Interim Report January 1 - June 30, 2009: Earnings improvement
continued
(Thomson Reuters ONE) - STOCK EXCHANGE RELEASE HUHTAMÿKI OYJ 23.7.2009 AT 8:30- Group net sales dampened by economic downturn and customercautiousness, some volume recovery experienced in the second quarter- Earnings improved due to successful cost containment, betteroperational control as well as price and mix management- Free cash flow continued strong, debt reduced further- Progress with strategic review of the rigid plastic consumer goodsbusiness; action taken in South America and Australia- Full year sales outlook remains uncertain and pressure on marginsis expected to increase during the course of the yearKey figuresEUR million H1 2009 H1 2008 Q2 2009 Q2 2008Net sales 1,054.4 1,139.1 547.8 590.5EBIT* 74.0 47.0 39.0 27.0EBIT margin % 7.0 4.1 7.1 4.6EPS 0.42 0.21 0.24 0.13ROI % (12m roll.) -3.2 0.2 - -* EBIT includes non-recurring charges of EUR 3.8 million in Q2 2009and EUR 6.8 million in Q2 2008.OverviewThe demand for consumer packaging was characterized by uncertaintyand customer cautiousness in the first half of the year. Althoughmajority of the Group's segments are considered to be of a defensivenature with mainly food and personal care related packaging products,the Group net sales were not immune to the economic downturn anddeclined during the reporting period. The net sales decline wasvolume driven in the first quarter. While there was some improvementin volumes in the second quarter this was more than offset bynegative price and mix development compared to the previous year.Operating earnings for the reporting period continued well above thecorresponding period in 2008 in spite of lower sales. Earningsimproved due to successful cost containment, better operationalcontrol as well as price and mix management. Profitability improvedmarkedly in North America and Rigid Consumer Goods Plastics segments.At EUR 102 million, free cash flow improved by EUR 30 millioncompared to the previous year. Cash flow generation was goodespecially in North America and Flexibles Global segments. Strongreduction of net debt was achieved.The ongoing strategic review of the rigid plastic consumer goodsbusiness progressed during the second quarter. The rigid plasticconsumer goods business in South America as well as the expandedpolystyrene (EPS) packaging business in Australia were divested.Business review by segmentThe current segment structure for financial reporting was adopted asof January 1, 2009. The sales distribution by segment is thefollowing: Flexibles Global 23% (22% against same period in 2008),Films Global 7% (9%), North America 27% (22%), Rough Molded FiberGlobal 9% (10%), Foodservice Europe-Asia-Oceania 20% (20%) and RigidConsumer Goods Plastics 14% (17%).Flexibles GlobalFlexibles business is organized as a global segment. Flexibles areused for consumer packaging of a wide range and variety of food,personal and health care and other products.EUR million H1 2009 H1 2008 Q2 2009 Q2 2008Net sales 239.3 255.2 119.0 126.4EBIT 13.6 11.7 4.8 5.5EBIT margin % 5.7 4.6 4.0 4.4RONA % (12m roll.) 0.3 4.7 - -In Europe sales recovered in the second quarter after a weak start tothe year. In Asia-Oceania sales development continued subdued due tomarket softness in the region.Improved profitability reflects cost containment. The second quarterearnings were negatively impacted by an inventory revaluation inEurope due to lower raw material costs.The discontinuation of the loss-making flexible packaging operationsin Malvern, USA, was finalized in the second quarter 2009.Films GlobalFilms business is organized as a global segment. Films are mainlyused for technical applications in the label, adhesive tape, hygieneand health care industries, as well as building and construction,automotive, packaging and graphic arts industries.EUR million H1 2009 H1 2008 Q2 2009 Q2 2008Net sales 80.3 106.5 39.1 53.4EBIT* -2.9 4.1 -3.4 3.6EBIT margin % -3.6 3.8 -8.7 6.7RONA % (12m roll.) 0.7 6.6 - -* Q2 2009 EBIT includes EUR 3.8 million non-recurring charges.Sales within the segment suffered from weak demand of industrialapplications during the reporting period. The consumer relatedproducts were more resilient to the economic downturn.Profitability reflects significant volume shortfall partially offsetby cost reduction efforts and better operational control. Thereported EBIT in the second quarter includes non-recurring chargesfollowing the divestment of the release paper business and furtherfocus on release films in Forchheim, Germany. These resulted in thetermination of approximately 100 permanent positions by the end ofthe first quarter 2010.North AmericaThe segment includes the Rigid and Molded Fiber business in NorthAmerica and Mexico. Rigid paper and plastic packaging, which servesice-cream and other consumer goods as well as foodservice markets, iscompleted with Molded Fiber Chinet® disposable tableware products.EUR million H1 2009 H1 2008 Q2 2009 Q2 2008Net sales 282.2 252.7 153.1 138.6EBIT 38.1 21.7 23.6 14.4EBIT margin % 13.5 8.6 15.4 10.4RONA % (12m roll.) 13.0 8.0 - -Sales within the segment grew during the reporting period. However,in constant currencies sales were slightly below the level of thecorresponding period in 2008. Retail and Frozen desserts showedgrowth. Sales development in other market segments was weaker,partially as a result of product portfolio optimization.The clear improvement in profitability reflects strong marketpositions and lower costs. Also, currency translation impact wasfavorable.The closure of the rigid plastics site in Phoenix, USA, will befinalized in the third quarter 2009.Rough Molded Fiber GlobalThe segment includes the Rough Molded Fiber business in Europe,Oceania, Africa and South America. Rough molded fiber is used to makefresh product packaging, such as egg and fruit packaging.EUR million H1 2009 H1 2008 Q2 2009 Q2 2008Net sales 99.6 108.9 51.3 54.2EBIT 8.1 6.1 4.3 3.0EBIT margin % 8.1 5.6 8.4 5.5RONA % (12m roll.) 6.1 7.6 - -Sales growth was achieved in constant currencies and excludingancillary operations, i.e. machine and waste paper trade businesses.In the second quarter demand increased driven by South America,Africa and Oceania.The improvement in profitability reflects sales growth in certainmarket segments and cost containment. The adverse currency impact inthe beginning of the year was less pronounced in the second quarter.Foodservice Europe-Asia-OceaniaFoodservice paper and plastic disposable tableware is supplied tofoodservice operators and fast food restaurants.EUR million H1 2009 H1 2008 Q2 2009 Q2 2008Net sales 225.3 247.8 120.8 132.8EBIT 8.8 7.7 6.4 5.3EBIT margin % 3.9 3.1 5.3 4.0RONA % (12m roll.) -0.2 0.3 - -Sales recovered in Asia and remained on a good level in Oceania inthe second quarter. Meanwhile, sales growth in Europe slowed down.Overall sales within the segment declined during the reportingperiod.Profitability reflects lower costs and better operational control inAsia partially offset by adverse currency impact.The closure of the site in Balakong, Malaysia, is expected by the endof the third quarter 2009.Rigid Consumer Goods PlasticsThe segment includes the Rigid Consumer Goods Plastics business inEurope and Oceania. Rigid plastic packaging serves the consumer goodsmarkets with fresh food, dairy, ice cream and edible fats packaging.EUR million H1 2009 H1 2008 Q2 2009 Q2 2008Net sales 153.8 205.1 76.1 104.3EBIT 11.7 -4.3 6.0 -4.8EBIT margin % 7.6 -2.1 7.9 -4.6RONA % (12m roll.) -67.9 -24.2 - -* Q2 2008 EBIT includes EUR 6.8 million non-recurring charges.Sales within the segment declined during the reporting period. Thediscontinued operations in the UK and to a smaller extent therecently divested units had a negative impact on sales.The clear improvement in profitability reflects better operationalcontrol and lower costs.During the second quarter the rigid plastic consumer goods businessin South America was sold to subsidiaries of Bemis Company, Inc. Withthree manufacturing units in Brazil and one in Argentina and some 640employees the annual net sales of the divested businesses wereapproximately EUR 60 million. The agreed value for the transactionwas EUR 30 million. Furthermore, the EPS packaging business inAustralia was sold to Pact Group Pty Ltd. The annual net sales of thedivested unit were approximately EUR 7 million and it employed some40 people. The agreed value for the transaction was EUR 5 million.The transaction impact on earnings was neutral.A strategic review of the remaining rigid plastic consumer goodsoperations in Europe and Australia is ongoing.Financial reviewThe Group EBIT for the reporting period was EUR 74 million (EUR 47million), corresponding to an EBIT margin of 7.0% (4.1%). In thesecond quarter, the Group EBIT was EUR 39 million (EUR 27 million),corresponding to an EBIT margin of 7.1% (4.6%). Excluding thenon-recurring charges of EUR 4 million (EUR 7 million), the GroupEBIT for the reporting period was EUR 78 million (EUR 54 million),corresponding to an EBIT margin of 7.4% (4.7%), and for the secondquarter EUR 43 million (EUR 34 million), corresponding to an EBITmargin of 7.8% (5.7%).The net financial items for the reporting period were EUR -16 million(EUR -20 million) and for the second quarter EUR -7 million (EUR -11million). Tax expense for the period was EUR 12 million (EUR 5million) and for the second quarter EUR 7 million (EUR 3 million).The result for the period was EUR 47 million (EUR 23 million) and theearnings per share (EPS) attributable to equity holders of the parentcompany were EUR 0.42 (EUR 0.21). Correspondingly in the secondquarter these were EUR 26 million (EUR 13 million) and EUR 0.24 (EUR0.13). The average number of outstanding shares used in the EPScalculations was 100,426,461 (unchanged) excluding 5,061,089(unchanged) of the Company's own shares.Balance sheet and cash flowFree cash flow for the reporting period was EUR 102 million (EUR 73million), with the second quarter amounting to EUR 65 million (EUR 85million). The improvement was due to higher earnings, lower capitalexpenditure and prudent working capital management. North America andFlexibles Global segments continued as most successful in generatingcash flow. Capital expenditure was EUR 18 million (EUR 31 million),with the second quarter spending at EUR 10 million (EUR 18 million).Net debt was EUR 487 million (EUR 710 million) at the end of June2009. This corresponds to a gearing ratio of 0.68 (0.94). Totalassets on the balance sheet were EUR 1,889 million (EUR 2,207million).PersonnelThe Group had 13,712 (15,373) employees at the end of June 2009.Short-term risks and uncertaintiesVolatile raw material and energy prices as well as movements incurrency translations are considered to be relevant short-termbusiness risks and uncertainties in the Group's operations. Materialchanges in general economic conditions or in the financial marketscould have an adverse effect on the implementation of the Group'sstrategy and on its business performance and earnings.Outlook for 2009Full year sales outlook remains uncertain and pressure on margins isexpected to increase during the course of the year.In the short-term, price and mix management, supply chaininitiatives, control over costs and capital spending, positive cashflow generation and net debt reduction continue as key focus areaswithin the Group. Capital expenditure in 2009 is expected to beclearly below EUR 100 million.Financial reporting in 2009Huhtamaki will publish the interim report for January 1 - September30, 2009 on October 22.Espoo, July 22, 2009Huhtamäki Oyj's Board of DirectorsFor further information, please contact:Mr. Jukka Moisio, CEO, tel. +358-10-686 7801Mr. Timo Salonen, CFO, tel. +358-10-686 7880Ms. Kia Aejmelaeus, Head of Investor Relations, tel. +358-10-686 7819or mobile +358-40-765 4616Mrs. Minna Kylänpää, Head of Group Communications, tel. +358-10-6867863A news conference for analysts and media will be held at 11:00Finnish time at the head office, address Keilaranta 10, Espoo,Finland. CEO Jukka Moisio and CFO Timo Salonen will present theresults, after which a buffet lunch is served. A conference call foranalysts and investors will start at 14:00 Finnish / 12:00 UK / 07:00New York time with a management presentation, followed by a questionand answer session. To participate, please dial one of the followingnumbers 5-10 minutes prior to the call start:- Number for participants from Finland: 0923 114 173- Number for participants outside of Finland: +44 (0) 1452 555 566- Conference ID: 17356248All results materials will be available at www.huhtamaki.com. Theresults presentation slides will be online approximately at 11:00Finnish time. A replay of the conference call in the form of an audiowebcast will be available during the same evening.Huhtamäki OyjJanuary 1 - June 30, 2009Group income statement(IFRS)Unaudited H1 H1 Q2 Q2 Q1-Q4EUR million 2009 2008 2009 2008 2008Net sales 1,054.4 1,139.1 547.8 590.5 2,260.0Cost of goods sold -873.8 -983.2 -453.6 -508.3 -2,043.2Gross profit 180.6 155.9 94.2 82.2 216.8Other operating income 10.5 7.3 6.9 3.6 21.6Sales and marketing -39.3 -42.1 -21.5 -22.3 -84.8Research and development -7.7 -8.5 -3.7 -4.2 -16.2Administration costs -62.0 -58.8 -31.9 -29.6 -117.2Other operating expenses -8.1 -6.8 -5.0 -2.7 -94.7 -106.6 -108.9 -55.2 -55.2 -291.3Earnings before interest 74.0 47.0 39.0 27.0 -74.5and taxesFinancial income 14.0 7.1 10.7 3.1 10.0Financial expenses -29.5 -27.1 -17.2 -14.5 -55.7Income of associated 0.3 0.3 0.1 0.2 0.5companiesResult before taxes 58.8 27.3 32.6 15.8 -119.7Income taxes -11.7 -4.8 -6.5 -2.7 9.5Result for the period 47.1 22.5 26.1 13.1 -110.2Attributable to:Equity holders of the 45.7 21.4 25.3 12.7 -111.9parent companyMinority interest 1.4 1.1 0.8 0.4 1.7EPS (EUR) from result for 0.46 0.21 0.28 0.13 -1.11the periodEPS (EUR) attributable to 0.04 - 0.04 - 0.01hybrid bond investorsEPS (EUR) attributable to 0.42 0.21 0.24 0.13 -1.12equity holders of theparent companyDiluted:EPS (EUR) from result for 0.46 0.21 0.28 0.13 -1.11the periodEPS (EUR) attributable to 0.04 - 0.04 - 0.01hybrid bond investorsEPS (EUR) attributable to 0.42 0.21 0.24 0.13 -1.12equity holders of theparent companyGroup statement of comprehensive income(IFRS) H1 H1 Q2 Q2 Q1-Q4EUR million 2009 2008 2009 2008 2008Result for the period 47.1 22.5 26.1 13.1 -110.2Other comprehensive income:Translation differences 3.8 -17.8 -6.6 6.6 -9.5Fair value and other reserves -1.3 -0.2 1.8 2.5 -9.0Income tax related to components of othercomprehensive income 0.1 0.0 -0.6 -0.6 2.7Other comprehensive income, net of tax 2.6 -18.0 -5.4 8.5 -15.8Total comprehensive income 49.7 4.5 20.7 21.6 -126.0Attributable to:Equity holders of the parent company 48.2 3.6 19.9 21.5 -127.7Minority interest 1.5 0.9 0.8 0.1 1.7Group statement of financial position(IFRS)Unaudited Jun 30 Dec 31 Jun 30EUR million 2009 2008 2008ASSETSNon-current assetsGoodwill 396.1 402.4 466.7Other intangible assets 32.5 34.5 40.2Tangible assets 645.3 676.3 763.1Investments in associated companies 2.2 1.9 1.6Available for sale investments 2.0 1.9 1.9Interest bearing receivables 0.4 0.1 1.9Deferred tax assets 14.6 15.1 13.5Employee benefit assets 60.6 62.5 55.0Other non-current assets 4.1 3.7 3.8 1,157.8 1,198.4 1,347.7Current assetsInventory 263.8 296.7 354.8Interest bearing receivables 12.5 2.1 25.4Current tax assets 8.1 9.4 12.9Trade and other current receivables 362.4 377.9 423.3Cash and cash equivalents 84.8 67.8 42.8 731.6 753.9 859.2Total assets 1,889.4 1,952.3 2,206.9EQUITY AND LIABILITIESShare capital 358.7 358.7 358.7Premium fund 104.7 104.7 104.7Treasury shares -46.5 -46.5 -46.5Translation differencies -126.8 -130.5 -138.8Fair value and other reserves -6.2 -5.0 1.3Retained earnings 334.6 327.5 454.5Total equity attributable to equity 618.5 608.9 733.9holders of the parent companyMinority interest 19.0 18.4 17.8Hybrid bond 75.0 75.0 -Total equity 712.5 702.3 751.7Non-current liabilitiesInterest bearing liabilities 466.3 474.7 399.0Deferred tax liabilities 37.9 29.8 41.8Employee benefit liabilities 103.4 103.8 104.2Provisions 56.1 58.4 57.9Other non-current liabilities 6.5 6.5 2.3 670.2 673.2 605.2Current liabilitiesInterest bearing liabilities- Current portion of long term loans 26.5 25.2 18.0- Short term loans 91.9 157.3 362.8Provisions 8.3 10.1 11.6Current tax liabilities 5.2 9.8 13.8Trade and other current liabilities 374.8 374.4 443.8 506.7 576.8 850.0Total liabilities 1,176.9 1,250.0 1,455.2Total equity and liabilities 1,889.4 1,952.3 2,206.9 Jun 30 Dec 31 Jun 30 2009 2008 2008Net debt 487.0 587.2 709.6Net debt to equity (gearing) 0.68 0.84 0.94Statement of changes in equityUnaudited Attributable to equity holders Mino- Hybrid To- of the parent company rity talEUR million Share Sha Trea- Trans- Fair Retai- Total inte- bond equity capi- re sury lation value ned rest tal issue sha- diff. and earn- pre- res other ings mium reser- vesBalance at 358.7 104.7 -46.5 -121.1 1.4 475.7 772.9 20.5 - 793.4Dec 31, 2007Dividend -42.2 -42.2 -42.2Share-based 0.4 0.4 0.4paymentsTotal -17.7 -0.1 21.4 3.6 0.9 4.5comprehensiveincome forthe yearOther changes -0.8 -0.8 -3.6 -4.4Balance at 358.7 104.7 -46.5 -138.8 1.3 454.5 733.9 17.8 - 751.7Jun 30, 2008Balance at 358.7 104.7 -46.5 -130.5 -5.0 327.5 608.9 18.4 75.0 702.3Dec 31, 2008Dividend -34.1 -34.1 -34.1Share-based 1.5 1.5 1.5paymentsInterest on -4.7 -4.7 -4.7Hybrid BondTotal 3.7 -1.2 45.7 48.2 1.5 49.7comprehensiveincome forthe yearOther changes -1.3 -1.3 -0.9 -2.2Balance at 358.7 104.7 -46.5 -126.8 -6.2 334.6 618.5 19.0 75.0 712.5Jun 30, 2009Group cash flow statement(IFRS)Unaudited H1 H1 Q2 Q2 Q1-Q4EUR million 2009 2008 2009 2008 2008Result for the period* 47.1 22.5 26.1 13.1 -110.2Adjustments* 68.1 72.4 36.3 41.5 280.0- Depreciation, amortization 48.9 46.2 27.2 23.1 245.9and impairment*- Gain on equity of -0.3 -0.3 -0.1 -0.3 -0.5minorities*- Gain/loss from disposal of 0.7 -0.5 1.2 -0.5 -4.3assets*- Financial expense/-income* 15.5 20.0 6.6 11.4 45.7- Income tax expense* 11.8 4.8 6.6 2.8 -9.5- Other adjustments, -8.5 2.2 -5.2 5.0 2.7operational*Change in inventory* 32.3 -14.7 29.7 7.3 38.2Change in non-interest 3.1 -21.5 -16.1 -13.2 8.2bearing receivables*Change in non-interest -16.4 62.8 5.5 62.9 2.8bearing payables*Dividends received* 0.1 0.2 0.0 0.1 0.5Interest received* 1.0 0.9 0.6 0.1 1.7Interest paid* -10.0 -20.5 -1.2 -10.5 -43.2Other financial expense and -2.6 2.7 -2.4 0.7 -2.1income*Taxes paid* -5.6 -3.0 -3.5 -1.5 -5.0Net cash flows from 117.1 101.8 75.0 100.5 170.9operating activitiesCapital expenditure* -17.7 -31.3 -9.7 -17.8 -74.3Proceeds from selling fixed 3.0 2.0 0.0 1.8 7.1assets*Divested subsidiaries 35.3 - 35.3 - -Proceeds from long-term 0.4 1.2 0.0 0.2 3.3depositsPayment of long-term -0.7 -2.2 -0.3 -1.8 -2.5depositsProceeds from short-term 2.4 5.0 0.0 0.3 33.4depositsPayment of short-term -12.0 -25.7 -11.3 -22.6 -31.4depositsNet cash flows from 10.7 -51.0 14.0 -39.9 -64.4investingProceeds from long-term 353.5 156.0 173.7 27.3 489.3borrowingsRepayment of long-term -365.4 -158.0 -181.0 -14.4 -415.9borrowingsProceeds from short-term 123.5 59.2 601.5borrowings 1,450.6 2,446.3Repayment of short-term -189.7 -1,443.8 -85.0 -630.0 -2,620.5borrowingsDividends paid -34.1 -42.2 -34.1 -42.2 -42.2Hybrid bond - - - - 75.0Net cash flows from -112.2 -37.4 -67.2 -57.8 -68.0financingChange in liquid assets 17.0 12.0 21.5 2.3 37.0Cash flow based 15.6 13.4 21.8 2.8 38.5Translation difference 1.4 -1.4 -0.3 -0.5 -1.5Liquid assets period start 67.8 30.8 63.3 40.5 30.8Liquid assets period end 84.8 42.8 84.8 42.8 67.8Free cash flow (including 102.4 72.5 65.1 84.5 103.7figures marked with *)NOTES FOR THE INTERIM REPORTExcept for accounting policy changes listed below, the sameaccounting policies have been applied in the interim financialstatements as in annual financial statements for 2008.Changes in accounting principlesThe Group has adopted the following IFRS standards andinterpretations considered applicable to Huhtamaki, with effect fromJanuary 1, 2009:- IAS 23 Borrowing cost. The amendment requires capitalization ofborrowing costs directly attributable to the acquisition,construction or production of a qualifying asset as part of the costof asset.- IAS 1 Presentation of Financial Statements -amendment. Amendedstandard has changed the presentation of income statement andstatement of changes in shareholders' equity.- IFRIC 13 Customer Loyalty Programmes. The interpretation addressesthe accounting by entities that operate customer loyalty programmeswith their customers.These newly adopted standards have not had impact on the reportedresults.SegmentsSegment information is presented according to the IFRS standards.Items below EBIT - financial items and taxes - are not allocated tothe segments.Net sales Q2 Q1 H1 Q4 Q3 Q2 Q1 Q1-Q4EUR million 2009 2009 2009 2008 2008 2008 2008 2008Flexibles Global 118.2 119.7 237.9 117.9 123.9 124.7 127.8 494.3 - Intersegment 0.8 0.6 1.4 -0.8 1.4 1.7 1.0 3.3net salesFilms Global 38.3 40.0 78.3 40.9 50.8 51.6 50.5 193.8 - Intersegment 0.8 1.2 2.0 1.0 1.5 1.8 2.6 6.9net salesNorth America 152.1 128.1 280.2 148.5 132.4 137.6 113.3 531.8 - Intersegment 1.0 1.0 2.0 1.4 1.0 1.0 0.8 4.2net salesRough Molded Fiber 51.0 48.3 99.3 51.5 53.1 54.1 54.7 213.4Global - Intersegment 0.3 0.0 0.3 0.2 0.3 0.1 0.0 0.6net salesFoodservice 117.8 97.1 214.9 107.0 118.7 124.6 106.4 456.7Europe-Asia-Oceania - Intersegment 3.0 7.4 10.4 7.9 8.1 8.2 8.6 32.8net salesRigid Consumer 70.4 73.4 143.8 83.0 93.2 97.9 95.9 370.0Goods Plastics - Intersegment 5.7 4.3 10.0 3.8 4.7 6.4 4.9 19.8net salesElimination of 11.6 14.5 26.1 13.5 17.0 19.2 17.9 67.6intersegment netsalesTotal 547.8 506.6 548.8 572.1 590.5 548.6 1,054.4 2,260.0EBIT Q2 Q1 H1 Q4 Q3 Q2 Q1 Q1-Q4EUR million 2009 2009 2009 2008 2008 2008 2008 2008Flexibles Global (1 4.8 8.8 13.6 -16.6 3.9 5.5 6.2 -1.0Films Global (2 -3.4 0.5 -2.9 0.1 3.7 3.6 0.5 7.9North America (3 23.6 14.5 38.1 1.2 10.5 14.4 7.3 33.4Rough Molded Fiber Global 4.3 3.8 8.1 -1.4 3.7 3.0 3.1 8.4(4Foodservice 6.4 2.4 8.8 -15.2 5.9 5.3 2.4 -1.6Europe-Asia-Oceania (5Rigid Consumer Goods 6.0 5.7 11.7 -117.7 -1.4 -4.8 0.5 -123.4Plastics (6Other activities -2.7 -0.7 -3.4 1.9 -0.1 0.0 0.0 1.8Total (7 39.0 35.0 74.0 -147.7 26.2 27.0 20.0 -74.51) Q4 2008 includes restructuring charges MEUR 1.7, goodwillimpairment charges MEUR 7.4 and tangible asset impairment chargesMEUR 8.8.2) Q2 and H1 2009 includes restructuring charges MEUR 3.8.3) Q4 2008 includes restructuring charges MEUR 2.0 and tangible assetimpairment charges MEUR 3.2.4) Q4 2008 includes goodwill impairment charges MEUR 3.7.5) Q4 2008 includes restructuring charges MEUR 3.3, goodwillimpairment charges MEUR 7.1 and tangible asset impairment chargesMEUR 4.1.6) Q4 2008 includes restructuring charges MEUR 2.3, goodwillimpairment charges MEUR 54.1 and tangible asset impairment chargesMEUR 60.9, Q3 2008 includes restructuring charges MEUR 0.1, Q2 2008includes restructuring charges MEUR 6.8.7) Q2 and H1 2009 includes restructuring charges MEUR 3.8. Q4 2008includes restructuring charges MEUR 9.3, goodwill impairment chargesMEUR 72.3 and tangible asset impairment charges MEUR 77.0, Q32008includes restructuring charges MEUR 0.1, Q2 2008 includesrestructuring charges MEUR 6.8, total amount MEUR 165.5.EBITDA Q2 Q1 H1 Q4 Q3 Q2 Q1 Q1-Q4EUR million 2009 2009 2009 2008 2008 2008 2008 2008Flexibles Global 9.3 13.3 22.6 -11.4 9.0 10.0 10.7 18.3Films Global -2.0 2.1 0.1 1.2 5.4 5.2 1.9 13.7North America 29.4 19.8 49.2 6.4 14.8 18.7 11.6 51.5Rough Molded Fiber 7.0 6.5 13.5 1.3 6.5 5.9 6.1 19.8GlobalFoodservice 11.0 7.2 18.2 -9.7 13.5 10.5 7.6 21.9Europe-Asia-OceaniaRigid Consumer Goods 8.5 8.1 16.6 -113.8 3.0 -0.4 5.0 -106.2PlasticsOther activities -2.5 -0.5 -3.0 2.5 0.2 0.2 0.2 3.1Total 60.7 56.5 117.2 -123.5 52.4 50.1 43.1 22.1Depreciation and amortization Q2 Q1 H1 Q4 Q3 Q2 Q1 Q1-Q4EUR million 2009 2009 2009 2008 2008 2008 2008 2008Flexibles Global 4.5 4.5 9.0 5.2 5.1 4.5 4.5 19.3Films Global 1.4 1.6 3.0 1.1 1.7 1.6 1.4 5.8North America 5.8 5.3 11.1 5.2 4.3 4.3 4.3 18.1Rough Molded Fiber Global 2.7 2.7 5.4 2.7 2.8 2.9 3.0 11.4Foodservice 4.6 4.8 9.4 5.5 7.6 5.2 5.2 23.5Europe-Asia-OceaniaRigid Consumer Goods 2.5 2.4 4.9 3.9 4.4 4.4 4.5 17.2PlasticsOther activities 0.2 0.2 0.4 0.6 0.3 0.2 0.2 1.3Total 21.7 21.5 43.2 24.2 26.2 23.1 23.1 96.6Net assets allocated to thesegments (8 Q2 Q1 Q4 Q3 Q2 Q1EUR million 2009 2009 2008 2008 2008 2008Flexibles Global 325.8 342.2 359.7 389.2 373.1 381.4Films Global 125.2 135.8 133.1 146.2 140.8 145.3North America 370.8 393.9 379.2 390.2 358.9 370.0Rough Molded Fiber Global 169.9 170.4 164.1 177.6 180.2 182.6Foodservice Europe-Asia-Oceania 246.6 241.7 244.2 284.0 286.0 293.6Rigid Consumer Goods Plastics 103.8 137.3 129.7 262.0 267.7 276.38) Net assets include the following balance sheet items: intangibleand tangible assets, other non-current assets, inventories, trade andother current receivables (excluding accrued interest income), othernon-current liabilities and trade and other current liabilities(excluding accrued interest expense).Capital expenditure Q2 Q1 H1 Q4 Q3 Q2 Q1 Q1-Q4EUR million 2009 2009 2009 2008 2008 2008 2008 2008Flexibles Global 3.2 2.1 5.3 4.9 3.0 8.6 4.7 21.2Films Global 0.3 0.2 0.5 0.5 0.8 1.0 2.1 4.4North America 2.8 1.0 3.8 5.9 4.0 2.6 1.3 13.8Rough Molded Fiber Global 0.8 1.6 2.4 4.8 3.1 1.0 0.8 9.7Foodservice 1.4 2.3 3.7 6.3 4.2 3.2 3.2 16.9Europe-Asia-OceaniaRigid Consumer Goods 1.0 0.8 1.8 4.1 1.3 1.4 0.7 7.5PlasticsOther activities 0.2 0.0 0.2 0.1 0.0 0.0 0.7 0.8Total 9.7 8.0 17.7 26.6 16.4 17.8 13.5 74.3RONA, % (12m roll.) Q2 Q1 Q4 Q3 Q2 Q1 2009 2009 2008 2008 2008 2008Flexibles Global 0.3% 0.4% -0.3% 3.7% 4.7% 5.5%Films Global 0.7% 5.7% 5.6% 5.9% 6.6% 6.8%North America 13.0% 10.7% 8.9% 7.8% 8.0% 8.7%Rough Molded Fiber Global 6.1% 5.3% 4.8% 7.6% 7.6% 8.1%Foodservice -0.2% -0.6% -0.6% 1.0% 0.3% 0.3%Europe-Asia-OceaniaRigid Consumer Goods -67.9% -59.3% -52.8% -27.2% -24.2% -21.1%PlasticsOperating Cash Flow Q2 Q1 H1 Q4 Q3 Q2 Q1 Q1-Q4 EUR million 2009 2009 2009 2008 2008 2008 2008 2008Flexibles Global 23.4 20.0 43.4 12.7 -3.2 6.7 4.6 20.8Films Global 8.2 1.9 10.1 13.9 0.5 7.7 2.5 24.6North America 22.9 14.5 37.4 16.5 6.7 23.1 -3.9 42.4Rough Molded Fiber Global 8.6 -0.6 8.0 3.6 3.9 8.7 1.2 17.4Foodservice 7.1 -2.1 5.0 3.6 7.6 14.5 1.3 27.0Europe-Asia-OceaniaRigid Consumer Goods 11.1 0.7 11.8 11.6 -1.2 19.9 5.5 35.8PlasticsAs net sales and EBIT of reportable segments form Groups' total netsales and EBIT, reconciliations to corresponding amounts are notpresented.Other information H1 H1 Q1-Q4EUR million 2009 2008 2008Equity per share (EUR) 6.91 7.31 6.81ROE, % (12m roll.) -11.7 -5.3 -14.8ROI, % (12m roll.) -3.2 0.2 -4.8Personnel 13,712 15,373 14,644Result before taxes -88.2 -40.1 -119.7(12m roll.)Depreciation 40.3 42.5 89.2Amortization of other 2.9 3.7 7.4intangible assetsShare capital and shareholdersAt the end of June 2009, the Company's registered share capital wasEUR 358,657,670.00 (unchanged) corresponding to a total number ofoutstanding shares of 105,487,550 (unchanged) including 5,061,089(unchanged) Company's own shares. The Company's own shares had thetotal accountable par value of EUR 17,207,702.60, representing 4.8%of the total number of shares and voting rights.The amount of outstanding shares net of Company's own shares was100,426,461 (unchanged).There were 22,058 (22,120) registered shareholders at the end of thereporting period. Foreign ownership including nominee registeredshares accounted for 26.4% (22.8%).Share developmentsThe Company's share is quoted on the NASDAQ OMX Helsinki Ltd on theNordic Mid Cap list under the Materials sector.At the end of June 2009, the Company's market capitalization was EUR775.3 million (EUR 573.9 million) and EUR 738.1 million (EUR 546.3million) excluding Company's own shares. With a closing price ofEUR 7.35 (EUR 5.44) the share price increased by 67% (-33%) from thebeginning of the year, while the OMX Helsinki Cap PI Index increasedby 9% (-20%) and the OMX Helsinki Materials PI Index decreasedby 7% (-24%). During the reporting period the volume weighted averageprice for the Company's share was EUR 6.12 (EUR 6.97). The highestprice paid was EUR 8.19 on May 7, 2009 and the lowest pricepaid was EUR 4.46 on January 2, 2009.During the reporting period the cumulative value of the Company'sshare turnover was EUR 244.3 million (EUR 397.3 million). The tradingvolume of 39.9 million (57.0 million) shares equaled an average dailyturnover of EUR 2.0 million (EUR 3.2 million) or, correspondingly327,004 (455,689) shares.In total, turnover of the Company's 2003 A, B and C as well as 2006 Aoption rights was EUR 218,077 corresponding to a trading volume of383,637.Contingent liabilities Jun 30 Dec 31 Jun 30 2009 2008 2008EUR millionMortgages 14.5 14.5 14.6Guarantee obligations 3.2 2.9 1.9Lease payments 49.1 49.8 59.7Capital expenditure commitments 24.4 7.3 30.7Nominal values of derivative instruments Jun 30 Dec 31 Jun 30 2009 2008 2008EUR millionCurrency forwards, transaction risk hedges 33 49 51Currency forwards, translation risk hedges 24 34 47Currency swaps, financing hedges 104 105 137Currency options 1 - -Interest rate swaps 174 160 158Interest rate options 8 7 10Electricity forwards - 6 -The following EUR rates have been applied to GBP, INR, AUD and USD H1/09 H1/08Income statement, average: GBP 1 = 1.118 1.290 INR 1 = 0.015 0.016 AUD 1 = 0.532 0.604 USD 1 = 0.751 0.653 Q2/09 Q2/08Balance sheet, month end: GBP 1 = 1.174 1.262 INR 1 = 0.015 0.015 AUD 1 = 0.576 0.611 USD 1 = 0.708 0.634Definitions for key indicatorsEPS from the result for the period = Result for the period - minorityinterest / Average number of shares outstandingEPS from the result for the period (diluted) = Diluted result for theperiod - minority interest / Average fully diluted number of sharesoutstandingEPS attributable to hybrid bond investors = Hybrid bond interest /Average number of shares outstandingEPS attributable to hybrid bond investors (diluted) = Hybrid bondinterest / Average fully diluted number of shares outstandingEPS attributable to equity holders of the parent company = Result forthe period - minority interest - hybrid bond interest / Averagenumber of shares outstandingEPS attributable to equity holders of the parent company (diluted) =Diluted result for the period - minority interest - hybrid bondinterest / Average fully diluted number of shares outstandingNet debt to equity (gearing) = Interest bearing net debt / Equity +minority interest + hybrid bond (average)RONA, % = 100 x Earnings before interest and taxes (12 m roll.) / Netassets (12 m roll.)Operating cash flow = Ebit + depreciation and amortization (includingimpairment) - capital expenditures + disposals +/- change ininventories, trade receivables and trade payablesShareholders' equity per share = Equity / Issue-adjusted number ofshares at period endReturn on equity (ROE) = 100 x (Result for the period ) (12 m roll.)/ Equity + minority interest + hybrid bond (average)Return on investment (ROI) = 100 x (Result before taxes + interestexpenses + net other financial expenses) (12 m roll.) / Balance sheettotal - Interest-free liabilities (average)http://hugin.info/3006/R/1330376/314442.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 23.07.2009 - 07:32 Uhr
Sprache: Deutsch
News-ID 3871
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"Interim Report January 1 - June 30, 2009: Earnings improvement
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