Interim Report January 1 - September 30, 2009: Earnings improvement
continued
(Thomson Reuters ONE) - STOCK EXCHANGE RELEASE HUHTAMÿKI OYJ 22.10.2009 AT 8:30- Group net sales dampened by economic downturn and customercautiousness, divested units and discontinued operations had afurther negative impact on sales- Earnings improved due to price and mix management and successfulcost containment- Cash flow continued strong, debt reduced further- Sales outlook for the remainder of 2009 remains uncertain,underlying earnings improvement is expected to continueKey figuresEUR million Q1-Q3 2009 Q1-Q3 2008 Q3 2009 Q3 2008Net sales 1,561.5 1,711.2 507.1 572.1EBIT* 112.6 73.2 38.6 26.2EBIT margin % 7.2 4.3 7.6 4.6EPS 0.65 0.31 0.23 0.10ROI % (12m roll.) -2.5 -0.2 - -* EBIT includes non-recurring charges of EUR 3.8 million in Q1-Q32009 and EUR 6.8 million in Q1-Q3 2008 and EUR 0.1 million in Q32008.OverviewIn the first nine months of the year uncertainty and customercautiousness characterized the demand for consumer packaging.Although majority of the Group's segments are considered to be of adefensive nature with mainly food and personal care related packagingproducts, the Group net sales were not immune to the economicdownturn and declined during the reporting period. Additionally, thedivested units and discontinued operations had a negative impact onsales.Operating earnings for the reporting period continued well above thecorresponding period in 2008. In spite of lower sales, earningsimproved due to price and mix management as well as successful costcontainment. Profitability improved markedly in Rigid Consumer GoodsPlastics and North America segments. The earnings improvementtogether with lower net financial items resulted in earnings pershare (EPS) more than doubling during the reporting period.At EUR 167 million, free cash flow improved by EUR 100 millioncompared to the previous year. Cash flow generation was good in allsegments, especially in Flexibles Global. Net debt reduced strongly.During the reporting period the rigid plastic consumer goodsbusinesses in South America and in South Africa as well as theexpanded polystyrene packaging business in Australia were divested.The strategic review of the remaining rigid plastic consumer goodsoperations in Europe and Australia is ongoing.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 22% (unchanged against same period in2008), Films Global 8% (9%), North America 26% (22%), Rough MoldedFiber Global 10% (9%), Foodservice Europe-Asia-Oceania 21%(unchanged) and Rigid Consumer Goods Plastics 13% (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 Q1-Q3 2009 Q1-Q3 2008 Q3 2009 Q3 2008Net sales 354.1 380.5 114.8 125.3EBIT 21.2 15.6 7.6 3.9EBIT margin % 6.0 4.1 6.6 3.1RONA % (12m roll.) 1.4 3.7 - -In Europe sales recovery visible in the second quarter did not carryon to the third quarter. In Asia-Oceania sales development continuedsubdued due to soft and competitive market conditions. Thediscontinued operations in North America had a negative impact onsales.Improved profitability reflects cost containment as well aselimination of loss-making operations.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 Q1-Q3 2009 Q1-Q3 2008 Q3 2009 Q3 2008Net sales 121.6 158.8 41.3 52.3EBIT* -1.4 7.8 1.5 3.7EBIT margin % -1.2 4.9 3.6 7.1RONA % (12m roll.) -1.0 5.9 - -* EBIT includes non-recurring charges of EUR 3.8 million in Q2 2009.Sales within the segment suffered from weak demand of industrialapplications during the reporting period. The consumer relatedproducts were more resilient to the economic downturn. In the thirdquarter some recovery of orders was experienced.Profitability reflects significant volume shortfall partially offsetby cost reduction efforts and better operational control.The divestment of the release paper business and further focus onrelease films in Forchheim, Germany, is expected to be completed bythe end of the 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 Q1-Q3 2009 Q1-Q3 2008 Q3 2009 Q3 2008Net sales 411.5 386.1 129.3 133.4EBIT 52.6 32.2 14.5 10.5EBIT margin % 12.8 8.3 11.2 7.9RONA % (12m roll.) 14.3 7.9 - -Sales within the segment grew during the reporting period. However,in constant currencies sales were below the level of thecorresponding period in 2008. In the third quarter sales were atprevious year's level in Frozen desserts and Retail, while decliningin Foodservice due to soft market conditions and product portfoliooptimization.The improvement in profitability reflects strong market positions,successful mix management and cost containment. In the third quarterfavorable currency translation impact diminished and raw materialcosts increased.The closure of the rigid plastics site in Phoenix, USA, was completedin 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 Q1-Q3 2009 Q1-Q3 2008 Q3 2009 Q3 2008Net sales 151.6 162.3 52.0 53.4EBIT 12.8 9.8 4.7 3.7EBIT margin % 8.4 6.0 9.0 6.9RONA % (12m roll.) 6.8 7.6 - -In constant currencies sales growth was achieved in packagingoperations, i.e. excluding machine and waste paper trade businesses.In the third quarter sales for egg packaging accelerated especiallyin Europe and Africa.The improvement in profitability reflects favorable sales developmentand cost containment.During the third quarter the production unit in Roodekoop, SouthAfrica, was sold to Polyoak Packaging (Pty) Ltd. The divested unitmade injection molded plastic packaging, had annual net sales ofapproximately EUR 5 million and employed some 55 people. All SouthAfrican units are reported under Rough Molded Fiber Global segment.Foodservice Europe-Asia-OceaniaFoodservice paper and plastic disposable tableware is supplied tofoodservice operators and fast food restaurants.EUR million Q1-Q3 2009 Q1-Q3 2008 Q3 2009 Q3 2008Net sales 341.5 374.6 116.2 126.8EBIT 15.6 13.6 6.8 5.9EBIT margin % 4.6 3.6 5.9 4.7RONA % (12m roll.) 0.2 1.0 - -Overall sales within the segment declined during the reportingperiod. In Oceania sales continued on a good level with robust growthrecorded in the third quarter.Profitability reflects cost containment, successful price and mixmanagement as well as improved performance in Asia-Oceania.The closure of the site in Balakong, Malaysia, was completed in thethird 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 Q1-Q3 2009 Q1-Q3 2008 Q3 2009 Q3 2008Net sales 220.3 303.0 66.5 97.9EBIT 16.2 -5.7 4.5 -1.4EBIT margin % 7.4 -1.9 6.8 -1.4RONA % (12m roll.) -85.6 -27.2 - -* EBIT includes non-recurring charges of EUR 6.8 million in Q2 2008and EUR 0.1 million in Q3 2008.Sales within the segment declined during the reporting period. Thedivested units and discontinued operations had a negative impact onsales.Clear improvement in profitability reflects better operationalcontrol and cost containment partially offset by increased pressureon margins.The 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 113 million (EUR 73million), corresponding to an EBIT margin of 7.2% (4.3%). Excludingnon-recurring charges of EUR 4 million (EUR 7 million), the GroupEBIT for the reporting period was EUR 117 million (EUR 80 million),corresponding to an EBIT margin of 7.4% (4.6%). In the third quarter,the Group EBIT was EUR 39 million (EUR 26 million), corresponding toan EBIT margin of 7.6% (4.5%).The net financial items for the reporting period were EUR -21 million(EUR -34 million) and for the third quarter EUR -6 million (EUR -14million). Tax expense for the period was EUR 18 million (EUR 7million) and for the third quarter EUR 7 million (EUR 2 million).The result for the period was EUR 74 million (EUR 33 million) and EPSattributable to equity holders of the parent company were EUR 0.65(EUR 0.31). Correspondingly in the third quarter these were EUR 27million (EUR 10 million) and EUR 0.23 (EUR 0.10). The average numberof outstanding shares used in the EPS calculations was 100,426,461(unchanged) excluding 5,061,089 (unchanged) of the Company's ownshares.Balance sheet and cash flowFree cash flow for the reporting period was EUR 167 million (EUR 67million), with the third quarter amounting to EUR 65 million (EUR -6million). The improvement was due to prudent working capitalmanagement, higher earnings and lower capital expenditure. While allsegments contributed with good cash flow generation, Flexibles Globalcontinued as most successful. Capital expenditure was EUR 32 million(EUR 48 million), with the third quarter spending at EUR 14 million(EUR 16 million).Net debt was EUR 424 million (EUR 723 million) at the end ofSeptember 2009. This corresponds to a gearing ratio of 0.58 (0.93).Total assets on the balance sheet were EUR 1,837 million (EUR 2,197million).PersonnelThe Group had 13,346 (14,794) employees at the end of September 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 2009Sales outlook for the remainder of 2009 remains uncertain, theunderlying earnings improvement is expected to continue.Price and mix management, supply chain initiatives, control overcosts and capital spending, positive cash flow generation and netdebt reduction continue as key focus areas within the Group. Capitalexpenditure in 2009 is expected to be clearly below EUR 100 million.Financial calendar in 2010The Results 2009 will be published on February 12, 2010.Additionally, the following interim reports will be published duringthe course of the year: January 1 - March 31, 2010 on April 22,January 1 - June 30, 2010 on July 22 and January 1 - September 30,2010 on October 21. Huhtamäki Oyj's Annual General Meeting is plannedto be held on March 24, 2010.Espoo, October 21, 2009Huhtamäki OyjBoard 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: 29752470All 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 - September 30, 2009Group income statement (IFRS)Unaudited Q1-Q3 Q1-Q3 Q3 Q3 Q1-Q4EUR million 2009 2008 2009 2008 2008Net sales 1,561.5 1,711.2 507.1 572.1 2,260.0Cost of goods sold -1,292.7 -1,479.2 -418.9 -496.0 -2,043.2Gross profit 268.8 232.0 88.2 76.1 216.8Other operating income 14.8 14.2 4.3 6.9 21.6Sales and marketing -57.7 -63.5 -18.4 -21.4 -84.8Research and development -12.1 -12.0 -4.4 -3.5 -16.2Administration costs -90.0 -87.1 -28.0 -28.3 -117.2Other operating expenses -11.2 -10.4 -3.1 -3.6 -94.7 -156.2 -158.8 -49.6 -49.9 -291.3Earnings before interest and 112.6 73.2 38.6 26.2 -74.5taxesFinancial income 20.3 7.5 6.3 0.4 10.0Financial expenses -41.5 -41.6 -12.0 -14.5 -55.7Income of associated 0.5 0.4 0.2 0.1 0.5companiesResult before taxes 91.9 39.5 33.1 12.2 -119.7Income taxes -18.3 -6.9 -6.6 -2.1 9.5Result for the period 73.6 32.6 26.5 10.1 -110.2Attributable to:Equity holders of the parent 71.6 31.0 25.9 9.6 -111.9companyMinority interest 2.0 1.6 0.6 0.5 1.7EPS (EUR) from result for 0.71 0.31 0.25 0.10 -1.11the periodEPS (EUR) attributable to 0.06 - 0.02 - 0.01hybrid bond investorsEPS (EUR) attributable to 0.65 0.31 0.23 0.10 -1.12equity holders of the parentcompanyDiluted:EPS (EUR) from result for 0.71 0.31 0.25 0.10 -1.11the periodEPS (EUR) attributable to 0.06 - 0.02 - 0.01hybrid bond investorsEPS (EUR) attributable to 0.65 0.31 0.23 0.10 -1.12equity holders of the parentcompanyGroup statement of comprehensive income (IFRS) Q1-Q3 Q1-Q3 Q3 Q3 Q1-Q4EUR million 2009 2008 2009 2008 2008Result for the period 73.6 32.6 26.5 10.1 -110.2Other comprehensive income:Translation differences -1.3 -0.8 -5.1 17.0 -9.5Fair value and other reserves -1.4 -2.6 -0.1 -2.4 -9.0Income tax related to components of 0.3 0.5 0.2 0.5 2.7other comprehensive incomeOther comprehensive income, net of tax -2.4 -2.9 -5.0 15.1 -15.8Total comprehensive income 71.2 29.7 21.5 25.2 -126.0Attributable to:Equity holders of the parent company 69.1 28.3 20.9 24.7 -127.7Minority interest 2.1 1.4 0.6 0.5 1.7Group statement of financial position (IFRS)Unaudited Sep 30 Dec 31 Sep 30EURmillion 2009 2008 2008ASSETSNon-current assetsGood-will 393.6 402.4 473.2Otherintangibleas-sets 31.4 34.5 39.2Tangibleas-sets 634.0 676.3 768.6Investmentsinasso-ciatedcompa-nies 2.3 1.9 1.7Availableforsaleinvest-ments 1.9 1.9 1.9Interestbea-ringrecei-vab-les 1.7 0.1 0.4Deferredtaxas-sets 15.2 15.1 13.6Employeebenefitas-sets 58.2 62.5 60.7Other non-currentassets 3.1 3.7 3.7 1,141.4 1,198.4 1,363.0Current assetsInven-tory 257.9 296.7 363.8Interestbearingrecei-vab-les 18.2 2.1 3.1Currenttaxas-sets 8.7 9.4 12.7Trade andothercurrentrecei-vab-les 337.5 377.9 409.9Cashand cashequi-valents 73.4 67.8 44.4 695.7 753.9 833.9Totalassets 1,837.1 1,952.3 2,196.9EQUITY AND LIABILITIESSha-recapi-tal 358.7 358.7 358.7Pre-miumfund 104.7 104.7 104.7Trea-surysha-res -46.5 -46.5 -46.5Translationdiffe-ren-cies -131.9 -130.5 -121.8Fair valueand otherreser-ves -6.0 -5.0 -0.6Retainedearnings 359.8 327.5 467.5Total equityattributable toequity holdersof the parentcom-pa-ny 638.8 608.9 762,0Minorityinte-rest 19.0 18.4 18.6Hyb-ridbond 75.0 75.0 -Totalequi-ty 732.8 702.3 780.6Non-current liabilitiesInterestbearingliabilities 384.0 474.7 432.8Deferredtaxliabilities 41.2 29.8 45.3Employeebenefitliabilities 100.8 103.8 106.4Provi-sions 57.5 58.4 60.8Othernon-currentliabilities 4.9 6.5 3.7 588.4 673.2 649.0Current liabilitiesInterest bearingliabilities- Current portionoflongtermloans 26.3 25.2 17.6- Shorttermloans 107.0 157.3 320.0Provi-sions 8.6 10.1 9.0Currenttaxliabilities 6.8 9.8 9.9Trade andothercurrentliabilities 367.2 374.4 410.8 515.9 576.8 767.3Totalliabilities 1,104.3 1,250.0 1,416.3Total equity andliabilities 1,837.1 1,952.3 2,196.9 Sep 30 Dec 31 Sep 30 2009 2008 2008Netdebt 424.0 587.2 722.5Netdebttoequity(gearing) 0.58 0.84 0.93Statement 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 atDec 31, 2007 358.7 104.7 -46.5 -121.1 1.4 475.7 772.9 20.5 - 793.4Dividend -42.2 -42.2 -42.2Share-based 1.0 1.0 1.0paymentsTotalcomprehensive -0.7 -2.0 31.0 28.3 1.4 29.7income forthe yearOther changes 2.0 2.0 -3.3 -1.3Balance atSep 30, 2008 358.7 104.7 -46.5 -121.8 -0.6 467.5 762.0 18.6 - 780.6Balance atDec 31, 2008 358.7 104.7 -46.5 -130.5 -5.0 327.5 608.9 18.4 75.0 702.3Dividend -34.1 -34.1 -34.1Share-based 2.2 2.2 2.2paymentsStock options 0.1 0.1 0.1excercisedInterest on -6.7 -6.7 -6.7Hybrid BondTotal -1.4 -1.1 71.6 69.1 2.1 71.2comprehensiveincome forthe yearOther changes -0.7 -0.7 -1.5 -2.2Balance atSep 30, 2009 358.7 104.7 -46.5 -131.9 -6.0 359.8 638.8 19.0 75.0 732.8Group cash flow statement (IFRS)Unaudited Q1-Q3 Q1-Q3 Q3 Q3 Q1-Q4EUR million 2009 2008 2009 2008 2008Result for the period* 73.6 32.6 26.5 10.1 -110.2Adjustments* 103.6 109.8 35.5 37.4 280.0- Depreciation, amortization 65.7 72.5 16.8 26.3 245.9and impairment*- Gain on equity of -0.5 -0.4 -0.2 -0.1 -0.5minorities*- Gain/loss from disposal of 0.4 -3.9 -0.3 -3.4 -4.3assets*- Financial expense/-income* 21.1 34.1 5.6 14.1 45.7- Income tax expense* 18.4 6.9 6.6 2.1 -9.5- Other adjustments, -1.5 0.6 7.0 -1.6 2.7operational*Change in inventory* 36.6 -18.4 4.2 -3.7 38.2Change in non-interest bearing 15.2 -9.2 12.1 12.3 8.2receivables*Change in non-interest bearing -6.0 32.8 10.5 -30.0 2.8payables*Dividends received* 0.3 0.2 0.2 0.0 0.5Interest received* 1.5 1.4 0.5 0.5 1.7Interest paid* -18.4 -33.7 -8.4 -13.2 -43.2Other financial expense and -3.6 -0.3 -1.0 -3.0 -2.1income*Taxes paid* -7.3 -6.5 -1.7 -3.5 -5.0Net cash flows from operating 195.5 108.7 78.4 6.9 170.9activitiesCapital expenditure* -31.7 -47.7 -14.0 -16.4 -74.3Proceeds from selling fixedassets* 3.5 5.9 0.5 3.9 7.1Divested subsidiaries 36.6 - 1.3 - -Proceeds from long-term 0.8 3.0 0.4 1.8 3.3depositsPayment of long-term deposits -2.5 -2.5 -1.8 -0.3 -2.5Proceeds from short-term 2.8 29.6 0.4 24.6 33.4depositsPayment of short-term deposits -17.6 -28.3 -5.6 -2.6 -31.4Net cash flows from investing -8.1 -40.0 -18.8 11.0 -64.4Proceeds from long-term 573.1 317.6 219.6 161.6 489.3borrowingsRepayment of long-term -668.2 -284.0 -302.8 -126.0 -415.9borrowingsProceeds from short-term 224.1 2,117.7 100.6 667.1 2,446.3borrowingsRepayment of short-term -275.2 -2,163.9 -85.5 -720.1 -2,620.5borrowingsDividends paid -34.1 -42.2 - 0.0 -42.2Hybrid bond - - - - 75.0Proceeds from stock options 0.1 - 0.1 - -exercisedNet cash flows from financing -180.2 -54.8 -68.0 -17.4 -68.0Change in liquid assets 5.6 13.6 -11.4 1.6 37.0Cash flow based 7.2 13.9 -8.4 0.5 38.5Translation difference -1.6 -0.3 -3.0 1.1 -1.5Liquid assets period start 67.8 30.8 84.8 42.8 30.8Liquid assets period end 73.4 44.4 73.4 44.4 67.8Free cash flow (including 167.3 66.9 64.9 -5.6 103.7figures 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 Q3 Q2 Q1 Q1-Q3 Q4 Q3 Q2 Q1 Q1-Q4EURmillion 2009 2009 2009 2009 2008 2008 2008 2008 2008FlexiblesGlobal 114.0 118.2 119.7 351.9 117.9 123.9 124.7 127.8 494.3-Intersegmentnetsales 0.8 0.8 0.6 2.2 -0.8 1.4 1.7 1.0 3.3FilmsGlobal 40.4 38.3 40.0 118.7 40.9 50.8 51.6 50.5 193.8-Intersegmentnetsales 0.9 0.8 1.2 2.9 1.0 1.5 1.8 2.6 6.9NorthAmerica 128.3 152.1 128.1 408.5 148.5 132.4 137.6 113.3 531.8-Intersegmentnetsales 1.0 1.0 1.0 3.0 1.4 1.0 1.0 0.8 4.2RoughMoldedFiberGlobal 51.6 51.0 48.3 150.9 51.5 53.1 54.1 54.7 213.4-Intersegmentnetsales 0.4 0.3 0.0 0.7 0.2 0.3 0.1 0.0 0.6FoodserviceEurope-Asia-Oceania 111.2 117.8 97.1 326.1 107.0 118.7 124.6 106.4 456.7-Intersegmentnetsales 5.0 3.0 7.4 15.4 7.9 8.1 8.2 8.6 32.8RigidConsumerGoodsPlastics 61.6 70.4 73.4 205.4 83.0 93.2 97.9 95.9 370.0-Intersegmentnetsales 4.9 5.7 4.3 14.9 3.8 4.7 6.4 4.9 19.8Eliminationofintersegmentnetsales 13.0 11.6 14.5 39.1 13.5 17.0 19.2 17.9 67.6Total 507.1 547.8 506.6 1,561.5 548.8 572.1 590.5 548.6 2,260.0EBIT Q3 Q2 Q1 Q1-Q3 Q4 Q3 Q2 Q1 Q1-Q4EUR million 2009 2009 2009 2009 2008 2008 2008 2008 2008Flexibles Global (1 7.6 4.8 8.8 21.2 -16.6 3.9 5.5 6.2 -1.0Films Global (2 1.5 -3.4 0.5 -1.4 0.1 3.7 3.6 0.5 7.9North America (3 14.5 23.6 14.5 52.6 1.2 10.5 14.4 7.3 33.4Rough Molded Fiber 4.7 4.3 3.8 12.8 -1.4 3.7 3.0 3.1 8.4Global (4Foodservice 6.8 6.4 2.4 15.6 -15.2 5.9 5.3 2.4 -1.6Europe-Asia-Oceania(5Rigid Consumer 4.5 6.0 5.7 16.2 -117.7 -1.4 -4.8 0.5 -123.4Goods Plastics (6Other activities -1.0 -2.7 -0.7 -4.4 1.9 -0.1 0.0 0.0 1.8Total (7 38.6 39.0 35.0 112.6 -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 Q1-Q3 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 Q1-Q3 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, Q3 2008includes restructuring charges MEUR 0.1, Q2 2008 includesrestructuring charges MEUR 6.8, total amount MEUR 165.5.EBITDA Q3 Q2 Q1 Q1-Q3 Q4 Q3 Q2 Q1 Q1-Q4EUR million 2009 2009 2009 2009 2008 2008 2008 2008 2008Flexibles Global 12.1 9.3 13.3 34.7 -11.4 9.0 10.0 10.7 18.3Films Global 3.0 -2.0 2.1 3.1 1.2 5.4 5.2 1.9 13.7North America 20.4 29.4 19.8 69.6 6.4 14.8 18.7 11.6 51.5Rough Molded Fiber 7.5 7.0 6.5 21.0 1.3 6.5 5.9 6.1 19.8GlobalFoodservice 11.9 11.0 7.2 30.1 -9.7 13.5 10.5 7.6 21.9Europe-Asia-OceaniaRigid Consumer 6.3 8.5 8.1 22.9 -113.8 3.0 -0.4 5.0 -106.2Goods PlasticsOther activities -0.9 -2.5 -0.5 -3.9 2.5 0.2 0.2 0.2 3.1Total 60.3 60.7 56.5 177.5 -123.5 52.4 50.1 43.1 22.1Depreciation and amortization Q3 Q2 Q1 Q1-Q3 Q4 Q3 Q2 Q1 Q1-Q4EUR million 2009 2009 2009 2009 2008 2008 2008 2008 2008Flexibles Global 4.5 4.5 4.5 13.5 5.2 5.1 4.5 4.5 19.3Films Global 1.5 1.4 1.6 4.5 1.1 1.7 1.6 1.4 5.8North America 5.9 5.8 5.3 17.0 5.2 4.3 4.3 4.3 18.1Rough Molded Fiber 2.8 2.7 2.7 8.2 2.7 2.8 2.9 3.0 11.4GlobalFoodservice 5.1 4.6 4.8 14.5 5.5 7.6 5.2 5.2 23.5Europe-Asia-OceaniaRigid Consumer Goods 1.8 2.5 2.4 6.7 3.9 4.4 4.4 4.5 17.2PlasticsOther activities 0.1 0.2 0.2 0.5 0.6 0.3 0.2 0.2 1.3Total 21.7 21.7 21.5 64.9 24.2 26.2 23.1 23.1 96.6Net assets allocated to the segments (8 Q3 Q2 Q1 Q4 Q3 Q2 Q1EUR million 2009 2009 2009 2008 2008 2008 2008Flexibles Global 311.5 325.8 342.2 359.7 389.2 373.1 381.4Films Global 117.5 125.2 135.8 133.1 146.2 140.8 145.3North America 365.8 370.8 393.9 379.2 390.2 358.9 370.0Rough Molded Fiber Global 167.1 169.9 170.4 164.1 177.6 180.2 182.6Foodservice 236.8 246.6 241.7 244.2 284.0 286.0 293.6Europe-Asia-OceaniaRigid Consumer Goods 103.3 103.8 137.3 129.7 262.0 267.7 276.3Plastics8) 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 Q3 Q2 Q1 Q1-Q3 Q4 Q3 Q2 Q1 Q1-Q4EUR million 2009 2009 2009 2009 2008 2008 2008 2008 2008Flexibles Global 2.3 3.2 2.1 7.6 4.9 3.0 8.6 4.7 21.2Films Global 0.2 0.3 0.2 0.7 0.5 0.8 1.0 2.1 4.4North America 6.5 2.8 1.0 10.3 5.9 4.0 2.6 1.3 13.8Rough Molded Fiber 0.7 0.8 1.6 3.1 4.8 3.1 1.0 0.8 9.7GlobalFoodservice 2.7 1.4 2.3 6.4 6.3 4.2 3.2 3.2 16.9Europe-Asia-OceaniaRigid Consumer Goods 1.6 1.0 0.8 3.4 4.1 1.3 1.4 0.7 7.5PlasticsOther activities 0.0 0.2 0.0 0.2 0.1 0.0 0.0 0.7 0.8Total 14.0 9.7 8.0 31.7 26.6 16.4 17.8 13.5 74.3RONA, % (12m roll.) Q3 Q2 Q1 Q4 Q3 Q2 Q1 2009 2009 2009 2008 2008 2008 2008Flexibles Global 1.4% 0.3% 0.4% -0.3% 3.7% 4.7% 5.5%Films Global -1.0% 0.7% 5.7% 5.6% 5.9% 6.6% 6.8%North America 14.3% 13.0% 10.7% 8.9% 7.8% 8.0% 8.7%Rough Molded Fiber 6.8% 6.1% 5.3% 4.8% 7.6% 7.6% 8.1%GlobalFoodservice 0.2% -0.2% -0.6% -0.6% 1.0% 0.3% 0.3%Europe-Asia-OceaniaRigid Consumer Goods -85.6% -67.9% -59.3% -52.8% -27.2% -24.2% -21.1%PlasticsOperating Cash Flow Q3 Q2 Q1 Q1-Q3 Q4 Q3 Q2 Q1 Q1-Q4EUR million 2009 2009 2009 2009 2008 2008 2008 2008 2008Flexibles Global 17.3 23.4 20.0 60.7 12.7 -3.2 6.7 4.6 20.8Films Global 8.4 8.2 1.9 18.5 13.9 0.5 7.7 2.5 24.6North America 9.6 22.9 14.5 47.0 16.5 6.7 23.1 -3.9 42.4Rough Molded Fiber 4.3 8.6 -0.6 12.3 3.6 3.9 8.7 1.2 17.4GlobalFoodservice 18.3 7.1 -2.1 23.3 3.6 7.6 14.5 1.3 27.0Europe-Asia-OceaniaRigid Consumer Goods 7.9 11.1 0.7 19.7 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 Q1-Q3 Q1-Q3 Q1-Q4EUR million 2009 2008 2008Equity per share 7.11 7.59 6.81(EUR)ROE, % (12m -9.6 -6.5 -14.8roll.)ROI, % (12m -2.5 -0.2 -4.8roll.) Personnel 13,346 14,794 14,644Result before -67.3 -50.5 -119.7taxes (12m roll.)Depreciation 60.5 66.9 89.2Amortization of 4.4 5.6 7.4other intangibleassetsShare capital and shareholdersAt the end of September 2009, the Company's registered share capitalwas EUR 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 ofoutstanding shares net of Company's own shares was 100,426,461(unchanged).There were 22,444 (21,819) registered shareholders at the end of thereporting period. Foreign ownership including nominee registeredshares accounted for 27.4% (27.1%).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 September 2009, the Company's market capitalization wasEUR 917.7 million (EUR 589.7 million) and EUR 873.7 million (EUR561.4 million) excluding Company's own shares. With a closing priceof EUR 8.70 (EUR 5.59) the share price increased by 98% (-31%) fromthe beginning of the year, while the OMX Helsinki Cap PI Indexincreased by 31% (-35%) and the OMX Helsinki Materials PI Indexincreased by 15% (-36%). During the reporting period the volumeweighted average price for the Company's share was EUR 6.75(unchanged). The highest price paid was EUR 9.05 on September 22,2009 and the lowest price paid was EUR 4.46 on January 2, 2009.During the reporting period the cumulative value of the Company'sshare turnover was EUR 389.9 million (EUR 574.2 million). The tradingvolume of 58.2 million (84.8 million) shares equaled an average dailyturnover of EUR 2.1 million (EUR 3.0 million) or, correspondingly309,502 (444,106) shares.In total, turnover of the Company's 2003 A, B and C as well as 2006 Aoption rights was EUR 864,131 corresponding to a trading volume of1,185,832.Contingent liabilities Sep 30 Dec 31 Sep 30 2009 2008 2008EUR millionMortgages 14.5 14.5 14.5Guarantee obligations 2.4 2.9 1.8Lease payments 51.5 49.8 56.3Capital expenditure commitments 22.3 7.3 24.2Nominal values of derivative instruments Sep 30 Dec 31 Sep 30 2009 2008 2008EUR millionCurrency forwards, transaction risk hedges 26 49 78Currency forwards, translation risk hedges 28 34 36Currency swaps, financing hedges 142 105 112Currency options 2 - 1Interest rate swaps 158 160 176Interest rate options - 7 -Electricity forwards 4 6 -The following EUR rates have been applied to GBP, INR, AUD and USD Q1-Q3/09 Q1-Q3/08Income statement, average: GBP 1 = 1.128 1.282 INR 1 = 0.015 0.016 AUD 1 = 0.548 0.601 USD 1 = 0.733 0.655 Q3/09 Q3/08Balance sheet, month end: GBP 1 = 1.100 1.265 INR 1 = 0.014 0.015 AUD 1 = 0.603 0.564 USD 1 = 0.683 0.699Definitions 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/1349201/325012.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 22.10.2009 - 07:33 Uhr
Sprache: Deutsch
News-ID 7235
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