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FINANCIAL STATEMENTS AND RESOLUTIONS OF THE ANNUAL GENERAL MEETING OF SOLIDIUM OY

5.9.2011

  • Solidium’s profit for the financial year 1 July 2010 – 30 June 2011 totalled 531 million euros
  • Solidium’s Annual General Meeting resolved to pay 660 million euros in dividends
  • Solidium’s net asset value increased during the review period by 666 million euros, amounting to 8,381 million euros at the end of the period
  • Mr Jarmo Väisänen was elected as a new member of Solidium’s Board of Directors 

Solidium’s Managing Director Kari Järvinen’s comments:  

“Solidium’s mission is to support the long-term development of its portfolio companies’ business operations and to require them to operate in a profitable and value enhancing manner. In order to carry out its mission, Solidium continued to build up and intensify dialogue with its portfolio companies and other major shareholders during the review period. As a major shareholder, we are placing a new emphasis on corporate responsibility and, as a result, have formed an independent view of our portfolio companies’ corporate responsibility matters.

Thanks to the strong dividend income received by Solidium and the executed share sales, the dividend to be paid by Solidium for the past financial year will increase substantially. Despite uncertainties regarding the general outlook of the economy, we believe that Solidium will continue to receive a good level of dividends in the coming years.”

 

Resolutions of the Annual General Meeting

The Annual General Meeting of Solidium Oy was held in Helsinki on 31 August 2011. The Annual General Meeting adopted the company's financial statements for the financial period 1 July 2010 to 30 June 2011. Solidium’s profit for the financial year was EUR 531.3 million, its net asset value was EUR 8,381 million and the management cost ratio was 0.06%.

The General Meeting resolved, in accordance with the proposal of the Board, that a dividend of EUR 660 million be paid for the financial period.

It was confirmed that the Board of Directors shall have seven (7) members. The following persons, who gave their consent, were elected to the Board of Directors until the end of the next Annual General Meeting: Chairman Pekka Ala-Pietilä, Vice Chairman Eija Ailasmaa and members Antti Herlin, Markku Hyvärinen, Marketta Kokkonen, Anni Vepsäläinen and Jarmo Väisänen.

The Annual General Meeting confirmed that the Chairman of the Board of Directors shall receive a fee of EUR 5,500 per month, the Vice Chairman EUR 3,000 per month and the members EUR 2,500 per month. In addition, a meeting fee of EUR 600 was confirmed for each meeting.

The firm of authorised public accountants KPMG Oy Ab, with APA Sixten Nyman as the principal auditor, was appointed as Solidium’s auditor to serve for a term ending at the end of the next Annual General Meeting. The Annual General Meeting resolved to remunerate the auditors in accordance with their invoice. 

In addition, the Annual General Meeting discharged the members of the Board of Directors and the Managing Director from liability for the financial period 1 July 2010 to 30 June 2011.  

 

Emphasising corporate responsibility as an important part of analysis work

Assessing the status of corporate responsibility is an integral part of an active owner’s role. The level at which corporate responsibility is managed gives an owner further insight on the nature of its portfolio company’s business and the status of its management. During the review period, Solidium placed an increased emphasis on corporate responsibility issues in its agenda as an owner. Solidium has formed an idea of the business opportunities and risks related to corporate responsibility matters and assessed the level and means of managing corporate responsibility in its portfolio companies. For Solidium, corporate responsibility forms a point of view that is closely integrated with other financial and strategic analysis of its portfolio companies.

 

Solidium's Annual Report has been published today and it is available in Finnish on Solidium's website www.solidium.fi. The English and Swedish language versions will be published later in September.

 

Solidium Oy

 

Further information:    Managing Director Kari Järvinen, 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. Investment activities are based on financial analysis. The core of Solidium’s investment strategy is proper, value enhancing asset management of the current holdings. Through its stakes, Solidium is a minority owner in eleven listed companies: Elisa, Kemira, Metso, Outokumpu, Rautaruukki, Sampo, Sponda, Stora Enso, Talvivaara Mining Company, TeliaSonera and Tieto. The market value of Solidium’s investments is approximately 7.1 billion euros at the date of this press release. Further information: www.solidium.fi.

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