2014-02-17 12:00:00 CET
2014-02-17 12:00:04 CET
REGULATED INFORMATION
Componenta - Financial Statement Release
Componenta Corporation Financial Statements Bulletin 1 January - 31 December 2013: Operating profit improved clearly, demand outlook improved but still uncertain for 2014
Componenta Corporation Financial Statements Bulletin 17.2.2014 at 13.00
October - December 2013 in brief
-- Net sales in October - December totalled EUR 124 million, which is 5% more
than in the same period in the previous year (EUR 117 million).
-- The fourth quarter operating profit excluding one-time items improved from
the previous year to EUR 3.7 million, or 3.0% of net sales (EUR -3.5
million; -3.0%). The operating profit after one-time items was EUR 2.1
million or 1.7% of net sales (EUR -9.2 million; -7.9%). The fourth quarter
operating profit improved as the result of higher volumes than in the
previous year, through the cost savings obtained in the efficiency
improvement program, and through the weakening of the Turkish lira.
-- The one-time costs of EUR -1.5 million included in the fourth quarter
operating profit relate to the current reorganization of operations at the
Pietarsaari foundry and at the Wirsbo forges.
-- The fourth quarter result after financial items excluding one-time items
improved from the corresponding period in the previous year to EUR -2.5
million (EUR -9.5 million). The result after financial items after one-time
items was EUR -4.0 million (EUR -16.9 million).
-- The loss attributable to shareholders for the fourth quarter excluding
one-time items was EUR -8.1 million (EUR -10.0 million) or EUR -0.31 (EUR
-0.47) per share, and after one-time items EUR -9.8 million (EUR -16.2
million) or EUR -0.37 (EUR -0.75) per share.
-- Net cash flow from operations in the October - December period was EUR 14.8
million (EUR 3.8 million).
January - December 2013 in brief
-- Order book rose 5% to MEUR 87 (MEUR 83).
-- Consolidated net sales in the financial year totalled MEUR 511 (MEUR 545).
-- Operating profit excluding one-time items was MEUR 18.2 (MEUR 10.0) and
after one-time items MEUR 14.9 (MEUR 4.0). The operating profit improved
clearly thanks to greater efficiency in operations and the weakening of the
Turkish lira, despite 6% lower net sales than in the previous year.
-- Result after financial items, excluding one-time items was MEUR -6.2 (MEUR
-17.6) and after one-time items MEUR -9.6 (MEUR -25.4).
-- Earnings per share excluding one-time items were EUR -0.55 (EUR -0.92) and
after one-time items EUR -0.75 (EUR -1.22).
-- Capacity utilization rate weakened to 59% (63%).
-- Net cash flow from operations was MEUR 2.2 (MEUR -8.7).
-- The Board of Directors proposes to the Annual General Meeting that no
dividend be paid for the 2013 financial year.
Business environment
The demand outlook in all the Group's customer sectors remains uncertain.
At year end the order book for Componenta's heavy trucks customer sector was 9%
higher than in the previous year. Demand for heavy trucks in Europe is expected
to decrease in 2014. Componenta's sales to heavy trucks customer segment is
expected to increase due to the growing market share.
The order book for Componenta's construction and mining customer sector was 6%
higher at year end than at the same time in the previous year. Demand is
expected to remain at the same level as in the previous year. Customers reduced
their stocks during 2012 and 2013 due to weaker prospects in particular for
mining machinery industry. Demand prospects for Componenta are stable.
The order book for Componenta's machine building customer segment was 17%
higher at year end than at the same time in the previous year. Componenta's
sales outlook for machine building customer segment is expected to improve
during the first half of 2014.
The order book for Componenta's agricultural machinery customer sector was 2%
lower at year end than at the same time in the previous year. Demand for
agricultural machinery is expected to remain stable in 2014. Componenta's sales
to agricultural machinery customer sector is expected to remain at the same
level as in the previous year or to increase due to growing market share.
The order book for Componenta's automotive customer sector was 9% lower at year
end than at the same time in the previous year. The demand for automotive
industry improved towards the end of the year 2013 compared with the same
period a year earlier. In 2014, the demand for automotive industry is expected
to improve from the previous year. Componenta's sales are expected to increase
during the first half of the year even though the increased demand is not yet
visible in Componenta's order book.
Prospects 2014
The prospects for Componenta in 2014 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 year end was EUR 87 (83) million. Based on the order
book and production forecasts given by customers, Componenta's first quarter
net sales in 2014 are expected to be higher than in the corresponding period in
the previous year. Thanks to structural efficiency measures and cost savings
the the first quarter operating profit excluding one-time items is expected to
improve from the previous year.
In consequence of the higher volumes and the structural efficiency measures
being carried out, the operating profit for the full year excluding one-time
items is expected to improve from the previous year.
Key figures
9-12/20 9-12/20 1-12/20 1-12/20
13 12 13 12
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Order book, MEUR 87 83 87 83
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Net sales, MEUR 124 117 511 545
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Operating profit excl. one-time items, MEUR 3.7 -3.5 18.2 10.0
--------------------------------------------------------------------------------
Operating profit excl. one-time items, % 3.0 -3.0 3.6 1.8
--------------------------------------------------------------------------------
Result after financial items excl. one-time -2.5 -9.5 -6.2 -17.6
items, MEUR
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One-time items, MEUR -1.5 -7.4 -3.4 -7.8
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Taxes, MEUR -6.0 0.5 -6.0 1.4
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Net result for the period, MEUR -10.0 -16.4 -15.5 -24.0
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Earnings per share excl. one time items, EUR -0.31 -0.47 -0.55 -0.92
--------------------------------------------------------------------------------
Net gearing, % 270 284
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Return on investment, excl. one-time items, 5.9 4.0
%
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Return on equity, excl. one-time items, % -12.8 -24.8
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Number of personnel at period end, incl. 4,431 4,277
leased personnel
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President and CEO Heikki Lehtonen comments on 2013:
”As a whole, 2013 was a satisfactory year for Componenta. The operating profit
improved considerably from the previous year as a result of the achieved
efficiency improvement and the weakening of the Turkish lira, even though net
sales remained lower than in the previous year.
Our sales grew towards the end of the year especially thanks to the increased
demand from the customers in the heavy trucks and agricultural machinery
industry. At year end our order book was 5% higher than in the previous year.
Componenta's group-wide efficiency improvement program made progress in 2013
according to plan. The program initially started in October 2012 was expanded
with new development projects in September 2013. The target of the program is a
result improvement of EUR 35 million in total by boosting efficiency and
profitability and decreasing the structural costs. The run rate impact of the
development projects and measures carried out by now on EBITDA is estimated to
be in total EUR 26.8 million.
As many economic indicators are heading in a better direction, the beginning of
2014 looks brighter than one year ago. Based on forecasts given by customers we
expect our sales to develop favourably during the next few months. At the same
time we continue our efficiency improvement program having good progress to
realize the costs savings.”
Dividend proposal
The Board of Directors proposes to the Annual General Meeting to be held on 13
March 2014 that, in accordance with the Group's current dividend policy, no
dividend be paid for the 1 January - 31 December 2013 financial period. On 31
December 2013 the parent company had distributable equity of EUR 102.3 (87.6)
million.
Componenta's 2013 Financial Statements Bulletin in PDF format is attached to
this release.
Helsinki, 17 February 2014
COMPONENTA CORPORATION
Heikki Lehtonen
President and CEO
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 511 million in 2013 and its share is listed on
the NASDAQ OMX Helsinki. The Group employs approx. 4,400 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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