2015-08-06 08:00:01 CEST
2015-08-06 08:00:05 CEST
REGULATED INFORMATION
Honkarakenne Oyj - Interim report (Q1 and Q3)
HONKARAKENNE OYJ’S INTERIM REPORT, 1 JANUARY – 30 JUNE 2015
HONKARAKENNE OYJ INTERIM REPORT 6 August 2015 at 09:00 a.m.
HONKARAKENNE OYJ'S INTERIM REPORT, 1 JANUARY - 30 JUNE 2015
SUMMARY
Profitability improved in the second quarter. Second-quarter net sales saw
year-on-year growth of 1 % compared with the previous year. The operating
result improved, up MEUR 1.9 on the previous year, and amounted to MEUR +0.7
(MEUR -1.2 in 2014). Net sales in the January-June period decreased by 14 %
compared with the previous year. The operating result for January-June was MEUR
-1.0 (-2.5).
In second quarter net sales in Global Markets increased, the growth was 58 %
compared with the previous year. Net sales saw a year-on-year decline in both
Finland and Russia & CIS. The company's efficiency-boosting measures
contributed to the improvement of profitability.
April - June 2015
-- The Honkarakenne Group's net sales for the second quarter amounted to MEUR
11.8 (MEUR 11.7). Net sales rose by 1 % on the previous year.
-- The operating result was MEUR 0.7 (MEUR -1.2).
-- The result before taxes was MEUR 0.6 (MEUR -1.3).
-- Earnings per share amounted to EUR 0.12 (EUR -0.22).
January - June 2015
-- The Honkarakenne Group's net sales January-June amounted to MEUR 17.6 (MEUR
20.5). Net sales fell by 14 % on the previous year.
-- The operating result was MEUR -1.0 (MEUR -2.5).
-- The result before taxes was MEUR -1.4 (MEUR -2.6).
-- Earnings per share amounted to EUR -0.21 (EUR -0.43).
Honkarakenne reiterates its previous view that net sales may decline in 2015
from previous year. The result before non-recurring items and taxes is
estimated to improve due to the development programme initiated by the Group.
At the end of June, the Group's order book stood at MEUR 17.3, down 12 % on the
corresponding period of the previous year, when it amounted to MEUR 19.6. 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.
KEY INDICATORS 4-6/ 4-6/ 1-6/ 1-6/ 1-12/
2015 2014 2015 2014 2014
Net sales, MEUR 11.8 11.7 17.6 20.5 45.5
Operating profit/loss, MEUR 0.7 -1.2 -1.0 -2.5 -2.2
Operating profit before non-recurring items, 0.7 -1.2 -0.5 -2.5 -2.0
MEUR
Profit/loss before taxes, MEUR 0.6 -1.3 -1.4 -2.6 -2.5
Average number of personnel 142 165 143 170 161
Personnel in person-years, average 126 154 110 158 146
Earnings/share (EPS), EUR 0.12 -0.22 -0.21 -0.43 -0.40
Equity ratio, % 31 35 37
Return on equity, % -12 -21 -20
Shareholders' equity/share, EUR 1.61 1.79 1.80
Gearing, % 110 74 92
Marko Saarelainen, President and CEO of Honkarakenne Oyj, in connection with
the interim report: "We were in a weak position at the beginning of the second quarter. Our order
book was 11 % lower than in the previous year and the company's profitability,
as measured in terms of our operating margin, was one of the weakest in four
years. Within this starting point, the fact that the second quarter,
consolidated net sales increased compared to the previous year, and our
operating margin was the highest for four years, can be considered an excellent
performance throughout the organization.
The measures carried out in Finland focused largely on developing sales of
holiday home collections. In the holiday home segment, the company launched the
Lintukoto collection, designed in cooperation with Lauri Tähkä. Interest in
Honka's products remained good in Finland's detached house market. Overall, the
detached house market is at a low level in Finland.
The market remained challenging in Russia & CIS. Honka's most significant
marketing measure was its 20th anniversary campaign in Russia. Cautious signs
of recovery could be seen in demand situation in Russian towards the end of the
quarter.
In Global Markets, net sales saw good year-on-year growth. The most significant
growth was achieved in the Far East, North America and project deliveries. In
the second quarter, Honkarakenne made a sale valued at MEUR 3 to Kenya; some of
these houses were already delivered during the review period.
Profitability improved during the second quarter. The operating result was MEUR
1.9 higher than the previous year's corresponding period. The major factor
behind the improvement was the Group's cost efficiency-boosting measures.
Improved material utilization and lower fixed costs were reflected in
profitability.”
NET SALES
The Group's second-quarter net sales in 2015 increased by one per cent to MEUR
11.8 (MEUR 11.7). In January-June net sales were MEUR 17.6 (MEUR 20.5), down 14
% on the corresponding period of previous year.
Geographical distribution of net sales:
DEVELOPMENT OF SALES
Distribution of 1-6/ 2015 1-6/ 2014
net sales, %
Finland & Baltics 46 % 57 %
Russia & CIS 25 % 24 %
Global Markets 29 % 19 %
Total 100 % 100 %
Net sales, MEUR 4-6/ 2015 4-6/ 2014 change 1-6/ 2015 1-6/ change %
% 2014
Finland & Baltics 5.8 6.7 -13 % 8.1 11.0 -27 %
Russia & CIS 2.5 2.8 -11 % 4.4 5.2 -15 %
Global Markets 3.5 2.2 58 % 5.1 4.3 18 %
Total 11.8 11.7 1 % 17.6 20.5 -14 %
Finland & Baltics includes the following countries: Finland, Estonia, Latvia
and Lithuania. It includes also Process waste sales for recycling.
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 17.3 at the end of June. In the previous
year at the same time period it was MEUR 19.6.
TRENDS IN PROFIT AND PROFITABILITY
The operating loss for the January-June period was MEUR -1.0 (MEUR -2.5) and
the result before taxes was MEUR -1.4 (MEUR -2.6).
The major factor behind the improvement in operating result was the Group's
cost efficiency-boosting measures, which improved both sales margins and
lowered fixed costs.
FINANCING AND INVESTMENTS
The financial position of the Group remained satisfactory during the repot
period. The equity ratio stood at 31 % (35 %) and net financial liabilities at
MEUR 8.8 (MEUR 6.6). MEUR 2.2 (MEUR 1.9) of the financial liabilities carries a
30 % equity ratio covenant term. Group liquid assets totalled MEUR 0.9 (MEUR
1.2). The Group also has a MEUR 7.8 (MEUR 8.0) bank overdraft facility, MEUR
4.4 of which had been drawn on at the end of the report period (MEUR 2.2).
Gearing stood at 110 % (74 %).
The Group's capital expenditure on fixed assets totalled MEUR 0.0 (MEUR 1.0).
MARKET DEVELOPMENT
The RTS expect that the construction of 6,500 detached homes will be begun this
year in Finland. According to a report commissioned by RTS Oy, the Finnish log
house production is expected to decline by 7 % compared to the previous year.
PRODUCTS AND MARKETING
In Finland & Baltics, we focused largely on developing sales of holiday home
collections in Finland. In particular, we emphasised the efficient use of floor
space in our collections, bolstering the image of Honka as a company that
provides customers with value for money. In addition, we launched the Lintukoto
collection, developed in cooperation with Lauri Tähkä.
Interest for Honka houses remained good in the detached house market. Healthy
construction is clearly a rising trend and customers increasingly value healthy
living.
In Russia & CIS, we continued to work on area development projects. The main
marketing measure was our campaign to celebrate Honka's 20th year in Russia.
Honka's long presence in the Russian market has clearly helped the company in
the challenging market situation. In addition, cautious signs of recovery in
demand were evident towards the end of the second quarter.
In Global Markets, the major action was a project sale to Kenya, valued at MEUR
3. The sale comprises 47 log houses for delivery to Kenya in June-November. Net
sales in North America and the Far East were better compared with the previous
year. The first house deliveries to China were erected in the second quarter.
These references and model houses will improve Honka's sales opportunities
substantially in China.
RESEARCH AND DEVELOPMENT
As in previous quarters, the main focus in R&D was on the development of
products for the detached house market, especially healthy components, and
accounting for the special features of the Chinese market.
In the January-June period, the Group's R&D expenditure totalled MEUR 0.2 (MEUR
0.3), representing 1.0 % of net sales (1.5 %). The Group did not capitalise any
development expenditure during the report period.
STAFF
The Group had an average of 142 (165) employees during the second quarter,
representing a year-on-year decrease of 23.
On the basis of the negotiations under the act on co-operation within
undertakings that were concluded in December 2014, the company is authorised to
temporarily lay off clerical and managerial employees for a maximum of 90 days
until the end of December 2015. On the basis of the negotiations concluded in
February 2015, the company can temporarily lay off workers for 90 days until
the end of September 2015.
CHANGE IN MANAGEMENT
President and CEO Mikko Kilpeläinen was relieved of his duties at the end of
March. The company's CFO Mikko Jaskari was the acting President and CEO. Marko
Saarelainen was appointed as Honkarakenne's President and CEO at the end of the
second quarter. Marko Saarelainen has served as the managing director of
Honka's subsidiary Honka Japan for almost 20 years.
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 amount of allocated shares decreased by
10,928 (+6,250) shares. These allocated shares are recognized as follows: -17
(17) thousand euros employee benefit expenses, -2 (1) thousand euros in taxes
and in deferred tax assets and -17 (10) thousand euros directly in retained
earnings.
HONKARAKENNE OYJ'S 2015 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 17 April 2015. 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 2014. The AGM decided not to
pay a dividend for the 2014 financial year.
Hannu Krook, Anita Saarelainen, Mauri Saarelainen and Arto Tiitinen were
re-elected to the company's Board of Directors. Kati Rauhaniemi and Jukka
Saarelainen were elected as new members. At the Board's constituent meeting,
Arto Tiitinen was elected Chairman of the Board and Mauri Saarelainen was
elected as Deputy Chairman. At the same meeting, the Board decided to establish
a Remuneration and Nomination Committee. The following directors were elected
as members of the committee: Arto Tiitinen (as Chairman of the Committee),
Anita Saarelainen and Mauri Saarelainen.
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.
OWN SHARES AND AUTHORISATIONS OF THE BOARD OF DIRECTORS
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 17 April 2015, 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 1,500,000 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 remain in
force until the next Annual General Meeting, however expiring at the latest on
June 30, 2016.
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.
FORTHCOMING RISKS AND UNCERTAINTIES
Russia is one of Honkarakenne's major business territories. The Ukrainian
crisis, the trend in the price of oil and strong exchange rate fluctuations
currently cause instability in the Russian market. This might have major
impacts on Honkarakenne's operations.
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.
It is currently more difficult to acquire funding from the financial markets.
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 2014. The new revised standards or interpretations
effective as of 1 January 2015 have no bearing on the figures presented for the
report period. The figures have not been examined by the auditor.
THE OUTLOOK FOR 2015
Honkarakenne reiterates its previous view that net sales may decline in 2015
from previous year. The result before non-recurring items and taxes is
estimated to improve due to the development programme initiated by the Group.
HONKARAKENNE OYJ
Board of Directors
Further information:
Marko Saarelainen, President and CEO, tel. +358 40 542 0254,
marko.saarelainen@honka.com
or
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 2015 will be published on 29
October 2015.
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
/2015 /2014 /2015 /2014 /2014
MEUR
Net sales 11.8 11.7 17.6 20.5 45.5
Other operating income 0.0 0.2 0.1 0.3 0.5
Change in inventories 0.1 -0.0 0.7 -0.6 -2.1
Materials and services -7.6 -8.5 -11.8 -13.9 -29.2
Employee benefit expenses -1.8 -2.2 -4.0 -4.3 -8.3
Depreciations and amortisation -0.5 -0.5 -1.0 -1.0 -2.2
Impairment -0.0 -0.0 -0.0 -0.0 -0.0
Other operating expenses -1.3 -1.8 -2.6 -3.5 -6.4
Operating profit/loss 0.7 -1.2 -1.0 -2.5 -2.2
Financial income 0.0 0.0 0.1 0.0 0.1
Financial expenses -0.1 -0.1 -0.6 -0.2 -0.5
Profit/loss before taxes 0.6 -1.3 -1.4 -2.6 -2.5
Taxes 0.0 0.2 0.4 0.6 0.6
Profit/loss for the period 0.6 -1.1 -1.0 -2.1 -1.9
Other comprehensive income
Translation differences -0.1 0.1 0.1 0.1 -0.0
Total comprehensive 0.5 -1.0 -0.9 -2.0 -2.0
income for the period
Result for the period attributable to
Equity holders of the parent 0.6 -1.1 -1.0 -2.1 -1.9
Non-controlling interest 0.0 0.0 0.0 0.0 -0.0
0.6 -1.1 -1.0 -2.1 -1.9
Comprehensive income attributable to
Equity holders of the parent 0.5 -1.0 -0.9 -2.0 -2.0
Non-controlling interest 0.0 0.0 0.0 0.0 -0.0
0.5 -1.0 -0.9 -2.0 -2.0
Calculated from the result for the period
attributable to equity holders of parent
Earnings/share (EPS), EUR
Basic 0.12 -0.22 -0.21 -0.43 -0.40
Diluted 0.12 -0.22 -0.21 -0.43 -0.40
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 30.6.2015 30.6.2014 31.12.2014
Unaudited
MEUR
Assets
Non-current assets
Property, plant and equipment 13.5 15.6 14.5
Goodwill 0.1 0.1 0.1
Other intangible assets 0.3 0.5 0.3
Investments in associated companies 0.2 0.3 0.3
Receivables 0.2 0.2 0.2
Deferred tax assets 2.5 2.0 2.1
16.9 18.8 17.5
Current assets
Inventories 5.7 6.5 4.9
Trade and other receivables 6.7 4.6 4.5
Current tax assets 0.2 0.1 0.0
Cash and bank receivables 0.9 1.2 1.0
13.3 12.4 10.4
Total assets 30.2 31.1 27.9
Shareholders' equity and liabilities 30.6.2015 30.6.2014 31.12.2014
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 6.5 6.5
Own shares -1.4 -1.4 -1.4
Translation differences -0.1 -0.1 -0.2
Retained earnings -7.7 -6.8 -6.6
7.8 8.7 8.7
Non-controlling interests 0.2 0.2 0.2
Total equity 8.0 8.9 8.9
Non-current liabilities
Provisions 0.3 0.5 0.3
Financial liabilities 8.6 6.2 7.4
8.9 6.8 7.7
Current liabilities
Trade and other payables 11.4 13.6 8.8
Current tax liabilities 0.2 0.1 0.0
Provisions 0.7 0.2 0.6
Current financial liabilities 1.0 1.6 1.8
13.3 15.5 11.3
Total liabilities 22.2 22.2 19.0
Total equity and liabilities 30.2 31.1 27.9
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 6444 -197 -1382 -4710 10573 211 10784
1.1.2014
Profit/loss for the -2076 -2076 1 -2075
period
Translation 69 69 69
difference
Directed share 90 90 90
issue
Management 10 10 10
incentive plan
Total equity 9898 520 6534 -129 -1382 -6778 8665 212 8877
30.6.2014
EUR thousand Equity attributable to equity holders
of the parent
a) b) c) d) e) f) Total g) Total
equity
Total equity 9898 520 6534 -215 -1382 -6638 8716 204 8920
1.1.2015
Profit/loss for the -1025 -1025 0 -1025
period
Translation 108 108 108
difference
Management -17 -17 -17
incentive plan
Total equity 9898 520 6534 -107 -1382 -7679 7781 205 7986
30.6.2015
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 30.6.2015 30.6.2014 31.12.2014
unaudited
MEUR
Cash flow from operating activities -0.5 1.0 -0.8
Cash flow from investing activities, net -0.1 -1.5 -1.3
Total cash flows from financing activities 0.4 -1.6 -0.2
Share issue 0.0 0.1 0.1
Proceeds from borrowings 0.5 3.0 3.0
Repayment of borrowings -0.0 -4.6 -3.1
Other financial items -0.0 -0.1 -0.1
Change in cash and cash equivalents -0.1 -2.1 -2.3
Cash and cash equivalents at the beginning of 1.0 3.2 3.2
period
Cash and cash equivalents at the close of 0.9 1.2 1.0
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 2014. The new revised standards or interpretations
effective as of 1 January 2015 have no bearing on the figures presented for the
report period. The figures have not been examined by the auditor.
Honka Management Oy, which was established in 2010 and owned by the senior
management of Honkarakenne Oyj, 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
MEUR equipment
Cost 1.1.2015 65.9
Translation differences (+/-) 0.0
Increase 0.0
Disposals -0.1
Cost 30.6.2015 65.8
Accumulated depreciation 1.1.2015 -51.4
Translation differences (+/-) -0.0
Accumulated depreciation of disposals and 0.1
reclassifications
Depreciation for the period -1.0
Accumulated depreciation 30.6.2015 -52.3
Carrying amount 1.1.2015 14.5
Carrying amount 30.6.2015 13.5
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. The purchase cost has been
deducted from shareholders' equity in the consolidated financial statements.
Contingent liabilities
Unaudited 30.6.2015 30.6.2014 31.12.2014
MEUR
For own loans
- Mortgages 25.7 25.7 25.7
- Other quarantees 1.8 2.2 2.1
Rental liabilities 0.3 0.5 0.4
Leasing liabilities 0.3 0.2 0.4
Derivative contracts 0.3 0.4 0.3
Nominal values of forward exchange contracts 0.9 0.9 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: sales of goods and services to related parties amounted
to EUR 176 thousand and purchases from related parties amounted to EUR 282
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. An impairment amounting EUR 364 thousand was recognised in 2014 for
this loan in the parent company.
KEY INDICATORS
1-6/ 1-6/ 1-12
Unaudited 2015 2014 2014
Earnings/share (EPS) euro -0.21 -0.43 -0.40
Return on equity % -12 -21 -20
Equity ratio % 31 35 37
Shareholders equity/share euro 1.61 1.79 1.80
Net financial liabilities MEUR 8.8 6.6 8.2
Gearing % 110 74 92
Gross investments MEUR 0.0 1.0 0.9
% of net sales 0 5 2
Order book MEUR 17.3 19.6 12.5
Average number of personnel Clerical 77 97 90
Workers 67 73 71
Total 143 170 161
Personnel in person-years, average Clerical 65 85 81
Workers 45 73 66
Total 110 158 146
Adjusted number of shares ('000) At period-end 4847 4847 4847
Average during period 4847 4838 4840
Calculation of key indicators
Profit for the period attributable to equity
holders of parent
Earnings/share (EPS): ------------------------------------------------
Average number of outstanding shares
Result 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 outstanding shares at the close of period
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