Tamfelt Oyj Abp
TAMFELT CORP.’S INTERIM REPORT January 1 – March 31, 2008
Tamfelt Oyj Abp / News Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. ---------------------------------------------------------------------- TAMFELT CORP. INTERIM REPORT April 24, 2008 at 9.00 a.m. 1(12) TAMFELT CORP.'S INTERIM REPORT January 1 - March 31, 2008 - Net sales were 41.6 million euros (Q1/07: 42.6 million) - Operating profit was 5.3 million euros, corresponding to 12.6 per cent of the net sales (Q1/07: 5.8 million and 13.6 per cent) - Profit before taxes was 5.0 million euros (Q1/07: 5.9 million) - Earnings per share were 0.13 euros (Q1/07: 0.16) - Equity/assets ratio was 54.0 per cent (Q1/07): 58.8) - Return on net assets was 16.2 per cent (Q1/07: 20.5) - Return on equity was 14.0 per cent (Q1/07: 17.4) - Short-term outlook: Despite the tough market situation, Tamfelt's increased capacity, good order backlog and continuously improving productivity provide the conditions for a good return on net assets and a good profit trend. The record result of 2007, however, will not be achieved. Stiff competition, the weak U.S. dollar, and the start-up of our new forming and dryer fabric line in China impaired our profitability in the early months of the year. Our order backlog, however, is larger than at the beginning of the year, and the conditions prevail to generate a good return on net assets and a good profit trend, says Jyrki Nuutila, President & CEO of Tamfelt Corp. BUSINESS ENVIRONMENT AND PRODUCT DEMAND Tamfelt is a world-leading supplier of technical textiles. The Group's main products are fabrics for the paper and pulp, mining and chemical industries. Tamfelt's biggest customer segment is the paper and pulp industry. The Group operates two business segments: paper machine clothing (Tamfelt PMC) and filter fabrics (Tamfelt Filtration). Tamfelt PMC has production facilities at Tampere and Juankoski in Finland and at Tianjin in China. Tamfelt Filtration has production in Tampere in Finland, Ovar in Portugal, Belo Horizonte in Brazil, Lodz in Poland and Shanghai in China. In the period under review, the demand for paper and board continued at the average level. The highest demand came from China and the rest of Asia. Paper prices have remained relatively stable, but the price of pulp has slightly risen. In the long term, the evolution 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. During the report period the demand for paper machine clothing grew heavily in Asia and topped the average level in Europe. Press felts, in particular, were in growing demand. While most of the new investments in paper and board manufacturing capacity of are still made in China, a number of major projects are being commissioned in Europe too. The increasingly tight competition is already to be seen in the profitability of the business. The weakening dollar against the euro has also depressed the prices of paper machine clothing. The trend of the metal market affects the demand for filter fabrics from the mining industry. The prices of major metals remained at a good level during the report period. The demand for filter fabrics from the mining industry was higher than in the first quarter of 2007, whereas the demand from the paper and pulp industries remained flat. The high oil price boosts the consumption of coal and the development of alternative energy sources. In an effort to cut emissions from coal burning, high-quality filter fabrics are key. The growing production of biofuels requires filtration equipment as well. Stricter environmental standards overall have stepped up the demand for filter fabrics, and the trend will continue to the foreseeable future. Good demand continued for ironer felts. A flat building industry slowed down the demand for dry filtration products in comparison with a year ago. The continuing shortage of fibres for special applications affected the manufacture of certain styles of ironer felts and dry filtration products. Clothing suppliers are adding new capacity in Asia and closing down inefficient units in the rest of the world. Capacity consolidation continues through investments in large and high-performing production lines. NEW ORDERS AND ORDER BACKLOG The Group's order backlog has grown from the beginning of the year, but in varying degrees for the different product groups. In the period under review, Tamfelt PMC won new contracts to supply its spearhead products for a number of important world-class machines. At the end of the period, Tamfelt PMC's order backlog was higher than at the beginning of the year. Tamfelt Filtration's order volume was slightly higher than at the beginning of the year. NET SALES In the first quarter of 2008, the Tamfelt Group's net sales were down 2.4 per cent at 41.6 million euros. The net sales of both business segments were slightly down from the corresponding period in 2007. The decline was partly attributed to the weakening rate of the dollar and the lower prices of the PMC products. Foreign operations contributed 73.4 per cent (72.0) of the consolidated net sales. FINANCIAL PERFORMANCE Tamfelt's operating profit for the first quarter of the year was 5.3 million euros, or 12.6 per cent of the net sales (Q1/07: 5.8 million and 13.6 per cent). Apart from the lower net sales, the performance was also affected by the start-up of Tamfelt's new operation in China and the measures required by the incorporation. The profit for the period was 3.6 million euros, or 0.13 euros per share (0.16). Return on net assets was 16.6 per cent (20.5) and return on equity was 14.0 per cent (17.4). Tamfelt's net financing costs in January-March were -0.2 million euros (0.1 million). CASH FLOW AND FINANCING Tamfelt's cash flow from operations was 5.0 million euros (3.8 million). The net working capital was 36.3 million euros (34.1 million). At the end of March, the consolidated balance sheet total was 181.8 million euros (163.0 million). The equity/assets ratio was 54.0 per cent (58.8). The consolidated interest-bearing net debt at the end of March was 23.8 million euros (14.2 million). Gearing was 24.3 per cent (14.9). The company paid 14.7 million euros in dividend, which raised the gearing by about 16 percentage units and decreased the equity/assets ratio by about 8 percentage units. BUSINESS SEGMENTS Paper machine clothing (PMC) comprises forming fabrics, press felts and fabrics, shoe press belts and dryer fabrics. Tamfelt PMC is one of the leading suppliers of paper machine clothing to wide and high-speed paper machines in Europe. In this focus area, Tamfelt PMC's market shares are growing also in North America and Asia. Tamfelt Filtration enjoys a strong position in the filter fabric market for the paper and pulp industries. As a filter fabric supplier to the mining industry, Tamfelt Filtration concentrates on certain types of products and has earned a significant share of the market. Tamfelt Filtration also makes dry filtration products and ironer felts for commercial laundries. Tamfelt Filtration is the world market leader in ironer felts. On October 22, 2007, Tamfelt published a stock exchange release concerning the incorporation of the paper machine clothing business (PMC) and the filter fabric business by means of a transfer of undertaking. The move was completed as planned on January 1, 2008, and the new companies, Tamfelt PMC Corp. and Tamfelt Filtration Corp., are now in operation. Tamfelt Corp. is the parent company of the Group. In a stock exchange release of April 23, 2008, Tamfelt published the Group's financial data for 2007 based on segment reporting. Paper machine clothing (Tamfelt PMC) January 1 - March 31, 2008 - Net sales were 27.9 million euros (Q1/07: 28.4 million) - Operating profit was 3.5 million euros (Q1/07: 4.3 million) - Assets were 113.9 million euros /Q1/07: 107.5 million) - Liabilities were 29.5 million euros /Q1/07: 26.8 million) - Investments were 2.2 million euros (Q1/07: 5.0 million) - Depreciation and impairment were 1.7 million euros (Q1/07: 1.8 million) Tamfelt PMC's net sales and operating profit were affected by the falling average prices of clothing, partly due to the weaker dollar, and by the start-up of the company's new dryer and forming fabric operation in China. Filter fabrics (Tamfelt Filtration) January 1 - March 31, 2008 - Net sales were 13.7 million euros (Q1/07: 14.2 million) - Operating profit was 2.2 million euros (Q1/07: 2.0 million) - Assets were 43.1 million euros (Q1/07: 39.4 million) - Liabilities were 10.6 million euros (Q1/07: 7.9 million) - Investments were 0.7 million euros (Q1/07: 0.7 million) - Depreciation and impairment were 0.5 million euros (Q1/07: 0.5 million). Tamfelt Filtration's net sales were slightly down, but profitability improved. The net sales were particularly affected by slackening demand for dry filtration products and lower Russian sales. INVESTMENTS Tamfelt's gross investments were 3.0 million euros (Q1/07: 4.7 million). In the period under review, Tamfelt PMC commissioned its new dryer and forming fabric plant at Tianjin in China according to plan. The Group continued investments in equipment to streamline the production and to cut lead times. Tamfelt's investments in 2008 are expected to fall behind the 2007 record figure. PERSONNEL At the end of March, Tamfelt employed 1,528 people, an increase of 32 from the end of 2007 (1,496). In the first quarter of the year, the average employment was 1,510. Tamfelt PMC employed 834 and Tamfelt Filtration 495 people. Of the personnel, 71 per cent work in Finland and 29 per cent in other countries. SHARE CAPITAL, SHARES AND OPTIONS At the end of March, Tamfelt's share capital stood at 27,563,964.00 euros. The number of common shares was 10,119,198 and the number of preferred shares was 17,444,766. The market value of Tamfelt's share capital at March 31, 2008 was 262.5 million euros (316.9 million). On the OMX Nordic list in Helsinki, trading in Tamfelt's preferred shares in January-March amounted to 4.1 million euros (6.1 million) and in common shares to 0.4 million euros (0.4 million). The turnover of preferred shares was 2.4 per cent of their total number. The corresponding percentage of common shares was 0.3. At the end of March, the price of the preferred share was 8.90 euros and that of the common share 10.60 euros. From the beginning of the year, the price of the preferred share fell 19.8 per cent and that of the common share 11.7 per cent. The decline was partly due to the dividend strip of March 19, 2008. The highest quotation for the preferred share in January-March was 11.30 euros and the lowest 8.55 euros. The highest quotation for the common share was 11.55 euros and the lowest 10.03 euros. The company does not hold its own shares. The Board of Directors has no current mandate to decide on the acquisition or conveyance of the company's own shares. Tamfelt Corp.'s Annual General Meeting held on March 10, 2005 decided to grant options to the company's key executives. The 2005 option scheme entitles the option holders to subscribe for a total of 437,000 preferred shares, corresponding to a maximum of 1.6 per cent of Tamfelt's share capital and 0.2 per cent of the voting power. The maximum increase of the share capital with the 2005 stock options is 437,000.00 euros. The subscription for shares under the E option rights began on November 1, 2007 and under the F option rights it begins on November 1, 2009. DECISIONS TAKEN BY THE ANNUAL GENERAL MEETING Tamfelt Corp.'s Annual General Meeting of March 18, 2008, elected Mikael von Frenckell, Niklas Savander, Martin Lilius, Jouko Oksanen, Vesa Kainu and Carl-Magnus Cedercreutz to continue as ordinary members of the Board of Directors. 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 approved the Board of Directors' proposal to amend Article 2 of the company's Articles of Association to comply with the restructuring of the Group. The amended Article 2 reads as follows: The company's line of business is to carry on, either directly or through subsidiary companies, the industrial manufacture and sales of felts, forming fabrics and other technical textile products, and other related business activities, and to own real estate and hold shares and interests for the purposes of its activities or personnel. The Annual General Meeting decided to pay a dividend of 0.52 euros per common share and 0.54 euros per preferred share for the financial period ended December 31, 2007. The dividend was paid on April 1, 2008. POST-REVIEW EVENTS Short-term business risks The major risks involved in Tamfelt's activities relate to the maintenance and expansion of market shares. Customers make clothing manufacturers compete for contracts and keep consolidating their purchases on an ever-smaller number of suppliers. This, together with a declining specific consumption of clothing, leads to a pressure in prices and a higher business risk. Other uncertainties relate to the availability, price and quality of raw materials, especially as the Group, in certain materials, is dependent on few suppliers. Exchange rate management involves profitability risks. The paper and board industries are growing especially in China and in the rest of Asia. The mining industry is growing fastest in South America. Tamfelt's customers are increasingly relocating production capacity to these areas. Clothing suppliers, too, are shifting operations to countries where cost levels are lower. In an effort to stay competitive, Tamfelt continues to improve its performance, cost structure and productivity. Tamfelt is increasingly operating in South America and the Far East, in markets where the risk of credit loss is higher. Tamfelt takes out insurances to cover the risk of damage involved in its activities, as far as this is deemed motivated, financially or otherwise. The coverage includes insurance against material damage and business interruption as well as product liability and completed operations liability coverage. Tamfelt focuses on identifying and reducing the risks and risk-related damages. However, Tamfelt's business environment involves risks that cannot be covered by insurances or eliminated by other means. Short-term outlook Global economic uncertainty has remarkably grown lately, and the rate of growth of the economy is expected to slow down in 2008. In China and Southeast Asia, good economic growth is believed to continue, though at a rate slower than last year. The demand for paper and the production volumes of the forest industry are estimated to grow at the long-term average rate. In Tamfelt's focus area, however, the output volumes of the paper industry will be growing beyond average, and brisk demand for clothing for new high-speed paper and board machines will prevail. In the mining industry, the market for iron and colour metals is expected to steady, whereas the demand for filter fabrics is estimated to stay at a good level. Increasing eco-consciousness and more stringent environmental standards worldwide will boost the demand for filter fabrics and open up new opportunities to step up sales. Big customer corporations make clothing manufacturers compete for contracts and continue to consolidate their purchases on fewer suppliers. Price competition in paper machine clothing has already tightened to the extreme. Tamfelt's record-high investments in 2007 significantly increased the manufacturing capacity of both PMC products and filter fabrics. Despite the tough market situation, higher capacity, good order backlog and improving productivity provide conditions for a good return on net assets and a good profit trend. The record result of 2007, however, will not be achieved. Helsinki, April 23, 2008 Tamfelt Corp. Board of Directors -------------------------------------------------------------------------------- | CONSOLIDATED STATEMENT OF INCOME, | | | | | | | IFRS | | | | | | -------------------------------------------------------------------------------- | | 1-3 | | 1-3 | | 1-12 | | -------------------------------------------------------------------------------- | Million euros | 2008 | % | 2007 | % | 2007 | % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 41.6 | 100 | 42.6 | 100 | 167.5 | 100 | -------------------------------------------------------------------------------- | Operating profit | 5.3 | 13 | 5.8 | 14 | 25.9 | 17 | -------------------------------------------------------------------------------- | Financial income and | -0.2 | | 0.1 | | 0.3 | | | expenses | | | | | | | -------------------------------------------------------------------------------- | Share of the profit of | | | | | | | | associates | | | | | | | -------------------------------------------------------------------------------- | Profit before tax | 5.0 | | 5.9 | | 26.2 | | -------------------------------------------------------------------------------- | Income taxes | -1.4 | | -1.5 | | -5.4 | | -------------------------------------------------------------------------------- | Profit for the period | 3.6 | 9 | 4.4 | 10 | 20.8 | 13 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Attributable to | | | | | | | -------------------------------------------------------------------------------- | Equity holders of the | 3.6 | | 4.4 | | 20.9 | | | parent | | | | | | | -------------------------------------------------------------------------------- | Minority interest | 0.0 | | 0.0 | | 0.0 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share calculated on profit attributable to equity holders of | | the parent (euros) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Basic | 0.13 | | 0.16 | | 0.76 | | -------------------------------------------------------------------------------- | Diluted | 0.13 | | 0.16 | | 0.75 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED BALANCE SHEET, | | | | | | | | IFRS | | | | | | | -------------------------------------------------------------------------------- | Million euros | 3/2008 | % | 3/2007 | % | 12/2007 | % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Assets | | | | | | | -------------------------------------------------------------------------------- | Non-current assets | | | | | | | -------------------------------------------------------------------------------- | Property, plant and | 88.6 | | 79.1 | | 88.5 | | | equipment | | | | | | | -------------------------------------------------------------------------------- | Goodwill | 0.3 | | 0.3 | | 0.3 | | -------------------------------------------------------------------------------- | Other intangible assets | 4.5 | | 4.2 | | 4.3 | | -------------------------------------------------------------------------------- | Other financial assets | 1.7 | | 1.8 | | 1.4 | | -------------------------------------------------------------------------------- | Deferred tax assets | 1.1 | | 0.8 | | 0.9 | | -------------------------------------------------------------------------------- | | 96.2 | 53 | 86.2 | 53 | 95.4 | 54 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Current assets | | | | | | | -------------------------------------------------------------------------------- | Inventories | 34.4 | | 31.3 | | 33.0 | | -------------------------------------------------------------------------------- | Trade and other receivables | 32.9 | | 34.0 | | 30.3 | | -------------------------------------------------------------------------------- | Financial assets at fair | 1.6 | | 1.9 | | 1.9 | | | value | | | | | | | | through profit or loss | | | | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents | 16.7 | | 9.6 | | 4.4 | | -------------------------------------------------------------------------------- | | 85.6 | 47 | 76.8 | 47 | 69.7 | 46 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total assets | 181.8 | 100 | 163.0 | 100 | 165.1 | 100 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity and liabilities | | | | | | | -------------------------------------------------------------------------------- | Issued capital and reserves | | | attributable to equity holders | | | of the parent | | -------------------------------------------------------------------------------- | Share capital | 27.6 | | 27.6 | | 27.6 | | -------------------------------------------------------------------------------- | Share premium | 1.0 | | 1.0 | | 1.0 | | -------------------------------------------------------------------------------- | Translation differences | -2.1 | | -1.0 | | -1.6 | | -------------------------------------------------------------------------------- | Fair value reserve | 0.1 | | 0.5 | | 0.1 | | -------------------------------------------------------------------------------- | Retained earnings | 71.3 | | 66.7 | | 82.3 | | -------------------------------------------------------------------------------- | | 97.9 | | 94.8 | | 109.4 | | -------------------------------------------------------------------------------- | Minority interest | 0.2 | | 0.4 | | 0.2 | | -------------------------------------------------------------------------------- | Total equity | 98.1 | 54 | 95.2 | 58 | 109.6 | 70 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-current liabilities | | | | | | | -------------------------------------------------------------------------------- | Deferred tax liabilities | 10.6 | | 10.9 | | 10.6 | | -------------------------------------------------------------------------------- | Interest-bearing | 24.7 | | 10.8 | | 11.7 | | | liabilities | | | | | | | -------------------------------------------------------------------------------- | | 35.3 | | 21.7 | | 22.3 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Current liabilities | | | | | | | -------------------------------------------------------------------------------- | Trade and other payables | 31.0 | | 31.2 | | 27.4 | | -------------------------------------------------------------------------------- | Provisions | | | 0.0 | | | | -------------------------------------------------------------------------------- | Current interest-bearing | 17.4 | | 14.9 | | 5.8 | | | liabilities | | | | | | | -------------------------------------------------------------------------------- | | 48.4 | | 46.1 | | 33.2 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total liabilities | 83.7 | 46 | 67.8 | 42 | 55.5 | 30 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total equity and | 181.8 | 100 | 163.0 | 100 | 165.1 | 100 | | liabilities | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED STATEMENT OF CASH FLOWS | | | | | -------------------------------------------------------------------------------- | | 1-3 | | 1-3 | | 1-12 | -------------------------------------------------------------------------------- | Million euros | 2008 | | 2007 | | 2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from operating | | | | | | | activities | | | | | | -------------------------------------------------------------------------------- | Profit for the period | 3.6 | | 4.4 | | 20.8 | -------------------------------------------------------------------------------- | Adjustments to profit | 3.7 | | 3.3 | | 15.4 | -------------------------------------------------------------------------------- | Change in working capital: | | | | | | -------------------------------------------------------------------------------- | Change in trade and other | -2.9 | | -4.8 | | -0.6 | | receivables | | | | | | -------------------------------------------------------------------------------- | Change in inventories | -1.4 | | 0.8 | | -1.0 | -------------------------------------------------------------------------------- | Change in trade and other | 3.8 | | 1.3 | | -2.4 | | payables | | | | | | -------------------------------------------------------------------------------- | Change in provisions | | | | | | -------------------------------------------------------------------------------- | Interest received | 0.1 | | 0.1 | | 0.4 | -------------------------------------------------------------------------------- | Interest paid | -0.4 | | -0.1 | | -1.0 | -------------------------------------------------------------------------------- | Other financial items, net | 0.1 | | 0.1 | | 0.9 | -------------------------------------------------------------------------------- | Taxes paid | -1.6 | | -1.3 | | -7.3 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net cash flow from operating | 5.0 | | 3.8 | | 25.3 | | activities | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from investing | | | | | | | activities | | | | | | -------------------------------------------------------------------------------- | Investment in property, plant | -3.0 | | -5.9 | | -23.1 | | and equipment | | | | | | -------------------------------------------------------------------------------- | Investment in intangible | | | | | -1.2 | | assets | | | | | | -------------------------------------------------------------------------------- | Other investment | | | | | -0.2 | -------------------------------------------------------------------------------- | Disposal of associates | | | | | | -------------------------------------------------------------------------------- | Net cash flow from investing | -3.0 | | -5.9 | | -24.5 | | activities | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from financing | | | | | | | activities | | | | | | -------------------------------------------------------------------------------- | Subscription for stock | | | | | | | options | | | | | | -------------------------------------------------------------------------------- | Withdrawal of loans | 25.1 | | 21.0 | | 16.7 | -------------------------------------------------------------------------------- | Repayment of loans | -0.4 | | -0.4 | | -4.3 | -------------------------------------------------------------------------------- | Dividends paid | -14.7 | | -16.6 | | -16.6 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net cash flow from financing | 10.0 | | 4.0 | | -4.2 | | activities | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in cash and cash | 12.0 | | 1.9 | | -3.4 | | equivalents | | | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at | 6.4 | | 9.8 | | 9.8 | | the | | | | | | | beginning of the period | | | | | | -------------------------------------------------------------------------------- | Effect of exchange rate | 0.1 | | -0.1 | | 0.1 | | changes | | | | | | -------------------------------------------------------------------------------- | Effect of changes on the fair | -0.2 | | -0.1 | | -0.1 | | value | | | | | | | of investment | | | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at | 18.3 | | 11.5 | | 6.4 | | the | | | | | | | end of the period | | | | | | -------------------------------------------------------------------------------- STATEMENT OF CHANGES IN CONSOLIDATED EQUITY -------------------------------------------------------------------------------- | | Issued capital and reserves attributable | | | | | to equity holders of the parent | | | -------------------------------------------------------------------------------- | Million | Sha | Share | Tr | Fair | Retained | Tota | Minority | Total | | euros | re | premi | an | value | earnings | l | interest | equity | | | cap | um | sl | reser | | | | | | | ita | | at | ve | | | | | | | l | | io | and | | | | | | | | | n | other | | | | | | | | | di | reser | | | | | | | | | ff | ves | | | | | | | | | er | | | | | | | | | | en | | | | | | | | | | ce | | | | | | | | | | s | | | | | | -------------------------------------------------------------------------------- | Equity | 27. | 1.0 | -0 | 0.5 | 79.0 | 107. | 0.2 | 107.8 | | Dec. 31, | 6 | | .5 | | | 6 | | | | 2006 | | | | | | | | | -------------------------------------------------------------------------------- | Translati | | | -0 | | | -0.5 | 0.2 | -0.3 | | on | | | .5 | | | | | | | differenc | | | | | | | | | | es | | | | | | | | | -------------------------------------------------------------------------------- | 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-e | | | | | 0.0 | 0.0 | | 0.0 | | ntry of | | | | | | | | | | share-bas | | | | | | | | | | ed | | | | | | | | | | payments | | | | | | | | | -------------------------------------------------------------------------------- | Profit | | | | | 4.4 | 4.4 | 0.0 | 4.4 | | for the | | | | | | | | | | period | | | | | | | | | -------------------------------------------------------------------------------- | Total | | | -0 | 0.0 | 4.4 | 3.9 | 0.2 | 4.1 | | recognize | | | .5 | | | | | | | d | | | | | | | | | | income | | | | | | | | | | and | | | | | | | | | | expenses | | | | | | | | | | for | | | | | | | | | | the | | | | | | | | | | period | | | | | | | | | -------------------------------------------------------------------------------- | Dividends | | | | | -16.6 | -16. | | -16.6 | | | | | | | | 6 | | | -------------------------------------------------------------------------------- | Equity | 27. | 1.0 | -1 | 0.5 | 66.7 | 94.8 | 0.4 | 95.2 | | Mar. 31, | 6 | | .0 | | | | | | | 2007 | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity | 27. | 1.0 | -1 | 0.1 | 82.3 | 109. | 0.2 | 109.6 | | Dec. 31, | 6 | | .7 | | | 4 | | | | 2007 | | | | | | | | | -------------------------------------------------------------------------------- | Translati | | | -0 | | | -0.4 | 0.0 | -0.4 | | on | | | .4 | | | | | | | differenc | | | | | | | | | | es | | | | | | | | | -------------------------------------------------------------------------------- | Change of | | | | | | 0.0 | | 0.0 | | accountin | | | | | | | | | | g | | | | | | | | | | estimates | | | | | | | | | -------------------------------------------------------------------------------- | Change of | | | | 0.0 | | 0.0 | | 0.0 | | fair | | | | | | | | | | value, | | | | | | | | | | financial | | | | | | | | | | assets | | | | | | | | | | available | | | | | | | | | | for | | | | | | | | | | sale | | | | | | | | | -------------------------------------------------------------------------------- | Tax on | | | | 0.0 | | 0.0 | | 0.0 | | equity | | | | | | | | | | items | | | | | | | | | -------------------------------------------------------------------------------- | Counter-e | | | | | 0.0 | 0.0 | | 0.0 | | ntry of | | | | | | | | | | share-bas | | | | | | | | | | ed | | | | | | | | | | payments | | | | | | | | | -------------------------------------------------------------------------------- | Profit | | | | | 3.6 | 3.6 | 0.0 | 3.6 | | for the | | | | | | | | | | period | | | | | | | | | -------------------------------------------------------------------------------- | Total | | | -0 | 0.0 | 3.7 | 3.3 | 0.0 | 3.3 | | recognize | | | .4 | | | | | | | d | | | | | | | | | | income | | | | | | | | | | and | | | | | | | | | | expenses | | | | | | | | | | for | | | | | | | | | | the | | | | | | | | | | period | | | | | | | | | -------------------------------------------------------------------------------- | Dividends | | | | | -14.7 | -14. | | -14.7 | | | | | | | | 7 | | | -------------------------------------------------------------------------------- | Equity | 27. | 1.0 | -2 | 0.1 | 71.3 | 97.9 | 0.2 | 98.1 | | Mar. 31, | 6 | | .1 | | | | | | | 2008 | | | | | | | | | -------------------------------------------------------------------------------- | SEGMENT INFORMATION - Business segments | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Million euros | | | | | | -------------------------------------------------------------------------------- | Q1 / 2008 | Tamfelt | Tamfelt | Other | Consolidate | | | | PMC | Filtrati | activities | d | | | | | on | | | | -------------------------------------------------------------------------------- | Income | | | | | | -------------------------------------------------------------------------------- | External turnover | 27.9 | 13.7 | | 41.6 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit | | | | | | -------------------------------------------------------------------------------- | Operating profit | 3.5 | 2.2 | -0.5 | 5.3 | | -------------------------------------------------------------------------------- | Financing items | | | -0.2 | -0.2 | | -------------------------------------------------------------------------------- | Taxes | | | -1.3 | -1.3 | | -------------------------------------------------------------------------------- | Profit for the | | | | 3.6 | | | period | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 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 | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Q1 / 2007 | Tamfelt | Tamfelt | Other | Consolidate | | | | PMC | Filtrati | activities | d | | | | | on | | | | -------------------------------------------------------------------------------- | Income | | | | | | -------------------------------------------------------------------------------- | External turnover | 28.4 | 14.2 | | 42.6 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit | | | | | | -------------------------------------------------------------------------------- | Operating profit | 4.3 | 2.0 | -0.5 | 5.8 | | -------------------------------------------------------------------------------- | Financing items | | | 0.1 | 0.1 | | -------------------------------------------------------------------------------- | Taxes | | | -1.5 | -1.5 | | -------------------------------------------------------------------------------- | Profit for the | | | | 4.4 | | | period | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other data | | | | | | -------------------------------------------------------------------------------- | Segment assets | 107.5 | 39.4 | 16.1 | 163.0 | | -------------------------------------------------------------------------------- | Segment liabilities | 26.8 | 7.9 | 33.2 | 67.8 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Investments | 5.0 | 0.7 | 0.2 | 5.9 | | -------------------------------------------------------------------------------- | Depreciation and | 1.8 | 0.5 | 0.0 | 2.3 | | | impairment | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SEGMENT INFORMATION - Geographical segments | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 1-3 | | 1-3 | | 1-12 | -------------------------------------------------------------------------------- | Million euros | 2008 | | 2007 | | 2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NET SALES | | | | | | -------------------------------------------------------------------------------- | Finland | 12.7 | | 12.9 | | 57.6 | -------------------------------------------------------------------------------- | Rest of Europe | 19.3 | | 21.8 | | 68.2 | -------------------------------------------------------------------------------- | Other countries | 15.8 | | 14.1 | | 59.0 | -------------------------------------------------------------------------------- | Elimination | -6.2 | | -6.1 | | -17.2 | -------------------------------------------------------------------------------- | Consolidated | 41.6 | | 42.6 | | 167.5 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | INVESTMENTS | | | | | | -------------------------------------------------------------------------------- | Finland | 1.9 | | 3.5 | | 14.2 | -------------------------------------------------------------------------------- | Rest of Europe | 0.1 | | 0.1 | | 1.1 | -------------------------------------------------------------------------------- | Other countries | 1.0 | | 2.3 | | 9.1 | -------------------------------------------------------------------------------- | Consolidated | 3.0 | | 5.9 | | 24.5 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | ASSETS | | | | | | -------------------------------------------------------------------------------- | Finland | 146.5 | | 129.7 | | 136.2 | -------------------------------------------------------------------------------- | Rest of Europe | 22.7 | | 21.2 | | 15.3 | -------------------------------------------------------------------------------- | Other countries | 24.8 | | 19.6 | | 26.0 | -------------------------------------------------------------------------------- | Elimination | -12.0 | | -7.5 | | -12.4 | -------------------------------------------------------------------------------- | Consolidated | 182.0 | | 163.0 | | 165.1 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KEY FIGURES | | | | | | -------------------------------------------------------------------------------- | | 1-3 | | 1-3 | | 1-12 | -------------------------------------------------------------------------------- | | 2008 | | 2007 | | 2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 41.6 | | 42.6 | | 167.5 | -------------------------------------------------------------------------------- | Operating profit | 5.3 | | 5.8 | | 25.9 | -------------------------------------------------------------------------------- | % of net sales | 12.6 | | 13.6 | | 15.5 | -------------------------------------------------------------------------------- | Profit before taxes and | 5.0 | | 5.9 | | 26.2 | | minority interest | | | | | | -------------------------------------------------------------------------------- | Profit for the period | 3.6 | | 4.4 | | 20.8 | -------------------------------------------------------------------------------- | Return on equity, % | 14.0 | | 17.4 | | 19.2 | -------------------------------------------------------------------------------- | Return on net assets, % | 16.2 | | 20.5 | | 22.7 | -------------------------------------------------------------------------------- | Equity/assets ratio, % | 54.0 | | 58.8 | | 66.5 | -------------------------------------------------------------------------------- | Gearing, % | 24.3 | | 14.9 | | 10.3 | -------------------------------------------------------------------------------- | Gross investment | 3.0 | | 5.9 | | 24.5 | -------------------------------------------------------------------------------- | % of net sales | 7.2 | | 13.8 | | 14.6 | -------------------------------------------------------------------------------- | Average employment | 1,510 | | 1,449 | | 1,469 | | during the period | | | | | | -------------------------------------------------------------------------------- | Earnings/share, diluted, euros | 0.13 | | 0.16 | | 0.76 | -------------------------------------------------------------------------------- | Equity/share, diluted, euros | 3.55 | | 3.44 | | 3.95 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | COLLATERALS AND CONTINGENT | | | | | | | LIABILITIES | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Million euros | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Contingent liabilities | 0.7 | | 0.3 | | 0.7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | DERIVATIVE FINANCIAL | | | | | | | INSTRUMENTS | | | | | | -------------------------------------------------------------------------------- | Million euros | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Forward exchange contracts, | | | | | | | | | | | | | | not under hedge accounting | | | | | | -------------------------------------------------------------------------------- | Fair value | 2.1 | | 4.1 | | 2.7 | -------------------------------------------------------------------------------- | Value of underlying asset | 2.0 | | 4.0 | | 2.7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Electricity derivatives | | | | | | -------------------------------------------------------------------------------- | Fair value | 1.9 | | 2.0 | | 2.1 | -------------------------------------------------------------------------------- | Trading value | 1.7 | | 2.1 | | 1.7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- FURTHER INFORMATION April 24, 2008 Jyrki Nuutila, President & CEO, Tamfelt Corp. 0400 625 030 and Seppo Holkko, President, Tamfelt PMC Corp., tel. 040 509 3319. TAMFELT'S INTERIM REPORTS IN 2008 Tamfelt's interim report for January-June will be published on August 5, 2008 and for January-September on October 30, 2008. DISTRIBUTION OMX Nordic Exchange Major media www.tamfelt.com Tamfelt is a world-leading supplier of technical textiles. The company's main products are paper machine clothing and filter fabrics. The Tamfelt Group employs about 1,470 people and its net sales in 2007 were 167.5 million euros. Founded in 1797, the company is one of the pioneers of Finnish industry. 25.04.2008 Financial News transmitted by DGAP ----------------------------------------------------------------------
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