SOLIDIUM OY'S HALF-YEAR REPORT FOR JULY-DECEMBER 201329.1.2014
- 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:News