Kemira's fast-growing core areas are pulp and paper chemicals, water treatment chemicals and paints. Industrial chemicals (including titanium dioxide pigments) are also a core business area. The company has announced that it is separating its fertilizer business.
The Kemira Group's net sales in the January - September period of the current year were EUR 1,975 million, up 7 % on the same period a year earlier (1,853 million).
Consolidated operating income in July - September exceeded the operating income for the same quarter of the previous year and was EUR 26 million (16 million).
Operating income in the January - September period was EUR 105 million, down EUR 22 million on the previous year and representing 5% of net sales (7%). Operating income includes non-recurring expenses of EUR 7 million that are connected with the structural arrangements mentioned below (income of EUR 3 million in January - September 2001) as well as EUR 25 million of pension expenses in excess of plan (17 million). All in all, these items weakened operating income by EUR 32 million (14 million), which means that the operational result was close to last year's level.
Income before taxes and minority interests in July - September was EUR 13 million (10 million) and in January - September EUR 82 million (104 million). Income after taxes in January - September was EUR 53 million (67 million). Earnings per share were EUR 0.45 (0.55). Cash flow after capital expenditures and income from the sale of assets was EUR 55 million (106 million negative). Per-share cash flow from operations was EUR 1.84 (0.95). Equity per share was EUR 9.40 (9.35 at the end of the previous year) and the gearing ratio was 70% (61% at the end of the previous year).
The average number of the Group's employees in January - September was 10,296 (9,707 at the end of the previous year).
Owing to the market situation, the trend in the investment income of the Group's Finnish pension funds and foundations has been weaker than was previously estimated. The full-year contribution requirement is estimated at about EUR 53 million and it is based for the most part on the level of securities prices at the end of September. The contributions booked to date total EUR 39 million, an increase of about EUR 6 million on the same period of last year.
The full report including tables can be downloaded from the enclosed link.
