HUHTAMÄKI OYJ STOCK EXCHANGE RELEASE 31.3.2008 AT 19.20
As announced earlier, Huhtamaki has decided to revise its segment
reporting to improve transparency. The five new segments are fully in
line with Huhtamaki's internal management structure and will replace
the former geographical segments (Europe, Americas,
Asia-Oceania-Africa).
The new segments are:
Flexibles and Films Global
Flexibles and Films businesses are organized as a global segment.
Flexibles are used for food and pet food packaging as well as
non-food consumer packaging. Films are mainly used for technical
applications in the label, adhesive tape, hygiene and health care
industries, as well as building and construction, automotive,
packaging and graphic arts industries.
Rigid Europe
Rigid paper and plastic packaging serve the foodservice and consumer
goods markets in Europe with fresh food, dairy, ice cream, beverage
and personal care packaging as well as disposable tableware. Rigid
packaging is supplied to foodservice operators, fast food restaurants
and food manufacturers.
Molded Fiber Europe
Molded Fiber in Europe is a distinct business. Molded fiber is used
to make fresh product packaging, such as egg and fruit packaging.
Rigid and Molded Fiber Americas
Strong supply channels are a common nominator for Americas Rigid and
Molded Fiber businesses. Rigid paper and plastic packaging, which
serves ice-cream and other consumer goods as well as foodservice
markets, is completed with Molded Fiber Chinet® disposable tableware
products.
Rigid and Molded Fiber Asia-Oceania-Africa
Rigid paper and plastic packaging serves foodservice and consumer
goods markets. The segment also includes the smaller Molded Fiber
business which makes fresh product packaging.
The first quarter report 2008 will be according to new structure.
2007 pro forma figures based on the new segment structure are:
Segment information is presented according to the IFRS standards.
Items below Ebit - financial items and taxes - are not allocated to
the segments.
Net sales
Q4 Q3 Q2 Q1 Q1-Q4
EUR million 2007 2007 2007 2007 2007
Flexibles and Films Global 167.9 176.3 175.1 185.7 705.0
- Intersegment net sales 0.8 1.2 1.0 1.2 4.2
Rigid Europe 148.7 161.7 172.1 146.0 628.5
- Intersegment net sales 1.5 1.6 1.2 1.1 5.4
Molded Fiber Europe 36.5 33.5 34.2 34.3 138.5
- Intersegment net sales 0.2 0.0 0.4 0.3 0.9
Rigid and Molded Fiber 143.6 153.5 166.5 142.2 605.8
Americas
- Intersegment net sales 0.9 0.9 0.7 0.7 3.2
Rigid and Molded Fiber AOA 61.1 57.4 58.2 56.5 233.2
- Intersegment net sales -0.2 0.1 0.1 0.1 0.1
Elimination of -3.2 -3.8 -3.4 -3.4 -13.8
Intersegment net sales
Total 557.8 582.4 606.1 564.7 2,311.0
EBIT
Q4 Q3 Q2 Q1 Q1-Q4
EUR million 2007 2007 2007 2007 2007
Flexibles and Films Global (1 -0.5 11.8 12.5 14.7 38.5
Rigid Europe (2 -74.3 3.5 3.3 0.2 -67.3
Molded Fiber Europe 3.5 2.5 2.3 2.4 10.7
Rigid and Molded Fiber Americas (3 -6.2 13.1 19.4 17.2 43.5
Rigid and Molded Fiber AOA (4 -1.3 1.8 2.7 3.3 6.5
Other activities 0.3 0.5 -4.5 -0.1 -3.8
Total (5 -78.5 33.2 35.7 37.7 28.1
1) Q4 2007 includes goodwill impairment charges MEUR 8.3.
2) Q4 2007 includes restructuring charges MEUR 1.4, goodwill
impairment charges MEUR 31.6 and tangible asset impairment charges
MEUR 46.0.
3) Q4 2007 includes goodwill impairment charges MEUR 5.1 and tangible
asset impairment charges MEUR 11.7.
4) Q4 2007 includes restructuring charges MEUR 2.3 and goodwill
impairment charges MEUR 1.6.
5) Q4 2007 includes restructuring charges MEUR 3.7, goodwill
impairment charges MEUR 46.6, and tangible asset impairment charges
MEUR 57.7, total amount MEUR 108.0.
Depreciation and amortization
Q4 Q3 Q2 Q1 Q1-Q4
EUR million 2007 2007 2007 2007 2007
Flexibles and Films Global 6.3 5.7 5.8 5.2 23.0
Rigid Europe 7.7 8.5 7.8 8.2 32.2
Molded Fiber Europe 1.8 1.9 1.9 1.9 7.5
Rigid and Molded Fiber Americas 5.6 5.8 5.9 6.0 23.3
Rigid and Molded Fiber AOA 3.1 3.0 3.0 2.9 12.0
Other activities 0.2 0.2 0.2 0.3 0.9
Total 24.7 25.1 24.6 24.5 98.9
Net assets allocated
to the segments (6
Q4 Q3 Q2 Q1
EUR million 2007 2007 2007 2007
Flexibles and Films Global 542.9 547.7 528.0 513.9
Rigid Europe 407.6 494.0 502.9 494.4
Molded Fiber Europe 119.1 118.7 116.4 116.1
Rigid and Molded Fiber Americas 417.1 456.9 478.6 474.2
Rigid and Molded Fiber AOA 201.3 204.5 209.3 197.1
6) Net assets include the following balance sheet items: intangible
and tangible assets, other non-current assets, inventories, trade and
other current receivables (excluding accrued interest income), other
non-current liabilities and trade and other current liabilities
(excluding accrued interest expense).
Capital expenditure
Q4 Q3 Q2 Q1 Q1-Q4
EUR million 2007 2007 2007 2007 2007
Flexibles and Films Global 15.3 15.1 12.6 8.6 51.6
Rigid Europe 9.8 8.6 7.9 9.5 35.8
Molded Fiber Europe 7.3 0.8 0.8 0.8 9.7
Rigid and Molded Fiber Americas 15.7 6.0 3.3 1.9 26.9
Rigid and Molded Fiber AOA 6.4 4.8 6.6 4.5 22.3
Other activities 0.9 0.1 0.3 0.3 1.6
Total 55.4 35.4 31.5 25.6 147.9
RONA % (12m roll.)
Q4 Q3 Q2 Q1
2007 2007 2007 2007
Flexibles and Films Global 7.2% 10.2% 11.1% 11.5%
Rigid Europe -14.2% -1.3% -3.5% -2.8%
Molded Fiber Europe 9.0% 8.9% 9.6% 10.2%
Rigid and Molded Fiber Americas 9.5% 13.3% 13.5% 13.6%
Rigid and Molded Fiber AOA 3.2% 5.8% 6.6% 6.6%
Operating cash flow (7
Q4 Q3 Q2 Q1 Q1-Q4
EUR million 2007 2007 2007 2007 2007
Flexibles and Films Global 8.2 -16.9 8.5 -4.3 -4.5
Rigid Europe 17.3 16.9 -8.9 -7.1 18.2
Molded Fiber Europe 5.2 1.4 4.0 1.4 12.0
Rigid and Molded Fiber Americas 26.8 26.3 10.5 -2.5 61.1
Rigid and Molded Fiber AOA 0.6 2.0 -4.6 -5.6 -7.6
7) Operating cash flow = Ebit + depreciation and amortization
(including impairment) - capital expenditures + disposals +/- change
in inventories, trade receivables and trade payables.
As net sales and Ebit of reportable segments forms groups' total net
sales and Ebit, reconciliations to corresponding amounts are not
presented.
For further information, please contact:
Timo Salonen, CFO, Tel. +358(0)10 686 7880
HUHTAMÄKI OYJ
Group Communications
Huhtamaki Group is a leading manufacturer of consumer and specialty
packaging with 2007 net sales totaling EUR 2.3 billion. Consumer
goods and foodservice markets are served by some 15,000 people in 66
manufacturing units and several sales offices in 36 countries. The
parent company, Huhtamäki Oyj, has its head office in Espoo, Finland
and is listed on the Helsinki Stock Exchange. Additional information
is available at www.huhtamaki.com.