SOLIDIUM OY'S HALF-YEAR REPORT FOR JULY-DECEMBER 2013
* Solidium's investment yield was 17.6% for the six-month review period and
23.3% for the last twelve months
* Solidium paid EUR 800 million in profit distribution to the State of Finland
* Despite the profit distribution, Solidium's net asset value increased during
the review period by EUR 319 million and was EUR 7,229 million at the end of
the period
* Solidium sold shares in TeliaSonera for EUR 366 million
* Solidium supported the significant restructuring and financing arrangement
carried out by Outokumpu
* After the review period, Solidium announced its support to the combination
of Rautaruukki and SSAB
* Talvivaara's corporate reorganisation process was launched
* Metso completed its demerger into Metso and Valmet on 31 December 2013
* Solidium's profit before value impairments and reversals for the review
period amounted to EUR 98 million
Kari Järvinen, Managing Director of Solidium Oy, comments the review period:
"The stock market was strong in the second half of 2013, and also Solidium's
portfolio performed favourably. The stock market continued to become more
attractive to investors. The yields on many other asset classes are low, and
investors' confidence in Europe has increased.
During the review period, Solidium paid EUR 800 million in profit distribution
to the State. This brings the total amount of profit distributed by Solidium
during the last four years to EUR 2.6 billion.
Outokumpu and Rautaruukki have during the last few months announced significant
transformational transactions, where Solidium as an owner has played an active
role. The transactions have provided the companies with new strategic
opportunities and tools for profit improvement in a situation, where the
companies' strategic latitude has been limited. Solidium has been an actively
involved in the transactions by enabling their execution.
The transactions have triggered lively discussion concerning Solidium's role and
authorisation as an investor and owner. It is, however, not appropriate for
Solidium to participate in the discussion around the scope of its authority or
the political objectives relating to it. This discussion is a matter for the
owner, and Solidium stays focused on acting as a professional and active
minority shareholder of significant listed companies, in accordance with the
authority granted to it."
Further information: Kari Järvinen, Managing Director, tel. +358 (0)10 830 8905
Solidium is a limited company wholly owned by the State of Finland. Its mission
is to strengthen and stabilise Finnish ownership in nationally important
companies and increase the value of its holdings in the long term. Its
investment activities are based on financial analysis. The basis and core
objective of Solidium's investment strategy is proper, value-enhancing asset
management of its current holdings. Through its stakes, Solidium is a minority
owner in twelve listed companies: Elisa, Kemira, Metso, Outokumpu, Outotec,
Rautaruukki, Sampo, Stora Enso, Talvivaara Mining Company, TeliaSonera, Tieto
and Valmet. The market value of Solidium's investments is approximately EUR 8.1
billion as of the date of this press release. More information: www.solidium.fi.
The complete half year report can be found here:
Half year report:
http://hugin.info/142364/R/1757517/594165.pdf
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other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Solidium Oy via GlobeNewswire
[HUG#1757517]
