2010-11-04 07:15:00 CET
2010-11-04 07:15:04 CET
REGULATED INFORMATION
PKC Group Oyj - Interim report (Q1 and Q3)
PKC GROUP'S INTERIM REPORT 1-9/2010
PKC Group Oyj INTERIM REPORT 4 November 2010 8.15 a.m. PKC GROUP'S INTERIM REPORT 1-9/2010 Consolidated net sales grew 53.1% on the comparison period (1-9/2009), totalling EUR 224.1 million (EUR 146.4 million). The total amount of depreciation was EUR 8.2 million (EUR 8.4 million). Consolidated operating profit was EUR 19.9 million (EUR 2.0 million negative)i.e. 8.9% (1.3% negative) of net sales. Comparable operating profit without non-recurring items was EUR 21.6 million (EUR 3.1 million), 9.6% (2.1%) of net sales. Profit for the report period amounted to EUR 14.4 million (EUR 0.9 million negative). Earnings per share were EUR 0.81 (EUR 0.05 negative). Cash flows after investments were EUR 13.9 million (EUR 31.1 million). Gearing was 22.9% (41.3%). Equity ratio was 50.2% (46.7%) Net liabilities were EUR 20.9 million (EUR 30.8 million). KEY FIGURES -------------------------------------------------------------------------------- | | 1-9/10 | 1-9/09 | 1-12/09 | -------------------------------------------------------------------------------- | Net sales, EUR 1,000 | 224,140 | 146,424 | 201,814 | -------------------------------------------------------------------------------- | Operating profit, EUR 1,000 | 19,913 | -1,950 | 682 | -------------------------------------------------------------------------------- | % of net sales | 8.9 | -1.3 | 0.3 | -------------------------------------------------------------------------------- | Profit for the report period, EUR | 14,411 | -896 | 2,349 | | 1,000 | | | | -------------------------------------------------------------------------------- | Earnings per share (EPS), EUR | 0.81 | -0.05 | 0.13 | -------------------------------------------------------------------------------- | ROI,% | 27.3 | 5.9 | 6.4 | -------------------------------------------------------------------------------- | Net liabilities, EUR 1,000 | 20,942 | 30,770 | 28,245 | -------------------------------------------------------------------------------- | Gearing, % | 22.9 | 41.3 | 35.9 | -------------------------------------------------------------------------------- | Average number of personnel | 4,810 | 4,580 | 4,478 | -------------------------------------------------------------------------------- HARRI SUUTARI, PRESIDENT AND CEO: “During the third quarter, the sales of PKC Group continued to grow along with the normalisation of markets. Sales increased in both business segments in all of our market areas. Profitability improved due to sales growth and previously implemented cost reductions. Commercial vehicle manufacture continued its growth in our key market areas in Europe and Brazil, and in the third quarter our customers received about 15% more orders for trucks in Europe and Brazil than the number of vehicles delivered. The production volumes of trucks have increased steadily during the year. I do not expect significant growth in production volumes from the present level during the end of the year. Accelerated by customers' growth in the industrial electronics and energy segments, PKC Group's deliveries of electronics design and manufacturing services increased by about 21% over the previous quarter. During the first half of the year, the weakening of the Euro significantly increased financial costs caused by translation differences. The strengthening of the Euro that took place during the third quarter reduced the financial costs in question, so net translation differences for the whole year were very small. We continued to strengthen our geographical business units in accordance with our strategy and to streamline cost structures as planned. PKC Group is well-positioned for increasing deliveries. Our competitive cost structure and global services also advance PKC in competition for new customers. In line with strategy, our aim is not only organic growth but also business growth through acquisitions.” OPERATING ENVIRONMENT Wiring Harness business Registrations of heavy trucks declined in Europe (EU + EFTA) by about 5.5% in comparison to the first part of 2009. During the period under review, about 120,000 heavy trucks were registered. In September, however, registrations increased by 20% over the previous year. The number of registrations for the whole year is estimated to be close to that of 2009, i.e., approx. 168,000 vehicles. Production and sales volumes are still exceptionally low in Europe, only about half of the level of previous years. The industry and analysts expect the number of registrations to increase in 2011 to a level of 200,000-220,000 vehicles. We estimate the sustainable replacement investment level to be about 250,000 heavy trucks. In Brazil during the first nine months of the year, deliveries of heavy trucks grew by 89% over the level in the first half of the previous year. Deliveries of PKC Group's customers more than doubled over the previous year. It is predicted that, in Brazil, production volumes for the whole year will be about 160,000 vehicles (approx. 74,000 in 2009). The industry and analysts expect deliveries to remain at the same level in 2011. In North America, registrations of heavy trucks increased during the first nine months of the year by about a quarter over the level of the first half of the previous year. The overall market is expected to settle at about 120,000-130,000 vehicles, thus surpassing the number of registrations of 2009, approx. 108,000 vehicles. The industry and analysts expect registrations to increase next year to a level of about 160,000-180,000. We estimate the sustainable level of replacement investment to be about 220,000 vehicles. In North America, the recreational vehicle deliveries of our customers increased during the first part of the year by about 50% from the level of the first part of the previous year. Although PKC Group has no wiring harness production of its own in Asia, increasing export to Asia by our customers supports the growth of PKC's production volumes. During the first part of the year, agricultural tractor sales in Europe decreased by about 15% from the corresponding period of the previous year and annual sales are expected to fall short of the 2009 sales. However, forestry equipment sales are clearly increasing from the exceptionally weak comparison year. Electronics business The recovery of the global economy and revival of the electronics industry increased the demand for the design and manufacturing services of PKC's Electronics business. In particular, customers of the industrial electronics and energy segments increased their sales in the third quarter. Due to the global growth in the electronics industry, there have continued to be some problems in the availability of electronic components. NET SALES AND FINANCIAL PERFORMANCE July-September 2010 Consolidated net sales from July-September amounted to EUR 82.3 million (EUR 46.8 million), up 75.7% on the same period a year earlier. Consolidated operating profit totalled EUR 9.5 million (EUR 3.6 million), accounting for 11.5% of net sales (7.6%). During the report period were reported EUR 1.0 million (EUR 0.2 million) in non-recurring expenses. Depreciation amounted to EUR 2.7 million (EUR 2.9 million). Financial items were EUR 3.9 million (EUR 2.1 million). In addition to EUR 0.4 million interest expenses, a translation profit of EUR 1.4 million related to the translation of subsidiaries' financial statements, as well as exchange rate profits caused mainly by Group's internal liabilities totalling EUR 2.8 million have been entered into the financial items. Profit before taxes was EUR 13.4 million (EUR 5.7 million). Profit for the report period totalled EUR 10.0 million (EUR 6.5 million). Earnings per share were EUR 0.56 (EUR 0.36). January-September 2010 Consolidated net sales from January-September amounted to EUR 224.1 million (EUR 146.4 million), up 53.1% on the same period a year earlier. Consolidated operating profit totalled EUR 19.9 million (EUR 2.0 million negative), accounting for 8.9% of net sales (1.3% negative). The result was burdened by EUR 1.6 million (EUR 5.0 million) mainly in non-recurring rationalisation expenses. Depreciation amounted to EUR 8.2 million (EUR 8.4 million). Financial items were EUR 1.5 million negative (EUR 1.2 million). In addition to EUR 1.2 million interest expenses, a translation loss of EUR 0.2 million related to the translation of subsidiaries' financial statements as well as exchange rate losses caused mainly of Group's internal liabilities totalling EUR 0.2 million have been entered into the financial items. Profit before taxes was EUR 18.4 million (EUR 0.7 million negative). Profit for the report period totalled EUR 14.4 million (EUR 0.9 million negative). Earnings per share were EUR 0.81 (EUR 0.05 negative). Net sales generated by the Wiring Harness business in the report period amounted to EUR 171.6 million (EUR 109.0 million), or 57.4% more than in the comparison period. The segment's share of the consolidated net sales was 76.6% (74.4%). It generated an operating profit of EUR 15.8 million (EUR 4.9 million negative), equivalent to 9.2% of the segment's net sales (4.5% negative). The result of the Wiring Harness business was burdened in total by EUR 1.6 million in non-recurring expenses. Net sales generated by the Electronics business increased by 40.3% to EUR 52.5 million (EUR 37.4 million). The segment's share of the consolidated net sales was 23.4% (25.6%). It generated an operating profit of EUR 5.7 million (EUR 2.9 million), equivalent to 10.8% of the segment's net sales (7.8%). BALANCE SHEET AND FINANCING Consolidated total assets at 30 September 2010 amounted to EUR 182.4 million (EUR 160.0 million). Interest-bearing liabilities totalled EUR 36.9 million at the close of the report period (EUR 47.9 million). The Group's equity ratio was 50.2% (46.7%). Net liabilities totalled EUR 20.9 million (EUR 30.8 million) and the gearing was 22.9% (41.3%). Inventories amounted to EUR 51.5 million (EUR 36.0 million). Current receivables totalled EUR 52.2 million (EUR 43.9 million). Cash flows after investments during the report period were EUR 13.9 million negative (EUR 31.1 million). Cash in hand and at the bank amounted to EUR 16.0 million (EUR 17.1 million). In order to ensure financing flexibility, PKC has available financing and credit facilities. CAPITAL EXPENDITURE During the report period, the Group's gross capital expenditure totalled EUR 4.7 million (EUR 3.7 million), representing 2.1% of net sales (2.5%). The capital expenditure consisted mostly of the acquisition of production machinery and equipment. RESEARCH & DEVELOPMENT Research and development costs totalled EUR 4.1 million (EUR 4.1 million), representing 1.8% (2.8%) of the consolidated net sales. At the end of the report period, 109 (109) people worked in product development. PERSONNEL During the report period, the Group had an average payroll of 4,810 employees (4,580). At the end of the report period, the Group's personnel numbered 5,467 employees (4,205), of whom 4,985 (3,682) worked abroad and 482 (523) in Finland. In addition the Group had at the end of the report period 664 rented employees. As a result of the co-determination negotiations concluded in March 2010, it was decided to lay off a total of 45 persons from PKC Wiring Systems Oy. Non-recurring costs arising from layoffs were recorded during the first half to the total amount of EUR 0.6 million. As a result of the co-determination negotiations concluded in August 2010, it was decided to lay off a total of 31 persons from PKC Wiring Systems Oy. Non-recurring costs arising from layoffs were recorded during the third quarter to the total amount of EUR 0.5 million. QUALITY AND THE ENVIRONMENT All of the Group's Wiring Harness business units are certified in accordance with requirements of the ISO/TS16949 quality standard for the automotive industry and with the ISO9001 quality standard as well as with the ISO14001 environmental standard (The building of the ISO/TS16949 system and the certification process in Starachowice has been completed according to plan during the report period.). Production unit in Curitiba has also certification in accordance with the OHSAS18001 occupational health and safety management system standard. The Group's Electronic business is certified in accordance with the requirements of the ISO9001 and ISO14001 standards. In addition, the Finnish Raahe factory is certified in conformity with the ISO/TS16949 automotive industry quality standard. With regard to the units in Suzhou and Kostomuksha, preparation for certification of the ISO/TS16949 quality system has continued according to plan, and the certification process shall be completed during the current year. Best Quality Practices are a part of PKC's strategy, and they enable the close participation of each employee in daily quality work and the continuous improvement of quality. Best quality practices also include Six Sigma, use of which is been increased in the Wiring Harness business in the implementation of strategically important development projects and Six Sigma practices have been trained to personnel. The development of indicators measuring the effectiveness of processes in Wiring Harness business has been continued and measuring using harmonised indicators has been started. The development and harmonisation of indicators is being continued. Indicators act as tools for continuous improvement and this improves further the quality management in Group level. MANAGEMENT The Annual General Meeting held on 31 March 2010,re-elected Outi Lampela, Endel Palla, Olli Pohjanvirta, Matti Ruotsala and Jyrki Tähtinen as Board members, and Matti Hyytiäinen as a new member. In the Board's organisation meeting, Matti Ruotsala was elected as Chairman of the Board with Jyrki Tähtinen as Vice-Chairman. Outi Lampela was elected as chairman of the Audit Committee with Matti Hyytiäinen and Olli Pohjanvirta as its members. The Board of Directors also established a Nomination Committee, which shall prepare the matters pertaining to the nomination and remuneration of directors and elected Matti Ruotsala as chairman of the Nomination Committee and Endel Palla and Jyrki Tähtinen as members. Authorised public accounting firm KPMG Oy Ab, which has announced Virpi Halonen, APA, to be the Auditor with principal responsibility, was selected as auditor. Since 15 March 2010 the Group's Executive Board has consisted of the following persons: Harri Suutari, Chairman (President and CEO); Harri Ojala (President, Wiring Harnesses); Jarmo Rajala (President, Electronics); Sanna Raatikainen (General Counsel); Marja Sarajärvi (CFO); and Jarkko Kariniemi (Director, HR and Risk Management). DIVIDEND FOR 2009 The Annual General Meeting held on 31 March 2010 resolved to pay a dividend of EUR 0.40 per share i.e. a total of about EUR 7.1 million. The dividend was paid out on 14 April 2010. SHARE TURNOVER AND SHAREHOLDERS PKC Group Oyj's share turnover on NASDAQ OMX Helsinki Ltd from 1 January to 30 September 2010 was 8,025,407 shares (6,552,829 shares), representing 45.1% of the average number of shares (36.9%). Shares were traded to a total value of EUR 79.7 million (EUR 25.3 million). The lowest share value during the report period was EUR 6.55 (EUR 2.70) and the highest EUR 12.43 (EUR 5.75). The closing price on the last trading day of the report period was EUR 11.29 (EUR 5.11) and the average price during the period was EUR 9.98 (EUR 3.89). The company's market capitalisation at 30 September 2010 was EUR 200.8 million (EUR 90.9 million). The share of votes and share capital in PKC Group Oyj held by corporations in which OP-Pohjola Group Central Cooperative (0242522-1) exercises influence, its subsidiaries and funds managed by its subsidiaries (OP-Suomi Pienyhtiöt) has fallen below the limit of 5% on 9 September 2010. After notification thereof on 28 September 2010 they owned a total of 840,015 shares i.e. 4.72% of shares and votes. The shares held by Board members, their closely associated persons and corporations in which they have a controlling interest accounted for 2.4% (0.7%) of the total number of shares at the end of the report period. PKC Group Oyj had a total of 6,820 shareholders (7,656) at the end of the report period. The shares held by foreigners and by way of nominee registrations at the close of the report period totalled 16.1% of the share capital (15.5%). THE BOARD'S AUTHORISATIONS The Board of Directors was granted authorisation by the Annual General Meeting on 29 March 2007 to decide on one or more share issues and the granting of special rights as defined in Chapter 10, Section 1 of the Companies Act and on all the terms and conditions thereof. A maximum total of 3,500,000 shares may be issued, or subscribed for on the basis of the authorisation. The authorisation includes the right to decide on a directed share issue and shall remain in force for five years from the date of the resolution of the Annual General Meeting. The authorisation may be used at the Board's discretion for financing corporate acquisitions, for carrying out inter-company co-operation or similar arrangements, or for strengthening the company's financing and capital structure. The Board of Directors does not possess a valid authorisation to acquire company's own shares, and the company does not have any own shares (treasury shares) in its possession. STOCK OPTION SCHEMES The stock option scheme initiated in 2006, comprises a total of 697,500 options divided into A, B and C warrants. At the close of the report period, the outstanding options and options held by key personnel totals 202,500 2006A warrants, 232,500 2006B warrants and 260,850 2006C warrants. The share subscription price for the 2006 stock options is the volume-weighted average price of the PKC Group Oyj share on NASDAQ OMX Helsinki, with dividend adjustments, as defined in the stock option terms (at present, EUR 10.09 for the 2006A, 2006B and 2006C warrants). Through the exercise of the 2006 stock options, the share capital of PKC Group Oyj may be increased by a maximum total of 697,500 new shares and EUR 234,673.67. The share subscription period is for 2006A warrants 1 April 2009 - 30 April 2011, for 2006B warrants 1 April 2010 - 30 April 2012, and for 2006C warrants 1 April 2011 - 30 April 2013. The 2006 stock options are subject to a share ownership plan. Key personnel are obliged to subscribe for or purchase the company's shares with 20% of the gross income earned from stock options and to own these shares for two years. The company's President and CEO is obliged to own these shares for the duration of his managerial contract. The Annual General Meeting held on 27 March 2009 decided to issue stock options to key personnel in the company and its subsidiaries. The maximum total number of stock options issued is 600,000 and they are divided into A, B and C warrants. At the close of the report period, the outstanding options and options held by key personnel totals 200,000 2009A and 200,000 2009B warrants. The subscription price for shares through the exercise of the 2009 stock options is the volume-weighted average price of the PKC Group Oyj share on NASDAQ OMX Helsinki for April 2009, 2010 and 2011 + 20% with dividend adjustments, (at present, EUR 3.45 for the 2009A warrants and EUR 13,26 for the 2009B warrants). The subscription price for shares will be recorded in the invested non-restricted equity fund. The stock options entitle their owners to subscribe for a maximum total of 600,000 new shares in the company or existing shares held by the company. The share subscription period for 2009A warrants is 1 April 2012 — 30 April 2014, for 2009B warrants 1 April 2013 — 30 April 2015 and for 2009C warrants 1 April 2014 — 30 April 2016. The 2009 stock options are subject to a share ownership plan. Key personnel are obliged to subscribe for or purchase the company's shares with 20% of the gross income earned from stock options and to own these shares for two years. The company's President and CEO is obliged to own these shares for the duration of his managerial contract. SHORT-TERM RISKS AND UNCERTAINTIES The post recession growth has continued on all our main markets during the third quarter. The continuation of growth requires positive and stable increase of Pan European national income. The potential weakening in the value of the euro may raise PKC's euro-denominated processing and component costs and increase financial expenses caused by translation differences. Component availability-related problems have continued during the third quarter and may continue during the end of the year. The principles, objectives and organisation of the company's risk management as well as key risk areas are described in the risk management section of the Corporate Governance guidelines, which are available on the company's website at www.pkcgroup.com. OUTLOOK FOR THE FUTURE In the third quarter our main customers received about 15% more orders in our main market areas than the number of vehicles delivered. This indicates that the production volumes will remain at least at the current level. Production volumes have grown steadily during the first part of the year and, therefore, we do not expect production volumes to grow significantly on the current level. We estimate that demand for electronics design and manufacturing services in the market will remain at current level during the end of the year. We predict that the full-year net sales will increase and that the operating profit before non-recurring items will improve substantially on the previous year. We also estimate that net sales and operating profit before non-recurring items during the latter part of the year shall further improve from the level of the first half of the year. PKC's balance sheet, liquidity and good customer relationships will enable improvement in PKC's relative competitive position. TABLES The quarterly figures have not been audited. This interim report has been prepared in accordance with IAS 34 standard. The interim report has been prepared in accordance with the same principles as the annual financial statements for 2009. The year 2010 IFRS standard changes have not had any effect. -------------------------------------------------------------------------------- | CONSOLIDATED STATEMENT OF | 7-9/1 | 7-9/09 | 1-9/10 | 1-9/09 | 1-12/09 | | COMPREHENSIVE INCOME (EUR | 0 3 | 3 mon. | 9 mon. | 9 mon. | 12 mon. | | 1,000) | mon. | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NET SALES | 82,30 | 46,842 | 224,140 | 146,424 | 201,814 | | | 1 | | | | | -------------------------------------------------------------------------------- | Other operating income | 1,832 | 398 | 3,458 | 1,500 | 2,253 | -------------------------------------------------------------------------------- | Increase (+) / decrease (-) | 2,096 | -28 | 2,344 | -8,021 | -9,319 | | in stocks of finished goods | | | | | | | and work in progress | | | | | | -------------------------------------------------------------------------------- | Materials and services | 51,15 | 25,563 | 134,250 | 77,003 | 106,346 | | | 9 | | | | | -------------------------------------------------------------------------------- | Employee benefit expenses | 16,08 | 11,570 | 47,232 | 39,855 | 53,384 | | | 8 | | | | | -------------------------------------------------------------------------------- | Depreciation | 2,741 | 2,901 | 8,201 | 8,376 | 10,982 | -------------------------------------------------------------------------------- | Other operating expenses | 6,743 | 3,626 | 20,347 | 16,620 | 23,355 | -------------------------------------------------------------------------------- | OPERATING PROFIT/LOSS | 9,498 | 3,550 | 19,913 | -1,950 | 682 | -------------------------------------------------------------------------------- | Interest expenses | -403 | -504 | -1,222 | -2,100 | -2,527 | -------------------------------------------------------------------------------- | Other financial income | 50 | 4,071 | 91 | 3,329 | 2,949 | -------------------------------------------------------------------------------- | Other financial expenses | 4,220 | -1,420 | -392 | 0 | 0 | -------------------------------------------------------------------------------- | PROFIT/LOSS BEFORE TAXES | 13,36 | 5,696 | 18,390 | -721 | 1,103 | | | 5 | | | | | -------------------------------------------------------------------------------- | Income tax | -3,39 | 776 | -3,979 | -175 | 1,246 | | | 2 | | | | | -------------------------------------------------------------------------------- | PROFIT/LOSS FOR THE REPORT | 9,973 | 6,471 | 14,411 | -896 | 2,349 | | PERIOD | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other comprehensive income: | | | | | | -------------------------------------------------------------------------------- | Foreign currency translation | -6,57 | -153 | 5,258 | -619 | 443 | | differences - foreign | 1 | | | | | | operations | | | | | | -------------------------------------------------------------------------------- | Total comprehensive income | 3,402 | 6,319 | 19,669 | -1,515 | 2,792 | | for the period: | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | From profit/loss | | | | | | | attributable to shareholders | | | | | | | of the parent company | | | | | | -------------------------------------------------------------------------------- | Basic earnings per share | 0.56 | 0.36 | 0.81 | -0.05 | 0.13 | | (EPS), EUR | | | | | | -------------------------------------------------------------------------------- | Diluted earnings per share | 0.56 | 0.39 | 0.81 | -0.05 | 0.14 | | (EPS), EUR | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED STATEMENT OF FINANCIAL | 9/10 | 9/09 | 12/09 | | POSITION (EUR 1,000) | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | ASSETS | | | | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | | | | -------------------------------------------------------------------------------- | Goodwill | 15,396 | 9,461 | 13,794 | -------------------------------------------------------------------------------- | Other intangible assets | 9,894 | 12,687 | 11,955 | -------------------------------------------------------------------------------- | Property, plant and equipment | 34,562 | 35,924 | 34,378 | -------------------------------------------------------------------------------- | Deferred tax assets | 2,965 | 4,432 | 4,804 | -------------------------------------------------------------------------------- | Other receivables | 54 | 62 | 64 | -------------------------------------------------------------------------------- | Non-current assets total | 62,871 | 62,566 | 64,995 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CURRENT ASSSETS | | | | -------------------------------------------------------------------------------- | Inventory | 51,448 | 36,026 | 36,066 | -------------------------------------------------------------------------------- | Receivables | | | | -------------------------------------------------------------------------------- | Trade receivables | 42,411 | 32,649 | 35,170 | -------------------------------------------------------------------------------- | Other receivables | 9,801 | 11,267 | 8,291 | -------------------------------------------------------------------------------- | Receivables total | 52,212 | 43,916 | 43,460 | -------------------------------------------------------------------------------- | Cash and cash equivalents | 15,909 | 17,090 | 15,326 | -------------------------------------------------------------------------------- | Current assets total | 119,568 | 97,033 | 94,852 | -------------------------------------------------------------------------------- | ASSETS TOTAL | 182,440 | 159,599 | 159,847 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | | -------------------------------------------------------------------------------- | EQUITY | | | | -------------------------------------------------------------------------------- | Share capital | 5,983 | 5,983 | 5,983 | -------------------------------------------------------------------------------- | Share premium account | 4,846 | 4,862 | 4,862 | -------------------------------------------------------------------------------- | Reserve fund | 166 | 370 | 370 | -------------------------------------------------------------------------------- | Translation reserve | -315 | -2,183 | -1,253 | -------------------------------------------------------------------------------- | Share-based payments | 1,499 | 1,009 | 1,052 | -------------------------------------------------------------------------------- | Retained earnings | 64,933 | 65,450 | 65,263 | -------------------------------------------------------------------------------- | Profit/loss for the report period | 14,411 | -896 | 2,349 | -------------------------------------------------------------------------------- | EQUITY TOTAL | 91,522 | 74,594 | 78,626 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LIABILITIES | | | | -------------------------------------------------------------------------------- | Non-current liabilities | | | | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 28,339 | 31,423 | 34,630 | -------------------------------------------------------------------------------- | Non-interest-bearing liabilities | | | | -------------------------------------------------------------------------------- | Provisions | 444 | 390 | 376 | -------------------------------------------------------------------------------- | Deferred tax liabilities | 2,769 | 3,576 | 3,103 | -------------------------------------------------------------------------------- | Non-current liabilities total | 31,551 | 35,388 | 38,110 | -------------------------------------------------------------------------------- | Current liabilities | | | | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 8,512 | 16,438 | 8,940 | -------------------------------------------------------------------------------- | Trade payables | 31,631 | 14,507 | 16,059 | -------------------------------------------------------------------------------- | Other non-interest-bearing liabilities | 19,223 | 18,672 | 18,112 | -------------------------------------------------------------------------------- | Current liabilities total | 59,366 | 49,617 | 43,111 | -------------------------------------------------------------------------------- | Liabilities total | 90,917 | 85,005 | 81,221 | -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES TOTAL | 182,440 | 159,599 | 159,847 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED STATEMENT OF CASH | 1-9/10 | 1-9/09 | 1-12/09 12 | | FLOWS (EUR 1,000) | 9 mon. | 9 mon. | mon. | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flows from operating | | | | | activities | | | | -------------------------------------------------------------------------------- | Cash receipts from customers | 218,716 | 160,036 | 210,096 | -------------------------------------------------------------------------------- | Cash receipts from other | 2,225 | 1,397 | 2,693 | | operating activities | | | | -------------------------------------------------------------------------------- | Cash paid to suppliers and | -199,990 | -121,099 | -163,942 | | employees | | | | -------------------------------------------------------------------------------- | Cash flows from operations before | 20,952 | 40,334 | 48,847 | | financial income and expenses and | | | | | taxes | | | | -------------------------------------------------------------------------------- | Interest paid | -1,113 | -2,156 | 2,527 | -------------------------------------------------------------------------------- | Translation difference | 1,144 | -848 | -1,725 | -------------------------------------------------------------------------------- | Interest received and other | 0 | 0 | 630 | | financial income | | | | -------------------------------------------------------------------------------- | Income taxes paid | -3,052 | -1979 | -2,817 | -------------------------------------------------------------------------------- | Net cash from operating | 17,930 | 35,351 | 42,408 | | activities (A) | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flows from investing | | | | | activities | | | | -------------------------------------------------------------------------------- | Acquistion of property and | -4,692 | -3,862 | -3,913 | | equipment and intangible assets | | | | -------------------------------------------------------------------------------- | Proceeds from sale of property | 632 | 19 | 178 | | and equipment and intangible | | | | | assets | | | | -------------------------------------------------------------------------------- | Investments | 0 | -493 | -1,076 | -------------------------------------------------------------------------------- | Loans granted | -1 | -2 | -2 | -------------------------------------------------------------------------------- | Proceeds from repayments of loans | 1 | 37 | 38 | -------------------------------------------------------------------------------- | Dividends received | 1 | 0 | 0 | -------------------------------------------------------------------------------- | Net cash flow from investing | -4,059 | -4,300 | -4,776 | | activities (B) | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flows after investments | 13,871 | 31,051 | 37,632 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flows from financing | | | | | activities | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Repayment of short-term/long-term | -6,872 | -24,125 | -32,723 | | borrowings | | | | -------------------------------------------------------------------------------- | Dividends paid | -7,113 | -2,694 | -2,709 | -------------------------------------------------------------------------------- | Net cash used in financing | -13,984 | -26,819 | -35,432 | | activities (C) | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net increase (+) or decrease (-) | -113 | 4,232 | 2,200 | | in cash and equivalents (A+B+C) | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash and cash equivalents in the | 15,378 | 12,435 | 12,435 | | beginning of the period | | | | -------------------------------------------------------------------------------- | Effect of exchange fluctuations | 644 | 424 | 692 | -------------------------------------------------------------------------------- | Cash and cash equivalents in the | 15,909 | 17,090 | 15,326 | | end of the period | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KEY FINANCIAL INDICATORS | 1-9/10 9 | 1-9/09 9 | 1-12/09 12 | | | mon. | mon. | mon. | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales, EUR 1,000 | 224,140 | 146,424 | 201,814 | -------------------------------------------------------------------------------- | Operating profit/loss, EUR 1,000 | 19,913 | -1,950 | 682 | -------------------------------------------------------------------------------- | % of net sales | 8.9 | -1.3 | 0.3 | -------------------------------------------------------------------------------- | Profit/loss before taxes, EUR 1,000 | 18,390 | -721 | 1,103 | -------------------------------------------------------------------------------- | % of net sales | 8.2 | -0.5 | 0.5 | -------------------------------------------------------------------------------- | Net profit/loss for the period, EUR | 14,411 | -896 | 2,349 | | 1,000 | | | | -------------------------------------------------------------------------------- | % of net sales | 6.4 | -0.6 | 1.2 | -------------------------------------------------------------------------------- | Return on equity (ROE), % | 22.6 | -1.6 | 3.0 | -------------------------------------------------------------------------------- | Return on investments (ROI), % | 27.3 | 5.9 | 6.4 | -------------------------------------------------------------------------------- | Net liabilities, EUR 1,000 | 20,942 | 30,770 | 28,245 | -------------------------------------------------------------------------------- | Gearing, % | 22.9 | 41.3 | 35.9 | -------------------------------------------------------------------------------- | Equity ratio, % | 50.2 | 46.7 | 49.2 | -------------------------------------------------------------------------------- | Current ratio | 2.0 | 2.0 | 2.2 | -------------------------------------------------------------------------------- | Gross capital expenditure, EUR 1,000 | 4,703 | 3,699 | 3,894 | -------------------------------------------------------------------------------- | % of net sales | 2.1 | 2.5 | 1.9 | -------------------------------------------------------------------------------- | R&D expenditures, EUR 1,000 | 4,103 | 4,063 | 5,518 | -------------------------------------------------------------------------------- | % of net sales | 1.8 | 2.8 | 2.7 | -------------------------------------------------------------------------------- | Personnel average | 4,810 | 4,580 | 4,478 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | PER-SHARE KEY INDICATORS | 1-9/10 9 | 1-9/09 9 | 1-12/09 12 | | | mon. | mon. | mon. | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share (EPS), EUR | 0.81 | -0.05 | 0.13 | -------------------------------------------------------------------------------- | Earnings per share (EPS),diluted, EUR | 0.81 | -0.05 | 0.14 | -------------------------------------------------------------------------------- | Equity per share, EUR | 5.15 | 4.20 | 4.42 | -------------------------------------------------------------------------------- | Share price at close of period, EUR | 11.29 | 5.11 | 6.60 | -------------------------------------------------------------------------------- | Lowest share price, EUR | 6.55 | 2.70 | 2.70 | -------------------------------------------------------------------------------- | Highest share price, EUR | 12.43 | 5.75 | 6.83 | -------------------------------------------------------------------------------- | Average share price, EUR | 9.98 | 3.89 | 4.38 | -------------------------------------------------------------------------------- | Turnover in shares, 1,000 shares | 8,025 | 6,553 | 8,655 | -------------------------------------------------------------------------------- | Turnover in shares per (share issue | 45.1 | 36.9 | 48.7 | | adjusted) share capital, % | | | | -------------------------------------------------------------------------------- | Average number of shares, 1,000 shares | 17,782 | 17,782 | 17,782 | -------------------------------------------------------------------------------- | Average number of shares, diluted, | 17,883 | 16,541 | 16,690 | | 1,000 shares | | | | -------------------------------------------------------------------------------- | Shares at end of period, 1,000 shares | 17,782 | 17,782 | 17,782 | -------------------------------------------------------------------------------- | Market capitalisation, EUR 1,000 | 200,753 | 90,864 | 117,358 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 1. SEGMENT INFORMATION | | | | | -------------------------------------------------------------------------------- | 1.1.-30.9.2010 (EUR | Wiring | Electronics | Unallocated | Group | | 1,000) | Harness | | amounts and | Total | | | | | eliminations | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Sales to external | 171,593 | 52,547 | 0 | 224,140 | | customers | | | | | -------------------------------------------------------------------------------- | Sales to other segment | 806 | 185 | -990 | 0 | -------------------------------------------------------------------------------- | Net sales, EUR 1,000 | 172,399 | 52,732 | -990 | 224,140 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating profit /loss | 17,409 | 5,671 | -1,521 | 21,559 | | before non-recurring | | | | | | expenses | | | | | -------------------------------------------------------------------------------- | % of net sales | 10.1 | 10.8 | | 9.6 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-recurring employee | 1,210 | 0 | | 1,210 | | benefits expenses | | | | | -------------------------------------------------------------------------------- | Non-recurring other | 436 | 0 | | 436 | | operating expenses | | | | | -------------------------------------------------------------------------------- | Non-recurring expenses | 1,646 | | | 1,646 | | total | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating profit/loss | 15,763 | 5,671 | -1,521 | 19,913 | -------------------------------------------------------------------------------- | % of net sales | 9.2 | 10.8 | | 8.9 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Segments assets | 118,532 | 52,598 | 8,343 | 179,474 | -------------------------------------------------------------------------------- | Unallocated assets *) | | | 2,965 | 2,965 | -------------------------------------------------------------------------------- | Assets total | 118,532 | 52,598 | 11,309 | 182,440 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | * Segments assets do not include deferred taxes | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 1.1.-30.9.2009 (EUR | Wiring | Electronics | Unallocated | Group | | 1,000) | Harness | | amounts and | Total | | | | | eliminations | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Sales to external | 108,984 | 37,440 | 0 | 146,424 | | customers | | | | | -------------------------------------------------------------------------------- | Sales to other segment | 193 | 38 | -232 | 0 | -------------------------------------------------------------------------------- | Net sales, EUR 1,000 | 109,177 | 37,478 | -232 | 146,424 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating profit /loss | 135 | 2,923 | | 3,058 | | before non-recurring | | | | | | expenses | | | | | -------------------------------------------------------------------------------- | % of net sales | 0.1 | 7.8 | | 2.1 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-recurring employee | 2,484 | 0 | | 2,484 | | benefits expenses | | | | | -------------------------------------------------------------------------------- | Non-recurring other | 2,524 | 0 | | 2,524 | | operating expenses | | | | | -------------------------------------------------------------------------------- | Non-recurring expenses | 5,008 | 0 | | 5,008 | | total | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating profit/loss | -4,873 | 2,923 | | -1,950 | -------------------------------------------------------------------------------- | % of net sales | -4.5 | 7.8 | | -1.3 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Segments assets | 115,744 | 39,423 | | 155,167 | -------------------------------------------------------------------------------- | Unallocated assets *) | | | 4,432 | 4,432 | -------------------------------------------------------------------------------- | Assets total | 115,744 | 39,423 | 4,432 | 159,599 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | * Segments assets do not include deferred taxes | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 1.1.-31.12.2009 | Wiring | Electronics | Unallocated | Group | | (EUR 1,000) | Harness | | amounts and | Total | | | | | eliminations | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Sales to external | 149,316 | 52,497 | 0 | 201,813 | | customers | | | | | -------------------------------------------------------------------------------- | Sales to other segment | 227 | 107 | -334 | 0 | -------------------------------------------------------------------------------- | Net sales, EUR 1,000 | 149,543 | 52,604 | -334 | 201,813 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating profit /loss | -3,247 | 4,575 | | 1,328 | | before non-recurring | | | | | | expenses | | | | | -------------------------------------------------------------------------------- | % of net sales | -2.2 | 8.7 | | 0.7 | ---------------------------------------------------------------------------------------------------------------------------------------------------------------- | Non-recurring employee | 646 | 0 | | 646 | | benefits expenses | | | | | -------------------------------------------------------------------------------- | Non-recurring other | 0 | 0 | | | | operating expenses | | | | | -------------------------------------------------------------------------------- | Non-recurring expenses | 646 | | | 646 | | total | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating profit/loss | -3,894 | 4,575 | | 682 | -------------------------------------------------------------------------------- | % of net sales | -2.6 | 8.7 | | 0.3 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Segments assets | 100,191 | 43,706 | 11,146 | 155,043 | -------------------------------------------------------------------------------- | Unallocated assets *) | | | 4,804 | 4,804 | -------------------------------------------------------------------------------- | Assets total | 100,191 | 43,706 | 15,950 | 159,847 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | * Segments assets do not include deferred taxes | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NET SALES BY | 7-9/10 | 7-9/09 | 1-9/10 9 | 1-9/09 9 | 1-12/09 | | GEOGRAPHICAL SEGMENTS | 3 mon. | 3 mon. | mon. | mon. | 12 mon. | | (EUR 1,000) | | | | | | -------------------------------------------------------------------------------- | Finland | 14,220 | 9,624 | 38,208 | 29,986 | 40,494 | -------------------------------------------------------------------------------- | Other Europe | 43,683 | 22,218 | 111,402 | 74,391 | 99,928 | -------------------------------------------------------------------------------- | North America | 5,756 | 4,769 | 16,560 | 14,427 | 18,870 | -------------------------------------------------------------------------------- | South America | 15,960 | 6,303 | 42,550 | 16,048 | 26,526 | -------------------------------------------------------------------------------- | Other Countries | 2,682 | 3,927 | 15,420 | 11,572 | 15,995 | -------------------------------------------------------------------------------- | Total | 82,301 | 46,842 | 224,140 | 146,424 | 201,814 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 2. RECONCILIATION OF EQUITY | | | | | | | | (EUR MILLION) | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | A = Share Capital | | | | | | | -------------------------------------------------------------------------------- | B = Share premium account | | | | | | | -------------------------------------------------------------------------------- | C = Fair value and other | | | | | | | | reserves | | | | | | | -------------------------------------------------------------------------------- | D = Retained earnings | | | | | | | -------------------------------------------------------------------------------- | E = Non-Controlling | | | | | | | | interest | | | | | | | -------------------------------------------------------------------------------- | F = Total equity | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | A | B | C | D | E | F | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Balance 1.1.2009 | 6.0 | 4.9 | 0.4 | 67.1 | 0.3 | 78.6 | -------------------------------------------------------------------------------- | Profit/loss for the period | 0.0 | 0.0 | 0.0 | -0.9 | 0.0 | -0.9 | -------------------------------------------------------------------------------- | Dividends | 0.0 | 0.0 | 0.0 | -2.7 | 0.0 | -2.7 | -------------------------------------------------------------------------------- | Share-based payments | 0.0 | 0.0 | 0.0 | 0.2 | 0.0 | 0.2 | -------------------------------------------------------------------------------- | Comprehensive income for | 0.0 | 0.0 | 0.0 | -0.6 | 0.0 | -0.6 | | the period | | | | | | | -------------------------------------------------------------------------------- | Other changes | 0.0 | 0.0 | 0.0 | 0.3 | -0.3 | 0.0 | -------------------------------------------------------------------------------- | Balance 30.9.2009 | 6.0 | 4.9 | 0.4 | 63.4 | 0.0 | 74.6 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Balance 1.1.2010 | 6.0 | 4.9 | 0.4 | 67.4 | 0.0 | 78.6 | -------------------------------------------------------------------------------- | Profit/loss for the period | 0.0 | 0.0 | 0.0 | 14.4 | 0.0 | 14.4 | -------------------------------------------------------------------------------- | Dividends | 0.0 | 0.0 | 0.0 | -7.1 | 0.0 | -7.1 | -------------------------------------------------------------------------------- | Share-based payments | 0.0 | 0.0 | 0.0 | 0.4 | 0.0 | 0.4 | -------------------------------------------------------------------------------- | Comprehensive income for | 0.0 | 0.0 | 0.0 | 5.2 | 0.0 | 5.2 | | the period | | | | | | | -------------------------------------------------------------------------------- | Other changes | 0.0 | 0.0 | -0.2 | 0.2 | 0.0 | 0.0 | -------------------------------------------------------------------------------- | Balance 30.9.2010 | 6.0 | 4.9 | 0.2 | 78.7 | 0.0 | 91.5 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 3. PROPERTY, PLANT AND EQUIPMENT (EUR 1,000) | 9/10 | 9/09 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Acquisition cost 1.1. | 73,772 | 75,526 | -------------------------------------------------------------------------------- | +/- Translation difference 1.1. | 954 | -151 | -------------------------------------------------------------------------------- | + Increases | 4,095 | 6,792 | -------------------------------------------------------------------------------- | - Decreases | -5,674 | -1,408 | -------------------------------------------------------------------------------- | Acquisition cost 30.9. | 73,147 | 80,758 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Accumulated depreciation 1.1. | 39,395 | 40,595 | -------------------------------------------------------------------------------- | +/- Translation difference 1.1. | -742 | -17 | -------------------------------------------------------------------------------- | - Accumulated depreciation of decreases | -5,426 | -1,417 | -------------------------------------------------------------------------------- | + Depreciation | 5,358 | 5,655 | -------------------------------------------------------------------------------- | Depreciation 30.9. | 38,585 | 44,816 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Book value 30.9. | 34,562 | 35,942 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 4. OTHER INTANGIBLE ASSETS (EUR 1,000) | 9/10 | 9/09 | -------------------------------------------------------------------------------- | Acquisition cost 1.1. | 37,167 | 32,227 | -------------------------------------------------------------------------------- | +/- Translation difference 1.1. | 1,008 | -129 | -------------------------------------------------------------------------------- | + Increases | 608 | 377 | -------------------------------------------------------------------------------- | - Decreases | -3,360 | 13 | -------------------------------------------------------------------------------- | Acquisition cost 30.9. | 35,423 | 32,488 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Accumulated depreciation 1.1. | 11,418 | 6,855 | -------------------------------------------------------------------------------- | +/- Translation difference 1.1. | 81 | 1,070 | -------------------------------------------------------------------------------- | - Accumulated depreciation of decreases | -4,053 | -137 | -------------------------------------------------------------------------------- | + Depreciation | 2,688 | 2,552 | -------------------------------------------------------------------------------- | Depreciation 30.9. | 10,134 | 10,340 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Book value 30.9. | 25,290 | 22,148 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 5. CONTINGENT LIABILITIES AT END OF | 9/10 | 9/09 | 12/09 | | | PERIOD (EUR 1,000) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Leasing liabilities | 3,049 | 5,435 | 3,027 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Liabilities for derivate | | | | | | instruments | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Nominal values | | | | | -------------------------------------------------------------------------------- | Currency derivates | | | | | -------------------------------------------------------------------------------- | Forward agreements | 371 | 640 | 0 | | -------------------------------------------------------------------------------- | Copper derivates | | | | | -------------------------------------------------------------------------------- | Forward agreements | 1,718 | 1,073 | 1,187 | | -------------------------------------------------------------------------------- | Total | 2,089 | 1,713 | 1,187 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Fair values | | | | | -------------------------------------------------------------------------------- | Currency derivates | | | | | -------------------------------------------------------------------------------- | Forward agreements | -5 | -26 | 0 | | -------------------------------------------------------------------------------- | Copper derivates | | | | | -------------------------------------------------------------------------------- | Forward agreements | 0 | 0 | 83 | | -------------------------------------------------------------------------------- | Total | -5 | -26 | 83 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Currency and copper derivates are used only in hedging currency and copper | | risks. PKC Group does not apply hedge accounting to derivate instruments in | | accordance with IAS 39. Fair values of the derivates are entered directly in | | the income statement. | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 6. QUARTERLY KEY | 4-6/09 | 7-9/09 | 10-12/0 | 1-3/10 | 4-6/10 | 7-9/10 | | INDICATORS, | 3 mon. | 3 mon. | 9 3 | 3 mon. | 3 mon. | 3 mon. | | CONSOLIDATED | | | mon. | | | | -------------------------------------------------------------------------------- | Net sales, EUR | 45.8 | 46.8 | 55.4 | 60.8 | 81.0 | 82.3 | | million | | | | | | | -------------------------------------------------------------------------------- | Operating | -5.6 | 3.5 | 2.6 | 2.8 | 7.6 | 9.5 | | profit/loss, EUR | | | | | | | | million | | | | | | | -------------------------------------------------------------------------------- | % of net sales | -12.2 | 7.6 | 4.8 | 4.6 | 9.4 | 11.5 | -------------------------------------------------------------------------------- | Profit/loss before | -4.5 | 5.7 | 1.8 | 0.4 | 4.7 | 13.4 | | taxes, EUR million | | | | | | | -------------------------------------------------------------------------------- | % of net sales | -9.9 | 12.2 | 3.3 | 0.6 | 5.8 | 16.2 | -------------------------------------------------------------------------------- | Equity ratio, % | 42.5 | 46.7 | 49.2 | 46.1 | 47.7 | 50.2 | -------------------------------------------------------------------------------- | Earnings per share | -0.25 | 0.39 | 0.19 | 0.01 | 0.24 | 0.56 | | (EPS), diluted | | | | | | | | (EUR) | | | | | | | -------------------------------------------------------------------------------- | Shareholders | 3.83 | 4.20 | 4.42 | 4.47 | 4.95 | 5.15 | | equity per share, | | | | | | | | EUR | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | QUARTERLY KEY | | | | | | | | INDICATORS, | | | | | | | | WIRING HARNESSESS | | | | | | | -------------------------------------------------------------------------------- | Net sales, EUR | 33.1 | 34.2 | 40.3 | 45.7 | 64.1 | 61.8 | | million | | | | | | | -------------------------------------------------------------------------------- | Operating | -6.3 | 2.0 | 1.0 | 2.0 | 7.0 | 6.8 | | profit/loss, EUR | | | | | | | | million | | | | | | | -------------------------------------------------------------------------------- | % of net sales | -19.0 | 5.9 | 2.4 | 4.4 | 10.9 | 11.0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | QUARTERLY KEY | | | | | | | | INDICATORS, | | | | | | | | ELECTRONICS | | | | | | | -------------------------------------------------------------------------------- | Net sales, EUR | 12.7 | 12.7 | 15.1 | 15.1 | 16.9 | 20.5 | | million | | | | | | | -------------------------------------------------------------------------------- | Operating | 0.7 | 1.5 | 1.7 | 1.3 | 1.1 | 3.3 | | profit/loss, EUR | | | | | | | | million | | | | | | | -------------------------------------------------------------------------------- | % of net sales | 5.4 | 12.2 | 12.2 | 8.6 | 6.5 | 15.9 | -------------------------------------------------------------------------------- CALCULATION OF INDICATORS Return on equity (ROE), % = 100 x (Profit/loss) / Shareholders' equity (average) Return on investments (ROI), % = 100 x (Profit before taxes + financial expenses (adjusted 12 months)) / Shareholders' equity + interest-bearing liabilities (average) Gearing, % = 100 x (Interest-bearing liabilities - cash in hand and at bank and investments) / Shareholders' equity + minority interest Equity ratio, % = 100 x (Shareholders' equity + minority interest) / Balance sheet total - advance payments received Quick ratio = Receivables and cash in hand and at bank / Current liabilities - advance payments received Current ratio Receivables and cash in hand and at bank + inventories / Current liabilities Earnings per share (EPS), EUR Profit/loss +/- minority interest / Average share issue-adjusted number of shares Shareholders' equity per share, EUR Shareholders' equity / Share issue-adjusted number of shares on the balance sheet date Market capitalisation Number of shares at the end of the financial period x the last trading price of the financial period All the future estimates and forecasts presented in this stock exchange release are based on the best current knowledge of the company's management. The estimates and forecasts contain certain elements of risk and uncertainty which, if they materialise, may lead to results that differ from present estimates. The main factors of uncertainty are related, among other things, to the general economic situation, the trend in the operating environment and the sector as well as the success of the Group's strategy. PKC GROUP OYJ Board of Directors Harri Suutari President and CEO For additional information, contact: Harri Suutari, President & CEO, PKC Group Oyj, +358 400 384 937 PRESS CONFERENCE A press conference on the Interim Report will be arranged for analysts and investors today, 4 November 2010, at 10.00 a.m., at the address World Trade Center, Aleksanterinkatu 17, meeting room 4, 2nd floor, Helsinki. A telephone conference on Interim Report begins at 14.00 p.m, 4 November 2010. Registrations and further information by e-mail heta.toropainen@pkcgroup.com. DISTRIBUTION NASDAQ OMX Main media www.pkcgroup.com The PKC Group offers design and contract manufacturing services for wiring harnesses, cabling and electronics. The Group has production facilities in Finland, Brazil, China, Mexico, Poland, Estonia and Russia. The Group's net sales in 2009 totalled EUR 201.8 million. PKC Group Oyj is listed on NASDAQ OMX Helsinki Ltd.
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