Tikkurila Oyj Stock Exchange Release, August 11, 2010 at 9.00 am (CET +1) April−June 2010 highlights * Revenue for the second quarter increased by 12.3 percent in comparison to the previous year and totaled EUR 182.5 million (4−6/2009: EUR 162.4 million). * Operating profit (EBIT) excluding non-recurring items was EUR 28.4 (24.5) million, i.e. 15.5 (15.1) percent of revenue. * Non-recurring items totaled EUR 0.7 (-2.4) million. * EPS was EUR 0.46 (0.32). * Tikkurila upgrades its outlook for the full year 2010 due to the good start of the year. Tikkurila's revenue and operating profit (EBIT) excluding non-recurring items are expected to exceed the corresponding 2009 level. The revenue and operating profit estimates do not take into consideration possible effects from exchange rate fluctuations, which may have a significant impact on the revenue development, in particular. Previously Tikkurila estimated that its revenue and operating profit (EBIT) excluding non-recurring items for 2010 are expected to remain at the same level as in 2009. January−June 2010 highlights * Revenue for the first half of the year increased by 10.3 percent in comparison to the previous year and was EUR 301.8 million (1−6/2009: EUR 273.6 million). * Operating profit (EBIT) excluding non-recurring items was EUR 35.9 (28.6) million, i.e. 11.9 (10.4) percent of revenue. * Non-recurring items totaled EUR 0.7 (-2.4) million. * EPS was EUR 0.55 (0.30). * Gearing decreased clearly. Key Figures (EUR million) 4-6/2010 4-6/2009 Change 1-6/2010 1-6/2009 Change 1−12/2009 % % -------------------------------------------------------------------------------- Income statement Revenue 182.5 162.4 12.3% 301.8 273.6 10.3% 530.2 Operating profit (EBIT), excluding non-recurring items 28.4 24.5 15.7% 35.9 28.6 25.6% 50.2 Operating profit (EBIT) margin, excluding non-recurring items, % 15.5% 15.1% 11.9% 10.4% 9.5% Operating profit (EBIT) 29.1 22.1 31.6% 36.6 26.1 40.1% 47.7 Operating profit (EBIT) margin, % 15.9% 13.6% 12.1% 9.5% 9.0% Profit before tax 27.9 18.8 48.8% 33.8 19.0 77.6% 35.7 Net profit 20.5 14.0 46.7% 24.1 13.4 80.1% 27.8 Other key indicators EPS*, EUR 0.46 0.32 43.8% 0.55 0.30 83.3% 0.63 ROCE, % p.a. 18.5% 14.2% 18.5% 14.2% 17.7% Free cash flow after investments, EUR million 5.0 6.3 -20.0% -25.1 -22.6 -11.0% 45.3 Net interest-bearing debt at period-end, EUR million 155.3 222.4 -30.2% 129.5 Gearing, % 87.0% 235.6% 90.0% Equity ratio, % 34.2% 19.7% 35.7% Personnel at period-end 3,946 3,968 -0.6% 3,538 * As calculated by using the amount of shares outstanding of 44,108,252. Comments by President and CEO Erkki Järvinen "Our revenue growth during the review period was mainly boosted by changes in foreign exchange rates. Our profitability also developed favorably. Though the volume growth has been quite modest so far, the relatively high level of consumer confidence and low market interest rates in our key markets form a solid base for the demand of decorative paints in general. Our sales developed favorably in all our market areas, with the exception of Central Eastern Europe, where the tightened competitive situation in Poland hampered our sales volumes. We are especially pleased with the good volume growth of our biggest market area, the East. We upgrade our full year 2010 outlook due to the good start of the year. However, there are no visible signs of a strong recovery in our market environment. The most significant short-term uncertainties in our industry are related both to the availability and prices of our raw materials. The consolidation development within the chemical industry has clearly decreased the paint industry's sourcing alternatives. Based on our strategy, our aim is to continuously make our operations more efficient and unified. The new unified Tikkurila will be in an excellent position to increase its market shares further as the market conditions improve. During 2010, our capital expenditures have been focused on replacing and maintaining the existing infrastructure. No short-term capacity-related investment needs can be seen even though the demand would pick up further." Tikkurila Oyj Erkki Järvinen, President and CEO For further information, please contact: Erkki Järvinen, President and CEO Mobile +358 400 455 913,erkki.jarvinen@tikkurila.com Jukka Havia, CFO Mobile +358 50 355 3757,jukka.havia@tikkurila.com Susanna Aaltonen, Group Vice President, Communications & IR Mobile +358 40 593 4221,susanna.aaltonen@tikkurila.com Press conference today at 12.00 pm and conference call at 2.00 pm Tikkurila will hold a press conference about its January-June 2010 result for the media and analysts today on August 11, 2010 starting at 12.00 noon Finnish time at the Hotel Kämp, Akseli Gallén-Kallela cabinet; address Pohjoisesplanadi 29, Helsinki. The conference will be held in Finnish. Attendees will be served lunch in connection with the conference, starting at 11.30 am Finnish time. The interim report will be presented by Erkki Järvinen, President and CEO. A conference call in English will be held at 2.00 pm Finnish time. Participants will be asked for their full name and conference ID, which is 89183666. In order to participate in the conference call, please dial in 5-10 minutes before the beginning of the event as follows: From Finland (free call): 0800 112 363 From Russia (free call): 8108 002 097 2044 From Sweden (free call): 0200 890 171 From UK (free call): 0800 694 0257 From USA (free call): 1866 966 9439 UK Standard International: +44 (0) 1452 555 566 A stock exchange release and presentation material will be available before the conference call at www.tikkurilagroup.com/investors. A recording of the conference call will be available later on Tikkurila's website. Tikkurila will publish its January-September 2010 interim report on Friday, October 29, 2010 at around 9.00 am Finnish time. Tikkurila provides consumers, professionals and the industry with user-friendly and environmentally sustainable solutions for protection and decoration. Tikkurila is a strong regional player that aims to be the leading paint company in the Nordic area and Eastern Europe including Russia. - Tikkurila inspires you to color your life. Tikkurila Oyj, Interim Report, January 1-June 30, 2010 This interim report has been prepared in accordance with IAS 34. The disclosed information is unaudited except for the 2009 full year data. The figures in the tables are independently rounded. All forward-looking statements in this review are based on the management's current expectations and beliefs about future events, and actual results may differ from the expectations and beliefs such statements contain. In case there are any discrepancies between the language versions of the interim report, the Finnish version shall prevail. Tikkurila's business activities are organized in four reportable segments, of which Tikkurila uses the name Strategic Business Unit. Tikkurila's reporting segments are SBU East, SBU Finland, SBU Scandinavia, and SBU Central Eastern Europe. SBU East consists of Russia, Ukraine, Central Asian countries and Belarus. SBU Finland covers Tikkurila's business in Finland. SBU Scandinavia consists of Sweden, Denmark and Norway. SBU Central Eastern Europe consists of the following countries: the Baltic countries, Poland, Czech Republic, Slovakia, China, Germany, Hungary and Romania. Furthermore, this SBU is responsible for export sales in approximately 20 additional countries that are not included in the SBUs' operational areas. Financial Performance in April−June 2010 Tikkurila Group's revenue for April-June 2010 totaled EUR 182.5 (162.4) million, i.e. 12.3 percent (EUR 20.1 million) more than in the second quarter of 2009. Exchange rate changes significantly contributed to the growth, while volume growth remained moderate. Of the total growth, about EUR 12.3 million was based on the foreign exchange rate translation effect, EUR 5.5 million on sales volume increases and EUR 2.1 million on changes in the product mix and average sales prices. Decorative paints generated about 86 percent and industrial coatings about 14 percent of the total revenue for the second quarter of 2010. Operating profit (EBIT) excluding non-recurring items for April−June 2010 was EUR 28.4 (24.5) million, which equals 15.5 (15.1) percent of revenue. In the Group's operations there is intra-year seasonality, and hence the second and third quarters typically generate most of Tikkurila's annual profits. The relative profitability improved compared to the previous year, with only minor changes in the geographical presence and product mixes. The non-recurring items recognized in the second quarter of 2010 were related to the following: Firstly, a Russian insurance compensation (EUR 1.5 million positive impact on EBIT as well as cash flow) due to a court ruling on a fire accident in 2006 at one of the Group's production sites, and secondly, a fine set by Polish competition authorities (EUR 0.8 million negative impact on 2010 EBIT, with no immediate cash flow effect). The non-recurring cost of EUR 2.4 million in the comparison period in 2009 was caused by personnel reductions in the Group's Finnish and Swedish operations. Operating profit (EBIT) for April-June 2010 was EUR 29.1 (22.1) million. Net finance expenses for April-June totaled EUR 1.1 (3.3) million. Profit before tax was EUR 27.9 (18.8) million. Taxes totaled EUR 7.4 (4.8) million, representing an effective tax rate of 26.6 (25.6) percent. Earnings per share were EUR 0.46 (0.32). The revenue and profitability by reporting segments for the second quarter is presented below. April-June (EUR million) Revenue Operating profit (EBIT) excluding non-recurring items 4−6/2010 4−6/2009 4−6/2010 4−6/2009 SBU East 64.3 54.0 11.2 8.3 SBU Finland 34.5 33.4 7.9 7.2 SBU Scandinavia 53.6 46.0 8.3 6.6 SBU Central Eastern Europe 30.0 29.1 2.3 3.2 Group common and eliminations 0.0 0.0 -1.2 -0.8 Consolidated Group 182.5 162.4 28.4 24.5 Financial Performance in January−June 2010 Tikkurila Group's revenue for January-June 2010 totaled EUR 301.8 (273.6) million, i.e. 10.3 percent (EUR 28.2 million) more than in the first half of 2009. Of the total growth, about EUR 20.5 million was based on the foreign exchange rate translation effect, EUR 7.1 million on sales volume increases and EUR 0.6 million on changes in the product mix and average sales prices. Decorative paints accounted for about 85 percent, and industrial coatings for about 15 percent, of the total revenue of the first half of 2010. Operating profit (EBIT) excluding non-recurring items for January-June 2010 was EUR 35.9 (28.6) million, which equals 11.9 (10.4) percent of revenue. The non-recurring items were related to the second quarter of 2010 and 2009, and have been described above. Operating profit (EBIT) for January-June 2010 was EUR 36.6 (26.1) million. The key factors contributing to the increase in euro-denominated EBIT relate to the following: Firstly, variable cost level still being at reasonably low in the first half, and secondly, benefits reaped from the rationalization program and increased productivity. In addition, higher sales volumes and, to some extent, exchange rate changes also had a positive impact on the result. The exchange rate changes had a EUR 2.0 million positive impact on the operating profit. Net finance expenses for January-June totaled EUR 2.8 (7.1) million. Profit before tax was EUR 33.8 (19.0) million. Taxes totaled EUR 9.7 (5.6) million, representing an effective tax rate of 28.6 (29.6) percent. Earnings per share were EUR 0.55 (0.30). The revenue and profitability by reporting segments for the first year half is presented below. January-June (EUR million) Revenue Operating profit (EBIT) excluding non-recurring items 1−6/2010 1−6/2009 1−6/2010 1−6/2009 SBU East 92.7 79.6 11.2 8.0 SBU Finland 63.7 62.6 12.7 10.3 SBU Scandinavia 93.5 82.2 11.2 8.7 SBU Central Eastern Europe 51.9 49.2 2.6 2.9 Group common and eliminations 0.0 0.0 -1.8 -1.3 Consolidated Group 301.8 273.6 35.9 28.6 Financial Performance by Reporting Segments SBU East SBU East, Income Statement (EUR million) 4−6/2010 4−6/2009 Change 1-6/2010 1-6/2009 Change 1-12/2009 % % -------------------------------------------------------------------------------- Revenue 64.3 54.0 19.2% 92.7 79.6 16.5% 167.1 Operating profit (EBIT), excluding non-recurring items 11.2 8.3 35.7% 11.2 8.0 39.6% 17.7 Operating profit (EBIT) margin, excluding non-recurring items, % 17.4% 15.3% 12.0% 10.0% 10.6% Operating profit 12.7 8.3 53.7% 12.6 8.0 58.2% 17.7 (EBIT) Operating profit (EBIT) margin, % 19.7% 15.3% 13.6% 10.0% 10.6% Capital expenditure excl. acquisitions 1.2 2.4 -51.3% 1.8 4.5 -59.6% 7.2 SBU East's revenue for April−June 2010 grew by 19.2 percent from the comparison period and totaled EUR 64.3 (54.0) million. The increased revenue was mainly due to exchange rate changes and increased sales volumes. The exchange rate changes improved the revenue by EUR 4.8 million and sales volumes by EUR 3.9 million. The demand picked up noticeably from the beginning of the year due to better weather conditions, stronger consumer confidence and a positive overall development of the economies in the region. SBU East's operating profit (EBIT) excluding non-recurring items for April−June 2010 grew by 35.7 percent from the comparison period and totaled EUR 11.2 (8.3) million. The operating profit was mainly improved by the lower relative share of variable costs of the revenue, as compared to the previous year, as well as increases in sales prices and volume. There were already some problems in the availability of some key raw materials, which had an adverse effect on product deliveries. In addition, the crisis in Kyrgyzstan hampered the sales in Central Asia. The exchange rate changes improved the operating profit by EUR 0.6 million. The non-recurring items recognized in the second quarter of 2010 were related to a Russian insurance compensation, which had a positive effect of EUR 1.5 million on SBU East's EBIT. There were no non-recurring items in the comparison period. SBU East's revenue for January−June 2010 grew by 16.5 percent from the comparison period and totaled EUR 92.7 (79.6) million. The increased revenue was mainly due to exchange rate changes and increased sales volumes. The exchange rate changes improved the revenue by EUR 7.2 million and sales volumes by EUR 4.5 million. The operating profit (EBIT) excluding non-recurring items for January−June 2010 grew by 39.6 percent from the comparison period and totaled EUR 11.2 (8.0) million. The operating profit was mainly improved by the positive sales development and variable costs remaining at a relatively low level. There are signs of the demand in SBU East's operating area shifting from economy products to premium products, which indicates an improvement in consumer purchasing power. SBU East employed new personnel during the second quarter due to the reorganization and development activities in the production. SBU Finland SBU Finland, Income Statement (EUR million) 4−6/2010 4−6/2009 Change 1-6/2010 1-6/2009 Change 1-12/2009 % % -------------------------------------------------------------------------------- Revenue 34.5 33.4 3.3% 63.7 62.6 1.8% 106.8 Operating profit (EBIT), excluding non-recurring items 7.9 7.2 9.9% 12.7 10.3 23.3% 14.2 Operating profit (EBIT) margin, excluding non-recurring items, % 22.8% 21.4% 19.9% 16.5% 13.3% Operating profit 7.9 5.2 51.9% 12.7 8.3 52.6% 12.2 (EBIT) Operating profit (EBIT) margin, % 22.8% 15.5% 19.9% 13.3% 11.4% Capital expenditure excl. acquisitions 0.7 0.6 5.4% 1.2 1.4 -14.4% 2.1 SBU Finland's revenue for April−June 2010 grew by 3.3 percent from the comparison period and totaled EUR 34.5 (33.4) million. The improved revenue was due to increased sales volume of mainly decorative paints. In addition, the feedback for new product launches has been positive. SBU Finland's operating profit (EBIT) excluding non-recurring items for April−June 2010 grew by 9.9 percent from the comparison period and totaled EUR 7.9 (7.2) million. The improvement was mainly due to increased sales volumes and lower fixed cost levels in comparison to the previous year. SBU Finland's revenue for January−June 2010 grew by 1.8 percent and totaled EUR 63.7 (62.6) million. The improved revenue was due to increased sales volume. SBU Finland's operating profit (EBIT) excluding non-recurring items for January−June 2010 grew by 23.3 percent from the comparison period and totaled EUR 12.7 (10.3) million. The improvement was mainly due to sales volume development, as well as cost savings. SBU Scandinavia SBU Scandinavia, Income Statement (EUR million) 4−6/2010 4−6/2009 Change 1-6/2010 1-6/2009 Change 1-12/2009 % % -------------------------------------------------------------------------------- Revenue 53.6 46.0 16.7% 93.5 82.2 13.7% 157.8 Operating profit (EBIT), excluding non-recurring items 8.3 6.6 26.2% 11.2 8.7 29.2% 16.1 Operating profit (EBIT) margin, excluding non-recurring items, % 15.4% 14.3% 12.0% 10.6% 10.2% Operating profit 8.3 6.3 30.7% 11.2 8.3 34.5% 15.7 (EBIT) Operating profit (EBIT) margin, % 15.4% 13.8% 12.0% 10.2% 10.0% Capital expenditure excl. acquisitions 0.6 0.5 21.5% 1.0 1.0 2.1% 2.1 SBU Scandinavia's revenue for April−June 2010 grew by 16.7 percent from the comparison period and totaled EUR 53.6 (46.0) million. The increase was mainly due to changes in exchange rates, the impact of which was EUR 5.2 million. In addition, the favorable GDP development of the Scandinavian countries, as well as improved consumer confidence had a positive effect on the development of Tikkurila's sales volume and prices. SBU Scandinavia's operating profit (EBIT) excluding non-recurring items in April−June 2010 grew by 26.2 percent and totaled EUR 8.3 (6.6) million. The improvement was mainly due to lower raw material costs than in the previous year, as well as changes in the product mix. The exchange rate changes improved the operating profit by EUR 0.6 million. SBU Scandinavia's revenue for January−June 2010 grew by 13.7 percent from the comparison period and totaled EUR 93.5 (82.2) million. The increase was mainly due to changes in exchange rates, the impact of which was EUR 9.3 million. SBU Scandinavia's operating profit (EBIT) excluding non-recurring items in January−June 2010 grew by 29.2 percent and totaled EUR 11.2 (8.7) million. The improvement was mainly due to lower relative share of variable costs. SBU Central Eastern Europe (CEE) SBU CEE, Income Statement (EUR million) 4−6/2010 4−6/2009 Change 1-6/2010 1-6/2009 Change 1-12/2009 % % -------------------------------------------------------------------------------- Revenue 30.0 29.1 3.1% 51.9 49.2 5.4% 98.5 Operating profit (EBIT), excluding non-recurring items 2.3 3.2 -28.9% 2.6 2.9 -10.9% 5.0 Operating profit (EBIT) margin, excluding non-recurring items, % 7.5% 10.9% 4.9% 5.8% 5.1% Operating profit 1.5 3.2 -53.6% 1.8 2.9 -38.3% 5.0 (EBIT) Operating profit (EBIT) margin, % 4.9% 10.9 % 3.4% 5.8% 5.1% Capital expenditure excl. acquisitions 0.4 0.6 -31.7% 0.8 1.3 -33.5% 2.1 SBU Central Eastern Europe's revenue for April−June 2010 grew by 3.1 percent from the comparison period and totaled EUR 30.0 (29.1) million. The revenue improvement was due to exchange rate changes. SBU Central Eastern Europe's operating profit (EBIT) excluding non-recurring items for April−June 2010 declined by 28.9 percent from the comparison period and totaled EUR 2.3 (3.2) million. The profitability was hampered mainly by a decline in sales volume, tightened price competition, as well as by a higher fixed cost level than in the comparison period. The exchange rate changes had a EUR 0.3 million positive impact on the EBIT. The non-recurring items recognized in the second quarter of 2010 were related to a fine set by Polish competition authorities, which had a negative effect of EUR 0.8 million on SBU East's EBIT. There were no non-recurring items in the comparison period. SBU Central Eastern Europe's revenue for January−June 2010 grew by 5.4 percent from the comparison period and totaled EUR 51.9 (49.2) million. The revenue improvement was due to exchange rate changes. SBU Central Eastern Europe's operating profit (EBIT) excluding non-recurring items for January−June 2010 declined by 10.9 percent from the comparison period and totaled EUR 2.6 (2.9) million. The profitability was hampered mainly by tightened price competition as well as by higher fixed cost levels than in the comparison period. A gradual recovery can be seen in the SBU Central Eastern Europe's operating area after a challenging start of the year, which was hampered especially by fierce weather conditions and economic recession. Group Operations Group functions support the SBUs in their operations as well as take care of the responsibilities of the listed parent company. No major changes took place in the Group common items during the review period. Cash flow, Financing Activities and Financial Risk Management Tikkurila's financial position and liquidity remained at a good level during the review period. Cash flow from operations totaled EUR -20.6 (-10.3) million in January-June. Net cash flow from investing activities totaled EUR -4.5 (-12.3) million, of which corporate acquisitions accounted for EUR 0.0 (-3.7) million. Free cash flow after investments was EUR -25.1 (-22.6) million. Net working capital totaled EUR 135.3 (123.8) million at the end of the review period. The Group's interest-bearing debt was EUR 187.9 (249.2) million on June 30, 2010. The average interest rate of the interest-bearing debt was 4.7 (6.6) percent. Cash and cash equivalents totaled EUR 32.6 (26.8) million at the end of June. A total of EUR 48.9 million of the Tikkurila Group's short- and long-term loans will mature during the latter half of 2010. The Group had a net debt of EUR 155.3 (222.4) million on June 30. The Group's equity ratio was 34.2 (19.7) percent at the end of June and gearing was 87.0 (235.6) percent. The Group's net financial expenses totaled EUR 2.8 (7.1) million, of which currency exchange rate changes accounted for EUR 1.3 (0.2) million. In conjunction with its listing, Tikkurila restructured its financial position and rearranged its debt portfolio. Already at the end of 2009, Tikkurila Oyj's equity was increased by EUR 40.0 million by Kemira Oyj, its then parent company. During the first quarter of 2010, Tikkurila negotiated and implemented a new debt package with which loans taken from Kemira Oyj were paid back in full. As part of the funding package a long-term pension (so-called "TyeL") loan for EUR 40.0 million was taken, and a total of 180 million facility package was also agreed on with a bank consortium, including a EUR 100 million long-term loan facility and a EUR 80 million revolving credit facility, both for a fixed three year period with an extension option for a maximum of an additional two years. Finally, during the second quarter, an additional EUR 5.0 million bank overdraft facility has been put in place. At the end of June 2010 the Group had a total of EUR 46.0 million of unused committed credit facilities. In March 2010, Tikkurila's Board of Directors accepted the principles for financial risk management, which were described in the Q1/2010 interim report. At the end of the review period, the nominal value of Tikkurila's forward exchange agreements was EUR 68.6 million, and the market value was EUR 0.0 million. At the end of June 2010, Tikkurila had no interest rate derivatives in place. Capital Expenditure Gross capital expenditure in the review period, excluding acquisitions, amounted to EUR 4.9 (8.3) million. No major single investment was carried out during the review period. Depreciation amounted to EUR 10.1 (9.2) million in January-June. The Group carries out impairment tests according to IAS 36. Research and Development During January-June 2010, the Tikkurila Group's research and product development expenses totaled EUR 5.1 (5.2) million, corresponding to 1.7 (1.9) percent of revenue. Human Resources On June 30, the Tikkurila Group employed 3,946 (3,968) people. The average number of employees during January-June 2010 was 3,715 (3,832). The number of employees by SBUs at the end of Junewas as follows: East 1,794 (1,768), Finland 857 (869), Scandinavia 774 (788), Central Eastern Europe 485 (512). Moreover, the Group operations employed a total of 36 (31) employees. Changes in Group Management Hannamari Kuosa, Group Vice President, Strategy Development, was appointed Group Vice President, Human Resources, as of September 1, 2010. Hannamari Kuosa's current strategy development responsibilities will be transferred to Markku Immonen, Group Vice President with responsibility for Tikkurila's Business Development. At the same time, the Group Strategy Development and Business Development functions were combined. Jukka Havia, CFO of the Tikkurila Group, bears responsibility for the Corporate Office functions of the Tikkurila Group as of July 1, 2010. The Corporate Office includes Communications and IR, Finance and Accounting, Human Resources, Information Technology and Legal Matters. The Group Vice Presidents of each of these functions report to Jukka Havia. Jukka Havia reports to Erkki Järvinen, President and CEO of Tikkurila. Legal Proceedings On May 25, 2010 the Polish Office of Competition and Consumer Protection set a fine of approximately PLN 9.3 million (equivalent to approximately EUR 2.2 million) on Tikkurila Oyj's Polish subsidiary Tikkurila Polska S.A. for breach of competition law. The court decision was related to a case concerning regulation of retail prices in Poland in 2000−2006, and the legal proceedings commenced in 2007. Based on this ruling a non-recurring expense of EUR 0.8 million was recognized in the second quarter results. Tikkurila has appealed against the decision. During the second quarter of 2010, based on the Russian court ruling, a Russian subsidiary of Tikkurila Group received an insurance payment of about EUR 1.5 million, related to an accident of fire in 2006. The insurance payment was reported as a non-recurring income in its entirety for the second quarter result. The Group's Russian subsidiary OOO Tikkurila is currently engaged in a dispute against the Russian company OOO Decolor in relation to "Finncolor" trademark. On June 9, 2010 the Arbitration Court of St. Petersburg confirmed Tikkurila's property right to the "Finncolor" trademark. OOO Decolor has appealed against the decision. On June 29, 2010, Tikkurila Coatings (Ireland) Ltd. and Permafix Construction Solution Ltd. reached a settlement, which has insignificant financial impact, on a legal dispute which was started in 2004. Shares and Shareholders Trading of Tikkurila Oyj's shares began on NASDAQ OMX Helsinki Ltd on March 26, 2010, and Tikkurila was separated from Kemira Oyj. At the end of June, Tikkurila's share capital was EUR 35.0 million, from a total of 44,108,252 registered shares. At the end of June 2010, Tikkurila held no treasury shares. According to Euroclear Finland Oy's register, Tikkurila had a total of 28,530 shareholders on June 30, 2010. A list of the largest shareholders is updated regularly on Tikkurila's website at www.tikkurilagroup.com. At the end of June, the closing price for the Tikkurila share was EUR 15.40. The volume-weighted average share price for the review period (for the trading period Mar 26-Jun 30) was EUR 15.68, the highest price being EUR 16.95, and the lowest EUR 14.17. At the end of June, the market value of Tikkurila's shares, valued at the closing price, was EUR 679.3 million. During January−June 2010 (Mar 26-Jun 30), a total of close to 8.1 million Tikkurila shares, which is about 18.3 percent of the registered amount of shares, were traded on NASDAQ OMX Helsinki Ltd, and the value of the traded volume was EUR 126.6 million. Tikkurila's Extraordinary General Meeting ("EGM"), held on March 4, 2010, authorized the Tikkurila Board of Directors of to decide on the repurchase of a maximum of 4,410,825 treasury shares ("Repurchase authorization"). Based on this authorization, the Tikkurila Board of Directors decided on its meeting held on April 28, 2010, to acquire own shares and to grant those shares in order to effect the payment of Board members' fees. The annual fee of the Board is paid as a combination of the Company's shares and cash in such a manner that 40 percent of the annual fee is paid with the Company's shares purchased from the market, and 60 percent is paid in cash. Based on these decisions, the Company purchased 4,639 of its own shares from the market on May 10, 2010. The average price of the purchased shares was EUR 15.52 per share, and the total cost was EUR 71,983.77. The shares were transferred to the members of the Board by May 19, 2010. Events after the Reporting Period In August 10, 2010, the Board of Directors resolved to establish a Nomination Committee, which will prepare the nomination and remuneration proposals to the Annual General Meeting. The Nomination Committee shall consist of five members being the representatives of the four largest shareholders of Tikkurila Oyj as of August 31, 2010 and the Chairman of the Board of Directors of Tikkurila Oyj who is acting as an expert member. The expert member shall not have the right to participate in the decision making. Short-term Business Risks and Uncertainties In addition to the risk factors highlighted earlier in the interim report published at the end of April for the first quarter of 2010, the Company sees the following developments and uncertainties potentially affecting the Group and the markets in which it operates: The availability of some key raw materials used for paint production has become more difficult and there are pressures to increase the raw material prices. Therefore, the short-term risks have increased, and could have a major adverse effect on the Group's financial performance, if and when customer demand cannot be fully met, or if additional resources have to be spent on finding alternative raw materials to replace those in tight demand, or if the average unit cost of the raw materials would increase because of changes in the supply-demand equilibrium. Moreover, as there are changes in regulatory environment, for example due to the REACH regulation, the Group may have to restructure its product portfolio. Competitive positions can change rapidly in the paint industry, and since there has been some recent corporate activity in the paint industry in Scandinavia, the relative competitiveness of the Group can change even due to the actions of other players in the industry. Outlook for 2010 The most significant part of Tikkurila's revenue and operating profit is accrued during the second and the third quarter of the year. A great majority of the revenue improvement for the second quarter was due to exchange rate changes. The operating profit increased mainly due to a lower variable costs share of the revenue than in the previous year. In addition, volume growth and exchange rate changes contributed to the result improvement. The markets of Tikkurila's operating area seem to be recovering slowly from the recession. Consumer confidence has strengthened, although the employment situation remains relatively weak. In addition, the new construction production activity is picking up. Despite the good start of the year there are no visible signs of a strong recovery. Furthermore, the poor availability of raw materials and possible price increases may hamper Tikkurila's profitability towards the year-end. Tikkurila upgrades its outlook for the full year 2010 due to the good start of the year. Tikkurila's revenue and operating profit (EBIT) excluding non-recurring items are expected to exceed the corresponding 2009 level. The revenue and operating profit estimates do not take into consideration possible effects from exchange rate fluctuations, which may have a significant impact on the revenue development, in particular. Previous outlook for 2010: In 2010, Tikkurila's revenue and operating profit (EBIT) excluding non-recurring items are expected to remain at the same level as in 2009. The revenue and operating profit estimates do not take into consideration possible effects from exchange rate fluctuations. Vantaa, August 10, 2010 TIKKURILA OYJ BOARD OF DIRECTORS Summary Financial Statements and Notes The financial information presented in this interim report is prepared in accordance with IAS 34 standard. Tikkurila applies the same accounting principles as applied in the 2009 financial statements. The figures presented in the tables have been rounded to one decimal, which shall be taken into account when analyzing the numbers. The interim report information is unaudited except for the full year 2009 data. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME EUR '000 4-6/2010 4-6/2009 1-6/2010 1-6/2009 1-12/2009 Revenue 182,451 162,419 301,848 273,649 530,166 Other operating income 1,868 411 2,271 692 1,451 Expenses -150,102 -136,063 -257,437 -239,068 -465,122 Depreciation, amortization and impairment losses -5,153 -4,684 -10,117 -9,167 -18,780 -------------------------------------------------------------------------------- Operating profit 29,064 22,083 36,565 26,106 47,715 Total financing income and expenses -1,149 -3,340 -2,755 -7,132 -12,048 Share of profit or loss of associates 5 25 20 73 75 -------------------------------------------------------------------------------- Profit before tax 27,921 18,768 33,830 19,047 35,742 Income tax -7,429 -4,797 -9,692 -5,643 -7,952 -------------------------------------------------------------------------------- Net profit for the period 20,492 13,971 24,138 13,404 27,790 Other comprehensive income Available-for-sale financial assets 0 0 1,168 0 0 Foreign currency translation differences for foreign operations 817 2,910 9,277 -5,343 -1,774 -------------------------------------------------------------------------------- Total comprehensive income for the period 21,309 16,881 34,583 8,061 26,016 Net profit attributable to: Owners of the parent 20,492 13,956 24,138 13,373 27,759 Minority interest 0 15 0 31 31 -------------------------------------------------------------------------------- Net profit for the period 20,492 13,971 24,138 13,404 27,790 Total comprehensive income attributable to: Owners of the parent 21,309 16,956 34,583 8,125 26,080 Minority interest 0 -75 0 -64 -64 -------------------------------------------------------------------------------- Total comprehensive income for the period 21,309 16,881 34,583 8,061 26,016 Earnings per share of the net profit attributable to owners of the parent -------------------------------------------------------------------------------- Basic earnings per share (EUR) 0.46 0.32 0.55 0.30 0.63 -------------------------------------------------------------------------------- Diluted earnings per share (EUR) 0.46 0.32 0.55 0.30 0.63 CONSOLIDATED STATEMENT OF FINANCIAL POSITION EUR '000 ASSETS Jun 30, 2010 Jun 30, 2009 Dec 31, 2009 Non-current assets Goodwill 69,119 68,144 68,261 Other intangible assets 34,593 34,419 33,713 Property, plant and equipment 118,173 115,914 114,857 Investment in associates 657 729 774 Available-for-sale financial assets 2,686 908 929 Non-current receivables 6,315 4,054 5,860 Defined benefit pension assets 267 800 439 Deferred tax assets 2,970 2,037 2,368 -------------------------------------------------------------------------------- Total non-current assets 234,780 227,005 227,201 -------------------------------------------------------------------------------- Current assets Inventories 86,079 75,037 73,499 Interest-bearing receivables 189 1,005 288 Non-interest-bearing receivables 168,316 149,237 77,578 Cash and cash equivalents 32,615 26,833 24,543 -------------------------------------------------------------------------------- Total current assets 287,199 252,112 175,908 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Total assets 521,979 479,117 403,109 EQUITY AND LIABILITIES Jun 30, 2010 Jun 30, 2009 Dec 31, 2009 Share capital 35,000 35,000 35,000 Other reserves 1,527 359 359 Reserve for invested unrestricted equity 40,000 0 40,000 Translation differences -11,154 -24,000 -20,431 Retained earnings 113,073 83,008 88,935 -------------------------------------------------------------------------------- Equity attributable to owners of the parent 178,446 94,367 143,863 -------------------------------------------------------------------------------- Minority interest 0 0 0 -------------------------------------------------------------------------------- Total equity 178,446 94,367 143,863 -------------------------------------------------------------------------------- Non-current liabilities Interest-bearing non-current liabilities 139,024 172,842 115,085 Pension obligations 15,659 13,691 14,567 Provisions 408 359 411 Deferred tax liabilities 10,539 9,052 9,607 -------------------------------------------------------------------------------- Total non-current liabilities 165,630 195,944 139,670 -------------------------------------------------------------------------------- Current liabilities Interest-bearing current liabilities 48,860 76,342 38,996 Non-interest-bearing current liabilities 128,812 110,492 80,181 Provisions 231 1,972 399 -------------------------------------------------------------------------------- Total current liabilities 177,903 188,806 119,576 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Total equity and liabilities 521,979 479,117 403,109 CONSOLIDATED FINANCIAL STATEMENT OF CASH FLOWS EUR '000 4-6/2010 4-6/2009 1-6/2010 1-6/2009 1-12/2009 CASH FLOW FROM OPERATING ACTIVITIES Net profit for the period 20,492 13,971 24,138 13,404 27,790 Adjustments for: Non-cash transactions 5,367 6,337 10,810 10,399 20,146 Interest and other financing expenses 2,421 3,602 4,475 7,762 12,925 Interest income -156 -150 -385 -396 -865 Income tax 7,430 4,797 9,692 5,643 7,952 -------------------------------------------------------------------------------- Funds from operations before change in net working capital 35,554 28,557 48,730 36,812 67,948 -------------------------------------------------------------------------------- Change in net working capital -24,318 -6,163 -60,664 -37,507 11,590 Interest paid -4,230 -5,783 -4,756 -8,201 -14,603 Interest received 156 150 385 396 865 Income tax paid 466 -1,800 -4,280 -1,817 -3,346 -------------------------------------------------------------------------------- Total cash flow from operations 7,628 14,961 -20,585 -10,317 62,454 -------------------------------------------------------------------------------- CASH FLOW FROM INVESTING ACTIVITIES Acquisitions of subsidiaries, net of cash acquired 0 -2,502 0 -3,664 -3,708 Other capital expenditure -2,813 -4,081 -4,936 -8,255 -13,483 Proceeds from sale of assets 119 36 309 73 418 Change in non-current loan receivables decrease (+), increase (-) 36 -2,188 30 -530 -413 Dividends received 62 61 62 61 61 -------------------------------------------------------------------------------- Net cash used in investing activities -2,596 -8,674 -4,535 -12,315 -17,125 -------------------------------------------------------------------------------- Cash flow before financing 5,032 6,287 -25,120 -22,632 45,329 -------------------------------------------------------------------------------- CASH FLOW FROM FINANCING ACTIVITIES Change in non-current borrowings, increase (+), decrease (-) 58 -345 24,478 -445 -18,904 Current financing, increase (+), decrease (-) 10,332 11,247 9,759 38,125 1,489 Profit distribution 0 -18,357 0 -18,357 -33,975 Other -1,356 1,838 -281 -305 -1,623 -------------------------------------------------------------------------------- Net cash used in financing activities 9,034 -5,617 33,956 19,018 -53,013 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Net change in cash and cash equivalents 14,066 670 8,836 -3,614 -7,684 Cash and cash equivalents at the beginning of period 18,847 25,835 24,201 30,851 30,851 Effect of exchange rate fluctuations on cash held 298 -4 422 728 -1,034 Cash and cash equivalents in the end of period 32,615 26,509 32,615 26,509 24,201 -------------------------------------------------------------------------------- Net change in cash and cash equivalents 14,066 670 8,836 -3,614 -7,684 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY EUR '000 Minor- Total Equity attributable to the owners of the parent ity equity inter- est -------------------------------------------------------------------- Share Other Reserve Trans- Re- Total capital re- for lation tained serves invested differ- earn- unre- ences ings stricted equity -------------------------------------------------------------------------------- Equity at Jan 1, 2009 35,000 359 0 -18,752 69,986 86,593 144 86,737 -------------------------------------------------------------------------------- Total compre- hensive income for the period 0 0 0 -5,248 13,373 8,125 -64 8,061 Changes arising from business arrange- ments 0 0 0 0 -351 -351 -80 -431 -------------------------------------------------------------------------------- Equity at Jun 30, 2009 35,000 359 0 -24,000 83,008 94,367 0 94,367 -------------------------------------------------------------------------------- Equity at Jan 1, 2010 35,000 359 40,000 -20,431 88,935 143,863 0 143,863 -------------------------------------------------------------------------------- Total compre- hensive income for the period 0 1,168 0 9,277 24,138 34,583 0 34,583 Profit distribution 0 0 0 0 0 0 0 0 -------------------------------------------------------------------------------- Equity at Jun 30, 2010 35,000 1,527 40,000 -11,154 113,073 178,446 0 178,446 Based on the decision of the Annual General Meeting of Tikkurila Oyj on February 8, 2010 and Extraordinary General Meeting on March 4, 2010, Tikkurila Oyj has repurchased 4,639 Tikkurila Oyj shares on May 10, 2010, and transferred 4,639 shares to the members of the Board of Directors as part of the remuneration of the Board. After the transfer on May 19, 2010, the Company holds no treasury shares. NEW IFRS STANDARDS The Group has adopted the following standards, interpretations and their amendments as of January 1, 2010. * Revised IFRS 3 Business Combinations (effective for financial years beginning on or after July 1, 2009). The amendments made to the standard are substantial. * Amended IAS 27 Consolidated and Separate Financial Statements (effective for financial years beginning on or after July 1, 2009). The amendments affect the accounting treatment of acquisitions and sales achieved in stages. * Amendments to IAS 39 Financial Instruments: Recognition and Measurement - Eligible Hedged Items (effective for financial years beginning on or after July 1, 2009). * IFRIC 17 Distributions of Non-cash Assets to Owners (effective for financial years beginning on or after July 1, 2009). * IFRIC 18 Transfers of Assets from Customers (effective on financial years beginning on or after July 1, 2009). * Improvements to IFRSs (April 2009, effective mainly on financial years beginning on or after January 1, 2010). * Amendments to IFRS 2 Share-based Payment - Group Cash-settled Share-based Payment Transactions (effective on financial years beginning on or after January 1, 2010). The Group's view is that the adoption of the standards and interpretations above did not have any significant effect on the financial statements of the reporting period. The adoption of the amendments would cause changes to Tikkurila Group financial statements 2010 if new subsidiaries would be acquired (IFRS 3) or if share-based payments would be taken into use (IFRS 2). OPERATING SEGMENTS Tikkurila's business activities are organized in four reportable segments as per its strategy to be a long-standing operator in Europe and its neighboring areas. The differences in these operating environments and overall management of each area have been taken into account while establishing these reporting segments. Segments' revenue arises from the sales of various paints and related products that are sold to retailers, industrial customers and for professional use. Insignificant revenue is received from the sales of auxiliary services related to paints. Tikkurila common section includes the items related to the Group headquarters. The evaluation of profitability and decision making concerning resource allocation are based on segmental operating profit. Reportable segment assets are items of the statement of financial position that the segment employs in its business activities or which can reasonably be allocated to a segment. Segments' revenue is presented based on the location of the customers, whereas reportable segment assets are presented according to the location of the assets. Inter-segment pricing is based on market prices. External revenue accumulates from a large number of customers. Revenue by segment 4-6/2010 4-6/2009 1-6/2010 1-6/2009 1-12/2009 EUR '000 SBU East 64,322 53,960 92,734 79,634 167,109 SBU Finland 34,488 33,392 63,715 62,573 106,809 SBU Scandinavia 53,629 45,966 93,499 82,223 157,774 SBU Central Eastern Europe 30,012 29,101 51,900 49,218 98,474 -------------------------------------------------------------------------------- Total 182,451 162,419 301,848 273,649 530,166 EBIT by segment 4-6/2010 4-6/2009 1-6/2010 1-6/2009 1-12/2009 EUR '000 SBU East 12,681 8,252 12,631 7,986 17,748 SBU Finland 7,870 5,182 12,700 8,325 12,205 SBU Scandinavia 8,279 6,333 11,223 8,346 15,722 SBU Central Eastern Europe 1,472 3,175 1,766 2,863 5,045 Tikkurila common -1,248 -612 -1,765 -1,148 -2,235 Eliminations 11 -247 11 -266 -770 -------------------------------------------------------------------------------- Total 29,064 22,083 36,565 26,106 47,715 Non-allocated items: Total financing income and expenses -1,149 -3,340 -2,755 -7,132 -12,048 Share of profit or loss of associates 5 25 20 73 75 -------------------------------------------------------------------------------- Profit before tax 27,921 18,768 33,830 19,047 35,742 Assets by segment Jun 30, 2010 Jun 30, 2009 Dec 31, 2009 EUR '000 SBU East 143,886 125,084 108,702 SBU Finland 124,962 108,403 79,212 SBU Scandinavia 175,048 162,890 139,900 SBU Central Eastern Europe 84,120 84,299 77,486 Assets, non-allocated to segments 64,566 0 0 Eliminations -70,604 -1,559 -2,191 -------------------------------------------------------------------------------- Total reportable segments assets 521,979 479,117 403,109 CHANGES IN PROPERTY, PLANT AND EQUIPMENT 1-6/2010 1-6/2009 1-12/2009 EUR '000 Carrying amount at the beginning of period 114,857 118,249 118,249 Acquisition of subsidiaries 0 0 91 Other additions 4,242 7,889 12,006 Other reductions - 149 - 86 - 461 Depreciation, amortization and impairment losses -7,572 -6,899 -14,368 Exchange rate differences and other changes 6,795 -3,239 - 660 ---------------------------------------------------------------------------- Carrying amount at the end of period 118,173 115,914 114,857 CHANGES IN INTANGIBLE ASSETS 1-6/2010 1-6/2009 1-12/2009 EUR '000 Carrying amount at the beginning of period 101,974 103,378 103,378 Acquisition of subsidiaries -20 2,409 2,402 Other additions 706 413 1,569 Other reductions -125 0 -5 Depreciation, amortization and impairment losses -2,545 -2,267 -4,614 Exchange rate differences and other changes 3,722 -1,370 -756 ---------------------------------------------------------------------------- Carrying amount at the end of period 103,712 102,563 101,974 INVENTORIES Write-down of EUR 1.0 (1.2) million was recognized in relation to the inventory on June 30, 2010. RELATED PARTY TRANSACTIONS Transactions with related parties have not changed materially after quarterly closing on March 31, 2010. MORTGAGES AND CONTINGENT LIABILITIES Jun 30, 2010 Jun 30, 2009 Dec 31, 2009 EUR '000 Mortgages given as collateral for liabilities in the statement of financial position Loans from pension institutions, loans from the parent company 40,000 0 0 Mortgages given, on behalf of the parent company 53,000 34,000 0 Other loans 100 100 100 Mortgages given 102 102 102 -------------------------------------------------------------------------------- Total loans 40,100 100 100 -------------------------------------------------------------------------------- Total mortgages given 53,102 34,102 102 Contingent liabilities Assets pledged On behalf of own commitments 33 36 32 Guarantees On behalf of own commitments 1,958 1,754 2,123 On behalf of group companies' commitments 20,493 0 0 On behalf of others 2,427 3,724 2,483 Other obligations On behalf of own commitments 3 2 2 -------------------------------------------------------------------------------- Total contingent liabilities 24,914 5,516 4,640 EVENTS AFTER THE END OF REPORTING PERIOD In August 10, 2010, the Board of Directors resolved to establish a Nomination Committee, which will prepare the nomination and remuneration proposals to the Annual General Meeting. The Nomination Committee shall consist of five members being the representatives of the four largest shareholders of Tikkurila Oyj as of August 31, 2010 and the Chairman of the Board of Directors of Tikkurila Oyj who is acting as an expert member. The expert member shall not have the right to participate in the decision making. KEY PERFORMANCE INDICATORS 4-6/2010/ 4-6/2009/ 1-6/2010/ 1-6/2009/ 1-12/2009/ Jun Jun Jun Jun 30, 2010 30, 2009 30, 2010 30, 2009 Dec 31, 2009 Earnings per share / basic and diluted, EUR 0.46 0.32 0.55 0.30 0.63 Cash flow from operations, EUR '000 7,628 14,961 -20,585 -10,317 62,454 Cash flow from operations / per share, EUR 0.17 0.34 -0.47 -0.23 1.42 Capital expenditure, EUR '000 2,813 6,583 4,936 11,919 17,191 of revenue % 1.5% 4.1% 1.6,% 4.4% 3.2% Shares (1,000), average 44,108 44,108 44,108 44,108 44,108 Shares (1,000), at the end of the reporting period 44,108 44,108 44,108 44,108 44,108 Equity attributable to the owners of the parent / per share, EUR 4.05 2.14 4.05 2.14 3.26 Equity ratio, % 34.2% 19.7% 34.2% 19.7% 35.7% Gearing, % 87.0% 235.6% 87.0% 235.6% 90.0% Interest-bearing financial liabilities (net), EUR '000 155,269 222,351 155,269 222,351 129,538 Return on capital employed (ROCE), % p.a. 18.5% 14.2% 18.5% 14.2% 17.7% Personnel (average) 3,826 3,891 3,715 3,832 3,757 DEFINITIONS OF KEY FIGURES Earnings per share (EPS) Net profit of the period attributable to the owners of the parent -------------------------------------------------------------------------------- Shares on average Equity per share Equity attributable to the owners of the parent at the end of the reporting period -------------------------------------------------------------------------------- Number of shares at the end of the reporting period Cash flow from operations / per share Cash flow from operations -------------------------------------------------------------------------------- Shares on average Equity ratio, % Total equity x 100 -------------------------------------------------------------------------------- Total assets - advances received Gearing, % Net interest-bearing financial liabilities x 100 -------------------------------------------------------------------------------- Total equity Interest-bearing financial liabilities (net) Interest-bearing net liabilities - money market investments - cash and cash equivalents Return on capital employed (ROCE), % p.a. ** Operating profit + share of profit or loss of associates x 100 -------------------------------------------------------------------------------- (Net working capital + property, plant and equipment ready for use + investments in associates)* * average during the period ** actual operating profit and share of profit or loss of associates taken into account for a rolling twelve month period ending at the end of the review period PREVIOUS YEAR SEGMENT INFORMATION BY QUARTER Revenue by segment 1-3/2009 4-6/2009 7-9/2009 10-12/2009 1-3/2010 4-6/2010 EUR '000 SBU East 25,675 53,960 55,691 31,784 28,412 64,322 SBU Finland 29,181 33,392 28,270 15,966 29,228 34,488 SBU Scandinavia 36,258 45,966 44,638 30,912 39,870 53,629 SBU Central Eastern Europe 20,116 29,101 29,484 19,772 21,887 30,012 -------------------------------------------------------------------------------- Total 111,230 162,419 158,083 98,434 119,397 182,451 EBIT by segment 1-3/2009 4-6/2009 7-9/2009 10-12/2009 1-3/2009 4-6/2010 EUR '000 SBU East -266 8,252 9,482 280 -51 12,681 SBU Finland 3,143 5,182 5,940 -2,060 4,830 7,870 SBU Scandinavia 2,013 6,333 8,009 -633 2,944 8,279 SBU Central Eastern Europe -312 3,175 3,383 -1,201 294 1,472 Tikkurila common -536 -612 -528 -559 -516 -1,248 Eliminations -19 -247 -41 -463 0 11 -------------------------------------------------------------------------------- Total 4,023 22,083 26,245 -4,636 7,501 29,064 Non-allocated items: Total financing income and expenses -3 792 -3 340 -3 142 -1 774 -1 606 -1 149 Share of profit or loss of associates 48 25 1 1 15 5 -------------------------------------------------------------------------------- Profit before tax 279 18,768 23,104 -6,409 5,909 27,921 Assets by Mar Jun Sep Dec Mar Jun segment 31, 2009 30, 2009 30, 2009 31, 2009 31, 2010 30, 2010 EUR '000 SBU East 106,168 125,084 119,477 108,702 123,350 143,886 SBU Finland 101,043 108,403 95,898 79,212 102,898 124,962 SBU Scandinavia 159,168 162,890 150,060 139,900 155,784 175,048 SBU Central Eastern Europe 78,786 84,299 86,898 77,486 86,045 84,120 Assets, non-allocated to segments 0 0 0 0 57,845 64,566 Eliminations -1,182 -1,559 -2,323 -2,191 -69,870 -70,604 -------------------------------------------------------------------------------- Total reportable segments assets 443,983 479,117 450,010 403,109 456,052 521,979 [HUG#1436943]
Tikkurila Oyj's Interim Report January−June 2010 - Result improved, exchange rates boosted revenue growth
| Source: Tikkurila Oyj