2014-11-04 08:00:01 CET
2014-11-04 08:00:04 CET
REGULATED INFORMATION
Exel Composites Oyj - Interim report (Q1 and Q3)
Exel Composites Plc's Interim Report for January 1 - September 30, 2014
EXEL COMPOSITES PLC INTERIM REPORT 4.11.2014 at 9.00
1 (12)
EXEL COMPOSITES PLC'S INTERIM REPORT FOR JANUARY 1 - SEPTEMBER 30, 2014
Q3 in brief:
-- Net sales increased to 19.0 MEUR, up by 11.0 per cent from previous year
(Q3/2013:17.1 MEUR)
-- Impairment of EUR -0.5 million of goodwill and other non-current assets was
recorded in the third quarter
-- Operating profit was 1.9 MEUR including an impairment of -0.5 MEUR (MEUR
1.1 including MEUR -0.4 non-recurring items), up by 73.5 per cent from
previous year
-- Operating profit margin was 9.9 (6.3) per cent of net sales
-- Net operative cash flow was positive at +3.8 (+2.3) MEUR
-- Fully diluted earnings per share were 0.07 (0.05) EUR
January - September in brief:
-- Net sales increased to 58.2 MEUR, up by 12.9 per cent from previous year
(1-9/2013: 51.5 MEUR)
-- Operating profit was 6.8 MEUR including an impairment of -0.5 MEUR (3.4
including EUR -0.4 million non-recurring items) MEUR, up by 103.1 per cent
from previous year
-- Operating profit margin was 11.7 (6.5) per cent of net sales
-- Net operative cash flow was positive at +6.9 (+4.9) MEUR
-- Fully diluted earnings per share were 0.36 (0.19) EUR
President and CEO Riku Kytömäki:
Exel Composites' net sales for the third quarter increased by 11.0 per cent
from the corresponding period in 2013 from EUR 17.1 million to EUR 19.0
million. Order intake increased in the third quarter by 42.9 per cent to EUR
20.8 (14.5) million on the corresponding period in 2013. Our order backlog
remained on a good level at EUR 15.7 (10.5) million in the third quarter of
2014, increasing 49.5 per cent from the corresponding period the previous year
and slightly from the second quarter of 2014.
Market demand continued to improve during the third quarter. Demand is picking
up especially in the telecommunication, transportation and building,
construction and infrastructure industry markets.
The financial performance of the Australian unit was not satisfactory during
the third quarter 2014 in spite of corrective actions undertaken. The market
conditions have remained challenging in 2014. An impairment of EUR -0.5 million
is recorded in the results of the third quarter of 2014 in the Australian
business unit. Further corrective actions have been developed to improve the
profitability. The focus is on generating more sales.
Exel Composites' operating profit increased to EUR 2.4 million before the
impairment (EUR 1.5 million before non-recurring items previous year) and to
EUR 1.9 million after impairment (EUR 1.1 million after non-recurring items
previous year) due to increased sales, efficiency improvement and better cost
control. We continued to develop the Group's operations in order to further
enhance productivity and synergies across the units.
CONSOLIDATED KEY FIGURES, EUR million
(unaudited)
1.7. - 1.7. - Change, 1.1. - 1.1.-30. Change 1.1. -
30.9. 30.9. % 30.9. 9. % 31.12.
2014 2013 2014 2013 2013
Net sales 19.0 17.1 11.0 58.2 51.5 12.9 69.3
Operating profit 1.9 1.1 73.5 6.8 3.4 103.1 4.8
% of net sales 9.9 6.3 11.7 6.5 7.0
Cash flow from 3.8 2.3 62,9 6.9 4.9 40.6 7.8
operations
Capital expenditure 1.2 0.6 110.0 2.4 1.9 25.6 2.8
Return on capital 19.5 12.1 24.7 11.9 13.0
employed, %
Net gearing, % -3.5 -1.6 -3.5 -1.6 15.0
Earnings per share, 0.07 0.05 0.36 0.19 0.26
EUR
Market environment
A general increase in the market demand has been seen during the third quarter
of the year. Demand is picking up especially in the telecommunication,
transportation and building, construction and infrastructure industry markets.
Order intake and order backlog July - September 2014
Order intake increased in the third quarter by 42.9 per cent to EUR 20.8 (14.5)
million on the corresponding period in 2013.
The Group's order backlog increased to EUR 15.7 (10.5) million on 30 September
2014.
Sales review July - September 2014
Group net sales increased 11.0 per cent to EUR 19.0 (17.1) million on the
corresponding period in 2013.
Net sales increased in the largest region, Europe, by 16.4 per cent compared to
the corresponding period in 2013. Net sales in the APAC region increased by 3.7
per cent and decreased in the region Rest of the world by 33.3 per cent
compared to the corresponding period in 2013. The decline in the region Rest of
world was mainly due to a bigger one-off project delivered in the corresponding
period in 2013.
Sales of Industrial applications increased by 10.2 per cent to EUR 10.8 million
from EUR 9.8 million in the corresponding period in 2013.
Sales of Construction and Infrastructure applications in the third quarter of
2014 increased by 4.9 per cent to EUR 4.3 (4.1) million compared to the
corresponding period in 2013.
Sales of Other applications grew by 25.8 per cent to EUR 3.9 (3.1) million
compared to the corresponding period in 2013.
Order intake January - September 2014
Order intake increased in the first nine months of the year by 23.1 per cent to
EUR 63.9 (51.9) million on the corresponding period in 2013.
Sales review January - September 2014
Group net sales increased 12.9 per cent to EUR 58.2 (51.5) million on the
corresponding period in 2013.
Net sales increased in the largest region, Europe, by 16.8 per cent compared to
the corresponding period in 2013. The region Rest of the world declined by 4.3
per cent and the APAC region declined by 1.2 per cent due to weak performance
in the Australian market.
Sales of Industrial applications increased by 14.4 per cent to EUR 33.8 million
from EUR 29.5 million in the corresponding period in 2013.
Sales of Construction and Infrastructure applications increased by 4.7 per cent
to EUR 12.8 (12.3) million compared to the corresponding period in 2013.
Sales of Other applications grew by 18.9 per cent to EUR 11.6 (9.7) million
compared to the corresponding period in 2013.
Net sales by Region
MEUR 1.7. 1.7. Change, 1.1. 1.1. Change, 1.1.
-30.9. -30.9. % -30.9. -30.9. % -31.12.
2014 2013 2014 2013 2013
Europe 15.6 13.4 16.4 47.9 41.0 16.8 56.0
APAC 2.8 2.7 3.7 8.1 8.2 -1.2 10.6
Rest of 0.6 0.9 -33.3 2.2 2.3 -4.3 2.7
world
Total 19.0 17.1 11.0 58.2 51.5 12.9 69.3
Sales by Customer Industry
MEUR 1.7. 1.7. Change 1.1. 1.1. Change 1.1.
-30.9. -30.9. , % -30.9. -30.9. , % -31.12. 2014 2013 2014 2013 2013
Construction and 4.3 4.1 4.9 12.8 12.3 4.7 15.8
infrastructure
Industrial 10.8 9.8 10.2 33.8 29.5 14.4 40.7
applications
Other applications 3.9 3.1 25.8 11.6 9.7 18.9 12.8
Total 19.0 17.1 11.0 58.2 51.5 12.9 69.3
Financial performance
July - September 2014
The Group's operating profit continued to develop positively in July -
September 2014 due to increased sales, continued efficiency improvement, and
better cost control.
The turnaround measures in Australia, including change in the operating model
and transfer of Brisbane unit to Melbourne, have been completed.
However, the financial performance of the Australian unit was not satisfactory
during the third quarter of 2014 in spite of corrective actions undertaken. The
market conditions have remained challenging in 2014. An impairment of EUR -0.5
million is recorded in the results of the third quarter of 2014 in the
Australian business unit. Additionally, deferred tax assets were reduced by EUR
0.4 million. Further corrective actions have been developed to improve the
profitability. The focus is on generating more sales.
The Group's operating profit in July - September 2014 was EUR 2.4 million
before impairment and EUR 1.9 million after impairment (EUR 1.1 million
including EUR -0.4 million non-recurring items) or 9.9 (6.3) per cent of net
sales.
January - September 2014
The Group's operating profit in January - September 2014 was EUR 6.8 million
after impairment of EUR -0.5 million (EUR 3.4 million including EUR -0.4
million non-recurring items) million or 11.7 (6.5) per cent of net sales. The
main reasons for the increase in the operating profit were increased sales,
efficiency improvement and better cost control.
The Group's net financial expenses in January - September 2014 were EUR -0.4
(-0.3) million. The Group's profit before taxes was EUR 6.5 (3.1) million and
profit after taxes EUR 4.2 (2.3) million.
Financial position
Net cash flow from operating activities was positive at EUR +6.9 (+4.9) million
due to improved operating profit. However, working capital increased in the
review period due to higher inventory and receivables based on increased sales.
Cash flow before financing, but after capital expenditure, amounted to EUR 4.4
(3.0) million. The capital expenditure on fixed assets amounted to EUR 2.4
(1.9) 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 10.8 (7.6) million.
The Group's consolidated total assets at the end of the review period were EUR
53.8 (48.7) million.
Interest-bearing liabilities amounted to EUR 9.8 (7.2) million. Net
interest-bearing liabilities were EUR -1.0 (-0.4) million.
Equity at the end of the third quarter of 2014 was EUR 28.6 (28.6) million and
equity ratio 53.1 (58.9) per cent. The net gearing ratio was -3.5 (-1.6) per
cent.
Research and development
Exel Composites has continued to develop several new customer-specific
applications during the period under review, especially to the building and
construction, machine industry, and transportation industry markets.
Product and technology development costs totaled EUR 1.3 (1.2) million,
representing 2.2 (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
At the end of September 2014, 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 review period. There is only one class of shares and all shares are
freely assignable under Finnish law. Exel Composites' share is listed in the
Small Cap segment of the NASDAQ OMX Helsinki Ltd. in the Industrials sector.
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 8.17
(6.50) and the lowest EUR 5.56 (5.10). The share price closed at EUR 7.79
(5.80). The average share price during the period under review was EUR 6.31
(5.82).
A total of 5,455,363 (822,895) shares were traded during the reporting period,
which represents 45.9 (6.9) per cent of the average number of shares. Based on
the closing price on 30 September 2014, Exel Composites' market capitalization
was EUR 92.7 (69.0) million.
Shareholders and disclosures
Exel Composites had a total of 2,666 (2,738) shareholders on 30 September 2014.
Information on Exel Composites' shareholders is available on the Company
website at www.exelcomposites.com.
Exel Composites did not receive any flagging announcements during the third
quarter of 2014.
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 30 September 2014 was 442 (426), of whom 205 (205)
worked in Finland and 237 (221) in other countries. The average number of
personnel during January - September 2014 was 427 (431).
Management
Mrs. Tiina Hiltunen was appointed SVP Human Resources and member of Exel
Composites Plc's Group Management Team as of 1 August 2014.
Health, safety and environment
Special attention is given to occupational health and safety in 2014. The Group
is rolling out ISO 18001 standard over all sites.
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 possible new European Community's anti-dumping
tariffs 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.
Events after the review period
Exel Composites' Board of Directors has adopted a new vision, strategy and
long-term financial targets
The new vision states: “Exel Composites is an agile, innovative global
composite company with world class operations providing superior customer
experience”.
The Company's new growth strategy focuses on accelerating growth in China,
penetrating new applications and new market segments, creating a true global
footprint and growing through new technologies. The Company will continue to
develop world-class operations to differentiate from competitors. Acquisitions
are targeted to boost growth and to cover market and technology white spots.
New long-term financial targets reflect our new growth strategy:
Growth: Turnover growth 2x average market growth
Profitability: Operating profit margin over 10 per cent of net sales
Capital efficiency: Return on capital employed over 20 per cent
Financial targets are considered over a business cycle. Acquisitions will
influence overall growth and profitability targets.
Exel Composites aims to distribute some 40 per cent of net income in dividends
as permitted by the financial structure and growth opportunities.
Near-term outlook
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 invests strongly in growth by reinforcing the
organization, especially in sales, research and development and operations
development. The Company will monitor the general market development and react
with additional measures if needed. The Company is well-positioned to continue
to grow profitably when the markets recover.
Vantaa, 4 November 2014
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
Ilkka Silvanto, CFO and Administrative Director
tel. +358 50 598 9553, or email ilkka.silvanto@exelcomposites.com
Distribution
NASDAQ OMX Helsinki Ltd.
Main news media
www.exelcomposites.com
Exel Composites in brief
Exel Composites (www.exelcomposites.com) is a 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 the Small Cap segment of NASDAQ OMX
Helsinki Ltd.
Summary of Financial Statements and notes to the Financial Statements 1 January
- 30 September 2014
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. Key indicator calculations remain unchanged and
have been presented in the 2013 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 Interim Report, 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 1.7. - 1.7. - Change 1.1. - 1.1. - Change 1.1. -
30.9. 30.9. , % 30.9. 30.9. , % 31.12.
2014 2013 2014 2013 2013
Net sales 18,950 17,075 11.0 58,182 51,520 12.9 69,290
Materials and -6,876 -6,709 -2.5 -21,142 -19,594 -7.9 -26,037
services
Employee benefit -5,595 -4,983 -12.3 -16,623 -15,740 -5.6 -21,128
expenses
Depreciation and -1,167 -650 -79.5 -2,484 -2,007 -23.8 -2,691
impairment
Other operating -3,621 -3,731 2.9 -11,660 -11,223 -3.9 -15,258
expenses
Other operating 185 79 134.2 545 401 35.9 667
income
Operating profit 1,875 1,081 73.5 6,818 3,357 103.1 4,843
Net financial items -22 -271 91.9 -369 -295 -25.1 -286
Profit before tax 1,853 810 128.8 6,449 3,062 110.6 4,557
Income taxes -962 -237 -305.9 -2,212 -772 -186.5 -1,477
Profit/loss for the 891 573 55.5 4.237 2,290 85.0 3,080
period
Other comprehensive
income:
Other comprehensive
income to be
reclassified to
profit or loss in
subsequent periods:
Exchange differences 552 -162 440.7 1,484 -1,553 195.6 -2,174
on translating
foreign operations
Other comprehensive 552 -162 440.7 1,484 -1,553 195.6 -2,174
income, net of tax
Total comprehensive 1,443 411 251.1 5,721 737 676.3 906
income
Profit/loss
attributable to:
Equity holders of the 891 573 55.5 4.237 2,290 85.0 3,080
parent company
Comprehensive income
attributable to:
Equity holders of the 1,443 411 251.1 5,721 737 676.3 906
parent company
Earnings per share, 0.07 0.05 0.36 0.19 0.26
diluted and
undiluted, EUR
CONDENSED CONSOLIDATED BALANCE SHEET
EUR thousand 30.9.2014 30.9.2013 Change 31.12.2013
ASSETS
Non-current assets
Goodwill 9,873 9,850 23 9,393
Other intangible assets 634 950 -316 921
Tangible assets 11,263 10,670 593 10,796
Deferred tax assets 237 846 -609 641
Other non-current assets 72 65 7 70
Non-current assets total 22,078 22,381 -302 21,821
Current assets
Inventories 9,869 8,320 1,549 7,936
Trade and other receivables 11,001 10,342 659 9,273
Cash at bank and in hand 10,846 7,625 3,221 9,438
Current assets total 31,716 26,288 5,428 26,648
Total assets 53,794 48,669 5,125 48,468
EQUITY AND LIABILITIES
Shareholders´ equity
Share capital 2,141 2,141 0 2,141
Other reserves 72 72 0 72
Invested unrestricted equity fund 2,539 8,488 -5,949 2,539
Translation differences 3,648 2,784 864 2,164
Retained earnings 15,924 12,845 3,079 12,844
Profit for the period 4,237 2,290 1,947 3,080
Total equity attributable to equity 28,561 28,621 -60 22,841
holders of the parent company
Total equity 28,561 28,621 -60 22,841
Non-current liabilities
Interest-bearing liabilities 4,328 1,770 2,558 1,761
Interest-free liabilities 440 409 31 402
Deferred tax liabilities 472 374 98 440
Current liabilities
Interest-bearing liabilities 5,506 5,407 99 11,105
Trade and other non-current 14,488 12,088 2,400 11,920
liabilities
Total liabilities 25,233 20,048 5,185 25,628
Total equity and liabilities 53,794 48,669 5,125 48,468
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 45 8,488 4,337 16,427 31,438
January 2013
Comprehensive -1,553 2,290 737
result
Other items 27 -13 15
Dividend -3,569 -3,569
Balance at 30 2,141 72 8,488 2,784 15,135 28,621
September
2013
Balance at 2,141 72 2,539 2,164 15,924 22,841
1st January
2014
Comprehensive 1,484 4,237 5,721
result
Other items 0 0
Dividend 0 0
Balance at 30 2,141 72 2,539 3,648 20,161 28,561
September
2014
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
EUR thousand 1.1. - 1.1. - Change 1.1.-
30.9. 30.9. 31.12. 2014 2013 2013
Cash Flow from Operating Activities
Profit for the period 4,237 2,290 1,947 3,080
Adjustments 5,931 2,877 3,054 4,088
Change in working capital -1,366 902 -2,268 1,658
Cash Flow Generated by Operations 8,802 6,069 2,733 8,826
Interest paid -143 -176 33 -213
Interest received 45 16 29 39
Other financial items -143 -150 7 -196
Income taxes paid -1,708 -886 -822 -668
Net Cash Flow from Operating Activities 6,853 4,873 1,980 7,788
Capital expenditure -2,406 -1,916 -490 -2,767
Proceeds from sale of fixed assets 0 0 0 0
Cash Flow from Investing Activities -2,406 -1,916 -490 -2,767
Cash Flow from Financing
Share issue 0 0 0 0
Proceeds from long-term borrowings 5,000 0 5,000 0
Instalments of long-term borrowings -2,840 -5,000 2,160 -5,000
Change in short-term loans -5,194 4,000 -9,194 9,700
Instalments of finance lease liabilities -5 -8 3 -11
Additional capital repayment 0 0 0 -5,948
Dividends paid 0 -3,569 3,569 -3,569
Net Cash Flow from Financing -3,039 -4,577 1,538 -4,828
Change in Liquid Funds 1,408 -1,620 3,028 193
Liquid funds in the beginning of period 9,438 9,245 193 9,245
Change in liquid funds 1,408 -1,620 3,028 193
Liquid funds at the end of period 10,846 7,625 3,221 9,438
QUARTERLY KEY FIGURES
EUR thousand III/ II/ I/ IV/ III/ II/ I/
2014 2014 2014 2013 2013 2013 2013
Net sales 18,950 21,420 17,811 17,770 17,075 17,548 16,897
Materials and services -6,876 -8,290 -5,976 -6,443 -6,709 -6,455 -6,430
Employee benefit -5,595 -5,635 -5,393 -5,388 -4,983 -5,448 -5,309
expenses
Depreciation and -1,167 -654 -663 -683 -650 -684 -673
impairment
Operating expenses -3,621 -3,949 -4,089 -4,035 -3,731 -3,510 -3,981
Other operating income 185 161 200 267 79 159 163
Operating profit 1,875 3,054 1,890 1,486 1,081 1,609 666
Net financial items -22 -118 -229 9 -271 -48 24
Profit before taxes 1,853 2,935 1,661 1,495 810 1,562 691
Income taxes -962 -706 -545 -705 -237 -399 -136
Profit/loss for the 891 2,229 1,116 790 573 1,162 555
period
Earnings per share, EUR 0.07 0.19 0.09 0.07 0.05 0.10 0.05
Earnings per share, EUR, 0.07 0.19 0.09 0.07 0.05 0.10 0.05
diluted
Average number of
shares, undiluted,
1,000 shares 11,897 11,897 11,897 11,897 11,897 11,897 11,897
Average number of
shares, diluted,
1,000 shares 11,897 11,897 11,897 11,897 11,897 11,897 11,897
Average number of 427 427 418 417 427 427 436
personnel
COMMITMENTS AND CONTINGENCIES
EUR thousand 30.9.2014 30.9.2013
On own behalf
Mortgages 2,733 2,733
Corporate mortgages 12,500 12,500
Lease liabilities
- in next 12 months 721 878
- in next 1-5 years 1,111 1,587
Other commitments 6 6
DERIVATIVE FINANCIAL INSTRUMENTS
Nominal values 30.9.2014 30.9.2013
EUR thousand
Interest rate derivatives
Interest rate swaps 3,000 5,000
CONSOLIDATED KEY FIGURES
EUR thousand 1.1. - 30.9. 1.1. - Change, % 1.1. -
2014 30.9. 31.12.
2013 2013
Net sales 58,182 51,520 12.9 69,290
Operating profit 6,818 3,357 103.1 4,843
% of net sales 11.7 6.5 7.0
Profit before tax 6,449 3,062 110.6 4,557
% of net sales 11.1 5.9 6.6
Profit for the period 4,237 2,290 85.0 3,080
% of net sales 7.3 4.4 4.4
Shareholders' equity 28, 561 28,621 -0.2 22,841
Interest-bearing liabilities 9,834 7,177 37.0 12,866
Cash and cash equivalents 10,846 7,625 42.2 9,483
Net interest-bearing liabilities -1,012 -448 125.9 3,428
Capital employed 38,395 35,798 7.3 35,707
Return on equity, % 22.0 10.2 11.3
Return on capital employed, % 24.7 11.9 13.0
Equity ratio, % 53.1 58.9 47.2
Net gearing, % -3.5 -1.6 15.0
Capital expenditure 2,406 1,916 25.6 2,767
% of sales 4.1 3.7 4.0
Research and development costs 1,284 1,174 9.4 1,511
% of net sales 2.2 2.3 2.2
Order intake 63,904 51,897 23.1 69,784
Order backlog 15,697 10,500 49.5 10,458
Earnings per share, EUR 0.36 0.19 0.26
Earnings per share, EUR, diluted 0.36 0.19 0.26
Equity per share, EUR 2.40 2.41 1.92
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 427 431 -0.9 427
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