ANNUAL REPORT 2005
The Year in Brief
CEO's Review
Corporate Governance
Financial Risk Management
Corporate Responsibility
BUSINESS UNITS
FINANCIAL STATEMENTS
Board of Directors' Report
Board of Directors
Consolidated Income Statement
Consolidated Balance Sheet
Consolidated Cash Flow Statement
Income Statement of the Parent Company
Balance Sheet of the Parent Company
Cash Flow Statement of the Parent Company
Accounting Principles
Notes to the Financial Statements
Proposal for Profit Distribution
Auditors' Report
Financial Indicators 2001-2005/2006
Calculation of Financial Ratios
Quarterly Development
Site Map/
Download Centre
Financial indicators
2005/06
12 months
2004
13 months
2003
2002
2001
FROM THE INCOME STATEMENT, EURm
Net Sales
4,856.8
4,856.7
4,169.4
4,102.7
3,795.6
Other income
7.6
0.4
2.1
0.3
58.3
Operating expenses
-4,713.0
-4,729.6
-4,060.5
-4,016.7
-3,742.5
Depreciation
-34.9
-35.0
-33.0
-31.2
-44.8
Operating profit
116.5
92.5
78.0
55.1
66.6
Financial income and expenses
-5.7
-4.0
-9.3
-14.1
-13.0
Share of affiliated companies' net income
0.3
0.3
0.3
0.3
1.9
Profit before taxes
111.1
88.8
69.0
41.3
55.5
Minority and income taxes
-28.3
-23.3
-21.8
-11.3
-17.4
Profit before extraordinary items
82.8
65.5
47.2
30.0
38.1
Extraordinary income and expenses, net of taxes
-
-
-
-
-
Net profit for the period
82.8
65.5
47.2
30.0
38.1
FROM THE BALANCE SHEET, EURm
Tangible and intangible assets
324.7
306.1
287.5
301.0
240.1
Financial assets
19.3
7.8
29.6
34.8
26.2
Inventories
305.1
307.1
303.8
308.5
287.5
Receivables
399.1
417.0
450.5
446.7
571.1
Liquid assets and short-term investments
9.9
13.2
22.3
45.6
60.2
Equity
314.5
351.8
370.1
351.8
332.7
Minority
0.3
1.0
18.4
20.9
17.2
Obligatory reserves
2.3
1.8
1.4
1.1
3.7
Long-term liabilities
28.0
16.7
15.5
23.5
63.1
Short-term liabilities
713.0
679.9
688.3
739.3
768.4
Balance sheet total
1,058.1
1,051.2
1,093.7
1,136.6
1,185.1
KEY FIGURES
Sales change, %
0.0
16.5
1.6
8.1
7.9
Operating margin, %
2.4
1.9
1.9
1.3
1.8
Profit margin, %
2.3
1.8
1.7
1.0
1.5
Return on capital employed, %
28.3
19.2
16.1
10.6
13.1
Return on equity, %
24.9
16.4
12.9
7.6
10.4
Free cash flow, EURm
95.1
101.5
40.4
86.7
-18.7
Capital employed, EURm
416.9
426.1
482.2
514.9
581.8
Net debt, EURM
92.9
60.1
71.4
96.6
171.8
Net gearing, %
26.4
17.0
18.4
26.0
49.2
Interest cover
16.0
18.3
7.6
3.5
4.4
Equity Ratio, %
29.8
33.6
35.4
32.7
29.4
PER SHARE DATA *)
Number of shares - at end, millions
114.5
114.5
114.5
114.5
114.5
Number of shares - average, millions
114.5
114.5
114.5
114.5
114.5
Earnings per share, EUR
0.72
0.57
0.41
0.26
0.33
Dividend per share, EUR
0.20
1.06
0.74
0.13
0.15
Dividend per earnings, %
28
186
180
50
45
Effective dividend yield, %
16.4
3.4
4.2
Equity per share, EUR
2.75
3.07
3.22
3.06
2.90
P/E multiple
0
11
15
11
TAMRO SHARE INFORMATION
Average trading price, EUR
0.0
4.48
3.80
3.44
Lowest trading price, EUR
0.0
3.77
3.35
1.65
Highest trading price, EUR
0.0
4.60
3.99
4.10
Price at 31 December, EUR
0.0
4.51
3.80
3.59
Trading volume, million shares
0.0
50.8
17.5
19.6
Trading volume, %
0.0
44
15
17
Market capitalisation at 31 December, EURm
0.0
516.4
435.1
411.0
OTHER
Investments, EURm
71.8
64.1
39.6
93.9
96.2
as % of sales
1.5
1.3
0.9
2.3
2.5
Number of employees, average
4,223
3,909
3,820
3,438
2,854
*) excluding own shares
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Tamro Web Annual Report 2005/2006. Published 11 May 2005. Copyright © Tamro Corporation 2006. All rights reserved.
