ROCLA OYJ INTERIM REPORT 24.4.2008 AT 8.30 ROCLA OYJ INTERIM REPORT 1.1.-31.3.2008 SATISFACTORY START OF THE YEAR - Net sales of the Rocla Group in January-March 2008 were EUR 31.6 million, up 4.1% from the corresponding period last year. Operating profit was EUR 1.4 million (EUR 0.9 million). - At the end of March 2008 the order book stood at EUR 24.4 million (EUR 24.2 million at yearend and EUR 27.8 million at the end of March 2007). Order bookings in the first three months of the year were EUR 25.1 million (EUR 25.2 million). - Earnings per share were 0.11 euros (0.09 euros). GENERAL DEVELOPMENT The growth of truck demand levelled off on the Group's main market in Europe during the first quarter, partly as a reflection of the general uncertainty that prevailed in the overall economic outlook. In North America demand continued to shrink. Rocla started the fiscal period with a strong order book. In the first quarter there was satisfactory development of both order bookings and the order book, corresponding to the overall situation in the industry. Growth of net sales remained modest in the first quarter as a result of the timing of deliveries and the holiday season after the turn of the year. Rocla's delivery capacity is on par with forecasted annual sales. Production capacity today is 10,000 trucks per year and it permits even larger growth if needed. The main growth expectations of the Group relate to the fast developing market in Russia. Rocla's organization in St. Petersburg continues to grow. At the beginning of 2008 Rocla decided on further expansion in Russia by establishing a unit in Moscow. The Moscow office that started up at the beginning of February consists of a sales and service team of some fifteen experienced truck professionals. Domestic customer services developed according to plan. The most significant of the orders booked during the first months of the year was the order from the Tokmanni Group. In spring 2008 Rocla delivers the entire truck fleet for Tokmanni's new logistics centre to be opened up in Mäntsälä. The agreement is for some 150 trucks and related maintenance services. NET SALES, OPERATING PROFIT AND ORDER BOOK Rocla´s key business figures developed as follows in the first quarter: -------------------------------------------------------------------------------- | Meur | 1-3 | 1-3 | Change % | 1-12 | -------------------------------------------------------------------------------- | | 2008 | 2007 | | 2007 | -------------------------------------------------------------------------------- | Net sales | 31.6 | 30.3 | 4.1 % | 124.9 | -------------------------------------------------------------------------------- | Operating profit | 1.4 | 0.9 | 54.6 % | 4.9 | -------------------------------------------------------------------------------- | Orders received | 25.1 | 25.2 | -0.5 % | 98.2 | -------------------------------------------------------------------------------- | Order book at the end | | | | | -------------------------------------------------------------------------------- | of the period | 24.4 | 27.8 | -12.1 % | 24.2 | -------------------------------------------------------------------------------- RESULTS Consolidated net sales by the Rocla Group in January-March 2008 were EUR 31.6 million, representing a growth of 4.1% over the corresponding period last year (EUR 30.3 million). Growth was fairly modest due to the timing of product and services deliveries. Operating profit grew to EUR 1.4 million (EUR 0.9 million). The increase of financial expenses from EUR 0.4 million to EUR 0.7 million reflects the growth of rental operations and the effect of changes in the values of interest swap agreements. Profit before taxes improved somewhat and was EUR 0.7 million (EUR 0.5 million). Net income for the first three months was EUR 0.5 million (EUR 0.3 million). PROFITABILITY Return on investment, ROI, in the Rocla Group in the first three months of 2008 was 9.0 % p.a. (6.3%). Return on equity ROE, was 7.3% (6.0%). Earnings per share, EPS, in the first three months were 0.11 euros (0.09 euros). BALANCE SHEET AND FINANCING At the end of March 2008 the balance sheet total stood at EUR 87.6 million (EUR 82.0 million). At yearend the balance sheet total was EUR 85.5 million. The increase in the balance sheet is mainly due to inventory growth reflecting products ready for shipment. At the end of March 2008 the interest-bearing net debt of the Rocla Group was EUR 37.3 million (EUR 37.5 million), net gearing was 140.9% (160.8%) and the equity to assets ratio 30.7% (28.8%). MANUFACTURING AND DEVELOPMENT Rocla continues its dedicated development and renewal of products and services. The automatic warehouse truck launched in December 2007 has attracted great interest. The first deliveries to customers took place in January 2008. The Rocla SPac-stacker has been upgraded with an AC-drive motor, Integral-mast and several other new properties. Programs to develop the efficiency of production and procurement were continued. Rocla's products have received a number of prizes and honorary mentions in the area of industrial design. During the first quarter Rocla received honorary mention in one of the world's most esteemed design competitions. The number of product entries in the international red dot contest exceeded 3,200 representing 51 countries. The h2 tiller arm, designed for warehouse trucks, was cited with honorary mention for its excellent usability and stylish design. INVESTMENTS Gross investments in fixed assets in the first three months of 2008 were EUR 1.0 million (EUR 1.1 million): Out of this EUR 0.5 (EUR 0.5 million) was carried forward as product development capitalization according to IFRS accounting practices. MANAGEMENT AND PERSONNEL There was a change in top management in Rocla as of the beginning of 2008 as Tapio Rummukainen took over as President and CEO starting January 1, 2008. During the first three months of the year the Group had an average of 537 (493) employees. At the end of the period the number was 544 (499). The number of employees outside Finland was 119 (93). In Russia Rocla now has 57 (32) employees. ANNUAL GENERAL MEETING 2008 Financial statements The Rocla Oyj Annual General Meeting on March 26, 2008 adopted the financial statements for the fiscal year 2007 and discharged those accountable from liability. In line with the Board's proposal a dividend of 0.25 euros was declared. The record-date for dividend payments was March 31, 2008 and the pay-date April 7, 2008. Profit bonus The Annual General Meeting decided on the payment of a cash bonus to Group personnel. The amount is 1,056 euros payable to all personnel who worked for Rocla during the full year 2007. Board of Directors and Auditors The number of Board members was set at six. Ilkka Hakala, Eero Karvonen and Vesa Puttonen were re-elected as board members. Gregory E. King, Naoyuki Matsumura and Christian Ramm-Schmidt were elected new board members. At its first meeting the Board elected Vesa Puttonen Chairman. Vesa Puttonen, Ilkka Hakala, Eero Karvonen and Christian Ramm-Schmidt are board members independent of the company and its major shareholders. The accounting firm KPMG Oy Ab was elected auditor with Lasse Holopainen, CA, responsible auditor. Authorizations The Annual General Meeting authorized the Board to decide on the acquisition of 194,535 Rocla Oyj shares and the transfer of treasury shares. The authorization allows for a paid new share issue of a maximum 230,000 shares in one or several tranches. The shares will be acquired waiving the pre-emptive rights of shareholders in public trading at the Helsinki Exchanges. The shares will be acquired at the going price in public trading at the time of purchase. This authorization is valid until the 2009 Annual General Meeting and for a period not exceeding 18 months from the decision date. The authorization for a new share issue includes the right to waive the pre-emptive rights of shareholders (directed share issue) based on the prerequisites set by law. The authorization further permits the Board to decide on the manner in which the issue price is entered in the company balance sheet. The issue price can be settled in cash or fully or partially by infusion of equity or in settlement of a company debt owing to the subscriber. The Board also holds authorization to decide on other terms with a bearing on the share issue. The authorization for a new share issue is valid until the Annual General Meeting in 2009. Option rights The Annual General Meeting decided on the extension of option rights to key employees, board members and subsidiaries fully owned by the company. The total number of option rights is 300,000. These rights entitle to the subscription of a maximum of 300,000 Rocha Oyj new shares or treasury shares held by the company. Of the option rights 100,000 will be marked 2008A, 100,000 will be marked 2008B and 100,000 will be marked 2008C. The execution period for share subscriptions based on option right 2008A is 1.4.2011-31.3.2013, the execution period for option right 2008B is 1.4.2012-31.3.2014 and the execution period for option right 2008C is 1.4.2013-31.3.2015. The subscription price for option-right 2008A is the weighted average share trading price in April 2008 plus 10%, for option-right 2008B the weighted average share trading price in April 2009 plus 10% and for option-right 2008C the weighted average share trading prior in April 2010 plus 10%. Should only new shares be used for the subscriptions in the 2008 option program the shares subscribed would represent a maximum of 6.6 percent of the total number of shares after subscriptions. SHARES AND SHARE CAPITAL Shares In the first quarter of 2008 a total of 44,201 Rocla Oyj shares were traded at the Helsinki Exchanges. This number represents around 1% of the total number of shares. The highest share price in the period was 11.22 euros and the lowest 9.15 euros. The average trading price was 10.31 euros. At the end of March 2008 the share closed at 10.40 euros. The market capitalization of Rocla Oyj at the end of March 2008, based on the closing price and excluding treasury shares, was EUR 44.1 million (EUR 44.8 million): Rocla Oyj holds 29,066 treasury shares representing 0.7% of the total number of shares and votes in the company. During the first quarter the company transferred 1,723 shares to management based on the 2007 stock bonus program. The Rocla Oyj share capital is 4,264,788 euros and the number of shares is 4,264,788. OWNERSHIP There were no material changes in the ownership of Rocla Oy in the first quarter of 2008. At the end of March 2008 the ten biggest shareholders were the following: -------------------------------------------------------------------------------- | Owner | % of shares | Number of | | | | shares | -------------------------------------------------------------------------------- | 1. Etra-Invest Oy Ab | 23.45 % | 1 000 000 | -------------------------------------------------------------------------------- | 2. Mitsubishi Caterpillar Forklift America | 14.07 % | 600 000 | -------------------------------------------------------------------------------- | 3. Mitsubishi Caterpillar Forklift Europe B | 14.07 % | 600 000 | -------------------------------------------------------------------------------- | 4. Sijoitusrahasto Aktia Capital | 4.46 % | 190 000 | -------------------------------------------------------------------------------- | 5. EVK-Capital Oy | 4.22 % | 180 000 | -------------------------------------------------------------------------------- | 6. Hs/Sampo Private Ss | 4.01 % | 171 200 | -------------------------------------------------------------------------------- | 7. Turun Kaupungin Vahinkorahasto | 2.02 % | 86 059 | -------------------------------------------------------------------------------- | 8. Sr Arvo Finland Value | 1.34 % | 57 209 | -------------------------------------------------------------------------------- | 9. Keskinäinen vakuutusyhtiö Fennia | 1.10 % | 47 000 | -------------------------------------------------------------------------------- | 10. Pellonmaa Niilo Nikolai | 0.97 % | 41 500 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total 10 biggest | 69.7 % | 2 972 968 | -------------------------------------------------------------------------------- | Nominee-registered | 12.7 % | 542 751 | -------------------------------------------------------------------------------- | Other | 17.6 % | 749 069 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total | 100.0 % | 4 264 788 | -------------------------------------------------------------------------------- ORDERS AND ORDER BOOK At the end of March 2008 the order-book was EUR 24.4 million. The corresponding figure a year ago was EUR 27.8 million. At the beginning of 2008 the order book was 24.2 million. Change in comparison with last year is -12.1% and in comparison with yearend +0.9%. IMMINENT RISKS AND FACTORS OF UNCERTAINTY The major strategic and operational risks of the Group's business operations relate to the management of partnerships, launching of new products and estimations of competitive position, price development of production factors and the obligations and evaluations of long-range contracts. In 2008 developments in Rocla's financial position will be impacted particularly by the management of risks related to the development of materials prices. The management of the increasing price of steel is the most significant of the risks related to raw materials. Price escalations in raw materials can, as a rule, be considered in product prices with some delay and dependency on market price levels. The company aims to manage this risk by developing materials sourcing. The market outlook for the fiscal year 2008 contains elements of uncertainty. The overall economic cycle may have an impact on the development of the whole industry and Rocla as well during the rest of the year. There have been no significant changes in the Group's financial risks from the evaluations presented in the 2007 financial statements. OUTLOOK The Rocla Group order-book was good at the beginning of 2008. Delivery capacity has been boosted by automation investments and re-engineering of manufacturing procedures. The market interest in advanced products and solutions supports Rocla's growth objectives. On the other hand forecasts of the general economic development go in different directions and overall uncertainty regarding the direction of development has increased compared with last year. In fork lift business, management of raw material prices is especially a source of uncertainty. Based on available preliminary economic forecasts Rocla's outlook remains fairly favourable. Towards the end of the year it may, however, be influenced by reduced investment propensity caused by the uncertainty in financial markets. Provided that no material changes occur in the overall trade cycle picture the Rocla Group expects its consolidated net sales to grow and its result to improve in the fiscal year 2008. This estimate is based on the fair demand outlook and the satisfactory development of Rocla´s order bookings and order book. FINANCIAL DATA Accounting practice The Financial Statements Bulletin for the period January-March 2008 is drafted based on the IAS 34 Interim Statement standard. Rocla Oyj has adhered to the same accounting principles and reporting standards as in the Financial Statements for 2007. The key ratios presented have been computed based on the same principles as the corresponding data presented in the latest financial statements. The calculation principles for the key ratios are presented on page 24 of the Financial Statements section in the Annual Report of 2007. The Financial Statements Bulletin is unaudited. -------------------------------------------------------------------------------- | CONSOLIDATED INCOME STATEMENT | | | | | | (Meur) | | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | | 1-3/2008 | 1-3/2007 | Change % | 1-12/2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NET SALES | 31.6 | 30.3 | 4.1 % | 124.9 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in finished goods | | | | | -------------------------------------------------------------------------------- | and work in progress | 1.8 | -0.3 | | -1.6 | -------------------------------------------------------------------------------- | Other operating | | | | | -------------------------------------------------------------------------------- | income | 0.0 | 0.0 | | 0.1 | -------------------------------------------------------------------------------- | Materials and | | | | | -------------------------------------------------------------------------------- | services | -20.2 | -18.7 | 8.3 % | -74.6 | -------------------------------------------------------------------------------- | Personnel expenses | -6.5 | -5.8 | 12.3 % | -24.1 | -------------------------------------------------------------------------------- | Depreciation | -1.9 | -1.8 | 6.4 % | -7.3 | -------------------------------------------------------------------------------- | Other operating | | | | | -------------------------------------------------------------------------------- | expenses | -3.4 | -2.9 | 17.4 % | -12.7 | -------------------------------------------------------------------------------- | OPERATING PROFIT | 1.4 | 0.9 | 54.6 % | 4.9 | -------------------------------------------------------------------------------- | Financial expenses | | | | | -------------------------------------------------------------------------------- | (net) | -0.7 | -0.4 | 65.9 % | -1.7 | -------------------------------------------------------------------------------- | INCOME BEFORE | | | | | -------------------------------------------------------------------------------- | TAXES | 0.7 | 0.5 | 45.1 % | 3.2 | -------------------------------------------------------------------------------- | Income taxes | -0.2 | -0.1 | 60.5 % | -0.8 | -------------------------------------------------------------------------------- | NET INCOME | | | | | -------------------------------------------------------------------------------- | FOR THE PERIOD | 0.5 | 0.3 | 39.6 % | 2.4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share | | | | | -------------------------------------------------------------------------------- | euros | 0.11 | 0.09 | | 0.57 | -------------------------------------------------------------------------------- | Earnings per share, | | | | | -------------------------------------------------------------------------------- | euros (diluted) | | 0.09 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED BALANCE SHEET (Meur) | 3/2008 | 3/2007 | 12/2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | ASSETS | | | | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | | | | -------------------------------------------------------------------------------- | Intangible | | | | -------------------------------------------------------------------------------- | assets | 7.6 | 7.2 | 7.6 | -------------------------------------------------------------------------------- | Consolidated goodwill | 2.1 | 2.1 | 2.1 | -------------------------------------------------------------------------------- | Tangible | | | | -------------------------------------------------------------------------------- | assets | 30.5 | 27.2 | 30.5 | -------------------------------------------------------------------------------- | Receivables | 0.6 | 0.2 | 0.1 | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | | | | -------------------------------------------------------------------------------- | TOTAL | 40.7 | 36.6 | 40.3 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CURRENT ASSETS | | | | -------------------------------------------------------------------------------- | Inventories | 25.9 | 21.7 | 23.9 | -------------------------------------------------------------------------------- | Sales receivables and | | | | -------------------------------------------------------------------------------- | other receivables | 19.7 | 23.0 | 20.3 | -------------------------------------------------------------------------------- | Cash and cash equivalents | 1.3 | 0.6 | 1.0 | -------------------------------------------------------------------------------- | CURRENT ASSETS | | | | -------------------------------------------------------------------------------- | TOTAL | 46.8 | 45.3 | 45.2 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | ASSETS TOTAL | 87.6 | 82.0 | 85.5 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | | -------------------------------------------------------------------------------- | Share capital | 4.3 | 3.9 | 4.3 | -------------------------------------------------------------------------------- | Premium fund | 6.8 | 4.6 | 6.8 | -------------------------------------------------------------------------------- | Retained earnings | 14.9 | 14.4 | 13.6 | -------------------------------------------------------------------------------- | Income for the period | 0.5 | 0.3 | 2.4 | -------------------------------------------------------------------------------- | EQUITY TOTAL | 26.4 | 23.3 | 27.0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NON-CURRENT LIABILITIES | | | | -------------------------------------------------------------------------------- | Interest-bearing debt | 21.6 | 19.1 | 20.9 | -------------------------------------------------------------------------------- | Deferred taxes | 2.1 | 1.2 | 1.9 | -------------------------------------------------------------------------------- | NON-CURRENT LIABILITIES | | | | -------------------------------------------------------------------------------- | TOTAL | 23.7 | 20.3 | 22.8 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CURRENT LIABILITIES | | | | -------------------------------------------------------------------------------- | Interest-bearing debt | 17.0 | 18.9 | 16.9 | -------------------------------------------------------------------------------- | Provisions | 0.6 | 0.4 | 0.4 | -------------------------------------------------------------------------------- | Non interest-bearing debt | 19.9 | 19.0 | 18.3 | -------------------------------------------------------------------------------- | CURRENT LIABILITIES | | | | -------------------------------------------------------------------------------- | TOTAL | 37.4 | 38.4 | 35.7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LIABILITIES TOTAL | 61.1 | 58.6 | 58.4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | | -------------------------------------------------------------------------------- | TOTAL | 87.6 | 82.0 | 85.5 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CHANGE IN EQUITY | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | A=Share capital, B=Premium fund, C=Translation differences | | -------------------------------------------------------------------------------- | D=Current value fund, E=Retained earnings, F=Income for the | | -------------------------------------------------------------------------------- | period, G=Total | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 1-3/2008 | A | B | C | D | E | F | G | -------------------------------------------------------------------------------- | Beginning | 4.3 | 6.8 | 0.0 | 0.0 | 16.0 | - | 27.0 | -------------------------------------------------------------------------------- | Dividends paid | | | | | -1.1 | | -1.1 | -------------------------------------------------------------------------------- | Net income | | | | | | 0.5 | 0.5 | -------------------------------------------------------------------------------- | Other changes | | 0.0 | 0.0 | 0.0 | 0.0 | | 0.0 | -------------------------------------------------------------------------------- | End | 4.3 | 6.8 | 0.0 | 0.0 | 14.9 | 0.5 | 26.5 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 1-3/2007 | A | B | C | D | E | F | G | -------------------------------------------------------------------------------- | Beginning | 3.9 | 4.6 | 0.0 | 0.0 | 14.4 | - | 23.0 | -------------------------------------------------------------------------------- | Net income | | | | | | 0.3 | 0.3 | -------------------------------------------------------------------------------- | Other changes | | | -0.1 | 0.0 | | | 0.0 | -------------------------------------------------------------------------------- | End | 3.9 | 4.6 | 0.0 | 0.1 | 14.4 | 0.3 | 23.3 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 1-12/2007 | A | B | C | D | E | F | G | -------------------------------------------------------------------------------- | Beginning | 3.9 | 4.6 | 0.0 | 0.0 | 14.4 | - | 23.0 | -------------------------------------------------------------------------------- | Share subscriptions | | | | | | | | -------------------------------------------------------------------------------- | option-rights | 0.3 | 2.1 | | | | | 2.5 | -------------------------------------------------------------------------------- | Dividends paid | | | | | -0.8 | | -0.8 | -------------------------------------------------------------------------------- | Net income | | | | | | 2.4 | 2.4 | -------------------------------------------------------------------------------- | Other changes | | | 0.0 | 0.0 | | | 0.0 | -------------------------------------------------------------------------------- | End | 4.3 | 6.8 | 0.0 | 0.0 | 13.6 | 2.4 | 27.0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED FUNDS STATEMENT | | | | -------------------------------------------------------------------------------- | | 1-3/2008 | 1-3/2007 | 1-12/2007 | -------------------------------------------------------------------------------- | Cash flow from operations | | | | -------------------------------------------------------------------------------- | Net income | 0.5 | 0.3 | 2.4 | -------------------------------------------------------------------------------- | Adjustments: | | | | -------------------------------------------------------------------------------- | -Depreciation | 1.9 | 1.8 | 7.3 | -------------------------------------------------------------------------------- | -Financial income and expenses | 0.7 | 0.4 | 1.7 | -------------------------------------------------------------------------------- | -Taxes | 0.2 | 0.1 | 0.8 | -------------------------------------------------------------------------------- | -Other adjustments | 0.0 | 0.0 | 0.0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in working capital | -0.9 | -4.0 | -4.1 | -------------------------------------------------------------------------------- | Interests paid | -0.7 | -0.4 | -2.1 | -------------------------------------------------------------------------------- | Interests received | 0.1 | 0.1 | 0.1 | -------------------------------------------------------------------------------- | Taxes paid | 0.0 | -0.1 | 0.0 | -------------------------------------------------------------------------------- | NET CASH FLOW FROM | | | | -------------------------------------------------------------------------------- | OPERATIONS | 1.7 | -1.7 | 6.1 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NET CASH FLOW FROM | | | | -------------------------------------------------------------------------------- | INVESTMENTS | -1.0 | -1.2 | -4.9 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from financing | | | | -------------------------------------------------------------------------------- | Loans withdrawn | 1.6 | 2.7 | 5.3 | -------------------------------------------------------------------------------- | Loans repaid | -1.5 | -1.2 | -7.4 | -------------------------------------------------------------------------------- | Increase in equity | 0.0 | 0.0 | 2.5 | -------------------------------------------------------------------------------- | Sale of treasury shares | 0.0 | 0.0 | 0.0 | -------------------------------------------------------------------------------- | Payment of financial | | | | -------------------------------------------------------------------------------- | leasing debts | -0.6 | -0.7 | -2.5 | -------------------------------------------------------------------------------- | Dividends paid | 0.0 | 0.0 | -0.8 | -------------------------------------------------------------------------------- | NET CASH FLOW FROM | | | | -------------------------------------------------------------------------------- | FINANCING | -0.4 | 0.7 | -2.9 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CHANGE IN LIQUID FUNDS | 0.3 | -2.2 | -1.7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Liquid funds, beginning | 1.0 | 2.7 | 2.7 | -------------------------------------------------------------------------------- | Liquid funds, end | 1.3 | 0.6 | 1.0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | RELATED PARTY INFORMATION | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Business transactions with owner companies holding a significant | -------------------------------------------------------------------------------- | position of influence in the Group. | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | (Meur) | 1-3/08 | 1-3/07 | 1-12/07 | -------------------------------------------------------------------------------- | Sales to closely | | | | -------------------------------------------------------------------------------- | related parties | 14.4 | 14.0 | 55.8 | -------------------------------------------------------------------------------- | Purchases from closely | | | | -------------------------------------------------------------------------------- | related parties | 3.5 | 1.9 | 11.7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED CONTINGENT COMMITMENTS (Meur) | | | -------------------------------------------------------------------------------- | | 3/08 | 3/07 | 12/07 | -------------------------------------------------------------------------------- | For own debt: | | | | -------------------------------------------------------------------------------- | Mortgages on real estate | 0.5 | 0.5 | 0.5 | -------------------------------------------------------------------------------- | Corporate mortgages | 9.4 | 9.4 | 9.4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other own commitments: | | | | -------------------------------------------------------------------------------- | Leasing commitments | 0.7 | 0.9 | 0.7 | -------------------------------------------------------------------------------- | Repurchase commitments | 0.0 | 0.0 | 0.0 | -------------------------------------------------------------------------------- | Rental commitments | 1.8 | 0.7 | 1.5 | -------------------------------------------------------------------------------- No collateral or guarantees are given on behalf of the management or shareholders. -------------------------------------------------------------------------------- | INCOME STATEMENT BY QUARTER | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 1-3 | 10-12 | 7-9 | 4-6 | 1-3 | -------------------------------------------------------------------------------- | | 2008 | 2007 | 2007 | 2007 | 2007 | -------------------------------------------------------------------------------- | NET SALES | 31.6 | 35.4 | 28.4 | 30.9 | 30.3 | -------------------------------------------------------------------------------- | Change in finished goods | | | | | | -------------------------------------------------------------------------------- | and inventories | 1.8 | -1.7 | 0.6 | -0.3 | -0.3 | -------------------------------------------------------------------------------- | Other operating | | | | | | -------------------------------------------------------------------------------- | income | 0.0 | 0.0 | 0.0 | 0.1 | 0.0 | -------------------------------------------------------------------------------- | Materials and services | -20.2 | -19.3 | -17.8 | -18.8 | -18.7 | -------------------------------------------------------------------------------- | Personnel expenses | -6.5 | -7.1 | -5.2 | -6.1 | -5.8 | -------------------------------------------------------------------------------- | Depreciation | -1.9 | -1.8 | -1.8 | -1.8 | -1.8 | -------------------------------------------------------------------------------- | Other operating | | | | | | -------------------------------------------------------------------------------- | expenses | -3.4 | -4.0 | -2.9 | -2.9 | -2.9 | -------------------------------------------------------------------------------- | OPERATING PROFIT | 1.4 | 1.5 | 1.4 | 1.1 | 0.9 | -------------------------------------------------------------------------------- | Financial expenses | | | | | | -------------------------------------------------------------------------------- | (net) | -0.7 | -0.5 | -0.5 | -0.4 | -0.4 | -------------------------------------------------------------------------------- | INCOME BEFORE TAXES | 0.7 | 1.0 | 0.9 | 0.8 | 0.5 | -------------------------------------------------------------------------------- | Income taxes | -0.2 | -0.3 | -0.2 | -0.2 | -0.1 | -------------------------------------------------------------------------------- | INCOME FOR THE PERIOD | 0.5 | 0.8 | 0.7 | 0.6 | 0.3 | -------------------------------------------------------------------------------- | EARNINGS PER SHARE | | | | | | -------------------------------------------------------------------------------- | euros | 0.11 | 0.19 | 0.16 | 0,14 | 0,09 | -------------------------------------------------------------------------------- | EARNINGS PER SHARE | | | | | | -------------------------------------------------------------------------------- | euros, diluted | - | - | - | - | 0.09 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KEY FIGURES | 3/2008 | 3/2007 | 12/2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales, Meur | 31.6 | 30.3 | 124.9 | -------------------------------------------------------------------------------- | Operating profit, Meur | 1.4 | 0.9 | 4.9 | -------------------------------------------------------------------------------- | % of net sales | 4.3 | 2.9 | 3.9 | -------------------------------------------------------------------------------- | Income before taxes, Meur | 0.7 | 0.5 | 3.2 | -------------------------------------------------------------------------------- | % of net sales | 2.2 | 1.6 | 2.6 | -------------------------------------------------------------------------------- | Equity/share, euros | 6.25 | 5.97 | 6.38 | -------------------------------------------------------------------------------- | Equity/assets, % | 30.7 | 28.8 | 32.0 | -------------------------------------------------------------------------------- | Return on equity, % p.a. | 7.3 | 6.0 | 9.4 | -------------------------------------------------------------------------------- | Return on investment, % p.a. | 9.0 | 6.3 | 8.6 | -------------------------------------------------------------------------------- | Gross investments, Meur | 1.0 | 1.1 | 4.8 | -------------------------------------------------------------------------------- | Personnel, | | | | -------------------------------------------------------------------------------- | average | 537 | 493 | 505 | -------------------------------------------------------------------------------- | Personnel, | | | | -------------------------------------------------------------------------------- | end of period | 544 | 499 | 521 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | OTHER DATA | 3/08 | 3/07 | 12/07 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Order book, Meur | 24.4 | 27.8 | 24.2 | -------------------------------------------------------------------------------- | Shares, 1,000 | | | | -------------------------------------------------------------------------------- | average | 4234 | 3909 | 4119 | -------------------------------------------------------------------------------- | Shares, 1,000 | | | | -------------------------------------------------------------------------------- | diluted, average | - | 4024 | - | -------------------------------------------------------------------------------- | Shares, 1,000 | | | | -------------------------------------------------------------------------------- | end of period | 4236 | 3909 | 4234 | -------------------------------------------------------------------------------- Treasury shares are eliminated from the share numbers. FINANCIAL DISCLOSURE The Interim Report for January-June will be published July 16, 2008. Järvenpää, April 24, 2008 ROCLA OYJ Board of Directors Tapio Rummukainen President and CEO For additional information, contact: Tapio Rummukainen, President and CEO, phone +358 20 778 1370 Hilkka Webb, CFO, phone +358 778 1316 Distribution Helsinki Exchanges, The main media