TAMFELT CORP. INTERIM REPORT April 29, 2010 at 11:30 a.m.
TAMFELT CORP. INTERIM REPORT JANUARY-MARCH 2010
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| KEY FIGURES | 1-3/2010 | 1-3/2009 | Change % | 1-12/2009 |
--------------------------------------------------------------------------------
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| Net sales, million euros | 33.9 | 30.6 | 10.8 | 130.2 |
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| Operating profit, million | 1.8 | -1.1* | -267.6 | 1.5** |
| euros | | | | |
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| % of net sales | 5.3 | -3.5 | | 1.2 |
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| Pre-tax profit, million | 1.6 | -1.8 | -188.4 | 0.4 |
| euros | | | | |
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| Net profit, million euros | 1.2 | -1.3 | -190.9 | 0.0 |
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| Earnings per share, euros | 0.04 | -0.04 | | 0.01 |
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| Return on equity, % | 4.5 | -5.1 | | 0.0 |
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| Return on net assets, % | 5.3 | -3.0 | | 1.4 |
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| Equity/Assets ratio, % | 60.3 | 51.4 | | 60.5 |
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* includes one-off expenses 1.0 M€
** includes one-off expenses 2.8 M€
TAMFELT AND METSO COMBINATION
Tamfelt Corp. and Metso Corporation signed a combination agreement on November
5, 2009, after which Metso made a public tender offer to purchase all Tamfelt
shares. The offer was carried our in the form of a share exchange, whereby Metso
offered three new shares for each ten Tamfelt's shares. Metso offered 0.35 euros
for each stock option issued by Tamfelt. The term of the exchange offer for all
the shares and stock options issued by Tamfelt expired on December 18, 2009. In
the final outcome, Metso's shareholding and voting rights in Tamfelt rose to 98
per cent. All of Tamfelt's current stock options were tendered to Metso in the
offer. All the conditions of the offer having been fulfilled, Metso implemented
the offer on December 23, 2009. Thus Metso became Tamfelt's parent company.
At present, Metso holds 98 per cent of all Tamfelt's shares and votes. Metso has
started the redemption process according to the Finnish Companies Act, chapter
18, to gain title to all the shares in Tamfelt. Provided that the arbitration
court nominated by the redemption committee of the Central Chamber of Commerce
confirms Metso's right to redemption, Metso has by law the right to redeem the
rest of Tamfelt's shares by depositing a guarantee accepted by the arbitration
court.
On February 2, 2010, Tamfelt announced that the company will apply for the
termination of trading with Tamfelt's shares and for the delisting of the shares
from the official list of Helsinki Stock Exchange as soon as possible after
Metso has gained title to all the shares in Tamfelt. After Tamfelt leaves the
Helsinki Exchanges, Tamfelt's financial performance will be reported as part of
Metso Corporation, and Tamfelt will no longer publish any financial bulletins of
its own.
Following pages feature a review of Tamfelt's performance in January-March 2010
and the related financial data.
FURTHER INFORMATION
April 29, 2010 between 12:30-13:30 p.m., Tamfelt Corp's President and CEO Reima
Kerttula, tel. +358 400 648 458.
INTERIM REPORT JANUARY-MARCH 2010
BUSINESS FIELD OF THE GROUP
Tamfelt is a world-leading supplier of technical textiles. The Group develops,
manufactures and sells technical textiles for various applications in the paper
and pulp industries, mining and chemical industries, energy industry, wastewater
treatment plants and commercial laundries. Tamfelt's biggest customer segment is
the paper and pulp industry.
GROUP NET SALES
The consolidated net sales were 33.9 million euros (1-3/09: 30.6), up 10.8% from
the comparison period. Compared to the net sales in the last quarter of 2009,
the figure is 7.6% lower (10-12/2009: 36.7). Foreign operations accounted for
76.3% (75.2) of the net sales.
FINANCIAL PERFORMANCE
Tamfelt Group's consolidated operating profit was 1.8 million euros (1-3/09:
-1.1), corresponding to 5.3% of net sales. The net profit for the period was 1.2
million euros (1-3/09: -1.3). Return on net assets was 5.3% (-3.0) and return on
equity 4.5% (-5.1). Earnings per share were 0.04 euros. In 2009, the earnings
per share in January-March were -0.04 euros.
CASH FLOWS AND FINANCING
Tamfelt's cash flow from operations was -0.2 million euros (3.6). Net working
capital was 38.6 million euros (38.0). Investments were 1.1 million euros (3.4).
The company's cash and cash equivalents at the end of the period were 18.7
million euros (30.4). The Group's interest-bearing loans were 18.8 million euros
(29.5). The balance sheet and equity/assets ration have remained stable.
TAMFELT PMC: PAPER AND BOARD MACHINE CLOTHING
Summary of the key figures of the PMC business area 1-3/2010
- Net sales 22.2 million euros (1-3/09: 20.5)
- Operating profit 0.9 million euros (1-3/09: -0.3)
- Assets 113.1 million euros (3/09: 119.8)
- Liabilities 55.9 million euros (3/09: 47.1)
- Investments 1.0 million euros (1-3/09: 3.0)
- Depreciation and impairment 2.4 million euros (1-3/09: 2.1)
Business environment and main events
Tamfelt PMC's line of business consists of paper and board machine clothing
(forming and dryer fabrics, press felts and fabrics, and shoe press belts).
Tamfelt PMC has production facilities at Tampere and Juankoski in Finland and in
Tianjin, China.
Paper and board demand increased approximately five per cent from the year
before. Paper price in the market has come down, while pulp prices have gone up.
This has caused pressure for results in the customer industry.
Tamfelt PMC's net sales increased 8.3% year-on-year. Compared to the last
quarter in 2009, the net sales were down 11.9%. Cost savings programs and
improved efficiency had a positive impact on the profit for the first quarter.
Orders received and order backlog
Tamfelt PMC's order backlog at the end of March 2010 was 14% higher than at the
end of 2009.
TAMFELT FILTRATION: INDUSTRIAL FILTER FABRICS
Summary of the key figures of the Filtration business area 1-3/2010
- Net sales 11.7 million euros (1-3/09: 10.1)
- Operating profit 1.5 million euros (1-3/09: 0.0)
- Assets 37.5 million euros (3/09: 41.7)
- Liabilities 10.4 million euros (3/09: 15.8)
- Investments 0.1 million euros (1-3/09: 0.2)
- Depreciation and impairment 0.6 million euros (1-3/09: 0.6)
Business environment and main events
Tamfelt Filtration manufactures filter fabrics for wet and dry filtration
processes and ironer felts for commercial laundries. The company enjoys a strong
position in the global filter fabric market for the paper, pulp and mining
industries, as well as in ironer felt market. Tamfelt is the world market leader
in ironer felts. Other major applications include wastewater treatment plants,
desuplhurization in coal-fired power stations, and dust removal in incineration
plants. Tamfelt Filtration operates manufacturing plants in Tampere, Finland;
Ovar, Portugal; Belo Horizonte, Brazil; Łódź, Poland, and in Shanghai, China.
The recovery in the demand of mining products that started in late 2009
continued during the first quarter of 2010, and the volume of orders received
was clearly higher than at the same time in 2009. The demand for pulp industry
products is still on a low level.
The demand for dry filtration media and laundry felts also turned upwards during
the first quarter of the year, as expected, and it is likely to strengthen
further.
Tamfelt Filtration's net sales were 16% up year-on-year. Compared to the last
quarter in 2009, the net sales were 1.7% higher.
Orders received and order backlog
The order backlog of Tamfelt Filtration at the end of March was 14.2% higher
than at the beginning of the year. In filter fabrics, the order backlog is
typically short.
PERSONNEL
At the end of March, Tamfelt employed 1,334 (1,413) people, which was six people
more than at the end of 2009. In January-March, the average employment at
Tamfelt was 1,331 people. Sixty-nine per cent of them worked in Finland and 31
per cent abroad.
ANNUAL GENERAL MEETING 2010
Tamfelt Corp. changed the time of the Annual General Meeting due to the
redemption procedure of minority shares started by Metso Corporation. Tamfelt's
Annual General Meeting will be held by the end of May.
SHARES AND SHARE CAPITAL
The share price development and share capital are presented in the tables
attached to this Interim Report. The trading volume of shares is small, due to
the 98% ownership held by Metso Corporation.
SHORT-TERM BUSINESS RISKS AND UNCERTAINTLY FACTORS
Tamfelt's key customer base consists of forest industry and mining industry
operators. Capacity cuts, closures of forest industry operations and downtime
have reduced Tamfelt's traditional customer base. In the challenging market
situation, customers' financial risks are higher than before.
Customers make clothing suppliers compete for contracts and keep consolidating
their purchases on an ever-smaller number of suppliers. Long-term contracts
account for a major share of Tamfelt's sales. To maintain competitive strength,
Tamfelt focuses on improving productivity and capital spending efficiency.
Tamfelt is actively developing new spearhead products and improved service
concepts.
Metso is a world-leading manufacturer of paper and board machines, and the
integration will help improve Tamfelt's crisis management ability. At this
stage, it is difficult to estimate the impact of the integration on sales and
the financial performance - they will become visible in the second half of the
year.
Tamfelt takes out insurances to cover the risk of damage involved in the
activities, as far as this is deemed motivated financially or otherwise. The
coverage includes insurance against material damage, business interruption and
credit risk as well as product liability and completed operations liability
coverage. Tamfelt focuses on identifying and reducing risks and risk-related
damages. However, the business environment involves risks that cannot be covered
by insurances or eliminated by other means.
SHORT-TERM OUTLOOK
To improve the company's cost structure and delivery strength, the focus of
activities has shifted and continues to shift outside Finland and Europe. With
the integration of Tamfelt and Metso, Metso's global network and strong position
in developing markets will help improve Tamfelt's competitive strength also in
these regions.
The economic uncertainty created by the global financial crisis continues to
affect the growth of the world economy significantly. The demand for paper and
the production volumes of the forest industry are believed to lag behind the
long-term average rate. Tamfelt's integration with Metso makes it possible to
offer competitive, more comprehensive solutions to the common clientele. This is
expected to increase the sales of PMC products.
The mining industry volumes are expected to grow and improve the market for
filter fabrics. The demand for pulp industry products remains low. Increasing
environmental awareness and tightening standards are likely to be established as
a long-term global trend. This is expected to boost the demand for filter
fabrics. Around half of Tamfelt's filtration business now serves environmental
purposes. Metso's strong position and knowhow in environmental technology will
benefit also Tamfelt in this field of business. It is expected that combined
competence will offer new opportunities to ramp up the sales of filtration
products.
Weak market conditions, toughening price competition and struggle for market
shares continue to affect the outlook for the entire industry, including
Tamfelt. The cost saving initiatives launched in 2009 will have a positive
effect on the 2010 results. The company's equity/assets ratio remains excellent.
We expect the market situation to recover in 2010 and Tamfelt's net sales to
grow from the level in 2009.
The heavy investments made in the last few years have improved Tamfelt's
delivery performance, productivity and cost competitiveness. No major
investments in capacity will be made in the near future. Tamfelt's liquidity is
expected to remain good.
Integration with Metso brings many opportunities to improve business and
profitability. Their impact will be seen as the integration process advances.
Extent of impacts is yet difficult to estimate, this will become clearer during
the second half of 2010.
Helsinki, April 29, 2010
Tamfelt Corp.
Board of Directors
The figures in the Interim Report are rounded and unaudited.
CONSOLIDATED STATEMENT OF INCOME, IFRS
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| The comparison figures for 2009 have been changed due to changes in the |
| calculating principles. |
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| Million euros | 1-3 | 1-3 | Change | 1-12 |
| | 2010 | 2009 | % | 2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | 33.9 | 30.6 | 10.8 | 130.2 |
--------------------------------------------------------------------------------
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| Other operating income | 0.1 | 0.0 | 244.8 | 0.6 |
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| Materials and services | -7.4 | -6.6 | 11.4 | -31.7 |
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| Expenses from employee benefits | -14.5 | -15.1 | -3.7 | -55.5 |
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| Depreciation and impairment | -3.2 | -2.9 | 10.1 | -12.1 |
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| Other operating expenses | -7.1 | -7.1 | -0.4 | -29.9 |
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| Operating profit | 1.8 | -1.1 | -267.6 | 1.5 |
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| | | | | |
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| Financial income and expenses | -0.2 | -0.7 | -67.3 | -1.2 |
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| Profit before taxes | 1.6 | -1.8 | -188.4 | 0.4 |
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| Income taxes | -0.4 | 0.4 | -202.8 | -0.4 |
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| Profit for the period | 1.2 | -1.3 | -190.9 | 0.0 |
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| Profit for the period attributable | | | | |
| to: | | | | |
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| Equity holders of the parent | 1.2 | -1.3 | | 0.2 |
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| Minority interest | 0.0 | 0.0 | | -0.2 |
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| Earnings/share (basic) EUR | 0.04 | -0.04 | | 0.01 |
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| Earnings/share (diluted) EUR | 0.04 | -0.04 | | 0.01 |
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| CONSOLIDATED BALANCE | | | | | | |
| SHEET, IFRS | | | | | | |
--------------------------------------------------------------------------------
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| Million euros | 03/201 | % | 03/2009 | % | 12/2009 | % |
| | 0 | | | | | |
--------------------------------------------------------------------------------
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| Assets | | | | | | |
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| Non-current assets | | | | | | |
--------------------------------------------------------------------------------
| Property, plant and | 86.6 | | 95.6 | | 87.1 | |
| equipment | | | | | | |
--------------------------------------------------------------------------------
| Goodwill | 0.3 | | 0.3 | | 0.3 | |
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| Other intangible assets | 3.8 | | 4.4 | | 4.0 | |
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| Other financial assets | 1.2 | | 1.3 | | 1.2 | |
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| Deferred tax assets | 1.4 | | 1.8 | | 1.1 | |
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| | 93.3 | 54 | 103.4 | 52 | 93.7 | 55 |
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| Current assets | | | | | | |
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| Inventories | 32.0 | | 35.2 | | 29.8 | |
--------------------------------------------------------------------------------
| Trade and other | 30.4 | | 29.0 | | 26.6 | |
| receivables | | | | | | |
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| Financial assets at fair | 1.7 | | 0.9 | | 1.5 | |
| value through profit or | | | | | | |
| loss | | | | | | |
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| Cash and cash equivalents | 17.0 | | 29.5 | | 19.0 | |
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| | 81.1 | 46 | 94.6 | 48 | 76.9 | 45 |
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| Total assets | 174.4 | 100 | 198.0 | 100 | 170.6 | 100 |
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| Equity and liabilities | | | | | | |
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| Issued capital and | | | | | | |
| reserves attributable to | | | | | | |
| equity holders of the | | | | | | |
| parent | | | | | | |
--------------------------------------------------------------------------------
| Share capital | 27.6 | | 27.6 | | 27.6 | |
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| Share premium | 1.0 | | 1.0 | | 1.0 | |
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| Translation differences | -0.4 | | -0.8 | | -1.2 | |
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| Fair value reserve | 0.0 | | -0.4 | | -0.1 | |
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| Retained earnings | 76.7 | | 74.1 | | 75.5 | |
--------------------------------------------------------------------------------
| | 104.9 | | 101.5 | | 102.8 | |
--------------------------------------------------------------------------------
| Minority interest | 0.0 | | 0.0 | | 0.0 | |
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| Total equity | 105.0 | 60 | 101.6 | 51 | 102.9 | 60 |
--------------------------------------------------------------------------------
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| Non-current liabilities | | | | | | |
--------------------------------------------------------------------------------
| Deferred tax liabilities | 9.8 | | 10.4 | | 9.7 | |
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| Interest-bearing | 29.0 | | 38.9 | | 28.2 | |
| liabilities | | | | | | |
--------------------------------------------------------------------------------
| | 38.8 | | 49.3 | | 37.9 | |
--------------------------------------------------------------------------------
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| Current liabilities | | | | | | |
--------------------------------------------------------------------------------
| Trade and other payables | 23.8 | | 26.2 | | 22.2 | |
--------------------------------------------------------------------------------
| Current interest-bearing | 6.8 | | 21.0 | | 7.6 | |
| liabilities | | | | | | |
--------------------------------------------------------------------------------
| | 30.6 | | 47.2 | | 29.8 | |
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| Total liabilities | 69.4 | 40 | 96.5 | 49 | 67.7 | 40 |
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| Total equity and | 174.4 | 100 | 198.0 | 100 | 170.6 | 100 |
| liabilities | | | | | | |
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| CONSOLIDATED STATEMENT OF CASH | | | | | |
| FLOWS | | | | | |
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| | 1-3 | | 1-3 | | 1-12 |
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| Million euros | 2010 | | 2009 | | 2009 |
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| Cash flow from operating | | | | | |
| activities | | | | | |
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| Profit/loss for the period | 1.2 | | -1.3 | | 0.0 |
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| Adjustments to profit | 4.1 | | 4.2 | | 14.3 |
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| Change in working capital: | | | | | |
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| Change in trade and other | -3.8 | | 1.1 | | 3.0 |
| | | | | | |
| receivables | | | | | |
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| Change in inventories | -2.2 | | 0.2 | | 5.6 |
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| Change in trade and other | 1.6 | | 1.2 | | -3.0 |
| | | | | | |
| payables | | | | | |
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| Interest received | 0.0 | | 0.0 | | 0.2 |
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| Interest paid | -0.3 | | -0.6 | | -1.5 |
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| Other financial items, net | 0.1 | | -0.1 | | 0.2 |
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| Taxes paid | -0.8 | | -1.1 | | -0.2 |
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| Net cash flow from operating | -0.2 | | 3.6 | | 18.5 |
| activities | | | | | |
--------------------------------------------------------------------------------
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| Cash flow from investing | | | | | |
| activities | | | | | |
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| Investment in property, plant | -1.1 | | -3.4 | | -4.8 |
| and equipment | | | | | |
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| Investment in intangible | 0.0 | | 0.0 | | -0.4 |
| assets | | | | | |
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| Net cash flow from investing | -1.1 | | -3.4 | | -5.2 |
| activities | | | | | |
--------------------------------------------------------------------------------
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| Cash flow from financing | | | | | |
| activities | | | | | |
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| Withdrawal of loans | 2.1 | | 24.0 | | 20.0 |
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| Repayment of loans | -2.9 | | | | -19.0 |
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| Dividends paid | | | -4.8 | | -4.8 |
--------------------------------------------------------------------------------
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| Net cash flow from financing | -0.8 | | 19.2 | | -3.8 |
| activities | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Change in cash and cash | -2.0 | | 19.4 | | 9.6 |
| equivalents | | | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents at | 20.5 | | 10.7 | | 10.7 |
| the beginning of the period | | | | | |
--------------------------------------------------------------------------------
| Effect of exchange rate | 0.3 | | 0.2 | | 0.1 |
| changes | | | | | |
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| Effect of changes in the fair | -0.1 | | -0.1 | | 0.1 |
| value of investments | | | | | |
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| Cash and cash equivalents at | 18.7 | | 30.4 | | 20.5 |
| the end of the period | | | | | |
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| STATEMENT OF CHANGES IN CONSOLIDATED EQUITY |
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| | Equity attributable to shareholders of the | | |
| | parent | | |
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| Million | Shar | Shar | Trans | Fair | Retain | Total | Minori | Total |
| euros | e | e | latio | value | ed | | ty | equit |
| | capi | prem | n | reser | earnin | | intere | y |
| | tal | ium | diffe | ve | gs | | st | |
| | | rese | rence | and | | | | |
| | | rve | s | other | | | | |
| | | | | reser | | | | |
| | | | | ves | | | | |
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| Equity | 27.6 | 1.0 | -1.1 | -0.3 | 80.1 | 107.3 | 0.1 | 107.4 |
| 31.12.2008 | | | | | | | | |
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| Dividends | | | | | -4.8 | -4.8 | | -4.8 |
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| Total | | | 0.3 | -0.1 | -1.1 | -0.9 | 0.0 | -0.9 |
| comprehensi | | | | | | | | |
| ve income | | | | | | | | |
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| Equity | 27.6 | 1.0 | -0.8 | -0.4 | 74.3 | 101.6 | 0.0 | 101.6 |
| 31.3.2009 | | | | | | | | |
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--------------------------------------------------------------------------------
| Equity | 27.6 | 1.0 | -1.2 | -0.1 | 75.5 | 102.8 | 0.0 | 102.9 |
| 31.12.2009 | | | | | | | | |
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| Dividends | | | | | | 0.0 | | 0.0 |
--------------------------------------------------------------------------------
| Total | | | 0.8 | 0.1 | 1.2 | 2.1 | 0.0 | 2.1 |
| comprehensi | | | | | | | | |
| ve income | | | | | | | | |
--------------------------------------------------------------------------------
| Equity | 27.6 | 1.0 | -0.4 | 0.0 | 76.7 | 104.9 | 0.0 | 105.0 |
| 31.3.2010 | | | | | | | | |
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| SEGMENT INFORMATION - business segments | | |
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| Million euros | | | | |
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--------------------------------------------------------------------------------
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| 1-3/10 | Tamfelt | Tamfelt | Other | Consolidated |
| | PMC | Filtration | activities | |
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| Income | | | | |
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| External turnover | 22.2 | 11.7 | | 33.9 |
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| Profit/loss | | | | |
--------------------------------------------------------------------------------
| Operating profit | 0.9 | 1.5 | -0.6 | 1.8 |
--------------------------------------------------------------------------------
| Financing items | | | -0.2 | -0.2 |
--------------------------------------------------------------------------------
| Taxes | | | -0.4 | -0.4 |
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| Profit/loss for the | | | | 1.2 |
| period | | | | |
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| Other data | | | | |
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| Segment assets | 113.1 | 37.5 | 23.8 | 174.4 |
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| Segment liabilities | 55.9 | 10.4 | 3.0 | 69.3 |
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| Investments | 1.0 | 0.1 | | 1.1 |
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| Depreciation and | 2.4 | 0.6 | 0.2 | 3.2 |
| impairment | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 1-3/2009 | Tamfelt | Tamfelt | Other | Consolidated |
| | PMC | Filtration | activities | |
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| Income | | | | |
--------------------------------------------------------------------------------
| External turnover | 20.5 | 10.1 | | 30.6 |
--------------------------------------------------------------------------------
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| 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 | | | | -1.3 |
| period | | | | |
--------------------------------------------------------------------------------
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| Other data | | | | |
--------------------------------------------------------------------------------
| Segment assets | 119.8 | 41.7 | 36.5 | 198.0 |
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| Segment liabilities | 47.1 | 15.8 | 33.5 | 96.4 |
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| Investments | 3.0 | 0.2 | 0.2 | 3.4 |
--------------------------------------------------------------------------------
| Depreciation and | 2.1 | 0.6 | 0.2 | 2.9 |
| impairment | | | | |
--------------------------------------------------------------------------------
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| 1-12/09 | Tamfelt | Tamfelt | Other | Consolidated |
| | PMC | Filtration | activities | |
--------------------------------------------------------------------------------
| Income | | | | |
--------------------------------------------------------------------------------
| External turnover | 88.6 | 41.6 | | 130.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit/loss | | | | |
--------------------------------------------------------------------------------
| Operating profit | 3.1 | 2.6 | -4.1 | 1.5 |
--------------------------------------------------------------------------------
| Financing items | | | -1.2 | -1.2 |
--------------------------------------------------------------------------------
| Taxes | | | -0.4 | -0.4 |
--------------------------------------------------------------------------------
| Profit/loss for the | | | | 0.0 |
| period | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Investments | 4.0 | 0.7 | 0.4 | 5.2 |
--------------------------------------------------------------------------------
| Depreciation and | 8.9 | 3.0 | 0.3 | 12.1 |
| impairment | | | | |
--------------------------------------------------------------------------------
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| Other data | | | | |
--------------------------------------------------------------------------------
| Segment assets | 108.5 | 36.2 | 25.9 | 170.6 |
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| Segment liabilities | 49.6 | 9.7 | 8.4 | 67.7 |
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| SEGMENT INFORMATION - geographical segments | | |
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| | 1-3 | | 1-3 | | 1-12 |
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| Million euros | 2010 | | 2009 | | 2009 |
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| NET SALES | | | | | |
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| Finland | 8.6 | | 9.0 | | 38.5 |
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| Rest of Europe | 16.1 | | 15.0 | | 61.0 |
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| Other countries | 15.2 | | 11.2 | | 48.9 |
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| Elimination | -6.1 | | -4.6 | | -18.2 |
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| Consolidated | 33.9 | | 30.6 | | 130.2 |
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| INVESTENTS | | | | | |
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| Finland | 1.0 | | 1.3 | | 2.6 |
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| Rest of Europe | 0.1 | | 0.1 | | 0.3 |
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| Other countries | | | 2.0 | | 2.2 |
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| Consolidated | 1.1 | | 3.4 | | 5.2 |
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| VARAT | | | | | |
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| Finland | 133.8 | | 152.4 | | 132.3 |
--------------------------------------------------------------------------------
| Rest of Europe | 20.4 | | 23.5 | | 18.7 |
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| Other countries | 34.6 | | 40.4 | | 33.8 |
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| Elimination | -14.4 | | -18.3 | | -14.2 |
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| Consolidated | 174.4 | | 198.0 | | 170.6 |
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| KEY FIGURES | | | | | |
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| | 1-3 | | 1-3 | | 1-12 |
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| | 2010 | | 2009 | | 2009 |
--------------------------------------------------------------------------------
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| Net sales | 33.9 | | 30.6 | | 130.2 |
--------------------------------------------------------------------------------
| Operating profit | 1.8 | | -1.1 | | 1.5 |
--------------------------------------------------------------------------------
| % of net sales | 5.3 | | -3.5 | | 1.2 |
--------------------------------------------------------------------------------
| Profit before taxes and | 1.6 | | -1.8 | | 0.4 |
| minority interest | | | | | |
--------------------------------------------------------------------------------
| Profit/loss for the period | 1.2 | | -1.3 | | 0.0 |
--------------------------------------------------------------------------------
| Return on equity, % | 4.5 | | -5.1 | | 0.0 |
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| Return on net assets, % | 5.3 | | -3.0 | | 1.4 |
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| Equity/Assets ratio at the end | 60.3 | | 51.4 | | 60.5 |
| of the period, % | | | | | |
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| Gearing at the end of the | 16.2 | | 29.1 | | 14.9 |
| period, % | | | | | |
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| Gross investments | 1.1 | | 3.4 | | 5.2 |
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| % of net sales | 3.2 | | 11.1 | | 4.0 |
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| Average employment during the | 1 331 | | 1 440 | | 1 383 |
| period | | | | | |
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| COLLATERALS AND CONTINGENT | | | | | |
| LIABILITIES | | | | | |
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| Million euros | 1-3 | | 1-3 | | 1-12 |
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| | 2010 | | 2009 | | 2009 |
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| Contingent liabilities | 13.5 | | 20.4 | | 46.1 |
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| DERIVATIVE FINANCIAL | | | | | |
| INSTRUMENTS | | | | | |
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| Million euros | | | | | |
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| Forward exchange contracts, not | | | | | |
| under hedge accounting | | | | | |
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| Forward exchange contracts | | | | | |
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| Fair value | 7.4 | | 6.7 | | |
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| Value of underlying assets | 7.4 | | 6.4 | | |
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| Stock option agreements | | | | | |
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| Acquired, fair value | | | | | 3.2 |
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| Acquired, fair value of | | | | | 3.3 |
| underlying asset | | | | | |
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| Sold, fair value | | | | | 6.7 |
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| Sold, fair value of underlying | | | | | 6.7 |
| asset | | | | | |
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| Electricity derivatives | | | | | |
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| Fair value | 2.5 | | 1.5 | | 2.2 |
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| Trading value | 2.7 | | 2.2 | | 2.3 |
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| STOCK ANALYSIS | 1-3 | | 1-3 | | 1-12 |
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| | 2010 | | 2009 | | 2009 |
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| Earnings/share, diluted, euros | 0.04 | | -0.05 | | 0.01 |
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| Equity/share, diluted, euros | 3.49 | | 3.72 | | 3.42 |
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| Share trend, euros | | | | | |
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| Lowest price, common share | | | 5.16 | | |
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| preferred share | | | 3.95 | | |
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| new share serie | 6.75 | | | | 3.95 |
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| Highest price, common share | | | 7.38 | | |
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| preferred share | | | 5.25 | | |
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| new share serie | 7.70 | | | | 6.71 |
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| Closing price, common share | | | 7.10 | | |
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| preferred share | | | 4.30 | | |
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| new share serie | 6.89 | | | | 6.71 |
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| Market value at the end of the | | | | | |
| period | | | | | |
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| Million euros | 207.3 | | 138.9 | | 201.9 |
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| Trading volume/total stock, % | | | 0.3 | | |
| common | | | | | |
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| preferred | | | 1.5 | | |
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| new share serie | 0.9 | | | | 96.5 |
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| SHARE CAPITAL 30.3.2010 | | | | | |
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| Number of shares | | | | | |
| 30 093 763 | | | | | |
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| Number of votes | | | | | |
| 30 093 763 | | | | | |
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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 1,350 people and its net sales in
2009 were 130.2 million euro. Founded in 1797, the company is one of the
pioneers of Finnish industry.
Metso is a global supplier of sustainable technology and services for mining,
construction, power generation, automation, recycling and the pulp and paper
industries. Metso has about 27,000 employees in more than 50 countries.
www.metso.com