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Net sales and operating result in 2013

The Itella Group’s net sales in 2013 were EUR 1,976.8 (1,946.7) million. Net sales increased by 1.5%. In local currencies, net sales increased by 2.3%. The acquisition of groupage business operations in October 2012 was reflected in the growth.

The Group’s net sales decreased in Itella Mail Communications and OpusCapita, but increased in Itella Logistics. Net sales grew by 4.7% in Finland and declined by 7.1% in other countries. International operations accounted for 24% (27%) of net sales.

The Group’s operating result before non-recurring items was EUR 50.5 (53.2) million, or 2.6% (2.7%) of net sales. The operating result before non-recurring items decreased in Itella Mail Communications and Itella Logistics, but improved in OpusCapita.

In 2013, the operating result was burdened by EUR 40.5 (14.2) million in non-recurring items, of which EUR 17.5 (3.8) was related to personnel restructuring, EUR 21.0 million was related to impairment at Itella Logistics and EUR 2.0 (10.3) million was related to other items. Itella Logistics recognized an impairment in goodwill and tangible and intangible assets.

The Group’s operating result was EUR 9.9 (39.0) million, or 0.5% (2.0%) of net sales. The operating result decreased at Itella Mail Communications and Itella Logistics, but improved at OpusCapita.

The Group’s net financing costs amounted to EUR -12.3 (-8.3) million.

The Group’s operating result after financial items was EUR -2.4 (30.8) million. Income tax totaled EUR 10.1 (-16.7) million. The item includes a deferred tax asset of EUR 11.1 million, which is mainly related to unrecognized tax losses of the Group’s Russian subsidiary from previous financial periods and was recognized in 2013 because of the company’s improved profitability. The Group’s income tax before changes in deferred taxes totaled EUR -4.2 (-18.4). Nearly 80% of the taxes in 2013 were related to Finland. The Group’s effective tax rate before the deferred tax asset in Russia was 44% (54%).

The Group's operating result for the period amounted to EUR 7.7 (14.1) million.

Return on equity stood at 1.1% (2.1%).

Key figures of Itella Group

1–12/2013 1–12/2012
Net sales, MEUR 1,976.8 1,946.7
Operating result (non-IFRS), MEUR*) 50.5 53.2
Operating result (non-IFRS), %*) 2.6 2.7
Operating result (EBIT), MEUR 9.9 39.0
Operating result (EBIT), % 0.5 2.0
Result before taxes, MEUR -2.4 30.8
Result for the period, MEUR 7.7 14.1
Return on equity, %, 12 months 1.1 2.1
Return on invested capital (12 months), % 1.3 4.7
Equity ratio, % 47.5 46.2
Gearing, % 21.1 23.5
Gross capital expenditure, MEUR 61.1 134.7
Employees on average 27,253 27,460
Dividends, MEUR -**) 6.8

*) Non-IFRS = before non-recurring items
**) Board proposal