2008-07-15 08:00:00 CEST
2008-07-15 08:00:11 CEST
REGULATED INFORMATION
Componenta - Half Year financial report
Componenta Interim Report 1 January - 30 June 2008
Componenta Corporation Stock Exchange Release 15.7.2008 at 9.00
Componenta Interim Report 1 January - 30 June 2008
· Consolidated net sales in the six month review period totalled MEUR
386.0 (MEUR 328.6).
· Operating profit excluding one-time items was MEUR 46.2 (MEUR 22.9).
· Result after financial items, excluding one-time items, was MEUR 33.5
(MEUR 14.0).
· Basic earnings per share, excluding one-time items, were EUR 2.20
(EUR 0.94).
· In the second quarter consolidated net sales totalled MEUR 201.0
(MEUR 160.7), operating profit excluding one-time items was MEUR 23.1
(MEUR 9.5) and the result after financial items, excluding one-time
items, was MEUR 18.6 (MEUR 5.1).
Net sales and order book
The Group's net sales in January - June were EUR 386.0 (328.6) million.
Comparable growth in net sales was 19.6%. The order book at the end of
June stood at EUR 138.0 (106.9) million.
Sales of the Foundries division increased 27.3% from the previous year
to EUR 159.2 (125.1) million.
Sales of the Machine shops division rose 14.5% to EUR 104.8 (91.5)
million.
The Machine shops and Foundries divisions had a combined order book at
the end of the review period of EUR 74.0 (58.1) million. Showing the
order books for the divisions separately is not justified due to the
nature of Componenta's supply chain.
Net sales of the Turkey division (formerly Döktas division) increased
19.7% to EUR 141.7 (118.4) million. The Turkey division had an order
book at the end of the review period of EUR 48.1 (35.7) million.
Componenta's net sales by customer sector were as follows: off-road 35%
(36%), heavy truck industry 30% (27%), automotive 14% (16%), diesel and
wind 6% (6%), machine building 14% (14%) and others 1% (1%).
Result
The interim report has been prepared in accordance with international
financial reporting standards (IFRS). Componenta has prepared the report
applying the same accounting principles as in its 2007 Financial
Statements. The figures in the interim report are unaudited.
The Group's operating profit in the review period excluding one-time
items was EUR 46.2 (22.9) million. The operating profits of all the
divisions improved significantly from the previous year. Other operating
income includes exchange rate differences on sales and purchases.
The Group's net financial costs in the review period totalled
EUR -12.7 (-8.8) million. The EUR 3.9 million increase in net financial
costs from the previous year was mainly due to exchange rate differences
on loans.
The consolidated result after financial items, excluding one-time items,
was EUR 33.5 (14.0) million. The Group recognized a one-time income of
EUR 0.045 million for the period from the sale of shares in Ekokem Oy.
Income taxes, calculated from the net result for the period, totalled
EUR -8.5 (-1.5) million.
The net result for the period, excluding one-time items, was
EUR 25.1 (10.7) million and the corresponding figure including
one-time items EUR 25.1 (25.4) million.
The basic earnings per share, excluding one-time items, were
EUR 2.20 (0.94) and the corresponding figure including one-time items
was EUR 2.20 (2.36).
The return on investment, excluding one-time items, was 25.7% (12.4%)
and return on equity, excluding one-time items, 51.7% (22.2%).
Financing
On 30 June 2008 Componenta Corporation had outstanding capital notes and
convertible notes with a combined value of EUR 52.6 million, as defined
in IFRS. 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 of the notes. During the review period, 6 of Componenta's
convertible capital notes were converted into shares. As a result, the
number of Componenta shares increased by 1,200 and the shareholders'
equity rose by EUR 10,800. At the end of the review period the
outstanding unconverted capital notes and convertible notes entitled
holders to subscribe to 3,167,000 shares.
At the end of the review period, Componenta had EUR 98.2 million in
unused, 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 52.6 million,
stood at EUR 186.0 (213.9) million. The company's net debt as a
proportion of shareholders' equity, including the capital notes in
shareholders' equity, was 116.7% (139.2%).
Componenta is making more efficient 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 receivable totalling
EUR 59.7 (33.5) million.
Componenta's net cash flow from operations during the review period was
EUR 26.0 (6.1) million, and of this the change in net working capital
was EUR -16.9 (-16.0) million. The cash flow from investment was EUR -
18.1 (-27.4) million.
At the end of the review period the Group's equity ratio was 21.3%
(19.7%). The Group's shareholders' equity on 30 June 2008, including the
capital notes in shareholders' equity, as a proportion of the balance
sheet total was 31.8% (30.7%).
Performance of business divisions
Componenta amended its reporting structure on 1 January 2008, when
Componenta Pistons was transferred from Other business to the Machine
shop division and the Orhangazi machine shop operations were transferred
from the Turkey division, also to the Machine shop division. All figures
for comparison for the divisions for 2007 have been adjusted to bring
them in line with the new reporting structure.
Foundries
The Foundries division had net sales in the January - June period of EUR
159.2 (125.1) million and an operating profit of EUR 21.3 million, 13.4%
of net sales (EUR 11.3 million, 9.0%). Increased volumes and greater
efficiency in its operations made a positive contribution to the
division's operating profit. In consequence of the sharp increases in
raw material prices, in the review period Componenta introduced a new
price compensation system, which will mean that the impact of changes in
raw material prices is updated timely on a monthly basis instead of the
previous quarterly adjustments.
In the second quarter the division had sales of EUR 86.1 (62.0) million
and an operating profit of EUR 12.4 (6.1) million.
Machine shops
The Machine shops division had net sales in the first six months of 2008
of EUR 104.8 (91.5) million and an operating profit of EUR 4.7 million,
or 4.5% of net sales (EUR 3.5 million, 3.8%).
The division had net sales in the second quarter of EUR 54.3 (45.5)
million and an operating profit of EUR 2.7 (1.7) million.
Turkey
The Turkey division had net sales in the review period of
EUR 141.7 (118.4) million and an operating profit of
EUR 20.0 million, 14.1% of net sales (EUR 8.0 million, 6.8%).
The main factors that improved the division's financial performance
in the period were increasing volumes, higher efficiency in its business
operations and the weakening of the Turkish lira against the euro.
During the review period the same price compensation system as in the
Foundries division was taken into use also in Turkey.
The Turkey division had net sales in the second quarter of
EUR 71.1 (58.6) million and an operating profit of
EUR 7.0 (2.8) million.
In the review period Orhangazi had net sales of EUR 103.9 (82.4) million
and operating profit of EUR 14.4 (6.0) million. Manisa's net sales in
the review period was EUR 40.6 (39.3) million and operating profit EUR
6.1 (2.2) million.
Other business
Other business comprises the Componenta Wirsbo forges in Sweden, the
sales and logistics company in the UK, real estate companies and the
Group's administrative functions. Other business had an operating profit
excluding one-time items of EUR2.0 (1.3) million in the January - June
period.
Other business had a second quarter operating profit excluding one-time
items of EUR 1.2 (0.0) million.
Shares and share capital
The shares of Componenta Corporation are quoted on the OMX Nordic
Exchange in Helsinki. At the end of the review period the company had a
total of 10,943,698 shares. At the end of the review period the
company's share capital stood at EUR 21.9 (21.7) million. On 30 June
2008 the quoted price of Componenta Corporation shares stood at
EUR 8.50 (13.36). The average price during the review period was
EUR 8.20, the lowest quoted price was EUR 6.12 and the highest
EUR 10.42. At the end of the review period the share capital had
a market capitalization of EUR 93.0 (145.1) million and the volume
of shares traded during the period was equivalent to 16.2% (27.5%)
of the share stock.
Share-based incentive system
The share-based incentive scheme is based on the decision taken on
3 April 2007 by the Board of Directors of Componenta Corporation. 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 incentive scheme is based on the Group's profit
after financial items and the Group's return on investment. At the end
of the review period the target group contained 39 people. 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. For
2008 a maximum of 70,000 Componenta Corporation shares will be allocated in
the scheme. The President and CEO will account for a maximum of
18,000 out of the total figure and other key personnel for altogether a
maximum of 52,000 shares. The scheme had an impact before taxes on the
result at the end of the review period of EUR 0.3 million.
Purchasing and disposing of company shares
Under the authorization of the AGM held on 25 February 2008, 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 Board holds an authorization granted by the AGM on 26 February
2007 to decide to issue shares and grant option rights and other
special rights with an entitlement to shares under the following terms
and conditions:
1.Under the authorization the Board may decide to issue shares and
grant option rights and other special rights as defined in chapter 10,
section 1 of the Finnish Companies Act, such that a maximum 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.
2.The authorization is valid for a period of five years from the
date of the decision of the AGM.
The Board of Directors has to date not exercised either of these
authorizations.
Investments
Componenta's investments in production facilities during the review
period totalled EUR 19.6 (10.4) million, and finance lease investments
accounted for EUR 1.3 (0.1) million of these. The net cash flow from
investments was EUR -18.1 (-27.4) million. The figure includes
EUR 0.4 million used during the review period to purchase shares of
Componenta Dökümcülük Ticaret Ve Sanayi A.S. on the Istanbul Stock Exchange.
Componenta now owns 93.1% of the shares of Componenta Dökümcülük Ticaret
Ve Sanayi A.S.
Board of Directors and Management
Componenta's Annual General Meeting of Shareholders on 25 February
2008 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 its Vice
Chairman.
At the end of the review period the corporate executive team of
Componenta Corporation comprised the following: President and CEO Heikki
Lehtonen; Yaylalý Günay, Senior Vice President, Investments; Hakan
Göral, Senior Vice President, Turkey division , CFO Mika Hassinen; Olli
Karhunen, Senior Vice President, Foundries division; Timo Laitinen,
Senior Vice President, Sales and Product development; Jari Leino, Sales
Director, Heavy Trucks; Anu Mankki, Senior Vice President, Human
Resources; Tapio Rantala, Director, Business Development; Michael
Sjöberg, Senior Vice President, Machine shops division, and
Communications Director Pirjo Aarniovuori.
Personnel
The number of Group personnel at the end of the review period was
5,330 (5,037), including 1,011 (823) contract employees. At the end of June
2008, 48% (50%) of the Group's personnel were in Turkey, 23% (23%) in
Finland, 19% (16%) in the Netherlands and 10% (10%) in Sweden.
Risks
Fluctuations in the prices of Componenta Group's main raw material,
recycled metal, affect the sales margins on the Group's products.
Increases in raw material prices are 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, so 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 treasury policy approved by the Board
of Directors. The objective is to protect the Group against unfavourable
changes in the financial markets and to secure the Group's financial
performance and financial position. Management of financial risks takes
place in the corporate treasury function.
Translation of Componenta Turkey's equity into euros raises a
significant translation risk in Turkish lira. Changes in the value of
US dollar, GB pound and euro in relation to Turkish lira have an impact
on Componenta's operating profit and result after financial items on short-term.
During the review period, Componenta's Board of Directors approved
the revised Group treasury policy. According to the policy, transaction
exposure is divided into separate currency denominated balance sheet items
according to whether the foreign exchange rate differences are recognized
in operating profit or on financial income and expenses. The hedging level of
the transaction exposures must lie between 95 and 100 percent. Changes in the
value of the Group's equity due to the translation of subsidiaries' foreign
currency denominated equity into euros are hedged at 0-100%. Componenta will
adjust its operations accordingly by the end of September 2008.
The Group has no significant concentration of risk for receivables. The
Group recognized no major credit losses in the review period.
The company's financial agreements contain normal clauses according to
which the company's loans may fall due for payment before the maturity
date if control of the company changes in consequence of a public
purchase offer. The company is not party to any other 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 for the remainder of 2008 are based on general
external financial indicators, order forecasts given by customers, and
on Componenta's order intake and order book.
The demand outlook in most of the Group's customer sectors is good at
the beginning of the third quarter of 2008. The slowdown in construction
in the USA and Europe has reduced demand in the off-road sector, but on
the other hand the high prices of raw materials and food are keeping
demand high for mining machinery and tractors. The prospects for the
heavy truck industry are encouraging for the remainder of the year. The
high price of oil and rising inflation, coupled with increasing
uncertainty, are reducing demand in the automotive industry in Europe.
Weaker demand has so far not affected demand for Componenta's products.
Demand prospects in the diesel and wind sectors and the machine building
industry remain good. Componenta's order book at the end of the second
quarter of 2008 stood 29% higher than at the same time in the previous
year, at EUR 138.0 (106.9) million.
Componenta Group's 2008 net sales and the result after financial items,
excluding one-time items, are expected to increase considerably on the
corresponding figures for 2007.
Interim report tables
Consolidated income statement
1.1.- 1.1.- 1.4.- 1.4.- 1.1.-
MEUR 30.6.2008 30.6.2007 30.6.2008 30.6.2007 31.12.2007
Net sales 386.0 328.6 201.0 160.7 634.7
Other
operating
income 5.1 18.2 -2.0 -1.5 17.8
Operating
expenses -333.0 -297.6 -170.0 -143.9 -583.3
Depreciation,
amortization
and write-
down -11.8 -13.6 -5.8 -5.9 -26.6
Share of the
associated
companies'
result 0.0 0.1 0.0 0.0 0.1
Operating
profit 46.3 35.8 23.2 9.5 42.7
% of net
sales 12.0 10.9 11.5 5.8 6.7
Financial
income and
expenses -12.7 -8.8 -4.5 -4.4 -20.0
Result after
financial
items 33.6 26.9 18.7 5.1 22.7
% of net
sales 8.7 8.2 9.3 3.1 3.6
Income taxes -8.5 -1.5 -4.7 -1.1 -1.1
Net profit 25.1 25.4 14.0 4.0 21.6
Allocation of
net profit for
the period
To equity
holders of
the parent 24.1 24.5 13.6 3.9 20.9
To minority
interest 1.0 0.9 0.4 0.1 0.7
25.1 25.4 14.0 4.0 21.6
Earning per
share
calculated on
the profit
attributable to
equity holders of
the parent
Earnings per
share, EUR 2.20 2.36 1.24 0.38 1.97
Earnings per
share with
dilution, EUR 1.74 1.84 0.98 0.29 1.61
Consolidated income statement excluding one-time items
1.1.- 1.1.- 1.4.- 1.4.- 1.1.-
MEUR 30.6.2008 30.6.2007 30.6.2008 30.6.2007 31.12.2007
Net sales 386.0 328.6 201.0 160.7 634.7
Other
operating
income 5.1 -1.1 -2.1 -1.4 -1.5
Operating
expenses -333.0 -292.8 -170.0 -144.1 -574.0
Depreciation,
amortization
and write-
down -11.8 -12.0 -5.8 -5.9 -24.4
Share of the
associated
companies'
result 0.0 0.1 0.0 0.0 0.1
Operating
profit 46.2 22.9 23.1 9.5 34.9
% of net
sales 12.0 6.9 11.5 5.8 6.0
Financial
income and
expenses -12.7 -8.8 -4.5 -4.4 -20.0
Result after
financial
items 33.5 14.0 18.6 5.1 14.9
% of net
sales 8.7 4.3 9.3 3.1 2.4
Income taxes -8.4 -3.3 -4.7 -1.1 -3.5
Net profit 25.1 10.7 13.9 4.0 11.4
Allocation of
net profit for the
period
To equity
holders of
the parent 24.1 9.8 13.6 3.9 10.7
To minority
interest 1.0 0.9 0.4 0.1 0.7
25.1 10.7 13.9 4.0 11.4
Earning per
share
calculated on
the profit
attributable
to equity
holders of the
parent
Earnings per
share, EUR 2.20 0.94 1.24 0.38 1.03
The 2007 comparison data has been adjusted by transferring exchange rate
differences of sales and purchases and the corresponding hedging results
from financial income and expenses to other operating income. In 1.1. -
30.6.2007 exchange rate differences were -1.7 MEUR, in 1.4. - 30.6.2007
-1.8 MEUR and 1.1. - 31.12.2007 -3.2 MEUR.
Consolidated balance sheet
MEUR 30.6.2008 30.6.2007 31.12.2007
Assets
Non-current assets
Intangible
assets 2.9 2.4 2.4
Goodwill 37.0 40.3 41.4
Investment
properties 1.8 1.8 1.8
Tangible assets 240.1 242.2 244.9
Investment in
associates 0.3 0.3 0.3
Receivables 4.2 5.1 4.3
Other
investments 1.0 0.5 0.9
Deferred tax
assets 8.2 8.2 9.4
Total non-current
assets 295.6 301.0 305.5
Current assets
Inventories 94.4 84.1 82.5
Receivables 101.9 103.8 81.7
Tax receivables 0.0 - 0.2
Cash and bank
accounts 9.2 13.3 27.5
Total current
assets 205.5 201.2 191.9
Total assets 501.1 502.2 497.3
Liabilities and
shareholders' equity
Shareholders' equity
Share capital 21.9 21.7 21.9
Other equity 75.2 67.8 69.4
Equity
attributable to
equity holders of
the parent 97.1 89.6 91.3
Minority interest 9.6 8.9 9.3
Shareholders'
equity 106.7 98.5 100.6
Liabilities
Non-current
Capital loan 41.1 50.1 50.2
Interest
bearing 119.4 99.9 77.0
Interest free 0.5 0.0 0.3
Provisions 7.7 4.2 6.4
Deferred tax
liability 9.0 8.9 9.4
Current
Capital loan 11.6 5.1 5.2
Interest
bearing 75.8 127.3 137.9
Interest free 121.0 102.6 105.9
Tax
liabilities 3.0 0.4 0.9
Provisions 5.3 5.3 3.5
Total liabilities 394.4 403.7 396.7
Total liabilities
and shareholders'
equity 501.1 502.2 497.3
Consolidated cash flow statement
1.1.- 1.1.- 1.1.-
MEUR 30.6.2008 30.6.2007 31.12.2007
Cash flow from
operations
Result after
financial items 33.6 27.7 22.7
Depreciation,
amortization and
write-down 11.8 12.8 26.6
Net financial
income and
expenses 12.7 10.6 23.2
Other income
and expenses,
adjustments to
cash flow 1.7 -16.3 -15.1
Change in net
working capital -16.9 -16.0 11.0
Cash flow from
operations before
financing and
income taxes 42.9 18.8 68.5
Interest
received and paid
and dividends
received -14.5 -9.8 -23.1
Taxes paid -2.4 -2.8 -2.8
Net cash flow from
operations 26.0 6.1 42.6
Cash flow from
investing activities
Capital
expenditure in
tangible and
intangible assets -17.8 -10.5 -22.3
Proceeds from
tangible and
intangible assets - 0.1 0.1
Other
investments and
loans granted - -5.1 -0.7
Proceeds from
other investments
and repayments of
loan receivables - 28.0 24.5
Acquisition
of subsidiary,
net of cash
acquired -0.3 -39.9 -40.2
Net cash flow
from investing
activities -18.1 -27.4 -38.6
Cash flow from
financing activities
Dividends paid -5.6 -3.3 -3.3
Share issue
(capital notes) - 7.1 0.0
Draw-down
(+)/ repayment (-)
of the equity part of
convertible
capital notes - 0.0 0.0
Repayment of
finance lease
liabilities -0.6 -1.1 -3.3
Draw-down
(+)/ repayment (-) of
current loans -56.0 20.2 44.2
Draw-down
(+)/ repayment (-) of
non-current loans 33.7 -3.7 -30.5
Net cash flow from
financing activities -28.5 19.2 7.2
Change in liquid
assets -20.6 -2.0 11.2
Cash and bank
account at the
beginning of the
period 27.5 15.3 15.3
Effects of
exchange rate
changes on cash -2.3 - 1.0
Cash and bank
account at the
period end 9.2 13.3 27.5
Change during the
financial period -20.6 -2.0 11.2
Statement of changes in consolidated shareholders' equity
Trans- Share-
Share lation holders'
Share premium Other diffe- Retained Minority equity
MEUR capital account reserves rences earnings Total interest total
Shareholders'
equity
1.1.2007 20.0 12.4 3.4 0.1 19.1 55.2 37.7 92.9
Derivatives 0.1 0.1 0.1
Change in
translation
differences 6.5 6.5 0.6 7.1
Other changes -1.3 -1.3 -1.3
Dividends
paid -2.5 -2.5 -0.8 -3.3
Increase of
share capital
(warrants) 1.7 2.0 3.4 7.1 7.1
Equity share
of convertible
capital notes 0.0 0.0 0.0
Change in
minority
interest 0.0 -29.5 -29.5
Profit/loss
for the period 24.5 24.5 0.9 25.4
Shareholders'
equity
30.6.2007 21.7 14.4 6.9 5.4 41.1 89.6 8.9 98.5
Trans- Share-
Share lation holders'
Share premium Other diffe- Retained Minority equity
MEUR capital account reserves rences earnings Total interest total
Shareholders'
equity
1.1.2008 21.9 14.9 7.2 9.8 37.5 91.3 9.3 100.6
Derivatives 1.7 1.7 1.7
Change in
translation
differences -14.9 -14.9 -0.5 -15.4
Other changes 0.2 0.2 0.2
Dividends
paid -5.5 -5.5 -0.1 -5.6
Increase of
share capital
(convertible
notes) 0.0 0.1 0.1 0.2 0.2
Equity share
of convertible
capital notes 0.0 0.0
Change in
minority
interest 0.0 -0.1 -0.1
Profit/loss
for the period 24.1 24.1 1.0 25.1
Shareholders'
equity
30.6.2008 21.9 15.0 9.2 -5.1 56.1 97.1 9.6 106.7
Key ratios
30.6.2008 30.6.2007 31.12.2007
Equity ratio, % 21.3 19.7 20.3
Equity per share. EUR 8.87 8.19 8.34
Invested capital 354.5 380.9 370.9
Return on
investment, % 25.7 19.8 11.9
Return on
investment,
excluding one-
time items % 25.7 12.4 9.8
Return on equity, % 51.7 56.5 23.0
Return on equity,
excluding one-
time items % 51.7 22.2 12.1
Net interest
bearing debt,
MEUR, preferred
capital note in debt 238.6 269.1 242.8
Net gearing, %,
preferred capital
note in debt 223.6 273.2 241.3
Order book, MEUR 138.0 106.9 129.0
Investments in
non-current
assets without
finance leases, MEUR 18.6 50.5 62.9
Investments in
non-current
assets incl.
finance leases, MEUR 20.0 50.6 64.5
Investments in
non-current
assets, % of net sales 5.2 15.4 10.2
Average number of
personnel during
the period 4,319 4,214 4,206
Average number of
personnel during
the period, incl.
leased personnel 5,239 5,118 5,094
Number of
personnel at
period end 4,328 4,214 4,158
Number of
personnel at
period end, incl.
leased personnel 5,330 5,037 5,064
Share of export
and foreign
activities in net
sales, % 88.5 88.8 89.1
Contingent
liabilities, MEUR 176.7 254.6 177.5
Earnings per
share (EPS), EUR 2.20 2.36 1.97
Earnings per
share, with
dilution (EPS), EUR 1.74 1.84 1.61
Segments
Primary reporting format
Foundries, MEUR 30.6.2008 30.6.2007 31.12.2007
Assets 148.9 134.9 143.0
Liabilities 50.4 37.5 38.1
Investments in
non-current
assets (incl.
finance leases) 3.7 1.6 4.4
Depreciation 3.9 7.4 12.6
Machine shops,
MEUR 30.6.2008 30.6.2007 31.12.2007
Assets 74.9 63.2 70.4
Liabilities 33.4 26.2 34.1
Investments in
non-current
assets (incl.
finance leases) 5.5 1.8 4.5
Depreciation 2.2 2.2 4.3
Döktas, MEUR 30.6.2008 30.6.2007 31.12.2007
Assets 207.8 220.8 204.1
Liabilities 41.1 31.1 34.3
Investments in
non-current
assets (incl.
finance leases) 8.9 6.1 13.1
Depreciation 3.4 3.8 8.1
Secondary reporting format
Nordic countries,
MEUR 30.6.2008 30.6.2007 31.12.2007
Assets 191.0 191.1 183.5
Investments in
non-current
assets (incl.
finance leases) 6.1 2.9 7.3
Other European
countries, MEUR 30.6.2008 30.6.2007 31.12.2007
Assets 248.8 311.1 243.0
Investments in
non-current
assets (incl.
finance leases) 13.5 7.1 16.2
Changes in tangible assets and goodwill
MEUR 1-6/2008 1-6/2007 1-12/2007
Changes in
tangible assets
Acquisition cost
at the beginning
of the period 568.1 545.1 545.1
Translation
difference -26.5 7.9 13.8
Additions 18.6 14.2 27.3
Disposal of
subsidiary - -15.1 -14.9
Disposals -0.8 -1.3 -3.1
Acquisition cost
at the end of the
period 559.4 550.8 568.1
Accumulated
depreciation at the
beginning of the period -323.2 -300.0 -300.0
Translation
difference 7.8 -4.3 -7.7
Accumulated
depreciation on
additions - -2.2 -2.0
Accumulated
depreciation on
disposals 7.4 0.5 2.1
Depreciation on
disposal of
subsidiary - 10.7 10.5
Depreciation
during the period -11.3 -13.3 -26.2
Accumulated
depreciation at
the end of the
period -319.3 -308.6 -323.2
Book value at the
end of the period 240.1 242.2 244.9
Goodwill
Acquisition cost
at the beginning
of the period 43.7 33.2 33.2
Additions - 7.4 7.8
Translation
difference -4.4 2.0 2.7
Acquisition cost
at the end of the
period 39.3 42.6 43.7
Accumulated
depreciation at
the beginning of
the period -2.3 -2.3 -2.3
Accumulated
depreciation at
the end of the
period -2.3 -2.3 -2.3
Book value at the
end of the period 37.0 40.3 41.4
Group development
Net sales by market area
MEUR 1-12/2007 1-6/2007 1-6/2008
Nordic countries 183.5 100.2 111.7
Other European
countries 421.8 213.3 258.2
Other countries 29.4 15.1 16.1
Total 634.7 328.6 386.0
Quarterly development by market area
MEUR Q1/07 Q2/07 Q3/07 Q4/07 Q1/08 Q2/08
Nordic
countries 53.7 46.5 38.5 44.9 52.1 59.6
Other
European
countries 106.7 106.6 96.7 111.8 125.2 133.0
Other
countries 7.4 7.7 8.0 6.3 7.7 8.4
Total 167.9 160.7 143.2 162.9 185.0 201.0
Group development
MEUR 1-12/2007 1-6/2007 1-6/2008
Net sales 634.7 328.6 386.0
Operating profit 42.7 35.8 46.3
Net financial
items -20.0 -8.8 -12.7
Profit/loss after
financial items 22.7 26.9 33.6
Group development by business division
Net sales, MEUR 1-12/2007 1-6/2007 1-6/2008
Foundries 241.7 125.1 159.2
Machine shops 177.8 91.5 104.8
Turkey 225.7 118.4 141.7
Other business 145.5 75.1 79.0
Internal and one-
time items -156.0 -81.4 -98.7
Componenta total 634.7 328.6 386.0
Operating profit,
MEUR 1-12/2007 1-6/2007 1-6/2008
Foundries 16.7 11.3 21.3
Machine shops 6.5 3.5 4.7
Turkey 10.4 8.0 20.0
Other business 1.6 1.3 2.0
Internal and one-
time items 7.5 11.8 -1.7
Componenta total 42.7 35.8 46.3
Order book, MEUR 12/2007 6/2007 6/2008
Foundries and
Machine shops 72.1 58.1 74.0
Turkey 41.9 35.7 48.1
Other business 15.0 13.1 16.0
Componenta total 129.0 106.9 138.0
Group development by quarter
MEUR Q1/07 Q2/07 Q3/07 Q4/07 Q1/08 Q2/08
Net sales 167.9 160.7 143.2 162.9 185.0 201.0
Operating
profit 26.3 9.5 2.4 4.5 23.1 23.2
Net
financial
items -4.5 -4.4 -5.5 -5.6 -8.2 -4.5
Profit/
loss after
financial
items 21.8 5.1 -3.1 -1.1 14.9 18.7
Quarterly development by business division
Net sales,
MEUR Q1/07 Q2/07 Q3/07 Q4/07 Q1/08 Q2/08
Foundries 63.1 62.0 52.4 64.2 73.1 86.1
Machine
shops 46.0 45.5 39.4 46.8 50.5 54.3
Turkey 59.8 58.6 56.3 51.0 70.7 71.1
Other
business 39.9 35.2 31.4 39.1 40.3 38.7
Internal
and one-time
items -40.9 -40.5 -36.4 -38.2 -49.6 -49.1
Componenta
total 167.9 160.7 143.2 162.9 185.0 201.0
Operating profit,
MEUR Q1/07 Q2/07 Q3/07 Q4/07 Q1/08 Q2/08
Foundries 5.2 6.1 0.8 4.7 8.9 12.4
Machine
shops 1.8 1.7 1.7 1.3 2.0 2.7
Turkey 5.1 2.8 -0.6 3.0 13.0 7.0
Other
business 1.2 0.0 0.5 -0.1 0.8 1.2
Internal
and one-time
items 13.0 -1.2 0.0 -4.3 -1.6 -0.1
Componenta
total 26.3 9.5 2.4 4.5 23.1 23.2
Order book at period end,
MEUR Q1/07 Q2/07 Q3/07 Q4/07 Q1/08 Q2/08
Foundries and
Machine shops 56.2 58.1 68.3 72.1 73.4 74.0
Turkey 38.5 35.7 41.4 41.9 45.7 48.1
Other
business 9.9 13.1 15.3 15.0 15.5 16.0
Componenta
total 104.7 106.9 125.0 129.0 134.6 138.0
Group development excluding one-time items
MEUR 1-12/2007 1-6/2007 1-6/2008
Net sales 634.7 328.6 386.0
Operating profit 34.9 22.9 46.2
Net financial
items -20.0 -8.8 -12.7
Profit/loss after
financial items 14.9 14.0 33.5
Group development by business division excluding one-time items
Operating profit,
MEUR 1-12/2007 1-6/2007 1-6/2008
Foundries 16.7 11.3 21.3
Machine shops 6.5 3.5 4.7
Turkey 10.4 8.0 20.0
Other business 1.6 1.3 2.0
Internal items -0.3 -1.1 -1.8
Componenta total 34.9 22.9 46.2
Group development by quarter excluding one-time items
MEUR Q1/07 Q2/07 Q3/07 Q4/07 Q1/08 Q2/08
Net sales 167.9 160.7 143.2 162.9 185.0 201.0
Operating
profit 13.4 9.5 3.3 8.7 23.1 23.1
Net
financial
items -4.5 -4.4 -5.5 -5.6 -8.2 -4.5
Profit/loss
after
financial
items 8.9 5.1 -2.1 3.1 14.9 18.6
Quarterly development by business division excluding one-time items
Operating profit.
MEUR Q1/07 Q2/07 Q3/07 Q4/07 Q1/08 Q2/08
Foundries 5.2 6.1 0.8 4.7 8.9 12.4
Machine
shops 1.8 1.7 1.7 1.3 2.0 2.7
Turkey 5.1 2.8 -0.6 3.0 13.0 7.0
Other
business 1.2 0.0 0.5 -0.1 0.8 1.2
Internal
items 0.1 -1.2 0.9 -0.1 -1.6 -0.2
Componenta
total 13.4 9.5 3.3 8.7 23.1 23.1
Largest registered shareholders on 30 June 2008
Share of total
Shareholder Shares voting rights, %
1 Lehtonen Heikki 4,161,744 38.03
Cabana Trade S.A. 3,801,988
Oy Högfors-Trading Ab 359,756
2 Etra-Invest Oy Ab 3,070,000 28.05
3 Inkinen Simo-Pekka 343,260 3.14
Inkinen Simo-Pekka 339,260
Väli-Gunnarla Avoin Yhtiö 4,000
4 Laakkonen Mikko 200,000 1.83
5 Lehtonen Anna-Maria 178,823 1.63
6 FIM Fenno Sijoitusrahasto 171,185 1.56
7 Bergholm Heikki 165,000 1.51
8 Lehtonen Yrjö M. 85,040 0.78
9 Troll Capital Oy 61,477 0.56
10 Seppo Saario Oy 60,000 0.55
Nominee-registered shares 317,842 2.90
Other shareholders 2,129,327 19.46
Total 10,943,698 100.00
The members of the Board of Directors own 39.7% of the shares. All
shares have equal voting rights. If all the warrants were converted to
shares, the holding of shares by the members of the Board of Directors
would decrease to 32.7 %.
Helsinki, 15 July 2008
COMPONENTA CORPORATION
Board of Directors
Heikki Lehtonen
President and CEO
Further information:
Heikki Lehtonen
President and CEO
tel. +358 10 403 00
Componenta is a metal sector company with international operations and
production plants located in Finland, Turkey, the Netherlands and
Sweden. The net sales of Componenta were EUR 635 million in 2007. The
Group employs about 5,100 people. Componenta's shares are quoted on the
OMX Nordic Exchange in Helsinki. 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
www.componenta.com
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