2007-10-30 10:00:00 CET
2007-10-30 10:00:00 CET
REGULATED INFORMATION
Exel Oyj - Quarterly report
Exel Interim Report for 1 January - 30 September 2007
EXEL OYJ STOCK EXCHANGE RELEASE 30.10.2007 at 11.00 1 (12) EXEL INTERIM REPORT FOR 1 JANUARY - 30 SEPTEMBER 2007 Summary Group - Net sales in the first nine months increased to EUR 85.4 million, up 4.1 per cent over the corresponding period previous year - Net sales in the third quarter were EUR 27.9 (28.5) million - Operating profit in the first nine months was EUR 4.1 (-0.3) million or 4.8 (-0.3) per cent of net sales - Operating loss in the third quarter was EUR -2.1 (-1.0) million or -7.4 (-3.6) per cent of net sales - A negative impact of EUR 4.2 million in write-offs and impairment of assets was recorded in the third quarter - Earnings per share in the first nine months were EUR 0.17 (-0.06), adjusted for full dilution Industry - The Industry Division's net sales in the first nine months increased to EUR 79.5 (77.7) million, up 2.4 per cent from the previous year - Operating profit in the first nine months was EUR 11.3 (6.2) million - Good development in the transportation segment - Strong sales in the cleaning and maintenance business as a result of the introduction of a new product line - Continued positive effects from the integration of Pacific Composites Sport - The Sport Division's net sales in the first nine months decreased to EUR 9.7 (14.3) million, down 32.0 per cent from the previous year - Operating loss in the first nine months was EUR -7.6 (-7.1) million - Continued problems with delayed deliveries from China, as well as lack of delivery capacity in Finland - Measures are taken to reduce inventory level - Sales organization changed to improve selling capacity Göran Jönsson, President and CEO: “Sales to the transportation, energy and building/construction markets developed well during the quarter. The profitability in the Industry division was good throughout the organization and in particular it is worth mentioning the improvement in our UK and Belgian operations as well as the good development in our Chinese operations. The sales have, however, suffered from the slowdown in the sports industry and the antenna radome market. The Sport Division's sales in the first nine months were down 32 per cent compared to last year due to difficult market conditions, delivery problems and quality issues. Profitability was not acceptable, mainly due to the lower than anticipated sales, but also due to the fact that we were faced with substantial extra costs connected with the continued delays in the deliveries from China and lack of delivery capacity in Finland. The lower than anticipated sales have also resulted in increased inventories. Increased efforts in sales as well as improved ordering routines are being implemented to remedy the situation. The quality problems seen in the first half of 2007 have now been resolved. We expect that the problems in the Sport Division will continue in the last quarter while measures are taken to improve the supply situation and to align the organization to the current activity level. The focus will remain on rationalizing the Sport Division and improving the profitability of the Group.” CONSOLIDATED KEY FINANCIAL FIGURES (Figures are unaudited) -------------------------------------------------------------------------------- | | 1.7. - | 1.7. - | | 1.1. - | 1.1. | | 1.1. - | | | | | | | - | | | -------------------------------------------------------------------------------- | | 30.9. | 30.9. | Change | 30.9. | 30.9. | Change | 31.12. | -------------------------------------------------------------------------------- | EUR million | 2007 | 2006 | % | 2007 | 2006 | % | 2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 27.9 | 28.5 | -2.2 | 85.4 | 82.0 | 4.1 | 112.4 | -------------------------------------------------------------------------------- | Operating | -2.1 | -1.0 | -103.8 | 4.1 | -0.3 | 1724.1 | 0.4 | | profit | | | | | | | | -------------------------------------------------------------------------------- | % of net | -7.4 | -3.6 | | 4.8 | -0.3 | | 0.3 | | sales | | | | | | | | -------------------------------------------------------------------------------- | Profit for | -2.2 | -1.0 | | 2.044 | -0.71 | | -0.733 | | the period | | | | | 5 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders' | 23.8 | 24.2 | -1.8 | 23.8 | 24.2 | -1.8 | 24.4 | | equity | | | | | | | | -------------------------------------------------------------------------------- | Net | 32.8 | 30.9 | 6.2 | 32.8 | 30.9 | 6.2 | 27.5 | | interest-bear | | | | | | | | | ing | | | | | | | | | liabilities | | | | | | | | -------------------------------------------------------------------------------- | Capital | 61.1 | 59.9 | 1.9 | 61.1 | 59.9 | 1.9 | 58.1 | | employed | | | | | | | | -------------------------------------------------------------------------------- | Return on | -35.3 | -16.5 | | 11.3 | -3.7 | | -2.9 | | equity, % | | | | | | | | -------------------------------------------------------------------------------- | Return on | -17.0 | -6.0 | | 8.9 | -0.3 | | 1.2 | | capital | | | | | | | | | employed, % | | | | | | | | -------------------------------------------------------------------------------- | Equity ratio, | 28.8 | 29.4 | | 28.8 | 29.4 | | 29.9 | | % | | | | | | | | -------------------------------------------------------------------------------- | Net gearing, | 138.1 | 127.7 | | 138.1 | 127.7 | | 112.8 | | % | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per | -0.19 | -0.09 | | 0.17 | -0.06 | | -0.06 | | share, EUR | | | | | | | | -------------------------------------------------------------------------------- | Earnings per | -0.19 | -0.09 | | 0.17 | -0.06 | | -0.06 | | share, EUR, | | | | | | | | | diluted | | | | | | | | -------------------------------------------------------------------------------- | Equity per | 2.00 | 2.04 | | 2.00 | 2.04 | | 2.05 | | share, EUR | | | | | | | | -------------------------------------------------------------------------------- IFRS REPORTING Exel has applied IFRS reporting since the beginning of 2005. This interim report has been prepared in accordance with the recognition and measurement principles of IFRS, which are the same as in the 2006 financial statements. FINANCIAL PERFORMANCE Exel's consolidated net sales for the first nine months grew by 4.1 per cent over the previous year to EUR 85.4 (82.0) million. Net sales in the third quarter declined by 2.2 per cent to EUR 27.9 (28.5) million. Exel Sports has experienced delays in deliveries from its Chinese pole suppliers and in addition had quality problems linked to the production transfer. Furthermore, a weak sporting goods market has impacted sales negatively. This, in combination with high costs to overcome late deliveries from suppliers as well as domestic forwarders, has led to a continued negative result. The lower than expected sales has also led to an overstock situation which has required write-offs of inventory in the third quarter as well as impairment of intangible and tangible assets. In addition, related manufacturing equipment has been written down. A negative impact of EUR 4.2 million has been recorded in the third quarter results of which EUR 3.5 million relates to the Sport Division. Exel's operating profit for the first nine months increased to EUR 4.1 million (including non-recurring items of EUR -4.2 million), compared to EUR -0.3 million (including non-recurring items of EUR -6.3 million) in the corresponding period last year. Operating profit as a percentage of net sales was 4.8 (-0.3) per cent. Operating profit for the third quarter decreased to EUR -2.1 million (including non-recurring items of EUR -4.2 million), compared to EUR -1.0 million (including non-recurring items of EUR -2.3 million) last year. The improvement of the underlying operating profit has been a result of the restructuring measures taken in the problem units in 2006, especially Mäntyharju, Belgium and the German Sport unit, and the contribution of the Pacific Composites acquisition. The Group's net financial expenses were EUR 1.4 (0.7) million. The Group's pre-tax profit was EUR 2.7 (-1.0) million, and profit for the reporting period totaled EUR 2.0 (-0.7) million. BALANCE SHEET AND FINANCIAL POSITION The consolidated balance sheet total at the end of the reporting period stood at EUR 82.7 (82.6) million. At the end of the reporting period, equity was EUR 23.8 (24.2) million, and the equity ratio was 28.8 (29.4) per cent. Interest-bearing liabilities were EUR 37.8 (35.7) million, of which short-term liabilities accounted for EUR 16.4 (9.7) million. Net interest-bearing liabilities were EUR 32.8 (30.9) million, and the net gearing was 138.1 (127.7) per cent. The cash flow from business operations in the reporting period was EUR -2.9 (+1.7) million. At the end of the reporting period, the Group had liquid assets of EUR 5.0 million, compared with EUR 6.2 million at the end of 2006. CAPITAL EXPENDITURE The Group's capital expenditure totaled EUR 1.7 (2.4) million, used mainly for maintenance and replacement purposes. During the third quarter a production building in Clacton, UK was sold. The value of the disposals was EUR 1.3 million in total. PERSONNEL The number of people employed by the Exel Group on 30 September 2007 was 554 (612). Of these 233 (311) worked in Finland and 321 (301) abroad. The number of employees averaged 566 (611). The increase from last year outside Finland is mainly due to the acquisition of Pacific Composites. At the same time, there was a reduction of personnel due to the restructuring of the Sport activities and the divestment of Plastics operations in Germany. BUSINESS SEGMENTS The Group's operations are divided into two primary segments: the Industry Division and the Sport Division. The Industry Division includes all production activities in the company as from 1 January 2007. Therefore the Sport Industry business and Mäntyharju operations in Finland, which earlier was part of the Sport Division, were transferred to the Industry Division. The comparative divisional figures from 2006 have been changed correspondingly. Industry Division The Industry Division's key financial figures for the reporting period were as follows: -------------------------------------------------------------------------------- | | 1.7.- | 1.7. - | | 1.1. - | 1.1.- | | 1.1.- | -------------------------------------------------------------------------------- | | 30.9. | 30.9. | Change | 30.9. | 30.9. | Change | 31.12. | -------------------------------------------------------------------------------- | EUR million | 2007 | 2006 | % | 2007 | 2006 | % | 2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 25.3 | 27.7 | -8.8 | 79.5 | 77.7 | 2.4 | 105.0 | -------------------------------------------------------------------------------- | Operating | 2.6 | 2.0 | 28.8 | 11.3 | 6.2 | 83.7 | 9.0 | | profit | | | | | | | | -------------------------------------------------------------------------------- | % of net | 10.1 | 7.2 | | 14.2 | 7.9 | | 8.5 | | sales | | | | | | | | -------------------------------------------------------------------------------- | Average | 500 | 566 | -11.7 | 502 | 518 | -3.1 | 510 | | number of | | | | | | | | | personnel | | | | | | | | -------------------------------------------------------------------------------- The Industry Division's net sales in the first nine months increased to EUR 79.5 (77.7) million, up 2.4 per cent from the previous year. The telecommunication segment continued to be slow. The transportation, energy and building/construction and cleaning and maintenance markets, in particular, were strong. Growth was mainly due to the acquisition of the Pacific Composites Group and new profile applications in the European units. The market for the new custom-shape composite profiles is growing and with its market leading position in this area, Exel is well placed to take advantage of this growth. The Industry Division's operating profit grew by 83.7 per cent to EUR 11.3 million (including EUR -0.7 of non-recurring items), up from 6.2 million (including EUR -4.1 million of non-recurring items) last year. The profitability was good in all units. The restructuring of the Belgian operations gave good results even in the traditionally slower summer months. In addition, the development in the Chinese unit has also been positive during the first nine months. The positive effects from the integration of Pacific Composites continue. There are continued signs of improvement in the carbon fibre situation. At present there is shortage only of some special types of carbon fibre. Sport Division The Sport Division's key financial figures for the reporting period were as follows: -------------------------------------------------------------------------------- | | 1.7.- | 1.7. - | | 1.1. - | 1.1.- | | 1.1.- | -------------------------------------------------------------------------------- | | 30.9. | 30.9. | Change | 30.9. | 30.9. | Change | 31.12. | -------------------------------------------------------------------------------- | EUR million | 2007 | 2006 | % | 2007 | 2006 | % | 2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 3.8 | 4.5 | -14.5 | 9.7 | 14.3 | -32.0 | 19.3 | -------------------------------------------------------------------------------- | Operating | -5.2 | -3.6 | | -7.6 | -7.1 | | -9.4 | | profit | | | | | | | | -------------------------------------------------------------------------------- | % of net | -135.4 | -80.5 | | -78.7 | -49.6 | | -48.8 | | sales | | | | | | | | -------------------------------------------------------------------------------- | Average | 48 | 72 | -33.3 | 49 | 73 | -32.9 | 69 | | number of | | | | | | | | | personnel | | | | | | | | -------------------------------------------------------------------------------- The Sport Division's net sales in the first nine months decreased to EUR 9.7 (14.3) million, down 32.0 per cent from the previous year. The lower sales figure is partly due to the mild winter, which also had a negative impact on reorders. In addition, the Exel Sport Division still had logistics problems and was unable to deliver floorball pre-orders in time to its customers. The Sport Division's operating loss was EUR -7.6 million (-4.1 before non-recurring items) compared with EUR -7.1 million (-4.9 before non-recurring items) last year. Lower sales due to a poor delivery performance and low priced sales of old inventory had a negative impact on the margins. During the third quarter the sales organization of Exel Sports was restructured. Now Central European sales are taken care of by Exel GmbH and Nordic and Baltic sales by Exel Sports Oy. At the same time restructuring of logistics has started in order to improve the service and distribution globally. A project to reduce capital tied up in inventory was started in the third quarter, but the effects have not yet materialized. Exel has reviewed different structural alternatives and concluded the Sport Division is no longer a core activity within the Exel Group. Exel continues to see a strategic partner with a long-term interest in developing Exel Sports Brands business. SHARES At the end of September, Exel's share capital was EUR 2,141,431.74 and the number of shares was 11,896,843. There were no changes in the share capital during the period. Based on the closing price in the reporting period, market capitalization totaled EUR 182.0 (155.8) million. SHARES TRADED ON THE OMX HELSINKI STOCK EXCHANGE During the reporting period 4,223,618 (4,327,316) shares were traded, accounting for 35.5 (36.6) per cent of the average number of outstanding shares. The highest share quotation during the reporting period was EUR 17.45 (15.13) and the lowest EUR 12.50 (10.50). The share price closed at EUR 15.30 (13.00). The average share price during the reporting period was EUR 14.36 (12.82). DISCLOSURES OF CHANGES IN HOLDINGS No shareholders´ disclosures of changes in holdings in the company were received by Exel. OUTLOOK Lower than expected sales in the Sport division have resulted in write-offs of inventory as well as related fixed assets. Corrective actions have been implemented to reduce the negative impact, and the focus will be on restoring the profitability of the Sport Division for the rest of the year. However, the reorder situation for some product areas continues to suffer from the delivery problems. It is expected that the Industry Division will continue on a good level throughout the year, despite the downturn in the antenna radomes market and still some lack of carbon fibre for certain types of applications. The main risks in the remainder of the year lie in the market demand in the Sport Division and in specific segments in the Industry Division, i.e. antenna radomes and wind energy. The sourcing from China and the logistics situation for Sports in Finland is still a risk. There may as well be a shortage of certain types of carbon fibre. In the interim report for the second quarter released on 25 July 2007, Exel expected the full year profit before taxes to improve compared with the 2006 profit before taxes and non-recurring items. Due to the write-offs and impairment losses of EUR 4.2 million, Exel now expects the profit before taxes for 2007 to be lower than the 2006 profit before taxes and non-recurring items (EUR 6.0 million). Still, the profit before taxes and non-recurring items is expected to be better than the comparable figure in 2006. NEWS CONFERENCE FOR ANALYSTS AND THE PRESS A news conference for investment analysts and the press will be arranged on 30 October 2007 at 12.30 in the Espa Conference Room of Hotel Scandic Simonkenttä in Helsinki, Simonkatu 9, Finland. Vantaa, 30 October 2007 Exel plc Göran Jönsson Board of Directors President & CEO Further information: Mr. Göran Jönsson, President & CEO, tel. +46 708 430 110, or email goran.jonsson@exel.fi Mr. Ilkka Silvanto, CFO, tel. +358 50 598 9553, or email ilkka.silvanto@exel.fi DISTRIBUTION Helsinki Stock Exchange Main news media www.exel.net INTERIM REPORT 1.1. - 30.9.2007 CONSOLIDATED FINANCIAL STATEMENTS CONDENSED CONSOLIDATED INCOME STATEMENT, EUR thousand (unaudited) -------------------------------------------------------------------------------- | | 1.7.-3 | 1.7.-30 | Change | 1.1.-30 | 1.1-30. | Change | 1.1.-3 | | | 0.9. | .9. | | .9. | 9. | | 1.12. | -------------------------------------------------------------------------------- | | 2007 | 2006 | % | 2007 | 2006 | % | 2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 27,912 | 28,527 | -2.2 | 85.430 | 82,034 | 4.1 | 112,39 | | | | | | | | | 5 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other | 276 | 30 | 820.0 | 732 | 81 | 803.7 | 145 | | operating | | | | | | | | | income | | | | | | | | -------------------------------------------------------------------------------- | Operating | -28,56 | -27,261 | -4.8 | -78,209 | -77,054 | -1.5 | -10604 | | expenses | 3 | | | | | | 7 | -------------------------------------------------------------------------------- | Depreciati | -1,704 | -2,316 | 26.4 | -3,845 | -5,314 | 27.6 | -6,108 | | on and | | | | | | | | | impairment | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating | -2,079 | -1,020 | -103.8 | 4,109 | -253 | 1724.1 | 386 | | profit | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net | -842 | -258 | -226.4 | -1,371 | -736 | -86.3 | -1,067 | | financial | | | | | | | | | items | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit | -2,921 | -1,278 | -128.6 | 2,737 | -988 | 377.0 | -681 | | before tax | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Income | 714 | 258 | -176.7 | -693 | 273 | 353.8 | -52 | | taxes | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit/los | -2,206 | -1,020 | -116.3 | 2,044 | -715 | 385.9 | -733 | | s for the | | | | | | | | | period | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity | -2,206 | -1,021 | | 2,044 | -709 | | -724 | | holders of | | | | | | | | | the parent | | | | | | | | | company | | | | | | | | -------------------------------------------------------------------------------- | Minority | 0 | 1 | | 0 | -6 | | -10 | | interest | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings | -0.19 | -0.09 | | 0.17 | -0.06 | | -0.06 | | per share, | | | | | | | | | EUR | | | | | | | | -------------------------------------------------------------------------------- | Earnings | -0.19 | -0.09 | | 0.17 | -0,06 | | -0.06 | | per share, | | | | | | | | | EUR, | | | | | | | | | diluted | | | | | | | | -------------------------------------------------------------------------------- CONDENSED CONSOLIDATED BALANCE SHEET, EUR thousand -------------------------------------------------------------------------------- | | 30.9.2007 | 30.9.2006 | Change | 31.12.2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | ASSETS | | | | | -------------------------------------------------------------------------------- | Non-current assets | | | | -------------------------------------------------------------------------------- | Goodwill | 10,091 | 13,183 | -3,092 | 10,107 | -------------------------------------------------------------------------------- | Other intangible assets | 3,446 | 638 | 2,802 | 3,158 | -------------------------------------------------------------------------------- | Tangible assets | 15,333 | 19,561 | -4,228 | 18,766 | -------------------------------------------------------------------------------- | Deferred tax assets | 3,920 | 2,122 | 1,798 | 2,200 | -------------------------------------------------------------------------------- | Other non-current assets | 77 | 73 | 4 | 76 | -------------------------------------------------------------------------------- | Non-current assets total | 32,866 | 35,576 | -2,710 | 34,307 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Current assets | | | | -------------------------------------------------------------------------------- | Inventories | 22,136 | 20,347 | 1,789 | 19,975 | -------------------------------------------------------------------------------- | Trade and other receivables | 22,443 | 21,914 | 529 | 20,695 | -------------------------------------------------------------------------------- | Other liquid assets | 0 | 0 | 0 | 0 | -------------------------------------------------------------------------------- | Cash at bank and in hand | 4,995 | 4,765 | 230 | 6,199 | -------------------------------------------------------------------------------- | Current assets total | 49,574 | 47,026 | 2548 | 46,869 | -------------------------------------------------------------------------------- | Non-current assets held for | 214 | 0 | 214 | 748 | | sale | | | | | -------------------------------------------------------------------------------- | Total assets | 82,654 | 82,602 | 52 | 81,924 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | -------------------------------------------------------------------------------- | Shareholders' equity | | | | -------------------------------------------------------------------------------- | Share capital | 2,141 | 2,141 | 0 | 2,141 | -------------------------------------------------------------------------------- | Share issue | 0 | 0 | 0 | 0 | -------------------------------------------------------------------------------- | Share premium reserve | 8,492 | 8,492 | 0 | 8,492 | -------------------------------------------------------------------------------- | Retained earnings | 11,093 | 14,293 | -3,200 | 14,453 | -------------------------------------------------------------------------------- | Profit for the period | 2,044 | -709 | 2,753 | -724 | -------------------------------------------------------------------------------- | Equity attributable to | 23,771 | 24,217 | -447 | 24,363 | | equity holders of the parent | | | | | | company | | | | | -------------------------------------------------------------------------------- | Minority share | 0 | 4 | -4 | 0 | -------------------------------------------------------------------------------- | Total equity | 23,771 | 24,221 | -450 | 24,363 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-current liabilities | | | | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 21,480 | 25,958 | -4,478 | 25,752 | -------------------------------------------------------------------------------- | Deferred tax liabilities | 647 | 192 | 455 | 1,091 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Current liabilities | | | | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 16,353 | 9,730 | 6,623 | 7,934 | -------------------------------------------------------------------------------- | Trade and other non-current | 20,403 | 22,501 | -2,098 | 22,782 | | liabilities | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total liabilities | 58,883 | 58,381 | 502 | 57,561 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total equity and liabilities | 82,654 | 82,602 | 52 | 81,924 | -------------------------------------------------------------------------------- STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY, EUR thousand -------------------------------------------------------------------------------- | | Share | Share | Share | Retaine | Minority | Total | | | | | premium | d | | | -------------------------------------------------------------------------------- | | Capital | Issue | Reserve | Earning | Interest | | | | | | | s | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Balance at 1 | 2,070 | 287 | 5,142 | 19,530 | 10 | 27,039 | | January 2006 | | | | | | | -------------------------------------------------------------------------------- | Share issue | 71 | -287 | 3,350 | 0 | 0 | 3,134 | -------------------------------------------------------------------------------- | Exchange rate | 0 | 0 | -517 | 0 | -518 | | differences | | | | | | | 0 | | | | | | -------------------------------------------------------------------------------- | Other items | 0 | 0 | 0 | 0 | 0 | 0 | -------------------------------------------------------------------------------- | Dividend | | | -4,720 | | -4,720 | -------------------------------------------------------------------------------- | Profit for the | | | -709 | -7 | -715 | | period | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Balance at 30 | 2,141 | 0 | 8,492 | 13,584 | 4 | 24,221 | | September 2006 | | | | | | | -------------------------------------------------------------------------------- | | | | | 0 | | | -------------------------------------------------------------------------------- | Balance at 1 | 2,141 | 0 | 8,492 | 13,729 | 0 | 24,363 | | January 2007 | | | | | | | -------------------------------------------------------------------------------- | Share issue | 0 | 0 | 0 | 0 | 0 | 0 | -------------------------------------------------------------------------------- | Exchange rate | 0 | 0 | -257 | 0 | -257 | | differences 0 | | | | | | -------------------------------------------------------------------------------- | Other items | 0 | 0 | 0 | 0 | 0 | 0 | -------------------------------------------------------------------------------- | Dividend | | | -2,379 | | -2,379 | -------------------------------------------------------------------------------- | Profit for the | | | 2,044 | 0 | 2,044 | | period | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Balance at 30 | 2,141 | 0 | 8,492 | 13,138 | 0 | 23,771 | | September 2007 | | | | | | | -------------------------------------------------------------------------------- CONDENSED CONSOLIDATED CASH FLOW STATEMENT, EUR thousand -------------------------------------------------------------------------------- | | 1.1.-30. | 1.1-30.9. | Change | 1.1.-31.1 | | | 9. | | | 2. | -------------------------------------------------------------------------------- | | 2007 | 2006 | | 2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from operating activities | | | -------------------------------------------------------------------------------- | Profit for the period | 2,044 | -715 | 2,759 | -733 | -------------------------------------------------------------------------------- | Adjustments | 6,383 | 6,666 | -283 | 9,330 | -------------------------------------------------------------------------------- | Change in working capital | -6,725 | -710 | -6,015 | 245 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow generated by | | | -------------------------------------------------------------------------------- | operations | 1,702 | 5,241 | -3,539 | 8,842 | -------------------------------------------------------------------------------- | Interest paid | -1,467 | -807 | -660 | -998 | -------------------------------------------------------------------------------- | Interest received | 88 | 102 | -14 | 195 | -------------------------------------------------------------------------------- | Other financial items | -232 | 25 | -257 | 8 | -------------------------------------------------------------------------------- | Income taxes paid | -3,024 | -2,855 | -169 | -2,819 | -------------------------------------------------------------------------------- | Net cash flow from | | | -------------------------------------------------------------------------------- | operating activities | -2,933 | 1,706 | -4,382 | 5,228 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from investing | | | | | | activities | | | | | -------------------------------------------------------------------------------- | Acquisitions | 0 | -18,687 | 18,687 | -18,279 | -------------------------------------------------------------------------------- | Disposal of business | 672 | 0 | 672 | 0 | -------------------------------------------------------------------------------- | Capital expenditure | -1,745 | -2,373 | 628 | -2,655 | -------------------------------------------------------------------------------- | Proceeds from sale of fixed | 1,306 | 0 | 1,274 | 0 | | assets | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from investing | 233 | -21,028 | 21,261 | -20,934 | | activities | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from financing | | | -------------------------------------------------------------------------------- | Share issue | 0 | 3,134 | -3,134 | 3,134 | -------------------------------------------------------------------------------- | Proceeds from long-term | 0 | 18,000 | -18,000 | 18,000 | | borrowings | | | | | -------------------------------------------------------------------------------- | Instalments of long-term | -1,600 | -1,583 | -17 | -1,991 | | borrowings | | | | | -------------------------------------------------------------------------------- | Change in short-term loans | 5,760 | 3,759 | 2,001 | 2,079 | -------------------------------------------------------------------------------- | Instalments of finance lease | -285 | -281 | -4 | -375 | | liabilities | | | | | -------------------------------------------------------------------------------- | Dividends paid | -2,379 | -4,720 | 2,341 | -4,720 | -------------------------------------------------------------------------------- | Net cash flow from financing | 1,496 | 18,309 | -16,813 | 16,127 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in liquid funds | -1,204 | -1,013 | -191 | 421 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Liquid funds in the beginning | 6,199 | 5,778 | 421 | 5,778 | | of period | | | | | -------------------------------------------------------------------------------- | Change in liquid funds | -1,204 | -1,013 | -191 | 421 | -------------------------------------------------------------------------------- | Liquid funds at the end of | 4,995 | 4,765 | 230 | 6,199 | | period | | | | | -------------------------------------------------------------------------------- QUARTERLY KEY FIGURES, EUR thousand -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | III/ | II/200 | I/200 | IV/2006 | III/2006 | II/2006 | I/2006 | | | 2007 | 7 | 7 | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales by segment | | | | | | -------------------------------------------------------------------------------- | Industry | 25,2 | 27,577 | 26,69 | 27,260 | 27,691 | 26,869 | 23,130 | | | 59 | | 7 | | | | | -------------------------------------------------------------------------------- | Sport | 3,82 | 2,166 | 3,727 | 4,972 | 4,475 | 3,913 | 5,910 | | | 7 | | | | | | | -------------------------------------------------------------------------------- | Intra | -1,1 | -1,022 | -1,62 | -1,871 | -3,638 | -2,875 | -3,440 | | Group | 73 | | 8 | | | | | | sales | | | | | | | | -------------------------------------------------------------------------------- | Net sales, | 27,9 | 28,721 | 28,79 | 30,361 | 28,527 | 27,907 | 25,600 | | total | 12 | | 7 | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating profit by | | | | | | | segment | | | | | | -------------------------------------------------------------------------------- | Industry | 2,55 | 4,478 | 4,283 | 2,790 | 1,984 | 2,101 | 2,075 | | | 6 | | | | | | | -------------------------------------------------------------------------------- | Sport | -5,1 | -1,760 | -704 | -2,311 | -3,602 | -1,912 | -1,573 | | | 82 | | | | | | | -------------------------------------------------------------------------------- | Intra | 547 | -56 | -53 | 160 | 597 | -23 | 100 | | Group | | | | | | | | | items | | | | | | | | -------------------------------------------------------------------------------- | Operating | -2,0 | 2,662 | 3,526 | 639 | -1,020 | 164 | 603 | | profit, | 79 | | | | | | | | total | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net | -842 | -190 | -340 | -331 | -258 | -327 | -151 | | financial | | | | | | | | | items | | | | | | | | -------------------------------------------------------------------------------- | Profit | -2,9 | 2,472 | 3,186 | 307 | -1,278 | -162 | 452 | | before | 21 | | | | | | | | taxes | | | | | | | | -------------------------------------------------------------------------------- | Income | 714 | -526 | -882 | -325 | 258 | 144 | -129 | | taxes | | | | | | | | -------------------------------------------------------------------------------- | Profit for | -2,2 | 1,946 | 2,304 | -18 | -1,020 | -18 | 323 | | the period | 06 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings | -0.1 | 0.16 | 0.19 | 0.00 | -0.09 | 0.00 | 0.03 | | per share, | 9 | | | | | | | | EUR | | | | | | | | -------------------------------------------------------------------------------- | Earnings | -0.1 | 0.16 | 0.19 | 0.00 | -0.09 | 0.00 | 0.03 | | per share, | 9 | | | | | | | | EUR, | | | | | | | | | diluted | | | | | | | | -------------------------------------------------------------------------------- | Average number of | | | | | | | shares | | | | | | -------------------------------------------------------------------------------- | undiluted, | 11,8 | 11,897 | 11,89 | 11,897 | 11,897 | 11,873 | 11,652 | | 1,000 | 97 | | 7 | | | | | | shares | | | | | | | | -------------------------------------------------------------------------------- | Average number of | | | | | | | shares | | | | | | -------------------------------------------------------------------------------- | diluted, | 11,8 | 11,897 | 11,89 | 11,897 | 11,897 | 11,873 | 11,896 | | 1,000 | 97 | | 7 | | | | | | shares | | | | | | | | -------------------------------------------------------------------------------- | Average | 569 | 566 | 576 | 556 | 644 | 652 | 518 | | number of | | | | | | | | | personnel | | | | | | | | -------------------------------------------------------------------------------- COMMITMENTS AND CONTINGENCIES, EUR thousand -------------------------------------------------------------------------------- | | 30.9.2007 | 30.9.2006 | 31.12.2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | On own behalf | | | -------------------------------------------------------------------------------- | Mortgages | 2,783 | 2,953 | 2,953 | -------------------------------------------------------------------------------- | Corporate mortgages | 12,500 | 12,500 | 12,500 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Lease liabilities | | | -------------------------------------------------------------------------------- | - in next 12 months | 496 | 463 | 554 | -------------------------------------------------------------------------------- | - in next 1-5 years | 2,281 | 2,128 | 2,246 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other commitments | 890 | 43 | 805 | -------------------------------------------------------------------------------- DERIVATIVE FINANCIAL INSTRUMENTS, nominal values, EUR thousand -------------------------------------------------------------------------------- | | 30.9.2007 | 30.9.2006 | 31.12.2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Foreign exchange derivatives | | -------------------------------------------------------------------------------- | Forward contracts | 8,717 | 8,470 | 8,269 | -------------------------------------------------------------------------------- | Purchased currency options | 3,650 | 2,383 | 3,086 | -------------------------------------------------------------------------------- | Sold currency options | 3,617 | 1,179 | 1,922 | -------------------------------------------------------------------------------- | Currency swaps | 952 | 0 | 0 | -------------------------------------------------------------------------------- | Interest rate derivatives | | -------------------------------------------------------------------------------- | Interest rate swaps | 333 | 1,221 | 860 | -------------------------------------------------------------------------------- | Purchased interest rate options | 4,667 | 4,667 | 4,667 | -------------------------------------------------------------------------------- CONSOLIDATED KEY FIGURES, EUR thousand -------------------------------------------------------------------------------- | | 1.1.-30. | 1.1-30.9 | Change % | 1.1.-31.12 | | | 9. | . | | . | -------------------------------------------------------------------------------- | | 2007 | 2006 | | 2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 85,430 | 82,034 | 4.1 | 112,395 | -------------------------------------------------------------------------------- | Operating profit | 4,109 | -253 | -1724.1 | 386 | -------------------------------------------------------------------------------- | % of net sales | 4.8 | -0.3 | | 0.3 | -------------------------------------------------------------------------------- | Profit before tax | 2,737 | -988 | -377.0 | -681 | -------------------------------------------------------------------------------- | % of net sales | 3.2 | -1.2 | | -0.6 | -------------------------------------------------------------------------------- | Profit for the period | 2,044 | -715 | -385.9 | -733 | -------------------------------------------------------------------------------- | % of net sales | 2.4 | -0.9 | | -0.7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders' equity | 23,771 | 24,217 | -1.8 | 24,363 | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 37,833 | 35,687 | 6.0 | 33,687 | -------------------------------------------------------------------------------- | Cash and cash equivalents | 4,995 | 4,765 | 4.8 | 6,199 | -------------------------------------------------------------------------------- | Net interest-bearing | 32,838 | 30,922 | 6.2 | 27,488 | | liabilities | | | | | -------------------------------------------------------------------------------- | Capital employed | 61,064 | 59,908 | 1.9 | 58,050 | -------------------------------------------------------------------------------- | Return on equity, % | 11.3 | -3.7 | | -2.9 | -------------------------------------------------------------------------------- | Return on capital employed, % | 8.9 | -0.3 | | 1.2 | -------------------------------------------------------------------------------- | Equity ratio, % | 28.8 | 29.4 | | 29.9 | -------------------------------------------------------------------------------- | Net gearing, % | 138.1 | 127.7 | | 112.8 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Capital expenditure | 1,745 | 18,926 | -90.8 | 19,863 | -------------------------------------------------------------------------------- | % of net sales | 2.0 | 23.1 | | 17.7 | -------------------------------------------------------------------------------- | Research and development | 2,196 | 1,731 | 26.9 | 2,169 | | costs | | | | | -------------------------------------------------------------------------------- | % of net sales | 2.6 | 2.1 | | 1.9 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Order stock | 14,011 | 16,965 | -17.4 | 15,040 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share, EUR | 0.17 | -0.06 | | -0.06 | -------------------------------------------------------------------------------- | Earnings per share, EUR, | 0.17 | -0.06 | | -0.06 | | diluted | | | | | -------------------------------------------------------------------------------- | Equity per share, EUR | 2.00 | 2.04 | | 2.05 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Average number of shares | | | -------------------------------------------------------------------------------- | - cumulative | 11,897 | 11,808 | | 11,830 | -------------------------------------------------------------------------------- | - cumulative, diluted | 11,897 | 11,814 | | 11,847 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Average number of employees | 571 | 611 | -6.5 | 600 | --------------------------------------------------------------------------------
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