2012-04-26 08:00:02 CEST
2012-04-26 08:01:07 CEST
REGULATED INFORMATION
Olvi Oyj - Interim report (Q1 and Q3)
OLVI GROUP’S INTERIM REPORT, 1 JANUARY TO 31 MARCH 2012 (3 MONTHS
Olvi Group's sales volume and net sales increased in the first quarter of the
year. Operating profit improved clearly in Estonia and Latvia.
OLVI PLC INTERIM REPORT 26 APR 2012 at 9:00 am
OLVI GROUP'S INTERIM REPORT, 1 JANUARY TO 31 MARCH 2012 (3 MONTHS)
Olvi Group's sales volume and net sales increased in the first quarter of the
year. Operating profit improved clearly in Estonia and Latvia.
January-March in brief:
- The Group's sales volume increased by 3.1 percent to 101.2 (98.1) million
litres
- The Group's net sales increased by 4.6 percent to 58.2 (55.7) million euro
- The entire Group's operating profit amounted to 2.7 (3.4) million euro
KEY RATIOS
1-3/2012 1-3/2011 Change % 1-12/2011
Net sales, MEUR 58.2 55.7 +4.6 285.2
Operating profit, MEUR 2.7 3.4 -19.0 26.7
Gross capital expenditure, MEUR 14.5 13.2 +10.1 43.2
Earnings per share, EUR 0.11 0.11*) - 0.65
Equity per share, EUR 6.36 6.06*) +5.0 6.11
Equity to total assets, % 50.1 53.3 50.6
Gearing, % 50.2 37.8 43.2
*) The per-share ratios have been adjusted for comparability with the 2012
figures.
Lasse Aho, Managing Director of Olvi plc, said the following in connection with
the disclosure of the accounts: ”The start to the year 2012 varied across the
different operating areas of Olvi Group. The sales volume in Belarus and
Lithuania grew well. Domestic sales declined in January-February when customers
reduced their beverage stocks acquired in December due to the substantial
excise tax hike at the turn of the year. This was a hindrance to comparable
earnings development in Finland. Net sales improved in all of our geographical
segments. Operating profit improved substantially in Estonia and Latvia. The
comparable result in Belarus was hampered by exchange rate difference due to
devaluation, a high inflation rate and the effects of hyperinflationary
accounting required under IFRS. However, we can look towards the rest of the
year with a confident mind”.
OLVI GROUP'S SALES VOLUME, NET SALES AND EARNINGS IN JANUARY-MARCH 2012
In the first quarter of 2012, Olvi Group's sales volume was 101.2 (98.1)
million litres, an increase of 3.1 million litres or 3.1 percent.
Sales in Finland declined by 1.3 million litres, and sales in the Baltic states
improved by a total of 2.0 million litres mainly thanks to good sales in
Lithuania. Ín the reporting period, sales in Belarus improved by 4.3 million
litres and intra-Group sales by 2.0 million litres on the previous year.
The Group's net sales from January to March amounted to 58.2 (55.7) million
euro. This represents an increase of 2.6 million euro or 4.6 percent. Net sales
increased in all of the Group's operating areas.
Net sales in Finland amounted to 23.2 (23.1) million euro, while the aggregate
total for the Baltic states was 29.0 (26.1) and the corresponding figure for
Belarus was 9.4 (8.7) million euro. Net sales in Finland increased by 0.2
million euro, in the Baltic states by 3.0 million euro or 11.4 percent, and in
Belarus by 0.7 million euro or 8.0 percent.
Olvi Group's operating profit for January-March stood at 2.7 (3.4) million
euro, or 4.7 (6.1) percent of net sales. The Group's operating profit declined
by 0.6 million euro. Comparable operating profit in Finland declined by 0.3
million euro. The previous year's operating profit included 1.5 million euro of
sales gains from the sales of decommissioned production machinery. Operating
profit in the Baltic states improved by 0.7 million euro while operating profit
in Belarus declined by 1.0 million euro due to the effects of high inflation
and hyperinflationary accounting.
Olvi Group's profit after taxes in the period under review was 2.2 (2.2)
million euro. Earnings per share calculated from the profit belonging to parent
company shareholders in January—March was on a par with the previous year at
0.11 (0.11) euro per share (the previous year's figure has been adjusted for
comparability).
SALES VOLUME, NET SALES AND EARNINGS BY GEOGRAPHICAL SEGMENT IN JANUARY-MARCH
2012
Seasonal nature of the operations
The Group's business operations are characterised by seasonal variation. The
net sales and operating profit from the reported geographical segments do not
accumulate evenly but vary according to season.
PARENT COMPANY OLVI PLC (Olvi)
According to delivery statistics by the Federation of the Brewing and Soft
Drinks Industry, the Finnish beverage market in January-March diminished by 1.4
percent compared to the previous year. The sales decline in alcoholic beverages
was almost four percent but there was an increase of 2.4 percent in
non-alcoholic beverages.
The sales volume of beers declined by -4.6 and ciders by -1.7 percent while the
sales volume of long drinks increased by 1.6 percent. The decline in sales of
alcoholic beverages was affected by a substantial excise tax hike in the
beginning of 2012, due to which retail and horeca customers filled up their
beverage stocks before the turn of the year.
The sales of soft drinks increased in January-March by 3.5 percent and mineral
waters by 2.8 percent.
Olvi's sales in January-March amounted to 27.4 (28.7) million litres. Sales
declined by 1.3 million litres or 4.5 percent. In Finland, the sales of all
other Olvi product groups increased but the sales of beers and soft drinks
declined on the previous year. The excise tax hike in the beginning of the year
had the largest impact on the sales of beers and soft drinks.
According to statistics by the Federation of the Brewing and Soft Drinks
Industry, Olvi's market share in alcoholic beverages (beers, ciders and long
drinks) in January-March 2012 was 23.3 (24.0) percent.
Olvi's exports and tax-free sales declined slightly to 1.0 (1.1) million
litres. Exports and tax-free sales represented 3.6 (3.8) percent of total
sales.
Olvi's net sales from January to March amounted to 23.3 (23.1) million euro,
representing an increase of 0.2 million euro or 0.8 percent.
The operating profit stood at 1.3 (3.2) million euro, which was 5.6 (13.7)
percent of net sales. Commensurate operating profit stood at 1.3 (1.6) million
euro. Commensurate operating profit fell 0.3 million euro short of the previous
year when non-recurring sales gains in the previous year are excluded. The
previous year's operating profit included 1.5 million euro of sales gains from
the sales of decommissioned production machinery.
AS A. LE COQ (A. Le Coq)
The Estonian subsidiary AS A. Le Coq's January-March sales amounted to 27.2
(26.6) million litres. Sales increased by 0.6 million litres or 2.3 percent.
The sales of A. Le Coq beers, long drinks and ciders was approximately on a par
with the previous year, the sales of mineral waters improved, but the sales of
juices declined slightly.
A. Le Coq has retained its good position in the Estonian beverage market. The
company is the clear market leader in long drinks and juices. In beers and
ciders, the company has achieved the number one position by a narrow margin,
and in soft drinks it is the clear number two player. The market share in
mineral waters has also improved little by little (Nielsen December-January
2012).
The company's exports and tax-free sales declined by 6.7 percent on the
previous year. Exports and tax-free sales represented 3.6 (4.0) percent of
total sales.
A. Le Coq's net sales in the first quarter amounted to 15.8 (14.5) million
euro. Net sales improved by 1.3 million euro or 9.5 percent thanks to an
improvement in the average price of net sales.
Operating profit in January-March stood at 2.0 (1.6) million euro, which was
12.4 (10.9) percent of net sales. This is the best first-quarter figure ever
posted by A. Le Coq. The operating profit increased by 0.4 million euro or 23.7
percent compared to the previous year.
A/S CESU ALUS (Cesu Alus)
The sales of Cesu Alus operating in Latvia amounted to 13.6 (13.9) million
litres in the first quarter of 2012. Sales declined by 0.3 million litres or
2.4 percent.
The sales of Cesu Alus beers declined, while sales of ciders, long drinks and
juices improved and the sales of soft drinks remained on a par with the
previous year.
In ciders, Cesu Alus is the clear market leader, and in beers and long drinks
the company is competing for the number one position with an equal main
competitor (Nielsen December-January 2012).
Cesu Alus's net sales from January to March amounted to 6.8 (6.1) million euro,
representing an increase of 0.7 million euro or 11.7 percent. Net sales
improved in spite of declined sales volumes thanks to an improvement in the
average price of net sales.
First-quarter operating profit in 2012 improved clearly on the previous year by
0.4 million euro.
AB VOLFAS ENGELMAN (Volfas Engelman)
Volfas Engelman's sales from January to March amounted to 14.5 (12.8) million
litres, representing an increase of 1.7 million litres or 13.3 percent.
The sales of the company's beers and long drinks improved but the sales of
ciders declined slightly. The sales of soft drinks (including kvass) were on a
par with last year.
Volfas Engelman has improved its position in the Lithuanian beverage market.
The company is a clear market leader in long drinks and kvass, and it has
reached the number one position in ciders during the last 12 months. The market
share in beers has also improved little by little (Nielsen December-January
2012).
The company's first-quarter net sales amounted to 6.4 (5.5) million euro. Net
sales improved by 0.9 million euro or 16.3 percent. Net sales increased
slightly more than the sales volume thanks to improved average price of net
sales.
Volfas Engelman's operating profit in January—March was on a par with the
previous year at -0.2 million euro.
OAO LIDSKOE PIVO (Lidskoe Pivo)
The January-March sales of OAO Lidskoe Pivo operating in Belarus amounted to
25.9 (21.6) million litres. Sales increased by 4.3 million litres or 20.1
percent on the previous year. The sales of beers and soft drinks (including
kvass) improved clearly, and the sales of mineral waters doubled. The sales of
ciders was on a par with the previous year but the sales of juices declined.
Lidskoe Pivo is the clear market leader in kvass, and has achieved the number
one position in the cider market during the last 12 months. The market share in
beers has also continuously improved. The company has improved its market share
in mineral waters, while the market share in soft drinks has remained
unchanged.
Lidskoe Pivo's exports increased by more than 50 percent in the review period.
Exports accounted for 7.8 (6.2) percent of total sales.
The company's net sales from January to March amounted to 9.4 (8.7) million
euro. Net sales improved by 0.7 million euro or 8.0 percent.
The operating result in January—March showed a loss at -0.3 (0.7) million euro.
The decline in earnings was affected by hyperinflationary accounting under IAS
29 as well as the high inflation in the country, due to which the costs of
production and raw materials increased more rapidly than the prices of finished
products.
FINANCING AND INVESTMENTS
Olvi Group's balance sheet total at the end of March 2012 was 266.1 (239.4)
million euro. Equity per share in January-March was 6.36 (6.06) euro, the
previous year's figure has been adjusted for comparability. The equity to total
assets ratio was 50.1 (53.3) percent. The amount of interest-bearing
liabilities was 69.4 (57.9) million euro, including current liabilities of 30.8
(11.6) million euro.
During the period under review, Olvi Group's gross capital expenditure amounted
to 14.5 (13.2) million euro. The parent company Olvi accounted for 5.9 million
euro and the subsidiaries in the Baltic states for 1.7 million euro of the
total. Lidskoe Pivo's gross capital expenditure in the first quarter was 6.9
million euro. The largest investments in Finland in 2012 included the
completion of a new can filling line and tank cellar extension, as well as
modernisation of beer filtering.
A substantial share of the year's investments will be completed during the
second quarter of the year, and the full-year investment level will be clearly
lower than in the previous year.
In the Baltic States, A. Le Coq's largest investments comprise extensions to
storage facilities and the pressure tank cellar, as well as a labelling machine
for glass bottles. Cesu Alus's investments include conveyors for the glass
bottle line and other small production machinery and equipment. Volfas
Engelman's investments consist of a general renovation of the brewery, a glass
bottle reform, wine and kvass mixing equipment and other smaller purchases of
machinery and equipment.
The first stage of Lidskoe Pivo's extensive investment programme is mainly
completed. It includes, among other things, storage, filling department and
tank cellar buildings, filling line machinery and equipment, an extension to
the kvass cellar, a new beer filter and air compressor.
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.
The main objective of Olvi Group's product development is to create new
products for profitable and growing beverage segments.
NEW PRODUCTS
Finland
Olvi's new products for summer 2012 have been presented in the financial
statements bulletin disclosed on 23 February 2012.
Subsidiaries
A. Le Coq launched Estonia's first vegetable-based tomato-carrot juice and a
banana-pear nectar in the Aura family of juices. Furthermore, A. Le Coq will be
the first player in Estonia to enter the organic beers segment with A. Le Coq
Organic. Two new flavours were introduced in ciders: FIZZ Gold Raspberry and
FIZZ Gold Pear. The non-carbonated Aura Still Lemon was introduced in waters.
The traditional Limonaad soft drink was introduced in a long neck glass bottle.
Volfas Engelman of Lithuania launched the Volfas Engelman Pilzeno beer and the
fully non-alcoholic Volfas Engelman beer in January-March. The import beer
range was extended by Sandels and Edelweiss beers, Heineken can multi-packs as
well as Krušovice Černė and Imperial beers. New launches in ciders included
Sherwood Pear and Sherwood Apple, FIZZ Fragolino as well as Fizz Gold Raspberry
and Fizz Gold Pear ciders. The G:N long drink range saw two new flavours
Cranberry and Tonic, and the 4 FUN long drink range was complemented by the
Grapefruit & Juniper and Melon flavours.
Cesu Alus in Latvia and Lidskoe Pivo in Belarus did not launch any new products
during the review period.
PERSONNEL
Olvi Group's average number of personnel in January-March was 1,911 (1,963).
The Group's average number of personnel decreased by 52 people or 2.6 percent.
The total number of personnel at the end of March was 1,939 (1,998).
Olvi Group's average number of personnel by country:
Finland 364 (354)
Estonia 305 (309)
Latvia 219 (209)
Lithuania 206 (198)
Belarus 817 (893)
Total 1911 (1963)
GROUP STRUCTURE
During the review period, A. Le Coq acquired 49 percent of the stock of the
Estonian company AS Karme. Karme owns the Karks brewery that produces beers,
ciders and wine. Thanks to the acquisition, A. Le Coq gets access to Karks's
wine production capacity for the manufacture of ciders and other fermented
beverages.
At the end of March 2012, Olvi Group's holding in A. Le Coq was 100.0 percent,
in Cesu Alus 99.63 percent, in Volfas Engelman 99.57 percent and in Lidskoe
Pivo 91.58 percent.
OLVI A SHARE AND SHARE MARKET
Olvi's share capital at the end of March 2012 stood at 20.8 million euro. The
total number of shares was 20,758,808, of these 17,026,552 or 82.0 percent
being Series A shares and 3,732,256 or 18.0 percent Series K shares. Each
Series A share carries one (1) vote and each Series K share carries twenty (20)
votes. Series A and Series K shares have equal rights to dividends.
The Olvi A share was quoted on Nasdaq OMX Helsinki (Helsinki Stock Exchange) at
17.47 (18.50) euro at the end of March 2012. In January-March, the highest
quote for the Series A share was 17.60 (18.73) euro and the lowest quote was
14.75 (15.30) euro. The average price was 16.18 (16.78) euro.
In January-March, a total of 389,199 (839,814) Olvi A shares were traded,
representing 2.3 (4.9) percent of the total number of Series A shares. The
value of trading was 6.3 (14.1) million euro (all of the previous year's
per-share figures have been adjusted for comparability).
At the end of March 2012, the market capitalisation of Series A shares was
297.5 (315.0) million euro and the market capitalisation of all shares was
362.7 (384.0) million euro.
Olvi had a total of 9,316 (8,352) shareholders at the end of March 2012.
Foreign holdings plus foreign and Finnish nominee-registered holdings
represented 16.3 (18.2) percent of the total number of book entries and 5.8
(6.2) percent of total votes.
Foreign and nominee-registered holdings are reported in Table 5, Section 8 of
the tables attached to this interim report, and the largest shareholders are
reported in Table 5, Section 9.
TREASURY SHARES
There were no changes in the number of treasury shares held by Olvi in
January-March 2012. At the end of March 2012, Olvi held 1,124 of its own Series
A shares. Treasury shares held by Olvi plc are reported in the tables section
of this interim report, in Table 5, Section 5.
RESOLUTIONS OF OLVI PLC'S ANNUAL GENERAL MEETING
The Annual General Meeting was held on 11 April 2012. A separate stock exchange
release was issued on the same day regarding the decisions made and
authorisations given by the meeting.
BUSINESS RISKS AND THEIR MANAGEMENT
Risk management is a part of Olvi Group's everyday management and operations.
It increases corporate security and contributes to the achievement of
operational targets. The objective of risk management is to operate proactively
and create operating conditions in which business risks are managed
comprehensively and systematically in all of the Group companies and all levels
of the organisation. In addition to the company itself, risk management
benefits its personnel, customers, shareholders and other related groups.
The objective of risk management is to ensure the realisation of the company's
strategy and secure the continuity of business. Olvi Group identifies,
assesses, manages and monitors its crucial risks regularly. With regard to
identified risks, the effects, scope and probability of realisation are
assessed together with the means of eliminating or reducing the risk.
Furthermore, risk management aims to identify and utilise any business
opportunities that may arise.
Olvi Group's strategic risks refer to risks related to the characteristics of
the company's business and strategic choices. The Group's operations are
located in several countries that differ substantially in terms of their social
and economic situations and the phases and directions of development. For
example, strategic risks relate to changes in tax legislation and other
regulations, the environment and foreign exchange markets. If realised,
strategic risks can substantially hamper the company's operational
preconditions. The Group's most substantial identified strategic risks relate
to Belarus, particularly the situation in the country's economy and politics.
The Group's most substantial identified operational risks relate to the
procurement and quality of raw materials, the production process, markets and
customers, personnel, information security and systems, as well as changes in
foreign exchange rates.
Raw materials
General economic development and annual fluctuations in crop yield affect the
prices and availability of major raw materials used within Olvi Group.
Disruptions in raw material deliveries may hamper customer relations and
business operations. Purchases of major raw materials are made under
procurement contracts standardised at the Group level. The predictability of
purchase prices for the most critical raw materials is improved through
long-term procurement agreements and potentially derivatives. All units
emphasise the significance of the quality of raw materials and other production
factors in the overall production chain.
Production process
The aim is to minimise production risks through clear documentation of
processes, increasing the degree of automation, compliance with quality
management system and the pursuit of clear operating methods in relation to
decision-making and supervision. The efficiency and applicability of processes
and methods are monitored using internal indicators. The monitoring and
development of production efficiency includes, among other things, the
reliability and utilisation rate of production machinery, development of the
working environment and factors related to people's work. The Group has a
property and loss-of-profits insurance programme covering all of the operating
areas, and its coverage is reviewed annually.
Markets and customers
The Group's business operations are characterised by substantial seasonal
variation. The net sales and operating profit from the reported geographical
segments do not accumulate evenly but vary substantially according to the time
of the year and the characteristics of each season.
Negative changes in the economy may impact consumers' purchasing behaviour and
hamper the liquidity of hotel and restaurant customers in particular. All Group
companies employ efficient credit controls as a major method for minimising
credit losses.
Legislative changes and other changes in the operations of authorities, such as
changes in excise taxes and marketing restrictions, may affect the demand for
the Group's products and their relative competitive position.
Personnel
Risks related to personnel include, among others, risks in obtaining labour,
employment relationship risks, key person risks, competence risks and risks
arising from insufficient well-being and accidents at work.
Crucial focal points in HR management include maintaining and developing a good
employer image, as well as ensuring the availability and commitment of
personnel. Other focal points include maintaining and developing well-being and
safety at work, management, training and incentive schemes, as well as the
construction and maintenance of backup personnel systems.
Information security and IT
Olvi Group employs an information security policy pertaining to all of the
companies. It defines the principles for implementing information security and
provides guidelines for its development.
Risks related to information technology and systems are manifested as
operational disruptions and deficiencies, for example. The availability and
correctness of data is ensured through the choice of operating methods and
various technical solutions. The Group's operations in Finland and the Baltic
states utilise a common enterprise resource planning system. The system will be
introduced into use in Belarus during the financial year 2012. A risk analysis
pertaining to information security and the operation of information systems is
carried out annually.
Financing risks
The Group operates in an international market and is therefore exposed to
foreign exchange risk due to changes in exchange rates. Foreign exchange risk
consists of sales, purchases and balance sheet items in foreign currency
(transaction risk), as well as investments and loans in foreign subsidiaries
(valuation risk). Foreign exchange risk is reduced by the fact that most of the
Group's product sales and purchases of raw materials are denominated in euro.
The objective of financing risks management is to protect the Group against
unfavourable changes in the financial markets and to secure the Group's
earnings development, liquidity and equity. The parent company's financial
management bears central responsibility for the Group's financing and the
management of financing risks in accordance with principles confirmed by the
Group's Board of Directors. The objectives of centralisation include
optimisation of cash flows, cost savings and efficient risk management.
Financing risks are described in more detail in the Investors section of the
corporate Web site.
BUSINESS RISKS AND UNCERTAINTIES IN THE NEAR TERM
The economic situation and future development in Europe is still characterised
by uncertainty. However, the outlook for the daily consumer goods market can be
considered stable in comparison to many other industries. The economic
situation in Estonia is stable, and the economies of Latvia and Lithuania are
showing signs of resurrection.
The most substantial factor hampering the predictability of Olvi Group's
business relates to Belarus and its economic and political outlook for the next
few years. The IAS 29 standard “Financial Reporting in Hyperinflationary
Economies” will probably be applied at least until 2014.
NEAR-TERM OUTLOOK
The full-year sales volumes and net sales level are expected to develop
favourably in 2012. The full-year operating profit for 2012 is estimated to
equal or slightly exceed the previous year's result.
Further information:
Lasse Aho, Managing Director
Phone +358 17 838 5200 or +358 400 203 600
OLVI PLC
Board of Directors
TABLES:
- Statement of comprehensive income, Table 1
- Balance sheet, Table 2
- Changes in shareholders' equity, Table 3
- Cash flow statement, Table 4
- Notes to the interim report, Table 5
DISTRIBUTION
NASDAQ OMX Helsinki Ltd
Key media
www.olvi.fi
OLVI GROUP TABLE 1
INCOME STATEMENT
EUR 1,000
1-3/ 1-3/ 1-12/
2012 2011 2011
Net sales 58239 55679 285174
Other operating income 13 163 522
Operating expenses -50659 -47762 -240376
Depreciation and impairment -4849 -4692 -18637
Operating profit 2744 3388 26683
Financial income 641 404 8352
Financial expenses -743 -1080 -16596
Financial expenses - net -102 -676 -8244
Earnings before tax 2642 2712 18439
Taxes *) -406 -524 -5485
NET PROFIT FOR THE PERIOD 2236 2188 12954
Other comprehensive income items:
Translation differences related to foreign subsidiaries 2038 -4646 -15170
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 4274 -2458 -2216
Distribution of profit:
- parent company shareholders 2258 2148 13506
- non-controlling interests -22 40 -552
Distribution of comprehensive profit:
- parent company shareholders 4278 -2182 -340
- non-controlling interests -4 -276 -1876
Earnings per share calculated from the profit belonging
to parent company shareholders, EUR
- undiluted 0.11 0.11 0.65
- diluted 0.11 0.11 0.65
*) Taxes calculated from the profit for the review period.
OLVI GROUP TABLE 2
BALANCE SHEET
EUR 1,000
31.3.2012 31.3.2011 31.12.2011
ASSETS
Non-current assets
Tangible assets 147070 125889 142443
Goodwill 17118 16276 16761
Other intangible assets 1548 1178 1017
Shares in associates 1000 0 0
Financial assets available for sale 552 545 548
Loan receivables and other non-current 142 138 141
receivables
Deferred tax receivables 221 1856 196
Total non-current assets 167651 145882 161106
Current assets
Inventories 42021 40966 35875
Accounts receivable and other receivables 53711 41316 52718
Income tax receivable 252 1218 0
Other non-current assets available for sale 56 0 56
Liquid assets 2458 9728 3836
Total current assets 98498 93228 92485
TOTAL ASSETS 266149 239110 253591
SHAREHOLDERS' EQUITY AND LIABILITIES
Shareholders' equity held by parent company shareholders
Share capital 20759 20759 20759
Other reserves 1092 1092 1092
Treasury shares -8 -222 -8
Translation differences -16228 -8732 -18248
Retained earnings 126347 111907 123286
Total shareholders' equity held by parent company 131962 124804 126881
shareholders
Share belonging to non-controlling interests 1398 1973 1341
Total shareholders' equity 133360 126777 128222
Non-current liabilities
Loans 36535 44707 29436
Other liabilities 1998 1638 1513
Deferred tax liabilities 2152 1950 2097
Current liabilities
Loans 29730 10579 27039
Accounts payable and other liabilities 62374 53416 64953
Income tax liability 0 43 331
Total liabilities 132789 112333 125369
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 266149 239110 253591
OLVI GROUP TABLE 3
CHANGES IN CONSOLIDATED SHAREHOLDERS' EQUITY
Share Other Treasu Translat Accrue Share of Total
capita reserv ry ion d non-cont
l es shares differen earnin rolling
accoun ce gs interest t s
EUR 1,000
Oma pääoma 1.1.2011 20759 1092 -222 -4402 109750 2277 129254
Comprehensive income
Net profit for the period 2148 40 2188
Other comprehensive income
items
Translation -3436 -316 -3752
differences
Total comprehensive income -3436 2148 -276 -1564
for the period
Changes in holdings in subsidiaries
Acquisition of shares from
non-controlling 9 9
interests
Change in share belonging to non-controlling
interests -28 -28
Shareholders' equity 20759 1092 -222 -7838 111907 1973 127671
31 March 2011
Share Other Treasu Transl Accrue Share of Total
capita reserve ry ation d non-controll
l s shares differ earnin ing
accoun ence gs interests
t
EUR 1,000
Shareholders' 20759 1092 -8 -18248 123286 1341 128222
equity 1 Jan
2012
Adjustments for 803 74 877
hyperinflation
Adjusted 20759 1092 -8 -18248 124089 1415 129099
shareholders'
equity 1 Jan
2012
Comprehensive
income
Net profit for the period 2258 -22 2236
Other comprehensive
income items
Translation differences 2020 18 2038
Total comprehensive income for the 2020 2258 -4 4274
period
Transactions with shareholders
Payment of dividends -13 -13
Shareholders' 20759 1092 -8 -16228 126347 1398 133360
equity 31 Mar
2012
Other reserves include the share premium account, legal reserve and other
reserves.
OLVI GROUP TABLE
4
CASH FLOW STATEMENT
EUR 1,000
1-3/ 1-3/ 1-12/
2012 2011 2011
Net profit for the period 2258 2188 12954
Adjustments to profit for the period 4147 4913 32530
Change in net working capital -5848 -7904 -3910
Interest paid -559 -213 -2205
Interest received 505 18 151
Taxes paid -950 -1336 -5064
Cash flow from operations (A) -447 -2333 34456
Investments in tangible assets -9827 -8141 -33358
Investments in intangible assets -657 -203 -295
Capital gains on disposal of tangible and intangible 32 617 130
assets
Expenditure on other investments -508 0 -2980
Cash flow from investments (B) -10960 -7727 -36503
Withdrawals of loans 19810 13016 30266
Repayments of loans -9670 -1119 -17103
Increase (-) / decrease (+) in current interest-bearing 2 0 0
business receivables
Dividends paid 0 0 -10377
Cash flow from financing (C) 10142 11897 2785
Increase (+)/decrease (-) in liquid assets (A+B+C) -1265 1837 738
Liquid assets 1 January 3836 7891 7891
Effect of exchange rate changes -113 0 -4793
Liquid assets 31 Mar/31 Dec 2458 9728 3836
OLVI GROUP TABLE 5
NOTES TO THE FINANCIAL STATEMENTS
The accounting policies used for this interim report are the same as those used
for the annual financial statements 2011.
The accounting policies are presented in the Annual Report 2011 which was
published on 19 March 2012. The information disclosed in the interim report is
unaudited.
The information in the interim report is presented in thousands of euros (EUR
1,000). For the sake of presentation, individual figures and totals have been
rounded to full thousands, which causes rounding differences in additions.
The Group has adopted the following new or revised standards in 2012:
-- IFRS 7 (Amendment), Financial Instruments: Disclosures - Derecognition
-- IAS 12 (Amendment), Income taxes - Deferred tax
1. SEGMENT INFORMATION
SALES BY GEOGRAPHICAL SEGMENT (1,000 litres)
1-3/2012 1-3/2011 1-12/2011
Olvi Group total 101215 98131 518211
Finland 27404 28682 149084
Estonia 27237 26631 133421
Latvia 13603 13932 75352
Lithuania 14519 12810 67540
Belarus 25926 21586 128005
- sales between segments -7474 -5510 -35191
NET SALES BY GEOGRAPHICAL SEGMENT (EUR 1,000)
1-3/2012 1-3/2011 1-12/2011
Olvi Group total 58239 55679 285175
Finland 23257 23066 119788
Estonia 15835 14464 75964
Latvia 6784 6074 35184
Lithuania 6421 5522 29495
Belarus 9352 8661 39609
- sales between segments -3410 -2108 -14866
OPERATING PROFIT BY GEOGRAPHICAL SEGMENT (EUR 1,000)
1-3/2012 1-3/2011 1-12/2011
Olvi Group total 2744 3388 26683
Finland 1309 3163 13239
Estonia 1958 1583 12973
Latvia -46 -398 737
Lithuania -199 -185 411
Belarus -271 693 737
- eliminations -7 -1468 -1414
2. PERSONNEL ON AVERAGE 1-3/2012 1-3/2011 1-12/2011
Finland 364 354 383
Estonia 305 309 311
Latvia 219 209 217
Lithuania 206 198 205
Belarus 817 893 916
Total 1911 1963 2032
3. RELATED PARTY TRANSACTIONS
Employee benefits to management
Salaries and other short-term employee benefits to the Board of Directors and
Managing Director
EUR 1,000
1-3/2012 1-3/2011 1-12/2011
Managing Directors 401 389 1017
Chairman of the Board 21 86 150
Other members of the Board 31 28 125
Total 453 503 1292
4. SHARES AND SHARE CAPITAL
31.12.2012
Number of A shares 17 026 552
Number of K shares 3 732 256
Total 20 758 808
Total votes carried by A shares 17 026 552
Total votes carried by K shares 74 645 120
Total number of votes 91 671 672
The registered share capital on 31.03.12 totalled 20,759 thousand euro.
Olvi plc's Series A and Series K shares received a dividend of 0.50 euro per
share for 2011 (0.50 euro per share for 2010), totalling 10.4 (10.4) million
euro. The dividends were paid on 23 April 2012.
The Series K and Series A shares entitle to equal dividend.
The Articles of Association include a redemption clause concerning Series K
shares.
5. TREASURY SHARES
Olvi plc held a total of 1,124 of its own Series A shares on 1 January 2012.
Olvi plc has not acquired more treasury shares or transferred them to others in
January-March 2012, which means that the number of Series A shares held by the
company is unchanged on 31 March 2012. The purchase price of the Series A
shares held as treasury shares totalled 8.5 thousand euro.
Series A shares held by Olvi plc as treasury shares represented 0.005 percent
of the share capital and 0.001 percent of the aggregate number of votes. The
treasury shares represented 0.007 percent of all Series A shares and associated
votes.
On 11 April 2012, the General Meeting of Shareholders of Olvi plc decided to
revoke any unused authorisations to acquire treasury shares and authorise the
Board of Directors of Olvi plc 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 500,000 Series A
shares.
The Annual General Meeting also decided to revoke all existing unused
authorisations for the transfer of own shares and authorise the Board of
Directors to decide on the issue of a maximum of 1,000,000 new Series A shares
and the transfer of a maximum of 500,000 Series A shares held as treasury
shares in accordance with the Board of Directors' proposal.
6. NUMBER OF SHARES 1-3/2012 1-3/201 1-12/2011
qty *) 1
- average 20757684 2073400 **) 20751392
8
- at end of period 20757684 2073400 **) 20757684
8
*) Treasury shares deducted.
**) The per-share ratios have been adjusted for comparability.
7. TRADING OF SERIES A SHARES ON THE HELSINKI STOCK
EXCHANGE
1-3/2012 1-3/201 1-12/2011
1
Trading volume of Olvi A shares 389199 839814 *) 3208911
Total trading volume, EUR 1,000 6298 14148 62299
Traded shares in proportion to
all Series A shares, % 2.3 4.9 18.8
Average share price, EUR 16.18 16.78 *) 16.68
Price on the closing date, EUR 17.47 18.50 *) 14.75
Highest quote, EUR 17.60 18.73 *) 19.86
Lowest quote, EUR 14.75 15.30 *) 13.49
*) The numbers of shares have been adjusted for comparability.
8. FOREIGN AND NOMINEE-REGISTERED HOLDINGS ON 31 March 2012
Book entries Votes Shareholders
qty % qty % qty %
Finnish total 173707 83.68 86340164 94.18 9265 99.45
72
Foreign total 399179 1.92 2342651 2.56 43 0.46
Nominee-registered (foreign) 593 0.00 593 0.00 2 0.02
total
Nominee-registered (Finnish) 298826 14.40 2988264 3.26 6 0.07
total 4
Total 207588 100.00 91671672 100.00 9316 100.00
08
9. LARGEST SHAREHOLDERS ON 31 MARCH 2012
Series Series A Total % Votes %
K
1. Olvi Foundation 2363904 896332 3260236 15.71 48174412 52.55
2. Hortling Heikki 901424 155124 1056548 5.09 18183604 19.84
Wilhelm *)
3. The Heirs of Hortling 187104 25248 212352 1.02 3767328 4.11
Kalle Einari
4. Hortling Timo Einari 165824 34608 200432 0.97 3351088 3.66
5. Hortling-Rinne Laila 102288 2100 104388 0.50 2047860 2.23
Marit
6. Pohjola Bank plc, nominee 1895700 1895700 9.13 1895700 2.07
register
7. Ilmarinen Mutual Pension 1010845 1010845 4.87 1010845 1.10
Insurance Company
8. Nordea Bank Finland plc, 861277 861277 4.15 861277 0.94
nominee register
9. Oy Autocarrera Ab 460000 460000 2.22 460000 0.50
10. Fondita Nordic Micro Cap 335000 335000 1.61 335000 0.37
mutual fund
Others 11712 11350318 11362030 54.73 11584558 12.63
Total 3732256 17026552 20758808 100.00 91671672 100.00
*) The figures include the shareholder's own holdings and shares held by parties
in his control.
10. PROPERTY, PLANT AND EQUIPMENT
EUR 1,000
1-3/2012 1-3/2011 1-12/2011
Increase 33886 13587 42937
Decrease -20085 -578 -6436
Total 13801 13009 36501
11. CONTINGENT LIABILITIES 31.3.2012 31.3.2011 31.12.2011
EUR 1,000
Pledges and contingent liabilities
For own commitments 7591 5566 4632
For others 130 809 130
Leasing liabilities:
Due within one year 675 725 644
Due within 1 to 5 years 597 678 663
Due in more than 5 years 0 0 0
Total leasing liabilities 1272 1403 1307
Package liabilities 3466 3000 4208
Other liabilities 1980 1980 1980
12. CALCULATION OF FINANCIAL RATIOS
Equity to total assets, % = 100 * (Shareholders' equity + non-controlling
interests + voluntary provisions and depreciation difference deducted by
deferred tax liability)/(Balance sheet total - advances received)
Earnings per share (EPS) = (Profit before taxes - taxes +/- non-controlling
interests)/ Average number of shares during the year, adjusted for share issues
Equity per share = (Shareholders' equity + voluntary provisions and
depreciation difference deducted by deferred tax liability and non-controlling
interests) / Number of shares at end of period, adjusted for share issues
Gearing, % = 100 * (Interest-bearing liabilities + advances received - cash and
other liquid assets) /(Shareholders' equity + voluntary provisions and
depreciation difference deducted by deferred tax liability)
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