Onninen’s turnover developed favorably and
Uncertainty about the economic development of countries within the European Economic Area clearly influenced the operating environment in 2011 and its development outlook. Despite the uncertainty, Onninen’s markets showed favorable development in 2011 in all Onninen countries.
The Group’s turnover was EUR 1,515.5 million, showing growth of 9% over the previous year. When calculated using comparable currency exchange rates, the turnover increased by 8%.
Group operating result improved significantly and was EUR -5.3 million (EUR -32.4 million in 2010). The Group’s operating result before amortization of goodwill (EBITA) was EUR 0.4 million (EUR -25.8 million). The result before taxes was EUR 0.4 million. Return on investment was -1.4% and return on equity -9.3%.
The improvement in the Group's operating result was mainly due to the improvement in the results of Onninen Finland, Onninen Norway and Onninen Baltics compared to the previous year. The improved cost efficiency contributed to the improved results in these countries. Onninen’s positive operating result development was affected by costs related to the closedown of the operations in Kazakhstan.
For more information
The 2011 financial statements bulletin is available in Finnish on www.onninen.fi