2014-05-07 08:00:02 CEST

2014-05-07 08:00:05 CEST


REGULATED INFORMATION

English Finnish
Exel Composites Oyj - Interim report (Q1 and Q3)

Exel Composites Plc's interim report for January 1 - March 31, 2014


EXEL COMPOSITES PLC     INTERIM REPORT                 7.5.2014 at 9.00        
           1 (12) 

EXEL COMPOSITES PLC'S INTERIM REPORT FOR JANUARY 1 - MARCH 31, 2014

Q1 in brief:
- Net sales increased to 17.8 MEUR, up by 5.4 per cent from previous year
(Q1/2013:16.9 MEUR) 
- Operating profit was 1.9 (0.7) MEUR, up by 184 per cent from previous year
- Operating profit margin was 10.6 (3.9) per cent of net sales
- Net operative cash flow was positive at +0.6 (+0.7) MEUR
- Fully diluted earnings per share were 0.09 (0.05) EUR


Near-term outlook
The market has stabilized but remains challenging. Uncertainties relating to
general growth prospects in the economy continue. Some positive signs can be
seen especially in the laminate and demanding carbon tube markets. The Company
invests in growth by reinforcing the organization, especially in sales and
operations development. The Company will monitor the general market development
and react with additional measures if needed. The Company is well-positioned to
grow profitably when the markets recover. 

President and CEO Riku Kytömäki:
Exel Composites' net sales for the first quarter increased by 5.4 per cent from
the corresponding period in 2013 from EUR 16.9 million to EUR 17.8 million. Our
order backlog improved to EUR 14.3 million in the first quarter of 2014 from
EUR 10.5 million in the last quarter of 2013, corresponding to a 36 per cent
increase. 

In some markets, such as cleaning and maintenance, machine industry and general
industries, we started to see early signs of improvement, but generally the
market remains challenging. 

Exel Composites' operating profit nearly tripled from EUR 0.7 million to EUR
1.9 million due to our efficiency improvement and better cost control. We
continued to develop the Group's operations in order to further enhance
productivity and synergies across the units. 



CONSOLIDATED KEY FIGURES, EUR million
(unaudited)

                               1.1. -  1.1.-31.3.  Change, %  1.1. -
                                31.3.        2013             31.12.
                                 2014                           2013
Net sales                        17.8        16.9        5.4    69.3
Operating profit                  1.9         0.7      183.8     4.8
% of net sales                   10.6         3.9                7.0
Cash flow from operations         0.6         0.7                7.8
Capital expenditure               0.7         0.6                2.8
Return on capital employed, %    21.1         7.1               13.0
Net gearing, %                   14.1        -4.0               15.0
Earnings per share, EUR          0.09        0.05               0.26



Market environment
Market demand increased in the cleaning and maintenance, machine industry and
general industries compared to the corresponding period in 2013. Market demand
decreased in the electrical industry and sports and leisure industry compared
to the corresponding period in 2013. 

Order intake and order backlog
Order intake increased in the first quarter by 18.5 per cent to EUR 21.8 (18.4)
million on the corresponding period in 2013. 

The Group's order backlog increased to EUR 14.3 (11.8) million on 31 March
2014. The order backlog improved by 36 per cent from EUR 10.5 million in the
last quarter of 2013. 

Sales review January-March 2014
Group net sales increased 5.4 per cent to EUR 17.8 (16.9) million on the
corresponding period in 2013. 

Net sales increased in the largest region, Europe, by 13.4 per cent compared to
the corresponding period in 2013. The APAC region declined by 30.7 per cent.
The decline in APAC was mainly related to the Australian market, where the
decline was partly due to a one-off project recorded in the first quarter of
2013. 

Sales of Industrial applications increased to EUR 9.8 million from EUR 9.5
million in the corresponding period in 2013. Sales increased especially to the
machine, transportation and energy industries. 

Sales of Construction and Infrastructure applications in the first quarter of
2014 decreased by 4.7 per cent compared to the corresponding period in 2013.
The decrease was due to a one-off project recorded in the first quarter of 2013
in the Australian unit. 

Sales of Other applications grew by 28.0 per cent compared to the corresponding
period in 2013. Sales increased in the cleaning and maintenance market
applications, but decreased in the general industries market applications.
Sports and leisure market applications were stable. 

Net sales by Region

MEUR           I/2014  I/2013  Change, %  I -IV
                                           2013
Europe           15.1    13.4       13.2   56.0
APAC              2.0     2.8      -30.7   10.6
Rest of world     0.7     0.7        2.4    2.7
Total            17.8    16.9        5.4   69.3

Sales by Customer Industry

MEUR                             I/2014  I/2013  Change, %  I -IV
                                                             2013
Construction and infrastructure     4.1     4.3       -4.7   15.8
Industrial applications             9.8     9.5        2.8   40.7
Other applications                  3.9     3.0       28.0   12.8
Total                              17.8    16.9        5.4   69.3



Financial performance
The Group's operating profit continued to develop positively in the first
quarter of 2014 thanks to efficiency improvement, lower material spend, and
better cost control. The Group's operating profit in the first quarter of 2014
was EUR 1.9 (0.7) million or 10.6 (3.9) per cent of net sales. 

The turnaround measures in Australia, including change in the operating model
and transfer of Brisbane unit to Melbourne, have been completed but have not
yet resulted in satisfactory profitability. The focus is on generating more
sales. 

The Group's net financial expenses during the period under review were EUR 0.2
(0.0) million. The Group's profit before taxes was EUR 1.7 (0.7) million and
profit after taxes EUR 1.1 (0.6) million.Financial position 

Net cash flow from operating activities was positive at EUR +0.6 (+0.7) million
due to improved operating profit. However, working capital increased in the
review period. Cash flow before financing, but after capital expenditure,
amounted to EUR 0.0 (0.1) million. The capital expenditure on fixed assets
amounted to EUR 0.7 (0.6) million. Capital expenditure was financed with cash
flow from business operations. Long-term loans were installed by EUR 0.7
million. At the end of the period under review, the Group's liquid assets stood
at EUR 9.6 (8.5) million. 

The Group's consolidated total assets at the end of the review period were EUR
51.4 (53.3) million. 

Interest-bearing liabilities amounted to EUR 13.1 (7.3) million. Net
interest-bearing liabilities were EUR 3.4 (-1.1) million. 

Equity at the end of the first quarter of 2014 was EUR 24.4 (28.7) million and
equity ratio 47.5 (54.0) per cent. The net gearing ratio was 14.1 (-4.0) per
cent. 

Business development and strategy implementation
Exel Composites is revisiting its strategy. The new strategy will target
boosting profitable growth in the future. The new strategy is expected to be
disclosed during the second half of 2014. 

Strategic improvement projects are being continued. In 2014 focus is on
improving production speed and yield. Advanced laminates production is in the
ramp up phase at the Mäntyharju factory. 

Research and development
Exel Composites has continued to develop several new customer-specific
applications during the period under review, especially to the building and
construction, machine industry, and transportation industry markets. 

Product and technology development costs totaled EUR 0.4 (0.3) million,
representing 2.3 (1.9) per cent of net sales. The main projects were connected
with the development of new products and customer applications. 

Shares and share performance
At the end of March 2014, Exel Composites' share capital was EUR 2,141,431.74
and the number of shares was 11,896,843 each having the counter-book value of
EUR 0.18. There were no changes in the share capital during the review period.
There is only one class of shares and all shares are freely assignable under
Finnish law. Exel Composites' share is listed in the Small Cap segment of the
NASDAQ OMX Helsinki Ltd. in the Industrials sector. 

Exel Composites did not hold any of its own shares during the period under
review. 

During the period under review the highest share price quoted was EUR 6.28
(6.50) and the lowest EUR 5.56 (5.70). The share price closed at EUR 5.78
(5.80). The average share price during the period under review was EUR 5.98
(6.16). 

A total of 1,706,213 (198,853) shares were traded during the reporting period,
which represents 14.3 (1.7) per cent of the average number of shares. Based on
the closing price on 31 March 2014, Exel Composites' market capitalization was
EUR 68.8 (69.0) million. 

Shareholders and disclosures
Exel Composites had a total of 2,712 (2,795) shareholders on 31 March 2014.
Information on Exel Composites' shareholders is available on the Company
website at www.exelcomposites.com. 

Exel Composites received two flagging announcements during the period under
review. 

On 13 February 2014 Exel Composites received a flagging announcement according
to which the holding of Nordstjernan AB had fallen under 15 per cent of the
voting rights and share capital in Exel Composites Plc. Through share
transactions concluded on 13 February 2014, the holding of Nordstjernan AB
decreased from 2,656,506 shares (22.3 per cent) to 1,656,506 shares,
representing 13.9 per cent of the shares and voting rights of the Company. 

On 14 February 2014 Exel Composites received a flagging announcement according
to which the holding of Lannebo Fonder AB had exceeded 5 per cent of the voting
rights and share capital in Exel Composites Plc. Through share transactions
concluded on 13 February 2014, the holding of Lannebo Fonder AB rose to
1,000,000 shares, representing 8.4 per cent of the shares and voting rights of
the Company. 

Decisions of the 2014 Annual General Meeting
Exel Composites' Annual General Meeting (“AGM”) was held on 27 March 2014. The
financial accounts of the Group were approved and the members of the Board of
Directors and the President were discharged from their liabilities for the
financial year 2013. The AGM approved the Board's proposal not to distribute
any dividend for the financial period that ended on 31 December 2013. 

The Annual General Meeting authorized the Board of Directors to acquire the
Company's own shares by using unrestricted equity. The maximum amount to be
acquired is 600,000 shares. The authorization is valid until 30 June 2015. 

The AGM elected to the Board of Directors five members based on the proposal by
the Nomination Board. The following members of the Board of Directors were
re-elected: Heikki Hiltunen, Peter Hofvenstam, Göran Jönsson and Reima
Kerttula. Kerstin Lindell was elected as new member of the Board of Directors.
The term of office of the Board members continues until the end of next Annual
General Meeting. At the formative meeting of the Board of Directors held after
the Annual General Meeting, the Board of Directors elected from among its
members Peter Hofvenstam as its Chairman. 

The AGM decided that the annual remuneration for the Board members be
unchanged, i.e. the Chairman of the Board of Directors be paid a yearly
remuneration of EUR 34,000 and additionally EUR 1,500 for attendance at Board
and committee meetings and other similar Board assignments and the other Board
members be paid a yearly remuneration of EUR 16,000 and additionally EUR 1,000
for attendance at Board and committee meetings and other similar Board
assignments and that travel expenses and other out-of-pocket expenses arising
from the Board work be compensated in accordance with the Company's established
practice and travel rules. Out of the yearly remuneration 60 per cent will be
paid in cash and 40 per cent in Exel Composites Plc shares, which were acquired
directly for and on behalf of the members of the Board of Directors during 2
April - 10 April 2014 from the stock exchange in amounts corresponding to EUR
13,600 for the Chairman and EUR 6,400 for each of the other members. 

Management
A new incentive program for the Company executives was approved by the Board of
Directors in February 2014. The aim of the new program is to combine the
objectives of the shareholders and the executives in order to increase the
value of the Company, to commit the executives to the Company and to offer the
executives a competitive reward program. The new program is based on a
long-term monetary performance reward, and the program is targeted at
approximately 20 executives for the earning period 2014 − 2016. The President
and CEO and the members of the Group Management Team are included in the target
group of the new incentive program. 

The incentive program includes one earning period, the calendar years 2014 −
2016. The potential long-term monetary performance reward from the program for
the earning period 2014 - 2016 will be based on the Group's cumulative Economic
Profit and on the Group's Total Shareholder Return (TSR). 

The potential reward from the earning period 2014 - 2016 will be paid in 2017.
No reward will be paid to an executive, if his or her employment or service
with the Group Company ends before the reward payment. 

The maximum reward to be paid on the basis of the earning period 2014 - 2016
will be one million EUR. 

Significant related-party transactions
Exel Composites' permanent public insiders include Exel Composites' Board
members, the President and CEO and the members of the Group Management Team. No
significant related-party transactions were conducted by the Group or the
permanent insiders during the period under review. 

Organization and personnel
The number of employees on 31 March 2014 was 421 (436), of whom 202 (209)
worked in Finland and 219 (227) in other countries. The average number of
personnel during the first quarter of 2014 was 418 (439). 

Health, safety and environment
Special attention will be given to occupational health and safety issues in
2014. The Nanjing unit in China achieved the Health and Safety standard ISO
18001 in 2013. It is our intention to roll out this certification over all
sites. 

Risks and uncertainties
The most significant near-term business risks are related to the general
economic development, government regulations and financial crisis in the Euro
area as well as to market demand. Continuing low demand in certain markets or
regions may require further corrective actions which can have an impact on the
profitability. The possible uncertainties in the Russian market will have
limited impact on Exel Composites. 

Raw material prices, energy cost and other cost increases may continue to put
pressure on profitability. The possible new European Community's anti-dumping
tariffs on Chinese glass fiber may have a negative effect on the result in
terms of increased raw material prices. Currency rate changes, price
competition and alternative competing materials may also have a negative effect
on the result. The availability and cost of financing may continue to have an
effect on the demand and increase the risk of credit losses. 

Near-term outlook
The market has stabilized but remains challenging. Uncertainties relating to
general growth prospects in the economy continue. Some positive signs can be
seen especially in the laminate and demanding carbon tube markets. The Company
invests in growth by reinforcing the organization, especially in sales and
operations development. The Company will monitor the general market development
and react with additional measures if needed. The Company is well-positioned to
grow profitably when the markets recover. 



Vantaa, 7 May 2014

Board of Directors of Exel Composites Plc



For further information, please contact:
Riku Kytömäki, President and CEO
tel. +358 50 511 8288, or email riku.kytomaki@exelcomposites.com

Ilkka Silvanto, CFO and Administrative Director
tel. +358 50 598 9553, or email ilkka.silvanto@exelcomposites.com


Distribution
NASDAQ OMX Helsinki Ltd.
Main news media
www.exelcomposites.com


Press conference
Exel Composites will hold an analyst and press conference regarding the interim
report today Wednesday 7 May 2014 at 12.30 p.m. in the Talisman Cabinet of the
Scandic Hotel Marski at the address of Mannerheimintie 10, Helsinki, Finland. 


Exel Composites in brief
Exel Composites (www.exelcomposites.com) is a technology company which designs,
manufactures and markets composite profiles and tubes for industrial
applications. The Group is the leading composite profile manufacturer in the
world and concentrates on growing niche segments. 

The core of the operations is based on own, internally developed composite
technology, product range based on it and a 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 the Small Cap segment of NASDAQ OMX
Helsinki Ltd. 


Summary of Financial Statements and notes to the Financial Statements 1 January
- 31 March 2014 

Accounting principles:
This interim report has been prepared in accordance with IAS 34, Interim
Financial Reporting. The same accounting policies have been followed as in the
previous Financial Statements. Key indicator calculations remain unchanged and
have been presented in the 2013 Financial Statements. 

Preparation of financial statements in accordance with the IFRS standards
requires Exel Composites' management to make estimates and assumptions that
have an effect on the amount of assets and liabilities on the balance sheet at
the closing date as well as the amounts of income and expenses for the
financial period. In addition, the management must exercise its judgement
regarding the application of accounting policies. Since the estimates and
assumptions are based on the views at the date of the Interim Report, they
include risks and uncertainties. The actual results may differ from the
estimates and assumptions. 

The amounts presented in the income statement and balance sheet are Group
figures. The amounts presented in the release are rounded, so the sum of
individual figures may differ from the sum reported. The Interim Report is
unaudited. 



CONSOLIDATED COMPREHENSIVE INCOME STATEMENT

EUR thousand                                1.1. -  1.1. -   Change,      1.1. -
                                             31.3.   31.3.         %      31.12.
                                              2014    2013                  2013
Net sales                                   17,811  16,897       5.4      69,290
Materials and services                      -5,976  -6,430       7.1     -26,037
Employee benefit expenses                   -5,393  -5,309      -1.6     -21,128
Depreciation and impairment                   -663    -673       1.5      -2,691
Other operating expenses                    -4,089  -3,981      -2.7     -15,258
Other operating income                         200     163      22.7         667
Operating profit                             1,890     666     183.8       4,843
Net financial items                           -229      24  -1,054.2        -286
Profit before tax                            1,661     691     140.4       4,557
Income taxes                                  -545    -136    -300.7      -1,477
Profit/loss for the period                   1,116     555     101.1       3,080
Other comprehensive income:                                                     
Other comprehensive income to be                                                
 reclassified to profit or loss in                                              
 subsequent periods:                                                            
Exchange differences on translating            404     298      35.6      -2,174
 foreign operations                                                             
Other comprehensive income, net of tax         404     298      35.6      -2,174
Total comprehensive income                   1,520     853      78.2         906
Profit/loss attributable to:                                                    
Equity holders of the parent company         1,116     555                 3,080
Comprehensive income                                                            
attributable to:                                                                
Equity holders of the parent company         1,520     853                   906
Earnings per share, diluted and undiluted,    0.09    0.05                  0.26
 EUR                                                                            



CONDENSED CONSOLIDATED BALANCE SHEET

EUR thousand                            31.3.2014  31.3.2013  Change  31.12.2013
ASSETS                                                                          
Non-current assets                                                              
Goodwill                                    9,621     11,179  -1,558       9,393
Other intangible assets                       855      1,153    -298         921
Tangible assets                            10,824     10,768      56      10,796
Deferred tax assets                           690        858    -168         641
Other non-current assets                       72         62      10          70
Non-current assets total                   22,062     24,021  -1,958      21,821
Current assets                                                                  
Inventories                                 8,996      9,276    -280       7,936
Trade and other receivables                10,700     11,488    -788       9,273
Cash at bank and in hand                    9,617      8,465   1,152       9,438
Current assets total                       29,313     29,229      84      26,648
Total assets                               51,375     53,250  -1,875      48,468
EQUITY AND LIABILITIES                                                          
Shareholders´ equity                                                            
Share capital                               2,141      2,141       0       2,141
Other reserves                                 72         45      27          72
Invested unrestricted equity fund           2,539      8,488  -5,949       2,539
Translation differences                     2,568      4,636  -2,068       2,164
Retained earnings                          15,924     12,874   3,050      12,844
Profit for the period                       1,116        555     561       3,080
Total equity attributable to equity        24,361     28,738  -4,377      22,841
 holders of the parent company                                                  
Total equity                               24,361     28,738  -4,377      22,841
Non-current liabilities                                                         
Interest-bearing liabilities                1,044      2,497  -1,453       1,761
Interest-free liabilities                     423        426      -3         402
Deferred tax liabilities                      430        376      54         440
Current liabilities                                                             
Interest-bearing liabilities               12,007      4,823   7,184      11,105
Trade and other non-current                13,111     16,390  -3,279      11,920
 liabilities                                                                    
Total liabilities                          27,014     24,512   2,502      25,628
Total equity and liabilities               51,375     53,250  -1,875      48,468



STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY

EUR thousand    Share     Other         Invested  Translation   Retained   Total
               Capita  Reserves     Unrestricted  Differences   Earnings        
                    l                Equity Fund                                
Balance at 1    2,141        45            8,488        4,337     16,427  31,438
 January 2013                                                                   
Comprehensive                                             298        555     853
 result                                                                         
Other items                                                           16      16
Dividend                                                          -3,569  -3,569
Balance at 31   2,141        45            8,488        4,636     13,429  28,738
 March 2013                                                                     
Balance at      2,141        72            2,539        2,164     15,924  22,841
 1st January                                                                    
 2014                                                                           
Comprehensive                                             404      1,116   1,520
 result                                                                         
Other items                                                            0       0
Dividend                                                               0       0
Balance at 31   2,141        72            2,539        2,568     17,040  24,361
 March 2014                                                                     



CONDENSED CONSOLIDATED CASH FLOW STATEMENT

EUR thousand                              1.1. -  1.1. -  Change   1.1.-
                                           31.3.   31.3.          31.12.
                                            2014    2013            2013
Cash Flow from Operating Activities                                     
Profit for the period                      1,116     555     561   3,080
Adjustments                                1,608     810     798   4,088
Change in working capital                 -1,476    -371  -1,105   1,658
Cash Flow Generated by Operations          1,248     994     254   8,826
Interest paid                                -63     -37     -26    -213
Interest received                             35       3      32      39
Other financial items                        -65     -25     -40    -196
Income taxes paid                           -507    -236    -271    -668
Net Cash Flow from Operating Activities      648     699     -51   7,788
Cash Flow from Investing Activities                                     
Acquisitions                                   0       0       0       0
Disposal of business                           0       0       0       0
Capital expenditure                         -651    -610     -41  -2,767
Proceeds from sale of fixed assets             0       0       0       0
Cash Flow from Investing Activities         -651    -610     -41  -2,767
Cash Flow from Financing                                                
Share issue                                    0       0       0       0
Proceeds from long-term borrowings             0       0       0       0
Instalments of long-term borrowings         -680  -5,000   4,320  -5,000
Change in short-term loans                   865   4,134  -3,269   9,700
Instalments of finance lease liabilities      -3      -3       0     -11
Additional capital repayment                   0       0       0  -5,948
Dividends paid                                 0       0       0  -3,569
Net Cash Flow from Financing                 182    -869   1,051  -4,828
Change in Liquid Funds                       179    -780     959     193
Liquid funds in the beginning of period    9,438   9,245     193   9,245
Change in liquid funds                       179    -780     959     193
Liquid funds at the end of period          9,617   8,465   1,152   9,438



QUARTERLY KEY FIGURES

EUR thousand                              I/     IV/    III/     II/      I/
                                        2014    2013    2013    2013    2013
Net sales                             17,811  17,770  17,075  17,548  16,897
Materials and services                -5,976  -6,443  -6,709  -6,455  -6,430
Employee benefit expenses             -5,393  -5,388  -4,983  -5,448  -5,309
Depreciation and impairment             -663    -683    -650    -684    -673
Operating expenses                    -4,089  -4,035  -3,731  -3,510  -3,981
Other operating income                   200     267      79     159     163
Operating profit                       1,890   1,486   1,081   1,609     666
Net financial items                     -229       9    -271     -48      24
Profit before taxes                    1,661   1,495     810   1,562     691
Income taxes                            -545    -705    -237    -399    -136
Profit/loss for the period             1,116     790     573   1,162     555
Earnings per share, EUR                 0.09    0.07    0.05    0.10    0.05
Earnings per share, EUR, diluted        0.09    0.07    0.05    0.10    0.05
Average number of shares, undiluted,                                        
1,000 shares                          11,897  11,897  11,897  11,897  11,897
Average number of shares, diluted,                                          
1,000 shares                          11,897  11,897  11,897  11,897  11,897
Average number of personnel              418     417     427     427     436


COMMITMENTS AND CONTINGENCIES

EUR thousand         31.3.2014  31.3.2013
On own behalf                            
Mortgages                2,783      2,783
Corporate mortgages     12,500     12,500
Lease liabilities                        
- in next 12 months        795        837
- in next 1-5 years      1,309      2,213
Other commitments            6          6


DERIVATIVE FINANCIAL INSTRUMENTS

Nominal values                   31.3.2014  31.3.2013
EUR thousand                                         
Interest rate derivatives                            
Interest rate swaps                  5,000      5,000
Purchased interest rate options          0          0



CONSOLIDATED KEY FIGURES

EUR thousand                      1.1. - 31.3.  1.1. -  Change, %  1.1. -
                                          2014   31.3.             31.12.
                                                  2013               2013
Net sales                               17,811  16,897             69,290
Operating profit                         1,890     666              4,843
% of net sales                            10.6     3.9                7.0
Profit before tax                        1,661     691              4,557
% of net sales                             9.3     4.1                6.6
Profit for the period                    1,116     555              3,080
% of net sales                             6.3     3.3                4.4
Shareholders´ equity                    24,361  28,738             22,841
Interest-bearing liabilities            13,051   7,320             12,866
Cash and cash equivalents                9,617   8,465              9,483
Net interest-bearing liabilities         3,434  -1,145              3,428
Capital employed                        37,412  36,058             35,707
Return on equity, %                       18.9     7.4               11.3
Return on capital employed, %             21.1     7.1               13.0
Equity ratio, %                           47.5    54.0               47.2
Net gearing, %                            14.1    -4.0               15.0
Capital expenditure                        651     610              2,767
% of sales                                 3.7     3.6                4.0
Research and development costs             412     321              1,511
% of net sales                             2.3     1.9                2.2
Order intake                            21,759  18,358             69,784
Order backlog                           14,269  11,763             10,458
Earnings per share, EUR                   0.09    0.05               0.26
Earnings per share, EUR, diluted          0.09    0.05               0.26
Equity per share, EUR                     2.05    2.42               1.92
Average number of shares                                                 
- cumulative                            11,897  11,897             11,897
- cumulative, diluted                   11,897  11,897             11,897
Average number of employees                418     436                427