Annual Report 1999 - Kemira

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DISTRIBUTION OF SHAREHOLDERS (31 Dec 1999) Financial institutions and insurance companies 9.5 % Private companies 2.5 % Foreign shareholders 19.0 % EARNINGS/SHARE 95 96 97 98 99 CASH FLOW/SHARE Public sector entities 61.7 % Non-profit organizations 1.0 % Households 6.3 % EUR 1,0 0,8 0,6 0,4 0,2 0 EUR 2,5 20 LARGEST SHAREHOLDERS (31 Dec 1999) Shareholder Number of % of shares shares and votes 1. Finnish State 68,753,920 53.38 2. Sampo Group 4,691,000 3.64 (Sampo Insurance Company Ltd 850,000) (Industrial Insurance Company Ltd 1,480,000) (Sampo Enterprise Insurance Company Ltd 450,000) (Otso Loss of Profits Insurance Company Ltd 425,000) (Sampo Life Insurance Company Ltd 1,486,000) 3. Ilmarinen Mutual Pension Insurance Company Ltd 3,603,500 2.80 4. Pohjola Group 2,920,000 2.27 (Pohjola Non-Life Insurance Company 1,780,000) (Pohjola Life Insurance Company Ltd 1,140,000) 5. Varma-Sampo Mutual Pension Insurance Company 2,349,697 1.82 6. Suomi Mutual Life Assurance Company 1,260,000 0.98 7. Tapiola Mutual Pension Insurance Company 1,012,400 0.79 8. The Local Government Pensions Institution 800,000 0.62 9. Tapiola General Mutual Insurance Company 713,500 0.55 10.Norvestia Oyj 760,000 0.59 11.Kaleva Mutual Insurance Company 700,000 0.54 12.Pension Foundation Neliapila s.r. 577,160 0.45 13.Mutual Insurance Company Pension-Fennia 541,903 0.42 14.Tapiola Mutual Life Assurance Company 455,500 0.35 15.Odin Norden 313,500 0.24 16.Neste Pension Foundation s.r. 270,000 0.21 17.Seligson & Co. Fund Management Company Plc 255,500 0.20 18.The LEL Employment Pension Fund 247,500 0.19 19.Finnish Broadcasting Company Pension Foundation s.r 245,500 0.19 20.The Church Central Fund 228,500 0.18 Kemira Oyj 1,000,000 0.78 Nominee registered shares* 23,916,271 18.57 Other total 13,184,649 10.24 Grand total 128,800,000 100.00 * Information of the holding of Franklin Resources Inc. in Kemira Oyj is given on page 69. 2,0 1,5 1,0 0,5 0 95 96 97 98 99 SHAREHOLDERS’ EQUITY/SHARE EUR 8 7 6 5 4 3 2 1 0 95 96 97 98 99 price of the company’s share on Helsinki Exchanges, weighted for trading in the year 2000, and lowered by double the percentage figure by which an index calculated on the share trend of Kemira Oyj’s share exceeds the arithmetic average index calculated in a similar manner on the share trend in the shares of a peer group. The subscription price of the share will furthermore be lowered by the amount of dividends distributed from 1 June 1998 to 31 May 2001 to the extent that the total amount exceeds one euro per share and the dividends to be distributed after 1 June 2001 will be subtracted in their entirety. The subscription price is nevertheless a minimum of EUR 10.41 less the amount of dividends distributed after 1 June 1998. The Supervisory Board appointed for the company a new Board of Directors, which began discharging its duties at the beginning of 2000. The members of the present Board of Directors and the Supervisory Board as well as the Managing Director and the Deputy Managing Director owned 27,080 Kemira Oyj shares at the end of the year. This represents 0.02% of the company’s shares and voting rights. The issue of bonds with warrants entitling holders to Kemira Oyj shares has been subscribed for by the Managing Director and the Deputy Managing Director in the amount of EUR 16,818.79, which corresponds to 200,000 share options. The Managing Director and the Deputy Managing Director have subscribed for 290,000 Kemira Oyj share options. These warrants and share options entitle their holders to subscribe for a total of 490,000 shares. The members of the Board of Directors and the Supervisory Board as well as the Managing Director and the Deputy Managing Director hold 0.40% of the company’s shares and voting rights, including those conferred through the issue of bonds with warrants and the stock options. SHARE PRICE DEVELOPMENT AGAINST PEER GROUP Index 120 100 80 60 40 20 0 97 98 99 SHARE TURNOVER ON HELSINKI EXCHANGES (until 31 Dec 1999) Million shares 7 6 5 4 3 2 1 0 1/95 1/96 1/97 1/98 1/99 SHARE PRICE* (until 31.12.1999) *monthly average Kemira HEX 1/95 1/96 1/97 1/98 1/99 EUR 35 30 25 20 15 10 5 0 14
DEFINITIONS OF KEY RATIOS PER-SHARE DATA Earnings per share (EPS) Income before extraordinary items +/– minority interest – taxes Adjusted average number of shares Net income per share Net income Adjusted average number of shares Cash flow from operations Cash flow from operations, after change in net working capital and before capital investments Cash flow from operations per share Cash flow from operations Adjusted average number of shares Dividend per share Dividends paid Number of shares at end of year Dividend payout ratio Dividend per share x 100 Earnings per share Dividend yield Dividend per share x 100 Share price at end of year Equity per share Equity at end of year Number of shares at end of year FINANCIAL RATIOS Net liabilities Interest-bearing liabilities – cash and bank – securities Equity ratio, % Shareholders’ equity + minority interest x 100 Total assets – advance payments received Gearing, % Net liabilities x 100 Shareholders’ equity + minority interest Interest cover Operating income + depreciation Net financial expenses Return on capital invested, % (ROI) Income before extraordinary items + interest expenses + other financing expenses x 100 Total assets – interest-free liabilities (average) Return on equity, % (ROE) Income before extraordinary items – taxes Shareholders’ equity + minority interests (average) Cash flow return on capital invested (CFROI), % Cash flow from operations x 100 Total assets – interest-free liabilities (average) Share price, year average Shares traded (EUR) Shares traded (volume) Share price, end of year Weighted average share price of the last trading day Price per earnings per share (P / E) Share price at end of year Earnings per share Price per equity per share Share price at end of year Equity per share Price per cash flow per share Share price at end of year Cash flow from operations per share Share turnover Number of shares traded during the year and the proportional share of number of shares traded to weighted average number of shares during the year 15
Page 1: Annual Report 1999
Page 4 and 5: STRATEGY Our strategy is to concent
Page 6 and 7: TO THE READER For Kemira, the 2000
Page 8 and 9: ter and Industrial Chemicals - grew
Page 10 and 11: Far East. In Denmark, potassium nit
Page 12 and 13: man), Timo Kaisanlahti, Eija Malmiv
Page 16 and 17: KEY FIGURES PER-SHARE DATA 1999 199
Page 18 and 19: CONSOLIDATED INCOME STATEMENT 1.1.
Page 20 and 21: CONSOLIDATED CASH FLOW STATEMENT 19
Page 22 and 23: pension arrangements (Projected Uni
Page 24 and 25: NOTES TO CONSOLIDATED FINANCIAL STA
Page 36 and 37: KEMIRA OYJ FINANCIAL STATEMENTS INC
Page 38 and 39: NOTES TO KEMIRA OYJ FINANCIAL STATE
Page 40 and 41: PROPOSAL FOR THE DISTRIBUTION OF PR
Page 42 and 43: KEMIRA CHEMICALS EUR million 800 60
Page 44 and 45: in a Chinese company that manufactu
Page 46 and 47: oth directly and through dealers ha
Page 48 and 49: KEMIRA AGRO EUR million 1200 1000 8
Page 50 and 51: 1993. New ammonia capacity is comin
Page 52 and 53: of TiO 2 . The growth has thus been
Page 54 and 55: KEMIRA GROUP ENVIRONMENTAL REPORT 1
Page 56 and 57: in plant ditches. Crossflow oxidati
Page 58 and 59: ENVIRONMENTAL INVESTMENTS AND OPERA
Page 60 and 61: ENVIRONMENTAL DATA FOR THE KEMIRA G
Page 62 and 63: SUMMARIES OF MAIN PRESS RELEASES JA
Page 64 and 65:
ADMINISTRATION According to the Art
Page 66 and 67:
MANAGEMENT BOARD Tauno Pihlava, Cha
Page 68 and 69:
ISO 14001 An International standard
Page 70 and 71:
GROUP COMPANIES 31 December 1999 Co
Page 72 and 73:
ADDRESSES FINLAND KEMIRA OYJ Porkka
Page 74 and 75:
Production Sales 74
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