Solidium Oy's half-year report for July-December 2015: WEAK INVESTMENT RETURN ALONG WITH CONTINUED PRESSURE IN THE METALS MARKET
(Thomson Reuters ONE) -
* Solidium's return on equity holdings was -3.6% for the six-month review
period and 6.3% for the calendar year 2015
* In October, Solidium paid EUR 266 million in profit distribution to the
State of Finland
* The financial debt went down considerably, as the exchangeable bond
amounting to EUR 600 million was repaid
* Solidium's net asset value decreased by EUR 464 million during the review
period due to the profit distribution and decrease in the value of equity
holdings, and was EUR 6,390 million at the end of the period
* Solidium increased its shareholdings in Metso and Outotec
Kari Järvinen, Managing Director of Solidium Oy, comments the review period:
"The highlights of the six-month review period were the continued very strong
performance of Elisa as well as good returns from Tieto and Sampo. These
companies have been able to enhance their profitability year by year and have
succeeded well also in comparison to their peer group.
The globally difficult situation in the metals and other commodities markets is
impacting especially the steel companies Outokumpu and SSAB as well as Outotec,
which serves mining and metal producing customers. The severe over-capacity has
already for quite some time caused problems for carbon and stainless steel
markets. In addition, the slowing growth rate of the Chinese economy affects the
demand for steel and other metals.
Solidium's return on equity holdings for the six-month review period was 3.6 per
cent, which is below the general development of the Helsinki stock exchange. On
top of the unsatisfactory development of certain companies owned by us, this
largely reflects the sector distribution of our holdings.
Solidium is not a portfolio investor, but a long-term owner. In our return
analysis, we focus on comparing each company to its peer group, in addition to
the absolute return levels. We challenge our companies to continuous strategic
development and profitability improvement. While certain companies have shown
strong long-term development, not all companies have performed on the level of
their peers."
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. The basis and
core objective of Solidium's 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 equity holdings is approximately 6.1
billion euros at the date of this press release. Further information:
www.solidium.fi/en.
The complete half-year report can be found here:
Half-year report:
http://hugin.info/142364/R/1980395/725481.pdf
This announcement is distributed by GlobeNewswire on behalf of
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(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#1980395]
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Datum: 21.01.2016 - 10:39 Uhr
Sprache: Deutsch
News-ID 445588
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