2013-04-24 13:00:06 CEST
2013-04-24 13:00:22 CEST
REGULATED INFORMATION
Componenta - Interim report (Q1 and Q3)
Componenta Interim Report 1 January - 31 March 2013: Clear change for better in net sales and operating profit compared to previous quarter
Componenta Corporation Interim Report 24.4.2013 at 14.00
January - March 2013 in brief
-- Net sales in the review period increased 9% from the previous quarter to
MEUR 128 (MEUR 117). Net sales were 15% lower than in the corresponding
period last year (MEUR 150).
-- The Group's efficiency programme to boost operations has proceeded as
expected, and it is expected to improve the Group result by EUR 25 million
by the end of 2014 compared to 2012.
-- Operating profit excluding one-time items improved clearly from the
previous quarter to MEUR 3.8 (MEUR -3.5), but was clearly lower than in the
previous year due to lower net sales (MEUR 10.2).
-- The result after financial items excluding one-time items was MEUR -2.2
(MEUR 2.8).
-- Earnings per share excluding one-time items were EUR -0.09 (EUR 0.13).
-- The Group's order book at the end of March increased 7% from the year end
to MEUR 89 (MEUR 83), but was 16% lower than at the same time in the
previous year (MEUR 106).
-- Cash funds and unused committed credit facilities at the end of the review
period totalled MEUR 37, which is MEUR 7 less than at the end of the year
(MEUR 44). The corresponding amount in the previous year was MEUR 66.
Business environment
The demand outlook remains uncertain, although there are signs of a turn for
the better in some of the Group's customer sectors.
At the end of the review period the order book for Componenta's Heavy Trucks
customer sector was 11% higher than in the previous quarter. Demand for heavy
trucks is expected to grow from the second quarter onwards. Demand prospects in
the heavy truck industry for 2013 are, however, uncertain.
The order book for Componenta's Construction and Mining customer sector was 13%
higher at the end of the review period than in the previous quarter. Demand for
construction and mining machinery is expected to grow during the second half of
2013.
At the end of the review period, the order book for Componenta's Machine
Building customer sector was 9% higher at the end of the review period than in
the previous quarter. Prospects for 2013 in the machine building industry are
uncertain.
The order book for Componenta's Agricultural Machinery customer sector was 1%
higher at the end of the review period than in the previous quarter. Demand for
agricultural machinery is expected to pick up in the first half of 2013.
The order book for Componenta's Automotive customer sector was 2% lower at the
end of the review period than in the previous quarter. Demand in the automotive
industry declined 10% in Europe during the first quarter, compared to the same
period in 2012.
Prospects for Componenta
The prospects for Componenta in 2013 are based on general external economic
indicators, delivery forecasts given by customers, and on Componenta's order
intake and order book.
The continuing uncertainty in the European and global economy has weakened
demand for investments in Componenta's customer sectors. Componenta's order
book at the end of the review period was EUR 89 million (EUR 83 million at the
end of the previous quarter).
Based on the order book and production forecasts given by customers,
Componenta's net sales in the second quarter of 2013 will grow from the first
quarter.
Full year prospects remain unchanged.
Net sales in 2013 are expected to remain at the same level as in the previous
year and in consequence of the structural efficiency measures being carried
out, the operating profit excluding one-time items is expected to improve from
the previous year.
Key figures
1-3/2013 1-3/2012 1-12/2012
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Order book, MEUR 89 106 83
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Net sales, MEUR 128 150 545
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Operating profit, before one-time items, MEUR 3.8 10,2 10,0
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Operating profit, before one-time items, % 3.0 6.8 1.8
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Result after financial items, excl. one-time -2.2 2.8 -17.6
items, MEUR
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One-time items, MEUR -0.5 -0.1 -7.8
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Taxes, MEUR 0.8 -0.2 1.4
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Net result for the period, MEUR -1.9 2.5 -24.0
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Earnings per share, excl. one time items, EUR -0.09 0.13 -0.92
--------------------------------------------------------------------------------
Net gearing, preferred capital notes as equity, % 228 159 200
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Return on investment, excl. one-time items, % 4.9 12.8 4.0
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Return on equity, excl. one-time items, % -7.2 16.9 -24.8
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Number of personnel at period end, incl. leased 4,313 4,790 4,277
personnel
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President and CEO Heikki Lehtonen comments on the first quarter of 2013:
“Componenta's net sales increased 9% and order book 7% during the first three
months of 2013 from the year shift. The operating profit improved clearly from
the year end, although it was lower than in the corresponding period in the
previous year due to lower net sales. The development in all our business
sectors in the beginning of the year has been positive compared to the previous
quarters, though the actual figures are clearly lower than those in the same
period in the previous year.
The efficiency improvement program we launched in the end of last year has
proceeded in accordance with expectations. The program includes various
measures to boost productivity, restructuring and cut of costs in all countries
where we have operations. The target for the efficiency program is to improve
the Group's profitability by EUR 25 million by the end of 2014. Part of the
measures has already been completed, and thus, some 60% of the total savings
are expected to affect the result already this year.
The continuing uncertainty in the European and global economy has weakened
demand for investment in our customer sectors. Demand prospects of components
and solutions made of them are still uncertain, although there are signs of a
turn for the better in some of the Group's customer sectors. Based on the order
book and production forecasts given by customers, Componenta's net sales are
expected to develop favourably during the spring.”
Componenta's Interim Report 1 January - 31 March 2013 in PDF format is attached
to this release. The report is also available on the Componenta website at
www.componenta.com.
Press conference for analysts and media representatives at 14.30 (EEST)
A press conference will be held at 14.30 (EEST) on 24 April 2013, in the
auditorium of the SATO building in Käpylä, at Panuntie 4, 00610 Helsinki. The
press conference will be webcast simultaneously via the internet. The link can
be found on Componenta's website at www.componenta.com.
Helsinki, 24 April 2013
COMPONENTA CORPORATION
Heikki Lehtonen
President and CEO
ENCL. Interim Report 1 January - 31 March 2013
For further information, please contact:
Heikki Lehtonen
President and CEO
tel. +358 10 403 2200
Mika Hassinen
CFO
tel. +358 10 403 2723
Componenta is a metal sector company with international operations and
production plants located in Finland, Turkey, the Netherlands and Sweden. The
net sales of Componenta were EUR 545 million in 2012 and its share is listed on
the NASDAQ OMX Helsinki. The Group employs approx. 4,300 people. Componenta
specializes in supplying cast and machined components and total solutions made
of them to its global customers, who are manufacturers of vehicles, machines
and equipment.
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