STROMSDAL CORPORATION STOCK EXCHANGE RELEASE April 27th, 2007, at 3.30 p.m. INTERIM REPORT FOR JANUARY-MARCH 2007 - January-March net sales were EUR 13.4 million (EUR 14.3 million). - January-March pre-tax profit was EUR -1.3 million (EUR -0.5 million). - The company has launched the improved graphical boards with higher whiteness and better printability, as planned: the new GraphiArt Pro and the improved GraphiArt Duo. - During the next two years the company's product range will be focused on the company's special carton board qualities. Markets and sales Competition continued to be tight in the European board markets. Major reasons are oversupply and weakening of the US dollar against the Euro. Because of the unfavorable exchange rates, the overseas board supply becomes more competitive in Europe while the European board supply faces difficulties in overseas markets. During the first quarter, the demand for the company's products was satisfactory. The demand for Tecta food packaging board was good and the sales were up 50 per cent compared to the same time in previous year. The company strengthened its customer service by establishing service centers in Spain and U.K. to enable fast deliveries to the customers, and a service center in Germany is intended to open during the summer period 2007. In addition to this the company has put more resources into sales and customer service. Net Sales and Results Stromsdal Group's consolidated net sales for January 1 - March 31 totaled EUR 13.4 million (EUR 14.3 million in Q1/2006). Consolidated operating result was EUR -0.9 million (EUR -0.1 million). Net profit was EUR -1.3 million (EUR -0.5 million). The quantity of sales decreased slightly compared to the same period in previous year. The order inflow was at satisfactory level, but the high share of commodity boards reduced the average sales price. The production volume reached 15,600 tons (15,400 tons). The production efficiency was restricted by the additional investment work at the groundwood mill. On top of this the investment shutdown in the finishing department reduced the output of company's specialty board grades. Financial Position The operative cash flow was EUR -0.4 million (EUR 0.3 million). Cash flow from investments was EUR -0.3 million (EUR -0.9 million). The first part, namely EUR 0.5 million, of the investment aid of EUR 1.5 million granted by the Ministry of Trade and Industry in June 2006 was received by the company in March 2007. The remaining part, EUR 1.0 million, will be applied in two parts after qualified investments are done. During the financing arrangements in 2006 the company agreed with its financiers on a EUR 2.0 million financing program, of which the company has now used EUR 1.0 million. The company has also agreed with its main financiers on postponing the repayment of loan capital until the end of 2007. Capital Expenditure January-March capital expenditure totaled EUR 0.8 million (EUR 0.5 million). The biggest single investment item was the groundwood mill improvement done at the turn of the year. With this investment the target whiteness level of the graphic boards was reached. The Turn Around investment program will be continued during the second quarter. Main emphasis continues to be quality improvements and groundwood mill productivity. Maintenance and additional investments related to the groundwood mill bleaching and washing as well as maintenance and improvement works on the board machine are intended to be completed during the third quarter. The synergy results of the groundwood mill investments have eliminated the primary investment need related to the board machine wire section, and therefore the company has decided to reallocate the corresponding investment funds. Research and Development Quality improvements, such as higher whiteness, were made on the graphical boards during the period. The new GraphiArt Pro and the improved GraphiArt Duo are both now being launched. The properties of the Tecta boards are being developed for new application areas in close co-operation with existing and new customers. The Annual General Meeting in 2007 The Annual General Meeting of Stromsdal Corporation (AGM) was held on the 29th of March 2007. The AGM resolved that, due to the fact that the company made no profits during the financial period, no dividend shall be distributed. The AGM elected six members to the Board of Directors for the company for a term ending on the conclusion of the annual general meeting in 2008: Mr. Juhani Mauri Erma, Mr. Pauli Olavi Hämäläinen, Mr. Kari Petri Juhani Kangasperko, Mr. Ossi Kokkonen, Ms. Pirjo Sirpa Helena Repo and Mr. Markku Tapani Toivanen. At the Board Meeting held after the AGM, the Board of Directors elected Mr. Juhani Erma as Chairman. The Board of Directors elected Mr. Juhani Erma (Chairman), Ms. Pirjo Repo and Mr. Markku Toivanen to the Audit Committee. The Board of Directors elected Mr. Petri Kangasperko (Chairman), Mr. Pauli Hämäläinen and Mr. Ossi Kokkonen to the Nomination Committee. The AGM elected Authorized Public Accounting Firm Ernst & Young Ltd, with Ms. Eija Niemi-Nikkola as auditor in charge, the company's auditor for a term ending at the closing of the next AGM. The AGM resolved to authorize the Board of Directors to decide on the issuing of new shares of the company and on the right to transfer shares of the company that are in the possession of the company. The authorization includes the right to issue special rights as meant in Chapter 10 Section 1 of the Finnish Companies Act, which rights would entitle the holder to receive, against payment, new shares in the company or own shares of the company being in the possession of the company either by paying the subscription price in cash or by using a receivable from the company to set off the subscription price. In addition, the authorization includes the right to decide on a share issue to the company itself free of charge so that, as a result, the aggregate amount of shares issued to the company is a maximum of one tenth (1/10) of the total amount of shares in the company. The board of directors is entitled to decide on any other issues related with the share issues. The authorization is in force for five years as of the decision of the AGM. The authorization revokes the authorization decided by the shareholders' meeting on 4 April 2006. The AGM resolved to amend the articles of association of the company to correspond with the provisions of the new Companies Act that entered into force on 1 September 2006. Events after the Period Financial Director Aarno Laukkanen resigned from Stromsdal in April 2007. Financial Manager Anna-Liisa Smolander was concurrently nominated as Financial Director. The Near Future Risks The main raw materials for the company are wood and pulp. Price increases and possible shortages of wood and pulp will have a negative impact on the company's profitability. The company sells most of its products in euros, but a certain proportion of sales is done in US dollars. In order to be protected against exchange rate fluctuations in company's operations and profitability, the company uses exchange agreements for a part of its US dollar based receivables. If the company's profitability and cash flow fail to improve in 2007, the investment program set as part of the company's Turn Around program may not be completed on schedule as planned. For more information on risk management, please refer to the Financial Statements in the company's Annual Report for 2006. Prospects for 2007 To compensate increasing expenses the Turn Around program that started in 2006 will continue focusing on cost cutting and efficiency improvements during the second and third quarter. About half of the redundancies that were agreed upon in the autumn of 2006, have been implemented already and the remaining part will be implemented by the end on June 2007. The Turn Around program investments to be implemented are targeted at quality and runnability improvements as well as production efficiency enhancements. The company expects to see increased sales of its specialty paperboard qualities and improved profits as a result of these investments. Company's aim is to strongly grow in specialty paperboard qualities, namely graphical grades like GraphiArt Pro and GraphiArt Duo as well as Tecta boards. Steadily increased production costs have long put pressure on raising the paperboard prices in the market. The current good demand for paperboards supports the price increases. Interim financial statements have been prepared in accordance with the valuation and accounting principles of International Financial Reporting Standards (IFRS), but not in accordance with all requirements of IAS 34 Interim Financial Reporting. The figures in this Report are unaudited. STROMSDAL CORPORATION BOARD OF DIRECTORS For further information, please contact Mikael Åbacka Managing Director Tel. +358 (0)17 688 641 ATTACHMENT DISTRIBUTION Helsinki Stock Exchange Major media STROMSDAL OYJ ATTACHMENT 27.4.2007 -------------------------------------------------------------------------------- | CONSOLIDATED INCOME STATEMENT, | | | | | | IFRS | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | 1-3/2007 | 1-3/2006 | 1-12/2006 | -------------------------------------------------------------------------------- | | | MEUR | MEUR | MEUR | -------------------------------------------------------------------------------- | NET SALES | | 13,4 | 14,3 | 53,1 | -------------------------------------------------------------------------------- | Changes in inventories of | | | | | | finished goods +/- | | 0,2 | -0,0 | -0,2 | -------------------------------------------------------------------------------- | Other income | | 0,1 | 0,2 | 0,8 | -------------------------------------------------------------------------------- | Materials and services | | -9,9 | -10,0 | -37,6 | -------------------------------------------------------------------------------- | Employee benefits expense | | -2,8 | -2,3 | -10,1 | -------------------------------------------------------------------------------- | Depreciation | | -0,9 | -0,8 | -3,4 | -------------------------------------------------------------------------------- | Other expenses | | -1,1 | -1,4 | -5,1 | -------------------------------------------------------------------------------- | OPERATING PROFIT/LOSS | | -0,9 | -0,1 | -2,5 | -------------------------------------------------------------------------------- | Share of associated companies´ | | 0,0 | 0,0 | 0,0 | | profits/losses | | | | | -------------------------------------------------------------------------------- | Financial income and expenses | | -0,3 | -0,4 | -1,2 | -------------------------------------------------------------------------------- | PROFIT/LOSS BEFORE TAXES | | -1,3 | -0,5 | -3,6 | -------------------------------------------------------------------------------- | Income tax | | 0,0 | -0,0 | -0,1 | -------------------------------------------------------------------------------- | PROFIT/LOSS FOR THE FINANCIAL | | -1,3 | -0,5 | -3,8 | | YEAR | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EARNINGS/SHARE (EPS), diluted and | | -0,08 | -0,17 | -0,45 | | undiluted | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED BALANCE SHEET, IFRS | | 31.3.2007 | 31.3.2006 | 31.12.2006 | -------------------------------------------------------------------------------- | | | MEUR | MEUR | MEUR | -------------------------------------------------------------------------------- | ASSETS | | | | | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | | | | | -------------------------------------------------------------------------------- | Other intangible assets | | 0,8 | 1,0 | 0,9 | -------------------------------------------------------------------------------- | Tangible assets | | 21,8 | 22,8 | 22,2 | -------------------------------------------------------------------------------- | Investments in associated | | 0,5 | 0,5 | 0,5 | | companies | | | | | -------------------------------------------------------------------------------- | Available-for-sale financial | | 0,0 | 0,0 | 0,0 | | assets | | | | | -------------------------------------------------------------------------------- | Receivables | | 0,6 | 0,6 | 0,6 | -------------------------------------------------------------------------------- | Deferred tax assets | | 0,1 | 0,2 | 0,1 | -------------------------------------------------------------------------------- | TOTAL NON-CURRENT ASSETS | | 23,8 | 25,1 | 24,3 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CURRENT ASSETS | | | | | -------------------------------------------------------------------------------- | Inventories | | 6,0 | 4,6 | 5,9 | -------------------------------------------------------------------------------- | Trade and other receivables | | 9,5 | 10,6 | 10,1 | -------------------------------------------------------------------------------- | Cash and cash equivalents | | 0,5 | 0,2 | 0,7 | -------------------------------------------------------------------------------- | TOTAL CURRENT ASSETS | | 16,0 | 15,4 | 16,7 | -------------------------------------------------------------------------------- | TOTAL ASSETS | | 39,8 | 40,5 | 41,0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SHAREHOLDERS´ EQUITY AND | | | | | | LIABILITIES | | | | | -------------------------------------------------------------------------------- | SHAREHOLDERS´ EQUITY | | | | | -------------------------------------------------------------------------------- | Share capital | | 10,1 | 5,2 | 10,1 | -------------------------------------------------------------------------------- | Issue premium fund | | 1,9 | 0,4 | 1,9 | -------------------------------------------------------------------------------- | Reserve fund | | 0,0 | 0,6 | 0,0 | -------------------------------------------------------------------------------- | Other funds | | 2,0 | 2,2 | 2,0 | -------------------------------------------------------------------------------- | Exchange rate difference | | 0,1 | 0,1 | 0,1 | -------------------------------------------------------------------------------- | Profit/loss from the previous | | -4,7 | -5,7 | -0,9 | | year | | | | | -------------------------------------------------------------------------------- | Profit/loss for the financial | | -1,3 | -0,5 | -3,8 | | year | | | | | -------------------------------------------------------------------------------- | TOTAL SHAREHOLDERS´ EQUITY | | 8,1 | 2,4 | 9,4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NON-CURRENT LIABILITIES | | | | | -------------------------------------------------------------------------------- | Deferred tax liability | | 0,0 | 0,0 | 0,0 | -------------------------------------------------------------------------------- | Provisions | | 0,2 | 0,2 | 0,2 | -------------------------------------------------------------------------------- | Interest-bearing liabilities | | 12,8 | 14,2 | 12,8 | -------------------------------------------------------------------------------- | Other liabilities | | 0,1 | 0,0 | 0,1 | -------------------------------------------------------------------------------- | TOTAL NON-CURRENT LIABILITIES | | 13,1 | 14,4 | 13,2 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CURRENT LIABILITIES | | | | | -------------------------------------------------------------------------------- | Accounts payable and other | | 9,5 | 12,4 | 10,1 | -------------------------------------------------------------------------------- | Liabilities recognised in profit | | 0,0 | 0,0 | 0,0 | | or loss | | | | | -------------------------------------------------------------------------------- | Provisions | | 0,0 | 0,0 | 0,0 | -------------------------------------------------------------------------------- | Interest-bearing liabilities | | 9,1 | 11,3 | 8,4 | -------------------------------------------------------------------------------- | TOTAL CURRENT LIABILITIES | | 18,6 | 23,7 | 18,5 | -------------------------------------------------------------------------------- | TOTAL LIABILITIES | | 31,7 | 38,2 | 31,6 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL SHAREHOLDERS´ EQUITY AND | | 39,8 | 40,5 | 41,0 | | LIABILITIES | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CASH FLOW STATEMENTS, IFRS | | 1-3/2007 | 1-3/2006 | 1-12/2006 | -------------------------------------------------------------------------------- | | | MEUR | MEUR | MEUR | -------------------------------------------------------------------------------- | BUSINESS OPERATIONS | | | | | -------------------------------------------------------------------------------- | Operating profit/loss | | -0,9 | -0,1 | -2,5 | -------------------------------------------------------------------------------- | ADJUSTMENTS TO OPERATING | | | | | | PROFIT/LOSS: | | | | | -------------------------------------------------------------------------------- | Depreciation | | 0,9 | 0,8 | 3,4 | -------------------------------------------------------------------------------- | Non-cash transactions | | 0,0 | -0,0 | -0,4 | -------------------------------------------------------------------------------- | Change in net working capital: | | | | | -------------------------------------------------------------------------------- | Increase/decrease in accounts and | | 0,6 | -0,1 | 0,4 | | other receivables | | | | | -------------------------------------------------------------------------------- | Increase/decrease in inventories | | -0,1 | 0,1 | -1,2 | -------------------------------------------------------------------------------- | Increase/decrease in accounts and | | -0,5 | -0,1 | -1,2 | | other payables | | | | | -------------------------------------------------------------------------------- | Interest paid | | -0,3 | -0,3 | -1,2 | -------------------------------------------------------------------------------- | Dividend received | | 0,0 | 0,0 | 0,0 | -------------------------------------------------------------------------------- | Other financial items paid | | -0,0 | -0,0 | -0,2 | -------------------------------------------------------------------------------- | Taxes paid | | 0,0 | 0,0 | -0,0 | -------------------------------------------------------------------------------- | NET CASH FLOW | | -0,4 | 0,3 | -2,9 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | INVESTMENTS | | | | | -------------------------------------------------------------------------------- | Purchase of tangible assets | | -0,8 | -0,5 | -2,1 | -------------------------------------------------------------------------------- | Purchase of intangible assets | | -0,0 | -0,1 | -0,1 | -------------------------------------------------------------------------------- | Invevestment aid | | 0,5 | 0,0 | 0,0 | -------------------------------------------------------------------------------- | Sale of tangible assets | | 0,0 | 0,0 | 0,0 | -------------------------------------------------------------------------------- | Sale of long-term investments | | 0,0 | 0,0 | 0,0 | -------------------------------------------------------------------------------- | Increase/decrease of long-term | | 0,0 | -0,3 | -0,3 | | receivables | | | | | -------------------------------------------------------------------------------- | TOTAL CASH FLOW FROM INVESTMENTS | | -0,3 | -0,9 | -2,5 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CASH FLOW BEFORE FINANCING ITEMS | | -0,6 | -0,6 | -5,5 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | FINANCING | | | | | -------------------------------------------------------------------------------- | Share issue | | 0,0 | 0,0 | 6,7 | -------------------------------------------------------------------------------- | Increase of long-term loans | | 1,0 | 0,2 | 1,2 | -------------------------------------------------------------------------------- | Increase/decrease of subordinated | | 0,0 | 0,0 | 0,0 | | loans | | | | | -------------------------------------------------------------------------------- | Instalments of long-term loans | | -0,2 | -0,2 | -1,2 | -------------------------------------------------------------------------------- | Increase/decrease in short-term | | -0,4 | 0,3 | -0,7 | | loans | | | | | -------------------------------------------------------------------------------- | Instalments of finance leasing | | -0,0 | -0,0 | -0,4 | -------------------------------------------------------------------------------- | TOTAL FINANCING | | 0,4 | 0,3 | 5,7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in cash and cash | | -0,2 | -0,3 | 0,3 | | equivalents | | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents 1.1. | | 0,7 | 0,5 | 0,5 | -------------------------------------------------------------------------------- | Cash and cash equivalents | | 0,5 | 0,2 | 0,7 | | 31.3/31.12. | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 1 Jan - 31 March 2006 | -------------------------------------------------------------------------------- | MEUR | Share | Issue | Re- | Other | Exchange | Retained | Tot. | | | capi- | premium | serve | funds | differ- | earnings | | | | tal | fund | fund | | ence | | | -------------------------------------------------------------------------------- | Share- | 5,2 | 0,4 | 0,6 | 2,2 | 0,1 | -5,7 | 2,8 | | holders´ | | | | | | | | | equity | | | | | | | | | 1.1.2006 | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Exchange | | | | | 0,0 | | 0,0 | | differ- | | | | | | | | | ence | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net | | | | | | -0,5 | -0,5 | | profit/ | | | | | | | | | loss of | | | | | | | | | the | | | | | | | | | financial | | | | | | | | | year | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Share- | 5,2 | 0,4 | 0,6 | 2,2 | 0,1 | -6,2 | 2,4 | | holders´ | | | | | | | | | equity | | | | | | | | | 31.3.2006 | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 1 Jan - 31 March 2007 | -------------------------------------------------------------------------------- | MEUR | Share | Issue | Re- | Other | Exchange | Retained | Tot. | | | capi- | premium | serve | funds | differ- | earnings | | | | tal | fund | fund | | ence | | | -------------------------------------------------------------------------------- | Share- | 10,1 | 1,9 | 0,0 | 2,0 | 0,1 | -4,7 | 9,4 | | holders´ | | | | | | | | | eauity | | | | | | | | | 1.1.2007 | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Exchange | | | | | 0,0 | | 0,0 | | differ- | | | | | | | | | ence | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net | | | | | | -1,3 | -1,3 | | profit/ | | | | | | | | | loss of | | | | | | | | | the | | | | | | | | | financial | | | | | | | | | year | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Share- | 10,1 | 1,9 | 0,0 | 2,0 | 0,1 | -5,9 | 8,1 | | holders´ | | | | | | | | | equity | | | | | | | | | 31.3.2007 | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONTINGENT LIABILITIES AND | | 31.3.2007 | 31.3.2006 | 31.12.2006 | | PLEDGES GIVEN | | | | | -------------------------------------------------------------------------------- | FOR GROUP´S OWN DEBT | | MEUR | MEUR | MEUR | -------------------------------------------------------------------------------- | Mortgages on buildings and | | 5,7 | 5,7 | 5,7 | | leases | | | | | -------------------------------------------------------------------------------- | Mortgages on company assets | | 7,7 | 7,7 | 7,7 | -------------------------------------------------------------------------------- | Pledges given | | 8,4 | 9,6 | 8,3 | -------------------------------------------------------------------------------- | Pledged shares | | 0,5 | 0,3 | 0,5 | -------------------------------------------------------------------------------- | Leasing-liabilities | | 0,1 | 0,1 | 0,0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | OHTER PLEDGES GIVEN | | | | | -------------------------------------------------------------------------------- | Pledged deposits | | 0,0 | 0,0 | 0,0 | -------------------------------------------------------------------------------- | Mortgages on company assets | | 0,0 | 0,5 | 0,0 | -------------------------------------------------------------------------------- | TOTAL | | 22,4 | 24,0 | 22,2 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | OUTSTANDING DERIVATIVES | | | | | | CONTRACTS | | | | | -------------------------------------------------------------------------------- | PAR VALUE | | | | | -------------------------------------------------------------------------------- | Foreign currency hedging | | 1,0 | 1,0 | 0,0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | GROUP´S KEY FIGURES | | 31.3.2007 | 31.3.2006 | 31.12.2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings/share, euros | | -0,08 | -0,17 | -0,45 | -------------------------------------------------------------------------------- | Shareholder´s equity/share, | | 0,50 | 0,86 | 0,58 | | euros | | | | | -------------------------------------------------------------------------------- | Equity ratio, % | | 20,43 | 5,83 | 22,92 | -------------------------------------------------------------------------------- | Current ratio | | 0,9 | 0,6 | 0,9 | -------------------------------------------------------------------------------- | Gross investments, Meur | | 0,8 | 0,5 | 1,5 | -------------------------------------------------------------------------------- | Interest bearing liabilities, | | 21,8 | 25,5 | 21,2 | | Meur | | | | | -------------------------------------------------------------------------------- | Number of shares average | | 16213178 | 2735100 | 8314531 | -------------------------------------------------------------------------------- | Number of share 31 March | | 16213178 | 2735100 | 16213178 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | AVERAGE GROUP PERSONNEL | | 208 | 195 | 207 | -------------------------------------------------------------------------------- Business segmentation is not being presented, as Stromsdal Group only has one business segment. Geographical sales segmentation is presented below for the net sales. -------------------------------------------------------------------------------- | NET SALES BY MARKET AREA | -------------------------------------------------------------------------------- | | 3/2007 | | 3/2006 | | 12/2006 | | | | (1000 Eur) | % |(1000 Eur)| % |(1000 Eur) | % | -------------------------------------------------------------------------------- | Finland | 1 112 | 8 | 798 | 6 | 3 011 | 6 | -------------------------------------------------------------------------------- | EU | 8 688 | 65 | 9 070 | 63 | 32 778 | 62 | -------------------------------------------------------------------------------- | Rest of | 3 208 | 24 | 3 229 | 23 | 13 661 | 26 | | Europe | | | | | | | -------------------------------------------------------------------------------- | USA and | 0 | 0 | 0 | 0 | 491 | 1 | | Canada | | | | | | | -------------------------------------------------------------------------------- | Asia | 79 | 1 | 63 | 0 | 305 | 0 | -------------------------------------------------------------------------------- | Other | 297 | 2 | 1 105 | 8 | 2 896 | 5 | | countries | | | | | | | -------------------------------------------------------------------------------- | Total | 13 383 | 100 | 14 265 | 100 | 53 142 | 100 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Largest shareholders | | | | March 9, 2007 | Shares and votes, | % | | | number | | -------------------------------------------------------------------------------- | 1. | Suomen Teollisuusijoitus Oy | 2 500 000 | 15,4 | -------------------------------------------------------------------------------- | 2. | Svenska Handelsbanken AB (Publ) | 2 500 000 | 15,4 | -------------------------------------------------------------------------------- | 3. | Juankosken Kehitysmasuuni Oy | 1 891 694 | 11,7 | -------------------------------------------------------------------------------- | 4. | Finnvera | 1 875 000 | 11,6 | -------------------------------------------------------------------------------- | 5. | ABB Oy | 912 150 | 5,6 | -------------------------------------------------------------------------------- | 6. | Enterpack Oy | 698 253 | 4,3 | -------------------------------------------------------------------------------- | 7. | Savon Voima Oyj | 625 000 | 3,9 | -------------------------------------------------------------------------------- | 8. | Santava Oy | 375 000 | 2,3 | -------------------------------------------------------------------------------- | 9. | Seligson & Co Phoenix | 325 060 | 2,0 | -------------------------------------------------------------------------------- | 10 | Pellonmaa Niilo | 270 000 | 1,7 | -------------------------------------------------------------------------------- | | Others | 4 241 021 | 26,1 | -------------------------------------------------------------------------------- | | Total | 16 213 178 | 100,0 | --------------------------------------------------------------------------------