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OLVAS - Olvi Oyj News Story

€42.9 0.5  1.2%

Last Trade - 07/08/20

Sector
Consumer Defensives
Size
Mid Cap
Market Cap £802.4m
Enterprise Value £797.0m
Revenue £375.9m
Position in Universe 318th / 1782

Olvi Group's Interim Report, 1 January to 31 March 2020 (3 Months)

Thu 30th April, 2020 7:00am
Olvi Group's Interim Report, 1 January to 31 March 2020 (3 Months)

OLVI PLC                INTERIM REPORT 30 APR 2020 at 9:00 am


OLVI GROUP’S INTERIM REPORT, 1 JANUARY TO 31 MARCH 2020 (3 MONTHS)

Interim Report in brief

Olvi Group’s first-quarter sales volume, net sales and operating profit developed well. However, the measures taken to contain the spreading of the corona pandemic in almost all of Olvi’s home markets were already reflected in performance towards the end of the review period. Olvi Group’s financial standing is strong.

Near-term outlook

On 30 April, Olvi issued a separate release withdrawing its earnings guidance for 2020 due to uncertainty caused by the corona pandemic.

”The authorities have closed down a number of sales channels in many of Olvi’s main market areas, and in spite of increased retail sales, this imposes a challenge on predicting the development of profitability particularly within the next few months. Due to this, Olvi Group withdraws its earnings guidance for 2020.”

Consolidated key ratios

 1-3 / 20201-3 / 2019Change % /
pp
1-12 / 2019
Sales volume, Mltr153.2137.411.5718.3
Net sales, MEUR84.677.09.8408.7
Gross margin, MEUR14.111.720.276.7
% of net sales16.715.2 18.8
Operating profit, MEUR7.86.030.252.5
% of net sales9.37.8 12.8
Net profit for the period, MEUR5.45.16.042.2
% of net sales6.46.6 10.3
Earnings per share, EUR0.260.254.02.02
Investments, MEUR9.26.834.331.0
Equity per share, EUR12.3611.695.712.58
Equity to total assets, %65.066.4-1.466.4
Gearing, %-3.6-2.41.2-11.6

Business development
Lasse Aho, Managing Director:

Olvi Group’s business development was outstanding in comparison with the previous year. Sales volume and operating profit improved clearly in all home markets. Operating profit increased by more than 30 percent.

Sales channel restrictions caused by the corona pandemic started to impact Olvi’s business operations in the middle of March. All Olvi Group companies immediately initiated contingency measures to protect their personnel and production and to cut costs. Authorities in all of Olvi’s operating countries except Belarus started to restrict the movement of people, and a number of sales channels were closed. There were restaurant lock-downs, and passenger traffic came to an almost total halt, shifting demand to retail sales. Olvi has a strong position in retail sales in all of its home markets. 

All Group companies have started to rapidly adapt their operations to the new situation and to cut costs in order to maintain the best possible performance level. To safeguard the security of supply in a society-wide crisis, more production shifts have been introduced and inventory levels have been increased.

Business in Finland continued on the previous year’s favourable development trend. Sales volume, net sales and operating profit have clearly increased on the previous year. The demand for mild alcoholic beverages and the market position of Olvi’s brands have remained strong, particularly in beers and long drinks. Due to the corona pandemic, sales have shifted to retail outlets, and their volume growth has compensated for the closure of other sales channels. 

Good development of the Estonian market continued until the beginning of March. The alcohol tax cuts implemented in the previous year had a positive effect on domestic demand as well as on-board and harbour sales in Tallinn. Thanks to this, sales volume increased by more than 5 percent and net sales 8 percent on the previous year. The corona pandemic has had its most rapid impact in Estonia because the share of on-trade and cross-border sales is the highest across all of Olvi Group. Operating profit for the quarter declined slightly on the previous year. The company has executed rapid adaptation measures to control the changed situation.  

In Latvia, sales volume increased by almost 7 percent on the previous year. The company’s market share has improved in all of the main product categories, and sales development has outperformed the market. Due to the corona pandemic, on-trade and cross-border sales came to a halt in March also in Latvia. To compensate for this, the company has opened an online direct sales outlet with temporary permission from the government, as well as started the production of hand sanitiser, which has also been donated to local hospitals.

In Lithuania, sales volume has increased by 25 percent and net sales by 23 percent on the comparison period. Domestic demand for Volfas Engelman’s mild alcoholic beverages has become stronger. The sales of waters have also more than doubled, thanks to the company’s own mineral spring water plant. However, the strongest sales growth can be seen in exports, particularly to Russia. Thanks to good sales development, operating profit has improved by almost 60 percent on the previous year. The impact of the corona pandemic is not yet substantial in the first quarter, but on-trade sales restrictions in particular will have some impact on the good growth trend in the second quarter.

In Belarus, business development in the first quarter was very good. Both sales volume and net sales increased by 14 percent. Domestic demand grew stronger in beers, and particularly in all non-alcoholic product categories. Exports continued to grow as well. Thanks to good sales management, the company’s operating profit improved substantially, amounting to more than two million euro. The Belarusian government has not initiated any restrictive action concerning the corona pandemic for the time being. However, consumer behaviour has changed similarly to other countries, and on-trade sales have declined, for example. Uncertainties in the global economy have hampered the exchange rate of the Belarusian local currency against the euro when compared to the previous year.

Investments have been completed as planned during the review period. The focus has been in Finland, where preparations for the commissioning of a new production line and juicing facility have continued. An investment in a new production line has also been initiated in Belarus. Strategic growth investments within the Group will be completed as planned.  

Seasonal nature of the operations

The Group’s business operations are characterised by seasonal variation. The net sales and operating profit from the reported geographical segments do not accumulate evenly but vary according to the time of the year and the characteristics of each season.

Sales development 
 
Olvi Group’s sales volume in January-March increased by 11.5 percent to 153.2 (137.4) million litres.

Sales volume development in the beginning of the year was good across the entire Group. Stronger domestic demand and increased exports have been common factors for volume growth in the different markets.

Sales volume, million litres1-3 / 20201-3 / 2019Change %
Finland48.144.48.3
Estonia22.921.75.5
Latvia14.513.66.9
Lithuania25.320.225.0
Belarus47.341.613.9
Eliminations-5.0-4.1 
Total153.2137.411.5

The Group’s net sales in January-March increased by 9.8 percent and amounted to 84.6 (77.0) million euro. All of the markets were growing.

Net sales, million euro1-3 / 20201-3 / 2019Change %
Finland36.033.96.1
Estonia14.913.88.2
Latvia7.77.43.8
Lithuania11.29.123.1
Belarus17.215.014.4
Eliminations-2.4-2.2 
Total84.677.09.8

Earnings development

The Group’s operating profit in January-March stood at 7.8 (6.0) million euro, or 9.3 (7.8) percent of net sales. In the first quarter, Lithuania and Belarus in particular were able to substantially improve their earnings in comparison to the previous year. The earnings figure includes a provision of 0.3 million euro for potential credit losses and write-downs on inventories due to the corona pandemic.  

Operating profit, million euro1-3 / 20201-3 / 2019Change %
Finland2.92.613.7
Estonia2.12.1-3.7
Latvia0.50.6-6.1
Lithuania0.50.359.7
Belarus2.10.7216.8
Eliminations-0.3-0.3 
Total7.86.030.2


The Group’s January-March profit after taxes amounted to 5.4 (5.1) million euro. The weakened Belarusian exchange rate is reflected in financial expenses.

Earnings per share calculated from the profit belonging to parent company shareholders in January-March stood at 0.26 (0.25) euro per share.

Balance sheet, financing and investments

Olvi Group’s balance sheet total at the end of March 2020 was 398.5 (369.6) million euro. Equity per share at the end of March 2020 stood at 12.36 (11.69) euro. The equity ratio was 65.0 (66.4) percent and the gearing ratio was -3.6 (-2.4) percent. The current ratio, which represents the Group’s liquidity, remained unchanged at 1.2 (1.2). The most substantial factor affecting the change in consolidated working capital was the parent company’s partial discontinuation of receivables factoring at the beginning of the year.

Interest-bearing liabilities amounted to 13.5 (6.8) million euro at the end of March. Current liabilities made up 11.1 (4.9) million euro of all interest-bearing liabilities.

Olvi Group’s investments in extensions and replacements from January to March amounted to 9.2 (6.8) million euro. The companies in Finland accounted for 4.8 million euro, the Baltic subsidiaries for 2.2 million euro and Lidskoe Pivo in Belarus for 2.2 million euro of the total. Olvi Group has invested in increasing and diversifying its production capacity, as well as the modernisation of production facilities.

Personnel

Olvi Group’s average number of personnel in January-March was 1,829 (1,783). The Group’s average number of personnel increased by 46 people or 2.6 percent.

Olvi Group’s average number of personnel by country:

 1-3 / 20201-3 / 2019Change %
Finland3573550.6
Estonia3182948.2
Latvia1991867.0
Lithuania2382322.6
Belarus7177160.1
Total1,8291,7832.6


Board of Directors and management

There have been no changes in Olvi plc’s Board of Directors or management during the review period.

Other events during the review period

Changes in corporate structure

There were no changes in Olvi’s holdings in subsidiaries in January-March 2020.

Share-based payments

At the beginning of 2019, Olvi plc initiated a share-based incentive plan for key personnel, the performance period of which is from 1 February 2019 to 31 January 2021. Detailed information on the incentive plan is provided in Table 5, Section 4 of the tables attached to this interim report.

Business risks and their management

The corona pandemic currently imposes substantial business risks. Business development is difficult to predict. Olvi has evaluated a variety of scenarios and made preparations for responding to changing situations through a variety of measures, for example if the crisis is prolonged.

Even though the availability of raw materials and labour has been good so far, prolongation of the corona pandemic or substantial numbers of personnel falling ill may hamper production. Olvi has made preparations for production disruptions and drafted contingency plans concerning the availability of personnel and raw materials, among other things. Furthermore, substantial weakening of the currency exchange rate brings more uncertainty to Belarus.

A more detailed description of normal business-related risks is provided in the Board of Directors’ report and the notes to the financial statements, as well as in the Investors/Corporate Governance section of the company’s Web site. 
 
Events after the review period

Annual General Meeting

Olvi plc’s Annual General Meeting of 8 April 2020 adopted the financial statements and granted discharge from liability to the members of the Board of Directors and Managing Director for the accounting period that ended on 31 December 2019.

In accordance with the Board’s proposal, the General Meeting decided that a dividend of 1.00 (0.90) euro be paid on each A and K share for the accounting period 2019. The dividend according to the resolution accounts for 49.6 (45.7) percent of Olvi Group’s consolidated earnings per share. The dividend will be paid in two instalments. The first instalment of 0.50 euro per share will be paid on 8 May 2020 to shareholders registered in the register of shareholders held by Euroclear Finland Ltd on the record date 14 April 2020. The second instalment of 0.50 euro per share will be paid on 8 September 2020 to shareholders registered in the register of shareholders held by Euroclear Finland Ltd on the record date 2 September 2020.
 
The General Meeting decided that the Board of Directors shall have six (6) members. Pentti Hakkarainen, Lasse Heinonen, Nora Hortling, Elisa Markula, Päivi Paltola and Heikki Sirviö were re-elected to the Board of Directors. 
 
The authorised public accounting firm Ernst & Young Oy was re-elected the company’s auditor, with Elina Laitinen, Authorised Public Accountant, as auditor in charge.

All decisions made at the General Meeting can be found in the bulletin released on 8 April 2020.

Organisation of the Board of Directors

At its organising meeting held on 8 April 2020, the Board of Olvi plc elected Pentti Hakkarainen as the Chairman of the Board and Nora Hortling as the Vice Chairperson of the Board.

The Audit Committee consists of Lasse Heinonen, Päivi Paltola and Nora Hortling, and the Remuneration Committee consists of Pentti Hakkarainen, Heikki Sirviö and Elisa Markula.

OLVI PLC
Board of Directors


Further information: Lasse Aho, Managing Director, Olvi plc, phone +358 290 00 1050 or +358 400 203 600

TABLES:
- Statement of comprehensive income, Table 1 - Balance sheet, Table 2 - Changes in shareholders’ equity, Table 3 - Cash flow statement, Table 4 - Notes to the interim report bulletin, Table 5

DISTRIBUTION:
NASDAQ OMX Helsinki Ltd
Key media
www.olvi.fi

 OLVI GROUP TABLE 1
    
STATEMENT OF COMPREHENSIVE INCOME   
EUR 1,000   
 1-3 / 20201-3 / 20191-12 / 2019
    
Net sales84,58877,024408,706
Other operating income2394871,417
Operating expenses-70,713-65,773-333,423
Depreciation and impairment-6,269-5,713-24,186
Operating profit7,8456,02552,514
    
Financial income743201488
Financial expenses-1,601-130-492
Share of profit in associates0013
    
Earnings before tax6,3186,21553,523
Income taxes *)-938-1,141-11,293
NET PROFIT FOR THE PERIOD5,3805,07442,230
    
Other comprehensive income items that may be subsequently reclassified to profit and loss:   
    
Translation differences related to foreign subsidiaries-10,6252,5812,887
Change in fair value, other investments00369
Income taxes related to these items214-95-130
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD-5,0317,56045,356
    
Distribution of profit:   
- parent company shareholders5,4255,07641,760
- non-controlling interests-45-2470
    
Distribution of comprehensive income:   
 - parent company shareholders-4,6757,51044,814
 - non-controlling interests-35650542
    
Earnings per share calculated from the profit belonging to parent company shareholders, EUR   
-  undiluted0.260.252.02
-  diluted0.260.252.02

*) Income taxes calculated from the profit for the review period.

 OLVI GROUP  TABLE 2
    
BALANCE SHEET   
EUR 1,00031 Mar 202031 Mar 201931 Dec 2019
ASSETS   
Non-current assets   
Tangible assets203,465199,470208,701
Goodwill25,51626,28926,360
Other intangible assets10,62311,20210,598
Shares in associates1,0161,0161,016
Other investments836543836
Loans receivable and other non-current receivables1,793235967
Deferred tax receivables578328475
Total non-current assets243,827239,083248,953
    
Current assets   
Inventories48,32146,29243,056
Accounts receivable and other receivables83,04971,43970,685
Income tax receivable941574871
Liquid assets22,36812,22733,832
Total current assets154,679130,532148,444
TOTAL ASSETS398,506369,615397,397
    
SHAREHOLDERS’ EQUITY AND LIABILITIES   
Shareholders’ equity held by parent company shareholders   
Share capital20,75920,75920,759
Other reserves1,3871,0921,387
Treasury shares-503-503-503
Translation differences-54,087-44,312-43,987
Retained earnings288,467265,038282,895
 256,023242,074260,551
Share belonging to non-controlling interests2,9243,1873,318
Total shareholders’ equity258,947245,261263,869
    
Non-current liabilities   
Financial liabilities2,4261,9012,337
Other liabilities4,2634,7744,777
Deferred tax liabilities7,7837,4747,859
    
Current liabilities   
Financial liabilities11,0864,9091,325
Accounts payable and other liabilities113,864104,602117,100
Income tax liability137694130
Total liabilities139,559124,354133,528
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES398,506369,615397,397


OLVI GROUP

   TABLE 3

CHANGES IN SHAREHOLDERS’ EQUITY     
EUR 1,000Share capitalOther reservesTreasury shares reserveFair value reserveTranslation differencesRetained earningsShare of non-controlling interestsTotal
Shareholders’ equity
1 Jan 2020
20,7591,092-503295-43,987 282,895 3,318263,869
Comprehensive income:        
  Net profit for the period    5,425-455,380
  Other comprehensive income items:       
  Translation differences   -10,100 -311-10,411
Total comprehensive income for the period  -10,1005,425-356-5,031
Transactions with shareholders:       
  Payment of dividends      -38-38
  Share-based incentives, value of work performed   147 147
Total transactions with shareholders   147-38109
Shareholders’ equity
31 Mar 2020
20,7591,092-503295-54,087288,4672,924258,947
 

     
EUR 1,000Share capitalOther reservesTreasury shares reserveFair value reserveTranslation differencesRetained earningsShare of non-controlling interestsTotal
Shareholders’ equity
1 Jan 2019
20,7591,092-9560-46,746259,8643,165237,178
Comprehensive income:        
  Net profit for the period    5,076-25,074
  Other comprehensive income items:       
  Translation differences   2,434 522,486
Total comprehensive income for the period  2,4345,076507,560
Transactions with shareholders:       
  Payment of dividends      -28-28
  Acquisition of treasury shares -726    -726
  Sales of treasury shares to employees 1,179    1,179
  Share-based incentives, value of work performed   98 98
Total transactions with shareholders453  98-28523
Shareholders’ equity
31 Mar 2019
20,7591,092-5030-44,312265,0383,187245,261


Other reserves include the share premium account, legal reserve and other reserves.

 OLVI GROUP TABLE 4
 
CASH FLOW STATEMENT   
EUR 1,000   
 1-3  / 20201-3 / 20191-12 / 2019
    
Net profit for the period5,3805,07442,230
Adjustments to profit for the period9,0846,46734,859
Change in net working capital-27,037-12,4441,548
Interest paid-209-34-288
Interest received375258
Dividends received003
Taxes paid-984-876-11,298
Cash flow from operations (A)-13,729-1,80867,312
    
Investments in tangible and intangible assets-6,904-6,203-31,347
Capital gains on disposal of tangible and intangible assets3295051,815
Acquisition of shares from non-controlling interests00-213
Acquired shares in subsidiaries, associates and joint ventures00-50
Dividends received0063
Cash flow from investments (B)-6,575-5,698-29,732
    
Withdrawals of loans10,0002,4092,445
Repayments of loans-414-1,747-6,522
Acquisition of treasury shares0-726-726
Sales of treasury shares to employees01,1791,179
Dividends paid00-18,787
Increase (-) / decrease (+) in current interest-
bearing business receivables
00-1
Cash flow from financing (C)9,5861,115-22,412
    
Increase (+)/decrease (-) in liquid assets (A+B+C)-10,718-6,39115,168
    
Liquid assets 1 January33,83218,52018,520
Effect of exchange rate changes-74698144
Liquid assets 31 Mar/31 Dec22,36812,22733,832

OLVI GROUP                                                                                         TABLE 5

NOTES TO THE INTERIM REPORT

The interim report has been prepared in accordance with IAS 34, applying the same accounting policies as for the financial statements of 31 December 2019.

The information in the interim report is presented in thousands of euros (EUR 1,000). For the sake of presentation, individual figures and totals have been rounded to full thousands, which causes rounding differences in additions. The ratios are calculated from exact amounts in euros. The information disclosed in the interim report is unaudited.

  1.  SEGMENT INFORMATION   
 

NET SALES BY SEGMENT 1-3/2020
   
EUR 1,000 

Finland
 

Estonia
 

Latvia
 

Lithuania
 

Belarus
Elimi-
nations
 

Group
        
INCOME       
External sales35,70214,0217,17110,53517,159084,588
  Beverage sales35,32714,0217,17110,53517,159084,213
  Equipment services37500000375
Internal sales24887554968141-2,3940
Total net sales 

35,950
 

14,896
7,72011,21617,200-2,39484,588
 

NET SALES BY SEGMENT 1-3/2019
   
EUR 1,000 

Finland
 

Estonia
 

Latvia
 

Lithuania
 

Belarus
Elimi-
nations
 

Group
        
INCOME       
External sales33,53512,9127,0578,48715,033077,024
  Beverage sales33,16212,9127,0578,48715,033076,651
  Equipment services37300000373
Internal sales3568563786221-2,2130
Total net sales 

33,891
 

13,768
7,4359,10915,034-2,21377,024


2.  RELATED PARTY TRANSACTIONS
 
Employee benefits to management
 
Salaries and other short-term employee benefits to the Board of Directors and Managing Director
EUR 1,000 1-3 / 2020 1-3 / 2019 1-12 / 2019
Managing Director275496766
Chairman of the Board181571
Other members of the Board4132171
Total3345421,008


 3. SHARES AND SHARE CAPITAL  
 31 Mar 2020  %
   
Number of A shares16,989,97682.0
Number of K shares3,732,25618.0
Total20,722,232100.0
   
Total votes carried by A shares16,989,97618.5
Total votes carried by K shares74,645,12081.5
Total number of votes91,635,096100.0
   
Votes per Series A share1 
Votes per Series K share20 

The registered share capital on 31 March 2020 totalled 20,759 thousand euro.

Olvi plc’s shares will receive a dividend of 1.00 euro per share for 2019 (0.90 euro per share for 2018), totalling 20.7 (18.6) million euro. The dividend will be paid in two instalments. The first instalment of 0,50 euro per share will be paid on 8 May 2020. The second instalment of 0,50 euro per share will be paid on 8 September 2020. The Series K and Series A shares entitle to equal dividend. The Articles of Association include a redemption clause concerning Series K shares.                                 

4. SHARE-BASED PAYMENTS                                                                                   

The aim of Olvi plc’s share-based incentive plan is to combine the objectives of the shareholders and the key employees in order to increase the value of the company, to make the key employees committed to the company, and to offer them a competitive reward plan based on earning the company’s shares.

In 2019, Olvi plc initiated a new share-based incentive plan for key personnel, the performance period of which is from 1 February 2019 to 31 January 2021. The prerequisite for receiving reward is that a key employee purchases the company’s Series A shares up to the maximum number determined by the Board of Directors and that employment or service continues upon reward payment. Rewards will be paid partly in the company’s Series A shares and partly in cash in 2021. The cash proportion is intended to cover taxes and tax-related costs arising from the rewards to the key employees. The plan is directed to approximately 60 people.

In accordance with the share-based incentive plan, Olvi plc sold a total of 36,450 treasury shares to the target group members in 2019 for a price of 1,179,330.37 euro. From January to March 2020, costs associated with the plan were recognised for a total of 236.3 thousand euro. Olvi Group does not have any other share-based plans or option plans.

5. TREASURY SHARES       

Olvi plc holds a total of 11,549 of its own Series A shares. The total purchase price of treasury shares was 502,956.28 euro. Treasury shares held by the company itself are ineligible for voting. Series A shares held by Olvi plc as treasury shares represent 0.06 percent of all shares and 0.01 percent of the aggregate number of votes. The treasury shares represent 0.07 percent of all Series A shares and associated votes.

On 8 April 2020, the General Meeting of Shareholders of Olvi plc decided to revoke any unused authorisations to acquire treasury shares and authorise the Board of Directors of Olvi plc to decide on the acquisition of the company’s own shares using distributable funds. The authorisation is valid for one year starting from the General Meeting and covers a maximum of 500,000 Series A shares.

The Annual General Meeting also decided to revoke all existing unused authorisations for the transfer of own shares and authorise the Board of Directors to decide on the issue of a maximum of 1,000,000 new Series A shares and the transfer of a maximum of 500,000 Series A shares held as treasury shares.                   

 6. NUMBER OF SHARES *) 1-3 / 2020 1-3 / 2019 1-12 / 2019
    
  - average20,710,68320,700,62720,708,204
  - at end of period20,710,68320,700,62720,710,683
 

*) Treasury shares deducted.
 
 
7. TRADING OF SERIES A SHARES ON THE HELSINKI STOCK EXCHANGE   
    
  1-3 / 2020 1-3 / 2019 1-12 / 2019
 
Trading volume of Olvi A shares
446,370447,2891,575,876
Total trading volume, EUR 1,00017,19014,56756,680
Traded shares in proportion to   
all Series A shares, %2.62.69.3
    
Average share price, EUR38.5332.5736.01
Price on the closing date, EUR36.6032.2041.20
Highest quote, EUR42.9534.9042.60
Lowest quote, EUR30.2531.2031.20

                                                                                                                                                       

8. FOREIGN AND NOMINEE-REGISTERED HOLDINGS ON 31 MARCH 2020
 
 Book entriesVotesShareholders
 qty%qty%qty%
Finnish total15,513,28874.8686,426,15294.3212,95199.55
Foreign total653,0863.15653,0860.71470.36
Nominee-registered (foreign) total130,7680.63130,7680.1450.04
Nominee-registered (Finnish) total4,425,09021.364,425,0904.8360.05
Total20,722,232100.0091,635,096100.0013,009100.00


 9. LARGEST SHAREHOLDERS ON 31 MARCH 2020    
       
 Series KSeries ATotal%Votes%
1. Olvi Foundation 2,363,904890,6133,254,51715.7148,168,69352.57
2. The Estate of Hortling Heikki *) 903,488103,2801,006,7684.8618,173,04019.83
3. Hortling Timo Einari212,60049,257261,8571.264,301,2574.69
4. Hortling-Rinne Marit 149,06414,699163,7630.792,995,9793.27
5. OP Custody Ltd, nominee register2,319,4842,319,48411.192,319,4842.53
6. Nordea Bank Abp, nominee register1,654,1951,654,1957.981,654,1951.81
7. Varma Mutual Pension Insurance Company828,075828,0754.00828,0750.90
8. Ilmarinen Mutual Pension Insurance Company675,000675,0003.26675,0000.74
9. Odin Norden524,870524,8702.53524,8700.57
10. Hortling Pia Johanna23,38823,56646,9540.23491,3260.54
Others79,8129,906,9379,986,74948.1911,503,17712.55
 
Total
3,732,25616,989,97620,722,232100.0091,635,096100.00
 
*) The figures include the shareholder’s own holdings and shares held by parties in his control.

During January-March 2020, Olvi has not received any flagging notices in accordance with Chapter 2, Section 10 of the Securities Markets Act.

10. PROPERTY, PLANT AND EQUIPMENT 
EUR 1,000   
  1-3 / 2020 1-3 / 2019  1-12 / 2019
    
Opening balance208,701196,540196,540
Additions8,8816,54834,197
Deductions and transfers-40452-2,286
Depreciation-5,697-5,171-21,978
Exchange rate differences-8,0161,5012,228
Total203,465199,470208,701


11. CONTINGENT LIABILITIES   
EUR 1,000   
 31 Mar 202031 Mar 201931 Dec 2019
    
Pledges and contingent liabilities   
  For own commitments1,9882,1141,938
    
Leasing and rental liabilities:   
  Due within one year769860804
  Due within 1 to 5 years323432306
  Due in more than 5 years010
Leasing and rental liabilities total1,0921,2931,110
    
Other liabilities606060

12. CALCULATION OF FINANCIAL RATIOS

In the summary of financial indicators (page 1), the Group presents figures directly derived from the consolidated income statement: net sales, operating profit and profit for the period, the corresponding percentages in proportion to net sales, as well as the earnings per share ratio. (Earnings per share = Profit belonging to parent company shareholders / Average number of shares during the period, adjusted for share issues.)

In addition to the consolidated financial statements prepared in accordance with IFRS, Olvi Group presents Alternative Performance Measures that describe the financial development of its business and provide a commensurate overall view of the company’s profitability, financial position and liquidity.

The Group has applied the ESMA (European Securities and Markets Authority) new guidelines on Alternative Performance Measures that entered into force on 3 July 2016 and defined APMs as described below.

As an APM supporting net sales, the Group presents sales volumes in millions of litres. Sales volume is an important indicator of the extent of operations generally used in the industry.

The definition of gross margin is operating profit plus depreciation and impairment.

Equity per share = Shareholders’ equity held by parent company shareholders / Number of shares at end of period, adjusted for share issues.

Equity to total assets, % = 100 * (Shareholders’ equity held by parent company shareholders + non-controlling interests) / (Balance sheet total).

Gearing, % = 100 * (Interest-bearing debt – cash in hand and at bank) / (Shareholders’ equity held by parent company shareholders + non-controlling interests).    

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