OLVI PLC Interim report
Sales volume decreased as a result of unfavourable weather in late summer - measures to improve profitability continue
July-
- Net sales decreased by 2.2% and were
EUR 171.1 (174.9) million. Unfavourable weather in late summer decreased the sales volume by 5.4% -
The operating result was
EUR 20.5 (25.0) million. - The relative gross profit remained at the same level as in the second quarter. However, it decreased year-on-year because of the continued high level of costs.
- A strong balance sheet and a solid financial position, with no net debt, lay a good foundation for the further development of the company.
January-
- Net sales increased by 10.8% and were
EUR 495.9 (447.6) million. Sales volume increased by 3.6%. -
The adjusted operating result was
EUR 59.3 (58.0) million, and the operating result wasEUR 47.1 (58.0) million. The operating result decreased because of a fine paid by the Belarusian subsidiary.
Near-term outlook (guidance unchanged)
The growth in the operating result is expected to come from
The Group's key figures
| 7-9/ 2023 | 7-9/ 2022 | Change, % / pp | 1-9/ 2023 | 1-9/ 2022 | Change, % / pp | 1-12/ 2022 |
Sales volume, Mltr | 264.1 | 279.2 | -5.4 | 773.1 | 746.4 | 3.6 | 956.1 |
Net sales, MEUR | 171.1 | 174.9 | -2.2 | 495.9 | 447.6 | 10.8 | 583.7 |
Gross profit, MEUR | 64.3 | 66.8 | -3.7 | 185.0 | 172.5 | 7.2 | 219.9 |
% of net sales | 37.6 | 38.2 |
| 37.3 | 38.5 |
| 37.7 |
Adjusted operating result, MEUR | 20.5 | 25.0 | -17.8 | 59.3 | 58.0 | 2.1 | 59.8 |
% of net sales | 12.0 | 14.3 |
| 12.0 | 13.0 |
| 10.2 |
Items affecting the comparability of the operating result, MEUR | 0.0 | 0.0 |
| -12.2 | 0.0 |
| -37.4 |
Operating result, MEUR | 20.5 | 25.0 | -17.8 | 47.1 | 58.0 | -18.9 | 22.4 |
% of net sales | 12.0 | 14.3 |
| 9.5 | 13.0 |
| 3.8 |
Adjusted profit for the period, MEUR | 16.7 | 21.2 | -21.1 | 44.2 | 46.1 | -4.1 | 44.9 |
% of net sales | 9.8 | 12.1 |
| 8.9 | 10.3 |
| 7.7 |
Profit for the period, MEUR | 16.7 | 21.2 | -21.1 | 32.0 | 46.1 | -30.6 | 7.5 |
% of net sales | 9.8 | 12.1 |
| 6.5 | 10.3 |
| 1.3 |
Earnings per share, EUR | 0.80 | 1.01 | -20.8 | 1.54 | 2.19 | -29.6 | 0.39 |
Investments, MEUR | 3.5 | 9.3 | -62.8 | 17.3 | 27.0 | -35.9 | 37.1 |
Equity per share, EUR |
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| 13.66 | 15.89 | -14.0 | 13.49 |
Equity ratio, % |
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| 57.3 | 60.3 | -3.0 | 57.5 |
Gearing, % |
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| -7.7 | -18.9 | -11.2 | -20.3 |
Business development
CEO
July-
Unfavourable weather in late summer reduced demand in all sales channels, especially in the hotel, restaurant and catering channel (HoReCa).
Although the increase in production costs slowed down compared with the first half of the year, production costs are expected to remain high, and purchase prices are not expected to decrease significantly in the near future. In terms of the relative gross profit, profitability remained at the previous quarter's level because price increases were implemented towards the end of the third quarter. The operating result decreased by 17.8% as a result of lower sales volumes and higher business costs.
The Group's strategy work continued with the development of strategic projects in the third quarter.
January-
The sales volume increased by 3.6% and net sales grew by 10.8% in January-
The adjusted operating result increased by 2.1% year-on-year and was
Segment-specific business development: July-
Net sales increased by 6% in
The net sales of Finnish business operations increased by 6.0%, while their sales volume fell by 1.6%. However,
Thanks to price increases, the operating result for the
The sales volume in the
The operating result decreased by 2.3% to
The local currency weakened in
Net sales decreased by 18.6%, and the sales volume fell by 0.9%. The weaker exchange rate had a significant impact on euro-denominated net sales, as net sales in the local currency increased by 6.8%. The operating result decreased by 28.6% to
Investments
Sustainability
Environmental sustainability
Social sustainability
Good governance
Seasonal nature of operations
The nature of the Group's business operations involves seasonal fluctuation. The net sales and operating result of the geographical reporting segments are not accumulated steadily. Instead, they fluctuate in accordance with the special characteristics of the seasons of the year and product seasons.
Sales development
Sales volume, Mltr | 7-9/ 2023 | 7-9/ 2022 | Change, % | 1-9/ 2023 | 1-9/ 2022 | Change, % |
68.9 | 70.1 | -1.6 | 207.8 | 200.7 | 3.5 | |
118.7 | 134.7 | -11.8 | 342.7 | 353.0 | -2.9 | |
89.2 | 90.0 | -0.9 | 260.9 | 234.0 | 11.5 | |
Eliminations | -12.7 | -15.6 |
| -38.4 | -41.3 |
|
Total | 264.1 | 279.2 | -5.4 | 773.1 | 746.4 | 3.6 |
The Group's net sales in January-September increased by 10.8% and were
Net sales, MEUR | 7-9/ 2023 | 7-9/ 2022 | Change, % | 1-9/ 2023 | 1-9/ 2022 | Change, % |
59.7 | 56.3 | 6.0 | 175.9 | 156.8 | 12.2 | |
83.8 | 83.2 | 0.8 | 236.9 | 207.9 | 13.9 | |
36.5 | 44.9 | -18.6 | 109.4 | 106.0 | 3.2 | |
Eliminations | -8.9 | -9.5 |
| -26.3 | -23.1 |
|
Total | 171.1 | 174.9 | -2.2 | 495.9 | 447.6 | 10.8 |
Financial performance
The Group's operating result in July-September was
Adjusted operating result, MEUR | 7-9/2 023 | 7-9/ 2022 | Change, % | 1-9/ 2023 | 1-9/ 2022 | Change, % |
5.7 | 6.8 | -17.8 | 15.4 | 18.2 | -15.6 | |
7.7 | 7.9 | -2.3 | 20.0 | 17.5 | 14.3 | |
7.4 | 10.4 | -28.6 | 24.9 | 23.4 | 6.4 | |
Eliminations | -0.3 | -0.2 |
| -1.0 | -1.1 |
|
Total | 20.5 | 25.0 | -17.8 | 59.3 | 58.0 | 2.1 |
Operating result, MEUR | 7-9/ 2023 | 7-9/ 2022 | Change, % | 1-9/ 2023 | 1-9/ 2022 | Change, % |
5.7 | 6.8 | -17.8 | 15.4 | 18.2 | -15.6 | |
7.7 | 7.9 | -2.3 | 20.0 | 17.5 | 14.3 | |
7.4 | 10.4 | -28.6 | 12.7 | 23.4 | -45.6 | |
Eliminations | -0.3 | -0.2 |
| -1.0 | -1.1 |
|
Total | 20.5 | 25.0 | -17.8 | 47.1 | 58.0 | -18.9 |
* The Belarusian segment does not include depreciation during 2023 because of an impairment of non-current assets in the 2022 financial statements. Furthermore, the operating result for the comparison period does not include depreciation, which was not recognised when the segment was included in assets held for sale.
The Group's profit after taxes in January-September was
Earnings per share calculated from the profit attributable to the owners of the parent company were
Financial position and the balance sheet
Cash assets stood at
Personnel
In January-September,
| 7-9/ 2023 | 7-9/ 2022 | Change, % | 1-9/ 2023 | 1-9/ 2022 | Change, % |
482 | 469 | 2.8 | 459 | 451 | 1.8 | |
1,087 | 1,084 | 0.3 | 1,075 | 1,046 | 2.8 | |
870 | 848 | 2.6 | 861 | 849 | 1.4 | |
Total | 2,439 | 2,401 | 1.6 | 2,395 | 2,346 | 2.1 |
Board of Directors and management
No changes took place in
Other events during the review period
Changes in the Group structure
No changes took place in
Business risks and their management
The war in
Consumer prices have risen rapidly, especially in
The geopolitical situation has affected
and packaging materials. The separation of the Belarusian operations from the Group has been carried out with determination, and the company has prepared for the uncertainties mentioned above based on various scenarios.
A more detailed description of the normal risks related to business operations is provided in
Events after the review period
There are no significant events to report after the review period.
Board of Directors
Webcast
https://olvi.videosync.fi/q3-2023-suomi from
The press conference will be held in Finnish.
A recording of the webcast will become available on the company's website at https://www.olvigroup.fi/en/releases-and-publications/financial-releases/
More information:
TABLES:
- Consolidated statement of comprehensive income, Table 1
- Balance sheet, Table 2
- Statement of changes in equity, Table 3
- Cash flow statement, Table 4
- Notes to the interim report bulletin, Table 5
DISTRIBUTION:
Key media outlets
www.olvi.fi
OLVI GROUP |
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| TABLE 1 |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
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| 7-9/2023 | 7-9/2022 | 1-9/2023 | 1-9/2022 | 1-12/2022 |
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Gross sales | 355,248 | 365,962 | 1,036,026 | 953,837 | 1,253,782 |
Excise taxes and other adjustments | -184,194 | -191,045 | -540,081 | -506,256 | -670,079 |
Net sales | 171,054 | 174,917 | 495,945 | 447,581 | 583,703 |
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Cost of sales | -106,762 | -108,135 | -310,966 | -275,060 | -363,816 |
Gross profit | 64,292 | 66,782 | 184,979 | 172,521 | 219,887 |
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Logistics, sales and marketing expenses | -33,378 | -34,103 | -95,698 | -89,815 | -120,997 |
Administrative expenses | -10,562 | -8,056 | -30,016 | -25,427 | -42,415 |
Other operating income and expenses | 172 | 348 | -12,165 | 765 | -34,111 |
Operating result | 20,524 | 24,971 | 47,100 | 58,044 | 22,364 |
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Financial income | 93 | 144 | 515 | 387 | 1,593 |
Financial expenses | -422 | -463 | -1,229 | -1,648 | -5,628 |
Share of the profit of associated companies and joint ventures | 0 | 0 | 0 | 0 | 45 |
Profit before tax | 20,195 | 24,652 | 46,386 | 56,783 | 18,374 |
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Income taxes* | -3,478 | -3,472 | -14,388 | -10,708 | -10,848 |
PROFIT FOR THE PERIOD | 16,717 | 21,180 | 31,998 | 46,075 | 7,526 |
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Other items of comprehensive income that may be later reclassified to profit or loss: |
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Translation differences related to foreign subsidiaries | -1,184 | 8,927 | -4,576 | 14,737 | 1,638 |
Income taxes related to items | 0 | -88 | 0 | -154 | 0 |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | 15,533 | 30,019 | 27,422 | 60,658 | 9,164 |
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Distribution of the profit for the period: |
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- Owners of the parent company | 16,536 | 20,866 | 31,924 | 45,363 | 7,977 |
- Non-controlling interest | 181 | 314 | 74 | 712 | -451 |
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Distribution of comprehensive income for the period: |
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- Owners of the parent company | 15,445 | 29,423 | 27,714 | 59,485 | 9,674 |
- Non-controlling interest | 88 | 596 | -292 | 1,173 | -510 |
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Earnings per share calculated from profit attributable to owners of the parent company, EUR |
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- Undiluted | 0.80 | 1.01 | 1.54 | 2.19 | 0.39 |
- Diluted | 0.80 | 1.01 | 1.54 | 2.19 | 0.39 |
* 1-9/2023: income taxes include
OLVI GROUP |
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| TABLE 2 |
BALANCE SHEET |
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ASSETS |
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Non-current assets |
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Tangible assets | 208,525 | 247,398 | 208,165 |
22,204 | 26,731 | 22,204 | |
Other intangible assets | 10,794 | 11,667 | 10,972 |
Holdings in associated companies and joint ventures | 987 | 980 | 1,025 |
Other investments | 1,043 | 1,037 | 1,046 |
Loans receivable and other long-term receivables | 3,308 | 2,672 | 1,377 |
Deferred tax assets | 2,882 | 1,801 | 2,569 |
Total non-current assets | 249,743 | 292,286 | 247,358 |
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Current assets |
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Inventories | 80,610 | 70,942 | 70,891 |
Accounts receivable and other receivables | 137,072 | 119,153 | 109,712 |
Income tax receivables | 0 | 56 | 506 |
Cash and cash equivalents | 26,792 | 70,195 | 61,207 |
Total current assets | 244,474 | 260,346 | 242,316 |
TOTAL ASSETS | 494,217 | 552,632 | 489,674 |
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EQUITY AND LIABILITIES |
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Equity attributable to owners of the parent company |
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Share capital | 20,759 | 20,759 | 20,759 |
Other reserves | 1,092 | 1,092 | 1,092 |
Fair value reserve | 295 | 295 | 295 |
-881 | -1,079 | -1,079 | |
Translation differences | -56,157 | -39,606 | -52,030 |
Retained earnings | 317,666 | 347,331 | 310,194 |
| 282,774 | 328,792 | 279,231 |
Non-controlling interest | 651 | 4,200 | 2,514 |
Total equity | 283,425 | 332,992 | 281,745 |
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Non-current liabilities |
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Financial liabilities | 2,565 | 2,446 | 1,983 |
Other liabilities | 804 | 4,003 | 3,667 |
Deferred tax liabilities | 13,044 | 13,730 | 13,466 |
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Current liabilities |
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Financial liabilities | 2,525 | 4,724 | 2,164 |
Accounts payable and other payables | 187,356 | 190,649 | 186,362 |
Income tax liability | 4,498 | 4,088 | 287 |
Total liabilities | 210,792 | 219,640 | 207,929 |
TOTAL EQUITY AND LIABILITIES | 494,217 | 552,632 | 489,674 |
OLVI GROUP |
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| TABLE 3 | ||||
STATEMENT OF CHANGES IN EQUITY |
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Share capital | Other reserves | Fair value reserve |
Reserve for | Translation differences | Earnings |
Attributable to | Total | |
Equity | 20,759 | 1,092 | 295 | -1,079 | -52,030 | 310,194 | 2,514 | 281,745 |
Comprehensive income: |
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Profit for the period |
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| 31,924 | 74 | 31,998 | |
Other items of comprehensive income: |
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Translation differences |
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| -4,210 |
| -366 | -4,576 | |
Total comprehensive income for the period |
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| -4,210 | 31,924 | -292 | 27,422 | ||
Business transactions with shareholders: |
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Dividend payment |
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| -24,817 | -386 | -25,203 |
Share-based incentives, value of work performance |
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| 524 |
| 524 | |||
Acquisition of treasury shares |
| -604 |
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| -604 | ||
Issue of treasury shares to personnel | 802 |
| -1,376 |
| -574 | |||
Adjustment for previous periods |
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| 83 | 54 | -22 | 115 | ||
Business transactions with shareholders, total |
| 198 | 83 | -25,615 | -408 | -25,742 | ||
Changes in holdings in subsidiaries: |
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Change in non-controlling interest |
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| 1,163 | -1,163 | 0 | |||
Changes in holdings in subsidiaries, total |
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| 1,163 | -1,163 | 0 | |||
Equity | 20,759 | 1,092 | 295 | -881 | -56,157 | 317,666 | 651 | 283,425 |
Share capital | Other reserves | Fair value reserve |
Reserve for | Translation differences | Earnings |
Attributable to | Total | |
Equity | 20,759 | 1,092 | 295 | -438 | -53,728 | 326,016 | 3,627 | 297,624 |
Comprehensive income: |
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Profit for the period |
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| 45,363 | 712 | 46,075 | |
Other items of comprehensive income: |
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Translation differences |
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| 14,276 |
| 461 | 14,737 | |
Income taxes related to items |
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| -154 |
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| -154 | |
Total comprehensive income for the period |
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| 14,122 | 45,363 | 1,173 | 60,658 | ||
Business transactions with shareholders: |
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Dividend payment |
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| -24,855 | -368 | -25,223 |
Acquisition of treasury shares |
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| -641 |
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| -641 | |
Share-based incentives, value of work performance |
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| 840 |
| 840 | |||
Adjustment for previous periods |
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| -32 |
| -32 | ||
Business transactions with shareholders, total |
| -641 |
| -24,048 | -368 | -25,058 | ||
Changes in holdings in subsidiaries: |
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Acquisition of shares from non-controlling interest |
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| -232 |
| -232 | |||
Change in non-controlling interest |
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| 232 | -232 | 0 | |||
Changes in holdings in subsidiaries, total |
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| 0 | -232 | -232 | |||
Equity | 20,759 | 1,092 | 295 | -1,079 | -39,606 | 347,331 | 4,200 | 332,992 |
OLVI GROUP |
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| TABLE 4 |
CASH FLOW STATEMENT |
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| 1-9/2023 | 1-9/2022 | 1-12/2022 |
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Profit for the period | 31,998 | 46,075 | 7,526 |
Adjustments: |
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Depreciation and impairment | 18,364 | 18,303 | 64,532 |
Other adjustments | 18,039 | 12,394 | 14,509 |
Change in net working capital: |
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Change in accounts receivable and other receivables | -32,132 | -16,675 | -9,578 |
Change in inventories | -12,428 | -9,609 | -12,349 |
Change in accounts payable and other payables | -3,147 | 14,362 | 16,536 |
Interest paid | -262 | -793 | -449 |
Interest received | 189 | 207 | 292 |
Dividends received | 3 | 5 | 5 |
Taxes paid | -10,026 | -8,456 | -13,861 |
Cash flow from operating activities (A) | 10,598 | 55,813 | 67,163 |
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Investments in tangible and intangible assets | -17,832 | -25,847 | -37,392 |
Proceeds from the sale of tangible and intangible assets | 294 | 824 | 976 |
Acquisition of shares from non-controlling interest | 0 | -378 | -378 |
Expenditure on other investments | 0 | -153 | -163 |
Dividends received | 41 | 38 | 38 |
Cash flow from investing activities (B) | -17,497 | -25,516 | -36,919 |
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Loan withdrawals | 3,849 | 6,864 | 11,351 |
Repayment of loans | -4,747 | -3,883 | -11,674 |
Acquisition of treasury shares | -604 | -641 | -641 |
Dividends paid | -23,606 | -23,267 | -25,268 |
Cash flow from financing activities (C) | -25,108 | -20,927 | -26,232 |
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Increase (+) / decrease (-) in cash and cash equivalents (A+B+C) | -32,007 | 9,370 | 4,012 |
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Cash and cash equivalents 1 Jan | 61,207 | 58,741 | 58,741 |
Impact of exchange rate changes | -2,408 | 2,084 | -1,546 |
Cash and cash equivalents 30 Sep / 31 Dec | 26,792 | 70,195 | 61,207 |
OLVI GROUP TABLE 5
NOTES TO THE INTERIM REPORT
The interim report has been prepared in accordance with IAS 34 Interim Financial Reporting, applying the same accounting principles that were applied to the 2022 financial statements (
The information in the interim report is presented in thousands (1,000) of euros. For presentation, individual figures and totals have been rounded up to full thousands, which causes rounding differences in the totals. Exchange rates obtained from the
1. SEGMENT INFORMATION |
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SEGMENTS' NET SALES AND PROFIT FOR THE PERIOD 1-9/2023 |
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| Eliminations |
Group | |||
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INCOME |
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External sales | 175,191 | 211,576 | 109,178 |
| 495,945 |
Beverage sales | 173,566 | 211,576 | 109,178 |
| 494,320 |
Equipment services | 1,625 | 0 | 0 |
| 1,625 |
Internal sales | 750 | 25,292 | 235 | -26,277 | 0 |
Total net sales | 175,941 | 236,868 | 109,413 | -26,277 | 495,945 |
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Total profit for the period | 35,289 | 14,897 | 1,570 | -19,758 | 31,998 |
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SEGMENTS' NET SALES AND PROFIT FOR THE PERIOD 1-9/2022 |
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| Eliminations |
Group | |||
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INCOME |
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External sales | 155,831 | 186,453 | 105,297 |
| 447,581 |
Beverage sales | 154,490 | 186,453 | 105,297 |
| 446,240 |
Equipment services | 1,341 | 0 | 0 |
| 1,341 |
Internal sales | 989 | 21,436 | 707 | -23,132 | 0 |
Total net sales | 156,820 | 207,889 | 106,004 | -23,132 | 447,581 |
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Total profit for the period | 39,646 | 13,575 | 19,436 | -26,582 | 46,075 |
2. RELATED PARTY TRANSACTIONS | |||
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Management's employee benefits | |||
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Board members' and the CEO's salaries and other short-term employee benefits | |||
1-9/2023 | 1-9/2022 | 1-12/2022 | |
CEO | 268 | 502 | 594 |
Chair of the Board | 60 | 52 | 73 |
Other Board members
| 124 | 120 | 172 |
Total | 452 | 674 | 839 |
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| % | |
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Series A shares, number of shares | 16,989,976 | 82.0 |
Series K shares, number of shares | 3,732,256 | 18.0 |
Total | 20,722,232 | 100.0 |
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Total number of votes, Series A shares | 16,989,976 | 18.5 |
Total number of votes, Series K shares | 74,645,120 | 81.5 |
Total number of votes | 91,635,096 | 100.0 |
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Votes per Series A share | 1 |
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Votes per Series K share | 20 |
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The registered share capital totalled
A dividend of
4. SHARE-BASED REWARDS
The costs related to incentive plans totalled
5. TREASURY SHARES
At the end of the review period,
6. NUMBER OF SHARES OUTSTANDING |
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| 1-9/2023 | 1-9/2022 | 1-12/2022 |
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- Average | 20,690,017 | 20,703,463 | 20,700,783 |
- At the end of the period | 20,693,540 | 20,692,828 | 20,692,828 |
7. TRADING IN SERIES A SHARES ON THE NASDAQ |
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| 1-9/2023 | 1-9/2022 | 1-12/2022 |
Trading in Series A shares in | 1,212,484 | 1,985,713 | 2,351,044 |
Total value of trading, | 36,537 | 71,236 | 82,916 |
Proportion of the trading out of the total number of Series A shares, % | 7.1 | 11.7 | 13.8 |
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Average share price, EUR | 30.13 | 35.92 | 35.31 |
Closing price, EUR | 30.20 | 31.50 | 33.15 |
Highest price, EUR | 34.95 | 52.00 | 52.00 |
Lowest price, EUR | 26.80 | 29.40 | 29.40 |
8. FOREIGN AND NOMINEE-REGISTERED HOLDINGS | ||||||
| Book-entry shares | Number of votes | Shareholders | |||
| number | % | number | % | number | % |
Finnish, total | 16,702,223 | 80.60 | 87,615,087 | 95.61 | 22,843 | 99.61 |
Foreign, total | 67,584 | 0.33 | 67,584 | 0.07 | 78 | 0.34 |
Nominee-registered (foreign), total | 445,576 | 2.15 | 445,576 | 0.49 | 6 | 0.03 |
Nominee-registered (Finnish), total | 3,506,849 | 16.92 | 3,506,849 | 3.83 | 4 | 0.02 |
Total | 20,722,232 | 100.00 | 91,635,096 | 100.00 | 22,931 | 100.00 |
9. LARGEST SHAREHOLDERS |
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| Series K | Series A | Total | % | Number of votes | % |
1 Olvi Foundation | 2,363,904 | 890,613 | 3,254,517 | 15.71 | 48,168,693 | 52.57 |
2 The estate of Heikki Hortling* | 903,488 | 103,280 | 1,006,768 | 4.86 | 18,173,040 | 19.83 |
3 Timo Einari Hortling | 212,888 | 49,152 | 262,040 | 1.26 | 4,306,912 | 4.70 |
4 Marit Hortling-Rinne | 149,064 | 14,234 | 163,298 | 0.79 | 2,995,514 | 3.27 |
5 | 2,003,623 | 2,003,623 | 9.67 | 2,003,623 | 2.19 | |
6 | 1,442,794 | 1,442,794 | 6.96 | 1,442,794 | 1.57 | |
7 | 828,075 | 828,075 | 4.00 | 828,075 | 0.90 | |
8 | 683,000 | 683,000 | 3.30 | 683,000 | 0.75 | |
9 Pia Johanna Hortling | 23,388 | 26,016 | 49,404 | 0.24 | 493,776 | 0.54 |
10 Jens Einari Hortling | 23,388 | 16,216 | 39,604 | 0.19 | 483,976 | 0.53 |
Other | 56,136 | 10,932,973 | 10,989,109 | 53.02 | 12,055,693 | 13.15 |
Total | 3,732,256 | 16,989,976 | 20,722,232 | 100.00 | 91,635,096 | 100.00 |
* The shareholding includes shares held by the shareholder and the entities controlled by them. |
10. PROPERTY, PLANT AND EQUIPMENT |
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| 1-9/2023 | 1-9/2022 | 1-12/2022 |
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Opening balance | 208,165 | 229,356 | 229,356 |
Additions | 17,065 | 26,781 | 37,286 |
Deductions and transfers | 28 | -136 | -152 |
Depreciation and impairment | -16,482 | -15,784 | -58,206 |
Exchange rate differences | -251 | 7,181 | -119 |
Total | 208,525 | 247,398 | 208,165 |
11. CONTINGENT LIABILITIES |
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| |
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Pledged assets and contingent liabilities |
|
|
|
On the company's own behalf | 3,225 | 10,004 | 2,608 |
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Lease and rental liabilities: |
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Maturing in less than a year | 1,256 | 872 | 1,337 |
Maturing within 1-5 years | 1,374 | 1,156 | 1,283 |
Total lease and rental liabilities | 2,630 | 2,028 | 2,620 |
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Other liabilities | 67 | 67 | 67 |
12. VALUATION OF THE BELARUSIAN BUSINESS SEGMENT
For the 2022 financial statements (
13. CALCULATION PRINCIPLES FOR
In its summary of key ratios (page 1), the Group presents key ratios directly derived from the consolidated income statement (net sales, operating result, profit for the period and their proportions of net sales, as well as earnings per share). (Earnings per share = Profit for the period attributable to owners of the parent company / Average number of shares during the period, adjusted for share issues).
In addition to its IFRS-based consolidated financial statements,
The Group has applied the
The Group presents sales volume data in millions of litres as an Alternative Performance Measure that supports net sales. Sales volume is an important and widely used indicator in the industry that describes the scope of operations. To improve comparability between reporting periods, the Group also presents the adjusted operating result and the adjusted profit for the period as Alternative Performance Measures. The adjusted operating result is calculated by deducting significant items affecting comparability from net sales. The corresponding items have been deducted from the profit for the period when calculating the adjusted profit for the period.
Investments consist of increases in fixed assets, excluding increases under IFRS 16.
Earnings per share = Equity attributable to owners of the parent company / Number of shares at the end of the period, adjusted for share issues.
Equity ratio, % = 100 * (Equity attributable to owners of the parent company + non-controlling interest) / (Balance sheet total).
Gearing, % = 100 * (Interest-bearing liabilities - Cash in hand and at bank) / (Equity attributable to owners of the parent company + Non-controlling interest).
https://news.cision.com/olvi-oyj/r/olvi-group-s-interim-report-january-september-2023,c3854707
https://mb.cision.com/Main/14712/3854707/2362215.pdf
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