2013-10-21 13:00:01 CEST
2013-10-21 13:00:05 CEST
REGULATED INFORMATION
Componenta - Interim report (Q1 and Q3)
Componenta Interim Report 1 January - 30 September 2013: Net sales declined in review period, but operating profit improved from previous year, prospects for rest of year unchanged
Componenta Corporation Stock Exchange Release 21.10.2013 at 14.00
July - September 2013 in brief
-- The Group's third quarter net sales declined one per cent from the previous
year to MEUR 119 (121).
-- EBITDA excluding one-time items improved significantly from the previous
year, to MEUR 6.6 (-2.0) and to MEUR 6.0 (-2.1) after one-time items.
-- Operating profit excluding one-time items turned positive from the previous
year, standing at MEUR 2.2 (-5.5) and at MEUR 1.5 (-5.6) after one-time
items. The considerable improvement in the operating profit from the
previous year is due to the cost savings achieved in the efficiency program
and the weakening of the Turkish lira.
-- The result after financial items excluding one-time items was MEUR -4.4
(-12.4) and after one-time items MEUR -5.2 (-12.5).
-- Basic earnings per share excluding one-time items were EUR -0.18 (-0.46)
and after one-time items EUR -0.27 (-0.46).
-- Third quarter net cash flow from operations was MEUR -21.7 (-18.0). The
increase in working capital during the third quarter was exceptionally
high. The company has taken measures that aim to normalize the need for
working capital during the final quarter of the year.
January - September 2013 in brief
-- The Group's order book at the end of the review period was 4% lower than at
the corresponding time in the previous year, standing at MEUR 84 (87).
-- Net sales in the review period declined 9% from the previous year to MEUR
387 (427).
-- The Group has carried out its efficiency improvement program as planned and
will achieve the targeted annual savings of MEUR 25 during 2014. The
company expanded the efficiency program with new development projects,
aiming to improve profitability by a further MEUR 10 by the end of 2015.
-- Operating profit in the review period excluding one-time items improved
from the previous year to MEUR 14.6 (13.6).
-- The result after financial items excluding one-time items was MEUR -3.7
(-8.2).
-- Earnings per share in the period excluding one-time items were EUR -0.19
(-0.43).
-- At the end of September cash funds and unused committed credit facilities
totalled MEUR 12.2 (11.9).
Business environment
At the end of September the order book for Componenta's heavy trucks customer
sector was 3% down on the corresponding time in the previous year. Demand for
heavy trucks is expected to be higher in the final quarter of the year than in
the same period in the previous year.
The order book for Componenta's construction and mining customer sector was 13%
lower at the end of September than at the same time in the previous year.
Demand for construction and mining machinery is expected to decline slightly
during the final quarter of 2013 as customers prepare for end of year
stoppages.
At the end of the review period, the order book for Componenta's machine
building customer segment was 4% higher than at the same time in the previous
year. Prospects in the machine building industry are expected to improve in the
final quarter compared to the same period in the previous year.
The order book for Componenta's agricultural machinery customer sector was 3%
lower at the end of September than at the same time in the previous year.
Demand for agricultural machinery is expected to remain stable in the final
part of 2013.
The order book for Componenta's automotive customer sector was 3% higher at the
end of September than at the same time in the previous year. Componenta's
deliveries to the automotive industry are expected to increase in the final
quarter from the previous year.
Prospects for Componenta
The prospects for Componenta for the rest of 2013 are based on general external
economic indicators, delivery forecasts given by customers, and on Componenta's
order intake and order book.
The continuing uncertainty in the European and global economy has weakened
demand for investment in Componenta's customer sectors. Componenta's order book
declined 4% from the corresponding time in the previous year to EUR 84 (87)
million.
Net sales in 2013 are expected to remain at the same level as in the previous
year and, in consequence of the structural efficiency measures being carried
out, the operating profit excluding one-time items is expected to improve from
the previous year.
Key figures
1-9/2013 1-9/2012 1-12/2012
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Order book, MEUR 84 87 83
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Net sales, MEUR 387 428 545
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Operating profit, excl. one-time items, MEUR 14.6 13.6 10.0
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Operating profit, excl. one-time items, % 3.8 3.2 1.8
--------------------------------------------------------------------------------
Result after financial items, excl. one-time -3.7 -8.2 -17.6
items, MEUR
--------------------------------------------------------------------------------
One-time items, MEUR -1.8 -0.3 -7.8
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Taxes, MEUR 0.0 0.9 1.4
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Net result for the period, MEUR -5.6 -7.6 -24.0
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Earnings per share, excl. one time items, EUR -0.19 -0.43 -0.92
--------------------------------------------------------------------------------
Net gearing, % 241 321 284
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Return on investment, excl. one-time items, % 6.2 6.3 4.0
--------------------------------------------------------------------------------
Return on equity, excl. one-time items, % -3.9 -13.9 -24.8
--------------------------------------------------------------------------------
Number of personnel at period end, incl. leased 4,561 4,544 4,277
personnel
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President and CEO Heikki Lehtonen comments on the third quarter of 2013:
“Although the net sales in the review period remained slightly lower compared
to the previous year, the operating profit improved clearly. Reasons for that
were the cost savings by the efficiency improvement program launched in the
Group a year ago and the weakening of the Turkish lira.
The uncertainty in the European and global economy is still affecting the
demand in our customer sectors, which could be noticed as a modest decline in
our order book from the same time in the previous year. Outlook for the rest of
year is, however, varying by customer industry. Demand in heavy trucks
industry, machine building industry and automotive industry is expected to
develop favourably. Demand prospects for agricultural machinery are stable and
demand for construction and mining machinery is expected to decline slighty.
Our new sales in 2013 have developed as expected, and amount of offers in
January - September this year has been on higher level than in the previous
years.
The group-wide efficiency improvement program launched in October 2012 has made
progress in accordance with expectations and the Group is set to achieve the
target of improving the Group's profitability by EUR 25 million by 2014.
Restructuring, product transfers and several different development measures
have made progress as planned. As a result of them efficiency of the operations
has increased and total productivity has improved.
In September we expanded the efficiency program with the new projects that
particularly focus on raising foundry capacity utilization rates, developing
processes and improving profitability further by EUR 10 million by the end of
2015. As part of the efficiency improvement measures, we will invest in
developing production processes and cutting the amount of waste and reducing
emissions to the environment in Turkey and the Netherlands.“
Componenta's Interim Report 1 January - 30 September 2013 in PDF format is
attached to this release. The report is also available on the Componenta
website at www.componenta.com.
Press conference for analysts and media representatives at 14.30 (EEST)
A press conference will be held at 14.30 (EEST) on 21 October 2013, in the
auditorium of the SATO building in Käpylä, at Panuntie 4, 00610 Helsinki. The
press conference will be webcast simultaneously via the internet. The link can
be found on Componenta's website at www.componenta.com.
Helsinki, 21 October 2013
COMPONENTA CORPORATION
Heikki Lehtonen
President and CEO
ENCL. Interim Report 1 January - 30 September 2013
For further information, please contact:
Heikki Lehtonen
President and CEO
tel. +358 10 403 2200
Mika Hassinen
CFO
tel. +358 10 403 2723
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 545 million in 2012 and its share is listed on
the NASDAQ OMX Helsinki. The Group employs approx. 4,300 people. 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.
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