Olvi Group's Interim Report, 1 January to 31 March 2019 (3 months)


OLVI PLC                INTERIM REPORT 2 MAY 2019 at 9:00 am

OLVI GROUP’S INTERIM REPORT, 1 JANUARY TO 31 MARCH 2019 (3 MONTHS)

INTERIM REPORT IN BRIEF

Olvi Group’s business development was good in the first part of the year in terms of sales volume and net sales. Operating profit was almost on a par with the previous year, exceeding expectations. Sales outlook for the peak season is good.

Near-term outlook

Olvi retains the earnings outlook for 2019 presented in connection with the disclosure of the financial statements for 2018, and estimates that the Group’s net profit for 2019 will remain on the previous year’s good level.

CONSOLIDATED KEY RATIOS

 1-3/20191-3/2018Change % / pp1-12/2018
Sales volume, Mltr137.4133.72.8701.3
Net sales, MEUR77.070.69.1384.3
Gross margin, MEUR11.711.24.570.8
% of net sales15.215.9 18.4
Operating profit, MEUR6.06.4-5.750.1
% of net sales7.89.1 13.0
Net profit for the period, MEUR5.15.6-10.141.1
% of net sales6.68.0 10.7
Earnings per share, EUR0.250.27-7.41.97
Gross capital expenditure, MEUR6.86.37.734.2
Equity per share, EUR11.6910.649.911.31
Equity to total assets, %66.466.20.264.9
Gearing, %-2.4-3.3-0.9-6.0

BUSINESS DEVELOPMENT
LASSE AHO, MANAGING DIRECTOR:

Olvi Group’s year 2019 in whole has started well. Even though the year’s first sales peak, Easter, is only in April this year, the sales volume, net sales and gross margin have increased from the previous year. Excise tax hikes continued at the beginning of 2019 in Finland, Latvia and Lithuania. As previously expected, net sales were not quite on a par with the previous year. This was due to the fact that increases in the prices of raw materials, packaging and other costs were realised immediately at the beginning of the year, and that depreciation and impairment increased. Increases in sales prices will become effective gradually during the first half of the year. We have also put effort as planned to new product launches. Even though the Group’s operating profit in the review period is slightly lower than in the previous year, it exceeds expectations.

In Finland, net sales and operating profit improved on the previous year. Olvi in particular has succeeded in making its off-season sales in the first part of the year more balanced. The fact that the Easter season is in April this year caused a drop in sales in comparison with the
previous year, as Easter is the first sales peak of the year; consumers purchase larger volumes and shift to more expensive beverages. Compared to the corresponding period last year, the Finnish segment now includes the operations of Servaali and Helsinki Distilling Company.

In the Baltic states, the beginning of the year was good particularly in terms of net sales, even though changes in alcohol legislation and taxes bring challenges to the markets. In order to secure business growth, effort has been put into exports. Olvi Group exports its products to more than 30 countries. Exports and their significance for Olvi Group have constantly increased. Furthermore, we have reacted to the changing operating environment in the Baltic states through cost efficiency measures, increasing the relative share of non-alcoholic product categories among our overall business and by developing novel products to many categories such as sparkling wines. 

In Estonia, comparability with the previous year is hampered by advance sales in 2018 due to excise tax hikes, as well as weaker demand particularly in harbour and on-board sales between Finland and Estonia but also in the domestic market. So, even though Estonia fell short of the previous year, earnings were better than expected.    

Business in Latvia remained on the previous year’s level. There was an excise tax hike at the beginning of the year, which will weaken domestic demand. We were able to get sales price increases through during the first quarter, which made it easier to compensate for cost increases at the earnings level.  

Good development has continued in Lithuania. Sales volume and net sales improved on the corresponding period last year. The growth was made possible particularly by good development of exports. Operating profit was hampered by the costs of designing and launching novel products before the peak season, the most important being the new Uniqa brand of waters. We will start our own water business in Lithuania during the second quarter. Volfas Engelman will be the sales and marketing company for spring water, with its 100-percent subsidiary Lamate responsible for production.

Sales volume in Belarus increased in comparison with the previous year, thanks to increased exports. First-quarter earnings were hampered by increased costs of manufacturing and logistics, as well as additional sales and marketing effort particularly for exports. Sales prices will be increased gradually according to plan during the first half of the year.

Investments in the beginning of the year have been initiated according to plan. In Finland, we will improve our production capacity for the latter part of the year. Olvi Group’s first own spring water plant in Lithuania will be ready for production in April. 

SEASONAL NATURE OF THE OPERATIONS

The Group’s business operations are characterised by seasonal variation. The net sales and operating profit from the reported geographical segments do not accumulate evenly but vary according to the time of the year and the characteristics of each season.

SALES DEVELOPMENT 
 
Olvi Group’s sales volume increased by 2.8 percent to 137.4 (133.7) million litres.

Sales volume, million litres1-3/20191-3/2018Change %
Finland44.442.44.8
Estonia21.722.6-4.0
Latvia13.614.4-5.7
Lithuania20.219.06.5
Belarus41.639.74.7
Eliminations-4.1-4.4 
Total137.4133.72.8

 The Group’s net sales from January to March amounted to 77.0 (70.6) million euro, an increase of 9.1 percent. The increase originated particularly in Finland, from the operations of Servaali and Helsinki Distilling Company, as well as Lithuania. The commensurate net sales growth in Finland is 1.3 percent, in spite of Easter sales shifting to the second quarter.

Net sales, million euro1-3/20191-3/2018Change %
Finland33.928.419.3
Estonia13.814.3-3.7
Latvia7.47.40.5
Lithuania9.18.112.3
Belarus15.014.44.1
Eliminations-2.2-2.1 
Total77.070.69.1

EARNINGS DEVELOPMENT

The Group’s operating profit for January-March declined by 5.7 percent and amounted to 6.0 (6.4) million euro, or 7.8 (9.1) percent of net sales. Operating profit in Finland was boosted by the parent company Olvi, where fixed costs in particular were lower than in the previous year.

Operating profit, million euro1-3/20191-3/2018Change %
Finland2.61.845.9
Estonia2.12.3-8.3
Latvia0.60.60.9
Lithuania0.30.4-16.3
Belarus0.71.3-47.5
Eliminations-0.30.1 
Total6.06.4-5.7

The Group’s January-March profit after taxes amounted to 5.1 (5.6) million euro.

Earnings per share calculated from the profit belonging to parent company shareholders in January-March stood at 0.25 (0.27) euro per share.

BALANCE SHEET, FINANCING AND INVESTMENTS

Olvi Group’s balance sheet total at the end of March 2019 was 369.6 (335.0) million euro. Equity per share at the end of March 2019 stood at 11.69 (10.64) euro. The equity ratio was 66.4 (66.2) percent and the gearing ratio was -2.4 (-3.3) percent. The current ratio, which represents the Group’s liquidity, remained unchanged at 1.2 (1.2).

The amount of interest-bearing liabilities at the end of March was 6.8 (10.7) million euro, including current liabilities of 4.9 (8.1) million euro.

Olvi Group’s capital expenditure on extensions and replacements in January-March amounted to 6.8 (6.3) million euro. The parent company Olvi accounted for 2.5 million euro, the Baltic subsidiaries for 3.5 million euro and Lidskoe Pivo in Belarus for 0.8 million euro of the total.

PRODUCT DEVELOPMENT AND NEW PRODUCTS

Research and development includes projects to design and develop new products, packages, processes and production methods, as well as further development of existing products and packages. The R&D costs have mostly been recognised as expenses. The main objective of Olvi Group’s product development is to create new products for profitable and growing beverage segments.

Several new products were launched during January-March both in Finland and by the subsidiaries. The new products are presented on each company’s Web site.

PERSONNEL

Olvi Group’s average number of personnel in January-March was 1738 (1702). The Group’s average number of personnel increased by 36 people or 2.1 percent.

Olvi Group’s average number of personnel by country:

 1-3/20191-3/2018Change %
Finland35531911.3
Estonia2942940.0
Latvia186191-2.6
Lithuania2222096.2
Belarus681689-1.2
Total173817022.1

 BOARD OF DIRECTORS AND MANAGEMENT

There have been no changes in Olvi plc’s Board of Directors or management during the review period.

OTHER EVENTS DURING THE REVIEW PERIOD

Changes in corporate structure

There were no changes in Olvi’s holdings in subsidiaries in January-March 2019.

Share-based payments

Olvi plc initiated a new share-based incentive plan for key personnel, the performance period of which is from 1 February 2019 to 31 January 2021. Detailed information on the incentive plan is provided in Table 5, Section 3 of the tables attached to this interim report.

BUSINESS RISKS AND THEIR MANAGEMENT

Continuous changes in excise taxes and stricter alcohol legislation in Olvi Group’s operating countries bring uncertainty to operations.

In addition to the risks described above, there have been no significant changes in Olvi Group’s business risks. A more detailed description of the risks is provided in the Board of Directors’ report and the notes to the financial statements, as well as in the Investors/Corporate Governance section of the company’s Web site.

EVENTS AFTER THE REVIEW PERIOD

Annual General Meeting

Olvi plc’s Annual General Meeting of 16 April 2019 adopted the financial statements and granted discharge from liability to the members of the Board of Directors and Managing Director for the accounting period that ended on 31 December 2018.

In accordance with the Board’s proposal, the General Meeting decided that a dividend of 0.90 (0.80) euro be paid on each A and K share for the accounting period 2018. The dividend according to the resolution accounts for 45.7 (46.1) percent of Olvi Group’s consolidated earnings per share. The dividends will be paid in two instalments. The first instalment of 0.45 euro per share will be paid on 9 May 2019 to shareholders registered in the register of shareholders held by Euroclear Finland Ltd on the record date 18 April 2019. The second instalment of 0.45 euro per share will be paid on 9 September 2019 to shareholders registered in the register of shareholders held by Euroclear Finland Ltd on the record date 2 September 2019.

The General Meeting decided that the Board of Directors shall have six (6) members. Pentti Hakkarainen, Lasse Heinonen, Nora Hortling, Elisa Markula, Päivi Paltola and Heikki Sirviö were re-elected to the Board of Directors.

The authorised public accounting firm Ernst & Young Oy was elected the company’s auditor, with Elina Laitinen, Authorised Public Accountant, as auditor in charge. Until the General Meeting, the company’s auditor was the authorised public accounting firm PricewaterhouseCoopers Oy, with Juha Toppinen, Authorised Public Accountant, as auditor in charge.

All decisions made at the General Meeting can be found in the bulletin released on 16 April 2019.

Organisation of the Board of Directors

At its organising meeting held on 16 April 2019, the Board elected Pentti Hakkarainen as the Chairman of the Board and Nora Hortling as the Vice Chairperson of the Board.

The Audit Committee consists of Lasse Heinonen, Päivi Paltola and Nora Hortling, and the Remuneration Committee consists of Pentti Hakkarainen, Heikki Sirviö and Elisa Markula.

OLVI PLC
Board of Directors

Further information: Lasse Aho, Managing Director, Olvi plc, phone +358 290 00 1050 or +358 400 203 600

TABLES:
- Statement of comprehensive income, Table 1
- Balance sheet, Table 2
- Changes in shareholders’ equity, Table 3
- Cash flow statement, Table 4
- Notes to the interim report bulletin, Table 5

DISTRIBUTION:
NASDAQ OMX Helsinki Ltd
Key media
www.olvi.fi

OLVI GROUP  TABLE 1
    
STATEMENT OF COMPREHENSIVE INCOME   
EUR 1,000   
 1-3/20191-3/20181-12/2018
Net sales7702470576384302
Other operating income4872662144
Operating expenses-65773-59613-315694
Depreciation and impairment-5713-4837-20602
Operating profit6025639250150
    
Financial income32083432
Financial expenses-130-380-1429
Share of profit in associates0023
    
Earnings before tax6215609549176
Taxes *)-1141-453-8039
NET PROFIT FOR THE PERIOD5074564241137
    
Other comprehensive income items that 
may be subsequently reclassified
to profit and loss:
  
  
Translation differences related to foreign subsidiaries2581-1006 

-2713
Income taxes related to these items-9500
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD7560463638424
    
Distribution of profit: 
- parent company shareholders50765626 

40809
- non-controlling interests-216 

328
    
Distribution of comprehensive income: 
 - parent company shareholders75104645 

38169
 - non-controlling interests50-9 

255
    
Earnings per share calculated from the profit belonging 
to parent company shareholders, EUR  
-  undiluted0.250.27 

1.97
-  diluted0.250.271.97
    

*) Taxes calculated from the profit for the review period.

OLVI GROUP  TABLE 2 
BALANCE SHEET    
EUR 1,00031 Mar 201931 Mar 201831 Dec 2018 
ASSETS    
Non-current assets    
Tangible assets199470186500195599 
Goodwill262891620526134 
Other intangible assets11202524911481 
Shares in associates101611131016 
Investments543543543 
Loans receivable and other non-current receivables235257235 
Deferred tax receivables328816558 
Total non-current assets239083210683235566 
     
Current assets    
Inventories462923668439882 
Accounts receivable and other receivables714396958871038 
Income tax receivable5740440 
Liquid assets122271802818520 
Total current assets130532124300129880 
TOTAL ASSETS369615334983365446 
     
SHAREHOLDERS’ EQUITY AND LIABILITIES    
Shareholders’ equity held by parent company shareholders   
Share capital207592075920759 
Other reserves109210921092 
Treasury shares-503-228-956 
Translation differences-44312-45087-46746 
Retained earnings265038243986259864 
 242074220522234013 
Share belonging to non-controlling interests318712013165 
Total shareholders’ equity245261221723237178 
     
Non-current liabilities    
Financial liabilities190125741167 
Other liabilities4774334765 
Deferred tax liabilities747464758085 
     
Current liabilities    
Financial liabilities490981413554 
Accounts payable and other liabilities10460294854110222 
Income tax liability6941183475 
Total liabilities124354113260128268 
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES369615334983365446 
 
 

OLVI GROUP  TABLE 3
        
CHANGES IN SHAREHOLDERS’ EQUITY    
        
 Share
capital
Other
reserves
Treasury
shares
account
Translation
differences
Retained
earnings
Share of
non-controlling interests
Total
EUR 1,000
        
Shareholders’ equity 1 Jan 2018207591092-228-441062382421228216987
Comprehensive income:       
  Net profit for the period   5626165642
  Other comprehensive income items:     
  Translation differences  -981 -25-1006
Total comprehensive income for the period -9815626-94636
Transactions with shareholders:      
  Payment of dividends     -18-18
  Share-based incentives    118 118
Total transactions with shareholders  118-18100
Shareholders’ equity 31 Mar 2018207591092-228-450872439861201221723
  
 Share
capital
Other
reserves
Treasury
shares
account
Translation
differences
Retained
earnings
Share of
non-controlling interests
Total
EUR 1,000
        
Shareholders’ equity 1 Jan 2019207591092-956-467462598643165237178
Comprehensive income:       
  Net profit for the period   5076-25074
  Other comprehensive income items:      
  Translation differences   2434 522486
Total comprehensive income for the period  24345076507560
Transactions with shareholders:      
  Payment of dividends     -28-28
  Acquisition of treasury shares -726   -726
  Sales of treasury shares to employees 1179   1179
  Share-based incentives, value of work performed  98 98
Total transactions with shareholders453 98-28523
Shareholders’ equity 31 Mar 2019207591092-503-443122650383187245261

 Other reserves include the share premium account, legal reserve and other reserves.

OLVI GROUP TABLE 4
 
CASH FLOW STATEMENT   
EUR 1,000   
 1-3/20191-3/20181-12/2018
    
Net profit for the period5074564241137
Adjustments to profit for the period6467644431061
Change in net working capital-12444-126631409
Interest paid-34-111-603
Interest received579440
Dividends received00123
Taxes paid-876-1304-10525
Cash flow from operations (A)-1808-191363042
    
Investments in tangible and intangible 
assets-6203-7277-32315
Sales gains from tangible and intangible 
assets5052601796
Shares purchased in subsidiaries00-16059
Cash flow from investments (B)-5698-7017-46578
    
Withdrawals of loans240935513543
Repayments of loans-1747-1407-21641
Acquisition of treasury shares-7260-1770
Sales of treasury shares to employees117900
Dividends paid00-16587
Increase (-) / decrease (+) in current interest- 
bearing business receivables00316
Cash flow from financing (C)1115-1052-26139
    
Increase (+)/decrease (-) in liquid assets (A+B+C)-6391-9982-9675
    
Liquid assets 1 January185202862528625
Effect of exchange rate changes98-615-430
Liquid assets 31 Mar/31 Dec122271802818520

OLVI GROUP                                                                       TABLE 5

NOTES TO THE INTERIM REPORT

This interim report has been prepared in accordance with IFRS recognition and measurement principles but all of the requirements in IAS 34 have not been observed. The accounting policies have been the same as for the financial statements of 31 December 2018, with the exception of the adoption of IFRS 16 Leases.

The information in the interim report is presented in thousands of euros (EUR 1,000). For the sake of presentation, individual figures and totals have been rounded to full thousands, which causes rounding differences in additions. The ratios are calculated from exact amounts in euros. The information disclosed in the interim report is unaudited.

IFRS 16 Leases

Olvi Group adopted the new standard IFRS 16 Leases as of 1 January 2019. As a consequence, the Group recognised non-cancellable leases on its balance sheet. The Group utilised the relief allowed under the standard, according to which short-term and low-value assets need not be recognised. The Group took a simplified approach to adoption, with no adjustments to the comparison figures for the previous year or shareholders’ equity.

The adoption of the standard has an effect of 941 thousand euro on fixed assets in the consolidated balance sheet. Correspondingly, a lease liability of 941 thousand euro is recognised in non-current and current interest-bearing liabilities. The adoption of the standard does not have any significant effect on consolidated earnings or the cash flow statement.

RELATED PARTY TRANSACTIONS  
    
Employee benefits to management
    
Salaries and other short-term employee benefits to the Board of Directors and Managing Director
EUR 1,000   
  1-3/2019 1-3/2018 1-12/2018
    
Managing Director496278823
Chairman of the Board151771
Other members of the Board3237164
Total5423321058


2. SHARES AND SHARE CAPITAL  
   
 31 Mar 2019%
   
Number of A shares1698997682.0
Number of K shares373225618.0
Total20722232100.0
   
Total votes carried by A shares1698997618.5
Total votes carried by K shares7464512081.5
Total number of votes91635096100.0
   
Votes per Series A share1 
Votes per Series K share20 

 The registered share capital on 31 March 2019 totalled 20,759 thousand euro.

Olvi plc’s shares will receive a dividend of 0.90 euro per share for 2018 (0.80 euro per share for 2017), totalling 18.6 (16.6) million euro. The dividends will be paid in two instalments on 9 May 2019 and 9 September 2019. The Series K and Series A shares entitle to equal dividend. The Articles of Association include a redemption clause concerning Series K shares.

3. SHARE-BASED PAYMENTS

The aim of Olvi plc’s share-based incentive plan is to combine the objectives of the shareholders and the key employees in order to increase the value of the company, to make the key employees committed to the company, and to offer them a competitive reward plan based on earning the company’s shares.

Olvi plc initiated a new share-based incentive plan for key personnel, the performance period of which is from 1 February 2019 to 31 January 2021. The plan is directed to approximately 60 people. In accordance with the share-based incentive plan, Olvi plc sold a total of 36,450 treasury shares to the target group members for a price of 1,179,330.37 euro. From January to March 2019, costs associated with the plan were recognised for a total of 192.4 thousand euro. Olvi Group does not have any other share-based plans or option plans.

4. TREASURY SHARES

Olvi plc holds a total of 11,549 of its own Series A shares. The total purchase price of treasury shares was 502,956.28 euro. Olvi plc’s share repurchase scheme ended on 21 January 2019. Treasury shares held by the company itself are ineligible for voting.

Series A shares held by Olvi plc as treasury shares represent 0.06 percent of all shares and 0.01 percent of the aggregate number of votes. The treasury shares represent 0.07 percent of all Series A shares and associated votes.

On 16 April 2019, the General Meeting of Shareholders of Olvi plc decided to revoke any unused authorisations to acquire treasury shares and authorise the Board of Directors of Olvi plc to decide on the acquisition of the company’s own shares using distributable funds. The authorisation is valid for one year starting from the General Meeting and covers a maximum of 500,000 Series A shares.

The Annual General Meeting also decided to revoke all existing unused authorisations for the transfer of own shares and authorise the Board of Directors to decide on the issue of a maximum of 1,000,000 new Series A shares and the transfer of a maximum of 500,000 Series A shares held as treasury shares.

5. NUMBER OF SHARES *) 1-3/2019 1-3/20181-12/2018 
     
  - average207006272071768320711397 
  - at end of period207006272071768320696504 
     
*) Treasury shares deducted.

 

 

During January-March 2019, Olvi has not received any flagging notices in accordance with Chapter 2, Section 10 of the Securities Markets Act.
 
6. TRADING OF SERIES A SHARES ON THE HELSINKI STOCK EXCHANGE  
    
  1-3/2019 1-3/2018  1-12/2018
    
Trading volume of Olvi A shares4472892936891741051
Total trading volume, EUR 1,00014567848552140
Traded shares in proportion to   
all Series A shares, %2.61.710.2
    
Average share price, EUR32.5728.8829.95
Price on the closing date, EUR32.2028.1031.50
Highest quote, EUR34.9030.9034.00
Lowest quote, EUR31.2027.3027.00



7. FOREIGN AND NOMINEE-REGISTERED HOLDINGS ON 31 MARCH 2019
 
       
 Book entriesVotesShareholders
 qty%qty%qty%
Finnish total1539248974.288630535394.181167199.52
Foreign total3046101.473046100.33460.40
Nominee-registered (foreign) total1175050.571175050.1340.03
Nominee-registered (Finnish) total490762823.6849076285.3660.05
Total20722232100.0091635096100.0011727100.00


8. LARGEST SHAREHOLDERS ON 31 MARCH 2019    
       
 Series KSeries ATotal%Votes%
1. Olvi Foundation 2363904890613325451715.714816869352.57
2. The Estate of Hortling Heikki *)90348810328010067684.861817304019.83
3. Hortling Timo Einari212600492572618571.2643012574.69
4. Hortling-Rinne Marit 149064146991637630.7929959793.27
5. OP Corporate Bank plc, nominee reg.2318674231867411.1923186742.53
6. Nordea Bank Abp, nominee register 174525617452568.4217452561.90
7. Ilmarinen Mutual Pension Insurance Company8514018514014.118514010.93
8. Varma Mutual Pension Insurance Company8280758280754.008280750.90
9. Skandinaviska Enskilda Banken AB (publ)
  Helsinki branch, nominee register
7652827652823.697652820.84
10. Hortling Pia Johanna2338823566469540.234913260.54
Others798129399873947968545.741099611312.00
Total37322561698997620722232100.0091635096100.00
       
*) The figures include the shareholder’s own holdings and shares held by parties in his control.


9. PROPERTY, PLANT AND EQUIPMENT 
EUR 1,000   
  1-3/2019 1-3/2018  1-12/2018
    
Opening balance195599188155188155
Effect of IFRS 1694100
Additions6548613132833
Deductions and transfers52-2379-4395
Depreciation-5171-4548-18922
Exchange rate differences1501-859-2072
Total199470186500195599



10. CONTINGENT LIABILITIES
   
EUR 1,000   
 31 Mar 201931 Mar 201831 Dec 2018
    
Pledges and contingent liabilities  
  For own commitments211418862114
    
Leasing and rental liabilities:  
  Due within one year86011911129
  Due within 1 to 5 years432793805
  Due in more than 5 years122
Leasing and rental liabilities total129319861936
    
Other liabilities60200057

11. CALCULATION OF FINANCIAL RATIOS

In the summary of financial indicators (page 1), the Group presents figures directly derived from the consolidated income statement: net sales, operating profit and profit for the period, the corresponding percentages in proportion to net sales, as well as the earnings per share ratio. (Earnings per share = Profit belonging to parent company shareholders / Average number of shares during the period, adjusted for share issues.) 

In addition to the consolidated financial statements prepared in accordance with IFRS, Olvi Group presents Alternative Performance Measures that describe the financial development of its business and provide a commensurate overall view of the company’s profitability, financial position and liquidity.

The Group has applied the ESMA (European Securities and Markets Authority) new guidelines on Alternative Performance Measures that entered into force on 3 July 2016 and defined APMs as described below.

As an APM supporting net sales, the Group presents sales volumes in millions of litres. Sales volume is an important indicator of the extent of operations generally used in the industry.

The definition of gross margin is operating profit plus depreciation and impairment.

Gross capital expenditure consists of total expenditure on fixed assets, including the effect of any corporate acquisitions.

Equity per share = Shareholders’ equity held by parent company shareholders / Number of shares at end of period, adjusted for share issues

Equity to total assets, % = 100 * (Shareholders’ equity held by parent company shareholders + non-controlling interests) / (Balance sheet total)

Gearing, % = 100 * (Interest-bearing debt – cash in hand and at bank) / (Shareholders’ equity held by parent company shareholders + non-controlling interests)

Attachment


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