2007-08-16 09:00:00 CEST
2007-08-16 09:00:00 CEST
REGULATED INFORMATION
Olvi Oyj - Quarterly report
OLVI GROUP'S INTERIM REPORT, 1 JANUARY TO 30 JUNE 2007 (6 MONTHS)
Olvi Group's profitability improved substantially in comparison with the
corresponding period last year in Finland and all of the Baltic states, and the
Group achieved the best half-year result in its history. Olvi Group's net sales
amounted to 100.2 (80.3) million euro, an increase of 24.8 percent. Operating
profit in the period under review amounted to 11.4 (8.0) million euro, an
increase of 3.4 million euro. The Group's gross capital expenditure amounted to
11.5 (11.1) million euro, and its equity to total assets ratio stood at 43.4
percent (43.5%). Earnings per share amounted to 0.89 (0.61) euro.
OLVI GROUP'S KEY INDICATORS
Change
1-6/2007 1-6/2006 % 1-12/2006
Net sales, MEUR 100.2 80.3 + 24.8 170.3
Operating profit, MEUR 11.4 8.0 + 42.8 18.5
Gross capital expenditure,
MEUR 11.5 11.1 + 3.0 21.9
Earnings per share, EUR 0.89 0.61 + 45.9 1.43
Equity per share, EUR 7.70 6.65 + 15.6 7.46
Equity to total assets, % 43.4 43.5 49.6
Gearing, % 61.4 65.0 47.3
SALES VOLUME, NET SALES AND EARNINGS
Olvi Group
In the second quarter of 2007, Olvi Group's sales in Finland and the Baltic
states developed favourably like in the first quarter. Sales from April to June
amounted to 101.2 (88.2) million litres, representing an increase of 13.0
million litres or 14.8 percent. Sales in Finland increased by 20.7 percent and
aggregate sales in the Baltic states by 15.2 percent.
Olvi Group's sales from January to June totalled 168.5 (145.4) million litres,
an increase of 23.0 million litres or 15.8 percent. The sales improvement in
Finland was 23.0 percent and in the Baltic states 14.9 percent.
Net sales growth in the second quarter and from January to June clearly
outperformed the growth of sales volumes in the Baltic states. Net sales from
April to June amounted to 60.5 (48.4) million euro, representing an increase of
12.1 million euro or 25.0 percent. Net sales from January to June amounted to
100.2 (80.3) million euro, representing an increase of 19.9 million euro or
24.8 percent. Over the first half of the year, net sales in Finland increased
by 7.5 million euro or 19.6 percent and aggregate net sales in the Baltic
states increased by 14.7 million euro or 32.1 percent.
The operating profits of the parent company Olvi and the Baltic subsidiaries
improved substantially in the second quarter. Olvi Group's operating profit
from April to June stood at 7.8 (6.0) million euro. This represents an earnings
improvement of 1.8 million euro or 30.0 percent on the previous year.
Thanks to the favourable earnings development that continued for the entire
first half of the year, the Group's operating profit from January to June stood
at 11.4 (8.0) million euro, which was 11.4 (10.0) percent of net sales. This
represents an increase of 3.4 million euro or 42.8 percent on the previous
year. The operating profits improved particularly in the parent company Olvi
plc and in the Latvian and Lithuanian subsidiaries.
In the period under review, earnings after taxes improved by 2.9 million euro
to 9.3 (6.3) million euro.
Owing to the seasonal character of the brewing industry, the majority of the
full-year net sales and operating profit is made during the second and third
quarters.
Parent company Olvi plc
The parent company Olvi plc's sales improved substantially in the second
quarter. Sales from April to June amounted to 38.2 (31.6) million litres,
representing an increase of 6.6 million litres or 20.7 percent.
According to the Nielsen market research company, Olvi plc's market share in
the main product groups (beers, ciders and mineral waters) in grocery shops was
18.1 (18.0) percent in the second quarter.
The parent company's sales from January to June amounted to 64.9 (52.8) million
litres, representing an increase of 12.1 million litres or 23.0 percent.
Factors contributing to the growth included a controlled increase in
promotional sales of beer, new products in ciders, the successful launch of the
OLVI Greippi Lonkero product, a long drink that is sold in grocery shops and
filled a gap in Olvi's product range, as well as new customer relationships. In
terms of litres sold, the greatest increase was seen in beers, while
proportional growth was greatest in energy drinks and long drinks. Sales of
soft drinks also increased substantially thanks to an expanded product range.
Sales of mineral waters declined due to intense price competition and cool
weather.
The parent company's net sales from April to June amounted to 26.2 (22.1)
million euro, representing an increase of 4.1 million euro or 18.5 percent on
the previous year. Thanks to good sales development over the entire first half
of the year, the parent company's net sales from January to June 2007 increased
to 45.5 (38.0) million euro, an increase of 19.6 percent.
Good sales development in the second quarter boosted the efficiency of
production and logistics. The operating profit improved by 34.2 percent from
April to June and stood at 2.7 (2.0) million euro.
Olvi plc's operating profit in January-June totalled 4.2 (3.0) million euro or
9.3 (8.0) percent of net sales. The operating profit improved by 1.2 million
euro or 38.3 percent.
Scrapping of the obsolete package inventory resulted in 0.9 (0.6) million euro
of write-downs on inventories that burdened the January-June earnings.
In the beginning of June, Det Norske Veritas AS granted Olvi plc a BRC Global
Standard - FOOD certificate for the production, distribution and sales of
mineral waters and soft drinks. BRC (British Retailer Consortium) is a British
set of criteria for ensuring the control of food safety. The purpose of the BRC
certificate is to protect consumers against food safety risks. It is gradually
expanding outside Great Britain in the groceries sector. Olvi plc will continue
the development of its quality management, environmental management and safety
systems with the aim of receiving ISO 9001, ISO 14001 and OHSAS 18001
certificates.
AS A. Le Coq
The sales of the Estonian subsidiary AS A. Le Coq continued to improve
substantially in the second quarter. Sales increased by 11.3 percent to 41.3
(37.1) million litres.
AS A. Le Coq's total sales in January-June amounted to 69.0 (62.1) million
litres, an increase of 6.9 million litres or 11.1 percent on the previous year.
In terms of litres sold, the greatest increase was seen in beers, while
proportional growth was greatest in long drinks. Sales growth in juices and
energy drinks was also substantial.
For the entire year, A. Le Coq's net sales growth has clearly outperformed the
growth in sales volume. Second-quarter net sales amounted to 22.4 (17.8)
million euro, an increase of 26.0 percent.
Net sales from January to June amounted to 36.4 (29.1) million euro,
representing an increase of 7.3 million euro or 25.0 percent.
A. Le Coq's operating profit has also increased constantly during the first
half of the year. Operating profit from April to June amounted to 3.3 (2.9)
million euro, representing an increase of 12.1 percent.
Operating profit in January-June stood at 5.1 (4.5) million euro, which was
13.9 (15.4) percent of net sales. The operating profit improved by 0.6 million
euro or 12.7 percent.
A/S Cesu Alus
The sales of A/S Cesu Alus operating in Latvia developed favourably in the
first quarter, and the strong trend continued in the second quarter. Sales in
April-June increased to 17.3 (13.2) million litres, an increase of 30.3
percent.
Total sales from January to June amounted to 26.6 (19.8) million litres,
representing an increase of 6.7 million litres or 33.9 percent. The greatest
growth in sales volume was seen in beers that represent approximately 70
percent of total sales. In the primary product group, beers, A/S Cesu Alus's
market position has strengthened to 25 percent, and the brewery is now clearly
the number two player in the market. The sales of ciders, energy drinks, long
drinks and waters are also growing strongly.
For the entire year, A/S Cesu Alus's net sales growth has clearly outperformed
the growth in sales volume. In the second quarter, net sales improved to 8.5
(5.6) million euro, an increase of 52.0 percent. The company's net sales from
January to June amounted to 12.8 (8.3) million euro, representing an increase
of 4.5 million euro or 54.2 percent.
Thanks to the growth, A/S Cesu Alus's profitability has improved substantially.
Second-quarter operating profit improved to 0.9 (0.7) million euro, an increase
of 32.1 percent. Operating profit from January to June totalled 1.0 (0.3)
million euro, representing an increase of 0.7 million euro or 217.6 percent.
AB Ragutis
In the second quarter, the sales volume of AB Ragutis operating in Lithuania
improved to 13.3 (12.1) million litres, an increase of 10.7 percent. The
company's total sales from January to June amounted to 21.7 (20.1) million
litres, representing an increase of 1.6 million litres or 8.1 percent. The
sales of Ragutis ciders and long drinks are rapidly increasing in Lithuania.
The sales of beer declined slightly as the company scaled down its Private
Label production.
The net sales of AB Ragutis have clearly outperformed the increase in sales
volumes in 2007. The April-June net sales increased by 38.3 percent to 7.0
(5.1) million euro. The company's net sales from January to June amounted to
11.1 (8.2) million euro, representing an increase of 2.9 million euro or 35.0
percent. The net sales improvement is affected by the favourable development of
sales volumes and prices of other product groups that are now supplementing
beer.
The operating profit of AB Ragutis has clearly improved thanks to previous
major investments and the good development of sales volumes. Second-quarter
operating profit stood at 1.0 (0.4) million euro, representing an increase of
0.7 million euro or 176.9 percent. Operating profit in January-June stood at
1.2 (0.2) million euro, an increase of 1.0 million euro. The operating profit
percentage was 10.8 (2.3).
FINANCING AND INVESTMENTS
Olvi Group's balance sheet total at the end of June was 184.1 (159.1) million
euro. Equity per share in January-June stood at 7.70 (6.65) euro. The equity to
total assets ratio was on a par with the previous year at 43.4 (43.5) percent.
The amount of interest-bearing liabilities was 52.7 (47.9) million euro,
including current liabilities of 19.6 (22.1) million euro.
During the period under review, the Olvi Group's gross capital expenditure
amounted to 11.5 million euro (11.1 million euro). The parent company Olvi plc
accounted for 3.5 million euro and the subsidiaries in the Baltic states for
8.0 million euro of the total. The largest investments in 2007 will be the
filling and packaging lines for reusable plastic bottles to be constructed at
Olvi plc and A. Le Coq, as well as extensions to storage facilities at A/S Cesu
Alus and AB Ragutis.
The gross capital expenditure also includes purchases made on finance lease.
PRODUCT DEVELOPMENT
Research and development includes projects to design and develop new products,
packages, processes and production methods, as well as further development of
existing products and packages. The R&D costs have been recognised as expenses.
In June, Olvi plc signed a licencing agreement with Twentieth Century Fox
Licensing & Merchandising, a division of Fox Entertainment Group, Inc.,
granting Olvi plc the right to produce, sell and distribute Simpson soft drinks
in Finland. Simpson soft drinks will be available in grocery shops in the turn
of August and September.
PERSONNEL
Thanks to good sales development, the number of personnel increased in all
Group companies in January-June. Olvi Group's average number of personnel in
January-June was 1,209 (1,109), 376 (336) of them in Finland, 419 (393) in
Estonia, 212 (191) in Latvia and 202 (189) in Lithuania. The average number of
personnel increased by 100 people or 9.0 percent on the previous year. The
total number of personnel at the end of June was 1,375 (1,230).
GROUP STRUCTURE
At the end of April 2007, the AS A. Le Coq Group holding company fully owned by
Olvi plc and its 100-percent subsidiary AS A. Le Coq agreed upon a merger in
which AS A. Le Coq Group will be merged into AS A. Le Coq, making AS A. Le Coq
a direct 100-percent subsidiary of Olvi plc.
At the same time, AS A. Le Coq Group will sell its holdings in A/S Cesu Alus
and AB Ragutis to Olvi plc, turning the companies into direct subsidiaries of
Olvi plc. After this, Olvi plc will directly hold 97.89 percent of A/S Cesu
Alus and 99.56 percent of AB Ragutis.
The merger and share transactions will be executed to improve Olvi Group's
business efficiency and simplify the Group structure. The arrangements will
have no effect on Olvi Group's earnings or balance sheet. The estimated time of
registration of the merger is August 2007.
BUSINESS RISKS AND UNCERTAINTIES IN THE NEAR TERM
The introduction of recycled plastic deposit bottles into the Finnish market
will bring great changes to production and logistics processes. It is currently
difficult to estimate how quickly the consumption and packaging of soft drinks
and mineral waters will be completely migrated to recycled plastic deposit
bottles.
The present refillable bottle stocks will be gradually disposed of. This will
result in increased scrapping of inventories within the next few years.
The Finnish government proposes an increase of 10 percent in the alcohol tax
for mild alcoholic beverages starting from the beginning of 2008. However, the
increase will be less than the 15-percent increase proposed for strong
alcoholic beverages. Some increase can be assumed in private imports.
As the consumption of beers, ciders and long drinks is increasingly moving to
canned products, the costs of production, raw materials and packaging will
increase in comparison to bottled products, resulting in more intense price
competition.
We assume that sales growth in the Baltic states will slow down somewhat due to
the stabilisation of consumption habits.
NEAR-TERM OUTLOOK
Olvi Group aims to strengthen its market position in all business areas.
Substantial investments will ensure the sufficiency of capacity supporting our
growth and cost-efficient production of a versatile product range. Further
improvement of the entire Olvi Group's profitability and competitive ability is
a crucial target.
The rainy and cool weather in this year's midsummer may have an impact on
third-quarter earnings. However, we expect full-year net sales to increase and
operating profit to improve on the previous year.
Further information:
Lasse Aho, Managing Director
Phone +358 17 838 5200 or +358 400 203 600
OLVI PLC
Board of Directors
APPENDICES
- Balance sheet, Appendix 1
- Income statement, Appendix 2
- Changes in shareholders' equity, Appendix 3
- Cash flow statement, Appendix 4
- Notes to the interim report, Appendix 5
DISTRIBUTION
OMX Nordic Exchange, Helsinki
Key media
www.olvi.fi
OLVI GROUP
CONSOLIDATED FINANCIAL STATEMENTS
This interim report has been prepared in compliance with the standard IAS 34,
Interim Financial Reporting.
The information in this interim report is unaudited.
APPENDIX 1
BALANCE SHEET
EUR 1,000
30.6.2007 30.6.2006 31.12.2006
ASSETS
Non-current assets
Tangible assets 89,173 79,636 83,473
Goodwill 10,675 10,531 10,675
Other intangible assets 1,397 2,064 1,640
Financial assets available 284 254 254
for sale
Other non-current assets 318 311 311
available for sale
Loans receivable 44 44 44
Deferred tax receivables 128 33 65
Total non-current assets 102,019 92,873 96,462
Current assets
Inventories 28,640 24,529 25,173
Accounts receivable and other 49,751 38,783 32,256
receivables
Liquid assets 3,680 2,946 2,102
Total current assets 82,071 66,258 59,531
TOTAL ASSETS 184,090 159,131 155,993
SHAREHOLDERS' EQUITY AND
LIABILITIES
Shareholders' equity held by
parent company shareholders
Share capital 20,759 20,759 20,759
Other reserves 1,092 1,127 1,128
Treasury shares -290 -54 -290
Retained earnings 48,967 40,856 40,847
Net profit for the period 9,268 6,344 14,822
79,795 69,032 77,266
Minority interest 117 140 101
Total shareholders' equity 79,912 69,172 77,367
Non-current liabilities
Interest-bearing liabilities 33,069 25,776 27,108
Interest-free liabilities 1,081 270 490
Deferred tax liabilities 1,257 1,457 1,413
Current liabilities
Interest-bearing liabilities 19,642 22,106 11,562
Interest-free liabilities 49,129 40,350 38,053
Total liabilities 104,178 89,959 78,626
TOTAL SHAREHOLDERS' EQUITY 184,090 159,131 155,993
AND LIABILITIES
OLVI GROUP APPENDI
X 2
INCOME STATEMENT
EUR 1,000
4-6/ 4-6/ 1-6/ 1-6/ 1-12/
2007 2006 2007 2006 2006
Net sales 60,477 48,399 100,227 80,292 170,319
Other operating 164 226 417 353 590
income
Operating expenses - -39,950 -83,417 -67,224 -
49,907 141,577
Depreciation and
impairment -2,957 -2,693 -5,808 -5,424 -10,851
Operating profit 7,777 5,982 11,419 7,997 18,481
Financial income 55 36 75 83 188
Financial expenses -503 -347 -902 -668 -1,432
Earnings before tax 7,329 5,671 10,592 7,412 17,237
Taxes *) -766 -627 -1,309 -1,073 -2,413
Net profit for the 6,563 5,044 9,283 6,339 14,824
period
Distribution:
- parent company 6,546 5,049 9,268 6,344 14,822
shareholders
- minority 17 -5 15 -5 2
OLVI GROUP APPENDIX 3
CHANGES IN CONSOLIDATED SHAREHOLDERS' EQUITY
EUR 1,000 A B C D E F G H I
Shareholders' 10379 11236 127 0 143 0 4537 67262
equity 1 Jan 2006 7
Bonus issue 10379 -10379 0
Acquisition of
treasury shares -54 -54
Change in 31 31
translation
difference
Payment of - 4411 -4411
dividends
Net profit for the 6344 6344
period
Share of profit
belonging to the -140 140 0
minority
Shareholders' 20759 857 127 -54 143 31 47170 140 69172
equity 30 Jun 2006
EUR 1,000 A B C D E F G H I
Shareholders' 20759 857 127 -290 143 -18 5568 101 77 367
equity 1 Jan 2007
Transfer of -35 35
reserve to
retained earnings
Change in -3 1 -2
translation
difference
Payment of -6736 -6736
dividends
Net profit for the 9283 9283
period
Share of profit
belonging to the -15 15 0
minority
Shareholders' 20759 857 127 -290 108 -21 58255 117 79912
equity 30 Jun 2007
A = Share capital
B = Share premium account
C = Legal reserve
D = Treasury shares reserve
E = Other reserves
F = Translation differences
G = Retained earnings
H = Minority interest
I = Total
OLVI GROUP APPENDIX 4
CASH FLOW STATEMENT
EUR 1,000
1-6/2007 1-6/2006 1-12/2006
Net profit for the period 9,268 6,344 14,824
Adjustments to profit for 8,501 7,355 14,852
the period
Change in net working -10,748 -5,620 -3,320
capital
Interest paid -871 -713 -1,529
Interest received 75 83 188
Taxes paid -821 -1,052 -1,080
Cash flow from operations 5,404 6,397 23,935
(A)
Capital expenditure -11,301 -13,080 -22,064
Disposals of fixed assets 35 0 145
Cash flow from investments -11,266 -13,080 -21,919
(B)
Withdrawals of loans 19,000 9,500 7,000
Repayments of loans -4,837 -1,843 -8,650
Acquisition of treasury 0 -54 -290
shares
Dividends paid -6,725 -4,411 -4,411
Cash flow from financing 7,438 3,192 -6,351
(C)
Increase (+)/decrease (-) 1,578 -3,491 -4,335
in liquid assets (A+B+C)
Liquid assets 1 January 2,102 6,437 6,437
Liquid assets 30 Jun/31 3,680 2,946 2,102
Dec
Change in liquid assets 1,578 -3,491 -4,335
OLVI GROUP
NOTES TO THE INTERIM REPORT APPENDIX 5
The accounting policies used for the preparation of this interim report are the
same as those used for the annual financial statements 2006.
The Group has adopted the IFRS 7 Financial Instruments: Disclosures standard
and the associated amendment to the IAS 1 Presentation of Financial Statements
- Capital Disclosures standard that entered into force on 1 January 2007.
According to the Group's estimate, the adoption of the new and amended standard
will mostly affect the notes to the Group's financial statements.
1. SEGMENT INFORMATION
SALES BY GEOGRAPHICAL SEGMENT (1,000 litres)
4-6/2007 4-6/2006 1-6/2007 1-6/2006 1-12/2006
Olvi Group
total 101,234 88,206 168,450 145,433 303,416
Finland 38,178 31,640 64,892 52,761 110,092
Estonia 41,260 37,071 68,978 62,076 127,817
Latvia 17,253 13,240 26,555 19,834 42,736
Lithuania 13,353 12,064 21,709 20,086 42,249
-sales
between
segments -8,810 -5,809 -13,684 -9,324 -19,478
NET SALES BY GEOGRAPHICAL SEGMENT (EUR 1,000)
4-6/2007 4-62006 1-6/2007 1-6/2006 1-12/2006
Olvi Group
total 60,477 48,399 100,227 80,292 170,319
Finland 26,190 22,104 45,470 38,004 79,458
Estonia 22,374 17,761 36,373 29,103 61,517
Latvia 8,494 5,588 12,822 8,315 18,573
Lithuania 6,997 5,059 11,115 8,233 18,224
sales between
segments -3,578 -2,113 -5,553 -3,363 -7,453
OPERATING PROFIT BY GEOGRAPHICAL SEGMENT (EUR 1,000)
4-6/2007 4-6/2006 1-6/2007 1-6/2006 1-12/2006
Olvi Group
total 7,776 5,981 11,419 7,996 18,481
Finland 2,672 1,991 4,212 3,046 7,060
Estonia 3,290 2,934 5,055 4,483 9,268
Latvia 860 651 975 307 845
Lithuania 1,044 377 1,206 188 1,239
sales between
segments -90 28 -29 -28 69
2. PERSONNEL ON AVERAGE 1-6/2007 1-6/2006 1-12/2006
Finland 376 336 346
Estonia 419 393 393
Latvia 212 191 195
Lithuania 202 189 192
Total 1,209 1,109 1,126
3. RELATED PARTY TRANSACTIONS
Employee benefits to management
Salaries and other short-term employee benefits to the Board of Directors and
Managing Director
1-6/ 1-6/ 1-12/
2007 2006 2006
Managing Director 351 265 488
Chairman of the Board 102 81 181
Other members of the Board 52 40 91
Total 505 386 760 *)
The figures for 2006 have been adjusted to be comparable with the information
in the interim report.
Share-based payments
Olvi plc's Board of Directors decided in 2006 on a share-based incentive and
commitment scheme for Olvi Group's key personnel. The share-based incentive
scheme is described in more detail in Olvi Group's financial statements for
2006, note 22.
4. SHARES AND SHARE CAPITAL
30.6.2007
Number of A shares 8,513,276
Number of K shares 1,866,128
Total 10,379,404
Total votes carried by A shares 8,513,276
Total votes carried by K shares 37,322,560
Total number of votes 45,835,836
Registered share capital, EUR 1,000 20,759
The Series A and Series K shares received a dividend of 0.65 euro per share for
2006 (0.425 euro per share for 2005), totalling 6.7 (4.4) million euro. The
dividends were paid on 16 April 2007.
Nominal value of A and K shares, EUR 2.00
Votes per Series A share 1
Votes per Series K share 20
The shares entitle to equal dividend.
The Articles of Association include a redemption clause concerning Series K
shares.
5. TREASURY SHARES
In April 2007, the General Meeting of Shareholders of Olvi plc decided to
authorise the Board of Directors to decide on the acquisition of the company's
own shares using distributable funds. The authorisation is valid for one year
starting from the General Meeting and covers a maximum of 245,000 Series A
shares. The Board of Directors may also decide that any shares acquired on the
company's own account be cancelled by reducing the share capital.
Olvi plc's Board of Directors has not exercised the authorisation granted by
the General Meeting to acquire Olvi plc Series A shares during January-June
2007.
Olvi plc possesses 16,000 Olvi Series A shares acquired by the Board of
Directors in 2006 on the basis of an authorisation granted by the General
Meeting of Shareholders. The total consideration paid for treasury shares in
2006 was 0.3 million euro. The acquired Series A shares constitute 0.15
percent of the share capital and 0.03 percent of the aggregate number of votes.
The acquired shares represent 0.19 percent of all Series A shares and
associated votes.
The Board of Directors has not exercised the authorisation granted by the
General Meeting to transfer the company's own Series A shares during
January-June 2007. All of the acquired shares are in the company's possession.
6. NUMBER OF SHARES *) 1-6/2007 1-6/2006 1-12/2006
- average 10,363,404 10,378,878 10,376,311
- average number of shares
adjusted for dilution
from warrants 10,363,404 10,452,964 10,413,050
- at end of period 10,363,404 10,375,404 10,363,404
*) Acquired treasury shares deducted
7. TRADING OF SERIES A SHARES ON THE HELSINKI STOCK EXCHANGE IN JANUARY-JUNE
2007
Number of Olvi A shares traded in 01-06/2007 1,349,933
Total trading volume, EUR 1,000 31,352
Traded shares in proportion to all Series A shares, % 15.9
Average share price 01-06/2007, EUR 23.10
Highest quote in June, EUR 30.80
Lowest quote in January, EUR 19.50
8. SHAREHOLDERS
Book entries Votes Shareholders
Finnish total 8303595 80.00 42788291 93.35 5637
Foreign total 556614 5.36 1528350 3.33 28
Nominee registered
(foreign) total 1145 0.01 1145 0.00 2
Nominee registered
(Finnish) total 1518050 14.63 1518050 3.31 8
Total 10379404 100.00 45835836 100.00 5675
9. LARGEST SHAREHOLDERS ON 29 JUNE 2007
Series K Series A Total % Votes %
1. Olvi Foundation 1,181,952 354,408 1,536,360 14.80 23,993,448 52.35
2. Hortling Heikki
Wilhelm *) 450,712 85,380 536,092 5.16 9,099,620 19.85
3. The Heirs of
Hortling Kalle
Einari 93,552 12,624 106,176 1.02 1,883,664 4.11
4. Hortling Timo
Einari 82,912 17,304 100,216 0.97 1,658,24 3.62
5. Hortling-Rinne
Marit 51,144 1,050 52,194 0.50 1,023,930 2.23
6. Skandinaviska Enskilda Banken
nominee register 987,785 987,785 9.52 87,785 2.16
7. Ilmarinen Mutual Pension
Insurance Company 515,748 515,748 4.97 515,748 1.13
8. Nordea Bank Finland plc,
nominee register 388,846 388,846 3.75 388,846 0.85
9. Autocarrera Oy Ab 221,690 221,690 2.14 221,690 0.48
10.Pensionsförsäkringsaktiebolaget Veritas
Pension Insurance Company 208,000 208,000 2.00 208,000 0.45
Others 5,856 5,720,441 5,726,297 55.17 5,854,865 12.77
Total 1,866,128 8,513,276 10,379,404 100.00 45,835,83
100.00
*) The figures include the shareholder's own holdings and shares held by
parties in his control.
10. PROPERTY, PLANT AND EQUIPMENT
1-6/2007 1-6/2006 1-12/2006
Increase 11,246 10,834 21,878
Decrease -141 -520 -3,535
Total 11,105 10,314 18,343
11. CONTINGENT LIABILITIES
EUR 1,000 30.6.2007 30.6.2006 31.12.2006
Pledges and contingent liabilities
For own commitments 1,135 1,135 765
For others 731 1,278 1,055
Leasing liabilities:
Due within one
year 809 1,050 1,041
Due within 1 to 5
years 1,122 1,148 1,019
Due in more than
5 years 5 0 5
Total leasing liabilities 1,936 2,198 2,065
Package liabilities 5,703 5,489 4,734
Other liabilities 1,980 1,980 1,980
Debts for which mortgages have been given as collateral
Loans from financial institutions
For own commitments 1,545 3,091 2,318
For others 229 2,826 1,527
12. CALCULATION OF FINANCIAL RATIOS
Shareholders' equity held by parent company
Equity to shareholders + minority interes
total assets, % = 100 * ___________________________________________
Balance sheet total - advance payments received
Profit belonging to parent company shareholders
Earnings per share = _______________________________________________
Average number of shares during the period,
adjusted for share issues
Shareholders' equity held by
parent company shareholders
Equity per share = ______________________________________________
Number of shares at end of period,
adjusted for share issues
Interest-bearing debt - cash in hand and at bank
Gearing, %= ______________________________________________
Shareholders' equity held by parent company
shareholders + minority interest
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