Interim report in brief
Statement of income
| € 1 000 |
7-9/2011 |
7-9/2010 |
1-9/2011 |
1-9/2010 |
1-12/2010 |
| Net sales | 43 112 | 43 359 |
130 801 |
128 123 |
173 438 |
| Cost of goods sold | -42 139 | -42 462 |
-124 639 |
-121 878 |
-165 277 |
| Gross profit | 972 | 897 |
6 161 |
6 245 |
8 161 |
| Other operating income | 113 | 248 |
448 |
712 |
859 |
| Sales and marketing expenses | -871 | -993 |
-2 648 |
-2 807 |
-3 927 |
| Research and development | -365 | -413 |
-1 289 |
-1 384 |
-1 951 |
| Administration expenses | -1 778 | -1 484 | -5 057 |
-4 612 |
-6 333 |
| Other operating expenses | 31 | -79 |
-125 |
-320 |
-2 564 |
| Operating profit before impairment losses | -1 898 | -1 824 | -2 470 |
-2 166 |
-5 755 |
| Impairment losses |
-5 069 |
||||
| Operating profit | -1 889 | -1 824 |
-2 470 |
-2 166 |
-10 824 |
| Financial income and expenses | -1 255 | -1 028 | -4 259 |
-3 154 |
-4 840 |
| Profit before income taxes | -3 153 | -2 852 |
-6 729 |
-5 320 |
-15 664 |
| Income taxes | 316 | 707 |
1 029 |
1 294 |
1 302 |
| Profit/loss for the period | -2 837 | -2 145 |
-5 700 |
-4 026 |
-14 362 |
| Earnings/share, € | -0.06 | -0.05 |
-0.12 |
-0.10 |
-0.34 |
Statement of comprehensive income
|
€ 1 000 |
7-9/2011 |
7-9/2010 |
1-9/2011 |
1-9/2010 |
1-12/2010 |
| Profit/loss for the period | -2 837 | -2 145 |
-5 700 |
-4 026 |
-14 362 |
| Other comprehensive income | |||||
| Total exhange differences on foreign operations | -1 650 | 407 |
-1 596 |
499 |
854 |
| Fair value changes of cash flow hedges | -261 | 417 |
-1 223 |
749 |
1 661 |
| Other reclassifications | -6 | 5 | -18 |
3 |
-2 |
| Income tax on other comprehensive income | 497 | -214 |
733 |
-324 |
-654 |
| Other comprehensive income, total | -1 420 | 615 |
-2 104 |
927 |
1 859 |
| Total comprehensive income for the period | -4 257 | -1 530 |
-7 804 |
-3 099 |
-12 503 |
Balance sheet
| € 1 000 |
9/2011 |
9/2010 |
12/2010 |
| Assets | |||
| Non-current assets | |||
| Goodwill |
18 498 |
23 404 |
18 498 |
| Intangible non-current assets |
784 |
735 |
776 |
| Tangible non-current assets |
48 635 |
54 707 |
53 873 |
| Available-for-sale financial assets |
242 |
212 |
212 |
| Held-to-maturity investments |
421 |
354 |
354 |
| Deferred tax assets |
1 713 |
54 |
1 339 |
| Non-current assets, total |
70 293 |
79 466 |
75 052 |
| Current assets | |||
| Inventories |
22 219 |
26 203 |
24 373 |
| Trade receivables |
14 893 |
12 791 |
10 817 |
| Other current receivables |
2 785 |
2 397 |
5 666 |
| Income tax receivables |
1 424 |
1 081 |
200 |
| Cash at bank and in hand |
1 644 |
3 481 |
3 253 |
| Current assets, total |
42 965 |
45 953 |
44 309 |
| Assets, total |
113 258 |
125 419 |
119 361 |
| Shareholders' equity and liabilities | |||
| Equity attributable to owners of the parent | |||
| Share capital |
11 860 |
11 860 |
11 860 |
| Share premium account |
24 681 |
24 681 |
24 681 |
| Invested non-restricted equity fund |
9 708 |
9 649 |
9 708 |
| Fair value and other reserves |
-121 |
-195 |
665 |
| Translation differences |
-666 |
437 |
515 |
| Other shareholders' equity |
-19 909 |
-3 808 |
-14 143 |
| Shareholders’ equity, total |
25 553 |
42 624 |
33 286 |
| Liabilities | |||
| Non-current liabilities |
|
|
|
| Deferred tax liabilities |
2 279 |
2 110 |
2 930 |
| Provisions |
280 |
280 |
280 |
| Capital loans |
2 000 |
4 000 |
4 000 |
| Interest-bearing liabilities |
35 022 |
39 015 |
35 823 |
| Non-current liabilities, total |
39 581 |
45 405 |
43 033 |
| Current liabilities | |||
| Interest-bearing liabilities |
22 334 |
12 958 |
19 459 |
| Capital loans |
2 000 |
2 000 |
2 000 |
| Income tax liabilities |
572 |
69 |
|
| Trade payables and other current liabilities |
23 218 |
22 363 |
21 583 |
| Current liabilities, total |
48 124 |
37 390 |
43 042 |
| Liabilities, total |
87 705 |
82 795 |
86 075 |
| Shareholders' equity and liabilities, total |
113 258 |
125 419 |
119 361 |
Cash flow statement
| € 1 000 |
1-9/2011 |
1-9/2010 |
1-12/2010 |
| Operations | |||
| Operating profit |
-2 470 |
-2 166 |
-10 824 |
| Total adjustments |
5 824 |
6 783 |
14 076 |
| Cash flow before change in working capital |
3 354 |
4 617 |
3 252 |
| Change in working capital | 2 339 |
-2 224 |
-1 054 |
| Financial items |
-3 961 |
-2 394 |
-4 626 |
| Taxes paid |
35 |
-57 |
-31 |
| Cash flow from operations | 1 767 |
-58 |
-2 459 |
| Investment payments | |||
| Investments in tangible and intangible assets |
-3 344 |
-4 720 |
-5 966 |
| Proceeds from disposal of fixed assets and other proceeds | 97 |
687 |
751 |
| Cash flow from investing activities | -3 247 |
-4 033 |
- 5 215 |
| Financing | |||
| Non-current loans drawn |
3 186 |
2 000 |
8 000 |
| Repayments of non-current loans | -1 112 |
-5 032 |
-23 731 |
| Change in commercial papers |
1 986 |
988 |
|
| Repayments of capital loans |
-2 000 |
-2 000 |
-2 000 |
| Current loans drawn |
17 000 |
||
| Dividens paid | -474 |
-474 |
|
| Repurchase and conveyanceof own shares | 51 | -163 |
-163 |
| Share issue | 9 649 |
9 708 |
|
| Cash flow from financing | 125 |
5 966 |
9 328 |
| Change in cash and cash equivalents |
-1 355 |
1 875 |
1 654 |
Figures by business area
| Net sales, € 1 000 |
1-9/2011 |
1-9/2010 |
Change % |
1-12/2010 |
| Net sales | ||||
| - Codi Wipes |
42 507 |
42 938 |
-1.0 |
56 371 |
| - Nonwovens |
43 048 |
40 925 |
5.2 |
59 084 |
| - eliminations |
-3 820 |
-4 733 |
-19.3 |
-7 296 |
| Total |
81 735 |
79 130 |
3.3 |
108 159 |
| Flexibles |
49 789 |
49 627 |
0.3 |
66 140 |
| Non-allocated items |
-723 |
-634 |
|
-861 |
| Net sales, total |
130 801 |
128 123 |
2.1 |
173 438 |
Operating profit |
1-9/2011 |
1-9/2010 |
1-12/2010 |
|||
|
|
€ 1 000 |
% of net sales |
€ 1 000 |
% of net sales |
€ 1 000 |
% of net sales |
| Wiping |
-1 912 |
-2.3 |
-2 066 |
-2.6 |
-3 699 |
-3.4 |
| Flexibles |
162 |
0.3 |
18 |
0.0 |
-1 941 |
-2.9 |
|
Non-allocated items |
-725 |
-118 |
-115 |
|||
| Operating profit, total |
-2 470 |
-1.9 |
-2 166 |
-1.7 |
-5 755 |
-6.2 |
Net sales by market area
| € 1 000 |
1-9/2011 |
1-9/2010 |
1-12/2010 |
| Finland |
20 802 |
20 094 |
27 053 |
| Scandinavia |
12 436 |
11 266 |
14 821 |
| The Netherlands |
2 432 |
6 380 |
9 915 |
|
Europe, other |
84 882 |
81 502 |
104 651 |
| Other countries |
10 249 |
8 881 |
16 998 |
| Net sales, total |
130 801 |
128 123 |
173 438 |