• Solidium’s investment yield was -14.9% for the six-month review period and -18.5% for the last 12 months
  • Solidium paid 660 million euros in dividends to the State of Finland
  • Due to dividends paid and changes in the value of investments, Solidium’s net asset value decreased during the review period by 1,652 million euros, down to 6,728 million euros at the end of the period
  • Solidium increased its holdings in Talvivaara Mining Company Plc and Metso Corporation by acquiring shares for a total of 42 million euros
  • Solidium received a total of 7 million euros in profit distribution during the review period
  • Solidium’s profit for the review period amounted to 7.4 million euros

Solidium’s Managing Director Kari Järvinen’s comments on the review period:

“During the last calendar year, the optimism that prevailed during the first quarter changed into cautiousness and, during the third quarter, into deep concern regarding the development of the global economy. Share prices took a strong downward trend after the summer, which, however, levelled off during the fourth quarter. Investors became more risk averse, which reflected particularly on the valuation of the business-cycle sensitive heavy industry. Uncertainty in economic development, mainly due to difficulties faced by state economies, will have an impact on companies’ requirements to invest and expand their operations in 2012.

Solidium paid during the review period 660 million euros in dividends to the State of Finland, and the dividend pay-out by Solidium exceeds one billion euros during the last two years. Solidium continued to acquire selected shares in the autumn, in line with its investment policy. We acquired shares in Talvivaara and Metso, which in our view were attractive investment targets in the long term. We have also ensured that we have sufficient financial instruments at our disposal for potential capital requirements in line with our treasury policy. We will use our investment capacity also in the future selectively and taking into account the capital needs or our shareholder.”

The complete half year report can be found here.