AI assistant
Componenta Oyj — Interim / Quarterly Report 2010
Oct 19, 2010
3307_10-q_2010-10-19_113e2b35-8237-432f-ba99-4a3ea857af0a.pdf
Interim / Quarterly Report
Open in viewerOpens in your device viewer
pqlh=bue^kdb=obib^pb==
Componenta interim report 1 January - 30 September 2010
Result clearly improved, demand outlook for the fourth quarter remains good
- `çåëçäáÇ~íÉÇ=åÉí=ë~äÉë=áå=íÜÉ=êÉîáÉï=éÉêáçÇ=ïÉêÉ=jbro=PON=Ejbro=OOPFK==
- léÉê~íáåÖ=éêçÑáí=ï~ë=jbro=TKT=Ejbro=JNPKTFK==
- oÉëìäí=~ÑíÉê=Ñáå~åÅá~ä=áíÉãë=ï~ë=jbro=JVKV=Ejbro=JPMKTFK=oÉëìäí=áãéêçîÉÇ=Äó=jbro=OMKUK=oÉëìäí=~ÑíÉê= Ñáå~åÅá~ä= áíÉãë= áå= íÜÉ= êÉîáÉï=éÉêáçÇ=ï~ë=ïÉ~âÉåÉÇ=Äó= áåÅêÉ~ëÉë= áå= ê~ï=ã~íÉêá~ä=éêáÅÉë= ~åÇ= ÉñÅÜ~åÖÉ= ê~íÉ=äçëëÉëI=Äó=jbro=UKM=áå=íçí~äK=
- _~ëáÅ=É~êåáåÖë=éÉê=ëÜ~êÉ=ï~ë=bro=JMKQO=Ebro=JOKNNFK=====
- lêÇÉê=Äççâ=êçëÉ=TRB=~åÇ=ï~ë=jbro=US=Ejbro=QVFK=
- kÉí=Å~ëÜ=Ñäçï=Ñêçã=çéÉê~íáåÖ=~ÅíáîáíáÉë=ï~ë=jbro=TKM=Ejbro=SKNFK=`Ü~åÖÉ=áå=åÉí=ïçêâáåÖ=Å~éáí~ä=ï~ë= éçëáíáîÉ=ÇÉëéáíÉ=íÜÉ=áåÅêÉ~ëÉÇ=ë~äÉë=îçäìãÉëK==
Componenta's Q3/2010 in brief
kÉí= ë~äÉë= áå= gìäó= J=pÉéíÉãÄÉê= ïÉêÉ= bro= NNOKP=ãáääáçåI= ïÜáÅÜ= ï~ë= TPB= ÜáÖÜÉê= íÜ~å= áå= íÜÉ= éêÉîáçìë= óÉ~ê= Ebro=SQKU=ãáääáçåFK=aìêáåÖ=íÜÉ=íÜáêÇ=èì~êíÉê=Å~é~Åáíó=ìíáäáò~íáçå=ê~íÉ=ï~ë=RRB=EPTBFK==
qÜÉ= íÜáêÇ= èì~êíÉê= çéÉê~íáåÖ= éêçÑáí= áåÅêÉ~ëÉÇ= ~åÇ= ï~ë= bro= PKQ= ãáääáçåI= ÅçêêÉëéçåÇáåÖ= íç= PKMB= çÑ= íÜÉ= åÉí= ë~äÉë=Ebro= JPKO=ãáääáçåX= JRKMBFK=qÜÉ= íÜáêÇ=èì~êíÉê=çéÉê~íáåÖ=éêçÑáí=áãéêçîÉÇ=Ñêçã= íÜÉ=éêÉîáçìë=óÉ~ê=ã~áåäó= ÇìÉ=íç=ëáÖåáÑáÅ~åíäó=ÜáÖÜÉê=îçäìãÉë=~åÇ=~Ç~éí~íáçå=ãÉ~ëìêÉë=áãéäÉãÉåíÉÇ=É~êäáÉêK==
qÜÉ= íÜáêÇ= èì~êíÉê= êÉëìäí= ~ÑíÉê= Ñáå~åÅá~ä= áíÉãë= áãéêçîÉÇ= Ñêçã= íÜÉ= éêÉîáçìë= óÉ~ê= ~åÇ= ï~ë= bro= JOKN= EJVKTF= ãáääáçåK=qÜÉ= êÉëìäí=~ÑíÉê=Ñáå~åÅá~ä=áíÉãë=áãéêçîÉÇ=ÇìÉ= íç=íÜÉ=ÇÉÅêÉ~ëÉ=áå= ê~ï=ã~íÉêá~ä=éêáÅÉë=~åÇ=ÉñÅÜ~åÖÉ= ê~íÉ=Ö~áåëI=Äó=bro=MKQ=ãáääáçå=áå=íçí~äK==
mêçÑáí= ~ííêáÄìí~ÄäÉ= íç= ëÜ~êÉÜçäÇÉêë= áå= íÜÉ= íÜáêÇ= èì~êíÉê= ï~ë= bro= JNKR= EJTKQF=ãáääáçå= ~åÇ= Ä~ëáÅ= É~êåáåÖë= éÉê= ëÜ~êÉ=ï~ë=bro=JMKMV=EJMKSUFK=
kÉí=Å~ëÜ=Ñäçï=Ñêçã=çéÉê~íáåÖ=~ÅíáîáíáÉë=áå=gìäó=J=pÉéíÉãÄÉê=ï~ë=bro=JUKS=EJQKQF=ãáääáçåK=
Interim report January - September 2010
Net sales and order book
qÜÉ=dêçìéÛë= åÉí= ë~äÉë= áå= g~åì~êó= J=pÉéíÉãÄÉê=ïÉêÉ=bro= POMKV=EOOPKRF=ãáääáçåK=kÉí= ë~äÉë= áåÅêÉ~ëÉÇ= QQB= ~åÇ= î~äìÉ= çÑ=éêçÇìÅíáçå= RUBK= qÜÉ=dêçìéÛë= Å~é~Åáíó= ìíáäáò~íáçå= ê~íÉ= áå= íÜÉ= êÉîáÉï=éÉêáçÇ=ï~ë= ROB=EPTBFK= qÜÉ=çêÇÉê=Äççâ= ~í= íÜÉ= ÉåÇ=çÑ=pÉéíÉãÄÉê= êçëÉ=TRB=Åçãé~êÉÇ= íç= íÜÉ= ë~ãÉ= íáãÉ=áå= íÜÉ=éêÉîáçìë= óÉ~ê= ~åÇ= ï~ë=bro=URKU=EQVKMF=ãáääáçåK=qÜÉ=çêÇÉê=Äççâ=ÅçãéêáëÉë=ÅçåÑáêãÉÇ=çêÇÉêë=Ñçê=íÜÉ=ÅçãáåÖ=íïç=ãçåíÜëK=
kÉí=ë~äÉë=çÑ=íÜÉ=qìêâÉó=çéÉê~íáçåë=êçëÉ=UMB=Ñêçã=íÜÉ=éêÉîáçìë=óÉ~ê=íç=bro=NQRKO=EUMKSF=ãáääáçåK==qÜÉ=çêÇÉê= Äççâ=~í=íÜÉ=ÉåÇ=çÑ=íÜÉ=êÉîáÉï=éÉêáçÇ=ï~ë=bro=QOKR=EOOKOF=ãáääáçåK=dççÇ=îçäìãÉ=áãéêçîÉãÉåí=ÉëéÉÅá~ääó=áå= íÜÉ=ÅçåëíêìÅíáçå=~åÇ=ãáåáåÖ=ã~ÅÜáåÉêó=~åÇ=~ìíçãçíáîÉ=áåÇìëíêáÉë=áåÅêÉ~ëÉÇ= íÜÉ=çêÇÉê=Äççâ=çÑ= íÜÉ=qìêâÉó= çéÉê~íáçåëK==
kÉí=ë~äÉë=çÑ=íÜÉ=cáåä~åÇ=çéÉê~íáçåë=êçëÉ=NQB=Ñêçã=íÜÉ=éêÉîáçìë=óÉ~ê=íç=bro=TPKM=ESQKMF=ãáääáçåK=qÜÉ=çêÇÉê= Äççâ=~í=íÜÉ=ÉåÇ=çÑ=íÜÉ=êÉîáÉï=éÉêáçÇ=ï~ë=bro=NSKT=EVKVF=ãáääáçåK=qÜÉ=çêÇÉê=Äççâ=çÑ=íÜÉ=cáåä~åÇ=çéÉê~íáçåë= ëíêÉåÖíÜÉåÉÇ= ãçëíäó= ÇìÉ= íç= áåÅêÉ~ëÉÇ= ~ãçìåí= çÑ= çêÇÉêë= Ñêçã= íÜÉ= ÜÉ~îó= íêìÅâ= ~åÇ= ã~ÅÜáåÉ= ÄìáäÇáåÖ= áåÇìëíêáÉëK==
kÉí=ë~äÉë=çÑ=íÜÉ=eçää~åÇ=çéÉê~íáçåë=êçëÉ=NQB=Ñêçã=íÜÉ=éêÉîáçìë=óÉ~ê=íç=bro=SOKV=ERRKNF=ãáääáçåK=qÜÉ=çêÇÉê= Äççâ=~í=íÜÉ=ÉåÇ=çÑ=íÜÉ=êÉîáÉï=éÉêáçÇ=ï~ë=bro=NQKT=ENMKSF=ãáääáçåK=qÜÉ=çêÇÉê=Äççâ=çÑ=íÜÉ=eçää~åÇ=çéÉê~íáçåë=
STOCK EXCHANGE RELEASE
19.10.2010 at 9.00
accumulates mainly from the construction and mining machinery, agricultural machinery, heavy truck and machine building industries.
Net sales of the Sweden operations rose 102% from the previous year and were EUR 57.8 (28.6) million. The order book at the end of the review period was EUR 18.7 (9.3) million. The order book of the Sweden operations improved especially due to increased amount of orders from the heavy truck and machine building industries.
Componenta's net sales by customer industry were as follows: heavy trucks 25% (19%), construction and mining 21% (15%), machine building 20% (30%), automotive 20% (19%), agriculture 12% (13%), wind power 2% (3%), and others 1% (1%).
Result
The Group's EBITDA (earnings before interest, taxes, depreciation and amortization) in the review period was EUR 19.6 (-4.7) million. The Group's EBITDA improved clearly from the previous year mainly due to higher production volumes and the cost adaptation measures implemented earlier. EBITDA in the review period was negatively affected by the rapid increase in raw material prices and exchange rate losses totalling approximately EUR 7.3 million. Other operating income includes exchange rate differences on sales and purchases. The result does not include one-time items.
Quarterly analysis of changes in income statement:
| MEUR | Q1/10 | Q1/09 | Diff % | Q2/10 | Q2/09 | Diff % | Q 3/10 | Q3/09 | Diff % |
|---|---|---|---|---|---|---|---|---|---|
| Net sales | 91.2 | 88.1 | 4% | 117.3 | 70.6 | 66% | 112.3 | 64.8 | 73% |
| Value of production | 94.4 | 75.3 | 25% | 119.0 | 66.1 | 80% | 113.0 | 65.3 | 73% |
| Materials | $-34.3$ | $-24.1$ | 43% | $-45.5$ | $-20.6$ | 121% | $-43.4$ | $-23.3$ | 87% |
| Direct wages and external services | $-24.2$ | $-25.0$ | $-3%$ | $-29.3$ | $-21.4$ | 37% | $-27.6$ | $-18.7$ | 48% |
| Other variable and fixed costs | $-32.3$ | $-29.3$ | 10% | $-35.6$ | $-25.5$ | 40% | $-34.5$ | $-23.5$ | 47% |
| Costs total | $-90.8$ | $-78.3$ | 16% | $-110.4$ | $-67.5$ | 64% | $-105.6$ | $-65.5$ | 61% |
| EBITDA | 3.6 | $-3.0$ | 8.6 | $-1.4$ | 7.4 | $-0.2$ |
The Group's operating profit in the review period was EUR 7.7 (-13.7) million.
The Group's net financial costs in the review period were EUR -17.6 (-16.9) million. Net financial costs rose from the previous year due to higher interest costs and exchange rate losses. The Group's result after financial items in the review period was EUR -9.9 (-30.7) million.
Income taxes calculated from the result for the review period were EUR 2.9 (7.3) million. The Group's net result for the review period was EUR -7.0 (-23.3) million.
The Group's basic earnings per share in the review period was EUR -0.42 (-2.11).
The return on investment was 3.9% (-4.9%) and return on equity -12.7% (-49.8%).
Issues of capital loan 2010 and bond 2010
Componenta Corporation issued a capital loan and bond totalling EUR 50.3 million in September 2010. The company intends to use the assets obtained with the capital loan and bond for strengthening the company's balance sheet and financial position as well as for general refinancing purposes.
The Board of Directors of Componenta Corporation accepted subscriptions of the subordinated capital loan 2010 with a total nominal value of EUR 23.4 million. The loan was offered to a limited group of selected investors. The holders of the company's capital loan 2006 and convertible capital loan 2006 had the right to
APONENTA
STOCK EXCHANGE RELEASE
19.10.2010 at 9.00
use the assets pertaining to the principal of the capital loans receivable from the company to pay the subscription price of the loan units of the subordinated capital loan 2010 in accordance with the terms of the loan. The total nominal value of EUR 11.1 million of capital loan and convertible capital loan was used to pay the subscription of capital loan 2010. After the payment of subscriptions, the remaining nominal amount of the company's convertible capital loan 2006 is EUR 2.3 million and of the capital loan 2006 EUR 2.9 million.
The Board of Directors of Componenta Corporation accepted subscriptions of the bond 2010 with a total nominal value of EUR 26.9 million. The bond was offered for subscription for a limited group of selected investors.
The Board of Directors of Componenta Corporation will decide on the application for public listing of both the loan units of the capital loan and the bond on NASDAQ OMX Helsinki Ltd by the end of the year 2010.
Financing and cash flow
At the end of September the Group had outstanding capital loans and convertible capital loan, as defined in IFRS, with a combined value of EUR 40.4 million. In March the Group repaid the final instalment of EUR 7.4 million of the principal of the convertible capital loan issued in 2005, in accordance with the terms of the loan. Componenta issued in September a subordinated capital loan 2010 with a maturity of five years which was subscribed with a total nominal value of EUR 23.4 million. The holders of company's capital loan 2006 had the right to use the assets pertaining to the principal of the capital loan receivable from the company to pay the subscription price of the loan units of the subordinated capital loan 2010. At the end of the review period, the outstanding unconverted capital loan issued in 2006 entitled their holders to subscribe 259,000 shares.
During the review period long-term bilateral bank loans totalling EUR 33.3 million were drawn, to refinance short-term bank loans that matured in the period.
Componenta's liquidity situation improved significantly in September due to the issue of the capital loan 2010 and bond 2010. At the end of September, cash in bank and hand was EUR 17.7 million. Unused, committed credit facilities at the end of September were EUR 49.5 million. In addition, the Group has a EUR 150 million commercial paper programme, from which the company had an outstanding debt of EUR 7.0 million at the end of the review period.
The Group's interest-bearing net debt, excluding the outstanding capital loans of EUR 40.4 million, stood at EUR 205.9 (213.3) million. The company's net debt as a proportion of shareholders' equity, including the capital loans in the shareholders' equity, was 179.4% (199.5%).
Componenta's net cash flow from operations during the review period was EUR 7.0 (6.1) million, and of this the change in net working capital was EUR 1.2 (24.3) million. Componenta is making more efficient use of capital with a programme to sell its trade receivables. Under this arrangement, some of the trade receivables are sold without any right of recourse. By the end of September the company had sold trade receivables totalling EUR 57.7 (24.7) million. Mainly because of the selling of trade receivables, only moderate changes in the net working capital are expected.
At the end of the review period the Group's equity ratio was 16.9% (17.6%). The Group's shareholders' equity on 30 September 2010, including the capital loans in shareholders' equity, as a proportion of the balance sheet total was 26.0% (25.9%).
Investments
Investments in production facilities in the review period were EUR 5.9 (10.9) million, of which finance lease investments accounted for EUR 0.0 (3.4) million. The cash flow from investing activities was EUR -8.0 (-9.8)
STOCK EXCHANGE RELEASE
19.10.2010 at 9.00
million, which includes the cash flow from the Group's investments in tangible and intangible assets, the cash flow from shares sold and purchased, and from tangible assets sold.
Componenta has clearly limited the amount of investments in production facilities due to current low utilization rate of capacity. Investments in production facilities in 2010 are expected to halve from the previous year.
Performance of operations
Componenta's reporting structure was changed on 1 February 2010 when the Group organized its divisions into country-based operations. The figures for the first three quarters of the year 2010 have been reported in accordance with the new structure, and all figures for comparison for country-based operations for 2009 have been adjusted to bring them in line with this reporting structure.
Turkey operations
The operations in Turkey comprise the iron foundry and machine shop in Orhangazi and the aluminium foundry and production unit for aluminium wheels in Manisa.
Net sales in the review period rose 80% and were EUR 145.2 (80.6) million, and the operating profit was EUR 10.9 million, corresponding to 7.5% of net sales (EUR 1.1 million, 1.4%). The good improvement in volumes especially in the construction and mining machinery and automotive industries improved the operating profit in the review period. However, the operating profit of the review period was hurt by the rapid increase in raw material prices (EUR 3.0 million) and exchange rate losses (EUR 0.9 million).
The third quarter net sales were EUR 51.5 (27.4) million and operating profit EUR 4.5 million, corresponding to 8.8% of the net sales (EUR 1.1 million, 4.2%). The third quarter operating profit was however improved by slight decrease in raw material prices and exchange rate gains totalling EUR 0.3 million.
The order book of the Turkey operations at the end of September rose 92% from the previous year and was EUR 42.5 (22.2) million.
Finland operations
The operations in Finland consist of the iron foundries in Iisalmi, Karkkila, Pietarsaari and Pori and the machine shops in Lempäälä and Pietarsaari. The operations also include the production unit for pistons in Pietarsaari.
Net sales of the Finland operations rose 14% from the previous year to EUR 73.0 (64.0) million. Operating profit was EUR -0.8 million, corresponding to -1.2% of the net sales (EUR -2.2 million, -3.4%). Operating profit in the review period improved due to the cost adaptation measures implemented in the second half of the previous year and increased amount of orders from the heavy truck industry. Operating profit of the review period was however hurt by the rapid increase in raw material prices of EUR 1.8 million.
The third quarter net sales were EUR 25.1 (15.4) million and operating profit was EUR -0.9 million, corresponding to -3.7% of the net sales (EUR -1.5 million, -9.4%). Changes in raw material prices did not have any essential impact on the third quarter operating profit.
The order book of the Finland operations at the end of September rose 69% from the previous year and was EUR 16.7 (9.9) million.
Holland operations
The operations in the Netherlands comprise the iron foundries in Heerlen and Weert, the machine shop operations in Weert and the pattern shop in Tegelen.
STOCK EXCHANGE RELEASE
19.10.2010 at 9.00
Net sales for the Holland operations in the review period rose 14% and were EUR 62.9 (55.1) million, and the operating profit was EUR -1.0 million, corresponding to -1.6% of net sales (EUR -8.8 million, -15.9%). The improvement in the operating profit for the review period was due to the cost adaptation measures implemented earlier and increased production volumes. However, the operating profit in the review period was affected by MEUR -1.5 due to the rapid increase in raw material prices.
The third quarter net sales were EUR 20.8 (15.4) million and operating profit was EUR -1.0 million, corresponding to -5.0% of the net sales (EUR -1.9 million, -12.6%). Changes in raw material prices did not have any essential impact on the third quarter operating profit.
The order book of the Holland operations at the end of September rose 39% from the previous year and was EUR 14.7 (10.6) million.
Sweden operations
The operations in Sweden comprise the Främmestad machine shop and the Wirsbo forge.
Net sales for operations in Sweden in the review period rose 102% and totalled EUR 57.8 (28.6) million, and the operating profit was EUR -0.8 million, corresponding to -1.3% of net sales (EUR -6.9 million, -24.2%). The operating loss for the operations in Sweden in the review period decreased from previous year due to the cost reductions implemented earlier and markedly higher production volumes especially in the heavy trucks industry. The operating profit of the review period was burdened by the exceptional peaks in energy prices that took place during the first quarter.
The third quarter net sales were EUR 20.6 (8.7) million and operating profit EUR 0.6 million, corresponding to 3.1% of the net sales (EUR -2.1 million, -23.9%).
The order book of the Sweden operations at the end of September rose 100% from the previous year and was EUR 18.7 (9.3) million.
Other business
Other business comprises the sales and logistics company Componenta UK Ltd in the UK, service and real estate companies in Finland, the Group's administrative functions and associated company Kumsan A.S. in Turkey. Other business recorded an operating profit of EUR -1.0 (2.5) million in the review period.
Shares and share capital
The shares of Componenta Corporation are quoted on the NASDAQ OMX Exchange in Helsinki. At the end of the review period the company had a total of 17,457,798 shares. The company's share capital at the end of the review period stood at EUR 21.9 (21.9) million. The quoted price on 30 September 2010 stood at EUR 5.89 (4.70). The average price during the review period was EUR 5.15, the lowest quoted price was EUR 4.02 and the highest EUR 6.34. At the end of the review period the share capital had a market capitalization of EUR 102.8 (51.4) million, and the volume of shares traded during the period was equivalent to 44.8% (23.9%) of the share stock.
Personnel
The Group had on average 4,065 (3,824) employees during the review period, including 270 (123) leased employees. The number of Group personnel at the end of the review period was 4.363 (3.734), which includes 370 (96) leased employees. At the end of the third quarter 51% (46%) of the personnel were in Turkey, 25% (28%) in Finland, 16% (17%) in the Netherlands and 8% (9%) in Sweden.
STOCK FXCHANGE RELEASE
19.10.2010 at 9.00
Risks and business uncertainties
The most significant risks for Componenta are risks related to the business environment (competition and price risk, commodity and environmental risks), operational risks (customer and supplier risks, productivity, production and process risks, labour market disruptions, contract and product liability risks, personnel risks, and data security risks) as well as financial risks (financing and liquidity risk, currency, interest rate and credit risks).
In order to manage the Group's business operations it is essential to secure the availability of certain raw materials, such as recycled metal and pig iron, and energy, at competitive prices. The cost risk relating to raw materials is mainly managed with price agreements, and under these agreements the prices of products are adjusted in line with the changes in raw material prices. Increases in prices for raw materials may tie up more funds in working capital than estimated.
The financial risks relating to Componenta'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.
More information related to Componenta's risks and risk management is given in the 2009 annual report and on the company's website at www.componenta.com.
Events after end of review period
In Turkey, Componenta Dökümcülük A.S. received a claim on 7 October 2010 from Bursa tax office in which the tax office claims from Componenta Dökümcülük A.S. taxes and tax penalties related to Group's internal invoicing, totalling EUR 3.7 million. Componenta Dökümcülük A.S. will deny the claim and considers it to be unfounded.
Prospects
Componenta's prospects for the remaining part of 2010 are based on general external economic indicators, delivery forecasts given by customers, and on Componenta's order intake and order book.
The demand outlook in all of the Group's customer industries have remained good in the third quarter of 2010 compared to the beginning of the year. Production volumes have improved also due to the fact that customers' inventory levels have normalized.
The demand for components of construction and mining industry has developed well during the review period. This development is expected to continue in the last quarter due to the rise in raw material prices and economic recovery.
The demand for agricultural machinery is expected to increase slightly towards the end of the year especially due to emerging markets.
Componenta's deliveries to the heavy trucks industry have significantly increased from the previous year. Volumes have increased due to normalized customer inventory levels and good demand in the emerging markets. Good development is expected to continue during the last quarter of the year.
The number of passenger cars registered in Europe in January – September declined 4.3% compared to the previous year. The registrations in 2010 are expected to remain below the level of 2009. Due to the increase in the export of Turkish automotive industry and good development in the demand for aluminium wheels, Componenta's deliveries to the automotive industry are expected to further increase during the last quarter of 2010.
APONENTA
STOCK EXCHANGE RELEASE
19.10.2010 at 9.00
Demand in the wind power industry turned positive during the second quarter of the year. The demand is expected to develop well towards the end of the year 2010 despite the continuous problems related to the financing of new projects.
Demand in the machine building industry has started to recover gradually.
Componenta's order book at the end of the third quarter in 2010 was 75% higher than at the same time in the previous year.
The rapid increase in raw material prices and exchange rate losses in the review period affected the result after financial items negatively, by EUR 8.0 million in total.
Componenta Group's net sales in 2010 are expected to increase significantly and the result after financial items is expected to improve clearly from the previous year.
Last quarter profit after financial items is expected to be positive.
The Group's cash flow from operations in 2010 is expected to remain positive and only moderate changes in the net working capital are expected.
Interim report tables
Componenta has applied the same accounting principles in this interim report as in the financial statements for 2009. In addition, it has applied the revised standards IFRS 3 and IAS 27 as from 1 January 2010. Applying the revised standards has not affected the Group's reported result or its financial position. The financial statement tables in this unaudited interim report have been prepared in accordance with IAS 34 accounting principles.
Consolidated income statement
| $1.1 -$ | $1.1 -$ | $1.7 -$ | $1.7 -$ | $1.1 -$ | |
|---|---|---|---|---|---|
| MEUR | 30.9.2010 | 30.9.2009 | 30.9.2010 | 30.9.2009 | 31.12.2009 |
| Net sales | 320.9 | 223.5 | 112.3 | 64.8 | 299.6 |
| Other operating income | 0.0 | 1.6 | 0.4 | 0.3 | 2.4 |
| Operating expenses | $-301.3$ | $-229.7$ | $-105.4$ | $-65.3$ | $-305.2$ |
| Depreciation, amortization and write-downs | $-12.1$ | $-9.2$ | $-4.0$ | $-3.1$ | $-12.5$ |
| Share of the associated companies' result | 0.2 | 0.0 | 0.0 | 0.0 | 0.2 |
| Operating profit | 7.7 | $-13.7$ | 3.4 | $-3.2$ | $-15.4$ |
| % of net sales | 2.4 | $-6.1$ | 3.0 | $-5.0$ | $-5.1$ |
| Financial income and expenses | $-17.6$ | $-16.9$ | $-5.5$ | $-6.5$ | $-21.8$ |
| Result after financial items | $-9.9$ | $-30.7$ | $-2.1$ | $-9.7$ | $-37.2$ |
| % of net sales | $-3.1$ | $-13.7$ | $-1.9$ | $-15.0$ | $-12.4$ |
| Income taxes | 2.9 | 7.3 | 0.8 | $2.2\phantom{0}$ | 8.5 |
| Net profit | $-7.0$ | $-23.3$ | $-1.3$ | $-7.5$ | $-28.7$ |
| Allocation of net profit for the period | |||||
| To equity holders of the parent | $-7.4$ | $-23.1$ | $-1.5$ | $-7.4$ | $-28.3$ |
| To non-controlling interest | 0.4 | $-0.3$ | 0.2 | 0.0 | $-0.3$ |
| $-7.0$ | $-23.3$ | $-1.3$ | $-7.5$ | $-28.7$ | |
| Earning per share calculated on the profit | |||||
| attributable to equity holders of the parent | |||||
| Earnings per share, EUR | $-0.42$ | $-2.11$ | $-0.09$ | $-0.68$ | $-2.30$ |
| Earnings per share with dilution, EUR *) | $-0.42$ | $-2.11$ | $-0.09$ | $-0.68$ | $-2.30$ |
STOCK EXCHANGE RELEASE
19.10.2010 at 9.00
*) Earings per share with dilution has been restated for the financial year 2009, the first three quarters and the third quarter of the year 2009. The effect of the dilution was erroneusly taken into account although the dilution decreased the loss of earnings per share.
Consolidated statement of comprehensive income
| $1.1 -$ | $1.1 -$ | $1.7 -$ | $1.7 -$ | $1.1 -$ | |
|---|---|---|---|---|---|
| MEUR | 30.9.2010 | 30.9.2009 | 30.9.2010 | 30.9.2009 | 31.12.2009 |
| Net profit | $-7.0$ | $-23.3$ | $-1.3$ | $-7.5$ | $-28.7$ |
| Other comprehensive income | |||||
| Translation differences | 12.1 | $-1.3$ | $-4.2$ | $-1.3$ | $-1.0$ |
| Cash flow hedges | 1.9 | 0.5 | 0.4 | $-0.2$ | 2.1 |
| Income tax on other comprehensive | |||||
| income | $-0.5$ | $-0.1$ | $-0.1$ | 0.0 | $-0.5$ |
| Other comprehensive income, net of tax | 13.5 | $-0.9$ | $-3.9$ | $-1.4$ | 0.5 |
| Total comprehensive income | 6.5 | $-24.3$ | $-5.2$ | $-8.9$ | $-28.1$ |
| Allocation of total comprehensive income | |||||
| To equity holders of the parent | 5.5 | $-23.9$ | $-5.2$ | $-8.8$ | $-27.8$ |
| To non-controlling interest | 1.0 | $-0.3$ | 0.0 | $-0.1$ | $-0.3$ |
| 6.5 | $-24.3$ | $-5.2$ | $-8.9$ | $-28.1$ |
Consolidated statement of financial position
| (Restated*) | |||
|---|---|---|---|
| MEUR | 30.9.2010 | 30.9.2009 | 31.12.2009 |
| Assets | |||
| Non-current assets | |||
| Intangible assets | 6.4 | 6.0 | 6.4 |
| Goodwill | 34.3 | 31.4 | 31.5 |
| Investment properties | 1.8 | 1.8 | 1.8 |
| Tangible assets | 250.0 | 242.8 | 244.2 |
| Investment in associates | 1.3 | 0.9 | 1.1 |
| Receivables | 6.2 | 4.9 | 4.9 |
| Other investments | 0.5 | 0.4 | 0.4 |
| Deferred tax assets | 21.0 | 16.1 | 16.6 |
| Total non-current assets | 321.5 | 304.4 | 307.0 |
| Current assets | |||
| Inventories | 54.0 | 49.3 | 41.0 |
| Receivables **) | 48.2 | 52.7 | 32.7 |
| Tax receivables | 0.3 | 0.3 | 0.2 |
| Cash and cash equivalents | 17.7 | 6.8 | 7.6 |
| Total current assets | 120.2 | 109.1 | 81.4 |
| Total assets | 441.7 | 413.5 | 388.4 |
| Shareholders' equity and liabilities | |||
| Shareholders' equity | |||
| Share capital | 21.9 | 21.9 | 21.9 |
| Other equity | 45.0 | 44.2 | 39.4 |
| Equity attributable to equity holders of the parent | |||
| company | 66.9 | 66.1 | 61.3 |
| Non-controlling interest | 7.5 | 6.5 | 6.5 |
STOCK EXCHANGE RELEASE
19.10.2010 at 9.00
| Shareholders' equity | 74.4 | 72.6 | 67.8 |
|---|---|---|---|
| Liabilities | |||
| Non-current | |||
| Capital loan | 40.4 | 27.1 | 27.7 |
| Interest bearing | 198.6 | 180.0 | 165.3 |
| Interest free | |||
| Provisions | 8.3 | 6.3 | 6.7 |
| Deferred tax liability | 7.9 | 6.7 | 6.1 |
| Current | |||
| Capital Ioan | 7.3 | 7.4 | |
| Interest bearing | 25.0 | 47.1 | 48.8 |
| Interest free | 84.9 | 65.3 | 57.5 |
| Tax liabilities | 0.1 | 0.0 | 0.1 |
| Provisions | 2.1 | 1.1 | 1.1 |
| Total liabilities | 367.3 | 340.9 | 320.6 |
| Total shareholders' equity and liabilities | 441.7 | 413.5 | 388.4 |
*) More information about the restatement can be found on the Annual Report 2009 page 39.
**) Receivables 30 September 2009 iclude share issue receivables 3.0 MEUR and capital loan receivables 7.0 MEUR related to share issue 2009 and capital loan 2009. These receivables were paid to company's bank account on 7 October 2009.
Condensed consolidated cash flow statement
| $1.1 -$ | $1.1 -$ | $1.1 -$ | |
|---|---|---|---|
| MEUR | 30.9.2010 | 30.9.2009 | 31.12.2009 |
| Cash flow from operating activities | |||
| Result after financial items | $-9.9$ | $-30.7$ | $-37.2$ |
| Depreciation, amortization and write-downs | 12.1 | 9.2 | 12.5 |
| Net financial income and expenses | 17.6 | 16.9 | 21.8 |
| Other income and expenses, adjustments to cash flow | 2.4 | $-0.2$ | 0.5 |
| Change in net working capital | 1.2 | 24.3 | 37.5 |
| Cash flow from operations before financing and income taxes | 23.3 | 19.5 | 35.0 |
| Interest received and paid and dividends received | $-16.3$ | $-16.2$ | $-23.5$ |
| Taxes paid | 0.0 | 2.8 | 2.8 |
| Net cash flow from operating activities | 7.0 | 6.1 | 14.2 |
| Cash flow from investing activities | |||
| Capital expenditure in tangible and intangible assets | $-7.7$ | $-9.2$ | $-12.5$ |
| Proceeds from tangible and intangible assets | 0.0 | 0.4 | 0.4 |
| Other investments and loans granted | $-0.3$ | $-1.0$ | $-0.5$ |
| Proceeds from other investments and repayments of loan | |||
| receivables | 0.0 | ||
| Net cash flow from investing activities | $-8.0$ | $-9.8$ | $-12.6$ |
| Cash flow from financing activities | |||
| Dividends paid | $-3.3$ | $-3.3$ | |
| Proceeds from share issue | 10.3 | 13.3 | |
| Repayment of finance lease liabilities | $-1.3$ | $-0.8$ | $-1.6$ |
| Draw-down (+)/ repayment (-) of current loans | $-27.5$ | $-5.7$ | $-5.1$ |
| Draw-down of non-current loans | 69.3 | 37.9 | 38.3 |
| Repayment of non-current loans and other changes | $-29.9$ | $-33.1$ | $-40.7$ |
| Net cash flow from financing activities | 10.7 | 5.4 | 0.9 |
STOCK EXCHANGE RELEASE
19.10.2010 at 9.00
| Change in liquid assets | 9.6 | 1.7 | 2.5 |
|---|---|---|---|
| Cash and cash equivalents at the beginning of the period | 7.6 | 5.2 | 5.2 |
| Effects of exchange rate changes on cash | 0.5 | $-0.1$ | $-0.1$ |
| Cash and cash equivalents at the period end | 17.7 | 6.8 | 7.6 |
| Change during the financial period | 9.6 | 17 | 2.5 |
Statement of changes in consolidated shareholders' equity
| MEUR | Share capital |
Share premium account |
Other reserves |
Fair value reserve |
Trans lation diffe rences |
Retained earnings |
Total | Non- con trolling interest |
Share holders' equity total |
|---|---|---|---|---|---|---|---|---|---|
| Shareholders' equity | |||||||||
| 1.1.2009 | 21.9 | 15.0 | 6.5 | $-2.8$ | $-23.5$ | 47.3 | 64.3 | 6.8 | 71.1 |
| Net profit | $-23.1$ | $-23.1$ | $-0.3$ | $-23.3$ | |||||
| Translation differences | $-1.3$ | $-1.3$ | 0.0 | $-1.3$ | |||||
| Cash flow hedges | 0.4 | 0.4 | 0.4 | ||||||
| Total comprehensive | |||||||||
| income | 0.4 | $-1.3$ | $-23.1$ | $-23.9$ | $-0.3$ | $-24.3$ | |||
| Share issue | 29.0 | 29.0 | 29.0 | ||||||
| Dividends paid | $-3.3$ | $-3.3$ | $-3.3$ | ||||||
| Shareholders' equity | |||||||||
| 30.9.2009 | 21.9 | 15.0 | 35.5 | $-2.4$ | $-24.8$ | 20.9 | 66.1 | 6.5 | 72.6 |
| Share | Share premium |
Other | Fair value |
Trans lation diffe |
Retained | Non- con trolling |
Share holders' equity |
||
|---|---|---|---|---|---|---|---|---|---|
| MEUR | capital | account | reserves | reserve | rences | earnings | Total | interest | total |
| Shareholders' equity | |||||||||
| 1.1.2010 | 21.9 | 15.0 | 34.6 | $-1.3$ | $-24.5$ | 15.6 | 61.3 | 6.5 | 67.8 |
| Net profit | $-7.4$ | $-7.4$ | 0.4 | $-7.0$ | |||||
| Translation differences | 11.5 | 11.5 | 0.6 | 12.1 | |||||
| Cash flow hedges | 1.4 | 1.4 | 1.4 | ||||||
| Total comprehensive | |||||||||
| income | 1.4 | 11.5 | $-7.4$ | 5.5 | 1.0 | 6.5 | |||
| Shareholders' equity | |||||||||
| 30.9.2010 | 21.9 | 15.0 | 34.6 | 0.1 | $-13.0$ | 8.3 | 66.9 | 7.5 | 74.4 |
Key ratios
| 30.9.2010 | 30.9.2009 | 31.12.2009 | |
|---|---|---|---|
| Equity ratio, $%$ $*$ ) | 16.9 | 17.6 | 17.5 |
| Equity per share, EUR *) | 3.83 | 3.78 | 3.51 |
| Invested capital at period end *) | 338.3 | 334.0 | 316.9 |
| Return on investment, % *) | 3.9 | $-4.9$ | $-4.1$ |
| Return on equity, % *) | $-12.7$ | -49.8 | $-45.1$ |
| Net interest bearing debt, preferred capital note in debt, MEUR | 246.3 | 247.7 | 241.6 |
| Net gearing, %, preferred capital note in debt *) | 331.2 | 341.3 | 356.4 |
| Order book, MEUR | 85.8 | 49.0 | 58.8 |
| Investments in non-current assets without finance leases, MEUR | 5.9 | 9.5 | 13.4 |
STOCK EXCHANGE RELEASE
19.10.2010 at 9.00
| Investments in non-current assets incl. finance leases, MEUR | 5.9 | 12.8 | 17.9 |
|---|---|---|---|
| Investments in non-current assets, % of net sales | 1.8 | 5.7 | 6.0 |
| Average number of personnel during the period | 3,795 | 3,701 | 3,684 |
| Average number of personnel during the period, incl. leased | |||
| personnel | 4.065 | 3.824 | 3,798 |
| Number of personnel at period end | 3.993 | 3.638 | 3,614 |
| Number of personnel at period end, incl. leased personnel | 4,363 | 3.734 | 3,698 |
| Share of export and foreign activities in net sales, % | 88.3 | 81.6 | 82.7 |
| Contingent liabilities, MEUR | 222.2 | 221.7 | 221.1 |
| Earnings per share (EPS), EUR | $-0.42$ | $-2.11$ | $-2.30$ |
| Earnings per share, with dilution (EPS), EUR **) | $-0.42$ | $-2.11$ | $-2.30$ |
| Cash flow per share. EUR | 0.40 | 0.56 | 1.16 |
*) 30 September 2009 restated
**) 31 December 2009 and 30 September 2009 restated
Changes in tangible assets and goodwill
| MEUR | 1-9/2010 | 1-9/2009 | 1-12/2009 |
|---|---|---|---|
| Changes in tangible assets | |||
| Acquisition cost at the beginning of the period | 531.1 | 553.2 | 553.2 |
| Translation differences | 26.5 | 2.0 | 1.9 |
| Additions | 4.8 | 10.3 | 14.5 |
| Disposals | $-0.6$ | $-27.1$ | $-38.6$ |
| Acquisition cost at the end of the period | 561.8 | 538.4 | 531.1 |
| Accumulated depreciation at the beginning of the period | $-286.9$ | $-313.0$ | $-313.0$ |
| Translation differences | $-14.4$ | $-1.3$ | $-1.2$ |
| Accumulated depreciation on disposals | 0.0 | 26.6 | 38.1 |
| Depreciation, amortization and write-downs during the period | $-10.5$ | $-7.9$ | $-10.8$ |
| Accumulated depreciation at the end of the period | $-311.8$ | -295.6 | $-286.9$ |
| Book value at the end of the period | 250.0 | 242.8 | 244.2 |
| Goodwill | |||
| Acquisition cost at the beginning of the period | 31.5 | 31.7 | 31.7 |
| Translation difference | 2.8 | $-0.3$ | $-0.2$ |
| Book value at the end of the period | 34.3 | 31.4 | 31.5 |
Group development
Net sales by market area
| MEUR | 1-12/2009 | 1-9/2009 | 1-9/2010 |
|---|---|---|---|
| Germany | 58.6 | 44.1 | 54.8 |
| Finland | 51.8 | 42.2 | 37.5 |
| Turkey | 49.4 | 34.5 | 52.2 |
| Sweden | 39.8 | 27.7 | 56.9 |
| UK | 31.2 | 23.4 | 34.4 |
| France | 20.2 | 15.6 | 19.7 |
| Benelux countries | 19.2 | 14.3 | 25.2 |
| Italy | 12.1 | 8.9 | 13.9 |
| Other European countries | 5.5 | 3.4 | 6.8 |
STOCK EXCHANGE RELEASE
19.10.2010 at 9.00
| Other countries | u | ||
|---|---|---|---|
| otal | 299.6 | 223.5 | 320.9 |
Quarterly development by market area
| MEUR | Q1/09 | Q2/09 | Q3/09 | Q4/09 | Q1/10 | Q2/10 | Q3/10 |
|---|---|---|---|---|---|---|---|
| Germany | 16.9 | 12.7 | 14.4 | 14.5 | 15.2 | 20.9 | 18.6 |
| Finland | 21.4 | 11.8 | 9.0 | 9.6 | 11.0 | 13.6 | 12.9 |
| Turkey | 9.0 | 15.3 | 10.2 | 14.9 | 14.3 | 19.1 | 18.8 |
| Sweden | 11.0 | 8.0 | 8.7 | 12.1 | 15.5 | 21.9 | 19.5 |
| UK | 7.6 | 7.9 | 7.8 | 7.8 | 9.9 | 12.0 | 12.5 |
| France | 6.2 | 5.9 | 3.6 | 4.6 | 6.1 | 7.1 | 6.5 |
| Benelux countries | 6.8 | 2.6 | 5.0 | 4.9 | 7.1 | 9.4 | 8.7 |
| Italy | 4.4 | 2.9 | 1.6 | 3.2 | 3.8 | 4.2 | 5.9 |
| Other European countries | 1.0 | 1.6 | 0.8 | 2.1 | 2.2 | 2.2 | 2.5 |
| Other countries | 3.8 | 1.9 | 3.7 | 2.3 | 6.1 | 6.9 | 6.5 |
| Total | 88.1 | 70.6 | 64.8 | 76.1 | 91.2 | 117.3 | 112.3 |
Group development
| MEUR | 1-12/2009 | 1-9/2009 | 1-9/2010 |
|---|---|---|---|
| Net sales | 299.6 | 223.5 | 320.9 |
| Operating profit | $-15.4$ | $-13.7$ | 77 |
| Net financial items *) | $-21.8$ | $-16.9$ | $-17.6$ |
| Profit after financial items | $-37.2$ | $-30.7$ | -9.9 |
*) Net financial items are not allocated to business segments
Group development by business segment
| Net sales, MEUR | 1-12/2009 | 1-9/2009 | 1-9/2010 |
|---|---|---|---|
| Turkey | 116.2 | 80.6 | 145.2 |
| Finland | 80.4 | 64.0 | 73.0 |
| Holland | 69.5 | 55.1 | 62.9 |
| Sweden | 41.5 | 28.6 | 57.8 |
| Other business | 49.9 | 37.3 | 47.2 |
| Internal items | $-57.9$ | $-42.2$ | $-65.2$ |
| Componenta total | 299.6 | 223.5 | 320.9 |
| Operating profit, MEUR | 1-12/2009 | 1-9/2009 | 1-9/2010 |
|---|---|---|---|
| Turkey | 2.2 | 1.1 | 10.9 |
| Finland | $-3.9$ | $-2.2$ | $-0.8$ |
| Holland | $-10.2$ | $-8.8$ | $-1.0$ |
| Sweden | $-8.8$ | $-6.9$ | $-0.8$ |
| Other business | 4.6 | 2.5 | $-1.0$ |
| One-time items | 0.0 | 0.1 | 0.0 |
| Internal items | 0.7 | 0.4 | 0.3 |
| Componenta total | $-15.4$ | $-13.7$ | 7.7 |
STOCK EXCHANGE RELEASE
19.10.2010 at 9.00
| Order book, MEUR | 12/2009*) | 9/2009 | 9/2010 |
|---|---|---|---|
| Turkey | 28.1 | 22.2 | 42.5 |
| Finland | 11.8 | 9.9 | 16.7 |
| Holland | 12.5 | 10.6 | 14.7 |
| Sweden | 10.5 | 9.3 | 18.7 |
| Internal items | $-4.1$ | $-2.9$ | $-6.8$ |
| Componenta total | 58.8 | 49.0 | 85.8 |
*) Order book on 15 January 2010
Group development by quarter
| MEUR | Q1/09 | Q2/09 | Q3/09 | Q4/09 | Q1/10 | Q2/10 | Q3/10 |
|---|---|---|---|---|---|---|---|
| Net sales | 88.1 | 70.6 | 64.8 | 76.1 | 91.2 | 117.3 | 112.3 |
| Operating profit | $-6.1$ | -4.3 | $-3.2$ | -1.7 | 0.3 | 4.0 | 3.4 |
| Net financial items *) | $-4.7$ | -5.7 | $-6.5$ | $-4.9$ | $-5.9$ | $-6.2$ | -5.5 |
| Profit after financial items | -10.9 | $-10.1$ | $-9.7$ | $-6.5$ | -5.6 | $-2.2$ | $-2.1$ |
*) Net financial items are not allocated to business segments
Quarterly development by business segment
| Net sales, MEUR | Q1/09 | Q2/09 | Q3/09 | Q4/09 | Q1/10 | Q2/10 | Q3/10 |
|---|---|---|---|---|---|---|---|
| Turkey | 24.9 | 28.4 | 27.4 | 35.6 | 40.6 | 53.1 | 51.5 |
| Finland | 29.1 | 19.5 | 15.4 | 16.4 | 20.8 | 27.0 | 25.1 |
| Holland | 23.9 | 15.8 | 15.4 | 14.4 | 18.7 | 23.4 | 20.8 |
| Sweden | 10.5 | 9.5 | 8.7 | 12.9 | 15.8 | 21.3 | 20.6 |
| Other business | 12.9 | 12.1 | 12.3 | 12.5 | 14.3 | 16.2 | 16.8 |
| Internal items | $-13.1$ | $-14.7$ | $-14.4$ | $-15.7$ | $-19.0$ | $-23.7$ | $-22.5$ |
| Componenta total | 88.1 | 70.6 | 64.8 | 76.1 | 91.2 | 117.3 | 112.3 |
| Operating profit, MEUR | Q1/09 | Q2/09 | Q3/09 | Q4/09 | Q1/10 | Q2/10 | Q3/10 |
|---|---|---|---|---|---|---|---|
| Turkey | $-0.4$ | 0.4 | 1.1 | 1.1 | 3.2 | 3.3 | 4.5 |
| Finland | 0.5 | $-1.2$ | $-1.5$ | $-1.7$ | $-0.6$ | 0.7 | $-0.9$ |
| Holland | $-4.1$ | $-2.7$ | $-1.9$ | $-1.5$ | $-0.1$ | 0.2 | $-1.0$ |
| Sweden | $-3.2$ | $-1.7$ | $-2.1$ | $-1.9$ | $-1.4$ | 0.0 | 0.6 |
| Other business | 0.8 | 0.8 | 1.0 | 2.1 | $-0.7$ | $-0.2$ | 0.0 |
| One-time items | 0.0 | 0.1 | 0.1 | 0.0 | 0,0 | 0.0 | 0.0 |
| Internal items | 0.4 | 0.0 | 0.1 | 0.3 | 0.0 | 0.0 | 0.3 |
| Componenta total | -6.1 | $-4.3$ | $-3.2$ | $-1.7$ | 0.3 | 4.0 | 3.4 |
| Order book at period end, MEUR |
Q1/09 | Q2/09 | Q3/09 | Q4/09*) | Q1/10 | Q2/10 | Q3/10 |
|---|---|---|---|---|---|---|---|
| Turkey | 17.1 | 23.3 | 22.2 | 28.1 | 32.6 | 42.4 | 42.5 |
| Finland | 11.4 | 10.4 | 9.9 | 11.8 | 13.6 | 15.8 | 16.7 |
| Holland | 13.8 | 13.4 | 10.6 | 12.5 | 13.4 | 14.6 | 14.7 |
| Sweden | 6.0 | 6.4 | 9.3 | 10.5 | 13.3 | 16.5 | 18.7 |
| Internal items | $-2.3$ | -1.8 | $-2.9$ | $-4.1$ | $-5.0$ | $-5.7$ | $-6.8$ |
| Componenta total | 46.2 | 51.7 | 49.0 | 58.8 | 68.0 | 83.6 | 85.8 |
*) Order book on 15 January 2010
STOCK EXCHANGE RELEASE
19.10.2010 at 9.00
Business segments
| MEUR | 30.9.2010 | 30.9.2009 | 31.12.2009 |
|---|---|---|---|
| Turkey | |||
| Assets | 211.9 | 191.1 | 183.9 |
| Liabilities | 32.7 | 20.7 | 20.3 |
| Investments in non-current assets (incl. finance leases) | 3.7 | 4.2 | 5.4 |
| Depreciation, amortization and write-downs | 3.9 | 2.6 | 3.8 |
| Finland | |||
| Assets | 80.4 | 76.3 | 81.2 |
| Liabilities | 23.3 | 15.3 | 19.4 |
| Investments in non-current assets (incl. finance leases) | 1.4 | 3.9 | 4.8 |
| Depreciation, amortization and write-downs | 3.6 | 2.9 | 3.7 |
| Holland | |||
| Assets | 51.5 | 52.9 | 47.6 |
| Liabilities | 13.8 | 10.1 | 7.7 |
| Investments in non-current assets (incl. finance leases) | 0.3 | 0.5 | 0.6 |
| Depreciation, amortization and write-downs | 1.1 | 1.1 | 1.4 |
| Sweden | |||
| Assets | 49.2 | 40.0 | 42.1 |
| Liabilities | 19.7 | 11.0 | 13.3 |
| Investments in non-current assets (incl. finance leases) | 0.2 | 1.1 | 2.9 |
| Depreciation, amortization and write-downs | 1.5 | 0.8 | 1.2 |
| Other business | |||
| Assets | 53.1 | 61.9 | 53.4 |
| Liabilities | 25.7 | 25.1 | 21.9 |
| Investments in non-current assets (incl. finance leases) | 0.1 | 3.1 | 4.3 |
| Depreciation, amortization and write-downs | 2.0 | 1.8 | 2.5 |
Fair values of derivative instruments
| 30.9.2010 | 30.9.2009 | 31.12.2009 | |||
|---|---|---|---|---|---|
| Fair value. | Fair value, | Fair value, | Fair value, | Fair value, | |
| MEUR | positive | negative | net | net | net |
| Currency derivatives | |||||
| Foreign exchange forwards | 0.0 | $-0.1$ | 0.0 | $\overline{\phantom{a}}$ | 0.1 |
| Currency swaps | 0.0 | $-1.5$ | $-1.5$ | $-1.2$ | 0.1 |
| Interest rate derivatives | |||||
| Interest rate options | 0.4 | $-0.6$ | $-0.2$ | 0.7 | 0.4 |
| Interest rate swaps | 0.0 | $-0.9$ | $-0.8$ | $-2.4$ | $-2.0$ |
| Commodity derivatives | |||||
| Electricity price forwards | 0.6 | 0.0 | 0.6 | $-1.8$ | $-0.4$ |
| Total | 1.1 | $-3.0$ | $-2.0$ | $-4.7$ | $-1.8$ |
STOCK EXCHANGE RELEASE
Nominal values of derivative instruments
| 30.9.2010 | 30.9.2009 | 31.12.2009 | |
|---|---|---|---|
| Nominal | Nominal | Nominal | |
| MEUR | value | value | value |
| Currency derivatives *) | |||
| Foreign exchange forwards | 6.0 | 6.0 | |
| Currency swaps | 62.8 | 38.2 | 43.1 |
| Interest rate derivatives | |||
| Interest rate options | 28.0 | 42.0 | 42.0 |
| Interest rate swaps | |||
| Maturity in less than a year | 28.0 | 20.0 | 24.0 |
| Maturity after one year and less than five years | 50.0 | 32.0 | 28.0 |
| Commodity derivatives | |||
| Electricity price forwards | |||
| Maturity in less than a year | 1.0 | 1.0 | 3.9 |
| Maturity after one year and less than five years | 8.1 | 7.1 | 4.2 |
| Total | 183.9 | 140.3 | 151.1 |
*) Currency derivatives mature in less than a year.
Contingent liabilities
| MEUR | 30.9.2010 | 30.9.2009 | 31.12.2009 |
|---|---|---|---|
| Real-estate mortgages | |||
| For own debts | 15.2 | 15.2 | 15.2 |
| Business mortgages | |||
| For own debts | 0.2 | ||
| Pledges | |||
| For own debts | 197.2 | 197.0 | 198.1 |
| Other leasing commitments | 5.3 | 3.4 | 3.5 |
| Other commitments | 4.4 | 5.9 | 4.4 |
| Total | 222.2 | 221.7 | 221.1 |
Key exchange rates
| Closing rate | Average rate | ||||
|---|---|---|---|---|---|
| One Euro is | 30.9.2010 | 31.12.2009 | 30.9.2010 | 31.12.2009 | |
| SEK | 9.1421 | 10.2520 | 9.6484 | 10.6191 | |
| USD | 1.3648 | 1.4406 | 1.3145 | 1.3948 | |
| GPB | 0.8600 | 0.8881 | 0.8573 | 0.8909 | |
| TRY (Turkish central bank) | 1.9754 | 2.1603 | 1.9927 | 2.1508 |
Calculation of key financial ratios
| Return on equity -% (ROE) |
$=$ Profit after financial items – income taxes x 100 Shareholders' equity, preferred capital notes excluded + non-controlling interest (quarterly average) |
|---|---|
| Return on investment -% (ROI) |
$=$ Profit after financial items $+$ interest and other financial expenses x 100 Shareholders' equity + interest bearing liabilities (quarterly average) |
STOCK EXCHANGE RELEASE
19.10.2010 at 9.00
| Equity ratio, % |
$=$ | Shareholders' equity, preferred capital notes excluded + non-controlling interest x 100 Balance sheet total - advances received |
||
|---|---|---|---|---|
| Earnings per share, EUR (EPS) |
$=$ | Profit after financial items - income taxes +/- non-controlling interest Average number of shares during the financial period |
||
| Earnings per share with dilution, EUR |
$=$ | As above, but 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 subscribed by the loan, has been added to the number of total shares. |
||
| Cash flow per share, EUR |
$=$ | Net cash flow from operating activities Average number of shares during the financial period |
||
| Equity per share, EUR |
$=$ | Shareholders' equity, preferred capital notes excluded Number of shares at period end |
||
| Net interest bearing debt |
$=$ | Interest bearing liabilities + preferred capital notes - cash and bank accounts | ||
| Net gearing, % |
$=$ | Net interest bearing liabilities x 100 Shareholders' equity, preferred capital notes excluded + non-controlling interest |
Largest registered shareholders on 30 September 2010
| 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 | |||
| I ehtonen Heikki | 3,300 | |||
| 2 | Etra Capital Oy | 4,347,464 | 24.90 | |
| 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 | Finnish Cultural Foundation | 236,000 | 1.35 | |
| Bergholm Heikki | 230,516 | 1.32 | ||
| 8 | Laakkonen Mikko | 200,000 | 1.15 | |
| 9 | Lehtonen Anna-Maria | 178,823 | 1.02 | |
| 10 Kukkonen Jorma | 127,000 | 0.73 | ||
| Nominee-registered shares | 546,651 | 3.13 | ||
| Other shareholders | 3,910,104 | 22.40 | ||
| Total | 17,457,798 | 100.00 |
STOCK EXCHANGE RELEASE
19.10.2010 at 9.00
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 change to 31.7 %.
Helsinki, 19 October 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 approx. 4,300 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