2008-08-05 14:00:00 CEST
2008-08-05 14:00:01 CEST
REGULATED INFORMATION
Tamfelt Oyj Abp - Interim report (Q1 and Q3)
TAMFELT CORP.'S INTERIM REPORT January 1 - June 30, 2008
TAMFELT CORP. INTERIM REPORT August 5, 2008 at 3:00 pm 1 (11) TAMFELT CORP.'S INTERIM REPORT January 1 - June 30, 2008 - Net sales were 84.4 million euros (1-6/07: 85.0 million) - Operating profit was 10.5 million euros, corresponding to 12.4 per cent of the net sales (1-6/07: 11.7 million and 13.8 per cent) - Profit before taxes was 9.8 million euros (1-6/07: 11.7 million) - Earnings per share were 0.26 euros (1-6/07: 0.31) - Equity/assets ratio was 56.1 per cent (6/07: 60.7 %) - Return on net assets was 15.8 per cent (1-6/07: 20.4 %) - Return on net assets was 13.5 per cent (1-6/07: 16.8 %) “Despite the tough market situation, Tamfelt's increased capacity, the high volume of orders on hand and our continuously improving productivity provide the conditions for good profit trend. The uncertainty prevailing in the forest industry in Europe and North America, however, is a risk to the company's business. This risk is partly offset by the demand for filter fabrics and Tamfelt Filtration's profit trend. The record result of 2007 will not be achieved,” says Jyrki Nuutila, President & CEO of Tamfelt Corp. BUSINESS ENVIRONMENT AND PRODUCT DEMAND Tamfelt is a world-leading supplier of technical textiles. The Group's main products are fabrics for the paper and pulp, mining and chemical industries. Tamfelt's biggest customer segment is the paper and pulp industry. The Group operates two business segments: paper machine clothing (Tamfelt PMC) and filter fabrics (Tamfelt Filtration). Tamfelt PMC has production facilities at Tampere and Juankoski in Finland and at Tianjin in China. Tamfelt Filtration has production at Tampere in Finland, Ovar in Portugal, Belo Horizonte in Brazil, Lódz in Poland and Shanghai in China. Paper Machine Clothing In the period under review, the demand for paper and board grew at a slightly lower rate than average. The highest demand came from China and the rest of Asia. Paper prices have increased slightly. The dollar price of pulp has also risen. In the long term, the evolution of the clothing market follows the trend of the paper market. Clothing consumption, however, will grow slower than paper production volumes. This is because improved clothing types are being developed to enhance the papermaking process. The new clothing types are also more durable than the old ones, thus providing longer running lives. The specific consumption of clothing (consumption per ton of paper produced) also keeps going down as a result of the technical development, as new paper machines are being built and old, less efficient ones, closed down. While most of the new investments in paper and board manufacturing capacity are still made in China, a number of major projects have been commissioned in Europe too. During the report period, the demand for paper machine clothing continued to grow heavily in Asia and topped the average level in Europe. Press felts, in particular, were in growing demand. Clothing suppliers are adding new capacity in Asia and closing down inefficient units in the rest of the world. Capacity consolidation continues through investments in large and high-performing production lines. The increasingly tight competition is reflected in the profitability of the business. Some major clothing suppliers have already run into financial difficulties during this year. The weakening dollar against the euro has also depressed the prices of paper machine clothing. Filter fabrics The trend of the metal market affects the demand for filter fabrics for the mining industry. With the exception of nickel, the prices of major metals remained at a good level during the report period. The demand for filter fabrics for the mining industry as well as the paper and pulp industries increased year-on-year. The high oil price boosts the consumption of coal and the development of alternative energy sources. In an effort to cut emissions from coal burning, high-quality filter fabrics are key. The growing production of biofuels requires filtration equipment as well. Stricter environmental standards overall have stepped up the demand for filter fabrics, and the trend will continue to the foreseeable future. Good demand continued for ironer felts. The demand for dry filtration products is lagging behind last year as a result of a flat building industry and heavier competition. The continuing shortage of certain fibres for special applications affected the manufacture of certain styles of ironer felts and dry filtration products. INCOMING ORDERS AND ORDER BACKLOG The Group's order backlog stayed at the level of the beginning of the year, but the volumes vary for the different products. In the period under review, Tamfelt PMC continued to reinforce its position as a supplier of innovative spearhead products for important world-class machines. The volume of orders has grown, especially from Western Europe and North America. Owing to a lower average price, Tamfelt PMC's order backlog was slightly lower at the end of the period than it was at the beginning of the year. At the end of June, Tamfelt Filtration's order backlog was higher than at the beginning of the year. More orders were received for the pulp industry products and ironer felts than previously. NET SALES The Tamfelt Group's net sales were down 0.7 per cent at 84.4 million euros. The net sales of both business segments were slightly down year-on-year. The decline was partly attributed to the weakening rate of the dollar and the lower prices of the PMC products. Foreign operations contributed 69.2 per cent (69.9) of the consolidated net sales. FINANCIAL PERFORMANCE Tamfelt's operating profit for the period was 10.5 million euros or 12.4 per cent of the net sales (1-6/07: 11.7 million and 13.8 per cent). Apart from the lower net sales, the performance was also affected by the costs incurred by the start-up of the new plant at Tianjin in China. The profit for the period was 7.1 million euros, or 0.26 euros per share (0.31). Return on net assets was 15.8 per cent (20.4) and return on equity was 13.5 per cent (16.8). Tamfelt's net financing costs in January-June were -0.6 million euros (0.1 million). CASH FLOW AND FINANCING Tamfelt's cash flow from operations was 5.9 million euros (9.7 million). The net working capital was 42.1 million euros (35.1 million). At the end of June, the consolidated balance sheet total was 181.4 million euros (164.9 million). The equity/assets ratio was 56.1 per cent (60.7). The consolidated interest-bearing net debt at the end of June was 38.8 million euros (25.5 million). Gearing was 29.9 per cent (13.2). BUSINESS SEGMENTS Paper machine clothing (PMC) comprises forming fabrics, press felts and fabrics, shoe press belts and dryer fabrics. Tamfelt PMC is one of the leading suppliers of paper machine clothing to wide and high-speed paper machines in Europe. In this focus area, Tamfelt PMC's market shares are growing also in North America and Asia. Tamfelt Filtration enjoys a strong position in the filter fabric market for the paper and pulp industries. As a filter fabric supplier to the mining industry, Tamfelt Filtration concentrates on certain types of products and has earned a significant share of the market. Tamfelt Filtration also makes dry filtration products and ironer felts for commercial laundries. Tamfelt Filtration is the world market leader in ironer felts. Paper machine clothing (Tamfelt PMC) January 1 - June 30, 2008 - Net sales were 57.2 million euros (1-6/07: 57.4 million) - Operating profit was 7.3 million euros (1-6/07: 9.1 million) - Assets were 121.0 million euros (6/07: 106.4 million) - Liabilities were 31.0 million euros (6/07: 23.9 million) - Investments were 7.7 million euros (1-6/07: 9.1 million) - Depreciation and impairment were 3.9 million euros (1-6/07: 3.6 million) Tamfelt PMC's net sales remained almost unchanged, but operating profit was down year-on-year. The decline was contributed to the falling average prices of clothing, partly due to the weaker dollar. The cost of the start-up of the company's new dryer and forming fabric plant in China also affected the operating profit. Filter fabrics (Tamfelt Filtration) January 1 - June 30, 2008 - Net sales were 27.3 million euros (1-6/07: 27.6 million) - Operating profit was 4.2 million euros (1-6/07: 3.7 million) - Assets were 44.1 million euros (6/07: 40.0 million) - Liabilities were 9.9 million euros (6/07: 8.2 million) - Investments were 1.8 million euros (1-6/07: 1.4 million) - Depreciation and impairment were 0.9 million euros (1-6/07: 0.9 million). Tamfelt Filtration's net sales remained almost unchanged and operating profit was up year-on-year. The slackening demand for dry filtration products was partly offset by increased sales by the company's Chinese, Polish and Brazilian plants. INVESTMENTS Tamfelt's gross investments were 10.1 million euros (1-6/07: 10.8 million). In the period under review, a new dryer and forming fabric plant was commissioned at Tianjin in China according to plan. Tamfelt PMC continued investments in equipment to streamline the production and to cut lead times, including the modernization of the heat treatment machine and weaving looms and the purchase of new seaming machinery. At the Tampere plant, Tamfelt Filtration introduced a textile calander, which is the biggest in use in the industry. Tamfelt's investments in 2008 are expected to fall behind the 2007 record figure. PERSONNEL At the end of June, Tamfelt employed 1,540 people, an increase of 44 from the end of 2007 (1,496). In January-June, the average employment was 1,510. Tamfelt PMC employed 838 and Tamfelt Filtration 501 people. Of the personnel, 71 per cent work in Finland and 29 per cent in other countries. SHARE CAPITAL, SHARES AND OPTIONS At the end of June, Tamfelt's share capital stood at 27,563,964.00 euros. The number of common shares was 10,119,198 and the number of preferred shares was 17,444,766. The market value of Tamfelt's share capital at June 30, 2008 was 230.5 million euros (322.8 million). On the OMX Nordic list in Helsinki, trading in Tamfelt's preferred shares in January-June amounted to 6.6 million euros (11.6 million) and in common shares to 0.5 million euros (1.6 million). The turnover of preferred shares was 4.1 per cent of their total number. The corresponding percentage of common shares was 0.5. At the end of June, the price of the preferred share was 7.70 euros and that of the common share 9.50 euros. From the beginning of the year, the price of the preferred share fell 30.6 per cent and that of the common share 20.8 per cent. The highest quotation for the preferred share in January-June was 11.30 euros and the lowest 7.60 euros. The highest quotation for the common share was 12.00 euros and the lowest 9.24 euros. 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. Tamfelt Corp.'s Annual General Meeting held on March 10, 2005 decided to grant options to the company's key executives. The 2005 option scheme entitles the option holders to subscribe for a total of 437,000 preferred shares, which corresponds to a maximum of 1.6 per cent of Tamfelt's share capital and 0.2 per cent of the voting power. The maximum increase of the share capital with the 2005 stock options is 437,000.00 euros. The subscription for shares under the E option rights began on November 1, 2007 and under the F option rights it begins on November 1, 2009. The current subscription price under the E and F option rights is 7.64 euros. SHORT-TERM BUSINESS RISKS The major risks involved in Tamfelt's activities relate to the maintenance of market shares, the availability, price and quality of raw materials, and the management of exchange rates. Customers make clothing manufacturers compete for contracts and keep consolidating their purchases on an ever-smaller number of suppliers. This, together with a declining specific consumption of clothing and more expensive raw materials, leads to a pressure in prices and a higher business risk. In certain materials, the Group is dependent on just a few suppliers. The paper and board industries are growing fastest in China and in the rest of Asia. The mining industry is growing especially in South America. Tamfelt's customers are increasingly relocating production capacity to these areas. Clothing suppliers, too, are shifting operations to countries where cost levels are lower. In an effort to stay competitive, Tamfelt continues to improve its performance, cost structure and productivity. Tamfelt is increasingly operating in South America and the Far East, in markets where the risk of credit loss is higher. Tamfelt takes out insurances to cover the risk of damage involved in its activities, as far as this is deemed motivated, financially or otherwise. The coverage includes insurance against credit loss, material damage and business interruption as well as product liability and completed operations liability coverage. Tamfelt focuses on identifying and reducing risks and risk-related damages. However, Tamfelt's business environment involves risks that cannot be covered by insurances or eliminated by other means. SHORT-TERM OUTLOOK Global economic uncertainty has remarkably grown lately, and the rate of economic growth is expected to slow down in 2008. In China, Southeast Asia, Latin America and Russia, good economic growth is believed to continue, though at a rate slower than last year. The demand for paper and the production volumes of the forest industry are estimated to grow slower than the long-term average rate. In Tamfelt's focus area, however, the output volumes of the paper industry will be growing beyond average and brisk demand for clothing for new high-speed paper and board machines will prevail. In the mining industry, the market for iron and colour metals is expected to steady, and the demand for filter fabrics is estimated to remain at a good level. Increasing eco-consciousness and more stringent environmental standards worldwide will boost the demand for filter fabrics and open up new opportunities to step up sales. Big customer corporations make clothing manufacturers compete for contracts and continue to consolidate their purchases on fewer suppliers. Fierce price competition continues in paper machine clothing. Tamfelt's investments in 2007 significantly increased the manufacturing capacity of both PMC products and filter fabrics. Despite the tough market situation, higher capacity, good order backlog and improving productivity provide conditions for a good profit trend. The uncertainty of the forest industry in Europe and North America is a risk to Tamfelt's business. This risk is partly offset by the demand for filter fabrics and Tamfelt Filtration's profit trend. The record result of 2007 will not be achieved. Juankoski, August 5, 2008 Tamfelt Corp. Board of Directors -------------------------------------------------------------------------------- | CONSOLIDATED STATEMENT OF INCOME,IFRS | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Million euros | 4-6 | 4-6 | Change| 1-6 | 1-6 | Change | 1-12 | | | 2008 | 2007 | % | 2008 | 2007 | % | 2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 42.8 | 42.4 | 0.9 | 84.4 | 85.0 | -0,7 | 167.5 | -------------------------------------------------------------------------------- | Operating profit | 5.2 | 5.9 | -11.9 | 10.5 | 11.7 | -10,7 | 25.9 | -------------------------------------------------------------------------------- | Financial income | -0.4 | -0.1 | 552.4 | -0.6 | 0.1 | -742,0 | 0.3 | | and | | | | | | | | | expenses | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit before | 4.8 | 5.8 | -17.4 | 9.8 | 11.7 | -16,2 | 26.2 | | taxes | | | | | | | | -------------------------------------------------------------------------------- | Income taxes | -1.3 | -1.5 | -13.3 | -2.7 | -3.0 | -10,1 | -5.4 | -------------------------------------------------------------------------------- | Profit for the | 3.5 | 4.3 | -18.9 | 7.1 | 8.7 | -18,3 | 20.8 | | period | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Attributable to | | | | | | | | -------------------------------------------------------------------------------- | Equity holders of | 3.5 | 4.3 | | 7.1 | 8.7 | | 20.9 | | the parent | | | | | | | | -------------------------------------------------------------------------------- | Minority interest | 0.0 | 0.0 | | 0.0 | 0.0 | | 0.0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share calculated on profit attributable to equity holders of | | the parent (euros) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Basic | 0.13 | 0.15 | | 0.26 | 0.31 | | 0.76 | -------------------------------------------------------------------------------- | Diluted | 0.13 | 0.15 | | 0.26 | 0.31 | | 0.75 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED BALANCE SHEET, IFRS | | | | | | -------------------------------------------------------------------------------- | Million euros | 6/2008 | % | 6/2007 | % | 12/2007 | % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Assets | | | | | | | -------------------------------------------------------------------------------- | Non-current assets | | | | | | | -------------------------------------------------------------------------------- | Property, plant and | 93.0 | | 81.9 | | 88.5 | | | equipment | | | | | | | -------------------------------------------------------------------------------- | Goodwill | 0.3 | | 0.3 | | 0.3 | | -------------------------------------------------------------------------------- | Other intangible assets | 4.5 | | 4.0 | | 4.3 | | -------------------------------------------------------------------------------- | Other financial assets | 1.4 | | 1.6 | | 1.4 | | -------------------------------------------------------------------------------- | Deferred tax assets | 0.9 | | 0.7 | | 0.9 | | -------------------------------------------------------------------------------- | | 100.1 | 55 | 88.5 | 54 | 95.4 | 54 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Current assets | | | | | | | -------------------------------------------------------------------------------- | Inventories | 37.2 | | 31.4 | | 33.0 | | -------------------------------------------------------------------------------- | Trade and other | 35.6 | | 32.7 | | 30.3 | | | receivables | | | | | | | -------------------------------------------------------------------------------- | Financial assets at fair | 1.5 | | 2.0 | | 1.9 | | | value through | | | | | | | | profit or loss | | | | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents | 7.0 | | 10.3 | | 4.4 | | -------------------------------------------------------------------------------- | | 81.3 | 45 | 76.4 | 46 | 69.7 | 46 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total assets | 181.4 | 100 | 164.9 | 100 | 165.1 | 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 | -2.4 | | -0.9 | | -1.6 | | -------------------------------------------------------------------------------- | Fair value reserve | 0.1 | | 0.4 | | 0.1 | | -------------------------------------------------------------------------------- | Retained earnings | 74.8 | | 70.9 | | 82.3 | | -------------------------------------------------------------------------------- | | 101.1 | | 99.0 | | 109.4 | | -------------------------------------------------------------------------------- | Minority interest | 0.3 | | 0.5 | | 0.2 | | -------------------------------------------------------------------------------- | Total equity | 101.4 | 56 | 99.5 | 60 | 109.6 | 70 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-current liabilities | | | | | | | -------------------------------------------------------------------------------- | Deferred tax liabilities | 10.5 | | 10.9 | | 10.6 | | -------------------------------------------------------------------------------- | Interest-bearing | 27.7 | | 11.8 | | 11.7 | | | liabilities | | | | | | | -------------------------------------------------------------------------------- | | 38.2 | | 22.7 | | 22.3 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Current liabilities | | | | | | | -------------------------------------------------------------------------------- | Trade and other payables | 30.7 | | 29.0 | | 27.4 | | -------------------------------------------------------------------------------- | Provisions | | | 0.0 | | | | -------------------------------------------------------------------------------- | Current interest-bearing | 11.1 | | 13.7 | | 5.8 | | | liabilities | | | | | | | -------------------------------------------------------------------------------- | | 41.8 | | 42.7 | | 33.2 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total liabilities | 80.0 | 44 | 65.4 | 40 | 55.5 | 30 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total equity and | 181.4 | 100 | 164.9 | 100 | 165.1 | 100 | | liabilities | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED STATEMENT OF | | | | | | | CASH FLOWS | | | | | | -------------------------------------------------------------------------------- | | 1-6 | | 1-6 | | 1-12 | -------------------------------------------------------------------------------- | Million euros | 2008 | | 2007 | | 2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from operating | | | | | | | activities | | | | | | -------------------------------------------------------------------------------- | Profit for the period | 7.1 | | 8.7 | | 20.8 | -------------------------------------------------------------------------------- | Adjustments to profit | 8.8 | | 8.3 | | 15.4 | -------------------------------------------------------------------------------- | Change in working capital | | | | | | -------------------------------------------------------------------------------- | Change in trade and other | -5.2 | | -3.4 | | -0.6 | | receivables | | | | | | -------------------------------------------------------------------------------- | Change in inventories | -4.1 | | 0.6 | | -1.0 | -------------------------------------------------------------------------------- | Change in trade and other | 3.2 | | -0.7 | | -2.4 | | payables | | | | | | -------------------------------------------------------------------------------- | Change in provisions | | | | | | -------------------------------------------------------------------------------- | Interest received | 0.1 | | 0.1 | | 0.4 | -------------------------------------------------------------------------------- | Interest paid | -0.7 | | -0.3 | | -1.0 | -------------------------------------------------------------------------------- | Other financial items, net | 0.0 | | -0.2 | | 0.9 | -------------------------------------------------------------------------------- | Taxes paid | -3.3 | | -3.4 | | -7.3 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net cash flow from operating | 5.9 | | 9.7 | | 25.3 | | activities | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from investing | | | | | | | activities | | | | | | -------------------------------------------------------------------------------- | Investment in property, | -10.1 | | -10.8 | | -23.1 | | plant | | | | | | | and equipment | | | | | | -------------------------------------------------------------------------------- | Investment in intangible | | | | | -1.2 | | assets | | | | | | -------------------------------------------------------------------------------- | Other investment | | | | | -0.2 | -------------------------------------------------------------------------------- | Net cash flow from investing | -10.1 | | -10.8 | | -24.5 | | activities | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from financing | | | | | | | activities | | | | | | -------------------------------------------------------------------------------- | Withdrawal of loans | 30.0 | | 22.0 | | 16.7 | -------------------------------------------------------------------------------- | Repayment of loans | -8.8 | | -1.7 | | -4.3 | -------------------------------------------------------------------------------- | Dividends paid | -14.7 | | -16.6 | | -16.6 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net cash flow from financing | 6.5 | | 3.7 | | -4.2 | | activities | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in cash and cash | 2.3 | | 2.6 | | -3.4 | | equivalents | | | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at | 6.4 | | 9.8 | | 9.8 | | the beginning of the period | | | | | | -------------------------------------------------------------------------------- | Effect of exchange rate | -0.1 | | | | 0.1 | | changes | | | | | | -------------------------------------------------------------------------------- | Effect of changes in the | -0.1 | | -0.1 | | -0.1 | | fair value of investment | | | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at | 8.5 | | 12.3 | | 6.4 | | the end of the period | | | | | | -------------------------------------------------------------------------------- STATEMENT OF CHANGES IN CONSOLIDATED EQUITY -------------------------------------------------------------------------------- | | Issued capital and reserves attributable to | | | | | equity holders of the parent | | | -------------------------------------------------------------------------------- | Million | Share| Share | Trans| Fair | Retain | Total | Minor-| Total | | euros | capi-| pre- | lat- | value | ed | | ity | equity| | | tal | mium | ion | reser-| earnin-| | inter-| | | | | | diff-| ve | gs | | est | | | | | | eren-| and | | | | | | | | | ces | other | | | | | | | | | | reser-| | | | | | | | | | ves | | | | | -------------------------------------------------------------------------------- | Equity | 27.6 | 1.0 | -0.5 | 0.5 | 79.0 | 107.6 | 0.2 | 107.8 | | 31.12.2006 | | | | | | | | | -------------------------------------------------------------------------------- | Translation | | | -0.4 | | | -0.4 | 0.3 | -0.1 | | differences | | | | | | | | | -------------------------------------------------------------------------------- | Change of | | | | -0.2 | | -0.2 | | -0.2 | | fair | | | | | | | | | | value, | | | | | | | | | | financial | | | | | | | | | | assets | | | | | | | | | | available | | | | | | | | | | for | | | | | | | | | | sale | | | | | | | | | -------------------------------------------------------------------------------- | Tax on | | | | 0.1 | | 0.1 | | 0.1 | | equity | | | | | | | | | | items | | | | | | | | | -------------------------------------------------------------------------------- | Counter- | | | | | 0.0 | 0.0 | | 0.0 | | entry of | | | | | | | | | | share-based | | | | | | | | | | payments | | | | | | | | | -------------------------------------------------------------------------------- | Profit for | | | | | 8.7 | 8.7 | 0.0 | 8.7 | | the | | | | | | | | | | period | | | | | | | | | -------------------------------------------------------------------------------- | Total | | | -0.4 | -0.1 | 8.7 | 8.2 | 0.3 | 8.5 | | recognized | | | | | | | | | | income and | | | | | | | | | | expenses for | | | | | | | | | | the period | | | | | | | | | -------------------------------------------------------------------------------- | Dividends | | | | | -16.6 | -16.6 | | -16.6 | -------------------------------------------------------------------------------- | Equity | 27.6 | 1.0 | -0.9 | 0.4 | 70.9 | 99.0 | 0.5 | 99.5 | | 30.6.2007 | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity | 27.6 | 1.0 | -1.7 | 0.1 | 82.3 | 109.4 | 0.2 | 109.6 | | 31.12.2007 | | | | | | | | | -------------------------------------------------------------------------------- | Translation | | | -0.7 | | | -0.7 | 0.1 | -0.6 | | differences | | | | | | | | | -------------------------------------------------------------------------------- | Change of | | | | | | 0.0 | | 0.0 | | accounting | | | | | | | | | | estimates | | | | | | | | | -------------------------------------------------------------------------------- | Change of | | | | 0.0 | | 0.0 | | 0.0 | | fair | | | | | | | | | | value, | | | | | | | | | | financial | | | | | | | | | | assets | | | | | | | | | | available | | | | | | | | | | for | | | | | | | | | | sale | | | | | | | | | -------------------------------------------------------------------------------- | Tax on | | | | 0.0 | | 0.0 | | 0.0 | | equity | | | | | | | | | | items | | | | | | | | | -------------------------------------------------------------------------------- | Counter- | | | | | 0.1 | 0.1 | | 0.1 | | entry of | | | | | | | | | | share-based | | | | | | | | | | payments | | | | | | | | | -------------------------------------------------------------------------------- | Profit for | | | | | 7.1 | 7.1 | 0.0 | 7.1 | | the | | | | | | | | | | period | | | | | | | | | -------------------------------------------------------------------------------- | Total | | | -0,7 | 0,0 | 7,2 | 6,5 | 0,1 | 6,5 | | recognized | | | | | | | | | | income and | | | | | | | | | | expenses for | | | | | | | | | | the period | | | | | | | | | -------------------------------------------------------------------------------- | Dividends | | | | | -14.7 | -14.7 | | -14.7 | -------------------------------------------------------------------------------- | Equity | 27.6 | 1.0 | -2.4 | 0.1 | 74.8 | 101.1 | 0.3 | 101.4 | | 30.6.2008 | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SEGMENT INFORMATION - Business segments | | | -------------------------------------------------------------------------------- | Million euros | | | | | -------------------------------------------------------------------------------- | 4-6/08 | Tamfelt | Tamfelt | Other | Consoli- | | | PMC | Filtration | activities | dated | -------------------------------------------------------------------------------- | Income | | | | | -------------------------------------------------------------------------------- | External turnover | 29.3 | 13.6 | 0.0 | 42.8 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit | | | | | -------------------------------------------------------------------------------- | Operating profit | 3.8 | 2.0 | -0.5 | 5.2 | -------------------------------------------------------------------------------- | Financing items | | | -0.4 | -0.4 | -------------------------------------------------------------------------------- | Taxes | | | -1.4 | -1.4 | -------------------------------------------------------------------------------- | Profit for the period | | | | 3.5 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Investments | 5.5 | 1.1 | 0.5 | 7.1 | -------------------------------------------------------------------------------- | Depreciation and impairment | 2.2 | 0.4 | 0.1 | 2.7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 4-6/07 | Tamfelt | Tamfelt | Other | Consoli- | | | PMC | Filtration | activities | dated | -------------------------------------------------------------------------------- | Income | | | | | -------------------------------------------------------------------------------- | External turnover | 29.0 | 13.4 | 0.0 | 42.4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit | | | | | -------------------------------------------------------------------------------- | Operating profit | 4.8 | 1.7 | -0.6 | 5.9 | -------------------------------------------------------------------------------- | Financing items | | | | | -------------------------------------------------------------------------------- | Taxes | | | -1.5 | -1.5 | -------------------------------------------------------------------------------- | Profit for the period | | | | 4.3 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Investments | 4.1 | 0.7 | 0.1 | 4.9 | -------------------------------------------------------------------------------- | Depreciation and impairment | 1.8 | 0.5 | 0.1 | 2.3 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 1-6/08 | Tamfelt | Tamfelt | Other | Consoli- | | | PMC | Filtration | activities | dated | -------------------------------------------------------------------------------- | Income | | | | | -------------------------------------------------------------------------------- | External turnover | 57.2 | 27.3 | | 84.4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit | | | | | -------------------------------------------------------------------------------- | Operating profit | 7.3 | 4.2 | -1.0 | 10.5 | -------------------------------------------------------------------------------- | Financing items | | | -0.6 | -0.6 | -------------------------------------------------------------------------------- | Taxes | | | -2.7 | -2.7 | -------------------------------------------------------------------------------- | Profit for the period | | | | 7.1 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Investments | 7.7 | 1.8 | 0.6 | 10.1 | -------------------------------------------------------------------------------- | Depreciation and impairment | 3.9 | 0.9 | 0.1 | 4.9 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other data | | | | | -------------------------------------------------------------------------------- | Segment assets | 121.0 | 44.1 | 16.2 | 181.4 | -------------------------------------------------------------------------------- | Segment liabilities | 31.0 | 9.9 | 39.1 | 80.0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 1-6/07 | Tamfelt | Tamfelt | Other | Consoli- | | | PMC | Filtration | activities | dated | -------------------------------------------------------------------------------- | Income | | | | | -------------------------------------------------------------------------------- | External turnover | 57.4 | 27.6 | | 85.0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit | | | | | -------------------------------------------------------------------------------- | Operating profit | 9.1 | 3.7 | -1.1 | 11.7 | -------------------------------------------------------------------------------- | Financing items | | | 0.1 | 0.1 | -------------------------------------------------------------------------------- | Taxes | | | -3.0 | -3.0 | -------------------------------------------------------------------------------- | Profit for the period | | | | 8.7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Investments | 9.1 | 1.4 | 0.3 | 10.8 | -------------------------------------------------------------------------------- | Depreciation and impairment | 3.6 | 0.9 | 0.1 | 4.6 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other data | | | | | -------------------------------------------------------------------------------- | Segment assets | 106.4 | 40.0 | 18.5 | 164.9 | -------------------------------------------------------------------------------- | Segment liabilities | 23.9 | 8.2 | 33.2 | 65.4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SEGMENT INFORMATION - Geographical segments | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 1-6 | | 1-6 | | 1-12 | -------------------------------------------------------------------------------- | Million euros | 2008 | | 2007 | | 2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NET SALES | | | | | | -------------------------------------------------------------------------------- | Finland | 29.6 | | 28.5 | | 57.6 | -------------------------------------------------------------------------------- | Rest of Europe | 39.6 | | 40.8 | | 68.2 | -------------------------------------------------------------------------------- | Other countries | 33.0 | | 28.5 | | 59.0 | -------------------------------------------------------------------------------- | Elimination | -17.8 | | -12.8 | | -17.2 | -------------------------------------------------------------------------------- | Consolidated | 84.4 | | 85.0 | | 167.5 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | INVESTMENTS | | | | | | -------------------------------------------------------------------------------- | Finland | 5.5 | | 7.1 | | 14.2 | -------------------------------------------------------------------------------- | Rest of Europe | 0.3 | | 0.3 | | 1.1 | -------------------------------------------------------------------------------- | Other countries | 4.3 | | 3.4 | | 9.1 | -------------------------------------------------------------------------------- | Consolidated | 10.1 | | 10.8 | | 24.5 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | ASSETS | | | | | | -------------------------------------------------------------------------------- | Finland | 131.9 | | 131.1 | | 136.2 | -------------------------------------------------------------------------------- | Rest of Europe | 22.8 | | 20.6 | | 15.3 | -------------------------------------------------------------------------------- | Other countries | 35.9 | | 20.7 | | 26.0 | -------------------------------------------------------------------------------- | Elimination | -9.2 | | -7.6 | | -12.4 | -------------------------------------------------------------------------------- | Consolidated | 181.4 | | 164.8 | | 165.1 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KEY FIGURES | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 4-6 | 4-6 | 1-6 | 1-6 | 1-12 | -------------------------------------------------------------------------------- | | 2008 | 2007 | 2008 | 2007 | 2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 42.8 | 42.4 | 84.4 | 85.0 | 167.5 | -------------------------------------------------------------------------------- | Operating profit | 5.2 | 5.9 | 10.5 | 11.7 | 25.9 | -------------------------------------------------------------------------------- | % of net sales | 12.2 | 13.9 | 12.4 | 13.8 | 15.5 | -------------------------------------------------------------------------------- | Profit before taxes and | 4.8 | 5.8 | 9.8 | 11.7 | 26.2 | | minority | | | | | | | interest | | | | | | -------------------------------------------------------------------------------- | Profit for the period | 3.5 | 4.3 | 7.1 | 8.7 | 20.8 | -------------------------------------------------------------------------------- | Return on equity, % | 13.2 | 16.6 | 13.5 | 16.8 | 19.2 | -------------------------------------------------------------------------------- | Return on net assets, % | 15.5 | 20.5 | 15.8 | 20.4 | 22.7 | -------------------------------------------------------------------------------- | Equity/Assets ratio at the | 56.1 | 60.7 | 56.1 | 60.7 | 66.5 | | end of the period, % | | | | | | -------------------------------------------------------------------------------- | Gearing at the end of the | 29.9 | 13.2 | 29.9 | 13.2 | 10.3 | | period, % | | | | | | -------------------------------------------------------------------------------- | Gross investment | 7.1 | 4.9 | 10.1 | 10.8 | 24.5 | -------------------------------------------------------------------------------- | % of net sales | 16.6 | 11.6 | 12.0 | 12.7 | 14.6 | -------------------------------------------------------------------------------- | Average employment during | 1 ,533 | 1,460 | 1,518 | 1,449 | 1,469 | | the period | | | | | | -------------------------------------------------------------------------------- | Earnings/share, diluted, | 0.13 | 0.15 | 0.26 | 0.31 | 0.76 | | euros | | | | | | -------------------------------------------------------------------------------- | Equity/share, diluted, euros | 3.66 | 3.59 | 3.66 | 3.59 | 3.95 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | COLLATERALS AND CONTINGENT | | | | | | LIABILITIES | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Million euros | 1-6 | 1-6 | 1-12 | | | -------------------------------------------------------------------------------- | | 2008 | 2007 | 2007 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Contingent liabilities | 0.7 | 0.3 | 0.7 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | DERIVATIVE FINANCIAL | | | | | | | INSTRUMENTS | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Million euros | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Forward exchange contracts, | | | | | | | not under hedge accounting | | | | | | -------------------------------------------------------------------------------- | Fair value | - | 3.0 | 2.7 | | | -------------------------------------------------------------------------------- | Value of underlying asset | - | 2.9 | 2.7 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Electricity derivatives | | | | | | -------------------------------------------------------------------------------- | Fair value | 2.4 | 2.0 | 2.1 | | | -------------------------------------------------------------------------------- | Trading value | 1.6 | 1.9 | 1.7 | | | -------------------------------------------------------------------------------- This unaudited interim report has been prepared in accordance with the basis of measurement provided by IAS 34 (Interim Financial Reporting) and the accounting policies presented in Tamfelt's Annual Report 2007. The figures are rounded off. FURTHER INFORMATION August 5, 2008 from 5.15 pm to 6.30 pm (Finnish time) by Jyrki Nuutila, President & CEO, Tamfelt Corp., tel. +358 400 625 030, and Seppo Holkko, President, Tamfelt PMC Corp., tel. +358 40 509 3319. TAMFELT'S INTERIM REPORTS IN 2008 Tamfelt's interim report for January-September will be published on October 30, 2008. DISTRIBUTION OMX Nordic Exchange Major media www.tamfelt.com Tamfelt is a world-leading supplier of technical textiles. The company's main products are paper machine clothing and filter fabrics. The Tamfelt Group employs about 1,470 people and its net sales in 2007 were 167.5 million euros. Founded in 1797, the company is one of the pioneers of Finnish industry.
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