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2008-10-30 10:01:00 CET 2008-10-30 10:01:01 CET REGULATED INFORMATION Exel Oyj - Interim report (Q1 and Q3)Exel Oyj interim report for January 1 - September 30, 2008EXEL OYJ INTERIM REPORT 30 October, 2008 at 11.00 am 1 (12) EXEL INTERIM REPORT FOR JANUARY 1 - SEPTEMBER 30, 2008 Profit of the Group improved during Q3 January-September 2008 highlights - Net sales decreased to EUR 72.8 (85.4) million, 14.7 per cent below the corresponding period previous year - Operating profit was EUR -1.8 (4.1) million, or -2.5 (4.8) per cent of net sales, including EUR -7.1 (-4.2) million non-recurring items - Fully diluted earnings per share were EUR -0.24 (+0.17) - Cash flow from operations was EUR +4.9 (-2.9) million July-September 2008 highlights - Net sales were EUR 23.9 (27.9) million, 14.3 per cent below previous year - Operating profit was EUR 2.5 (-2.1) million, or 10.4 (-7.4) per cent of net sales, including EUR +0.2 (-4.2) million non-recurring items - Fully diluted earnings per share EUR +0.07 (-0.19) Comments by Vesa Korpimies, President and CEO: “The restructuring of the Group has now been completed and we concentrate on developing our core business Exel Composites. The effects of the restructuring program can be seen in the profit and cash flow development of the past quarter. However, we are not satisfied with the current profitability and continue to focus on improving the operating margins and to drive more efficient use of working capital. A cost reduction program has been reinforced to restore profitability to satisfactory levels. The pultrusion market is affected by a global financial crisis. The magnitude of the impact on our customer base is still difficult to estimate. As disclosed in the second quarter interim report Exel expects the Group´s profit before taxes for the full year to be negative. Due to the present challenging market conditions, the fourth quarter profit before taxes could also be negative.” CONSOLIDATED KEY FIGURES, EUR million (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 | 2008 | 2007 | % | 2008 | 2007 | % | 2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 23.9 | 27.9 | -14.3 | 72.8 | 85.4 | -14.7 | 113.5 | -------------------------------------------------------------------------------- | Operating | 2.5 | -2.1 | 219.9 | -1.8 | 4.1 | 143.8 | 4.8 | | profit | | | | | | | | -------------------------------------------------------------------------------- | % of net | 10.4 | -7.4 | | -2.5 | 4.8 | | 4.2 | | sales | | | | | | | | -------------------------------------------------------------------------------- | Profit before | 1.1 | -2.9 | 138.9 | -4.0 | 2.7 | 245.1 | 2.4 | | taxes | 0.9 | -2.2 | 138.5 | -2.8 | 2.0 | 238.1 | 2.0 | | Profit for | | | | | | | | | the period | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders' | 18.3 | 23.8 | -23.1 | 18.3 | 23.8 | -23.1 | 23.5 | | equity | | | | | | | | -------------------------------------------------------------------------------- | Net | 26.4 | 32.8 | -19.7 | 26.4 | 32.8 | -19.7 | 27.9 | | interest-bear | | | | | | | | | ing | | | | | | | | | liabilities | | | | | | | | -------------------------------------------------------------------------------- | Capital | 50.8 | 61.1 | -16.9 | 50.8 | 61.1 | -16.9 | 56.3 | | employed | | | | | | | | -------------------------------------------------------------------------------- | Return on | 19.2 | -35.3 | | -18.0 | 11.3 | | 8.4 | | equity, % | | | | | | | | -------------------------------------------------------------------------------- | Return on | 12.0 | -17.0 | | -6.8 | 8.9 | | 7.3 | | capital | | | | | | | | | employed, % | | | | | | | | -------------------------------------------------------------------------------- | Equity ratio, | 26.8 | 28.8 | | 26.8 | 28.8 | | 31.3 | | % | | | | | | | | -------------------------------------------------------------------------------- | Net gearing, | 144.3 | 138.1 | | 144.3 | 138.1 | | 118.4 | | % | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per | 0.07 | -0.19 | | -0.24 | 0.17 | | 0.17 | | share, EUR | | | | | | | | -------------------------------------------------------------------------------- | Earnings per | 0.07 | -0.19 | | -0.24 | 0.17 | | 0.17 | | share, EUR, | | | | | | | | | diluted | | | | | | | | -------------------------------------------------------------------------------- | Equity per | 1.54 | 2.00 | | 1.54 | 2.00 | | 1.98 | | 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 2007 financial statements. This report qualifies all IAS34, Interim Financial Reporting, standard's requirements. The disclosed information is unaudited. FINANCIAL PERFORMANCE Net sales in July-September 2008 were EUR 23.9 (27.9) million. Exel's operating profit for July-September 2008 increased to EUR 2.5 million, compared to EUR -2.1 million the corresponding period last year. Net sales in January-September 2008 decreased by 14.7 per cent to EUR 72.8 (85.4) million, compared to the corresponding period in 2007. The weaker sales were primarily a result of the divestment of Exel Sports Brands' Outdoor business, the divestment of the Plastics business in Germany in May 2007 and weaker market conditions in Exel Composites. Exel's operating profit for the first nine months decreased to EUR -1.8 (4.1) million, compared to the corresponding period last year. Operating profit as a percentage of net sales was -2.5 (4.8) per cent. The Group's net financial expenses in the first nine months were EUR 2.2 (1.4) million. Non-realized currency losses due to weakening AUD were the main reason behind the increase as the internal debt for the acquisition of Pacific Composites Pty. Ltd. in February 2006 was denominated in AUD. The Group's profit before taxes was EUR -4.0 (2.7) million and profit after taxes EUR -2.8 (2.0) million. Third quarter profit before taxes was EUR 1.1 (-2.9) million. Earnings per share were EUR -0.24 (0.17). Return on capital employed was -6.8 (8.9) per cent. BALANCE SHEET The Group's consolidated total assets at the end of the reporting period were EUR 68.1 (82.7) million. Equity was EUR 18.3 (23.8) million and equity ratio 26.8 (28.8) per cent. The changes were mainly a result of a decrease in current assets, due to the divestment of Exel Sports Brands' Outdoor business and a rationalization project aiming at more efficient use of operating working capital. The parent company´s share premium fund amounting to EUR 8.5 million was transferred to invested non-restricted equity fund according to the AGM resolution. CASH FLOW AND FINANCIAL POSITION Cash flow from business operations for the first nine months 2008 was EUR +4.9 (-2.9) million and in the third quarter EUR +4.5 (-0.7) million. At the end of the reporting period the Group's liquid assets stood at EUR 6.1 (5.0) million, interest-bearing liabilities at EUR 32.5 (37.8) million, of which short-term liabilities accounted for EUR 9.4 (16.4) million. Exel refinanced part of its loans at the end of June to increase the loan maturity period. Net interest-bearing liabilities were EUR 26.4 (32.8) million and the net gearing ratio was 144.3 (138.1) per cent. CAPITAL EXPENDITURE AND DEPRECIATION The capital expenditure on fixed assets during the first nine months 2008 amounted to EUR 1.0 (1.7) million. Total depreciation of non-current assets during the period under review amounted to EUR 3.1 (3.8) million. PERSONNEL The number of Exel Group employees on 30 September, 2008 was 487 (554), of whom 220 (233) worked in Finland and 267 (321) in other countries. The average number of personnel during the reporting period was 542 (566). The decrease both in Finland and abroad is mainly due to the divestment of Exel Sports Brands' Outdoor business and Nordic Sports Products (Beijing) Co., Ltd. CHANGES IN THE GROUP STRUCTURE The shares of Exel Sports Brands' Chinese subsidiary Nordic Sports Products (Beijing) Co., Ltd. were sold to ESB Sports Oy as a part of the restructuring of Exel Sports Brands business. The company employed 4 persons. This transaction did not have material effect on the profitability or the balance sheet of the Exel Group. BUSINESS SEGMENTS The Group's operations are divided into two primary business segments: Exel Composites and Exel Sports Brands. Exel Composites Exel Composites' key financial figures for the reporting period were as follows: -------------------------------------------------------------------------------- | | 1.7.- | 1.7. - | Change | 1.1. - | 1.1.- | Change | 1.1.- | -------------------------------------------------------------------------------- | | 30.9. | 30.9. | % | 30.9. | 30.9. | % | 31.12. | -------------------------------------------------------------------------------- | EUR million | 2008 | 2007 | | 2008 | 2007 | | 2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 21.4 | 25.3 | -15.2 | 66.1 | 79.5 | -16.9 | 104.3 | -------------------------------------------------------------------------------- | Operating | 1.7 | 2.6 | -35.1 | 6.3 | 11.3 | -44.0 | 15.2 | | profit | | | | | | | | -------------------------------------------------------------------------------- | % of net | 7.8 | 10.1 | | 9.6 | 14.2 | | 14.6 | | sales | | | | | | | | -------------------------------------------------------------------------------- | Average | 465 | 500 | -7.0 | 486 | 502 | -3.2 | 500 | | number of | | | | | | | | | personnel | | | | | | | | -------------------------------------------------------------------------------- Net sales for Exel Composites in the third quarter of 2008 decreased by 15.2 per cent to EUR 21.4 (25.3) million from the corresponding period previous year, and cumulatively the first nine months sales were EUR 66.1 (79.5) million. The decrease in sales was primarily a result of procurement model change in the wind energy segment and the divestment of the Plastics business in Germany. In addition, sales to Exel Sports Oy declined during the first nine months. The company was also faced with weaker market conditions in the segments that are facing difficult economic conditions globally, i.e. in transportation and building and construction. On the other hand, sales in new energy applications and telecommunication segment were strong. Costs, e.g. energy and raw materials were increasing. Exel was able to transfer a part of the increase in product prices. The company continues to increase the product prices to compensate for the higher costs. A credit loss provision of EUR 0.3 million was made due to a customer insolvency. Operating profit during the first nine months was EUR 6.3 (11.3) million including EUR -1.1 (-0.7) million of non-recurring items. The reduction in sales had a negative impact on the operating profit of Exel Composites. Operating profit during the third quarter was EUR 1.7 million, compared to EUR 2.6 million, including EUR -0.7 million non-recurring items, the corresponding period last year. Exel Sports Brands Exel Sports Brands' key financial figures for the reporting period were as follows: -------------------------------------------------------------------------------- | | 1.7.- | 1.7. - | Chang | 1.1. - | 1.1.- | Change | 1.1.- | | | | | e | | | | | -------------------------------------------------------------------------------- | | 30.9. | 30.9. | % | 30.9. | 30.9. | % | 31.12. | -------------------------------------------------------------------------------- | EUR million | 2008 | 2007 | | 2008 | 2007 | | 2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 2.8 | 3.8 | -26.5 | 8.4 | 9.7 | -13.8 | 13.6 | -------------------------------------------------------------------------------- | Operating | 0.7 | -5.2 | 113.6 | -8.2 | -7.6 | -7.6 | -10.7 | | profit | | | | | | | | -------------------------------------------------------------------------------- | % of net | 25.1 | -135.4 | | -98.2 | -78.7 | | -78.1 | | sales | | | | | | | | -------------------------------------------------------------------------------- | Average | 20 | 48 | -58.3 | 38 | 49 | -22.4 | 49 | | number of | | | | | | | | | personnel | | | | | | | | -------------------------------------------------------------------------------- The net sales of Exel Sports Brands in the third quarter of 2008 decreased by 26.5 per cent to EUR 2.8 (3.8) million and cumulatively for the first nine months sales were EUR 8.4 (9.7) million. Starting from June 1, 2008 sales of Exel Sports Oy consist only of floorball products. Exel concentrates now on reinforcing and streamlining the floorball business and improving its profitability. Exel Sports Brands' operating profit was EUR 0.7 including EUR +0.2 million of non-recurring items, compared to EUR -5.2 million, including EUR -3.5 million non-recurring items, in the third quarter. Streamlining of Exel Sports Brands continued during the third quarter and was implemented to a large extent including the sale of shares of the China-based Nordic Sports Products (Beijing) Co. Ltd. to ESB Sports Oy in September 2008. Exel Sports Oy has also ceased to import Björn Däehlie skiing textiles, Lars Kjus alpine skiing textiles, Tubbs snowshoes and Swany gloves. SHARES AND SHARE CAPITAL 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 review period. Based on the closing price on 30 September, 2008, the market capitalization totaled EUR 82.4 (182.0) million. During the reporting period 821,408 (4,223,618) shares were traded, accounting for 6.9 (35.5) per cent of the average number of shares outstanding. The value of the share turnover in the first nine months was EUR 7.6 (60.7) million. The highest share quotation was EUR 12.20 (17.45) and the lowest EUR 6.53 (12.50). The share price closed at EUR 6.93 (15.30). The average share price during the review period was EUR 9.08 (14.36). Own shares Exel did not hold any own shares at the end of the period under review. Authorizations The Annual General Meeting held on 10 April, 2008 authorized the Board of Directors of Exel to acquire the Company´s own shares and to issue and convey new shares. By the end of September 2008, the Board of Directors had not used these authorizations. The authorizations are valid until 10 April, 2009. SHAREHOLDERS Exel had a total of 1,680 shareholders on September 30, 2008. Exel did not receive any flagging notifications during the first nine months of 2008. EVENTS AFTER THE REPORTING PERIOD Exel starts co-determination process in Exel Sports Oy and Exel Sports Sweden AB In order to improve its profitability Exel will start co-determination negotiations at its Finnish subsidiary Exel Sports Oy and its Swedish subsidiary Exel Sports Sweden AB (formerly International Gateway AB). The co-determination negotiations affect Exel Sports Oy's personnel as a whole both in Finland and in Sweden. Temporary lay-offs at Mäntyharju factory In addition, temporary lay-offs will take place at the Mäntyharju factory, which is a part of Exel Composites. The lay-offs affect a maximum of 12 non-salaried employees. They will start on 13 November, 2008 and end at the latest on 28 February, 2009. A separate stock exchange release regarding the above has been given today 30 October, 2008 at 11.00 am. MAJOR NEAR-TERM RISKS AND UNCERTAINTIES The most significant near-term business risks are related to market demand in certain market segments of Exel Composites, such as building and construction, telecommunication and wind energy. Raw material price, energy cost and other cost increases may put pressure on profitability. Currency rate changes, especially the weakening AUD, and further intensified price competition may also have a negative effect on the result. The poor availability of bank financing may weaken the demand in Exel's market and may increase the credit loss risks and have an effect on the Exel Group. OUTLOOK FOR 2008 The pultrusion market is affected by the worldwide business slow-down. A weakened demand has been observed, especially in the building and construction and transportation segments. Increased price competition and higher energy and raw-material costs are all putting pressure on profitability. The Group has a sharp focus on its core business, namely Exel Composites, and is constantly developing new applications to capture growth opportunities within the advanced composites industry. A cost reduction program has been reinforced to restore profitability to satisfactory levels. As disclosed in the second quarter interim report Exel expects the Group´s profit before taxes for the full year to be negative. Due to the present challenging market conditions, the fourth quarter profit before taxes could also be negative. Vantaa, 30 October 2008 EXEL OYJ Vesa Korpimies Board of Directors President and CEO Further information: Vesa Korpimies, President and CEO, tel. +358 50 590 6754, or email vesa.korpimies@exel.net DISTRIBUTION NASDAQ OMX Helsinki Ltd Main news media www.exel.net Exel is a technology company which designs, manufactures and markets composite profiles and tubes for industrial applications and sports equipment. The personnel´s expertise and high level of technology play a major role in Exel´s operations. The core of the operations is based on proprietary, internally developed composite technology, product range based on it and the domination of selected market segments with a strong quality and brand image. The Company´s growth is based on permanent search of new applications and development in co-operation with customers. Exel concentrates on niche segments and on profitable growth. Exel's share is listed in the Small Cap segment of the NASDAQ OMX Helsinki Ltd. CONDENSED CONSOLIDATED INCOME STATEMENT (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. | -------------------------------------------------------------------------------- | | 2008 | 2007 | % | 2008 | 2007 | % | 2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 23,923 | 27,912 | -14.3 | 72,843 | 85,430 | -14.7 | 113,48 | | | | | | | | | 9 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other | 7 | 276 | -97.5 | 50 | 732 | -93.2 | 854 | | operating | | | | | | | | | income | | | | | | | | -------------------------------------------------------------------------------- | Operating | -20,28 | -28,563 | 29.0 | -71,546 | -78,209 | 8.5 | -103,4 | | expenses | 1 | | | | | | 45 | -------------------------------------------------------------------------------- | Depreciati | -1,157 | -1,704 | 32.1 | -3,147 | -3,845 | 18.2 | -6,118 | | on and | | | | | | | | | impairment | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating | 2,492 | -2,079 | 219.9 | -1,800 | 4,109 | 143.8 | 4,780 | | profit | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net | -1,357 | -842 | -61.2 | -2,170 | -1,371 | -58.3 | -2,360 | | financial | | | | | | | | | items | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit | 1,135 | -2,921 | 138.9 | -3,971 | 2,737 | 245.1 | 2,420 | | before tax | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Income | -285 | 714 | 139.9 | 1,148 | -693 | 265.7 | -410 | | taxes | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit/los | 850 | -2,206 | 138.5 | -2,823 | 2,044 | 238.1 | 2,010 | | s for the | | | | | | | | | period | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity | 850 | -2,206 | | -2,823 | 2,044 | | 2,010 | | holders of | | | | | | | | | the parent | | | | | | | | | company | | | | | | | | -------------------------------------------------------------------------------- | Minority | 0 | 0 | | 0 | 0 | | 0 | | interest | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings | 0.07 | -0.19 | | -0.24 | 0.17 | | 0.17 | | per share, | | | | | | | | | EUR | | | | | | | | -------------------------------------------------------------------------------- | Earnings | 0.07 | -0.19 | | -0.24 | 0.17 | | 0.17 | | per share, | | | | | | | | | EUR, | | | | | | | | | diluted | | | | | | | | -------------------------------------------------------------------------------- CONDENSED CONSOLIDATED BALANCE SHEET -------------------------------------------------------------------------------- | EUR thousand | 30.9.2008 | 30.9.2007 | Change | 31.12.2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | ASSETS | | | | | -------------------------------------------------------------------------------- | Non-current assets | | | | | -------------------------------------------------------------------------------- | Goodwill | 9,224 | 10,091 | -867 | 9,627 | -------------------------------------------------------------------------------- | Other intangible assets | 2,772 | 3,446 | -674 | 2,689 | -------------------------------------------------------------------------------- | Tangible assets | 12,271 | 15,333 | -3,062 | 14,796 | -------------------------------------------------------------------------------- | Deferred tax assets | 4,447 | 3,920 | 527 | 2,521 | -------------------------------------------------------------------------------- | Other non-current | 70 | 77 | -7 | 76 | | assets | | | | | -------------------------------------------------------------------------------- | Non-current assets | 28,783 | 32,866 | -4,083 | 29,710 | | total | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Current assets | | | | | -------------------------------------------------------------------------------- | Inventories | 16,470 | 22,136 | -5,666 | 22,155 | -------------------------------------------------------------------------------- | Trade and other | 16,777 | 22,443 | -5,666 | 18,426 | | receivables | | | | | -------------------------------------------------------------------------------- | Other liquid assets | 0 | 0 | 0 | 0 | -------------------------------------------------------------------------------- | Cash at bank and in | 6,115 | 4,995 | 1,120 | 4,901 | | hand | | | | | -------------------------------------------------------------------------------- | Current assets total | 39,362 | 49,574 | -10,212 | 45,482 | -------------------------------------------------------------------------------- | Non-current assets held | 0 | 214 | -214 | 0 | | for sale | | | | | -------------------------------------------------------------------------------- | Total assets | 68,146 | 82,654 | -14,508 | 75,192 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | | | -------------------------------------------------------------------------------- | Shareholders´ equity | | | | | -------------------------------------------------------------------------------- | Share capital | 2,141 | 2,141 | 0 | 2,141 | -------------------------------------------------------------------------------- | Share issue | 0 | 0 | 0 | 0 | -------------------------------------------------------------------------------- | Restricted equity fund | 5 | 8,492 | -8,487 | 8,492 | -------------------------------------------------------------------------------- | Non-restricted equity | 8,488 | 0 | 8,488 | 0 | | fund | | | | | -------------------------------------------------------------------------------- | Retained earnings | 10,466 | 11,093 | -627 | 10,890 | -------------------------------------------------------------------------------- | Profit for the period | -2,823 | 2,044 | -4,867 | 2,010 | -------------------------------------------------------------------------------- | Equity attributable to | 18,277 | 23,771 | -5,493 | 23,533 | | equity holders of the | | | | | | parent company | | | | | -------------------------------------------------------------------------------- | Minority share | 0 | 0 | 0 | 0 | -------------------------------------------------------------------------------- | Total equity | 18,277 | 23,771 | -5,494 | 23,533 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-current liabilities | | | | | -------------------------------------------------------------------------------- | Interest-bearing | 23,070 | 21,480 | 1,590 | 21,755 | | liabilities | | | | | -------------------------------------------------------------------------------- | Deferred tax | 927 | 647 | 280 | 753 | | liabilities | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Current liabilities | | | | | -------------------------------------------------------------------------------- | Interest-bearing | 9,411 | 16,353 | -6,942 | 11,008 | | liabilities | | | | | -------------------------------------------------------------------------------- | Trade and other | 16,461 | 20,403 | -3,942 | 17,799 | | non-current liabilities | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total liabilities | 49,869 | 58,883 | -9,014 | 51,658 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total equity and | 68,146 | 82,654 | -14,508 | 75,192 | | liabilities | | | | | -------------------------------------------------------------------------------- STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY -------------------------------------------------------------------------------- | EUR | Share | Share | Share | Non-rest | Retaine | Minori | Total | | thousand | Capital | Issue | Premiu | ricted | d | ty | | | | | | m | Equity | Earning | Intere | | | | | | Reserv | Fund | s | st | | | | | | e | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Balance | 2,141 | 0 | 8,492 | | 13,729 | 0 | 24,363 | | at 1 | | | | | | | | | January | | | | | | | | | 2007 | | | | | | | | -------------------------------------------------------------------------------- | Share | 0 | 0 | 0 | | 0 | 0 | 0 | | issue | | | | | | | | -------------------------------------------------------------------------------- | Exchange | 0 | 0 | 0 | | -257 | 0 | -257 | | rate | | | | | | | | | differenc | | | | | | | | | es | | | | | | | | -------------------------------------------------------------------------------- | Other | 0 | 0 | 0 | | 0 | 0 | 0 | | items | | | | | | | | -------------------------------------------------------------------------------- | Dividend | | | | | -2,379 | 0 | -2,379 | -------------------------------------------------------------------------------- | Profit | | | | | 2,044 | 0 | 2,044 | | for the | | | | | | | | | period | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Balance | 2,141 | 0 | 8,492 | | 13,138 | 0 | 23,771 | | at 30 | | | | | | | | | September | | | | | | | | | 2007 | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Balance | 2,141 | 0 | 8,492 | 0 | 12,900 | 0 | 23,533 | | at 1st | | | | | | | | | January | | | | | | | | | 2008 | | | | | | | | -------------------------------------------------------------------------------- | Share | 0 | 0 | 0 | | 0 | 0 | 0 | | issue | | | | | | | | -------------------------------------------------------------------------------- | Exchange | 0 | 0 | 0 | | -55 | 0 | -55 | | rate | | | | | | | | | differenc | | | | | | | | | es | | | | | | | | -------------------------------------------------------------------------------- | Other | 0 | 0 | -8,488 | 8,488 | | 0 | 0 | | items | | | | | | | | -------------------------------------------------------------------------------- | Dividend | | | | | -2,379 | 0 | -2,379 | -------------------------------------------------------------------------------- | Profit | | | | | -2,823 | 0 | -2,823 | | for the | | | | | | | | | period | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Balance | 2,141 | 0 | 5 | 8,488 | 7,643 | 0 | 18,277 | | at 30 | | | | | | | | | September | | | | | | | | | 2008 | | | | | | | | -------------------------------------------------------------------------------- CONDENSED CONSOLIDATED CASH FLOW STATEMENT -------------------------------------------------------------------------------- | EUR thousand | 1.1. - | 1.1. - | Change | 1.1. - | | | 30.9. | 30.9. | | 31.12. | | | 2008 | 2007 | | 2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash Flow from Operating Activities | | | | -------------------------------------------------------------------------------- | Profit for the period | -2,823 | 2,044 | -4,867 | 2,010 | -------------------------------------------------------------------------------- | Adjustments | 3,930 | 6,383 | -2,453 | 9,676 | -------------------------------------------------------------------------------- | Change in working capital | 6,770 | -6,725 | 13,495 | -5,903 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash Flow Generated by | 7,877 | 1,702 | 6,175 | 5,783 | | Operations | | | | | -------------------------------------------------------------------------------- | Interest paid | -1,454 | -1,467 | 13 | -1,687 | -------------------------------------------------------------------------------- | Interest received | 93 | 88 | 5 | 137 | -------------------------------------------------------------------------------- | Other financial items | -251 | -232 | -19 | -388 | -------------------------------------------------------------------------------- | Income taxes paid | -1,360 | -3,024 | 1,664 | -1,250 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net Cash Flow from Operating | 4,905 | -2,933 | 7,838 | 2,595 | | Activities | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash Flow from Investing Activities | | | | -------------------------------------------------------------------------------- | Acquisitions | 0 | 0 | 0 | 0 | -------------------------------------------------------------------------------- | Disposal of business | 25 | 672 | -647 | 672 | -------------------------------------------------------------------------------- | Capital expenditure | -979 | -1,745 | 766 | -2,469 | -------------------------------------------------------------------------------- | Proceeds from sale of fixed | 60 | 1,306 | -1,246 | 1,306 | | assets | | | | | -------------------------------------------------------------------------------- | Other cash flow from | 0 | 0 | 0 | 0 | | investing activities | | | | | -------------------------------------------------------------------------------- | Cash Flow from Investing | -894 | 233 | -1,127 | -491 | | Activities | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash Flow from Financing | | | | | -------------------------------------------------------------------------------- | Share issue | 0 | 0 | 0 | 0 | -------------------------------------------------------------------------------- | Proceeds from long-term | 10,000 | 0 | 10,000 | 0 | | borrowings | | | | | -------------------------------------------------------------------------------- | Instalments of long-term | -8,315 | -1,600 | -6,715 | -1,600 | | borrowings | | | | | -------------------------------------------------------------------------------- | Change in short-term loans | -1,811 | 5,760 | -7,571 | 958 | -------------------------------------------------------------------------------- | Installments of finance | -292 | -285 | -7 | -381 | | lease liabilities | | | | | -------------------------------------------------------------------------------- | Dividends paid | -2,379 | -2,379 | 0 | -2,379 | -------------------------------------------------------------------------------- | Net Cash Flow from Financing | -2,797 | 1,496 | -4,293 | -3,402 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in Liquid Funds | 1,214 | -1,204 | 2,418 | -1,298 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Liquid funds in the | 4,901 | 6,199 | -1,298 | 6,199 | | beginning of period | | | | | -------------------------------------------------------------------------------- | Change in liquid funds | 1,214 | -1,204 | 2,418 | -1,298 | -------------------------------------------------------------------------------- | Liquid funds at the end of | 6,115 | 4,995 | 1,120 | 4,901 | | period | | | | | -------------------------------------------------------------------------------- QUARTERLY KEY FIGURES -------------------------------------------------------------------------------- | EUR thousand | III/ | II/ | I/ | IV/ | III/ | II/ | I/ | | | 2008 | 2008 | 2008 | 2007 | 2007 | 2007 | 2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales by | | | | | | | | | segment | | | | | | | | -------------------------------------------------------------------------------- | Exel | 21,415 | 22,933 | 21,75 | 24,728 | 25,259 | 27,577 | 26,697 | | Composites | | | 7 | | | | | -------------------------------------------------------------------------------- | Exel Sports | 2,812 | 2,393 | 3,171 | 3,914 | 3,827 | 2,166 | 3,727 | | Brands | | | | | | | | -------------------------------------------------------------------------------- | Intra Group | -304 | -484 | -850 | -584 | -1,173 | -1,022 | -1,628 | | sales | | | | | | | | -------------------------------------------------------------------------------- | Net sales, | 23,923 | 24,842 | 24,07 | 28,058 | 27,912 | 28,721 | 28,797 | | total | | | 8 | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating | | | | | | | | | profit by | | | | | | | | | segment | | | | | | | | -------------------------------------------------------------------------------- | Exel | 1,660 | 1,782 | 2,890 | 3,853 | 2,556 | 4,478 | 4,283 | | Composites | | | | | | | | -------------------------------------------------------------------------------- | Exel Sports | 707 | -7,576 | -1,35 | -3,005 | -5,182 | -1,760 | -704 | | Brands | | | 7 | | | | | -------------------------------------------------------------------------------- | Group items | 125 | 165 | -196 | -177 | 547 | -56 | -53 | | and | | | | | | | | | eliminations | | | | | | | | -------------------------------------------------------------------------------- | Operating | 2,492 | -5,629 | 1,337 | 672 | -2,079 | 2,662 | 3,526 | | profit, total | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net financial | -1,357 | 554 | -1,36 | -989 | -842 | -190 | -340 | | items | | | 8 | | | | | -------------------------------------------------------------------------------- | Profit before | 1,135 | -5,075 | -31 | -317 | -2,921 | 2,472 | 3,186 | | taxes | | | | | | | | -------------------------------------------------------------------------------- | Income taxes | -285 | 1,495 | -62 | 283 | 714 | -526 | -882 | -------------------------------------------------------------------------------- | Profit for | 850 | -3,580 | -92 | -34 | -2,206 | 1,946 | -2,304 | | the period | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per | 0.07 | -0.30 | -0.01 | 0.00 | 0.19 | 0.16 | 0.19 | | share, EUR | | | | | | | | -------------------------------------------------------------------------------- | Earnings per | 0.07 | -0.30 | -0.01 | 0.00 | 0.19 | 0.16 | 0.19 | | share, EUR, | | | | | | | | | diluted | | | | | | | | -------------------------------------------------------------------------------- | Average | | | | | | | | | number of | | | | | | | | | shares, | | | | | | | | | undiluted, | | | | | | | | -------------------------------------------------------------------------------- | 1,000 shares | 11,897 | 11,897 | 11,89 | 11,897 | 11,897 | 11,897 | 11,897 | | | | | 7 | | | | | -------------------------------------------------------------------------------- | Average | | | | | | | | | number of | | | | | | | | | shares, | | | | | | | | | diluted, | | | | | | | | -------------------------------------------------------------------------------- | 1,000 shares | 11,897 | 11,897 | 11,89 | 11,897 | 11,897 | 11,897 | 11,897 | | | | | 7 | | | | | -------------------------------------------------------------------------------- | Average | 499 | 556 | 570 | 574 | 569 | 566 | 576 | | number of | | | | | | | | | personnel | | | | | | | | -------------------------------------------------------------------------------- COMMITMENTS AND CONTINGENCIES -------------------------------------------------------------------------------- | EUR thousand | 30.9.2008 | 30.9.2007 | 31.12.2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | On own behalf | 2,783 | 2,953 | 2,783 | -------------------------------------------------------------------------------- | Corporate mortgages | 12,500 | 12,500 | 12,500 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Lease liabilities | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | - in next 12 months | 424 | 496 | 496 | -------------------------------------------------------------------------------- | - in next 1-5 years | 1,577 | 2,281 | 2,205 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other commitments | 165 | 890 | 876 | -------------------------------------------------------------------------------- DERIVATIVE FINANCIAL INSTRUMENTS -------------------------------------------------------------------------------- | Nominal values | 30.9.2008 | 30.9.2007 | 31.12.2007 | | EUR thousand | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Foreign exchange derivatives | | | | -------------------------------------------------------------------------------- | Forward contracts | 1,727 | 8,717 | 8,372 | -------------------------------------------------------------------------------- | Purchased currency options | 1,418 | 3,650 | 5,078 | -------------------------------------------------------------------------------- | Sold currency options | 709 | 3,617 | 4,297 | -------------------------------------------------------------------------------- | Currency swaps | 0 | 952 | 1,617 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Interest rate derivatives | | | | -------------------------------------------------------------------------------- | Interest rate swaps | 10,167 | 333 | 333 | -------------------------------------------------------------------------------- | Purchased interest rate options | 3,500 | 4,667 | 4,667 | -------------------------------------------------------------------------------- CONSOLIDATED KEY FIGURES -------------------------------------------------------------------------------- | EUR thousand | 1.1.- | 1.1. - | Change, % | 1.1. - | | | 30.9. | 30.9. | | 31.12. | | | 2008 | 2007 | | 2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 72,843 | 85,430 | -14.7 | 113,489 | -------------------------------------------------------------------------------- | Operating profit | -1,800 | 4,109 | -143.8 | 4,780 | -------------------------------------------------------------------------------- | % of net sales | -2.5 | 4.8 | | 4.2 | -------------------------------------------------------------------------------- | Profit before tax | -3,971 | 2,737 | -245.1 | 2,420 | -------------------------------------------------------------------------------- | % of net sales | -5.5 | 3.2 | | 2.1 | -------------------------------------------------------------------------------- | Profit for the period | -2,823 | 2,044 | -238.1 | 2,010 | -------------------------------------------------------------------------------- | % of net sales | -3.9 | 2.4 | | 1.8 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders´ equity | 18,277 | 23,771 | -23.1 | 23,533 | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 32,481 | 37,833 | -14.1 | 32,762 | -------------------------------------------------------------------------------- | Cash and cash equivalents | 6,115 | 4,765 | 28.3 | 4,901 | -------------------------------------------------------------------------------- | Net interest-bearing | 26,366 | 32,838 | -19.7 | 27,861 | | liabilities | | | | | -------------------------------------------------------------------------------- | Capital employed | 50,758 | 61,064 | -16.9 | 56,295 | -------------------------------------------------------------------------------- | Return on equity, % | -18.0 | 11.3 | | 8.4 | -------------------------------------------------------------------------------- | Return on capital employed, | -6.8 | 8.9 | | 7.3 | | % | | | | | -------------------------------------------------------------------------------- | Equity ratio, % | 26.8 | 28.8 | | 31.3 | -------------------------------------------------------------------------------- | Net gearing, % | 144.3 | 138.1 | | 118.4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Capital expenditure | 979 | 1,745 | -43.9 | 2,469 | -------------------------------------------------------------------------------- | % of sales | 1.3 | 2.0 | | 2.2 | -------------------------------------------------------------------------------- | Research and development | 1,589 | 2,196 | -27.6 | 2,824 | | costs | | | | | -------------------------------------------------------------------------------- | % of net sales | 2.2 | 2.6 | | 2.5 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Order stock | 12,292 | 14,011 | -12.3 | 12,889 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share, EUR | -0.24 | 0.17 | | 0.17 | -------------------------------------------------------------------------------- | Earnings per share, EUR, | -0.24 | 0.17 | | 0.17 | | diluted | | | | | -------------------------------------------------------------------------------- | Equity per share, EUR | 1.54 | 2.00 | | 1.98 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Average number of shares | | | | | -------------------------------------------------------------------------------- | - cumulative | 11,897 | 11,897 | | 11,830 | -------------------------------------------------------------------------------- | - cumulative, diluted | 11,897 | 11,8987 | | 11,847 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Average number of employees | 542 | 571 | -5.1 | 600 | -------------------------------------------------------------------------------- |
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