ROCLA OYJ STOCK EXCHANGE RELEASE 12.2.2007 AT 12.30 ROCLA OYJ FINANCIAL STATEMENTS BULLETIN FOR THE FISCAL YEAR 1.1.- 31.12.2006 SUCCESS ON MARKETS, PRODUCTION THE BOTTLE-NECK The Rocla Group had a successful year on the markets for warehouse trucks in 2006. Order bookings clearly exceeded overall market growth and the order backlog doubled. Delays in subcontracting and component sourcing did, however, limit growth of production. Net sales were EUR 104.4 million, an increase of 8% (2005: EUR 96.6 million). Earnings fell short of targets because of increased materials prices and production bottle-necks. Operating profit stayed clearly below that of the year before and was EUR 1.5 million (EUR 4.2 million). The Board proposes that a dividend of 0.20 euros per share (0.20 euros) be declared for the fiscal year 2006. NET SALES AND OPERATING PROFIT BY BUSINESS SEGMENT Consolidated net sales and operating profit in the fiscal year 2006 developed as follows: Meur Net sales 1-12 Operating profit 1-12 2006 2005 Change % 2006 2005 Change % Trucks 93.3 85.9 8.6 3.0 5.6 -45.6 AGVs 11.1 10.6 4.3 -1.6 -1.3 -16.7 Total 104.4 96.6 8.1 1.5 4.2 -65.2 BUSINESS OPERATIONS Industrial trucks Industrial trucks net sales in fiscal 2006 were EUR 93.3 million (EUR 85.9 million). Operating profit was EUR 3.0 million (EUR 5.6 million): Demand continued to grow on the key markets for Rocla warehouse trucks. On the European market the overall number of trucks ordered grew by 16% from the year before. Rocla´s order bookings in the same period grew by 27%. The order book rose to record levels, supported by the introduction of new products. Expansion of the dealer network also supported inroads on new markets. In Finland´s neighbouring markets Rocla´s focus was on truck services. New concepts for service and maintenance of the logistics equipment of customers were introduced in Finland and Denmark. The rental and service business in these countries grew strongly in the fiscal year 2006 in line with corporate strategy. Rocla entered into several significant long-range service contracts with customers in different business sectors. Roclas Russian subsidiary OOO Rocla RUS started up in St. Petersburg in 2005 and in Estonia Rocla´s subsidiary started its operations in April 2006. Automated Guided Vehicles Net sales of Automated Guided Vehicles came to EUR 11.1 million (EUR 10.6 million) in 2006. Operating profit was EUR -1.6 million (EUR -1.3 million). The result of Automated Guided Vehicles is highly unsatisfactory. The increase of materials costs weakened the result further towards the end of the year. Operations have been largely based on customer-tailored systems and it has been difficult to gain benefits from the repetition of the solutions. By the end of 2007 Rocla will adopt a new mode of operations based on the application of standard products. This program is estimated to improve the results of the operations clearly in the future. The program is proceeding as planned. BALANCE SHEET AND FINANCING At the end of 2006 the consolidated balance sheet total was EUR 82.3 million (EUR 68.2 million). Interest-bearing net debt was EUR 33.5 million (EUR 30.6 million), net gearing 145.9% (132.0%) and the equity to assets ratio 28.4% (34.5%). Cash flow from operations before investments was EUR 6.5 million (EUR 7.2 million) and before financing EUR - 3.3 million (EUR 2.5 million). Rocla carried out a significant financial transaction related to the premises at the end of 2006. The Groups main operating facilities at Järvenpää were built and expanded by Rocla in the period 1977-1989. These operating facilities were sold in 1994 and a rental arrangement for the premises was entered into on the same occasion. In 1999 this arrangement was restructured and the rental agreement for the premises was converted into a financial leasing agreement that included a purchase option for the shares in the real estate company Kiinteistö Oy Roclankuja 1. Rocla purchased these shares on the last business day of 2006 and drew up a financial arrangement for the deal. At this time Rocla negotiated a EUR 10.0 million long-term loan that enabled the conversion of the real estate leasing debt and some other short-term debts into long-term debts. RESULTS AND PROFITABILITY The weakening of the results of the Rocla Group in comparison with the year before was mainly a result of delays in materials sourcing and cost escalations in raw materials. The costs of the key raw materials, steel, copper, lead and aluminium have increase by around one fifth during the course of one year. The added expense comes to EUR 1.7 million on an annual basis. The success of the truck services offering in the neighbouring market areas brought about a significant change in the earnings model as the share of rental and maintenance operations rose to a level even higher than anticipated. The earnings on these contracts mainly accrue during a period of 3-5 years even though truck deliveries took place in 2006. Consolidated income before taxes was EUR 0.4 million (EUR 3.4 million) and the net income for the period EUR 0.3 million (EUR 3.1 million): Return on investment, ROI, was 3.3% p.a. (8.8%). Return on equity, ROE, was 1.2% p.a. (14.7%). Earnings per share, EPS, were 0.07 euros (0.82 euros). Considering the dilution effect of option rights earnings per share for the fiscal year 2006 were 0.07 euros (0.80 euros). At the end of the year equity per share was 5.88 euros (6.00 euros). DEVELOPMENT AND INVESTMENTS Products Rocla´s development activities have resulted in the market introduction in 2006 of new products in which significant new innovations have been commercialized. In May the new Humanic reach truck family equipped with the integral mast was launched. Reach trucks command a share of some 30% of the European market volume for warehouse trucks and it is the number one product family of the business. Humanic turned out to be a market success. Rocla´s customer-focused truck design know-how proved its sustainability as a competitive advantage. At the Sklad trade fair held in Moscow in the fall of 2006 the Humanic truck was awarded a gold medal as the most impressive product of the fair. The fast rate of product renewal continues. In the fiscal year 2007 two new major product families will be introduced; an automated truck based on warehouse truck technology and a stacker with a driver platform. Production The shortfalls in truck deliveries were mainly due to component shortages and delays in the sourcing of steel structures. The component problem eased up somewhat in the second half of the year but deliveries of the Humanic truck family, launched in spring, were delayed because of subcontractor supply failures. These could not be made up for in the last quarter of the year. Total truck output in 2006 was 6,700, which is 11% more than in the year before. Development of production continues in line with the ongoing development program (MP10000). In January the new mast line for trucks was inaugurated in a special ceremony. Production is now partly organized in two shifts and the welding capacity for masts will be augmented with a new welding robot to be installed during the year. The ambition is an increase of production capacity to 10,000 trucks per year in 2008. Fixed assets Gross investments in fixed assets were EUR 5.9 million (EUR 4.1 million). Out of this EUR 1.6 million (EUR 2.0 million) were carried forward in the balance sheet in line with IFRS-practices applicable to product development expenses. INTEGRATION OF BUSINESS SEGMENTS The integration work in warehouse trucks and automated guided vehicles that was started up around one year ago has opened up new prospects for increasing the effectiveness of business operations. Product development and assembly competence gained in warehouse trucks can be used to replace the previous tailoring of automated guided vehicles by substituting them with the technology platform of the Humanic truck and additional required automation features. This mode of operation has been found to match almost the entire current customer needs in automated guided vehicles and it is expected to result in a major boost to cost efficiency and significantly shorter lead-times in this product area. The complete concept is estimated to be in place by the last quarter of this year. CORPORATE STRUCTURE AND MANAGEMENT The wholly owned Finnish subsidiaries, Rocla Rent Oy and Rocla Robotruck Oy, were merged with their parent company Rocla Oyj on December 31, 2006. This merger matches the renewal of the Group´s business operations. At the same time it increases efficiency and reduces administrative costs. The management structure is revamped to match the new operating model. Rocla is now managed as a one business area company. The core business is development of intelligent logistics solutions and services and the global offering of these with Europe the main market. REPORTING The new and simplified operational mode of the Rocla Group also entails the renewal of segment reporting. As of 2007 the Group´s business operations and results are reported as one segment; Materials Handling Solutions. The management responsibilities following from the new mode of operations are described in the below section on management. MANAGEMENT Management of the Rocla Group is renewed to match the new business structure. Business operations are divided into units, the names of which are Products, Projects and the country organizations in charge of customer services Finland, Denmark and Russia. Jussi Muikku, Managing Director, is assisted in operational decision making by a five member executive team consisting of Pentti Salonen, Products, Jukka Viinikainen, Customer Services Finland, Anselmi Immonen, Projects and function heads Juha Mikkonen, Business Support and Hilkka Webb, Finance. The expanded executive team consists of the above and Peter Möller, Denmark Country Manager, Konstantin Titov, Russia Country Manager, Kyösti Sarkkinen, Mentoring, Markus Alholm, Business Development and Mia Sipilä-Heikura, Marketing. PERSONNEL In 2006 the Group had an average personnel of 467 people (439). At the end of the year 489 people (445) were employed by the Rocla Group. Of this number 87 (78) worked in the company´s business operations outside Finland. ANNUAL GENERAL MEETING Financial statements The Annual General Meeting held on April 4, 2006 adopted the financial statements for 2005 and discharged those accountable from liability. The Board´s proposal to declare a dividend of 0.20 euros per share (0.15 euros) was adopted. The record-date for the dividend payment was 11.4.2006 and payment took place on 20.4.2006. Board of Directors and auditors The number of board members was confirmed at six. Ilkka Hakala, Donald V. Henn, Frans Maarse and Niilo Pellonmaa were re-elected board members. Bo Harald and Eero Karvonen were elected new board members. In its first meeting the board elected Niilo Pellonmaa Chairman. The auditing firm KPMG Oy Ab was elected auditor with Lasse Holopainen, CA, auditor-in-charge. Authorizations The Annual General Meeting authorized the Board to decide on the acquisition of 194,535 Rocla Oyj shares and the transfer of 229,035 shares. In addition the Annual General Meeting authorized the Board to decide on a share capital increase of a maximum of 388,000 shares in a new share issue in one or several stages. The authorizations are valid for one year after the close of the Annual General Meeting. The company transferred 3,711 of its own shares as part of the stock option plan for management. Otherwise the authorizations have not been used. Shares and option rights During 2006 a total of 399,635 Rocla Oyj shares were traded at the Helsinki Exchanges. This corresponds to around 10% of the total number of shares excluding treasury shares held by the company itself. The value of the turnover of Rocla Oyj shares was 5,091,169 euros. In the fiscal year 2006 the highest share price was 15.20 euros and the lowest 10.51 euros. The average price was 12.71 euros and the closing price for the year was 11.67 euros. At the end of the fiscal year the market capitalization of the entire stock of the company was EUR 45.6 million (EUR 42.9 million) excluding treasury shares. A total of 469,210 Rocla Oyj option rights under the 1998 option program were traded during the fiscal year. The average trading price was 4.85 euros and the closing price 3.45 euros. A total of 48,765 shares were subscribed based on option rights during the fiscal year. OWNERSHIP There were no major changes in the ownership of Rocla Oyj during 2006. The ownership of the company is presented in the tables below. The ten biggest owners of Rocla Oyj on December 31, 2006: Owner Number of shares % % of shares of votes 1. Etra-Invest Oy Ab 1,000,000 25.4 25.4 2. Mitsubishi Caterpillar 600,000 15.2 15.2 Forklift Europe B.V. 3. Mitsubishi Caterpillar 600,000 15.2 15.2 Forklift America Inc. 4. Aktia Capital Investment Fund 190,000 4.8 4.8 5. Henki-Sampo Insurance Company 171,200 4.3 4.3 6. Fennia Mutual Insurance Company 47,000 1.2 1.2 7. Eläke-Fennia Mutual Insurance Company 45,900 1.2 1.2 8. EVK-Capital Oy 43,900 1.1 1.1 9. Niilo Pellonmaa 41,500 1.1 1.1 10. Rocla Oyj 30,789 0.8 0.8 Total ten biggest 2,770,289 70.3 70.3 Nominee-registered 533,000 13.5 13.5 Total 3,939,478 100.0 100.0 During the fiscal year Rocla Oyj transferred 3,711 of its own shares as part of the management stock option scheme. Shares held by Board Members Members of the Board and the Managing Director held a total of 100,055 Rocla Oyj shares at the turn of the year. This constitutes 2.5% of the share capital. RISKS The major strategic and operational risks associated with the Groups business operations are attached to the management of partnerships, assessment of the competitive strength of new products, cost development of production factors and obligations and estimates pertaining to long-term agreements. In operational risks materials cost increases in particular made an impact in the fiscal year that could not be fully compensated for in product pricing. Risk administration is improved by i.e. developing the business planning and forecasting processes. Interest rate and exchange rate risks are partly hedged through interest swap deals and currency future agreements. Liabilities and credit losses are administered through the insurance policies of the Group. The liquidity risk is administered by sufficient credit limit arrangements. Financial, liability and credit loss risks made no major profit impact in 2006. ORDER BOOK At the turn of the year the Groups order book stood at EUR 26.8 million. It is the all-time highest in the history of the company and about twice the size of the order book a year ago (EUR 13.9 million) and in proportion to the normal order-book level. The order-book of Industrial trucks was EUR 20.9 million (EUR 8.7 million) and that of Automated Guided Vehicles EUR 5.9 million (EUR 5.2 million). OUTLOOK The atmosphere on the Group´s major markets continues to be positive and the strong demand is expected to endure. Rocla starts the year 2007 with a record-level order-book and the momentum gained from new products. The key factors for generating results especially in the beginning of 2007 are therefore related to elimination of the component shortage, catching up with delays in deliveries and a balanced build-up of capacity. The sales of the Group are expected to grow over 10% from last year. A number of activities have been initiated in order to clearly improve the profits. Among them are measures to improve industrial through-put and also action such as price increases, improved sourcing, resource allocations to sales and services and general cost control. Accomplishing the ongoing Automated Guided Vehicles projects efficiently and adopting the new product concept and corresponding operating procedures successfully are also key steps in improving profitability. THE BOARD´S PROPOSAL FOR THE ALLOCATION OF PROFITS The Board proposes to the 2007 Annual General Meeting that a dividend of 0.20 euros per share (0.20 euros) be declared for a total dividend payment of around EUR 0.8 million based on the externally held company shares. No dividend is paid on treasury shares. The company´s stated dividend policy is based on a dividend payment of a minimum of 30% on net income. The Board´s current dividend proposal equals a 286.1% dividend payout ratio. INCOME STATEMENT (Meur) 1-12/2006 1-12/2005 Change % NET SALES 104.4 96.6 8.1 Change in finished goods and work in progress 2.3 0.9 Other operating income 0.3 0.3 Materials and services -65.9 -57.8 13.9 Personnel expenses -21.2 -19.5 8.6 Depreciation -6.6 -5.5 19.1 Other operating expenses -12.0 -10.7 12.1 OPERATING PROFIT 1.5 4.2 -65.2 Financial expenses (net) -1.1 -0.8 33.9 PROFIT/LOSS BEFORE TAXES 0.4 3.4 -88.3 Income taxes -0.1 -0.3 -60.8 PROFIT/LOSS FOR THE PERIOD 0.3 3.1 -91.3 EARNINGS PER SHARE (euros) 0.07 0.82 Earnings per share, euros (diluted) 0.07 0.80 BALANCE SHEET (Meur) 12/2006 12/2005 ASSETS NON-CURRENT ASSETS Intangible assets 8.2 7.8 Consolidated goodwill 1.1 1.1 Tangible assets 26.8 23.5 Receivables 0.1 0.3 NON-CURRENT ASSETS TOTAL 36.2 32.9 CURRENT ASSETS Inventories 21.4 18.5 Sales receivables and other receivables 22.0 16.1 Cash and cash equivalents 2.7 0.6 CURRENT ASSETS TOTAL 46.2 35.3 TOTAL ASSETS 82.3 68.2 EQUITY AND LIABILITIES Share capital 3.9 3.9 Premium fund 4.6 4.2 Retained earnings 14.1 11.8 Net income for the period 0.3 3.1 EQUITY TOTAL 23.0 23.1 NON-CURRENT LIABILITIES Interest-bearing debt 19.2 14.1 Deferred taxes 1.1 1.2 NON-CURRENT LIABILITIES TOTAL 20.3 15.3 CURRENT LIABILITIES Interest-bearing debt 17.1 17.0 Provisions 0.4 0.4 Non interest-bearing debt 21.5 12.2 CURRENT LIABILITIES TOTAL 39.0 29.7 LIABILITIES TOTAL 59.3 45.0 EQUITY AND LIABILITIES TOTAL 82.3 68.2 KEY RATIOS 12/2006 12/2005 Net sales, Meur 104.4 96.6 Operating profit, Meur 1.5 4.2 % of net sales 1.4 4.4 Income before taxes, Meur 0.4 3.4 % of net sales 0.4 3.6 Equity/share, euros 5.88 6.00 Equity/assets ratio, % 28.4 34.5 Return on equity,% p.a. 1.2 14.7 Gross investments, Meur 5.9 4.1 Return on investment, % p.a. 3.3 8.8 Dividend/share, euros *) 0.20 0.20 Dividend/income, % *) 286.1 24.4 Dividend yield, % *) 1.7 1.8 Product development expenses, total, Meur 4.4 4.0 total, % of net sales 4.2 4.2 Personnel, average 467 439 Personnel, end of period 489 445 *) The Board´s proposal OTHER DATA Order book, Meur 26.8 13.9 Shares, 1,000, average 3,860 3,788 Shares, 1,000, diluted, average 4,014 3,863 Shares, 1,000, End of period 3,909 3,856 Treasury shares are excluded from the number of shares. CONTINGENT COMMITMENTS (Meur) 12/06 12/05 For own debt: Mortgages on real estate 0.5 0.5 Corporate mortgages 9.4 9.4 Other own commitments: Leasing commitments 0.8 0.9 Rental commitments 0.9 0.3 Repurchase commitments 0.7 0.2 CHANGES IN EQUITY CAPITAL A=Share capital, B=Premium fund, C=Translation differences, D=Current value fund, E=Retained earnings, F=Income for the period, G=Total 1-12/2006 A B C D E F G Beginning 3.9 4.2 0.1 0.1 14.9 - 23.1 Share subscriptions, option rights 0.0 0.3 0.4 Dividend payment -0.8 -0.8 Income for the period 0.3 0.3 Transfer of own shares 0.0 0.0 0.0 Other changes -0.1 -0.0 0.0 End 3.9 4.6 0.0 0.0 14.1 0.3 23.0 1-12/2005 A B C D E F G Beginning 3.9 3.8 0.0 0.0 11.4 - 19.2 Dividend payment -0.6 -0.6 Income for the period 3.1 3.1 Sale of treasury shares 0.5 0.9 1.4 Other changes 0.0 0.1 0.1 End 3.9 4.2 0.1 0.1 11.8 3.1 23.1 FUNDS STATEMENT 1-12/06 1-12/05 Cash flow from operations Net income for the period 0.3 3.1 Adjustments: -Depreciation 6.6 5.5 -Financial income and expenses1.1 0.8 -Taxes 0.1 0.3 -Other adjustments 0.0 0.1 Change in working capital 0.2 -1.2 Interests paid -1,5 -1.3 Interests received 0.0 0.1 Taxes paid -0.3 -0.3 CASH FLOW FROM OPERATIONS 6.5 7.2 CASH FLOW FROM INVESTMENTS -9.8 -4.7 Cash flow from financing Loans withdrawn 11.6 2.5 Loans repaid -2.8 -2.8 Increase in equity 0.4 0.0 Sale of treasury shares 0.0 1.5 Payment of financial leasing debts -3.0 -3.4 Dividends paid -0.8 -0.6 NET CASH FLOW FROM FINANCING 5.5 -2.8 CHANGE IN LIQUID FUNDS 2.2 -0.3 Liquid assets beginning of period 0.6 0.8 Liquid assets end of period 2.7 0.6 INCOME STATEMENT BY QUARTER (Meur) 10-12 7-9 4-6 1-3 10-12 7-9 4-6 1-3 2006 2006 2006 2006 2005 2005 2005 2005 NET SALES 30.8 22.5 26.0 25.1 27.7 21.2 24.0 23.7 Change in finished goods and work in progress 0.6 0.5 0.8 0.4 -0.9 1.7 0.2 -0.1 Other operating income 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.0 Materials and services -20.0-14.5 -16.4 -15.0 -16.2 -13.9 -13.6-14.2 Personnel expenses -5.9 -4.8 -5.4 -5.1 -5.4 -4.2 -5.3 -4.6 Depreciation -1.7 -1.8 -1.6 -1.5 -1.5 -1.4 -1.4 -1.4 Other operating expenses -3.4 -2.7 -3.2 -2.7 -3.1 -2.3 -2.9 -2.4 OPERATING PROFIT 0.4 -0.6 0.5 1.3 0.8 1.2 1.2 1.1 Financial expenses (net) -0.2 -0.6 -0.2 -0.1 0.0 -0.2 -0.4 -0.2 PROFIT/LOSS BEFORE TAXES 0.2 -1.2 0.2 1.2 0.7 1.1 0.8 0.9 Income taxes 0.0 0.3 -0.1 -0.3 0.2 -0.1 -0.2 -0.2 PROFIT/LOSS FOR THE PERIOD 0.2 -0.9 0.1 0.8 0.9 1.0 0.6 0.6 EARNINGS/SHARE euros 0.06 -0.24 0.03 0.22 0.23 0.26 0.16 0.17 EARNINGS/SHARE euros, diluted 0.06 -0.23 0.03 0.21 0.22 0.25 0.16 0.17 BALANCE SHEET BY QUARTER (Meur) 12/06 9/06 6/06 3/06 12/05 9/05 6/05 3/05 ASSETS NON-CURRENT ASSETS Intangible assets 8.2 7.7 8.0 7.8 7.8 7.7 7.5 7.4 Consolidated goodwill 1.1 1.1 1.1 1.1 1.1 1.1 1.2 1.2 Tangible assets 26.8 26.9 25.4 24.9 23.5 22.6 22.4 22.3 Receivables 0.1 1.0 0.3 0.4 0.3 0.6 0.5 0.4 NON-CURRENT ASSETS TOTAL36.2 36.8 35.0 34.3 32.9 32.1 31.6 31.3 CURRENT ASSETS Inventories 21.4 20.1 19.5 19.5 18.5 20.2 19.5 17.1 Sales receivables and other receivables 22.0 17.9 16.7 17.3 16.1 17.3 15.6 15.0 Cash and cash equivalents 2.7 2.4 1.8 0.9 0.6 0.8 1.6 1.6 CURRENT ASSETS TOTAL 46.2 40.5 38.1 37.9 35.3 38.3 36.7 33.7 ASSETS TOTAL 82.3 77.3 73.2 72.2 68.2 70.4 68.3 65.0 EQUITY AND LIABILITIES Share capital 3.9 3.9 3.9 3.9 3.9 3.9 3.9 3.9 Premium fund 4.6 4.3 4.3 4.2 4.2 4.2 4.2 3.8 Retained earnings 14.1 14.2 14.1 14.9 11.8 11.8 11.8 10.9 Net income for the period 0.3 0.1 1.0 0.8 3.1 2.2 1.2 0.6 EQUITY TOTAL 23.0 22.5 23.4 24.0 23.1 22.2 21.2 19.2 NON-CURRENT LIABILITIES Interest-bearing debt 19.2 14.2 12.7 13.4 14.1 14.8 14.9 15.7 Deferred taxes 1.1 1.0 1.3 1.3 1.2 1.1 0.6 0.7 NON-CURRENT LIABILITIES TOTAL 20.3 15.1 14.0 14.7 15.3 15.9 15.5 16.4 CURRENT LIABILITIES Interest-bearing debt 17.1 21.5 20.0 18.1 17.0 18.6 17.9 15.7 Provisions 0.4 0.5 0.5 0.4 0.4 0.5 0.5 0.5 Non interest-bearing debt 21.5 17.7 15.2 14.9 12.2 13.2 13.1 13.2 CURRENT LIABILITIES TOTAL 39.0 39.7 35.7 33.4 29.7 32.3 31.6 29.4 LIABILITIES TOTAL 59.3 54.8 49.7 48.2 45.0 48.2 47.1 45.8 EQUITY AND LIABILITIES TOTAL 82.3 77.3 73.2 72.2 68.2 70.4 68.3 65.0 (The figures are unaudited) ANNUAL GENERAL MEETING AND FINANCIAL DISCLOSURE IN 2007 The Rocla Oyj Annual General Meeting is held on April 3, 2007 at 5 p.m. In 2007 Interim Reports are published as follows: April 26 First quarter July 17 First two quarters October 25 First three quarters The Interim Reports are published in the form of Stock Exchange Releases in Finnish and English on the Internet-pages of the Helsinki Exchanges (www.omx.com) and Rocla Oyj (www.rocla.com). Järvenpää, February 12, 2007 ROCLA OYJ Board of Directors Jussi Muikku Managing Director For additional information, contact: Jussi Muikku, Managing Director, phone +358 20 778 1370 Hilkka Webb, CFO, phone +358 20 778 1316 DISTRIBUTION Helsinki Exchanges The main media
ROCLA OYJ FINANCIAL STATEMENTS BULLETIN FOR THE FISCAL YEAR 1.1.-31.12.2006
| Source: Rocla Oyj