OLVI PLC Interim report
Financial performance in brief
Near-term outlook (changed)
The operating profit from continuing operations in 2022 is expected to decrease from the previous year. (Previously: the operating profit will remain at the previous year's good level.)
Costs arising from raw materials, packaging materials, energy and logistics are increasing at an exceptionally high rate, and there are challenges with availability. The increase in costs is expected to continue in the near future. It has not yet been possible to fully transfer the cost increases to sales prices, especially in
The Group's key ratios (continuing operations)
| 7-9/ 2022 | 7-9/ 2021 | Change, | 1-9/ 2022 | 1-9/ 2021 | Change, | 1-12/ 2021 |
Sales volume, Mltr | 189.4 | 161.0 | 17.6 | 512.9 | 432.7 | 18.5 | 574.5 |
Net sales, MEUR | 130.5 | 103.6 | 26.0 | 342.3 | 275.0 | 24.5 | 364.8 |
Gross profit, MEUR | 48.3 | 45.0 | 7.4 | 128.2 | 117.9 | 8.8 | 151.7 |
% of net sales | 37.0 | 43.4 |
| 37.4 | 42.9 |
| 41.6 |
Operating profit, MEUR | 14.6 | 17.9 | -18.6 | 34.6 | 39.8 | -12.9 | 45.1 |
% of net sales | 11.2 | 17.3 |
| 10.1 | 14.5 |
| 12.4 |
Profit for the period, MEUR | 12.7 | 15.9 | -20.5 | 27.4 | 32.3 | -15.3 | 36.7 |
% of net sales | 9.7 | 15.4 |
| 8.0 | 11.7 |
| 10.1 |
Earnings per share, EUR | 0.61 | 0.77 | -20.4 | 1.32 | 1.56 | -15.5 | 1.77 |
Investments, MEUR | 9.2 | 5.0 | 83.7 | 26.3 | 19.2 | 36.8 | 26.8 |
Equity per share, EUR |
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| 15.89 | 13.94 | 14.0 | 14.19 |
Equity ratio, % |
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| 60.3 | 59.5 | 0.8 | 60.7 |
Gearing, % |
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| -11.9 | -16.2 | -4.3 | -16.6 |
Key ratios for the Group, including assets held for sale
| 7-9/ 2022 | 7-9/ 2021 | Change, %/pp | 1-9/ 2022 | 1-9/ 2021 | Change, %/pp | 1-12/ 2021 |
Sales volume, Mltr | 279.2 | 247.3 | 12.9 | 746.4 | 661.0 | 12.9 | 853.7 |
Net sales, MEUR | 174.9 | 134.3 | 30.2 | 447.6 | 351.6 | 27.3 | 462.2 |
Operating profit, MEUR | 25.0 | 23.6 | 5.8 | 58.0 | 52.3 | 11.1 | 59.4 |
% of net sales | 14.3 | 17.6 |
| 13.0 | 14.9 |
| 12.9 |
Assets held for sale are discussed in more detail under item 11 of Table 5 in the table section of the interim report bulletin. Despite new sales restrictions imposed by the authorities on assets in
Business development
Business development during the third quarter
The sales volume of continuing operations increased by 17.6% in the third quarter, and the net sales of continuing operations grew by 26.0%. In the domestic market, sales increased in retail and reached pre-pandemic levels in the hotel, restaurant, and catering (HoReCa) sector and cross-border trade. The company entered new export markets, which compensated for the end of exports to
There have been challenges with the availability of raw materials and packaging materials. The price of energy in particular was at a record high due to the war in
Business development since the beginning of the year
Since the beginning of the year, the sales volume has increased by 18.5% and net sales have grown by 24.5%. Sales growth was driven by the domestic market, and the company strengthened its overall market position. Sales during the summer season were at a good level, supported by the warm weather in August. The operating profit was
Segment-specific business development
The sales volume of
In the
packaging material prices and availability problems, this has reduced profitability. In addition, salaries have increased significantly in the Baltic countries since the beginning of the year. The operating profit decreased by 6.6% in the third quarter and has decreased by 7.7% since the beginning of the year. The company's operations have performed well in the Baltic market, but the operating profit has decreased in
Seasonal nature of operations
The nature of the Group's business operations involves seasonal fluctuation. The net sales and operating profit of the geographical reporting segments are not accumulated steadily. Instead, they fluctuate in accordance with the special characteristics of the seasons of the year and product seasons.
Sales development
Sales volume, Mltr | 7-9/ 2022 | 7-9/ 2021 | Change, % | 1-9/ 2022 | 1-9/ 2021 | Change, % |
70.1 | 69.1 | 1.5 | 200.7 | 197.0 | 1.9 | |
134.7 | 103.2 | 30.5 | 353.0 | 259.6 | 36.0 | |
Eliminations | -15.4 | -11.2 |
| -40.9 | -23.8 |
|
Continuing operations, total | 189.4 | 161.0 | 17.6 | 512.9 | 432.7 | 18.5 |
The Group's net sales increased by 24.5% in January-September and were
Net sales, MEUR | 7-9/ 2022 | 7-9/ 2021 | Change, % | 1-9/ 2022 | 1-9/ 2021 | Change, % |
56.3 | 52.9 | 6.5 | 156.8 | 145.4 | 7.8 | |
83.2 | 55.3 | 50.4 | 207.9 | 139.8 | 48.7 | |
Eliminations | -8.9 | -4.6 |
| -22.4 | -10.2 |
|
Continuing operations, total | 130.5 | 103.6 | 26.0 | 342.3 | 275.0 | 24.5 |
Financial performance
The Group's operating profit in January-September was
Operating profit, MEUR | 7-9/ 2022 | 7-9/ 2021 | Change, % | 1-9/ 2022 | 1-9/ 2021 | Change, % |
6.8 | 9.8 | -30.0 | 18.2 | 21.5 | -15.2 | |
7.9 | 8.4 | -6.6 | 17.5 | 18.9 | -7.7 | |
Eliminations | -0.2 | -0.3 |
| -1.1 | -0.7 |
|
Continuing operations, total | 14.6 | 17.9 | -18.6 | 34.6 | 39.8 | -12.9 |
The Group's profit after taxes in January-September was
Earnings per share calculated from the profit attributable to the owners of the parent company were
Balance sheet, financing, and investments
Interest-bearing liabilities amounted to
Personnel
The average number of personnel in
| 7-9/ 2022 | 7-9/ 2021 | Change, % | 1-9/ 2022 | 1-9/ 2021 | Change, % |
469 | 448 | 4.7 | 451 | 419 | 7.6 | |
1,084 | 920 | 17.8 | 1,046 | 845 | 23.8 | |
Total | 1,553 | 1,368 | 13.5 | 1,497 | 1,264 | 18.4 |
Board of Directors and management
No changes took place in
The managing director of the Estonian subsidiary changed on
By means of a separate stock exchange release issued on
Other events during the review period
Changes in the Group structure
No significant changes took place in
Business risks and their management
Impacts of the war in
The war in
fuel prices, which are directly reflected in logistics costs. The company will respond to the increase in costs by continuing price increases as far as possible.
Consumer prices have risen rapidly during 2022, especially in
The challenges related to the availability of natural gas have been taken into account, especially in
The war in
Coronavirus pandemic
There are uncertainties in forecasting the development of business operations, because it has been difficult to predict the spill over effects of the coronavirus pandemic. These effects are related to sales channel restrictions imposed to prevent the spread of the coronavirus pandemic and to travel restrictions, for example, as well as to changes in overall demand. In addition, there have been major challenges in global production and transport chains in terms of availability and cost impacts. These have continued because of the strict measures related to the coronavirus pandemic in
Preparedness
A more detailed description of the normal risks related to business operations is provided in the Board of Directors' report and the notes to the financial statements and on the company website (Investors >
Events after the review period
There are no significant events to report after the review period.
Board of Directors
More information:
TABLES:
- Consolidated statement of comprehensive income, Table 1
- Consolidated balance sheet, Table 2
- Consolidated statement of changes in equity, Table 3
- Consolidated cash flow statement, Table 4
- Notes to the interim report bulletin, Table 5
DISTRIBUTION:
Key media outlets
www.olvi.fi
OLVI GROUP |
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| TABLE 1 | |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
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| 7-9/2022 | 7-9/2021 | 1-9/2022 | 1-9/2021 | 1-12/2021 |
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Gross sales | 297,036 | 254,496 | 795,395 | 700,816 | 924,637 |
Excise taxes and other adjustments | -166,505 | -150,900 | -453,111 | -425,810 | -559,871 |
Net sales | 130,531 | 103,596 | 342,284 | 275,006 | 364,766 |
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Cost of sales | -82,230 | -58,623 | -214,100 | -157,151 | -213,079 |
Gross profit | 48,301 | 44,973 | 128,184 | 117,855 | 151,687 |
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Logistics, sales and marketing expenses | -26,038 | -20,093 | -70,356 | -57,352 | -77,723 |
Administrative expenses | -7,984 | -7,389 | -23,834 | -21,388 | -29,954 |
Other operating income and expenses | 287 | 397 | 618 | 635 | 1,070 |
Operating profit | 14,566 | 17,888 | 34,612 | 39,750 | 45,080 |
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Financial income | 52 | 10 | 158 | 34 | 46 |
Financial expenses | -125 | -121 | -360 | -100 | -302 |
Share of the profit of associated companies and joint ventures | 0 | 0 | 0 | 0 | 44 |
Profit before tax | 14,493 | 17,777 | 34,410 | 39,684 | 44,868 |
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Income taxes | -1,824 | -1,842 | -7,047 | -7,384 | -8,198 |
Profit for the period, continuing operations | 12,669 | 15,935 | 27,363 | 32,300 | 36,670 |
Profit for the period, assets held for sale | 8,511 | 4,909 | 18,712 | 10,393 | 11,691 |
PROFIT FOR THE PERIOD | 21,180 | 20,844 | 46,075 | 42,693 | 48,361 |
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Other items of comprehensive income that may be later reclassified to profit or loss: |
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Translation differences related to foreign subsidiaries | 8,927 | 1,692 | 14,737 | 4,292 | 5,366 |
Income taxes related to items | -88 | 1 | -154 | -43 | -85 |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | 30,019 | 22,537 | 60,658 | 46,942 | 53,642 |
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Distribution of the profit for the period: |
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- Owners of the parent company | 20,866 | 20,603 | 45,363 | 42,247 | 47,862 |
- Non-controlling interest | 314 | 241 | 712 | 446 | 499 |
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Distribution of comprehensive income for the period: |
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- Owners of the parent company | 29,423 | 22,238 | 59,485 | 46,658 | 52,977 |
- Non-controlling interest | 596 | 299 | 1,173 | 284 | 665 |
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Earnings per share calculated from profit attributable to owners of the parent company, EUR |
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- Undiluted, continuing operations | 0.61 | 0.77 | 1.32 | 1.56 | 1.77 |
- Diluted, continuing operations | 0.61 | 0.77 | 1.32 | 1.56 | 1.77 |
- Undiluted, assets held for sale | 0.40 | 0.23 | 0.88 | 0.48 | 0.54 |
- Diluted, assets held for sale | 0.40 | 0.23 | 0.88 | 0.48 | 0.54 |
OLVI GROUP |
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| TABLE 2 |
CONSOLIDATED BALANCE SHEET |
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ASSETS |
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Non-current assets |
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Tangible assets | 201,214 | 189,567 | 190,627 |
22,204 | 22,204 | 22,204 | |
Other intangible assets | 11,219 | 11,720 | 12,355 |
Shares in associated companies | 980 | 974 | 1,018 |
Other investments | 1,037 | 888 | 888 |
Loans receivable and other long-term receivables | 2,375 | 2,296 | 1,393 |
Deferred tax assets | 1,468 | 1,240 | 1,452 |
Total non-current assets | 240,497 | 228,890 | 229,937 |
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Current assets |
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Inventories | 56,035 | 45,452 | 47,164 |
Accounts receivable and other receivables | 98,065 | 78,886 | 86,270 |
Income tax receivables | 56 | 196 | 0 |
Cash and cash equivalents | 46,642 | 60,280 | 50,640 |
Total current assets | 200,797 | 184,814 | 184,075 |
Non-current assets held for sale | 111,338 | 77,706 | 76,231 |
TOTAL ASSETS | 552,632 | 491,410 | 490,242 |
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EQUITY AND LIABILITIES |
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Equity attributable to owners of the parent company |
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Share capital | 20,759 | 20,759 | 20,759 |
Other reserves | 1,387 | 1,387 | 1,387 |
-1,079 | -390 | -438 | |
Translation differences | -39,606 | -54,731 | -53,727 |
Retained earnings | 347,331 | 321,786 | 326,016 |
| 328,792 | 288,811 | 293,997 |
Non-controlling interest | 4,200 | 3,631 | 3,627 |
Total equity | 332,992 | 292,442 | 297,624 |
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Non-current liabilities |
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Financial liabilities | 2,427 | 7,649 | 1,913 |
Other liabilities | 4,003 | 4,873 | 3,985 |
Deferred tax liabilities | 13,720 | 13,489 | 13,943 |
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Current liabilities |
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Financial liabilities | 4,719 | 5,198 | 1,269 |
Accounts payable and other payables | 173,272 | 150,779 | 158,164 |
Income tax liability | 2,151 | 1,810 | 872 |
Liabilities related to non-current assets held for sale | 19,348 | 15,169 | 12,471 |
Total liabilities
| 219,640 | 198,968 | 192,617 |
TOTAL EQUITY AND LIABILITIES | 552,632 | 491,410 | 490,242 |
OLVI GROUP |
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| TABLE 3 | ||||
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
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Share capital | Other reserves |
Reserve for | Fair value reserve | Translation differences | Earnings |
Attributable to | Total | |
Equity | 20,759 | 1,092 | -438 | 295 | -53,728 | 326,016 | 3,627 | 297,624 |
Comprehensive income: |
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Profit for the period |
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| 45,363 | 712 | 46,075 | |
Other items of comprehensive income: |
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Translation differences |
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| 14,276 |
| 461 | 14,737 | ||
Income taxes related to items |
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| -154 |
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| -154 | |
Total comprehensive income for the period |
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| 14,122 | 45,363 | 1,173 | 60,658 | ||
Business transactions with shareholders: |
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Dividend payment |
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| -24,855 | -368 | -25,223 |
Acquisition of treasury shares | -641 |
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| -641 | ||
Share-based incentives, value of work performance |
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| 840 |
| 840 | |||
Adjustment for previous periods |
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| -32 |
| -32 | ||
Business transactions with shareholders, total | -641 |
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| -24,048 | -368 | -25,058 | ||
Changes in holdings in subsidiaries: |
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Acquisition of non-controlling interest |
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| -232 |
| -232 | |||
Change in non-controlling interest |
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| 232 | -232 | 0 | |||
Changes in holdings in subsidiaries, total |
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| 0 | -232 | -232 | |||
Equity | 20,759 | 1,092 | -1,079 | 295 | -39,606 | 347,331 | 4,200 | 332,992 |
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Share capital | Other reserves |
Reserve for | Fair value reserve | Translation differences | Earnings |
Attributable to | Total | |
Total equity | 20,759 | 1,092 | -1,802 | 295 | -58,842 | 303,465 | 3,165 | 268,132 |
Comprehensive income: |
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Profit for the period |
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| 42,247 | 446 | 42,693 | |
Other items of comprehensive income: |
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Translation differences |
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| 4,154 |
| 138 | 4,292 | ||
Income taxes related to items |
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| -43 |
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| -43 | |
Total comprehensive income for the period |
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| 4,111 | 42,247 | 584 | 46,942 | ||
Business transactions with shareholders: |
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Dividend payment |
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| -22,771 | -346 | -23,117 |
Share-based incentives, value of work performance |
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| 549 |
| 549 | |||
Acquisition of treasury shares | -874 |
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| -874 | ||
Issue of treasury shares to personnel | 1,687 |
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| -1,614 |
| 73 | ||
Sale of treasury shares to personnel | 599 |
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| 599 | ||
Adjustment for previous periods |
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| -90 | -26 | -116 | ||
Business transactions with shareholders, total | 1,412 |
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| -23,926 | -372 | -22,886 | ||
Changes in holdings in subsidiaries: |
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Change in non-controlling interest |
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| 254 | 254 | |||
Changes in holdings in subsidiaries, total |
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| 254 | 254 | ||
Equity | 20,759 | 1,092 | -390 | 295 | -54,731 | 321,786 | 3,631 | 292,442 |
OLVI GROUP |
| TABLE 4 | |
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CONSOLIDATED CASH FLOW STATEMENT |
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| 1-9/2022 | 1-9/2021 | 1-12/2021 |
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Profit for the period, continuing operations | 27,363 | 32,300 | 36,670 |
Profit for the period, assets held for sale | 18,712 | 10,393 | 11,691 |
Adjustments: |
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Depreciation and impairment | 18,303 | 19,870 | 27,006 |
Other adjustments | 12,394 | 9,768 | 10,251 |
Change in net working capital: |
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Change in accounts receivable and other receivables | -16,675 | -1,593 | -5,878 |
Change in inventories | -9,609 | -5,486 | -8,684 |
Change in accounts payable and other liabilities | 14,362 | 22,261 | 28,561 |
Interest paid | -793 | -366 | -594 |
Interest received | 207 | 182 | 268 |
Dividends received | 5 | 3 | 3 |
Taxes paid | -8,456 | -6,435 | -9,687 |
Cash flow from operating activities (A) | 55,813 | 80,897 | 89,607 |
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Investments in tangible and intangible assets | -25,847 | -22,983 | -31,213 |
Proceeds from the sale of tangible and intangible assets | 824 | 1,072 | 1,068 |
Acquisition of shares from non-controlling interest | -378 | 0 | 0 |
Acquisition of shares in subsidiaries, associated companies and joint ventures | 0 | -11,121 | -11,121 |
Expenditure on other investments | -153 | -30 | -30 |
Dividends received | 38 | 21 | 21 |
Cash flow from investing activities (B) | -25,516 | -33,041 | -41,275 |
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Loan withdrawals | 6,864 | 172 | 884 |
Repayment of loans | -3,883 | -1,774 | -12,371 |
Acquisition of treasury shares | -641 | -874 | -874 |
Sale of treasury shares to personnel | 0 | 599 | 551 |
Dividends paid | -23,267 | -21,255 | -23,240 |
Cash flow from financing activities (C) | -20,927 | -23,132 | -35,050 |
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Increase (+) / decrease (-) in cash and cash equivalents (A+B+C) | 9,370 | 24,724 | 13,282 |
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Cash and cash equivalents 1 Jan | 58,741 | 45,096 | 45,096 |
Impact of exchange rate changes | 2,084 | 248 | 363 |
Cash and cash equivalents 30 Sep / 31 Dec | 70,195 | 70,068 | 58,741 |
* The cash flow statement includes both continuing operations and assets held for sale.
OLVI GROUP TABLE 5
NOTES TO THE INTERIM REPORT
The interim report has been prepared in accordance with IAS 34, applying the same accounting principles that were applied to the 2021 financial statements (
The figures in the interim report are presented in thousands (1,000) of euros. For presentation, individual figures and totals have been rounded up to the next full thousand, which causes differences in totals. Exchange rates obtained from the
1. SEGMENT INFORMATION |
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SEGMENTS' |
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| Eliminations |
Group total | |
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INCOME |
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External sales | 155,831 | 186,453 |
| 342,284 |
Beverage sales | 154,490 | 186,453 |
| 340,943 |
Equipment services | 1,341 | 0 |
| 1,341 |
Internal sales | 989 | 21,436 | -22,425 | 0 |
Total net sales | 156,820 | 207,889 | -22,425 | 342,284 |
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Total profit for the period | 39,646 | 13,575 | -25,858 | 27,363 |
SEGMENTS' |
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| Eliminations |
Group total | |
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INCOME |
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External sales | 144,599 | 130,407 |
| 275,006 |
Beverage sales | 143,730 | 130,407 |
| 274,137 |
Equipment services | 869 | 0 |
| 869 |
Internal sales | 817 | 9,385 | -10,202 | 0 |
Total net sales | 145,416 | 139,792 | -10,202 | 275,006 |
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Total profit for the period | 35,883 | 15,666 | -19,249 | 32,300 |
2. RELATED PARTY TRANSACTIONS | ||||
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Management's employee benefits | ||||
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Board members' and the Managing Director's salaries and other short-term employee benefits | ||||
1-9/2022 | 1-9/2021 | 1-12/2021 | ||
Managing Director | 502 | 852 | 939 | |
Chair of the Board | 52 | 54 | 73 | |
Other Board members
| 120 | 126 | 172 | |
Total | 674 | 1,032 | 1,184 | |
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| % | |||
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Series A shares, number of shares | 16,989,976 | 82.0 | ||
Series K shares, number of shares | 3,732,256 | 18.0 | ||
Total | 20,722,232 | 100.0 | ||
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Total number of votes, Series A shares | 16,989,976 | 18.5 | ||
Total number of votes, Series 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 totalled
A dividend of
4. TREASURY SHARES
At the end of the review period,
5. NUMBER OF SHARES* | 1-9/2022 | 1-9/2021 | 1-12/2021 |
- Average | 20,703,463 | 20,704,514 | 20,706,610 |
- At the end of the period | 20,692,828 | 20,712,828 | 20,712,828 |
* The treasury shares held by the company have been deducted. |
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6. TRADING IN SERIES A SHARES ON THE NASDAQ |
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| 1-9/2022 | 1-9/2021 | 1-12/2021 |
Trading in Series A shares in | 1,985,713 | 1,537,432 | 1,812,283 |
Total value of trading, | 71,236 | 75,018 | 89,417 |
Proportion of the trading out of the total number of Series A shares, % | 11.7 | 9.0 | 10.7 |
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| 35.92 | 48.80 | 49.35 |
Closing price, EUR | 31.50 | 50.00 | 51.20 |
Highest price, EUR | 52.00 | 55.50 | 55.70 |
Lowest price, EUR | 29.40 | 43.10 | 43.10 |
7. FOREIGN AND NOMINEE-REGISTERED HOLDINGS | ||||||
| Book-entry shares | Number of votes | Shareholders | |||
| number | % | number | % | number | % |
Finnish, total | 16,513,467 | 79.69 | 87,426,331 | 95.41 | 21,028 | 99.59 |
Foreign, total | 64,474 | 0.31 | 64,474 | 0.07 | 76 | 0.36 |
Nominee-registered (foreign), total | 428,703 | 2.07 | 428,703 | 0.47 | 6 | 0.03 |
Nominee-registered (Finnish), total | 3,715,588 | 17.93 | 3,715,588 | 4.05 | 5 | 0.02 |
Total | 20,722,232 | 100.00 | 91,635,096 | 100.00 | 21,115 | 100.00 |
8. LARGEST SHAREHOLDERS |
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| Series K | Series A | Total | % | Number of votes | % |
1. Olvi Foundation | 2,363,904 | 890,613 | 3,254,517 | 15.71 | 48,168,693 | 52.57 |
2. The estate of Heikki Hortling* | 903,488 | 103,280 | 1,006,768 | 4.86 | 18,173,040 | 19.83 |
3. Timo Einari Hortling | 212,600 | 49,152 | 261,752 | 1.26 | 4,301,152 | 4.69 |
4. Marit Hortling-Rinne | 149,064 | 14,234 | 163,298 | 0.79 | 2,995,514 | 3.27 |
5. | 2,003,626 | 2,003,626 | 9.67 | 2,003,626 | 2.19 | |
6. | 1,667,118 | 1,667,118 | 8.05 | 1,667,118 | 1.82 | |
7. | 828,075 | 828,075 | 4.00 | 828,075 | 0.90 | |
8. | 683,000 | 683,000 | 3.30 | 683,000 | 0.75 | |
9. Pia Johanna Hortling | 23,388 | 25,366 | 48,754 | 0.24 | 493,126 | 0.54 |
10. Jens Einari Hortling | 23,388 | 16,216 | 39,604 | 0.19 | 483,976 | 0.53 |
Other | 56,424 | 10,709,296 | 10,765,720 | 51.93 | 11,837,776 | 12.91 |
Total | 3,732,256 | 16,989,976 | 20,722,232 | 100.00 | 91,635,096 | 100.00 |
* The shareholding includes shares held by the shareholder and the entities controlled by them. |
9. PROPERTY, PLANT AND EQUIPMENT |
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| 1-9/2022 | 1-9/2021 | 1-12/2021 |
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Opening balance | 190,627 | 168,833 | 168,833 |
Additions | 26,110 | 36,616 | 43,203 |
Deductions and transfers | -133 | -1,561 | -1,951 |
Depreciation and amortisation | -15,297 | -14,321 | -19,458 |
Exchange rate differences | -93 | 0 | 0 |
Total | 201,214 | 189,567 | 190,627 |
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Pledged assets and contingent liabilities |
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On the company's own behalf | 10,004 | 19,226 | 10,007 |
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Lease and rental liabilities: |
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Maturing in less than a year | 872 | 756 | 1,012 |
Maturing within 1-5 years | 1,156 | 636 | 550 |
Total lease and rental liabilities | 2,028 | 1,392 | 1,562 |
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Other liabilities | 67 | 60 | 60 |
11. NON-CURRENT ASSETS HELD FOR SALE
Classification and accounting principles
The divestment in
The classification in accordance with IFRS 5 has required management discretion. Permission from the local authorities and the competition regulator is required for the divestment. These are two separate processes. The Belarusian authorities have a pre-emptive right in company acquisitions. In June, the Belarusian Government announced additional restrictions on the sale of companies under Western ownership for shareholders from countries that have imposed sanctions. These new restrictions that have emerged during the sales process are making the official procedure longer and more complicated. However, based on the information currently available and the negotiations carried out with the local authorities, the company's management believes that it is still possible to implement the divestment, but for the reasons stated above, it may not be possible to complete the divestment in accordance with the previously announced schedule. The company's management believes that the divestment will be implemented within the next 12 months.
Income statement, assets held for sale
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| 1-9/2022 | 1-9/2021 | 1-12/2021 |
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Net sales | 105,297 | 76,584 | 97,464 |
Expenses | -81,864 | -64,073 | -83,105 |
Operating profit | 23,433 | 12,511 | 14,359 |
Financial items | -1,060 | 34 | -115 |
Profit before tax | 22,373 | 12,545 | 14,244 |
Income taxes | -3,661 | -2,152 | -2,553 |
Profit for the period, assets held for sale | 18,712 | 10,393 | 11,691 |
Since the beginning of the year, the sales volume has increased by 2.3% and net sales have grown by 37.5%. Domestic demand in retail and the HoReCa sector developed strongly and offset the impact of the end of Russian exports. Net sales increased as a result of the price increases implemented. Production and logistics costs grew significantly. The operating profit increased by 87.3%. Increased net sales, the adjustment measures and the significantly stronger exchange rate had a positive impact on the comparable operating profit in euros. In addition, depreciation is not recognised for assets held for sale in accordance with the IFRS. The impact of this depreciation on the result would have been
Balance sheet, assets held for sale
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Consolidated goodwill | 4,527 | 3,708 | 3,762 |
Intangible assets | 448 | 211 | 341 |
Tangible assets | 46,184 | 38,632 | 38,729 |
Loans receivable and other long-term receivables | 297 | 356 | 338 |
Deferred tax assets | 333 | 196 | 36 |
Inventories | 14,907 | 10,045 | 11,445 |
Current receivables | 21,089 | 14,770 | 13,479 |
Cash in hand and at bank | 23,553 | 9,788 | 8,101 |
Non-current assets held for sale | 111,338 | 77,706 | 76,231 |
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Non-current financial liabilities | 19 | 0 | 0 |
Deferred tax liabilities | 10 | 0 | 0 |
Current financial liabilities | 5 | 11 | 3 |
Accounts payable and other payables | 17,377 | 14,030 | 12,468 |
Income tax liability | 1,937 | 1,128 | 0 |
Liabilities related to non-current assets held for sale | 19,348 | 15,169 | 12,471 |
Other information concerning assets held for sale
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| 1-9/2022 | 1-9/2021 | 1-12/2021 |
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Sales volume | 233,561 | 228,263 | 279,197 |
Average number of personnel | 849 | 830 | 832 |
Earnings per share, EUR, undiluted | 0.88 | 0.48 | 0.54 |
Earnings per share, EUR, diluted | 0.88 | 0.48 | 0.54 |
Cash flow from operating activities | 19,476 | 12,581 | 12,847 |
Cash flow from investing activities | -705 | -4,078 | -5,043 |
Cash flow from financing activities | -5,404 | -4,464 | -5,569 |
12. CALCULATION PRINCIPLES FOR KEY RATIOS
In its summary of key ratios (page 1), the Group presents key ratios directly derived from the consolidated income statement (net sales, operating profit, profit for the period and their proportions of net sales, as well as earnings per share). (Earnings per share = Profit for the period attributable to owners of the parent company / Average number of shares during the period, adjusted for share issues).
In addition to its IFRS-based consolidated financial statements,
The Group has applied the
The Group presents sales volume data in millions of litres as an Alternative Performance Measure that supports net sales. Sales volume is an important and widely used indicator in the industry that describes the scope of operations.
Earnings per share = Equity attributable to owners of the parent company / Number of shares at the end of the period, adjusted for share issues.
Equity ratio, % = 100 * (Equity attributable to owners of the parent company + non-controlling interest) / (Balance sheet total).
Gearing, % = 100 * (Interest-bearing debt - Cash in hand and at bank) / (Equity attributable to owners of the parent company + Non-controlling interest).
https://news.cision.com/olvi-oyj/r/olvi-group-s-interim-report-1-january-to-30-september-2022--9-months-,c3650894
https://mb.cision.com/Main/14712/3650894/1640582.pdf
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