2011-02-18 08:00:00 CET
2011-02-18 08:00:06 CET
REGULATED INFORMATION
Exel Composites Oyj - Financial Statement Release
Exel Composites Plc's financial statements release 2010
EXEL COMPOSITES PLC FINANCIAL STATEMENTS RELEASE 18.2.2011 at 9.00 1
(16)
EXEL COMPOSITES PLC'S FINANCIAL STATEMENTS RELEASE 2010
JANUARY-DECEMBER 2010 HIGHLIGHTS
- Net sales from continuing operations for the financial year increased to EUR
72.9 (70.0) million, up by 4.1 per cent on the previous year
- Operating profit from continuing operations for the financial year was EUR
9.4 million (EUR 8.0 million), or 12.9 (11.4) per cent of net sales
- Net operative cash flow was positive at EUR +12.0 (+14.2) million
- Fully diluted earnings per share for the full year were EUR 0.57 (0.56), of
which continuing operations accounted for EUR 0.57 (0.50)
- The Board of Directors proposes that a dividend of EUR 0.50 (0.25) per share
be paid for the financial year 2010
OCTOBER-DECEMBER 2010 HIGHLIGHTS
- Net sales from continuing operations in the fourth quarter of 2010 were EUR
19.3 (16.2) million, up by 19 per cent on the previous year
- Operating profit from continuing operations in the fourth quarter of 2010 was
EUR 3.1 million (EUR 2.4 million), or 16.1 (14.5) per cent of net sales
- Fully diluted earnings per share were EUR 0.19 (0.18), of which continuing
operations accounted for EUR 0.19 (0.15)
OUTLOOK FOR 2011
Demand amongst the pultrusion industry clientele has improved gradually in
2010. The first signs of recovery were visible in the 2nd quarter of 2010, and
market conditions improved further in the 3rd and 4th quarter. We believe that
Exel Composites is well positioned to take advantage of the growth
opportunities as the markets gradually recover. As a result of improved
profitability, good cash flow generation and reduced debt level we believe in
Exel Composites' long-term performance. Exel Composites recorded a strong year
end, but maintains its cautious stance in 2011, since market uncertainties
persist.
Vesa Korpimies, President and CEO:
“We could see signs of recovery in the second quarter of 2010 and market
conditions continued to improve in the third and fourth quarter of the year.
However, the global downturn that begun in late 2008 continued to impact the
pultrusion market in the first quarter of 2010. We maintained our focus on cost
efficiency and improving productivity. We were able to reduce net
interest-bearing liabilities from EUR 6.1 million at the end of 2009 to EUR
-1.4 million at the end of 2010 and net gearing has been improved from 23.7 per
cent to -4.3 per cent in the same period.
We also continued to strengthen our sales and technical sales organization. Our
strategy to invest in the sales teams and to continuously work close together
with customers paid off when the market improved. Net sales increased with 4.1
per cent in 2010 compared to the same period in 2009. Our operating profit from
continuing operations for the financial year was EUR 9.4 million (EUR 8.0
million), or 12.9 (11.4) per cent of net sales. Although we are reasonably
satisfied with the overall performance, there is still room for improvement.
Measures to improve the Chinese and British units' efficiency are underway and
a positive outcome is expected by the end of 2011.
In 2011, we aim to continue to pursue our strategy of profitable growth. We are
well-positioned to capitalize on growth opportunities on the gradually
recovering markets. We are looking for bolt-on acquisitions to strengthen our
business portfolio and market position. We are convinced that satisfied
customers are the best way of ensuring continued profitable growth as well as
safeguarding shareholders' interests.”
CONSOLIDATED KEY FIGURES, EUR million
1.10. 1.10.-31 Change 1.1. - 1.1. - Change
- .12. % 31.12. 31.12. , %
31.12. 2009 2010 2009
2010
Net sales, continuing 19.3 16.2 19.0 72.9 70.0 4.1
operations
Operating profit, 3.1 2.4 32.0 9.4 8.0 18.0
continuing operations
% of net sales 16.1 14.5 12.9 11.4
Profit for the period, 2.3 1.8 24.5 6.8 5.9 13.9
continuing operations
Shareholders' equity 32.5 25.6 27.1 32.5 25.6 27.1
Net interest-bearing -1.4 6.1 -122.8 -1.4 6.1 -122.8
liabilities
Capital employed 42.7 44.3 -3.4 42.7 44.3 -3.4
Return on equity, % 29.6 36.3 23.3 31.3
Return on capital employed, 27.5 29.8 21.8 20.9
%
Equity ratio, % 57.4 44.6 57.4 44.6
Net gearing, % -4.3 23.7 -4.3 23.7
Earnings per share, EUR 0.19 0.18 0.57 0.56
Earnings per share, 0.19 0.18 0.57 0.56
diluted, EUR
Equity per share, EUR 2.73 2.15 2.73 2.15
IFRS REPORTING
This financial statements bulletin has been prepared in accordance with the
recognition and measurement principles of IFRS, which are the same as in the
2009 financial statements. The Group has adopted the mandatory IFRS standards
that entered into force on 1 January 2010, but they have not had an impact on
the Group's financial situation.
1 OCTOBER - 31 DECEMBER 2010
FINANCIAL PERFORMANCE
The Group's net sales from continuing operations increased in October -
December 2010 by 19.0 per cent to EUR 19.3 (16.2) million. The demand continued
on the same level as during the two previous quarters of the year.
Operating profit from continuing operations in the fourth quarter of 2010 was
EUR 3.1 million including EUR +0.9 million non-recurring items (EUR +2.4
million including net reversal of the restructuring provisions of EUR +0.7
million), or 16.1 (14.5) per cent of net sales. Operating profit without
non-recurring items was 11.7 (10.5) per cent of net sales.
In December 2010, Exel Composites entered into a trademark license agreement
with E-Sports Group Oy in relation to Floorball products after having
terminated the license agreement with the former license holder EF Team Sports
Oy. The license agreement covers the use of the Exel trademark together with
other floorball trademarks.
FINANCIAL YEAR 2010
FINANCIAL PERFORMANCE
In 2010, net sales from continuing operations for the Exel Composites Group
increased on the previous year, ending the year at EUR 72.9 (70.0) million.
Main part, EUR 1.9 million, of the growth was caused by currency rate changes.
The composite profile market continued to be competitive and there was
overcapacity in the market. However, net sales started to improve in third
quarter of 2010 and continued to improve in the fourth quarter in
telecommunication and paper industry segments, electrical and machine industry
and cleaning and maintenance markets. Building and construction industry
continued to suffer from poor demand, but there is growing interest in
composite glass fiber window and door profiles because of new energy
regulations.
The European Commission imposed an anti-dumping tariff of 43.6 per cent on
imported Chinese glass fiber in September 2010. Exel Composites has taken
actions to reduce the impact of the tariff, including increasing product
prices, employing alternative sourcing opportunities as well as increasing
production and improving efficiency in Exel Composites' Chinese operations in
Nanjing.
Exel Composites' operating profit from continuing operations for the financial
year improved to EUR 9.4 million including EUR +1.4 million non-recurring items
(EUR 8.0 million including net reversal of the restructuring provisions and
non-recurring items of EUR +1.2 million). The operating profit as a percentage
of net sales from continuing operations was 12.9 (11.4) per cent. Operating
profit without non-recurring items was 11.0 (9.7) per cent of net sales. Other
operating expenses include one-off restructuring costs of EUR 1.1 million due
to the corporate restructuring of the former Floorball licensee. Other
operating income includes one-off Sports licensing income of EUR 2.5 million.
After deduction of related costs this gives a positive net effect in operating
profit of EUR 1.4 million.
The Group's net financial expenses from continuing operations in 2010 were EUR
0.5 (0.0) million. The net financial expenses in 2010 included exchange
differences of EUR -0.0 (+0.8) million. The Group's profit before taxes from
continuing operations was EUR 9.0 (8.0) million and profit after taxes EUR 6.8
(5.9) million.
Earnings per share for continuing operations improved to EUR 0.57 (0.50).
Earnings per share for discontinued operations were EUR 0.00 (0.06). Fully
diluted total earnings per share improved from EUR 0.56 in 2009 to EUR 0.57 in
2010.
The return on capital employed in 2010 increased to 21.8 (20.9) per cent, due
to improved operating profit and higher turnover of capital employed.
BALANCE SHEET AND FINANCIAL POSITION
Exel Composites maintained a strong emphasis on cash flow and improved the
financial position further in 2010. Measures were taken to further reduce
operative working capital. Cash flow from business operations was positive at
EUR 12.0 (14.2) million. Cash flow before financing, but after capital
expenditure, amounted to EUR 10.4 (14.4) million.
Capital expenditure was financed with cash flow from business operations. At
the end of the financial year, the Group's liquid assets stood at EUR 11.6
(12.6) million.
The Group's consolidated total assets at the end of the financial year were EUR
56.9 (57.3) million.
Net interest-bearing liabilities were reduced by EUR 7.5 million to EUR -1.4
(6.1) million, and the net gearing ratio improved to -4.3 (23.7) per cent.
Equity at the end of the financial year was EUR 32.5 (25.6) million and equity
ratio 57.4 (44.6) per cent. Interest-bearing liabilities amounted to EUR 10.2
(18.7) million, of which short-term liabilities accounted for EUR 0.0 (2.3)
million.
The Company paid total dividends during the financial year of EUR 3.0 (0.0)
million. Dividend per share was EUR 0.25 (0.00).
CAPITAL EXPENDITURE AND DEPRECIATION
The capital expenditure on fixed assets amounted to EUR 1.6 (1.4) million.
Total depreciation of non-current assets during the year under review amounted
to EUR 2.9 (3.0) million.
PERSONNEL
The number of Exel Composites Group employees on 31 December 2010 was 408
(419), of whom 189 (183) worked in Finland and 219 (236) in other countries.
The average number of personnel during the financial year was 404 (436). The
decrease is due to the rationalization actions in the British and Chinese
units.
SHARES AND SHARE CAPITAL
The share capital has remained unchanged during the financial year, totalling
11,896,843 shares each having the counter-book value of EUR 0.18. There is only
one class of shares and all shares are freely assignable under Finnish law.
Exel Composites did not hold any of its own shares during the period of review.
SHARE PERFORMANCE AND TURNOVER
Exel Composites' share is listed in the Small Cap segment of the NASDAQ OMX
Helsinki Ltd. in the Materials sector.
During the financial year the highest share price quoted was EUR 7.25 (6.20)
and the lowest EUR 5.00 (2.37). At the end of the year, the share price was EUR
7.06 (5.39). The average share price during the financial year was EUR 5.86
(4.08).
Total shareholder return (TSR) in 2010 was 36 (98) per cent.
A total of 2,298 611 (3,522,974) shares were traded during the year, which
represents 19.3 (29.6) per cent of the average number of shares. On 31 December
2010, Exel Composites' market capitalization was EUR 84.0 (64.1) million.
SHAREHOLDERS AND DISCLOSURES
On 31 December 2010, 0.7 per cent of the shares and votes of Exel Composites
were owned or controlled, directly or indirectly by the President and CEO and
the members of the Board.
The Company's largest shareholder is the Swedish investment company
Nordstjernan AB, which owned 29.4 per cent of shares at the end of 2010. Other
major shareholders included Ilmarinen Mutual Pension Insurance Company (5.8 per
cent), Veikko Laine Oy (5.2 per cent) and Ulkomarkkinat Oy (4.0 per cent). At
the end of the year, the Company had a total of 2,363 (1,785) shareholders.
Exel Composites received no flagging announcements during the financial year.
CORPORATE GOVERNANCE
Exel Composites issues a Corporate Governance Statement for the financial year
2010. The Corporate Governance Statement has been composed in accordance with
recommendation 54 of the new Corporate Governance Code and Chapter 2, Section 6
of the Finnish Securities Market Act. The Corporate Governance Statement is
issued separately from the Board of Directors' report. Further information
concerning the corporate governance matters is available at the Group's website
at www.exelcomposites.com.
DECISIONS AT THE AGM 2010
The Annual General Meeting of Exel Composites Plc held on 31 March 2010
approved the Board's proposal to distribute a dividend of EUR 0.25 per share
for the financial year 2009 amounting to a total of EUR 3.0 (0.0) million.
The Annual General Meeting decided to amend Section 10 of the Articles of
Association so that an invitation to a General Meeting is delivered to
shareholders at the latest three (3) weeks before the meeting, however, at
least nine (9) days before the record date of the Meeting by publishing the
invitation on the Company's website or dispatching it to each shareholder by
registered mail to the address entered in the shareholders' register or
otherwise verifiably in writing.
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 the next Annual
General Meeting.
The Annual General Meeting authorized the Board of Directors to issue a maximum
of 2,400,000 new shares and convey a maximum of 600,000 own shares. By virtue
of the authorization, the Board of Directors also has the right to grant option
rights, convertible bonds and/or special rights referred to in Chapter 10,
Section 1 of the Companies Act. The authorization is valid until 31 March 2013.
BOARD OF DIRECTORS AND AUDITORS
On 31 March 2010, the Annual General Meeting appointed Peter Hofvenstam, Göran
Jönsson, Vesa Kainu, Reima Kerttula and Heikki Mairinoja to continue on the
Board of Directors. Peter Hofvenstam was re-elected Chairman of the Board.
The Board of Directors convened 13 times in 2010 and the average attendance
rate at these meetings was 100 per cent. The fees paid to the Board of
Directors totaled EUR 154 (140) thousand in 2010.
The Board of Directors has reviewed the independence of Board members in
accordance with Recommendation 15 of the Corporate Governance Code. Vesa Kainu,
Reima Kerttula and Heikki Mairinoja are independent Board members. Peter
Hofvenstam is considered as independent from the Company, but non-independent
from a major shareholder, since he is the Vice President of Nordstjernan AB.
Göran Jönsson is considered as non-independent from the Company as former
President and CEO of the company. The Board was considered to comply with the
Corporate Governance independency rules.
The Annual General Meeting of Exel Composites has elected a Shareholders'
Nomination Board, which nominates candidates to the Annual General Meeting for
election as Board members and proposes the fees to be paid to the Board
members. The Nomination Board included the Chairman and persons nominated by
the four largest shareholders as of 1 November 2010. In 2010 the Nomination
Board comprised Tomas Billing as chairman (Nordstjernan AB), Matti Rusanen
(Ilmarinen Mutual Pension Insurance Company), Pertti Laine (Veikko Laine Oy),
Erkki Myllärniemi (Ulkomarkkinat Oy), and Peter Hofvenstam, the Chairman of the
Board of Directors, acting as an expert member. The board met one time in 2010.
Ernst & Young, Authorized Public Accountants, with Juha Hilmola, APA, as
principal auditor, were elected to serve as company auditor in the AGM in 2010.
The fees paid to the auditors totaled EUR 206 (186) thousand in 2010.
STRATEGIC REVIEW CONDUCTED
Exel Composites' Board of Directors has in 2010 conducted a review of the
strategic options available to enhance shareholder value. Exel Composites has a
strong financial position and is the market leader in the fragmented pultrusion
industry.
The Board confirmed the strategy to continue focusing on profitable growth by
pursuing organic growth opportunities and bolt-on acquisitions.
MAJOR NEAR-TERM RISKS AND UNCERTAINTIES
The most significant near-term business risks are related the general economic
development, government regulations and a possible new financial crisis in the
Euro area as well as to market demand in certain market segments. Raw material
prices, energy cost and other cost increases may put pressure on profitability.
The European Commission's anti-dumping tariffs imposed on Chinese glass fiber
will have a negative effect on the profitability in case the rising costs of
glass fiber can only be transferred partially to product prices. In case the
measures taken in the Chinese and British units to improve efficiency prove to
be unsuccessful, this may have an effect on the result of the company. 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
loss.
ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS (IRFS)
All IFRS's in force on 31 December 2010 that are applicable to Exel Composites'
business operations, including all SIC- and IFRIC-interpretations thereon, have
been complied with when preparing year 2010 and comparable year 2009 figures.
International financial reporting standards, referred to in the Finnish
Accounting Act and in ordinances issued based on the provisions of this Act,
refer to the standards and their interpretations adopted in accordance with the
procedure laid down in regulation (EC) No 1606/2002 of the EU. The notes to the
consolidated financial statements conform also with the Finnish accounting and
company legislation.
EVENTS AFTER THE REPORTING PERIOD
Mr. Lasse Orre, SVP Sales, was appointed VP Sales of the Group's Nanjing unit
in China as of 1 February 2011. Due to his new responsibilities he is no longer
member of the Group Management. The Group Management of Exel Composites
consists of Vesa Korpimies, Ilkka Silvanto and Callum Gough.
OUTLOOK FOR 2011
Demand amongst the pultrusion industry clientele has improved gradually in
2010. The first signs of recovery were visible in the 2nd quarter of 2010, and
market conditions improved further in the 3rd and 4th quarter. We believe that
Exel Composites is well positioned to take advantage of the growth
opportunities as the markets gradually recover. As a result of improved
profitability, good cash flow generation and reduced debt level we believe in
Exel Composites' long-term performance. Exel Composites recorded a strong year
end, but maintains its cautious stance in 2011, since market uncertainties
persist.
BOARD PROPOSAL FOR DIVIDEND DISTRIBUTION
Exel Composites' financial goals include distributing dividends equal to at
least 40 per cent of the profit for the financial year unless otherwise
required by growth and liquidity.
On 31 December 2010 Exel Composites Plc's distributable funds totaled EUR
21,852 thousand, of which profit for the financial period accounted for EUR
6,784 thousand.
The Board proposes to the Annual General Meeting that a dividend of EUR 0.50
(0.25) per share including an extraordinary dividend of EUR 0.25 per share due
to Exel Composites' 50th anniversary in 2010 be paid for the 2010 financial
year.
As a basis for its proposal, the Board of Directors has made an assessment of
the Group's financial position and ability to meet its commitments, as well as
the Group's outlook and investment requirements. The Board considers the
proposed dividend well-balanced given the prospects, the capital requirements
and the risks of the Group's business activities.
The proposed record date for dividends is 12 April 2011. If the Annual General
Meeting approves the Board's proposal, it is estimated that dividend payments
will be paid on 21 April 2011.
CONSOLIDATED COMPREHENSIVE INCOME STATEMENT
EUR thousand 1.10. 1.10.- 31.12. Change 1.1. - 1.1. - Change,
- 2009 , % 31.12. 31.12. %
31.12. 2010 2009
2010
Continuing operations
Net sales 19338 16248 19.0 72872 70005 4.1
Materials and services -7700 -6393 -20.4 -28403 -28430 0.1
Employee benefit -4982 -4071 -22.4 -18833 -1,994 -4.7
expenses
Depreciati-on and -719 -712 -1.0 -2880 -3028 4.9
impairment
Other operating expenses -3901 -3080 -26.7 -16808 -13859 -21.3
Other operating income 1078 367 193.7 3481 1296 168.6
Operating profit 3115 2360 32.0 9430 7990 18.0
Net financial items -246 30 -920.0 -493 -20 -2365.0
Profit before tax 2869 2390 20.0 8936 7970 12.1
Income taxes -578 -550 -5.1 -2165 -2025 -6.9
Profit/loss for the 2291 1840 24.5 6772 5945 13.9
period from continuing
operations
Discon-tinued operations
Profit/loss for the 0 351 -100.0 0 662 -100.0
period from
disconti-nued operations
Profit/loss for the 2291 2191 4.6 6772 6607 2.5
period
Other comprehensive
income:
Exchange differences on 1,151 672 71.3 3411 2293 48.8
translating foreign
operations
Other comprehen-sive 1151 672 71.3 3411 2293 48.8
income, net of tax
Total comprehensive 3442 2864 20.2 10183 8900 14.4
income
Profit/loss
attributa-ble to:
Equity holders of the 2291 2191 4.6 6772 6607 2.5
parent company
Non-controlling interest 0 0 0.0 0 0 0.0
Comprehen-sive income
attribu-table to:
Equity holders of the 3442 2864 20.2 10183 8900 14.4
parent company
Non-controlling interest 0 0 0.0 0 0 0.0
Earnings per share,
diluted and undiluted,
EUR
From continuing 0.19 0.15 0.0 0.57 0.50 0.0
operations
From disconti-nued 0.00 0.03 0.00 0.06
operations
Total 0.19 0.18 0.57 0.56
CONDENSED CONSOLIDATED BALANCE SHEET
EUR thousand 31.12.2010 31.12.2009 Change
ASSETS
Non-current assets
Goodwill 11,637 9,968 1,669
Other intangible assets 2,426 2,460 -34
Tangible assets 10,427 10,835 -408
Deferred tax assets 1,585 2,315 -730
Other non-current assets 64 64 0
Non-current assets total 26,139 25,642 497
Current assets
Inventories 9,600 8,782 818
Trade and other receivables 9,540 10,281 -741
Cash at bank and in hand 11,606 12,597 -991
Current assets total 30,746 31,661 -915
Total assets 56,885 57,303 -410
EQUITY AND LIABILITIES
Shareholders´ equity
Share capital 2,141 2,141 0
Other reserves 37 37 0
Invested unrestricted equity fund 8,488 8,488 0
Translation differences 3,311 -100 3,411
Retained earnings 11,757 8,407 3,350
Profit for the period 6, 772 6,607 165
Total equity attributable to equity holders of 32,507 25,580 6,927
the parent company
Total equity 32,507 25,580 6,927
Non-current liabilities
Interest-bearing liabilities 10,204 16,346 -6,142
Interest-free liabilities 362 330 32
Deferred tax liabilities 549 248 301
Current liabilities
Interest-bearing liabilities 15 2,324 -2,309
Trade and other non-current liabilities 13,250 12,476 774
Total liabilities 24,378 31,723 -7,345
Total equity and liabilities 56,885 57,303 -418
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 5 8,488 -2,393 8,440 16,680
January 2009
Comprehen-siv 0 0 0 2,293 6,607 8,900
e result
Other items 0 33 0 0 -33 0
Dividend 0 -2,974 0
Balance at 31 2,141 37 8,488 -100 15,013 25,580
December 2009
Balance at 2,141 37 8,488 -100 15,013 25,580
1st January
2010
Comprehen-siv 0 0 0 3,411 6,772 10,183
e result
Other items 0 0 0 0 -282 -282
Dividend 0 -2,974 -2,974
Balance at 31 2,141 37 8,488 3,311 18,529 32,507
December 2010
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
EUR thousand 1.1. - 31.12. 1.1. - 31.12. Change
2010 2009
Cash Flow from Operating Activities
Profit for the period 6,772 6,607 165
Adjustments 6,276 4,829 1,447
Change in working capital 1,729 2,309 -580
Cash Flow Generated by Operations 14,777 13,745 1,032
Interest paid -515 -1,015 500
Interest received 114 292 -178
Other financial items -88 770 -858
Income taxes paid -2,296 427 -2,723
Net Cash Flow from Operating Activities 11,992 14,219 -2,227
Cash Flow from Investing Activities
Acquisitions 0 0 0
Disposal of business 0 1,225 -1,225
Capital expenditure -1,570 -1,440 -130
Proceeds from sale of fixed assets 0 410 -410
Cash Flow from Investing Activities -1,570 195 -1,765
Cash Flow from Financing
Share issue 0 0 0
Proceeds from long-term borrowings 0 0 0
Instalments of long-term borrowings -6,857 -7,623 766
Change in short-term loans -106 -1,823 1,717
Instalments of finance lease liabilities -1,477 -406 -1,071
Dividends paid -2,974 0 -2,974
Net Cash Flow from Financing -11,414 -9,852 -1,162
Change in Liquid Funds -992 4,562 -5,554
Liquid funds in the beginning of period 12,597 8,035 4,562
Change in liquid funds -992 4,562 -5,553
Liquid funds at the end of period 11,606 12,597 -991
QUARTERLY KEY FIGURES
EUR thousand IV/ III/ II/ 1/ IV/ III/ II/ I/
2010 2010 2010 2010 2009 2009 2009 2009
Continuing
operations
Net sales 19,338 18,692 19,173 15,671 16,248 15,942 19,285 18,530
Materials and -7,700 -7,451 -7,189 -6,062 -6,393 -6,702 -7,988 -7,347
services
Employee benefit -4,982 -4,577 -4,892 -4,381 -4,071 -4,332 -4,763 -4,827
expenses
Depreciation and -719 -724 -763 -675 -712 -748 -748 -820
impairment
Operating -3,901 -3,856 -4,229 -4,824 -3,080 -3,101 -3,843 -3,836
expenses
Other operating 1,078 595 553 1,255 367 180 448 300
income
Operating profit 3,115 2,679 2,653 983 2,360 1,239 2,390 2,001
Net financial -246 -152 -10 -86 30 -288 185 53
items
Profit before 2,869 2,527 2,643 897 2,390 951 2,575 2,054
taxes
Income taxes -578 -662 -706 -219 -550 -252 -693 -530
Profit/loss for 2,291 1,865 1,937 678 1,840 699 1,882 1,524
the period from
continuing
operations
Profit/loss for 0 0 0 0 351 97 80 133
the period from
discontinued
activities
Profit/loss for 2,291 1,865 1,937 678 2,191 796 1,962 1,658
the period
Earnings per 0.19 0.16 0.16 0.06 0.18 0.07 0.16 0.14
share, EUR
Earnings per 0.19 0.16 0.16 0.06 0.18 0.07 0.16 0.14
share, EUR,
diluted
Average number
of shares,
undiluted,
1,000 shares 11,897 11,897 11,897 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 11,897 11,897 11,897
Average number 408 402 397 408 414 425 452 461
of personnel
COMMITMENTS AND CONTINGENCIES
EUR thousand 31.12.2010 31.12.2009
On own behalf
Mortgages 2,783 2,783
Corporate mortgages 12,500 12,500
Lease liabilities
-- in next 12 months 886 994
-- in next 1-5 years 2,770 2,592
Other commitments 10 39
DERIVATIVE FINANCIAL INSTRUMENTS
Nominal values 31.12.2010 31.12.2009
EUR thousand
Foreign exchange derivatives
Forward contracts 0 341
Interest rate derivatives
Interest rate swaps 10,000 10,000
Purchased interest rate options 0 0
CONSOLIDATED KEY FIGURES
EUR thousand 1.1. - 31.12. 1.1. - 31.12. Change %
2010 2009
Continuing operations
Net sales 72,872 70,005 4.1
Operating profit 9,430 7,990 18.0
% of net sales 12.9 11.4
Profit before tax 8,936 7,970 12.1
% of net sales 12.3 11.4
Profit for the period 6,772 5,945 13.9
% of net sales 9.3 8.5
Shareholders´ equity 32,507 25,580 27.1
Interest-bearing liabilities 10,219 18,669 -45.3
Cash and cash equivalents 11,606 12,597 -7.9
Net interest-bearing liabilities -1,387 6,072 -122.8
Capital employed 42,725 44,094 -3.4
Return on equity, % 23.3 31.3
Return on capital employed, % 21.8 20.9
Equity ratio, % 57.4 44.6
Net gearing, % -4.3 23.7
Capital expenditure 1,570 1,440 9.0
% of sales 2.2 2.1
Research and development costs 1,312 1,407 -6.8
% of net sales 1.8 2.0
Order stock 13,316 8,827 50.9
Earnings per share, EUR 0.57 0.56 2.5
Earnings per share, EUR, diluted 0.57 0.56 2.5
Equity per share, EUR 2.73 2.15 27.1
Average number of shares
- cumulative 11,897 11,897 0.0
- cumulative, diluted 11,897 11,897 0.0
Average number of employees 404 436 -7.3
The financial statements are audited and the auditor's report for the financial
statements has been issued.
ANNUAL GENERAL MEETING
The Annual General Meeting will be held on Wednesday 6 April 2011 beginning at
10.30 am at Kansallissali, Aleksanterinkatu 44, Helsinki, Finland.
FINANCIAL REPORTING IN 2011
The 2010 Annual Report will be published on the Company's website during week
10 at www.exelcomposites.com.
The Group will issue quarterly interim reports on 5 May, 22 July and 26 October
2011.
PRESS CONFERENCE
Exel will hold an analyst and press conference regarding the financial
statements today Friday 18 February 2011 at 12.30 pm in the Pavilion Cabinet of
the Scandic Hotel Simonkenttä at Simonkatu 9, Helsinki, Finland.
FORWARD-LOOKING STATEMENTS
Certain statements in this report, which are not historical facts, including,
without limitation, those regarding expectations for general economic
development and market situation; regarding customer industry profitability and
investment willingness; regarding Company growth, development and
profitability; regarding cost savings; regarding fluctuations in exchange rates
and interest levels; regarding the success of pending and future acquisitions
and restructurings; and statements preceded by "believes,""expects,""anticipates,""foresees" or similar expressions are forward-looking
statements.
These statements are based on current expectations and currently known facts.
Therefore, they involve risks and uncertainties that may cause actual results
to differ materially from results currently expected by the Company.
Vantaa, 18 February 2011
EXEL COMPOSITES PLC Vesa Korpimies
Board of Directors President and CEO
FURTHER INFORMATION:
Vesa Korpimies, President and CEO, tel. +358 50 590 6754, or email
vesa.korpimies@exelcomposites.com
Ilkka Silvanto, CFO and Administrative Director, tel. +358 50 598 9553, or
email ilkka.silvanto@exelcomposites.com
DISTRIBUTION
DASDAQ OMX Helsinki Ltd.
Main news media
www.exelcomposites.com
EXEL COMPOSITES IN BRIEF
Exel Composites 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.
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