2016-07-21 09:00:01 CEST
2016-07-21 09:00:01 CEST
REGLAMENTUOJAMA INFORMACIJA
Exel Composites Oyj - Half Year financial report
Exel Composites Plc’s Half-year Financial Report January – June 2016: Customer demand remained weak, cost reductions implemented
EXEL COMPOSITES PLC HALF-YEAR FINANCIAL REPORT 21 JULY 2016 at 10.00
a.m. EET
Exel Composites Plc’s Half-year Financial Report January – June 2016: Customer
demand remained weak, cost reductions implemented
Q2 2016 in brief
-- Order intake for the second quarter amounted to EUR 20.2 (21.4) million,
-5.6% in comparison to previous year.
-- Revenue amounted to EUR 19.7 (21.4) million, -7.6% in comparison to
previous year.
-- Operating profit amounted to EUR 1.1 (1.3) million, which is 5.8% (6.3) of
revenue.
-- Net cash flow from operating activities was positive at EUR +0.3 (+1.7)
million.
-- Earnings per share were EUR 0.07 (0.07).
H1 2016 in brief
-- Order intake for the period amounted to EUR 38.3 (44.2) million, -13.4% in
comparison to previous year.
-- Revenue amounted to EUR 37.6 (42.8) million, -12.2% in comparison to
previous year.
-- Operating profit amounted to EUR 1.3 (3.3) million, which is 3.4% (7.8) of
revenue.
-- Net cash flow from operating activities was negative at EUR -0.5 (+2.4)
million.
-- Earnings per share were EUR 0.07 (0.20).
Outlook for full year 2016 (terminology change in brackets)
The Company continues to implement its new strategy with focus on operational
efficiency and optimizing the global manufacturing footprint. The Company
estimates that adjusted operating profit (previously: operating profit
excluding any non-recurring items) will decrease in 2016 compared to 2015.
President and CEO, Riku Kytömäki
During the second quarter of 2016 the market environment has remained
challenging. Demand of some of our key clients has remained weak, which has led
to lower order volumes to Exel Composites and a decline in revenue both in
Europe and in Asia. The declining share of some high volume customers has also
negatively affected our sales mix.
Our cost structure in the first quarter of 2016 was not in line with the lower
than expected business volume. Therefore additional cost take out measures were
initiated during first quarter, targeted particularly at our units in Australia
and Finland. These measures started to materialize in May-June improving our
operating profit of the second quarter. As such, we were able to considerably
reduce the impact of the decreased volume on profitability and to improve the
operating profit from the first quarter. The cost take out measures will
continue throughout the second half of 2016.
Market outlook in the short term remains challenging. New customer acquisition
in composite business is especially challenging when metal and oil prices are
at a historically low level. However, we expect our focused customer segment
initiatives to gradually bring results. In addition, unfavorable changes in our
sales mix have led to shorter production runs and lower production yield. We
are taking actions to optimize production under these conditions and
consequently improve our operational efficiency.
In the long term we expect that megatrends, such us urbanization and energy
efficiency, continue to prevail and drive growth. These attractive long term
market fundamentals and our expertise in composites together with actions in
line with our strategy keep us well positioned for profitable long term growth.
Consolidated key figures
EUR thousand 1.4.-30. 1.4.-30. Change 1.1.-30. 1.1.-30 Change 1.1.-31
6. 6. , 6. .6. , .12.
2016 2015 % 2016 2015 % 2015
--------------------------------------------------------------------------------
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Order intake 20,231 21,423 -5.6 38,263 44,185 -13.4 83,374
Order backlog 1) 15,799 13,783 14.6 15,799 13,783 14.6 15,348
Revenue 19,720 21,352 -7.6 37,639 42,847 -12.2 80,196
Operating profit 1,147 1,348 -14.9 1,293 3,340 -61.3 4,414
% of revenue 5.8 6.3 3.4 7.8 5.5
Adjusted 1,167 1,540 -24.2 1,316 3,581 -63.3 4,770
operating
profit 2)
% of revenue 5.9 7.2 3.5 8.4 5.9
Profit for the 882 800 10.3 880 2,358 -62.7 2,844
period
Net cash flow 342 1,671 -79.5 -520 2,359 -122.0 3,385
Return on 11.4 14.0 6.5 17.9 12.0
capital
employed, %
Net gearing, % 18.4 -2.4 18.4 -2.4 2.0
Earnings per 0.07 0.07 0.07 0.20 0.24
share, EUR
Equity per 2.35 2.59 -9.3 2.35 2.59 -9.3 2.58
share, EUR
Employees on 487 513 -5.1 490 500 -2.0 498
average
1) As per 30 June 2016.
2) Excluding material items affecting comparability, such as restructuring
costs, impairment losses and reversals, and costs related to planned or
realized business acquisitions or disposals. For more information, please refer
to the paragraph “Change in Exel Composites’ financial reporting terminology”
of this Half-year Financial Report.
Change in Exel Composites’ financial reporting terminology
In compliance with the new guidelines on alternative performance measures by
the European Securities and Markets Authority (ESMA) Exel Composites changes
the terminology used in the company’s financial reporting. The change is
effective as of the publication of the half-year financial report published on
21 July 2016. The term "adjusted operating profit" replaces the term "operating
profit, excluding non-recurring items". The adjusted operating profit is
derived in accordance to International Financial Reporting Standards (IFRS) by
adding or deducting material items affecting comparability. These include, but
are not limited to, restructuring costs, impairment losses and reversals, costs
related to planned or realized business acquisitions and disposals, gains and
losses relating to sale of intangible and tangible assets, as well as expenses
related to changes in legislation or legal proceedings.
Exel Composites uses alternative performance measures to better reflect the
operational business performance and to enhance comparability between financial
periods.
Exel Composites’ half-year financial report January – June 2016 is available in
full in pdf format as an attachment to this release. The report and the related
presentation are also available at the company’s website under the Investor
section.
Vantaa, 21 July 2016
Exel Composites Plc
Board of Directors
For further information, please contact:
Riku Kytömäki, President and CEO
tel. +358 50 511 8288
riku.kytomaki@exelcomposites.com
Mikko Kettunen, CFO
tel. +358 50 347 7462
mikko.kettunen@exelcomposites.com
Distribution
Nasdaq Helsinki Ltd
Main news media
www.exelcomposites.com
Exel Composites in brief
Exel Composites (www.exelcomposites.com) is a leading composite technology
company that designs, manufactures and markets composite products and solutions
for demanding applications. Exel Composites provides superior customer
experience through continuous innovation, world-class operations and long-term
partnerships.
The core of the operations is based on own, internally developed composite
technology, product range based on it and strong market position in selected
segments with a strong quality and brand image. Profitable growth is pursued by
a relentless search for new applications and development in co-operation with
customers. The personnel’s expertise and high level of technology play a major
role in Exel Composites’ operations. Exel Composites Plc share is listed in
Nasdaq Helsinki Ltd.
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