Componenta Oyj — Interim / Quarterly Report 2009

Apr 17, 2009

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Componenta interim report 1 January – 31 March 2009

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Net sales and order book

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Result

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Income taxes calculated from the result for the review period totalled EUR 2.5 (-3.8) million.

The net result for the period excluding one time items was EUR -8.3 (11.1) million.

The basic earnings per share excluding one-time items was EUR -0.74 (0.96).

The return on investment excluding one-time items was -6.5% (25.4%) and return on equity excluding onetime items was -51.0% (48.2%).

Financing

On 31 March 2009 Componenta Corporation had outstanding capital notes and convertible notes with a combined value of EUR 42.0 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 notes. At the end of March 2009, the outstanding unconverted capital notes entitled holders to subscribe to 3,165,000 shares.

At the end of the review period, Componenta had EUR 34.7 million in unused, long-term credit facilities as well as cash funds of EUR 14.2 million. In addition, the Group has a EUR 150.0 million commercial paper programme. The Group's interest-bearing net debt, excluding the outstanding capital notes of EUR 42.0 million, stood at EUR 223.4 (191.6) million. The company's net debt as a proportion of shareholders' equity, including the capital notes in shareholders' equity, was 226.6% (140.4%).

Componenta is making more efficient use of capital with a programme to sell its sales receivables. Under this arrangement, some of the sales receivables are sold without any right of recourse. By the end of the period the company had sold sales receivable totalling EUR 34.0 (49.1) million.

Componenta's net cash flow from operations during the review period was EUR 5.3 (17.6) million, and of this the change in net working capital was EUR 11.2 (-5.8) million. The cash flow from investment was EUR -4.4 (-9.3) million, which includes the cash flow from the Group's production investments 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 13.5% (16.6%). The Group's shareholders' equity on 31 March 2009, including the capital notes in shareholders' equity, as a proportion of the balance sheet total was 23.5% (27.0%). The change in the translation difference caused by the weakening of the Turkish lira against the euro affected the equity ratio during the review period. The cumulative translation difference since 1 January 2008 was EUR -34 million.

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 quarter 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 Group's iron foundries in Karkkila, Pori, Pietarsaari and lisalmi in Finland, and the foundries in Weert and Heerlen as well as Tegelen Pattern Shop in the Netherlands.

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The division's net sales in the review period declined 41% to EUR 43.1 (73.6) million and the operating profit was EUR -3.4 million, corresponding to -7.9% of net sales (EUR 8.8 million, 12.0%). Extremely low capacity usage was the main factor having a negative impact on the division's operating profit.

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 fell 56% to EUR 28.6 (65.7) million and the operating profit was EUR -3.2 million, corresponding to -11.2% of net sales (EUR 2.6 million, 4.0%). The division's operating profit was weakened mainly by the low volumes. A further factor is that a large part of the division's personnel is in Sweden, where adaptation measures are slower than in other countries.

Turkev

The 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 66% to EUR 24.0 (70.7) million and the operating profit was EUR -0.6 million, corresponding to -2.5% of net sales (EUR 13.0 million, 18.4%). The division's operating profit for the review period was hit by the extremely sharp decline in volumes. Adjusting costs succeeded well in Turkey, and despite the extremely low capacity usage the division recorded only a small operating loss.

Other Business

Other Business comprises the sales and logistics company Componenta UK in Great Britain, real estate companies and the Group's administrative functions. Other Business recorded an operating profit in the review period, excluding one-time items, of EUR 0.9 (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 March 2009 the company had a total of 10,945,698 shares. At the end of the period the company's share capital stood at EUR 21.9 (21.9) million. On 31 March 2009 the quoted price of Componenta Corporation shares stood at EUR 3.80 (8.20). The average price during the review period was EUR 5.25, the lowest quoted price was EUR 3.80 and the highest EUR 5.73. At the end of the review period the share capital had a market capitalization of EUR 41.6 (89.7) million and the volume of shares traded during the period was equivalent to 3.2% (11.5%) 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 Exchange and in accordance with its rules and regulations.

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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 of Directors has not exercised the authorization to purchase own 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:

• 1. 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.
• 1. The authorization is valid for a period of five years from the date of the decision of the AGM.

Under the mentioned authorization the Board of Directors of Componenta Corporation resolved on 16 April 2009 on a directed share issue for the reward payment from the earning periods 2007 - 2008 of the sharebased incentive scheme 2007 - 2009. In the share issue 12,100 Componenta Corporation shares will be issued and conveyed without consideration to the key persons participating in the share-based incentive scheme according to its terms and conditions.

Share-based incentive scheme

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 50 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 61,000 shares. The scheme had no impact on the Group's result at the end of the first quarter of 2009.

Investments

Componenta's investments in production facilities during the review period totalled EUR 5.2 (10.5) million, and finance lease investments accounted for EUR 1.1 (1.1) of these. The net cash flow from investments was EUR -4.4 (-9.3) 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 Raitavuo 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.

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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 3,932 (5,280) employees, including 156 (917) leased employees. The number of Group personnel at the end of March 2009 was 3.858 (5.303), which includes 130 (912) leased employees. At the end of the first quarter of 2009 42% (49%) of the Group's personnel were in Turkey, 30% (23%) in Finland, 18% (18%) in the Netherlands, and 10% (10%) in Sweden. The combined sum for personnel expenses and external services declined by EUR 22.8 million, or 40%, in the review period from the corresponding period in the previous year.

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 raw materials are passed on to the prices of products supplied to customers after a certain delay, so price increases in recycled metal reduce the sales margin temporarily. When 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.

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 euros 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 currency-

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denominated 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 concentration 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 been intensified and the Group has had to resort to bans on deliveries to several small 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 if control of the company changes in 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 in consequence of a public purchase offer.

Prospects

Componenta's prospects for the remainder 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 is further uncertain and weak at the beginning of the second quarter of 2009, due to the recent rapid decline in the global economy.

The slowdown in construction in the USA and Europe has reduced demand considerably in the off-road sector. Demand for mining machinery has continued to fall, due to the fall in the prices of raw materials. Because of the recession, many countries have initiated infrastructure projects, and it is estimated that these will increase demand for off-road vehicles in 2010.

The number of heavy trucks registered in Europe in January and February was 40% less than in the previous year. This year production volumes are expected to decline 30-50% from last year.

The number of private cars registered decreased 17% in January - March from the previous year. Automotive production in Europe was significantly lower than in the previous year.

Demand in the wind power sector is expected to weaken temporarily as wind power projects are facing difficulties with financing. Demand prospects for diesel engines are unchanged.

Demand in the machine building industry is expected to continue to fall.

Componenta's order book at the end of the first quarter of 2009 was 66% lower than at the same time in the previous year. In addition to decreased end user demand, measures taken by customers to reduce their stocks reduced the order book.

The restructuring measures taken towards the end of last year and early in 2009 have reduced the Group's operational expenses for the second quarter altogether by more than 60% from the corresponding period in 2008.

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Componenta Group's 2009 net sales are expected to fall 40-50% from the previous year and the result after financial items, excluding one-time items, is expected to be a loss. The Group's cash flow from operations before financial items and taxes is expected to be positive due to the major reduction in working capital and the low level of investments.

Interim report tables

Consolidated income statement

	$1.1 -$	$1.1 -$	$1.1 -$
MEUR	31.3.2009	31.3.2008	31.12.2008
Net sales	88.1	185.0	681.4
Other operating income	1.5	7.2	8.3
Operating expenses	$-92.5$	$-163.0$	$-618.9$
Depreciation, amortization and write-
down	$-3.2$	$-6.0$	$-23.9$
Share of the associated companies'
result	0.0	0.0	0.2
Operating profit	$-6.1$	23.1	47.3
% of net sales	$-7.0$	12.5	6.9
Financial income and expenses	$-4.7$	$-8.2$	$-28.7$
Result after financial items	$-10.9$	14.9	18.6
% of net sales	$-12.3$	8.1	2.7
Income taxes	2.5	$-3.8$	$-4.6$
Net profit	$-8.3$	11.1	13.9
Allocation of net profit for the period
To equity holders of the parent	$-8.2$	10.5	13.5
To minority interest	$-0.2$	0.6	0.4
	$-8.3$	11.1	13.9
Earning per share calculated on the
profit attributable to equity holders of the
parent
Earnings per share, EUR	$-0.75$	0.96	1.24
Earnings per share with dilution, EUR	$-0.56$	0.76	1.04

Consolidated statement of comprehensive income

	$1.1 -$	$1.1 -$	$1.1 -$
MEUR	31.3.2009		31.3.2008 31.12.2008
Net profit	$-8.3$	11.1	13.9
Other comprehensive income
Translation differences	$-4.9$	$-21.7$	$-30.8$
Cash flow hedges	$-1.0$	$-1.1$	$-5.3$
Income tax on other comprehensive
income	0.3	0.4	1.4
Other comprehensive income, net of tax	$-5.6$	$-22.4$	$-34.7$
Total comprehensive income	$-13.9$	$-11.3$	$-20.8$
Allocation of total comprehensive income
To equity holders of the parent	$-13.5$	$-10.7$	$-19.5$
To minority interest	$-0.4$	$-0.6$	$-1.3$
	$-13.9$	$-11.3$	$-20.8$

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$1.1 1.1 1.1 -$ MEUR 31.3.2009 31.3.2008 31.12.2008 Net sales 88.1 185.0 681.4 Other operating income $1.5$ $7.2$ $8.3$ Operating expenses $-92.5$ $-163.0$ $-618.2$ Depreciation, amortization and write- $-23.9$ $-3.2$ $-6.0$ down Share of the associated companies' $0.0$ $0.0$ $0.2$ result Operating profit $-6.1$ $23.1$ 47.9 % of net sales $-6.9$ $12.5$ $7.0$ Financial income and expenses $-4.7$ $-28.7$ $-8.2$ Result after financial items $-10.8$ 14.9 $192$ % of net sales $-12.3$ $8.1$ $2.8$ Income taxes 2.5 $-3.8$ $-4.8$ Net profit $-8.3$ $11.1$ 14.4 Allocation of net profit for the period $10.5$ 14.0 To equity holders of the parent $-8.1$ To minority interest $-0.2$ $0.6$ $0.4$ $-8.3$ 14.4 $11.1$ Earning per share calculated on the profit attributable to equity holders of the parent Earnings per share, EUR $-0.74$ 0.96 1.28

Consolidated income statement excluding one-time items

Consolidated statement of financial position

MEUR	31.3.2009	31.3.2008	31.12.2008
Assets
Non-current assets
Intangible assets	5.2	2.9	4.6
Goodwill	30.5	35.3	31.7
Investment properties	1.8	1.8	1.8
Tangible assets	235.6	232.1	237.9
Investment in associates	0.9	0.9	0.9
Receivables	4.3	4.9	4.4
Other investments	0.4	0.3	0.4
Deferred tax assets	11.7	9.0	10.6
Total non-current assets	290.5	287.2	292.4
Current assets
Inventories	62.1	86.9	83.8
Receivables	50.5	94.8	66.7
Tax receivables	2.7	1.0	2.3
Cash and bank accounts	14.2	36.9	5.2
Total current assets	129.5	219.5	158.0
Total assets	420.1	506.7	450.4

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Shareholders' equity and liabilities
Shareholders' equity
Share capital	21.9	21.9	21.9
Other equity	27.9	53.5	44.8
Equity attributable to equity holders of the parent	49.8	75.4	66.7
Minority interest	6.7	8.7	7.1
Shareholders' equity	56.5	84.2	73.8
Liabilities
Non-current
Capital loan	26.8	40.7	41.8
Interest bearing	182.1	88.6	165.3
Interest free		0.3
Provisions	6.1	7.0	5.8
Deferred tax liability	7.0	8.9	7.9
Current
Capital loan	15.2	11.5	9.5
Interest bearing	55.5	139.8	51.2
Interest free	68.9	120.2	93.3
Tax liabilities	0.2	0.8	0.1
Provisions	1.7	4.6	1.8
Total liabilities	363.6	422.5	376.6
Total shareholders' equity and liabilities	420.1	506.7	450.4

Consolidated cash flow statement

	$1.1 -$	$1.1 -$	$1.1 -$
MEUR			31.3.2009 31.3.2008 31.12.2008
Cash flow from operating activities
Result after financial items	$-10.9$	14.9	18.6
Depreciation, amortization and write-down	3.2	6.0	23.9
Net financial income and expenses	4.7	8.2	28.7
Other income and expenses, adjustments to cash flow	0.2	2.4	$-2.6$
Change in net working capital	11.2	$-5.8$	$-4.2$
Cash flow from operations before financing and income taxes	8.4	25.7	64.4
Interest received and paid and dividends received	$-4.3$	$-8.1$	$-28.0$
Taxes paid	1.2		$-7.0$
Net cash flow from operating activities	5.3	17.6	29.4
Cash flow from investing activities
Capital expenditure in tangible and intangible assets	$-4.4$	$-9.3$	$-39.6$
Proceeds from tangible and intangible assets			0.3
Other investments and loans granted
Proceeds from other investments and repayments of loan
receivables			0.0
Acquisition of subsidiary, net of cash acquired			$-1.3$
Net cash flow from investing activities	$-4.4$	$-9.3$	$-40.6$
Cash flow from financing activities
Dividends paid	$-3.3$	$-5.5$	$-5.6$
Repayment of finance lease liabilities	$-0.5$	$-0.1$	$-2.4$
Draw-down (+)/ repayment (-) of current loans	10.1	2.3	$-82.7$
Draw-down of non-current loans	21.5	9.0	98.0

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Repayment of non-current loans and other changes Net cash flow from financing activities Change in liquid assets	$-19.3$ 8.5 9.4	$-1.6$ 4.1 12.4	$-16.1$ $-8.7$ $-20.0$
Cash and bank account at the beginning of the period	5.2	27.5	27.5
Effects of exchange rate changes on cash	$-0.4$	$-3.0$	$-2.3$
Cash and bank account at the period end	14.2	36.9	5.2
Change during the financial period	9.4	12.4	$-20.0$

Statement of changes in consolidated shareholders' equity

MEUR	Share capital	Share premium	Other re-	Cash flow account serves hedges rences	Trans lation diffe	Retained earnings	Total	Minor ity in terest	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				$-0.7$	$-20.5$	10.5	$-10.7$	$-0.6$	$-11.3$
Other changes			0.2				0.2		0.2
Dividends paid						$-5.5$	$-5.5$		$-5.5$
Increase of share capital
(warrants)	0.0	0.1					0.1		0.1
Shareholders' equity 31.3.2008	21.9	15.0	6.3	0.4	$-10.7$	42.5	75.4	8.7	84.2

		Share	Other	Cash	Trans lation				Share holders'
	Share	premium	re-	flow		diffe Retained		Minority	equity
MEUR	capital					account serves 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				$-0.7$	$-4.7$	$-8.2$	$-13.6$	$-0.4$	$-13.9$
Dividends paid						$-3.3$	$-3.3$		$-3.3$
Shareholders' equity 31.3.2009	21.9	15.0	6.5	$-3.5$	$-24.1$	34.0	49.8	6.7	56.5

Key ratios

	31.3.2009	31.3.2008	31.12.2008
Equity ratio. %	13.5	16.6	16.4
Equity per share, EUR	4.55	6.89	6.09
Invested capital	336.2	364.9	341.5
Return on investment, %	$-6.5$	25.4	13.6
Return on investment, excluding one-time items %	$-6.5$	25.4	13.7
Return on equity, %	$-51.2$	48.2	14.5
Return on equity, excluding one-time items %	$-51.0$	48.2	14.9
Net interest bearing debt, MEUR, preferred capital note in debt	265.5	243.9	262.5
Net gearing, %, preferred capital note in debt	469.9	289.8	355.8
Order book, MEUR	46.2	134.6	73.6
Investments in non-current assets without finance leases, MEUR	4.2	9.3	39.3

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Investments in non-current assets incl finance leases, MEUR	5.3	10.5	43.6
Investments in non-current assets, % of net sales	6.0	5.7	6.4
Average number of personnel during the period	3,776	4,364	4,395
Average number of personnel during the period, incl. leased
personnel	3.932	5.280	5,207
Number of personnel at period end	3,729	4,391	4,294
Number of personnel at period end, incl. leased personnel	3,858	5,303	4,488
Share of export and foreign activities in net sales, %	77.7	89.0	87.6
Contingent liabilities, MEUR	183.7	186.4	186.4
Earnings per share (EPS), EUR	$-0.75$	0.96	1.24
Earnings per share, with dilution (EPS), EUR	$-0.56$	0.76	1.04
Cash flow per share, EUR	0.48	1.61	2.68

Changes in tangible assets and goodwill

MEUR	1-3/2009	1-3/2008	1-12/2008
Changes in tangible assets
Acquisition cost at the beginning of the period	550.9	568.1	568.1
Translation difference	$-7.7$	$-32.5$	$-54.4$
Additions	4.3	9.8	39.0
Disposal of subsidiary
Disposals	$-0.2$	$-1.7$	$-1.8$
Acquisition cost at the end of the period	547.3	543.7	550.9
Accumulated depreciation at the beginning of the period	$-313.0$	$-323.2$	$-323.2$
Translation difference	4.1	11.9	31.8
Accumulated depreciation on additions
Accumulated depreciation on disposals	0.0	7.0	1.4
Depreciation on disposal of subsidiary
Depreciation during the period	$-2.8$	$-5.6$	$-23.0$
Accumulated depreciation at the end of the period	$-311.7$	$-309.8$	$-313.0$
Book value at the end of the period	235.6	233.9	237.9
Goodwill
Acquisition cost at the beginning of the period	34.0	43.1	43.1
Additions			0.0
Disposals			$-1.4$
Translation difference	$-1.2$	$-5.5$	$-7.7$
Acquisition cost at the end of the period	32.8	37.6	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	30.5	35.3	31.7

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Segments

Business segments

MEUR	31.3.2009	31.3.2008	31.12.2008
Foundries
Assets	116.4	137.4	139.2
Liabilities	28.5	46.3	37.9
Investments in non-current assets (incl. finance leases)	$1.5\,$	1.2	11.4
Depreciation	1.2	1.9	6.7
Machine shops
Assets	72.5	98.2	88.2
Liabilities	19.1	42.1	33.1
Investments in non-current assets (incl. finance leases)	0.2	5.2	10.7
Depreciation	0.7	1.4	5.7
Turkey
Assets	163.0	197.5	180.1
Liabilities	19.1	36.4	26.0
Investments in non-current assets (incl. finance leases)	1.9	3.4	17.0
Depreciation	0.4	1.8	8.6
Other business
Assets	45.4	56.8	48.4
Liabilities	16.0	32.0	21.2
Investments in non-current assets (incl. finance leases)	1.5	0.6	3.1
Depreciation	0.5	0.5	1.7

Geographical areas

MEUR	31.3.2009	31.3.2008	31.12.2008
Finland
Non-current assets	84.6	79.4	83.8
Investments in non-current assets (incl. finance leases)	2.6	2.1	13.2
Sweden
Non-current assets	23.5	27.5	23.8
Investments in non-current assets (incl. finance leases)	0.2	2.9	3.4
Netherlands
Non-current assets	34.2	33.9	34.1
Investments in non-current assets (incl. finance leases)	0.5	0.7	3.0
Turkey
Non-current assets	120.4	119.8	123.7
Investments in non-current assets (incl. finance leases)	1.9	4.7	22.6
Other countries
Non-current assets	0.8	1.0	0.8
Investments in non-current assets (incl. finance leases)	0.0	0.0	0.1

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Group development

Net sales by market area

MEUR	1-12/2008	1-3/2008	1-3/2009
Finland	102.4	34.6	21.4
Sweden	104.8	19.8	11.0
Germany	100.7	25.5	16.9
UK	80.7	26.8	7.6
Turkey	80.5	21.6	9.0
Benelux countries	72.4	18.8	6.8
Other European countries	105.2	30.3	11.6
Other countries	34.7	7.7	3.8
Total	681.4	185.0	88.1

Quarterly development by market area

MEUR	Q1/08	Q2/08	Q3/08	Q4/08	Q1/09
Finland	34.6	23.0	18.9	26.0	21.4
Sweden	19.8	35.3	25.0	24.8	11.0
Germany	25.5	27.1	28.4	19.7	16.9
UK	26.8	24.1	19.1	10.7	7.6
Turkey	21.6	26.2	26.2	6.5	9.0
Benelux countries	18.8	23.7	18.3	11.7	6.8
Other European countries	30.3	33.2	24.7	16.9	11.6
Other countries	7.7	8.4	9.5	9.2	3.8
Total	185.0	201.0	170.1	125.3	88.1

Group development

MEUR	1-12/2008	1-3/2008	1-3/2009
Net sales	681.4	185.0	88.1
Operating profit	47.3	23.1	-6.1
Net financial items *)	$-28.7$	$-8.2$	$-4.7$
Profit/loss after financial items	18.6	14.9	$-10.9$

*) Net financial items are included in the profit of Other business

Group development by business division

Net sales, MEUR	1-12/2008	1-3/2008	1-3/2009
Foundries	294.0	73.6	43.1
Machine shops	243.3	65.7	28.6
Turkey	242.7	70.7	24.0
Other business	75.7	24.8	12.8
Internal and one-time items	$-174.2$	$-49.9$	$-20.5$
Componenta total	681.4	185.0	88.1

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46.2

$73.6$

Operating profit, MEUR	1-12/2008	1-3/2008	1-3/2009
Foundries	23.2	8.8	$-3.4$
Machine shops	4.3	2.6	$-3.2$
Turkey	19.9	13.0	$-0.6$
Other business	$-0.3$	0.1	0.9
Internal and one-time items	0.2	$-1.5$	0.2 2
Componenta total	47.3	23.1	$-6.1$

Order book, MEUR	12/2008	3/2008	3/2009
Foundries and Machine shops	53.5	85.7	29.8
Turkey	17.9	45.7	14.6
Other business	2.3	3.2	1.8
Componenta total	73.6	134.6	46.2

Group development by quarter

Componenta total

MEUR	Q1/08	Q2/08	Q3/08	Q4/08	Q1/09
Net sales	185.0	201.0	170.1	125.3	88.1
Operating profit	23.1	23.2	7.2	$-6.2$	$-6.1$
Net financial items *)	$-8.2$	$-4.5$	$-5.9$	$-10.1$	$-4.7$
l Profit/loss after financial items	14.9	18.7	1.3	$-16.3$	$-10.9$

*) Net financial items are included in the profit of Other business

Quarterly development by business division

Net sales, MEUR	Q1/08	Q2/08	Q3/08	Q4/08	Q1/09
Foundries	73.6	86.4	71.5	62.6	43.1
Machine shops	65.7	71.0	56.1	50.5	28.6
Turkey	70.7	71.1	70.6	30.4	24.0
Other business	24.8	21.7	16.3	12.8	12.8
Internal and one-time items	$-49.9$	$-49.1$	$-44.3$	$-30.9$	$-20.5$
Componenta total	185.0	201.0	170.1	125.3	88.1
Operating profit, MEUR	Q1/08	Q2/08	Q3/08	Q4/08	Q1/09
Foundries	8.8	12.4	2.2	$-0.3$	$-3.4$
Machine shops	2.6	4.2	0.7	$-3.2$	$-3.2$
Turkey	13.0	7.0	4.2	$-4.2$	$-0.6$
Other business	0.1	$-0.2$	0.3	$-0.5$	0.9
Internal and one-time items	$-1.5$	$-0.1$	$-0.1$	1.9	0.2
Componenta total	23.1	23.2	7.2	$-6.2$	$-6.1$
Order book at period end, MEUR	Q1/08	Q2/08	Q3/08	Q4/08	Q1/09
Foundries and Machine shops	85.7	86.4	85.5	53.5	29.8
Turkey	45.7	48.1	31.2	17.9	14.6
Other business	3.2	3.5	6.5	2.3	1.8

$134.6$

138.0

$123.2$

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Group development excluding one-time items

l MEUR	1-12/2008	1-3/2008	1-3/2009
Net sales	681.4	185.0	88.1
Operating profit	47.9	23.1	-6.1
Net financial items *)	$-28.7$	$-8.2$	-4.7
Profit/loss after financial items	19.2	14.9	-10.8 l

*) 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	1-3/2008	1-3/2009
Foundries	23.2	8.8	$-3.4$
Machine shops	4.3	2.6	$-3.2$
Turkey	19.9	13.0	$-0.6$
Other business	$-0.3$	0.1	0.9
Internal items	0.8	$-1.5$	0.2
Componenta total	47.9	23.1	-6.1

Group development by quarter excluding one-time items

MEUR	Q1/08	Q2/08	Q3/08	Q4/08	Q1/09
Net sales	185.0	201.0	170.1	125.3	88.1
Operating profit	23.1	23.1		-6.0	-6.1 I
Net financial items *)	$-8.2$	-4.5	-5.9	$-10.1$	$-4.7$
Profit/loss after financial items	14.9	18.6		$-16.1$	$-10.8$

*) Net financial items are included in the profit of Other business

Quarterly development by business division excluding one-time items

Operating profit. MEUR	Q1/08	Q2/08	Q3/08	Q4/08	Q1/09
Foundries	8.8	12.4	2.2	$-0.3$	$-3.4$
Machine shops	2.6	4.2	0.7	$-3.2$	$-3.2$
Turkey	13.0	7.0	4.2	$-4.2$	$-0.6$
Other business	0.1	$-0.2$	0.3	$-0.5$	0.9
Internal items	$-1.5$	$-0.2$	0.3	2.1	0.2
Componenta total	23.1	23.1		$-6.0$	$-6.1$

Fair values of derivative instruments

	31.3.2009			31,3,2008	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	0.0	0.0	$-0.2$	0.3
Currency swaps	0.6	$-0.2$	0.4	0.0	2.3
Foreign exchange options	$\overline{\phantom{a}}$			$-0.3$
Interest rate derivatives
Interest rate options	1.1	$-0.3$	0.8	0.3	0.6
Interest rate swaps		$-3.3$	$-3.3$	0.2	$-2.8$

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Total
Electricity price forwards
Commodity derivatives

Nominal values of derivative instruments

	31.3.2009	31.3.2008	31.12.2008
	Nominal	Nominal	Nominal
MEUR	value	value	value
Currency derivatives *)
Foreign exchange forwards	5.0	6.3	5.4
Currency swaps	35.8	76.1	30.9
Foreign exchange options		7.0
Interest rate derivatives
Interest rate options	46.0	46.0	46.0
Interest rate swaps
Maturity in less than a year	31.0	15.9	38.2
Maturity after one year and less than five years	56.0	41.0	56.0
Commodity derivatives
Electricity price forwards
Maturity in less than a year	1.8	2.3	4.4
Maturity after one year and less than five years	4.3	4.5	5.5
Total	179.9	199.1	186.4

*) Currency derivatives mature in less than a year.

Contingent liabilities

MEUR	31.3.2009	31.3.2008	31.12.2008
Real-estate mortgages
For own debts	15.2	6.4	15.2
Business mortgages
For own debts	0.3	2.6	2.2
Pledges
For own debts	156.9	152.9	151.2
Other leasing commitments	3.9	4.5	4.5
Other commitments	7.4	19.9	13.2
Total	183.7	186.4	186.4

Key exchange rates

	Closing rate		Average rate
One Euro is	31.12.2008	31.3.2009	31.12.2008	31.3.2009
SEK	10.8700	10.9400	9.6152	10.9410
USD	1.3917	1.3308	1.4708	1.3029
GPB	0.95250	0.93080	0.79628	0.90878
l TRY (Turkish central bank)	2.1408	2.2258	1.8958	2.1506

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Calculation of key financial ratios

Return on equity -% (ROE)	Calculation of Key in lancial ratios $=$ 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 $\times$ 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
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, EUR	= Net cash generated from operating activities Average number of shares during the financial period
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

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Largest registered shareholders on 31 March 2009

			Share of total
Shareholder		Shares	voting rights, %
1 Lehtonen Heikki		4,308,040	39.36
Cabana Trade S.A.	3,801,988
Oy Högfors-Trading Ab	506,052
2 Etra-Invest Oy Ab		3,237,464	29.58
3 Laakkonen Mikko		200,000	1.83
4 Bergholm Heikki		180,000	1.64
5 Lehtonen Anna-Maria		178,823	1.63
6 Inkinen Simo-Pekka		150,352	1.37
7 Mutual Fund Evli Wealth Manager (non-UCITS)		100,000	0.91
8 Lehtonen Yrjö M.		77,040	0.70
9 Seppo Saario Oy		73,000	0.67
10 Ilmarinen Mutual Pension Insurance Company		57,600	0.53
Nominee-registered shares		325,383	2.97
Other shareholders		2,057,996	18.80
Total		10,945,698	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 April 2009

COMPONENTA CORPORATION Board of Directors

Heikki Lehtonen President and CEO

Further information:

Heikki Lehtonen President and CEO 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 some 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