Group's financial performance

February–July 2009

Tamro Group’s February–July 2009 net sales amounted to EUR 2,681 (2,776) million, a decrease of 3.4% compared to the same period last year.

Tamro Group’s operating profit in February–July was EUR 60 (72) million. The Group’s ordinary profit before taxes was EUR 54 (66) million and the profit margin was 2.0 (2.4)%. The net profit for the period February–July amounted to EUR 38 (49) million.

Compared to last year, the profits for the first half-year are negatively affected by the weaker foreign exchange rates, one-off capital gains included in last year’s figures and by extraordinary costs from preparing for the market reform in Sweden. The exchange rate effect on operating profit was EUR -4.4 million and on profit before taxes EUR -4.2 million.

May–July 2009

Tamro Group’s May–July 2009 net sales amounted to EUR 1,356 (1,389) million, a decrease of 2.4% compared to the same period last year. The decline is fully explained by the weaker foreign exhange rates.

Tamro Group’s operating profit in May–July was EUR 30 (38) million, down 20% from the same period in the previous year. The ordinary profit before taxes was EUR 28 (35) million, down 20%, and the profit margin was EUR 2.1 (2.5)%. The net profit for the period May–July was EUR 20 (26) million. The profit decline is largely explained by the weaker exchange rates, one-time capital gains included in last year’s figures and by the preparatory costs for the Swedish market changes. At comparable exchange rates and excluding one-time gains, the underlying business showed stable development in current market environment.