Tornator had a steady first half of the year - revenue exceeded EUR 100 million and more than 12 thousand hectares of new forest were acquired
Tornator Oyj
Half-year report – Stock exchange release, 28 August 2026 at 8.00 am
Tornator had a steady first half of the year – revenue exceeded EUR 100 million and more than 12 thousand hectares of new forest were acquired
- Net Sales amounted to EUR 102.7 million (104.5), slightly below the previous year's level. Timber deliveries were in line with plan, but the price level of delivered timber declined somewhat from the record-high levels of the previous year. The long-term framework agreement for wood trade mitigated the impact of changes in market prices and brings stability to operations
- Operative operating profit was slightly less than in the previous year, totalling €72.5 million (74.3). Reported IFRS operating profit was €70.8 million (84.4).
- The company implemented its growth vision and continued to purchase forest properties in Finland. More than 12,000 hectares of new forest were acquired, with total investments of nearly €60 million.
- IFRS profit for the period at fair value was €44.9 million (57.7). The change in the fair value of interest rate instruments was €-1.6 million (-0.5) before taxes. The change in the fair value of biological assets was €-4.0 million before taxes (+5.6).
- Comparable return on equity was 4.1% (4.4) and return on equity at fair value was 3.9% (5.1). The equity ratio was 57.7% (59.2).
- The company decided to discontinue its own forestry worker operations; due to retirements, the share of the company’s own forestry workers in silviculture works had decreased to below 5%. Going forward, all silviculture work will be carried out by our contractor network. The aim of the change is to simplify the business model and result in improved productivity.
- As part of its ambitious biodiversity programme, the company restored 201 hectares of peatlands and carried out controlled burning on 11 hectares of forest.
Key figures (consolidated)
| H1/2026 | H1/2025 | Change, % | |
| Net sales, € million | 102.7 | 104.5 | -2 % |
| Operating profit (IFRS), € million | 70.8 | 84.4 | -16 % |
| Operating profit, % | 68.9 | 80.8 | -15 % |
| Profit for the period (IFRS), € million | 44.9 | 57.7 | -22 % |
| Return on equity, % | 3.9 | 5.1 | -24 % |
| Return on capital employed, % | 4.4 | 5.5 | -20 % |
| Equity ratio, % | 57.7 | 59.2 | -3 % |
| Average number of personnel | 183 | 192 | -5 % |
| The key figures are calculated according to the International Financial Reporting Standards (IFRS). | |||
Comparable key figures
| H1/2026 | H1/2025 | Change, % | |
| Net sales, € million | 102.7 | 104.5 | -2 % |
| Operative operating profit, € million | 72.5 | 74.3 | -2 % |
| Operative operating profit, % | 70.6 | 71.2 | -1 % |
| Comparable net profit, € million | 47.4 | 49.8 | -5 % |
| Comparable return on equity, % | 4.1 | 4.4 | -7 % |
| Comparable return on capital employed, % | 4.5 | 4.8 | -6 % |
In addition to official key figures calculated in accordance with the IFRS, Tornator Group uses key figures that are calculated without changes in fair value. The figures are comparable between years and therefore better describe the success of the company’s operations. The figures are calculated as follows (€ million):
| Operating profit, IFRS | 70.8 | |
| - Change in fair value of biological assets in the income statement (-4.0) | 4.0 | |
| - Change in fair value of provisions and receivables from additional wind power sales prices (+2.3) | -2,3 | |
| = Operative operating profit, comparable | 72,5 | |
| Profit for the period, IFRS | 44.9 | |
| - Change in fair value of biological assets in the income statement (-4.0) | 4.0 | |
| - Change in fair value of provisions and receivables from additional wind power sales prices (+2.3) | -2,3 | |
| - Change in fair value of financial instruments (-1.6) | +1,6 | |
| - Share of taxes of above-mentioned items (0.8) | -0,8 | |
| = Comparable net profit | 47.4 | |
CEO Henrik Nieminen:
The first half of 2026 was a period of steady performance for Tornator in an unstable operating environment. Unrest in the Middle East further increased geopolitical uncertainty and had negative impacts on demand of forest industry products. In Finland, wood trade volumes were lower than usual, and the market price of pulpwood in particular was clearly below the peak prices of the previous year. The pricing mechanism in the long-term framework agreement for wood trade dampened the impact of market price fluctuations on the company’s revenue. The market situation in the forest industry remained challenging, particularly in pulp, board and paper products, while the forest property market remained active despite a decline in purchases by funds. Our long-term operating model, strong balance sheet and strategic partnerships supported our good performance even in an uncertain market environment.
Tornator’s wood deliveries in Finland were satisfactory, and we were largely able to offset the impacts of the short winter season through active planning and close cooperation with our main customer, Stora Enso. In silviculture services, we achieved slight growth, and the longer-term potential in this business area is evident. In Estonia, business developed according to plan, and in Romania, demand for wood exceeded expectations. Overall, our operations were stable, but achieving the budget targets will require strong performance also in the second half of the year, particularly due to the decline in the pulpwood price.
We continued the determined implementation of our growth strategy by acquiring more than 12,000 hectares of forest land in Finland, with total investments of nearly €60 million. These investments demonstrate our strong confidence in the long-term outlook of the Finnish forest sector. Growing our forest assets is a key part of our Vision 2035 target of managing one million hectares by 2035.
In terms of financing, the company’s position remained strong. Predictable cash flow and committed financing agreements supported business continuity, the implementation of investments and the advancement of strategic objectives. In financial management, the emphasis was on predictability, cost efficiency and ensuring sufficient financial flexibility in a changing market and interest rate environment. During a roadshow to the Nordic countries and Central Europe, we updated debt investors on the company’s current situation and future outlook.
Interest in Tornator’s land areas for the development of renewable energy, data centres and energy infrastructure continued to grow. During the review period, we prepared several projects related to the leasing or sale of land areas. We see renewable energy and other land-use business as a major opportunity to complement value creation from forestry in the long term. After the review period, in August, we signed a significant cooperation agreement with the energy company Fortum. Together, we aim to promote wind power opportunities in Eastern Finland and thereby improve the vitality of the region.
Digitalisation and productivity development progressed according to plan. The renewal of the enterprise resource planning system was implemented in a controlled manner, piloting of the new team model for the planning process began, and the implementation of the development programme aimed at improving productivity continued. At the same time, we continued to invest in the use of data, remote sensing and artificial intelligence in developing our business.
The most significant organisational change during the review period related to the controlled winding down of Tornator’s own forestry worker operations. Due to retirements, the share of the company’s own forestry workers in silviculture operations had decreased to below 5%. We concluded the change negotiations under the Finnish Co-operation Act responsibly, supporting our personnel, and after the current forest management season, forest management work will be carried out entirely through the contractor network. The aim of the change is to simplify business model and result in improved productivity.
The operating environment was characterised by regulatory initiatives at both EU and national level. The Regulation on Deforestation-free Products, the Nature Restoration Regulation, biodiversity targets and changes in forest legislation increase requirements for the entire sector. From Tornator’s perspective, long-term sustainability work, double-certified forests and strong expertise provide a solid foundation for responding to growing sustainability requirements. Our joint project with WWF Finland, Vesiviisas metsä, creates new opportunities for developing the water impacts of forestry at catchment area level. Clear streams and lakes are on the target list of Tornator’s 10-year biodiversity programme.
The 2025–2027 strategy period has progressed positively. The cornerstones of our strategy — Quality, Added Value and Nature — were concretely reflected in our activities during the first half of the year. Our “people at the centre” objective was realised through strong investments in employee involvement, well-being at work, competence development and day-to-day leadership. The strategy was put into practice by listening to employees, strengthening managerial work and building a safe, responsible and inspiring operating culture.
The outlook for the rest of the year is cautiously positive. We expect demand for wood to strengthen, growth in forest assets to continue actively, and renewable energy projects to open up new opportunities for value creation. We will continue the determined implementation of our strategy towards the objectives of Vision 2035. Our strong financial position, responsible way of operating and skilled personnel create a stable foundation for sustainable growth and long-term value creation also in the years ahead.
Impacts of the war in Ukraine and unrest in the Middle East
The general economic uncertainty caused by Russia’s war of aggression and unrest in the Middle East has not had any significant negative impacts on the company’s result, balance sheet or cash flows. Tornator’s revenue and operating profit were at a historically high level during the review period. Cash flow from business operations also remained strong. The company’s credit losses have not increased, financing risks have not grown, and the value of assets has not decreased. The contractors used by Tornator have found replacement labour for Ukrainian seasonal workers, so forest management measures have not been jeopardised. Through our Romanian subsidiary, we have enabled aid transports to Ukrainians suffering from Russia’s war of aggression, and we will continue this support for as long as necessary.
Material events during the review period
Wood deliveries were realised as planned, amounting to approximately 1.6 million cubic metres (1.6) and €91.8 million (95.5). Market demand and prices for wood raw material were under temporary pressure, but the demand and price outlook for the rest of the year is improving. Thanks to good customer cooperation, wood harvesting proceeded steadily, and the forest management services business continued on its growth path.
Revenue from silviculture services increased to €8.8 million (8.1). Land sales generated revenue of €2.1 million (0.9) for the Group. Other income amounted to €3.7 million (4.2).
We completed change negotiations under the Finnish Co-operation Act concerning the restructuring of our own forestry worker operations. As a result of the negotiations, eight forestry worker positions were terminated. The remaining forestry workers (17 people) have left or will leave the company through voluntary resignation packages or retirement arrangements. Going forward, all silviculture work will be carried out entirely through the contractor network.
The profit impact of changes in the fair value of interest rate instruments was €-1.6 million (-0.5) from the beginning of the year. At the end of June, the fair value of interest rate derivatives was positive by €28.7 million in total (31 December 2025: +30.2). The fair value of forests at the end of June was €3,848.3 million (31 December 2025: €3,804.5).
Operating environment
In their economic reviews published in June 2026, the Natural Resources Institute Finland (Luke) and Pellervo Economic Research (PTT) estimated that the forest sector situation would improve slowly. The outlook for the forest industry remains challenging, and no major leap in growth is expected. According to the forecast, demand in the domestic wood market will remain reasonable, but the market is no longer as tight as in recent years. The strong upward phase in stumpage prices appears to have ended, and particularly for pulpwood prices, the “new normal” is likely to be higher than at the beginning of the year, but clearly below the peak prices of 2025. Compared with 2025, the average price of logs in January–June was approximately 7% lower, while the price of pulpwood was slightly less than 30% lower.
Industrial wood harvesting in Finland totalled approximately 29.5 million cubic metres in January–June. The volume of removals was slightly lower than in the corresponding period in 2025 (31.5 million m³).
Demand for holiday plots was modest. For forest properties, supply remained below demand, and there were no major changes in price levels.
In Estonia, the price level of wood increased slightly from the level at the end of the previous year. Price levels in the forest property market remained high.
In Romania, the market price level of wood increased, supported by good demand. The forest property market was quiet.
Finance
The Group’s financing position remained good, and cash flow from operations before financial items and taxes was €29.3 million (42.0).
The Group’s net finance costs in January–June were €-15.8 million (-13.3). Tornator’s interest-bearing debt amounted to €1,170.3 million (31 December 2025: 1,135.9), of which long-term debt accounted for €746.8 million (31 December 2025: 746.4) and short-term debt for €423.5 million (31 December 2025: 389.5).
During the review period, the net cash flow impact of the company’s investments was €-60.4 million (-60.9). Cash flow from financing activities was €-38.3 million (-35.3). Liquid financial assets and cash and cash equivalents on 30 June 2026 amounted to €8.9 million (31 December 2025: 96.7). The company has a bank account overdraft facility of €10 million. In addition, the company has a committed revolving credit facility of €200 million, which was fully available for drawdown on the reporting date. Of Tornator’s €300 million commercial paper programme, €74 million was in use on the reporting date.
Estimate of probable future development
Tornator estimates that its cash flow and debt-servicing capacity will remain stable and strong for the rest of the year.
The forest industry’s earnings development is expected to improve slowly. Demand for wood is expected to increase from the beginning of the year, and market prices for wood are assumed to rise moderately in the short term. In the company’s own forests, silviculture work will continue in line with a normal operating year, and the fertilisation programme will be implemented as planned. In addition, Tornator carries out silviculture work nationwide for Stora Enso’s forest service customers. The situation in the forest property market is expected to remain similar to the comparison year. Wind and solar power projects will be advanced where possible.
In the long term, global megatrends such as climate change and population growth are expected to continue strengthening demand for sustainably produced renewable wood raw material. However, demand for wood and harvesting volumes may come under temporary pressure if, for example, international political tensions escalate. Weaker-than-expected development in the global economy may lead to production cutbacks in the forest industry and potentially have negative impacts on wood delivery volumes and the company’s revenue.
Decisions of the Annual General Meeting
At Tornator Oyj’s Annual General Meeting on 9 March 2026, it was decided to distribute a dividend in accordance with the Board of Directors’ proposal, €14.4 per share, totalling €72.0 million. The Annual General Meeting approved the financial statements for the financial year 2025 and discharged the members of the Board of Directors and the CEO from liability. In addition, it was decided to reappoint PricewaterhouseCoopers as the company’s auditor.
The Annual General Meeting decided to establish a Shareholders’ Nomination Board for the company to prepare proposals concerning the composition, members and remuneration of the Board of Directors. The Nomination Board consists of four ordinary members appointed by the company’s four largest shareholders. In addition, the Chair of the Board of Directors participates in the meetings of the Nomination Board as an expert member. The right to appoint members is determined annually based on the shareholder register at the end of May. The Annual General Meeting approved the charter of the Nomination Board.
The AGM elected the following members and deputy members to the new Board of Directors:
| Ordinary member | Deputy member |
| Hanna Kaskela | Sampsa Ratia |
| Tuomas Virtala | Erkko Ryynänen |
| Pauli Torikka | Jari Suvanto |
| Esko Torsti | Pekka Ahlajärvi |
Organisation of the Board of Directors
On 9 March 2026, the new board elected Esko Torsti as the chairperson and Hanna Kaskela as the deputy chairperson. Tuomas Virtala was elected as a member of the Remuneration Committee in addition to the aforementioned two persons. The committee reports to the board. Hanna Kaskela was elected as the chairperson of the Oversight Committee, while Esko Torsti and Tuomas Virtala were elected as members and Pauli Torikka as a deputy member.
The minutes of the Annual General Meeting are available in full on the company’s website at https://www.tornator.fi/en/investors-3/
Notable events after the end of the reporting period
In August 2026, Tornator and Fortum signed a cooperation agreement to develop wind power opportunities in Eastern Finland.
On 30 July 2026, the Finnish Food Authority announced that preliminary tests had confirmed African swine fever (ASF) in wild boars found dead in Virolahti. This is the first ASF case detected in Finland. The authorities immediately launched measures to prevent the spread of the disease and established an infected zone in the area. As a precautionary measure, Tornator has temporarily suspended the work of its own personnel and contractors within the restricted area designated by the authorities. The objective is to ensure that the company's operations do not contribute to the spread of the disease to new areas. Any additional measures will be communicated separately based on orders and recommendations issued by the authorities.
Shareholders, 30 June 2026
| Shareholder | % |
| Stora Enso Oyj | 41.00 % |
| Ilmarinen Mutual Pension Insurance Company | 23.13 % |
| Varma Mutual Pension Insurance Company | 16.41 % |
| OP Life Assurance Company Ltd | 6.47 % |
| OP-Metsänomistaja Special Investment Fund | 5.00 % |
| Veritas Pension Insurance | 2.50 % |
| Pohjola Insurance Ltd | 1.48 % |
| OP Pension Fund | 1.42 % |
| Finnair Pension Fund | 0.99 % |
| Danilostock Oy | 0.75 % |
| Riffu Oy | 0.75 % |
| Finnair Oyj | 0.10 % |
| Total | 100.00 % |
For further information, please contact:
Chief Executive Officer (CEO) Henrik Nieminen, tel. +358 40 869 7613
Chief Financial Officer (CFO) Antti Siirtola, tel. +358 40 773 0975
www.tornator.fi/en
Tornator is a leader in sustainable forestry in Europe. It owns forests in Finland, Estonia and Romania. In 2025, the group’s turnover was approximately €232 million, and the balance sheet value was about €4.0 billion. The group has around 190 employees. Tornator’s own employees, and other companies and their employees working on its forestland, add up to around 1,600 person-years of employment. The owners of the parent company are Finnish, mainly institutional investors. Tornator’s mission is to generate sustainable wellbeing from forests.
Tables – Condensed half-year financial statements and notes
Condensed Consolidated Income Statement
| EUR thousand | 30 Jun 2026 | 30 Jun 2025 | 31 Dec 2025 |
| (unaudited) | (unaudited) | (audited) | |
| Net sales | 102,659 | 104,464 | 232,208 |
| Other operating income | 3,706 | 4,178 | 6,134 |
| Change in fair value of biological assets and harvesting | -4,036 | 5,556 | 129,795 |
| Change in inventories of finished goods and work in progress | -536 | -467 | -755 |
| Materials and services | -17,140 | -16,658 | -43,320 |
| Personnel expenses | -6,670 | -6,119 | -12,506 |
| Depreciation and amortisation | -1,940 | -1,855 | -3,807 |
| Other operating expenses | -5,278 | -4,724 | -9,372 |
| Operating profit | 70,766 | 84,375 | 298,376 |
| Financial income | 4,746 | 4,774 | 8,472 |
| Financial expenses | -18,989 | -17,641 | -35,517 |
| Change in fair value of financial instruments | -1,561 | -455 | 757 |
| Net financial items | -15,804 | -13,322 | -26,288 |
| Profit before tax | 54,963 | 71,052 | 272,088 |
| Income taxes | -10,848 | -12,021 | -27,143 |
| Change in deferred taxes | 793 | -1,311 | -27,718 |
| Profit for the period | 44,907 | 57,720 | 217,227 |
| Distribution: | |||
| To shareholders of the parent company | 44,907 | 57,720 | 217,227 |
| Consolidated statement of comprehensive income | |||
| Profit for the period | 44,907 | 57,720 | 217,227 |
| Other comprehensive income for the period after taxes: | |||
| Items not recognised later through profit and loss | |||
| Other items of comprehensive income (after taxes) | 8 | ||
| Items that may later be recognised through profit and loss | |||
| Translation difference | -1,105 | -749 | -934 |
| Revaluation of forest land | -7,423 | 4,067 | -71,272 |
| Comprehensive income for the period total | 36,380 | 61,038 | 145,028 |
| Distribution: | |||
| To shareholders of the parent company | 36,380 | 61,038 | 145,028 |
| Condensed consolidated balance sheet | |||
| EUR thousand | 30 Jun 2026 | 30 Jun 2025 | 31 Dec 2025 |
| (unaudited) | (unaudited) | (audited) | |
| ASSETS | |||
| Non-current assets | |||
| Forest assets | 3,848,302 | 3,664,299 | 3,804,532 |
| Biological assets | 3,582,100 | 3,314,595 | 3,535,330 |
| Bare land | 266,202 | 349,704 | 269,202 |
| Other property, plant and equipment | 19,980 | 17,614 | 19,586 |
| Intangible assets | 1,742 | 2,169 | 2,141 |
| Right-of-use assets | 1,710 | 1,736 | 1,893 |
| Derivatives | 28,654 | 28,962 | 30,185 |
| Other investments | 111 | 111 | 111 |
| Non-current receivables | 19,326 | 19,298 | 19,232 |
| Non-current assets total | 3,919,826 | 3,734,190 | 3,877,680 |
| Current assets | |||
| Inventories | 68 | 51 | 51 |
| Accounts receivable and other receivables | 69,920 | 67,464 | 48,517 |
| Cash and cash equivalents | 8,931 | 14,029 | 96,739 |
| Current assets total | 78,918 | 81,544 | 145,308 |
| Total assets | 3,998,744 | 3,815,734 | 4,022,988 |
| EQUITY AND LIABILITIES | |||
| Equity attributable to shareholders of the parent company | |||
| Share capital | 50,000 | 50,000 | 50,000 |
| Other equity | 2,239,320 | 2,190,950 | 2,274,941 |
| Total equity | 2,289,320 | 2,240,950 | 2,324,941 |
| Liabilities | |||
| Non-current liabilities | |||
| Deferred tax liabilities | 467,137 | 460,466 | 469,785 |
| Financial liabilities | 746,825 | 897,685 | 746,387 |
| Lease liabilities | 1,533 | 1,584 | 1,686 |
| Other non-current liabilities | 60 | 77 | 60 |
| Non-current liabilities total | 1,215,555 | 1,359,813 | 1,217,918 |
| Current liabilities | |||
| Financial liabilities | 423,499 | 145,901 | 389,526 |
| Accounts payable and other payables | 58,743 | 57,382 | 73,901 |
| Income tax liabilities | 45 | 1,813 | 3,105 |
| Lease liabilities | 324 | 279 | 346 |
| Provisions | 11,257 | 9,598 | 13,251 |
| Current liabilities total | 493,868 | 214,971 | 480,129 |
| Total liabilities | 1,709,423 | 1,574,784 | 1,698,047 |
| Total equity and liabilities | 3,998,744 | 3,815,734 | 4,022,988 |
Statement of changes in equity
| EUR thousand | Share capital | Share premium | Translation difference | Revaluation reserve | Retained earnings | Total equity |
| Equity 1 January 2026 | 50,000 | 29,995 | -11,937 | 95,175 | 2,161,708 | 2,324,941 |
| Comprehensive income | ||||||
| Profit for the period | 44,907 | 44,907 | ||||
| Other items of comprehensive income (after taxes) | ||||||
| Revaluation of forest land | -7,423 | -7,423 | ||||
| Translation difference | -1,105 | -1,105 | ||||
| Comprehensive income for the period | -1,105 | -7,423 | 44,907 | 36,380 | ||
| Transactions with shareholders | ||||||
| Dividends paid | -72,000 | -72,000 | ||||
| Total transactions with shareholders | -72,000 | -72,000 | ||||
| Equity 30 June 2026 (unaudited) | 50,000 | 29,995 | -13,041 | 87,752 | 2,134,615 | 2,289,320 |
| Equity 1 January 2025 | 50,000 | 29,995 | -11,003 | 166,447 | 2,014,473 | 2,249,912 |
| Comprehensive income | ||||||
| Profit for the period | 57,720 | 57,720 | ||||
| Other items of comprehensive income (after taxes) | ||||||
| Revaluation of forest land | 4,067 | 4,067 | ||||
| Translation difference | -749 | -749 | ||||
| Comprehensive income for the period | -749 | 4,067 | 57,720 | 61,038 | ||
| Transactions with shareholders | ||||||
| Dividends paid | -70,000 | -70,000 | ||||
| Total transactions with shareholders | -70,000 | -70,000 | ||||
| Equity 30 June 2025 (unaudited) | 50,000 | 29,995 | -11,752 | 170,514 | 2,002,193 | 2,240,950 |
| Equity 1 January 2025 | 50,000 | 29,995 | -11,003 | 166,447 | 2,014,473 | 2,249,912 |
| Comprehensive income | ||||||
| Profit for the period | 217,227 | 217,227 | ||||
| Other items of comprehensive income (after taxes) | ||||||
| Revaluation of forest land | -71,272 | -71,272 | ||||
| Items derived from the redefinition of net defined benefit liability (or asset items) | 8 | 8 | ||||
| Translation difference | -934 | -934 | ||||
| Comprehensive income for the period | -934 | -71,272 | 217,235 | 145,028 | ||
| Transactions with shareholders | ||||||
| Dividends paid | -70,000 | -70,000 | ||||
| Total transactions with shareholders | -70,000 | -70,000 | ||||
| Equity on 31 December 2025 | 50,000 | 29,995 | -11,937 | 95,175 | 2,161,708 | 2,324,941 |
| Condensed statement of cash flows | |||
| EUR thousand | 1 Jan - 30 Jun 2026 | 1 Jan - 30 Jun 2025 | 1 Jan – 31 Dec 2025 |
| Cash flow from operating activities | |||
| Cash receipts from transactions in forestry | 70,435 | 79,034 | 236,278 |
| Cash receipts from transactions in land sales | 2,050 | 1,684 | 2,451 |
| Cash receipts from other operating income | 1,629 | 3,603 | 6,150 |
| Cash paid to suppliers and employees | -44,806 | -42,302 | -62,878 |
| Cash flow from operating activities before financial items and taxes | 29,309 | 42,019 | 182,001 |
| Interest paid, interest-bearing debt | -5,748 | -4,310 | -28,440 |
| Other financial expenses | -3 213 | -3 447 | -6 904 |
| Interest received, operating activities | 2,835 | 2,559 | 4,536 |
| Interest received, derivatives | 1,710 | 2,131 | 3,751 |
| Income taxes | -13,907 | -15,253 | -29,089 |
| Cash flow from operating activities | 10 985 | 23 698 | 125 855 |
| Cash flow from investing activities | |||
| Investments in forest assets, biological assets | -52,109 | -53,318 | -150,177 |
| Investments in forest assets, bare land | -6,440 | -6,590 | -18,561 |
| Investments in other tangible and intangible assets | -1,836 | -948 | -4,629 |
| Cash flow from investing activities | -60,386 | -60,857 | -173,367 |
| Cash flow from financing activities | |||
| Withdrawal of long-term loans | 200,000 | ||
| Repayment of long-term loans | -50,000 | ||
| Withdrawal of short-term loans | 33,845 | 34,836 | |
| Repayment of short-term loans | -21,858 | ||
| Repayment of leasing liabilities | -175 | -160 | -374 |
| Dividends paid | -72,000 | -70,000 | -70,000 |
| Cash flow from financing activities | -38,330 | -35,324 | 57,768 |
| Net increase/decrease in cash and cash equivalents | -87,730 | -72,482 | 10,255 |
| Cash and cash equivalents at beginning of period | 96,739 | 86,566 | 86,566 |
| Effect of exchange rate changes on cash and cash equivalents | -78 | -55 | -82 |
| Cash and cash equivalents at end of period | 8,931 | 14,029 | 96,739 |
Attachment
