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Componenta Oyj — Audit Report / Information 2009
Jan 26, 2010
3307_er_2010-01-26_c31d5006-7332-4379-9c1e-277d50950ca2.pdf
Audit Report / Information
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Componenta Corporation's Financial Statements 1 January – 31 December 2009
- `çãéçåÉåí~=dêçìé=Ü~Ç=åÉí=ë~äÉë=áå=OMMV=çÑ=jbro=OVVKS=Ejbro=SUNKQFK==
- léÉê~íáåÖ=éêçÑáí=ÉñÅäìÇáåÖ=çåÉJíáãÉ=áíÉãë=ï~ë=jbro=JNRKQ=Ejbro=QTKVFK==
- oÉëìäí=~ÑíÉê=Ñáå~åÅá~ä=áíÉãëI=ÉñÅäìÇáåÖ=çåÉJíáãÉ=áíÉãëI=ï~ë=jbro=JPTKO=Ejbro=NVKOFK=
- b~êåáåÖë=éÉê=ëÜ~êÉ=ÉñÅäìÇáåÖ=çåÉJíáãÉ=áíÉãë=ïÉêÉ=bro=JOKPM=Ebro=NKOUFK=
- kÉí=Å~ëÜ=Ñäçï=Ñêçã=çéÉê~íáçåë=ï~ë=jbro=NQKO=Ejbro=OVKQFK==
- få= íÜÉ= ÑçìêíÜ= èì~êíÉê= íÜÉ= åÉí= ë~äÉë= çÑ= íÜÉ= dêçìé= íçí~ääÉÇ= jbro= TSKN= Ejbro= NORKPFI= çéÉê~íáåÖ= éêçÑáí= ÉñÅäìÇáåÖ=çåÉJíáãÉ=áíÉãë=ï~ë=jbro=JNKT=Ejbro=JSKMFI= êÉëìäí=~ÑíÉê=Ñáå~åÅá~ä=áíÉãë=ÉñÅäìÇáåÖ=çåÉJíáãÉ= áíÉãë=ï~ë=jbro=JSKR=Ejbro=JNSKNF=~åÇ=åÉí=Å~ëÜ=Ñäçï=Ñêçã=çéÉê~íáçåë=jbro=UKN=Ejbro=RKRFK=
- råìëÉÇ=ÅçããáííÉÇ=ÅêÉÇáí=Ñ~ÅáäáíáÉë=~åÇ=Å~ëÜ=ÑìåÇë=íçí~ääÉÇ=jbro=QSKN=~í=íÜÉ=ÉåÇ=çÑ=íÜÉ=êÉîáÉï=éÉêáçÇK==
- qÜÉ= _ç~êÇ= çÑ= aáêÉÅíçêëÛ= éêçéçë~ä= íç= íÜÉ= ^ååì~ä= dÉåÉê~ä= jÉÉíáåÖ= áë= íÜ~í= åç= ÇáîáÇÉåÇ= ïáää= ÄÉ= é~áÇ= Ñçê= OMMVK==
Events in 2009 in brief
çãéçåÉåí~=çêéçê~íáçå=áëëìÉÇ=ëÜ~êÉë=~åÇ=~=ëìÄçêÇáå~íÉÇ=Å~éáí~ä=äç~å=Ñçê=~= íçí~ä=çÑ=bro=QNKR=ãáääáçå=áå= pÉéíÉãÄÉê=OMMVK=qÜÉ=ÑìåÇë=çÄí~áåÉÇ=áå=íÜÉ=ëÜ~êÉ=áëëìÉ=~åÇ=ëìÄçêÇáå~íÉÇ=Å~éáí~ä=äç~å=áëëìÉI=ïÉêÉ=ìëÉÇ=íç= ëíêÉåÖíÜÉå= íÜÉ= Åçãé~åóÛë= Ä~ä~åÅÉ= ëÜÉÉí= ~åÇ=Ñáå~åÅá~ä= éçëáíáçåK= qÜÉ= ÇÉÅáëáçå= íç= áëëìÉ= ëÜ~êÉë= ~åÇ= ~= åÉï= ëìÄçêÇáå~íÉÇ= Å~éáí~ä= äç~å= ï~ë= Ä~ëÉÇ= çå= íÜÉ= ~ìíÜçêáò~íáçå= ÖáîÉå= Äó= íÜÉ= Éñíê~çêÇáå~êó= ÖÉåÉê~ä= ãÉÉíáåÖ= çÑ= ëÜ~êÉÜçäÇÉêë=çå=U=pÉéíÉãÄÉê=OMMVK==
Net sales and order book
qÜÉ= dêçìéÛë= åÉí= ë~äÉë= áå= OMMV= íçí~ääÉÇ= bro= OVVKS= Ebro= SUNKQF= ãáääáçåK= kÉí= ë~äÉë= ÇÉÅäáåÉÇ= RSB= ~åÇ= íÜÉ= î~äìÉ=çÑ=éêçÇìÅíáçå=RVBK=qÜÉ=çêÇÉê=Äççâ=~í= íÜÉ=ÉåÇ=çÑ=aÉÅÉãÄÉê=ÇÉÅäáåÉÇ=OMB=Ñêçã= íÜÉ=ÅçêêÉëéçåÇáåÖ= éÉêáçÇ=áå=íÜÉ=éêÉîáçìë=óÉ~ê=íç=bro=RUKU=ETPKSF=ãáääáçåK==
cçìåÇêó=Çáîáëáçå=åÉí=ë~äÉë=áå=OMMV=ÇÉÅäáåÉÇ=RUB=Ñêçã=íÜÉ=éêÉîáçìë=óÉ~ê= íç=bro=NOQKV=EOVQKMF=ãáääáçåK=kÉí= ë~äÉë=çÑ= íÜÉ=j~ÅÜáåÉ=ëÜçéë=Çáîáëáçå=áå=OMMV=ÑÉää=SOB= íç=bro=VOKP=EOQPKPF=ãáääáçåK=kÉí=ë~äÉë=çÑ= íÜÉ=qìêâÉó= Çáîáëáçå=áå=OMMV=ÑÉää=RPB=íç=bro=NNQKM=EOQOKTF=ãáääáçåK===
qÜÉ=j~ÅÜáåÉ=ëÜçéë=~åÇ=cçìåÇêáÉë=Çáîáëáçåë=Ü~Ç=~=ÅçãÄáåÉÇ=çêÇÉê=Äççâ=~í= íÜÉ=ÉåÇ=çÑ=OMMV=çÑ=bro=PPKQ= ERPKRF= ãáääáçåK= pÜçïáåÖ= íÜÉ= çêÇÉê= Äççâë= Ñçê= íÜÉ= Çáîáëáçåë= ëÉé~ê~íÉäó= áë= åçí= àìëíáÑáÉÇ= ÇìÉ= íç= íÜÉ= å~íìêÉ= çÑ= `çãéçåÉåí~Ûë=ëìééäó=ÅÜ~áåK=qÜÉ=çêÇÉê=Äççâ=çÑ=íÜÉ=qìêâÉó=Çáîáëáçå=~í=íÜÉ=ÉåÇ=çÑ=OMMV=ï~ë=bro=OQKO=ENTKVF= ãáääáçåK=
`çãéçåÉåí~Ûë= åÉí= ë~äÉë= áå= OMMV= Äó= ÅìëíçãÉê= ëÉÅíçê=ïÉêÉ= ~ë=ÑçääçïëW= çÑÑJêç~Ç= PMB= EPRBFI= ÜÉ~îó= íêìÅâë= OMB=EOUBFI=~ìíçãçíáîÉ=ONB=ENQBFI=ÇáÉëÉä=C=ïáåÇ=NMB=ETBFI=ã~ÅÜáåÉ=ÄìáäÇáåÖ=NTB=ENRBF=~åÇ=çíÜÉê=ë~äÉë= NB=ENBFK=
Result
çãéçåÉåí~Ûë= OMMV= Ñáå~åÅá~ä= ëí~íÉãÉåíë= Ü~îÉ= ÄÉÉå= éêÉé~êÉÇ= áå= ~ÅÅçêÇ~åÅÉ= ïáíÜ= áåíÉêå~íáçå~ä= Ñáå~åÅá~ä= êÉéçêíáåÖ=ëí~åÇ~êÇë=EfcopFK=cáå~åÅá~ä=ëí~íÉãÉåíë=Ü~îÉ=ÄÉÉå=éêÉé~êÉÇ=áå=~ÅÅçêÇ~åÅÉ=ïáíÜ=f^p=PQ=~ÅÅçìåíáåÖ= éêáåÅáéäÉëK=qÜÉ=åÉï=ëí~åÇ~êÇ=fcop=U=~åÇ= íÜÉ= êÉîáëÉÇ=ëí~åÇ~êÇë=f^p=N=~åÇ=f^p=OP=ïÉêÉ=~ééäáÉÇ=~ë=Ñêçã=N= g~åì~êó= OMMVK= få= çíÜÉê= êÉëéÉÅíë=çãéçåÉåí~= Ü~ë= ~ééäáÉÇ= íÜÉ= ë~ãÉ= ~ÅÅçìåíáåÖ= éêáåÅáéäÉë= áå= íÜÉ= OMMV= Ñáå~åÅá~ä= ëí~íÉãÉåíë= ~ë= áå= íÜÉ= OMMU=Ñáå~åÅá~ä= ëí~íÉãÉåíëI= ÉñÅÉéí=Ñçê= éä~ååÉÇ= ÇÉéêÉÅá~íáçåë= çÑ= éêçÇìÅíáçå= ã~ÅÜáåÉêó= ~åÇ= ÉèìáéãÉåíK= lå= N= g~åì~êó= OMMV= íÜÉ= dêçìé= ëí~êíÉÇ= íç= ìëÉ= íÜÉ= ìåáíëJçÑJéêçÇìÅíáçå= ÇÉéêÉÅá~íáçå= ãÉíÜçÇI= áå= ïÜáÅÜ= íÜÉ= ~ãçìåí= çÑ= ÇÉéêÉÅá~íáçå= áë= Ä~ëÉÇ= çå= íÜÉ= ~Åíì~ä= çìíéìí= çÑ= éêçÇìÅíáçå= ã~ÅÜáåÉêó= ~åÇ= ÉèìáéãÉåíK= mä~ååÉÇ= ÇÉéêÉÅá~íáçå= çå= ~= ëíê~áÖÜí= äáåÉ= ï~ë= ìëÉÇ= éêÉîáçìëäó= Ñçê= éêçÇìÅíáçå= ã~ÅÜáåÉêó= ~åÇ= ÉèìáéãÉåíK= qÜÉ= ìåáíëJçÑJéêçÇìÅíáçå= ãÉíÜçÇ= ÖáîÉë= ~= ãçêÉ= éêÉÅáëÉ= éáÅíìêÉ= çÑ= íÜÉ= ~Åíì~ä= ÉÅçåçãáÅ= ïÉ~ê= çå= éêçÇìÅíáçå= ã~ÅÜáåÉêó= ~åÇ= ÉèìáéãÉåí= íÜ~å= íÜÉ= ëíê~áÖÜí= äáåÉ= ãÉíÜçÇI= ÉëéÉÅá~ääó= ïÜÉå= Å~é~Åáíó=ìë~ÖÉ= ÅÜ~åÖÉë=èìáÅâäóK=fåíêçÇìÅáåÖ= íÜÉ= åÉï=ãÉíÜçÇ= çÑ=ÇÉéêÉÅá~íáçå=ÇÉÅêÉ~ëÉÇ=ÇÉéêÉÅá~íáçåë= áå=
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^ééäóáåÖ= íÜÉ=fcop=U=ëí~åÇ~êÇ=Ü~ë=åçí=~ÑÑÉÅíÉÇ= íÜÉ=dêçìéÛë= êÉéçêíÉÇ= êÉëìäí=çê=áíë=Ñáå~åÅá~ä=éçëáíáçåK=dêçìé= ã~å~ÖÉãÉåí= ãçåáíçêë= íÜÉ= éÉêÑçêã~åÅÉ= çÑ= íÜÉ= ÄìëáåÉëë= ëÉÖãÉåíëI= ~åÇ= íÜÉ= dêçìé= Ü~Ç= ~äêÉ~Çó= É~êäáÉê= çêÖ~åáòÉÇ=áíë=ã~å~ÖÉãÉåí=ëíêìÅíìêÉ=áå=äáåÉ=ïáíÜ=íÜÉ=ëÉÖãÉåí=ëíêìÅíìêÉ=ìëÉÇ=áå=OMMVK==
qÜÉ= ÅçåëçäáÇ~íÉÇ= çéÉê~íáåÖ= éêçÑáí= Ñçê= íÜÉ= Ñáå~åÅá~ä= óÉ~êI= ÉñÅäìÇáåÖ= çåÉJíáãÉ= áíÉãëI= ï~ë= bro= JNRKQ= EQTKVF= ãáääáçåK= qÜÉ=çéÉê~íáåÖ= êÉëìäí=ÇÉÅäáåÉÇ=Ñêçã= íÜÉ=éêÉîáçìë= óÉ~ê=ÇìÉ= íç= íÜÉ= ëÜ~êé=Ñ~ää= áå= îçäìãÉëI=ïÜáÅÜ=ï~ë= ã~áåäó=ÇìÉ= íç=ä~Åâ=çÑ=~Åíáîáíó=çå= íÜÉ=ã~êâÉí=~åÇ=ÄÉÅ~ìëÉ=ÅìëíçãÉêë=ïÉêÉ= êÉÇìÅáåÖ= íÜÉáê=çïå=áåîÉåíçêáÉëK= qÜÉ=~Ç~éí~íáçå=ãÉ~ëìêÉë=Å~êêáÉÇ=çìí=áå=OMMV=ÅçìéäÉÇ=ïáíÜ=íÜÉ=äçïÉê=éêçÇìÅíáçå=îçäìãÉë=ÜÉäéÉÇ=íç=êÉÇìÅÉ= íÜÉ= dêçìéÛë= çéÉê~íáåÖ= Åçëíë= áå= OMMV= Äó= RQB= áå= éêçéçêíáçå= íç= íÜÉ= î~äìÉ= çÑ= éêçÇìÅíáçåK= líÜÉê= çéÉê~íáåÖ= áåÅçãÉ=áåÅäìÇÉë=ÉñÅÜ~åÖÉ=ê~íÉ=ÇáÑÑÉêÉåÅÉë=çå=ë~äÉë=~åÇ=éìêÅÜ~ëÉëK==
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| qçí~ä=Åçëíë= | JTUKP= | JNRSKU | JRMB= | JSTKR= | JNTUKO | JSOB | JSRKR | JNRTKQ | JRUB | = JTMKP= |
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JQNB |
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qÜÉ=dêçìéÛë= êÉëìäí=~ÑíÉê=Ñáå~åÅá~ä=áíÉãë=ÉñÅäìÇáåÖ=çåÉJíáãÉ=áíÉãë=ï~ë=bro= JPTKO=ENVKOF=ãáääáçåK=qÜÉ= êÉëìäí= ÇçÉë=åçí=áåÅäìÇÉ=~åó=ëáÖåáÑáÅ~åí=çåÉJíáãÉ=áíÉãëK=
fåÅçãÉ= í~ñÉë=Å~äÅìä~íÉÇ=Ñêçã= íÜÉ= êÉëìäí=Ñçê= íÜÉ= êÉîáÉï=éÉêáçÇ= íçí~ääÉÇ=bro=UKR=EJQKSF=ãáääáçåK=aÉÑÉêêÉÇ= í~ñ= êÉÅÉáî~ÄäÉë=Ü~îÉ=ÄÉÉå= êÉÅçêÇÉÇ=áå= íÜÉ=Ä~ä~åÅÉ=ëÜÉÉíI=~åÇ=áí=áë=Éëíáã~íÉÇ= íÜ~í= íÜÉëÉ=Å~å=ÄÉ=ìíáäáòÉÇ=áå= íÜÉ= kÉíÜÉêä~åÇëI=pïÉÇÉå=~åÇ=cáåä~åÇ=ÇìêáåÖ=íÜÉ=åÉñí=OÓS=óÉ~êëK=
qÜÉ=åÉí=êÉëìäí=Ñçê=íÜÉ=éÉêáçÇ=ÉñÅäìÇáåÖ=çåÉJíáãÉ=áíÉãë=ï~ë=bro=JOUKT=ENQKQF=ãáääáçåK=
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`~éáí~ä= áåîÉëíÉÇ= áå= íÜÉ= Åçãé~åó= ~í= íÜÉ= ÉåÇ= çÑ= íÜÉ= óÉ~ê= ï~ë= bro= PNSKV= EPPUKUF= ãáääáçåK= qÜÉ= êÉíìêå= çå= áåîÉëíãÉåí=ÉñÅäìÇáåÖ=çåÉJíáãÉ=áíÉãë=ï~ë=JQKOB=ENPKUBF=~åÇ=íÜÉ=êÉíìêå=çå=Éèìáíó=ÉñÅäìÇáåÖ=çåÉJíáãÉ=áíÉãë= ï~ë=JQRKNB=ENRKPBFK=
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`çãéçåÉåí~Ûë= âÉó= Ñáå~åÅá~ä= áåÇáÅ~íçêëI= ÉñÅäìÇáåÖ= çåÉJíáãÉ= áíÉãëI= ÇìêáåÖ= íÜÉ= é~ëí= íÜêÉÉ= óÉ~êë= ïÉêÉ= ~ë= ÑçääçïëW==
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Financing
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Performance of the business divisions
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APONENTA
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The division's net sales in 2009 declined 57.5% to EUR 124.9 (294.0) million. The operating profit was EUR -11.9 million, corresponding to -9.5% of net sales (EUR 23.2 million, 8.0%). Extremely low capacity usage was the main factor having a negative impact on the division's operating profit.
The division had fourth quarter net sales of EUR 25.9 (62.6) million and an operating profit of EUR -2.3 million, corresponding to -8.9% of net sales (EUR -0.3 million, -0.4%).
Machine shops
The Machine shops division comprises the Främmestad machine shop and the Wirsbo forge in Sweden, the machine shops in Lempäälä and Pietarsaari in Finland, the machine shop operations in Weert in the Netherlands and the machine shop in Orhangazi, Turkey.
The net sales of the Machine shops division in 2009 fell 62.1% to EUR 92.3 (243.3) million. The operating profit was EUR -11.3 million, corresponding to -12.3% of net sales (EUR 4.3 million, 1.8%). The division's operating profit weakened mainly due to low volumes. A further factor was that a large part of the division's personnel is based in Sweden, where adjusting the number of personnel was significantly slower than in the other countries where Componenta operates.
The division had fourth quarter net sales of EUR 23.4 (50.5) million and an operating profit of EUR -2.8 million, corresponding to -12.2% of net sales (EUR -3.2 million, -6.3%).
Turkey
The division comprises the iron foundry in Orhangazi and the aluminium foundry and production unit for aluminium wheels in Manisa.
The Turkey division's net sales in 2009 fell 53% to EUR 114.0 (242.7) million. The operating profit was EUR 2.4 million, corresponding to 2.1% of net sales (EUR 19.9 million, 8.2%). The division's operating profit in 2009 was heavily affected by the sharp decline in volumes. Adjusting the costs succeeded well in Turkey, and despite the extremely low capacity utilization rate the division's operating result was positive since the second quarter.
The Turkey division had net sales in the fourth quarter of EUR 35.2 (30.4) million and an operating profit of EUR 1.1 million, corresponding to 3.1% of net sales (EUR -4.2 million, -13.8%).
Other business
Other business comprises the sales and logistics company Componenta UK Ltd. in Great Britain, real estate and service companies in Finland and the Group's administrative functions. The operating profit. excluding one-time items, of the other business in 2009 was EUR 4.7 (-0.3) million.
Other business had fourth quarter operating profit excluding one-time items of EUR 1.4 (-0.5) million.
Shares and share capital
The shares of Componenta Corporation are quoted on the NASDAQ OMX Helsinki. At the end of December 2009 the company had a total of 17,457,798 shares. At the end of 2009 the company's share capital stood at EUR 21.9 (21.9) million. At the end of 2009 the price of Componenta shares stood at EUR 4.12 (EUR 4.75). The average share price in 2009 was EUR 4.45, the lowest guoted share price was EUR 3.60 and the highest 5.73. At the end of 2009 the company's market capitalization was EUR 72.0 (52.0) million and the volume of shares traded during the period was equivalent to 20.1% (32.0%) of the share stock.
The Annual General Meeting of Shareholders on 23 February 2009 decided to pay a dividend of EUR 0.30 (0.50) per share for 2008.
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On 22 September 2009 Componenta received notification from Varma Mutual Pension Insurance Company that the share of the voting rights and share capital carried by the shares in Componenta Corporation under its control had risen above the 5% limit in the share issue of Componenta Corporation in which Varma Mutual Pension Insurance Company subscribed 978,968 new shares on 21 September 2009.
On 22 September 2009 Componenta received notification from Cabana Trade S.A. and Oy Högfors-Trading Ab, corporations where Heikki Lehtonen exercises control, that the holding of these corporations had changed in Componenta Corporation partly due to the share issue of Componenta Corporation on 21 September 2009 and on the other hand due to share transactions between the two corporations. According to the notification Cabana Trade S.A.'s share of the total number of shares and voting rights in Componenta Corporation decreased below 30% and Oy Högfors-Trading Ab's share of the total number of shares and voting rights in Componenta Corporation exceeded 10%.
On 23 September 2009 Componenta received notification from Oy Etra Invest Ab that the share of the voting rights and share capital carried by the shares in Componenta Corporation under its control had decreased below the 25% limit in the share issue of Componenta Corporation, in which Oy Etra Invest Ab subscribed 1,000,000 new shares on 21 September 2009.
Purchasing and disposing of company shares
Under the authorization given the Board of Directors by the Annual General Meeting on 26 February 2007 the Board of Directors resolved on 16 April 2009 to make a free direct issue of shares in order to pay the bonus for the 2007-2008 earnings periods in Componenta Group's 2007-2009 share-based incentive scheme. In the share issue, 12,100 Componenta Corporation shares were issued and conveyed without consideration to the key personnel participating in the share-based incentive scheme, in accordance with the terms of the scheme.
Componenta's extraordinary general meeting of shareholders held on 8 September 2009 decided in accordance with the proposal of the Board of Directors to authorize the Board to decide to issue shares and grant special rights with an entitlement to shares as defined in chapter 10, section 1 of the Finnish Limited Liabilities Companies Act in one or more issues, either against payment or free of charge. The number of shares to be issued, including the shares to be obtained under the special rights, may be a maximum of 8,000,000 shares. The Board may decide to issue either new shares or any company shares held by the company. A total of 6,500,000 shares from the authorization were used in the 2009 share issue, so 1,500,000 shares remain under the authorization. The authorization cancels the authorization given the Board by the AGM on 26 February 2007 to decide to issue shares and grant special rights with entitlement to shares.
Under the authorization of the Annual General Meeting held on 23 February 2009, the Board of Directors may decide to purchase a maximum of 1,000,000 of the Company's own shares using the Company's unrestricted shareholders' equity. The shares shall be purchased in public trading, for which reason they will be purchased other than in proportion to the holdings of shareholders. The purchase price shall be based on the market price for Componenta shares in public trading. The shares shall be purchased on the NASDAQ OMX Helsinki and in accordance with its rules and regulations. The Board of Directors may not implement the authorization to purchase the Company's own shares if after the purchase the Company or its subsidiary would possess or hold in pledge altogether more than 10 per cent of all the Company's shares. The authorization does not exclude the right of the Board of Directors to decide on a direct purchase of shares. The authorization is valid for a period of 18 months from the date of the decision of the AGM. The Board has not exercised this authorization to purchase company shares.
Share-based incentive scheme
The share-based incentive scheme was based on the decision taken on 3 April 2007 by the Board of Directors of Componenta Corporation. The scheme comprised three one-year earnings periods, which were the calendar years 2007, 2008 and 2009. The bonuses will be paid in 2008, 2009 and 2010 partly in
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company shares and partly in cash. The part to be paid in cash covers the tax and similar charges arising from the bonus. There is a ban on selling the shares for two years after the end of the earnings period.
Potential earnings from the incentive scheme was based on the positive development of the Group's cash flow in 2009. At the end of the review period the target group contained 45 people. If the targets set for the scheme had been met in full, the scheme would have paid a bonus of a maximum of 132,000 Componenta Corporation shares. For the 2009 earnings period, the Board of Directors resolved not to allocate any shares in the scheme.
Investments
Investments in production facilities during the review period totalled EUR 15.5 (44.6) million, and finance lease investments accounted for EUR 4.4 (4.3) million of these. The net cash flow from investments was EUR -12.6 (-40.6) million.
Board of Directors and Management
The Annual General Meeting elects each year Componenta's Board of Directors, which according to the Company's Articles of Association has 3–7 members. The term of office of the Board continues until the close of the following Annual General Meeting. The Board elects from its members Chairman and Vice Chairman.
The tasks and duties of the Board of Directors are laid down primarily by the Articles of Association and the Finnish Companies Act. The Board has drawn up written Rules of Procedure which define the tasks and operating principles for the Board. According to the Rules of Procedure, the Board's tasks include matters that have far-reaching impact on the operations of Componenta Group. These include confirming the strategic guidelines, the annual budget and operational plans, and deciding on major corporate restructuring and capital expenditure. The Board assessed its activities in December 2009 under the leadership of the Chairman.
Componenta's Annual General Meeting of Shareholders on 23 February 2009 elected the following to the Board of Directors: Heikki Bergholm, Yrjö Julin, Heikki Lehtonen, Juhani Mäkinen, Marjo Miettinen and Matti Tikkakoski. The Board held its organization meeting after the AGM and elected Heikki Bergholm as its Chairman and Juhani Mäkinen as its Vice Chairman
The Board of Directors met 16 times during the year, with an average attendance rate of 98%.
The Board of Directors appoints the President and CEO and decides upon the President and CEO's remuneration and other benefits. The functions and duties of the President and CEO are defined in the Companies Act. In addition to these, the duties of the Componenta Corporation's President and CEO include
- managing and developing Componenta's business in accordance with the instructions given by the Board of Directors.
- presenting matters for consideration at meetings of the Board of Directors and
- implementing the decisions of the Board of Directors.
Heikki Lehtonen is President and CEO of Componenta Corporation.
At the end of the review period the corporate executive team of Componenta Corporation comprised the following: Heikki Lehtonen, President and CEO; Yaylalý Günay, Senior Vice President, Investments; Hakan Göral, Senior Vice President, Turkey division; CFO Mika Hassinen; Olli Karhunen, Senior Vice President, Foundries division; Jari Leino, Sales Director, Heavy Trucks; Anu Mankki, Senior Vice President, Human Resources; Tapio Rantala, Director, Business Development; Michael Sjöberg, Senior Vice President, Machine shops division, and Communications Director Pirjo Aarniovuori. Yaylalý Günay retired at the beginning of 2010.
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Personnel
During the review period the Group had on average 3,798 (5,207) employees, including 114 (812) leased employees. The number of Group personnel at the end of 2009 was 3,698 (4,488), which includes 84 (194) leased employees. At the end of the year 47% (46%) of the personnel was in Turkey, 28% (27%) in Finland, 16% (17%) in the Netherlands and 9% (10%) in Sweden. The combined sum for personnel expenses and external services in the Group in 2009 declined EUR 87.5 million, or 51%, from the corresponding period in the previous year.
Environment
Componenta is committed to continuous improvement and to reducing the environmental impact of its production processes. The objectives of the Group's environmental policy are to reduce consumption of energy and raw materials, restrict particle and VOC emissions, reduce environmental noise from its operations, increase the sorting of waste and reduce the amount of waste that cannot be reused.
One of the most significant environmental aspects for Componenta Group is the use of energy. In 2009 the Group used 422 GWh (795 GWh) of energy. Most of the energy used, 65% (68%) was electricity. The foundries consume more than 90% of all the energy, especially for the melting processes at the foundries utilise a lot of energy. In 2009 energy consumption at Componenta Group foundries in proportion to output increased 33% from the previous year due to low utility rate of all foundries.
Componenta will publish its 2009 sustainability report during spring 2010.
Research and development
At the end of 2009, 90 (86) people worked in research and development at Componenta, which corresponds to 2% (2%) of the company's total personnel. Componenta's research and development expenses in 2009 totalled EUR 1.9 (2.6) million, corresponding to 0.6% (0.4%) of the Group's total net sales.
Risks
Business environment risks
Competition and price risk
The industry in which the Group operates is capital intensive, sensitive to changes in the economic situation, and fragmented. If the economic recession is prolonged, overcapacity may increase competition and market pressure on prices. Componenta aims to price its products competitively in line with prevailing market conditions. Managing all stages of the cast component supply chain successfully reduce price fluctuations. In addition, Componenta strives to reduce the risks arising from pricing and competition through internal transfers of production and products to lower cost production locations such as Turkey.
Commodity risks
Fluctuations in the prices of Componenta Group's main raw material, recycled metal, affect the profit margins on the Group's products. Increases in the price of the raw materials are passed on to the products supplied to customers after a certain delay, thus a rise in the price of recycled metal reduces the profit margin temporarily. When the prices of recycled metal go down, the Group's profit margins correspondingly improve for a while.
Cost risks relating to raw materials are mainly managed with price agreements. Componenta has price agreements with its customers and under these agreements the prices of products are adjusted in line with the changes in the raw material prices.
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qÜÉ=dêçìé=áë=ÉñéçëÉÇ=íç=áåíÉêÉëí=ê~íÉ=êáëâI=íÜ~í=áë=íç=íÜÉ=êÉéêáÅáåÖ=~åÇ=éêáÅÉ=êáëâë=Å~ìëÉÇ=Äó=ãçîÉãÉåíë=áå= áåíÉêÉëí=ê~íÉëK=qÜÉ=áåíÉêÉëí=ê~íÉ=êáëâ=íç=ïÜáÅÜ=Ñ~áê=î~äìÉë=~åÇ=íÜÉ=Å~ëÜ=Ñäçï=~êÉ=ÉñéçëÉÇ=~êáëÉë=ã~áåäó=Ñêçã= íÜÉ=dêçìéÛë=äç~å=éçêíÑçäáçI=ëçäÇ=íê~ÇÉ=êÉÅÉáî~ÄäÉëI=~åÇ=Ñáå~åÅÉ=äÉ~ëÉëK=
qç=ã~å~ÖÉ= íÜÉ= áåíÉêÉëí= ê~íÉ= êáëâI= íÜÉ= Åçãé~åóÛë= äç~åë= ~åÇ= áåîÉëíãÉåíë= Ü~îÉ=ÄÉÉå= ëéêÉ~Ç=ÄÉíïÉÉå=ÑáñÉÇ= ~åÇ= Ñäç~íáåÖ= áåíÉêÉëí= ê~íÉ= áåëíêìãÉåíëK= qÜÉ= áåíÉêÉëí= ê~íÉ= êáëâ= áë= ~äëç= ëéêÉ~Ç= ~ãçåÖ= ëÉîÉê~ä= áåíÉêÉëí= ê~íÉ= êÉåÉï~ä=éÉêáçÇëI=ëç=íÜ~í=ÅÜ~åÖÉë=áå=áåíÉêÉëí=ê~íÉë=~ÑÑÉÅí=íÜÉ=Åçãé~åóÛë=Ñáå~åÅá~ä=éçëáíáçå=Öê~Çì~ääóK=fåíÉêÉëí= ê~íÉ=ÇÉêáî~íáîÉë=~êÉ=~äëç=ìëÉÇ=íç=ã~å~ÖÉ=íÜÉ=áåíÉêÉëí=ê~íÉ=êáëâK=
`êÉÇáí=êáëâ=
qê~ÇÉ= êÉÅÉáî~ÄäÉë= Ñêçã= ÅìëíçãÉêë= ~åÇ= êÉÅÉáî~ÄäÉë= Ñêçã= Ñáå~åÅá~ä= áåëíáíìíáçåë= Ä~ëÉÇ= çå= ÇÉéçëáíë= ~åÇ= ÇÉêáî~íáîÉë= ÉñéçëÉ= íÜÉ= dêçìé= íç= ÅêÉÇáí= êáëâK= qÜÉ= dêçìé= Ü~ë= åç= ëáÖåáÑáÅ~åí= ÅçåÅÉåíê~íáçå= çÑ= êáëâ= Ñçê= êÉÅÉáî~ÄäÉëK=qÜÉ=dêçìé=êÉÇìÅÉë=áíë=ÅìëíçãÉê=ÅêÉÇáí=êáëâ=ÉñéçëìêÉ=Äó=ëÉääáåÖ=ëçãÉ=çÑ=áíë=íê~ÇÉ=êÉÅÉáî~ÄäÉë=íç= Ñáå~åÅáåÖ= Åçãé~åáÉë= ïáíÜçìí= êÉÅçìêëÉI= êÉÇìÅáåÖ= é~óãÉåí= éÉêáçÇë= Ñçê= ÅìëíçãÉêëI= ~åÇ= ãçåáíçêáåÖ= ãçêÉ= ÉÑÑÉÅíáîÉäó=ÅìëíçãÉê=êÉÅÉáî~ÄäÉëK=
b~ÅÜ= dêçìé= Åçãé~åó= áë= éêáã~êáäó= äá~ÄäÉ= Ñçê= íÜÉ= ÅêÉÇáí= êáëâë= ~íí~ÅÜÉÇ= íç= áíë= çïå= íê~ÇÉ= êÉÅÉáî~ÄäÉëK= qÜÉ= dêçìéÛë=íêÉ~ëìêó=ÖáîÉë=ÖìáÇÉäáåÉë=~åÇ=ãçåáíçêë=íÜÉ=ã~å~ÖÉãÉåí=çÑ=ÅêÉÇáí=êáëâK=qÜÉ=dêçìéÛë=ÅìëíçãÉê=Ä~ëÉ= áë=îÉêó=ïáÇÉëéêÉ~ÇI=~åÇ=ãçêÉ= íÜ~å=VR=B=çÑ= íÜÉ=dêçìéÛë=ë~äÉë=~êÉ=áå=bìêçéÉI=ëéêÉ~Ç=áå=ëÉîÉê~ä=ÅçìåíêáÉëK= jçëí=ÅìëíçãÉêë=~êÉ=äçåÖ=ëí~åÇáåÖ=ÅìëíçãÉêë=~åÇ=Ñáå~åÅá~ääó=ëçìåÇ=Åçãé~åáÉëK=qÜÉ=dêçìé= êÉÅçÖåáòÉÇ=åç= ã~àçê=ÅêÉÇáí=äçëëÉë=áå=OMMVK=
Events after end of period
qÜÉ= dêçìé= ~ååçìåÅÉÇ= çå= NQ= g~åì~êó= OMNM= íç= êÉåÉï= áíë= çêÖ~åáò~íáçå= ~åÇ= íç= ëíêÉåÖíÜÉå= Åçããçå= ï~ó= çÑ= çéÉê~íáåÖ= ëí~êíáåÖ=Ñêçã=N=cÉÄêì~êó= OMNMK=^ÅÅçêÇáåÖäó=`çãéçåÉåí~=ÄìëáåÉëë=çéÉê~íáçåë=ïáää=ÄÉ= çêÖ~åáòÉÇ= áåíç= Ñçìê= çéÉê~íáçå~ä= ~êÉ~ëI= ïÜáÅÜ= ~êÉ= qìêâÉóI= cáåä~åÇI= eçää~åÇ= ~åÇ= pïÉÇÉåK= dêçìéJïáÇÉ= çéÉê~íáçå~ä= ÇÉîÉäçéãÉåí= ÑìåÅíáçåë= ~åÇ= éêçÅÉëëÉë= ëìÅÜ= ~ë= ëìééäó= ÅÜ~áå= ã~å~ÖÉãÉåíI= ÇÉîÉäçéãÉåí= çÑ= ÑçìåÇêó= ~åÇ= ã~ÅÜáåÉ=ëÜçéë=íÉÅÜåçäçÖóI=éìêÅÜ~ëáåÖ=~åÇ=áåíÉêå~ä=ëçìêÅáåÖI=ëìééçêí=íÜÉ=çéÉê~íáçå~ä=~êÉ~ë=~åÇ=çéÉê~íáçåë= ã~å~ÖÉãÉåí=~åÇ=~ÇÇ=î~äìÉ=íç=íÜÉ=ÅìëíçãÉêëK=
vêà∏=gìäáå=ï~ë=~ééçáåíÉÇ=ÜáÉÑ=léÉê~íáåÖ=lÑÑáÅÉê=~åÇ= íÜÉ=ãÉãÄÉê=çÑ=çãéçåÉåí~=bñÉÅìíáîÉ=qÉ~ãI=ÄÉáåÖ= êÉëéçåëáÄäÉ=Ñçê=çéÉê~íáçåë=ã~å~ÖÉãÉåí=~í=çãéçåÉåí~K=eÉ=êÉéçêíë=íç=eÉáââá=iÉÜíçåÉåI=mêÉëáÇÉåí=~åÇ=bl= çÑ=çãéçåÉåí~I=~ÅíáåÖ=~äëç=~ë=~=ÇÉéìíó=Ñçê=mêÉëáÇÉåí=~åÇ=blK=
e~â~å=d∏ê~ä=ï~ë=~ééçáåíÉÇ=pÉåáçê=sáÅÉ=mêÉëáÇÉåíI=léÉê~íáçåëI=qìêâÉóX=lääá=h~êÜìåÉå=pÉåáçê=sáÅÉ=mêÉëáÇÉåíI= léÉê~íáçåëI= cáåä~åÇX= m~íêáÅâ= píÉÉåëÉäë= pÉåáçê= sáÅÉ= mêÉëáÇÉåíI= léÉê~íáçåëI= íÜÉ= kÉíÜÉêä~åÇëX= ~åÇ= jáÅÜ~Éä= pà∏ÄÉêÖ=pÉåáçê=sáÅÉ=mêÉëáÇÉåíI=léÉê~íáçåëI=pïÉÇÉåK=qÜÉó=êÉéçêí=íç=vêà∏=gìäáåK==
jáÅÜ~Éä= pà∏ÄÉêÖ= áë= ~äëç= êÉëéçåëáÄäÉ= Ñçê= pìééäó= ÅÜ~áå= ã~å~ÖÉãÉåí= áå= `çãéçåÉåí~K= q~éáç= o~åí~ä~= ï~ë= ~ééçáåíÉÇ= sáÅÉ= mêÉëáÇÉåíI= cçìåÇêó= íÉÅÜåçäçÖó= ÇÉîÉäçéãÉåíK= eÉ= ~Åíë= ~äëç= ~ë= _ìëáåÉëë= råáí= aáêÉÅíçêI= máÉí~êë~~êá=ÑçìåÇêóK=gìÜ~=^äÜçåçà~=ï~ë=~ééçáåíÉÇ=sáÅÉ=mêÉëáÇÉåíI=j~ÅÜáåáåÖ= íÉÅÜåçäçÖó=ÇÉîÉäçéãÉåíK=eÉ= ÅçåíáåìÉë= ~äëç= áå= Üáë= éçëáíáçå= çÑ= _ìëáåÉëë= råáí= aáêÉÅíçêI= cê®ããÉëí~Ç= ã~ÅÜáåÉ= ëÜçéK= eÉåâ= häÉîÉê= ï~ë=
OSKNKOMNM=~í=VKMM===
~ééçáåíÉÇ= ~ë= sáÅÉ=mêÉëáÇÉåíI=mìêÅÜ~ëáåÖK= iΩíÑá= bêíÉå= ï~ë= ~ééçáåíÉÇ= sáÅÉ=mêÉëáÇÉåíI=fåíÉêå~ä= ëçìêÅáåÖK=^ää= sáÅÉ=mêÉëáÇÉåíë=áå=léÉê~íáçåë=ÇÉîÉäçéãÉåí=êÉéçêí=íç=vêà∏=gìäáåK=
^ë=Ñêçã= cÉÄêì~êó= OMNM= íÜÉ= çêéçê~íÉ= bñÉÅìíáîÉ= qÉ~ã= EbqF= çÑ= çãéçåÉåí~=çêéçê~íáçå= ÅçãéêáëÉë= íÜÉ= ÑçääçïáåÖ=ãÉãÄÉêëW= mêÉëáÇÉåí= ~åÇ= bl= eÉáââá= iÉÜíçåÉåI=ll= vêà∏= gìäáåI= e~â~å= d∏ê~äI= psmI= léÉê~íáçåë= qìêâÉóI=cl=jáâ~=e~ëëáåÉå=~åÇ=^åì=j~åââáI=psmI=eoK=çããìåáÅ~íáçå=aáêÉÅíçê=máêàç=^~êåáçîìçêá=~Åíë=~ë=~= pÉÅêÉí~êó=çÑ=bqK=bq=ëìééçêíë= íÜÉ=mêÉëáÇÉåí=~åÇ=`bl=áå=ÉñÉÅìíáåÖ= íÜÉ=Åçêéçê~íÉ=ëíê~íÉÖóI=Äó=ÑçääçïáåÖ= íÜÉ=ÄìëáåÉëë=ÇÉîÉäçéãÉåíI=áåáíá~íáåÖ=íÜÉ=~Åíáçåë=~åÇ=ÇÉÑáåáåÖ=çéÉê~íáîÉ=éêáåÅáéäÉë=~åÇ=ãÉíÜçÇëK=
qÜÉ=bñíÉåÇÉÇ=çêéçê~íÉ=bñÉÅìíáîÉ=qÉ~ãI=ÑçÅìëáåÖ=çå=ÇÉîÉäçéãÉåí=~åÇ=ÇÉéäçóãÉåí=çÑ=Åçêéçê~íÉ=ëíê~íÉÖóI= Åçåëáëíë= çÑ= ~ÄçîÉ= ãÉåíáçåÉÇ=bq= ãÉãÄÉêë= ~åÇ= `çããìåáÅ~íáçåë= aáêÉÅíçêI= pÉåáçê= sáÅÉ= mêÉëáÇÉåíë= çÑ= léÉê~íáçåëI=sáÅÉ=mêÉëáÇÉåíë=çÑ=p~äÉë=~åÇ=mêçÇìÅí=aÉîÉäçéãÉåí=~åÇ=båÖáåÉÉêáåÖ=aáêÉÅíçêK=
^åííá=iÉÜíç=ï~ë=~ééçáåíÉÇ=sáÅÉ=mêÉëáÇÉåíI=p~äÉë=~åÇ=mêçÇìÅí=aÉîÉäçéãÉåíI=lÑÑJêç~Ç=~åÇ=Éåíê~ä=bìêçéÉK= i~ìêá=bâäáå=ï~ë=~ééçáåíÉÇ=sáÅÉ=mêÉëáÇÉåíI=p~äÉë=~åÇ=mêçÇìÅí=aÉîÉäçéãÉåíI=mçïÉê=~åÇ=kçêÇáÅK= g~êá=iÉáåç= ï~ë= ~ééçáåíÉÇ= sáÅÉ= mêÉëáÇÉåíI= p~äÉë= ~åÇ= mêçÇìÅí= aÉîÉäçéãÉåíI= eÉ~îó= íêìÅâëK= e~â~å= d∏ê~äI= pÉåáçê= sáÅÉ= mêÉëáÇÉåíI=léÉê~íáçåë=qìêâÉó=áë=~äëç=áå=ÅÜ~êÖÉ=çÑ=ë~äÉë=~åÇ=éêçÇìÅí=ÇÉîÉäçéãÉåí=áå=qìêâÉóK=eÉáå=píêáàÄçë= ï~ë=~ééçáåíÉÇ=båÖáåÉÉêáåÖ=aáêÉÅíçê=íç=äÉ~Ç=íÜÉ=ÇÉîÉäçéãÉåí=çÑ=ÉåÖáåÉÉêáåÖ=ï~ó=íç=çéÉê~íÉ=~åÇ=Å~é~ÄáäáíáÉë= ÇÉîÉäçéãÉåí=íÜêçìÖÜ=ïÜáÅÜ=íÜÉ=låÉ=çãéçåÉåí~=áåíÉêÑ~ÅÉ=íç=ÅìëíçãÉêëI=ã~å~ÖÉãÉåí=~åÇ=ÅççêÇáå~íáçå=çÑ= ÉåÖáåÉÉêáåÖ=éêçàÉÅíë= ~åÇ=ÇÉîÉäçéãÉåí= çÑ= ÉåÖáåÉÉêáåÖ= êÉëçìêÅÉë= ~êÉ= ÉåëìêÉÇK= qÜÉó= ~ää= êÉéçêí= íç=mêÉëáÇÉåí= ~åÇ=`bl=eÉáââá=iÉÜíçåÉåK==
Dividend proposal
qÜÉ= ÇáëíêáÄìí~ÄäÉ= Éèìáíó= çÑ= íÜÉ= é~êÉåí= Åçãé~åó= çå= PN= aÉÅÉãÄÉê= OMMV= ~ãçìåíÉÇ= íç= bro= UTKO=ãáääáçåI= çÑ= ïÜáÅÜ=íÜÉ=éêçÑáí=Ñçê=íÜÉ=Ñáå~åÅá~ä=óÉ~ê=ï~ë=bro=NOKR=ãáääáçåK=qÜÉ=_ç~êÇ=çÑ=aáêÉÅíçêë=éêçéçëÉë=íç=íÜÉ=^ååì~ä= dÉåÉê~ä=jÉÉíáåÖ= çÑ= pÜ~êÉÜçäÇÉêë= íÜ~í= åç= ÇáîáÇÉåÇ=ïáää= ÄÉ= é~áÇ=Ñçê= OMMVI= áå= ~ÅÅçêÇ~åÅÉ=ïáíÜ= íÜÉ=dêçìéÛë= ÅìêêÉåí=ÇáîáÇÉåÇ=éçäáÅóK==
Annual General Meeting
qÜÉ= ^ååì~ä= dÉåÉê~ä= jÉÉíáåÖ= çÑ= çãéçåÉåí~=çêéçê~íáçå= ïáää= ÄÉ= ÜÉäÇ= çå= NM= j~êÅÜ= OMNM= ~í= NNKMM= ~ã= cáååáëÜ= íáãÉ=~í= íÜÉ=Åçãé~åó=ÜÉ~Çèì~êíÉêë=áå=h®éóä®I=áå= íÜÉ=~ìÇáíçêáìã=çÑ= íÜÉ=p~íç=ÄìáäÇáåÖ=~í=m~åìåíáÉ=QI= MMSNM=eÉäëáåâáK===
qÜÉ=_ç~êÇ=çÑ=aáêÉÅíçêë=éêçéçëÉë=íç=íÜÉ=^dj=íÜ~í=íÜÉ=_ç~êÇ=íç=ÄÉ=~ìíÜçêáòÉÇ=íç=ÇÉÅáÇÉ=çå=éìêÅÜ~ëáåÖ=íÜÉ= Åçãé~åóÛë= çïå= ëÜ~êÉë= Ñçê= ~= ã~ñáãìã= çÑ= NITMMIMMM= ëÜ~êÉëI= áå= çåÉ= çê= ëÉîÉê~ä= çÅÅ~ëáçåëI= ìëáåÖ= íÜÉ= Åçãé~åóÛë= ìåêÉëíêáÅíÉÇ= ëÜ~êÉÜçäÇÉêëÛ= ÉèìáíóK= qÜÉ= ëÜ~êÉë= ëÜ~ää= ÄÉ= éìêÅÜ~ëÉÇ= ~í= íÜÉ= ã~êâÉí= éêáÅÉ= Ñçê= `çãéçåÉåí~=áå=éìÄäáÅ=íê~ÇáåÖ=çå=íÜÉ=k^pa^n=lju=eÉäëáåâáI=Ñçê=ïÜáÅÜ=êÉ~ëçå=íÜÉó=ïáää=ÄÉ=éìêÅÜ~ëÉÇ=çíÜÉê= íÜ~å=áå=éêçéçêíáçå=íç=íÜÉ=ÜçäÇáåÖë=çÑ=ëÜ~êÉÜçäÇÉêëK=
qÜÉ= ~ìíÜçêáò~íáçå= áë=éêçéçëÉÇ= íç=ÄÉ= î~äáÇ=Ñçê= ~=éÉêáçÇ= çÑ= NU=ãçåíÜë=Ñêçã= íÜÉ=Ç~íÉ= çÑ= íÜÉ=ÇÉÅáëáçå= çÑ= íÜÉ= ^djK=qÜÉ=_ç~êÇ=çÑ=aáêÉÅíçêë=éêçéçëÉë=íÜ~í=íÜÉ=~ìíÜçêáò~íáçå=Å~åÅÉäë=íÜÉ=~ìíÜçêáò~íáçå=ÖáîÉå=íÜÉ=_ç~êÇ=Äó= íÜÉ=^dj=çå=OP=cÉÄêì~êó=OMMV=íç=ÇÉÅáÇÉ=çå=éìêÅÜ~ëáåÖ=çÑ=íÜÉ=Åçãé~åóÛë=çïå=ëÜ~êÉëK==
qÜÉ=_ç~êÇ=çÑ=aáêÉÅíçêë=éêçéçëÉë=íç=íÜÉ=^ååì~ä=dÉåÉê~ä=jÉÉíáåÖ=íÜ~í=áí=ïçìäÇ=êÉãçîÉ=íÜÉ=ÅìêêÉåí=ëÉÅíáçå=T= áå=íÜÉ=^êíáÅäÉë=çÑ=^ëëçÅá~íáçåI=ÅÜ~åÖáåÖ=íÜÉ=åìãÄÉêáåÖ=çÑ=ëÉÅíáçåë=~ÅÅçêÇáåÖäóI=~ë=ïÉää=~ë=~ãÉåÇ=íÜÉ=ÅìêêÉåí= ëÉÅíáçåë=QI=SI=UI=V=~åÇ=NNK==
Publication of Annual Report
Componenta Corporation will publish its 2009 Annual Report in week 7, 2010.
OSKNKOMNM=~í=VKMM===
Prospects
çãéçåÉåí~Ûë=éêçëéÉÅíë=Ñçê=OMNM=~êÉ=Ä~ëÉÇ=çå=ÖÉåÉê~ä=ÉñíÉêå~ä=Ñáå~åÅá~ä=áåÇáÅ~íçêëI=çêÇÉê=ÑçêÉÅ~ëíë=ÖáîÉå= Äó=ÅìëíçãÉêëI=~åÇ=çå=çãéçåÉåí~Ûë=çêÇÉê=áåí~âÉ=~åÇ=çêÇÉê=ÄççâK=
qÜÉ=ÇÉã~åÇ=çìíäççâ=áå=ãçëí=çÑ= íÜÉ=dêçìéÛë=ÅìëíçãÉê=áåÇìëíêáÉë=~í= íÜÉ=ÄÉÖáååáåÖ=çÑ=OMNM= êÉã~áåë=ïÉ~âI= ÇìÉ= íç= äçï= ÇÉã~åÇ= Ñçê= áåîÉëíãÉåí= ÖççÇëK= içïÉêáåÖ= íÜÉ= ëíçÅâë= Äó= ÅìëíçãÉêë= Ü~ë= ëíçééÉÇ= ïÜáÅÜ= ïáää= áãéêçîÉ=íÜÉáê=çïå=éêçÇìÅíáçå=îçäìãÉë=áå=OMNMK=
qÜÉ= äçï= îçäìãÉ= çÑ= ÅçåëíêìÅíáçå= áå= íÜÉ= rp^= ~åÇ= bìêçéÉ= êÉÇìÅÉÇ= ÇÉã~åÇ= ÅçåëáÇÉê~Ääó= áå= íÜÉ= çÑÑJêç~Ç= áåÇìëíêó= áå= OMMVK= fåÅêÉ~ëÉ= áå= ê~ï= ã~íÉêá~ä= éêáÅÉë= áå= OMMV= ÅêÉ~íÉë= ÄÉííÉê= éêçëéÉÅíë=Ñçê= ÇÉã~åÇ= áå= ãáåáåÖ= áåÇìëíêó=áå=OMNMK=aìÉ=íç=íÜÉ=ÉÅçåçãáÅ=êÉÅÉëëáçåI=ã~åó=ÅçìåíêáÉë=áåáíá~íÉÇ=áåÑê~ëíêìÅíìêÉ=éêçàÉÅíë=áå=OMMVK=fí= áë=Éëíáã~íÉÇ=íÜ~í=íÜÉëÉ=éêçàÉÅíë=ïáää=áåÅêÉ~ëÉ=íÜÉ=ÇÉã~åÇ=Ñçê=çÑÑJêç~Ç=îÉÜáÅäÉë=áå=OMNMK==
`çãéçåÉåí~Ûë=ÇÉäáîÉêáÉë= íç= ÜÉ~îó= íêìÅâë= áåÇìëíêó= áë= Éëíáã~íÉÇ= íç= ÅäÉ~êäó= áåÅêÉ~ëÉ= áå=OMNM=Åçãé~êÉÇ=ïáíÜ= íÜÉ= éêÉîáçìë= óÉ~êK= fåÅêÉ~ëÉ= áå= ÇÉäáîÉêáÉë= áë= ã~áåäó= ÇìÉ= íç= åçêã~äáë~íáçå= çÑ= ëíçÅâ= äÉîÉäëK= oÉÖáëíê~íáçåë= çÑ= ÜÉ~îó=íêìÅâë=áå=bìêçéÉ=~êÉ=ëíáää=~í=îÉêó=äçï=äÉîÉäK=
qÜÉ= åìãÄÉê= çÑ= åÉï= é~ëëÉåÖÉê= Å~êë= êÉÖáëíÉêÉÇ= áå= bìêçéÉ= ÇÉÅêÉ~ëÉÇ= çåäó= NKSB= áå= OMMV= Åçãé~êÉÇ= íç= íÜÉ= éêÉîáçìë= óÉ~êK= qÜÉ= åìãÄÉê= çÑ=éêçÇìÅÉÇ= îÉÜáÅäÉë= ëí~óÉÇ= ~í= íÜÉ= ë~ãÉ= äÉîÉä= ~ë= áå= íÜÉ=éêÉîáçìë= óÉ~ê=ÇìÉ= íç= î~êáçìë= ëìÄëáÇó= ãÉ~ëìêÉë= í~âÉå= áå= ã~åó= ÅçìåíêáÉëI= ~áãÉÇ= ~í= êÉåÉïáåÖ= íÜÉ= ÑäÉÉí= çÑ= Å~êëK= få= OMNMI= íÜÉ= êÉÖáëíê~íáçåë=çÑ=åÉï=é~ëëÉåÖÉê=Å~êë=~êÉ=ÉñéÉÅíÉÇ=íç=ÄÉ=äçïÉê=íÜ~å=áå=OMMVK==
aÉã~åÇ=áå=íÜÉ=ïáåÇ=éçïÉê=ëÉÅíçê=ïÉ~âÉåÉÇ=ÅçåëáÇÉê~Ääó=ÇìêáåÖ=OMMVK=fãéêçîÉÇ=ëáíì~íáçå=áå=íÜÉ=Ñáå~åÅá~ä= ã~êâÉíë=áë=ÉñéÉÅíÉÇ=íç=áãéêçîÉ=íÜÉ=ÇÉã~åÇ=áå=íÜÉ=ïáåÇ=éçïÉê=ëÉÅíçê=É~êäáÉëí=áå=íÜÉ=ëÉÅçåÇ=Ü~äÑ=çÑ=OMNMK=
aÉã~åÇ=Ñçê=ÇáÉëÉä=ÉåÖáåÉë=ï~ë=ïÉ~â=áå=OMMVK=aìÉ=íç=íÜÉ=äçåÖ=çêÇÉê=Äççâ=çÑ=ÇáÉëÉä=ÉåÖáåÉ=ã~åìÑ~ÅíìêÉêëI= ÇÉäáîÉêáÉë= êÉã~áåÉÇ= ÜçïÉîÉê= ~í= ~= êÉ~ëçå~ÄäÉ= äÉîÉä= ìåíáä= íÜÉ= ÉåÇ= çÑ= OMMVK= tÉ~âÉåÉÇ= éêçëéÉÅíë= Ü~îÉ= ÇÉÅêÉ~ëÉÇ=íÜÉ=åìãÄÉê=çÑ=ÅçãéçåÉåíë=ÇÉäáîÉêÉÇ=íç=ÅìëíçãÉêë=~ë=íÜÉó=âÉÉé=êÉÇìÅáåÖ=íÜÉáê=çïå=ëíçÅâëK=
aÉã~åÇ=áå=íÜÉ=ã~ÅÜáåÉ=ÄìáäÇáåÖ=áåÇìëíêó=áë=ÉñéÉÅíÉÇ=íç=êÉÅçîÉê=ëíÉéJÄóJëíÉé=Ñêçã=ä~ëí=óÉ~êK=
`çãéçåÉåí~Ûë=çêÇÉê=Äççâ=ï~ë=OMB=ÜáÖÜÉê=áå=íÜÉ=ÄÉÖáååáåÖ=çÑ=OMNM=Åçãé~êÉÇ=íç=íÜÉ=ÉåÇ=çÑ=pÉéíÉãÄÉê=áå= OMMVK=
aìÉ= íç= íÜÉ= ~Ç~éí~íáçå= ~Åíáçåë= áãéäÉãÉåíÉÇ= áå= OMMV= ~åÇ= íÜÉ= ëÜ~êé=Ñ~ää= áå= îçäìãÉë= çéÉê~íáåÖ= Åçëíë= çÑ= íÜÉ= dêçìé= ÇÉÅêÉ~ëÉÇ= ~äíçÖÉíÜÉê= RQB= Åçãé~êÉÇ= íç= íÜÉ= éêÉîáçìë= óÉ~êK= fåîÉëíãÉåíë= áå= éêçÇìÅíáçå= Ñ~ÅáäáíáÉë= áå= OMNM=~êÉ=ÉñéÉÅíÉÇ=íç=Ü~äîÉ=Ñêçã=íÜÉ=éêÉîáçìë=óÉ~ê=Ebro=NRKR=ãáääáçåFK=
çãéçåÉåí~=dêçìéÛë=OMNM=åÉí=ë~äÉë=áë=ÉñéÉÅíÉÇ=íç=áåÅêÉ~ëÉ=~åÇ=êÉëìäí=~ÑíÉê=Ñáå~åÅá~ä=áíÉãë=ÉñÅäìÇáåÖ=çåÉJ íáãÉ= áíÉãë= íç= áãéêçîÉ= ÅäÉ~êäó= Ñêçã= éêÉîáçìë= óÉ~êK=~ëÜ= Ñäçï= Ñêçã= çéÉê~íáçåë= áë= ëíáää= ÉñéÉÅíÉÇ= íç= ëí~ó= éçëáíáîÉK=
Financial statements tables
Consolidated income statement
| NKNKJ | NKNKJ | NKNMKJ | NKNMKJ | |
|---|---|---|---|---|
| jbro= | PNKNOKOMMV | PNKNOKOMMU | PNKNOKOMMV= | PNKNOKOMMU |
| kÉí=ë~äÉë= | OVVKS | SUNKQ | TSKN= | NORKP |
| líÜÉê=çéÉê~íáåÖ=áåÅçãÉ= | OKQ | UKP | MKU= | PKV |
| léÉê~íáåÖ=ÉñéÉåëÉë= | JPMRKO | JSNUKV | JTRKR= | JNOVKU |
| aÉéêÉÅá~íáçåI=~ãçêíáò~íáçå=~åÇ=ïêáíÉJÇçïå= | JNOKR | JOPKV | JPKP= | JSKM |
| pÜ~êÉ=çÑ=íÜÉ=~ëëçÅá~íÉÇ=Åçãé~åáÉëD=êÉëìäí= | MKO | MKO | MKO= | MKO |
| léÉê~íáåÖ=éêçÑáí= | JNRKQ | QTKP | JNKT= | JSKO |
| B=çÑ=åÉí=ë~äÉë= | JRKN | SKV | JOKO= | JRKM |
| cáå~åÅá~ä=áåÅçãÉ=~åÇ=ÉñéÉåëÉë= | JONKU | JOUKT | JQKV= | JNMKN |
COMPONENTA
STOCK EXCHANGE RELEASE
26.1.2010 at 9.00
| Result after financial items | $-37.2$ | 18.6 | $-6.5$ | $-16.3$ |
|---|---|---|---|---|
| % of net sales | $-12.4$ | 2.7 | $-8.6$ | $-13.0$ |
| Income taxes | 8.5 | -4.6 | 1.2 | 3.7 |
| Net profit | $-28.7$ | 13.9 | $-5.3$ | $-12.6$ |
| Allocation of net profit for the period | ||||
| To equity holders of the parent | $-28.3$ | 13.5 | $-5.3$ | $-11.8$ |
| To minority interest | $-0.3$ | 0.4 | 0.0 | $-0.8$ |
| $-28.7$ | 13.9 | $-5.3$ | $-12.6$ | |
| Earning per share calculated on the profit attributable to equity holders of the parent |
||||
| Earnings per share, EUR | $-2.30$ | 1.24 | $-0.32$ | $-1.08$ |
| Earnings per share with dilution, EUR | $-1.84$ | 1.04 | $-0.29$ | $-0.81$ |
Consolidated statement of comprehensive income
| MEUR | $1.1 -$ 31.12.2009 |
$1.1 -$ 31.12.2008 |
$1.10 -$ 31.12.2009 |
$1.10 -$ 31.12.2008 |
|---|---|---|---|---|
| Net profit | $-28.7$ | 13.9 | $-5.3$ | $-12.6$ |
| Other comprehensive income | ||||
| Translation differences | $-1.0$ | $-30.8$ | 0.3 | $-26.5$ |
| Cash flow hedges | 2.1 | $-5.3$ | 1.5 | $-5.0$ |
| Income tax on other comprehensive income | $-0.5$ | 1.4 | $-0.4$ | 1.3 |
| Other comprehensive income, net of tax | 0.5 | $-34.7$ | 1.4 | $-30.2$ |
| Total comprehensive income | $-28.1$ | $-20.8$ | $-3.9$ | $-42.8$ |
| Allocation of total comprehensive income | ||||
| To equity holders of the parent | $-27.8$ | $-19.5$ | $-3.9$ | $-40.7$ |
| To minority interest | $-0.3$ | $-1.3$ | 0.0 | $-2.1$ |
| $-28.1$ | $-20.8$ | $-3.9$ | $-42.8$ |
Consolidated income statement excluding one-time items
| MEUR | $1.1 -$ 30.9.2009 |
$1.1 -$ 31.12.2008 |
$1.10 -$ 31.12.2009 |
$1.10 -$ 31.12.2008 |
|---|---|---|---|---|
| Net sales | 299.6 | 681.4 | 76.1 | 125.3 |
| Other operating income | 2.4 | 8.3 | 0.9 | 3.9 |
| Operating expenses | $-305.2$ | $-618.2$ | $-75.6$ | $-129.5$ |
| Depreciation, amortization and write-down | $-12.5$ | $-23.9$ | $-3.3$ | $-6.0$ |
| Share of the associated companies' result | 0.2 | 0.2 | 0.2 | 0.2 |
| Operating profit | $-15.4$ | 47.9 | $-1.7$ | $-6.0$ |
| % of net sales | $-5.2$ | 7.0 | $-2.2$ | $-4.8$ |
| Financial income and expenses | $-21.8$ | $-28.7$ | $-4.9$ | $-10.1$ |
| Result after financial items | $-37.2$ | 19.2 | $-6.5$ | $-16.1$ |
| % of net sales | $-12.4$ | 2.8 | $-8.6$ | $-12.8$ |
| Income taxes | 8.5 | $-4.8$ | 1.2 | 3.6 |
| Net profit | $-28.7$ | 14.4 | $-5.3$ | $-12.4$ |
| Allocation of net profit for the period | ||||
| To equity holders of the parent | $-28.4$ | 14.0 | $-5.3$ | $-11.7$ |
| To minority interest | $-0.3$ | 0.4 | 0.0 | $-0.8$ |
| $-28.7$ | 14.4 | $-5.3$ | $-12.4$ |
STOCK EXCHANGE RELEASE
26.1.2010 at 9.00
| Earning per share calculated on the profit attributable to equity holders of the parent |
||||
|---|---|---|---|---|
| Earnings per share, EUR | $-2.30$ | .28 | $-0.32$ |
Consolidated statement of financial position
| (restated*) | ||
|---|---|---|
| MEUR | 31.12.2009 | 31.12.2008 |
| Assets | ||
| Non-current assets | ||
| Intangible assets | 6.4 | 4.6 |
| Goodwill | 31.5 | 31.7 |
| Investment properties | 1.8 | 1.8 |
| Tangible assets | 244.2 | 240.2 |
| Investment in associates | 1.1 | 0.9 |
| Receivables | 4.9 | 4.4 |
| Other investments | 0.4 | 0.4 |
| Deferred tax assets | 16.6 | 10.6 |
| Total non-current assets | 307.0 | 294.7 |
| Current assets | ||
| Inventories | 41.0 | 83.8 |
| Receivables | 32.7 | 62.3 |
| Tax receivables | 0.2 | 2.3 |
| Cash and bank accounts | 7.6 | 5.2 |
| Total current assets | 81.4 | 153.6 |
| Total assets | 388.4 | 448.3 |
| Shareholders' equity and liabilities | ||
| Shareholders' equity | ||
| Share capital | 21.9 | 21.9 |
| Other equity | 39.4 | 42.4 |
| Equity attributable to equity holders of the parent | 61.3 | 64.3 |
| Minority interest | 6.5 | 6.8 |
| Shareholders' equity | 67.8 | 71.1 |
| Liabilities | ||
| Non-current | ||
| Capital loan | 27.7 | 41.8 |
| Interest bearing | 165.3 | 165.3 |
| Interest free | ||
| Provisions | 6.7 | 5.8 |
| Deferred tax liability | 6.1 | 8.5 |
| Current | ||
| Capital loan | 7.4 | 9.5 |
| Interest bearing | 48.8 | 51.2 |
| Interest free | 57.5 | 93.3 |
| Tax liabilities | 0.1 | 0.1 |
| Provisions | 1.1 | 1.8 |
| Total liabilities | 320.6 | 377.2 |
| Total shareholders' equity and liabilities | 388.4 | 448.3 |
APONENTA
STOCK EXCHANGE RELEASE
26.1.2010 at 9.00
*) Componenta's previously released consolidated statement of financial position as per 31 December 2008 has been restated: the value of tangible assets has been increased by MEUR 2.4 and the value of trade receivables decreased by MEUR 4.4. In consequence of these adjustments, retained earnings and minority interest have been decreased by MEUR 2.4 and MEUR 0.3 respectively and deferred tax liabilities increased by MEUR 0.6. The restatement of tangible assets is related to errors in capitalization entries for long-term patterns and tools in Sweden. The decrease in the value of trade receivables is related to errors in the reconciliation and registration of customer receivables in Turkey in 2008. In accordance with the IAS 8.42 standard, both errors have been corrected in the restated statement of financial position as per 31 December 2008. All figures for comparison in 2008 have been restated. Restatement does not have an impact on the consolidated income statement.
Consolidated cash flow statement
| $1.1 -$ | $1.1 -$ | |
|---|---|---|
| MEUR | 31.12.2009 | 31.12.2008 |
| Cash flow from operating activities | ||
| Result after financial items | $-37.2$ | 18.6 |
| Depreciation, amortization and write-down | 12.5 | 23.9 |
| Net financial income and expenses | 21.8 | 28.7 |
| Other income and expenses, adjustments to cash flow | 0.5 | $-2.6$ |
| Change in net working capital | 37.5 | $-4.2$ |
| Cash flow from operations before financing and income taxes | 35.0 | 64.4 |
| Interest received and paid and dividends received | $-23.5$ | $-28.0$ |
| Taxes paid | 2.8 | $-7.0$ |
| Net cash flow from operating activities | 14.2 | 29.4 |
| Cash flow from investing activities | ||
| Capital expenditure in tangible and intangible assets | $-12.5$ | $-39.6$ |
| Proceeds from tangible and intangible assets | 0.4 | 0.3 |
| Other investments and loans granted | $-0.5$ | |
| Proceeds from other investments and repayments of loan | ||
| receivables | 0.0 | 0.0 |
| Acquisition of subsidiary, net of cash acquired | $-1.3$ | |
| Net cash flow from investing activities | $-12.6$ | $-40.6$ |
| Cash flow from financing activities | ||
| Dividends paid | $-3.3$ | $-5.6$ |
| Proceeds from share issue | 13.3 | |
| Repayment of finance lease liabilities | $-1.6$ | $-2.4$ |
| Draw-down (+)/ repayment (-) of current loans | $-5.1$ | $-82.7$ |
| Draw-down of non-current loans | 38.3 | 98.0 |
| Repayment of non-current loans and other changes | $-40.7$ | $-16.1$ |
| Net cash flow from financing activities | 0.9 | $-8.7$ |
| Change in liquid assets | 2.5 | $-20.0$ |
| Cash and bank account at the beginning of the period | 5.2 | 27.5 |
| Effects of exchange rate changes on cash | $-0.1$ | $-2.3$ |
| Cash and bank account at the period end | 7.6 | 5.2 |
| 2.5 | $-20.0$ | |
| Change during the financial period |
OSKNKOMNM=~í=VKMM===
Statement of changes in consolidated shareholders' equity
| Trans | Share | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Share | Cash | lation | holders' | ||||||
| Share | premium | Other | flow | diffe | Retained | Minority | equity | ||
| jbro= | capital | account | reserves | hedges | rences | earnings | Total | interest | total |
| pÜ~êÉÜçäÇÉêëD=Éèìáíó== | |||||||||
| NKNKOMMU= | 21.9 | 14.9 | 6.1 | 1.1 | 9.8 | 37.5 | 91.3 | 9.3 | 100.6 |
| qçí~ä=ÅçãéêÉÜÉåëáîÉ=áåÅçãÉ= | -3.9 | -29.1 | 13.5 | -19.5 | -1.3 | -20.8 | |||
| líÜÉê=ÅÜ~åÖÉë= | 0.2 | 0.2 | 0.2 | ||||||
| aáîáÇÉåÇë=é~áÇ= | -5.5 | -5.5 | -0.1 | -5.6 | |||||
| `Ü~åÖÉ=áå=ãáåçêáíó=áåíÉêÉëí= | 0.0 | -0.9 | -0.9 | ||||||
| fåÅêÉ~ëÉ=çÑ=ëÜ~êÉ=Å~éáí~ä= | |||||||||
| Eï~êê~åíëF= | 0.0 | 0.1 | 0.2 | 0.2 | 0.2 | ||||
| oÉëí~íÉãÉåí= | -4.1 | 1.7 | -2.4 | -0.3 | -2.7 | ||||
| pÜ~êÉÜçäÇÉêëD=Éèìáíó== | |||||||||
| PNKNOKOMMU= | 21.9 | 15.0 | 6.5 | -2.8 | -23.5 | 47.3 | 64.3 | 6.8 | 71.1 |
| Trans | Share | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Share | Cash | lation | holders' | ||||||
| Share | premium | Other | flow | diffe | Retained | Minority | equity | ||
| jbro= | capital | account | reserves | hedges | rences | earnings | Total | interest | total |
| pÜ~êÉÜçäÇÉêëD=Éèìáíó== | |||||||||
| NKNKOMMV= | 21.9 | 15.0 | 6.5 | -2.8 | -23.5 | 47.3 | 64.3 | 6.8 | 71.1 |
| qçí~ä=ÅçãéêÉÜÉåëáîÉ=áåÅçãÉ= | 1.5 | -1.0 | -28.3 | -27.8 | -0.3 | -28.1 | |||
| aáîáÇÉåÇë=é~áÇ= | -3.3 | -3.3 | -3.3 | ||||||
| pÜ~êÉ=áëëìÉ= | 29.0 | 29.0 | 29.0 | ||||||
| oÉÇÉãéíáçå=çÑ=ÅçåîÉêíáÄäÉ= | |||||||||
| Å~éáí~ä=åçíÉë= | -0.9 | -0.9 | -0.9 | ||||||
| pÜ~êÉÜçäÇÉêëD=Éèìáíó== | |||||||||
| PNKNOKOMMV= | 21.9 | 15.0 | 34.6 | -1.3 | -24.5 | 15.6 | 61.3 | 6.5 | 67.8 |
Key ratios
| == | PNKNOKOMMV= | PNKNOKOMMU |
|---|---|---|
| bèìáíó=ê~íáçI=B= | NTKR= | NRKV |
| bèìáíó=éÉê=ëÜ~êÉI=bro= | PKRN= | RKUU |
| fåîÉëíÉÇ=Å~éáí~ä= | PNSKV= | PPUKU |
| oÉíìêå=çå=áåîÉëíãÉåíI=B= | JQKN= | NPKS |
| oÉíìêå=çå=áåîÉëíãÉåíI=ÉñÅäìÇáåÖ=çåÉJíáãÉ=áíÉãë=B= | JQKO= | NPKU |
| oÉíìêå=çå=ÉèìáíóI=B= | JQRKN= | NQKU |
| oÉíìêå=çå=ÉèìáíóI=ÉñÅäìÇáåÖ=çåÉJíáãÉ=áíÉãë=B= | JQRKN= | NRKP |
| kÉí=áåíÉêÉëí=ÄÉ~êáåÖ=ÇÉÄíI=jbroI=éêÉÑÉêêÉÇ=Å~éáí~ä=åçíÉ=áå=ÇÉÄí= | OQNKS= | OSOKR |
| kÉí=ÖÉ~êáåÖI=BI=éêÉÑÉêêÉÇ=Å~éáí~ä=åçíÉ=áå=ÇÉÄí= | PRSKQ= | PSVKN |
| lêÇÉê=ÄççâI=jbro= | RUKU= | TPKS |
| fåîÉëíãÉåíë=áå=åçåJÅìêêÉåí=~ëëÉíë=ïáíÜçìí=Ñáå~åÅÉ=äÉ~ëÉëI=jbro= | NPKQ= | QNKT |
| fåîÉëíãÉåíë=áå=åçåJÅìêêÉåí=~ëëÉíë=áåÅä=Ñáå~åÅÉ=äÉ~ëÉëI=jbro= | NTKV= | QSKM |
| fåîÉëíãÉåíë=áå=åçåJÅìêêÉåí=~ëëÉíëI=B=çÑ=åÉí=ë~äÉë= | SKM= | SKT |
| ^îÉê~ÖÉ=åìãÄÉê=çÑ=éÉêëçååÉä=ÇìêáåÖ=íÜÉ=éÉêáçÇ= | PISUQ= | QIPVR |
| ^îÉê~ÖÉ=åìãÄÉê=çÑ=éÉêëçååÉä=ÇìêáåÖ=íÜÉ=éÉêáçÇI=áåÅäK=äÉ~ëÉÇ= | ||
| éÉêëçååÉä= | PITVU= | RIOMT |
| kìãÄÉê=çÑ=éÉêëçååÉä=~í=éÉêáçÇ=ÉåÇ= | PISNQ= | QIOVQ |
| kìãÄÉê=çÑ=éÉêëçååÉä=~í=éÉêáçÇ=ÉåÇI=áåÅäK=äÉ~ëÉÇ=éÉêëçååÉä= | PISVU= | QIQUU |
| pÜ~êÉ=çÑ=Éñéçêí=~åÇ=ÑçêÉáÖå=~ÅíáîáíáÉë=áå=åÉí=ë~äÉëI=B= | UOKT= | UTKS |
| `çåíáåÖÉåí=äá~ÄáäáíáÉëI=jbro= | OONKN= | NUSKQ |
OSKNKOMNM=~í=VKMM===
Per Share Data
| PNKNOKOMMV= | PNKNOKOMMU | |
|---|---|---|
| kìãÄÉê=çÑ=ëÜ~êÉë=~í=éÉêáçÇ=ÉåÇI=NIMMM=ëÜ~êÉë= | NTIQRU= | NMIVQS |
| b~êåáåÖë=éÉê=ëÜ~êÉ=EbmpFI=bro= | JOKPM= | NKOQ |
| b~êåáåÖë=éÉê=ëÜ~êÉI=ïáíÜ=Çáäìíáçå=EbmpFI=bro= | JNKUQ= | NKMQ |
| `~ëÜ=Ñäçï=éÉê=ëÜ~êÉI=bro= | NKNS= | OKSU |
| bèìáíó=éÉê=ëÜ~êÉI=bro= | PKRN= | RKUU |
| aáîáÇÉåÇ=éÉê=ëÜ~êÉI=bro=GF= | MKMM= | MKPM |
| m~óçìí=ê~íáçI=B= | MKMM= | OQKOV |
| bÑÑÉÅíáîÉ=ÇáîáÇÉåÇ=óáÉäÇI=B= | MKMM= | SKPO |
| mLb=ãìäíáéäÉ= | åÉÖK= | PKUR |
| pÜ~êÉ=éêáÅÉ=~í=éÉêáçÇ=ÉåÇI=bro= | QKNO= | QKTR |
GF=cçê=óÉ~ê=OMMV=~=éêçéçë~ä=çÑ=íÜÉ=_ç~êÇ=çÑ=aáêÉÅíçêë==
Changes in tangible assets and goodwill
| jbro= | NJNOLOMMV | NJNOLOMMU= |
|---|---|---|
| `Ü~åÖÉë=áå=í~åÖáÄäÉ=~ëëÉíë= | = | == |
| ^Åèìáëáíáçå=Åçëí=~í=íÜÉ=ÄÉÖáååáåÖ=çÑ=íÜÉ=éÉêáçÇ== | RRPKO | RSUKN= |
| qê~åëä~íáçå=ÇáÑÑÉêÉåÅÉ= | NKV | JRQKQ= |
| ^ÇÇáíáçåë= | NQKR | QNKQ= |
| aáëéçë~äë= | JPUKS | JNKU= |
| ^Åèìáëáíáçå=Åçëí=~í=íÜÉ=ÉåÇ=çÑ=íÜÉ=éÉêáçÇ= | RPNKN | RRPKO= |
| == ^ÅÅìãìä~íÉÇ=ÇÉéêÉÅá~íáçå=~í=íÜÉ=ÄÉÖáååáåÖ=çÑ=íÜÉ=éÉêáçÇ= |
= JPNPKM |
== JPOPKO= |
| qê~åëä~íáçå=ÇáÑÑÉêÉåÅÉ= | JNKO | PNKU= |
| ^ÅÅìãìä~íÉÇ=ÇÉéêÉÅá~íáçå=çå=Çáëéçë~äë= | PUKN | NKQ= |
| aÉéêÉÅá~íáçå=ÇìêáåÖ=íÜÉ=éÉêáçÇ= | JNMKU | JOPKM= |
| ^ÅÅìãìä~íÉÇ=ÇÉéêÉÅá~íáçå=~í=íÜÉ=ÉåÇ=çÑ=íÜÉ=éÉêáçÇ= | JOUSKV | JPNPKM= |
| _ççâ=î~äìÉ=~í=íÜÉ=ÉåÇ=çÑ=íÜÉ=éÉêáçÇ== | OQQKO | OQMKO= |
| == dççÇïáää= |
= | |
| ^Åèìáëáíáçå=Åçëí=~í=íÜÉ=ÄÉÖáååáåÖ=çÑ=íÜÉ=éÉêáçÇ== | PQKM | QPKN= |
| ^ÇÇáíáçåë= | J | MKM= |
| aáëéçë~äë= | J | JNKQ= |
| qê~åëä~íáçå=ÇáÑÑÉêÉåÅÉ= | JMKO | JTKT= |
| ^Åèìáëáíáçå=Åçëí=~í=íÜÉ=ÉåÇ=çÑ=íÜÉ=éÉêáçÇ= | PPKU | PQKM= |
| ^ÅÅìãìä~íÉÇ=ÇÉéêÉÅá~íáçå=~í=íÜÉ=ÄÉÖáååáåÖ=çÑ=íÜÉ=éÉêáçÇ= | JOKP | JOKP= |
| ^ÅÅìãìä~íÉÇ=ÇÉéêÉÅá~íáçå=~í=íÜÉ=ÉåÇ=çÑ=íÜÉ=éÉêáçÇ= | JOKP | JOKP= |
| _ççâ=î~äìÉ=~í=íÜÉ=ÉåÇ=çÑ=íÜÉ=éÉêáçÇ== | PNKR | PNKT= |
Group development
Net sales by market area
| jbro= | NJNOLOMMU | NJNOLOMMV |
|---|---|---|
| cáåä~åÇ= | NMOKQ | RNKU |
| pïÉÇÉå= | NMQKU | PVKU |
| dÉêã~åó= | NMMKT | RUKS |
| rh= | UMKT | PNKO |
| qìêâÉó= | UMKR | QVKQ |
| _ÉåÉäìñ=ÅçìåíêáÉë= | TOKQ | NVKO |
| líÜÉê=bìêçéÉ~å=ÅçìåíêáÉë= | NMRKO | PTKU |
| líÜÉê=ÅçìåíêáÉë= | PQKT | NNKT |
| qçí~ä= | SUNKQ | OVVKS |
STOCK EXCHANGE RELEASE
26.1.2010 at 9.00
Quarterly development by market area
| MEUR | Q1/08 | Q2/08 | Q3/08 | Q4/08 | Q1/09 | Q2/09 | Q3/09 | Q4/09 |
|---|---|---|---|---|---|---|---|---|
| Finland | 34.6 | 23.0 | 18.9 | 26.0 | 21.4 | 11.8 | 9.0 | 9.6 |
| Sweden | 19.8 | 35.3 | 25.0 | 24.8 | 11.0 | 8.0 | 8.7 | 12.1 |
| Germany | 25.5 | 27.1 | 28.4 | 19.7 | 16.9 | 12.7 | 14.4 | 14.5 |
| UK | 26.8 | 24.1 | 19.1 | 10.7 | 7.6 | 7.9 | 7.8 | 7.8 |
| Turkey | 21.6 | 26.2 | 26.2 | 6.5 | 9.0 | 15.3 | 10.2 | 14.9 |
| Benelux countries | 18.8 | 23.7 | 18.3 | 11.7 | 6.8 | 2.6 | 5.0 | 4.9 |
| Other European countries | 30.3 | 33.2 | 24.7 | 16.9 | 11.6 | 10.4 | 6.0 | 9.8 |
| Other countries | 7.7 | 8.4 | 9.5 | 9.2 | 3.8 ° | 1.9 | 3.7 | 2.3 |
| Total | 185.0 | 201.0 | 170.1 | 125.3 | 88.1 | 70.6 | 64.8 | 76.1 |
Group development
| MEUR | 1-12/2008 | 1-12/2009 |
|---|---|---|
| Net sales | 681.4 | 299.6 |
| Operating profit | 47.3 | $-15.4$ |
| Net financial items *) | $-28.7$ | $-21.8$ |
| Profit/loss after financial items | 18.6 | $-37.2$ |
*) Net financial items are included in the profit of Other business
Group development by business division
| Net sales, MEUR | 1-12/2008 1-12/2009 | |
|---|---|---|
| Foundries | 294.0 | 124.9 |
| Machine shops | 243.3 | 92.3 |
| Turkey | 242.7 | 114.0 |
| Other business | 75.7 | 49.8 |
| Internal and one-time items | $-174.2$ | $-81.4$ |
| Componenta total | 681.4 | 299.6 |
| Operating profit, MEUR | 1-12/2008 | 1-12/2009 |
|---|---|---|
| Foundries | 23.2 | $-11.9$ |
| Machine shops | 4.3 | $-11.3$ |
| Turkey | 19.9 | 2.4 |
| Other business | $-0.3$ | 4.7 |
| Internal and one-time items | 0.2 | 0 7 |
| Componenta total | 47.3 | $-15.4$ |
| Order book, MEUR | 12/2008 | 12/2009*) |
|---|---|---|
| Foundries and Machine shops | 53.5 | 33.4 |
| Turkey | 17.9 | 24.2 |
| Other business | 2.3 | 1.2 |
| Componenta total | 73.6 | 58.8 |
*) Order book as per 15 January 2010
Group development by quarter
| MEUR | Q1/08 | Q2/08 | Q3/08 | Q4/08 | Q1/09 | Q2/09 | Q3/09 | Q4/09 |
|---|---|---|---|---|---|---|---|---|
| Net sales | 185.0 | 201.0 | 170.1 | 125.3 | 88.1 | 70.6 | 64.8 | 76.1 I |
| Operating profit | 23.1 | 23.2 | 7.2 | $-6.2$ | $-6.1$ | $-4.3$ | $-3.2$ | $-1.7$ |
| Net financial items *) | $-8.2$ | $-4.5$ | -5.9 | $-10.1$ | $-4.7$ | $-5.7$ | -6.5 | $-4.9$ |
| Profit/loss after financial items | 14.9 | 18.7 | 1.3 | $-16.3$ | $-10.9$ | $-10.1$ | $-9.7$ | $-6.5$ |
*) Net financial items are included in the profit of Other business
STOCK EXCHANGE RELEASE
26.1.2010 at 9.00
Quarterly development by business division
| Net sales, MEUR | Q1/08 | Q2/08 | Q3/08 | Q4/08 | Q1/09 | Q2/09 | Q3/09 | Q4/09 |
|---|---|---|---|---|---|---|---|---|
| Foundries | 73.6 | 86.4 | 71.5 | 62.6 | 43.1 | 29.0 | 26.8 | 25.9 |
| Machine shops | 65.7 | 71.01 | 56.1 | 50.5 | 28.6 | 21.3 | 19.0 | 23.4 |
| Turkey | 70.7 | 71.1 | 70.6 | 30.4 | 24.0 | 28.0 | 26.8 | 35.2 |
| Other business | 24.8 | 21.7 | 16.3 | 12.8 | 12.8 | 12.1 | 12.3 | 12.5 |
| Internal and one-time items | -49.9 | -49.1 | $-44.3$ | $-30.9$ | $-20.5$ | $-19.8$ | $-20.1$ | $-21.0$ |
| Componenta total | 185.0 | 201.0 | 170.1 | 125.3 | 88.1 | 70.6 | 64.8 | 76.1 |
| Operating profit, MEUR | Q1/08 | Q2/08 | Q3/08 | Q4/08 | Q1/09 | Q2/09 | Q3/09 | Q4/09 |
|---|---|---|---|---|---|---|---|---|
| Foundries | 8.8 | 12.4 | 2.2 | $-0.3$ | -3.4 | $-3.5$ | $-2.6$ | $-2.3$ |
| Machine shops | 2.6 | 4.2 | 0.7 | $-3.2$ | $-3.2$ | $-2.3$ | $-2.9$ | $-2.8$ |
| Turkev | 13.0 | 7.O I | 4.2 | $-4.2$ | -0.6 | 0.6 | 1.3 | 1.1 |
| Other business | 0.1 | $-0.2$ | 0.3 | $-0.5$ | 0.9 1 | 1.2 | 1.1 | 1.4 |
| Internal and one-time items | $-1.5$ | $-0.1$ | $-0.1$ | 1.9 | 0.2 0 | $-0.4$ | $-0.1$ | 1.0 |
| Componenta total | 23.1 | 23.2 | 7.2 | $-6.2$ | -6.1 | $-4.3$ | $-3.2$ | $-1.7$ |
| Order book at period end, | ||||||||
|---|---|---|---|---|---|---|---|---|
| MEUR | Q1/08 | Q2/08 | Q3/08 | Q4/08 | Q1/09 | Q2/09 | Q3/09 | Q4/09*) |
| Foundries and Machine shops | 85.7 | 86.4 | 85.5 | 53.5 | 29.8 | 29.5 | 28.8 | 33.4 |
| Turkey | 45.7 | 48.1 | 31.2 | 17.9 | 14.6 | 22.2 | 19.7 | 24.2 |
| Other business | 3.2 | 3.5 | 6.5 | 2.3 | 1.8 | 0.0 | 0.6 | $1.2^{\circ}$ |
| Componenta total | 134.6 | 138.0 | 123.2 | 73.6 | 46.2 | 51.7 | 49.0 | 58.8 |
*) Order book as per 15 January 2010
Group development excluding one-time items
| MEUR | 1-12/2008 | 1-12/2009 |
|---|---|---|
| Net sales | 681.4 | 299.6 |
| Operating profit | 47.9 | $-15.4$ |
| Net financial items *) | $-28.7$ | $-21.8$ |
| Profit/loss after financial items | 19.2 | $-37.2$ |
*) Net financial items are included in the profit of Other business
Group development by business division excluding one-time items
| Operating profit, MEUR | 1-12/2008 1-12/2009 | |
|---|---|---|
| Foundries | 23.2 | $-11.9$ |
| Machine shops | 4.3 | $-11.3$ |
| Turkey | 19.9 | 2.4 |
| Other business | $-0.3$ | 4.7 |
| Internal items | 0.8 | 0 7 |
| Componenta total | 47.9 | $-15.4$ |
Group development by quarter excluding one-time items
| MEUR | Q1/08 | Q2/08 | Q3/08 | Q4/08 | Q1/09 | Q2/09 | Q3/09 | Q4/09 |
|---|---|---|---|---|---|---|---|---|
| Net sales | 185.0 | 201.0 | 170.1 | 125.3 | 88.1 | 70.6 | 64.8 | 76.1 |
| Operating profit | 23.1 | 23.1 | $-6.0$ | $-6.1$ | $-4.4$ | $-3.3$ | -1.7 | |
| Net financial items *) | $-8.2$ | -4.5 | $-5.9$ | $-10.1$ | $-4.7$ | $-5.7$ | $-6.5$ | -4.9 |
| Profit/loss after financial items | 14.9 | 18.61 | 1.7 | $-16.1$ | $-10.8$ | $-10.2$ | $-9.7$ | $-6.5$ |
*) Net financial items are included in the profit of Other business
COMPONENTA
STOCK EXCHANGE RELEASE
26.1.2010 at 9.00
Quarterly development by business division excluding one-time items
| Operating profit. MEUR | Q1/08 | Q2/08 | Q3/08 | Q4/08 | Q1/09 | Q2/09 | Q3/09 | Q4/09 |
|---|---|---|---|---|---|---|---|---|
| Foundries | 8.8 | 12.4 | 2.2 | $-0.3$ | $-3.4$ | $-3.5$ | $-2.6$ | $-2.3$ |
| Machine shops | 2.6 | 4.2 1 | 0.7 | $-3.2$ | $-3.2$ | $-2.3$ | $-2.9$ | $-2.8$ |
| Turkey | 13.0 | 7.0 I | 4.2 | $-4.2$ | $-0.6$ | $0.6\,$ | 1.3 | 1.11 |
| Other business | 0.1 | $-0.2$ | 0.3 | $-0.5$ | 0.9 | 1.2 | 1.1 | 1.4 1 |
| Internal items | $-1.5$ | $-0.2$ | 0.3 | 2.1 | 0.2 | $-0.4$ | $-0.1$ | 1.0 1 |
| Componenta total | 23.1 | 23.1 | 7.7 | $-6.0$ | $-6.1$ | $-4.4$ | $-3.3$ | $-1.7$ |
Segments
Business segments
| MEUR | 31.12.2009 | 31.12.2008 |
|---|---|---|
| Foundries | ||
| Assets | 112.1 | 139.2 |
| Liabilities | 23.7 | 37.9 |
| Investments in non-current assets (incl. finance leases) | 5.0 | 11.4 |
| Depreciation | 4.0 | 7.7 |
| Machine shops | ||
| Assets | 69.8 | 90.6 |
| Liabilities | 18.1 | 33.1 |
| Investments in non-current assets (incl. finance leases) | 3.3 | 13.1 |
| Depreciation | 2.6 | 5.7 |
| Turkey | ||
| Assets | 173.6 | 175.7 |
| Liabilities | 19.9 | 26.0 |
| Investments in non-current assets (incl. finance leases) | 5.3 | 17.0 |
| Depreciation | 3.5 | 8.6 |
| Other business | ||
| Assets | 50.0 | 48.4 |
| Liabilities | 18.8 | 21.2 |
| Investments in non-current assets (incl. finance leases) | 1.9 | 3.1 |
| Depreciation | 2.4 | 1.8 |
Geographical areas
| MEUR | 31.12.2009 | 31.12.2008 |
|---|---|---|
| Finland | ||
| Non-current assets | 95.5 | 93.9 |
| Investments in non-current assets (incl. finance leases) | 5.7 | 13.2 |
| Sweden | ||
| Non-current assets | 29.1 | 26.1 |
| Investments in non-current assets (incl. finance leases) | 2.9 | 5.7 |
| Netherlands | ||
| Non-current assets | 34.3 | 34.1 |
| Investments in non-current assets (incl. finance leases) | 1.6 | 3.0 |
| Turkey | ||
| Non-current assets | 125.2 | 124.4 |
| Investments in non-current assets (incl. finance leases) | 5.4 | 22.6 |
| Other countries | ||
| Non-current assets | 0.8 | 0.8 |
| Investments in non-current assets (incl. finance leases) | 0.0 | 0.1 |
STOCK EXCHANGE RELEASE
26.1.2010 at 9.00
Fair values of derivative instruments
| 31.12.2009 | 31.12.2008 | |||
|---|---|---|---|---|
| MEUR | Fair value, positive |
Fair value, negative |
Fair value, net |
Fair value, net |
| Currency derivatives | ||||
| Foreign exchange forwards | 0.1 | 0.0 | 0.1 | 0.3 |
| Currency swaps | 0.3 | $-0.2$ | 0.1 | 2.3 |
| Interest rate derivatives | ||||
| Interest rate options | 0.8 | $-0.4$ | 0.4 | 0.6 |
| Interest rate swaps | $-2.0$ | $-2.0$ | $-2.8$ | |
| Commodity derivatives | ||||
| Electricity price forwards | 0.2 | $-0.6$ | $-0.4$ | $-2.1$ |
| Total | 1.4 | $-3.2$ | $-1.8$ | $-1.7$ |
Nominal values of derivative instruments
| Nominal values of derivative instruments | |||||
|---|---|---|---|---|---|
| 31.12.2009 | 31.12.2008 | ||||
| Nominal | Nominal | ||||
| MEUR | value | value | |||
| Currency derivatives *) | |||||
| Foreign exchange forwards | 6.0 | 5.4 | |||
| Currency swaps | 43.1 | 30.9 | |||
| Interest rate derivatives | |||||
| Interest rate options | 42.0 | 46.0 | |||
| Interest rate swaps | |||||
| Maturity in less than a year | 24.0 | 42.2 | |||
| Maturity after one year and less than five years | 28.0 | 52.0 | |||
| Commodity derivatives | |||||
| Electricity price forwards | |||||
| Maturity in less than a year | 3.9 | 4.4 | |||
| Maturity after one year and less than five years | 4.2 | 5.5 | |||
| Total | 151.1 | 186.4 | |||
*) Currency derivatives mature in less than a year.
Contingent liabilities
| MEUR | 31.12.2009 | 31.12.2008 |
|---|---|---|
| Real-estate mortgages | ||
| For own debts | 15.2 | 15.2 |
| Business mortgages | ||
| For own debts | 2.2 | |
| Pledges | ||
| For own debts | 198.1 | 151.2 |
| Other leasing commitments | 3.5 | 4.5 |
| Other commitments | 4.4 | 13.2 |
| Total | 221 1 | 186.4 |
Key exchange rates
| Closing rate | Average rate | |||
|---|---|---|---|---|
| One Euro is | 31.12.2008 | 31.12.2009 | 31.12.2008 | 31.12.2009 |
| SEK | 10.8700 | 10.2520 | 9.6152 | 10.6191 |
| USD | 1.3917 | 1.4406 | 1.4708 | 1.3948 |
| GPB | 0.95250 | 0.88810 | 0.79628 | 0.89094 |
| TRY (Turkish central bank) | 2.1408 | 2.1603 | 1.8958 | 2.1508 |
COMPONENTA
STOCK EXCHANGE RELEASE
26.1.2010 at 9.00
Calculation of key financial ratios
| Return on equity -% (ROE) |
$=$ Profit/loss after financial items – income taxes $\times$ 100 | ||
|---|---|---|---|
| Shareholders' equity without preferred capital notes + minority interest (quarterly average) |
|||
| Return on investment - |
$=$ Profit/loss after financial items $+$ interest and other financial expenses $\times$ 100 | ||
| % (ROI) | Shareholders' equity + interest bearing liabilities (quarterly average) |
||
| Equity ratio, % |
$=$ Shareholders' equity, preferred capital notes excluded + minority interest x 100 | ||
| Balance sheet total - advances received | |||
| share, EUR (EPS) |
Earnings per = Profit/loss after financial items – income taxes +/- minority interest | ||
| Average number of shares during the financial period | |||
| Earnings per share with dilution, EUR |
$=$ As above, the number of shares has been increased with the warrants outstanding. When calculating the dilution effect of warrants, the number of shares has been adjusted with the number of own shares which the company could have acquired, if it would have used the funds generated from the warrants to buy back of own shares at market price (= average trading price). After tax interest expense of the convertible loan has been added to the profit of the period. Number of shares that can be subsricbed by the loan, has been added to the number of total shares. |
||
| Cash flow per share, |
= Net cash generated from operating activities | ||
| EUR | Average number of shares during the financial period | ||
| Average trading |
$=$ Trading volume | ||
| price, EUR | Number of shares traded during the financial period | ||
| Equity per | = Shareholders' equity, preferred capital notes excluded | ||
| share, EUR | Number of shares at period end | ||
| Market capitalization |
$=$ Number of shares x market share price at period end | ||
| Net interest bearing debt |
$=$ Interest bearing liabilities $+$ preferred capital notes - cash and bank accounts | ||
| Net gearing, % |
$=$ Net interest bearing debt x 100 | ||
| Shareholders' equity, preferred capital notes excluded + minority interest |
APONENTA
STOCK EXCHANGE RELEASE
26.1.2010 at 9.00
Largest registered shareholders on 31 December 2009
| Share of total | ||||
|---|---|---|---|---|
| Shareholder | Shares | voting rights, % | ||
| Lehtonen Heikki | 5,311,340 | 30.42 | ||
| Cabana Trade S.A. | 3,501,988 | |||
| Oy Högfors-Trading Ab | 1,806,052 | |||
| Lehtonen Heikki | 3,300 | |||
| 2 | Etra-Invest Oy Ab | 4,237,464 | 24.27 | |
| 3 | Varma Mutual Pension Insurance Company | 978,968 | 5.61 | |
| 4 | Ilmarinen Mutual Pension Insurance Company | 724,266 | 4.15 | |
| 5 | Finnish Industry Investment Ltd | 666,666 | 3.82 | |
| 6 | FIM Forte Fund | 393,403 | 2.25 | |
| Finnish Cultural Foundation | 236,000 | 1.35 | ||
| 8 | Bergholm Heikki | 230,000 | 1.32 | |
| 9 | Laakkonen Mikko | 200,000 | 1.15 | |
| 10 Lehtonen Anna-Maria | 178,823 | 1.02 | ||
| Nominee-registered shares | 274,505 | 1.57 | ||
| Other shareholders | 4,026,363 | 23.06 | ||
| Total | 17.457.798 | 100.00 |
The members of the Board of Directors own 32.1% of the shares. All shares have equal voting rights. If all the warrants were converted to shares, the holding of shares by the members of the Board of Directors would decrease to 29.9 %.
Helsinki, 26 January 2010
COMPONENTA CORPORATION Board of Directors
Heikki Lehtonen President and CEO
FURTHER INFORMATION
Heikki Lehtonen President and CEO Tel. +358 10 403 00 Mika Hassinen CFO. Tel. +358 10 403 00
Componenta is a metal sector company with international operations and production plants located in Finland, Turkey, the Netherlands and Sweden. The net sales of Componenta were EUR 300 million in 2009. The Group employs approximately 3,700 people. Componenta's shares are quoted on the NASDAQ OMX Helsinki. Componenta specializes in supplying cast and machined components and total solutions made of them to its global customers who are manufacturers of vehicles, machines and equipment.
Componenta Corporation Panuntie 4, 00610 Helsinki, Finland Tel. +358 10 403 00 Fax +358 10 403 2721 www.componenta.com