07:00 London, 09:00 Helsinki, 11 November 2010 - Ruukki Group Plc (“Ruukki” or
“the Company”) (LSE: RKKI, OMX: RUG1V) Interim Report
RUUKKI GROUP PLC'S INTERIM RESULTS FOR THE PERIOD ENDED 30 SEPTEMBER 2010
HIGHLIGHTS
- Group Revenue EUR 182.3 million (1-9/2009: EUR 133.2 million)
- Group EBITDA EUR 10.7 (3.6) million
- Minerals Business EBITDA EUR 11.2 (2.6) million
- Wood Processing Business EBITDA EUR 11.3 (5.9) million
- Cash flow from operations equalling EUR 9.0 (0.9) million
- Earnings per share, undiluted: EUR -0.03 (-0.04)
- Amount of treasury shares held by the Company: 8,740,895 shares on 30
September 2010 (8,740,895 on 30 June 2010)
- Amount of shares outstanding, excluding the treasury shares: 239,466,105 on 30
September 2010 (239,241,105 on 30 June 2010)
GROUP KEY FIGURES
--------------------------------------------------------------------------------
| EUR million | 9 months to | 9 months to | 12 months |
| | 30.9.2010 | 30.9.2009 | ended |
| | | | 31.12.2009 |
--------------------------------------------------------------------------------
| Revenue | 182.3 | 133.2 | 193.4 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EBITDA | 10.7 | 3.6 | 19.4 |
--------------------------------------------------------------------------------
| EBITDA Margin | 5.9% | 2.7% | 10.0% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EBIT | -12.6 | -15.7 | -24.6 |
--------------------------------------------------------------------------------
| EBIT Margin | -6.9% | -11.8% | -12.7% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings before taxes | -14.2 | -15.9 | -28.3 |
--------------------------------------------------------------------------------
| Earnings Margin | -7.8% | -12.0% | -14.7% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit for the period | -6.7* | -13.7 | -22.7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Return on equity, % p.a. | -3.2% | -5.6% | -7.1% |
--------------------------------------------------------------------------------
| Return on capital employed, % p.a. | -3.6% | -3.2% | -5.0% |
--------------------------------------------------------------------------------
| Equity ratio, % | 53.9% | 49.1% | 52.0% |
--------------------------------------------------------------------------------
| Earnings per share, undiluted, EUR | -0.03 | -0.04 | -0.08 |
--------------------------------------------------------------------------------
| Earnings per share, diluted, EUR | -0.03 | -0.04 | -0.08 |
--------------------------------------------------------------------------------
| Equity per share, EUR | 1.04 | 1.07 | 1.03 |
--------------------------------------------------------------------------------
| Average number of shares, | 239,328 | 253,790 | 250,175 |
| undiluted, 1,000 | | | |
--------------------------------------------------------------------------------
| Average number of shares, diluted, | 267,616 | 299,116 | 295,456 |
| 1,000 | | | |
--------------------------------------------------------------------------------
| Number of shares outstanding, end | 248,207 | 261,034 | 261,034 |
| of period, 1,000 | | | |
--------------------------------------------------------------------------------
* Profit for the period includes an income tax receipt of EUR 7.5 million mainly
due to diminished deferred tax liabilities and a tax refund which was recognised
during the second quarter.
ACTING MANAGING DIRECTOR COMMENTS
Danko Koncar, Acting Managing Director of Ruukki Group Plc commented:
- “The Group's performance continued to improve during the period to 30
September 2010 across both business segments and we have successfully been
executing our growth strategy. Market conditions improved across our businesses
and I am confident regarding the future.”
- “On 30 September we announced a public offer to acquire all the issued and to
be issued share capital of Chromex Mining plc, a company with mining assets in
South Africa and in Zimbabwe. We expect to finalise this acquisition in Q4 2010
or in Q1 2011.”
For additional information, please contact:
Ruukki Group Plc
Thomas Hoyer, CFO: +358 45 6700 491
www.ruukkigroup.fi
Investec Bank plc
Stephen Cooper: +44 20 7597 5104
Ruukki Group is a natural resources company with a wood processing business in
Finland and a mining and minerals business in southern Europe and South Africa.
The Company is listed on NASDAQ OMX Helsinki and the London Stock Exchange.
RUUKKI GROUP PLC: INTERIM RESULTS FOR THE PERIOD ENDED 30 SEPTEMBER 2010
GUIDANCE AND SHORT TERM OUTLOOK
The Group has not changed the guidance and short term outlook published in the
First Quarter 2010 Report. The general outlook is presented below.
Global economic recovery remains fragile, but the Group expects demand for
Ruukki Group's products to be better in 2010 than in the previous year in the
Group's major markets.
KEY EVENTS DURING THE THIRD QUARTER 2010
On 26 July Ruukki announced the admission of its ordinary shares to the premium
segment of the official list of the UK Listing Authority and to trading on the
main market of the London Stock Exchange under the stock code LSE: RKKI. No new
shares were issued with the admission. The ordinary shares remain listed on the
NASDAQ OMX Helsinki Oy stock exchange. As securities issued by non-UK companies
cannot be held or transferred in the CREST system, the Company arranged for
Capita IRG Trustees Limited to issue depositary interests in respect of the
underlying ordinary shares to allow trading and settlement in CREST.
On 28 July Ruukki appointed Investec Bank plc as its sole corporate broker.
On 11 August, at the Extraordinary General Meeting, Mr Alwyn Smit and Dr Danko
Koncar were appointed to the Company's Board of Directors. Subsequently, on 14
October, Mr Smit resigned as CEO, effective immediately, and Dr Koncar was
appointed Acting Managing Director until the appointment of a new CEO is
announced.
On 31 August Terence McConnachie resigned as a non-executive director of the
Company, effective immediately.
On 1 September Ruukki announced the signing of two framework agreements with
Metallurgical Group Corporation Ltd (“MCC”) for the construction of two DC
chrome furnaces and a 250 megawatt (“MW”) power plant in South Africa. This is
part of Ruukki's strategy to grow the Minerals Business in South Africa through
increasing production, capacity and expanding market share.
On 24 September Ruukki announced that the Company had received notification that
certain vendors of Mogale Alloys Limited have commenced legal actions in South
Africa against the Company relating to the payment of the remaining ZAR 600
million (EUR 63.6 million), which represents 30% of the full purchase price for
Mogale Alloys, along with a claim for interest of ZAR 88.2 million (EUR 9.3
million). Ruukki has already recorded the majority of the claimed amount as a
liability in its consolidated balance sheet. The result of the court case is,
therefore, not expected to have any significant negative effect on the financial
status of the Company in any event.
On 30 September Ruukki announced that it has reached an agreement with the Board
of Chromex Mining plc (“Chromex”) on the terms of a recommended offer, by joint
venture company Synergy Africa Limited (“Synergy Africa”), to acquire the entire
issued and to be issued share capital of Chromex Mining for approximately GBP
37.1 million (EUR 42.1 million).
KEY EVENTS AFTER THE THIRD QUARTER 2010
On 14 October Ruukki announced that Thomas Hoyer had been appointed Chief
Financial Officer, effective immediately. Ilona Halla, the outgoing CFO, will
manage Group Internal Audit. At the same time the Company announced a new
Executive Management Team comprising: Dr Danko Koncar, Acting Managing Director,
Thomas Hoyer, CFO and CEO of the Wood Processing Business, Dr Alistair Ruiters,
CEO of Ruukki South Africa, Dr Stefano Bonati, CEO of RCS, Kalle Lehtonen, Head
of Finance and Markus Kivimäki, Head of Corporate Affairs.
On 22 October Ruukki announced that an Extraordinary General Meeting will be
held on 17 November, related to the acquisition of Chromex Mining plc.
DEVELOPMENT BY BUSINESS SEGMENT
MINERALS BUSINESS
Ruukki Group's Minerals Business has operations in southern Europe and South
Africa. The southern European minerals business consists of mining and
beneficiation operations in Turkey, chromite concentrate processing operations
in Germany and a procurement and sales operations in Malta. The South African
business currently consists of a smelting operation, which has four furnaces,
and its products are predominantly sold to external parties through Maltese
sales operations. The Group's aim is to become a vertically integrated
mine-to-metals producer in selected minerals and alloys in selected geographical
areas.
At the product level, the Group is primarily involved in the processing of ore
concentrate and raw ore into a range of products, including specialised low
carbon and ultralow carbon ferrochrome, charge chrome ferrochrome, silico
manganese and chromium-iron-nickel alloy (stainless steel alloy).
Revenue and profitability:
--------------------------------------------------------------------------------
| EUR million | 9 months | 9 months | Q3 2010 | Q3 2009 | 12 months |
| | to | to | | | ended |
| | 30.9.2010 | 30.9.2009 | | | 31.12.2009 |
--------------------------------------------------------------------------------
| Revenue | 98.2 | 43.7 | 29.0 | 19.2 | 71.0 |
--------------------------------------------------------------------------------
| EBITDA | 11.2 | 2.6 | 1.4 | 1.3 | 10.4 |
--------------------------------------------------------------------------------
| EBITDA margin | 11.4% | 5.9% | 4.7% | 6.7% | 14.6% |
--------------------------------------------------------------------------------
| EBIT | -8.7 | -12.6 | -5.7 | -4.8 | -30.1 |
--------------------------------------------------------------------------------
| EBIT margin | -8.8% | -28.8% | -19.7% | -25.1% | -42.3% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EUR | 2010 | 2009 |
| million | | |
--------------------------------------------------------------------------------
| | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Revenue | 29.0 | 39.3 | 30.0 | 27.3 | 19.2 | 11.7 | 12.8 |
--------------------------------------------------------------------------------
| EBITDA | 1.4 | 7.3 | 2.5 | 7.8 | 1.3 | 0.6 | 0.7 |
--------------------------------------------------------------------------------
| EBITDA | 4.7% | 18.6% | 8.3% | 28.6% | 6.7% | 5.1% | 5.4% |
| margin | | | | | | | |
--------------------------------------------------------------------------------
| EBIT | -5.7 | 0.9 | -3.8 | -17.5 | -4.8 | -4.2 | -3.6 |
--------------------------------------------------------------------------------
| EBIT | -19.7% | 2.2% | -12.8% | -64.0% | -25.1% | -35.5% | -28.1% |
| margin | | | | | | | |
--------------------------------------------------------------------------------
Production (in metric tons):
--------------------------------------------------------------------------------
| Mt | 9 months | 9 months | Q3 2010 | Q3 2009 | 12 months |
| | to | to | | | ended |
| | 30.9.2010 | 30.9.2009 | | | 31.12.2009 |
--------------------------------------------------------------------------------
| Production - | 38 069 | 18 159 | 17 764 | 5 483 | 25 774 |
| TMS * | | | | | |
--------------------------------------------------------------------------------
| Production - | 13 047 | 8 691 | 4 302 | 2 146 | 14 074 |
| EWW | | | | | |
--------------------------------------------------------------------------------
| Production - | 52 952 | N/A | 9 191 | N/A | N/A |
| Mogale ** | | | | | |
--------------------------------------------------------------------------------
* Including both chromite concentrate and lumpy ore production
** Mogale Alloys was acquired in May 2009
During the third quarter, the Minerals Business experienced more favourable
market conditions, with improved demand resulting in an increase in turnover
compared to the equivalent period in 2009. This was unable to be translated
fully into financial performance, which was slightly better than in equivalent
periods in 2009, mainly due to increased expenses in production, maintenance
work and impact of employee dispute in South African operations. The substantial
increase in revenue for the first nine months of 2010, compared to the same
period in 2009, was predominantly due to the acquisition of Mogale Alloys in May
2009.
The number of employees of the Minerals Business totalled 677 on 30 September
2010 (30.9.2009: 612).
Southern European minerals business
Key financial performance indicators for the southern European minerals
business:
--------------------------------------------------------------------------------
| EUR million | 9 months | 9 months | Q3 2010 | Q3 2009 | 12 months |
| | to | to | | | ended |
| | 30.9.2010 | 30.9.2009 | | | 31.12.2009 |
--------------------------------------------------------------------------------
| Revenue | | | | | |
--------------------------------------------------------------------------------
| Business | 53.7 | 29.2 | 18.7 | 8.8 | 44.1 |
| area's | | | | | |
| products | | | | | |
--------------------------------------------------------------------------------
| Mogale | 39.6 | 4.6 | 10.4 | 4.6 | 13.2 |
| products | | | | | |
--------------------------------------------------------------------------------
| Total revenue | 93.3 | 33.8 | 29.1 | 13.4 | 57.3 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EBITDA | 7.4 | 4.7 | 1.7 | 1.5 | 10.0 |
--------------------------------------------------------------------------------
| EBITDA margin | 7.9% | 13.9% | 5.8% | 11.2% | 17.4% |
--------------------------------------------------------------------------------
| EBIT | -5.9 | -8.0 | -3.1 | -2.7 | -6.9 |
--------------------------------------------------------------------------------
| EBIT margin | -6.3% | -23.6% | -10.6% | -20.2% | -12.0% |
--------------------------------------------------------------------------------
Revenues continued to grow during the quarter, compared to the equivalent period
in 2009. The decrease in the EBITDA margin, for the first nine months of 2010
compared to equivalent period in 2009, was due to the combination of factors
including a sharp increase in the price of strategic raw materials, which was
not totally compensated for by the equivalent price increase in finished goods,
and the strengthening of local currencies, in particular the Turkish Lira and
South African Rand.
The new chromite concentrate processing plant for processing low grade ores at
the Turkish subsidiary TMS, which was commissioned in May 2010, is performing
well and according to management's expectations. Production capacity has
increased substantially from 100 tons per day to 800 tons per day. The cost of
production has fallen by more than 30%, mainly due to the increase in
recoveries, which has almost doubled from 45% to over 70%. Annual production
capacity is approximately 40,000 tons of high quality concentrate.
South African minerals business
Key financial performance indicators for the South African minerals business:
--------------------------------------------------------------------------------
| EUR million | 9 months | 4 months | Q3 2010 | Q3 2009 | 7 months |
| | to | to | | | ended |
| | 30.9.2010 | 30.9.2009 | | | 31.12.2009 |
--------------------------------------------------------------------------------
| Revenue | 44.1 | 13.9 | 14.3 | 9.7 | 28.2 |
--------------------------------------------------------------------------------
| EBITDA | 4.6 | -2.1 | 0.5 | -0.2 | 0.4 |
--------------------------------------------------------------------------------
| EBITDA margin | 10.4% | -14.9% | 3.3% | -1.7% | 1.6% |
--------------------------------------------------------------------------------
| EBIT | -2.0 | -4.6 | -1.8 | -2.1 | -23.1 |
--------------------------------------------------------------------------------
| EBIT margin | -4.5% | -32.9% | -13.0% | -21.2% | -82.1% |
--------------------------------------------------------------------------------
The performance of the South African business during the third quarter was
impacted by the planned rebuild and modification of the two submerged arc
furnaces and an industrial dispute at Mogale Alloys, which has recently been
resolved. The combination of these two issues has impacted production volumes
for the third quarter, and will impact total production volumes for the year.
WOOD PROCESSING BUSINESS
Revenue and profitability:
--------------------------------------------------------------------------------
| EUR million | 9 months | 9 months | Q3 2010 | Q3 2009 | 12 months |
| | to | to | | | ended |
| | 30.9.2010 | 30.9.2009 | | | 31.12.2009 |
--------------------------------------------------------------------------------
| Revenue | 84.0 | 89.5 | 28.6 | 25.9 | 122.4 |
--------------------------------------------------------------------------------
| EBITDA | 11.3 | 5.9 | 4.1 | 1.0 | 17.1 |
--------------------------------------------------------------------------------
| EBITDA margin | 13.5% | 6.6% | 14.3% | 4.0% | 14.0% |
--------------------------------------------------------------------------------
| EBIT | 8.0 | 1.8 | 3.2 | -0.4 | 13.6 |
--------------------------------------------------------------------------------
| EBIT margin | 9.5% | 2.0% | 11.3% | -1.4% | 11.1% |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EUR | 2010 | 2009 |
| million | | |
--------------------------------------------------------------------------------
| | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Revenue | 28.6 | 30.9 | 24.5 | 32.9 | 25.9 | 31.9 | 31.7 |
--------------------------------------------------------------------------------
| EBITDA | 4.1 | 4.4 | 2.8 | 11.2 | 1.0 | 1.6 | 3.3 |
--------------------------------------------------------------------------------
| EBITDA | 14.3% | 14.4% | 11.4% | 34.0% | 4.0% | 5.0% | 10.3% |
| margin | | | | | | | |
--------------------------------------------------------------------------------
| EBIT | 3.2 | 3.4 | 1.4 | 11.8 | -0.4 | 0.2 | 2.0 |
--------------------------------------------------------------------------------
| EBIT | 11.3% | 10.9% | 5.6% | 35.8% | -1.4% | 0.7% | 6.2% |
| margin | | | | | | | |
--------------------------------------------------------------------------------
Revenue for the first nine months of 2010 was lower than the equivalent period
in 2009. This was due to sale of Lappipaneli and Tervolan Saha ja Höyläämö Group
in late 2009. These assets contributed revenue of EUR 29.2 million, EBITDA of
EUR -0.1 million and EBIT of EUR -1.5 million, when intra-group items are
eliminated (unofficial non-IFRS figures), to the segment's financial performance
for the first nine months of 2009. Taking these disposals into account, the
revenue and profit for the continued businesses has been positive compared to
the same period in 2009.
During the third quarter 2010 the house building business continued its strong
performance, which resulted in growing revenues and profits compared to the same
period last year. Sales of new houses have remained at a high level, which
provides a solid base for a strong financial performance over the coming
quarters when house deliveries will be recognised as revenue. A general recovery
in the Finnish construction sector, however, may in the future increase the
price of raw materials and work performed by external contractors. These could
have a negative effect on the profitability of the Wood Business.
On 30 September 2010 the Wood Processing Business employed a total of 307
employees (30.9.2009: 308).
House building business
Key financial performance indicators for the house building business:
--------------------------------------------------------------------------------
| EUR million | 9 months | 9 months | Q3 2010 | Q3 2009 | 12 months |
| | to | to | | | ended |
| | 30.9.2010 | 30.9.2009 | | | 31.12.2009 |
--------------------------------------------------------------------------------
| Revenue | 33.1 | 23.3 | 11.1 | 4.4 | 31.8 |
--------------------------------------------------------------------------------
| EBITDA | 6.4 | 4.7 | 2.0 | 0.3 | 7.2 |
--------------------------------------------------------------------------------
| EBITDA margin | 19.4% | 20.3% | 17.9% | 6.0% | 22.6% |
--------------------------------------------------------------------------------
| EBIT | 6.2 | 4.5 | 1.9 | 0.2 | 6.8 |
--------------------------------------------------------------------------------
| EBIT margin | 18.6% | 19.2% | 16.9% | 4.1% | 21.5% |
--------------------------------------------------------------------------------
Wooden ready-to-move-in house deliveries (number of houses):
--------------------------------------------------------------------------------
| 2010 | 2009 |
--------------------------------------------------------------------------------
| Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
--------------------------------------------------------------------------------
| 68 | 81 | 62 | 66 | 27 | 49 | 96 |
--------------------------------------------------------------------------------
The number of houses delivered to customers amounted to 68 during the third
quarter, compared to 27 for the corresponding period in 2009. The new sales
activity has remained strong during the third quarter and it is expected that
the number of delivered houses will continue at the current high levels in the
fourth quarter of 2010.
Pallet business
Key financial performance indicators for the pallet business:
--------------------------------------------------------------------------------
| EUR million | 9 months | 9 months | Q3 2010 | Q3 2009 | 12 months |
| | to | to | | | ended |
| | 30.9.2010 | 30.9.2009 | | | 31.12.2009 |
--------------------------------------------------------------------------------
| Revenue | 8.1 | 6.6 | 3.0 | 2.3 | 9.4 |
--------------------------------------------------------------------------------
| EBITDA | 1.9 | 0.9 | 0.8 | 0.5 | 1.5 |
--------------------------------------------------------------------------------
| EBITDA margin | 23.4% | 14.1% | 24.9% | 21.9% | 16.0% |
--------------------------------------------------------------------------------
| EBIT | 1.0 | 0.2 | 0.5 | 0.2 | 0.5 |
--------------------------------------------------------------------------------
| EBIT margin | 12.7% | 3.4% | 15.0% | 10.0% | 5.5% |
--------------------------------------------------------------------------------
The pallet business performed well in the third quarter of 2010 in terms of
volumes and margins. The number of pallets delivered to customers totalled
255,131 compared to 246,994 for the equivalent period in 2009. During the
autumn, business activity has remained at a high level and a good performance is
expected for the remainder of 2010. Business initiatives are focused around
expanding the service offering to key customers.
Sawmill business
Key financial performance indicators for the sawmill business:
--------------------------------------------------------------------------------
| EUR million | 9 months | 9 months | Q3 2010 | Q3 2009 | 12 months |
| | to | to | | | ended |
| | 30.9.2010 | 30.9.2009 | | | 31.12.2009 |
--------------------------------------------------------------------------------
| Revenue | 43.9 | 60.5 | 15.0 | 19.7 | 82.7 |
--------------------------------------------------------------------------------
| EBITDA | 3.0 | 0.2 | 1.4 | 0.3 | 8.4* |
--------------------------------------------------------------------------------
| EBITDA margin | 6.8% | 0.4% | 9.1% | 1.4% | 10.1% |
--------------------------------------------------------------------------------
| EBIT | 0.8 | -2.9 | 0.9 | -0.8 | 6.2 |
--------------------------------------------------------------------------------
| EBIT margin | 1.8% | -4.8% | 6.0% | -4.0% | 7.5% |
--------------------------------------------------------------------------------
* The sawmill business's EBITDA for 2009, excluding a non-recurring Junnikkala
put option related gain, was EUR 3.1 million, which corresponds to about 3.7% of
revenue. The sawmill business EBIT was EUR 1.1 million negative (-1.4% of
revenue) for 1-12/2009 when both the Junnikkala put option termination and
Lappipaneli related reversal of impairment would be excluded.
At Junnikkala Oy, the only remaining sawmill entity in the segment, performance
has improved compared both quarter on quarter and when compared to the
equivalent period in 2009. Sales volumes increased in all product groups, with
deliveries to domestic house factories showing especially strong growth. The
supply of raw material, however, poses a concern for the whole sawmill industry.
The revenue and profit of the business is positive compared to 2009, when taking
into account the asset disposals described earlier in the Wood Processing
Business section. The EBIT for the first nine months includes EUR 0.6 million
impairment on disposed assets.
The volume of sawn timber production:
--------------------------------------------------------------------------------
| | 2010 | 2009* |
--------------------------------------------------------------------------------
| | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
--------------------------------------------------------------------------------
| 1 000 m3 | 48 | 51 | 54 | 50 | 35 | 46 | 40 |
--------------------------------------------------------------------------------
* The effect of the disposal of Lappipaneli Oy and Tervolan Saha ja Höyläämö
Group has been eliminated
OTHER OPERATIONS
For the third quarter of 2010 the Group's other operations, not included in the
separately reported segments, generated a negative EBITDA of EUR 2.6 million.
This is mainly related to the Group's headquarters and the London listing. For
the first nine months of 2010 the total negative EBITDA of the other operations
was EUR 11.8 million.
The Group's parent company recognised a EUR 0.5 million non-cash option expense
for the first nine months of 2010. In addition, based on the directed free issue
of shares to the Board approved by the Annual General Meeting, EUR 0.9 million
expenses were recorded. In relation to the London listing, EUR 5.2 million of
expenses were recognised during the first nine months of 2010. The income from
associated companies had only a very minor effect on the first nine months
results.
Sawmill equipment acquired for the terminated Russian project has been
classified as asset held for sale on the consolidated statement of financial
position at 30 September 2010.
The Group's liquidity, when taking into account cash and cash equivalents as
well as short-term held-to-maturity deposits, totalled EUR 21.1 (30.6.2010: EUR
36.4) million at the end of the third quarter of 2010.
RISKS AND UNCERTAINTIES, CHANGES DURING OR AFTER THE REVIEW PERIOD
A summary of the key risks and uncertainties is set out below. Further details
of the risks and uncertainties are set out in the Group's listing prospectus
dated 30 June 2010. The Company is not aware of any other material risks in
addition to those described in the Prospectus.
Through the acquisition of the chrome ore and ferrochrome businesses in October
2008 and by the expansion into South African minerals sector via Mogale Alloys
acquisition in May 2009, the Group has diversified its industry risks, and is
less vulnerable to the wood processing industry, but as a result it has become
more exposed to commodity price risks and risks of fluctuating demand in the
minerals sector.
As a consequence of the above mentioned acquisitions, significant intangible
assets are currently recognised on the Group balance sheet. Since the Group has
made and may in the future carry out mergers and acquisitions, there is a number
of implementation and integration related risks.
There remains uncertainty in regards to the total purchase consideration payable
for some of the Group's acquisitions, both related to options' exercise prices
and to earn-out purchase components, as they can only be verified when the total
purchase considerations are finally settled, which to some extent takes place
only after a few years.
The further expansion and importance of the Minerals Business has also increased
the absolute and relative importance of foreign operations and also foreign
exchange rate risks, both directly and indirectly. The changes in exchange
rates, if adverse, can have a substantial negative impact on the Group's
profitability, in particular in relation to changes in USD/ZAR. Changes in ZAR
exchange rate also have an effect on the EUR value of the deferred purchase
consideration of Mogale Alloys.
The Group is considering some alternative options how to organically grow its
Minerals Business, both at the raw material sourcing and further processing
phases, which can expose the Group to major project risks.
Based on studies and surveys carried out so far, the Group has no knowledge of
any environmental risks or changes in environmental requirements that relate to
its businesses above those disclosed in the Group's 2009 Annual Report or in the
listing prospectus.
MINERALS
The medium-term success of the Group's Minerals Business is to a large extent
dependant on the global demand for stainless steel of which ferrochrome is one
key raw material. There is still general uncertainty as to how demand during
2011 will develop. The management of the Group's Minerals Business expects the
demand for its ferroalloys products in general to be higher in 2010 compared to
that of 2009.
Since the Minerals operations, in particular in the smelting processes, require
a considerable amount of electricity and power, the availability and price of
electricity can have a significant effect on the Minerals profitability. In
particular in South Africa, there is a substantial risk of an increase in the
unit price of electricity.
WOOD PROCESSING
For the Wood Processing operations, the success of the house building business
is a key driver of cash flows and profitability. Therefore, the development of
the Finnish house building sector in general impacts the financial performance
of the business. Currently the construction market in general is rebounding from
a few years of declining volumes, but there is still uncertainty as to the
length and depth of the recovery.
In the sawmill business, major short-term risks and uncertainties relate to
availability and prices of raw materials, customer demand and the development of
market prices. If there are any public sector changes to taxes, laws, required
safety measures or any other similar issues, these can increase the costs of the
Group's Wood Processing Business. Also, the changes in foreign exchange rates
can have major impact on the Group's sawmill business's performance, as sawn
timber products are commodities produced and traded on global markets with only
very minor differentiation between competitors.
RELATED PARTY TRANSACTIONS
Group's Minerals Business segment has during the review period sold its products
and rendered services to related parties for a total value of EUR 4.9 million.
On 30 September 2010 Ruukki made an announcement regarding the recommended cash
offer to be made by Synergy Africa Limited, a company 51 per cent. owned by
Ruukki Group Plc and 49 per cent. owned by Kermas Limited, to acquire the entire
issued and to be issued share capital of Chromex Mining plc and to acquire all
issued warrants giving the right to subscribe for shares in Chromex to which the
Warrant Offer relates. While Kermas holds 28.5 per cent. of Ruukki's issued
shares, under the Listing Rules, the arrangements between Kermas and Ruukki
relating to the establishment and financing of Synergy Africa and the
acquisition and holding of Chromex Shares constitutes a Related Party
Transaction requiring the approval of Ruukki Shareholders (other than Kermas).
An Extraordinary General Meeting will be held on November 17th seeking Ruukki's
shareholders' approval for the related party transaction by way of an ordinary
resolution to be proposed at the meeting.
There have not been any other significant related party transactions during the
review period.
LITIGATION
As announced on 24 September, Ruukki has received a notification that certain
vendors of Mogale Alloys have commenced legal actions in South Africa against
the Company relating to the remaining ZAR 600 million (EUR 63.6 million), which
represents 30% of the full purchase price for Mogale Alloys, along with a claim
for interest of ZAR 88.2 million (EUR 9.3 million). Payment of the remaining ZAR
600 million, due under the acquisition agreement is only triggered when the
last, remaining condition in relation to each of the four furnaces acquired with
Mogale Alloys has been met. Ruukki has every intention to comply with its
obligations, as and when they arise.
Furthermore ZAR 12 million (EUR 1.3 million), of the remaining ZAR 600 million,
was erroneously paid to the vendors after the vendors falsely alleged that one
of the furnaces had met all of the conditions. It is Ruukki's intention to claim
this amount back. Once Ruukki ascertained independent legal and environmental
expert opinion, which clearly concluded that the vendors have not complied with
all the conditions, Ruukki informed the vendors that the outstanding payment
amount would not be due and payable until all of the conditions are met, as
specified in the acquisition agreement.
Ruukki has already recorded the majority of the claimed amount as a liability in
Ruukki's consolidated balance sheet. The result of the court case is, therefore,
not expected to have any significant negative effect on the financial status of
the Company in any event.
FINANCIAL TABLES
FINANCIAL DEVELOPMENT BY SEGMENT, EUR THOUSAND
--------------------------------------------------------------------------------
| 1.1.-30.9.2010 | Wood | Minerals | Non-segm | Adjustments | Group |
| EUR '000 | Processin | | ents | and | |
| | g | | | eliminations | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Revenue | | | | | |
--------------------------------------------------------------------------------
| From external | 84 011 | 98 243 | 0 | 0 | 182 254 |
| customers | | | | | |
--------------------------------------------------------------------------------
| From other | 0 | 0 | 9 817 | -9 817 | 0 |
| segments | | | | | |
--------------------------------------------------------------------------------
| Segment's | 84 011 | 98 243 | 9 817 | -9 817 | 182 254 |
| revenue | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit | | | | | |
--------------------------------------------------------------------------------
| Segment's EBITDA | 11 337 | 11 166 | -11 838 | -2 | 10 663 |
--------------------------------------------------------------------------------
| Segment's EBIT | 7 992 | -8 686 | -11 871 | -2 | -12 567 |
--------------------------------------------------------------------------------
| Segment's profit | 5 426 | -10 841 | -1 243 | -11 | -6 669 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 1.1.-30.9.2009 | Wood | Minerals | Non-segm | Adjustments | Group |
| EUR '000 | Processin | | ents | and | |
| | g | | | eliminations | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Revenue | | | | | |
--------------------------------------------------------------------------------
| From external | 89 452 | 43 730 | 0 | 0 | 133 182 |
| customers | | | | | |
--------------------------------------------------------------------------------
| From other | 39 | 0 | 190 | -229 | 0 |
| segments | | | | | |
--------------------------------------------------------------------------------
| Segment's | 89 490 | 43 730 | 190 | -229 | 133 182 |
| revenue | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| Profit | | | | | |
--------------------------------------------------------------------------------
| Segment's EBITDA | 5 903 | 2 578 | -4 851 | 0 | 3 631 |
--------------------------------------------------------------------------------
| Segment's EBIT | 1 822 | -12 587 | -4 897 | 0 | -15 662 |
--------------------------------------------------------------------------------
| Segment's profit | 1 115 | -14 777 | 4 553 | -4 622 | -13 732 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 1.1.-31.12.2009 | Wood | Minerals | Non-segm | Adjustments | Group |
| EUR '000 | Processin | | ents | and | |
| | g | | | eliminations | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Revenue | | | | | |
--------------------------------------------------------------------------------
| From external | 122 324 | 71 035 | 1 | 0 | 193 359 |
| customers | | | | | |
--------------------------------------------------------------------------------
| From other | 63 | 0 | 321 | -384 | 0 |
| segments | | | | | |
--------------------------------------------------------------------------------
| Segment's | 122 387 | 71 035 | 322 | -384 | 193 359 |
| revenue | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit | | | | | |
--------------------------------------------------------------------------------
| Segment's EBITDA | 17 086 | 10 380 | -8 104 | 0 | 19 363 |
--------------------------------------------------------------------------------
| Segment's EBIT | 13 610 | -30 066 | -8 161 | 0 | -24 617 |
--------------------------------------------------------------------------------
| Segment's profit | 7 461 | -31 888 | 5 950 | -4 250 | -22 727 |
--------------------------------------------------------------------------------
ASSETS BY SEGMENT, EUR THOUSAND
--------------------------------------------------------------------------------
| ASSETS | Wood | Minerals | Non-segm | Adjustments | Group |
| EUR '000 | Processin | | ents | and | |
| | g | | | eliminations | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 30 September | 85 469 | 400 409 | 355 279 | -297 274 | 543 884 |
| 2010 | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 31 December 2009 | 83 623 | 390 005 | 362 749 | -273 180 | 563 198 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
GOODWILL BY SEGMENT, EUR THOUSAND
--------------------------------------------------------------------------------
| EUR '000 | 30.9.2010 | % | 31.12.2009 | % | Change |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Minerals | 157 485 | 86.1% | 147 327 | 85.2% | 10 157* |
--------------------------------------------------------------------------------
| Wood Processing | 25 525 | 13.9% | 25 523 | 14.8% | 1 |
--------------------------------------------------------------------------------
| Total | 183 009 | 100.0% | 172 850 | 100.0% | 10 159 |
--------------------------------------------------------------------------------
* Increase mainly due to changes in exchange rates
CONSOLIDATED INCOME STATEMENT, SUMMARY, EUR THOUSAND
--------------------------------------------------------------------------------
| EUR '000 | 9 months | 9 months | Q3 2010 | Q3 2009 | 12 months |
| | to | to | | | ended |
| | 30.9.201 | 30.9.200 | | | 31.12.2009 |
| | 0 | 9 | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Revenue | 182 254 | 133 182 | 57 669 | 45 048 | 193 359 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other operating | 1 271 | 1 050 | 616 | 320 | 7 587 |
| income | | | | | |
--------------------------------------------------------------------------------
| Operating expenses | -173 078 | -130 566 | -55 480 | -44 693 | -181 590 |
--------------------------------------------------------------------------------
| Depreciation and | -22 601 | -19 293 | -8 037 | -7 524 | -26 960 |
| amortisation | | | | | |
--------------------------------------------------------------------------------
| Impairment | -629 | 0 | 58 | 0 | -17 020 |
--------------------------------------------------------------------------------
| Items related to | 216 | -36 | 189 | -36 | 6 |
| associates (core) | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit | -12 567 | -15 662 | -4 985 | -6 886 | -24 617 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financial income | -1 488 | -358 | -637 | 1 557 | -3 435 |
| and expense | | | | | |
--------------------------------------------------------------------------------
| Items related to | -103 | 97 | -134 | 7 | -284 |
| associates | | | | | |
| (non-core) | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit before tax | -14 158 | -15 923 | -5 755 | -5 322 | -28 336 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Income tax * | 7 489 | 2 191 | 3 148 | 1 260 | 5 609 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit for the | -6 669 | -13 732 | -2 607 | -4 062 | -22 727 |
| period | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit | | | | | |
| attributable to: | | | | | |
--------------------------------------------------------------------------------
| Owners of the | -8 125 | -10 017 | -3 972 | -2 567 | -19 744 |
| parent | | | | | |
--------------------------------------------------------------------------------
| Non-controlling | 1 456 | -3 716 | 1 365 | -1 495 | -2 983 |
| interests | | | | | |
--------------------------------------------------------------------------------
| Total | -6 669 | -13 732 | -2 607 | -4 062 | -22 727 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share (counted from profit attributable to owners of the |
| parent): |
--------------------------------------------------------------------------------
| basic (EUR) | -0.03 | -0.04 | | | -0.08 |
--------------------------------------------------------------------------------
| diluted (EUR) | -0.03 | -0.04 | | | -0.08 |
--------------------------------------------------------------------------------
* The Group has recognised tax income due to tax refunds and diminished deferred
tax liabilities.
STATEMENT OF COMPREHENSIVE INCOME, EUR THOUSAND
--------------------------------------------------------------------------------
| Other | 9 months | 9 months | Q3 2010 | Q3 2009 | 12 months |
| comprehensive | to | to | | | ended |
| income | 30.9.201 | 30.9.200 | | | 31.12.2009 |
| | 0 | 9 | | | |
--------------------------------------------------------------------------------
| Exchange | 12 826 | 6 576 | -2 350 | -535 | 9 534 |
| differences on | | | | | |
| translating | | | | | |
| foreign operations | | | | | |
--------------------------------------------------------------------------------
| Income tax | -5 451 | -2 345 | 1 048 | 197 | -3 518 |
| relating to other | | | | | |
| comprehensive | | | | | |
| income | | | | | |
--------------------------------------------------------------------------------
| Other | 7 375 | 4 230 | -1 302 | -338 | 6 016 |
| comprehensive | | | | | |
| income, net of tax | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total | 706 | -9 502 | -3 909 | -4 400 | -16 711 |
| comprehensive | | | | | |
| income for the | | | | | |
| year | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total | | | | | |
| comprehensive | | | | | |
| income | | | | | |
| attributable to: | | | | | |
--------------------------------------------------------------------------------
| Owners of the | -1 846 | -5 784 | -5 091 | -2 898 | -14 038 |
| parent | | | | | |
--------------------------------------------------------------------------------
| Non-controlling | 2 552 | -3 717 | 1 181 | -1 504 | -2 672 |
| interests | | | | | |
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION, SUMMARY, EUR THOUSAND
--------------------------------------------------------------------------------
| EUR '000 | 30.9.2010 | 30.9.2009 | 31.12.2009 |
--------------------------------------------------------------------------------
| ASSETS | | | |
--------------------------------------------------------------------------------
| Non-current assets | | | |
--------------------------------------------------------------------------------
| Investments and intangible assets | | | |
--------------------------------------------------------------------------------
| Goodwill | 183 009 | 217 183 | 172 850 |
--------------------------------------------------------------------------------
| Investments in associates | 267 | 1 882 | 507 |
--------------------------------------------------------------------------------
| Other intangible assets | 95 739 | 107 109 | 103 063 |
--------------------------------------------------------------------------------
| Investments and intangible assets | 279 015 | 326 174 | 276 421 |
| total | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Property, plant and equipment | 79 247 | 91 756 | 80 655 |
--------------------------------------------------------------------------------
| Other non-current assets | 27 668 | 35 583 | 29 506 |
--------------------------------------------------------------------------------
| Non-current assets total | 385 930 | 453 513 | 386 583 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current assets | | | |
--------------------------------------------------------------------------------
| Inventories | 73 115 | 46 429 | 55 951 |
--------------------------------------------------------------------------------
| Receivables | 56 265* | 42 455 | 49 283 |
--------------------------------------------------------------------------------
| Held-to-maturity investments | 0 | 3 610 | 2 500 |
--------------------------------------------------------------------------------
| Other investments | 256 | 775 | 314 |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 21 079 | 58 297 | 55 852 |
--------------------------------------------------------------------------------
| Current assets total | 150 715 | 151 566 | 163 900 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Assets held for sale | 7 239 | 0 | 12 714 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total assets | 543 884 | 605 078 | 563 198 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EQUITY AND LIABILITIES | | | |
--------------------------------------------------------------------------------
| Equity attributable to owners of | | | |
| the parent | | | |
--------------------------------------------------------------------------------
| Share capital | 23 642 | 23 642 | 23 642 |
--------------------------------------------------------------------------------
| Share premium reserve | 25 740 | 25 740 | 25 740 |
--------------------------------------------------------------------------------
| Revaluation reserve | 2 193 | 2 193 | 2 193 |
--------------------------------------------------------------------------------
| Paid-up unrestricted equity | 250 849 | 263 991 | 260 357 |
| reserve | | | |
--------------------------------------------------------------------------------
| Translation reserves | 12 444 | 3 974 | 6 165 |
--------------------------------------------------------------------------------
| Retained earnings | -56 646 | -39 607 | -49 953 |
--------------------------------------------------------------------------------
| Equity attributable to owners of | 258 222 | 279 934 | 268 144 |
| the parent | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-controlling interests | 20 138 | 11 594 | 17 878 |
--------------------------------------------------------------------------------
| Total equity | 278 361 | 291 527 | 286 022 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Liabilities | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current liabilities | 185 167 | 174 952 | 169 318 |
--------------------------------------------------------------------------------
| Current liabilities | | | |
--------------------------------------------------------------------------------
| Advances received | 27 449 | 10 815 | 13 480 |
--------------------------------------------------------------------------------
| Other current liabilities | 52 907 | 127 784 | 88 097 |
--------------------------------------------------------------------------------
| Current liabilities total | 80 356 | 138 599 | 101 577 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Liabilities classified as held for | 0 | 0 | 6 280 |
| sale | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total liabilities | 265 523 | 313 551 | 277 175 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total equity and liabilities | 543 884 | 605 078 | 563 198 |
--------------------------------------------------------------------------------
* Includes a EUR 9 million payment to an escrow account related to the
acquisition of Chromex Mining plc
SUMMARY OF CASH, INTEREST-BEARING RECEIVABLES AND INTEREST-BEARING LIABILITIES,
EUR THOUSAND
--------------------------------------------------------------------------------
| | 30.9.2010 | 30.9.2009 | 31.12.2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash and cash equivalent | 21 079 | 58 297 | 55 852 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Interest-bearing receivables | | | |
--------------------------------------------------------------------------------
| Current | 13 017* | 5 061 | 5 265 |
--------------------------------------------------------------------------------
| Non-current | 12 945 | 18 129 | 15 194 |
--------------------------------------------------------------------------------
| Interest-bearing receivables | 25 962 | 23 190 | 20 459 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Interest-bearing liabilities | | | |
--------------------------------------------------------------------------------
| Current | 12 376 | 10 771 | 45 288 |
--------------------------------------------------------------------------------
| Non-current | 88 842 | 117 443 | 75 506 |
--------------------------------------------------------------------------------
| Interest-bearing liabilities | 101 218 | 128 214 | 120 793 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| NET TOTAL | -54 177 | -46 727 | -44 483 |
--------------------------------------------------------------------------------
* Includes a EUR 9 million payment to an escrow account related to the
acquisition of Chromex Mining plc
SUMMARY OF GROUP'S PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS, EUR
THOUSAND
--------------------------------------------------------------------------------
| | Property, | Intangible |
| | plant and | assets |
| | equipment | |
--------------------------------------------------------------------------------
| Acquisition cost 1.1.2010 | 127 541 | 337 547 |
--------------------------------------------------------------------------------
| Additions | 15 062 | 939 |
--------------------------------------------------------------------------------
| Disposals * | -12 810 | -25 |
--------------------------------------------------------------------------------
| Acquisition cost 30.9.2010 | 129 794 | 338 462 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Acquisition cost 1.1.2009 | 118 012 | 185 429 |
--------------------------------------------------------------------------------
| Additions | 35 814 | 162 181 |
--------------------------------------------------------------------------------
| Disposals * | -27 727 | -23 792 |
--------------------------------------------------------------------------------
| Effect of movements in exchange rates | 1 442 | 13 729 |
--------------------------------------------------------------------------------
| Acquisition cost 31.12.2009 | 127 541 | 337 547 |
--------------------------------------------------------------------------------
* Disposals include assets that have been classified as held-for-sale
CONSOLIDATED STATEMENT OF CASH FLOWS, EUR THOUSAND
--------------------------------------------------------------------------------
| EUR '000 | 9 months | 9 months to | 12 months |
| | to | 30.9.2009 | ended |
| | 30.9.2010 | | 31.12.2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net profit | -6 669 | -13 732 | -22 727 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Adjustments to net profit | 12 288 | 24 528 | 39 630 |
--------------------------------------------------------------------------------
| Payment to trust fund to provide | 0 | -6 479 | -6 479 |
| for future remuneration in | | | |
| relation to acquisition | | | |
--------------------------------------------------------------------------------
| Changes in working capital | 3 335 | -3 367 | -10 239 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net cash from operating activities | 8 954 | 950 | 185 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Acquisition of subsidiaries and | -1 232 | -99 114 | -102 514 |
| associates | | | |
--------------------------------------------------------------------------------
| Acquisition of joint venture | -9 000* | 0 | 0 |
--------------------------------------------------------------------------------
| Payments of earn-out liabilities | -65 | -197 | -438 |
--------------------------------------------------------------------------------
| Disposal of subsidiaries and | 1 636 | 978 | 6 321 |
| associates | | | |
--------------------------------------------------------------------------------
| Sale of business | 11 823 | 0 | 0 |
--------------------------------------------------------------------------------
| Capital expenditures and other | -9 849 | -9 376 | -10 811 |
| investing activities | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net cash used in investing | -6 686 | -107 709 | -107 443 |
| activities | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Acquisition of own shares | -10 | -53 980 | -57 714 |
--------------------------------------------------------------------------------
| Capital redemption | -9 570 | -10 055 | -10 055 |
--------------------------------------------------------------------------------
| Dividends paid | -431 | -115 | -479 |
--------------------------------------------------------------------------------
| Deposits | 2 500 | 182 813 | 184 230 |
--------------------------------------------------------------------------------
| Interest received, other than | 3 | 1 084 | 1 233 |
| operations related | | | |
--------------------------------------------------------------------------------
| Proceeds from borrowings | 3 044 | 5 879 | 9 417 |
--------------------------------------------------------------------------------
| Repayment of borrowings, and other | -32 974 | -5 966 | -8 926 |
| financing activities | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net cash used in financing | -37 438 | 119 660 | 117 706 |
| activities | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net increase in cash and cash | -35 170 | 12 900 | 10 449 |
| equivalents | | | |
--------------------------------------------------------------------------------
* Payment to an escrow account related to the acquisition of Chromex Mining plc
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY, EUR THOUSAND
--------------------------------------------------------------------------------
| A = Share capital |
--------------------------------------------------------------------------------
| B = Share premium reserve |
--------------------------------------------------------------------------------
| C = Fair value and revaluation reserves |
--------------------------------------------------------------------------------
| D = Paid-up unrestricted equity reserve |
--------------------------------------------------------------------------------
| E = Translation reserve |
--------------------------------------------------------------------------------
| F = Retained earnings |
--------------------------------------------------------------------------------
| G = Equity attributable to owners of the parent, total |
--------------------------------------------------------------------------------
| H = Non-controlling interests |
--------------------------------------------------------------------------------
| I = Total equity |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EUR '000 | A | B | C | D | E | F | G | H | I |
--------------------------------------------------------------------------------
| Equity at | 23 | 25 | 2 | 328 | -434 | -30 | 348 | 7 | 356 |
| 31.12.200 | 642 | 740 | 193 | 025 | | 224 | 943 | 768 | 710 |
| 8 | | | | | | | | | |
--------------------------------------------------------------------------------
| Dividend | | | | | | | 0 | -115 | -115 |
| distribut | | | | | | | | | |
| ion | | | | | | | | | |
--------------------------------------------------------------------------------
| Total | | | | | 4 | -10 | -5 | -3 | -9 |
| comprehen | | | | | 408 | 192 | 784 | 717 | 502 |
| sive | | | | | | | | | |
| income | | | | | | | | | |
| 1-9/2009 | | | | | | | | | |
--------------------------------------------------------------------------------
| Share-bas | | | | | | 795 | 795 | | 795 |
| ed | | | | | | | | | |
| payments | | | | | | | | | |
--------------------------------------------------------------------------------
| Acquisiti | | | | -53 | | | -53 | | -53 |
| on of own | | | | 980 | | | 980 | | 980 |
| shares | | | | | | | | | |
--------------------------------------------------------------------------------
| Capital | | | | -10 | | | -10 | | -10 |
| redemptio | | | | 055 | | | 055 | | 055 |
| n | | | | | | | | | |
--------------------------------------------------------------------------------
| Acquisiti | | | | | | | 0 | 7 | 7 658 |
| ons and | | | | | | | | 658 | |
| disposals | | | | | | | | | |
| of | | | | | | | | | |
| subsidiar | | | | | | | | | |
| ies | | | | | | | | | |
--------------------------------------------------------------------------------
| Other | | | | | | 15 | 15 | | 15 |
| changes | | | | | | | | | |
--------------------------------------------------------------------------------
| Equity at | 23 | 25 | 2 | 263 | 3 | -39 | 279 | 11 | 291 |
| 30.9.2009 | 642 | 740 | 193 | 991 | 974 | 607 | 934 | 594 | 527 |
--------------------------------------------------------------------------------
| Dividend | | | | | | | 0 | -364 | -364 |
| distribut | | | | | | | | | |
| ion | | | | | | | | | |
--------------------------------------------------------------------------------
| Total | | | | | 2 | -10 | -8 | 1 | -7 |
| comprehen | | | | | 191 | 444 | 254 | 044 | 209 |
| sive | | | | | | | | | |
| income | | | | | | | | | |
| 10-12/200 | | | | | | | | | |
| 9 | | | | | | | | | |
--------------------------------------------------------------------------------
| Share-bas | | | | | | 113 | 113 | | 113 |
| ed | | | | | | | | | |
| payments | | | | | | | | | |
--------------------------------------------------------------------------------
| Acquisiti | | | | -3 | | | -3 | | -3 |
| on of own | | | | 634 | | | 634 | | 634 |
| shares | | | | | | | | | |
--------------------------------------------------------------------------------
| Acquisiti | | | | | | | 0 | 5 | 5 605 |
| ons and | | | | | | | | 605 | |
| disposals | | | | | | | | | |
| of | | | | | | | | | |
| subsidiar | | | | | | | | | |
| ies | | | | | | | | | |
--------------------------------------------------------------------------------
| Other | | | | | | -15 | -15 | | -15 |
| changes | | | | | | | | | |
--------------------------------------------------------------------------------
| Equity at | 23 | 25 | 2 | 260 | 6 | -49 | 268 | 17 | 286 |
| 31.12.200 | 642 | 740 | 193 | 357 | 165 | 953 | 144 | 878 | 022 |
| 9 | | | | | | | | | |
--------------------------------------------------------------------------------
| Dividend | | | | | | | 0 | -293 | -293 |
| distribut | | | | | | | | | |
| ion | | | | | | | | | |
--------------------------------------------------------------------------------
| Total | | | | | 6 | -8 | -1 | 2 | 706 |
| comprehen | | | | | 279 | 125 | 846 | 552 | |
| sive | | | | | | | | | |
| income | | | | | | | | | |
| 1-9/2010 | | | | | | | | | |
--------------------------------------------------------------------------------
| Share-bas | | | | | | 1 395 | 1 395 | | 1 395 |
| ed | | | | | | | | | |
| payments | | | | | | | | | |
--------------------------------------------------------------------------------
| Share | | | | 72 | | | 72 | | 72 |
| subscript | | | | | | | | | |
| ions | | | | | | | | | |
| based on | | | | | | | | | |
| option | | | | | | | | | |
| rights | | | | | | | | | |
--------------------------------------------------------------------------------
| Acquisiti | | | | -10 | | | -10 | | -10 |
| on of own | | | | | | | | | |
| shares | | | | | | | | | |
--------------------------------------------------------------------------------
| Capital | | | | -9 | | | -9 | | -9 |
| redemptio | | | | 570 | | | 570 | | 570 |
| n | | | | | | | | | |
--------------------------------------------------------------------------------
| Acquisiti | | | | | | 17 | 17 | 1 | 18 |
| ons and | | | | | | | | | |
| disposals | | | | | | | | | |
| of | | | | | | | | | |
| subsidiar | | | | | | | | | |
| ies | | | | | | | | | |
--------------------------------------------------------------------------------
| Other | | | | | | 20 | 20 | | 20 |
| changes | | | | | | | | | |
--------------------------------------------------------------------------------
| Equity at | 23 | 25 | 2 | 250 | 12 | -56 | 258 | 20 | 278 |
| 30.9.2010 | 642 | 740 | 193 | 849 | 444 | 646 | 222 | 138 | 361 |
--------------------------------------------------------------------------------
OTHER KEY INDICATORS, EUR MILLION
--------------------------------------------------------------------------------
| | 9 months to | 9 months to | 12 months |
| | 30.9.2010 | 30.9.2009 | ended |
| | | | 31.12.2009 |
--------------------------------------------------------------------------------
| Gross capital expenditure | 16.0 | 210.9 | 215.7 |
--------------------------------------------------------------------------------
| % of revenue | 8.8% | 158.3% | 111.6% |
--------------------------------------------------------------------------------
| Personnel, average | 952 | 792 | 824 |
--------------------------------------------------------------------------------
| Personnel, at the end of the | 994 | 932 | 893 |
| period | | | |
--------------------------------------------------------------------------------
FORMULAS FOR FINANCIAL INDICATORS
Financial ratios and indicators have been calculated with the same principles as
applied in the 2009 financial statements. These principles are presented below.
Return on equity, % = Net profit / Total equity (average for the period) * 100
Return on capital employed, % = Profit before taxes + financing expenses /
(balance sheet total - non-interest bearing liabilities) average * 100
Equity ratio, % = Total equity / balance sheet - prepayments received * 100
Earnings per share, undiluted, EUR = Profit attributable to owners of the parent
company / Average number of shares during the period
Earnings per share, diluted, EUR = Profit attributable to owners of the parent
company / Average number of shares during the period, diluted
Equity per share, EUR = Equity attributable to owners of the parent company /
Average number of shares during the period
Operating profit (EBIT) = Operating profit is the net of revenue plus other
operating income, plus gain/loss on finished goods inventory change, minus
employee benefits expense, minus depreciation, amortisation and impairment and
minus other operating expense. Foreign exchange gains or losses are included in
operating profit when generated from ordinary activities. Exchange gains or
losses related to financing activities are recognised as financial income or
expense.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) = EBIT +
Depreciations + Amortisations + Impairment losses
Gross capital expenditure = Gross capital expenditure consists of the additions
in the acquisition cost of non-current tangible and intangible assets as well as
additions in non-current assets resulting from acquisitions.
ACQUISITIONS AND DIVESTMENTS
During the third quarter Ruukki Group did not conclude any new acquisitions.
Chromex acquisition
On 30 September Ruukki Group Plc announced that it has reached an agreement on
the terms of a recommended offer by joint venture company Synergy Africa Limited
(“Synergy Africa”) to acquire the entire issued and to be issued share capital
of Chromex Mining plc (“Chromex”)at approximately GBP 37.1 million (EUR 42.1
million). Company expects to finalise this acquisition in Q4 2010 or in Q1 2011
Intermetal acquisition
A 99% stake in Intermetal, a Turkish company, was acquired in the beginning of
February 2010. The revised preliminary purchase price allocation of the
acquisition has been presented in the first quarter Interim Report.
Lappipaneli disposal of assets
Lappipaneli concluded in April the transfer of its fixed assets to Pölkky Oy,
Pölkky Metsä Kmo Oy and Kitkawood Oy. Inventories were sold already in October
2009. The consideration was partly paid during the fourth quarter of 2009 and
the remaining during 2010.
ACCOUNTING POLICIES
This Interim Report is prepared in accordance with the IAS 34 standard. Ruukki
Group Plc applies the same accounting and IFRS principles as in the 2009
financial statements. Starting from 1 January 2009, the Group has had two
reporting segments: Wood Processing Business and Minerals Business.
The preparation of the Interim Report in accordance with IFRS requires
management to make estimates and assumptions that affect the valuation of the
reported assets and liabilities and other information, such as contingent
liabilities and the recognition of income and expenses in the income statement.
Although the estimates are based on the management's best knowledge of current
events and actions, actual results may differ from the estimates.
The treasury shares acquired are presented as a deduction in the parent
company's paid-up unrestricted equity reserve.
The figures in the tables have been rounded off to one decimal point, which must
be considered when calculating totals. Average exchange rates for the period
have been used for income statement conversions, and period-end exchange rates
for balance sheet.
Other changes
The Group decided in conjunction with the 2009 financial statements to change
the way it presents its share of associated profits, sales gains and losses
related to associates, and impairment on associates' shares and receivables, to
the extent they relate to associated companies owned by the Group parent company
and not belonging to business segments. Hence, from 2009 onwards these items are
presented in finance items below EBIT, when previously they have been presented
above EBIT in various lines. The comparatives have been changed accordingly. The
rationale behind the change in presenting these items is that these associated
companies are not material and that they are classified as non-core assets.
From 31 December 2009, with retroactive implementation, the Group has presented
realised and unrealised gains and losses in relation to emission rights in other
operating income and expenses above EBIT, whereas earlier those items have been
included in finance income and finance expense.
Ruukki acquired in October 2008 the Southern European minerals business,
consisting of RCS, TMS and EWW. The business is based on EWW's niche smelter
operations. Many of EWW's products are tailor made sophisticated products
integrated into RCS's customers' supply chains. The exact product composition is
critical for many of those customers' quality assurance programmes for their own
production and the Group is often the only supplier of the exact product
required. Ruukki Group initially identified customer relationships and
technology as separate assets, but has subsequently reconsidered that these two
components are embedded and non separable. Therefore it will from 2010 onwards
combine these assets and rename them as "customer relationships and technology",
recognising the value of the long-term customer relationship and deeply
integrated products of a niche manufacturer. In interim reporting, both assets
have been presented as other intangible assets. The change in the asset
description does not change the interim reporting form from prior reporting.
Acquisition-related liabilities, both conditional and unconditional items, have
from 31 December 2009 been retroactively presented in interest-bearing
liabilities to the extent those liabilities are to be settled with cash
regardless whether the payments are fixed in nominal terms or whether there are
interest determined in the transaction documentation. The earn-out liabilities
where the payment is in the form of the Company's shares, no reclassification
has been carried out, and hence those items are shown in the non-interest
bearing liabilities category.
The Interim Report data are unaudited.
In Espoo, 11 November 2010
RUUKKI GROUP PLC
BOARD OF DIRECTORS
OTHER NOTES TO INTERIM REPORT
SHAREHOLDERS
On 2 November 2010, the Company had a total of 3,870 shareholders, of which 9
were nominee-registered. The registered number of shares was 248,207,000 on 2
November 2010.
Largest shareholders, 2 November 2010:
--------------------------------------------------------------------------------
| | Shareholder | Shares | % |
--------------------------------------------------------------------------------
| 1 | Kermas Limited | 70 766 500 | 28.5 |
--------------------------------------------------------------------------------
| 2 | Atkey Limited | 51 426 401 | 20.7 |
--------------------------------------------------------------------------------
| 3 | Hanwa Company Limited | 30 000 000 | 12.1 |
--------------------------------------------------------------------------------
| 4 | Nordea Bank Finland Plc | 24 887 093 | 10.0 |
| | nominee-registered | | |
--------------------------------------------------------------------------------
| 5 | Evli Bank Plc nominee-registered | 16 077 500 | 6.5 |
--------------------------------------------------------------------------------
| 6 | Hino Resources Co. Ltd | 11 441 191 | 4.6 |
--------------------------------------------------------------------------------
| 7 | Kankaala Markku | 8 077 533 | 3.3 |
--------------------------------------------------------------------------------
| 8 | Ruukki Group Plc | 7 890 895* | 3.2 |
--------------------------------------------------------------------------------
| 9 | Moncheur & Cie SA | 7 511 672 | 3.0 |
--------------------------------------------------------------------------------
| 10 | Skandinaviska Enskilda Banken | 5 389 027 | 2.2 |
| | nominee-registered | | |
--------------------------------------------------------------------------------
| | Total | 233 467 812 | 94.1 |
--------------------------------------------------------------------------------
| | Other Shareholders | 14 739 188 | 5.9 |
--------------------------------------------------------------------------------
| | Total shares registered | 248 207 000 | 100.0 |
--------------------------------------------------------------------------------
* In addition 850,000 shares are as depositary interests in LSE
CHANGES IN THE NUMBER OF SHARES AND SHARE CAPITAL DURING OR AFTER THE REVIEW
PERIOD
On 31 December 2009, the registered number of Ruukki Group Plc shares was
261,034,022. In February 2010 altogether 13,052,022 shares were cancelled, and
the registered amount of shares changed to 247,982,000.
On 20 July 2010, Ruukki Group Plc issued 225,000 new shares pursuant to the
subscriptions made by I/2005 A series option rights. According to the terms of
the Option Program, the subscription period ended on 30 June 2010 and the
subscription price was EUR 0.32 per share. The subscription price of the new
shares was registered in the Company's unrestricted equity reserve. Share
capital remained unchanged, totalling EUR 23,642,049.60. The new shares were
admitted to trading on the Official List of NASDAQ OMX Helsinki Ltd on 21 July
2010 and to trading on the London Stock Exchange on 27 July 2010, following
admission of the other shares to trading on the London Stock Exchange on 26 July
2010. The number of the Company's shares after subscription is 248,207,000
shares. The shares are in a single series, and each share entitles the holder to
one vote at the Annual General Meeting.
The new shares issued pursuant to the share issue and the subscriptions made by
option rights have been registered in the trade register and the Company's
shareholder register. They entitle the holder to a dividend for financial year
2010 and to other shareholder rights.
The share subscriptions made have changed the potential dilution from option
rights as compared to the information presented in the Group's 2009 Annual
Report.
On 11 November 2010 the Company had altogether 8,740,895 own shares, which was
equivalent to about 3.52% of all registered shares.
Based on the resolution by the Annual General Meeting on 21 April 2010, the
Board has currently been authorised for a buy-back of maximum 10,000,000 own
shares. This authorisation is valid until 21 October 2011.
SHARE-BASED COMPENSATION
The Group has directed a issue of shares at no cost to the members of the Board
of Directors as approved by the Annual General Meeting on 21 April 2010. The
Board decided on 30 May on a directed share issue at no cost to the Board member
Barry Rourke in accordance with the Board's statement presented at the AGM. In
respect of its terms, this share issue corresponds to the share issue which the
Annual General Meeting of 21 April 2010 decided to allocate to the other members
of the Board of Directors. The compensation plan is settled in shares and is
accordingly recognised as equity-settled in the Group's IFRS financial
statements. The terms of the directed share issue at no cost have been published
in entirety by a stock exchange release in conjunction with the resolutions of
the AGM on 21 April and on 1 June concerning the share issue at no cost to Barry
Rourke.
GENERAL MEETINGS
Ruukki Group held an Extraordinary General Meeting in Espoo on Wednesday 11
August 2010, at which it was resolved to appoint Alwyn Smit and Danko Koncar as
members of the Board of Directors of the Company. The resolutions of the
Extraordinary General Meeting have been published in entirety that day by a
stock exchange release.
COMPANY'S SHARE
Ruukki Group Plc's shares (RUG1V) are listed on NASDAQ OMX Helsinki in which the
shares of the Company are traded in the mid cap segment, in the industrials
sector. As of 26 July, the Company's shares have been listed on the main market
of the London Stock Exchange (LSE: RKKI).
Share-related key figures
--------------------------------------------------------------------------------
| | | 9 months | 9 months | Q3 2010 | Q3 2009 | 12 months |
| | | to | to | | | ended |
| | | 30.9.201 | 30.9.200 | | | 31.12.200 |
| | | 0 | 9 | | | 9 |
--------------------------------------------------------------------------------
| Share price | | | | | | |
| development | | | | | | |
| in London | | | | | | |
| Stock | | | | | | |
| Exchange | | | | | | |
--------------------------------------------------------------------------------
| Average | EUR | N/A | N/A | 1.85 | N/A | N/A |
| share | | | | | | |
| price* | | | | | | |
--------------------------------------------------------------------------------
| | GBP | N/A | N/A | 1.54 | N/A | N/A |
--------------------------------------------------------------------------------
| Lowest | EUR | N/A | N/A | 1.76 | N/A | N/A |
| share | | | | | | |
| price* | | | | | | |
--------------------------------------------------------------------------------
| | GBP | N/A | N/A | 1.47 | N/A | N/A |
--------------------------------------------------------------------------------
| Highest | EUR | N/A | N/A | 2.14 | N/A | N/A |
| share | | | | | | |
| price* | | | | | | |
--------------------------------------------------------------------------------
| | GBP | N/A | N/A | 1.78 | N/A | N/A |
--------------------------------------------------------------------------------
| Share price | EUR | N/A | N/A | 1.89 | N/A | N/A |
| at the end | | | | | | |
| of the | | | | | | |
| period** | | | | | | |
--------------------------------------------------------------------------------
| | GBP | N/A | N/A | 1.63 | N/A | N/A |
--------------------------------------------------------------------------------
| Market | EUR | N/A | N/A | 469.0 | N/A | N/A |
| capitalisat | million | | | | | |
| ion at the | | | | | | |
| end of the | | | | | | |
| period** | | | | | | |
--------------------------------------------------------------------------------
| | GBP | N/A | N/A | 403.3 | N/A | N/A |
| | million | | | | | |
--------------------------------------------------------------------------------
| Share | | | | | | |
| trading | | | | | | |
| development | | | | | | |
--------------------------------------------------------------------------------
| Share | 1,000 | N/A | N/A | 72.9 | N/A | N/A |
| turnover | shares | | | | | |
--------------------------------------------------------------------------------
| Share | EUR '000 | N/A | N/A | 134.7 | N/A | N/A |
| turnover | | | | | | |
--------------------------------------------------------------------------------
| Share | GBP '000 | N/A | N/A | 112.2 | N/A | N/A |
| turnover | | | | | | |
--------------------------------------------------------------------------------
| Share | % | N/A | N/A | 0.03% | N/A | N/A |
| turnover | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Share price | | | | | | |
| development | | | | | | |
| in NASDAQ | | | | | | |
| OMX | | | | | | |
| Helsinki | | | | | | |
--------------------------------------------------------------------------------
| Average | EUR | 1.57 | 1.61 | 1.77 | 1.81 | 1.67 |
| share price | | | | | | |
--------------------------------------------------------------------------------
| Lowest | EUR | 1.00 | 1.04 | 1.45 | 1.64 | 1.04 |
| share price | | | | | | |
--------------------------------------------------------------------------------
| Highest | EUR | 2.30 | 2.29 | 1.96 | 2.17 | 2.68 |
| share price | | | | | | |
--------------------------------------------------------------------------------
| Share price | EUR | 1.89 | 1.92 | 1.89 | 1.92 | 2.14 |
| at the end | | | | | | |
| of the | | | | | | |
| period | | | | | | |
--------------------------------------------------------------------------------
| Market | EUR | 469.1 | 501.2 | 469.1 | 501.2 | 558.6 |
| capitalisat | million | | | | | |
| ion at the | | | | | | |
| end of the | | | | | | |
| period | | | | | | |
--------------------------------------------------------------------------------
| Share | | | | | | |
| trading | | | | | | |
| development | | | | | | |
--------------------------------------------------------------------------------
| Share | 1,000 | 18 907 | 280 815 | 2 477 | 65 278 | 328 119 |
| turnover | shares | | | | | |
--------------------------------------------------------------------------------
| Share | EUR '000 | 29 732 | 450 915 | 4 373 | 117 899 | 547 018 |
| turnover | | | | | | |
--------------------------------------------------------------------------------
| Share | % | 7.6% | 107.6% | 1.0% | 25.0% | 125.7% |
| turnover | | | | | | |
--------------------------------------------------------------------------------
Ruukki's share has been listed in London Stock Exchange as of 26 July 2010, thus
share information in LSE is available only from that day onwards.
* Share prices have been calculated on the average EUR/GBP exchange rate
published by Bank of Finland.
** Share price and market capitalisation at the end of the period have been
calculated on the EUR/GBP exchange rate published by Bank of Finland at the end
of the period.
Formulas for share-related key indicators
Average share price = Total value of shares traded in currency / Number of
shares traded during the period
Market capitalisation, million = Number of shares * Share price at the end of
the period
FLAGGING NOTIFICATIONS DURING OR AFTER THE REVIEW PERIOD
Ruukki Group Plc has received the following flagging notifications during or
after the review period 1 January - 30 September 2010. The notifications can be
found in full on the Company website at
http://www.ruukkigroup.fi/In_English/News/Flaggings.iw3.
- 19 January 2010: Ruukki Group Plc => treasury shares held by the Company below
5%
- 20 January 2010: Atkey Limited => based on Ruukki Group's announcement of the
Board's decision to cancel altogether 13,052,022 treasury shares held by
Ruukki Group Plc Atkey Limited's ownership will exceed 20% of the registered
share capital and voting rights of Ruukki Group Plc after the cancellation has
been registered at the Trade Register
FORWARD LOOKING STATEMENTS
This report contains forward-looking statements. Often, but not always,
forward-looking statements can be identified by the use of forward-looking
terminology, including the terms "believes", "expects", "intends", "may", "will"
or "should" or, in each case, their negative or other variations or comparable
terminology. By their nature, forward-looking statements involve uncertainty
because they depend on future circumstances, and relate to events, not all of
which are within the Company's control or can be predicted by the Company.
Although the Company believes that the expectations reflected in such
forward-looking statements are reasonable, no assurance can be given that such
expectations will prove to have been correct. Actual results could differ
materially from those set out in the forward-looking statements. Save as
required by law (including the Finnish Securities Markets Acts (495/1989), as
amended, or by the Listing Rules or the Disclosure and Transparency Rules of the
UK Financial Services Authority), the Company undertakes no obligation to update
any forward-looking statements in this report that may occur due to any changes
in the Directors' expectations or to reflect events or circumstances after the
date of this report.
RUUKKI GROUP PLC'S INTERIM RESULTS FOR THE PERIOD ENDED 30 SEPTEMBER 2010
| Source: Afarak Group Plc
Pièces jointes
