2014-07-24 08:30:01 CEST
2014-07-24 08:30:04 CEST
REGULATED INFORMATION
Exel Composites Oyj - Interim report (Q1 and Q3)
Exel Composites Plc's Interim Report for January 1 – June 30, 2014
EXEL COMPOSITES PLC INTERIM REPORT 24.7.2014 at 9.30
1 (12)
EXEL COMPOSITES PLC'S INTERIM REPORT FOR JANUARY 1 - JUNE 30, 2014
Q2 in brief:
-- Net sales increased to 21.4 MEUR, up by 22.1 per cent from previous year
(Q2/2013:17.5 MEUR)
-- Operating profit was 3.1 (1.6) MEUR, up by 89.7 per cent from previous year
-- Operating profit margin was 14.3 (9.2) per cent of net sales
-- Net operative cash flow was positive at +2.4 (+1.9) MEUR
-- Fully diluted earnings per share were 0.19 (0.10) EUR
H1 in brief:
-- Net sales increased to 39.2 MEUR, up by 13.9 per cent from previous year
(H1/2013:34.4 MEUR)
-- Operating profit was 4.9 (2.3) MEUR, up by 117.2 per cent from previous
year
-- Operating profit margin was 12.6 (6.6) per cent of net sales
-- Net operative cash flow was positive at +3.1 (+2.6) MEUR
-- Fully diluted earnings per share were 0.28 (0.14) EUR
Near-term outlook
The market has stabilized but remains challenging. Uncertainties relating to
general growth prospects in the economy continue. Some positive signs can be
seen especially in the laminate and demanding carbon tube markets. The Company
invests in growth by reinforcing the organization, especially in sales and
operations development. The Company will monitor the general market development
and react with additional measures if needed. The Company is well-positioned to
grow profitably when the markets recover.
President and CEO Riku Kytömäki:
Exel Composites' net sales for the second quarter increased by 22.1 per cent
from the corresponding period in 2013 from EUR 17.5 million to EUR 21.4
million. Order intake increased in the second quarter by 12.5 per cent to EUR
21.4 (19.0) million on the corresponding period in 2013. Our order backlog
remained on a good level at EUR 14.1 million in the second quarter of 2014,
decreasing slightly from the first quarter 2014 due to strong deliveries in the
second quarter of 2014.
Market demand continued to improve during the second quarter. Demand increased
especially in the telecommunication, transportation and building, construction
and infrastructure markets. However, the market remains challenging.
Exel Composites' operating profit nearly doubled and was EUR 3.1 million
compared to EUR 1.6 million due to increased sales, our efficiency improvement
and better cost control. We continued to develop the Group's operations in
order to further enhance productivity and synergies across the units.
CONSOLIDATED KEY FIGURES, EUR million
(unaudited)
1.4. - 1.4. - Change, 1.1. - 1.1.-30. Change 1.1. -
30.6. 30.6. % 30.6. 6. % 31.12.
2014 2013 2014 2013 2013
Net sales 21.4 17.5 22.1 39.2 34.4 13.9 69.3
Operating profit 3.1 1.6 89.7 4.9 2.3 117.2 4.8
% of net sales 14.3 9.2 12.6 6.6 7.0
Cash flow from 2.4 1.9 30.9 3.1 2.6 20.4 7.8
operations
Capital expenditure 0.5 0.7 -25.1 1.2 1.3 -10.6 2.8
Return on capital 32.2 17.8 26.8 12.0 13.0
employed, %
Net gearing, % 5.7 4.6 5.7 4.6 15.0
Earnings per share, 0.19 0.10 0.28 0.14 0.26
EUR
Market environment
In the second quarter 2014 the market continued to improve but was still
challenging. Demand increased in the telecommunication, transportation and
building, construction and infrastructure industries in April - June 2014
compared to the corresponding period in 2013. Market demand decreased in the
sports and leisure industry.
In the first half of 2014 market demand increased in the telecommunication,
general and transportation industries compared to the corresponding period in
2013 while market demand decreased in the sports and leisure industry.
Order intake and order backlog April - June 2014
Order intake increased in the second quarter by 12.5 per cent to EUR 21.4
(19.0) million on the corresponding period in 2013.
The Group's order backlog increased to EUR 14.1 (13.1) million on 30 June 2014.
The order backlog was approximately on the same level as in the first quarter
of 2014 (EUR 14.3 million).
Sales review April - June 2014
Group net sales increased 22.1 per cent to EUR 21.4 (17.5) million on the
corresponding period in 2013.
Net sales increased in the largest region, Europe, by 21.1 per cent compared to
the corresponding period in 2013. Net sales in the APAC region increased by
22.2 per cent. Net sales in the region Rest of the world increased by 28.6 per
cent.
Sales of Industrial applications increased by 29.4 per cent to EUR 13.2 million
from EUR 10.2 million in the corresponding period in 2013. Sales increased
especially to the telecommunication and transportation industries.
Sales of Construction and Infrastructure applications in the second quarter of
2014 increased by 4.4 per cent to EUR 4.4 (3.9) million compared to the
corresponding period in 2013.
Sales of Other applications grew by 5.6 per cent to EUR 3.8 (3.6) million
compared to the corresponding period in 2013.
Order intake January - June 2014
Order intake increased by 15.5 per cent to during the first six months of the
year to EUR 43.1 (37.4) million compared to the corresponding period in 2013.
Sales review January - June 2014
Group net sales increased 13.9 per cent to EUR 39.2 (34.4) million on the
corresponding period in 2013.
Net sales increased in the largest region, Europe, by 17.0 per cent compared to
the corresponding period in 2013. The APAC region declined by 3.6 per cent. The
decline in APAC was mainly related to the Australian market, where the decline
was mainly due to a one-off project recorded in the first quarter of 2013.
Sales of Industrial applications increased by 16.7 per cent to EUR 23.0 million
from EUR 19.7 million in the corresponding period in 2013. Sales increased
especially to the telecommunication, transportation, paper and machine
industries.
Sales of Construction and Infrastructure applications increased by 3.6 per cent
to EUR 8.5 (8.2) million compared to the corresponding period in 2013.
Sales of Other applications grew by 18.2 per cent to EUR 7.7 (6.6) million
compared to the corresponding period in 2013. Sales increased in the cleaning
and maintenance and general industries market applications, but decreased in
the sports and leisure market applications.
Net sales by Region
MEUR 1.4. 1.4. Change, 1.1. 1.1. Change, 1.1.
-30.6. -30.6. % -30.6. -30.6. % -31.12.
2014 2013 2014 2013 2013
Europe 17.2 14.2 21.1 32.3 27.6 17.0 56.0
APAC 3.3 2.7 22.2 5.3 5.5 -3.6 10.6
Rest of 0.9 0.7 28.6 1.6 1.4 14.2 2.7
world
Total 21.4 17.5 22.1 39.2 34.4 13.9 69.3
Sales by Customer Industry
MEUR 1.4. 1.4. Change 1.1. 1.1. Change 1.1.
-30.6. -30.6. , % -30.6. -30.6. , % -31.12.
2014 2013 2014 2013 2013
Construction and 4.4 3.9 12.8 8.5 8.2 3.6 15.8
infrastructure
Industrial 13.2 10.2 29.4 23.0 19.7 16.7 40.7
applications
Other applications 3.8 3.6 5.6 7.7 6,6 18.2 12.8
Total 21.4 17.5 22.1 39.2 34.4 13.9 69.3
Financial performance
April - June 2014
The Group's operating profit continued to develop positively in April - June
2014 due to increased sales, continued efficiency improvement, and better cost
control. The Group's operating profit in April - June 2014 was EUR 3.1 (1.6)
million or 14.3 (9.2) per cent of net sales.
The turnaround measures in Australia, including change in the operating model
and transfer of Brisbane unit to Melbourne, have been completed but have not
yet resulted in satisfactory profitability. The focus is on generating more
sales.
January - June 2014
The Group's operating profit in January - June 2014 was EUR 4.9 (2.3) million
or 12.6 (6.6) per cent of net sales. The main reasons for the increase in the
operating profit were increased sales, efficiency improvement and better cost
control.
The Group's net financial expenses in January - June 2014 were EUR -0.3 (0.0)
million. The Group's profit before taxes was EUR 4.6 (2.3) million and profit
after taxes EUR 3.3 (1.7) million.
Financial position
Net cash flow from operating activities was positive at EUR +3.1 (+2.6) million
due to improved operating profit. However, working capital increased in the
review period due to higher receivables based on increased sales. Cash flow
before financing, but after capital expenditure, amounted to EUR 1.9 (1.2)
million. The capital expenditure on fixed assets amounted to EUR 1.2 (1.3)
million. Capital expenditure was financed with cash flow from business
operations. At the end of the period under review, the Group's liquid assets
stood at EUR 9.9 (6.9) million.
The Group's consolidated total assets at the end of the review period were EUR
54.3 (50.8) million.
Interest-bearing liabilities amounted to EUR 11.5 (8.2) million. Net
interest-bearing liabilities were EUR 1.6 (1.3) million.
Equity at the end of the second quarter of 2014 was EUR 27.1 (28.2) million and
equity ratio 50.0 (55.7) per cent. The net gearing ratio was 5.7 (4.6) per
cent.
Business development and strategy implementation
Exel Composites is revisiting its strategy. The new strategy will target
boosting profitable growth in the future. The new strategy is expected to be
disclosed during the second half of 2014.
Strategic improvement projects are being continued. In 2014 focus is on
improving production speed and yield. Advanced laminates production is in the
ramp up phase at the Mäntyharju factory.
Research and development
Exel Composites has continued to develop several new customer-specific
applications during the period under review, especially to the building and
construction, machine industry, and transportation industry markets.
Product and technology development costs totaled EUR 0.9 (0.9) million,
representing 2.2 (2.5) per cent of net sales. The main projects were connected
with the development of new products and customer applications.
Shares and share performance
At the end of June 2014, Exel Composites' share capital was EUR 2,141,431.74
and the number of shares was 11,896,843 each having the counter-book value of
EUR 0.18. There were no changes in the share capital during the review period.
There is only one class of shares and all shares are freely assignable under
Finnish law. Exel Composites' share is listed in the Small Cap segment of the
NASDAQ OMX Helsinki Ltd. in the Industrials sector.
Exel Composites did not hold any of its own shares during the period under
review.
During the period under review the highest share price quoted was EUR 6.35
(6.50) and the lowest EUR 5.56 (5.10). The share price closed at EUR 6.35
(5.25). The average share price during the period under review was EUR 6.05
(5.85).
A total of 4,580,749 (621,761) shares were traded during the reporting period,
which represents 38.5 (5.2) per cent of the average number of shares. Based on
the closing price on 30 June 2014, Exel Composites' market capitalization was
EUR 75.5 (62.5) million.
Shareholders and disclosures
Exel Composites had a total of 2.676 (2,752) shareholders on 30 June 2014.
Information on Exel Composites' shareholders is available on the Company
website at www.exelcomposites.com.
Exel Composites received three flagging announcements during the period under
review.
According to a flagging announcement received from Nordstjernan AB the holding
of Nordstjernan AB had fallen under 5 per cent of the voting rights and share
capital in Exel Composites Plc. Through share transactions concluded on 9 June
2014, Nordstjernan AB sold its entire holding, 1,656,506 shares, representing
13.9 per cent of the shares and voting rights of the Company.
On 10 June 2014 Exel Composites received a flagging announcement according to
which the holding of Redarnas Ömsesidiga Försäkringsbolag had exceeded 5 per
cent of the voting rights and share capital in Exel Composites Plc. Through
share transactions concluded on 9 June 2014, the holding of Redarnas Ömsesidiga
Försäkringsbolag rose to 847,098 shares, representing 7.12 per cent of the
shares and voting rights of the Company.
On 10 June 2014 Exel Composites received a flagging announcement according to
which the holding of the investment funds administered by OP-Rahastoyhtiö Funds
had exceeded 5 per cent of the voting rights and share capital in Exel
Composites Plc. Through share transactions concluded on 9 June 2014, the
holding of OP-Rahastoyhtiö Funds rose to 889,551 shares, representing 7.48 per
cent of the shares and voting rights of the Company.
Significant related-party transactions
Exel Composites' permanent public insiders include Exel Composites' Board
members, the President and CEO and the members of the Group Management Team. No
significant related-party transactions were conducted by the Group or the
permanent insiders during the period under review.
Organization and personnel
The number of employees on 30 June 2014 was 433 (426), of whom 201 (206) worked
in Finland and 232 (220) in other countries. The average number of personnel
during January - June 2014 was 423 (433).
Management
On 19 May 2014 Mrs. Tiina Hiltunen was appointed SVP Human Resources and member
of Exel Composites Plc's Group Management Team as of 1 August 2014.
Health, safety and environment
Special attention will be given to occupational health and safety issues in
2014. The Nanjing unit in China achieved the Health and Safety standard ISO
18001 in 2013. It is our intention to roll out this certification over all
sites.
Risks and uncertainties
The most significant near-term business risks are related to the general
economic development, government regulations and financial crisis in the Euro
area as well as to market demand. Continuing low demand in the Australian
market may require further corrective actions which can have an impact on the
profitability. The possible uncertainties in the Russian market may have
limited impact on Exel Composites.
Raw material prices, energy cost and other cost increases may continue to put
pressure on profitability. The possible new European Community's anti-dumping
tariffs on Chinese glass fiber may have a negative effect on the result in
terms of increased raw material prices. Currency rate changes, price
competition and alternative competing materials may also have a negative effect
on the result. The availability and cost of financing may continue to have an
effect on the demand and increase the risk of credit losses.
Near-term outlook
The market has stabilized but remains challenging. Uncertainties relating to
general growth prospects in the economy continue. Some positive signs can be
seen especially in the laminate and demanding carbon tube markets. The Company
invests in growth by reinforcing the organization, especially in sales and
operations development. The Company will monitor the general market development
and react with additional measures if needed. The Company is well-positioned to
grow profitably when the markets recover.
Vantaa, 24 July 2014
Board of Directors of Exel Composites Plc
For further information, please contact:
Riku Kytömäki, President and CEO
tel. +358 50 511 8288, or email riku.kytomaki@exelcomposites.com
Ilkka Silvanto, CFO and Administrative Director
tel. +358 50 598 9553, or email ilkka.silvanto@exelcomposites.com
Distribution
NASDAQ OMX Helsinki Ltd.
Main news media
www.exelcomposites.com
Exel Composites in brief
Exel Composites (www.exelcomposites.com) is a technology company which designs,
manufactures and markets composite profiles and tubes for industrial
applications. The Group is the leading composite profile manufacturer in the
world and concentrates on growing niche segments.
The core of the operations is based on own, internally developed composite
technology, product range based on it and a strong market position in selected
segments with a strong quality and brand image. Profitable growth is pursued by
a relentless search for new applications and development in co-operation with
customers. The personnel's expertise and high level of technology play a major
role in Exel Composites' operations.
Exel Composites Plc share is listed in the Small Cap segment of NASDAQ OMX
Helsinki Ltd.
Summary of Financial Statements and notes to the Financial Statements 1 January
- 30 June 2014
Accounting principles:
This interim report has been prepared in accordance with IAS 34, Interim
Financial Reporting. The same accounting policies have been followed as in the
previous Financial Statements. Key indicator calculations remain unchanged and
have been presented in the 2013 Financial Statements.
Preparation of financial statements in accordance with the IFRS standards
requires Exel Composites' management to make estimates and assumptions that
have an effect on the amount of assets and liabilities on the balance sheet at
the closing date as well as the amounts of income and expenses for the
financial period. In addition, the management must exercise its judgement
regarding the application of accounting policies. Since the estimates and
assumptions are based on the views at the date of the Interim Report, they
include risks and uncertainties. The actual results may differ from the
estimates and assumptions.
The amounts presented in the income statement and balance sheet are Group
figures. The amounts presented in the release are rounded, so the sum of
individual figures may differ from the sum reported. The Interim Report is
unaudited.
CONSOLIDATED COMPREHENSIVE INCOME STATEMENT
EUR thousand 1.4. - 1.4. - Change 1.1. - 1.1. - Change, 1.1. -
30.6. 30.6. , % 30.6. 30.6. % 31.12.
2014 2013 2014 2013 2013
Net sales 21,420 17,548 22.1 39,232 34,445 13.9 69,290
Materials and -8,290 -6,455 -28.4 -14,266 -12,885 -10.7 -26,037
services
Employee benefit -5,635 -5,448 -3.4 -11,028 -10,757 -2.5 -21,128
expenses
Depreciation and -654 -684 4.4 -1,317 -1,357 2.9 -2,691
impairment
Other operating -3,949 -3,510 -12.5 -8,038 -7,491 -7.3 -15,258
expenses
Other operating 161 159 1.3 361 322 12.1 667
income
Operating profit 3,054 1,609 89.7 4,943 2,276 117.2 4,843
Net financial items -118 -48 -145.8 -347 -23 -1,408.7 -286
Profit before tax 2,935 1,562 87.9 4,596 2,252 104.1 4,557
Income taxes -706 -399 -76.9 -1,251 -535 -133.8 -1,477
Profit/loss for the 2,229 1,162 91.8 3,346 1,717 94.9 3,080
period
Other comprehensive
income:
Other comprehensive
income to be
reclassified to
profit or loss in
subsequent
periods:
Exchange 528 -1,690 -131.2 932 -1,392 167.0 -2,174
differences on
translating
foreign operations
Other comprehensive 528 -1,690 -131.2 932 -1,392 167.0 -2,174
income, net of tax
Total comprehensive 2,757 -527 -623.1 4,278 326 1.212.3 906
income
Profit/loss
attributable to:
Equity holders of 2,229 1,162 3,346 1,717 3,080
the parent company
Comprehensive
income
attributable to:
Equity holders of 2,757 -527 4,278 326 906
the parent company
Earnings per share, 0.19 0.10 0.28 0.14 0.26
diluted and
undiluted, EUR
CONDENSED CONSOLIDATED BALANCE SHEET
EUR thousand 30.6.2014 30.6.2013 Change 31.12.2013
ASSETS
Non-current assets
Goodwill 9,823 10,017 -194 9,393
Other intangible assets 789 971 -182 921
Tangible assets 10,839 10,791 48 10,796
Deferred tax assets 725 799 -74 641
Other non-current assets 73 63 10 70
Non-current assets total 22,249 22,640 -392 21,821
Current assets
Inventories 9,286 9,097 189 7,936
Trade and other receivables 12,856 12,206 650 9,273
Cash at bank and in hand 9,931 6,884 3,047 9,438
Current assets total 32,073 28,186 3,887 26,648
Total assets 54,322 50,826 3,496 48,468
EQUITY AND LIABILITIES
Shareholders´ equity
Share capital 2,141 2,141 0 2,141
Other reserves 72 72 0 72
Invested unrestricted equity fund 2,539 8,488 -5,949 2,539
Translation differences 3,096 2,946 150 2,164
Retained earnings 15,924 12,845 3,079 12,844
Profit for the period 3,346 1,717 1,629 3,080
Total equity attributable to equity 27,118 28,209 -1,091 22,841
holders of the parent company
Total equity 27,118 28,209 -1,091 22,841
Non-current liabilities
Interest-bearing liabilities 1,046 2,496 -1,450 1,761
Interest-free liabilities 439 401 38 402
Deferred tax liabilities 465 382 83 440
Current liabilities
Interest-bearing liabilities 10,440 5,690 4,750 11,105
Trade and other non-current 14,814 13,649 1,165 11,920
liabilities
Total liabilities 27,204 22,617 4,587 25,628
Total equity and liabilities 54,322 50,826 3,496 48,468
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
EUR thousand Share Other Invested Translation Retained Total
Capita Reserves Unrestricted Differences Earnings
l Equity Fund
Balance at 1 2,141 45 8,488 4,337 16,427 31,438
January 2013
Comprehensive -1,392 1,717 326
result
Other items 27 -13 14
Dividend -3,569 -3,569
Balance at 30 2,141 72 8,488 2,946 14,562 28,209
June 2013
Balance at 2,141 72 2,539 2,164 15,924 22,841
1st January
2014
Comprehensive 932 3,346 4,278
result
Other items 0 0
Dividend 0 0
Balance at 30 2,141 72 2,539 3,096 19,270 27,118
June 2014
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
EUR thousand 1.1. - 1.1. - Change 1.1.-
30.6. 30.6. 31.12.
2014 2013 2013
Cash Flow from Operating Activities
Profit for the period 3,346 1,717 1,629 3,080
Adjustments 3,277 1,771 1,506 4,088
Change in working capital -2,272 -265 -2,007 1,658
Cash Flow Generated by Operations 4,351 3,223 1,128 8,826
Interest paid -94 -93 -1 -213
Interest received 42 8 34 39
Other financial items -103 -45 -58 -196
Income taxes paid -1,120 -539 -581 -668
Net Cash Flow from Operating Activities 3,076 2,554 522 7,788
Cash Flow from Investing Activities
Acquisitions 0 0 0 0
Disposal of business 0 0 0 0
Capital expenditure -1,198 -1,341 143 -2,767
Proceeds from sale of fixed assets 0 0 0 0
Cash Flow from Investing Activities -1,198 -1,341 143 -2,767
Cash Flow from Financing
Share issue 0 0 0 0
Proceeds from long-term borrowings 0 0 0 0
Instalments of long-term borrowings -1,380 -5,000 3,620 -5,000
Change in short-term loans 0 5,000 -5,000 9,700
Instalments of finance lease liabilities -5 -5 0 -11
Additional capital repayment 0 0 0 -3,569
Dividends paid 0 -3,569 3 569 -5,948
Net Cash Flow from Financing -1,385 -3,574 2,189 -4,828
Change in Liquid Funds 493 -2,361 2 854 193
Liquid funds in the beginning of period 9,438 9,245 193 9,245
Change in liquid funds 493 -2,361 2 854 193
Liquid funds at the end of period 9,931 6,884 3 047 9,438
QUARTERLY KEY FIGURES
EUR thousand II/ I/ IV/ III/ II/ I/
2014 2014 2013 2013 2013 2013
Net sales 21,420 17,811 17,770 17,075 17,548 16,897
Materials and services -8,290 -5,976 -6,443 -6,709 -6,455 -6,430
Employee benefit expenses -5,635 -5,393 -5,388 -4,983 -5,448 -5,309
Depreciation and impairment -654 -663 -683 -650 -684 -673
Operating expenses -3,949 -4,089 -4,035 -3,731 -3,510 -3,981
Other operating income 161 200 267 79 159 163
Operating profit 3,054 1,890 1,486 1,081 1,609 666
Net financial items -118 -229 9 -271 -48 24
Profit before taxes 2,935 1,661 1,495 810 1,562 691
Income taxes -706 -545 -705 -237 -399 -136
Profit/loss for the period 2,229 1,116 790 573 1,162 555
Earnings per share, EUR 0.19 0.09 0.07 0.05 0.10 0.05
Earnings per share, EUR, diluted 0.19 0.09 0.07 0.05 0.10 0.05
Average number of shares,
undiluted,
1,000 shares 11,897 11,897 11,897 11,897 11,897 11,897
Average number of shares,
diluted,
1,000 shares 11,897 11,897 11,897 11,897 11,897 11,897
Average number of personnel 427 418 417 427 427 436
COMMITMENTS AND CONTINGENCIES
EUR thousand 30.6.2014 30.6.2013
On own behalf
Mortgages 2,783 2,783
Corporate mortgages 12,500 12,500
Lease liabilities
- in next 12 months 744 953
- in next 1-5 years 1,197 1,838
Other commitments 6 6
DERIVATIVE FINANCIAL INSTRUMENTS
Nominal values 30.6.2014 30.6.2013
EUR thousand
Interest rate derivatives
Interest rate swaps 0 5,000
CONSOLIDATED KEY FIGURES
EUR thousand 1.1. - 30.6. 1.1. - Change, % 1.1. -
2014 30.6. 31.12.
2013 2013
Net sales 39,232 34,445 13.9 69,290
Operating profit 4,943 2,276 117.2 4,843
% of net sales 12.6 6.6 7.0
Profit before tax 4,596 2,252 104.1 4,557
% of net sales 11.7 6.5 6.6
Profit for the period 3,346 1,717 94.9 3,080
% of net sales 8.5 5.0 4.4
Shareholders´ equity 27,118 28,209 -3.9 22,841
Interest-bearing liabilities 11,486 8,185 40.3 12,866
Cash and cash equivalents 9,931 6,884 44.3 9,483
Net interest-bearing liabilities 1,555 1,302 19.4 3,428
Capital employed 38,604 36,394 6.1 35,707
Return on equity, % 26.8 11.5 11.3
Return on capital employed, % 26.8 12.0 13.0
Equity ratio, % 50.0 55.7 47.2
Net gearing, % 5.7 4.6 15.0
Capital expenditure 1,198 1,341 -10.6 2,767
% of sales 3.1 3.9 4.0
Research and development costs 858 868 -11.4 1,511
% of net sales 2.2 2.5 2.2
Order intake 43,148 37,372 15.5 69,784
Order backlog 14,107 13,057 8.0 10,458
Earnings per share, EUR 0.28 0.14 0.26
Earnings per share, EUR, diluted 0.28 0.14 0.26
Equity per share, EUR 2.28 2.37 1.92
Average number of shares
- cumulative 11,897 11,897 11,897
- cumulative, diluted 11,897 11,897 11,897
Average number of employees 423 433 -2.3 427
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