2007-10-25 11:00:00 CEST
2007-10-25 11:00:00 CEST
REGULATED INFORMATION
Stromsdal - Quarterly report
INTERIM REPORT FOR JANUARY - SEPTEMBER 2007
STROMSDAL CORPORATION
STOCK EXCHANGE RELEASE
25 October 2007 at 12.00 hrs (Finnish time)
INTERIM REPORT FOR JANUARY - SEPTEMBER 2007
- January-June net sales were EUR 41.8 million (EUR 40.3 million).
- January-June pre-tax loss was EUR -4.2 million (EUR -1.9 million)
- The third quarter net sales were EUR 14.1 million (EUR 13.8 million)
- The third quarter pre-tax loss was EUR -1.2 million (EUR 0.2 million)
- The directed share issues and the convertible bond loan improved the company's
capital and financial structure.
Managing Director Mikael Åbacka:
”I am extremely satisfied that the financing arrangements agreed on last summer
was accepted by our new industrial owners, Atine Group Oy and Baltiska Handels
AB, which is essential for the development of the company. The financing
arrangements improved substantially the balance sheet and the financial
situation of the company. With the new investment program we are able to improve
the quality of our products as well as to improve the throughput of our new
graphical products, GraphiArtDuo, GraphiArtPro as well as Tecta specialty food
packaging boards. In addition, the convertible bond loan issued by the company
enables additional human resources and investments to improve and develop the
quality for current and new applications. We believe that with these
improvements, we will be able to serve sustainable even larger customer groups.
The positive operating profit in the third quarter shows this. As a whole, the
positive impact from our ongoing improvement programs will materialize during
2008.”
MARKETS AND SALES
The competition in the European paperboard markets continued to be tight in the
third quarter and the weakening of the US dollar against the Euro makes the
competition even more challenging.
The demand for the company's products was on a satisfactory level during the
first half-year and improved during the third quarter. The average backlog is
now two weeks.
The company focuses on high premium-quality graphical boards and on specialty
boards like Tecta food packaging boards. Price increases will be done on the
commodity boards, like Strom grades. In addition the company aims to reduce its
currency risks.
NET SALES AND RESULTS
Stromsdal Group´s consolidated net sales for January 1 - September 30 totalled
EUR 41.8 million (EUR 40.3 million). Consolidated operating result was EUR -3.2
million (EUR -1.1 million). Net loss was EUR -4.3 million (EUR -2.0 million).
Net sales in July-September period were EUR 14.1 million (EUR 13.8 million).
Operating loss in period July-September was better than in April-June but
showing loss EUR -0.8 million (EUR 0.3 million). Pre-tax loss for the period was
EUR -1.2 million (EUR 0.2 million).
The raw materials, especially pulp-, pulpwood- and energy prices rose
significantly during the period compared to the same time in previous year.
Total production was 46,700 tons (43,800 tons). The improvement work done in the
PGW mill in August had a slight negative impact on the product mix and reduced
the output to some extent.
FINANCIAL POSITION
The operative cash flow was EUR -5.1 million (EUR -4.8 million). Cash flow from
investments was EUR -2.1 million (EUR -1.3 million).
The company has agreed on the capital and financial arrangements. The proceeds
from the financing arrangements are used to finalise the Investment and Turn
Around program as well as to strengthen the financial situation of the company.
More about the capital and financial arrangements can be seen on the stock
exchange release published by the company on 31 July 2007.
Based upon Annual General Meeting's (AGM) decision and authorization on 29 March
2007, the Board of Directors decided on 17 September 2007 to issue for
subscription a convertible bond loan of a maximum of EUR 3,591,600 in deviation
of the pre-emptive subscription right of the shareholders to the investors
appointed by the Board of Directors. The investors, who subscribed the issued
convertible bond loan as a whole, do not belong to the insiders of the company.
The rules of the convertible bond loan as a whole can be seen in the stock
exchange release published by the company on 17 September 2007.
CAPITAL EXPENDITURE
The capital expenditures of the company were continued also during the third
quarter and January-September 2007 they amounted to EUR 2.6 million (EUR 1.3
million).
The biggest single investment was the improvements carried out in the PGW mill
at the turn of the year, by which the brightness level of the board was brought
up to target level. A successful pressure ground wood pulp washing and bleaching
improvement in the PGW mill was carried out in August. After these investments
the run-ability of the board machine has improved significantly and the
efficiency rates of the mill were all time high during September.
RESEARCH AND DEVELOPMENT
The quality of the graphical boards was improved in the beginning of the year by
increasing the brightness level and the quality stability has been improved
through systematic development. Further improvements in printability of the
board will be implemented. Development work of Tecta food packaging board usages
for new application areas will be carried out in a joint development program
together with VTT.
PERSONNEL
During the period the company had an average 216 (206) employees. At the end of
the period there were 204 (209) employees, of which 187 employees were permanent
and 49 employees were temporary staff and summer vacation replacements. The
number of maintenance employees, 27, who were taken back into the company's
payroll in August 2006, is not included in the average reference number from the
previous year.
The company decided on the implementation of a new share based incentive program
for the key employees of Stromsdal group in order to combine the goals of the
owners and the key employees of the company to increase the value of the company
and to tie the key employees to the company and offer them a competitive
incentive program based on ownership of company shares. In addition to the share
based incentive program the company has decided on a bonus program for the whole
personnel of Stromsdal Corporation in order to combine all the personnel
resources to ensure profitability of the company. More about the incentive
programs can be seen in the stock exchange release published by the company on
17 September 2007.
The company has outsourced the salary administration to Silta Oy, completed in
full by the end of year 2007.
THE BOARD OF DIRECTORS
The shareholders' meeting on 21 August 2007 decided to elect five (5) members to
the Board of Directors as follows. Attorney Juhani Erma, City Manager Mr. Petri
Kangasperko, Project Manager Mrs. Pirjo Repo were re-elected and Managing
Director Mr. Alexander Ehrnrooth and Managing Director Mr. Harry Salonaho were
elected as new members. The Board meeting elected Mr. Harry Salonaho as the
chairman of the Board of Directors.
SHARES
On 21 August 2007 the Extraordinary General Meeting (EGM) decided on directed
share issues, through which the amount of the company's shares reached
27,515,399 being before 16,213,178. The share capital remained being EUR
10,102,906.80.
The Annual General Meeting (AGM) on 29 March 2007 resolved to authorize the
Board of Directors to decide on the issuing of new shares of the company and on
the transferring special rights to receive new shares in the company. A maximum
amount of 5,000,000 new shares may be issued. In addition, the authorization
includes the right to decide on a share issue to the company itself free of
charge so that the aggregate amount of shares issued to the company is a maximum
of one tenth (1/10) of the total amount of shares in the company.
Due to the authorization the Board of Directors has decided on a directed share
issue of 80,000 shares to the Chairman of the Board of Directors, which share
issue has been fully subscribed by the Chairman. In addition, due to the
authorization the Board of Directors has decided on transferring of 4,920,000
shares in connection with a convertible bond loan issued by the company, in
accordance with the rules of the said convertible bond loan.
The development of the company's share amount and share capital in 2007 below:
--------------------------------------------------------------------------------
| Registered | Share Capital | Shares | Transactions taken |
| in Trade | of the company | pcs | |
| Register | EUR | | |
--------------------------------------------------------------------------------
| 1 January | 10,102,906.80 | 16,213,178 | Situation on 1 January 2007. |
| 2007 | | | |
--------------------------------------------------------------------------------
| 24 August | 10,102,906.80 | 27,435,399 | A directed share issue was |
| 2007 | | | implemented. No change in the |
| | | | share capital. |
--------------------------------------------------------------------------------
| 30 August | 10,102,906.80 | 27,515,399 | A directed share issue to the |
| 2007 | | | Chairman of the Board of |
| | | | Directors was implemented. No |
| | | | change in the share capital. |
--------------------------------------------------------------------------------
The trading volume of Stromsdal Corporation shares for 1 January - 30 September
2007 totalled 5,624,753, accounting for 31.40 per cent of the total average
number of shares. Share turnover came to EUR 3.71 million with the period's
highest and lowest share price amounting to EUR 0.81 a share and respectively
EUR 0.46 a share. At the end of the period, the shares closed at EUR 0.61 and
the market capitalisation totalled EUR 16.78 million.
The company had a share option scheme, approved at the AGM of 22 May 2002 and
adjusted at the EGM of 29 June 2006. A maximum increase of the company's share
capital is EUR 86,340. The subscription period started 1 July 2005 and expired
on 1 July 2007, during which period none of the options had been subscribed.
Flaggings
Due to the share issues implemented by the company in August:
1) Atine Group's ownership with its mother company Virala Oy Ab in Stromsdal
increased to 1/4.
2) Baltiska Handels AB's ownership in Stromsdal increased to 1/10.
3) Svenska Handelsbanken Ab's (Publ), Finnvera Oyj's, Juankosken Kehitysmasuuni
Oy's and Suomen Teollisuussijoitus Oy's ownership in Stromsdal decreased below
1/10.
4) On 17 September 2007 Keskinäinen Eläkevakuutusyhtiö Ilmarinen subscribed
shares in the convertible bond loan, which entitles Ilmarinen to subscribe
2,739,700 shares in Stromsdal. If Ilmarinen subscribes fully its options, its
ownership in Stromsdal will increase to 5 per cent. The subscription period ends
1 September 2010.
NEAR FUTURE RISKS
During the second quarter the availability of pulp wood and short fiber pulp was
challenging. The shortage increased significantly the costs of the raw
materials. For the next couple of months the availability of pulp wood is
secured, but the prices are still high. The availability of hardwood pulp is
back to normal.
The prices of the main raw materials and electricity will increase the
production costs and reduce the company's profitability. This negative impact
will be compensated by investments and more efficient logistics-, sales- and
production processes.
Downward markets and unfavorable currency exchange rates, especially the US
dollar, may have a negative impact on the profitability of the company.
For more information on risk management, please turn to the Financial Statements
in the company's Annual Report for 2006.
FUTURE PROSPECTS
The future prospects are based on general external financial indicators, order
forecasts given by customers and on the company's order book.
The financial results for the year 2007 will be negative. The result for the
forth quarter is expected to be better than the previous ones in 2007 and the
EBITDA positive, if the demand of the company's products is continuing
unchanged. The sales of the graphical boards are expected to be good and the
demand for the food packaging boards is expected to be strong in UK, Germany and
Finland, which will have a positive impact in the volume and price development
of Tecta food packaging boards.
The investments implemented and the additional investments that will be done in
the near future will improve the product quality level and the production output
and thereby will enable the positive profit development of the company.
STROMSDAL CORPORATION
CONSOLIDATED INCOME STATEMENT (EUR 1000)
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| | | IFRS | IFRS | IFRS | IFRS |
--------------------------------------------------------------------------------
| | | 7-9/07 | 7-9/06 | 1-9/07 | 1-9/06 |
--------------------------------------------------------------------------------
| NET SALES | | 14 092 | 13 826 | 41 848 | 40 277 |
--------------------------------------------------------------------------------
| Changes in inventories of | 731 | 683 | 114 | 35 |
| finished and unfinished goods | | | | |
| +/- | | | | |
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| Other operating income | | 92 | 421 | 243 | 660 |
--------------------------------------------------------------------------------
| Materials and services | | -11 092 | -10 135 | -31 048 | -28 373 |
--------------------------------------------------------------------------------
| Empolyee benefits expense | -2 761 | -2 641 | -8 504 | -7 450 |
--------------------------------------------------------------------------------
| Depreciaton | | -888 | -849 | -2 635 | -2 520 |
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| Other operating expenses | | -999 | -984 | -3 185 | -3 680 |
--------------------------------------------------------------------------------
| OPERATING PROFIT/LOSS | | -824 | 322 | -3 166 | -1 051 |
--------------------------------------------------------------------------------
| Share of associated companies´ | 0 | 0 | 0 | 0 |
| profits/losses | | | | |
--------------------------------------------------------------------------------
| Financial income and | | -367 | -113 | -1 083 | -865 |
| expenses | | | | | |
--------------------------------------------------------------------------------
| PROFIT/LOSS BEFORE TAXES | -1 191 | 209 | -4 249 | -1 917 |
--------------------------------------------------------------------------------
| Income taxes | | -12 | -124 | -5 | -123 |
--------------------------------------------------------------------------------
| PROFIT/LOSS FOR THE | | -1 203 | 85 | -4 254 | -2 040 |
| FINANCIAL YEAR | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EARNINGS/SHARE, diluted and | | -0,08 | 0,01 | -0,24 | -0,36 |
| undiluted | | | | | |
--------------------------------------------------------------------------------
CONSOLIDATED BALANCE SHEET (EUR 1000)
--------------------------------------------------------------------------------
| | | IFRS | IFRS |
--------------------------------------------------------------------------------
| ASSETS | | 30.9.07 | 31.12.06 |
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| NON-CURRENT ASSETS | | | |
--------------------------------------------------------------------------------
| Other intangible assets | | 746 | 880 |
--------------------------------------------------------------------------------
| Tangible assets | | 21 921 | 22 187 |
--------------------------------------------------------------------------------
| Investments in associated companies | | 499 | 499 |
--------------------------------------------------------------------------------
| Available-for-sale financial assets | | 44 | 44 |
--------------------------------------------------------------------------------
| Receivables | | 619 | 637 |
--------------------------------------------------------------------------------
| Deferred tax assets | | 70 | 69 |
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| TOTAL NON-CURRENT ASSETS | | 23 899 | 24 316 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CURRENT ASSETS | | | |
--------------------------------------------------------------------------------
| Inventories | | 6 049 | 5 865 |
--------------------------------------------------------------------------------
| Trade and other receivables | | 13 500 | 10 127 |
--------------------------------------------------------------------------------
| Financial asset recognised in profit or loss | | 24 | 0 |
--------------------------------------------------------------------------------
| Cash and cash equivalents | | 2 963 | 718 |
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| TOTAL CURRENT ASSETS | | 22 535 | 16 710 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL ASSETS | | 46 435 | 41 026 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| SHAREHOLDERS´ EQUITY AND LIABILITIES | | | |
--------------------------------------------------------------------------------
| SHAREHOLDERS´ EQUITY | | | |
--------------------------------------------------------------------------------
| Share capital | | 10 103 | 10 103 |
--------------------------------------------------------------------------------
| Issue premium fund | | 1 862 | 1 862 |
--------------------------------------------------------------------------------
| Other funds | | 2 026 | 2 026 |
--------------------------------------------------------------------------------
| Reserve for invested non-restricted equity | | 5 468 | 0 |
--------------------------------------------------------------------------------
| Exchange rate difference | | 0 | 76 |
--------------------------------------------------------------------------------
| Retained earnings | | -8 841 | -4 663 |
--------------------------------------------------------------------------------
| TOTAL SHAREHOLDERS´ EQUITY | | 10 617 | 9 404 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| NON-CURRENT LIABILITIES | | | |
--------------------------------------------------------------------------------
| Deferred tax liabilities | | 27 | 23 |
--------------------------------------------------------------------------------
| Provisions | | 212 | 212 |
--------------------------------------------------------------------------------
| Interest-bearing liabilities | | 14 920 | 12 819 |
--------------------------------------------------------------------------------
| Other liabilities | | 115 | 115 |
--------------------------------------------------------------------------------
| TOTAL NON-CURRENT LIABILITIES | | 15 274 | 13 169 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CURRENT LIABILITIES | | | |
--------------------------------------------------------------------------------
| Accounts payable and other liabilities | | 10 195 | 10 051 |
--------------------------------------------------------------------------------
| Liabilities recognised in profit or loss | | 0 | 0 |
--------------------------------------------------------------------------------
| Provisions | | 46 | 46 |
--------------------------------------------------------------------------------
| Interest-bearing liabilities | | 10 302 | 8 357 |
--------------------------------------------------------------------------------
| TOTAL CURRENT LIABILITIES | | 20 543 | 18 453 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL SHAREHOLDERS´ EQUITY AND LIABILITIES | | 46 435 | 41 026 |
--------------------------------------------------------------------------------
CONSOLIDATED CASH FLOW STATEMENT (EUR 1000)
--------------------------------------------------------------------------------
| | | IFRS | IFRS |
--------------------------------------------------------------------------------
| | | 1-9/07 | 1-9/06 |
--------------------------------------------------------------------------------
| BUSINESS OPERATIONS | | | |
--------------------------------------------------------------------------------
| Operating profit/loss | | -3 166 | -1 051 |
--------------------------------------------------------------------------------
| ADJUSTMENTS TO OPERATING PROFIT/LOSS: | | | |
--------------------------------------------------------------------------------
| Depreciation | | 2 635 | 2 520 |
--------------------------------------------------------------------------------
| Non-cash transactions | | -26 | -471 |
--------------------------------------------------------------------------------
| CHANGE IN NET WORKING CAPITAL: | | | |
--------------------------------------------------------------------------------
| Increase/decrease in accounts and other | | -3 373 | 63 |
| receivables | | | |
--------------------------------------------------------------------------------
| Increase/decrease in inventories | | -184 | -1 249 |
--------------------------------------------------------------------------------
| Increase/decrease in accounts and other | | 131 | -3 133 |
| payables | | | |
--------------------------------------------------------------------------------
| Interest paid | | -979 | -906 |
--------------------------------------------------------------------------------
| Interest received | | 5 | 0 |
--------------------------------------------------------------------------------
| Dividend received | | 4 | 4 |
--------------------------------------------------------------------------------
| Other financial items paid | | -101 | -546 |
--------------------------------------------------------------------------------
| Taxes paid | | -1 | -0 |
--------------------------------------------------------------------------------
| NET CASH FLOW FROM BUSINESS OPERATIONS (A) | | -5 054 | -4 769 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| INVESTMENTS | | | |
--------------------------------------------------------------------------------
| Purchase of tangible assets | | -2 565 | -901 |
--------------------------------------------------------------------------------
| Purchase of intanbible assets | | -54 | -97 |
--------------------------------------------------------------------------------
| Investment aid | | 503 | 0 |
--------------------------------------------------------------------------------
| Sale of tangible assets | | 0 | 12 |
--------------------------------------------------------------------------------
| Increase/decrease of long-term receivables | | 17 | -333 |
--------------------------------------------------------------------------------
| CASH FLOW FROM INVESTMENTS (B) | | -2 098 | -1 319 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| FINANCING | | | |
--------------------------------------------------------------------------------
| Share issue | | 3 040 | 7 152 |
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| Increase of long-term loans | | 6 334 | 1 148 |
--------------------------------------------------------------------------------
| Instalments of long-term loans | | -1 264 | -992 |
--------------------------------------------------------------------------------
| Increase/decrease in short-term loans | | 1 326 | -418 |
--------------------------------------------------------------------------------
| Instalments of finance leasing | | -40 | -356 |
--------------------------------------------------------------------------------
| NET CASH FLOW FROM FINANCING (C) | | 9 397 | 6 534 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| INCREASE/DECREASE OF LIQUID FUNDS (A+B+C) | | 2 245 | 446 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LIQUID FUNDS ON 1 JANUARY | | 718 | 464 |
--------------------------------------------------------------------------------
| LIQUID FUNDS ON 30 SEPTEMBER | | 2 963 | 910 |
--------------------------------------------------------------------------------
BUSINESS SEGMENTATION
Business segmentation is not presented, as Stromsdal Group only has one business
segment.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (EUR 1000)
A = Share capital
B = Share issue
C = Issue premium fund
D = Reserve fund 2006 / Reserve for invested non-restricted equity 2007
E = Other funds
F = Exchange difference
G = Retained eargings
H = Total capital and reserves
--------------------------------------------------------------------------------
| | A | B | C | D | E | F | G | H |
--------------------------------------------------------------------------------
| SHARE- 10 103 | 0 | 1 862 | 0 | 2 026 | 76 | -4 663 | 9 404 |
| HOLDERS | | | | | | | | |
| EQUITY | | | | | | | | |
| 1.1.07 | | | | | | | | |
| | | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Share | - | - | - | 5 040 | - | - | - | 5 040 |
| issue | | | | | | | | |
--------------------------------------------------------------------------------
| Convert | - | - | - | 428 | - | - | - | 428 |
| ible | | | | | | | | |
| bond | | | | | | | | |
| loan | | | | | | | | |
--------------------------------------------------------------------------------
| Exchang | - | - | - | - | - | -76 | 76 | 0 |
| e rate | | | | | | | | |
| differ- | | | | | | | | |
| ence | | | | | | | | |
--------------------------------------------------------------------------------
| Net | - | - | - | - | - | - | -4 254 | -4 254 |
| profit/ | | | | | | | | |
| loss | | | | | | | | |
| for the | | | | | | | | |
| finan- | | | | | | | | |
| cial
year | | | | | | | | |
--------------------------------------------------------------------------------
| SHARE- |10 103 | 0 | 1 862 | 5 468 | 2 026 | 0 | -8 841 | 10 617 |
| HOLDERS | | | | | | | | |
| EQUITY | | | | | | | | |
| 30.9.07 | | | | | | | | |
| | | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | A | B | C | D | E | F | G | H |
--------------------------------------------------------------------------------
| SHARE- | 5 197 | 0 | 425 | 589 | 2 224 | 76 | -5 674 | 2 837 |
| HOLDERS | | | | | | | | |
| EQUITY | | | | | | | | |
| 1.1.06 | | | | | | | | |
| | | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Loss | | - | -425 | -589 | -2 224 | - | 3 238 | 0 |
| covered | | | | | | | | |
--------------------------------------------------------------------------------
| Reduct |-3 556 | - | - | - | 2 026 | - | 1 530 | 0 |
| ion of | | | | | | | | |
| share | | | | | | | | |
| capital | | | | | | | | |
--------------------------------------------------------------------------------
| Share | 6 962 | - | 1 886 | - | - | - | - | 8 848 |
| issue | | | | | | | | |
--------------------------------------------------------------------------------
| Using | | 1 500 | - | - | - | - | - | 1 500 |
| of | | | | | | | | |
| share | | | | | | | | |
| options | | | | | | | | |
--------------------------------------------------------------------------------
| Exchang | - | - | - | - | - | 0 | 0 | 0 |
| e rate | | | | | | | | |
| differ- | | | | | | | | |
| ence | | | | | | | |
|
--------------------------------------------------------------------------------
| Net | - | - | - | - | - | - | -2 040 | -2 040 |
| profit/ | | | | | | | | |
| loss | | | | | | | | |
| for the | | | | | | | | |
| financ | | | | | | | | |
| ial year| | | | | | | | |
--------------------------------------------------------------------------------
| SHARE- | 8 603 | 1 500 | 1 886 | 0 | 2 026 | 76 | -2 946 | 11 145 |
| HOLDERS | | | | | | | | |
| EQUITY | | | | | | | | |
| 30.9.06 | | | | | | | | |
| | | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | | 30.9.07 | 30.9.06 | 31.12.06 |
--------------------------------------------------------------------------------
| 1. LEASING LIABILITIES (EUR 1000) | | 63 | 102 | 48 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 2. CONTINGENT LIABILITIES AND PLEDGES | 30.9.07 | 30.9.06 | 31.12.06 |
| GIVEN | | | |
--------------------------------------------------------------------------------
| FOR GROUP´S OWN DEBT (EUR 1000) | | | | |
--------------------------------------------------------------------------------
| Mortgages on buildings and leases | | 5 674 | 5 674 | 5 674 |
--------------------------------------------------------------------------------
| Mortgages on company assets | | 7 737 | 7 737 | 7 737 |
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| Pledges given | | 12 477 | 9 512 | 8 337 |
--------------------------------------------------------------------------------
| Pledged shares | | 471 | 471 | 471 |
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| TOTAL | | 26 359 | 23 394 | 22 219 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 3. OTHER PLEDGES GIVEN (EUR 1000) | | 30.9.07 | 30.9.06 | 31.12.06 |
--------------------------------------------------------------------------------
| Pledged deposits | | 7 | 41 | 19 |
--------------------------------------------------------------------------------
| Mortgages on company assets | | 0 | 505 | 0 |
--------------------------------------------------------------------------------
| TOTAL | | 7 | 546 | 19 |
--------------------------------------------------------------------------------
Leases and buildings are also burdened by the ownership retention provision
recorded by the equipment supplier. It targets equipment worth EUR 1.4 million.
Valid bank quarantees to suppliers amount to EUR 810 thousand.
--------------------------------------------------------------------------------
| 4. OUTSTANDING DERIVATES CONTRACTS (EUR | 30.9.07 | 30.9.06 | 31.12.06 |
| 1000) | | | |
--------------------------------------------------------------------------------
| PAR VALUE | | | | |
--------------------------------------------------------------------------------
| Foreign currency hedging | | 341 | 0 | 0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 5. TANGIBLE ASSESTS (EUR 1000) | 1-9/07 | 1-9/06 | |
--------------------------------------------------------------------------------
| Increases | | 2 564 | 1 201 | |
--------------------------------------------------------------------------------
| Decreases | | 0 | 0 | |
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| TOTAL | | 2 564 | 1 201 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 6. RELATED PARTY TRANSACTIONS (EUR 1000) | 1-9/07 | 1-9/06 | |
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| Employee benefits | | | |
--------------------------------------------------------------------------------
| Board of Directors´remuneration | | 103 | 98 | |
--------------------------------------------------------------------------------
| Salaries and other short term | | 492 | 302 | |
| empolyee benefits of the | | | | |
| management | | | | |
--------------------------------------------------------------------------------
| Other benefits due to notice of | | 32 | 18 | |
| employment | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| KEY FIGURES | | 30.9.07 | 30.9.06 | 31.12.06 |
--------------------------------------------------------------------------------
| Earnings/share, euros | | -0,24 | -0,36 | -0,45 |
--------------------------------------------------------------------------------
| Shareholders´ equity/share, euros | | 0,39 | 0,69 | 0,58 |
--------------------------------------------------------------------------------
| Research and development costs, | | 0,02 | 0,02 | 0,18 |
| Me | | | | |
--------------------------------------------------------------------------------
| Gross investments, Me | | 2,6 | 1,3 | 1,5 |
--------------------------------------------------------------------------------
| Group personnel average | | 216 | 206 | 207 |
--------------------------------------------------------------------------------
| Equity ratio % | | 22,87 | 27,03 | 22,9 |
--------------------------------------------------------------------------------
| Current ratio | | 1,1 | 1,0 | 0,9 |
--------------------------------------------------------------------------------
| Interest-bearing liabilities, Me | | 25,2 | 21,2 | 21,2 |
--------------------------------------------------------------------------------
| Number of shares average | | 17910581 | 5652716 | 8314531 |
--------------------------------------------------------------------------------
| Number of shares 30.9./31.12. | | 27515399 | 16213178 | 16213178 |
--------------------------------------------------------------------------------
CALCULATION OF GROUP KEY FIGURES:
Earnings/share (EPS):
Profit/loss for the the financial year
Share issue adjusted average number of shares
Equity ratio:
(Shareholders´ equity + minority interest)*100
Balance sheet total - payments received in advance
Current ratio:
Financial assets + inventories
Current liabilities
--------------------------------------------------------------------------------
| | MAJOR SHAREHOLDERS | Shares and | % |
| | 28 September 2007 | Votes | of Shares |
| | | | and Votes |
--------------------------------------------------------------------------------
| 1 | ATINE GROUP OY | 7 407 406 | 26,920947 |
--------------------------------------------------------------------------------
| 2 | BALTISKA HANDELS AB | 3 703 704 | 13,460477 |
--------------------------------------------------------------------------------
| 3 | SUOMEN TEOLLISUUSSIJOITUS OY | 2 500 000 | 9,085821 |
--------------------------------------------------------------------------------
| 4 | SVENSKA HANDELSBANKEN AB (PUBL), | 2 500 000 | 9,085821 |
| | FILIALVERKSAMHETEN I FINLAND | | |
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| 5 | JUANKOSKEN KEHITYSMASUUNI OY | 1 891 694 | 6,875038 |
--------------------------------------------------------------------------------
| 6 | FINNVERA OYJ | 1 875 000 | 6,814366 |
--------------------------------------------------------------------------------
| 7 | ENTERPACK OY | 698 253 | 2,537681 |
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| 8 | SAVON VOIMA OYJ | 371 600 | 1,350516 |
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| 9 | SELIGSON & CO PHOENIX | 325 060 | 1,181375 |
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| 10 | FORCERA OY | 192 487 | 0,699561 |
--------------------------------------------------------------------------------
| 11 | OKSANEN MARKKU | 184 837 | 0,671758 |
--------------------------------------------------------------------------------
| 12 | VIRALA OY AB | 115 042 | 0,418100 |
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| 13 | KARGOL OY AB | 112 743 | 0,409745 |
--------------------------------------------------------------------------------
| 14 | ÅBACKA MIKAEL LEIF ERIK | 111 111 | 0,403814 |
--------------------------------------------------------------------------------
| 15 | PELTOKANGAS RAIMO | 109 000 | 0,396142 |
--------------------------------------------------------------------------------
| 16 | SALMINEN URPO | 102 695 | 0,373227 |
--------------------------------------------------------------------------------
| 17 | JYLHÄ TAPIO ILMARI | 80 000 | 0,290746 |
--------------------------------------------------------------------------------
| 18 | SALONAHO LARS HARRY | 80 000 | 0,290746 |
--------------------------------------------------------------------------------
| 19 | MOLIN LEO | 78 400 | 0,284931 |
--------------------------------------------------------------------------------
| 20 | KOKKONEN OSSI | 62 500 | 0,227146 |
--------------------------------------------------------------------------------
| | Total | 22 501 532 | 81,777958 |
--------------------------------------------------------------------------------
| | Shares issued total | 27 515 399 | |
--------------------------------------------------------------------------------
The interim report has been prepared in accordance with the requirements of IAS
34, Interim Financial Reporting.
The accounting policies for the interim report are compatible with those for the
financial statements prepared on 31 December 2006, except for the following new
changes in IFRS standards and IFRIC interpretations adopted on 1 January 2007,
which have no effect on the consolidated financial statements:
- IFRS 7
- IAS 1
- IFRIC 9
- IFRIC 10
The consolidated reconciliations include the subsidiary Juantehtaan Ympäristö Oy
and the associated companies Koillis-Savon Ympäristöhuolto Oy and Juankosken
Biolämpö Oy. The subsidiary Stromsdal UK Ltd's operation was stopped and the
company dissolved.
The above figure have not been audited.
The above figures have been rounded and may therefor differ from those given in
the official financial statements.
STROMSDAL CORPORATION
Board of Directors
For further information, please contact:
Mikael Åbacka, Mananing Director
Tel. +358 400 737 452
mikael.abacka@stromsdal.fi
DISTRIBUTION
Helsinki Stock Exchange
Main media
www.stromsdal.com
STROMSDAL is a forest based industry company and its board mill is located in
Juankoski, Finland. Stromsdal's sales and customer service network covers more
than 30 countries, mainly in Europe.
For demanding printing jobs Stromsdal offers its customers premium-quality
graphical boards - GraphiArt Duo and GraphiArt Pro - with excellent combination
of printability, brightness and stiffness. For food-packaging Stromsdal offers
its speciality environmentally friendly product - Tecta - a dispersion coated
barrier board, which is 100 per cent plastic-free, bio degradable and fully
recyclable.
Stromsdal's shares are listed on the Small Cap segment of the Helsinki Stock
Exchange (OMX Nordic Exchange Helsinki Oy) under the company code STM1V.
STROMSDAL CORPORATION
Juankoskentie 7 A, P.O.Box 33, FI-73501 Juankoski
Tel. +358 17 688 641, Fax +358 17 612 008
www.stromsdal.com
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