2007-04-26 14:00:00 CEST
2007-04-26 14:00:00 CEST
REGULATED INFORMATION
Tamfelt Oyj Abp - Quarterly report
Tamfelt Corp., Interim Report January-March 2007
TAMFELT CORP. STOCK EXCHANGE RELEASE April 26, 2007 at 3:00 p.m.
TAMFELT'S INTERIM REPORT JANUARY-MARCH 2007
Net sales improved 8.4% compared to the first quarter in 2006.
- Net sales 42.6 million euros (1-3/2006: 39.3) (1-12/2006: 155.0)
- Operating profit 5.8 million euros (1-3/2006: 5.9) (1-12/2006: 25.9)
- Operating profit 13.6% of net sales (1-3/2006: 15.0)
- Income before taxes and minority interest 5.9 million euros (1-3/2006: 6.0)
- Earnings per share 0.16 euros (1-3/2006: 0.16)
- Net cash flow from operating activities 3.8 million euros (1-3/2006: 7.5)
- Equity per share 3.44 euros (3/2006: 3.36)
- Equity to assets ratio 58.8% (3/2006: 61.1)
- Return on net assets 20.5% (3/2006: 21.9)
- Return on equity 17.4% (3/2006: 18.2)
- Short-term outlook: Tamfelt's full year net sales are expected to grow and the
profit for the year is expected to remain at a good level.
Tamfelt is a world-leading supplier of technical textiles. The Group's main
products are fabrics for the pulp and paper, mining, and chemical industries.
Other products include laundry felts and dry filtration media.
OPERATING ENVIRONMENT AND DEMAND FOR TAMFELT PRODUCTS
The demand for paper and board remained good during the first quarter of 2007.
The demand still increased the most in China and the rest of Asia, but also in
Western Europe there has been good growth of demand. The price of long-fibered
pulp has increased a little, but the prices of paper and board have stayed
fairly stable on average during the first months of the year. The market
situation of metals influences the demand of filter fabrics for the mining
industry. The demand and prices of the most important metals were good, although
there still was some short-term variation in prices.
Thanks to the good market situation, the demand for paper machine clothing
increased during the first quarter, the most in China and the rest of Asia. In
the long term, clothing market follows the trends of paper markets. The demand
for clothing, however, grows a little slower than the demand for paper, owing to
the fact that specific consumption of clothing (consumption per ton of paper
produced) is diminishing. The specific consumption decreases because new
clothing types and materials are more durable than old ones. Replacing old and
less competitive paper machines with new, efficient machines also tends to
reduce specific consumption because the new machines use less clothing per paper
ton than the old ones.
The demand continued good for filter fabrics delivered to the mining and
chemical industries. The market situation of filter fabrics for the pulp and
paper industries during the report period was very good, and the demand was
higher than during the first quarter of 2006. Variation in oil prices leads to
increased use of coal and to developing alternative sources of energy. In
reducing emissions from the use of coal, high-quality filter fabrics are playing
a key role. Increased production of biofuels also needs filtration media. In
addition, the general tightening of environmental regulations has increased the
demand for filter fabrics, and this trend will continue in the near future.
The weakening exchange rate of the US dollar against the euro impaired the
profitability of sales from Western Europe to North America and Asia.
Average prices of paper machine clothing decreased during the first quarter of
2007, and the competitive situation in the business is very tight. The customers
are concentrating their purchases to fewer suppliers and try to reduce their
inventories, which means the suppliers must be prepared for faster deliveries.
Trouble-free run of the clothing and reaching the planned life time are
essential when customers strive for more efficient processes. Successful
co-operation with the customer and machinery manufacturers to reach these
targets gives the clothing supplier an opportunity to strengthen his market
position.
Clothing suppliers are building new capacity in China and closing down
inefficient units elsewhere in the world. In Western Europe, capacity is
concentrated through investments in larger, more efficient production units and
closing smaller ones. Filter fabric suppliers move their production to Eastern
Europe and China, where production costs are lower and the markets grow faster
than the average.
PROFIT PERFORMANCE AND FINANCIAL POSITION
The net sales of Tamfelt Group in January-March 2007 was 42.6 million euros
(39.3 in Q1/2006). The net sales increased 8.4% compared to the first quarter of
2006. Delivery volumes grew clearly more than the net sales. Of the net sales in
January-March, 28% (36) originated in Finland, 44% (43) in other Europe, and 28%
(21) in other countries.
The Group's operating profit was slightly smaller than in the first quarter of
2006. The operating profit was 5.8 million euros (5.9), or 13.6% (15.0) of net
sales. The net profit for the period was 4.4 million euros (4.4). Return on net
assets was 20.5% (21.9), and return on equity 17.4% (18.2). Earnings per share
were 0.16 euros (0.16).
Increased sales volumes and good productivity development have partly helped
compensate for declining price levels. Increasing sales has been made possible
by successful long-term R&D, and customer-focused approach. The share of novelty
products of the total sales has increased, which has partly slowed down the
decline of price levels. Productivity has improved through timely investments
and by developing processes and working methods. Also concentrating in chosen
segments has improved profitability.
The consolidated balance sheet total at the end of March was 163.0 million euros
(152.5). Equity amounted to 95.2 million euros (93.0), and equity to assets
ratio was 58.8% (61.1). Gearing was 14.9% (10.7). The amount of interest bearing
liabilities at the end of the first quarter was 25.7 million euros (20.3), and
the book value of cash and cash equivalents was 11.5 million euros (10.3). The
Group's net financial items totaled 0.1 million euros (0.1).
Net cash from operating activities was 3.8 million euros (7.5), and cash flow
before financing -2.1 million euros (6.5).
Tamfelt's order backlog continues to be good, but incoming orders distribute
slightly unevenly between the various product groups.
OPERATIONS
The sales of paper machine clothing developed favorably in Northern America and
in Asia, notably in China, but also in Central and Southern Europe. Start-up
orders for 2007 were received especially from China. Filter fabric sales
increased in all market areas. Tamfelt's press felts, filter fabrics, and shoe
press belts, in particular, were in good demand. Press felt demand was enhanced
by the felts' successful performance on state-of-the-art press sections of
modern paper machines. Specific consumption declined in forming and dryer
fabrics, more than in other product groups, which affected their demand.
Tamfelt focuses on chosen target segments: clothing for large, high-speed paper
and board machines and certain areas in filter fabrics, such as fabrics for
caustisizing processes and iron pelletizing plants. During the first quarter,
Tamfelt clothing contributed to, for example, the new world record speed of 1901
m/min on SC paper machines. The company has also strengthened its position on
filter fabric target markets, such as dry filtration media, where the sales has
increased significantly after a new marketing strategy.
The customers indicate a growing interest in Tamfelt's spearhead products in
paper machine clothing. The share of Gapmaster and Packmaster triple layer
fabrics out of Tamfelt's forming fabric production already exceeds 70%. The
production volumes of TMO and SMO press fabrics keep increasing. In early 2007,
Tamfelt launched the patented HiSpeed forming faric, designed for high-speed
paper machines. The first fabrics have already been run on customer machines
with encouraging results. Tambelt 3G shoe press belt, as well, is at an
introductory stage. The wear resistance of this novelty product is excellent,
thanks to a triple layer reinforcing structure. The share of the spearhead
products out of all deliveries is over 40%.
INVESTMENTS
The Group's gross investments in January through March were 5.9 million euros
(1.0). The largest investments now in process are increasing the press felt
production capacity at Tampere plant, and building the fabric factory in China.
A new needling machine representing the latest technology will be taken into use
in press felt production in fall 2007. Other investments enhancing the press
felt capacity were mostly completed during the first quarter of 2007.
Tamfelt's filter fabric factory in Shanghai, China, started up in January 2007.
The new unit produces and sells filter fabrics for both wet and dry filtration
for the Chinese and Southeast Asian markets. Investments in this plant will
continue.
The building of a factory making forming and dryer fabrics in Tianjin, China,
has just been started. Production in this factory is due to commence during the
first quarter of 2008. After completed, the new factory will improve Tamfelt's
delivery ability, logistics, and competitiveness in the long run.
Special attention has also been paid in the Group to making the information
systems compatible. Incorporating the subsidiaries into the Group's SAP resource
planning system continues. A common system will improve business planning,
monitoring, and intelligence.
PERSONNEL
At the end of March, the Group employed 1,452 (1,402) people. The number is 50
people higher than in March 2006. The increase divides evenly between the
Tampere plant, Shanghai factory, and other units abroad. At the end of 2006, the
number of personnel was 1,443. Of Tamfelt personnel, 74% work in Finland and 26%
in other countries.
RESOLUTIONS BY THE ANNUAL GENERAL MEETING
Tamfelt's Annual General Meeting held on March 20, 2007 adopted the 2006
financial statements and absolved the members of the Board of Directors and the
President and CEO from their liability.
The AGM re-elected Mr. Mikael von Frenckell, Mr. Martin Lilius, Mr. Jouko
Oksanen, Mr. Vesa Kainu and Mr. Niklas Savander to the Board of Directors. Mr.
Carl-Magnus Cedercreutz was elected new member of the Board. Mr. Mikael von
Frenckell will continue as Chairman of the Board, Mr. Niklas Savander was
elected Vice Chairman.
Messrs. Jari Paloniemi and Veikko Terho, Authorized Public Accountants, were
reappointed auditors, and Mr. Jukka Lahdenpää, Authorized Public Accountant, and
Authorized Public Accountants Company Moore Stephens Rewinet Oy Ab were
reappointed deputy auditors.
The AGM decided upon a dividend for 2006 of 0.59 euros (0.39) per common share
and 0.61 euros (0.41) for preferred share.
SHARES AND SHARE CAPITAL
Tamfelt's share capital consists of common shares and preferred shares. The
accounting par value of both types of share is 1.00 euro. Preferred shares
collect two per cent units higher dividend than common shares, calculated on the
accounting par value. A common share carries 20 votes and a preferred share
carries 1 vote.
In January-March, preferred shares traded in Helsinki Exchanges for 6.1 million
euros (9.8), and common shares for 0.4 million euros (1.1). The trading volume
of preferred shares was 3.0% (6.4) of their total volume. The corresponding
figure on common shares was 0.3% (1.2).
At the end of March, the closing price per preferred share was 11.50 euros and
per common share 11.30 euros. The price increase per preferred share since the
beginning of the year was 8.0% and per common share 6.4%. The highest price per
preferred share was 12.88 euros and lowest 10.13 euros. The highest price per
common share was 12.75 euros and lowest 10.51 euros. Tamfelt's total market
capitalization as of March 31, 2007 was 316.9 million euros (256).
Tamfelt's share capital at the end of March was 27,563,964 euros. The total
number of shares was 27,563,964, of which common shares number 10,119,198 and
preferred shares 17,444,766.
SHAREHOLDERS
Tamfelt's largest ownership registrations by number of shares on March 31, 2007:
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| 1. | Ilmarinen Mutual Pension Insurance Company | 7.4 % |
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| 2. | Varma Mutual Pension Insurance Company | 5.9 % |
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| 3. | Tapiola Mutual Pension Insurance Company | 3.9 % |
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| 4. | Svenska litteratursällskapet i Finland r.f. | 2.9 % |
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| 5. | Sampo Life Insurance Company | 2.9 % |
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| 6. | Metso Corporation | 2.6 % |
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| 7. | Waldemar von Frenckell Foundation | 2.6 % |
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| 8. | Samfundet Folkhälsan i Svenska Finland r.f. | 2.2 % |
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| 9. | Juselius Sigrid Foundation | 2.1 % |
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| 10. | Cedercreutz Axel | 1.7 % |
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| | Total | 34.2 % |
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At the end of March, Tamfelt had a total of 3,255 shareholders. Foreign
ownership including registrations in name of nominee amounted to 5.0% (5.2) of
shares.
SHORT-TERM OUTLOOK
Demand for paper is expected to keep growing, which will have a positive effect
on clothing consumption. In the mining industry, the market situation of iron
and color metals is expected to continue good, and demand for filter fabrics is
expected to increase.
Special attention will continue to be paid to innovativeness, capital
efficiency, and productivity improvement. The investment decisions already made
and input in internationalization will increase the investment expenses
significantly within the next few months.
Tamfelt's full year net sales are expected to grow and the profit for the year
is expected to remain at a good level.
Helsinki, April 26, 2007
TAMFELT CORP.
Board of Directors
Anne Paloheimo-Seppänen
Communications Manager
Unofficial translation.
The results are unaudited.
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| CONSOLIDATED INCOME | | | | | | |
| STATEMENT, IFRS | | | | | | |
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| | 1-3 | | 1-3 | | 1-12 | |
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| Million euros | 2007 | % | 2006 | % | 2006 | % |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | 42.6 | 100 | 39.3 | 100 | 155.0 | 100 |
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| Operating profit | 5.8 | 14 | 5.9 | 15 | 25.9 | 17 |
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| Financial income and | 0.1 | | 0.1 | | 0.3 | |
| expenses | | | | | | |
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| Share of the income of | | | 0.0 | | | |
| associated companies | | | | | | |
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| Profit before tax | 5.9 | | 6.0 | | 26.2 | |
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| Income tax | -1.5 | | -1.6 | | -6.1 | |
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| Profit for the period | 4.4 | 10 | 4.4 | 11 | 20.1 | 13 |
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--------------------------------------------------------------------------------
| Attributable to | | | | | | |
--------------------------------------------------------------------------------
| Equity holders of the | 4.4 | | 4.4 | | 20.2 | |
| parent | | | | | | |
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| Minority interest | 0.0 | | 0.0 | | -0.1 | |
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| Earnings per share | | | | | | |
| calculated on profit | | | | | | |
| attributable to equity | | | | | | |
| holders of the parent | | | | | | |
| (euro) | | | | | | |
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| Basic | 0.16 | | 0.16 | | 0.73 | |
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| Diluted | 0.16 | | 0.16 | | 0.73 | |
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| CONSOLIDATED BALANCE SHEET, | | | | | | |
| IFRS | | | | | | |
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--------------------------------------------------------------------------------
| Million euros | 03/200 | % | 03/2006 | % | 12/2006 | % |
| | 7 | | | | | |
--------------------------------------------------------------------------------
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| Assets | | | | | | |
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| Non-current assets | | | | | | |
--------------------------------------------------------------------------------
| Property, plant and | 79.1 | | 72.2 | | 75.8 | |
| equipment | | | | | | |
--------------------------------------------------------------------------------
| Goodwill | 0.3 | | 0.3 | | 0.3 | |
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| Other intangible assets | 4.2 | | 4.0 | | 4.0 | |
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| Investments in associates | | | 0.3 | | | |
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| Other financial items | 1.8 | | 2.0 | | 1.8 | |
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| Deferred tax assets | 0.8 | | 0.7 | | 0.6 | |
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| | 86.2 | 53 | 79.5 | 52 | 82.5 | 54 |
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| Current assets | | | | | | |
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| Inventories | 31.3 | | 31.5 | | 32.1 | |
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| Trade and other receivables | 34.0 | | 31.2 | | 29.2 | |
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| Financial assets at fair | 1.9 | | 1.5 | | 1.8 | |
| value through profit or | | | | | | |
| loss | | | | | | |
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| Cash and cash equivalents | 9.6 | | 8.8 | | 8.0 | |
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| | 76.8 | 47 | 73.0 | 48 | 71.1 | 46 |
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| Total assets | 163.0 | 100 | 152.5 | 100 | 153.6 | 100 |
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| Equity and liabilities | | | | | | |
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| Issued capital and reserves | | | | | | |
| attributable to equity | | | | | | |
| holders of the parent | | | | | | |
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| Share capital | 27.6 | | 27.6 | | 27.6 | |
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| Share premium reserve | 1.0 | | 1.0 | | 1.0 | |
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| Translation differences | -1.0 | | 0.4 | | -0.5 | |
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| Fair value reserve | 0.5 | | 0.7 | | 0.5 | |
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| Retained earnings | 66.7 | | 63.1 | | 79.0 | |
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| | 94.8 | | 92.8 | | 107.6 | |
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| Minority interest | 0.4 | | 0.2 | | 0.2 | |
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| Total equity | 95.2 | 58 | 93.0 | 61 | 107.8 | 70 |
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| Non-current liabilities | | | | | | |
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| Deferred tax liabilities | 10.9 | | 11.1 | | 10.9 | |
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| Interest-bearing | 10.8 | | 5.4 | | 1.8 | |
| liabilities | | | | | | |
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| | 21.7 | | 16.5 | | 12.7 | |
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| Current liabilities | | | | | | |
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| Trade and other payables | 31.2 | | 27.6 | | 29.8 | |
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| Provisions | 0.0 | | 0.5 | | 0.0 | |
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| Current interest-bearing | 14.9 | | 14.9 | | 3.3 | |
| liabilities | | | | | | |
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| | 46.1 | | 43.0 | | 33.1 | |
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| Total liabilities | 67.8 | 42 | 59.5 | 39 | 45.8 | 30 |
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| Total equity and | 163.0 | 100 | 152.5 | 100 | 153.6 | 100 |
| liabilities | | | | | | |
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| CONSOLIDATED CASH FLOW | | | | | |
| STATEMENT | | | | | |
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| | 1-3 | | 1-3 | | 1-12 |
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| Million euros | 2007 | | 2006 | | 2006 |
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| Operating activities | | | | | |
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| Profit for the period | 4.4 | | 4.4 | | 20.1 |
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| Adjustments to profit | 3.3 | | 3.4 | | 12.6 |
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| Change in working capital: | | | | | |
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| Change in trade and other | -4.8 | | -2.5 | | -0.5 |
| | | | | | |
| receivables | | | | | |
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| Change in inventories | 0.8 | | 0.7 | | 0.1 |
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| Change in trade and other | 1.3 | | 3.3 | | 5.4 |
| | | | | | |
| payables | | | | | |
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| Change in provisions | | | | | -0.5 |
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| Interest received | 0.1 | | 0.0 | | 0.2 |
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| Interest paid | -0.1 | | -0.2 | | -0.6 |
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| Other financial items, net | 0.1 | | 0.1 | | 0.4 |
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| Taxes paid | -1.3 | | -1.7 | | -5.5 |
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| Net cash from operating | 3.8 | | 7.5 | | 31.7 |
| activities | | | | | |
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| Investing activities | | | | | |
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| Acquisition of subsidiaries | | | | | |
| less cash and cash equivalents | | | | | |
| at acquisition date | | | | | |
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| Investments in property, plant | -5.9 | | -1.0 | | -10.8 |
| and equipment | | | | | |
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| Investments in intangible | | | | | -0.7 |
| assets | | | | | |
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| Sale of associates | | | | | 2.3 |
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| Net cash from investing | -5.9 | | -1.0 | | -9.2 |
| activities | | | | | |
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| Financing activities | | | | | |
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| Subscription for stock options | | | 0.1 | | 0.1 |
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| Withdrawal of loans | 21.0 | | 11.0 | | |
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| Repayment of loans | -0.4 | | -4.9 | | -9.0 |
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| Dividends paid | -16.6 | | -10.2 | | -11.1 |
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| Net cash from financing | 4.0 | | -4.0 | | -20.0 |
| activities | | | | | |
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| Change in cash and cash | 1.9 | | 2.5 | | 2.5 |
| equivalents | | | | | |
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| Cash and cash equivalents at | 9.8 | | 7.7 | | 7.7 |
| the beginning of period | | | | | |
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| Effect of exchange rates | -0.1 | | 0.1 | | -0.2 |
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| Effect of changes in the fair | -0.1 | | 0.1 | | -0.2 |
| value of investments | | | | | |
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| Cash and cash equivalents at | 11.5 | | 10.3 | | 9.8 |
| the end of period | | | | | |
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| STATEMENT OF CHANGES IN EQUITY |
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| | Equity attributable to shareholders of | | |
| | the parent | | |
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| Million euros | Shar | Shar | Tran | Fair | Reta | Total | Minor | Total |
| | e | e | slat | value | ined | | ity | equit |
| | capi | prem | ion | reser | earn | | inter | y |
| | tal | ium | diff | ve | ings | | est | |
| | | rese | eren | an | | | | |
| | | rve | ces | d | | | | |
| | | | | other | | | | |
| | | | | reser | | | | |
| | | | | ves | | | | |
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| Equity Dec. 31, | 27.6 | 1.0 | 0.1 | 0.8 | 69.8 | 99.2 | 0.3 | 99.4 |
| 2005 | | | | | | | | |
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| Translation | | | 0.3 | | | 0.3 | | 0.3 |
| differences | | | | | | | | |
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| Change in fair value, | | -0.2 | | -0.2 | | -0.2 |
| available-for-sale | | | | | | |
| investments | | | | | | |
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| Tax on equity items | 0.0 | | 0.0 | | 0.0 |
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| Counter entry of share-based payments | | 0.0 | 0.0 | | 0.0 |
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| Profit for the | | | | | 4.4 | 4.4 | 0.0 | 4.4 |
| period | | | | | | | | |
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| Total recognized | | | 0.3 | -0.1 | 4.4 | 4.6 | 0.0 | 4.6 |
| income and | | | | | | | | |
| expenses for the | | | | | | | | |
| period | | | | | | | | |
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| Dividends | | | | | -11. | -11.1 | | -11.1 |
| | | | | | 1 | | | |
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| Stock option | 0.0 | 0.1 | | | | 0.1 | | 0.1 |
| excercised | | | | | | | | |
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| Equity March 31, | 27.6 | 1.0 | 0.4 | 0.7 | 63.1 | 92.7 | 0.3 | 93.0 |
| 2006 | | | | | | | | |
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| Equity Dec. 31, | 27.6 | 1.0 | -0.5 | 0.5 | 79.0 | 107.6 | 0.2 | 107.8 |
| 2006 | | | | | | | | |
--------------------------------------------------------------------------------
| Translation | | | -0.5 | | | -0.5 | 0.2 | -0.3 |
| differences | | | | | | | | |
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| Change in fair value, | | 0.0 | | 0.0 | | 0.0 |
| available-for-sale | | | | | | |
| investments | | | | | | |
--------------------------------------------------------------------------------
| Tax on equity items | 0.0 | | 0.0 | | 0.0 |
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| Counter entry for share-based | | 0.0 | 0.0 | | 0.0 |
| payments | | | | | |
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| Profit for the | | | | | 4.4 | 4.4 | 0.0 | 4.4 |
| period | | | | | | | | |
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| Total recognized | | | -0.5 | 0.0 | 4.4 | 3.9 | 0.2 | 4.1 |
| income and | | | | | | | | |
| expenses for the | | | | | | | | |
| period | | | | | | | | |
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| Dividends | | | | | -16. | -16.6 | | -16.6 |
| | | | | | 6 | | | |
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| Equity March 31, | 27.6 | 1.0 | -1.0 | 0.5 | 66.7 | 94.8 | 0.4 | 95.2 |
| 2007 | | | | | | | | |
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| SEGMENT REPORTING - secondary segment | | | |
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| | 1-3 | | 1-3 | | 1-12 |
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| Million euros | 2007 | | 2006 | | 2006 |
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| NET SALES | | | | | |
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| Finland | 12.9 | | 14.1 | | 53.6 |
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| Other Europe | 21.8 | | 16.8 | | 67.6 |
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| Other countries | 14.1 | | 11.8 | | 45.7 |
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| Eliminations | -6.1 | | -3.4 | | -11.9 |
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| Consolidated | 42.6 | | 39.3 | | 155.0 |
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| INVESTMENTS | | | | | |
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| Finland | 3.5 | | 1.0 | | 9.2 |
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| Other Europe | 0.1 | | 0.0 | | 0.5 |
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| Other countries | 2.3 | | | | 1.8 |
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| Consolidated | 5.9 | | 1.0 | | 11.5 |
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| ASSETS | | | | | |
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| Finland | 129.7 | | 129.0 | | 126.4 |
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| Other Europe | 21.2 | | 18.1 | | 19.3 |
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| Other countries | 19.6 | | 13.5 | | 13.2 |
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| Eliminations | -7.5 | | -8.1 | | -5.3 |
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| Consolidated | 163.0 | | 152.5 | | 153.6 |
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| KEY FIGURES | | | | | |
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| | 1-3 | | 1-3 | | 1-12 |
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| | 2007 | | 2006 | | 2006 |
--------------------------------------------------------------------------------
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| Net sales | 42.6 | | 39.3 | | 155.0 |
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| Operating profit | 5.8 | | 5.9 | | 25.9 |
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| % of net sales | 13.6 | | 15.0 | | 16.7 |
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| Profit before tax and minority | 5.9 | | 6.0 | | 26.2 |
| interest | | | | | |
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| Profit for the period | 4.4 | | 4.4 | | 20.1 |
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| Return on equity, % | 17.4 | | 18.2 | | 19.4 |
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| Return on net assets, % | 20.5 | | 21.9 | | 23.7 |
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| Equity to assets ratio, % | 58.8 | | 61.1 | | 70.6 |
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| Gearing % | 14.9 | | 10.7 | | -4.3 |
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| Gross investments | 5.9 | | 1.0 | | 11.5 |
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| % of net sales | 13.8 | | 2.5 | | 7.4 |
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| Average personnel number over | 1,449 | | 1,399 | | 1,415 |
| the period | | | | | |
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| Earnings/share, diluted, euros | 0.16 | | 0.16 | | 0.73 |
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| Equity/share, diluted, euros | 3.44 | | 3.36 | | 3.90 |
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| COMMITMENTS AND CONTINGENCIES | | | | | |
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| Million euros | 03/2007 | | 03/2007 | | 12/2007 |
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| Commitments | 0.3 | | 0.4 | | 0.3 |
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| DERIVATIVE FINANCIAL | | | | | |
| INSTRUMENTS | | | | | |
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| Million euros | 03/2007 | | 03/2007 | | 12/2007 |
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| Forward exchanges, not in | | | | | |
| hedge accounting | | | | | |
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| Fair value | 4.1 | | 1.7 | | 5.0 |
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| Value for underlying asset | 4.0 | | 1.7 | | 4.9 |
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| Electricity derivatives | | | | | |
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| Fair value | 2.0 | | 1.2 | | 2.0 |
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| Trading value | 2.1 | | 0.7 | | 2.0 |
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FOR MORE INFORMATION
Mr. Jyrki Nuutila, President and CEO, tel. +358 400 625 030 and
Mr. Seppo Holkko, Executive Vice President, PMC Division, tel. +358 40 509 3319
FOLLOWING INTERIM REPORTS
- January-June: August 9, 2007
- January-September: October 25, 2007
DISTRIBUTION
Helsinki Exchanges
Main media
www.tamfelt.com
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