HONKARAKENNE OYJ INTERIM REPORT 7 MAY 2008 AT 9:00 AM INTERIM REPORT 1 JANUARY - 31 MARCH 2008 Honkarakenne's consolidated net sales for the first quarter of 2008 amounted to EUR 17.8 million, compared with EUR 18.5 million in the same period last year. The net sales decreased by 0.7 million euros, and remained 4% below last year's figures. Profit before taxes showed a loss of EUR 0.6 million (loss of MEUR 0.1). The profit for the first part of the year will show a loss due to normal seasonal changes. The production volumes of the winter season remained lower than last year, when the Kazakhstan project delivery was entered as income. -------------------------------------------------------------------------------- | KEY FIGURES | | 1-3/2008 | 1-3/2007 | 1.1.-31.12.2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales, MEUR | | 17.8 | 18.5 | 93.4 | -------------------------------------------------------------------------------- | Net sales, change % | -3.8 | 33.1 | 10.0 | -------------------------------------------------------------------------------- | Operating profit/loss, MEUR | -0.5 | 0.1 | 3.1 | -------------------------------------------------------------------------------- | Profit/loss before taxes, MEUR | -0.6 | -0.1 | 2.7 | -------------------------------------------------------------------------------- | Average number of personnel | 418 | 432 | 421 | -------------------------------------------------------------------------------- | Earnings/share (EPS), eur | -0.13 | -0.03 | 0.52 | -------------------------------------------------------------------------------- | Shareholders equity/share,eur | 5.02 | 4.60 | 5.18 | -------------------------------------------------------------------------------- DEVELOPMENT OF NET SALES AND PROFIT Honkarakenne's consolidated net sales for the first quarter of 2008 amounted to EUR 17.8 million, compared with EUR 18.5 million in the same period last year. The net sales decreased by 0.7 million euros, and remained 4% below last year's figures. The domestic net sales decreased by 1.0 million euros, whereas the international trade increased by 0.3 million euros. The operating result for January-March amounted to -0.5 million euros (+0.1 million euros), and profit before taxes stood at -0.6 million euros (-0.1 million euros). FINANCING AND INVESTMENTS The Group's financial position has remained stable. The equity ratio stood at 38.7% (39.7%) and interest-bearing net liabilities at 12.4 million euros (EUR 9.1 million). Group's liquid assets totaled EUR 2.4 million (EUR 4.0 million). Gearing stood at 69.5% (52.9%). Capital expenditure totaled EUR 1.1 million (EUR 0.6 million). MARKET DEVELOPMENT The demand has developed unevenly in the Group's main market areas. In Finland, the demand has been affected mainly by the sharp increase in the price of wood and construction costs, and also by the economic insecurity factors. The market for single-family and holiday houses is expected to decrease in Finland this year. The winter sales have been characterized by cautious customers. The demand remained lower than last year, when the pressure to raise the raw material prices resulted in record-high winter sales. Nevertheless, holiday center construction remains very active, and the demand for holiday houses is increasing as more and more foreigners are coming to Finland. As for exports, the demand has continued to develop favorably in the Eastern European countries and Russia. The growth of construction is still very strong, and the sales have exceeded the figures of last year. The demand has once again picked up and developed favorably in Western European countries following the mark-ups made in that area during the past 12 months. The economic insecurity factors have not affected the sales of the company's products in various Western European countries, and the sales have exceeded the corresponding level of the previous year. In Japan, the downward trend has continued and the sales remained lower than last year. -------------------------------------------------------------------------------- | DEVELOPMENT OF SALES | | | -------------------------------------------------------------------------------- | Distribution of net | 2008 | | 2007 | | | | sales % | | | | | | -------------------------------------------------------------------------------- | Finland | 39.0 % | | 43.1 % | | | -------------------------------------------------------------------------------- | Central Europe | 17.5 % | | 17.7 % | | | -------------------------------------------------------------------------------- | Far East | 7.6 % | | 11.5 % | | | -------------------------------------------------------------------------------- | Other countries | 35.9 % | | 27.7 % | | | -------------------------------------------------------------------------------- | TOTAL | 100.0 % | | 100.0 % | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Net sales 1000 euros | 2008 | | 2007 | | % change | -------------------------------------------------------------------------------- | Finland | 6,931 | | 7,974 | | -13.1 % | -------------------------------------------------------------------------------- | Central Europe | 3,103 | | 3,279 | | -5.4 % | -------------------------------------------------------------------------------- | Far East | 1,343 | | 2,139 | | -37.2 % | -------------------------------------------------------------------------------- | Other countries | 6,378 | | 5,130 | | 24.3 % | -------------------------------------------------------------------------------- | TOTAL | 17,755 | | 18,522 | | -4.1 % | -------------------------------------------------------------------------------- The Group's order book amounted to EUR 38.3 million at the end of March. The corresponding figure from last year was EUR 39.6 million. PRODUCTS AND MARKETING Honkarakenne is the world's leading log house manufacturer and dealer - celebrating its 50th anniversary. During the first part of the year, the company took part in several construction industry exhibitions in all of its main market areas. New models of single-family and holiday houses were launched in Japan, as a part of the renewed main catalogue. In Germany, the company introduced a brand new ”100% Honka” line of single-family houses. In Finland, Honkarakenne developed new holiday houses to be added to the main catalogue of holiday houses - the Lomakirja - and to be launched in the spring. All of the above-mentioned product launchings are connected to the events of Honka's 50th anniversary. Furthermore, the marketing will focus on the story-based theme, in which the company looks for customers' own Honka stories along its 50-year-journey (www.honkalife.com). In Finland, Honkarakenne supports WWF's Operation Mermaid, which addresses the threats to the Baltic Sea. STAFF The Group employed 418 people at the end of March. This is 13 people less than last year, most of which came from the parent company operations. OWNERSHIP CHANGES IN SUBSIDIARIES The company's subsidiary, Finwood Oy, organized a directed issue in February. The parent company's ownership decreased to 68.2% after the issue. HONKARAKENNE OYJ'S BOARD OF DIRECTORS AND ACCOUNTANTS The elected board members included Mauri Saarelainen, Eero Saarelainen, Tomi Laamanen and Mauri Niemi (old members) and Pirjo Ruuska as a new member. The construction engineer Pirjo Ruuska is the managing director of Epira Oy. In the past she has acted as a designer and the delivery manager of Honkarakenne's Russia Team. Pirjo Ruuska was born at Pielisjärvi in 1956, and owns 1,530 Honkarakenne A shares and 76,216 company's B shares. KPMG Oy Ab, Authorized Public Accountants, was selected to continue as the company's auditor with Ari Eskelinen as the chief accountant. HONKARAKENNE OYJ'S OWN SHARES AND AUTHORIZATION TO THE BOARD OF DIRECTORS Honkarakenne Oyj has repurchased 29,348 of its own B shares during the period under review for an average price of EUR 4.97 per share. At the end of the review period the company held 187,448 of its own B shares with a total nominal value of EUR 374,896.00 and a total purchase price of EUR 1,087,799.33. These shares represent 5.0% of the company's capital stock and 1.98% of the voting rights. The purchase cost has been deducted from shareholders' equity in the consolidated financial statements. The Board of Directors have been granted a share repurchase authorization, valid until 3 April 2009, to repurchase company shares for an amount after which the company and its subsidiaries would hold a maximum of 10% of the company's capital stock. The Board of Directors has also been granted the authority, also valid until 3 April 2009, to dispose of 374,896 B shares. CORPORATE GOVERNANCE SYSTEM Honkarakenne Oyj follows the Corporate Governance recommendations for listed companies issued by Helsinki Stock Exchange, the Central Chamber of Commerce and the Confederation of Finnish Industries EK. FUTURE OUTLOOK The growth of Honka's international trade focuses on Eastern Europe and especially on Russia, which has not been significantly affected by the insecurity factors of global economy. The construction will continue its fast growth in these countries. The demand is expected to remain good in Central European countries. In Japan, however, the market situation will remain very challenging and is not expected to improve in 2008. In Finland, the construction volumes of holiday houses are expected to remain high, whereas the overall markets for single-family homes will decrease significantly. The company will continue the strengthening program it launched last year, and it will help to improve profitability. Furthermore, the price of wood has decreased from the peak prices of last fall, and is expected to remain stable in the foreseeable future. The result of the whole year will show a profit. HONKARAKENNE OYJ Board of Directors Further information: CEO and President Esko Teerikorpi, tel. +358 40 580 6111, esko.teerikorpi@honka.com. This and previous press releases can be found on the company's website at www.honka.com, Investors. The interim report for January-June 2008 will be published on 13 August 2008. DISTRIBUTION Helsinki Stock Exchange Principal media Financial supervision -------------------------------------------------------------------------------- | CONSOLIDATED INCOME STATEMENT | | | | -------------------------------------------------------------------------------- | (unaudited) | 1-3/2008 | 1-3/2007 | 1-12/2007 | -------------------------------------------------------------------------------- | (MEUR) | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 17.8 | 18.5 | 93.4 | -------------------------------------------------------------------------------- | Other operating income | 0.3 | 0.3 | 1.8 | -------------------------------------------------------------------------------- | Change in inventories | 0.9 | 2.0 | -0.6 | -------------------------------------------------------------------------------- | Production for own use | 0.1 | 0.0 | 0.7 | -------------------------------------------------------------------------------- | Materials and services | -11.6 | -12.2 | -59.0 | -------------------------------------------------------------------------------- | Employee benefit expenses | -4.0 | -4.2 | -17.3 | -------------------------------------------------------------------------------- | Depreciations | -1.0 | -1.0 | -4.0 | -------------------------------------------------------------------------------- | Other operating expenses | -3.0 | -3.2 | -12.0 | -------------------------------------------------------------------------------- | Operating profit/loss | -0.5 | 0.1 | 3.1 | -------------------------------------------------------------------------------- | Financial income and expenses | -0.2 | -0.2 | -0.6 | -------------------------------------------------------------------------------- | Share of associated companies' | 0.1 | 0.0 | 0.2 | | profit | | | | -------------------------------------------------------------------------------- | Profit/loss before taxes | -0.6 | -0.1 | 2.7 | -------------------------------------------------------------------------------- | Taxes | 0.1 | -0.1 | -0.8 | -------------------------------------------------------------------------------- | Profit/loss for the period | -0.5 | -0.2 | 1.9 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Attributable to: | | | | -------------------------------------------------------------------------------- | Equity holders of the parent | -0.5 | -0.2 | 1.9 | -------------------------------------------------------------------------------- | Minority interest | 0.0 | 0.0 | 0.0 | -------------------------------------------------------------------------------- | | -0.5 | -0.2 | 1.9 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings/share (EPS), EUR | | | | -------------------------------------------------------------------------------- | Basic | -0.13 | -0.03 | 0.52 | -------------------------------------------------------------------------------- | Diluted | -0.13 | -0.03 | 0.52 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED BALANCE SHEET | | | | -------------------------------------------------------------------------------- | (unaudited) | 31/03/2008 | 31/03/2007 | 31/12/2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | (MEUR) | | | | -------------------------------------------------------------------------------- | Assets | | | | -------------------------------------------------------------------------------- | Non-current assets | | | | -------------------------------------------------------------------------------- | Property, plant and equipment | 25.2 | 25.0 | 24.8 | -------------------------------------------------------------------------------- | Goodwill | 0.5 | 0.5 | 0.5 | -------------------------------------------------------------------------------- | Other intangible assets | 1.2 | 0.9 | 1.1 | -------------------------------------------------------------------------------- | Investments in associated companies | 0.6 | 0.6 | 0.6 | -------------------------------------------------------------------------------- | Other investments | 0.3 | 0.2 | 0.2 | -------------------------------------------------------------------------------- | Receivables | 0.2 | 0.8 | 0.3 | -------------------------------------------------------------------------------- | Deferred tax assets | 1.0 | 1.4 | 0.8 | -------------------------------------------------------------------------------- | | 28.9 | 29.4 | 28.3 | -------------------------------------------------------------------------------- | Current assets | | | | -------------------------------------------------------------------------------- | Inventories | 15.2 | 18.4 | 14.1 | -------------------------------------------------------------------------------- | Trade and other receivables | 10.5 | 9.6 | 8.7 | -------------------------------------------------------------------------------- | Cash and bank receivables | 2.4 | 4.0 | 1.9 | -------------------------------------------------------------------------------- | | 28.1 | 32.0 | 24.7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total assets | 57.0 | 61.3 | 53.0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders' equity and liabilities | | | | -------------------------------------------------------------------------------- | Equity attributable to equity holders of the | | | | parent | | | -------------------------------------------------------------------------------- | Capital stock | 7.5 | 7.5 | 7.5 | -------------------------------------------------------------------------------- | Share premium | 0.5 | 0.5 | 0.5 | -------------------------------------------------------------------------------- | Reserve fund | 5.3 | 5.3 | 5.3 | -------------------------------------------------------------------------------- | Translation differences | 0.2 | 0.2 | 0.2 | -------------------------------------------------------------------------------- | Retained earnings | 4.4 | 3.7 | 5.1 | -------------------------------------------------------------------------------- | | 17.9 | 17.2 | 18.6 | -------------------------------------------------------------------------------- | Minority share | 0.0 | 0.0 | 0.0 | -------------------------------------------------------------------------------- | Total equity | 17.9 | 17.2 | 18.6 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-current liabilities | | | | -------------------------------------------------------------------------------- | Deferred tax liabilities | 0.6 | 1.1 | 0.6 | -------------------------------------------------------------------------------- | Provisions | 0.4 | 0.2 | 0.4 | -------------------------------------------------------------------------------- | Intrest bearing debt | 13.3 | 10.7 | 13.0 | -------------------------------------------------------------------------------- | | 14.2 | 12.0 | 13.9 | -------------------------------------------------------------------------------- | Current liabilities | | | | -------------------------------------------------------------------------------- | Trade and other payables | 23.2 | 29.7 | 17.6 | -------------------------------------------------------------------------------- | Tax liabilities | 0.1 | 0.0 | 0.5 | -------------------------------------------------------------------------------- | Intrest bearing debt | 1.7 | 2.4 | 2.4 | -------------------------------------------------------------------------------- | | 25.0 | 32.1 | 20.5 | -------------------------------------------------------------------------------- | Total liabilities | 39.1 | 44.1 | 34.4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total equity and liabilities | 57.0 | 61.3 | 53.0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | STATEMENT OF CHANGES IN EQUITY | | | | | | | | | | | | | | | -------------------------------------------------------------------------------- | (unaudited | | | | | | | | | ) | | | | | | | | -------------------------------------------------------------------------------- | | Mino | Total | | | rity | equity | | | int- | | | | rest | | -------------------------------------------------------------------------------- | 1000 | Equity attributable to equity holders of the | | | | EUR | parent | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | -------------------------------------------------------------------------------- | | -------------------------------------------------------------------------------- | | -------------------------------------------------------------------------------- | | Share | Pre | Reser | Tra | Own | Retai | Total | | | | | capit | miu | ve | nsl | share | ned | | | | | | al | m | fund | ati | s | earni | | | | | | | fun | | on | | ngs | | | | | | | d | | dif | | | | | | | | | | | f. | | | | | | -------------------------------------------------------------------------------- | Total | 7,498 | 520 | 5,316 | 218 | -153 | 4,216 | 17,615 | 8 | 17,623 | | equity | | | | | | | | | | | 1.1.200 | | | | | | | | | | | 7 | | | | | | | | | | -------------------------------------------------------------------------------- | Transla | | | | 27 | | | 27 | | 27 | | tion | | | | | | | | | | | differe | | | | | | | | | | | nce | | | | | | | | | | -------------------------------------------------------------------------------- | Repurchase of | | | | -226 | | -226 | | -226 | | own shares | | | | | | | | | -------------------------------------------------------------------------------- | Result | | | | | | -231 | -231 | -2 | -233 | | of the | | | | | | | | | | | period | | | | | | | | | | -------------------------------------------------------------------------------- | Total | 7,498 | 520 | 5,316 | 245 | -379 | 3,985 | 17,185 | 6 | 17,191 | | equity | | | | | | | | | | | 31.3.20 | | | | | | | | | | | 07 | | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total | 7,498 | 520 | 5,316 | 179 | -942 | 6,037 | 18,608 | -8 | 18,600 | | equity | | | | | | | | | | | 1.1.200 | | | | | | | | | | | 8 | | | | | | | | | | -------------------------------------------------------------------------------- | Transla | | | | -5 | | | -5 | | -5 | | tion | | | | | | | | | | | differe | | | | | | | | | | | nce | | | | | | | | | | -------------------------------------------------------------------------------- | Repurchase of | | | | -146 | | -146 | | -146 | | own shares | | | | | | | | | -------------------------------------------------------------------------------- | Result | | | | | | -458 | -458 | -16 | -480 | | of the | | | | | | | | | | | period | | | | | | | | | | -------------------------------------------------------------------------------- | Other | | 4 | | | | -107 | -103 | | -103 | | changes | | | | | | | | | | -------------------------------------------------------------------------------- | Total | 7,498 | 524 | 5,316 | 174 | -1,08 | 5,472 | 17,896 | -30 | 17,866 | | equity | | | | | 8 | | | | | | 31.3.20 | | | | | | | | | | | 08 | | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED CASH FLOW STATEMENT | | | | -------------------------------------------------------------------------------- | (Unaudited) | 1-3/2008 | 1-3/2007 | 1-12/2007 | -------------------------------------------------------------------------------- | (MEUR) | | | | -------------------------------------------------------------------------------- | Cash flow from operations | 2.4 | 1.9 | 2.30 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from investments, net | -1.0 | -0.5 | -3.10 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total cash flow from financing | -1.0 | -1.6 | -1.30 | -------------------------------------------------------------------------------- | Increase in credit capital | 0.0 | 0.0 | 2.40 | -------------------------------------------------------------------------------- | Decrease in credit capital | -0.7 | -1.3 | -2.80 | -------------------------------------------------------------------------------- | Other financial items | -0.3 | -0.3 | -1.00 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in liquid assets | 0.5 | -0.1 | -2.20 | -------------------------------------------------------------------------------- | Liquid assets at the beginning of | 1.9 | 4.1 | 4.10 | | period | | | | -------------------------------------------------------------------------------- | Liquid assets at the end of period | 2.4 | 4.0 | 1.90 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- NOTES TO THE INTERIM REPORT Calculation methods The financial statements release has been prepared in compliance with the recognition and measurement policies of the IFRS, but requirements of 34 standards has not been fully followed. -------------------------------------------------------------------------------- | CONTINGENT LIABILITIES | | | | -------------------------------------------------------------------------------- | (Unaudited) | | | | -------------------------------------------------------------------------------- | MEUR | 1-3/2008 | 1-3/2007 | 31/12/2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | For own loans | | | | -------------------------------------------------------------------------------- | - Mortgages | 19.66 | 20.00 | 19.66 | -------------------------------------------------------------------------------- | - Pledged shares | 0.54 | 0.18 | 0.53 | -------------------------------------------------------------------------------- | - Other quarantees | 0.94 | | 0.69 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | For others | | | | -------------------------------------------------------------------------------- | - Guarantees | 0.84 | 0.80 | 0.65 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Leasing liabilities | 0.83 | 0.50 | 0.70 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Rent liabilities | 0.24 | 0.42 | 0.26 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Nominal values of forward exchange | 2.9 | 1.9 | 0.9 | | contracts | | | | -------------------------------------------------------------------------------- Events in the circle of acquaintances The circle of acquaintances consists of subsidiaries associated companies and the company's management. The management included in the circle of acquaintances comprises the Board of Directors, CEO and the company's managing committee. There hasn't been any transactions with acquaintances during the reporting period. -------------------------------------------------------------------------------- | KEY INDICATORS | | | | | -------------------------------------------------------------------------------- | | | 1-3 | 1-3 | 1-12 | -------------------------------------------------------------------------------- | (Unaudited) | | 2008 | 2007 | 2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings/share (EPS) | eur | -0.13 | -0.03 | 0.53 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Return on equity | % | -2.6 | -1.1 | 10.5 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity ratio | % | 38.7 | 39.7 | 40.1 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders | | 5.02 | 4.60 | 5.18 | | equity/share | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net debt | MEUR | 12.4 | 9.1 | 13.4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Gearing | % | 69.5 | 52.9 | 72.0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Gross investments | MEUR | 1.1 | 0.6 | 3.7 | -------------------------------------------------------------------------------- | | % of net | 6.1 | 3.2 | 3.9 | | | sales | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Order book | MEUR | 38.3 | 39.6 | 35.1 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Average number of | Staff | 204 | 208 | 206 | | personnel | | | | | -------------------------------------------------------------------------------- | | Workers | 214 | 224 | 215 | -------------------------------------------------------------------------------- | | Total | 418 | 432 | 421 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CALCULATION OF KEY | | | INDICATORS | | -------------------------------------------------------------------------------- | | Profit for the period attributable to | | | | equity holders of parent | | -------------------------------------------------------------------------------- | Earnings/share (EPS) | ------------------------------------- | | -------------------------------------------------------------------------------- | | Average number of outstanding shares | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Profit before taxes - taxes | | -------------------------------------------------------------------------------- | Return on equity % | ------------------------------------- | x 100 | -------------------------------------------------------------------------------- | | Total equity, average | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Total equity | | -------------------------------------------------------------------------------- | Equity ratio, % | ------------------------------------- | x 100 | -------------------------------------------------------------------------------- | | Balance sheet total - advances | | | | received | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net debt | Interest-bearing debt - cash and cash | | | | equivalents | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Interest-bearing debt - cash and cash | | | | equivalents | | -------------------------------------------------------------------------------- | Gearing, % | ------------------------------------- | x 100 | -------------------------------------------------------------------------------- | | Total equity | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Shareholders' equity | | -------------------------------------------------------------------------------- | Shareholders equity/share | ------------------------------------- | | -------------------------------------------------------------------------------- | | Number of shares outstanding at end | | | | of period | | --------------------------------------------------------------------------------