HONKARAKENNE OYJ INTERIM REPORT 31 October 2013 at 3:00 p.m.
HONKARAKENNE OYJ’S INTERIM REPORT, 1 JANUARY – 30 SEPTEMBER 2013
SUMMARY
Third-quarter net sales were on a pair with the previous year, the result before taxes fell short of previous year by EUR 0.3 million. Net sales for the January–September period were EUR 1 million less than in the previous year, but the result before taxes was on a par with 2012.
July - September 2013
- Honkarakenne Group’s consolidated net sales for the third quarter of the year amounted to MEUR 12.4 (MEUR 12.3 in 2012), increase of 1 per cent from corresponding period in previous year.
- Operating result was MEUR 0.2 (MEUR 0.5). Operating result before non-recurring items was MEUR 0.2 (MEUR 0.5).
- Result before taxes was MEUR 0.1 (MEUR 0.4).
- Earnings per share amounted to EUR 0.03 (EUR 0.04).
January - September 2013
- Honkarakenne Group’s consolidated net sales for January - September amounted to MEUR 31.3 (MEUR 32.3), representing a reduction over the same period the previous year of 3 %.
- Operating result was MEUR -1.8 (MEUR -1.3). Operating result before non-recurring items was MEUR -1.8 (MEUR -1.3).
- Result before taxes was MEUR -1.6 (MEUR -1.6).
- Earnings per share amounted to EUR -0.26 (EUR -0.25).
- Equity ratio 42 % (53 %).
- Gearing 35 % (21 %).
The Group’s order book stood at MEUR 21.4 (MEUR 19.0), up 13 % on the corresponding period of the previous year.
Honkarakenne is revising its outlook and now expects its net sales to be at same level than in previous year and the result before non-recurring items and taxes to be close to zero, but negative.
Honkarakenne’s previous outlook was the following: in year 2013 Honkarakenne expects its net sales to be at same level than in previous year and the result before non-recurring items and taxes to be close to zero.
| KEY FIGURES |
7-9/ 2013 |
7-9/ 2012 |
1-9/ 2013 |
1-9/ 2012 |
change % |
1-12/ 2012 |
| Net sales, MEUR | 12.4 | 12.3 | 31.3 | 32.3 | -3 | 46.2 |
| Operating profit/loss, MEUR | 0.2 | 0.5 | -1.8 | -1.3 | -4.3 | |
| Operating profit/loss before non-recurring items, MEUR | 0.2 | 0.5 | -1.8 | -1.3 | -0.8 | |
| Profit/loss before taxes, MEUR | 0.1 | 0.4 | -1.6 | -1.6 | -4.4 | |
| Average number of personnel | 187 | 257 | 221 | 258 | 257 | |
| Personnel in person-years, average | 184 | 224 | 181 | 202 | 198 | |
| Earnings/share (EPS), EUR | 0.03 | 0.04 | -0.26 | -0.25 | -0.90 | |
| Earnings/share (EPS), diluted EUR | 0.03 | 0.04 | -0.26 | -0.25 | -0.90 | |
| Equity ratio, % | 42 | 53 | 47 | |||
| Return on equity, % | -10 | -7 | -28 | |||
| Shareholders' equity/share, EUR | 2.30 | 3.39 | 2.69 | |||
| Gearing, % | 35 | 21 | 11 |
Mikko Kilpeläinen, President and CEO of Honkarakenne Oyj, in connection with the interim report:
“Satisfactory trends were seen in net sales in Finland & Baltics, and we have increased our market share. Sales were quite good considering the market situation. Marketing focused on the summer's Housing Fair in Hyvinkää.
Net sales in Russia & CIS did not, however, grow as expected. The economic situation in Russia has furthered weakened and the market outlook is uncertain.
The net sales of Global Markets remained at the same level as in the previous year. During the third quarter, we decided on efficiency-boosting measures, for our European cost structure in particular.
We continued to consolidate our operations in Karstula. The first machinery installations to boost production began at the new production facility.”
NET SALES
Honkarakenne Group’s net sales for the third quarter of 2013 decreased by 1 per cent to MEUR 12.4 (MEUR 12.3).
Geographical distribution of net sales:
| DEVELOPMENT OF SALES | ||||||
|
Distribution of net sales, % |
1-9 /2013 |
1-9 /2012 |
||||
| Finland & Baltics | 45 % | 44 % | ||||
| Russia & CIS | 28 % | 28 % | ||||
| Global Markets | 27 % | 28 % | ||||
| Total | 100 % | 100 % | ||||
| Net sales, MEUR |
7-9 /2013 |
7-9 /2012 |
change % |
1-9 /2013 |
1-9 /2012 |
change % |
| Finland & Baltics | 5.5 | 5.4 | 3 % | 15.3 | 15.0 | 2 % |
| Russia & CIS | 3.5 | 3.5 | 0 % | 7.9 | 8.0 | -1 % |
| Global Markets | 3.4 | 3.4 | 0 % | 8.1 | 9.4 | -14 % |
| Total | 12.4 | 12.3 | 1 % | 31.3 | 32.3 | -3 % |
Finland & Baltics includes the following countries: Finland, Latvia, Lithuania and Estonia. It also includes process waste sales for recycling.
Russia & CIS includes the following countries: Russia, Azerbaijan, Kazakhstan, Ukraine and other CIS countries.
Global Markets includes countries other than the abovementioned.
The Group’s order book stood at MEUR 21.4 at the end of September. In the corresponding period of the previous year, it was MEUR 19.0.
DEVELOPMENT OF PROFIT AND PROFITABILITY
Operating result in January - September was MEUR -1.8 (MEUR -1.3) and result before taxes was MEUR -1.6 (MEUR -1.6).
FINANCING AND INVESTMENTS
The Group’s financial position was satisfactory at the end of report period. The equity ratio stood at 42 % (53 %) and net financial liabilities at MEUR 3.9 (MEUR 3.5). MEUR 1.7 (MEUR 2.1) of the financial liabilities carry a 30 % equity ratio covenant term. Group liquid assets totalled MEUR 4.3 (MEUR 2.9). The Group also has a MEUR 8.0 (MEUR 8.0) bank overdraft facility, MEUR 4.6 of which had been drawn on at the end of the report period (MEUR 0.0). Gearing stood at 35 % (21 %).
The Group’s capital expenditure totalled MEUR 1.3 (MEUR 0.9). The consolidation of operations in Karstula has begun and first installations of machinery equipment to boost production efficiency have been done. Capital expenditure mainly comprised prepayments for this machinery.
MARKET DEVELOPMENT
According to a report commissioned by RTS Oy, Finnish log house production is expected to remain on a par with 2012. This prediction includes sales for both Finland and exports.
PRODUCTS AND MARKETING
In Finland & Baltics, marketing focused on the summer's Housing Fair in Hyvinkää. Honkarakenne launched a city detached home range inspired by the customised house showcased at the fair.
In Russia & CIS, the market situation during the early part of the year turned out to be more difficult than anticipated. Honkarakenne focused on area development sites in this business area.
In Global Markets, a successful 55th anniversary campaign was run in Japan. The impact of the campaign will be seen in fourth-quarter net sales. We continued to develop the cost structure of our European operations, and decided on efficiency-boosting measures during the third quarter.
RESEARCH AND DEVELOPMENT
R&D centred on improving the processes used in the construction of detached homes.
In the January - September period, the Group’s R&D expenditure totalled MEUR 0.3 (MEUR 0.3), representing 0.8 % of net sales (0.8 %). The Group did not capitalise any development expenditure during the report period.
PERSONNEL AND MANAGEMENT
During the third quarter, the Group employed an average total of 184 (224) people in terms of person-years.
At the end of September, the Group's full-year average total stood at 221 employees (258), representing a year-on-year decrease of 37 employees.
In January, the company concluded negotiations under the act on co-operation. As a result, a decision was taken to consolidate production in Karstula and to make 68 employees redundant. It was also agreed that the company’s personnel in Finland can be temporarily laid off for a maximum of 90 days until the end of September 2013.
Petr Morinov, Bachelor of Science, was appointed as the company’s Vice President Sales for Business Area Russia & CIS and a member of the Executive Group on 30 January 2013.
Master of Science (Architecture) SAFA and Master of Laws, Tanja Rytkönen-Romppanen, was appointed Vice President, Design and a member of the Executive Group on 29 April 2013. Her responsibilities include steering design, Group marketing and R&D.
LONG-TERM INCENTIVE PLAN
In the second quarter of 2013, the Board of Directors decided on a long-term share-based incentive plan for members of the Executive Group. The performance period of the new plan began on 1 January 2013 and will end on 31 December 2016. The potential reward for the performance period is based on the cumulative earnings per share (EPS) for 2013 - 2016 and on the average return on capital employed (ROCE) for 2013-2016. Any rewards for the performance period 2013 - 2016 will be paid partly as B shares and partly in cash in 2017. The rewards to be paid on the basis of the performance period will correspond to a total maximum of about 340,000 B shares, including the amount to be paid in cash.
The company has recorded EUR 18 thousand in costs in the statement of comprehensive income associated with the incentive scheme.
HONKARAKENNE OYJ’S 2013 ANNUAL GENERAL MEETING, BOARD OF DIRECTORS, AND AUDITORS
The Annual General Meeting (AGM) of Honkarakenne Oyj was held at the company’s headquarters in Tuusula on 5 April 2013. The AGM confirmed the financial statements of the parent company and Group, and discharged from liability the board members and CEO for 2012. The AGM decided that no dividends be paid for the 2012 financial year. The AGM decided that a repayment of capital totalling EUR 0.08 per share be paid from the Fund for invested unrestricted equity.
Anders Adlercreutz, Lasse Kurkilahti, Mauri Saarelainen, Marko Saarelainen and Teijo Pankko were re-elected to the Board of Directors. The Board’s constituent meeting appointed Lasse Kurkilahti the Chairman of the Board. Mauri Saarelainen will serve as the Deputy Chairman. Board of Directors decided not to set up any committees.
PricewaterhouseCoopers Oy, member of the Finnish Institute of Authorised Public Accountants, was appointed as auditor of the company, with Maria Grönroos, APA, as chief auditor.
HONKARAKENNE OYJ’S OWN SHARES AND AUTHORISATIONS OF THE BOARD OF DIRECTORS
Honkarakenne has not acquired its own shares during the report period. At the end of the report period, the Group held 364,385 of its Honkarakenne B shares with a total purchase price of EUR 1,381,750.23. These shares represent 7.05 % of the company's capital stock and 3.35 % of all votes. The purchase cost has been deducted from shareholders' equity in the consolidated financial statements.
On 5 April 2013, the AGM decided that the Board of Directors will be authorised to acquire a maximum of 400,000 of the company’s own B shares with assets included in the company’s unrestricted equity. In addition, the AGM authorised the Board to decide on a rights issue or bonus issue and on granting special rights to shares referred to in Section 1 of Chapter 10 of the Limited Liability Companies Act in one or more instalments. By virtue of the authorisation, the Board may issue a maximum total of 400,000 new shares and/or relinquish old B shares held by the company, including those shares that can be issued by virtue of special rights. Both authorisations will be valid until 25 March 2014.
CORPORATE GOVERNANCE
Honkarakenne Oyj follows the Limited Liability Companies Act and the Finnish Corporate Governance Code, 1 October 2010, for listed companies issued by the Finnish Securities Market Association. The company's website, www.honka.com, provides more information on the corporate governance systems.
FUTURE OUTLOOK
The market situation remains uncertain. General macroeconomic uncertainty factors, such as the economic situation in Russia, are being reflected in customers’ unwillingness to make decisions on construction projects. Sales figures are still being impacted by longer sales periods and a scarcity of longer-term orders.
At the end of September, the Group’s order book amounted to MEUR 21.4, up 13 % on the corresponding period of the previous year, when it was MEUR 19.0. The order book refers to orders whose delivery date falls within the next 24 months. Some orders may include a financing or building permit condition.
FORTHCOMING RISKS AND UNCERTAINTIES
Customers are taking longer to decide on investments due to general economic uncertainty. Sales periods have once again lengthened in Russia & CIS in particular. There is a risk that deals scheduled for completion during the last quarter will be pushed back to 2014.
Some of the orders may also include financing terms. Banks have begun to tighten their lending terms, which might make it more difficult for customers to obtain financing.
The Group has one significant concentration of credit risks in trade receivables, concerning the open trade receivables of one dealer. No provision for doubtful debt has been made for this. A payment plan has been made with this dealer and the amount of the trade receivables has decreased in every quarter. Payments under this plan will continue until 2015.
The valuation of amounts in the balance sheet is based on current assessment by the management. If these assessments are changed, this may result in changes to the Group's result.
REPORTING
This report contains statements that relate to the future, and these statements are based on hypotheses that the company’s management hold currently as well as on the decisions and plans that are currently in place. Although the management believes that the hypotheses relating to the future are well-founded, there is no guarantee that the said hypotheses will prove to be correct.
This interim report release has been drafted in line with IFRS recognition and valuation principles. However, not all of the requirements of IAS 34 have been complied with in its drafting. The interim report is in line with 2012 financial statement. The interim report should be read together with the 2012 financial statements. The new revised standards or interpretations effective as of 1 January 2013 have no bearing on the figures presented for the report period. The figures have not been examined by the auditor.
OUTLOOK FOR 2013
Honkarakenne is revising its outlook and now expects its net sales to be at same level than in previous year and the result before non-recurring items and taxes to be close to zero, but negative.
Honkarakenne’s previous outlook was the following: in year 2013 Honkarakenne expects its net sales to be at same level than in previous year and the result before non-recurring items and taxes to be close to zero.
HONKARAKENNE OYJ
Board of Directors
Further information:
Mikko Kilpeläinen, President and CEO, tel. +358 50 542 5884, mikko.kilpelainen@honka.com
Mikko Jaskari, CFO, tel. +358 400 535 337, mikko.jaskari@honka.com
This and previous releases are available for viewing on the company’s website at www.honka.com.
DISTRIBUTION
NASDAQ OMX Helsinki
Key media
Financial Supervisory Authority
www.honka.com
|
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
|||||
| unaudited | 7-9 /2013 | 7-9 /2012 | 1-9 /2013 | 1-9 /2012 | 1-12 /2012 |
| MEUR | |||||
| Net sales | 12.4 | 12.3 | 31.3 | 32.3 | 46.2 |
| Other operating income | 0.0 | 0.0 | 0.3 | 0.6 | 0.8 |
| Change in inventories of finished and unfinished goods | 0.2 | -0.4 | 1.9 | 0.5 | -0.2 |
| Production for own use | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Materials and services | -7.5 | -5.9 | -19.6 | -18.4 | -25.2 |
| Employee benefit expenses | -2.4 | -2.5 | -7.4 | -7.7 | -12.4 |
| Depreciations and amortisation | -0.5 | -0.9 | -1.9 | -2.4 | -3.0 |
| Impairment | -1.8 | ||||
| Other operating expenses | -2.0 | -2.1 | -6.4 | -6.3 | -8.7 |
| Operating profit/loss | 0.2 | 0.5 | -1.8 | -1.3 | -4.3 |
| Financial income | 0.1 | 0.1 | 0.4 | 0.2 | 0.6 |
| Financial expenses | -0.1 | -0.1 | -0.2 | -0.4 | -0.7 |
| Share of result of assosiated companies | -0.0 | -0.1 | -0.1 | -0.1 | -0.0 |
| Profit/loss before taxes | 0.1 | 0.4 | -1.6 | -1.6 | -4.4 |
| Income taxes | -0.0 | -0.2 | 0.4 | 0.4 | 0.1 |
| Profit/loss for the period | 0.1 | 0.2 | -1.2 | -1.2 | -4.3 |
| Other comprehensive income: | |||||
| Translation differences | 0.0 | 0.0 | -0.2 | 0.0 | -0.2 |
|
Total comprehensive income for the period |
0.1 | 0.2 | -1.5 | -1.2 | -4.6 |
| Profit for the period attributable to: | |||||
| Equity holders of the parent | 0.1 | 0.2 | -1.2 | -1.2 | -4.3 |
| Non-controlling interest | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| 0.1 | 0.2 | -1.2 | -1.2 | -4.3 | |
| Comprehensive income attributable to: | |||||
| Equity holders of the parent | 0.1 | 0.2 | -1.5 | -1.2 | -4.6 |
| Non-controlling interest | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| 0.1 | 0.2 | -1.5 | -1.2 | -4.6 | |
|
Earnings/share (EPS) calculated on the profit attributable to equity holders of the parent, EUR |
|||||
| Basic | 0.03 | 0.04 | -0.26 | -0.25 | -0.90 |
| Diluted | 0.03 | 0.04 | -0.26 | -0.25 | -0.90 |
Honkarakenne Oyj has two series of shares: A shares and B shares, which have different right to dividend. Profit distribution of 0.20 EUR per share will be paid first for B shares, then 0.20 EUR per share for A shares, followed by equal distribution of remaining profit distribution between all shares.
|
CONSOLIDATED BALANCE SHEET unaudited |
30.9.2013 |
30.9.2012 |
31.12.2012 |
| MEUR | |||
| Assets | |||
| Non-current assets | |||
| Property, plant and equipment | 14.0 | 17.0 | 14.6 |
| Goodwill | 0.1 | 0.1 | 0.1 |
| Other intangible assets | 0.5 | 0.8 | 0.6 |
| Investments in associated companies | 0.3 | 0.2 | 0.3 |
| Available-for-sale financial assets | 0.1 | 0.1 | 0.1 |
| Receivables | 0.3 | 0.3 | 0.3 |
| Deferred tax assets | 1.6 | 1.4 | 1.1 |
| 16.7 | 19.9 | 17.0 | |
| Current assets | |||
| Inventories | 8.4 | 7.2 | 6.5 |
| Trade and other receivables | 6.4 | 7.2 | 5.9 |
| Cash and cash equivalents | 4.3 | 2.9 | 4.8 |
| 19.0 | 17.4 | 17.2 | |
| Total assets | 35.7 | 37.3 | 34.2 |
| Equity and liabilities | 30.9.2013 | 30.9.2012 | 31.12.2012 |
|
Equity attributable to equity holders of the parent company |
|||
| Share capital | 9.9 | 9.9 | 9.9 |
| Share premium account | 0.5 | 0.5 | 0.5 |
| Fund for invested unrestricted equity | 6.4 | 6.8 | 6.8 |
| Own shares | -1.4 | -1.4 | -1.4 |
| Translation differences | -0.0 | 0.5 | 0.2 |
| Retained earnings | -4.4 | 0.0 | -3.2 |
| 11.1 | 16.3 | 12.9 | |
| Non-controlling interests | 0.2 | 0.2 | 0.2 |
| Total equity | 11.3 | 16.5 | 13.1 |
| Non-current liabilities | |||
| Deferred tax liabilities | 0.1 | 0.0 | 0.0 |
| Provisions | 0.5 | 0.3 | 0.5 |
| Financial liabilities | 6.3 | 5.1 | 3.9 |
| Other liabilities | 0.0 | 0.0 | 0.0 |
| 6.9 | 5.4 | 4.4 | |
| Current liabilities | |||
| Trade and other payables | 15.2 | 13.8 | 12.6 |
| Current tax liabilities | 0.2 | 0.1 | 0.0 |
| Provisions | 0.2 | 0.2 | 1.6 |
| Current financial liabilities | 1.9 | 1.3 | 2.4 |
| 17.5 | 15.4 | 16.7 | |
| Total liabilities | 24.4 | 20.8 | 21.1 |
| Total equity and liabilities | 35.7 | 37.3 | 34.2 |
|
STATEMENT OF CHANGES IN EQUITY abridged unaudited |
|||||||||||
| EUR thousand | Equity attributable to equity holders of the parent | ||||||||||
| a) | b) | c) | d) | e) | f) | g) | Yht. | h) | Total equity | ||
| Total equity 1.1.2012 |
9898 |
520 |
5316 |
1896 |
462 |
-1382 |
1151 | 17859 | 242 | 18101 | |
| Profit/loss for the period | -1179 | -1179 | -4 | -1183 | |||||||
| Translation difference | -3 | -3 | -3 | ||||||||
| Repayment of capital | -384 | -384 | -384 | ||||||||
| Purchase of non-controlling interests | 0 | -35 | -35 | ||||||||
| Reclassification | -5316 | 5316 | 0 | 0 | |||||||
| Total equity 30.9.2012 | 9898 | 520 | 0 | 6828 | 459 | -1382 | -28 | 16293 | 202 | 16495 | |
| a) | b) | c) | d) | e) | f) | g) | Yht. | h) | Total equity | ||
| Total equity 1.1.2013 | 9898 | 520 | 0 | 6828 | 224 | -1382 | -3178 | 12909 | 209 | 13117 | |
| Profit/loss for the period | -1230 | -1230 | 1 | -1229 | |||||||
| Translation difference | -238 | -238 | -238 | ||||||||
| Repayment of capital | -384 | -384 | -384 | ||||||||
| Management incentive plan | 10 | 10 | 10 | ||||||||
| Total equity 30.9.2013 | 9898 | 520 | 0 | 6444 | -14 | -1382 | -4400 | 11066 | 212 | 11277 | |
a) Share capital
b) Share premium account
c) Reserve fund
d) Fund for invested unrestricted equity
e) Translation difference
f) Own shares
g) Retained earnings
h) Non-controlling interests
|
CONSOLIDATED STATEMENT OF CASH FLOWS abridged unaudited |
1.1.- 30.9.2013 |
1.1.- 30.9.2012 |
1.1.- 31.12.2012 |
| MEUR | |||
| Cash flow from operating activities | -0.8 | 3.6 | 5.5 |
| Cash flow from investing activities, net | -1.2 | -0.3 | -0.1 |
| Total cash flows from financing activities: | 1.5 | -2.9 | -3.1 |
| Repayment of capital | -0.4 | -0.4 | -0.4 |
| Proceeds from borrowings | 4.4 | 2.1 | 2.1 |
| Repayment of borrowings | -2.3 | -4.5 | -4.6 |
| Other financial items | -0.1 | -0.2 | -0.2 |
| Change in cash and cash equivalents | -0.5 | 0.4 | 2.2 |
| Cash and cash equivalents at the beginning of period | 4.8 | 2.6 | 2.6 |
| Cash and cash equivalents at the close of period | 4.3 | 2.9 | 4.8 |
NOTES TO THE REPORT
Accounting principles
This interim report release has been drafted in line with IFRS recognition and valuation principles. However, not all of the requirements of IAS 34 have been complied with in its drafting. The interim report should be read together with the 2012 financial statements. The new revised standards or interpretations effective as of 1 January 2013 have no bearing on the figures presented for the report period. The figures have not been examined by the auditor.
Honka Management Oy, which is owned by the senior management of Honkarakenne Oyj and was established in 2010, is included in the consolidated financial statements due to the terms and conditions of the shareholder agreement concluded between it and Honkarakenne Oyj.
Honkarakenne has three geographical operating segments that have been combined into one segment for reporting purposes. Geographically, sales are divided as follows: Finland & Baltics, Russia & CIS and Global Markets. The internal reporting of the management is in line with IFRS reporting. For this reason, separate reconciliations are not presented.
| PROPERTY, PLANT AND EQUIPMENT | |
| Unaudited | Property, plant and equipment |
| MEUR | |
| Cost 1.1.2013 | 63.9 |
| Translation differences (+/-) | -0.0 |
| Increase | 1.2 |
| Disposals | -1.6 |
| Reclassifications | -0.0 |
| Cost 30.9.2013 | 63.5 |
| Accumulated depreciation 1.1.2013 | -49.4 |
| Translation differences (+/-) | 0.0 |
| Accumulated depreciation of disposals and reclassifications | 1.5 |
| Depreciation for the period | -1.7 |
| Accumulated depreciation 30.9.2013 | -49.6 |
| Carrying amount 1.1.2013 | 14.6 |
| Carrying amount 30.9.2013 | 14.0 |
Own shares
Honkarakenne Oyj has not acquired its own shares during the report period. At the end of the report period, the Group held 364,385 of its Honkarakenne B shares with a total purchase price of EUR 1,381,750.23. These shares represent 7.05 % of the company's capital stock and 3.35 % of all votes.
|
Contingent liabilities |
|||
| Unaudited | 30.9.2013 | 30.9.2012 | 31.12.2012 |
| MEUR | |||
| For own loans | |||
| - Mortgages | 25.7 | 25.7 | 25.7 |
| - Other quarantees | 2.0 | 1.7 | 3.4 |
| For others | |||
| - Guarantees | 0.0 | 0.2 | 0.0 |
| Leasing liabilities | 0.3 | 0.3 | 0.2 |
| Derivative contracts | 0.3 | 0.4 | 0.3 |
| Nominal values of forward exchange contracts | 0.7 | 1.0 | 2.9 |
| KEY INDICATORS | ||||
| 1-9 | 1-9 | 1-12 | ||
| Unaudited | 2013 | 2012 | 2012 | |
| Earnings/share (EPS) | euro | -0.26 | -0.25 | -0.90 |
| Return on equity | % | -10 | -7 | -28 |
| Equity ratio | % | 42 | 53 | 47 |
| Shareholders equity/share | euro | 2.30 | 3.39 | 2.69 |
| Net financial liabilities | MEUR | 3.9 | 3.5 | 1.5 |
| Gearing | % | 35 | 21 | 11 |
| Gross investments | MEUR | 1.3 | 0.9 | 0.9 |
| % of net sales | 4 | 3 | 2 | |
| Order book | MEUR | 21.4 | 19.0 | 15.9 |
| Average number of personnel | Staff | 113 | 122 | 123 |
| Workers | 108 | 136 | 134 | |
| Total | 221 | 258 | 257 | |
| Personnel in person-years, average | Staff | 103 | 117 | 117 |
| Workers | 78 | 85 | 81 | |
| Total | 181 | 202 | 198 | |
| Adjusted number of shares (’000) | At period-end | 4805 | 4805 | 4805 |
| Average during period | 4805 | 4805 | 4805 |
|
Calculation of key indicators |
||
| Profit for the period attributable to equity holders of parent | ||
| Earnings/share (EPS) | ----------------------------------------------- | |
| Average number of outstanding shares | ||
| Result before taxes – taxes | ||
| Return on equity % | ----------------------------------------------- | x 100 |
| Total equity, average | ||
| Total equity | ||
| Equity ratio, % | ----------------------------------------------- | x 100 |
| Balance sheet total - advances received | ||
| Net financial liabilities | Financial liabilities – cash and cash equivalents | |
| Financial liabilities – cash and cash equivalents | ||
| Gearing, % | ------------------------------------------- | x 100 |
| Total equity | ||
| Shareholders’ equity | ||
| Shareholders equity/share | ------------------------------------------------ | |
| Number of shares outstanding at the close of period | ||