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TAMFELT CORP. FINANCIAL STATEMENT BULLETIN February 8, 2010 at 2.30 p.m.
TAMFELT GROUP'S FINANCIAL STATEMENT BULLETIN 2009
KEY FIGURES
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10-12 2009
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7-9 2009
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1-12 2009
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1-12 2008
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Net sales, million euros
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36.7
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29.9
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130.2
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165
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Operating profit, million euros
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0.0
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1.5
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1.5
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19.8
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% of net sales
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0.0
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4.9
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1.2
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12.0
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Pre-tax profit, million euros
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0.1
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1.2
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0.4
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17.4
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Net profit, million euros
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0.1
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1.0
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0.0
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12.3
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Earnings per share, euros
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0.00
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0.03
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0.01
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0.41
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Return on equity, %
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0.3
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3.5
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0.0
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11.3
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Return on net assets, %
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0.5
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4.6
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1.4
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14.4
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Equity/Assets ratio, %
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60.5
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59.4
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60.5
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60.3
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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 (pdf, 163 kt).
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.
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