HONKARAKENNE OYJ INTERIM REPORT 8 May 2014 at 5:30 p.m.
HONKARAKENNE OYJ’S INTERIM REPORT, 1 JANUARY – 31 MARCH 2014
SUMMARY
Net sales in the first quarter grew by 21% on the previous year. The Group's operating result increased by 12% in comparison to the previous year. The economic situation affected profitability negatively. Net sales in Russia and CIS have developed as expected in spite of the situation in Ukraine.
January–March 2014
- The Honkarakenne Group's net sales for the first quarter amounted to MEUR 8.9 (MEUR 7.3 in 2013). Net sales rose by 21% on the previous year.
- The operating result was MEUR -1.3 (MEUR -1.5).
- The loss before taxes was MEUR -1.3 (MEUR -1.3).
- Earnings per share amounted to EUR -0.21 (EUR -0.21).
| AVAINLUVUT |
1-3/ 2014 |
1-3/ 2013 |
1-12/ 2013 |
change % |
| Net sales, MEUR | 8,9 | 7,3 | 48,3 | 21 |
| Operating profit/loss, MEUR | -1,3 | -1,5 | -1,7 | |
| Operating profit before non-recurring items, MEUR | -1,3 | -1,5 | -1,1 | |
| Profit/loss before taxes, MEUR | -1,3 | -1,3 | -1,7 | |
| Average number of personnel | 173 | 245 | 213 | |
| Personnel in person-years, average | 160 | 175 | 185 | |
| Earnings/share (EPS), EUR | -0,21 | -0,21 | -0,32 | |
| Equity ratio, % | 37 | 45 | 38 | |
| Return on equity, % | -10 | -8 | -13 | |
| Shareholders' equity/share, EUR | 2,00 | 2,46 | 2,20 | |
| Gearing, % | 88 | 42 | 57 |
Mikko Kilpeläinen, President and CEO of Honkarakenne Oyj, in connection with the interim report:
“The Group's net sales growth was 21% on the previous year. Net sales increased in all markets. The result for the first quarter of 2014 was in the red due to seasonal variations in our business.
In R&D we finalised Honka model collection of ready-to-move-in detached houses for Finnish market and the model collection sales started right at the beginning of the second quarter. The Länsituuli (West Wind) model from the latter model collection was voted as Finland's best detached house in a competition on the rakentaja.fi website. The ready-to-move-in concept is built in such a way that the purchase is as easy as possible.
The net sales grew in Russia and CIS during the first quarter. I am happy to say that the order book for Russia and CIS is up on the previous year in spite of crisis in Ukraine.
Honkarakenne launched sales in China and received first orders during the first quarter. We believe there will be demand for Finnish high-quality, solid timber houses. Wellbeing and a healthy and ecological living environment are global megatrends. Out product range meets these requirements very well.
Production was centralized in Karstula last year. Centralization and modernization investments of approximately four million made in Karstula affected gearing ratio. Investments and organizational changes will improve our competitiveness in future.”
NET SALES
The Honkarakenne Group’s net sales for the first quarter of 2014 rose by 21 per cent to MEUR 8.9 (MEUR 7.3).
Geographical distribution of net sales:
| DEVELOPMENT OF SALES | ||||
|
Distribution of net sales, % |
1-3/2014 | 1-3/2013 | ||
| Finland & Baltics | 49 % | 53 % | ||
| Russia & CIS | 27 % | 26 % | ||
| Global Markets | 24 % | 21 % | ||
| Total | 100 % | 100 % | ||
| Net sales, MEUR | 1-3/2014 | 1-3/2013 | change % | 1-12/2013 |
| Finland & Baltics | 4,4 | 3,9 | 12 % | 20,3 |
| Russia & CIS | 2,4 | 1,9 | 22 % | 12,8 |
| Global Markets | 2,1 | 1,5 | 40 % | 15,2 |
| Total | 8,9 | 7,3 | 21 % | 48,3 |
Finland & Baltics includes the following countries: Finland, Estonia, Latvia and Lithuania. It includes also Process waste sales for recycling which was reported separately before.
Russia & CIS includes the following countries: Russia, Azerbaijan, Kazakhstan, Ukraine and other CIS countries.
Global Markets includes other countries than above-mentioned.
The Group’s order book stood at MEUR 18.7 at the end of December. In the previous year at the same time period it was MEUR 18.9.
TRENDS IN PROFIT AND PROFITABILITY
The operating loss for the January–March period was MEUR -1.3 (MEUR -1.5) and the result before taxes was MEUR -1.3 (MEUR -1.3).
The main factors affecting the operating result were a favourable rise in net sales and unfavourable price competition in the Finnish market.
FINANCING AND INVESTMENTS
The financial position of the Group remained satisfactory during the report period. The equity ratio stood at 37 % (45 %) and net financial liabilities at MEUR 8.7 (MEUR 5.1). MEUR 3.1 (MEUR 2.1) of the financial liabilities carry a 30 % equity ratio covenant term. Group liquid assets totalled MEUR 1.4 (MEUR 1.6). The Group also has a MEUR 8.0 (MEUR 8.0) bank overdraft facility, MEUR 4.6 of which had been drawn on at the end of the report period (MEUR 1.5). Gearing stood at 88 % (42%).
The Group’s capital expenditure totalled MEUR 0.2 (MEUR 0.1). With regard to production, we have been focusing on the introduction and launch of production investments during late 2013 and early 2014. Production efficiency is expected to improve during late 2014.
MARKET DEVELOPMENT
On the basis of a report commissioned by RTS Oy, Finnish log house production is expected to grow by 4% this year. This figure includes production for both Finland and overseas export. The construction industry expects that the construction of 7,500 detached homes will be begun this year, which is the lowest number in almost twenty years.
PRODUCTS AND MARKETING
In the Finland & Baltics market area, price competition continued to be tough due to the difficult market situation. A new holiday home model collection and a new detached house model collection were both launched during the first quarter. The Länsituuli (West Wind) model from the latter model collection was voted as Finland's best detached house in a competition on the rakentaja.fi website.
In the Russia & CIS market area, favourable trends were seen in area development projects in particular. The situation in Ukraine has not impacted Honkarakenne's operations in Russia. The order book for Russia has also been increasing on the previous year. Net sales in Ukraine will also be higher in 2014 than in 2013.
In the Global Markets market area, the focus has been on developing the Chinese market. Sales in China were launched in February. The first deal for a few houses was already signed during the first quarter, and the houses will be delivered to China later this year. In Japan there were good trends seen in sales.
RESEARCH AND DEVELOPMENT
R&D focused on creating new solutions for the Finnish detached house market. One of these, a ready-to-move-in model collection, was launched right at the beginning of the second quarter. The special features of the Chinese market were another focal point for development.
In the January–March period, the Group's R&D expenditure totalled MEUR 0.1 (MEUR 0.1), representing 1.1 % of net sales (1.2 %). The Group did not capitalise any development expenditure during the report period.
STAFF
During the first quarter, the Group employed a total of 160 (175) people on average in terms of person-years. The Group had an average of 173 (245) employees during the first quarter, representing a year-on-year decrease of 72.
On the basis of the co-operation negotiations that ended in December 2013, the company has the authorisation to implement temporary lay-offs of a maximum of 90 days affecting all of its personnel in Finland until the end September 2014.
LONG-TERM INCENTIVE PLAN
In the second quarter of 2013, the Board of Directors decided on a long-term share-based incentive plan for members of the Executive Group. The performance period of the new plan began on 1 January 2013 and will end on 31 December 2016. The potential reward for the performance period is based on the cumulative earnings per share (EPS) for 2013 - 2016 and on the average return on capital employed (ROCE) for 2013 - 2016. Any rewards for the performance period 2013 - 2016 will be paid partly as B shares and partly in cash in 2017. The rewards to be paid on the basis of the performance period will correspond to a total maximum of about 340,000 B shares, including the amount to be paid in cash.
During report period the amount of allocated shares was 5,315. These allocated shares are recognized as follows: 16 thousand euros employee benefit expenses, 2 thousand euros deduction in taxes and increase in deferred tax assets and 8 thousand euros in retained earnings.
HONKARAKENNE OYJ’S 2014 ANNUAL GENERAL MEETING, BOARD OF DIRECTORS, AND AUDITORS
The Annual General Meeting of Honkarakenne Oyj was held at the company’s headquarters in Tuusula on 4 April 2014. The AGM approved the parent company's and the consolidated Financial Statements, and discharged the members of the Board of Directors and the CEO from liability for 2013. The AGM decided not to pay a dividend for the 2013 financial year.
Teijo Pankko and Mauri Saarelainen were re-elected to the Board of Directors. Arto Tiitinen, Anita Saarelainen and Hannu Krook were elected to the Board as new members. At the Board's constituent meeting, Arto Tiitinen was elected Chairman of the Board. Mauri Saarelainen was elected as Deputy Chairman. The Board of Directors decided not to elect any committees from among its members.
PricewaterhouseCoopers Oy, member of the Finnish Institute of Authorised Public Accountants, was re-appointed as auditor of the company, with Maria Grönroos, APA, as chief auditor.
HONKARAKENNE OYJ's DIRECTED ISSUE, OWN SHARES AND BOARD AUTHORISATIONS
On the basis of an authorisation to issue shares granted to the Board of Directors at the Annual General Meeting of 5 April 2013, the Board decided (on 10 January 2014) to arrange a directed issue to Honkarakenne employees. The Board approved a total of 42,451 subscriptions for new Series B shares through the directed issue. The Series B shares subscribed for through the directed issue represent about 0.9 per cent of the total number of Series B shares and the voting rights conferred by them. 62 company employees subscribed for shares through the directed issue. Shares were offered to a total of 146 employees. The total number of Series B shares increased to 4,911,323 shares after the new shares were registered in the Trade Register.
Honkarakenne has not acquired its own shares during the report period. At the end of the report period, the Group held 364,385 of its Honkarakenne B shares with a total purchase price of EUR 1,381,750.23. These shares represent 6.99 % of the company's all shares and 3.34 % of all votes. The purchase cost has been deducted from shareholders' equity in the consolidated financial statements.
On 4 April 2014, the AGM decided that the Board of Directors will be authorised to acquire a maximum of 400,000 of the company’s own B shares with assets included in the company’s unrestricted equity. In addition, the AGM authorised the Board to decide on a rights issue or bonus issue and on granting special rights to shares referred to in Section 1 of Chapter 10 of the Limited Liability Companies Act in one or more instalments. By virtue of the authorisation, the Board may issue a maximum total of 400,000 new shares and/or relinquish old B shares held by the company, including those shares that can be issued by virtue of special rights. Both authorisations will be valid until 25 March 2015.
CORPORATE GOVERNANCE
Honkarakenne Oyj follows the Limited Liability Companies Act and the Finnish Corporate Governance Code, 1 October 2010, for listed companies issued by the Finnish Securities Market Association. The company's website, www.honka.com, provides more information on the corporate governance systems.
OUTLOOK
The market situation remains uncertain. The Finnish market is being impacted by a general fall in construction in both the detached house and holiday home sectors. The situation in Ukraine and its associated sanctions are causing uncertainty in the Russian market.
At the end of March, the Group’s order book stood at MEUR 18.7, down 1% on the corresponding period of the previous year, when it stood at MEUR 18.9. The order book refers to orders whose delivery date falls within the next 24 months. Some orders may include terms and conditions relating to financing or building permits.
FORTHCOMING RISKS AND UNCERTAINTIES
Changes in the Russian market in particular may lead to amendments to the full-year outlook. However, sales have thus far been better than last year.
The Group has one concentration of credit risks in sales receivables, concerning the open sales receivables of one dealer. No provision for doubtful debt has been made for this. A payment plan has been made with this dealer. The payment plan is intended to be completed in 2014.
The assessment of amounts in the balance sheet is based on current assessment by the management. If these assessments are changed, this may result in changes to the Group's result.
REPORTING
This report contains statements that relate to the future, and these statements are based on hypotheses that the company's management hold currently as well as on the decisions and plans that are currently in place. Although the management believes that the hypotheses relating to the future are well-founded, there is no guarantee that the said hypotheses will prove to be correct.
This interim report release has been drafted in line with IFRS recognition and valuation principles. However, not all of the requirements of IAS 34 have been complied with in its drafting. The interim report should be read together with the 2013 financial statements. The figures have not been examined by the auditor.
THE OUTLOOK FOR 2014
In the first quarter the net sales grew in all market areas and Honkarakenne expects its full-year net sales to increase. Honkarakenne is revising its outlook concerning the full year result. Honkarakenne expects its result before non-recurring items and taxes to improve from the previous year. Changes in the situation in Ukraine may affect the outlook for year 2014.
Honkarakenne’s previous outlook was the following: the company expects its net sales to increase and its result before non-recurring items and taxes to be positive.
HONKARAKENNE OYJ
Board of Directors
Further information:
Mikko Kilpeläinen, President and CEO, tel. +358 50 542 5884, mikko.kilpelainen@honka.com
Mikko Jaskari, CFO, tel. +358 400 535 337, mikko.jaskari@honka.com
This and previous releases are available for viewing on the company’s website at www.honka.com. Interim Reports for 2014 will be published on 7 August 2014 and 30 October 2014.
DISTRIBUTION
NASDAQ OMX Helsinki
Key media
Financial Supervisory Authority
www.honka.com
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | |||
| unaudited |
1-3 /2014 |
1-3 /2013 |
1-12 /2013 |
| MEUR | |||
| Net sales | 8,9 | 7,3 | 48,3 |
| Other operating income | 0,1 | 0,2 | 0,4 |
| Change in inventories | -0,6 | 1,2 | 0,9 |
| Production for own use | 0,0 | 0,0 | 0,0 |
| Materials and services | -5,4 | -5,5 | -30,9 |
| Employee benefit expenses | -2,0 | -2,4 | -10,9 |
| Depreciations and amortisation | -0,5 | -0,6 | -2,3 |
| Impairment | -0,0 | -0,0 | -0,2 |
| Other operating expenses | -1,6 | -1,6 | -6,9 |
| Operating profit/loss | -1,3 | -1,5 | -1,7 |
| Financial income | 0,0 | 0,2 | 0,8 |
| Financial expenses | -0,1 | -0,0 | -0,7 |
| Share of associated companies' result | 0,0 | 0,0 | -0,0 |
| Profit/loss before taxes | -1,3 | -1,3 | -1,7 |
| Taxes | 0,3 | 0,3 | 0,1 |
| Profit/loss for the period | -1,0 | -1,0 | -1,5 |
| Other comprehensive income: | |||
| Translation differences | 0,0 | -0,1 | -0,4 |
|
Total comprehensive income for the period |
-1,0 | -1,1 | -2,0 |
| Result for the period attributable to: | |||
| Equity holders of the parent | -1,0 | -1,1 | -2,0 |
| Non-controlling interest | -0,0 | -0,0 | 0,0 |
| -1,0 | -1,1 | -2,0 | |
|
Calculated from the result for the period attributable to equity holders of parent Earnings/share (EPS), EUR |
|||
| Basic | -0,21 | -0,21 | -0,32 |
| Diluted | -0,21 | -0,21 | -0,32 |
Honkarakenne Oyj has two series of shares: A shares and B shares, which have different right to dividend. Profit distribution of 0.20 EUR per share will be paid first for B shares, then 0.20 EUR per share for A shares, followed by equal distribution of remaining profit distribution between all shares.
|
CONSOLIDATED BALANCE SHEET unaudited |
|||
| MEUR | |||
| 31.3.2014 | 31.3.2013 | 31.12.2013 | |
| Assets | |||
| Non-current assets | |||
| Property, plant and equipment | 15,6 | 14,0 | 15,9 |
| Goodwill | 0,1 | 0,1 | 0,1 |
| Other intangible assets | 0,5 | 0,6 | 0,5 |
| Investments in associated companies | 0,3 | 0,3 | 0,3 |
| Other investments | 0,0 | 0,1 | 0,0 |
| Receivables | 0,2 | 0,3 | 0,2 |
| Deferred tax assets | 1,8 | 1,4 | 1,5 |
| 18,5 | 16,8 | 18,4 | |
| Current assets | |||
| Inventories | 6,4 | 7,6 | 7,1 |
| Trade and other receivables | 5,7 | 7,4 | 5,2 |
| Cash and bank receivables | 1,4 | 1,6 | 3,2 |
| 13,6 | 16,6 | 15,6 | |
| Total assets | 32,1 | 33,4 | 34,0 |
| Shareholders' equity and liabilities | 31.3.2014 | 31.3.2013 | 31.12.2013 |
|
Equity attributable to equity holders of the parent company |
|||
| Share capital | 9,9 | 9,9 | 9,9 |
| Share premium account | 0,5 | 0,5 | 0,5 |
| Fund for invested unrestricted equity | 6,5 | 6,8 | 6,4 |
| Own shares | -1,4 | -1,4 | -1,4 |
| Translation differences | -0,2 | 0,1 | -0,2 |
| Retained earnings | -5,7 | -4,2 | -4,7 |
| 9,7 | 11,8 | 10,6 | |
| Non-controlling interests | 0,2 | 0,2 | 0,2 |
| Total equity | 9,9 | 12,0 | 10,8 |
| Non-current liabilities | |||
| Deferred tax liabilities | 0,0 | 0,0 | 0,1 |
| Provisions | 0,5 | 0,5 | 0,5 |
| Financial liabilities | 8,5 | 4,1 | 7,5 |
| Other liabilities | 0,0 | 0,0 | 0,0 |
| 9,0 | 4,7 | 8,1 | |
| Current liabilities | |||
| Trade and other payables | 10,9 | 13,2 | 12,3 |
| Current tax liabilities | 0,1 | 0,0 | 0,2 |
| Provisions | 0,5 | 0,9 | 0,9 |
| Current financial liabilities | 1,6 | 2,6 | 1,8 |
| 13,1 | 16,7 | 15,1 | |
| Total liabilities | 22,1 | 21,4 | 23,2 |
| Total equity and liabilities | 32,1 | 33,4 | 34,0 |
|
STATEMENT OF CHANGES IN EQUITY abridged unaudited |
|||||||||||
| EUR thousand | Equity attributable to equity holders of the parent | ||||||||||
| a) | b) | c) | d) | e) | f) | Total | g) | Total equity | |||
|
Total equity 1.1.2013 |
9898 | 520 | 6828 | 224 | -1382 | -3178 | 12909 | 209 | 13117 | ||
| Profit/loss for the period | -1002 | -1002 | 1 | -1001 | |||||||
| Translation difference | -96 | -96 | -96 | ||||||||
| Total equity 31.3.2013 | 9898 | 520 | 6828 | 128 | -1382 | -4180 | 11811 | 211 | 12022 | ||
| EUR thousand | Equity attributable to equity holders of the parent | ||||||||||
| a) | b) | c) | d) | e) | f) | Total | g) | Total equity | |
|
Total equity 1.1.2014 |
9898 | 520 | 6444 | -197 | -1382 | -4710 | 10573 | 211 | 10784 |
| Profit/loss for the period | -1011 | -1011 | 0 | -1011 | |||||
| Translation difference | 15 | 15 | 15 | ||||||
| Share issue | 90 | 90 | 90 | ||||||
| Management incentive plan | 8 | 8 | 8 | ||||||
| Total equity 31.3.2014 | 9898 | 520 | 6534 | -182 | -1382 | -5715 | 9674 | 211 | 9886 |
a) Share capital
b) Share premium account
c) Fund for invested unrestricted equity
d) Translation difference
e) Own shares
f) Retained earnings
g) Non-controlling interests
|
CONSOLIDATED STATEMENT OF CASH FLOWS abridged unaudite |
1.1.- 31.3.2014 |
1.1.- 31.3.2013 |
1.1.- 31.12.2013 |
| MEUR | |||
| Cash flow from operating activities | -1,8 | -3,5 | -1,2 |
| Cash flow from investing activities, net | -0,8 | -0,1 | -3,0 |
| Total cash flows from financing activities: | 0,8 | 0,4 | 2,6 |
| Share issue | 0,1 | ||
| Repayment of capital | -0,4 | ||
| Proceeds from borrowings | 3,0 | 1,6 | 5,6 |
| Repayment of borrowings | -2,2 | -1,1 | -2,4 |
| Other financial items | -0,1 | -0,1 | -0,2 |
| Change in cash and cash equivalents | -1,8 | -3,2 | -1,6 |
| Cash and cash equivalents at the beginning of period | 3,2 | 4,8 | 4,8 |
| Cash and cash equivalents at the close of period | 1,4 | 1,6 | 3,2 |
NOTES TO THE REPORT
Accounting policies
This interim report release has been drafted in line with IFRS recognition and valuation principles. However, not all of the requirements of IAS 34 have been complied with in its drafting. The interim report should be read together with the 2013 financial statements. The new revised standards or interpretations effective as of 1 January 2014 have no bearing on the figures presented for the report period. The figures have not been examined by the auditor.
Honka Management Oy, which is owned by the senior management of Honkarakenne Oyj and was established in 2010, is included in the consolidated financial statements due to the terms and conditions of the shareholder agreement concluded between it and Honkarakenne Oyj.
Honkarakenne has three geographical operating segments that have been combined into one segment for reporting purposes. Geographically, sales are divided as follows: Finland & Baltics, Russia & CIS and Global Markets. The internal reporting of the management is in line with IFRS reporting. For this reason, separate reconciliations are not presented.
| PROPERTY, PLANT AND EQUIPMENT | |
| Unaudited | Property, plant and equipment |
| MEUR | |
| Cost 1.1.2014 | 65,7 |
| Translation differences (+/-) | 0,0 |
| Increase | 0,8 |
| Disposals | -0,0 |
| Reclassifications | -0,6 |
| Cost 31.3.2014 | 65,8 |
| Accumulated depreciation 1.1.2014 | -49,8 |
| Translation differences (+/-) | -0,0 |
| Accumulated depreciation of disposals and reclassifications | 0,0 |
| Depreciation for the period | -0,4 |
| Accumulated depreciation 31.3.2014 | -50,2 |
| Carrying amount 1.1.2013 | 15,9 |
| Carrying amount 31.3.2013 | 15,6 |
Own shares
Honkarakenne Oyj has not acquired its own shares during the report period. At the end of the report period, the Group held 364,385 of its Honkarakenne B shares with a total purchase price of EUR 1,381,750.23. These shares represent 6.99 % of company’s all shares and 3.34 % of all votes.
| Contingent liabilities | ||
| unaudited | 31.3.2014 | 31.3.2013 |
| MEUR | ||
| For own loans | ||
| - Mortgages | 25,7 | 25,7 |
| - Other quarantees | 2,5 | 2,7 |
| For others | ||
| - Guarantees | 0,0 | 0,1 |
| Leasing liabilities | 0,2 | 0,2 |
|
Nominal values of forward exchange contracts |
1,3 | 2,0 |
| Derivative contracts | 0,4 | 0,4 |
Events with related parties
The Group’s related parties consist of subsidiaries and associated companies; the company's management and any companies in which they exert influence; and those involved in the Saarelainen shareholder agreement and any companies controlled by them. The management personnel considered to be related parties comprise the Board of Directors, President & CEO, and the company's Executive Group. The pricing of goods and services in transactions with related parties conforms to market-based pricing.
During the report period, ordinary business transactions with related parties were made as follows: the sales to the related parties were EUR 106 thousand and the purchases from the related parties were EUR 159 thousand. In 2010 and 2011, Honkarakenne Oyj granted long-term loans totalling MEUR 0.9 to Honka Management Oy, which is owned by the company’s senior management.
| KEY INDICATORS | ||||
| 1-3 | 1-3 | 1-12 | ||
| Unaudited | 2014 | 2013 | 2013 | |
| Earnings/share (EPS) | eur | -0,21 | -0,21 | -0,32 |
| Return on equity | % | -10 | -8 | -13 |
| Equity ratio | % | 37 | 45 | 38 |
| Shareholders equity/share | eur | 2,00 | 2,46 | 2,20 |
| Net debt | MEUR | 8,7 | 5,1 | 6,1 |
| Gearing | % | 88 | 42 | 57 |
| Gross investments | MEUR | 0,2 | 0,1 | 3,7 |
| % of net sales | 3 | 1 | 8 | |
| Order book | MEUR | 18,7 | 18,9 | 18,1 |
| Average number of personnel | Staff | 101 | 119 | 111 |
| Workers | 73 | 126 | 102 | |
| Total | 173 | 245 | 102 | |
| Personnel in person-years, average | Staff | 88 | 103 | 104 |
| Workers | 73 | 72 | 82 | |
| Total | 160 | 175 | 185 | |
| Adjusted number of shares (’000) | At period-end | 4847 | 4805 | 4805 |
| Average during period | 4819 | 4813 | 4813 |
|
Calculation of key indicators |
||
| Profit / loss for the period attributable to equity holders of parent | ||
| Earnings/share (EPS) | ----------------------------------------------- | |
| Average number of outstanding shares | ||
| Profit / loss before taxes – taxes | ||
| Return on equity % | ----------------------------------------------- | x 100 |
| Total equity, average | ||
| Total equity | ||
| Equity ratio, % | ----------------------------------------------- | x 100 |
| Balance sheet total - advances received | ||
| Net financial liabilities | Financial liabilities – cash and cash equivalents | |
| Financial liabilities – cash and cash equivalents | ||
| Gearing, % | ------------------------------------------- | x 100 |
| Total equity | ||
| Shareholders’ equity | ||
| Shareholders equity/share | ------------------------------------------------ | |
| Number of shares outstanding at the close of period | ||