TAMFELT CORP. FINANCIAL STATEMENT BULLETIN February 8, 2010 at 2.30 p.m.
TAMFELT GROUP'S FINANCIAL STATEMENT BULLETIN 2009
--------------------------------------------------------------------------------
| KEY FIGURES | 10-12 2009 | 7-9 2009 | 1-12 2009 | 1-12 2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales, million euros | 36.7 | 29.9 | 130.2 | 165 |
--------------------------------------------------------------------------------
| Operating profit, million | 0.0 | 1.5 | 1.5 | 19.8 |
| euros | | | | |
--------------------------------------------------------------------------------
| % of net sales | 0.0 | 4.9 | 1.2 | 12.0 |
--------------------------------------------------------------------------------
| Pre-tax profit, million | 0.1 | 1.2 | 0.4 | 17.4 |
| euros | | | | |
--------------------------------------------------------------------------------
| Net profit, million euros | 0.1 | 1.0 | 0.0 | 12.3 |
--------------------------------------------------------------------------------
| Earnings per share, euros | 0.00 | 0.03 | 0.01 | 0.41 |
--------------------------------------------------------------------------------
| Return on equity, % | 0.3 | 3.5 | 0.0 | 11.3 |
--------------------------------------------------------------------------------
| Return on net assets, % | 0.5 | 4.6 | 1.4 | 14.4 |
--------------------------------------------------------------------------------
| Equity/Assets ratio, % | 60.5 | 59.4 | 60.5 | 60.3 |
--------------------------------------------------------------------------------
Key events in 2009
Tamfelt Corp. (Tamfelt) and Metso Corporation (Metso) signed a combination
agreement on November 5, 2009, after which Metso made a public tender offer to
purchase all Tamfelt shares. The offer was carried out in the form of a share
exchange, whereby Metso offered three (3) new shares issued by Metso for each
ten (10) Tamfelt's shares. Metso offered 0.35 euros for each stock option issued
by Tamfelt. Tamfelt's Board of Directors unanimously recommended Tamfelt's
shareholders to accept the share exchange offer.
The term of the exchange offer for all the shares and stock options issued by
Tamfelt expired on December 18, 2009. In the final outcome, Metso's shareholding
and voting rights in Tamfelt rose to 98 per cent. All of Tamfelt's current
stock options were tendered to Metso in the offer. All the conditions of the
offer having been fulfilled, Metso implemented the offer on December 23, 2009.
Thus Metso became Tamfelt's parent company.
Metso intends to acquire all the shares issued by Tamfelt. Having acquired more
than nine-tenths (9/10) of all Tamfelt shares and the votes conferred by these,
Metso has presented a demand for redemption according to the Finnish Companies
Act. Tamfelt announced on Feb 2, 2010 having resolved to apply for the
termination of trading as well as delisting of all the shares from the Helsinki
Stock Exchange. In the application, Tamfelt requests that trading with Tamfelt's
shares is terminated and the shares be delisted from the official list of the
Helsinki Stock Exchange as soon as possible after Metso has gained title to all
the shares in Tamfelt. This is expected to happen during spring 2010.
President & CEO Reima Kerttula:
”Integration with Metso opens up completely new possibilities for Tamfelt to
develop its products and operations. We must seek global growth more vigorously
than ever and I trust that we shall have excellent opportunities to do this as
part of the Metso Corporation.
During the ongoing strategy period, we work hard to increase our income level to
where it was before the recession. An essential tool in this effort is to invest
heavily on production efficiency. The development of new products and the
acquisition of new markets and new customers continue to be counted as our key
success factors in this challenging environment.
Joining forces with Metso on product development as well as global sales network
front gives us new opportunities for achieving the set objectives faster.”
Following pages feature a review of Tamfelt's 2009 performance and the related
financial data.
FURTHER INFORMATION
Tamfelt Corp.'s President & CEO Reima Kerttula, tel. +358 400 648 458 and
Tamfelt Corp.'s Chief Financial Officer Kimmo Pärssinen tel. +358 40 505 3755.
BUSINESS FIELD OF THE GROUP
Tamfelt is a world-leading supplier of technical textiles. The Group develops,
manufactures and sells technical textiles for various applications in the paper
and pulp industries, mining and chemical industries, energy industry, wastewater
treatment plants and commercial laundries. Tamfelt's biggest customer segment is
the paper and pulp industry.
GROUP NET SALES
The consolidated net sales were 130.2 million euros, a decrease of 21.1 per cent
from previous year(165.0 million in 2008). Foreign operations accounted for 75.2
per cent (70.7) of the net sales.
FINANCIAL PERFORMANCE
Tamfelt Group's consolidated operating profit without one-off items was 3.3
million euros (19.8), corresponding to 2.6 per cent (12.0) of the net sales. The
reported operating profit was 1.5 million euros, encumbered by 1.8 million euros
of one-off expenses for the combination with Metso. The net profit for the
period was 0.0 million euros (down from 12.3 million). Besides the one-off
expenses, the weaker year-on-year figures resulted from lower delivery volumes
and tough price competition.
During 2009 special attention was paid on ensuring cash flow. The cost savings
program carried out during the year, to ensure future competitiveness and
business prospects, helped to achieve cost savings of 14.5 million euros. The
programme included joint consultation negotiations that resulted in a one-off
expense of around one million euros recorded in the first quarter 2009 for
employments terminated without work obligation.
Return on net assets was 1.4 per cent (14.4) and return on equity 0.0 per cent
(11.3). Earnings per share were 0.01 euros (0.41).
CASH FLOWS AND FINANCING
Tamfelt's cash flow from operations was 18.5 million euros (18.0). Net working
capital was 34.2 million euros (41.1). Investments were 5.2 million euros
(15.7). The Group's interest-bearing loans were 35.8 million euros (35.4).
Dividend payments amounted to 4.8 million euros (14.7). The company's cash and
cash equivalents at the end of the period were 20.5 million euros (10.7). The
amount of unused, unwithdrawn credits was 21 million euros. The balance sheet
and the equity/assets ratio remained stable.
TAMFELT PMC - PAPER AND BOARD MACHINE CLOTHING
Summary of the key figures of the PMC business area 1-12/2009
- Net sales 88.6 million euros (1-12/08: 112.0)
- Operating profit 3.1 million euros (1-12/08: 16.1)
- Assets 108.5 million euros (12/08: 121.6)
- Liabilities 49.6 million euros (12/08: 48.6)
- Investments 4.0 million euros (1-12/08: 12.1)
- Depreciation and impairment 8.9 million euros (1-12/08: 8.3)
Business environment and main events
Tamfelt PMC's line of business consists of paper machine clothing (forming and
dryer fabrics, press felts and fabrics and shoe press belts) for paper and board
machines. Tamfelt PMC has production facilities at Tampere and Juankoski in
Finland and in Tianjin, China. Tamfelt's merger with Metso enables competitive,
more comprehensive solutions and offers to common clientele. One of the intended
consequences of the move was to have Tamfelt serve as the principal clothing
supplier for the start-ups of machinery supplied by Metso. Tamfelt will also
benefit of Metso's global sales network as the merger progresses.
Throughout 2009, the demand for paper and board stayed below the record level of
2008. This resulted in production capacity cuts and shutdowns in the forest
industry especially in Finland and rest of the Europe. As a result the paper and
board output was behind the previous year 2008.
Investments in new manufacturing capacity decreased in the paper and board
industries. This, together with stock reductions and low rates of capacity
utilization, has a direct impact on the market for paper machine clothing, which
shrank worldwide. The decline steadied, however, as the year advanced. Towards
the end of the year, cautious signs of an abating recession and a slight
increase of new investments and rebuilds could be discerned, especially in
China. This should affect the demand for Tamfelt's products before long. Tamfelt
PMC's market shares remained unchanged during the reporting period.
The demand for paper machine clothing was around 20 per cent down year-on-year.
The tightening competition is reflected in profitability. The financial problems
of major clothing suppliers persisted, and production capacity was scaled back
in North America, Europe and Australia. A number of business structural
arrangements occurred; Tamfelt's integration with Metso being one of the most
significant. Together, the two companies will be better placed to strengthen
their global market position, notably in the services business. Above all, focus
on the improvement of operations in China and also in North and South America
must be enhanced. Growth is also sought from new, developing markets and new
product applications.
Tamfelt PMC's net sales were 20.9 per cent down year-on-year. Cost savings
programs and improved efficiency had a positive impact on the profit for the
last quarter, which improved on the third quarter, but was definitely lower than
the figures for 2008.
Orders received and order backlog
By the end of the year, Tamfelt PMC's order backlog had slimmed down 20 per cent
from the beginning of 2009. Towards the end of the period, however, more orders
started to flow in, and the volumes grew from the level of the early year.
Investments
Tamfelt PMC's gross investments in 2009 were 4.0 million euros (12.1). Tamfelt
PMC continued to invest in improved production efficiency and shorter lead times
by modernizing key production machinery. A new weaving loom was purchased to the
Chinese operation.
TAMFELT FILTRATION - INDUSTRIAL FILTER FABRICS
Summary of the key figures of the Filtration business area 1-12/2009
- Net sales 41.6 million euros (1-12/08: 53.0)
- Operating profit 2.6 million euros (1-12/08: 6.0)
- Assets 36.2 million euros (12/08: 39.7)
- Liabilities 9.7 million euros (12/08: 11.0)
- Investments 0.7 million euros (1-12/08: 2.6)
- Depreciation and impairment 3.0 million euros (1-12/08: 2.4)
Business environment and main events
Tamfelt Filtration manufactures filter fabrics for wet and dry filtration
processes and ironer felts for commercial laundries. The company enjoys a strong
position in the global filter fabric market for paper, pulp and mining
industries, as well as in ironer felt market. Tamfelt is the world market leader
in ironer felts. Other major applications include wastewater treatment plants,
desulphurization in coal-fired power stations, and dust removal in incineration
plants. Tamfelt Filtration operates manufacturing plants in Tampere, Finland;
Ovar, Portugal; Belo Horizonte, Brazil; Łódź, Poland, and in Shanghai, China.
Metso's established position in the global paper and pulp industry as well as
mining and energy industry offers the Filtration business remarkable synergy and
growth opportunities in the company's key markets.
In 2009 the demand for wet filtration products declined in all major markets
with the exception of China. In the last quarter of the year, the market
recovered slightly, and this trend is expected to continue in 2010.
The demand for dry filtration fabrics and ironer felts was below the level of
the previous year following low capacity utilization and stock curtailment in
the customer industries. The market for dry filtration products, however,
steadied at the end of the year and a slight upturn is now expected. The
delivery volumes of ironer felts have adjusted to the global demand.
A significant share of Tamfelt's filter fabric business today serves
environmental purposes. Here, too, Metso's strength in environmental technology
promises good prospects for further development of this field of business.
Tamfelt Filtration's net sales were 21.5 per cent down year-on-year. Operating
profit was less than half of the level of the previous year, yet clearly
positive.
Orders received and order backlog
By the end of 2009, Tamfelt Filtration's order backlog grew and was almost 7 per
cent higher than in the beginning of the year. Particularly wet filtration
products' order volume improved. The order backlog for filter fabrics is
typically short.
Investments
Tamfelt Filtration's gross investment in 2009 was 0.7 million euros (2.6). The
highest capital expenditure was in the Portuguese plant.
RESEARCH AND DEVELOPMENT
The cost of research and development was 3.1 per cent (2.6) of Tamfelt's net
sales. In the new integrated operation, technical textiles will be developed as
an integral part of Metso's R&D on fibre and paper technology. Tamfelt will have
improved opportunities for cooperation with customers, equipment and raw
material suppliers as well as universities and research institutes.
RISKS AND UNCERTAINTY FACTORS
Tamfelt's key customer base consists of forest industry and mining industry
operators. Economic fluctuations and business trends in these industries have a
direct impact on the order volumes and financial performance. Capacity cuts,
closures of forest industry operations and downtime have reduced Tamfelt's
traditional customer base. In the current challenging market situation,
customers' financial risks are higher than before.
Customers make clothing manufacturers compete for contracts and keep
consolidating their purchases on an ever-smaller number of suppliers. Long-term
contracts account for a major share of Tamfelt's sales. To maintain competitive
strength, Tamfelt focuses on improving productivity and capital spending
efficiency. Tamfelt is actively developing new spearhead products and improved
service concepts.
Metso is a world-leading manufacturer of paper and board machines, and the
integration will help improve Tamfelt's crisis management ability. At this
stage, it is difficult to estimate the impacts on sales and the financial
performance - they will only become visible in the second half of the year.
Tamfelt takes out insurances to cover the risk of damage involved in the
activities, as far as this is deemed motivated financially or otherwise. The
coverage includes insurance against material damage, business interruption and
credit risk as well as product liability and completed operations liability
coverage. We focus on identifying and reducing risks and risk-related damages.
However, the business environment involves risks that cannot be covered by
insurances or eliminated by other means.
A more detailed description of the risks and internal control is published later
in Tamfelt's Financials Report 2009.
PERSONNEL
In January-December 2009, Tamfelt employed an average of 1,383 people (down from
1,534). Tamfelt PMC employed 761 and Tamfelt Filtration 439 people. On the last
day of the year, the number of employees was 1,328 (1,535). Sixty-nine per cent
of them worked in Finland and 31 per cent abroad. The Group headcount was
reduced after the joint consultation negotiations held at the Tampere and
Juankoski plants in early 2009 and the adjustments made in the foreign units.
The average length of employment at Tamfelt was 13 years (13). At the end of
2009, the average personnel age was 41 years (42). Labour turnover was 4.3 per
cent (7.5). During the year, 54 employees moved to new jobs in the domestic
units. The average pension age was 61 years (59).
Change management in personnel issues was one of the key focus areas in 2009.
All supervisors received training in the subject, including constructive
coaching for the management of temporary and permanent lay-off situations.
ENVIRONMENT
Tamfelt's environmental management system under the SFS-EN-ISO 14001 standard
covering the Tampere and Juankoski plants was certified in 1998 and updated in
2009. The level of Tamfelt's environmental protection fulfils the current
statutory requirements.
The goals and targets to support sustainable development have been published in
Tamfelt's environmental policy. The company's manufacturing processes do not
discharge any significant amounts of pollutants. The key objectives of Tamfelt's
environmental management programme are to improve the use of raw materials, to
cut slow-decaying landfill waste and to avoid unnecessary consumption of water
and energy.
Major environmental initiatives in 2009 in Finland focused on more efficient use
of raw material at the Tampere and Juankoski facilities, waste reduction,
improved recycling, measures required by the environmental permit granted to the
Tampere plant, efficient energy use and emissions trading. In Tamfelt
Filtration's Brazilian and Polish operations, environmental management systems
were being built to the ISO 14001 standard.
The recycling of cloth waste improved a little in 2009 compared to the level of
previous year. The use of cloth waste for energy production increased during
2009. Tamfelt continues to research into possibilities to improve the use of
cloth waste. The total environmental expenditure in 2009 was 0.2 per cent of the
net sales.
FOREIGN BRANCHES
The Tamfelt Shanghai Representative Office was closed on December 31, 2009.
SHARES, SHARE CAPITAL AND OPTIONS
Combination of the two series of shares
In the beginning of 2009, Tamfelt's share capital stood at 27,563,964.00 euros.
The aggregate number of shares was 27,563,964 of which 10,119,198 were common
(TAFKS) and 17,444,766 preferred (TAFPS) shares.
At the extraordinary meeting of shareholders held on August 31, 2009, the
Tamfelt Board of Director's proposed that the two series of shares be combined
into one. The meeting passed a decision to that effect, and there is now only
one series of shares; each share carries one vote and equal rights. A free share
issue was targeted to the holders of common shares. Contrary to the
shareholders' preferential rights, the shareholders of common shares got one
free new share against each four common shares. The combination of the series
into one and the targeted free issue resulted into four common shares being
converted into five shares in the company. The targeted free issue consisted of
2,529,799 new shares.
As a result of the targeted free issue and the combination of the series,
Tamfelt's total share stock grew into 30,093,763 shares. Trading in the new and
combined shares began on September 4, 2009 under the new code TAF1V.
The targeted free issue did not affect the company's share capital, which
amounted to 27,563,964,00 euros at the end of the year. The trend of the share
is shown in the tables at the end of this bulletin.
Combination agreement between Tamfelt and Metso and Metso's public tender offer
for all of Tamfelt's shares and stock options
Tamfelt and Metso signed a combination agreement on November 5, 2009, after
which Metso made a public tender offer to purchase all Tamfelt shares. The offer
was carried out in the form of a share exchange, whereby Metso offered three (3)
new shares issued by Metso against ten (10) Tamfelt's shares. Metso offered 0.35
euros for each stock option issued by Tamfelt.
Tamfelt's Board of Directors recommended unanimously to the shareholders that
the exchange offer and the cash consideration offered to the stock option
holders be accepted.
The combination agreement required Tamfelt's Board to convene an extraordinary
meeting of shareholders to decide that Article 12 (Obligation to redeem shares)
be removed from the Articles of Association. An extraordinary shareholders'
meeting held on December 1, 2009 decided accordingly and the amendment was
entered in the Trade Register on December 22, 2009.
The term of the share exchange offer covering all the shares and stock options
issued by Tamfelt expired on December 18, 2009. In the final outcome, Metso's
shareholding and voting rights in Tamfelt rose to 98 per cent (including the
shares already held by Metso). All of Tamfelt's current stock options were
tendered to Metso in the offer. All the conditions for the share exchange offer
having been fulfilled by the expiry of the term, Metso implemented the offer on
December 23, 2009. Thus Metso became Tamfelt's parent company.
Metso intends to acquire all the shares issued by Tamfelt. Having acquired more
than nine-tenths (9/10) of all Tamfelt shares and the votes conferred by these,
Metso presented a demand for redemption according to the Finnish Companies Act.
Any shares that have not beeb exchanged in the offer will be redeemed in the
manner prescribed in the Companies Act. When the redemption process is complete,
Tamfelt applies for shares to be removed from the Helsinki Stock Exchange. This
is expected to happen during spring 2010.
Holding of own shares
Tamfelt does not hold its own shares. The Board of Directors has no current
authorization to decide on the acquisition or conveyance of the company's own
shares.
Stock options
Tamfelt is currently running one stock option programme (2005) designed for the
company's key executives. No subscriptions were made under this programme in
2009. When the two share series of shares were combined, the Board decided to
alter the terms and conditions of the 2005 stock option programme to entitle the
option holders to subscribe for the series of shares which the company has after
the combination. The subscription price, the number of option rights and the
number of shares available for subscription remain unchanged. In the agreement
of November 5, 2009, Metso offered cash payment of 0.35 euros for a stock
option. On the basis of the offer, all options were transferred to Metso by the
end of 2009.
BOARD OF DIRECTORS, AUDITORS AND EXECUTIVE BOARD
Board of Directors
Until March 18, 2009 the ordinary members of Tamfelt Corp.'s Board of Directors
were Mikael von Frenckell, Carl-Magnus Cedercreutz, Vesa Kainu, Martin Lilius,
Jouko Oksanen and Niklas Savander.
Tamfelt Corp.'s Annual General Meeting of March 18, 2009, elected Mikael von
Frenckell, Carl-Magnus Cedercreutz, Martin Lilius, Jouko Oksanen and Niklas
Savander to continue as ordinary members of the Board. Pasi Laine and Christoph
Vitzthum were elected as new ordinary members. At the organization meeting,
Mikael von Frenckell was elected to continue as Chairman and Niklas Savander as
Deputy Chairman.
The combination agreement published by Tamfelt and Metso on November 5, 2009
required that Tamfelt's Board convene an extraordinary general meeting of
shareholders to confirm the number of Board members as five and to elect Mikael
von Frenckell, Jouko Oksanen and Pasi Laine to continue as Board members and
Jorma Eloranta (Metso's President & CEO) and Bertel Langenskiöld (President of
Metso's Paper and Fiber Technology segment) as new members. The extraordinary
general meeting of December 1, 2009 elected the above persons as ordinary
members of Tamfelt's Board of Directors. At the organization meeting, the Board
elected Bertel Langenskiöld as Chairman of the Board.
Auditors
Tamfelt's Annual General meeting of March 18, 2009 elected Authorized Public
Accountants Jari Paloniemi and Veikko Terho to continue as the company's
auditors and Authorized Public Accountant Jukka Lahdenpää and authorized public
accounting company Moore Stephens Rewinet Oy Ab as deputy auditors.
President & CEO and Executive Board
As of January 1, 2009 the members of the Group's Executive Board were Reima
Kerttula, who took office as Tamfelt Corp.'s President & CEO on that date,
Tamfelt PMC Corp.'s President Seppo Holkko, Tamfelt Filtration Corp.'s President
Heikki Rehakka, Group Chief Financial Officer Kimmo Pärssinen, and Executive
Vice President, Human Resources, Tuire Leimu.
As of March 1, 2009 the Executive Board consisted of Tamfelt Corp.'s President &
CEO Reima Kerttula, his Deputy Seppo Holkko, Tamfelt PMC Corp.'s President
Martti Heinola, Tamfelt Filtration Corp.'s President Jari Stålhammar, Group
Chief Financial Officer Kimmo Pärssinen, Executive Vice President, Human
Resources Tuire Leimu and Executive Vice President, Business Development Heikki
Rehakka. Deputy President & CEO Seppo Holkko left the company on December 31,
2009 and will retire on a pension during spring 2010.
POST-REVIEW EVENTS
Tamfelt announced on Feb 2, 2010 having resolved to apply for the termination of
trading as well as delisting of all its shares from the Helsinki Stock Exchange.
In the application, Tamfelt requests that trading with Tamfelt's shares is
terminated and the shares be delisted from the official list of the Helsinki
Stock Exchange as soon as possible after Metso has gained title to all the
shares in Tamfelt.
Metso currently holds 98 percent of all the shares and votes in Tamfelt. Metso
has initiated the redemption proceedings in accordance with Chapter 18 of the
Finnish Companies Act in order to acquire the remaining shares in Tamfelt.
Provided that the arbitral tribunal appointed by the Redemption Committee of the
Central Chamber of Commerce confirms that Metso's redemption right is clear,
Metso is entitled under law to gain title to the remaining shares in Tamfelt by
posting a security approved by the arbitral tribunal for the payment of the
redemption price.
OUTLOOK
To improve the company's cost structure and delivery strength, the focus of
activities has shifted and continues to shift outside Finland and Europe.
Metso's global network and strong position in developing markets will help
improve Tamfelt's competitive strength also in these regions.
The economic uncertainty created by the global financial crisis continues to
affect the growth of world economy significantly. The demand for paper and the
production volumes of the forest industry are believed to lag behind the
long-term average rate. Tamfelt's integration with Metso makes it possible to
offer competitive, more comprehensive solutions to the common clientele. This is
expected to increase the sales of PMC products.
The mining industry volumes are expected to grow and improve the market for
filter fabrics. Increasing environmental awareness and tightening standards are
likely to be established as a long-term global trend. This is expected to boost
the demand for filter fabrics. Around half of Tamfelt's filtration business now
serves environmental purposes. Metso's strong position and knowhow in
environmental technology will benefit also Tamfelt in this field of business. It
is expected that combined competence will offer new opportunities to ramp up the
sales of filtration products.
Weak market conditions, toughening price competition and struggle for market
shares continue to affect the outlook for the entire industry, including
Tamfelt. The cost saving initiatives launched in 2009 had a positive effect on
the full-year result. The saving programmes will continue in 2010. Thanks to the
saving measures and a tight capital budget Tamfelt succeeded to keep the cash
flow at a good level and equity/assets ratio remains excellent. Despite modest
signs of recovery, it is believed that the unstable market situation will
persist through the first half of 2010 at least.
The heavy investments made in the last few years have improved Tamfelt's
delivery performance, productivity and cost competitiveness. No major
investments in capacity will be made in the near future. Tamfelt's liquidity is
expected to remain good.
Integration with Metso brings many opportunities to improve business and
profitability. Their impact will be seen as the integration process advances.
Extent of the impacts is yet difficult to estimate, this will become clearer
during the second half of 2010.
BOARD OF DIRECTORS' PROPOSAL FOR THE DISTRIBUTION OF PROFIT
The Board of Director proposes to Tamfelt's Annual General Meeting that no
dividend be distributed.
Auditors' report on the financial statements was given on February 8, 2010. The
figures are rounded off.
Helsinki, February 8, 2010
Tamfelt Corp.
Board of Directors
INTERIM REPORTS AND ANNUAL GENERAL MEETING IN 2010
At the time of this release, Metso holds 98 per cent of Tamfelt's shares. Metso
intends to acquire a 100 per cent shareholding in Tamfelt in the first quarter
of 2010 and to apply for the shares to be removed from the Helsinki Exchanges.
If Tamfelt leaves the Helsinki Exchanges as projected, the company's financial
performance will hence be reported as part of Metso Corporation, and Tamfelt
will no longer publish any financial bulletins of its own.
The date of the Annual General Meeting is March 29, 2010, as previously
informed.
- The financial statements were prepared to the IFRS standard. Since January 1,
2009 the Group applies the following revised standards: IAS 1.
- The 2008 comparison data was converted as required by the basis of
measurement. The criteria for recognizing the non-hedging derivative instruments
referred to in the IFRS standard have been changed; profits and losses are now
recognized in the item corresponding to the hedged item in the income statement.
Exchange gains and losses from business operations are recognized above the
operating profit line. Exchange gains and losses related to foreign
currency-denominated loans are recognized in financial income and expenses. This
improves the full-year net sales for 2008 by 0.3 million euros.
--------------------------------------------------------------------------------
| CONSOLIDATED STATEMENT | | | | | | |
| OF INCOME, IFRS | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| The comparison figures for 2008 have been changed due to | | |
| changes in the calculating principles. | | |
--------------------------------------------------------------------------------
| Million euros | 10-12 | 10-12 | Change | 1-12 | 1-12 | Change |
| | 2009 | 2008 | % | 2 | 2 | % |
| | | | | 009 | 008 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | 36.7 | 37.8 | -2.9 | 130.2 | 165.0 | -21.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other operating income | 0.1 | 0.1 | -65.5 | 0.6 | 0.8 | -25.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Materials and services | -9.4 | -5.5 | 70.1 | -31.7 | -37.0 | -14.2 |
--------------------------------------------------------------------------------
| Expenses from employee | -14.0 | -16.5 | -15.3 | -55.5 | -66.7 | -16.8 |
| benefits | | | | | | |
--------------------------------------------------------------------------------
| Depreciation and | -3.2 | -2.9 | 9.9 | -12.1 | -10.8 | 11.9 |
| impairment | | | | | | |
--------------------------------------------------------------------------------
| Other operating expenses | -10.2 | -10.2 | 0.1 | -29.9 | -31.5 | -5.2 |
--------------------------------------------------------------------------------
| Operating profit | 0.0 | 2.8 | -99.6 | 1.5 | 19.8 | -92.3 |
--------------------------------------------------------------------------------
| | | | | | | |
--------------------------------------------------------------------------------
| Financial income and | 0.1 | -1.0 | -109.3 | -1.2 | -2.4 | -51.2 |
| expenses | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit before taxes | 0.1 | 1.9 | -94.7 | 0.4 | 17.4 | -97.9 |
--------------------------------------------------------------------------------
| Income taxes | 0.0 | -0.9 | -97.4 | -0.4 | -5.1 | -93.1 |
--------------------------------------------------------------------------------
| Profit for the period | 0.1 | 1.0 | -92.1 | 0.0 | 12.3 | -99.9 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit for the period attributable to: |
--------------------------------------------------------------------------------
| Equity holders of the | 0.1 | 1.0 | | 0.2 | 12.4 | |
| | | | | | | |
| parent | | | | | | |
--------------------------------------------------------------------------------
| Minority interest | 0.0 | 0.0 | | -0.2 | -0.2 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings/share (basic) | 0.00 | 0.03 | | 0.01 | 0.41 | |
| EUR | | | | | | |
--------------------------------------------------------------------------------
| Earnings/share (diluted) | 0.00 | 0.03 | | 0.01 | 0.41 | |
| EUR | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| COMPREHENSIVE STATEMENT | | | | | | |
| OF INCOME | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit for the period | 0.1 | 1.0 | | 0.0 | 12.3 | |
--------------------------------------------------------------------------------
| Other comprehensive | | | | | | |
| income for the period | | | | | | |
| after taxes: | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Exchange differences on | 0.4 | 0.7 | | 0.0 | 0.5 | |
| translating foreign | | | | | | |
| operations | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other comprehensive | 0.3 | 0.0 | | 0.2 | -0.4 | |
| income items | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total comprehensive | 0.8 | 1.7 | | 0.2 | 12.4 | |
| income for the period | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total comprehensive income for the period attributable to: |
--------------------------------------------------------------------------------
| Equity holders of the | 0.8 | 1.7 | | 0.3 | 12.5 | |
| | | | | | | |
| parent | | | | | | |
--------------------------------------------------------------------------------
| Minority interest | 0.0 | 0.0 | | 0.0 | -0.2 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED BALANCE SHEET, IFRS | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Million euros | 12/2009 | % | 12/2008 | % |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Assets | | | | |
--------------------------------------------------------------------------------
| Non-current assets | | | | |
--------------------------------------------------------------------------------
| Property, plant | 87.1 | | 94.2 | |
| and equipment | | | | |
--------------------------------------------------------------------------------
| Goodwill | 0.3 | | 0.3 | |
--------------------------------------------------------------------------------
| Other intangible assets | 4.0 | | 4.6 | |
--------------------------------------------------------------------------------
| Other financial assets | 1.2 | | 1.3 | |
--------------------------------------------------------------------------------
| Deferred tax assets | 1.1 | | 1.0 | |
--------------------------------------------------------------------------------
| | 93.7 | 55 | 101.4 | 57 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current assets | | | | |
--------------------------------------------------------------------------------
| Inventories | 29.8 | | 35.5 | |
--------------------------------------------------------------------------------
| Trade and other receivables | 26.6 | | 30.7 | |
--------------------------------------------------------------------------------
| Financial assets at fair value | 1.5 | | 1.0 | |
| through profit or loss | | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 19.0 | | 9.8 | |
--------------------------------------------------------------------------------
| | 76.9 | 45 | 77.0 | 43 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total assets | 170.6 | 100 | 178.4 | 100 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity and liabilities | | | | |
--------------------------------------------------------------------------------
| Issued capital and reserves | | | | |
| attributable to equity holders of | | | | |
| the parent | | | | |
--------------------------------------------------------------------------------
| Share capital | 27.6 | | 27.6 | |
--------------------------------------------------------------------------------
| Share premium | 1.0 | | 1.0 | |
--------------------------------------------------------------------------------
| Translation differences | -1.2 | | -1.1 | |
--------------------------------------------------------------------------------
| Fair value reserve | -0.1 | | -0.3 | |
--------------------------------------------------------------------------------
| Retained earnings | 75.5 | | 80.2 | |
--------------------------------------------------------------------------------
| | 102.8 | | 107.3 | |
--------------------------------------------------------------------------------
| Minority interest | 0.0 | | 0.1 | |
--------------------------------------------------------------------------------
| Total equity | 102.9 | 60 | 107.4 | 60 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current liabilities | | | | |
--------------------------------------------------------------------------------
| Deferred tax liabilities | 9.7 | | 10.5 | |
--------------------------------------------------------------------------------
| Interest-bearing liabilities | 28.2 | | 18.3 | |
--------------------------------------------------------------------------------
| | 37.9 | | 28.8 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current liabilities | | | | |
--------------------------------------------------------------------------------
| Trade and other payables | 22.2 | | 25.1 | |
--------------------------------------------------------------------------------
| Current interest-bearing | 7.6 | | 17.1 | |
| liabilities | | | | |
--------------------------------------------------------------------------------
| | 29.8 | | 42.2 | |
--------------------------------------------------------------------------------
| Total liabilities | 67.7 | 40 | 71.0 | 40 |
--------------------------------------------------------------------------------
| Total equity and liabilities | 170.6 | 100 | 178.4 | 100 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED STATEMENT OF CASH FLOWS | | | |
--------------------------------------------------------------------------------
| | 1-12 | | 1-12 |
--------------------------------------------------------------------------------
| Million euros | 2009 | | 2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from operating activities | | | |
--------------------------------------------------------------------------------
| Profit/loss for the period | 0.0 | | 12.3 |
--------------------------------------------------------------------------------
| Adjustments to profit | 14.3 | | 17.8 |
--------------------------------------------------------------------------------
| Change in working capital: | | | |
--------------------------------------------------------------------------------
| Change in trade and other | 3.0 | | 0.5 |
| | | | |
| receivables | | | |
--------------------------------------------------------------------------------
| Change in inventories | 5.6 | | -2.4 |
--------------------------------------------------------------------------------
| Change in trade and other | -3.0 | | -2.3 |
| payables | | | |
--------------------------------------------------------------------------------
| Interest received | 0.2 | | 0.3 |
--------------------------------------------------------------------------------
| Interest paid | -1.5 | | -2.0 |
--------------------------------------------------------------------------------
| Other financial items, net | 0.2 | | -0.4 |
--------------------------------------------------------------------------------
| Taxes paid | -0.2 | | -5.8 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net cash flow from operating | 18.5 | | 18.0 |
| activities | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from investing activities | | | |
--------------------------------------------------------------------------------
| Investment in property, plant and | -4.8 | | -14.6 |
| equipment | | | |
--------------------------------------------------------------------------------
| Investments in intangible assets | -0.4 | | -1.0 |
--------------------------------------------------------------------------------
| Net cash flow from investing | -5.2 | | -15.7 |
| activities | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from financing activities | | | |
--------------------------------------------------------------------------------
| Withdrawal of loans | 20.0 | | 23.0 |
--------------------------------------------------------------------------------
| Repayment of loans | -19.0 | | -5.8 |
--------------------------------------------------------------------------------
| Dividends paid | -4.8 | | -14.7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net cash flow from financing | -3.8 | | 2.5 |
| activities | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Change in cash and cash equivalents | 9.6 | | 4.8 |
--------------------------------------------------------------------------------
| Cash and cash equivalents at the | 10.7 | | 6.3 |
| beginning of the period | | | |
--------------------------------------------------------------------------------
| Effect of exchange rate changes | 0.1 | | 0.2 |
--------------------------------------------------------------------------------
| Effect of changes in the fair value of | 0.1 | | -0.7 |
| investments | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents at the end | 20.5 | | 10.7 |
| of the period | | | |
--------------------------------------------------------------------------------
STATEMENT OF CHANGES IN CONSOLIDATED EQUITY
--------------------------------------------------------------------------------
| | Equity attributable to shareholders of the | | |
| | parent | | |
--------------------------------------------------------------------------------
| Million | Shar | Share | Trans- | Fair | Retai | Total | Mino- | Total |
| euros | e | pre-m | lation | value | -ned | | rity | equi- |
| | capi | ium | dif-fe | re-se | ear-n | | inte- | ty |
| | tal | re-se | r-renc | rve | ings | | rest | |
| | | rve | es | and | | | | |
| | | | | other | | | | |
| | | | | reser | | | | |
| | | | | ves | | | | |
--------------------------------------------------------------------------------
| Equity | 27.6 | 1.0 | -1.6 | 0.1 | 82.3 | 109.3 | 0.2 | 109.6 |
| 31.12.2007 | | | | | | | | |
--------------------------------------------------------------------------------
| Dividends | | | | | -14.7 | -14.7 | 0.0 | -14.7 |
--------------------------------------------------------------------------------
| Counter-entr | | | | | 0.1 | 0.1 | | 0.1 |
| y of | | | | | | | | |
| share-based | | | | | | | | |
| payments | | | | | | | | |
--------------------------------------------------------------------------------
| Total | | | 0.6 | -0.4 | 12.4 | 12.5 | -0.2 | 12.4 |
| comprehensiv | | | | | | | | |
| e income | | | | | | | | |
--------------------------------------------------------------------------------
| Equity | 27.6 | 1.0 | -1.1 | -0.3 | 80.1 | 107.3 | 0.1 | 107.4 |
| 31.12.2008 | | | | | | | | |
--------------------------------------------------------------------------------
| Dividends | | | | | -4.8 | -4.8 | | -4.8 |
--------------------------------------------------------------------------------
| Total | | | -0.1 | 0.2 | 0.2 | 0.3 | 0.0 | 0.2 |
| comprehensiv | | | | | | | | |
| e income | | | | | | | | |
--------------------------------------------------------------------------------
| Equity | 27.6 | 1.0 | -1.2 | -0.1 | 75.5 | 102.8 | 0.0 | 102.9 |
| 31.12.2009 | | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| SEGMENT INFORMATION - business segments | | |
--------------------------------------------------------------------------------
| Million euros | | | | |
--------------------------------------------------------------------------------
| 10-12/09 | Tamfelt | Tamfelt | Other | Consolidate |
| | PMC | Filtration | activities | d |
--------------------------------------------------------------------------------
| Income | | | | |
--------------------------------------------------------------------------------
| External turnover | 25.2 | 11.5 | | 36.7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit/loss | | | | |
--------------------------------------------------------------------------------
| Operating profit | 1.1 | 1.1 | -2.2 | 0.0 |
--------------------------------------------------------------------------------
| Financing items | | | 0.1 | 0.1 |
--------------------------------------------------------------------------------
| Taxes | | | 0.0 | 0.0 |
--------------------------------------------------------------------------------
| Profit/loss for the period | | | | 0.1 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Investments | 0.6 | 0.4 | 0.1 | 1.1 |
--------------------------------------------------------------------------------
| Depreciation and | 2.3 | 1.3 | -0.4 | 3.2 |
| impairment | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 10-12/08 | Tamfelt | Tamfelt | Other | Consolidate |
| | PMC | Filtration | activities | d |
--------------------------------------------------------------------------------
| Income | | | | |
--------------------------------------------------------------------------------
| External turnover | 27.2 | 10.6 | | 37.8 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit/loss | | | | |
--------------------------------------------------------------------------------
| Operating profit | 4.5 | -0.9 | -0.8 | 2.8 |
--------------------------------------------------------------------------------
| Financing items | | | -1.0 | -1.0 |
--------------------------------------------------------------------------------
| Taxes | | | -0.9 | -0.9 |
--------------------------------------------------------------------------------
| Profit/loss for the period | | | | 1.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Investments | 1.3 | 0.4 | 0.3 | 2.0 |
--------------------------------------------------------------------------------
| Depreciation and | 2.2 | 0.7 | 0.1 | 3.0 |
| impairment | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 1-12/09 | Tamfelt | Tamfelt | Other | Consolidate |
| | PMC | Filtration | activities | d |
--------------------------------------------------------------------------------
| Income | | | | |
--------------------------------------------------------------------------------
| External turnover | 88.6 | 41.6 | | 130.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit/loss | | | | |
--------------------------------------------------------------------------------
| Operating profit | 3.1 | 2.6 | -4.1 | 1.5 |
--------------------------------------------------------------------------------
| Financing items | | | -1.2 | -1.2 |
--------------------------------------------------------------------------------
| Taxes | | | -0.4 | -0.4 |
--------------------------------------------------------------------------------
| Profit/loss for the period | | | | 0.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Investments | 4.0 | 0.7 | 0.4 | 5.2 |
--------------------------------------------------------------------------------
| Depreciation and | 8.9 | 3.0 | 0.3 | 12.1 |
| impairment | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other data | | | | |
--------------------------------------------------------------------------------
| Segment assets | 108.5 | 36.2 | 25.9 | 170.6 |
--------------------------------------------------------------------------------
| Segment liabilities | 49.6 | 9.7 | 8.4 | 67.7 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 1-12/08 | Tamfelt | Tamfelt | Other | Consolidate |
| | PMC | Filtration | activities | d |
--------------------------------------------------------------------------------
| Income | | | | |
--------------------------------------------------------------------------------
| External turnover | 112.0 | 53.0 | | 165.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit/loss | | | | |
--------------------------------------------------------------------------------
| Operating profit | 16.1 | 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 | 71.0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| SEGMENT INFORMATION - geographical segments |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | 1-12 | | 1-12 | |
--------------------------------------------------------------------------------
| Million euros | 2009 | | 2008 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| NET SALES | | | | |
--------------------------------------------------------------------------------
| Finland | 38.5 | | 56.0 | |
--------------------------------------------------------------------------------
| Rest of Europe | 61.0 | | 65.1 | |
--------------------------------------------------------------------------------
| Other countries | 48.9 | | 62.5 | |
--------------------------------------------------------------------------------
| Elimination | -18.2 | | -18.5 | |
--------------------------------------------------------------------------------
| Consolidated | 130.2 | | 165.0 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| INVESTMENTS | | | | |
--------------------------------------------------------------------------------
| Finland | 2.6 | | 9.9 | |
--------------------------------------------------------------------------------
| Rest of Europe | 0.3 | | 0.3 | |
--------------------------------------------------------------------------------
| Other countries | 2.2 | | 5.4 | |
--------------------------------------------------------------------------------
| Consolidated | 5.2 | | 15.7 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| ASSETS | | | | |
--------------------------------------------------------------------------------
| Finland | 132.3 | | 139.7 | |
--------------------------------------------------------------------------------
| Rest of Europe | 18.7 | | 17.4 | |
--------------------------------------------------------------------------------
| Other countries | 33.8 | | 36.9 | |
--------------------------------------------------------------------------------
| Elimination | -14.2 | | -15.6 | |
--------------------------------------------------------------------------------
| Consolidated | 170.6 | | 178.4 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| KEY FIGURES | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | 10-12 | | 10-12 | | 1-12 | | 1-12 |
--------------------------------------------------------------------------------
| | 2009 | | 2008 | | 2009 | | 2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | 36.7 | | 37.8 | | 130.2 | | 165.0 |
--------------------------------------------------------------------------------
| Operating profit | 0.0 | | 2.8 | | 1.5 | | 19.8 |
--------------------------------------------------------------------------------
| % of net sales | 0.0 | | 7.5 | | 1.2 | | 12.0 |
--------------------------------------------------------------------------------
| Profit before taxes | 0.1 | | 1.9 | | 0.4 | | 17.4 |
| and minority interest | | | | | | | |
--------------------------------------------------------------------------------
| Profit/loss for the | 0.1 | | 1.0 | | 0.0 | | 12.3 |
| period | | | | | | | |
--------------------------------------------------------------------------------
| Return on equity, % | 0.3 | | 3.6 | | 0.0 | | 11.3 |
--------------------------------------------------------------------------------
| Return on net assets, | 0.5 | | 7.9 | | 1.4 | | 14.4 |
| % | | | | | | | |
--------------------------------------------------------------------------------
| Equity/Assets ratio at | 60.5 | | 60.3 | | 60.5 | | 60.3 |
| the end of the period, | | | | | | | |
| % | | | | | | | |
--------------------------------------------------------------------------------
| Gearing at the end of | 14.9 | | 22.9 | | 14.9 | | 22.9 |
| the period, % | | | | | | | |
--------------------------------------------------------------------------------
| Gross investments | 1.1 | | 2.0 | | 5.2 | | 15.7 |
--------------------------------------------------------------------------------
| % of net sales | 3.0 | | 5.3 | | 4.0 | | 9.5 |
--------------------------------------------------------------------------------
| Average employment | 1344 | | 1544 | | 1383 | | 1534 |
| during the period | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| COLLATERALS AND CONTINGENT LIABILITIES | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Million euros | 1-12 | | 1-12 |
--------------------------------------------------------------------------------
| | 2009 | | 2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Contingent liabilities | 46.1 | | 0.4 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| DERIVATIVE FINANCIAL INSTRUMENTS | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Million euros | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Forward exchange contracts, not under | | | |
| hedge accounting | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Forward exchange contracts | | | |
--------------------------------------------------------------------------------
| Fair value | | | 4.6 |
--------------------------------------------------------------------------------
| Value of underlying assets | | | 4.3 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Stock option agreements | | | |
--------------------------------------------------------------------------------
| Acquired, fair value | 3.2 | | |
--------------------------------------------------------------------------------
| Acquired, fair value of underlying | 3.3 | | |
| | | | |
| asset | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Sold, fair value | 6.7 | | |
--------------------------------------------------------------------------------
| Sold, fair value of underlying | 6.7 | | |
| asset | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Electricity derivatives | | | |
--------------------------------------------------------------------------------
| Fair value | 2.2 | | 1.8 |
--------------------------------------------------------------------------------
| Trading value | 2.3 | | 2.3 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| STOCK ANALYSIS | 1-12 | | 1-12 |
--------------------------------------------------------------------------------
| Million euros | 2009 | | 2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings/share, diluted, euros | 0.01 | | 0.41 |
--------------------------------------------------------------------------------
| Equity/share, diluted, euros | 3.42 | | 3.57 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| SHARE TREND AND | | | |
| THE COMPANY'S | | | |
| MARKET VALUE | | | |
--------------------------------------------------------------------------------
| euros | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Tamfelt's two share series were combined during 2009 and the trading with |
| one share serie commenced September 4, 2009. |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| September 3, | Shares | Votes | |
| 2009 | | | |
--------------------------------------------------------------------------------
| Preferred share | 17 444 | 17 444 766 | |
| (TAFPS) | 766 | | |
--------------------------------------------------------------------------------
| Common share | 10 119 | 202 383 960 | |
| (TAFKS) | 198 | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| December 31, | Shares | Votes | |
| 2009 | | | |
--------------------------------------------------------------------------------
| TAF1V (new, | 30 093 | 30 093 763 | |
| combined series) | 763 | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Jan 1 - Sept 3, 2009 | Jan 1 - Dec 31, 2008 |
--------------------------------------------------------------------------------
| | Highest | Lowest | Closing | Highest | Lowes | Closin |
| | | | | | t | g |
--------------------------------------------------------------------------------
| preferred share | 5.25 | 3.95 | 5.00 | 11.30 | 5.04 | 5.10 |
--------------------------------------------------------------------------------
| common share | 6.40 | 4.13 | 5.66 | 12.00 | 6.50 | 7.30 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Sept 4 - Dec 31, 2009 | |
--------------------------------------------------------------------------------
| | Highest | Lowest | Closing | |
--------------------------------------------------------------------------------
| TAF1V (new, | 7.22 | 4.72 | 6.71 | |
| combined series | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | 1-12 | 1-12 | | |
| | 20 | 200 | | |
| | 09 | 8 | | |
--------------------------------------------------------------------------------
| Market value at | 201.9 | 161.8 | | |
| the end of the | | | | |
| period, million | | | | |
| euros | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Trading | 96.5 | 7.6 | preferr | |
| volume/total | | | ed | |
| stock, % | | | | |
--------------------------------------------------------------------------------
| | | 0.8 | common | |
--------------------------------------------------------------------------------
| Due to Metso's public share exchange offer, almost the entire stock of |
| Tamfelt changed hands in 2009. At the end of 2009 Metso held 98 per cent of |
| Tamfelt's shares. |
--------------------------------------------------------------------------------
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 1,350 people and its net sales in
2009 were 130.2 million euro. Founded in 1797, the company is one of the
pioneers of Finnish industry.
