FINANCIAL STATEMENTS AND RESOLUTIONS OF THE ANNUAL GENERAL MEETING OF SOLIDIUM OY1.10.2013
- Solidium’s investment return was 13.9 per cent for the financial year 1 July 2012 – 30 June 2013
- Solidium’s net asset value remained at EUR 6.9 billion regardless of profit distribution of EUR 0.8 billion
- Solidium’s Annual General Meeting resolved to pay 800 million euros profit distribution as repayment of capital
- Heikki Bergholm and Eero Heliövaara elected as new members to the Board of Directors
Resolutions of the Annual General Meeting
The Annual General Meeting of Solidium Oy was held in Helsinki on 30 September 2013. The Annual General Meeting adopted the company's financial statements for the financial period of 1 July 2012 to 30 June 2013. Solidium’s result before impairment charges was EUR 446 million, the net asset value was EUR 6,910 million and the management cost ratio was 0.09 per cent. Solidium’s net result (EUR -232 million) included an impairment charge of EUR 679 million on holdings in Outokumpu Oyj, Talvivaara Mining Company Plc and Rautaruukki Corporation, 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 as repayment of capital will be paid for the financial period.
It was confirmed that the Board of Directors shall have seven (7) members. The following persons 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 Heikki Bergholm, Eero Heliövaara, Markku Hyvärinen, Marketta Kokkonen and Anni Vepsäläinen. Heikki Bergholm, b. 1956, M.Sc. (Eng.) and Eero Heliövaara, b. 1956, M.Sc. (Eng.) and M.Sc (Econ.) were elected as new members. Mr. Bergholm is the Chairman of the Board of Lassila & Tikanoja Plc, among others, and has previously been CEO of Suominen Corporation and Lassila & Tikanoja Yhtymä Plc. Mr. Heliövaara is the Director General of the Ownership Steering Department and has previously been CEO of SRV Group Plc and Pohjola Group Plc. Both new members have extensive experience in contributing in Boards of Directors of both public and private companies.
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 2012 to 30 June 2013.
Events after the financial period
On 5 September 2013, Solidium placed 68 million shares in TeliaSonera AB, resulting in a decrease of Solidium’s holding in TeliaSonera from 11.7 per cent to 10.1 per cent of the outstanding shares. The proceeds from the equity offering after foreign exchange adjustment were approximately EUR 366 million representing a pre-tax gain for Solidium of approximately EUR 126 million relative to the book value. Solidium has on 20 September 2013 entered into a new €300 million unsecured revolving credit facility agreement which replaced the previous €300 million revolving credit facility.
Solidium's Annual Report has been published today and is available in English, Finnish and Swedish on Solidium's website, www.solidium.fi.
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 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 eleven listed companies: Elisa, Kemira, Metso, Outokumpu, Outotec, Rautaruukki, Sampo, Stora Enso, Talvivaara Mining Company, TeliaSonera and Tieto. The market value of Solidium’s investments is approximately 7.6 billion euros at the date of this press release. Further information: www.solidium.fi.News