Olvi plc Interim report 22 October 2025 at 9.00 am
Olvi Group's interim report January-September 2025: Olvi maintained strong
market shares and invested in future growth while consumer demand remained weak
July-September 2025
· Sales volume of 271.0 (272.6) million litres and net sales of EUR 186.2
(184.9) million remained at the previous year's level. However, there were
differences between the business segments; Finland grew, while the Baltic Sea
segment continued to suffer from weather conditions and weak consumer demand.
· Despite the challenging market situation, profitability improved as measured
by gross margin, which was 43.0% (42.5%).
· The operating result decreased by 9.8% to EUR 27.0 (29.8) million. The
operating result improved in the Finnish business segment, but declined in the
Baltic Sea region and Belarus.
January-September 2025
· Sales volume decreased by 2.2% to 758.5 (775.7) million litres. Demand was
affected by the summer season's cold and rainy weather, particularly in the
Baltic countries and Belarus, consumers' weak purchasing power and economic and
political uncertainty. Olvi maintained its position in a challenging market.
· Net sales remained at the previous year's level, totalling EUR 514.1 (510.0)
million. Product portfolio optimisation measures increased the average price.
· The operating result decreased by 8.8% to EUR 65.7 (72.0) million. Lower
sales volumes, investments in sales, marketing and pricing, higher logistics
costs and business development measures were reflected in the operating result.
· Olvi invests in future growth through three corporate acquisitions,
significant development efforts in commercial capability and information
systems, as well as by renewing and expanding the Iisalmi brewery.
Near-term outlook for 2025 (changed)
Olvi Group's operating result for the 2025 financial year is estimated to be EUR
80-84 million. Earlier the operating result was estimated to be EUR 82-86
million. The change in the near-term outlook was influenced by uncertainty
related to consumer demand and a weaker-than-expected summer season,
particularly in the Baltic Sea region segment. The fourth quarter is expected to
be clearly better than the previous year as expenses are more focused in the
second and third quarters compared to last year.
The Group's key ratios
7-9/ 7-9/ Change, 1-9/ 1-9/ Change, % 1-12/ 2024
2025 2024 % 2025 2024
Sales volume, Mltr 271.0 272.6 -0.6 758.5 775.7 -2.2 989.7
Net sales, MEUR 186.2 184.9 0.7 514.1 510.0 0.8 656.9
Gross profit, MEUR 80.0 78.5 1.9 214.3 208.4 2.8 266.4
% of net sales 43.0 42.5 41.7 40.9 40.6
Operating result, 27.0 29.8 -9.8 65.7 72.0 -8.8 81.4
MEUR
% of net sales 14.5 16.1 12.8 14.1 12.4
Profit for the 20.5 23.4 -12.7 47.7 55.0 -13.3 62.4
period, MEUR
% of net sales 11.0 12.7 9.3 10.8 9.5
Earnings per 0.98 1.12 -13.7 2.27 2.62 -13.4 2.98
share, EUR
Investments, MEUR 16.2 12.2 33.2 37.0 27.0 37.0 43.7
Equity per share, 16.70 15.32 9.0 15.66
EUR
Equity ratio, % 61.1 60.3 60.3
Gearing, % -10.3 -11.3 -12.4
Return on capital 20.2 24.4 24.2
employed, % (ROCE)
If required, Olvi presents the adjusted operating result and adjusted profit for
the period as alternative performance measures to improve comparability between
reporting periods. Any items affecting the comparison period are taken into
account, if necessary, also in the near-term outlook, meaning that the earnings
guidance is based on the adjusted operating result. There were no items
affecting the comparability of the operating result in the review period.
CEO's review (Patrik Lundell)
We maintained our strong market shares, improved our gross margin, and invested
in future growth through acquisitions - weak overall market demand, investments
in brands and sales, as well as other increases in fixed costs, weakened our
profitability
We succeeded in preparing for the summer and our delivery accuracy was good
throughout the season. However, during the summer of 2025, we strongly
experienced the impact of varying weather conditions for the beverage industry.
The weather in the early summer was cool throughout our domestic markets, which
significantly decreased overall demand compared to the comparison year. In
Finland, we enjoyed a three-week heatwave in July, which clearly increased sales
volumes. The much-needed boost in consumption demand in the Baltics and Belarus
was not seen, as the weather was unstable in late summer. The continued economic
and political uncertainty also affected the development of consumer demand and
confidence, and overall purchasing power remained weak in all our operating
markets. Despite the challenging market situation, we maintained our market
shares thanks to our strong local brands and broad portfolio, while also
improving our average price.
We invested in our multi-local strategy and made progress in its systematic
implementation. In addition to profitable core business, we seek to grow
inorganically, both through additional acquisitions in our current domestic
markets and by expanding into completely new markets in Europe. In September, we
announced a total of three acquisitions: Valmiermuiža, the largest premium craft
brewery in Latvia; Banjalučka Pivara, the largest brewery in Bosnia and
Herzegovina; and Värska Originaal AS, the leading mineral water producer in
Estonia. The acquisitions strengthen our position in the current markets and
open up completely new markets. They support our strategic goals by allowing us
to expand our diverse product range, expand our non-alcoholic product category
and offer new growth opportunities in exports. The deals are pending approval
from the local competition authorities and are expected to be completed by the
first quarter of 2026 at the latest. The estimated impact of the acquisitions on
next year's net sales would be 55 million euros and on sales volume 88 million
litres, assuming the deals are confirmed at the turn of the year.
We are investing in brand visibility, sales promotion and partnerships to
strengthen our market position. Development measures in line with our strategy,
exciting new products, clear commercial priorities and committed personnel lay a
solid foundation for the rest of the year and ensure that we are ready to
respond to increasing demand and the recovery of markets. We are also improving
our profitability by enhancing our operational efficiency. Moreover, we are
making considerable investments in activities that will strengthen our
competitiveness.
Our vision is to be the most wanted multi-local beverage house. We will continue
to implement our strategy systematically, both at Group level and locally,
guided by our values and through strong partnerships - positively and together.
Financial development
July-September 2025
The sales volume for the third quarter remained at the previous year's level,
totalling 271.0 (272.6) million litres. In Finland, sales volumes increased by
nearly 7%, particularly due to the hot weather in July, while in the Baltic Sea
region, sales volumes decreased due to the weather conditions in the Baltic
countries and changes in the product range in Denmark. Market shares were even
increased in several product categories across many markets. In addition, growth
was achieved in the challenging market situation in the hotel and restaurant
trade (HoReCa), as well as in harbour and cross-border sales. Net sales remained
at the previous year's level, totalling EUR 186.2 (184.9) million.
The operating result declined by 9.8% due to lower sales volumes, sales and
marketing investments, increased logistics costs and business development
measures to EUR 27.0 (29.8) million. However, the operating result improved in
Finland due to the favourable weather during the summer season.
January-September 2025
The sales volume decreased in January-September by 2.2% to 758.5 (775.7) million
litres. The development of sales volumes was affected by the general market
uncertainty, unstable weather in the summer season, the weak development of
consumers' purchasing power, and product portfolio optimisation measures carried
out in Finland and Denmark. In line with Olvi Group's strategic targets, the non
-alcoholic product category's share of total sales increased and was 44.8%
(44.0%). Of the non-alcoholic product categories, sales volumes increased in
water, soft drinks, energy and sports drinks. Only the sales of juices and kvass
decreased compared to the previous year. Despite intensified competition, market
shares were maintained or even increased in all our main product categories. Net
sales remained at the previous year's level, totalling EUR 514.1 (510.0)
million.
Profitability has developed favourably in terms of gross profit compared to the
previous year, although competition in retail trade tightened and more price
-driven campaigns were seen. Portfolio optimisation measures, improving the
efficiency of our own operations and the stabilisation of the increase in
manufacturing and procurement costs supported the improvement in gross margin.
The operating result decreased by 8.8% from the comparison period and was EUR
65.7 (72.0) million. To ensure future competitiveness, investments have been
made in brand building as well as in the development of sales and business
operations. The system environment is being renewed, including the replacement
of the production control system and by investing in the planning of sales and
operations. In addition, the current year is burdened by acquisition-related
expenses. Of the business segments, profitability improved in Finland. In the
Baltic Sea segment, profitability decreased due to intense price competition and
the implemented sales and marketing inputs. In Belarus in particular, logistics
costs increased significantly and weakened the operating result.
Segment-specific business development: January-September 2025
Finland: the hot weather in July increased sales volumes during the summer
season
The net sales of business operations in Finland increased by 1.3% to EUR 184.5
(182.1) million, and the sales volume decreased by 0.9% to 199.3 (201.1) million
litres. The average sales price improved. In the third quarter, the three weeks
of heat in July brought much-needed sales volume growth for the summer season.
In terms of product categories, sales of hard seltzers and non-alcoholic
products continued to grow. The change in consumer behaviour slightly reduced
the overall demand for alcohol products. However, the most significant change in
the sales volume was due to the optimisation measures taken in the beer range in
2024, which had a negative effect on the sales volume compared with the
comparison period. On the whole, the market shares remained strong and also
growth was achieved in many product categories. Despite the changes, Olvi has
maintained its leading market share of over 50% in beer. The warehouse
investment in Iisalmi improved delivery accuracy considerably in the summer
season.
The operating result of our Finnish business operations was EUR 24.2 (22.2)
million. The operating result improved by 8.9% year-on-year, mainly as a result
of the sales volume growth due to the heat in July, improved production
efficiency, the stabilisation of cost increases and changes in the product
range.
Baltic Sea region: market demand weaker than expected during the summer season
The sales volume in the Baltic Sea region decreased by 5.3% to 283.3 (299.3)
million litres. Net sales decreased by 3.3% and were EUR 205.6 (212.6) million.
Sales volumes declined especially in Denmark and Latvia. In Latvia, the weak
development of consumer demand continued, decreasing the sales volumes of the
entire industry in retail trade. However, in a challenging market situation, we
were able to increase our sales in the hotel and restaurant channel
significantly compared to the previous year. Similarly, the sales of the
Piebalgas beer brand acquired in 2021 grew significantly, so the expansions of
the product range have boosted growth in the otherwise declining beer market.
In Denmark, the decline of sales volume was affected by own decisions to
discontinue many unprofitable products as well as the loss of significant
private label agreements. A change in the focus of business operations towards
in-house brands is in progress, and the Jolly soft drink brand's market share in
soft drinks was successfully multiplied. However, this does not yet replace the
sales of the discontinued private label products.
In the Baltic Sea region, price competition has continued to intensify and sales
volumes declined due to consumers' weak purchasing power, weather conditions and
lower consumption of alcoholic products. In the Baltic countries, the tightening
of excise duties on beverages and alcohol legislation as well as the
unfavourable summer season weather for the industry increased competition in the
otherwise declining market, especially for beer. However, Olvi's market shares
have mainly remained at the level of the previous year or even improved.
As a result of the above-mentioned market impacts, greater investments on sales
and marketing, and increased logistics costs, the operating result for the
Baltic Sea region decreased by 30.8% to EUR 14.9 (21.4) million. The effects
were particularly felt in Denmark, Latvia and Lithuania. In Denmark, the process
of changing the focus of business operations in line with the strategy is in
progress, but we have not yet made our operations profitable. In Latvia, weak
consumer demand caused by a number of factors had a strong impact on the market.
For example, according to Nielsen data, the overall beer market has declined by
7.4 percent since the beginning of the year. In Lithuania, price competition
intensified during the summer season and decreased profitability. At the same
time, the significantly higher investments in brand visibility, campaigns and
pricing than the previous year helped in maintaining Olvi's competitive
position, but weakened profitability due to the smaller than expected market.
For Latvia and Lithuania, the decline in profitability was focused in the summer
season, and by September profitability had already improved compared with
previous months.
Belarus: growth in the popularity of non-alcoholic products
The sales volume in Belarus declined by 0.4% to 279.3 (280.5) million litres.
Unfavorable summer weather conditions for the industry particularly affected
sales of kvass, which decreased significantly year-on-year compared to the
previous year. In non-alcoholic product categories such as water, energy drinks
and soft drinks, sales volumes increased in line with the strategic targets.
During the reporting period, greater inputs were made in the sales and marketing
of these product categories than in the previous year. Non-alcoholic beverage
factories accounted for 64% of the sales volume in Belarus.
Net sales increased by 7.0% and were EUR 127.0 (118.7) million. In the local
currency, net sales grew by 6.5%. The operating result decreased by 7.5% to EUR
27.0 (29.2) million. The relative decrease in the operating result was
especially affected by higher fixed costs, such as logistics costs. In the local
currency, the operating result decreased by 7.8%. The Belarusian business is
reported as part of Olvi Group, but it operates by means of its own cash flow
financing. There are temporary restrictions on the distribution of profits to
the parent company, described under “Business risks and their management”.
Sales development
Olvi Group's sales volume decreased by 2.2% in January-September, totalling
758.5 (775.7) million litres.
Sales volume, 7-9/ 7-9/ 2024 Change, % 1-9/ 2025 1-9/ 2024 Change, %
million litres 2025
Finland 72.5 68.0 6.8 199.3 201.1 -0.9
Baltic Sea 98.1 105.1 -6.6 283.3 299.3 -5.3
region
Belarus 101.6 101.4 0.2 279.3 280.5 -0.4
Eliminations -1.2 -1.9 -3.4 -5.2
Total 271.0 272.6 -0.6 758.5 775.7 -2.2
The Group's net sales in January-September increased by 0.8% to EUR 514.1
(510.0) million.
Net sales, 7-9/ 2025 7-9/ 2024 Change, % 1-9/ 2025 1-9/ 2024 Change, %
EUR million
Finland 67.8 63.0 7.6 184.5 182.1 1.3
Baltic Sea 73.1 77.2 -5.2 205.6 212.6 -3.3
region
Belarus 46.4 46.0 0.8 127.0 118.7 7.0
Eliminations -1.1 -1.3 -3.0 -3.4
Total 186.2 184.9 0.7 514.1 510.0 0.8
Financial performance
The Group's operating result in July-September was EUR 27.0 (29.8) million, or
14.5% (16.1%) of net sales. The January-September operating result decreased by
8.8% and was EUR 65.7 (72.0) million. The operating result was weakened by
strategic investments in business development and growth, including costs
associated with acquisitions and the modernisation of information systems, as
well as the increased sales and marketing activity and higher logistics costs.
The lower sales volume reduced the sales margin in euros, even though the
relative sales margin improved year-on-year. No adjustments affecting
comparability have been made to the operating result.
Operating 7-9/ 7-9/ 2024 Change, % 1-9/ 2025 1-9/ 2024 Change, %
result, EUR 2025
million
Finland 10.0 8.6 16.0 24.2 22.2 8.9
Baltic Sea 6.6 8.7 -24.8 14.9 21.4 -30.8
region
Belarus 10.5 12.6 -17.1 27.0 29.2 -7.5
Eliminations -0.1 -0.1 -0.4 -0.8
Total 27.0 29.8 -9.8 65.7 72.0 -8.8
The Group's profit after taxes in January-September was EUR 47.7 (55.0) million.
In January-September, earnings per share calculated from the profit belonging to
parent company shareholders were EUR 2.27 (2.62).
Financial position and the balance sheet
On 30 September 2025, Olvi Group's balance sheet total was EUR 568.5 (527.8)
million. The increase in the balance sheet mainly resulted from an increase in
tangible assets following investments. Equity per share was EUR 16.70 (15.32).
The equity ratio was 61.1 % (60.3%), and gearing was -10.3% (-11.3%). The
Group's current ratio, depicting liquidity, remained at the same good level,
amounting to 1.4 (1.4). The return on capital employed (ROCE) was 20.2% (24.4%).
Interest-bearing liabilities amounted to EUR 24.1 (8.3) million at the end of
September. The long-term green loan for financing the brew house investment
amounted to EUR 15 million at the end of the review period. Of the interest
-bearing liabilities, current liabilities accounted for EUR 3.8 (1.9) million.
Olvi Group's balance sheet and financial position are strong. Cash and cash
equivalents stood at EUR 59.9 (44.4) million at the end of the review period.
Olvi Group has various short-term financial instruments such as credit
facilities and a commercial paper programme for liquidity management. Cash flow
from operating activities was EUR 62.4 (64.8) million. Cash flow from investing
activities was EUR -40.1 (-25.4) million, and cash flow from financing
activities was EUR -13.4 (-25.9) million. The cash flow from financing
activities is improved by the drawdown of a long-term green loan for the brew
house investment.
Investments
In January-September, Olvi Group's extension and replacement investments were
EUR 37.0 (27.0) million. Of the investments, EUR 23.3 million was related to
Finland, and EUR 9.2 million to subsidiaries in the Baltic Sea region. The
warehouse and logistics investment at the Iisalmi plant has proceeded on
schedule. The additional capacity of the high-bay warehouse became available for
the summer season. This improved delivery accuracy considerably. The brew house
investment is also proceeding as planned. In the Baltic Sea region, investments
focused on the procurement of sales equipment such as refrigeration equipment
and the improvement of production conditions. In Belarus, replacement
investments necessary for the continuity of production were made with the
subsidiary's cash flow financing, totalling EUR 4.5 million.
In its investments, Olvi Group focuses on environmental friendliness, cost
-effective operations and capacity development to meet business requirements.
Seasonal nature of operations
The nature of the Group's business operations involves seasonal fluctuation. The
net sales and operating result of the geographical reporting segments are not
accumulated steadily. Instead, they fluctuate in accordance with the special
characteristics of the seasons of the year and product seasons.
Personnel
The Olvi Group's average number of personnel in January-September was 2,510
(2,446) employees. Growth was 2.6% year-on-year. The growth resulted from an
increase in the number of both seasonal and permanent employees.
Olvi Group's average number of personnel by segment:
7-9/ 2025 7-9/ 2024 Change, % 1-9/ 2025 1-9/ 2024 Change, %
Finland 490 472 3.8 472 458 3.1
Baltic 1,069 1,077 -0.7 1,080 1,080 0.0
Sea
region
Belarus 971 928 4.6 958 908 5.5
Total 2,530 2,477 2.1 2,510 2,446 2.6
Sustainability
Environmental sustainability
The impacts of Olvi and its value chain on biodiversity have been assessed, and
the greatest impacts arise in the value chain. The most significant way to
reduce the impacts of our own operations is to use water and energy efficiently
and pay attention to the energy source. In the value chain, the greatest nature
impacts were observed in primary production and the manufacture of packaging
materials. In primary production, impacts are caused by, among other things,
land use, nutrient and chemical load and water and energy consumption. With
regard to packaging materials, impacts arise from the use of natural resources,
energy consumption and pollution.
In the value chain, special attention is paid to water use and high-risk raw
materials such as aluminium, nitrogen, phosphorus and wood. Due to the local
presence of natural impacts, the importance of information on origin is
emphasised.
Increasing the use of recycled materials, utilising regenerative cultivation
methods, identifying water risk areas and water-sensitive areas and developing
water use were identified as the most important measures to promote
biodiversity. The significance of all impacts in different parts of the value
chain will be assessed, and criteria will later be set for suppliers to promote
diversity as part of the sustainability work in the supply chain.
Social sustainability
The deepening of human rights assessments for indirect procurement has
continued. No serious human rights violations or other phenomena requiring
immediate intervention have been identified in the assessments. Despite the
current measures, the risk of various human rights violations has been
identified in different parts of the chain, and operations are being developed
and evaluations expanded. At the same time, direct opportunities have also been
identified to promote the realisation of human rights, especially with regard to
safety and health in joint workplaces. The evaluation work has also progressed
with regard to direct procurement, and the evaluation of suppliers has been
targeted at high-risk areas. In addition, training has been provided on
diversity, equity and inclusion (DEI) and the Group's policies in order to
promote the sustainability expertise of the personnel.
Good governance
To further develop sustainability work, the most significant stakeholders were
consulted in the materiality assessment. These and the results of the supplier
assessments have been utilised in the ongoing update of the double materiality
assessment.
Olvi Group continues to monitor and prepare for other changes in the EU's
sustainability-related legislation. An important matter is the progress of the
Omnibus initiative related to the Corporate Sustainability Reporting Directive,
the Corporate Sustainability Due Diligence Directive and the Taxonomy
Regulation. The aim of the initiative is to reduce corporate sustainability
obligations as part of a broader EU competitiveness strategy. The final content
and schedule of the Omnibus initiative are yet to be decided, but the proposed
changes would still keep Olvi Group within the scope of reporting. In terms of
sustainability reporting, there are plans to clarify the ESRS standards, to
reduce the number of mandatory data points and to differentiate them more
clearly from voluntary data points, and to prioritise quantitative instead of
qualitative data. There are also plans to make the Corporate Sustainability Due
Diligence Directive easier to comply with by easing the obligations related to
liability regulations and subcontracting chains, for example. A threshold for
financial materiality will be introduced in taxonomy reporting and the number of
reporting forms will be significantly reduced. The criteria for the “Do No
Significant Harm” principle will also be simplified.
Preparations will also continue for the obligations of the Packaging and
Packaging Waste Regulation (PPWR) and the Deforestation Regulation. The
application of the PPWR will begin on 12 August 2026, and the application of the
Deforestation Regulation will probably be postponed by another year, with
application commencing on 30 December 2026. Current sustainability legislation
also includes the Green Claims Directive in preparation and the Forced Labour
Regulation.
Board of Directors and management
As of 1 August 2025, Evija Grīnberga has been appointed Managing Director of the
subsidiary Cēsu Alus in Latvia. There were no other changes in Olvi plc's Board
of Directors and management during the third quarter.
Other events during the review period
Changes in the Group structure
There were no changes in Olvi's holdings in subsidiaries during the review
period.
On 2 September 2025, Olvi announced that it would strengthen its position in
Latvia and acquire the premium beer and beverage factory Valmiermuižas alus. The
transaction is expected to be completed in the fourth quarter of 2025, subject
to approval by the local competition authority.
On 9 September 2025, Olvi announced that it is acquiring the largest brewery in
Bosnia and Herzegovina, Banjalučka Pivara, with the aim of growth from the
Balkans to the Mediterranean. The transaction is subject to approval by the
competition authorities in Bosnia and Herzegovina and is expected to be
completed by the first quarter of 2026.
On 15 September 2025, Olvi announced that it would expand its non-alcoholic
product range and acquire Estonia's leading mineral water manufacturer Värska
Originaal AS. The transaction is expected to be completed in the first quarter
of 2026, subject to approval by the local competition authority.
Business risks and their management
Geopolitical situation
The geopolitical situation has affected the Group's operating environment.
Geopolitical tensions, the war in Ukraine and weather events caused by climate
change affect the prices and availability of raw materials, packaging materials
and energy in the market and consumer confidence, for example. The change in
tariffs between the United States and Europe has no direct significant impacts
on Olvi's operations. Olvi Group is responding to the increase in costs by
improving operational productivity and assessing sales prices and selections to
maintain profitability. Availability is ensured through a wide network of
partners and long-term contracts.
Consumer behaviour
Historically high consumer prices, higher beverage taxation, stricter alcohol
legislation and the deterioration of the general economic outlook due to
geopolitical uncertainty reduce consumer confidence and affect consumer
behaviour. This increases the shift in consumption to more affordable product
options and price competition, for example. Moreover, consumption is declining
overall, especially in alcoholic products, and the premiumisation trend may come
to a halt. However, there are differences between markets. Olvi Group is
responding to the change by developing its product portfolio in line with
consumer demand and by maintaining and strengthening market shares.
Operating environment in Belarus
The business operations and financial forecasting in Belarus continue to involve
considerable uncertainty. For example, the uncertainty concerns the development
of exchange rates, the unpredictability of the operating environment, local
legislation and taxation, trade sanctions, and the functioning of financial
transactions with Western countries. Olvi's subsidiary operates independently in
Belarus and is responsible for its own procurements, among other aspects. In
addition, the IT operating environment has been separated. The subsidiary
finances its operations with cash flow from its own operations.
The restriction on the payment of dividends by Western-owned companies has been
extended to 2026. The previously announced restrictions applied to 2024 and
2025. The regulations limit the maximum amount of dividends that can be paid
abroad. According to the current interpretation, the dividend that the
Belarusian company can legally pay to the parent company is around EUR 1-3
million annually until the end of 2026. According to Olvi Group's management's
assessment, the now known temporary restriction on the payment of dividends by
the Belarusian subsidiary does not impair the parent company's ability to pay
dividends. Restrictions on the sale of shares in Olvi's subsidiary continue to
apply. Olvi has no permission to sell shares in its Belarusian subsidiary. We
monitor the legislative situation and actively evaluate the prerequisites and
options for operating in the market.
Other current risks
Mergers and acquisitions offer growth opportunities but also involve risks
regarding the success of the acquisition and the expected increase in company
value. Risks may relate, for example, to the extent of due diligence as well as
to the execution of business and integration plans. The benefits of acquisitions
and the return on investment depend on the success of the takeover and the
implementation of the business plan. Acquisitions often result in goodwill being
recorded on the balance sheet, which is tested regularly against fair value.
Goodwill carries the risk of impairment if business performance does not meet
expectations. Olvi manages risks related to acquisitions by developing its M&A
processes and allocating sufficient resources to their execution.
Cybersecurity threats have increased because of the escalation of the global
geopolitical situation, among other reasons. Olvi Group has prepared for
increased information security threats in a variety of ways, and the new
requirements under the NIS2 cybersecurity directive have been implemented
according to schedule. In Spring 2025, a cyber security exercise was carried out
in Finland.
The EU Packaging and Packaging Waste Regulation was adopted, and it entered into
force on 11 February 2025. The regulation will apply from 12 August 2026. The
regulation also contains several transitional provisions for the start dates of
the various obligations. In the coming years, the European Commission will issue
several implementing and delegated acts, as well as guidelines to further
specify the requirements and their application. According to the current
estimate, the new regulation will increase energy consumption and, consequently,
climate emissions of product manufacturing and logistics, as well as water
consumption, which will have a direct impact on Olvi Group's chances of
achieving the set environmental targets. Increasing water consumption would also
be in conflict with the EU Water Resilience Strategy adopted in June 2025. In
addition, the EU Packaging and Packaging Waste Regulation is likely to cause
needs to invest in reusable bottles and transport packaging, and in equipment
for product filling and handling. The process of implementing the regulation is
being monitored closely, and efforts are being made to affect its application
guidelines so that the sustainability aspects of Olvi Group's countries of
operation are also taken into account.
Sustainability risks are identified through human rights and climate change
impact assessments as part of the company's strategic, business, financial and
compliance risks.
Preparedness
Olvi Group has prepared several scenarios related to the development of the
business environment and is prepared to respond to changing situations. For
example, long-term scenarios to understand the drivers of change in the
operating environment and to prepare for them has been done during spring 2025.
The company is prepared for production disruptions and has drawn up continuity
plans related to the availability of labour, raw materials and energy, for
example. The company has made investments to secure its energy supply and has
also made efforts to ensure the availability of raw materials and packaging
materials. Particular attention has been paid to the adequacy of risk management
plans in accordance with risk assessments and the introduction of new risk
assessment methods in terms of information security and sustainability risks,
for example.
A more detailed description of the risks related to business operations is
provided in Olvi Group's Board of Directors' report and the notes to the
financial statements and on the company website at
https://www.olvigroup.fi/en/investors/corporate-governance/corporate
-governance/.
Events after the review period
There are no significant events to report after the review period.
OLVI PLC
Board of Directors
Webcast
Olvi plc and its CEO will hold a press conference, which can be followed at
https://olvi.events.inderes.com/q3-2025/register from 11.30 onwards on the date
of publication of the interim report.
The press conference will be held in English.
A recording of the webcast can be viewed later on the company's website at
https://www.olvigroup.fi/en/releases-and-publications/financial-releases/
More information:
Patrik Lundell, CEO, Olvi plc, tel. +358 290 00 1050
Tiina-Liisa Liukkonen, CFO & CIO, Olvi plc, tel. +358 290 00 1050
Olvi Communications, communications@olvi.fi
TABLES:
- Consolidated statement of comprehensive income, Table 1
- Consolidated balance sheet, Table 2
- Consolidated statement of changes in equity, Table 3
- Consolidated cash flow statement, Table 4
- Notes to the interim report, Table 5
DISTRIBUTION:
Nasdaq Helsinki Ltd
Main media
www.olvigroup.fi
OLVI GROUP TABLE
1
CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME
EUR 1,000 7-9/2025 7-9/2024 1-9/2025 1-9/2024
1-12/2024
Gross sales 385,942 374,911 1,059,577 1,045,609
1,360,025
Excise taxes and other -199,735 -189,991 -545,431 -535,587
-703,118
adjustments
Net sales 186,207 184,920 514,146 510,022
656,907
Cost of sales -106,173 -106,375 -299,838 -301,595
-390,476
Gross profit 80,034 78,545 214,308 208,427
266,431
Logistics, sales and marketing -39,612 -37,110 -112,541 -102,804
-136,998
expenses
Administrative expenses -13,459 -11,738 -37,175 -34,568
-49,235
Other operating income 272 234 1,567 1,483 1,937
Other operating expenses -303 -83 -485 -506 -749
Operating result 26,932 29,848 65,674 72,032
81,386
Financial income 792 695 2,162 1,353 2,237
Financial expenses -549 -390 -1,412 -1,084
-1,637
Share of the profit of 0 0 0 0 52
associated companies and joint
ventures
Profit before tax 27,175 30,153 66,424 72,301
82,038
Income taxes -6,708 -6,722 -18,750 -17,297
-19,613
PROFIT FOR THE PERIOD 20,467 23,431 47,674 55,004
62,425
Other items of comprehensive
income that may be subsequently
reclassified as profit or loss:
Translation differences related -1,165 -2,280 542 -888
-1,363
to foreign subsidiaries
Change in fair value, other 0 0 -93 0 0
investments
Taxes related to items 0 0 18 0 0
TOTAL OTHER COMPREHENSIVE -1,165 -2,280 467 -888
-1,363
INCOME
TOTAL COMPREHENSIVE INCOME FOR 19,302 21,151 48,141 54,116
61,062
THE PERIOD
Distribution of the profit for
the period:
- Owners of the parent company 20,226 23,118 47,038 54,308
61,669
- Non-controlling interests 241 313 636 696 756
Distribution of comprehensive
income for the period:
- Owners of the parent company 19,104 20,921 47,485 53,452
60,356
- Non-controlling interests 198 230 656 664 706
Earnings per share calculated
from profit attributable to
owners of the parent company,
EUR
- Undiluted 0.98 1.12 2.27 2.62 2.98
- Diluted 0.98 1.12 2.27 2.62 2.98
OLVI GROUP TABLE 2
CONSOLIDATED BALANCE SHEET
EUR 1,000 30 Sep 30 Sep 31 Dec
2025 2024 2024
ASSETS
Non-current assets
Intangible assets 8,336 9,623 9,313
Goodwill 22,204 22,204 22,204
Tangible assets 255,644 224,954 235,669
Holdings in associated 962 1,032 1,012
companies and joint ventures
Other investments 961 892 893
Loans receivable and other long 6,669 7,222 6,023
-term receivables
Deferred tax assets 4,054 3,527 4,429
Total non-current assets 298,830 269,454 279,543
Current assets
Inventories 80,750 81,783 76,247
Accounts receivable and other 128,350 131,512 131,495
receivables
Income tax receivables 690 662 1,566
Cash and cash equivalents 59,898 44,380 50,751
Total current assets 269,688 258,337 260,059
TOTAL ASSETS 568,518 527,791 539,602
EQUITY AND LIABILITIES
Equity attributable to owners
of the parent company
Share capital 20,759 20,759 20,759
Fair value reserve 220 295 295
Treasury shares -511 -658 -658
Other reserves 1,092 1,092 1,092
Translation differences -57,559 -57,624 -58,081
Retained earnings 381,698 353,202 360,820
345,699 317,066 324,227
Non-controlling interests 1,926 1,339 1,335
Total equity 347,625 318,405 325,562
Non-current liabilities
Financial liabilities 20,328 6,397 6,755
Other liabilities 848 756 793
Deferred tax liabilities 13,719 13,555 13,973
Current liabilities
Financial liabilities 3,806 1,944 3,744
Accounts payable and other 176,617 179,987 187,116
payables
Income tax liability 5,575 6,747 1,659
Total liabilities 220,893 209,386 214,040
TOTAL EQUITY AND LIABILITIES 568,518 527,791 539,602
OLVI GROUP
TABLE 3
CONSOLIDATED
STATEMENT OF
CHANGES IN
EQUITY
EUR 1,000 Share Fair Reserve Other Transla Retained Owners
Non Total
capital value for reserves -tion earnings of the
-control
reserve treasury differ parent
-ling
shares -ences company
interests
Equity 1 Jan 20,759 295 -658 1,092 -58,081 360,820 324,227
1,335 325,562
2025
Comprehensive
income:
Profit for 47,039 47,039
635 47,674
the period
Other items
of
comprehensive
income:
522 522
20 542
Translation
differences
-93 -93
-93
Change in
fair value,
other
investments
18 18
18
Taxes related
to items
Total other -75 522 447
20 467
comprehensive
income
Total -75 522 47,039 47,486
655 48,141
comprehensive
income for
the period
Business
transactions
with
shareholders:
Dividend -26,911 -26,911
-64 -26,975
payment
Share-based 1,154 1,154
1,154
incentives,
value of work
performed
Issue of 147 -258 -111
-111
treasury
shares to
personnel
Other -146 -146
-146
changes
Business 147 -26,161 -26,014
-64 -26,078
transactions
with
shareholders,
total
Equity 30 Sep 20,759 220 -511 1,092 -57,559 381,698 345,699
1,926 347,625
2025
EUR 1,000 Share Fair Reserve Other Transla Retained Owners
Non Total
capital value for reserves -tion earnings of the
-control
reserve treasury differ parent
-ling
shares -ences company
interests
Equity 1 Jan 20,759 295 -881 1,092 -56,768 324,120 288,617
721 289,338
2024
Comprehensive
income:
Profit for 54,308 54,308
696 55,004
the period
Other items
of
comprehensive
income:
-856 -856
-32 -888
Translation
differences
Total -856 -856
-32 -888
other
comprehensive
income
Total -856 54,308 53,452
664 54,116
comprehensive
income for
the period
Business
transactions
with
shareholders:
Dividend -24,826 -24,826
-24 -24,850
payment
Share-based 718 718
718
incentives,
value of work
performed
Issue of 223 -387 -164
-164
treasury
shares to
personnel
Other -713 -713
-713
changes
Business 223 -25,208 -24,985
-24 -25,009
transactions
with
shareholders,
total
Changes in
holdings in
subsidiaries:
-40 -40
-40
Acquisition
of non
-controlling
interests
Change 22 22
-22 0
in non
-controlling
interests
Total changes -18 -18
-22 -40
in holdings
in
subsidiaries
Equity 30 Sep 20,759 295 -658 1,092 -57,624 353,202 317,066
1,339 318,405
2024
OLVI GROUP TABLE 4
CONSOLIDATED CASH FLOW STATEMENT
EUR 1,000 1-9/2025 1-9/2024 1-12/2024
Profit for the period 47,674 55,004 62,425
Adjustments 38,074 35,748 44,009
Change in net working capital:
Change in accounts -4,868 -7,535 -5,945
receivable and other receivables
Change in inventories -4,870 -7,869 -2,544
Change in accounts payable -780 -1,054 4,484
and other payables
Interest paid -478 -406 -479
Interest received 1,475 1,065 1,707
Dividends received 5 5 6
Taxes paid -13,812 -10,197 -17,608
Cash flow from operating 62,420 64,761 86,055
activities (A)
Investments in tangible and -40,331 -25,894 -39,464
intangible assets
Capital gains on disposal of 213 514 836
tangible and intangible assets
Expenditure on other investments -68 0 0
Holdings in associated companies 50 0 0
and joint ventures
Dividends received 0 0 72
Cash flow from investing -40,136 -25,380 -38,556
activities (B)
Loan withdrawals 15,546 15,684 17,306
Repayment of loans -3,763 -18,260 -19,783
Dividends paid -25,167 -23,302 -24,907
Cash flow from financing -13,384 -25,878 -27,384
activities (C)
Increase (+) / decrease (-) in 8,900 13,503 20,115
cash and cash equivalents
(A+B+C)
Cash and cash equivalents 1 Jan 50,751 31,458 31,458
Impact of exchange rate changes 247 -581 -822
Cash and cash equivalents 30 59,898 44,380 50,751
Sep/31 Dec
Adjustments to cash flow from operating activities include depreciation and
impairment:
1-9/2025 1-9/2024 1-12/2024
Depreciation and impairment 20,078 19,282 25,818
OLVI GROUPTABLE 5
NOTES TO THE INTERIM REPORT
The interim report has been prepared in accordance with IAS 34 Interim Financial
Reporting, applying the same accounting principles that were applied to the 2024
financial statements (31 December 2024).
The figures in the interim report are presented in thousands (1,000) of euros.
For presentation, individual figures and totals have been rounded up to full
thousands, which causes rounding differences in the totals. Exchange rates
obtained from the Central Bank of Belarus have been used as the exchange rate
for the Belarusian rouble. The key ratios have been calculated by using accurate
euro-denominated figures. The information published in the interim report has
not been audited.
1. SEGMENT
INFORMATION
SEGMENTS' NET
SALES AND
PROFIT FOR
THE PERIOD
1-9/2025
EUR 1,000 Finland Baltic Sea region Belarus Eliminations Group
INCOME
External 183,633 203,522 126,991 514,146
sales
Beverage 181,819 203,522 126,991 512,332
sales
1,814 0 0 1,814
Equipment
services
Internal 889 2,121 0 -3,010 0
sales
Total net 184,522 205,643 126,991 -3,010 514,146
sales
Total profit 40,635 8,774 17,170 -18,905 47,674
for the
period
SEGMENTS' NET
SALES AND
PROFIT FOR
THE PERIOD
1-9/2024
EUR 1,000 Finland Baltic Sea region Belarus Eliminations Group
INCOME
External 181,655 209,640 118,727 510,022
sales
Beverage 179,866 209,640 118,727 508,233
sales
1,789 0 0 1,789
Equipment
services
Internal 425 2,919 0 -3,344 0
sales
Total net 182,080 212,559 118,727 -3,344 510,022
sales
Total profit 40,989 15,689 18,656 -20,330 55,004
for the
period
2. RELATED PARTY TRANSACTIONS
Management's employee benefits
Board members' and the CEO's salaries and other short-term employee benefits
EUR 1,000 1-9/2025 1-9/2024 1-12/2024
CEO 529 521 613
Chair of the Board 70 71 101
Other Board members 188 170 248
Total 787 762 962
3. SHARES AND SHARE CAPITAL
30 Sep 2025 %
Series A shares, number of shares 16,989,976 82.0
Series K shares, number of shares 3,732,256 18.0
Total 20,722,232 100.0
Total number of votes, Series A shares 16,989,976 18.5
Total number of votes, Series K shares 74,645,120 81.5
Total number of votes 91,635,096 100.0
Votes per Series A share 1
Votes per Series K share 20
The registered share capital totalled EUR 20,759 thousand on 30 September 2025.
In accordance with the decision made by the Annual General Meeting of Olvi plc
on 16 April 2025, a dividend of EUR 1.30 per share for 2024 (EUR 1.20 per share
for 2023), totalling EUR 26.9 (24.8) million, was paid on shares in Olvi plc.
The dividend was paid in two instalments. The first instalment, EUR 0.65 per
share, was paid on 30 April 2025. The second instalment, EUR 0.65 per share, was
paid on 5 September 2025. Series K shares and Series A shares provide their
holders with equal rights to dividends. The Articles of Association include a
redemption clause concerning Series K shares.
4. SHARE-BASED PAYMENTS
During the review period, the Board of Directors of Olvi plc transferred to the
company's key employees a total of 4,196 Olvi plc Series A shares held by the
company through a directed share issue without payment in accordance with the
terms and conditions of the Performance-based Share Plan 2022-2024.
The establishment of the Performance-based Share Plan was announced by means of
a stock exchange release on 27 May 2022. In the performance-based share plan,
key personnel had an opportunity to earn shares based on the achievement of the
earning criteria set by Olvi's Board of Directors. Provided that the targets
were met, the target group had the opportunity to receive a maximum of 10,670
Olvi plc Series A shares for the earning period as a net reward.
In addition, Olvi Plc disposed of 100 Series A shares held by the company during
the review period, the disposal of which had previously been decided as part of
the previously terminated 2021-2022 matching share plan for key personnel.
Performance-based share incentive plans
The table shows performance-based plans that have ended during the review period
(e), as well as ongoing (o) plans. From 2023 onwards, the targets and potential
rewards of share incentives will be based on the achievement of the targets set
for the Group's business segments in Finland and the Baltic countries.
+-----------+------------------+----------------+-----------+------------------+
|Performance|Earning criteria |Target group, |Maximum |Actual reward, pcs|
|period |and | | | |
| | |number of people|reward, pcs| |
| |weighting (%) | | | |
+-----------+------------------+----------------+-----------+------------------+
|2022-2024 |Operating result |16 |10,670 |4,196 |
|(e) |(50%), increase in| | | |
| |the sales volume | | | |
| |of non-alcoholic | | | |
| |products (40%), | | | |
| |value chain CO2 | | | |
| |emissions | | | |
| |reduction (10%) | | | |
+-----------+------------------+----------------+-----------+------------------+
|2023-2025 |16 |10,600 | |
|(o) | | | |
+-----------+------------------+----------------+-----------+------------------+
|2023-2025 |Own investment |1 |1,000 |500 |
|(e) |(50%) and TSR | | | |
| |(50%) | | | |
+-----------+------------------+----------------+-----------+------------------+
|2024-2026 |Operating result |37 |43,150 | |
|(o) |(50%), growth in | | | |
| |net sales from non| | | |
| |-alcoholic | | | |
| |products (40%), | | | |
| | | | | |
| |Reduction of CO2 | | | |
| |emissions from own| | | |
| |production (10%) | | | |
+-----------+------------------+----------------+-----------+------------------+
|2025-2027 |Operating result |36 |42,702 | |
|(o) |(50%), growth in | | | |
| |net sales from non| | | |
| |-alcoholic | | | |
| |products (40%), | | | |
| | | | | |
| |Reduction of CO2 | | | |
| |emissions from own| | | |
| |production (10%) | | | |
+-----------+------------------+----------------+-----------+------------------+
Restricted share incentive plans
Plans ongoing (o) in the review period.
+-----------+------------+----------------+-----------+------------------+
|Performance|Earning |Target group, |Maximum |Actual reward, pcs|
|period |criterion | | | |
| | |number of people|reward, pcs| |
+-----------+------------+----------------+-----------+------------------+
|2024-2025 |Employment |19 |3,250 | |
|(o) |relationship| | | |
+-----------+------------+----------------+-----------+------------------+
|2025-2026 |Employment |16 |2,750 | |
|(o) |relationship| | | |
+-----------+------------+----------------+-----------+------------------+
The costs related to incentive plans totalled EUR 1,154.1 thousand in the review
period. Olvi Group has no other share or option arrangements in place.
5. TREASURY SHARES
At the beginning of July 2025, Olvi plc held a total of 21,214 Series A shares
in the company. Olvi plc transferred a total of 4,196 of its Series A shares to
the key personnel in accordance with the performance-based share plan. In
addition, Olvi Plc transferred 100 shares in accordance with the terms and
conditions of the previously terminated matching share plan. At the end of the
review period, Olvi plc held a total of 16,918 of its own Series A shares as
treasury shares. The total acquisition price of treasury shares was EUR 511.0
thousand. The treasury shares do not provide the company with voting rights. The
Series A shares held by Olvi plc represent 0.08% of all shares in the company
and 0.02% of all votes provided by the shares in the company. The treasury
shares account for 0.10% of all Series A shares in the company and of the votes
provided by all Series A shares in the company.
6. NUMBER OF SHARES OUTSTANDING
1-9/2025 1-9/2024 1-12/2024
- Average 20,702,327 20,697,546 20,698,293
- At the end of the period 20,705,314 20,700,518 20,700,518
7. TRADING IN SERIES A SHARES ON
THE NASDAQ HELSINKI
1-9/2025 1-9/2024 1-12/2024
Trading in Olvi plc Series A 1,587,522 1,191,776 1,623,387
shares, number of shares
Total value of trading, EUR 1,000 51,297 36,710 49,408
Proportion of the trading of the 9.3 7.0 9.6
total number of Series A shares,
%
Average share price, EUR 32.32 30.80 30.44
Closing price, EUR 29.95 29.50 29.20
Highest price, EUR 37.20 33.80 33.80
Lowest price, EUR 28.90 28.35 28.05
8. FOREIGN AND
NOMINEE
-REGISTERED
HOLDINGS 30 Sep
2025
Book-entry shares Number of votes Shareholders
number % number % number %
Finnish, total 16,966,658 81.88 87,879,522 95.90 25,275 99.65
Foreign, total 42,453 0.20 42,453 0.05 78 0.31
Nominee 495,594 2.39 495,594 0.54 6 0.02
-registered
(foreign), total
Nominee 3,217,527 15.53 3,217,527 3.51 5 0.02
-registered
(Finnish), total
Total 20,722,232 100.00 91,635,096 100.00 25,364 100.00
9. LARGEST SHAREHOLDERS 30 Sep 2025
Series K Series A Total
% Number of %
votes
1. Olvi Foundation 2,363,904 990,613 3,354,517
16.19 48,268,693 52.67
2. The estate of Heikki 903,488 103,280 1,006,768
4.86 18,173,040 19.83
Hortling*
3. Timo Einari Hortling 212,888 49,152 262,040
1.26 4,306,912 4.70
4. Marit Hortling-Rinne 149,064 15,545 164,609
0.79 2,996,825 3.27
5. Nordea Bank Abp, nominee-registered 1,680,520 1,680,520
8.11 1,680,520 1.83
6. Skandinaviska Enskilda Banken Ab (publ), 1,442,761 1,442,761
6.96 1,442,761 1.57
Helsinki branch, nominee-registered
7. Varma Mutual Pension Insurance Company 828,075 828,075
4.00 828,075 0.90
8. Ilmarinen Mutual Pension Insurance 692,348 692,348
3.34 692,348 0.76
Company
9. Pia Johanna Hortling 23,388 29,374 52,762
0.25 497,134 0.54
10. Jens Einari Hortling 23,388 18,444 41,832
0.20 486,204 0.53
Other 56,136 11,139,864 11,196,000
54.04 12,262,584 13.40
Total 3,732,256 16,989,976 20,722,232
100.00 91,635,096 100.00
* The shareholding includes shares held by
the shareholder and the entities they
control.
Olvi did not receive any flagging notifications under chapter 9, section 5 of
the Securities Markets Act in January-September 2025.
10. PROPERTY, PLANT AND EQUIPMENT
EUR 1,000
1-9/2025 1-9/2024 1-12/2024
Opening balance 235,669 213,182 213,182
Additions 38,022 29,550 47,691
Deductions and transfers 680 -262 -1,710
Depreciation and impairment -18,710 -17,516 -23,489
Exchange rate differences -17 0 -5
Total 255,644 224,954 235,669
11. COMMITMENTS
EUR 1,000 30 Sep 2025 30 Sep 2024 31 Dec 2024
Pledged assets and commitments
For own commitments 2,588 2,342 3,170
Lease and rental liabilities:
Maturing in less than a year 957 918 998
Maturing within 1-5 years 746 734 482
Total lease and rental liabilities 1,703 1,652 1,480
Other liabilities 67 67 67
12. VALUATION OF THE BELARUSIAN BUSINESS SEGMENT
For the 2022 financial statements (31 December 2022), the management assessed
the book value of the Belarusian business segment in a changed operating
environment. An impairment of EUR 35.0 million was recognised based on the
assessment. Based on the management's assessment and testing, the balance sheet
valuation of the Belarusian business segment on 30 September 2025 is materially
at the right level, and there is no need to change the impairment recognised.
The Belarusian business segment's balance sheet value was EUR 68.9 million on 30
September 2025. No changes have been made to the valuation model, and
assumptions from the previous year have been used in the model.
13. CALCULATION PRINCIPLES FOR KEY RATIOS
In its summary of key ratios (page 1), the Group presents key ratios directly
derived from the consolidated income statement (net sales, operating result,
profit for the period and their proportions of net sales, as well as earnings
per share). (Earnings per share = Profit for the period attributable to owners
of the parent company / Average number of shares during the period, adjusted for
share issues).
In addition to its IFRS-based consolidated financial statements, Olvi plc
presents Alternative Performance Measures that describe the financial
performance of its business operations and provide a comparable overview of the
company's profitability, solvency and liquidity.
The Group has applied the European Securities and Markets Authority's (ESMA)
guidelines (effective since 3 July 2016) on Alternative Performance Measures and
has determined such measures as follows:
The Group presents sales volume data in millions of litres as an Alternative
Performance Measure that supports net sales. Sales volume is an important and
widely used indicator in the industry that describes the scope of operations. To
improve comparability between reporting periods, the Group also presents the
adjusted operating result and the adjusted profit for the period as Alternative
Performance Measures if required. The adjusted operating result is calculated by
deducting significant items affecting comparability from net sales. The
corresponding items have been deducted from the profit for the period when
calculating the adjusted profit for the period.
Investments consist of increases in fixed assets, excluding increases under IFRS
16.
Equity per share = Equity attributable to owners of the parent company / Number
of shares at the end of the period, adjusted for share issues.
Equity ratio, % = 100 * (Equity attributable to owners of the parent company +
non-controlling interests) / (Balance sheet total).
Gearing, % = 100 * (Interest-bearing liabilities - cash in hand and at bank) /
(Equity attributable to owners of the parent company + non-controlling
interests).
Return on capital employed, % (ROCE) = 100 * (12-month rolling operating result)
/ (Equity attributable to owners of the parent company + non-controlling
interests + interest-bearing liabilities).