2013-07-16 07:15:00 CEST
2013-07-16 07:15:04 CEST
REGULATED INFORMATION
Componenta - Interim report (Q1 and Q3)
Componenta Interim Report 1 January - 30 June 2013: Net sales and operating profit improved from previous quarter, the company is preparing to strengthen its balance sheet
Componenta Corporation Stock Exchange Release 16.7.2013 at 8.15
April - June 2013 in brief
-- The Group's order book at end of June increased 6% to MEUR 95 (89) compared
to the end of the previous quarter, but remained 5% lower than in the
corresponding period in the previous year when it stood at MEUR 100.
-- Second quarter net sales rose 10% from the previous quarter to MEUR 140
(128). Net sales were down, however, on the corresponding period in the
previous year, when the net sales totalled MEUR 156.
-- The Group's structural efficiency programme has progressed according to
plan. Some 60% of the total annual savings of MEUR 25 are expected to
affect the result already this year.
-- EBITDA excluding one-time items was MEUR 13.1, which was higher than the
figure of MEUR 8.2 in the previous quarter and also slightly higher than
the MEUR 12.8 of the corresponding period in the previous year.
-- Operating profit excluding one-time items improved from the previous
quarter to MEUR 8.5 (3.8), although it was slightly down on the
corresponding period in the previous year when it was MEUR 8.9. The
improvement in the operating profit from the previous quarter was due to
higher volumes and the cost savings achieved in the structural efficiency
programme.
-- The result after financial items excluding one-time items turned positive
in the second quarter, standing at MEUR 2.9 (-2.2). It was also higher than
in the corresponding period in the previous year, when it totalled MEUR
1.4.
-- Earnings per share excluding one-time items was EUR 0.09, when it was EUR
-0.09 in the first quarter of 2013 and EUR -0.04 in the second quarter of
the previous year.
-- Net cash flow from operations turned also positive in the second quarter,
totalling MEUR 12.1, when it was MEUR -3.0 in the first quarter of 2013 and
MEUR 0.3 in the second quarter in the previous year. It improved mainly due
to changes in working capital.
-- At the end of June cash funds and unused committed credit facilities
totalled MEUR 41, which is MEUR 4 more than at the end of the previous
quarter (MEUR 37). The corresponding figure in the previous year was MEUR
38.
-- Componenta plans to strengthen shareholders' equity by at least MEUR 20
through an increase in share capital and a hydrid bond. In addition, at the
same time the company is planning a bond issue that would be larger than
the previous bond.
January - June 2013 in brief
-- Net sales were MEUR 268 (307).
-- Capacity utilization rate was 62 % (72%).
-- EBITDA excluding one-time items was MEUR 21.3 (27.3).
-- Operating profit excluding one-time items was MEUR 12.3 (19.1).
-- One-time items totalled MEUR -1.1 (-0.2), mostly relating to ongoing
restructuring of business operations.
-- Net financial costs were MEUR -11.6 (-14.8).
-- Result after financial costs excluding one-time items was MEUR 0.7 (4.3)
and including one-time items MEUR -0.4 (4.0).
-- Earnings per share excluding one-time items was EUR 0.00 (0.07) and
including one-time items EUR -0.04 (0.06).
-- Return on investment excluding one-time items was 7.7% (12.2%) and
including one-time items 7.1% (12.0%).
-- Return on equity excluding one-time items was 3.4% (7.0%) and including
one-time items 1.0% (6.5%).
Business environment
The demand outlook for the Group remains uncertain, although there are signs of
a turn for the better in certain customer sectors.
At the end of June the order book for Componenta's heavy trucks customer sector
was 13% higher than at the end of the previous quarter. Demand for heavy trucks
is expected to continue to rise in the second half of the year.
The order book for Componenta's construction and mining customer sector was 2%
lower at the end of June than at the end of the previous quarter. Demand for
construction and mining machinery is expected to pick up in the customer sector
during the second half of 2013 compared to the first half mainly due to
normalization of customers' inventory levels.
At the end of the review period, the order book for Componenta's machine
building customer segment was similar to that at the end of the previous
quarter. Prospects in the machine building industry for the rest of 2013 remain
uncertain.
The order book for Componenta's agricultural machinery customer sector was 2%
higher at the end of June than at the end of the previous quarter. Demand for
agricultural machinery started to pick up after the first quarter and is
expected to improve further in the second half of 2013.
The order book for Componenta's automotive customer sector was 17% higher at
the end of June than at the end of the previous quarter. Componenta's
deliveries to the automotive industry are expected to increase during the
latter part of the year.
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 sectors. Componenta's order
book, however, increased 6% from the end of the previous quarter to EUR 95 (89)
million.
Full year prospects remain unchanged. 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
1-6/2013 1-6/2012 1-12/2012
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Order book, MEUR 95 100 83
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Net sales, MEUR 268 307 545
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Operating profit, excl. one-time items, MEUR 12.3 19.1 10.0
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Operating profit, excl. one-time items, % 4.6 6.2 1.8
--------------------------------------------------------------------------------
Result after financial items, excl. one-time 0.7 4.3 -17.6
items, MEUR
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One-time items, MEUR -1.1 -0.2 -7.8
--------------------------------------------------------------------------------
Taxes, MEUR 0.8 -1.8 1.4
--------------------------------------------------------------------------------
Net result for the period, MEUR 0.4 2.3 -24.0
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Earnings per share, excl. one time items, EUR 0.00 0.07 -0.92
--------------------------------------------------------------------------------
Net gearing, preferred capital notes as equity, % 205 167 200
--------------------------------------------------------------------------------
Return on investment, excl. one-time items, % 7.7 12.2 4.0
--------------------------------------------------------------------------------
Return on equity, excl. one-time items, % 3.4 7.0 -24.8
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Number of personnel at period end, incl. leased 4,606 4,842 4,277
personnel
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President and CEO Heikki Lehtonen comments on the second quarter of 2013:
“The encouraging developments in Componenta's operations at the start of the
year continued in the second quarter. The Group's net sales increased 10% in
the April - June period, and the operating profit improved considerably. The
improvement in the operating profit was due to higher volumes and to the cost
savings obtained through the efficiency programme underway in all the countries
where we have operations.
At the end of June the Group's order book was 6% higher than at the end of the
previous quarter. Although demand prospects remain uncertain, in some customer
sectors we have seen a turn for the better. For example the order book for the
Heavy Trucks customer sector started to rise and at the end of June was 13%
higher than at the end of the first quarter. Similarly, at the end of June our
order book for automotive customers was 17% up on the end of the previous
quarter. The increase in orders is reflected in growth in volumes and net sales
particularly for the Machine Shop and Aluminium divisions.
The Group-wide programme to raise efficiency has made progress as expected. The
measures carried out have already improved productivity at the Orhangazi
foundry and at our foundries in the Netherlands. The transfer of products
between the Group's business units also raises efficiency, since components are
cast and machined at the most suitable unit at any particular time. The
structural efficiency programme is targeting annual cost savings of EUR 25
million and some 60% of them are expected to affect the result already this
year.”
Componenta's Interim Report 1 January - 30 June 2013 in PDF format is attached
to this release. The report is also available on the Componenta website at
www.componenta.com.
Helsinki, 16 July 2013
COMPONENTA CORPORATION
Heikki Lehtonen
President and CEO
ENCL. Interim Report 1 January - 30 June 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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