HONKARAKENNE OYJ INTERIM REPORT 13 AUGUST 2008 AT 9:00 AM INTERIM REPORT 1 JANUARY - 30 JUNE 2008 Honkarakenne's consolidated net sales from January to June 2008 were EUR 45.4 million, compared to EUR 47.2 million in the same period last year. The net sales decreased by EUR 1.7 million and remained 3.6% below last year's figures. Profit before taxes was EUR 1.9 million (EUR 2.0 million). -------------------------------------------------------------------------------- | KEY FIGURES | | 1-6/2008 | 1-6/2007 | 1-12/2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales, MEUR | 45.4 | 47.2 | 93.4 | -------------------------------------------------------------------------------- | Net sales, change % | -3.6 | 32.1 | 10.0 | -------------------------------------------------------------------------------- | Operating profit/loss, MEUR | 2.2 | 2.3 | 3.1 | -------------------------------------------------------------------------------- | Profit/loss before taxes, MEUR | 1.9 | 2.0 | 2.7 | -------------------------------------------------------------------------------- | Average number of personnel | 405 | 425 | 421 | -------------------------------------------------------------------------------- | Earnings/share (EPS), EUR | 0.39 | 0.41 | 0.52 | -------------------------------------------------------------------------------- | Shareholders equity/share, EUR | 5.27 | 5.24 | 5.18 | | | | | | -------------------------------------------------------------------------------- DEVELOPMENT OF NET SALES AND PROFIT Honkarakenne's consolidated net sales from January to June 2008 were EUR 45.4 million, compared to EUR 47.2 million in the same period last year. The net sales decreased by EUR 1.7 million and remained 3.6% below last year's figures. The domestic net sales decreased by EUR 2.2 million, whereas the international trade increased by EUR 0.5 million. The operating profit for January-June amounted to EUR 2.2 million (EUR 2.3 million), and profit before taxes stood at EUR 1.9 million (EUR 2.0 million). FINANCING AND INVESTMENTS The Group's financial position has remained stable. The equity ratio stood at 36.9% (40.0%) and interest-bearing net liabilities were EUR 14.9 million (EUR 9.9 million). Group's liquid assets were EUR 2.4 million (EUR 3.1 million). Gearing stood at 78.9% (52.7%). Capital expenditure was EUR 2.4 million (EUR 1.4 million) and mainly focused on production's machine and equipment purchases. MARKET DEVELOPMENT Construction of single-family houses in Finland decreased in the first half of the year. The level of holiday house construction has remained almost the same and the situation in holiday center construction has been active. Competition in the holiday construction market has intensified, while the demand for construction of single-family houses has weakened. Typical of West European and Japanese demand has been the uncertainty of the general economic situation's development. The number of construction licenses has decreased from last year, and customers' buying decisions are delayed due to the longer selling times of old homes and stricter house loan terms. With regard to Japan, the level of exchange rates has still complicated exports from Europe. Demand in Eastern Europe, Russia and the neighboring region has continued positive. The polarized spread of wealth has kept the construction of luxury homes stable, regardless of the general economic development. Thanks to the good sales in June, the presales of the second quarter exceeded the first quarter sales. However, the cumulative total sales were as estimated, but almost 20% less than last year. -------------------------------------------------------------------------------- | DEVELOPMENT OF SALES | | | -------------------------------------------------------------------------------- | Distribution of net | 2008 | | 2007 | | | | sales, % | | | | | | -------------------------------------------------------------------------------- | Finland | 37.9 % | | 41.1 % | | | -------------------------------------------------------------------------------- | Central Europe | 19.6 % | | 20.3 % | | | -------------------------------------------------------------------------------- | Far East | 8.8 % | | 10.7 % | | | -------------------------------------------------------------------------------- | Other countries | 33.7 % | | 27.9 % | | | -------------------------------------------------------------------------------- | Total | 100.0 % | | 100.0 % | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Net sales 1000 euros | 2008 | | 2007 | | % change | -------------------------------------------------------------------------------- | Finland | 17213 | | 19404 | | -11.3% | -------------------------------------------------------------------------------- | Central Europe | 8905 | | 9565 | | -6.9% | -------------------------------------------------------------------------------- | Far East | 3997 | | 5032 | | -20.6% | -------------------------------------------------------------------------------- | Other countries | 15325 | | 13157 | | 16.5% | -------------------------------------------------------------------------------- | Total | 45 440 | | 47 158 | | -3.6% | -------------------------------------------------------------------------------- The Group's order book was EUR 32.3 million at the end of June. The corresponding figure from last year was EUR 35.9 million. PRODUCTS AND MARKETING Honkarakenne, the world's leading log house manufacturer and dealer, is 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. In summer the Holiday Home Fair was held in Pori and Housing Fair in Vaasa, Finland, and company's products were well presented. Construction of Housing Fair in St. Petersburg is nearly finished and the fair will be opened to visitors in September. All of the 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 seeks customers' Honka stories along its 50-year-journey (www.honkalife.com). In Finland Honkarakenne will continue supporting WWF's Operation Mermaid, which addresses the threats to the Baltic Sea. STAFF The group had 405 employees at the end of June. This is 20 less than last year, most of whom 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. NEW ASSOCIATED COMPANY On 9 June 2008 Honkarakenne Oyj bought a 37.5% stake in Karjalan Lisenssisaha Invest Oy. Its three Karlis companies, operating in Russia, were established in 1993, and have been Finnish-owned since 2006. Since then the companies' logging rights have been expanded, the sawmill's capacity improved, and its plant and equipment modernized. The net sales of the companies will be EUR 8 million. The companies have 45 employees in the Republic of Karelia. 40,000 company shares were used as part of the share capital price, in addition to which Honkarakenne Oyj guaranteed the loan, taken out to develop the companies. Pine and spruce growing in Russian Karelia are of good quality and suitable for construction. The production plant of Karlis companies is situated close to the border, in Wärtsilä on the Russian side of the border. Its logging rights are approximately 60,000 cubic meters a year. In addition, it purchases saw-timber trees from Finnish forest companies and local companies. The plant's sawing capacity in one shift is 50,000 cubic meters a year. The raw material will be upgraded in Honkarakenne's Finnish log house factories. HONKARAKENNE OYJ'S BOARD OF DIRECTORS AND ACCOUNTANTS The board members elected in Annual General Meeting in April include Mauri Saarelainen, Eero Saarelainen, Tomi Laamanen and Mauri Niemi (old members) and Pirjo Ruuska as a new member. Pirjo Ruuska, construction engineer, 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 repurchased 43,198 of its own B shares during the period under review for an average price of EUR 4.82 per share. At the end of the review period the company held 161,298 of its B shares with a total nominal value of EUR 322,596.00 and a total purchase price of EUR 964,183.39. These shares represent 4.3% of the company's capital stock and 1.7% of the voting rights. The purchase cost has been deducted from shareholders' equity in the consolidated financial statements. The Board of Directors has been granted a share repurchase authorization, valid until 3 April 2009, to repurchase company shares following 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 authority, also valid until 3 April 2009, to dispose of 374,896 B shares. Company used 40,000 shares of this authority, when purchasing Karjalan Lisenssisaha Invest Oy. CORPORATE GOVERNANCE SYSTEM Honkarakenne Oyj follows the Corporate Governance recommendations for listed companies issued by OMX Nordic Exchange Helsinki, the Central Chamber of Commerce and the Confederation of Finnish Industries EK. FUTURE OUTLOOK The market development for the rest of the year is expected to continue in a similar vein. On the domestic and West European markets customers will probably continue to wait for general economic development. On the domestic holiday house market and West European single-family house market there are a substantial number of customers, who will wait for confidence in the economy to improve before making decisions. The most determining factor in the Japanese market in relation to the current products is the level of the exchange rates, which are not expected to change to any extent. In construction volumes the bottom level has been reached, and no significant turn for the better is expected in the short run. Demand in East Europe, Russia, and the neighboring region is expected to remain stable. The growing upper middle class is expected to greatly increase the demand for solid wood single-family houses. The company will continue the strengthening program it launched last year, and it will help to improve profitability, compared to last year's second half. Furthermore, the price of wood has decreased from the peak prices of last fall, and is expected to remain stable for the rest of the year. The result of the whole year will show a profit. Further information: Esko Teerikorpi, President and CEO, 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-September 2008 will be published on 5 November 2008. HONKARAKENNE OYJ Board of Directors DISTRIBUTION OMX Nordic Exchange, Helsinki Principal media Financial Supervision -------------------------------------------------------------------------------- | CONSOLIDATED INCOME STATEMENT | | | | | -------------------------------------------------------------------------------- | (unaudited) | 4-6/200 | 4-6/2007 | 1-6/2008 | 1-6/2007 | 1-12/2007 | | | 8 | | | | | -------------------------------------------------------------------------------- | (MEUR) | | | | | | -------------------------------------------------------------------------------- | Net sales | 27.6 | 28.7 | 45.4 | 47.2 | 93.4 | -------------------------------------------------------------------------------- | Other operating | 0.5 | 0.6 | 0.8 | 0.9 | 1.8 | | income | | | | | | -------------------------------------------------------------------------------- | Change in inventories | 0.3 | 1.1 | 1.2 | 3.1 | -0.6 | -------------------------------------------------------------------------------- | Production for own | 0.0 | 0.5 | 0.1 | 0.5 | 0.7 | | use | | | | | | -------------------------------------------------------------------------------- | Materials and | -16.5 | -19.5 | -28.1 | -31.8 | -59.0 | | services | | | | | | -------------------------------------------------------------------------------- | Employee benefit | -4.7 | -4.8 | -8.7 | -9.0 | -17.3 | | expenses | | | | | | -------------------------------------------------------------------------------- | Depreciations | -1.1 | -0.9 | -2.1 | -1.9 | -4.0 | -------------------------------------------------------------------------------- | Other operating | -3.4 | -3.5 | -6.4 | -6.7 | -12.0 | | expenses | | | | | | -------------------------------------------------------------------------------- | Operating profit/loss | 2.7 | 2.2 | 2.2 | 2.3 | 3.1 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial income and | -0.2 | -0.1 | -0.4 | -0.3 | -0.6 | | expenses | | | | | | -------------------------------------------------------------------------------- | Share of associated | -0.1 | 0.0 | 0.0 | 0.0 | 0.2 | | companies' profit | | | | | | -------------------------------------------------------------------------------- | Profit/loss before | 2.5 | 2.1 | 1.9 | 2.0 | 2.7 | | taxes | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Taxes | -0.6 | -0.3 | -0.5 | -0.4 | -0.8 | -------------------------------------------------------------------------------- | Profit/loss for the | 1.9 | 1.7 | 1.4 | 1.5 | 1.9 | | period | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Attributable to: | | | | | | -------------------------------------------------------------------------------- | Equity holders of the | 1.9 | 1.7 | 1.4 | 1.5 | 1.9 | | parent | | | | | | -------------------------------------------------------------------------------- | Minority interest | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | -------------------------------------------------------------------------------- | | 1.9 | 1.7 | 1.4 | 1.5 | 1.9 | -------------------------------------------------------------------------------- | Earnings/share (EPS), | | | | | | | EUR | | | | | | -------------------------------------------------------------------------------- | Basic | 0.53 | 0.47 | 0.39 | 0.41 | 0.52 | -------------------------------------------------------------------------------- | Diluted | 0.53 | 0.47 | 0.39 | 0.41 | 0.52 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED BALANCE SHEET | 30.6.2008 | 30.6.2007 | 31.12.2007 | -------------------------------------------------------------------------------- | (unaudited) | | | | -------------------------------------------------------------------------------- | Assets | | | | -------------------------------------------------------------------------------- | Non-current assets | | | | -------------------------------------------------------------------------------- | Property, plant and equipment | 25.0 | 24.4 | 24.8 | -------------------------------------------------------------------------------- | Goodwill | 0.5 | 0.5 | 0.5 | -------------------------------------------------------------------------------- | Other intangible assets | 1.4 | 1.0 | 1.1 | -------------------------------------------------------------------------------- | Investments in associated companies | 2.4 | 0.6 | 0.6 | -------------------------------------------------------------------------------- | Other investments | 0.2 | 0.2 | 0.2 | -------------------------------------------------------------------------------- | Receivables | 0.2 | 0.7 | 0.3 | -------------------------------------------------------------------------------- | Deferred tax assets | 1.0 | 1.0 | 0.8 | -------------------------------------------------------------------------------- | | 30.7 | 28.3 | 28.3 | -------------------------------------------------------------------------------- | Current assets | | | | -------------------------------------------------------------------------------- | Inventories | 14.2 | 18.7 | 14.1 | -------------------------------------------------------------------------------- | Trade and other receivables | 12.2 | 11.7 | 8.7 | -------------------------------------------------------------------------------- | Cash and bank receivables | 2.4 | 3.1 | 1.9 | -------------------------------------------------------------------------------- | | 28.9 | 33.5 | 24.7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total assets | 59.6 | 61.7 | 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 | 5.4 | 5.3 | 5.1 | -------------------------------------------------------------------------------- | | 18.9 | 18.8 | 18.6 | -------------------------------------------------------------------------------- | Minority share | 0.0 | 0.0 | 0.0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total equity | 18.9 | 18.8 | 18.6 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-current liabilities | | | | -------------------------------------------------------------------------------- | Deferred tax liabilities | 0.6 | 1.3 | 0.6 | -------------------------------------------------------------------------------- | Provisions | 0.4 | 0.4 | 0.4 | -------------------------------------------------------------------------------- | Intrest bearing debt | 15.0 | 11.3 | 13.0 | -------------------------------------------------------------------------------- | Non-intrest bearing debt | 0.8 | 0.0 | 0.0 | -------------------------------------------------------------------------------- | | 16.7 | 13.0 | 13.9 | -------------------------------------------------------------------------------- | Current liabilities | | | | -------------------------------------------------------------------------------- | Trade and other payables | 20.9 | 27.8 | 17.6 | -------------------------------------------------------------------------------- | Tax liabilities | 0.6 | 0.4 | 0.5 | -------------------------------------------------------------------------------- | Intrest bearing debt | 2.4 | 1.8 | 2.4 | -------------------------------------------------------------------------------- | | 24.0 | 30.0 | 20.5 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total liabilities | 40.6 | 43.0 | 34.4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total equity and liabilities | 59.6 | 61.7 | 53.0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | STATEMENT OF CHANGES IN EQUITY | | | | | | (unaudited) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Minority | Total | | | int-rest | equity | -------------------------------------------------------------------------------- | 1000 | Equity attributable to equity holders of the | | | | EUR | parent | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | -------------------------------------------------------------------------------- | | -------------------------------------------------------------------------------- | | -------------------------------------------------------------------------------- | | Share | Pre | Reser | Tra | Own | Reta | Total | | | | | capi- | miu | ve | nsl | sha | in- | | | | | | tal | m | fund | ati | res | ed | | | | | | | fun | | on | | earn | | | | | | | d | | dif | | ing | | | | | | | | | fer | | | | | | | | | | | enc | | | | | | | | | | | e | | | | | | -------------------------------------------------------------------------------- | Total | 7498 | 520 | 5316 | 218 | -153 | 4216 | 17615 | 8 | 17623 | | equity | | | | | | | | | | | 1.1.20 | | | | | | | | | | | 07 | | | | | | | | | | -------------------------------------------------------------------------------- | Transl | | | | -41 | | | -41 | | -41 | | ation | | | | | | | | | | | differ | | | | | | | | | | | ence | | | | | | | | | | -------------------------------------------------------------------------------- | Repurc | | | | | -321 | | -321 | | -321 | | hase | | | | | | | | | | | of own | | | | | | | | | | | shares | | | | | | | | | | -------------------------------------------------------------------------------- | Result | | | | | | 1547 | 1547 | 19 | 1566 | | of the | | | | | | | | | | | period | | | | | | | | | | -------------------------------------------------------------------------------- | Total | 7498 | 520 | 5316 | 177 | -474 | 5763 | 18800 | 27 | 18827 | | equity | | | | | | | | | | | 30.06. | | | | | | | | | | | 2007 | | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total | 7498 | 520 | 5316 | 179 | -942 | 6037 | 18608 | -8 | 18600 | | equity | | | | | | | | | | | 1.1.20 | | | | | | | | | | | 08 | | | | | | | | | | -------------------------------------------------------------------------------- | Transl | | | | -17 | | | -17 | 17 | | | ation | | | | | | | | | | | differ | | | | | | | | | | | ence | | | | | | | | | | -------------------------------------------------------------------------------- | Divide | | | | | | -1067 | -1067 | | -1067 | | nds | | | | | | | | | | -------------------------------------------------------------------------------- | Repurc | | | | | -208 | | -208 | | -208 | | hase | | | | | | | | | | | of own | | | | | | | | | | | shares | | | | | | | | | | -------------------------------------------------------------------------------- | Transf | | | | | 186 | | 186 | | 186 | | er of | | | | | | | | | | | own | | | | | | | | | | | shares | | | | | | | | | | -------------------------------------------------------------------------------- | Result | | | | | | 1397 | 1397 | 1 | 1397 | | of the | | | | | | | | | | | period | | | | | | | | | | -------------------------------------------------------------------------------- | Total | 7498 | 520 | 5316 | 162 | -964 | 6367 | 18899 | 10 | 18909 | | equity | | | | | | | | | | | 30.06. | | | | | | | | | | | 2008 | | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED CASH FLOW STATEMENT | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | (Unaudited) | | | | -------------------------------------------------------------------------------- | (MEUR) | | | | -------------------------------------------------------------------------------- | | 1-6/2008 | 1-6/2007 | 1-12/2007 | -------------------------------------------------------------------------------- | Cash flow from operations, net | 2.5 | 2.6 | 2.3 | -------------------------------------------------------------------------------- | Cash flow from investments, net | -2.8 | -1.5 | -3.1 | -------------------------------------------------------------------------------- | Total cash flow from financing | 0.8 | -2.1 | -1.3 | -------------------------------------------------------------------------------- | Increase in credit capital | 3.1 | 0.0 | 2.4 | -------------------------------------------------------------------------------- | Decrease in credit capital | -0.9 | -1.7 | -2.8 | -------------------------------------------------------------------------------- | Dividends paid | -1.1 | | | -------------------------------------------------------------------------------- | Other financial items | -0.3 | -0.4 | -1.0 | -------------------------------------------------------------------------------- | Change in liquid assets | 0.5 | -1.0 | -2.2 | -------------------------------------------------------------------------------- | Liquid assets at the beginning of | 1.9 | 4.1 | 4.1 | | period | | | | -------------------------------------------------------------------------------- | Liquid assets at the end of period | 2.4 | 3.1 | 1.9 | -------------------------------------------------------------------------------- NOTES TO THE INTERIM REPORT Calculation methods The interim report has been drafted based on the IAS 34 Interim Reports standard. The information in the interim report has been drawn up based on those valid international financial reporting standards that have been approved in the European Union. The drafting principles are the same as in the financial report drawn up 31 December 2007. This interim report should be read together with the financial report of 2007. The new introduced standards and interpretations have not affected the information in this interim report. -------------------------------------------------------------------------------- | TANGIBLE ASSETS | | -------------------------------------------------------------------------------- | (MEUR) | Tangible | -------------------------------------------------------------------------------- | (Unaudited) | assets | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Acquisition cost 1.1.2008 | 58.3 | -------------------------------------------------------------------------------- | Translation difference (+/-) | 0.0 | -------------------------------------------------------------------------------- | Increase | 2.1 | -------------------------------------------------------------------------------- | Decrease | -0.4 | -------------------------------------------------------------------------------- | Transfers between balance sheet items | 0.0 | -------------------------------------------------------------------------------- | Acquisition cost 30.6.2008 | 60.0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Accumulated depreciation 1.1.2008 | -33.2 | -------------------------------------------------------------------------------- | Translation difference (+/-) | 0.0 | -------------------------------------------------------------------------------- | Disposals and reclassifications | 0.0 | -------------------------------------------------------------------------------- | Depreciation for the period | -1.9 | -------------------------------------------------------------------------------- | Accumulated depreciation 30.6.2008 | -35.0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Book value 1.1.2008 | 25.0 | -------------------------------------------------------------------------------- | Book value 30.6.2008 | 25.0 | -------------------------------------------------------------------------------- Own shares Honkarakenne acquired in the first half of the year 43,198 of its own B shares, whose purchase price amounted to EUR 0.2 million. 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 haven't been transactions with acquaintances during the reporting period. -------------------------------------------------------------------------------- | CONTINGENT LIABILITIES | -------------------------------------------------------------------------------- | (Unaudited) | | | | -------------------------------------------------------------------------------- | MEUR | 1-6/2008 | 1-6/2007 | 31.12.2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | For own loans | | | | -------------------------------------------------------------------------------- | - Mortgages | 19.66 | 19.20 | 19.66 | -------------------------------------------------------------------------------- | - Pledged shares | 0.57 | 0.18 | 0.53 | -------------------------------------------------------------------------------- | - Other quarantees | 1.29 | 1.42 | 1.51 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | For others | | | | -------------------------------------------------------------------------------- | - Guarantees | 1.09 | 0.04 | 0.04 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Leasing liabilities | 0.76 | 0.51 | 0.70 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Rent liabilities | 0.22 | 0.48 | 0.26 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Nominal values of forward exchange | 1.8 | 0.0 | 0.9 | | contracts | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KEY INDICATORS | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | (Unaudited) | | 1-6/2008 | 1-6/2007 | 1-12/2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings/share (EPS) | eur | 0.39 | 0.41 | 0.52 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Return on equity | % | 7.5 | 8.7 | 10.5 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity ratio | % | 36.9 | 40.0 | 40.1 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders equity/share | | 5.27 | 5.24 | 5.18 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net debt | MEUR | 14.9 | 9.9 | 13.4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Gearing | % | 78.9 | 52.7 | 72.0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Gross investments | MEUR | 2.4 | 1.4 | 3.7 | -------------------------------------------------------------------------------- | | % of net | 5.3 | 3.0 | 3.9 | | | sales | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Order book | MEUR | 32.3 | 35.9 | 35.1 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Average number of | Staff | 198 | 207 | 206 | | personnel | | | | | -------------------------------------------------------------------------------- | | Workers | 207 | 218 | 215 | -------------------------------------------------------------------------------- | | Total | 405 | 425 | 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 | | --------------------------------------------------------------------------------