2016-08-04 08:00:01 CEST
2016-08-04 08:00:01 CEST
REGULATED INFORMATION
Honkarakenne Oyj - Half Year financial report
HONKARAKENNE OYJ’S HALF YEAR FINANCIAL REPORT, 1 JANUARY – 30 JUNE 2016
HONKARAKENNE OYJ HALF YEAR FINANCIAL REPORT 4 August 2016 at 9:00 a.m.
HONKARAKENNE OYJ’S HALF YEAR FINANCIAL REPORT, 1 JANUARY – 30 JUNE 2016
SUMMARY
Second-quarter net sales decreased by 16 % year-on-year. The adjusted operating
result weakened by MEUR 0.7 to MEUR -0.1 (0.7). The operating result weakened
by MEUR 1.0 to MEUR -0.3 (0.7). Net sales in the January-June period decreased
by 18 % year-on-year. The adjusted operating result for January-June was MEUR
-1.9 (-0.5) and the operating result was MEUR -2.1 (-1.0).
As from this half year financial report, Honkarakenne complies with the
Guidelines on Alternative Performance Measures (APM) issued by the European
Securities and Markets Authority (ESMA). An APM is a financial measure of
performance other than a financial measure defined or specified in IFRS. For
this reason, the term “adjusted” is used instead of “without non-recurring
items”.
April – June 2016
-- Honkarakenne Group's net sales for the second quarter of the year amounted
to MEUR 9.9 (MEUR 11.8 in 2015),
representing a decrease over the same period the previous year of 16 %.
-- The operating result was MEUR -0.3 (MEUR 0.7). Adjusted
operating result was MEUR -0.1 (MEUR 0.7).
-- The loss before taxes was MEUR -0.6 (MEUR 0.6).
-- Earnings per share amounted to EUR -0.14 (EUR 0.12).
January - June 2016
-- Honkarakenne Group's net sales January-June amounted to MEUR 14.5 (MEUR
17.6 in 2015),
representing a decrease over the same period the previous year of 18 %.
-- The operating result was MEUR -2.1 (MEUR -1.0). Adjusted
operating result was MEUR -1.9 (MEUR -0.5).
-- The loss before taxes was MEUR -2.5 (MEUR -1.4).
-- Earnings per share amounted to EUR -0.53 (EUR -0.21).
Honkarakenne reiterates its view that the net sales and adjusted result before
taxes for 2016 will be lower than in the previous year.
At the end of June, the Group's order book stood at MEUR 17.4, up 1 % on the
corresponding period of the previous year, when it amounted to MEUR 17.3. 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/
2016 2015 2016 2015 2015
Net sales, MEUR 9.9 11.8 14.5 17.6 39.1
Operating profit/loss, MEUR -0.3 0.7 -2.1 -1.0 -1.1
Adjusted operating profit/loss, MEUR -0.1 0.7 -1.9 -0.5 -0.2
Profit/loss before taxes, MEUR -0.6 0.6 -2.5 -1.4 -1.7
Adjusted profit/loss before taxes, MEUR -0.4 0.6 -2.3 -1.0 -0.9
Average number of personnel 140 142 138 143 139
Personnel in person-years, average 120 126 109 110 115
Earnings/share (EPS), EUR -0.14 0.12 -0.53 -0.21 -0.23
Equity ratio, % 31 31 37
Return on equity, % -38 -12 -13
Shareholders' equity/share, EUR 1.13 1.61 1.61
Gearing, % 86 110 81
Marko Saarelainen, President and CEO of Honkarakenne Oyj, in connection with
the half year financial report:
“After the difficult first quarter, the sales trend in Finland has been
favourable. Turbulence in the Russian market is continuing and the trend in net
sales and profitability has been negative. In Global Markets, the sales trend
has been weak due to the scarcity of project sales. The Group’s net sales fell
short of the previous year. At the end of the review period, the order book
was at a higher level that in the previous year.
Outlays on marketing and collections in Finland started to have a positive
impact in the review period now ended. Honkarakenne has benefited from the
recovery of the Finnish market.
We have expanded our sales strength and we will continue the development of
distribution networks, as well as invest in project sales in all markets.”
NET SALES
The Group’s second quarter net sales in 2016 decreased by 16 % to MEUR 9.9
(MEUR 11.8). In January-June net sales were MEUR 14.5 (MEUR 17.6), down 18 % on
the corresponding period of the previous year.
Geographical distribution of net sales:
DEVELOPMENT OF SALES
Distribution of 1-6/2016 1-6/2015
net sales, %
Finland & Baltics 60 % 46 %
Russia & CIS 14 % 25 %
Global Markets 26 % 29 %
Total 100 % 100 %
Net sales, MEUR 4-6/2016 4-6/2015 change % 1-6/2016 1-6/2015 change %
Finland & Baltics 6.2 5.8 8 % 8.7 8.1 8 %
Russia & CIS 1.2 2.5 -54 % 2.0 4.4 -53 %
Global Markets 2.5 3.5 -28 % 3.8 5.1 -27 %
Total 9.9 11.8 -16 % 14.5 17.6 -18 %
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
and other CIS countries excluding Ukraine.
Global Markets includes other countries than above-mentioned and CIS country
Ukraine.
The Group’s order book stood at MEUR 17.4 at the end of June. In the previous
year at the same time period it was MEUR 17.3.
TRENDS IN PROFIT AND PROFITABILITY
The adjusted operating loss for the January-June period was MEUR -1.9 (MEUR
-0.5), the operating loss was MEUR -2.1 (MEUR -1.0) and the result before taxes
was MEUR -2.5 (MEUR -1.4). Adjustment items include MEUR 0.2 in costs related
to the efficiency-boosting programme kicked off in May (adjustment items were
MEUR 0.5 over the same period of the previous year).
The development of the operating result was negatively impacted by the
year-on-year decline in net sales.
FINANCING AND INVESTMENTS
The financial position of the Group remained satisfactory during the repot
period. The equity ratio stood at 31 % (31 %) and net financial liabilities at
MEUR 4.9 (MEUR 8.8). MEUR 1.2 (MEUR 2.2) of the financial liabilities carries a
30 % equity ratio covenant term. Group liquid assets totalled MEUR 0.4 (MEUR
0.9). The Group also has a MEUR 7.8 (MEUR 7.8) bank overdraft facility, MEUR
1.1 of which had been drawn on at the end of the report period (MEUR 4.4).
Gearing stood at 86 % (110 %).
The Group’s capital expenditure on fixed assets totalled MEUR 0.1 (MEUR 0.0).
In April Honkarakenne sold the Alajärvi factory property, inclusive of
movables, to the City of Alajärvi at a price of MEUR 0.95. The Alajärvi factory
property was categorised under non-current assets held for sale, and the
transaction has no earnings impact on the result for 2016.
PRODUCTS AND MARKETING
In Finland & Baltics, sales development was positive. High quality, design,
healthiness and a low carbon footprint are strong selling points for
Honkarakenne. At this year’s housing fair in Seinäjoki, which is currently
ongoing, Honkarakenne’s showcase house and the collection created around it
were designed by SAFA Anssi Lassila, who has won a Finlandia Prize in
architecture.
In Russia & CIS, the uncertainty surrounding the Russian economic situation is
evident in Honkarakenne’s result for the first half of the year. Based on the
first months of the year, 2016 will be a difficult year in Russian market. To
bolster net sales, Honkarakenne will focus on expanding its product range and
large-scale projects.
In Global Markets, the company is seeking sales growth in Central Europe, Asia
and other international projects. International sales network and support
functions are the primary development focuses.
RESEARCH AND DEVELOPMENT
In the January–June period, the Group's R&D expenditure totalled MEUR 0.2 (MEUR
0.2), representing 1.1 % of net sales (1.0 %). The Group did not capitalise any
development expenditure during the report period.
PERSONNEL
During the first half of the year, the Group employed a total of 109 (110)
employees on average in terms of person-years. The Group had an average of 138
(143) employees during the first half of the year, representing a year-on-year
decrease of 5.
In November 2015, the Group conducted negotiations under the act on
co-operation within undertakings that resulted in temporary lay-offs of maximum
90 days for all clerical and managerial employees in Finland until the end of
May 2016. In August–September 2015, the Group also conducted negotiations under
the act on co-operation within undertakings that resulted in temporary lay-offs
of maximum 90 days for all production employees in Finland until the end of May
2016.
In May-June, the Group conducted negotiations under the act on co-operation
within undertakings and as a result Honkarakenne can lay-off clerical and
managerial employees temporarily maximum 90 days and blue-collar workers will
work under reduced working hours. The lay-off plan is effective until 31 March
2017 for white-collars and until 31 May 2017 for blue-collar workers.
CHANGE IN MANAGEMENT
Honkarakenne’s CFO Mikko Jaskari announced that he will transfer into another
company’s employ. Mikko Jaskari’s employment relationship ended after the
review period on 31 July 2016. Erja Heiskanen, Honkarakenne’s Vice President –
Operations, left the company at the end of June due to the organisational
reform carried out as part of the efficiency-boosting programme.
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.
At the end of 2015, payouts from the share scheme were assessed as zero for the
entire performance period 2013- 2016, and any amounts previously recognised for
the scheme were cancelled.
HONKARAKENNE OYJ’S 2016 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 15 April 2016. 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 2015. The AGM decided not to
pay a dividend for the 2015 financial year.
Kati Rauhaniemi, Anita Saarelainen, Jukka Saarelainen, Mauri Saarelainen and
Arto Tiitinen were re-elected to the company's Board of Directors. Rainer
Häggblom was elected as a new member. 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
Nomination and Remuneration 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 15 April 2016, 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, 2017.
CORPORATE GOVERNANCE
Honkarakenne Oyj follows the Finnish Corporate Governance Code 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 sanctions
connected to 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.
It is currently more difficult to acquire funding from the financial markets.
Some of the company’s loans carry a 30% equity ratio covenant term. At the end
of the second quarter, the equity ratio stood at 31% (31). If the company’s
sales do not develop sufficiently well, it is possible that the terms of the
covenant will be broken during the second half of the year. The company has
launched negotiations on new financing with banks and other potential
financiers.
The assessment of amounts in the balance sheet is based on current assessments
by the management. If these assessments are changed, this may result in changes
to the company’s result.
Deferred tax assets include MEUR 1.6 in tax losses carried forward. In
Honkarakenne’s opinion, these deferred tax assets can be utilised by using the
company’s estimated taxable income, which is based on Honkarakenne’s business
plans including the current efficiency-boosting programme. If earnings do not
develop as expected in the long term, it is possible that the tax assets might
not be utilised in time and must be impaired. No new deferred tax assets were
recognised in the balance sheet for the first and second quarters of 2016.
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 half year financial report has been drafted in accordance with IAS 34. The
principles adhered to in preparing the annual financial statements also apply
to this half year financial report. The half year financial report should be
read together with the annual financial statements for 2015. The new revised
standards or interpretations effective as of 1 January 2016 have no bearing on
the figures presented for the report period. The figures have not been examined
by the auditor.
As from this half year financial report, Honkarakenne complies with the
Guidelines on Alternative Performance Measures (APM) issued by the European
Securities and Markets Authority (ESMA). An APM is a financial measure of
performance other than a financial measure defined or specified in IFRS. For
this reason, the term “adjusted” is used instead of “without non-recurring
items”.
THE OUTLOOK FOR 2016
Honkarakenne reiterates its view that the net sales and adjusted result before
taxes for 2016 will be lower than in the previous year.
HONKARAKENNE OYJ
Board of Directors
Further information:
Marko Saarelainen, President and CEO, tel. +358 40 542 0254,
marko.saarelainen@honka.com
This and previous releases are available for viewing on the company’s website
at www.honka.com. The last Interim Report for 2016 will be published on 27
October 2016.
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
/2016 /2015 /2016 /2015 /2015
MEUR
Net sales 9.9 11.8 14.5 17.6 39.1
Other operating income 0.1 0.0 0.2 0.1 0.3
Change in inventories 0.2 0.1 0.8 0.7 -0.6
Materials and services -6.4 -7.6 -10.5 -11.8 -24.8
Employee benefit expenses -2.1 -1.8 -3.6 -4.0 -7.5
Depreciations and amortisation -0.5 -0.5 -0.9 -1.0 -2.0
Impairment -0.0 -0.0 -0.0 -0.0 -0.3
Other operating expenses -1.5 -1.3 -2.6 -2.6 -5.3
Operating profit/loss -0.3 0.7 -2.1 -1.0 -1.1
Financial income 0.1 0.0 0.1 0.1 0.2
Financial expenses -0.4 -0.1 -0.5 -0.6 -0.8
Share of associated companies' result -0.0 -0.0 -0.0 -0.0 -0.1
Profit/loss before taxes -0.6 0.6 -2.5 -1.4 -1.7
Taxes -0.0 0.0 -0.1 0.4 0.6
Profit/loss for the period -0.7 0.6 -2.6 -1.0 -1.1
Other comprehensive income
Translation differences 0.2 -0.1 0.3 0.1 0.2
Total comprehensive -0.4 0.5 -2.3 -0.9 -0.9
income for the period
Result for the period attributable to
Equity holders of the parent -0.7 0.6 -2.6 -1.0 -1.1
Non-controlling interest -0.0 0.0 -0.0 0.0 -0.0
-0.7 0.6 -2.6 -1.0 -1.1
Comprehensive income attributable to
Equity holders of the parent -0.4 0.5 -2.3 -0.9 -0.9
Non-controlling interest -0.0 0.0 -0.0 0.0 -0.0
-0.4 0.5 -2.3 -0.9 -0.9
Calculated from the result for the period
attributable to equity holders of parent
Earnings/share (EPS), EUR
Basic -0.14 0.12 -0.53 -0.21 -0.23
Diluted -0.14 0.12 -0.53 -0.21 -0.23
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 30.6.2016 30.6.2015 31.12.2015
Unaudited
MEUR
Assets
Non-current assets
Property, plant and equipment 10.4 13.5 11.4
Goodwill 0.1 0.1 0.1
Other intangible assets 0.2 0.3 0.2
Investments in associated companies 0.2 0.2 0.2
Receivables 0.2 0.2 0.2
Deferred tax assets 2.7 2.5 2.7
13.8 16.9 14.8
Current assets
Inventories 5.1 5.7 4.2
Trade and other receivables 4.6 6.7 3.7
Tax receivable, income tax 0.2 0.2 0.0
Cash and bank receivables 0.4 0.9 1.1
10.2 13.3 9.1
Non-current assets held for sale 0.0 0.0 1.0
Total assets 24.0 30.2 24.9
Shareholders' equity and liabilities 30.6.2016 30.6.2015 31.12.2015
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 0.3 -0.1 -0.0
Retained earnings -10.3 -7.7 -7.8
5.5 7.8 7.8
Non-controlling interests 0.2 0.2 0.2
Total equity 5.7 8.0 8.0
Non-current liabilities
Provisions 0.2 0.3 0.2
Financial liabilities 2.4 8.6 4.5
Other liabilities 0.0 0.1 0.1
2.6 9.0 4.9
Current liabilities
Trade and other payables 12.1 11.3 8.5
Current tax liabilities 0.2 0.2 0.1
Provisions 0.5 0.7 0.3
Current financial liabilities 2.9 1.0 3.1
15.7 13.2 12.0
Liabilities of non-current assets held 0.0 0.0 0.1
for sale
Total liabilities 18.3 22.2 16.9
Total equity and liabilities 24.0 30.2 24.9
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 6534 -215 -1382 -6638 8716 204 8920
1.1.2015
Profit/loss -1025 -1025 0 -1025
for the
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
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 -27 -1382 -7757 7786 204 7990
1.1.2016
Profit/loss -2578 -2578 -1 -2579
for the
period
Translation 281 281 281
difference
Total equity 9898 520 6534 254 -1382 -10334 5490 203 5694
30.6.2016
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 FLOWSabridged 1.1.- 1.1.- 1.1.-
Unaudited 30.6.2016 30.6.2015 31.12.2015
MEUR
Cash flow from operating activities 0.7 -0.5 1.8
Cash flow from investing activities, net 0.9 -0.1 -0.1
Total cash flows from financing activities -2.3 0.4 -1.6
Proceeds from borrowings 0.0 0.5 0.2
Repayment of borrowings -2.3 -0.0 -1.7
Other financial items -0.0 -0.0 -0.1
Change in cash and cash equivalents -0.7 -0.1 0.1
Cash and cash equivalents at the beginning of 1.1 1.0 1.0
period
Cash and cash equivalents at the close of 0.4 0.9 1.1
period
NOTES TO THE REPORT
Accounting policies
This half year financial report has been drafted in accordance with IAS 34. The
principles adhered to in preparing the annual financial statements also apply
to this half year financial report. The half year financial report should be
read together with the annual financial statements for 2015. The new revised
standards or interpretations effective as of 1 January 2016 have no bearing on
the figures presented for the report period. The figures have not been examined
by the auditor.
As from this half-year report, Honkarakenne complies with the Guidelines on
Alternative Performance Measures (APM) issued by the European Securities and
Markets Authority (ESMA). An APM is a financial measure of performance other
than a financial measure defined or specified in IFRS. For this reason, the
term “adjusted” is used instead of “without non-recurring items”. As adjustment
items, the company classifies significant business transactions that are
considered to affect comparisons between different reporting periods. Such
transactions include significant reorganisation expenses, impairment losses or
reversals thereof, and capital gains and losses on assets.
Honka Management Oy, which is owned by the senior management of Honkarakenne
Oyj and was established in 2010, is included in the consolidated financial
statements due to the terms and conditions of the shareholder agreement
concluded between it and Honkarakenne Oyj.
Honkarakenne has three geographical operating segments that have been combined
into one segment for reporting purposes. Geographically, sales are divided as
follows: Finland & Baltics, Russia & CIS and Global Markets. The internal
reporting of the management is in line with IFRS reporting. For this reason,
separate reconciliations are not presented.
PROPERTY, PLANT AND EQUIPMENT
Unaudited Property,
MEUR plant and equipment
Cost 1.1.2016 51.0
Translation differences (+/-) 0.0
Increase 0.1
Disposals -0.8
Cost 30.6.2016 50.3
Accumulated depreciation 1.1.2016 -39.6
Translation differences (+/-) 0.0
Accumulated depreciation of disposals and reclassifications 0.8
Depreciation for the period -1.2
Accumulated depreciation 30.6.2016 -39.9
Carrying amount 1.1.2016 11.4
Carrying amount 30.6.2016 10.4
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 30.6.2016 30.6.2015 31.12.2015
MEUR
For own loans
- Mortgages 17.4 25.7 25.7
- Other quarantees 2.0 1.8 2.1
Rental liabilities 0.2 0.3 0.4
Leasing liabilities 0.1 0.3 0.4
Derivative contracts 0.2 0.3 0.2
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 123 thousand and purchases from related parties amounted to EUR 248
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. Impairments amounting total EUR 393 thousand was recognised in
2014-2015 for this loan in the parent company.
Key indicators
1-6/ 1-6/ 1-12
Unaudited 2016 2015 2015
Earnings/share (EPS) euro -0.53 -0.21 -0.23
Return on equity % -38 -12 -13
Equity ratio % 31 31 37
Shareholders equity/share euro 1.13 1.61 1.61
Net financial liabilities MEUR 4.9 8.8 6.5
Gearing % 86 110 81
Gross investments MEUR 0.1 0.0 0.1
% of net sales 0 0 0
Order book MEUR 17.4 17.3 15.0
Average number of personnel Clerical 67 77 71
Workers 70 67 68
Total 138 143 139
Personnel in person-years, average Toimihenkilöt 63 65 63
Työntekijät 46 45 51
Yhteensä 109 110 115
Adjusted number of shares (’000) At period-end 4847 4847 4847
Average during period 4847 4847 4847
Calculation of key indicators:
Profit / loss for the period attributable to equity
holders of parent
Earnings/share ------------------------------------------------
(EPS):
Average number of outstanding shares
Profit / loss before taxes – taxes
Return on equity %: ------------------------------------------------ x 100
Total equity, average
Total equity
Equity ratio, %: ------------------------------------------------ x 100
Balance sheet total - advances received
Net financial Financial liabilities – cash and cash equivalents
liabilities:
Financial liabilities – cash and cash equivalents
Gearing, %: ------------------------------------------------ x 100
Total equity
Shareholders’ equity
Shareholders ------------------------------------------------
equity/share:
Number of outstanding shares at the close of period
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