STOCK EXCHANGE RELEASE
6 May 2010
Talvivaara Mining Company Quarterly Interim Results for January - March 2010
Talvivaara Mining Company Plc ("Talvivaara" or the "Company")
today announces its unaudited Interim Results for the three months ended 31
March 2010.
Highlights
Zinc streaming agreement
with Nyrstar NV for 1.25 million tonnes of zinc in concentrate was completed on
11 February 2010; pre-payment of USD 335 million received from Nyrstar
Project Term Loan Facility of USD 320
million was fully repaid on 11 February 2010 using the proceeds of the zinc
streaming agreement
All nickel, zinc and foreign exchange
risk hedging positions associated with the Project Term Loan Facility were
closed for net proceeds of EUR 46 million
Ramp-up of production suffered from a
3.5 week production stoppage in February caused by a hydrogen plant failure, and
from hydrogen sulphide odour problems in March forcing the Company to curtail
production until additional gas scrubbing capacity was installed
Payable nickel and zinc production
during the period amounted to 610 tonnes and 2,960 tonnes, respectively; zinc
production came close to the budgeted level despite the ramp-up issues described
above
Talvivaara announced plans to recover
uranium as a by-product with anticipated future production amounting to
approximately 350 tonnes per annum
Highlights since the end of the review
period
Nickel production in
April amounted to 628 tonnes, which is more than the production achieved during
the first quarter
The annualized production rate has
increased to above 15,000 tonnes of nickel subsequent to the installation of
additional gas scrubbing capacity in April
Revised production guidance
Talvivaara revises its production target for 2010 to
15,000-25,000 tonnes of nickel. The revision is brought about by the ramp-up
related technical problems encountered at the metals recovery plant during the
early part of the year and back-precipitation of metals in the first section of
the primary heap.
The first section of the primary heap has suffered from
back-precipitation of metals stemming from slow and poorly controlled crushing
in the early stages of production and subsequent insufficient aeration. As a
result, an inventory of 12,000-13,000 tonnes of nickel has back-precipitated in
the oldest heap section. The back-precipitated metal inventory is soluble and
can be re-leached, but it is not possible to accurately determine how quickly
the inventory can be released to production. Because of this uncertainty, the
range in the production guidance for 2010 is wide.
The heap sections stacked after June 2009 have not suffered
from the problems seen in the first section. Therefore, Talvivaara expects to
reach 15,000 tonnes of nickel production in 2010 from the newer heap sections
alone, whilst the volumes above this are likely to require contribution also
from the first heap section. The Company expects the annualized production rate
to be above 30,000 tonnes by the end of 2010 and continues to believe the full
scale production target of approximately 50,000 tonnes per annum to be
achievable in 2012.
Key figures
Q1
Q1
Q1-Q4
2010
2009
2009
Turnover
EUR
million
11.6
0.1
7.6
Operating profit (loss)
EUR million
(2.3)
2.2
(54.8)
Profit (loss) for
the period
EUR
million
(16.9)
(15.8)
(55.0)
Earnings per share
EUR
(0.06)
(0.06)
(0.19)
Net interest-bearing debt
EUR million
176.3
363.2
426.2
Debt-to-equity ratio
45.4 %
87.3
%
111.4 %
Capital
expenditure
EUR
million
19.0
29.7
118.5
Cash and cash equivalents at the end of the
period
EUR million
55.9
20.4
11.9
Number of employees at the end of the period
336
272
308
CEO Pekka Perä
comments: "Our production volumes during the early part of
this year reflected a series of teething problems at the metals recovery plant.
Frustratingly, one of the main issues was the odour of hydrogen sulphide which,
when it spread to the nearby communities, forced us to curtail production at an
otherwise functioning plant. This odour problem is being attended to by
increasing the gas scrubbing capacity, and overall I am very encouraged by the continued improvement in all our production
processes. In particular, our crushing volumes have shown steady progress
towards the levels required to reach our long term goals, and bioheapleaching
similarly continues to produce higher grade solutions thereby contributing our
advancing ramp-up.
Although the ramp-up challenges we have had
to overcome over the last few months forced us to revise our production target
for the current year, we remain confident of being on track
to reaching our full scale target of approximately 50,000 tonnes of nickel in
2012. Recent progress in production leads us to believe that the shortfall in
nickel tonnes for this year is simply being pushed to 2011. As a demonstration
of our advancing ramp-up I am also pleased to note that our
net sales in the first quarter of 2010 were more than our historical sales
combined, and the sales generated after the reporting period in April were again
more than those seen in the first quarter. "
Presentation and live webcast on 6 May 2010
at 10:00 am GMT / 12:00 pm EET
A combined presentation, conference call and live webcast on
the Quarterly Interim Results for January-March 2010 will be held at 10am on the
6th of May 2010, at the offices of JP Morgan Cazenove, 20 Moorgate, London EC2R
6DA, U.K.
Following the results presentation there will a technical
seminar on Talvivaara's Production Technologies. Both presentations will be held
in English.
Link to Talvivaara Q1 Results for Period Ending 31 March 2010
Presentation & Technical Seminar on Talvivaara's Production Technologies
Webcast!
A conference call facility will be available for a Q&A with
management following the presentations.
Details for the conference call:
Please use the following dial-in numbers to
join the conference:
0845 634 0041 Lo Call UK
0208 817 9301 Local London
0800 634 5205 Freephone UK
Confirmation Number: 2802792
Meeting Title: Talvivaara Q1 Results & Technical Seminar on
Production Technologies
Meeting Date: May 06, 2010
Meeting Time: 10:00 am [GMT+01:00 Dublin, London, Lisbon
(Summer Time)]
Duration: 1 Hour 30 Minutes approximately
Confirmation Number: 2802792
Digital Playback:
Digital Playback 0035314364267
00442077696425
Passcode 2802 792#
Reserved Dates: May 06, 2010 01:00 PM to May 12, 2010 11:59 PM
[GMT+01:00 Dublin, London, Lisbon
Further details on the event can be found on the Talvivaara
website, www.talvivaara.com. The webcast will also be available for
viewing on the Talvivaara website shortly after the event until the end of 2010.
Enquiries:
Talvivaara Mining Company Plc Tel. +358
20 712 9800
Pekka Perä, CEO
Saila Miettinen-Lähde, CFO
MerlinTel. +44 20 7653 6620
Tom Randell
Anca Spiridon
Financial review
Talvivaara's net sales during the three months ended 31 March
2010 amounted to EUR 11.6 million (Q1 2009: EUR 0.1 million). The net sales were
affected by production volumes that did not reach the budgeted levels primarily
due to a production stoppage in February caused by a catalyst failure at the
hydrogen plant, and production restrictions brought about by hydrogen sulphide
emissions in March.
The Group's other operating income, which mainly came from
realised gains on nickel and zinc forwards, amounted to EUR 15.4 million (Q1
2009: EUR 19.3 million). All commodity and foreign exchange forwards were closed
during the first quarter in connection with the repayment of the Project Term
Loan Facility.
Employee benefit expenses including the value of employee
expenses related to the employee share option scheme of 2007 were EUR (4.9)
million (Q1 2009: EUR (3.8) million). The increase was attributable to the
increased number of personnel.
Other operating expenses amounted to EUR (11.4) million (Q1
2009: EUR (6.2) million) and included realised losses of EUR (2.9) million on
USD forwards. Operating loss for Q1 2010 was EUR (2.3) million (Q1 2009: profit
of EUR 2.2 million).
Finance income for the period was EUR 1.2 million (Q1 2009:
EUR 15.7 million) and consisted mainly of exchange rate gains of EUR 1.1 million
on bank accounts. Finance costs of EUR (21.3) million (Q1 2009: EUR (29.7)
million) were caused by exchange rate losses of EUR (15.9) million on the USD
320 million Project Term Loan Facility and on the USD 335 million Nyrstar
upfront payment, as well as by interests of EUR (5.4) million on borrowings.
The Company's loss for the period amounted to EUR (16.9)
million (Q1 2009: EUR (15.8) million). The total comprehensive income for Q1
2010 was EUR (20.0) million (Q1 2009: EUR (8.6) million), including a decrease
in hedge reserves due to occurrence of the hedged sales.
Capital expenditure during the quarter totalled EUR 19.0
million (Q1 2009: EUR 29.7 million) excluding new finance leases of EUR 12.3
million. The expenditure related primarily to the construction of heap
foundations, the design and installation of the second production line of the
metals recovery plant, and to the secondary heap stacker and conveyors. On the
consolidated statement of financial position as at 31 March 2010, property,
plant and equipment totalled EUR 663.5 million (31 December 2009: EUR 644.4
million).
In the Group's assets, inventories amounted to EUR 124.3
million on 31 March 2010 (31 December 2009: EUR 109.5 million). As the nickel,
zinc and USD forwards were closed in Q1 2010, the derivative financial
instruments as at 31 March 2010 consisted of interest rate swaps which were
valued at EUR (3.3) million (31 December 2009: EUR 33.1 million). Cash and cash
equivalents totalled EUR 55.9 million (31 December 2009: EUR 11.9 million).
In equity and liabilities, the total equity amounted to EUR
388.8 million on 31 March 2010 (31 December 2009: EUR 382.6 million). It
includes a perpetual capital loan of approximately EUR 25 million.
Borrowings decreased from EUR 438.1 million on 31 December
2009 to EUR 232.2 million on 31 March 2010, reflecting the repayment of a USD
320 million Project Term Loan Facility in February 2010. On 31 March 2010, the
borrowings of the Group included the senior unsecured convertible bonds, the
working capital and investment loan from Finnvera, and the railway term loan,
which together amounted to EUR 161.4 million. Finance lease liabilities of EUR
28.2 million are also included in the borrowings.
Other long-term liabilities amounted to EUR 248.5 million,
including a USD 335 million upfront payment received from Nyrstar NV upon
completion of the Zinc in Concentrate Streaming Agreement. In short-term
liabilities, accounts payable amounted to EUR 25.4 million (31 December 2009:
EUR 29.7 million).
Total equity and liabilities as at 31 March 2010 amounted to
EUR 908.9 million (31 December 2009: EUR 879.0 million).
Currency and commodity hedges and hedge
accounting
In Q1 2010, the Group closed all its commodity and foreign
exchange risk hedging positions realising net proceeds of EUR 46.0 million. Cash
flows from operating activities were positive due to the closing of the hedges.
Financing
Talvivaara entered into a Zinc in Concentrate Streaming
Agreement with Nyrstar NV ("Nyrstar"). The USD 335 million pre-payment paid by
Nyrstar for the agreement enabled Talvivaara to completely repay its USD 320
million Project Term Loan in February 2010.
Talvivaara Sotkamo Oy drew down a EUR 25 million perpetual
capital loan, which is recognized in equity. The facility carries an interest of
12% - 18% and can be called by the borrower at any time after an initial 6 month
non-call period. Talvivaara Sotkamo Ltd also issued two convertible bonds
amounting to EUR 20 million and EUR 5 million to Talvivaara Mining Company Plc
and Outokumpu Mining Ltd, respectively. These loans carry an interest of 5% -
12%.
Commercial arrangements
In addition to its financing component, Talvivaara's agreement
with Nyrstar also formed a significant commercial arrangement between the
parties. The key commercial terms of the Nyrstar agreement included Talvivaara's
obligation to deliver all of its zinc in concentrate production to Nyrstar until
a total of 1,250,000 metric tonnes has been delivered (equivalent to
approximately 2 million tonnes of zinc concentrate at a grade of 65%). Based on
Talvivaara's production plans, the deliveries are expected to occur over a
period of 10-15 years. Deliveries commenced in March 2010.
In addition to the initial USD 335 million payment, Nyrstar
will pay Talvivaara an extraction and processing fee of EUR 350 per tonne of
zinc in concentrate delivered (with escalators in relation to prices of
elemental sulphur and propane). The Parties have also agreed the following price
participation:
until the later of the
seventh anniversary of the agreement or delivery of 600,000 tonnes of zinc in
concentrate, Nyrstar will pay to Talvivaara 10% of the LME zinc price exceeding
USD 2,500 per tonne (up to USD 3,000 per tonne), and 30% of the LME zinc price
exceeding USD 3,000 per tonne; and
thereafter, Nyrstar will pay to
Talvivaara 30% of the excess of the LME zinc price above the processing fee of
EUR 350 per tonne of zinc in concentrate.
Nyrstar has also agreed to supply to Talvivaara up to 150,000
tonnes of sulphuric acid per annum for use in Talvivaara's leaching process
during the period of supply of the zinc in concentrate.
Production summary
The performance of all production processes at the Talvivaara
mine continued to improve during the first quarter of 2010. However, the payable
metals output fell below the budgeted levels due to production stoppages caused
by temporary technical problems, and because solution flows to the metals plant
had to be restricted because of hydrogen sulphide discharges. Payable nickel
produced during the period amounted to 610 tonnes, while the output of zinc was
2,960 tonnes.
The mining department continued to perform according to
expectations, blasting 3.0 million tonnes of ore and 2.4 million tonnes of
waste. Ore hauling capacity was increased by one truck and one excavator during
the period, rendering the mining fleet sufficient for the planned near to medium
term needs.
In materials handling, the optimisation of the upgraded
crushing circuit continued with promising results, producing 3.3 million tonnes
of crushed and stacked ore. The daily crushing and stacking volume of
60,000-65,000 tonnes, which is required for the planned full scale production,
was achieved fairly frequently but not yet consistently. Consequently, the
Company decided to add two more tertiary crushers to the circuit in order to
improve the system availability further. Commissioning of the new crushers is
scheduled for June 2010 and the installation is anticipated to be carried out
during scheduled maintenance breaks.
Bioheapleaching progressed well in the second heap section,
which was completed in early January, and in the third section, which is under
construction. The average nickel grade in solution fed to the metals recovery
plant rose to above 2 g/l in March from 1.3 g/l in February. Overall, metals
production from the second heap section, which was the main source of solution
for metals recovery during the period, corresponded well to budgeted levels.
The first heap section continued to suffer from
back-precipitation of metals resulting from insufficient aeration and too fine
particle size of the crushed ore, among other factors. Measures are being taken
to re-leach the back-precipitated metal inventory from this heap section, but it
is difficult to predict how long the re-leaching process will take and hence how
big the contribution of the first heap section's production to the overall
metals production in 2010 will be. Owing to improved crushing control and
aeration, the newer heap sections have not exhibited the back-precipitation
behaviour seen in the first heap section.
The Metals recovery output was affected by down-time caused by
various technical issues typical of a ramp-up phase. The most significant issue
faced during the period was the catalyst failure at the hydrogen plant, which
caused a 3.5 week production stoppage in February. The failure was found to have
been caused by impurities in propane, which is used as a raw material of the
process. As a result, the quality control of propane as well as all other
incoming raw materials has since been upgraded.
Since late February, when the hydrogen plant was re-started,
the metals recovery process has functioned consistently and the product quality
of both nickel and zinc sulphides has steadily improved helped by the continuous
operation. However, the volume of solution flows to the metals plant have had to
be restricted due to hydrogen sulphide discharges, which have caused odour
problems in the surrounding communities. Installation of additional gas
scrubbing capacity in April now allows one production line to be operated at
nearly full capacity, but further gas scrubbing capacity will still be necessary
in anticipation of the commissioning of the second production line in June.
Unbudgeted capital expenditure relating to the additional gas scrubbing capacity
is anticipated to remain below EUR 1 million.
Operating expenses during the first quarter were materially in
line with the budget.
Production key figures
Q1 2010
Q4 2009
Q1-Q4
2009
Mining
Blasted ore
million tonnes
3,0
3,5
10,8
Excavated waste
million tonnes
2,4
1,5
4,3
Materials handling
Stacked ore
million tonnes
3,3
3,0
8,5
Bioheapleaching
Ore in
primary heap
million
tonnes
14,3
11,0
11,0
Metals
recovery
Nickel sulphide production
dry metric tonnes
1 219
857
1
525
Nickel metal content
tonnes
610
410
735
Zinc sulphide production
dry metric tonnes
4 926
3
827
5 271
Zinc metal content
tonnes
2 960
2 313
3
133
Talvivaara intends to
extract uranium as a by-product
In February, Talvivaara announced its intention to initiate
the recovery and exploitation of uranium as a by-product. The Company plans to
recover uranium in the form of auranium intermediate, yellow cake, from its main
leaching process by using a safe and technically simple solvent extraction
process which is widely applied to metals recovery.
The planned investment in the solvent extraction plant is
estimated at approximately EUR 30 million. Annual production costs are estimated
at approximately EUR 2 million and the annual production volume at approximately
350 tonnes.
Talvivaara has initiated discussions with leading companies in
the industry regarding a potential cooperation for the uranium production and
sales. The financing and operating model for operation will be determined based
on agreement with the eventual partner.
After the reporting period, on 20 April 2010, Talvivaara
Sotkamo Ltd lodged an application in accordance with the Nuclear Energy Act to
the Ministry of Employment and Economy for the extraction of uranium as a
by-product. Preparations for the environmental impact assessment relating to the
uranium extraction process have also commenced at the mine site.
Environment, health and safety
On 18 March Talvivaara encountered an environmental event as a
leakage in the gypsum pond was detected at the mine. The leakage was contained
with dam structures built at the mine site and did not cause discharge outside
the mining concession.
In order to decrease the inflows into the gypsum pond the
Company shut down the metals recovery plant temporarily as a precautionary
measure. The metals recovery process was resumed later the same day after the
Company had ensured that it was environmentally safe to restart the plant. A
specialist team on site continued reinforcement work at the settlement ponds for
nearly a month after the leakage.
The number of Lost Time Injuries (LTI's) to Talvivaara
personnel was 5 during the first quarter. The LTI frequency was 37 accidents per
million hours worked year to date and 16 during the last 12 months.
Personnel
The number of personnel on 31 March 2010 amounted to 336 (Q1
2009: 272), up by 28 from 308 at the end of 2009. The number of personnel
includes eight drillers, who during the period had successfully completed a
training course arranged jointly by Talvivaara and the North-Karelian vocational
institute and were subsequently employed by the Company. Wages and salaries paid
during the period totalled EUR 3.0 million (Q1 2009: EUR 2.6 million).
Eeva Ruokonen, MSc(Mining), Lic.Tech.(Mineral Processing) was
appointed Chief Sustainability Officer and member of the Company's Executive
Committee from the beginning of February 2010.
Risks and
uncertainties
In line with current corporate governance guidelines on risk
management, Talvivaara carries out an ongoing process endorsed by the Board of
Directors to identify risks, measure their impact against certain assumptions
and implement the necessary proactive steps to manage these risks.
Talvivaara's operations are affected by various risks common
to the mining industry, such as risks relating to the development of
Talvivaara's mineral deposits, estimates of reserves and resources,
infrastructure risks, and volatility of commodity prices. There are also risks
related to currency exchange ratios, management and control systems, historical
losses and uncertainties about the future profitability of Talvivaara,
dependence on key personnel, effect of laws, governmental regulations and
related costs, environmental hazards, and risks related to Talvivaara's mining
concessions and permits.
In the short term, Talvivaara's key operational risks relate
to the ongoing ramp-up of operations. While the Company has demonstrated that
all of its production processes work and can be operated on an industrial scale,
the rate of ramp-up may still be subject to risk factors that are currently
unknown or beyond the Company's control.
The market price of nickel has risen to around USD 25,000 -
27,000 per tonne from the lows of approximately USD 10,000 per tonne a year ago.
In view of the recent and longer term historical volatility in nickel price and
the speculative component included in the recent price development, there may in
the Company's view be some downward pressure on the prices in the short term.
Talvivaara is, as of February 2010, unhedged against variations in metal prices.
Full or substantially full exposure to nickel prices is in line with
Talvivaara's strategy and supported by the Company's view that it can operate
the Talvivaara mine profitably also during the lows of commodity price
cycles.
Talvivaara's revenues are almost entirely in US dollars,
whilst the majority of the Company's costs are incurred in Euro. Potential
strengthening of the Euro against the US dollar could thus have a material
adverse effect on the business and financial condition of the Company.
Talvivaara is, as of January 2010, unhedged against the currency exchange risk
relating to the US dollar. In view of the recent weakness in Euro, the Company
considers its unhedged position justified for the time being. However, the
Company anticipates hedging against currency exchange volatility at least on a
case by case basis going forward.
Shares and shareholders
The number of shares issued and outstanding on 31 March 2010
was 245,176,718. Including the effect of the convertible bond of 14 May 2008 and
the Option Scheme of 2007, the authorised full number of shares of the Company
amounted to 263,669,291 at the end of the period.
As at 31 March 2010, the shareholders who held more than 5% of
the shares and votes of Talvivaara were Pekka Perä (23.3 %), Varma Mutual
Pension Insurance Company (8.6%), and BlackRock Investment Management Ltd
(6.3%).
Events after the review period
Annual General
Meeting
Talvivaara held its Annual General Meeting on 15 April 2010.
The resolutions of the AGM included:
that the number of Board
members be changed to eight and that Mr. Gordon Edward Haslam, Mr. D. Graham
Titcombe, Ms. Eileen Carr, Mr. Eero Niiva, Ms. Saila Miettinen-Lähde, and Mr.
Pekka Perä be re-appointed as directors of the Company, and that Mr. Roland
Junck and Mr. Tapani Järvinen be appointed as new directors of the Company;
that article 5 of the Company's
articles of association be amended to provide for a retirement of all the
members of the Board of Directors at each Annual General Meeting of
Shareholders;
that article 12 of the Company's
articles of association be amended so that the shareholders are convened to the
Annual or Extraordinary Shareholders' Meeting by a notice sent at the earliest
three (3) months and at the latest twenty-one (21) days before the meeting,
however, at the minimum nine (9) days before the record date of the
Shareholder's' Meeting. Further, to be allowed to take part in a Shareholders'
Meeting a shareholder must register with the Company at the latest by the date
mentioned in the notice convening the meeting and which date may not be earlier
than ten (10) days before the Shareholders' Meeting; and
that the Board of Directors be
authorised to decide on repurchasing a maximum of 10,000,000 of the Company's
own shares through public trading, and to decide on conveying a maximum of
10,000,000 of the Company's own shares, each in deviation of the pre-emptive
rights of shareholders.
Short-term outlook
Talvivaara's production ramp-up is progressing well with all
processes continuously operational since late February and production volumes
steadily increasing. The Company looks into continuing its ramp-up according to
the revised production plan, with significant upside potential above the lower
limit of the guidance range of 15,000-25,000 tonnes of nickel in 2010 existing
in form of the back-precipitated nickel inventory in the first heap section.
Talvivaara expects to turn cash flow positive during the second half of 2010.
The market price of nickel has developed
very favourably since the beginning of 2010, reaching levels above USD 27,000/t
in the recent weeks. While nickel fundamentals are clearly supportive of the
price development, with stainless steel production increasing globally by 48%
y/y in Q1 2010 and nickel production being constrained by the continuing Vale
Inco strike, there also appears to be significant fund activity affecting the
prices. The Company believes that while the overall market outlook has improved
during the early part of 2010, reasonable risk of price volatility remains due
to potential shifts in restocking, fund activity and near term nickel supply.
CONSOLIDATED INCOME STATEMENT
Unaudited
three
months to
31 Mar 2010
Unaudited
three
months to
31 Mar 09
(all amounts in EUR '000)
Net sales
11,606
126
Other operating
income
15,428
19,257
Changes in
inventories of finished goods
and work in
progress
19,075
14,282
Materials and
services
(19,930)
(13,635)
Personnel
expenses
(4,852)
(3,783)
Depreciation,
amortization, depletion and
impairment
charges
(12,246)
(7,867)
Other operating
expenses
(11,425)
(6,157)
Operating profit (loss)
(2,344)
2,223
Finance
income
1,151
15.700
Finance
cost
(21,328)
(29,746)
Finance cost
(net)
(20,177)
(14,046)
Loss before income tax
(22,521)
(11,823)
Income tax expense
5,585
(4,009)
Profit (loss) for the period
(16,936)
(15,832)
Attributable to:
Equity holders of the Company
(13,861)
(12,640)
Minority interest
(3,075)
(3,192)
(16,936)
(15,832)
Earnings per share for profit (loss) attributable to the
equity
holders of
the Company (expressed in per share)
Basic and diluted
(0.06)
(0.06)
CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
Unaudited
three
months to
31 Mar 10
Unaudited
three
months to
31 Mar 09
(all amounts in EUR '000)
Profit (loss) for the period
(16,936)
(15,832)
Other comprehensive income,
items net of tax
Cash flow hedges
(3,019)
7,206
Other comprehensive income, net of tax
(3,019)
7,206
Total comprehensive income
(19,955)
(8,626)
Attributable to:
Equity holders of the Company
(16,276)
(6 875)
Minority interest
(3,679)
(1 751)
(19,955)
(8,626)
CONSOLIDATED
STATEMENT OF FINANCIAL POSITION
Unaudited
Audited
Unaudited
(all amounts in EUR '000)
31 Mar 10
31 Dec
09
31
Mar 09
ASSETS
Non-current assets
Property, plant and
equipment
663,491
644,356
578,356
Biological assets
6,894
6,614
6,828
Intangible assets
7,745
7,846
7,661
Deferred tax assets
28,222
21,548
-
Derivative financial instruments
-
-
123,152
Other receivables
7,591
7,582
9,361
713,943
687,946
725,358
Current assets
Inventories
124,307
109,512
45,475
Trade receivables
9,142
3,913
126
Other receivables
5,578
15,477
6,339
Derivative financial instruments
-
50,244
62,573
Cash and cash equivalent
55,914
11,877
20,422
194,941
191,023
134,935
Total assets
908,884
878,969
860,293
EQUITY AND LIABILITIES
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