2015-10-23 08:00:01 CEST
2015-10-23 08:00:05 CEST
REGULATED INFORMATION
Exel Composites Oyj - Interim report (Q1 and Q3)
Exel Composites Plc’s Interim Report for January 1 – September 30, 2015
EXEL COMPOSITES PLC INTERIM REPORT 23.10.2015 at 9.00 a.m.
1 (13)
Exel Composites Plc's Interim Report for January 1 - September 30, 2015
Q3 2015 in brief
- Net sales were 18.0 MEUR (Q3/2014: 19.0 MEUR)
-Operating profit was 0.5 MEUR (1.9 MEUR including an impairment of -0.5 MEUR),
and was 2.6 (9.9) per cent of net sales
-Net cash flow from operating activities was positive at +0.5 (+3.8) MEUR
-Fully diluted earnings per share were 0.01 (0.07) EUR
January - September 2015 in brief
-Net sales were 60.9 MEUR, up by 4.6 per cent on the previous year (1-9/2014:
58.2 MEUR)
-Operating profit was 3.8 MEUR including -0.3 MEUR non-recurring items (6.8
MEUR including an impairment of -0.5 MEUR), and was 6.3 (11.7) per cent of net
sales
-Net cash flow from operating activities was positive at +2.9 (+6.9) MEUR
-Fully diluted earnings per share were 0.20 (0.36) EUR
Outlook for full year 2015
The market has remained stable and we can see positive signs in the Company's
key market segments. However, uncertainties relating to general growth
prospects in the economy continue. The Company implements its new strategy by
reinforcing the organization, especially in sales resources, product
development and operations development, and by increasing its capacity. These
efforts are expected to reduce the 2015 operating profit margin compared to
2014, but will position the Company better for long-term profitable growth.
President and CEO Riku Kytömäki:
Exel Composites' operating profit decreased to EUR 0.5 (1.9) million in the
third quarter of 2015. Profitability was impacted by higher operating costs
mainly attributable to the additional resources required to implement the
long-term growth strategy. The Company has continued the screening process of
potential acquisition targets. We have continued the implementation of the new
group-wide ERP-system, which is expected to be rolled out to all business units
during 2016.
We recorded delays in orders from some key customers in the second quarter and
this continued also in the third quarter. New customer acquisitions partly
mitigated the weak sales development of some key customers. Consequently,
profitability in the third quarter was affected by lower sales volumes than in
the corresponding period last year.The Company has taken further actions to
control costs and to drive sales. Myself, management and the entire
organization are taking extra efforts to accelerate the generation of new
orders. The long-term market fundamentals remain attractive as customers are
considering replacing existing materials with composites. This transition will
position Exel Composites for long-term profitable growth.
CONSOLIDATED KEY FIGURES, EUR million
1.7. - 1.7. - Change, 1.1. - 1.1.-30. Change 1.1. -
30.9. 30.9. % 30.9. 9. % 31.12.
2015 2014 2015 2014 2014
Net sales 18.0 19.0 -5.0 60.9 58.2 4.6 79.3
Operating profit 0.5 1.9 -75.1 3.8 6.8 -44.2 8.9
% of net sales 2.6 9.9 6.3 11.7 11.2
Profit for the period 0.1 0.9 -91.2 2.4 4.2 -42.5 5.7
Shareholders' equity 29.9 28.6 4.7 29.9 28.6 4.7 29.7
Net interest-bearing -0.4 -1.0 65.0 -0.4 -1.0 65.0 -2.6
liabilities
Capital employed 38.0 38.4 -0.9 38.0 38.4 -0.9 35.3
Return on equity, % 1.0 12.8 10.9 22.0 21.7
Return on capital 4.8 19.5 13.8 24.7 25.2
employed, %
Equity ratio, % 56.2 53.1 56.2 53.1 56.9
Net gearing, % -1.2 -3.5 -1.2 -3.5 -8.7
Earnings per share, 0.01 0.07 0.20 0.36 0.48
EUR
Earnings per share, 0.01 0.07 0.20 0.36 0.48
diluted, EUR
Equity per share, EUR 2.51 2.40 2.51 2.40 2.50
Order intake and order backlog July - September 2015
Order intake in the third quarter of 2015 decreased to EUR 18.7 (20.8) from the
corresponding period in 2014. The Group's order backlog on 30 September 2015
was EUR 14.3 (15.7) million.
Sales review July - September 2015
Group net sales decreased by 5.0 per cent to EUR 18.0 (19.0) million compared
to the corresponding period in 2014.
Net sales decreased in the largest region, Europe, by 10.3 per cent compared to
the corresponding period in 2014. Net sales in the APAC region increased by
28.6 per cent. Net sales in the region Rest of the world decreased by 16.7 per
cent compared to the corresponding period in 2014.
Net sales of Industrial applications decreased by 9.2 per cent to EUR 9.8
million from EUR 10.8 million in the corresponding period in 2014. Net sales of
Construction and Infrastructure applications were up by 6.3 per cent to EUR 4.7
(4.3) million compared to the corresponding period in 2014. Net sales of Other
applications decreased by 6.0 per cent to EUR 3.6 (3.9) million compared to the
corresponding period in 2014.
Order intake January - September 2015
Order intake decreased by 1.6 per cent to EUR 62.9 (63.9) million compared to
the corresponding period in 2014.
Sales review January - September 2015
Group net sales increased by 4.6 per cent from the corresponding period in 2014
from EUR 58.2 million to EUR 60.9 million.
Net sales increased in Europe and APAC and decreased in the region Rest of the
world in January - September 2015. In the largest region, Europe, net sales
increased by 1.9 per cent compared to the corresponding period in 2014. Net
sales in the APAC region increased by 32.1 per cent and in the region Rest of
the world net sales decreased by 36.4 per cent compared to the corresponding
period in 2014.
Net sales of Industrial applications increased by 7.2 per cent to EUR 36.2
million from EUR 33.8 million in the corresponding period in 2014. Net sales of
Construction and Infrastructure applications were up by 8.1 per cent to EUR
13.9 (12.8) million compared to the corresponding period in 2014. Net sales of
Other applications decreased by 6.9 per cent to EUR 10.8 (11.6) million
compared to the corresponding period in 2014.
Net sales by Region
MEUR 1.7. 1.7. Change 1.1. 1.1. Change, 1.1. -
-30.9. -30.9. , % -30.9. -30.9. % 31.12.
2015 2014 2015 2014 2014
Europe 14.0 15.6 -10.3 48.8 47.9 1.9 64.6
APAC 3.6 2.8 28.6 10.7 8.1 32.1 11.8
Rest of 0.5 0.6 -16.7 1.4 2.2 -36.4 2.9
world
Total 18.0 19.0 -5.0 60.9 58.2 4.6 79.3
Net sales by Customer Industry
MEUR 1.7. 1.7. Change 1.1. 1.1. Change 1.1. -
-30.9. -30.9. , % -30.9. -30.9. , % 31.12.
2015 2014 2015 2014 2014
Construction and 4.7 4.3 6.3 13.9 12.8 8.1 17.4
infrastructure
Industrial 9.8 10.8 -9.2 36.2 33.8 7.2 47.5
applications
Other 3.6 3.9 -6.0 10.8 11.6 -6.9 14.3
applications
Total 18.0 19.0 -5.0 60.9 58.2 4.6 79.3
Financial performance
July - September 2015
The Group's operating profit decreased to EUR 0.5 million (EUR 1.9 million
after impairment of EUR -0.5 million) and was 2.6 (9.9) per cent of net sales.
Profitability was impacted by higher operational costs due to increased
resources relating to the implementation of the long-term growth strategy.
Profitability was also affected by lower than expected volumes resulting from
delayed orders from some customers.
January - September 2015
The Group's operating profit in January - September 2015 decreased to EUR 3.8
million including EUR -0.3 million non-recurring items (EUR 6.8 million after
impairment of EUR -0.5 million) and was 6.3 (11.7) per cent of net sales.
Non-recurring items amounting to EUR -0.3 million relate to M&A screening
costs.
The profitability of the Australian unit has improved compared to the
corresponding period last year, but is not yet at a satisfactory level.
Corrective actions are ongoing. The focus is on generating more sales.
The Group's net financial items during the period under review were EUR -0.3
(-0.4) million. The Group's profit before taxes was EUR 3.5 (6.5) million and
profit after taxes EUR 2.4 (4.2) million.
Financial position
Net cash flow from operating activities in January - September 2015 was
positive at EUR +2.9 (+6.9) million. Cash flow before financing, but after
capital expenditure, amounted to EUR 0.1 (4.4) million. The capital expenditure
on fixed assets amounted to EUR 2.8 (2.4) million. Capital expenditure was
financed with cash flow from business operations. At the end of the period
under review, the Group's liquid assets stood at EUR 8.5 (10.8) million.
The Group's consolidated total assets at the end of the third quarter were EUR
53.4 (53.8) million. Interest-bearing liabilities amounted to EUR 8.2 (9.8)
million. Net interest-bearing liabilities were EUR -0.4 (-1.0) million.
Equity at the end of the third quarter was EUR 29.9 (28.6) million and equity
ratio 56.2 (53.1) per cent. The net gearing ratio was -1.2 (-3.5) per cent.
Fully diluted total earnings per share were EUR 0.20 (0.36). Return on capital
employed was 13.8 (24.7) per cent. Return on equity was 10.9 (22.0) per cent.
Business development and strategy implementation
The Company has continued the screening process of potential acquisition
targets. We have continued the implementation of the new group-wide ERP-system,
which is expected to be rolled out to all business units during 2016.
Research and development
Research and development costs totaled EUR 1.4 (1.3) million in January -
September 2015, representing 2.2 (2.2) per cent of net sales. The main projects
were connected with the development of new products and customer applications.
Shares and share performance
Exel Composites' share is listed in the Small Cap segment of the NASDAQ OMX
Helsinki Ltd. in the Industrials sector.
At the end of September 2015, 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 period under review. 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 under
review.
During the period under review the highest share price quoted was EUR 9.85
(8.17) and the lowest EUR 6.56 (5.56). The share price closed at EUR 6.64
(7.79). The average share price during the period under review was EUR 8.90
(6.31).
A total of 2,168,132 (5,455,363) shares were traded during the period under
review, which represents 18.2 (45.9) per cent of the average number of shares.
On 30 September 2015, Exel Composites' market capitalization was EUR 79.0
(92.7) million.
Shareholders and disclosures
Exel Composites had a total of 3,011 (2,666) shareholders on 30 September 2015.
Information on Exel Composites' shareholders is available on the Company
website at www.exelcomposites.com.
Exel Composites did not receive any flagging announcements during the third
quarter of 2015.
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 30 September 2015 was 495 (442), of whom 213 (205)
worked in Finland and 282 (237) in other countries. The average number of
personnel in January - September 2015 was 500 (427).
Health, safety and environment
Special attention is given to occupational health and safety also in 2015. The
Group is rolling out the Occupational Health and Safety Management System OHSAS
18001 over all sites.
Major near-term risks and uncertainties
The Company has added resources to pursue the long-term growth strategy. As a
result, the operating cost level has increased. The most significant near-term
business risk relates to the possibility of sales growth not materializing
according to forecast and the resulting negative impact to the profitability of
the Company. In addition, the general economic development, government
regulations and financial crisis in the Euro area remain risks for Exel
Composites. The profitability of the Australian operations is not satisfying
despite the implemented turnaround measures. Further corrective actions and
restructuring costs can have an impact on the profitability.
Raw material prices, energy cost and other cost increases may continue to put
pressure on profitability. The new European Community's anti-dumping tariffs
imposed 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.
Outlook for full year 2015
The market has remained stable and we can see positive signs in the Company's
key market segments. However, uncertainties relating to general growth
prospects in the economy continue. The Company implements its new strategy by
reinforcing the organization, especially in sales resources, product
development and operations development, and by increasing its capacity. These
efforts are expected to reduce the 2015 operating profit margin compared to
2014, but will position the Company better for long-term profitable growth.
Financial results briefing
Exel Composites will hold a financial results briefing regarding the interim
report today 23 October 2015 at 12.30 p.m. at Scandic Hotel Simonkenttä's
Tapiola meeting room at the address of 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.
Other unknown or unpredictable factors or underlying assumptions subsequently
proving to be incorrect could cause actual results to differ materially from
those in the forward-looking statements. Exel Composites does not undertake any
obligation to publicly update or revise forward-looking statements, whether as
a result of new information, future events or otherwise, except to the extent
legally required.
Vantaa, 23 October 2015
Board of Directors of Exel Composites Plc
For further information, please contact:
Mr. Riku Kytömäki, President and CEO
tel. +358 50 511 8288, or email riku.kytomaki@exelcomposites.com
Mr. Mikko Kettunen, CFO
tel. +358 50 3477 462, or email mikko.kettunen@exelcomposites.com
Distribution
NASDAQ OMX 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 OMX Helsinki Ltd.
Summary of Financial Statements and notes to the Financial Statements 1 January
- 30 September 2015
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.
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 Financial Statements,
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 1.7. - 1.7. - Change 1.1. - 1.1. - Change 1.1. -
30.9. 30.9. , % 30.9. 30.9. , % 31.12.
2015 2014 2015 2014 2014
Net sales 18,006 18,950 -5.0 60,853 58,182 4.6 79,253
Materials and -6,819 -6,876 0.8 -22,368 -21,142 -5.8 -29,134
services
Employee benefit -6,005 -5,595 -7.3 -19,188 -16,623 -15.4 -22,691
expenses
Depreciation and -721 -1,167 38.2 -2,157 -2,484 13.2 -3,115
impairment
Other operating -4,033 -3,621 -11.4 -13,525 -11,660 -16.0 -16,133
expenses
Other operating 38 185 -79.5 190 545 -65.1 707
income
Operating profit 466 1,875 -75.1 3,805 6,818 -44.2 8,887
Net financial items -209 -22 -850.0 -324 -369 12.2 -430
Profit before tax 257 1,853 -86.1 3,481 6,449 -46.0 8,457
Income taxes -180 -962 81.3 -1,046 -2,212 52.7 -2,754
Profit/loss for the 78 891 -91.2 2,435 4,237 -42.5 5,702
period
Other comprehensive
income:
Other comprehensive
income to be
reclassified to
profit or loss in
subsequent periods:
Exchange differences -1,053 552 -290.8 116 1,484 -92.2 1,370
on translating
foreign operations
Income tax relating
to components of
other comprehensive
income
Items that will not
be classified to
profit or loss
Defined benefit plan 0 0 0 0 -90
actuarial gains
(+/)/loss(-), net
tax
Other comprehensive -1,053 552 -290.8 116 1,484 -92.2 1,280
income, net of tax
Total comprehensive -975 1,443 -167.6 2,551 5,721 -55.4 6,983
income
Profit/loss
attributable to:
Equity holders of the 78 891 -91.2 2,435 4,237 -42.5 5,702
parent company
Comprehensive income
attributable to:
Equity holders of the -975 1,443 -167.6 2,551 5,721 -55.4 6,983
parent company
Earnings per share, 0.01 0.07 0.20 0.36 0.48
diluted and
undiluted, EUR
CONDENSED CONSOLIDATED BALANCE SHEET
EUR thousand 30.9.2015 30.9.2014 Change 31.12.2014
ASSETS
Non-current assets
Goodwill 9,165 9,873 -708 9,676
Other intangible assets 486 634 -148 686
Tangible assets 13,590 11,263 2,327 12,533
Deferred tax assets 294 237 57 285
Other non-current assets 82 72 10 74
Non-current assets total 23,617 22,078 1,538 23,253
Current assets
Inventories 10,407 9,869 538 10,034
Trade and other receivables 10,902 11,001 -99 10,906
Cash at bank and in hand 8,505 10,846 -2,341 8,218
Current assets total 29,814 31,716 -1,902 29,158
Total assets 53,431 53,794 -363 52,411
EQUITY AND LIABILITIES
Shareholders´ equity
Share capital 2,141 2,141 0 2,141
Other reserves 79 72 7 79
Invested unrestricted equity fund 2,539 2,539 0 2,539
Translation differences 3,650 3,648 2 3,534
Retained earnings 19,047 15,924 3,123 15,724
Profit for the period 2,435 4,237 -1,802 5,702
Total equity attributable to equity 29,891 28,561 1,330 29,720
holders of the parent company
Total equity 29,891 28,561 1,330 29,720
Non-current liabilities
Interest-bearing liabilities 3,629 4,328 -699 4,623
Interest-free liabilities 479 440 39 454
Deferred tax liabilities 507 472 35 505
Current liabilities
Interest-bearing liabilities 4,523 5,506 -983 1,000
Trade and other non-current 14,402 14,488 -86 16,110
liabilities
Total liabilities 23,540 25,233 -1,693 22,692
Total equity and liabilities 53,431 53,794 -363 52,411
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
EUR thousand Share Other Invested Translatio Retained Total
Capita Reserves Unrestricted n Earnings
l Equity Fund Difference
s
Balance at 1 2,141 72 2,539 2,164 15,924 22,841
January 2014
Comprehensive 1,484 4,237 5,721
result
Other items 0 0 0
Dividend 0 0
Balance at 30 2,141 72 2,539 3,648 20,161 28,561
September
2014
Balance at 2,141 79 2,539 3,534 21,426 29,720
1st January
2015
Comprehensive 116 2,435 2,551
result
Other items 0 0
Dividend -2,379 -2,379
Balance at 30 2,141 79 2,539 3,650 21,482 29,891
September
2015
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
EUR thousand 1.1. - 1.1. - Change 1.1. -
30.9. 30.9. 31.12.
2015 2014 2014
Cash Flow from Operating Activities
Profit for the period 2,435 4,237 -1,802 5,702
Adjustments 3,847 5,931 -2,084 7,425
Change in working capital -1,486 -1,366 -120 455
Cash Flow Generated by Operations 4,796 8,802 -4,006 13,582
Interest paid -59 -143 84 -167
Interest received 6 45 -39 56
Other financial items -266 -143 -123 -328
Income taxes paid -1,569 -1,708 139 -2,464
Net Cash Flow from Operating Activities 2,908 6,853 -3,945 10,679
Cash Flow from Investing Activities
Capital expenditure -2,765 -2,406 -359 -4,354
Proceeds from sale of fixed assets 0 0 0 0
Cash Flow from Investing Activities -2,765 -2,406 -359 -4,354
Cash Flow from Financing
Share issue 0 0 0 0
Proceeds from long-term borrowings 0 5,000 -5,000 5,000
Instalments of long-term borrowings -1,000 -2,840 1,840 -2,840
Change in short-term loans 3,523 -5,194 8,717 -9,700
Instalments of finance lease liabilities 0 -5 5 -5
Additional capital repayment 0 0 0 0
Dividends paid -2,379 0 -2,379 0
Net Cash Flow from Financing 144 -3,039 3,183 -7,545
Change in Liquid Funds 287 1,408 -1,121 -1,220
Liquid funds in the beginning of period 8,218 9,438 -1,220 9,438
Change in liquid funds 287 1,408 -1,121 -1,220
Liquid funds at the end of period 8,505 10,846 -2,341 8,218
QUARTERLY KEY FIGURES
EUR thousand III/ II/ I/ IV/ III/ II/ I/
2015 2015 2015 2014 2014 2014 2014
Net sales 18,006 21,352 21,495 21,071 18,950 21,420 17,811
Materials and services -6,819 -7,778 -7,771 -7,992 -6,876 -8,290 -5,976
Employee benefit -6,005 -6,733 -6,450 -6,068 -5,595 -5,635 -5,393
expenses
Depreciation and -721 -725 -711 -631 -1,167 -654 -663
impairment
Operating expenses -4,033 -4,937 -4,556 -4,473 -3,621 -3,949 -4,089
Other operating income 38 169 -16 162 185 161 200
Operating profit 466 1,348 1,991 2,069 1,875 3,054 1,890
Net financial items -209 -187 72 -62 -22 -118 -229
Profit before taxes 257 1,161 2,063 2,007 1,853 2,935 1,661
Income taxes -180 -361 -506 -542 -962 -706 -545
Profit/loss for the 78 800 1,557 1,466 891 2,229 1,116
period
Earnings per share, EUR 0.01 0.07 0.13 0.12 0.07 0.19 0.09
Earnings per share, EUR, 0.01 0.07 0.13 0.12 0.07 0.19 0.09
diluted
Average number of
shares, undiluted,
1,000 shares 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
Average number of 500 513 487 451 437 427 418
personnel
COMMITMENTS AND CONTINGENCIES
EUR thousand 30.9.2015 30.9.2014
On own behalf
Mortgages 2,783 2,733
Corporate mortgages 12,500 12,500
Lease liabilities
- in next 12 months 951 721
- in next 1-5 years 853 1,111
Other commitments 6 6
DERIVATIVE FINANCIAL INSTRUMENTS
Nominal values 30.9.2015 30.9.2014
EUR thousand
Interest rate derivatives
Interest rate swaps 2,400 3,000
CONSOLIDATED KEY FIGURES
EUR thousand 1.1. - 30.9. 1.1. - Change, % 1.1. -
2015 30.9. 31.12.
2014 2014
Continuing operations
Net sales 60,853 58,182 4.6 79,253
Operating profit 3,805 6,818 -44.2 8,887
% of net sales 6.3 11.7 11.2
Profit before tax 3,481 6,449 -46.0 8,457
% of net sales 5.7 11.1 10.7
Profit for the period 2,435 4,237 -42.5 5,702
% of net sales 4.0 7.3 7.2
Shareholders' equity 29,891 28,561 4.7 29,720
Interest-bearing liabilities 8,152 9,834 -17.1 5,623
Cash and cash equivalents 8,505 10,846 -21.6 8,218
Net interest-bearing liabilities -354 -1,012 65.0 -2,595
Capital employed 38,043 38,395 -0.9 35,342
Return on equity, % 10.9 22.0 21.7
Return on capital employed, % 13.8 24.7 25.2
Equity ratio, % 56.2 53.1 56.9
Net gearing, % -1.2 -3,5 -8.7
Capital expenditure 2,765 2,406 14.9 4,354
% of net sales 4.5 4.1 5.5
Research and development costs 1,363 1,284 6.2 1,837
% of net sales 2.2 2.2 2.3
Order intake 62,908 63,904 -1.6 82,327
Order backlog 14,259 15,697 -9.2 12,833
Earnings per share, EUR 0.20 0.36 0.48
Earnings per share, EUR, diluted 0.20 0.36 0.48
Equity per share, EUR 2.51 2.40 2.50
Average number of shares
- cumulative 11,897 11,897 0.0 11,897
- cumulative, diluted 11,897 11,897 0.0 11,897
Average number of employees 500 427 17.1 433
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