SRV GROUP PLC INTERIM REPORT 13 May 2008, 8.30 a.m. EET
SRV GROUP INTERIM REPORT 1 January-31 March 2008
GROWTH IN REVENUE AND ORDER BACKLOG
- SRV's revenue grew by 20.7 per cent to EUR 146.4 million (EUR 121.4 million in
January-March 2007)
- Operating profit grew by 150.1 per cent to EUR 8.9 million (EUR 3.6 million)
- The order backlog at the close of the review period was EUR 451.3 million (EUR
507.0 million)
- The equity ratio was 52.1 per cent (33.2%)
- Earnings per share grew by 116.9 per cent and were EUR 0.16 (EUR 0.07)
- Net profit for the review period January-March 2008 was EUR 5.9 million (EUR
1.3 million)
The quarterly report has been prepared in accordance IAS 34. The disclosed
information is unaudited.
“Positive development of SRV's revenue and operations has continued. The profit
margin in the order backlog has improved. According to our strategy we have
continued to develop our international business and acquired two new significant
development projects, including land areas, in St Petersburg. Even though the
growth prospects in the Finnish national economy have weakened, the outlook for
SRV Business Premises is favourable. The demand for housing has declined and
focusing on units that are close to completion will weaken the profit forecast
for the Housing business area. The demand for housing construction will,
however, continue in the growth centres and will provide a solid base for growth
for SRV in the long term. The company's strong balance sheet and good solvency
give a chance to utilise SRV's innovative property development know-how in years
to come. In 2008, the group's revenue is expected to grow and the operating
profit to surpass clearly the previous year's level”, estimates Eero Heliövaara,
president and CEO of SRV.
In the review period, the SRV Group's revenue grew by 20.7 per cent to EUR 146.4
million (EUR 121.4 million in January-March 2007). The share of revenue coming
from Finland was 89 per cent (90%), whereas 11 per cent (10%) came from Russia
and the Baltic countries.
Revenue in the Business Premises business area grew to EUR 104.8 million (EUR
69.4 million). Revenue in the Housing business area declined to EUR 26.0 million
(EUR 40.1 million). Revenue in the International business area grew to EUR 15.7
million (EUR 11.9 million).
SRV's operating profit was EUR 8.9 million (EUR 3.6 million) and net profit for
the review period EUR 5.9 million (EUR 1.3 million). The operating profit margin
was 6.1 per cent (2.9%). Operating profit grew both in the Business Premises and
International business areas. The operating profit in Business Premises grew to
EUR 8.2 million (EUR 2.9 million). The operating profit in the International
business area grew to EUR 1.2 million (a loss of EUR 0.9 million). Operating
profit in the Housing business area declined to EUR 0.4 million (EUR 2.0
million) as the selling of residences slowed down.
The order backlog was EUR 451.3 million (EUR 507.0 million on 31 March 2007). At
the end of 2007 the order backlog was EUR 528.7 million.
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| SRV Group key figures | IFRS | IFRS | change, | change, | IFRS |
| | | | | | |
--------------------------------------------------------------------------------
| (EUR million) | Jan-Mar | Jan-Mar | MEUR | % | 2007 |
| | 2008 | 2007 | | | |
--------------------------------------------------------------------------------
| Revenue | 146.4 | 121.4 | 25.1 | 20.7 | 561.4 |
--------------------------------------------------------------------------------
| Operating profit | 8.9 | 3.6 | 5.4 | 150.1 | 15.1 |
--------------------------------------------------------------------------------
| Profit before taxes | 8.3 | 3.0 | 5.3 | 176.1 | 11.5 |
--------------------------------------------------------------------------------
| Net profit for the | 5.9 | 1.3 | 4.6 | 357.3 | 7.6 |
| period | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Order backlog | 451.3 | 507.0 | -55.7 | -11.0 | 528.7 |
--------------------------------------------------------------------------------
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| Operating profit, % | 6.1 | 2.9 | | | 2.7 |
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| Profit before taxes, % | 5.7 | 2.5 | | | 2.1 |
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| Net profit, % | 4.0 | 1.1 | | | 1.4 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity ratio, % | 52.1 | 33.2 | | | 55.4 |
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| Return on investment, % | 16.7 | 11.7 | | | 9.7 |
| 1) | | | | | |
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| Return on equity, % 1) | 14.6 | 8.2 | | | 6.9 |
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| Earnings per share, EUR | 0.16 | 0.07 | | 116.9 | 0.22 |
| 2) | | | | | |
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| 1) In calculating the key ratio only the profit for the period has been |
| annualised. |
| 2) Key figures per share have been adjusted to reflect the increase in the |
| number of shares, which came into effect on 11 April 2007 (split), the |
| rights issue on 11 June 2007 and the rights issue and cancellation of |
| treasury shares in connection with the merger of the SRV Henkilöstö Oy on 28 |
| September 2007. |
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Outlook for construction
Growth in the world economy is expected to slacken as a result of the slowdown
in the United States.<} Strong demand in Asia, Europe's moderately good business
outlook and a growing Russian economy will nevertheless also maintain the growth
of the Finnish economy at a fairly good level. {The increased uncertainties
surrounding the economy make it difficult to assess the business climate going
forward.<
The Finnish economy grew at an annual rate of 4.4 per cent in 2007. Economic
growth in 2008 is expected to stay in around three per cent. The economic trend
in construction is expected to hold up in 2008, though the pace of growth will
slow down. The credit crunch that has hit the USA will add to uncertainty in the
markets.
Selling times of residencies have lengthened in Finland, but according to the
barometer of the Statistics Finland, the inclination to buy dwellings has not
declined. In 2007, the construction of 30,500 new dwellings was started, which
is 3,500 less than in 2006. This year the number of construction start-ups of
new dwellings is expected to be smaller than in 2006. The decline focuses on
single-family and semi-detached housing, demand and production of apartment
houses is expected to remain on the present level. The long-term forecasts
predict the demand of new dwellings to remain at roughly 30,000 units until
2020.
Construction of business premises is expected to remain present level this year.
The reasonably good business climate in conjunction with completion of the
Vuosaari harbour will underpin brisk logistics and construction of storage
facilities in the Helsinki Metropolitan Area.
The cost level in construction has clearly risen more than the cost level in
general since 2003. According to Statistics Finland construction costs rose 5.4
per cent from March 2007 to March 2008. In 2007 the rise was 5.6 per cent.
Availability of subcontractors and materials has shown a favourable development.
Following several years of growth, the Estonian economy is slackening. This has
hit the construction industry in particular. Construction companies had 2,300
unsold new residential units in Tallinn at the end of the review period, and a
number of large construction projects were put to halt or delayed. The Estonian
long term economic development is estimated to be good. A decline in domestic
demand has lowered the Latvian growth figures. Due to a brisk rise in recent
years and a small market, the forecasts of economic growth in the Baltic
countries as a whole involve elements of uncertainty.
In 2007, Russia's economy grew at a rate of 8.1 per cent and a growth of 7.6 per
cent is predicted for 2008. Last year construction in Russia grew by 18 per cent
and the growth is expected to remain on a good level. The rise in the level of
costs and a shortage of skilled personnel nonetheless pose challenges for
operations. Demand for both business premises and housing is estimated to remain
a high level.
Key figures for the business area
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| Revenue | IFRS | IFRS | change, | change, | IFRS |
--------------------------------------------------------------------------------
| (EUR million) | Jan-Mar | Jan-Mar | MEUR | % | 2007 |
| | 2008 | 2007 | | | |
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| Business Premises | 104.8 | 69.4 | 35.4 | 51.0 | 345.4 |
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| Housing | 26.0 | 40.1 | -14.1 | -35.2 | 163.1 |
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| International | 15.7 | 11.9 | 3.8 | 32.2 | 53.2 |
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| Other Operations | 2.9 | 1.9 | 1.0 | 50.4 | 11.2 |
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| Eliminations | -2.9 | -1.9 | -1.0 | | -11.4 |
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| Group, total | 146.4 | 121.4 | 25.1 | 20.7 | 561.4 |
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| Operating profit | IFRS | IFRS | change, | change, | IFRS |
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| (EUR million) | Jan-Mar | Jan-Mar | MEUR | % | 2007 |
| | 2008 | 2007 | | | |
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| Business Premises | 8.2 | 2.9 | 5.3 | 182.0 | 18.0 |
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| Housing | 0.4 | 2.0 | -1.5 | -78.7 | 10.7 |
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| International | 1.2 | -0.9 | 2.2 | | -10.2 |
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| Other Operations | -0.9 | -0.4 | -0.5 | | -3.1 |
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| Eliminations | 0.0 | 0.0 | 0.0 | 126.1 | -0.4 |
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| Group, total | 8.9 | 3.6 | 5.4 | 150.1 | 15.1 |
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| Order backlog at the | IFRS | IFRS | change, | change, | IFRS |
| end of period | | | | | |
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| (EUR million) | Jan-Mar | Jan-Mar | MEUR | % | 2007 |
| | 2008 | 2007 | | | |
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| Business Premises | 235.2 | 326.0 | -90.8 | -27.9 | 302.8 |
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| Housing | 182.4 | 143.0 | 39.4 | 27.5 | 174.6 |
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| International | 33.7 | 38.0 | -4.3 | -11.3 | 51.3 |
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| Group, total | 451.3 | 507.0 | -55.7 | -11.0 | 528.7 |
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Earnings trends of the operating business areas
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| Business Premises | IFRS | IFRS | change, | change, | IFRS |
--------------------------------------------------------------------------------
| (EUR million) | Jan-Mar | Jan-Mar | MEUR | % | 2007 |
| | 2008 | 2007 | | | |
--------------------------------------------------------------------------------
| Revenue | 104.8 | 69.4 | 35.4 | 51.0 | 345.4
|
--------------------------------------------------------------------------------
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| Operating profit | 8.2 | 2.9 | 5.3 | 182.0 | 18.0 |
--------------------------------------------------------------------------------
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| Order backlog at end of | 235.2 | 326.0 | -90.8 | -27.9 | 302.8 |
| period | | | | | |
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The Business Premises business area comprises SRV Toimitilat Oy's commercial,
business, logistics and rock construction operations and property development.
Revenue in the Business Premises business area grew by 51.0 per cent amounting
to EUR 104.8 million (EUR 64.9 million). Operating profit was EUR 8.2 million
(EUR 2.9 million). The order backlog was EUR 235.2 million (EUR 326.0 million).
Among the projects completed in the financial period were new head quarters for
Neste Oil in the Keilaniemi district in Espoo, the first phase of the TRIO
shopping centre in Lahti, commercial and production premises for the Etola Group
in Kings Gate in Porvoo as well as alteration and extension works for Rolac in
Espoo.
In early 2007 the second phase of TRIO in Lahti and the preconstruction of L&T
in Kerca were started. Senate Properties chose SRV as the project management
contractor in the construction and renovation of Svenska Social & Kommunal
Högskolan of the University of Helsinki. The project will be included in the
order backlog of the second quarter of 2008.
The Keravanportti property was sold to the real-estate investment trust REFF I
Kv, which is managed by Pohjola Kiinteistösijoitus Oy, a property investment
company. SRV is constructing two retail buildings in Keravanportti.
Helsinki Court of Appeal announced on 6 March 2008 its decision on the dispute
between SRV Business Premises Ltd and F-Secure Corporation. The dispute was
about interior works done during the construction and whether they are covered
by the original rental agreement. The Court of Appeal did not revise the
decision by Helsinki District Court, which stated that the construction work is
not covered by the original rental agreement. According to the Court's decision,
F-Secure was sentenced to pay the additional work costs, and the costs of the
trial plus interest. The financial impact pursuant to the decision on SRV's
operating profit is about EUR 0.7 million and about EUR 1.2 million on profit
before taxes. F-Secure has appealed permission for appeal.
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| Housing | IFRS | IFRS | change, | change, | IFRS |
--------------------------------------------------------------------------------
| (EUR million) | Jan-Mar | Jan-Mar | MEUR | % | 2007 |
| | 2008 | 2007 | | | |
--------------------------------------------------------------------------------
| Revenue | 26.0 | 40.1 | -14.1 | -35.2 | 163.1 |
--------------------------------------------------------------------------------
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| Operating profit | 0.4 | 2.0 | -1.5 | -78.7 | 10.7 |
--------------------------------------------------------------------------------
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| Order backlog at end of | 182.4 | 143.0 | 39.4 | 27.5 | 174.6 |
| period | | | | | |
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The Housing business area comprises housing construction in the Helsinki
Metropolitan Area and the neighbouring municipalities as well as the operations
of the regional subsidiaries. The regional subsidiaries are engaged in housing,
commercial, business premises and logistics construction projects.
Revenue in the Housing business area amounted to EUR 26.0 million (EUR 40.1
million) and operating profit was EUR 0.4 million (EUR 2.0 million). The decline
in both revenue and operating profit was attributable to slower sales than
earlier and later decision making. Revenue from the major sites which were
started in late 2007, will be recorded as the construction and sales progress.
The order backlog was EUR 182.4 million (EUR 143.0 million).
During the review period contracts with external clients worth EUR 27.6 million
were concluded. Of these, the most important were a 58 unit apartment house for
HOAS (Foundation for Student Housing in the Helsinki Region) in Viikki, the
renovation of a 62 unit apartment house for KY Kiinteistö Oy in Töölö district
in Helsinki and the renovation of the Jyväskylä ice stadium. A total of 33 (103)
developer contracting housing units were sold during the review period. At the
end of the period, 298 (613) residential units were under construction. There
were 105 (18) completed but unsold residential units. A total of 125 (81)
residential units were completed during the review period.
Major projects under construction included the Helsingin Oscar condominium,
where 65 units will be completed, Vallikallion Helmi in Espoo (67 units) and
Ulriikanhuippu in Vantaa (46 units), which will be realised jointly with
Asuntosäätiö (Housing Foundation).
SRV continued its participation in the 24Living development project, which is
being partly funded by TEKES (the Finnish Funding Agency for Technology and
Innovation). Started in 2006, the 3-year project is headed by the University of
Art and Design in Helsinki, in cooperation with Finpro, the Massachusetts
Institute of Technology (MIT) and TEKES, with a number of Finnish companies also
participating.
Start of new developer contracting housing projects will be adjusted to the
market situation.
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| International | IFRS | IFRS | change, | change, | IFRS |
| Operations | | | | | |
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| (EUR million) | Jan-Mar | Jan-Mar | MEUR | % | 2007 |
| | 2008 | 2007 | | | |
--------------------------------------------------------------------------------
| Revenue | 15.7 | 11.9 | 3.8 | 32.2 | 53.2 |
--------------------------------------------------------------------------------
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| Operating profit | 1.2 | -0.9 | 2.2 | | -10.2 |
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| Order backlog at end of | 33.7 | 38.0 | -4.3 | -11.3 | 51.3 |
| period | | | | | |
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International Operations comprises the business activities of the SRV
International subgroup in Russia and the Baltic countries.
International Operations increased its revenue by 32.2 per cent to EUR 15.7
million (EUR 11.9 million). Operating profit was EUR 1.2 million (a loss of EUR
0.9 million). The order backlog was EUR 33.7 million (EUR 38.0 million).
Russia
SRV continued the renovation of the Pulkovskaya and Pribaltiskaya hotels
operated by the Rezidor Group in St Petersburg. The Etmia II office and parking
facility in the heart of Moscow is estimated to be completed by the end of 2008.
SRV's role in the project is as a co-owner with a 50 per cent stake and
responsibility for acting as the project management contractor. The glass fibre
plant for Ahlström was completed during the review period.
Construction of the Papula residential area in the city of Vyborg continued. In
the first phase, 38 units are to be built, and they are estimated to reach
completion by the end of 2008. Six of the project's units have been sold.
On 11 February 2008, SRV acquired a 32 per cent share in the Russian enterprise
OOO ”Olgino-4”, which will buy a land plot of 24.9 hectares located north of St
Petersburg, in close vicinity of the Ring Road. SRV will raise its ownership in
the enterprise aiming at majority stockholding by summer 2008. Over 100,000
square metres of logistics facilities will be built on the site in several
stages during the next few years. SRV intends to commence construction works of
the first stage by the end of 2008.
In the review period SRV continued the design, the preparations for construction
and the search for tenants of the shopping centre project developed by SRV that
will be realised in the Moscow area. The ensemble will have about 100,000 square
metres of floor area. The schedule will be determined when the building permit
and implementation prerequisites are valid. SRV is involved in the project also
an owner, with a 25 per cent stake. SRV has invested around EUR 4.5 million in
the project.
SRV has concluded a contract with the International Banking Institute (IBI), St
Petersburg, and a local partner concerning the development of an 8.5 hectare
land area in St Petersburg. SRV develops, together with IBI, zoning for the
area. The plans include construction of office and retail space, as well as
hotel, restaurant and entertainment premises. Moreover, facilities will be built
for the IBI university. The aim is to start the construction works during 2009.
SRV has established a development company OOO IBI Invest to implement the
project and acquired a land area to its possession. SRV has invested about EUR
30 million on land and properties on 31 March 2008. SRV's total investment on
acquisitions will be EUR 60 million. SRV's ownership is estimated to be 77.5 per
cent of the project, when IBI Invest has acquired all the land areas included in
the cooperation contract. SRV's partner and the future minority share holder is
the main owner and chairman of the board of NPO Znamia Truda company from St.
Petersburg, Mr. Boris Kholmyansky through the companies that he owns.
SRV is developing property fund cooperation with a local banking partner, which
would focus on development of business premises and on financing construction in
Russia. The investors would be, in 50/50 shares, a group of international
investors together with SRV and a local partner, who would also administer the
fund. Should the plan be materialised, SRV plans to make a fund investment of
around EUR 20 million.
SRV's aim is to sell the Ekaterinburg hotel project during 2008.
Baltic countries
A partnership project with Facio Ehitus continued in Tartu, Estonia. SRV owns a
plot for 7 high-rise apartment buildings, on one of which (42 units)
construction was started in the summer 2007. No new developer contracting
projects were started. No residential units were sold during the period (13) and
all in all, 46 (7) were up for sale at the end of the period, 5 of which were in
already-completed projects (3).
In Estonia, the sale of the logistics centre that had been leased to Oriola KD
in Estonia was completed on 15 January 2008. Revenue of EUR 5 million was
recorded on the sale. Construction of a vehicle dealership for Inchcape Motors
continued and design work for enlarging the Mercantile logistics centre is in
progress.
In Latvia, the HRX logistics centre was handed over to the client.
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| Other Operations | IFRS | IFRS | change, | change, | IFRS |
--------------------------------------------------------------------------------
| (EUR million) | Jan-Mar | Jan-Mar | MEUR | % | 2007 |
| | 2008 | 2007 | | | |
--------------------------------------------------------------------------------
| Revenue | 2.9 | 1.9 | 1.0 | 50.4 | 11.2 |
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| Operating profit | -0.9 | -0.4 | -0.5 | | -3.1 |
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Other Operations comprise mainly the SRV Group Plc and SRV Kalusto Oy
businesses.
Financing and financial position
The Group's interest-bearing liabilities were EUR 95.7 million at 31 March 2008
(EUR 69.2 million). Net financial expenses were EUR 0.6 million (EUR 0.6
million). The Group's liquid assets at the end of the review period amounted to
EUR 19.6 million (EUR 16.7 million).
The return on investment was 16.7 per cent (11.7%) and the return on equity 14.6
per cent (8.2%). The equity ratio was 52.1 per cent (33.2%).
Investments
The Group's investments totalled EUR 0.7 million (EUR 0.7 million) and consisted
mainly of spending on machinery and equipment.
Unbuilt land areas, land acquisition commitments and land development agreements
--------------------------------------------------------------------------------
| Land reserve | Business | Housing | International | Total |
| 31 | Operations | | Operations | |
| March 2008 | | | | |
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| Unbuilt land areas and land acquisition commitments |
--------------------------------------------------------------------------------
| Building rights*, | 124,000 | 211,000 | 759,000 | 1,094,000 |
| m2 | | | | |
--------------------------------------------------------------------------------
| Capital invested | 23 | 45 | 95 | 163 |
| incl. | | | | |
| commitments, EUR | | | | |
| million | | | | |
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| Land development | | | | |
| agreements | | | | |
--------------------------------------------------------------------------------
| Building rights*, | 421,000 | 233,000 | 100,000 | 754,000 |
| m2 | | | | |
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| * Building rights include also the estimated building rights/construction |
| volume of unzoned land reserves and land areas covered by agreements |
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In January, SRV signed a preliminary property purchase agreement for the old
Government Building designed by Alvar Aalto, and the adjacent plot, on which a
new building of 12,000 floor square metres is being developed. The listed
Government Building will partly be returned to its original use.
On 14 January 2008, Espoo City Board accepted SRV's planning reservation
application for housing towers above the Karhusaarentie road. The plan includes
four 27-28 storey houses and an underground carpark on four levels. According to
initial plans, the area includes about 50,000 square meters of residential
building volume, and the total number of apartments would be around 370. The
project would be connected with the implementation of the Keilaniemi metro
station. The Karhusaarentie road is designed to be covered with a deck, which
would connect the area to be a part of Tapiola adding the supply of high quality
housing in Tapiola.
In St Petersburg the targeted minimum building volume for the land area to be
developed together with a local partner is 400,000 square metres after the land
acquisition defined in the cooperation agreement has been completed. SRV has
invested around EUR 30 million in land acquisition on 31 March 2008. SRV's total
investment for the land acquisition will be around EUR 60 million.
On 11 February 2008, SRV acquired a 32 per cent share in the Russian enterprise
OOO ”Olgino-4”, which will buy a land plot of 24.9 hectares located north of St
Petersburg, in close vicinity of the Ring Road. Over 100,000 square metres of
logistics facilities will be built on the site in several stages during the next
few years.
New names for SRV's subsidiaries as part of renewed brand
As part of SRV's renewed brand the company changed the names of its
subsidiaries. The name of SRV Viitoset, which specialises in business premises,
was changed to SRV Business Premises Ltd as of 1 March 2008. The name of SRV
Westerlund, which operates in residential construction, was changed to SRV
Housing Ltd. The renewed brand will bring the Group's business areas more
clearly under one SRV brand.
Changes in Group management
Director Veli-Matti Kullas, who is in charge of SRV's operations in Russia, was
nominated member of SRV's Corporate Executive Team on 12 February 2008.
Personnel
SRV had an average payroll of 779 (704) employees, of whom 575 (494) were
white-collar. The parent company had an average staff of 61 (62) white-collar
employees. At the close of the review period, the Group had 795 (701) employees,
of whom 63 (54) were employed by the parent company. An average of 11 per cent
(8.2%) of the employees works at subsidiaries abroad.
SRV is developing its cooperation with universities and colleges as part of its
effort to cover staffing needs for recruitment and the holiday seasons. At the
end of the review period, SRV had a total of 38 trainees working for the Group's
operations in Finland.
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| Personnel by business area | 31 March | 31 Dec 2007 | Share of Group |
| | 2008 | | personnel, 31 |
| | | | March 2008, % |
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| Business Premises | 299 | 295 | 37.6 |
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| Housing | 277 | 257 | 34.8 |
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| International | 127 | 114 | 16.0 |
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| Other Operations | 92 | 86 | 11.6 |
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| Group, total | 795 | 752 | 100.0 |
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On 11 February 2008, the Board of Directors of SRV Group Plc approved a new
share-based incentive plan for the Group's key personnel. The Plan includes
three earning periods - the calendar years 2008, 2009 and 2010. The potential
reward from the Plan for the earning period 2008 will be based on the Group's
profit before taxes.
The potential reward from the earning period 2008 will be paid in 2009, partly
as Company shares and partly in cash. The proportion to be paid in cash will
cover taxes and tax-related costs arising from the reward. It is prohibited to
transfer the shares during the two year restriction period. If a key person's
employment or service ends during a restriction period, he/she must return the
shares given as reward to the Company without compensation.
The Plan is directed at approximately 60 people during the earning period 2008.
The rewards to be paid for the earning period 2008 correspond to the approximate
value of a total maximum of 450,000 SRV Group Plc shares (also including the
proportion to be paid in cash).
Risks, risk management and corporate governance
General economic trends and changes in customers' operating environments have an
immediate effect on the construction and property markets. A change in the
general interest level has a direct impact on both SRV's actual cash flow from
operating activities and financing costs.
SRV's revenue is generated by construction projects, and the company's result
depends on the profitability of individual projects as well as their progress.
The recognition date of the developer contracting projects also depends on the
percentage of sold premises in projects. Construction is subject to significant
risks relating to subcontracting and deliveries, and their control underlines
the need for long-term planning. The project management contracting model
requires skilled and competent personnel. Warranty and liability obligations
related to construction can span up to ten years.
The financial risks related to the SRV Group's business are interest rate,
foreign exchange, liquidity and counterparty risks, which have been presented in
the Notes to the 2007 Financial Statements.
The Group's risk management is carried out in line with the Group's operations
system and control is exercised in accordance with the Group strategy approved
by the Board of Directors of the Group's parent company. The Group's president
and CEO has overall responsibility for risk management. SRV also makes every
effort to cover operational risks by means of insurance and contractual terms. A
more detailed account of SRV's risks, risk management and corporate governance
policies has been disclosed in the 2007 Annual Report and Financial Statements.
SRV estimates that no essential changes have occurred in company's risks.
Corporate governance and resolutions of general meetings
The Annual General Meeting was held on 14 April 2008. The AGM adopted the
financial statements for 2007 and granted release from liability to the members
of the Board of Directors and the president and CEO. A dividend of EUR 0.12 per
share was declared.
Mr Ilpo Kokkila was elected chairman of the Board of Directors and Mr Jukka
Hienonen, Mr Lasse Kurkilahti, Mr Matti Mustaniemi and Mr Markku Sarkamies were
elected to seats on the Board. In its organisational meeting on 14 April 2008
the Board of Directors elected Lasse Kurkilahti vice chairman of the Board.
Matti Mustaniemi was elected chairman and Markku Sarkamies member of the Audit
Committee. Ilpo Kokkila was elected chairman and Jukka Hienonen and Lasse
Kurkilahti members of the Nomination and Remuneration Committee
Mr Jarmo Lohi, Authorised Public Accountant, was elected as the company's
auditor, and the firm of public accountants Ernst & Young Oy was elected deputy
auditor, with Mr Mikko Rytilahti, Authorised Public Accountant, acting as
principal auditor.
The Annual General Meeting authorised the Board of Directors to resolve on the
acquisition of the company's own shares (treasury shares). The authorisation is
in force for 18 months from the decision of the Meeting. The Annual General
Meeting authorised the Board of Directors to resolve on the transfer of treasury
shares against payment or without consideration. The authorisation is in force
for 18 months from the decision of the Meeting.
Shares and shareholders
SRV Group Plc's share capital is EUR 3,062,520. The share has no nominal value
and the number of shares outstanding is 36,696,615. The company has one class of
shares. SRV's shares were admitted to public trading on the OMX Nordic Exchange
Helsinki Pre List on 12 June 2007 and on the Main List on 15 June 2007. SRV had
a total of 6,104 shareholders at 31 March 2008. The closing rate at the end of
the review period was EUR 5.55 (5.02 on 31 December 2007). The highest share
price in the review period was EUR 6.60 and the lowest was EUR 4.67. The change
in the all-share index of the Helsinki Stock Exchange (OMX Helsinki) during the
same period was 16.18 per cent negative and the OMX Industrial and Services
index 3.91 per cent negative.
At the end of the review period, the company had a market capitalisation of EUR
203.7 million. About 5.1 million shares were traded on the Helsinki Stock
Exchange in the review period and the trade volume was EUR 27.7 million.
Treasury shares
At the end of the review period, SRV Group Plc's subsidiary SRV Kalusto Oy had
71,853 of SRV Group Plc's shares, which equals 0.2 per cent of company's shares.
The shares were acquired according to conditions of the merger plan of SRV Group
Plc and SRV Henkilöstö Oy
Financial targets
In the medium term SRV aims to achieve an annual average growth of approximately
15 per cent in Group revenue and an annual average growth of 30 percent in
revenue in International Operations. SRV aims to increase the level of operating
profit and, in the medium to long term, to achieve an operating margin of 8 per
cent. Also, the company aims to maintain an equity ratio of 30 per cent.
Events after the balance sheet date
In April, SRV submitted a EUR 90.5 million tender for the construction of the
Helsinki Music Centre based on the study agreed on by SRV and the real estate
company Helsingin Musiikkitalo. SRV estimates that the decision concerning the
construction could be done and the contract agreements be signed by the end of
May. According to the schedule, the Music Centre would be completed at the end
of April 2011.
Acquisition of land areas and properties has been continued according to the
plans, and SRV has used a total of around EUR 50 million for the acquisitions by
the end of April.
Outlook for 2008
Construction of business premises is estimated to remain on present level this
year. Selling times of residencies have lengthened in Finland and the demand is
estimated to focus on projects that are close to completion. Russia's strong
economic growth is set to support the development of the International
Operations.
The level of the order backlog provides a favourable basis for a good trend in
revenue and earnings in 2008. The Group will seek to sell the Park Inn hotel
located in Ekaterinburg during 2008.
Revenue in 2008 is expected to increase on the previous year. Operating profit
in 2008 is anticipated to exceed operating profit in 2007 by a substantial
margin.
Espoo, 12 May 2008
SRV Group Plc
Board of Directors
All forward-looking statements in this review are based on the management's
current expectations and beliefs about future events, and actual results may
differ materially from the expectations and beliefs such statements contain.
For further information, please contact:
Eero Heliövaara, president and CEO, tel. +358 (0)20 1455 202
Hannu Linnoinen, CFO, +358 (201) 455 990, +358 (50) 523 5850
Jussi Ollila, SVP, Communications, +358 (201) 455 275, +358 (50) 372 5229
Distribution:
OMX Nordic Exchange Helsinki
Principal media
www.srv.fi
Key figures:
--------------------------------------------------------------------------------
| | | 1-3/20 | 1-3/20 | 2007 | 2006 |
| | | 08 | 07 | | |
--------------------------------------------------------------------------------
| | | IFRS | IFRS | IFRS | IFRS |
--------------------------------------------------------------------------------
| Revenue | EUR | 146.4 | 121.4 | 561.4 | 479.5 |
| | million | | | | |
--------------------------------------------------------------------------------
| Operating profit | EUR | 8.9 | 3.6 | 15.1 | 24.6 |
| | million | | | | |
--------------------------------------------------------------------------------
| Operating profit, % of | % | 6.1 | 2.9 | 2.7 | 5.1 |
| revenue | | | | | |
--------------------------------------------------------------------------------
| Profit before extraordinary | EUR | 8.3 | 3.0 | 11.5 | 20.7 |
| items | million | | | | |
--------------------------------------------------------------------------------
| Profit before extraordinary | % | 5.7 | 2.5 | 2.1 | 4.3 |
| items, % of revenue | | | | | |
--------------------------------------------------------------------------------
| Profit before taxes | EUR | 8.3 | 3.0 | 11.5 | 20.7 |
| | million | | | | |
--------------------------------------------------------------------------------
| Profit before taxes, % of | % | 5.7 | 2.5 | 2.1 | 4.3 |
| revenue | | | | | |
--------------------------------------------------------------------------------
| Net profit for the financial | EUR | 5.8 | 1.9 | 7.2 | 14.5 |
| year attributable to equity | million | | | | |
| holders of the parent company | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Return on equity 1 | % | 14.6 | 8.2 | 6.9 | 27.3 |
--------------------------------------------------------------------------------
| Return on investment 1 | % | 16.7 | 11.7 | 9.7 | 15.9 |
--------------------------------------------------------------------------------
| Equity ratio | % | 52.1 | 33.2 | 55.4 | 31.7 |
--------------------------------------------------------------------------------
| Property, plant and equipment | EUR | 0.7 | 0.7 | 5.4 | 3.3 |
| investments | million | | | | |
--------------------------------------------------------------------------------
| Property, plant and equipment | % | 0.5 | 0.6 | 1.0 | 0.7 |
| investments, % of revenue | | | | | |
--------------------------------------------------------------------------------
| Order backlog | EUR | 451.3 | 507.0 | 528.7 | 453.7 |
| | million | | | | |
--------------------------------------------------------------------------------
| Personnel on average | | 779 | 704 | 761 | 668 |
--------------------------------------------------------------------------------
| Invested capital | EUR | 259.8 | 132.6 | 222.9 | 141.7 |
| | million | | | | |
--------------------------------------------------------------------------------
| Net interest-bearing debt | EUR | 76.1 | 52.5 | 43.2 | 64.6 |
| | million | | | | |
--------------------------------------------------------------------------------
| Gearing ratio | % | 46.3 | 82.9 | 27.3 | 103.9 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share, share | EUR | 0.16 | 0.07 | 0.22 | 0.56 |
| issue adjusted 2 | | | | | |
--------------------------------------------------------------------------------
| Equity per share, share issue | EUR | 4.38 | 2.29 | 4.22 | 2.22 |
| adjusted 2 | | | | | |
--------------------------------------------------------------------------------
| Dividend per share, share | EUR | - | - | 0.12 | 0.12 |
| issue adjusted | | | | | |
--------------------------------------------------------------------------------
| Dividend payout ratio | % | - | - | 54.6 | 21.4 |
--------------------------------------------------------------------------------
| Dividend yield | % | - | - | 2.4 | - |
--------------------------------------------------------------------------------
| Price per earnings ratio | | - | - | 22.8 | - |
--------------------------------------------------------------------------------
| Share price development | | | | | |
--------------------------------------------------------------------------------
| Share price at the end of the | EUR | 5.55 | - | 5.02 | - |
| period | | | | | |
--------------------------------------------------------------------------------
| Average share price | EUR | 5.55 | - | 8.40 | |
--------------------------------------------------------------------------------
| Lowest share price | EUR | 4.67 | - | 4.72 | - |
--------------------------------------------------------------------------------
| Highest share price | EUR | 6.60 | - | 10.79 | - |
--------------------------------------------------------------------------------
| Market capitalisation at the | EUR | 203.67 | - | 184.60 | - |
| end of the period | million | | | | |
--------------------------------------------------------------------------------
| Trading volume | 1,000 | 5,078 | - | 22,514 | - |
--------------------------------------------------------------------------------
| Trading volume | % | 13.8 | - | 68.8 | - |
--------------------------------------------------------------------------------
| Weighted average number of | 1,000 | 36,718 | 26,064 | 32,703 | 26,064 |
| shares outstanding | | | | | |
--------------------------------------------------------------------------------
| Number of shares outstanding | 1,000 | 36,697 | 26,064 | 36,768 | 26,064 |
| at the end of the period | | | | | |
--------------------------------------------------------------------------------
1) In calculating the key ratio only the profit for the period has been
annualised
2)The Extraordinary General Meeting of SRV Group Plc decided on 2 April 2007 to
increase the number of shares of SRV Group Plc twenty fold (split). Before the
change in nominal value the number of shares was 1,303,200 and after the change
the number of shares was 26,064,000. SRV Group Plc arranged its Initial Public
Offering in June 2007. In the Offering 13,000,000 shares were subscribed. After
the Offering the number of shares was 39,064,000. The plan to merge SRV
Henkilöstö Oy into SRV Group Plc was executed on 28 September 2007. At the same
time 10,216,468 new shares of SRV Group Plc were issued without raising the
share capital. In connection with the merger SRV Group Plc received the
12,512,000 shares held by SRV Henkilöstö Oy. After the merger the number of
shares was 36,768,468.
SRV Group Plc Interim Report 1 January - 31 March 2008: TABLES
Appendixes
1) Condensed consolidated financial statements: income statement, balance sheet,
statement of changes in equity, cash flow statement, commitments and contingent
liabilities, derivative contracts liabilities
2) Segment information
3) other SRV Group key figures
1. Group financials 1 January - 31 March 2008
IFRS-standards and operating segments
SRV Group (SRV) adopted International Financial Reporting Standards (IFRS) on 1
January 2006. In preparing interim condensed consolidated financial statement
information, SRV has applied the same accounting principles as in its year-end
financial statements for 2007. The interim condensed consolidated financial
statement information has been prepared in accordance with the accounting
policies set out in the IAS 34 standard and the information disclosed is
unaudited.
SRV's reporting segments comprise Business Premises, Housing, International
Operations and Other operations. The operating segment figures are disclosed in
accordance the IFRS 8 following accounting principles applied to the
consolidated financial statements.
--------------------------------------------------------------------------------
| Consolidated income | IFRS | IFRS | change, | change, | IFRS |
| statement | | | | | |
--------------------------------------------------------------------------------
| EUR million | 1-3/2008 | 1-3/2007 | MEUR | % | 2007 |
--------------------------------------------------------------------------------
| Revenue | 146.4 | 121.4 | 25.1 | 20.7 | 561.4 |
--------------------------------------------------------------------------------
| Other operating | 0.4 | 0.3 | 0.1 | 23.6 | 1.1 |
| income | | | | | |
--------------------------------------------------------------------------------
| Change in inventories | 1.4 | 7.1 | -5.7 | -80.3 | 18.3 |
| of finished goods and | | | | | |
| work in progress | | | | | |
--------------------------------------------------------------------------------
| Use of materials and | -124.0 | -112.0 | -12.0 | 10.7 | -509.7 |
| services | | | | | |
--------------------------------------------------------------------------------
| Employee benefit | -11.3 | -9.6 | -1.7 | 17.9 | -41.6 |
| expenses | | | | | |
--------------------------------------------------------------------------------
| Depreciation and | -0.6 | -0.4 | -0.2 | 40.5 | -1.9 |
| impairments | | | | | |
--------------------------------------------------------------------------------
| Other operating | -3.4 | -3.2 | -0.2 | 6.2 | -12.6 |
| expenses | | | | | |
--------------------------------------------------------------------------------
| Operating profit | 8.9 | 3.6 | 5.4 | 150.1 | 15.1 |
--------------------------------------------------------------------------------
| Financial income | 1.2 | 0.5 | 0.7 | 124.8 | 2.6 |
--------------------------------------------------------------------------------
| Financial expenses | -1.8 | -1.1 | -0.7 | 66.0 | -6.1 |
--------------------------------------------------------------------------------
| Financial income and | -0.6 | -0.6 | -0.1 | 10.9 | -3.5 |
| expenses, total | | | | | |
--------------------------------------------------------------------------------
| Profit before taxes | 8.3 | 3.0 | 5.3 | 176.1 | 11.5 |
--------------------------------------------------------------------------------
| Income taxes | -2.4 | -1.7 | -0.7 | 39.9 | -3.9 |
--------------------------------------------------------------------------------
| Net profit for the | 5.9 | 1.3 | 4.6 | 357.3 | 7.6 |
| period | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Attributable to | | | | | |
--------------------------------------------------------------------------------
| Equity holders of the | 5.8 | 1.9 | | | 7.2 |
| parent company | | | | | |
--------------------------------------------------------------------------------
| Minority interest | 0.1 | -0.6 | | | 0.5 |
--------------------------------------------------------------------------------
| Earnings per share | 0.16 | 0.07 | | 116.9 | 0.22 |
| calculated on the | | | | | |
| profit attributable | | | | | |
| to equity holders of | | | | | |
| the parent company | | | | | |
| (undiluted and | | | | | |
| diluted) 1) | | | | | |
--------------------------------------------------------------------------------
1) Key figures per share have been adjusted to reflect the increase in the
number of shares, which came into effect on 11 April 2007 (split), new issue of
shares on 11 June 2007 and the new issue of shares and the cancellation of
treasury shares in connection with the merger of the SRV Henkilöstö Oy on 29
September 2007.
--------------------------------------------------------------------------------
| Consolidated balance sheet | IFRS | IFRS | change, | IFRS |
--------------------------------------------------------------------------------
| EUR million | 3/2008 | 3/2007 | % | 2007 |
--------------------------------------------------------------------------------
| ASSETS | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current assets | | | | |
--------------------------------------------------------------------------------
| Property, plant and equipment | 8.1 | 5.6 | 45.5 | 8.0 |
--------------------------------------------------------------------------------
| Goodwill | 0.7 | 0.7 | 0.0 | 0.7 |
--------------------------------------------------------------------------------
| Other intangible assets | 0.7 | 0.8 | -14.4 | 0.6 |
--------------------------------------------------------------------------------
| Other financial assets | 2.9 | 2.6 | 14.8 | 2.9 |
--------------------------------------------------------------------------------
| Receivables | 11.6 | 6.4 | 80.5 | 2.7 |
--------------------------------------------------------------------------------
| Deferred tax assets | 1.5 | 0.9 | 64.1 | 1.1 |
--------------------------------------------------------------------------------
| Non-current assets, total | 25.5 | 17.0 | 50.3 | 16.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current assets | | | | |
--------------------------------------------------------------------------------
| Inventories | 217.0 | 141.7 | 53.2 | 196.4 |
--------------------------------------------------------------------------------
| Trade and other receivables | 78.7 | 70.6 | 11.5 | 94.2 |
--------------------------------------------------------------------------------
| Current tax receivables | 4.5 | 2.6 | 74.4 | 3.4 |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 19.6 | 16.7 | 17.7 | 21.4 |
--------------------------------------------------------------------------------
| Current assets, total | 319.8 | 231.5 | 38.1 | 315.4 |
--------------------------------------------------------------------------------
| ASSETS, TOTAL | 345.3 | 248.5 | 39.0 | 331.6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Consolidated balance sheet | IFRS | IFRS | change, | IFRS |
--------------------------------------------------------------------------------
| EUR million | 3/2008 | 3/2007 | % | 2007 |
--------------------------------------------------------------------------------
| EQUITY AND LIABILITIES | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity attributable to equity | | | | |
| holders of the parent company | | | | |
--------------------------------------------------------------------------------
| Share capital | 3.1 | 1.3 | 135.0 | 3.1 |
--------------------------------------------------------------------------------
| Share premium reserve | 0.0 | 1.8 | | 0.0 |
--------------------------------------------------------------------------------
| Invested free equity fund | 87.3 | - | | 87.3 |
--------------------------------------------------------------------------------
| Translation differences | 0.0 | 0.0 | -110.5 | 0.0 |
--------------------------------------------------------------------------------
| Fair value reserve | 0.0 | 0.0 | -100.0 | 0.0 |
--------------------------------------------------------------------------------
| Retained earnings | 70.4 | 56.7 | 24.3 | 64.7 |
--------------------------------------------------------------------------------
| Equity attributable to equity | 160.8 | 59.7 | 169.2 | 155.1 |
| holders of the parent company, total | | | | |
--------------------------------------------------------------------------------
| Minority interest | 3.3 | 3.6 | -7.2 | 3.2 |
--------------------------------------------------------------------------------
| Equity, total | 164.2 | 63.3 | 159.2 | 158.3 |
--------------------------------------------------------------------------------
| Non-current liabilities | | | | |
--------------------------------------------------------------------------------
| Deferred tax liabilities | 0.4 | 1.5 | -71.1 | 0.1 |
--------------------------------------------------------------------------------
| Provisions | 6.1 | 4.9 | 25.2 | 5.9 |
--------------------------------------------------------------------------------
| Interest-bearing liabilities | 46.3 | 52.9 | -12.4 | 37.7 |
--------------------------------------------------------------------------------
| Other liabilities | 0.4 | 0.1 | | 0.4 |
--------------------------------------------------------------------------------
| Non-current liabilities, total | 53.3 | 59.3 | -10.1 | 44.1 |
--------------------------------------------------------------------------------
| Current liabilities | | | | |
--------------------------------------------------------------------------------
| Trade and other payables | 71.2 | 103.9 | -31.4 | 96.9 |
--------------------------------------------------------------------------------
| Current tax payables | 3.5 | 1.8 | 98.8 | 1.6 |
--------------------------------------------------------------------------------
| Provisions | 4.3 | 3.9 | 8.5 | 4.1 |
--------------------------------------------------------------------------------
| Interest-bearing liabilities | 48.9 | 16.3 | 199.7 | 26.5 |
--------------------------------------------------------------------------------
| Current liabilities, total | 127.9 | 125.9 | 1.6 | 129.1 |
--------------------------------------------------------------------------------
| Liabilities, total | 181.2 | 185.2 | -2.2 | 173.2 |
--------------------------------------------------------------------------------
| EQUITY AND LIABILITIES | 345.3 | 248.5 | 39.0 | 331.6 |
--------------------------------------------------------------------------------
Statement of changes in Group equity 1 Jan. - 31 Mar. 2008
--------------------------------------------------------------------------------
| | Equity attributable to the equity holders of the | |
| | parent company | |
--------------------------------------------------------------------------------
| IFRS | Sha | Shar | Inve | Trans | Fair | Retai | Tota | Mino | Tota |
| EUR million | re | e | sted | -lati | value | -ned | l | -rit | l |
| | cap | prem | free | on | reser | earni | | y | equi |
| | ita | ium | equi | diffe | ve | ngs | | inte | ty |
| | l | rese | ty | r-enc | | | | rest | |
| | | rve | fund | es | | | | | |
--------------------------------------------------------------------------------
| Equity, | 3.1 | 0.0 | 87.3 | 0.0 | 0.0 | 64.7 | 155. | 3.2 | 158. |
| total 1 | | | | | | | 1 | | 3 |
| Jan. 2008 | | | | | | | | | |
--------------------------------------------------------------------------------
| Translation | | | | 0.0 | | | 0.0 | | |
| differences | | | | | | | | | |
--------------------------------------------------------------------------------
| Net gains | | | | | 0.0 | | 0.0 | | |
| on | | | | | | | | | |
| available-f | | | | | | | | | |
| or-sale | | | | | | | | | |
| financial | | | | | | | | | |
| assets | | | | | | | | | |
--------------------------------------------------------------------------------
| Other | | | | | | 0.0 | 0.0 | | |
| changes | | | | | | | | | |
--------------------------------------------------------------------------------
| Net income | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | | |
| recognised | | | | | | | | | |
| directly in | | | | | | | | | |
| equity | | | | | | | | | |
--------------------------------------------------------------------------------
| Net profit | | | | | | 5.8 | 5.8 | | |
| for the | | | | | | | | | |
| period | | | | | | | | | |
--------------------------------------------------------------------------------
| Total | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 5.8 | 5.8 | | |
| income and | | | | | | | | | |
| expenses | | | | | | | | | |
| for the | | | | | | | | | |
| period | | | | | | | | | |
--------------------------------------------------------------------------------
| Dividends | | | | | | 0.0 | 0.0 | | |
| paid | | | | | | | | | |
--------------------------------------------------------------------------------
| Purchase of | | | | | | -0.1 | -0.1 | | |
| treasury | | | | | | | | | |
| shares | | | | | | | | | |
--------------------------------------------------------------------------------
| Equity, | 3.1 | 0.0 | 87.3 | 0.0 | 0.0 | 70.4 | 160. | 3.3 | 164. |
| total 31 | | | | | | | 8 | | 2 |
| Mar. 2008 | | | | | | | | | |
--------------------------------------------------------------------------------
Statement of changes in Group equity 1 Jan. - 31 Mar. 2007
--------------------------------------------------------------------------------
| | Equity attributable to the equity holders of the | |
| | parent company | |
--------------------------------------------------------------------------------
| IFRS | Sha | Shar | Trans | Fair | Retai | Tota | Mino- | Total |
| EUR million | re | e | -lati | value | -ned | l | rity | equity |
| | cap | prem | on | reser | earni | | inter | |
| | ita | ium | diffe | ve | ngs | | est | |
| | l | rese | r-enc | | | | | |
| | | rve | es | | | | | |
--------------------------------------------------------------------------------
| Equity, total | 1.3 | 1.8 | 0.0 | 0.1 | 54.7 | 57.9 | 4.2 | 62.2 |
| 1 Jan. 2007 | | | | | | | | |
--------------------------------------------------------------------------------
| Translation | | | 0.0 | | | 0.0 | | |
| differences | | | | | | | | |
--------------------------------------------------------------------------------
| Amount of | | | | -0.2 | | -0.2 | | |
| available-for | | | | | | | | |
| -sale | | | | | | | | |
| financial | | | | | | | | |
| assets | | | | | | | | |
| removed from | | | | | | | | |
| equity and | | | | | | | | |
| recognised in | | | | | | | | |
| the income | | | | | | | | |
| statement | | | | | | | | |
--------------------------------------------------------------------------------
| Net gains on | | | | 0.1 | | 0.1 | | |
| available-for | | | | | | | | |
| -sale | | | | | | | | |
| financial | | | | | | | | |
| assets | | | | | | | | |
--------------------------------------------------------------------------------
| Other changes | | | | | 0.0 | 0.0 | | |
--------------------------------------------------------------------------------
| Net income | 0.0 | 0.0 | 0.0 | -0.1 | 0.0 | -0.1 | | |
| recognised | | | | | | | | |
| directly in | | | | | | | | |
| equity | | | | | | | | |
--------------------------------------------------------------------------------
| Net profit | | | | | 1.9 | 1.9 | | |
| for the | | | | | | | | |
| financial | | | | | | | | |
| period | | | | | | | | |
--------------------------------------------------------------------------------
| Total income | 0.0 | 0.0 | 0.0 | 0.0 | 1.9 | 1.9 | | |
| and expenses | | | | | | | | |
| for the | | | | | | | | |
| period | | | | | | | | |
--------------------------------------------------------------------------------
| Dividends | | | | | 0.0 | 0.0 | | |
| paid | | | | | | | | |
--------------------------------------------------------------------------------
| Equity, total | 1.3 | 1.8 | 0.0 | 0.0 | 56.7 | 59.7 | 3.6 | 63.3 |
| 31 Mar. 2007 | | | | | | | | |
--------------------------------------------------------------------------------
Statement of changes in Group equity 1 Jan. - 31 Dec. 2007
--------------------------------------------------------------------------------
| | Equity attributable to the equity holders of the | |
| | parent company | |
--------------------------------------------------------------------------------
| IFRS | Sha | Shar | Inve | Trans | Fair | Retai | Tota | Mino | Tota |
| (milj. | re | e | sted | -lati | value | -ned | l | -rit | l |
| euroa) | cap | prem | free | on | reser | earni | | y | equi |
| | ita | ium | equi | diffe | ve | ngs | | inte | ty |
| | l | rese | ty | r-enc | | | | rest | |
| | | rve | fund | es | | | | | |
--------------------------------------------------------------------------------
| Equity, | 1.3 | 1.8 | 0.0 | 0.0 | 0.1 | 54.7 | 57.9 | 4.2 | 62.2 |
| total 1 | | | | | | | | | |
| Jan. 2007 | | | | | | | | | |
--------------------------------------------------------------------------------
| Translation | | | | 0.0 | | | 0.0 | | |
| differences | | | | | | | | | |
--------------------------------------------------------------------------------
| Net gains | | | | | -0.1 | | -0.1 | | |
| on | | | | | | | | | |
| available-f | | | | | | | | | |
| or-sale | | | | | | | | | |
| financial | | | | | | | | | |
| assets | | | | | | | | | |
--------------------------------------------------------------------------------
| Other | | | | | | 0.1 | 0.1 | | |
| changes | | | | | | | | | |
--------------------------------------------------------------------------------
| Net income | 0.0 | 0.0 | 0.0 | 0.0 | -0.1 | 0.1 | 0.0 | | |
| recognised | | | | | | | | | |
| directly in | | | | | | | | | |
| equity | | | | | | | | | |
--------------------------------------------------------------------------------
| Net profit | | | | | | 7.2 | 7.2 | | |
| for the | | | | | | | | | |
| period | | | | | | | | | |
--------------------------------------------------------------------------------
| Total | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.2 | 7.2 | | |
| income and | | | | | | | | | |
| expenses | | | | | | | | | |
| for the | | | | | | | | | |
| period | | | | | | | | | |
--------------------------------------------------------------------------------
| Dividends | | | | | | -3.1 | -3.1 | | |
| paid | | | | | | | | | |
--------------------------------------------------------------------------------
| Transfer | 1.8 | -1.8 | | | | | 0.0 | | |
| from share | | | | | | | | | |
| premium | | | | | | | | | |
| reserve to | | | | | | | | | |
| share | | | | | | | | | |
| capital | | | | | | | | | |
--------------------------------------------------------------------------------
| Share issue | | | 116. | | | 0.4 | 117. | | |
| and | | | 6 | | | | 0 | | |
| employee | | | | | | | | | |
| offering | | | | | | | | | |
--------------------------------------------------------------------------------
| Share issue | | | | | | -3.2 | -3.2 | | |
| and | | | | | | | | | |
| employee | | | | | | | | | |
| offering | | | | | | | | | |
| deductions | | | | | | | | | |
--------------------------------------------------------------------------------
| Purchase | | | -29. | | | 8.6 | -20. | | |
| and | | | 3 | | | | 7 | | |
| cancellatio | | | | | | | | | |
| n of | | | | | | | | | |
| treasury | | | | | | | | | |
| shares | | | | | | | | | |
--------------------------------------------------------------------------------
| Equity, | 3.1 | 0.0 | 87.3 | 0.0 | 0.0 | 64.7 | 155. | 3.2 | 158. |
| total 1 | | | | | | | 1 | | 3 |
| Dec. 2007 | | | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Consolidated cash flow statement | IFRS | IFRS | IFRS |
--------------------------------------------------------------------------------
| EUR million | 1-3/2008 | 1-3/2007 | 2007 |
--------------------------------------------------------------------------------
| Cash flows from operating activities | | | |
--------------------------------------------------------------------------------
| Net profit for the period | 5.9 | 1.3 | 7.6 |
--------------------------------------------------------------------------------
| Adjustments: | | | |
--------------------------------------------------------------------------------
| Depreciation and impairments | 0.6 | 0.4 | 1.9 |
--------------------------------------------------------------------------------
| Non-cash transactions | 0.0 | 0.6 | 1.5 |
--------------------------------------------------------------------------------
| Financial income and expenses | 0.6 | 0.6 | 3.5 |
--------------------------------------------------------------------------------
| Capital gains on sales of tangible and | 0.0 | 0.0 | -0.1 |
| intangible assets | | | |
--------------------------------------------------------------------------------
| Income taxes | 2.4 | 1.7 | 3.9 |
--------------------------------------------------------------------------------
| Adjustments, total | 3.6 | 3.3 | 10.6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Changes in working capital: | | | |
--------------------------------------------------------------------------------
| Change in loan receivables | -10.3 | -1.3 | -2.7 |
--------------------------------------------------------------------------------
| Change in trade and other receivables | 15.8 | -5.7 | -23.0 |
--------------------------------------------------------------------------------
| Change in inventories | -20.2 | -7.3 | -62.8 |
--------------------------------------------------------------------------------
| Change in trade and other payables | -26.1 | 23.7 | 16.4 |
--------------------------------------------------------------------------------
| Changes in working capital, total | -40.7 | 9.4 | -72.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Interest paid | -2.1 | -1.1 | -6.3 |
--------------------------------------------------------------------------------
| Interest received | 2.8 | 1.3 | 2.8 |
--------------------------------------------------------------------------------
| Income taxes paid | -1.7 | -1.6 | -6.3 |
--------------------------------------------------------------------------------
| Net cash flow from operating | -32.2 | 12.7 | -63.7 |
| activities | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from investing activities | | | |
--------------------------------------------------------------------------------
| Property, plant and equipment | -0.6 | -0.6 | -4.2 |
--------------------------------------------------------------------------------
| Intangible assets | -0.2 | 0.0 | -0.1 |
--------------------------------------------------------------------------------
| Other financial assets | 0.0 | -0.1 | -1.0 |
--------------------------------------------------------------------------------
| Sale of property, plant and equipment | 0.0 | 0.0 | 0.7 |
| and intangible assets | | | |
--------------------------------------------------------------------------------
| Sale of financial assets | 0.0 | 0.3 | 0.3 |
--------------------------------------------------------------------------------
| Net cash used in investing activities | -0.7 | -0.5 | -4.3 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flows from financing activities | | | |
--------------------------------------------------------------------------------
| Proceeds from share issue | 0.0 | 0.0 | 113.4 |
--------------------------------------------------------------------------------
| Proceeds from loans | 17.8 | 5.5 | 19.1 |
--------------------------------------------------------------------------------
| Repayments of loans | -9.2 | -4.2 | -13.5 |
--------------------------------------------------------------------------------
| Change in loan receivables | 0.0 | -0.2 | 0.2 |
--------------------------------------------------------------------------------
| Change in housing corporation loans | 12.9 | 2.9 | -21.8 |
--------------------------------------------------------------------------------
| Change in credit limits | 9.5 | -14.5 | 0.9 |
--------------------------------------------------------------------------------
| Purchase of treasury shares | -0.1 | 0.0 | -20.7 |
--------------------------------------------------------------------------------
| Dividends paid | 0.0 | 0.0 | -3.1 |
--------------------------------------------------------------------------------
| Net cash from financing activities | 31.1 | -10.4 | 74.5 |
--------------------------------------------------------------------------------
| Net change in cash and cash | -1.8 | 1.8 | 6.5 |
| equivalents | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents at the | 21.4 | 14.9 | 14.9 |
| beginning of period | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents at the end | 19.6 | 16.7 | 21.4 |
| of period | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Inventories | IFRS | IFRS | change, | IFRS |
--------------------------------------------------------------------------------
| EUR million | 3/2008 | 3/2007 | % | 2007 |
--------------------------------------------------------------------------------
| Raw materials and consumables | 0.0 | 0.0 | | 0.0 |
--------------------------------------------------------------------------------
| Work in progress | 78.7 | 61.7 | 27.5 | 86.7 |
--------------------------------------------------------------------------------
| Land areas and plot-owning | 93.1 | 42.2 | 120.4 | 64.3 |
| companies | | | | |
--------------------------------------------------------------------------------
| Shares in completed housing | 33.0 | 14.4 | 128.9 | 30.3 |
| corporations and real estate | | | | |
| companies | | | | |
--------------------------------------------------------------------------------
| Advance payments | 6.5 | 14.2 | -54.3 | 6.5 |
--------------------------------------------------------------------------------
| Other inventories | 5.6 | 9.0 | -37.8 | 8.7 |
--------------------------------------------------------------------------------
| Inventories, total | 217.0 | 141.7 | 53.2 | 196.4 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Commitments and Contingent | IFRS | IFRS | change, | IFRS |
| Liabilities | | | | |
--------------------------------------------------------------------------------
| EUR million | 3/2008 | 3/2007 | % | 2007 |
--------------------------------------------------------------------------------
| Collateral given for own | | | | |
| liabilities | | | | |
--------------------------------------------------------------------------------
| Real estate mortgages given | 90.4 | 88.8 | 1.8 | 69.9 |
--------------------------------------------------------------------------------
| Pledges given | 0.0 | 10.8 | | 5.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other commitments | | | | |
--------------------------------------------------------------------------------
| Guarantees given for liabilities | 71.4 | 71.0 | 0.6 | 71.4 |
| on uncompleted projects | | | | |
--------------------------------------------------------------------------------
| Investment commitments given | 4.3 | 6.6 | -35.2 | 4.7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Fair and nominal | IFRS | IFRS | IFRS |
| values of derivative | 3/2008 | 3/2007 | 2007 |
| instruments | | | |
--------------------------------------------------------------------------------
| EUR million | Fair Values | Fair Values | Fair Values |
--------------------------------------------------------------------------------
| | Posit | Negati | Posit | Negativ | Positi | Negativ |
| | ive | ve | ive | e | ve | e |
--------------------------------------------------------------------------------
| Hedge accounting not | | | | | | |
| applied | | | | | | |
--------------------------------------------------------------------------------
| Foreign exchange | 0.2 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| forward contracts | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | | IFRS | | IFRS | | IFRS |
--------------------------------------------------------------------------------
| | | 3/2008 | | 3/2007 | | 12/2007 |
--------------------------------------------------------------------------------
| Nominal values of | | | | | | |
| derivative instruments | | | | | | |
--------------------------------------------------------------------------------
| Foreign exchange | | 8.1 | | 9.4 | | 8.5 |
| forward contracts | | | | | | |
--------------------------------------------------------------------------------
| The fair values of foreign exchange contracts are based on market prices at |
| the end of the reporting period. |
| Open foreign exchange forward contracts |
| are hedging the financing cash flow. |
--------------------------------------------------------------------------------
2. Segment information
--------------------------------------------------------------------------------
| Revenue | IFRS | IFRS | change, | change, | IFRS |
--------------------------------------------------------------------------------
| EUR million | 1-3/2008 | 1-3/2007 | MEUR | % | 2007 |
--------------------------------------------------------------------------------
| Business Premises | 104.8 | 69.4 | 35.4 | 51.0 | 345.4 |
--------------------------------------------------------------------------------
| Housing | 26.0 | 40.1 | -14.1 | -35.2 | 163.1 |
--------------------------------------------------------------------------------
| International | 15.7 | 11.9 | 3.8 | 32.2 | 53.2 |
| Operations | | | | | |
--------------------------------------------------------------------------------
| Other Operations | 2.9 | 1.9 | 1.0 | 50.4 | 11.2 |
--------------------------------------------------------------------------------
| Eliminations | -2.9 | -1.9 | -1.0 | | -11.4 |
--------------------------------------------------------------------------------
| Group total | 146.4 | 121.4 | 25.1 | 20.7 | 561.4 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit | IFRS | IFRS | change, | change, | IFRS |
--------------------------------------------------------------------------------
| EUR million | 1-3/2008 | 1-3/2007 | MEUR | % | 2007 |
--------------------------------------------------------------------------------
| Business Premises | 8.2 | 2.9 | 5.3 | 182.0 | 18.0 |
--------------------------------------------------------------------------------
| Housing | 0.4 | 2.0 | -1.5 | -78.7 | 10.7 |
--------------------------------------------------------------------------------
| International | 1.2 | -0.9 | 2.2 | | -10.2 |
| Operations | | | | | |
--------------------------------------------------------------------------------
| Other Operations | -0.9 | -0.4 | -0.5 | | -3.1 |
--------------------------------------------------------------------------------
| Eliminations | 0.0 | 0.0 | 0.0 | 126.1 | -0.4 |
--------------------------------------------------------------------------------
| Group total | 8.9 | 3.6 | 5.4 | 150.1 | 15.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit | IFRS | IFRS | IFRS |
--------------------------------------------------------------------------------
| % | 1-3/2008 | 1-3/2007 | 2007 |
--------------------------------------------------------------------------------
| Business Premises | 7.8 | 4.2 | 5.2 |
--------------------------------------------------------------------------------
| Housing | 1.6 | 4.9 | 6.5 |
--------------------------------------------------------------------------------
| International Operations | 7.9 | -7.8 | -19.2 |
--------------------------------------------------------------------------------
| Group total | 6.1 | 2.9 | 2.7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Assets | IFRS | IFRS | change | change, | IFRS |
| | | | , | | |
--------------------------------------------------------------------------------
| EUR million | 3/2008 | 3/2007 | MEUR | % | 2007 |
--------------------------------------------------------------------------------
| Business Premises | 98.7 | 111.0 | -12.3 | -11.1 | 117.2 |
--------------------------------------------------------------------------------
| Housing | 116.8 | 79.0 | 37.7 | 47.8 | 113.4 |
--------------------------------------------------------------------------------
| International Operations | 123.6 | 63.2 | 60.4 | 95.5 | 114.3 |
--------------------------------------------------------------------------------
| Other Operations | 162.3 | 49.2 | 113.1 | 230.1 | 162.0 |
--------------------------------------------------------------------------------
| Eliminations and other | -156.0 | -53.9 | -102.1 | | -175.4 |
| adjustments | | | | | |
--------------------------------------------------------------------------------
| Group total | 345.3 | 248.5 | 96.8 | 39.0 | 331.6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Liabilities | IFRS | IFRS | change | change, | IFRS |
| | | | , | | |
--------------------------------------------------------------------------------
| EUR million | 3/2008 | 3/2007 | MEUR | % | 2007 |
--------------------------------------------------------------------------------
| Business Premises | 76.3 | 93.8 | -17.5 | -18.7 | 83.9 |
--------------------------------------------------------------------------------
| Housing | 102.8 | 65.3 | 37.5 | 57.4 | 93.8 |
--------------------------------------------------------------------------------
| International Operations | 114.0 | 52.6 | 61.4 | 116.7 | 104.9 |
--------------------------------------------------------------------------------
| Other Operations | 44.6 | 26.9 | 17.7 | 66.1 | 31.5 |
--------------------------------------------------------------------------------
| Eliminations and other | -156.5 | -53.4 | -103.1 | | -140.9 |
| adjustments | | | | | |
--------------------------------------------------------------------------------
| Group total | 181.2 | 185.2 | -4.0 | -2.2 | 173.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Invested capital | IFRS | IFRS | change | change, | IFRS |
| | | | , | | |
--------------------------------------------------------------------------------
| EUR million | 3/2008 | 3/2007 | MEUR | % | 2007 |
--------------------------------------------------------------------------------
| Business Premises | 43.7 | 40.1 | 3.6 | 9.0 | 33.4 |
--------------------------------------------------------------------------------
| Housing | 97.0 | 39.5 | 57.5 | 145.6 | 81.5 |
--------------------------------------------------------------------------------
| International Operations | 115.1 | 29.9 | 85.2 | 284.9 | 101.3 |
--------------------------------------------------------------------------------
| Other Operations and | 4.0 | 23.0 | -19.0 | | 6.7 |
| eliminations | | | | | |
--------------------------------------------------------------------------------
| Group total | 259.8 | 132.6 | 127.2 | 96.0 | 222.9 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Return on investment | IFRS | IFRS | IFRS |
--------------------------------------------------------------------------------
| (%) | 1-3/2008 | 1-3/2007 | 2007 |
--------------------------------------------------------------------------------
| Business Premises | 95.2 | 33.5 | 52.4 |
--------------------------------------------------------------------------------
| Housing | 2.0 | 21.0 | 16.7 |
--------------------------------------------------------------------------------
| International Operations | 5.5 | -8.3 | -11.3 |
--------------------------------------------------------------------------------
| Group total | 16.7 | 11.7 | 9.7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Order backlog | IFRS | IFRS | change | change, | IFRS |
| | | | , | | |
--------------------------------------------------------------------------------
| EUR million | 3/2008 | 3/2007 | MEUR | % | 2007 |
--------------------------------------------------------------------------------
| Business Premises | 235.2 | 326.0 | -90.8 | -27.9 | 302.8 |
--------------------------------------------------------------------------------
| Housing | 182.4 | 143.0 | 39.4 | 27.5 | 174.6 |
--------------------------------------------------------------------------------
| International Operations | 33.7 | 38.0 | -4.3 | -11.3 | 51.3 |
--------------------------------------------------------------------------------
| Group total | 451.3 | 507.0 | -55.7 | -11.0 | 528.7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Business Premises | IFRS | IFRS | change | change, | IFRS |
| | | | , | | |
--------------------------------------------------------------------------------
| EUR million | 1-3/2008 | 1-3/200 | MEUR | % | 2007 |
| | | 7 | | | |
--------------------------------------------------------------------------------
| Revenue | 104.8 | 69.4 | 35.4 | 51.0 | 345.4 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit | 8.2 | 2.9 | 5.3 | 182.0 | 18.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Segment's assets | | | | | |
--------------------------------------------------------------------------------
| Non-current assets | 1.0 | 0.8 | 0.2 | 26.7 | 1.0 |
--------------------------------------------------------------------------------
| Current assets | 97.7 | 110.2 | -12.5 | -11.4 | 116.2 |
--------------------------------------------------------------------------------
| Total assets | 98.7 | 111.0 | -12.3 | -11.1 | 117.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Segment's liabilities | | | | | |
--------------------------------------------------------------------------------
| Non-current liabilities | 1.3 | 14.1 | -12.8 | -90.9 | 1.2 |
--------------------------------------------------------------------------------
| Current liabilities | 75.0 | 79.6 | -4.7 | -5.8 | 82.7 |
--------------------------------------------------------------------------------
| Total liabilities | 76.3 | 93.8 | -17.5 | -18.7 | 83.9 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Invested capital at end | 43.7 | 40.1 | 3.6 | 9.0 | 33.4 |
| of period | | | | | |
--------------------------------------------------------------------------------
| Return on investment, % | 95.2 | 33.5 | | | 52.4 |
| 1) | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Order backlog at end of | 235.2 | 326.0 | -90.8 | -27.9 | 302.8 |
| period | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Housing | IFRS | IFRS | change | change, | IFRS |
| | | | , | | |
--------------------------------------------------------------------------------
| EUR million | 1-3/2008 | 1-3/200 | MEUR | % | 2007 |
| | | 7 | | | |
--------------------------------------------------------------------------------
| Revenue | 26.0 | 40.1 | -14.1 | -35.2 | 163.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit | 0.4 | 2.0 | -1.5 | -78.7 | 10.7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Segment's assets | | | | | |
--------------------------------------------------------------------------------
| Non-current assets | 2.4 | 1.1 | 1.3 | 116.9 | 2.6 |
--------------------------------------------------------------------------------
| Current assets | 114.4 | 77.9 | 36.4 | 46.8 | 110.9 |
--------------------------------------------------------------------------------
| Total assets | 116.8 | 79.0 | 37.7 | 47.8 | 113.4 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Segment's liabilities | | | | | |
--------------------------------------------------------------------------------
| Non-current liabilities | 41.2 | 28.4 | 12.8 | 45.1 | 28.1 |
--------------------------------------------------------------------------------
| Current liabilities | 61.6 | 36.9 | 24.7 | 66.9 | 65.7 |
--------------------------------------------------------------------------------
| Total liabilities | 102.8 | 65.3 | 37.5 | 57.4 | 93.8 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Invested capital at end | 97.0 | 39.5 | 57.5 | 145.6 | 81.5 |
| of period | | | | | |
--------------------------------------------------------------------------------
| Return on investment, % | 2.0 | 21.0 | | | 16.7 |
| 1) | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Order backlog at end of | 182.4 | 143.0 | 39.4 | 27.5 | 174.6 |
| period | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| International Operations | IFRS | IFRS | change | change, | IFRS |
| | | | , | | |
--------------------------------------------------------------------------------
| EUR million | 1-3/2008 | 1-3/200 | MEUR | % | 2007 |
| | | 7 | | | |
--------------------------------------------------------------------------------
| Revenue | 15.7 | 11.9 | 3.8 | 32.2 | 53.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit | 1.2 | -0.9 | 2.2 | | -10.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Segment's assets | | | | | |
--------------------------------------------------------------------------------
| Non-current assets | 11.4 | 6.8 | 4.5 | 66.3 | 2.4 |
--------------------------------------------------------------------------------
| Current assets | 112.2 | 56.4 | 55.8 | 99.1 | 111.8 |
--------------------------------------------------------------------------------
| Total assets | 123.6 | 63.2 | 60.4 | 95.5 | 114.3 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Segment's liabilities | | | | | |
--------------------------------------------------------------------------------
| Non-current liabilities | 10.6 | 19.3 | -8.7 | -44.9 | 14.8 |
--------------------------------------------------------------------------------
| Current liabilities | 103.3 | 33.3 | 70.0 | 210.3 | 90.1 |
--------------------------------------------------------------------------------
| Total liabilities | 114.0 | 52.6 | 61.4 | 116.7 | 104.9 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Invested capital at end | 115.1 | 29.9 | 85.2 | 284.9 | 101.3 |
| of period | | | | | |
--------------------------------------------------------------------------------
| Return on investment, % | 5.5 | -8.3 | | | -11.3 |
| 1) | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Order backlog at end of | 33.7 | 38.0 | -4.3 | -11.3 | 51.3 |
| period | | | | | |
--------------------------------------------------------------------------------
1) In calculating the key ratio only the profit for the period has been
annualised
SRV GROUP INTERIM REPORT 1 January-31 March 2008 ; GROWTH IN REVENUE AND ORDER BACKLOG
| Source: SRV Yhtiöt Oyj
Attachments
