Year in brief

Statement of income

€ 1 000	2010	2009
Net sales	173 438	179 354
Cost of goods sold	-165 277	-158 936
Gross profit	8 161	20 385
Other operating income	859	530
Sales and marketing expenses	-3 927	-3 715
Research and development	-1 951	-2 297
Administration expenses	-6 333	-7 144
Other operating expenses	-2 564	-1 053
Operating profit berfore impairment losses	-5 755	6 706
Impairment losses	-5 069
Operating profit	-10 824	6 706
Financial income and expenses	-4 840	-5 701
Profit before income taxes	-15 664	1 005
Income taxes	1 302	-145
Profit/loss for the period	-14 362	860

Earnings/share, EUR	-0,34	0.02

	2010	2009
Net sales, change, % *	-3.3	-16.4
Gross profit, % **	4.7	11.4
Operating profit, % **	-6.2	3.7
Financial income and expenses, % **	-2.8	-3.2
Profit before income taxes, % **	-9.0	0.6
Profit for the period, % **	-8.3	0.5

* Compared with the corresponding period of the previous year.
** As of net sales.

€ 1 000	2010	2009
Assets
Non-current assets
Goodwill	18 498	23 404
Intangible non-current assets	776	795
Tangible non-current assets	53 873	57 044
Available-for-sale financial assets	212	212
Held-to-maturity investments	354	225
Deferred tax assets	1 339	921
Non-current assets, total	75 052	82 601

Current assets
Inventories	24 373	22 598
Trade receivables	10 817	11 514
Other current receivables	5 666	4 416
Income tax receivables	200	112
Cash at bank and in hand	3 253	1 589
Current assets, total	44 309	40 229

Assets, total	119 361	122 830

Shareholders' equity and liabilities
Equity attributable to owners of the parent company
Share capital	11 860	11 860
Share premium account	24 681	24 681
Invested non-restricted equity fund	9 708
Fair value and other reserves	665	-402
Translation differences	515	-117
Other shareholders' equity	-14 143	667
Shareholders' equity, total	33 286	36 689

Liabilities
Non-current liabilities
Deferred tax liabilities	2 930	3 065
Provisions	280	280
Capital loans	4 000	6 000
Interest-bearing liabilities	35 823	43 390
Non-current liabilities, total	43 033	52 735

Current liabilities
Interest-bearing liabilities	19 459	9 471
Capital loans	2 0000	2 000
Income tax liabilities		39
Trade payables and other current liabilities	21 583	21 896
Current liabilities, total	43 042	33 406

Liabilities, total	86 075	86 141

Shareholders' equity and liabilities, total	119 361	122 830

€ 1 000	2010	2009
Operations
Operating profit	-10 824	6 706
Total adjustments	14 076	10 367
Cash flow before change in working capital	3 252	17 073
Change in working capital	-1 054	15 234
Financial items	-4 626	-5 263
Taxes paid	-31	-251
Cash flow from operations	-2 459	26 793

Investment payments
Investments in tangible and intangible assets	-5 966	-4 373
Proceeds from disposal of fixed assets and other proceeds	751	388
Cash flow from investing activities	-5 215	-3 985

Financing
Non-current loans drawn	8 000	35 192
Repayments of non-current loans	-23 731	-58 722
Change in commercial papers	988
Repayments of capital loans	-2 000	-2 000
Current loans drawn	17 000
Dividends paid	-474
Repurchase and conveyanceof own shares	-163	44
Share issue	9 708

Cash flow from financing	9 328	-25 486

Change in cash and cash equivalents	1 654	-2 678

Operating profit		2010		2009
	€ 1 000	% of net sales	€ 1 000	% of net sales
Wiping	-3 699	-3.4	4 299	3.8
Flexibles	-1 941	-2.9	2 823	4.2
Non-allocated items	-115		-415
Operating profit before impairment losses	-5 755	-3.3	6 706	3.7
Impairment losses	-5 069
Operating profit, total	-10 824	-6.2	6 706	3.7

€ 1 000	I/2010	II/2010	III/2010	IV/2010	I-IV/2010
Net sales
Wiping
- Codi Wipes	13 884	14 844	14 210	13 433	56 371
- Nonwovens	12 246	13 722	14 958	18 159	59 084
- eliminations	-1 667	-1 333	-1 734	-2 562	-7 296
Total	24 462	27 234	27 434	29 029	108 159
Flexibles	16 395	17 107	16 125	16 513	66 140
Non-allocated items	-241	-193	-200	-227	-861
Net sales, total	40 616	44 148	43 359	45 315	173 438

Operating profit
Wiping	-142	-787	-1 136	-623	-2 689
% of net sales	-0.6	-2.9	-4.1	-2.1	-2.5
Flexibles	-135	873	-720	-1 017	-999
% of net sales	-0.8	5.1	-4.5	-6.2	-1.5
Non-allocated items	-48	-103	33	3	-115
Operating profit before non-recurring costs	-325	-17	-1 824	-1 637	-3 803
% of net sales	-0.8	0.0	-4.2	-3.6	-2.2
Non-recurring costs				-7 021	-7 021
Operating profit	-325	-17	-1 824	-8 658	-10 824
% of net sales	-0.8	0.0	-4.2	-19.1	-6.2

Net financial expenses	-1 138	-988	-1 028	-1 686	-4 840
Profit before income taxes	-1 463	-1 005	-2 852	-10 344	-15 664