Aarhus Oliefabrik A/S M. P. Bruuns Gade 27 P. O. Box 50 DK-8100 Aarhus C Denmark Telephone: Direct line: Fax: Telex: ehh@aarhus.com +45 8730 6 000 +45 8730 6 101 +45 8730 6002 64341 palmf dk CVR no 4595 4919 www.aarhus.com Result for 2001 Aarhus Oliefabrik A/S CVR no 45 95 49 19 Announcement no. 2/2002-03-01 to the Copenhagen Stock Exchange Contact persons: Erik Højsholt Esben Vibe Managing Director, CEO Director, CFO Telephone: +45 8730 6101 Telephone: +45 8730 6215 Mobile phone: +45 2010 6580 Mobile phone: +45 4010 4103 The announcement is available at Aarhus Oliefabrik s home page: www.aarhus.com Requests for a copy of the announcement can be directed to: investor@aarhus.com
Page 2 of 10 Result for 2001 Today, Wednesday 6 March 2001, the Board of Directors of Aarhus Oliefabrik A/S considered and adopted the annual accounts for 2001. Highlights Result for 2001 Consolidated operating income: DKK 284 million Consolidated profits after tax: DKK 166 million Income of DKK 48 million from sale of shares in Maritex AS in Norway and sale of real property in Denmark is included in operating income and profits after tax Return on invested capital: 9% Return on equity: 11.6% Increase in share prices from DKK 180 at year-start to DKK 248 at year-end 2001 Market situation Rising world market prices for all vegetable oils during the second half year Heavy increases in cocoa and shea prices following a poor harvest in West Africa Special chocolate fats approved in Australia and New Zealand following their approval in 2000 by the EU, where work continues to settle national legislation Margin pressure on bulk oils due to severe competition Demand from Russia and the rest of Eastern Europe approached normal levels following the 1998 crisis Strategic focus areas Leading position on the world market for speciality fats for chocolate and other confectionery products Leading supplier of vegetable oil in Denmark and the UK Leading supplier of organic palm oil to the European market Leading supplier of deep-frying oils to the UK foodservice segment and expansion within the North European foodservice market Leading supplier of bakery fats to the UK baked goods industry Increased focus on speciality oils for dietary supplements and skin creams Outlook for 2002 After excluding the non-recurring income of DKK 48 million in 2001 from sale of shares in Maritex AS in Norway and sale of real property in Denmark, the consolidated operating income and profits after tax were DKK 236 million and DKK 118 million respectively. For 2002, continued improvement is expected to result in an operating income of DKK 240-260 million and a post-tax profit of DKK 125-145 million. Return on invested capital: 9%
Page 3 of 10 Financial hightlights DKK million 2001 2000 1999 1998 1997 Turnover 4,880 4,565 4,922 4,822 4,292 Operating income 284 209 187 177 179 Net financing costs 93 99 94 95 108 Pre-tax profit on ordinary activities 209 128 163 111 131 Profit for the year 166 101 144 76 100 Fixed assets 1,963 1,922 1,854 1,601 1,676 Current assets 1,961 1,750 1,750 1,743 1,551 Total assets 3,924 3,672 3,604 3,344 3,227 Share capital 400 400 400 400 400 Shareholders equity 1,523 1,355 1,259 973 1,024 Provisions 102 66 82 76 69 Long-term debts 1,147 1,179 1,042 1,342 1,350 Current liabilities 1,100 1,013 1,150 915 737 Capital investments 119 139 178 92 163 Depreciation 144 135 116 104 94 Net cash provided by operating activities 294 162 412-39 129 Net cash used in investment activities -128-164 -168-61 -172 Net cash provided by financing activities -72 4-163 -59 100 Net increase/decrease in cash 94 2 81-159 57 Average number of employees 2,126 2,025 3,928 4,458 4,525 Profit margin ratio 5.8 4.6 3.8 3.7 4.2 Return on assets Gross margin 12.7 11.6 9.6 9.2 10.4 Acid test ratio 1.8 1.7 1.7 1.9 2.1 Equity ratio 38.8 36.9 34.9 29.1 31.7 Return on equity 11.6 7.7 12.9 7.6 9.8 Return on invested capital 8.7 7.6 7.4 6.5 7.5 Average no. of shares of DKK 100 (1,000 shares) 4,000 4,000 4,000 4,000 4,000 Market price, year-end (DKK) 248 180 165 186 308 Equity value (DKK) 381 339 315 243 256 Price/equity value 0.65 0.53 0.52 0.76 1.20 Price Earnings 6.0 7.1 4.6 9.8 12.3 Price Cash Flow 3.2 3.2 2.6 4.2 6.4 Earnings Per Share (DKK) 41.6 25.2 35.9 18.9 25.1 Cash Flow Per Share (DKK) 77.4 57.2 64.5 44.5 48.3 Dividend per share (%) 12.0 12.0 10.0 7.5 5.0 Pay-out ratio (%) 28.9 47.6 27.9 39.7 19.9
Page 4 of 10 Comments on developments in the year under review The Aarhus Olie group achieved a most satisfactory post-tax profit of DKK 166 million for 2001, compared with DKK 101 million in 2000. The result was up to the expectations, as expressed in the company s 3rd quarter report, of a profit between DKK 155 and 175 million for the year. In 2001, the consolidated operating income totalled DKK 284 million, a significant improvement over the previous year of DKK 209 million. In comparing the two results, it should be noted that a non-recurring income of DKK 48 million from the capital increase in Maritex AS, Norway and sale of real property in Denmark was included in the result for 2001. The group s main activity and core activity is the manufacture and sale of vegetable oils for clearly defined sectors. Within this area the companies in Denmark, UK, USA and Mexico have together generated operating income of DKK 244 million, equivalent to 86% of the group s consolidated operating income. As defined by the strategy plan, focus was placed on the core activity and initiatives were taken to reduce the group s involvement in strategically less important activities. This resulted in the closure of the loss-making shoe factory Korea Ceylon Footwear Manufacturing Co. Ltd. in Sri Lanka, a decision that realised a loss of DKK 20 million, as provided for in the 2000 accounts. The restructuring of the remaining loss-making areas in Sri Lanka continues but the goal to maintain only profitable activities has not yet been achieved. The Ceylon Trading Co. Ltd. companies in Sri Lanka recorded a small profit in 2001 at much the same level as in 2000. In Norway, a co-operative agreement was established with Tine Biomarin AS regarding the further development of the Norwegian subsidiary, Maritex AS. This resulted in Tine taking over 34% of the company s share capital in August 2001. The final investments in new technology have now been completed and the company is expected to make a small profit in 2002. In Denmark the joint venture company BSP Pharma A/S was created in partnership with the pharmaceutical company Astion A/S in order to complete the development of two shea-based treatments for rheumatism and eczema. Once the product development phase is complete, as is anticipated within two years, the objective is to sell the patent rights to one or more multinational pharmaceutical companies in the form of licence agreements. During the course of the year, new sales companies were established in Australia, Poland and Peru to support the market development strategy. In 2001, the group s total costs increased by DKK 147 million relative to the previous year. The increase is mainly due to Anglia Oils Limited, England, in connection with its acquisition of Rowallan Creamery Limited.
Page 5 of 10 A DKK 12 million post-tax contribution from the associate companies is included in the consolidated profits. The contributions derive partly from Maritex AS, Norway, which is dealt with as an associate in the consolidated accounts as from 30 September 2001, following Tine Biomarin s acquisition of 34% of the shares and partly from United Plantations Berhad and BSP-Pharma A/S. DKK million Result after tax Aarhus Olie s share Equity at year-end Maritex AS, 4th quarter -10.0-4.6 44.2% United Plantations Berhad 52.0 16.7 32.2% BSP-Pharma A/S -0.2-0.1 50.0% Total 12.0 The consolidated financing costs totalled DKK 93 million in 2001, a decline of DKK 6 million compared with the previous year. As in 2000 the financing costs were positively affected by realised bond trading profits. In 2001, taxation charges amounted to DKK 43 million, compared with DKK 32 million in the previous year. Capital investments in the group totalled DKK 119 million in 2001 as against DKK 139 million in 2000. Accounting policies have been applied consistently with those of the preceding year. Cash flow Consolidated operating income and depreciation generated a positive cash flow of DKK 428 million, an improvement of DKK 84 million over the previous year. Total net cash generated by operating activities amounted to DKK 294 million as against DKK 162 million in 2000. The group net cash flow from operating and investment activities totalled DKK 166 million in 2001. Shareholders equity Shareholder s equity in Danish kroner increased by DKK 168 million to DKK 1,523 million. DKK 57 million of this increase is due to foreign exchange adjustments; of this DKK 13 million relates to Santa Lucia, S.A. de C.V., Mexico, DKK 9 million to Anglia Oils Limited, UK, DKK 26 million to Aarhus (Malaysia) Sdn. Bhd. (United Plantations Berhad, Malaysia), DKK 15 million to Aarhus Inc., USA, and DKK -6 million to the companies in Sri Lanka. Own shares Partly reflecting the rise in profits in recent years, the price of company shares rose in 2001 by 38% to 248 at year-end, equivalent to a market capitalisation of DKK 992 million.
Page 6 of 10 As at 31 December 2001, the holding of own shares totalled 155,646 shares, equal to 3.9% of the share capital. In the accounts the shares are included at the acquisition price, which is DKK 10 million below the value based on the year-end price of 248. Annual result for the group s production companies Aarhus Olie, Denmark Key figures DKK million 2001 2000 Turnover 1,219.3 1,441.3 Operating income 70.3 63.8 Pre-tax profit on ordinary activities 50.2 40.8 Profit for the year 50.2 40.8 Capital investments 70.5 48.3 Shareholders equity, year-end 458.0 407.8 Total assets, year-end 1,286.2 1,058.8 Profit margin ratio (%) 5.8 4.4 Return on assets (%) 6.0 6.1 Return on invested capital (%) 9.5 8.4 Total business volume (tonnes) 177,027 178,152 Number of employees 508 532 Aarhus Oliefabrik s production, development and sales activities in Denmark produced satisfactory profits of DKK 50.2 million in 2001, the best result ever achieved and 23% up on 2000. Production and sales totalled 177,000 tonnes, which is the same as in 2000, but with a considerably improved profit margin due to increased specialisation and refinement. The new production facilities, which have been the subject of significant investment in recent years, are now in full operation. This and other optimisation initiatives, for example within IT, have laid the foundations for further growth in the years ahead. A strategic focus continues to be placed on refining exotic vegetable oils, particularly shea oil for the chocolate industry and for a series of new applications within skin cream and dietary supplement sectors. Anglia Oils Limited, United Kingdom Key figures DKK million 2001 2000 Turnover 1,804.7 1,667.7 Operating income 96.1 95.9 Pre-tax profit on ordinary activities 84.2 90.8 Profit for the year 58.1 67.6
Page 7 of 10 Capital investments 49.2 94.9 Shareholders equity, year-end 393.0 501.3 Total assets, year-end 859.2 817.8 Profit margin ratio (%) 5.3 5.8 Return on assets (%) 11.5 12.0 Return on invested capital (%) 10.8 11.3 Total business volume (tonnes) 382,313 317,627 Number of employees 369 284 Anglia Oils Limited achieved a satisfactory result for 2001 in the face of harsh competition within the bulk oil sector. Operating income remained on a par with 2000, while net profits were GBP 0.7 million (DKK 9.5m) lower, mainly due to higher financing costs associated with the payment of a GBP 14.5 million dividend to the parent company. Sales and earnings related to deep-frying oils for the foodservice segment and other speciality oils continued to grow, both on domestic and export markets. The company also successfully maintained its position as a leading supplier of bakery fats to the UK bakery industry. At the same time, the first phase of transferring production from Rowallan Creamery Ltd. in Scotland to the main factory in Hull went according to plan. When this comprehensive production reorganisation is complete in the second half of 2002, considerable rationalisation gains are expected. In 2001 Anglia Oils received two prizes for its achievements. KFC (Kentucky Fried Chicken) declared Anglia Oils its supplier of the year, while the company s export success was rewarded with the Food From Britain s Grocery Exporter of the Year award. Aarhus Inc., USA Key figures DKK million 2001 2000 Turnover 651.9 810.4 Operating income 31.0 60.5 Pre-tax profit on ordinary activities 26.4 58.2 Profit for the year 25.4 58.2 Capital investments 15.8 10.9 Shareholders equity, year-end 234.3 295.4 Total assets, year-end 389.3 496.8 Profit margin ratio (%) 4.7 7.5 Return on assets (%) 7.0 12.8 Return on invested capital (%) 8.8 17.0 Total business volume (tonnes) 113,681 116,908
Page 8 of 10 Number of employees 48 48 In 2001, Aarhus Inc. suffered a decline in both volumes and profits relative to 2000. Due to altered market conditions the operating income amounted to USD 3.7 million (DKK 31.0m), a drastic reduction relative to 1999 and 2000 when extraordinarily good results were obtained. The company experienced continued growth in sales of palm kernel stearin to the chocolate industry, while sales of coconut oil and other bulk oils were notably less profitable than in previous years. Significant investments were made in tanks and storage facilities in order to improve production flexibility and customer service. The terrorist attack on the World Trade Center on September 11, 2001 caused the factory, located on the other side of Hudson River, to be shut down for a short period. The tragic event did not exert a material influence on company sales. Santa Lucia, S.A. de C.V., Mexico Key figures DKK million 2001 2000 Turnover 644.6 565.4 Operating income 47.3 20.9 Pre-tax profit on ordinary activities 20.1-9.2 Profit before minority interests 15.6-9.2 Aarhus Olie s share of profit 13.7-8.2 Capital investments 49.5 22.2 Shareholders equity, year-end 185.3 154.7 Aarhus Olie s share of equity, year-end 162.6 136.4 Total assets, year-end 494.2 386.5 Profit margin ratio (%) 7.3 3.7 Return on assets (%) 10.7 5.2 Return on invested capital (%) 12.7 7.6 Total business volume (tonnes) 126.834 101.532 Number of employees 355 310 Santa Lucia, S.A. de C.V., achieved profits of MXN 17.4 million (DKK 15.6m), a significant improvement on the MXN 10.8m loss incurred in 2001. Business volumes rose by 25%. Those areas which made a negative contribution to the 2001 result were reviewed and addressed during the year. A new tank terminal, with a 15,000 tonne capacity, was constructed in the port of Lazaro Cardenas on the Mexican Pacific coast. The relatively short distance from the new tank terminal to the refinery in Morelia will bring considerably reduced transport costs and improved raw material quality due to the much shorter transport time from Lazaro Cardenas compared to the port of Veracruz.
Page 9 of 10 Outlook for 2002 After excluding the non-recurring income of DKK 48 million in 2001 from sale of shares in Maritex AS in Norway and sale of real property in Denmark, the consolidated operating income and profits after tax were DKK 236 million and DKK 118 million respectively. For 2002 continued improvement is expected to result in an operating income of DKK 240-260 million and a post-tax profit of DKK 125-145 million. Future expectations are in accordance with the strategy plan, which aims at a consolidated operating income equivalent to a 13% return on invested capital. Elements of risk It is group policy to effect the best possible hedging of raw material and currency exposure. The purpose of hedging is to reduce the effect of changes in raw material and currency prices on the consolidated profit. A change in cocoa prices of GBP 100/tonne is estimated to affect the consolidated post-tax profits by DKK 10-15 million on an annual basis. Through the associate company United Plantations Berhad, Malaysia, a change in palm oil prices of MYR 200/tonne will affect the consolidated post-tax profits by estimated DKK 10 million on an annual basis. Changes in exchange rates will affect the translation of foreign subsidiary results into Danish kroner. This impact has been reduced in 2002 through hedging strategies to protect against unfavourable movements in USD and GBP exchange rates. Changes in exchange rates will also affect the translation of the group s share of foreign companies shareholders equity. For 2002, a one per cent rise in interest rates will increase the consolidated financing costs by approximately DKK 6 million. A 10% change in all relevant raw material prices will increase the group working capital requirements by approximately DKK 100 million.
Page 10 of 10 Annual General Meeting The consolidated post-tax profits amounted to DKK 166 million. The allocation is proposed as follows: 12% dividend DKK 48m Participating interests net revaluation reserve DKK 127m Retained profit DKK -9m The Annual General Meeting will be held on Wednesday 24 April 2002, 11.00 am. The printed annual report will be available on 15 April 2002. Kjeld Ranum Chairman Erik Højsholt Managing Director, CEO Encl. Profit & Loss Account Balance Sheet Cash Flow Statement Shareholders Equity
Aarhus Oliefabrik A/S Consolidated financial statements for 1 January to 31 December Profit & Loss Account Parent Company* Group 2001 2000 2001 2000 DKKm DKKm DKKm DKKm ----------------------------------------------------------------------------------------------------------------------------------------------- Turnover 1,219.3 1,441.3 4,879.5 4,565.1 Cost of raw materials 753.8 1,004.6 3,375.4 3,253.6 ---------- ---------- ---------- --------- Value added 465.5 436.7 1,504.1 1,311.5 Production costs 288.5 269.4 885.8 780.9 -------- --------- ---------- --------- Gross income 177.0 167.3 618.3 530.6 Selling costs 64.7 67.7 190.2 169.8 Administrative costs 66.8 64.0 175.4 153.7 Other operating income 22.7 2.9 31.6 2.1 ------- -------- -------- -------- Operating income 68.2 38.5 284.3 209.2 Income from participating interests, before tax 172.6 138.9 17.8 38.0 Net financing costs 31.2 44.7 93.4 99.0 -------- -------- -------- -------- 209.6 132.7 208.7 148.2 Provision against loss on Korea Ceylon Footwear Manufacturing Co. Ltd. - - - 20.0 -------- ------- -------- ------- Pre-tax profit on ordinary activities 209.6 132.7 208.7 128.2 Tax on profit on ordinary activities +2.1 +1.5 37.5 25.6 Tax, participating interests 45.4 33.3 5.8 6.2 Profit on ordinary activities 166.3 100.9 165.4 96.4 Minority shareholders share of the profit - - -0.9-4.5 Profit for the year 166.3 100.9 166.3 100.9 *The parent company includes the production activities in Denmark plus joint group activities.
Aarhus Oliefabrik A/S Consolidated financial statements for 1 January to 31 December Balance Sheet Parent Company Group 2001 2000 2001 2000 DKKm DKKm DKKm DKKm ----------------------------------------------------------------------------------------------------------------------------------------------- ASSETS Tangible fixed assets Land and buildings 97.0 103.0 362.9 421.6 Technical plant and machinery 329.1 229.5 870.0 767.8 Other assets 12.7 11.7 34.4 33.4 Assets in course of construction 25.4 93.4 69.7 113.6 -------- -------- ---------- ---------- Total tangible fixed assets 464.2 437.6 1,337.0 1,336.4 Financial fixed assets Interests in subsidiaries 1,346.7 1,491.1 - - Loans to subsidiaries 73.0 143.9 - - Interests in associates 36.8 11.5 557.0 512.2 Loans guaranteed by close-standing parties 57.0 59.5 57.0 59.5 Other securities 7.7 7.6 12.3 14.0 ---------- ---------- -------- -------- Total financial fixed assets 1,521.2 1,713.6 626.3 585.7 TOTAL FIXED ASSETS 1,985.4 2,151.2 1,963.3 1,922.1 ---------- ---------- --------- ---------- Stocks Raw materials and consumables 235.3 154.5 577.4 506.7 Work in progress 59.7 84.3 69.8 98.9 Finished goods 35.5 23.3 137.1 143.7 --------- --------- --------- --------- Total stocks 330.5 262.1 784.3 749.3 --------- --------- --------- --------- Receivables Trade debtors 154.6 167.1 547.5 516.4 Subsidiaries 88.3 107.2 - - Associates 27.5-28.2 - Net exchange adjustments of contracts 2.0 7.8 13.9 15.3 Other receivables 29.1 46.8 173.2 200.3 Accruals and deferred costs - - 10.2 7.9 -------- -------- -------- -------- Total receivables 301.5 328.9 773.0 739.9 -------- -------- -------- -------- Listed investments 177.4 3.9 191.5 28.3 -------- -------- -------- -------- Own shares 28.2 14.0 28.2 14.0 -------- -------- -------- -------- Cash at bank and in hand 9.6 12.3 183.6 218.7 -------- -------- ---------- --------- TOTAL CURRENT ASSETS 847.2 621.2 1,960.6 1,750.2 -------- --------- ---------- --------- TOTAL ASSETS 2,832.6 2,772.4 3,923.9 3,672.3 ---------- --------- ---------- ---------
Aarhus Oliefabrik A/S Consolidated financial statements for 1 January to 31 December Balance Sheet Parent Company Group 2001 2000 2001 2000 DKKm DKKm DKKm DKKm ----------------------------------------------------------------------------------------------------------------------------------------------- LIABILITIES Shareholders equity Share capital 400.0 400.0 400.0 400.0 Own shares reserve 28.2 14.0 28.2 14.0 Participating interests net revalutation reserve 325.9 524.0 213.2 212.5 Retained prodit/free reserves 769.3 417.2 882.0 728.7 ---------- ---------- ---------- ---------- Shareholders equity, in total 1,523.4 1,355.2 1,523.4 1,355.2 ---------- ---------- ---------- ---------- Minority shareholders - - 51.7 50.9 ---------- ---------- --------- --------- Provisions Pension obligations - - 3.4 - Restructuring charges at Anglia Oils Ltd - - 25.8 - ---------- ---------- --------- --------- Total provisions 0 0 102.3 65.9 ---------- ---------- --------- --------- Long-term debt Bank loans 445.0 459.6 732.2 704.2 Mortgage debts 334.4 392.9 414.6 475.0 -------- -------- ---------- --------- Total long-term debts 779.4 852.5 1,146.8 1,179.2 -------- -------- ---------- --------- Current liabilities Bank loans 185.2 163.9 482.1 429.3 Short-term mortgage debts 58.6 63.3 65.7 70.9 Subsidiaries 71.3 77.9 - - Trade creditors 86.5 115.4 197.8 186.7 Tax - 1.0 16.1 21.5 Other creditors 80.2 95.2 290.0 259.4 Accruals and deferred income - - - 5.3 Dividends 48.0 48.0 48.0 48.0 -------- -------- ---------- -------- Total current liabilities 529.8 564.7 1,099.7 1,021.1 -------- -------- ---------- -------- TOTAL LIABILITIES 2,832.6 2,772.4 3,923.9 3,672.3 ----------- ----------- ---------- ---------- Guarantees and other financial liabilities
Aarhus Oliefabrik A/S Consolidated financial statements for 1 January to 31 December Shareholders equity Participating Total Own interests Retained share- Share shares net reval. profit/free holders capital reserve reserve reserves equity DKKm DKKm DKKm DKKm DKKm ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Parent Company Shareholders equity as at 1 January 2000 400.0 13.2 453.5 392.1 1,258.8 Exchange adjustments, participating interests - - 22.5 55.5 78.0 Own shares - 0.8 - -0.8 - Profits - - - 100.9 100.9 Dividends - - - -48.0-48.0 Share of profits, participating interests - - 105.6-105.6 - Share of dividends, participating interests - - -23.1 23.1 - Goodwill depreciation, Anglia Oils Limited - - -25.6 - -25.6 Deferred tax, year-start, Santa Lucía, S.A. de C.V. - - -8.9 - -8.9 -------- -------- --------- --------- ----------- Shareholders equity as at 1 January 2001 400.0 14.0 524.0 417.2 1,355.2 Exchange adjustments, participating interests - - 23.8 33.4 57.2 Own shares - 14.2 - -14.2 - Profits - - - 166.3 166.3 Dividends - - - -48.0-48.0 Share of profits, participating interests - - 127.2-127.2 - Share of dividends, participating interests - - -341.8 341.8 - Goodwill depreciation, BSP Pharma A/S - - -7.3 - -7.3 -------- -------- --------- --------- ----------- Shareholders equity as at 31 December 2001 400.0 28.2 325.9 769.3 1,523.4 -------- -------- --------- --------- ----------- Group Shareholders equity as at 1 January 2000 400.0 13.2 190.4 655.2 1,258.8 Exchange adjustments, participating interests - - 16.0 62.0 78.0 Own shares - 0.8 - -0.8 - Profits - - - 100.9 100.9 Dividends - - - -48.0-48.0 Share of profits, associates - - 31.8-31.8 - Share of dividends, associates - - -25.7 25.7 - Goodwill depreciation, Anglia Oils Limited - - - -25.6-25.6 Deferred tax, year-start, Santa Lucía, S.A. de C.V. - - - -8.9-8.9 ------- -------- ---------- ----------- ----------- Shareholders equity as at 1 January 2001 400.0 14.0 212.5 728.7 1,355.2 Exchange adjustments, participating interests - - 10.3 46.9 57.2 Own shares - 14.2 - -14.2 - Profits - - - 166.3 166.3 Dividends - - - -48.0-48.0 Share of profits, associates - - 12.0-12.0 - Share of dividends, associates - - -21.6 21.6 - Goodwill depreciation, BSP Pharma A/S - - - -7.3-7.3 ------- -------- ---------- ----------- ----------- Shareholders equity as at 31 December 2001 400.0 28.2 213.2 882.0 1,523.4 ------- -------- ---------- ----------- ----------- The share capital consists of 4,000,000 shares of DKK 100.
Aarhus Oliefabrik A/S Consolidated financial statements for 1 January to 31 December Cash flow statement Parent Company Group 2001 2000 2001 2000 DKKm DKKm DKKm DKKm ----------------------------------------------------------------------------------------------------------------------------------------------- Cash flows from operating activities Operating income 68 39 284 209 Depreciation 44 46 144 135 Provisions for restructuring and pensions - - 29 - Adjustment relative to capital increase in Maritex AS (23) - (23) - Provision against loss on the shoe factory - - - (20) Decrease (Increase) in stocks (68) 39 (35) 21 Decrease (Increase) in receivables 27 (21) (33) (7) Increase (Decrease) in trade creditors (29) 3 11 (6) Increase (Decrease) in other creditors (22) 41 25 (44) Net financing income (costs) (31) (45) (93) (99) Dividends received 342 23 22 26 Tax paid 1 1 (37) (53) Net cash provided by operating activities 309 126 294 162 Cash flows from investment activities Investment in tangible fixed assets (71) (87) (119) (139) Investment in financial fixed assets 51 1 (9) (25) Net cash used in investment activities (20) (86) (128) (164) Net cash flows from operating and investment activities 289 40 166 (2) Cash flows from financing activities etc. Increase (Decrease) in minority shareholders share - - 1 (19) Increase (Decrease) in long-term loans (73) 125 (32) 37 Dividends to shareholders in parent company (48) (40) (48) (40) Minority shareholders share of losses (profits) - - 1 5 Exchange adjustments - - 6 21 ------- -------- -------- -------- Net cash provided by financing activities etc. (121) 85 (72) 4 Net increase (decrease) in cash 168 125 94 2 Net cash and cash equivalents at year-start (197) (322) (239) (241) ------- ------- -------- -------- Net cash and cash equivalents at year-end (29) (197) (145) (239) Net cash and cash equivalents include listed investments and cash at bank and in hand less short-term bank loans and mortgage debts.