2010-07-23 08:35:00 CEST
2010-07-23 08:35:02 CEST
REGULATED INFORMATION
Exel Composites Oyj - Interim report (Q1 and Q3)
Exel Composites Plc's interim report for January 1 - June 30, 2010
EXEL COMPOSITES PLC STOCK EXCHANGE RELEASE 23.7.2010 at 9.35 a.m. 1 (12) EXEL COMPOSITES PLC'S INTERIM REPORT FOR JANUARY 1 - JUNE 30, 2010 April - June 2010 highlights - Net sales from continuing operations were EUR 19.2 (19.3) million, down by 0.6 per cent on the previous year - Operating profit from continuing operations was EUR 2.7 (2.4) million, representing 13.8 (12.4) per cent of net sales - Net operative cash flow was positive at EUR +3.3 (+3.2) million - Fully diluted earnings per share were EUR 0.16 (0.16), of which continuing operations accounted for EUR 0.16 (0.16) January - June 2010 highlights and outlook - Net sales from continuing operations were EUR 34.8 (37.8) million for the first six months of 2010, down by 7.9 per cent on the previous year - Operating profit from continuing operations was EUR 3.6 (4.4) million in January - June 2010, representing 10.4 (11.6) per cent of net sales - Net operative cash flow was positive at EUR +4.1 (+6.2) million - Fully diluted earnings per share were EUR 0.22 (0.30), of which continuing operations accounted for EUR 0.22 (0.29) - Due to the market uncertainty and poor visibility, Exel Composites will not give any profit guidance Vesa Korpimies, President and CEO: “An improvement could be seen in the market situation during the second quarter of the year compared to the first quarter as a number of market segments recovered. The Group's net sales in the second quarter of 2010 were on the same level as in the corresponding period last year. At the same time, the Group's profitability improved by 11 per cent and the return on capital employed increased to 26 per cent. Sales continued to improve in electrical industry, machine industry and the sports and leisure industry. During the first half of 2010 our cash flow continued to be positive and our equity ratio and net gearing continued to improve. The challenging market environment is expected to continue in the second half of 2010. We will continue to focus on sales and on developing new applications with our customers. Exel Composites long-term growth prospects remain favorable, as there are many potential opportunities in for example airport products, the electrical industry as well as in the window and door profile market. As an international player, Exel Composites is able to provide unique service to customers both locally and globally. Exel Composites is now well positioned to take advantage of the growth opportunities as the markets gradually recover.” CONSOLIDATED KEY FIGURES, EUR million (unaudited) -------------------------------------------------------------------------------- | | 1.4. - | 1.4. | Chang | 1.1. - | 1.1. - | Change, | 1.1. - | | | 30.6. | - | e % | 30.6. | 30.6. | % | 31.12. | | | 2010 | 30.6. | | 2010 | 2009 | | 2009 | | | | 2009 | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales, | 19.2 | 19.3 | -0.6 | 34.8 | 37.8 | -7,9 | 70.0 | | continuing | | | | | | | | | operations | | | | | | | | -------------------------------------------------------------------------------- | Operating | 2.7 | 2.4 | 11.0 | 3.6 | 4.4 | -17.2 | 8.0 | | profit, | | | | | | | | | continuing | | | | | | | | | operations | | | | | | | | -------------------------------------------------------------------------------- | % of net | 13.8 | 12.4 | | 10.4 | 11.6 | | 11.4 | | sales | | | | | | | | -------------------------------------------------------------------------------- | Profit for | 1.9 | 1.9 | 2.9 | 2.6 | 3.4 | -23.2 | 5.9 | | the | | | | | | | | | period, | | | | | | | | | continuing | | | | | | | | | operations | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholde | 27.5 | 22.0 | 25.3 | 27.5 | 22.0 | 25.3 | 25.6 | | rs' equity | | | | | | | | -------------------------------------------------------------------------------- | Net | 5.6 | 13.9 | -59.6 | 5.6 | 13.9 | -59.6 | 6.1 | | interest-b | | | | | | | | | earing | | | | | | | | | liabilitie | | | | | | | | | s | | | | | | | | -------------------------------------------------------------------------------- | Capital | 43.2 | 45.5 | -5.0 | 43.2 | 45.5 | -5.0 | 44.3 | | employed | | | | | | | | -------------------------------------------------------------------------------- | Return on | 29.7 | 38.6 | | 19.7 | 37.5 | | 31.3 | | equity, % | | | | | | | | -------------------------------------------------------------------------------- | Return on | 26.3 | 22.6 | | 17.5 | 20.8 | | 20.9 | | capital | | | | | | | | | employed, | | | | | | | | | % | | | | | | | | -------------------------------------------------------------------------------- | Equity | 47.2 | 35.9 | | 47.2 | 35.9 | | 44.6 | | ratio, % | | | | | | | | -------------------------------------------------------------------------------- | Net | 20.4 | 63.5 | | 20.4 | 63.5 | | 23.7 | | gearing, % | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings | 0.16 | 0.16 | | 0.22 | 0.30 | | 0.56 | | per share, | | | | | | | | | EUR | | | | | | | | -------------------------------------------------------------------------------- | Earnings | 0.16 | 0.16 | | 0.22 | 0.30 | | 0.56 | | per share, | | | | | | | | | diluted, | | | | | | | | | EUR | | | | | | | | -------------------------------------------------------------------------------- | Equity per | 2.31 | 1.85 | | 2.31 | 1.85 | | 2.15 | | share, EUR | | | | | | | | -------------------------------------------------------------------------------- IFRS REPORTING This interim report has been prepared in accordance with the recognition and measurement principles of IFRS, which are the same as in the 2009 financial statements. FINANCIAL PERFORMANCE 1 April - 30 June 2010 The Group's net sales from continuing operations in April - June 2010 were on the same level as in the corresponding period last year and were EUR 19.2 (19.3) million. Sales continued to improve in electrical industry, where long-term agreements signed in 2009 materialized in new deliveries, in machine industry and in the sports and leisure industry, where the laminate demand for winter sports industries was on a relatively high level. Interest in composite glass fiber window and door profiles has grown significantly in most European countries due to new energy regulations. The airport product group sales came to a standstill in Europe after the financial crisis of Greece was revealed. There have been some weak positive signals from other markets, but the outlook is still slow. In June 2010 Exel Composites signed an agreement with a new distributor in China. Exel Composites' operating profit from continuing operations in April - June 2010 increased to EUR 2.7 (2.4) million, compared to the corresponding period last year. 1 January - 30 June 2010 Net sales from continuing operations in January - June 2010 decreased by 7.9 per cent to EUR 34.8 (37.8) million compared to the corresponding period in 2009. The cleaning and maintenance market has remained relatively steady during the recession. New distribution channels and new markets are being searched to gain a stronger position in the market. The composite profile market continued to be competitive and there was overcapacity in the market. Exel Composites' operating profit from continuing operations in January - June 2010 decreased to EUR 3.6 (4.4) million, compared to the corresponding period last year. Operating profit as a percentage of net sales from continuing operations was 10.4 (11.6) per cent. Other operating expenses include one-off restructuring costs of EUR 1.2 million due to the corporate restructuring of the former Floorball licensee. Other operating income includes one-off licensing income of EUR 1.2 million. The Group's net financial expenses from continuing operations in January - June 2010 were EUR -0.1 (+0.2) million. The Group's profit before taxes from continuing operations was EUR 3.5 (4.6) million and profit after taxes EUR 2.6 (3.4) million. Earnings per share for continuing operations decreased to EUR 0.22 (0.29) and for discontinued operations to EUR 0.00 (0.02). Return on capital employed was 17.5 (20.8) per cent. BALANCE SHEET AND FINANCIAL POSITION Net cash flow from operating activities was positive at EUR 4.1 (6.2) million. Cash flow before financing, but after capital expenditure, amounted to EUR 3.4 (6.8) million. Net interest-bearing liabilities were EUR 5.6 (13.9) million, and the net gearing ratio was 20.4 (63.5) per cent. 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 10.0 (9.6) million. The Group's consolidated total assets at the end of the review period were EUR 58.3 (61.1) million. Equity at the end of the period under review was EUR 27.5 (22.0) million and equity ratio 47.2 (35.9) per cent. Interest-bearing liabilities amounted to EUR 15.7 (23.5) million, of which short-term liabilities accounted for EUR 7.5 (4.2) million. CAPITAL EXPENDITURE AND DEPRECIATION The capital expenditure on fixed assets during the review period amounted to EUR 0.7 (0.8) million. Total depreciation of non-current assets during the period under review amounted to EUR 1.4 (1.6) million. PERSONNEL The number of Exel Composites Group employees on 30 June 2010 was 396 (442), of whom 179 (205) worked in Finland and 217 (237) in other countries. The average number of personnel during the reporting period was 403 (452). The decrease both in Finland and abroad is due to the rationalization actions in the Finnish, British and Chinese units and the divestment of Exel Sports Brands' Floorball business. SHARES AND SHARE CAPITAL At the end of June 2010, Exel Composites' share capital was EUR 2,141,431.74 and the number of shares was 11,896,843. There were no changes in the share capital during the review period. Based on the closing price on 30 June 2010, the market capitalization totaled EUR 61.3 (62.5) million. During the reporting period 1,381,356 (1,559,432) shares were traded, accounting for 11.6 (13.1) per cent of the average number of shares outstanding. The highest share quotation was EUR 6.79 (6.20) and the lowest EUR 5.00 (2.37). The share price closed at EUR 5.15 (5.25). The average share price during the review period was EUR 5.93 (2.90). Own shares Exel Composites did not hold any of its own shares during the period of review. SHAREHOLDERS AND DISCLOSURES Exel Composites had a total of 2,071 shareholders on 30 June 2010. Information on Exel Composites' shareholders is available on the Company website at www.exelcomposites.com. Exel Composites received no flagging notifications during the period under review. MAJOR NEAR-TERM RISKS AND UNCERTAINTIES The most significant near-term business risks are related to the general economic development and a possible new financial crisis in the Euro area as well as to market demand in certain market segments. The market visibility is weak and the second half of 2010 may still be challenging. The raw material prices, energy cost and other cost increases may put pressure on profitability. The possible European Community's anti-dumping tariffs on Chinese glass fiber may have a negative effect on the result. Currency rate changes, especially a strengthening of the U.S. dollar and price competition may also have a negative effect on the result. The poor availability of financing may continue to have effect on the demand and increase the credit loss risk. MARKET OUTLOOK FOR 2010 The Group has a cautious stance on the economy for 2010 and expects the market conditions to remain challenging although there are signals that the markets are improving. Exel Composites is prepared to take further prompt actions, but also to capture opportunities due to the economic down-turn. Even though the short-term market outlook is challenging, the long-term growth opportunities remain favorable. EXEL COMPOSITES' OUTLOOK FOR 2010 Due to the market uncertainty and poor visibility, Exel Composites will not give any profit guidance. CONSOLIDATED COMPREHENSIVE INCOME STATEMENT (unaudited) -------------------------------------------------------------------------------- | EUR | 1.4. - | 1.4.- | Change | 1.1.-30 | 1.1.-30 | Change, | 1.1. - | | thousand | 30.6. | 30.6. | , % | .6. | .6. | % | 31.12. | | | 2010 | 2009 | | 2010 | 2009 | | 2009 | -------------------------------------------------------------------------------- | Continuing | | | | | | | | | operations | | | | | | | | -------------------------------------------------------------------------------- | Net sales | 19,173 | 19,28 | -0.6 | 34,843 | 37,814 | -7.9 | 70,005 | | | | 5 | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Materials | -7,189 | -7,98 | 10.0 | -13,252 | -15,335 | 13.6 | -28,430 | | and | | 8 | | | | | | | services | | | | | | | | -------------------------------------------------------------------------------- | Employee | -4,892 | -4,76 | -2.7 | -9,274 | -9,590 | 3.3 | -17,994 | | benefit | | 3 | | | | | | | expenses | | | | | | | | -------------------------------------------------------------------------------- | Depreciati | -763 | -748 | -2.0 | -1,438 | -1,567 | 8.2 | -3,028 | | on and | | | | | | | | | impairment | | | | | | | | -------------------------------------------------------------------------------- | Other | -4,229 | -3,84 | -10.0 | -9,052 | -7,679 | -17.9 | -13,859 | | operating | | 3 | | | | | | | expenses | | | | | | | | -------------------------------------------------------------------------------- | Other | 553 | 448 | 23.4 | 1,809 | 748 | 141.8 | 1,296 | | operating | | | | | | | | | income | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating | 2,653 | 2,390 | 11.0 | 3,636 | 4,391 | -17.2 | 7,990 | | profit | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net | -10 | 185 | -105.4 | -96 | 238 | -140.3 | -20 | | financial | | | | | | | | | items | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit | 2,643 | 2,575 | 2.6 | 3,540 | 4,629 | -23.5 | 7,970 | | before tax | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Income | -706 | -693 | -1.9 | -925 | -1,223 | 24.4 | -2,025 | | taxes | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit/los | 1,937 | 1,882 | 2.9 | 2,615 | 3,406 | -23.2 | 5,945 | | s for the | | | | | | | | | period | | | | | | | | | from | | | | | | | | | continuing | | | | | | | | | operations | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Discontinu | | | | | | | | | ed | | | | | | | | | operations | | | | | | | | -------------------------------------------------------------------------------- | Profit/los | 0 | 80 | 100.0 | 0 | 213 | 100.0 | 662 | | s for the | | | | | | | | | period | | | | | | | | | from | | | | | | | | | discontinu | | | | | | | | | ing | | | | | | | | | operations | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit/los | 1,937 | 1,962 | 1.3 | 2,615 | 3,619 | 27.7 | 6,607 | | s for the | | | | | | | | | period | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other | | | | | | | | | comprehens | | | | | | | | | ive | | | | | | | | | income: | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Exchange | 1,008 | 1,331 | -24.3 | 2,303 | 1,663 | 38.5 | 2,293 | | difference | | | | | | | | | s on | | | | | | | | | translatin | | | | | | | | | g foreign | | | | | | | | | operations | | | | | | | | -------------------------------------------------------------------------------- | Income tax | 0 | 0 | 0.0 | 0 | 0 | 0.0 | 0 | | relating | | | | | | | | | to | | | | | | | | | components | | | | | | | | | of other | | | | | | | | | comprehens | | | | | | | | | ive income | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other | 1,008 | 1,331 | -24.3 | 2,303 | 1,663 | 38.5 | 2,293 | | comprehens | | | | | | | | | ive | | | | | | | | | income, | | | | | | | | | net of tax | | | | | | | | -------------------------------------------------------------------------------- | Total | 2,946 | 3,293 | -10.5 | 4,918 | 5,283 | -6.9 | 8,900 | | comprehens | | | | | | | | | ive income | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit/los | | | | | | | | | s | | | | | | | | | attributab | | | | | | | | | le to: | | | | | | | | -------------------------------------------------------------------------------- | Equity | 1,937 | 1,962 | 0.0 | 2,615 | 3,619 | 0.0 | 6,607 | | holders of | | | | | | | | | the parent | | | | | | | | | company | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Comprehens | | | | | | | | | ive income | | | | | | | | -------------------------------------------------------------------------------- | attributab | | | | | | | | | le to: | | | | | | | | -------------------------------------------------------------------------------- | Equity | 2,946 | 3,293 | 0.0 | 4,918 | 5,283 | 0.0 | 8,900 | | holders of | | | | | | | | | the parent | | | | | | | | | company | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings | | | | | | | | | per share, | | | | | | | | | diluted | | | | | | | | | and | | | | | | | | | undiluted, | | | | | | | | | EUR | | | | | | | | -------------------------------------------------------------------------------- | From | 0.16 | 0.16 | 0.0 | 0.22 | 0.29 | 0.0 | 0.50 | | continuing | | | | | | | | | operations | | | | | | | | -------------------------------------------------------------------------------- | From | 0.00 | 0.01 | 0.0 | 0.00 | 0.02 | 0.0 | 0.06 | | discontinu | | | | | | | | | ed | | | | | | | | | operations | | | | | | | | -------------------------------------------------------------------------------- | Total | 0.16 | 0.16 | 0.0 | 0.22 | 0.30 | 0.0 | 0.56 | -------------------------------------------------------------------------------- CONDENSED CONSOLIDATED BALANCE SHEET -------------------------------------------------------------------------------- | EUR thousand | 30.6.2010 | 30.6.2009 | Change | 31.12.2009 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | ASSETS | | | | | -------------------------------------------------------------------------------- | Non-current assets | | | | | -------------------------------------------------------------------------------- | Goodwill | 10,294 | 9,374 | 920 | 9,686 | -------------------------------------------------------------------------------- | Other intangible assets | 2,975 | 2,539 | 436 | 2,460 | -------------------------------------------------------------------------------- | Tangible assets | 10,904 | 11,494 | -590 | 10,835 | -------------------------------------------------------------------------------- | Deferred tax assets | 1,737 | 3,186 | -1,449 | 2,315 | -------------------------------------------------------------------------------- | Other non-current assets | 62 | 60 | 2 | 64 | -------------------------------------------------------------------------------- | Non-current assets total | 25,972 | 26,653 | -681 | 25,642 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Current assets | | | | | -------------------------------------------------------------------------------- | Inventories | 9,671 | 10,666 | -995 | 8,782 | -------------------------------------------------------------------------------- | Trade and other | 12,617 | 14,223 | -1,606 | 10,281 | | receivables | | | | | -------------------------------------------------------------------------------- | Cash at bank and in hand | 10,044 | 9,571 | 473 | 12,597 | -------------------------------------------------------------------------------- | Current assets total | 32,331 | 34,461 | -2,130 | 31,661 | -------------------------------------------------------------------------------- | Total assets | 58,303 | 61,114 | -2,811 | 57,303 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | | | -------------------------------------------------------------------------------- | Shareholders´ equity | | | | | -------------------------------------------------------------------------------- | Share capital | 2,141 | 2,141 | 0 | 2,141 | -------------------------------------------------------------------------------- | Other reserves | 37 | 5 | 32 | 37 | -------------------------------------------------------------------------------- | Invested unrestricted | 8,488 | 8,488 | 0 | 8,488 | | equity fund | | | | | -------------------------------------------------------------------------------- | Translation differences | 2,204 | -730 | 2,934 | -100 | -------------------------------------------------------------------------------- | Retained earnings | 12,039 | 8,440 | 3,599 | 8,407 | -------------------------------------------------------------------------------- | Profit for the period | 2,615 | 3,619 | -1,004 | 6,607 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total equity | 27,524 | 21,963 | 5,561 | 25,580 | | attributable to equity | | | | | | holders of the parent | | | | | | company | | | | | -------------------------------------------------------------------------------- | Total equity | 27,524 | 21,963 | 5,561 | 25,580 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-current liabilities | | | | | -------------------------------------------------------------------------------- | Interest-bearing | 8,162 | 19,319 | -11,157 | 16,346 | | liabilities | | | | | -------------------------------------------------------------------------------- | Interest-free | 321 | 367 | -46 | 330 | | liabilities | | | | | -------------------------------------------------------------------------------- | Deferred tax liabilities | 206 | 329 | -123 | 248 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Current liabilities | | | | | -------------------------------------------------------------------------------- | Interest-bearing | 7,510 | 4,195 | 3,315 | 2,324 | | liabilities | | | | | -------------------------------------------------------------------------------- | Trade and other | 14,580 | 14,940 | -360 | 12,476 | | non-current liabilities | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total liabilities | 30,779 | 39,151 | -8,372 | 31,723 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total equity and | 58,303 | 61,114 | -2,811 | 57,303 | | liabilities | | | | | -------------------------------------------------------------------------------- STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY -------------------------------------------------------------------------------- | EUR | Share | Share | Other | Investe | Transla | Retaine | Total | | thousand | Capit | Pre | Reserv | d | tion | d | | | | al | mium | es | Unrestr | Differe | Earning | | | | | Reser | | icted | nces | s | | | | | ve | | Equity | | | | | | | | | Fund | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Balance at | 2,141 | 0 | 5 | 8,488 | -2,393 | 8,440 | 16,680 | | 1 January | | | | | | | | | 2009 | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Comprehen- | 0 | 0 | 0 | 0 | 1,663 | 3,619 | 5,283 | | sive | | | | | | | | | result | | | | | | | | -------------------------------------------------------------------------------- | Dividend | | | | | | 0 | 0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Balance at | 2,141 | 0 | 5 | 8,488 | -730 | 12,059 | 21,963 | | 30 June | | | | | | | | | 2009 | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Balance at | 2,141 | 0 | 37 | 8,488 | -100 | 15,013 | 25,580 | | 1 January | | | | | | | | | 2010 | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Comprehen- | 0 | 0 | 0 | 0 | 2,303 | 2,615 | 4,918 | | sive | | | | | | | | | result | | | | | | | | -------------------------------------------------------------------------------- | Dividend | | | | | | -2,974 | -2,974 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Balance at | 2,141 | 0 | 37 | 8,488 | 2,204 | 14,654 | 27,524 | | 30 June | | | | | | | | | 2010 | | | | | | | | -------------------------------------------------------------------------------- CONDENSED CONSOLIDATED CASH FLOW STATEMENT -------------------------------------------------------------------------------- | EUR thousand | 1.1. - | 1.1. - | Change | 1.1. - | | | 30.6. | 30.6. | | 31.12. | | | 2010 | 2009 | | 2009 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash Flow from Operating Activities | | | | -------------------------------------------------------------------------------- | Profit for the period | 2,615 | 3,619 | -1,004 | 6,607 | -------------------------------------------------------------------------------- | Adjustments | 3,125 | 907 | 2,218 | 4,829 | -------------------------------------------------------------------------------- | Change in working capital | -515 | 1,421 | -1,936 | 2,309 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash Flow Generated by | 5,255 | 5,947 | -722 | 13,745 | | Operations | | | | | -------------------------------------------------------------------------------- | Interest paid | -273 | -650 | 377 | -1,015 | -------------------------------------------------------------------------------- | Interest received | 154 | 126 | 28 | 292 | -------------------------------------------------------------------------------- | Other financial items | 64 | 825 | -761 | 770 | -------------------------------------------------------------------------------- | Income taxes paid | -1,071 | -88 | -983 | 427 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net Cash Flow from Operating | 4,099 | 6,160 | -2,061 | 14,219 | | Activities | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash Flow from Investing Activities | | | | -------------------------------------------------------------------------------- | Disposal of business | 0 | 1,000 | -1,000 | 1,225 | -------------------------------------------------------------------------------- | Capital expenditure | -695 | -819 | 124 | -1,440 | -------------------------------------------------------------------------------- | Proceeds from sale of fixed | 0 | 410 | -410 | 410 | | assets | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash Flow from Investing | -695 | 591 | -1,286 | 195 | | Activities | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash Flow from Financing | | | | | -------------------------------------------------------------------------------- | Installments of long-term | -2,157 | -4,752 | 2,595 | -7,623 | | borrowings | | | | | -------------------------------------------------------------------------------- | Change in short-term loans | 0 | -264 | 264 | -1,823 | -------------------------------------------------------------------------------- | Installments of finance | -826 | -199 | -627 | -406 | | lease liabilities | | | | | -------------------------------------------------------------------------------- | Dividends paid | -2,974 | 0 | -2,974 | 0 | -------------------------------------------------------------------------------- | Net Cash Flow from Financing | -5,957 | -5,215 | -742 | -9,852 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in Liquid Funds | -2,553 | 1,536 | -4,089 | 4,562 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Liquid funds in the | 12,597 | 8,035 | 4,562 | 8,035 | | beginning of period | | | | | -------------------------------------------------------------------------------- | Change in liquid funds | -2,553 | 1,536 | -4,089 | 4,562 | -------------------------------------------------------------------------------- | Liquid funds at the end of | 10,044 | 9,571 | 473 | 12,597 | | period | | | | | -------------------------------------------------------------------------------- QUARTERLY KEY FIGURES -------------------------------------------------------------------------------- | EUR thousand | II/ | 1/ | IV/ | III/ | II/ | I/ | | | 2010 | 2010 | 2009 | 2009 | 2009 | 2009 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Continuing | | | | | | | | operations | | | | | | | -------------------------------------------------------------------------------- | Net sales | 19,173 | 15,671 | 16,248 | 15,942 | 19,285 | 18,530 | -------------------------------------------------------------------------------- | Materials and | -7,189 | -6,062 | -6,393 | -6,702 | -7,988 | -7,347 | | services | | | | | | | -------------------------------------------------------------------------------- | Employee | -4,892 | -4,381 | -4,071 | -4,332 | -4,763 | -4,827 | | benefit | | | | | | | | expenses | | | | | | | -------------------------------------------------------------------------------- | Depreciation | -763 | -675 | -712 | -748 | -748 | -820 | | and impairment | | | | | | | -------------------------------------------------------------------------------- | Operating | -4,229 | -4,824 | -3,080 | -3,101 | -3,843 | -3,836 | | expenses | | | | | | | -------------------------------------------------------------------------------- | Other | 553 | 1,255 | 367 | 180 | 448 | 300 | | operating | | | | | | | | income | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating | 2,653 | 983 | 2,360 | 1,239 | 2,390 | 2,001 | | profit | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net financial | -10 | -86 | 30 | -288 | 185 | 53 | | items | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit before | 2,643 | 897 | 2,390 | 951 | 2,575 | 2,054 | | taxes | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Income taxes | -706 | -219 | -550 | -252 | -693 | -530 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit/loss | 1,937 | 678 | 1,840 | 699 | 1,882 | 1,524 | | for the period | | | | | | | | from | | | | | | | | continuing | | | | | | | | operations | | | | | | | -------------------------------------------------------------------------------- | Profit/loss | 0 | 0 | 351 | 97 | 80 | 133 | | for the period | | | | | | | | from | | | | | | | | discontinuing | | | | | | | | activities | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit/loss | 1,937 | 678 | 2,191 | 796 | 1,962 | 1,658 | | for the period | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per | 0.16 | 0.06 | 0.18 | 0.07 | 0.16 | 0.14 | | share, EUR | | | | | | | -------------------------------------------------------------------------------- | Earnings per | 0.16 | 0.06 | 0.18 | 0.07 | 0.16 | 0.14 | | share, EUR, | | | | | | | | diluted | | | | | | | -------------------------------------------------------------------------------- | 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 | 397 | 408 | 414 | 425 | 452 | 461 | | of personnel | | | | | | | -------------------------------------------------------------------------------- COMMITMENTS AND CONTINGENCIES -------------------------------------------------------------------------------- | EUR thousand | 30.6.2010 | 30.6.2009 | 31.12.2009 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | On own behalf | | | | -------------------------------------------------------------------------------- | Mortgages | 2,783 | 2,783 | 2,783 | -------------------------------------------------------------------------------- | Corporate mortgages | 12,500 | 12,500 | 12,500 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Lease liabilities | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | - in next 12 months | 384 | 573 | 516 | -------------------------------------------------------------------------------- | - in next 1-5 years | 1,411 | 1,453 | 1,328 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other commitments | 182 | 178 | 235 | -------------------------------------------------------------------------------- DERIVATIVE FINANCIAL INSTRUMENTS -------------------------------------------------------------------------------- | Nominal values | 30.6.2010 | 30.6.2009 | 31.12.2009 | | EUR thousand | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Foreign exchange derivatives | | | | -------------------------------------------------------------------------------- | Forward contracts | | 716 | 341 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Interest rate derivatives | | | | -------------------------------------------------------------------------------- | Interest rate swaps | 10,000 | 9,369 | 10,000 | -------------------------------------------------------------------------------- | Purchased interest rate options | | 5,000 | 0 | -------------------------------------------------------------------------------- CONSOLIDATED KEY FIGURES -------------------------------------------------------------------------------- | EUR thousand | 1.1. - | 1.1. - | Change % | 1.1.-31.12 | | | 30.6. | 30.6. | | . | | | 2010 | 2009 | | 2009 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Continuing operations | | | | | -------------------------------------------------------------------------------- | Net sales | 34,843 | 37,814 | -7.9 | 70,005 | -------------------------------------------------------------------------------- | Operating profit | 3,636 | 4,391 | -17.2 | 7,990 | -------------------------------------------------------------------------------- | % of net sales | 10.4 | 11.6 | | 11.4 | -------------------------------------------------------------------------------- | Profit before tax | 3,540 | 4,629 | -23.5 | 7,970 | -------------------------------------------------------------------------------- | % of net sales | 10.2 | 12.2 | | 11.4 | -------------------------------------------------------------------------------- | Profit for the period | 2,615 | 3,406 | -23.2 | 5,945 | -------------------------------------------------------------------------------- | % of net sales | 7.5 | 9.0 | | 8.5 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders´ equity | 27,524 | 21,963 | 25.3 | 25,580 | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 15,672 | 23,514 | -33.4 | 18,669 | -------------------------------------------------------------------------------- | Cash and cash equivalents | 10,044 | 9,571 | 4.9 | 12,597 | -------------------------------------------------------------------------------- | Net interest-bearing | 5,628 | 13,943 | -59.6 | 6,072 | | liabilities | | | | | -------------------------------------------------------------------------------- | Capital employed | 43,196 | 45,477 | -5.0 | 44,250 | -------------------------------------------------------------------------------- | Return on equity, % | 19.7 | 37.5 | | 31.3 | -------------------------------------------------------------------------------- | Return on capital employed, | 17.5 | 20.8 | | 20.9 | | % | | | | | -------------------------------------------------------------------------------- | Equity ratio, % | 47.2 | 35.9 | | 44.6 | -------------------------------------------------------------------------------- | Net gearing, % | 20.4 | 63.5 | | 23.7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Capital expenditure | 695 | 819 | -15.1 | 1,440 | -------------------------------------------------------------------------------- | % of sales | 2.0 | 2.2 | | 2.1 | -------------------------------------------------------------------------------- | Research and development | 702 | 781 | -10.1 | 1,407 | | costs | | | | | -------------------------------------------------------------------------------- | % of net sales | 2.0 | 2.1 | | 2.0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Order stock | 12,353 | 12,241 | 0.9 | 8,827 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share, EUR | 0.22 | 0.30 | -27.7 | 0.56 | -------------------------------------------------------------------------------- | Earnings per share, EUR, | 0.22 | 0.30 | -27.7 | 0.56 | | diluted | | | | | -------------------------------------------------------------------------------- | Equity per share, EUR | 2.31 | 1.85 | 24.9 | 2.15 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Average number of shares | | | | | -------------------------------------------------------------------------------- | - cumulative | 11,897 | 11,897 | 0.0 | 11,897 | -------------------------------------------------------------------------------- | - cumulative, diluted | 11,897 | 11,897 | 0.0 | 11,897 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Average number of employees | 403 | 452 | -10.8 | 436 | -------------------------------------------------------------------------------- Vantaa, 23 July 2010 EXEL COMPOSITES PLC Vesa Korpimies Board of Directors President and CEO It should be noted that certain statements herein which are not historical facts, including, without limitation, those regarding expectations for general economic development and the market situation, expectations for company growth, development and profitability, and statements preceded by “expects” or “estimates” or similar expressions, are forward-looking statements. These statements are based on current decisions and plans and currently known facts. They involve risks and uncertainties which may cause the actual results to materially differ from the results currently expected by the company. FURTHER INFORMATION: Vesa Korpimies, President and CEO, tel. +358 50 590 6754, or email vesa.korpimies@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. The Exel Composites Plc share is listed in the Small Cap segment of NASDAQ OMX Helsinki Ltd.
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