2009-10-27 11:15:00 CET
2009-10-27 11:15:03 CET
REGULATED INFORMATION
Tamfelt Oyj Abp - Interim report (Q1 and Q3)
Tamfelt Corp.'s Interim Report January-September 2009 - subtle signs of economic recovery
TAMFELT CORP. INTERIM REPORT October 27, 2009 at 12:15 p.m. TAMFELT CORP.'S INTERIM REPORT JANUARY-SEPTEMBER 2009 - SUBTLE SIGNS OF ECONOMIC RECOVERY -------------------------------------------------------------------------------- | KEY FIGURES | 7-9 2009 | 4-6 2009 | 1-9 2009 | 1-9 2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales, million euro | 29.9 | 32.9 | 93.4 | 127.2 | -------------------------------------------------------------------------------- | Operating profit, million | 1.5 | 1.1 | 1.5 | 16.9 | | euro | | | | | -------------------------------------------------------------------------------- | % of net sales | 4.9 | 3.4 | 1.6 | 13.3 | -------------------------------------------------------------------------------- | Profit before taxes, | 1.2 | 0.8 | 0.3 | 15.5 | | million euro | | | | | -------------------------------------------------------------------------------- | Profit for the period, | 1.0 | 0.3 | 0.0 | 11.4 | | million euro | | | | | -------------------------------------------------------------------------------- | Earnings per share, euro | 0.03 | 0.01 | 0.00 | 0.38 | -------------------------------------------------------------------------------- | Return on equity, % | 3.5 | 1.3 | -0.1 | 13.9 | -------------------------------------------------------------------------------- | Return on net assets, % | 4.6 | 3.5 | 1.7 | 16.3 | -------------------------------------------------------------------------------- | Equity to assets ratio, % | 59.4 | 57.1 | 59.4 | 58.5 | -------------------------------------------------------------------------------- Mr. Reima Kerttula, President and CEO: ”The signs of general economic recovery have improved a little. Tamfelt's results in Q3 of 2009 were slightly better than the quarter before. Our net sales were not as high as in Q2 of 2009 which was mainly due to lower demand. Our new strategy implementation continues and I trust that the strategy will improve Tamfelt's competitiveness and profitability. During this strategy period we aim at increasing our results gradually to the level before the recession. Our aim is to utilize the most interesting growth opportunities and to strengthen our position as the technology leader in technical textiles. An essential part of our strategy is strong focus on improving our production efficiency. Developing new products, new market areas and customer relationships continue to be key success factors in the challenging market environment. The on-going cost savings programs have had a positive effect on Q3 results. This is expected to continue during the rest of the year. In full these cost savings measures will materialize during next year. Special attention has been paid on cash flow, which we have managed to keep on good level due to the cost savings program and tight investment program. Also our equity to assets ratio has remained at very good level. In spite of the subtle signs of recovery, we expect the unstable market situation to continue through the last quarter of the year.” Interim Report of January-September 2009 and the related key figures are presented below. For more information: October 27, 2009 between 1:00-2:00 p.m. and 3:00 p.m. onwards Finnish time: Mr. Reima Kerttula, President and CEO of Tamfelt Corp., tel. +358 400 648 458 and Mr. Kimmo Pärssinen, CFO, tel. +358 40 505 3755. TAMFELT CORP., INTERIM REPORT JANUARY-SEPTEMBER 2009 BUSINESS FIELD OF THE GROUP Tamfelt is one of the world's leading suppliers of technical textiles. The Group develops, manufactures and sells technical textiles to the applications of paper and pulp industries, mining and chemical industries, energy industry, waste water treatment, and commercial laundries. Tamfelt's biggest customer segment is the paper and pulp industry. GROUP NET SALES Tamfelt Group's net sales was 93.4 million euros (1-9/08: 127.2), it fell 26.6% from the same period last year. Operations outside Finland increased to 74.9% of the Group's net sales (70.1). FINANCIAL PERFORMANCE The Group's operating profit was 1.5 million euros, or 1.6% of net sales (1-9/08: 16.9 million and 13.3%, respectively). The profit for the period was 0.0 million euros (1-9/08: 11.4). The reasons for the weaker result, compared to the same period in 2008, were decreasing of the market with lower demand as a result of the economic recession, and clearly lower delivery volumes. The results were also impaired by the one-time cost booked as a result of lay-offs without work obligation, as determined in the joint consultations ended in January. The return on net assets was 1.7% (16.3) and return on equity -0.1% (13.9). Earnings per share were 0.00 euros. In January-September 2008, earnings per share were 0.38 euros. CASH FLOW AND FINANCING Tamfelt's cash flow from operations was 8.3 million euros (12.3). The net working capital was 41.5 million euros (43.3). Investments were 4.4 million euros (13.7). The Group's liquid assets at the end of the reporting period were 14.9 million euros (11.6). The interest-bearing liabilities in the Group were 39.6 million euros (39.0). The balance sheet and equity to assets ratio have remained steady. TAMFELT PMC: PAPER AND BOARD MACHINE CLOTHING Summary of key figures of PMC business area 1-9/2009 - Net sales were 63.3 million euros (1-9/08: 84.9) - Operating profit was 2.0 million euros (1-9/08: 11.6) - Assets were 115.0 million euros (9/08: 120.7) - Liabilities were 40.4 million euros (9/08: 26.0) - Investments were 3.8 million euros (1-9/08: 10.8) - Depreciation and impairment were 6.6 million euros (1-9/08: 6.1) Business environment and main events Tamfelt PMC's business is clothing for paper and board machines (forming and dryer fabrics, press felts and fabrics, and shoe press belts). Tamfelt PMC operates manufacturing units in Tampere and Juankoski, Finland, and in Tianjin, China. The demand for paper and board in January-September 2009 has stayed lower than the record level of 2008. The decreasing demand has led to capacity cuts and overall temporary shutdowns in the business. This is expected to reduce paper and board production in 2009 compared to the previous year. The Chinese economy has lately shown slight signs of recovery, and this is expected to reflect in the demand for Tamfelt products in the long run. In the report period, Tamfelt PMC's market shares remained steady. Investments in new manufacturing capacity in the paper and board industry decreased at the beginning of 2009. This, together with reduced inventories and low operating rates of the machines, affects directly the demand for paper machine clothing worldwide, which has during this year diminished globally. The decline has, however, evened out later in the year. Recently, there have been subtle signs of improving economy and slight increases in new investments and rebuilds, especially in China. Tamfelt still has good opportunity to increase market position in Europe and North America, although paper production and clothing consumption in these areas are expected to diminish in the long run. Tamfelt must also look for growth in new, developing markets and new product applications. In 2009, Tamfelt's organization has been reinforced in, for example, South America. The net sales fell clearly from the same period in 2008. Undergoing cost savings programs as well as better utilization rate of resources have had a positive effect on Q3 profit that increased from the quarter before. The profit was, however, clearly lower than at the same time in 2008. Orders received and order backlog The volume of orders received was approximately a quarter less than at the same time in 2008. Towards the end of the report period, however, the volume of order inflow has grown a little, and it is expected to gradually reach the level of actual consumption. The order inflow for press felts and dryer fabrics in the 3rd quarter has been good. In Europe, Tamfelt's position as the clothing supplier to the fastest paper machines has further improved. New orders for BlackBelt shoe press belt have been received from important new reference positions. Investments No significant new investment decisions have been made. TAMFELT FILTRATION: INDUSTRIAL FILTER FABRICS Summary of key figures of Filtration business area 1-9/2009 - Net sales were 30.1 million euros (1-9/08: 42.3) - Operating profit was 1.4 million euros (1-9/08: 6.9) - Assets were 37.6 million euros (9/08: 45.2) - Liabilities were 11.4 million euros (9/08: 8.5) - Investments were 0.3 million euros (1-9/08: 2.2) - Depreciation and impairment were 1.6 million euros (1-9/08: 1.7) Business environment and main events Tamfelt Filtration manufactures special products made of industrial textiles for wet and dry filtration processes and laundry felts for large commercial laundries. The company enjoys a strong position in the global filter fabric market for paper and pulp industries, as well as in laundry felt market. In laundry felts, Tamfelt is the world market leader. Other important applications include desulphurization of coal power plants, iron pelletizing plants, waste water treatment plants, and dust removal of incineration plants. Tamfelt Filtration operates manufacturing plants in Tampere, Finland; Ovar, Portugal; Belo Horizonte, Brazil; Łódź, Poland, and in Shanghai, China. In the report period, the demand for wet filtration products in all main market areas, except China, was lower than in the same period 2008. In late summer, the demand has picked up a little and this continues in the fall and is expected to continue growing towards the end of the year. The demand for dry filtration media and laundry felts was also lower than in the same period last year because of continued low operating rates and decreased inventories in the customer industries. The demand for dry filtration media has, however, stabilized and the market is expected to turn into slight growth towards the end of the year. The delivery volumes of laundry felts have also steadied on the level of global demand. A significant part of Tamfelt's filter fabric business is environmental business. Also in this area, the economic recession has almost stopped the growth of this field. The net sales of Tamfelt Filtration in the report period fell from the same period in 2008, due to the weak market situation. Operating profit was also lower than in 1-9/2008, but remained clearly positive. Orders received and order backlog The volume of orders received was about a quarter less than at the same time in 2008. The situation seems to have stabilized, and some improvement in order backlog is expected towards the end of the year. Investments No significant new investment decisions have been made. PERSONNEL At the end of September, Tamfelt Group employed 1,351 (1,518) people, which was 184 less than at the end of 2008. The notice periods for the persons laid off after the joint consultations in Tampere and Juankoski plants have ended and this shows in reduced number of personnel. In January-September, the average employment at Tamfelt was 1,393 people. Tamfelt PMC employed 784 people, and Tamfelt Filtration 466 people. 68% of the personnel work in Finland and 32% in other countries. EXTRAORDINARY GENERAL MEETING 2009 Tamfelt's extraordinary general meeting was held in Tampere on August 31, 2009. The meeting adopted the Board's proposal of combining the share classes (preferred and common shares) by changing the Articles of Association and accepted the involved directed free shares issue. The new Articles of Association were entered in the Trade Register on September 3, 2009. SHARES, SHARE CAPITAL, AND OPTIONS The combining of the share classes included a directed free shares issue to the owners of common shares. Deviating from the pre-emptive rights of the shareholders, the owners of common shares received free of charge one (1) share for each four (4) shares. The shares issued in this free shares issue numbered 2,529,799. After the combination, each share holds one vote and equal shareholder rights. As a result of the directed free shares issue and the combination of shares, the total number of shares at Tamfelt Corp. is 30,093,763. Trading in the new and combined shares began on September 4, 2009 with new trading code TAF1V. The company does not hold its own shares. The Board of Directors has no current mandate to decide on the acquisition or conveyance of the company's own shares. The directed free shares issue does not have any influence on the company's share capital which at the end of September was 27,563,964.00 euros. The development of the share price has been presented in the tables attached to this Interim Report. The company has one valid option scheme to the company's key personnel, Option Scheme 2005. During the report period, no subscriptions were made on the basis of this stock option scheme. In connection with the combination of the share classes, the Board of Directors decided to change the terms of the option scheme so that the option holders have the right to subscribe to the class of shares that the company has after the combination. The subscription price, number of stock options, and the number of shares connected to the stock options do not change. CHANGES IN OWNERSHIP In connection with the combination of the share classes and the free shares issue, the following changes in Tamfelt shares ownership were informed to the company: Mutual Pension Insurance Company Ilmarinen's ownership of Tamfelt Corp's votes exceeded 1/20 (5%). After the transaction, Mutual Pension Insurance Company Ilmarinen owned 2,153,560 shares, or 7.16% of Tamfelt's shares and votes. Mandatum Life Insurance Company's ownership of Tamfelt Corp's votes fell below 1/20 (5%). After the transaction, Mandatum Life Insurance Company owned 1,005,313 shares, or 3.34% of Tamfelt's shares and votes. Waldemar von Frenckell Foundation's ownership of Tamfelt Corp's votes fell below 1/20 (5%). After the transaction, Waldemar von Frenckell Foundation owned 876,825 shares, or 2.91% of Tamfelt's shares and votes. The above changes became valid as the combined and new shares were entered in Trade Register on September 3, 2009. SHORT-TERM BUSINESS RISKS AND UNCERTAINTY FACTORS Tamfelt's main clientele is in the forest and mining industries. The cycle changes and development of these industries have direct effect on Tamfelt's order volumes and thus on the financial results. Capacity cuts, closing down of plants as well as temporary shutdowns in the forest industry have decreased Tamfelt's traditional customer base, posing a risk for the development of Tamfelt's sales. In the challenging market situation, Tamfelt customers' financing risks have increased. The outlook for the companies in the mining industry has improved recently along with the good price development of metals, and the uncertainty factors have eased a little. The customers make the clothing suppliers compete and concentrate their purchases to increasingly few suppliers. Long-term agreements are an important part of Tamfelt sales. To maintain competitiveness, Tamfelt develops its operations continually and improves its profitability and capital efficiency. Tamfelt actively develops new spearhead products and co-operates with leading paper and board machine manufacturers. The risks and uncertainty factors are described in more detail in connection with the Financial Statement Bulletin published on February 6, 2009. They are also listed in the Annual Report 2008. SHORT-TERM OUTLOOK To improve cost structure and delivery reliability, Tamfelt operations will in the future increasingly focus outside of Finland. Various types of urgent deliveries have increased this year. The customer industries have decreased their inventories, and the demand is gradually recovering to the level of consumption, providing constant order inflow. In China, the economy already shows subtle signs of recovery, and this is expected to reflect in the demand for Tamfelt products. The demand for Tamfelt products in the last quarter of 2009 is still expected to remain lower than in 2008. The demand is low for the products of Tamfelt's largest customer group, the paper and pulp industry, which affects the operating rates of the production machines and reflects in lower order backlog for Tamfelt. On the other hand, active sales and RTD have conquered new market areas and gained increased deliveries to board machines, which is expected to compensate for the shortfall created by closing down of printing paper capacity. Temporary shutdowns in the mining industry are fewer and the operating rates of the existing mines are expected to improve clearly this year and next year. This is expected to reflect in more demand for filter fabrics towards the end of this year. Tamfelt's net sales are expected to sustain the average level of 2009 during the last quarter of the year. Thanks to the savings measures taken, we expect the operating profit to reach the same level in the 4th quarter than in the 3rd quarter now published. The results of 2009 will, however, fall behind those in 2008. The economic situation is still unstable and price competition is extremely fierce. This will affect the results expectations of the whole business, including Tamfelt. There are subtle signs of recovery, however. The closing down of the competitors' capacity is expected to have a positive effect on Tamfelt's order backlog in the long run. The Group's all units and operations are taking savings measures in order to improve profitability. Special attention will be paid on cash flow, which has been kept on good level owing to cost savings program and tight investment program. The machinery in Tamfelt units is modern and there is no need for new significant investments. The solidity and liquidity of the company is expected to remain good. Helsinki, October 27, 2009 Tamfelt Corp. Board of Directors - The Interim Report has been made according to the IFRS standards. Tamfelt Group has applied the following renewed standards since January 1, 2009: IAS 1. - The comparison figures for 2008 have been changed due to changes in the calculating principles. The booking method of non-hedging derivative instruments referred to in the IFRS standard has been changed so that the profit or loss is booked in the income statement under the item which is the object of hedging. Exchange rate income and losses from operating activities are booked above the operating profit. Exchange rate income and losses from foreign currency denominated liabilities are booked in financing income and expenses. The change will improve the full-year profit of 2008 by 0.3 million euros. The effect of the change in the first three quarters of 2008 is 0.2 million euros. - The figures in the Interim Report are rounded and unaudited. -------------------------------------------------------------------------------- | CONSOLIDATED | | | | | | | | | STATEMENT OF | | | | | | | | | INCOME, IFRS | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Million euros | 7-9 | 7-9 | Chang | 1-9 | 1-9 | Change | 1-12 | | | 2009 | 2008 | e % | 2009 | 2008 | % | 2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 29.9 | 42.5 | -29.7 | 93.4 | 127.2 | -26.5 | 165.0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other operating | 0.3 | 0.1 | 110.2 | 0.6 | 0.7 | -16.7 | 0.8 | | income | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Materials and | -7.4 | -10.9 | -32.5 | -22.4 | -31.5 | -29.0 | -37.0 | | services | | | | | | | | -------------------------------------------------------------------------------- | Expenses from | -12. | -15.3 | -20.9 | -41.5 | -50.2 | -17.3 | -66.7 | | employee benefits | 1 | | | | | | | -------------------------------------------------------------------------------- | Depreciation and | -3.0 | -3.0 | 1.7 | -8.9 | -7.9 | 12.7 | -10.8 | | impairment | | | | | | | | -------------------------------------------------------------------------------- | Other operating | -6.3 | -7.3 | -13.9 | -19.7 | -21.3 | -7.8 | -31.5 | | expenses | | | | | | | | -------------------------------------------------------------------------------- | Operating profit | 1.5 | 6.3 | -76.6 | 1.5 | 16.9 | -91.0 | 19.8 | -------------------------------------------------------------------------------- | | | | | | | | | -------------------------------------------------------------------------------- | Financial income | -0.3 | -0.6 | -50.9 | -1.3 | -1.4 | -11.6 | -2.4 | | and expenses | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit before | 1.2 | 5.7 | -79.2 | 0.3 | 15.5 | -98.2 | 17.4 | | taxes | | | | | | | | -------------------------------------------------------------------------------- | Income taxes | -0.2 | -1.5 | -86.9 | -0.3 | -4.2 | -92.9 | -5.1 | -------------------------------------------------------------------------------- | Profit for the | 1.0 | 4.2 | -76.4 | 0.0 | 11.3 | -100.2 | 12.3 | | period | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit for the period | | | | | | | | attributable to: | | | | | | | -------------------------------------------------------------------------------- | Equity holders of | 1.0 | 4.3 | | 0.1 | 11.4 | | 12.4 | | the | | | | | | | | | parent | | | | | | | | -------------------------------------------------------------------------------- | Minority interest | 0.0 | -0.1 | | -0.1 | -0.1 | | -0.2 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings/share | 0.03 | 0.14 | | 0.00 | 0.38 | | 0.41 | | (basic) EUR | | | | | | | | -------------------------------------------------------------------------------- | Earnings/share | 0.03 | 0.14 | | 0.00 | 0.38 | | 0.41 | | (diluted) EUR | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | COMPREHENSIVE | | | | | | | | | STATEMENT OF | | | | | | | | | INCOME | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit for the | 1.0 | 4.2 | | 0.0 | 11.4 | | 12.3 | | period | | | | | | | | -------------------------------------------------------------------------------- | Other | | | | | | | | | comprehensive | | | | | | | | | income for the | | | | | | | | | period after | | | | | | | | | taxes: | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Exchange | -0.4 | 0.3 | | -0.5 | 0.4 | | 0.3 | | differences on | | | | | | | | | translating | | | | | | | | | foreign | | | | | | | | | operations | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other | -0.1 | -0.3 | | 0.0 | 0.1 | | -0.6 | | comprehensive | | | | | | | | | income items | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total | 0.5 | 4.2 | | -0.5 | 11.8 | | 12.0 | | comprehensive | | | | | | | | | income for the | | | | | | | | | period | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total comprehensive | | | | | | | | income for the period | | | | | | | | attributable to: | | | | | | | -------------------------------------------------------------------------------- | Equity holders of | 0.5 | 4.3 | | -0.4 | 11.9 | | 12.2 | | the | | | | | | | | | parent | | | | | | | | -------------------------------------------------------------------------------- | Minority interest | 0.0 | -0.1 | | -0.1 | -0.1 | | -0.2 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED BALANCE SHEET, | | | | | | | | IFRS | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Million euros | 09/200 | % | 09/200 | % | 12/2008 | % | | | 9 | | 8 | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Assets | | | | | | | -------------------------------------------------------------------------------- | Non-current assets | | | | | | | -------------------------------------------------------------------------------- | Property, plant and | 89.3 | | 94.8 | | 94.2 | | | equipment | | | | | | | -------------------------------------------------------------------------------- | Goodwill | 0.3 | | 0.3 | | 0.3 | | -------------------------------------------------------------------------------- | Other intangible assets | 4.0 | | 4.2 | | 4.6 | | -------------------------------------------------------------------------------- | Other financial assets | 2.3 | | 1.3 | | 1.3 | | -------------------------------------------------------------------------------- | Deferred tax assets | | | 0.9 | | 1.0 | | -------------------------------------------------------------------------------- | | 95.9 | 55 | 101.4 | 55 | 101.4 | 57 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Current assets | | | | | | | -------------------------------------------------------------------------------- | Inventories | 31.0 | | 34.8 | | 35.5 | | -------------------------------------------------------------------------------- | Trade and other receivables | 31.3 | | 35.7 | | 30.7 | | -------------------------------------------------------------------------------- | Financial assets at fair | 1.4 | | 1.3 | | 1.0 | | | value through profit or | | | | | | | | loss | | | | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents | 13.5 | | 10.3 | | 9.8 | | -------------------------------------------------------------------------------- | | 77.1 | 45 | 82.1 | 45 | 77.0 | 43 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total assets | 173.0 | 100 | 183.5 | 100 | 178.4 | 100 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity and liabilities | | | | | | | -------------------------------------------------------------------------------- | Issued capital and reserves | | | | | | | | attributable to equity | | | | | | | | holders of the parent | | | | | | | -------------------------------------------------------------------------------- | Share capital | 27.6 | | 27.6 | | 27.6 | | -------------------------------------------------------------------------------- | Share premium | 1.0 | | 1.0 | | 1.0 | | -------------------------------------------------------------------------------- | Translation differences | -1.6 | | -1.2 | | -1.1 | | -------------------------------------------------------------------------------- | Fair value reserve | -0.3 | | 0.5 | | -0.3 | | -------------------------------------------------------------------------------- | Retained earnings | 75.5 | | 79.1 | | 80.2 | | -------------------------------------------------------------------------------- | | 102.2 | | 106.9 | | 107.3 | | -------------------------------------------------------------------------------- | Minority interest | 0.0 | | 0.2 | | 0.1 | | -------------------------------------------------------------------------------- | Total equity | 102.2 | 59 | 107.1 | 58 | 107.4 | 60 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-current liabilities | | | | | | | -------------------------------------------------------------------------------- | Deferred tax liabilities | 10.4 | | 10.5 | | 10.5 | | -------------------------------------------------------------------------------- | Interest-bearing | 35.6 | | 28.9 | | 18.3 | | | liabiltiies | | | | | | | -------------------------------------------------------------------------------- | | 46.0 | | 39.4 | | 28.8 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Current liabilities | | | | | | | -------------------------------------------------------------------------------- | Trade and other payables | 20.8 | | 26.9 | | 25.2 | | -------------------------------------------------------------------------------- | Current interest-bearing | 4.0 | | 10.1 | | 17.1 | | | liabilities | | | | | | | -------------------------------------------------------------------------------- | | 24.8 | | 37.0 | | 42.3 | | -------------------------------------------------------------------------------- | Total liabilities | 70.8 | 41 | 76.4 | 42 | 71.1 | 40 | -------------------------------------------------------------------------------- | Total equity and | 173.0 | 100 | 183.5 | 100 | 178.4 | 100 | | liabilities | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED STATEMENT OF CASH | | | | | | | FLOWS | | | | | | -------------------------------------------------------------------------------- | | 1-9 | | 1-9 | | 1-12 | -------------------------------------------------------------------------------- | Million euros | 2009 | | 2008 | | 2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from operating | | | | | | | activities | | | | | | -------------------------------------------------------------------------------- | Profit/loss for the period | 0.0 | | 11.3 | | 12.3 | -------------------------------------------------------------------------------- | Adjustments to profit | 9.8 | | 13.9 | | 17.8 | -------------------------------------------------------------------------------- | Change in working capital: | | | | | | -------------------------------------------------------------------------------- | Change in trade and other | 2.9 | | -5.1 | | 0.5 | | | | | | | | | receivables | | | | | | -------------------------------------------------------------------------------- | Change in inventories | 4.5 | | -1.7 | | -2.4 | -------------------------------------------------------------------------------- | Change in trade and other | -4.5 | | -0.5 | | -2.3 | | | | | | | | | payables | | | | | | -------------------------------------------------------------------------------- | Change in provisions | | | | | | -------------------------------------------------------------------------------- | Interest received | 0.1 | | 0.1 | | 0.3 | -------------------------------------------------------------------------------- | Interest paid | -1.5 | | -1.0 | | -2.0 | -------------------------------------------------------------------------------- | Other financial items, net | 0.1 | | -0.1 | | -0.4 | -------------------------------------------------------------------------------- | Taxes paid | -3.2 | | -4.6 | | -5.8 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net cash flow from operating | 8.3 | | 12.3 | | 18.0 | | activities | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from investing | | | | | | | activities | | | | | | -------------------------------------------------------------------------------- | Investment in property, plant | -4.4 | | -13.7 | | -14.6 | | and equipment | | | | | | -------------------------------------------------------------------------------- | Investments in intangible | | | | | -1.0 | | assets | | | | | | -------------------------------------------------------------------------------- | Net cash flow from investing | -4.4 | | -13.7 | | -15.7 | | activities | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from financing | | | | | | | activities | | | | | | -------------------------------------------------------------------------------- | Withdrawal of loans | 20.0 | | 26.2 | | 23.0 | -------------------------------------------------------------------------------- | Repayment of loans | -15.0 | | -4.7 | | -5.8 | -------------------------------------------------------------------------------- | Dividends paid | -4.8 | | -14.7 | | -14.7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net cash flow from financing | 0.2 | | 6.8 | | 2.5 | | activities | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in cash and cash | 4.1 | | 5.4 | | 4.8 | | equivalents | | | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at | 10.7 | | 6.4 | | 6.3 | | the beginning of the period | | | | | | -------------------------------------------------------------------------------- | Effect of exchange rate | 0.0 | | 0.2 | | 0.2 | | changes | | | | | | -------------------------------------------------------------------------------- | Effect of changes in the fair | 0.0 | | -0.4 | | -0.7 | | value of investments | | | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at | 14.9 | | 11.6 | | 10.8 | | the end of the period | | | | | | -------------------------------------------------------------------------------- STATEMENT OF CHANGES IN CONSOLIDATED EQUITY -------------------------------------------------------------------------------- | | Equity attributable to shareholders of the | | | | | parent | | | -------------------------------------------------------------------------------- | Million | Share | Shar | Trans | Fair | Retai- | Total | Mino- | Total | | euros | capit | e | -lati | value | ned | | rity | equi- | | | al | pre- | on | re-se | ear-ni | | inte- | ty | | | | mium | dif-f | rve | ngs | | rest | | | | | re-s | er-re | and | | | | | | | | erve | nces | other | | | | | | | | | | reser | | | | | | | | | | ves | | | | | -------------------------------------------------------------------------------- | Equity | 27.6 | 1.0 | -1.6 | 0.1 | 82.3 | 109.3 | 0.2 | 109.6 | | 31.12.2007 | | | | | | | | | -------------------------------------------------------------------------------- | Total | | | 0.4 | | | 0.4 | 0.1 | 0.5 | | comprehensiv | | | | | | | | | | e income | | | | | | | | | -------------------------------------------------------------------------------- | Change of | | | | 0.5 | | 0.5 | | 0.5 | | fair value, | | | | | | | | | | derivatives | | | | | | | | | -------------------------------------------------------------------------------- | Change of | | | | 0.0 | | 0.0 | | 0.0 | | fair value, | | | | | | | | | | financial | | | | | | | | | | assets for | | | | | | | | | | sale | | | | | | | | | -------------------------------------------------------------------------------- | Tax on | | | | -0.1 | | -0.1 | | -0.1 | | equity items | | | | | | | | | -------------------------------------------------------------------------------- | Counter-entr | | | | | 0.1 | 0.1 | | 0.1 | | y of | | | | | | | | | | share-based | | | | | | | | | | payments | | | | | | | | | -------------------------------------------------------------------------------- | Profit/loss | | | | | 11.4 | 11.4 | -0.1 | 11.3 | | for the | | | | | | | | | | period | | | | | | | | | -------------------------------------------------------------------------------- | Total | | | 0.4 | 0.4 | 11.5 | 12.3 | 0.0 | 12.3 | | recognized | | | | | | | | | | income and | | | | | | | | | | expenses for | | | | | | | | | | the period | | | | | | | | | -------------------------------------------------------------------------------- | Dividends | | | | | -14.7 | -14.7 | | -14.7 | -------------------------------------------------------------------------------- | Equity | 27.6 | 1.0 | -1.2 | 0.5 | 79.1 | 106.9 | 0.2 | 107.1 | | 30.9.2008 | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity | 27.6 | 1.0 | -1.1 | -0.3 | 80.2 | 107.3 | 0.1 | 107.4 | | 31.12.2008 | | | | | | | | | -------------------------------------------------------------------------------- | Total | | | -0.5 | | | -0.5 | 0.0 | -0.5 | | comprehensiv | | | | | | | | | | e income | | | | | | | | | -------------------------------------------------------------------------------- | Change of | | | | 0.0 | | 0.0 | | 0.0 | | fair value, | | | | | | | | | | derivatives | | | | | | | | | -------------------------------------------------------------------------------- | Change of | | | | 0.0 | | 0.0 | | 0.0 | | fair value, | | | | | | | | | | financial | | | | | | | | | | assets for | | | | | | | | | | sale | | | | | | | | | -------------------------------------------------------------------------------- | Tax on | | | | 0.0 | | 0.0 | | 0.0 | | equity items | | | | | | | | | -------------------------------------------------------------------------------- | Counter-entr | | | | | 0.1 | 0.1 | | 0.1 | | y of | | | | | | | | | | share-based | | | | | | | | | | payments | | | | | | | | | -------------------------------------------------------------------------------- | Profit/loss | | | | | 0.0 | 0.0 | -0.1 | -0.1 | | for the | | | | | | | | | | period | | | | | | | | | -------------------------------------------------------------------------------- | Total | | | -0.5 | 0.0 | 0.1 | -0.4 | -0.1 | -0.5 | | recognized | | | | | | | | | | income and | | | | | | | | | | expenses for | | | | | | | | | | the period | | | | | | | | | -------------------------------------------------------------------------------- | Dividends | | | | | -4.8 | -4.8 | | -4.8 | -------------------------------------------------------------------------------- | Equity | 27.6 | 1.0 | -1.6 | -0.3 | 75.5 | 102.2 | 0.0 | 102.2 | | 30.9.2009 | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SEGMENT INFORMATION - business segments | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Million euros | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 7-9/09 | Tamfelt | Tamfelt | Other | Consolidate | | | PMC | Filtration | activities | d | -------------------------------------------------------------------------------- | Income | | | | | -------------------------------------------------------------------------------- | External turnover | 20.3 | 9.6 | | 29.9 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit/loss | | | | | -------------------------------------------------------------------------------- | Operating profit | 1.6 | 0.7 | -0.8 | 1.5 | -------------------------------------------------------------------------------- | Financing items | | | -0.3 | -0.3 | -------------------------------------------------------------------------------- | Taxes | | | -0.2 | -0.2 | -------------------------------------------------------------------------------- | Profit/loss for the period | | | | 1.0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Investments | 0.4 | 0.0 | 0.1 | 0.5 | -------------------------------------------------------------------------------- | Depreciation and | 2.5 | 0.5 | 0.0 | 3.0 | | impairment | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 7-9/08 | Tamfelt | Tamfelt | Other | Consolidate | | | PMC | Filtration | activities | d | -------------------------------------------------------------------------------- | Income | | | | | -------------------------------------------------------------------------------- | External turnover | 27.5 | 15.0 | | 42.5 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit/loss | | | | | -------------------------------------------------------------------------------- | Operating profit | 4.2 | 2.7 | -0.6 | 6.3 | -------------------------------------------------------------------------------- | Financing items | | | -0.6 | -0.6 | -------------------------------------------------------------------------------- | Taxes | | | -1.5 | -1.5 | -------------------------------------------------------------------------------- | Profit/loss for the period | | | | 4.2 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Investments | 3.1 | 0.4 | 0.1 | 3.6 | -------------------------------------------------------------------------------- | Depreciation and | 2.2 | 0.8 | 0.0 | 3.0 | | impairment | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 1-9/09 | Tamfelt | Tamfelt | Other | Consolidate | | | PMC | Filtration | activities | d | -------------------------------------------------------------------------------- | Income | | | | | -------------------------------------------------------------------------------- | External turnover | 63.3 | 30.1 | | 93.4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit/loss | | | | | -------------------------------------------------------------------------------- | Operating profit | 2.0 | 1.4 | -1.9 | 1.5 | -------------------------------------------------------------------------------- | Financing items | | | -1.3 | -1.3 | -------------------------------------------------------------------------------- | Taxes | | | -0.3 | -0.3 | -------------------------------------------------------------------------------- | Profit/loss for the period | | | | 0.0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Investments | 3.8 | 0.3 | 0.3 | 4.4 | -------------------------------------------------------------------------------- | Depreciation and | 6.6 | 1.6 | 0.7 | 8.9 | | impairment | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other data | | | | | -------------------------------------------------------------------------------- | Segment assets | 115.0 | 37.6 | 20.4 | 173.0 | -------------------------------------------------------------------------------- | Segment liabilities | 40.4 | 11.4 | 19.0 | 70.8 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 1-9/08 | Tamfelt | Tamfelt | Other | Consolidate | | | PMC | Filtration | activities | d | -------------------------------------------------------------------------------- | Income | | | | | -------------------------------------------------------------------------------- | External turnover | 84.9 | 42.3 | | 127.2 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit/loss | | | | | -------------------------------------------------------------------------------- | Operating profit | 11.6 | 6.9 | -1.6 | 16.9 | -------------------------------------------------------------------------------- | Financing items | | | -1.4 | -1.4 | -------------------------------------------------------------------------------- | Taxes | | | -4.2 | -4.2 | -------------------------------------------------------------------------------- | Profit/loss for the period | | | | 11.3 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Investments | 10.8 | 2.2 | 0.7 | 13.7 | -------------------------------------------------------------------------------- | Depreciation and | 6.1 | 1.7 | 0.1 | 7.9 | | impairment | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other data | | | | | -------------------------------------------------------------------------------- | Segment assets | 120.7 | 45.2 | 17.6 | 183.5 | -------------------------------------------------------------------------------- | Segment liabilities | 26.0 | 8.5 | 41.9 | 76.4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 1-12/08 | Tamfelt | Tamfelt | Other | Consolidate | | | PMC | Filtration | activities | d | -------------------------------------------------------------------------------- | Income | | | | | -------------------------------------------------------------------------------- | External turnover | 112.1 | 53.0 | | 165.0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit/loss | | | | | -------------------------------------------------------------------------------- | Operating profit | 16.2 | 6.0 | -2.4 | 19.8 | -------------------------------------------------------------------------------- | Financing items | | | -2.4 | -2.4 | -------------------------------------------------------------------------------- | Taxes | | | -5.1 | -5.1 | -------------------------------------------------------------------------------- | Profit/loss for the period | | | | 12.3 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Investments | 12.1 | 2.6 | 1.0 | 15.7 | -------------------------------------------------------------------------------- | Depreciation and | 8.3 | 2.4 | 0.2 | 10.8 | | impairment | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other data | | | | | -------------------------------------------------------------------------------- | Segment assets | 121.6 | 39.7 | 17.0 | 178.4 | -------------------------------------------------------------------------------- | Segment liabilities | 48.6 | 11.0 | 11.4 | 71.1 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SEGMENT INFORMATION - geographical segments | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 1-9 | | 1-9 | | 1-12 | -------------------------------------------------------------------------------- | Million euros | 2009 | | 2008 | | 2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NET SALES | | | | | | -------------------------------------------------------------------------------- | Finland | 27.8 | | 42.6 | | 56.0 | -------------------------------------------------------------------------------- | Rest of Europe | 46.7 | | 57.9 | | 65.1 | -------------------------------------------------------------------------------- | Other countries | 36.4 | | 46.1 | | 62.5 | -------------------------------------------------------------------------------- | Elimination | -17.5 | | -19.4 | | -18.5 | -------------------------------------------------------------------------------- | Consolidated | 93.4 | | 127.2 | | 165.0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | INVESTMENTS | | | | | | -------------------------------------------------------------------------------- | Finland | 2.1 | | 7.5 | | 9.9 | -------------------------------------------------------------------------------- | Rest of Europe | 0.2 | | 0.2 | | 0.3 | -------------------------------------------------------------------------------- | Other countries | 2.1 | | 6.0 | | 5.4 | -------------------------------------------------------------------------------- | Consolidated | 4.4 | | 13.7 | | 15.7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | ASSETS | | | | | | -------------------------------------------------------------------------------- | Finland | 131.5 | | 154.8 | | 139.7 | -------------------------------------------------------------------------------- | Rest of Europe | 18.3 | | 23.1 | | 17.4 | -------------------------------------------------------------------------------- | Other countries | 34.4 | | 17.9 | | 36.9 | -------------------------------------------------------------------------------- | Elimination | -11.3 | | -12.3 | | -15.6 | -------------------------------------------------------------------------------- | Consolidated | 173.0 | | 183.5 | | 178.4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KEY FIGURES | | | | | | -------------------------------------------------------------------------------- | | 7-9 | 7-9 | 1-9 | 1-9 | 1-12 | -------------------------------------------------------------------------------- | | 2009 | 2008 | 2009 | 2008 | 2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 29.9 | 42.5 | 93.4 | 127.2 | 165.0 | -------------------------------------------------------------------------------- | Operating profit | 1.5 | 6.3 | 1.5 | 16.9 | 19.8 | -------------------------------------------------------------------------------- | % of net sales | 4.9 | 14.7 | 1.6 | 13.3 | 12.0 | -------------------------------------------------------------------------------- | Profit before taxes and | 1.2 | 5.7 | 0.3 | 15.5 | 17.4 | | minority interest | | | | | | -------------------------------------------------------------------------------- | Profit/loss for the period | 1.0 | 4.2 | 0.0 | 11.3 | 12.3 | -------------------------------------------------------------------------------- | Return on equity, % | 3.5 | 15.4 | -0.1 | 13.9 | 11.3 | -------------------------------------------------------------------------------- | Return on net assets, % | 4.6 | 18.0 | 1.7 | 16.3 | 14.4 | -------------------------------------------------------------------------------- | Equity/Assets ratio at the | 59.4 | 58.5 | 59.4 | 58.5 | 60.3 | | end of the period, % | | | | | | -------------------------------------------------------------------------------- | Gearing at the end of the | 24.2 | 25.8 | 24.2 | 25.8 | 22.9 | | period % | | | | | | -------------------------------------------------------------------------------- | Gross investments | 0.5 | 3.6 | 4.4 | 13.7 | 15.7 | -------------------------------------------------------------------------------- | % of net sales | 1.7 | 8.5 | 4.7 | 10.8 | 9.5 | -------------------------------------------------------------------------------- | Average employment during | 1,361 | 1,531 | 1,393 | 1,531 | 1,534 | | the period | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | COLLATERALS AND CONTINGENT LIABILITIES | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Million euros | 1-9 | 1-9 | 1-12 | -------------------------------------------------------------------------------- | | 2009 | 2008 | 2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Contingent liabilities | 30.3 | 0.6 | 0.4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | DERIVATIVE FINANCIAL INSTRUMENTS | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Million euros | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Forward exchange contracts, not under | | | | | hedge accounting | | | | -------------------------------------------------------------------------------- | Fair value | 3.4 | 1.7 | 4.6 | -------------------------------------------------------------------------------- | Value of underlying assets | 3.4 | 1.7 | 4.3 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Electricity derivatives | | | | -------------------------------------------------------------------------------- | Fair value | 1.4 | 1.9 | 1.8 | -------------------------------------------------------------------------------- | Trading value | 1.9 | 1.9 | 2.3 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SHARE INFORMATION | 1-9 | 1-9 | 1-12 | -------------------------------------------------------------------------------- | Million euros | 2009 | 2008 | 2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings/share, diluted, | 0.00 | 0.38 | 0.41 | | euros | | | | -------------------------------------------------------------------------------- | Equity/share, diluted, euros | 3.43 | 3.53 | 3.57 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SHARE HISTORY | | | | -------------------------------------------------------------------------------- | Euros | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 3.9.2009 | Number of | Number of | | | | shares | votes | | -------------------------------------------------------------------------------- | Preferred share (TAFPS) | 17,444,766 | 17,444,766 | | -------------------------------------------------------------------------------- | Common share (TAFKS) | 10,119,198 | 202,383,960 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 30.9.2009 | Number of | Number of | Trading | | | shares | votes | 1-9/2009 of | | | | | total volume, % | -------------------------------------------------------------------------------- | TAF1V | 30,093,763 | 30,093,763 | 7.4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Highest | Lowest | Closing | -------------------------------------------------------------------------------- | 1.1.-3.9.2009 | | | | -------------------------------------------------------------------------------- | Preferred share | 5.25 | 3.95 | 5.00 | -------------------------------------------------------------------------------- | Common share | 6.40 | 4.13 | 5.66 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 4.9.-30.9.2009 | | | | -------------------------------------------------------------------------------- | TAF1V | 5.25 | 4.80 | 4.95 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 1-9 | 1-9 | 1-12 | | | 2009 | 2008 | 2008 | -------------------------------------------------------------------------------- | Market capitalization at the | 149.0 | 194.6 | 161.8 | | end of the period, million | | | | | euros | | | | -------------------------------------------------------------------------------- DISTRIBUTION NASDAQ OMX Helsinki Ltd Main media www.tamfelt.com Tamfelt is a world-leading supplier of technical textiles. The company's main products are clothing products for the paper and pulp as well as mining and chemical industries. The Group employs about 1,400 people and its net sales in 2008 were 165,0 million euro. Founded in 1797, the company is one of the pioneers of Finnish industry.
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