Solidium Oy: SOLIDIUM OY'S HALF-YEAR REPORT FOR JULY-DECEMBER 2013
*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
*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
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:
The complete half year report can be found here:
Half year report
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf
of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for
the content, accuracy and originality of the information contained therein.
Source: Solidium Oy via Globenewswire
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