2007-08-09 14:04:23 CEST
2007-08-09 14:04:23 CEST
REGULATED INFORMATION
Tamfelt Oyj Abp - Quarterly report
TAMFELT'S INTERIM REPORT JANUARY-JUNE 2007
TAMFELT CORP. STOCK EXCHANGE RELEASE August 9, 2007 at 3.00 p.m.
TAMFELT'S INTERIM REPORT JANUARY-JUNE 2007
Net sales improved 7.2% compared to the same period in 2006.
- Net sales 85.0 million euros (1-6/2006: 79.3) (1-12/2006: 155.0)
- Operating profit 11.7 million euros (1-6/2006: 11.7) (1-12/2006: 25.9)
- Operating profit 13.7% of net sales (1-6/2006: 14.8)
- Income before taxes and minority interest 11.7 million euros
(1-6/2006:11.6)
- Earnings per share 0.31 euros (1-6/2006: 0.31)
- Net cash flow from operating activities 9.7 million euros (1-6/2006: 15.7)
- Equity per share 3.59 euros (6/2006: 3.48)
- Equity to assets ratio 60.7% (6/2006: 63.8)
- Return on net assets 20.4% (6/2006: 21.6)
- Return on equity 16.8% (6/2006: 17.5)
- 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 in the first half of 2007. The
growth was still strongest in China and other Asia, but also in Western Europe
the demand has increased compared to the first half of 2006. The price of
long-fibered pulp has improved, as well as the prices of board and newsprint
paper, but the prices of other paper grades have in average remained fairly
stable. The market situation of metals influences the demand of filter fabrics.
The demand and prices of the most important metals were good, although there has
been continued short-term fluctuation in prices. An exception of the price
trends is nickel, the price of which has been going down since May.
In spite of the positive market situation, the demand for paper machine clothing
did not grow, except in China and the rest of Asia. In the long term, the
development of the clothing market follows the trend of the paper market.
Clothing consumption will grow slower, however, 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.
Average prices of paper machine clothing in January-June 2007 were lower than
the year before, and competition in the field was tougher due to cost savings
programs of customer companies. Paper and board mills sought to reduce their
inventories further, which means the clothing suppliers must prepare for faster
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 and closing down smaller ones.
The market situation of filter fabrics for the paper and pulp industries during
the report period was good and the demand was on a higher level than in the
first half of 2006. The demand for filter fabrics delivered to the mining and
chemical industries was at the same level as in the corresponding period in
2006. The market situation of filter fabrics for the energy industry was good
and demand increased, particularly in China. The fluctuation of oil prices leads
to increased use of coal as energy and to developing 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. In
addition, the generally tightening environmental regulations have increased the
demand for filter fabrics, and this trend will continue in the near future. The
demand for laundry felts continued good. There was lack of fibers used in
specialty fabrics which caused difficulties in manufacturing certain laundry
felt types and dry filtration media.
The weak exchange rate of the US dollar against the euro weakened the
profitability of exports from Western Europe to North America and Asia.
PROFIT PERFORMANCE AND FINANCIAL POSITION
The net sales of Tamfelt Group in January-June 2007 were 85.0 million euros
(79.3 in 1-6/2006). This is 7.2% higher than in the same period in 2006.
Delivery volumes increased more than the net sales. Of the net sales during the
period, 30% (36) originated in Finland, 42% (44) in other Europe, and 28% (20)
in other countries.
The Group's operating profit 11.7 million euros (11.7) was 13.7% (14.8) of net
sales. The net profit for the period was 8.7 million euros (8.6). Return on net
assets was 20.4% (21.6) and return on equity was 16.8% (17.5). Earnings per
share were 0.31 euros (0.31).
Increasing productivity and sales volumes compensated for the effect of lower
prices to the results. Increasing market shares have been made possible by
successful long-term R&D, and customer-focused approach. Decreasing price level
has been fought by bringing new competitive products into the market.
Productivity has been improved through timely investments and by developing
processes and work procedures. Even stronger concentration on chosen strategic
segments has also contributed to improved profitability.
The consolidated balance sheet total was 164.9 million euros (151.1) at the end
of the period. Equity amounted to 99.5 million euros (96.2). Equity to assets
ratio was 60.7% (63.8) and gearing 13.2% (3.3). The amount of interest bearing
liabilities at the end of June was 25.5 million euros (14.8), and book value of
cash and cash equivalents was 12.3 million euros (11.7). The Group's net
financial items totaled 0.1 million euros (-0.1).
Net cash from operating activities was 9.7 million euros (15.7), and cash flow
before financing items was -1.1 million euros (13.1).
Tamfelt's order backlog is good, but orders continue to distribute unevenly
between the various product groups.
OPERATIONS
The sales of paper machine clothing developed well in North America and in Asia,
especially in China, as well as in Western Europe. Tamfelt's delivery volumes
increased, although the total demand for clothing decreased. Tamfelt has
received start-up orders for 2007 both from China and from Europe. The demand of
press felts and shoe press belts, in particular, continued good. The demand for
dryer fabrics has also improved from last year. The sales of filter fabrics
improved in all market areas.
Tamfelt focuses on chosen target segments. One of these is clothing for large,
fast paper and board machines, and Tamfelt has been able to increase its market
share clearly in this segment. During the report period, Tamfelt clothing
contributed, for example, to a new SC paper world speed record, 1901 m/min. The
company has strengthened its market position also in chosen filter fabric
segments, such as dry filtration media where the sales have grown strongly
during the report period. In fabrics for pulp mill caustisizing applications and
for iron pelletizing plants, as well as in laundry felts, Tamfelt is the market
leader. A growing segment is fabrics for filtration applications in coal power
plants.
The customers are showing increased interest in Tamfelt's spearhead products.
The share of Gapmaster and Packmaster triple layer forming fabrics out of the
forming fabric production already exceeds 70%. The production volumes of TMO and
SMO press fabrics are also constantly increasing. Earlier this year, Tamfelt
launched the patented HiSpeed forming fabric designed especially for fast paper
machines. Running experiences from paper machines have been very encouraging and
orders are flowing in. The new shoe press belt, Tambelt 3G has also aroused
interest among the customers. The wear resistance of this product is excellent,
thanks to a triple layer reinforcement structure. The share of spearhead
products out of all deliveries exceeds 40%.
INVESTMENTS
The Group's gross investments during the first six months of 2007 were 10.8
million euros (2.6). The largest investments now in process are increasing the
press felt production capacity in Tampere plant, and building a fabric factory
in China.
The new needling loom, representing state-of-the-art technology, will be taken
into use in press felt production in fall 2007. Other investments to enhance
press felt capacity were completed during the report period.
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
in China and the Southeast Asian market. Further investments in the factory are
due later on.
The building of a factory making forming and dryer fabrics in Tianjin, China,
was started during the report period and the work is progressing as expected.
Production in the factory is due to start during the first quarter of 2008.
After completed, the new factory will improve Tamfelt's delivery ability,
logistics, and competitiveness in the long term.
Special attention has been paid in the Group to making the information systems
compatible. Incorporating the subsidiaries into the Group's SAP resource
planning system continues. The target is to have all units included by the end
of 2007. A common system will improve business planning, monitoring, and
intelligence.
PERSONNEL
At the end of June, the Group employed 1,464 (1,408) people. The number is 56
people higher than in June 2006. The increase has taken place in the Tampere and
Shanghai units. At the end of 2006, the number of personnel was 1,443. Of
Tamfelt personnel, 73% work in Finland and 27% in other countries.
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 Janauary-June, preferred shares traded in OMX Nordic Exchange Helsinki for
11.6 million euros (13.8) and common shares for 1.6 million euros (1.9). The
trading volume of preferred shares was 5.8% (9.0) of their total volume. The
corresponding figure on common shares was 1.4% (2.1).
At the end of June, the closing price per preferred share was 11.60 euros and
per common share 11.90 euros. The price increase per preferred share since the
beginning of the year was 8.9% and per common share 12.1%. The highest price per
preferred share in January-June was 12.88 euros and the lowest price 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 June 30, 2007 was 322.8
million euros (241).
Tamfelt's share capital 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 June 30, 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 June, Tamfelt had a total of 3,198 shareholders. Foreign ownership
including registrations in name of nominee amounted to 4.6% (5.3) 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. The generally tightening environmental regulations will
also have a positive effect on the demand for filter fabrics.
The investment decisions already made and input in internationalization will
increase the investment expenses significantly in 2007. Special attention will
continue to be paid to capital efficiency, innovativeness, and improving
productivity.
The trade union agreements for the textile and confection industry in Finland
will end on September 30, 2007 which provides some uncertainty for the last
quarter of the year. Tamfelt's full year net sales are, however, expected to
grow from 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 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.
Juankoski, Finland, August 9, 2007
TAMFELT CORP.
Board of Directors
Anne Paloheimo-Seppänen
Communications Manager
The results are unaudited.
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| CONSOLIDATED INCOME | | | | | | |
| STATEMENT, IFRS | | | | | | |
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| | 1-6 | | 1-6 | | 1-12 | |
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| Million euros | 2007 | % | 2006 | % | 2006 | % |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | 85.0 | 100 | 79.3 | 100 | 155.0 | 100 |
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| Operating profit | 11.7 | 14 | 11.7 | 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 | 11.7 | | 11.6 | | 26.2 | |
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| Income tax | -3.0 | | -3.1 | | -6.1 | |
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| Profit for the period | 8.7 | 10 | 8.6 | 11 | 20.1 | 13 |
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| Attributable to | | | | | | |
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| Equity holders of the | 8.7 | | 8.6 | | 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 | 0.31 | | 0.31 | | 0.73 | |
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| Diluted | 0.31 | | 0.31 | | 0.73 | |
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| CONSOLIDATED BALANCE SHEET, | | | | | | |
| IFRS | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Million euros | 6/2007 | % | 6/2006 | % | 12/2006 | % |
| | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Assets | | | | | | |
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| Non-current assets | | | | | | |
--------------------------------------------------------------------------------
| Property, plant and | 81.9 | | 71.2 | | 75.8 | |
| equipment | | | | | | |
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| Goodwill | 0.3 | | 0.3 | | 0.3 | |
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| Other intangible assets | 4.0 | | 3.7 | | 4.0 | |
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| Investments in associates | | | 0.3 | | | |
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| Other financial items | 1.6 | | 1.7 | | 1.8 | |
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| Deferred tax assets | 0.7 | | 0.5 | | 0.6 | |
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| | 88.5 | 54 | 77.7 | 51 | 82.5 | 54 |
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| Current assets | | | | | | |
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| Inventories | 31.4 | | 31.9 | | 32.1 | |
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| Trade and other receivables | 32.7 | | 29.8 | | 29.2 | |
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| Financial assets at fair | 2.0 | | 1.5 | | 1.8 | |
| value | | | | | | |
| through profit or | | | | | | |
| loss | | | | | | |
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| Cash and cash equivalents | 10.3 | | 10.2 | | 8.0 | |
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| | 76.4 | 46 | 73.4 | 49 | 71.1 | 46 |
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| Total assets | 164.9 | 100 | 151.1 | 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 | -0.9 | | -0.3 | | -0.5 | |
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| Fair value reserve | 0.4 | | 0.5 | | 0.5 | |
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| Retained earnings | 70.9 | | 67.2 | | 79.0 | |
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| | 99.0 | | 96.0 | | 107.6 | |
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| Minority interest | 0.5 | | 0.2 | | 0.2 | |
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| Total equity | 99.5 | 60 | 96.2 | 64 | 107.8 | 70 |
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--------------------------------------------------------------------------------
| Non-current liabilities | | | | | | |
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| Deferred tax liabilities | 10.9 | | 11.0 | | 10.9 | |
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| Interest-bearing | 11.8 | | 5.1 | | 1.8 | |
| liabilities | | | | | | |
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| | 22.7 | | 16.1 | | 12.7 | |
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| Current liabilities | | | | | | |
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| Trade and other payables | 29.0 | | 28.6 | | 29.8 | |
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| Provisions | 0.0 | | 0.5 | | 0.0 | |
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| Current interest-bearing | 13.7 | | 9.7 | | 3.3 | |
| liabilities | | | | | | |
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| | 42.7 | | 38.8 | | 33.1 | |
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| Total liabilities | 65.4 | 40 | 54.9 | 36 | 45.8 | 30 |
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| Total equity and | 164.9 | 100 | 151.1 | 100 | 153.6 | 100 |
| liabilities | | | | | | |
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| CONSOLIDATED CASH FLOW | | | | | |
| STATEMENT | | | | | |
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| | 1-6 | | 1-6 | | 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 | 8.7 | | 8.6 | | 20.1 |
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| Adjustments to profit | 8.3 | | 7.2 | | 12.6 |
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| Change in working capital: | | | | | |
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| Change in trade and other | -3.4 | | -1.2 | | -0.5 |
| receivables | | | |
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| Change in inventories | 0.6 | | 0.3 | | 0.1 |
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| Change in trade and other | -0.7 | | 4.2 | | 5.4 |
| payables | | | | | |
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| Change in provisions | | | | | -0.5 |
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| Interest received | 0.1 | | 0.1 | | 0.2 |
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| Interest paid | -0.3 | | -0.2 | | -0.6 |
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| Other financial items, net | -0.2 | | 0.0 | | 0.4 |
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| Taxes paid | -3.4 | | -3.3 | | -5.5 |
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| Net cash from operating | 9.7 | | 15.7 | | 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 | -10.8 | | -2.6 | | -10.8 |
| and equipment | | | | |
|
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| Investments in intangible assets | | | | -0.7 |
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| Sales of associates | | | | | 2.3 |
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| Net cash from investing | -10.8 | | -2.6 | | -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 | 22.0 | | 11.0 | | |
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| Repayment of loans | -1.7 | | -9.0 | | -9.0 |
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| Dividends paid | -16.6 | | -11.1 | | -11.1 |
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| Net cash from financing | 3.7 | | -9.0 | | -20.0 |
| activities | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Change in cash and cash | 2.6 | | 4.1 | | 2.5 |
| equivalents | | | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents at | 9.8 | | 7.7 | | 7.7 |
| the beginning | | | | |
of period
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| Effect of exchange rates | 0.0 | | -0.3 | | -0.2 |
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| Effect of changes in the fair | -0.1 | | 0.2 | | -0.2 |
| value | | | | | |
| of investments | | | | | |
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| Cash and cash equivalents at | 12.3 | | 11.7 | | 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 | 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 | | | | |
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| Equity Dec. 31, | 27. | 1.0 | 0.1 | 0.8 | 69.8 | 99.2 | 0.3 | 99.4 |
| 2005 | 6 | | | | | | | |
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| Translation | | | -0.4 | | | -0.4 | | -0.4 |
| differences | | | | | | | | |
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| Change in fair value, | | -0.5 | | -0.5 | | -0.5 |
| available-for-sale | | | | | | |
| investments | | | | | | |
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| Tax on equity items | 0.1 | | 0.1 | | 0.1 |
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| Counter entry of share-based payments | 0.0 | 0.0 | | 0.0 |
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| Profit for the | | | | | 8.6 | 8.6 | 0.0 | 8.6 |
| period | | | | | | | | |
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| Total recognized | | -0.4 | -0.4 | 8.6 | 7.8 | 0.0 | 7.8 |
| income | | | | | | | |
| and expenses | | | | | | | |
| for the | | | | | | | |
| period | | | | | | | |
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| Dividends | | | | | -11.1 | -11.1 | | -11.1 |
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| Stock options | 0.0 | 0.1 | | | | 0.1 | | 0.1 |
| excercised | | | | | | | | |
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| Equity June 30, | 27. | 1.0 | -0.3 | 0.5 | 67.2 | 96.0 | 0.2 | 96.2 |
| 2006 | 6 | | | | | | | |
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| Equity Dec. 31, | 27. | 1.0 | -0.5 | 0.5 | 79.0 | 107.6 | 0.2 | 107.8 |
| 2006 | 6 | | | | | | | |
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| Translation | | | -0.4 | | | -0.4 | 0.3 | -0.1 |
| differences | | | | | | | | |
--------------------------------------------------------------------------------
| 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 for share-based payments | 0.0 | 0.0 | | 0.0 |
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| Profit for the | | | | | 8.7 | 8.7 | 0.0 | 8.7 |
| period | | | | | | | | |
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| Total recognized | | -0.4 | -0.1 | 8.7 | 8.2 | 0.3 | 8.5 |
| income | | | | | | | |
| and expenses | | | | | | | |
| for the | | | | | | | |
| period | | | | | | | |
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| Dividends | | | | | -16.6 | -16.6 | | -16.6 |
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| Equity June 30, | 27. | 1.0 | -0.9 | 0.4 | 70.9 | 99.0 | 0.5 | 99.5 |
| 2007 | 6 | | | | | | | |
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| SEGMENT REPORTING - secondary segment | | | |
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| | 1-6 | | 1-6 | | 1-12 |
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| Million euros | 2007 | | 2006 | | 2006 |
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| NET SALES | | | | | |
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| Finland | 28.5 | | 28.9 | | 53.6 |
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| Other Europe | 40.8 | | 35.1 | | 67.6 |
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| Other countries | 28.5 | | 19.6 | | 45.7 |
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| Eliminations | -12.8 | | -4.3 | | -11.9 |
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| Consolidated | 85.0 | | 79.3 | | 155.0 |
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| INVESTMENTS | | | | | |
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| Finland | 7.1 | | 2.3 | | 9.2 |
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| Other Europe | 0.3 | | 0.3 | | 0.5 |
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| Other countries | 3.4 | | | | 1.8 |
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| Consolidated | 10.8 | | 2.6 | | 11.5 |
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| ASSETS | | | | | |
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| Finland | 131.1 | | 124.8 | | 126.4 |
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| Other Europe | 20.6 | | 18.8 | | 19.3 |
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| Other countries | 20.7 | | 11.5 | | 13.2 |
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| Eliminations | -7.6 | | -4.0 | | -5.3 |
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| Consolidated | 164.8 | | 151.1 | | 153.6 |
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| KEY FIGURES | | | | | |
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| | 1-6 | | 1-6 | | 1-12 |
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| | 2007 | | 2006 | | 2006 |
--------------------------------------------------------------------------------
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| Net sales | 85.0 | | 79.3 | | 155.0 |
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| Operating profit | 11.7 | | 11.7 | | 25.9 |
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| % of net sales | 13.7 | | 14.8 | | 16.7 |
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| Profit before tax and minority | 11.7 | | 11.6 | | 26.2 |
| interest | | | | | |
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| Profit for the period | 8.7 | | 8.6 | | 20.1 |
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| Return on equity, % | 16.8 | | 17.5 | | 19.4 |
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| Return on net assets, % | 20.4 | | 21.6 | | 23.7 |
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| Equity to assets ratio, % | 60.7 | | 63.8 | | 70.6 |
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| Gearing, % | 13.2 | | 3.3 | | -4.3 |
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| Gross investments | 10.8 | | 2.6 | | 11.5 |
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| % of net sales | 12.7 | | 3.3 | | 7.4 |
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| Average personnel number over | 1, 449 | | 1,401 | | 1,415 |
| the period | | | | | |
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| Earnings/share, diluted, euros | 0.31 | | 0.31 | | 0.73 |
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| Equity/share, diluted, euros | 3.59 | | 3.48 | | 3.90 |
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| COMMITMENTS AND CONTINGENCIES | | | | | |
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| Million euros | | | | | |
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| Commitments | 0.3 | | 0.4 | | 0.3 |
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| DERIVATIVE FINANCIAL | | | | | |
| INSTRUMENTS | | | | | |
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| Million euros | | | | | |
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| Forward exchanges, not in hedge accounting | | |
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| Fair value | 3.0 | | 2.4 | | 5.0 |
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| Value for underlying asset | 2.9 | | 2.4 | | 4.9 |
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| Electricity derivatives | | | | | |
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| Fair value | 2.0 | | 1.0 | | 2.0 |
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| Trading value | 1.9 | | 0.6 | | 2.0 |
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FURTHER INFORMATION WILL BE GIVEN
on August 9, 2007 between 5.15 and 6.00 p.m. Finnish time: Mr. Jyrki Nuutila,
President and CEO, tel. +358 400 625 030, and
Mr. Seppo Holkko, Executive Vice President, PMC, tel. +358 40 509 3319
Following interim report
- January-September, published on October 25, 2007
DISTRIBUTION
OMX Nordic Exchange Helsinki
Main media
www.tamfelt.com
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