SOLIDIUM OY'S HALF-YEAR REPORT FOR JULY-DECEMBER 2014
(Thomson Reuters ONE) -
* Solidium's investment yield was -4.8% for the six-month review period and
6.2% for the calendar year 2014
* Solidium's profit for the review period before impairments amounted to EUR
151 million
* Solidium paid EUR 1,087 million in profit distribution to the State of
Finland
* Solidium's net asset value decreased by EUR 1,452 million during the review
period due to the profit distribution and decrease in equity portfolio
value, and was EUR 6,642 million at the end of the period
* The combination of Rautaruukki and SSAB was completed on 29 July 2014
* Talvivaara Sotkamo Ltd, the operating subsidiary of Talvivaara Mining
Company Plc, applied for bankruptcy on 6 November 2014
* Solidium decreased its shareholding in TeliaSonera by selling shares for EUR
547 million
* Solidium increased its shareholding in Outotec by acquiring shares for EUR
6 million
Kari Järvinen, Managing Director of Solidium Oy, comments the review period:
"The stock market volatility increased clearly during the second half of 2014.
The expectations for the growth of the global economy and especially for the
European economies weakened and the risk appetite of investors decreased. These
developments were reflected especially in the equity valuation levels of the
companies in cyclical basic industries. Furthermore, many of Solidium's
portfolio companies are sensitive to the uncertainties relating to the price
levels of oil and other commodities as well as to the development of industrial
investments.
During the review period, Solidium paid EUR 1,087 million in profit distribution
to the State. This brings the total profit distribution by Solidium to EUR 3.7
billion during the last five years. Profit distribution to the owner in excess
of the incoming dividend stream makes disposals of the holdings necessary, which
among other things results to constant decline of the dividend income.
Our owner, the Finnish State, has defined strengthening and stabilising Finnish
ownership in nationally important companies and increasing the value of our
holdings in the long run as the core mission of Solidium. In addition, and
especially in the current financial situation of the State, Solidium has an
important role through its dividend distribution in complementing the revenues
of the State. However, it is crucial to balance the role as a source of
dividends with the defined core mission. Last years have made it evident that it
is not irrelevant whether significant Finnish listed companies have owners that
are committed in their long-term development."
Further information: Kari Järvinen, Managing Director, 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. Its
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 twelve listed companies: Elisa, Kemira, Metso, Outokumpu, Outotec,
Sampo, SSAB, Stora Enso, Talvivaara Mining Company, TeliaSonera, Tieto and
Valmet. The market value of Solidium's investments is approximately EUR 8.2
billion as of the date of this press release. More information: www.solidium.fi.
The complete half year report can be found here:
Half-year report:
http://hugin.info/142364/R/1890324/669273.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire 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 GlobeNewswire
[HUG#1890324]
Unternehmensinformation / Kurzprofil:
Datum: 29.01.2015 - 12:00 Uhr
Sprache: Deutsch
News-ID 367878
Anzahl Zeichen: 4528
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Town:
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Kategorie:
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"SOLIDIUM OY'S HALF-YEAR REPORT FOR JULY-DECEMBER 2014"
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