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2007-07-17 08:30:00 CEST 2007-07-17 08:30:00 CEST REGULATED INFORMATION Componenta - Quarterly reportComponenta's Interim Report 1 Jan - 30 Jun 2007Componenta's Interim Report 1 Jan - 30 Jun 2007 Net sales in the review period totalled MEUR 328.6 (MEUR 308.5). Comparable growth in net sales was 11.4%. Consolidated profit after financial items, excluding one-time items, was MEUR 14.8 (MEUR 15.4). Consolidated profit for the period after one-time items, taxes and minority interest was MEUR 25.1 (MEUR 10.8). Basic earnings per share was EUR 2.42 (EUR 1.18) and earnings excluding one-time items was EUR 1.00 (EUR 1.18). Consolidated net sales in the second quarter totalled MEUR 160.7 (MEUR 156.2) and the profit after financial items, excluding one-time items, was MEUR 5.5 (MEUR 10.1). Due to the purchase at the end of the previous financial year and during the first quarter of 2007 of 92.6% of Döktas, which is listed on the Istanbul Stock Exchange, the figures for comparison for the 2006 income statement contained in the text of this report are all pro forma figures. The tables at the end of the report give a comparison both with pro forma figures and with the official figures for 2006. Major events during the review period In February Componenta sold all of its 50% holding in the shares of associated company Ulefos NV AS to the other owner of the company, Cappelen Holding AS. The shares were sold for about EUR 14 million and Componenta recorded a profit on the sale of about EUR 6.4 million. Componenta's offer made on 19 February 2007, in accordance with Turkish law, to purchase the remaining 26.8% of the shares and voting rights of Döktas Dökümcülük Ticaret ve Sanayi A.S., which is quoted on the Istanbul Stock Exchange, ended on 5 March 2007. As a result of the offer to purchase, at the end of the review period Componenta owns 92.6% of the shares of Döktas. On 6 March 2007 Componenta signed an agreement to sell in an MBO the business of its subsidiary Componenta Albin AB, part of the Machine shops division, to the company's operative management. The transaction was confirmed on 15 March 2007 after the terms for completion had been fulfilled. The selling price was EUR 14.3 million. Componenta recorded a profit of EUR 13.0 million on the sale. In June Componenta completed the negotiations with trade unions concerning the proposal to consolidate the operations of the Componenta Åmål machine shop with Componenta Främmestad in Sweden. The consolidation of operations will take place during 2007. A provision of EUR 4.7 million was recorded in one-time costs for the review period in preparation for the costs arising from the consolidation. EUR 1.7 million of this provision was used during the second quarter. The consolidation is expected to improve the combined result of the business units by some EUR 2 million as from 2008 On 28 June 2007 Componenta signed a new five year EUR 200 million syndicated credit facility. This replaces the Group's existing credit facilities, including the short-term loans raised in 2006 for the acquisition of Turkish foundry company Döktas. Net sales and order book The Group's net sales in January - June were EUR 328.6 (EUR 308.5) million. Comparable growth in net sales was 11.4%. The order book at the end of June stood at EUR 106.9 (92.0) million. Foundries division sales increased 5.4% from the previous year to EUR 125.1 (118.7) million. Sales of the Machine shops division rose 15.9% to EUR 81.7 (70.5) million. Showing the order books for the Machine shops and Foundries divisions separately is not justified because of the nature of Componenta's supply chain. At the end of the review period the divisions had a combined order book of EUR 53.6 (48.9) million. Net sales of the Döktas division increased 11.9% to EUR 121.7 (108.8) million. Döktas' order book at the end of the review period stood at EUR 39.3 (33.0) million. Componenta's net sales by customer sector were as follows: heavy truck industry 26% (27%), off-road 36% (37%), machine building 11% (11%), power and transmission 9% (8%), cars and light trucks 17% (17%) and others 1% (1%). Result The interim report has been prepared in accordance with international financial reporting standards (IFRS). Componenta has prepared the interim report applying the same accounting principles as in its 2006 Financial Statements. The figures in the interim report are unaudited. The Group's operating profit excluding one-time items was EUR 25.4 (24.7) million and the result after financial items was EUR 14.8 (15.4) million. The Group had one-time items totalling EUR 12.9 (0.0) million during the review period: Profit on sale of Ulefos AS shares EUR 6.4 million Profit on sale of business operations of Componenta Albin AB EUR 13.0 million One-time costs, provision for the financial impact of the proposal made in the negotiations to consolidate the operations of the Componenta Främmestad and Åmål units EUR 4.7 million Write-downs on production equipment to be scrapped and other similar items EUR 1.8 million The Group's net financial costs in the review period amounted to EUR -10.6 (-9.3) million. Net financial costs increased by EUR 1.5 million because of the equity hedging started in the second quarter and because of changes in exchange rates. The Group's operating profit was similar to that in the previous year. The operating profit of the Foundries division improved significantly from the previous year during the first half of the year. The operating losses recorded by the Karkkila foundry and the Heerlen furan foundry decreased considerably from the previous year. The operating profit of the Döktas division in the second quarter was poorer than in the previous year due to the rise in the prices of raw materials, unfavourable developments in exchange rates, and exceptionally low sales of aluminium wheels. The result after financial items, excluding one-time items, in the second quarter was EUR 5.5 (10.1) million. Income taxes in the review period totalled EUR -1.6 (-4.0) million. The net result for the review period was EUR 26.1 (11.4) million. The basic earnings per share was EUR 2.42 (1.18) and the corresponding earnings per share excluding one-time items was EUR 1.00 (1.18). The return on investment incl. one-time items was 21.2% (12.9%) and return on equity 58.5% (20.5%). Financing In March the Group repaid EUR 3.2 million, or 10%, of the principal of the preferred capital notes issued in 2002 in accordance with the terms for the notes. On 30 June 2007 Componenta Corporation had outstanding capital notes and convertible notes with a combined value of EUR 55.2 million, as defined in IFRS. During the review period 4,201 of Componenta's convertible capital notes were converted into shares. As a result, the number of Componenta shares increased by 840,200 and the shareholders' equity in the IFRS balance sheet rose by EUR 7.1 million. At the end of the review period the Group had EUR 113.0 million in non-utilised long-term credit facilities. In addition the Group has a EUR 150.0 million commercial paper programme. The Group's interest-bearing net debt, excluding the outstanding capital notes of EUR 55.2 million, stood at EUR 213.9 (102.3) million. The company's net debt as a proportion of shareholders' equity, including the capital notes in shareholders' equity, was 140.3% (113.6%). Componenta is making more effective use of capital with a programme to sell its sales receivables. Under this arrangement, some of the sales receivables are sold without any right of recourse. By the end of the period the company had sold sales receivables totalling EUR 33.5 (30.2) million. On 28 June 2007 Componenta signed a new five year EUR 200 million syndicated credit facility to replace the Group's existing credit facilities. The new facility strengthens Componenta's financial position, improving the company's capabilities to develop its core business. The banks participating in the credit facility are Swedbank AB (publ.), Nordea Bank Finland Plc, OKO Bank Plc, Bayerische Hypo- und Vereinsbank AG, ABN Amro Bank N.V., Danske Bank A/S and HSH-Nordbank AG. Componenta's net cash flow from operations during the review period was EUR 6.1 (11.8) million, and of this the change in net working capital was EUR -16.0 (-7.4) million. The net cash flow from investment was EUR -27.4 (-3.1) million. At the end of the review period the Group's equity ratio was 19.9% (20.5%). The Group's shareholders' equity, including the capital notes on 30 June 2007 in shareholders' equity, as a proportion of the balance sheet total was 31.2% (33.4%). Changes in currency exchange rates increased the Group's shareholders' equity in the second quarter by EUR 4.3 million. Performance of business divisions The 2007 financial reports publish the figures for the Group's three divisions, Foundries, Machine Shops and Döktas. In addition, the reports contain figures for Other Business, which includes the service companies, the Componenta Wirsbo forges, the Sherbrook sales company, Componenta Pistons, elimination of intra-group items, the business of Componenta Albin that has been divested, and the Group's share of the figures for associated company Ulefos NV that has been divested. Foundries The Foundries division comprises the Group's foundries in Karkkila, Pori, Pietarsaari and Iisalmi in Finland, and the foundries in Weert and Heerlen in the Netherlands. Raw material prices continued to rise during the review period. The rising prices weakened the division's result. The increase in prices is passed on to customer prices mainly in the following quarter. The division had net sales in the review period of EUR 125.1 (118.7) million and an operating profit of EUR 11.3 million, or 9.0% of net sales (EUR 7.2 million, 6.0%). The division's operating profit improved from the previous year as a result of higher volumes and enhanced efficiency in operations. The operating result of the Karkkila foundry and the Heerlen Furan foundry improved significantly during the first half of the year. The division had second quarter sales of EUR 62.0 (61.2) million and an operating profit of EUR 6.1 (4.2) million. Machine shops The Machine shops division comprises the Främmestad and Åmål machine shops in Sweden, the machine shops in Lempäälä and Pietarsaari in Finland, and the machine shop operations in the Netherlands. The division had net sales in January - June of EUR 81.7 (70.5) million and an operating profit of EUR 2.8 million, or 3.4% of net sales (EUR 3.4 million, 4.8%). In June Componenta completed the negotiations with trade unions concerning the proposal to consolidate the operations of the Componenta Åmål machine shop with Componenta Främmestad in Sweden. The consolidation will take place during 2007. The goal is to transfer 80% of Åmål's production to Främmestad during the July-September period and the remainder during the final quarter of the year. The objective of the proposed consolidation is to safeguard long-term competitiveness, which can be achieved with a larger unit and by raising efficiency in operations. The consolidation is expected to improve the combined result of the business units by some EUR 2 million as from 2008. All employees at the Componenta Åmål machine shop are being offered a job at Componenta Främmestad under their current employment terms. The Åmål machine shop employed 65 people when negotiations were started in March 2007. At the moment about half this number is still working there. The division had second quarter sales of EUR 40.6 (35.1) million and operating profit of EUR 1.3 (1.5) million. Döktas The Döktas division comprises the iron foundry and machine shop in Orhangazi and the aluminium foundry and machine shop in Manisa. The division's result in the second quarter suffered from the rise in raw material prices, unfavourable developments in exchange rates, and exceptionally weak sales of aluminium wheels. The division had net sales in the review period of EUR 121.7 (108.8) million and operating profit of EUR 10.7 million, 8.8% of net sales (EUR 12.0 million, 11.0%). The division's order book stood at EUR 39.3 (33.0) million. The Döktas division had net sales in the second quarter of EUR 60.2 (56.0) million and operating profit of EUR 5.1 (8.2) million. The operating profit in 2006 was exceptionally high due to favourable developments in exchange rates. The Döktas foundry and machine shop in Orhangazi supply ready-to-install cast components mainly to the off-road industry and to car and light truck manufacturers. Döktas Orhangazi had net sales in the review period of EUR 82.4 (72.7) million and operating profit of EUR 8.1 million, 9.8% of net sales (EUR 8.2 million, 11.2%). The Döktas aluminium foundry and machine shop in Manisa mainly manufacture aluminium pressure cast components and aluminium wheels. Döktas Manisa had net sales in the review period of EUR 39.3 (36.1) million and operating profit of EUR 2.6 million, 6.7% of net sales (EUR 3.7 million, 10.2%). Other Business Other Business comprises the service companies, the Componenta Wirsbo forges, the Sherbrook sales company, Componenta Pistons, elimination of intra-group items, the business of Componenta Albin that has been divested, and the Group's share of the figures for associated company Ulefos NV that has been divested. Other Business had an operating profit excluding one-time items in January - June of EUR 0.6 (2.2) million. The factors affecting the operating profit for Other Business were the divestments (Ulefos NV and Albin) and the one-time elimination of the intra-group margin between Döktas and Sherbrook. Shares and share capital The shares of Componenta Corporation are quoted on the Small Cap segment of the OMX Nordic Exchange in Helsinki. At the end of the review period the company's share capital stood at EUR 21.7 (19.3) million. On 30 June 2007 the quoted price of Componenta Corporation shares stood at EUR 13.36 (6.55). The average price during the review period was EUR 11.68, the lowest quoted price was EUR 8.49 and the highest EUR 14.37. At the end of the review period the share capital had a market capitalization of EUR 145.1 (63.8) million and the volume of shares traded during the review period was equivalent to 27.5% (30.2%) of the share stock. On 8 May 2007 Componenta received notification from Simo-Pekka Inkinen that the share of the voting rights and share capital carried by the shares in Componenta Corporation under his control had fallen below the 5% limit in a share transaction on 8 May 2007. On 30 June 2007 the share of the voting rights and share capital carried by the shares in Componenta Corporation under the control of Simo-Pekka Inkinen was 3.49%. During the review period 577,000 new Componenta Corporation shares were subscribed with 2,885 capital notes from the convertible capital notes issued by Componenta Corporation in 2006. As a result of the conversion, the share capital of Componenta Corporation rose by altogether EUR 1,154,000 and the invested non-restricted equity fund by EUR 4,039,000. A total of 263,200 new Componenta Corporation shares were subscribed with 1,316 capital notes from the convertible capital notes issued by Componenta Corporation in 2005. As a result of the conversion the share capital of Componenta Corporation rose by altogether EUR 526,400 and the share premium account by EUR 2,105,600. The increases in share capital were registered in the Trade Register on 16 March 2007, 14 May 2007, 4 June 2007 and 28 June 2007. After these increases the registered share capital of Componenta Corporation is EUR 21,724,996 and the company has 10,862,498 shares. The new shares are traded on the OMX Nordic Exchange in Helsinki, Small Cap list in Componenta Corporation's share series (CTH1V). The new shares entitle holders to a dividend as from the date of registry in the Trade Register. Share-based incentive scheme The Board of Directors of Componenta Corporation has decided on 3 April 2007 under the authorization given by the Annual General Meeting to establish a share-based incentive scheme for the period 2007 - 2009. The scheme comprises three one-year earnings periods which are the calendar years 2007, 2008 and 2009. The bonuses will be paid in 2008, 2009 and 2010 partly in company shares and partly in cash. The part to be paid in cash will cover the tax and similar charges arising from the bonus. There is a ban on selling the shares for two years after the end of the earnings period. Any yield from the scheme is based on the Group's profit after financial items and the Group's return on investment. In the 2007 earnings period the target group contains 39 persons. If the targets set for the scheme are met in full, the scheme will pay a bonus of a maximum of 180,000 Componenta Corporation shares. On 30 June 2007 the scheme covered a maximum of 60,000 Componenta Corporation shares. The President and CEO accounted for a maximum of 12,000 out of the total figure, and other key personnel altogether for a total maximum of 31,500 shares. The scheme had an impact before taxes on the result in the review period of EUR 0.05 million. Purchasing and disposing of company shares Under the authorization of the AGM held on 26 February 2007 the Board of Directors may decide to purchase a maximum of 1,000,000 of the Company's own shares using the Company's unrestricted shareholders' equity. The shares shall be purchased in public trading, for which reason they will be purchased other than in proportion to the holdings of shareholders. The purchase price shall be based on the market price for Componenta shares in public trading. The shares shall be purchased on the OMX Nordic Exchange in Helsinki and in accordance with its rules and regulations. The Board of Directors may not implement the authorization to purchase the Company's own shares if after the purchase the Company or its subsidiary would possess or hold in pledge altogether more than 10 per cent of all the Company's shares. The authorization does not exclude the right of the Board of Directors to decide on a direct purchase of shares. The AGM authorized the Board to decide to issue shares and grant, option rights and other special rights with an entitlement to shares under the following terms and conditions: Under the authorization the Board may decide to issue shares and grant option rights and special rights as defined in chapter 10, section 1 of the Finnish Companies Act such that a maximum total of 2,000,000 shares are issued under the authorization. The authorization does not exclude the right of the Board of Directors to decide on a direct issue of shares. The authorization is valid for a period of five years from the date of the decision of the AGM. The Board has to date not exercised either of these authorizations. Investments Componenta's investments in production facilities during the review period totalled EUR 10.4 (4.3) million, and finance lease investments accounted for EUR 0.1 million of this. The net cash flow from investments was EUR -27.4 (-3.1) million. This includes EUR 37.7 million used during the first quarter to purchase Döktas shares on the Istanbul Stock Exchange and in the offer to purchase shares that was compulsory under Turkish law, and the cash flows obtained from the sale in the same quarter of Componenta Albin and associated company Ulefos NV. Board of Directors and Management Componenta's Annual General Meeting of Shareholders on 26 February 2007 elected the following to the Board of Directors: Heikki Bergholm, Heikki Lehtonen, Juhani Mäkinen, Marjo Raitavuo and Matti Tikkakoski. The Board held its organization meeting after the AGM and elected Heikki Bergholm as its Chairman and Juhani Mäkinen as Vice Chairman. At the end of the review period the corporate executive team of Componenta Group comprised the following: President and CEO Heikki Lehtonen; Yaylalý Günáy, Managing Director, Componenta Döktas; Hakan Göral, Sales Director, Componenta Döktas; Olli Karhunen, Director, Foundries; CFO Matti Kivekäs; Jari Leino, Director, Sales and Product Development, Heavy Trucks; Anu Mankki, Director, Human Resources; Marc Omes, Director, Group Sales and Product Development; Marko Sipola, Director, Business Development; Michael Sjöberg, Director, Machine Shops, and Communications Manager Pirjo Aarniovuori. Personnel During the review period the Group had on average 4,214 (4,046) employees. The number of Group personnel at the end of the year including contract labour was 5,037 (5,127). At the end of June 50% (49%) of the Group's personnel were in Turkey, 23% (23%) in Finland, 17% (17%) in the Netherlands, and 10% (11%) in Sweden. Risks and uncertainties in the near future Price fluctuations for Componenta Group's main raw material, recycled metal, affect the sales margins on the Group's products. When the price of recycled metal rises, the increase in the price of the raw materials can be passed on to the products supplied to customers after a certain delay, so price increases in recycled metal reduce the sales margin temporarily. When prices of recycled metal go down the Group's margins improve for a while. The electricity consumption of the Group's foundries and machine shops creates a spot price risk for the purchased electricity. The Group purchases electricity price forwards to hedge against the impact of electricity prices on the financial performance. The target hedging level for the forecast electricity consumption by the Group's production plants is 90% for the next 12 months, 60% for the following year and 40% for the third year. Trading in electricity price forwards has been outsourced. The Group aims to pass on the increase in the price of electricity to customers with a separate electricity surcharge. Appropriate insurance has been taken against risks associated with assets and interruption of operations and to minimize indemnity. The financial risks relating to Componenta Group's business operations are managed in accordance with the financial policy approved by the Board of Directors. This aims to protect the Group against adverse changes in the financial markets and safeguard the performance of the Group and its financial position. Management of financial risks takes place in the corporate treasury function. Following the acquisition of Döktas, Componenta now has a significant currency position in Turkish lira. The company hedges the translation and transaction risks in accordance with its treasury policy. Despite the hedging, however, any changes in the value of the Turkish lira in relation to other currencies, especially the euro, US dollar and GB pound, may have an impact on Componenta's financial performance in the short term. The Group has no significant concentration of risk for receivables. The Group recognized no major credit losses in 2006. The company is not party to any significant contracts that will come into force, that can be amended or that can cease to be valid if control of the company changes in consequence of a public purchase offer. Prospects Componenta's prospects in 2007 are based on general external financial indicators, order forecasts given by customers, and on Componenta's order intake and order book. Demand for heavy truck components remained strong in the second quarter of 2007. Demand for components in the off-road, power and transmission, and machine building industries continued to grow in the second quarter compared to the corresponding period in the previous year. Demand from car and light truck manufacturers in the second quarter fell short of that in the previous year due to exceptionally poor sales of aluminium wheels. The demand outlook in the Group's customer sectors looks good for 2007. Rising interest rates and unfavourable developments in exchange rates may weaken prospects in the second half of the year. Combining the operations of Componenta and Döktas is expected to achieve synergy benefits of EUR 10 million by the end of 2008. Some of the synergies are expected to improve the company's result in the final half of the year. The efforts to enhance the performance of the Karkkila and Heerlen units are continuing during 2007. It is estimated that the operating result at the units will improve significantly during the current year. At the end of the review period the order book at Componenta was at a higher level than at the same time in the previous year. Componenta Group's 2007 net sales are expected to increase and the result after financial items, excluding one-time items, to improve on the corresponding pro forma figures for 2006. Income statement -------------------------------------------------------------------------------- | MEUR | 1.1.- | 1.1.- | 1.4.- | 1.4.- | 1.1.- | | | 3 | 3 | 3 | 30 | 31 | | | 0.6.200 | 0.6.200 | 0.6.200 | .6.2006 | .12.2006 | | | 7 | 6 | 7 | | | -------------------------------------------------------------------------------- | Net sales | 328.6 | 188.2 | 160.7 | 94.6 | 362.1 | -------------------------------------------------------------------------------- | Other operating income | 19.9 | 0.5 | 0.3 | 0.4 | 0.8 | -------------------------------------------------------------------------------- | Operating expenses | -297.6 | -169.2 | -143.8 | -84.8 | -332.8 | -------------------------------------------------------------------------------- | Depreciation, | -12.8 | -8.5 | -5.5 | -4.3 | -17.4 | | amortization and | | | | | | | write-down | | | | | | -------------------------------------------------------------------------------- | Share of the associated | 0.1 | 0.8 | 0.0 | 0.6 | 1.8 | | companies' result | | | | | | -------------------------------------------------------------------------------- | Operating profit | 38.3 | 11.9 | 11.7 | 6.6 | 14.5 | -------------------------------------------------------------------------------- | % of net sales | 11.6 | 6.3 | 7.3 | 7.0 | 4.0 | -------------------------------------------------------------------------------- | Financial income and | -10.6 | -4.7 | -6.2 | -2.5 | -9.9 | | expenses | | | | | | -------------------------------------------------------------------------------- | Result after financial | 27.7 | 7.2 | 5.5 | 4.1 | 4.6 | | items | | | | | | -------------------------------------------------------------------------------- | % of net sales | 8.4 | 3.8 | 3.4 | 4.3 | 1.3 | -------------------------------------------------------------------------------- | Income taxes | -1.6 | -1.9 | -1.1 | -1.0 | -1.1 | -------------------------------------------------------------------------------- | Net profit | 26.1 | 5.3 | 4.3 | 3.1 | 3.5 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Allocation of net profit | | | | | | | for the period | | | | | | -------------------------------------------------------------------------------- | To equity holders of the | 25.1 | 5.3 | 4.3 | 3.1 | 3.5 | | parent | | | | | | -------------------------------------------------------------------------------- | To minority interest | 0.9 | 0.0 | 0.1 | -0.1 | 0.0 | -------------------------------------------------------------------------------- | | 26.1 | 5.3 | 4.3 | 3.1 | 3.5 | -------------------------------------------------------------------------------- | Earning per share | | | | | | | calculated on the profit | | | | | | | attributable to equity | | | | | | | holders of the parent | | | | | | -------------------------------------------------------------------------------- | Earnings per share, EUR | 2.42 | 0.55 | 0.41 | 0.32 | 0.36 | -------------------------------------------------------------------------------- | Earnings per share with | 1.89 | 0.50 | 0.33 | 0.29 | 0.36 | | dilution, EUR | | | | | | -------------------------------------------------------------------------------- Income statement excluding one-time items -------------------------------------------------------------------------------- | MEUR | 1.1.- | 1.1.- | 1.4.- | 1.4.- | 1.1.- | | | 3 | 3 | 3 | 30 | 31 | | | 0.6.200 | 0.6.200 | 0.6.200 | .6.2006 | .12.2006 | | | 7 | 6 | 7 | | | -------------------------------------------------------------------------------- | Net sales | 328.6 | 188.2 | 160.7 | 94.6 | 362.1 | -------------------------------------------------------------------------------- | Other operating income | 0.7 | 0.5 | 0.4 | 0.4 | 0.8 | -------------------------------------------------------------------------------- | Operating expenses | -292.8 | -169.2 | -144.0 | -84.8 | -332.6 | -------------------------------------------------------------------------------- | Depreciation, | -11.2 | -8.5 | -5.5 | -4.3 | -17.2 | | amortization and | | | | | | | write-down | | | | | | -------------------------------------------------------------------------------- | Share of the associated | 0.1 | 0.8 | 0.0 | 0.6 | 1.8 | | companies' result | | | | | | -------------------------------------------------------------------------------- | Operating profit | 25.4 | 11.9 | 11.7 | 6.6 | 14.9 | -------------------------------------------------------------------------------- | % of net sales | 7.7 | 6.3 | 7.3 | 7.0 | 4.1 | -------------------------------------------------------------------------------- | Financial income and | -10.6 | -4.7 | -6.2 | -2.5 | -9.9 | | expenses | | | | | | -------------------------------------------------------------------------------- | Result after financial | 14.8 | 7.2 | 5.5 | 4.1 | 5.0 | | items | | | | | | -------------------------------------------------------------------------------- | % of net sales | 4.5 | 3.8 | 3.4 | 4.4 | 1.4 | -------------------------------------------------------------------------------- Income statement, pro forma -------------------------------------------------------------------------------- | MEUR | 1.1.- | 1.1.- | 1.4.- | 1.4.- | 1.1.- | | | 3 | 3 | 3 | 30 | 31 | | | 0.6.200 | 0.6.200 | 0.6.200 | .6.2006 | .12.2006 | | | 7 | 6 | 7 | | | -------------------------------------------------------------------------------- | Net sales | 328.6 | 308.5 | 160.7 | 156.2 | 602.3 | -------------------------------------------------------------------------------- | Other operating income | 19.9 | 1.0 | 0.3 | 0.5 | 1.7 | -------------------------------------------------------------------------------- | Operating expenses | -297.6 | -273.9 | -143.8 | -136.4 | -542.0 | -------------------------------------------------------------------------------- | Depreciation, | -12.8 | -11.7 | -5.5 | -5.8 | -23.7 | | amortization and | | | | | | | write-down | | | | | | -------------------------------------------------------------------------------- | Share of the associated | 0.1 | 0.8 | 0.0 | 0.6 | 1.8 | | companies' result | | | | | | -------------------------------------------------------------------------------- | Operating profit | 38.3 | 24.7 | 11.7 | 15.1 | 40.0 | -------------------------------------------------------------------------------- | % of net sales | 11.6 | 8.0 | 7.3 | 9.7 | 6.6 | -------------------------------------------------------------------------------- | Financial income and | -10.6 | -9.3 | -6.2 | -5.0 | -4.6 | | expenses | | | | | | -------------------------------------------------------------------------------- | Result after financial | 27.7 | 15.4 | 5.5 | 10.1 | 35.5 | | items | | | | | | -------------------------------------------------------------------------------- | % of net sales | 8.4 | 5.0 | 3.4 | 6.5 | 5.9 | -------------------------------------------------------------------------------- | Income taxes | -1.6 | -4.0 | -1.1 | -3.0 | -5.9 | -------------------------------------------------------------------------------- | Net profit | 26.1 | 11.4 | 4.3 | 7.1 | 29.6 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Allocation of net profit | | | | | | | for the period | | | | | | -------------------------------------------------------------------------------- | To equity holders of the | 25.1 | 10.8 | 4.3 | 6.7 | 27.2 | | parent | | | | | | -------------------------------------------------------------------------------- | To minority interest | 0.9 | 0.7 | 0.1 | 0.4 | 2.4 | -------------------------------------------------------------------------------- | | 26.1 | 11.4 | 4.3 | 7.1 | 29.6 | -------------------------------------------------------------------------------- | Earning per share | | | | | | | calculated on the profit | | | | | | | attributable to equity | | | | | | | holders of the parent | | | | | | -------------------------------------------------------------------------------- | Earnings per share, EUR | 2.42 | 1.18 | 0.41 | 0.70 | 2.80 | -------------------------------------------------------------------------------- Income statement excluding one-time items, pro forma -------------------------------------------------------------------------------- | MEUR | 1.1.- | 1.1.- | 1.4.- | 1.4.- | 1.1.- | | | 3 | 3 | 3 | 30 | 31 | | | 0.6.200 | 0.6.200 | 0.6.200 | .6.2006 | .12.2006 | | | 7 | 6 | 7 | | | -------------------------------------------------------------------------------- | Net sales | 328.6 | 308.5 | 160.7 | 156.2 | 602.3 | -------------------------------------------------------------------------------- | Other operating income | 0.7 | 1.0 | 0.4 | 0.5 | 1.7 | -------------------------------------------------------------------------------- | Operating expenses | -292.8 | -273.9 | -144.0 | -136.4 | -541.9 | -------------------------------------------------------------------------------- | Depreciation, | -11.2 | -11.7 | -5.5 | -5.8 | -23.5 | | amortization and | | | | | | | write-down | | | | | | -------------------------------------------------------------------------------- | Share of the associated | 0.1 | 0.8 | 0.0 | 0.6 | 1.8 | | companies' result | | | | | | -------------------------------------------------------------------------------- | Operating profit | 25.4 | 24.7 | 11.7 | 15.1 | 40.4 | -------------------------------------------------------------------------------- | % of net sales | 7.7 | 8.0 | 7.3 | 9.7 | 6.7 | -------------------------------------------------------------------------------- | Financial income and | -10.6 | -9.3 | -6.2 | -5.0 | -18.8 | | expenses | | | | | | -------------------------------------------------------------------------------- | Result after financial | 14.8 | 15.4 | 5.5 | 10.1 | 21.7 | | items | | | | | | -------------------------------------------------------------------------------- | % of net sales | 4.5 | 5.0 | 3.4 | 6.5 | 3.6 | -------------------------------------------------------------------------------- | Income taxes | -3.4 | -4.0 | -1.1 | -3.0 | -5.1 | -------------------------------------------------------------------------------- | Net profit | 11.4 | 11.4 | 4.3 | 7.1 | 16.6 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Allocation of net profit | | | | | | | for the period | | | | | | -------------------------------------------------------------------------------- | To equity holders of the | 10.4 | 10.8 | 4.3 | 6.7 | 15.2 | | parent | | | | | | -------------------------------------------------------------------------------- | To minority interest | 0.9 | 0.7 | 0.1 | 0.4 | 1.4 | -------------------------------------------------------------------------------- | | 11.4 | 11.4 | 4.3 | 7.1 | 16.6 | -------------------------------------------------------------------------------- | Earning per share | | | | | | | calculated on the | | | | | | | profit attributable to | | | | | | | equity holders of the | | | | | | | parent | | | | | | -------------------------------------------------------------------------------- | Earnings per share, EUR | 1.00 | 1.18 | 0.41 | 0.70 | 1.56 | -------------------------------------------------------------------------------- Balance sheet -------------------------------------------------------------------------------- | MEUR | 30.6.2007 | 30.6.2006 | 31.12.2006 | -------------------------------------------------------------------------------- | Assets | | | | -------------------------------------------------------------------------------- | Non-current assets | | | | -------------------------------------------------------------------------------- | Intangible assets | 2.4 | 2.1 | 2.0 | -------------------------------------------------------------------------------- | Goodwill | 57.4 | 0.5 | 43.4 | -------------------------------------------------------------------------------- | Investment properties | 1.8 | 1.9 | 1.9 | -------------------------------------------------------------------------------- | Tangible assets | 210.1 | 158.8 | 213.7 | -------------------------------------------------------------------------------- | Investment in associates | 0.3 | 7.2 | 7.4 | -------------------------------------------------------------------------------- | Receivables | 5.1 | 0.5 | 1.0 | -------------------------------------------------------------------------------- | Other investments | 0.5 | 0.5 | 0.5 | -------------------------------------------------------------------------------- | Deferred tax assets | 8.2 | 7.4 | 8.2 | -------------------------------------------------------------------------------- | Total non-current assets | 285.9 | 178.8 | 278.2 | -------------------------------------------------------------------------------- | Current assets | | | | -------------------------------------------------------------------------------- | Inventories | 84.1 | 41.5 | 78.5 | -------------------------------------------------------------------------------- | Receivables | 106.6 | 47.8 | 95.9 | -------------------------------------------------------------------------------- | Cash and bank accounts | 13.3 | 1.9 | 15.3 | -------------------------------------------------------------------------------- | Total current assets | 204.0 | 91.2 | 189.7 | -------------------------------------------------------------------------------- | Total assets | 489.8 | 270.1 | 467.9 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Liabilities and shareholders' equity | | | | -------------------------------------------------------------------------------- | Shareholders' equity | | | | -------------------------------------------------------------------------------- | Share capital | 21.7 | 19.3 | 20.0 | -------------------------------------------------------------------------------- | Other equity | 67.9 | 36.1 | 35.1 | -------------------------------------------------------------------------------- | Equity attributable to equity | 89.7 | 55.3 | 55.2 | | holders of the parent | | | | -------------------------------------------------------------------------------- | Minority interest | 7.6 | 0.1 | 32.2 | -------------------------------------------------------------------------------- | Shareholders' equity | 97.2 | 55.4 | 87.3 | -------------------------------------------------------------------------------- | Liabilities | | | | -------------------------------------------------------------------------------- | Non-current | | | | -------------------------------------------------------------------------------- | Capital loan | 50.1 | 31.8 | 61.5 | -------------------------------------------------------------------------------- | Interest bearing | 99.9 | 56.1 | 94.4 | -------------------------------------------------------------------------------- | Interest free | 0.0 | 0.1 | 0.1 | -------------------------------------------------------------------------------- | Provisions | 4.2 | 0.6 | 1.2 | -------------------------------------------------------------------------------- | Deferred tax liability | 2.4 | 0.8 | 3.2 | -------------------------------------------------------------------------------- | Current | | | | -------------------------------------------------------------------------------- | Capital loan | 5.1 | 2.9 | 2.9 | -------------------------------------------------------------------------------- | Interest bearing | 127.3 | 48.2 | 107.8 | -------------------------------------------------------------------------------- | Interest free | 97.9 | 73.8 | 102.4 | -------------------------------------------------------------------------------- | Tax liabilities | 0.4 | - | 2.0 | -------------------------------------------------------------------------------- | Provisions | 5.3 | 0.5 | 4.9 | -------------------------------------------------------------------------------- | Total liabilities | 392.6 | 214.7 | 380.6 | -------------------------------------------------------------------------------- | Total liabilities and shareholders' | 489.8 | 270.1 | 467.9 | | equity | | | | -------------------------------------------------------------------------------- Cash flow statement -------------------------------------------------------------------------------- | MEUR | 1.1.- | 1.1.- | 1.1.- | | | 3 | 3 | 31 | | | 0.6.200 | 0.6.200 | .12.2006 | | | 7 | 6 | | -------------------------------------------------------------------------------- | Cash flow from operations | | | | -------------------------------------------------------------------------------- | Result after financial items | 27.7 | 7.2 | 4.6 | -------------------------------------------------------------------------------- | Depreciation, amortization and write-down | 12.8 | 8.5 | 17.4 | -------------------------------------------------------------------------------- | Net financial income and expenses | 10.6 | 4.7 | 9.9 | -------------------------------------------------------------------------------- | Other income and expenses, adjustments to | -16.3 | 3.3 | 0.2 | | cash flow | | | | -------------------------------------------------------------------------------- | Change in net working capital | -16.0 | -7.4 | 1.6 | -------------------------------------------------------------------------------- | Cash flow from operations before financing | 18.8 | 16.3 | 33.7 | | and income taxes | | | | -------------------------------------------------------------------------------- | Interest received and paid and dividends | -9.8 | -4.5 | -7.6 | | received | | | | -------------------------------------------------------------------------------- | Taxes paid | -2.8 | 0.0 | 0.0 | -------------------------------------------------------------------------------- | Net cash flow from operations | 6.1 | 11.8 | 26.2 | -------------------------------------------------------------------------------- | Cash flow from investing activities | | | | -------------------------------------------------------------------------------- | Capital expenditure in tangible and | -10.5 | -3.2 | -7.0 | | intangible assets | | | | -------------------------------------------------------------------------------- | Proceeds from tangible and intangible assets | 0.1 | 0.1 | 0.1 | -------------------------------------------------------------------------------- | Other investments and loans granted | -5.1 | 0.0 | 0.0 | -------------------------------------------------------------------------------- | Proceeds from other investments and | 28.0 | 0.0 | 0.0 | | repayments of loan receivables | | | | -------------------------------------------------------------------------------- | Acquisition of subsidiary, net of cash | -39.9 | - | -97.4 | | acquired | | | | -------------------------------------------------------------------------------- | Net cash flow from investing activities | -27.4 | -3.1 | -104.2 | -------------------------------------------------------------------------------- | Cash flow from financing activities | | | | -------------------------------------------------------------------------------- | Dividends paid | -3.3 | 0.0 | 0.0 | -------------------------------------------------------------------------------- | Share issue (capital notes) | 7.1 | 0.2 | 1.6 | -------------------------------------------------------------------------------- | Draw-down (+)/ repayment (-) of the equity | 0.0 | 0.0 | 2.2 | | part of convertible capital notes | | | | -------------------------------------------------------------------------------- | Repayment of finance lease liabilities | -1.1 | -1.0 | -2.2 | -------------------------------------------------------------------------------- | Draw-down (+)/ repayment (-) of current loans | 20.2 | -6.2 | 26.1 | -------------------------------------------------------------------------------- | Draw-down (+)/ repayment (-) of non-current | -3.7 | -5.1 | 60.4 | | loans | | | | -------------------------------------------------------------------------------- | Net cash flow from financing activities | 19.2 | -12.0 | 88.1 | -------------------------------------------------------------------------------- | Change in liquid assets | -2.0 | -3.4 | 10.0 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Cash and bank account at the beginning of the | 15.3 | 5.3 | 5.3 | | period | | | | -------------------------------------------------------------------------------- | Cash and bank account at the period end | 13.3 | 1.9 | 15.3 | -------------------------------------------------------------------------------- | Change during the financial period | -2.0 | -3.4 | 10.0 | -------------------------------------------------------------------------------- Statement of changes in shareholder's equity -------------------------------------------------------------------------------- | MEUR | Shar | Shar | Othe | Trans | Retai | Total | Minor | Share | | | e | e | r | lati | ned | | ity | hold | | | cap | pr | re | on | e | | i | er's | | | ital | emiu | serv | di | arnin | | ntere | equit | | | | m | es | ffe | gs | | st | y | | | | ac | | r | | | | tot | | | | coun | | ences | | | | al | | | | t | | | | | | | -------------------------------------------------------------------------------- | Shareholder's | 19.3 | 11.6 | 2.4 | 0.1 | 15.3 | 48.5 | 0.1 | 48.6 | | equity 1.1.2006 | | | | | | | | | -------------------------------------------------------------------------------- | Derivatives | | | 1.2 | | | 1.2 | | 1.2 | -------------------------------------------------------------------------------- | Other changes | | | | 0.0 | | 0.0 | | 0.0 | -------------------------------------------------------------------------------- | Increase of | 0.0 | 0.1 | 0.1 | | | 0.2 | | 0.2 | | share capital | | | | | | | | | | (warrants) | | | | | | | | | -------------------------------------------------------------------------------- | Equity share of | | | 0.0 | | | 0.0 | | 0.0 | | convertible | | | | | | | | | | capital notes | | | | | | | | | -------------------------------------------------------------------------------- | Profit/loss for | | | | | 5.3 | 5.3 | 0.0 | 5.3 | | the period | | | | | | | | | -------------------------------------------------------------------------------- | Shareholder's | 19.3 | 11.7 | 3.6 | 0.1 | 20.6 | 55.3 | 0.1 | 55.4 | | equity | | | | | | | | | | 30.6.2006 | | | | | | | | | -------------------------------------------------------------------------------- | | | | | | | | | | -------------------------------------------------------------------------------- | MEUR | Shar | Shar | Othe | Trans | Retai | Total | Minor | Share | | | e | e | r | lati | ned | | ity | hold | | | ca | pr | re | on | e | | i | er's | | | pita | emiu | serv | di | arnin | | ntere | equit | | | l | m | es | ffe | gs | | st | y | | | | ac | | r | | | | tot | | | | coun | | ences | | | | al | | | | t | | | | | | | -------------------------------------------------------------------------------- | Shareholder's | 20.0 | 12.4 | 3.4 | 0.1 | 19.1 | 55.2 | 32.2 | 87.3 | | equity 1.1.2007 | | | | | | | | | -------------------------------------------------------------------------------- | Derivatives | | | 0.1 | | | 0.1 | | 0.1 | -------------------------------------------------------------------------------- | Other changes | | | | 6.0 | | 6.0 | 0.1 | 6.1 | -------------------------------------------------------------------------------- | Change in | | | | -1.3 | | -1.3 | | -1.3 | | equity hedging | | | | | | | | | -------------------------------------------------------------------------------- | Dividends paid | | | | | -2.5 | -2.5 | -0.8 | -3.3 | -------------------------------------------------------------------------------- | Increase of | 1.7 | 2.0 | 3.4 | | | 7.1 | | 7.1 | | share capital | | | | | | | | | | (convertible | | | | | | | | | | notes) | | | | | | | | | -------------------------------------------------------------------------------- | Equity share of | | | 0.0 | | | 0.0 | | 0.0 | | convertible | | | | | | | | | | capital notes | | | | | | | | | -------------------------------------------------------------------------------- | Change in | | | | | | 0.0 | -24.8 | -24.8 | | minority | | | | | | | | | | interest | | | | | | | | | -------------------------------------------------------------------------------- | Profit/loss for | | | | | 25.1 | 25.1 | 0.9 | 26.1 | | the period | | | | | | | | | -------------------------------------------------------------------------------- | Shareholder's | 21.7 | 14.4 | 6.9 | 4.8 | 41.8 | 89.7 | 7.6 | 97.2 | | equity | | | | | | | | | | 30.6.2007 | | | | | | | | | -------------------------------------------------------------------------------- Key ratios -------------------------------------------------------------------------------- | | 30.6.20 | 30.6.20 | 31.12.20 | pro | | | 07 | 06 | 06 | forma | | | | | | 31.12.20 | | | | | | 06 | -------------------------------------------------------------------------------- | Equity ratio, % | 19.9 | 20.5 | 18.7 | - | -------------------------------------------------------------------------------- | Equity per share, EUR | 8.3 | 5.7 | 5.5 | - | -------------------------------------------------------------------------------- | Invested capital | 379.6 | 194.4 | 354.0 | - | -------------------------------------------------------------------------------- | Return on investment, % | 21.2 | 12.9 | 6.6 | 11.3 | -------------------------------------------------------------------------------- | Return on investment, excluding | 14.2 | 12.9 | - | 11.4 | | one-time items % | | | | | -------------------------------------------------------------------------------- | Return on equity, % | 58.5 | 20.5 | 6.0 | 33.9 | -------------------------------------------------------------------------------- | Return on equity, excluding | 25.6 | 20.5 | - | 19.0 | | one-time items % | | | | | -------------------------------------------------------------------------------- | Net interest bearing debt, MEUR, | 269.1 | 137.1 | 251.4 | - | | capital note in debt | | | | | -------------------------------------------------------------------------------- | Net gearing, %, capital note in | 276.8 | 247.6 | 287.8 | - | | debt | | | | | -------------------------------------------------------------------------------- | Order book, MEUR | 106.9 | 61.6 | 101.0 | 95.4 | -------------------------------------------------------------------------------- | Investments in non-current assets | 50.5 | 3.5 | 118.4 | - | | without finance leases, MEUR | | | | | -------------------------------------------------------------------------------- | Investments in non-current assets | 50.6 | 4.3 | 123.6 | - | | incl. finance leases, MEUR | | | | | -------------------------------------------------------------------------------- | Average number of personnel during | 4,214 | 2,164 | 2,196 | - | | the period | | | | | -------------------------------------------------------------------------------- | Number of personnel at period end | 4,214 | 2,228 | 4,316 | - | -------------------------------------------------------------------------------- | Share of export and foreign | 88.8 | 82.4 | 82.4 | - | | activities in net sales, % | | | | | -------------------------------------------------------------------------------- | Contingent liabilities, MEUR | 254.6 | 100.9 | 190.1 | - | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share, EUR | 2.42 | 0.55 | 0.36 | - | -------------------------------------------------------------------------------- | Earnings per share with dilution, | 1.89 | 0.50 | 0.36 | - | | EUR | | | | | -------------------------------------------------------------------------------- Changes in tangible assets and goodwill -------------------------------------------------------------------------------- | MEUR | 1-6/2007 | 1-6/2006 | 1-12/2006 | -------------------------------------------------------------------------------- | Changes in tangible assets | | | | -------------------------------------------------------------------------------- | Acquisition cost at the beginning of | 513.7 | 339.4 | 339.4 | | the period | | | | -------------------------------------------------------------------------------- | Translation difference | 6.3 | 1.0 | 2.5 | -------------------------------------------------------------------------------- | Additions | 14.2 | 4.2 | 175.3 | -------------------------------------------------------------------------------- | Disposal of subsidiary | -15.1 | - | - | -------------------------------------------------------------------------------- | Disposals | -1.3 | -1.6 | -3.5 | -------------------------------------------------------------------------------- | Acquisition cost at the end of the | 517.8 | 343.0 | 513.7 | | period | | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Accumulated depreciation at the | -300.0 | -176.8 | -176.8 | | beginning of the period | | | | -------------------------------------------------------------------------------- | Translation difference | -4.3 | -1.1 | -1.4 | -------------------------------------------------------------------------------- | Accumulated depreciation on additions | -2.2 | 0.0 | -108.0 | -------------------------------------------------------------------------------- | Accumulated depreciation on disposals | 0.5 | 1.5 | 3.1 | -------------------------------------------------------------------------------- | Depreciation on disposal of subsidiary | 10.7 | - | - | -------------------------------------------------------------------------------- | Depreciation during the period | -12.5 | -8.2 | -16.8 | -------------------------------------------------------------------------------- | Accumulated depreciation at the end of | -307.8 | -184.6 | -300.0 | | the period | | | | -------------------------------------------------------------------------------- | Book value at the end of the period | 210.1 | 158.4 | 213.7 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Goodwill | | | | -------------------------------------------------------------------------------- | Acquisition cost at the beginning of | 45.7 | 2.8 | 2.8 | | the period | | | | -------------------------------------------------------------------------------- | Additions | 11.9 | - | 42.9 | -------------------------------------------------------------------------------- | Translation difference | 2.0 | - | - | -------------------------------------------------------------------------------- | Acquisition cost at the end of the | 59.6 | 2.8 | 45.7 | | period | | | | -------------------------------------------------------------------------------- | Accumulated depreciation at the | -2.3 | -2.3 | -2.3 | | beginning of the period | | | | -------------------------------------------------------------------------------- | Accumulated depreciation at the end of | -2.3 | -2.3 | -2.3 | | the period | | | | -------------------------------------------------------------------------------- | Book value at the end of the period | 57.4 | 0.5 | 43.4 | -------------------------------------------------------------------------------- Segments -------------------------------------------------------------------------------- | Primary reporting format | | | | -------------------------------------------------------------------------------- | Foundries, MEUR | 30.6.2007 | 30.6.2006 | 31.12.2006 | -------------------------------------------------------------------------------- | Assets | 134.9 | 138.0 | 135.1 | -------------------------------------------------------------------------------- | Liabilities | 37.5 | 40.0 | 40.4 | -------------------------------------------------------------------------------- | Investments in non-current assets | 1.6 | 1.6 | 4.3 | | (incl. finance leases) | | | | -------------------------------------------------------------------------------- | Depreciation | 4.2 | 4.6 | 11.2 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Machine shops, MEUR | 30.6.2007 | 30.6.2006 | 31.12.2006 | -------------------------------------------------------------------------------- | Assets | 58.6 | 50.9 | 53.9 | -------------------------------------------------------------------------------- | Liabilities | 24.9 | 19.4 | 23.3 | -------------------------------------------------------------------------------- | Investments in non-current assets | 1.6 | 1.1 | 5.4 | | (incl. finance leases) | | | | -------------------------------------------------------------------------------- | Depreciation | 1.8 | 1.6 | 3.4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Döktas, MEUR | 30.6.2007 | 30.6.2006 | 31.12.2006 | -------------------------------------------------------------------------------- | Assets | 209.1 | - | 182.3 | -------------------------------------------------------------------------------- | Liabilities | 25.8 | - | 28.6 | -------------------------------------------------------------------------------- | Investments in non-current assets | 6.1 | - | - | | (incl. finance leases) | | | | -------------------------------------------------------------------------------- | Depreciation | 3.3 | - | - | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Secondary reporting format | | | | -------------------------------------------------------------------------------- | Nordic countries, MEUR | 30.6.2007 | 30.6.2006 | 31.12.2006 | -------------------------------------------------------------------------------- | Assets | 191.1 | 189.5 | 194.1 | -------------------------------------------------------------------------------- | Investments in non-current assets | 3.2 | 3.7 | 10.2 | | (incl. finance leases) | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other European countries, MEUR | 30.6.2007 | 30.6.2006 | 31.12.2006 | -------------------------------------------------------------------------------- | Assets | 284.9 | 76.3 | 273.9 | -------------------------------------------------------------------------------- | Investments in non-current assets | 7.2 | 0.6 | 1.9 | | (incl. finance leases) | | | | -------------------------------------------------------------------------------- Group development Net sales by market area -------------------------------------------------------------------------------- | MEUR | 1-12/2006 | 1-6/2006 | 1-6/2007 | -------------------------------------------------------------------------------- | Nordic countries | 177.1 | 92.9 | 100.1 | -------------------------------------------------------------------------------- | Other European countries | 162.6 | 84.3 | 213.3 | -------------------------------------------------------------------------------- | Other countries | 22.5 | 11.0 | 15.2 | -------------------------------------------------------------------------------- | Total | 362.1 | 188.2 | 328.6 | -------------------------------------------------------------------------------- Quarterly development by market area -------------------------------------------------------------------------------- | MEUR | Q1/06 | Q2/06 | Q3/06 | Q4/06 | Q1/07 | Q2/07 | -------------------------------------------------------------------------------- | Nordic countries | 45.6 | 47.3 | 35.4 | 48.8 | 53.7 | 46.5 | -------------------------------------------------------------------------------- | Other European | 42.1 | 42.2 | 37.1 | 41.2 | 106.7 | 106.6 | | countries | | | | | | | -------------------------------------------------------------------------------- | Other countries | 5.9 | 5.1 | 5.9 | 5.5 | 7.4 | 7.7 | -------------------------------------------------------------------------------- | Total | 93.6 | 94.6 | 78.4 | 95.5 | 167.9 | 160.7 | -------------------------------------------------------------------------------- Group development -------------------------------------------------------------------------------- | MEUR | 1-12/2006 | 1-6/2006 | 1-6/2007 | -------------------------------------------------------------------------------- | Net sales | 362.1 | 188.2 | 328.6 | -------------------------------------------------------------------------------- | Operating profit | 14.5 | 11.9 | 38.3 | -------------------------------------------------------------------------------- | Net financial items | -9.9 | -4.7 | -10.6 | -------------------------------------------------------------------------------- | Profit/loss after financial | 4.6 | 7.2 | 27.7 | | items | | | | -------------------------------------------------------------------------------- Group development by business division -------------------------------------------------------------------------------- | Net sales, MEUR | 1-12/2006 | 1-6/2006 | 1-6/2007 | -------------------------------------------------------------------------------- | Foundries | 224.5 | 118.7 | 125.1 | -------------------------------------------------------------------------------- | Machine shops | 137.9 | 70.5 | 81.7 | -------------------------------------------------------------------------------- | Döktas | - | - | 121.7 | -------------------------------------------------------------------------------- | Other business and internal | -0.3 | -1.0 | 0.1 | | items | | | | -------------------------------------------------------------------------------- | Componenta total | 362.1 | 188.2 | 328.6 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating profit, MEUR | 1-12/2006 | 1-6/2006 | 1-6/2007 | -------------------------------------------------------------------------------- | Foundries | 6.6 | 7.2 | 11.3 | -------------------------------------------------------------------------------- | Machine shops | 5.8 | 3.4 | 2.8 | -------------------------------------------------------------------------------- | Döktas | - | - | 10.7 | -------------------------------------------------------------------------------- | Other business and internal | 2.1 | 1.3 | 13.6 | | items | | | | -------------------------------------------------------------------------------- | Componenta total | 14.5 | 11.9 | 38.3 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Order book, MEUR | 12/2006 | 6/2006 | 6/2007 | -------------------------------------------------------------------------------- | Foundries and Machine shops | 52.0 | 48.9 | 53.6 | -------------------------------------------------------------------------------- | Döktas | 34.7 | - | 39.3 | -------------------------------------------------------------------------------- | Other business and internal | 14.3 | 12.7 | 14.0 | | items | | | | -------------------------------------------------------------------------------- | Componenta total | 101.0 | 61.6 | 106.9 | -------------------------------------------------------------------------------- Group development by quarter -------------------------------------------------------------------------------- | MEUR | Q1/06 | Q2/06 | Q3/06 | Q4/06 | Q1/07 | Q2/07 | -------------------------------------------------------------------------------- | Net sales | 93.6 | 94.6 | 78.4 | 95.5 | 167.9 | 160.7 | -------------------------------------------------------------------------------- | Operating profit | 5.3 | 6.6 | -1.2 | 3.8 | 26.6 | 11.7 | -------------------------------------------------------------------------------- | Net financial items | -2.2 | -2.5 | -2.3 | -3.0 | -4.4 | -6.2 | -------------------------------------------------------------------------------- | Profit/loss after | 3.1 | 4.1 | -3.4 | 0.9 | 22.2 | 5.5 | | financial items | | | | | | | -------------------------------------------------------------------------------- Quarterly development by business division -------------------------------------------------------------------------------- | Net sales, MEUR | Q1/06 | Q2/06 | Q3/06 | Q4/06 | Q1/07 | Q2/07 | -------------------------------------------------------------------------------- | Foundries | 57.5 | 61.2 | 49.1 | 56.8 | 63.1 | 62.0 | -------------------------------------------------------------------------------- | Machine shops | 35.4 | 35.1 | 30.7 | 36.7 | 41.2 | 40.6 | -------------------------------------------------------------------------------- | Döktas | - | - | - | - | 61.5 | 60.2 | -------------------------------------------------------------------------------- | Other business and | 0.7 | -1.7 | -1.4 | 2.1 | 2.1 | -2.0 | | internal items | | | | | | | -------------------------------------------------------------------------------- | Componenta total | 93.6 | 94.6 | 78.4 | 95.5 | 167.9 | 160.7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating profit, | Q1/06 | Q2/06 | Q3/06 | Q4/06 | Q1/07 | Q2/07 | | MEUR | | | | | | | -------------------------------------------------------------------------------- | Foundries | 2.9 | 4.2 | -2.1 | 1.6 | 5.2 | 6.1 | -------------------------------------------------------------------------------- | Machine shops | 1.8 | 1.5 | 0.6 | 1.8 | 1.5 | 1.3 | -------------------------------------------------------------------------------- | Döktas | - | - | - | - | 5.6 | 5.1 | -------------------------------------------------------------------------------- | Other business and | 0.5 | 0.8 | 0.3 | 0.5 | 14.3 | -0.7 | | internal items | | | | | | | -------------------------------------------------------------------------------- | Componenta total | 5.3 | 6.6 | -1.2 | 3.8 | 26.6 | 11.7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Order book at | Q1/06 | Q2/06 | Q3/06 | Q4/06 | Q1/07 | Q2/07 | | period end, MEUR | | | | | | | -------------------------------------------------------------------------------- | Foundries and | 52.6 | 48.9 | 50.0 | 52.0 | 51.4 | 53.6 | | Machine shops | | | | | | | -------------------------------------------------------------------------------- | Döktas | - | - | - | 34.7 | 42.3 | 39.3 | -------------------------------------------------------------------------------- | Other business and | 12.9 | 12.7 | 14.9 | 14.3 | 11.0 | 14.0 | | internal items | | | | | | | -------------------------------------------------------------------------------- | Componenta total | 65.5 | 61.6 | 64.9 | 101.0 | 104.7 | 106.9 | -------------------------------------------------------------------------------- Group development excluding one-time items -------------------------------------------------------------------------------- | MEUR | 1-12/2006 | 1-6/2006 | 1-6/2007 | -------------------------------------------------------------------------------- | Net sales | 362.1 | 188.2 | 328.6 | -------------------------------------------------------------------------------- | Operating profit | 14.9 | 11.9 | 25.4 | -------------------------------------------------------------------------------- | Net financial items | -9.9 | -4.7 | -10.6 | -------------------------------------------------------------------------------- | Profit/loss after financial | 5.0 | 7.2 | 14.8 | | items | | | | -------------------------------------------------------------------------------- Group development by business division excluding one-time items -------------------------------------------------------------------------------- | Operating profit, MEUR | 1-12/2006 | 1-6/2006 | 1-6/2007 | -------------------------------------------------------------------------------- | Foundries | 6.6 | 7.2 | 11.3 | -------------------------------------------------------------------------------- | Machine shops | 5.8 | 3.4 | 2.8 | -------------------------------------------------------------------------------- | Döktas | - | - | 10.7 | -------------------------------------------------------------------------------- | Other business and internal | 2.5 | 1.3 | 0.6 | | items | | | | -------------------------------------------------------------------------------- | Componenta total | 14.9 | 11.9 | 25.4 | -------------------------------------------------------------------------------- Group development by quarter excluding one-time items -------------------------------------------------------------------------------- | MEUR | Q1/06 | Q2/06 | Q3/06 | Q4/06 | Q1/07 | Q2/07 | -------------------------------------------------------------------------------- | Net sales | 93.6 | 94.6 | 78.4 | 95.5 | 167.9 | 160.7 | -------------------------------------------------------------------------------- | Operating profit | 5.3 | 6.6 | -1.2 | 4.2 | 13.7 | 11.7 | -------------------------------------------------------------------------------- | Net financial items | -2.2 | -2.5 | -2.3 | -3.0 | -4.4 | -6.2 | -------------------------------------------------------------------------------- | Profit/loss after | 3.1 | 4.1 | -3.4 | 1.2 | 9.3 | 5.5 | | financial items | | | | | | | -------------------------------------------------------------------------------- Quarterly development by business division excluding one-time items -------------------------------------------------------------------------------- | Operating profit, | Q1/06 | Q2/06 | Q3/06 | Q4/06 | Q1/07 | Q2/07 | | MEUR | | | | | | | -------------------------------------------------------------------------------- | Foundries | 2.9 | 4.2 | -2.1 | 1.6 | 5.2 | 6.1 | -------------------------------------------------------------------------------- | Machine shops | 1.8 | 1.5 | 0.6 | 1.8 | 1.5 | 1.3 | -------------------------------------------------------------------------------- | Döktas | - | - | - | - | 5.6 | 5.1 | -------------------------------------------------------------------------------- | Other business and | 0.5 | 0.8 | 0.3 | 0.8 | 1.4 | -0.8 | | internal items | | | | | | | -------------------------------------------------------------------------------- | Componenta total | 5.3 | 6.6 | -1.2 | 4.2 | 13.7 | 11.7 | -------------------------------------------------------------------------------- Group development, pro forma figures Net sales by market area, pro forma -------------------------------------------------------------------------------- | MEUR | 1-12/2006 | 1-6/2006 | 1-6/2007 | -------------------------------------------------------------------------------- | Nordic countries | 177.9 | 93.4 | 100.1 | -------------------------------------------------------------------------------- | Other European countries | 395.0 | 200.5 | 213.3 | -------------------------------------------------------------------------------- | Other countries | 29.4 | 14.6 | 15.2 | -------------------------------------------------------------------------------- | Total | 602.3 | 308.5 | 328.6 | -------------------------------------------------------------------------------- Quarterly development by market area, pro forma -------------------------------------------------------------------------------- | MEUR | Q1/06 | Q2/06 | Q3/06 | Q4/06 | Q1/07 | Q2/07 | -------------------------------------------------------------------------------- | Nordic countries | 45.9 | 47.5 | 35.6 | 48.9 | 53.7 | 46.5 | -------------------------------------------------------------------------------- | Other European | 98.9 | 101.6 | 93.4 | 101.1 | 106.7 | 106.6 | | countries | | | | | | | -------------------------------------------------------------------------------- | Other countries | 7.5 | 7.1 | 7.4 | 7.4 | 7.4 | 7.7 | -------------------------------------------------------------------------------- | Total | 152.3 | 156.2 | 136.4 | 157.4 | 167.9 | 160.7 | -------------------------------------------------------------------------------- Group development, pro forma -------------------------------------------------------------------------------- | MEUR | 1-12/2006 | 1-6/2006 | 1-6/2007 | -------------------------------------------------------------------------------- | Net sales | 602.3 | 308.5 | 328.6 | -------------------------------------------------------------------------------- | Operating profit | 40.0 | 24.7 | 38.3 | -------------------------------------------------------------------------------- | Net financial items | -4.7 | -9.2 | -10.6 | -------------------------------------------------------------------------------- | Profit/loss after financial | 35.5 | 15.5 | 27.7 | | items | | | | -------------------------------------------------------------------------------- Group development by business division, pro forma -------------------------------------------------------------------------------- | Net sales, MEUR | 1-12/2006 | 1-6/2006 | 1-6/2007 | -------------------------------------------------------------------------------- | Foundries | 224.5 | 118.7 | 125.1 | -------------------------------------------------------------------------------- | Machine shops | 137.9 | 70.5 | 81.7 | -------------------------------------------------------------------------------- | Döktas | 218.2 | 108.8 | 121.7 | -------------------------------------------------------------------------------- | Other business and internal | 21.9 | 10.6 | 0.1 | | items | | | | -------------------------------------------------------------------------------- | Componenta total | 602.3 | 308.5 | 328.6 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating profit, MEUR | 1-12/2006 | 1-6/2006 | 1-6/2007 | -------------------------------------------------------------------------------- | Foundries | 6.6 | 7.2 | 11.3 | -------------------------------------------------------------------------------- | Machine shops | 5.8 | 3.4 | 2.8 | -------------------------------------------------------------------------------- | Döktas | 24.2 | 12.0 | 10.7 | -------------------------------------------------------------------------------- | Other business and internal | 3.4 | 2.2 | 13.6 | | items | | | | -------------------------------------------------------------------------------- | Componenta total | 40.0 | 24.7 | 38.3 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Order book, MEUR | 12/2006 | 6/2006 | 6/2007 | -------------------------------------------------------------------------------- | Foundries and Machine shops | 52.0 | 48.9 | 53.6 | -------------------------------------------------------------------------------- | Döktas | 34.7 | 33.0 | 39.3 | -------------------------------------------------------------------------------- | Other business | 8.8 | 10.1 | 14.0 | -------------------------------------------------------------------------------- | Componenta total | 95.4 | 92.0 | 106.9 | -------------------------------------------------------------------------------- Group development by quarter, pro forma -------------------------------------------------------------------------------- | MEUR | Q1/06 | Q2/06 | Q3/06 | Q4/06 | Q1/07 | Q2/07 | -------------------------------------------------------------------------------- | Net sales | 152.3 | 156.2 | 136.4 | 157.4 | 167.9 | 160.7 | -------------------------------------------------------------------------------- | Operating profit | 9.6 | 15.1 | 4.9 | 10.4 | 26.6 | 11.7 | -------------------------------------------------------------------------------- | Net financial items | -4.2 | -5.0 | -3.8 | 8.6 | -4.4 | -6.2 | -------------------------------------------------------------------------------- | Profit/loss after | 5.4 | 10.1 | 1.1 | 19.0 | 22.2 | 5.5 | | financial items | | | | | | | -------------------------------------------------------------------------------- Quarterly development by business division, pro forma -------------------------------------------------------------------------------- | Net sales, MEUR | Q1/06 | Q2/06 | Q3/06 | Q4/06 | Q1/07 | Q2/07 | -------------------------------------------------------------------------------- | Foundries | 57.5 | 61.2 | 49.1 | 56.8 | 63.1 | 62.0 | -------------------------------------------------------------------------------- | Machine shops | 35.4 | 35.1 | 30.7 | 36.7 | 41.2 | 40.6 | -------------------------------------------------------------------------------- | Döktas | 52.8 | 56.0 | 52.3 | 57.1 | 61.5 | 60.2 | -------------------------------------------------------------------------------- | Other business and | 6.6 | 4.0 | 4.3 | 7.0 | 2.1 | -2.0 | | internal items | | | | | | | -------------------------------------------------------------------------------- | Componenta total | 152.3 | 156.2 | 136.4 | 157.4 | 167.9 | 160.7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating profit, | Q1/06 | Q2/06 | Q3/06 | Q4/06 | Q1/07 | Q2/07 | | MEUR | | | | | | | -------------------------------------------------------------------------------- | Foundries | 2.9 | 4.2 | -2.1 | 1.6 | 5.2 | 6.1 | -------------------------------------------------------------------------------- | Machine shops | 1.8 | 1.5 | 0.6 | 1.8 | 1.5 | 1.3 | -------------------------------------------------------------------------------- | Döktas | 3.8 | 8.2 | 5.9 | 6.3 | 5.6 | 5.1 | -------------------------------------------------------------------------------- | Other business and | 1.0 | 1.1 | 0.4 | 0.8 | 14.3 | -0.7 | | internal items | | | | | | | -------------------------------------------------------------------------------- | Componenta total | 9.6 | 15.1 | 4.9 | 10.4 | 26.6 | 11.7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Order book at | Q1/06 | Q2/06 | Q3/06 | Q4/06 | Q1/07 | Q2/07 | | period end, MEUR | | | | | | | -------------------------------------------------------------------------------- | Foundries and | 52.6 | 48.9 | 50.0 | 52.0 | 51.4 | 53.6 | | Machine shops | | | | | | | -------------------------------------------------------------------------------- | Döktas | 41.0 | 33.0 | 38.0 | 34.7 | 42.3 | 39.3 | -------------------------------------------------------------------------------- | Other business | 10.0 | 10.1 | 12.7 | 8.8 | 11.0 | 14.0 | -------------------------------------------------------------------------------- | Componenta total | 103.6 | 92.0 | 100.7 | 95.4 | 104.7 | 106.9 | -------------------------------------------------------------------------------- Group development excluding one-time items, pro forma -------------------------------------------------------------------------------- | MEUR | 1-12/2006 | 1-6/2006 | 1-6/2007 | -------------------------------------------------------------------------------- | Net sales | 602.3 | 308.5 | 328.6 | -------------------------------------------------------------------------------- | Operating profit | 40.4 | 24.7 | 25.4 | -------------------------------------------------------------------------------- | Net financial items | -18.8 | -9.2 | -10.6 | -------------------------------------------------------------------------------- | Profit/loss after financial | 21.7 | 15.5 | 14.8 | | items | | | | -------------------------------------------------------------------------------- Group development by business division excluding one-time items, pro forma -------------------------------------------------------------------------------- | Operating profit, MEUR | 1-12/2006 | 1-6/2006 | 1-6/2007 | -------------------------------------------------------------------------------- | Foundries | 6.6 | 7.2 | 11.3 | -------------------------------------------------------------------------------- | Machine shops | 5.8 | 3.4 | 2.8 | -------------------------------------------------------------------------------- | Döktas | 24.2 | 12.0 | 10.7 | -------------------------------------------------------------------------------- | Other business and internal | 3.7 | 2.2 | 0.6 | | items | | | | -------------------------------------------------------------------------------- | Componenta total | 40.4 | 24.7 | 25.4 | -------------------------------------------------------------------------------- Group development by quarter excluding one-time items, pro forma -------------------------------------------------------------------------------- | MEUR | Q1/06 | Q2/06 | Q3/06 | Q4/06 | Q1/07 | Q2/07 | -------------------------------------------------------------------------------- | Net sales | 152.3 | 156.2 | 136.4 | 157.4 | 167.9 | 160.7 | -------------------------------------------------------------------------------- | Operating profit | 9.6 | 15.1 | 4.9 | 10.7 | 13.7 | 11.7 | -------------------------------------------------------------------------------- | Net financial items | -4.2 | -5.0 | -3.8 | -5.5 | -4.4 | -6.2 | -------------------------------------------------------------------------------- | Profit/loss after | 5.4 | 10.1 | 1.1 | 5.2 | 9.3 | 5.5 | | financial items | | | | | | | -------------------------------------------------------------------------------- Quarterly development by business division excluding one-time items, pro forma -------------------------------------------------------------------------------- | Operating profit, | Q1/06 | Q2/06 | Q3/06 | Q4/06 | Q1/07 | Q2/07 | | MEUR | | | | | | | -------------------------------------------------------------------------------- | Foundries | 2.9 | 4.2 | -2.1 | 1.6 | 5.2 | 6.1 | -------------------------------------------------------------------------------- | Machine shops | 1.8 | 1.5 | 0.6 | 1.8 | 1.5 | 1.3 | -------------------------------------------------------------------------------- | Döktas | 3.8 | 8.2 | 5.9 | 6.3 | 5.6 | 5.1 | -------------------------------------------------------------------------------- | Other business and | 1.0 | 1.1 | 0.4 | 1.1 | 1.4 | -0.8 | | internal items | | | | | | | -------------------------------------------------------------------------------- | Componenta total | 9.6 | 15.1 | 4.9 | 10.7 | 13.7 | 11.7 | -------------------------------------------------------------------------------- Largest registered shareholders on 30 June 2007 -------------------------------------------------------------------------------- | Shareholder | | Shares | Share of total | | | | | votinh rights | -------------------------------------------------------------------------------- | 1 Lehtonen Heikki | | 3,914,077 | 36.03% | -------------------------------------------------------------------------------- | Cabana Trade S.A. | 3,676,7 | | | | | 31 | | | -------------------------------------------------------------------------------- | Oy Högfors-Trading Ab | 237,346 | | | -------------------------------------------------------------------------------- | 2 Etra-Invest Oy Ab | | 2,224,750 | 20.48% | -------------------------------------------------------------------------------- | 3 Inkinen Simo-Pekka | | 379,410 | 3.49% | -------------------------------------------------------------------------------- | Inkinen Simo-Pekka | 376,410 | | | -------------------------------------------------------------------------------- | Väli-Gunnarla Avoin Yhtiö | 3,000 | | | -------------------------------------------------------------------------------- | 4 OP-Finland Small Firm Fund | | 269,179 | 2.48% | -------------------------------------------------------------------------------- | 5 Ilmarinen Mutual Pension | | 257,600 | 2.37% | | Insurance Company | | | | -------------------------------------------------------------------------------- | 6 Lehtonen Anna-Maria | | 178,823 | 1.65% | -------------------------------------------------------------------------------- | 7 FIM Fenno Fund | | 177,478 | 1.63% | -------------------------------------------------------------------------------- | 8 Mandatum Finnish Small Cap | | 120,500 | 1.11% | | Fund | | | | -------------------------------------------------------------------------------- | 9 Laakkonen Mikko | | 120,000 | 1.10% | -------------------------------------------------------------------------------- | 10 Bergholm Heikki | | 113,490 | 1.04% | -------------------------------------------------------------------------------- | Nominee-registered shares | | 463,890 | 4.27% | -------------------------------------------------------------------------------- | Other shareholders | | 2,643,301 | 24.33% | -------------------------------------------------------------------------------- | Total | | 10,862,498 | 100.00% | -------------------------------------------------------------------------------- The members of the Board of Directors own 37.3% of the shares. All shares have equal voting rights. If all the convertible capital notes were converted to shares, the holding of shares by the members of the Board of Directors would decrease to 30.6%. Helsinki, 17 July 2007 COMPONENTA CORPORATION Heikki Lehtonen President and CEO Further information: Heikki Lehtonen President and CEO tel. +358 10 403 00 Matti Kivekäs CFO tel +358 10 403 00 Componenta is a metal sector company with international operations and production plants located in Finland, the Netherlands, Sweden, and Turkey. The pro forma net sales of Componenta exceeded EUR 602 million in 2006 and the Group employes about 5,100 people. Componenta's shares are quoted on the Helsinki Stock Exchange. Componenta specializes in supplying cast and machined components and total solutions made of them to its global customers who are manufacturers of vehicles, machines and equipment. Componenta Corporation Panuntie 4 FI-00610 Helsinki , Finland Tel. +358 10 403 00, Fax +358 10 403 2721 http://www.componenta.com |
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