2010-05-14 08:00:00 CEST
2010-05-14 08:00:02 CEST
REGULATED INFORMATION
Honkarakenne Oyj - Interim report (Q1 and Q3)
HONKARAKENNE OYJ'S INTERIM REPORT, 1 JANUARY - 31 MARCH 2010
HONKARAKENNE OYJ INTERIM REPORT 14 MAY 2010 at 9.00 AM HONKARAKENNE OYJ'S INTERIM REPORT, 1 JANUARY - 31 MARCH 2010 SUMMARY Interim Report January - March 2010 Honkarakenne Group's consolidated net sales for the first quarter of 2010 amounted to EUR 8.5 million, a decrease of 26.2% on the previous year's corresponding period (EUR 11.5 million). Profit before taxes showed a loss of EUR 2.0 million (loss of EUR 1.2 million) and the earnings/share ratio was a loss of EUR 0.47 (loss of EUR 0.27). Due to the issue of new shares, the historical indicators by share have been corrected using the following formula: average number of shares x 1.01. The financial position of the Group improved during the quarter. The programme to boost earnings which was launched in January is progressing and the order book is increasing. The turnover of the entire year is expected to be on the level of the previous year. The Group aims at a profitable result during the accounting period. -------------------------------------------------------------------------------- | KEY FIGURES | 1-3/ | 1-3/ | 1-12/ | change % | | | 2010 | 2009 | 2009 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales, MEUR | 8.5 | 11.5 | 52.3 | -26.2 | -------------------------------------------------------------------------------- | Operating profit/loss, MEUR | -1.8 | -1.2 | -3.0 | | -------------------------------------------------------------------------------- | Operating profit after | -1.5 | | | | | non-recurring items, MEUR | | | | | -------------------------------------------------------------------------------- | Profit/loss before taxes, MEUR | -2.0 | -1.2 | -3.7 | | -------------------------------------------------------------------------------- | Average number of personnel | 334 | 393 | 357 | | -------------------------------------------------------------------------------- | Earnings/share (EPS), EUR | -0.47 | -0.27 | -1.05 | | -------------------------------------------------------------------------------- | Equity ratio, % | 33.6 | 30.9 | 28.8 | | -------------------------------------------------------------------------------- | Return on equity, % | -13.1 | -6.5 | -26.3 | | -------------------------------------------------------------------------------- | Shareholders equity/share, EUR | 2.9 | 4.3 | 3.5 | | -------------------------------------------------------------------------------- | Gearing, % | 112.1 | 135.9 | 149.0 | | -------------------------------------------------------------------------------- Esa Rautalinko, President and CEO of Honkarakenne Oyj, in connection with the interim report: The recession continued on all the main markets of Honkarakenne. Especially in Finland, the downswing continued to be strong. The strike that took place in March affected also the Far East turnover. The focus during the first quarter was on the realisation of the programme to boost earnings. The Group aims to achieve cost savings of around EUR 5 million this year. Especially, the cost-saving programme concentrates on the use of industrial production methods in the production of log houses, from the first meeting with the customer to design, production and delivery. In connection with the cost-saving programme, Honkarakenne arranged structural co-operation negotiations during the first quarter. The level of personnel resources was adjusted to the level required by the volume of the operations. As a result, 33 contracts of employment were terminated, of which 12 were pension arrangements. In addition, 45 employees were temporarily laid off for an indefinite period. Later, after the end of the first quarter, Honkarakenne initiated co-operation negotiations on the layoffs, with the aim to ensure competitiveness despite the fluctuation in sales and production. After the first quarter, EUR 0.7 million have been saved from the total aim of EUR 5 million set out in the cost-saving programme. NET SALES Honkarakenne Group's consolidated net sales for the first quarter of 2010 amounted to EUR 8.5 million, compared to EUR 11.5 million in the same period last year. Net sales decreased by EUR 3.0 million and remained 26.2% below last year's figure. Domestic net sales decreased by EUR 1.7 million (-24.6%) and export net sales by EUR 1.3 million (-24.3%). Geographical distribution of net sales: -------------------------------------------------------------------------------- | DEVELOPMENT OF SALES | | | | -------------------------------------------------------------------------------- | Distribution of net sales, % | 1-3/2010 | 1-3/2009 | | | -------------------------------------------------------------------------------- | Finland | 50.7 % | 51.9 % | | | -------------------------------------------------------------------------------- | Central Europe | 22.9 % | 21.2 % | | | -------------------------------------------------------------------------------- | Far East | 8.9 % | 11.4 % | | | -------------------------------------------------------------------------------- | Other countries | 17.6 % | 15.5 % | | | -------------------------------------------------------------------------------- | Total | 100.0 % | 100.0 % | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Net sales, 1000 euros | 1-3/2010 | 1-3/2009 | change % | 1-12/2009 | -------------------------------------------------------------------------------- | Finland | 4,303 | 5,972 | -27.9,% | 23,790 | -------------------------------------------------------------------------------- | Central Europe | 1,942 | 2,438 | -20.4,% | 12,700 | -------------------------------------------------------------------------------- | Far East | 754 | 1,317 | -42.7,% | 5,759 | --------------------------------------------------------------------------------| Other countries | 1,496 | 1,779 | -15.9,% | 10,063 | -------------------------------------------------------------------------------- | Total | 8,495 | 11,506 | -26.2,% | 52,313 | -------------------------------------------------------------------------------- The figures for ‘Central Europe' comprise Germany and France as well as the rest of Europe. The figures for ‘Far East' comprise Japan and Mongolia. The figures for ‘Other countries' comprise the CIS countries, USA and Estonia. Sales to the Far East were affected by the strike in March. DEVELOPMENT OF PROFIT AND PROFITABILITY Operating profit in January-March was EUR -1.8 million (EUR -1.2 million). Profit before taxes stood at EUR -2.0 million (EUR -1.2 million). The launch of the cost-saving programme curbed the decrease in turnover. The operating profit includes EUR 0.3 million of non-recurring costs related to the cost-saving programme. Of these, 77% are connected to severance pay and 23% to the implementation of rationalisation projects. FINANCING AND INVESTMENTS The financial position of the Group improved during the quarter. The equity ratio stood at 33.6% (30.9%) and interest-bearing net liabilities at EUR 15.9 million (EUR 20.6 million). EUR 4.4 million of the interest-bearing net liabilities carries a 30% equity ratio covenant term. The next review is due on 31 December 2010. Group liquid assets totalled EUR 1.9 million (EUR 2.6 million). The Group also has a EUR 10.0 million bank overdraft facility, EUR 4.3 million of which had been drawn on at the end of the report period (EUR 6.0 million). Gearing stood at 112.1% (135.9%). Capital expenditure totalled EUR 0.2 million (EUR 0.7 million). MARKET DEVELOPMENT On the basis of a report commissioned by RTS Oy, Finnish log house production is expected to grow by 4.7% this year. The figure includes production for Finland and for overseas export. PRODUCTS AND MARKETING In Finland, Honkarakenne concentrated on the marketing of holiday homes, saunas and the Honka Tonttipalvelu building land service. The Effecta house model collection was launched in Japan. Thanks to its cost-effective structural solutions and choice of components, the Effecta collection offers a price-competitive massivewood alternative to suit the market situation. In Western Europe, the launch of the Honka Fusion™ product concept was continued, along with co-operation with architects to boost the visibility and demand of the concept. The first Honka Fusion™ model house open to the public was delivered at Lyon, France. The house is designed by the Italian architect Francesco Siani. In the Alpine region, Honkarakenne also delivered a kindergarten building designed according to the Fusion concept. The Fusion projects, utilising a non-shrinking log structure, are a significant and growing part of the order book for Western Europe. On the German market, the Seasons model collection, conceptualised and priced ready for the customer to move into, was introduced to the entire sales network. The collection consists of four main models between 100 and 140 square metres. RESEARCH AND DEVELOPMENT During the first quarter, Honkarakenne has concentrated on developing the production techniques of the newest innovations. The technological solutions that are being developed will be introduced into products during the second quarter. The profile of the log frames will be modified, making it more air-tight and energy-efficient. In addition, corner notch solutions will be developed in a more energy-efficient direction. All the future solutions are breathing, as are Honkarakenne's other products. They make possible a healthy indoor air of excellent quality. In addition to energy efficiency, the future solutions make possible a unique visual appearance. The dark shadow line between the logs is minimised and the hole in the inside corners, characteristic of log buildings, can be removed with new notching solutions. In January-March, consolidated R&D expenditure was EUR 0.1 million (EUR 0.1 million), representing 0.7% of net sales (0.4%). In the report period, the Group did not capitalize any development expenditure. STAFF At the end of March, the Group employed on average 334 people (393). This is 59 less than at the same time in the previous year. On 15 March 2010, the company concluded the co-operation negotiation that it had begun in January. As a result, 33 contract of employment were terminated, of which 12 were pension arrangements. In addition, 45 employees were temporarily laid off for an indefinite period. HONKARAKENNE OYJ'S ANNUAL GENERAL MEETING 2010, BOARD OF DIRECTORS AND ACCOUNTANTS Honkarakenne Oyj's Annual General Meeting held on 26 March 2010 at the corporate head office in Tuusula. The General Meeting confirmed the financial statements of the parent company and the Group, and released the Board members and the President and CEO from liability for the year of 2009. The Annual General Meeting decided that dividends will not be distributed for the financial year 2009. To the Board of Directors were elected: Mr Mauri Saarelainen, Mr Tomi Laamanen, Mr Mauri Niemi, Ms Pirjo Ruuska, Mr Lasse Kurkilahti and Mr Marko Saarelainen. The Board of Directors convened for its constituent meeting and appointed Mr. Lasse Kurkilahti as Board Chairman. KPMG Oy Ab, Authorized Public Accountants, was selected to continue as the company's auditor with Ari Eskelinen as chief accountant. HONKARAKENNE OYJ'S DIRECTED ISSUE, OWN SHARES AND AUTHORIZATIONS TO THE BOARD OF DIRECTORS The issue of 1,200,000 B shares and the increase in share capital, were implemented and entered in the Trade Register at the beginning of February 2010. The Board allocated the 1,200,000 B shares concerned to the subscribers at the subscription price of EUR 2.90 per share. The total subscription price of the new shares amounted to 3,480,000 euros, resulting in an increase of 2,400,000 euros in the share capital, with the remainder recorded in the invested non-restricted equity fund. Following the share issue, Honkarakenne Oyj's share capital comprises a total of 4,948,968 shares, of which 300,096 are A shares and 4,648,872 are B shares. Each B share carries one (1) vote and each A share carries twenty (20) votes. Hence, Honkarakenne's shares in aggregate carry a total of 10,650,792 votes. Following the increase in share capital, the company's total share capital is 9,897,936 euros. Honkarakenne Oyj has not repurchased its own B shares during the period under review. In connection with the directed issue, Honkarakenne sold some of the equity shares that it held to a restricted circle of the company's key personnel. The number of shares sold was 118,500 at EUR 2.90 per share. At the end of the review period the company held 95,385 of its B shares with a total nominal value of EUR 190,770.00 and a total purchase price of EUR 379,619.57. These shares represent 1.93% of the company's capital stock and 0.90% of the voting rights. The purchase cost has been deducted from shareholders' equity in the consolidated financial statements. On 26 March 2010, the Annual General Meeting decided to authorise the Board of Directors to acquire a maximum of 400,000 of the company's own B shares, using funds from the unrestricted equity of the company. In addition, the Annual General Meeting authorised the Board to decide on an issue of shares with or without payment and on the giving of special rights to shares referred to in §1 of Chapter 10 of the Finnish Limited Companies Act in one or more batches. On the basis of the authorisation, the Board may give a total maximum of 1,200,000 new shares and/or the old B shares that are in the possession of the company. This includes the shares that may be given on the basis of the special rights. Both of these authorisations are valid until 25 March 2011. OWNERSHIP CHANGES IN ASSOCIATED COMPANIES On 29 December 2009, Honkarakenne Oyj concluded an agreement to sell its 15% stake in PW-Windows Oy, a windows manufacturer based in Ikaalinen. The sale was concluded in accordance with the terms in January 2010. Honkarakenne relinquished its ownership in PW-Windows Oy as part of the drive to streamline Group structure and improve purchasing operations. CORPORATE GOVERNANCE Honkarakenne Oyj observes the corporate governance code for listed companies issued by the Finnish Securities Market Association. The company's website, www.honka.com/investors, provides more information on the corporate governance systems. FUTURE OUTLOOK The decrease in demand is believed to have stopped on all markets, but the market situation is still difficult to predict on all the main markets of the Group. In sales, the protracted nature of the sales process and the small amount of orders that will be delivered in the long-term can be seen especially clearly. The Group had order book for EUR 21.2 million at the end of March. At the same time last year, this number was EUR 19.8 million; there has been a growth of 7%. The order book includes orders whose delivery date is within the next 24 months. Some orders may include conditions related to building permits or financing. FORTHCOMING RISKS AND UNCERTAINTIES Despite the rescue plan, the financial situation in the eurozone creates uncertainty on the market which is visible in the challenge posed by evaluating currency and interest rate risks. This has an especially pronounced effect on export markets. In exports, the value of individual objects is high, and therefore the effect of market uncertainty on sales may significantly affect the Group even in the case of a single order. Overall, the time the markets need to recover to reach a more profitable level is a risk. The Group has one significant concentration of credit risks in sales receivables, concerning the open sales receivables of one importer. No provision for doubtful debt has been made for this. The new sales made with this importer have been paid according to the agreed terms and conditions. Deliveries to the importer have continued, and the risks with the open sales receivables have not increased. REPORTING This report contains statements that relate to the future; these statements are based on hypotheses that the company's management holds currently as well as 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 is prepared in line with the IFRS reporting standards, but not all of the requirements of the standard IAS 34 apply. The figures have not been examined by the auditor. EVENTS AFTER THE PERIOD UNDER REVIEW On 19 April 2010, Honkarakenne Oyj initiated co-operation negotiations concerning its entire personnel in Finland. The negotiations continue the adaptation measures of the company. They aim to safeguard the company's competitiveness, taking into account seasonal fluctuations and the development of sales. The negotiations concluded on 12 May 2010. As a result the company can lay-off personnel temporarily maximum of 90 days by the end of the year 2010. The lay-off's concern all personnel groups. OUTLOOK FOR 2010 Honkarakenne makes no changes to its previous outlook for 2010. The turnover of the entire year is expected to be on the level of the previous year. The company aims at a profitable result during the accounting period. The financial position and liquidity of Honkarakenne are at a satisfactory level after the realised issue of shares. If business develops in the expected manner, they make it possible to undertake rationalisation and development of the activity in 2010. HONKARAKENNE OYJ Board of Directors Further information: Esa Rautalinko, President and CEO, +358 400 740 997, esa.rautalinko@honka.com or Mikko Jaskari, CFO, +358 (0)400 535 337, mikko.jaskari@honka.com. This and previous bulletins are available to view on the company's website at www.honka.com/investors. The following interim reports will be published on 13 August 2010 and 12 November 2010. DISTRIBUTION Stock Exchange OMX Helsinki Key media Financial Supervisory Authority www.honka.com -------------------------------------------------------------------------------- | CONSOLIDATED STATEMENT OF | | | | | COMPREHENSIVE INCOME | | | | -------------------------------------------------------------------------------- | (unaudited) | 1-3 | 1-3 | 1-12 /2009 | | | /2010 | /2009 | | -------------------------------------------------------------------------------- | (MEUR) | | | | -------------------------------------------------------------------------------- | Net sales | 8.5 | 11.5 | 52.3 | -------------------------------------------------------------------------------- | Other operating income | 0.3 | 0.1 | 1.6 | -------------------------------------------------------------------------------- | Change in inventories | 1.4 | -0.2 | -2.0 | -------------------------------------------------------------------------------- | Production for own use | 0.0 | 0.0 | 0.1 | -------------------------------------------------------------------------------- | Materials and services | 5.9 | -5.9 | -28.5 | -------------------------------------------------------------------------------- | Employee benefit expenses | 3.3 | -3.5 | -13.2 | -------------------------------------------------------------------------------- | Depreciations | 0.9 | -0.9 | -4.1 | -------------------------------------------------------------------------------- | Other operating expenses | -2.1 | -2.3 | -9.1 | -------------------------------------------------------------------------------- | Operating profit/loss | -1.8 | -1.2 | -3.0 | -------------------------------------------------------------------------------- | Financial income and expenses | -0.2 | -0.0 | -0.6 | -------------------------------------------------------------------------------- | Share of associated companies' | 0.0 | -0.0 | -0.2 | | profit | | | | -------------------------------------------------------------------------------- | Profit/loss before taxes | -2.0 | -1.2 | -3.7 | -------------------------------------------------------------------------------- | Taxes | -0.0 | 0.3 | -0.0 | -------------------------------------------------------------------------------- | Profit/loss for the period | -2.0 | -0.9 | -3.7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other comprehensive income: | | | | -------------------------------------------------------------------------------- | Translation differences | 0.1 | 0.0 | 0.0 | -------------------------------------------------------------------------------- | Total comprehensive | -1.9 | -0.9 | -3.7 | | income for the period | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Attributable to: | | | | -------------------------------------------------------------------------------- | Equity holders of the parent | -1.9 | -0.9 | -3.7 | -------------------------------------------------------------------------------- | Minority interest | 0.0 | 0.0 | 0.0 | -------------------------------------------------------------------------------- | | -1.9 | -0.9 | -3.7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings/share (EPS), EUR | | | | -------------------------------------------------------------------------------- | Basic | -0.47 | -0.27 | -1.05 | -------------------------------------------------------------------------------- | Diluted | -0.47 | -0.27 | -1.05 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED BALANCE SHEET | 31.03.2010 | 31.03.2009 | 31.12.2009 | | (unaudited) | | | | -------------------------------------------------------------------------------- | (MEUR) | | | | -------------------------------------------------------------------------------- | Assets | | | | -------------------------------------------------------------------------------- | Non-current assets | | | | -------------------------------------------------------------------------------- | Property, plant and equipment | 23.5 | 25.8 | 24.3 | -------------------------------------------------------------------------------- | Goodwill | 0.1 | 0.5 | 0.1 | -------------------------------------------------------------------------------- | Other intangible assets | 1.2 | 1.5 | 1.3 | -------------------------------------------------------------------------------- | Investments in associated | 2.0 | 2.2 | 2.1 | | companies | | | | -------------------------------------------------------------------------------- | Other investments | 0.2 | 0.2 | 0.2 | -------------------------------------------------------------------------------- | Receivables | 0.5 | 0.1 | 0.3 | -------------------------------------------------------------------------------- | Deferred tax assets | 1.5 | 1.6 | 1.5 | -------------------------------------------------------------------------------- | | 29.0 | 31.9 | 29.7 | -------------------------------------------------------------------------------- | Current assets | | | | -------------------------------------------------------------------------------- | Inventories | 10.9 | 13.3 | 9.4 | -------------------------------------------------------------------------------- | Trade and other receivables | 7.7 | 8.8 | 7.5 | -------------------------------------------------------------------------------- | Cash and bank receivables | 1.9 | 2.6 | 1.7 | -------------------------------------------------------------------------------- | | 20.5 | 24.7 | 18.6 | -------------------------------------------------------------------------------- | Total assets | 49.5 | 56.6 | 48.4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 31.3.2010 | 31.3.2009 | 31.12.2009 | -------------------------------------------------------------------------------- | Shareholders' equity and | | | | | liabilities | | | | -------------------------------------------------------------------------------- | Equity attributable to equity | | | | | holders | | | | | of the parent | | | | -------------------------------------------------------------------------------- | Capital stock | 9.9 | 7.5 | 7.5 | -------------------------------------------------------------------------------- | Share premium | 0.5 | 0.5 | 0.5 | -------------------------------------------------------------------------------- | Reserve fund | 5.3 | 5.3 | 5.3 | -------------------------------------------------------------------------------- | | 1.1 | | | -------------------------------------------------------------------------------- | Translation differences | 0.1 | 0.1 | 0.0 | -------------------------------------------------------------------------------- | Retained earnings | -2.7 | 1.7 | -1.0 | -------------------------------------------------------------------------------- | | 12.3 | 15.1 | 12.3 | -------------------------------------------------------------------------------- | Minority share | 0.0 | 0.0 | 0.0 | -------------------------------------------------------------------------------- | Total equity | 14.2 | 15.1 | 12.3 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-current liabilities | | | | -------------------------------------------------------------------------------- | Deferred tax liabilities | 0.9 | 0.7 | 0.8 | -------------------------------------------------------------------------------- | Provisions | 0.4 | 0.4 | 0.4 | -------------------------------------------------------------------------------- | Intrest bearing debt | 13.8 | 20.9 | 15.6 | -------------------------------------------------------------------------------- | Non-intrest bearing debt | 0.5 | 0.6 | 1.0 | -------------------------------------------------------------------------------- | | 15.6 | 22.6 | 17.8 | -------------------------------------------------------------------------------- | Current liabilities | | | | -------------------------------------------------------------------------------- | Trade and other payables | 15.6 | 16.6 | 14.3 | -------------------------------------------------------------------------------- | Tax liabilities | 0.0 | | 0.0 | -------------------------------------------------------------------------------- | Intrest bearing debt | 4.0 | 2.3 | 4.0 | -------------------------------------------------------------------------------- | | 19.6 | 18.9 | 18.3 | -------------------------------------------------------------------------------- | Total liabilities | 35.3 | 41.5 | 36.0 | -------------------------------------------------------------------------------- | Total equity and liabilities | 49.5 | 56.6 | 48.4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | STATEMENT OF CHANGES IN EQUITY | | | (unaudited) | | -------------------------------------------------------------------------------- | 1000 | Equity attributable to equity holders of the | | | | | EUR | parent | | | | -------------------------------------------------------------------------------- | | a) | b) | c) | d) | e) | f) | g) | Total | h) | Total | | | | | | | | | | | | equit | | | | | | | | | | | | y | -------------------------------------------------------------------------------- | Total | 7,4 | 520 | 5,3 | | 27 | -1,12 | 3,819 | 16,05 | 9 | 16,06 | | equity | 98 | | 16 | | | 4 | | 6 | | 5 | | 1.1.200 | | | | | | | | | | | | 9 | | | | | | | | | | | -------------------------------------------------------------------------------- | Purchas | | | | | | -14 | | -14 | | -14 | | e of | | | | | | | | | | | | own | | | | | | | | | | | | shares | | | | | | | | | | | -------------------------------------------------------------------------------- | Total | | | | | 41 | | -955 | -914 | -1 | -915 | | compreh | | | | | | | | | | | | ensive | | | | | | | | | | | | income | | | | | | | | | | | | for the | | | | | | | | | | | | period | | | | | | | | | | | -------------------------------------------------------------------------------- | Total | 7,4 | 520 | 5,3 | | 68 | -1,13 | 2,864 | 15,12 | 8 | 15,13 | | equity | 98 | | 16 | | | 8 | | 8 | | 6 | | 31.3.20 | | | | | | | | | | | | 09 | | | | | | | | | | | -------------------------------------------------------------------------------- | | a) | b) | c) | d) | e) | f) | g) | Total | h) | Total | | | | | | | | | | | | equit | | | | | | | | | | | | y | -------------------------------------------------------------------------------- | Total | 7,4 | 520 | 5,3 | | 29 | -1,13 | 82 | 12,30 | 9 | 12,31 | | equity | 98 | | 16 | | | 8 | | 7 | | 6 | | 1.1.201 | | | | | | | | | | | | 0 | | | | | | | | | | | -------------------------------------------------------------------------------- | Share | 2,4 | | | 1,0 | | | | 3,480 | | 3,480 | | issue | 00 | | | 88 | | | | | | | -------------------------------------------------------------------------------- | Proceed | | | | | | 758 | -414 | 344 | | 344 | | s from | | | | | | | | | | | | sale of | | | | | | | | | | | | own | | | | | | | | | | | | shares | | | | | | | | | | | -------------------------------------------------------------------------------- | Total | | | | | 77 | | -2,00 | -1,92 | 0 | -1,92 | | compreh | | | | | | | 0 | 3 | | 3 | | ensive | | | | | | | | | | | | income | | | | | | | | | | | | for the | | | | | | | | | | | | period | | | | | | | | | | | -------------------------------------------------------------------------------- | Total | 9,8 | 520 | 5,3 | 1,0 | 106 | -380 | -2,33 | 14,20 | 9 | 14,21 | | equity | 98 | | 16 | 88 | | | 2 | 8 | | 7 | | 31.3.20 | | | | | | | | | | | | 10 | | | | | | | | | | | -------------------------------------------------------------------------------- a) Share capital b) Premium fund c) Reserve fund d) Unrestricted equity reserve e) Translation difference f) Own shares g) Retained earnings h) Minority interest -------------------------------------------------------------------------------- | CONSOLIDATED CASH FLOW STATEMENT | 1.1.- | 1.1.- | 1.1.- | | (Unaudited) | 31.3.2010 | 31.3.2009 | 31.12.2009 | -------------------------------------------------------------------------------- | (MEUR) | | | | -------------------------------------------------------------------------------- | Cash flow from operations | -1.1 | 0.1 | 1.4 | -------------------------------------------------------------------------------- | Cash flow from investments, net | -0.3 | -0.5 | -1.1 | -------------------------------------------------------------------------------- | Total cash flow from financing | 1.6 | 1.4 | -0.2 | -------------------------------------------------------------------------------- | Share issue | 3.5 | | | -------------------------------------------------------------------------------- | Increase in credit capital | | 5.0 | 6.3 | -------------------------------------------------------------------------------- | Decrease in credit capital | -2.1 | -3.5 | -6.2 | -------------------------------------------------------------------------------- | Other financial items | -0.1 | -0.1 | -0.3 | -------------------------------------------------------------------------------- | Change in liquid assets | 0.2 | 1.0 | 0.1 | -------------------------------------------------------------------------------- | Liquid assets at the beginning | 1.7 | 1.6 | 1.6 | | of period | | | | -------------------------------------------------------------------------------- | Liquid assets at the end of | 1.9 | 2.6 | 1.7 | | period | | | | -------------------------------------------------------------------------------- NOTES TO THE REPORT Calculation methods: This Interim Consolidated Financial Statement has been prepared in compliance with the recognition and measurement policies of the IFRS, but requirements of 34 standards has not been fully followed. The principles adhered to in preparing the annual financial statements for 2009 also apply to this interim report. New revised standards or interpretations have no bearing on this interim report. The figures have not been examined by the auditor. Honkarakenne has one operating segment, the manufacture, sales and marketing of log houses under the Honka brand. Geographically, the sales of the Group are divided as follows: Finland; Central Europe; Far East; other countries. The internal reporting of the management is in line with IFRS reporting. For this reason, separate reconciliations are not presented. -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TANGIBLE ASSETS | Tangible | -------------------------------------------------------------------------------- | (MEUR) | assets | -------------------------------------------------------------------------------- | (Unaudited) | | -------------------------------------------------------------------------------- | Acquisition cost 1.1.2010 | 66.9 | -------------------------------------------------------------------------------- | Translation difference (+/-) | 0.1 | -------------------------------------------------------------------------------- | Increase | 0.2 | -------------------------------------------------------------------------------- | Decrease | -0.0 | -------------------------------------------------------------------------------- | Transfers between balance sheet items | -0.0 | -------------------------------------------------------------------------------- | Acquisition cost 31.03.2010 | 67.2 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Accumulated depreciation 1.1.2010 | -42.7 | -------------------------------------------------------------------------------- | Translation difference (+/-) | -0.1 | -------------------------------------------------------------------------------- | Disposals and reclassifications | -0.1 | -------------------------------------------------------------------------------- | Depreciation for the period | -0.8 | -------------------------------------------------------------------------------- | Accumulated depreciation 31.03.2010 | -43.7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Book value 1.1.2010 | 24.3 | -------------------------------------------------------------------------------- | Book value 31.03.2010 | 23.5 | -------------------------------------------------------------------------------- Own shares Honkarakenne hasn't acquired its own B shares during the period under review. In connection with the directed issue, Honkarakenne sold some of the equity shares that it held to a restricted circle of the company's key personnel. The number of shares sold was 118,500 at EUR 2.90 per share. -------------------------------------------------------------------------------- | CONTINGENT LIABILITIES | | | -------------------------------------------------------------------------------- | (Unaudited) | | | -------------------------------------------------------------------------------- | MEUR | 31.3.2010 | 31.3.2009 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | For own loans | | | -------------------------------------------------------------------------------- | - Mortgages | 25.68 | 25.5 | -------------------------------------------------------------------------------- | - Pledged shares | | 0.36 | -------------------------------------------------------------------------------- | - Other quarantees | 3.55 | 3.14 | -------------------------------------------------------------------------------- | For others | | | -------------------------------------------------------------------------------- | - Guarantees | 0.82 | 1.09 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Leasing liabilities | 0.65 | 0.99 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Rent liabilities | 0.07 | 0.17 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Nominal values of forward exchange | 2.30 | 2.17 | | contracts | | | -------------------------------------------------------------------------------- | Derivative contracts | 0.33 | 0.31 | -------------------------------------------------------------------------------- Events in the circle of acquaintances The circle of acquaintances consists of subsidiaries associated companies and the company's management. The management included in the circle of acquaintances comprises the Board of Directors, CEO and the company's managing committee. There haven't been transactions with acquaintances during the reporting period. -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KEY INDICATORS | | 1-3 | 1-3 | 1-12 | -------------------------------------------------------------------------------- | (Unaudited) | | 2010 | 2009 | 2009 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings/share (EPS) | eur | -0.47 | -0.27 | -1.05 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Return on equity | % | -13.6 | -6.1 | -26.3 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity ratio | % | 33.6 | 30.9 | 28.8 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders | eur | 2.9 | 4.3 | 3.5 | | equity/share | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net debt | MEUR | 15.9 | 20.6 | 18.4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Gearing | % | 112.1 | 135.9 | 149.0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Gross investments | MEUR | 0.2 | 0.7 | 2.5 | -------------------------------------------------------------------------------- | | % of net sales | 2.4 | 6.1 | 4.8 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Order book | MEUR | 21.2 | 19.8 | 23.0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Average number of | Staff | 160 | 193 | 170 | | personnel | | | | | -------------------------------------------------------------------------------- | | Workers | 174 | 200 | 181 | -------------------------------------------------------------------------------- | | Total | 334 | 393 | 351 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Due to the issue of new shares, the historical indicators by share have been corrected using the following formula: average number of shares x 1.01. -------------------------------------------------------------------------------- | CALCULATION OF KEY INDICATORS | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Profit for the period attributable to equity | | | | holders of parent | | -------------------------------------------------------------------------------- | Earnings/share | ----------------------------------------- | | | (EPS) | | | -------------------------------------------------------------------------------- | | Average number of outstanding shares | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Profit before taxes - taxes | | -------------------------------------------------------------------------------- | Return on equity % | ----------------------------------------- | x 100 | -------------------------------------------------------------------------------- | | Total equity, average | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Total equity | | -------------------------------------------------------------------------------- | Equity ratio, % | ----------------------------------------- | x 100 | -------------------------------------------------------------------------------- | | Balance sheet total - advances received | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net debt | Interest-bearing debt - cash and cash | | | | equivalents | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Interest-bearing debt - cash and cash | | | | equivalents | | -------------------------------------------------------------------------------- | Gearing, % | ----------------------------------------- | x 100 | -------------------------------------------------------------------------------- | | Total equity | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Shareholders' equity | | -------------------------------------------------------------------------------- | Shareholders | ----------------------------------------- | | | equity/share | | | -------------------------------------------------------------------------------- | | Number of shares outstanding at end of period | --------------------------------------------------------------------------------
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