FINANCIAL STATEMENTS AND RESOLUTIONS OF THE ANNUAL GENERAL MEETING OF SOLIDIUM OY
(Thomson Reuters ONE) -
* Solidium's investment return was 13.9 per cent for the financial year 1 July
2012 - 30 June 2013
* Solidium's net asset value remained at EUR 6.9 billion regardless of profit
distribution of EUR 0.8 billion
* Solidium's Annual General Meeting resolved to pay 800 million euros profit
distribution as repayment of capital
* Heikki Bergholm and Eero Heliövaara elected as new members to the Board of
Directors
Resolutions of the Annual General Meeting
The Annual General Meeting of Solidium Oy was held in Helsinki on 30 September
2013. The Annual General Meeting adopted the company's financial statements for
the financial period of 1 July 2012 to 30 June 2013. Solidium's result before
impairment charges was EUR 446 million, the net asset value was EUR 6,910
million and the management cost ratio was 0.09 per cent. Solidium's net result
(EUR -232 million) included an impairment charge of EUR 679 million on holdings
in Outokumpu Oyj, Talvivaara Mining Company Plc and Rautaruukki Corporation,
made in accordance with Solidium's accounting principles.
The Annual General Meeting resolved, in accordance with the proposal of the
Board, that a total profit distribution of EUR 800 million as repayment of
capital will be paid for the financial period.
It was confirmed that the Board of Directors shall have seven (7) members. The
following persons 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 Heikki Bergholm, Eero Heliövaara, Markku Hyvärinen,
Marketta Kokkonen and Anni Vepsäläinen. Heikki Bergholm, b. 1956, M.Sc. (Eng.)
and Eero Heliövaara, b. 1956, M.Sc. (Eng.) and M.Sc (Econ.) were elected as new
members. Mr. Bergholm is the Chairman of the Board of Lassila & Tikanoja Plc,
among others, and has previously been CEO of Suominen Corporation and Lassila &
Tikanoja Yhtymä Plc. Mr. Heliövaara is the Director General of the Ownership
Steering Department and has previously been CEO of SRV Group Plc and Pohjola
Group Plc. Both new members have extensive experience in contributing in Boards
of Directors of both public and private companies.
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
expiring 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 of
1 July 2012 to 30 June 2013.
Events after the financial period
On 5 September 2013, Solidium placed 68 million shares in TeliaSonera AB,
resulting in a decrease of Solidium's holding in TeliaSonera from 11.7 per cent
to 10.1 per cent of the outstanding shares. The proceeds from the equity
offering after foreign exchange adjustment were approximately EUR 366 million
representing a pre-tax gain for Solidium of approximately EUR 126 million
relative to the book value. Solidium has on 20 September 2013 entered into a new
?300 million unsecured revolving credit facility agreement which replaced the
previous ?300 million revolving credit facility.
Solidium's Annual Report has been published today and is available in English,
Finnish and Swedish on Solidium's website, www.solidium.fi.
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 basis and core objective of
Solidium's investment strategy is proper, value-enhancing asset management of
its current holdings. Through its stakes, Solidium is a minority owner in eleven
listed companies: Elisa, Kemira, Metso, Outokumpu, Outotec, Rautaruukki, Sampo,
Stora Enso, Talvivaara Mining Company, TeliaSonera and Tieto. The market value
of Solidium's investments is approximately 7.6 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#1732658]
Unternehmensinformation / Kurzprofil:
Datum: 01.10.2013 - 12:03 Uhr
Sprache: Deutsch
News-ID 301737
Anzahl Zeichen: 5616
contact information:
Town:
Helsinki
Kategorie:
Business News
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