2015-10-26 07:15:00 CET
2015-10-26 07:15:03 CET
REGULATED INFORMATION
Componenta - Interim report (Q1 and Q3)
Componenta Interim Report 1 January - 30 September 2015: Order book increased, net sales unchanged, operating profit fell from previous year
Componenta Corporation Stock Exchange Release 26.10.2015 at 8.15
January - September 2015 in brief
-- The Group's order book at the beginning of October was 4% higher than in
the previous year standing at MEUR 82 (MEUR 79).
-- Net sales in the review period were at a similar level as in the previous
year standing at MEUR 376 (MEUR 376).
-- EBITDA excluding one-time items and exchange rate differences of balance
sheet items declined from the previous year to MEUR 23.7 (MEUR 30.3). The
impact of the Turkish lira and high local wage inflation was MEUR -5, of
the strikes in Turkey MEUR -2, and of the operational difficulties in
Främmestad MEUR -2. In addition, the loss from the Dutch operations
increased some MEUR -1 from the previous year. The efficiency improvement
program had a positive impact of MEUR 3 on EBITDA.
-- Operating profit excluding one-time items and exchange rate differences of
balance sheet items (“operating profit on business operations”) declined
from the previous year to MEUR 10.2 (MEUR 16.6).
-- The result after financial items excluding one-time items and exchange rate
differences of operative balance sheet items was MEUR -7.8 (MEUR -4.7). The
result after financial items excluding one-time items was MEUR -4.7 (MEUR
-6.3).
-- One-time items and exchange rate differences of operative balance sheet
items that had an impact on the result after financial items for the review
period totalled MEUR 0.7 (MEUR -8.7).
-- The net result for the period was MEUR -9.1 (MEUR -11.3) and basic earnings
per share were EUR -0.10 (EUR -0.42).
-- New contracts received during the review period totalled MEUR 62.
-- Componenta confirms the guidance given on 19 October 2015.
July - September 2015 in brief
-- Net sales were at a similar level as in the previous year standing at MEUR
110 (MEUR 111).
-- EBITDA excluding one-time items and exchange rate differences of balance
sheet items declined from the previous year to MEUR 4.8 (MEUR 5.6).
-- Operating profit excluding one-time items and exchange rate differences of
balance sheet items was MEUR 0.5 (MEUR 1.3).
-- The result after financial items excluding one-time items and exchange rate
differences of operative balance sheet items was MEUR -6.0 (MEUR -5.5). The
result after financial items excluding one-time items was MEUR -4.9 (MEUR
-6.2).
-- One-time items and exchange rate differences of operative balance sheet
items that had an impact on the result for the July - September period
totalled MEUR 0.2 (MEUR -5.3).
-- The net result for the July - September period was MEUR -7.5 (MEUR -9.2)
and basic earnings per share were EUR -0.08 (EUR -0.21).
Componenta's guidance for 2015 (announced by stock exchange release on 19
October 2015)
The prospects for Componenta in 2015 are based on general external economic
indicators, delivery forecasts given by customers, and on Componenta's order
intake and order book.
Componenta's order book at the beginning of October stood at MEUR 82 (MEUR 79).
Componenta's operating profit excluding one-time items and exchange rate
differences of operative balance sheet items is expected to stay behind
previous year. However, Componenta expects the 2015 result after financial
items excluding one-time items to improve from previous year.
President and CEO Heikki Lehtonen comments on the review period and events
after the end of period:
“Componenta's performance in the third quarter of 2015 review period was weaker
than expected. However, the order book increased 4% from the previous year to
EUR 82 million. Net sales were on a similar level as in the previous year but
operating profit excluding one-time items and exchange rate differences of
operative balance sheet items fell from the previous year. The problems in
operations continued during the summer, especially in the Foundry Division and
at the Främmestad machine shop. Remedial measures are currently being carried
out at both and due to them we expect the situation to improve during the final
quarter.
Construction of Componenta's new aluminium foundry in Manisa, Turkey, has made
progress on schedule and according to plan. Construction work is expected to be
finished by the end of the year, and after that we will be able to start
installing machinery and equipment. Production is expected to begin at the new
aluminium foundry during the latter part of spring 2016 and the whole
production is expected to be transferred to the new factory at the beginning of
year 2017.
Preparations to combine Componenta's and Ferromatrix's production of large
furan cast components have also progressed according to plan. Products of
Componenta's furan line in Heerlen will be transferred to Ferromatrix's
Kortrijk foundry in Belgium by the end of this year, when the furan line in
Heerlen will be closed down. Cooperation on sales and customers for furan
castings will begin at the beginning of 2016.
In addition, we are continuing the measures planned to consolidate operations
in the Netherlands. As from 1 November 2015 the Group's current CFO Mika
Hassinen will focus full-time on carrying out these strategically important
projects and on leading the units in the Netherlands and the cooperation with
Ferromatrix. Progress has been made as announced previously on the planned
closure of the Heerlen furan production line and in consequence of this the
transfer of the green sand casting line in Weert to Heerlen and the closure of
the Weert foundry by the end of 2016. After these measures all Componenta's
operations in the Netherlands will be consolidated in Heerlen.
Componenta's group-wide efficiency improvement program, with its development
projects and measures, has not in every respect made progress in accordance
with plans during the review period. However, corrective measures have been
started and the targeted cost savings will be reached during the year 2016. The
efficiency improvement program has the target, by increasing productivity, to
improve the company's competitiveness and its profitability, including the
changes being made in the Netherlands, by altogether EUR 50 million. Savings
corresponding to EUR 35 million of this program have already been achieved and
it is estimated that the remainder will be finalized by the end of 2016.”
Key figures
Q1-Q3 Q1-Q3 Change 2014 Rolling
2015 2014 12 mth
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Order book, MEUR 82.1 79.1 4% 88.9 82.1
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Net sales, MEUR 376 376 0% 495 495
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EBITDA*), MEUR 23.7 30.3 -22% 35.8 29.1
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Operating profit*), MEUR 10.2 16.6 -38% 17.8 11.4
--------------------------------------------------------------------------------
Operating profit*), % 2.7 4.4 -38% 3.6 2.3
--------------------------------------------------------------------------------
Result after financial items*), MEUR -7.8 -4.7 66% -9.5 -12.6
--------------------------------------------------------------------------------
Result after financial items excluding -4.7 -6.3 -26% -12.2 -10.6
one-time items, MEUR
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One-time items and exchange rate 0.7 -8.7 n/m -19.2 -9.9
differences of operative balance sheet
items, MEUR
--------------------------------------------------------------------------------
Taxes, MEUR -2.0 2.0 n/m 0.2 -3.9
--------------------------------------------------------------------------------
Net result for the review period, MEUR -9.1 -11.3 -19% -28.6 -26.4
--------------------------------------------------------------------------------
Earnings per share, EUR -0.10 -0.42 -76% -0.63 -0.28
--------------------------------------------------------------------------------
Net gearing, % 226 154 47% 194 196
--------------------------------------------------------------------------------
Return on investment*), % 4.1 7.0 -41% 5,6 3.5
--------------------------------------------------------------------------------
Return on equity*), % -14.1 -6.5 117% -12.1 -17.8
--------------------------------------------------------------------------------
Number of personnel at period end, incl. 4,286 4,440 -3% 4,238 4,286
leased personnel
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*) Excluding one-time items and exchange rate differences of operative balance
sheet items
Componenta's Interim Report 1 January - 30 September 2015 in PDF format is
attached to this release. The report is also available on the Componenta
website at www.componenta.com.
Press conference for analysts, investors and media representatives at 10.30 am
on 26 October 2015
Componenta is holding a press conference for analysts, investors and media
representatives at 10.30 am on 26 October 2015 in the Satotalo auditorium in
Käpylä, at Panuntie 4, 00610 Helsinki. The event can also be watched in a
direct webcast on the internet. The link to the webcast is given on
Componenta's website at www.componenta.com.
Helsinki, 26 October 2015
COMPONENTA CORPORATION
Heikki Lehtonen
President and CEO
ENCL. Interim Report 1 January - 30 September 2015
For further information, please contact:
Heikki Lehtonen
President and CEO
tel. +358 10 403 2200
Mika Hassinen
CFO
tel. +358 10 403 2723
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 495 million in 2014 and its share is listed on
Nasdaq Helsinki. The Group employs approx. 4,250 people. 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.
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