Solidium Oy's half-year report 1 January - 30 June 2017 and financial statements

Six-month period of 1 January-30 June 2017

• The return of Solidium's holdings in the review period was 8.5 per cent
• Solidium acquired 3 per cent of Konecranes for a purchase price of EUR 93 million

Solidium increased its voting rights in Stora Enso

Solidium reduced its holding in Outokumpu

Antti Mäkinen became the Managing Director on 2 May 2017

 Financial year 1 July 2016-30 June 2017

• The return on equity holdings was 35.5 per cent in the financial year
• Solidium's result for the financial year was EUR 1,033 million. The result before reversals of impairments and taxes was 405 million
• Solidium's net asset value increased as a result of the value changes of equity investments by EUR 1.6 billion during the review period and was EUR 7.7 billion at the end of the financial year
• Solidium's Annual General Meeting decided on a distribution of dividends totalling EUR 307 million, and Timo Ahopelto was elected to Solidium's Board of Directors
   
• Solidium's Board of Directors approved the updated strategy after the end of the financial year 

Solidium's Managing Director Antti Mäkinen's comments on the review period: 

"The positive tone in the equity market continued during the review period from January to June, and this had a positive impact on Solidium's portfolio companies. The value of equity holdings grew from EUR 7.8 billion to EUR 8.2 billion during the review period. The delights of the review period included the good returns of Valmet, Outotec, and Metso. In the long-term, we expect our companies to perform better than the median of peer companies. During the financial year, six out of twelve companies met our expectations in this regard, and the same was accomplished by five companies over the longer, five-year period. The equity holdings yielded an excellent return, more than 35 per cent, during the financial year.

Solidium continuously monitors the equity market, investigates new investment opportunities, and assesses the development of its current investments. At the beginning of the review period, Solidium reduced its holding in Outokumpu by approximately EUR 94 million. The holding in Outokumpu was higher than pursued, and the timing and price were attractive for the divestment.