mondi group results for the year ended 31 ......group roce 3 up by 31% to 10.6% final dividend of...
TRANSCRIPT
MONDI GROUP RESULTS FOR THE YEAR ENDED 31 DECEMBER 2007
28 February 2008
Page 2Year end results 2007
AGENDA
1. Highlights
2. Financial overview
3. Operational review
4. Strategy update
5. Outlook
6. Appendices
Steti, Czech Republic
Page 3Year end results 2007
HIGHLIGHTS
Mondi demerged from Anglo American plc and separately listed on 3 July on both the JSE and LSE
Experienced significant improvement in earnings versus 2006EBITDA1 up 20% at €870 millionUnderlying operating profit 2 up 33% at €502 millionUnderlying EPS up 74% at 46.9 euro centsCash inflow from operations up 46% at €957 millionGroup ROCE 3 up by 31% to 10.6%
Final dividend of 15.7 euro cents per ordinary share (full year 23.0 euro cents per share)
1 EBITDA is operating profit of subsidiaries and joint ventures before special items, depreciation and amortisation. 2 Underlying operating profit is operating profit of subsidiaries and joint ventures before special items. 3 Group ROCE is underlying operating profit including share of associates' net earnings divided by average trading capital employed.
Page 4Year end results 2007
HIGHLIGHTS (continued)
Good performance due to:Low cost asset baseExposure to emerging marketsFlexibility and responsiveness
Responsiveness demonstrated by Hungarian closure, UFP restructuring and organisational streamlining
Delivered a further €167 million in cost savings
Major growth projects in emerging markets commenced and on track
Completed a number of acquisitions and disposals
Page 5Year end results 2007
AGENDA
1. Highlights
2. Financial overview
3. Operational review
4. Strategy update
5. Outlook
6. AppendicesMerebank, South Africa
Page 6Year end results 2007
FINANCIAL HIGHLIGHTS
ALL KEY INDICATORS SIGNIFICANTLY UP
€ millions, except for per share measures and ROCE 2007 2006 %Change
Group revenue 6,269 5,751 + 9EBITDA 1 870 726 + 20Underlying operating profit 2 502 377 + 33Underlying profit before tax 3 405 305 + 33Reported profit before tax 382 223 + 71Underlying earnings per share (€ cents per share, 2006 pro forma) 4 46.9 27.0 + 74Final dividend per share (€ cents per share) 15.7 n/a n/aTotal dividend per share (€ cents per share) 23.0 n/a n/aCash inflow from operations 957 657 + 46Group ROCE 5 10.6% 8.1% + 31
1 EBITDA is operating profit of subsidiaries and joint ventures before special items, depreciation and amortisation. 2 Underlying operating profit is operating profit of subsidiaries and joint ventures before special items. 3 Underlying profit before tax is reported profit before tax before special items. 4 Underlying earnings per share is before special items and based on shares issued on admission. 5 Group ROCE is underlying operating profit including share of associates' net earnings divided by average trading capital employed.
Page 7Year end results 2007
DIVISIONAL RESULTS
SUBSTANTIAL IMPROVEMENT IN PROFITABILITY
Group revenue EBITDA 1 Underlying operating profit 2
€ millions 2007 2006 Change 2007 2006 Change 2007 2006 Change
PACKAGINGCorrugated Business 1,644 1,497 147 242 206 36 158 120 38 Bag Business 1,265 1,162 103 207 174 33 127 97 30 Flexibles Business 786 607 179 54 32 22 27 9 18 Inter-segment eliminations (105) (99) (6)
3,590 3,167 423 503 412 91 312 226 86
BUSINESS PAPER 1,898 1,889 9 289 237 52 152 104 48
MPSA 419 360 59 53 46 7 35 35 -
MERCHANT & NEWSPRINT 591 539 52 60 48 12 40 29 11
CORPORATE & OTHER 28 31 (3) (35) (17) (18) (37) (17) (20)
Inter-segment eliminations (257) (235) (22)
MONDI GROUP 6,269 5,751 518 870 726 144 502 377 125
1 EBITDA is operating profit of subsidiaries and joint ventures before special items, depreciation and amortisation. 2 Underlying operating profit is operating profit of subsidiaries and joint ventures before special items.
Page 8Year end results 2007
DIVISIONAL RETURNS
SIGNIFICANT IMPROVEMENT IN ROCE TO 10.6%
ROCE (%) 1 EBITDA return(%) 2 Return on Sales (%) 3
2007 2006 2007 2006 2007 2006
PACKAGING 13.2 10.2 14.0 13.0 8.7 7.1
BUSINESS PAPER 8.0 5.3 15.2 12.5 8.0 5.5
MPSA 13.8 17.4 12.6 12.8 8.4 9.7
MERCHANT & NEWSPRINT 17.3 12.5 10.2 8.9 6.8 5.4
MONDI GROUP (ROCE) 10.6 8.1 13.9 12.6 8.0 6.6
1 ROCE is underlying operating profit including share of associates' net earnings divided by average trading capital employed, and for the divisions extracted from management accounts. 2 EBITDA return is EBITDA divided by Group revenue. 3 Return on sales is underlying operating profit divided by Group revenue.
Page 9Year end results 2007
COST STRUCTURE 2007
Wood, pulp and fibre
34.1%
Personnel15.7%Variable selling
expenses9.7%
Energy6.6%
Maintenance5.0%
Other variable costs15.9%
Other net operating expenses
6.6%
Depreciation and amortisation
6.4%
COST SAVINGS - €167 MILLION
179 180
167
100
110
120
130
140
150
160
170
180
190
2005 2006 2007
€ m
illio
n
COSTS AND COST SAVING INITIATIVES
COST SAVINGS OF €167 MILLION HELPED TO OFFSET COST INFLATION
3.9% 3.6% 3.1%
• €96 million material input cost savings • €41 million saving in energy costs• €15 million personnel cost savings • Costs savings 3.1% of prior
year cash cost base
• Fibre costs increasing (34.1% vs 31.4% sales)External wood costs up 20-25% and recycled fibre up 45%Benefit from own low cost wood resource in Russia and South Africa which accounts for 50% of wood requirements
• Fixed costs, ex acquisition, flat year on year
Page 10Year end results 2007
FINANCE CHARGES AND NET DEBT
Total committed facilities of €2.7 billion, of which €1.2 billion undrawnAverage term remaining on the committed facilities is 3.5 yearsFinance charges up mainly as a result of higher average debt levels, higher interest rates and movement in exchange gains
(1) Net debt and finance charges under old capital structure for 2006 and before special item 2007
€ millions 2007 2006 (1) Change
Net debt 1,507 1,479 28
Net debt finance charges and other financial income 93 65 28 Net post retirement finance costs 6 12 (6)Net finance costs (1) 99 77 22
SUBSTANTIAL DEBT FACILITIES IN PLACE
Page 11Year end results 2007
SPECIAL ITEMS
Operating
Impairments €61mEuropean UFP closures (Hungary) Carbonless plant
Retention arrangements €9m Accelerated AA plc share scheme demerger cost €8mNegative goodwill (€1m)
Net profit on disposals
Disposals:5.34% in Swiecie €57m B + K (associate) €19m Corrugated (UK & Ireland) €8mOther (€1m)
Finance charges:Closing out of debt instruments in SA €29m (2006 € nil)
NET RESULT OF SPECIAL ITEMS FOR THE YEAR IS €8M LOSS AFTER TAX
€ millions 2007 2006
Total cost 77 78
€ millions 2007 2006
Profit/(loss) 83 (4)
Page 12Year end results 2007
TAXATION AND DIVIDENDS
Taxation
Effective tax rate before special items of 29%9 percentage points lower than 2006 due to fewer adjustments
DividendsFinal proposed dividend of 15.7 euro cents per shareRecord date 25 April 2008Payment date 21 May 2008Total dividend for 2007 of 23.0 euro cents per shareDividend cover of 2.0 times based on 2007 earnings
€ millions 2007 2006 Change
Underlying tax charge (117) (115) (2)Tax on special items 15 21 (6)Total tax charge (102) (94) (8)
Page 13Year end results 2007
CASH FLOW
€300 MILLION MORE IN CASH INFLOWS FROM OPERATIONS
€ millions 2007 2006 Change
EBITDA 870 726 144 Working capital movements 97 (82) 179 Other operating cash flow adjustments (10) 13 (23)Cash inflows from operations 957 657 300 Dividends from associates and financial investments 1 2 (1)Tax paid (93) (71) (22)Net cash inflow from operating activities 865 588 277 Capital expenditure (406) (460) 54 Investment in forestry assets (41) (50) 9 Acquisitions (193) (116) (77)Disposals 166 37 129 Proceeds on sale of fixed assets and other 22 14 8
413 13 400
Page 14Year end results 2007
CAPITAL INVESTED AND FINANCING
STRONG AND ROBUST FINANCIAL POSITION
€ millions 2007 2006
Trading capital employed 4,818 4,737
Group ROCE (1) 10.6% 8.1%
Shareholders funds 2,963 2,966
Return on shareholders funds (post tax) (2) 8.1% 4.8%
Net debt 1,507 1,479
Gearing (Net debt/Equity) 45.2% 44.9%
EBITDA interest cover (times) 9.6 9.3
(1) Group ROCE is underlying operating profit including share of associates' net earnings divided by average trading capital employed.(2) Return on shareholders funds is underlying earnings divided by average shareholders funds.
Page 15Year end results 2007
GROUP REPORTING
Following Group wide organisation review announced 18 October 2007 we will be revising our segmental reporting with effect from 1 January 20082007 REPORTING FUTURE REPORTING
MONDI PACKAGING EUROPE & INTERNATIONAL DIVISION
Corrugated Business Corrugated Business
Bag Business Bags and Specialities 1
Flexibles Business Uncoated Fine Paper
MONDI BUSINESS PAPER SOUTH AFRICA DIVISION
Uncoated Fine Paper (including forestry assets)
Corrugated
MONDI PACKAGING SOUTH AFRICA MONDI PACKAGING SOUTH AFRICA
MERCHANT & NEWSPRINT MERCHANT & NEWSPRINT
CORPORATE & OTHER CORPORATE & OTHER
1 Flexibles Business has been renamed "Specialities".
Page 16Year end results 2007
FINANCIAL SUMMARY
Results show we are delivering improvements in:
ProfitsCash flowsReturns on capital employed
Obsession with cost savings
Strong financial position
Page 17Year end results 2007
AGENDA
1. Highlights
2. Financial overview
3. Operational review
4. Strategy update
5. Outlook
6. AppendicesRuzomberok, Slovakia
Page 18Year end results 2007
PACKAGING
Average pricingKraftliner prices up 10%Kraft paper prices up 12%Box prices up 10%
Production and volumesProductivity records at 10 out of 14 paper millsContainerboard volumes up 3% Kraft paper volumes up 5%
Cost savings of €81 million
€ millions 2007 2006 Change
Segment revenue 3,590 3,167 423 Underlying operating profit 312 226 86
Page 19Year end results 2007
Corrugated packaging fundamentals
Q1 2001 – Q4 2007. Source: PIX (FOEX Indexes Oy Ltd)
Mondi is +/-1.0 million tonnes long in kraftliner and are balanced in test linerCirca 26 million tonne market growing at:
Western Europe 1.8% 1Eastern Europe 8.2% 1
Good demand growth, particularly in Germany and Emerging EuropeKraftliner stable, testliner softeningCapacity closures in recycled grades of 2.5 mtpa since 2005Now operating at attractive capacity utilisation levelsNeed for improvement in downstream converting operations – mainly in western Europe
1 Source: ICCA
250
350
450
550
650
750
850
2001 2002 2003 2004 2005 2006 2007
€/to
nne
Kraftliner 175 gTestliner 2White top Kraftliner
Page 20Year end results 2007
Kraft paper fundamentals
Total European market size 3.1 mtpa
Mondi produce 900 ktpa, - are 400 ktpa long
Export sales redenominated in euros
No major new capacity announcements
UPM closure announced in 2007 of 115 ktpa
2001 2002 2003 2004 2005 2006 2007
Unbleached sack kraft
Page 21Year end results 2007
BUSINESS PAPER
PricingPrices up 7% on average year on year
VolumesUCWF volumes up 2.1%1
Total pulp production up 4%, record production in 4th quarter at Richards Bay 4% improvement in productivity
Good operational performance in Slovakia and RussiaSouth African restructuring completed as well as divisional organisation reviewPM31 much improved operating rates following headbox modificationHigh pulp costs impacting non-integrated mills, closure of Szolnok in HungaryCost savings of €82 million
1 Excluding PM9 in Hungary closed in 2006
€ millions 2007 2006 Change
Segment revenue 1,898 1,889 9 Underlying operating profit 152 104 48
Page 22Year end results 2007
Uncoated fine paper fundamentals
Q1 2001 – Q4 2007. Source: PIX (FOEX Indexes Oy Ltd)
Circa 12 million tonne market, growing at:Western Europe 1.3% 1Eastern Europe 6.6% 1
European capacity closures in 2006/2007 of 720 ktpa and 410 ktpa announced in 2008Following these closures, capacity utilisation should improveGlobal capacity expected to grow with demand – favourable demand supply balance forecast for foreseeable futureOnly confirmed major expansion in Europe is a new 500 ktpa machine at Portucel’s Setubal mill, planned for commissioning in 2009
1 Source: EMGE Woodfree Forecast Report October 2007 for Eastern and Western Europe
750
800
850
900
950
1,000
1,050
1,100
2001 2002 2003 2004 2005 2006 2007
€/to
nne
UFP
Page 23Year end results 2007
DIVISIONAL PERFORMANCE (Cont)
Mondi Packaging South Africa
Result up 8% in local currency, flat on translation into eurosPositive price developmentsTrading environment benefited from good demand, particularly from export focused customersLenco acquired on 4 July 2007
Merchant and Newsprint
Better trading environment at EuropapierAylesford benefitted from improved pricing, lower gas costs and once off benefit of a pension change (€4m)Mondi Shanduka Newsprint solid performance in local currency
Corporate and other All key functions as independent Group now in place
€ millions 2007 2006 Change
Segment revenue 419 360 59 Underlying operating profit 35 35 -
€ millions 2007 2006 Change
Segment revenue 591 539 52 Underlying operating profit 40 29 11
Page 24Year end results 2007
SOUTH AFRICAN POWER ISSUES
Working constructively with Eskom and local authorities to mitigate impact of load sheddingTo date no significant impact to our businessesMondi is relatively self sufficient
Richards Bay fully self sufficient following installation of 27MW gas turbine in 2006PM31 more energy efficient (saving 10MW)New multi fuel boiler and steam turbine additional 16MW
Downstream converting operations mostly affected through customer led demand impactsMajority of Richards Bay and Merebank production exportedSouth African domestic revenues are less than 10% of Group revenue
POWER ISSUE IS CRITICAL FOR SA ECONOMY BUT NOT FOR MONDI’S GLOBAL PERFORMANCE
Page 25Year end results 2007
AGENDA
1. Highlights
2. Financial overview
3. Operational review
4. Strategy update
5. Outlook
6. AppendicesSyktyvkar, Russia
Page 26Year end results 2007
82%
18%
MONDI STRATEGIC DRIVERS
Leading market positionsParticularly in emerging markets
High quality low cost asset base
Focus on performance
Growth
EMERGING MARKETS BENEFIT FROM BOTH GROWTH AND
LOW COST Emerging markets Mature markets
Net operating assets 2007
65%
35%
Virgin based production
Page 27Year end results 2007
High quality low cost asset base
PRODUCTION IN LOWEST QUARTILE AND IN EMERGING MARKETS
Universal Office Paper
Mondi Paper Machines
Unbleached KraftlinerWhite-top Kraftliner
Cumulative capacity (Kt/a)
00 3,000
100% of Mondi Unbleached
Kraftliner capacity
€/t
100% of Mondi Universal Office Paper Capacity0
0 3,500Cumulative capacity (Kt/a)
Cumulative capacity (Kt/a)
€/t
1,400
100% of Mondi White-top Kraftliner
capacity0
0 Cumulative capacity (Kt/a)
€/t
1,400
100% of Mondi White-top Kraftliner
capacity0
0
€/t
Universal Office Paper
Mondi Paper Machines
Unbleached KraftlinerWhite-top Kraftliner
Cumulative capacity (Kt/a)
00 3,000
100% of Mondi Unbleached
Kraftliner capacity
€/t
100% of Mondi Universal Office Paper Capacity0
0 3,500Cumulative capacity (Kt/a)
Cumulative capacity (Kt/a)
€/t
1,400
100% of Mondi White-top Kraftliner
capacity0
0 Cumulative capacity (Kt/a)
€/t
1,400
100% of Mondi White-top Kraftliner
capacity0
0
€/t
Page 28Year end results 2007
Wood costs
Mondi is circa 50% self sufficient in wood supply
100% self sufficient in Russia and South Africa
Polish and Slovakian market prices for timber remain around €10- €15/m3 lower than Scandinavia
Average hardwood and soft wood costs (€/m3, Q2 2007)
Source: Pöyry Forest Industry Consulting* Restated for Q1 2008 exchange rates
2225 25 26
30 3033
3739
42
47
SA (res
tated
)*Sou
th Afric
a
Brazil
Russia
ChileAus
tralia
Poland
Portug
alSwed
en
Finlan
d
France
100
110
120
130
140
Q4 2005 Q4 2006 Q4 2007
Sweden (birch) Finland (birch) Western Russia (birch for Finland) Brazil (euca)
Index (Q4 2005=100 for each country)
Page 29Year end results 2007
Focus on performance
EUROPEAN UFP CLOSURE + RESTRUCTURING
Approximately 75,000 tonnes production downtime taken in 2007 to manage inventory levels
Planning to reduce operating capacity by 6% through the planned closure of Szolnok mill in Hungary (140,000 tonnes) in Q2 2008
Reduction in divisional overhead and mill headcount
Closure cost and related actions circa €88m€57m impairment cost in 2007€31m cash cost in 2008
SUPPLY SIDE DISCIPLINEPROACTIVE AND RESPONSIVE TO MARKET CONDITIONS
Page 30Year end results 2007
Rigorous asset management
Reduced testliner capacity by 11% in 2004 (~ 110Kt)Closed 11% of corrugated packaging capacity (~280M m2) since 2004Closed paper machine South Africa (~110Kt)Closed 35 converting plants and two testliner mills, divested 30 converting plantsClosed UFP machine in Hungary in 2006 (~110Kt)Planned closure of UFP mill in Hungary in 2008 (~140Kt)
1 Includes three closures announced in 2007, but completed in 2008
57
10 11
24
5
10
10 5
2002 2003 2004 2005 2006 2007
Closure Divestiture
No. closures/divestitures
1
Page 31Year end results 2007
Productivity - Bag Converting
450
778
1,0401,097
1995 2000 2006 2007
1,00
0 un
its p
er c
apita
Ongoing operational excellence and efficiency gains in 2007
Operational performance
+8% CAGR
4%
9%
3%
6%
UFP Containerboard CorrugatedPackaging
Bag Converting
Page 32Year end results 2007
Major growth projects in emerging marketsSyktyvkar mill expansion - €525m
Modernisation and expansionCompletion expected mid 2010Exposed to strong demand growth for UFP and containerboard in the Russian marketAll existing forestry leases converted to new codeFurther 1.9m m3 of forestry lease approvals received from Russian authoritiesKey equipment orders have been placed, first equipment on site
Containerboard & box plant - €350mLocated at Swiecie mill in Poland470,000t lightweight recycled containerboard machine and corrugated box plantCapacity of circa 250m m2/year Start up mid to late 2009Additional volume is required to supply the high growth emerging European marketsTargeted to be clear cost leader in Europe
BOTH PROJECTS HAVE COMMENCED AND ARE ON TRACK
Universal Business Paper Cost Curve
200
400
600
800
1,000
1,200
0 1,000 2,000 3,000 4,000Cumulative capacity (1 000 t/a)
Syktyvkar PM14
€/t
100150200250300350
0 5,000 10,000Cumulative capacity (1 000 t/a)
€/t
Recycled Fluting Cost Curve
PM CEE Light
Page 33Year end results 2007
AGENDA
1. Highlights
2. Financial overview
3. Operational review
4. Strategy update
5. Outlook
6. AppendicesPlantation, South Africa
Page 34Year end results 2007
OUTLOOK TRADING
“We believe that Mondi’s leading positions in the emerging markets provide both cost and growth advantages. Furthermore our focused strategy, obsession with driving down costs and willingness to react quickly to market conditions leaves us very well placed to respond to changing economic circumstances. Therefore, despite the uncertainty surrounding the prospects for the global economy, we are confident of making further progress in 2008.”
APPENDICES
Page 36Year end results 2007
MONDI AT A GLANCE
Sales 2007 (1)
EBITDA margin
Products
Positions in Europe
€0.4B
South Africa
€0.6B
merchant /newsprint
€3.6B
No. 1 Kraft Paper(2)
No. 2 Kraftliner(2)
No. 1 Bag Converting(3)
No. 3 Corrugated Packaging
No. 1 Corrugated Packaging in SA(3)
No. 1 Rigid Plastics in SANo. 1 in Cartonboard in SA
No. 1 Newsprint in South Africa(2)
Leading Positions in Emerging Europe(4)
€1.9B
No. 1 Office Paper(2)
No. 2 UFP(2)
(1) Segment revenues, including inter-segment revenues. (2) Based on production capacity. (3) Based on sales. (4) Management estimate based on sales. Sources: RISI, Pöyry Forest Industry Consulting, Freedonia, BMI Foodpack, PAMSA, Mondi
14.0% 15.2% 12.6% 10.2%
Page 37Year end results 2007
ABRIDGED INCOME STATEMENT 1
1 Before special items
€ millions 2007 2006 Change
Group revenue 6,269 5,751 518 Materials, energy and consumables used (3,265) (2,960) (305)Variable selling expenses (558) (558) -Gross margin 2,446 2,233 213 Maintenance and other indirect expenses (289) (287) (2)Personnel costs (906) (874) (32)Other net operating expenses (381) (346) (35)EBITDA 870 726 144 Depreciation and amortisation (368) (349) (19)Operating profit from subsidiaries and joint ventures 502 377 125 Net income from associates 2 5 (3)Net finance charges (99) (77) (22)Profit before tax 405 305 100 Taxation charge (117) (115) (2)Profit for the financial period 288 190 98 Minority interests (47) (51) 4 Underlying earnings 241 139 102
Page 38Year end results 2007
EXPORT DEPENDENCYOverview of Export dependence European Paper Business
(Imports, Exports and Net Trade in % of Production)
Newsprint
21,5
-0,4
21,2
Uncoated Mechanical
23,5
-0,6
22,9
Coated Mechanical
8,6
-4,1
4,4
Uncoated Woodfree
27,1
-3,2
23,8
Coated Woodfree
6,6
-2,6
4,0
Sanitary and Household
9,0
-4,4
4,6
Container-board
29,0
-7,2
21,7
CartonBoards
24,4
-2,8
21,6
14,1
34,4
-7,4
27,0
WrappingsKraftpaper
Imports in % of ProductionNet Exports in % of Production
-9,3
4,9
Exports in % of Production
Note: CEPI covers Austria, Belgium, Czech Republic, Finland, France, Germany, Hungary, Italy, the Netherlands, Norway, Poland, Portugal, Slovak Republic, Spain, Sweden, Switzerland, United KingdomSource: CEPI European Pulp and Paper Industry Trade Statistics and Annual Statistics 2006; Cepifime for Uncoated Woodfree, Eurokraft/ Mondi Estimates for Kraftpaper)
Page 39Year end results 2007
PRODUCTION VOLUMES
2007 2006 % Change
Mondi PackagingContainerboard (tonnes) 2,101,363 2,044,391 + 3Kraft paper (tonnes) 891,385 850,271 + 5Corrugated board and boxes (m m2) 2,088 2,103 -1Industrial bags (m units) 3,642 3,606 + 1Coating and release liners (m m2) 2,971 2,360 + 26Pulp – external (tonnes) 179,059 180,166 -1
Mondi Business PaperUncoated fine paper (tonnes) 1,987,574 2,012,295 -1Newsprint 192,329 187,100 + 3Pulp – external (tonnes) 125,679 114,099 + 10Wood chips (bone dry tonnes) 690,447 886,612 -22
Mondi Packaging South AfricaPackaging papers (tonnes) 368,574 369,300 0Corrugated board and boxes (m m2) 367 328 + 12
Newsprint joint venturesNewsprint (attributable share) (tonnes) 314,847 320,876 -2
Page 40Year end results 2007
EXCHANGE RATES
Closing rates against the euro
South African rand 10.03 9.22 -8.8%Pounds sterling 0.73 0.67 -9.0%Polish zloty 3.59 3.84 6.5%Russian rouble 35.99 34.68 -3.8%Slovakian koruna 33.58 34.56 2.8%US dollar 1.47 1.32 -11.4%Czech koruna 26.63 27.50 3.2%
Average rates for the period against the euro
South African rand 9.66 8.51 -13.5%Pounds sterling 0.68 0.68 0.0%Polish zloty 3.78 3.90 3.1%Russian rouble 35.02 34.14 -2.6%Slovakian koruna 33.77 37.25 9.3%US dollar 1.37 1.26 -8.7%Czech koruna 27.76 28.37 2.2%
20062007 Change