2015-05-05 15:30:00 CEST
2015-05-05 15:30:02 CEST
REGULATED INFORMATION
Exel Composites Oyj - Interim report (Q1 and Q3)
Exel Composites Plc’s Interim Report for January 1 – March 31, 2015
EXEL COMPOSITES PLC INTERIM REPORT 5.5.2015 at 4.30 p.m. 1
(13)
Exel Composites Plc's Interim Report for January 1 - March 31, 2015
Q1 2015 in brief
- Net sales were 21.5 MEUR, up by 20.7 per cent on the previous year (Q1/2014:
17.8 MEUR)
- Operating profit improved by 5.3 per cent to 2.0 (1.9) MEUR and was 9.3
(10.6) per cent of net sales
- Net cash flow from operating activities was positive at +0.7 (+0.6) MEUR
- Fully diluted earnings per share were 0.13 (0.09) EUR
Outlook for full year 2015
The market has stabilized and we can see positive signs in the Company's key
market segments. However, uncertainties relating to general growth prospects in
the economy continue. The Company implements its new strategy by reinforcing
the organization, especially in sales resources, product development and
operations development, and by increasing its capacity. These efforts are
expected to reduce the 2015 operating profit margin compared to 2014, but will
position the Company better for long-term profitable growth.
President and CEO Riku Kytömäki:
In the beginning of 2015 Exel Composites developed according to plan. During
the first quarter of 2015 both net sales and operating profit were roughly at
the level of the last quarter of 2014. The Company´s net sales for the first
quarter of 2015 increased by 20.7 per cent from the corresponding period in
2014 from EUR 17.8 million to EUR 21.5 million, which was EUR 0.4 million or
2.0 per cent more than in the last quarter of 2014. Majority of the growth, EUR
2.4 million, came from net sales in the Region Europe.
Order intake increased in the first quarter of 2015 by 4.6 per cent to EUR 22.8
(21.8) million on the corresponding period in 2014. Our order backlog on 31
March 2015 was EUR 13.8 (14.3) million. The order backlog increased by EUR 1.0
million from EUR 12.8 million on 31 December 2014.
Market demand improved in the second half of 2014 especially in the
telecommunication, transportation and building, construction and infrastructure
industry markets, and remained stable during the first quarter of 2015.
Exel Composites' operating profit increased to EUR 2.0 (1.9) million in the
first quarter of 2015. Operating profit margin decreased due to additional
costs attributable to the strengthening of the organization, especially in
sales, product development and operations, and due to investments in capacity.
In February 2015 the Company decided to expand its operations in Austria to
meet the increased customer demand. Hereby Exel Composites will be in a better
position to serve its Central and Southern European customers. The target is to
more than double the production capacity in Austria.
CONSOLIDATED KEY FIGURES, EUR million
1.1. - 1.1.- Change, % 1.1.-
31.3. 31.3. 31.12.
2015 2014 2014
Net sales 21.5 17.8 20.7 79.3
Operating profit 2.0 1.9 5.3 8.9
% of net sales 9.3 10.6 11.2
Profit for the period 1.6 1.1 39.5 5.7
Shareholders' equity 30.3 24.4 24.3 29.7
Net interest-bearing liabilities -2.5 3.4 173.5 -2.6
Capital employed 37.7 37.4 0.8 35.3
Return on equity, % 20.8 18.9 21.7
Return on capital employed, % 21.8 21.1 25.2
Equity ratio, % 53.2 47.5 56.9
Net gearing, % -8.3 14.1 -8.7
Earnings per share, EUR 0.13 0.09 0.48
Earnings per share, diluted, EUR 0.13 0.09 0.48
Equity per share, EUR 2.54 2.05 2.50
Market environment
Market demand improved in the second half of 2014 especially in the
telecommunication, transportation and building, construction and infrastructure
industry markets, and remained stable during the first quarter of 2015.
Order intake and order backlog January - March 2015
Order intake increased in the first quarter of 2015 by 4.6 per cent to EUR 22.8
(21.8) million on the corresponding period in 2014.
The order backlog on 31 March 2015 was EUR 13.8 (14.3) million. The order
backlog increased by EUR 1.0 million from EUR 12.8 million on 31 December 2014.
Sales review January - March 2015
Group net sales for the first quarter of 2015 increased by 20.7 per cent from
the corresponding period in 2014 from EUR 17.8 million to EUR 21.5 million,
which was EUR 0.4 million or 2.0 per cent more than in the last quarter of
2014. Majority of the growth, EUR 2.4 million, came from net sales in the
Region Europe.
Net sales increased in the largest region, Europe, by 15.9 per cent compared to
the corresponding period in 2014. Net sales in the APAC region increased by
74.0 per cent. Net sales in the region Rest of the world decreased by 28.6 per
cent compared to the corresponding period in 2014.
Net sales of Industrial applications increased by 41.4 per cent to EUR 13.8
million from EUR 9.8 million in the corresponding period in 2014.
Net sales of Construction and Infrastructure applications were up by 10.1 per
cent to EUR 4.6 (4.1) million compared to the corresponding period in 2014.
Net sales of Other applications decreased by 20.0 per cent to EUR 3.1 (3.9)
million compared to the corresponding period in 2014.
Net sales by Region
MEUR 1.1. -31.3. 1.1. -31.3 Change, % 1.1.-
2015 2014 31.12.
2014
Europe 17.5 15.1 15.9 64.6
APAC 3.5 2.0 74.0 11.8
Rest of world 0.5 0.7 -28.6 2.9
Total 21.5 17.8 20.8 79.3
Net sales by Customer Industry
MEUR 1.1. -31.3. 1.1. -31.3. Change, % 1.1.-
2015 2014 31.12.
2014
Construction and infrastructure 4.6 4.1 10.1 17.4
Industrial applications 13.8 9.8 41.4 47.5
Other applications 3.1 3.9 -20.0 14.3
Total 21.5 17.8 20.8 79.3
Financial performance
January - March 2015
The Group's operating profit increased to EUR 2.0 (1.9) million in the first
quarter of 2015. Operating profit margin decreased due to additional costs
attributable to the strengthening of the organization, especially in sales,
product development and operations, and due to investments in capacity.
The profitability of the Australian unit has improved compared to the
corresponding period last year, but is not yet at a satisfactory level.
Corrective actions are ongoing. The focus is on generating more sales.
The Group's net financial items during the period under review were EUR +0.1
(-0.2) million. The Group's profit before taxes was EUR 2.1 (1.7) million and
profit after taxes EUR 1.6 (1.1) million.
Financial position
Net cash flow from operating activities was strongly positive at EUR +0.7
(+0.6) million due to improved operating profit. Cash flow before financing,
but after capital expenditure, amounted to EUR -0.1 (0.0) million. The capital
expenditure on fixed assets amounted to EUR 0.8 (0.7) million. 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. Total depreciation of non-current assets during the period under
review amounted to EUR 0.7 (0.7) million.
The Group's consolidated total assets at the end of the quarter were EUR 57.2
(51.4) million. Interest-bearing liabilities amounted to EUR 7.5 (13.1)
million. Net interest-bearing liabilities were EUR -2.5 (+3.4) million.
Equity at the end of the quarter was EUR 30.3 (24.4) million and equity ratio
53.2 (47.5) per cent. The net gearing ratio was -8.3 (14.1) per cent.
Fully diluted total earnings per share were EUR 0.13 (0.09). Return on capital
employed was 21.8 (21.1) per cent. Return on equity was 20.8 (18.9) per cent.
Business development and strategy implementation
In accordance with the new growth strategy, a decision was made in February
2015 to expand the operations in Austria to meet the increased customer demand.
By this investment Exel Composites will be in a better position to serve its
Central and Southern European customers. The target is to more than double the
production capacity in Austria. The total investment of the project is
estimated at EUR 8 million. The expansion project has been initiated in the
first quarter of 2015 and it is estimated to be completed during the second
half of 2016.
The expansion project of the Nanjing unit in China announced in December 2014
has commenced. The total investment of the project is estimated at EUR 4.6
million. It is estimated to be completed during the first half of 2016.
Research and development
Research and development costs totaled EUR 0.5 (0.4) million, representing 2.4
(2.3) per cent of net sales. The main projects were connected with the
development of new products and customer applications.
Shares and share performance
Exel Composites' share is listed in the Small Cap segment of the NASDAQ OMX
Helsinki Ltd. in the Industrials sector.
At the end of March 2015, Exel Composites' share capital was EUR 2,141,431.74
and the number of shares was 11,896,843 each having the counter-book value of
EUR 0.18. There were no changes in the share capital during the period under
review. There is only one class of shares and all shares are freely assignable
under Finnish law.
Exel Composites did not hold any of its own shares during the period under
review.
During the period under review the highest share price quoted was EUR 9.85
(6.28) and the lowest EUR 8.46 (5.56). The share price closed at EUR 9.30
(5.78). The average share price during the period under review was EUR 9.21
(5.98).
A total of 1,218,211 (1,706,213) shares were traded during the period under
review, which represents 10.2 (14.3) per cent of the average number of shares.
On 31 March 2015, Exel Composites' market capitalization was EUR 110.6 (68.8)
million.
Shareholders and disclosures
Exel Composites had a total of 3,099 (2,712) shareholders on 31 March 2015.
Information on Exel Composites' shareholders is available on the Company
website at www.exelcomposites.com.
Exel Composites received one flagging announcement during the review period.
On 13 March 2015 Exel Composites received a flagging announcement according to
which the holding of Swedbank Robur Fonder AB had exceeded 5 per cent of the
voting rights and share capital in Exel Composites Plc. Through share
transactions concluded on 12 March 2015, the holding of Swedbank Robur Fonder
AB rose to 703,054 shares, representing 5.91 per cent of the shares and voting
rights of the Company.
Decisions of the 2015 Annual General Meeting
Exel Composites' Annual General Meeting (AGM) of Exel Composites Plc was held
on 26 March 2015. The financial accounts of the Group were approved and the
members of the Board of Directors and the President were discharged from their
liabilities for the financial year 2014. The AGM approved the Board's proposal
to distribute a dividend of EUR 0.20 per share for the financial year 2014.
The Annual General Meeting authorized the Board of Directors to acquire the
Company's own shares by using unrestricted equity. The maximum amount to be
acquired is 600,000 shares. The authorization is valid until 30 June 2016.
The AGM elected to the Board of Directors five members based on the proposal by
the Nomination Board. The following members of the Board of Directors were
re-elected: Heikki Hiltunen, Peter Hofvenstam, Reima Kerttula and Kerstin
Lindell. Matti Hyytiäinen was elected as new member of the Board of Directors.
The term of office of the Board members continues until the end of the Annual
General Meeting of 2016.
Based on the proposal by the Nomination Board, the AGM re-elected Peter
Hofvenstam as Chairman of the Board of Directors for the term ending at the
closure of the Annual General Meeting of 2016.
The AGM decided that the annual remuneration for the Board members shall be as
follows: the Chairman of the Board of Directors be paid a yearly remuneration
of EUR 36,000 and additionally EUR 1,500 for attendance at Board and committee
meetings and other similar Board assignments and the other Board members be
paid a yearly remuneration of EUR 18,000 and additionally EUR 1,000 for
attendance at Board and committee meetings and other similar Board assignments
and that travel expenses and other out-of-pocket expenses arising from the
Board work be compensated in accordance with the Company's established practice
and travel rules. Out of the yearly remuneration 60 per cent will be paid in
cash and 40 per cent in Exel Composites Plc shares, which were acquired
directly for and on behalf of the members of the Board of Directors during 31
March - 10 April 2015 from the stock exchange in amounts corresponding to EUR
14,400 for the Chairman and EUR 7,200 for each of the other members. The annual
remuneration shall encompass the full term of office of the Board of Directors.
If the required amount of shares cannot be acquired during the specified period
in accordance with applicable rules and regulations, the part of yearly
remuneration to be paid in shares which could not be acquired can be paid in
cash. Should the term of any member of the Board of Directors come to an end
for whatever reason before the next Annual General Meeting, such member of the
Board of Directors will have to return to the Company the remuneration or
equivalent amount in cash already received but not yet earned at that point in
time.
Management
Mr. Mikko Kettunen, 38, was appointed SVP, CFO and member of Exel Composites
Plc's Group Management Team on 13 January 2015 and assumed his position on 7
April 2015. Mr. Kettunen succeeds Mr. Ilkka Silvanto, 63, who was appointed
with the same date as SVP, Strategic Projects, effective as of 7 April 2015.
Mr. Silvanto will continue reporting to CEO and being member of Group
Management Team.
Incentive programs
On 12 February 2015 the Board of Directors of Exel Composites Plc approved a
new incentive program for the executives of the Company. The aim of the new
program is to combine the objectives of the shareholders and the executives in
order to increase the value of the Company, to commit the executives to the
Company and to offer the executives a competitive reward program. The new
program is based on a long-term monetary performance reward, and the program is
targeted at approximately 25 executives for the earning period 2015-2017. The
CEO and members of the Group Management Team are included in the target group
of the new incentive program.
The new program includes one earning period, the calendar years 2015-2017. The
potential long-term monetary performance reward from the program for the
earning period 2015-2017 will be based on the Group's cumulative Economic
Profit and on the Group's Total Shareholder Return (TSR).
The potential reward from the earning period 2015-2017 will be paid in 2018. No
reward will be paid to an executive, if his or her employment or service with
the Group Company ends before the reward payment unless the executive is
leaving the Company due to retirement.
The maximum reward to be paid on the basis of the earning period 2015-2017 will
be EUR 1.5 million.
Significant related-party transactions
Exel Composites' permanent public insiders include Exel Composites' Board
members, the President and CEO and the members of the Group Management Team. No
significant related-party transactions were conducted by the Group or the
permanent insiders during the period under review.
Organization and personnel
The number of employees on 31 March 2015 was 501 (421), of whom 215 (202)
worked in Finland and 286 (219) in other countries. The average number of
personnel during the period under review was 487 (418).
A Group-wide program for ERP-system implementation was started during the first
quarter of 2015. The new ERP is expected to be rolled out to all business units
during 2016.
Health, safety and environment
Special attention will be given to occupational health and safety also in 2015.
The Group is rolling out the Occupational Health and Safety Management System
OHSAS 18001 over all sites.
Major near-term risks and uncertainties
The most significant near-term business risks are related to the general
economic development, government regulations and financial crisis in the Euro
area as well as to market demand. Continuing low demand in the Australian
market may require further corrective actions which can have an impact on the
profitability. The possible uncertainties in the Russian and East-European
markets will have limited direct impact on Exel Composites.
Raw material prices, energy cost and other cost increases may continue to put
pressure on profitability. The new European Community's anti-dumping tariffs
imposed on Chinese glass fiber may have a negative effect on the result in
terms of increased raw material prices. Currency rate changes, price
competition and alternative competing materials may also have a negative effect
on the result. The availability and cost of financing may continue to have an
effect on the demand and increase the risk of credit losses.
Outlook for full year 2015
The market has stabilized and we can see positive signs in the Company's key
market segments. However, uncertainties relating to general growth prospects in
the economy continue. The Company implements its new strategy by reinforcing
the organization, especially in sales resources, product development and
operations development, and by increasing its capacity. These efforts are
expected to reduce the 2015 operating profit margin compared to 2014, but will
position the Company better for long-term profitable growth.
Financial results briefing
Exel Composites will hold a financial results briefing regarding the interim
report on Wednesday 6 May 2015 at 10.00 a.m. at Scandic Hotel Simonkenttä's
Tapiola meeting room at the address of Simonkatu 9, Helsinki, Finland.
Forward-looking statements
Certain statements in this report, which are not historical facts, including,
without limitation, those regarding expectations for general economic
development and market situation; regarding customer industry profitability and
investment willingness; regarding Company growth, development and
profitability; regarding cost savings; regarding fluctuations in exchange rates
and interest levels; regarding the success of pending and future acquisitions
and restructurings; and statements preceded by "believes,""expects,""anticipates,""foresees" or similar expressions are forward-looking
statements.
These statements are based on current expectations and currently known facts.
Therefore, they involve risks and uncertainties that may cause actual results
to differ materially from results currently expected by the Company.
Other unknown or unpredictable factors or underlying assumptions subsequently
proving to be incorrect could cause actual results to differ materially from
those in the forward-looking statements. Exel Composites does not undertake any
obligation to publicly update or revise forward-looking statements, whether as
a result of new information, future events or otherwise, except to the extent
legally required.
Vantaa, 5 May 2015
Board of Directors of Exel Composites Plc
For further information, please contact:
Riku Kytömäki, President and CEO, tel. +358 50 511 8288, or email
riku.kytomaki@exelcomposites.com
Mikko Kettunen, CFO, tel. +358 50 3477 462, or email
mikko.kettunen@exelcomposites.com
Distribution
NASDAQ OMX Helsinki Ltd.
Main news media
www.exelcomposites.com
Exel Composites in brief
Exel Composites (www.exelcomposites.com) is a leading composite technology
company that designs, manufactures and markets composite products and solutions
for demanding applications. Exel Composites provides superior customer
experience through continuous innovation, world-class operations and long-term
partnerships.
The core of the operations is based on own, internally developed composite
technology, product range based on it and strong market position in selected
segments with a strong quality and brand image. Profitable growth is pursued by
a relentless search for new applications and development in co-operation with
customers. The personnel's expertise and high level of technology play a major
role in Exel Composites' operations.
Exel Composites Plc share is listed in NASDAQ OMX Helsinki Ltd.
Summary of Financial Statements and notes to the Financial Statements 1 January
- 31 March 2015
Accounting principles:
This Interim Report has been prepared in accordance with IAS 34, Interim
Financial Reporting. The same accounting policies have been followed as in the
previous Financial Statements.
Preparation of financial statements in accordance with the IFRS standards
requires Exel Composites' management to make estimates and assumptions that
have an effect on the amount of assets and liabilities on the balance sheet at
the closing date as well as the amounts of income and expenses for the
financial period. In addition, the management must exercise its judgement
regarding the application of accounting policies. Since the estimates and
assumptions are based on the views at the date of the Financial Statements,
they include risks and uncertainties. The actual results may differ from the
estimates and assumptions.
The amounts presented in the income statement and balance sheet are Group
figures. The amounts presented in the release are rounded, so the sum of
individual figures may differ from the sum reported.
The interim report is unaudited.
CONSOLIDATED COMPREHENSIVE INCOME STATEMENT
EUR thousand 1.1. - 1.1. - Change, 1.1.-
31.3. 31.3. % 31.12.
2015 2014 2014
Net sales 21,495 17,811 20.7 79,253
Materials and services -7,771 -5,976 -30.0 -29,134
Employee benefit expenses -6,450 -5,393 -19.6 -22,691
Depreciation and impairment -711 -663 -7.2 -3,115
Other operating expenses -4,556 -4,089 -11.4 -16,133
Other operating income -16 200 -108.0 707
Operating profit 1,991 1,890 5.3 8,887
Net financial items 72 -229 131.4 -430
Profit before tax 2,063 1,661 24.2 8,457
Income taxes -506 -545 7.2 -2,754
Profit/loss for the period 1,557 1,116 39.5 5,702
Other comprehensive income:
Exchange differences on translating foreign 1,380 404 241.6 1,370
operations
Income tax relating to components of other 0 0 0.0 0
comprehensive income
Items that will not be reclassified to profit
or loss:
Defined benefit plan actuarial 0 0 0.0 -90
gains(+)/loss(-), net of tax
Other comprehensive income, net of tax 1,380 404 241.6 1,280
Total comprehensive income 2,937 1,520 93.2 6,983
Profit/loss attributable to:
Equity holders of the parent company 1,557 1,116 39.5 5,702
Comprehensive income
attributable to:
Equity holders of the parent company 2,937 1,520 93.2 6,983
Earnings per share, diluted and undiluted, EUR 0.13 0.09 0.48
CONDENSED CONSOLIDATED BALANCE SHEET
EUR thousand 31.3.2015 31.3.2014 Change 31.12.2014
ASSETS
Non-current assets
Goodwill 10,026 9,621 405 9,676
Other intangible assets 626 855 -229 686
Tangible assets 13,136 10,824 2,312 12,533
Deferred tax assets 273 690 -417 285
Other non-current assets 75 72 3 74
Non-current assets total 24,135 22,062 2,074 23,253
Current assets
Inventories 10.301 8,996 1,305 10,034
Trade and other receivables 12,754 10,700 2,054 10,906
Cash at bank and in hand 9,974 9,617 357 8,218
Current assets total 33,028 29,313 3,715 29,158
Total assets 57,163 51,375 5,788 52,411
EQUITY AND LIABILITIES
Shareholders´ equity
Share capital 2,141 2,141 0 2,141
Other reserves 79 72 7 79
Invested unrestricted equity fund 2,539 2,539 0 2,539
Translation differences 4,913 2,568 2,345 3,534
Retained earnings 19,047 15,924 3,123 15,724
Profit for the period 1,557 1,116 441 5,702
Total equity attributable to equity 30,277 24,361 5,916 29,720
holders of the parent company
Total equity 30,277 24,361 5,916 29,720
Non-current liabilities
Interest-bearing liabilities 4,124 1,044 3,080 4,623
Interest-free liabilities 481 423 58 454
Deferred tax liabilities 519 430 89 505
Current liabilities
Interest-bearing liabilities 3,327 12,007 -8,680 1,000
Trade and other non-current 18,434 13,111 5,323 16,110
liabilities
Total liabilities 26,886 27,014 -128 22,692
Total equity and liabilities 57,163 51,375 5,788 52,411
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
EUR thousand Share Other Invested Translation Retained Total
Capita Reserves Unrestricted Differences Earnings
l Equity Fund
Balance at 1 2,141 72 2,539 2,164 15,924 22,841
January
2014
Comprehensiv 404 1,116 1,520
e result
Other items 0 0
Dividend 0 0
Balance at 2,141 72 2,539 2,568 17,040 24,361
31 March
2014
Balance at 2,141 79 2,539 3,534 21,426 29,720
1st January
2015
Comprehensiv 1,380 1,557 2,937
e result
Other items 0 0
Dividend -2,379 -2,379
Balance at 2,141 79 2,539 4,913 20,604 30,277
31 March
2015
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
EUR thousand 1.1. - 1.1. - Change 1.1.-
31.3. 31.3. 31.12.
2015 2014 2014
Cash Flow from Operating Activities
Profit for the period 1,557 1,116 441 5,702
Adjustments 1,678 1,608 70 7,425
Change in working capital -2,022 -1,476 -546 455
Cash Flow Generated by Operations 1,213 1,248 -35 13,582
Interest paid -18 -63 45 -167
Interest received 3 35 -32 56
Other financial items 8 -65 73 -328
Income taxes paid -518 -507 -11 -2,464
Net Cash Flow from Operating Activities 688 648 40 10,679
Cash Flow from Investing Activities
Capital expenditure -759 -651 -108 -4,354
Proceeds from sale of fixed assets 0 0 0 0
Cash Flow from Investing Activities -759 -651 -108 -4,354
Cash Flow from Financing
Share issue 0 0 0 0
Proceeds from long-term borrowings 0 0 0 5,000
Instalments of long-term borrowings -500 -680 180 -2,840
Change in short-term loans 2,327 865 1,462 -9,700
Instalments of finance lease liabilities 0 -3 3 -5
Additional capital repayment 0 0 0 0
Dividends paid 0 0 0 0
Net Cash Flow from Financing 1,827 182 1,645 -7,545
Change in Liquid Funds 1,756 179 1,577 -1,220
Liquid funds in the beginning of period 8,218 9,438 -1,220 9,438
Change in liquid funds 1,756 179 1,577 -1,220
Liquid funds at the end of period 9,974 9,617 357 8,218
QUARTERLY KEY FIGURES
EUR thousand I/ IV/ III/ II/ I/
2015 2014 2014 2014 2014
Net sales 21,495 21,071 18,950 21,420 17,811
Materials and services -7,771 -7,992 -6,876 -8,290 -5,976
Employee benefit expenses -6,450 -6,068 -5,595 -5,635 -5,393
Depreciation and impairment -711 -631 -1,167 -654 -663
Operating expenses -4,556 -4,473 -3,621 -3,949 -4,089
Other operating income -16 162 185 161 200
Operating profit 1,991 2,069 1,875 3,054 1,890
Net financial items 72 -62 -22 -118 -229
Profit before taxes 2,063 2,007 1,853 2,935 1,661
Income taxes -506 -542 -962 -706 -545
Profit/loss for the period 1,557 1,466 891 2,229 1,116
Earnings per share, EUR 0.13 0.12 0.07 0.19 0.09
Earnings per share, EUR, diluted 0.13 0.12 0.07 0.19 0.09
Average number of shares, undiluted,
1,000 shares 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
Average number of personnel 487 451 437 427 418
COMMITMENTS AND CONTINGENCIES
EUR thousand 31.3.2015 31.4.2014
On own behalf
Mortgages 2,783 2,783
Corporate mortgages 12,500 12,500
Lease liabilities
- in next 12 months 963 795
- in next 1-5 years 1,330 1,309
Other commitments 6 6
DERIVATIVE FINANCIAL INSTRUMENTS
Nominal values 31.3.2015 31.3.2014
EUR thousand
Interest rate derivatives
Interest rate swaps 2,700 5,000
Purchased interest rate options 0 0
CONSOLIDATED KEY FIGURES
EUR thousand 1.1. - 31.3. 1.1. - Change, % 1.1.-
2015 31.3. 31.12.
2014 2014
Continuing operations
Net sales 21,495 17,811 20.7 79,253
Operating profit 1,991 1,890 5.3 8,887
% of net sales 9.3 10.6 11.2
Profit before tax 2,063 1,661 24.2 8,457
% of net sales 9.6 9.3 10.7
Profit for the period 1,557 1,116 39.5 5,702
% of net sales 7.2 6.3 7.2
Shareholders' equity 30,277 24,361 24.3 29,720
Interest-bearing liabilities 7,451 13,051 -42.9 5,623
Cash and cash equivalents 9,974 9,617 3.7 8,218
Net interest-bearing liabilities -2,523 3,434 173.5 -2,595
Capital employed 37,729 37,412 0.8 35,342
Return on equity, % 20.8 18.9 21.7
Return on capital employed, % 21.8 21.1 25.2
Equity ratio, % 53.2 47.5 56.9
Net gearing, % -8.3 14.1 -8.7
Capital expenditure 759 651 16.6 4,354
% of net sales 3.5 3.7 5.5
Research and development costs 523 412 26.9 1,837
% of net sales 2.4 2.3 2.3
Order intake 22,762 21,756 4.6 82,327
Order backlog 13,816 14,269 -3.2 12,833
Earnings per share, EUR 0.13 0.09 0.48
Earnings per share, EUR, diluted 0.13 0.09 0.48
Equity per share, EUR 2.54 2.05 2.50
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 487 418 16.5 433
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