TAMFELT CORP. INTERIM REPORT October 27, 2009 at 12:15 p.m.
TAMFELT CORP.'S INTERIM REPORT JANUARY-SEPTEMBER 2009 - SUBTLE SIGNS OF ECONOMIC
RECOVERY
--------------------------------------------------------------------------------
| KEY FIGURES | 7-9 2009 | 4-6 2009 | 1-9 2009 | 1-9 2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales, million euro | 29.9 | 32.9 | 93.4 | 127.2 |
--------------------------------------------------------------------------------
| Operating profit, million | 1.5 | 1.1 | 1.5 | 16.9 |
| euro | | | | |
--------------------------------------------------------------------------------
| % of net sales | 4.9 | 3.4 | 1.6 | 13.3 |
--------------------------------------------------------------------------------
| Profit before taxes, | 1.2 | 0.8 | 0.3 | 15.5 |
| million euro | | | | |
--------------------------------------------------------------------------------
| Profit for the period, | 1.0 | 0.3 | 0.0 | 11.4 |
| million euro | | | | |
--------------------------------------------------------------------------------
| Earnings per share, euro | 0.03 | 0.01 | 0.00 | 0.38 |
--------------------------------------------------------------------------------
| Return on equity, % | 3.5 | 1.3 | -0.1 | 13.9 |
--------------------------------------------------------------------------------
| Return on net assets, % | 4.6 | 3.5 | 1.7 | 16.3 |
--------------------------------------------------------------------------------
| Equity to assets ratio, % | 59.4 | 57.1 | 59.4 | 58.5 |
--------------------------------------------------------------------------------
Mr. Reima Kerttula, President and CEO:
”The signs of general economic recovery have improved a little. Tamfelt's
results in Q3 of 2009 were slightly better than the quarter before. Our net
sales were not as high as in Q2 of 2009 which was mainly due to lower demand.
Our new strategy implementation continues and I trust that the strategy will
improve Tamfelt's competitiveness and profitability. During this strategy period
we aim at increasing our results gradually to the level before the recession.
Our aim is to utilize the most interesting growth opportunities and to
strengthen our position as the technology leader in technical textiles. An
essential part of our strategy is strong focus on improving our production
efficiency. Developing new products, new market areas and customer relationships
continue to be key success factors in the challenging market environment.
The on-going cost savings programs have had a positive effect on Q3 results.
This is expected to continue during the rest of the year. In full these cost
savings measures will materialize during next year. Special attention has been
paid on cash flow, which we have managed to keep on good level due to the cost
savings program and tight investment program. Also our equity to assets ratio
has remained at very good level. In spite of the subtle signs of recovery, we
expect the unstable market situation to continue through the last quarter of the
year.”
Interim Report of January-September 2009 and the related key figures are
presented below.
For more information:
October 27, 2009 between 1:00-2:00 p.m. and 3:00 p.m. onwards Finnish time: Mr.
Reima Kerttula, President and CEO of Tamfelt Corp., tel. +358 400 648 458 and
Mr. Kimmo Pärssinen, CFO, tel. +358 40 505 3755.
TAMFELT CORP., INTERIM REPORT JANUARY-SEPTEMBER 2009
BUSINESS FIELD OF THE GROUP
Tamfelt is one of the world's leading suppliers 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 was 93.4 million euros (1-9/08: 127.2), it fell 26.6%
from the same period last year. Operations outside Finland increased to 74.9% of
the Group's net sales (70.1).
FINANCIAL PERFORMANCE
The Group's operating profit was 1.5 million euros, or 1.6% of net sales
(1-9/08: 16.9 million and 13.3%, respectively). The profit for the period was
0.0 million euros (1-9/08: 11.4). The reasons for the weaker result, compared to
the same period in 2008, were decreasing of the market with lower demand as a
result of the economic recession, and clearly lower delivery volumes. The
results were also impaired by the one-time cost booked as a result of lay-offs
without work obligation, as determined in the joint consultations ended in
January. The return on net assets was 1.7% (16.3) and return on equity -0.1%
(13.9). Earnings per share were 0.00 euros. In January-September 2008, earnings
per share were 0.38 euros.
CASH FLOW AND FINANCING
Tamfelt's cash flow from operations was 8.3 million euros (12.3). The net
working capital was 41.5 million euros (43.3). Investments were 4.4 million
euros (13.7). The Group's liquid assets at the end of the reporting period were
14.9 million euros (11.6). The interest-bearing liabilities in the Group were
39.6 million euros (39.0). 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 1-9/2009
- Net sales were 63.3 million euros (1-9/08: 84.9)
- Operating profit was 2.0 million euros (1-9/08: 11.6)
- Assets were 115.0 million euros (9/08: 120.7)
- Liabilities were 40.4 million euros (9/08: 26.0)
- Investments were 3.8 million euros (1-9/08: 10.8)
- Depreciation and impairment were 6.6 million euros (1-9/08: 6.1)
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 January-September 2009 has stayed lower than
the record level of 2008. The decreasing demand has led to capacity cuts and
overall temporary shutdowns in the business. This is expected to reduce paper
and board production in 2009 compared to the previous year. The Chinese economy
has lately shown slight signs of recovery, and this is expected to reflect in
the demand for Tamfelt products in the long run. In the report period, Tamfelt
PMC's market shares remained steady.
Investments in new manufacturing capacity in the paper and board industry
decreased at the beginning of 2009. This, together with reduced inventories and
low operating rates of the machines, affects directly the demand for paper
machine clothing worldwide, which has during this year diminished globally. The
decline has, however, evened out later in the year. Recently, there have been
subtle signs of improving economy and slight increases in new investments and
rebuilds, especially in China.
Tamfelt still has good opportunity to increase market position in Europe and
North America, although paper production and clothing consumption in these areas
are expected to diminish in the long run. Tamfelt must also look for growth in
new, developing markets and new product applications. In 2009, Tamfelt's
organization has been reinforced in, for example, South America.
The net sales fell clearly from the same period in 2008. Undergoing cost savings
programs as well as better utilization rate of resources have had a positive
effect on Q3 profit that increased from the quarter before. The profit was,
however, clearly lower than at the same time in 2008.
Orders received and order backlog
The volume of orders received was approximately a quarter less than at the same
time in 2008. Towards the end of the report period, however, the volume of order
inflow has grown a little, and it is expected to gradually reach the level of
actual consumption.
The order inflow for press felts and dryer fabrics in the 3rd quarter has been
good. In Europe, Tamfelt's position as the clothing supplier to the fastest
paper machines has further improved. New orders for BlackBelt shoe press belt
have been received from important new reference positions.
Investments
No significant new investment decisions have been made.
TAMFELT FILTRATION: INDUSTRIAL FILTER FABRICS
Summary of key figures of Filtration business area 1-9/2009
- Net sales were 30.1 million euros (1-9/08: 42.3)
- Operating profit was 1.4 million euros (1-9/08: 6.9)
- Assets were 37.6 million euros (9/08: 45.2)
- Liabilities were 11.4 million euros (9/08: 8.5)
- Investments were 0.3 million euros (1-9/08: 2.2)
- Depreciation and impairment were 1.6 million euros (1-9/08: 1.7)
Business environment and main events
Tamfelt Filtration manufactures special products made of industrial textiles for
wet and dry filtration processes and laundry felts for large commercial
laundries. The company enjoys a strong position in the global filter fabric
market for paper and pulp industries, as well as in laundry felt market. In
laundry felts, Tamfelt is the world market leader. Other important applications
include desulphurization of coal power plants, iron pelletizing plants, waste
water treatment plants, and dust removal of incineration plants. 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 wet filtration products in all main market
areas, except China, was lower than in the same period 2008. In late summer, the
demand has picked up a little and this continues in the fall and is expected to
continue growing towards the end of the year.
The demand for dry filtration media and laundry felts was also lower than in the
same period last year because of continued low operating rates and decreased
inventories in the customer industries. The demand for dry filtration media
has, however, stabilized and the market is expected to turn into slight growth
towards the end of the year. The delivery volumes of laundry felts have also
steadied on the level of global demand.
A significant part of Tamfelt's filter fabric business is environmental
business. Also in this area, the economic recession has almost stopped the
growth of this field.
The net sales of Tamfelt Filtration in the report period fell from the same
period in 2008, due to the weak market situation. Operating profit was also
lower than in 1-9/2008, but remained clearly positive.
Orders received and order backlog
The volume of orders received was about a quarter less than at the same time in
2008. The situation seems to have stabilized, and some improvement in order
backlog is expected towards the end of the year.
Investments
No significant new investment decisions have been made.
PERSONNEL
At the end of September, Tamfelt Group employed 1,351 (1,518) people, which was
184 less than at the end of 2008. The notice periods for the persons laid off
after the joint consultations in Tampere and Juankoski plants have ended and
this shows in reduced number of personnel. In January-September, the average
employment at Tamfelt was 1,393 people. Tamfelt PMC employed 784 people, and
Tamfelt Filtration 466 people. 68% of the personnel work in Finland and 32% in
other countries.
EXTRAORDINARY GENERAL MEETING 2009
Tamfelt's extraordinary general meeting was held in Tampere on August 31, 2009.
The meeting adopted the Board's proposal of combining the share classes
(preferred and common shares) by changing the Articles of Association and
accepted the involved directed free shares issue. The new Articles of
Association were entered in the Trade Register on September 3, 2009.
SHARES, SHARE CAPITAL, AND OPTIONS
The combining of the share classes included a directed free shares issue to the
owners of common shares. Deviating from the pre-emptive rights of the
shareholders, the owners of common shares received free of charge one (1) share
for each four (4) shares. The shares issued in this free shares issue numbered
2,529,799. After the combination, each share holds one vote and equal
shareholder rights.
As a result of the directed free shares issue and the combination of shares, the
total number of shares at Tamfelt Corp. is 30,093,763. Trading in the new and
combined shares began on September 4, 2009 with new trading code TAF1V.
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 directed free shares issue does not have any influence on the company's
share capital which at the end of September was 27,563,964.00 euros. The
development of the share price has been presented in the tables attached to this
Interim Report.
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. In connection with the combination of the share
classes, the Board of Directors decided to change the terms of the option scheme
so that the option holders have the right to subscribe to the class of shares
that the company has after the combination. The subscription price, number of
stock options, and the number of shares connected to the stock options do not
change.
CHANGES IN OWNERSHIP
In connection with the combination of the share classes and the free shares
issue, the following changes in Tamfelt shares ownership were informed to the
company:
Mutual Pension Insurance Company Ilmarinen's ownership of Tamfelt Corp's votes
exceeded 1/20 (5%). After the transaction, Mutual Pension Insurance Company
Ilmarinen owned 2,153,560 shares, or 7.16% of Tamfelt's shares and votes.
Mandatum Life Insurance Company's ownership of Tamfelt Corp's votes fell below
1/20 (5%). After the transaction, Mandatum Life Insurance Company owned
1,005,313 shares, or 3.34% of Tamfelt's shares and votes.
Waldemar von Frenckell Foundation's ownership of Tamfelt Corp's votes fell below
1/20 (5%). After the transaction, Waldemar von Frenckell Foundation owned
876,825 shares, or 2.91% of Tamfelt's shares and votes.
The above changes became valid as the combined and new shares were entered in
Trade Register on September 3, 2009.
SHORT-TERM BUSINESS RISKS AND UNCERTAINTY FACTORS
Tamfelt's main clientele is in the forest and mining industries. The cycle
changes and development of these industries have direct effect on Tamfelt's
order volumes and thus on the financial results. Capacity cuts, closing down of
plants as well as temporary shutdowns in the forest industry have decreased
Tamfelt's traditional customer base, posing a risk for the development of
Tamfelt's sales. In the challenging market situation, Tamfelt customers'
financing risks have increased.
The outlook for the companies in the mining industry has improved recently along
with the good price development of metals, 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 its
operations continually and improves its profitability and capital efficiency.
Tamfelt actively develops new spearhead products and co-operates with leading
paper and board machine manufacturers.
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. Various types of urgent
deliveries have increased this year. The customer industries have decreased
their inventories, and the demand is gradually recovering to the level of
consumption, providing constant order inflow. In China, the economy already
shows subtle signs of recovery, and this is expected to reflect in the demand
for Tamfelt products.
The demand for Tamfelt products in the last quarter 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 affects the operating
rates of the production machines and reflects in lower order backlog for
Tamfelt. On the other hand, active sales and RTD have conquered new market areas
and gained increased deliveries to board machines, which is expected to
compensate for the shortfall created by closing down of printing paper capacity.
Temporary shutdowns in the mining industry are fewer and the operating rates of
the existing mines are expected to improve clearly this year and next year. This
is expected to reflect in more demand for filter fabrics towards the end of this
year.
Tamfelt's net sales are expected to sustain the average level of 2009 during the
last quarter of the year. Thanks to the savings measures taken, we expect the
operating profit to reach the same level in the 4th quarter than in the 3rd
quarter now published. The results of 2009 will, however, fall behind those in
2008. The economic situation is still unstable and price competition is
extremely fierce. This will affect the results expectations of the whole
business, including Tamfelt. There are subtle signs of recovery, however. The
closing down of the competitors' capacity is expected to have a positive effect
on Tamfelt's order backlog in the long run.
The Group's all units and operations are taking savings measures in order to
improve profitability. Special attention will be paid on cash flow, which has
been kept on good level owing to cost savings program and tight investment
program. The machinery in Tamfelt units is modern and there is no need for new
significant investments. The solidity and liquidity of the company is expected
to remain good.
Helsinki, October 27, 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 three quarters of 2008 is 0.2 million euros.
- The figures in the Interim Report are rounded and unaudited.
--------------------------------------------------------------------------------
| CONSOLIDATED | | | | | | | |
| STATEMENT OF | | | | | | | |
| INCOME, IFRS | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Million euros | 7-9 | 7-9 | Chang | 1-9 | 1-9 | Change | 1-12 |
| | 2009 | 2008 | e % | 2009 | 2008 | % | 2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | 29.9 | 42.5 | -29.7 | 93.4 | 127.2 | -26.5 | 165.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other operating | 0.3 | 0.1 | 110.2 | 0.6 | 0.7 | -16.7 | 0.8 |
| income | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Materials and | -7.4 | -10.9 | -32.5 | -22.4 | -31.5 | -29.0 | -37.0 |
| services | | | | | | | |
--------------------------------------------------------------------------------
| Expenses from | -12. | -15.3 | -20.9 | -41.5 | -50.2 | -17.3 | -66.7 |
| employee benefits | 1 | | | | | | |
--------------------------------------------------------------------------------
| Depreciation and | -3.0 | -3.0 | 1.7 | -8.9 | -7.9 | 12.7 | -10.8 |
| impairment | | | | | | | |
--------------------------------------------------------------------------------
| Other operating | -6.3 | -7.3 | -13.9 | -19.7 | -21.3 | -7.8 | -31.5 |
| expenses | | | | | | | |
--------------------------------------------------------------------------------
| Operating profit | 1.5 | 6.3 | -76.6 | 1.5 | 16.9 | -91.0 | 19.8 |
--------------------------------------------------------------------------------
| | | | | | | | |
--------------------------------------------------------------------------------
| Financial income | -0.3 | -0.6 | -50.9 | -1.3 | -1.4 | -11.6 | -2.4 |
| and expenses | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit before | 1.2 | 5.7 | -79.2 | 0.3 | 15.5 | -98.2 | 17.4 |
| taxes | | | | | | | |
--------------------------------------------------------------------------------
| Income taxes | -0.2 | -1.5 | -86.9 | -0.3 | -4.2 | -92.9 | -5.1 |
--------------------------------------------------------------------------------
| Profit for the | 1.0 | 4.2 | -76.4 | 0.0 | 11.3 | -100.2 | 12.3 |
| period | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit for the period | | | | | | |
| attributable to: | | | | | | |
--------------------------------------------------------------------------------
| Equity holders of | 1.0 | 4.3 | | 0.1 | 11.4 | | 12.4 |
| the | | | | | | | |
| parent | | | | | | | |
--------------------------------------------------------------------------------
| Minority interest | 0.0 | -0.1 | | -0.1 | -0.1 | | -0.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings/share | 0.03 | 0.14 | | 0.00 | 0.38 | | 0.41 |
| (basic) EUR | | | | | | | |
--------------------------------------------------------------------------------
| Earnings/share | 0.03 | 0.14 | | 0.00 | 0.38 | | 0.41 |
| (diluted) EUR | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| COMPREHENSIVE | | | | | | | |
| STATEMENT OF | | | | | | | |
| INCOME | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit for the | 1.0 | 4.2 | | 0.0 | 11.4 | | 12.3 |
| period | | | | | | | |
--------------------------------------------------------------------------------
| Other | | | | | | | |
| comprehensive | | | | | | | |
| income for the | | | | | | | |
| period after | | | | | | | |
| taxes: | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Exchange | -0.4 | 0.3 | | -0.5 | 0.4 | | 0.3 |
| differences on | | | | | | | |
| translating | | | | | | | |
| foreign | | | | | | | |
| operations | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other | -0.1 | -0.3 | | 0.0 | 0.1 | | -0.6 |
| comprehensive | | | | | | | |
| income items | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total | 0.5 | 4.2 | | -0.5 | 11.8 | | 12.0 |
| comprehensive | | | | | | | |
| income for the | | | | | | | |
| period | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total comprehensive | | | | | | |
| income for the period | | | | | | |
| attributable to: | | | | | | |
--------------------------------------------------------------------------------
| Equity holders of | 0.5 | 4.3 | | -0.4 | 11.9 | | 12.2 |
| the | | | | | | | |
| parent | | | | | | | |
--------------------------------------------------------------------------------
| Minority interest | 0.0 | -0.1 | | -0.1 | -0.1 | | -0.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED BALANCE SHEET, | | | | | | |
| IFRS | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Million euros | 09/200 | % | 09/200 | % | 12/2008 | % |
| | 9 | | 8 | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Assets | | | | | | |
--------------------------------------------------------------------------------
| Non-current assets | | | | | | |
--------------------------------------------------------------------------------
| Property, plant and | 89.3 | | 94.8 | | 94.2 | |
| equipment | | | | | | |
--------------------------------------------------------------------------------
| Goodwill | 0.3 | | 0.3 | | 0.3 | |
--------------------------------------------------------------------------------
| Other intangible assets | 4.0 | | 4.2 | | 4.6 | |
--------------------------------------------------------------------------------
| Other financial assets | 2.3 | | 1.3 | | 1.3 | |
--------------------------------------------------------------------------------
| Deferred tax assets | | | 0.9 | | 1.0 | |
--------------------------------------------------------------------------------
| | 95.9 | 55 | 101.4 | 55 | 101.4 | 57 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current assets | | | | | | |
--------------------------------------------------------------------------------
| Inventories | 31.0 | | 34.8 | | 35.5 | |
--------------------------------------------------------------------------------
| Trade and other receivables | 31.3 | | 35.7 | | 30.7 | |
--------------------------------------------------------------------------------
| Financial assets at fair | 1.4 | | 1.3 | | 1.0 | |
| value through profit or | | | | | | |
| loss | | | | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 13.5 | | 10.3 | | 9.8 | |
--------------------------------------------------------------------------------
| | 77.1 | 45 | 82.1 | 45 | 77.0 | 43 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total assets | 173.0 | 100 | 183.5 | 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 | -1.6 | | -1.2 | | -1.1 | |
--------------------------------------------------------------------------------
| Fair value reserve | -0.3 | | 0.5 | | -0.3 | |
--------------------------------------------------------------------------------
| Retained earnings | 75.5 | | 79.1 | | 80.2 | |
--------------------------------------------------------------------------------
| | 102.2 | | 106.9 | | 107.3 | |
--------------------------------------------------------------------------------
| Minority interest | 0.0 | | 0.2 | | 0.1 | |
--------------------------------------------------------------------------------
| Total equity | 102.2 | 59 | 107.1 | 58 | 107.4 | 60 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current liabilities | | | | | | |
--------------------------------------------------------------------------------
| Deferred tax liabilities | 10.4 | | 10.5 | | 10.5 | |
--------------------------------------------------------------------------------
| Interest-bearing | 35.6 | | 28.9 | | 18.3 | |
| liabiltiies | | | | | | |
--------------------------------------------------------------------------------
| | 46.0 | | 39.4 | | 28.8 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current liabilities | | | | | | |
--------------------------------------------------------------------------------
| Trade and other payables | 20.8 | | 26.9 | | 25.2 | |
--------------------------------------------------------------------------------
| Current interest-bearing | 4.0 | | 10.1 | | 17.1 | |
| liabilities | | | | | | |
--------------------------------------------------------------------------------
| | 24.8 | | 37.0 | | 42.3 | |
--------------------------------------------------------------------------------
| Total liabilities | 70.8 | 41 | 76.4 | 42 | 71.1 | 40 |
--------------------------------------------------------------------------------
| Total equity and | 173.0 | 100 | 183.5 | 100 | 178.4 | 100 |
| liabilities | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED STATEMENT OF CASH | | | | | |
| FLOWS | | | | | |
--------------------------------------------------------------------------------
| | 1-9 | | 1-9 | | 1-12 |
--------------------------------------------------------------------------------
| Million euros | 2009 | | 2008 | | 2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from operating | | | | | |
| activities | | | | | |
--------------------------------------------------------------------------------
| Profit/loss for the period | 0.0 | | 11.3 | | 12.3 |
--------------------------------------------------------------------------------
| Adjustments to profit | 9.8 | | 13.9 | | 17.8 |
--------------------------------------------------------------------------------
| Change in working capital: | | | | | |
--------------------------------------------------------------------------------
| Change in trade and other | 2.9 | | -5.1 | | 0.5 |
| | | | | | |
| receivables | | | | | |
--------------------------------------------------------------------------------
| Change in inventories | 4.5 | | -1.7 | | -2.4 |
--------------------------------------------------------------------------------
| Change in trade and other | -4.5 | | -0.5 | | -2.3 |
| | | | | | |
| payables | | | | | |
--------------------------------------------------------------------------------
| Change in provisions | | | | | |
--------------------------------------------------------------------------------
| Interest received | 0.1 | | 0.1 | | 0.3 |
--------------------------------------------------------------------------------
| Interest paid | -1.5 | | -1.0 | | -2.0 |
--------------------------------------------------------------------------------
| Other financial items, net | 0.1 | | -0.1 | | -0.4 |
--------------------------------------------------------------------------------
| Taxes paid | -3.2 | | -4.6 | | -5.8 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net cash flow from operating | 8.3 | | 12.3 | | 18.0 |
| activities | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from investing | | | | | |
| activities | | | | | |
--------------------------------------------------------------------------------
| Investment in property, plant | -4.4 | | -13.7 | | -14.6 |
| and equipment | | | | | |
--------------------------------------------------------------------------------
| Investments in intangible | | | | | -1.0 |
| assets | | | | | |
--------------------------------------------------------------------------------
| Net cash flow from investing | -4.4 | | -13.7 | | -15.7 |
| activities | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from financing | | | | | |
| activities | | | | | |
--------------------------------------------------------------------------------
| Withdrawal of loans | 20.0 | | 26.2 | | 23.0 |
--------------------------------------------------------------------------------
| Repayment of loans | -15.0 | | -4.7 | | -5.8 |
--------------------------------------------------------------------------------
| Dividends paid | -4.8 | | -14.7 | | -14.7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net cash flow from financing | 0.2 | | 6.8 | | 2.5 |
| activities | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Change in cash and cash | 4.1 | | 5.4 | | 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 | | 0.2 | | 0.2 |
| changes | | | | | |
--------------------------------------------------------------------------------
| Effect of changes in the fair | 0.0 | | -0.4 | | -0.7 |
| value of investments | | | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents at | 14.9 | | 11.6 | | 10.8 |
| the end of the period | | | | | |
--------------------------------------------------------------------------------
STATEMENT OF CHANGES IN CONSOLIDATED EQUITY
--------------------------------------------------------------------------------
| | Equity attributable to shareholders of the | | |
| | parent | | |
--------------------------------------------------------------------------------
| Million | Share | Shar | Trans | Fair | Retai- | Total | Mino- | Total |
| euros | capit | e | -lati | value | ned | | rity | equi- |
| | al | pre- | on | re-se | ear-ni | | inte- | ty |
| | | mium | dif-f | rve | ngs | | rest | |
| | | re-s | er-re | and | | | | |
| | | erve | nces | other | | | | |
| | | | | reser | | | | |
| | | | | ves | | | | |
--------------------------------------------------------------------------------
| Equity | 27.6 | 1.0 | -1.6 | 0.1 | 82.3 | 109.3 | 0.2 | 109.6 |
| 31.12.2007 | | | | | | | | |
--------------------------------------------------------------------------------
| Total | | | 0.4 | | | 0.4 | 0.1 | 0.5 |
| comprehensiv | | | | | | | | |
| e income | | | | | | | | |
--------------------------------------------------------------------------------
| Change of | | | | 0.5 | | 0.5 | | 0.5 |
| fair value, | | | | | | | | |
| derivatives | | | | | | | | |
--------------------------------------------------------------------------------
| Change of | | | | 0.0 | | 0.0 | | 0.0 |
| fair value, | | | | | | | | |
| financial | | | | | | | | |
| assets for | | | | | | | | |
| sale | | | | | | | | |
--------------------------------------------------------------------------------
| Tax on | | | | -0.1 | | -0.1 | | -0.1 |
| equity items | | | | | | | | |
--------------------------------------------------------------------------------
| Counter-entr | | | | | 0.1 | 0.1 | | 0.1 |
| y of | | | | | | | | |
| share-based | | | | | | | | |
| payments | | | | | | | | |
--------------------------------------------------------------------------------
| Profit/loss | | | | | 11.4 | 11.4 | -0.1 | 11.3 |
| for the | | | | | | | | |
| period | | | | | | | | |
--------------------------------------------------------------------------------
| Total | | | 0.4 | 0.4 | 11.5 | 12.3 | 0.0 | 12.3 |
| recognized | | | | | | | | |
| income and | | | | | | | | |
| expenses for | | | | | | | | |
| the period | | | | | | | | |
--------------------------------------------------------------------------------
| Dividends | | | | | -14.7 | -14.7 | | -14.7 |
--------------------------------------------------------------------------------
| Equity | 27.6 | 1.0 | -1.2 | 0.5 | 79.1 | 106.9 | 0.2 | 107.1 |
| 30.9.2008 | | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity | 27.6 | 1.0 | -1.1 | -0.3 | 80.2 | 107.3 | 0.1 | 107.4 |
| 31.12.2008 | | | | | | | | |
--------------------------------------------------------------------------------
| Total | | | -0.5 | | | -0.5 | 0.0 | -0.5 |
| comprehensiv | | | | | | | | |
| e income | | | | | | | | |
--------------------------------------------------------------------------------
| Change of | | | | 0.0 | | 0.0 | | 0.0 |
| 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 | | | | | 0.0 | 0.0 | -0.1 | -0.1 |
| for the | | | | | | | | |
| period | | | | | | | | |
--------------------------------------------------------------------------------
| Total | | | -0.5 | 0.0 | 0.1 | -0.4 | -0.1 | -0.5 |
| recognized | | | | | | | | |
| income and | | | | | | | | |
| expenses for | | | | | | | | |
| the period | | | | | | | | |
--------------------------------------------------------------------------------
| Dividends | | | | | -4.8 | -4.8 | | -4.8 |
--------------------------------------------------------------------------------
| Equity | 27.6 | 1.0 | -1.6 | -0.3 | 75.5 | 102.2 | 0.0 | 102.2 |
| 30.9.2009 | | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| SEGMENT INFORMATION - business segments | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Million euros | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 7-9/09 | Tamfelt | Tamfelt | Other | Consolidate |
| | PMC | Filtration | activities | d |
--------------------------------------------------------------------------------
| Income | | | | |
--------------------------------------------------------------------------------
| External turnover | 20.3 | 9.6 | | 29.9 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit/loss | | | | |
--------------------------------------------------------------------------------
| Operating profit | 1.6 | 0.7 | -0.8 | 1.5 |
--------------------------------------------------------------------------------
| Financing items | | | -0.3 | -0.3 |
--------------------------------------------------------------------------------
| Taxes | | | -0.2 | -0.2 |
--------------------------------------------------------------------------------
| Profit/loss for the period | | | | 1.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Investments | 0.4 | 0.0 | 0.1 | 0.5 |
--------------------------------------------------------------------------------
| Depreciation and | 2.5 | 0.5 | 0.0 | 3.0 |
| impairment | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 7-9/08 | Tamfelt | Tamfelt | Other | Consolidate |
| | PMC | Filtration | activities | d |
--------------------------------------------------------------------------------
| Income | | | | |
--------------------------------------------------------------------------------
| External turnover | 27.5 | 15.0 | | 42.5 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit/loss | | | | |
--------------------------------------------------------------------------------
| Operating profit | 4.2 | 2.7 | -0.6 | 6.3 |
--------------------------------------------------------------------------------
| Financing items | | | -0.6 | -0.6 |
--------------------------------------------------------------------------------
| Taxes | | | -1.5 | -1.5 |
--------------------------------------------------------------------------------
| Profit/loss for the period | | | | 4.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Investments | 3.1 | 0.4 | 0.1 | 3.6 |
--------------------------------------------------------------------------------
| Depreciation and | 2.2 | 0.8 | 0.0 | 3.0 |
| impairment | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 1-9/09 | Tamfelt | Tamfelt | Other | Consolidate |
| | PMC | Filtration | activities | d |
--------------------------------------------------------------------------------
| Income | | | | |
--------------------------------------------------------------------------------
| External turnover | 63.3 | 30.1 | | 93.4 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit/loss | | | | |
--------------------------------------------------------------------------------
| Operating profit | 2.0 | 1.4 | -1.9 | 1.5 |
--------------------------------------------------------------------------------
| Financing items | | | -1.3 | -1.3 |
--------------------------------------------------------------------------------
| Taxes | | | -0.3 | -0.3 |
--------------------------------------------------------------------------------
| Profit/loss for the period | | | | 0.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Investments | 3.8 | 0.3 | 0.3 | 4.4 |
--------------------------------------------------------------------------------
| Depreciation and | 6.6 | 1.6 | 0.7 | 8.9 |
| impairment | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other data | | | | |
--------------------------------------------------------------------------------
| Segment assets | 115.0 | 37.6 | 20.4 | 173.0 |
--------------------------------------------------------------------------------
| Segment liabilities | 40.4 | 11.4 | 19.0 | 70.8 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 1-9/08 | Tamfelt | Tamfelt | Other | Consolidate |
| | PMC | Filtration | activities | d |
--------------------------------------------------------------------------------
| Income | | | | |
--------------------------------------------------------------------------------
| External turnover | 84.9 | 42.3 | | 127.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit/loss | | | | |
--------------------------------------------------------------------------------
| Operating profit | 11.6 | 6.9 | -1.6 | 16.9 |
--------------------------------------------------------------------------------
| Financing items | | | -1.4 | -1.4 |
--------------------------------------------------------------------------------
| Taxes | | | -4.2 | -4.2 |
--------------------------------------------------------------------------------
| Profit/loss for the period | | | | 11.3 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Investments | 10.8 | 2.2 | 0.7 | 13.7 |
--------------------------------------------------------------------------------
| Depreciation and | 6.1 | 1.7 | 0.1 | 7.9 |
| impairment | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other data | | | | |
--------------------------------------------------------------------------------
| Segment assets | 120.7 | 45.2 | 17.6 | 183.5 |
--------------------------------------------------------------------------------
| Segment liabilities | 26.0 | 8.5 | 41.9 | 76.4 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 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 | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | 1-9 | | 1-9 | | 1-12 |
--------------------------------------------------------------------------------
| Million euros | 2009 | | 2008 | | 2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| NET SALES | | | | | |
--------------------------------------------------------------------------------
| Finland | 27.8 | | 42.6 | | 56.0 |
--------------------------------------------------------------------------------
| Rest of Europe | 46.7 | | 57.9 | | 65.1 |
--------------------------------------------------------------------------------
| Other countries | 36.4 | | 46.1 | | 62.5 |
--------------------------------------------------------------------------------
| Elimination | -17.5 | | -19.4 | | -18.5 |
--------------------------------------------------------------------------------
| Consolidated | 93.4 | | 127.2 | | 165.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| INVESTMENTS | | | | | |
--------------------------------------------------------------------------------
| Finland | 2.1 | | 7.5 | | 9.9 |
--------------------------------------------------------------------------------
| Rest of Europe | 0.2 | | 0.2 | | 0.3 |
--------------------------------------------------------------------------------
| Other countries | 2.1 | | 6.0 | | 5.4 |
--------------------------------------------------------------------------------
| Consolidated | 4.4 | | 13.7 | | 15.7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| ASSETS | | | | | |
--------------------------------------------------------------------------------
| Finland | 131.5 | | 154.8 | | 139.7 |
--------------------------------------------------------------------------------
| Rest of Europe | 18.3 | | 23.1 | | 17.4 |
--------------------------------------------------------------------------------
| Other countries | 34.4 | | 17.9 | | 36.9 |
--------------------------------------------------------------------------------
| Elimination | -11.3 | | -12.3 | | -15.6 |
--------------------------------------------------------------------------------
| Consolidated | 173.0 | | 183.5 | | 178.4 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| KEY FIGURES | | | | | |
--------------------------------------------------------------------------------
| | 7-9 | 7-9 | 1-9 | 1-9 | 1-12 |
--------------------------------------------------------------------------------
| | 2009 | 2008 | 2009 | 2008 | 2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | 29.9 | 42.5 | 93.4 | 127.2 | 165.0 |
--------------------------------------------------------------------------------
| Operating profit | 1.5 | 6.3 | 1.5 | 16.9 | 19.8 |
--------------------------------------------------------------------------------
| % of net sales | 4.9 | 14.7 | 1.6 | 13.3 | 12.0 |
--------------------------------------------------------------------------------
| Profit before taxes and | 1.2 | 5.7 | 0.3 | 15.5 | 17.4 |
| minority interest | | | | | |
--------------------------------------------------------------------------------
| Profit/loss for the period | 1.0 | 4.2 | 0.0 | 11.3 | 12.3 |
--------------------------------------------------------------------------------
| Return on equity, % | 3.5 | 15.4 | -0.1 | 13.9 | 11.3 |
--------------------------------------------------------------------------------
| Return on net assets, % | 4.6 | 18.0 | 1.7 | 16.3 | 14.4 |
--------------------------------------------------------------------------------
| Equity/Assets ratio at the | 59.4 | 58.5 | 59.4 | 58.5 | 60.3 |
| end of the period, % | | | | | |
--------------------------------------------------------------------------------
| Gearing at the end of the | 24.2 | 25.8 | 24.2 | 25.8 | 22.9 |
| period % | | | | | |
--------------------------------------------------------------------------------
| Gross investments | 0.5 | 3.6 | 4.4 | 13.7 | 15.7 |
--------------------------------------------------------------------------------
| % of net sales | 1.7 | 8.5 | 4.7 | 10.8 | 9.5 |
--------------------------------------------------------------------------------
| Average employment during | 1,361 | 1,531 | 1,393 | 1,531 | 1,534 |
| the period | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| COLLATERALS AND CONTINGENT LIABILITIES | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Million euros | 1-9 | 1-9 | 1-12 |
--------------------------------------------------------------------------------
| | 2009 | 2008 | 2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Contingent liabilities | 30.3 | 0.6 | 0.4 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| DERIVATIVE FINANCIAL INSTRUMENTS | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Million euros | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Forward exchange contracts, not under | | | |
| hedge accounting | | | |
--------------------------------------------------------------------------------
| Fair value | 3.4 | 1.7 | 4.6 |
--------------------------------------------------------------------------------
| Value of underlying assets | 3.4 | 1.7 | 4.3 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Electricity derivatives | | | |
--------------------------------------------------------------------------------
| Fair value | 1.4 | 1.9 | 1.8 |
--------------------------------------------------------------------------------
| Trading value | 1.9 | 1.9 | 2.3 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| SHARE INFORMATION | 1-9 | 1-9 | 1-12 |
--------------------------------------------------------------------------------
| Million euros | 2009 | 2008 | 2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings/share, diluted, | 0.00 | 0.38 | 0.41 |
| euros | | | |
--------------------------------------------------------------------------------
| Equity/share, diluted, euros | 3.43 | 3.53 | 3.57 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| SHARE HISTORY | | | |
--------------------------------------------------------------------------------
| Euros | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 3.9.2009 | Number of | Number of | |
| | shares | votes | |
--------------------------------------------------------------------------------
| Preferred share (TAFPS) | 17,444,766 | 17,444,766 | |
--------------------------------------------------------------------------------
| Common share (TAFKS) | 10,119,198 | 202,383,960 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 30.9.2009 | Number of | Number of | Trading |
| | shares | votes | 1-9/2009 of |
| | | | total volume, % |
--------------------------------------------------------------------------------
| TAF1V | 30,093,763 | 30,093,763 | 7.4 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Highest | Lowest | Closing |
--------------------------------------------------------------------------------
| 1.1.-3.9.2009 | | | |
--------------------------------------------------------------------------------
| Preferred share | 5.25 | 3.95 | 5.00 |
--------------------------------------------------------------------------------
| Common share | 6.40 | 4.13 | 5.66 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 4.9.-30.9.2009 | | | |
--------------------------------------------------------------------------------
| TAF1V | 5.25 | 4.80 | 4.95 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | 1-9 | 1-9 | 1-12 |
| | 2009 | 2008 | 2008 |
--------------------------------------------------------------------------------
| Market capitalization at the | 149.0 | 194.6 | 161.8 |
| end of the period, million | | | |
| euros | | | |
--------------------------------------------------------------------------------
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-September 2009 - subtle signs of economic recovery
| Source: Tamfelt Oyj Abp
Pièces jointes
