29th April 2010
POWERFLUTE OYJ
AGM STATEMENT
Powerflute Oyj (the "Group" or “Powerflute”), the packaging group with
established positions in Nordic semi-chemical fluting and coated woodfree
papers, released the following statement on current trading ahead of today's
Annual General Meeting of shareholders to be held in Kuopio, Finland. Powerflute
is listed on the AIM market of the London Stock Exchange (Ticker: POWR) and on
the First North list, the alternative market of the OMX Nordic Exchange
Stockholm AB (Ticker POW1V)
Powerflute Chairman, Dermot Smurfit commented:
“During the first quarter, trading conditions have continued to be very tough
and the Group's results were impacted by further substantial increases in pulp
costs following the temporary closure of mills in the Chilean earthquake zone
and by the closure of Finnish ports in March due to industrial action by port
workers.
Despite these factors, both of our businesses experienced healthy demand and
achieved price increases during the quarter. The price recovery in Nordic
semi-chemical fluting and coated wood free markets is expected to continue and
should lead to improved performance in the second half of the year. Accordingly,
we expect that performance for the full year will be in line with current market
expectations.”
- Ends-
Contacts
For additional information please contact:
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| Powerflute OYJ | | c/o Billy Clegg, Financial |
| Dermot Smurfit (Chairman) | | Dynamics |
| Marco Casiraghi (Chief | | +44 (0)20 7269 7157 |
| Executive) | | |
| David Walton (Chief Financial | | |
| Officer) | | |
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| Collins Stewart Europe Ltd: | | +44 (0)20 7523 8350 |
| Piers Coombs | | |
| Mark Dickenson | | |
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| E.Öhman J:or Fondkommission AB: | | +358 9 8866 6029 |
| Ms Arja Väyrynen | | |
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| Financial Dynamics: | | +44 (0)20 7831 3113 |
| Billy Clegg | | |
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| K Capital Source | | +353 (1) 663 3686 |
| Mark Kenny | | |
| Jonathan Neilan | | |
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About Powerflute
Powerflute Oyj (“the Company” or “Powerflute”) is a packaging group with
established positions in Nordic semi-chemical fluting and coated woodfree
papers.
Through its subsidiary Savon Sellu Oy, the Group operates a paper mill in
Kuopio, Finland which produces a specialised form of semi-chemical fluting made
from birchwood sourced principally in Finland and Russia. Corrugated boxes
manufactured using Nordic semi-chemical fluting demonstrate exceptional strength
and moisture resistance and are extensively used for transportation of fruit and
vegetables, high-value industrial goods such as electrical appliances and
automotive components. The Kuopio mill has the capacity to produce up to 300,000
tonnes per annum and is one of three suppliers of Nordic semi-chemical fluting
in Europe.
Through its recently acquired subsidiary Papierfabrik Scheufelen, the Group
operates a paper mill in Lenningen, Germany which produces a range of coated
woodfree papers from mixed hardwood and softwood pulps. Coated woodfree papers
are used in the production of printed promotional material such as brochures,
leaflets and other point of sale materials for producers and distributors of
premium branded goods. The Lenningen mill has the capacity to produce up to
300,000 tonnes per annum and supplies the majority of its products into the
European market where total demand has historically been in excess of 7.7
million tonnes per annum.
AGM STATEMENT
| Source: Powerflute Oyj