TIDMAHT
Stock Exchange Release
Ahtium Plc
28 February 2018
Ahtium Plc annual results review for the year ended 31 December 2017
Next few days decisive for the Company's operations and future
Key events 2017
-- Ahtium Plc's ("Ahtium" or the "Company") Financial Statements for the
financial year ended 31 December 2017 have not been prepared on a going
concern basis. The chosen reporting basis results from the existence of
material uncertainties that cast significant doubt upon the Company's
ability to realise its assets and discharge its liabilities in the normal
course of business and from the lack of visibility on Ahtium's
operational environment twelve months beyond the date of reporting.
-- In January, Ahtium completed the debt-to-equity conversion issue, based
on which the unsecured creditors of the Company subscribed for a total of
2,081,653,010 new shares in the Company. Consequently, the Company's debt
was reduced by a total of EUR 238.1 million.
-- Ahtium's Debt Restructuring Programme was confirmed by the Espoo District
Court. As a result, the corporate reorganization proceedings of Ahtium
were completed, and the Company's restructuring debt and accrued interest
were cut to EUR 9.6 million, payable to the creditors by 2 June 2019. The
ruling became final and binding in June 2017. Following the ruling of the
Espoo District Court, Ahtium has been focusing on developing,
commercializing and financing its new business opportunities and managing
the remaining liabilities under the confirmed Debt Restructuring
Programme.
-- The Group's profit for the reporting period amounted to EUR 519.1 million,
reflecting the financial impact of the successful completion of the
debt-to-equity conversion issue and the confirmation of Ahtium's Debt
Restructuring Programme.
Key events of 2018 to date
-- The ability of Ahtium to carry on its business is dependent on the
materialisation of the Group's new income generating business
opportunities and obtaining funding therefor.
-- The Company has utilized its cash reserves and continued the negotiations
on the co-operation and funding possibilities relating to the chosen
business opportunities, but has not to date been able to find an overall
solution to secure the continuance of the Company's operations. Amid the
Company's liquidity position turning critical, the next few days will be
decisive for the Company's operations and its future.
Enquiries
Ahtium Plc Tel +358 20 7129 800
Pekka Perä, CEO
Pekka Erkinheimo, Deputy CEO
Ahtium's annual results review 2017
Introduction
Following the bankruptcy of Ahtium Plc's (former Talvivaara Mining
Company Plc, "Ahtium", the "Company" or the "Parent Company") operating
subsidiary Talvivaara Sotkamo Ltd ("Talvivaara Sotkamo") on 6 November
2014, trading of Ahtium's shares on the Helsinki Stock Exchange was
suspended. The suspension of trading continues on the date of this
Annual Results Release 28 February 2018.
Ahtium's Financial Statements for the reporting period 1 January - 31
December 2017 have not been prepared on a going concern basis. The
chosen reporting basis results from the existence of material
uncertainties that cast significant doubt upon the Company's ability to
realise its assets and discharge its liabilities in the normal course of
business and from the lack of visibility on the Company's operational
environment twelve months beyond the date of reporting. Ahtium's ability
to revise its reporting basis and to regain its status as a going
concern is dependent on the Company's ability to secure the necessary
cash flow for the Company to discharge all of its liabilities and to
continue the Company's viable business.
The confirmation by the District Court of Espoo of the Company's draft
restructuring programme on 2 June 2017 enabled the start of Ahtium's
funding process and facilitated the development of the Company's and its
subsidiaries' (the "Group") new business opportunities. For more
information, please refer to section 'Review of Operations'.
Review of Operations
On 4 January 2017, Ahtium announced the final results of the
debt-to-equity share issue, according to which the unsecured creditors
of the Company subscribed for a total of 2,081,653,010 new shares in the
Company. The subscription price per new share was EUR 0.1144, which was
paid in its entirety by setting off the unsecured restructuring debt
receivable of the creditor from the Company against the subscription
price of the new shares. Consequently, the Company's debt was reduced by
a total of EUR 238.1 million and the total number of shares in the
Company increased to 4,189,807,162 shares. The new shares were
registered in the trade register maintained by the Finnish Patent and
Registration Office and issued as book-entry securities in the
book-entry system maintained by Euroclear Finland by 5 January 2017. The
new shares were listed on the official list of the Helsinki Stock
Exchange by 9 January 2017. The new shares carry the shareholders'
rights after the registration in the trade register and the subscriber's
book-entry account. The debt-to-equity share issue was one of the
special conditions for the entry into force of Ahtium's Draft
Restructuring Programme.
On 31 Jaunuary 2017, Ahtium's Board of Directors approved the closing of
the acquisition of the energy saving technology, which was based on an
agreement signed on 4 October 2016. The core of the technology acquired
was a new measurement and adjustment system that improves the
alternating current electric arc furnace steel making process by
reducing energy consumption and stabilizing melting and heating
processes. The Company believes that the market potential of its
technology is significant. The object of sale consisted of the rights to
the system on which the technology is based and the existing equipment
utilizing the technology. The assets were acquired by a wholly-owned
subsidiary of the Company, FATB Ltd. The purchase price of the
technology is five percent of the EBIT generated by the technology in
the future. However, the Company has the right to terminate the EBIT
based earn-out arrangement by paying a lump sum of EUR 2 million to the
seller of the technology. In addition, the Company has paid compensation
for the equipment reflecting its reasonable development and
manufacturing costs of EUR 160,000. For more information, please refer
to section 'Business development projects'.
The Company also announced that it has initiated a commercialization
project, based on its chemical engineering expertise, focused on
developing more efficient use of nutrients and energy production from
renewable raw materials related to livestock farming. The Company's
studies show that a rational and efficient disposal of manure from
livestock farming is challenging given geographical balance of livestock
density and land availability for manure spreading in many areas in
Finland and particularly in Central Europe. For more information, please
refer to section 'Business development projects'.
On 2 February 2017, an Extraordinary General Meeting of Ahtium resolved
to authorise the Board of Directors to resolve on a share issue for
consideration pursuant to the shareholders' pre-emptive subscription
right to raise the funds needed to pay the remaining restructuring debts
of the Company and/or to finance the development of the Company's new
business opportunities. Based on the authorization, the number of shares
which can be issued through one or several share issues shall not exceed
40,000,000,000 shares in aggregate. The Board of Directors may decide to
issue new shares and/or the Company's own shares held in treasury by the
Company. The Board of Directors has the right to decide upon the
offering to parties determined by the Board of Directors of any shares
that may remain unsubscribed for pursuant to the shareholders'
pre-emptive subscription right. Should the total number of the shares in
the Company afterwards decrease as a result of a reverse share split,
the maximum number of the shares to be issued based on the authorisation
shall decrease pro rata. The Board of Directors is authorised to
determine the subscription price for the new shares and the other terms
and conditions of the share issue. The authorisation of the Board of
Directors to issue shares is valid until 30 June 2018. The authorization
for a share issue was one of the special conditions for the entry into
force of Ahtium's Draft Restructuring Programme.
On 6 March 2017, the Company announced that the Administrator of the
Company's corporate reorganization proceedings has filed a request for
confirmation of the Restructuring Programme of Ahtium to the District
Court of Espoo. According to the Administrator's request, all the
special conditions set for the confirmation and entry into force of the
Restructuring Programme have been fulfilled. Based on the final Draft
Restructuring Programme filed with the District Court of Espoo on 10
April 2015, the Administrator was to notify the District Court of the
fulfillment of the special conditions and to request the confirmation of
the Restructuring Programme by 10 April 2017.
On 23 March 2017, Ahtium was informed by the Administrator that the
District Court of Espoo has requested the Company to give a response in
the matter concerning the confirmation request filed to the District
Court by the Administrator on 6 March 2017. Concurrently, the Company
was notified that Finnvera Plc, Nordea Bank AB (Publ.), Finnish branch,
Danske Bank Plc, OP Corporate Bank Plc and Svenska Handelsbanken AB,
Finnish branch have given a response to the District Court where they
have objected the confirmation of the restructuring programme,
requesting the cessation of the corporate reorganization proceedings and
placing the Company in bankruptcy.
On 29 March, the Company announced that Finnvera Plc, Nordea Bank AB
(Publ.), Finnish branch, Danske Bank Plc, OP Corporate Bank Plc and
Svenska Handelsbanken AB, Finnish branch have requested the cancellation
of the bankruptcy matter initiated at the District Court of Espoo on 22
March 2017. The cancellation request had no effect on the banks'
requests for the cessation of the reorganization proceedings or on their
objection to the confirmation of the restructuring programme. The
proceedings regarding the confirmation request filed by the
Administrator on 6 March 2017 continued at the District Court of Espoo.
On 17 May 2017, Ahtium announced that it will adjust its business
operations with the aim of securing sufficient cash reserves for
initiating its new businesses and for obtaining the funding required in
connection therewith. The need for the adjustment was brought about by
the delays in having Ahtium's Debt Restructuring Programme confirmed due
to reasons outside the Company's control. The delay had materially
impeded the Company's ability to acquire, develop or finance its new
businesses. As part of the adjustment actions, the Company laid off
temporarily, on economical and production-related grounds, some of its
personnel wholly or partly as of the beginning of June. In addition, the
Company had agreed with some of the members of the management who will
remain outside the scope of the lay-offs on a voluntary arrangement
whereby such employees will accept a portion of their compensation from
the Company as debt, which shall be repaid to the employees once the new
financing required for the Company's new business operations has been
obtained. Furthermore, the CEO and the members of the Board of Directors
of Ahtium had notified the Company that they will accept 75 % of the
fees payable to them from the Company in the form of debt, which will
likewise be repaid once the new financing required for the Company's new
business operations has been obtained. Despite the adjustment actions,
the Company has continued the development of its new businesses and its
projects in the circular economy sector, as well as the energy saving
business. With the adjustment actions, the Company targeted monthly
savings of some 50% in its monthly personnel costs, which has helped the
securing of sufficient cash reserves for developing the Company's new
businesses in accordance with its plans, despite the delays in having
the Company's Debt Restructuring Programme confirmed.
On 2 June 2017, the District Court of Espoo gave its ruling and
confirmed Ahtium's Debt Restructuring Programme. The Court also accepted
entry into force of the Programme despite the possible appeal process.
As a result of the ruling, the corporate reorganization proceedings of
Ahtium were completed, and the Company's restructuring debt and accrued
interest were cut down to EUR 9.6 million, payable to the creditors by 2
June 2019. The ruling became final and binding in June 2017.
On 23 November 2017, an Extraordinary General Meeting of the Company
resolved to change the company name into Ahtium Oyj with a parallel
company name Ahtium Plc, and to move the corporate seat of the Company
to Espoo. The venue of the Company's general meetings was confirmed to
be either the corporate seat or Helsinki. The new company name was
registered at the Trade Register on 28 November 2017. The extraordinary
general meeting also resolved to authorise the Board of Directors to
decide on the issuance of new shares and the transfer of the Company's
own shares as well as the issuance of special rights referred to in
Chapter 10 Section 1 of the Finnish Companies Act to provide more
alternatives for financing the development of the Company's new business
opportunities. Under the authorisation, the number of new shares that
may be issued based on decision(s) of the Board of Directors would not
exceed 418,980,716 shares, which corresponds to approximately 10 percent
of all shares in the Company, and the number of the Company's own shares
that may be transferred would not exceed 209,490,358 shares, which
corresponds to approximately 5 percent of all shares in the Company.
Furthermore, the Board of Directors is authorised to issue special
rights referred to in Chapter 10 Section 1 of the Finnish Companies Act
entitling their holder to receive new shares or the Company's own shares
for consideration in such a manner that the subscription price for the
shares is to be set off against a receivable of the subscriber
(convertible bond). The number of shares which may be issued or
transferred based on the special rights shall not exceed 418,980,716
shares, which corresponds to approximately 10 percent of all shares in
the Company. This aggregate number of shares is included in the
previously mentioned aggregate numbers of shares that may be issued and
transferred. The new shares may be issued and the Company's own shares
transferred for consideration, including a set-off against a receivable
from the Company, or without consideration. The new shares and the
special rights referred to in Chapter 10 Section 1 of the Finnish
Companies Act may be issued and the Company's own shares transferred to
the shareholders in proportion to their current shareholdings in the
Company or in deviation of the shareholders' pre-emptive rights by way
of a directed issue if there is a weighty financial reason for the
Company to do so. A directed share issue would be executed without
consideration only if there is a particularly weighty financial reason
for the Company to do so, taking the interests of all its shareholders
into account. Should the total number of the shares in the Company later
decrease as a result of a reverse share split, the maximum number of
shares to be issued based on the authorisation will decrease pro rata.
The authorisation is valid until 31 December 2018 and it does not cancel
the share issue authorisation given by the extraordinary general meeting
on 2 February 2017.
The extraordinary general meeting also resolved to reduce the reserve
for invested unrestricted equity pursuant to the balance sheet of the
Company per 30 June 2017, EUR 1,036,109,774, in its entirety. The
reserve for invested unrestricted equity was EUR 0 after the reduction
and the reserve for invested unrestricted equity was dissolved. The
extraordinary general meeting resolved further to reduce the share
premium reserve pursuant to the balance sheet of the Company per 30 June
2017, EUR 8,085,842, in its entirety. The share premium reserve was EUR
0 after the reduction and the share premium reserve was dissolved. Both
reserves were used fully to cover the accumulated losses of the Company.
Since June 2017, Ahtium has been focusing on developing, commercializing
and financing its new business opportunities and managing the EUR 9.6
million liabilities set in the confirmed Debt Restructuring Programme
and continues this work also on the date of the Company's Financial
Statements 28 February 2018.
Financial review
Financial result
The operating loss for the reporting period was EUR 3.5 million (31
December 2016: EUR 213.8 million operating profit). The Group did not
have any revenues during the reporting period. The costs are mainly
personnel costs, development costs, legal fees and other operating
expenses.
Finance income for the review period was EUR 525.3 million (31 December
2016: EUR 0.02 million) and consisted mainly of the profit resulting
from the completion of the debt-to-equity conversion issue in January
2017, and of income generated due to the confirmation of the Company's
draft restructuring programme in June 2017, as a result of which the
accrued interest on the Company's restructuring debt was reversed
entirely, and the Company's unsecured restructuring debt was cut by 99
per cent, whilst the secured restructuring debt was cut down to EUR 7.5
million in aggregate. The remaining part of the finance income was
interest on deposits and receivables. Finance costs of EUR 2.7 million
(31 December 2016: EUR 15.3) million) resulted mainly from booking the
accrued interest on the bonds until their maturity date 4 April 2017,
and on the Revolving Credit Facility until the confirmation of the draft
restructuring programme on 2 June 2017 in accordance with their original
terms, as well as from booking the interest accrued on the secured
restructuring debt during the corporate reorganization proceedings as
stipulated in the Debt Restructuring Programme. This interest is
customarily subject to voluntary restructuring agreed by the secured
creditors and the debtor. For more information, please refer to section
'Provisions and other items recognised based on Debt Restructuring
Programme'. The remaining part of the finance costs were other related
financing expenses accrued on borrowings.
The profit for the reporting period amounted to EUR 519.1 million (31
December 2016: EUR 198.5 million). Earnings per share were EUR 0.12 (31
December 2016: EUR 0.09). Based on the Finnish Accounting Standards
applied to the Parent Company, the profit of the Parent Company for the
reporting period amounted to EUR 283,3 million, since the conversion
issue has been recorded in the reserve for invested unrestricted equity
without impacting the P/L account.
Liquidity
As at 31 December 2017, the Company's cash and cash equivalents amounted
to EUR 0.44 million (EUR 3.8 million as at 31 December 2016).
Financing
During the review period, the Company has financed its operations
entirely from its cash reserves.
Equity
Following Talvivaara Sotkamo's bankruptcy in 2014, the Company fully
wrote off its receivables from, and the shares held in, Talvivaara
Sotkamo. As a result, Ahtium forfeited its equity, which was
acknowledged by the Company's Board of Directors and notified to the
Trade Register. Ahtium had already recognised the weakening of its
financial position in November 2013 and took measures to mitigate this
by applying for corporate reorganisation.
Provisions and other items recognised based on Debt Restructuring
Programme
Based on the provisions of the confirmed Debt Restructuring Programme,
interest equal to 12-month EURIBOR added with 2 percent units p.a. shall
accrue on the secured loans of in total EUR 7.5 million for the duration
of the corporate reorganisation proceedings. The interest expense on the
secured debt accrued from the beginning of the restructuring proceedings
29 November 2013 until its completion on 2 June 2017 amounts to EUR 0.6
million. It is customary that the debtor and the secured creditors agree
to adjust such interest liability in terms of the repayable amount
and/or the repayment schedule. Pending such potential agreement by and
between the Company and the secured creditors, the Company has booked
the entire amount as a provision.
Assets
On the statement of financial position as at 31 December 2017, property,
plant and equipment totalled EUR 0.01 million (31 December 2016: EUR
0.02 million). Intangible assets totalled EUR 0 (31 December 2016: EUR
0). Due to the applied non-going concern reporting basis, the Company
has written down the value of its shares in Fennovoima as well as the
equity investments made into FATB Oy for covering the development and
manufacturing costs of the energy saving technology.
Corporate reorganisation
Pursuant to the ruling by the District Court of Espoo of 2 June 2017,
Mr. Pekka Jaatinen, who had been acting as the Administrator of the
Company's corporate reorganisation proceedings, was appointed the
Supervisor under the confirmed Debt Restructuring Programme. The main
task of the Supervisor is to monitor that the payment schedule is
complied with and that payments are made to the creditors when the
Supervisor deems that this can be done without jeopardizing the
operations of the Company.
Reporting basis
Ahtium's Financial Statements for 2017 have not been prepared on a going
concern basis. The basis for preparation is that the operations of the
Company may end in near future. This results from material uncertainties
that cast significant doubt upon the Company's ability to realise its
assets and discharge its liabilities in the normal course of business.
There is also lack of visibility on the Company's operational
environment twelve months beyond the date of reporting.
Ahtium's ability to revise its reporting basis and to regain its status
as a going concern is to a paramount extent dependent on Ahtium's
success in securing the necessary funding and/or cash flow for the
Company to discharge all of its liabilities and to continue the Group's
viable business.
Business development projects
Ahtium's strategic aim is to establish a sustainable business or
businesses that match the expertise inherent in the Company as well as
to provide the prospect of early cash flow. The new business
opportunities investigated by the Company include, among others,
projects in the recycling, energy-saving and energy production sectors.
Ahtium is also studying and further developing a number of other
opportunities within the so-called "circular economy" in areas related
to metallurgy, chemical processing and construction that could meet its
investment requirements in the short term.
Ahtium has, through its subsidiary FATB Ltd, continued the development
of the energy saving technology business. Energy consumption is one of
the largest components of operational expenditure for electric arc
furnaces used in the steel making process, and reducing energy costs by
just a few percent can materially improve profitability of a steel mill
utilising electric arc furnaces. The Company also expects the technology
to stabilize the melting process and even increase the capacity of an
electric arc furnace. Ahtium has continued the development and testing
of the technology to refine the technology and to ready it for
deployment in an industrial environment. Test runs of the technology
will start at the selected prospective clients during the winter of
2018.
In addition, the Company has initiated a commercialization project,
based on its chemical engineering expertise, focused on developing more
efficient use of nutrients and energy production from renewable raw
materials related to livestock farming. Ahtium is studying possibilities
to create processing units to enable the economic extraction of valuable
content as commercial products from manure streams while at the same
time facilitating the management of the nutrient streams in a way that
benefits the livestock farmers. The Company's target is to convert
manure to energy fraction and high-quality fertilizers and to purify the
liquid fraction to a level that allows safe discharge into the
environment, and to recover the nutrients as useful fertilizers. During
the review period, the Company has developed the technology further and
sought financing for starting industrial scale trial runs.
Ahtium acquired in 2011-2012 an approximately 60MW capacity share in the
Fennovoima nuclear project in Finland. Ahtium is currently not in a
position to make further investments into the project and has therefore
not been able to commit to further funding of the project.
Legal proceedings
Investigation on Ahtium's disclosure practices
In April 2015, Ahtium confirmed that a number of current and former
members of Ahtium's management have been heard in connection with an
investigation relating to the Company's disclosure practices. On 16 May
2016, the Company was informed that the consideration of charges had
been completed and that the prosecutor had decided to bring charges for
security markets information offence against CEO Pekka Perä, former
CEO Harri Natunen and former CFO and Deputy CEO Saila
Miettinen-Lähde. The prosecutor also requested a corporate fine of
EUR 0.5 million to be imposed on Ahtium. The Company has already in the
past gone through the applied disclosure practices extensively and in
great detail with the Financial Supervisory Authority and the Company's
view is that no crime has been committed.
The Helsinki District Court gave its ruling on 2 June 2017, giving a
suspended sentence to CEO Pekka Perä for disclosure offenses during
2012-2013. Of the ten charges concerning Mr. Perä, seven were
dismissed in their entirety and one partially. The other defendants,
former CEO of the Company Harri Natunen and the Company's former CFO /
Deputy CEO Ms. Saila Miettinen-Lähde were given fines. The Court
ordered the Company to EUR 50,000 corporate fines, which is however
considered restructuring debt of last priority, which would not receive
any payment under the Company's authorized payment schedule. The Company
and the defendants have appealed the decision to the Helsinki Court of
Appeals. In the Company's view, the decision of the Helsinki District
Court has no impact on the Company, its financial position or on the
position of the CEO.
Alleged misuse of insider information
The Company was notified on 20 October 2015 that charges have been
brought against a member of its Executive Committee in the Helsinki
District Court on a case concerning alleged misuse of insider
information. The Company was not a party to the case, but has been
notified that the insider dealing charges concerned the same time period
as the disclosure case. In its ruling of 2 June 2017, the Helsinki
District Court gave also a decision on the misuse of inside information,
giving a suspended sentence to the Executive Committee member. The
decision has been appealed to the Helsinki Court of Appeals. In the
Company's view, the decision of the Helsinki District Court has no
impact on the Company, its financial position or on the employment of
the member of the Executive Committee in the Company.
Insider dealing charges brought against a member of Ahtium's Executive
Committee
On 9 March 2017, Ahtium announced that charges have been brought against
a member of its Executive Committee on a case concerning alleged misuse
of insider information. The Company is not a party to the case, but to
the Company's understanding the charges concern the same time period of
2012-2013 as the disclosure case. The Company's view is that the brought
charges have no impact on the Company or its financial position nor do
they give any reason to reassess the composition of the Company's
Executive Committee.
Gypsum pond leakages and discharges into water ways
On 13 May 2016 the District Court of Kainuu gave its ruling on the case
concerning the gypsum pond leakages of the Sotkamo mine in November 2012
and April 2013 and the sodium, sulphate and manganese discharges that
exceeded the anticipated amounts stated in the original environmental
permit application of the Sotkamo mine. Originally the charges were
brought against four members of Ahtium's management, including CEO Pekka
Perä and former CEO Harri Natunen. The charges concern aggravated
impairment of the environment. Harri Natunen has not been employed by
the Company since the autumn of 2015.
The case concerning the discharge of raffinate from the metals recovery
plant and dilute secondary heap solutions into the open pit during the
period of 19 December 2013 - 31 January 2014 was handled together with
the above -mentioned case. The charges were brought against CEO Pekka
Perä for impairment of the environment.
The District Court dismissed the charge concerning aggravated impairment
of the environment and moderated the type of the crime to impairment of
the environment. Penalties in the form of a fine were imposed on Pekka
Perä, Harri Natunen and the former chief operations officer of the
mine, who acts as a member of the Executive Committee of the Company.
The prosecutor's demands concerning a suspended prison sentence and
compensation for the benefit obtained from the crime were dismissed in
relation to the private defendants. All charges were dismissed in
relation to the fourth defendant. The charges concerning the discharge
of raffinate from the metals recovery plant and dilute secondary heap
solutions into the open pit made against Pekka Perä were dismissed.
Ahtium has not been a party to the court case.
The decision is not yet final and binding. The three defendants and the
prosecutor have appealed the case to the Rovaniemi Court of Appeals, and
the main hearing at the Court of Appeals was held in the autumn of 2017.
The ruling of the Court of Appeals is expected in March 2018.
Risk management and key risks
Ahtium's near-term risk factors include particularly such risks that
relate to the financing and sufficiency of funds to meet its actual and
potential liabilities:
If the Group is not able to create cash flow generating business or
receive other funding to finance its operations, stakeholders could lose
their entire investment in the Company
The Ahtium Group does not currently have any income-generating business,
and is therefore financing its operations entirely from its cash
reserves. Even though the Company has already taken actions to minimize
the current cost basis by temporarily laying off a part of its personnel
and has kept its firm focus on a timely development of its business
projects, maintaining and developing the current business opportunites
and operations will require additional funding in the immediate future.
Failure by the Company to obtain such financing while the business
operations still yield insufficient cash flow could result in the
bankruptcy of the Company. As a result, shareholders and creditors could
lose their entire investment in the Company.
If Ahtium is not able to make the payments under the authorized payment
schedule, stakeholders could lose their entire investment in the Company
There can be no assurance that the Company will eventually be able to
make the payments in accordance with the authorized payment schedule due
to insufficiency of funds, changes in circumstances affecting the
financial viability of Ahtium, or insufficient income or cash reserves.
If the corporate reorganisation fails for these or any other reasons, it
could result in the bankruptcy of the Company. As a result, shareholders
and creditors could lose their entire investment in the Company.
The issuance of new equity instruments will lead to a significant
dilution of the existing shareholding of Ahtium
The issuance of new equity instruments may lead to a significant
dilution of the existing shareholding of the Company. The extent of
dilution will eventually be determined by the subscription price of the
newly issued shares offered and the amount of funds raised in the
potential equity financing.
Personnel
Headcount and remuneration
Ahtium's personnel comprises an expert organisation, the core
competences of which include, for example, production processes,
procurement, environmental safety, risk management and communications.
The salaries of Ahtium's personnel are based on industry-wide collective
agreements. The total compensation of the key individuals has
traditionally consisted of a base salary and short and long term
incentive schemes based on annual bonuses, stock options and other
share-based incentive schemes. However, due to exceptional circumstances
surrounding the Company there are currently no short term or long term
incentive schemes in place.
Due to the unexpected delays in having the Company's Debt Restructuring
Programme confirmed, Ahtium laid off temporarily approximately 50 % of
its personnel wholly or partly as of the beginning of June. In addition,
the Company agreed in May 2017 with those members of the management who
remained outside the scope of the lay-offs on a voluntary arrangement
whereby such employees will accept a portion of their compensation from
the Company as debt, which shall be repaid to the employees once the new
financing required for the Company's new business operations has been
obtained. The voluntary arrangement with the members of the management
was in force for 6 months and ended in December 2017.
Ahtium's headcount was 19 at the end of the reporting period on 31
December 2017 (31 December 2016: 20). 74 % (31 December 2016: 75 %) of
Ahtium's employees were men and 26 % (31 December 2016: 25 %) were
women. The average age of the Company's employees was 48 years (31
December 2016: 47 years). During the review period, six persons (five
full-time and one part-time) were hired for the development work and
commercialization of FATB Ltd's energy saving technology.
Corporate governance statement
Ahtium issues its Corporate Governance Statement of 2017 and publishes
it on the Company's website at www.ahtium.com on the week starting 12
March 2018. The Corporate Governance Statement does not form part of the
Board of Directors' Report.
Resolutions of the Annual General Meeting
Ahtium's Annual General Meeting was held on 15 June 2017 in Espoo,
Finland. The resolutions of the AGM included:
-- that no dividend be paid for the financial year 2016;
-- that the annual fee payable to the members of the Board for the term
until the close of the Annual General Meeting in 2017 be as follows:
Chairman of the Board of Directors EUR 75,000/year, Chairman of the Audit
Committee EUR 48,000/year and other Non-executive Directors: EUR
43,000/year. No separate meeting fees are paid for the Board or the
Committee work;
-- that the number of Board members be three (3) and that Mr. Tapani
Järvinen, Mr. Stuart Murray and Ms. Solveig
Törnroos-Huhtamäki were re-elected; and
-- that the auditor be reimbursed according to the approved auditor's
invoice and authorised public accountants PricewaterhouseCoopers Oy be
elected as the Company's auditor.
At its constituent meeting on 15 June 2017, the Board of Directors
re-elected Mr. Tapani Järvinen as the chairman of the Board.
Shares and shareholders
The number of shares issued, outstanding and registered on the Euroclear
Shareholder Register as of 31 June December 2017 was 4,189,807,162.
As at 31 December 2017, the only shareholder holding more than 5% of the
shares and votes of Ahtium was Solidium Oy (7.6%).
As at 31 December 2017 the shares held in treasury by the Company
amounted to in aggregate 192,883,000 (4.6% of the shares in the
Company). The shares held in treasury by the Company do not carry any
voting rights.
Share based incentive plans
As at 31 December 2017, the Company has no share based incentive schemes
in place.
Events after the review period
As at the date of these Financial Statements 28 February 2018, the
Group's cash and cash equivalents amount to approximately EUR 0.12
million.
The Company was notified on 30 January 2018 that charges have been
brought against the CEO and a member of its Executive Committee acting
as the Deputy CEO on a case concerning alleged misuse of insider
information. The charges concern the sale of subscription rights by the
former key employees' holding company Talvivaara Management Ltd in March
2013, which sales proceeds were used to subscribe for the shares in the
Rights Issue organized by Talvivaara Mining Company Plc. Talvivaara
Management Ltd was a holding company whose shareholders included, in
addition to the CEO and the Deputy CEO of the Company, 14 employees
among Talvivaara Mining Company Plc's management and key employees. The
sole purpose of the company was to hold shares in Talvivaara Mining
Company Plc. Talvivaara Management Ltd was dissolved in the spring 2015.
Talvivaara Management Ltd participated in Talvivaara Mining Company Plc
's Rights Issue in March 2013. The company financed its subscriptions by
selling through public trading a part of its subscription rights
relating to the Rights Issue and by using the entire sales proceeds, net
of income taxes, to subscribe for new shares in Talvivaara Mining
Company Plc. Talvivaara Mining Company Plc lowered its annual production
guidance in July 2013, four months after the Rights Issue and the
cessation of trading in the subscription rights, at which time
Talvivaara Management Ltd still held all the shares in Talvivaara Mining
Company Plc subscribed for in the Rights Issue or acquired prior to
that. During its existence, Talvivaara Management Ltd never sold any of
the shares it held in Talvivaara Mining Company Plc. To the Company's
understanding, the charges concern aggravated misuse of insider
information, but according to the charges the defendants have not gained
any personal benefit, which would be required to be forfeited through
the court process. The Company is not a party to the case, and the
Company's view is that the brought charges have no impact on the Company
or its financial position nor do they give any reason to reassess the
position of the CEO or the composition of the Company's Executive
Committee.
During 2018, the Group has continued the development of its business
projects, negotiated intensively on new business opportunities and
focused on finding a funding solution for the near and medium term.
Short-term outlook
The operational outlook for Ahtium is greatly dependent on the
materialisation and further development of the Group's new income
generating business opportunities and/or obtaining funding therefor.
Whilst the final Debt Restructuring Programme gives the Company
reasonably ample time to discharge all of its liabilities under the
restructuring programme, there is no certainty that the Company will be
successfull in developing its new business opportunities and, ultimately,
in making the due payments in accordance with the authorised payment
schedule. As at the date of this Annual Results Release 28 February
2018, the Company is still engaged in negotiations on the co-operation
and funding possibilities relating to the chosen business opportunities.
The Company has not however been able to find an overall solution that
would secure the continuance of the Company's operations. Amid the
Company's liquidity position turning critical, the next few days will be
decisive for the Company's operations and its future.
Board of Director's proposal for profit distribution
The Board of Directors is proposing to the Annual General Meeting that
no dividend is declared in respect of the year 2017 and that the profit
of the financial period is entered into the Parent Company's profit/loss
account on the balance sheet.
Ahtium Plc
Board of Directors
BALANCE SHEET
Group, IFRS Parent Company, FAS
Unaudited Unaudited
(All amounts in As at As at As at As at
EUR) 31 Dec 17 31 Dec 16 31 Dec 17 31 Dec 16
ASSETS
Non-current
assets
Property, plant
and equipment 13,763 18,899 13,763 18,899
Intangible
assets - - - -
Other
receivables 27,482 26,822 27,482 26,822
Investments in
group
companies - - 13,500 13,500
Total
non-current
assets 41,245 45,721 54,745 59,221
Current assets
Trade
receivables - - 162,999 -
Other
receivables 185,502 268,890 141,802 268,756
Cash and cash
equivalents 440,115 3,776,623 291,252 3,765,827
Total Current
assets 625,616 4,045,513 596,053 4,034,583
TOTAL ASSETS 666,862 4,091,234 650,799 4,093,804
EQUITY AND
LIABILITIES
Equity
attributable to
the owners
Share capital 80,000 80,000 80,000 80,000
Share premium - 8,085,842 - 8,085,842
Other reserves - 797,348,200 - 797,968,638
Retained deficit (10,363,252) (1,337,240,512) (10,359,005) (1,337,858,380)
Total equity (10,283,252) (531,726,470) (10,279,005) (531,723,900)
Current
liabilities
Borrowings 9,568,434 465,078,396 9,568,434 465,078,396
Trade payables 178,851 2,219,681 158,542 2,219,681
Other payables 1,202,828 68,519,627 1,202,828 68,519,627
10,950,113 535,817,704 10,929,804 535,817,704
Total
liabilities 10,950,113 535,817,704 10,929,804 535,817,704
TOTAL EQUITY AND
LIABILITIES 666,862 4,091,234 650,799 4,093,804
INCOME STATEMENT Group, IFRS Parent Company, FAS
Unaudited Unaudited
Year ended Year ended Year ended Year ended
(All amounts in EUR) 31 Dec 17 31 Dec 16 31 Dec 17 31 Dec 16
Other operating income 33,136 14,026,894 1,053,561 14,026,894
Materials and services - (180,219) - (180,219)
Personnel expenses (1,896,472) (2,435,356) (1,896,472) (2,435,356)
Depreciation and
amortisation (5,136) (302,017) (5,136) (302,017)
Impairment charges on
intangible assets - (121,272) - (121,272)
Other operating expenses (1,661,699) 202,779,457 (1,400,067) 202,782,027
Operating profit/loss (3,530,170) 213,767,487 (2,248,113) 213,770,057
Finance income 525,275,972 17,069 289,515,862 17,069
Finance cost (2,683,995) (15,258,326) (3,963,990) (15,258,326)
Finance cost (net) 522,591,978 (15,241,257) 285,551,872 (15,241,257)
Profit before taxes 519,061,807 198,526,229 283,303,758 198,528,799
Income tax - - - -
PROFIT FOR THE FINANCIAL
PERIOD 519,061,807 198,526,229 283,303,758 198,528,799
Profit/Loss attributable
to the owners of the
Company
1.1.-31.12 1.1.-31.12 1.1.-31.12 1.1.-31.12
2017 2016 2017 2016
Diluted and undiluted 0.12 0.09 0.07 0.09
CONSOLIDATED CASH FLOW STATEMENT
Group, IFRS Parent Company, FAS
Unaudited Unaudited
Year ended Year ended Year ended Year ended
(all amounts in EUR) 31 Dec 17 31 Dec 16 31 Dec 17 31 Dec 16
Cash flows from operating activities
Profit for the period 519,061,807 198,526,229 283,303,758 198,528,799
Adjustments for
Depreciation and amortisation 5,136 302,017 5,136 302,017
Other non-cash income and expenses (525,186,989) (216,944,740) (288,212,751) (216,948,106)
Impairment charges on intangible assets - 121,272 - 121,272
Interest income (14,342) (17,069) (13,956) (17,069)
Interest expenses 2,609,353 15,258,326 2,609,348 15,258,326
Cash flow before change in working capital (3,525,035) (2,753,965) (2,308,465) (2,754,761)
Change in working capital
Decrease(+)/increase(-) in trade and other receivables 225,191 (42,084) 225,191 (42,084)
Decrease(-)/increase(+) in trade and other payables (36,430) 614,521 (36,430) 614,521
Change in working capital 188,760 572,436 188,760 572,436
Net cash used in operating activities before financing
activities and taxes (3,336,274) (2,181,528) (2,119,704) (2,182,324)
Interest and other finance cost paid (5,943) (119,489) (5,938) (119,489)
Interest and other finance income 5,709 17,069 5,709 17,069
Net cash generated (used) in operating activities (3,336,508) (2,283,949) (2,119,934) (2,284,745)
Cash flows from investing activities
Acquisition of subsidiary, net of cash acquired - (2,000) (1,280,000) (12,000)
Proceeds from sale of property, plant and equipment - 1,400,000 - 1,400,000
Investments in associated companies - - (74,641) -
Net cash generated (used) in investing activities 0 1,398,000 (1,354,641) 1,388,000
Cash flows from financing activities
Net cash generated from financing activities 0 0 0 0
Net (decrease)/increase in cash and bank overdrafts (3,336,508) (885,949) (3,474,575) (896,745)
Cash and bank overdrafts at beginning of the year 3,776,623 4,662,572 3,765,827 4,662,572
Cash and bank overdrafts at end of the period 440,115 3,776,623 291,252 3,765,827
STATEMENT OF CHANGES IN EQUITY
Group, IFRS
Unaudited
Share Share Other Retained
EUR capital premium reserves deficit Total
1 January 2016 80,000 8,085,842 797,348,200 (1,535,766,741) (730,252,700)
Profit for the period - - - 198,526,229 198,526,229
1 January 2017 80,000 8,085,842 797,348,200 (1,337,240,512) (531,726,471)
Conversion of restructuring loans - - 2,381,411 - 2,381,411
Reduction of reserves for share premium and invested
unrestricted equity - (8,085,842) (799,729,611) 807,815,453 0
Profit for the period - - - 519,061,807 519,061,807
31 December 2017 80,000 - 0 (10,363,252) (10,283,252)
1 % of the subscription price of new shares has been entered to the
reserve for invested unrestricted equity of the Group (IFRIC 19).
Parent Company, FAS
Unaudited
Share Share Other Retained
EUR capital premium reserves deficit Total
1 January 2016 80,000 8,085,842 797,968,638 (1,536,387,179) (730,252,700)
Profit for the period - - - 198,528,799 198,528,799
1 January 2017 80,000 8,085,842 797,968,638 (1,337,858,380) (531,723,900)
Conversion of restructuring loans - - 238,141,137 - 238,141,137
Reduction of reserves for share premium and invested
unrestricted equity - (8,085,842) (1,036,109,774) 1,044,195,616 0
Profit for the period - - - 283,303,758 283,303,758
31 December 2017 80,000 - 0 (10,359,005) (10,279,005)
The subscription price of new shares has been entered to the reserve for
invested unrestricted equity of the Parent Company outright.
On 23 November 2017 the extraordinary general meeting resolved to reduce
the reserve for invested unrestricted equity pursuant to the balance
sheet of the Company per 30 June 2017, EUR 1,036,109,774, in its
entirety. The reserve for invested unrestricted equity was EUR 0 after
the reduction and the reserve for invested unrestricted equity was
dissolved. The extraordinary general meeting resolved further to reduce
the share premium reserve pursuant to the balance sheet of the Company
per 30 June 2017, EUR 8,085,842, in its entirety. The share premium
reserve was EUR 0 after the reduction and the share premium reserve was
dissolved. Both reserves were used fully to cover the accumulated losses
of the Company.
NOTES
1. Basis of presentation and non-going concern
These consolidated Financial Statements of Ahtium are prepared in
accordance with International Financial Reporting Standards (IFRS) as
adopted by the European Union taking into account the corporate
reorganisation proceedings that commenced in respect of the Company on
29 November 2013 and was completed on 2 June 2017. In addition, the
Group has taken into account IAS 1.25 and IAS 1.26 requirements
regarding the disclosure under the non-going concern basis. The Group's
Financial Statements for the period ended 31 December 2017 have not been
prepared on a going concern basis. The basis of preparation is that
operations may end in near future.
The chosen reporting basis results from the existence of material
uncertainty that casts significant doubt upon the Group's ability to
realise its assets and discharge its liabilities in the normal course of
business and from the lack of visibility on the Group's operational
environment twelve months beyond the date of reporting. The requisite
adjustments resulting from the chosen reporting basis have, where
applicable, been made to the carrying amounts of the Group's assets and
liabilities, but no reserve has been made in the Group's balance sheet
for the costs relating to winding down of the operations.
Ahtium's ability to revise its reporting basis and to regain its status
as a going concern is dependent, among other things, on Ahtium's success
in securing the necessary funding and/or cash flow for the Company to
discharge all of its liabilities and to continue the Group's viable
business.
As of the date of the Group's Financial Statements 28 February 2018,
there is no certainty as to whether the Company can fulfill all the set
requirements within the given time frame.
2. Property, plant and equipment
Group, IFRS
Unaudited
Machinery
and
(All amounts in EUR) Buildings equipment Total
Gross carrying amount at 1 Jan 2016 11,899,045 20,100,975 32,000,020
Deductions (11,899,045) (20,060,775) (31,959,820)
Gross carrying amount at 31 Dec 2016 0 40,200 40,200
Accumulated depreciation and
impairment losses
at 1 Jan 2016 11,899,045 15,408,193 27,307,238
Depreciation for the period - 301,096 301,096
Deductions (11,899,045) (15,687,988) (27,587,033)
Accumulated depreciation and
impairment losses
at 31 Dec 2016 0 21,301 21,301
Carrying amount at 1 Jan 2016 0 4,692,782 4,692,782
Carrying amount at 31 Dec 2016 0 18,899 18,899
Gross carrying amount at 1 Jan 2017 0 40,200 40,200
Gross carrying amount at 31 Dec 2017 0 40,200 40,200
Accumulated depreciation and
impairment losses
at 1 Jan 2017 0 21,301 21,301
Depreciation for the period - 5,136 5,136
Accumulated depreciation and
impairment losses
at 31 Dec 2017 0 26,437 26,437
Carrying amount at 1 Jan 2017 0 18,899 18,899
Carrying amount at 31 Dec 2017 0 13,763 13,763
Parent Company FAS
Unaudited
Machinery
and
(All amounts in EUR) Buildings equipment Total
Gross carrying amount at 1 Jan 2016 11,899,045 20,100,975 32,000,020
Deductions (11,899,045) (20,060,775) (31,959,820)
Gross carrying amount at 31 Dec 2016 0 40,200 40,200
Accumulated depreciation and
impairment losses
at 1 Jan 2016 11,899,045 15,408,193 27,307,238
Depreciation for the period - 301,096 301,096
Deductions (11,899,045) (15,687,988) (27,587,033)
Accumulated depreciation and
impairment losses
at 31 Dec 2016 0 21,301 21,301
Carrying amount at 1 Jan 2016 0 4,692,782 4,692,782
Carrying amount at 31 Dec 2016 0 18,899 18,899
Gross carrying amount at 1 Jan 2017 0 40,200 40,200
Gross carrying amount at 31 Dec 2017 0 40,200 40,200
Accumulated depreciation and
impairment losses
at 1 Jan 2017 0 21,301 21,301
Depreciation for the period - 5,136 5,136
Accumulated depreciation and
impairment losses
at 31 Dec 2017 0 26,437 26,437
Carrying amount at 1 Jan 2017 0 18,899 18,899
Carrying amount at 31 Dec 2017 0 13,763 13,763
3. Borrowings and capital loans
Group, IFRS Parent Company FAS
Unaudited Unaudited
Year ended Year ended Year ended Year ended
EUR 31 Dec 17 31 Dec 16 31 Dec 17 31 Dec 16
Restructuring loan capital 6,130,578 427,500,000 6,130,578 427,500,000
Restructuring loan interest 40,259 16,510,880 40,259 16,510,880
Accrued interest on restructuring loans after commencement
of restructuring proceedings - 12,822,068 - 12,822,068
Other borrowings during procedure 3,397,597 8,245,447 3,397,597 8,245,447
9,568,434 465,078,395 9,568,434 465,078,395
The Parent Company has reclassified all of its borrowings as current and
any unamortised transaction costs have been expensed to the income
statement in previous periods in connection with the reclassification
accreting the loan carrying amounts to the nominal value. The fair value
of the restructuring debt can not be assessed, as the Parent Company
does not currently have a credit rating or proper access to debt
financing.
Restructuring loan capital
The restructuring loan capital includes the remaining indebtedness of
the Parent Company, as adjusted in accordance with the Parent Company's
debt restructuring programme confirmed on 2 June 2017, and consists of:
Revolving Credit Facility (EUR 4.8 million), the guarantee liability
granted to Finnvera (EUR 0.5 million), the senior unsecured convertible
bonds due in 2015 (EUR 0.5 million) and the senior unsecured bonds due
in 2017 (EUR 0.35 million). Of the restructuring loan capital, EUR 4.1
million is secured in accordance with the draft restructuring programme
and EUR 2.0 million is unsecured. The restructuring loan capital shall
fall due for payment on 2 June 2019, at the latest. In case the Parent
Company is unable to repay its restructuring debts by the due date of 2
June 2019, this may result in bankruptcy of the Parent Company, in which
case its liabilities related to the restructuring loan capital shall be
determined in accordance with section 66 of the Finnish Restructuring of
Enterprises Act (47/1993, as amended).
Pursuant to the debt restructuring programme, the holders of unsecured
debt were given the right to convert their receivable to new shares in
the Parent Company at the conversion rate of EUR 0.1144 per share. To
the extent the unsecured creditors did not use their conversion right,
the remaining unsecured debt was cut by 99 percent.
Restructuring loan interest
Restructuring loan interests are unsecured debts and payable to the
holders of the restructuring debt in accordance with the Parent
Company's debt restructuring programme. The restructuring loan interest
shall fall due for payment on 2 June 2019, at the latest.
In case the Parent Company is unable to repay its restructuring debts by
the due date of 2 June 2019, this may result in bankruptcy of the Parent
Company, in which case its liabilities related to the restructuring loan
interest shall be determined in accordance with section 66 of the
Finnish Restructuring of Enterprises Act.
Interest accumulated since the beginning of the restructuring
proceedings
In addition to the Parent Company's restructuring debts and other
liabilities to be considered, the Parent Company's borrowings included
EUR 13.0 million and trade and other payables included EUR 61 million of
accumulated interest, which would have falled due only in case the draft
restructuring programme was not confirmed. The Parent Company accrued
the interest on the balance sheet for all restructuring debt based on
the original loan terms, despite the fact that the accumulation of
interest payment obligation on unsecured restructuring debt ceased when
the restructuring proceedings were started. Upon the confirmation of the
Parent Company's debt restructuring programme on 2 June 2017, it was
verified that the accumulation of interest ceased at the time the
restructuring proceedings were started, and a corresponding reversal was
booked in the Parent Company's finance income.
In case the Parent Company is unable to repay its restructuring debts by
the due date of 2 June 2019, this may result in bankruptcy of the Parent
Company, in which case its liabilities related to the reversed interest
liability shall be determined in accordance with section 66 of the
Finnish Restructuring of Enterprises Act.
Other short-term borrowings
The other short-term borrowings consist entirely of the third-party
security granted to Finnvera, as adjusted in accordance with the Parent
Company's debt restructuring programme confirmed on 2 June 2017 (EUR 3.4
million). The amount is part of the Parent Company's secured debts.
In case the Parent Company is unable to repay its restructuring debts by
the due date of 2 June 2019, this may result in bankruptcy of the Parent
Company, in which case its liabilities related to the third-party
security granted to Finnvera shall be determined in accordance with
section 66 of the Finnish Restructuring of Enterprises Act.
4. Income tax
The Company has tax losses of EUR 86 million for which it has not
recognised deferred tax assets. These tax losses expire between years
2019 and 2026
5. Contingencies and commitments
The future aggregate minimum lease payments under
non-cancellable operating leases
Group
Unaudited
EUR 31 Dec 17 31 Dec 16
No later than 1 year 135,700 75,590
Later than 1 year and not later than 5 years 206,360 24,908
342,060 100,498
Parent Company
Unaudited
EUR 31 Dec 17 31 Dec 16
No later than 1 year 130,558 75,590
Later than 1 year and not later than 5 years 201,698 24,908
332,256 100,498
Securities given by the Parent Company under the Multicurrency Revolving
Facility Agreement and the Finnvera Financing Agreements
The securities given under the Multicurrency Revolving Facility
Agreement (secured part EUR 4.1 million) and the Finnvera Financing
Agreements (liability related to a third-party security of EUR 3.4
million) include:
-- Pledge of all shares owned by the Parent Company
in Talvivaara Sotkamo
-- Pledge of floating charge notes registered over assets of the Parent
Company in the amount of EUR 300 million
-- Pledge of intra-group receivables of the Parent
Company from Talvivaara Sotkamo
-- Pledge of insurance receivables
In addition, the Parent Company has guaranteed the obligations of
Talvivaara Sotkamo under the Finnvera Promissary Note in the adjusted
amount of EUR 0.5 million by a specific Surety Obligation.
Ahtium Plc
Key financial
figures Group, IFRS Parent Company, FAS
Unaudited Unaudited
Twelve Twelve Twelve Twelve
months to months to months to months to
31 Dec 17 31 Dec 16 31 Dec 17 31 Dec 16
Other operating EUR
income '000 33 14,027 1,054 14,027
Operating EUR
profit/loss '000 (3,530) 213,767 (2,248) 213,770
Operating profit/loss
percentage (10,653.6 %) 1,524.0 % (213.4 %) 1,524.0 %
Profit/loss EUR
before tax '000 519,062 198,526 283,304 198,529
Profit/loss for EUR
the period '000 519,062 198,526 283,304 198,529
Return on equity n/a n/a n/a n/a
Equity-to-assets ratio (1,542.0 %) (12,996.7 %) (1,579.4 %) (12,988.5 %)
Net
interest-bearing EUR
debt '000 9,128 461,302 9,277 461,313
Debt-to-equity ratio (88.8 %) (86.8 %) (90.3 %) (86.8 %)
Return on
investment n/a n/a n/a n/a
Capital EUR
expenditure '000 - - - -
Property, plant EUR
and equipment '000 14 19 14 19
EUR
Borrowings '000 9,568 465,078 9,568 465,078
Cash and cash EUR
equivalents '000 440 3,777 291 3,766
Share-related key figures Unaudited Unaudited
Twelve Twelve
months to months to
31 Dec 17 31 Dec 16
Earnings per share EUR 0.12 0.09
Equity per share EUR (0.00) (0.25)
Employee-related key figures
Unaudited Unaudited
Twelve Twelve
months to months to
31 Dec 17 31 Dec 16
Salaries EUR '000 1,594 2,080
Average number of employees 20 25
Number of employees at the end of the year 19 20
Key financial figures of the Group
Return on equity Profit for the period
(Total equity at the beginning of period + Total equity
at the end of period)/2
Equity-to-assets Total equity
ratio
Total assets
Net interest-bearing Interest-bearing debt - Cash and cash equivalent
debt
Debt-to-equity ratio Net interest-bearing debt
Total equity
Return on investment Profit for the period + Finance cost
(Total equity at the beginning of period + Total equity
at the end of period)/2 +
(Borrowings at the beginning of period + Borrowings
at the end of period)/2
Share-related key figures
Earnings per share Profit attributable to equity holders of the
Company
Adjusted average number of shares
Equity per share Equity attributable to equity holders of the
Company
Adjusted average number of shares
Annual Results Release 2017:
http://hugin.info/136227/R/2172309/837323.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Ahtium Oyj via Globenewswire
http://www.talvivaara.com
(END) Dow Jones Newswires
February 28, 2018 09:07 ET (14:07 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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