Annual Report 1999 - Kemira

NOTES TO KEMIRA OYJ FINANCIAL STATEMENTS
INCOME STATEMENT (EUR million)
1. NET SALES 1999 1998
Net sales 27.2 31.7
Net sales consist of sale of electricity to Finnish Group
companies and other external customers in Finland.
2. OTHER INCOME FROM OPERATIONS
Gains on the sale of fixed assets 9.3 0.1
Other income 0.5 0.4
Total 9.8 0.5
3. COST OF SALES
Materials and services
Materials and supplies
Purchases during the financial year 20.8 25.6
External services – 0.2
Total materials and services 20.8 25.8
Personnel expenses 6.4 5.9
Rents 2.3 2.5
Losses on the sales of fixed assets 0.0 0.0
Other expenses 3.0 2.9
Total 32.5 37.1
4. PERSONNEL EXPENSES AND NUMBER OF PERSONNEL
Emoluments of the Supervisory Board 0.1 0.0
Emoluments of boards of directors
and managing directors 1) 0.9 0.8
Other wages and salaries 4.2 4.0
Pension expenses 0.7 0.6
Other personnel expenses 0.5 0.5
Total 6.4 5.9
1)
Performance-related bonuses were not paid to management in 1999, whereas
in 1998 performance-related bonuses amounted to EUR 0.03 million.
Management’s pension commitments
The managing director and deputy managing director of Kemira Oyj are
entitled to retire at the age of 60. This possibility is based on the benefits of the
supplementary pension foundation that has been closed to new menbers since
1 January 1991. The supplementary pension foundation’s benefits concern all
the personnel whose years of service and other conditions concerning the
granting of a pension have been fulfilled.
The pension commitments to the management of the company do not differ
from those to the other permanent staff.
Personnel
Personnel average 132 133
Personnel at year end 133 130
5. DEPRECIATION
Scheduled depreciation
Intangible assets
Intangible rights 0.1 0.1
Other long-term expenditures 0.0 0.1
Tangible assets
Buildings and constructions 0.3 0.9
Machinery and equipment 0.6 0.7
Other tangible assets 0.0 0.0
Total 1.0 1.8
Decrease in difference between scheduled and actual depreciation
Intangible assets 0.0 0.0
Other long-term expenditures –0.1 0.0
Buildings and constructions –0.2 0.4
Machinery and equipment 0.3 0.4
Total 0.0 0.8
6. FINANCING INCOME AND EXPENSES
Financing income
Dividend income
Dividend income from Group companies – 2.8
Dividend income from associates 1.6 0.5
Dividend income from others 0.2 1.5
Total dividend income 1.8 4.8
Interest income
From long-term investments from
Group companies 26.5 25.5
From short-term investments from
Group companies 12.6 8.5
From short-term investments from
others 1.8 3.6
Total interest income 40.9 37.6
1999 1998
Other financing income
Other financing income from Group companies 0.2 0.2
Other financing income from others 0.0 0.1
Other financing income total 0.2 0.3
Exchange differences
Exchange differences from Group companies 75.2 –
Exchange differences from others –69.3 –
Total exchange differences 5.9 –
Total financing income 48.8 42.7
Financing expenses
Interest expenses
Interest expenses to Group companies –2.1 0.5
Interest expenses to others –29.7 –23.8
Total interest expenses –31.8 –23.3
Other financing expenses –0.5 –0.8
Exchange differences
Exchange differences from Group companies – –24.7
Exchange differences from others – 14.3
Total exchange differences – –10.4
Total financing expenses –32.3 –34.5
Total financing income and expenses 16.5 8.2
Exchange gains and losses
Realized 17.7 3.4
Unrealized –11.8 –13.8
Total 5.9 –10.4
7. EXTRAORDINARY ITEMS
Extraordinary income
Group contribution received 96.1 112.0
Total 96.1 112.0
Extraordinary expenses
Group contribution granted 2.9 2.5
Write-downs on shares 11.6 3.4
Total 14.5 5.9
Total extraordinary income and expenses 81.6 106.1
8. CHANGE IN APPROPRIATIONS
Decrease in depreciation difference 0.0 0.8
Total 0.0 0.8
9. DIRECT TAXES
Direct taxes on extraordinary items 22.8 29.7
Direct taxes, current year 5.6 0.6
Direct taxes, previous years 0.0 0.1
Other 0.0 0.0
Total 28.4 30.4
10. INTANGIBLE ASSETS
Intangible Other longterm
1999 1998
rights
expen-
total total
ditures
Acquisition cost at beginning of year 0.6 1.2 1.8 2.0
Increases 0.1 0.1 0.2 0.0
Decreases 0.0 –0.8 –0.8 –0.2
Acquisition cost at end of year 0.7 0.5 1.2 1.8
Accumulated depreciation at
beginning of year –0.4 –1.1 –1.5 –1.4
Accumulated depreciation relating to
decreases and transfers 0.0 0.8 0.8 0.0
Depreciation during the financial year 0.0 –0.1 –0.1 –0.1
Accumulated depreciation at end of year –0.4 –0.4 –0.8 –1.5
Net book value at end of year 0.3 0.1 0.4 0.3
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