OLVI PLC INTERIM REPORT 29 APR 2010
OLVI GROUP'S INTERIM REPORT, 1 JANUARY TO 31 MARCH 2010 (3 MONTHS)
January-March in brief:
- The Group's sales volume increased by 10.9 percent to 87 (78) million litres
+ The Group's net sales increased by 5.1 percent to 49.5 (47.1) million euro
- The entire Group's operating profit amounted to 2.1 (2.4) million euro
- Operating profit improved in Finland, Belarus and Lithuania
- Operating profit in Estonia and Latvia fell slightly short of the previous
year
- The Group's full-year earnings outlook is unchanged
KEY RATIOS
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| | 1-3/2010 | 1-3/2009 | Change % | 1-12/2009 |
--------------------------------------------------------------------------------
| Net sales, MEUR | 49.5 | 47.1 | + 5.1 | 244.2 |
--------------------------------------------------------------------------------
| Operating profit, MEUR | 2.1 | 2.4 | - 12.5 | 27.8 |
--------------------------------------------------------------------------------
| Gross capital | 6.4 | 4.6 | + 38.7 | 48.4 |
| expenditure, MEUR | | | | |
--------------------------------------------------------------------------------
| Earnings per share, | 0.14 | 0.17 | - 17.6 | 2.15 |
| EUR | | | | |
--------------------------------------------------------------------------------
| Equity per share, EUR | 10.73 | 8.82 | + 21.7 | 10.56 |
--------------------------------------------------------------------------------
| Equity to total | 47.7 | 42.8 | | 47.3 |
| assets, % | | | | |
--------------------------------------------------------------------------------
| Gearing, % | 52.3 | 65.5 | | 48.0 |
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“Olvi Group strengthened its market shares across its entire operating area. Our
earnings improved in Finland, Belarus and Lithuania. We have a confident outlook
towards the end of the operating year,” says Lasse Aho, Managing Director of
Olvi plc.
SALES VOLUME, NET SALES AND EARNINGS
Olvi Group
Olvi Group's sales in the first quarter of 2010 amounted to 87 (78) million
litres. This represents an increase of 9 million litres or 10.9 percent on the
previous year. Sales in Finland in the first quarter increased by 5 million
litres to 28 (23) million litres. Sales in the Baltic states increased by one
million litres to 45 (44) million litres. Sales in Belarus from January to March
amounted to 17 (15) million litres, an increase of 2 million litres. Intra-Group
sales were on a par with the previous year.
The Group's net sales from January to March amounted to 49.5 (47.1) million
euro. This represents an increase of 2.4 million euro or 5.1 percent on the
previous year. Net sales in Finland amounted to 22.7 (19.6) million euro, while
the aggregate total for the Baltic states was 22.4 (23.9) and the corresponding
figure for Belarus was 5.9 (5.6) million euro. Net sales in Finland increased by
3.1 million euro or 15.9 percent, and net sales in Belarus increased by 0.3
million euro or 5.0 percent. Net sales in the Baltic states fell 1.5 million
euro or 6.3 percent short of the previous year.
Olvi Group's operating profit for the first quarter stood at 2.1 (2.4) million
euro, or 4.2 (5.1) percent of net sales. The Group's operating profit declined
by 0.3 million euro or 12.5 percent. Operating profit in Finland amounted to 2.3
(1.8) million euro. Operating profit improved in Finland by 0.5 million euro and
in Belarus by 0.2 million euro on the previous year, while operating profit in
the Baltic states declined by 0.4 million euro. Units in the Baltic states
posted an aggregate operating profit of 0.4 (0.8) million euro. The
January-March operating profit for Belarus was 0.08 (-0.16) million euro and
improved by 0.2 million euro on the previous year.
Olvi Group's profit after taxes in the period under review was 1.5 (2.3) million
euro. Earnings per share calculated from the profit belonging to parent company
shareholders in the first quarter of 2010 stood at 0.14 (0.17) euro per share.
Owing to the seasonal character of the brewing industry, the majority of the
full-year net sales and operating profit is made during the second and third
quarters.
Parent company Olvi plc
The parent company Olvi plc's sales volume in January-March was 28 (23) million
litres. Sales increased by 5 million litres or 24.8 percent on the previous
year.
According to statistics by the Federation of the Brewing and Soft Drinks
Industry, the Finnish beverage market in January-March remained on a par with
the previous year. The sales of long drinks increased by 8 percent and the sales
of beer by 5 percent. A decline of some 7 percent was seen in the sales of
ciders and soft drinks.
The sales of Olvi plc's beers increased by 50 percent in the first quarter of
2010 thanks to promotional campaigns and new products. The sales of long drinks
increased by more than 40 percent and the sales of ciders by approximately 15
percent on the previous year. The sales of long drinks is increased by the
great consumer success of Olvi Kultalonkero (Gold Long Drink) and especially
Karpalolonkero (Cranberry Long Drink). The sales of ciders were boosted by new
Olvi ciders delivered in March for a marketing campaign carried out in April;
the products have received a warm welcome in the market. The sales of soft
drinks declined on the previous year.
According to statistics by the Federation of the Brewing and Soft Drinks
Industry, Olvi plc's market shares in January-March had clearly increased in all
product groups except soft drinks. In alcoholic beverages (beers, ciders and
long drinks), Olvi plc's market share increased from 16 percent to 22 percent.
Olvi plc's market share in mineral waters was 20 (20) percent and in soft drinks
approximately 5 percent.
The parent company's net sales from January to March amounted to 22.7 (19.6)
million euro, representing an increase of 3.1 million euro or 15.9 percent on
the previous year.
Operating profit for the first quarter stood at 2.3 (1.8) million euro, or 10.0
(8.9) percent of net sales. The operating profit increased by 0.5 million euro
or 29.2 percent compared to the previous year. The operating profit includes 0.6
million euro of sales gains from the sales of decommissioned production
machinery.
AS A. Le Coq
The Estonian subsidiary AS A. Le Coq's sales in January-March 2010 were on a par
with the previous year at 23 (23) million litres.
Total consumption in the Estonian beverage market declined during the review
period. The sales of AS A. Le Coq's beers, ciders, soft drinks and juices
increased by some three percent on the previous year. The sales of mineral
waters and energy drinks declined as consumption shifted to Private Label
products.
The company's exports and tax-free sales increased substantially on the previous
year. However, exports and tax-free sales only represented some three percent of
the total sales volume.
As A. Le Coq's net sales in the first quarter amounted to 12.2 (13.1) million
euro, a decline of 0.9 million euro.
Operating profit in January-March stood at 1.0 (1.4) million euro, which was 8.3
(11.0) percent of net sales. The operating profit declined by 0.4 million euro
or 29.2 percent compared to the previous year. The decline in earnings was
mainly due to a drop in average net sales price.
A/S Cesu Alus
In the first quarter of 2010, the sales of A/S Cesu Alus operating in Latvia
totalled 12 million litres. Sales were on a par with the previous year.
The beer volume increased by 13 percent, while the sales of soft drinks
increased by 9 percent. Sales of ciders, long drinks and juices declined
clearly.
A/S Cesu Alus's net sales in January-March amounted to 5.5 (5.9) million euro, a
decline of 0.4 million euro or 6.7 percent.
The operating result for the first quarter of 2010 showed a loss of -0.5 (-0.4)
million euro. The decline in earnings was affected by the recession in the
Latvian market, due to which the average net sales price declined on the
previous year. The least expensive beer products made up a larger share of total
demand, while the share of the most profitable product groups, ciders and long
drinks, declined.
AB Ragutis
In January-March 2010, the sales volume of AB Ragutis operating in Lithuania
increased to 11 (10) million litres. This represents an increase of 1 million
litres or 6.9 percent on the previous year. The sales growth was attributable to
beers and long drinks. Sales of other product groups declined.
AB Ragutis's first-quarter net sales amounted to 4.7 (4.9) million euro. Net
sales declined by 0.2 million euro or 4.6 percent. The decline in net sales was
due to a decline in average sales price.
AB Ragutis's operating result in January-March amounted to -0.2 (-0.3) million
euro. In spite of the decline in net sales, the company was able to limit its
loss compared to the previous year through improved operating efficiency and
cost cuts.
OAO Lidskoe Pivo
The January-March 2010 sales of OAO Lidskoe Pivo operating in Belarus amounted
to 17 (15) million litres. Sales increased by 2 million litres or 8.8 percent on
the previous year. Most of the growth came from juices and soft drinks. The
sales of beers increased by 9 percent, the sales of juices almost doubled, the
sales of mineral waters increased by more than 22 percent and the sales of soft
drinks increased by more than 15 percent. Growth was clearly seen also in long
drinks. OAO Lidskoe Pivo holds its highest market share in the kvass product
group, approximately 50 percent.
The company's net sales in January-March 2010 amounted to 5.9 (5.6) million
euro, representing an increase of 0.3 million euro or 5.0 percent.
Operating profit from January to March stood at 0.08 (-0.16) million euro.
The takeover of the company has progressed according to plan.
FINANCING AND INVESTMENTS
Olvi Group's balance sheet total at the end of March 2010 was 239.0 (242.1)
million euro. Equity per share in January-March stood at 10.73 (8.82) euro. The
equity to total assets ratio was 47.7 (42.8) percent. The amount of
interest-bearing liabilities was 66.5 (88.3) million euro, including current
liabilities of 31.5 (42.7) million euro.
During the period under review, Olvi Group's gross capital expenditure amounted
to 6.4 (4.6) million euro. The parent company Olvi plc accounted for 1.2 million
euro and the subsidiaries in the Baltic states for 1.0 million euro of the
total. OAO Lidskoe Pivo's gross capital expenditure in the first half of the
year was 4.2 million euro. The largest investments in Finland in 2010 will be
machines for labelling, cardboard packaging and wrapping, as well as development
of internal logistics in the storehouse. The largest investments in the Baltic
states will be new glass and PET bottle formats for AS A. Le Coq, together with
a yeast separator and screw-cap machine for the tetrapack line; A/S Cesu Alus
will get a new filling, labelling and capping machine, a new bottle format and
an air compressor, and AB Ragutis will get extensions to the fermentation tank
and waste yeast cellars, as well as water treatment equipment for the boiling
room. In Belarus, a new storehouse and two filling lines will be built, and the
tank cellar and filtering section will get extensions. Cooling equipment will
also be modernised.
PRODUCT DEVELOPMENT
Research and development includes projects to design and develop new products,
packages, processes and production methods, as well as further development of
existing products and packages. The R&D costs have been recognised as expenses.
NEW PRODUCT LAUNCHES
Parent company Olvi plc
Several significant novelties were launched in April 2010. The OLVI brand, which
was previously available in beers, mineral waters, long drinks and soft drinks,
was launched also in ciders. OLVI Cider contains +50 percent more juice than
typical ciders, due to which its taste is not light even though the calorie
count is lower. A new 0.45-litre recyclable plastic deposit bottle was developed
for OLVI Cider. According to consumer surveys, this is just the right size for
ciders. The launch of OLVI Cider is boosted by a substantial media campaign, and
the product is well-positioned in the product ranges of retail chains.
TEHO Energy Shot was launched in the energy drinks segment. It is a concentrated
energy drink of one decilitre and contains the same amount of caffeine as a
normal 0.33-litre can.
OLVI, the number one long drink brand in grocery shops, was expanded by the new
cola-flavoured product Musta OLVI Kulta Lonkero (Black OLVI Gold Long Drink)
sold in 0.5-litre cans. The traditional Grapefruit was launched in 12-packs of
cans.
In beers, OLVI Suomalainen Saunaolut (OLVI Finnish Sauna Beer) was launched to
strengthen Olvi's message of being Finnish. The product is sold in pint-size
cans (0.568 litres). OLVI Ykkönen, which has a market share of some 65 percent
in mild beers sold in grocery stores, was launched in 0.5-litre cans to respond
to increased consumer interest in canned products. A. Le Coq Gold is a
super-premium beer in embossed golden cans.
The unique product range of soft drinks in 0.95-litre recyclable plastic deposit
bottles was expanded by raspberry. The world's most widely licensed character,
Hello Kitty, was introduced as a children's soft drink in 0.5-litre recyclable
plastic deposit bottles. The product gets its red colour from natural sources,
and it contains fructose but no artificial sweeteners. However, it contains only
29 kilocalories per decilitre. Being targeted at children, it also has a low
glycemic index GI.
AS A. Le Coq
In March, AS A. Le Coq launched the Valge Klaar retro soft drink dating back to
1976. The other soft drinks in the range, Limonaad and Kelluke, are retro
products as well and have been very successful. Valge Klaar has a juice content
of 10%, which is some 3 or 4 times more than usual in soft drinks. Limonaad and
Kelluke have been free of preservatives since March.
In ciders, the market leader brand FIZZ was expanded by the new FIZZ Natural
Apple Cider product, which uses the same bottle especially developed for ciders
as OLVI Cider.
The Beershake concept was expanded with Cranberry & Lime; unlike the previous
products, it was launched in half-litre cans. The new super-premium beer A. Le
Coq Premium Extra was launched in April. It is filtered three times. Thanks to
new technology, the beer will not age as fast as normal beer and requires no
pasteurisation. Similar technology has not been used before in the Baltic
states. A unique green special glass bottle was also developed for the product.
Proof of the high quality of A. Le Coq beers was received at Helsinki Beer
Festival on 10 April 2010 in the form of a bronze medal in the category of
bottom-fermented beers containing more than 6 percent alcohol. The bronze medal
went to the tradition-rich A. Le Coq Porter.
A/S Cesu Alus
A/S Cesu Alus won the silver medal at Helsinki Beer Festival on 10 April 2010
with its new Cesu Porter 6.2% beer described in the financial statements for
2009. In March, Cesu Alus reformed the packaging of its main product Cesu
Premium and changed over to the same filtration technology used for A. Le Coq
Premium Extra. The company started to produce Licis private label beer for the
Maxima chain. The product is in two-litre bottles.
In March, a completely new alcoholic cocktail Cesu 14% was launched in three
flavour variants in new 2.8 dl plastic bottles. The product contains 14%
alcohol, making it clearly stronger than previous alcoholic cocktails. In April,
the Beershake concept was expanded with a Cranberry & Lime product similar to
the one in Estonia. The Cesu Dzons alcoholic cocktail was launched in a new
Safari Sunrise flavour in April.
The new product launched as FIZZ Natural Apple Cider in Estonia was introduced
to the Latvian market in April as FIZZ Traditional Apple. At the same time, the
FIZZ Cooler range was expanded with the new Passion flavour.
AB Ragutis
AB Ragutis launched FIZZ Traditional Cider, already familiar from Estonia and
Latvia, in March, Beershake Cranberry & Lime in April, and the Limpa Lemonade
range of soft drinks in April in Traditional and Lemonade flavours. The range
has previously been available in Estonia.
OAO Lidskoe Pivo
In February, OAO Lidskoe Pivo introduced the unfiltered wheat beer Lidskoe White
Beer, which contains 5.1 percent alcohol and is sold in 0.5-litre glass bottles
and 0.75-litre plastic bottles. In March, the company launched a new flavour
variant of its BCE-Vitamin juice, rosehip-apple. Packaging was developed by
changing over to coloured bottles for soft drinks because in a consumer survey,
consumers clearly preferred coloured bottles over clear ones.
PERSONNEL
Olvi Group's average number of personnel in January-March 2010 was 1,982
(2,032), 353 (347) of them in Finland, 306 (340) in Estonia, 200 (214) in
Latvia, 183 (194) in Lithuania and 940 (937) in Belarus. The Group's average
number of personnel decreased by 50 people or 2.5 percent. The total number of
personnel at the end of March was 1,999 (2,031).
GROUP STRUCTURE
There were no changes in the Group structure in January-March 2010.
At the end of March 2010, Olvi Group's holding in AS A. Le Coq was 100.0
percent, in A/S Cesu Alus 99.3 percent, in AB Ragutis 99.57 percent, and in OAO
Lidskoe Pivo 87.84 percent.
RESOLUTIONS OF ANNUAL GENERAL MEETING 8 APRIL 2010
At their Annual General Meeting held on 8 April 2010, the shareholders of Olvi
plc adopted the closing of the accounts for the year 2009 and granted discharge
from liability to the members of the Board of Directors and Managing Director as
regards the fiscal year 2009.
In accordance with the Board's proposal, the General Meeting of Shareholders
decided that a dividend of 0.80 euro be paid on each K and A share for fiscal
2009. The dividend according to the decision represented 37.2 percent of
consolidated earnings per share. The dividend payout totalled 8.3 million euro.
The dividend was paid on 20 April 2010 to all shareholders recorded in the
company's register of shareholders maintained by Euroclear Finland Ltd on the
record date 13 April 2010 at the latest. The payment of dividends will expire on
22 April 2013.
No dividend was paid on treasury shares held by Olvi plc. The number of Olvi plc
shares on the date of the General Meeting was 10,379,404, of which Series K
totalled 1,866,128 shares and Series A 8,513,276 shares. Olvi plc holds 12,400
Series A shares as treasury shares.
Board members and auditors
The Annual General Meeting re-elected the current members of the Board: Mr.
Heikki Hortling, Chairman of the Board, M.Sc. (Econ), Iisalmi, Mr. Esa Lager,
CFO, LL.M., M.Sc. (Econ), Kauniainen, Mr. Heikki Sinnemaa, LL.M., Member of the
Bar, Iisalmi, and Mr. Harri Sivula, Managing Director, M.Adm.Sc., Tuusula. Ms.
Tarja Pääkkönen, Director, Dr.Tech., Helsinki, was appointed new Member of the
Board.
The Annual General Meeting appointed PricewaterhouseCoopers Oy, Authorised
Public Accountants, as the company's auditor, with Mr. Sami Posti, Authorised
Public Accountant, as auditor in charge.
Organisation of the Board of Directors
At its organising meeting held on 8 April 2010, Olvi plc's Board of Directors
elected Mr. Heikki Hortling as the Chairman of the Board and Mr. Esa Lager as
the Vice Chairman of the Board.
Decision to amend the Articles of Association
At the Annual General Meeting, the shareholders of Olvi plc decided to amend
Article 10 of the Articles of Association to read as follows: The notice to
convene a General Meeting shall be published as a stock exchange release, posted
on the company's Web site and, should the Board of Directors so decide,
published in one widely circulated newspaper of the Board of Director's choice
no earlier than three (3) months and no later than three (3) weeks before the
General Meeting, in any case no later than nine (9) days before the record date
for the General Meeting referred to in Chapter 4, Section 2(2) of the Companies
Act. In order to attend the General Meeting, shareholders must register
themselves with the company no later than on the date specified in the notice to
convene the meeting, which may be no earlier than ten (10) days before the
meeting. Furthermore, the provisions of the Companies Act pertaining to the
right to attend a General Meeting of a company belonging to the book-entry
system shall be observed.
Decision regarding the acquisition of own A shares
In accordance with the Board of Directors' proposal, the Annual General Meeting
decided to revoke all existing unused authorisations to acquire treasury shares
and authorise the Board of Directors to decide on the acquisition of the
company's own Series A shares using distributable funds. The authorisation is
valid for one year starting from the Annual General Meeting and covers a maximum
of 245,000 Series A shares. The Board of Directors may also propose that any
shares acquired on the company's own account be cancelled by reducing the share
capital.
The authorisation allows the Board of Directors to acquire the company's own
shares for use as consideration in case of any upcoming corporate acquisitions,
for the funding of investments, for the incentive and commitment scheme for key
personnel or for cancellation.
The shares would be purchased in accordance with the Board of Directors'
decision in public trading on the Helsinki Exchanges at the current market price
at the time of acquisition. The purchase price shall be paid to the sellers
within the payment period determined on the basis of the rules of Nasdaq OMX
Helsinki Ltd and Euroclear Finland Ltd.
Because the maximum number of A shares to be acquired represents less than five
percent of all the shares in the company and approximately one percent of all
the votes, the acquisition would not have any significant effect on the
distribution of shareholdings and voting rights in the company.
Decision regarding the transfer of own shares
In accordance with the Board of Directors' proposal, the Annual General Meeting
decided to revoke all existing unused authorisations for the transfer of own
shares and authorise the Board of Directors to decide on the transfer of any A
shares acquired on the company's own account within one year of the Annual
General Meeting.
The authorisation comprises the transfer of all shares purchased on the basis of
acquisition authorisations granted to the Board of Directors. The authorisation
grants the Board of Directors with the power to decide to whom and in what order
the shares held by the company shall be transferred.
The Board of Directors could transfer the company's own shares for use as
consideration in case of any upcoming corporate acquisitions, for the funding of
investments or for use within an incentive and commitment scheme for key
personnel. The Board of Directors is authorised to decide on the transfer price
of the company's own shares and on the bases for determining the transfer price.
BUSINESS RISKS AND UNCERTAINTIES IN THE NEAR TERM
The general economic situation in Europe shows weak signs of recovery, but any
rapid improvement in the economy and a return to the growth track seen during
the period of prosperity before the recession is not probable.
Private consumption in Finland has declined very moderately, and even though
unemployment has increased during the last six months, Finland's unemployment
rate is lower than the average of the euro area. Consumer confidence in economic
improvement has become stronger, which is also reflected in the recent positive
development of sales figures in wholesale and retail trade.
If the bargaining for a collective agreement in the Finnish food industry takes
more time, this may have a negative impact on sales and earnings.
The economic outlook in the Baltic states remains quite dark. However, the
long-term outlook in Estonia has turned more optimistic little by little, even
though the Estonian economy is still expected to diminish by a couple of percent
in 2010.
Among the Baltic states, Latvia and Lithuania are still in great trouble. The
Latvian and Lithuanian economies have diminished by more than 18 percent in
2009, and the decline is expected to continue with a drop of some four percent
in 2010.
Weakened consumer purchasing power is reflected in the sales of Olvi's products,
but above all, the impact is seen in the relation of sales between premium
products and less expensive campaign products, which will particularly affect
the average net sales price and profitability.
The situation in the Baltic states has remained unstable, and potential
devaluation of currencies remains a substantial uncertainty.
NEAR-TERM OUTLOOK
Olvi Group's objective for 2010 is to maintain good profitability. Olvi Group's
comparable full-year operating profit for 2010 is estimated to fall slightly
short of the 2009 level.
Further information:
Lasse Aho, Managing Director
Phone +358 17 838 5200 or +358 400 203 600
OLVI PLC
Board of Directors
APPENDICES
- Income statement, Appendix 1
- Balance sheet, Appendix 2
- Changes in shareholders' equity, Appendix 3
- Cash flow statement, Appendix 4
- Notes to the interim report, Appendix 5
DISTRIBUTION
NASDAQ OMX Helsinki Ltd
Key media
www.olvi.fi
OLVI GROUP APPENDIX 1
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| INCOME STATEMENT | | | |
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| EUR 1,000 | | | |
--------------------------------------------------------------------------------
| | 1-3/2010 | 1-3/2009 | 1-12/2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | 49497 | 47080 | 244165 |
--------------------------------------------------------------------------------
| Other operating income | 146 | 333 | 4348 |
--------------------------------------------------------------------------------
| Operating expenses | -42948 | -40688 | -203219 |
--------------------------------------------------------------------------------
| Depreciation and impairment | -4601 | -4331 | -17530 |
--------------------------------------------------------------------------------
| Operating profit | 2094 | 2394 | 27764 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financial income | 235 | 2083 | 2315 |
--------------------------------------------------------------------------------
| Financial expenses | -466 | -1346 | -3069 |
--------------------------------------------------------------------------------
| Financial expenses - net | -231 | 737 | -754 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings before tax | 1863 | 3131 | 27010 |
--------------------------------------------------------------------------------
| Taxes *) | -378 | -852 | -4001 |
--------------------------------------------------------------------------------
| NET PROFIT FOR THE PERIOD | 1485 | 2279 | 23009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other comprehensive income items: | | | |
--------------------------------------------------------------------------------
| Translation differences related to | 245 | -4338 | -6117 |
| foreign subsidiaries | | | |
--------------------------------------------------------------------------------
| TOTAL COMPREHENSIVE INCOME FOR THE | 1730 | -2059 | 16892 |
| PERIOD | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Distribution of profit | | | |
--------------------------------------------------------------------------------
| - parent company shareholders | 1440 | 1731 | 22297 |
--------------------------------------------------------------------------------
| - minority | 45 | 548 | 712 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Distribution of comprehensive profit: | | |
--------------------------------------------------------------------------------
| - parent company shareholders | 1666 | -2559 | 17467 |
--------------------------------------------------------------------------------
| - minority | 64 | 500 | -575 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Ratios calculated from the profit belonging | | |
--------------------------------------------------------------------------------
| to parent company shareholders: | | | |
--------------------------------------------------------------------------------
| - earnings per share, euro | 0.14 | 0.17 | 2.15 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| *) Taxes calculated from the profit for the review period. | |
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OLVI GROUP APPENDIX 2
--------------------------------------------------------------------------------
| BALANCE SHEET | | | |
--------------------------------------------------------------------------------
| EUR 1,000 | | | |
--------------------------------------------------------------------------------
| | 31.3.2010 | 31.3.2009 | 31.12.2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| ASSETS | | | |
--------------------------------------------------------------------------------
| Non-current assets | | | |
--------------------------------------------------------------------------------
| Tangible assets | 124600 | 128711 | 125268 |
--------------------------------------------------------------------------------
| Goodwill | 17176 | 10788 | 17176 |
--------------------------------------------------------------------------------
| Other intangible assets | 1049 | 928 | 953 |
--------------------------------------------------------------------------------
| Financial assets available for sale | 2953 | 288 | 288 |
--------------------------------------------------------------------------------
| Other non-current assets available for | 5 | 429 | 0 |
| sale | | | |
--------------------------------------------------------------------------------
| Loan receivables and other non-current | 144 | 123 | 143 |
| receivables | | | |
--------------------------------------------------------------------------------
| Deferred tax receivables | 1374 | 632 | 909 |
--------------------------------------------------------------------------------
| Total non-current assets | 147301 | 141899 | 144737 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current assets | | | |
--------------------------------------------------------------------------------
| Inventories | 37810 | 37750 | 35355 |
--------------------------------------------------------------------------------
| Accounts receivable and other | 47056 | 42043 | 48703 |
| receivables | | | |
--------------------------------------------------------------------------------
| Liquid assets | 6852 | 20386 | 8402 |
--------------------------------------------------------------------------------
| Total current assets | 91718 | 100179 | 92460 |
--------------------------------------------------------------------------------
| TOTAL ASSETS | 239019 | 242078 | 237197 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| SHAREHOLDERS' EQUITY AND LIABILITIES | | | |
--------------------------------------------------------------------------------
| Shareholders' equity held by parent company | | |
| shareholders | | |
--------------------------------------------------------------------------------
| Share capital | 20759 | 20759 | 20759 |
--------------------------------------------------------------------------------
| Other reserves | 1092 | 1092 | 1092 |
--------------------------------------------------------------------------------
| Treasury shares | -222 | -63 | -222 |
--------------------------------------------------------------------------------
| Translation differences | -4627 | -4313 | -4853 |
--------------------------------------------------------------------------------
| Retained earnings | 94186 | 74070 | 92746 |
--------------------------------------------------------------------------------
| | 111188 | 91545 | 109522 |
--------------------------------------------------------------------------------
| Minority interest | 2828 | 12118 | 2764 |
--------------------------------------------------------------------------------
| Total shareholders' equity | 114016 | 103663 | 112286 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current liabilities | | | |
--------------------------------------------------------------------------------
| Loans | 33000 | 45594 | 36101 |
--------------------------------------------------------------------------------
| Other liabilities | 2045 | 2 | 0 |
--------------------------------------------------------------------------------
| Deferred tax liabilities | 1646 | 1407 | 1581 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current liabilities | | | |
--------------------------------------------------------------------------------
| Loans | 30450 | 42658 | 26238 |
--------------------------------------------------------------------------------
| Accounts payable and other liabilities | 57862 | 48754 | 60991 |
--------------------------------------------------------------------------------
| Total liabilities | 125003 | 138415 | 124911 |
--------------------------------------------------------------------------------
| TOTAL SHAREHOLDERS' EQUITY AND | 239019 | 242078 | 237197 |
| LIABILITIES | | | |
--------------------------------------------------------------------------------
OLVI GROUP APPENDIX 3
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| CHANGES IN CONSOLIDATED | | | | | | |
| SHAREHOLDERS' EQUITY | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EUR 1,000 | A | B | C | D | E | F | G | H | I |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shareholders' |20759|857 |127 | -63 | 108 | -23 | 72339 |11618 |105722 |
| equity 1 Jan 2009 | | | | | | | | | |
--------------------------------------------------------------------------------
| Total comprehensive income | | | |-4290 | 2279 | -48 | -2059 |
| for the period | | | | | | | |
--------------------------------------------------------------------------------
| Share of profit belonging to the | | | | -548 | 548 | 0 |
| minority | | | | | | |
--------------------------------------------------------------------------------
| Shareholders' |20759|857 |127 | -63 | 108 |-4313 | 74070 |12118 |103663 |
| equity 31 Dec | | | | | | | | | |
| 2009 | | | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EUR 1,000 | A | B | C | D | E | F | G | H | I |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shareholders' |20759|857 |127 |-222 | 108 |-4833 | 92746 | 2764 |112286 |
| equity 1 Jan 2010 | | | | | | | | | |
--------------------------------------------------------------------------------
| Total comprehensive income | | | | 226 | 1485 | 19 | 1730 |
| for the period | | | | | | | |
--------------------------------------------------------------------------------
| Share of profit belonging to | | | | | -45 | 45 | 0 |
| the minority | | | | | | | |
--------------------------------------------------------------------------------
| Shareholders' |20759|857 |127 |-222 | 108 |-4627 | 94186 | 2828 |114016 |
| equity 31 Mar | | | | | | | | | |
| 2010 | | | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| A = Share capital | | | | | | | | | |
--------------------------------------------------------------------------------
| B = Share premium | | | | | | | | | |
| account | | | | | | | | | |
--------------------------------------------------------------------------------
| C = Legal reserve | | | | | | | | | |
--------------------------------------------------------------------------------
| D = Treasury shares | | | | | | | | |
| reserve | | | | | | | | |
--------------------------------------------------------------------------------
| E = Other | | | | | | | | | |
| reserves | | | | | | | | | |
--------------------------------------------------------------------------------
| F = Translation | | | | | | | | | |
| differences | | | | | | | | | |
--------------------------------------------------------------------------------
| G = Retained | | | | | | | | | |
| earnings | | | | | | | | | |
--------------------------------------------------------------------------------
| H = Minority | | | | | | | | | |
| interest | | | | | | | | | |
--------------------------------------------------------------------------------
| I = Total | | | | | | | | | |
--------------------------------------------------------------------------------
OLVI GROUP APPENDIX 4
--------------------------------------------------------------------------------
| CASH FLOW STATEMENT | | | |
--------------------------------------------------------------------------------
| EUR 1,000 | | | |
--------------------------------------------------------------------------------
| | 1-3/2010 | 1-3/2009 | 1-12/2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net profit for the period | 1485 | 2279 | 23009 |
--------------------------------------------------------------------------------
| Adjustments to profit for the period | 6456 | 3186 | 20697 |
--------------------------------------------------------------------------------
| Change in net working capital | -6139 | -3005 | -2351 |
--------------------------------------------------------------------------------
| Interest paid | -273 | -826 | -3538 |
--------------------------------------------------------------------------------
| Interest received | 229 | 249 | 663 |
--------------------------------------------------------------------------------
| Taxes paid | 93 | 508 | -3014 |
--------------------------------------------------------------------------------
| Cash flow from operations (A) | 1852 | 2391 | 35466 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Investments in tangible assets | -4624 | -3796 | -17457 |
--------------------------------------------------------------------------------
| Investments in intangible assets | -183 | -119 | -265 |
--------------------------------------------------------------------------------
| Capital gains on disposal of tangible | 5 | 114 | 345 |
| and intangible assets | | | |
--------------------------------------------------------------------------------
| Expenditure on other investments | -2665 | | -2 |
--------------------------------------------------------------------------------
| Cash flow from investments (B) | -7467 | -3800 | -17379 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Withdrawals of loans | 15000 | 19746 | 20912 |
--------------------------------------------------------------------------------
| Repayments of loans | -10801 | -13699 | -40774 |
--------------------------------------------------------------------------------
| Acquisition of treasury shares | 0 | 0 | -160 |
--------------------------------------------------------------------------------
| Dividends paid | -134 | 0 | -5411 |
--------------------------------------------------------------------------------
| Cash flow from financing (C) | 4065 | 6047 | -25433 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Increase (+)/decrease (-) in liquid | -1550 | 4638 | -7346 |
| assets (A+B+C) | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Liquid assets 1 January | 8402 | 15748 | 15748 |
--------------------------------------------------------------------------------
| Liquid assets 31 Mar/31 Dec | 6852 | 20386 | 8402 |
--------------------------------------------------------------------------------
| Change in liquid assets | -1550 | 4638 | -7346 |
----------------------------------------------------------------------------
OLVI GROUP APPENDIX 5
NOTES TO THE FINANCIAL STATEMENTS
The accounting policies used for this interim report are the same as those used
for the annual financial statements 2009.
The accounting policies are presented in the Annual Report 2009 which was
published on 16 March 2010. The information disclosed in the interim report is
unaudited.
The information in the interim report is presented in thousands of euros (EUR
1,000). For the sake of presentation, individual figures and totals have been
rounded to full thousands, which causes rounding differences in
additions.
The Group has adopted the following new or revised standards in 2010:
- IFRS 2 (Amendment) Share-based Payments - Group Cash-settled Share-based
Payment Transactions and Scope
- IFRS 5 (Amendment) Long-term Assets Held for Sale and Discontinued Operations
- IFRS 8 (Amendment) Operating Segments
- IAS 1 (Amendment) Presentation of Financial Statements
- IAS 7 (Amendment) Statement of Cash Flows
- IAS 17 (Amendment) Leases
- IAS 18 (Amendment) Revenue
- IAS 36 (Amendment) Impairment of Assets
- IAS 38 (Amendment) Intangible Assets
- IAS 39 (Amendment) Financial Instruments: Recognition and Measurement
- IFRIC 9 (Amendment) Reassessment of Embedded Derivatives
- IFRIC 16 (Amendment) Hedges of a Net Investment in a Foreign Operation
1. SEGMENT INFORMATION
--------------------------------------------------------------------------------
| SALES BY GEOGRAPHICAL SEGMENT (1,000 litres) |
--------------------------------------------------------------------------------
| | 1-3/ 2010 | 1-3/ 2009 | 1-12/ 2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Olvi Group total | 86754 | 78217 | 419023 |
--------------------------------------------------------------------------------
| Finland | 28349 | 22713 | 129671 |
--------------------------------------------------------------------------------
| Estonia | 22610 | 22586 | 113362 |
--------------------------------------------------------------------------------
| Latvia | 12269 | 11765 | 58935 |
--------------------------------------------------------------------------------
| Lithuania | 10579 | 9893 | 51746 |
--------------------------------------------------------------------------------
| Belarus | 16627 | 15282 | 87453 |
--------------------------------------------------------------------------------
| - sales between segments | -3680 | -4022 | -22144 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| NET SALES BY GEOGRAPHICAL SEGMENT (EUR 1,000) |
--------------------------------------------------------------------------------
| | 1-3/ 2010 | 1-3/ 2009 | 1-12/ 2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Olvi Group total | 49497 | 47080 | 244165 |
--------------------------------------------------------------------------------
| Finland | 22678 | 19562 | 104511 |
--------------------------------------------------------------------------------
| Estonia | 12189 | 13082 | 65194 |
--------------------------------------------------------------------------------
| Latvia | 5476 | 5867 | 30036 |
--------------------------------------------------------------------------------
| Lithuania | 4689 | 4917 | 24644 |
--------------------------------------------------------------------------------
| Belarus | 5862 | 5581 | 30288 |
--------------------------------------------------------------------------------
| - sales between segments | -1397 | -1929 | -10508 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| OPERATING PROFIT BY GEOGRAPHICAL SEGMENT (EUR 1,000) |
--------------------------------------------------------------------------------
| | 1-3/ 2010 | 1-3/ 2009 | 1-12/ 2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Olvi Group total | 2094 | 2394 | 27763 |
--------------------------------------------------------------------------------
| Finland | 2262 | 1750 | 9596 |
--------------------------------------------------------------------------------
| Estonia | 1016 | 1435 | 10156 |
--------------------------------------------------------------------------------
| Latvia | -483 | -384 | 1019 |
--------------------------------------------------------------------------------
| Lithuania | -175 | -274 | 909 |
--------------------------------------------------------------------------------
| Belarus | 79 | -165 | 5797 |
--------------------------------------------------------------------------------
| - eliminations | -605 | 32 | 286 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 2. PERSONNEL ON AVERAGE | 1-3/2010 | 1-3/2009 | 1-12/2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Finland | 353 | 347 | 377 |
--------------------------------------------------------------------------------
| Estonia | 306 | 340 | 337 |
--------------------------------------------------------------------------------
| Latvia | 200 | 214 | 206 |
--------------------------------------------------------------------------------
| Lithuania | 183 | 194 | 195 |
--------------------------------------------------------------------------------
| Belarus | 940 | 937 | 961 |
--------------------------------------------------------------------------------
| Total | 1982 | 2032 | 2076 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 3. RELATED PARTY | | | |
| TRANSACTIONS | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Employee benefits to | | | |
| management | | | |
--------------------------------------------------------------------------------
| Salaries and other short-term employee benefits to the Board of Directors |
| and Managing Director |
--------------------------------------------------------------------------------
| EUR 1,000 | | | |
--------------------------------------------------------------------------------
| | 1-3/2010 | 1-3/2009 | 1-12/2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Managing Directors | 261 | 237 | 620 |
--------------------------------------------------------------------------------
| Chairman of the Board | 55 | 53 | 222 |
--------------------------------------------------------------------------------
| Other members of the Board | 26 | 29 | 110 |
--------------------------------------------------------------------------------
| Total | 342 | 319 | 952 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 4. SHARES AND SHARE CAPITAL | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | 31.3.2010 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Number of A shares | 8513276 |
--------------------------------------------------------------------------------
| Number of K shares | 1866128 |
--------------------------------------------------------------------------------
| Total | 10379404 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total votes carried by A shares | 8513276 |
--------------------------------------------------------------------------------
| Total votes carried by K shares | 37322560 |
--------------------------------------------------------------------------------
| Total number of votes | 45835836 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Registered share capital, EUR 1,000 | 20759 |
--------------------------------------------------------------------------------
The Series A and Series K shares received a dividend of 0.80 euro per share for
2009 (0.50 euro per share for 2008), totalling 8.3 (5.2) million euro. The
dividends were paid on 20 April 2010.
--------------------------------------------------------------------------------
| Nominal value of A and K shares, EUR | 2.00 | | |
--------------------------------------------------------------------------------
| Votes per Series A share | 1 | | |
--------------------------------------------------------------------------------
| Votes per Series K share | 20 | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| The shares entitle to equal dividend. |
--------------------------------------------------------------------------------
The Articles of Association include a redemption clause concerning Series K
shares.
5. SHARE-BASED PAYMENTS
Olvi plc's Board of Directors decided on 26 January 2006 on a share-based
incentive scheme for Olvi Group's key personnel. The share-based bonus scheme is
a part of the incentive and commitment scheme for the Group's key personnel and
its purpose is to combine the objectives of shareholders and key personnel to
improve the company's value.
The scheme includes two vesting periods, the first one extending from 1 January
2006 to 31 December 2007 and the second one from 1 January 2008 to 31 December
2010. The amount of bonuses payable out of the scheme is linked to Olvi Group's
net sales and the operating profit percentage in relation to net sales.
The bonuses are payable partially in Olvi plc's Series A shares and partially in
cash. The proportion payable in cash covers the taxes and other statutory fees
arising from the share-based bonuses. The bonuses for the first vesting period
were paid in April 2008. The shares carried a ban on transferring them within
two years of reception.
Any bonuses for the second vesting period will be paid in April 2011. 50 percent
of the shares received as bonus for the second vesting period may be transferred
after one year of reception, and 100 percent after two years of reception. The
right to dividends begins when the shares are transferred to the key employees'
book-entry accounts.
On the basis of this incentive scheme, a total of 48,000 Olvi plc Series A
shares may become payable in 2011 for the second vesting period if the targets
are achieved in full.
The target group of the scheme currently includes 20 key employees. No
accounting entries associated with the incentive scheme were recognised in
January-March 2010 or January-March 2009. The incentive scheme does not have any
diluting effect.
Olvi Group has no warrants or options.
6. TREASURY SHARES
Olvi plc held a total of 12,400 of its own Series A shares on 1 January 2010.
The total purchase price of treasury shares was 222 thousand euro.
Olvi plc has not acquired more treasury shares or transferred them to others in
January-March 2010, which means that the number of Series A shares held by the
company is unchanged on 31 March 2010.
Series A shares held by Olvi plc as treasury shares represented 0.12 percent of
the share capital and 0.03 percent of the aggregate number of votes. The
treasury shares represented 0.15 percent of all Series A shares and associated
votes.
On 8 April 2010, the General Meeting of Shareholders of Olvi plc decided to
revoke any unused authorisations to acquire treasury shares and authorise the
Board of Directors of Olvi plc to decide on the acquisition of the company's own
shares using distributable funds. The authorisation is valid for one year
starting from the General Meeting and covers a maximum of 245,000 Series A
shares.
The Annual General Meeting decided to revoke all existing unused authorisations
for the transfer of own shares and authorise the Board of Directors of Olvi plc
to decide on the transfer of any A shares acquired on the company's own account
within one year of the Annual General Meeting.
--------------------------------------------------------------------------------
| 7. NUMBER OF SHARES *) | 1-3/2010 | 1-3/2009 | 1-12/2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| - average | 10367004 | 10377004 | 10371470 |
--------------------------------------------------------------------------------
| - at end of period | 10367004 | 10377004 | 10367004 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| *) Treasury shares deducted. | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 8. TRADING OF SERIES A SHARES ON THE HELSINKI | | |
| STOCK EXCHANGE | | |
--------------------------------------------------------------------------------
| | 1-3/2010 | 1-3/2009 | 1-12/2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Trading volume of Olvi A shares | 528905 | 296709 | 2223423 |
--------------------------------------------------------------------------------
| Total trading volume, EUR 1,000 | 14022 | 3808 | 42445 |
--------------------------------------------------------------------------------
| Traded shares in proportion to | | | |
--------------------------------------------------------------------------------
| all Series A shares, % | 6.2 | 3.5 | 26.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Average share price, EUR | 26.49 | 13.28 | 19.29 |
--------------------------------------------------------------------------------
| Price on the closing date, EUR | 27.27 | 13.20 | 26.49 |
--------------------------------------------------------------------------------
| Highest quote, EUR | 28.70 | 15.00 | 26.49 |
--------------------------------------------------------------------------------
| Lowest quote, EUR | 25.10 | 12.80 | 12.80 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 9. FOREIGN AND NOMINEE-REGISTERED HOLDINGS ON 31 March 2010 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Book entries | Votes | Shareholders |
--------------------------------------------------------------------------------
| | qty | % | qty | % | qty | % |
--------------------------------------------------------------------------------
| Finnish total | 8665433 | 83.49 |43150129 | 94.14 | 7792 | 99.48 |
| | | | | | | |
--------------------------------------------------------------------------------
| Foreign total | 194120 | 1.87 | 1165856 | 2.54 | 35 | 0.45 |
--------------------------------------------------------------------------------
| Nominee-registered | 1519851 | 14.64 | 1519851 | 3.32 | 6 | 0.08 |
| (Finnish) total | | | | | | |
--------------------------------------------------------------------------------
| Total |10379404 | 100.00 |45835836 | 100.00 | 7833 | 100.00 |
| | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 10. LARGEST SHAREHOLDERS ON 31 March 2010 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Series K | Serie | Total | % | Votes | % |
| | | s A | | | | |
--------------------------------------------------------------------------------
| 1. Olvi | 1181952 |421286 |1603238 | 15.45 |24060326 | 52.49 |
| Foundation | | | | | | |
| | | | | | | |
--------------------------------------------------------------------------------
| 2. Hortling | 450712 | 87380 | 538092 | 5.18 | 9101620 | 19.86 |
| Heikki Wilhelm | | | | | | |
| *) | | | | | | |
--------------------------------------------------------------------------------
| 3. The Heirs of | 93552 | 12624 | 106176 | 1.02 | 1883664 | 4.11 |
| Hortling Kalle | | | | | | |
| Einari | | | | | | |
--------------------------------------------------------------------------------
| 4. Hortling Timo | 82912 | 17304 | 100216 | 0.97 | 1675544 | 3.66 |
| Einari | | | | | | |
--------------------------------------------------------------------------------
| 5. | 51144 | 1050 | 52194 | 0.50 | 1023930 | 2.23 |
| Hortling-Rinne | | | | | | |
| Marit | | | | | | |
--------------------------------------------------------------------------------
| 6. Skandinaviska Enskilda |799985 | 799985 | 7.71 | 799985 | 1.75 |
| Banken, nominee reg. | | | | | |
--------------------------------------------------------------------------------
| 7. Nordea Bank Finland plc, |599052 | 599052 | 5.77 | 599052 | 1.31 |
| nominee register | | | | | |
--------------------------------------------------------------------------------
| 8. Ilmarinen Mutual Pension |415000 | 415000 | 4,00 | 415000 | 0,91 |
| Insurance Company | | | | | |
--------------------------------------------------------------------------------
| 9. Autocarrera | |223000 | 223000 | 2.15 | 223000 | 0.49 |
| Oy Ab | | | | | | |
--------------------------------------------------------------------------------
| 10. Kamprad | |206400 | 206400 | 1.99 | 206400 | 0.45 |
| Ingvar | | | | | | |
--------------------------------------------------------------------------------
| Others | 5856 |5730165|5736051 | 55.27 | 5847315 | 12.76 |
| | | | | | | |
--------------------------------------------------------------------------------
| Total | 1866128 |8513276|10379404| 100.00 |45835836 | 100.00 |
| | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| *) The figures include the shareholder's own holdings and shares held by |
| parties in his control. |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 11. PROPERTY, PLANT AND EQUIPMENT |
--------------------------------------------------------------------------------
| EUR 1,000 | | | |
--------------------------------------------------------------------------------
| | 1-3/ 2010 | 1-3/ 2009 | 1-12/ 2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Increase | 6186 | 4555 | 19116 |
--------------------------------------------------------------------------------
| Decrease | -952 | -1046 | -4267 |
--------------------------------------------------------------------------------
| Total | 5234 | 3509 | 14849 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 12. CONTINGENT LIABILITIES | 31.3.2010 | 31.3.2009 | 31.12.2009 |
--------------------------------------------------------------------------------
| EUR 1,000 | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Debts for which mortgages have been given as collateral | |
--------------------------------------------------------------------------------
| Loans from financial institutions | | | |
--------------------------------------------------------------------------------
| For own commitments | 0 | 1118 | 0 |
--------------------------------------------------------------------------------
| For others | 0 | 0 | 0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Pledges and contingent liabilities | | |
--------------------------------------------------------------------------------
| For own commitments | 4184 | 10809 | 6376 |
--------------------------------------------------------------------------------
| For others | 810 | 4 | 810 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Leasing liabilities: | | | |
--------------------------------------------------------------------------------
| Due within one year | 648 | 774 | 642 |
--------------------------------------------------------------------------------
| Due within 1 to 5 years | 634 | 715 | 515 |
--------------------------------------------------------------------------------
| Due in more than 5 years | 0 | 0 | 0 |
--------------------------------------------------------------------------------
| Total leasing liabilities | 1282 | 1489 | 1157 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Package liabilities | 2913 | 7111 | 3317 |
--------------------------------------------------------------------------------
| Other liabilities | 1980 | 1980 | 1980 |
--------------------------------------------------------------------------------
13. CALCULATION OF FINANCIAL RATIOS
Equity to total assets, % = (Shareholders' equity held by parent company
shareholders + minority interest)/100 * (balance sheet total - advances
received)
Earnings per share = Profit belonging to parent company shareholders / Average
number of shares during the period, adjusted for share issues
Equity per share = Shareholders' equity held by parent company shareholders /
Number of shares at end of period, adjusted for share issues
Gearing, % = (Interest-bearing debt - cash in hand and at bank) / (Shareholders'
equity held by parent company shareholders + minority interest)