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financial statements 2011
In 2011, EUR 0.165 per share of dividends was paid, a total of EUR 990,000.00. After the end date of the
reporting period, the Board of Directors proposed to the Annual General Meeting that no dividends be
distributed and that the parent company’s profit for the year be transferred to retained earnings.
The covenants relating to the Group’s bank loans are normal terms that, for example, restrict the placement of
collateral, large-scale mergers and acquisitions, essential changes in business and changes of qualified majority in
ownership. The Group met the terms of the covenants in the 2011 and 2010 financial years.
The Group’s capital structure is continually monitored by means of the equity-to-assets leverage ratio and the
gearing ratio. The following table shows the values of these ratios in the years 2011 and 2010:
eur 1000
31.12.2011
31.12.2010
Interest-bearing liabilities
23 451
27 530
Cash and cash equivalents
6 229
7 038
Net indebtedness
17 222
20 492
Total shareholders’ equity
35 500
35 052
Equity-to-assets ratio, %
42.7%
40.2%
Leverage ratio %
48.5%
58.5%
The Group does not have any share-based incentive programs.