Honka Healthy House model collection. Healthy House will be our spearhead in
our efforts to pursue growth in the Finnish detached house segment. This new
Healthy House model collection has been developed to cater to all the
requirements of healthy living. Honka's Healthy House concept accounts for
indoor air, noise, illumination and the entire construction process. In
addition, the houses in this model collection are available as ready-to-move-in
packages. I believe that the Healthy House model collection will enable us to
stand out to our advantage in the detached house market. Customers are paying
increasing attention to healthy living - and Honka now has a solution to these
needs that has been tested and approved by VTT, the Technical Research Centre
of Finland.
In Russia and CIS, we continued to forge ahead with our tried-and-true area
construction concept. Sales in Russia have developed well and the outlook for
the rest of the year is good as well.
In China we have continued to develop the Chinese market. Sales to China
started in February.
In the case of production, we finalised our investments in modernised and more
efficient production lines at the end of June. The new lines will be in full
operation right after the summer holidays."
NET SALES
Honkarakenne Group's net sales for the second quarter of 2014 increased by 2
per cent to MEUR 11.7 (MEUR 11.5).
Geographical distribution of net sales:
DEVELOPMENT OF SALES
Distribution of 1-6/2014 1-6/2013
net sales, %
Finland & Baltics 57 % 51 %
Russia & CIS 24 % 22 %
Global Markets 19 % 27 %
Total 100 % 100 %
Net sales, MEUR 4-6/2014 4-6/2013 change % 1-6/2014 1-6/2013 change %
Finland & Baltics 6.7 5.8 14 % 11.0 9.7 13 %
Russia & CIS 2.8 2.5 13 % 5.2 4.4 17 %
Global Markets 2.2 3.2 -30 % 4.3 4.7 -7 %
Total 11.7 11.5 2 % 20.5 18.8 9 %
Finland & Baltics includes the following countries: Finland, Estonia, Latvia
and Lithuania. It includes also Process waste sales for recycling which was
reported separately before.
Russia & CIS includes the following countries: Russia, Azerbaijan, Kazakhstan,
Ukraine and other CIS countries.
Global Markets includes other countries than above-mentioned.
The Group's order book stood at MEUR 19.6 at the end of June. In the previous
year at the same time period it was MEUR 23.3.
TRENDS IN PROFIT AND PROFITABILITY
Operating loss for January-June was MEUR -2.5 (MEUR -2.0) and profit before
taxes was MEUR -2.6 (MEUR -1.7).
The operating result was affected by price competition in all markets. In
addition the implementation of new production lines at the end of June
increased production costs in the second quarter of the year.
FINANCING AND INVESTMENTS
The financial position of the Group remained satisfactory during the report
period. The equity ratio stood at 35 % (41 %) and net financial liabilities at
MEUR 6.6 (MEUR 5.4). MEUR 1.9 (MEUR 2.6) of the financial liabilities carries a
30 % equity ratio covenant term. Group liquid assets totalled MEUR 1.2 (MEUR
2.2). The Group also has a MEUR 8.0 (MEUR 8.0) bank overdraft facility, MEUR
2.2 of which had been drawn on at the end of the report period (MEUR 2.7).
Gearing stood at 74 % (49 %).
The Group's capital expenditure totalled MEUR 1.0 (MEUR 1.2). In the case of
production, we finalised our investments in modernised and more efficient
production lines at the end of June. The new lines will be in full operation
right after the summer holidays, when autumn production is started up.
MARKET DEVELOPMENT
The RTS expect that the construction of 7,500 detached homes will be begun this
year, which is the lowest number in almost twenty years. According to a study
commissioned by RTS Oy, the Finnish log house production is expected to be at
the same level as on previous year, which means that log house market share
will increase compared to other building materials.
PRODUCTS AND MARKETING
In the Finland & Baltics market area, price competition continued to be tough
due to the difficult market situation. During the second quarter, we launched a
major innovation in the detached house market: the ready-to-move-in Honka
Healthy House model collection. Honka's Healthy House concept accounts for
indoor air, noise, illumination and the entire construction process. Healthy
House has been developed with Finnish Allergy and Asthma Federation and it has
been tested and approved by VTT, the Technical Research Centre of Finland.
In addition, we launched Honka's ready-to-move-in model collection for the
detached house market. It makes buying a detached house easy for those
customers who appreciate quick-and-simple construction projects.
In the holiday home segment, the main marketing measures involved Honka's model
home at the Kalajoki Holiday Housing Fair. In addition, Honka launched three
new holiday home model series.
In Russia & CIS, we continued to develop area construction projects. In spite
of the political situation, sales to Russia have developed well and the outlook
for the rest of the year is good.
In Global Markets, measures focused on developing the Chinese market. Sales to
China started in February.
RESEARCH AND DEVELOPMENT
In R&D, we focused on the development of the Healthy House model collection and
the special features of the Chinese market.
In the January - June period, the Group's R&D expenditure totalled MEUR 0.3
(MEUR 0.2), representing 1.5 % of net sales (0.9 %). The Group did not
capitalise any development expenditure during the report period.
STAFF
During the second quarter, the Group employed a total of 154 (191) people on
average in terms of person-years. The Group had an average of 165 (231)
employees during the second quarter, representing a year-on-year decrease of
66.
On the basis of the co-operation negotiations that ended in December 2013, the
company has the authorisation to implement temporary lay-offs of a maximum of
90 days affecting all of its personnel in Finland until the end September 2014.
LONG-TERM INCENTIVE PLAN
In the second quarter of 2013, the Board of Directors decided on a long-term
share-based incentive plan for members of the Executive Group. The performance
period of the new plan began on 1 January 2013 and will end on 31 December
2016. The potential reward for the performance period is based on the
cumulative earnings per share (EPS) for 2013 - 2016 and on the average return
on capital employed (ROCE) for 2013 - 2016. Any rewards for the performance
period 2013 - 2016 will be paid partly as B shares and partly in cash in 2017.
The rewards to be paid on the basis of the performance period will correspond
to a total maximum of about 340,000 B shares, including the amount to be paid
in cash.
During the first half of the year, the number of allocated shares was 6,250.
These allocated shares are recognised as follows: 17 (0) thousand euros for
employee benefit expenses, 1 (0) thousand euros for income tax deductions and
deferred tax assets and 10 (0) thousand euros in retained earnings.
HONKARAKENNE OYJ'S 2014 ANNUAL GENERAL MEETING, BOARD OF DIRECTORS, AND AUDITORS
The Annual General Meeting of Honkarakenne Oyj was held at the company's
headquarters in Tuusula on 4 April 2014. The AGM approved the parent company's
and the consolidated Financial Statements, and discharged the members of the
Board of Directors and the CEO from liability for 2013. The AGM decided not to
pay a dividend for the 2013 financial year.
Teijo Pankko and Mauri Saarelainen were re-elected to the Board of Directors.
Arto Tiitinen, Anita Saarelainen and Hannu Krook were elected to the Board as
new members. At the Board's constituent meeting, Arto Tiitinen was elected
Chairman of the Board. Mauri Saarelainen was elected as Deputy Chairman. The
Board of Directors decided not to elect any committees from among its members.
PricewaterhouseCoopers Oy, member of the Finnish Institute of Authorised Public
Accountants, was re-appointed as auditor of the company, with Maria Grönroos,
APA, as chief auditor.
HONKARAKENNE OYJ's DIRECTED ISSUE, OWN SHARES AND BOARD AUTHORISATIONS
On the basis of an authorisation to issue shares granted to the Board of
Directors at the Annual General Meeting of 5 April 2013, the Board decided (on
10 January 2014) to arrange a directed issue to Honkarakenne employees. The
Board approved a total of 42,451 subscriptions for new Series B shares through
the directed issue. The Series B shares subscribed for through the directed
issue represent about 0.9 per cent of the total number of Series B shares and
the voting rights conferred by them. 62 company employees subscribed for shares
through the directed issue. Shares were offered to a total of 146 employees.
The total number of Series B shares increased to 4,911,323 shares after the new
shares were registered in the Trade Register.
Honkarakenne has not acquired its own shares during the report period. At the
end of the report period, the Group held 364,385 of its Honkarakenne B shares
with a total purchase price of EUR 1,381,750.23. These shares represent 6.99 %
of the company's all shares and 3.34 % of all votes. The purchase cost has been
deducted from shareholders' equity in the consolidated financial statements.
On 4 April 2014, the AGM decided that the Board of Directors will be authorised
to acquire a maximum of 400,000 of the company's own B shares with assets
included in the company's unrestricted equity. In addition, the AGM authorised
the Board to decide on a rights issue or bonus issue and on granting special
rights to shares referred to in Section 1 of Chapter 10 of the Limited
Liability Companies Act in one or more instalments. By virtue of the
authorisation, the Board may issue a maximum total of 400,000 new shares and/or
relinquish old B shares held by the company, including those shares that can be
issued by virtue of special rights. Both authorisations will be valid until 25
March 2015.
CORPORATE GOVERNANCE
Honkarakenne Oyj follows the Limited Liability Companies Act and the Finnish
Corporate Governance Code, 1 October 2010, for listed companies issued by the
Finnish Securities Market Association. The company's website, www.honka.com,
provides more information on the corporate governance systems.
FUTURE OUTLOOK
The market situation remains uncertain. The Finnish market is being impacted by
the general low level of construction in both the detached house and holiday
home sectors. The situation in Ukraine and its associated sanctions are causing
uncertainty in the Russian market.
At the end of June, the Group's order book stood at MEUR 19.6, down 16 % on the
corresponding period of the previous year, when it stood at MEUR 23.3. The
weakening of the order book poses a risk to net sales development, as the Group
expects full-year net sales to increase from previous year. The order book
refers to orders whose delivery date falls within the next 24 months. Some
orders may include terms and conditions relating to financing or building
permits.
FORTHCOMING RISKS AND UNCERTAINTIES
Changes in the Russian market in particular may lead to amendments to the
full-year outlook. However, sales have thus far been better than last year.
The Group has one concentration of credit risks in sales receivables,
concerning the open sales receivables of one dealer. No provision for doubtful
debt has been made for this. A payment plan has been made with this dealer. The
payment plan is intended to be completed in 2014.
The assessment of amounts in the balance sheet is based on current assessment
by the management. If these assessments are changed, this may result in changes
to the Group's result.
REPORTING
This report contains statements that relate to the future, and these statements
are based on hypotheses that the company's management hold currently as well as
on the decisions and plans that are currently in place. Although the management
believes that the hypotheses relating to the future are well-founded, there is
no guarantee that the said hypotheses will prove to be correct.
This interim report has been drafted in accordance with IAS 34. The principles
adhered to in preparing the annual financial statements also apply to this
interim report. The interim report should be read together with the annual
financial statements for 2013. The new revised standards or interpretations
effective as of 1 January 2014 have no bearing on the figures presented for the
report period. The figures have not been examined by the auditor.
THE OUTLOOK FOR 2014
Honkarakenne reiterates its previous outlook.
During the first half of the year, sales grew in all market areas except Global
Markets, and Honkarakenne expects to see growth in full-year net sales.
Honkarakenne expects its result before non-recurring items and taxes to improve
from the previous year. Honkarakenne expects that actions implemented and
planned will improve cost efficiency during the second half of the year.
Changes in the situation in Ukraine may affect the outlook for 2014.
HONKARAKENNE OYJ
Board of Directors
Further information:
Mikko Kilpeläinen, President and CEO, tel. +358 50 542 5884,
mikko.kilpelainen@honka.com
Mikko Jaskari, CFO, tel. +358 400 535 337, mikko.jaskari@honka.com
This and previous releases are available for viewing on the company's website
at www.honka.com. The next interim Report for 2014 will be published on 30
October 2014.
DISTRIBUTION
NASDAQ OMX Helsinki
Key media
Financial Supervisory Authority
www.honka.com
CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
unaudited 4-6 4-6 1-6 1-6 1-12
/2014 /2013 /2014 /2013 /2013
MEUR
Net sales 11.7 11.5 20.5 18.8 48.3
Other operating income 0.2 0.1 0.3 0.2 0.4
Change in inventories -0.0 0.6 -0.6 1.8 0.9
Materials and services -8.5 -7.4 -13.9 -12.9 -30.9
Employee benefit expenses -2.2 -2.6 -4.3 -5.0 -10.9
Depreciations and amortisation -0.5 -0.8 -1.0 -1.4 -2.3
Impairment -0.0 -0.0 -0.0 -0.0 -0.2
Other operating expenses -1.8 -1.9 -3.5 -3.5 -6.9
Operating profit/loss -1.2 -0.5 -2.5 -2.0 -1.7
Financial income 0.0 0.2 0.0 0.4 0.8
Financial expenses -0.1 -0.1 -0.2 -0.1 -0.7
Profit/loss before taxes -1.3 -0.5 -2.6 -1.7 -1.7
Taxes 0.2 0.1 0.6 0.4 0.1
Profit/loss for the period -1.1 -0.4 -2.1 -1.4 -1.5
Other comprehensive income:
Translation differences 0.1 -0.1 0.1 -0.2 -0.4
Total comprehensive -1.0 -0.5 -2.0 -1.6 -2.0
income for the period
Result for the period attributable to:
Equity holders of the parent -1.1 -0.4 -2.1 -1.4 -1.5
Non-controlling interest 0.0 0.0 0.0 0.0 0.0
-1.1 -0.4 -2.1 -1.4 -1.5
Comprehensive income attributable to:
Equity holders of the parent -1.0 -0.5 -2.0 -1.6 -2.0
Non-controlling interest 0.0 0.0 0.0 0.0 0.0
-1.0 -0.5 -2.0 -1.6 -2.0
Earnings/share (EPS) calculated on the
profit attributable to equity holders
of the parent, EUR
Basic -0.22 -0.07 -0.43 -0.28 -0.32
Diluted -0.22 -0.07 -0.43 -0.28 -0.32
Honkarakenne Oyj has two series of shares: A shares and B shares, which have
different right to dividend. Profit distribution of 0.20 EUR per share will be
paid first for B shares, then 0.20 EUR per share for A shares, followed by
equal distribution of remaining profit distribution between all shares.
CONSOLIDATED BALANCE SHEET 30.6.2014 30.6.2013 31.12.2013
unaudited
MEUR
Assets
Non-current assets
Property, plant and equipment 15.6 14.3 15.9
Goodwill 0.1 0.1 0.1
Other intangible assets 0.5 0.6 0.5
Investments in associated companies 0.3 0.3 0.3
Other investments 0.0 0.1 0.0
Receivables 0.2 0.3 0.2
Deferred tax assets 2.0 1.6 1.5
18.8 17.1 18.4
Current assets
Inventories 6.5 8.1 7.1
Trade and other receivables 4.7 6.1 5.2
Cash and bank receivables 1.2 2.2 3.2
12.4 16.5 15.6
Total assets 31.1 33.6 34.0
Shareholders' equity and liabilities 30.6.2014 30.6.2013 31.12.2013
Equity attributable to equity holders
of the parent company
Share capital 9.9 9.9 9.9
Share premium account 0.5 0.5 0.5
Fund for invested unrestricted equity 6.5 6.4 6.4
Own shares -1.4 -1.4 -1.4
Translation differences -0.1 0.0 -0.2
Retained earnings -6.8 -4.5 -4.7
8.7 11.0 10.6
Non-controlling interests 0.2 0.2 0.2
Total equity 8.9 11.2 10.8
Non-current liabilities
Deferred tax liabilities 0.0 0.1 0.1
Provisions 0.5 0.5 0.5
Financial liabilities 6.2 5.2 7.5
6.8 5.8 8.1
Current liabilities
Trade and other payables 13.6 13.9 12.3
Current tax liabilities 0.1 0.1 0.2
Provisions 0.2 0.2 0.9
Current financial liabilities 1.6 2.5 1.8
15.5 16.6 15.1
Total liabilities 22.2 22.4 23.2
Total equity and liabilities 31.1 33.6 34.0
STATEMENT OF CHANGES IN EQUITY
abridged
unaudited
EUR thousand Equity attributable to equity holders of
the parent
a) b) c) d) e) f) Total g) Total equity
Total equity 9898 520 6828 224 -1382 -3178 12909 209 13117
1.1.2013
Profit/loss for -1356 -1356 3 -1353
the period
Translation -208 -208 -208
difference
Repayment of -384 -384 -384
capital
Total equity 9898 520 6444 16 -1382 -4536 10960 213 11174
30.6.2013
EUR thousand Equity attributable to equity holders of
the parent
a) b) c) d) e) f) Total g) Total equity
Total equity 9898 520 6444 -197 -1382 -4710 10573 211 10784
1.1.2014
Profit/loss for -2076 -2076 1 -2075
the period
Translation 69 69 69
difference
Share issue 90 90 90
Management 10 10 10
incentive plan
Total equity 9898 520 6534 -129 -1382 -6778 8665 212 8877
30.6.2014
a) Share capital
b) Share premium account
c) Fund for invested unrestricted equity
d) Translation difference
e) Own shares
f) Retained earnings
g) Non-controlling interests
CONSOLIDATED STATEMENT OF CASH FLOWS 1.1.- 1.1.- 1.1.-
abridged 30.6.2014 30.6.2013 31.12.2013
unaudited
MEUR
Cash flow from operating activities 1.0 -2.5 -1.2
Cash flow from investing activities, net -1.5 -1.1 -3.0
Total cash flows from financing activities: -1.6 1.0 2.6
Share issue 0.1 0.0 0.0
Repayment of capital 0.0 -0.4 -0.4
Proceeds from borrowings 3.0 2.7 5.6
Repayment of borrowings -4.6 -1.2 -2.4
Other financial items -0.1 -0.1 -0.2
Change in cash and cash equivalents -2.1 -2.6 -1.6
Cash and cash equivalents at the beginning of 3.2 4.8 4.8
period
Cash and cash equivalents at the close of 1.2 2.2 3.2
period
NOTES TO THE REPORT
Accounting policies
This interim report has been drafted in accordance with IAS 34. The principles
adhered to in preparing the annual financial statements also apply to this
interim report. The interim report should be read together with the annual
financial statements for 2013. The new revised standards or interpretations
effective as of 1 January 2014 have no bearing on the figures presented for the
report period. The figures have not been examined by the auditor.
Honka Management Oy, which is owned by the senior management of Honkarakenne
Oyj and was established in 2010, is included in the consolidated financial
statements due to the terms and conditions of the shareholder agreement
concluded between it and Honkarakenne Oyj.
Honkarakenne has three geographical operating segments that have been combined
into one segment for reporting purposes. Geographically, sales are divided as
follows: Finland & Baltics, Russia & CIS and Global Markets. The internal
reporting of the management is in line with IFRS reporting. For this reason,
separate reconciliations are not presented.
PROPERTY, PLANT AND EQUIPMENT
Unaudited Property, plant and
equipment
MEUR
Cost 1.1.2014 65.7
Translation differences (+/-) 0.0
Increase 0.9
Disposals -0.0
Cost 30.6.2014 66.5
Accumulated depreciation 1.1.2014 -49.8
Translation differences (+/-) -0.2
Accumulated depreciation of disposals and 0.0
reclassifications
Depreciation for the period -0.9
Accumulated depreciation 30.6.2014 -50.9
Carrying amount 1.1.2013 15.9
Carrying amount 30.6.2014 15.6
Own shares
Honkarakenne has not acquired its own shares during the report period. At the
end of the report period, the Group held 364,385 of its Honkarakenne B shares
with a total purchase price of EUR 1,381,750.23. These shares represent 6.99 %
of the company's all shares and 3.34 % of all votes.
Contingent liabilities
unaudited 30.6.2014 30.6.2013 31.12.2013
MEUR
For own loans
- Mortgages 25.7 25.7 25.7
- Other quarantees 2.2 2.4 2.3
Rental liabilities 0.5 0.0 0.6
Leasing liabilities 0.2 0.3 0.2
Derivative contracts 0.4 0.4 0.4
Nominal values of forward exchange contracts 0.9 1.2 1.7
Events with related parties
The Group's related parties consist of subsidiaries and associated companies;
the company's management and any companies in which they exert influence; and
those involved in the Saarelainen shareholder agreement and any companies
controlled by them. The management personnel considered to be related parties
comprise the Board of Directors, President & CEO, and the company's Executive
Group. The pricing of goods and services in transactions with related parties
conforms to market-based pricing.
During the report period, ordinary business transactions with related parties
were made as follows: the sales to the related parties were EUR 204 thousand
and the purchases from the related parties were EUR 296 thousand. In 2010 and
2011, Honkarakenne Oyj granted long-term loans totalling MEUR 0.9 to Honka
Management Oy, which is owned by the company's senior management.
Key indicators
1-6/ 1-6/ 1-12/
Unaudited 2014 2013 2013
Earnings/share (EPS) euro -0.43 -0.28 -0.32
Return on equity % -21 -11 -13
Equity ratio % 35 41 38
Shareholders equity/share euro 1.79 2.28 2.20
Net debt MEUR 6.6 5.4 6.1
Gearing % 74 49 57
Gross investments MEUR 1.0 1.2 3.7
% of net sales 5 6 8
Order book MEUR 19.6 23.3 18.1
Average number of personnel Staff 97 116 111
Workers 73 121 102
Total 170 238 213
Personnel in person-years, average Staff 85 102 104
Workers 73 80 82
Total 158 183 185
Adjusted number of shares ('000) At period-end 4847 4805 4805
Average during period 4838 4813 4813
Calculation of key indicators
Profit / loss for the period attributable to equity
holders of parent
Earnings/share -----------------------------------------------
(EPS)
Average number of outstanding shares
Profit / loss before taxes - taxes
Return on equity % ----------------------------------------------- x 100
Total equity, average
Total equity
Equity ratio, % ----------------------------------------------- x 100
Balance sheet total - advances received
Net financial Financial liabilities - cash and cash equivalents
liabilities
Financial liabilities - cash and cash equivalents
Gearing, % ------------------------------------------- x 100
Total equity
Shareholders' equity
Shareholders ------------------------------------------------
equity/share Number of shares outstanding at the close of period
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