Kemira Oyj's Interim Report January-June 2009
(Thomson Reuters ONE) - Kemira GroupStock Exchange ReleaseJuly 30, 2009 at 9.00 am (CET+1)Marked increase in operating profit from the previous yearJanuary-June:* Revenue in January-June 2009: EUR 1,259.6 million (January-June 2008: EUR 1,425.1 million). Revenue from continuing business operations decreased by 4%.* Operating profit excluding non-recurring items rose by 27% to EUR 81.9 million (EUR 64.4 million). Operating profit in continuing business operations, excluding non-recurring items, increased by 34%.* Cash flows after investments grew significantly and were EUR 49.5 million (EUR -65.7 million). Balance sheet strengthened.* Earnings per share: EUR 0.28 (EUR 0.27).* Kemira's revenue in 2009 is expected to fall compared to 2008 due to reduced demand in customer industries, especially in Tikkurila and in pulp and paper chemicals. Operating profit in continuing business operations, excluding non-recurring items, is expected to increase from the previous year's EUR 126.3 million.Second quarter:* Revenue in April-June 2009: EUR 650.9 million (April-June 2008: EUR 741.5 million). Revenue from continuing business operations decreased by 5%.* Operating profit excluding non-recurring items rose by 45% to EUR 53.8 million (EUR 37.2 million). Operating profit in continuing business operations, excluding non-recurring items, was up 52%.* Cash flows after investments were EUR 83.9 million (EUR -56.7 million).* Earnings per share: EUR 0.23 (EUR 0.15).Key Figures and RatiosEUR million 4-6/2009 4-6/2008 1-6/2009 1-6/2008 1-12/2008Revenue 650.9 741.5 1,259.6 1,425.1 2,832.7EBITDA 82.2 71.7 139.3 139.3 243.3EBITDA, % 12.6 9.7 11.1 9.8 8.6Operating profit,excluding 53.8 37.2 81.9 64.4 132.6non-recurring itemsOperating profit 51.4 39.3 79.5 72.3 74.0Operating profit,excluding 8.3 5.0 6.5 4.5 4.7non-recurring items, %Operating profit, % 7.9 5.3 6.3 5.1 2.6Financial income and -10.6 -13.9 -26.7 -25.1 -69.5expensesProfit before tax 39.6 25.6 47.8 47.5 1.8Profit before tax, % 6.1 3.5 3.8 3.3 0.1Net profit 29.5 18.9 35.6 34.9 1.8EPS, EUR 0.23 0.15 0.28 0.27 -0.02Capital employed* 2,031.4 2,041.3 2,031.4 2,041.3 2,062.8ROCE %* 3.6 5.4 3.6 5.4 3.5Cash flows after -65.7investments 83.9 -56.7 49.5 2.7Equity ratio, % at 37period-end 35 37 35 34Gearing, % at 99period-end 104 99 104 107Personnel at period-end 9,139 10,673 9,139 10,673 9,405* 12-month rolling averageKemira's President and CEO Harri Kerminen:"Kemira's operating profit from continuing businesses, excludingnon-recurring items, increased by 52% in April-June from the sameperiod a year earlier, which is a very good achievement in thecurrent market environment. The decrease in sales volumes in severalcustomer segments was for the main part compensated by the salesprice increases implemented in the second half of last year. Fixedcosts in April-June were some EUR 22 million lower than in the sameperiod a year earlier.I am particularly pleased with the fact that our cash flows afterinvestments turned clearly positive during the first half of theyear. Strengthening of the cash flow has been our main focus for thisyear, and as part of this effort we reduced our net working capitalin the second quarter significantly. Thanks to the strong cash flow,gearing took a turn in the right direction.Customer demand remains weaker than last year, and in addition thereis pressure for increases in raw material prices. This makes ourefficiency-enhancement program, which we initiated already mid lastyear, even more important. However, we are confident that ouroperating profit excluding non-recurring items in continuingbusinesses will be higher this year compared to last year."A conference for analysts and the media:Kemira will arrange a press conference for analysts and the mediatoday on July 30, 2009 starting at 10:30 a.m. at Kemira House,Porkkalankatu 3, Helsinki. The press conference will be held inFinnish. Harri Kerminen, Kemira's President and CEO, will present theresults. Presentation material will be available on Kemira's websiteat www.kemira.com at 10:30 a.m.A conference call in English will begin at 1:00 p.m. Helsinki time.In order to participate in the call, please dial +44 (0)20 7162 0025ten minutes before the conference begins. Presentation material willbe available on Kemira's website under Investors. A recording of theconference call will be available on Kemira's website later today.The recording will be available until August 3 at +358 9 2314 4681and at +44 20 7031 4064, code 841545.Kemira Oyj will publish its results for January-September onThursday, October 29, 2009 at 9:00 a.m.For further information, please contact:Jyrki Mäki-Kala, CFOTel. +358 10 86 21589Päivi Antola, Senior Manager, IR & Financial CommunicationsTel. +358 10 86 21140Kemira is a focused company, best in water and fiber managementchemistry.In 2008, Kemira recorded revenue of approximately EUR 2.8 billion andhad a staff of 9,400. Kemira operates in 40 countries.www.kemira.comThe new strategy announced in June 2008 resulted in some changes toKemira's business structure. Financial reporting reflects the newstructure from the beginning of 2009. Kemira's new reporting segmentsare Paper, Water, Oil & Mining, Tikkurila, and Other. The Othersegment consists of specialty chemicals such as organic salts andacids and the Group expenses not charged to the segments (someresearch and development costs and the costs of the CEO Office).Kemira aims to have Tikkurila listed on the Helsinki Stock Exchangeonce market conditions permit.Financial Performance in April-June 2009Revenue from Kemira Group's continuing business operations fell by 5%in April-June 2009 compared to the same period a year earlier due toweaker demand in several customer industries. 4-6/2008April-June, Continuing businessEUR million 4-6/2009 operations 4-6/2008Revenue 650.9 686.4 741.5Operating profit, excludingnon-recurring items 53.8 35.4 37.2Operating profit, excludingnon-recurring items, % 8.3 5.2 5.0The impact of the titanium dioxide business transferred to a jointventure has been eliminated in the continuing business operations.Revenue in April-June 2009 totaled EUR 650.9 million (April-June2008: EUR 741.5 million). In extremely volatile market conditions,demand for paints and coatings decreased considerably as newconstruction, building material sales, and housing sales slowed downin all key markets. Pulp and paper chemical sales declined followingweaker demand in customer industries. Demand for municipal watertreatment solutions remained healthy, but in industrial watertreatment demand fell in some customer industries. The Oil & Miningsegment also experienced a decline in customer demand and revenue.The demand and price of specialty chemicals supplied to the food,feed, and pharmaceutical industries remained healthy.Acquisitions had an approximately EUR 19 million positive impact onrevenue. The currency exchange effect had an approximately EUR 15million negative impact on revenue, and the establishment of thejoint venture in the titanium dioxide business in 2008 decreasedrevenue in April-June by some EUR 55 million.Revenue, EUR million 4-6/2009 4-6/2008 1-12/2008Paper 221.6 241.1 1,003.3Water 160.7 144.4 583.7Oil & Mining 55.2 66.8 275.4Tikkurila 162.4 205.7 648.1Other* 71.7 111.8 414.8Eliminations -20.7 -28.3 -92.6Total* 650.9 741.5 2,832.7*2008 includes the titanium dioxide business for the period ofJanuary-August.Operating profit for April-June 2009 came to EUR 51.4 million (EUR39.3 million). Operating profit excluding non-recurring items totaledEUR 53.8 million (EUR 37.2 million). Operating profit from continuingbusiness operations, excluding non-recurring items, was up 52%. Salesprice increases were enforced in the second half last year inresponse to the significant increase in raw material prices lastyear, which contributed to the increase in operating profit inApril-June compared to the same period a year earlier and compensatedfor the impact of declined sales volumes on operating profit. Otherfactors contributing to the improvement in operating profit includedcost savings and the healthy demand for specialty chemicals. Fixedcosts decreased by about EUR 22 million compared to the same period ayear earlier. Variable costs increased in April-June 2009 by some EUR4 million compared with the same period in 2008.Acquisitions contributed some EUR 4 million to the growth inoperating profit. The currency exchange effect had an approximatelyEUR 4 million negative impact on operating profit. As of September 1,2008 Kemira's share of the titanium dioxide joint venture's resultsis being reported below operating profit. In April-June 2008, thetitanium dioxide business made an operating profit of approximatelyEUR 2 million.Operating profit, excludingnon-recurring items, EUR million 4-6/2009 4-6/2008 1-12/2008Paper 8.0 7.6 41.5Water 18.2 4.6 25.0Oil & Mining 3.2 2.4 8.4Tikkurila 24.5 29.7 59.2Other* -0.1 -6.9 -1.6Eliminations - -0.2 0.1Total* 53.8 37.2 132.6*2008 includes the titanium dioxide business for the period ofJanuary-August.The share of associates' results was EUR -1.2 million (EUR 0.2million).The Group's net financial expenses in April-June totaled EUR 10.6million (EUR 13.9 million). Net financial expenses decreased from thecorresponding period a year earlier mainly due to smaller exchangerate losses.Profit before tax in April-June amounted to EUR 39.6 million (EUR25.6 million) and net profit totaled EUR 29.5 million (EUR 18.9million). Earnings per share were EUR 0.23 (EUR 0.15).Financial Performance in January-June 2009Revenue from Kemira Group's continuing business operations fell by 4%in January-June 2009 compared to the same period a year earlier dueto weaker demand in several customer industries. 1-6/2008January-June, Continuing businessEUR million 1-6/2009 operations 1-6/2008Revenue 1,259.6 1,315.7 1,425.1Operating profit, excludingnon-recurring items 81.9 61.3 64.4Operating profit, excludingnon-recurring items, % 6.5 4.7 4.5The impact of the titanium dioxide business transferred to a jointventure has been eliminated in the continuing business operations.Revenue in January-June 2009 amounted to EUR 1,259.6 million(January-June 2008: EUR 1,425.1 million). Acquisitions had anapproximately EUR 28 million positive impact on revenue. The currencyexchange effect had an approximately EUR 22 million negative impacton revenue, and the establishment of the joint venture in thetitanium dioxide business in 2008 decreased revenue in January-Juneby some EUR 109 million.Operating profit for January-June 2009 came to EUR 79.5 million (EUR72.3 million). Operating profit excluding non-recurring items totaledEUR 81.9 million (EUR 64.4 million). Operating profit from continuingbusiness operations, excluding non-recurring items, was up 34%. Salesprice increases were enforced in the second half last year inresponse to the significant increase in raw material prices lastyear, which contributed to the increase in operating profit inJanuary-June compared to the same period a year earlier andcompensated for the impact of declined sales volumes on operatingprofit. Other factors contributing to the improvement in operatingprofit included cost savings and the healthy demand for specialtychemicals. Operating profit was eroded by lower sales volumes,particularly in Tikkurila and in pulp and paper chemicals, as well ashigher raw material prices and freight costs compared to the sameperiod a year earlier. Variable costs increased by some EUR 29million in January--June 2009 compared to the same period in 2008,but have decreased during the first half from the high reached at theend of last year. Acquisitions contributed approximately EUR 5million to the growth in operating profit. The currency exchangeeffect had an approximately EUR 2 million negative impact onoperating profit. As of September 1, 2008 Kemira's share of thetitanium dioxide joint venture's results is being reported belowoperating profit. In January-June 2008, the titanium dioxide businessmade an operating profit of approximately EUR 3 million.The annual savings target of Kemira's global cost savings program ismore than EUR 85 million. With the planned measures currentlyunderway, the related savings are estimated to materialize in2009-2010. These savings will affect the entire Group and will beachieved by streamlining the Group structure, organization, andoperating models. Fixed costs in January-June were approximately EUR25 million lower than a year earlier.The share of associates' results was EUR -5.0 million (EUR 0.3million).Profit before tax for January-June totaled EUR 47.8 million (EUR 47.5million) and net profit totaled EUR 35.6 million (EUR 34.9 million).Taxes totaled EUR 12.2 million (EUR 12.6 million), representing aneffective tax rate of around 25.5% (26.5%). Earnings per share wereEUR 0.28 (0.27).Financial Position and Cash FlowsIn January-June 2009, the Group reported cash flows of EUR 87.7million (EUR 14.6 million) from operating activities. Inventoriesdeclined from the year end by 19%, or by EUR 60.0 million. Cash flowafter investments was EUR 49.5 million (EUR -65.7 million). The cashflow effect from expansion and improvement investments was EUR -26.4million (EUR -67.8 million). Cash flow from acquisitions was EUR -3.7million (EUR -3.9 million).At the end of June, the Group's net debt stood at EUR 1,033.7 million(December 31, 2008: EUR 1,049.1 million). Net debt declined mainlydue to the stronger cash flows. Currency exchange rates fluctuationsreduced net debt by some EUR 4 million.At the period-end, interest-bearing liabilities stood at EUR 1,195.1million. Fixed-rate loans accounted for 49% of total interest-bearingloans. The average interest rate on the Group's interest-bearingliabilities was 5.7% (5.2%). At the end of June, the duration of theGroup's interest-bearing loan portfolio was 16 months (December 31,2008: 17 months).The unused amount of the EUR 750 million revolving credit facilitythat falls due in 2012 was EUR 313.3 million at the end of June, or42% of the total amount. Short-term liabilities maturing in the next12 months amounted to EUR 159.7 million at the end of June, withcommercial papers issued in the Finnish markets representing EUR100.3 million and repayments of long-term loans representing EUR 44.4million. Cash and cash equivalents totaled EUR 161.4 million on June30, 2009. Based on its current structure, the Group will encounter nosignificant refinancing needs in 2009-2010, since the current loanarrangements cover its financing needs. The terms of the revolvingcredit facility and other major bilateral loan agreements requirethat the Group's equity ratio must be more than 25%.At the end of June, the equity ratio stood at 35% (December 31, 2008:34%), while gearing was 104% (December 31, 2008: 107%). Gearingdeclined as a result of the decrease in net liabilities and theincrease in equity. The net impact of currencies on shareholders'equity was approximately EUR 2 million. In April, after the AnnualGeneral Meeting, Kemira Oyj paid out EUR 30.3 million in dividends.The Group's net financial expenses for January--June totaled EUR 26.7million (EUR 25.1 million). The increase in net financial expensesfrom the comparison period can be attributed to higher averageliabilities.Capital ExpenditureGross capital expenditure, excluding acquisitions, amounted to EUR36.1 million (EUR 87.5 million). Expansion investments representedaround 44% of capital expenditure excluding acquisitions, improvementinvestments around 29%, and maintenance investments around 27%.Full-year capital expenditure excluding acquisitions is expected toremain below depreciation.Group depreciation came to EUR 59.8 million (EUR 67.0 million).Cash flow from the sale of assets was EUR 1.6 million (EUR 11.1million). The Group's net capital expenditure totaled EUR 38.2million (EUR 80.3 million).Research and DevelopmentIn January-June, research and development expenditure totaled EUR25.0 million (EUR 30.9 million), accounting for 2% (2%) of revenue.Human ResourcesThe number of Group employees totaled 9,139 at the end of June(10,673).Near-Term Risks and Uncertainty FactorsThe key risks and uncertainty factors affecting Kemira's business arerelated to general economic developments and their impact on thedemand for Kemira's products.Sharp fluctuations in global electricity and oil prices will affectraw material prices and, therefore, be reflected in Kemira'sperformance.If the industrial by-products Kemira uses as raw materials were to bein short supply or even run out entirely, this could have a negativeeffect on Kemira's results, especially in Water.With progressive implementation of the REACH legislation, the numberof raw materials and their suppliers may be reduced, which couldraise Kemira's raw material costs. Also, registration of Kemira'sown products under REACH may be more expensive than anticipated,especially if costs cannot be shared with other companies.Furthermore, currency exchange rate volatility in Kemira's keycurrencies may affect the Group's figures.A detailed account of Kemira's risk management principles andpractices is available at the company's website, www.kemira.com. Anaccount of financial risks was published in the Notes to the Accountssection of the Financial Statements for 2008. Kemira's environmentalreport discusses environmental and accident risks.SegmentsPaperWe offer chemical products and integrated systems that supportsustainable development and help customers in the pulp and paperindustry to improve their profitability as well as their raw materialand energy efficiency.EUR million 4-6/2009 4-6/2008 1-6/2009 1-6/2008 1-12/2008Revenue 221.6 241.1 446.6 488.8 1,003.3EBITDA 20.9 18.7 40.7 43.8 69.4EBITDA, % 9.4 7.8 9.1 9.0 6.9Operating profit,excluding 8.0 7.6 15.5 20.0 41.5non-recurring itemsOperating profit 8.0 7.6 15.5 20.0 -2.6Operating profit,excluding 3.6 3.2 3.5 4.1 4.1non-recurring items, %Operating profit, % 3.6 3.2 3.5 4.1 -0.3Capital employed* 818.3 801.3 818.3 801.3 826.7ROCE %* -0.9 5.1 -0.9 5.1 -0.3Capital expenditure,excluding acquisitions 13.4 17.3 18.5 31.2 51.7Cash flow afterinvestments, excludinginterest and taxes 25.2 -1.9 31.5 36.2 15.5* 12-month rolling averageThe Paper segment's revenue in April-June 2009 shrank by 8% to EUR221.6 million (EUR 241.1 million) as demand in customer industriesplummeted. The currency exchange effect had a positive impact onrevenue of approximately EUR 3 million.The consumption of paper used in magazines and newspapers and thenumber of printed merchandizing items has fallen, particularly in thetraditional markets in Europe and North America. To adapt productionto this weaker demand, the Paper segment's customers in the paperindustry have cut back and shut down capacity and cleared stocks. Inaddition, the general economic slowdown has been reflected in theglobal demand for packaging boards.Operating profit excluding non-recurring items for April-June totaledEUR 8.0 million (EUR 7.6 million). Fixed cost savings and increasesin sales prices helped compensate for the decline in sales volumes.Variable costs increased by some EUR 3 million in April-June 2009compared to the same period in 2008.In January 2009, Kemira and the Chinese company Tiancheng Ltd. set upa joint venture, Kemira-Tiancheng Chemicals (Yanzhou) Co., Ltd, toproduce AKD wax, and adhesives derived from this wax, for the paperand board industry. Kemira has a 51 per cent holding in the jointventure and Tiancheng 49 per cent. The joint venture has started offaccording to the plan.Kemira has been taking measures over a period of several years toadjust its pulp and paper chemicals business to the increasinglychallenging chemicals market. In addition to shorter temporaryproduction shut-downs, AKD wax production in Vaasa, Finland, was shutdown in March 2009. Over the last few years, six productionfacilities have been shut down in North America, and this year Kemirawill shut down its polymer production in Columbus, USA.In January-June, the Paper segment's revenue fell by 9% to EUR 446.6million (EUR 488.8 million). The currency exchange effect had apositive impact on revenue of approximately EUR 6 million. Operatingprofit excluding non-recurring items was EUR 15.5 million (EUR 20.0million). Variable costs in January-June were approximately EUR 14million higher than in the same period in 2008.WaterWe offer water treatment chemicals for municipalities and industrialcustomers. Our strengths are high-level process know-how, acomprehensive range of water treatment chemicals, and reliablecustomer deliveries.EUR million 4-6/2009 4-6/2008 1-6/2009 1-6/2008 1-12/2008Revenue 160.7 144.4 311.4 280.7 583.7EBITDA 25.1 10.1 41.5 22.7 41.0EBITDA, % 15.6 7.0 13.3 8.1 7.0Operating profit,excluding 18.2 4.7 28.6 10.8 25.0non-recurring itemsOperating profit 18.2 4.6 28.6 11.3 5.3Operating profit,excluding 11.3 3.3 9.2 3.8 4.3non-recurring items, %Operating profit, % 11.3 3.2 9.2 4.0 0.9Capital employed* 356.5 315.9 356.5 315.9 342.7ROCE %* 6.3 11.3 6.3 11.3 1.6Capital expenditure,excluding acquisitions 3.4 11.6 5.5 19.8 29.7Cash flow afterinvestments, excludinginterest and taxes 47.7 -7.6 55.9 -1.1 -13.8* 12-month rolling averageThe Water segment's revenue in April-June 2009 rose by 11% to EUR160.7 million (EUR 144.4 million). Organic growth in local currencieswas 5%. Revenue growth in the second quarter could be largelyattributed to price increases enforced in response to the significantincrease in raw material prices last year. Acquisitions contributedapproximately EUR 7 million to the growth in revenue.Demand for municipal water treatment products remained healthy. Inthe industrial water treatment business, demand has decreased in somecustomer industries due to lower capacity utilization rates, but inother industries, such as the food industry and power production,demand for water treatment chemicals has been stable. Total deliveryvolumes fell slightly in April-June 2009 compared to the same perioda year earlier.Operating profit excluding non-recurring items was EUR 18.2 million(EUR 4.7 million). Variable costs decreased in April-June byapproximately EUR 3 million compared to the same period in 2008.Acquisitions contributed approximately EUR 2 million to the growth inoperating profit. Fixed cost savings also boosted the operatingprofit.The Water segment's revenue in January-June increased by 11% to EUR311.4 million (EUR 280.7 million). Revenue growth could be largelyattributed to the price increases negotiated in the second half oflast year. Acquisitions contributed approximately EUR 13 million torevenue growth. The currency exchange effect had an approximately EUR3 million positive impact on revenue. Operating profit excludingnon-recurring items was EUR 28.6 million (EUR 10.8 million). Variablecosts increased in January-June by approximately EUR 2 millioncompared to the same period in 2008. Acquisitions contributedapproximately EUR 3 million to the growth in operating profit.Oil & MiningWe offer a large selection of groundbreaking chemical extraction andprocess solutions for the oil and mining industries, where waterplays a central role. Utilizing our expertise, our customers are ableto improve their efficiency and productivity.EUR million 4-6/2009 4-6/2008 1-6/2009 1-6/2008 1-12/2008Revenue 55.2 66.8 109.6 134.3 275.4EBITDA 5.4 5.0 9.9 11.5 15.3EBITDA, % 9.8 7.5 9.0 8.6 5.6Operating profit,excluding 3.2 2.4 5.2 4.3 8.4non-recurring itemsOperating profit 3.2 2.4 5.2 6.2 1.9Operating profit,excluding 5.8 3.6 4.7 3.2 3.1non-recurring items, %Operating profit, % 5.8 3.6 4.7 4.6 0.7Capital employed* 159.3 154.4 159.3 154.4 160.4ROCE %* 0.6 -5.9 0.6 -5.9 1.2Capital expenditure,excluding acquisitions 0.9 2.9 1.5 5.8 8.8Cash flow afterinvestments, excludinginterest and taxes 16.3 -0.4 8.9 11.7 14.3* 12-month rolling averageThe Oil & Mining segment's revenue in April-June declined by 17% andtotaled EUR 55.2 million (EUR 66.8 million). Revenue fell as a resultof weaker demand especially in the mining industry. The currencyexchange effect had an approximately EUR 4 million positive impact onrevenue.In the oil and gas industry, high oil stocks and weak demand as wellas concerns about the path of economic recovery undermined prices. Asa result, upstream operations were at the lowest level in more than ayear and demand for oil field chemicals remained low during thequarter. Also in the sub-segment Minings, volumes and prices remainedlow due to the recession's impact.Operating profit excluding non-recurring items in April-June was EUR3.2 million (EUR 2.4 million). Variable costs decreased in April-Juneby approximately EUR 3 million compared to the same period in 2008.At the same time, however, lower sales volumes pushed operatingprofit down. Operating profit as a share of revenue rose to 5.8% from3.6% a year earlier.In January-June, the Oil & Mining segment's revenue fell by 18% toEUR 109.6 million (EUR 134.3 million) due to weak demand. Thecurrency exchange effect had an approximately EUR 8 million positiveimpact on revenue. Operating profit excluding non-recurring items wasEUR 5.2 million (EUR 4.3 million). Variable costs in January-Junewere approximately EUR 5 million lower than in January-June in 2008.Oil & Mining's business is based on Kemira's water competence andwater treatment product range. It offers chemical extraction andprocess solutions for the oil and mining industries, where waterplays a central role. Oil & Mining makes use of Kemira's existingorganization, production facilities, and R&D network to strengthenits presence outside North America.TikkurilaOur product range consists of decorative paints and coatings for thewood and metal industries. We provide consumers, professionalpainters, and industrial customers with branded products and expertservices in approximately 40 countries.EUR million 4-6/2009 4-6/2008 1-6/2009 1-6/2008 1-12/2008Revenue 162.4 205.7 273.6 350.9 648.1EBITDA 26.8 34.5 35.3 50.9 78.2EBITDA, % 16.5 16.8 12.9 14.5 12.1Operating profit,excluding 24.5 29.7 28.5 41.4 59.2non-recurring itemsOperating profit 22.1 29.7 26.1 41.4 59.2Operating profit,excluding 15.1 14.4 10.4 11.8 9.1non-recurring items, %Operating profit, % 13.6 14.4 9.5 11.8 9.1Capital employed* 308.8 320.3 308.8 320.3 323.6ROCE %* 14.2 23.3 14.2 23.3 18.3Capital expenditure,excluding acquisitions 4.1 7.9 8.3 14.0 32.1Cash flow afterinvestments, excludinginterest and taxes 15.2 12.1 -12.3 -3.0 52.2* 12-month rolling averageTikkurila's revenue in April-June declined by 21% and totaledEUR 162.4 million (EUR 205.7 million). The decrease is associatedwith the general economic recession, which caused a slowdown in bothnew construction and the sales of building materials and resulted inmore sluggish housing sales in all key markets. The currency exchangeeffect had an approximately EUR 25 million negative impact onrevenue. Acquisitions had a positive impact on revenue of some EUR 3million.Operating profit excluding non-recurring items for April-June was EUR24.5 million (EUR 29.7 million). Lower sales volumes in particularpushed operating profit down. The currency exchange effect had anapproximately EUR 3 million negative impact on operating profit.Variable costs increased by some EUR 7 million compared to the sameperiod in 2008 but at the same time fixed cost savings improved theoperating profit.The annual savings target of Tikkurila's cost savings programlaunched in January is EUR 25 million. The mandatory co-determinationnegotiations in Finland were concluded on April 15, 2009. Theorganizational streamlining and savings program will lead to areduction of 163 employees in Finland. Savings programs are alsobeing enforced in other operating countries and cost levels are beingadjusted to lower demand. Due to Tikkurila's cost savings program,approximately EUR 2.4 million in non-recurring costs was booked inthe second quarter.The operations of the logistics and service center in Mytishchi nearMoscow, which came on stream in February, have started out well. Thecenter now houses all of Tikkurila's decorative paints and industrialpaints operations in the Moscow region and features facilities forcustomer training. This center will further improve Tikkurila'scustomer services in Moscow and the surrounding area.In May, Tikkurila acquired the remaining 30% of the shares in two StPetersburg-based industrial coatings companies from their foundersand previous management. OOO Gamma Industrial Coatings manufacturescoatings for the metal industry and OOO Tikkurila Powder Coatingsmanufactures powder coatings. Their combined revenue totalsapproximately EUR 10.7 million. After the transaction, Tikkurila hasa 100% holding in both companies.In June, Tikkurila's Swedish subsidiary Alcro-Beckers AB became thefirst company to receive the Nordic Ecolabel known as "the Swan" forits exterior paints. Alcro-Beckers has decided to limit 99% of itspaint selection exclusively to water-borne products by the end of2010. Tikkurila's target is to develop paints and coatings with aminimal environmental impact.Due to lower sales volumes, Tikkurila's revenue in January-June fellby 22% to EUR 273.6 million (EUR 350.9 million). The currencyexchange effect had an approximately EUR 42 million negative impacton revenue. Acquisitions had a positive impact on revenue of some EUR5 million. Operating profit excluding non-recurring items was EUR28.5 million (EUR 41.4 million). The currency exchange effect had anapproximately EUR 4 million negative impact on operating profit.Variable costs in January-June were some EUR 14 million higher thanin January-June 2008.Kemira Oyj's Shares and ShareholdersIn January-June, the Kemira Oyj share price registered a high ofEUR 8.30 and a low of EUR 4.26, the average price being EUR 5.84. OnJune 30, the company's market capitalization, excluding treasuryshares, totaled EUR 824.1 million.On June 30, the company's share capital totaled EUR 221.8 million andthe number of registered shares was 125,045,000. Kemira holds3,854,771 treasury shares, accounting for 3.1% of outstanding companyshares and voting rights.The Board of Directors' Nomination CommitteeKemira Oyj's Board of Directors has assembled a Nomination Committeeto prepare a proposal for the next Annual General Meeting concerningthe composition and remuneration of the Board of Directors. TheNomination Committee consists of the representatives of the threelargest shareholders as of May 31, 2009, and the Chairman of KemiraOyj's Board of Directors as an expert member. The members of theNomination Committee are Jari Paasikivi, Managing Director of OrasInvest Oy; Kari Järvinen, Managing Director of Solidium Oy; RistoMurto, Chief Investment Officer, Varma Mutual Pension InsuranceCompany; and, as an expert member, Pekka Paasikivi, Chairman ofKemira's Board of Directors.Damage Claim for Violation of Competition LawsIt has come to Kemira Oyj's attention that Cartel Damage ClaimsHydrogen Peroxide SA (CDC), commissioned by hydrogen peroxideindustry customers, has filed an action against six hydrogen peroxidemanufacturers, including Kemira, for violations of competition lawapplicable to the hydrogen peroxide business in the period1994--2000. CDC issued a press release to this effect on April 23,2009. Kemira Oyj has not received a summons.OutlookIn 2009, Kemira will continue the performance improvement measureslaunched earlier. The key focus areas in 2009 will be profitabilityimprovement and reinforcing cash flow and the balance sheet.The annual savings target of the announced global cost savingsprogram is more than EUR 85 million. These savings are expected to berealized in 2009--2010. Tikkurila accounts for EUR 25 million of thesavings target.The market situation is challenging in many of Kemira's customerindustries. General economic trends are generating majoruncertainties in customers' and Kemira's business operations.Kemira's revenue in 2009 is expected to fall compared to 2008 due toreduced demand in customer industries, especially in Tikkurila and inpulp and paper chemicals. In 2008, Kemira's operating profit incontinuing business operations, excluding non-recurring items, wasEUR 126.3 million. In 2009, operating profit in continuing businessoperations, excluding non-recurring items, is expected to increasefrom the previous year's level.Helsinki, July 29, 2009Board of DirectorsAll forward-looking statements in this review are based on themanagement's current expectations and beliefs about future events,and actual results may differ materially from the expectations andbeliefs contained in the forward-looking statements.KEMIRA GROUPThe figures are unaudited.All figures in this financial report have been rounded andconsequently the sum of individual figures can deviate from thepresented sum figure.This Interim Consolidated Financial Statement has been prepared incompliance with IAS 34.The accounting policies adopted are consistent with those of theGroup's annual financial statement, added with the following changes.Changes to the accounting policies as of January 1, 2009:- IFRS 8 Operating Segments. The adoption of the standard has changedthe way in which segment information is presented. The segmentinformation in the financial statements changed at the beginning of2009 owing to the reorganization of the Group. The comparativefigures have been published with separate release March 2009.- IAS 23 Borrowing costs. The adoption of the amended standard willmean a change to the consolidated financial statements' accountingpolicies but will not have any material effect on the futurefinancial statements.- IAS 1 Presentation of Financial Statements. The amendment of thestandard has changed the presentation of the income statement and thestatement of changes in equity.The following changes of accounting principles have not had effect onfinancial statement of the Group:- Amendment of IFRS 2 Share-based Payment- Amendments of IAS 1 Presentation of Financial Statements and IAS 32Financial Instruments: Presentation- Amendments of IFRS 1 First-time Adoption of IFRS and IAS 27Consolidated and Separate Financial Statements- IFRIC 15 Agreements for the Construction of Real EstateINCOME STATEMENT 4-6/2009 4-6/2008 1-6/2009 1-6/2008 2008EUR millionRevenue 650.9 741.5 1259.6 1425.1 2832.7Other operating 4.1 7.6 7.5 21.3 51.5incomeExpenses -572.8 -677.4 -1127.8 -1307.1 -2640.8Depreciation and -30.8 -32.4 -59.8 -67.0 -169.4impairmentsOperating profit 51.4 39.3 79.5 72.3 74.0Financial income andexpenses, net -10.6 -13.9 -26.7 -25.1 -69.5Share of profit orloss of associates -1.2 0.2 -5.0 0.3 -2.7Profit before tax 39.6 25.6 47.8 47.5 1.8Income tax -10.1 -6.7 -12.2 -12.6 -Net profit for the 29.5 18.9 35.6 34.9 1.8periodAttributable to:Equity holders of the 28.4 17.6 34.1 32.4 -1.8parentMinority interest 1.1 1.3 1.5 2.5 3.6Net profit for the 29.5 18.9 35.6 34.9 1.8periodEarnings per share,basic and diluted, EUR 0.23 0.15 0.28 0.27 -0.02STATEMENT OFCOMPREHENSIVE INCOMEEUR million 4-6/2009 4-6/2008 1-6/2009 1-6/2008 2008Net profit for the 29.5 18.9 35.6 34.9 1.8periodOther comprehensiveincome, net of tax: Available-for-sale - change in fair - 59.2 - 59.2 35.3value Exchange 10.5 4.2 2.6 -7.2 -74.2differences Hedge of netinvestment in foreign entities 0.0 0.4 -0.8 2.3 9.1 Cash flow hedging:amount entered in shareholders' 7.7 12.6 5.1 7.3 -22.0equity Other changes 0.5 0.2 0.0 0.1 2.1Other comprehensiveincome, net of tax 18.7 76.6 6.9 61.7 -49.7Total comprehensive 48.2 95.5 42.5 96.6 -47.9incomeAttributable to:Equity holders of the 46.1 93.5 40.8 93.7 -49.4parentMinority interest 2.1 2.0 1.7 2.9 1.5Total comprehensive 48.2 95.5 42.5 96.6 -47.9incomeBALANCE SHEETEUR millionASSETS 30.6.2009 31.12.2008Non-current assetsGoodwill 660.2 655.1Other intangibleassets 107.9 111.6Property, plant andequipment 754.2 765.7Investments Holdings inassociates 130.6 135.6 Available-for-salefinancial assets 161.3 159.8 Deferred tax assets 14.9 12.7 Other investments 11.9 11.5Total investments 318.7 319.6Defined benefitpension receivables 54.2 54.0Total non-currentassets 1,895.2 1,906.0Current assetsInventories 259.4 319.3Receivables Interest-bearingreceivables 5.5 7.6 Interest-freereceivables 517.1 507.4Total receivables 522.6 515.0Money marketinvestments - cash equivalents 117.2 87.1Cash and cashequivalents 44.2 32.3Total current assets 943.4 953.7Total assets 2,838.6 2,859.7EQUITY AND 30.6.2009 31.12.2008LIABILITIESEquity attributableto equity holders of theparent 973.7 962.8Minority interest 17.7 13.2Total equity 991.4 976.0Non-currentliabilitiesInterest-bearingnon-currentliabilities 1,035.4 609.2Deferred taxliabilities 90.5 89.9Pension liabilities 67.8 67.5Provisions 60.6 61.8Total non-currentliabilities 1,254.3 828.4Current liabilitiesInterest-bearingcurrent liabilities 159.7 559.3Interest-free currentliabilities 425.4 485.2Provisions 7.8 10.8Total currentliabilities 592.9 1,055.3Total liabilities 1,847.2 1,883.7Total equity andliabilities 2,838.6 2,859.7CONSOLIDATED CASHFLOW STATEMENTEUR million 4-6/2009 4-6/2008 1-6/2009 1-6/2008 2008Cash flows fromoperating activitiesAdjusted operating 81.0 61.8 135.2 124.3 217.0profitInterests and other -13.9 -21.6 -20.8 -32.8 -75.2financing itemsDividend income 0.2 - 0.2 - 1.0Income taxes paid -9.6 -14.4 -15.7 -18.6 -23.9Total funds from 57.7 25.8 98.9 72.9 118.9operationsChange in net working 52.1 -31.4 -11.2 -58.3 -28.7capitalTotal cash flows from 109.8 -5.6 87.7 14.6 90.2operating activitiesCash flows frominvesting activitiesCapital expenditure -3.7 -3.9 -3.7 -3.9 -180.8for acquisitionsOther capital -23.4 -48.9 -36.1 -87.5 -161.0expenditureProceeds from sale of 1.2 1.7 1.6 11.1 254.3assetsNet cash used in -25.9 -51.1 -38.2 -80.3 -87.5investing activitiesCash flow after 83.9 -56.7 49.5 -65.7 2.7investing activitiesCash flows fromfinancing activitiesChange in non-currentloans (increase +, -21.8 144.3 38.4 135.1 426.6decrease -)Change in non-currentloan receivables (decrease +, 0.4 -2.6 -0.8 -2.1 -7.1increase -)Short-term financing,net (increase +, 2.2 -38.5 -10.9 -9.5 -282.1decrease -)Dividends paid -33.0 -63.9 -33.0 -63.9 -64.2Other 4.3 15.3 -1.2 7.7 -9.1Net cash used in -47.9 54.6 -7.5 67.3 64.1financing activitiesNet change in cash 36.0 -2.1 42.0 1.6 66.8and cash equivalentsCash and cashequivalents at end of 161.4 54.2 161.4 54.2 119.4periodCash and cashequivalents at beginning of period 125.4 56.3 119.4 52.6 52.6Net change in cash 36.0 -2.1 42.0 1.6 66.8and cash equivalentsSTATEMENT OF CHANGES IN EQUITYEUR million Equity attributable to equity holders of the parent Capital paid-in in Fair value Share excess of and other capital par value reservesShareholders' equity 221.8 257.9 68.2at January 1, 2008Net profit for the - - -periodOther comprehensive - - 66.4income, net of taxTotal comprehensive 0.0 0.0 66.4incomeDividends paid - - -Share-based - - -compensationsTransfer betweenrestricted and non-restricted - - 0.4equityShareholders' equity 221.8 257.9 135.0at June 30, 2008Shareholders' equity 221.8 257.9 81.4at January 1, 2009Net profit for the - - -periodOther comprehensive - - 5.1income, net of taxTotal comprehensive 0.0 0.0 5.1incomeDividends paid - - -Share-based - - -compensationsChanges due to - - -business combinationsTransfer betweenrestricted and non-restricted - - 0.1equityShareholders' equity 221.8 257.9 86.6at June 30, 2009 Equity attributable to equity holders of the parent Exchange Treasury Retained differences shares earningsShareholders' equity -41.1 -25.9 591.1at January 1, 2008Net profit for the - - 32.4periodOther comprehensive -5.6 - 0.5income, net of taxTotal comprehensive -5.6 0.0 32.9incomeDividends paid - - -60.6Share-based - - 0.5compensationsTransfer betweenrestricted and non-restricted - - -0.4equityShareholders' equity -46.7 -25.9 563.5at June 30, 2008Shareholders' equity -104.6 -25.9 532.2at January 1, 2009Net profit for the - - 34.1periodOther comprehensive 1.5 - 0.1income, net of taxTotal comprehensive 1.5 0.0 34.2incomeDividends paid - - -30.3Share-based - - 0.4compensationsChanges due to - - -business combinationsTransfer betweenrestricted and non-restricted - - -0.1equityShareholders' equity -103.1 -25.9 536.4at June 30, 2009 Minority interests TotalShareholders' equity 15.3 1,087.3at January 1, 2008Net profit for the 2.5 34.9periodOther comprehensive 0.4 61.7income, net of taxTotal comprehensive 2.9 96.6incomeDividends paid -3.3 -63.9Share-based - 0.5compensationsTransfer betweenrestricted and non-restricted - 0.0equityShareholders' equity 14.9 1,120.5at June 30, 2008Shareholders' equity 13.2 976.0at January 1, 2009Net profit for the 1.5 35.6periodOther comprehensive 0.2 6.9income, net of taxTotal comprehensive 1.7 42.5incomeDividends paid -2.7 -33.0Share-based - 0.4compensationsChanges due to 5.5 5.5business combinationsTransfer betweenrestricted and non-restricted - 0.0equityShareholders' equity 17.7 991.4at June 30, 2009Kemira had in its possession 3,854,465 of its treasury shares atDecember 31, 2008. 306 shares granted according share-based incentiveplan were returned 2009. Kemira had in its possession 3,854,771 ofits treasury shares at June 30, 2009. Their average acquisition shareprice was EUR 6.73 and the treasury shares represented 3.1% of theshare capital and of the aggregate number of votes conferred by allthe shares. The equivalent book value of the treasury shares is EUR6.8 million.KEY FIGURES 4-6/2009 4-6/2008 1-6/2009 1-6/2008 2008Earnings per share,basic anddiluted, EUR 0.23 0.15 0.28 0.27 -0.02Cash flow fromoperationsper share, EUR 0.90 -0.05 0.72 0.12 0.74Capitalexpenditure, EUR 27.1 52.8 39.8 91.4 341.8millionCapital expenditure 4.2 7.1 3.2 6.4 12.1/ revenue, %Average number ofshares (1000),basic * 121,190 121,191 121,190 121,191 121,191Average number ofshares (1000),diluted * 121,190 121,191 121,190 121,191 121,191Number of shares atthe endof the period 121,190 121,191 121,190 121,191 121,191(1000), basic *Number of shares atthe end of theperiod (1000), 121,190 121,191 121,190 121,191 121,191diluted *Equity per share,attributable toequity holders of 8.03 9.12 7.94the parent, EUREquity ratio, % 35.0 37.5 34.1Gearing, % 104.3 99.4 107.5Interest-bearing net 1,033.7 1,113.5 1,049.1liabilities, EUR millionPersonnel (average) 9,052 10,272 9,954* Number of sharesoutstanding, excluding the number of sharesbought back.REVENUE BY BUSINESS 4-6/2009 4-6/2008 1-6/2009 1-6/2008 2008AREAEUR millionPaper external 222.2 234.7 446.1 478.2 987.6Paper Intra-Group -0.6 6.4 0.5 10.6 15.7Water external 160.4 143.7 311.1 279.5 582.2Water Intra-Group 0.3 0.7 0.3 1.2 1.5Oil & Mining 52.3 66.7 109.3 133.7 273.3externalOil & Mining 2.9 0.1 0.3 0.6 2.1Intra-GroupTikkurila external 162.4 205.7 273.6 350.9 648.1Tikkurila - - - - -Intra-GroupOther external 53.6 90.7 119.5 182.8 341.5Other Intra-Group 18.1 21.1 37.4 45.8 73.3Eliminations -20.7 -28.3 -38.5 -58.2 -92.6Total 650.9 741.5 1,259.6 1,425.1 2,832.7OPERATING PROFIT BY 4-6/2009 4-6/2008 1-6/2009 1-6/2008 2008BUSINESS AREAEUR millionPaper 8.0 7.6 15.5 20.0 -2.6Water 18.2 4.7 28.6 11.3 5.3Oil & Mining 3.2 2.4 5.2 6.2 1.9Tikkurila 22.1 29.7 26.1 41.4 59.2Other -0.1 -4.9 4.1 -6.4 10.1Eliminations - -0.2 - -0.2 0.1Total 51.4 39.3 79.5 72.3 74.0CHANGES IN PROPERTY, PLANTAND EQUIPMENT 1-6/2009 1-6/2008 2008EUR millionCarrying amount at 765.7 984.3 984.3beginning of yearAcquisitions of - - 6.3subsidiariesIncreases 34.7 73.6 127.9Decreases -1.7 -3.9 -9.4Disposal of - -0.5 -168.1subsidiariesDepreciation and -48.6 -56.7 -144.5impairmentsExchange ratedifferences and other changes 4.1 -10.9 -30.8Net carrying amount 754.2 985.9 765.7at end of periodCHANGES ININTANGIBLE ASSETS 1-6/2009 1-6/2008 2008EUR millionCarrying amount at 766.7 738.9 738.9beginning of yearAcquisitions of 2.4 3.1 36.3subsidiariesIncreases 6.4 14.1 24.3Decreases - -0.1 -Disposal of - - -8.1subsidiariesDepreciation and -11.2 -10.3 -24.9impairmentsExchange ratedifferences and other changes 3.8 -4.2 0.2Net carrying amount 768.1 741.5 766.7at end of periodCONTINGENT 30.6.2009 31.12.2008LIABILITIESEUR millionMortgages 43.3 43.3Assets pledged On behalf of own 5.3 5.2commitmentsGuarantees On behalf of own 10.3 14.1commitments On behalf of 1.1 1.2associates On behalf of 9.6 5.5othersOperating leasingliabilities Maturity within 21.8 20.9one year Maturity after 125.2 115.0one yearOther obligations On behalf of own 1.3 2.6commitments On behalf of 1.8 1.9associatesMajor off-balance sheetinvestment commitmentsThere were no major contractual commitments for theacquisition of property, plant and equipment on June 30,2009.LitigationThe Group has extensive internationaloperations and is involved in a number of legalproceedings incidental to these operations. TheGroup does not expect the outcome of any legalproceedings currently pending to havematerially adverse effect upon its consolidatedresults or financial position.RELATED PARTYTransactions with related parties have notchanged materially after annual closing 2008.DERIVATIVEINSTRUMENTSEUR million 30.6.2009 31.12.2008 Nominal Fair Nominal Fair value value value valueCurrencyinstrumentsForward contracts 344.7 -1.3 427.6 11.7of which hedges ofnet investment in aforeign operation - - - -Currency options Bought - - - - Sold - - - -Currency swaps 27.7 -5.5 27.6 -5.6Interest rateinstrumentsInterest rate swaps 378.8 -7.7 338.8 -6.9of which cash flowhedge 317.6 -5.5 304.4 -6.5Interest rateoptions Bought 110.0 -0.1 110.0 -0.1 Sold - - - -Bond futures 10.0 -0.2 10.0 - of which open 10.0 -0.2 10.0 -Other instruments GWh GWhElectricity forwardcontracts, bought 1,145.6 -6.6 1,431.5 -10.7 of which cashflow hedge 1,093.0 -6.0 1,378.9 -9.7Electricity forwardcontracts, sold 52.6 0.6 52.6 1.2 of which cashflow hedge - - - - K tons K tonsNatural gas hedging 15.6 -0.6 15.6 -2.0 of which cashflow hedge 15.6 -0.6 15.6 -2.0Salt derivatives 160.0 0.3 212.8 2.0The fair values of the instrumentswhich are publicly traded are based onmarket valuation on the date ofreporting. Other instruments have beenvaluated based on net present valuesof future cash flows. Valuation modelshave been used to estimate the fairvalues of options.Nominal values of the financialinstruments do not necessarilycorrespond to the actual cash flowsbetween the counterparties and do nottherefore give a fair view of the riskposition of the Group.QUARTERLYINFORMATION 2008 2008 2008 2008EUR million Q4 Q3 Q2 Q1RevenuePaper external 246.4 263.0 234.7 243.5Paper Intra-Group 0.4 4.7 6.4 4.2Water external 146.8 155.9 143.7 135.8Water Intra-Group 0.2 0.1 0.7 0.5Oil & Miningexternal 66.0 73.6 66.7 67.0Oil & MiningIntra-Group 0.6 0.9 0.1 0.5Tikkurila external 103.5 193.7 205.7 145.2TikkurilaIntra-Group - - - -Other external 64.8 93.9 90.7 92.1Other Intra-Group 17.1 10.4 21.1 24.7Eliminations -18.2 -16.2 -28.3 -29.9Total 627.6 780.0 741.5 683.6Operating profitPaper -33.5 10.9 7.6 12.4Water -13.3 7.3 4.7 6.6Oil & Mining -7.7 3.4 2.4 3.8Tikkurila -12.6 30.4 29.7 11.7Other -1.0 17.5 -4.9 -1.5Eliminations - 0.3 -0.2 -Total -68.1 69.8 39.3 33.0Operating profit, excludingnon-recurring itemsPaper 9.8 11.7 7.6 12.4Water 6.9 7.3 4.6 6.2Oil & Mining 0.6 3.5 2.4 1.9Tikkurila -12.6 30.4 29.7 11.7Other 7.0 3.3 -6.9 -5.0Eliminations - 0.3 -0.2 -Total 11.7 56.5 37.2 27.2QUARTERLYINFORMATION 2009 2009EUR million Q2 Q1RevenuePaper external 222.2 223.9Paper Intra-Group -0.6 1.1Water external 160.4 150.7Water Intra-Group 0.3 -Oil & Miningexternal 52.3 57.0Oil & MiningIntra-Group 2.9 -2.6Tikkurila external 162.4 111.2TikkurilaIntra-Group - -Other external 53.6 65.9Other Intra-Group 18.1 19.3Eliminations -20.7 -17.8Total 650.9 608.7Operating profitPaper 8.0 7.5Water 18.2 10.4Oil & Mining 3.2 2.0Tikkurila 22.1 4.0Other -0.1 4.2Eliminations - -Total 51.4 28.1Operating profit, excludingnon-recurring itemsPaper 8.0 7.5Water 18.2 10.4Oil & Mining 3.2 2.0Tikkurila 24.5 4.0Other -0.1 4.2Eliminations - -Total 53.8 28.1DEFINITIONS OF KEY FIGURESEarnings per share (EPS): Equity ratio, %:Net profit attributable to Total equity x 100 /equity holders Total assets - prepaymentsof the parent / receivedAverage number of sharesCash flow from operations: Gearing, %:Cash flow from operations, Interest-bearing netafter change in liabilities x 100 /net working capital Total equityand before investingactivitiesCash flow from operations Interest-bearing net liabilities:per share: Interest-bearing liabilities -Cash flow from operations / money market investments -Average number of shares cash and cash equivalentsEquity per share: Return on capital employedEquity attributable to equity (ROCE), %:holders of the parent at Operating profit + share of profitend of period / or loss of associates x 100 /Number of shares at (Net working capital +end of period property, plant and equipment available for use + intangible assets + investments in associates) ** Averagehttp://hugin.info/3008/R/1331484/315051.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 30.07.2009 - 08:00 Uhr
Sprache: Deutsch
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"Kemira Oyj's Interim Report January-June 2009"
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