OLVI PLC PRESS RELEASE 23 FEB 2006 at 09:00 am 1 of 8
OLVI GROUP’S FINANCIAL STATEMENTS 2005
Olvi Group’s business developed favourably in 2005. Net sales
increased to 147.5 (128.9) million euro and operating profit improved
to 13.0 (9.3) million euro. The Group’s gross capital expenditure
amounted to 17.4 (18.4) million euro, and its equity to total assets
ratio stood at 47.9 percent (45.1%).
IFRS REPORTING
Olvi plc adopted the International Financial Reporting Standards
(IFRS) as of 1 January 2005. The financial statements from 1 January
to 31 December 2005 have been prepared in accordance with
International Financial Reporting Standards approved for use within
the EU. The preparation has been carried out in compliance with the
IAS and IFRS standards, as well as their official interpretations,
valid on 31 December 2005. The comparison figures used for these
financial statements are the IFRS figures for 2004 that were disclosed
on 28 April 2005 as an attachment to the interim report for the first
quarter of 2005.
NET SALES AND EARNINGS
Olvi Group’s net sales in 2005 totalled 147.5 (128.9) million euro.
This is 18.6 million euro or 14.4 percent more than in the previous
year.
The Group’s net sales from October to December increased by 19.5
percent to 34.6 (29.0) million euro.
Net sales by geographical segments (million euro)
10-12/ 10-12/ 1-12/ 1-12/
2005 2004 2005 2004
Finland 17.25 14.48 73.51 69.30
Estonia 11.90 12.09 50.77 42.23
Latvia 3.04 2.61 13.40 11.34
Lithuania 3.62 3.05 15.04 12.49
Net sales between segments -1.17 -3.24 -5.20 -6.47
Olvi Group total 34.64 28.99 147.52 128.89
Olvi Group’s operating profit for fiscal 2005 stood at 13.0 (9.3)
million euro, or 8.8 (7.2) percent of net sales. Operating profit
increased by 3.7 million euro or 39.8 percent compared to the previous
year.
Operating profit in the fourth quarter of the year amounted to 1.3
(0.8) million euro, representing an increase of 0.5 million euro on
the previous year.
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Operating profit by geographical segments (million euro)
10-12/ 10-12/ 1-12/ 1-12/
2005 2004 2005 2004
Finland 0.89 -0.14 4.72 3.28
Estonia 0.81 1.02 7.72 6.62
Latvia -0.28 -0.22 0.15 -0.20
Lithuania -0.56 -0.18 -0.87 -0.14
Operating profit
between segments 0.47 0.33 1.24 -0.29
Olvi Group total 1.33 0.81 12.96 9.27
Olvi Group’s sales in fiscal 2005 amounted to a total of 272.0 (231.6)
million litres. This represents an increase of 40.4 million litres
(17.4 percent) on the previous year.
The Group’s sales from October to December 2005 increased to 64.0
(53.8) million litres, representing an increase of 19.0 percent.
Sales volumes by market area (million litres)
10-12/ 10-12/ 1-12/ 1-12/
2005 2004 2005 2004
Finland 25.16 21.05 106.36 97.45
Estonia 26.62 23.12 113.72 100.62
Latvia 6.92 6.83 31.52 29.53
Lithuania 9.04 7.20 36.44 29.80
Sales between segments -3.72 -4.39 -16.02 -25.79
Olvi Group total 64.02 53.81 272.02 231.61
Parent company Olvi plc
Total sales of the parent company Olvi plc amounted to 106.4 million
litres, which is 8.9 million litres or 9.1 percent more than a year
earlier. Olvi’s domestic sales increased by 15.5 percent to 101.4
(87.8) million litres. Tax free and export sales in 2005 increased by
5.7 percent to 4.4 (4.2) million litres. The volume of intra-Group
freighted work diminished to 0.5 (5.5) million litres as the
investments to increase the in-house production capacity of the
Estonian subsidiary were completed.
The parent company Olvi plc’s operating profit in 2005 amounted to 4.7
(3.3) million euro. Operating profit improved by 1.4 million euro or
44.0 percent on the previous year due to increased sales volume and
improved efficiency of operations.
Net sales in the final quarter of the year amounted to 17.2 million
euro, representing an improvement of 2.8 million euro or 19.1 percent
on the previous year. Operating profit from October to December
amounted to 0.9 (-0.1) million euro.
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Baltic states
The total sales of the Estonian subsidiary AS A. Le Coq Tartu
Õlletehas increased to 113.7 (100.6) million litres, which is 13.1
percent more than in the previous year. The sales of AS Ösel Foods are
included in the figures for AS A. Le Coq Tartu Õlletehas. The net
sales of AS A. Le Coq Tartu Õlletehas and AS Ösel Foods in 2005
amounted to 50.8 (42.2) million euro, representing an increase of 8.5
million euro (20.2 percent). The companies’ aggregate operating profit
was good at 7.7 million euro (15.2 percent of net sales). This
represents an increase of 16.7 percent on the previous year.
Net sales in Estonia during the final quarter of the year amounted to
11.9 (12.1) million euro, while operating profit stood at 0.8 (1.0)
million euro.
The total sales of A/S Cesu Alus operating in Latvia amounted to 31.5
(29.5) million litres in 2005, representing an increase of 2.0 million
litres (6.7 percent). The company’s net sales stood at 13.4 million
euro, which is 2.1 million euro (18.2 percent) more than in the
previous year. The company’s operating result turned positive during
2005.
A/S Cesu Alus’s net sales from October to December stood at 3.0
million euro. This represents an increase of 16.5 percent on the
corresponding period in the previous year. Operating profit remained
in the red.
The total sales of AB Ragutis operating in Lithuania increased to 36.4
(29.8) million litres in 2005. The aggregate increase in sales
amounted to 6.6 million litres or 22.3 percent compared to the
previous year. Net sales stood at 15.0 million euro, representing an
increase of 2.5 million euro or 20.4 percent on the previous year.
However, AB Ragutis’s operating result remained in the red.
AB Ragutis’s net sales in the final quarter of the year stood at 3.6
million euro, representing an increase of 18.7 percent on the previous
year. Operating profit for the quarter was negative by –0.6 (-0.2)
million euro.
FINANCING AND INVESTMENTS
Olvi Group’s balance sheet total at the end of the year was 140.4
(132.8) million euro. Shareholders’ equity increased by 7.4 million
euro on the previous year, standing at 67.3 million euro. At the end
of the period under review, interest-bearing liabilities totalled 40.2
(44.8) million euro. The amount of interest-free liabilities was 31.3
(26.4) million euro. The equity to total assets ratio at the end of
the year was 47.9 (45.1) percent.
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Olvi Group’s gross capital expenditure in 2005 amounted to 17.4 (18.4)
million euro. The parent company Olvi plc accounted for 4.1 million
euro and the subsidiaries in the Baltic states for 13.3 million euro
of the total.
The largest investments included the boiling room and bottling line at
the brewery in Latvia, as well as an automatic collection system
acquired to Iisalmi. The investments include payments for increases in
the share capital of A/S Cesu Alus and AB Ragutis that were
capitalised in the balance sheet of AS A. Le Coq. The increase in AB
Ragutis’s share capital was pending registration on the balance sheet
date.
RESEARCH AND DEVELOPMENT
Olvi’s research and development efforts range from product design and
development within the framework of ordinary quality control to
projects aimed at the development of new products and packages. The
R&D costs are treated as annual expenses.
BUSINESS RISKS
Normal business risks are inherently associated with the brewing and
soft drinks industry and the implementation of the Group’s strategies
and targets. The Group is not willing to take any additional risks
that would endanger the continuity of operations, be uncontrollable or
essentially hamper the company’s business.
The objective of managing the Group’s financing risks is to minimise
any adverse and unexpected impacts of changes in the financial markets
on the Group’s earnings and to ensure sufficient liquidity. The
primary type of financing risk is interest rate risk. The Group has
diversified its borrowing between fixed- and variable-rate loans and
uses interest rate swaps to reduce interest rate risk if required by
the market conditions.
Creditworthiness requirements for the Group’s customers are defined on
the basis of principles recorded in the operational system. The Group
does not have any significant concentrations of credit risk on
receivables because its customer base is wide and geographically
diversified. The amount of credit losses in fiscal 2005 was not
significant.
ENVIRONMENTAL PROTECTION PRINCIPLES
The parent company’s environmental protection policy comprises the
environmental policy of the Finnish brewing and soft drinks industry
and the company’s values, which include responsibility for the
environment. Olvi plc’s operations are in compliance with the
environmental permit granted by the North Savo Regional Environment
Centre on 30 September 2003, which is valid until 2014.
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PERSONNEL
The Group’s average number of personnel during the period under review
was 1,074 (1,032), 333 (343) of them in Finland, 379 (354) in Estonia,
180 (164) in Latvia and 182 (180) in Lithuania.
CORPORATE GOVERNANCE
Olvi plc’s Board of Directors has amended the company’s Corporate
Governance guidelines in accordance with the amended Securities
Markets Act. The company maintains a public and company-specific
insider register, as well as project-specific insider registers for
individual projects. Public insiders comprise the members of the Board
of Directors and Management Group, auditors and their closely related
parties.
CHANGES IN CORPORATE STRUCTURE
In accordance with decisions made at the Extraordinary General
Meetings of Olvi plc’s wholly owned subsidiaries Oluttehdas Oiva Oy,
Iisalmen Oluttehdas Osakeyhtiö Oy and Olvin Juomaa Oy on 29 August
2005, Oluttehdas Oiva Oy and Iisalmen Oluttehdas Osakeyhtiö Oy have
merged with Olvin Juomaa Oy. The mergers were recorded in the Trade
Register on 31 December 2005. In Estonia, AS Ösel Foods has merged
with AS A. Le Coq Tartu Õlletehas on 2 January 2006.
MANAGEMENT AND AUDITORS
Olvi plc’s Annual General Meeting held on 5 April 2005 elected Heikki
Hortling, Esa Lager, Hannele Ranta-Lassila, Lauri Ratia and Heikki
Sinnemaa to the company’s Board of Directors, and they have served
during the fiscal year 2005. Heikki Hortling has served as Chairman of
the Board, while Esa Lager has served as Vice Chairman.
The company’s ordinary auditor during the fiscal year has been Pekka
Loikkanen, Authorised Public Accountant, and PricewaterhouseCoopers
Oy, Authorised Public Accountants, have served as deputy auditors with
Silja Komulainen, Authorised Public Accountant, as the responsible
auditor.
Lasse Aho has served as Olvi plc’s Managing Director.
THE OLVI PLC SHARE AND WARRANTS
Olvi plc’s registered share capital was 10,379,404.00 euro on 31
December 2005. The share capital is divided into 933,064 K shares and
4,256,638 A shares. The share’s nominal value is 2.00 euro.
A total of 1,912,335 Olvi plc A shares changed hands from January to
December 2005, totalling 31.3 million euro in trading volume. The
traded shares represented 44.9 percent of the total number of A
shares. The average share price was 16.43 euro, with a low of 13.30
6 of 8
euro quoted in January and a high of 21.60 euro quoted in December.
The year’s last trading price was 21.10 euro.
In May 2002, Olvi plc’s Board of Directors decided to allocate all of
the stock options issued by the Annual General Meeting on 4 April 2002
to Olvin Juomaa Oy, a wholly owned subsidiary of Olvi plc. Olvi plc’s
Board of Directors will decide on the eventual distribution of the
stock options allocated to Olvin Juomaa Oy to current or future key
personnel of the Olvi Group.
A maximum of 200,000 A shares in Olvi plc can be subscribed for using
the stock options. The exercise price of the stock options is the
average quote weighted by trade volume of the Olvi plc A share on the
Helsinki Stock Exchange from 1 July to 31 December 2002. The exercise
price of the stock options will be reduced by the amount of any
dividends distributed after the price-setting period has started and
before the shares are subscribed. The exercise price of the stock
options must be equal to or greater than the nominal value of the
share.
The subscription period for the stock options 2002A started on 1 April
2005, and for the stock options 2002B it will start on 1 April 2007.
The subscription period for both stock options ends on 30 April 2008.
Quotation of the share warrants issued by Olvi plc in 1999 to the
company’s personnel and to the members of the parent company’s Board
of Directors ceased on 30 April 2005. The warrant scheme included a
total of 500,000 warrants.
A total of 100,235 warrants changed hands from January to April 2005,
totalling 1.5 million euro in trading volume. The trading volume
represented 20.0 percent of the total number of warrants. The average
price of the warrants was 15.20 euro, with a low of 11.70 euro quoted
in January and a high of 18.50 euro quoted in April.
Olvi plc’s Annual General Meeting held on 5 April 2005 revoked all
existing unused authorisations to acquire own shares and authorised
the Board of Directors to acquire a maximum of 245,000 Olvi A shares
using distributable funds within one year of the Annual General
Meeting. The Board of Directors may also propose that any shares
acquired on the company’s own account be cancelled without 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 or
for cancellation.
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 grants the Board of Directors with the power to
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decide on the transfer price and to whom and in what order the shares
held by the company shall be transferred.
The company’s Board of Directors has not exercised its authorisation
and the company does not hold any of its own shares.
SHAREHOLDERS
Olvi had a total of 4,314 (4,515) shareholders at the end of the
review period. Finnish shareholding accounted for 77.8 (83.6) percent
of the shares and 93.2 (94.6) percent of the votes.
Nominee-registered holdings accounted for 15.1 (12.9) percent of the
shares and 3.4 (2.8) percent of the votes. Registered foreign holdings
accounted for 7.1 (3.5) percent of the shares and 3.4 (2.6) percent of
the votes.
OUTLOOK FOR 2006
Olvi Group’s market position continued to strengthen in 2005 both in
Finland and in the Baltic states. The increase in domestic sales
clearly outperformed the growth of the industry. Soft drinks and
ciders in particular improved their market positions.
The level of beer prices in Finland is not estimated to decrease any
further in 2006 but remain relatively low due to price competition and
the role of beers as a product for attracting customers to retail
stores. The total consumption of the brewing industry’s product groups
is expected to remain at the previous year’s level in 2006.
We expect Olvi Group’s full-year operating profit for 2006 to be on a
par with the previous year’s level or slightly better. This is
attributable to improved cost efficiency, as well as the positive
earnings development and strengthened market positions of the
subsidiaries in the Baltic states.
BOARD OF DIRECTORS’ PROPOSAL FOR THE DISTRIBUTION OF PROFIT
Olvi plc continues to pursue an active and earnings-based dividend
policy. The aim is to distribute at least 40 percent of the annual
earnings per share as dividend to the shareholders.
The parent company’s distributable shareholders’ equity amounts to
41.5 (40.3) million euro. The Group’s distributable shareholders’
equity amounts to 40.4 (33.4) million euro.
The company’s Board of Directors will propose to the Annual General
Meeting of shareholders that a dividend of 0.85 euro shall be paid for
2005 on each K and A share, representing 45.8 percent of the Olvi
Group’s earnings per share. The proposed dividend payment totals 4.4
million euro.
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In accordance with the Annual General Meeting’s decision, a dividend
of 0.65 euro on each K and A share, totalling 3.3 million euro, was
paid for 2004. The date of dividend payment was 15 April 2005.
The information in this report is unaudited.
FINANCIAL REPORTS IN 2006
Olvi Group’s annual report for the year 2005 will be published on the
company’s Web site during the week beginning on 3 April 2006. The
Annual General Meeting of the shareholders of Olvi plc will be held in
Iisalmi, Finland, on 4 April 2006.
The following interim reports will be released in 2006:
- Interim Report 1Q/2006, January to March, on 27 April 2006
- Interim Report 2Q/2006, January to June, on 17 August 2006
- Interim Report 3Q/2006, January to September, on 26 October
2006
Further information:
Lasse Aho, Managing Director
Phone +358 17 838 5200 or +358 400 203 600
OLVI PLC
Board of Directors
APPENDICES
- Board of Directors’ proposal for the distribution of profit,
Appendix 1
- Balance sheet, Appendix 2
- Income statement and financial ratios, Appendix 3
- Cash flow statement, Appendix 4
- Changes in consolidated shareholders’ equity, Appendix 5
- Number of shares, personnel and contingent liabilities,
Appendix 6
- Reconciliation of consolidated balance sheet 31 December
2004, Appendix 7
- Reconciliation of consolidated profit 31 December 2004,
Appendix 8
- Reconciliation of shareholders’ equity, Appendix 9
DISTRIBUTION
Hex Plc
Key media
www.olvi.fi
APPENDIX 1
OLVI GROUP
PROPOSAL OF OLVI PLC’S BOARD OF DIRECTORS FOR THE DISTRIBUTION OF
PROFIT
Distributable funds on 31 December
EUR 1000
Olvi Group Parent company Olvi plc
2005 2004 2005 2004
Retained
profit 35568 32858 36991 35316
Net profit
for the period 9808 5968 4489 4934
Part of accumulated
depreciation difference
and voluntary provisions
allocated to equity -4317 -4450
Other items -652 -940
Total distributable funds 40407 33436 41480 40250
Olvi plc's profit for the fiscal year from 1 January to 31 December
2005 was 4.5 million euro. The Group’s distributable shareholders’
equity on 31 December 2005 amounted to 40.4 million euro.
Olvi plc’s Board of Directors will propose to the Annual General
Meeting of shareholders that a dividend of 0.85 euro shall be paid for
2005 on each K and A share, representing 45.8 percent of the Olvi
Group's earnings per share. The proposed dividend payment totals 4.4
million euro.
The proposal calls for the payment of dividends in April 2006.
APPENDIX 2
OLVI GROUP
BALANCE SHEET
EUR 1000
31.12.2005 31.12.2004
ASSETS
Non-current assets
Intangible assets 2439 2844
Goodwill 8706 8706
Tangible assets 73679 70130
Investments available
for sale 253 253
Other non-current assets
available for sale 94 88
Receivables 91 39
Total non-current assets 85262 82060
Current assets
Inventories 21424 21987
Receivables 27273 24267
Liquid assets 6437 4436
Total current assets 55134 50693
TOTAL ASSETS 140396 132753
SHAREHOLDERS’ EQUITY AND LIABILITIES
Shareholders’ equity held by parent company shareholders
Share capital 10379 10028
Other reserves 11507 10752
Accrued earnings 35568 32858
Net profit for the period 9808 5969
67262 59607
Minority interest 0 260
Total shareholders’ equity 67262 59867
Non-current liabilities
Interest-bearing
liabilities 33359 35394
Deferred tax liabilities 1559 1668
Current liabilities
Interest-bearing
liabilities 6872 9408
Interest-free liabilities 31344 26416
Total liabilities 73134 72886
TOTAL SHAREHOLDERS’ EQUITY
AND LIABILITIES 140396 132753
APPENDIX 3
OLVI GROUP
INCOME STATEMENT
EUR 1000
10-12/ 10-12/ 1-12/ 1-12/
2005 2004 2005 2004
Net sales 34635 28995 147519 128894
Other operating
income 52 350 519 637
Operating expenses -29327 -25894 -123269 -109974
Depreciation and
impairment -4029 -2633 -11807 -10284
Operating profit 1331 818 12962 9274
Financial income
and expenses -157 -1043 -1726 -1996
Profit before
taxes 1174 -225 11236 7279
Taxes -314 -139 -1688 -1535
Minority interest 89 72 260 225
Net profit
for the period 949 -292 9808 5968
Distribution:
- parent company
shareholders 860 -364 9548 5743
- minority 89 72 260 225
KEY RATIOS
Ratios calculated
from the profit belonging
to parent company shareholders:
- earnings per share, euro 1.86 1.16
- earnings per share
adjusted for dilution
from warrants, euro 1.84 1.13
Equity per share, euro 12.96 11.89
Equity to total assets, % 47.91 45.10
Gross capital expenditure 17442 18361
APPENDIX 4
OLVI GROUP
CASH FLOW STATEMENT
EUR 1000
1.1.-31.12.2005 1.1.-31.12.2004
Cash flow from operations 11236 7279
Depreciation and
other adjustments 12961 11873
Change in net
working capital 1772 -754
Net financial expenses
and taxes paid -3334 -4276
Cash flow
from operations(A) 22633 14124
Investments -13988 -12646
Disposals of fixed assets 122 550
Cash flow
from investments (B) -13866 -12096
Increase in share capital 1106 539
Withdrawals of loans 4000 10000
Repayments of loans -8613 -8415
Dividends paid -3259 -3409
Cash flow
from financing(C) -6766 -1285
Increase (+)/decrease (-)
in liquid assets (A+B+C) 2001 745
Liquid assets 1 January 4436 3691
Liquid assets 31 December 6437 4436
APPENDIX 5
OLVI GROUP
CHANGES IN CONSOLIDATED SHAREHOLDERS’ EQUITY
EUR 1000
Shareh. Share Change Change Divid. Profit Shareh.
equity subscr- in tr. in min. payment for the equity
1.1.2004 iption diff. inter. period 31.12.2004
Share
capital 9873 155 10028
Share premium
account 10097 384 10481
Legal
reserve 127 127
Other
reserves 143 143
Translation
differences 0 0
Accrued
earnings 36364 -49 -3455 5968 38828
Minority
interest 496 -236 260
Shareholders' equity
total 57100 539 -49 -236 -3455 5968 59867
EUR 1000
Shareh. Share Change Change Divid. Profit Shareh.
equity subscr- in tr. in min. payment for the equity
1.1.2004 iption diff. inter. period 31.12.2004
Share
capital 10028 351 10379
Share premium
account 10481 755 11236
Legal
reserve 127 127
Other
reserves 143 143
Translation
differences 0 0
Accrued
earnings 38828 -3259 9808 45377
Minority
interest 260 -260 0
Shareholders' equity
total 59867 1106 0 -260 -3259 9808 67262
OLVI GROUP APPENDIX 6
NUMBER OF SHARES
1.1.-31.12.2005 1.1.-31.2.2004
- average 5146403 4958491
- at end of period 5189702 5014102
- average number of shares
adjusted for dilution
from warrants 5189089 5105002
OLVI GROUP’S AVERAGE NUMBERS OF PERSONNEL
Finland
Full-time 264 270
Part-time 69 64
Finland total 333 334
Estonia 379 354
Latvia 180 164
Lithuania 182 180
Olvi Group total 1074 1032
CONTINGENT LIABILITIES, 1,000 euro
31.12.2005 31.12.2004
Pledges and
contingent liabilities
- for own commitments 1135 1135
- for others 1278 0
Leasing liabilities:
Due within one year 1240 1282
Due within more than one but
less than five years 1471 1019
Total leasing liabilities 2711 2301
Package liabilities 5442 3676
Other liabilities 2016 2181
Debts for which mortgages have been given as collateral:
Loans from financial institutions
- for own commitments 3864 5409
- for others 4125 6723
DERIVATIVE CONTRACTS
The business significance of the interest rate derivatives used by the
company is minor. Some of the derivative contracts will expire in
2007, some in 2008. The Group has not applied hedge accounting in
accordance with IAS 39 during the accounting period but has recognised
changes in the fair value of the interest rate derivatives through
profit or loss. Fair valuation increased financial expenses by 180
thousand euro.
APPENDIX 7
OLVI GROUP
RECONCILIATION OF CONSOLIDATED BALANCE SHEET
EUR 1000 FAS IFRS IFRS
31.12.04 adj. 31.12.04
ASSETS
Non-current assets
Intangible assets 2844 0 2844
Goodwill 7304 1402 8706
Tangible assets 71044 -913 70130
Investments available for sale 253 0 253
Other non-current assets available
for sale 0 88 88
Receivables 39 0 39
Total non-current assets 81484 577 82060
Current assets
Inventories 22181 -195 21987
Receivables 24267 0 24267
Liquid assets 4436 0 4436
Total current assets 50885 -195 50693
TOTAL ASSETS 132369 383 132753
SHAREHOLDERS’ EQUITY AND LIABILITIES
Shareholders’ equity held by parent company shareholders
Share capital 10028 0 10028
Other reserves 10752 0 10752
Accrued earnings 36018 -3160 32858
Net profit for the period 2912 3057 5969
59710 -103 59607
Minority interest 260 0 260
Total shareholders’ equity 59970 -103 59867
Non-current liabilities
Interest-bearing liabilities 35394 0 35394
Deferred tax liabilities 1626 42 1668
Current liabilities
Interest-bearing liabilities 8989 419 9408
Interest-free liabilities 26391 26 26416
Total liabilities 72399 486 72886
TOTAL SHAREHOLDERS’ EQUITY
AND LIABILITIES 132369 383 132753
APPENDIX 8
OLVI GROUP
RECONCILIATION OF CONSOLIDATED PROFIT (LOSS)
EUR 1000
FAS IFRS IFRS FAS IFRS IFRS
10-12/04 adjust- 10-12/04 1-12/04 adjust- 1-12/04
ments ments
Net sales 28995 0 28995 128894 0 128894
Other operating
income 350 0 350 637 0 637
Other operating
expenses -26258 364 -25894 -109880 -94 -109974
Depreciation and
impairment -2994 361 -2633 -11727 1443 -10284
Operating profit 94 724 818 7925 1349 9274
Financial income
and expenses -1324 281 -1043 -3703 1707 -1996
Profit before
taxes -1230 1005 -225 4222 3056 7279
Taxes -139 0 -139 -1535 0 -1535
Minority
interest 72 0 72 225 0 225
Profit (loss)
for the period -1297 1005 -292 2912 3056 5968
Distribution:
- parent company
shareholders -1369 -364 2687 5743
- minority 72 72 225 225
FAS IFRS
Earnings per share 0.59 1.16
APPENDIX 9
OLVI GROUP
RECONCILIATION OF SHAREHOLDERS’ EQUITY
EUR 1000
1.1.2004 31.12.2004
Shareholders’ equity under FAS 60260 59970
IFRS adjustments
IAS 2 Inventories -797 -891
IAS 12 Income taxes 114 114
IAS 19 Employee benefits -600 -600
IAS 21 Effect of changes
in foreign exchange rates -1707 0
IFRS 1 First-time adoption
of IFRS -243 -243
IFRS 1 First-time adoption
of IFRS 73 115
IFRS 3 Business
combinations 0 1402
Shareholders’ equity under IFRS 57100 59867
Company Address: Olvi plc, Olvitie I-IV, 74100 IISALMI, FINLAND
Website URL: http://www.olvi.fi