Rautakirja has prepared Financial Statements for January - February 2003 due to its' merge into SanomaWSOY on 1 March 2003. SanomaWSOY's holding in Rautakirja before the merger was 57%.
Rautakirja's net sales increased in all operations except for movie theatre operations, and totalled EUR 120.9 million in January - February 2003. Kiosk operations generated net sales of EUR 57.1 million, press distribution EUR 28.1 million, bookstores EUR 24.9 million, movie theatre operations EUR 9.7 million, and restaurant operations EUR 8.5 million.
Operating profit grew to EUR 5.6 million in January - February 2003. Operating profit increased in kiosk operations, press distribution, and bookstores, but decreased in movie theatre operations and restaurant operations. Profit before extraordinary items totalled EUR 6.2 million and profit for the period amounted to EUR 4.3 million. Investments were EUR 4.4 million.
At the end of February, Rautakirja's shareholders' equity totalled EUR 266.1 million and equity ratio was 67.3%. The book value of securities and cash totalled EUR 97.9 million and interest-bearing liabilities amounted to EUR 15.0 million.
In 2003, Rautakirja's net sales are estimated to grow faster than wholesale and retail business in general. About half of the growth will be generated in Finland and half abroad. As Rautakirja merged into SanomaWSOY, the structure of Rautakirja changed mainly in real estate and treasury operations, which will affect Rautakirja's result in 2003. The operating result from basic business operations will remain largely unchanged from 2002.
As a result of the merger (1 March 2003) the minority interest in the income statement and balance sheet of SanomaWSOY will decrease. In 2003, the operating profit of Sanoma and WSOY will include a share of Rautakirja's result only in January and February. SanomaWSOY will publish the Interim Report for the first quarter of the year on 8 May 2003.
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