OLVI PLC Interim Report
Interim Report in brief
Near-term outlook
Consolidated key ratios
| 7-9/ 2021 | 7-9/ 2020 | Change % / pp | 1-9/ 2021 | 1-9/ 2020 | Change % / pp | 1-12/ 2020 |
Sales volume, Mltr | 247.3 | 212.6 | 16.3 | 661.0 | 595.5 | 11.0 | 765.9 |
Net sales, MEUR | 134.3 | 116.3 | 15.5 | 351.6 | 321.9 | 9.2 | 414.9 |
Gross profit*, MEUR | 58.2 | 52.0 | 11.9 | 150.2 | 139.4 | 7.8 | 178.0 |
% of net sales | 43.3 | 44.7 |
| 42.7 | 43.3 |
| 42.9 |
Operating profit, MEUR | 23.6 | 21.5 | 9.7 | 52.3 | 49.5 | 5.5 | 56.4 |
% of net sales | 17.6 | 18.5 |
| 14.9 | 15.4 |
| 13.6 |
Net profit for the period, MEUR | 20.8 | 18.1 | 15.3 | 42.7 | 38.0 | 12.3 | 40.9 |
% of net sales | 15.5 | 15.5 |
| 12.1 | 11.8 |
| 9.9 |
Earnings per share, EUR | 0.99 | 0.87 | 13.8 | 2.04 | 1.82 | 12.1 | 1.96 |
Investments, MEUR | 6.2 | 6.2 | -0.5 | 23.4 | 25.2 | -7.3 | 32.0 |
Equity per share, EUR |
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| 13.94 | 12.76 | 9.2 | 12.81 |
Equity to total assets, % |
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| 59.5 | 65.1 | -5.6 | 63.8 |
Gearing, % |
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| -19.6 | -11.3 | 8.3 | -15.5 |
* Due to a change in the presentation of the income statement, gross profit is presented instead of gross margin.
Business development
The corona pandemic has still affected business operations in the third quarter. Among the different sales channels, HoReCa sales improved in comparison with the first half of the year, but sales are still lower than they were before the pandemic. Sales restrictions were in force in almost all markets. Furthermore, the volume of cross-border and harbour sales has remained low.
Business development in
In
In
Business in
In
Strategic expansion has continued according to plan as the acquisition of the Vestfyen brewery in
Strategically important Group-wide development projects, such as digitalisation projects and the responsible management operating model have been substantially pushed forward during the year in order to ensure competitive ability in the future. Investments have been implemented as planned, supporting future sales growth, improving production efficiency, and promoting the achievement of responsibility targets with regard to carbon neutrality, for example. Investments since the beginning of the year amount to
Seasonal nature of the operations
The Group's 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
Sales volume, million litres | 7-9/ 2021 | 7-9/ 2020 | Change % | 1-9/ 2021 | 1-9/ | Change |
69.1 | 63.7 | 8.5 | 197.0 | 182.2 | 8.1 | |
34.6 | 30.8 | 12.3 | 92.2 | 85.8 | 7.4 | |
23.1 | 21.0 | 10.1 | 59.8 | 57.0 | 5.0 | |
39.3 | 35.1 | 12.0 | 101.4 | 95.4 | 6.2 | |
86.7 | 70.5 | 23.0 | 232.2 | 197.6 | 17.5 | |
Eliminations and other segments | -5.5 | -8.5 |
| -21.7 | -22.5 |
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Total | 247.3 | 212.6 | 16.3 | 661.0 | 595.5 | 11.0 |
The Group's net sales in January-September increased by 9.2 percent and amounted to 351.6
Net sales, million euro | 7-9/ 2021 | 7-9/ 2020 | Change % | 1-9/ 2021 | 1-9/ | Change |
52.9 | 48.7 | 8.6 | 145.4 | 135.4 | 7.4 | |
22.9 | 20.4 | 12.2 | 59.8 | 55.8 | 7.2 | |
12.0 | 11.3 | 6.5 | 31.0 | 30.2 | 2.6 | |
17.9 | 16.1 | 11.6 | 46.5 | 43.1 | 7.8 | |
30.9 | 23.7 | 30.2 | 77.4 | 67.5 | 14.6 | |
Eliminations and other segments | -2.3 | -3.9 |
| -8.6 | -10.2 |
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Total | 134.3 | 116.3 | 15.5 | 351.6 | 321.9 | 9.2 |
Earnings development
The Group's operating profit in January-September stood at 52.3
Operating profit, million euro | 7-9/ 2021 | 7-9/ 2020 | Change % | 1-9/ 2021 | 1-9/ | Change |
9.8 | 8.3 | 18.2 | 21.5 | 18.9 | 14.0 | |
5.0 | 4.7 | 6.8 | 11.3 | 11.5 | -1.8 | |
1.3 | 1.5 | -13.6 | 2.8 | 3.4 | -15.7 | |
2.2 | 1.9 | 13.3 | 4.7 | 3.9 | 22.0 | |
5.7 | 5.4 | 5.5 | 12.6 | 12.7 | -1.2 | |
Eliminations and other segments | -0.3 | -0.3 |
| -0.8 | -0.9 |
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Total | 23.6 | 21.5 | 9.7 | 52.3 | 49.5 | 5.5 |
The Group's January-September profit after taxes amounted to 42.7
Earnings per share calculated from the profit belonging to parent company shareholders in January-September stood at 2.04
Balance sheet, financing, and investments
The amount of interest-bearing liabilities amounted to 12.9
Personnel
| 7-9/ 2021 | 7-9/ 2020 | Change % | 1-9/ 2021 | 1-9/ | Change |
448 | 421 | 6.4 | 419 | 395 | 6.1 | |
361 | 334 | 8.1 | 347 | 327 | 6.1 | |
281 | 194 | 44.8 | 241 | 197 | 22.3 | |
239 | 239 | 0.0 | 244 | 240 | 1.7 | |
859 | 776 | 10.7 | 830 | 768 | 8.1 | |
Other segments* | 39 | 0 |
| 13 | 0 |
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Total | 2,227 | 1,964 | 13.4 | 2,094 | 1,927 | 8.7 |
* At the end of the review period, the number of personnel was 118.
Board of Directors and management
There have been no changes in
Other events during the review period
Changes in corporate structure
Share-based payments
Business risks and their management
The corona pandemic continues to impose risks on business, even though the overall economic impact has been minor so far. There are uncertainties associated with predicting business development as it is not possible to sufficiently anticipate the various impacts of the corona pandemic. The impacts are associated with sales channel restrictions imposed in order to contain the spreading of the corona pandemic, for example, but also changes in overall demand. Substantial sales channel restrictions can still be projected towards the end of the year, particularly in the Baltic states.
As the corona pandemic has continued, there have also been challenges in the availability of raw materials and packaging supplies, as well as upward pressure in their prices. The most substantial availability problems concern cans, as global demand for them has increased faster than supply. The situation has not caused substantial sales volume losses so far. Cost pressures concern the prices of all raw materials and packaging supplies, as well as other production costs such as energy. Mitigation measures against such pressures include product development, cost savings and focused price increases. It will be challenging to fully respond to the rapidly increasing production costs by the end of 2021.
A more detailed description of normal business-related 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 company's Web site.
Events after the review period
There have been no significant reportable events after the review period.
Board of Directors
Further information:
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 interim report bulletin, Table 5
DISTRIBUTION:
Key media
www.olvi.fi
OLVI GROUP |
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| TABLE 1 | |||||
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STATEMENT OF COMPREHENSIVE INCOME |
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| 7-9 / 2021 | 7-9 / 2020 | 1-9 / 2021 | 1-9 / 2020 | 1-12 / 2020 | ||||
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Gross sales | 299,115 | 275,542 | 813,399 | 769,078 | 1,005,101 | ||||
Excise taxes and other adjustments | -164,796 | -159,254 | -461,808 | -447,211 | -590,217 | ||||
Net sales | 134,319 | 116,288 | 351,591 | 321,867 | 414,884 | ||||
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Cost of sales | -76,154 | -64,302 | -201,380 | -182,494 | -236,849 | ||||
Gross profit | 58,165 | 51,986 | 150,211 | 139,373 | 178,035 | ||||
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Logistics, sales and marketing expenses | -26,335 | -22,208 | -73,729 | -65,151 | -87,300 | ||||
Administrative expenses | -8,693 | -8,319 | -25,017 | -25,065 | -34,650 | ||||
Other operating income and expenses | 466 | 50 | 797 | 387 | 350 | ||||
Operating profit | 23,603 | 21,509 | 52,262 | 49,544 | 56,435 | ||||
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Financial income and expenses | -62 | -907 | -32 | -2,143 | -2,626 | ||||
Share of profit in associates | 0 | 0 |
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Earnings before tax | 23,541 | 20,602 | 52,230 | 47,401 | 53,811 | ||||
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Income taxes | -2,697 | -2,522 | -9,537 | -9,400 | -12,895 | ||||
NET PROFIT FOR THE PERIOD | 20,844 | 18,080 | 42,693 | 38,001 | 40,916 | ||||
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Other comprehensive income items that may be subsequently reclassified to profit and loss: |
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Translation differences related to foreign subsidiaries | 1,692 | -6,732 | 4,292 | -14,338 | -15,588 | ||||
Income taxes related to these items | 1 | 116 | -43 | 257 | 263 | ||||
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | 22,537 | 11,464 | 46,942 | 23,920 | 25,591 | ||||
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Distribution of profit: |
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- parent company shareholders | 20,603 | 17,913 | 42,247 | 37,679 | 40,559 | ||||
- non-controlling interests | 241 | 167 | 446 | 322 | 357 | ||||
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Distribution of comprehensive income: |
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- parent company shareholders | 22,238 | 11,501 | 46,358 | 24,027 | 25,704 | ||||
- non-controlling interests | 299 | -37 | 584 | -107 | -113 | ||||
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Earnings per share calculated from the profit belonging to parent company shareholders, EUR |
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- undiluted | 0.99 | 0.87 | 2.04 | 1.82 | 1.96 | ||||
- diluted | 0.99 | 0.87 | 2.04 | 1.82 | 1.96 | ||||
OLVI GROUP |
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| TABLE 2 | ||||||
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BALANCE SHEET |
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ASSETS |
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Non-current assets |
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Tangible assets | 228,199 | 204,619 | 204,156 | ||||||
25,913 | 25,266 | 25,172 | |||||||
Other intangible assets | 11,931 | 9,866 | 9,925 | ||||||
Shares in associates | 974 | 1,016 | 994 | ||||||
Other investments | 888 | 851 | 851 | ||||||
Loans receivable and other non-current receivables | 2,652 | 2,134 | 1,786 | ||||||
Deferred tax receivables | 1,436 | 800 | 1,086 | ||||||
Total non-current assets | 271,993 | 244,552 | 243,970 | ||||||
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Current assets |
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Inventories | 55,497 | 45,679 | 42,278 | ||||||
Accounts receivable and other receivables | 93,656 | 86,943 | 88,234 | ||||||
Income tax receivable | 196 | 288 | 773 | ||||||
Liquid assets | 70,068 | 33,248 | 45,096 | ||||||
Total current assets | 219,417 | 166,158 | 176,381 | ||||||
TOTAL ASSETS | 491,410 | 410,710 | 420,351 | ||||||
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SHAREHOLDERS' EQUITY AND LIABILITIES |
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Shareholders' equity held by parent company shareholders |
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Share capital | 20,759 | 20,759 | 20,759 | ||||||
Other reserves | 1,387 | 1,387 | 1,387 | ||||||
-390 | -503 | -1,802 | |||||||
Translation differences | -54,731 | -57,639 | -58,842 | ||||||
Retained earnings | 321,786 | 300,302 | 303,465 | ||||||
| 288,811 | 264,306 | 264,967 | ||||||
Share belonging to non-controlling interests | 3,631 | 3,172 | 3,165 | ||||||
Total shareholders' equity | 292,442 | 267,478 | 268,132 | ||||||
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Non-current liabilities |
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Financial liabilities | 7,649 | 2,789 | 2,303 | ||||||
Other liabilities | 4,873 | 4,266 | 4,473 | ||||||
Deferred tax liabilities | 13,489 | 7,930 | 11,107 | ||||||
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Current liabilities |
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Financial liabilities | 5,209 | 703 | 1,333 | ||||||
Accounts payable and other liabilities | 164,810 | 125,050 | 132,522 | ||||||
Income tax liability | 2,938 | 2,494 | 481 | ||||||
Total liabilities | 198,968 | 143,232 | 152,219 | ||||||
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 491,410 | 410,710 | 420,351 | ||||||
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| TABLE 3 | ||||
CHANGES IN SHAREHOLDERS' EQUITY |
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Share capital | Other reserves | Fair value reserve | Translation differences | Retained earnings | Share of non-controlling interests | Total | ||
Shareholders' equity | 20,759 | 1,092 | -1,802 | 295 | -58,842 | 303,465 | 3,165 | 268,132 |
Comprehensive income: |
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Net profit for the period |
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| 42,247 | 446 | 42,693 | |
Other comprehensive income items: |
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Translation differences |
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| 4,111 |
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Total comprehensive income for the period |
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| 4,111 | 42,247 | 584 | 46,942 | ||
Transactions with shareholders: |
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Payment of dividends |
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| -22,771 | -346 | -23,117 |
Share-based incentives, value of work performed |
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| 549 |
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Acquisition of treasury shares | -874 |
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| -874 | ||
Issue of treasury shares to employees | 1,687 |
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Sales of treasury shares to employees | 599 |
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| 599 | ||
Adjustment to previous periods |
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| -90 | -26 | -116 | ||
Total transactions with shareholders | 1,412 |
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| -23,926 | -372 | -22,886 | ||
Changes in holdings in subsidiaries: |
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Change in share belonging to non-controlling interests |
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| 254 | 254 | |||
Total changes in holdings in subsidiaries |
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| 254 | 254 | |||
Shareholders' equity | 20,759 | 1,092 | -390 | 295 | -54,731 | 321,786 | 3,631 | 292,442 |
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Share capital | Other reserves | Fair value reserve | Translation differences | Retained earnings | Share of non-controlling interests | Total | ||
Shareholders' equity | 20,759 | 1,092 | -503 | 295 | -43,987 | 282,895 | 3,318 | 263,869 |
Comprehensive income: |
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Net profit for the period |
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| 37,679 | 322 | 38,001 | |
Other comprehensive income items: |
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Translation differences |
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| -13,652 |
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Total comprehensive income for the period |
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| -13,652 | 37,679 | -107 | 23,920 | ||
Transactions with shareholders: |
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Payment of dividends |
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| -20,710 | -38 | -20,748 |
Share-based incentives, value of work performed |
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Total transactions with shareholders |
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| -20,270 | -38 | -20,308 | ||
Changes in holdings in subsidiaries: |
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Acquisition of shares from non-controlling interests |
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Change in share belonging to non-controlling interests |
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| 1 | -1 | 0 | |||
Total changes in holdings in subsidiaries |
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| -2 | -1 | -3 | |||
Shareholders' equity | 20,759 | 1,092 | -503 | 295 | -57,639 | 300,302 | 3,172 | 267,478 |
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| TABLE 4 | |
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CASH FLOW STATEMENT |
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| 1-9 / 2021 | 1-9 / 2020 | 1-12 / 2020 |
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Net profit for the period | 42,693 | 38,001 | 40,916 |
Adjustments: |
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Depreciation and impairment | 19,870 | 18,471 | 24,972 |
Other adjustments | 9,768 | 12,338 | 16,327 |
Change in net working capital: |
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Change in accounts receivable and other receivables | -1,593 | -21,457 | -22,809 |
Change in inventories | -5,486 | -4,413 | -1,274 |
Change in accounts payable and other liabilities | 22,261 | 8,111 | 17,339 |
Interest paid | -366 | -377 | -588 |
Interest received | 182 | 77 | 260 |
Dividends received | 3 | 3 | 4 |
Taxes paid | -6,435 | -6,377 | -9,351 |
Cash flow from operations (A) | 80,897 | 44,377 | 65,796 |
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Investments in tangible and intangible assets | -22,983 | -24,309 | -31,533 |
Capital gains on disposal of tangible and intangible assets | 1,072 | 1,409 | 1,697 |
Acquisition of shares from non-controlling interests | 0 | -3 | -6 |
Acquired shares in subsidiaries, associates and joint ventures | -11,121 | 0 | 0 |
Expenditure on other investments | -30 | -15 | -15 |
Dividends received | 21 | 0 | 24 |
Cash flow from investments (B) | -33,041 | -22,918 | -29,833 |
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Withdrawals of loans | 172 | 15,475 | 15,497 |
Repayments of loans | -1,774 | -16,706 | -16,917 |
Acquisition of treasury shares | -874 | 0 | -1,299 |
Sales of treasury shares to employees | 599 | 0 | 0 |
Dividends paid | -21,255 | -19,602 | -20,754 |
Increase (-)/decrease (+) in current interest-bearing business receivables | 0 | -6 | 26 |
Cash flow from financing (C) | -23,132 | -20,839 | -23,447 |
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Increase (+)/decrease (-) in liquid assets (A+B+C) | 24,724 | 620 | 12,516 |
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Liquid assets 1 January | 45,096 | 33,832 | 33,832 |
Effect of exchange rate changes | 248 | -1,204 | -1,252 |
Liquid assets 30 Sep/31 Dec | 70,068 | 33,248 | 45,096 |
OLVI GROUP TABLE 5
NOTES TO THE INTERIM REPORT
The interim report has been prepared in accordance with IAS 34, applying the same accounting policies as for the financial statements of
The information in the interim report is presented in thousands of euros (
1. SEGMENT INFORMATION |
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NET SALES BY SEGMENT 1-9/2021 |
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| Eliminations and other segments |
Group | ||
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INCOME |
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External sales | 144,599 | 55,773 | 27,868 | 44,296 | 76,585 | 2,470 | 351,591 |
Beverage sales | 143,730 | 55,773 | 27,868 | 44,296 | 76,585 | 2,470 | 350,722 |
Equipment services | 869 | 0 | 0 | 0 | 0 | 0 | 869 |
Internal sales | 817 | 4,050 | 3,177 | 2,158 | 858 | -11,060 | 0 |
Total net sales | 145,416 | 59,823 | 31,045 | 46,454 | 77,443 | -8,590 | 351,591 |
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Total net profit for the period | 35,883 | 8,894 | 2,728 | 4,068 | 10,690 | -19,570 | 42,693 |
NET SALES BY SEGMENT 1-9/2020 |
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| Eliminations and other segments |
Group | ||
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INCOME |
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External sales | 134,407 | 51,042 | 28,259 | 40,779 | 67,380 | 0 | 321,867 |
Beverage sales | 133,508 | 51,042 | 28,259 | 40,779 | 67,380 | 0 | 320,968 |
Equipment services | 899 | 0 | 0 | 0 | 0 | 0 | 899 |
Internal sales | 996 | 4,742 | 1,987 | 2,320 | 168 | -10,213 | 0 |
Total net sales | 135,403 | 55,784 | 30,246 | 43,099 | 67,548 | -10,213 | 321,867 |
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Total net profit for the period | 30,675 | 8,706 | 3,200 | 3,214 | 7,027 | -14,821 | 38,001 |
2. RELATED PARTY TRANSACTIONS | |||
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Employee benefits to management | |||
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Salaries and other short-term employee benefits to the Board of Directors and Managing Director | |||
1-9 / 2021 | 1-9 / 2020 | 1-12 / 2020 | |
Managing Director | 852 | 462 | 550 |
Chairman of the Board | 54 | 55 | 74 |
Other members of the Board
| 126 | 129 | 172 |
Total | 1,032 | 646 | 796 |
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Number of A shares | 16,989,976 | 82.0 |
Number of K shares | 3,732,256 | 18.0 |
Total | 20,722,232 | 100.0 |
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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 |
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Votes per Series A share | 1 |
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Votes per Series K share | 20 |
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The registered share capital on
4. SHARE-BASED PAYMENTS
At its meeting of
The objective of long-term rewards is to support the achievement of the company's targets, make key personnel committed to the company and offer incentive plans based on earning the company's shares. The rewards are payable partially in
The Board of Directors has set an upper limit for the gross total rewards payable to each person in a calendar year. The limit applies to all gross rewards payable under long-term incentive schemes. Any member of
plans until the value of the member's holding in the company equals at least one-half of their annual salary for the previous year. These
In the period under review, costs associated with the plans were recognised for a total of
5. TREASURY SHARES
At the beginning of
On
In accordance with the share-based incentive plan,
At the end of the review period,
On
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 *) | 1-9 / 2021 | 1-9 / 2020 | 1-12 / 2020 | ||||||
- average | 20,704,514 | 20,710,683 | 20,708,331 | ||||||
- at end of period | 20,712,828 | 20,710,683 | 20,683,672 | ||||||
*) |
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7. TRADING OF SERIES A SHARES ON THE |
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| 1-9 / 2021 | 1-9 / 2020 | 1-12 / 2020 | ||||||
Trading volume of Olvi A shares | 1,537,432 | 1,251,241 | 1,474,892 | ||||||
Total trading volume, | 75,018 | 50,160 | 60,470 | ||||||
Traded shares in proportion to |
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all Series A shares, % | 9.0 | 7.4 | 8.7 | ||||||
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Average share price, EUR | 48.80 | 40.12 | 41.03 | ||||||
Price on the closing date, EUR | 50.00 | 43.30 | 48.50 | ||||||
Highest quote, EUR | 55.50 | 45.00 | 50.00 | ||||||
Lowest quote, EUR | 43.10 | 30.25 | 30.25 | ||||||
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| Book entries | Votes | Shareholders | ||||||
| qty | % | qty | % | qty | % | |||
Finnish total | 16,276,006 | 78.54 | 87,188,870 | 95.15 | 17,254 | 99.52 | |||
Foreign total | 64,711 | 0.31 | 64,711 | 0.07 | 73 | 0.42 | |||
Nominee-registered (foreign) total | 337,337 | 1.63 | 337,337 | 0.37 | 6 | 0.03 | |||
Nominee-registered (Finnish) total | 4,044,178 | 19.52 | 4,044,178 | 4.41 | 6 | 0.03 | |||
Total | 20,722,232 | 100.00 | 91,635,096 | 100.00 | 17,339 | 100.00 | |||
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| 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 | 49,152 | 261,752 | 1.26 | 4,301,152 | 4.69 |
4. Hortling-Rinne Marit | 149,064 | 14,699 | 163,763 | 0.79 | 2,995,979 | 3.27 |
5. | 2,000,187 | 2,000,187 | 9.65 | 2,000,187 | 2.18 | |
6. | 1,054,038 | 1,054,038 | 5.09 | 1,054,038 | 1.15 | |
7. | 952,691 | 952,691 | 4.60 | 952,691 | 1.04 | |
8. | 828,075 | 828,075 | 4.00 | 828,075 | 0.90 | |
9. | 699,213 | 699,213 | 3.37 | 699,213 | 0.76 | |
10. Hortling Pia Johanna | 23,388 | 25,366 | 48,754 | 0.24 | 493,126 | 0.54 |
Others | 79,812 | 10,372,662 | 10,452,474 | 50.43 | 11,968,902 | 13.07 |
Total | 3,732,256 | 16,989,976 | 20,722,232 | 100.00 | 91,635,096 | 100.00 |
*) The figures include the shareholder's own holdings and shares held by parties in his control. |
During January-
10. PROPERTY, PLANT AND EQUIPMENT |
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| 1-9 / 2021 | 1-9 / 2020 | 1-12 / 2020 |
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Opening balance | 204,156 | 208,701 | 208,701 |
Additions | 40,788 | 25,152 | 31,923 |
Deductions and transfers | -1,643 | -1,868 | -2,294 |
Depreciation | -18,028 | -16,751 | -22,625 |
Exchange rate differences | 2,926 | -10,615 | -11,549 |
Total | 228,199 | 204,619 | 204,156 |
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Pledges and contingent liabilities |
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For own commitments | 19,226 | 1,938 | 1,938 |
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Leasing and rental liabilities: |
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Due within one year | 756 | 764 | 788 |
Due within 1 to 5 years | 636 | 350 | 398 |
Leasing and rental liabilities total | 1,392 | 1,114 | 1,186 |
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Other liabilities | 60 | 60 | 60 |
The increase in liabilities is due to the acquisition of Vestfyen and the consolidation of the company with
12. BUSINESS COMBINATIONS
SIA Piebalgas Alus
Piebalgas Alus has been consolidated in
The following tables present a summary of the acquisition price and the fair value of the assets acquired and liabilities assumed at the time of acquisition. The balance sheet has been prepared in its essential parts in accordance with
Acquisition price |
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|
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Paid in cash | 2,126 | ||
Total acquisition price (100%) | 2,126 | ||
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Amounts recognised for assets acquired and liabilities assumed (100%) |
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Tangible assets | 1,540 | ||
Intangible assets |
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Trademarks | 584 | ||
Other intangible assets | 1 | ||
Inventories | 771 | ||
Accounts receivable and other receivables | 609 | ||
Liquid assets | 32 | ||
Non-current liabilities | 631 | ||
Current liabilities | 1,236 | ||
Identifiable net assets total | 1,671 | ||
455 | |||
A/S Bryggeriet Vestfyen
Earlier this year,
Bryggeriet Vestfyen has been consolidated in
The following tables present a summary of the acquisition price and the fair value of the assets acquired and liabilities assumed at the time of acquisition. The balance sheet has been prepared in its essential parts in accordance with
Acquisition price |
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| |
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Paid in cash (96.8%) | 9,220 | ||
Share belonging to non-controlling interests (3.2%) | 269 | ||
Total acquisition price (100%) | 9,489 | ||
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Amounts recognised for assets acquired and liabilities assumed (100%) |
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Tangible assets | 16,519 | ||
Intangible assets |
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Customer relationships | 484 | ||
Trademarks | 1,789 | ||
Other intangible assets | 87 | ||
Other investments | 5 | ||
Deferred tax receivables | 551 | ||
Inventories | 5,813 | ||
Accounts receivable and other receivables | 2,785 | ||
Liquid assets | 193 | ||
Non-current liabilities | 5,536 | ||
Deferred tax liabilities | 2,434 | ||
Current liabilities | 10,767 | ||
Identifiable net assets total | 9,489 | ||
13. 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,
The Group has applied the ESMA (
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.
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)
https://news.cision.com/olvi-oyj/r/olvi-group-s-interim-report--1-january-to-30-september-2021--9-months-,c3444852
https://mb.cision.com/Main/14712/3444852/1489708.pdf
https://news.cision.com/olvi-oyj/i/keltaiset-korkit,c2974707
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