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2007-10-25 11:30:00 CEST 2007-10-25 11:30:00 CEST REGULATED INFORMATION Tamfelt Oyj Abp - Quarterly reportTAMFELT'S INTERIM REPORT JANUARY-SEPTEMBER 2007TAMFELT CORP. STOCK EXCHANGE RELEASE October 25, 2007 at 12:30 p.m. TAMFELT'S INTERIM REPORT JANUARY-SEPTEMBER 2007 Tamfelt's net sales improved 8.5%. - Net sales 125.6 million euros (1-9/2006: 115.8) (1-12/2006: 155.0) - Operating profit 18.6 million euros (1-9/2006: 18.3) (1-12/2006: 25.9) - Operating profit 15% of net sales (1-9/2006: 16) - Income before taxes 18.5 million euros (1-9/2006: 18.3) - Earnings per share 0.51 euros (1-9/2006: 0.49) - Net cash flow from operating activities 14.9 million euros (1-9/2006: 22.1) - Equity per share 3.77 euros (9/2006: 3.67) - Equity to assets ratio 61.1% (9/2006: 65.7) - Return on net assets 20.8% (9/2006: 22.1) - Return on equity 17.8% (9/2006: 18.0) - Short-term outlook: Tamfelt's full year net sales are expected to be higher than in 2006 and the operative results for the year are 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 continued to grow also in the third quarter of the year. The growth was still strongest in China and other Asia. The price of long-fibered pulp improved, and the price of short-fibered pulp also turned upwards. Price for uncoated fine paper improved, while magazine paper prices declined. The price for newsprint has remained stable, as well as the price for packaging boards. The market situation of metals influences the demand of filter fabrics supplied to the mining industry. The demand and prices of the most important metals still remain at a high level. The price development of metals varies: copper prices are up, price level for nickel has stabilized, and the decline of aluminum prices has also evened out. The consumption of paper machine clothing has increased some during the report period, because paper and board consumption has also increased. The clothing consumption has been strongest Asia. In Europe, the consumption is on the same level as in 2006. In the long term, the clothing consumption follows the trend of paper markets, however, it grows slower than paper production volumes. This is because the suppliers are constantly developing better clothing in order to enhance the papermaking process. The new clothing types are also more durable and last longer. The specific consumption of clothing (consumption per ton of paper produced) also keeps diminishing as a result of the technical development, as new paper machines are built and old, less efficient ones, closed down. Average prices of paper machine clothing in January-September 2007 were lower than the year before, and competition in the field was fierce. Paper and board mills keep their inventories low in attempt to cut costs, which means that clothing suppliers must be prepared for quick deliveries. Trouble-free run of the clothing and reaching the planned running lives are essential when the customers strive for more efficient processes. Successful co-operation with the customers 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 Asia and closing down inefficient units elsewhere in the world. Capacity is concentrated by investing in large, efficient production units. The demand for filter fabrics for the pulp and paper industry evened out during the report period. The demand for filter fabrics for the mining and chemical industries developed favorably. The market situation of fabrics for the energy industry was good and demand grew particularly in China. The fluctuation of oil prices increases the use of coal and developing of alternative sources of energy. In reducing emissions from the use of coal, high-quality filter fabrics are key. Increased production of biofuels also needs filtration media. Generally tightening environmental norms have also increased the demand for filter fabrics, and this trend is expected to continue in the near future. The demand for laundry felts continued good. There was still lack of fibers used in specialty fabrics, which caused difficulties in manufacturing certain laundry felt types and dry filtration media. The rate of the US dollar against the euro continued to decline which weakened the profitability of sales from Western Europe to North America and Asia. PROFIT PERFORMANCE AND FINANCIAL POSITION The net sales of Tamfelt Group in January-September 2007 was 125.6 million euros (1-9/2006: 115.8), an 8.5% increase from the year before. Of the net sales during the period, 31% (33) originated in Finland, 40% (45) in the rest of Europe, and 29% (22) in other countries. The Group's operating profit was 18.6 million euros (18.3), or 14.8% (15.8) of net sales. The profit for the period was 14.2 million euros (13.5). Return on net assets was 20.8% (22.1) and return on equity 17.8% (18.0). Earnings per share were 0.51 euros (0.49). Improved productivity and increased sales volumes compensated for the effect of declining price level on the results. The market shares have grown as a result of successful long-term R&D and Tamfelt's customer oriented approach. The declining price levels have also been fought through launching new competitive products in the market. Productivity has improved due to timely investments and process and working method development. Even stronger concentration on chosen strategic segments has also improved profitability. The consolidated balance sheet total at the end of September was 171.2 million euros (156.4). Equity amounted to 104.4 million euros (101.2). Equity to assets ratio was 61.1% (65.7) and gearing 14.6% (0.1). The amount of interest bearing liabilities at the end of September was 27.5 million euros (12.4) and book value of cash and cash equivalents was 12.5 million euros (12.3). The Group's net financial items totaled -0.1 million euros (0.0). Net cash from operating activies was 14.9 million euros (22.1). Cash flow before financing items was -3.2 million euros (17.4); this was affected by record high investments. Tamfelt's order backlog is good in all product groups. OPERATIONS The sales of paper machine clothing developed favorably in China, North America and Western Europe. Tamfelt's delivery volumes increased more than the total demand of clothing, and market shares improved. The volume of start-up orders is higher than in 2006. The demand for Tamfelt paper machine clothing was good in all product groups. The highest growth numbers were in shoe press belts and dryer fabrics. Filter fabric sales improved in all market areas. Tamfelt focuses on chosen target segments. One of these is clothing for large, high-speed paper and board machines, in which segment Tamfelt has been able to clearly increase its market shares. The company has also strengthened its market position in chosen filter fabric target segments, such as dry filtration media where the sales have been growing strongly. Tamfelt is the market leader in filter fabrics for caustisizing in pulp mills, and for iron ore pelletizing plants, as well as in laundry felts. A growing segment is fabrics for coal energy plants. One of Tamfelt's chosen target areas is also filter fabrics for environmental technology. The customers are still showing high interest in spearhead products in paper machine clothing. The share of HiSpeed, Gapmaster, and Packmaster triple layer fabrics out of Tamfelt's forming fabric production clearly exceeds 70%. The production volumes of TMO and SMO press fabrics also keep increasing. The new generation non-woven press felt, Aquastar, is meant for the fastest paper machines in the world, and it has already proven runnability in several machines. The new shoe press belt, Tambelt 3G is arousing increased interest among the customers. The wear resistance of this product is excellent, thanks to a triple layer reinforcement structure. The share of the spearhead products out of all deliveries is over 40%. During the report period, an SC machine ran a record 9.5 days without machine breaks. Over 70% of the clothing in this machine were from Tamfelt. A Chinese newsprint machine also made a world record in daily production volume; Tamfelt's clothing contributed strongly to this record as well. INVESTMENTS The Group's gross investments in the report period were 18.1 million euros (4.7). The largest investments under way are increasing the press felt production volumes in Tampere, and building a fabric factory in China. The plant in Brazil has started weaving of filter fabrics. Tamfelt's filter fabric factory in Shanghai, China, started operation in January 2007. The new unit produces and sells filter fabrics for both wet and dry filtration in China and the Southeast Asian market. Especially the fabrics for energy plants have been in good demand. The building of a factory to make forming and dryer fabrics continues in Tianjin, China. The machinery installations have begun in October, and the factory is due to start production in the first quarter of 2008. The order backlog for the new factory already looks good. The factory will improve Tamfelt's delivery ability, logistics, and competitiveness. PERSONNEL At the end of September, the Group employed 1,469 (1,422) people. The number is 47 people higher than in September 2006. At the end of 2006, the number was 1,433. Of Tamfelt Group personnel, 27% work in other countries and 73% in Finland. The majority of the new trade union agreements for the personnel in the Finnish units have been signed. SHARES AND SHARE CAPITAL Tamfelt's share capital consists of common and preferred shares. The accounting par value of both types of share is 1.00 euro. Preferred shares collect two percent 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-September, preferred shares traded in OMX Nordic Exchange Helsinki for 13.9 million euros (17.6) and common shares for 2.3 million euros (2.2). The trading volume of preferred shares was 6.9% (11.3) of their total volume. The corresponding figure on common shares was 2.0% (2.4). At the end of September, the closing price per preferred share was 11.30 euros, and per common share 12.00 euros. The price increase per preferred and common shares was 6.1% and 13.0%, respectively, since the beginning of the year. The highest price per preferred share in January-September was 12.88 euros and lowest 9.55 euros. The highest price per common share was 12.75 euros and lowest 10.35 euros. Tamfelt's total market capitalization as of September 30, 2007 was 318.6 million euros (252.7). Tamfelt's share capital is 27,563,964 euros. The total number of shares is 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 September 30, 2007: -------------------------------------------------------------------------------- | 1. | Ilmarinen Mutual Pension Insurance Company | 7.4% | -------------------------------------------------------------------------------- | 2. | Varma Mutual Pension Insurance Company | 5.9% | -------------------------------------------------------------------------------- | 3. | Tapiola Mutual Pension Insurance Company | 3.9% | -------------------------------------------------------------------------------- | 4. | Svenska litteratursällskapet i Finland r.f. | 3.1% | -------------------------------------------------------------------------------- | 5. | Sampo Life Insurance Company | 2.9% | -------------------------------------------------------------------------------- | 6. | Metso Corporation | 2.6% | -------------------------------------------------------------------------------- | 7. | Waldemar von Frenckell Foundation | 2.6% | -------------------------------------------------------------------------------- | 8. | Samfundet Folkhälsan i Svenska Finland r.f. | 2.2% | -------------------------------------------------------------------------------- | 9. | Juselius Sigrid Foundation | 2.1% | -------------------------------------------------------------------------------- | 10. | Cedercreutz Axel | 1.7% | -------------------------------------------------------------------------------- | | Total | 34.4% | -------------------------------------------------------------------------------- At the end of September, Tamfelt had a total of 3,188 shareholders. Foreign ownership including registrations in name of nominee amounted to 4.3% (5.3) of shares. EVENTS AFTER THE REPORT PERIOD The Board of Directors of Tamfelt Corp. decided on October 22, 2007 to initiate an incorporation of the Group's paper machine clothing (PMC) and filter fabric business areas. The incorporation is executed by means of a transfer of undertaking to the subsidiaries Tamfelt PMC Oy and Tamfelt Filtration Oy being established. After the incorporation, Tamfelt will report the PMC and Filtration business areas as its primary reporting segment and the geographical segment as the secondary reporting segment. A Stock Exchange Release on the above was published on October 22, 2007. SHORT-TERM OUTLOOK Demand for paper is expected to remain on a good level, 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 the demand for filter fabrics is expected to increase. The generally tightening environmental norms will also have a positive effect on filter fabric demand. The investment decisions already made, and the input in internationalization will increase the investment expenses significantly compared to earlier years. Special attention will continue to be paid to capital efficiency, innovativeness, and improving productivity. Tamfelt's full year net sales are expected to be higher than in 2006 and the operative results for the year are expected to remain at a good level. No one-time income is expected, however, like the one from the sales of the water power company Alakoski Oy last year. The profit from the sales of Alakoski Oy in the last quarter of 2006 was 0.07 euros per share. Helsinki, Finland, October 25, 2007 TAMFELT CORP. Board of Directors Anu Lehtinen Communications Officer The results are unaudited. -------------------------------------------------------------------------------- | CONSOLIDATED INCOME | | | | | | | | | STATEMENT, IFRS | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 1-9 | | 1-9 | | 1-12 | | | -------------------------------------------------------------------------------- | Million euros | 2007 | % | 2006 | % | 2006 | % | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 125.6 | 100 | 115.8 | 100 | 155.0 | 100 | | -------------------------------------------------------------------------------- | Operating profit | 18.6 | 15 | 18.3 | 16 | 25.9 | 17 | | -------------------------------------------------------------------------------- | Financial income and | -0.1 | | 0.0 | | 0.3 | | | | expenses | | | | | | | | -------------------------------------------------------------------------------- | Share of the income of | | | 0.0 | | | | | | associated companies | | | | | | | | -------------------------------------------------------------------------------- | Profit before tax | 18.5 | | 18.3 | | 26.2 | | | -------------------------------------------------------------------------------- | Income tax | -4.3 | | -4.8 | | -6.1 | | | -------------------------------------------------------------------------------- | Profit for the period | 14.2 | 11 | 13.5 | 12 | 20.1 | 13 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Attributable to | | | | | | | | -------------------------------------------------------------------------------- | Equity holders of the | 14.2 | | 13.6 | | 20.2 | | | | parent | | | | | | | | -------------------------------------------------------------------------------- | Minority interest | -0.1 | | 0.0 | | -0.1 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share calculated on profit attributable to equity holders of | | the parent (euro) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Basic | 0.51 | | 0.49 | | 0.73 | | | -------------------------------------------------------------------------------- | Diluted | 0.51 | | 0.49 | | 0.73 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED BALANCE SHEET, | | | | | | | | IFRS | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Million euros | 9/2007 | % | 9/2006 | % | 12/2006 | % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Assets | | | | | | | -------------------------------------------------------------------------------- | Non-current assets | | | | | | | -------------------------------------------------------------------------------- | Property, plant and | 86.2 | | 71.5 | | 75.8 | | | equipment | | | | | | | -------------------------------------------------------------------------------- | Goodwill | 0.3 | | 0.3 | | 0.3 | | -------------------------------------------------------------------------------- | Other intangible assets | 4.4 | | 3.8 | | 4.0 | | -------------------------------------------------------------------------------- | Investments in associates | | | 0.3 | | | | -------------------------------------------------------------------------------- | Other financial items | 1.4 | | 1.8 | | 1.8 | | -------------------------------------------------------------------------------- | Deferred tax assets | 0.7 | | 0.6 | | 0.6 | | -------------------------------------------------------------------------------- | | 93.0 | 54 | 78.3 | 50 | 82.5 | 54 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Current assets | | | | | | | -------------------------------------------------------------------------------- | Inventories | 31.7 | | 31.0 | | 32.1 | | -------------------------------------------------------------------------------- | Trade and other receivables | 34.0 | | 34.8 | | 29.2 | | -------------------------------------------------------------------------------- | Financial assets at fair | 2.1 | | 1.6 | | 1.8 | | | value through profit or | | | | | | | | loss | | | | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents | 10.4 | | 10.7 | | 8.0 | | -------------------------------------------------------------------------------- | | 78.2 | 46 | 78.1 | 50 | 71.1 | 46 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total assets | 171.2 | 100 | 156.4 | 100 | 153.6 | 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 reserve | 1.0 | | 1.0 | | 1.0 | | -------------------------------------------------------------------------------- | Translation differences | -1.5 | | -0.2 | | -0.5 | | -------------------------------------------------------------------------------- | Fair value reserve | 0.2 | | 0.5 | | 0.5 | | -------------------------------------------------------------------------------- | Retained earnings | 76.6 | | 72.1 | | 79.0 | | -------------------------------------------------------------------------------- | | 103.9 | | 101.0 | | 107.6 | | -------------------------------------------------------------------------------- | Minority interest | 0.5 | | 0.2 | | 0.2 | | -------------------------------------------------------------------------------- | Total equity | 104.4 | 61 | 101.2 | 65 | 107.8 | 70 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-current liabilities | | | | | | | -------------------------------------------------------------------------------- | Deferred tax liabilities | 10.9 | | 11.2 | | 10.9 | | -------------------------------------------------------------------------------- | Interest-bearing | 14.6 | | 5.1 | | 1.8 | | | liabilities | | | | | | | -------------------------------------------------------------------------------- | | 25.5 | | 16.3 | | 12.7 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Current liabilities | | | | | | | -------------------------------------------------------------------------------- | Trade and other payables | 28.3 | | 31.1 | | 29.8 | | -------------------------------------------------------------------------------- | Provisions | 0.0 | | 0.5 | | 0.0 | | -------------------------------------------------------------------------------- | Current interest bearing | 12.9 | | 7.3 | | 3.3 | | | liabilities | | | | | | | -------------------------------------------------------------------------------- | | 41.2 | | 38.9 | | 33.1 | | -------------------------------------------------------------------------------- | Total liabilities | 66.8 | 39 | 55.2 | 35 | 45.8 | 30 | -------------------------------------------------------------------------------- | Total equity and | 171.2 | 100 | 156.4 | 100 | 153.6 | 100 | | liabilities | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED CASH FLOW | | | | | | | STATEMENT | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 1-9 | | 1-9 | | 1-12 | -------------------------------------------------------------------------------- | Million euros | 2007 | | 2006 | | 2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating activities | | | | | | -------------------------------------------------------------------------------- | Profit for the period | 14.1 | | 13.5 | | 20.1 | -------------------------------------------------------------------------------- | Adjustments to profit | 11.6 | | 11.1 | | 12.6 | -------------------------------------------------------------------------------- | Change in working capital: | | | | | | -------------------------------------------------------------------------------- | Change in trade and other | -4.7 | | -6.1 | | -0.5 | | receivables | | | | | | -------------------------------------------------------------------------------- | Change in inventories | 0.3 | | 1.1 | | 0.1 | -------------------------------------------------------------------------------- | Change in trade and other | -1.5 | | 6.6 | | 5.4 | | payables | | | | | | -------------------------------------------------------------------------------- | Change in provisions | | | | | -0.5 | -------------------------------------------------------------------------------- | Interest received | 0.2 | | 0.1 | | 0.2 | -------------------------------------------------------------------------------- | Interest paid | -0.6 | | -0.2 | | -0.6 | -------------------------------------------------------------------------------- | Other financial items, net | 0.4 | | 0.1 | | 0.4 | -------------------------------------------------------------------------------- | Taxes paid | -4.9 | | -4.1 | | -5.5 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net cash from operating | 14.9 | | 22.1 | | 31.7 | | activities | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Investing activities | | | | | | -------------------------------------------------------------------------------- | Acquisition of subsidiaries less cash and cash equivalents at | | | acquisition date | | -------------------------------------------------------------------------------- | Investments in property, plant | -18.1 | | -4.7 | | -10.8 | | and equipment | | | | | | -------------------------------------------------------------------------------- | Investments in intangible assets | | | | -0.7 | -------------------------------------------------------------------------------- | Sales of associates | | | | | 2.3 | -------------------------------------------------------------------------------- | Net cash from investing | -18.1 | | -4.7 | | -9.2 | | activities | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financing activities | | | | | | -------------------------------------------------------------------------------- | Subscription for stock options | | | 0.1 | | 0.1 | -------------------------------------------------------------------------------- | Withdrawal of loans | 24.8 | | 1.0 | | | -------------------------------------------------------------------------------- | Repayment of loans | -2.3 | | -2.7 | | -9.0 | -------------------------------------------------------------------------------- | Dividends paid | -16.6 | | -11.1 | | -11.1 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net cash from financing | 5.9 | | -12.7 | | -20.0 | | activities | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in cash and cash | 2.7 | | 4.7 | | 2.5 | | equivalents | | | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at | 9.8 | | 7.7 | | 7.7 | | the beginning of period | | | | | | -------------------------------------------------------------------------------- | Effect of exchange rates | 0.1 | | -0.2 | | -0.2 | -------------------------------------------------------------------------------- | Effect of changes in the fair | -0.1 | | 0.1 | | -0.2 | | value of investments | | | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at | 12.5 | | 12.3 | | 9.8 | | the end of period | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | STATEMENT OF CHANGES IN | | | | | | | | EQUITY | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Equity attributable to shareholders of the parent | | -------------------------------------------------------------------------------- | Million euros | Sha | Shar | Tran | Fair | Retai | Total | Minor | Total | | | re | e | slat | value | ned | | ity | equity | | | cap | prem | ion | reser | earni | | inter | | | | ita | ium | diff | ve | ngs | | est | | | | l | rese | eren | and | | | | | | | | rve | ces | other | | | | | | | | | | reser | | | | | | | | | | ves | | | | | -------------------------------------------------------------------------------- | Equity Dec. 31, | 27. | 1.0 | 0.1 | 0.8 | 69.8 | 99.2 | 0.3 | 99.4 | | 2005 | 6 | | | | | | | | -------------------------------------------------------------------------------- | Translation | | | -0.3 | | | -0.3 | | -0.3 | | differences | | | | | | | | | -------------------------------------------------------------------------------- | Change in fair value, | | -0.4 | | -0.4 | | -0.4 | | available-for-sale | | | | | | | | investments | | | | | | | -------------------------------------------------------------------------------- | Tax on equity items | 0.1 | | 0.1 | | 0.1 | -------------------------------------------------------------------------------- | Counter entry of | 0.0 | 0.0 | | 0.0 | | share-based payments | | | | | -------------------------------------------------------------------------------- | Profit for the | | | | | 13.5 | 13.5 | 0.0 | 13.5 | | period | | | | | | | | | -------------------------------------------------------------------------------- | Total recognized | | -0.3 | -0.3 | 13.5 | 12.9 | 0.0 | 12.9 | | income and | | | | | | | | | expenses | | | | | | | | | for the period | | | | | | | | -------------------------------------------------------------------------------- | Dividends | | | | | -11.1 | -11.1 | | -11.1 | -------------------------------------------------------------------------------- | Stock options | 0.0 | 0.1 | | | | 0.1 | | 0.1 | | excercised | | | | | | | | | -------------------------------------------------------------------------------- | Equity Sept. | 27.6| 1.0 | -0.2 | 0.5 | 72.1 | 101.0 | 0.2 | 101.2 | | 30, 2006 | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity Dec. 31, | 27.6| 1.0 | -0.5 | 0.5 | 79.0 | 107.6 | 0.2 | 107.8 | | 2006 | | | | | | | | | -------------------------------------------------------------------------------- | Translation | | | -1.0 | | | -1.0 | 0.4 | -0.6 | | differences | | | | | | | | | -------------------------------------------------------------------------------- | Change in fair value, | | -0.4 | | -0.4 | | -0.4 | | available-for-sale | | | | | | | | investments | | | | | | | -------------------------------------------------------------------------------- | Tax on equity items | 0.1 | | 0.1 | | 0.1 | -------------------------------------------------------------------------------- | Counter entry for | 0.1 | 0.1 | | 0.1 | | share-based payments | | | | | -------------------------------------------------------------------------------- | Profit for the | | | | | 14.2 | 14.2 | -0.1 | 14.1 | | period | | | | | | | | | -------------------------------------------------------------------------------- | Total recognized | | -1.0 | -0.3 | 14.3 | 13.0 | 0.3 | 13.3 | | income and | | | | | | | | | expenses | | | | | | | | | for the period | | | | | | | | -------------------------------------------------------------------------------- | Dividends | | | | | -16.6 | -16.6 | | -16.6 | -------------------------------------------------------------------------------- | Equity Sept. | 27.6| 1.0 | -1.5 | 0.2 | 76.6 | 103.9 | 0.5 | 104.4 | | 30, 2007 | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SEGMENT REPORTING - secondary segment | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 1-9 | | 1-9 | | 1-12 | -------------------------------------------------------------------------------- | Million euros | 2007 | | 2006 | | 2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NET SALES | | | | | | -------------------------------------------------------------------------------- | Finland | 43.1 | | 39.7 | | 53.6 | -------------------------------------------------------------------------------- | Other Europe | 54.2 | | 52.0 | | 67.6 | -------------------------------------------------------------------------------- | Other countries | 47.1 | | 35.5 | | 45.7 | -------------------------------------------------------------------------------- | Eliminations | -18.9 | | -11.3 | | -11.9 | -------------------------------------------------------------------------------- | Consolidated | 125.6 | | 115.8 | | 155.0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | INVESTMENTS | | | | | | -------------------------------------------------------------------------------- | Finland | 13.2 | | 4.5 | | 9.2 | -------------------------------------------------------------------------------- | Other Europe | 0.7 | | 0.2 | | 0.5 | -------------------------------------------------------------------------------- | Other countries | 4.2 | | | | 1.8 | -------------------------------------------------------------------------------- | Consolidated | 18.1 | | 4.7 | | 11.5 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | ASSETS | | | | | | -------------------------------------------------------------------------------- | Finland | 132.2 | | 129.9 | | 126.4 | -------------------------------------------------------------------------------- | Other Europe | 21.5 | | 19.3 | | 19.3 | -------------------------------------------------------------------------------- | Other countries | 25.2 | | 15.1 | | 13.2 | -------------------------------------------------------------------------------- | Eliminations | -7.7 | | -7.9 | | -5.3 | -------------------------------------------------------------------------------- | Consolidated | 171.2 | | 156.4 | | 153.6 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KEY FIGURES | | | | | | -------------------------------------------------------------------------------- | | 1-9 | | 1-9 | | 1-12 | -------------------------------------------------------------------------------- | | 2007 | | 2006 | | 2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 125.6 | | 115.8 | | 155.0 | -------------------------------------------------------------------------------- | Operating profit | 18.6 | | 18.3 | | 25.9 | -------------------------------------------------------------------------------- | % of net sales | 14.8 | | 15.8 | | 16.7 | -------------------------------------------------------------------------------- | Profit before taxes and | 18.5 | | 18.3 | | 26.2 | | minority interest | | | | | | -------------------------------------------------------------------------------- | Profit for the period | 14.2 | | 13.5 | | 20.1 | -------------------------------------------------------------------------------- | Return on equity, % | 17.8 | | 18.0 | | 19.4 | -------------------------------------------------------------------------------- | Return on net assets, % | 20.8 | | 22.1 | | 23.7 | -------------------------------------------------------------------------------- | Equity to assets ratio, % | 61.1 | | 65.7 | | 70.6 | -------------------------------------------------------------------------------- | Gearing, % | 14.6 | | 0.1 | | -4.3 | -------------------------------------------------------------------------------- | Gross investments | 18.1 | | 4.7 | | 11.5 | -------------------------------------------------------------------------------- | % of net sales | 14.4 | | 4.1 | | 7.4 | -------------------------------------------------------------------------------- | Average number of personnel | 1,459 | | 1,407 | | 1,415 | | over the period | | | | | | -------------------------------------------------------------------------------- | Earnings/share, diluted, euros | 0.51 | | 0.49 | | 0.73 | -------------------------------------------------------------------------------- | Equity/share, diluted, euros | 3.77 | | 3.67 | | 3.90 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | COMMITMENTS AND CONTINGENCIES | | | | | | -------------------------------------------------------------------------------- | Million euros | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Commitments | 0.3 | | 0.4 | | 0.3 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | DERIVATIVE FINANCIAL | | | | | | | INSTRUMENTS | | | | | | -------------------------------------------------------------------------------- | Million euros | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Forward exchanges, not in hedge accounting | | | -------------------------------------------------------------------------------- | Fair value | 2.1 | | 7.0 | | 5.0 | -------------------------------------------------------------------------------- | Value of underlying asset | 2.2 | | 7.1 | | 4.9 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Electricity derivatives | | | | | | -------------------------------------------------------------------------------- | Fair value | 2.0 | | 1.6 | | 2.0 | -------------------------------------------------------------------------------- | Trading value | 1.8 | | 1.1 | | 2.0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- ADDITIONAL INFORMATION On October 25, 2007, between 3:30 and 4:30 p.m. Finnish time: 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 DISTRIBUTION OMX Nordic Exchange Helsinki Main media www.tamfelt.com Tamfelt is one of the world's leading suppliers of technical textiles. The company's main products are paper machine clothing and filter fabrics. Tamfelt Group employs about 1,450 persons and its net sales were 155.0 million euro in the year 2006. Founded in 1797, the company is one of the pioneers of Finnish industry. The manufacturing of paper machine clothing started in 1882. Today Tamfelt is part of the state-of-the-art Finnish forest cluster. |
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