INTERIM REPORT 1-6/2011, IFRS
The interim report is unaudited.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
M€ 1-6/ 1-6/ 4-6/ 4-6/ 1-12/
2011 2010 2011 2010 2010
Continuing operations
Net sales 395.8 362.0 222.6 204.6 749.2
Cost of goods sold 250.8 222.5 142.1 123.9 461.1
Gross profit 145.0 139.5 80.5 80.7 288.1
Other operating income 0.1 1.1 0.1 0.5 2.2
Dispatching and warehousing expenses 15.4 14.9 8.0 7.4 30.1
Sales and marketing expenses 80.0 74.0 40.7 38.5 145.1
Administration expenses 23.2 23.6 12.3 12.3 45.0
Other operating expenses 7.8 7.8 4.1 4.2 17.7
Operating profit 18.7 20.3 15.5 18.8 52.4
Financial expenses, net 3.1 7.4 2.0 3.3 10.7
Profit before taxes 15.6 12.9 13.5 15.5 41.7
Income taxes 5.1 3.9 4.5 4.7 14.7
Profit for period from continuing operations 10.5 9.0 9.0 10.8 27.0
Discontinued operations
Profit for the period from discontinued operations 0.0 -0.9 0.0 -0.5 -2.3
Profit for the period 10.5 8.1 9.0 10.3 24.7
Other comprehensive income
Translation differences -6.3 17.1 -2.3 8.7 12.6
Cash flow hedges -0.7 0.4 -0.2 0.8 1.6
Net investment hedges 3.4 -6.3 2.4 -3.1 -8.4
Other comprehensive income for the period -3.6 11.2 -0.1 6.4 5.8
Total comprehensive income for the period 6.9 19.3 8.9 16.7 30.5
Profit for the period attributable to
Equity holders of parent company 10.8 8.1 9.3 10.3 24.7
Non-controlling interest -0.3 - -0.3 - -
Total comperensive income for the period attributable to
Equity holders of parent company 7.2 19.3 9.2 16.7 30.5
Non-controlling interest -0.3 - -0.3 - -
Earnings per share, EUR 0.15 0.11 0.13 0.14 0.34
- Continuing operations 0.15 0.12 0.13 0.15 0.37
- Discontinued operations 0.00 -0.01 0.00 -0.01 -0.03
Diluted earnings per share, EUR 0.15 0.11 0.13 0.14 0.34
- Continuing operations 0.15 0.12 0.13 0.15 0.37
- Discontinued operations 0.00 -0.01 0.00 -0.01 -0.03
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CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
M€ 30.6. 30.6. 31.12.
2011 2010 2010
Assets
Non-current assets
Property, plant and equipment 166.4 175.3 171.3
Intangible assets 99.0 99.7 96.9
Securities and long-term investments 8.6 8.4 8.4
Deferred tax assets 12.3 15.9 13.9
Total non-current assets 286.3 299.3 290.5
Current assets
Inventories 97.4 90.4 84.4
Accounts receivable 157.2 147.8 93.1
Other receivables 19.0 13.8 17.3
Cash and cash equivalents 36.2 6.8 11.9
Total current assets 309.8 258.8 206.7
Total assets 596.1 558.1 497.2
Equity and liabilities
Equity
Equity attributable to the owners of the parent company 219.2 240.8 252.1
Non-Controlling interest 3.7 - -
Total equity 222.9 240.8 252.1
Non-current liabilities
Interest-bearing liabilities 112.4 59.6 43.5
Deferred tax liability 9.4 10.1 9.5
Provisions 4.1 5.7 5.6
Employee benefits and other liabilities 22.4 15.4 21.6
Total non-current liabilities 148.3 90.8 80.2
Current liabilities
Interest-bearing liabilities 74.7 78.0 35.2
Provisions 6.6 7.1 6.4
Accounts payable 61.9 58.7 51.0
Other liabilities 81.7 82.7 72.3
Total current liabilities 224.9 226.5 164.9
Total equity and liabilities 596.1 558.1 497.2
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CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW
M€ 1-6/ 1-6/ 1-12/
2011 2010 2010
Cash flow from operations
Cash flow before net working capital 32.6 28.2 74.9
Change in net working capital -55.0 -44.3 -22.6
Income taxes paid -9.5 -1.4 1.1
Interest paid -0.8 -1.9 -4.7
Interest received 0.3 0.4 0.5
Cash flow from operations -32.4 -19.0 49.2
Cash flow from investments
Acquisition of subsidiary shares -6.4 - -
Proceeds from disposal of shares 0.1 - 0.2
Purchase of fixed assets -9.2 -5.4 -19.0
Proceeds from sales of fixed assets 0.3 2.8 5.0
Received dividend 0.0 0.0 0.1
Loan repayments 0.2 0.0 0.1
Cash flow from investments -15.0 -2.6 -13.6
Cash flow from financing
Borrowings of debt 161.3 47.7 67.6
Repayments of debt -58.2 - -84.0
Change in other short term debt 9.8 4.9 18.0
Dividends paid -40.2 -36.5 -36.5
Payment of finance lease liabilities -1.0 -0.9 -2.1
Cash flow from financing 71.7 15.2 -37.0
Conversion differences for cash and cash equivalents 0.0 0.0 0.1
Change in cash and cash equivalents 24.3 -6.4 -1.3
Cash and cash equivalents at 1 January 11.9 13.2 13.2
Cash and cash equivalents at end of period 36.2 6.8 11.9
Changes according to balance sheet 24.3 -6.4 -1.3
STATEMENT OF CHANGES IN EQUITY
M€ Share Share Other Translatio Treasury Retained Equity Non- Total
capital premium reserves* n reserve shares earnings attributabl Controllin
e to the g interest
owners of
the
parent
company
Balance at 31 December 2010 146.4 50.2 -5.5 -1.4 -1.2 63.6 252.1 - 252.1
Total comprehensive income for the period 2.7 -6.3 10.8 7.2 -0.3 6.9
Dividend paid (€ 0,55 per share) -40.2 -40.2 -40.2
Share based incentive plan 0.1 0.1 0.1
Other adjustments **) 0.0 0.0 0.0 4.0 4.0
Balance at 30 June 2011 146.4 50.2 -2.8 -7.7 -1.2 34.3 219.2 3.7 222.9
*) Includes a -5,0 M€ effective portion of net
investment hedge.
**) Includes changes in Non-controlling interest.
Balance at 31 December 2009 146.4 50.2 1.3 -14 -1.2 75.3 258.0 258.0
Total comprehensive income for the period -5.9 17.1 8.1 19.3 19.3
Dividend paid (€ 0,50 per share) -36.5 -36.5 -36.5
Share based incentive plan 0.0 0.0 0.0
Other adjustments 0.0 0.0 0.0 0.0
Balance at 30 June 2010 146.4 50.2 -4.6 3.1 -1.2 46.9 240.8 240.8
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS, TABLES
PROPERTY, PLANT AND EQUIPMENT AND
INTANGIBLE ASSETS
M€ 1-6/ 2011 1-6/ 1-12/
2010 2010
Gross investment 9.2 5.4 19.0
- % of net sales 2.3 1.5 2.5
Depreciation 14.0 15.0 29.1
Write downs - - 1.4
Book value of disposed fixed assets 0.2 2.4 5.4
PERSONNEL
Converted to full time employees 1-6/ 2011 1-6/ 1-12/
2010 2010
Average 3,281 3,203 3,219
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At the end of the period 3,400 3,272 3,197
OWN SHARES
30.6. 30.6. 31.12.
2011 2010 2010
Own shares held by the company 160,000 160,000 160,000
- of share capital, % 0.2 % 0.2 % 0.2 %
- of voting rights, % 0.2 % 0.2 % 0.2 %
Accounted par value of own shares held by the company, M€ 0.3 0.3 0.3
SEGMENT INFORMATION
M€ 1-6/ 2011 1-6/ 2010
External Internal Total External Internal Total
Segment revenue, continuing operations
Building Solutions - Europe 269.9 0.2 270.1 242.5 0.4 242.9
Building Solutions - North America 56.2 - 56.2 58.0 - 58.0
Infrastructure Solutions 69.7 3.6 73.3 61.5 3.0 64.5
Eliminations - -3.8 -3.8 - -3.4 -3.4
Total 395.8 - 395.8 362.0 - 362.0
4/6 2011 4-6/ 2010
External Internal Total External Internal Total
Segment revenue, continuing operations
Building Solutions - Europe 147.7 0.1 147.8 130.6 0.3 130.9
Building Solutions - North America 29.5 - 29.5 33.5 - 33.5
Infrastructure Solutions 45.4 1.9 47.3 40.5 2.1 42.6
Eliminations - -2.0 -2.0 - -2.4 -2.4
Total 222.6 - 222.6 204.6 - 204.6
1-12/ 2010
External Internal Total
Segment revenue, continuing operations
Building Solutions - Europe 503.6 0.8 504.4
Building Solutions - North America 114.6 - 114.6
Infrastructure Solutions 131.0 7.3 138.3
Eliminations - -8.1 -8.1
Total 749.2 - 749.2
1-6/ 1-6/ 4-6/ 4-6/ 1-12/
2011 2010 2011 2010 2010
Segment result, continuing operations
Building Solutions - Europe 20.5 25.4 13.9 16.4 55.7
Building Solutions - North America 3.4 0.2 2.7 2.0 3.1
Infrastructure Solutions -2.3 -0.9 1.7 3.1 0.4
Others -3.7 -4.6 -2.6 -2.7 -6.8
Eliminations 0.8 0.2 -0.2 0.0 0.0
Total 18.7 20.3 15.5 18.8 52.4
1-6/ 1-6/ 1-12/
2011 2010 2010
Segment depreciation and impairments,
Building Solutions - Europe 6.5 6.4 13.2
Building Solutions - North America 2.0 3.3 8.0
Infrastructure Solutions 3.1 2.8 5.6
Others 2.1 2.2 4.3
Eliminations 0.3 0.3 -0.5
Total 14.0 15.0 30.6
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Segment investments, continuing operations
Building Solutions - Europe 5.2 2.3 8.0
Building Solutions - North America 1.3 1.7 4.3
Infrastructure Solutions 2.0 1.3 6.2
Others 0.7 0.1 0.5
Total 9.2 5.4 19.0
30.6. 30.6. 31.12
2011 2010 2010
Segment assets
Building Solutions - Europe 432.2 407.9 414.9
Building Solutions - North America 179.2 141.2 126.8
Infrastructure Solutions 105.3 96.8 88.9
Others 538.8 461.1 534.2
Eliminations -659.4 -548.9 -667.6
Total 596.1 558.1 497.2
Segment liabilities
Building Solutions - Europe 310.9 285.0 303.1
Building Solutions - North America 64.1 84.5 72.8
Infrastructure Solutions 76.5 71.4 64.2
Others 521.5 446.8 496.0
Eliminations -599.7 -570.4 -691.0
Total 373.3 317.3 245.1
1-6/ 1-6/ 1-12/
2011 2010 2010
Segment personnel, continuing operations, average
Building Solutions - Europe 2,280 2,222 2,222
Building Solutions - North America 409 428 427
Infrastructure Solutions 534 493 509
Others 58 60 61
Total 3,281 3,203 3,219
Reconciliations
Segment result, continuing operations 1-6/ 2011 1-6/ 1-12/
2010 2010
Segment result, total 18.7 20.3 52.4
Financial expenses, net 3.1 7.4 10.7
Profit before taxes 15.6 12.9 41.7
CONTINGENT LIABILITIES
M€ 30.6. 30.6. 31.12.
2011 2010 2010
Group:
Pledges
- on own behalf 0.0 0.0 0.0
Mortgages
- on own behalf - 0.0 -
Guarantees
- on own behalf 0.6 0.1 0.1
- on behalf of others 7.3 7.0 7.0
Parent company:
Guarantees
- on behalf of a subsidiary 11.3 10.6 11.2
- on behalf of others 6.9 6.9 6.9
OPERATING LEASE COMMITMENTS 33.4 30.6 29.3
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DERIVATIVE CONTRACTS
M€ Nominal Fair value Nominal Fair value Nominal Fair value
value value value
30.6. 30.6. 30.6. 30.6. 31.12. 31.12.
2011 2011 2010 2010 2010 2010
Currency derivatives
- Forward agreements 163.0 1.0 154.4 -5.4 175.1 4.0
- Currency options, bought 13.6 0.1 - - 21.6 0.0
- Currency options, sold 14.4 -0.1 - - 21.6 -0.3
Interest derivatives
- Interest rate swaps 50.0 -0.5 - - - -
Commodity derivatives
- Forward agreements 5.9 0.4 6.4 0.0 6.0 1.6
DISCONTINUED OPERATIONS
M€ 1-6/ 2011 1-6/ 1-12/
2010 2010
Expenses 0.0 0.9 2.3
Profit before taxes 0.0 -0.9 -2.3
Income taxes 0.0 0.0 0.0
Profit after taxes 0.0 -0.9 -2.3
Profit for the period from discontinued operations - -0.9 -2.3
Cash flow from discontinued operations
Cash flow from operations -0.2 -0.2 -1.6
ACQUISITION OF ZENT-FRENGER
M€
Total considation in cash 6.4
Acquisition-related costs (recognised as expenses) 0.9
Recognised amounts of identifiable assets acquired and liabilities assumed
Cash and cash equivalents 0.0
Non-current assets 3.8
Inventories 1.6
Accounts receivable and other receivables 5.9
Current liabilities -5.1
Total identifiable net assets 6.2
Non-controlling interest 4.0
Goodwill 2.4
Total entity value 12.6
RELATED PARTY TRANSACTIONS
M€ 1-6/ 2011 1-6/ 1-12/
2010 2010
Continuing operations
Purchases from associated companies 0.9 0.7 1.4
Balances at the end of period
Accounts payables and other liabilities 0.1 0.1 0.0
KEY FIGURES
1-6/ 2011 1-6/ 1-12/
2010 2010
Earnings per share, € 0.15 0.11 0.34
- Continuing operations 0.15 0.12 0.37
- Discontinued operations 0.00 -0.01 -0.03
Operating profit (continuing operations), % 4.7 5.6 7.0
Return on equity, % (p.a.) 8.8 6.5 9.7
Return on investment, % (p.a.) 10.6 9.0 14.4
Solvency ratio, % 37.4 43.2 50.8
Gearing, % 67.7 54.3 26.5
Net interest-bearing liabilities 150.9 130.8 66.8
Equity per share, € 3.00 3.30 3.45
- diluted 3.00 3.30 3.45
Trading price of shares
- low, € 10.15 10.58 10.58
- high, € 14.25 15.66 15.66
- average, € 12.38 13.26 12.88
Shares traded
- 1000 pcs 16,878 19,711 37,389
b407a582-f790-40bd-a753-ab97f5b0d81f.xlsx; Q2 2011
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- M€ 209 261 482
b407a582-f790-40bd-a753-ab97f5b0d81f.xlsx; Q2 2011
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