Net sales and operating result in 2014
The Group’s net sales in 2014 were EUR 1,858.7 (1,976.8) million. Net sales decreased by 6.0%. In local currencies, the decline in net sales was 3.5%.
Net sales decreased in all business groups. Net sales declined by 3.1% in Finland and by 15.0% in other countries. The substantial depreciation of the ruble had a negative effect on net sales. By December 31, 2014, the closing rate of the Russian ruble had declined by 59.6% year-on-year. International net sales accounted for 26.9% (28.9%) of net sales.
The operating result before non-recurring items was EUR 50.8 (50.5) million, or 2.7% (2.6%) of net sales. The operating result before non-recurring items improved in Itella Mail Communications and Itella Logistics, and decreased in Itella Russia and OpusCapita.
In 2014, the operating result was affected by EUR 45.0 (40.5) million in non-recurring items, of which EUR 25.8 (17.5) was related to personnel restructuring and EUR 19.2 (23.0) million to other items.
The operating result was EUR 5.8 (9.9) million, or 0.3% (0.5%) of net sales. The operating result improved in Itella Logistics and decreased in Itella Mail Communications, Itella Russia, and OpusCapita.
The Group’s net financing costs amounted to EUR 10.4 (12.3) million.
The Group’s operating result after financing items was EUR -4.6 (-2.4) million. Income tax after changes in deferred taxes totaled EUR 0.2 (10.1) million. Income tax paid by the Group amounted to EUR -2.6 (-4.2) million. Of the Group’s income tax, 76% were related to Finland. The Group’s effective tax rate was 3.4% (44%), resulting mainly from changes in deferred tax assets and liabilities on the balance sheet.
The Group’s operating result for the period was EUR -4.4 (7.7) million.
Return on equity stood at -0.7% (1.1%).