|
|
|
MIRA
INFORM REPORT
|
Report No. : |
503142 |
|
Report Date : |
11.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
KEMIRA OYJ |
|
|
|
|
Registered Office : |
Porkkalankatu 3, 00180 Helsinki |
|
|
|
|
Country : |
Finland |
|
|
|
|
Financials (as on) : |
December 2017 |
|
|
|
|
Date of Incorporation : |
16.12.1933 |
|
|
|
|
Com. Reg. No.: |
01098230 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Manufacture of Other Chemical Products N.E.C. |
|
|
|
|
No. of Employees : |
499 [2017] |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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
|
Country Name |
Previous
Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
Finland |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
FINLAND - ECONOMIC OVERVIEW
Finland has a highly industrialized, largely free-market economy with
per capita GDP almost as high as that of Austria and the Netherlands and
slightly above that of Germany and Belgium. Trade is important, with exports
accounting for over one-third of GDP in recent years. The government is open
to, and actively takes steps to attract, foreign direct investment.
Finland is historically competitive in manufacturing, particularly in
the wood, metals, engineering, telecommunications, and electronics industries.
Finland excels in export of technology as well as promotion of startups in the
information and communications technology, gaming, cleantech, and biotechnology
sectors. Except for timber and several minerals, Finland depends on imports of
raw materials, energy, and some components for manufactured goods. Because of
the cold climate, agricultural development is limited to maintaining
self-sufficiency in basic products. Forestry, an important export industry,
provides a secondary occupation for the rural population.
Finland had been one of the best performing economies within the EU
before 2009 and its banks and financial markets avoided the worst of global
financial crisis. However, the world slowdown hit exports and domestic demand
hard in that year, causing Finland’s economy to contract from 2012 to 2014. The
recession affected general government finances and the debt ratio. The economy
returned to growth in 2016, posting a 1.9% GDP increase before growing an
estimated 3.3% in 2017, supported by a strong increase in investment, private
consumption, and net exports. GDP is expected to grow a rate of 2-3% in the
next few years.
Finland's main challenges will be reducing high labor costs and boosting
demand for its exports. In June 2016, the government enacted a Competitiveness
Pact aimed at reducing labor costs, increasing hours worked, and introducing
more flexibility into the wage bargaining system. As a result, wage growth was
nearly flat in 2017. The Government was also seeking to reform the health care
system and social services. In the long term, Finland must address a rapidly
aging population and decreasing productivity in traditional industries that
threaten competitiveness, fiscal sustainability, and economic growth.
|
Source
: CIA |
Company Summary
|
|
|
Business Name |
KEMIRA OYJ |
|
Country |
FINLAND |
|
Company
Registration Number |
01098230 |
|
Activity Code |
20590 |
|
Activity
Description |
Manufacture of other chemical products n.e.c. |
|
Company Status |
Active (Active) |
|
Latest Turnover
Figure |
1,397,201,213 EUR |
|
Latest
Shareholder Equity Figure |
1,272,457,479 EUR |
Basic Information |
|
|
Business Name |
KEMIRA OYJ |
|
Registered
Company Name |
KEMIRA OYJ |
|
Company
Registration Number |
01098230 |
|
Country |
FINLAND |
|
VAT Registration
Number |
01098230 |
|
VAT Registration
Date |
01/06/1994 |
|
Date of Company
Registration |
16/12/1933 |
|
Date of Starting
Operations |
01/01/1923 |
|
Legal Form |
Public Limited Company |
|
Type of
Ownership |
Quoted company |
|
Company Status |
Active (Active) |
|
Currency of this
Report |
EUR |
|
Principal
Activity Code |
20590 |
|
Principal
Activity Description |
Manufacture of other chemical products n.e.c. |
|
Contact Address |
Porkkalankatu 3, 00180 Helsinki |
|
Contact
Telephone Number |
- |
Main Address
|
Address |
Porkkalankatu 3, 00180 Helsinki |
|
Country |
FINLAND |
|
Telephone |
- |
Other Addresses |
|
|
Address |
Country |
|
PL 330, 00101 Helsinki |
Finland |
|
|
|
Activities |
|
|
Activity Code |
Activity
Description |
|
20590 |
Manufacture of other chemical products n.e.c. |
Email Addresses
|
|
No email addresses for this company |
Web Pages
|
Employee Information
|
|
|
Year |
Number of
Employees |
|
2017 |
499 |
|
2016 |
495 |
|
2015 |
483 |
Advisors
|
|
Auditor Name Deloitte Oy |
Miscellaneous
Information
|
|
Fax Number +358 0108621119 |
|
Number of places
of business 10 |
Auditor comment
|
|
Date of accounts Comments |
|
2017-12-30 The auditor has given an audit report of standard format. |
Additional names
|
|
Name Type |
Branches
|
|
Name |
|
Espoo |
|
Harjavalta |
|
Kouvola |
Name |
|
Lappeenranta |
|
Oulu |
|
Pori |
|
Sastamala |
Business mortgages
summary
|
|
No business mortgages for this company |
Business mortgages
|
|
No business mortgages for this company |
Import export
activities
|
|
Import Export |
|
Yes Yes |
Register Information
|
|
|
Tax
administration |
16/12/1933 |
|
Trade register |
16/12/1933 |
|
Employer
register |
01/07/1946 |
|
Prepayment
register |
- |
|
Date of latest
chagne in trade register |
15/03/2018 |
|
01/06/1994 |
|
Profit and Loss
|
|||||
|
Financial Year |
12/2017 |
(%) |
12/2016 |
(%) |
12/2015 |
|
Number of Weeks |
52 |
(%) |
52 |
(%) |
52 |
|
Currency |
EUR |
(%) |
EUR |
(%) |
EUR |
|
Consolidated
Accounts |
No |
(%) |
No |
(%) |
No |
|
Revenue |
1,397,201,213 |
2.4% |
1,364,211,556 |
2.0% |
1,337,471,368 |
|
Operating Costs |
1,352,450,920 |
2.0% |
1,325,729,792 |
4.7% |
1,266,314,761 |
|
Operating Profit |
44,750,293 |
16.3% |
38,481,764 |
-45.9% |
71,156,607 |
|
Wages &
Salaries |
37,206,617 |
-2.8% |
38,261,526 |
13.2% |
33,788,206 |
|
Pension Costs |
7,876,436 |
-9.9% |
8,742,149 |
4.5% |
8,368,361 |
|
Depreciation |
37,310,652 |
-3.1% |
38,511,189 |
0.8% |
38,197,982 |
|
Financial Income |
73,183,993 |
-63.8% |
202,291,617 |
34.4% |
150,545,988 |
|
Financial
Expenses |
68,602,282 |
241.6% |
20,080,064 |
-56.2% |
45,864,734 |
|
Extraordinary
Income |
- |
- |
2,850,000 |
- |
|
|
Extraordinary
Costs |
3,955,000 |
- |
- |
|
|
|
Profit before
Tax |
45,377,005 |
-79.4% |
220,693,319 |
23.5% |
178,687,862 |
|
Tax |
5,114,363 |
-32.8% |
7,605,755 |
-41.1% |
12,917,723 |
|
Profit after Tax |
40,262,642 |
-81.1% |
213,087,564 |
28.5% |
165,770,139 |
|
Other
Appropriations |
-1,078,289 |
60.0% |
-2,694,417 |
-538.7% |
614,181 |
|
Retained Profit |
41,340,931 |
-80.8% |
215,781,981 |
30.7% |
165,155,958 |
Balance Sheet
|
|||||
|
Financial Year |
12/2017 |
(%) |
12/2016 |
(%) |
12/2015 |
|
Number of Weeks |
52 |
(%) |
52 |
(%) |
52 |
|
Currency |
EUR |
(%) |
EUR |
(%) |
EUR |
|
Consolidated
Accounts |
No |
(%) |
No |
(%) |
No |
|
Land &
Buildings |
5,714,555 |
16.1% |
4,921,831 |
-4.0% |
5,126,331 |
|
Plant &
Machinery |
18,454,184 |
-8.0% |
20,060,942 |
-2.1% |
20,486,641 |
|
Other Tangible
Assets |
9,149,068 |
69.4% |
5,400,506 |
-31.0% |
7,821,246 |
|
Total Tangible
Assets |
33,317,807 |
9.7% |
30,383,279 |
-9.1% |
33,434,218 |
|
Goodwill |
- |
- |
- |
- |
- |
|
Other Intangible
Assets |
66,211,165 |
-20.2% |
82,956,947 |
-17.8% |
100,880,994 |
|
Total Intangible
Assets |
66,211,165 |
-20.2% |
82,956,947 |
-17.8% |
100,880,994 |
|
Investments |
2,245,855,580 |
1.1% |
2,222,117,175 |
-0.4% |
2,231,925,630 |
|
Loans To Group |
289,459,118 |
- |
- |
- |
- |
|
Total Other
Fixed Assets |
289,459,118 |
- |
- |
- |
- |
|
TOTAL FIXED
ASSETS |
2,634,843,670 |
12.8% |
2,335,457,401 |
-1.3% |
2,366,240,842 |
|
Raw Materials |
28,416,341 |
31.7% |
21,580,105 |
-7.3% |
23,270,745 |
|
Finished Goods |
56,804,073 |
-1.0% |
57,372,095 |
5.0% |
54,616,801 |
|
Other
Inventories |
3,735,440 |
-15.0% |
4,393,117 |
-41.4% |
7,502,514 |
|
Total
Inventories |
88,955,854 |
6.7% |
83,345,317 |
-2.4% |
85,390,060 |
|
Trade
Receivables |
132,879,639 |
4.4% |
127,246,884 |
-4.4% |
133,153,754 |
|
Group Receivables |
198,546,966 |
53.9% |
129,043,349 |
-13.2% |
148,715,249 |
|
Receivables Due
After 1 Year |
4,801,250 |
-98.5% |
310,822,573 |
16.7% |
266,310,037 |
|
Miscellaneous
Receivables |
41,048,225 |
19.6% |
34,310,733 |
-2.4% |
35,153,555 |
|
Total
Receivables |
377,276,080 |
-37.3% |
601,423,539 |
3.1% |
583,332,595 |
|
Cash |
92,087,793 |
61.4% |
57,070,058 |
-10.7% |
63,910,883 |
|
Other Current
Assets |
25,000,000 |
-64.6% |
70,719,098 |
132.7% |
30,394,906 |
|
TOTAL CURRENT
ASSETS |
583,319,727 |
-28.2% |
812,558,012 |
6.5% |
763,028,444 |
|
TOTAL ASSETS |
3,218,163,397 |
2.2% |
3,148,015,413 |
0.6% |
3,129,269,286 |
|
Trade Payables |
91,754,466 |
59.2% |
57,637,340 |
-17.5% |
69,855,984 |
|
Bank Liabilities |
20,631,202 |
-33.5% |
31,009,515 |
-13.0% |
35,626,179 |
|
Other Loans Or
Finance |
29,456,780 |
-12.1% |
33,514,460 |
23.7% |
27,088,148 |
|
Group Payables |
1,033,450,988 |
2.4% |
1,009,022,107 |
-11.2% |
1,135,751,220 |
|
Miscellaneous
Liabilities |
60,347,788 |
-17.6% |
73,210,606 |
3.3% |
70,859,987 |
|
TOTAL CURRENT
LIABILITIES |
1,235,641,224 |
2.6% |
1,204,394,028 |
-10.1% |
1,339,181,518 |
|
Trade Payables
Due After 1 Year |
- |
- |
- |
- |
- |
|
Bank Liabilities
Due After 1 Year |
215,000,000 |
-9.3% |
237,095,621 |
3.2% |
229,688,199 |
|
Other Loans Or Finance Due After 1 Year |
472,884,087 |
26.5% |
373,703,339 |
0.6% |
371,423,368 |
|
Group Payables
Due After 1 Year |
- |
- |
- |
- |
- |
|
Miscellaneous Liabilities Due After 1 Year |
28,004,015 |
-1.5% |
28,416,278 |
-2.3% |
29,080,520 |
|
TOTAL LONG TERM
LIABILITIES |
715,888,102 |
12.0% |
639,215,238 |
1.4% |
630,192,087 |
|
TOTAL
LIABILITIES |
1,951,529,326 |
5.9% |
1,843,609,266 |
-6.4% |
1,969,373,605 |
|
Called Up Share
Capital |
221,761,728 |
0.0% |
221,761,727 |
0.0% |
221,761,727 |
|
Share Premium |
257,877,732 |
257,877,731 |
257,877,731 |
|
|
|
Revenue Reserves |
582,637,168 |
-6.3% |
622,085,577 |
28.3% |
484,949,441 |
|
Other Reserves |
204,357,441 |
0.8% |
202,681,116 |
3.8% |
195,306,783 |
|
TOTAL
SHAREHOLDERS EQUITY |
1,266,634,069 |
-2.9% |
1,304,406,151 |
12.5% |
1,159,895,682 |
Other Financials
|
|||||
|
Financial Year |
12/2017 |
(%) |
12/2016 |
(%) |
12/2015 |
|
Working Capital |
-652,321,497 |
-66.5% |
-391,836,016 |
32.0% |
-576,153,074 |
|
Net Worth |
1,200,422,904 |
-1.7% |
1,221,449,204 |
15.3% |
1,059,014,688 |
Ratios
|
|||
|
Financial Year |
12/2017 |
12/2016 |
12/2015 |
|
Pre-Tax Profit
Margin (%) |
3.25 % |
16.18 % |
13.36 % |
|
Return On
Capital Employed (%) |
2.29 % |
11.35 % |
9.98 % |
|
Return On Total
Assets Employed (%) |
1.41 % |
7.01 % |
5.71 % |
|
Return On Net
Assets Employed (%) |
3.58 % |
16.92 % |
15.41 % |
|
Sales/Net
Working Capital |
-2.14 |
-3.48 |
-2.32 |
|
Stock Turnover
Ratio (%) |
6.37 % |
6.11 % |
6.38 % |
|
Debtor Days |
34.71 |
34.05 |
36.34 |
|
Creditor Days |
23.97 |
15.42 |
19.06 |
|
Current Ratio |
0.47 |
0.67 |
0.57 |
|
Liquidity
Ratio/Acid Test |
0.40 |
0.61 |
0.51 |
|
Current Debt
Ratio |
0.98 |
0.92 |
1.15 |
|
Gearing (%) |
58.15 % |
51.38 % |
57.40 % |
|
Equity In
Percentage (%) |
40.19 % |
42.56 % |
38.30 % |
|
Total Debt Ratio |
1.54 |
1.41 |
1.70 |
Additional financials
|
|||||
|
Financial Year |
12/2017 |
|
12/2016 |
|
12/2015 |
|
Bonds and notes
- short terms |
- |
|
- |
|
- |
|
Bonds and notes
- long terms |
- |
|
- |
|
- |
|
Gross revenue |
506,356,347 |
-2.2% |
517,600,117 |
6.5% |
485,822,054 |
|
Operating margin
ratio |
5.80 |
|
5.60 |
|
8.10 |
|
Working capital
ratio |
9.30 |
|
11.20 |
|
11.00 |
|
Networking
capital percentage |
-47.00 |
|
-51.50 |
|
-63.00 |
|
Net gearing |
0.50 |
|
0.40 |
|
0.50 |
|
Equity ratio |
39.50 |
|
41.70 |
|
37.40 |
|
Operating income
percentage |
3.20 |
|
2.80 |
|
5.30 |
|
Relative
indebtedness |
139.20 |
|
134.60 |
|
146.40 |
|
Turnover per
person |
2,800,002 |
|
2,755,983 |
|
2,769,092 |
|
Financing result
percentage |
5.80 |
|
18.40 |
|
14.90 |
|
Number of shares |
155,342,557 |
|
|
|
|
Share Capital
Structure
|
|
Nominal Share Capital 221,761,728 EUR |
|
Issued Share Capital 221,761,728 EUR |
Shareholders
|
|
|
|
Shareholder |
% Shares Held |
|
|
Hallintarekisteröidyt ja ulkomai |
25 |
|
|
Muut yhteensä |
24 |
|
|
Oras Invest Oy |
18 |
|
|
Solidium Oy |
17 |
|
|
Keskinäinen työeläkevakuutusyhti |
5 |
|
|
Keskinäinen Eläkevakuutusyhtiö I |
3 |
|
|
Kemira Oyj |
2 |
|
|
Nordea-rahastot |
1 |
|
|
Skagen Vekst Verdipapierfond |
1 |
|
|
Valtion Eläkerahasto |
1 |
|
|
Eläkevakuutusosakeyhtiö Veritas |
1 |
|
|
Etola Erkki Olav |
1 |
|
|
Keskinäinen Eläkevakuutusyhtiö E |
0 |
|
|
Aktia-rahastot |
0 |
|
|
LähiTapiola-rahasto |
0 |
|
|
Alfred Berg -rahastot |
0 |
|
|
Shareholder |
% Shares Held |
|
Pohjola Varainhoito |
0 |
|
OP-Henkivakuutus Oy |
0 |
Current Directors
|
||||
|
Name |
Date of Birth |
City |
Appointment Date |
Position |
|
Rosendal Jari Mikael |
20/07/1965 |
Espoo |
09/06/2014 |
Managing director |
|
Hakkila Jukka Eljas |
25/11/1960 |
Espoo |
25/07/2013 |
Substitute managing director |
|
Paasikivi Pertti Jari |
30/04/1954 |
Rauma |
30/04/2014 |
Chairman |
|
Büchele Wolfgang Heinz |
11/08/1959 |
Saksa Ltv |
30/04/2014 |
Ordinary member |
|
Cunningham Shirley Elisabeth |
- |
Yhdysvallat |
26/04/2017 |
Ordinary member |
|
Hietala Kaisa Helena |
06/03/1971 |
Espoo |
03/05/2016 |
Ordinary member |
|
Lappalainen Timo Antero |
11/10/1962 |
Kauniainen |
30/04/2014 |
Ordinary member |
|
Tuomas Kerttu Maria |
19/03/1957 |
Helsinki |
27/04/2010 |
Ordinary member |
Previous Directors
|
|||||
|
Name |
Date of Birth |
City |
Appointment Date |
Position |
Resignation Date |
|
Laaksonen Juha Olavi |
31/12/1952 |
Helsinki |
18/10/2007 |
Ordinary member |
25/04/2017 |
|
Lau Fok Kin Wah Winnie |
- |
Kiina |
04/05/2011 |
Ordinary member |
25/04/2017 |
Immediate Holding
Parent
|
|
No information for this company. |
Subsidiary Companies
|
|
Subsidiary Name
Number |
|
Kemira Europe –konserni 17408950 |
|
Kemira Operon Oy 22993189 |
|
Corporacion Kemira Chemicals de Venezuela C.A., Venezuela |
|
Industry Park i Helsingborg Förvaltning AB, Ruotsi |
|
Kemifloc Slovakia S.r.o., Slovakia |
|
Kemifloc a.s., Tsekki |
|
Kemipol Sp. z o.o., Puola |
|
Kemira Argentina S.A. |
|
Kemira (Asia) Co. Ltd., Kiina |
|
Kemira Cell sp.z.o.o., Puola |
|
Kemira Chemicals Brasil Ltda, Brasilia |
|
Kemira Chemicals Canada Inc, Kanada |
|
Kemira Chemicals Germany GmbH, Saksa |
|
Kemira Chemicals Korea Corporation, Korea |
|
Kemira Chemicals (Nanjing) Co. Ltd., Kiina |
|
Kemira Chemicals NV, Belgia |
|
Kemira Chemicals (Shanghai) Co. Ltd, Kiina |
|
Kemira Chemicals (UK) Ltd, Iso-Britannia |
|
Kemira Chemicals (Yanzhou) Co. Ltd, Kiina |
Subsidiary Name
|
|
Kemira Chemie Ges.mbH, Itävalta |
|
Kemira Chile Comercial Limitada, Chile |
|
Kemira Finance Solutions B.V., Alankomaat |
|
Kemira Germany GmbH, Saksa |
|
Kemira GrowHow A/S, Tanska |
|
Kemira Hong Kong Company Limited, Kiina |
Affiliates
|
|
|
Affiliate Name |
|
|
Aliada Quimica de Portugal Lda., Portugali |
|
|
Haapaveden Ympäristöpalvelut Oy 18785782 |
|
|
Kemwater Phil., Corp. |
|
|
Sachtleben GmbH, Saksa |
|
|
White Pigment LLC, Yhdysvallat |
|
Number of payment
defaults and other notifications
|
|
5 |
Payment defaults
judgements and protests
|
|||
|
Date |
Details |
Amount |
Creditor |
|
2018-03-23 |
Private-judicial draft protest, not published |
239 |
Intrum Justitia Oy |
|
2015-12-15 |
Private-judicial draft protest, not published |
744 |
Intrum Justitia Oy |
|
2015-06-11 |
Private-judicial draft protest, not published |
3,516 |
Ok Perintä Oy |
|
2015-04-22 |
Private-judicial draft protest, not published |
1,353 |
Ok Perintä Oy |
|
2015-04-22 |
Private-judicial draft protest, not published |
2,730 |
Ok Perintä Oy |
Public announcements
|
|
No details available |
Bankruptcies
|
|
No details available |
Company restructurings
|
|
No details available |
Other credit issues
|
|
No details available |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.94 |
|
|
1 |
INR 91.75 |
|
Euro |
1 |
INR 79.90 |
|
Euro |
1 |
INR 80.75 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
|
|
|
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s 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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.