2014-02-12 08:00:04 CET
2014-02-12 08:00:08 CET
REGULATED INFORMATION
Exel Composites Oyj - Financial Statement Release
Exel Composites Plc's financial statements release 2013
EXEL COMPOSITES PLC FINANCIAL STATEMENTS RELEASE 12.2.2014 at 9.00
1 (15)
EXEL COMPOSITES PLC'S FINANCIAL STATEMENTS RELEASE 2013
OCTOBER - DECEMBER 2013 HIGHLIGHTS
- Net sales in the fourth quarter of 2013 were EUR 17.8 (18.6) million, down by
4.6 per cent on the previous year
- Operating profit before non-recurring items in the fourth quarter of 2013
improved by 115.3 per cent to EUR 1.9 (0.9) million or 10.6 (5.0) per cent of
net sales
- Operating profit after non-recurring items was EUR 1.5 (-1.6) million or 8.4
(-8.6) per cent of net sales
- Net operative cash flow was positive at EUR +2.9 (+4.4) million
- Fully diluted earnings per share were EUR 0.07 (-0.12)
- During the period under review an additional capital repayment of EUR 0.50
per share amounting to EUR 5.9 million was paid in accordance with the
resolution of the Extraordinary General Meeting
JANUARY - DECEMBER 2013 HIGHLIGHTS
- Net sales for the financial year decreased to EUR 69.3 (76.0) million, down
by 8.8 per cent on the previous year
- Operating profit before non-recurring items for the financial year 2013 was
EUR 5.5 (5.9) million or 8.0 (7.8) per cent of net sales
- Operating profit after non-recurring items improved by 42.5 per cent and was
EUR 4.8 (3.4) or 7.0 (4.5) per cent of net sales
- Net operative cash flow was positive at EUR +7.8 (+8.2) million
- Fully diluted earnings per share for the full year were EUR 0.26 (0.17)
- In 2013 a dividend of EUR 0.30 per share and an additional capital repayment
of EUR 0.50 per share were paid
- The Board of Directors proposes that no dividend be paid for the financial
year 2013
OUTLOOK FOR 2014
The Company has reinforced the organization to work on sales development as
well as on operational efficiency and productivity improvement. The market has
stabilized but remains challenging. The Company will monitor the general market
development and react with additional measures if needed. Uncertainties
relating to general growth prospects in the economy continue, however some
positive signs can be seen especially in laminate and demanding carbon tubes
market. The Company is well-positioned to grow profitably when the markets
recover.
COMMENTS BY THE CEO
“In 2013 Vesa Korpimies was the Company's President and CEO. I assumed my
duties as President and CEO of Exel Composites on 2 January 2014. I am very
excited about this opportunity and looking forward to building the company
further to the next level.
Exel Composites' results started to improve during the second half of 2013
despite the challenging market situation in Central Europe, the Group's main
market area. Net sales for the financial year 2013 were EUR 69.3 (76.0)
million. On the other hand, the operating profit started to develop positively
in the second half of the year thanks to efficiency improvement and more
efficient cost control. The Group's operating profit before non-recurring items
in the financial year 2013 was EUR 5.5 (5.9) million or 8.0 (7.8) per cent of
net sales. The Group's operating profit after non-recurring items for the
financial year 2013 improved by 42.5 per cent and was EUR 4.8 (3.4) million.
Net sales in the fourth quarter of 2013 were EUR 17.8 (18.6) million. Demand
improved in the telecommunication, energy and electrical market segments
compared to the corresponding period in 2012. Market demand decreased in the
building, construction and infrastructure market segment, transportation
industry and machine industry market segments compared to the corresponding
period in 2012. Operating profit before non-recurring items in the fourth
quarter of 2013 improved by 115.3 per cent to EUR 1.9 (0.9) million or 10.6
(5.0) per cent of net sales.
Net cash flow from operating activities was positive at EUR +7.8 (+8.2) million
due to good working capital management. Exel Composites' balance sheet remains
strong even after additional capital repayment of EUR 5.9 million paid in
December 2013. Net gearing was 15.0 (-3.4) per cent and equity ratio 47.2
(61.0) per cent.
Corrective actions had a positive impact especially in the UK business unit the
financial performance of which improved significantly. In 2013 turnaround
measures including change in the operating model and transfer of Brisbane unit
to Melbourne in Australia were largely completed to improve efficiency. The
measures taken are expected to improve the Australian unit's profitability. The
focus is now on profitable growth.
A decision to invest in a new laminate production line at Mäntyharju factory
was made during the third quarter of 2013. The investment enables us to extend
our product range in advanced high specification laminates and to grow in
several market segments.
Exel Composites continued to invest in the development of the organization.
Especially the sales organization was reinforced.
The harmonization of the Group's operations was continued under the
ExelWay-program. ExelWay aims at harmonizing processes between the units and
improving co-operation between units in order to enhance productivity and
synergies. The project's target is to implement best practices, new global
functions and efficient business processes throughout the Group. New processes
and practices are implemented in stages. Group-wide practices are supported by
global ERP- and CRM-systems, which are widely in use. The harmonization
improves efficiency and co-operation between units and it will be continued in
2014.
Overall it can be said that the market has stabilized but remains challenging.
We will monitor the general market development closely and react with
additional measures if needed. Uncertainties relating to general growth
prospects in the economy continue, however, some positive signs can be seen
especially in laminate and demanding carbon tubes market. In 2014 the focus
will be on increasing the sales from existing and new customers. We will
continue to develop the operations in terms of production efficiency and yield
improvements. Exel Composites is well-positioned to grow profitably when the
markets recover.
I wish to express my sincere thanks to Vesa Korpimies for great contributions
to Exel Composites over several years and also for securing a smooth handover
and continuity in key business initiatives. My thanks go also to our employees
for their excellent work in 2013. I also wish to express my gratitude to our
customers, partners and shareholders for their support.”
CONSOLIDATED KEY FIGURES, EUR million
1.10. 1.10.-31.1 Change, 1.1. - 1.1. - Change,
- 2. % 31.12. 31.12. %
31.12. 2012 2013 2012
2013
Net sales 17.8 18.6 -4.6 69.3 76.0 -8.8
Operating profit 1.5 -1.6 192.5 4.8 3.4 42.5
% of net sales 8.4 -8.6 7.0 4.5
Profit for the period 0.8 -1.5 153.7 3.1 2.0 51.6
Shareholders' equity 22.8 31.4 -27.3 22.8 31.4 -27.3
Net interest-bearing 3.4 -1.1 421.5 3.4 -1.1 421.5
liabilities
Capital employed 35.7 39.6 -9.9 35.7 39.6 -9.9
Return on equity, % 12.3 -18.2 11.3 6.1
Return on capital 16.9 -15.4 13.0 8.4
employed, %
Equity ratio, % 47.2 61.0 47.2 61.0
Net gearing, % 15.0 -3.4 15.0 -3.4
Earnings per share, EUR 0.07 -0.12 0.26 0.17
Earnings per share, 0.07 -0.12 0.26 0.17
diluted, EUR
Equity per share, EUR 1.92 2.64 1.92 2.64
IFRS REPORTING
This financial statements bulletin has been prepared in accordance with the
recognition and measurement principles of IFRS, which are the same as in the
2012 financial statements. The Group has adopted the mandatory IFRS standards
that entered into force on 1 January 2013, but they have not had an impact on
the Group's financial situation.
OCTOBER - DECEMBER 2013
FINANCIAL PERFORMANCE
The market situation in Central Europe continued to be challenging.
Net sales in the fourth quarter of 2013 were EUR 17.8 (18.6) million. Demand
improved in the telecommunication, energy and electrical market segments
compared to the corresponding period in 2012. Market demand decreased in the
building, construction and infrastructure market segment, transportation
industry and machine industry market segments compared to the corresponding
period in 2012.
Exel Composites has carried out annual group and cash generating unit level
goodwill impairment tests according to IAS 36 in relation with the closing of
the accounts. The tests showed no need for impairment.
The Group's operating profit before non-recurring items in the fourth quarter
of 2013 improved by 115.3 per cent to EUR 1.9 (0.9) million or 10.6 (5.0) per
cent of net sales. Non-recurring items amounting to EUR 0.4 million relating to
the transfer of the Brisbane unit to Melbourne and to rental costs of unused
facilities in Melbourne for future rental period were recorded in the
Australian business unit. The growth was mainly due to efficiency improvement
and more efficient cost control. Operating profit after non-recurring items was
EUR 1.5 (-1.6) million or 8.4 (-8.6) per cent of net sales.
FINANCIAL YEAR 2013
FINANCIAL PERFORMANCE
Net sales for the financial year 2013 were EUR 69.3 (76.0) million.
The Group's operating profit started to develop positively in the second half
of the year thanks to efficiency improvement and more efficient cost control.
The Group's operating profit before non-recurring items for the financial year
2013 was EUR 5.5 (5.9) million or 8.0 (7.8) per cent of net sales. The Group's
operating profit after non-recurring items was EUR 4.8 (3.4) in the financial
year 2013. The operating profit for 2012 included an impairment of EUR 2.5
million and the operating profit for 2013 includes EUR 0.7 million of
non-recurring items related to the CEO change and the reorganization of the
Australian business unit.
In the local statutory level the parent company recognized a non-cash
write-down of Australian subsidiary share holding value totaling EUR 5.5
million. Therefore, the parent company's loss for the financial period was EUR
2.2 million.
A decision to invest in a new laminate production line at Mäntyharju factory
was made during the third quarter of 2013. The investment enables us to extend
our product range in high specification laminates and to grow in several market
segments.
Exel Composites has continued to develop several new customer specific
applications in 2013, especially in the building and construction, machine
industry, and transportation industry market segments.
The Group's order stock was EUR 10.5 (10.7) million at the end of 2013.
The Group's net financial expenses in 2013 were EUR 0.3 (0.4) million. The
Group's profit before taxes was EUR 4.6 (3.0) million and profit after taxes
EUR 3.1 (2.0) million.
Fully diluted total earnings per share were EUR 0.26 (0.17). Return on capital
employed in 2013 was 13.0 (8.4) per cent. Return on equity was 11.3 (6.1) per
cent.
BALANCE SHEET AND FINANCIAL POSITION
Net cash flow from operating activities was positive at EUR +7.8 (+8.2) million
due to good working capital management. Cash flow before financing, but after
capital expenditure, amounted to EUR 5.0 (5.4) million.
Capital expenditure was financed with cash flow from business operations. At
the end of the financial year, the Group's liquid assets stood at EUR 9.4 (9.2)
million.
The Group's consolidated total assets at the end of the financial year were EUR
48.5 (51.5) million.
Interest-bearing liabilities amounted to EUR 12.9 (8.2) million. Net
interest-bearing liabilities were EUR 3.4 (-1.1) million.
Equity at the end of the financial year was EUR 22.8 (31.4) million and equity
ratio 47.2 (61.0) per cent. The net gearing ratio was 15.0 (-3.4) per cent.
The Company paid total dividends during the financial year of EUR 3.6 (5.9)
million. Dividend per share was EUR 0.30 (0.50). In addition, a capital
repayment of EUR 0.50 per share amounting to EUR 5.9 million was paid from the
reserve for invested unrestricted equity in December 2013.
CAPITAL EXPENDITURE AND DEPRECIATION
The capital expenditure on fixed assets amounted to EUR 2.8 (2.8) million.
Total depreciation of non-current assets during the year under review amounted
to EUR 2.7 (2.9) million.
PERSONNEL
The number of employees on 31 December 2013 was 408 (427), of whom 198 (201)
worked in Finland and 210 (226) in other countries. The average number of
personnel during the financial year was 427 (431).
Temporary lay-offs and permanent personnel reductions took place in several
units in 2013. The Group continued to invest in the development of the
organization. Especially the sales organization was reinforced.
Corrective actions had a positive impact especially in the UK business unit and
improved the financial performance. In 2013 turnaround measures including
change in the operating model and transfer of Brisbane unit to Melbourne in
Australia were largely completed. The measures taken are expected to improve
the Australian unit's profitability. The focus is now on profitable growth.
The harmonization of the Group's operations was continued under the
ExelWay-program. ExelWay aims at harmonizing processes between the units and
improving co-operation between units in order to enhance productivity and
synergies. The project's target is to implement best practices and new global
functions and efficient business processes throughout the Group. New processes
and practices are implemented in stages. Group-wide practices are supported by
our global ERP- and CRM-programs, which are widely in use. The harmonization
improves efficiency and co-operation between units and it will be continued in
2014.
RESEARCH AND DEVELOPMENT
Product and technology development costs totaled EUR 1.5 (1.6) million,
representing 2.2 (2.1) per cent of net sales. The main projects were connected
with the development of new products and customer applications.
SHARES AND SHARE CAPITAL
The share capital has remained unchanged during the financial year and is
11,896,843 shares each having the counter-book value of EUR 0.18. There is only
one class of shares and all shares are freely assignable under Finnish law.
Exel Composites did not hold any of its own shares during the financial year.
SHARE PERFORMANCE AND TURNOVER
Exel Composites' share is listed in the Small Cap segment of the NASDAQ OMX
Helsinki Ltd. in the Industrials sector.
During the financial year the highest share price quoted was EUR 6.70 (8.79)
and the lowest EUR 5.10 (5.55). At the end of the year, the share price was EUR
5.75 (5.90). The average share price during the financial year was EUR 6.18
(7.05).
Total shareholder return (TSR) in 2013 was 11 (-16) per cent.
A total of 2,022,018 (944,978) shares were traded during the year, which
represents 17.0 (7.9) per cent of the average number of shares. On 31 December
2013, Exel Composites' market capitalization was EUR 68.4 (70.2) million.
SHAREHOLDERS AND DISCLOSURES
On 31 December 2013, 1.0 per cent of the shares and votes of Exel Composites
were owned or controlled, directly or indirectly by the President and CEO and
the members of the Board.
The Company's largest shareholder was the Swedish investment company
Nordstjernan AB, which owned 22.3 per cent of shares at the end of 2013. Other
major shareholders included SEB Asset Management S.A. (9.7 per cent), Ilmarinen
Mutual Pension Insurance Company (5.8 per cent), OP-Suomi Small Cap Investment
Fund (5.0 per cent) and Ulkomarkkinat Oy (4.0 per cent). At the end of the
year, the Company had a total of 2,752 (2,746) shareholders.
Exel Composites received two flagging announcements during the financial year.
On 25 November 2013 Exel Composites received a flagging announcement according
to which the holding of Nordstjernan AB had fallen under 25 per cent of the
voting rights and share capital in Exel Composites Plc. Through share
transactions concluded on 22 November 2013, the holding of Nordstjernan AB
decreased from 3,496,506 shares (29.4 per cent) to 2,656,506 shares,
representing 22.3 per cent of the shares and voting rights of the Company.
On 25 November 2013 Exel Composites received a flagging announcement according
to which the holding of SEB Asset Management S.A. had exceeded 5 per cent of
the voting rights and share capital in Exel Composites Plc. Through share
transactions concluded on 22 November 2013, the holding of SEB Asset Management
rose to 1,000,000 shares, representing 8.4 per cent of the shares and voting
rights of the Company.
CORPORATE GOVERNANCE
Exel Composites issues a Corporate Governance Statement for the financial year
2013. The Corporate Governance Statement has been composed in accordance with
recommendation 54 of the new Corporate Governance Code and Chapter 2, Section 6
of the Finnish Securities Market Act. The Corporate Governance Statement is
issued separately from the Board of Directors' report. Further information
concerning the corporate governance matters is available at the Group's website
at www.exelcomposites.com.
DECISIONS OF THE AGM 2013
The Annual General Meeting of Exel Composites Plc held on 27 March 2013
approved the Board's proposal to distribute a dividend of EUR 0.30 per share
for the financial year 2012 amounting to a total of EUR 3.6 (5.9) million.
The Annual General Meeting authorized the Board of Directors to acquire the
Company's own shares by using unrestricted equity. The maximum amount to be
acquired is 600,000 shares. The authorization is valid until 30 June 2014.
The Annual General Meeting authorised the Board of Directors to decide on the
issuance of a maximum of 2,400,000 new shares and/or conveyance of a maximum of
600,000 Company's own shares. The authorisations are valid until 30 June 2016.
DECISIONS OF THE EGM 2013
The Extraordinary General Meeting of Exel Composites Plc held on 10 December
2013 resolved to pay an additional capital repayment of EUR 0.50 per share to
shareholders in addition to already paid dividend of EUR 0.30 per share decided
by the Annual General Meeting on 27 March 2013. The additional capital
repayment amounting to EUR 5.9 million was paid from the reserve for invested
unrestricted equity.
BOARD OF DIRECTORS AND AUDITORS
On 27 March 2013, the Annual General Meeting appointed Heikki Hiltunen, Peter
Hofvenstam, Göran Jönsson, Reima Kerttula and Heikki Mairinoja to continue on
the Board of Directors. At the formative meeting of the Board of Directors held
after the AGM, the Board of Directors re-elected from among its members Peter
Hofvenstam as its Chairman.
The Board of Directors convened 13 times in 2013 and the average attendance
rate at these meetings was 98.5 per cent. The fees paid to the Board of
Directors totaled EUR 163 (178) thousand in 2013.
The Board of Directors has reviewed the independence of Board members in
accordance with Recommendation 15 of the Corporate Governance Code. Heikki
Hiltunen, Reima Kerttula and Heikki Mairinoja are independent Board members.
Peter Hofvenstam is considered as independent from the Company, but
non-independent from a major shareholder, since he is the Senior Vice President
of Nordstjernan AB. Göran Jönsson is considered as non-independent from the
Company as former President and CEO of the company. The Board was considered to
comply with the Corporate Governance independency rules.
The Annual General Meeting of Exel Composites has elected a Shareholders'
Nomination Board, which nominates candidates to the Annual General Meeting for
election as Board members and proposes the fees to be paid to the Board
members. The Nomination Board included the Chairman and persons nominated by
the four largest shareholders as of 1 November 2013. In 2013 the Nomination
Board comprised Tomas Billing as Chairman (Nordstjernan AB), Matti Rusanen
(Ilmarinen Mutual Pension Insurance Company), Samuli Sipilä (OP Fund
Management), Erkki Myllärniemi (Ulkomarkkinat Oy), and Peter Hofvenstam, the
Chairman of the Board of Directors, acting as an expert member. The Nomination
Board met twice in 2013.
Ernst & Young, Authorized Public Accountants, with Juha Hilmola, APA, as
principal auditor, were elected to serve as company auditor in the AGM in 2013.
The fees paid to the auditors for audit services totaled EUR 177 (174) thousand
and for non-audit services EUR 71 (78) thousand in 2013.
MANAGEMENT
Mr. Kari Loukola was appointed VP Sales and Marketing and member of the Group
Management Team as of 1 August 2013.
A new incentive program for the Company executives was approved by the Board of
Directors in May 2013. The aim of the new program is to combine the objectives
of the shareholders and the executives in order to increase the value of the
Company, to commit the executives to the Company and to offer the executives a
competitive reward program. The new program is based on a long-term monetary
performance reward, and the program is targeted at approximately 20 executives
for the earning period 2013 − 2015. The President and CEO and the members of
the Group Management Team are included in the target group of the new incentive
program.
The incentive program includes one earning period, the calendar years 2013 −
2015. The potential long-term monetary performance reward from the program for
the earning period 2013 - 2015 will be based on the Group's cumulative Economic
Profit and on the Group's Total Shareholder Return (TSR).
The potential reward from the earning period 2013 - 2015 will be paid in 2016.
No reward will be paid to an executive, if his or her employment or service
with the Group Company ends before the reward payment.
The maximum reward to be paid on the basis of the earning period 2013 - 2015
will be one million EUR.
MAJOR NEAR-TERM 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 in certain market segments. Raw material
prices, energy cost and other cost increases may continue to put pressure on
profitability. 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.
ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS (IRFS)
All IFRS's in force on 31 December 2013 that are applicable to Exel Composites'
business operations, including all SIC- and IFRIC-interpretations thereon, have
been complied with when preparing year 2013 and comparable year 2012 figures.
International financial reporting standards, referred to in the Finnish
Accounting Act and in ordinances issued based on the provisions of this Act,
refer to the standards and their interpretations adopted in accordance with the
procedure laid down in regulation (EC) No 1606/2002 of the EU. The notes to the
consolidated financial statements conform also with the Finnish accounting and
company legislation.
EVENTS AFTER THE REVIEW PERIOD
The Board of Directors of Exel Composites Plc. appointed Riku Kytömäki as new
President and CEO of Exel Composites in September 2013. He assumed his duties
on 2 January 2014. He succeeded Vesa Korpimies, who gave up his duties as
President and CEO on 1 January 2014.
A new incentive program for the Company executives was approved by the Board of
Directors on 11 February 2014. The aim of the new program is to combine the
objectives of the shareholders and the executives in order to increase the
value of the Company, to commit the executives of the Company and to offer the
executives a competitive reward program. The new program is based on a
long-term monetary performance reward, and the program is targeted at
approximately 20 executives for the earning period 2014 - 2016. The President
and CEO and the members of the Group Management Team are included in the target
group of the new incentive program.
The new program includes one earning period, the calendar years 2014 - 2016.
The potential long-term monetary performance reward from the program for the
earning period 2014 - 2016 will be based on the Group's cumulative Economic
Profit and on the Group's Total Shareholder Return (TSR).
The potential reward from the earning period 2014 - 2016 will be paid in 2017.
No reward will be paid to an executive, if his or her employment or service
with the Group Company ends before the reward payment.
The maximum reward to be paid on the basis of the earning period 2014 - 2016
will be one million EUR.
OUTLOOK FOR 2014
The Company has reinforced the organization to work on sales development as
well as on operational efficiency and productivity improvement. The market has
stabilized but remains challenging. The Company will monitor the general market
development and react with additional measures if needed. Uncertainties
relating to general growth prospects in the economy continue, however some
positive signs can be seen especially in laminate and demanding carbon tubes
market. The Company is well-positioned to grow profitably when the markets
recover.
BOARD PROPOSAL FOR DIVIDEND DISTRIBUTION
Exel Composites' financial goals include distributing dividends equal to at
least 40 per cent of the profit for the financial year unless otherwise
required by growth and liquidity.
On 31 December 2013 Exel Composites Plc's distributable funds totaled EUR
10,769 thousand.
An additional capital repayment of EUR 0.50 per share was paid to shareholders
in December 2013 in addition to already paid dividend of EUR 0.30 per share
decided by the 2013 Annual General Meeting. The additional capital repayment
amounting to EUR 5.9 million was paid from the reserve for invested
unrestricted equity. Taking this into account, the Board of Directors of the
Company does not propose any dividend distribution to the Annual General
Meeting 2014 for the financial year 2013.
CONSOLIDATED COMPREHENSIVE INCOME STATEMENT
EUR thousand 1.10. - 1.10. - Change 1.1. - 1.1. - Change,
31.12. 31.12. , % 31.12. 31.12. %
2013 2012 2013 2012
Net sales 17,770 18,634 -4.6 69,290 75,998 -8.8
Materials and services -6,443 -7,670 16.0 -26,037 -29,986 13.2
Employee benefit expenses -5,388 -5,095 -5.8 -21,128 -21,077 -0.2
Depreciation and -683 -3,304 79.3 -2,691 -5,387 50.0
impairment
Other operating expenses -4,035 -4,345 7.1 -15,258 -17,057 10.5
Other operating income 267 173 54.3 667 909 -26.6
Operating profit 1,486 -1,608 192.4 4,843 3,399 42.5
Net financial items 9 -109 108.3 -286 -428 33.2
Profit before tax 1,495 -1,717 187.1 4,557 2,971 53.4
Income taxes -705 246 386.6 -1,477 -940 -57.1
Profit/loss for the 790 -1,471 153.7 3,080 2,031 51.6
period
Other comprehensive
income:
Exchange differences on -620 -504 23.0 -2,174 133 -1,734.6
translating foreign
operations
Other comprehensive -620 -504 23.0 -2,174 133 -1,734.6
income, net of tax
Total comprehensive 170 -1,976 108.6 906 2,164 -58.1
income
Profit/loss attributable
to:
Equity holders of the 790 -1,471 3,080 2,031
parent company
Comprehensive income
attributable to:
Equity holders of the 170 -1,976 906 2,164
parent company
Earnings per share, 0.07 -0.12 0.26 0.17
diluted and undiluted,
EUR
CONDENSED CONSOLIDATED BALANCE SHEET
EUR thousand 31.12.2013 31.12.2012 Change
ASSETS
Non-current assets
Goodwill 9,393 10,898 -1,505
Other intangible assets 921 1,220 -299
Tangible assets 10,796 10,681 115
Deferred tax assets 641 752 -111
Other non-current assets 70 64 6
Non-current assets total 21,821 23,615 -1,794
Current assets
Inventories 7,936 9,129 -1,193
Trade and other receivables 9,273 9,513 -240
Cash at bank and in hand 9,438 9,245 193
Current assets total 26,648 27,887 -1,239
Total assets 48,468 51,502 -3,034
EQUITY AND LIABILITIES
Shareholders´ equity
Share capital 2,141 2,141 0
Other reserves 72 45 27
Invested unrestricted equity fund 2,539 8,488 -5,949
Translation differences 2,164 4,337 -2,173
Retained earnings 12,844 14,396 -1,552
Profit for the period 3,080 2,031 1,049
Total equity attributable to equity holders of 22,841 31,438 -8,597
the parent company
Total equity 22,841 31,438 -8,597
Non-current liabilities
Interest-bearing liabilities 1,761 8,168 -6,407
Interest-free liabilities 402 411 -9
Deferred tax liabilities 440 377 63
Current liabilities
Interest-bearing liabilities 11,105 11 11,094
Trade and other non-current liabilities 11,920 11,098 822
Total liabilities 25,628 20,064 5,564
Total equity and liabilities 48,468 51,502 -3,034
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
EUR thousand Share Other Invested Translatio Retained Total
Capita Reserves Unrestricted n Earnings
l Equity Fund Difference
s
Balance at 1 2,141 30 8,488 4,204 20,255 35,118
January 2012
Comprehensive 0 0 0 133 2,031 2,164
result
Other items 0 15 0 0 89 104
Dividend -5,948
Balance at 31 2,141 45 8,488 4,337 16,427 31,438
December
2012
Balance at 2,141 45 8,488 4,337 16,427 31,438
1st January
2013
Comprehensive 0 0 0 -2,174 3,080 906
result
Other items 0 27 0 0 -14 14
Additional -5,948 -5,948
capital
repayment
Dividend -3,569 -3,569
Balance at 31 2,141 72 2,539 2,164 15,924 22,841
December
2013
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
EUR thousand 1.1. - 31.12. 1.1. - Change
2013 31.12.
2012
Cash Flow from Operating Activities
Profit for the period 3,080 2,031 1,049
Adjustments 4,088 7,170 -3,082
Change in working capital 1,658 1,223 435
Cash Flow Generated by Operations 8,826 10,424 -1,598
Interest paid -213 -259 46
Interest received 39 80 -41
Other financial items -196 -155 -41
Income taxes paid -668 -1,897 1,229
Net Cash Flow from Operating Activities 7,788 8,193 -405
Cash Flow from Investing Activities
Acquisitions 0 0 0
Disposal of business 0 0 0
Capital expenditure -2,767 -2,846 79
Proceeds from sale of fixed assets 0 16 -16
Cash Flow from Investing Activities -2,767 -2,830 63
Cash Flow from Financing
Share issue 0 0 0
Proceeds from long-term borrowings 0 0 0
Instalments of long-term borrowings -5,000 0 -5,000
Change in short-term loans 9,700 0 9,700
Instalments of finance lease liabilities -11 -10 -1
Additional capital repayment -5,948 0 -5,948
Dividends paid -3,569 -5,948 2,379
Net Cash Flow from Financing -4,828 -5,948 1,130
Change in Liquid Funds 193 -595 788
Liquid funds in the beginning of period 9,245 9,840 -595
Change in liquid funds 193 -595 788
Liquid funds at the end of period 9,438 9,245 193
QUARTERLY KEY FIGURESEUR thousand IV/ III/ II/ I/ IV/ III/ II/ I/
2013 2013 2013 2013 2012 2012 2012 2012
Net sales 17,770 17,075 17,548 16,897 18,634 17,054 19,791 20,519
Materials and -6,443 -6,709 -6,455 -6,430 -7,670 -6,706 -7,491 -8,119
services
Employee benefit -5,388 -4,983 -5,448 -5,309 -5,095 -4,422 -5,942 -5,618
expenses
Depreciation and -683 -650 -684 -673 -3,304 -619 -723 -742
impairment
Operating -4,035 -3,731 -3,510 -3,981 -4,345 -4,052 -4,209 -4,452
expenses
Other operating 267 79 159 163 173 107 390 240
income
Operating profit 1,486 1,081 1,609 666 -1,608 1,362 1,816 1,828
Net financial 9 -271 -48 24 -109 -206 -30 -83
items
Profit before 1,495 810 1,562 691 -1,717 1,156 1,786 1,745
taxes
Income taxes -705 -237 -399 -136 246 -266 -485 -435
Profit/loss for 790 573 1,162 555 -1,471 890 1,302 1,310
the period
Earnings per 0.07 0.05 0.10 0.05 -0.12 0.07 0.11 0.11
share, EUR
Earnings per 0.07 0.05 0.10 0.05 -0.12 0.07 0.11 0.11
share, EUR,
diluted
Average number
of shares,
undiluted,
1,000 shares 11,897 11,897 11,897 11,897 11,897 11,897 11,897 11,897
Average number
of shares,
diluted,
1,000 shares 11,897 11,897 11,897 11,897 11,897 11,897 11,897 11,897
Average number 417 427 427 436 431 433 435 428
of personnel
COMMITMENTS AND CONTINGENCIES
EUR thousand 31.12.2013 31.12.2012
On own behalf
Mortgages 2,783 2,783
Corporate mortgages 12,500 12,500
Lease liabilities
- in next 12 months 810 1,061
- in next 1-5 years 994 2,404
Other commitments 6 6
DERIVATIVE FINANCIAL INSTRUMENTS
Nominal values 31.12.2013 31.12.2012
EUR thousand
Interest rate derivatives
Interest rate swaps 5,000 5,000
Purchased interest rate options 0 0
CONSOLIDATED KEY FIGURES
EUR thousand 1.1. - 31.12. 1.1. - Change, %
2013 31.12.
2012
Continuing operations
Net sales 69,290 75,998 -8.8
Operating profit 4,843 3,399 42.5
% of net sales 7.0 4.5
Profit before tax 4,557 2,971 43.4
% of net sales 6.6 3.9
Profit for the period 3,080 2,031 51.6
% of net sales 4.4 2.7
Shareholders´ equity 22,841 31,438 -27.3
Interest-bearing liabilities 12,866 8,179 57.3
Cash and cash equivalents 9,438 9,245 2.1
Net interest-bearing liabilities 3,428 -1,066 421.5
Capital employed 35,707 39,617 -9.9
Return on equity, % 11.3 6.1
Return on capital employed, % 13.0 8.4
Equity ratio, % 47.2 61.0
Net gearing, % 15.0 -3.4
Capital expenditure 2,767 2,846 -2.8
% of sales 4.0 3.7
Research and development costs 1,511 1,606 -5.9
% of net sales 2.2 2.1
Order stock 10,458 10,677 -2.1
Earnings per share, EUR 0.26 0.17 52.9
Earnings per share, EUR, diluted 0.26 0.17 52.9
Equity per share, EUR 1.92 2.64 -27.3
Average number of shares
- cumulative 11,897 11,897
- cumulative, diluted 11,897 11,897
Average number of employees 427 431
The financial statements are audited and the auditor's report for the financial
statements has been issued.
ANNUAL GENERAL MEETING
The Annual General Meeting will be held on Thursday 27 March 2014 beginning at
10.30 am at Kansallissali at the address of Aleksanterinkatu 44, Helsinki,
Finland.
FINANCIAL REPORTING IN 2014
The 2013 Annual Report will be published on the Company's website on Thursday 6
March 2014 at www.exelcomposites.com.
The Group will issue quarterly interim reports on 7 May, 24 July and 4 November
2014.
PRESS CONFERENCE
Exel Composites will hold an analyst and press conference regarding the
financial statements today Wednesday 12 February 2014 at 12.30 pm in the Neptun
Cabinet of the Scandic Hotel Marski at Mannerheimintie 10, Helsinki, Finland.
FORWARD-LOOKING STATEMENTS
Certain statements in this report, which are not historical facts, including,
without limitation, those regarding expectations for general economic
development and market situation; regarding customer industry profitability and
investment willingness; regarding Company growth, development and
profitability; regarding cost savings; regarding fluctuations in exchange rates
and interest levels; regarding the success of pending and future acquisitions
and restructurings; and statements preceded by "believes,""expects,""anticipates,""foresees" or similar expressions are forward-looking
statements.
These statements are based on current expectations and currently known facts.
Therefore, they involve risks and uncertainties that may cause actual results
to differ materially from results currently expected by the Company.
Other unknown or unpredictable factors or underlying assumptions subsequently
proving to be incorrect could cause actual results to differ materially from
those in the forward-looking statements. Exel Composites does not undertake any
obligation to publicly update or revise forward-looking statements, whether as
a result of new information, future events or otherwise, except to the extent
legally required.
Vantaa, 12 February 2014
EXEL COMPOSITES PLC Riku Kytömäki
Board of Directors President and CEO
FURTHER INFORMATION:
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.
© 2024 Nasdaq, Inc. All Rights Reserved |