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Componenta Oyj — Interim / Quarterly Report 2011
Oct 18, 2011
3307_10-q_2011-10-18_2693e9b6-bffc-4aea-bdfc-ec037206a54c.pdf
Interim / Quarterly Report
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Inter 2011 i m R e p o r t q 3 1 January - 30 September 2011
- The Group's order book rose 21%, standing at MEUR 104 (MEUR 86) at the end of September.
- Consolidated net sales in the review period increased 35% to MEUR 435 (MEUR 321).
- Capacity utilization rate in the review period was 71% (52%).
- Operating profit excluding one-time items was MEUR 23.0 (MEUR 7.7) and after one-time items MEUR 19.1 (MEUR 7.7).
- Result after financial items excluding one-time items was MEUR 3.8 (MEUR -9.9) and after onetime items MEUR -0.1 (MEUR -9.9).
- Earnings per share excluding one-time items was EUR 0.16 (EUR -0.42) and after one-time items EUR -0.02 (EUR -0.42).
- Unused committed credit facilities and cash funds totalled MEUR 48 at the end of the period.
Demand outlook for the final quarter remains satisfactory
Componenta Q3/2011 summary
Net sales in the July - September period totalled EUR 134.1 million, which was 19% more than in the previous year (EUR 112.3 million). The Group's capacity utilisation rate in the third quarter was 65% (55%).
The third quarter operating profit excluding one-time items rose from the previous year to EUR 3.8 (3.4) million. The third quarter operating profit excluding one-time items was boosted by higher production volumes than in the previous year and by measures taken earlier to adjust costs. The operating profit was weakened EUR -3.2 million by a rise in the prices of raw materials not covered by raw material surcharges.
The third quarter result after financial items excluding one-time items declined from the previous year to EUR -3.5 (-2.1) million. The financing costs increased mainly due to unrealized losses at fair value in interest rate derivatives which are not included in hedge accounting. The fair value losses were caused by the sharp decline in long-term interest rates.
The loss attributable to shareholders for the third quarter excluding onetime items was EUR -2.1 (-1.3) million, or EUR -0.14 (-0.09) per share, and after one-time items EUR -2.6 (-1.3) million or EUR -0.17 (-0.09) per share.
The net cash flow from operations in the July - September period was EUR -1.9 (-8.6) million.
January - September 2011 Interim Report
Net sales and order book
The Group's net sales in January - September were EUR 434.7 (320.9) million. Net sales increased 35% and the value of production 35%. The Group's capacity utilization rate in the nine month period was 71% (52%). The order book at the end of September was 21% higher than at the same time in the previous year, standing at EUR 103.7 (85.8) million. The order book published comprises orders confirmed to customers for the next two months.
Net sales for operations in Turkey rose 43% from the previous year to EUR 207.7 (145.2) million. The order book at the end of the period was EUR 57.6 (42.5) million. The order book in Turkey was boosted especially by encouraging developments in construction and mining machinery and in the automotive industry.
Net sales for operations in Finland rose 17% from the previous year to EUR 85.2 (73.0) million. The order book at the end of September stood at EUR 15.2 (16.7) million. The order book in Finland comes mainly from customers in the heavy trucks and machine building industries.
Net sales for operations in Holland rose 34% from the previous year to EUR 84.1 (62.9) million. The order book at the end of the review period stood at EUR 18.2 (14.7) million. Increased orders from manufacturers of construction and mining machinery, agricultural machinery, heavy trucks, and from the machine building industry contributed to the stronger order book in the Netherlands.
Net sales for operations in Sweden rose 56% from the previous year to EUR 90.3 (57.8) million. The order book at the end of September stood at EUR 22.9 (18.7) million. Increased orders from the heavy trucks and machine building industries in particular boosted the order book in Sweden.
Componenta's net sales by customer sector were as follows: heavy trucks 28% (25%), construction and mining 23% (21%), machine building 18% (20%), automotive 18% (20%), agricultural machinery 12% (12%), wind power 1% (2%) and other sales 0% (1%).
Result
The Group's EBITDA for the review period excluding one-time items was EUR 36.8 (19.6) million and after onetime items EUR 34.7 (19.6) million. EBITDA improved from the previous year mainly due to higher production volumes and also in part due to measures taken earlier to adjust costs. Factors having a negative impact on EBIT-DA in the period were the rise in the prices of raw materials not covered by
| MEUR | Q1/11 | Q1/10 | Diff % | Q2/11 | Q2/10 | Diff % | Q3/11 | Q3/10 | Diff % |
|---|---|---|---|---|---|---|---|---|---|
| Net sales | 144.1 | 91.2 | 58 | 156.5 | 117.3 | 33 | 134.1 | 112.3 | 19 |
| Value of production | 150.0 | 94.4 | 59 | 159.1 | 119.0 | 34 | 132.3 | 113.0 | 17 |
| Materials | -61.5 | -34.3 | 79 | -64.4 | -45.5 | 42 | -53.9 | -43.3 | 24 |
| Direct wages and external services | -33.6 | -24.1 | 39 | -36.1 | -29.3 | 23 | -29.8 | -27.7 | 8 |
| Other variable and fixed costs | -41.6 | -32.4 | 29 | -43.0 | -35.7 | 21 | -40.7 | -34.6 | 17 |
| Total costs | -136.7 | -90.8 | 51 | -143.6 | 110.4 | 30 | -124.3 | -105.6 | 18 |
| EBITDA | 13.3 | 3.6 | 267 | 15.5 | 8.6 | 80 | 8.0 | 7.4 | 8 |
Quarterly analysis of changes in income statement excluding one-time items:
raw material surcharges and the rapid rise in the price of iron raw materials during the first half of the year, with a total net value of EUR -8.5 million, and the company did not succeed in compensating this during the period by raising selling prices.
The consolidated operating profit for the January - September period, excluding one-time items, was EUR 23.0 (7.7) million and after one-time items EUR 19.1 (7.7) million. The one-time items totalling EUR -3.9 million included in the operating profit relate to write-downs on machinery and equipment from closing down the Pietarsaari machine shop (EUR -1.8 million), estimated losses in efficiency from the period for running down production in Pietarsaari (EUR -1.3 million) and other one-time costs (EUR -0.7 million).
The Group's net financial costs in the review period totalled EUR -19.2 (-17.6) million. Net financial costs increased from the previous year mainly because of higher interest costs.
The Group's result after financial items, excluding one-time items, was EUR 3.8 (-9.9) million and after onetime costs EUR -0.1 (-9.9) million.
Income taxes for the review period excluding one-time items were EUR -0.1 (+2.9) million and after one-time items EUR +0.7 (+2.9) million.
The net result for the period excluding one-time items was EUR 3.7 (-7.0) million and after one-time items EUR 0.7 (-7.0) million.
Basic earnings per share for the period excluding one-time items was EUR 0.16 (-0.42) and after one-time items EUR -0.02 (-0.42).
The return on investment excluding one-time items was 10.6% (3.9%) and after one-time items 8.9% (3.9%). The return on equity excluding one-time items was 8.8% (-12.7%) and after onetime items 1.6% (-12.7%).
Balance sheet, financing and cash flow
At the end of September, the Group had outstanding capital notes and convertible capital notes, as defined in IFRS, with a total value of EUR 40.6 million.
During the review period new longterm bilateral loans totalling EUR 34.9 million were drawn to refinance shortterm bank loans that matured during the period. Short-term interestbearing liabilities rose considerably in June because of a syndicated loan that matures in summer 2012. It is planned to renegotiate the syndicated loan towards the end of the year.
At the end of September Componenta's liquidity was still at good level. Cash and bank receivables at the end of the review period totalled EUR 18.3 million. In addition, unused committed credit facilities totalled EUR 30.0 million at the end of the period. The Group also has a EUR 150 million commercial paper programme, from which the company had a debt of EUR 3.0 million at the end of review period.
The Group's interest-bearing net debt, excluding the outstanding capital notes of EUR 40.6 million, totalled EUR 202.4 (205.9) million at the end of September. The company's net debt as a proportion of shareholders' equity, including the capital notes in shareholders' equity, was 248.1% (179.4%).
Componenta's net cash flow from operations during the review period was EUR -3.2 (7.0) million, and of this the change in working capital was EUR -16.3 (1.2) million. More capital was tied up in stocks as production volumes increased significantly.
Componenta makes 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. At the end of September the company had sold trade receivables totalling EUR 86.7 (57.7) million. The increase in the sold trade receivables
partially compensates for the capital tied up in other working capital.
At the end of September the Group's equity ratio was 9.8% (16.9%). The extremely sharp decline in the value of the Turkish lira against the euro weakened the Group's shareholders' equity by EUR -31.9 million compared with the same period in the previous year. Cumulatively exchange rate differences after the acquisition of the Turkish subsidiary have weakened the Group's equity by EUR 44.8 million. The original price for the shares of the Turkish company was EUR 149.1 million. Due to translation differences in bookkeeping the value of the shares in the Componenta's balance sheet is EUR 104.3 million. The market value of the shares
3
on 30 September 2011 in the Istanbul stock exchange exceeded their bookkeeping value clearly. The Group's shareholders' equity at the end of September, including the capital notes in equity, as a proportion of the balance sheet total was 19.4% (26.0%).
Investments
Investments in production facilities in the nine month period totalled EUR 13.0 (5.9) million. The net cash flow from investments was EUR -10.9 (-8.0) 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 the sale of tangible and intangible assets.
Performance of operations
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 for the operations in Turkey rose 43% in the nine month period to EUR 207.7 (145.2) million. Operating profit excluding one-time items was EUR 24.1 million, corresponding to 11.6 % of net sales (EUR 10.9 million; 7.5%). The operating profit for the period was boosted by the positive developments in volumes especially in the construction and mining machinery and automotive customer sectors. The operating profit was weakened by the rise in the prices of certain raw materials not covered by raw material surcharges, amounting to some EUR -4.5 million.
Third quarter net sales totalled EUR 67.1 (51.5) million and the operating profit excluding one-time items was EUR 7.3 million, corresponding to 10.9% of net sales (EUR 4.5 million; 8.8%). The third quarter operating profit was boosted by increased sales volumes and weakening of Turkish lira. It was weakened by the rise in the prices of certain raw materials not covered by raw material surcharges, amounting to some EUR -1.5 million.
At the end of September, the order book for the Turkey operations was 35% higher than in the previous year, at EUR 57.6 (42.5) 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 for the operations in Finland rose 17% in the nine month period to EUR 85.2 (73.0) million. The operating result excluding one-time items was EUR -2.7 million, or -3.1% of net sales (EUR -0.8 million, -1.2%). The operating result was weakened by the rise in the prices of certain raw materials not covered by raw material surcharges, increase of energy taxes and the rise in prices of certain regional raw materials, in total EUR -3.1 million. It was also affected by a EUR -0.2 million credit loss provision resulting from the debt restructuring at the Finnish subsidiaries of Moventas Oy.
Third quarter net sales totalled EUR 24.5 (25.1) million and the operating result excluding one-time items was EUR -1.8 million, corresponding to -7.4% of net sales (EUR -0.9 million; -3.7%). The rise in the prices of regional raw materials and of certain raw materials not covered by raw material surcharges had an impact on the operating profit of EUR -0.8 million.
At the end of September the order book for the Finland operations declined 9% and was EUR 15.2 (16.7) million.
Holland operations
The operations in the Netherlands comprise the iron foundries in Weert and Heerlen, the machine shop operations in Weert and the pattern shop in Tegelen.
Net sales for Holland operations rose 34% in the review period to EUR 84.1 (62.9) million and the operating result excluding one-time items was EUR -0.9 million, or -1.1% of net sales (EUR -1.0 million; -1.6%). The operating result was weakened by the rapid rise in the prices of iron raw materials, the rise in prices of certain regional raw materials, and the rise in the prices of certain raw materials not covered by raw material surcharges, in total EUR -1.7 million.
Third quarter net sales totalled EUR 26.7 (20.8) million and the operating result excluding one-time items was EUR -2.2 million, corresponding
EXCLUDING ONE-TIME ITEMS
to -8.1% of net sales (EUR -1.0 million; -5.0%). The rise in the prices of regional raw materials and of other raw materials not covered by raw material surcharges had a total impact on the operating profit of EUR -0.9 million.
At the end of September the order book for the Holland operations was 24% higher than in the previous year, at EUR 18.2 (14.7) million.
Sweden operations
The operations in Sweden comprise the Främmestad machine shop and the Wirsbo forge.
Net sales for operations in Sweden increased 56% in the review period to EUR 90.3 (57.8) million and the operating profit excluding one-time items was EUR 2.9 million, corresponding to 3.2% of net sales (EUR -0.8 million; -1.3%). The operating profit for the revied period improved from the previous year due to the considerably higher volumes, especially in the heavy trucks customer sector.
Third quarter net sales totalled EUR 25.5 (20.6) million and the operating profit excluding one-time items was EUR 0.2 million, corresponding to 1.0% of net sales (EUR 0.6 million; 3.1%). Year-on-year third quarter operating profits are not completely comparable with each other as previous year figure was strengthened by positive correction in depreciation.
At the end of September, the order book for the Sweden operations was 22% higher than in the previous year, at EUR 22.9 (18.7) million.
Other operations
Other business comprises the sales and logistics company Componenta UK Ltd in Great Britain, service and real estate companies in Finland, the Group's administrative functions and the associated company Kumsan A.S. in Turkey. Other business recorded an operating profit of EUR -0.1 (-1.0) million in the period.
Personnel
The Group had on average 4,715 (4,065) employees during the review period, including 495 (270) leased employees. The number of Group personnel at the end of the period was 4,726 (4,363), which includes 462 (370) leased employees. At the end of September 54% (51%) of the personnel were in Turkey, 21% (25%) in Finland, 16% (16%) in the Netherlands, and 9% (8%) in Sweden.
Shares and share capital
The shares of Componenta Corporation are quoted on the NASDAQ OMX Helsinki. At the end of September the company had a total of 17,499,738 shares and the company's share capital stood at EUR 21.9 (21.9) million. The quoted price on 30 September 2011 stood at EUR 3.96 (5.89). The average price during the period was EUR 5.61, the lowest was EUR 3.96, and the highest EUR 6.55. At the end of the review period the share capital had a market capitalization of EUR 69.3 (102.8) million and the volume of shares traded during the period was equivalent to 14.7% (44.8%) of the share stock.
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 of 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 2010 annual report and on the company's website at www.componenta.com.
Market outlook in 2011
The demand outlook in all the Group's customer sectors is satisfactory in the beginning of the fourth quarter of 2011. The recent rise in uncertainty on the financial markets may weaken the confidence in the economy, which could then affect demand for the components manufactured by Componenta.
End of year demand in the heavy trucks customer sector is expected to remain satisfactory.
Demand for mining machinery components is expected to stay at good level towards the end of the year, mainly because of the high prices of raw materials. Demand for construction machinery is expected to continue to rise in developing countries.
End of year demand for agricultural machinery is estimated to stay at good level as a result of increased prices for agricultural products and positive developments in the Russian markets.
Market developments in the European automotive industry are expected to decline in the final quarter of the year. Demand for aluminium wheels is however estimated to develop favourably in the last quarter of 2011.
Demand prospects in the wind power sector are weak.
Demand in the machine building industry is expected to remain stable in northern and central Europe in the final part of the year.
Outlook for Componenta in 2011
Componenta's prospects for 2011 are based on general external economic indicators, delivery forecasts given by customers, and on Componenta's order intake and order book.
Componenta's order book at the end of September was 21% higher than at the same time in the previous year. In 2011 the Group's net sales are expected to rise some 30% and the result after financial items excluding one-time items is expected to be positive. Net cash flow from operations for the full year is expected to be positive. Investments in production facilities in 2011 are estimated to be approximately EUR 20 million.
Interim report tables
Componenta has applied the same accounting principles in this interim report as in the financial statements for 2010. The financial tables in this unaudited interim report have not been prepared in accordance with all the requirements of the IAS 34 standard Interim Financial Reporting
Consolidated income statement excluding one-time items
| MEUR | 1.1.-30.9.2011 | 1.1.-30.9.2010 | 1.7.-30.9.2011 | 1.7.-30.9.2010 | 1.1.-31.12.2010 |
|---|---|---|---|---|---|
| Net sales | 434.7 | 320.9 | 134.1 | 112.3 | 451.6 |
| Other operating income | 1.1 | 0.0 | 0.5 | 0.4 | 0.6 |
| Operating expenses | -399.0 | -301.3 | -126.7 | -105.4 | -422.7 |
| Depreciation, amortization and write-downs | -13.9 | -12.1 | -4.2 | -4.0 | -16.0 |
| Share of the associated companies' result | 0.1 | 0.2 | 0.0 | 0.0 | 0.2 |
| Operating profit | 23.0 | 7.7 | 3.8 | 3.4 | 13.6 |
| % of net sales | 5.3 | 2.4 | 2.8 | 3.0 | 3.0 |
| Financial income and expenses | -19.2 | -17.6 | -7.3 | -5.5 | -23.5 |
| Result after financial items | 3.8 | -9.9 | -3.5 | -2.1 | -9.9 |
| % of net sales | 0.9 | -3.1 | -2.6 | -1.9 | -2.2 |
| Income taxes | -0.1 | 2.9 | 1.4 | 0.8 | 2.5 |
| Net profit | 3.7 | -7.0 | -2.1 | -1.3 | -7.4 |
| Allocation of net profit for the period | |||||
| To equity holders of the parent | 2.7 | -7.4 | -2.4 | -1.5 | -7.8 |
| To non-controlling interest | 1.0 | 0.4 | 0.3 | 0.2 | 0.4 |
| 3.7 | -7.0 | -2.1 | -1.3 | -7.4 | |
| Earnings per share calculated on the profit attributable to equity holders of the parent |
|||||
| Earnings per share, EUR | 0.16 | -0.42 | -0.14 | -0.09 | -0.45 |
| Consolidated income statement | |||||
| MEUR | 1.1.-30.9.2011 | 1.1.-30.9.2010 | 1.7.-30.9.2011 | 1.7.-30.9.2010 | 1.1.-31.12.2010 |
| Net sales | 434.7 | 320.9 | 134.1 | 112.3 | 451.6 |
| Other operating income | 1.1 | 0.0 | 0.5 | 0.4 | 0.6 |
| Operating expenses | -401.1 | -301.3 | -127.4 | -105.4 | -422.8 |
| Depreciation, amortization and write-downs | -15.7 | -12.1 | -4.2 | -4.0 | -16.0 |
| Share of the associated companies' result | 0.1 | 0.2 | 0.0 | 0.0 | 0.2 |
| Operating profit | 19.1 | 7.7 | 3.0 | 3.4 | 13.5 |
| % of net sales | 4.4 | 2.4 | 2.2 | 3.0 | 3.0 |
| Financial income and expenses | -19.2 | -17.6 | -7.3 | -5.5 | -23.5 |
| Result after financial items | -0.1 | -9.9 | -4.3 | -2.1 | -10.0 |
| % of net sales | 0.0 | -3.1 | -3.2 | -1.9 | -2.2 |
| Income taxes | 0.7 | 2.9 | 1.6 | 0.8 | 2.5 |
| Net profit | 0.7 | -7.0 | -2.6 | -1.3 | -7.5 |
| Allocation of net profit for the period | |||||
| To equity holders of the parent | -0.3 | -7.4 | -3.0 | -1.5 | -7.9 |
| To non-controlling interest | 1.0 | 0.4 | 0.3 | 0.2 | 0.4 |
| 0.7 | -7.0 | -2.6 | -1.3 | -7.5 | |
| Earnings per share calculated on the profit | |||||
| attributable to equity holders of the parent | |||||
| Earnings per share, EUR | -0.02 | -0.42 | -0.17 | -0.09 | -0.45 |
| Earnings per share with dilution, EUR | -0.02 | -0.42 | -0.17 | -0.09 | -0.45 |
Consolidated statement of comprehensive income
| MEUR | 1.1.-30.9.2011 | 1.1.-30.9.2010 | 1.7.-30.9.2011 | 1.7.-30.9.2010 | 1.1.-31.12.2010 |
|---|---|---|---|---|---|
| Net profit | 0.7 | -7.0 | -2.6 | -1.3 | -7.5 |
| Other comprehensive income | |||||
| Translation differences | -28.1 | 12.1 | -9.0 | -4.2 | 6.7 |
| Cash flow hedges | -3.0 | 1.9 | -1.1 | 0.4 | 4.8 |
| Income tax on other comprehensive income | 0.8 | -0.5 | 0.3 | -0.1 | -1.3 |
| Other comprehensive income, net of tax | -30.3 | 13.5 | -9.8 | -3.9 | 10.3 |
| Total comprehensive income | -29.6 | 6.5 | -12.4 | -5.2 | 2.8 |
| Allocation of total comprehensive income | |||||
| To equity holders of the parent | -29.3 | 5.5 | -12.3 | -5.2 | 2.0 |
| To non-controlling interest | -0.3 | 1.0 | -0.1 | 0.0 | 0.8 |
| -29.6 | 6.5 | -12.4 | -5.2 | 2.8 |
Consolidated statement of financial position
| MEUR | 30.9.2011 | 30.9.2010 | 31.12.2010 |
|---|---|---|---|
| Assets | |||
| Non-current assets | |||
| Intangible assets | 6.3 | 6.4 | 6.7 |
| Goodwill | 27.2 | 34.3 | 33.1 |
| Investment properties | 1.7 | 1.8 | 1.8 |
| Tangible assets | 224.1 | 250.0 | 245.3 |
| Investment in associates | 1.2 | 1.3 | 1.3 |
| Receivables | 5.8 | 6.2 | 6.0 |
| Other investments | 0.7 | 0.5 | 0.5 |
| Deferred tax assets | 25.4 | 21.0 | 20.9 |
| Total non-current assets | 292.4 | 321.5 | 315.6 |
| Current assets | |||
| Inventories | 63.5 | 54.0 | 52.2 |
| Receivables | 46.4 | 48.2 | 41.7 |
| Tax receivables | 0.0 | 0.3 | 0.0 |
| Cash and cash equivalents | 18.3 | 17.7 | 11.0 |
| Total current assets | 128.2 | 120.2 | 104.8 |
| Total assets | 420.6 | 441.7 | 420.4 |
| Shareholders' equity and liabilities | |||
| Shareholders' equity | |||
| Share capital | 21.9 | 21.9 | 21.9 |
| Other equity | 12.2 | 45.0 | 41.5 |
| Equity attributable to equity holders of the parent company | 34.1 | 66.9 | 63.4 |
| Non-controlling interest | 6.9 | 7.5 | 7.3 |
| Shareholders' equity | 41.0 | 74.4 | 70.7 |
| Liabilities | |||
| Non-current | |||
| Capital loans | 31.3 | 40.4 | 35.3 |
| Interest bearing | 78.5 | 198.6 | 185.1 |
| Provisions | 7.3 | 8.3 | 8.5 |
| Deferred tax liability | 6.9 | 7.9 | 9.6 |
| Current | |||
| Capital loans | 9.3 | - | 5.1 |
| Interest bearing | 142.2 | 25.0 | 15.3 |
| Interest free | 100.9 | 84.9 | 89.5 |
| Tax liabilities | 1.5 | 0.1 | 0.1 |
| Provisions | 1.8 | 2.1 | 1.2 |
| Total liabilities | 379.6 | 367.3 | 349.7 |
| Total shareholders' equity and liabilities | 420.6 | 441.7 | 420.4 |
Condensed consolidated cash flow statement
| MEUR | 1.1.-30.9.2011 | 1.1.-30.9.2010 | 1.1.-31.12.2010 |
|---|---|---|---|
| Cash flow from operating activities | |||
| Result after financial items | -0.1 | -9.9 | -10.0 |
| Depreciation, amortization and write-downs | 15.7 | 12.1 | 16.0 |
| Net financial income and expenses | 19.2 | 17.6 | 23.5 |
| Other income and expenses, adjustments to cash flow | 0.5 | 2.4 | 1.7 |
| Change in net working capital | -16.3 | 1.2 | 13.6 |
| Cash flow from operations before financing and income taxes | 19.1 | 23.3 | 44.8 |
| Interest received and paid and dividends received | -19.1 | -16.3 | -20.6 |
| Taxes paid | -3.2 | 0.0 | 0.9 |
| Net cash flow from operating activities | -3.2 | 7.0 | 25.2 |
| Cash flow from investing activities | |||
| Capital expenditure in tangible and intangible assets | -12.0 | -7.7 | -10.0 |
| Proceeds from tangible and intangible assets | 1.2 | 0.0 | 0.0 |
| Other investments and loans granted | -0.2 | -0.3 | -0.4 |
| Proceeds from other investments and repayments of loan receivables | 0.0 | - | 0.1 |
| Net cash flow from investing activities | -10.9 | -8.0 | -10.4 |
| Cash flow from financing activities | |||
| Dividends paid | - | - | - |
| Repayment of finance lease liabilities | -2.2 | -1.3 | -2.4 |
| Draw-down (+)/ repayment (-) of current loans | -0.5 | -27.5 | -36.3 |
| Draw-down of non-current loans | 60.4 | 69.3 | 54.3 |
| Repayment of non-current loans and other changes | -34.9 | -29.9 | -27.2 |
| Net cash flow from financing activities | 22.8 | 10.7 | -11.7 |
| Change in liquid assets | 8.7 | 9.6 | 3.1 |
| Cash and cash equivalents at the beginning of the period | 11.0 | 7.6 | 7.6 |
| Effects of exchange rate changes on cash | -1.4 | 0.5 | 0.3 |
| Cash and cash equivalents at the period end | 18.3 | 17.7 | 11.0 |
| Change during the financial period | 8.7 | 9.6 | 3.1 |
Statement of changes in consolidated shareholders' equity
| Share | Non | Share holders' |
|||||||
|---|---|---|---|---|---|---|---|---|---|
| MEUR | Share capital |
premium account |
Other reserves |
Cash flow hedges |
Translation differences |
Retained earnings |
Total | controlling interest |
equity 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 |
| Non holders' controlling equity |
|---|
| total |
| 70.7 |
| 0.7 |
| -28.1 |
| -2.2 |
| -29.6 |
| -0.1 |
| 41.0 |
| interest 7.3 1.0 -1.3 -0.3 6.9 |
*) Other changes in other reserves include given donation to universities, EUR 0.2 million.
Key Ratios
| 30.9.2011 | 30.9.2010 | 31.12.2010 | |
|---|---|---|---|
| Equity ratio, % | 9.8 | 16.9 | 16.8 |
| Equity per share, EUR | 1.95 | 3.83 | 3.63 |
| Invested capital at period end, MEUR | 302.3 | 338.3 | 311.5 |
| Return on investment, excl. one-time items, % | 10.6 | 3.9 | 5.0 |
| Return on investment, % | 8.9 | 3.9 | 5.0 |
| Return on equity, excl. one-time items, % | 8.8 | -12.7 | -10.2 |
| Return on equity, % | 1.6 | -12.7 | -10.3 |
| Net interest bearing debt, preferred capital note in debt, MEUR | 243.0 | 246.3 | 229.8 |
| Net gearing, preferred capital note in debt, % | 592.8 | 331.2 | 325.0 |
| Order book, MEUR | 103.7 | 85.8 | 94.6 |
| Investments in non-current assets without finance leases, MEUR | 12.7 | 5.9 | 8.2 |
| Investments in non-current assets incl. finance leases, MEUR | 13.0 | 5.9 | 8.5 |
| Investments in non-current assets (incl. finance leases), % of net sales | 3.0 | 1.8 | 1.9 |
| Average number of personnel during the period | 4,220 | 3,795 | 3,853 |
| Average number of personnel during the period, incl. leased personnel | 4,715 | 4,065 | 4,155 |
| Number of personnel at period end | 4,264 | 3,993 | 4,016 |
| Number of personnel at period end, incl. leased personnel | 4,726 | 4,363 | 4,414 |
| Share of export and foreign activities in net sales, % | 90.0 | 88.3 | 88.1 |
| Contingent liabilities, MEUR | 240.3 | 222.2 | 247.5 |
| Earnings per share (EPS), EUR | -0.02 | -0.42 | -0.45 |
| Earnings per share, with dilution (EPS), EUR | -0.02 | -0.42 | -0.45 |
| Cash flow per share, EUR | -0.18 | 0.40 | 1.44 |
Changes in tangible assets and goodwill
| MEUR | 1-9/2011 | 1-9/2010 | 1-12/2010 |
|---|---|---|---|
| Changes in tangible assets | |||
| Acquisition cost at the beginning of the period | 556.3 | 531.1 | 531.1 |
| Translation differences | -43.5 | 26.5 | 24.1 |
| Additions | 11.8 | 4.8 | 6.3 |
| Disposals | -7.0 | -0.6 | -5.2 |
| Acquisition cost at the end of the period | 517.6 | 561.8 | 556.3 |
| Accumulated depreciation at the beginning of the period | -311.0 | -286.9 | -286.9 |
| Translation differences | 24.6 | -14.4 | -12.5 |
| Accumulated depreciation on disposals and transfers | 7.0 | 0.0 | 2.4 |
| Depreciation, amortization and write-downs during the period | -14.1 | -10.5 | -14.0 |
| Accumulated depreciation at the end of the period | -293.5 | -311.8 | -311.0 |
| Book value at the end of the period | 224.1 | 250.0 | 245.3 |
| Goodwill | |||
| Acquisition cost at the beginning of the period | 33.1 | 31.5 | 31.5 |
| Translation difference | -5.9 | 2.8 | 1.6 |
| Book value at the end of the period | 27.2 | 34.3 | 33.1 |
Group development
Net sales by market area
| MEUR | 1-12/2010 | 1-9/2010 | 1-9/2011 |
|---|---|---|---|
| Sweden | 81.7 | 56.9 | 81.6 |
| Germany | 76.0 | 54.8 | 80.2 |
| Turkey | 73.7 | 52.2 | 67.8 |
| Finland | 53.8 | 37.5 | 43.4 |
| UK | 47.5 | 34.4 | 48.8 |
| Benelux countries | 35.2 | 25.2 | 33.3 |
| France | 27.8 | 19.7 | 26.7 |
| Italy | 20.7 | 13.9 | 21.6 |
| Other European countries | 9.1 | 6.8 | 7.0 |
| Other countries | 26.1 | 19.5 | 24.3 |
| Total | 451.6 | 320.9 | 434.7 |
Quarterly development by market area
| MEUR | Q1/10 | Q2/10 | Q3/10 | Q4/10 | Q1/11 | Q2/11 | Q3/11 |
|---|---|---|---|---|---|---|---|
| Sweden | 15.5 | 21.9 | 19.5 | 24.8 | 29.8 | 30.2 | 21.6 |
| Germany | 15.2 | 20.9 | 18.6 | 21.2 | 25.3 | 28.0 | 26.8 |
| Turkey | 14.3 | 19.1 | 18.8 | 21.5 | 21.4 | 25.2 | 21.3 |
| Finland | 11.0 | 13.6 | 12.9 | 16.3 | 14.7 | 15.7 | 13.0 |
| UK | 9.9 | 12.0 | 12.5 | 13.1 | 15.9 | 17.2 | 15.7 |
| Benelux countries | 7.1 | 9.4 | 8.7 | 10.0 | 11.5 | 11.4 | 10.5 |
| France | 6.1 | 7.1 | 6.5 | 8.1 | 9.6 | 10.1 | 7.0 |
| Italy | 3.8 | 4.2 | 5.9 | 6.8 | 7.1 | 6.7 | 7.8 |
| Other European countries | 2.2 | 2.2 | 2.5 | 2.3 | 2.4 | 2.5 | 2.2 |
| Other countries | 6.1 | 6.9 | 6.5 | 6.6 | 6.4 | 9.7 | 8.2 |
| Total | 91.2 | 117.3 | 112.3 | 130.7 | 144.1 | 156.5 | 134.1 |
Group development excluding one-time items
| MEUR | 1-12/2010 | 1-9/2010 | 1-9/2011 |
|---|---|---|---|
| Net sales | 451.6 | 320.9 | 434.7 |
| Operating profit | 13.6 | 7.7 | 23.0 |
| Net financial items *) | -23.5 | -17.6 | -19.2 |
| Profit after financial items | -9.9 | -9.9 | 3.8 |
*) Net financial items are not allocated to business segments
Group development by business segment excluding one-time items
| Operating profit, MEUR | 1-12/2010 | 1-9/2010 | 1-9/2011 |
|---|---|---|---|
| Turkey | 15.2 | 10.9 | 24.1 |
| Finland | -0.2 | -0.8 | -2.7 |
| Holland | -1.5 | -1.0 | -0.9 |
| Sweden | 0.8 | -0.8 | 2.9 |
| Other business | -1.0 | -1.0 | -0.1 |
| Internal items | 0.4 | 0.3 | -0.4 |
| Componenta total | 13.6 | 7.7 | 23.0 |
Group development by quarter excluding one-time items
| MEUR | Q1/10 | Q2/10 | Q3/10 | Q4/10 | Q1/11 | Q2/11 | Q3/11 |
|---|---|---|---|---|---|---|---|
| Net sales | 91.2 | 117.3 | 112.3 | 130.7 | 144.1 | 156.5 | 134.1 |
| Operating profit | 0.3 | 4.0 | 3.4 | 5.9 | 8.5 | 10.7 | 3.8 |
| Net financial items *) | -5.9 | -6.2 | -5.5 | -5.9 | -5.3 | -6.6 | -7.3 |
| Profit after financial items | -5.6 | -2.2 | -2.1 | 0.0 | 3.2 | 4.1 | -3.5 |
*) Net financial items are not allocated to business segments
Quarterly development by business segment excluding one-time items
| Operating profit, MEUR | Q1/10 | Q2/10 | Q3/10 | Q4/10 | Q1/11 | Q2/11 | Q3/11 |
|---|---|---|---|---|---|---|---|
| Turkey | 3.2 | 3.3 | 4.5 | 4.3 | 8.3 | 8.5 | 7.3 |
| Finland | -0.6 | 0.7 | -0.9 | 0.6 | -1.3 | 0.5 | -1.8 |
| Holland | -0.1 | 0.2 | -1.0 | -0.5 | 0.3 | 0.9 | -2.2 |
| Sweden | -1.4 | 0.0 | 0.6 | 1.6 | 1.2 | 1.5 | 0.2 |
| Other business | -0.7 | -0.1 | 0.0 | -0.2 | 0.1 | -0.4 | 0.2 |
| Internal items | 0.0 | -0.2 | 0.3 | 0.2 | -0.2 | -0.3 | 0.0 |
| Componenta total | 0.3 | 4.0 | 3.4 | 5.9 | 8.5 | 10.7 | 3.8 |
Group development
| Group development | |||
|---|---|---|---|
| MEUR | 1-12/2010 | 1-9/2010 | 1-9/2011 |
| Net sales | 451.6 | 320.9 | 434.7 |
| Operating profit | 13.5 | 7.7 | 19.1 |
| Net financial items *) | -23.5 | -17.6 | -19.2 |
| Profit after financial items | -10.0 | -9.9 | -0.1 |
*) Net financial items are not allocated to business segments
Group development by business segment
| Net sales, MEUR | 1-12/2010 | 1-9/2010 | 1-9/2011 |
|---|---|---|---|
| Turkey | 204.8 | 145.2 | 207.7 |
| Finland | 103.6 | 73.0 | 85.2 |
| Holland | 85.1 | 62.9 | 84.1 |
| Sweden | 84.7 | 57.8 | 90.3 |
| Other business | 65.3 | 47.2 | 67.3 |
| Internal items | -91.9 | -65.2 | -99.9 |
| Componenta total | 451.6 | 320.9 | 434.7 |
| Operating profit, MEUR | 1-12/2010 | 1-9/2010 | 1-9/2011 |
| Turkey | 15.2 | 10.9 | 24.1 |
| Finland | -0.2 | -0.8 | -2.7 |
| Holland | -1.5 | -1.0 | -0.9 |
| Sweden Other business |
0.8 -1.0 |
-0.8 -1.0 |
2.9 -0.1 |
| One-time items *) | -0.1 | 0.0 | -3.9 |
Componenta total 13.5 7.7 19.1
*) One-time items in 2011 relate to terminating machine operations at Pietarsaari machine shop which belongs to business segment Finland, EUR -3.1 million,
write-downs of prepayments paid to suppliers, EUR -0.3 million and other one-time items, EUR -0.4 million.
| Order book, MEUR | 12/2010*) | 9/2010 | 9/2011 |
|---|---|---|---|
| Turkey | 47.8 | 42.5 | 57.6 |
| Finland | 15.7 | 16.7 | 15.2 |
| Holland | 16.4 | 14.7 | 18.2 |
| Sweden | 22.0 | 18.7 | 22.9 |
| Internal items | -7.4 | -6.8 | -10.1 |
| Componenta total | 94.6 | 85.8 | 103.7 |
*) Order book on 10 January 2011
Group development
Group development by quarter
| MEUR | Q1/10 | Q2/10 | Q3/10 | Q4/10 | Q1/11 | Q2/11 | Q3/11 |
|---|---|---|---|---|---|---|---|
| Net sales | 91.2 | 117.3 | 112.3 | 130.7 | 144.1 | 156.5 | 134.1 |
| Operating profit | 0.3 | 4.0 | 3.4 | 5.8 | 6.0 | 10.1 | 3.0 |
| Net financial items *) | -5.9 | -6.2 | -5.5 | -5.9 | -5.3 | -6.6 | -7.3 |
| Profit after financial items | -5.6 | -2.2 | -2.1 | -0.1 | 0.7 | 3.5 | -4.3 |
| *) Net financial items are not allocated to business segments |
Quarterly development by business segment
| Net sales, MEUR | Q1/10 | Q2/10 | Q3/10 | Q4/10 | Q1/11 | Q2/11 | Q3/11 |
|---|---|---|---|---|---|---|---|
| Turkey | 40.6 | 53.1 | 51.5 | 59.6 | 67.9 | 72.7 | 67.1 |
| Finland | 20.8 | 27.0 | 25.1 | 30.6 | 28.5 | 32.2 | 24.5 |
| Holland | 18.7 | 23.4 | 20.8 | 22.1 | 26.7 | 30.7 | 26.7 |
| Sweden | 15.8 | 21.3 | 20.6 | 26.9 | 32.4 | 32.5 | 25.5 |
| Other business | 14.3 | 16.2 | 16.8 | 18.1 | 21.8 | 23.3 | 22.2 |
| Internal items | -19.0 | -23.7 | -22.5 | -26.7 | -33.2 | -34.9 | -31.9 |
| Componenta total | 91.2 | 117.3 | 112.3 | 130.7 | 144.1 | 156.5 | 134.1 |
| Operating profit, MEUR | Q1/10 | Q2/10 | Q3/10 | Q4/10 | Q1/11 | Q2/11 | Q3/11 |
| Turkey | 3.2 | 3.3 | 4.5 | 4.3 | 8.3 | 8.5 | 7.3 |
| Finland | -0.6 | 0.7 | -0.9 | 0.6 | -1.3 | 0.5 | -1.8 |
| Holland | -0.1 | 0.2 | -1.0 | -0.5 | 0.3 | 0.9 | -2.2 |
| Sweden | -1.4 | 0.0 | 0.6 | 1.6 | 1.2 | 1.5 | 0.2 |
| Other business | -0.7 | -0.1 | 0.0 | -0.2 | 0.1 | -0.4 | 0.2 |
| One-time items *) | 0.0 | 0.0 | 0.0 | -0.1 | -2.4 | -0.6 | -0.8 |
| Internal items | 0.0 | -0.2 | 0.3 | 0.2 | -0.2 | -0.3 | 0.0 |
| Componenta total | 0.3 | 4.0 | 3.4 | 5.8 | 6.0 | 10.1 | 3.0 |
*) One-time items in 2011 relate to terminating machine operations at Pietarsaari machine shop which belongs to business segment Finland, EUR -3.1 million, write-downs of prepayments paid to suppliers, EUR -0.3 million and other one-time items, EUR -0.4 million.
| Order book at period end, MEUR | Q1/10 | Q2/10 | Q3/10 | Q4/10*) | Q1/11 | Q2/11 | Q3/11 |
|---|---|---|---|---|---|---|---|
| Turkey | 32.6 | 42.4 | 42.5 | 47.8 | 54.0 | 59.4 | 57.6 |
| Finland | 13.6 | 15.8 | 16.7 | 15.7 | 17.6 | 16.3 | 15.2 |
| Holland | 13.4 | 14.6 | 14.7 | 16.4 | 17.7 | 21.0 | 18.2 |
| Sweden | 13.3 | 16.5 | 18.7 | 22.0 | 23.2 | 22.9 | 22.9 |
| Internal items | -5.0 | -5.7 | -6.8 | -7.4 | -8.3 | -8.5 | -10.1 |
| Componenta total | 68.0 | 83.6 | 85.8 | 94.6 | 104.3 | 111.2 | 103.7 |
*) Order book on 10 January 2011
Business segments
| MEUR | 30.9.2011 | 30.9.2010 | 31.12.2010 |
|---|---|---|---|
| Turkey | |||
| Assets | 202.7 | 211.9 | 210.8 |
| Liabilities | 45.4 | 32.7 | 33.5 |
| Investments in non-current assets (incl. finance leases) | 6.3 | 3.7 | 4.8 |
| Depreciation, amortization and write-downs | 4.8 | 3.9 | 4.9 |
| Finland | |||
| Assets | 78.0 | 80.4 | 85.7 |
| Liabilities | 22.1 | 23.3 | 24.2 |
| Investments in non-current assets (incl. finance leases) | 1.7 | 1.4 | 2.4 |
| Depreciation, amortization and write-downs *) | 5.4 | 3.6 | 4.8 |
| Holland | |||
| Assets | 51.3 | 51.5 | 48.7 |
| Liabilities | 20.6 | 13.8 | 12.8 |
| Investments in non-current assets (incl. finance leases) | 1.6 | 0.3 | 0.4 |
| Depreciation, amortization and write-downs | 1.4 | 1.1 | 1.5 |
| Sweden | |||
| Assets | 51.5 | 49.2 | 51.5 |
| Liabilities | 26.1 | 19.7 | 25.7 |
| Investments in non-current assets (incl. finance leases) | 2.3 | 0.2 | 0.5 |
| Depreciation, amortization and write-downs | 2.1 | 1.5 | 2.1 |
| Other business | |||
| Assets | 52.3 | 53.1 | 53.9 |
| Liabilities | 20.7 | 25.7 | 25.7 |
| Investments in non-current assets (incl. finance leases) | 1.0 | 0.1 | 0.5 |
| Depreciation, amortization and write-downs | 2.0 | 2.0 | 2.7 |
*) Depreciation, amortization and write-downs of Finland operations include one-time items of EUR 1.8 million related
to write-downs of non-current assets.
Fair values of derivative instruments
| MEUR | Fair value, positive |
30.9.2011 Fair value, negative |
Fair value, net |
30.9.2010 Fair value, net |
31.12.2010 Fair value, net |
|---|---|---|---|---|---|
| Currency derivatives | |||||
| Foreign exchange forwards | 0.1 | 0.0 | 0.1 | 0.0 | -0.3 |
| Currency swaps | 0.5 | -0.5 | 0.0 | -1.5 | -1.5 |
| Foreign exchange options | 0.0 | 0.0 | 0.0 | - | -0.1 |
| Interest rate derivatives | |||||
| Interest rate options | 0.0 | -0.1 | -0.1 | -0.2 | -0.3 |
| Interest rate swaps | 0.1 | -1.0 | -0.9 | -0.8 | -0.3 |
| Commodity derivatives | |||||
| Electricity price forwards | 0.2 | -0.1 | 0.1 | 0.6 | 3.3 |
| Total | 0.9 | -1.8 | -0.9 | -2.0 | 0.8 |
Nominal values of derivative instruments
| 30.9.2011 | 30.9.2010 | 31.12.2010 | |
|---|---|---|---|
| Nominal | Nominal | Nominal | |
| MEUR | value | value | value |
| Currency derivatives *) | |||
| Foreign exchange forwards | 4.0 | 6.0 | 11.0 |
| Currency swaps | 80.8 | 62.8 | 69.2 |
| Foreign exchange options | 2.7 | - | 2.8 |
| Interest rate derivatives | |||
| Interest rate options | 10.0 | 28.0 | 28.0 |
| Interest rate swaps | |||
| Maturity in less than a year | - | 28.0 | 28.0 |
| Maturity after one year and less than five years | 80.0 | 50.0 | 60.0 |
| Commodity derivatives | |||
| Electricity price forwards | |||
| Maturity in less than a year | 1.4 | 1.0 | 4.0 |
| Maturity after one year and less than five years | 10.4 | 8.1 | 5.7 |
| Total | 189.2 | 183.9 | 208.7 |
| *) Currency derivatives mature in less than a year. |
Contingent liabilities
| MEUR | 30.9.2011 | 30.9.2010 | 31.12.2010 |
|---|---|---|---|
| Real-estate mortgages | |||
| For own debts | 11.1 | 15.2 | 15.3 |
| Business mortgages | |||
| For own debts | - | - | - |
| Pledges | |||
| For own debts | 222.0 | 197.2 | 222.0 |
| Other leasing commitments | 4.2 | 5.3 | 5.5 |
| Other commitments | 3.0 | 4.4 | 4.7 |
| Total | 240.3 | 222.2 | 247.5 |
Key exchange rates for the Euro
| Average rate | |||
|---|---|---|---|
| 30.9.2011 | 31.12.2010 | 30.9.2011 | 31.12.2010 |
| 9.2580 | 8.9655 | 9.0096 | 9.5373 |
| 1.3503 | 1.3362 | 1.4065 | 1.3257 |
| 0.8667 | 0.8608 | 0.8714 | 0.8578 |
| 2.5157 | 2.0491 | 2.2757 | 1.9893 |
| Closing rate |
Calculation of key financial ratios
| Return on equity -% (ROE ) *) |
= | Profit after financial items – income taxes × 100 Shareholders' equity without preferred capital notes + non-controlling interest (quarterly average) |
|---|---|---|
| Return on investment -% (ROI) *) | = | Profit after financial items + interest and other financial expenses × 100 Shareholders' equity + interest bearing liabilities (quarterly average) |
| Equity ratio, % | = | Shareholders' equity, preferred capital notes excluded + non-controlling interest × 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, 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 (CEPS) |
= | 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, MEUR | = | Interest bearing liabilities + preferred capital notes - cash and bank accounts |
| Net gearing, % | = | Net interest bearing liabilities × 100 Shareholders' equity, preferred capital notes excluded + non-controlling interest |
*) The profit for the first three quarters of the year in ROE and ROI has been calculated as an average annual return (annualised)
Largest registered shareholders on 30 September 2011
| Share of total | |||
|---|---|---|---|
| Shareholder | Shares | voting rights, % | |
| 1 Lehtonen Heikki | 5,318,840 | 30.39 | |
| Cabana Trade S.A. | 3,501,988 | ||
| O y Högfors-Trading Ab |
1,806,052 | ||
| Lehtonen Heikki | 10,800 | ||
| 2 Etra Capital Oy | 4,347,464 | 24.84 | |
| 3 Varma Mutual Pension Insurance Company | 978,968 | 5.59 | |
| 4 Finnish Industry Investment Ltd | 666,666 | 3.81 | |
| 5 Mandatum Life Insurance Company Limited | 555,000 | 3.17 | |
| 6 Fund Alfred Berg Small Cap Finland | 243,088 | 1.39 | |
| 7 Bergholm Heikki | 240,016 | 1.37 | |
| 8 Finnish Cultural Foundation | 236,000 | 1.35 | |
| 9 Laakkonen Mikko | 200,000 | 1.14 | |
| 10 Lehtonen Anna-Maria | 178,823 | 1.02 | |
| Nominee-registered shares | 607,381 | 3.47 | |
| Other shareholders | 3,927,492 | 22.44 | |
| Total | 17,499,738 | 100.00 |
The members of the Board of Directors own 32.2 % 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 change to 31.7 %.
Helsinki 18 October 2011
COMPONENTA CORPORATION Board of Directors
Componenta Corporation
Panuntie 4 FI-00610 Helsinki, Finland www.componenta.com