LHV finantsportaal

Foorum Investeerimine

Börsipäev 4. mai - FED kell 21.15

Kommentaari jätmiseks loo konto või logi sisse

  • Tere hommikust!

     

    Tänase börsipäeva tähtsaim sündmus on kahtlemata USA Föderaalreservi õhtune istung, kus arutlusel intressimäärade tõstmise küsimus. Mainitud istungilt turuosalised küll intressimäärade tõstmist veel ei oota, küll aga vihjeid tuleviku suhtes: millal on intressimäärade tõstmine tõenäoline ja mida arvab Föderaalreserv USA majanduse arengust lähemal ajal?

    Tänased olulisemad sündmused Euroopa turgudel:

    Tallinna Börsil avaldab tulemused Hansapank (HPA1T), täna hommikuse aktsiaraamatu seisu alusel fikseeriti ka dividendide ja fondiemissioonist laekuva 3 täiendava aktsia saajad. Nii dividendid kui täiendavad aktsiad kantakse plaani kohaselt aktsionäride kontodele 11. mail. Tulemuste eel kütab täiendavalt kirgi üles eile õhtul avaldatud börsiteade, mille kohaselt lahkub Hansapanga juhatusest Eesti eraisikute panganduse juht Andres Liinat.

    Stockholmi Börsil avaldab tulemused Hansapanga suuromanik FöreningsSparbanken (FSPAA), väljaspool Rootsit enam tuntud Swedbank nime all.

    Helsingi Börsil avaldab tulemused LHV investeerimisideena 5 kuu jooksul ca 32% tootlust pakkunud Raisio Group (RAIVV) - võimalik, et tulemuste järel peab idee autor Rene õigeks positsioon lõplikult sulgeda.

  • Hansapanga tulemused väljas, kogu börsiteade siin

    Kiire copy-paste ...

    OLULISEMAD SÜNDMUSED:
    -    Puhaskasum 42,8 mln eurot, aastane kasv 24%;
    -    Tulud - aastane kasv 14%;
    -    Tegevuskulud - aastane kasv 6%;
    -    Tegevuskasum enne makse 44,9 mln eurot - aastane kasv 25%;
    -    EVA 25,6 mln eurot, aastane kasv 50%;
    -    Puhas intressimarginaal 3,40%, kvartaalne langus 0,05% ja aastane
    langus 0,46%;
    -     Omakapitali  tootlus 24,6%, varade tootlus  2,6%,  kasum  aktsia
    kohta 2,16 eurot;
    -    Kulu-tulu suhe 45,7%;

  • Esmapilgul head tulemused tõesti ...
  • Mis kella paiku võib Raisio tulemusi oodata?
  • jinx6

    Raisio tulemused kell 11 ja Rene üritab kiirelt siinsamas kommenteerida peale seda ...


  • puhkuse

    minu arusaamist mööda peaks Powertrader toimima ...
  • Mul ei tööta. Andmeväljad on küsimärkidega???
  • Norma teatas töökohtade vähendamisest:

    TЦЦKOHTADE VДHENDAMISEST

    Venemaa ja Ukraina autotehaste tellimuste jдtkuva
    vдhenemise tхttu on vдhenenud AS Norma tootmismahud.
    Seoses tootmise vдhenemisega esitas AS Norma
    juhatus taotluse Tццinspektsioonile tццlepingute kollektiivseks
    lхpetamiseks 32 tццkoha ulatuses.Tццinspektsioon andis
    loa/kooskхlastuse lхpetada tццlepingud 32 tццtajaga.
    Kavandatav tццkohtade vдhendamine moodustab 4% tццkohtade ьldarvust.
    Tццkohtade vдhendamise eesmдrgiks on kulude optimiseerimine ja
    tootmisvхimsuste vastavusse viimine Venemaa ja Ukraina autotццstuse
    tellimustega.
    Tццkohtade arvu vдhendamist ei toimu Autolivi-le toodangut valmistavas
    divisionis.


    Peep Siimon
    Juhatuse esimees
    6500 442

  • Nii et isegi topelttollide kaotamine ei aita kasvatada tootmismahtusid Venemaa suunas...
  • Raisio tulemused näitavad selget paranemist võrreldes eelmise aastaga, samuti lubas ettevõte jääda kindlalt kasumisse käesoleval aastal. Kemikaaliüksuse müük loodetakse lõpetada 2Q või 3Q, pärast seda saab kasutama hakata ka müügist saadud raha. Raha kasutusest hetkel ei räägitud veel midagi.
  • ammu möödas, dividend juba kätte kah saadud.
  • Ei tea kas tasub Raisiot edasi hoida või mis?
  • RAISIO GROUP INTERIM REPORT 1 JANUARY-31 MARCH 2004

    Raisio Group's Financial Performance Improved

    - Raisio Group's turnover for the first quarter was up by 2.3 per
    cent and totalled EUR 205.6 million (EUR 201.0 million in the
    first quarter of 2003).
    - Operating result moved into the black, showing a profit of EUR
    0.7 million (EUR -6.7 million).
    - Cash flow from business operations improved significantly
    compared to the first quarter of 2003.
    - The divestment of Raisio Chemicals is progressing as planned.
    - The Group's operative result before taxes for the whole year is
    expected to show a profit.

    Key Figures
    Q1/2004 Q1/2003 2003

    Turnover, EUR million 205.6 201.0 860.5
    Operating result, EUR million 0.7 -6.7 -14.3
    Result before taxes, EUR million -2.3 -9.2 -27.2
    Earnings per share, EUR -0.03 -0.06 -0.16
    Equity ratio, % 31.3 33.7 32.2
    Cash flow from business operations,
    EUR million 2.3 -15.6 77.0

    CEO Rabbe Klemets:

    “All business sectors showed positive development in the first
    quarter. The demand for paper chemicals was slightly higher than a
    year earlier, but the improvement in Raisio Chemicals'
    profitability could primarily be attributed to the results of the
    rationalisation programmes carried out last year. The streamlining
    of Raisio Nutrition's business activities in spring 2003 and the
    continuing difficulties with margarine sales in Sweden taxed the
    sector's turnover. Nevertheless, comparable operating result
    improved. The input Raisio Life Sciences made last year in the
    European ingredients markets began to pay off through new
    customers and new product applications in the last quarter of
    2003. The sector was able to almost double its turnover and make
    an operating profit.

    However, what characterised the first quarter most distinctly was
    the strategy reassessment process, which resulted in the decision
    to focus the Group's resources on developing the Nutrition and
    Life Sciences businesses. Therefore, we decided to find a new
    industrial owner for Raisio Chemicals. Among several potential
    buyers, Ciba Specialty Chemicals was considered the best
    alternative from both the financial and the industrial
    perspective. The enterprise value of EUR 475 million will settle
    Raisio's debts and will allow it to focus more sharply on its key
    competence area, well-being.ö

    RESULTS AND FINANCING

    Raisio Group recorded a turnover of EUR 205.6 million
    (EUR 201.0 million) in the first quarter. Raisio Life Sciences and Raisio
    Chemicals were able to increase their turnover, while Raisio
    Nutrition's turnover decreased slightly.

    Using the Q1/2003 exchange rates, turnover was up by 1.8 per cent
    to EUR 209.3 million. Exchange rate fluctuations did not have a
    significant impact on the results.

    Turnover from outside Finland represented 50.7% (53.0%) of the
    total, or EUR 104.1 million (EUR 106.5 million).

    Operating result for the first quarter was EUR 0.7 million
    (EUR -6.7 million). The result before taxes was EUR -2.3 million
    (EUR -9.2 million).

    Research and development costs amounted to EUR 5.4 million
    (EUR 5.8 million).

    Net financial expenses in the January to March period totalled EUR
    3.0 million (EUR 2.5 million). Exchange rate losses in the amount
    of EUR 0.1 million were recorded for the period, compared with
    gains of EUR 0.5 million a year earlier.

    Taxes are calculated based on the appropriate tax on the result.
    The result for the financial period was EUR -4.3 million (EUR -9.3
    million). The parent company's tax surplus amounts to EUR 8.4
    million.

    Cash flow from business operations totalled EUR 2.3 million
    (EUR -15.6 million) in the first quarter. The Group's gross investments
    totalled EUR 12.5 million (EUR 8.6 million). The largest single
    investments involved the construction of paper chemical plants in
    China. Raisio Nutrition's investments involved launching a
    margarine factory in Russia and constructing a new production line
    for the potato processing plant in Vihanti, Finland.

    The Group's net interest-bearing liabilities were EUR 287.9
    million (EUR 277.8 million on 31 December 2003) at the end of the
    period. Equity ratio was 31.3% (32.2% on 31 December 2003) and
    gearing was 135.6% (127.9% on 31 December 2003). Working capital
    rose slightly from EUR 110.4 million at the year-end to EUR 113.4
    million, but was still clearly lower than in the first quarter of
    2003 (EUR 179.2 million).

    BUSINESS SECTORS

    Raisio Chemicals

    The turnover for Raisio Chemicals was up by 3.3% to EUR 106.5
    million (EUR 103.2 million). A challenging market situation
    persisted, although there were signs of recovery in the demand for
    latex binders in Europe. Customer deliveries from the latex and
    specialty chemicals plants in China started.

    Raisio Chemicals Turnover by Business Area, EUR million

    Q1/2004 Q1/2003 2003

    Latices 55.9 47.4 207.7
    Specialty chemicals 28.1 33.4 125.0
    Starches 22.5 22.4 89.6
    Total 106.5 103.2 422.3

    The results of the rationalisation and efficiency-boosting
    measures initiated last year reflected on the profitability of
    Raisio Chemicals: operating result rose to EUR 1.9 million (EUR -
    3.2 million). The latex and starch binder business areas performed
    well. Meanwhile, the profitability of the specialty chemicals
    business was on a par with the previous year.

    Future Printing Center, an associated company of Raisio Chemicals,
    launched activities in Raisio at the beginning of 2004.

    Raisio Nutrition

    Raisio Nutrition posted a turnover of EUR 91.1 million (EUR 94.6
    million). The ice cream and almond paste businesses sold in the
    spring of 2003 as well as the discontinuation of industrial
    margarine production in Sweden taxed the turnover of the food
    business area. Margarine sales volumes continued to fall in
    Sweden. Turnover generated by the feeds and malt business areas
    remained on the Q1/2003 level.

    Raisio Nutrition Turnover by Business Area and Business, EUR
    million

    Q1/2004 Q1/2003 2003

    Food 53.0 57.0 232.2
    Margarine 29.1 31.9 130.8
    Milling 18.0 19.2 75.3
    Food Potato 4.9 4.8 21.2
    Others 3.9 3.2 14.4
    Internal sales in Food -2.8 -2.0 -9.5
    Animal Feeds 36.4 36.1 163.8
    Malt 3.0 2.8 26.4
    Grain Starch 3.9 3.5 15.0
    Internal sales -5.3 -4.7 -19.5
    Total 91.1 94.6 417.9

    Raisio Nutrition was able to boost its operative results.
    Disclosed operating result was on a par with Q1/2003 at EUR -1.5
    million (EUR -1.4 million). The Q1/2003 result includes a sales
    profit of EUR 1.2 million from the divestment of the ice cream
    business. The rationalisation programme launched in 2003 had, so
    far, only a partial impact on the result.

    Favourable development in the margarine business in Finland and in
    Poland helped improve the operating result, as did the better
    performance of the milling business. Result for the animal feeds
    business was hampered by low pressing margins from the oil milling
    business.

    Losses suffered in the Swedish margarine market also strained the
    sector's financial performance. The strategic and operative
    reassessment of the Swedish operations is under way. In March,
    Raisio's last remaining margarine production stage in Sweden was
    wound up, and the property maintenance services were outsourced.
    Sales of Raisio's own margarine brands to the Swedish retail trade
    are now handled through Cerealia Foods' sales network. Further
    additional decisions will be made by autumn. The Swedish
    operations carry goodwill of EUR 21.5 million which may include a
    need for a significant write-down.

    Raisio Nutrition's margarine production plant in Istra, near
    Moscow, came online in January. Besides Poland, Russia represents
    one of the key future growth areas for Raisio Nutrition. The Istra
    plant and the Russian sales organisation employ approximately 100
    people in total.

    Raisio Nutrition and Lännen Tehtaat plan to join sales forces in
    the catering sector and provide these services through a 50/50
    owned sales company, Ateriamestarit Oy. The application is still
    being processed by the Finnish Competition Authority.

    The Finnish Food and Drink Industries' Federation awarded Raisio
    Nutrition the “Finnish Food Product of the Yearö award in 2004 in
    the retail trade grain product series for its multigrain cereal
    and bran mixture with linseed (Sydänystävä Pellavainen Monivilja).
    The Beneviva Omega3 light margarine also made it to the finals.
    Thanks to the Camelina oil used in its production, this margarine
    contains a significant amount of fatty acids that are essential
    for humans. The success of these products is an indication of
    Raisio Nutrition's expertise in the grain and vegetable oil
    segments.

    Raisio Life Sciences

    The turnover for Raisio Life Sciences grew by 88.7% and amounted
    to EUR 11.8 million (EUR 6.3 million). In addition to the in April
    2003 acquired food diagnostics company Diffchamb, good development
    in the ingredient business helped fuel the growth of turnover. The
    determined inputs made in the European ingredients market last
    year are beginning to bear fruit.

    One particularly successful product application is the yoghurt
    drink sold in small bottles. This product is currently sold in
    nine European countries. Furthermore, the first quarter saw the
    launch of milk containing the Benecol ingredient in Spain, a
    Benecol light spread in Greece and a Benecol yoghurt drink in
    Finland.

    Raisio Life Sciences Turnover by Business Area, EUR million

    Q1/2004 Q1/2003 2003

    Ingredients 9.8 6.3 27.0
    Diagnostics 2.0 - 7.0
    Total 11.8 6.3 34.0

    Operating result rose to EUR 0.6 million (EUR -1.6 million) thanks
    to increased sales volumes and a tight cost-cutting regime
    implemented in both business areas.

    PERSONNEL AND ADMINISTRATION

    Raisio Group employed 2,718 personnel on 31 March 2004 (2,735 on
    31 December 2003), 47% of whom worked outside Finland (45% on 31
    December 2003). The number of personnel increased as a result of
    the launch of Raisio Chemicals' new production plants in China,
    and the launch of Raisio Nutrition's margarine production in
    Russia. Meanwhile, the rationalisation programmes and the
    discontinuation of margarine production in Sweden reduced the
    number of personnel.

    At the end of March, Raisio Chemicals employed 1,149 people,
    Raisio Nutrition 1,329 and Raisio Life Sciences 187.

    Mr Vesa Lammela, Chairman of the Supervisory Board, resigned from
    his position after the Annual General Meeting held on 26 March
    2004. Mr Ola Rosendahl, Vice Chairman, assumed his position for
    the time being.

    DECISIONS MADE AT THE ANNUAL GENERAL MEETING

    Raisio Group plc's Annual General Meeting held on 26 March 2004
    approved the financial statements for 2003 and discharged those
    accountable from liability, and decided that a dividend of EUR
    0.01 per share shall be paid. The dividend was paid on 7 April
    2004.

    The Board of Directors was authorised, for one year from the
    Annual General Meeting, to make a decision to increase the share
    capital. The maximum number of new shares to be subscribed under
    the authorisation is 20,000,000; however, the maximum number of
    restricted shares to be subscribed shall be 5,000,000. So far, the
    Board has not used its authorisation.

    A decision was also made to reduce the number of Supervisory Board
    members to 25, effective as of the beginning of 2005. The
    following members due to resign were re-elected to the Supervisory
    Board from 2005 to 2007: Juhani Enkovaara, Erkki S. Koskinen, Hans
    Langh, Johan Laurén, Asko Leinonen and Yrjö Ojaniemi.

    Johan Kronberg and Mika Kaarisalo, authorised public accountants,
    were elected regular auditors for the financial year 2005. The
    accounting firm of PricewaterhouseCoopers Oy and Kalle Laaksonen,
    authorised public accountant, were elected deputy auditors.

    SHARES AND SHAREHOLDERS

    The trading volume of Raisio Group plc's free shares grew
    significantly in the first quarter. The number of free shares
    traded on the Helsinki Exchanges between January and March
    totalled 46.6 million (11.6 million in Q1/2003). The value of
    share trading was EUR 65.9 million and the average share price was
    EUR 1.42. The closing price on 31 March 2004 was EUR 1.54. The
    price of the Series V share rose by 22% from the beginning of the
    year.

    A total of 456,621 restricted shares were traded in the January to
    March period (63,886). The value of share trading was EUR 683,524
    and the average share price was EUR 1.50. The closing price on 31
    March 2004 was EUR 1.52. The price of the Series K share rose by
    23% from the beginning of the year.

    On 31 March 2004, Raisio Group had 45,996 registered shareholders.
    Of all shares, 7.7% was in foreign holding (5.8% on 31 December
    2003) with the corresponding value for free shares being 9.7%
    (7.4% on 31 December 2003).

    The subscription period for the 1998-2003 option programme ended
    on 30 January 2004. No shares were subscribed under this
    programme.

    ADOPTION OF THE IFRS ACCOUNTING STANDARDS

    Preparation for the adoption of the IFRS standard compliant
    accounting system has progressed as planned. Raisio Group will
    adopt IFRS compliant accounting methods in 2005. IFRS compliant
    figures for 2004 will be published in the spring of 2005.

    THE DIVESTMENT OF RAISIO CHEMICALS

    In March 2004, Raisio Group and the Swiss Ciba Specialty Chemicals
    signed an agreement regarding the sale of Raisio Chemicals.

    The enterprise value of the sale is EUR 475 million. The sale
    price consists of a cash payment and the transfer of debts. The
    sale price will generate approximately EUR 200 million in pre-tax
    sales profit. The sale of Raisio Chemicals will raise Raisio
    Group's equity ratio to approximately 80%, assuming all interest-
    bearing debt would be repaid. Finalising the deal requires the
    approval of the competition and merger control authorities. All
    the necessary filing has been made. The final closing date depends
    on the length of the regulatory review, but it is currently
    expected to take place in the second or the third quarter of 2004

    STRATEGY PROCESS

    The new Group strategy will be built on special expertise in well-
    being, which is at the heart of Raisio's activities in the food
    and the functional food ingredients, animal feeds and food
    diagnostics.

    One of the cornerstones of the strategy, which is currently being
    prepared, is to accelerate organic growth. Measures taken to
    pursue organic growth include stronger focus on research and
    development, which will allow Raisio to renew the product
    portfolio. By expediting research and development, Raisio can
    expand the range of plant-based products and launch new, tasty and
    healthy foods and animal feeds, as well as functional food
    ingredients. For the fast growing food diagnostics markets rapid
    testing methods will be developed.

    To support its objective to bolster R&D activities, Raisio has
    decided to set up research centres in order to promote food and
    food diagnostics development. Raisio's new strategic nutrition
    research unit will be located at the Viikki campus in Helsinki.
    Strong focus will be placed on product development and quality
    assurance in the production locations. A food diagnostics
    research centre will start its operations in Turku Sciences Park
    in May.

    Russia and Poland provide interesting growth potential, and
    networking with other players in the field is already under way in
    the Baltic Sea region. Ingredient and diagnostic businesses are
    expected to drive Raisio's global expansion and rapid growth.

    The strategy will be published during the summer.

    OUTLOOK

    The implemented rationalisation and efficiency-boosting measures
    will help trim costs, thereby allowing both Raisio Chemicals and
    Raisio Nutrition to improve their financial performance despite
    the challenging business environment. Raisio Life Sciences is
    expected to sustain good growth and improve its profitability also
    in the following quarters. Raisio Group's operative result before
    taxes for the whole year is expected to show a profit.

    The divestment of Raisio Chemicals should be finalised in the
    second or third quarter. The sale price of EUR 475 million will
    make Raisio a debt-free company. The sales profit will increase
    the operating profit by some EUR 200 million and profit after
    taxes by some EUR 140 million.

    Raisio, 4 May 2004

    Raisio Group plc
    Board of Directors

    Further information:
    Taru Narvanmaa, Executive Vice President, Communications and
    Investor Relations, tel. +358 50 590 9398
    Antti Salminen, Chief Financial Officer, tel. +358 40 535 1216

    Raisio Group plc, P.O.Box 101, FI-21201 Raisio, Finland
    tel. +358 2 443 2111, www.raisiogroup.com

    Press- and analyst meetings will be held on 4 May 2004 at 11.30 in
    Raisio and at 15.00 in Helsinki. English conference call will be
    held at 16.30 Finnish time.

    The figures in this interim report are not audited.

    CONSOLIDATED INCOME STATEMENT
    (EURm) 1-3/2004 1-3/2003 2003

    Turnover 205.6 201.0 860.5

    Income and expenses from
    business operations -192.2 -194.5 -814.5
    Depreciation of goodwill -1.3 -1.2 -5.1
    Other depreciation and write-downs -11.1 -11.9 -54.8
    Share of associated companies'
    results -0.2 -0.1 -0.3
    Operating result 0.7 -6.7 -14.3
    % of turnover 0.3 -3.3 -1.7

    Financial income 0.8 1.6 4.1
    Financial expenses -3.8 -4.1 -17.0

    Result before extraordinary items
    and taxes -2.3 -9.2 -27.2
    % of turnover -1.1 -4.6 -3.2

    Extraordinary items 0.0 0.0 0.0

    Result before taxes -2.3 -9.2 -27.2
    % of turnover -1.1 -4.6 -3.2

    Income taxes -2.0 0.0 1.4
    Minority interest 0.0 -0.1 -0.9

    Consolidated result for the period -4.3 -9.3 -26.7
    % of turnover -2.1 -4.6 -3.1

    CONSOLIDATED BALANCE SHEET
    (EURm) 31.3.2004 31.3.2003 31.12.2003

    Non-current assets
    Intangible assets 23.6 26.9 23.4
    Goodwill 63.9* 56.4 65.3
    Tangible assets 280.0 282.3 277.2
    Investments 12.5 13.3 12.6

    Current assets
    Inventories 119.2 142.0 117.7
    Deferred tax assets 20.5 12.7 20.3
    Accounts receivable 89.7 118.0 86.8
    Other receivables 39.6 42.5 37.1
    Securities under financial assets 11.6 13.0 14.1
    Cash in hand and at banks 18.5 9.8 20.5

    Assets 679.1 716.9 675.0

    Share capital 27.8 27.8 27.8
    Other shareholders' equity 161.8 190.4 166.2
    Minority interest 22.8 23.3 23.2
    Deferred tax liability 22.0 20.5 22.0
    Non-current liabilities 237.7** 247.8 235.0
    Accounts payable 67.6 60.4 75.2
    Other current liabilities 139,5 146.7 125.5

    Liabilities 679.1 716.9 675.0

    *Raisio Chemicals EUR 21.8 million, Raisio Nutrition EUR 25,2
    million, Raisio Life Sciences EUR 16,8 million.

    **A total of USD 154 million had been withdrawn under the Group's
    syndicated loan facility by 31 March 2004. The total credit limit
    is USD 190 million, and the key covenant is an equity ratio of at
    least 30%.

    CONSOLIDATED SOURCE AND APPLICATION OF FUNDS
    (EURm)
    1-3/2004 1-3/2003 31.12.2003

    Cash flow before change in
    working capital 13.6 6.4 44.4
    Change in working capital -5.9 -18.3 50.7
    Financial items and taxes -5.3 -3.7 -18.2
    Cash flow from business operations 2.3 -15.6 77.0

    Investments -12.2 -9.5 -65.8
    Proceeds from sales of fixed assets 0.5 1.9 3.6
    Cash flow from investments -11.6 -7.6 -62.2

    Change in non-current loans 1.0 -0.7 -18.1
    Change in current liabilities 3.4 4.3 -1.0
    Change in loan receivables -0.1 0.0 0.1
    Dividend paid -0.2 0.0 -3.5
    Cash flow from financial operations 4.2 3.7 -22.6

    Unallocated items 0.6 0.2 0.3

    Change in liquid funds -4.6 -19.4 -7.5

    Liquid funds at beginning of period 34.6 42.2 42.2
    Liquid funds at end of period 30.1 22.8 34.6

    FINANCIAL INDICATORS
    31.3.2004 31.3.2003 31.12.2003

    Return on equity, ROE, % -8.0 -14.7 -10.9
    Return on investment, ROI, % 1.1 -3.5 -1.8

    Interest-bearing liabilities
    at end of period, EURm 318.0 334,8 312.5
    Gross investments, EURm 12.5 8.6 63.7
    % of turnover 6.1 4.3 7.4
    R & D expenditure, EURm 5.4 5.8 21.1
    % of turnover 2.6 2.9 2.5
    Personnel average 2,719 2,747 2,822
    Equity ratio, % 31.3 33.7 32.2
    Gearing, % 135.6 125.3 127.9
    Earnings/share, EUR -0.03 -0.06 -0.16
    Cash flow from operations/share, EUR 0.01 -0.09 0.47
    Equity/share, EUR 1.15 1.32 1.17
    Average number of shares during
    the period, in 1000s
    Free shares 130,097 129,765 129,768
    Restricted shares 35,052 35,384 35,381
    Total 165,149 165,149 165,149
    Market capitalization of shares at
    end of period, EURm
    Free shares 201.0 111.6 160.9
    Restricted shares 52.6 42.5 44.6
    Total 253.6 154.1 205.5

    CONTINGENT LIABILITIES
    (EURm) 31.3.2004 31.3.2003 31.12.2003

    Assets given as security
    For the company
    Mortgages on real estate 72.6 61.4 72.4
    Securities pledged 4.1 0.0 4.0
    Corporate mortgages 46.9 49.0 53.1

    Contingent off-balance-sheet
    liabilities
    Leasing liabilities
    Amounts outstanding on leasing contracts
    Falling due during 2004 4.1 3.4 4.7
    Falling due later 7.9 6.7 4.9
    Contingent liabilities for the
    Group companies
    Guarantees 1.0 6.0 1.0
    Contingent liabilities for the Company 4.8 13.3 7.0
    Contingent liabilities for
    associated companies
    Guarantees 0.0 15.5 0.0
    Contingent liabilities for others
    Guarantees 1.1 1.1 0.4
    Other liabilities 5.0 0.0 5.0
    Liabilities arising from
    derivative contracts
    Raw material futures: market value -1.0 -0.3 -0.5
    Raw material futures:
    value of underlying instruments 14.0 13.0 11.3
    Forward electricity contracts:
    market value 0.2 0.0
    Forward electricity contracts:
    value of underlying instruments 4.1 2.6
    Currency forward contracts:
    market value 1.5 -0.1 2.1
    Currency forward contracts:
    value of underlying instruments*) 61.9 18.6 53.0
    Interest-rate swaps: market value -1.7 0.2 -1.5
    Interest-rate swaps:
    value of underlying instruments 80.0 60.0 80.0

    *) Some equity hedging of foreign subsidiaries was adopted during
    the review period, resulting in an appreciable increase in the
    total value of underlying instrument for currency forward
    contracts.

    CONSOLIDATED TURNOVER BY BUSINESS SECTORS
    (EURm) 1-3/2004 1-3/2003 2003

    Raisio Chemicals 106.5 103.2 422.3
    Raisio Nutrition 91.1 94.6 417.9
    Raisio Life Sciences 11.8 6.3 34.0
    Interdivisional -3.9 -3.0 -13.8

    Turnover, total 205.6 201.0 860.5

    CONSOLIDATED TURNOVER BY MARKET AREA
    (EURm) % of % of % of
    1-3/ turn- 1-3/ turn- turn-
    2004 over 2003 over 2003 over

    Finland 101.4 49.3 94.5 47.0 412.0 47.9
    Scandinavia 11.4 5.5 18.7 9.3 66.5 7.7
    Europe (excl. Finland
    and Scandinavia) 68.9 33.5 62.5 31.1 278.2 32.3
    The Americas 11.2 5.5 11.1 5.5 47.4 5.5
    Asia 12.1 5.9 14.1 7.0 54.6 6.3
    Other 0.6 0.3 0.1 0.1 1.9 0.2

    Total 205.6 100.0 201.0 100.0 860.5 100.0

    CONSOLIDATED OPERATING RESULT BY BUSINESS SECTORS
    (EURm) 1-3/2004 1-3/2003 2003

    Raisio Chemicals 1,9 -3.2 1.9
    Raisio Nutrition -1,5 -1.4 -11.7
    Raisio Life Sciences 0,6 -1.6 -5.4
    Others -0,3 -0,6 1.0

    Operating result, total 0,7 -6.7 -14.3

    QUARTERLY PERFORMANCE*)
    (EURm) 1-3/ 4-6/ 7-9/ 10-12/ 1-3/
    2003 2003 2003 2003 2004
    Consolidated turnover
    Raisio Chemicals 103.2 109.4 105.4 104.3 106.5
    Raisio Nutrition 94.6 110.4 108.5 104.4 91,1
    Raisio Life Sciences 6.3 8.3 8.5 11.0 11.8
    Interdivisional -3.0 -3.3 -3.8 -3.6 -3.9

    Turnover, total 201.0 224.8 218.7 216.1 205.6

    Consolidated operating result
    Raisio Chemicals -3.2 -0.1 2.9 2.2 1.9
    Raisio Nutrition -1.4 -2.4 1.3 -9.2 -1.5
    Raisio Life Sciences -1.6 -1.7 -2.0 -0.2 0.6
    Others -0.6 0.5 1.0 0.1 -0.3
    Operating result, total -6.7 -3.7 3.2 -7.1 0.7
    Financial items -2.5 -2.5 -4.2 -3.7 -3.0
    Result before extraordinary
    items and taxes -9.2 -6.3 -1.0 -10.8 -2.3
    Extraordinary items 0.0 0.0 0.0 0.0 0.0
    Result before taxes -9.2 -6.3 -1.0 -10.8 -2.3
    Income taxes 0.0 0.2 -1.0 2.2 -2.0
    Minority interest -0.1 -0.2 -0.4 -0.2 0.0
    Consolidated result for the period
    -9.3 -6.2 -2.4 -8.8 -4.3
  • -USA turud peaksid avanema kerges plussis. Nasdaqi futuurid on 2 punkti ning S&P 1,2 punkti plussis. Tänane tähtsündmus on siis Föderaalreservi Nõukogu istung. Kell 21.15 on oodata avaldust. Intressimäär peaks siiski jääma muutmata.

    -Föderaalreservi Nõukogu istungilt oodatakse sõnumit intressimäära tõusu alguasja suhtes. Turg on aktsia hindadesse sisse arvestanud augustikuus toimuva intressimäära tõstmise, kuid spekuleeritakse juba ka juunikuu tõstmisega.

    -Tööstuskonglomeraat Tyco International (TYC) avaldas oodatust tunduvalt kõrgemad kvartalikasumi numbrid. Firma tõstis kogu aasta kasumiprognoosi. Eelturul aktsia 3,6% plussis.

    -Priceline.com (PCLN) teatas, et teenis eelmises kvartalis 5,1 miljonit dollarit ehk 13 senti aktsia kohta. Firma käive kasvas 12% 224,1 miljonile dollarile. Tulemused olid oodatust tunduvalt paremad. Aktsia eelturul siiski 0,5% miinuses.

    Rev Shark:

    Prepare for a test. The FOMC interest rate decision this afternoon at 2:15 p.m. EDT will test how sensitive this market is to the prospect of increasing rates. Although no one expects any change in rates at this time, the accompanying policy statement will be carefully scrutinized. If recent language about staying patient is modified or if there are other hints that action will be coming sooner rather than later, we are likely to see a strong reaction. 

    The optimistic bulls will tell us that this market has already priced in increased rates to some extent. Furthermore, strong economic growth should more than offset the impact of increased interest rates. So we shouldn't worry too much. 

    Perhaps, but the problem here is one of uncertainty. The market loathes uncertainty and there is still plenty of it when it comes to the interest rate issue. Although nearly everyone is expecting a rate increase at some point, there is little agreement about when exactly it may occur and how far the Fed will go once it begins to tighten. 

    The uncertainty about timing and degree and not the fact of potential rate hikes is what has been troubling this market lately. It is likely the FOMC will help clarify the situation to some extent today, but the market might not like what it hears if it appears the day of reckoning is sooner rather than later. 

    The market is on hold until the news is out this afternoon, and what makes things even more difficult is that the technical picture is precarious, at best. We had a little short-covering/dead-cat bounce yesterday but we didn't have the sort of breadth, volume or intensity to indicate that market participants were anxious to load up after last week's very nasty action. 

    All of the major indices face substantial technical overhead resistance now. So often throughout the rally since October 2002, we saw quick V-shaped recoveries from a pullback. That certainly can happen again. But this time -- with the interest rate issues, seasonality, a nearly 100% move in the Nasdaq and a lack of positive catalysts -- it is likely to be much more difficult to cut through the overhead resistance. 

    My trading style is to avoid being overly anticipatory. I don't want to try to pick turning points or bet on news events. I prefer to watch for trends to emerge and then run with them as they pick up momentum. Right now the trend to the downside is building. The FOMC could turn it back up but it's not going to be easy. 

    At the moment we have a slightly positive open shaping up. Overseas there finally was a bit of a bounce in Asian markets following a pounding on concerns about tightening in China. Europe was mixed with the UK on the upside and most other major markets in the red. Gold was bouncing a bit this morning and the dollar was pulling back some. Those markets will likely see a good bit of volatility on the FOMC interest rate decision. 

    Get ready to wait. The fireworks start at 2:15 pm EDT.

    Gary B. Smith:

     

  • Free-ee-ee...free-ee-ee-fall-in'...
  • FED jättis intressimäärad muutmata. Turu esimene reaktsioon on ralli.


    sB
  • Üllatav on Fedi avaldus et inflatsiooni ja deflatsiooni risk on võrdne. Vaikselt tehakse siiski vihjeid intressimäära tõstmiseks.
  • veidi agressiivsem oli FEDi kommentaar, kuid praegu endiselt ei paista, millal võidakse hakata tõstma.
  • Pole kuigi kindel, "suur raha" teeb oma panused ilmselt homme, sealt paistab tegelik suund. Päevad pärast FEDi kommentaari on tihtipeale olulisemad kui õhtune vehklemine.

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