TAMFELT CORP. INTERIM REPORT August 6, 2009 at 08:30 a.m.
TAMFELT CORP'S INTERIM REPORT JANUARY-JUNE 2009 - SLIGHT SIGNS FOR THE BETTER,
NEW STRATEGY TO OUTLINE TAMFELT'S FUTURE
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| KEY FIGURES | 4-6 2009 | 1-3 2009 | 1-6 2009 | 1-6 2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales, million euro | 32.9 | 30.6 | 63.5 | 84.6 |
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| Operating profit, million | 1.1 | -1.1 | 0.1 | 10.6 |
| euro | | | | |
--------------------------------------------------------------------------------
| % of net sales | 3.4 | -3.5 | 0.1 | 12.5 |
--------------------------------------------------------------------------------
| Profit before taxes, | 0.8 | -1.8 | -0.9 | 9.8 |
| million euro | | | | |
--------------------------------------------------------------------------------
| Profit for the period, | 0.3 | -1.3 | -1.0 | 7.1 |
| million euro | | | | |
--------------------------------------------------------------------------------
| Earnings per share, euro | 0.01 | -0.05 | -0.03 | 0.26 |
--------------------------------------------------------------------------------
| Return on equity, % | 1.3 | -5.1 | -1.9 | 13.5 |
--------------------------------------------------------------------------------
| Return on net assets, % | 3.5 | -3.0 | 0.2 | 15.8 |
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| Equity to assets ratio, % | 57.1 | 51.4 | 57.1 | 56.1 |
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TAMFELT'S NEW STRATEGY FOR MORE PROFITABLE BUSINESS OPERATIONS
In the changed and very challenging market situation, Tamfelt has updated the
company strategy. The targets of the new strategy is improved competitivess,
profitability and increased shareholder value. To improve profitability, for
example, some production will be transferred to China and Portugal. In the
future, Tamfelt will concentrate in better utilizing the synergy of PMC (paper
and board machine clothing) and Filtration business areas, in strengthening its
position in the main market areas, and in increasing sales to new customers and
in new areas.
According to the new strategy, Tamfelt will study the possibility to move part
of dryer fabric manufacturing from Tampere, Finland and part of forming fabric
manufacturing from Juankoski, Finland to Tianjin, China. The dryer fabric
manufacturing remaining in Finland will mainly serve the European market,
guaranteeing fast deliveries and good customer service. At present, Tamfelt is
the only dryer fabric supplier with production in the Nordic countries.
The future focus in Tampere for PMC products will be on press felts and belts.
As the markets revive, these manufacturing areas can be significantly increased
by utilizing the existing machinery capacity.
To increase cost efficiency, production in China will be centered in the modern
fabric factory premises in Tianjin. Tamfelt will close down the filter fabric
factory in Shanghai, operating in rented premises and move the manufacturing to
Tianjin. In addition to this, Tamfelt will study the possibility to move some
filter fabric manufacturing from Finland and Poland to Tianjin, China. Local
manufacturing in Brazil will also be increased. The manufacturing for the most
demanding customer applications will stay in Tampere. All this aims to utilize
the synergies in manufacturing and logistics.
The new strategy aims to increase Tamfelt's results gradually back to the level
before the economic downturn by the year 2013. The steps now planned will reduce
the number of personnel in the Group from the present 1400 to 1200 by 2013.
SHORT-TERM OUTLOOK
To improve cost structure and delivery reliability, Tamfelt operations will in
the future increasingly focus outside of Finland, especially in the Asian
market. In China, the economic situation already shows slight signs of recovery,
and this is expected to reflect in the demand for Tamfelt products. In early
2009, there has been increasing demand for urgent deliveries. Although this is
mainly due to the running down of customer inventories, the demand is expected
to recover and settle in a constant order inflow on the level of consumption.
The demand for Tamfelt products in the second half of 2009 is still expected to
remain lower than in 2008. The demand is low for the products of Tamfelt's
largest customer group, the paper and pulp industry, which reflects in the
operating rates of machinery and shows in lower order backlog for Tamfelt. On
the other hand, active sales and RTD are expected through new market areas and
increased deliveries to board machines to compensate for the shortfall created
by the closing of printing paper machines.
The operating rates in the mining industry are clearly lower than last year
which shows directly in filter fabric demand. The price development of metals,
however, has been positive. The better economic situation in the mining industry
is expected to increase both operating rates and new investments, thus also
increasing demand for filter fabrics.
Although the net sales and operating profit of Tamfelt are expected to be
slightly better in the second half of 2009 than they were in the first half of
the year, they are still expected to fall behind the level of 2008. The weak
economic situation, tightened price competition, and fight for market shares
still have a negative effect on the expected results of the whole business,
including Tamfelt. Cost savings measures are being implemented in all units of
Tamfelt Group, aiming for better profitability. Outsourcing of operations not
within the company's core business is also considered.
The machinery in Tamfelt manufacturing units is modern and there is no need for
new significant investments. The liquidity of the company is expected to stay
good.
Mr. Reima Kerttula, President and CEO:
”In the second quarter, there were subtle signs of economic recovery. For
Tamfelt, the second quarter of 2009 was slightly better than the first quarter,
however, the January-June results of this year were still behind those of 2008.
I trust our new strategy enables better competitiveness and profitability. Our
aim is to take advantage of the most interesting growth opportunities and to
strengthen our position as the technology leader in technical textiles. An
essential part of our strategy is to invest in multi-skilled personnel and in
improving our production efficiency.”
Attached is the detailed review of the results in January-June 2009, and the
related figures.
FOR MORE INFORMATION
August 6, 2009 from 9:00 a.m. Finnish time: Mr. Reima Kerttula, President and
CEO of Tamfelt Corp., tel. +358 400 648 458, and Mr. Kimmo Pärssinen, CFO of
Tamfelt Corp., tel. +358 40 505 3755.
INTERIM REPORT JANUARY-JUNE 2009
BUSINESS FIELD OF THE GROUP
Tamfelt is a world-leading supplier of technical textiles. The Group develops,
manufactures, and sells technical textiles to the applications of paper and pulp
industries, mining and chemical industries, energy industry, waste water
treatment, and commercial laundries. Tamfelt's biggest customer segment is the
paper and pulp industry.
GROUP NET SALES
Tamfelt Group's net sales fell 24.9% from the same period last year and was 63.5
million euros (1-6/08: 84.6). Operations outside Finland contributed to 74.9% of
the Group's net sales (69.2).
FINANCIAL PERFORMANCE
The Group's operating profit was 0.1 million euros or 0.1% of net sales (1-6/08:
10.6 million and 12.5%, respectively). The profit for the period was -1.0
million euros (1-6/08: 7.1). The reasons for the weaker results were decreasing
of the market with lower demand, which has lead to increased price competition.
Delivery volumes were clearly smaller than the year before. Return on net assets
was 0.2% (15.8), and return on equity was -1.9% (13.5). Earnings per share were
-0.03 euros. In the first half of 2008, earnings per share were 0.26 euros.
CASH FLOW AND FINANCING
Tamfelt's cash flow from operations was 4.5 million euros (5.9). The net working
capital was 41.7 million euros (41.4). Investments amounted to 3.9 million euros
(10.1). The Group's liquid assets at the end of the reporting period were 13.5
million euros (38.8). The balance sheet and equity to assets ratio have remained
steady.
TAMFELT PMC: PAPER AND BOARD MACHINE CLOTHING
Summary of key figures of PMC business area 1-6/2009
- Net sales were 43.1 million euros (1-6/08: 57.4)
- Operating profit was 0.5 million euros (1-6/08: 7.4)
- Assets were 119.4 million euros (6/08: 121.0)
- Liabilities were 42.9 million euros (6/08: 31.0)
- Investments were 3.4 million euros (1-6/08: 7.7)
- Depreciation and impairment were 4.1 million euros (1-6/08: 3.9)
Business environment and main events
Tamfelt PMC's business is clothing for paper and board machines (forming and
dryer fabrics, press felts and fabrics, and shoe press belts). Tamfelt PMC
operates manufacturing units in Tampere and Juankoski, Finland, and in Tianjin,
China.
The demand for paper and board in the first half of 2009 was lower than the
record level in 2008. Manufacturing capacity cuts and continued shutdowns in the
field are expected to reduce paper and board production volumes in 2009,
compared to 2008. On the other hand, the price level of paper and board products
has stayed level, even with some increase from 2008. Slight signs of recovery
can be seen in the Chinese economy, and this is expected to reflect also in the
demand for Tamfelt products in the long run. In the report period, Tamfelt PMC
market shares stayed level, except in Europe where they fell slightly.
Investments in new manufacturing capacity in the paper and board industries
decreased in early 2009. There are a few new paper and board machines starting
up in Europe this year and next year, and some recovery can also be seen in
China, thanks to stimulation measures, bringing in new delivery projects.
Simultaneously, however, extra capacity has been closed down in Europe and in
North America.
In the first half of 2009, the demand for paper machine clothing decline all
over the world. The decline has, however, evened out recently. In long term, the
development of the clothing market follows the trend in the paper market
situation.
Tamfelt PMC's net sales were lower than in the first half of 2008. The lower
sales volumes and prices affected the net sales. The clearly lower operating
profit compared to the first half of 2008 was mainly due to lower sales volumes,
continued high unit costs in production, and fierce price competition. In the
second quarter, however, net sales improved a little from the first quarter of
2009.
Orders received and order backlog
The volume of orders received in January-June 2009 was approximately 30% lower
than in the corresponding period in 2008. The order backlog is a little lower
than at the end of 2008. The customers have reduced their inventories to a
minimum, which is why the order volume is expected to rise to the level of
consumption in the future.
The sales of BlackBelt, the shoe press belt launched in 2008, has continued good
and in the second quarter the product was sold to new important reference
applications. The volume of press felt orders increased in the second quarter.
Investments
There were no new decisions on larger investments.
TAMFELT FILTRATION: FILTER FABRICS
Summary of key figures of Filtration business area 1-6/2009
- Net sales were 20.5 million euros (1-6/08: 27.3)
- Operating profit was 0.7 million euros (1-6/08: 4.2)
- Assets were 39.9 million euros (6/08: 44.1)
- Liabilities were 12.5 million euros (6/08: 9.9)
- Investments were 0.3 million euros (1-6/08: 1.8)
- Depreciation and impairment were 1.1 million euros (1-6/08: 0.9)
Business environment and main events
Tamfelt Filtration manufactures special products for wet and dry filtration
processes and laundry felts for large commercial laundries. The company enjoys a
strong position in the filter fabric market for paper and pulp industries. Other
customer applications include desulphurization of coal power plants, iron
pelletizing plants, and waste water treatment plants. In laundry felts, Tamfelt
is the world market leader. Tamfelt Filtration operates manufacturing plants in
Tampere, Finland; Ovar, Portugal; Belo Horizonte, Brazil; Łódź, Poland, and in
Shanghai, China.
In the report period, the demand for all wet filtration products was clearly
lower than at the same time in 2008. The demand fell in all main market areas,
except in China.
The demand for dry filtration media and for laundry felts also fell from the
year before, owing to lower operating rates and reduced inventories in the
customer industries.
A significant part of Tamfelt's filter fabric business is environmental
business. The economic recession has practically stopped the growth in the
environmental business at the moment.
The net sales of Tamfelt Filtration fell from January-June last year due to the
weak market situation. The operating profit in the first half of this year was
also lower than in the corresponding period in 2008 due to lower operating rate.
However, it did improve in the second quarter of 2009 compared to the first.
Orders received and order backlog
The volume of orders received was about one fourth lower than in Q2/2008. From
the end of 2008, however, the order backlog has fallen only less than 2%. The
situation seems to have stabilized, and slight improvement is expected towards
the end of the year.
Investments
There were no new decisions on larger investments.
PERSONNEL
At the end of June, Tamfelt employed 1,382 (1,518) people, which is 116 less
than at the end of 2008. The number of personnel was reduced in part through the
layoffs in Tampere and Juankoski as a result of the joint consultations. In the
first half of 2009, the average employment at Tamfelt was 1,414 people. Tamfelt
PMC employed 791 people and Tamfelt Filtration 402 people. 64% of the personnel
work in Finland and 36% in other countries.
SHARE CAPITAL, SHARES AND OPTIONS
At the end of June, Tamfelt's share capital amounted to 27,563,964.00 euros. The
number of common shares was 10,119,198 and the number of preferred shares
17,444,766. The share price development is detailed in the tables below.
The company does not hold its own shares. The Board of Directors has no current
mandate to decide on the acquisition or conveyance of the company's own shares.
The company has one valid option scheme to the company's key personnel, Option
Scheme 2005. During the report period, no subscriptions were made on the basis
of this stock option scheme.
After the report period, the Board of Directors have in their meeting of August
5, 2009 decided to propose to the extraordinary shareholders' meeting that the
two classes of shares be combined through an amendment of the Articles of
Association, using a directed free-of-charge share issue.
SHORT-TERM BUSINESS RISKS AND UNCERTAINTY FACTORS
Tamfelt's main clientele is in the forest and mining industries. The cycle
changes and development of these industries have direct effect on Tamfelt's
order volumes and thus on the financial resutls. The capacity cuts and closing
down of plants in the forest industry have cut Tamfelt's customer base. Possible
postponed investments in the customer industries will also pose a risk for the
development of Tamfelt sales. In the challenging market situation, financing
risks with Tamfelt customers have increased.
The economic situation of the companies in the mining industry has improved
recently thanks to good price development of metal prices, and the uncertainty
factors have eased a little.
The customers make the clothing suppliers compete and concentrate their
purchases to increasingly few suppliers. Long-term agreements are an important
part of Tamfelt sales. To maintain competitiveness, Tamfelt develops the
operations continually, and improves its profitability and capital efficiency.
The risks and uncertainty factors are described in more detail in connection
with the Financial Statement Bulletin published on February 6, 2009. They are
also listed in the Annual Report 2008.
SHORT-TERM OUTLOOK
To improve cost structure and delivery reliability, Tamfelt operations will in
the future increasingly focus outside of Finland, especially in the Asian
market. In China, the economic situation already shows slight signs of recovery,
and this is expected to reflect in the demand for Tamfelt products. In early
2009, there has been increasing demand for urgent deliveries. Although this is
mainly due to the running down of customer inventories, the demand is expected
to recover and settle in a constant order inflow on the level of consumption.
The demand for Tamfelt products in the second half of 2009 is still expected to
remain lower than in 2008. The demand is low for the products of Tamfelt's
largest customer group, the paper and pulp industry, which reflects in the
operating rates of machinery and shows in lower order backlog for Tamfelt. On
the other hand, active sales and RTD are expected through new market areas and
increased deliveries to board machines to compensate for the shortfall created
by the closing of printing paper machines.
The operating rates in the mining industry are clearly lower than last year
which shows directly in filter fabric demand. The price development of metals,
however, has been positive. The better economic situation in the mining industry
is expected to increase both operating rates and new investments, thus also
increasing demand for filter fabrics.
Although the net sales and operating profit of Tamfelt are expected to be
slightly better in the second half of 2009 than they were in the first half of
the year, they are still expected to fall behind the level of 2008. The weak
economic situation, tightened price competition, and fight for market shares
still have a negative effect on the expected results of the whole business,
including Tamfelt. Cost savings measures are being implemented in all units of
Tamfelt Group, aiming for better profitability. Outsourcing of operations not
within the company's core business is also considered.
The machinery in Tamfelt manufacturing units is modern and there is no need for
new significant investments. The liquidity of the company is expected to stay
good.
Juankoski, August 5, 2009
Tamfelt Corp.
Board of Directors
- The Interim Report has been made according to the IFRS standards. Tamfelt
Group has applied the following renewed standards since January 1, 2009: IAS 1.
- The comparison figures for 2008 have been changed due to changes in the
calculating principles. The booking method of non-hedging derivative instruments
referred to in the IFRS standard has been changed so that the profit or loss is
booked in the income statement under the item which is the object of hedging.
Exchange rate income and losses from operating activities are booked above the
operating profit. Exchange rate income and losses from foreign currency
denominated liabilities are booked in financing income and expenses. The change
will improve the full-year profit of 2008 by 0.3 million euros. The effect of
the change in the first two quarters of 2008 is 0.1 million euros.
- The figures in the Interim Report are rounded and unaudited.
--------------------------------------------------------------------------------
| CONSOLIDATED | | | | | | | |
| STATEMENT OF | | | | | | | |
| INCOME. IFRS | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Million euros | 4-6 | 4-6 | Change | 1-6 | 1-6 | Chang | 1-12 |
| | 2009 | 2008 | % | 2009 | 2008 | e % | 2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | 32.9 | 42.8 | -23.1 | 63.5 | 84.6 | -24.9 | 165. |
| | | | | | | | 0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other operating | 0.3 | 0.3 | -11.1 | 0.3 | 0.6 | -44.7 | 0.8 |
| income | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Materials and | -8.5 | -10.2 | -16.7 | -15.0 | -20.6 | -27.1 | -37. |
| services | | | | | | | 0 |
--------------------------------------------------------------------------------
| Expenses from | -14.4 | -17.4 | -17.3 | -29.5 | -34.9 | -15.7 | -66. |
| employee benefits | | | | | | | 7 |
--------------------------------------------------------------------------------
| Depreciation and | -3.0 | -2.6 | 15.2 | -5.9 | -4.9 | 19.3 | -10. |
| impairment | | | | | | | 8 |
--------------------------------------------------------------------------------
| Other operating | -6.3 | -7.8 | -19.5 | -13.4 | -14.1 | -4.7 | -31. |
| expenses | | | | | | | 5 |
--------------------------------------------------------------------------------
| Operating profit | 1.1 | 5.2 | -78.4 | 0.1 | 10.6 | -99.4 | 19.8 |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Financial income | -0.3 | -0.4 | -31.4 | -1.0 | -0.8 | 23.1 | -2.4 |
| and expenses | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit before | 0.8 | 4.8 | -82.4 | -0.9 | 9.8 | -109. | 17.4 |
| taxes | | | | | | 3 | |
--------------------------------------------------------------------------------
| Income taxes | -0.5 | -1.3 | -62.0 | -0.1 | -2.7 | -97.5 | -5.1 |
--------------------------------------------------------------------------------
| Profit for the | 0.3 | 3.5 | -90.0 | -1.0 | 7.1 | -113. | 12.3 |
| period | | | | | | 8 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit for the period | | | | | | |
| attributable to: | | | | | | |
--------------------------------------------------------------------------------
| Equity holders of the | 0.4 | 3.5 | | -0.9 | 7.1 | | 12.4 |
| | | | | | | | |
| parent | | | | | | | |
--------------------------------------------------------------------------------
| Minority interest | 0.0 | 0.0 | | -0.1 | 0.0 | | -0.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings/share | 0.0 | 0.13 | | -0.03 | 0.26 | | 0.45 |
| (basic) EUR | 1 | | | | | | |
--------------------------------------------------------------------------------
| Earnings/share | 0.0 | 0.13 | | -0.03 | 0.26 | | 0.45 |
| (diluted) EUR | 1 | | | | | | |
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--------------------------------------------------------------------------------
| COMPREHENSIVE INCOME | | | | | | | |
| STATEMENT | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit for the period | 0.3 | 3.5 | | -1.0 | 7.1 | | 12.3 |
--------------------------------------------------------------------------------
| Other comprehensive | | | | | | | |
| income for the period | | | | | | | |
| after taxes: | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Exchange differences | -0. | -0.2 | | -0.1 | -0.6 | | 0.3 |
| on translating | 3 | | | | | | |
| foreign operations | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other comprehensive | 0.2 | 0.3 | | 0.1 | 0.3 | | -0.6 |
| income items | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total comprehensive | 0.3 | 3.5 | | -1.0 | 6.7 | | 12.0 |
| income for the period | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total comprehensive income | | | | | | |
| for the period attributable | | | | | | |
| to: | | | | | | |
--------------------------------------------------------------------------------
| Equity holders of the | 0.3 | 3.5 | | -0.9 | 6.7 | | 12.2 |
| parent | | | | | | | |
--------------------------------------------------------------------------------
| Minority interest | 0.0 | 0.0 | | -0.1 | 0.0 | | -0.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED BALANCE SHEET, | | | | | | |
| IFRS | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Million euros | 06/200 | % | 06/2008 | % | 12/2008 | % |
| | 9 | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Assets | | | | | | |
--------------------------------------------------------------------------------
| Non-current assets | | | | | | |
--------------------------------------------------------------------------------
| Property, plant and | 92.2 | | 93.0 | | 94.2 | |
| equipment | | | | | | |
--------------------------------------------------------------------------------
| Goodwill | 0.3 | | 0.3 | | 0.3 | |
--------------------------------------------------------------------------------
| Other intangible assets | 4.2 | | 4.5 | | 4.6 | |
--------------------------------------------------------------------------------
| Other financial assets | 1.2 | | 1.4 | | 1.3 | |
--------------------------------------------------------------------------------
| Deferred tax assets | 1.0 | | 0.9 | | 1.0 | |
--------------------------------------------------------------------------------
| | 98.9 | 55 | 100.1 | 55 | 101.4 | 57 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current assets | | | | | | |
--------------------------------------------------------------------------------
| Inventories | 32.5 | | 37.2 | | 35.5 | |
--------------------------------------------------------------------------------
| Trade and other receivables | 33.7 | | 35.6 | | 30.7 | |
--------------------------------------------------------------------------------
| Financial assets at fair | 1.2 | | 1.5 | | 1.0 | |
| value through profit or | | | | | | |
| loss | | | | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 12.3 | | 7.0 | | 9.8 | |
--------------------------------------------------------------------------------
| | 79.7 | 45 | 81.3 | 45 | 77.0 | 43 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total assets | 178.6 | 100 | 181.4 | 100 | 178.4 | 100 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity and liabilities | | | | | | |
--------------------------------------------------------------------------------
| Issued capital and reserves | | | | | | |
| attributable to equity | | | | | | |
| holders of the parent | | | | | | |
--------------------------------------------------------------------------------
| Share capital | 27.6 | | 27.6 | | 27.6 | |
--------------------------------------------------------------------------------
| Share premium | 1.0 | | 1.0 | | 1.0 | |
--------------------------------------------------------------------------------
| Translation differences | -1.2 | | -2.4 | | -1.1 | |
--------------------------------------------------------------------------------
| Fair value reserve | -0.2 | | -0.6 | | -0.3 | |
--------------------------------------------------------------------------------
| Retained earnings | 74.6 | | 74.8 | | 80.2 | |
--------------------------------------------------------------------------------
| | 101.7 | | 100.4 | | 107.3 | |
--------------------------------------------------------------------------------
| Minority interest | 0.0 | | 0.3 | | 0.1 | |
--------------------------------------------------------------------------------
| Total equity | 101.7 | 57 | 100.7 | 56 | 107.4 | 60 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current liabilities | | | | | | |
--------------------------------------------------------------------------------
| Deferred tax liabilities | 10.4 | | 10.5 | | 10.5 | |
--------------------------------------------------------------------------------
| Interest-bearing | 38.1 | | 27.7 | | 18.3 | |
| liabilities | | | | | | |
--------------------------------------------------------------------------------
| | 48.4 | | 38.2 | | 28.8 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current liabilities | | | | | | |
--------------------------------------------------------------------------------
| Trade and other payables | 24.5 | | 31.4 | | 25.2 | |
--------------------------------------------------------------------------------
| Current interest-bearing | 4.0 | | 11.1 | | 17.1 | |
| liabilities | | | | | | |
--------------------------------------------------------------------------------
| | 28.5 | | 42.5 | | 42.3 | |
--------------------------------------------------------------------------------
| Total liabilities | 76.9 | 43 | 80.7 | 44 | 71.1 | 40 |
--------------------------------------------------------------------------------
| Total equity and | 178.6 | 100 | 181.4 | 100 | 178.4 | 100 |
| liabilities | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED STATEMENT OF CASH | | | | | |
| FLOWS | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | 1-6 | | 1-6 | | 1-12 |
--------------------------------------------------------------------------------
| Million euros | 2009 | | 2008 | | 2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from operating | | | | | |
| activities | | | | | |
--------------------------------------------------------------------------------
| Profit/loss for the period | -1.0 | | 7.1 | | 12.3 |
--------------------------------------------------------------------------------
| Adjustments to profit | 8.0 | | 8.8 | | 17.8 |
--------------------------------------------------------------------------------
| Change in working capital: | | | | | |
--------------------------------------------------------------------------------
| Change in trade and other | -2.1 | | -5.2 | | 0.5 |
| | | | | | |
| receivables | | | | | |
--------------------------------------------------------------------------------
| Change in inventories | 3.0 | | -4.1 | | -2.4 |
--------------------------------------------------------------------------------
| Change in trade and other | -0.3 | | 3.2 | | -2.3 |
| | | | | | |
| payables | | | | | |
--------------------------------------------------------------------------------
| Change in provisions | | | | | |
--------------------------------------------------------------------------------
| Interest received | 0.1 | | 0.1 | | 0.3 |
--------------------------------------------------------------------------------
| Interest paid | -1.0 | | -0.7 | | -2.0 |
--------------------------------------------------------------------------------
| Other financial items, net | 0.0 | | 0.0 | | -0.4 |
--------------------------------------------------------------------------------
| Taxes paid | -2.2 | | -3.3 | | -5.8 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net cash flow from operating | 4.5 | | 5.9 | | 18.0 |
| activities | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from investing | | | | | |
| activities | | | | | |
--------------------------------------------------------------------------------
| Investment in property, plant | -3.9 | | -10.1 | | -14.6 |
| and equipment | | | | | |
--------------------------------------------------------------------------------
| Investment in intangible | | | | | -1.0 |
| assets | | | | | |
--------------------------------------------------------------------------------
| Net cash flow from investing | -3.9 | | -10.1 | | -15.7 |
| activities | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from financing | | | | | |
| activities | | | | | |
--------------------------------------------------------------------------------
| Withdrawal of loans | 20.0 | | 30.0 | | 23.0 |
--------------------------------------------------------------------------------
| Repayment of loans | -13.0 | | -8.8 | | -5.8 |
--------------------------------------------------------------------------------
| Dividends paid | -4.8 | | -14.7 | | -14.7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net cash flow from financing | 2.2 | | 6.5 | | 2.5 |
| activities | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Change in cash and cash | 2.8 | | 2.3 | | 4.8 |
| equivalents | | | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents at | 10.7 | | 6.4 | | 6.3 |
| the beginning of the period | | | | | |
--------------------------------------------------------------------------------
| Effect of exchange rate | 0.0 | | -0.1 | | 0.2 |
| changes | | | | | |
--------------------------------------------------------------------------------
| Effect of changes in the fair | 0.0 | | -0.1 | | -0.7 |
| value of investments | | | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents at | 13.5 | | 8.5 | | 10.8 |
| the end of the period | | | | | |
--------------------------------------------------------------------------------
STATEMENT OF CHANGES IN CONSOLIDATED EQUITY
--------------------------------------------------------------------------------
| | Equity attributable to shareholders of the | | |
| | parent | | |
--------------------------------------------------------------------------------
| Million | Shar | Share | Tran | Fair | Retain | Total | Minor | Total |
| euros | e | premi | slat | value | ed | | ity | equit |
| | capi | um | ion | reser | earnin | | inter | y |
| | tal | reser | diff | ve | gs | | est | |
| | | ve | eren | and | | | | |
| | | | ces | other | | | | |
| | | | | reser | | | | |
| | | | | ves | | | | |
--------------------------------------------------------------------------------
| Equity | 27.6 | 1.0 | -1.6 | 0.1 | 82.3 | 109.3 | 0.2 | 109.6 |
| 31.12.2007 | | | | | | | | |
--------------------------------------------------------------------------------
| Total | | | -0.7 | | | -0.7 | 0.1 | -0.6 |
| comprehensiv | | | | | | | | |
| e income | | | | | | | | |
--------------------------------------------------------------------------------
| Change of | | | | -0.9 | | -0.9 | | -0.9 |
| fair value, | | | | | | | | |
| derivatives | | | | | | | | |
--------------------------------------------------------------------------------
| Change of | | | | 0.0 | | 0.0 | | 0.0 |
| fair value, | | | | | | | | |
| financial | | | | | | | | |
| assets for | | | | | | | | |
| sale | | | | | | | | |
--------------------------------------------------------------------------------
| Tax on | | | | 0.2 | | 0.2 | | 0.2 |
| equity items | | | | | | | | |
--------------------------------------------------------------------------------
| Counter-entr | | | | | 0.1 | 0.1 | | 0.1 |
| y of | | | | | | | | |
| share-based | | | | | | | | |
| payments | | | | | | | | |
--------------------------------------------------------------------------------
| Profit/loss | | | | | 7.1 | 7.1 | 0.0 | 7.1 |
| for the | | | | | | | | |
| period | | | | | | | | |
--------------------------------------------------------------------------------
| Total | | | -0.7 | -0.7 | 7.2 | 5.8 | 0.1 | 5.9 |
| recognized | | | | | | | | |
| income and | | | | | | | | |
| expenses for | | | | | | | | |
| the period | | | | | | | | |
--------------------------------------------------------------------------------
| Dividends | | | | | -14.7 | -14.7 | | -14.7 |
--------------------------------------------------------------------------------
| Equity | 27.6 | 1.0 | -2.4 | -0.6 | 74.8 | 100.4 | 0.3 | 100.7 |
| 30.6.2008 | | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity | 27.6 | 1.0 | -1.1 | -0.3 | 80.2 | 107.3 | 0.1 | 107.4 |
| 31.12.2008 | | | | | | | | |
--------------------------------------------------------------------------------
| Total | | | -0.1 | | | -0.1 | 0.0 | -0.1 |
| comprehensiv | | | | | | | | |
| e income | | | | | | | | |
--------------------------------------------------------------------------------
| Change of | | | | 0.1 | | 0.1 | | 0.1 |
| fair value, | | | | | | | | |
| derivatives | | | | | | | | |
--------------------------------------------------------------------------------
| Change of | | | | 0.0 | | 0.0 | | 0.0 |
| fair value, | | | | | | | | |
| financial | | | | | | | | |
| assets for | | | | | | | | |
| sale | | | | | | | | |
--------------------------------------------------------------------------------
| Tax on | | | | 0.0 | | 0.0 | | 0.0 |
| equity items | | | | | | | | |
--------------------------------------------------------------------------------
| Counter-entr | | | | | 0.1 | 0.1 | | 0.1 |
| y of | | | | | | | | |
| share-based | | | | | | | | |
| payments | | | | | | | | |
--------------------------------------------------------------------------------
| Profit/loss | | | | | -0.9 | -0.9 | -0.1 | -1.0 |
| for the | | | | | | | | |
| period | | | | | | | | |
--------------------------------------------------------------------------------
| Total | | | -0.1 | 0.1 | -0.8 | -0.9 | 0.0 | -0.9 |
| recognized | | | | | | | | |
| income and | | | | | | | | |
| expenses for | | | | | | | | |
| the period | | | | | | | | |
--------------------------------------------------------------------------------
| Dividends | | | | | -4.8 | -4.8 | | -4.8 |
--------------------------------------------------------------------------------
| Equity | 27.6 | 1.0 | -1.2 | -0.2 | 74.6 | 101.7 | 0.0 | 101.7 |
| 30.6.2009 | | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| SEGMENT INFORMATION - Business segments | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Million euros | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 4-6/09 | Tamfelt | Tamfelt | Other | Consolidate |
| | PMC | Filtration | activities | d |
--------------------------------------------------------------------------------
| Income | | | | |
--------------------------------------------------------------------------------
| External turnover | 22.6 | 10.3 | 0.0 | 32.9 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit/loss | | | | |
--------------------------------------------------------------------------------
| Operating profit | 0.8 | 0.7 | -0.3 | 1.1 |
--------------------------------------------------------------------------------
| Financing items | | | -0.3 | -0.3 |
--------------------------------------------------------------------------------
| Taxes | | | -0.5 | -0.5 |
--------------------------------------------------------------------------------
| Profit/loss for the period | | | | 0.3 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Investments | 0.4 | 0.1 | 0.0 | 0.5 |
--------------------------------------------------------------------------------
| Depreciation and | 2.0 | 0.5 | 0.5 | 3.0 |
| impairment | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 4-6/08 | Tamfelt | Tamfelt | Other | Consolidate |
| | PMC | Filtration | activities | d |
--------------------------------------------------------------------------------
| Income | | | | |
--------------------------------------------------------------------------------
| External turnover | 29.3 | 13.6 | 0.0 | 42.8 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit/loss | | | | |
--------------------------------------------------------------------------------
| Operating profit | 3.8 | 2.0 | -0.5 | 5.2 |
--------------------------------------------------------------------------------
| Financing items | | | -0.4 | -0.4 |
--------------------------------------------------------------------------------
| Taxes | | | -1.4 | -1.3 |
--------------------------------------------------------------------------------
| Profit/loss for the period | | | | 3.5 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Investments | 5.5 | 1.1 | 0.5 | 7.1 |
--------------------------------------------------------------------------------
| Depreciation and | 2.2 | 0.4 | 0.1 | 2.6 |
| impairment | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 1-6/09 | Tamfelt | Tamfelt | Other | Consolidate |
| | PMC | Filtration | activities | d |
--------------------------------------------------------------------------------
| Income | | | | |
--------------------------------------------------------------------------------
| External turnover | 43.1 | 20.5 | | 63.5 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit/loss | | | | |
--------------------------------------------------------------------------------
| Operating profit | 0.5 | 0.7 | -1.1 | 0.1 |
--------------------------------------------------------------------------------
| Financing items | | | -1.0 | -1.0 |
--------------------------------------------------------------------------------
| Taxes | | | -0.1 | -0.1 |
--------------------------------------------------------------------------------
| Profit/loss for the period | | | | -1.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Investments | 3.4 | 0.3 | 0.2 | 3.9 |
--------------------------------------------------------------------------------
| Depreciation and | 4.1 | 1.1 | 0.7 | 5.9 |
| impairment | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other data | | | | |
--------------------------------------------------------------------------------
| Segment assets | 119.4 | 39.9 | 19.3 | 178.6 |
--------------------------------------------------------------------------------
| Segment liabilities | 42.9 | 12.5 | 21.5 | 76.9 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 1-6/08 | Tamfelt | Tamfelt | Other | Consolidate |
| | PMC | Filtration | activities | d |
--------------------------------------------------------------------------------
| Income | | | | |
--------------------------------------------------------------------------------
| External turnover | 57.4 | 27.3 | | 84.6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit/loss | | | | |
--------------------------------------------------------------------------------
| Operating profit | 7.4 | 4.2 | -1.0 | 10.6 |
--------------------------------------------------------------------------------
| Financing items | | | -0.6 | -0.6 |
--------------------------------------------------------------------------------
| Taxes | | | -2.7 | -2.7 |
--------------------------------------------------------------------------------
| Profit/loss for the period | | | | 7.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Investments | 7.7 | 1.8 | 0.6 | 10.1 |
--------------------------------------------------------------------------------
| Depreciation and | 3.9 | 0.9 | 0.1 | 4.9 |
| impairment | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other data | | | | |
--------------------------------------------------------------------------------
| Segment assets | 121.0 | 44.1 | 16.2 | 181.4 |
--------------------------------------------------------------------------------
| Segment liabilities | 31.0 | 9.9 | 39.8 | 80.7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 1-12/08 | Tamfelt | Tamfelt | Other | Consolidate |
| | PMC | Filtration | activities | d |
--------------------------------------------------------------------------------
| Income | | | | |
--------------------------------------------------------------------------------
| External turnover | 112.1 | 53.0 | | 165.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit/loss | | | | |
--------------------------------------------------------------------------------
| Operating profit | 16.2 | 6.0 | -2.4 | 19.8 |
--------------------------------------------------------------------------------
| Financing items | | | -2.4 | -2.4 |
--------------------------------------------------------------------------------
| Taxes | | | -5.1 | -5.1 |
--------------------------------------------------------------------------------
| Profit/loss for the period | | | | 12.3 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Investments | 12.1 | 2.6 | 1.0 | 15.7 |
--------------------------------------------------------------------------------
| Depreciation and | 8.3 | 2.4 | 0.2 | 10.8 |
| impairment | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other data | | | | |
--------------------------------------------------------------------------------
| Segment assets | 121.6 | 39.7 | 17.0 | 178.4 |
--------------------------------------------------------------------------------
| Segment liabilities | 48.6 | 11.0 | 11.4 | 71.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| SEGMENT INFORMATION - Geographical segments | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | 1-6 | | 1-6 | | 1-12 |
--------------------------------------------------------------------------------
| Million euros | 2009 | | 2008 | | 2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| NET SALES | | | | | |
--------------------------------------------------------------------------------
| Finland | 19.0 | | 29.8 | | 56.0 |
--------------------------------------------------------------------------------
| Rest of Europe | 29.1 | | 39.6 | | 65.1 |
--------------------------------------------------------------------------------
| Other countries | 22.5 | | 33.0 | | 62.5 |
--------------------------------------------------------------------------------
| Elimination | -7.1 | | -17.8 | | -18.5 |
--------------------------------------------------------------------------------
| Consolidated | 63.5 | | 84.6 | | 165.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| INVESTMENTS | | | | | |
--------------------------------------------------------------------------------
| Finland | 2.0 | | 5.5 | | 9.9 |
--------------------------------------------------------------------------------
| Rest of Europe | 0.2 | | 0.3 | | 0.3 |
--------------------------------------------------------------------------------
| Other countries | 1.7 | | 4.3 | | 5.4 |
--------------------------------------------------------------------------------
| Consolidated | 3.9 | | 10.1 | | 15.7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| ASSETS | | | | | |
--------------------------------------------------------------------------------
| Finland | 137.7 | | 131.9 | | 139.7 |
--------------------------------------------------------------------------------
| Rest of Europe | 18.2 | | 22.8 | | 17.4 |
--------------------------------------------------------------------------------
| Other countries | 35.2 | | 35.9 | | 36.9 |
--------------------------------------------------------------------------------
| Elimination | -12.5 | | -9.2 | | -15.6 |
--------------------------------------------------------------------------------
| Consolidated | 178.6 | | 181.4 | | 178.4 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| KEY FIGURES | | | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | 4-6 | | 4-6 | | 1-6 | | 1-6 | | 1-12 |
--------------------------------------------------------------------------------
| | 2009 | | 2008 | | 2009 | | 2008 | | 2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | 32.9 | | 42.8 | | 63.5 | | 84.6 | | 165.0 |
--------------------------------------------------------------------------------
| Operating profit | 1.1 | | 5.2 | | 0.1 | | 10.6 | | 19.8 |
--------------------------------------------------------------------------------
| % of net sales | 3.4 | | 12.2 | | 0.1 | | 12.5 | | 12.0 |
--------------------------------------------------------------------------------
| Profit before | 0.8 | | 4.8 | | -0.9 | | 9.8 | | 17.4 |
| taxes and minority | | | | | | | | | |
| interest | | | | | | | | | |
--------------------------------------------------------------------------------
| Profit/loss for | 0.3 | | 3.5 | | -1.0 | | 7.1 | | 12.3 |
| the period | | | | | | | | | |
--------------------------------------------------------------------------------
| Return on equity, | 1.3 | | 13.2 | | -1.9 | | 13.5 | | 11.3 |
| % | | | | | | | | | |
--------------------------------------------------------------------------------
| Return on net | 3.5 | | 15.5 | | 0.2 | | 15.8 | | 14.4 |
| assets, % | | | | | | | | | |
--------------------------------------------------------------------------------
| Equity/Assets | 57.1 | | 56.1 | | 57.1 | | 56.1 | | 60.3 |
| ratio at the end | | | | | | | | | |
| of the period, % | | | | | | | | | |
--------------------------------------------------------------------------------
| Gearing at the end | 28.1 | | 29.9 | | 28.1 | | 29.9 | | 22.9 |
| of the period % | | | | | | | | | |
--------------------------------------------------------------------------------
| Gross investments | 0.5 | | 7.1 | | 3.9 | | 10.1 | | 15.7 |
--------------------------------------------------------------------------------
| % of net sales | 1.6 | | 16.6 | | 6.1 | | 11.9 | | 9.5 |
--------------------------------------------------------------------------------
| Average employment | 1 | | 1 533 | | 1 414 | | 1 518 | | 1 534 |
| during the period | 388 | | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| COLLATERALS AND | | | | | | | | | |
| CONTINGENT | | | | | | | | | |
| LIABILITIES | | | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Million euros | 1-6 | | 1-6 | | 1-12 | | | | |
--------------------------------------------------------------------------------
| | 2009 | | 2008 | | 2008 | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Contingent | 20.3 | | 0.7 | | 0.4 | | | | |
| liabilities | | | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| DERIVATIVE | | | | | | | | | |
| FINANCIAL | | | | | | | | | |
| INSTRUMENTS | | | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Million euros | | | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Forward exchange | | | | | | | | | |
| contracts, not | | | | | | | | | |
| under hedge | | | | | | | | | |
| accounting | | | | | | | | | |
--------------------------------------------------------------------------------
| Fair value | 3.2 | | - | | 4.6 | | | | |
--------------------------------------------------------------------------------
| Value of | 2.8 | | - | | 4.3 | | | | |
| underlying assets | | | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Electricity | | | | | | | | | |
| derivatives | | | | | | | | | |
--------------------------------------------------------------------------------
| Fair value | 1.5 | | 2.4 | | 1.8 | | | | |
--------------------------------------------------------------------------------
| Trading value | 1.9 | | 1.6 | | 2.3 | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| SHARE INFORMATION | 1-6 | | 1-6 | | 1-12 | | | | |
--------------------------------------------------------------------------------
| | 2009 | | 2008 | | 2008 | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings/share, | -0.0 | | 0.26 | | 0.45 | | | | |
| diluted, euros | 3 | | | | | | | | |
--------------------------------------------------------------------------------
| Equity/share, | 3.74 | | 3.66 | | 3.95 | | | | |
| diluted, euros | | | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Share history, | | | | | | | | | |
| euros | | | | | | | | | |
--------------------------------------------------------------------------------
| Low paid, common | 5.16 | | 9.24 | | 6.50 | | | | |
| share | | | | | | | | | |
--------------------------------------------------------------------------------
| preferred share | 3.95 | | 7.60 | | 5.04 | | | | |
--------------------------------------------------------------------------------
| High paid, common | 7.38 | | 12.00 | | 12.00 | | | | |
| share | | | | | | | | | |
--------------------------------------------------------------------------------
| preferred share | 5.25 | | 11.30 | | 11.30 | | | | |
--------------------------------------------------------------------------------
| Closing rate, | 6.45 | | 9.50 | | 7.30 | | | | |
| common share | | | | | | | | | |
--------------------------------------------------------------------------------
| preferred share | 4.00 | | 7.70 | | 5.10 | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Market | | | | | | | | | |
| capitalization at | | | | | | | | | |
| the end of the | | | | | | | | | |
| period, | | | | | | | | | |
--------------------------------------------------------------------------------
| Million euros | 135. | | 230.5 | | 161.8 | | | | |
| | 0 | | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Turnover, % of | 0.9 | | 0.5 | | 0.8 | | | | |
| total number, | | | | | | | | | |
| | | | | | | | | | |
| common share | | | | | | | | | |
--------------------------------------------------------------------------------
| | 6.5 | | 4.1 | | 7.6 | | | | |
| preferred share | | | | | | | | | |
--------------------------------------------------------------------------------
INTERIM REPORTS IN 2009
Tamfelt's Interim Report for January-September will be published on October 27,
2009.
DISTRIBUTION
NASDAQ OMX Helsinki Ltd
Main media
www.tamfelt.com
Tamfelt is a world-leading supplier of technical textiles. The company's main
products are clothing products for the paper and pulp as well as mining and
chemical industries. The Group employs about 1,400 people and its net sales in
2008 were 165.0 million euro. Founded in 1797, the company is one of the
pioneers of Finnish industry.
TAMFELT CORP'S INTERIM REPORT JANUARY-JUNE 2009 - SLIGHT SIGNS FOR THE BETTER, NEW STRATEGY TO OUTLINE TAMFELT'S FUTURE
| Source: Tamfelt Oyj Abp
Attachments
