2007-11-02 09:37:02 CET
2007-11-02 09:37:02 CET
REGULATED INFORMATION
Kasola Oyj - Quarterly report
INTERIM REPORT OF KASOLA PLC FROM 1 JANUARY THROUGH 30 SEPTEMBER 2007
Kasola Plc STOCK EXCHANGE RELEASE OF 2 NOVEMBER 2007
INTERIM REPORT OF KASOLA PLC FROM 1 JANUARY THROUGH 30 SEPTEMBER 2007
KASOLA PLC BECOMES NURMINEN LOGISTICS PLC
A general agreement (“Agreement”) was signed on 7 September according to which
Kasola Plc (“Company”) will be become a logistics business company by the
following actions:
John Nurminen Ltd becomes a shareholder of Kasola Plc
current business activities of Kasola Plc are sold
logistics business activities of John Nurminen Ltd are transferred to Kasola Plc
100,000 new shares are issued as consideration for the business activities to be
transferred
voting K-shares are converted into A-shares
the trade name of Kasola Plc is changed into Nurminen Logistics Plc
The Extraordinary Shareholders' Meeting (”Shareholders' Meeting”) approved the
arrangement on 8 October 2007 and authorized the new Board of Directors, elected
at the meeting, to implement the arrangement.
Following the Agreement, the presentation of the Company's annual accounts has
been changed in the interim report at hand in a way that the former business
activities of Kasola Group are presented as a business on sale and the costs
relating to stock exchange quotation and the Agreement are presented in the
continuous business operations.
AGREEMENT OF 7 sEPTEMBER 2007 AND EXTRAORDINARY SHAREHOLDERS' MEETING OF 8
OCTOBER 2007
The major shareholders (“Major Shareholders”) of Kasola Plc and John Nurminen
Ltd, and Kasola Plc for some parts, signed the Agreement on 7 September 2007
which, upon its implementation, transforms Kasola Plc into a logistics business
company. The Extraordinary Shareholders' Meeting convened on 8 October 2007
approved the contemplated transactions pursuant to the Agreement.
The main points of the Agreement are:
1. John Nurminen Ltd becomes a shareholder of Kasola Plc
2. Election of a new Board of Directors and a new auditor
3. Sale of current business activities of Kasola Plc
4. Transfer of the logistics business activities of John Nurminen Ltd to Kasola
Plc
5. Granting of share issue authority
6. Transformation of the voting K-shares of Kasola Plc into A-shares
7. Change of the company name of Kasola Plc to Nurminen Logistics Plc
1. John Nurminen Ltd becomes a shareholder of Kasola Plc
Pursuant to the Agreement, the major shareholders (“Major Shareholders”)of
Kasola Plc sold 232,400 A-shares of Kasola Plc to John Nurminen Ltd for a price
of five (5) euros per share.
According to an interpretation confirmed by the Financial Supervision Authority
(“FSA”) on 7 September 2007, the signing of the Agreement produced an obligation
for the Major Shareholders of Kasola Plc, and, for John Nurminen Ltd after it
became a shareholder in Kasola Plc, to make a public tender offer with respect
to the shares of Kasola Plc according to Section 10 Chapter 6 of the Securities
Market Act. The FSA has granted an exemption to the parties under the obligation
to commence the public tender offer. The exemption is conditional upon that the
tender offer procedure will begin on 10 December 2007 at the latest and a
combined tender offer document and prospectus as set forth in chapter 2 of
Finnish Securities Market Act will be published. In the public tender offer the
offered price per A-share of Kasola Plc shall be five (5) euros. John Nurminen
Ltd has, in an agreement made with the Major Shareholders of Kasola Plc,
committed to perform the duties of the Major Shareholders in connection with the
public tender offer.
Pursuant to the Agreement, John Nurminen Ltd undertakes to redeem for a price of
6.80 euros per share 60 percent of the shares of Kasola Plc that the Major
Shareholders have had in their possession on the day preceding the public tender
offer period and the day after the public tender offer period as well as on 30
June 2010. This undertaking also applies to all current shareholders of Kasola
Plc. If the number of shares of other shareholders of Kasola Plc varies during
the aforementioned three (3) dates, the 60 percent amount is calculated based on
the lowest amount of shares. Pursuant to the Agreement, John Nurminen Ltd is not
liable to redeem shares from other shareholders besides the Major Shareholders,
should the making of a redemption offer be clearly unjustifiable taking into
consideration the stock exchange quotation, liquidity and volatility of the
share of Kasola Plc - in other words if the shares can be sold in the stock
exchange at least for same price. The aforementioned redemption price is
adjusted to correspond to changes in the number of shares.
2. Election of a new Board of Directors and a second auditor
The Shareholders' Meeting decided that the number of members of the Board of
Directors shall be five (5). The Shareholders' Meeting elected Pekka
Kainulainen, Teemu Malmi and Olli Pohjavirta as new members of the Board of
Directors and re-elected Jari Bachmann and Markku Uotinen as old members. The
Board of Directors elected Pekka Kainulainen as the chairman of the Board of
Directors and Teemu Malmi as the deputy chairman at the meeting held immediately
after the Shareholders' Meeting.
The Company's former Board of Directors, consisting of Juha Oikarinen as the
chairman and Jari Bachmann, Kirta Forsström, Pekka Pättiniemi and Markku Uotinen
as members of the Board, remained in their position until the conclusion of the
said Shareholders' Meeting.
Furthermore, KPMG Ltd was elected as a second auditor, in addition to the
current auditor of the Company, Tilintarkastustoimisto Idman & Vilén Ltd.
3. Sale of current business activities of Kasola Plc
Pursuant to the Agreement it was proposed to the Shareholders' Meeting to sell
all current business activities of Kasola Plc to Maturiala Ltd or a party
appointed by Maturiala Ltd. Maturiala Ltd is owned by Jari Bachmann, Sanni
Bachmann and Kirta Forsström.
The transaction comprises all shares of the subsidiaries of Kasola Plc, Kaso Ltd
and MK-Tresmer Ltd, the real estate, leaseholds and buildings used in the
activities of Kasola Plc as well as other assets and liabilities related to the
business activities. All employees of the Kasola Group are transferred in the
transaction as so-called “old employees”.
The Shareholders' Meeting decided to authorize the Board of Directors to carry
out aforementioned arrangement on terms and conditions deemed best by the Board
of Directors and in a manner whereby the sale of the Company's assets to the
Major Shareholders or to a party appointed by the them shall be made at a fair
value. Kasola Plc estimated in connection with the publication of the Agreement
that a sales profit of 1.4 million euros will be entered as income from the
transaction.
The transaction and related company law procedures are aimed to be completed by
the end of the year 2007.
4. Transfer of the logistics business activities of John Nurminen Ltd to Kasola
Plc
Pursuant to the Agreement, the railway operations, handling of goods and
value-added services, special and heavy transportation, customs clearance
services, care logistics and administrative units connected to the
aforementioned services of John Nurminen Ltd are transferred to Kasola Plc. The
value of the business activities to be transferred has in the Agreement been
specified as 50,000,000 euros, of which 20,000,000 are net assets. Pursuant to
the decision adopted by the Shareholders' Meeting, 10,000,000 new A-shares of
Kasola Plc will be issued as consideration for the business activities to be
transferred to Kasola Plc.
The transfer of logistics business activities to Kasola Plc shall be completed
through a full demerger of John Nurminen Ltd. The transfer of the business
activities and related company law procedures are aimed to be completed so as to
enable the aforementioned business activities to be transferred to Kasola Plc by
1 January 2008.
5. Granting of share issue authority
The Shareholders' Meeting of Kasola Plc authorized the Board of Directors of
Kasola Plc to decide on a directed share issues comprising a total maximum
number of 20,000,000 A-shares (in addition to 10,000,000 A-shares to be given as
consideration for the business activities of John Nurminen Ltd as mentioned in
point 4) in order to, among other things, increase the number of shareholders
and finance future growth potential.
6. Transformation of the voting K-shares of Kasola Plc into A-shares
General Meeting of Kasola Plc decided on the combination of the share classes of
Kasola Plc by transforming voting K-shares into A-shares so that for every five
(5) K-shares, a Major Shareholder receives four (4) new A-shares without
consideration.
Pursuant to the decision of the Shareholders' Meeting, the combination of the
share classes shall be completed simultaneously or after the 10,000,000 A-shares
of Kasola Plc to be paid as consideration for the logistics business activities
of John Nurminen Ltd, as set forth above in point 4, have been duly registered.
7. Amendment of the Articles of Association
The Shareholders' Meeting decided that the Company's current Articles of
Association shall be amended as a whole as agreed in the Agreement and due to
the new Companies Act entered into force on 1 September 2006. Furthermore it was
decided, among others, to change the company name of the Company into Nurminen
Logistics Plc.
CONTINUOUS BUSINESS OPERATIONS
Within the continuous business operations of Kasola Plc, only the business
activities which are not to be sold shall be reported. In practice this means
costs related to the stock exchange quotation and the execution of the Agreement
the costs which amount to 273 thousand euros.
In accordance with the Agreement, the Board of Directors of Kasola Plc has
elected Tapani Väljä, B.Sc., as the Company's temporary managing director. The
employment relationship of the former managing director of Kasola Plc, Jari
Bachmann, has expired. Mr. Bachmann continues as the managing director of Kaso
Ltd, a subsidiary of Kasola Plc.
BUSINESS OPERATIONS ON SALE
The turnover of the first nine months of Kasola Group remained almost at the
last year's level and amounted to 7,810 thousand euros (7,840). Profitability
decreased and the result was 153 thousand euros (277). The value of volume of
orders at the end of the reporting period was 2,038 thousand euros (1,311).
FINANCING
The financial position of the Group is good. Net costs of capital were 9
thousand euros (- 20). The solvency ratio was 71% (71%).
INVESTMENTS
The investments of the Group were 95 thousand euros (280).
PERSONNEL
The number of the Group's personnel at the end of the reporting period was 86
(88).
CONTINGENT LIABILITIES
The contingent liabilities of the Group mortgages on own liabilities were on 30
September 2007 5,576 thousand euros (5,511).
SEGMENTAL REPORTING
The primary segmental reporting of Kasola group is based on business segments
which are security (Kaso Ltd) and plastic segments (MK-Tresmer Ltd). Profits and
costs not belonging to the business segments form a separate segment.
The operations of Kaso Ltd are about to normalize after the fire that occured in
April. In our view, we have succeeded in minimizing damages and in starting up
the production fast. Due to this, no major loss of clients has happened and our
market position has remained strong. Demand for security products has continued
to be good.
The goal regarding the sales of plastic products was not achieved both in
Finland as in exports although the turnover increased when compared to last
year's corresponding time frame. In domestic market we lost a major case client
the effect of which on turnover will be significant. We have continued to invest
in marketing fair events. In September we were present at the Habitare fair and
in November we participated in the Tokyo Design fair. Projects relating to
product development are behind schedule due to changes in personnel. The
efficiency of production has continued to be excellent.
Operations outside business segments comprise the activities of the parent
company, Kasola Plc, which consist of financial administration services and
leasing of real estates of the Group. This segment also contains costs relating
to continuous operations, i.e. 273 thousand euros.
--------------------------------------------------------------------------------
| Turnover (1,000 e) | | 1-9/07 | 1-9/06 | 1-12/06 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Security | | | 5783 | 5863 | 8248 |
--------------------------------------------------------------------------------
| Plastic | | | 2023 | 1969 | 2824 |
--------------------------------------------------------------------------------
| Other | | | 656 | 645 | 857 |
--------------------------------------------------------------------------------
| Eliminations | | | -652 | -637 | -850 |
--------------------------------------------------------------------------------
| Total | | | 7810 | 7840 | 11079 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit (1,000 e) | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Security | | | 297 | 454 | 613 |
--------------------------------------------------------------------------------
| Plastic | | | 51 | 88 | 100 |
--------------------------------------------------------------------------------
| Other | | | -424 | -152 | -116 |
--------------------------------------------------------------------------------
| Total | | | -76 | 390 | 597 |
--------------------------------------------------------------------------------
SHARES AND SHAREHOLDERS
The exchange of shares during 1 January through 30 September 2007 was 263,944
each which is 12,11 % of the total number of shares. The value of exchange was
1,318 thousand euros. The lowest rate during the reporting period was 3.43 euros
per share and the highest 5.71 euros per share. The final rate during the period
was 5.05 euros per share and the market value of the entire share capital was
11,005 thousand euros. The company has a number of 705 own shares in its
possession. The number of shareholders at the end of September was 300.
Pursuant to the Agreement, the Major Shareholders of Kasola Plc sold on 7
September 2007 232,400 A-shares of Kasola Plc to John Nurminen Ltd. After the
completion of the aforesaid transaction the largest shareholders of Kasola Plc
shall be:
--------------------------------------------------------------------------------
| Shareholder | K-shares | A-shares | % of shares | % of votes |
--------------------------------------------------------------------------------
| Autocarrera Ltd | | 428,751 | 17.29% | 5.24% |
--------------------------------------------------------------------------------
| Jari Bachmann | 33,000 | 255,500 | 11.64% | 11.19% |
--------------------------------------------------------------------------------
| Sanni Bachmann | 33,000 | 255,500 | 11.64% | 11.19% |
--------------------------------------------------------------------------------
| Kirta Forsström | 33,000 | 255,500 | 11.64% | 11.19% |
--------------------------------------------------------------------------------
| John Nurminen Ltd | | 232,400 | 9.37% | 2.84% |
--------------------------------------------------------------------------------
| Maturiala Ltd | 201,000 | | 8.11% | 49.15% |
--------------------------------------------------------------------------------
| Others(294 on 30 | | 751,479 | 30.31% | 9.19% |
| September) | | | | |
--------------------------------------------------------------------------------
| Total | 300,000 | 2,179,130 | 100.00% | 100.00% |
--------------------------------------------------------------------------------
Every K-share has 20 votes and every A-share listed in the Helsinki Stock
Exchange has one (1) vote. On 7 September 2007 the Company reported regarding
the effects of the arrangements following the Agreement on the ownership
structure of Kasola plc have been reported
RISKS RELATING TO THE FIRE IN KASO
In consequence of the fire which took place in Kaso Ltd on 5 April 2007, the
production operations were stopped during several weeks. The final costs of
damages are not yet known. The overall estimate is approximately 2 million
euros.
Kaso Ltd has valid insurances relating to property and interruptions of business
activities. The insurances are estimated to mainly cover the damages. This
interim report contains costs until today, in total 1,855 thousand euros and
insurance compensations received, in total 1,650 thousand euros.
PROSPECTS
CONTINUOUS BUSINESS OPERATIONS
The Board of Directors of the Company assumes that the transactions concerning
the operations on sale shall be concluded in the course of the present
accounting period and the group relations shall be dissolved. As regards the
continuous operations, the result of the Company is affected on the one hand by
the expenses relating to implementation of the Agreement and, on the other hand,
by the profits on sale from the operations and assets on sale. Expenses
originate from preparing prospectus, related Due Diligence processes, revision
of financial information of the business to be received and legal as well as
other consultation. The aggregate cost will exceed one million euros.
BUSINESS ACTIVITIES TO BE TRANSFERRED FROM JOHN NURMINEN
According to the estimate of John Nurminen Ltd at the time of entering into the
Agreement, the annual turnover of the business activities to be transferred is
approximately 80 million euros of which majority consists of railway activities,
and the business profit in year 2007 will be approximately 4 million euros.
According to the information received from John Nurminen Ltd, the company's
targets for annual turnover or results have not changed from the figures stated
in the stock exchange release dated 7 September 2007.
OPERATIONS ON SALE
The demand for safety products seems to continue to be keen. The position of
Kaso Ltd in the markets is strong and we believe that both annual turnover and
profitability will be restored in the last quarter of the year. This means that
the entire year's turnover increases slightly from previous year, but
profitability remains weaker. The business activities of plastic products are
still challenging. The present view is that turnover stays at last year's level
and the result remains unprofitable.
Kasola Plc
Board of Directors
Tapani Väljä
managing director
0400-505 078
tapanivalja.kasola@kaso.fi
Distribution
Helsinki Stock Exchange
Main media
www.kasola.fi
--------------------------------------------------------------------------------
| INCOME | | | 1-9/07 | 1-9/06 | 1-12/06 | |
| STATEMENT | | | | | | |
--------------------------------------------------------------------------------
| EUR 1000 | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| NET SALES | | | 0 | 7840 | 11079 | |
--------------------------------------------------------------------------------
| Change in inventories | | | | | |
--------------------------------------------------------------------------------
| of finished | | | | | | |
| goods & | | | | | | |
--------------------------------------------------------------------------------
| work in | | | 0 | 279 | 149 | |
| progress | | | | | | |
--------------------------------------------------------------------------------
| Work performed by the | | 0 | 38 | 64 | |
| company and capitalized | | | | | |
--------------------------------------------------------------------------------
| Other income | | | | | | |
| from | | | | | | |
--------------------------------------------------------------------------------
| business | | | 0 | 136 | 181 | |
| operations | | | | | | |
--------------------------------------------------------------------------------
| Use of material | | | | | |
--------------------------------------------------------------------------------
| and equipment | | | 0 | 2794 | 3838 | |
--------------------------------------------------------------------------------
| Employee benefit | | | | | |
--------------------------------------------------------------------------------
| expenses | | | 0 | 2875 | 4028 | |
--------------------------------------------------------------------------------
| Depreciation | | | 0 | 522 | 697 | |
--------------------------------------------------------------------------------
| Other expenses from | | 273 | 1711 | 2313 | |
| business operations | | | | | |
--------------------------------------------------------------------------------
| OPERATING | | | -273 | 390 | 597 | |
| PROFIT | | | | | | |
--------------------------------------------------------------------------------
| Financial | | | 0 | 48 | 70 | |
| income | | | | | | |
--------------------------------------------------------------------------------
| Financial | | | 0 | -68 | -89 | |
| expenses | | | | | | |
--------------------------------------------------------------------------------
| PROFIT BEFORE | | | -273 | 370 | 578 | |
| TAXES | | | | | | |
--------------------------------------------------------------------------------
| Income tax | | | 71 | -96 | -151 | |
--------------------------------------------------------------------------------
| Profit of | | | | | | |
| continuous | | | | | | |
--------------------------------------------------------------------------------
| business | | | -202 | | | |
| operations | | | | | | |
--------------------------------------------------------------------------------
| Profit of business | | | | | |
| operations | | | | | |
--------------------------------------------------------------------------------
| on sale | | | 153 | | | |
--------------------------------------------------------------------------------
| PROFIT FOR THE FINANCIAL | | -49 | 277 | 427 | |
| PERIOD | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Attributable | | | | | | |
| to: | | | | | | |
--------------------------------------------------------------------------------
| Equity holders of the | | -49 | 274 | 427 | |
| parent company | | | | | |
--------------------------------------------------------------------------------
| Minority | | | 0 | 3 | 0 | |
| interest | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings /share, | | -0,08 | 0,11 | 0,17 | |
| continuous business | | | | | |
| operations, EUR | | | | | |
--------------------------------------------------------------------------------
| Earnings /share, | | 0,06 | | | |
| business operations on | | | | | |
| sale, EUR | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit of business operations on sale from comparative periods has not been |
| presented in one line due to the fact that disposal operations comprises all |
| of the business operations. |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| INCOME | | | 7-9/07 | 7-9/06 | CHANGE | |
| STATEMENT | | | | | | |
--------------------------------------------------------------------------------
| EUR 1000 | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| NET SALES | | | 0 | 2427 | -2427 | |
--------------------------------------------------------------------------------
| Change in inventories | | | | | |
--------------------------------------------------------------------------------
| of finished | | | | | | |
| goods & | | | | | | |
--------------------------------------------------------------------------------
| work in | | | 0 | -46 | 46 | |
| progress | | | | | | |
--------------------------------------------------------------------------------
| Work performed by the | | 0 | 9 | -9 | |
| company and capitalized | | | | | |
--------------------------------------------------------------------------------
| Other income | | | | | | |
| from | | | | | | |
--------------------------------------------------------------------------------
| business | | | 0 | 50 | -50 | |
| operations | | | | | | |
--------------------------------------------------------------------------------
| Use of material | | | | | |
--------------------------------------------------------------------------------
| and equipment | | | 0 | 734 | -734 | |
--------------------------------------------------------------------------------
| Employee benefit | | | | | |
--------------------------------------------------------------------------------
| expenses | | | 0 | 835 | -835 | |
--------------------------------------------------------------------------------
| Depreciation | | | 0 | 177 | -177 | |
--------------------------------------------------------------------------------
| Other expenses from | | 243 | 494 | -251 | |
| business operations | | | | | |
--------------------------------------------------------------------------------
| OPERATING | | | -243 | 199 | -442 | |
| PROFIT | | | | | | |
--------------------------------------------------------------------------------
| Financial | | | 0 | 16 | -16 | |
| income | | | | | | |
--------------------------------------------------------------------------------
| Financial | | | 0 | -21 | 21 | |
| expenses | | | | | | |
--------------------------------------------------------------------------------
| PROFIT BEFORE | | | -243 | 195 | -438 | |
| TAXES | | | | | | |
--------------------------------------------------------------------------------
| Income tax | | | 63 | -51 | 114 | |
--------------------------------------------------------------------------------
| Profit of | | | | | | |
| continuous | | | | | | |
--------------------------------------------------------------------------------
| business | | | -180 | 144 | -324 | |
| operations | | | | | | |
--------------------------------------------------------------------------------
| Profit of business | | | | | |
| operations | | | | | |
--------------------------------------------------------------------------------
| on sale | | | 9 | | 9 | |
--------------------------------------------------------------------------------
| PROFIT FOR THE FINANCIAL | | -171 | 144 | -315 | |
| PERIOD | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Attributable | | | | | | |
| to: | | | | | | |
--------------------------------------------------------------------------------
| Equity holders of the | | 171 | 143 | 28 | |
| parent company | | | | | |
--------------------------------------------------------------------------------
| Minority | | | | 1 | -1 | |
| interest | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| BALANCE SHEET | | | 30.9.07 | 31.9.06 | 31.12.06 | |
--------------------------------------------------------------------------------
| EUR 1000 | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| ASSETS | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current | | | | | | |
| assets | | | | | | |
--------------------------------------------------------------------------------
| Property, plant | | | | | |
--------------------------------------------------------------------------------
| and equipment | | | 0 | 6387 | 6270 | |
--------------------------------------------------------------------------------
| Other intangible assets | | 0 | 21 | 37 | |
--------------------------------------------------------------------------------
| Other | | | 46 | 37 | 44 | |
| financial | | | | | | |
| assets | | | | | | |
--------------------------------------------------------------------------------
| Deferred tax receivables | | 435 | 355 | 327 | |
--------------------------------------------------------------------------------
| NON-CURRENT | | | 481 | 6800 | 6678 | |
| ASSETS | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current assets | | | | | | |
--------------------------------------------------------------------------------
| Inventories | | | 0 | 2131 | 2022 | |
--------------------------------------------------------------------------------
| Trade and other receivables | 2142 | 1576 | 1489 | |
--------------------------------------------------------------------------------
| Cash and cash | | | 2108 | 2574 | 2976 | |
| equivalents | | | | | | |
--------------------------------------------------------------------------------
| Non-current | | | | | | |
--------------------------------------------------------------------------------
| Assets held | | | 8085 | | | |
| for sale | | | | | | |
--------------------------------------------------------------------------------
| CURRENT ASSETS | | | 12335 | 6281 | 6487 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL ASSETS | | | 12816 | 13081 | 13165 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| SHAREHOLDERS EQUITY AND | | | | |
| LIABILITIES | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total equity | | | | | |
| attributable to | | | | | |
--------------------------------------------------------------------------------
| equity holders | | | | | | |
| of the parent | | | | | | |
--------------------------------------------------------------------------------
| Share capital | | | 4215 | 4215 | 4215 | |
--------------------------------------------------------------------------------
| Share premium | | | 86 | 86 | 86 | |
| fund | | | | | | |
--------------------------------------------------------------------------------
| Reserve fund | | | 2374 | 2374 | 2374 | |
--------------------------------------------------------------------------------
| Fair value reserve | | 28 | 22 | 27 | |
--------------------------------------------------------------------------------
| Retained earnings | | 2339 | 2542 | 2686 | |
--------------------------------------------------------------------------------
| | | | 9042 | 9239 | 9388 | |
--------------------------------------------------------------------------------
| Minority | | | 0 | 36 | 0 | |
| interest | | | | | | |
--------------------------------------------------------------------------------
| TOTAL SHAREHOLDERS' | | 9042 | 9275 | 9388 | |
| EQUITY | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current liabilities | | | | | |
--------------------------------------------------------------------------------
| Deferred tax liabilities | | 298 | 282 | 291 | |
--------------------------------------------------------------------------------
| Pension | | | 0 | 181 | 179 | |
| obligations | | | | | | |
--------------------------------------------------------------------------------
| Interest-beari | | | 1336 | 1764 | 336 | |
| ng debt | | | | | | |
--------------------------------------------------------------------------------
| NON-CURRENT LIABLITIES | | 1634 | 2227 | 806 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current | | | | | | |
| liabilities | | | | | | |
--------------------------------------------------------------------------------
| Liabilities | | | | | | |
| relating to | | | | | | |
| business | | | | | | |
--------------------------------------------------------------------------------
| operations on | | | 1888 | | | |
| sale | | | | | | |
--------------------------------------------------------------------------------
| Trade payables and other | | 202 | 1529 | 1544 | |
| liabilities | | | | | |
--------------------------------------------------------------------------------
| Interest-bearing debt | | 50 | 50 | 1427 | |
--------------------------------------------------------------------------------
| CURRENT LIABILITIES | | 2140 | 1579 | 2971 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL | | | 3774 | 3806 | 3777 | |
| LIABILITIES | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL SHAREHOLDERS' | | 12816 | 13081 | 13165 | |
| EQUITY AND TOTAL | | | | | |
| LIABILITIES | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| ASSETS ON SALE | | | | | |
--------------------------------------------------------------------------------
| Property, plant | | | | | |
--------------------------------------------------------------------------------
| and equipment | | | 5848 | | | |
--------------------------------------------------------------------------------
| Other Intangible assets | | 46 | | | |
--------------------------------------------------------------------------------
| Inventories | | | 2191 | | | |
--------------------------------------------------------------------------------
| TOTAL | | | 8085 | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LIABILITIES | | | | | | |
| RELATING TO | | | | | | |
| ASSETS ON SALE | | | | | | |
--------------------------------------------------------------------------------
| Pension | | | 173 | | | |
| obligations | | | | | | |
--------------------------------------------------------------------------------
| Advances | | | 119 | | | |
| received | | | | | | |
--------------------------------------------------------------------------------
| Trade payables | | | 747 | | | |
--------------------------------------------------------------------------------
| Other | | | 62 | | | |
| liabilities | | | | | | |
--------------------------------------------------------------------------------
| Accrued | | | 787 | | | |
| expenses | | | | | | |
--------------------------------------------------------------------------------
| TOTAL | | | 1888 | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CASH FLOW | | | 1-9/07 | 1-9/06 | 1-12/06 | |
| STATEMENT | | | | | | |
--------------------------------------------------------------------------------
| EUR 1000 | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit, continuous operations | -273 | 390 | 597 | |
--------------------------------------------------------------------------------
| Profit, operations on sale | 197 | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Depreciation and | | 528 | 522 | 697 | |
| decreases | | | | | |
--------------------------------------------------------------------------------
| Changes in net working | | -361 | -459 | 717 | |
| capital | | | | | |
--------------------------------------------------------------------------------
| Interest paid | | | -76 | -72 | -74 | |
--------------------------------------------------------------------------------
| Interest | | | 83 | 48 | 68 | |
| received | | | | | | |
--------------------------------------------------------------------------------
| Other | | | 0 | 0 | -16 | |
| financial | | | | | | |
| items | | | | | | |
--------------------------------------------------------------------------------
| Taxes paid | | | -196 | -81 | -102 | |
--------------------------------------------------------------------------------
| CASH FLOW FROM OPERATING | -98 | 348 | 1887 | |
| ACTIVITIES | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CASH FLOW FROM INVESTING | | | | |
| ACTIVITIES | | | | |
--------------------------------------------------------------------------------
| Investments in tangible | | | | | |
| and | | | | | |
--------------------------------------------------------------------------------
| intangible assets | | -95 | -280 | -387 | |
--------------------------------------------------------------------------------
| CASH FLOW FROM INVESTING | -95 | -280 | -387 | |
| ACTIVITIES | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CASH FLOW FROM FINANCING | | | | |
| ACTIVITIES | | | | |
--------------------------------------------------------------------------------
| Repayments of short-term loans | -1377 | -399 | -427 | |
--------------------------------------------------------------------------------
| Proceeds from long-term | | 1000 | 0 | -1000 | |
| loans | | | | | |
--------------------------------------------------------------------------------
| Purchases of own shares | | 0 | -35 | -38 | |
--------------------------------------------------------------------------------
| Dividends paid | | | -297 | -297 | -297 | |
--------------------------------------------------------------------------------
| CASH FLOW FROM FINANCING | -674 | -731 | -1762 | |
| ACTIVITIES | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CHANGE IN CASH AND CASH | -867 | -663 | -262 | |
| EQUIVALENTS | | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents at | 2976 | 3238 | 3238 | |
| beginning of | | | | |
| the period | | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents at the | 2109 | 2575 | 2976 | |
| end of | | | | |
| the period | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| BUSINESS OPERATIONS ON SALE | | | | |
--------------------------------------------------------------------------------
| Cash flow from operating | -27 | | | |
| activities | | | | |
--------------------------------------------------------------------------------
| Cash flow from investing | -95 | | | |
| activities | | | | |
--------------------------------------------------------------------------------
| Cash flow from financing | -674 | | | |
| activities | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| STATEMENT OF CHANGES IN SHAREHOLDERS'EQUITY | | | |
| 1-9/06 | | | |
--------------------------------------------------------------------------------
| EUR 1000 | | | | | | |
--------------------------------------------------------------------------------
| | Share | Share | Reserve | Fair | Retained | Total |
--------------------------------------------------------------------------------
| | capital | premium | fund | value | profits | |
--------------------------------------------------------------------------------
| | | fund | | reserve | | |
--------------------------------------------------------------------------------
| SHAREHOLDERS' | 4237 | 64 | 2374 | 19 | 2597 | 9291 |
| EQUITY AT THE | | | | | | |
| BEGINNING | | | | | | |
--------------------------------------------------------------------------------
| Purchase of own shares | | | | -35 | -35 |
--------------------------------------------------------------------------------
| Entries to | | | | | | |
| shareholders' | | | | | | |
--------------------------------------------------------------------------------
| equity | | | | 3 | | 3 |
--------------------------------------------------------------------------------
| Profit for the | | | | | 277 | 277 |
| period | | | | | | |
--------------------------------------------------------------------------------
| Dividend distribution | | | | -297 | -297 |
--------------------------------------------------------------------------------
| Invalidation | -22 | 22 | | | | |
| of | | | | | | |
| shares | | | | | | |
--------------------------------------------------------------------------------
| SHAREHOLDERS | 4215 | 86 | 2374 | 22 | 2542 | 9239 |
| EQUITY 30.9.06 | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| STATEMENT OF CHANGES IN SHAREHOLDERS'EQUITY | | | |
| 1-9/07 | | | |
--------------------------------------------------------------------------------
| EUR 1000 | | | | | | |
--------------------------------------------------------------------------------
| | Share | Share | Reserve | Fair | Retained | Total |
--------------------------------------------------------------------------------
| | capital | premium | fund | value | profits | |
--------------------------------------------------------------------------------
| | | fund | | reserve | | |
--------------------------------------------------------------------------------
| SHAREHOLDERS' | 4215 | 86 | 2374 | 27 | 2685 | 9387 |
| EQUITY AT THE | | | | | | |
| BEGINNING | | | | | | |
--------------------------------------------------------------------------------
| Purchase of own shares | | | | 0 | 0 |
--------------------------------------------------------------------------------
| Entries to | | | | | | |
| shareholders' | | | | | | |
--------------------------------------------------------------------------------
| equity | | | | 1 | | 1 |
--------------------------------------------------------------------------------
| Profit for the | | | | | -49 | -49 |
| period | | | | | | |
--------------------------------------------------------------------------------
| Dividend distribution | | | | -297 | -297 |
--------------------------------------------------------------------------------
| SHAREHOLDERS | 4215 | 86 | 2374 | 28 | 2339 | 9042 |
| EQUITY 30.9.06 | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| ACCOUNTING PRINCIPLES | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Kasola Plc's interim report has been prepared according to IAS 34 | |
| standard. | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| With respect to business operations on sale, IFRS 5 -standard has been |
| applied. |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Otherwise same the group has applied same accounting principles in interim |
| report as in the year 2006 financial statements. |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| The financial information presented in interim report | | |
| has not been audited. | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| KEY RATIOS | | 1-9/07 | 1-9/06 | 1-12/06 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Gross investments, EUR | | 95 | 280 | 418 | |
| 1000 | | | | | |
--------------------------------------------------------------------------------
| Personnel | | | 86 | 88 | 86 | |
--------------------------------------------------------------------------------
| Outstanding | | | 2038 | 1311 | 1291 | |
| orders, 1000 e | | | | | | |
--------------------------------------------------------------------------------
| Contingent liabilities, | | | | | |
| 1000 e | | | | | |
--------------------------------------------------------------------------------
| Mortgages given | | 5338 | 5264 | 5338 | |
--------------------------------------------------------------------------------
| Other contingent | | 238 | 247 | 195 | |
| liabilities | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Share price development | | | | | |
--------------------------------------------------------------------------------
| Share price at the | | 4,00 | 2,50 | 2,50 | |
| beginning | | | | | |
--------------------------------------------------------------------------------
| Share price at the end | | 5,05 | 3,40 | 4,00 | |
--------------------------------------------------------------------------------
| Period's | | | 5,71 | 3,89 | 4,33 | |
| highest | | | | | | |
--------------------------------------------------------------------------------
| Period's | | | 3,43 | 2,60 | 2,60 | |
| lowest | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity / share, EUR | | 3,65 | 3,73 | 3,79 | |
--------------------------------------------------------------------------------
| Earning /share, EUR, | | -0,08 | 0,11 | 0,17 | |
| continual operations | | | | | |
--------------------------------------------------------------------------------
| Earnings / share, EUR, | | 0,06 | | | |
| business operations on | | | | | |
| sale | | | | | |
--------------------------------------------------------------------------------
| Equity ratio, | | | 71,21 | 71,38 | 71,70 | |
| % | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CALCULATION OF KEY | | | | | |
| INDICATORS | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity / Share, EUR | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shareholders | | | | | | |
| equity | | | | | | |
--------------------------------------------------------------------------------
| Adjusted number of shares at the end of period | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings / | | | | | | |
| Share, EUR | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Result after financial items ./. Taxes +/- Minority | | |
| interests | | |
--------------------------------------------------------------------------------
| Adjusted average number of shares | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity ratio, | | | | | | |
| % | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shareholders equity + | | | | | |
| Minority | | | | | |
--------------------------------------------------------------------------------
| Balance sheet total - advance payments | | | |
| received | | | |
--------------------------------------------------------------------------------
© 2024 Nasdaq, Inc. All Rights Reserved |