2011-01-25 07:30:00 CET
2011-01-25 07:30:07 CET
SÄÄNNELTY TIETO
Componenta - Financial Statement Release
Componenta Corporation's Financial Statements 1 January - 31 December 2010
Componenta Corporation Stock Exchange Release 25.1.2011 at 8.30
Result improved considerably, demand outlook remains good for 2011
-- Componenta Group had net sales in 2010 of MEUR 452 (MEUR 300).
-- Operating profit was MEUR 13.5 (MEUR -15.4).
-- The result after financial items was MEUR -10.0 (MEUR -37.2).
-- Earnings per share were EUR -0.45 (EUR -2.30).
-- The order book increased 61% to MEUR 95 (MEUR 59).
-- Capacity utilisation rate improved to 57% (38%).
-- Net cash flow from operations was MEUR 25.2 (MEUR 14.2).
-- Cash in bank and unused committed credit facilities totalled MEUR 75 at
the end of the year.
-- The Board of Directors proposes to the Annual General Meeting that no
dividend will be paid for the 2010 fiscal year.
Summary of Componenta's Q4/2010 interim report
Net sales in October - December totalled EUR 130.7 million, which was 72% more
than in the same period in the previous year (EUR 76.1 million). The value of
production rose 79% in the October - December period to EUR 128.3 (71.8)
million. Group's capacity utilisation rate in the fourth quarter was 66 %
(38%).
The fourth quarter operating profit rose to EUR 5.8 million or 4.5% of net
sales (EUR -1.7 million; -2.2%). The improvement from the previous year was
mainly due to the considerably higher volumes and the measures taken earlier to
adjust costs. The fourth quarter operating profit was weakened however by price
increases of raw materials and recycled metal as a result of poor availability,
in total EUR -1.2 million.
The fourth quarter result after financial items improved from the previous year
to EUR -0.1 (-6.5) million. The result includes a one-time item of EUR -0.1
million.
The profit attributable to shareholders for the fourth quarter was EUR -0.5
(-5.3) million or EUR -0.03 (-0.32) per share.
Net cash flow from operations in October - December was EUR 18.2 (8.1) million.
Events in 2010 - summary
In February Componenta decided to strengthen its common ”One Componenta” way of
operating with the goal of growing to become the leading cast component
supplier in Europe. The business operations were reorganized and the Group's
customer businesses were organized in segments, for which sales management
personnel were appointed and engineering and R&D resources allocated.
Componenta's business operations were divided into four operational areas and
corporate functions for developing business operations - supply chain
management, development of foundry and machine shop technology, purchasing and
internal purchases - support the operational areas and their management. The
Group's Corporate Executive Team was reorganized at the same time and Yrjö
Julin was appointed to the Corporate Executive Team with the new position of
Chief Operating Officer. An Extended Corporate Executive Team was also
established to develop and implement the Group's strategy. In June Pauliina
Rannikko was appointed to the Corporate Executive Team as SVP of Legal and Risk
Management. In September Componenta issued a subordinated capital loan and an
unsecured bond for a total of EUR 50.3 million. The subordinated capital loan
and the unsecured bond were offered to a limited group of selected investors.
The funds obtained through the issues were used to strengthen the company's
balance sheet and financial position and for general refinancing purposes.
Componenta's Board of Directors approved subscriptions to the subordinated
capital loan 2010 with a total nominal value of EUR 23.4 million. Holders of
the company's 2006 subordinated capital loans had the right to use the assets
pertaining to the principal of the capital loans receivable from the company to
pay the subscription price for the loan units of the subordinated capital loan
2010. Altogether EUR 11.1 million of the subordinated capital loan 2006 and
convertible capital loan 2006 were used in payment for the subscription to the
subordinated capital loan 2010. In addition, Componenta's Board of Directors
approved subscriptions to the unsecured bond 2010 with a nominal value of EUR
26.9 million.
Componenta's operational business units in Finland - the foundries and machine
shops - were merged in the last quarter of the year to form a single legal
company. The new company, Componenta Finland Oy, which is a 100% owned
subsidiary of the Group's parent company Componenta Corporation, started
operations on 1 January 2011. The change supports the operational management
model adopted by the Group in February 2010. The objective is to centralise the
sales support, finance, and wages and salaries functions to improve service and
achieve cost savings.
Net sales and order book
The Group's net sales in 2010 rose 51% to EUR 451.6 (299.6) million. The value
of production in 2010 rose 63% to EUR 454.7 (278.5) million. The Group's
capacity utilisation rate during the year was 57% (38%). The order book at the
end of December rose 61% from the corresponding time in the previous year to
EUR 94.6 (58.8) million. The order book comprises confirmed orders for the
following two months.
Net sales of the Turkey operations rose 76% from the previous year to EUR 204.8
(116.2) million. The order book at the end of December was 70% higher than in
the previous year and stood at EUR 47.8 (28.1) million. The order book in
Turkey was boosted in particular by encouraging developments in construction
and mining machinery industry and in the automotive industry.
Net sales of the Finland operations rose 29% from the previous year to EUR
103.6 (80.4) million. The order book at the end of the year increased 33% from
the previous year to EUR 15.7 (11.8) million. Increased orders from the heavy
trucks industry and machine building industry were the main contributors to the
improvement in the Finnish order book.
Net sales of the Holland operations increased 22% from the previous year to EUR
85.1 (69.5) million. The order book at the end of the year showed a 32%
increase from the previous year and stood at EUR 16.4 (12.5) million. Increased
orders from construction and mining machinery industry, from agricultural
machinery industry, from heavy trucks industry and from the machine building
industry contributed to the stronger order book in the Netherlands.
Net sales for operations in Sweden rose 104% from the previous year to EUR 84.7
(41.5) million. The order book at the end of the financial period was 111%
higher than at the corresponding time in the previous year, standing at EUR
22.0 (10.5) million. A particular factor in the improvement in the order book
in Sweden was the increase in orders from the heavy trucks industry and the
machine building industry.
Componenta's net sales in the financial year by customer business sector were
as follows: heavy trucks 26% (20%), construction and mining 21% (15%), machine
building 20% (28%), automotive 20% (20%), agriculture 11% (13%), wind power 2%
(2%) and other sales 1% (1%).
Result
The Group's EBITDA was EUR 29.5 (-3.2) million. The EUR 32.7 million
improvement in EBITDA from the previous year was mainly due to higher
production volumes and the adaption measures taken earlier to adjust costs.
However, EBITDA was weakened by the rapid rise in iron raw material prices and
by the sharp rise in other raw materials which are not covered by material
surcharges, and exchange rate losses on sales and purchases, with a total
impact of EUR -8.7 million.
Quarterly analysis of changes in income statement:
MEUR Q1/10 Q1/09 Diff% Q2/10 Q2/09 Diff% Q3/10 Q3/09 Diff% Q4/10
Q4/09 Diff%
Net 91,2 88,1 4 % 117,3 70,6 66 % 112,3 64,8 73 % 130,7
76,1 72 %
sales
Value 94,4 75,3 25 % 119,0 66,1 80 % 113,0 65,3 73 % 128,3
71,8 79 %
of
produc
tion
Materi -34,3 -24,1 43 % -45,5 -20,6 121 % -43,4 -23,3 87 % -49,7
-24,9 100 %
als
Direct -24,2 -25,0 -3 % -29,3 -21,4 37 % -27,6 -18,7 48 % -31,2
-19,5 60 %
wages
and
extern
al
servic
es
Other -32,3 -29,3 10 % -35,6 -25,5 40 % -34,5 -23,5 47 % -37,6
-25,9 45 %
variab
le and
fixed
costs
Costs -90,8 -78,3 16 % -110,4 -67,5 64 % -105,6 -65,5 61 % -118,5
-70,3 69 %
total
EBITDA 3,6 -3,0 8,6 -1,4 7,4 -0,2 9,8
1,5
The consolidated operating profit for the year was EUR 13.5 (-15.4) million.
The Group's net financial costs for the year were EUR -23.5 (-21.8) million.
Net financial costs increased from the previous year by a total of EUR 1.7
million due to higher interest costs and exchange rate losses. The Group's
result for the period after financial items was EUR -10.0 (-37.2) million. The
result includes a one-time item of EUR -0.1 million.
Income taxes calculated from the result for the review period totalled EUR +2.5
(+8.5) million. The net result for the period was EUR -7.5 (-28.7) million.
Basic earnings per share for the year were EUR -0.45 (-2.30).
The return on investment for the financial year was 5.0 % (-4.1 %) and the
return on equity -10.3% (-45.1%).
Componenta's key financial indicators during the past three years have been as
follows:
2008 2009 2010
------------------------------------------------------------------------
Net sales, MEUR 681.4 299.6 451.6
------------------------------------------------------------------------
Operating profit, MEUR 47.9 -15.4 13.5
------------------------------------------------------------------------
Operating profit, % 7.0 -5.1 3.0
------------------------------------------------------------------------
Return on equity, % 15.3 -45.1 -10.3
------------------------------------------------------------------------
Equity ratio, % 15.9 17.5 16.8
------------------------------------------------------------------------
Equity ratio, % (including capital loans in equity) 27.3 26.5 26.4
------------------------------------------------------------------------
Balance sheet, financing and cash flow
In September 2010 Componenta Corporation issued a subordinated capital loan and
an unsecured bond for a total of EUR 50.3 million. The funds obtained through
the issues were used to strengthen the company's balance sheet, financial
position, and for general refinancing purposes.
Componenta's Board of Directors approved subscriptions to the subordinated
capital loan 2010 with a total nominal value of EUR 23.4 million. The five-year
loan was offered to a limited group of selected investors. Holders of the
company's 2006 capital loans had the right to use the assets pertaining to the
principal of the capital loans receivable from the company to pay the
subscription price for the loan units of the subordinated capital loan 2010.
Altogether EUR 11.1 million of the subordinated capital loan 2006 and
convertible capital loan 2006 were used in payment for the subscription to the
subordinated capital loan 2010. At the end of the financial year the company
had outstanding nominal value of EUR 2.3 million of its outstanding convertible
capital loan 2006 and EUR 2.9 million of its outstanding subordinated capital
loan 2006.
At the end of December the Group had outstanding subordinated capital loans and
convertible capital loans with a total value of EUR 40.4 million, as defined in
IFRS. In March, the Group repaid the final instalment of EUR 7.4 million of the
principal of the convertible capital loan issued in 2005, in accordance with
the terms of the loan. At the end of the financial year, the outstanding
unconverted capital loan issued in 2006 entitled their holders to subscribe
259,000 shares.
Componenta's Board of Directors approved subscriptions to the unsecured bond
2010 with a nominal value of EUR 26.9 million. The three-year loan was offered
to a limited group of selected investors.
During the financial year, long-term bilateral bank loans totalling EUR 33.3
million were drawn, to refinance short-term bank loans that matured during the
financial year.
The Group's net interest-bearing debt, excluding the outstanding subordinated
capital loans and convertible capital loans of EUR 40.4 million, totalled EUR
189.4 (206.5) million at the end of the year. The company's net
interest-bearing debt as a proportion of shareholders' equity, including the
capital notes in the shareholders' equity, was 170.5% (200.8%).
At the end of the financial year Componenta's liquidity position was good. Cash
in bank at the end of the financial year totalled EUR 11.0 million. Unused
committed credit facilities totalled EUR 64.5 million at the end of the
financial year. The Group also has a EUR 150 million commercial paper
programme, from which the company had a debt payable of EUR 2.0 million at the
end of the financial year.
Componenta's net cash flow from operations during the financial year was EUR
25.2 (14.2) million, and of this the change in net working capital was EUR 13.6
(37.5) million. Componenta makes more efficient use of capital with a programme
to sell its trade receivables. Under this arrangement, some of the trade
receivables are sold without any right of recourse. By the end of the review
period the company had sold trade receivables totalling EUR 63.9 (32.7)
million.
At the end of 2010, invested capital in the company was EUR 311.5 (316.9)
million.The Group's equity ratio was 16.8% (17.5%). The Group's shareholders'
equity on 31 December 2010, including the subordinated capital loans and
convertible capital loans in shareholders' equity, as a proportion of the
balance sheet total was 26.4% (26.5%).
Loans, commitments and contingent liabilities given by the company to Group
companies classified as related parties on 31 December 2010 totalled EUR 134.9
(161.7) million. Loans, commitments and contingent liabilities given by the
company to private persons classified as related parties on 31 December 2010
totalled EUR 0.3 (0.3) million.
Investments
Componenta restricted the amount of investments in production facilities in
2010 due to the under-utilisation of capacity. Investments in production
facilities during the year totalled EUR 8.5 (15.5) million, of which financial
lease investments accounted for EUR 0.3 (4.4) million. The net cash flow from
investing activities was EUR -10.4 (-12.6) million,which includes the cash flow
from the Group's investments in tangible and intangible assets, and the cash
flow from shares sold and purchased and from the sale of fixed assets.
Research and development
At the end of 2010, 118 (90) people worked in Componenta's research and
development, which corresponds to 3% (2%) of the company's total personnel.
Componenta's research and development expenses in 2010 totalled EUR 1.8 (1.9)
million, the equivalent of 0.4% (0.6%) of the Group's total net sales.
Environment
Componenta is committed to the continuous improvement and to reducing the
environmental impact of its production. The objectives of the Group's
environmental policy are to reduce consumption of energy and raw materials,
restrict particle and VOC emissions, reduce environmental noise from its
operations, increase the sorting of waste, and reduce the amount of waste that
cannot be re-used.
One of the most significant environmental aspects for Componenta Group is the
use of energy. In 2010 the Group used 629 GWh (422 GWh) of energy. Most of the
energy used, 66% (65%), was electricity. The foundries consume more than 90% of
all the energy, since especially the melting processes at the foundries utilise
much energy. In 2010 energy consumption at Componenta's foundries in proportion
to output was 10% lower than in the previous year.
Componenta will publish its 2010 corporate responsibility report during spring
2011.
Personnel
The Group had on average 4,155 (3,798) employees during the financial year,
including 303 (114) leased employees. The number of Group personnel at the end
of the year was 4,414 (3,698), which includes 398 (84) leased employees. At the
end of the year, 52% (47%) of the personnel were in Turkey, 24% (28%) in
Finland, 16% (17%) in the Netherlands, and 8% (9%) in Sweden.
Performance of operations
Componenta's reporting structure was changed on 1 February 2010 when the Group
organised its divisions into country-based operations. The figures for 2010
have been reported in accordance with the new structure, and all figures for
comparison for country-based operations for 2009 have been adjusted to bring
them in line with this reporting structure.
Turkey operations
The operations in Turkey comprise the iron foundry and machine shop in
Orhangazi and the aluminium foundry and production unit for aluminium wheels in
Manisa.
Net sales for the operations in Turkey rose 76% in the year to EUR 204.8
(116.2) million. Operating profit was EUR 15.2 million, corresponding to 7.4%
of net sales (EUR 2.2 million, 1.9%). The operating profit was boosted by the
extremely positive developments in volumes in the construction and mining
machinery and automotive industries. The operating profit was however weakened
by the rapid rise in the price of iron raw material prices, the prices of other
raw materials which are not covered by the material surcharges, and the
exchange rate losses, in total EUR -2.3 million.
Fourth quarter net sales increased 67% to EUR 59.6 (35.6) million and operating
profit totalled EUR 4.3 million, corresponding to 7.3% of net sales (EUR 1.1
million, 3.0%). The fourth quarter operating profit was boosted positively by
iron raw material prices and by exchange rate gains, together totalling EUR 0.3
million.
At the end of the financial year, the order book for the Turkey operations was
70% higher than in the previous year, at EUR 47.8 (28.1) million.
Finland operations
The operations in Finland consist of the iron foundries in Iisalmi, Karkkila,
Pietarsaari and Pori and the machine shops in Lempäälä and Pietarsaari. The
operations also include the production unit for pistons in Pietarsaari.
Net sales for the operations in Finland rose 29% in the year to EUR 103.6
(80.4) million. The operating profit was EUR -0.2 million, or -0.2 % of net
sales (EUR -3.9 million, -4.8%). The operating profit was boosted by the cuts
in costs implemented towards the end of the previous year and by the higher
production volumes, especially in the heavy trucks industry. The operating
profit was weakened however by altogether EUR -3.8 million due to the rapid
rise in iron raw material prices early in the year, and in the second half of
the year by the prices of other raw materials which are not covered by the
material surcharges in the second half of the year.
Fourth quarter net sales increased 87% to EUR 30.6 (16.4) million and operating
profit was EUR 0.6 million, corresponding to 2.0% of net sales (EUR -1.7
million, -10.5%). The rapid rise in raw material prices had an impact of EUR
-0.9 million on the fourth quarter operating profit.
At the end of the financial year, the order book for Finland operations was 33%
higher than in the previous year, at EUR 15.7 (11.8) million.
Holland operations
The operations in the Netherlands comprise the iron foundries in Heerlen and
Weert, the machine shop operations in Weert and the pattern shop in Tegelen.
Net sales for the Holland operations rose 22% to EUR 85.1 (69.5) million and
the operating profit was EUR -1.5 million, or -1.8 % of net sales (EUR -10.2
million, -14.7%). Factors contributing to the improvement in the operating
result were the adjustments in costs carried out earlier and the increase in
production volumes. The rise in iron raw material prices early in the year and
the prices of other raw materials which are not covered by the material
surcharges in the second half of the year had a combined negative effect of EUR
-2.4 million on the operating profit.
Fourth quarter net sales rose 54% to EUR 22.1 (14.4) million and operating
profit was EUR -0.5 million, corresponding to -2.3% of net sales (EUR -1.5
million, -10.1%). The rapid rise in raw material prices weakened the fourth
quarter operating profit by EUR -0.5 million.
At the end of the financial year, the order book for Holland operations was 32%
higher than in the previous year, at EUR 16.4 (12.5) million.
Sweden operations
The operations in Sweden comprise the Främmestad machine shop and the Wirsbo
forge.
Net sales for operations in Sweden increased 104% in the financial year to EUR
84.7 (41.5) million and operating profit was EUR 0.8 million, corresponding to
0.9 % of net sales (EUR -8.8 million, -21.3%). The operating profit for Sweden
operations improved from the previous year due to the cuts in costs carried out
earlier and the considerably higher volumes, especially in the heavy trucks
industry. The operating profit was weakened by the exceptional increases in
electricity prices during the first quarter.
Fourth quarter net sales rose 109% to EUR 26.9 (12.9) million and operating
profit was EUR 1.6 million, corresponding to 5.8% of net sales (EUR -1.9
million, -14.8%).
At the end of the financial year, the order book for Sweden operations was 111%
higher than in the previous year, at EUR 22.0 (10.5) million.
Other business
Other business comprises the sales and logistics company Componenta UK Ltd in
Great Britain, service and real estate companies in Finland, the Group's
administrative functions and associated company Kumsan A.S. in Turkey. Other
business recorded an operating profit of EUR -1.0 (4.6) million.
Fourth quarter operating profit for Other Business totalled EUR -0.2 (2.1)
million.
Shares and share capital
The shares of Componenta Corporation are quoted on the NASDAQ OMX Exchange in
Helsinki. At the end of the financial year the company had a total of
17,457,798 shares. The company's share capital at the end of the period stood
at EUR 21.9 (21.9) million. The quoted price on 31 December 2010 stood at EUR
6.01 (4.12). The average price during the year was EUR 5.29, the lowest price
was EUR 4.02, and the highest EUR 6.44. At the end of the financial year the
share capital had a market capitalisation of EUR 104.6 (72.0) million and the
volume of shares traded during the year was equivalent to 48.6% (20.1%) of the
share stock.
Purchase and disposal of own shares
The Annual General Meeting (AGM) held on 10 March 2010 resolved, in accordance
with the proposal of the Board of Directors, to authorise the Board of
Directors to decide on the purchase of a maximum of 1,700,000 of the Company's
own shares, in one or several instalments, using the Company's unrestricted
shareholders' equity. The shares shall be purchased otherwise than in
proportion to the holdings of the shareholders through public trading arranged
by NASDAQ OMX Helsinki Ltd at the market price prevailing at the moment of
purchase. The authorisation is valid for a period of 18 months from the date of
the decision of the AGM. The authorisation cancels the authorisation to resolve
on the purchase of own shares given to the Board of Directors by the AGM on 23
February 2009.
The AGM on 26 February 2007 authorised the Board of Directors to decide to
issue shares and grant option rights and other special rights with an
entitlement to shares under the following terms and conditions:
-- Under the authorisation the Board of Directors may decide to issue shares
and grant option rights and other special rights as defined in chapter 10,
section 1 of the Finnish Companies Act, such that a maximum of 2,000,000
shares are issued under the authorisation. The authorisation does not
exclude the right of the Board of Directors to decide on a direct issue of
shares.
-- The authorisation is valid for a period of five years from the date of the
decision of the AGM.
Under the above authorisation 12,100 Componenta Corporation shares were issued
to pay the bonus for the 2007 - 2008 earning periods in Componenta's 2007 -
2009 share-based incentive scheme.
Share-based incentive scheme 2010 - 2012
The Board of Directors of Componenta Corporation resolved on 10 March 2010 on a
long-term bonus and incentive plan for key personnel. The target group for the
plan comprises key persons in the Group as decided by the Board of Directors.
At the end of the financial year the target group contained 45 people.
The plan includes three earning periods, the calendar years 2010, 2011 and
2012. The Board of Directors decides on the earning criteria for each earning
period and on the targets for these. The earning criteria for the 2010 earning
period were Componenta Group's result after financial items and net cash flow
from operations. The amount of the bonus in the earning period is determined
after the end of the period by the extent to which the targets set for the
earning criteria have been achieved.
Any bonuses will be paid in 2011, 2012 and 2013 as a combination of company
shares and cash. The part to be paid in cash is intended to cover the taxes and
tax-related costs arising from the bonus. If shares are paid in the incentive
scheme, the shares may not be conveyed, pledged or otherwise used during a
two-year restriction period.
For the 2010 earnings period, the Board of Directors resolved to allocate
40,950 shares of which to the President and CEO 7,500 shares and to the rest of
the key personnel 33,450 shares altogether. The scheme's impact on the Group's
result before tax at the end of 2010 was EUR -0.1 million.
Board of Directors and Management
After the Annual General Meeting on 10 March 2010, the Board of Directors held
its organization meeting and elected Heikki Bergholm as its Chairman and Juhani
Mäkinen as its Vice Chairman. The Board met 14 times in 2010. The average
attendance rate of Board members at its meetings was 99 %. The Board of
Directors assessed its performance, under the leadership of its Chairman, in
December 2010.
Heikki Lehtonen is President and CEO of Componenta. At the end of the financial
year the Corporate Executive Team (CET) of Componenta Corporation comprised the
following members: President and CEO Heikki Lehtonen, COO Yrjö Julin, Hakan
Göral, SVP of Operations Turkey, CFO Mika Hassinen, Anu Mankki, SVP of HR and
Pauliina Rannikko, SVP of Legal and Risk Management. Communications Director
Pirjo Aarniovuori acted as Secretary to CET.
At the end of the review period the Extended Corporate Executive Team comprised
the members of CET and Secretary to CET listed above and the following: Olli
Karhunen, SVP of Operations Finland; Patrick Steensels, SVP of Operations
Holland; Michael Sjöberg, SVP of Operations Sweden; Tapio Rantala, VP of
Foundry Technology Development; Ömer Lütfi Erten, VP of Internal Sourcing; Juha
Alhonoja, VP of Machining Technology Development; Ville Taipale, VP of
Purchasing; VP's of Sales and Product Development Antti Lehto, Lauri Eklin,
Jari Leino, and Hein Strijbos VP of Engineering.
Risks and business uncertainties
The most significant risks for Componenta are risks related to the business
environment (competition and price risk, commodity and environmental risks),
operational risks (customer and supplier risks, productivity, production and
process risks, labour market disruptions, contract and product liability risks,
personnel risks, and data security risks) as well as financial risks (funding
and liquidity risk, currency, interest rate and credit risks).
In order to manage the Group's business operations it is essential to secure
the availability of certain raw materials, such as recycled metal and pig iron,
and energy, at competitive prices. The cost risk relating to raw materials is
mainly managed with price agreements, and under these agreements the prices of
products are adjusted in line with the changes in raw material prices.
Increases in prices for raw materials may tie up more funds in working capital
than estimated.
The financial risks related to Componenta's business operations are managed in
accordance with the treasury policy approved by the Board of Directors. The
objective is to protect the Group against unfavourable changes in the financial
markets and to secure the Group's financial performance and financial position.
More information related to Componenta's risks and risk management is given in
the 2010 annual report and on the company's website at www.componenta.com.
Events after end of period
Componenta decided to expand its Corporate Executive Team (CET) in January by
appointing Olli Karhunen (SVP of Operations Finland), Patrick Steensels (SVP of
Operations Holland) and Michael Sjöberg (SVP of Operations Sweden) to CET.
In January, Componenta decided to begin personnel negotiations, as laid down in
the Act on Co-operation within Undertakings, at Pietarsaari on 25 January 2011.
Componenta is planning to terminate machining operations in Pietarsaari during
the first half of the year and to transfer some of the machining work to
Främmestad in Sweden and to Orhangazi in Turkey. If all earlier mentioned acts
take place, it will mean a reduction of about 120 employees both in foundry and
machining operations in Pietarsaari. One-time costs are expected to be EUR 3.0
million and will be incurred during the first quarter. In addition, investment
and product transfer costs are estimated to be at some EUR 1.0 million, and
these will be incurred during 2011.
Dividend proposal
The Board of Directors proposes to the Annual General Meeting to be held on 28
February 2011 that, in accordance with the Group's current dividend policy, no
dividend shall be paid for the 1 January - 31 December 2010 financial period.
On 31 December 2010 the parent company had distributable equity of EUR 84.4
million.
Market outlook
The demand outlook in all the Group's customer sectors is good at the beginning
of 2011.
Demand in the heavy trucks sector is expected to continue at good level, in
particular because of positive market development in Europe.
Demand for construction and mining machinery is expected to continue to develop
favourably during 2011, mainly because of the higher mining material prices and
the recovery in the economy.
Demand for agricultural machinery is estimated to rise from the previous year
as a result of higher food prices and development in demand in Europe and North
America.
Due to growing exports by Turkey's automotive industry and encouraging
development in demand for aluminium alloy wheels, the demand in the automotive
industry is estimated to stay at good level in 2011.
Demand in the wind power sector is expected to remain at a low level in Europe.
Demand in the machine building industry is expected to continue to pick up
gradually.
Prospects for Componenta
Componenta's prospects for 2011 are based on general external economic
indicators, delivery forecasts given by customers, and on Componenta's order
intake and order book.
Componenta's order book at the end of the financial year was 61 % higher than
at the end of the previous year. In 2011 the Group's net sales are expected to
rise clearly and the result after financial items before one time items to be
positive. Net cash flow from operations is expected to remain positive and
changes in working capital should be moderate, mainly due to the sale of trade
receivables.Investments in production facilities in 2011 are expected to be
some EUR 15 million.
The continuing rise in raw material prices at the beginning of 2011 will affect
the result in the beginning of the year.
Financial statements review tables
Componenta's 2010 financial statements review has been prepared in accordance
with international financial reporting standards (IFRS). In addition, it has
applied the revised standards IFRS 3 and IAS 27 as from 1 January 2010.
Applying the revised standards has not affected the Group's reported result or
its financial position. The financial statements review tables have been
prepared in accordance with IAS 34 accounting principles. This financial
statements review is unaudited.
Consolidated income statement
MEUR 1.1.-31.12.2010 1.1.-31.12.2009 1.10.-31.12.2010 1.10.-31.12.2009
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Net sales 451.6 299.6 130.7 76.1
--------------------------------------------------------------------------------
Other 0.6 2.4 0.5 0.8
operating
income
--------------------------------------------------------------------------------
Operating -422.8 -305.2 -121.5 -75.5
expenses
--------------------------------------------------------------------------------
Depreciati -16.0 -12.5 -4.0 -3.3
on,
amortizati
on and
write-down
s
--------------------------------------------------------------------------------
Share of 0.2 0.2 0.0 0.2
the
associated
companies'
result
--------------------------------------------------------------------------------
Operating 13.5 -15.4 5.8 -1.7
profit
--------------------------------------------------------------------------------
% of net 3.0 -5.1 4.5 -2.2
sales
--------------------------------------------------------------------------------
Financial -23.5 -21.8 -5.9 -4.9
income and
expenses
--------------------------------------------------------------------------------
Result -10.0 -37.2 -0.1 -6.5
after
financial
items
--------------------------------------------------------------------------------
% of net -2.2 -12.4 -0.1 -8.6
sales
--------------------------------------------------------------------------------
Income 2.5 8.5 -0.4 1.2
taxes
--------------------------------------------------------------------------------
Net profit -7.5 -28.7 -0.5 -5.3
--------------------------------------------------------------------------------
Allocation
of net
profit for
the period
--------------------------------------------------------------------------------
To equity -7.9 -28.3 -0.5 -5.3
holders of
the parent
--------------------------------------------------------------------------------
To 0.4 -0.3 0.0 0.0
non-contro
lling
interest
--------------------------------------------------------------------------------
-7.5 -28.7 -0.5 -5.3
--------------------------------------------------------------------------------
Earning
per share
calculated
on the
profit
attributab
le to
equity
holders of
the parent
--------------------------------------------------------------------------------
Earnings -0.45 -2.30 -0.03 -0.32
per share,
EUR
----------- ----------------------------------------------------
Earnings -0.45 -2.30 -0.03 -0.32
per share
with
dilution,
EUR *)
--------------------------------------------------------------------------------
*) Earnings per share with dilution has been restated for the financial year
2009 and for the fourth quarter of the year 2009. The effect of the dilution
was erroneously taken into account although the dilution decreased the loss of
earnings per share.
Consolidated statement of comprehensive income
MEUR 1.1.-31.12.2010 1.1.-31.12.2009 1.10.-31.12.2010 1.10.-31.12.2009
--------------------------------------------------------------------------------
Net profit -7.5 -28.7 -0.5 -5.3
--------------------------------------------------------------------------------
Other
comprehens
ive income
--------------------------------------------------------------------------------
Translatio 6.7 -1.0 -5.4 0.3
n
difference
s
--------------------------------------------------------------------------------
Cash flow 4.8 2.1 3.0 1.5
hedges
--------------------------------------------------------------------------------
Income tax -1.3 -0.5 -0.8 -0.4
on other
comprehens
ive income
--------------------------------------------------------------------------------
Other 10.3 0.5 -3.3 1.4
comprehens
ive
income,
net of tax
--------------------------------------------------------------------------------
Total 2.8 -28.1 -3.7 -3.9
comprehens
ive income
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Allocation
of total
comprehens
ive income
--------------------------------------------------------------------------------
To equity 2.0 -27.8 -3.5 -3.9
holders of
the parent
--------------------------------------------------------------------------------
To 0.8 -0.3 -0.2 0.0
non-contro
lling
interest
--------------------------------------------------------------------------------
2.8 -28.1 -3.7 -3.9
--------------------------------------------------------------------------------
Consolidated statement of financial position
MEUR 31.12.2010 31.12.2009
--------------------------------------------------------------------------------
Assets
--------------------------------------------------------------------------------
Non-current assets
--------------------------------------------------------------------------------
Intangible assets 6.7 6.4
--------------------------------------------------------------------------------
Goodwill 33.1 31.5
--------------------------------------------------------------------------------
Investment properties 1.8 1.8
--------------------------------------------------------------------------------
Tangible assets 245.3 244.2
--------------------------------------------------------------------------------
Investment in associates 1.3 1.1
--------------------------------------------------------------------------------
Receivables 6.0 4.9
--------------------------------------------------------------------------------
Other investments 0.5 0.4
--------------------------------------------------------------------------------
Deferred tax assets 20.9 16.6
--------------------------------------------------------------------------------
Total non-current assets 315.6 307.0
--------------------------------------------------------------------------------
Current assets
--------------------------------------------------------------------------------
Inventories 52.2 41.0
--------------------------------------------------------------------------------
Receivables 41.7 32.7
--------------------------------------------------------------------------------
Tax receivables 0.0 0.2
--------------------------------------------------------------------------------
Cash and cash equivalents 11.0 7.6
--------------------------------------------------------------------------------
Total current assets 104.8 81.4
--------------------------------------------------------------------------------
Total assets 420.4 388.4
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareholders' equity and liabilities
--------------------------------------------------------------------------------
Shareholders' equity
--------------------------------------------------------------------------------
Share capital 21.9 21.9
--------------------------------------------------------------------------------
Other equity 41.5 39.4
--------------------------------------------------------------------------------
Equity attributable to equity holders of the parent 63.4 61.3
company
--------------------------------------------------------------------------------
Non-controlling interest 7.3 6.5
--------------------------------------------------------------------------------
Shareholders' equity 70.7 67.8
--------------------------------------------------------------------------------
Liabilities
--------------------------------------------------------------------------------
Non-current
--------------------------------------------------------------------------------
Capital loan 35.3 27.7
--------------------------------------------------------------------------------
Interest bearing 185.1 165.3
--------------------------------------------------------------------------------
Provisions 8.5 6.7
--------------------------------------------------------------------------------
Deferred tax liability 9.6 6.1
--------------------------------------------------------------------------------
Current
--------------------------------------------------------------------------------
Capital loan 5.1 7.4
--------------------------------------------------------------------------------
Interest bearing 15.3 48.8
--------------------------------------------------------------------------------
Interest free 89.5 57.5
--------------------------------------------------------------------------------
Tax liabilities 0.1 0.1
--------------------------------------------------------------------------------
Provisions 1.2 1.1
--------------------------------------------------------------------------------
Total liabilities 349.7 320.6
--------------------------------------------------------------------------------
Total shareholders' equity and liabilities 420.4 388.4
--------------------------------------------------------------------------------
Condensed consolidated cash flow statement
MEUR 1.1.-31.12.2010 1.1.-31.12.2009
--------------------------------------------------------------------------------
Cash flow from operating activities
--------------------------------------------------------------------------------
Result after financial items -10.0 -37.2
--------------------------------------------------------------------------------
Depreciation, amortization and write-downs 16.0 12.5
--------------------------------------------------------------------------------
Net financial income and expenses 23.5 21.8
--------------------------------------------------------------------------------
Other income and expenses, adjustments to cash 1.7 0.5
flow
--------------------------------------------------------------------------------
Change in net working capital 13.6 37.5
--------------------------------------------------------------------------------
Cash flow from operations before financing and 44.8 35.0
income taxes
--------------------------------------------------------------------------------
Interest received and paid and dividends -20.6 -23.5
received
--------------------------------------------------------------------------------
Taxes paid 0.9 2.8
--------------------------------------------------------------------------------
Net cash flow from operating activities 25.2 14.2
--------------------------------------------------------------------------------
Cash flow from investing activities
--------------------------------------------------------------------------------
Capital expenditure in tangible and intangible -10.0 -12.5
assets
--------------------------------------------------------------------------------
Proceeds from tangible and intangible assets 0.0 0.4
--------------------------------------------------------------------------------
Other investments and loans granted -0.4 -0.5
--------------------------------------------------------------------------------
Proceeds from other investments and repayments 0.1 0.0
of loan receivables
--------------------------------------------------------------------------------
Net cash flow from investing activities -10.4 -12.6
--------------------------------------------------------------------------------
Cash flow from financing activities
--------------------------------------------------------------------------------
Dividends paid -- -3.3
--------------------------------------------------------------------------------
Proceeds from share issue -- 13.3
--------------------------------------------------------------------------------
Repayment of finance lease liabilities -2.4 -1.6
--------------------------------------------------------------------------------
Draw-down (+)/ repayment (--) of current loans -36.3 -5.1
--------------------------------------------------------------------------------
Draw-down of non-current loans 54.3 38.3
--------------------------------------------------------------------------------
Repayment of non-current loans and other -27.2 -40.7
changes
--------------------------------------------------------------------------------
Net cash flow from financing activities -11.7 0.9
--------------------------------------------------------------------------------
Change in liquid assets 3.1 2.5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cash and cash equivalents at the beginning of 7.6 5.2
the period
--------------------------------------------------------------------------------
Effects of exchange rate changes on cash 0.3 -0.1
--------------------------------------------------------------------------------
Cash and cash equivalents at the period end 11.0 7.6
--------------------------------------------------------------------------------
Change during the financial period 3.1 2.5
--------------------------------------------------------------------------------
Statement of changes in consolidated shareholders' equity
MEUR Share Share Other Cash Trans Retain Total Non-co Share
capita premiu reserv flow lation ed n holder
l m es hedges diffe earnin trolli s'
accoun rences gs ng equity
t intere total
st
Sharehold 21.9 15.0 6.5 -2.8 -23.5 47.3 64.3 6.8 71.1
ers'
equity
1.1.2009
--------------------------------------------------------------------------------
Net -28.3 -28.3 -0.3 -28.7
profit
Translati -1.0 -1.0 -1.0
on
differenc
es
Cash flow 1.5 1.5 1.5
hedges
Total 1.5 -1.0 -28.3 -27.8 -0.3 -28.1
comprehen
sive
income
--------------------------------------------------------------------------------
Share 29.0 29.0 29.0issue
Dividends -3.3 -3.3 -3.3
paid
Redemptio -0.9 -0.9 -0.9
n of
convertib
le
capital
notes
--------------------------------------------------------------------------------
Sharehold 21.9 15.0 34.6 -1.3 -24.5 15.6 61.3 6.5 67.8
ers'
equity
31.12.201
0
--------------------------------------------------------------------------------
MEUR Share Share Other Cash Trans Retain Total Non-co Share
capita premiu reserv flow lation ed n holder
l m es hedges diffe earnin trolli s'
accoun rences gs ng equity
t intere total
st
Sharehold 21.9 15.0 34.6 -1.3 -24.5 15.6 61.3 6.5 67.8
ers'
equity
1.1.2010
--------------------------------------------------------------------------------
Net -7.9 -7.9 0.4 -7.5
profit
Translati 6.3 6.3 0.4 6.7
on
differenc
es
Cash flow 3.6 3.6 3.6
hedges
Total 3.6 6.3 -7.9 2.0 0.8 2.8
comprehen
sive
income
--------------------------------------------------------------------------------
Other 0.1 0.1 0.1
changes
--------------------------------------------------------------------------------
Sharehold 21.9 15.0 34.7 2.3 -18.1 7.7 63.4 7.3 70.7
ers'
equity
31.12.201
0
--------------------------------------------------------------------------------
Key ratios 31.12.2010 31.12.2009
--------------------------------------------------------------------------------
Equity ratio, % 16.8 17.5
--------------------------------------------------------------------------------
Equity per share, EUR 3.63 3.51
--------------------------------------------------------------------------------
Invested capital at period end 311.5 316.9
--------------------------------------------------------------------------------
Return on investment, % 5.0 -4.1
--------------------------------------------------------------------------------
Return on equity, % -10.3 -45.1
--------------------------------------------------------------------------------
Net interest bearing debt, preferred capital note in 229.8 241.6
debt, MEUR
--------------------------------------------------------------------------------
Net gearing, %, preferred capital note in debt 325.0 356.4
--------------------------------------------------------------------------------
Order book, MEUR 94.6 58.8
--------------------------------------------------------------------------------
Investments in non-current assets without finance 8.2 13.4
leases, MEUR
--------------------------------------------------------------------------------
Investments in non-current assets incl. finance leases, 8.5 17.9
MEUR
--------------------------------------------------------------------------------
Investments in non-current assets, % of net sales 1.9 6.0
--------------------------------------------------------- -----------
Average number of personnel during the period 3,853 3,684
--------------------------------------------------------------------------------
Average number of personnel during the period, incl. 4,155 3,798
leased personnel
--------------------------------------------------------------------------------
Number of personnel at period end 4,016 3,614
--------------------------------------------------------------------------------
Number of personnel at period end, incl. leased 4,414 3,698
personnel
--------------------------------------------------------------------------------
Share of export and foreign activities in net sales, % 88.1 82.7
--------------------------------------------------------------------------------
Contingent liabilities, MEUR 247.5 221.1
--------------------------------------------------------------------------------
Per share data
31.12.2010 31.12.2009
-----------------------------------------------------------------------
Number of shares at period end, 1,000 shares 17,458 17,458
-----------------------------------------------------------------------
Earnings per share (EPS), EUR -0.45 -2.30
-----------------------------------------------------------------------
Earnings per share, with dilution (EPS), EUR *) -0.45 -2.30
-----------------------------------------------------------------------
Cash flow per share, EUR 1.44 1.16
-----------------------------------------------------------------------
Equity per share, EUR 3.63 3.51-----------------------------------------------------------------------
Dividend per share, EUR **) 0.00 0.00
-----------------------------------------------------------------------
Payout ratio, % 0.00 0.00
-----------------------------------------------------------------------
Effective dividend yield, % 0.00 0.00
-----------------------------------------------------------------------
P/E multiple neg. neg.
-----------------------------------------------------------------------
Share price at period end, EUR 6.01 4.12
-----------------------------------------------------------------------
*) 31 December 2009 restated
**) For year 2010 a proposal of the Board of Directors
Changes in tangible assets and goodwill
MEUR 1-12/2010 1-12/2009
--------------------------------------------------------------------------------
Changes in tangible assets
--------------------------------------------------------------------------------
Acquisition cost at the beginning of the period 531.1 553.2
--------------------------------------------------------------------------------
Translation differences 24.1 1.9
--------------------------------------------------------------------------------
Additions 6.3 14.5
--------------------------------------------------------------------------------
Disposals -5.2 -38.6
--------------------------------------------------------------------------------
Acquisition cost at the end of the period 556.3 531.1
--------------------------------------------------------------------------------
Accumulated depreciation at the beginning of the period -286.9 -313.0
--------------------------------------------------------------------------------
Translation differences -12.5 -1.2
--------------------------------------------------------------------------------
Accumulated depreciation on disposals 2.4 38.1
--------------------------------------------------------------------------------
Depreciation, amortization and write-downs during the -14.0 -10.8
period
--------------------------------------------------------------------------------
Accumulated depreciation at the end of the period -311.0 -286.9
--------------------------------------------------------------------------------
Book value at the end of the period 245.3 244.2
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Goodwill
--------------------------------------------------------------------------------
Acquisition cost at the beginning of the period 31.5 31.7
--------------------------------------------------------------------------------
Translation difference 1.6 -0.2
--------------------------------------------------------------------------------
Book value at the end of the period 33.1 31.5
--------------------------------------------------------------------------------
Group development
Net sales by market area
MEUR 1-12/2009 1-12/2010
----------------------------------------------
Sweden 39.8 81.7
----------------------------------------------
Germany 58.6 76.0
----------------------------------------------
Turkey 49.4 73.7
----------------------------------------------
Finland 51.8 53.8
----------------------------------------------
UK 31.2 47.5
----------------------------------------------
Benelux countries 19.2 35.2
----------------------------------------------
France 20.2 27.8
----------------------------------------------
Italy 12.1 20.7
----------------------------------------------
Other European countries 5.5 9.1
----------------------------------------------
Other countries 11.7 26.1
----------------------------------------------
Total 299.6 451.6
----------------------------------------------
Quarterly development by market area
MEUR Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Q3/10 Q4/10
--------------------------------------------------------------------------------
Sweden 11.0 8.0 8.7 12.1 15.5 21.9 19.5 24.8
--------------------------------------------------------------------------------
Germany 16.9 12.7 14.4 14.5 15.2 20.9 18.6 21.2
--------------------------------------------------------------------------------
Turkey 9.0 15.3 10.2 14.9 14.3 19.1 18.8 21.5
--------------------------------------------------------------------------------
Finland 21.4 11.8 9.0 9.6 11.0 13.6 12.9 16.3
--------------------------------------------------------------------------------
UK 7.6 7.9 7.8 7.8 9.9 12.0 12.5 13.1
--------------------------------------------------------------------------------
Beneluxcountries 6.8 2.6 5.0 4.9 7.1 9.4 8.7 10.0
--------------------------------------------------------------------------------
France 6.2 5.9 3.6 4.6 6.1 7.1 6.5 8.1
--------------------------------------------------------------------------------
Italy 4.4 2.9 1.6 3.2 3.8 4.2 5.9 6.8
--------------------------------------------------------------------------------
Other European countries 1.0 1.6 0.8 2.1 2.2 2.2 2.5 2.3
--------------------------------------------------------------------------------
Other countries 3.8 1.9 3.7 2.3 6.1 6.9 6.5 6.6
--------------------------------------------------------------------------------
Total 88.1 70.6 64.8 76.1 91.2 117.3 112.3 130.7
--------------------------------------------------------------------------------
Group development
MEUR 1-12/2009 1-12/2010
--------------------------------------------------
Net sales 299.6 451.6
--------------------------------------------------
Operating profit -15.4 13.5
--------------------------------------------------
Net financial items *) -21.8 -23.5
--------------------------------------------------
Profit after financial items -37.2 -10.0
--------------------------------------------------
*) Net financial items are not allocated to business segments
Group development by business segment
Net sales, MEUR 1-12/2009 1-12/2010
--------------------------------------
Turkey 116.2 204.8
--------------------------------------
Finland 80.4 103.6
--------------------------------------
Holland 69.5 85.1
--------------------------------------
Sweden 41.5 84.7
--------------------------------------
Other business 49.9 65.3
--------------------------------------
Internal items -57.9 -91.9
--------------------------------------
Componenta total 299.6 451.6
--------------------------------------
Operating profit, MEUR 1-12/2009 1-12/2010
--------------------------------------------
Turkey 2.2 15.2
--------------------------------------------
Finland -3.9 -0.2
--------------------------------------------
Holland -10.2 -1.5
--------------------------------------------
Sweden -8.8 0.8
--------------------------------------------
Other business 4.6 -1.0
--------------------------------------------
One-time items 0.0 -0.1
--------------------------------------------
Internal items 0.7 0.4
--------------------------------------------
Componenta total -15.4 13.5
--------------------------------------------
Order book, MEUR 12/2009*) 1-12/2010**)
-----------------------------------------
Turkey 28.1 47.8
-----------------------------------------
Finland 11.8 15.7
-----------------------------------------
Holland 12.5 16.4
-----------------------------------------
Sweden 10.5 22.0
-----------------------------------------
Internal items -4.1 -7.4
-----------------------------------------
Componenta total 58.8 94.6
-----------------------------------------
*) Order book on 15 January 2010
**) Order book on 10 January 2011
Group development by quarter
MEUR Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Q3/10 Q4/10
--------------------------------------------------------------------------------
Net sales 88.1 70.6 64.8 76.1 91.2 117.3 112.3 130.7
--------------------------------------------------------------------------------
Operating profit -6.1 -4.3 -3.2 -1.7 0.3 4.0 3.4 5.8
--------------------------------------------------------------------------------
Net financial items *) -4.7 -5.7 -6.5 -4.9 -5.9 -6.2 -5.5 -5.9
--------------------------------------------------------------------------------
Profit after financial -10.9 -10.1 -9.7 -6.5 -5.6 -2.2 -2.1 -0.1
items
--------------------------------------------------------------------------------
*) Net financial items are not allocated to business segments
Quarterly development by business segment
Net sales, MEUR Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Q3/10 Q4/10
------------------------------------------------------------------------
Turkey 24.9 28.4 27.4 35.6 40.6 53.1 51.5 59.6
------------------------------------------------------------------------
Finland 29.1 19.5 15.4 16.4 20.8 27.0 25.1 30.6
------------------------------------------------------------------------
Holland 23.9 15.8 15.4 14.4 18.7 23.4 20.8 22.1
------------------------------------------------------------------------
Sweden 10.5 9.5 8.7 12.9 15.8 21.3 20.6 26.9
------------------------------------------------------------------------
Other business 12.9 12.1 12.3 12.5 14.3 16.2 16.8 18.1
------------------------------------------------------------------------
Internal items -13.1 -14.7 -14.4 -15.7 -19.0 -23.7 -22.5 -26.7
------------------------------------------------------------------------
Componenta total 88.1 70.6 64.8 76.1 91.2 117.3 112.3 130.7
------------------------------------------------------------------------
Operating profit, MEUR Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Q3/10 Q4/10
------------------------------------------------------------------------------
Turkey -0.4 0.4 1.1 1.1 3.2 3.3 4.5 4.3
------------------------------------------------------------------------------
Finland 0.5 -1.2 -1.5 -1.7 -0.6 0.7 -0.9 0.6
------------------------------------------------------------------------------
Holland -4.1 -2.7 -1.9 -1.5 -0.1 0.2 -1.0 -0.5
------------------------------------------------------------------------------
Sweden -3.2 -1.7 -2.1 -1.9 -1.4 0.0 0.6 1.6
------------------------------------------------------------------------------
Other business 0.8 0.8 1.0 2.1 -0.7 -0.1 0.0 -0.2
------------------------------------------------------------------------------
One-time items 0.0 0.1 0.1 0.0 0,0 0.0 0.0 -0.1
------------------------------------------------------------------------------
Internal items 0.4 0.0 0.1 0.3 0.0 -0.2 0.3 0.2
------------------------------------------------------------------------------
Componenta total -6.1 -4.3 -3.2 -1.7 0.3 4.0 3.4 5.8
------------------------------------------------------------------------------
Order book at period Q1/09 Q2/09 Q3/09 Q4/09* Q1/10 Q2/10 Q3/10 Q4/10**
end, MEUR ) )
--------------------------------------------------------------------------------
Turkey 17.1 23.3 22.2 28.1 32.6 42.4 42.5 47.8
--------------------------------------------------------------------------------
Finland 11.4 10.4 9.9 11.8 13.6 15.8 16.7 15.7
--------------------------------------------------------------------------------
Holland 13.8 13.4 10.6 12.5 13.4 14.6 14.7 16.4
--------------------------------------------------------------------------------
Sweden 6.0 6.4 9.3 10.5 13.3 16.5 18.7 22.0
--------------------------------------------------------------------------------
Internal items -2.3 -1.8 -2.9 -4.1 -5.0 -5.7 -6.8 -7.4
--------------------------------------------------------------------------------
Componenta total 46.2 51.7 49.0 58.8 68.0 83.6 85.8 94.6
--------------------------------------------------------------------------------
*) Order book on 15 January 2010
**) Order book on 10 January 2011
Business segments
MEUR 31.12.2010 31.12.2009
--------------------------------------------------------------------------------
Turkey
--------------------------------------------------------------------------------
Assets 210.8 183.9
--------------------------------------------------------------------------------
Liabilities 33.5 20.3
--------------------------------------------------------------------------------
Investments in non-current assets (incl. finance leases) 4.8 5.4
--------------------------------------------------------------------------------
Depreciation, amortization and write-downs 4.9 3.8
--------------------------------------------------------------------------------
Finland
--------------------------------------------------------------------------------
Assets 85.7 81.2
--------------------------------------------------------------------------------
Liabilities 24.2 19.4
--------------------------------------------------------------------------------
Investments in non-current assets (incl. finance leases) 2.4 4.8
--------------------------------------------------------------------------------
Depreciation, amortization and write-downs 4.8 3.7
--------------------------------------------------------------------------------
Holland
--------------------------------------------------------------------------------
Assets 48.7 47.6
--------------------------------------------------------------------------------
Liabilities 12.8 7.7
--------------------------------------------------------------------------------
Investments in non-current assets (incl. finance leases) 0.4 0.6
--------------------------------------------------------------------------------
Depreciation, amortization and write-downs 1.5 1.4
--------------------------------------------------------------------------------
Sweden
--------------------------------------------------------------------------------
Assets 51.5 42.1
--------------------------------------------------------------------------------
Liabilities 25.7 13.3
--------------------------------------------------------------------------------
Investments in non-current assets (incl. finance leases) 0.5 2.9
--------------------------------------------------------------------------------
Depreciation, amortization and write-downs 2.1 1.2
--------------------------------------------------------------------------------
Other business
--------------------------------------------------------------------------------
Assets 53.9 53.4
--------------------------------------------------------------------------------
Liabilities 25.7 21.9
--------------------------------------------------------------------------------
Investments in non-current assets (incl. finance leases) 0.5 4.3
--------------------------------------------------------------------------------
Depreciation, amortization and write-downs 2.7 2.5
--------------------------------------------------------------------------------
Fair values of derivative instruments
31.12.2010 31.12.2009
------------------------------------------------------------
MEUR Fair value, Fair value, Fair value, Fair value,
positive negative net net
--------------------------------------------------------------------------------
Currency
derivatives
Foreign exchange 0.0 -0.3 -0.3 0.1
forwards
Currency swaps 0.0 -1.5 -1.5 0.1
Foreign exchange -- -0.1 -0.1 --
options
Interest rate
derivatives
Interest rate 0.3 -0.6 -0.3 0.4
options
Interest rate swaps 0.2 -0.5 -0.3 -2.0
Commodity
derivatives
Electricity price 3.3 0.0 3.3 -0.4
forwards
Total 3.8 -3.0 0.8 -1.8
--------------------------------------------------------------------------------
Nominal values of derivative instruments
31.12.2010 31.12.2009
-----------------------------
MEUR Nominal value Nominal value
------------------------------------------------------------------------------
Currency derivatives *)
Foreign exchange forwards 11.0 6.0
Currency swaps 69.2 43.1
Foreign exchange options 2.8 --
Interest rate derivatives
Interest rate options 28.0 42.0
Interest rate swaps
Maturity in less than a year 28.0 24.0
Maturity after one year and less than five years 60.0 28.0
Commodity derivatives
Electricity price forwards
Maturity in less than a year 4.0 3.9
Maturity after one year and less than five years 5.7 4.2
Total 208.7 151.1
------------------------------------------------------------------------------
*) Currency derivatives mature in less than a year.
Contingent liabilities
MEUR 31.12.2010 31.12.2009
-------------------------------------------------
Real-estate mortgages
For own debts 15.3 15.2
Business mortgages
For own debts -- --
Pledges
For own debts 222.0 198.1
Other leasing commitments 5.5 3.5
Other commitments 4.7 4.4
Total 247.5 221.1
-------------------------------------------------
Key exchange rates
Closing rate Average rate
-----------------------------------------------
One Euro is 31.12.2010 31.12.2009 31.12.2010 31.12.2009
--------------------------------------------------------------------------
SEK 8.9655 10.2520 9.5373 10.6191
--------------------------------------------------------------------------
USD 1.3362 1.4406 1.3257 1.3948
--------------------------------------------------------------------------
GPB 0.8608 0.8881 0.8578 0.8909
--------------------------------------------------------------------------
TRY (Turkish central bank) 2.0491 2.1603 1.9893 2.1508
--------------------------------------------------------------------------
Calculation of key financial ratios
Return = Profit after financial items - income taxes x 100
on Shareholders' equity without preferred capital notes +
equity non-controlling interest (quarterly average)
--%
(ROE)
Return = Profit after financial items + interest and other financial expenses
on x 100
invest Shareholders' equity + interest bearing liabilities (quarterly
ment average)
--%
(ROI)
Equity = Shareholders' equity, preferred capital notes excluded +
ratio, non-controlling interest x 100
% Balance sheet total - advances received
Earnin = Profit after financial items - income taxes +/- non-controlling
gs per interest
share, Average number of shares during the financial period
EUR
(EPS)
Earnin = As above, the number of shares has been increased with the warrants
gs per outstanding. When calculating the dilution effect of warrants, the
share number of shares has been adjusted with the number of own shares
with which the company could have acquired, if it would have used the
diluti funds generated from the warrants to buy back of own shares at market
on, price (= average trading price). After tax interest expense of the
EUR convertible loan has been added to the profit of the period. Number
of shares that can be subscribed by the loan has been added to the
number of total shares.
Cash = Net cash flow from operating activities
flow Average number of shares during the financial period
per
share,
EUR
Averag = Trading volume
e Number of shares traded during the financial period
tradin
g
price,
EUR
Equity = Shareholders' equity, preferred capital notes excluded
per Number of shares at period end
share,
EUR
Divide = Dividend
nd per Number of shares at period end
share,
EUR
Payout = Dividend
ratio, Earnings (as in Earnings per share)
%
Effect = Dividend per share x 100
ive Market share price at period end
divide
nd
yield,
%
Market = Number of shares x market share price at period end
capita
lizati
on
P/E = Market share price at period end
multip Earnings per share
le
Net = Interest bearing liabilities + preferred capital notes - cash and
intere bank accounts
st
bearin
g debt
Net = Net interest bearing liabilities x 100
gearin Shareholders' equity, preferred capital notes excluded +
g, % non-controlling interest
Largest registered shareholders on 31 December 2010
Shareholder Shares Share of total voting
rights, %
1 Lehtonen Heikki 5,311,340 30.42
Cabana Trade S.A. 3,501,988
Oy Högfors-Trading Ab 1,806,052
Lehtonen Heikki 3,300
2 Etra Capital Oy 4,347,464 24.90
3 Varma Mutual Pension Insurance 978,968 5.61
Company
4 Ilmarinen Mutual Pension 724,266 4.15
Insurance Company
5 Finnish Industry Investment 666,666 3.82
Ltd
6 Finnish Cultural Foundation 236,000 1.35
7 Bergholm Heikki 230,516 1.32
8 Laakkonen Mikko 200,000 1.15
9 Lehtonen Anna-Maria 178,823 1.02
10 Fund Alfred Berg Small Cap 131,077 0.75
Finland
Nominee-registered shares 592,183 3.39
Other shareholders 3,860,495 22.11
Total 17,457,798 100.00
The members of the Board of Directors own 32.1 % of the shares. All shares have
equal voting rights. If all the warrants were converted to shares, the holding
of shares by the members of the Board of Directors would change to 31.7%.
Helsinki, 25 January 2011
COMPONENTA CORPORATION
Heikki Lehtonen
President and CEO
Further information:
Heikki Lehtonen
President and CEO
tel. +358 10 403 00
Mika Hassinen
CFO
tel. +358 10 403 00
Componenta is a metal sector company with international operations and
production plants located in Finland, Turkey, the Netherlands and Sweden. The
net sales of Componenta were EUR 452 million in 2010. The Group employs approx.
4,400 people. Componenta's shares are quoted on the NASDAQ OMX Helsinki.
Componenta specializes in supplying cast and machined components and total
solutions made of them to its global customers who are manufacturers of
vehicles, machines and equipment.
Componenta Corporation
Panuntie 4, FI-00610 Helsinki, Finland
Tel. +358 10 403 00
Fax +358 10 403 2721
www.componenta.com
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