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Olvi Oyj: Olvi Groups Half-Year Report, 1 January to 30 June 2019 (6 Months)

08:00 OLVI PLC HALF-YEAR REPORT 15 AUG 2019 at 9:00 am OLVI GROUPS HALF-YEAR REPORT, 1 JANUARY TO 30 JUNE 2019 (6 MONTHS) HALF-YEAR REPORT IN BRIEF Olvi Groups sales volume, net sales and operating profit have developed favourably during the review period. The Groups financial position has improved further. Near-term outlook Olvi retains its full-year earnings outlook and estimates that the Groups operating profit for 2019 will remain on the previous years good level. CONSOLIDATED KEY RATIOS 4-6/ 2019 4-6/ 2018 Change % / pp 1-6/ 2019 1-6/ 2018 Change % / pp 1-12/ 2018 Sales volume, Mltr 227.6 217.0 4.9 365.0 350.7 4.1 701.3 Net sales, MEUR 124.5 116.8 6.6 201.5 187.4 7.5 384.3 Gross margin, MEUR 25.7 24.1 6.4 37.4 35.3 5.8 70.8 % of net sales 20.6 20.6 18.6 18.9 18.4 Operating profit, MEUR 19.8 19.2 3.3 25.8 25.6 1.1 50.1 % of net sales 15.9 16.4 12.8 13.6 13.0 Net profit for the period, MEUR 13.2 14.4 -8.6 18.3 20.1 -9.0 41.1 % of net sales 10.6 12.3 9.1 10.7 10.7 Earnings per share, EUR 0.62 0.68 -8.8 0.87 0.96 -9.4 1.97 Capital expenditure, MEUR 11.3 9.6 17.7 18.1 16.0 13.7 34.2 Equity per share, EUR 11.49 10.50 9.4 11.31 Equity to total assets, % 58.8 56.8 2.0 64.9 Gearing, % -9.5 -2.9 6.6 -6.0 BUSINESS DEVELOPMENT LASSE AHO, MANAGING DIRECTOR: Olvi Groups business has developed favourably during the first half of the year, particularly in Finland, Belarus and Lithuania. New products have been widely distributed, exports have increased and market demand for non-alcoholic products has continued to increase. Net sales have increased by 7.5 percent in the first half, even though the previous years volumes were historically high thanks to warm weather in the early summer. The second quarter was record-breaking in terms of sales volume, net sales and operating profit alike. All in all, performance and business development in the first half were good in spite of tax changes in Estonia and less favourable high-season weather compared to the previous year. Operating profit improved further on the previous years record-setting figure thanks to increased sales volume, more efficient production operations and a more profitable product portfolio. Marketing efforts to grow new business have been intensified at the same time. Thanks to good earnings development in the Group companies, the amount of repatriated dividends has been increased, and the correspondingly higher taxes are reflected in net profit for the period. However, Olvis operating environment is challenged by continuous changes in alcohol legislation and taxation. By all measurements, business in Finland has developed favourably in the first half of the year. Only the second-quarter volumes did not quite match the comparison period, as sales in the previous year were boosted by a record-breaking heat wave in May. Olvi had a temporary hindrance to deliveries in the second quarter, as the fermentation times for barley malt had to be extended due to the extraordinarily dry growing season in 2018. The second-quarter comparison figures for Finland do not yet include the business of Helsinki Distilling Company. In Estonia, the first halfs comparability with the previous year is hampered by advance sales in 2018 due to excise tax hikes, as well as weaker demand particularly in harbour and on-board sales between Finland and Estonia but also in the Estonian domestic market. However, the tax cut that became effective in the beginning of July is expected to have a positive effect on sales locally, in the Tallinn harbour shops and on-board sales. The second half of the year is indeed expected to show better earnings compared to the previous year. Business in Latvia has remained on the previous years level. Excise taxes were increased at the beginning of the year, which has hampered domestic demand and is reflected as a slight decrease in volumes. However, the profitability level has remained on a par with the previous year. To respond to the excise tax cuts in Estonia, Latvia will decrease the excise tax on strong alcoholic beverages as of August. It is hoped that this will prevent the most significant shift of sales from the Estonian-Latvian border to the Estonian side. In Lithuania, excellent sales development has continued. The growth was made possible by good development of exports. The Volfas Engelman brand is in particular demand in Russia. However, operating profit is hampered by the costs of launching the new water business. A new natural mineral water plant has started its operations during the spring and is primarily targeted to the domestic market. Volfas Engelman is the sales and marketing company for water, with its 100-percent subsidiary Lamate responsible for production. The sales volume in Belarus increased to a record-breaking level both domestically and in exports to Russia, attributable to factors such as good weather in early summer. Second-quarter earnings have developed hand in hand with the increased volume. Operations have been adapted to better match the increased level of costs. As planned, investments in the first half of the year are slightly higher than in the previous year. Production capacity in Finland will be increased towards the end of the year, and the efficiency of warehouse operations, among other things, will be improved in the Baltic states. Olvi Groups first own mineral water plant in Lithuania has been taken into production use during the spring. SEASONAL NATURE OF THE OPERATIONS The Groups business operations are characterised by seasonal variation. The net sales and operating profit from the reported geographical segments do not accumulate evenly but vary according to the time of the year and the characteristics of each season. SALES DEVELOPMENT Olvi Groups sales volume in January-June increased by 4.1 percent to 365.0 (350.7) million litres. Olvi Groups sales volume in April-June increased by 4.9 percent to 227.6 (217.0) million litres. The sales volume increased in January-June in Finland, Belarus and Lithuania. The change in Latvia is affected by excise tax hikes effective in the first half of the year. In Estonia, the sales volume has been hampered by the doubling of excise taxes on mild alcoholic beverages in the previous year, as well as the shift of sales from June to the following months when the alcohol tax was decreased in July. Sales volume, million litres 4-6/ 2019 4-6/ 2018 Change % 1-6/ 2019 1-6/ 2018 Change % Finland 62.1 62.7 -0.9 106.6 105.1 1.4 Estonia 32.7 33.2 -1.5 54.4 55.8 -2.5 Latvia 23.1 23.8 -2.7 36.7 38.2 -3.8 Lithuania 32.3 27.3 18.3 52.5 46.3 13.5 Belarus 83.9 76.1 10.3 125.5 115.8 8.4 Eliminations -6.5 -6.0 -10.6 -10.4 Total 227.6 217.0 4.9 365.0 350.7 4.1 The Groups net sales in January-June increased by 7.5 percent and amounted to 201.5 (187.4) million euro. Net sales in April-June increased by 6.6 percent to 124.5 (116.8) million euro. Net sales increased in Finland, Belarus and Lithuania, reflecting sales volume development. The value of sales also increased in Latvia despite the lower sales volume. Net sales, million euro 4-6/ 2019 4-6/ 2018 Change % 1-6/ 2019 1-6/ 2018 Change % Finland 48.0 46.9 2.2 81.8 75.3 8.7 Estonia 21.1 21.1 -0.4 34.8 35.4 -1.7 Latvia 12.5 12.4 0.3 19.9 19.8 0.3 Lithuania 14.8 12.5 17.9 23.9 20.6 15.7 Belarus 31.3 26.5 18.4 46.4 40.9 13.4 Eliminations -3.0 -2.6 -5.2 -4.7 Total 124.5 116.8 6.6 201.5 187.4 7.5 EARNINGS DEVELOPMENT The Groups operating profit in January-June stood at 25.8 (25.6) million euro, or 12.8 (13.6) percent of net sales. Operating profit in April-June stood at 19.8 (19.2) million euro, which was 15.9 (16.4) percent of net sales. The Groups operating profit improved in January-June particularly thanks to good performance in Belarus. Finland was also able to improve its performance. The second-quarter drop in Estonia is mainly due to a shift in sales caused by the tax cut. Operating profit, million euro 4-6/ 2019 4-6/ 2018 Change % 1-6/ 2019 1-6/ 2018 Change % Finland 6.3 6.2 0.9 8.9 8.0 11.0 Estonia 4.1 4.8 -14.4 6.3 7.2 -12.4 Latvia 1.6 1.6 -0.7 2.2 2.2 -0.3 Lithuania 1.2 1.5 -21.5 1.5 1.9 -20.4 Belarus 6.8 4.9 39.2 7.5 6.2 21.5 Eliminations -0.2 0.1 -0.5 0.1 Total 19.8 19.2 3.3 25.8 25.6 1.1 The Groups January-June profit after taxes amounted to 18.3 (20.1) million euro. Profit for April to June stood at 13.2 (14.4) million euro. Profit after taxes is slightly lower compared to the previous year. This is due to increased taxes as the amount of dividends repatriated from subsidiaries increased substantially. Earnings per share calculated from the profit belonging to parent company shareholders in January-June was 0.87 (0.96) euro, and the April-June figure was 0.62 (0.68) euro. BALANCE SHEET, FINANCING AND INVESTMENTS Olvi Groups balance sheet total at the end of June 2019 was 410.5 (388.4) million euro. Equity per share at the end of June 2019 stood at 11.49 (10.50) euro. The equity ratio was 58.8 (56.8) percent and the gearing ratio was -9.5 (-2.9) percent. The current ratio, which represents the Groups liquidity, was 1.1 (1.0). The amount of interest-bearing liabilities amounted to 3.1 (19.4) million euro at the end of June. Current liabilities made up 0.9 (18.1) million euro of all interest-bearing liabilities. The Groups cash flow from operations declined slightly on the previous year, amounting to 34.8 (35.7) million euro. Olvi Groups capital expenditure on extensions and replacements from January to June amounted to 18.1 (16.0) million euro. The companies in Finland accounted for 6.6 million euro, the Baltic subsidiaries for 8.8 million euro and Lidskoe Pivo in Belarus for 2.7 million euro of the total. Olvi Group has invested in increasing and diversifying its production capacity, as well as the modernisation of production facilities. The annual total of investments is expected to fall slightly short of the previous years level. PRODUCT DEVELOPMENT AND NEW PRODUCTS Research and development includes projects to design and develop new products, packages, processes and production methods, as well as further development of existing products and packages. The R&D costs have been recognised as expenses. The main objective of Olvi Groups product development is to create new products for profitable and growing beverage segments. The Groups new products are presented by market on each companys Web site. PERSONNEL Olvi Groups average number of personnel in January-June increased by 21 people and was 1,791 (1,770). The average number of personnel in April-June was 1,841 (1,839). Olvi Groups average number of personnel by country: 4-6/ 2019 4-6/ 2018 Change % 1-6/ 2019 1-6/ 2018 Change % Finland 415 391 6.1 386 354 9.0 Estonia 318 306 3.9 306 300 2.0 Latvia 208 203 2.5 197 197 0.0 Lithuania 221 215 2.8 222 212 4.7 Belarus 679 724 -6.2 680 707 -3.8 Total 1,841 1,839 0.1 1,791 1,770 1.2 BOARD OF DIRECTORS AND MANAGEMENT There have been no changes in Olvi plcs Board of Directors or management during the review period. OTHER EVENTS DURING THE REVIEW PERIOD Changes in corporate structure There were no changes in Olvis holdings in subsidiaries in January-June 2019. Share-based payments At the beginning of the year, Olvi plc initiated a share-based incentive plan for key personnel, the performance period of which is from 1 February 2019 to 31 January 2021. Detailed information on the incentive plan is provided in Table 5, Section 4 of the tables attached to this half-year report. BUSINESS RISKS AND THEIR MANAGEMENT Continuous changes in excise taxes and stricter alcohol legislation in Olvi Groups operating countries bring uncertainty to operations. In addition to the risks described above, there have been no significant changes in Olvi Groups business risks. A more detailed description of the risks is provided in the Board of Directors report and the notes to the financial statements, as well as in the Investors/Corporate Governance section of the companys Web site. EVENTS AFTER THE REVIEW PERIOD There have been no significant reportable events after the review period. OLVI PLC Board of Directors Further information: Lasse Aho, Managing Director, Olvi plc, phone +358 290 00 1050 or +358 400 203600 TABLES: - Statement of comprehensive income, Table 1 - Balance sheet, Table 2 - Changes in shareholders equity, Table 3 - Cash flow statement, Table 4 - Notes to the half-year report, Table 5 DISTRIBUTION: NASDAQ OMX Helsinki Ltd Key media www.olvi.fi OLVI GROUP TABLE 1 INCOME STATEMENT EUR 1,000 4-6/ 2019 4-6/ 2018 1-6/ 2019 1-6/ 2018 1-12/ 2018 Net sales 124,516 116,848 201,540 187,424 384,302 Other operating income 440 413 927 679 2,144 Operating expenses -99,298 -93,154 -165,071 -152,767 -315,694 Depreciation and impairment -5,863 -4,949 -11,576 -9,786 -20,602 Operating profit 19,795 19,158 25,820 25,550 50,150 Financial income 282 198 602 281 432 Financial expenses -137 67 -267 -313 -1,429 Share of profit in associates 0 0 0 0 23 Earnings before tax 19,940 19,423 26,155 25,518 49,176 Taxes *) -6,750 -4,993 -7,891 -5,446 -8,039 NET PROFIT FOR THE PERIOD 13,190 14,430 18,264 20,072 41,137 Other comprehensive income items that may be subsequently reclassified to profit and loss: Translation differences related to foreign subsidiaries 1,624 2,031 4,205 1,025 -2,713 Income taxes related to these items -77 0 -172 0 0 TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 14,737 16,461 22,297 21,097 38,424 Distribution of profit: - parent company shareholders 12,915 14,185 17,991 19,811 40,809 - non-controlling interests 275 245 273 261 328 Distribution of comprehensive income: - parent company shareholders 14,417 16,163 21,927 20,808 38,169 - non-controlling interests 320 298 370 289 255 Earnings per share calculated from the profit belonging to parent company shareholders, EUR - undiluted 0.62 0.68 0.87 0.96 1.97 - diluted 0.62 0.68 0.87 0.96 1.97 *) Taxes calculated from the profit for the review period. OLVI GROUP TABLE 2 BALANCE SHEET EUR 1,000 30 Jun 2019 30 Jun 2018 31 Dec 2018 ASSETS Non-current assets Tangible assets 205,102 192,789 195,599 Goodwill 26,414 25,233 26,134 Other intangible assets 11,003 9,553 11,481 Shares in associates 1,016 1,113 1,016 Investments 542 543 543 Loans receivable and other non-current receivables 235 267 235 Deferred tax receivables 364 846 558 Total non-current assets 244,676 230,344 235,566 Current assets Inventories 46,848 42,172 39,882 Accounts receivable and other receivables 93,311 90,503 71,038 Income tax receivable 109 93 440 Liquid assets 25,560 25,261 18,520 Total current assets 165,828 158,029 129,880 TOTAL ASSETS 410,504 388,373 365,446 SHAREHOLDERS EQUITY AND LIABILITIES Shareholders equity held by parent company shareholders Share capital 20,759 20,759 20,759 Other reserves 1,092 1,092 1,092 Treasury shares -503 -1,332 -956 Translation differences -42,810 -43,109 -46,746 Retained earnings 259,460 239,716 259,864 237,998 217,126 234,013 Share belonging to non-controlling interests 3,506 3,375 3,165 Total shareholders equity 241,504 220,501 237,178 Non-current liabilities Financial liabilities 2,194 1,254 1,167 Other liabilities 4,763 3,707 4,765 Deferred tax liabilities 7,419 7,354 8,085 Current liabilities Financial liabilities 904 18,099 3,554 Accounts payable and other liabilities 147,770 134,761 110,222 Income tax liability 5,950 2,697 475 Total liabilities 169,000 167,872 128,268 TOTAL SHAREHOLDERS EQUITY AND LIABILITIES 410,504 388,373 365,446 OLVI GROUP TABLE 3 CHANGES IN SHAREHOLDERS EQUITY Share capital Other reserves Treasury shares account Translation differences Retained earnings Share of non-controlling interests Total EUR 1,000 Shareholders equity 1 Jan 2018 20,759 1,092 -228 -44,106 238,242 1,228 216,987 Comprehensive income: Net profit for the period 19,811 261 20,072 Other comprehensive income items: Translation differences 997 28 1,025 Total comprehensive income for the period 997 19,811 289 21,097 Transactions with shareholders: Payment of dividends -16,574 -22 -16,596 Acquisition of treasury shares -1,104 -1,104 Share-based incentives, value of work performed 236 236 Total transactions with shareholders -1,104 -16,338 -22 -17,464 Changes in holdings in subsidiaries: Obligation to redeem shares from non-controlling interests -1,999 -1,999 Change in share belonging to non-controlling interests 0 1,880 1,880 Total changes in holdings in subsidiaries -1,999 1,880 -119 Shareholders equity 30 Jun 2018 20,759 1,092 -1,332 -43,109 239,716 3,375 220,501 Share capital Other reserves Treasury shares account Translation differences Retained earnings Share of non-controlling interests Total EUR 1,000 Shareholders equity 1 Jan 2019 20,759 1,092 -956 -46,746 259,864 3,165 237,178 Comprehensive income: Net profit for the period 17,991 273 18,264 Other comprehensive income items: Translation differences 3,936 97 4,033 Total comprehensive income for the period 3,936 17,991 370 22,297 Transactions with shareholders: Payment of dividends -18,640 -29 -18,669 Acquisition of treasury shares -726 -726 Sales of treasury shares to employees 1,179 1,179 Share-based incentives, value of work performed 245 245 Total transactions with shareholders 453 -18,395 -29 -17,971 Shareholders equity 30 Jun 2019 20,759 1,092 -503 -42,810 259,460 3,506 241,504 Other reserves include the share premium account, legal reserve and other reserves. OLVI GROUP TABLE 4 CASH FLOW STATEMENT EUR 1,000 1-6/2019 1-6/2018 1-12/2018 Net profit for the period 18,264 20,072 41,137 Adjustments to profit for the period 19,322 16,073 31,061 Change in net working capital -304 2,034 1,409 Interest paid -138 -244 -603 Interest received 16 174 440 Dividends received 2 2 123 Taxes paid -2,381 -2,453 -10,525 Cash flow from operations (A) 34,781 35,658 63,042 Investments in tangible and intangible assets -16,888 -15,680 -32,315 Sales gains from tangible and intangible assets 830 874 1,796 Shares purchased in subsidiaries 0 -13,806 -16,059 Cash flow from investments (B) -16,058 -28,612 -46,578 Withdrawals of loans 2,865 13,574 13,543 Repayments of loans -5,894 -6,176 -21,641 Acquisition of treasury shares -726 -1,104 -1,770 Sales of treasury shares to employees 1,179 0 0 Dividends paid -9,360 -16,587 -16,587 Increase (-) / decrease (+) in current interest- bearing business receivables 0 119 316 Cash flow from financing (C) -11,936 -10,174 -26,139 Increase (+)/decrease (-) in liquid assets (A+B+C) 6,787 -3,128 -9,675 Liquid assets 1 January 18,520 28,625 28,625 Effect of exchange rate changes 253 -236 -430 Liquid assets 30 June/31 December 25,560 25,261 18,520 OLVI GROUP TABLE 5 NOTES TO THE HALF-YEAR REPORT The half-year report has been prepared in accordance with IAS 34, applying the same accounting policies as for the financial statements of 31 December 2018, with the exception of the adoption of IFRS 16 Leases. The information in the half-year report is presented in thousands of euros (EUR 1,000). For the sake of presentation, individual figures and totals have been rounded to full thousands, which causes rounding differences in additions. The ratios are calculated from exact amounts in euros. The information disclosed in the half-year report is unaudited. 1. SEGMENT INFORMATION NET SALES BY SEGMENT 1-6/2019 EUR 1,000 Finland Estonia Latvia Lithuania Belarus Elimi- nations Group INCOME External sales 80,986 32,783 19,056 22,498 46,217 0 201,540 Beverage sales 80,212 32,783 19,056 22,498 46,217 0 200,766 Equipment services 774 0 0 0 0 0 774 Internal sales 859 2,037 829 1,374 141 -5,240 0 Total net sales 81,845 34,820 19,885 23,872 46,358 -5,240 201,540 NET SALES BY SEGMENT 1-6/2018 EUR 1,000 Finland Estonia Latvia Lithuania Belarus Elimi- nations Group INCOME External sales 74,999 32,905 18,857 19,775 40,888 0 187,424 Beverage sales 74,148 32,905 18,857 19,775 40,888 0 186,573 Equipment services 851 0 0 0 0 0 851 Internal sales 307 2,534 959 858 0 -4,658 Total net sales 75,306 35,439 19,816 20,633 40,888 -4,658 187,424 2. RELATED PARTY TRANSACTIONS Employee benefits to management Salaries and other short-term employee benefits to the Board of Directors and Managing Director EUR 1,000 1-6/2019 1-6/2018 1-12/2018 Managing Director 589 367 823 Chairman of the Board 36 34 71 Other members of the Board 86 75 164 Total 711 476 1,058 3. SHARES AND SHARE CAPITAL 30 Jun 2019 % Number of A shares 16,989,976 82.0 Number of K shares 3,732,256 18.0 Total 20,722,232 100.0 Total votes carried by A shares 16,989,976 18.5 Total votes carried by K shares 74,645,120 81.5 Total number of votes 91,635,096 100.0 Votes per Series A share 1 Votes per Series K share 20 The registered share capital on 30 June 2019 totalled 20,759 thousand euro. Olvi plcs shares will receive a dividend of 0.90 euro per share for 2018 (0.80 euro per share for 2017), totalling 18.6 (16.6) million euro. The dividends will be paid in two instalments. The first instalment of 0,45 euro per share was paid on 9 May 2019. The second instalment of 0,45 euro per share will be paid on 9 September 2019. The Series K and Series A shares entitle to equal dividend. The Articles of Association include a redemption clause concerning Series K shares. 4. SHARE-BASED PAYMENTS The aim of Olvi plcs share-based incentive plan is to combine the objectives of the shareholders and the key employees in order to increase the value of the company, to make the key employees committed to the company, and to offer them a competitive reward plan based on earning the companys shares. Olvi plc initiated a new share-based incentive plan for key personnel, the performance period of which is from 1 February 2019 to 31 January 2021. The plan is directed to approximately 60 people. In accordance with the share-based incentive plan, Olvi plc sold a total of 36,450 treasury shares to the target group members for a price of 1,179,330.37 euro. From January to June 2019, costs associated with the plan were recognised for a total of 486.1 thousand euro. Olvi Group does not have any other share-based plans or option plans. 5. TREASURY SHARES Olvi plc holds a total of 11,549 of its own Series A shares. The total purchase price of treasury shares was 502,956.28 euro. Olvi plcs share repurchase scheme ended on 21 January 2019. Treasury shares held by the company itself are ineligible for voting. Series A shares held by Olvi plc as treasury shares represent 0.06 percent of all shares and 0.01 percent of the aggregate number of votes. The treasury shares represent 0.07 percent of all Series A shares and associated votes. On 16 April 2019, the General Meeting of Shareholders of Olvi plc decided to revoke any unused authorisations to acquire treasury shares and authorise the Board of Directors of Olvi plc to decide on the acquisition of the companys own shares using distributable funds. The authorisation is valid for one year starting from the General Meeting and covers a maximum of 500,000 Series A shares. The Annual General Meeting also decided to revoke all existing unused authorisations for the transfer of own shares and authorise the Board of Directors to decide on the issue of a maximum of 1,000,000 new Series A shares and the transfer of a maximum of 500,000 Series A shares held as treasury shares. 6. NUMBER OF SHARES *) 1-6/2019 1-6/2018 1-12/2018 - average 20,705,683 20,707,666 20,711,397 - at end of period 20,710,683 20,681,403 20,696,504 *) Treasury shares deducted. 7. TRADING OF SERIES A SHARES ON THE HELSINKI STOCK EXCHANGE 1-6/2019 1-6/2018 1-12/2018 Trading volume of Olvi A shares 733,070 807,592 1,741,051 Total trading volume, EUR 1,000 24,075 23,847 52,140 Traded shares in proportion to all Series A shares, % 4.3 4.8 10.2 Average share price, EUR 32.84 29.55 29.95 Price on the closing date, EUR 34.20 31.70 31.50 Highest quote, EUR 36.00 34.00 34.00 Lowest quote, EUR 31.20 27.00 27.00 8. FOREIGN AND NOMINEE-REGISTERED HOLDINGS ON 30 JUNE 2019 Book entries Votes Shareholders qty % qty % qty % Finnish total 15,419,028 74.41 86,331,892 94.21 11,933 99.55 Foreign total 300,235 1.45 300,235 0.33 44 0.37 Nominee-registered (foreign) total 129,321 0.62 129,321 0.14 4 0.03 Nominee-registered (Finnish) total 4,873,648 23.52 4,873,648 5.32 6 0.05 Total 20,722,232 100.00 91,635,096 100.00 11,987 100.00 9. LARGEST SHAREHOLDERS ON 30 JUNE 2019 Series K Series A Total % Votes % 1. Olvi Foundation 2,363,904 890,613 3,254,517 15.71 48,168,693 52.57 2. The Estate of Hortling Heikki *) 903,488 103,280 1,006,768 4.86 18,173,040 19.83 3. Hortling Timo Einari 212,600 49,257 261,857 1.26 4,301,257 4.69 4. Hortling-Rinne Marit 149,064 14,699 163,763 0.79 2,995,979 3.27 5. OP Corporate Bank plc, nominee reg. 2,318,777 2,318,777 11.19 2,318,777 2.53 6. Nordea Bank Abp, nominee register 2,008,329 2,008,329 9.69 2,008,329 2.19 7. Ilmarinen Mutual Pension Insurance Company 851,401 851,401 4.11 851,401 0.93 8. Varma Mutual Pension Insurance Company 828,075 828,075 4.00 828,075 0.90 9. Hortling Pia Johanna 23,388 23,566 46,954 0.23 491,326 0.54 10. Hortling Jens Einari 23,388 16,216 39,604 0.19 483,976 0.53 Others 56,424 9,885,763 9,942,187 47.97 11,014,243 12.02 Total 3,732,256 16,989,976 20,722,232 100.00 91,635,096 100.00 *) The figures include the shareholders own holdings and shares held by parties in his control. During January-June 2019, Olvi has not received any flagging notices in accordance with Chapter 2, Section 10 of the Securities Markets Act. 10. PROPERTY, PLANT AND EQUIPMENT EUR 1,000 1-6/2019 1-6/2018 1-12/2018 Opening balance 195,599 188,155 188,155 Effect of IFRS 16 941 0 0 Additions 17,552 15,810 32,833 Deductions and transfers -1,195 -2,760 -4,395 Depreciation -10,510 -9,177 -18,922 Exchange rate differences 2,715 761 -2,072 Total 205,102 192,789 195,599 11. CONTINGENT LIABILITIES EUR 1,000 30 Jun 2019 30 Jun 2018 31 Dec 2018 Pledges and contingent liabilities For own commitments 2,114 1,916 2,114 Leasing and rental liabilities: Due within one year 848 1,164 1,129 Due within 1 to 5 years 453 737 805 Due in more than 5 years 1 2 2 Leasing and rental liabilities total 1,302 1,903 1,936 Other liabilities 60 2,000 57 12. CALCULATION OF FINANCIAL RATIOS In the summary of financial indicators (page 1), the Group presents figures directly derived from the consolidated income statement: net sales, operating profit and profit for the period, the corresponding percentages in proportion to net sales, as well as the earnings per share ratio. (Earnings per share = Profit belonging to parent company shareholders / Average number of shares during the period, adjusted for share issues.) In addition to the consolidated financial statements prepared in accordance with IFRS, Olvi Group presents Alternative Performance Measures that describe the financial development of its business and provide a commensurate overall view of the companys profitability, financial position and liquidity. The Group has applied the ESMA (European Securities and Markets Authority) new guidelines on Alternative Performance Measures that entered into force on 3 July 2016 and defined APMs as described below. As an APM supporting net sales, the Group presents sales volumes in millions of litres. Sales volume is an important indicator of the extent of operations generally used in the industry. The definition of gross margin is operating profit plus depreciation and impairment. Equity per share = Shareholders equity held by parent company shareholders / Number of shares at end of period, adjusted for share issues Equity to total assets, % = 100 * (Shareholders equity held by parent company shareholders + non-controlling interests) / (Balance sheet total) Gearing, % = 100 * (Interest-bearing debt cash in hand and at bank) / (Shareholders equity held by parent company shareholders + non-controlling interests) Attachment * Olve132019 https://ml-eu.globenewswire.com/Resource/Download/c60f894a-fbb1-44eb-8ab6-02e56cde7017 © GlobeNewswire

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