February 5, 2003
08:00 CET
A swing to profit in fourth quarter - Rautaruukki's full year in the red (unaudited)
Rautaruukki Oyj Stock Exchange Release 5 February 2003 at 9 am
Rautaruukki's consolidated turnover in 2002 was EUR 2,884 million (2,906).
The result before taxes was a loss of EUR 46 million (+41). The result in
Rautaruukki Steel deteriorated and Fundia Wire again recorded a
significant loss. The profit before taxes for the final quarter was EUR 2
million (-22). Excluding non-recurring costs, the final quarter profit was
EUR 22 million. The Board of Directors proposes to the Annual General
Meeting that no dividend be distributed for 2002.
The result before taxes was a loss of EUR 46 million (+41). The result in
Rautaruukki Steel deteriorated and Fundia Wire again recorded a
significant loss. The profit before taxes for the final quarter was EUR 2
million (-22). Excluding non-recurring costs, the final quarter profit was
EUR 22 million. The Board of Directors proposes to the Annual General
Meeting that no dividend be distributed for 2002.
Non-recurring costs for the whole year totalled EUR 27 million, of which
the most significant was a provision of EUR 20 million arising from the
personnel downsizing which it has been decided to carry out at Rautaruukki
Steel and Metform.
the most significant was a provision of EUR 20 million arising from the
personnel downsizing which it has been decided to carry out at Rautaruukki
Steel and Metform.
Contributions to the Rautaruukki Pension Fund were EUR 12 million higher
than last year, mainly as a result of the slide in share prices.
than last year, mainly as a result of the slide in share prices.
Business environment and market
During 2002 economic growth continued to be very slow in Western Europe,
North America and Japan. In China, Southeast Asia and the countries of
Eastern Europe, economic growth was faster than in the rest of the world.
During 2002 economic growth continued to be very slow in Western Europe,
North America and Japan. In China, Southeast Asia and the countries of
Eastern Europe, economic growth was faster than in the rest of the world.
Demand for steel products in Europe was slightly lower than in 2001, while
demand in the United States remained at the same level. Demand for steel
products grew in China, Southeast Asia and Eastern Europe.
demand in the United States remained at the same level. Demand for steel
products grew in China, Southeast Asia and Eastern Europe.
In March the United States imposed 8-30 per cent import tariffs on
imported steel products. Since then the United States has exempted some
steel products from the import tariffs, but the tariffs still apply to the
bulk of steel products imported into the United States.
imported steel products. Since then the United States has exempted some
steel products from the import tariffs, but the tariffs still apply to the
bulk of steel products imported into the United States.
At the end of March the European Union imposed protective measures that
were in force for six months against the import of steel products into the
EU countries. According to these measures, imports can exceed by a maximum
of 10 per cent the average volume of imports during 1999-2001, the amount
in excess of this being subject to a 15-26 per cent tariff. At the end of
September the EU decided to continue the protective measures for another
2.5 years. Excluded from the protective measures so far are, among other
products, bar steels and heavy plates, for which any protective measures
will be decided by the end of February 2003.
were in force for six months against the import of steel products into the
EU countries. According to these measures, imports can exceed by a maximum
of 10 per cent the average volume of imports during 1999-2001, the amount
in excess of this being subject to a 15-26 per cent tariff. At the end of
September the EU decided to continue the protective measures for another
2.5 years. Excluded from the protective measures so far are, among other
products, bar steels and heavy plates, for which any protective measures
will be decided by the end of February 2003.
Due to the protective measures, imports of steel products into the EU were
lower than in 2001. The export and import of steel products were balanced
in the EU area. Stocks of steel products in Europe were at normal levels
at the end of the year.
lower than in 2001. The export and import of steel products were balanced
in the EU area. Stocks of steel products in Europe were at normal levels
at the end of the year.
In Europe prices of steel products were very low at the beginning of the
year but they began to strengthen as supply and demand reached a balance
from the second quarter onwards. Average prices for the year were,
however, lower than the previous year.
year but they began to strengthen as supply and demand reached a balance
from the second quarter onwards. Average prices for the year were,
however, lower than the previous year.
In the United States the prices of steel products, which rose sharply at
the beginning of the year due the contraction of the supply, declined
significantly as supply increased in the second half of the year. Average
prices for the year were, however, higher than the previous year. In the
countries of Southeast Asia the prices of steel products strengthened.
World steel output grew by 6 per cent compared with 2001, of which a
significant contribution came from increased production in China. Steel
output in European Union countries was at the previous year's level, and
in the rest of Europe it grew by 3 per cent.
significant contribution came from increased production in China. Steel
output in European Union countries was at the previous year's level, and
in the rest of Europe it grew by 3 per cent.
Rautaruukki in the market
Rautaruukki Steel's output was 2,562,000 tonnes (2,565,000). Because of
operating disturbances and interim repairs made to Rautaruukki Steel's
Blast Furnace No.1 in July, steel production fell more than 200,000 tonnes
short of the target level. Since the interim repair of the blast furnace,
steel production has been at the target level of 2.8 million tonnes per
year.
Rautaruukki Steel's output was 2,562,000 tonnes (2,565,000). Because of
operating disturbances and interim repairs made to Rautaruukki Steel's
Blast Furnace No.1 in July, steel production fell more than 200,000 tonnes
short of the target level. Since the interim repair of the blast furnace,
steel production has been at the target level of 2.8 million tonnes per
year.
Fundia's steel output was 1,688,000 tonnes (1,604,000). Interim repairs to
the Fundia Koverhar blast furnace were carried out in August.
The Group's deliveries of flat and tubular products were 3 per cent
greater than in 2001. The average price of deliveries was 3 per cent lower
than the previous year. In the final quarter of the year, the average
price of deliveries was 1 per cent higher than in the previous quarter.
the Fundia Koverhar blast furnace were carried out in August.
The Group's deliveries of flat and tubular products were 3 per cent
greater than in 2001. The average price of deliveries was 3 per cent lower
than the previous year. In the final quarter of the year, the average
price of deliveries was 1 per cent higher than in the previous quarter.
Deliveries of long steel products fell by 2 per cent. Deliveries of rebar
steels and bar products grew. Deliveries of wire products and hot-rolled
profiles declined. The average price of long steel products was 1 per cent
higher than in 2001. In the final quarter of the year, the average price
of deliveries was 1 per cent lower than in the previous quarter.
steels and bar products grew. Deliveries of wire products and hot-rolled
profiles declined. The average price of long steel products was 1 per cent
higher than in 2001. In the final quarter of the year, the average price
of deliveries was 1 per cent lower than in the previous quarter.
The average price of deliveries is influenced by product mix and market
area changes as well as by the general trend in prices.
area changes as well as by the general trend in prices.
TURNOVER AND FINANCIAL RESULT
Consolidated turnover was EUR 2,884 million (2,906).
Consolidated turnover was EUR 2,884 million (2,906).
Prices of iron raw materials were on average 6 per cent lower and the
price of coking coal was 1 per cent higher than in 2001. The price of
electricity was 9 per cent higher and the price of scrap used by Fundia
was 8 per cent higher than in 2001.
price of coking coal was 1 per cent higher than in 2001. The price of
electricity was 9 per cent higher and the price of scrap used by Fundia
was 8 per cent higher than in 2001.
Operating profit was EUR 6 million (93). The lower prices of Rautaruukki
Steel's deliveries and the loss on operations at Fundia Wire contributed
to the weakening of the operating profit. Fundia Wire's financial
performance was influenced by production problems and higher costs
resulting from the implementation of the restructuring and development
programme as well as the low prices for wire rods.
Steel's deliveries and the loss on operations at Fundia Wire contributed
to the weakening of the operating profit. Fundia Wire's financial
performance was influenced by production problems and higher costs
resulting from the implementation of the restructuring and development
programme as well as the low prices for wire rods.
Non-recurring costs totalled EUR 27 million, of which the most significant
was a provision of EUR 20 million arising from the personnel downsizing
which it has been decided to carry out at Rautaruukki Steel and Metform.
Another EUR 7 million in non-recurring costs resulted from write-downs on
Fundia's fixed assets and provisions made for certain restructuring
measures.
was a provision of EUR 20 million arising from the personnel downsizing
which it has been decided to carry out at Rautaruukki Steel and Metform.
Another EUR 7 million in non-recurring costs resulted from write-downs on
Fundia's fixed assets and provisions made for certain restructuring
measures.
Contributions to the Rautaruukki Pension Fund were EUR 12 million higher
than last year, mainly as a result of the slide in share prices.
than last year, mainly as a result of the slide in share prices.
Operating profit for the final quarter of 2002 was EUR 17 million (-12),
which includes non-recurring costs of EUR 20 million and capital gains
amounting to EUR 7 million.
which includes non-recurring costs of EUR 20 million and capital gains
amounting to EUR 7 million.
The Group's other operating income was EUR 15 million (17). The loss
before extraordinary items and taxes was EUR 46 million (+41). Return on
net assets was 0.6 per cent (5.0).
before extraordinary items and taxes was EUR 46 million (+41). Return on
net assets was 0.6 per cent (5.0).
The loss before taxes and minority interest was EUR 46 million (+41). The
loss for the financial year was EUR 35 million (+30).
loss for the financial year was EUR 35 million (+30).
Improving profitability
In 2002 an action programme was initiated in Rautaruukki's integrated flat
product operations (Rautaruukki Steel, Metform and Steel Service Division)
to improve the material margin and to lower fixed costs. The material
margin means the difference between the sales income and the material,
energy and transport costs of production.
In 2002 an action programme was initiated in Rautaruukki's integrated flat
product operations (Rautaruukki Steel, Metform and Steel Service Division)
to improve the material margin and to lower fixed costs. The material
margin means the difference between the sales income and the material,
energy and transport costs of production.
To improve the sales income, the customer structure will be enhanced and
the proportion of high-margin special products within sales will be
increased. The introduction of a new control system will improve control
over the product stream of flat products to the market along the most
profitable processing and sales route.
the proportion of high-margin special products within sales will be
increased. The introduction of a new control system will improve control
over the product stream of flat products to the market along the most
profitable processing and sales route.
Production costs will be cut by improving the utilisation rate of
production lines and by reducing specific energy costs, procurement costs
and quality costs.
production lines and by reducing specific energy costs, procurement costs
and quality costs.
Fixed costs will be lowered by the end of 2003 by a total of EUR 50
million, of which personnel costs will account for three quarters. In
accordance to the codetermination negotiations conducted with personnel
the Group's workforce will be reduced by around 700 employees, mostly
during 2003.
million, of which personnel costs will account for three quarters. In
accordance to the codetermination negotiations conducted with personnel
the Group's workforce will be reduced by around 700 employees, mostly
during 2003.
The extensive restructuring programme initiated in Fundia at the end of
2000 was completed with the conclusion of the Fundia Wire restructuring
programme at the end of 2002. The restructuring programmes in Fundia's
2000 was completed with the conclusion of the Fundia Wire restructuring
programme at the end of 2002. The restructuring programmes in Fundia's
other subdivisions were completed earlier and the full benefits of them
were obtained during 2002. Except for Fundia Wire, Fundia's subdivisions
recorded a clearly positive result.
were obtained during 2002. Except for Fundia Wire, Fundia's subdivisions
recorded a clearly positive result.
Financing
Rautaruukki's gearing ratio was 138 per cent (129) and equity ratio was
31.1 per cent (33.3). Equity per share at the end of the year was EUR 5.81
(6.21). Total assets were EUR 2,561 million (2,559).
Rautaruukki's gearing ratio was 138 per cent (129) and equity ratio was
31.1 per cent (33.3). Equity per share at the end of the year was EUR 5.81
(6.21). Total assets were EUR 2,561 million (2,559).
Working capital declined by EUR 3 million. Cash flow from operations was
EUR 152 million (141) and cash flow before financing EUR 23 million (-9).
The Group's interest-bearing net debt stood at EUR 1,092 million (1,087).
The short-term position of interest-bearing loans was EUR 205 million
(216) and the long-term position EUR 943 million (912).
EUR 152 million (141) and cash flow before financing EUR 23 million (-9).
The Group's interest-bearing net debt stood at EUR 1,092 million (1,087).
The short-term position of interest-bearing loans was EUR 205 million
(216) and the long-term position EUR 943 million (912).
On 25 September 2002 Rautaruukki issued two callable subordinated notes
with a total nominal value of EUR 104 million.
with a total nominal value of EUR 104 million.
The Group's liquidity was good throughout the year. The ratio of financial
assets and inventories to short-term liabilities at the end of the year
was 1.9 (1.8). At the end of 2002 the Group had uncommitted revolving
credit facilities with banks totalling EUR 284 million.
assets and inventories to short-term liabilities at the end of the year
was 1.9 (1.8). At the end of 2002 the Group had uncommitted revolving
credit facilities with banks totalling EUR 284 million.
Net interest expenses were EUR 50 million (49) and their proportion of net
sales was 1.7 per cent (1.7). Net financial expenses totalled EUR 52
million (52). Financial expenses include a gain on foreign exchange of EUR
1 million (-1). The operating result includes a loss on foreign exchange
of EUR 12 million (+6). The average interest on the Group's net debt at
the end of the year was 4.9 per cent (4.6).
sales was 1.7 per cent (1.7). Net financial expenses totalled EUR 52
million (52). Financial expenses include a gain on foreign exchange of EUR
1 million (-1). The operating result includes a loss on foreign exchange
of EUR 12 million (+6). The average interest on the Group's net debt at
the end of the year was 4.9 per cent (4.6).
Share capital and shares
The share capital did not change during the year. The share capital as at
31 December 2002 was EUR 236,106,956.50. Rautaruukki Oyj's Board of
Directors has no valid authorisation to increase the share capital.
The company has purchased a total of 3,270,000 of its own shares, which is
2.35 per cent of the 138,886,445 shares outstanding. The company has paid
a total of EUR 14,737,093 for these shares.
The share capital did not change during the year. The share capital as at
31 December 2002 was EUR 236,106,956.50. Rautaruukki Oyj's Board of
Directors has no valid authorisation to increase the share capital.
The company has purchased a total of 3,270,000 of its own shares, which is
2.35 per cent of the 138,886,445 shares outstanding. The company has paid
a total of EUR 14,737,093 for these shares.
CAPITAL EXPENDITURE
Gross expenditure on fixed assets totalled EUR 142 million (162) and net
capital expenditure EUR 129 million (150).
Gross expenditure on fixed assets totalled EUR 142 million (162) and net
capital expenditure EUR 129 million (150).
Interim repairs to the Raahe Steel Works' Blast Furnace No. 1 and the
Koverhar Works' blast furnace were carried out in July-August. At Fundia
Nedstaal, a modernised rolling line was brought into service in November,
replacing the previous two lines. At the beginning of 2002, Fundia Cromax
acquired the Italian company Fluid S.p.A, which manufactures hard chromed
bars. The Steel Structure Division opened new plants in Kazakhstan and in
central Russia. Other capital expenditures consisted of normal development
and replacement investments.
Koverhar Works' blast furnace were carried out in July-August. At Fundia
Nedstaal, a modernised rolling line was brought into service in November,
replacing the previous two lines. At the beginning of 2002, Fundia Cromax
acquired the Italian company Fluid S.p.A, which manufactures hard chromed
bars. The Steel Structure Division opened new plants in Kazakhstan and in
central Russia. Other capital expenditures consisted of normal development
and replacement investments.
Personnel
The Group's payroll at the close of the year consisted of 12,804 people
(12,975) and the parent company employed 5,472 people (5,599). During the
year the Group employed an average of 13,325 (13 678) people and the
parent company 5,794 (5,990). An expansion of operations increased the
payroll in the Steel Structure Division. Personnel numbers decreased,
however, in all of the other divisions.
The Group's payroll at the close of the year consisted of 12,804 people
(12,975) and the parent company employed 5,472 people (5,599). During the
year the Group employed an average of 13,325 (13 678) people and the
parent company 5,794 (5,990). An expansion of operations increased the
payroll in the Steel Structure Division. Personnel numbers decreased,
however, in all of the other divisions.
The payroll will be further cut to achieve improvements in cost-
effectiveness. Decisions made will lead to a decrease in personnel numbers
of around 700. As a result of the reduction in personnel, there were more
internal transfers than normal and posts have been reorganised.
effectiveness. Decisions made will lead to a decrease in personnel numbers
of around 700. As a result of the reduction in personnel, there were more
internal transfers than normal and posts have been reorganised.
Outlook for 2003
Economic forecasts for 2003 contain many uncertainties. Forecasts indicate
that world economic growth will improve slightly during 2003, but will
continue to be sluggish. Economic growth is forecast to occur mainly in
the second half of the year.
Economic forecasts for 2003 contain many uncertainties. Forecasts indicate
that world economic growth will improve slightly during 2003, but will
continue to be sluggish. Economic growth is forecast to occur mainly in
the second half of the year.
In Western Europe economic growth is expected to continue at roughly the
same level as in 2002. In the countries of eastern Central Europe and
Eastern Europe economic growth is expected to be faster than in the rest
of Europe. Economic growth is also expected to pick up in the United
States and the countries of Southeast Asia.
same level as in 2002. In the countries of eastern Central Europe and
Eastern Europe economic growth is expected to be faster than in the rest
of Europe. Economic growth is also expected to pick up in the United
States and the countries of Southeast Asia.
In the EU countries demand for steel products is forecast to grow
slightly. The prices of strip products and certain long steel products
have strengthened in the first quarter of 2003. During the latter part of
the year, the price development of steel products will be influenced
substantially by the level of the EU countries' own production and the
level of imports into the EU.
slightly. The prices of strip products and certain long steel products
have strengthened in the first quarter of 2003. During the latter part of
the year, the price development of steel products will be influenced
substantially by the level of the EU countries' own production and the
level of imports into the EU.
In the United States demand for steel products is expected to grow
slightly. Prices of steel products may weaken due to growth in the United
States' own production and higher exports. In the countries of Southeast
Asia, demand for steel products is expected to increase.
slightly. Prices of steel products may weaken due to growth in the United
States' own production and higher exports. In the countries of Southeast
Asia, demand for steel products is expected to increase.
Prices of raw materials for steel production will be agreed at the
beginning of 2003. Prices of raw materials in euros are not expected to
change substantially. The price of electricity, however, is expected to be
higher than in 2002.
beginning of 2003. Prices of raw materials in euros are not expected to
change substantially. The price of electricity, however, is expected to be
higher than in 2002.
Rautaruukki's financial performance will be improved by an increase in its
own steel output and by measures already implemented and under way to
improve profitability.
own steel output and by measures already implemented and under way to
improve profitability.
Rautaruukki Steel's output is expected to rise to the target level of 2.8
million tonnes. As a result, the use of purchased slabs will decline,
which will in turn reduce the manufacturing costs of rolled products.
Profitability will be improved by the completed Fundia Wire restructuring
programme and by the action programme under way in integrated flat product
operations.
million tonnes. As a result, the use of purchased slabs will decline,
which will in turn reduce the manufacturing costs of rolled products.
Profitability will be improved by the completed Fundia Wire restructuring
programme and by the action programme under way in integrated flat product
operations.
To improve cash flow, the level of capital expenditure will be kept below
the level of depreciation and measures to accelerate capital turnover will
be enhanced.
the level of depreciation and measures to accelerate capital turnover will
be enhanced.
Consolidated turnover is forecast to be around EUR 3 billion in 2003. The
development of steel product prices will have a substantial impact on
financial performance. The operating environment for the steel industry in
Europe is expected to be slightly more favourable.
development of steel product prices will have a substantial impact on
financial performance. The operating environment for the steel industry in
Europe is expected to be slightly more favourable.
Helsinki 5 February 2003
Rautaruukki Oyj
Board of Directors
Rautaruukki Oyj
Board of Directors
Individual figures and sums have been rounded off from the exact figures.
This may lead to minor discrepancies upon addition or subtraction.
Profit and loss account 2002 2001 2002 2001
EUR million 10-12 10-12 1-12 1-12
Turnover 753 697 2884 2906
Other operating income 10 3 15 17
Operating expenses -701 -667 -2716 -2658
Depreciation -45 -45 -177 -172
Operating profit/loss 17 -12 6 93
Financing income and expenses -15 -10 -52 -52
Profit/loss before extraord. items 2 -22 -46 41
Extraordinary items 0 0 0 0
Profit/loss before taxes 2 -22 -46 41
Taxes* 1 17 -1 1
Change in deferred tax 0 -11 12 -13
Minority interests 0 0 0 0
Profit/loss of the period 3 -16 -35 30
* proportion of the estimated taxes for the year weighted by report
period's profit/loss
Balance sheet, EUR million 2002 2001
Assets 31.12. 31.12.
Non-current assets 1453 1490
Inventories 511 507
Debtors 597 561
2561 2559
Liabilities
Capital and reserves 799 856
Minority interests 3 3
Provisions 58 23
Non-current creditors 1120 1092
Current creditors 580 585
2561 2559
Cash flow statement 2002 2001
EUR million 1-12 1-12
Cash flow before
working capital changes 196 261
Change in working capital 3 -26
Financing items and taxes -44 -71
Cash flow from extraordinary items -3 -22
Cash flow from operations 152 141
Cash flow from investing activities-129 -150
Cash flow before financing 23 -9
Key figures 2002 2001
1-12 1-12
Operating profit, % of turnover 0.2 3.2
Return on net assets*, % 0.6 5.0
Return on equity*, % -4.3 3.4
Equity ratio, % 31.1 33.3
Gearing ratio, % 138 129
Interest bearing net debt, Me 1,092 1,087
Earnings per share, e -0.26 0.22
Equity per share, e 5.81 6.21
Personnel on average 13,325 13,678
* based on previous 12 months
Turnover by division 2002 2001
EUR million 1-12 1-12
Rautaruukki Steel 1308 1316
Metform 367 351
Steel Structure Division 321 311
Fundia 731 724
Steel Service 646 702
Other units 171 150
less internal invoicing -660 -648
Consolidated turnover 2884 2906
Operating profit/loss by division 2002 2001
EUR million 1-12 1-12
Rautaruukki Steel 9 83
Metform 17 12
Steel Structure Division 12 10
Fundia -17 -4
Steel Service 23 9
Other units and internal items -36 -16
Consolidated operating profit 6 93
Contingent liabilities Group Rautaruukki Oyj
EUR million 12/02 12/01 12/01 12/01
For own debts 86 71 79 69
External contingent liabilities
for Group companies 128 128
for associated companies 2 2 2 2
for others 5 8 4 7
Leasing liabilities 176 179 80 88
Repurchase liabilities 14 14 12 12
Derivative contracts, EUR million Nominal value Fair value
Interest rate derivatives
Interest rate swaps 652 -6.6
Foreign currency derivatives
Forward contracts 309 0.2
Options*
Bought 215 -3.3
Sold 215 -4.6
Zinc derivatives (nominal value tonnes)
Forward contracts 30,200 -2.3
Electricity derivatives (nominal value GWh)
Forward contracts 1,343 22.5
* risk reversal
Turnover by quarter
(EUR million) I/01 II/01III/01 IV/01 I/02 II/02III/02IV/02
Rautaruukki Steel 351 357 314 295 304 328 331 345
Metform 97 95 80 80 90 102 83 92
Steel Structure Division 58 80 94 79 58 83 93 88
Fundia 199 195 158 172 178 195 169 189
Steel Service 156 192 182 172 162 168 157 159
Other units 31 39 40 41 41 44 36 50
- internal invoicing -161 -182 -164 -142 -147 -176 -167 -170
Consolidated turnover 731 774 703 697 686 743 703 753
Operating profit by quarter
(EUR million) I/01 II/01III/01 IV/01 I/02 II/02III/02IV/02
Rautaruukki Steel 38 30 10 5 2 -10 4 13
Metform 1 6 3 1 5 9 2 1
Steel Structure Division -3 3 10 0 -4 4 10 2
Fundia 2 4 -5 -6 -1 1 -18 1
Steel Service 6 3 2 -3 2 5 5 10
Other units
and internal items 0 -5 -2 -10 -4 -8 -15 -10
Consolidated oper. profit46 42 17 -12 1 1 -12 17
External deliveries by quarter
(1000 t) I/01 II/01III/01 IV/01 I/02 II/02III/02IV/02
Hot rolled plates,
sheets and coils 269 259 255 260 269 278 267 292
Cold rolled sheets
and coils 48 55 41 43 51 44 48 50
Coated sheets and coils 178 191 161 172 167 166 178 179
Tubular products 147 151 127 126 139 166 128 147
Profiled sheets
and sections 58 66 71 63 50 69 75 67
Long steel products 559 519 423 469 473 516 441 502Rautaruukki OyjEsko Lukkari
VP, Corporate Communications
VP, Corporate Communications
ADDITIONAL INFORMTION
Mikko Kivimäki, President & CEO, tel. +358 9 4177 6200
Seppo Sahlman, CFO, tel. +359 4177 6215
Mikko Kivimäki, President & CEO, tel. +358 9 4177 6200
Seppo Sahlman, CFO, tel. +359 4177 6215
DISTRIBUTION
Helsinki Exchanges
Principal Media
Helsinki Exchanges
Principal Media