SOLIDIUM OY'S JANUARY-JUNE 2011 HALF-YEAR REPORT
(Thomson Reuters ONE) -
* Solidium's investment yield was -4.2% for the six-month review period
* Investment yield was 15.1% for the last 12 months
* Solidium's net asset value amounted to 9,145 million euros at the end of the
period on 30 June 2011
* Solidium received a total of 414 million euros in profit distribution from
its portfolio companies during the review period
* Solidium exercised its pro rata entitlement in TeliaSonera's share
repurchase offer in full for the sum of 152 million euros
* Solidium acquired a 4.3 per cent holding in Talvivaara Mining Company Plc
for the sum of 60 million euros
Solidium's Managing Director Kari Järvinen's comments on the review period:
"Share prices began to fall in spring 2011, having risen strongly after the
financial crisis. The fall of stock markets has continued after end June 2011.
The increase in government debt in eurozone countries and in the United States
and the slowdown in economic growth will mean continued uncertainty in the
future.
Despite volatility in the market we have remained committed to our mission. In
June, we invested in Talvivaara Mining Company, which we have followed for a
long time. It is our view that Talvivaara is a good investment in the long term,
and well suited to Solidium. We believe that the Finnish mining cluster will
enjoy a positive trend in the future, with Finland having the opportunity to
become the leading mining country in Europe. We are already involved in the
sector through our holdings in Outokumpu and Metso and by investing in
Talvivaara we will further reinforce our insight into the mining industry and
its associated sectors.
In the spring, we sold shares in TeliaSonera in connection with the company'
share repurchase offer. This operation generated an income of 152 million euros
and did not alter our holding in TeliaSonera."
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 core of Solidium's investment
strategy is proper, value-enhancing asset management of the current holdings.
Through its stakes, Solidium is a minority owner in eleven listed companies:
Elisa, Kemira, Metso, Outokumpu, Rautaruukki, Sampo, Sponda, Stora Enso,
Talvivaara Mining Company, TeliaSonera and Tieto. The market value of Solidium's
investments is approximately 6.7 billion euros at the date of this press
release. Further information:www.solidium.fi
The complete half year report can be found here:
Half Year Report (pdf):
http://hugin.info/142364/R/1537184/469650.pdf
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Source: Solidium Oy via Thomson Reuters ONE
[HUG#1537184]
Unternehmensinformation / Kurzprofil:
Datum: 11.08.2011 - 11:01 Uhr
Sprache: Deutsch
News-ID 57165
Anzahl Zeichen: 3770
contact information:
Town:
Helsinki
Kategorie:
Business News
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"SOLIDIUM OY'S JANUARY-JUNE 2011 HALF-YEAR REPORT"
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