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
Quarterly Development
11/05-1/06
8-10
5-7
2-4
2/05-1/06
1-13
Change
2005
2005
2005
2005
2005
2004
%
NET SALES
(EURm)
Tamro Sweden
396.1
376.7
368.9
394.6
1,536.3
1,616.0
-4.9
Tamro Denmark
321.4
305.6
310.9
293.0
1,230.9
1,219.7
0.9
Tamro Finland
275.9
271.3
250.9
241.0
1,039.1
984.3
5.6
Tamro Norway
187.2
179.7
176.1
156.5
699.5
676.8
3.4
Tamro Estonia
14.6
13.4
13.1
13.8
54.9
53.3
3.0
Tamro Latvia
23.4
22.2
19.0
22.4
87.0
95.6
-9.0
Tamro Lithuania
23.1
19.8
20.5
20.2
83.6
88.6
-5.6
Tamro MedLab
39.5
31.4
29.8
31.8
132.5
133.8
-1.0
Other and internal
-1.8
-1.9
-1.7
-1.6
-7.0
-11.4
-38.6
Group total
1,279.4
1,218.2
1,187.5
1,171.7
4,856.8
4,856.7
0.0
NUMBER OF EMPLOYEES, AVERAGE
Tamro Sweden
433
470
468
438
448
468
-4.3
Tamro Denmark
617
619
614
604
614
621
-1.1
Tamro Finland
330
336
345
321
332
320
3.8
Tamro Norway
1,698
1,687
1,625
1,589
1,650
1,527
8.1
Tamro Estonia
210
203
209
213
209
164
27.4
Tamro Latvia
282
276
273
272
276
274
0.7
Tamro Lithuania
425
407
389
378
397
251
58.2
Tamro MedLab
285
269
268
270
274
263
4.2
Others
22
23
22
22
23
21
9.5
Group total
4,302
4,290
4,213
4,107
4,223
3,909
8.0
CONSOLIDATED INCOME STATEMENT
(EURm)
Net Sales
1,279.4
1,218.2
1,187.5
1,171.7
4,856.8
4,856.7
0.0
Other income
0.2
0.1
7.3
0.0
7.6
0.4
1,800.0
Raw materials and services
-1,166.0
-1,111.4
-1,087.8
-1,076.9
-4,442.1
-4,467.4
-0.6
Personnel expenses
-49.5
-49.9
-45.2
-41.1
-185.7
-178.1
4.3
Depreciation and value adjustments
-9.3
-8.9
-8.5
-8.2
-34.9
-35.0
-0.3
Other operating expenses
-25.4
-19.7
-19.7
-20.4
-85.2
-84.1
1.3
Operating profit
29.4
28.4
33.6
25.1
116.5
92.5
25.9
Financial income and expenses
-1.7
-1.6
-1.1
-1.3
-5.7
-4.0
42.5
Share of assosiated companies' net income
0.2
0.0
0.2
-0.1
0.3
0.3
0.0
Profit before taxes
27.9
26.8
32.7
23.7
111.1
88.8
25.1
Income taxes
-5.6
-6.7
-9.2
-6.6
-28.1
-23.0
22.2
Minority interest
0.0
-0.1
0.0
-0.1
-0.2
-0.3
-33.3
Net profit for the period
22.3
20.0
23.5
17.0
82.8
65.5
26.4
31/1/
31/10/
31/7/
30/4/
31/1/
31/1/
Change
2006
2005
2005
2005
2006
2005
%
CONSOLIDATED BALANCE SHEET
(EURm)
Assets
Intangible and tangible assets
324.7
313.8
303.6
308.8
324.7
306.1
6.1
Financial assets
19.3
21.1
22.1
27.6
19.3
7.8
147.4
Inventories
305.1
356.5
370.5
330.8
305.1
307.1
-0.7
Receivables
399.1
374.8
360.5
530.1
399.1
417.0
-4.3
Liquid assets and short-term investments
9.9
5.0
112.4
9.7
9.9
13.2
-25.0
1,058.1
1,071.2
1,169.1
1,207.0
1,058.1
1,051.2
0.7
Equity & liabilities
Shareholders' equity
314.5
295.7
376.1
349.6
314.5
351.8
-10.6
Minority interest
0.3
0.3
0.3
0.3
0.3
1.0
-70.0
Obligatory reserves
2.3
10.8
9.3
1.6
2.3
1.8
27.8
Long-term liabilities
28.0
12.0
12.4
19.3
28.0
16.7
67.7
Short-term liabilities
713.0
752.4
771.0
836.2
713.0
679.9
4.9
Balance sheet total
1,058.1
1,071.2
1,169.1
1,207.0
1,058.1
1,051.2
0.7
11/05-1/06
8-10
5-7
2-4
2/05-1/06
1-13
Change
2005
2005
2005
2005
2005
2004
%
OTHER CONSOLIDATED KEY FIGURES
Operating margin, %
2.3 %
2.3 %
2.8 %
2.1 %
2.4 %
1.9 %
25.9
Profit margin, %
2.2 %
2.2 %
2.8 %
2.0 %
2.3 %
1.8 %
25.1
Return on capital employed, %
29.2 %
27.2 %
32.2 %
24.2 %
28.3 %
19.2 %
47.6
Return on equity, %
29.2 %
23.9 %
25.9 %
19.4 %
24.9 %
16.4 %
51.6
Gross investments, €m
39.7
15.6
7.8
8.7
71.8
64.1
11.9
Free cash flow, €m
32.0
-70.1
100.3
32.9
95.1
101.5
-6.3
Capital employed, €m
411.8
425.2
430.2
410.4
416.9
426.1
-2.2
Net debt, €m
92.9
114.9
-54.4
50.9
92.9
60.1
54.5
Net gearing, %
26.4 %
38.8 %
-14.5 %
14.5 %
26.4 %
17.0 %
55.0
Equity Ratio, %
29.8 %
27.6 %
32.2 %
29.0 %
29.8 %
33.6 %
-11.5
Number of shares - at end, millions (excluding own shares)
114.5
114.5
114.5
114.5
114.5
114.5
0.0
Number of shares - average, millions (excluding own shares)
114.5
114.5
114.5
114.5
114.5
114.5
0.0
Earnings per share, € (excluding own shares)
0.19
0.17
0.21
0.15
0.72
0.57
26.8
Equity per share, € (excluding own shares)
2.75
2.59
3.29
3.05
2.75
3.07
-10.4
Number of employees, average
4,302
4,290
4,213
4,107
4,223
3,909
8.0
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Tamro Web Annual Report 2005/2006. Published 11 May 2005. Copyright © Tamro Corporation 2006. All rights reserved.
