Financial figures

2012 2011 2010 2009 2008
INCOME STATEMENT AND PROFITABILITY
Revenue, EUR million 1) 2,241 2,207 2,161 1,970 2,833
Operating profit, EUR million 2) 32 158 156 110 74
% of revenue 1 7 7 6 3
Share of profit or loss of associates, EUR million 1) 2) 11 31 9 -5 -3
Finance income and costs (net), EUR million 1) 16 21 27 38 69
% of revenue 1 1 1 2 2
Interest cover 1) 2) 11 12 10 5 4
Profit before tax, EUR million 1) 27 168 138 67 2
% of revenue 1 8 6 3 0
Net profit for the period (attributable to equity owners of the parent), EUR million 1) 17 136 111 54 -2
Return on investment (ROI), % 3 9 7 7 4
Return of equity (ROE), % 1 10 9 7 0
Return on capital employed (ROCE), % 3 11 10 8 3
Research and development expenses, EUR million 1) 42 40 42 37 71
% of revenue 2 2 2 2 3
CASH FLOW
Net cash generated from operating activities, EUR million 176 178 133 288 90
Disposals of subsidiaries and property, plant and equipment and intangible assets, EUR million 30 137 -6 2 254
Capital expenditure, EUR million 134 201 107 86 342
% of revenue 6 9 5 3 12
Cash flow after capital expenditure, EUR million 72 115 169 202 3
Cash flow return on capital invested (CFROI), % 8 8 6 12 4
BALANCE SHEET AND SOLVENCY
Non-current assets, EUR million 1,709 1,846 1,862 1,886 1,906
Shareholders' equity (Equity attributable to equity owners of the parent), EUR million 1,302 1,358 1,340 1,250 963
Total equity, EUR million 1,315 1,371 1,366 1,269 976
Total liabilities, EUR million 1,163 1,306 1,178 1,548 1,884
Total assets, EUR million 2,489 2,677 2,544 2,817 2,860
Interest-bearing net liabilities, EUR million 532 516 536 676 1,049
Equity ratio, % 53 51 54 45 34
Gearing, % 40 38 39 53 107
Interest-bearing net liabilities / EBITDA 3.0 2.0 1.9 2.5 4.3
PERSONNEL
Personnel (average) 5,043 5,006 5,608 8,843 9,954
of whom in Finland 1,173 1,145 1,241 1,929 2,659
EXCHANGE RATES
Key exchange rates (December 31)
USD 1.319 1.294 1.336 1.441 1.392
SEK 8.582 8.912 8.966 10.252 10.870
BRL 2.704 2.416 2.217 2.511 3.244
1) The financial figures for 2010 and 2009 are presented without the spin-off effect of Tikkurila.
2) Share of profit or loss of associates is presented after finance expenses.