2007-04-24 09:00:00 CEST
2007-04-24 09:00:00 CEST
REGULATED INFORMATION
Componenta - Quarterly report
Componenta's Interim Report 1 Jan - 31 Mar 2007
Componenta's Interim Report 1 Jan - 31 Mar 2007
- Net sales in the review period totalled MEUR 167.9 (MEUR 152.3).
- Consolidated profit after financial items, excluding one-time items, was MEUR
9.3 (MEUR 5.4).
- Consolidated profit for the period after one-time items, taxes and minority
interest was MEUR 21.7 (MEUR 4. 3)
- Basic earnings per share was EUR 2.06 (EUR 0.44) and earnings excluding
one-time
items was EUR 0.69 (EUR 0.44)
- During the review period major changes took place in the Company's structure.
Due to the purchase at the end of the previous financial year and during the
review period of 92.6% of Döktas, which is listed on the Istanbul Stock
Exchange, the figures for comparison for the 2006 income statement contained in
the text of the report are all pro forma figures. The tables at the end of the
report give a comparison both with pro forma figures and with the official
figures for 2006.
Changes in the Group's structure
In February Componenta sold all of its 50% holding in the shares of associated
company Ulefos NV AS to the other owner of the company, Cappelen Holding AS. The
selling price for the shares was about EUR 14 million. Componenta recorded a
sales profit of EUR 6.4 million on the transaction.
On 6 March 2007 Componenta signed an agreement to sell in an MBO the business of
its subsidiary Componenta Albin AB to the company's operative management, Antti
Lehtonen, Director, Componenta, Managing Director Andreas Falcin, CFO Ulf Lander
and Production Manager Robert Johansson. The transaction was confirmed on 15
March 2007 after the terms for completion had been fulfilled. The selling price
was EUR 14.3 million. Componenta recorded a profit of EUR 13.0 million on the
sale.
Componenta's offer made on 19 February 2007, in accordance with Turkish law, to
purchase the remaining 26.8% of the shares and voting rights of Döktas
Dökümcülük Ticaret ve Sanayi A.S, which is quoted on the Istanbul Stock
Exchange, ended on 5 March 2007. During the offer period 105 investors sold
their shares, which represent 19.4% of the share capital of Döktas. As a result
of the offer to purchase, at the end of the review period Componenta owns 92.6%
of the shares of Döktas.
On 21 March 2007 Componenta started negotiations with personnel concerning the
proposal to consolidate the operations of the Componenta Åmål machine shop to
Componenta Främmestad in Sweden. The objective of the proposed consolidation is
to safeguard long-term competitiveness, which can be achieved with a larger unit
and by raising efficiency in operations. A provision of EUR 4.7 million was
recorded in one-time costs for the review period in preparation for the
financial impact of the proposals. The consolidation is expected to improve the
combined result of the business units by some EUR 2 million as from 2008.
Net sales and order book
The Group's net sales in January - March were EUR 167.9 (152.3) million.
Comparable growth of the net sales was 12.2%. The order book at the end of March
stood at EUR 104.7 (103.6) million.
Foundries division sales increased 9.7% from the previous year to EUR 63.1
(57.5) million.
Sales of the Machine Shop division rose 16.4% to EUR 41.2 (35.4) million.
Showing the order books for the Foundries and Machine Shops divisions separately
is not justified because of the nature of Componenta's supply chain. At the end
of the review period the divisions had a combined order book of EUR 51.4 (52.6)
million.
Net sales of the Döktas division increased 16.5% to EUR 61.5 (52.8) million.
Döktas' order book at the end of the review period stood at EUR 42.3 (41.0)
million.
Componenta's net sales by customer sector were as follows: heavy truck industry
28% (30%), off-road 35% (35%), machine building 11% (10%), power and
transmission 9% ( 7%), cars and light trucks 17% (17%) and others 1% (1 %).
Result
The interim report has been prepared in accordance with international financial
reporting standards (IFRS). Componenta has prepared the interim report applying
the same accounting principles as in its 2006 Financial Statements. The figures
in the interim report are unaudited.
The Group's operating profit excluding one-time items was EUR 13.7 (9.6) million
and the result after financial items was EUR 9.3 (5.4) million. The Group had
one-time items totalling EUR 12.9 (0.0) million during the first quarter:
Profit on sale of Ulefos AS shares EUR 6.4 million
Profit on sale of business operations of Componenta Albin AB EUR 13.0 million
One-time costs, provision for the financial impact of the proposal made in the
negotiations to consolidate the operations of the Componenta Främmestad and Åmål
units EUR 4.7 million
Write-downs on production equipment to be scrapped and other similar items EUR
1.8 million
The Group's net financial costs in the review period amounted to EUR -4.4 (-4.2)
million.
The Group's result after financial items, excluding one-time items, improved
from the previous year due to the encouraging developments in the Foundries and
Döktas divisions. The operating losses recorded by the Karkkila foundry and the
Heerlen Furan foundry decreased considerably from the previous year.
Income taxes in the review period totalled EUR -0.5 (-1.1) million.
The net result for the review period was EUR 21.7 (4.3) million.
The basic earnings per share was EUR 2.06 (0.44) and the corresponding earnings
per share excluding one-time earnings was EUR 0.69 (0.44).
The return on investment was 29.6% (11.5%) and return on equity 102.4% (17.9%).
Financing
On 31 March 2007 Componenta Corporation had outstanding capital notes and
convertible notes with a combined value of EUR 59.9 million, as defined in IFRS.
In March the Group repaid EUR 3.2 million, or 10%, of the principal of the
preferred capital notes issued in 2002 in accordance with the terms for the
notes. During the review period 1,216 of Componenta's convertible capital notes
were converted into shares. As a result, the number of Componenta shares
increased by 243,200 and the shareholders' equity rose by EUR 2.2 million.
At the end of the review period the Group had EUR 90.0 million in non-utilised
long-term credit facilities. In addition the Group has a EUR 100.0 million
commercial paper programme. The Group's interest-bearing net debt, excluding the
outstanding capital notes of EUR 59.9 million, was EUR 210.7 (107.9) million.
The company's net debt as a proportion of shareholders' equity, including the
capital notes in shareholders' equity, was 148.0 % (124.8 %).
Componenta is making more effective use of capital with a programme to sell its
sales receivables. Under this arrangement, some of the sales receivables are
sold without any right of recourse. By the end of the period the company had
sold sales receivables totalling EUR 31.2 (25.4) million.
Componenta's cash flow from operations during the review period was EUR -0.3
(4.6) million, and of this the change in net working capital was EUR -15.5
(-6.5) million. The net cash flow from investment was EUR -19.2 (-1.4) million.
At the end of the review period the Group's equity ratio was 17.0% (18.9%). The
Group's shareholders' equity, including the capital notes on 31 March 2007 in
shareholders' equity, as a proportion of the balance sheet total was 29.4%
(31.6%).
Performance of business divisions
Componenta changed its organizational structure on 1 September 2006, when the
Group's production units were split into two divisions, Foundries and Machine
Shops, instead of three as before. Other Business remained outside these
divisions, comprising associated companies, the Wirsbo forges, real estate
companies and the Group's administrative functions. The Company started to
report in accordance with the new structure on 1 January 2007.
In October 2006 Componenta acquired a majority of the shares and voting rights
in the Turkish iron and aluminium foundry Döktas Dökümcülük Sanayi ve Ticaret
A.S. As from 1 January 2007 the Döktas foundries form a third division in
Componenta Group reports.
The 2007 reports publish the figures for the Group's three divisions, Foundries,
Machine Shops and Döktas, In addition the reports include Other Business, which
comprises the service companies, the Componenta Wirsbo forges, the Sherbrook
sales company, Componenta Pistons, eliminations of internal items, the
operations of Componenta Albin that have been sold, and the Group's share of
associated company Ulefos NV that has been sold.
Foundries
The Foundries division comprises the Group's foundries in Karkkila, Pori,
Pietarsaari and Iisalmi in Finland, and the foundries located in Weert and
Heerlen in the Netherlands.
Raw material prices continued to rise during the review period. The rising
prices hurt the division's result in the short term but the increase in raw
material prices can be passed on to the products supplied to customers mainly
during the next quarter. The division had net sales in the review period of EUR
63.1 (57.5) million and an operating profit of EUR 5.2 million, 8.2% of net
sales (EUR 2.9 million, 5.0%). The division's operating profit improved from the
previous year as a result of higher volumes and enhanced efficiency in
operations. The operating result of the Karkkila foundry and the Heerlen Furan
foundry improved significantly during the first quarter.
Machine Shops
The Machine Shops division comprises the Främmestad and Åmål machine shops in
Sweden, the machine shops in Lempäälä and Pietarsaari in Finland, and the
machine shop operations in the Netherlands. The division had net sales in
January - March of EUR 41.2 (35.4) million and an operating profit of EUR 1.5
million, 3.6% of net sales (EUR 1.8 million, 5.1%).
On 6 March 2007 Componenta signed an agreement to sell in an MBO the business of
its subsidiary Componenta Albin AB to the company's operational management,
Antti Lehtonen, Director, Componenta, Managing Director Andreas Falcin, CFO Ulf
Lander and Production Manager Robert Johansson. The transaction was confirmed on
15 March 2007 after the terms for completion had been fulfilled. The selling
price was EUR 14.3 million. Componenta recorded a profit of EUR 13.0 million on
the sale.
On 21 March 2007 Componenta started negotiations with the personnel of
Componenta Åmål concerning the proposal to consolidate the operations of the
Componenta Åmål machine shop to Componenta Främmestad in Sweden. The objective
of the proposed consolidation is to safeguard long-term competitiveness, which
can be achieved with a larger unit and by raising efficiency in operations. A
provision of EUR 4.7 million was recorded in one-time costs for the review
period for the financial impact of the proposal being negotiated. The
consolidation is expected to improve the combined result of the business units
by some EUR 2 million as from 2008.
Döktas
The Döktas division comprises the iron foundry and machine shop in Orhangazi and
the aluminium foundry and machine shop in Manisa. The division's result in the
review period suffered from the rise in raw material prices. The division had
net sales in the review period of EUR 61.5 (52.8) million and an operating
profit of EUR 5.6 million, 9.1% of net sales (EUR 3.8 million, 7.2%). The
division's order book stood at EUR 42.3 (41.0) million.
Döktas Orhangazi
The Döktas iron foundry and machine shop in Orhangazi supply ready-to-install
cast components mainly to the off-road industry and car and light truck
manufacturers.
Döktas Orhangazi had net sales of EUR 41.3 (35.4) million and an operating
profit of EUR 4.0 million, 9.7% of net sales (EUR 2.2 million, 6.2%).
Döktas Manisa
The Döktas aluminium foundry and machine shop in Manisa mainly manufacture
aluminium pressure cast components and aluminium wheels.
Döktas Manisa had net sales of EUR 20.2 (17.4) million and an operating profit
of EUR 1.6 million, 7.9% of net sales (EUR 1.6 million, 9.2%).
Other Business
Other Business comprises the service companies, the Componenta Wirsbo forges,
the Sherbrook sales company, Componenta Pistons, eliminations of internal items,
the operations of Componenta Albin that have been sold, and the Group's share of
associated company Ulefos NV that has been sold.
Other Business had an operating profit excluding one-time items in January -
March of EUR 1.4 (1.0) million.
The sale of Componenta's Ulefos NV AS shares was confirmed on 28 February 2007.
In this transaction, which was signed on 16 February 2007, Componenta sold its
50% holding in the Ulefos shares to the other owner of the company Cappelen
Holding AS. The price for the shares was about EUR 14.0 million. Componenta
recorded a profit of some EUR 6.4 million on the sale.
Shares and share capital
The shares of Componenta Corporation are quoted on the Small Cap segment of the
Helsinki Exchanges. At the end of the review period the company's share capital
stood at EUR 20.5 (19.3) million. The provision concerning the nominal value of
the share was removed from the Articles of Association by the decision of the
Annual General Meeting of Shareholders on 26 February 2007. On 31 March 2007 the
quoted price of Componenta Corporation shares stood at EUR 11.01 (6.13). The
average price during the review period was EUR 10.51, the lowest quoted price
was EUR 8.49 and the highest EUR 12.55. At the end of the review period the
share capital had a market capitalization of EUR 113.0 (59.0) million and the
volume of shares traded during the review period was equivalent to 14.6% (14.9%)
of the share stock.
The AGM decided to pay a dividend of EUR 0.25 per share for 2006, in accordance
with the proposal of the Board of Directors.
Purchasing and disposing of company shares
Under the authorization of the AGM held on 26 February 2007 the Board of
Directors may decide to purchase a maximum of 1,000,000 of the Company's own
shares using the Company's unrestricted shareholders' equity.
The shares shall be purchased in public trading, for which reason they will be
purchased other than in proportion to the holdings of shareholders. The purchase
price shall be based on the market price for Componenta shares in public
trading. The shares shall be purchased on the Helsinki Exchanges and in
accordance with its rules and regulations.
The Board of Directors may not implement the authorization to purchase the
Company's own shares if after the purchase the Company or its subsidiary would
possess or hold in pledge altogether more than 10 per cent of all the Company's
shares. The authorization does not exclude the right of the Board of Directors
to decide on a direct purchase of shares.
The AGM authorized the Board to decide to issue shares and grant, option rights
and other special rights with an entitlement to shares under the following terms
and conditions:
Under the authorization the Board may decide to issue shares and grant option
rights and special rights as defined in chapter 10, section 1 of the Finnish
Companies Act such that a maximum total of 2,000,000 shares are issued under the
authorization. The authorization does not exclude the right of the Board of
Directors to decide on a direct issue of shares.
The authorization is valid for a period of five years from the date of the
decision of the AGM.
Investments
Componenta's investments in production facilities during the review period
totalled EUR 3.8 (2.3) million, and finance lease investments accounted for EUR
0.1 of these. The net cash flow from investments was EUR -19.2 (-1.4) million.
At the start of the review period Componenta owned 68.6% of Döktas' share stock.
During the period Componenta purchased more shares directly on the Istanbul
Exchange and, in accordance with Turkish law, made an offer to redeem the
remaining Döktas shares. As the result of these operations Componenta's holding
rose to 92.6%. Componenta spent EUR 38.3 million on these purchases in the
period 1 January - 31 March 2007.
Board of Directors and Management
Componenta's Annual General Meeting of Shareholders on 26 February 2007 elected
the following to the Board of Directors: Heikki Bergholm, Heikki Lehtonen,
Juhani Mäkinen, Marjo Raitavuo and Matti Tikkakoski. The Board held its
organization meeting after the AGM and elected Heikki Bergholm as its Chairman
and Juhani Mäkinen as Vice Chairman.
At the end of the review period the corporate executive team of Componenta Group
comprised the following: President and CEO Heikki Lehtonen; Yaylalý Günáy,
Managing Director, Componenta Döktas; Hakan Göral, Sales Director, Componenta
Döktas; Olli Karhunen, Director, Foundries; CFO Matti Kivekäs; Jari Leino,
Director, Sales and Product Development of Heavy trucks; Anu Mankki, Director,
Human Resources; Marc Omes, Director, Group Sales and Product Development; Marko
Sipola, Director, Business Development; Michael Sjöberg, Director, Machine
Shops, and Communications Manager Pirjo Aarniovuori.
Personnel
During the review period the Group had on average 4,235 (3,992) employees. The
number of Group personnel at the end of the year including contract labour was
5,052 (4,955). At the end of March 22% (21%) of the Group's personnel were in
Finland, 16% (17%) in the Netherlands, 52% (50%) in Turkey and 9% (12%) in
Sweden.
Risks and factors of uncertainty in the near future
Price fluctuations for Componenta Group's main raw material, scrap metal, affect
the sales margins on the Group's products. When the price of scrap metal rises,
the increase in the price of the raw materials can be passed on to the products
supplied to customers after a certain delay, so price increases in scrap metal
reduce the sales margin temporarily. When scrap prices go down the Group's
margins improve for a while.
The electricity consumption of the Group's foundries and machine shops creates a
spot price risk for the purchased electricity, so the Group purchases
electricity price forwards to hedge against the impact of electricity prices on
the financial performance. The target hedging level for the forecast electricity
consumption by the Group's production plants is 90% for the next 12 months, 60%
for the following year and 40% for the third year. Trading in electricity price
forwards has been outsourced. The Group aims to pass on the increase in the
price of electricity to customers with a separate electricity surcharge.
Appropriate insurance has been taken against risks associated with assets and
interruption of operations and to minimize indemnity.
The financial risks relating to Componenta Group's business operations are
managed in accordance with the treasury policy approved by the Board of
Directors. The objective is to protect the Group against unfavourable changes in
the finance markets and to secure the Group's financial performance and
financial position. Management of financial risks takes place in the corporate
treasury function.
Due to acquistion of Döktas, Componenta has now a significant currency position
in Turkish lira. Componenta hedges both the translation and transaction risk
according to Company's treasury policy. Despite the hedging, however, the
possible changes in the value of Turkish lira in relation to other currencies,
especially to EUR, USD and GBP, might have an impact on Componenta's financial
performance in the short term.
The Group has no significant concentration of risk for receivables. The Group
recognized no major credit losses in 2006.
The company is not party to any significant contracts that will come into force,
that can be amended or that can cease to be valid if control of the company
changes in consequence of a public purchase offer.
Prospects
Componenta's prospects in 2007 are based on general external financial
indicators, order forecasts given by customers, and on Componenta's order intake
and order book.
Demand for heavy truck components remained strong in the first quarter of 2007.
Demand for components in the off-road, power and transmission, and machine
building industries grew strongly in the first quarter compared to the
corresponding period in the previous year.
The demand outlook in the Group's customer sectors looks good for 2007. Rising
interest rates and unfavourable developments in exchange rates may weaken
prospects during the year.
Combining the operations of Componenta and Döktas is expected to achieve synergy
benefits of EUR 10 million by the end of 2008. Some of the synergies are
expected to improve the result of the current year. The efforts to enhance the
performance of the Karkkila and Heerlen units are continuing during 2007. It is
expected that the business results at the units will improve during the current
year.
At the end of the review period the order books at Componenta and Döktas stood
at the same level as at the same time in the previous year.
Componenta Group's 2007 net sales are expected to increase and result after
financial items, excluding one-time items, to improve compared to the
corresponding pro forma figures for 2006.
Income statement
--------------------------------------------------------------------------------
| MEUR | 1.1.-31.3.2 | 1.1.-31.3.2 | 1.1.-31.12.2 |
| | 007 | 006 | 006 |
--------------------------------------------------------------------------------
| Net sales | 167.9 | 93.6 | 362.1 |
--------------------------------------------------------------------------------
| Other operating income | 19.7 | 0.1 | 0.8 |
--------------------------------------------------------------------------------
| Operating expenses | -153.8 | -84.4 | -332.8 |
--------------------------------------------------------------------------------
| Depreciation, amortization and | -7.3 | -4.3 | -17.4 |
| write-down | | | |
--------------------------------------------------------------------------------
| Share of the associated | 0.1 | 0.2 | 1.8 |
| companies' result | | | |
--------------------------------------------------------------------------------
| Operating profit | 26.6 | 5.3 | 14.5 |
--------------------------------------------------------------------------------
| % of net sales | 15.8 | 5.7 | 4.0 |
--------------------------------------------------------------------------------
| Financial income and expenses | -4.4 | -2.2 | -9.9 |
--------------------------------------------------------------------------------
| Result after financial items | 22.2 | 3.1 | 4.6 |
--------------------------------------------------------------------------------
| % of net sales | 13.2 | 3.3 | 1.3 |
--------------------------------------------------------------------------------
| Income taxes | -0.5 | -0.9 | -1.1 |
--------------------------------------------------------------------------------
| Net profit | 21.7 | 2.2 | 3.5 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Allocation of net profit for the | | | |
| period | | | |
--------------------------------------------------------------------------------
| To equity holders of the parent | 20.9 | 2.2 | 3.5 |
--------------------------------------------------------------------------------
| To minority interest | 0.9 | 0.0 | 0.0 |
--------------------------------------------------------------------------------
| | 21.7 | 2.2 | 3.5 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Earning per share calculated on | | | |
| the profit attributable | | | |
--------------------------------------------------------------------------------
| to equity holders of the parent | | | |
--------------------------------------------------------------------------------
| Earnings per share, EUR | 2.06 | 0.23 | 0.36 |
--------------------------------------------------------------------------------
| Earnings per share with dilution, | 1.52 | 0.21 | 0.36 |
| EUR | | | |
--------------------------------------------------------------------------------
Income statement excluding one-time items
--------------------------------------------------------------------------------
| MEUR | 1.1.-31.3.2 | 1.1.-31.3.20 | 1.1.-31.12.2 |
| | 007 | 06 | 006 |
--------------------------------------------------------------------------------
| Net sales | 167.9 | 93.6 | 362.1 |
--------------------------------------------------------------------------------
| Other operating income | 0.3 | 0.1 | 0.8 |
--------------------------------------------------------------------------------
| Operating expenses | -148.8 | -84.4 | -332.6 |
--------------------------------------------------------------------------------
| Depreciation, amortization and | -5.7 | -4.3 | -17.2 |
| write-down | | | |
--------------------------------------------------------------------------------
| Share of the associated | 0.1 | 0.2 | 1.8 |
| companies' result | | | |
--------------------------------------------------------------------------------
| Operating profit | 13.7 | 5.3 | 14.9 |
--------------------------------------------------------------------------------
| % of net sales | 8.1 | 5.7 | 4.1 |
--------------------------------------------------------------------------------
| Financial income and expenses | -4.4 | -2.2 | -9.9 |
--------------------------------------------------------------------------------
| Result after financial items | 9.3 | 3.1 | 5.0 |
--------------------------------------------------------------------------------
| % of net sales | 5.5 | 3.3 | 1.4 |
--------------------------------------------------------------------------------
Income statement, pro forma
--------------------------------------------------------------------------------
| MEUR | 1.1.-31.3.2 | 1.1.-31.3.2 | 1.1.-31.12.2 |
| | 007 | 006 | 006 |
--------------------------------------------------------------------------------
| Net sales | 167.9 | 152.3 | 602.3 |
--------------------------------------------------------------------------------
| Other operating income | 19.7 | 0.5 | 1.7 |
--------------------------------------------------------------------------------
| Operating expenses | -153.8 | -137.5 | -542.0 |
--------------------------------------------------------------------------------
| Depreciation, amortization and | -7.3 | -6.0 | -23.7 |
| write-down | | | |
--------------------------------------------------------------------------------
| Share of the associated | 0.1 | 0.2 | 1.8 |
| companies' result | | | |
--------------------------------------------------------------------------------
| Operating profit | 26.6 | 9.6 | 40.0 |
--------------------------------------------------------------------------------
| % of net sales | 15.8 | 6.3 | 6.6 |
--------------------------------------------------------------------------------
| Financial income and expenses | -4.4 | -4.2 | -4.6 |
--------------------------------------------------------------------------------
| Result after financial items | 22.2 | 5.4 | 35.5 |
--------------------------------------------------------------------------------
| % of net sales | 13.2 | 3.5 | 5.9 |
--------------------------------------------------------------------------------
| Income taxes | -0.5 | -1.1 | -5.9 |
--------------------------------------------------------------------------------
| Net profit | 21.7 | 4.3 | 29.6 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Allocation of net profit for the | | | |
| period | | | |
--------------------------------------------------------------------------------
| To equity holders of the parent | 20.9 | 4.0 | 27.2 |
--------------------------------------------------------------------------------
| To minority interest | 0.9 | 0.3 | 2.4 |
--------------------------------------------------------------------------------
| | 21.7 | 4.3 | 29.6 |
--------------------------------------------------------------------------------
| Earning per share calculated on | | | |
| the profit attributable | | | |
--------------------------------------------------------------------------------
| to equity holders of the parent | | | |
--------------------------------------------------------------------------------
| Earnings per share, EUR | 2.06 | 0.44 | 2.80 |
--------------------------------------------------------------------------------
Income statement excluding one-time items, pro forma
--------------------------------------------------------------------------------
| MEUR | 1.1.-31.3.2 | 1.1.-31.3.2 | 1.1.-31.12.2 |
| | 007 | 006 | 006 |
--------------------------------------------------------------------------------
| Net sales | 167.9 | 152.3 | 602.3 |
--------------------------------------------------------------------------------
| Other operating income | 0.3 | 0.5 | 1.7 |
--------------------------------------------------------------------------------
| Operating expenses | -148.8 | -137.5 | -541.9 |
--------------------------------------------------------------------------------
| Depreciation, amortization and | -5.7 | -6.0 | -23.5 |
| write-down | | | |
--------------------------------------------------------------------------------
| Share of the associated | 0.1 | 0.2 | 1.8 |
| companies' result | | | |
--------------------------------------------------------------------------------
| Operating profit | 13.7 | 9.6 | 40.4 |
--------------------------------------------------------------------------------
| % of net sales | 8.1 | 6.3 | 6.7 |
--------------------------------------------------------------------------------
| Financial income and expenses | -4.4 | -4.2 | -18.8 |
--------------------------------------------------------------------------------
| Result after financial items | 9.3 | 5.4 | 21.7 |
--------------------------------------------------------------------------------
| % of net sales | 5.5 | 3.5 | 3.6 |
--------------------------------------------------------------------------------
| Income taxes | -2.3 | -1.1 | -5.1 |
--------------------------------------------------------------------------------
| Net profit | 7.0 | 4.3 | 16.6 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Allocation of net profit for the | | | |
| period | | | |
--------------------------------------------------------------------------------
| To equity holders of the parent | 6.2 | 4.0 | 15.2 |
--------------------------------------------------------------------------------
| To minority interest | 0.9 | 0.3 | 1.4 |
--------------------------------------------------------------------------------
| | 7.0 | 4.3 | 16.6 |
--------------------------------------------------------------------------------
| Earning per share calculated on | | | |
| the profit attributable | | | |
--------------------------------------------------------------------------------
| to equity holders of the parent | | | |
--------------------------------------------------------------------------------
| Earnings per share, EUR | 0.69 | 0.44 | 1.56 |
--------------------------------------------------------------------------------
Balance sheet
--------------------------------------------------------------------------------
| MEUR | 31.3.2007 | 31.3.2006 | 31.12.2006 |
--------------------------------------------------------------------------------
| Assets | | | |
--------------------------------------------------------------------------------
| Non-current assets | | | |
--------------------------------------------------------------------------------
| Intangible assets | 1.9 | 2.2 | 2.0 |
--------------------------------------------------------------------------------
| Goodwill | 55.7 | 0.5 | 43.4 |
--------------------------------------------------------------------------------
| Investment properties | 1.8 | 1.9 | 1.9 |
--------------------------------------------------------------------------------
| Tangible assets | 205.2 | 160.3 | 213.7 |
--------------------------------------------------------------------------------
| Investment in associates | 0.3 | 6.6 | 7.4 |
--------------------------------------------------------------------------------
| Receivables | 5.2 | 0.9 | 1.0 |
--------------------------------------------------------------------------------
| Other investments | 0.5 | 0.5 | 0.5 |
--------------------------------------------------------------------------------
| Deferred tax assets | 8.5 | 8.2 | 8.2 |
--------------------------------------------------------------------------------
| Total non-current assets | 279.1 | 181.2 | 278.2 |
--------------------------------------------------------------------------------
| Current assets | | | |
--------------------------------------------------------------------------------
| Inventories | 72.5 | 39.2 | 78.5 |
--------------------------------------------------------------------------------
| Receivables | 113.4 | 50.3 | 95.9 |
--------------------------------------------------------------------------------
| Cash and bank accounts | 20.1 | 2.9 | 15.3 |
--------------------------------------------------------------------------------
| Total current assets | 206.0 | 92.4 | 189.7 |
--------------------------------------------------------------------------------
| Total assets | 485.1 | 273.6 | 467.9 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Liabilities and shareholders' | | | |
| equity | | | |
--------------------------------------------------------------------------------
| Shareholders' equity | | | |
--------------------------------------------------------------------------------
| Share capital | 20.5 | 19.3 | 20.0 |
--------------------------------------------------------------------------------
| Other equity | 54.8 | 32.4 | 35.1 |
--------------------------------------------------------------------------------
| Equity attributable to equity | 75.3 | 51.7 | 55.2 |
| holders of the parent | | | |
--------------------------------------------------------------------------------
| Minority interest | 7.2 | 0.1 | 32.2 |
--------------------------------------------------------------------------------
| Shareholders' equity | 82.5 | 51.8 | 87.3 |
--------------------------------------------------------------------------------
| Liabilities | | | |
--------------------------------------------------------------------------------
| Non-current | | | |
--------------------------------------------------------------------------------
| Capital loan | 56.9 | 31.8 | 61.5 |
--------------------------------------------------------------------------------
| Interest bearing | 85.6 | 57.8 | 94.4 |
--------------------------------------------------------------------------------
| Interest free | 0.0 | 0.1 | 0.1 |
--------------------------------------------------------------------------------
| Provisions | 0.5 | 0.6 | 1.2 |
--------------------------------------------------------------------------------
| Deferred tax liability | 1.6 | 1.1 | 3.2 |
--------------------------------------------------------------------------------
| Current | | | |
--------------------------------------------------------------------------------
| Capital loan | 3.0 | 2.9 | 2.9 |
--------------------------------------------------------------------------------
| Interest bearing | 145.2 | 53.1 | 107.8 |
--------------------------------------------------------------------------------
| Interest free | 98.3 | 73.9 | 102.4 |
--------------------------------------------------------------------------------
| Tax liabilities | 0.5 | - | 2.0 |
--------------------------------------------------------------------------------
| Provisions | 10.9 | 0.5 | 4.9 |
--------------------------------------------------------------------------------
| Total liabilities | 402.5 | 221.8 | 380.6 |
--------------------------------------------------------------------------------
| Total liabilities and | 485.1 | 273.6 | 467.9 |
| shareholders' equity | | | |
--------------------------------------------------------------------------------
Cash flow statement
--------------------------------------------------------------------------------
| MEUR | 1.1.-31.3. | 1.1.-31.3. | 1.1.-31.12 |
| | 2007 | 2006 | .2006 |
--------------------------------------------------------------------------------
| Cash flow from operations | | | |
--------------------------------------------------------------------------------
| Result after financial items | 22.2 | 3.1 | 4.6 |
--------------------------------------------------------------------------------
| Depreciation, amortization and | 7.3 | 4.3 | 17.4 |
| write-down | | | |
--------------------------------------------------------------------------------
| Net financial income and expenses | 4.4 | 2.2 | 9.9 |
--------------------------------------------------------------------------------
| Other income and expenses, | -14.2 | 3.8 | 0.2 |
| adjustments to cash flow | | | |
--------------------------------------------------------------------------------
| Change in net working capital | -15.5 | -6.5 | 1.6 |
--------------------------------------------------------------------------------
| Cash flow from operations before | 4.1 | 6.9 | 33.7 |
| financing and income taxes | | | |
--------------------------------------------------------------------------------
| Interest received and paid and | -3.3 | -2.3 | -7.6 |
| dividends received | | | |
--------------------------------------------------------------------------------
| Taxes paid | -1.2 | 0.0 | 0.0 |
--------------------------------------------------------------------------------
| Net cash flow from operations | -0.3 | 4.6 | 26.2 |
--------------------------------------------------------------------------------
| Cash flow from investing activities | | | |
--------------------------------------------------------------------------------
| Capital expenditure in tangible and | -4.0 | -1.4 | -7.0 |
| intangible assets | | | |
--------------------------------------------------------------------------------
| Proceeds from tangible and intangible | 0.0 | 0.0 | 0.1 |
| assets | | | |
--------------------------------------------------------------------------------
| Other investments and loans granted | -4.7 | 0.0 | 0.0 |
--------------------------------------------------------------------------------
| Proceeds from other investments and | 27.9 | 0.0 | 0.0 |
| repayments of loan receivables | | | |
--------------------------------------------------------------------------------
| Acquisition of subsidiary, net of | -38.3 | | -97.4 |
| cash acquired | | | |
--------------------------------------------------------------------------------
| Net cash flow from investing | -19.2 | -1.4 | -104.2 |
| activities | | | |
--------------------------------------------------------------------------------
| Cash flow from financing activities | | | |
--------------------------------------------------------------------------------
| Dividends paid | -3.3 | 0.0 | 0.0 |
--------------------------------------------------------------------------------
| Share issue (capital notes) | 2.2 | 0.0 | 1.6 |
--------------------------------------------------------------------------------
| Draw-down (+)/ repayment (-) of the | | 0.0 | 2.2 |
| equity part of convertible capital | | | |
| notes | | | |
--------------------------------------------------------------------------------
| Repayment of finance lease | -0.5 | -0.5 | -2.2 |
| liabilities | | | |
--------------------------------------------------------------------------------
| Draw-down (+)/ repayment (-) of | 31.1 | -1.4 | 26.1 |
| current loans | | | |
--------------------------------------------------------------------------------
| Draw-down (+)/ repayment (-) of | -5.3 | -3.7 | 60.4 |
| non-current loans | | | |
--------------------------------------------------------------------------------
| Net cash flow from financing | 24.2 | -5.6 | 88.1 |
| activities | | | |
--------------------------------------------------------------------------------
| Change in liquid assets | 4.8 | -2.4 | 10.0 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Cash and bank account at the | 15.3 | 5.3 | 5.3 |
| beginning of the period | | | |
--------------------------------------------------------------------------------
| Cash and bank account at the period | 20.1 | 2.9 | 15.3 |
| end | | | |
--------------------------------------------------------------------------------
| Change during the financial period | 4.8 | -2.4 | 10.0 |
--------------------------------------------------------------------------------
Statement of changes in shareholder's equity
--------------------------------------------------------------------------------
| MEUR | Sha | Share | Othe | Trans | Reta | Total | Minor | Share |
| | re | prem | r | lati | ined | | ity | hold |
| | ca | ium | re | on | ear | | i | er's |
| | pit | a | serv | di | ning | | ntere | equit |
| | al | ccoun | es | ffe | s | | st | y |
| | | t | | r | | | | tot |
| | | | | ences | | | | al |
--------------------------------------------------------------------------------
| Shareholder's | 19. | 11.6 | 2.4 | 0.1 | 15.3 | 48.5 | 0.1 | 48.6 |
| equity 1.1.2006 | 3 | | | | | | | |
--------------------------------------------------------------------------------
| Derivatives | | | 1.1 | | | 1.1 | | 1.1 |
--------------------------------------------------------------------------------
| Other changes | | | | -0.1 | | -0.1 | | -0.1 |
--------------------------------------------------------------------------------
| Increase of | 0.0 | 0.0 | | | | 0.0 | | 0.0 |
| share capital | | | | | | | | |
| (warrants) | | | | | | | | |
--------------------------------------------------------------------------------
| Equity share of | | 0.0 | | | 0.0 | | 0.0 |
| convertible capital | | | | | | | |
| notes | | | | | | | |
--------------------------------------------------------------------------------
| Profit/loss for | | | | | 2.2 | 2.2 | 0.0 | 2.2 |
| the period | | | | | | | | |
--------------------------------------------------------------------------------
| Shareholder's | 19. | 11.6 | 3.5 | 0.1 | 17.5 | 51.7 | 0.1 | 51.8 |
| equity 31.3.2006 | 3 | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | | | |
--------------------------------------------------------------------------------
| MEUR | Sha | Share | Othe | Trans | Reta | Total | Minor | Share |
| | re | prem | r | lati | ined | | ity | hold |
| | cap | ium | re | on | ear | | i | er's |
| | ita | a | serv | di | ning | | ntere | equit |
| | l | ccoun | es | ffe | s | | st | y |
| | | t | | r | | | | tot |
| | | | | ences | | | | al |
--------------------------------------------------------------------------------
| Shareholder's | 20. | 12.4 | 3.4 | 0.1 | 19.1 | 55.2 | 32.2 | 87.3 |
| equity 1.1.2007 | 0 | | | | | | | |
--------------------------------------------------------------------------------
| Derivatives | | | -0.5 | | | -0.5 | | -0.5 |
--------------------------------------------------------------------------------
| Other changes | | | | 0.4 | | 0.4 | | 0.4 |
--------------------------------------------------------------------------------
| Dividends paid | | | | | -2.5 | -2.5 | -0.8 | -3.3 |
--------------------------------------------------------------------------------
| Increase of | 0.5 | 1.7 | | | | 2.2 | | 2.2 |
| share capital | | | | | | | | |
| (convertible | | | | | | | | |
| notes) | | | | | | | | |
--------------------------------------------------------------------------------
| Equity share of | | -0.3 | | | -0.3 | | -0.3 |
| convertible capital | | | | | | | |
| notes | | | | | | | |
--------------------------------------------------------------------------------
| Change in | | | | | | 0.0 | -25.0 | -25.0 |
| minority | | | | | | | | |
| interest | | | | | | | | |
--------------------------------------------------------------------------------
| Profit/loss for | | | | | 20.9 | 20.9 | 0.9 | 21.7 |
| the period | | | | | | | | |
--------------------------------------------------------------------------------
| Shareholder's | 20. | 14.1 | 2.6 | 0.5 | 37.5 | 75.3 | 7.2 | 82.5 |
| equity 31.3.2007 | 5 | | | | | | | |
--------------------------------------------------------------------------------
Key ratios
--------------------------------------------------------------------------------
| | 31.3.20 | 31.3.200 | 31.12.200 | pro |
| | 07 | 6 | 6 | forma |
| | | | | 31.12. |
| | | | | 2006 |
--------------------------------------------------------------------------------
| Equity ratio, % | 17.0 | 18.9 | 18.7 | - |
--------------------------------------------------------------------------------
| Equity per share, EUR | 7.33 | 5.37 | 5.50 | - |
--------------------------------------------------------------------------------
| Invested capital | 373.1 | 197.3 | 354.0 | - |
--------------------------------------------------------------------------------
| Return on investment, % | 29.6 | 11.5 | 6.6 | 11.3 |
--------------------------------------------------------------------------------
| Return on investment, excluding | 15.4 | 11.5 | - | 11.4 |
| one-time items % | | | | |
--------------------------------------------------------------------------------
| Return on equity, % | 102.4 | 17.9 | 6.0 | 33.9 |
--------------------------------------------------------------------------------
| Return on equity, excluding | 33.1 | 17.9 | - | 19.0 |
| one-time items % | | | | |
--------------------------------------------------------------------------------
| Net interest bearing debt, MEUR, | 270.5 | 142.6 | 251.4 | - |
| preferred capital note in debt | | | | |
--------------------------------------------------------------------------------
| Net gearing, %, preferred capital | 327.8 | 275.1 | 287.8 | - |
| note in debt | | | | |
--------------------------------------------------------------------------------
| Order book, MEUR | 104.7 | 65.5 | 101.0 | 95.4 |
--------------------------------------------------------------------------------
| Investments in non-current assets | 42.5 | 1.8 | 118.4 | - |
| without finance leases, MEUR | | | | |
--------------------------------------------------------------------------------
| Investments in non-current assets | 42.6 | 2.3 | 123.6 | - |
| incl. finance leases, MEUR | | | | |
--------------------------------------------------------------------------------
| Average number of personnel during | 4,235 | 2,140 | 2,196 | - |
| the period | | | | |
--------------------------------------------------------------------------------
| Number of personnel at period end | 4,132 | 2,133 | 4,316 | - |
--------------------------------------------------------------------------------
| Share of export and foreign | 88.9 | 86.3 | 82.4 | - |
| activities in net sales, % | | | | |
--------------------------------------------------------------------------------
| Contingent liabilities, MEUR | 192.2 | 100.2 | 190.1 | - |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share, EUR | 2.06 | 0.23 | 0.36 | - |
--------------------------------------------------------------------------------
| Earnings per share with dilution, | 1.52 | 0.23 | 0.36 | - |
| EUR | | | | |
--------------------------------------------------------------------------------
Changes in tangible assets and goodwill
--------------------------------------------------------------------------------
| MEUR | 1-3/2007 | 1-3/2006 | 1-12/2006 |
--------------------------------------------------------------------------------
| Changes in tangible assets | | | |
--------------------------------------------------------------------------------
| Acquisition cost at the beginning of the | 513.7 | 339.4 | 339.4 |
| period | | | |
--------------------------------------------------------------------------------
| Translation difference | -0.1 | -0.3 | 2.5 |
--------------------------------------------------------------------------------
| Additions | 4.2 | 2.1 | 175.3 |
--------------------------------------------------------------------------------
| Disposal of subsidiary | -15.1 | | |
--------------------------------------------------------------------------------
| Disposals | -1.2 | -0.1 | -3.5 |
--------------------------------------------------------------------------------
| Acquisition cost at the end of the | 500.8 | 341.0 | 513.7 |
| period | | | |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Accumulated depeciation at the beginning | -300.0 | -176.8 | -176.8 |
| of the period | | | |
--------------------------------------------------------------------------------
| Translation difference | 0.3 | 0.2 | -1.4 |
--------------------------------------------------------------------------------
| Accumulated depreciation on additions | 0.1 | 0.0 | -108.0 |
--------------------------------------------------------------------------------
| Accumulated depreciation on disposals | 0.5 | 0.0 | 3.1 |
--------------------------------------------------------------------------------
| Depreciation on disposal of subsidiary | 10.6 | | |
--------------------------------------------------------------------------------
| Depreciation during the period | -7.1 | -4.1 | -16.8 |
--------------------------------------------------------------------------------
| Accumulated depreciation at the end of | -295.5 | -180.8 | 300.0 |
| the period | | | |
--------------------------------------------------------------------------------
| Book value at the end of the period | 205.2 | 160.3 | 213.7 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Goodwill | | | |
--------------------------------------------------------------------------------
| Acquisition cost at the beginning of the | 45.7 | 2.8 | 2.8 |
| period | | | |
--------------------------------------------------------------------------------
| Additions | 11.9 | - | 42.9 |
--------------------------------------------------------------------------------
| Translation difference | 0.4 | | |
--------------------------------------------------------------------------------
| Acquisition cost at the end of the | 58.0 | 2.8 | 45.7 |
| period | | | |
--------------------------------------------------------------------------------
| Accumulated depeciation at the beginning | -2.3 | -2.3 | -2.3 |
| of the period | | | |
--------------------------------------------------------------------------------
| Accumulated depreciation at the end of | -2.3 | -2.3 | -2.3 |
| the period | | | |
--------------------------------------------------------------------------------
| Book value at the end of the period | 55.7 | 0.5 | 43.4 |
--------------------------------------------------------------------------------
Segments
--------------------------------------------------------------------------------
| Primary reporting format | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Foundries, MEUR | 31.3.2007 | 31.3.2006 | 31.12.2006 |
--------------------------------------------------------------------------------
| Assets | 130.8 | 132.7 | 135.1 |
--------------------------------------------------------------------------------
| Liabilities | 35.2 | 43.3 | 40.4 |
--------------------------------------------------------------------------------
| Investments in non-current assets | 0.8 | 0.5 | 4.3 |
| incl. finance leases | | | |
--------------------------------------------------------------------------------
| Depreciation | 2.2 | 2.9 | 11.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Machine shops, MEUR | 31.3.2007 | 31.3.2006 | 31.12.2006 |
--------------------------------------------------------------------------------
| Assets | 58.0 | 49.0 | 53.9 |
--------------------------------------------------------------------------------
| Liabilities | 26.4 | 24.8 | 23.3 |
--------------------------------------------------------------------------------
| Investments in non-current assets | 1.4 | 0.7 | 5.4 |
| incl. finance leases | | | |
--------------------------------------------------------------------------------
| Depreciation | 0.9 | 0.8 | 3.4 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Döktas, MEUR | 31.3.2007 | 31.3.2006 | 31.12.2006 |
--------------------------------------------------------------------------------
| Assets | 203.3 | - | 182.3 |
--------------------------------------------------------------------------------
| Liabilities | 28.7 | - | 28.6 |
--------------------------------------------------------------------------------
| Investments in non-current assets | 1.6 | - | - |
| incl. finance leases | | | |
--------------------------------------------------------------------------------
| Depreciation | 1.6 | - | - |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Secondary reporting format | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Nordic countries, MEUR | 31.3.2007 | 31.3.2006 | 31.12.2006 |
--------------------------------------------------------------------------------
| Assets | 187.4 | 197.3 | 194.1 |
--------------------------------------------------------------------------------
| Investments in non-current assets | 3.3 | 2.1 | 10.2 |
| incl. finance leases | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other European countries, MEUR | 31.3.2007 | 31.3.2006 | 31.12.2006 |
--------------------------------------------------------------------------------
| Assets | 272.8 | 76.3 | 273.9 |
--------------------------------------------------------------------------------
| Investments in non-current assets | 39.3 | 0.2 | 1.9 |
| incl. finance leases | | | |
--------------------------------------------------------------------------------
Group development
Net sales by market area
--------------------------------------------------------------------------------
| MEUR | 1-12/2006 | 1-3/2006 | 1-3/2007 |
--------------------------------------------------------------------------------
| Nordic countries | 177.1 | 45.6 | 53.7 |
--------------------------------------------------------------------------------
| Other European countries | 162.6 | 42.1 | 106.7 |
--------------------------------------------------------------------------------
| Other countries | 22.5 | 5.9 | 7.4 |
--------------------------------------------------------------------------------
| Total | 362.1 | 93.6 | 167.9 |
--------------------------------------------------------------------------------
Quarterly development by market area
--------------------------------------------------------------------------------
| MEUR | Q1/06 | Q2/06 | Q3/06 | Q4/06 | Q1/07 |
--------------------------------------------------------------------------------
| Nordic countries | 45.6 | 47.3 | 35.4 | 48.8 | 53.7 |
--------------------------------------------------------------------------------
| Other European | 42.1 | 42.2 | 37.1 | 41.2 | 106.7 |
| countries | | | | | |
--------------------------------------------------------------------------------
| Other countries | 5.9 | 5.1 | 5.9 | 5.5 | 7.4 |
--------------------------------------------------------------------------------
| Total | 93.6 | 94.6 | 78.4 | 95.5 | 167.9 |
--------------------------------------------------------------------------------
Group development
--------------------------------------------------------------------------------
| MEUR | 1-12/2006 | 1-3/2006 | 1-3/2007 |
--------------------------------------------------------------------------------
| Net sales | 362.1 | 93.6 | 167.9 |
--------------------------------------------------------------------------------
| Operating profit | 14.5 | 5.3 | 26.6 |
--------------------------------------------------------------------------------
| Net financial items | -9.9 | -2.2 | -4.4 |
--------------------------------------------------------------------------------
| Profit/loss after financial items | 4.6 | 3.1 | 22.2 |
--------------------------------------------------------------------------------
Group development by business division
--------------------------------------------------------------------------------
| Net sales, MEUR | 1-12/2006 | 1-3/2006 | 1-3/2007 |
--------------------------------------------------------------------------------
| Foundries | 224.5 | 57.5 | 63.1 |
--------------------------------------------------------------------------------
| Machine shops | 137.9 | 35.4 | 41.2 |
--------------------------------------------------------------------------------
| Döktas | - | - | 61.5 |
--------------------------------------------------------------------------------
| Other business and internal items | -0.3 | 0.7 | 2.1 |
--------------------------------------------------------------------------------
| Componenta total | 362.1 | 93.6 | 167.9 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit, MEUR | 1-12/2006 | 1-3/2006 | 1-3/2007
|
--------------------------------------------------------------------------------
| Foundries | 6.6 | 2.9 | 5.2 |
--------------------------------------------------------------------------------
| Machine shops | 5.8 | 1.8 | 1.5 |
--------------------------------------------------------------------------------
| Döktas | - | - | 5.6 |
--------------------------------------------------------------------------------
| Other business and internal items | 2.1 | 0.5 | 14.3 |
--------------------------------------------------------------------------------
| Componenta total | 14.5 | 5.3 | 26.6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Order book, MEUR | 12/2006 | 3/2006 | 3/2007 |
--------------------------------------------------------------------------------
| Foundries and Machine shops | 52.0 | 52.6 | 51.4 |
--------------------------------------------------------------------------------
| Döktas | 34.7 | - | 42.3 |
--------------------------------------------------------------------------------
| Other business and internal items | 14.3 | 12.9 | 11.0 |
--------------------------------------------------------------------------------
| Componenta total | 101.0 | 65.5 | 104.7 |
--------------------------------------------------------------------------------
Group development by quarter
--------------------------------------------------------------------------------
| MEUR | Q1/06 | Q2/06 | Q3/06 | Q4/06 | Q1/07 |
--------------------------------------------------------------------------------
| Net sales | 93.6 | 94.6 | 78.4 | 95.5 | 167.9 |
--------------------------------------------------------------------------------
| Operating profit | 5.3 | 6.6 | -1.2 | 3.8 | 26.6 |
--------------------------------------------------------------------------------
| Net financial items | -2.2 | -2.5 | -2.3 | -3.0 | -4.4 |
--------------------------------------------------------------------------------
| Profit/loss after | 3.1 | 4.1 | -3.4 | 0.9 | 22.2 |
| financial items | | | | | |
--------------------------------------------------------------------------------
Quarterly development by business division
--------------------------------------------------------------------------------
| Net sales, MEUR | Q1/06 | Q2/06 | Q3/06 | Q4/06 | Q1/07 |
--------------------------------------------------------------------------------
| Foundries | 57.5 | 61.2 | 49.1 | 56.8 | 63.1 |
--------------------------------------------------------------------------------
| Machine shops | 35.4 | 35.1 | 30.7 | 36.7 | 41.2 |
--------------------------------------------------------------------------------
| Döktas | - | - | - | - | 61.5 |
--------------------------------------------------------------------------------
| Other business and | 0.7 | -1.7 | -1.4 | 2.1 | 2.1 |
| internal items | | | | | |
--------------------------------------------------------------------------------
| Componenta total | 93.6 | 94.6 | 78.4 | 95.5 | 167.9 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit, MEUR | Q1/06 | Q2/06 | Q3/06 | Q4/06 | Q1/07 |
--------------------------------------------------------------------------------
| Foundries | 2.9 | 4.2 | -2.1 | 1.6 | 5.2 |
--------------------------------------------------------------------------------
| Machine shops | 1.8 | 1.5 | 0.6 | 1.8 | 1.5 |
--------------------------------------------------------------------------------
| Döktas | - | - | - | - | 5.6 |
--------------------------------------------------------------------------------
| Other business and | 0.5 | 0.8 | 0.3 | 0.5 | 14.3 |
| internal items | | | | | |
--------------------------------------------------------------------------------
| Componenta total | 5.3 | 6.6 | -1.2 | 3.8 | 26.6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Order book at period | Q1/06 | Q2/06 | Q3/06 | Q4/06 | Q1/07 |
| end, MEUR | | | | | |
--------------------------------------------------------------------------------
| Foundries and Machine | 52.6 | 48.9 | 50.0 | 52.0 | 51.4 |
| shops | | | | | |
--------------------------------------------------------------------------------
| Döktas | - | - | - | 34.7 | 42.3 |
--------------------------------------------------------------------------------
| Other business and | 12.9 | 12.7 | 14.9 | 14.3 | 11.0 |
| internal items | | | | | |
--------------------------------------------------------------------------------
| Componenta total | 65.5 | 61.6 | 64.9 | 101.0 | 104.7 |
--------------------------------------------------------------------------------
Group development excluding one-time items
--------------------------------------------------------------------------------
| MEUR | 1-12/2006 | 1-3/2006 | 1-3/2007 |
--------------------------------------------------------------------------------
| Net sales | 362.1 | 93.6 | 167.9 |
--------------------------------------------------------------------------------
| Operating profit | 14.9 | 5.3 | 13.7 |
--------------------------------------------------------------------------------
| Net financial items | -9.9 | -2.2 | -4.4 |
--------------------------------------------------------------------------------
| Profit/loss after financial items | 5.0 | 3.1 | 9.3 |
--------------------------------------------------------------------------------
Group development by business division excluding one-time items
--------------------------------------------------------------------------------
| Operating profit, MEUR | 1-12/2006 | 1-3/2006 | 1-3/2007 |
--------------------------------------------------------------------------------
| Foundries | 6.6 | 2.9 | 5.2 |
--------------------------------------------------------------------------------
| Machine shops | 5.8 | 1.8 | 1.5 |
--------------------------------------------------------------------------------
| Döktas | - | - | 5.6 |
--------------------------------------------------------------------------------
| Other business and internal items | 2.5 | 0.5 | 1.4 |
--------------------------------------------------------------------------------
| Componenta total | 14.9 | 5.3 | 13.7 |
--------------------------------------------------------------------------------
Group development by quarter excluding one-time items
--------------------------------------------------------------------------------
| MEUR | Q1/06 | Q2/06 | Q3/06 | Q4/06 | Q1/07 |
--------------------------------------------------------------------------------
| Net sales | 93.6 | 94.6 | 78.4 | 95.5 | 167.9 |
--------------------------------------------------------------------------------
| Operating profit | 5.3 | 6.6 | -1.2 | 4.2 | 13.7 |
--------------------------------------------------------------------------------
| Net financial items | -2.2 | -2.5 | -2.3 | -3.0 | -4.4 |
--------------------------------------------------------------------------------
| Profit/loss after | 3.1 | 4.1 | -3.4 | 1.2 | 9.3 |
| financial items | | | | | |
--------------------------------------------------------------------------------
Quarterly development by business division excluding one-time items
--------------------------------------------------------------------------------
| Operating profit, MEUR | Q1/06 | Q2/06 | Q3/06 | Q4/06 | Q1/07 |
--------------------------------------------------------------------------------
| Foundries | 2.9 | 4.2 | -2.1 | 1.6 | 5.2 |
--------------------------------------------------------------------------------
| Machine shops | 1.8 | 1.5 | 0.6 | 1.8 | 1.5 |
--------------------------------------------------------------------------------
| Döktas | - | - | - | - | 5.6 |
--------------------------------------------------------------------------------
| Other business and | 0.5 | 0.8 | 0.3 | 0.8 | 1.4 |
| internal items | | | | | |
--------------------------------------------------------------------------------
| Componenta total | 5.3 | 6.6 | -1.2 | 4.2 | 13.7 |
--------------------------------------------------------------------------------
Group development, pro forma figures
Net sales by market area, pro forma
--------------------------------------------------------------------------------
| MEUR | 1-12/2006 | 1-3/2006 | 1-3/2007 |
--------------------------------------------------------------------------------
| Nordic countries | 177.9 | 45.9 | 53.7 |
--------------------------------------------------------------------------------
| Other European countries | 395.0 | 98.9 | 106.7 |
--------------------------------------------------------------------------------
| Other countries | 29.4 | 7.5 | 7.4 |
--------------------------------------------------------------------------------
| Total | 602.3 | 152.3 | 167.9 |
--------------------------------------------------------------------------------
Quarterly development by market area, pro forma
--------------------------------------------------------------------------------
| MEUR | Q1/06 | Q2/06 | Q3/06 | Q4/06 | Q1/07 |
--------------------------------------------------------------------------------
| Nordic countries | 45.9 | 47.5 | 35.6 | 48.9 | 53.7 |
--------------------------------------------------------------------------------
| Other European | 98.9 | 101.6 | 93.4 | 101.1 | 106.7 |
| countries | | | | | |
--------------------------------------------------------------------------------
| Other countries | 7.5 | 7.1 | 7.4 | 7.4 | 7.4 |
--------------------------------------------------------------------------------
| Total | 152.3 | 156.2 | 136.4 | 157.4 | 167.9 |
--------------------------------------------------------------------------------
Group development, pro forma
--------------------------------------------------------------------------------
| MEUR | 1-12/2006 | 1-3/2006 | 1-3/2007 |
--------------------------------------------------------------------------------
| Net sales | 602.3 | 152.3 | 167.9 |
--------------------------------------------------------------------------------
| Operating profit | 40.0 | 9.6 | 26.6 |
--------------------------------------------------------------------------------
| Net financial items | -4.7 | -4.2 | -4.4 |
--------------------------------------------------------------------------------
| Profit/loss after financial items | 35.5 | 5.4 | 22.2 |
--------------------------------------------------------------------------------
Group development by business division, pro forma
--------------------------------------------------------------------------------
| Net sales, MEUR | 1-12/2006 | 1-3/2006 | 1-3/2007 |
--------------------------------------------------------------------------------
| Foundries | 224.5 | 57.5 | 63.1 |
--------------------------------------------------------------------------------
| Machine shops | 137.9 | 35.4 | 41.2 |
--------------------------------------------------------------------------------
| Döktas | 218.2 | 52.8 | 61.5 |
--------------------------------------------------------------------------------
| Other business and internal items | 21.9 | 6.6 | 2.1 |
--------------------------------------------------------------------------------
| Componenta total | 602.3 | 152.3 | 167.9 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit, MEUR | 1-12/2006 | 1-3/2006 | 1-3/2007 |
--------------------------------------------------------------------------------
| Foundries | 6.6 | 2.9 | 5.2 |
--------------------------------------------------------------------------------
| Machine shops | 5.8 | 1.8 | 1.5 |
--------------------------------------------------------------------------------
| Döktas | 24.2 | 3.8 | 5.6 |
--------------------------------------------------------------------------------
| Other business and internal items | 3.4 | 1.0 | 14.3 |
--------------------------------------------------------------------------------
| Componenta total | 40.0 | 9.6 | 26.6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Order book, MEUR | 12/2006 | 3/2006 | 3/2007 |
--------------------------------------------------------------------------------
| Foundries and Machine shops | 52.0 | 52.6 | 51.4 |
--------------------------------------------------------------------------------
| Döktas | 34.7 | 41.0 | 42.3 |
--------------------------------------------------------------------------------
| Other business | 8.8 | 10.0 | 11.0 |
--------------------------------------------------------------------------------
| Componenta total | 95.4 | 103.6 | 104.7 |
--------------------------------------------------------------------------------
Group development by quarter, pro forma
--------------------------------------------------------------------------------
| MEUR | Q1/06 | Q2/06 | Q3/06 | Q4/06 | Q1/07 |
--------------------------------------------------------------------------------
| Net sales | 152.3 | 156.2 | 136.4 | 157.4 | 167.9 |
--------------------------------------------------------------------------------
| Operating profit | 9.6 | 15.1 | 4.9 | 10.4 | 26.6 |
--------------------------------------------------------------------------------
| Net financial items | -4.2 | -5.0 | -3.8 | 8.6 | -4.4 |
--------------------------------------------------------------------------------
| Profit/loss after | 5.4 | 10.1 | 1.1 | 19.0 | 22.2 |
| financial items | | | | | |
--------------------------------------------------------------------------------
Quarterly development by business division, pro forma
--------------------------------------------------------------------------------
| Net sales, MEUR | Q1/06 | Q2/06 | Q3/06 | Q4/06 | Q1/07 |
--------------------------------------------------------------------------------
| Foundries | 57.5 | 61.2 | 49.1 | 56.8 | 63.1 |
--------------------------------------------------------------------------------
| Machine shops | 35.4 | 35.1 | 30.7 | 36.7 | 41.2 |
--------------------------------------------------------------------------------
| Döktas | 52.8 | 56.0 | 52.3 | 57.1 | 61.5 |
--------------------------------------------------------------------------------
| Other business and | 6.6 | 4.0 | 4.3 | 7.0 | 2.1 |
| internal items | | | | | |
--------------------------------------------------------------------------------
| Componenta total | 152.3 | 156.2 | 136.4 | 157.4 | 167.9 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit, MEUR | Q1/06 | Q2/06 | Q3/06 | Q4/06 | Q1/07 |
--------------------------------------------------------------------------------
| Foundries | 2.9 | 4.2 | -2.1 | 1.6 | 5.2 |
--------------------------------------------------------------------------------
| Machine shops | 1.8 | 1.5 | 0.6 | 1.8 | 1.5 |
--------------------------------------------------------------------------------
| Döktas | 3.8 | 8.2 | 5.9 | 6.3 | 5.6 |
--------------------------------------------------------------------------------
| Other business and | 1.0 | 1.1 | 0.4 | 0.8 | 14.3 |
| internal items | | | | | |
--------------------------------------------------------------------------------
| Componenta total | 9.6 | 15.1 | 4.9 | 10.4 | 26.6 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Order book at period | Q1/06 | Q2/06 | Q3/06 | Q4/06 | Q1/07 |
| end, MEUR | | | | | |
--------------------------------------------------------------------------------
| Foundries and Machine | 52.6 | 48.9 | 50.0 | 52.0 | 51.4 |
| shops | | | | | |
--------------------------------------------------------------------------------
| Döktas | 41.0 | 33.0 | 38.0 | 34.7 | 42.3 |
--------------------------------------------------------------------------------
| Other business | 10.0 | 10.1 | 12.7 | 8.8 | 11.0 |
--------------------------------------------------------------------------------
| Componenta total | 103.6 | 92.0 | 100.7 | 95.4 | 104.7 |
--------------------------------------------------------------------------------
Group development excluding one-time items, pro forma
--------------------------------------------------------------------------------
| MEUR | 1-12/2006 | 1-3/2006 | 1-3/2007 |
--------------------------------------------------------------------------------
| Net sales | 602.3 | 152.3 | 167.9 |
--------------------------------------------------------------------------------
| Operating profit | 40.4 | 9.6 | 13.7 |
--------------------------------------------------------------------------------
| Net financial items | -18.8 | -4.2 | -4.4 |
--------------------------------------------------------------------------------
| Profit/loss after financial items | 21.7 | 5.4 | 9.3 |
--------------------------------------------------------------------------------
Group development by business division excluding one-time items, pro forma
--------------------------------------------------------------------------------
| Operating profit, MEUR | 1-12/2006 | 1-3/2006 | 1-3/2007 |
--------------------------------------------------------------------------------
| Foundries | 6.6 | 2.9 | 5.2 |
--------------------------------------------------------------------------------
| Machine shops | 5.8 | 1.8 | 1.5 |
--------------------------------------------------------------------------------
| Döktas | 24.2 | 3.8 | 5.6 |
--------------------------------------------------------------------------------
| Other business and internal items | 3.7 | 1.0 | 1.4 |
--------------------------------------------------------------------------------
| Componenta total | 40.4 | 9.6 | 13.7 |
--------------------------------------------------------------------------------
Group development by quarter excluding one-time items, pro forma
--------------------------------------------------------------------------------
| MEUR | Q1/06 | Q2/06 | Q3/06 | Q4/06 | Q1/07 |
--------------------------------------------------------------------------------
| Net sales | 152.3 | 156.2 | 136.4 | 157.4 | 167.9 |
--------------------------------------------------------------------------------
| Operating profit | 9.6 | 15.1 | 4.9 | 10.7 | 13.7 |
--------------------------------------------------------------------------------
| Net financial items | -4.2 | -5.0 | -3.8 | -5.5 | -4.4 |
--------------------------------------------------------------------------------
| Profit/loss after | 5.4 | 10.1 | 1.1 | 5.2 | 9.3 |
| financial items | | | | | |
--------------------------------------------------------------------------------
Quarterly development by business division excluding one-time items, pro forma
--------------------------------------------------------------------------------
| Operating profit, MEUR | Q1/06 | Q2/06 | Q3/06 | Q4/06 | Q1/07 |
--------------------------------------------------------------------------------
| Foundries | 2.9 | 4.2 | -2.1 | 1.6 | 5.2 |
--------------------------------------------------------------------------------
| Machine shops | 1.8 | 1.5 | 0.6 | 1.8 | 1.5 |
--------------------------------------------------------------------------------
| Döktas | 3.8 | 8.2 | 5.9 | 6.3 | 5.6 |
--------------------------------------------------------------------------------
| Other business and | 1.0 | 1.1 | 0.4 | 1.1 | 1.4 |
| internal items | | | | | |
--------------------------------------------------------------------------------
| Componenta total | 9.6 | 15.1 | 4.9 | 10.7 | 13.7 |
--------------------------------------------------------------------------------
Largest registered shareholders on 31 March 2007
--------------------------------------------------------------------------------
| Shareholder | | Shares | Share of |
| | | | total |
| | | | voting |
| | | | rights |
--------------------------------------------------------------------------------
| 1 Lehtonen Heikki | | 3,894,077 | 37.93% |
--------------------------------------------------------------------------------
| Cabana Trade S.A. | 3,676,731 | | |
--------------------------------------------------------------------------------
| Oy Högfors-Trading Ab | 217,346 | | |
--------------------------------------------------------------------------------
| 2 Etra-Invest Oy Ab | | 2,224,750 | 21.67% |
--------------------------------------------------------------------------------
| 3 Inkinen Simo-Pekka | | 557,876 | 5.43% |
--------------------------------------------------------------------------------
| Inkinen Simo-Pekka | 538,386 | | |
--------------------------------------------------------------------------------
| Nahkionkosken Voimalaitos Ky | 16,490 | | |
--------------------------------------------------------------------------------
| Väli-Gunnarla Avoin Yhtiö | 3,000 | | |
--------------------------------------------------------------------------------
| 4 OP-Finland Small Firm Fund | | 292,179 | 2.85% |
--------------------------------------------------------------------------------
| 5 Ilmarinen Mutual Pension | | 257,600 | 2.51% |
| Insurance Company | | | |
--------------------------------------------------------------------------------
| 6 Lehtonen Anna-Maria | | 178,823 | 1.74% |
--------------------------------------------------------------------------------
| 7 Nordea Life Assurance Finland | | 155,016 | 1.51% |
| Ltd | | | |
--------------------------------------------------------------------------------
| 8 Mandatum Finnish Small Cap Fund | | 120,500 | 1.17% |
--------------------------------------------------------------------------------
| 9 Laakkonen Mikko | | 120,000 | 1.17% |
--------------------------------------------------------------------------------
| 10 Bergholm Heikki | | 113,490 | 1.11% |
--------------------------------------------------------------------------------
| Nominee-registered shares | | 281,357 | 2.74% |
--------------------------------------------------------------------------------
| Other shareholders | | 2,069,830 | 20.16% |
--------------------------------------------------------------------------------
| Total | | 10,265,498 | 100.00% |
--------------------------------------------------------------------------------
The members of the Board of Directors own 39.1% of the shares. All shares have
equal voting rights. If all the convertible capital notes were converted to
shares, the holding of shares by the members of the Board of Directors would
decrease to 30.5%.
Helsinki, 24 April 2007
COMPONENTA CORPORATION
Board of Directors
Heikki Lehtonen
President and CEO
Further information:
Heikki Lehtonen
President and CEO
tel. +358 10 403 00
Matti Kivekäs
CFO
tel +358 10 403 00
Componenta is a metal sector company with international operations and
production plants located in Finland, the Netherlands, Sweden, and Turkey. The
pro forma net sales of Componenta exceeded EUR 602 million in 2006 and the Group
employes about 5,100 people. Componenta's shares are quoted on the Helsinki
Stock Exchange. 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.
Componenta Corporation
Panuntie 4, FI-00610 Helsinki , Finland
Tel. +358 10 403 00, Fax +358 10 403 2721
http://www.componenta.com
© 2024 Nasdaq, Inc. All Rights Reserved |