FINANCIAL STATEMENTS AND RESOLUTIONS OF THE ANNUAL GENERAL MEETING OF SOLIDIUM OY
(Thomson Reuters ONE) -
* Solidium's profit for the financial year 1 July 2010 - 30 June 2011 totalled
531 million euros
* Solidium's Annual General Meeting resolved to pay 660 million euros in
dividends
* Solidium's net asset value increased during the review period by 666 million
euros, amounting to 8,381 million euros at the end of the period
* Mr Jarmo Väisänen was elected as a new member of Solidium's Board of
Directors
Solidium's Managing Director Kari Järvinen's comments:
"Solidium's mission is to support the long-term development of its portfolio
companies' business operations and to require them to operate in a profitable
and value enhancing manner. In order to carry out its mission, Solidium
continued to build up and intensify dialogue with its portfolio companies and
other major shareholders during the review period. As a major shareholder, we
are placing a new emphasis on corporate responsibility and, as a result, have
formed an independent view of our portfolio companies' corporate responsibility
matters.
Thanks to the strong dividend income received by Solidium and the executed share
sales, the dividend to be paid by Solidium for the past financial year will
increase substantially. Despite uncertainties regarding the general outlook of
the economy, we believe that Solidium will continue to receive a good level of
dividends in the coming years."
Resolutions of the Annual General Meeting
The Annual General Meeting of Solidium Oy was held in Helsinki on 31 August
2011. The Annual General Meeting adopted the company's financial statements for
the financial period 1 July 2010 to 30 June 2011. Solidium's profit for the
financial year was EUR 531.3 million, its net asset value was EUR 8,381 million
and the management cost ratio was 0.06%.
The General Meeting resolved, in accordance with the proposal of the Board, that
a dividend of EUR 660 million be paid for the financial period.
It was confirmed that the Board of Directors shall have seven (7) members. The
following persons, who gave their consent, were elected to the Board of
Directors until the end of the next Annual General Meeting: Chairman Pekka Ala-
Pietilä, Vice Chairman Eija Ailasmaa and members Antti Herlin, Markku Hyvärinen,
Marketta Kokkonen, Anni Vepsäläinen and Jarmo Väisänen.
The Annual General Meeting confirmed that the Chairman of the Board of Directors
shall receive a fee of EUR 5,500 per month, the Vice Chairman EUR 3,000 per
month and the members EUR 2,500 per month. In addition, a meeting fee of EUR
600 was confirmed for each meeting.
The firm of authorised public accountants KPMG Oy Ab, with APA Sixten Nyman as
the principal auditor, was appointed as Solidium's auditor to serve for a term
ending at the end of the next Annual General Meeting. The Annual General Meeting
resolved to remunerate the auditors in accordance with their invoice.
In addition, the Annual General Meeting discharged the members of the Board of
Directors and the Managing Director from liability for the financial period 1
July 2010 to 30 June 2011.
Emphasising corporate responsibility as an important part of analysis work
Assessing the status of corporate responsibility is an integral part of an
active owner's role. The level at which corporate responsibility is managed
gives an owner further insight on the nature of its portfolio company's business
and the status of its management. During the review period, Solidium placed an
increased emphasis on corporate responsibility issues in its agenda as an owner.
Solidium has formed an idea of the business opportunities and risks related to
corporate responsibility matters and assessed the level and means of managing
corporate responsibility in its portfolio companies. For Solidium, corporate
responsibility forms a point of view that is closely integrated with other
financial and strategic analysis of its portfolio companies.
Solidium's Annual Report has been published today and it is available in Finnish
on Solidium's website www.solidium.fi. The English and Swedish language versions
will be published later in September.
Solidium Oy
Further information: Managing Director Kari Järvinen, tel. +358 (0)10 830
8905
Solidium is a limited company wholly owned by the State of Finland. Its mission
is to strengthen and stabilise Finnish ownership in nationally important
companies and increase the value of its holdings in the long term. Investment
activities are based on financial analysis. The core of Solidium's investment
strategy is proper, value enhancing asset management of the current holdings.
Through its stakes, Solidium is a minority owner in eleven listed companies:
Elisa, Kemira, Metso, Outokumpu, Rautaruukki, Sampo, Sponda, Stora Enso,
Talvivaara Mining Company, TeliaSonera and Tieto. The market value of Solidium's
investments is approximately 7.1 billion euros at the date of this press
release. Further information: www.solidium.fi.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Solidium Oy via Thomson Reuters ONE
[HUG#1543900]
Unternehmensinformation / Kurzprofil:
Datum: 05.09.2011 - 11:00 Uhr
Sprache: Deutsch
News-ID 62195
Anzahl Zeichen: 6280
contact information:
Town:
Helsinki
Kategorie:
Business News
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