Lease liability amortisation |
|
0 |
0 |
0 |
-4 |
-4 |
-4 |
-4 |
-4 |
|
Other intangible assets |
|
8 |
8 |
8 |
7 |
52 |
51 |
51 |
50 |
|
Right-of-use asset |
|
0 |
0 |
0 |
19 |
19 |
19 |
19 |
18 |
|
Total other fixed assets |
|
28 |
17 |
18 |
18 |
17 |
17 |
17 |
17 |
|
Leasing liability |
|
0 |
0 |
0 |
20 |
19 |
19 |
19 |
19 |
|
Total other long-term liabilities |
|
10 |
8 |
12 |
12 |
10 |
10 |
10 |
10 |
|
Net IB debt excl. leasing |
|
22 |
20 |
32 |
4 |
-3 |
-7 |
-20 |
-37 |
|
Net IB debt / EBITDA lease Adj (%) |
|
155.1 |
140.3 |
388.1 |
23.8 |
-41.2 |
-35.5 |
-84 |
-112.5 |
|
EBITDA |
|
16 |
-13 |
-9 |
17 |
9 |
24 |
28 |
38 |
|
Net financial items |
|
-1 |
-5 |
-1 |
-2 |
-7 |
-1 |
-1 |
-1 |
|
Paid tax |
|
-5 |
-9 |
-3 |
-3 |
-1 |
-5 |
-7 |
-8 |
|
Non-cash items |
|
-1 |
28 |
12 |
-8 |
7 |
1 |
6 |
1 |
|
Cash flow before change in WC |
|
9 |
1 |
-2 |
5 |
8 |
18 |
26 |
29 |
|
Change in WC |
|
1 |
12 |
3 |
9 |
7 |
-7 |
-6 |
-5 |
|
Operating cash flow |
|
10 |
13 |
1 |
14 |
16 |
11 |
20 |
25 |
|
CAPEX tangible fixed assets |
|
-2 |
-2 |
-7 |
-1 |
0 |
-1 |
-2 |
-2 |
|
CAPEX intangible fixed assets |
|
-2 |
-2 |
-2 |
0 |
-2 |
-2 |
-1 |
-1 |
|
Acquisitions and disposals |
|
0 |
0 |
2 |
0 |
2 |
0 |
0 |
0 |
|
Free cash flow |
|
6 |
9 |
-6 |
13 |
15 |
9 |
18 |
21 |
|
Dividend paid |
|
-2 |
-4 |
-1 |
0 |
0 |
0 |
0 |
0 |
|
Share issues and buybacks |
|
0 |
0 |
0 |
19 |
0 |
0 |
0 |
0 |
|
Other non cash items |
|
0 |
-2 |
-17 |
-13 |
2 |
3 |
0 |
0 |
|
Decrease in net IB debt |
|
4 |
2 |
-12 |
8 |
8 |
4 |
13 |
17 |
|
Balance Sheet (EURm) |
|
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
|
Goodwill |
|
67 |
45 |
45 |
45 |
0 |
0 |
0 |
0 |
|
Indefinite intangible assets |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Definite intangible assets |
|
8 |
8 |
8 |
7 |
52 |
51 |
51 |
50 |
|
Tangible fixed assets |
|
22 |
18 |
20 |
18 |
15 |
13 |
11 |
9 |
|
Other fixed assets |
|
28 |
17 |
18 |
18 |
17 |
17 |
17 |
17 |
|
Fixed assets |
|
126 |
88 |
92 |
108 |
103 |
100 |
97 |
94 |
|
Inventories |
|
40 |
37 |
39 |
39 |
38 |
44 |
49 |
53 |
|
Receivables |
|
59 |
53 |
72 |
45 |
37 |
45 |
49 |
54 |
|
Other current assets |
|
4 |
5 |
6 |
5 |
3 |
3 |
3 |
3 |
|
Cash and liquid assets |
|
15 |
29 |
21 |
13 |
19 |
23 |
37 |
54 |
|
Total assets |
|
244 |
211 |
230 |
211 |
201 |
215 |
236 |
258 |
|
Shareholders equity |
|
145 |
104 |
100 |
108 |
106 |
118 |
133 |
153 |
|
Minority |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Total equity |
|
145 |
104 |
100 |
108 |
106 |
118 |
133 |
153 |
|
Long-term debt |
|
33 |
46 |
49 |
3 |
13 |
13 |
13 |
13 |
|
Pension debt |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Convertible debt |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Deferred tax |
|
7 |
3 |
2 |
2 |
2 |
2 |
2 |
2 |
|
Other long-term liabilities |
|
4 |
5 |
9 |
9 |
8 |
8 |
8 |
8 |
|
Short-term debt |
|
4 |
3 |
4 |
14 |
4 |
4 |
4 |
4 |
|
Accounts payable |
|
30 |
34 |
27 |
25 |
24 |
31 |
35 |
38 |
|
Other current liabilities |
|
21 |
16 |
38 |
28 |
25 |
22 |
22 |
22 |
|
Total liabilities and equity |
|
244 |
211 |
230 |
211 |
201 |
215 |
236 |
258 |
|
Net IB debt |
|
22 |
20 |
32 |
24 |
16 |
12 |
-1 |
-18 |
|
Net IB debt excl. pension debt |
|
22 |
20 |
32 |
24 |
16 |
12 |
-1 |
-18 |
|
Capital invested |
|
178 |
132 |
143 |
144 |
132 |
140 |
142 |
144 |
|
Working capital |
|
52 |
44 |
52 |
36 |
29 |
40 |
45 |
50 |
|
EV breakdown |
|
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
|
Market cap. diluted (m) |
|
167 |
176 |
102 |
168 |
199 |
196 |
196 |
196 |
|
Net IB debt Adj |
|
22 |
20 |
32 |
24 |
16 |
12 |
-1 |
-18 |
|
Market value of minority |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Reversal of shares and participations |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Reversal of conv. debt assumed equity |
|
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
EV |
|
189 |
195 |
134 |
192 |
216 |
208 |
195 |
178 |
|
Capital efficiency (%) |
|
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
|
Total assets turnover (%) |
|
84 |
93.5 |
89.4 |
88.9 |
77 |
92.1 |
95.4 |
95.2 |
|
Capital invested turnover (%) |
|
119.4 |
137 |
142.9 |
136.5 |
114.7 |
140.8 |
152.6 |
163.9 |
|
Capital employed turnover (%) |
|
114.9 |
126.7 |
128.8 |
131.3 |
110.4 |
130 |
133.6 |
131.6 |
|
Inventories / sales (%) |
|
20.2 |
18.1 |
19.4 |
20 |
24.2 |
21.4 |
21.7 |
21.8 |
|
Customer advances / sales (%) |
|
6.2 |
4.9 |
8.4 |
11 |
12.6 |
10.6 |
9.5 |
8.7 |
|
Payables / sales (%) |
|
16.1 |
15 |
15.4 |
13.4 |
15.7 |
14.3 |
15.3 |
15.6 |
|
Working capital / sales (%) |
|
24.9 |
22.7 |
24.3 |
22.3 |
20.6 |
18.1 |
19.8 |
20.4 |
|
Financial risk and debt service |
|
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
|
Net debt / equity (%) |
|
15 |
18.9 |
31.7 |
22.3 |
15.4 |
10.2 |
-0.8 |
-11.9 |
|
Net debt / market cap (%) |
|
11.6 |
9.6 |
18.5 |
20 |
9.7 |
6.1 |
-0.6 |
-9.3 |
|
Equity ratio (%) |
|
59.7 |
49.6 |
43.5 |
51.4 |
52.8 |
54.7 |
56.7 |
59.2 |
|
Net IB debt adj. / equity (%) |
|
15 |
18.9 |
31.7 |
22.3 |
15.4 |
10.2 |
-0.8 |
-11.9 |
|
Current ratio (%) |
|
215.5 |
233.5 |
198.1 |
142.5 |
172.2 |
193.5 |
216.1 |
243.3 |
|
EBITDA / net interest (%) |
|
1477 |
-933.9 |
-502.2 |
902.7 |
543.2 |
1691.3 |
2182.2 |
3134.3 |
|
Net IB debt / EBITDA (%) |
|
135.7 |
-146.8 |
-336.4 |
141 |
189.8 |
50.6 |
-4 |
-48.4 |
|
Interest cover (%) |
|
1130.9 |
-1247.2 |
-740.5 |
650.7 |
221.5 |
1305.1 |
1822.7 |
2371.6 |
|
|
|
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
|