FINANCIAL STATEMENTS AND RESOLUTIONS OF THE ANNUAL GENERAL MEETING OF SOLIDIUM OY6.9.2012
- Solidium’s profit for the financial year of 1 July 2011 – 30 June 2012 totalled 131 million euros, which included an impairment charge of 403 million euros
- Solidium’s Annual General Meeting resolved to pay 800 million euros profit distribution, of which 326 million euros is dividend and 474 million euros is repayment of capital
- Solidium’s net asset value decreased during the financial period by 1.5 billion euros to 6.9 billion euros due to the payment of dividend and decrease in the value of its equity investments
Solidium’s Managing Director Kari Järvinen’s comments:
”Solidium’s financial period included several significant projects. Subscribing shares in Outokumpu’s share issue in connection to the planned Inoxum acquisition as well as Solidium’s own financing arrangements, disposals and acquisitions of shares show Solidium’s role among Finnish owners in a tangible way.
The profit distribution received from the portfolio companies and financing arrangements executed by Solidium enable Solidium to pay 800 million euro profit distribution to the State of Finland.”
Resolutions of the Annual General Meeting
The Annual General Meeting of Solidium Oy was held in Helsinki on 4 September 2012. The Annual General Meeting adopted the company's financial statements for the financial period of 1 July 2011 to 30 June 2012. Solidium’s profit for the financial year was EUR 131 million, its net asset value was EUR 6,857 million and the management cost ratio was 0.05%. Solidium’s profit included an impairment charge of EUR 403 million on Rautaruukki Corporation’s shares, made in accordance with Solidium’s accounting principles.
The Annual General Meeting resolved, in accordance with the proposal of the Board, that a total profit distribution of EUR 800 million will be paid for the financial period, of which EUR 326 million is dividend and EUR 474 million is repayment of capital.
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 expiring 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 of 1 July 2011 to 30 June 2012.
Increasing diversity in companies’ Boards of Directors improves Board work
As companies face increasingly multifaceted operating environments, more versatile expertise is required for the work carried out by their Boards of Directors. Adequate diversity improves Board work because it enables a knowledge base to be fully utilised in connection with Board member appointments and adds new points of view to the handling of the Board’s supervisory tasks. Increasing diversity, primarily through self-regulation, remains one of the key issues in the election process of Board members in Finland.
Solidium's Annual Report has been published today and is available in Finnish on Solidium's website, www.solidium.fi. The English and Swedish language versions will be published later in September.