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- Growth achieved in constant currencies; reported net sales depressed by adverse currency impact - Earnings reflected weak performance in Flexibles, Films and Asia-Oceania-Africa - Raw material, energy and distribution costs remained high - Cash flow improved and net debt reduced
* Q1-Q3 2008 includes restructuring charges EUR 6.9 million. ** 2007 includes restructuring, goodwill impairment and tangible asset impairment charges, total amount EUR 108 million.
Overview The demand for consumer packaging remained stable in the reporting period despite general economic uncertainty experienced in the majority of the markets. The decline in the Group's reported net sales was due to adverse currency translation impact while growth was achieved in constant currencies.
Earnings for the reporting period were below previous year. This development reflects weak performance in Flexibles and Films Global businesses as well as in Rigid and Molded Fiber Asia-Oceania-Africa. On a comparable basis, profitability improved in Rigid Europe and Molded Fiber Europe and was on a good level in Rigid and Molded Fiber Americas.
The raw material costs remained on a high level throughout the reporting period with a significant escalation experienced in the third quarter.
Business review by segment The sales distribution in the reporting period was the following: Flexibles and Films Global 31% (31% in the same period in 2007), Rigid Europe 28% (27%), Molded Fiber Europe 6% (6%), Rigid and Molded Fiber Americas 26% (26%) as well as Rigid and Molded Fiber Asia-Oceania-Africa 9 % (10%).
Flexibles and Films Global Flexibles and Films are organized as a global segment. Flexibles are used for food and pet food packaging as well as non-food consumer packaging. Films are mainly used for technical applications in the label, adhesive tape, hygiene and health care industries as well as building and construction, automotive, packaging and graphic arts industries.
Sales within the segment declined during the reporting period. In Flexibles, robust growth in Asia was not enough to compensate for continued weak sales development in the other regions. Especially Europe and North America suffered from a soft pet food market. In Films, sales were at last year's level.
Profitability in the period reflects margin pressure due to higher raw material costs and volume shortfall. The underutilized flexible packaging capacity at the recently expanded site in Malvern, USA, had a negative earnings impact. In Films, the recovering profitability trend continued in the third quarter after the weak start to the year.
Production at the new flexible packaging facility in Bangkok, Thailand, commenced in July 2008. The reconstructed flexible packaging facility in Thane, India, is scheduled to be operational by year-end 2008.
Rigid Europe Rigid paper and plastic packaging serves foodservice and consumer goods markets in Europe with fresh food, dairy, ice cream, beverage and personal care packaging as well as disposable tableware. Rigid packaging is supplied to foodservice operators, fast food restaurants and food manufacturers.
* Q1-Q3 2008 includes restructuring charges EUR 6.9 million.
Sales within the segment showed modest growth during the reporting period. However, the pace of growth has slowed down from the beginning of the year with sales turning into a small decline in the third quarter. The development in sales reflects mainly Consumer Goods where market softness continued in Germany and the discontinued operations in the UK had a negative impact. Foodservice experienced growth, driven by strong performance in Eastern Europe.
Excluding restructuring charges in the UK and in Sweden, profitability improved in the reporting period reflecting benefits from earlier pricing efforts. During the third quarter escalating raw material costs put pressure on margins again.
In the UK, a consultation process in relation to the closure of the Consumer Goods rigid plastic production in Portadown and in Gosport ended in July 2008. Of the approximately 140 people impacted, 120 employment contracts were terminated by the end of the reporting period. Both projects in the UK are expected to be completed around year-end 2008. In Finland, the operational efficiency measures at the rigid packaging site in Hämeenlinna will lead to a reduction of approximately 50 people by year-end 2008.
Molded Fiber Europe Molded fiber is used to make fresh product packaging, such as egg and fruit packaging.
Sales and earnings within the segment remained stable in the reporting period. The development in Eastern Europe continued favorable and in the UK improving sales materialized during the third quarter.
Rigid and Molded Fiber Americas Rigid paper and plastic packaging, which serves ice-cream and other consumer goods as well as foodservice markets, is complemented with Molded Fiber Chinet® disposable tableware products. Similar market channels are a common denominator.
Sales growth in constant currencies was solid throughout the reporting period. In Retail, the positive volume development was accelerated in the third quarter through promotional activity. The good sales momentum remained in South America. During the third quarter sales recovered in Consumer Goods, while market softness continued in Foodservice.
Profitability in the reporting period declined reflecting higher raw material, energy and distribution costs especially during the third quarter as well as adverse currency translation impact. Also, the previous year's comparable figure included a EUR 6 million one time gain recorded in the first quarter of 2007.
Rigid and Molded Fiber Asia-Oceania-Africa Rigid paper and plastic packaging serves foodservice and consumer goods markets. The segment also includes the Molded Fiber business which makes fresh product packaging.
Sales development within the segment was unfavorable during the reporting period. The sales decline in Oceania and in South Africa reflects continued general market softness. In Asia, sales performance was disappointing as a result of slower than planned generation of new business at the rigid packaging facility in Guangzhou, China.
Profitability in the reporting period reflects low sales, the start-up issues in Asia as well as adverse currency translation impact. Third quarter earnings included a net gain of EUR 1 million with proceeds from the sale of the site in Hong Kong net of restructuring and tangible asset impairment charges in China.
Financial review The Group EBIT in the reporting period was EUR 73 million (EUR 107 million), corresponding to an EBIT margin of 4.3% (6.1%). In the third quarter, the Group EBIT was EUR 26 million (EUR 33 million), corresponding to an EBIT margin of 4.6% (5.7%).
The net financial items in the period were EUR 34 million (EUR 31 million), with the third quarter amounting to EUR 14 million (EUR 11 million). The income tax expense was EUR 7 million (EUR 14 million) with the third quarter accounting for EUR 2 million (EUR 4 million).
The result for the period was EUR 33 million (EUR 63 million) and the earnings per share (EPS) were EUR 0.31 (EUR 0.61). Correspondingly, in the third quarter the result was EUR 10 million (EUR 19 million) and EPS were EUR 0.10 (EUR 0.18). The average number of outstanding shares used in the EPS calculations was 100,426,461 (unchanged) excluding 5,061,089 (unchanged) Company's own shares.
Balance sheet and cash flow Free cash flow in the reporting period amounted to EUR 67 million (EUR -45 million). At EUR -6 million (EUR -2 million), the third quarter reflected phasing of working capital after a strong second quarter. Capital expenditure for the period was EUR 48 million (EUR 93 million), with the third quarter spending at EUR 16 million (EUR 35 million). Net debt was EUR 723 million (EUR 783 million) at the end of September 2008. This corresponds to a gearing ratio of 0.93 (0.90).
Personnel The Group had 14,794 (14,963) employees at the end of September 2008.
Strategic direction As announced in September 2008, the Group intends to focus on packaging operations where it has a competitive advantage, good market positions and which create value for the Group and its customers. The smooth and rough molded fiber products, release films, flexible packaging, foodservice paper cups and other products based on paper forming technology have been identified as stronghold areas.
Rigid plastic consumer goods operations, for the most part, do not meet the criteria for financial performance and its profitability has been below the Group average. Therefore, different strategic alternatives will be reviewed for this operation which has annual sales of approximately EUR 400 million.
Furthermore, the reporting segments will be revised to reflect the new stronghold areas. The current five segments will be replaced by six new reporting segments as of January 1, 2009.
Short-term risks and uncertainties Volatile raw material and energy prices as well as movements in currency translations are considered to be relevant short-term business risks and uncertainties in the Group's operations. Material changes in general economic conditions or in the financial markets could have an adverse effect on the implementation of the Group's strategy and on its business performance and earnings.
Outlook for 2008 In 2008, the Group EBIT is expected to be below the 2007 underlying Group EBIT of EUR 136 million*. Capital expenditure in 2008 is expected to be clearly below EUR 100 million.
In the short-term, cash generation and net debt reduction continue as key focus areas within the Group.
*2007 underlying Group EBIT excludes restructuring, goodwill impairment and tangible asset impairment charges, total amount EUR 108 million.
Financial reporting Huhtamaki will publish the 2008 Results on February 10, 2009.
Espoo, October 21, 2008 Huhtamäki Oyj Board of Directors
For further information, please contact: Mr. Jukka Moisio, CEO, tel. +358-10-686 7801 Mr. Timo Salonen, CFO, tel. +358-10-686 7880 Ms. Kia Aejmelaeus, Head of Investor Relations, tel. +358-10-686 7819 or mobile +358-40-765 4616 Ms. Minna Staffans, Head of Group Communications, tel. +358-10-686 7863
A news conference for analysts, investors and media will be held at 11:00 Finnish time at the head office, address Keilaranta 10, Espoo. CEO Jukka Moisio and CFO Timo Salonen will present the results. A conference call for analysts and investors will start at 14:00 Finnish / 12:00 UK / 07:00 New York time with a management presentation, followed by a question and answer session. To participate, please dial one of the following numbers 5-10 minutes prior to the call start: - Number for participants from Finland: 0923 114 173 - Number for participants outside of Finland: +44 (0) 1452 555 566 - Conference ID: 68123113 All results materials will be available on www.huhtamaki.com. The results presentation slides will be online approximately at 11:00 Finnish time. A replay of the conference call in the form of an audio webcast will be available during the same evening.
Group Income statement (IFRS) Unaudited Q1-Q3 Q1-Q3 Q3 Q3 Q1-Q4 EUR million 2008 2007 2008 2007 2007
Net sales 1,711.2 1,753.2 572.1 582.4 2,311.0 Cost of goods sold -1,479.2 -1,484.2 -496.0 -494.5 -2,028.0 Gross profit 232.0 269.0 76.1 88.0 283.0
Other operating income 14.2 16.5 6.9 3.1 31.9 Sales and marketing -63.5 -63.1 -21.4 -21.6 -83.6 Research and development -12.0 -14.1 -3.5 -4.5 -17.8 Administration costs -87.1 -90.8 -28.3 -29.2 -122.6 Other operating expenses -10.4 -10.9 -3.6 -2.6 -62.8
-158.8 -162.4 -49.9 -54.8 -254.9
Earnings before interest and taxes 73.2 106.6 26.2 33.2 28.1
Financial income 7.5 6.4 0.4 1.5 9.2 Financial expenses -41.6 -37.3 -14.5 -12.2 -51.7 Income of associated companies 0.4 0.3 0.1 0.1 0.4 Result before taxes 39.5 76.0 12.2 22.6 -14.0
Income tax expense -6.9 -13.5 -2.1 -3.9 -6.2
Result for the period 32.6 62.5 10.1 18.7 -20.2
Attributable to: Equity holders of the parent company 31.0 61.3 9.6 18.5 -22.5 Minority interest 1.6 1.2 0.5 0.2 2.3
Basic earnings per share (EUR) for the shareholders 0.31 0.61 0.10 0.18 -0.22 of parent company Diluted earnings per share (EUR) for the shareholders of parent 0.31 0.61 0.10 0.19 -0.22 company
Group balance sheet (IFRS) Unaudited Sep 30 Dec 31 Sep 30 EUR million 2008 2007 2007
ASSETS Non-current assets Goodwill 473.2 471.9 517.4 Other intangible assets 39.2 41.4 36.3 Tangible assets 768.6 799.3 842.5 Investments in associated companies 1.7 1.5 1.7 Available for sale investments 1.9 1.9 1.7 Interest bearing receivables 0.4 0.9 1.0 Deferred tax assets 13.6 13.7 19.4 Employee benefit assets 60.7 59.2 60.9 Other non-current assets 3.7 4.8 4.9 1,363.0 1,394.6 1,485.8 Current assets Inventory 363.8 348.5 367.5 Interest bearing receivables 3.1 4.6 0.0 Current tax assets 12.7 17.9 8.6 Trade and other current receivables 409.9 394.8 426.1 Cash and cash equivalents 44.4 30.8 22.1 833.9 796.6 824.3
Total assets 2,196.9 2,191.2 2,310.1
EQUITY AND LIABILITIES Share capital 358.7 358.7 358.7 Premium fund 104.7 104.7 104.7 Treasury shares -46.5 -46.5 -46.5 Translation differencies -121.8 -121.1 -120.6 Fair value and other reserves -0.6 1.4 2.1 Retained earnings 467.5 475.7 552.5 Total equity attributable to equity holders of the parent company 762.0 772.9 850.9
Minority interest 18.6 20.5 20.0 Total equity 780.6 793.4 870.9
Non-current liabilities Interest bearing liabilities 432.8 401.1 367.7 Deferred tax liabilities 45.3 38.8 59.5 Employee benefit liabilities 106.4 108.8 110.6 Provisions 60.8 60.3 54.4 Other non-current liabilities 3.7 4.3 3.8 649.0 613.3 596.0 Current liabilities Interest bearing liabilities - Current portion of long term loans 17.6 17.9 40.8 - Short term loans 320.0 365.7 398.1 Provisions 9.0 8.0 6.0 Current tax liabilities 9.9 21.1 21.7 Trade and other current liabilities 410.8 371.8 376.6 767.3 784.5 843.2
Total liabilities 1,416.3 1,397.8 1,439.2 Total equity and liabilities 2,196.9 2,191.2 2,310.1
Sep 30 Dec 31 Sep 30 2008 2007 2007
Net debt 722.5 748.5 783.4 Net debt to equity (gearing) 0.93 0.94 0.90
Changes in shareholders' equity Unaudited Attributable to equity holders of the parent company Sha Sha Trea Trans Fair Retai Total Mino Total re re sury lation value ned equity rity capi is sha diff. and earn interest tal sue res other ings EUR million premium reserves Balance at Dec 31, 358.7 104.7 -46.5 -106.7 2.1 528.8 841.1 19.3 860.4 2006 Cash flow hedges Hedge result deferred to equity 0.8 0.8 0.8 Hedge result
recognized in income statement -1.9 -1.9 -1.9 Hedge result transferred to carrying amount of hedged 0.5 0.5 0.5 items Translation differences -13.9 -13.9 -0.5 -14.4 Deferred tax in equity 0.6 0.6 0.6 Other 3.4 3.4 3.4 changes Income and expense recognized directly in equity -13.9 0.0 3.4 -10.5 -0.5 -11.0 Result for the period 61.3 61.3 1.2 62.5 Total recognized income and expense for the -13.9 0.0 64.7 50.7 0.7 51.5 period Dividend -42.2 -42.2 -42.2 Share-based payments 1.2 1.2 1.2 Balance at Sep 30, 358.7 104.7 -46.5 -120.6 2.1 552.5 850.9 20.0 870.9 2007
Balance at Dec 31, 358.7 104.7 -46.5 -121.1 1.4 475.7 772.9 20.5 793.4 2007 Cash flow hedges Hedge result deferred to equity -0.4 -0.4 -0.4 Hedge result
recognized in income statement -3.0 -3.0 -3.0 Hedge result transferred to carrying amount of hedged 0.9 0.9 0.9 items Translation differences -0.7 -0.7 -3.5 -4.2 Deferred tax in equity 0.5 0.5 0.5 Other 2.0 2.0 2.0 changes Income and expense recognized directly in equity -0.7 -2.0 2.0 -0.7 -3.5 -4.2 Result for the period 31.0 31.0 1.6 32.6 Total recognized income and expense for the period -0.7 -2.0 33.0 30.3 -1.9 28.4 Dividend -42.2 -42.2 -42.2 Share-based payments 1.0 1.0 1.0 Balance at Sep 30, 358.7 104.7 -46.5 -121.8 -0.6 467.5 762.0 18.6 780.6 2008
Group cash flow statement (IFRS) Unaudited Q1-Q3 Q1-Q3 Q3 Q3 Q1-Q4 EUR million 2008 2007 2008 2007 2007
Result for the period* 32.6 62.5 10.1 18.7 -20.2 Adjustments* 109.8 116.7 37.4 42.5 243.2 - Depreciation, amortization and 72.5 74.2 26.3 25.1 203.3 impairment* - Gain on equity of -0.4 -0.3 -0.1 -0.1 -0.4 minorities* - Gain/loss from disposal of assets* -3.9 0.5 -3.4 0.2 -8.1 - Financial 34.1 30.9 14.1 10.6 42.5 expense/-income* - Income tax expense* 6.9 13.5 2.1 3.9 6.2 - Other adjustments, operational* 0.6 -2.0 -1.6 2.9 -0.3 Change in inventory* -18.4 -29.8 -3.7 1.2 -14.8 Change in non-interest bearing receivables* -9.2 -30.9 12.3 17.6 -3.7 Change in non-interest bearing payables* 32.8 -33.2 -30.0 -34.3 -38.5 Dividends received* 0.2 0.4 0.0 0.1 0.9 Interest received* 1.4 1.3 0.5 0.6 1.3 Interest paid* -33.7 -32.1 -13.2 -11.5 -42.7 Other financial expense and income* -0.3 0.4 -3.0 0.0 -1.1 Taxes paid* -6.5 -9.8 -3.5 -2.2 -18.6 Net cash flows from operating activities 108.7 45.5 6.9 32.7 105.8
Capital expenditure* -47.7 -92.5 -16.4 -35.4 -147.9 Proceeds from selling fixed assets* 5.9 2.3 3.9 0.7 14.3 Proceeds from long-term deposits 3.0 7.1 1.8 6.6 7.2 Payment of long-term -2.5 -1.6 -0.3 -0.1 -6.1 deposits Proceeds from short-term deposits 29.6 4.4 24.6 3.9 11.5 Payment of short-term -28.3 -3.9 -2.6 0.0 -11.0 deposits Net cash flows from -40.0 -84.2 11.0 -24.3 -132.0 investing
Proceeds from long-term borrowings 317.6 331.6 161.6 91.4 520.2 Repayment of long-term -284.0 -280.5 -126.0 -93.2 -434.4 borrowings Proceeds from short-term 2,117.7 2,167.0 667.1 598.4 2,987.4 borrowings Repayment of short-term -2,163.9 -2,137.1 -720.1 -608.4 -2,995.0 borrowings Dividends paid -42.2 -42.2 0.0 0.0 -42.2 Net cash flows from -54.8 38.9 -17.4 -11.7 36.0 financing
This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting. Except for accounting policy changes listed below, the same accounting policies have been applied in the interim financial statements as in annual financial statements for 2007.
Interim report is unaudited.
Changes in accounting principles The Group has adopted the following IFRS standards and interpretations considered applicable to Huhtamaki, with effect from January 1, 2008:
- IFRS 8 Operating segments. IFRS 8 assumes that segment reporting reflects the Group's management and internal reporting structure. The five new segments are in line with Huhtamaki's internal management structure and will replace the former geographical segments. - IFRIC 14 IAS 19 The Limit on a Defined Benefit Asset, Minimum Funding requirements and their Interaction. The interpretation provides guidance on assessing the amount of the surplus that can be recognized as defined benefit asset. It also explains how the pension asset or liability may be affected by a statutory or contractual minimum funding requirement.
These newly adopted standards have not had a material impact on the reported results.
Segments Segment information is presented according to the IFRS standards. Items below EBIT - financial items and taxes - are not allocated to the segments.
Flexibles and Films Global (1 7.6 9.1 6.6 23.3 -0.5 11.8 12.5 14.7 38.5 Rigid Europe (2 3.0 0.7 1.5 5.2 -74.3 3.5 3.3 0.2 -67.3 Molded Fiber Europe 2.6 2.5 2.9 8.0 3.5 2.5 2.3 2.4 10.7 Rigid and Molded Fiber Americas (3 12.0 15.7 9.2 36.9 -6.2 13.1 19.4 17.2 43.5 Rigid and Molded Fiber AOA (4 1.1 -1.0 -0.2 -0.1 -1.3 1.8 2.7 3.3 6.5 Other activities -0.1 0.0 0.0 -0.1 0.3 0.5 -4.5 -0.1 -3.8 Total (5 26.2 27.0 20.0 73.2 -78.5 33.2 35.7 37.7 28.1
1) Q4 2007 includes goodwill impairment charges MEUR 8.3. 2) Q3 2008 includes restructuring charges MEUR 0.1, Q2 2008 includes restructuring charges MEUR 6.8, Q4 2007 includes restructuring charges MEUR 1.4, goodwill impairment charges MEUR 31.6 and tangible asset impairment charges MEUR 46.0. 3) Q4 2007 includes goodwill impairment charges MEUR 5.1 and tangible asset impairment charges MEUR 11.8. 4) Q3 2008 includes sale of the site in Hong Kong MEUR 3.7, restructuring and tangible asset impairment charges MEUR 2.7, Q4 2007 includes restructuring charges MEUR 2.3 and goodwill impairment charges MEUR 1.6. 5) Q4 2007 includes restructuring charges MEUR 3.7, goodwill impairment charges MEUR 46.6 and tangible asset impairment charges MEUR 57.7, total amount MEUR 108.0.
Flexibles and Films Global 6.8 6.1 5.9 18.8 6.3 5.7 5.8 5.2 23.0 Rigid Europe 6.9 6.9 7.0 20.8 7.7 8.5 7.8 8.2 32.2 Molded Fiber Europe 1.9 1.9 1.9 5.7 1.8 1.9 1.9 1.9 7.5 Rigid and Molded Fiber Americas 5.0 5.0 5.0 15.0 5.6 5.8 5.9 6.0 23.3 Rigid and Molded Fiber AOA 5.3 3.0 3.1 11.4 3.1 3.0 3.0 2.9 12.0 Other activities 0.3 0.2 0.2 0.7 0.2 0.2 0.2 0.3 0.9 Total 26.2 23.1 23.1 72.4 24.7 25.1 24.6 24.5 98.9
Net assets allocated to the segments (6 Q3 Q2 Q1 Q4 Q3 Q2 Q1 EUR million 2008 2008 2008 2007 2007 2007 2007 Flexibles and Films Global 535.3 513.9 526.7 542.9 547.7 528.0 513.9 Rigid Europe 381.1 378.2 399.9 407.6 494.0 502.9 494.4 Molded Fiber Europe 120.4 121.8 121.5 119.1 118.7 116.4 116.1 Rigid and Molded Fiber Americas 431.5 403.3 413.1 417.1 456.9 478.6 474.2 Rigid and Molded Fiber AOA 180.9 189.5 188.0 201.3 204.5 209.3 197.1
6) Net assets include the following balance sheet items: intangible and tangible assets, other non-current assets, inventories, trade and other current receivables (excluding accrued interest income), other non-current liabilities and trade and other current liabilities (excluding accrued interest expense).
Flexibles and Films 4.3% 5.1% 5.7% 7.2% 10.2% 11.1% 11.5% Global Rigid Europe -17.6% -16.3% -14.6% -14.2% -1.3% -3.5% -2.8% Molded Fiber Europe 9.5% 9.4% 9.3% 9.0% 8.9% 9.6% 10.2% Rigid and Molded Fiber Americas 7.4% 7.5% 8.0% 9.5% 13.3% 13.5% 13.6% Rigid and Molded Fiber AOA -0.7% -0.3% 1.5% 3.2% 5.8% 6.6% 6.6%
Operating Cash Flow Q3 Q2 Q1 Q1-Q3 Q4 * Q3 * Q2 * Q1 * Q1-Q4 * EUR million 2008 2008 2008 2008 2007 2007 2007 2007 2007 Flexibles and Films Global -2.9 14.3 7.2 18.6 7.2 -18.9 9.6 -4.0 -6.1 Rigid Europe 1.6 30.2 1.1 32.9 17.2 16.2 -7.7 -7.7 18.0 Molded Fiber 1.8 3.9 1.6 7.3 5.1 1.5 4.0 1.2 11.8 Europe Rigid and Molded Fiber Americas 8.6 27.5 -2.5 33.6 25.6 21.9 9.7 -3.2 54.0 Rigid and Molded Fiber AOA 5.2 4.7 3.8 13.7 -0.8 0.5 -3.1 -5.8 -9.2 *) In 2007 operating cashflow calculations the FX translation has been changed.
As net sales and EBIT of reportable segments form Groups' total net sales and EBIT, reconciliations to corresponding amounts are not presented.
Other information Q1-Q3 Q1-Q3 Q1-Q4 EUR million 2008 2007 2007 Equity per share (EUR) 7.59 8.48 7.70 ROE, % (12m roll.) -6.5 8.7 -2.4 ROI, % (12m roll.) -0.2 7.8 1.8 Personnel 14,794 14,963 15,092 Result before taxes (12m roll.) -50.5 87.2 -14.0
Depreciation 66.9 69.6 92.9 Amortization of other intangible assets 5.6 4.4 6.0
Share capital and shareholders At the end of the reporting period, the Company's registered share capital was EUR 358,657,670.00 (unchanged) corresponding to a total number of outstanding shares of 105,487,550 (unchanged) including 5,061,089 (unchanged) Company's own shares. The Company's own shares had the total accountable par value of EUR 17,207,702.60, representing 4.8% of the total number of shares and voting rights. The amount of outstanding shares net of Company's own shares was 100,426,461 (unchanged).
There were 21,819 (21,273) registered shareholders at the end of September 2008. Foreign ownership including nominee registered shares accounted for 27.1% (26.9%).
Share developments The Company's share is quoted on the NASDAQ OMX Helsinki Ltd on the Nordic Mid Cap list under the Materials sector. At the end of September 2008, the Company's market capitalization was EUR 589.7 million (EUR 1,125.6 million) and EUR 561.4 million (EUR 1,071.5 million) excluding Company's own shares. With a closing price of EUR 5.59 (EUR 10.67) the share price decreased by 31% (-28%) from the beginning of the year, while the OMX Helsinki CAP PI Index decreased by 35% (+15%). In January-September 2008, the volume weighted average price for the Company's share was EUR 6.75 (EUR 12.40). The highest price paid was EUR 8.36 on January 2, 2008 and the lowest price paid was EUR 4.83 on July 15, 2008.
During the reporting period the cumulative value of the Company's share turnover was EUR 574.2 million (EUR 1,083.2 million). The trading volume of 84.8 million (87.7 million) shares equaled an average daily turnover of EUR 3.0 million (EUR 5.7 million) or, correspondingly 444,106 (464,239) shares. In total, turnover of the Company's 2003 A, B and C option rights was EUR 460,356, corresponding to a trading volume of 486,257.
Earnings per share = Result before taxes - minority interest - taxes / Average number of shares outstanding
Earnings per share (diluted) = Diluted result before taxes - minority interest - taxes / Average fully diluted number of shares outstanding
Net debt to equity (gearing) = Interest bearing net debt / Equity + minority interest (average)
RONA, % = 100 x Earnings before interest and taxes (12 m roll.) / Net assets (12 m roll.)
Operating cash flow = Ebit + depreciation and amortization (including impairment) - capital expenditures + disposals +/- change in inventories, trade receivables and trade payables
Shareholders' equity per share = Equity / Issue-adjusted number of shares at period end
Return on equity (ROE) = 100 x (Result for the period ) (12 m roll.) / Equity + minority interest (average)
Return on investment (ROI) = 100 x (Result before taxes + interest expenses + net other financial expenses) (12 m roll.) / Balance sheet total - Interest-free liabilities (average)
This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
