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Componenta Oyj — Interim / Quarterly Report 2009
Jul 17, 2009
3307_10-q_2009-07-17_bc9dfa42-6b1c-4a3a-a5ee-c9f98270c5a0.pdf
Interim / Quarterly Report
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Componenta interim report 1 January – 30 June 2009
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Net sales and order book
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Result
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Analysis of changes in quarterly income statements
| MEUR | Q1/09 | Q1/08 | Diff. % | Q2/09 | Q2/08 | Diff. % |
|---|---|---|---|---|---|---|
| Net Sales | 88.1 | 185.0 | $-52%$ | 70.6 | 201.0 | $-65%$ |
| Value of production | 75.3 | 185.9 | $-59%$ | 66.1 | 207.3 | $-68%$ |
| Materials | $-24.1$ | $-67.4$ | -64 % | $-20.6$ | $-76.6$ | $-73%$ |
| Direct wages and external services | $-25.1$ | $-46.9$ | -47 % | $-21.3$ | $-45.9$ | $-54%$ |
| Other variable and fixed costs | $-29.2$ | $-42.5$ | -31 % | $-25.6$ | $-55.7$ | $-54%$ |
| Total costs | -78.3 | $-156.8$ | -50 % | $-67.5$ | $-178.2$ | $-62%$ |
| EBITDA | $-3.0$ | 29.1 | -110 % | $-1.5$ | 29.0 | $-105%$ |
The Group's net financial costs in the review period totalled EUR -10.5 (-12.7) million. Net financial costs declined from the previous year mainly due to exchange rate differences.
The consolidated result after financial items excluding one-time items was EUR -21.0 (33.5) million. The result does not include any significant one-time items.
Income taxes calculated from the result for the review period totalled EUR 5.1 (-8.5) million.
The net result for the period excluding one time items was EUR -15.9 (25.1) million.
The earnings per share excluding one-time items were EUR -1.43 (2.20).
The return on investment excluding one-time items was -5.7% (25.7%) and return on equity excluding onetime items was -51.3% (51.7%).
Financing
On 30 June 2009 Componenta Corporation had outstanding capital notes and convertible capital notes with a combined value of EUR 42.4 million, as defined in IFRS. In March the Group repaid the final instalment of EUR 9.5 million of the principal of the preferred capital notes issued in 2002, in accordance with the terms of the loan. At the end of June 2009, the outstanding unconverted capital notes entitled holders of them to subscribe to 3.165,000 shares.
At the end of the review period, Componenta had EUR 27.5 million in unused, long-term credit facilities, as well as cash funds of EUR 4.9 million. In addition, the Group has a EUR 150.0 million commercial paper programme, from which the company had no debt at the end of the review period. The Group's interestbearing net debt, excluding the outstanding capital notes of EUR 42.4 million, stood at EUR 221.3 (186.0) million. The costs of the debt financing have increased during the review period. The company's net debt as a proportion of shareholders' equity, including the capital notes in shareholders' equity, was 226.6% $(116.7%)$ .
Componenta is making more efficient use of capital with a programme of selling its trade receivables. Under this arrangement, some of the trade receivables are sold without any right of recourse. By the end of the review period the company had sold trade receivables totalling EUR 27.2 (59.7) million.
Componenta's cash flow from operations during the review period was EUR 10.5 (26.0) million, and of this the change in net working capital was EUR 22.2 (-16.9) million. The cash flow from investments was EUR -6.8 (-18.1) million, which includes the cash flow from the Group's investments in production facilities and the cash flow from shares sold and purchased and from fixed assets sold.
At the end of the review period the Group's equity ratio was 13.9% (21.3%). The Group's shareholders' equity on 30 June 2009, including the capital notes in shareholders' equity, as a proportion of the balance
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sheet total was 24.6% (31.8%). The Group's equity ratio has been impacted negatively by the change of the cumulative translation difference of EUR 29 million since the beginning of 2008.
Performance of business divisions
Componenta's reporting structure changed when Componenta Wirsbo was transferred from Other Business to the Machine shops division on 31 March 2009 and Tegelen Pattern Shop, a unit that makes casting patterns in the Netherlands, was transferred from Other Business to the Foundries division as from 1 January 2009. The figures for the first half of 2009 are reported in accordance with the new structure, and all figures for comparison for the divisions for 2008 have been adjusted to bring them in line with this reporting structure.
Foundries
The Foundries division comprises the iron foundries in Karkkila, Pori, Pietarsaari and lisalmi in Finland and in Weert and Heerlen in the Netherlands, as well as the Tegelen Pattern Shop in the Netherlands.
The division's net sales in the review period declined 55% to EUR 72.1 (160.0) million and the operating profit was EUR -7.0 million, corresponding to -9.7% of net sales (EUR 21.2 million, 13.3%). Extremely low capacity usage was the main factor having a negative impact on the division's operating result.
In the second quarter the division had sales of EUR 29.0 (86.4) million and an operating profit of EUR -3.5 $(12.4)$ million.
Machine shops
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.
Net sales of the Machine shops division fell 63% to EUR 49.9 (136.7) million and the operating profit was EUR -5.5, corresponding to -11.0% of net sales (EUR 6.8 million, 5.0%). 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 located in Sweden, where adjusting the number of personnel has been slower than in the Group's other countries.
The division had net sales in the second quarter of EUR 21.3 (71.0) million and an operating profit of EUR $-2.3$ (4.2) million.
Turkey
Turkey division comprises the iron foundry in Orhangazi and the aluminium foundry and production unit for aluminium wheels in Manisa.
Net sales of the Turkey division in the review period fell 63% to EUR 52.1 (141.7) million and the operating profit was EUR 0.1 million, corresponding to 0.2% of net sales (EUR 20.0 million, 14.1%). The division's operating profit for the review period was hit by a sharp decline in volumes. Adjusting the costs has succeeded well in Turkey, and despite the extremely low capacity utilization rate the division's operating result turned positive during the second quarter.
Turkey division had net sales in the second quarter of EUR 28.0 (71.1) million and an operating profit of EUR 0.6 (7.0) million.
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Other Business
Other Business comprises the sales and logistics company Componenta UK in Great Britain, real estate and service companies and the Group's administrative functions. Other Business recorded an operating profit in the review period, excluding one-time items, of EUR 2.2 (-0.1) million.
Shares and share capital
The shares of Componenta Corporation are quoted on the NASDAQ OMX Exchange in Helsinki. At the end of June 2009 the company had a total of 10,957,798 shares. At the end of the period the company's share capital stood at EUR 21.9 (21.9) million. On 30 June 2009 the quoted price of Componenta Corporation shares stood at EUR 4.01 (8.50). The average share price during the review period was EUR 4.64, the lowest quoted share price was EUR 3.60 and the highest EUR 5.73. At the end of the review period the company's market capitalization was EUR 43.9 (93.0) million and the volume of shares traded during the period was equivalent to 9.1% (16.2%) of the share stock.
The Annual General Meeting of Shareholders decided to pay a dividend of EUR 0.30 (0.50) per share for 2008
Purchasing and disposing of company shares
Under the authorization of the AGM 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 requlations.
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.
The AGM on 26 February 2007 authorized the Board to decide to issue shares and grant option rights and other special rights with an entitlement to shares under the following terms and conditions:
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- Under the authorization the Board may decide to issue shares and grant option rights and other special rights as defined in chapter 10, section 1 of the Finnish Companies Act, such that a maximum of 2,000,000 shares are issued under the authorization. The authorization does not exclude the right of the Board of Directors to decide on a direct issue of shares.
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- The authorization is valid for a period of five years from the date of the decision of the AGM.
Under the aforementioned authorization, on 16 April 2009 the Board of Directors of Componenta Corporation resolved 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.
Share-based incentive scheme
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The share-based incentive scheme is based on the decision taken on 3 April 2007 by the Board of Directors of Componenta Corporation. The scheme comprises three one-year earnings periods, which are the calendar years 2007, 2008 and 2009. The bonuses will be paid in 2008, 2009 and 2010 partly in company shares and partly in cash. The part to be paid in cash will cover 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.
Any yield from the incentive scheme is 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 are met in full, the scheme will pay a bonus of a maximum of 132,000 Componenta Corporation shares. For the 2009 earnings period, a maximum of 87,400 Componenta Corporation shares will be allocated in the scheme. The President and CEO will account for a maximum of 26,000 out of the total figure and other key personnel for altogether a maximum of 61,400 shares.
Investments
Componenta's investments in production facilities during the review period totalled EUR 7.1 (19.6) million. including the financial leasing investments of EUR 1.7 (1.3) million. The cash flow from investments was EUR $-6.8$ $(-18.1)$ million.
Board of Directors and Management
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.
At the end of the review period the corporate executive team of Componenta Corporation comprised the following: President and CEO Heikki Lehtonen; 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.
Personnel
During the review period the Group had on average 3,872 (5,356) employees, including 134 (952) leased employees. The number of Group personnel at the end of June 2009 was 3,776 (5.489), which includes 109 (1,025) leased employees. At the end of the first half of 2009, 43% (49%) of the Group's personnel were in Turkey, 30% (23%) in Finland, 18% (18%) in the Netherlands and 9% (10%) in Sweden. The combined sum for personnel expenses and external services in the Group declined by EUR 46.5 million or 50% compared to the previous vear.
Risks
Fluctuations in the prices of Componenta Group's main raw material, recycled metal, affect the sales 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, so a rise in the price of recycled metal reduces the sales margins temporarily. When the prices of recycled metal go down, the Group's margins correspondingly improve for a while
The electricity consumption of the Group's foundries and machine shops creates a spot price risk for the purchased electricity, so the Group purchases electricity price forwards to hedge against the impact of electricity prices on the financial performance. The target hedging level for the forecast electricity consumption by the Group's production plants is 90% for the next 12 months, 60% for the following year and 40% for the third year. Trading in electricity price forwards has been outsourced. The Group aims to pass on the increase in the price of electricity to customers with a separate electricity surcharge.
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Appropriate insurance has been taken against risks associated with assets and interruption of operations and to minimize indemnity.
The financial risks relating to Componenta Group's business operations are managed in accordance with the treasury policy approved by the Board of Directors. The objective is to protect the Group against unfavourable changes in the finance markets and to secure the Group's financial performance and financial position. Management of financial risks takes place in the corporate treasury function.
Translating the shareholders' equity of Componenta Turkey into euro creates a significant translation risk for the Group in Turkish lira. Changes in the value of the US dollar, the UK pound and the euro in relation to the Turkish lira have an impact on the company's operating profit and profit after financial items in the short term.
According to Componenta's treasury policy, the currency risk is divided into the transaction risk resulting from foreign currency denominated income and expenses and the translation risk resulting from foreign currency denominated equity investments and the profit or loss on these.
The transaction position is formed by foreign currency-denominated sales receivables and trade payables in the balance sheet where changes in these affect the operating profit. Foreign currency-denominated cash and cash in bank are processed separately from this position, as are the Group's internal and external foreign currency loans, for which the impact on the result arising from changes in exchange rates is entered under financial income and expenses. The degree of hedging for both transaction positions is set at 90-110%. For Componenta Turkey, however, the net value is calculated after setting foreign currencydenominated sales receivables in the balance sheet against foreign currency-denominated debt, taking advantage of the natural hedging relationship. If the total sums of the foreign currency-denominated balance sheet items in Turkey differ from each other, the degree of hedging shall be decided by the president and CEO up to EUR 20 million.
The translation position is determined from the shareholder's equity and retained earnings of non-Finnish subsidiary and associated companies for whom the operating currency is not the euro. In accordance with the treasury policy, the translation position is hedged at the discretion of the Group's President and CEO 0-100%.
The Group has no significant concentrations of risk for receivables. The current general economic situation increases customer credit risk. To reduce credit risk, receivables from major customers have been sold to financial institutions without any right of recourse and the payment periods for smaller customers have been shortened. Monitoring of receivables has also been intensified and the Group has had to resort to bans on deliveries to several smaller customers in order to control the credit risk. The Group recognized no major credit losses during the review period.
The company's financial agreements contain normal clauses according to which the company's loans may fall due for payment before the maturity date also when control of the company changes as a consequence of a public purchase offer. The company is not party to any other significant contracts that will come into force, that can be amended or that can cease to be valid if control of the company changes as a consequence of a public purchase offer.
Prospects
Componenta's prospects for the latter part of 2009 are based on general external financial indicators, order forecasts given by customers, and on Componenta's order intake and order book.
The demand outlook in the Group's customer sectors remains weak at the beginning of the third quarter of 2009, due to the current recession in the global economy.
APONENTA
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The slow down in construction in the USA and Europe has reduced demand considerably in the off-road industry. Investments in the mining industry are expected to decrease significantly in 2009. Because of the recession, many countries have initiated infrastructure projects, and it is estimated that these projects will start to increase the demand for off-road vehicles in 2010. The demand for agriculture machinery has decreased less than the other sectors in the off-road industry.
The number of heavy trucks registered in Europe in the period of January – May was 45% less than in the previous year. Production volumes in this year are expected to decline 50 – 60% from 2008. Manufacturers of heavy trucks have been heavily clearing their own excess stocks in the first half of 2009. It is estimated that the manufacturers' stocks will reach the level to correspond with the current demand during the third quarter of 2009 or latest by the end of this year.
The number of new passenger cars registered decreased 11% in the period of January – June from the previous year. Automotive production in Europe increased in the second quarter compared to the beginning of the year. The reason for the increase is various subsidy measures taken in many countries, aimed at renewing the fleet of cars.
Demand in the wind power sector has weakened during the review period as wind power projects have faced problems with financing. Demand for diesel engines has lately started to decrease. However, due to the long order book, deliveries to the manufacturers of diesel engines have remained on a reasonable level. Weakened prospects in the diesel engine industry will decrease the number of components delivered to customers as they have started to clear their own stocks.
Demand in the machine building industry is expected to remain low level.
Componenta's order book at the end of the second quarter of 2009 was 63% lower than at the same time in the previous year. The order book has been heavily reduced by the sharp fall in demand, which is largely due to the current crisis in the global economy and recent measures taken by customers to reduce their own stocks. On the other hand, at the end of the second quarter the order book stood 12% higher than at the end of previous quarter.
Adaptation actions taken at the end of the previous year and in the first half of 2009 reduced the Group's operating costs in the second quarter altogether by 62% from the corresponding period in 2008. Investments in production facilities are estimated to be around MEUR 10 (MEUR 42.3) in 2009.
Componenta Group's 2009 net sales are expected to fall more than 50% from the previous year and the result after financial items, excluding one-time items, is expected to be clearly negative. However, it is estimated that the Group's cash flow from operations will be positive due to the major reduction in working capital.
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Interim report tables
Consolidated income statement
| $1.1 -$ | $1.1 -$ | $1.4 -$ | $1.4 -$ | $1.1 -$ | |
|---|---|---|---|---|---|
| MEUR | 30.6.2009 | 30.6.2008 | 30.6.2009 | 30.6.2008 | 31.12.2008 |
| Net sales | 158.7 | 386.0 | 70.6 | 201.0 | 681.4 |
| Other operating income | 1.3 | 5.1 | $-0.2$ | $-2.0$ | 8.3 |
| Operating expenses | $-164.4$ | $-333.0$ | $-71.8$ | $-170.0$ | $-618.9$ |
| Depreciation, amortization and write- | |||||
| down | $-6.1$ | $-11.8$ | $-2.9$ | $-5.8$ | $-23.9$ |
| Share of the associated companies' | |||||
| result | 0.0 | 0.0 | 0.0 | 0.0 | 0.2 |
| Operating profit | $-10.5$ | 46.3 | $-4.3$ | 23.2 | 47.3 |
| % of net sales | $-6.6$ | 12.0 | $-6.2$ | 11.5 | 6.9 |
| Financial income and expenses | $-10.5$ | $-12.7$ | $-5.7$ | $-4.5$ | $-28.7$ |
| Result after financial items | $-21.0$ | 33.6 | $-10.1$ | 18.7 | 18.6 |
| % of net sales | $-13.2$ | 8.7 | $-14.3$ | 9.3 | 2.7 |
| Income taxes | 5.1 | $-8.5$ | 2.6 | $-4.7$ | $-4.6$ |
| Net profit | $-15.8$ | 25.1 | $-7.5$ | 14.0 | 13.9 |
| Allocation of net profit for the period | |||||
| To equity holders of the parent | $-15.6$ | 24.1 | $-7.5$ | 13.6 | 13.5 |
| To minority interest | $-0.2$ | 1.0 | $-0.1$ | 0.4 | 0.4 |
| $-15.8$ | 25.1 | $-7.5$ | 14.0 | 13.9 | |
| Earning per share calculated on the | |||||
| profit attributable to equity holders of the | |||||
| parent | |||||
| Earnings per share, EUR | $-1.43$ | 2.20 | $-0.68$ | 1.24 | 1.24 |
| Earnings per share with dilution, EUR | $-1.06$ | 1.74 | $-0.51$ | 0.98 | 1.04 |
Consolidated statement of comprehensive income
| $1.1 -$ | $1.1 -$ | $1.4 -$ | $1.4 -$ | $1.1 -$ | |
|---|---|---|---|---|---|
| MEUR | 30.6.2009 | 30.6.2008 | 30.6.2009 | 30.6.2008 | 31.12.2008 |
| Net profit | $-15.8$ | 25.1 | $-7.5$ | 14.0 | 13.9 |
| Other comprehensive income | |||||
| Translation differences | 0.0 | $-15.4$ | 4.9 | 6.3 | $-30.8$ |
| Cash flow hedges | 0.7 | 2.3 | 1.7 | 3.4 | $-5.3$ |
| Income tax on other comprehensive | |||||
| income | $-0.2$ | $-0.6$ | $-0.5$ | $-1.0$ | 1.4 |
| Other comprehensive income, net of tax | 0.5 | $-13.7$ | 6.1 | 8.7 | $-34.7$ |
| Total comprehensive income | $-15.3$ | 11.4 | $-1.4$ | 22.7 | $-20.8$ |
| Allocation of total comprehensive income | |||||
| To equity holders of the parent | $-15.1$ | 10.9 | $-1.6$ | 21.6 | $-19.5$ |
| To minority interest | $-0.2$ | 0.5 | 0.2 | 1.1 | $-1.3$ |
| $-15.3$ | 11.4 | $-1.4$ | 22.7 | $-20.8$ |
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Consolidated income statement excluding one-time items
| $1.1 -$ | $1.1 -$ | $1.4 -$ | $1.4. -$ | $1.1 -$ | |
|---|---|---|---|---|---|
| MEUR | 30.6.2009 | 30.6.2008 | 30.6.2009 | 30.6.2008 | 31.12.2008 |
| Net sales | 158.7 | 386.0 | 70.6 | 201.0 | 681.4 |
| Other operating income | 1.2 | 5.1 | $-0.3$ | $-2.1$ | 8.3 |
| Operating expenses | $-164.3$ | $-333.0$ | $-71.8$ | $-170.0$ | $-618.2$ |
| Depreciation, amortization and write- | |||||
| down | $-6.1$ | $-11.8$ | $-2.9$ | $-5.8$ | $-23.9$ |
| Share of the associated companies' | |||||
| result | 0.0 | 0.0 | 0.0 | 0.0 | 0.2 0 |
| Operating profit | $-10.5$ | 46.2 | $-4.4$ | 23.1 | 47.9 |
| % of net sales | $-6.6$ | 12.0 | $-6.3$ | 11.5 | 7.0 |
| Financial income and expenses | $-10.5$ | $-12.7$ | $-5.7$ | $-4.5$ | $-28.7$ |
| Result after financial items | $-21.0$ | 33.5 | $-10.2$ | 18.6 | 19.2 |
| % of net sales | $-13.2$ | 8.7 | $-14.4$ | 9.3 | 2.8 |
| Income taxes | 5.1 | $-8.4$ | 2.6 | $-4.7$ | $-4.8$ |
| Net profit | $-15.9$ | 25.1 | $-7.6$ | 13.9 | 14.4 |
| Allocation of net profit for the period | |||||
| To equity holders of the parent | $-15.6$ | 24.1 | $-7.5$ | 13.6 | 14.0 |
| To minority interest | $-0.2$ | 1.0 | $-0.1$ | 0.4 | 0.4 |
| $-15.9$ | 25.1 | $-7.6$ | 13.9 | 14.4 | |
| Earning per share calculated on the | |||||
| profit attributable to equity holders of the | |||||
| parent | |||||
| Earnings per share, EUR | $-1.43$ | 2.20 | $-0.68$ | 1.24 | 1.28 |
Consolidated statement of financial position
| MEUR | 30.6.2009 | 30.6.2008 | 31.12.2008 |
|---|---|---|---|
| Assets | |||
| Non-current assets | |||
| Intangible assets | 5.8 | 2.9 | 4.6 |
| Goodwill | 31.7 | 36.5 | 31.7 |
| Investment properties | 1.8 | 1.8 | 1.8 |
| Tangible assets | 239.0 | 240.1 | 237.9 |
| Investment in associates | 1.0 | 0.8 | 0.9 |
| Receivables | 4.4 | 4.2 | 4.4 |
| Other investments | 0.4 | 1.0 | 0.4 |
| Deferred tax assets | 13.2 | 8.2 | 10.6 |
| Total non-current assets | 297.2 | 295.6 | 292.4 |
| Current assets | |||
| Inventories | 50.3 | 94.4 | 83.8 |
| Receivables | 44.5 | 101.9 | 66.7 |
| Tax receivables | 0.2 | 0.0 | 2.3 |
| Cash and bank accounts | 4.9 | 9.2 | 5.2 |
| Total current assets | 99.9 | 205.5 | 158.0 |
| Total assets | 397.1 | 501.1 | 450.4 |
| Shareholders' equity and liabilities | |||
| Shareholders' equity | |||
| Share capital | 21.9 | 21.9 | 21.9 |
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| Other equity | 26.4 | 75.2 | 44.8 |
|---|---|---|---|
| Equity attributable to equity holders of the parent | 48.3 | 97.1 | 66.7 |
| Minority interest | 6.9 | 9.6 | 7.1 |
| Shareholders' equity | 55.2 | 106.7 | 73.8 |
| Liabilities | |||
| Non-current | |||
| Capital loan | 27.1 | 41.1 | 41.8 |
| Interest bearing | 178.0 | 119.4 | 165.3 |
| Interest free | 0.5 | ||
| Provisions | 6.1 | 7.7 | 5.8 |
| Deferred tax liability | 5.5 | 9.0 | 7.9 |
| Current | |||
| Capital loan | 15.4 | 11.6 | 9.5 |
| Interest bearing | 48.2 | 75.8 | 51.2 |
| Interest free | 59.8 | 121.0 | 93.3 |
| Tax liabilities | 0.0 | 3.0 | 0.1 |
| Provisions | 1.8 | 5.3 | 1.8 |
| Total liabilities | 341.9 | 394.4 | 376.6 |
| Total shareholders' equity and liabilities | 397.1 | 501.1 | 450.4 |
Consolidated cash flow statement
| Consolidated cash now statement | |||
|---|---|---|---|
| MEUR | $1.1 -$ | $1.1 -$ | $1.1 -$ 30.6.2009 30.6.2008 31.12.2008 |
| Cash flow from operating activities | |||
| Result after financial items | $-21.0$ | 33.6 | 18.6 |
| Depreciation, amortization and write-down | 6.1 | 11.8 | 23.9 |
| Net financial income and expenses | 10.5 | 12.7 | 28.7 |
| Other income and expenses, adjustments to cash flow | 0.3 | 1.7 | $-2.6$ |
| Change in net working capital | 22.2 | $-16.9$ | $-4.2$ |
| Cash flow from operations before financing and income taxes | 18.1 | 42.9 | 64.4 |
| Interest received and paid and dividends received | $-10.5$ | $-14.5$ | $-28.0$ |
| $-7.0$ | |||
| Taxes paid | 2.9 | $-2.4$ 26.0 |
29.4 |
| Net cash flow from operating activities | 10.5 | ||
| Cash flow from investing activities | |||
| Capital expenditure in tangible and intangible assets | $-6.7$ | $-17.8$ | $-39.6$ |
| Proceeds from tangible and intangible assets | 0.3 | ||
| Other investments and loans granted | $-0.1$ | ||
| Proceeds from other investments and repayments of loan | |||
| receivables | 0.0 | ||
| Acquisition of subsidiary, net of cash acquired | $-0.3$ | $-1.3$ | |
| Net cash flow from investing activities | $-6.8$ | $-18.1$ | $-40.6$ |
| Cash flow from financing activities | |||
| Dividends paid | $-3.3$ | $-5.6$ | $-5.6$ |
| Repayment of finance lease liabilities | $-0.8$ | $-0.6$ | $-2.4$ |
| Draw-down (+)/ repayment (-) of current loans | $-5.4$ | $-56.0$ | $-82.7$ |
| Draw-down of non-current loans | 23.5 | 47.0 | 98.0 |
| Repayment of non-current loans and other changes | $-18.0$ | $-13.3$ | $-16.1$ |
| Net cash flow from financing activities | $-4.0$ | $-28.5$ | $-8.7$ |
| Change in liquid assets | $-0.3$ | $-20.6$ | $-20.0$ |
| Cash and bank account at the beginning of the period | 5.2 | 27.5 | 27.5 |
| Effects of exchange rate changes on cash | 0.0 | 2.3 | $-2.3$ |
| Cash and bank account at the period end | 4.9 | 9.2 | 5.2 |
| Change during the financial period | $-0.3$ | $-20.6$ | $-20.0$ |
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Statement of changes in consolidated shareholders' equity
| MEUR | Share capital |
Share premium |
Other account reserves |
Cash flow hedaes |
Trans lation diffe rences |
Retained earnings |
Total | Minority interest |
Share holders' equity total |
|---|---|---|---|---|---|---|---|---|---|
| Shareholders' equity 1.1.2008 | 21.9 | 14.9 | 6.1 | 1.1 | 9.8 | 37.5 | 91.3 | 9.3 | 100.6 |
| Total comprehensive income | 1.7 | $-14.9$ | 24.1 | 10.9 | 0.5 | 11.4 | |||
| Other changes | 0.2 | 0.2 | 0.2 | ||||||
| Dividends paid | $-5.5$ | $-5.5$ | $-0.1$ | $-5.6$ | |||||
| Change in minority interest | 0.0 | $-0.1$ | $-0.1$ | ||||||
| Increase of share capital | |||||||||
| (warrants) | 0.0 | 0.1 | 0.1 | 0.2 | 0.2 | ||||
| Shareholders' equity 30.6.2008 | 21.9 | 15.0 | 6.4 | 2.8 | $-5.1$ | 56.1 | 97.1 | 9.6 | 106.7 |
| Trans | Share | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Share | Cash | lation | holders' | ||||||
| Share | premium | Other | flow | diffe | Retained | Minority | equity | ||
| MEUR | capital | account reserves | hedges rences earnings | Total | interest | total | |||
| Shareholders' equity 1.1.2009 | 21.9 | 15.0 | 6.5 | $-2.8$ | $-19.4$ | 45.5 | 66.7 | 7.1 | 73.8 |
| Total comprehensive income | 0.5 | 0.0 | $-15.6$ | $-15.1$ | $-0.2$ | $-15.3$ | |||
| Dividends paid | $-3.3$ | $-3.3$ | $-3.3$ | ||||||
| Shareholders' equity 30.6.2009 | 21.9 | 15.0 | 6.5 | $-2.3$ | $-19.4$ | 26.6 | 48.3 | 6.9 | 55.2 |
Key ratios
| NGY TALIUS | |||
|---|---|---|---|
| 30.6.2009 | 30.6.2008 | 31.12.2008 | |
| Equity ratio. % | 13.9 | 21.3 | 16.4 |
| Equity per share, EUR | 4.41 | 8.87 | 6.09 |
| Invested capital | 323.9 | 354.5 | 341.5 |
| Return on investment, % | $-5.7$ | 25.7 | 13.6 |
| Return on investment, excluding one-time items % | $-5.7$ | 25.7 | 13.7 |
| Return on equity, % | $-51.3$ | 51.7 | 14.5 |
| Return on equity, excluding one-time items % | $-51.3$ | 51.7 | 14.9 |
| Net interest bearing debt, MEUR, preferred capital note in debt | 263.7 | 238.6 | 262.5 |
| Net gearing, %, preferred capital note in debt | 477.6 | 223.6 | 355.8 |
| Order book, MEUR | 51.7 | 138.0 | 73.6 |
| Investments in non-current assets without finance leases, MEUR | 6.9 | 18.6 | 39.3 |
| Investments in non-current assets incl finance leases. MEUR | 8.6 | 20.0 | 43.6 |
| Investments in non-current assets, % of net sales | 5.4 | 5.2 | 6.4 |
| Average number of personnel during the period | 3,738 | 4,404 | 4,395 |
| Average number of personnel during the period, incl. leased | |||
| personnel | 3,872 | 5,356 | 5,207 |
| Number of personnel at period end | 3,667 | 4,464 | 4,294 |
| Number of personnel at period end, incl. leased personnel | 3,776 | 5,489 | 4,488 |
| Share of export and foreign activities in net sales, % | 79.6 | 88.5 | 87.6 |
| Contingent liabilities, MEUR | 223.8 | 176.7 | 186.4 |
| Earnings per share (EPS), EUR | $-1.43$ | 2.20 | 1.24 |
| Earnings per share, with dilution (EPS), EUR | $-1.06$ | 1.74 | 1.04 |
| Cash flow per share, EUR | 0.96 | 2.38 | 2.68 |
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Changes in tangible assets and goodwill
| MEUR | 1-6/2009 | 1-6/2008 | 1-12/2008 |
|---|---|---|---|
| Changes in tangible assets | |||
| Acquisition cost at the beginning of the period | 550.9 | 568.1 | 568.1 |
| Translation difference | 0.2 | $-26.1$ | $-54.4$ |
| Additions | 6.6 | 18.6 | 39.0 |
| Disposal of subsidiary | |||
| Disposals | $-0.2$ | $-1.2$ | $-1.8$ |
| Acquisition cost at the end of the period | 557.5 | 559.4 | 550.9 |
| Accumulated depreciation at the beginning of the period | $-313.0$ | $-323.2$ | $-323.2$ |
| Translation difference | $-0.2$ | 14.3 | 31.8 |
| Accumulated depreciation on additions | |||
| Accumulated depreciation on disposals | 0.0 | 0.9 | 1.4 |
| Depreciation on disposal of subsidiary | |||
| Depreciation during the period | $-5.3$ | $-11.3$ | $-23.0$ |
| Accumulated depreciation at the end of the period | $-318.5$ | $-319.3$ | $-313.0$ |
| Book value at the end of the period | 239.0 | 240.1 | 237.9 |
| Goodwill | |||
| 34.0 | 43.1 | 43.1 | |
| Acquisition cost at the beginning of the period Additions |
0.0 | ||
| $-1.4$ | |||
| Disposals | $-7.7$ | ||
| Translation difference | 0.0 | $-4.3$ | |
| Acquisition cost at the end of the period | 34.0 | 38.8 | 34.0 |
| Accumulated depreciation at the beginning of the period | $-2.3$ | $-2.3$ | $-2.3$ |
| Accumulated depreciation at the end of the period | $-2.3$ | $-2.3$ | $-2.3$ |
| Book value at the end of the period | 31.7 | 36.5 | 31.7 |
Group development
Net sales by market area
| MEUR | 1-12/2008 | 1-6/2008 | 1-6/2009 |
|---|---|---|---|
| Finland | 102.4 | 57.6 | 33.2 |
| Sweden | 104.8 | 55.1 | 19.0 |
| Germany | 100.7 | 52.6 | 29.6 |
| UK | 80.7 | 50.9 | 15.6 |
| Turkey | 80.5 | 47.8 | 24.3 |
| Benelux countries | 72.4 | 42.4 | 9.3 |
| Other European countries | 105.2 | 63.5 | 21.9 |
| Other countries | 34.7 | 16.1 | 5.7 |
| Total | 681.4 | 386.0 | 158.7 |
Quarterly development by market area
| MEUR | Q1/08 | Q2/08 | Q3/08 | Q4/08 | Q1/09 | Q2/09 |
|---|---|---|---|---|---|---|
| Finland | 34.6 | 23.0 | 18.9 1 | 26.0 | 21.4 | 11.8 |
| Sweden | 19.8 | 35.3 | 25.0 | 24.8 | $1.0^{\circ}$ | 8.0 |
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| Germany | 25.5 | 27.1 | 28.4 | 19.7 | 16.9 | 12.7 |
|---|---|---|---|---|---|---|
| l UK | 26.8 | 24.1 | 19.1 | 10.7 | 7.6 | 7.9 |
| Turkey | 21.6 | 26.2 | 26.2 | 6.5 | 9.0 | 15.3 |
| Benelux countries | 18.8 | 23.7 | 18.3 | 11.7 | 6.8 | 2.6 |
| Other European countries | 30.3 | 33.2 | 24.7 | 16.9 | 11.6 | 10.4 |
| Other countries | 7.7 | 8.4 | 9.5 | 9.2 | 3.8 | 1.9 |
| Total | 185.0 | 201.0 | 170.1 | 125.3 | 88.1 | 70.6 |
Group development
| l MEUR | 1-12/2008 | 1-6/2008 | 1-6/2009 |
|---|---|---|---|
| Net sales | 681.4 | 386.0 | 158.7 |
| Operating profit | 47.3 | 46.3 | $-10.5$ |
| Net financial items *) | $-28.7$ | $-12.7$ | $-10.5$ |
| l Profit/loss after financial items | 18.6 | 33.6 | -21.0 |
*) Net financial items are included in the profit of Other business
Group development by business division
| Net sales, MEUR | 1-12/2008 | 1-6/2008 | 1-6/2009 |
|---|---|---|---|
| Foundries | 294.0 | 160.0 | 72.1 |
| Machine shops | 243.3 | 136.7 | 49.9 |
| Turkey | 242.7 | 141.7 | 52.1 |
| Other business | 75.7 | 46.5 | 24.9 |
| Internal and one-time items | $-174.2$ | $-99.0$ | $-40.3$ |
| Componenta total | 681.4 | 386.0 | 158.7 |
| Operating profit, MEUR | 1-12/2008 | 1-6/2008 | 1-6/2009 |
| Foundries | 23.2 | 21.2 | $-7.0$ |
| Machine shops | 4.3 | 6.8 | $-5.5$ |
| Turkey | 19.9 | 20.0 | 0.1 |
| Other business | $-0.3$ | $-0.1$ | 2.2 |
| Internal and one-time items | 0.2 | $-1.6$ | $-0.2$ |
| Componenta total | 47.3 | 46.3 | $-10.5$ |
| Order book, MEUR | 12/2008 | 6/2008 | 6/2009 |
| Foundries and Machine shops | 53.5 | 86.4 | 29.5 |
| Turkey | 17.9 | 48.1 | 22.2 |
| Other business | 2.3 | 3.5 | 0.0 |
| Componenta total | 73.6 | 138.0 | 51.7 |
Group development by quarter
| MEUR | Q1/08 | Q2/08 | Q3/08 | Q4/08 | Q1/09 | Q2/09 |
|---|---|---|---|---|---|---|
| Net sales | 185.0 | 201.0 | 170.1 | 125.3 | 88.1 | 70.6 |
| Operating profit | 23.1 | 23.2 | 7.2 | $-6.2$ | $-6.1$ | $-4.3$ |
| Net financial items *) | $-8.2$ | -4.5 | -5.9 | $-10.1$ | $-4.7$ | $-5.7$ |
| Profit/loss after financial items | 14.9 | 18.7 | 1.3 1 | $-16.3$ | $-10.9$ | $-10.1$ |
*) Net financial items are included in the profit of Other business
STOCK EXCHANGE RELEASE
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Quarterly development by business division
| Net sales, MEUR | Q1/08 | Q2/08 | Q3/08 | Q4/08 | Q1/09 | Q2/09 |
|---|---|---|---|---|---|---|
| Foundries | 73.6 | 86.4 | 71.5 | 62.6 | 43.1 | 29.0 |
| Machine shops | 65.7 | 71.0 | 56.1 | 50.5 | 28.6 | 21.3 |
| Turkey | 70.7 | 71.1 | 70.6 | 30.4 | 24.0 | 28.0 |
| Other business | 24.8 | 21.7 | 16.3 | 12.8 | 12.8 | 12.1 |
| Internal and one-time items | $-49.9$ | $-49.1$ | $-44.3$ | $-30.9$ | $-20.5$ | $-19.8$ |
| Componenta total | 185.0 | 201.0 | 170.1 | 125.3 | 88.1 | 70.6 |
| Operating profit, MEUR | Q1/08 | Q2/08 | Q3/08 | Q4/08 | Q1/09 | Q2/09 |
|---|---|---|---|---|---|---|
| Foundries | 8.8 | 12.4 | $2.2^{\circ}$ | $-0.3$ | $-3.4$ | $-3.5$ |
| Machine shops | 2.6 | 4.2 | 0.7 | $-3.2$ | $-3.2$ | $-2.3$ |
| Turkey | 13.0 | 7.0 | 4.2 | $-4.2$ | $-0.6$ | 0.6 |
| Other business | 0.1 | $-0.2$ | 0.3 | $-0.5$ | 0.9 | 1.2 1 |
| Internal and one-time items | $-1.5$ | -0.1 | $-0.1$ | 1.9 | 0.2 | $-0.4$ |
| l Componenta total | 23.1 | 23.2 | 7.2 | $-6.2$ | $-6.1$ | $-4.3$ |
| Order book at period end, MEUR | Q1/08 | Q2/08 | Q3/08 | Q4/08 | Q1/09 | Q2/09 |
|---|---|---|---|---|---|---|
| Foundries and Machine shops | 85.7 | 86.4 | 85.5 | 53.5 | 29.8 | 29.5 |
| l Turkev | 45.7 | 48.1 | 31.2 | 17.9 | 14.6 | 22.2 |
| l Other business | 3.2 | 3.5 | 6.5 | 2.3 | 1.8 | $0.0\,$ |
| l Componenta total | 134.6 | 138.0 | 123.2 | 73.6 | 46.2 | 51.7 |
Group development excluding one-time items
| IMEUR | 1-12/2008 | 1-6/2008 | 1-6/2009 |
|---|---|---|---|
| Net sales | 681.4 | 386.0 | 158.7 |
| Operating profit | 47.9 | 46.2 | $-10.5$ |
| Net financial items *) | $-28.7$ | $-12.7$ | $-10.5$ |
| Profit/loss after financial items | 19.2 | 33.5 | $-21.0$ |
*) 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 | 1-6/2008 | 1-6/2009 |
|---|---|---|---|
| Foundries | 23.2 | 21.2 | $-7.0$ |
| Machine shops | 4.3 | 6.8 | $-5.5$ |
| Turkey | 19.9 | 20.0 | 0.1 |
| Other business | $-0.3$ | $-0.1$ | 2.2 |
| Internal items | 0.8 | $-1.7$ | $-0.2$ |
| Componenta total | 47.9 | 46.2 | $-10.5$ |
Group development by quarter excluding one-time items
| MEUR | Q1/08 | Q2/08 | Q3/08 | Q4/08 | Q1/09 | Q2/09 |
|---|---|---|---|---|---|---|
| Net sales | 185.0 | 201.0 | 170.1 | 125.3 | 88.1 | 70.6 |
| Operating profit | 23.1 | 23.1 | -6.0 | $-6.1$ | $-4.4$ | |
| Net financial items *) | $-8.2$ | -4.5 | -5.9 | $-10.1$ | $-4.7$ | $-5.7$ |
| Profit/loss after financial items | 14.9 | 18.6 | 1.7 | $-16.1$ | -10.8 | $-10.2$ |
*) Net financial items are included in the profit of Other business
STOCK EXCHANGE RELEASE
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Quarterly development by business division excluding one-time items
| Operating profit. MEUR | Q1/08 | Q2/08 | Q3/08 | Q4/08 | Q1/09 | Q2/09 |
|---|---|---|---|---|---|---|
| Foundries | 8.8 | 12.4 | $2.2\phantom{0}$ | $-0.3$ | $-3.4$ | $-3.5$ |
| Machine shops | 2.6 | 4.2 | 0.7 | $-3.2$ | $-3.2$ | $-2.3$ |
| Turkey | 13.0 | 7.0 | 4.2 | $-4.2$ | $-0.6$ | 0.6 |
| Other business | 0.1 | $-0.2$ | 0.3 | $-0.5$ | 0.9 | $1.2^{\circ}$ |
| Internal items | $-1.5$ | $-0.2$ | 0.3 | 2.1 | 0.2 | $-0.4$ |
| Componenta total | 23.1 | 23.1 | 77 | $-6.0$ | $-6.1$ | $-4.4$ |
Segments
Business segments
| MEUR | 30.6.2009 | 30.6.2008 | 31.12.2008 |
|---|---|---|---|
| Foundries | |||
| Assets | 108.9 | 148.9 | 139.2 |
| Liabilities | 19.0 | 50.4 | 37.9 |
| Investments in non-current assets (incl. finance leases) | 2.4 | 3.7 | 11.4 |
| Depreciation | 2.1 | 3.9 | 6.7 |
| Machine shops | |||
| Assets | 69.5 | 102.6 | 88.2 |
| Liabilities | 15.3 | 44.7 | 33.1 |
| Investments in non-current assets (incl. finance leases) | 0.6 | 6.1 | 10.7 |
| Depreciation | 1.2 | 2.8 | 5.7 |
| Turkey | |||
| Assets | 180.9 | 207.8 | 180.1 |
| Liabilities | 18.8 | 41.1 | 26.0 |
| Investments in non-current assets (incl. finance leases) | 3.1 | 8.9 | 17.0 |
| Depreciation | 1.6 | 3.4 | 8.6 |
| Other business | |||
| Assets | 50.5 | 57.3 | 48.4 |
| Liabilities | 21.6 | 29.6 | 21.2 |
| Investments in non-current assets (incl. finance leases) | 1.8 | 0.9 | 3.1 |
| Depreciation | 0.9 | 0.9 | 1.7 |
Geographical areas
| MEUR | 30.6.2009 | 30.6.2008 | 31.12.2008 |
|---|---|---|---|
| Finland | |||
| Non-current assets | 84.6 | 79.5 | 83.8 |
| Investments in non-current assets (incl. finance leases) | 4.5 | 4.4 | 13.2 |
| Sweden | |||
| Non-current assets | 23.7 | 26.7 | 23.8 |
| Investments in non-current assets (incl. finance leases) | 0.4 | 1.7 | 3.4 |
| Netherlands | |||
| Non-current assets | 33.9 | 33.7 | 34.1 |
| Investments in non-current assets (incl. finance leases) | 0.5 | 1.3 | 3.0 |
| Turkey | |||
| Non-current assets | 125.4 | 129.7 | 123.7 |
| Investments in non-current assets (incl. finance leases) | 3.1 | 12.1 | 22.6 |
| Other countries | |||
| Non-current assets | 0.8 | 1.0 | 0.8 |
| Investments in non-current assets (incl. finance leases) | 0.0 | 0.1 | 0.1 |
STOCK EXCHANGE RELEASE
17.7.2009 at 9.30
Fair values of derivative instruments
| 30.6.2009 | 30.6.2008 | 31.12.2008 | |||
|---|---|---|---|---|---|
| MEUR | Fair value, positive |
Fair value, negative |
Fair value, net |
Fair value, net |
Fair value, net |
| Currency derivatives | |||||
| Foreign exchange forwards | 0.0 | 0.3 | |||
| Currency swaps | 0.4 | $-0.5$ | $-0.1$ | 0.2 | 2.3 |
| Foreign exchange options | |||||
| Interest rate derivatives | |||||
| Interest rate options | 1.0 | $-0.2$ | 0.8 | 0.3 | 0.6 |
| Interest rate swaps | $-2.2$ | $-2.2$ | 0.6 | $-2.8$ | |
| Commodity derivatives | |||||
| Electricity price forwards | 0.0 | $-1.1$ | $-1.0$ | 2.0 | $-2.1$ |
| Total | 1.5 | $-4.1$ | $-2.6$ | 3.1 | $-1.7$ |
Nominal values of derivative instruments
| 30.6.2009 | 30.6.2008 | 31.12.2008 | |
|---|---|---|---|
| Nominal | Nominal | Nominal | |
| MEUR | value | value | value |
| Currency derivatives *) | |||
| Foreign exchange forwards | 0.7 | 5.4 | |
| Currency swaps | 40.9 | 66.8 | 30.9 |
| Foreign exchange options | |||
| Interest rate derivatives | |||
| Interest rate options | 42.0 | 36.0 | 46.0 |
| Interest rate swaps | |||
| Maturity in less than a year | 31.0 | 12.7 | 38.2 |
| Maturity after one year and less than five years | 52.0 | 37.0 | 56.0 |
| Commodity derivatives | |||
| Electricity price forwards | |||
| Maturity in less than a year | 1.7 | 1.5 | 4.4 |
| Maturity after one year and less than five years | 6.0 | 5.0 | 5.5 |
| Total | 173.6 | 159.7 | 186.4 |
*) Currency derivatives mature in less than a year.
Contingent liabilities
| MEUR | 30.6.2009 | 30.6.2008 31.12.2008 | |
|---|---|---|---|
| Real-estate mortgages For own debts |
15.2 | 6.4 | 15.2 |
| Business mortgages For own debts |
0.3 | 26 | クク |
STOCK EXCHANGE RELEASE
17.7.2009 at 9.30
| Total | 223.8 | 176.7 | 186.4 |
|---|---|---|---|
| Other commitments | 7.8 | 10.8 | 13.2 |
| Other leasing commitments | 3.5 | 4.0 | 4.5 |
| Pledges For own debts |
197.0 | 152.9 | 151.2 |
Key exchange rates
| Closing rate | Average rate | |||
|---|---|---|---|---|
| One Euro is | 31.12.2008 | 30.6.2009 | 31.12.2008 | 30.6.2009 |
| SEK | 10.8700 | 10.8125 | 9.6152 | 10.8614 |
| USD | 1.3917 | 1.4134 | 1.4708 | 1.3328 |
| GPB | 0.95250 | 0.85210 | 0.79628 | 0.89392 |
| TRY (Turkish central bank) | 2.1408 | 2.1469 | 1.8958 | 2.1408 |
Calculation of key financial ratios
| Return on equity -% (ROE) |
= Profit/loss after financial items - income taxes x 100 Shareholders' equity without preferred capital notes + minority interest (quarterly average) |
|
|---|---|---|
| Return on investment - % (ROI) |
$=$ Profit/loss after financial items $+$ interest and other financial expenses x 100 Shareholders' equity + interest bearing liabilities (quarterly average) |
|
| Equity ratio, % |
$=$ | Shareholders' equity, preferred capital notes excluded + minority interest x 100 Balance sheet total - advances received |
| Earnings per share, EUR (EPS) |
$=$ Profit/loss after financial items – income taxes $+/-$ minority interest Average number of shares during the financial period |
|
| share with dilution, EUR |
Earnings per = 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, EUR |
$=$ | Net cash generated from operating activities Average number of shares during the financial period |
STOCK EXCHANGE RELEASE
17.7.2009 at 9.30
| Average trading price, EUR |
$=$ Trading volume Number of shares traded during the financial period |
|---|---|
| Equity per share, EUR |
$=$ Shareholders' equity, preferred capital notes excluded 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 |
Largest registered shareholders on 30 June 2009
| Share of total | |||
|---|---|---|---|
| Shareholder | Shares | voting rights, % | |
| Lehtonen Heikki | 4,311,340 | 39.34 | |
| Cabana Trade S.A. | 3,801,988 | ||
| Oy Högfors-Trading Ab | 506,052 | ||
| Lehtonen Heikki | 3,300 | ||
| 2 Etra-Invest Oy Ab | 3,237,464 | 29.54 | |
| 3 Laakkonen Mikko | 200,000 | 1.83 | |
| 4 Bergholm Heikki | 180,000 | 1.64 | |
| 5 Lehtonen Anna-Maria | 178,823 | 1.63 | |
| 6 Mutual Fund Evli Wealth Manager (non-UCITS) | 100,000 | 0.91 | |
| 7 Seppo Saario Oy | 75,000 | 0.68 | |
| 8 Lehtonen Yrjö M. | 67,040 | 0.61 | |
| 9 Ilmarinen Mutual Pension Insurance Company | 57,600 | 0.53 | |
| 10 Troll Capital Oy | 50,000 | 0.46 | |
| Nominee-registered shares | 275,683 | 2.52 | |
| Other shareholders | 2,224,848 | 20.30 | |
| Total | 10.957.798 | 100.00 |
The members of the Board of Directors own 41.2% 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 33.9 %.
Helsinki, 17 July 2009
COMPONENTA CORPORATION Board of Directors
Heikki Lehtonen President and CEO
STOCK EXCHANGE RELEASE
17.7.2009 at 9.30
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 681 million in 2008. The Group employs 4,500 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 FI-00610 Helsinki, Finland Tel. +358 10 403 00 Fax +358 10 403 2721 www.componenta.com