HONKARAKENNE OYJ’S INTERIM REPORT, 1 JANUARY –30 JUNE 2014

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HONKARAKENNE OYJ     INTERIM REPORT    7 August 2014 at 10:00 p.m.

HONKARAKENNE OYJ’S INTERIM REPORT, 1 JANUARY –30 JUNE 2014

SUMMARY   

Second-quarter net sales saw year-on-year growth of 2 %. The operating result weakened by 126 % compared with 2013. Net sales in January-June were up 9 % on the previous year and the operating result weakened by 25 %.

Net sales in Finland and Russia and CIS developed favourably. Net sales in Global Markets weakened in comparison to the previous year. Strong competition impacted on profitability in all markets. In addition the implementation of new production lines at the end of June increased production costs in the second quarter of the year.

April - June 2014

  • The Honkarakenne Group's net sales for the second quarter amounted to MEUR 11.7 (MEUR 11.5 in 2013). Net sales rose by 2 % on the previous year.
  • The operating result was MEUR -1.2 (MEUR -0.5). The operating result before non-recurring items was MEUR -1.2 (MEUR -0,5).
  • The result before taxes was MEUR -1.3 (MEUR -0.5).
  • Earnings per share amounted to EUR -0.22 (EUR -0.07).

January - June 2014

  • The Honkarakenne Group's net sales January-June amounted to MEUR 20.5 (MEUR 18.8 in 2013). Net sales rose by 9 % on the previous year.
  • The operating result was MEUR -2.5 (MEUR -2.0). The operating result before non-recurring items was MEUR -2.5 (MEUR -2.0).
  • The result before taxes was MEUR -2.6 (MEUR -1.7).
  • Earnings per share amounted to EUR -0.43 (EUR -0.28).
KEY FIGURES 4-6/
2014
4-6/
2013
1-6/
2014
1-6/
2013
1-12/ 2013  
             
Net sales, MEUR 11.7 11.5 20.5 18.8 48.3  
Operating profit/loss, MEUR -1.2 -0.5 -2.5 -2.0 -1.7  
Operating profit/loss before non-recurring items, MEUR -1.2 -0.5 -2.5 -2.0 -1.1  
Profit/loss before taxes, MEUR -1.3 -0.5 -2.6 -1.7 -1.7  
Average number of personnel 165 231 170 238 213  
Personnel in person-years, average 154 191 158 183 185  
Earnings/share (EPS), EUR -0.22 -0.07 -0.43 -0.28 -0.32  
Equity ratio, %     35 41 38  
Return on equity, %     -21 -11 -13  
Shareholders' equity/share, EUR     1.79 2.28 2.20  
Gearing, %     74 49 57  

Mikko Kilpeläinen, President and CEO of Honkarakenne Oyj, in connection with the interim report:

"In the first half of the year the Group's net sales growth was 9 % on the previous year. Net sales grew in all market areas except Global Markets.

In Finland, we launched a major innovation in the detached house market: the Honka Healthy House model collection. Healthy House will be our spearhead in our efforts to pursue growth in the Finnish detached house segment. This new Healthy House model collection has been developed to cater to all the requirements of healthy living. Honka's Healthy House concept accounts for indoor air, noise, illumination and the entire construction process. In addition, the houses in this model collection are available as ready-to-move-in packages. I believe that the Healthy House model collection will enable us to stand out to our advantage in the detached house market. Customers are paying increasing attention to healthy living – and Honka now has a solution to these needs that has been tested and approved by VTT, the Technical Research Centre of Finland.

In Russia and CIS, we continued to forge ahead with our tried-and-true area construction concept. Sales in Russia have developed well and the outlook for the rest of the year is good as well.

In China we have continued to develop the Chinese market. Sales to China started in February.

In the case of production, we finalised our investments in modernised and more efficient production lines at the end of June. The new lines will be in full operation right after the summer holidays."

NET SALES

Honkarakenne Group’s net sales for the second quarter of 2014 increased by 2 per cent to MEUR 11.7 (MEUR 11.5).

Geographical distribution of net sales:

DEVELOPMENT OF SALES         
 
Distribution of
net sales, %
1-6/2014 1-6/2013    
Finland & Baltics 57 % 51 %    
Russia & CIS 24 % 22 %    
Global Markets 19 % 27 %    
Total 100 % 100 %    
         
Net sales, MEUR 4-6/2014 4-6/2013 change % 1-6/2014 1-6/2013 change %
Finland & Baltics 6.7 5.8 14 % 11.0 9.7 13 %
Russia & CIS 2.8 2.5 13 % 5.2 4.4 17 %
Global Markets 2.2 3.2 -30 % 4.3 4.7 -7 %
Total 11.7 11.5 2 % 20.5 18.8 9 %
                   

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 19.6 at the end of June. In the previous year at the same time period it was MEUR 23.3. 

TRENDS IN PROFIT AND PROFITABILITY

Operating loss for January-June was MEUR -2.5 (MEUR -2.0) and profit before taxes was MEUR -2.6 (MEUR -1.7).

The operating result was affected by price competition in all markets. In addition the implementation of new production lines at the end of June increased production costs in the second quarter of the year.

FINANCING AND INVESTMENTS

The financial position of the Group remained satisfactory during the report period. The equity ratio stood at 35 % (41 %) and net financial liabilities at MEUR 6.6 (MEUR 5.4). MEUR 1.9 (MEUR 2.6) of the financial liabilities carries a 30 % equity ratio covenant term. Group liquid assets totalled MEUR 1.2 (MEUR 2.2). The Group also has a MEUR 8.0 (MEUR 8.0) bank overdraft facility, MEUR 2.2 of which had been drawn on at the end of the report period (MEUR 2.7). Gearing stood at 74 % (49 %).

The Group's capital expenditure totalled MEUR 1.0 (MEUR 1.2). In the case of production, we finalised our investments in modernised and more efficient production lines at the end of June. The new lines will be in full operation right after the summer holidays, when autumn production is started up.

MARKET DEVELOPMENT

The RTS expect that the construction of 7,500 detached homes will be begun this year, which is the lowest number in almost twenty years. According to a study commissioned by RTS Oy, the Finnish log house production is expected to be at the same level as on previous year, which means that log house market share will increase compared to other building materials.

PRODUCTS AND MARKETING

In the Finland & Baltics market area, price competition continued to be tough due to the difficult market situation. During the second quarter, we launched a major innovation in the detached house market: the ready-to-move-in Honka Healthy House model collection. Honka's Healthy House concept accounts for indoor air, noise, illumination and the entire construction process. Healthy House has been developed with Finnish Allergy and Asthma Federation and it has been tested and approved by VTT, the Technical Research Centre of Finland.

In addition, we launched Honka's ready-to-move-in model collection for the detached house market. It makes buying a detached house easy for those customers who appreciate quick-and-simple construction projects.

In the holiday home segment, the main marketing measures involved Honka's model home at the Kalajoki Holiday Housing Fair. In addition, Honka launched three new holiday home model series.

In Russia & CIS, we continued to develop area construction projects. In spite of the political situation, sales to Russia have developed well and the outlook for the rest of the year is good.

In Global Markets, measures focused on developing the Chinese market. Sales to China started in February.

RESEARCH AND DEVELOPMENT

In R&D, we focused on the development of the Healthy House model collection and the special features of the Chinese market.

In the January - June period, the Group's R&D expenditure totalled MEUR 0.3 (MEUR 0.2), representing 1.5 % of net sales (0.9 %). The Group did not capitalise any development expenditure during the report period.

STAFF

During the second quarter, the Group employed a total of 154 (191) people on average in terms of person-years. The Group had an average of 165 (231) employees during the second quarter, representing a year-on-year decrease of 66.

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 the first half of the year, the number of allocated shares was 6,250. These allocated shares are recognised as follows: 17 (0) thousand euros for employee benefit expenses, 1 (0) thousand euros for income tax deductions and deferred tax assets and 10 (0) 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.

FUTURE OUTLOOK

The market situation remains uncertain. The Finnish market is being impacted by the general low level of 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 June, the Group's order book stood at MEUR 19.6, down 16 % on the corresponding period of the previous year, when it stood at MEUR 23.3. The weakening of the order book poses a risk to net sales development, as the Group expects full-year net sales to increase from previous year. 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 has been drafted in accordance with IAS 34. The principles adhered to in preparing the annual financial statements also apply to this interim report. The interim report should be read together with the annual financial statements for 2013. 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.

THE OUTLOOK FOR 2014

Honkarakenne reiterates its previous outlook.

During the first half of the year, sales grew in all market areas except Global Markets, and Honkarakenne expects to see growth in full-year net sales. Honkarakenne expects its result before non-recurring items and taxes to improve from the previous year. Honkarakenne expects that actions implemented and planned will improve cost efficiency during the second half of the year. Changes in the situation in Ukraine may affect the outlook for 2014.

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. The next interim Report for 2014 will be published on 30 October 2014.

 

 

DISTRIBUTION

NASDAQ OMX Helsinki

Key media

Financial Supervisory Authority
www.honka.com
 
 

 

 


CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
         
unaudited 4-6 /2014 4-6 /2013 1-6
/2014
1-6
/2013
1-12 /2013
MEUR          
           
Net sales 11.7 11.5 20.5 18.8 48.3
Other operating income 0.2 0.1 0.3 0.2 0.4
Change in inventories -0.0 0.6 -0.6 1.8 0.9
Materials and services -8.5 -7.4 -13.9 -12.9 -30.9
Employee benefit expenses -2.2 -2.6 -4.3 -5.0 -10.9
Depreciations and amortisation -0.5 -0.8 -1.0 -1.4 -2.3
Impairment -0.0 -0.0 -0.0 -0.0 -0.2
Other operating expenses -1.8 -1.9 -3.5 -3.5 -6.9
Operating profit/loss -1.2 -0.5 -2.5 -2.0 -1.7
Financial income 0.0 0.2 0.0 0.4 0.8
Financial expenses -0.1 -0.1 -0.2 -0.1 -0.7
Profit/loss before taxes -1.3 -0.5 -2.6 -1.7 -1.7
Taxes 0.2 0.1 0.6 0.4 0.1
Profit/loss for the period -1.1 -0.4 -2.1 -1.4 -1.5
           
Other comprehensive income:          
Translation differences 0.1 -0.1 0.1 -0.2 -0.4
Total comprehensive
income for the period               
-1.0 -0.5 -2.0 -1.6 -2.0
           
Result for the period attributable to:          
Equity holders of the parent -1.1 -0.4 -2.1 -1.4 -1.5
Non-controlling interest 0.0 0.0 0.0 0.0 0.0
  -1.1 -0.4 -2.1 -1.4 -1.5
Comprehensive income attributable to:          
Equity holders of the parent -1.0 -0.5 -2.0 -1.6 -2.0
Non-controlling interest 0.0 0.0 0.0 0.0 0.0
  -1.0 -0.5 -2.0 -1.6 -2.0
 
Earnings/share (EPS) calculated on the profit attributable to equity holders
of the parent, EUR
         
Basic -0.22 -0.07 -0.43 -0.28 -0.32
Diluted -0.22 -0.07 -0.43 -0.28 -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
30.6.2014 30.6.2013 31.12.2013
MEUR      
       
Assets      
Non-current assets      
Property, plant and equipment 15.6 14.3 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 2.0 1.6 1.5
  18.8 17.1 18.4
Current assets      
Inventories 6.5 8.1 7.1
Trade and other receivables 4.7 6.1 5.2
Cash and bank receivables 1.2 2.2 3.2
  12.4 16.5 15.6
Total assets 31.1 33.6 34.0
       
       
Shareholders' equity and liabilities 30.6.2014 30.6.2013 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 6.4 6.4
Own shares -1.4 -1.4 -1.4
Translation differences -0.1 0.0 -0.2
Retained earnings -6.8 -4.5 -4.7
  8.7 11.0 10.6
Non-controlling interests 0.2 0.2 0.2
Total equity 8.9 11.2 10.8
       
Non-current liabilities      
Deferred tax liabilities 0.0 0.1 0.1
Provisions 0.5 0.5 0.5
Financial liabilities 6.2 5.2 7.5
  6.8 5.8 8.1
Current liabilities      
Trade and other payables 13.6 13.9 12.3
Current tax liabilities 0.1 0.1 0.2
Provisions 0.2 0.2 0.9
Current financial liabilities 1.6 2.5 1.8
  15.5 16.6 15.1
Total liabilities 22.2 22.4 23.2
Total equity and liabilities 31.1 33.6 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           -1356 -1356 3 -1353  
Translation difference       -208     -208   -208  
Repayment of capital     -384       -384   -384  
Total equity 30.6.2013 9898 520 6444 16 -1382 -4536 10960 213 11174  
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           -2076 -2076 1 -2075  
Translation difference       69     69   69  
Share issue     90       90   90  
Management incentive plan           10 10   10  
Total equity 30.6.2014 9898 520 6534 -129 -1382 -6778 8665 212 8877  
                                 

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
unaudited
1.1.-
30.6.2014
1.1.-
30.6.2013
1.1.-
31.12.2013
MEUR      
Cash flow from operating activities 1.0 -2.5 -1.2
Cash flow from investing activities, net -1.5 -1.1 -3.0
Total cash flows from financing activities: -1.6 1.0 2.6
  Share issue 0.1 0.0 0.0
  Repayment of capital 0.0 -0.4 -0.4
  Proceeds from borrowings 3.0 2.7 5.6
  Repayment of borrowings -4.6 -1.2 -2.4
  Other financial items -0.1 -0.1 -0.2
       
Change in cash and cash equivalents -2.1 -2.6 -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 1.2 2.2 3.2

 

NOTES TO THE REPORT

Accounting policies

This interim report has been drafted in accordance with IAS 34. The principles adhered to in preparing the annual financial statements also apply to this interim report. The interim report should be read together with the annual financial statements for 2013. 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 0.9
Disposals -0.0
Cost 30.6.2014 66.5
   
Accumulated depreciation 1.1.2014 -49.8
Translation differences (+/-) -0.2
Accumulated depreciation of disposals and reclassifications 0.0
Depreciation for the period -0.9
Accumulated depreciation 30.6.2014 -50.9
   
Carrying amount 1.1.2013 15.9
Carrying amount 30.6.2014 15.6

 

Own shares

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.

 

Contingent liabilities      
       
unaudited 30.6.2014 30.6.2013 31.12.2013
MEUR      
For own loans      
- Mortgages 25.7 25.7 25.7
- Other quarantees 2.2 2.4 2.3
Rental liabilities 0.5 0.0 0.6
Leasing liabilities 0.2 0.3 0.2
Derivative contracts 0.4 0.4 0.4
Nominal values of forward exchange contracts 0.9 1.2 1.7

 

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 204 thousand and the purchases from the related parties were EUR 296 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        
    1-6/ 1-6/ 1-12/
Unaudited   2014 2013 2013
         
Earnings/share (EPS) euro -0.43 -0.28 -0.32
         
Return on equity % -21 -11 -13
         
Equity ratio % 35 41 38
         
Shareholders equity/share euro 1.79 2.28 2.20
         
Net debt MEUR 6.6 5.4 6.1
         
Gearing % 74 49 57
         
Gross investments MEUR 1.0 1.2 3.7
  % of net sales 5 6 8
         
Order book MEUR 19.6 23.3 18.1
         
Average number of personnel Staff 97 116 111
  Workers 73 121 102
  Total 170 238 213
         
Personnel in person-years, average Staff 85 102 104
  Workers 73 80 82
  Total 158 183 185
         
Adjusted number of shares (’000) At period-end 4847 4805 4805
  Average during period 4838 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