ROCLA OYJ STOCK EXCHANGE RELEASE 11.02.2009 at 13.00
ROCLA OYJ FINANCIAL STATEMENTS BULLETIN 1.1.-31.12.2008
NET SALES ON 2007 LEVEL, RESULTS NEGATIVE
- Net sales grew by 1.8% to EUR 127.2 million. Operating profit declined to EUR
2.0 million (2007: EUR 4.9 million).
- Earnings per share were -0.33 euros (0.57 euros).
- Orders bookings during the year were EUR 88.8 million (-9.6%) and the order
book at the end of the year was EUR 13.6 million (EUR 24.2 million).
- The Board proposes that no dividend be distributed for the year 2008.
Rocla Group's operations saw widespread, major changes in 2008. During the first
half of the year, the company extended its business operations by acquiring
additional customer service resources in Russia and Finland, and by acquiring a
Danish company in the forklift business. Market developments took a sharp turn
during the year: the strong growth in the order book on the European forklift
market during the first half gave way to monthly falls in demand over the latter
half of the year. In October, Mitsubishi Caterpillar Forklift Europe B.V. (MCFE)
published its public tender offer for Rocla shares, leading to a new ownership
structure, with Rocla becoming a subsidiary of MCFE. At the turn of the year,
Rocla Group began making adjustments to its business operations due to the
worsening market situation, a significant part of which included temporary staff
lay-offs.
Mitsubishi Caterpillar Forklift Europe B.V.'s public tender offer for Rocla
shares
On 23 October 2008, Mitsubishi Caterpillar Forklift Europe B.V. (MCFE), the
Dutch subsidiary of the Japanese Mitsubishi Heavy Industries, Ltd. company, made
a public tender offer for all shares and option rights in Rocla Oyj, as a result
of which MCFE's ownership rose to approximately 99 per cent of all shares
and voting rights, on 23 December 2008. Rocla has thus become a subsidiary of
MCFE. Based on its ownership share of over nine tenths (9/10), MCFE has gained
the right to redeem all shares held by any remaining shareholders in Rocla at
fair value, in accordance with Chapter 18, Section 1 of the Companies Act. On 23
December 2008, MCFE notified Rocla of its decision to exercise its redemption
right and presented its redemption claim for the remaining shares in accordance
with the Companies Act.
Rocla Oyj has been listed on the Helsinki Stock Exchange's Main List since 1997.
Mitsubishi Heavy Industries, Ltd. (MHI), headquartered in Tokyo, Japan, is one
of the world's leading manufacturers of heavy machinery, with consolidated sales
of 3,203 billion yen in the fiscal year ended 31 March 2008. MHI's diverse
line-up of products and services encompasses shipbuilding, power plants,
chemical plants, environmental equipment, steel structures, industrial and
general machinery, aircraft, space technology and air-conditioning systems.
Group structure
Rocla Group expanded its operations in Denmark in June, by acquiring the shares
of VB Trucks A/S. Behind this deal is Rocla's strategy of strengthening its
product, service and solution business in local markets. As a result of the
deal, Rocla became one of the biggest players in the Danish forklift market. The
name of the acquired company was changed to Rocla Danmark A/S and the company
began operating as part of Rocla Group on 2 June 2008, from which date the
figures for the acquired company are included in the Group figures. During the
current year, the operations of Rocla's subsidiary Rocla A/S, which has been
doing business in Denmark since 2000, and Rocla Danmark A/S, will be integrated.
Following this deal, Rocla employs around 140 persons in Denmark.
Markets, development of order levels and key indicators
Overall demand for forklifts grew over the first four months of the financial
year in Rocla's principal markets in Europe. From May, the markets shrank each
month compared to the corresponding period in the previous year. Indeed, the
year as a whole saw a reduction of 8% in forklift orders in the European
markets, compared to the previous year. Moreover, warehouse trucks saw a
reduction of 6% and counterbalance trucks of 10%. Of the major markets, the
heaviest downturn occurred in Spain, the UK and Italy, while Rocla's domestic
markets, Denmark and Russia also experienced a significant reduction in demand.
For its part, Finland saw a somewhat more moderate reduction.
On average, development in Rocla's warehouse truck orders matched market demand
level, while trend in deliveries exceeded the industry average. Some 2% fewer
warehouse trucks were delivered compared to the previous year, while the
delivery volume of counterbalance trucks increased. In particular, this growth
was attained through expansion actions in the service business in local markets.
The key figures of Rocla's business developed as follows:
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| Meur | 1-12 | 1-12 | Change % |
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| | 2008 | 2007 | |
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| Net sales | 127.2 | 124.9 | 1.8 % |
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| Operating profit | 2.0 | 4.9 | -58.4 % |
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| Orders received | 88.8 | 98.2 | -9.6 % |
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| Order book at the end | | | |
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| of the period | 13.6 | 24.2 | -43.8 % |
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Exports and international operations generated 78.6 % of net sales (76.9 %).
Development of operating profit
The Group's net sales, €127.2 million, showed an increase of 1.8% over the
previous year (€124.9 million). Operating profit stood at €2.0 million (€4.9
million). Operating profit plummeted during the last quarter of the year while
at the end of September it was still slightly larger than the previous year's.
Net sales for the last quarter were significantly lower than in the year before.
Costs increased dramatically. Operating profit for the last quarter was burdened
by costs of approximately €0.8 million due to the expert services required by
the public tender offer for Rocla shares and the expedited booking of the option
system costs.
The Group's profit before taxes was also adversely affected by the strong
increase in financing costs, which included an exchange rate loss of some €1.0
million in December caused by the devaluation of the rouble, related to the
debts owed to the parent company by the Group's Russian subsidiary, OOO Rocla
RUS. In addition, interest expenditure increased due to the increase of rental
business, the general rise in interest rates and the financing required for the
company acquisition in Denmark.
Consolidated profit before taxes came to €-1.8 million (€3.2 million) and net
income for the period was €-1.4 million (€2.4 million).
Balance sheet and financial position
At the end of 2008, the consolidated balance sheet total stood at €107.5 million
(€85.5 million). The balance sheet grew due to the company acquisition in
Denmark in June 2008 in particular. Furthermore, the net interest-bearing
liabilities of the Group totalled €59.0 million (€36.8 million), net gearing
234.6% (136.2%) and the equity-to-assets-ratio 23.6% (32.0%).
Cash flow from operations before investment totalled €6.2 million (€6.0 million)
and that before external financing €-2.2 million (€1.1 million).
Profitability
Consolidated return on investment for the period, ROI, was 4.5% (8.6%). Return
on equity, ROE, was -5.4% (9.4%).
Earnings per share, EPS, amounted to €-0.33 (€0.57).
The year-end equity per share stood at €5.94 (€6.38).
R&D and investment
During the year gone by, Rocla's gross investments in R&D activities totalled
€4.1 million, i.e. 3.2% of net sales (€4.5 million and 3.6% in 2007).
Gross investment in fixed assets was €8.2 million (€4.8 million), of which
product development expenditure of €2.4 million (€2.1 million) was capitalised
in line with IFRS practices.
Management
Tapio Rummukainen B.Sc. (Eng.) acts as the President and CEO of Rocla Oyj from 1
January 2008. In operational decision-making, the CEO is assisted by an
Executive Team consisting of the following directors: Jukka Viinikainen
(Customer Relations Management), Pentti Salonen (Products), Janne Polvilampi
(Offering Development), Juha Mikkonen (Business Support), Hilkka Webb (Finance)
and since January 31, 2009 the directors supporting the Mitsubishi integration
Wataru Mizunuma (Chief Engineering) and Katsumi Hamada (Corporate Planning).
In addition to the aforementioned, the extended Executive Team includes Jari
Valtanen (Country Manager, Finland), Peter Møller (Country Manager, Denmark),
Konstantin Titov (Country Manager, Russia), Anselmi Immonen (Director,
Solutions), Kyösti Sarkkinen (Director, Mentoring), Maija Karhusaari (Director,
Marketing and Communications) and Heikki Karsimus (Director, Development of the
Solutions Business).
Personnel
In 2008, the Group had an average of 604 employees (505). At the end of the
year, there were a total of 648 employees (521), of whom 219 (106) worked
outside Finland. Most of this growth in personnel is attributable to the
acquisition of VB Trucks A/S in Denmark and strengthening of our customer
service organisations in other local markets.
Decisions of the Annual General Meeting 2008
Financial Statements
At Rocla Oyj's Annual General Meeting, held on 26 March 2008, the accounts for
the financial year 2007 were approved and the persons responsible were
discharged from liability. According to the proposal of the Board of Directors,
it was decided that a dividend of €0.25 per share would be paid. The record date
for the dividend payment was 31 March and the payment date was 7 April.
Cash Bonus
The Annual General Meeting decided to pay a cash bonus to the Group personnel,
amounting to €1,056 per employee and given to all persons who had been in the
employment of Rocla Group throughout 2007.
Board of Directors and Auditors
The Annual General Meeting decided that the number of the Directors of the Board
would be six. Ilkka Hakala, Eero Karvonen and Vesa Puttonen were re-elected,
while Gregory E. King, Naoyuki Matsumura and Christian Ramm-Schmidt were elected
as new members. At the first meeting of the Board of Directors, Vesa Puttonen
was elected Chairman of the Board and Ilkka Hakala Vice Chairman. Of the members
of the Board of Directors, Vesa Puttonen, Ilkka Hakala, Eero Karvonen and
Christian Ramm-Schmidt are independent of the company and its principal owners.
The AGM elected KMPG Oy Ab, Authorised Public Accountants, as the company's
auditor, with Lasse Holopainen, Authorised Public Accountant, acting as the
principal auditor.
The number of Rocla Oyj's Board Members was reduced to five, when Gregory E.
King relinquished his Board Membership on 31 May 2008 after resigning from the
company's major owner of that time, Mitsubishi Caterpillar Forklift America Inc.
Election of Board Members in the Extraordinary General Meeting in January 2009
At Rocla Oyj's Extraordinary General Meeting held on 13 January 2009 it was
decided that the number of Directors of the Board would be five: Naoyuki
Matsumura and Vesa Puttonen were re-elected, while Herman Hofland, Yuichi Mano
and Hiroyuki Shimma were elected as new members. At the first meeting of the new
Board of Directors, Hiroyuki Shimma was elected Chairman of the Board and Vesa
Puttonen as Vice Chairman.
Board Authorisations
The Annual General Meeting authorised the Board to decide on the acquisition of
194,535 treasury shares and the transfer of treasury shares held by the company.
Under this authorisation, the Board may issue a maximum of 230,000 shares based
on one or several decisions. The authorisation is valid for a paid share issue.
Shares will be purchased in a ratio other than the current shareholder ownership
ratio, through public trading arranged through the Helsinki Stock Exchange.
These shares must be purchased at their fair value at the time of their
purchase, as determined under public trading.
This authorisation shall remain valid until the Annual General Meeting of 2009,
or a maximum of 18 months from the AGM's decision.
The authorisation includes waiving the existing shareholders' pre-emptive right
to subscribe for shares (directed share issue) based on the prerequisites stated
under law. This authorisation includes the right to decide on how the
subscription price is entered in the company's balance sheet. The subscription
price may be paid either through a monetary settlement or partly or entirely in
exchange for a consideration in kind or by exercising the right to offset the
subscription price.
The Board of Directors has the right to decide on all other conditions of the
share issue. The share issue authorisation shall remain valid until the Annual
General Meeting of 2009.
Options
The Annual General Meeting decided to issue stock options to the key personnel
and Board members of Rocla Oyj as well as to a fully owned subsidiary of the
company. It was thereby decided that a maximum total number of 300,000 stock
options would be issued, entitling their owners to subscribe for a maximum total
of 300,000 new shares in the company or treasury shares.
Of the options, it was decided that 100,000 would be marked with the symbol
2008A, 100,000 with 2008B and 100,000 with 2008C. In accordance with this
decision, the subscription period for the shares will be 1 April 2011 to 31
March 2013 for option 2008A; 1 April 2012 to 31 March 2014 for option 2008B; and
1 April 2013 to 31 March 2015 for option 2008C.
Furthermore, this decision entailed a share subscription price for option 2008A
equal to the weighted average price of the company share during April 2008
increased by 10%, and for option 2008B a share subscription price equal to the
weighted average price of the company share during April 2009 increased by 10%,
and for option 2008C a share subscription price equal to the weighted average
price of the company share during April 2010 increased by 10%.
The public tender offer issued by Mitsubishi Caterpillar Forklift Europe B.V.
for Rocla's shares included a redemption offer for all option rights. MCFE
therefore redeemed all of the option rights, a total of 109,000, in December
2008. Upon the end of the year, the company had no option scheme in effect.
Treasury shares
At the end of the financial period 2008, Rocla Oyj held a total of 29,066
treasury shares, corresponding to approximately 0.7% of the number of shares and
votes. This number was reduced from the previous year-end due to the 1,723
shares awarded to the management based on the bonus system.
Abolishment of the redemption clause at the Extraordinary General Meeting in
December 2008
At the Extraordinary General Meeting of Rocla Oyj, held on 1 December 2008, it
was resolved that the redemption clause contained in Article 12 of the Articles
of Association of Rocla be abolished. This decision by the Extraordinary General
Meeting was conditional, requiring that Mitsubishi Caterpillar Forklift Europe
B.V. publicly announce that the conditions for the completion of its public
tender offer had been satisfied or waived by MCFE, and that the public tender
offer would be completed in accordance with its terms and conditions.
Mitsubishi Caterpillar Forklift Europe B.V. later announced that the conditions
for the completion of its public tender offer had been satisfied and that the
company would complete the public tender offer; thus the redemption clause in
the Articles of Association of Rocla Oyj was abolished.
Share trading and price development
During 2008, a total of 3,244,364 Rocla Oyj shares were traded on the Helsinki
Stock Exchange, representing around 76.6% of the average number of shares,
excluding treasury shares, at a value of €41,668,891. The highest quotation for
2008 was €13.00 and the lowest €6.50. The share price averaged €12.84 and closed
at €12.70.
On the balance sheet date, the market capitalisation, excluding treasury shares,
totalled €53.8 million (€47.0 million).
Ownership
The last quarter of 2008 saw a major change in Rocla Oyj's ownership as the
public tender offer for Rocla shares made by Mitsubishi Caterpillar Forklift
B.V. was completed.
Rocla Oyj's ten largest shareholders on 31 December 2008 were:
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| | Owner | Per cent of | Shares and |
| | | shares and | votes |
| | | votes | |
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| 1. | Mitsubishi Caterpillar Forklift | 98.58% | 4 204 320 |
| | Europe B.V. | | |
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| 2. | Rocla Oyj | 0.68% | 29 066 |
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| 3. | Polon Peter | 0.21% | 9 150 |
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| 4. | Lehto Kai Rauno Into | 0.04% | 1 500 |
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| 5. | Lappalainen Jussi | 0.03% | 1 200 |
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| 6. | Royal Skandia Life Assurance Ltd | 0.02% | 1 000 |
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| 7. | Eskelinen Martti Aulis | 0.02% | 1 000 |
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| 8. | Pajarinen Reijo Heikki | 0.02% | 1 000 |
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| 9. | Kuula Osmo Kullervo | 0.02% | 800 |
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| 10. | Nuottasaari Invest Oy | 0.02% | 700 |
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| | Total | 99.65% | 4 249 736 |
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| | Nominee-registered holdings | 0.02% | 927 |
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| | Others | 0.33% | 14 125 |
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| | Sum total | 100.0% | 4 264 788 |
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Board shareholding
On 31 December 2008, the company's Board Members and its President & CEO did not
hold any shares in the company.
Impending risks and uncertainties
The most significant, near-term risks to the Group's business operations are
related to the uncertain development of product sales in the current economic
recession, the efficacy of cost reductions, the securing of cash flow as
operating volumes decrease and the exchange rate risk in the Russian business
operations. Risks associated with raw material costs and component availability
are expected to reduce as the economic situation declines. The company's goal is
to lower its manufacturing costs through leveraging the opportunity to do so
created by the declining economic trends and the fruits of ownership
cooperation.
Environmental issues
Rocla's operations do not involve any major environmental risks. The most
significant environmental impacts relate to solid waste, effluents and solvent
vapour emissions from surface finishing generated during truck manufacture.
Rocla sorts all of its waste and delivers it to specialist waste disposal firms
for further treatment and recycling. Solvent vapour emissions from Rocla's
production are markedly lower than required under international regulations.
Batteries for electric trucks are the most challenging components in
environmental terms. However, Finland has an effective recycling system for
these. Truck parts and components are largely made of recyclable material.
Litigation
Rocla Oyj does not have any court cases pending, nor are there any other
judicial risks known to the Board that would have a material effect on its
performance.
Order book
The Group's year-end order book stood at €13.6 million (€24.2 million), 43.8%
lower than the level at the beginning of the year. The value of orders received
during the year fell 9.6% to €88.8 million.
Outlook
Demand for forklift trucks has declined in Rocla's principal markets in Europe
since May 2008. We estimate that the business outlook will develop in line with
the currently gloomy, global economic trends, and no significant revival in
demand is expected during 2009. At the start of the financial period 2009, Rocla
Group's order book for basic products is thin compared to its manufacturing
capacity, due to which the company is undergoing adaptive measures in order to
reduce costs. However, the service business is not vulnerable to the economic
downturn to the same extent. Actions for the expansion of the service business
in local markets over the last few years, and long-term service contracts
already won, will ensure a certain sales volume even if customers become more
cautious towards equipment investments. The order book for automation solutions
is also at a satisfactory level, and based on the tender book, the company
expects demand for automation solutions to increase over the next few years.
In 2009, it is estimated that Rocla Group's net sales will decrease compared to
last year's levels. The goal is to adapt the company's costs to this shrinkage
in business volumes. The company will start negotiating about reduction of work
force in addition to the on-going temporary lay-offs.
FINANCIAL DATA
ACCOUNTING PRACTICES
The Financial Statements Bulletin for the period January-December 2008 is
drafted based on the IAS 34 Interim Statement standard. Rocla Oyj has adhered to
the same accounting principles and reporting standards as in the Financial
Statements for 2007. The key ratios presented have been computed based on the
same principles as the corresponding data presented in the latest financial
statements. The calculation principles for the key ratios are presented on page
24 of the Financial Statements section in the Annual Report of 2007.
The Financial Statements Bulletin is unaudited.
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| CONSOLIDATED INCOME STATEMENT (Meur) | | |
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| | | | |
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| | 1-12/2008 | 1-12/2007 | Change % |
--------------------------------------------------------------------------------
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| NET SALES | 127.2 | 124.9 | 1.8 % |
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| Change in finished goods | | | |
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| and work in progress | 1.4 | -1.6 | |
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| Other operating | | | |
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| income | 0.2 | 0.1 | |
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| Materials and | | | |
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| services | -71.9 | -74.6 | -3.6 % |
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| Personnel expenses | -29.9 | -24.1 | 24.1 % |
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| Depreciation | -9.2 | -7.3 | 26.8 % |
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| Other operating | | | |
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| expenses | -15.8 | -12.7 | 24.3 % |
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| OPERATING PROFIT | 2.0 | 4.9 | -58.4 % |
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| Financial expenses | | | |
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| (net) | -3.8 | -1.7 | 123.7 % |
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| INCOME BEFORE | | | |
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| TAXES | -1.8 | 3.2 | -154.8 % |
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| Income taxes | 0.3 | -0.8 | -141.1 % |
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| NET INCOME | | | |
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| FOR THE PERIOD | -1.4 | 2.4 | -159.6 % |
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| Earnings per share | | | |
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| euros | -0.33 | 0.57 | |
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| Earnings per share, | | | |
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| euros (diluted) | - | - | |
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| CONSOLIDATED BALANCE SHEET (Meur) | 1-12/2008 | 1-12/2007 |
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| ASSETS | | |
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| NON-CURRENT ASSETS | | |
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| Intangible | | |
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| assets | 8.4 | 7.6 |
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| Consolidated goodwill | 2.5 | 2.1 |
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| Tangible | | |
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| assets | 43.6 | 30.5 |
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| Receivables | 0.3 | 0.1 |
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| NON-CURRENT ASSETS | | |
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| TOTAL | 54.8 | 40.3 |
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| CURRENT ASSETS | | |
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| Inventories | 35.0 | 23.9 |
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| Sales receivables and | | |
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| other receivables | 16.2 | 20.3 |
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| Cash and cash equivalents | 1.5 | 1.0 |
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| CURRENT ASSETS | | |
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| TOTAL | 52.7 | 45.2 |
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| ASSETS TOTAL | 107.5 | 85.5 |
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| EQUITY AND LIABILITIES | | |
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| Share capital | 4.3 | 4.3 |
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| Premium fund | 6.8 | 6.8 |
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| Retained earnings | 15.2 | 13.6 |
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| Income for the period | -1.4 | 2.4 |
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| EQUITY TOTAL | 25.2 | 27.0 |
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| NON-CURRENT LIABILITIES | | |
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| Interest-bearing debt | 34.5 | 20.9 |
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| Deferred taxes | 1.7 | 1.9 |
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| NON-CURRENT LIABILITIES | | |
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| TOTAL | 36.2 | 22.8 |
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| CURRENT LIABILITIES | | |
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| Interest-bearing debt | 26.1 | 16.9 |
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| Provisions | 0.4 | 0.4 |
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| Non interest-bearing debt | 19.7 | 18.3 |
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| CURRENT LIABILITIES | | |
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| TOTAL | 46.2 | 35.7 |
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| LIABILITIES TOTAL | 82.4 | 58.4 |
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| EQUITY AND LIABILITIES | | |
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| TOTAL | 107.5 | 85.5 |
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CHANGE IN EQUITY
A=Share capital, B=Premium fund, C=Translation differences
D=Current value fund, E=Retained earnings, F=Income for the period, G=Total
--------------------------------------------------------------------------------
| 1-12/2008 | A | B | C | D | E | F | G |
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| Beginning | 4.3 | 6.8 | 0.0 | 0.0 | 16.0 | - | 27.0 |
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| Share | | | | | | | |
| subscriptions | | | | | | | |
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| on option-rights | | | | | | | |
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| Dividends paid | | | | | -1.1 | | -1.1 |
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| Net income | | | | | | -1.4 | -1.4 |
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| Other changes | | 0.0 | 0.3 | 0.0 | 0.3 | | 0.6 |
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| End | 4.3 | 6.8 | 0.3 | 0.0 | 15.2 | -1.4 | 25.2 |
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| 1-12/2007 | A | B | C | D | E | F | G |
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| Beginning | 3.9 | 4.6 | 0.0 | 0.0 | 14.4 | - | 23.0 |
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| Share | | | | | | | |
| subscriptions | | | | | | | |
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| on option-rights | 0.3 | 2.1 | | | | | 2.5 |
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| Dividends paid | | | | | -0.8 | | -0.8 |
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| Net income | | | | | | 2.4 | 2.4 |
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| Other changes | | | 0.0 | 0.0 | | | 0.0 |
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| End | 4.3 | 6.8 | 0.0 | 0.0 | 13.6 | 2.4 | 27.0 |
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| CONSOLIDATED FUNDS STATEMENT | | |
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| | 1-12/2008 | 1-12/2007 |
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| Cash flow from operations | | |
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| Net income | -1.4 | 2.4 |
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| Adjustments: | | |
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| -Depreciation | 9.2 | 7.3 |
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| -Financial income and expenses | 3.8 | 1.7 |
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| -Taxes | -0.3 | 0.8 |
--------------------------------------------------------------------------------
| -Other adjustments | -0.3 | 0.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Change in working capital | -1.0 | -4.1 |
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| Interests paid | -5.2 | -2.1 |
--------------------------------------------------------------------------------
| Interests received | 1.4 | 0.1 |
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| Taxes paid | 0.0 | 0.0 |
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| NET CASH FLOW FROM | | |
--------------------------------------------------------------------------------
| OPERATIONS | 6.2 | 6.0 |
--------------------------------------------------------------------------------
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| NET CASH FLOW FROM | | |
--------------------------------------------------------------------------------
| INVESTMENTS | -8.4 | -4.9 |
--------------------------------------------------------------------------------
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| Cash flow from financing | | |
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| Loans withdrawn | 13.1 | 5.3 |
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| Loans repaid | -5.9 | -7.4 |
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| Increase in equity | 0.0 | 2.5 |
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| Sale of treasury shares | 0.0 | 0.0 |
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| Payment of financial | | |
--------------------------------------------------------------------------------
| leasing debts | -3.2 | -2.5 |
--------------------------------------------------------------------------------
| Dividends paid | -1.1 | -0.8 |
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| NET CASH FLOW FROM | | |
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| FINANCING | 2.9 | -2.9 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CHANGE IN LIQUID FUNDS | 0.7 | -1.8 |
--------------------------------------------------------------------------------
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| Liquid funds, beginning | 1.0 | 2.7 |
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| Foreign exchange adjustment | -0.2 | 0.0 |
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| Liquid funds, end | 1.5 | 1.0 |
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COMPANY ACQUISITION
Rocla acquired in June 2008 all the shares of the Danish
company VB Trucks A/S. The purchase price definition and
the allocation of the fair values were revised during
the third quarter of 2008.
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| Fair value of acquired assets | | | |
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| | Book | Allocated | Values |
--------------------------------------------------------------------------------
| | values | fair | total |
--------------------------------------------------------------------------------
| | | values | |
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| Intangible assets | 0.0 | 0.4 | 0.4 |
--------------------------------------------------------------------------------
| Property, plant and equipment | 2.4 | 3.3 | 5.7 |
--------------------------------------------------------------------------------
| Other assets | 7.7 | 1.4 | 9.1 |
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| Non-interest-bearing liabilities | -3.4 | -1.1 | -4.5 |
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| Interest-bearing liabilities | -4.5 | -3.4 | -7.9 |
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| Net assets | 2.1 | 0.6 | 2.7 |
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| Purchase price incl. direct costs | | | 3.1 |
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| Goodwill | | | 0.4 |
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RELATED PARTY INFORMATION
Business transactions with owner companies holding a significant position of
influence in the Group
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| (Meur) | 1-12/08 | 1-12/07 |
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| Sales to closely | | |
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| related parties | 52,5 | 55,8 |
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| Purchases from closely | | |
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| related parties | 12,7 | 11,7 |
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| CONSOLIDATED CONTINGENT COMMITMENTS (Meur) |
--------------------------------------------------------------------------------
| | 12/08 | 12/07 |
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| For own debt: | | |
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| Mortgages on real estate | 0.5 | 0.5 |
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| Corporate mortgages | 9.4 | 9.4 |
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| Shares pledged (book keeping value) | 3.2 | 0.0 |
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| Other own commitments: | | |
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| Leasing commitments | 0.7 | 0.7 |
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| Repurchase commitments | 0.8 | 0.7 |
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| INCOME STATEMENT BY | | | | | | | |
| QUARTER | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | 10-12 | 7-9 | 4-6 | 1-3 | 10-12 | 7-9 | 4-6 | 1-3 |
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| | 2008 | 2008 | 2008 | 2008 | 2007 | 2007 | 2007 | 2007 |
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| NET SALES | 30.3 | 31.0 | 34.3 | 31.6 | 35.4 | 28.4 | 30.9 | 30.3 |
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| Change in | | | | | | | | |
| finished | | | | | | | | |
| goods | | | | | | | | |
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| and | 1.3 | 0.0 | -1.7 | 1.8 | -1.7 | 0.6 | -0.3 | -0.3 |
| inventories | | | | | | | | |
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| Other | | | | | | | | |
| operating | | | | | | | | |
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| income | 0.1 | 0.0 | 0.1 | 0.0 | 0.0 | 0.0 | 0.1 | 0.0 |
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| Materials | -17.0 | -16.4 | -18.3 | -20.2 | -19.3 | -17.8 | -18.8 | -18.7 |
| and services | | | | | | | | |
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| Personnel | -8.7 | -7.0 | -7.7 | -6.5 | -7.1 | -5.2 | -6.1 | -5.8 |
| expenses | | | | | | | | |
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| Depreciation | -2.7 | -2.7 | -1.9 | -1.9 | -1.8 | -1.8 | -1.8 | -1.8 |
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| Other | | | | | | | | |
| operating | | | | | | | | |
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| expenses | -4.7 | -3.8 | -3.8 | -3.4 | -4.0 | -2.9 | -2.9 | -2.9 |
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| OPERATING | -1.5 | 1.2 | 1.0 | 1.4 | 1.5 | 1.4 | 1.1 | 0.9 |
| PROFIT | | | | | | | | |
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| Financial | | | | | | | | |
| expenses | | | | | | | | |
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| (net) | -2.0 | -0.7 | -0.4 | -0.7 | -0.5 | -0.5 | -0.4 | -0.4 |
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| INCOME | -3.4 | 0.4 | 0.5 | 0.7 | 1.0 | 0.9 | 0.8 | 0.5 |
| BEFORE TAXES | | | | | | | | |
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| Income taxes | 0.7 | -0.1 | -0.1 | -0.2 | -0.3 | -0.2 | -0.2 | -0.1 |
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| INCOME FOR | -2.7 | 0.4 | 0.4 | 0.5 | 0.8 | 0.7 | 0.6 | 0.3 |
| THE PERIOD | | | | | | | | |
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| EARNINGS PER | | | | | | | | |
| SHARE | | | | | | | | |
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| euros | -0.63 | 0.08 | 0.10 | 0.11 | 0.19 | 0.16 | 0.14 | 0.09 |
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| EARNINGS PER | | | | | | | | |
| SHARE | | | | | | | | |
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| Euros, | - | - | - | - | - | - | - | 0.09 |
| diluted | | | | | | | | |
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| KEY FIGURES | 1-12/2008 | 1-12/2007 |
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| Net sales, Meur | 127,2 | 124,9 |
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| Operating profit, Meur | 2,0 | 4,9 |
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| % of net sales | 1,6 | 3,9 |
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| Income before taxes, Meur | -1,8 | 3,2 |
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| % of net sales | -1,4 | 2,6 |
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| Equity/share, euros | 5,94 | 6,38 |
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| Equity/assets, % | 23,6 | 32,0 |
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| Return on equity, % p.a. | -5,4 | 9,4 |
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| Gross capital expenditure, Meur | 8,2 | 4,8 |
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| Return on investment, % p.a. | 4,5 | 8,6 |
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| Divedend/share, eur | 0,00 | 0,25 |
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| Dividend payout ratio, % | 0,0 | 43,7 |
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| Effective dividend | | |
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| yield, % | 0,0 | 2,3 |
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| Gross R&D costs | | |
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| - total, Meur | 4,1 | 4,5 |
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| - % net sales | 3,2 | 3,6 |
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| Personnel, | | |
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| average | 604 | 505 |
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| Personnel, | | |
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| end of period | 648 | 521 |
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| OTHER DATA | 12/08 | 12/07 |
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| Order book, Meur | 13,6 | 24,2 |
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| Shares, 1,000 | | |
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| average | 4 235 | 4119 |
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| Shares, 1,000 | | |
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| diluted, average | - | - |
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| Shares, 1,000 | | |
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| end of period | 4 236 | 4234 |
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Treasury shares are not included in the share numbers.
FINANCIAL DISCLOSURE IN 2009
The Rocla Oyj Annual General Meeting will be held on March 24, 2009 at 5 p.m. in
Järvenpää, at Rocla premises. The Annual Report for 2008 will be published in
week 12.
First quarter Interim Report will be published on April 29, 2009.
Järvenpää, February 11, 2009
ROCLA OYJ
Board of Directors
Tapio Rummukainen
President and CEO
For additional information, contact:
Tapio Rummukainen, CEO, phone +358 20 778 1370
Hilkka Webb, CFO, phone +358 20 778 1316
DISTRIBUTION
NASDAQ OMX Helsinki, The main media