2013-02-28 11:00:01 CET
2013-02-28 11:00:09 CET
REGULATED INFORMATION
Componenta - Financial Statement Release
Componenta Corporation Financial Statements 1 January - 31 December 2012: Result weakened significantly, demand outlook uncertain in 2013
Componenta Corporation Financial Statements Bulletin 28.2.2013 at 12.00
October - December 2012 summary
-- Net sales in October - December fell 17% from the previous year to MEUR 117
(MEUR 142).
-- The fourth quarter operating profit excluding one-time items declined
compared to the previous year to MEUR -3.5 (MEUR 6.8).
-- Factors that affected the fourth quarter operating profit excluding
one-time items were significantly lower volumes than in the previous year
and the resulting inefficiency, higher costs for materials and the
strengthening of the Turkish lira.
-- The fourth quarter result after financial items excluding one-time items
declined from the corresponding period in the previous year to MEUR -9.5
(MEUR 0.1).
-- The loss attributable to shareholders for the fourth quarter excluding
one-time items was MEUR -10.0 (MEUR -1.3), or EUR -0.47 (EUR -0.07) per
share.
-- Net cash flow from operations in the October - December period was MEUR 3.8
(MEUR 6.7).
January - December 2012 summary
-- Consolidated net sales declined 5% in the financial year and totalled MEUR
545 (MEUR 576).
-- EBITDA excluding one-time items was MEUR 26.1 (MEUR 47.2).
-- Operating profit excluding one-time items was MEUR 10.0 (MEUR 29.8) and
after one-time items MEUR 4.0 (MEUR 22.5).
-- Result after financial items, excluding one-time items was MEUR -17.6 (MEUR
3.9) and after one-time items MEUR -25.4 (MEUR -3.4).
-- Earnings per share excluding one-time items was EUR -0.92 (EUR 0.09) and
after one-time items EUR -1.22 (EUR -0.25).
-- Order book fell 17% to MEUR 83 (MEUR 100).
-- Capacity utilisation rate weakened to 63% (68%).
-- Net cash flow from operations was MEUR -8.7 (MEUR 3.6).
-- Cash funds and unused credit commitments totalled MEUR 44 (MEUR 42) at end
of year.
-- Componenta's efficiency programme is expected to bring annual cost savings
of MEUR 25 by the end of 2014.
-- The Board of Directors proposes to the Annual General Meeting that no
dividend be paid for the 2012 financial year.
Business environment
The demand outlook in all the Group's customer sectors remains uncertain.
Demand prospects in the truck industry are uncertain. At the beginning of 2013
the order book for Componenta's heavy trucks customer sector was at the same
level as in the previous year. Demand in the first quarter of 2013 will be
weaker than in the previous year, but demand is expected to improve from the
second quarter onwards.
The order book for Componenta's construction and mining customer sector was 37%
lower at the beginning of 2013 than in the previous year. Customers reduced
their stock levels significantly during the second half of 2012. Demand is,
however, expected to improve during the second half of 2013.
At the beginning of 2013, the order book for Componenta's machine building
customer segment was 3% lower than at the same time in the previous year.
Prospects for 2013 in the machine building industry are uncertain.
The order book for Componenta's agricultural machinery customer sector was 17%
lower at the beginning of 2013 compared to the previous year. Demand for
agricultural machinery is expected to pick up in the first half of the year
since food prices have remained at a relatively high level.
The order book for Componenta's automotive customer sector was 21% lower at the
beginning of 2013 than at the same time in the previous year. Demand in the
automotive industry declined 8% in Europe in 2012.
Demand in 2013 is estimated to stay at the same level as in 2012.
Prospects for Componenta
The prospects for Componenta in 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 industries. Componenta's order
book at the beginning of 2013 was EUR 83 (100) million. Based on the order book
and production forecasts given by customers, Componenta's net sales in the
first quarter of 2013 will be less than in the corresponding period in the
previous year. As the result of improving demand towards the end of the year,
full year net sales in 2013 are expected to remain at the same level as in the
previous year.
The efficiency programme launched in October 2012 is expected to bring annual
cost savings of EUR 25 million by the end of 2014. A significant portion of
these cost savings should be achieved already in 2013. As a result, the
operating profit excluding one-time items is expected to improve from the
previous year.
Key figures
9-12/20 9-12/20 1-12/20 1-12/20
12 11 12 11
--------------------------------------------------------------------------------
Order book at end of review period, MEUR 83**) 100*) 83**) 100*)
--------------------------------------------------------------------------------
Net sales, MEUR 117 142 545 576
--------------------------------------------------------------------------------
Operating profit before one-time items, MEUR -3.5 6.8 10.0 29.8
--------------------------------------------------------------------------------
Operating profit before one-time items, % -3.0 4.8 1.8 5.2
--------------------------------------------------------------------------------
Result after financial items excl. one-time -9.5 0.1 -17.6 3.9
items, MEUR
--------------------------------------------------------------------------------
One-time items, MEUR -7.5 -3.4 -7.8 -7.3
--------------------------------------------------------------------------------
Taxes, MEUR 0.5 -0.4 1.4 0.3
--------------------------------------------------------------------------------
Net result for the period, MEUR -16.4 -3.8 -24.0 -3.1
--------------------------------------------------------------------------------
Earnings per share excl. one time items, EUR -0.47 -0.07 -0.92 0.09
--------------------------------------------------------------------------------
Net gearing, preferred capital notes as 199.6 271.2
equity, %
--------------------------------------------------------------------------------
Return on investment, excl. one-time items, 4.0 10.2
%
--------------------------------------------------------------------------------
Return on equity, excl. one-time items, % -24.8 5.1
--------------------------------------------------------------------------------
Number of personnel at period end, incl. 4,277 4,665
leased personnel
--------------------------------------------------------------------------------
*) 12 January 2012 **) 13 January 2013
President and CEO Heikki Lehtonen comments on 2012:
“Componenta's financial performance in 2012 was poor. Net sales were 5 % down
on the previous year and the operating profit excluding one-time items was just
1.8 % of net sales. Factors in the low operating profit were the sharp decline
in volumes that began in the second half of the year and the resulting fall in
productivity, and the strengthening of the Turkish lira. The Group's financial
costs were also high in 2012. They rose from the previous year mainly because
of exchange rate losses and higher financial arrangement costs.
Demand developed positively at the start of the year, but declined in almost
all our customer business sectors after the summer. This weak trend continued
for the remainder of the year, and as a result Componenta's order book at the
beginning of 2013 was 17 % smaller than at the corresponding time in the
previous year.
Adjusting costs to the volume of operations and efficient operating methods and
processes are essential requirements for competitive business operations. After
the order book and production volumes had taken a downward turn, in October we
launched an efficiency programme affecting all the Group's operations. The
measures in the programme to improve productivity and at the same time to cut
fixed costs are now in progress, and we expect them to bring annual cost
savings of EUR 25 million by the end of 2014.”
Dividend proposal
The Board of Directors proposes to the Annual General Meeting to be held on 22
March 2013 that, in accordance with the current dividend policy, no dividend be
paid for the 1 January - 31 December 2012 financial period. On 31 December 2012
the parent company had distributable equity of EUR 87.6 million.
Componenta's 2012 Financial Statements Bulletin in PDF format is attached to
this release. The Bulletin is also available on the Componenta website at
www.componenta.com.
Press conference for analysts and media representatives at 13.00 (EET)
A press conference will be held at 13.00 (EET) on 28 February 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, 28 February 2013
COMPONENTA CORPORATION
Heikki Lehtonen
President and CEO
ENCL. Financial Statements Bulletin 1 January - 31 December 2012
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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