2009-04-28 11:00:00 CEST
2009-04-28 11:00:05 CEST
REGULATED INFORMATION
Tamfelt Oyj Abp - Interim report (Q1 and Q3)
TAMFELT CORP. INTERIM REPORT JANUARY 1 - MARCH 31, 2009
TAMFELT CORP. INTERIM REPORT April 28, 2009 at 12.00 p.m. TAMFELT CORP. INTERIM REPORT JANUARY 1 - MARCH 31, 2009 - Net sales were 30.6 million euros (1-3/08: 41.7 million) - Operating profit was -1.1 million euros, or -3.5% of net sales (1-3/08: 5.4 and 12.9%) - Profit before taxes was -1.8 million euros (1-3/08: 5.0) - Earnings per share were -0.05 euros (1-3/08: 0.13) - Equity to assets ratio was 51.4% (3/08: 54.0) - Return on net assets was -3.0% (3/08: 16.2) - Return on equity was -5.1% (3/08: 14.0) - The results were weakened by declining demand, price competition and by the one-time booking of 1.0 million euros for costs resulting from employments ending without work obligation, as agreed upon in the joint consultations ended in January. Tamfelt is a world-leading supplier of technical textiles. The Group develops, manufactures and sells technical textiles to the applications of paper and pulp industries, mining and chemical industries, energy industry, waste water treatment, and commercial laundries. Tamfelt's biggest customer segment is the paper and pulp industry. Tamfelt PMC operates in clothing for paper and board machines. Tamfelt PMC has manufacturing plants in Tampere and Juankoski, Finland, and in Tianjin, China. Tamfelt Filtration's target areas include filter fabrics for causticization, iron pelleting plants, and desulphurization of flue gases. About half of the net sales of filter fabrics comes from environmental business. Tamfelt Filtration operates manufacturing plants in Tampere, Finland; Ovar, Portugal; Belo Horizonte, Brazil; Łódź, Poland; and in Shanghai, China. GROUP NET SALES Tamfelt Group's net sales fell 26.6% from the same period last year, amounting now to 30.6 million euros (1-3/08: 41.7 million). Foreign operations contributed to 75.2% of consolidated net sales (73.4%). FINANCIAL PERFORMANCE The Group's operating profit for the period was -1.1 million euros, or -3.5% of net sales (1-3/08: 5.4 million and 12.9%, respectively). The profit for the period was -1.3 million euros (1-3/08: 3.6). The reasons for the weaker results were continued tough price competition, and the clear decrease in delivery volumes due to the economic downturn. The figures were also affected by the one-time booking of costs resulting from employments ending without work obligation, as agreed upon in the joint consultations ended in January. Return on net assets was -3.0% (16.2) and return on equity was -5.1% (14.0). Earnings per share fell to -0.05 euros. In 2008, the earnings per share for the first quarter were 0.13 euros. CASH FLOW AND FINANCING Tamfelt's cash flow from operations was 3.6 million euros (5.0). The net working capital was 38.1 million euros (36.2). Investments amounted to 3.4 million euros (3.0). The Group's liquid assets at the end of the reporting period were 30.4 million euros (18.3). The amount of cash and cash equivalents is temporarily higher than normal, due to rearrangement of debts. The interest bearing net liabilities in the Group were 29.5 million euros (23.8). The total amount of dividends paid was 4.8 million euros (14.7). TAMFELT PMC: PAPER AND BOARD MACHINE CLOTHING - Net sales were 20.5 million euros (1-3/08: 28.0) - Operating profit was -0.3 million euros (1-3/08: 3.7) - Assets were 119.8 million euros (3/08: 113.9) - Liabilities were 47.1 million euros (3/08: 29.5) - Investments were 3.0 million euros (1-3/08: 2.2) - Depreciation and impairment were 2.1 million euros (1-3/08: 1.7) - The results were weakened by the one-time booking of 0.7 million euros for costs resulting from employments ending without work obligation as agreed upon in the joint consultations ended in January. Business environment and main events Paper and board machine clothing (Paper Machine Clothing, or PMC products) includes forming fabrics, press felts and fabrics, shoe press belts, and dryer fabrics for paper and board machines. To support the clothing, Tamfelt offers high-quality technical expertise and customer service, and laboratory services. Tamfelt PMC is one of the leading paper machine clothing suppliers to wide, high-speed paper and board machines. During the report period, the market shares in Tamfelt PMC's focus area increased a little in North and South America, stayed level in Asia, and decreased somewhat in Europe. During the reporting period Tamfelt clothing contributed to world speed records for both SC and newsprint machines. The demand for paper and board declined in the first quarter of 2009 all over the world, compared to the same period in 2008. Investments in new manufacturing capacity in the paper and board industry decreased significantly. Many machinery investments, especially in China were postponed or canceled. In Europe, there are a few new paper and board machines due to start up this or next year. Overcapacity has, however, been closed down both in Europe and in North America. In the pulp industry, the focus of investments will continue to be in South America. In the first quarter of 2009, the demand for paper machine clothing declined all over the world. In the long term, the development of the clothing market will follow the trend of the paper market. Specific consumption of clothing (consumption per ton of paper produced) will continue to decline, due to the fact that ever better fabrics are developed that enhance the papermaking process. The new clothing types are also more durable which gives them longer running lives. The specific consumption will also diminish due to technological development, as new paper machines are being built and older, less efficient ones, closed down. Tamfelt PMC's net sales decreased from the corresponding period in 2008. The lower sales volumes and prices affected the net sales. Lower sales volumes and higher unit costs in production as well as the fierce price competition weakened the operating profit. Orders received and order backlog The volume of orders received decreased during the first quarter by about one third from the volume during the corresponding period in 2008. The order backlogwas, however, at the same level as at the end of 2008. The customers have reduced their clothing inventories to a minimum, which is why the order inflow is expected to increase to the level of the consumption. Possible long shutdowns in the forest industry or closing down of machines still shadow the development of the PMC order backlog. The BlackBelt shoe press belt introduced in 2008 has created a lot of interest in the clientele. Belt order inflow has clearly increased during the first months of 2009. Investments During the report period, investments decided upon in 2008 were completed in the plants in Tianjin and in Juankoski. No significant new investment decisions have been made. TAMFELT FILTRATION: FILTER FABRICS - Net sales were 10.1 million euros (1-3/08: 13.7) - Operating profit was 0.0 million euros (1-3/08: 2.2) - Assets were 41.7 million euros (3/08: 43.1) - Liabilities were 15.8 million euros (3/08: 10.6) - Investments were 0.2 million euros (1-3/08: 0.7) - Depreciation and impairment were 0.6 million euros (1-3/08: 0.5) - The results were weakened by the one-time booking of 0.3 million euros for costs resulting from employments ending without work obligation as agreed upon in the joint consultations ended in January. Business environment and main events Tamfelt Filtration enjoys a strong position in the filter fabric market for paper and pulp industry. In mining and chemical industries, the company focuses on certain filter types and customer segments, and has gained a strong market share in these focus areas. Tamfelt Filtration also manufactures dry filtration media, and laundry felts used by large commercial laundries. In laundry felts, Tamfelt is the world market leader. During the report period, the demand for all wet filtration products declined clearly from the previous year. Geographically, the decline took place in all areas except Asia. The demand for dry filtration media has also decreased from the year before. This is due, among other things, to volume cuts in customer industries and a tighter competitive situation. Approximately one half of Tamfelt's filter fabric business is environmental business. The environmental standards everywhere in the world are tightening, and the market growth focuses on ever cleaner technologies. Reduction of emissions from use of fossil fuels will be increasingly regulated, and various processes aimed at filtering water and air will increase the demand for high-quality filter fabrics. A globally growing business is also the production of biofuels that requires various filtration media. The economic downturn has currently in great deal stalled the growth of environmental business area. The net sales of Tamfelt Filtration decreased a little from the first quarter of 2008. There was no operating profit for the first quarter of 2009. The filter fabric customers have continued to reduce their capacity utilization rates and cut down their inventories. This shows in the volume of deliveries, which were now clearly lower than at the same time in 2008. Orders received and order backlog Tamfelt Filtration's order backlog in the first quarter decreased, amounting to a little less than a fifth lower figure than in the same period in 2008. However, from the end of 2008 the order backlog has decreased only by 4%. The decline in the order backlog is due to the customers' efforts to cut down their inventories. The order backlog is, however, expected to grow over the year. Investments No significant new investment decisions have been made. PERSONNEL At the end of March, Tamfelt employed 1,413 (1,528) people which is 122 less than at the end of 2008. The number of personnel was reduced by, for example, the lay-offs as a result of the joint consultations in the Tampere and Juankoski plants in Finland. In the first quarter, the average number of personnel was 1,440. Tamfelt PMC employs 768 people and Tamfelt Filtration 471 people. Of the personnel, 68% work in Finland and 32% in other countries. On March 9, 2009 Tamfelt announced changes in the company's management, effective April 1, 2009. Mr. Heikki Rehakka was appointed Executive Vice President, Business Development. His earlier position was President of Tamfelt Filtration. The new President of Tamfelt Filtration Corp. is Mr. Jari Stålhammar. Tamfelt PMC Corp.'s new President is Mr. Martti Heinola. Mr. Seppo Holkko who was earlier the President of Tamfelt PMC will continue as the Deputy to the CEO, Mr. Reima Kerttula, until his retirement. SHARE CAPITAL, SHARES AND OPTIONS At the end of March, Tamfelt's share capital amounted to 27,563,964.00 euros. The number of common shareas was 10,119,198 and the number of preferred shares was 17,444,766. The share price development is detailed in the tables below. 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. The company has one valid option scheme to the company's key personnel, Option Scheme 2005. During the reporting period no subscriptions were made on the basis of the stock option scheme. DECISIONS TAKEN BY THE ANNUAL GENERAL MEETING Tamfelt Corp's Annual General Meeting held on March 18, 2009, elected Mikael von Frenckell, Niklas Savander, Martin Lilius, Jouko Oksanen and Carl-Magnus Cedercreutz to continue as ordinary members of the Board of Directors. Pasi Laine and Christoph Vitzthum were elected as new ordinary members of the Board. At the Board meeting following the Annual General Meeting, Mikael von Frenckell was elected as Chairman and Niklas Savander as Deputy Chairman. Authorized Public Accountants Jari Paloniemi and Veikko Terho were elected to continue as the company's auditors, and Authorized Public Accountant Jukka Lahdenpää and authorized public accounting company Moore Stephens Rewinet Oy Ab as deputy auditors. The Annual General Meeting decided to pay a dividend of 0.16 euros per common share and 0.18 euros per preferred share for the financial period ending December 31, 2008. The dividend was paid on March 30, 2009. SHORT-TERM BUSINESS RISKS AND UNCERTAINTY FACTORS Tamfelt's main clientele is in the forest and mining industries. The cycle changes and development of these industries have a direct effect on Tamfelt's order volumes and thus on the financial results. The capacity cuts and closing down of plants amongst the forest industry have cut Tamfelt's customer base. Postponed investments in the customer industries will also pose a risk for the development of Tamfelt's sales. The customers make the clothing suppliers compete and concentrate their purchases to increasingly few suppliers. Long-term agreements are an important part of Tamfelt sales. To maintain competitiveness, Tamfelt develops the operations continually, and improves its profitability and capital efficiency. The risks and uncertainty factors are described in more detail in connection with the Financial Statement Bulletin published on February 6, 2009. They are also listed in the Annual Report 2008. POST-REVIEW EVENTS Tamfelt published a Stock Exchange Release on April 7, 2009 saying that the results in the first quarter of 2009 would be slightly negative. The release also said that the full effect of the restructuring and cost savings programs agreed upon in the joint consultations will not show in the results until towards the end of the year. OUTLOOK Late in 2008 and continuing into 2009, customers have significantly cut down their inventories. Lately, various urgent deliveries have, however, increased and it is believed that the cutting of inventories is gradually over. The demand for Tamfelt products is expected to remain in the half of 2009 lower than at the same time last year. The demand of the products of Tamfelt's biggest customer group, the paper and pulp industry, is at a low level which affects the operating rates of the production machinery, and further reflects in the order backlogs of both PMC and filter fabric businesses. Metal prices have gone up recently but they are still at a lower level than in early 2008. The low prices decrease volumes in mining industry and have a negative effect on the demand of filter fabrics. In long-term, the filter fabrics sales directed to environmental business area are expected to increase their share of Tamfelt's operations. Weak market situation, tightening price competition and fight for market shares still have a negative effect on the outlook of the whole business, including Tamfelt. Joint consultations were concluded at the Group's Tampere and Juankoski plants in Finland and measures are taken to adjust the operations to meet the market situation. Cost savings programs are also implemented in the company's other plants. Both the net sales and the operating profit in the first half of 2009 are expected to remain clearly lower than in the same period last year. The investments made in the past few years have improved Tamfelt's delivery ability, productivity and cost competitiveness. The volume of investments this year will be significantly lower than earlier. The liquidity of the company is expected to remain good. Helsinki, April 28, 2009 Tamfelt Corp. Board of Directors Hanna Koskela Communications Officer - The Interim Report has been made according to the IFRS standards. Tamfelt Group has applied the following renewed standards since January 1, 2009: IAS 1. - The comparison figures for 2008 have been changed due to changes in the calculating principles. The booking method of non-hedging derivative instruments referred to in the IFRS standard has been changed so that the profit or loss is booked in the income statement under the item which is the object of hedging. Exchange rate income and losses from operating activities are booked above the operating profit. Exchange rate income and losses from foreign currency denominated liabilities are booked in financing income and expenses. The change will improve the full-year operating profit of 2008 by 0.3 million euros. The effect of the change in the first quarter of 2008 is 0.0 million euros. - The figures in the Interim Report are rounded and unaudited. -------------------------------------------------------------------------------- | CONSOLIDATED STATEMENT OF | | | | | | INCOME, IFRS | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Million euros | 1-3 2009 | 1-3 2008 | Change | 1-12 2008 | | | | | % | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 30.6 | 41.7 | -26.6 | 165.0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other operating income | 0.0 | 0.1 | -80.1 | 0.8 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Materials and services | -6.6 | -10.4 | -36.6 | -37.0 | -------------------------------------------------------------------------------- | Expenses from employee benefits | -15.1 | -17.4 | -13.5 | -66.7 | -------------------------------------------------------------------------------- | Depreciation and impairment | -2.9 | -2.4 | 23.8 | -10.8 | -------------------------------------------------------------------------------- | Other operating expenses | -7.1 | -6.3 | 12.8 | -31.5 | -------------------------------------------------------------------------------- | Operating profit | -1.1 | 5.4 | -119.9 | 19.8 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial income and expenses | -0.7 | -0.3 | 161.0 | -2.4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit before taxes | -1.8 | 5.0 | -135.1 | 17.4 | -------------------------------------------------------------------------------- | Income taxes | 0.4 | -1.4 | -130.6 | -5.1 | -------------------------------------------------------------------------------- | Profit/loss for the period | -1.3 | 3.6 | -136.8 | 12.3 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit for the period | | | | | | attributable to: | | | | | -------------------------------------------------------------------------------- | Equity holders of the parent | -1.3 | 3.6 | | 12.4 | -------------------------------------------------------------------------------- | Minority interest | 0.0 | 0.0 | | -0.2 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings/share (basic) EUR | -0.05 | 0.13 | | 0.45 | -------------------------------------------------------------------------------- | Earnings/share (diluted) EUR | -0.05 | 0.13 | | 0.45 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Comprehensive income items: | | | | | -------------------------------------------------------------------------------- | Exchange differencies on | 0.3 | -0.4 | | 0.5 | | translating foreign operations | | | | | -------------------------------------------------------------------------------- | Income tax related to other | 0.0 | 0.0 | | -0.2 | | components of comprehensive | | | | | | income | | | | | -------------------------------------------------------------------------------- | Other comprehensive income for | -0.1 | -0.1 | | -0.6 | | the period after taxes | | | | | -------------------------------------------------------------------------------- | Total comprehensive income for | -1.2 | 3.0 | -139.8 | 12.0 | | the period | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total comprehensive income for the period attributable | | | | to: | | | -------------------------------------------------------------------------------- | Equity holders of the parent | -1.2 | 3.0 | | 12.2 | -------------------------------------------------------------------------------- | Minority interest | 0.0 | 0.0 | | -0.2 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED BALANCE SHEET, | | | | | | | | IFRS | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Million euros | 03/200 | % | 03/2008 | % | 12/2008 | % | | | 9 | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Assets | | | | | | | -------------------------------------------------------------------------------- | Non-current assets | | | | | | | -------------------------------------------------------------------------------- | Property, plant and | 95.6 | | 88.6 | | 94.2 | | | equipment | | | | | | | -------------------------------------------------------------------------------- | Goodwill | 0.3 | | 0.3 | | 0.3 | | -------------------------------------------------------------------------------- | Other intangible assets | 4.4 | | 4.5 | | 4.6 | | -------------------------------------------------------------------------------- | Other financial assets | 1.3 | | 1.7 | | 1.3 | | -------------------------------------------------------------------------------- | Deferred tax assets | 1.8 | | 1.1 | | 1.0 | | -------------------------------------------------------------------------------- | | 103.4 | 52 | 96.2 | 53 | 101.4 | 57 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Current assets | | | | | | | -------------------------------------------------------------------------------- | Inventories | 35.2 | | 34.4 | | 35.5 | | -------------------------------------------------------------------------------- | Trade and other receivables | 29.0 | | 32.9 | | 30.7 | | -------------------------------------------------------------------------------- | Financial assets at fair | 0.9 | | 1.6 | | 1.0 | | | value through profit or | | | | | | | | loss | | | | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents | 29.5 | | 16.7 | | 9.8 | | -------------------------------------------------------------------------------- | | 94.6 | 48 | 85.6 | 47 | 77.0 | 43 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total assets | 198.0 | 100 | 181.8 | 100 | 178.4 | 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 | -0.8 | | -2.1 | | -1.1 | | -------------------------------------------------------------------------------- | Fair value reserve | -0.4 | | 0.0 | | -0.3 | | -------------------------------------------------------------------------------- | Retained earnings | 74.1 | | 71.3 | | 80.2 | | -------------------------------------------------------------------------------- | | 101.5 | | 97.8 | | 107.3 | | -------------------------------------------------------------------------------- | Minority interest | 0.0 | | 0.2 | | 0.1 | | -------------------------------------------------------------------------------- | Total equity | 101.6 | 51 | 98.0 | 54 | 107.4 | 60 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-current liabilities | | | | | | | -------------------------------------------------------------------------------- | Deferred tax liabilities | 10.4 | | 10.6 | | 10.5 | | -------------------------------------------------------------------------------- | Interest-bearing | 38.9 | | 24.7 | | 18.3 | | | liabilities | | | | | | | -------------------------------------------------------------------------------- | | 49.3 | | 35.3 | | 28.8 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Current liabilities | | | | | | | -------------------------------------------------------------------------------- | Trade and other payables | 26.2 | | 31.1 | | 25.2 | | -------------------------------------------------------------------------------- | Current interest-bearing | 21.0 | | 17.4 | | 17.1 | | | liabilities | | | | | | | -------------------------------------------------------------------------------- | | 47.1 | | 48.5 | | 42.3 | | -------------------------------------------------------------------------------- | Total liabilities | 96.4 | 49 | 83.8 | 46 | 71.1 | 40 | -------------------------------------------------------------------------------- | Total equity and | 198.0 | 100 | 181.8 | 100 | 178.4 | 100 | | liabilities | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED STATEMENT OF CASH | | | | | | | FLOWS | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 1-3 | | 1-3 | | 1-12 | -------------------------------------------------------------------------------- | Million euros | 2009 | | 2008 | | 2008 | ---------------------------------------------------------------------------------------------------------------------------------------------------------------- | Cash flow from operating | | | | | | | activities | | | | | | -------------------------------------------------------------------------------- | Profit/loss for the period | -1.3 | | 3.6 | | 12.3 | -------------------------------------------------------------------------------- | Adjustments to profit | 4.2 | | 3.7 | | 17.8 | -------------------------------------------------------------------------------- | Change in working capital: | | | | | | -------------------------------------------------------------------------------- | Change in trade and other | 1.1 | | -2.9 | | 0.5 | | | | | | | | | receivables | | | | | | -------------------------------------------------------------------------------- | Change in inventories | 0.2 | | -1.4 | | -2.4 | -------------------------------------------------------------------------------- | Change in trade and other | 1.2 | | 3.8 | | -2.3 | | | | | | | | | payables | | | | | | -------------------------------------------------------------------------------- | Change in provisions | | | | | | -------------------------------------------------------------------------------- | Interest received | 0.0 | | 0.1 | | 0.3 | -------------------------------------------------------------------------------- | Interest paid | -0.6 | | -0.4 | | -2.0 | -------------------------------------------------------------------------------- | Other financial items, net | -0.1 | | 0.1 | | -0.4 | -------------------------------------------------------------------------------- | Taxes paid | -1.1 | | -1.6 | | -5.8 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net cash flow from operating | 3.6 | | 5.0 | | 18.0 | | activities | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from investing | | | | | | | activities | | | | | | -------------------------------------------------------------------------------- | Investment in property, plant | -3.4 | | -3.0 | | -14.6 | | and equipment | | | | | | -------------------------------------------------------------------------------- | Investment in intangible | 0.0 | | | | -1.0 | | assets | | | | | | -------------------------------------------------------------------------------- | Net cash flow from investing | -3.4 | | -3.0 | | -15.6 | | activities | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from financing | | | | | | | activities | | | | | | -------------------------------------------------------------------------------- | Withdrawal of loans | 24.0 | | 25.1 | | 23.0 | -------------------------------------------------------------------------------- | Repayment of loans | | | -0.4 | | -5.8 | -------------------------------------------------------------------------------- | Dividends paid | -4.8 | | -14.7 | | -14.7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net cash flow from financing | 19.2 | | 10.0 | | 2.5 | | activities | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in cash and cash | 19.4 | | 12.0 | | 4.9 | | equivalents | | | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at | 10.7 | | 6.4 | | 6.3 | | the beginning of the period | | | | | | -------------------------------------------------------------------------------- | Effect of exchange rate | 0.2 | | 0.1 | | 0.2 | | changes | | | | | | -------------------------------------------------------------------------------- | Effect of changes in the fair | -0.1 | | -0.2 | | -0.7 | | value of investments | | | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at | 30.4 | | 18.3 | | 10.7 | | the end of the period | | | | | | -------------------------------------------------------------------------------- STATEMENT OF CHANGES IN CONSOLIDATED EQUITY -------------------------------------------------------------------------------- | | Equity attributable to shareholders of the | | | | | parent | | | -------------------------------------------------------------------------------- | Million | Shar | Share | Tran | Fair | Retain | Total | Minor | Total | | euros | e | premi | slat | value | ed | | ity | equit | | | capi | um | ion | reser | earnin | | inter | y | | | tal | reser | diff | ve | gs | | est | | | | | ve | eren | and | | | | | | | | | ces | other | | | | | | | | | | reser | | | | | | | | | | ves | | | | | -------------------------------------------------------------------------------- | Equity | 27.6 | 1.0 | -1.6 | 0.1 | 82.3 | 109.3 | 0.2 | 109.6 | | 31.12.2007 | | | | | | | | | -------------------------------------------------------------------------------- | Total | | | -0.4 | | | -0.4 | 0.0 | -0.4 | | comprehensiv | | | | | | | | | | e income | | | | | | | | | -------------------------------------------------------------------------------- | 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-entr | | | | | 0.0 | 0.0 | | 0.0 | | y of | | | | | | | | | | share-based | | | | | | | | | | payments | | | | | | | | | -------------------------------------------------------------------------------- | Profit/loss | | | | | 3.6 | 3.6 | 0.0 | 3.6 | | for the | | | | | | | | | | period | | | | | | | | | -------------------------------------------------------------------------------- | Total | | | -0.4 | -0.1 | 3.7 | 3.2 | 0.0 | 3.2 | | recognized | | | | | | | | | | income and | | | | | | | | | | expenses for | | | | | | | | | | the period | | | | | | | | | -------------------------------------------------------------------------------- | Dividends | | | | | -14.7 | -14.7 | | -14.7 | -------------------------------------------------------------------------------- | Equity | 27.6 | 1.0 | -2.1 | 0.0 | 71.3 | 97.8 | 0.2 | 98.0 | | 31.3.2008 | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity | 27.6 | 1.0 | -1.1 | -0.3 | 80.2 | 107.3 | 0.1 | 107.4 | | 31.12.2008 | | | | | | | | | -------------------------------------------------------------------------------- | Translation | | | 0.3 | | | 0.3 | 0.0 | 0.3 | | differences | | | | | | | | | -------------------------------------------------------------------------------- | Total | | | 0.0 | | | 0.3 | 0.0 | 0.3 | | comprehensiv | | | | | | | | | | e income | | | | | | | | | -------------------------------------------------------------------------------- | Change in | | | | -0.1 | | -0.1 | | -0.1 | | fair value. | | | | | | | | | | derivatives | | | | | | | | | | | | | | | | | | | -------------------------------------------------------------------------------- | Change in | | | | 0.0 | | 0.0 | | 0.0 | | fair value, | | | | | | | | | | financial | | | | | | | | | | assets | | | | | | | | | | available | | | | | | | | | | for sale | | | | | | | | | -------------------------------------------------------------------------------- | Tax on | | | | 0.0 | | 0.0 | | 0.0 | | equity items | | | | | | | | | -------------------------------------------------------------------------------- | Counter-entr | | | | | 0.0 | 0.0 | | 0.0 | | y of | | | | | | | | | | share-based | | | | | | | | | | payments | | | | | | | | | -------------------------------------------------------------------------------- | Profit/loss | | | | | -1.3 | -1.3 | 0.0 | -1.3 | | for the | | | | | | | | | | period | | | | | | | | | -------------------------------------------------------------------------------- | Total | | | 0.3 | -0.1 | -1.3 | -1.1 | 0.0 | -1.1 | | recognized | | | | | | | | | | income and | | | | | | | | | | expenses for | | | | | | | | | | the period | | | | | | | | | -------------------------------------------------------------------------------- | Dividends | | | | | -4.8 | -4.8 | | -4.8 | -------------------------------------------------------------------------------- | Equity | 27.6 | 1.0 | -0.8 | -0.4 | 74.1 | 101.6 | 0.0 | 101.6 | | 31.3.2009 | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SEGMENT INFORMATION - Business segments | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Million euros | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 1-3/2009 | Tamfelt | Tamfelt | Other | Consolidate | | | PMC | Filtration | activities | d | -------------------------------------------------------------------------------- | Income | | | | | -------------------------------------------------------------------------------- | External turnover | 20.5 | 10.1 | | 30.6 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit/loss | | | | | -------------------------------------------------------------------------------- | Operating profit | -0.3 | 0.0 | -0.8 | -1.1 | -------------------------------------------------------------------------------- | Financing items | | | -0.7 | -0.7 | -------------------------------------------------------------------------------- | Taxes | | | 0.4 | 0.4 | -------------------------------------------------------------------------------- | Profit/loss for the period | | | | -1.3 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other data | | | | | -------------------------------------------------------------------------------- | Segment assets | 119.8 | 41.7 | 36.5 | 198.0 | -------------------------------------------------------------------------------- | Segment liabilities | 47.1 | 15.8 | 33.5 | 96.4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Investments | 3.0 | 0.2 | 0.2 | 3.4 | -------------------------------------------------------------------------------- | Depreciation and | 2.1 | 0.6 | 0.2 | 2.9 | | impairment | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 1-3/2008 | Tamfelt | Tamfelt | Other | Consolidate | | | PMC | Filtration | activities | d | -------------------------------------------------------------------------------- | Income | | | | | -------------------------------------------------------------------------------- | External turnover | 28.0 | 13.7 | | 41.7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit/loss | | | | | -------------------------------------------------------------------------------- | Operating profit | 3.7 | 2.2 | -0.5 | 5.4 | -------------------------------------------------------------------------------- | Financing items | | | -0.3 | -0.3 | -------------------------------------------------------------------------------- | Taxes | | | -1.4 | -1.4 | -------------------------------------------------------------------------------- | Profit/loss for the period | | | | 3.6 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other data | | | | | -------------------------------------------------------------------------------- | Segment assets | 113.9 | 43.1 | 24.8 | 181.8 | -------------------------------------------------------------------------------- | Segment liabilities | 29.5 | 10.6 | 43.6 | 83.7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Investments | 2.2 | 0.7 | 0.1 | 3.0 | -------------------------------------------------------------------------------- | Depreciation and | 1.7 | 0.5 | 0.0 | 2.2 | | impairment | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 1-12/08 | Tamfelt | Tamfelt | Other | Consolidate | | | PMC | Filtration | activities | d | -------------------------------------------------------------------------------- | Income | | | | | -------------------------------------------------------------------------------- | External turnover | 112.1 | 53.0 | | 165.0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit/loss | | | | | -------------------------------------------------------------------------------- | Operating profit | 16.2 | 6.0 | -2.4 | 19.8 | -------------------------------------------------------------------------------- | Financing items | | | -2.4 | -2.4 | -------------------------------------------------------------------------------- | Taxes | | | -5.1 | -5.1 | -------------------------------------------------------------------------------- | Profit/loss for the period | | | | 12.3 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Investments | 12.1 | 2.6 | 1.0 | 15.7 | -------------------------------------------------------------------------------- | Depreciation and | 8.3 | 2.4 | 0.2 | 10.8 | | impairment | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other data | | | | | -------------------------------------------------------------------------------- | Segment assets | 121.6 | 39.7 | 17.0 | 178.4 | -------------------------------------------------------------------------------- | Segment liabilities | 48.6 | 11.0 | 11.4 | 71.0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SEGMENT INFORMATION - Geographical segments | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 1-3 | | 1-3 | | 1-12 | -------------------------------------------------------------------------------- | Million euros | 2009 | | 2008 | | 2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NET SALES | | | | | | -------------------------------------------------------------------------------- | Finland | 9.0 | | 12.7 | | 56.0 | -------------------------------------------------------------------------------- | Rest of Europe | 15.0 | | 19.3 | | 65.1 | -------------------------------------------------------------------------------- | Other countries | 11.2 | | 15.9 | | 62.5 | -------------------------------------------------------------------------------- | Elimination | -4.6 | | -6.2 | | -18.5 | -------------------------------------------------------------------------------- | Consolidated | 30.6 | | 41.7 | | 165.0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | INVESTMENTS | | | | | | -------------------------------------------------------------------------------- | Finland | 1.3 | | 1.9 | | 9.9 | -------------------------------------------------------------------------------- | Rest of Europe | 0.1 | | 0.1 | | 0.3 | -------------------------------------------------------------------------------- | Other countries | 2.0 | | 1.0 | | 5.4 | -------------------------------------------------------------------------------- | Consolidated | 3.4 | | 3.0 | | 15.7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | ASSETS | | | | | | -------------------------------------------------------------------------------- | Finland | 152.4 | | 146.3 | | 139.7 | -------------------------------------------------------------------------------- | Rest of Europe | 23.5 | | 22.7 | | 17.4 | -------------------------------------------------------------------------------- | Other countries | 40.4 | | 24.8 | | 36.9 | -------------------------------------------------------------------------------- | Elimination | -18.3 | | -12.0 | | -15.6 | -------------------------------------------------------------------------------- | Consolidated | 198.0 | | 181.8 | | 178.4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KEY FIGURES | | | | | | -------------------------------------------------------------------------------- | | 1-3 | | 1-3 | | 1-12 | -------------------------------------------------------------------------------- | | 2009 | | 2008 | | 2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 30.6 | | 41.7 | | 165.0 | -------------------------------------------------------------------------------- | Operating profit | -1.1 | | 5.4 | | 19.8 | -------------------------------------------------------------------------------- | % of net sales | -3.5 | | 12.9 | | 12.0 | -------------------------------------------------------------------------------- | Profit before taxes and | -1.8 | | 5.0 | | 17.4 | | minority interest | | | | | | -------------------------------------------------------------------------------- | Profit/loss for the period | -1.3 | | 3.6 | | 12.3 | -------------------------------------------------------------------------------- | Return on equity, % | -5.1 | | 14.0 | | 11.3 | -------------------------------------------------------------------------------- | Return on net assets, % | -3.0 | | 16.2 | | 14.4 | -------------------------------------------------------------------------------- | Equity/Assets ratio at the end | 51.4 | | 54.0 | | 60.3 | | of the period, % | | | | | | -------------------------------------------------------------------------------- | Gearing at the end of the | 29.1 | | 24.3 | | 22.9 | | period % | | | | | | -------------------------------------------------------------------------------- | Gross investments | 3.4 | | 3.0 | | 15.7 | -------------------------------------------------------------------------------- | % of net sales | 11.1 | | 7.2 | | 9.5 | -------------------------------------------------------------------------------- | Average employment during the | 1 440 | | 1 510 | | 1 534 | | period | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | COLLATERALS AND CONTINGENT | | | | | | | LIABILITIES | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Million euros | 1-3 | | 1-3 | | 1-12 | -------------------------------------------------------------------------------- | | 2009 | | 2008 | | 2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Contingent liabilities | 20.4 | | 0.7 | | 0.4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | DERIVATIVE FINANCIAL | | | | | | | INSTRUMENTS | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Million euros | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Forward exchange contracts, not | | | | | | | under hedge accounting | | | | | | -------------------------------------------------------------------------------- | Fair value | 6.7 | | 2.1 | | 4.6 | -------------------------------------------------------------------------------- | Value of underlying assets | 6.4 | | 2.0 | | 4.3 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Electricity derivatives | | | | | | -------------------------------------------------------------------------------- | Fair value | 1.5 | | 1.9 | | 1.8 | -------------------------------------------------------------------------------- | Trading value | 2.2 | | 1.7 | | 2.3 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SHARE INFORMATION | 1-3 | | 1-3 | | 1-12 | -------------------------------------------------------------------------------- | | 2009 | | 2008 | | 2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings/share, diluted, euros | -0.05 | | 0.13 | | 0.45 | -------------------------------------------------------------------------------- | Equity/share, diluted, euros | 3.72 | | 3.55 | | 3.89 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Share history, euros | | | | | | -------------------------------------------------------------------------------- | Low paid, common share | 5.16 | | 10.03 | | 6.50 | -------------------------------------------------------------------------------- | preferred share | 3.95 | | 8.55 | | 5.04 | -------------------------------------------------------------------------------- | High paid, common share | 7.38 | | 11.55 | | 12.00 | -------------------------------------------------------------------------------- | preferred share | 5.25 | | 11.30 | | 11.30 | -------------------------------------------------------------------------------- | Closing rate, common share | 7.10 | | 10.60 | | 7.30 | -------------------------------------------------------------------------------- | preferred share | 4.30 | | 8.90 | | 5.10 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Market capitalization at the | 138.9 | | 262.5 | | 161.8 | | end of the period, Million | | | | | | | euros | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Turnover (% of the total | 0.3 | | 0.3 | | 0.8 | | number), common share | | | | | | -------------------------------------------------------------------------------- | Turnover (% of the total | 1.5 | | 2.4 | | 7.6 | | number), preferred share | | | | | | -------------------------------------------------------------------------------- For more information: April 28, 2009 from 1.00 p.m. onwards: Mr. Reima Kerttula, President and CEO, Tamfelt Corp., tel. +358 400 648 458. INTERIM REPORTS IN 2009 Tamfelt's Interim Report for January-June will be published on August 6, 2009, and for January-September on October 27, 2009. DISTRIBUTION NASDAQ OMX Helsinki Ltd Main media www.tamfelt.com Tamfelt is a world-leading supplier of technical textiles. The company's main products are clothing products for the paper and pulp as well as mining and chemical industries. The Group employs about 1,400 people and its net sales in 2008 were 165.0 million euro. Founded in 1797, the company is one of the pioneers of Finnish industry.
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