MIRA
INFORM REPORT
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Report Date : |
11.08.2012 |
IDENTIFICATION DETAILS
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Name : |
STORA ENSO OYJ |
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Registered Office : |
Kanavaranta 1, P.O.Box 309,
Helsinki, 00101 |
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Country : |
Finland |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
1998 |
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Com. Reg. No.: |
10390508 |
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Legal Form : |
Public Parent |
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Line of Business : |
Engaged in the manufacture and marketing of newsprint,
book paper, magazine paper, fine paper, consumer board, industrial packaging
and wood products. |
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No. of Employees : |
29,226 |
RATING & COMMENTS
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MIRAs Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
No complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List March 31st, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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Finland |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name and address
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Stora Enso OYJ |
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Business Description
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Stora Enso Oyj is a Finland-based company active in the
paper industry. The Company is engaged in the manufacture and marketing of
newsprint, book paper, magazine paper, fine paper, consumer board, industrial
packaging and wood products. The Company operates four business areas:
Printing and Reading, Renewable Packaging, Biomaterials, Building and Living.
Printing and Reading area produces graphic and office paper, as well as
publication paper in reels. Renewable packaging area produces graphical and
packaging boards, containerboards and packaging papers, among others.
Biomaterials area comprises mainly the Company’s joint-venture pulp mills,
stand-alone pulp mills and wood plantations. Building and Living area
produces cross laminated timber, pine and spruce door components, duo- and
trio-laminated beams, among others. As of December 31, 2011, the Company was
active in more than 35 countries worldwide. For the six months ended 30 June
2012, Stora Enso Oyj's total revenue decreased 3% to EUR5.39B. Net income for
the period decreased 52% to EUR138.7M. Total revenue reflects decreased
demand for Company's products and services in Biomaterials, Building and
Living, Renewable Packaging and Other business segments. Net income for the
period suffered from significant decrease in both operating and gross profit
margins. |
Industry
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Industry |
Paper and Paper Products |
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ANZSIC 2006: |
1510 - Pulp, Paper and
Paperboard Manufacturing |
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NACE 2002: |
2112 - Manufacture of paper
and paperboard |
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NAICS 2002: |
322122 - Newsprint Mills |
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UK SIC 2003: |
2112 - Manufacture of paper
and paperboard |
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US SIC 1987: |
2621 - Paper Mills |
Key Executives
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Topic |
#* |
Most Recent Headline |
Date |
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Layoffs |
2 |
Stora Enso Oyj to Streamline Its Swedish Maintenance
Operations and Reduce Workforce by 130 Employees |
8-Feb-2012 |
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Labor Issues |
1 |
Stora Enso Oyj Starts Employee Negotiations Regarding
Layoffs in Three Finnish Mills |
16-Nov-2011 |
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Corporate Litigation |
2 |
United States Appeal Court Revives Price-Fixing Lawsuit
against Stora Enso Oyj-Reuters |
6-Aug-2012 |
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Mergers & Acquisitions |
1 |
Neo Industrial Oyj's Finndomo Ltd Sells Prefabricated
House Business in Hartola to Stora Enso |
20-Jul-2012 |
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General Reorganization |
4 |
Stora Enso Oyj's Renewable Packaging Unit to Close Down
Paty Mill in Hungary and Improve Efficiency Measures in Consumer Board Mill
at Barcelona Affecting Total of 94 Employees |
5-Apr-2012 |
News
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Financial Summary
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Stock
Snapshot |
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Registered No.(FIN)
10390508
1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7191895
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR
0.770327
Corporate Overview
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Stora
Enso OYJ The Strategic Initiatives report is created using
technology to extract meaningful insights from analyst reports about a
company's strategic projects and investments. More about Strategic Initiatives
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Key Organizational Changes |
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The hard work to improve our productivity and our
accomplishments in recent years have made us stronger and confident to tackle
the challenges in 2011 and beyond. We also see continuing momentum to
improved pricing during the first quarter of 2011, especially in newsprint
and magazine paper. “Since the planned acquisition of Inpac in the
fastest-growing consumer packaging markets of China and India announced in
the fourth quarter of 2010, we have announced further significant strategic
investments in 2011. We will build a new containerboard machine in Poland to
improve our cost position, product offering and self-sufficiency to support
our business in the growth markets of Eastern Europe; and together with our
partner Arauco we launched the investment in a world-class pulp mill in
Uruguay. Our Wood Products Business Area has also just announced specific
actions to grow in the high-value-added multi-storey wooden building
business. |
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Product |
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Thus a large market share makes it possible for Stora Enso
to influence operating processes and also reduce costs through scope for
economies of scale, thereby increasing profitability.New LaunchesThe company
strengthens its portfolio by constantly making new product launches in the
market. At Stora Enso innovation is one of the top priorities, since it
creates competitive advantage and builds brand equity. Innovation continues
to be a cornerstone of the company’s corporate strategy with significant efforts
focused against consumer demands for products that are convenient, and
healthy. Innovation of new products is attained through its focused product
development. The company made numerous launches in the fiscal year 2010 of
which the notable ones include Performa Bright, a new option for chocolate
and confectionery packaging; new Ensocoat, a new recipe that provides
improved whiteness, brightness, smoothness and unique printability on both
the top and reverse side; Global Responsibility website and Facebook page,
featuring a CarrotMob representative, a forest owner, a plantation specialist
and a Greenpeace representative and discussing various challenging topics |
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Overview
Stora Enso Oyj (Stora) is engaged in providing paper,
packaging and forest products. It offers magazine paper, fine paper, newsprint
and book paper, consumer board, industrial packaging and wood products. These
wide business operations of the company which offer extensive product offerings
could enable it to cater to a larger group of customers, with varied
preferences and purchasing power. Also the company is strengthened by its new
launches which allows it to occupy larger share in the market. However, intense
competition and changing consumer preferences could also effect the company’s
growth.
Strengths
The company has its major operations in the geographical
regions of Europe, Latin America, North America and Asia. The fiscal year ended
December 31, 2010 reported high percentage of share of the different divisions
of business in these regions. The Newsprint and Paper division reported market
share of 17% in the European territory. The Magazine Paper division occupied
about 34% of market in the Latin American region and 16% in European region.
The Fine Paper division operates under two subdivisions named Graphic Papers
and Office Papers reported 14% and 11% share in Europe respectively and 10% and
1% share in Latin America. The wood Product division reported a market share of
4% and 2% in Europe and Latin America. Thus a large market share makes it
possible for Stora Enso to influence operating processes and also reduce costs
through scope for economies of scale, thereby increasing profitability.
The company strengthens its portfolio by constantly making
new product launches in the market. At Stora Enso innovation is one of the top
priorities, since it creates competitive advantage and builds brand equity.
Innovation continues to be a cornerstone of the company’s corporate strategy
with significant efforts focused against consumer demands for products that are
convenient, and healthy. Innovation of new products is attained through its
focused product development. The company made numerous launches in the fiscal
year 2010 of which the notable ones include Performa Bright, a new option for
chocolate and confectionery packaging; new Ensocoat, a new recipe that provides
improved whiteness, brightness, smoothness and unique printability on both the
top and reverse side; Global Responsibility website and Facebook page,
featuring a CarrotMob representative, a forest owner, a plantation specialist
and a Greenpeace representative and discussing various challenging topics
related to responsibility of the companies in the energy and natural resource
industry; Printocart Image, a perfect material to create photobooks with
high-quality carton board, bulkier construction and superior opacity. Due to
these innovations the sales of high value added products have increased. Thus
innovation of different products will drive top-line growth and keep the
company’s categories vital.
The company’s wide product strength supports its
innovation process, in launching new products and enhancing the revenue stream.
The company offers broad array of product offerings as it operates its business
in seven segments namely Newsprint and Book Paper, Magazine Paper, Fine Paper,
Merchants, Consumer Board, Industrial Packaging, Wood Products and others.
Newsprint and Book Paper segment produces newsprint, improved newsprint,
directory and book paper for publishers and printing houses. However, Stora
Enso intends to permanently close down its newsprint and directory paper
production in Finland by the third quarter of 2010. Magazine Paper offers a
wide range of paper for advertising applications and magazines. Fine Paper
produces office paper and graphic. Merchant segment offers a range of paper,
board, graphic products and e-service solutions to the graphic industry,
resellers, offices and the public and industrial sectors. Its Consumer Board is
a specialist producer of carton board, liquid packaging board, graphical board
and food service board. Industrial Packaging produces corrugated packaging, containerboard,
cores and core board, laminating paper, paper sacks, and sack and Kraft paper.
Wood Products supplies a wide range of sawn and processed wood products to
timber retailers, merchants and importer-distributors. For the fiscal year
ended December 31, 2010, the company generated 12% of its total revenues from
Newsprint and Book Paper, 20% from Magazine Paper, 21% from Fine Paper, 22%
from Consumer Board, 9% from Industrial Packaging, and 15% from Wood Products.
These wide business operations of the company which offer extensive product
offerings could enable it to cater to a larger group of customers, with varied
preferences and purchasing power.
Weaknesses
The company saw the divestment of a facility and also
closure of two of its sawmills at different locations. The company decided to
close down its newsprint and directory paper production at Varkaus in Finland
as the European newsprint and directory paper market is strongly structurally
over-supplied and sales prices have fallen significantly. Similarly the
integrated mills at Kotka in Finland and its laminating paper operations in
Malaysia have been divested to a private equity firm OpenGate Capital which
would reduce the annual production capacity of the company by 180000 tons of
machine-finished coated paper (MFC), 200000 tons of laminating paper, 40000
tons of Imprex products and 230000 m3 of sawnwood. Also, due the regulations of
the German corporate bodies, the company permanently has shut down the 195 000
tonnes per year newsprint machine at Maxau Mill in Germany in November 2010.
This end was due to weak European market outlook and high production costs. The
company is strategically affected by the divestitures of its facilities as it
reduces its production capacity and it-turn affects the revenues figures.
Opportunities
Good Reputation through Recognition
Recognition and awards enhance the company’s market
position and in turn provides the company with a significant competitive
advantage. Stora Enso’s Global Responsibility web pages which featured the
discussion of the comments from a CarrotMob representative, a forest owner, and
a plantation specialist won the prestigious European Excellence Award. The
company was also ranked as the best Nordic company by the Carbon Disclosure
Project (CDP) for its reporting on carbon emissions. The company received the
highest scores in CDP's Carbon Disclosure Leadership Index (CDLI) that
highlights the most complete and professional approach to reporting on carbon
management. The company made another notable achievement of being included in
consecutively for the 10th time. The FTSE4Good Index Series is one of the most
widely recognized indexes for socially responsible investments. Stora Enso also
received the highest score among the forestry and paper companies listed in the
European Dow Jones STOXX Sustainability Index. Stora Enso was given a higher
score than any other company in the industry for eco-efficiency and social
reporting and also was top-ranked for the sustainable management of forests, as
well as environmental policies and management systems.
The company believes that the Chinese market is growing
fast, and hence it must enhance its supply capacity to meet demand. This
provides great growth opportunities for the company. The world’s growth is
driven by China. Its domestic market is estimated at 4% growth per annum for
paper and paperboard until 2025. Around 50% of the world’s growth in liquid
packaging boards during the next 10 to 12 years will be contributed by China.
Also, Chinese region outpaces mature markets in carton board growth with large
untapped potential in fiber based packaging production. Hence, growing Chinese
market provides substantial opportunity for the company to offer its products
to meet the demand and enhance its market share.
Stora Enso developed New Joint Ventures and entered into
agreements to make acquisitions in the fiscal year ended December 31, 2010. The
company formed a Joint Venture company along with Arauco, called Montes del
Plata in the department of Colonia, Uruguay. The formation of this Joint
Venture Company will involve an investment of approximately $1.9 billion with
each of the joint-venture shareholders having a 50% stake in the mill's equity
and entitled to half of the output. This venture project comprising of a
state-of-the-art with best available techniques pulp mill, a deepwater port and
a power generating unit based on renewable resources will be the largest-ever
privately executed investment in Uruguay and expected to make a positive impact
on Uruguay's GDP of 0.8% during its construction and 2% after the start of the
operations. Also, Stora Enso made an agreement to acquire 51% stake in the
Chinese packaging company called Inpac International. This particular Chinese
acquisition is expected to provide an excellent opportunity to Stora Enso to
enhance its presence in China and India, and also strengthen the existing
relationships with customers and brand owners by supplying packaging directly
to them in these markets, as well as in Europe.
Threats
The rise in oil prices could adversely affect various
materials like energy, chemicals and transportation which contribute to the
total production sales of the company. The government policies and regulations,
and weather conditions are some of the factors outside the control of the
company which may lead to the fluctuations in the fuel prices. The company’s
inability to maintain favorable arrangements with respect to the costs of
procuring raw materials, packaging, services, and transporting products could
result in increased expenses and negatively affect operations. If the company
is unable to evade the increase in fuel prices or raise its product prices to
offset the changes then its results of operations could be materially and
adversely affected. According to Energy sensitivity analysis for 2011, there
will be a direct effect on 2011 operating profit of a 10% increase in
electricity, oil and other fossil fuel market prices would have about €14m
negative annual impact,
Variance in Consumer Preferences
Demand for paper and board can be adversely affected by the
changes in consumer preferences. Most significant changes in consumer
preferences include increasing direct mail advertising, increased use of e-mail
and electronic media, increasing interest in environmentally-friendly products
and increased use of personal computer printers. Stora Enso should offer
products that appeal to the changing preferences of the consumers. If the
company fails to anticipate, identify or develop and market its products that
respond to these changes in consumer preferences, demand for its products may
decline which in turn would affect its operations adversely. The company
requires to be updated with the consumer tastes and should be on par with the
volatile market to maintain its market position.
The company operates in the highly competitive industry of
paper and packaging. The level of competition is expected to further intensify
in the near future, with the entry of new players in the market, which might
result in price decline. The key competitors of the company include
International Paper Company, PaperlinX Limited, Sappi Limited, Verso Paper
Holdings LLC, UPM-Kymmene Corporation and Amcor Limited. The competitors of the
company may have greater experience, research and development capabilities,
greater manufacturing, marketing, financial, and managerial resources than the
company. If the company fails to maintain the product quality and consumer
loyalty, this intense competition could reduce the sales volume of the company,
which would hamper its market position.
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Corporate Family |
Corporate
Structure News: |
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Stora
Enso OYJ |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Helsinki |
Finland |
Paper and Paper Products |
15,246.2 |
29,226 |
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Subsidiary |
Ostroleka |
Poland |
Paper and Paper Products |
322.6 |
1,765 |
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Subsidiary |
Lodz |
Poland |
Paper and Paper Products |
|
254 |
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Subsidiary |
Tychy |
Poland |
Paper and Paper Products |
|
99 |
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Subsidiary |
Lodz |
Poland |
Trucking |
7.6 |
32 |
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Subsidiary |
Ettlingen, Baden-Württemberg |
Germany |
Office Supplies |
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1,150 |
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Subsidiary |
Thalwil |
Switzerland |
Office Supplies |
202.7 |
229 |
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Subsidiary |
Essen |
Germany |
Miscellaneous Capital Goods |
91.2 |
100 |
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Subsidiary |
Bruxelles |
Belgium |
Miscellaneous Capital Goods |
0.0 |
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Subsidiary |
Ettlingen, Baden-Württemberg |
Germany |
Miscellaneous Capital Goods |
40.2 |
1,030 |
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Subsidiary |
Skoghall, Värmland |
Sweden |
Office Supplies |
764.7 |
1,020 |
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Subsidiary |
Wisconsin Rapids, WI |
United States |
Paper and Paper Products |
651.9 |
973 |
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Subsidiary |
Nymölla |
Sweden |
Paper and Paper Products |
459.9 |
750 |
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Joint Venture |
Suzhou City, Jiang Su |
China |
Miscellaneous Capital Goods |
160.6 |
750 |
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Subsidiary |
Suzhou |
China |
Containers and Packaging |
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560 |
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Subsidiary |
Helsinki |
Finland |
Forestry and Wood Products |
316.9 |
524 |
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Subsidiary |
Brand |
Austria |
Forestry and Wood Products |
458.0 |
791 |
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Subsidiary |
Kerava |
Finland |
Construction - Supplies and Fixtures |
256.9 |
171 |
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Subsidiary |
Palkane |
Finland |
Construction - Supplies and Fixtures |
13.2 |
30 |
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Subsidiary |
Laverton North, VIC |
Australia |
Miscellaneous Capital Goods |
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Subsidiary |
Koper |
Slovenia |
Miscellaneous Capital Goods |
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Subsidiary |
Ybbs an der Donau |
Austria |
Miscellaneous Capital Goods |
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Subsidiary |
Bad Sankt Leonhard |
Austria |
Forestry and Wood Products |
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260 |
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Subsidiary |
Zdirec |
Czech Republic |
Miscellaneous Capital Goods |
173.6 |
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Subsidiary |
Bratislava |
Slovakia |
Miscellaneous Capital Goods |
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Subsidiary |
Wavre |
Belgium |
Containers and Packaging |
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500 |
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Subsidiary |
Helsinki |
Finland |
Containers and Packaging |
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500 |
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Subsidiary |
Helsinki |
Finland |
Paper and Paper Products |
529.7 |
490 |
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Subsidiary |
Uetersen, Schleswig-Holstein |
Germany |
Containers and Packaging |
152.9 |
455 |
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Subsidiary |
Skutskär |
Sweden |
Paper and Paper Products |
416.3 |
394 |
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Subsidiary |
Skutskar |
Sweden |
Paper and Paper Products |
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700 |
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Subsidiary |
Figueira da Foz, Coimbra |
Portugal |
Paper and Paper Products |
437.4 |
240 |
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Subsidiary |
Amoreira Obd, Óbidos |
Portugal |
Forestry and Wood Products |
1.6 |
11 |
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Subsidiary |
Lisboa, Lisboa |
Portugal |
Commercial Banks |
0.0 |
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Subsidiary |
Lisboa |
Portugal |
Paper and Paper Products |
98.7 |
221 |
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Subsidiary |
Vila Velha De Ródão, Vila Velha De Rodão |
Portugal |
Paper and Paper Products |
121.6 |
186 |
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Subsidiary |
Lisboa, Lisboa |
Portugal |
Forestry and Wood Products |
43.5 |
32 |
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Subsidiary |
Aguada De Cima, gueda |
Portugal |
Waste Management Services |
7.9 |
22 |
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Subsidiary |
Gent |
Belgium |
Paper and Paper Products |
389.3 |
394 |
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Subsidiary |
Tisselt |
Belgium |
Paper and Paper Products |
66.5 |
31 |
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Subsidiary |
Saintes |
Belgium |
Miscellaneous Capital Goods |
5.4 |
28 |
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Subsidiary |
Hasselt |
Belgium |
Retail (Specialty) |
2.5 |
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Subsidiary |
Eilenburg |
Germany |
Forestry and Wood Products |
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380 |
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Subsidiary |
Eilenburg, Sachsen |
Germany |
Paper and Paper Products |
187.2 |
360 |
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Subsidiary |
Brebières |
France |
Paper and Paper Products |
242.4 |
351 |
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Subsidiary |
Uimaharju |
Finland |
Paper and Paper Products |
365.5 |
320 |
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Subsidiary |
Balabanovo, Kaluzhskaya Oblast |
Russian Federation |
Containers and Packaging |
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315 |
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Subsidiary |
Arapoti, Parana |
Brazil |
Forestry and Wood Products |
34.9 |
300 |
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Subsidiary |
Dusseldorf |
Germany |
Forestry and Wood Products |
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300 |
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Subsidiary |
Anjalankoski |
Finland |
Paper and Paper Products |
234.4 |
271 |
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Subsidiary |
Lahti |
Finland |
Paper and Paper Products |
89.5 |
271 |
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Subsidiary |
Krefeld, Nordrhein-Westfalen |
Germany |
Paper and Paper Products |
36.8 |
140 |
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Subsidiary |
Saint-Seurin-sur-l-Isle |
France |
Paper and Paper Products |
|
87 |
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Subsidiary |
Edam |
Netherlands |
Containers and Packaging |
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60 |
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Subsidiary |
Wisconsin Rapids, WI |
United States |
Paper and Paper Products |
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Subsidiary |
Pitkyaranta |
Russian Federation |
Forestry and Wood Products |
17.8 |
261 |
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Subsidiary |
Düsseldorf, Nordrhein-Westfalen |
Germany |
Business Services |
165.4 |
230 |
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Subsidiary |
Düsseldorf, Nordrhein-Westfalen |
Germany |
Paper and Paper Products |
676.6 |
1,300 |
|
|
|
Subsidiary |
Hagen, Nordrhein-Westfalen |
Germany |
Paper and Paper Products |
|
800 |
|
|
|
Subsidiary |
Karlsruhe, Baden-Württemberg |
Germany |
Paper and Paper Products |
380.1 |
604 |
|
|
|
Subsidiary |
Düsseldorf, Nordrhein-Westfalen |
Germany |
Business Services |
416.1 |
45 |
|
|
|
Subsidiary |
Bochum, Nordrhein-Westfalen |
Germany |
Paper and Paper Products |
24.5 |
17 |
|
|
|
Subsidiary |
Pantin |
France |
Miscellaneous Capital Goods |
177.2 |
224 |
|
|
|
Subsidiary |
Stockholm |
Sweden |
Paper and Paper Products |
8.9 |
223 |
|
|
|
Subsidiary |
Borlänge |
Sweden |
Paper and Paper Products |
609.4 |
800 |
|
|
|
Subsidiary |
Hyltebruk |
Sweden |
Paper and Paper Products |
471.1 |
788 |
|
|
|
Subsidiary |
Fors |
Sweden |
Paper and Paper Products |
465.0 |
676 |
|
|
|
Subsidiary |
Falun |
Sweden |
Forestry and Wood Products |
344.7 |
377 |
|
|
|
Subsidiary |
Arapoti, PA |
Brazil |
Paper and Paper Products |
232.7 |
350 |
|
|
|
Subsidiary |
Düsseldorf |
Germany |
Paper and Paper Products |
1.0 |
300 |
|
|
|
Subsidiary |
Castellbisbal, Barcelona |
Spain |
Paper and Paper Products |
196.9 |
267 |
|
|
|
Subsidiary |
Nanterre |
France |
Office Supplies |
125.0 |
100 |
|
|
|
Subsidiary |
Luebeck |
Germany |
Printing Services |
|
30 |
|
|
|
Subsidiary |
Hamburg |
Germany |
Printing Services |
|
20 |
|
|
|
Subsidiary |
Shanghai |
China |
Office Supplies |
1.0 |
15 |
|
|
|
Subsidiary |
Tokyo |
Japan |
Forestry and Wood Products |
1.0 |
|
|
|
|
Subsidiary |
Norrsundet |
Sweden |
Paper and Paper Products |
450.0 |
|
|
|
|
Subsidiary |
Norrsundet |
Sweden |
Business Services |
26.3 |
284 |
|
|
|
Subsidiary |
Mönchengladbach |
Germany |
Paper and Paper Products |
10.0 |
|
|
|
|
Subsidiary |
Hagen |
Germany |
Paper and Paper Products |
450.0 |
|
|
|
|
Subsidiary |
Falun |
Sweden |
Electric Utilities |
250.0 |
|
|
|
|
Subsidiary |
Wapenveld |
Netherlands |
Paper and Paper Products |
175.0 |
|
|
|
|
Subsidiary |
Dubendorf |
Switzerland |
Containers and Packaging |
|
|
|
|
|
Subsidiary |
Dusseldorf |
Germany |
Forestry and Wood Products |
1,750.0 |
220 |
|
|
|
Subsidiary |
Dusseldorf |
Germany |
Office Supplies |
|
300 |
|
|
|
Holding |
Helsinki |
Finland |
Forestry and Wood Products |
|
200 |
|
|
|
Subsidiary |
Kemi |
Finland |
Forestry and Wood Products |
|
1,500 |
|
|
|
Subsidiary |
Kallo |
Belgium |
Paper and Paper Products |
|
115 |
|
|
|
Subsidiary |
Páty |
Hungary |
Containers and Packaging |
46.0 |
187 |
|
|
|
Subsidiary |
Jönköping |
Sweden |
Construction - Supplies and Fixtures |
338.4 |
142 |
|
|
|
Subsidiary |
Åhus, Skåne |
Sweden |
Forestry and Wood Products |
14.6 |
7 |
|
|
|
Subsidiary |
Oulu |
Finland |
Business Services |
23.6 |
128 |
|
|
|
Subsidiary |
Helsinki |
Finland |
Forestry and Wood Products |
138.2 |
120 |
|
|
|
Subsidiary |
Lahti |
Finland |
Paper and Paper Products |
|
400 |
|
|
|
Subsidiary |
Jönköping |
Sweden |
Containers and Packaging |
143.2 |
443 |
|
|
|
Subsidiary |
Harjumaa |
Estonia |
Paper and Paper Products |
|
36 |
|
|
|
Subsidiary |
Imatra |
Finland |
Forestry and Wood Products |
|
100 |
|
|
|
Subsidiary |
Lahti |
Finland |
Containers and Packaging |
6.0 |
39 |
|
|
|
Subsidiary |
Lahti |
Finland |
Miscellaneous Capital Goods |
|
|
|
|
|
Subsidiary |
Lahti |
Finland |
Paper and Paper Products |
|
|
|
|
|
Division |
Imatra |
Finland |
Forestry and Wood Products |
|
2,200 |
|
|
|
Division |
Lahti |
Finland |
Forestry and Wood Products |
|
425 |
|
|
|
Subsidiary |
Pfarrkirchen, Bayern |
Germany |
Construction - Supplies and Fixtures |
88.8 |
100 |
|
|
|
Subsidiary |
Moscow |
Russian Federation |
Paper and Paper Products |
60.0 |
100 |
|
|
|
Subsidiary |
Causeway Bay, Hong Kong Island |
Hong Kong |
Paper and Paper Products |
36.0 |
100 |
|
|
|
Subsidiary |
Las Condes, Santiago |
Chile |
Paper and Paper Products |
31.0 |
100 |
|
|
|
Subsidiary |
Kallo (Kieldrecht) |
Belgium |
Office Supplies |
17.6 |
96 |
|
|
|
Subsidiary |
Cape Town |
South Africa |
Containers and Packaging |
31.0 |
80 |
|
|
|
Subsidiary |
Vientiane |
Lao People's Democratic Republic |
Forestry and Wood Products |
|
80 |
|
|
|
Subsidiary |
Nanterre |
France |
Containers and Packaging |
14.8 |
79 |
|
|
|
Subsidiary |
Wien |
Austria |
Office Supplies |
1.0 |
11 |
|
|
|
Subsidiary |
Ettlingen, Baden-Württemberg |
Germany |
Office Supplies |
|
70 |
|
|
|
Subsidiary |
Bolton |
United Kingdom |
Paper and Paper Products |
17.2 |
66 |
|
|
|
UK Branch/Trading address |
Bolton |
United Kingdom |
Containers and Packaging |
17.2 |
20 |
|
|
|
Subsidiary |
Riga |
Latvia |
Paper and Paper Products |
|
65 |
|
|
|
Subsidiary |
Zdirec |
Czech Republic |
Construction - Supplies and Fixtures |
42.6 |
55 |
|
|
|
Subsidiary |
Falun |
Sweden |
Forestry and Wood Products |
|
55 |
|
|
|
Subsidiary |
Falun |
Sweden |
Forestry and Wood Products |
|
50 |
|
|
|
Subsidiary |
Falun |
Sweden |
Forestry and Wood Products |
1,029.8 |
543 |
|
|
|
Subsidiary |
Linkoping |
Sweden |
Forestry and Wood Products |
131.8 |
12 |
|
|
|
Subsidiary |
Baienfurt, Baden-Württemberg |
Germany |
Paper and Paper Products |
11.1 |
40 |
|
|
|
Subsidiary |
Orpington |
United Kingdom |
Business Services |
|
40 |
|
|
|
Subsidiary |
Orpington |
United Kingdom |
Paper and Paper Products |
10.7 |
67 |
|
|
|
Subsidiary |
Stowmarket |
United Kingdom |
Paper and Paper Products |
8.7 |
65 |
|
|
|
Subsidiary |
Tilbury |
United Kingdom |
Trucking |
|
|
|
|
|
Subsidiary |
London |
United Kingdom |
Commercial Banks |
|
|
|
|
|
Subsidiary |
London |
United Kingdom |
Nonclassifiable Industries |
|
|
|
|
|
Subsidiary |
Glasgow |
United Kingdom |
Nonclassifiable Industries |
|
|
|
|
|
Subsidiary |
Orpington |
United Kingdom |
Commercial Banks |
|
|
|
|
|
Subsidiary |
Orpington |
United Kingdom |
Nonclassifiable Industries |
|
|
|
|
|
Subsidiary |
Orpington |
United Kingdom |
Nonclassifiable Industries |
|
|
|
|
|
Subsidiary |
Bassens |
France |
Construction - Supplies and Fixtures |
65.3 |
34 |
|
|
|
Subsidiary |
Sao Paulo |
Brazil |
Containers and Packaging |
|
32 |
|
|
|
Subsidiary |
Lodz |
Poland |
Miscellaneous Transportation |
|
30 |
|
|
|
Subsidiary |
Lubeck |
Germany |
Miscellaneous Transportation |
|
30 |
|
|
|
Subsidiary |
Amsterdam Zuidoost, Noord-Holland |
Netherlands |
Miscellaneous Capital Goods |
384.3 |
27 |
|
|
|
Subsidiary |
Amsterdam, Noord-Holland |
Netherlands |
Construction - Raw Materials |
33.4 |
|
|
|
|
Subsidiary |
Amsterdam Zuidoost, Noord-Holland |
Netherlands |
Paper and Paper Products |
|
|
|
|
|
Subsidiary |
Madrid |
Spain |
Containers and Packaging |
5.1 |
26 |
|
|
|
Subsidiary |
Madrid |
Spain |
Paper and Paper Products |
3.2 |
7 |
|
|
|
Subsidiary |
Gothenburg |
Sweden |
Business Services |
571.4 |
25 |
|
|
|
Subsidiary |
Stamford, CT |
United States |
Containers and Packaging |
|
25 |
|
|
|
Subsidiary |
Singapore |
Singapore |
Containers and Packaging |
|
20 |
|
|
|
Subsidiary |
Vimodrone, Milan |
Italy |
Containers and Packaging |
4.6 |
19 |
|
|
|
Subsidiary |
Singapore |
Singapore |
Containers and Packaging |
|
16 |
|
|
|
Subsidiary |
Beijing |
China |
Forestry and Wood Products |
|
15 |
|
|
|
Subsidiary |
Kolding |
Denmark |
Office Supplies |
3.2 |
14 |
|
|
|
Subsidiary |
Zurich |
Switzerland |
Containers and Packaging |
|
14 |
|
|
|
Subsidiary |
Amsterdam |
Netherlands |
Containers and Packaging |
|
13 |
|
|
|
Holding |
Imatra |
Finland |
Retail (Specialty) |
|
13 |
|
|
|
Subsidiary |
Helsinki |
Finland |
Forestry and Wood Products |
|
|
|
|
|
Subsidiary |
North Sydney, NSW |
Australia |
Miscellaneous Capital Goods |
1.7 |
12 |
|
|
|
Subsidiary |
Athens |
Greece |
Containers and Packaging |
|
12 |
|
|
|
Subsidiary |
Tokyo |
Japan |
Construction - Supplies and Fixtures |
|
12 |
|
|
|
Subsidiary |
Warszawa |
Poland |
Containers and Packaging |
1.7 |
10 |
|
|
|
Subsidiary |
Hawthorn, VIC |
Australia |
Containers and Packaging |
1.7 |
10 |
|
|
|
Subsidiary |
Kolding |
Denmark |
Construction - Supplies and Fixtures |
|
10 |
|
|
|
Subsidiary |
Causeway Bay |
Hong Kong |
Containers and Packaging |
|
10 |
|
|
|
Subsidiary |
Kuala Lumpur |
Malaysia |
Forestry and Wood Products |
31.0 |
8 |
|
|
|
Subsidiary |
Orpington |
United Kingdom |
Miscellaneous Capital Goods |
30.8 |
7 |
|
|
|
Subsidiary |
Orpington |
United Kingdom |
Miscellaneous Capital Goods |
|
|
|
|
|
Subsidiary |
Seoul |
Korea, Republic of |
Construction - Supplies and Fixtures |
5.0 |
7 |
|
|
|
Subsidiary |
Vilnius |
Lithuania |
Construction - Supplies and Fixtures |
|
7 |
|
|
|
Subsidiary |
Dubai |
United Arab Emirates |
Paper and Paper Products |
|
7 |
|
|
|
Subsidiary |
London |
United Kingdom |
Business Services |
10.4 |
6 |
|
|
|
Subsidiary |
Prague |
Czech Republic |
Forestry and Wood Products |
|
6 |
|
|
|
Subsidiary |
Stamford, CT |
United States |
Containers and Packaging |
|
3 |
|
|
|
Subsidiary |
London |
United Kingdom |
|
324.9 |
2 |
|
|
|
Subsidiary |
Estoril, Cascais |
Portugal |
Miscellaneous Capital Goods |
0.7 |
2 |
|
|
|
Holding |
Helsinki |
Finland |
Forestry and Wood Products |
|
2 |
|
|
|
Subsidiary |
Kemi |
Finland |
Forestry and Wood Products |
|
1,400 |
|
|
|
Subsidiary |
Kotka |
Finland |
Containers and Packaging |
344.9 |
250 |
|
|
|
Subsidiary |
Saint Petersburg |
Russian Federation |
Forestry and Wood Products |
50.7 |
|
|
|
|
Subsidiary |
Kotka |
Finland |
Containers and Packaging |
1.5 |
|
|
|
|
Subsidiary |
Imatra |
Finland |
Electric Utilities |
1.0 |
|
|
|
|
Subsidiary |
Brussels |
Belgium |
Containers and Packaging |
|
|
|
|
|
Subsidiary |
Stockholm |
Sweden |
Construction - Supplies and Fixtures |
|
|
|
|
|
Subsidiary |
Tallinn |
Estonia |
Paper and Paper Products |
|
|
|
|
|
Subsidiary |
Páty |
Hungary |
Business Services |
|
|
|
|
|
Subsidiary |
Launkalne Paris |
Latvia |
Crops |
|
|
|
|
|
Subsidiary |
Hamburg |
Germany |
Containers and Packaging |
|
|
|
|
|
Subsidiary |
Hamburg |
Germany |
Paper and Paper Products |
|
|
|
|
|
Subsidiary |
Helsinki |
Finland |
Containers and Packaging |
|
|
|
|
|
Subsidiary |
São Paulo, SP |
Brazil |
Office Supplies |
|
|
|
|
|
Subsidiary |
Corbehem |
France |
Commercial Banks |
|
|
|
|
|
Subsidiary |
Jakarta |
Indonesia |
Containers and Packaging |
|
|
|
|
|
Subsidiary |
Hagen |
Germany |
Paper and Paper Products |
|
|
|
|
|
Subsidiary |
Budapest |
Hungary |
Miscellaneous Capital Goods |
|
|
|
|
|
Subsidiary |
Buenos Aires |
Argentina |
Containers and Packaging |
|
|
|
|
|
Subsidiary |
Tallinn |
Estonia |
Miscellaneous Capital Goods |
|
|
|
|
|
Subsidiary |
Kaunas |
Lithuania |
Business Services |
|
|
|
|
|
Subsidiary |
Riga |
Latvia |
Business Services |
|
|
|
|
|
Subsidiary |
Beirut, Jdeideh |
Lebanon |
Construction - Supplies and Fixtures |
|
|
|
|
|
Subsidiary |
Saint Petersburg |
Russian Federation |
Forestry and Wood Products |
|
|
|
|
|
Subsidiary |
Kallo |
Belgium |
Miscellaneous Transportation |
|
|
|
|
|
Subsidiary |
Warsaw |
Poland |
Paper and Paper Products |
|
|
|
|
|
Subsidiary |
Gurgaon |
India |
Miscellaneous Capital Goods |
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
Stora
Enso OYJ
|
|
|
|
|
|
||||
|
|
|||||
|
|
01-Dec-2011 |
01-Dec-2010 |
|
Period
Length |
12
Months |
12
Months |
|
Filed
Currency |
EUR |
EUR |
|
Exchange
Rate (Period Average) |
0.718922 |
0.749339 |
|
Consolidated |
No |
No |
|
|
|
|
|
Total income |
4,726.0 |
4,349.9 |
|
Cost of goods sold |
3,266.4 |
3,062.9 |
|
Other operating costs |
925.9 |
864.7 |
|
Total operating costs |
4,366.3 |
4,210.5 |
|
Interest received from loans |
132.8 |
775.5 |
|
Profit before tax |
-221.3 |
1,273.2 |
|
Total taxation |
0.8 |
0.2 |
|
Income before depreciation |
335.2 |
351.7 |
|
Depreciation |
177.9 |
-23.5 |
|
Profit before financial items |
157.3 |
375.2 |
|
Other financial expenses |
584.7 |
-119.6 |
|
Income/profit after financial items |
-294.6 |
1,270.3 |
|
Extraordinary items |
73.3 |
2.9 |
|
Income before allocations |
-200.3 |
909.0 |
|
Net income |
-211.6 |
1,090.9 |
|
|
|
Annual
Balance Sheet |
|
Financials
in: USD (mil) |
|
|
01-Dec-2011 |
01-Dec-2010 |
|
Filed
Currency |
EUR |
EUR |
|
Exchange
Rate |
0.74239 |
0.765521 |
|
Consolidated |
No |
No |
|
|
|
|
|
Issued capital |
1,808.0 |
1,753.3 |
|
Untaxed/reserves allocations |
511.3 |
505.7 |
|
Non restricted equity |
1,483.1 |
1,894.7 |
|
Total stockholders equity |
8,192.6 |
8,401.4 |
|
Other long-term liabilities |
3,875.2 |
4,194.4 |
|
Trade creditors |
345.5 |
286.6 |
|
Other current liabilities |
4,334.6 |
3,513.2 |
|
Total current liabilities |
8,834.3 |
8,117.6 |
|
Land and buildings |
372.2 |
380.3 |
|
Machinery and tools |
756.9 |
778.5 |
|
Depreciable assets |
1,337.4 |
1,305.6 |
|
Total non-current assets |
13,990.9 |
13,806.9 |
|
Stocks |
590.6 |
584.3 |
|
Trade debtors |
548.9 |
525.5 |
|
Cash and liquid assets |
2,343.5 |
2,023.1 |
|
Short-term investments |
12,653.5 |
12,501.3 |
|
Other current assets |
64.2 |
84.8 |
|
Total current assets |
3,547.2 |
3,217.8 |
|
Total assets |
17,538.1 |
17,024.7 |
|
|
|
Annual
Ratios |
|
Financials
in: USD (mil) |
|
|
01-Dec-2011 |
01-Dec-2010 |
|
Period
Length |
12
Months |
12
Months |
|
Filed
Currency |
EUR |
EUR |
|
Exchange
Rate |
0.74239 |
0.765521 |
|
Consolidated |
No |
No |
|
|
|
|
|
Current ratio |
0.80 |
0.80 |
|
Quick ratio |
0.60 |
0.70 |
|
Asset turnover |
0.00% |
0.00% |
|
Profit margin |
-0.06% |
0.29% |
|
Equity ratio |
0.50% |
0.52% |
|
Interest on liabilities |
0.19% |
- |
|
Risk margin |
64,616.35% |
68,185.30% |
|
Net worth |
8,192.6 |
8,401.4 |
|
Number of employees |
4,635 |
4,724 |
|
|
|
Financials in: USD (mil) |
|
|
Except for share items
(millions) and per share items (actual units) |
|
|
|
|
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period
Length |
12
Months |
12
Months |
12
Months |
12
Months |
12
Months |
|
UpdateType/Date |
Updated
Normal |
Reclassified
Normal |
Updated
Normal |
Updated
Normal |
Restated
Normal |
|
Filed
Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange
Rate (Period Average) |
0.71919 |
0.755078 |
0.719047 |
0.683679 |
0.730637 |
|
Auditor |
Deloitte
& Touche LLP |
Tuokko
Deloitte & Touche Oy |
Tuokko
Deloitte & Touche Oy |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor
Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
15,246.2 |
13,636.9 |
12,440.2 |
16,131.5 |
16,216.7 |
|
Revenue |
15,246.2 |
13,636.9 |
12,440.2 |
16,131.5 |
16,216.7 |
|
Total Revenue |
15,246.2 |
13,636.9 |
12,440.2 |
16,131.5 |
16,216.7 |
|
|
|
|
|
|
|
|
Cost of Revenue |
11,103.7 |
9,797.0 |
9,037.5 |
11,732.0 |
11,092.2 |
|
Cost of Revenue, Total |
11,103.7 |
9,797.0 |
9,037.5 |
11,732.0 |
11,092.2 |
|
Gross Profit |
4,142.4 |
3,839.9 |
3,402.7 |
4,399.6 |
5,124.4 |
|
|
|
|
|
|
|
|
Labor & Related Expense |
1,938.2 |
1,821.4 |
1,876.9 |
2,441.3 |
2,344.4 |
|
Total Selling/General/Administrative Expenses |
1,938.2 |
1,821.4 |
1,876.9 |
2,441.3 |
2,344.4 |
|
Research & Development |
90.9 |
75.6 |
- |
- |
- |
|
Depreciation |
756.0 |
676.2 |
729.6 |
964.0 |
1,046.2 |
|
Amortization of Intangibles |
24.5 |
24.2 |
37.5 |
40.2 |
38.3 |
|
Depreciation/Amortization |
780.5 |
700.5 |
767.1 |
1,004.3 |
1,084.5 |
|
Investment
Income - Operating |
-164.1 |
-95.2 |
-155.5 |
-11.1 |
- |
|
Interest/Investment Income -
Operating |
-164.1 |
-95.2 |
-155.5 |
-11.1 |
- |
|
Interest Expense (Income) - Net Operating Total |
-164.1 |
-95.2 |
-155.5 |
-11.1 |
- |
|
Impairment-Assets Held for Use |
15.7 |
-326.1 |
836.2 |
1,076.2 |
1,009.0 |
|
Loss (Gain) on Sale of Assets -
Operating |
1.1 |
-4.8 |
-40.9 |
13.3 |
-10.3 |
|
Unusual Expense (Income) |
16.8 |
-330.8 |
795.4 |
1,089.5 |
998.7 |
|
Other Operating Expense |
708.9 |
563.0 |
1,158.6 |
1,100.8 |
1,042.8 |
|
Other, Net |
-284.5 |
-200.6 |
-194.8 |
-162.5 |
-121.0 |
|
Other Operating Expenses, Total |
424.4 |
362.3 |
963.8 |
938.3 |
921.8 |
|
Total Operating Expense |
14,190.4 |
12,330.8 |
13,285.2 |
17,194.3 |
16,441.7 |
|
|
|
|
|
|
|
|
Operating Income |
1,055.8 |
1,306.1 |
-845.0 |
-1,062.8 |
-225.0 |
|
|
|
|
|
|
|
|
Interest
Expense - Non-Operating |
-206.2 |
-158.3 |
-175.5 |
-294.6 |
-300.8 |
|
Interest
Capitalized - Non-Operating |
2.6 |
15.2 |
11.7 |
2.5 |
1.1 |
|
Interest Expense, Net
Non-Operating |
-203.6 |
-143.0 |
-163.8 |
-292.1 |
-299.7 |
|
Interest
Income - Non-Operating |
43.9 |
31.4 |
42.7 |
79.7 |
95.0 |
|
Investment
Income - Non-Operating |
-37.5 |
1.3 |
- |
- |
467.1 |
|
Interest/Investment Income -
Non-Operating |
6.4 |
32.7 |
42.7 |
79.7 |
562.1 |
|
Interest Income (Expense) - Net Non-Operating Total |
-197.2 |
-110.3 |
-121.1 |
-212.4 |
262.4 |
|
Other Non-Operating Income
(Expense) |
-273.4 |
-23.3 |
-267.2 |
-32.2 |
-9.7 |
|
Other, Net |
-273.4 |
-23.3 |
-267.2 |
-32.2 |
-9.7 |
|
Income Before Tax |
585.2 |
1,172.5 |
-1,233.3 |
-1,307.3 |
27.6 |
|
|
|
|
|
|
|
|
Total Income Tax |
109.4 |
153.6 |
-12.0 |
-314.2 |
10.1 |
|
Income After Tax |
475.8 |
1,018.8 |
-1,221.3 |
-993.2 |
17.5 |
|
|
|
|
|
|
|
|
Minority Interest |
-3.5 |
-4.4 |
-2.1 |
1.9 |
-3.1 |
|
Net Income Before Extraord Items |
472.3 |
1,014.5 |
-1,223.4 |
-991.3 |
14.4 |
|
Discontinued Operations |
- |
- |
0.0 |
6.3 |
-308.2 |
|
Total Extraord Items |
- |
- |
0.0 |
6.3 |
-308.2 |
|
Net Income |
472.3 |
1,014.5 |
-1,223.4 |
-985.0 |
-293.9 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
472.3 |
1,014.5 |
-1,223.4 |
-991.3 |
14.4 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
472.3 |
1,014.5 |
-1,223.4 |
-985.0 |
-293.9 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
788.6 |
788.6 |
788.6 |
788.6 |
788.6 |
|
Basic EPS Excl Extraord Items |
0.60 |
1.29 |
-1.55 |
-1.26 |
0.02 |
|
Basic/Primary EPS Incl Extraord Items |
0.60 |
1.29 |
-1.55 |
-1.25 |
-0.37 |
|
Dilution Adjustment |
- |
- |
0.0 |
0.0 |
- |
|
Diluted Net Income |
472.3 |
1,014.5 |
-1,223.4 |
-985.0 |
-293.9 |
|
Diluted Weighted Average Shares |
788.6 |
788.6 |
788.6 |
788.6 |
788.6 |
|
Diluted EPS Excl Extraord Items |
0.60 |
1.29 |
-1.55 |
-1.26 |
0.02 |
|
Diluted EPS Incl Extraord Items |
0.60 |
1.29 |
-1.55 |
-1.25 |
-0.37 |
|
Dividends per Share - Common Stock Primary Issue |
0.42 |
0.33 |
0.28 |
0.29 |
0.62 |
|
Dividends per Share - Common Stock Issue 2 |
0.42 |
0.33 |
0.28 |
0.29 |
0.62 |
|
Gross Dividends - Common Stock |
329.3 |
- |
- |
231.0 |
486.3 |
|
Interest Expense, Supplemental |
206.2 |
158.3 |
175.5 |
294.6 |
300.8 |
|
Interest Capitalized, Supplemental |
-2.6 |
-15.2 |
-11.7 |
-2.5 |
-1.1 |
|
Depreciation, Supplemental |
796.2 |
374.4 |
729.6 |
964.0 |
1,046.2 |
|
Total Special Items |
-94.3 |
-330.8 |
1,191.2 |
1,089.5 |
998.7 |
|
Normalized Income Before Tax |
491.0 |
841.6 |
-42.1 |
-217.8 |
1,026.4 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
-17.6 |
-43.3 |
416.9 |
381.3 |
365.9 |
|
Inc Tax Ex Impact of Sp Items |
91.8 |
110.3 |
404.9 |
67.2 |
376.0 |
|
Normalized Income After Tax |
399.2 |
731.4 |
-447.1 |
-285.0 |
650.4 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
395.7 |
727.0 |
-449.2 |
-283.0 |
647.2 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.50 |
0.92 |
-0.57 |
-0.36 |
0.82 |
|
Diluted Normalized EPS |
0.50 |
0.92 |
-0.57 |
-0.36 |
0.82 |
|
Amort of Intangibles, Supplemental |
24.5 |
24.2 |
37.5 |
40.2 |
38.3 |
|
Rental Expenses |
120.0 |
115.4 |
118.1 |
120.5 |
118.1 |
|
Research & Development Exp, Supplemental |
90.9 |
75.6 |
102.5 |
115.8 |
110.7 |
|
Normalized EBIT |
797.4 |
880.0 |
190.7 |
15.7 |
773.7 |
|
Normalized EBITDA |
1,618.1 |
1,278.7 |
957.8 |
1,019.9 |
1,858.2 |
|
Current Tax - Domestic |
103.7 |
92.6 |
4.5 |
4.5 |
11.1 |
|
Current Tax - Other |
- |
- |
32.3 |
-58.9 |
121.0 |
|
Current Tax - Total |
103.7 |
92.6 |
36.7 |
-54.4 |
132.1 |
|
Deferred Tax - Domestic |
5.7 |
61.1 |
-93.2 |
-247.6 |
-202.4 |
|
Deferred Tax - Other |
- |
- |
16.7 |
5.9 |
-52.0 |
|
Deferred Tax - Total |
5.7 |
61.1 |
-76.5 |
-241.8 |
-254.4 |
|
Other Tax |
- |
- |
27.8 |
-18.0 |
132.5 |
|
Income Tax - Total |
109.4 |
153.6 |
-12.0 |
-314.2 |
10.1 |
|
Interest Cost - Domestic |
62.6 |
61.7 |
65.9 |
71.7 |
132.1 |
|
Service Cost - Domestic |
12.0 |
12.4 |
12.0 |
14.9 |
36.8 |
|
Prior Service Cost - Domestic |
0.3 |
0.0 |
0.0 |
0.0 |
-0.1 |
|
Expected Return on Assets - Domestic |
-52.7 |
-46.1 |
-43.9 |
-52.8 |
-132.4 |
|
Curtailments & Settlements - Domestic |
- |
- |
-1.8 |
- |
- |
|
Other Pension, Net - Domestic |
- |
- |
- |
5.1 |
-3.6 |
|
Domestic Pension Plan Expense |
22.1 |
28.1 |
32.1 |
38.9 |
32.8 |
|
Interest Cost - Post-Retirement |
1.1 |
1.1 |
1.3 |
0.9 |
17.0 |
|
Service Cost - Post-Retirement |
1.5 |
1.3 |
0.1 |
2.8 |
3.1 |
|
Prior Service Cost - Post-Retirement |
0.3 |
0.1 |
0.0 |
0.0 |
-61.7 |
|
Expected Return on Assets - Post-Retir. |
0.0 |
0.1 |
0.0 |
0.0 |
-0.8 |
|
Other Post-Retirement, Net |
- |
- |
2.2 |
1.0 |
0.0 |
|
Post-Retirement Plan Expense |
2.9 |
2.6 |
3.6 |
4.7 |
-42.4 |
|
Defined Contribution Expense - Domestic |
215.0 |
217.3 |
236.3 |
255.5 |
254.0 |
|
Total Pension Expense |
240.0 |
248.1 |
272.0 |
299.1 |
244.4 |
|
Discount Rate - Domestic |
- |
- |
5.25% |
5.75% |
5.00% |
|
Expected Rate of Return - Domestic |
- |
- |
4.60% |
5.50% |
4.40% |
|
Compensation Rate - Domestic |
- |
- |
3.50% |
4.00% |
4.00% |
|
Pension Payment Rate - Domestic |
- |
- |
2.10% |
2.10% |
2.10% |
|
Total Plan Interest Cost |
63.7 |
62.8 |
67.2 |
72.5 |
149.0 |
|
Total Plan Service Cost |
13.5 |
13.8 |
12.1 |
17.7 |
40.0 |
|
Total Plan Expected Return |
-52.7 |
-46.0 |
-43.9 |
-52.8 |
-133.2 |
|
Total Plan Other Expense |
- |
- |
2.2 |
6.1 |
-3.6 |
|
|
|
Annual
Balance Sheet |
|
Financials
in: USD (mil) |
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated
Normal |
Updated
Normal |
Updated
Normal |
Updated
Normal |
Reclassified
Normal |
|
Filed
Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange
Rate |
0.770327 |
0.745406 |
0.696986 |
0.719399 |
0.683971 |
|
Auditor |
Deloitte
& Touche LLP |
Tuokko
Deloitte & Touche Oy |
Tuokko
Deloitte & Touche Oy |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor
Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
1,478.3 |
1,490.3 |
1,277.5 |
578.0 |
1,419.2 |
|
Cash and Short Term Investments |
1,478.3 |
1,490.3 |
1,277.5 |
578.0 |
1,419.2 |
|
Accounts
Receivable - Trade, Gross |
1,853.0 |
1,862.7 |
1,728.3 |
1,823.7 |
2,460.9 |
|
Provision
for Doubtful Accounts |
-52.3 |
-54.6 |
-51.9 |
-28.5 |
-57.8 |
|
Trade Accounts Receivable - Net |
1,800.7 |
1,808.1 |
1,676.4 |
1,795.2 |
2,403.2 |
|
Other Receivables |
585.5 |
605.3 |
496.3 |
634.6 |
776.1 |
|
Total Receivables, Net |
2,386.1 |
2,413.4 |
2,172.6 |
2,429.8 |
3,179.2 |
|
Inventories - Finished Goods |
925.6 |
901.0 |
809.8 |
1,025.4 |
1,433.2 |
|
Inventories - Work In Progress |
89.2 |
89.2 |
100.7 |
121.6 |
132.6 |
|
Inventories - Raw Materials |
520.0 |
518.9 |
485.1 |
690.7 |
694.2 |
|
Inventories - Other |
449.7 |
469.1 |
443.2 |
516.4 |
653.2 |
|
Total Inventory |
1,984.5 |
1,978.2 |
1,838.8 |
2,354.2 |
2,913.3 |
|
Prepaid Expenses |
135.3 |
147.0 |
103.2 |
154.7 |
220.3 |
|
Total Current Assets |
5,984.2 |
6,029.1 |
5,392.1 |
5,516.7 |
7,732.1 |
|
|
|
|
|
|
|
|
Buildings |
3,764.4 |
3,830.9 |
3,999.9 |
3,766.2 |
4,506.3 |
|
Land/Improvements |
323.2 |
344.0 |
372.3 |
450.7 |
548.3 |
|
Machinery/Equipment |
18,855.6 |
19,419.3 |
19,595.5 |
18,532.1 |
20,886.7 |
|
Construction
in Progress |
412.6 |
356.2 |
541.5 |
417.4 |
445.6 |
|
Natural
Resources |
- |
- |
218.8 |
185.7 |
129.7 |
|
Property/Plant/Equipment - Gross |
23,355.8 |
23,950.4 |
24,728.1 |
23,352.1 |
26,516.6 |
|
Accumulated Depreciation |
-16,939.7 |
-17,152.9 |
-17,765.6 |
-15,641.1 |
-16,917.7 |
|
Property/Plant/Equipment - Net |
6,692.1 |
7,053.1 |
6,962.4 |
7,711.0 |
9,598.9 |
|
Goodwill, Net |
291.2 |
288.2 |
298.9 |
288.6 |
735.0 |
|
Intangibles - Gross |
474.6 |
- |
- |
- |
- |
|
Accumulated Intangible
Amortization |
-399.6 |
- |
- |
- |
- |
|
Intangibles, Net |
130.9 |
125.6 |
138.7 |
200.9 |
240.2 |
|
LT Investment - Affiliate
Companies |
2,483.5 |
2,339.7 |
2,125.3 |
1,449.1 |
1,687.9 |
|
LT Investments - Other |
937.5 |
1,285.3 |
1,219.8 |
1,541.8 |
2,079.9 |
|
Long Term Investments |
3,421.0 |
3,625.0 |
3,345.1 |
2,991.0 |
3,767.8 |
|
Note Receivable - Long Term |
162.7 |
169.7 |
229.0 |
181.1 |
184.9 |
|
Pension Benefits - Overfunded |
3.1 |
22.5 |
26.5 |
- |
- |
|
Deferred Income Tax - Long Term
Asset |
158.2 |
148.9 |
223.5 |
103.6 |
93.1 |
|
Other Long Term Assets |
31.4 |
27.4 |
17.1 |
22.5 |
33.0 |
|
Other Long Term Assets, Total |
192.8 |
198.8 |
267.2 |
126.1 |
126.2 |
|
Total Assets |
16,874.8 |
17,489.4 |
16,633.3 |
17,015.3 |
22,385.2 |
|
|
|
|
|
|
|
|
Accounts Payable |
1,297.9 |
1,351.5 |
1,145.6 |
- |
- |
|
Accrued Expenses |
697.6 |
752.7 |
788.3 |
- |
- |
|
Notes Payable/Short Term Debt |
1,017.7 |
601.7 |
320.7 |
877.0 |
838.6 |
|
Current Portion - Long Term Debt/Capital Leases |
324.5 |
407.2 |
1,169.0 |
608.0 |
750.2 |
|
Customer Advances |
16.0 |
21.3 |
10.6 |
- |
- |
|
Income Taxes Payable |
95.4 |
161.0 |
155.1 |
145.7 |
196.8 |
|
Other Payables |
167.7 |
151.2 |
168.9 |
- |
- |
|
Other Current Liabilities |
- |
- |
- |
2,227.0 |
2,882.1 |
|
Other Current liabilities, Total |
279.1 |
333.5 |
334.6 |
2,372.7 |
3,078.9 |
|
Total Current Liabilities |
3,616.9 |
3,446.6 |
3,758.2 |
3,857.7 |
4,667.7 |
|
|
|
|
|
|
|
|
Long Term Debt |
4,208.1 |
4,235.0 |
4,070.2 |
4,148.9 |
4,854.9 |
|
Capital Lease Obligations |
127.0 |
137.4 |
88.2 |
32.1 |
50.0 |
|
Total Long Term Debt |
4,335.0 |
4,372.4 |
4,158.5 |
4,181.0 |
4,904.9 |
|
Total Debt |
5,677.3 |
5,381.2 |
5,648.2 |
5,666.0 |
6,493.7 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
520.6 |
566.9 |
522.8 |
385.7 |
850.9 |
|
Deferred Income Tax |
520.6 |
566.9 |
522.8 |
385.7 |
850.9 |
|
Minority Interest |
113.1 |
69.5 |
83.5 |
78.5 |
105.1 |
|
Reserves |
191.7 |
199.4 |
258.8 |
281.2 |
198.7 |
|
Pension Benefits - Underfunded |
432.4 |
430.0 |
437.6 |
415.6 |
478.5 |
|
Other Long Term Liabilities |
41.4 |
83.2 |
61.8 |
39.6 |
77.1 |
|
Other Liabilities, Total |
665.6 |
712.5 |
758.3 |
736.4 |
754.3 |
|
Total Liabilities |
9,251.1 |
9,167.9 |
9,281.3 |
9,239.4 |
11,282.9 |
|
|
|
|
|
|
|
|
Common Stock |
1,742.4 |
1,800.6 |
1,925.7 |
1,865.7 |
1,962.4 |
|
Common Stock |
1,742.4 |
1,800.6 |
1,925.7 |
1,865.7 |
1,962.4 |
|
Additional Paid-In Capital |
99.4 |
102.8 |
109.9 |
2,832.2 |
2,978.9 |
|
Retained Earnings (Accumulated Deficit) |
5,051.8 |
5,246.3 |
4,628.6 |
2,999.3 |
6,344.9 |
|
Treasury Stock - Common |
-13.2 |
-13.7 |
-14.6 |
-14.2 |
-14.9 |
|
Translation Adjustment |
41.5 |
139.1 |
-279.2 |
-616.9 |
-169.0 |
|
Other Equity |
701.8 |
1,046.4 |
981.7 |
709.8 |
- |
|
Other Equity, Total |
743.3 |
1,185.5 |
702.5 |
92.9 |
-169.0 |
|
Total Equity |
7,623.6 |
8,321.5 |
7,352.1 |
7,775.9 |
11,102.2 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
16,874.8 |
17,489.4 |
16,633.3 |
17,015.3 |
22,385.2 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock
Primary Issue |
611.5 |
611.5 |
611.5 |
611.5 |
612.1 |
|
Shares Outstanding - Common Stock
Issue 2 |
177.1 |
177.1 |
177.2 |
177.2 |
177.5 |
|
Total Common Shares Outstanding |
788.6 |
788.6 |
788.6 |
788.6 |
789.5 |
|
Treasury Shares - Common Stock Primary Issue |
0.9 |
0.9 |
0.9 |
0.9 |
0.9 |
|
Treasury Shares - Common Issue 2 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Employees |
29,639 |
26,379 |
27,390 |
31,667 |
37,997 |
|
Number of Common Shareholders |
87,506 |
- |
75,100 |
64,500 |
21,832 |
|
Accumulated Intangible Amort, Suppl. |
399.6 |
391.6 |
389.2 |
347.5 |
386.6 |
|
Deferred Revenue - Current |
16.0 |
21.3 |
10.6 |
8.1 |
10.2 |
|
Total Long Term Debt, Supplemental |
4,659.6 |
4,779.5 |
5,225.2 |
4,748.8 |
5,655.1 |
|
Long Term Debt Maturing within 1 Year |
324.5 |
407.2 |
1,155.0 |
599.9 |
750.2 |
|
Long Term Debt Maturing in Year 2 |
179.1 |
344.2 |
810.3 |
1,142.9 |
923.0 |
|
Long Term Debt Maturing in Year 3 |
1,249.3 |
134.8 |
186.1 |
601.8 |
1,075.0 |
|
Long Term Debt Maturing in Year 4 |
785.1 |
1,036.3 |
91.5 |
209.3 |
645.3 |
|
Long Term Debt Maturing in Year 5 |
1,208.3 |
750.9 |
1,066.9 |
162.2 |
129.2 |
|
Long Term Debt Maturing in 2-3 Years |
1,428.5 |
479.1 |
996.4 |
1,744.7 |
1,998.0 |
|
Long Term Debt Maturing in 4-5 Years |
1,993.4 |
1,787.2 |
1,158.4 |
371.6 |
774.6 |
|
Long Term Debt Matur. in Year 6 & Beyond |
913.1 |
2,106.1 |
1,915.4 |
2,032.7 |
2,132.3 |
|
Total Capital Leases, Supplemental |
136.4 |
154.1 |
102.3 |
40.2 |
69.9 |
|
Capital Lease Payments Due in Year 1 |
9.5 |
16.8 |
14.1 |
8.1 |
19.9 |
|
Capital Lease Payments Due in Year 2 |
27.8 |
8.6 |
5.2 |
1.7 |
20.6 |
|
Capital Lease Payments Due in Year 3 |
9.7 |
28.2 |
5.3 |
1.5 |
6.3 |
|
Capital Lease Payments Due in Year 4 |
9.9 |
9.7 |
26.1 |
1.4 |
3.2 |
|
Capital Lease Payments Due in Year 5 |
8.6 |
9.8 |
6.2 |
23.2 |
2.2 |
|
Capital Lease Payments Due in 2-3 Years |
37.5 |
36.8 |
10.5 |
3.2 |
26.9 |
|
Capital Lease Payments Due in 4-5 Years |
18.4 |
19.5 |
32.3 |
24.6 |
5.4 |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
71.0 |
81.2 |
45.5 |
4.3 |
17.7 |
|
Total Operating Leases, Supplemental |
768.4 |
667.7 |
152.8 |
172.2 |
208.8 |
|
Operating Lease Payments Due in Year 1 |
85.8 |
66.0 |
39.0 |
40.2 |
44.7 |
|
Operating Lease Payments Due in Year 2 |
74.3 |
62.7 |
34.6 |
34.3 |
39.2 |
|
Operating Lease Payments Due in Year 3 |
64.3 |
57.7 |
30.7 |
30.2 |
33.5 |
|
Operating Lease Payments Due in Year 4 |
56.6 |
46.8 |
22.0 |
25.4 |
27.8 |
|
Operating Lease Payments Due in Year 5 |
43.7 |
39.2 |
14.2 |
18.9 |
24.6 |
|
Operating Lease Pymts. Due in 2-3 Years |
138.5 |
120.3 |
65.3 |
64.5 |
72.7 |
|
Operating Lease Pymts. Due in 4-5 Years |
100.3 |
86.0 |
36.2 |
44.3 |
52.3 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
443.7 |
395.4 |
12.3 |
23.2 |
39.0 |
|
Pension Obligation - Domestic |
1,047.6 |
1,020.0 |
985.5 |
896.6 |
1,159.1 |
|
Post-Retirement Obligation |
0.0 |
0.0 |
0.0 |
0.0 |
0.4 |
|
Plan Assets - Domestic |
1,004.1 |
996.9 |
958.7 |
822.5 |
1,122.6 |
|
Plan Assets - Post-Retirement |
0.0 |
0.0 |
0.0 |
0.0 |
0.4 |
|
Funded Status - Domestic |
-43.5 |
-23.1 |
-26.8 |
-74.1 |
-36.6 |
|
Funded Status - Post-Retirement |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Unfunded Plan Obligations |
384.3 |
385.6 |
384.2 |
358.8 |
448.7 |
|
Total Funded Status |
-427.7 |
-408.6 |
-411.1 |
-432.9 |
-485.3 |
|
Discount Rate - Domestic |
- |
4.75% |
5.25% |
5.75% |
5.00% |
|
Expected Rate of Return - Domestic |
- |
4.60% |
4.60% |
5.50% |
4.40% |
|
Compensation Rate - Domestic |
- |
3.50% |
3.50% |
4.00% |
4.00% |
|
Pension Payment Rate - Domestic |
- |
2.10% |
2.10% |
2.10% |
2.10% |
|
Prepaid Benefits - Domestic |
- |
- |
- |
- |
8.5 |
|
Accrued Liabilities - Domestic |
-406.1 |
-405.7 |
-414.9 |
-394.2 |
-463.2 |
|
Accrued Liabilities - Post-Retirement |
-26.4 |
-24.1 |
-22.7 |
-21.4 |
-15.4 |
|
Other Assets, Net - Domestic |
3.1 |
22.5 |
26.5 |
4.2 |
- |
|
Net Assets Recognized on Balance Sheet |
-429.3 |
-407.3 |
-411.1 |
-411.5 |
-470.0 |
|
Equity % - Domestic |
- |
28.80% |
25.90% |
27.90% |
41.50% |
|
Total Plan Obligations |
1,431.9 |
1,405.5 |
1,369.8 |
1,255.4 |
1,608.3 |
|
Total Plan Assets |
1,004.1 |
996.9 |
958.7 |
822.5 |
1,123.0 |
|
|
|
Annual
Cash Flows |
|
Financials
in: USD (mil) |
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period
Length |
12
Months |
12
Months |
12
Months |
12
Months |
12
Months |
|
UpdateType/Date |
Updated
Normal |
Restated
Normal |
Updated
Normal |
Updated
Normal |
Updated
Normal |
|
Filed
Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange
Rate (Period Average) |
0.71919 |
0.755078 |
0.719047 |
0.683679 |
0.730637 |
|
Auditor |
Deloitte
& Touche LLP |
Tuokko
Deloitte & Touche Oy |
Tuokko
Deloitte & Touche Oy |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor
Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
475.8 |
1,018.8 |
-1,221.3 |
-986.9 |
-290.7 |
|
Depreciation |
796.2 |
374.4 |
1,603.4 |
2,147.9 |
2,574.9 |
|
Depreciation/Depletion |
796.2 |
374.4 |
1,603.4 |
2,147.9 |
2,574.9 |
|
Unusual Items |
-2.2 |
-10.5 |
345.6 |
-18.3 |
-49.3 |
|
Equity in Net Earnings (Loss) |
-164.1 |
-95.2 |
-155.5 |
-11.1 |
-469.0 |
|
Other Non-Cash Items |
47.1 |
9.5 |
-50.3 |
9.2 |
32.8 |
|
Non-Cash Items |
-119.2 |
-96.1 |
139.8 |
-20.2 |
-485.5 |
|
Other Assets |
7.1 |
5.3 |
4.6 |
26.6 |
-10.3 |
|
Taxes Payable |
109.4 |
153.6 |
-12.0 |
-311.1 |
268.4 |
|
Other Assets & Liabilities,
Net |
-241.0 |
-359.8 |
887.3 |
119.2 |
-452.9 |
|
Other Operating Cash Flow |
-59.5 |
-20.9 |
415.7 |
-125.5 |
-523.7 |
|
Changes in Working Capital |
-184.0 |
-221.8 |
1,295.6 |
-290.8 |
-718.4 |
|
Cash from Operating Activities |
968.9 |
1,075.3 |
1,817.4 |
850.1 |
1,080.3 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-569.5 |
-530.3 |
-589.3 |
-1,033.5 |
-1,122.9 |
|
Capital Expenditures |
-569.5 |
-530.3 |
-589.3 |
-1,033.5 |
-1,122.9 |
|
Acquisition of Business |
-213.6 |
-38.1 |
-190.4 |
-85.4 |
-223.1 |
|
Sale of Business |
0.0 |
-1.9 |
22.3 |
250.8 |
452.3 |
|
Sale of Fixed Assets |
30.2 |
37.9 |
84.1 |
76.1 |
114.3 |
|
Sale/Maturity of Investment |
1.4 |
1.1 |
33.1 |
22.8 |
21.8 |
|
Purchase of Investments |
-0.8 |
-8.9 |
-3.2 |
-12.9 |
-19.6 |
|
Other Investing Cash Flow |
-5.6 |
56.8 |
-33.7 |
-23.7 |
24.4 |
|
Other Investing Cash Flow Items, Total |
-188.4 |
46.9 |
-87.8 |
227.7 |
370.1 |
|
Cash from Investing Activities |
-757.9 |
-483.4 |
-677.0 |
-805.8 |
-752.8 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-5.0 |
-1.6 |
-10.7 |
-6.1 |
9.6 |
|
Financing Cash Flow Items |
-5.0 |
-1.6 |
-10.7 |
-6.1 |
9.6 |
|
Cash Dividends Paid - Common |
-274.2 |
-208.9 |
-219.3 |
-519.1 |
-485.7 |
|
Total Cash Dividends Paid |
-274.2 |
-208.9 |
-219.3 |
-519.1 |
-485.7 |
|
Repurchase/Retirement
of Common |
- |
- |
- |
0.0 |
0.4 |
|
Common Stock, Net |
- |
- |
- |
0.0 |
0.4 |
|
Options Exercised |
- |
- |
- |
0.0 |
-3.3 |
|
Issuance (Retirement) of Stock, Net |
- |
- |
- |
0.0 |
-2.9 |
|
Short Term Debt, Net |
182.4 |
421.8 |
-500.5 |
5.9 |
1,567.7 |
|
Long Term
Debt Issued |
85.8 |
1,048.6 |
884.6 |
444.1 |
395.5 |
|
Long Term
Debt Reduction |
-115.8 |
-1,563.5 |
-572.0 |
-927.6 |
-1,094.3 |
|
Long Term Debt, Net |
-30.0 |
-514.9 |
312.6 |
-483.6 |
-698.7 |
|
Issuance (Retirement) of Debt, Net |
152.4 |
-93.1 |
-187.9 |
-477.7 |
869.0 |
|
Cash from Financing Activities |
-126.8 |
-303.5 |
-417.9 |
-1,003.0 |
389.9 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-40.7 |
11.1 |
-21.0 |
217.5 |
62.3 |
|
Net Change in Cash |
43.4 |
299.4 |
701.5 |
-741.1 |
779.7 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
1,533.8 |
1,161.5 |
518.2 |
1,286.1 |
423.7 |
|
Net Cash - Ending Balance |
1,577.2 |
1,460.9 |
1,219.7 |
545.0 |
1,203.5 |
|
Cash Interest Paid |
179.8 |
149.7 |
157.8 |
279.7 |
358.5 |
|
Cash Taxes Paid |
179.5 |
82.1 |
4.2 |
-37.3 |
152.7 |
|
|
|
Financials in: USD (mil) |
|
|
Except for share items
(millions) and per share items (actual units) |
|
|
|
|
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period
Length |
12
Months |
12
Months |
12
Months |
12
Months |
12
Months |
|
UpdateType/Date |
Updated
Normal |
Reclassified
Normal |
Updated
Normal |
Updated
Normal |
Restated
Normal |
|
Filed
Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange
Rate (Period Average) |
0.71919 |
0.755078 |
0.719047 |
0.683679 |
0.730637 |
|
Auditor |
Deloitte
& Touche LLP |
Deloitte
& Touche LLP |
Tuokko
Deloitte & Touche Oy |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor
Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Turnover |
15,246.2 |
13,636.9 |
12,440.2 |
16,131.5 |
16,216.7 |
|
Total Revenue |
15,246.2 |
13,636.9 |
12,440.2 |
16,131.5 |
16,216.7 |
|
|
|
|
|
|
|
|
Change in Inventory |
-44.1 |
-85.0 |
278.8 |
114.2 |
-110.9 |
|
Other Income |
-284.5 |
-200.6 |
-194.8 |
-162.5 |
-121.0 |
|
Sale of Fixed Assets |
-6.0 |
-9.9 |
-45.5 |
-11.1 |
- |
|
Business Disposal |
0.0 |
-0.1 |
0.0 |
-2.2 |
- |
|
Net Value/Biological |
7.1 |
5.3 |
4.6 |
26.6 |
-10.3 |
|
Materials/Services |
9,731.1 |
8,544.3 |
7,599.4 |
9,969.1 |
9,651.2 |
|
Freights/Commissions |
1,416.7 |
1,337.7 |
1,159.3 |
1,648.6 |
1,551.9 |
|
Personnel Expenses |
1,938.2 |
1,821.4 |
1,876.9 |
2,441.3 |
2,344.4 |
|
Depreciation/Adjust. |
756.0 |
676.2 |
729.6 |
964.0 |
1,046.2 |
|
Amortization |
24.5 |
24.2 |
37.5 |
40.2 |
38.3 |
|
Impairment |
15.7 |
-326.1 |
836.2 |
1,076.2 |
1,009.0 |
|
Reasearch and Development |
90.9 |
75.6 |
- |
- |
- |
|
Other Expenses |
708.9 |
563.0 |
1,158.6 |
1,100.8 |
1,042.8 |
|
Share of Associates |
-164.1 |
-95.2 |
-155.5 |
-11.1 |
- |
|
Total Operating Expense |
14,190.4 |
12,330.8 |
13,285.2 |
17,194.3 |
16,441.7 |
|
|
|
|
|
|
|
|
Share of Associates |
- |
- |
- |
- |
467.1 |
|
Interest Income |
43.9 |
31.4 |
42.7 |
79.7 |
95.0 |
|
Exchange Gains |
-37.5 |
1.3 |
- |
- |
- |
|
Interest Expense |
-206.2 |
-158.3 |
-175.5 |
-294.6 |
-300.8 |
|
Interest Capitalized |
2.6 |
15.2 |
11.7 |
2.5 |
1.1 |
|
Other Financial Items |
-273.4 |
-23.3 |
-267.2 |
-32.2 |
-9.7 |
|
Net Income Before Taxes |
585.2 |
1,172.5 |
-1,233.3 |
-1,307.3 |
27.6 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
109.4 |
153.6 |
-12.0 |
-314.2 |
10.1 |
|
Net Income After Taxes |
475.8 |
1,018.8 |
-1,221.3 |
-993.2 |
17.5 |
|
|
|
|
|
|
|
|
Minority Interests |
-3.5 |
-4.4 |
-2.1 |
1.9 |
-3.1 |
|
Net Income Before Extra. Items |
472.3 |
1,014.5 |
-1,223.4 |
-991.3 |
14.4 |
|
Discontinued Operations |
- |
- |
0.0 |
6.3 |
-308.2 |
|
Net Income |
472.3 |
1,014.5 |
-1,223.4 |
-985.0 |
-293.9 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
472.3 |
1,014.5 |
-1,223.4 |
-991.3 |
14.4 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
472.3 |
1,014.5 |
-1,223.4 |
-985.0 |
-293.9 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
788.6 |
788.6 |
788.6 |
788.6 |
788.6 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.60 |
1.29 |
-1.55 |
-1.26 |
0.02 |
|
Basic EPS Including ExtraOrdinary Item |
0.60 |
1.29 |
-1.55 |
-1.25 |
-0.37 |
|
Dilution Adjustment |
- |
- |
0.0 |
0.0 |
- |
|
Diluted Net Income |
472.3 |
1,014.5 |
-1,223.4 |
-985.0 |
-293.9 |
|
Diluted Weighted Average Shares |
788.6 |
788.6 |
788.6 |
788.6 |
788.6 |
|
Diluted EPS Excluding ExtraOrd Items |
0.60 |
1.29 |
-1.55 |
-1.26 |
0.02 |
|
Diluted EPS Including ExtraOrd Items |
0.60 |
1.29 |
-1.55 |
-1.25 |
-0.37 |
|
DPS-Series R Ordinary Shares |
0.42 |
0.33 |
0.28 |
0.29 |
0.62 |
|
DPS-Series A Ordinary Shares |
0.42 |
0.33 |
0.28 |
0.29 |
0.62 |
|
Gross Dividends - Common Stock |
329.3 |
- |
- |
231.0 |
486.3 |
|
Normalized Income Before Taxes |
491.0 |
841.6 |
-42.1 |
-217.8 |
1,026.4 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
91.8 |
110.3 |
404.9 |
67.2 |
376.0 |
|
Normalized Income After Taxes |
399.2 |
731.4 |
-447.1 |
-285.0 |
650.4 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
395.7 |
727.0 |
-449.2 |
-283.0 |
647.2 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.50 |
0.92 |
-0.57 |
-0.36 |
0.82 |
|
Diluted Normalized EPS |
0.50 |
0.92 |
-0.57 |
-0.36 |
0.82 |
|
Research and Development |
90.9 |
75.6 |
102.5 |
115.8 |
110.7 |
|
Rental Expense |
120.0 |
115.4 |
118.1 |
120.5 |
118.1 |
|
Interest Expense |
206.2 |
158.3 |
175.5 |
294.6 |
300.8 |
|
Amort of Intangibles |
24.5 |
24.2 |
37.5 |
40.2 |
38.3 |
|
Depreciation |
796.2 |
374.4 |
729.6 |
964.0 |
1,046.2 |
|
Interest Capitalized |
-2.6 |
-15.2 |
-11.7 |
-2.5 |
-1.1 |
|
Current Tax - Finnish Companies |
103.7 |
92.6 |
4.5 |
4.5 |
11.1 |
|
Current Tax - Other Foreign
Companies |
- |
- |
32.3 |
-58.9 |
121.0 |
|
Current Tax - Total |
103.7 |
92.6 |
36.7 |
-54.4 |
132.1 |
|
Deferred Tax - Finnish Companies |
5.7 |
61.1 |
-93.2 |
-247.6 |
-202.4 |
|
Deferred Tax - Other Foreign
Companies |
- |
- |
16.7 |
5.9 |
-52.0 |
|
Deferred Tax - Total |
5.7 |
61.1 |
-76.5 |
-241.8 |
-254.4 |
|
Taxes on Associated Companies |
- |
- |
27.8 |
-18.0 |
132.5 |
|
Income Tax - Total |
109.4 |
153.6 |
-12.0 |
-314.2 |
10.1 |
|
Service Cost - Pension |
12.0 |
12.4 |
12.0 |
14.9 |
36.8 |
|
Interest Cost - Pension |
62.6 |
61.7 |
65.9 |
71.7 |
132.1 |
|
Expected Return on Assets - Pension |
-52.7 |
-46.1 |
-43.9 |
-52.8 |
-132.4 |
|
Prior Service Cost - Pension |
0.3 |
0.0 |
0.0 |
0.0 |
-0.1 |
|
Other |
- |
- |
- |
5.1 |
-3.6 |
|
Settlement - Pension |
- |
- |
-1.8 |
- |
- |
|
Domestic Pension Plan Expense |
22.1 |
28.1 |
32.1 |
38.9 |
32.8 |
|
Service Cost - Post-Retirement |
1.5 |
1.3 |
0.1 |
2.8 |
3.1 |
|
Interest Cost - Post-Retirement |
1.1 |
1.1 |
1.3 |
0.9 |
17.0 |
|
Expected Return on Assets - Post-Ret. |
0.0 |
0.1 |
0.0 |
0.0 |
-0.8 |
|
Prior Service Cost - Post-Retirement |
0.3 |
0.1 |
0.0 |
0.0 |
-61.7 |
|
Other Post-Retirement |
- |
- |
2.2 |
1.0 |
0.0 |
|
Post-Retirement Plan Expense |
2.9 |
2.6 |
3.6 |
4.7 |
-42.4 |
|
Defined Contribution Plans |
215.0 |
217.3 |
236.3 |
255.5 |
254.0 |
|
Total Pension Expense |
240.0 |
248.1 |
272.0 |
299.1 |
244.4 |
|
Discount Rate Finland |
- |
- |
5.25% |
5.75% |
5.00% |
|
Discount Rate - Germany |
- |
- |
5.25% |
5.75% |
5.20% |
|
Discount Rate - Sweden |
- |
- |
4.50% |
5.00% |
5.00% |
|
Expected Rate of Return - Finland |
- |
- |
4.60% |
5.50% |
4.40% |
|
Expected Rate of Return - Germany |
- |
- |
4.50% |
4.50% |
4.50% |
|
Expected Rate of Return - Sweden |
- |
- |
6.00% |
5.00% |
6.00% |
|
Compensation Rate - Finland |
- |
- |
3.50% |
4.00% |
4.00% |
|
Compensation Rate - Germany |
- |
- |
2.10% |
2.40% |
2.20% |
|
Compensation Rate - Sweden |
- |
- |
2.50% |
3.00% |
3.00% |
|
Pension Payment Rate - Finland |
- |
- |
2.10% |
2.10% |
2.10% |
|
Pension Payment Rate - Germany |
- |
- |
1.80% |
2.00% |
1.70% |
|
Pension Payment Rate - Sweden |
- |
- |
2.00% |
2.00% |
2.00% |
|
|
|
Annual
Balance Sheet |
|
Financials
in: USD (mil) |
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated
Normal |
Updated
Normal |
Updated
Normal |
Updated
Normal |
Reclassified
Normal |
|
Filed
Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange
Rate |
0.770327 |
0.745406 |
0.696986 |
0.719399 |
0.683971 |
|
Auditor |
Deloitte
& Touche LLP |
Deloitte
& Touche LLP |
Tuokko
Deloitte & Touche Oy |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor
Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Materials |
520.0 |
518.9 |
485.1 |
690.7 |
694.2 |
|
Work in Progress |
89.2 |
89.2 |
100.7 |
121.6 |
132.6 |
|
Finished Goods |
925.6 |
901.0 |
809.8 |
1,025.4 |
1,433.2 |
|
Spare Parts |
357.3 |
362.8 |
365.9 |
381.6 |
436.9 |
|
Other Inventory |
36.0 |
36.5 |
17.5 |
13.5 |
15.4 |
|
Adv. Payments |
194.9 |
209.7 |
186.2 |
252.0 |
330.6 |
|
Obsolecence Prov-Spare Parts |
-113.7 |
-118.9 |
-107.3 |
-94.8 |
-96.8 |
|
Obsolecence Prov-Finished Goods |
-19.3 |
-16.0 |
-16.1 |
-19.6 |
-24.0 |
|
Mrkt. Value Prov |
-5.3 |
-5.0 |
-3.0 |
-16.3 |
-8.8 |
|
Tax Receivables |
8.0 |
2.3 |
3.4 |
34.8 |
50.1 |
|
Trade Rcvbls. |
1,853.0 |
1,862.7 |
1,728.3 |
1,823.7 |
2,460.9 |
|
Prov. Bad Debts |
-52.3 |
-54.6 |
-51.9 |
-28.5 |
-57.8 |
|
Prepaid Exp. |
135.3 |
147.0 |
103.2 |
154.7 |
220.3 |
|
TRS Hedges |
0.0 |
18.5 |
0.0 |
0.0 |
3.8 |
|
Operative receivables |
212.0 |
202.0 |
175.5 |
250.8 |
389.1 |
|
ST Inv./Rcvbl. |
365.4 |
382.5 |
317.4 |
349.0 |
333.1 |
|
Cash/Equivalents |
1,478.3 |
1,490.3 |
1,277.5 |
578.0 |
1,419.2 |
|
Total Current Assets |
5,984.2 |
6,029.1 |
5,392.1 |
5,516.7 |
7,732.1 |
|
|
|
|
|
|
|
|
Goodwill |
291.2 |
288.2 |
298.9 |
288.6 |
735.0 |
|
Intangibles |
474.6 |
- |
- |
- |
- |
|
Amortisation |
-399.6 |
- |
- |
- |
- |
|
Intangibles |
- |
70.6 |
102.4 |
107.7 |
232.6 |
|
Biological Asset |
276.0 |
255.6 |
- |
- |
- |
|
Biological Asset |
- |
- |
218.8 |
185.7 |
129.7 |
|
Land & Water |
323.2 |
344.0 |
372.3 |
450.7 |
548.3 |
|
Buildings |
3,764.4 |
3,830.9 |
3,999.9 |
3,766.2 |
4,506.3 |
|
Machinery/Equip. |
18,248.2 |
18,794.3 |
18,926.6 |
17,898.8 |
20,165.5 |
|
Other Tang. |
607.4 |
625.0 |
668.9 |
633.3 |
721.2 |
|
Assets in Prog. |
412.6 |
356.2 |
541.5 |
417.4 |
445.6 |
|
Depreciation |
-16,939.7 |
-17,152.9 |
-17,765.6 |
-15,641.1 |
-16,917.7 |
|
Emission Rights |
55.8 |
55.0 |
36.3 |
93.1 |
7.6 |
|
Associate Co's |
2,483.5 |
2,339.7 |
2,125.3 |
1,449.1 |
1,687.9 |
|
Other Equity |
106.4 |
105.6 |
102.9 |
215.3 |
236.6 |
|
Other Investment |
831.1 |
1,179.8 |
1,117.0 |
1,326.5 |
1,843.4 |
|
LT Receivables |
162.7 |
169.7 |
229.0 |
181.1 |
184.9 |
|
Deferred Taxes |
158.2 |
148.9 |
223.5 |
103.6 |
93.1 |
|
Pension |
3.1 |
22.5 |
26.5 |
- |
- |
|
Other Assets |
31.4 |
27.4 |
17.1 |
22.5 |
33.0 |
|
Total Assets |
16,874.8 |
17,489.4 |
16,633.3 |
17,015.3 |
22,385.2 |
|
|
|
|
|
|
|
|
Long Term Loans |
240.5 |
344.6 |
1,146.4 |
596.1 |
730.3 |
|
Fin. Leases |
9.5 |
16.8 |
14.1 |
8.1 |
19.9 |
|
Other |
74.5 |
45.7 |
8.6 |
3.9 |
- |
|
ST Borrowings |
1,011.9 |
591.2 |
301.4 |
816.9 |
705.0 |
|
Bank Overdrafts |
5.8 |
10.5 |
19.2 |
60.1 |
133.6 |
|
Advances |
16.0 |
21.3 |
10.6 |
- |
- |
|
Trade Payables |
1,297.9 |
1,351.5 |
1,145.6 |
- |
- |
|
Other Payables |
167.7 |
151.2 |
168.9 |
- |
- |
|
Accrued Expenses |
697.6 |
752.7 |
788.3 |
- |
- |
|
Other Liabs. |
- |
- |
- |
2,227.0 |
2,882.1 |
|
Tax Liability |
95.4 |
161.0 |
155.1 |
145.7 |
196.8 |
|
Total Current Liabilities |
3,616.9 |
3,446.6 |
3,758.2 |
3,857.7 |
4,667.7 |
|
|
|
|
|
|
|
|
Non-current debt |
4,208.1 |
4,235.0 |
4,070.2 |
4,148.9 |
4,854.9 |
|
Fin. Leases |
127.0 |
137.4 |
88.2 |
32.1 |
50.0 |
|
Total Long Term Debt |
4,335.0 |
4,372.4 |
4,158.5 |
4,181.0 |
4,904.9 |
|
|
|
|
|
|
|
|
Minority Int. |
113.1 |
69.5 |
83.5 |
78.5 |
105.1 |
|
Pension Provis. |
432.4 |
430.0 |
437.6 |
415.6 |
478.5 |
|
Deferred Tax |
520.6 |
566.9 |
522.8 |
385.7 |
850.9 |
|
Other Provisions |
191.7 |
199.4 |
258.8 |
281.2 |
198.7 |
|
Other LT Liabs. |
41.4 |
83.2 |
61.8 |
39.6 |
77.1 |
|
Total Liabilities |
9,251.1 |
9,167.9 |
9,281.3 |
9,239.4 |
11,282.9 |
|
|
|
|
|
|
|
|
Share Capital |
1,742.4 |
1,800.6 |
1,925.7 |
1,865.7 |
1,962.4 |
|
Share Premium |
99.4 |
102.8 |
109.9 |
2,832.2 |
2,978.9 |
|
Reserve Fund |
821.9 |
849.3 |
2,929.9 |
332.1 |
349.3 |
|
Treasury Stock |
-13.2 |
-13.7 |
-14.6 |
-14.2 |
-14.9 |
|
Reserve Fund |
5.1 |
5.2 |
5.6 |
- |
1,404.2 |
|
Avail. for Sale Financial Assets |
701.8 |
1,046.4 |
981.7 |
709.8 |
- |
|
Currency/Commodity Hedges |
-22.3 |
104.5 |
-1.1 |
-230.7 |
- |
|
Associates |
-37.9 |
-13.1 |
-27.3 |
-14.7 |
- |
|
CTA |
41.5 |
139.1 |
-279.2 |
-616.9 |
-169.0 |
|
Retained Earning |
4,285.1 |
4,300.3 |
1,721.6 |
3,848.8 |
4,905.3 |
|
Period Profits |
- |
- |
- |
-936.1 |
-313.9 |
|
Total Equity |
7,623.6 |
8,321.5 |
7,352.1 |
7,775.9 |
11,102.2 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
16,874.8 |
17,489.4 |
16,633.3 |
17,015.3 |
22,385.2 |
|
|
|
|
|
|
|
|
S/O-Series R Ordinary Shares |
611.5 |
611.5 |
611.5 |
611.5 |
612.1 |
|
S/O-Series A Ordinary Shares |
177.1 |
177.1 |
177.2 |
177.2 |
177.5 |
|
Total Common Shares Outstanding |
788.6 |
788.6 |
788.6 |
788.6 |
789.5 |
|
T/S-Series R Ordinary Shares |
0.9 |
0.9 |
0.9 |
0.9 |
0.9 |
|
T/S-Series A Ordinary Shares |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Customer Advances |
16.0 |
21.3 |
10.6 |
8.1 |
10.2 |
|
Accumulated Intangible Amortization |
399.6 |
391.6 |
389.2 |
347.5 |
386.6 |
|
Full-Time Employees |
29,639 |
26,379 |
27,390 |
31,667 |
37,997 |
|
Number of Common Shareholders |
87,506 |
- |
75,100 |
64,500 |
21,832 |
|
LT Debt within 1 Year |
324.5 |
407.2 |
1,155.0 |
599.9 |
750.2 |
|
LT Debt within 2 Years |
179.1 |
344.2 |
810.3 |
1,142.9 |
923.0 |
|
LT Debt within 3 Years |
1,249.3 |
134.8 |
186.1 |
601.8 |
1,075.0 |
|
LT Debt within 4 Years |
785.1 |
1,036.3 |
91.5 |
209.3 |
645.3 |
|
LT Debt within 5 Years |
1,208.3 |
750.9 |
1,066.9 |
162.2 |
129.2 |
|
LT Debt after 5 Years |
913.1 |
2,106.1 |
1,915.4 |
2,032.7 |
2,132.3 |
|
Total Long Term Debt, Supplemental |
4,659.6 |
4,779.5 |
5,225.2 |
4,748.8 |
5,655.1 |
|
Finance Lease < 1 Year |
9.5 |
16.8 |
14.1 |
8.1 |
19.9 |
|
Finance Lease Within 2 Years |
27.8 |
8.6 |
5.2 |
1.7 |
20.6 |
|
Finance Lease Within 3 Years |
9.7 |
28.2 |
5.3 |
1.5 |
6.3 |
|
Finance Lease Within 4 Years |
9.9 |
9.7 |
26.1 |
1.4 |
3.2 |
|
Finance Lease Within 5 Years |
8.6 |
9.8 |
6.2 |
23.2 |
2.2 |
|
Finance Lease > 5 Years |
71.0 |
81.2 |
45.5 |
4.3 |
17.7 |
|
Total Capital Leases |
136.4 |
154.1 |
102.3 |
40.2 |
69.9 |
|
Operating Leases due within 1 Year |
85.8 |
66.0 |
39.0 |
40.2 |
44.7 |
|
Operating Leases due within 2 Years |
74.3 |
62.7 |
34.6 |
34.3 |
39.2 |
|
Operating Leases due within 3 Years |
64.3 |
57.7 |
30.7 |
30.2 |
33.5 |
|
Operating Leases due within 4 Years |
56.6 |
46.8 |
22.0 |
25.4 |
27.8 |
|
Operating Leases due within 4 Years |
43.7 |
39.2 |
14.2 |
18.9 |
24.6 |
|
Operating Leases due after 5 Years |
443.7 |
395.4 |
12.3 |
23.2 |
39.0 |
|
Total Operating Leases |
768.4 |
667.7 |
152.8 |
172.2 |
208.8 |
|
PV of Funded Obligation - Pension |
1,047.6 |
1,020.0 |
985.5 |
896.6 |
1,159.1 |
|
PV of Unfunded Obligation - Pension |
357.0 |
360.2 |
361.6 |
337.4 |
433.5 |
|
PV of Funded Obligation - Post-Ret. |
0.0 |
0.0 |
0.0 |
0.0 |
0.4 |
|
PV of Unfunded Obligation - Post-Ret. |
27.3 |
25.4 |
22.7 |
21.4 |
15.2 |
|
FV of Plan Assets - Pension |
1,004.1 |
996.9 |
958.7 |
822.5 |
1,122.6 |
|
FV of Plan Assets - Post-Retirement |
0.0 |
0.0 |
0.0 |
0.0 |
0.4 |
|
Funded Status - Pension |
-43.5 |
-23.1 |
-26.8 |
-74.1 |
-36.6 |
|
Funded Status - Post-Retirement |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Funded Status |
-427.7 |
-408.6 |
-411.1 |
-432.9 |
-485.3 |
|
Discount Rate Finland |
- |
4.75% |
5.25% |
5.75% |
5.00% |
|
Discount Rate - Germany |
- |
4.75% |
5.25% |
5.75% |
5.20% |
|
Discount Rate - Sweden |
- |
4.00% |
4.50% |
5.00% |
5.00% |
|
Expected Rate of Return - Finland |
- |
4.60% |
4.60% |
5.50% |
4.40% |
|
Expected Rate of Return - Germany |
- |
4.50% |
4.50% |
4.50% |
4.50% |
|
Expected Rate of Return - Sweden |
- |
6.00% |
6.00% |
5.00% |
6.00% |
|
Compensation Rate - Finland |
- |
3.50% |
3.50% |
4.00% |
4.00% |
|
Compensation Rate - Germany |
- |
2.40% |
2.10% |
2.40% |
2.20% |
|
Compensation Rate - Sweden |
- |
3.00% |
2.50% |
3.00% |
3.00% |
|
Pension Payment Rate - Finland |
- |
2.10% |
2.10% |
2.10% |
2.10% |
|
Pension Payment Rate - Germany |
- |
2.00% |
1.80% |
2.00% |
1.70% |
|
Pension Payment Rate - Sweden |
- |
2.00% |
2.00% |
2.00% |
2.00% |
|
Accrued Benefit Liability - Pension |
-406.1 |
-405.7 |
-414.9 |
-394.2 |
-463.2 |
|
Accrued Benefit Liability - Post-Ret. |
-26.4 |
-24.1 |
-22.7 |
-21.4 |
-15.4 |
|
Plan Assets |
3.1 |
22.5 |
26.5 |
4.2 |
- |
|
Prepaid Benefit Cost - Pension |
- |
- |
- |
- |
8.5 |
|
Net Assets Recognized on Balance Sheet |
-429.3 |
-407.3 |
-411.1 |
-411.5 |
-470.0 |
|
Equity % - Pension |
- |
28.80% |
25.90% |
27.90% |
41.50% |
|
Debt % - Pension |
- |
46.20% |
35.40% |
40.90% |
31.70% |
|
Associate Companies Debt % - Pension |
- |
10.50% |
14.70% |
15.90% |
12.20% |
|
Cash % - Pension |
- |
1.70% |
6.80% |
4.20% |
6.30% |
|
Other % - Pension |
- |
12.80% |
17.20% |
11.10% |
8.30% |
|
|
|
Annual
Cash Flows |
|
Financials
in: USD (mil) |
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period
Length |
12
Months |
12
Months |
12
Months |
12
Months |
12
Months |
|
UpdateType/Date |
Updated
Normal |
Restated
Normal |
Updated
Normal |
Updated
Normal |
Updated
Normal |
|
Filed
Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange
Rate (Period Average) |
0.71919 |
0.755078 |
0.719047 |
0.683679 |
0.730637 |
|
Auditor |
Deloitte
& Touche LLP |
Deloitte
& Touche LLP |
Tuokko
Deloitte & Touche Oy |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor
Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Profit for the Period |
475.8 |
1,018.8 |
-1,221.3 |
-986.9 |
-290.7 |
|
Depreciation |
796.2 |
374.4 |
1,603.4 |
2,147.9 |
2,574.9 |
|
Hedging Result from OCI |
-177.0 |
128.9 |
324.6 |
- |
- |
|
Currency Derivatives |
- |
- |
- |
-213.0 |
-5.1 |
|
Commodity Hedges |
- |
- |
- |
-234.0 |
16.2 |
|
Net Investment Equity Hedges |
- |
- |
- |
36.1 |
-6.2 |
|
Taxes |
109.4 |
153.6 |
-12.0 |
-311.1 |
268.4 |
|
Biological Assets |
7.1 |
5.3 |
4.6 |
26.6 |
-10.3 |
|
Fair Value of Options |
13.6 |
-6.8 |
-60.8 |
8.9 |
32.3 |
|
Share of Associate |
-164.1 |
-95.2 |
-155.5 |
-11.1 |
-469.0 |
|
Gain on Asset Sale |
-2.2 |
-10.5 |
345.6 |
-18.3 |
-49.3 |
|
CTA & Equity Hedges |
0.0 |
-1.6 |
7.4 |
-47.2 |
-190.0 |
|
Financial Items |
470.5 |
133.6 |
388.3 |
252.6 |
364.3 |
|
Associates Company Dividends Rec. |
- |
- |
- |
19.7 |
43.5 |
|
Income received on
interest-bearing secu |
0.3 |
0.4 |
- |
- |
- |
|
Interest Received |
32.8 |
38.1 |
13.8 |
39.3 |
28.7 |
|
Interest Paid |
-179.8 |
-149.7 |
-157.8 |
-279.7 |
-358.5 |
|
Dividends Received |
33.5 |
16.3 |
10.4 |
0.3 |
0.5 |
|
Other Financial |
-26.8 |
-88.6 |
-162.3 |
309.1 |
-112.8 |
|
Taxes Paid |
-179.5 |
-82.1 |
-4.2 |
37.3 |
-152.7 |
|
Working Capital |
-241.0 |
-359.8 |
887.3 |
119.2 |
-452.9 |
|
Cash & Bank in Acquired Co. |
- |
- |
6.1 |
0.0 |
0.4 |
|
Cash & Bank in Sold Co. |
- |
- |
-0.1 |
-45.8 |
-151.6 |
|
Cash from Operating Activities |
968.9 |
1,075.3 |
1,817.4 |
850.1 |
1,080.3 |
|
|
|
|
|
|
|
|
Purchase/Subsidiary |
-34.8 |
-16.6 |
-11.7 |
-6.6 |
-97.7 |
|
Purchase/Associate |
-178.8 |
-21.6 |
-178.7 |
-78.8 |
-125.4 |
|
Investment in Shares |
-0.8 |
-8.9 |
-3.2 |
-12.9 |
-19.6 |
|
Capital Expenditures |
-545.6 |
-499.3 |
-540.0 |
-948.3 |
-1,054.1 |
|
Purchase/Biological |
-23.9 |
-31.0 |
-49.2 |
-85.3 |
-68.7 |
|
Sale of Subsidiary |
0.0 |
-1.9 |
9.9 |
250.7 |
451.8 |
|
Sale of Associate |
- |
- |
12.4 |
0.1 |
0.5 |
|
Sale of Shares |
1.4 |
1.1 |
33.1 |
22.8 |
21.8 |
|
Sale of Fixed Assets |
30.2 |
37.9 |
84.1 |
76.1 |
114.3 |
|
LT Receivables |
-5.6 |
56.8 |
-33.7 |
-23.7 |
24.4 |
|
Cash from Investing Activities |
-757.9 |
-483.4 |
-677.0 |
-805.8 |
-752.8 |
|
|
|
|
|
|
|
|
LT Debt Issued |
85.8 |
1,048.6 |
884.6 |
444.1 |
395.5 |
|
LT Debt Repaid |
-115.8 |
-1,563.5 |
-572.0 |
-927.6 |
-1,094.3 |
|
ST Borrowings |
182.4 |
421.8 |
-500.5 |
5.9 |
1,567.7 |
|
Dividends Paid |
-274.2 |
-208.9 |
-219.3 |
-519.1 |
-485.7 |
|
Repurchase Shares |
- |
- |
- |
0.0 |
0.4 |
|
Minority Dividends |
-5.0 |
-1.6 |
-10.7 |
-6.1 |
9.6 |
|
Options Excercised |
- |
- |
- |
0.0 |
-3.3 |
|
Cash from Financing Activities |
-126.8 |
-303.5 |
-417.9 |
-1,003.0 |
389.9 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-40.7 |
11.1 |
-21.0 |
217.5 |
62.3 |
|
Net Change in Cash |
43.4 |
299.4 |
701.5 |
-741.1 |
779.7 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
1,533.8 |
1,161.5 |
518.2 |
1,286.1 |
423.7 |
|
Net Cash - Ending Balance |
1,577.2 |
1,460.9 |
1,219.7 |
545.0 |
1,203.5 |
|
Cash Interest Paid |
179.8 |
149.7 |
157.8 |
279.7 |
358.5 |
|
Cash Taxes Paid |
179.5 |
82.1 |
4.2 |
-37.3 |
152.7 |
|
|
|
Financials in: USD (mil) |
|
|
Except for share items
(millions) and per share items (actual units) |
|
|
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Financials in: USD (mil) |
|
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Except for share items
(millions) and per share items (actual units) |
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|
Financials in: USD (mil) |
|
|
Except for share items
(millions) and per share items (actual units) |
|
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|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period
Length |
12
Months |
12
Months |
12
Months |
12
Months |
12
Months |
|
UpdateType/Date |
Updated
Normal |
Reclassified
Normal |
Updated
Normal |
Updated
Normal |
Restated
Normal |
|
Filed
Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange
Rate (Period Average) |
0.71919 |
0.755078 |
0.719047 |
0.683679 |
0.730637 |
|
Auditor |
Deloitte
& Touche LLP |
Tuokko
Deloitte & Touche Oy |
Tuokko
Deloitte & Touche Oy |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor
Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
15,246.2 |
13,636.9 |
12,440.2 |
16,131.5 |
16,216.7 |
|
Revenue |
15,246.2 |
13,636.9 |
12,440.2 |
16,131.5 |
16,216.7 |
|
Total Revenue |
15,246.2 |
13,636.9 |
12,440.2 |
16,131.5 |
16,216.7 |
|
|
|
|
|
|
|
|
Cost of Revenue |
11,103.7 |
9,797.0 |
9,037.5 |
11,732.0 |
11,092.2 |
|
Cost of Revenue, Total |
11,103.7 |
9,797.0 |
9,037.5 |
11,732.0 |
11,092.2 |
|
Gross Profit |
4,142.4 |
3,839.9 |
3,402.7 |
4,399.6 |
5,124.4 |
|
|
|
|
|
|
|
|
Labor & Related Expense |
1,938.2 |
1,821.4 |
1,876.9 |
2,441.3 |
2,344.4 |
|
Total Selling/General/Administrative Expenses |
1,938.2 |
1,821.4 |
1,876.9 |
2,441.3 |
2,344.4 |
|
Research & Development |
90.9 |
75.6 |
- |
- |
- |
|
Depreciation |
756.0 |
676.2 |
729.6 |
964.0 |
1,046.2 |
|
Amortization of Intangibles |
24.5 |
24.2 |
37.5 |
40.2 |
38.3 |
|
Depreciation/Amortization |
780.5 |
700.5 |
767.1 |
1,004.3 |
1,084.5 |
|
Investment
Income - Operating |
-164.1 |
-95.2 |
-155.5 |
-11.1 |
- |
|
Interest/Investment Income -
Operating |
-164.1 |
-95.2 |
-155.5 |
-11.1 |
- |
|
Interest Expense (Income) - Net Operating Total |
-164.1 |
-95.2 |
-155.5 |
-11.1 |
- |
|
Impairment-Assets Held for Use |
15.7 |
-326.1 |
836.2 |
1,076.2 |
1,009.0 |
|
Loss (Gain) on Sale of Assets -
Operating |
1.1 |
-4.8 |
-40.9 |
13.3 |
-10.3 |
|
Unusual Expense (Income) |
16.8 |
-330.8 |
795.4 |
1,089.5 |
998.7 |
|
Other Operating Expense |
708.9 |
563.0 |
1,158.6 |
1,100.8 |
1,042.8 |
|
Other, Net |
-284.5 |
-200.6 |
-194.8 |
-162.5 |
-121.0 |
|
Other Operating Expenses, Total |
424.4 |
362.3 |
963.8 |
938.3 |
921.8 |
|
Total Operating Expense |
14,190.4 |
12,330.8 |
13,285.2 |
17,194.3 |
16,441.7 |
|
|
|
|
|
|
|
|
Operating Income |
1,055.8 |
1,306.1 |
-845.0 |
-1,062.8 |
-225.0 |
|
|
|
|
|
|
|
|
Interest
Expense - Non-Operating |
-206.2 |
-158.3 |
-175.5 |
-294.6 |
-300.8 |
|
Interest
Capitalized - Non-Operating |
2.6 |
15.2 |
11.7 |
2.5 |
1.1 |
|
Interest Expense, Net
Non-Operating |
-203.6 |
-143.0 |
-163.8 |
-292.1 |
-299.7 |
|
Interest
Income - Non-Operating |
43.9 |
31.4 |
42.7 |
79.7 |
95.0 |
|
Investment
Income - Non-Operating |
-37.5 |
1.3 |
- |
- |
467.1 |
|
Interest/Investment Income -
Non-Operating |
6.4 |
32.7 |
42.7 |
79.7 |
562.1 |
|
Interest Income (Expense) - Net Non-Operating Total |
-197.2 |
-110.3 |
-121.1 |
-212.4 |
262.4 |
|
Other Non-Operating Income
(Expense) |
-273.4 |
-23.3 |
-267.2 |
-32.2 |
-9.7 |
|
Other, Net |
-273.4 |
-23.3 |
-267.2 |
-32.2 |
-9.7 |
|
Income Before Tax |
585.2 |
1,172.5 |
-1,233.3 |
-1,307.3 |
27.6 |
|
|
|
|
|
|
|
|
Total Income Tax |
109.4 |
153.6 |
-12.0 |
-314.2 |
10.1 |
|
Income After Tax |
475.8 |
1,018.8 |
-1,221.3 |
-993.2 |
17.5 |
|
|
|
|
|
|
|
|
Minority Interest |
-3.5 |
-4.4 |
-2.1 |
1.9 |
-3.1 |
|
Net Income Before Extraord Items |
472.3 |
1,014.5 |
-1,223.4 |
-991.3 |
14.4 |
|
Discontinued Operations |
- |
- |
0.0 |
6.3 |
-308.2 |
|
Total Extraord Items |
- |
- |
0.0 |
6.3 |
-308.2 |
|
Net Income |
472.3 |
1,014.5 |
-1,223.4 |
-985.0 |
-293.9 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
472.3 |
1,014.5 |
-1,223.4 |
-991.3 |
14.4 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
472.3 |
1,014.5 |
-1,223.4 |
-985.0 |
-293.9 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
788.6 |
788.6 |
788.6 |
788.6 |
788.6 |
|
Basic EPS Excl Extraord Items |
0.60 |
1.29 |
-1.55 |
-1.26 |
0.02 |
|
Basic/Primary EPS Incl Extraord Items |
0.60 |
1.29 |
-1.55 |
-1.25 |
-0.37 |
|
Dilution Adjustment |
- |
- |
0.0 |
0.0 |
- |
|
Diluted Net Income |
472.3 |
1,014.5 |
-1,223.4 |
-985.0 |
-293.9 |
|
Diluted Weighted Average Shares |
788.6 |
788.6 |
788.6 |
788.6 |
788.6 |
|
Diluted EPS Excl Extraord Items |
0.60 |
1.29 |
-1.55 |
-1.26 |
0.02 |
|
Diluted EPS Incl Extraord Items |
0.60 |
1.29 |
-1.55 |
-1.25 |
-0.37 |
|
Dividends per Share - Common Stock Primary Issue |
0.42 |
0.33 |
0.28 |
0.29 |
0.62 |
|
Dividends per Share - Common Stock Issue 2 |
0.42 |
0.33 |
0.28 |
0.29 |
0.62 |
|
Gross Dividends - Common Stock |
329.3 |
- |
- |
231.0 |
486.3 |
|
Interest Expense, Supplemental |
206.2 |
158.3 |
175.5 |
294.6 |
300.8 |
|
Interest Capitalized, Supplemental |
-2.6 |
-15.2 |
-11.7 |
-2.5 |
-1.1 |
|
Depreciation, Supplemental |
796.2 |
374.4 |
729.6 |
964.0 |
1,046.2 |
|
Total Special Items |
-94.3 |
-330.8 |
1,191.2 |
1,089.5 |
998.7 |
|
Normalized Income Before Tax |
491.0 |
841.6 |
-42.1 |
-217.8 |
1,026.4 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
-17.6 |
-43.3 |
416.9 |
381.3 |
365.9 |
|
Inc Tax Ex Impact of Sp Items |
91.8 |
110.3 |
404.9 |
67.2 |
376.0 |
|
Normalized Income After Tax |
399.2 |
731.4 |
-447.1 |
-285.0 |
650.4 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
395.7 |
727.0 |
-449.2 |
-283.0 |
647.2 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.50 |
0.92 |
-0.57 |
-0.36 |
0.82 |
|
Diluted Normalized EPS |
0.50 |
0.92 |
-0.57 |
-0.36 |
0.82 |
|
Amort of Intangibles, Supplemental |
24.5 |
24.2 |
37.5 |
40.2 |
38.3 |
|
Rental Expenses |
120.0 |
115.4 |
118.1 |
120.5 |
118.1 |
|
Research & Development Exp, Supplemental |
90.9 |
75.6 |
102.5 |
115.8 |
110.7 |
|
Normalized EBIT |
797.4 |
880.0 |
190.7 |
15.7 |
773.7 |
|
Normalized EBITDA |
1,618.1 |
1,278.7 |
957.8 |
1,019.9 |
1,858.2 |
|
Current Tax - Domestic |
103.7 |
92.6 |
4.5 |
4.5 |
11.1 |
|
Current Tax - Other |
- |
- |
32.3 |
-58.9 |
121.0 |
|
Current Tax - Total |
103.7 |
92.6 |
36.7 |
-54.4 |
132.1 |
|
Deferred Tax - Domestic |
5.7 |
61.1 |
-93.2 |
-247.6 |
-202.4 |
|
Deferred Tax - Other |
- |
- |
16.7 |
5.9 |
-52.0 |
|
Deferred Tax - Total |
5.7 |
61.1 |
-76.5 |
-241.8 |
-254.4 |
|
Other Tax |
- |
- |
27.8 |
-18.0 |
132.5 |
|
Income Tax - Total |
109.4 |
153.6 |
-12.0 |
-314.2 |
10.1 |
|
Interest Cost - Domestic |
62.6 |
61.7 |
65.9 |
71.7 |
132.1 |
|
Service Cost - Domestic |
12.0 |
12.4 |
12.0 |
14.9 |
36.8 |
|
Prior Service Cost - Domestic |
0.3 |
0.0 |
0.0 |
0.0 |
-0.1 |
|
Expected Return on Assets - Domestic |
-52.7 |
-46.1 |
-43.9 |
-52.8 |
-132.4 |
|
Curtailments & Settlements - Domestic |
- |
- |
-1.8 |
- |
- |
|
Other Pension, Net - Domestic |
- |
- |
- |
5.1 |
-3.6 |
|
Domestic Pension Plan Expense |
22.1 |
28.1 |
32.1 |
38.9 |
32.8 |
|
Interest Cost - Post-Retirement |
1.1 |
1.1 |
1.3 |
0.9 |
17.0 |
|
Service Cost - Post-Retirement |
1.5 |
1.3 |
0.1 |
2.8 |
3.1 |
|
Prior Service Cost - Post-Retirement |
0.3 |
0.1 |
0.0 |
0.0 |
-61.7 |
|
Expected Return on Assets - Post-Retir. |
0.0 |
0.1 |
0.0 |
0.0 |
-0.8 |
|
Other Post-Retirement, Net |
- |
- |
2.2 |
1.0 |
0.0 |
|
Post-Retirement Plan Expense |
2.9 |
2.6 |
3.6 |
4.7 |
-42.4 |
|
Defined Contribution Expense - Domestic |
215.0 |
217.3 |
236.3 |
255.5 |
254.0 |
|
Total Pension Expense |
240.0 |
248.1 |
272.0 |
299.1 |
244.4 |
|
Discount Rate - Domestic |
- |
- |
5.25% |
5.75% |
5.00% |
|
Expected Rate of Return - Domestic |
- |
- |
4.60% |
5.50% |
4.40% |
|
Compensation Rate - Domestic |
- |
- |
3.50% |
4.00% |
4.00% |
|
Pension Payment Rate - Domestic |
- |
- |
2.10% |
2.10% |
2.10% |
|
Total Plan Interest Cost |
63.7 |
62.8 |
67.2 |
72.5 |
149.0 |
|
Total Plan Service Cost |
13.5 |
13.8 |
12.1 |
17.7 |
40.0 |
|
Total Plan Expected Return |
-52.7 |
-46.0 |
-43.9 |
-52.8 |
-133.2 |
|
Total Plan Other Expense |
- |
- |
2.2 |
6.1 |
-3.6 |
|
|
|
Financials in: USD (mil) |
|
|
Except for share items
(millions) and per share items (actual units) |
|
|
|
|
|
|
|
|
|
30-Jun-2012 |
31-Mar-2012 |
31-Dec-2011 |
30-Sep-2011 |
30-Jun-2011 |
|
Period
Length |
3
Months |
3
Months |
3
Months |
3
Months |
3 Months |
|
UpdateType/Date |
Updated
Normal |
Updated
Normal |
Updated
Normal |
Updated
Normal |
Reclassified
Normal |
|
Filed
Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange
Rate (Period Average) |
0.778528 |
0.762971 |
0.741961 |
0.707825 |
0.695476 |
|
|
|
|
|
|
|
|
Net Sales |
3,494.3 |
3,503.8 |
3,614.2 |
3,870.0 |
4,050.6 |
|
Revenue |
3,494.3 |
3,503.8 |
3,614.2 |
3,870.0 |
4,050.6 |
|
Total Revenue |
3,494.3 |
3,503.8 |
3,614.2 |
3,870.0 |
4,050.6 |
|
|
|
|
|
|
|
|
Cost of Revenue |
2,553.3 |
2,584.4 |
2,749.1 |
2,834.2 |
2,904.1 |
|
Cost of Revenue, Total |
2,553.3 |
2,584.4 |
2,749.1 |
2,834.2 |
2,904.1 |
|
Gross Profit |
941.0 |
919.4 |
865.1 |
1,035.8 |
1,146.6 |
|
|
|
|
|
|
|
|
Labor & Related Expense |
479.1 |
448.4 |
441.9 |
497.7 |
532.7 |
|
Total Selling/General/Administrative Expenses |
479.1 |
448.4 |
441.9 |
497.7 |
532.7 |
|
Depreciation |
181.0 |
189.8 |
187.6 |
195.5 |
201.4 |
|
Depreciation/Amortization |
181.0 |
189.8 |
187.6 |
195.5 |
201.4 |
|
Investment
Income - Operating |
7.8 |
-19.3 |
-121.2 |
-17.5 |
-3.2 |
|
Interest/Investment Income -
Operating |
7.8 |
-19.3 |
-121.2 |
-17.5 |
-3.2 |
|
Interest Expense (Income) - Net Operating Total |
7.8 |
-19.3 |
-121.2 |
-17.5 |
-3.2 |
|
Other Operating Expense |
179.7 |
195.2 |
199.9 |
166.7 |
238.1 |
|
Other, Net |
-102.8 |
-57.0 |
-71.6 |
-58.9 |
-82.1 |
|
Other Operating Expenses, Total |
76.9 |
138.1 |
128.3 |
107.8 |
156.0 |
|
Total Operating Expense |
3,298.1 |
3,341.4 |
3,385.8 |
3,617.7 |
3,791.1 |
|
|
|
|
|
|
|
|
Operating Income |
196.1 |
162.4 |
228.4 |
252.3 |
259.5 |
|
|
|
|
|
|
|
|
Interest Income (Expense) - Net
Non-Operating |
-85.8 |
-44.6 |
-79.8 |
-273.2 |
-49.8 |
|
Interest Income (Expense) - Net Non-Operating Total |
-85.8 |
-44.6 |
-79.8 |
-273.2 |
-49.8 |
|
Income Before Tax |
110.3 |
117.8 |
148.7 |
-20.9 |
209.8 |
|
|
|
|
|
|
|
|
Total Income Tax |
21.1 |
20.7 |
13.6 |
49.6 |
14.2 |
|
Income After Tax |
89.3 |
97.1 |
135.0 |
-70.5 |
195.5 |
|
|
|
|
|
|
|
|
Minority Interest |
-4.8 |
-1.6 |
-2.0 |
-0.6 |
-0.4 |
|
Net Income Before Extraord Items |
84.5 |
95.5 |
133.0 |
-71.1 |
195.1 |
|
Net Income |
84.5 |
95.5 |
133.0 |
-71.1 |
195.1 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
84.5 |
95.5 |
133.0 |
-71.1 |
195.1 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
84.5 |
95.5 |
133.0 |
-71.1 |
195.1 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
788.6 |
788.6 |
788.6 |
788.6 |
788.6 |
|
Basic EPS Excl Extraord Items |
0.11 |
0.12 |
0.17 |
-0.09 |
0.25 |
|
Basic/Primary EPS Incl Extraord Items |
0.11 |
0.12 |
0.17 |
-0.09 |
0.25 |
|
Dilution Adjustment |
- |
- |
- |
0.0 |
- |
|
Diluted Net Income |
84.5 |
95.5 |
133.0 |
-71.1 |
195.1 |
|
Diluted Weighted Average Shares |
788.6 |
788.6 |
788.6 |
788.6 |
788.6 |
|
Diluted EPS Excl Extraord Items |
0.11 |
0.12 |
0.17 |
-0.09 |
0.25 |
|
Diluted EPS Incl Extraord Items |
0.11 |
0.12 |
0.17 |
-0.09 |
0.25 |
|
Dividends per Share - Common Stock Primary Issue |
0.00 |
0.00 |
0.40 |
0.00 |
0.00 |
|
Dividends per Share - Common Stock Issue 2 |
0.00 |
0.00 |
0.40 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
319.2 |
0.0 |
0.0 |
|
Depreciation, Supplemental |
181.0 |
189.8 |
187.6 |
195.5 |
201.4 |
|
Total Special Items |
-57.3 |
32.4 |
28.3 |
0.0 |
45.6 |
|
Normalized Income Before Tax |
53.0 |
150.2 |
177.0 |
-20.9 |
255.4 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
-10.9 |
5.7 |
2.6 |
0.0 |
3.1 |
|
Inc Tax Ex Impact of Sp Items |
10.1 |
26.4 |
16.2 |
49.6 |
17.3 |
|
Normalized Income After Tax |
42.9 |
123.8 |
160.8 |
-70.5 |
238.0 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
38.2 |
122.2 |
158.7 |
-71.1 |
237.6 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.05 |
0.16 |
0.20 |
-0.09 |
0.30 |
|
Diluted Normalized EPS |
0.05 |
0.16 |
0.20 |
-0.09 |
0.30 |
|
Normalized EBIT |
146.7 |
175.5 |
135.6 |
234.8 |
302.0 |
|
Normalized EBITDA |
327.7 |
365.3 |
323.2 |
430.3 |
503.4 |
|
Defined Contribution Expense Retirement |
0.5 |
0.5 |
0.5 |
- |
- |
|
Total Pension Expense |
0.5 |
0.5 |
0.5 |
- |
- |
|
|
|
Financials in: USD (mil) |
|
|
Except for share items
(millions) and per share items (actual units) |
|
|
|
|
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated
Normal |
Updated
Normal |
Updated
Normal |
Updated
Normal |
Reclassified
Normal |
|
Filed
Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange
Rate |
0.770327 |
0.745406 |
0.696986 |
0.719399 |
0.683971 |
|
Auditor |
Deloitte
& Touche LLP |
Tuokko
Deloitte & Touche Oy |
Tuokko
Deloitte & Touche Oy |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor
Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
1,478.3 |
1,490.3 |
1,277.5 |
578.0 |
1,419.2 |
|
Cash and Short Term Investments |
1,478.3 |
1,490.3 |
1,277.5 |
578.0 |
1,419.2 |
|
Accounts
Receivable - Trade, Gross |
1,853.0 |
1,862.7 |
1,728.3 |
1,823.7 |
2,460.9 |
|
Provision
for Doubtful Accounts |
-52.3 |
-54.6 |
-51.9 |
-28.5 |
-57.8 |
|
Trade Accounts Receivable - Net |
1,800.7 |
1,808.1 |
1,676.4 |
1,795.2 |
2,403.2 |
|
Other Receivables |
585.5 |
605.3 |
496.3 |
634.6 |
776.1 |
|
Total Receivables, Net |
2,386.1 |
2,413.4 |
2,172.6 |
2,429.8 |
3,179.2 |
|
Inventories - Finished Goods |
925.6 |
901.0 |
809.8 |
1,025.4 |
1,433.2 |
|
Inventories - Work In Progress |
89.2 |
89.2 |
100.7 |
121.6 |
132.6 |
|
Inventories - Raw Materials |
520.0 |
518.9 |
485.1 |
690.7 |
694.2 |
|
Inventories - Other |
449.7 |
469.1 |
443.2 |
516.4 |
653.2 |
|
Total Inventory |
1,984.5 |
1,978.2 |
1,838.8 |
2,354.2 |
2,913.3 |
|
Prepaid Expenses |
135.3 |
147.0 |
103.2 |
154.7 |
220.3 |
|
Total Current Assets |
5,984.2 |
6,029.1 |
5,392.1 |
5,516.7 |
7,732.1 |
|
|
|
|
|
|
|
|
Buildings |
3,764.4 |
3,830.9 |
3,999.9 |
3,766.2 |
4,506.3 |
|
Land/Improvements |
323.2 |
344.0 |
372.3 |
450.7 |
548.3 |
|
Machinery/Equipment |
18,855.6 |
19,419.3 |
19,595.5 |
18,532.1 |
20,886.7 |
|
Construction
in Progress |
412.6 |
356.2 |
541.5 |
417.4 |
445.6 |
|
Natural
Resources |
- |
- |
218.8 |
185.7 |
129.7 |
|
Property/Plant/Equipment - Gross |
23,355.8 |
23,950.4 |
24,728.1 |
23,352.1 |
26,516.6 |
|
Accumulated Depreciation |
-16,939.7 |
-17,152.9 |
-17,765.6 |
-15,641.1 |
-16,917.7 |
|
Property/Plant/Equipment - Net |
6,692.1 |
7,053.1 |
6,962.4 |
7,711.0 |
9,598.9 |
|
Goodwill, Net |
291.2 |
288.2 |
298.9 |
288.6 |
735.0 |
|
Intangibles - Gross |
474.6 |
- |
- |
- |
- |
|
Accumulated Intangible
Amortization |
-399.6 |
- |
- |
- |
- |
|
Intangibles, Net |
130.9 |
125.6 |
138.7 |
200.9 |
240.2 |
|
LT Investment - Affiliate
Companies |
2,483.5 |
2,339.7 |
2,125.3 |
1,449.1 |
1,687.9 |
|
LT Investments - Other |
937.5 |
1,285.3 |
1,219.8 |
1,541.8 |
2,079.9 |
|
Long Term Investments |
3,421.0 |
3,625.0 |
3,345.1 |
2,991.0 |
3,767.8 |
|
Note Receivable - Long Term |
162.7 |
169.7 |
229.0 |
181.1 |
184.9 |
|
Pension Benefits - Overfunded |
3.1 |
22.5 |
26.5 |
- |
- |
|
Deferred Income Tax - Long Term
Asset |
158.2 |
148.9 |
223.5 |
103.6 |
93.1 |
|
Other Long Term Assets |
31.4 |
27.4 |
17.1 |
22.5 |
33.0 |
|
Other Long Term Assets, Total |
192.8 |
198.8 |
267.2 |
126.1 |
126.2 |
|
Total Assets |
16,874.8 |
17,489.4 |
16,633.3 |
17,015.3 |
22,385.2 |
|
|
|
|
|
|
|
|
Accounts Payable |
1,297.9 |
1,351.5 |
1,145.6 |
- |
- |
|
Accrued Expenses |
697.6 |
752.7 |
788.3 |
- |
- |
|
Notes Payable/Short Term Debt |
1,017.7 |
601.7 |
320.7 |
877.0 |
838.6 |
|
Current Portion - Long Term Debt/Capital Leases |
324.5 |
407.2 |
1,169.0 |
608.0 |
750.2 |
|
Customer Advances |
16.0 |
21.3 |
10.6 |
- |
- |
|
Income Taxes Payable |
95.4 |
161.0 |
155.1 |
145.7 |
196.8 |
|
Other Payables |
167.7 |
151.2 |
168.9 |
- |
- |
|
Other Current Liabilities |
- |
- |
- |
2,227.0 |
2,882.1 |
|
Other Current liabilities, Total |
279.1 |
333.5 |
334.6 |
2,372.7 |
3,078.9 |
|
Total Current Liabilities |
3,616.9 |
3,446.6 |
3,758.2 |
3,857.7 |
4,667.7 |
|
|
|
|
|
|
|
|
Long Term Debt |
4,208.1 |
4,235.0 |
4,070.2 |
4,148.9 |
4,854.9 |
|
Capital Lease Obligations |
127.0 |
137.4 |
88.2 |
32.1 |
50.0 |
|
Total Long Term Debt |
4,335.0 |
4,372.4 |
4,158.5 |
4,181.0 |
4,904.9 |
|
Total Debt |
5,677.3 |
5,381.2 |
5,648.2 |
5,666.0 |
6,493.7 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
520.6 |
566.9 |
522.8 |
385.7 |
850.9 |
|
Deferred Income Tax |
520.6 |
566.9 |
522.8 |
385.7 |
850.9 |
|
Minority Interest |
113.1 |
69.5 |
83.5 |
78.5 |
105.1 |
|
Reserves |
191.7 |
199.4 |
258.8 |
281.2 |
198.7 |
|
Pension Benefits - Underfunded |
432.4 |
430.0 |
437.6 |
415.6 |
478.5 |
|
Other Long Term Liabilities |
41.4 |
83.2 |
61.8 |
39.6 |
77.1 |
|
Other Liabilities, Total |
665.6 |
712.5 |
758.3 |
736.4 |
754.3 |
|
Total Liabilities |
9,251.1 |
9,167.9 |
9,281.3 |
9,239.4 |
11,282.9 |
|
|
|
|
|
|
|
|
Common Stock |
1,742.4 |
1,800.6 |
1,925.7 |
1,865.7 |
1,962.4 |
|
Common Stock |
1,742.4 |
1,800.6 |
1,925.7 |
1,865.7 |
1,962.4 |
|
Additional Paid-In Capital |
99.4 |
102.8 |
109.9 |
2,832.2 |
2,978.9 |
|
Retained Earnings (Accumulated Deficit) |
5,051.8 |
5,246.3 |
4,628.6 |
2,999.3 |
6,344.9 |
|
Treasury Stock - Common |
-13.2 |
-13.7 |
-14.6 |
-14.2 |
-14.9 |
|
Translation Adjustment |
41.5 |
139.1 |
-279.2 |
-616.9 |
-169.0 |
|
Other Equity |
701.8 |
1,046.4 |
981.7 |
709.8 |
- |
|
Other Equity, Total |
743.3 |
1,185.5 |
702.5 |
92.9 |
-169.0 |
|
Total Equity |
7,623.6 |
8,321.5 |
7,352.1 |
7,775.9 |
11,102.2 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
16,874.8 |
17,489.4 |
16,633.3 |
17,015.3 |
22,385.2 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock
Primary Issue |
611.5 |
611.5 |
611.5 |
611.5 |
612.1 |
|
Shares Outstanding - Common Stock
Issue 2 |
177.1 |
177.1 |
177.2 |
177.2 |
177.5 |
|
Total Common Shares Outstanding |
788.6 |
788.6 |
788.6 |
788.6 |
789.5 |
|
Treasury Shares - Common Stock Primary Issue |
0.9 |
0.9 |
0.9 |
0.9 |
0.9 |
|
Treasury Shares - Common Issue 2 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Employees |
29,639 |
26,379 |
27,390 |
31,667 |
37,997 |
|
Number of Common Shareholders |
87,506 |
- |
75,100 |
64,500 |
21,832 |
|
Accumulated Intangible Amort, Suppl. |
399.6 |
391.6 |
389.2 |
347.5 |
386.6 |
|
Deferred Revenue - Current |
16.0 |
21.3 |
10.6 |
8.1 |
10.2 |
|
Total Long Term Debt, Supplemental |
4,659.6 |
4,779.5 |
5,225.2 |
4,748.8 |
5,655.1 |
|
Long Term Debt Maturing within 1 Year |
324.5 |
407.2 |
1,155.0 |
599.9 |
750.2 |
|
Long Term Debt Maturing in Year 2 |
179.1 |
344.2 |
810.3 |
1,142.9 |
923.0 |
|
Long Term Debt Maturing in Year 3 |
1,249.3 |
134.8 |
186.1 |
601.8 |
1,075.0 |
|
Long Term Debt Maturing in Year 4 |
785.1 |
1,036.3 |
91.5 |
209.3 |
645.3 |
|
Long Term Debt Maturing in Year 5 |
1,208.3 |
750.9 |
1,066.9 |
162.2 |
129.2 |
|
Long Term Debt Maturing in 2-3 Years |
1,428.5 |
479.1 |
996.4 |
1,744.7 |
1,998.0 |
|
Long Term Debt Maturing in 4-5 Years |
1,993.4 |
1,787.2 |
1,158.4 |
371.6 |
774.6 |
|
Long Term Debt Matur. in Year 6 & Beyond |
913.1 |
2,106.1 |
1,915.4 |
2,032.7 |
2,132.3 |
|
Total Capital Leases, Supplemental |
136.4 |
154.1 |
102.3 |
40.2 |
69.9 |
|
Capital Lease Payments Due in Year 1 |
9.5 |
16.8 |
14.1 |
8.1 |
19.9 |
|
Capital Lease Payments Due in Year 2 |
27.8 |
8.6 |
5.2 |
1.7 |
20.6 |
|
Capital Lease Payments Due in Year 3 |
9.7 |
28.2 |
5.3 |
1.5 |
6.3 |
|
Capital Lease Payments Due in Year 4 |
9.9 |
9.7 |
26.1 |
1.4 |
3.2 |
|
Capital Lease Payments Due in Year 5 |
8.6 |
9.8 |
6.2 |
23.2 |
2.2 |
|
Capital Lease Payments Due in 2-3 Years |
37.5 |
36.8 |
10.5 |
3.2 |
26.9 |
|
Capital Lease Payments Due in 4-5 Years |
18.4 |
19.5 |
32.3 |
24.6 |
5.4 |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
71.0 |
81.2 |
45.5 |
4.3 |
17.7 |
|
Total Operating Leases, Supplemental |
768.4 |
667.7 |
152.8 |
172.2 |
208.8 |
|
Operating Lease Payments Due in Year 1 |
85.8 |
66.0 |
39.0 |
40.2 |
44.7 |
|
Operating Lease Payments Due in Year 2 |
74.3 |
62.7 |
34.6 |
34.3 |
39.2 |
|
Operating Lease Payments Due in Year 3 |
64.3 |
57.7 |
30.7 |
30.2 |
33.5 |
|
Operating Lease Payments Due in Year 4 |
56.6 |
46.8 |
22.0 |
25.4 |
27.8 |
|
Operating Lease Payments Due in Year 5 |
43.7 |
39.2 |
14.2 |
18.9 |
24.6 |
|
Operating Lease Pymts. Due in 2-3 Years |
138.5 |
120.3 |
65.3 |
64.5 |
72.7 |
|
Operating Lease Pymts. Due in 4-5 Years |
100.3 |
86.0 |
36.2 |
44.3 |
52.3 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
443.7 |
395.4 |
12.3 |
23.2 |
39.0 |
|
Pension Obligation - Domestic |
1,047.6 |
1,020.0 |
985.5 |
896.6 |
1,159.1 |
|
Post-Retirement Obligation |
0.0 |
0.0 |
0.0 |
0.0 |
0.4 |
|
Plan Assets - Domestic |
1,004.1 |
996.9 |
958.7 |
822.5 |
1,122.6 |
|
Plan Assets - Post-Retirement |
0.0 |
0.0 |
0.0 |
0.0 |
0.4 |
|
Funded Status - Domestic |
-43.5 |
-23.1 |
-26.8 |
-74.1 |
-36.6 |
|
Funded Status - Post-Retirement |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Unfunded Plan Obligations |
384.3 |
385.6 |
384.2 |
358.8 |
448.7 |
|
Total Funded Status |
-427.7 |
-408.6 |
-411.1 |
-432.9 |
-485.3 |
|
Discount Rate - Domestic |
- |
4.75% |
5.25% |
5.75% |
5.00% |
|
Expected Rate of Return - Domestic |
- |
4.60% |
4.60% |
5.50% |
4.40% |
|
Compensation Rate - Domestic |
- |
3.50% |
3.50% |
4.00% |
4.00% |
|
Pension Payment Rate - Domestic |
- |
2.10% |
2.10% |
2.10% |
2.10% |
|
Prepaid Benefits - Domestic |
- |
- |
- |
- |
8.5 |
|
Accrued Liabilities - Domestic |
-406.1 |
-405.7 |
-414.9 |
-394.2 |
-463.2 |
|
Accrued Liabilities - Post-Retirement |
-26.4 |
-24.1 |
-22.7 |
-21.4 |
-15.4 |
|
Other Assets, Net - Domestic |
3.1 |
22.5 |
26.5 |
4.2 |
- |
|
Net Assets Recognized on Balance Sheet |
-429.3 |
-407.3 |
-411.1 |
-411.5 |
-470.0 |
|
Equity % - Domestic |
- |
28.80% |
25.90% |
27.90% |
41.50% |
|
Total Plan Obligations |
1,431.9 |
1,405.5 |
1,369.8 |
1,255.4 |
1,608.3 |
|
Total Plan Assets |
1,004.1 |
996.9 |
958.7 |
822.5 |
1,123.0 |
|
|
|
Financials in: USD (mil) |
|
|
Except for share items
(millions) and per share items (actual units) |
|
|
|
|
|
|
|
|
|
30-Jun-2012 |
31-Mar-2012 |
31-Dec-2011 |
30-Sep-2011 |
30-Jun-2011 |
|
UpdateType/Date |
Updated
Normal |
Updated
Normal |
Updated
Normal |
Updated
Normal |
Updated
Normal |
|
Filed
Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange
Rate |
0.804664 |
0.753463 |
0.770327 |
0.745323 |
0.689727 |
|
|
|
|
|
|
|
|
Cash & Equivalents |
1,551.7 |
1,660.3 |
1,478.3 |
1,587.6 |
1,486.5 |
|
Cash and Short Term Investments |
1,551.7 |
1,660.3 |
1,478.3 |
1,587.6 |
1,486.5 |
|
Trade Accounts Receivable - Net |
2,172.7 |
2,268.5 |
2,147.9 |
2,191.3 |
2,432.6 |
|
Other Receivables |
255.0 |
399.1 |
373.5 |
423.6 |
407.6 |
|
Total Receivables, Net |
2,427.7 |
2,667.5 |
2,521.4 |
2,614.8 |
2,840.1 |
|
Total Inventory |
1,926.3 |
2,045.5 |
1,984.5 |
2,108.5 |
2,334.0 |
|
Total Current Assets |
5,905.7 |
6,373.4 |
5,984.2 |
6,311.0 |
6,660.6 |
|
|
|
|
|
|
|
|
Property/Plant/Equipment - Net |
6,717.5 |
7,146.3 |
7,058.3 |
6,797.6 |
7,418.6 |
|
Intangibles, Net |
48.7 |
100.1 |
55.8 |
76.1 |
95.0 |
|
LT Investment - Affiliate
Companies |
2,420.8 |
2,556.1 |
2,483.5 |
2,316.8 |
2,487.9 |
|
LT Investments - Other |
655.7 |
870.5 |
937.5 |
1,218.9 |
1,448.1 |
|
Long Term Investments |
3,076.4 |
3,426.6 |
3,421.0 |
3,535.8 |
3,936.1 |
|
Note Receivable - Long Term |
260.7 |
169.2 |
162.7 |
175.2 |
210.4 |
|
Deferred Income Tax - Long Term
Asset |
165.4 |
172.7 |
158.2 |
144.8 |
140.5 |
|
Discontinued Operations - Long
Term Asset |
- |
- |
- |
- |
0.0 |
|
Other Long Term Assets |
56.3 |
42.5 |
34.5 |
332.3 |
342.0 |
|
Other Long Term Assets, Total |
221.7 |
215.1 |
192.8 |
477.1 |
482.5 |
|
Total Assets |
16,230.7 |
17,430.7 |
16,874.8 |
17,372.7 |
18,803.1 |
|
|
|
|
|
|
|
|
Notes Payable/Short Term Debt |
844.2 |
820.5 |
1,017.7 |
1,071.9 |
885.7 |
|
Current Portion - Long Term Debt/Capital Leases |
265.3 |
325.0 |
324.5 |
292.4 |
278.7 |
|
Income Taxes Payable |
56.5 |
56.8 |
95.4 |
136.3 |
133.0 |
|
Discontinued Operations - Current
Liability |
- |
- |
- |
- |
0.0 |
|
Other Current Liabilities |
2,126.4 |
2,283.9 |
2,179.2 |
2,171.1 |
2,369.9 |
|
Other Current liabilities, Total |
2,182.9 |
2,340.7 |
2,274.6 |
2,307.5 |
2,502.9 |
|
Total Current Liabilities |
3,292.4 |
3,486.2 |
3,616.9 |
3,671.7 |
3,667.3 |
|
|
|
|
|
|
|
|
Long Term Debt |
4,770.1 |
4,775.2 |
4,335.0 |
4,466.1 |
4,759.1 |
|
Total Long Term Debt |
4,770.1 |
4,775.2 |
4,335.0 |
4,466.1 |
4,759.1 |
|
Total Debt |
5,879.6 |
5,920.7 |
5,677.3 |
5,830.4 |
5,923.5 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
523.4 |
552.1 |
520.6 |
511.2 |
551.4 |
|
Deferred Income Tax |
523.4 |
552.1 |
520.6 |
511.2 |
551.4 |
|
Minority Interest |
113.7 |
114.8 |
113.1 |
111.9 |
71.2 |
|
Reserves |
174.7 |
187.1 |
191.7 |
186.2 |
210.7 |
|
Pension Benefits - Underfunded |
412.2 |
441.0 |
432.4 |
418.9 |
458.6 |
|
Other Long Term Liabilities |
33.3 |
34.9 |
41.4 |
44.4 |
53.5 |
|
Other Liabilities, Total |
620.3 |
663.1 |
665.6 |
649.5 |
722.8 |
|
Total Liabilities |
9,319.9 |
9,591.3 |
9,251.1 |
9,410.4 |
9,771.7 |
|
|
|
|
|
|
|
|
Common Stock |
1,668.0 |
1,781.4 |
1,742.4 |
1,800.8 |
1,946.0 |
|
Common Stock |
1,668.0 |
1,781.4 |
1,742.4 |
1,800.8 |
1,946.0 |
|
Retained Earnings (Accumulated Deficit) |
4,801.0 |
5,385.3 |
5,151.2 |
5,272.1 |
5,854.2 |
|
Treasury Stock - Common |
-12.7 |
-13.5 |
-13.2 |
-13.7 |
-14.8 |
|
Translation Adjustment |
32.7 |
59.6 |
41.5 |
-72.7 |
60.0 |
|
Other Equity |
421.8 |
626.7 |
701.8 |
975.8 |
1,186.0 |
|
Other Equity, Total |
454.5 |
686.3 |
743.3 |
903.1 |
1,246.0 |
|
Total Equity |
6,910.8 |
7,839.4 |
7,623.6 |
7,962.3 |
9,031.4 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
16,230.7 |
17,430.7 |
16,874.8 |
17,372.7 |
18,803.1 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock
Primary Issue |
611.5 |
611.5 |
611.5 |
611.5 |
611.5 |
|
Shares Outstanding - Common Stock
Issue 2 |
177.1 |
177.1 |
177.1 |
177.1 |
177.1 |
|
Total Common Shares Outstanding |
788.6 |
788.6 |
788.6 |
788.6 |
788.6 |
|
Treasury Shares - Common Stock Primary Issue |
0.9 |
0.9 |
0.9 |
0.9 |
0.9 |
|
Treasury Shares - Common Issue 2 |
- |
- |
- |
- |
0.0 |
|
Employees |
29,226 |
29,041 |
29,639 |
28,771 |
27,019 |
|
Total Long Term Debt, Supplemental |
265.3 |
325.0 |
324.5 |
292.4 |
278.7 |
|
Long Term Debt Maturing within 1 Year |
265.3 |
325.0 |
324.5 |
292.4 |
278.7 |
|
Long Term Debt Matur. in Year 6 & Beyond |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Operating Leases, Supplemental |
731.9 |
779.7 |
768.4 |
223.3 |
168.6 |
|
Operating Lease Payments Due in Year 1 |
77.9 |
85.7 |
85.8 |
57.8 |
46.8 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
653.9 |
694.0 |
682.6 |
165.4 |
121.8 |
|
|
|
Financials in: USD (mil) |
|
|
Except for share items
(millions) and per share items (actual units) |
|
|
|
|
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period
Length |
12
Months |
12
Months |
12
Months |
12
Months |
12
Months |
|
UpdateType/Date |
Updated
Normal |
Restated
Normal |
Updated
Normal |
Updated
Normal |
Updated
Normal |
|
Filed
Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange
Rate (Period Average) |
0.71919 |
0.755078 |
0.719047 |
0.683679 |
0.730637 |
|
Auditor |
Deloitte
& Touche LLP |
Tuokko
Deloitte & Touche Oy |
Tuokko
Deloitte & Touche Oy |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor
Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
475.8 |
1,018.8 |
-1,221.3 |
-986.9 |
-290.7 |
|
Depreciation |
796.2 |
374.4 |
1,603.4 |
2,147.9 |
2,574.9 |
|
Depreciation/Depletion |
796.2 |
374.4 |
1,603.4 |
2,147.9 |
2,574.9 |
|
Unusual Items |
-2.2 |
-10.5 |
345.6 |
-18.3 |
-49.3 |
|
Equity in Net Earnings (Loss) |
-164.1 |
-95.2 |
-155.5 |
-11.1 |
-469.0 |
|
Other Non-Cash Items |
47.1 |
9.5 |
-50.3 |
9.2 |
32.8 |
|
Non-Cash Items |
-119.2 |
-96.1 |
139.8 |
-20.2 |
-485.5 |
|
Other Assets |
7.1 |
5.3 |
4.6 |
26.6 |
-10.3 |
|
Taxes Payable |
109.4 |
153.6 |
-12.0 |
-311.1 |
268.4 |
|
Other Assets & Liabilities,
Net |
-241.0 |
-359.8 |
887.3 |
119.2 |
-452.9 |
|
Other Operating Cash Flow |
-59.5 |
-20.9 |
415.7 |
-125.5 |
-523.7 |
|
Changes in Working Capital |
-184.0 |
-221.8 |
1,295.6 |
-290.8 |
-718.4 |
|
Cash from Operating Activities |
968.9 |
1,075.3 |
1,817.4 |
850.1 |
1,080.3 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-569.5 |
-530.3 |
-589.3 |
-1,033.5 |
-1,122.9 |
|
Capital Expenditures |
-569.5 |
-530.3 |
-589.3 |
-1,033.5 |
-1,122.9 |
|
Acquisition of Business |
-213.6 |
-38.1 |
-190.4 |
-85.4 |
-223.1 |
|
Sale of Business |
0.0 |
-1.9 |
22.3 |
250.8 |
452.3 |
|
Sale of Fixed Assets |
30.2 |
37.9 |
84.1 |
76.1 |
114.3 |
|
Sale/Maturity of Investment |
1.4 |
1.1 |
33.1 |
22.8 |
21.8 |
|
Purchase of Investments |
-0.8 |
-8.9 |
-3.2 |
-12.9 |
-19.6 |
|
Other Investing Cash Flow |
-5.6 |
56.8 |
-33.7 |
-23.7 |
24.4 |
|
Other Investing Cash Flow Items, Total |
-188.4 |
46.9 |
-87.8 |
227.7 |
370.1 |
|
Cash from Investing Activities |
-757.9 |
-483.4 |
-677.0 |
-805.8 |
-752.8 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-5.0 |
-1.6 |
-10.7 |
-6.1 |
9.6 |
|
Financing Cash Flow Items |
-5.0 |
-1.6 |
-10.7 |
-6.1 |
9.6 |
|
Cash Dividends Paid - Common |
-274.2 |
-208.9 |
-219.3 |
-519.1 |
-485.7 |
|
Total Cash Dividends Paid |
-274.2 |
-208.9 |
-219.3 |
-519.1 |
-485.7 |
|
Repurchase/Retirement
of Common |
- |
- |
- |
0.0 |
0.4 |
|
Common Stock, Net |
- |
- |
- |
0.0 |
0.4 |
|
Options Exercised |
- |
- |
- |
0.0 |
-3.3 |
|
Issuance (Retirement) of Stock, Net |
- |
- |
- |
0.0 |
-2.9 |
|
Short Term Debt, Net |
182.4 |
421.8 |
-500.5 |
5.9 |
1,567.7 |
|
Long Term
Debt Issued |
85.8 |
1,048.6 |
884.6 |
444.1 |
395.5 |
|
Long Term
Debt Reduction |
-115.8 |
-1,563.5 |
-572.0 |
-927.6 |
-1,094.3 |
|
Long Term Debt, Net |
-30.0 |
-514.9 |
312.6 |
-483.6 |
-698.7 |
|
Issuance (Retirement) of Debt, Net |
152.4 |
-93.1 |
-187.9 |
-477.7 |
869.0 |
|
Cash from Financing Activities |
-126.8 |
-303.5 |
-417.9 |
-1,003.0 |
389.9 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-40.7 |
11.1 |
-21.0 |
217.5 |
62.3 |
|
Net Change in Cash |
43.4 |
299.4 |
701.5 |
-741.1 |
779.7 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
1,533.8 |
1,161.5 |
518.2 |
1,286.1 |
423.7 |
|
Net Cash - Ending Balance |
1,577.2 |
1,460.9 |
1,219.7 |
545.0 |
1,203.5 |
|
Cash Interest Paid |
179.8 |
149.7 |
157.8 |
279.7 |
358.5 |
|
Cash Taxes Paid |
179.5 |
82.1 |
4.2 |
-37.3 |
152.7 |
|
|
|
Financials in: USD (mil) |
|
|
Except for share items
(millions) and per share items (actual units) |
|
|
|
|
|
|
|
|
|
30-Jun-2012 |
31-Mar-2012 |
31-Dec-2011 |
30-Sep-2011 |
30-Jun-2011 |
|
Period
Length |
6
Months |
3
Months |
12
Months |
9
Months |
6
Months |
|
UpdateType/Date |
Updated
Normal |
Updated
Normal |
Updated
Normal |
Updated
Normal |
Updated
Normal |
|
Filed
Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange
Rate (Period Average) |
0.770977 |
0.762971 |
0.71919 |
0.711706 |
0.713558 |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
358.8 |
162.4 |
1,055.8 |
840.2 |
576.3 |
|
Other Non-Cash Items |
342.0 |
146.3 |
684.1 |
608.1 |
417.3 |
|
Non-Cash Items |
342.0 |
146.3 |
684.1 |
608.1 |
417.3 |
|
Other Assets & Liabilities,
Net |
-61.7 |
-11.5 |
-241.0 |
-412.1 |
-468.1 |
|
Other Operating Cash Flow |
-213.0 |
-133.4 |
-530.0 |
-383.2 |
-296.0 |
|
Changes in Working Capital |
-274.7 |
-145.0 |
-771.0 |
-795.3 |
-764.1 |
|
Cash from Operating Activities |
426.1 |
163.7 |
968.9 |
653.1 |
229.6 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-287.8 |
-123.6 |
-569.5 |
-312.8 |
-200.0 |
|
Capital Expenditures |
-287.8 |
-123.6 |
-569.5 |
-312.8 |
-200.0 |
|
Acquisition of Business |
-84.0 |
-27.9 |
-213.6 |
-156.8 |
-34.8 |
|
Sale of Fixed Assets |
3.2 |
2.1 |
30.7 |
26.6 |
24.2 |
|
Other Investing Cash Flow |
-40.6 |
-2.2 |
-5.6 |
-4.8 |
-27.0 |
|
Other Investing Cash Flow Items, Total |
-121.4 |
-28.0 |
-188.4 |
-135.0 |
-37.6 |
|
Cash from Investing Activities |
-409.2 |
-151.6 |
-757.9 |
-447.8 |
-237.5 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-0.3 |
-0.3 |
-5.0 |
-2.5 |
-2.4 |
|
Financing Cash Flow Items |
-0.3 |
-0.3 |
-5.0 |
-2.5 |
-2.4 |
|
Cash Dividends Paid - Common |
-306.9 |
- |
-274.2 |
-277.1 |
-276.4 |
|
Total Cash Dividends Paid |
-306.9 |
- |
-274.2 |
-277.1 |
-276.4 |
|
Short Term Debt, Net |
-105.7 |
-200.3 |
182.4 |
210.1 |
185.3 |
|
Long Term
Debt Issued |
1,106.4 |
861.8 |
85.8 |
70.3 |
26.2 |
|
Long Term
Debt Reduction |
-566.6 |
-520.3 |
-115.8 |
-89.9 |
-73.4 |
|
Long Term Debt, Net |
539.8 |
341.4 |
-30.0 |
-19.7 |
-47.2 |
|
Issuance (Retirement) of Debt, Net |
434.1 |
141.2 |
152.4 |
190.4 |
138.0 |
|
Cash from Financing Activities |
127.0 |
140.9 |
-126.8 |
-89.2 |
-140.7 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-7.1 |
-0.3 |
-40.7 |
-7.2 |
-1.8 |
|
Net Change in Cash |
136.7 |
152.7 |
43.4 |
108.9 |
-150.5 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
1,471.2 |
1,486.7 |
1,533.8 |
1,549.9 |
1,545.9 |
|
Net Cash - Ending Balance |
1,608.0 |
1,639.4 |
1,577.2 |
1,658.8 |
1,395.4 |
|
Cash Taxes Paid |
94.6 |
71.6 |
179.5 |
132.1 |
102.9 |
|
|
|
Financials in: USD (mil) |
|
|
Except for share items
(millions) and per share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period
Length |
12
Months |
12
Months |
12
Months |
12
Months |
12
Months |
|
UpdateType/Date |
Updated
Normal |
Reclassified
Normal |
Updated
Normal |
Updated
Normal |
Restated
Normal |
|
Filed
Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange
Rate (Period Average) |
0.71919 |
0.755078 |
0.719047 |
0.683679 |
0.730637 |
|
Auditor |
Deloitte
& Touche LLP |
Deloitte
& Touche LLP |
Tuokko
Deloitte & Touche Oy |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor
Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Turnover |
15,246.2 |
13,636.9 |
12,440.2 |
16,131.5 |
16,216.7 |
|
Total Revenue |
15,246.2 |
13,636.9 |
12,440.2 |
16,131.5 |
16,216.7 |
|
|
|
|
|
|
|
|
Change in Inventory |
-44.1 |
-85.0 |
278.8 |
114.2 |
-110.9 |
|
Other Income |
-284.5 |
-200.6 |
-194.8 |
-162.5 |
-121.0 |
|
Sale of Fixed Assets |
-6.0 |
-9.9 |
-45.5 |
-11.1 |
- |
|
Business Disposal |
0.0 |
-0.1 |
0.0 |
-2.2 |
- |
|
Net Value/Biological |
7.1 |
5.3 |
4.6 |
26.6 |
-10.3 |
|
Materials/Services |
9,731.1 |
8,544.3 |
7,599.4 |
9,969.1 |
9,651.2 |
|
Freights/Commissions |
1,416.7 |
1,337.7 |
1,159.3 |
1,648.6 |
1,551.9 |
|
Personnel Expenses |
1,938.2 |
1,821.4 |
1,876.9 |
2,441.3 |
2,344.4 |
|
Depreciation/Adjust. |
756.0 |
676.2 |
729.6 |
964.0 |
1,046.2 |
|
Amortization |
24.5 |
24.2 |
37.5 |
40.2 |
38.3 |
|
Impairment |
15.7 |
-326.1 |
836.2 |
1,076.2 |
1,009.0 |
|
Reasearch and Development |
90.9 |
75.6 |
- |
- |
- |
|
Other Expenses |
708.9 |
563.0 |
1,158.6 |
1,100.8 |
1,042.8 |
|
Share of Associates |
-164.1 |
-95.2 |
-155.5 |
-11.1 |
- |
|
Total Operating Expense |
14,190.4 |
12,330.8 |
13,285.2 |
17,194.3 |
16,441.7 |
|
|
|
|
|
|
|
|
Share of Associates |
- |
- |
- |
- |
467.1 |
|
Interest Income |
43.9 |
31.4 |
42.7 |
79.7 |
95.0 |
|
Exchange Gains |
-37.5 |
1.3 |
- |
- |
- |
|
Interest Expense |
-206.2 |
-158.3 |
-175.5 |
-294.6 |
-300.8 |
|
Interest Capitalized |
2.6 |
15.2 |
11.7 |
2.5 |
1.1 |
|
Other Financial Items |
-273.4 |
-23.3 |
-267.2 |
-32.2 |
-9.7 |
|
Net Income Before Taxes |
585.2 |
1,172.5 |
-1,233.3 |
-1,307.3 |
27.6 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
109.4 |
153.6 |
-12.0 |
-314.2 |
10.1 |
|
Net Income After Taxes |
475.8 |
1,018.8 |
-1,221.3 |
-993.2 |
17.5 |
|
|
|
|
|
|
|
|
Minority Interests |
-3.5 |
-4.4 |
-2.1 |
1.9 |
-3.1 |
|
Net Income Before Extra. Items |
472.3 |
1,014.5 |
-1,223.4 |
-991.3 |
14.4 |
|
Discontinued Operations |
- |
- |
0.0 |
6.3 |
-308.2 |
|
Net Income |
472.3 |
1,014.5 |
-1,223.4 |
-985.0 |
-293.9 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
472.3 |
1,014.5 |
-1,223.4 |
-991.3 |
14.4 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
472.3 |
1,014.5 |
-1,223.4 |
-985.0 |
-293.9 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
788.6 |
788.6 |
788.6 |
788.6 |
788.6 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.60 |
1.29 |
-1.55 |
-1.26 |
0.02 |
|
Basic EPS Including ExtraOrdinary Item |
0.60 |
1.29 |
-1.55 |
-1.25 |
-0.37 |
|
Dilution Adjustment |
- |
- |
0.0 |
0.0 |
- |
|
Diluted Net Income |
472.3 |
1,014.5 |
-1,223.4 |
-985.0 |
-293.9 |
|
Diluted Weighted Average Shares |
788.6 |
788.6 |
788.6 |
788.6 |
788.6 |
|
Diluted EPS Excluding ExtraOrd Items |
0.60 |
1.29 |
-1.55 |
-1.26 |
0.02 |
|
Diluted EPS Including ExtraOrd Items |
0.60 |
1.29 |
-1.55 |
-1.25 |
-0.37 |
|
DPS-Series R Ordinary Shares |
0.42 |
0.33 |
0.28 |
0.29 |
0.62 |
|
DPS-Series A Ordinary Shares |
0.42 |
0.33 |
0.28 |
0.29 |
0.62 |
|
Gross Dividends - Common Stock |
329.3 |
- |
- |
231.0 |
486.3 |
|
Normalized Income Before Taxes |
491.0 |
841.6 |
-42.1 |
-217.8 |
1,026.4 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
91.8 |
110.3 |
404.9 |
67.2 |
376.0 |
|
Normalized Income After Taxes |
399.2 |
731.4 |
-447.1 |
-285.0 |
650.4 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
395.7 |
727.0 |
-449.2 |
-283.0 |
647.2 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.50 |
0.92 |
-0.57 |
-0.36 |
0.82 |
|
Diluted Normalized EPS |
0.50 |
0.92 |
-0.57 |
-0.36 |
0.82 |
|
Research and Development |
90.9 |
75.6 |
102.5 |
115.8 |
110.7 |
|
Rental Expense |
120.0 |
115.4 |
118.1 |
120.5 |
118.1 |
|
Interest Expense |
206.2 |
158.3 |
175.5 |
294.6 |
300.8 |
|
Amort of Intangibles |
24.5 |
24.2 |
37.5 |
40.2 |
38.3 |
|
Depreciation |
796.2 |
374.4 |
729.6 |
964.0 |
1,046.2 |
|
Interest Capitalized |
-2.6 |
-15.2 |
-11.7 |
-2.5 |
-1.1 |
|
Current Tax - Finnish Companies |
103.7 |
92.6 |
4.5 |
4.5 |
11.1 |
|
Current Tax - Other Foreign
Companies |
- |
- |
32.3 |
-58.9 |
121.0 |
|
Current Tax - Total |
103.7 |
92.6 |
36.7 |
-54.4 |
132.1 |
|
Deferred Tax - Finnish Companies |
5.7 |
61.1 |
-93.2 |
-247.6 |
-202.4 |
|
Deferred Tax - Other Foreign
Companies |
- |
- |
16.7 |
5.9 |
-52.0 |
|
Deferred Tax - Total |
5.7 |
61.1 |
-76.5 |
-241.8 |
-254.4 |
|
Taxes on Associated Companies |
- |
- |
27.8 |
-18.0 |
132.5 |
|
Income Tax - Total |
109.4 |
153.6 |
-12.0 |
-314.2 |
10.1 |
|
Service Cost - Pension |
12.0 |
12.4 |
12.0 |
14.9 |
36.8 |
|
Interest Cost - Pension |
62.6 |
61.7 |
65.9 |
71.7 |
132.1 |
|
Expected Return on Assets - Pension |
-52.7 |
-46.1 |
-43.9 |
-52.8 |
-132.4 |
|
Prior Service Cost - Pension |
0.3 |
0.0 |
0.0 |
0.0 |
-0.1 |
|
Other |
- |
- |
- |
5.1 |
-3.6 |
|
Settlement - Pension |
- |
- |
-1.8 |
- |
- |
|
Domestic Pension Plan Expense |
22.1 |
28.1 |
32.1 |
38.9 |
32.8 |
|
Service Cost - Post-Retirement |
1.5 |
1.3 |
0.1 |
2.8 |
3.1 |
|
Interest Cost - Post-Retirement |
1.1 |
1.1 |
1.3 |
0.9 |
17.0 |
|
Expected Return on Assets - Post-Ret. |
0.0 |
0.1 |
0.0 |
0.0 |
-0.8 |
|
Prior Service Cost - Post-Retirement |
0.3 |
0.1 |
0.0 |
0.0 |
-61.7 |
|
Other Post-Retirement |
- |
- |
2.2 |
1.0 |
0.0 |
|
Post-Retirement Plan Expense |
2.9 |
2.6 |
3.6 |
4.7 |
-42.4 |
|
Defined Contribution Plans |
215.0 |
217.3 |
236.3 |
255.5 |
254.0 |
|
Total Pension Expense |
240.0 |
248.1 |
272.0 |
299.1 |
244.4 |
|
Discount Rate Finland |
- |
- |
5.25% |
5.75% |
5.00% |
|
Discount Rate - Germany |
- |
- |
5.25% |
5.75% |
5.20% |
|
Discount Rate - Sweden |
- |
- |
4.50% |
5.00% |
5.00% |
|
Expected Rate of Return - Finland |
- |
- |
4.60% |
5.50% |
4.40% |
|
Expected Rate of Return - Germany |
- |
- |
4.50% |
4.50% |
4.50% |
|
Expected Rate of Return - Sweden |
- |
- |
6.00% |
5.00% |
6.00% |
|
Compensation Rate - Finland |
- |
- |
3.50% |
4.00% |
4.00% |
|
Compensation Rate - Germany |
- |
- |
2.10% |
2.40% |
2.20% |
|
Compensation Rate - Sweden |
- |
- |
2.50% |
3.00% |
3.00% |
|
Pension Payment Rate - Finland |
- |
- |
2.10% |
2.10% |
2.10% |
|
Pension Payment Rate - Germany |
- |
- |
1.80% |
2.00% |
1.70% |
|
Pension Payment Rate - Sweden |
- |
- |
2.00% |
2.00% |
2.00% |
|
|
|
Financials in: USD (mil) |
|
|
Except for share items
(millions) and per share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
30-Jun-2012 |
31-Mar-2012 |
31-Dec-2011 |
30-Sep-2011 |
30-Jun-2011 |
|
Period
Length |
3
Months |
3
Months |
3
Months |
3
Months |
3
Months |
|
UpdateType/Date |
Updated
Normal |
Updated
Normal |
Updated
Normal |
Updated
Normal |
Reclassified
Normal |
|
Filed
Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange
Rate (Period Average) |
0.778528 |
0.762971 |
0.741961 |
0.707825 |
0.695476 |
|
|
|
|
|
|
|
|
Sales |
3,494.3 |
3,503.8 |
3,614.2 |
3,870.0 |
4,050.6 |
|
Total Revenue |
3,494.3 |
3,503.8 |
3,614.2 |
3,870.0 |
4,050.6 |
|
|
|
|
|
|
|
|
Other Income |
-102.8 |
-57.0 |
-71.6 |
-58.9 |
-82.1 |
|
Materials and Services |
2,231.8 |
2,267.2 |
2,420.9 |
2,472.8 |
2,526.6 |
|
Freights/Commissions |
321.5 |
317.2 |
328.2 |
361.4 |
377.4 |
|
Personnel Expenses |
479.1 |
448.4 |
441.9 |
497.7 |
532.7 |
|
Other Operating Expenses |
179.7 |
195.2 |
199.9 |
166.7 |
238.1 |
|
Share of Associates |
7.8 |
-19.3 |
-121.2 |
-17.5 |
-3.2 |
|
Depreciation/Adjust. |
181.0 |
189.8 |
187.6 |
195.5 |
201.4 |
|
Total Operating Expense |
3,298.1 |
3,341.4 |
3,385.8 |
3,617.7 |
3,791.1 |
|
|
|
|
|
|
|
|
Net Interest Income |
-85.8 |
-44.6 |
-79.8 |
-273.2 |
-49.8 |
|
Net Income Before Taxes |
110.3 |
117.8 |
148.7 |
-20.9 |
209.8 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
21.1 |
20.7 |
13.6 |
49.6 |
14.2 |
|
Net Income After Taxes |
89.3 |
97.1 |
135.0 |
-70.5 |
195.5 |
|
|
|
|
|
|
|
|
Minority Interests |
-4.8 |
-1.6 |
-2.0 |
-0.6 |
-0.4 |
|
Net Income Before Extra. Items |
84.5 |
95.5 |
133.0 |
-71.1 |
195.1 |
|
Net Income |
84.5 |
95.5 |
133.0 |
-71.1 |
195.1 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
84.5 |
95.5 |
133.0 |
-71.1 |
195.1 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
84.5 |
95.5 |
133.0 |
-71.1 |
195.1 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
788.6 |
788.6 |
788.6 |
788.6 |
788.6 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.11 |
0.12 |
0.17 |
-0.09 |
0.25 |
|
Basic EPS Including ExtraOrdinary Item |
0.11 |
0.12 |
0.17 |
-0.09 |
0.25 |
|
Dilution Adjustment |
- |
- |
- |
0.0 |
- |
|
Diluted Net Income |
84.5 |
95.5 |
133.0 |
-71.1 |
195.1 |
|
Diluted Weighted Average Shares |
788.6 |
788.6 |
788.6 |
788.6 |
788.6 |
|
Diluted EPS Excluding ExtraOrd Items |
0.11 |
0.12 |
0.17 |
-0.09 |
0.25 |
|
Diluted EPS Including ExtraOrd Items |
0.11 |
0.12 |
0.17 |
-0.09 |
0.25 |
|
DPS-Series R Ordinary Shares |
0.00 |
0.00 |
0.40 |
0.00 |
0.00 |
|
DPS-Series A Ordinary Shares |
0.00 |
0.00 |
0.40 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
319.2 |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
53.0 |
150.2 |
177.0 |
-20.9 |
255.4 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
10.1 |
26.4 |
16.2 |
49.6 |
17.3 |
|
Normalized Income After Taxes |
42.9 |
123.8 |
160.8 |
-70.5 |
238.0 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
38.2 |
122.2 |
158.7 |
-71.1 |
237.6 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.05 |
0.15 |
0.20 |
-0.09 |
0.30 |
|
Diluted Normalized EPS |
0.05 |
0.15 |
0.20 |
-0.09 |
0.30 |
|
Depreciation |
181.0 |
189.8 |
187.6 |
195.5 |
201.4 |
|
Pension Liabilities |
0.5 |
0.5 |
0.5 |
- |
- |
|
Total Pension Expense |
0.5 |
0.5 |
0.5 |
- |
- |
|
|
|
Financials in: USD (mil) |
|
|
Except for share items
(millions) and per share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated
Normal |
Updated
Normal |
Updated
Normal |
Updated
Normal |
Reclassified
Normal |
|
Filed
Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange
Rate |
0.770327 |
0.745406 |
0.696986 |
0.719399 |
0.683971 |
|
Auditor |
Deloitte
& Touche LLP |
Deloitte
& Touche LLP |
Tuokko
Deloitte & Touche Oy |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor
Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Materials |
520.0 |
518.9 |
485.1 |
690.7 |
694.2 |
|
Work in Progress |
89.2 |
89.2 |
100.7 |
121.6 |
132.6 |
|
Finished Goods |
925.6 |
901.0 |
809.8 |
1,025.4 |
1,433.2 |
|
Spare Parts |
357.3 |
362.8 |
365.9 |
381.6 |
436.9 |
|
Other Inventory |
36.0 |
36.5 |
17.5 |
13.5 |
15.4 |
|
Adv. Payments |
194.9 |
209.7 |
186.2 |
252.0 |
330.6 |
|
Obsolecence Prov-Spare Parts |
-113.7 |
-118.9 |
-107.3 |
-94.8 |
-96.8 |
|
Obsolecence Prov-Finished Goods |
-19.3 |
-16.0 |
-16.1 |
-19.6 |
-24.0 |
|
Mrkt. Value Prov |
-5.3 |
-5.0 |
-3.0 |
-16.3 |
-8.8 |
|
Tax Receivables |
8.0 |
2.3 |
3.4 |
34.8 |
50.1 |
|
Trade Rcvbls. |
1,853.0 |
1,862.7 |
1,728.3 |
1,823.7 |
2,460.9 |
|
Prov. Bad Debts |
-52.3 |
-54.6 |
-51.9 |
-28.5 |
-57.8 |
|
Prepaid Exp. |
135.3 |
147.0 |
103.2 |
154.7 |
220.3 |
|
TRS Hedges |
0.0 |
18.5 |
0.0 |
0.0 |
3.8 |
|
Operative receivables |
212.0 |
202.0 |
175.5 |
250.8 |
389.1 |
|
ST Inv./Rcvbl. |
365.4 |
382.5 |
317.4 |
349.0 |
333.1 |
|
Cash/Equivalents |
1,478.3 |
1,490.3 |
1,277.5 |
578.0 |
1,419.2 |
|
Total Current Assets |
5,984.2 |
6,029.1 |
5,392.1 |
5,516.7 |
7,732.1 |
|
|
|
|
|
|
|
|
Goodwill |
291.2 |
288.2 |
298.9 |
288.6 |
735.0 |
|
Intangibles |
474.6 |
- |
- |
- |
- |
|
Amortisation |
-399.6 |
- |
- |
- |
- |
|
Intangibles |
- |
70.6 |
102.4 |
107.7 |
232.6 |
|
Biological Asset |
276.0 |
255.6 |
- |
- |
- |
|
Biological Asset |
- |
- |
218.8 |
185.7 |
129.7 |
|
Land & Water |
323.2 |
344.0 |
372.3 |
450.7 |
548.3 |
|
Buildings |
3,764.4 |
3,830.9 |
3,999.9 |
3,766.2 |
4,506.3 |
|
Machinery/Equip. |
18,248.2 |
18,794.3 |
18,926.6 |
17,898.8 |
20,165.5 |
|
Other Tang. |
607.4 |
625.0 |
668.9 |
633.3 |
721.2 |
|
Assets in Prog. |
412.6 |
356.2 |
541.5 |
417.4 |
445.6 |
|
Depreciation |
-16,939.7 |
-17,152.9 |
-17,765.6 |
-15,641.1 |
-16,917.7 |
|
Emission Rights |
55.8 |
55.0 |
36.3 |
93.1 |
7.6 |
|
Associate Co's |
2,483.5 |
2,339.7 |
2,125.3 |
1,449.1 |
1,687.9 |
|
Other Equity |
106.4 |
105.6 |
102.9 |
215.3 |
236.6 |
|
Other Investment |
831.1 |
1,179.8 |
1,117.0 |
1,326.5 |
1,843.4 |
|
LT Receivables |
162.7 |
169.7 |
229.0 |
181.1 |
184.9 |
|
Deferred Taxes |
158.2 |
148.9 |
223.5 |
103.6 |
93.1 |
|
Pension |
3.1 |
22.5 |
26.5 |
- |
- |
|
Other Assets |
31.4 |
27.4 |
17.1 |
22.5 |
33.0 |
|
Total Assets |
16,874.8 |
17,489.4 |
16,633.3 |
17,015.3 |
22,385.2 |
|
|
|
|
|
|
|
|
Long Term Loans |
240.5 |
344.6 |
1,146.4 |
596.1 |
730.3 |
|
Fin. Leases |
9.5 |
16.8 |
14.1 |
8.1 |
19.9 |
|
Other |
74.5 |
45.7 |
8.6 |
3.9 |
- |
|
ST Borrowings |
1,011.9 |
591.2 |
301.4 |
816.9 |
705.0 |
|
Bank Overdrafts |
5.8 |
10.5 |
19.2 |
60.1 |
133.6 |
|
Advances |
16.0 |
21.3 |
10.6 |
- |
- |
|
Trade Payables |
1,297.9 |
1,351.5 |
1,145.6 |
- |
- |
|
Other Payables |
167.7 |
151.2 |
168.9 |
- |
- |
|
Accrued Expenses |
697.6 |
752.7 |
788.3 |
- |
- |
|
Other Liabs. |
- |
- |
- |
2,227.0 |
2,882.1 |
|
Tax Liability |
95.4 |
161.0 |
155.1 |
145.7 |
196.8 |
|
Total Current Liabilities |
3,616.9 |
3,446.6 |
3,758.2 |
3,857.7 |
4,667.7 |
|
|
|
|
|
|
|
|
Non-current debt |
4,208.1 |
4,235.0 |
4,070.2 |
4,148.9 |
4,854.9 |
|
Fin. Leases |
127.0 |
137.4 |
88.2 |
32.1 |
50.0 |
|
Total Long Term Debt |
4,335.0 |
4,372.4 |
4,158.5 |
4,181.0 |
4,904.9 |
|
|
|
|
|
|
|
|
Minority Int. |
113.1 |
69.5 |
83.5 |
78.5 |
105.1 |
|
Pension Provis. |
432.4 |
430.0 |
437.6 |
415.6 |
478.5 |
|
Deferred Tax |
520.6 |
566.9 |
522.8 |
385.7 |
850.9 |
|
Other Provisions |
191.7 |
199.4 |
258.8 |
281.2 |
198.7 |
|
Other LT Liabs. |
41.4 |
83.2 |
61.8 |
39.6 |
77.1 |
|
Total Liabilities |
9,251.1 |
9,167.9 |
9,281.3 |
9,239.4 |
11,282.9 |
|
|
|
|
|
|
|
|
Share Capital |
1,742.4 |
1,800.6 |
1,925.7 |
1,865.7 |
1,962.4 |
|
Share Premium |
99.4 |
102.8 |
109.9 |
2,832.2 |
2,978.9 |
|
Reserve Fund |
821.9 |
849.3 |
2,929.9 |
332.1 |
349.3 |
|
Treasury Stock |
-13.2 |
-13.7 |
-14.6 |
-14.2 |
-14.9 |
|
Reserve Fund |
5.1 |
5.2 |
5.6 |
- |
1,404.2 |
|
Avail. for Sale Financial Assets |
701.8 |
1,046.4 |
981.7 |
709.8 |
- |
|
Currency/Commodity Hedges |
-22.3 |
104.5 |
-1.1 |
-230.7 |
- |
|
Associates |
-37.9 |
-13.1 |
-27.3 |
-14.7 |
- |
|
CTA |
41.5 |
139.1 |
-279.2 |
-616.9 |
-169.0 |
|
Retained Earning |
4,285.1 |
4,300.3 |
1,721.6 |
3,848.8 |
4,905.3 |
|
Period Profits |
- |
- |
- |
-936.1 |
-313.9 |
|
Total Equity |
7,623.6 |
8,321.5 |
7,352.1 |
7,775.9 |
11,102.2 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
16,874.8 |
17,489.4 |
16,633.3 |
17,015.3 |
22,385.2 |
|
|
|
|
|
|
|
|
S/O-Series R Ordinary Shares |
611.5 |
611.5 |
611.5 |
611.5 |
612.1 |
|
S/O-Series A Ordinary Shares |
177.1 |
177.1 |
177.2 |
177.2 |
177.5 |
|
Total Common Shares Outstanding |
788.6 |
788.6 |
788.6 |
788.6 |
789.5 |
|
T/S-Series R Ordinary Shares |
0.9 |
0.9 |
0.9 |
0.9 |
0.9 |
|
T/S-Series A Ordinary Shares |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Customer Advances |
16.0 |
21.3 |
10.6 |
8.1 |
10.2 |
|
Accumulated Intangible Amortization |
399.6 |
391.6 |
389.2 |
347.5 |
386.6 |
|
Full-Time Employees |
29,639 |
26,379 |
27,390 |
31,667 |
37,997 |
|
Number of Common Shareholders |
87,506 |
- |
75,100 |
64,500 |
21,832 |
|
LT Debt within 1 Year |
324.5 |
407.2 |
1,155.0 |
599.9 |
750.2 |
|
LT Debt within 2 Years |
179.1 |
344.2 |
810.3 |
1,142.9 |
923.0 |
|
LT Debt within 3 Years |
1,249.3 |
134.8 |
186.1 |
601.8 |
1,075.0 |
|
LT Debt within 4 Years |
785.1 |
1,036.3 |
91.5 |
209.3 |
645.3 |
|
LT Debt within 5 Years |
1,208.3 |
750.9 |
1,066.9 |
162.2 |
129.2 |
|
LT Debt after 5 Years |
913.1 |
2,106.1 |
1,915.4 |
2,032.7 |
2,132.3 |
|
Total Long Term Debt, Supplemental |
4,659.6 |
4,779.5 |
5,225.2 |
4,748.8 |
5,655.1 |
|
Finance Lease < 1 Year |
9.5 |
16.8 |
14.1 |
8.1 |
19.9 |
|
Finance Lease Within 2 Years |
27.8 |
8.6 |
5.2 |
1.7 |
20.6 |
|
Finance Lease Within 3 Years |
9.7 |
28.2 |
5.3 |
1.5 |
6.3 |
|
Finance Lease Within 4 Years |
9.9 |
9.7 |
26.1 |
1.4 |
3.2 |
|
Finance Lease Within 5 Years |
8.6 |
9.8 |
6.2 |
23.2 |
2.2 |
|
Finance Lease > 5 Years |
71.0 |
81.2 |
45.5 |
4.3 |
17.7 |
|
Total Capital Leases |
136.4 |
154.1 |
102.3 |
40.2 |
69.9 |
|
Operating Leases due within 1 Year |
85.8 |
66.0 |
39.0 |
40.2 |
44.7 |
|
Operating Leases due within 2 Years |
74.3 |
62.7 |
34.6 |
34.3 |
39.2 |
|
Operating Leases due within 3 Years |
64.3 |
57.7 |
30.7 |
30.2 |
33.5 |
|
Operating Leases due within 4 Years |
56.6 |
46.8 |
22.0 |
25.4 |
27.8 |
|
Operating Leases due within 4 Years |
43.7 |
39.2 |
14.2 |
18.9 |
24.6 |
|
Operating Leases due after 5 Years |
443.7 |
395.4 |
12.3 |
23.2 |
39.0 |
|
Total Operating Leases |
768.4 |
667.7 |
152.8 |
172.2 |
208.8 |
|
PV of Funded Obligation - Pension |
1,047.6 |
1,020.0 |
985.5 |
896.6 |
1,159.1 |
|
PV of Unfunded Obligation - Pension |
357.0 |
360.2 |
361.6 |
337.4 |
433.5 |
|
PV of Funded Obligation - Post-Ret. |
0.0 |
0.0 |
0.0 |
0.0 |
0.4 |
|
PV of Unfunded Obligation - Post-Ret. |
27.3 |
25.4 |
22.7 |
21.4 |
15.2 |
|
FV of Plan Assets - Pension |
1,004.1 |
996.9 |
958.7 |
822.5 |
1,122.6 |
|
FV of Plan Assets - Post-Retirement |
0.0 |
0.0 |
0.0 |
0.0 |
0.4 |
|
Funded Status - Pension |
-43.5 |
-23.1 |
-26.8 |
-74.1 |
-36.6 |
|
Funded Status - Post-Retirement |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Funded Status |
-427.7 |
-408.6 |
-411.1 |
-432.9 |
-485.3 |
|
Discount Rate Finland |
- |
4.75% |
5.25% |
5.75% |
5.00% |
|
Discount Rate - Germany |
- |
4.75% |
5.25% |
5.75% |
5.20% |
|
Discount Rate - Sweden |
- |
4.00% |
4.50% |
5.00% |
5.00% |
|
Expected Rate of Return - Finland |
- |
4.60% |
4.60% |
5.50% |
4.40% |
|
Expected Rate of Return - Germany |
- |
4.50% |
4.50% |
4.50% |
4.50% |
|
Expected Rate of Return - Sweden |
- |
6.00% |
6.00% |
5.00% |
6.00% |
|
Compensation Rate - Finland |
- |
3.50% |
3.50% |
4.00% |
4.00% |
|
Compensation Rate - Germany |
- |
2.40% |
2.10% |
2.40% |
2.20% |
|
Compensation Rate - Sweden |
- |
3.00% |
2.50% |
3.00% |
3.00% |
|
Pension Payment Rate - Finland |
- |
2.10% |
2.10% |
2.10% |
2.10% |
|
Pension Payment Rate - Germany |
- |
2.00% |
1.80% |
2.00% |
1.70% |
|
Pension Payment Rate - Sweden |
- |
2.00% |
2.00% |
2.00% |
2.00% |
|
Accrued Benefit Liability - Pension |
-406.1 |
-405.7 |
-414.9 |
-394.2 |
-463.2 |
|
Accrued Benefit Liability - Post-Ret. |
-26.4 |
-24.1 |
-22.7 |
-21.4 |
-15.4 |
|
Plan Assets |
3.1 |
22.5 |
26.5 |
4.2 |
- |
|
Prepaid Benefit Cost - Pension |
- |
- |
- |
- |
8.5 |
|
Net Assets Recognized on Balance Sheet |
-429.3 |
-407.3 |
-411.1 |
-411.5 |
-470.0 |
|
Equity % - Pension |
- |
28.80% |
25.90% |
27.90% |
41.50% |
|
Debt % - Pension |
- |
46.20% |
35.40% |
40.90% |
31.70% |
|
Associate Companies Debt % - Pension |
- |
10.50% |
14.70% |
15.90% |
12.20% |
|
Cash % - Pension |
- |
1.70% |
6.80% |
4.20% |
6.30% |
|
Other % - Pension |
- |
12.80% |
17.20% |
11.10% |
8.30% |
|
|
|
Financials in: USD (mil) |
|
|
Except for share items
(millions) and per share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
30-Jun-2012 |
31-Mar-2012 |
31-Dec-2011 |
30-Sep-2011 |
30-Jun-2011 |
|
UpdateType/Date |
Updated
Normal |
Updated
Normal |
Updated
Normal |
Updated
Normal |
Updated
Normal |
|
Filed
Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange
Rate |
0.804664 |
0.753463 |
0.770327 |
0.745323 |
0.689727 |
|
|
|
|
|
|
|
|
Inventories |
1,926.3 |
2,045.5 |
1,984.5 |
2,108.5 |
2,334.0 |
|
Tax Receivables |
24.7 |
18.2 |
8.0 |
9.8 |
10.0 |
|
Operative Receivables |
2,172.7 |
2,268.5 |
2,147.9 |
2,191.3 |
2,432.6 |
|
Interest-Bearing Receivables |
230.3 |
380.9 |
365.4 |
413.8 |
397.5 |
|
Cash and Cash Equivalents |
1,551.7 |
1,660.3 |
1,478.3 |
1,587.6 |
1,486.5 |
|
Total Current Assets |
5,905.7 |
6,373.4 |
5,984.2 |
6,311.0 |
6,660.6 |
|
|
|
|
|
|
|
|
Fixed assets |
6,445.8 |
6,868.3 |
6,782.3 |
6,797.6 |
7,418.6 |
|
Biological Assets |
- |
- |
- |
267.3 |
273.0 |
|
Biological Assets |
271.7 |
278.0 |
276.0 |
- |
- |
|
Emission Rights |
48.7 |
100.1 |
55.8 |
76.1 |
95.0 |
|
Investment in Associated Companies |
2,420.8 |
2,556.1 |
2,483.5 |
2,316.8 |
2,487.9 |
|
Available-for-Sale, Listed
Securities |
115.3 |
111.2 |
106.4 |
101.6 |
116.4 |
|
Available-for-Sale, Unlisted
Shares |
540.3 |
759.3 |
831.1 |
1,117.4 |
1,331.7 |
|
Non-Current Loan Receivables |
260.7 |
169.2 |
162.7 |
175.2 |
210.4 |
|
Deferred Tax Assets |
165.4 |
172.7 |
158.2 |
144.8 |
140.5 |
|
Other non-current assets Current
Asset |
56.3 |
42.5 |
34.5 |
65.1 |
69.0 |
|
Assets Hels for Sale |
- |
- |
- |
- |
0.0 |
|
Total Assets |
16,230.7 |
17,430.7 |
16,874.8 |
17,372.7 |
18,803.1 |
|
|
|
|
|
|
|
|
Current Portion of LT Debt |
265.3 |
325.0 |
324.5 |
292.4 |
278.7 |
|
Interest-Bearing Liabilities |
844.2 |
820.5 |
1,017.7 |
1,071.9 |
885.7 |
|
Operative Liabilities |
2,126.4 |
2,283.9 |
2,179.2 |
2,171.1 |
2,369.9 |
|
Tax Liabilities |
56.5 |
56.8 |
95.4 |
136.3 |
133.0 |
|
Liability directly associated with
the a |
- |
- |
- |
- |
0.0 |
|
Total Current Liabilities |
3,292.4 |
3,486.2 |
3,616.9 |
3,671.7 |
3,667.3 |
|
|
|
|
|
|
|
|
Non-Current Debt |
4,770.1 |
4,775.2 |
4,335.0 |
4,466.1 |
4,759.1 |
|
Total Long Term Debt |
4,770.1 |
4,775.2 |
4,335.0 |
4,466.1 |
4,759.1 |
|
|
|
|
|
|
|
|
Non-Controlling Interests |
113.7 |
114.8 |
113.1 |
111.9 |
71.2 |
|
Pension Provisions |
412.2 |
441.0 |
432.4 |
418.9 |
458.6 |
|
Other Provisions |
174.7 |
187.1 |
191.7 |
186.2 |
210.7 |
|
Deferred Tax Liabilities |
523.4 |
552.1 |
520.6 |
511.2 |
551.4 |
|
Other non-current operative
liabilities |
33.3 |
34.9 |
41.4 |
44.4 |
53.5 |
|
Total Liabilities |
9,319.9 |
9,591.3 |
9,251.1 |
9,410.4 |
9,771.7 |
|
|
|
|
|
|
|
|
Share Capital |
1,668.0 |
1,781.4 |
1,742.4 |
1,800.8 |
1,946.0 |
|
Capital Reserves |
95.2 |
101.7 |
99.4 |
102.8 |
111.1 |
|
Reserve Fund |
786.8 |
840.3 |
821.9 |
849.4 |
917.9 |
|
Treasury Shares |
-12.7 |
-13.5 |
-13.2 |
-13.7 |
-14.8 |
|
Revaluation Surplus |
4.8 |
5.2 |
5.1 |
5.2 |
5.7 |
|
Avail. for Sale Financial Assets |
421.8 |
626.7 |
701.8 |
975.8 |
1,186.0 |
|
Currency/Commodity Hedges |
-15.5 |
1.7 |
-22.3 |
-32.9 |
45.5 |
|
Associates |
-50.8 |
-41.3 |
-37.9 |
-13.1 |
-9.9 |
|
CTA |
32.7 |
59.6 |
41.5 |
-72.7 |
60.0 |
|
Retained Earnings |
3,980.5 |
4,477.7 |
4,285.1 |
4,360.7 |
4,783.9 |
|
Total Equity |
6,910.8 |
7,839.4 |
7,623.6 |
7,962.3 |
9,031.4 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
16,230.7 |
17,430.7 |
16,874.8 |
17,372.7 |
18,803.1 |
|
|
|
|
|
|
|
|
S/O-Series R Ordinary Shares |
611.5 |
611.5 |
611.5 |
611.5 |
611.5 |
|
S/O-Series A Ordinary Shares |
177.1 |
177.1 |
177.1 |
177.1 |
177.1 |
|
Total Common Shares Outstanding |
788.6 |
788.6 |
788.6 |
788.6 |
788.6 |
|
T/S-Series R Ordinary Shares |
0.9 |
0.9 |
0.9 |
0.9 |
0.9 |
|
T/S-Series A Ordinary Shares |
- |
- |
- |
- |
0.0 |
|
Full-Time Employees |
29,226 |
29,041 |
29,639 |
28,771 |
27,019 |
|
Current maturities |
265.3 |
325.0 |
324.5 |
292.4 |
278.7 |
|
Total Long Term Debt, Supplemental |
265.3 |
325.0 |
324.5 |
292.4 |
278.7 |
|
Maturing Within 1 Year |
77.9 |
85.7 |
85.8 |
57.8 |
46.8 |
|
Remaining Maturities |
653.9 |
694.0 |
682.6 |
165.4 |
121.8 |
|
Total Operating Leases |
731.9 |
779.7 |
768.4 |
223.3 |
168.6 |
|
|
|
Financials in: USD (mil) |
|
|
Except for share items
(millions) and per share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period
Length |
12
Months |
12
Months |
12
Months |
12
Months |
12
Months |
|
UpdateType/Date |
Updated
Normal |
Restated
Normal |
Updated
Normal |
Updated
Normal |
Updated
Normal |
|
Filed
Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange
Rate (Period Average) |
0.71919 |
0.755078 |
0.719047 |
0.683679 |
0.730637 |
|
Auditor |
Deloitte
& Touche LLP |
Deloitte
& Touche LLP |
Tuokko
Deloitte & Touche Oy |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor
Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Profit for the Period |
475.8 |
1,018.8 |
-1,221.3 |
-986.9 |
-290.7 |
|
Depreciation |
796.2 |
374.4 |
1,603.4 |
2,147.9 |
2,574.9 |
|
Hedging Result from OCI |
-177.0 |
128.9 |
324.6 |
- |
- |
|
Currency Derivatives |
- |
- |
- |
-213.0 |
-5.1 |
|
Commodity Hedges |
- |
- |
- |
-234.0 |
16.2 |
|
Net Investment Equity Hedges |
- |
- |
- |
36.1 |
-6.2 |
|
Taxes |
109.4 |
153.6 |
-12.0 |
-311.1 |
268.4 |
|
Biological Assets |
7.1 |
5.3 |
4.6 |
26.6 |
-10.3 |
|
Fair Value of Options |
13.6 |
-6.8 |
-60.8 |
8.9 |
32.3 |
|
Share of Associate |
-164.1 |
-95.2 |
-155.5 |
-11.1 |
-469.0 |
|
Gain on Asset Sale |
-2.2 |
-10.5 |
345.6 |
-18.3 |
-49.3 |
|
CTA & Equity Hedges |
0.0 |
-1.6 |
7.4 |
-47.2 |
-190.0 |
|
Financial Items |
470.5 |
133.6 |
388.3 |
252.6 |
364.3 |
|
Associates Company Dividends Rec. |
- |
- |
- |
19.7 |
43.5 |
|
Income received on
interest-bearing secu |
0.3 |
0.4 |
- |
- |
- |
|
Interest Received |
32.8 |
38.1 |
13.8 |
39.3 |
28.7 |
|
Interest Paid |
-179.8 |
-149.7 |
-157.8 |
-279.7 |
-358.5 |
|
Dividends Received |
33.5 |
16.3 |
10.4 |
0.3 |
0.5 |
|
Other Financial |
-26.8 |
-88.6 |
-162.3 |
309.1 |
-112.8 |
|
Taxes Paid |
-179.5 |
-82.1 |
-4.2 |
37.3 |
-152.7 |
|
Working Capital |
-241.0 |
-359.8 |
887.3 |
119.2 |
-452.9 |
|
Cash & Bank in Acquired Co. |
- |
- |
6.1 |
0.0 |
0.4 |
|
Cash & Bank in Sold Co. |
- |
- |
-0.1 |
-45.8 |
-151.6 |
|
Cash from Operating Activities |
968.9 |
1,075.3 |
1,817.4 |
850.1 |
1,080.3 |
|
|
|
|
|
|
|
|
Purchase/Subsidiary |
-34.8 |
-16.6 |
-11.7 |
-6.6 |
-97.7 |
|
Purchase/Associate |
-178.8 |
-21.6 |
-178.7 |
-78.8 |
-125.4 |
|
Investment in Shares |
-0.8 |
-8.9 |
-3.2 |
-12.9 |
-19.6 |
|
Capital Expenditures |
-545.6 |
-499.3 |
-540.0 |
-948.3 |
-1,054.1 |
|
Purchase/Biological |
-23.9 |
-31.0 |
-49.2 |
-85.3 |
-68.7 |
|
Sale of Subsidiary |
0.0 |
-1.9 |
9.9 |
250.7 |
451.8 |
|
Sale of Associate |
- |
- |
12.4 |
0.1 |
0.5 |
|
Sale of Shares |
1.4 |
1.1 |
33.1 |
22.8 |
21.8 |
|
Sale of Fixed Assets |
30.2 |
37.9 |
84.1 |
76.1 |
114.3 |
|
LT Receivables |
-5.6 |
56.8 |
-33.7 |
-23.7 |
24.4 |
|
Cash from Investing Activities |
-757.9 |
-483.4 |
-677.0 |
-805.8 |
-752.8 |
|
|
|
|
|
|
|
|
LT Debt Issued |
85.8 |
1,048.6 |
884.6 |
444.1 |
395.5 |
|
LT Debt Repaid |
-115.8 |
-1,563.5 |
-572.0 |
-927.6 |
-1,094.3 |
|
ST Borrowings |
182.4 |
421.8 |
-500.5 |
5.9 |
1,567.7 |
|
Dividends Paid |
-274.2 |
-208.9 |
-219.3 |
-519.1 |
-485.7 |
|
Repurchase Shares |
- |
- |
- |
0.0 |
0.4 |
|
Minority Dividends |
-5.0 |
-1.6 |
-10.7 |
-6.1 |
9.6 |
|
Options Excercised |
- |
- |
- |
0.0 |
-3.3 |
|
Cash from Financing Activities |
-126.8 |
-303.5 |
-417.9 |
-1,003.0 |
389.9 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-40.7 |
11.1 |
-21.0 |
217.5 |
62.3 |
|
Net Change in Cash |
43.4 |
299.4 |
701.5 |
-741.1 |
779.7 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
1,533.8 |
1,161.5 |
518.2 |
1,286.1 |
423.7 |
|
Net Cash - Ending Balance |
1,577.2 |
1,460.9 |
1,219.7 |
545.0 |
1,203.5 |
|
Cash Interest Paid |
179.8 |
149.7 |
157.8 |
279.7 |
358.5 |
|
Cash Taxes Paid |
179.5 |
82.1 |
4.2 |
-37.3 |
152.7 |
|
|
|
Financials in: USD (mil) |
|
|
Except for share items
(millions) and per share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
30-Jun-2012 |
31-Mar-2012 |
31-Dec-2011 |
30-Sep-2011 |
30-Jun-2011 |
|
Period
Length |
6
Months |
3
Months |
12
Months |
9
Months |
6
Months |
|
UpdateType/Date |
Updated
Normal |
Updated
Normal |
Updated
Normal |
Updated
Normal |
Updated
Normal |
|
Filed
Currency |
EUR |
EUR |
EUR |
EUR |
EUR |
|
Exchange
Rate (Period Average) |
0.770977 |
0.762971 |
0.71919 |
0.711706 |
0.713558 |
|
|
|
|
|
|
|
|
Net Profit |
358.8 |
162.4 |
1,055.8 |
840.2 |
576.3 |
|
Hedging result from OCI |
7.1 |
- |
-177.0 |
-164.3 |
-88.4 |
|
Adjustments for non-cash items |
342.0 |
146.3 |
684.1 |
608.1 |
417.3 |
|
Working Capital |
-61.7 |
-11.5 |
-241.0 |
-412.1 |
-468.1 |
|
Net Financials Items Paid/Received |
-125.6 |
-89.9 |
-173.5 |
-86.8 |
-104.7 |
|
Income Taxes Paid, Net |
-94.6 |
-71.6 |
-179.5 |
-132.1 |
-102.9 |
|
Hedging Result from OCI |
- |
28.0 |
- |
- |
- |
|
Cash and bank in disposed
companies |
- |
- |
- |
- |
0.0 |
|
Cash from Operating Activities |
426.1 |
163.7 |
968.9 |
653.1 |
229.6 |
|
|
|
|
|
|
|
|
Acquisitions of subsidiaries |
-4.3 |
-4.3 |
-34.8 |
-34.4 |
0.1 |
|
Acquire Associate |
-79.8 |
-23.6 |
-178.8 |
-122.4 |
-34.9 |
|
Proceeds from sale of fixed assets
and s |
3.2 |
2.1 |
30.7 |
26.6 |
24.2 |
|
Capital expenditure |
-287.8 |
-123.6 |
-569.5 |
-312.8 |
-200.0 |
|
Payments/proceeds of the
non-current rec |
-40.6 |
-2.2 |
-5.6 |
-4.8 |
-27.0 |
|
Cash from Investing Activities |
-409.2 |
-151.6 |
-757.9 |
-447.8 |
-237.5 |
|
|
|
|
|
|
|
|
Proceeds from issue of new
long-term deb |
1,106.4 |
861.8 |
85.8 |
70.3 |
26.2 |
|
Repayment of Debt |
-566.6 |
-520.3 |
-115.8 |
-89.9 |
-73.4 |
|
ST Borrowings |
-105.7 |
-200.3 |
182.4 |
210.1 |
185.3 |
|
Dividends and capital repayments paid |
-306.9 |
- |
-274.2 |
-277.1 |
-276.4 |
|
Minority Dividends |
-0.3 |
-0.3 |
-5.0 |
-2.5 |
-2.4 |
|
Cash from Financing Activities |
127.0 |
140.9 |
-126.8 |
-89.2 |
-140.7 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-7.1 |
-0.3 |
-40.7 |
-7.2 |
-1.8 |
|
Net Change in Cash |
136.7 |
152.7 |
43.4 |
108.9 |
-150.5 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
1,471.2 |
1,486.7 |
1,533.8 |
1,549.9 |
1,545.9 |
|
Net Cash and Cash Equivalents at Period |
1,608.0 |
1,639.4 |
1,577.2 |
1,658.8 |
1,395.4 |
|
Cash Taxes Paid |
94.6 |
71.6 |
179.5 |
132.1 |
102.9 |
|
|
Financials in: As Reported (mil)
|
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Financials in: As Reported (mil)
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Financials in: As Reported (mil)
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.34 |
|
|
1 |
Rs.86.45 |
|
Euro |
1 |
Rs.68.04 |
INFORMATION DETAILS
|
Report Prepared by
: |
PDT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SCs credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.