2015-04-27 07:15:00 CEST
2015-04-27 07:15:10 CEST
REGULATED INFORMATION
Componenta - Interim report (Q1 and Q3)
Componenta Corporation Interim Report 1 January - 31 March 2015: Order book and net sales increased, operating profit declined from previous year because of strengthening of Turkish lira
Componenta Corporation Stock Exchange Release 27.4.2015 at 8.15
January - March 2015 in brief
-- Order book at the beginning of April was 2% higher than in the previous
year, standing at MEUR 92 (MEUR 91).
-- Net sales in the review period increased 1% from the previous year to MEUR
133 (MEUR 132).
-- EBITDA excluding one-time items and exchange rate differences of balance
sheet items declined from the previous year to MEUR 10.3 (MEUR 12.1).
Impact of the Turkish lira and local cost inflation was -3.5 MEUR compared
to the previous year.
-- Operating profit excluding one-time items and exchange rate differences of
balance sheet items (operating profit from business operations) declined
from the previous year to MEUR 5.8 (MEUR 7.4). The decline in the operating
profit from the previous year was mainly due to the strengthening of the
Turkish lira and local cost inflation.
-- Result after financial items excluding one-time items and exchange rate
differences of operative balance sheet items was MEUR 0.5 (MEUR -0.1).
-- One-time items and exchange rate differences of operative balance sheet
items that had an impact on the result for the January - March period
totalled MEUR -1.4 (MEUR -0.9).
-- Result for the period was EUR -1.7 (-1.3) million and basic earnings per
share EUR -0.02 (EUR -0.09).
-- New contracts obtained by Componenta in the first quarter had a value of
EUR 33.5 million which was the highest in the company's history.
Componenta's guidance for 2015 unchanged
The prospects for Componenta in 2015 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 beginning of April stood at MEUR 92.3 (MEUR
90.7). Componenta expects the 2015 operating profit excluding one-time items
and exchange rate differences of operative balance sheet items to improve from
the previous year, as a result of the efficiency improvement program being
carried out.
President and CEO Heikki Lehtonen comments on the review period:
”Componenta's development projects in 2015 focus on improving productivity and
cost-efficiency as well as improving performance in operations and operating
methods. By carrying them out we safeguard the Group's competitiveness and
ensure closer cooperation with customers resulting in an increased sales.
Componenta's group-wide efficiency improvement program made progress in
accordance with plans in the first quarter of 2015. The Group has already
carried out cost saving measures corresponding to EUR 39 million of the
targeted cost savings in the program. EUR 29 million out of them are already
visible at the end of first quarter and remaining EUR 10 million will become
visible during next 12 months. The measures to improve quality and to utilize
product development projects have also made progress in our production units in
accordance with plans.
Componenta's first quarter realized in line with expectations. The order book
rose 2% from the previous year to EUR 92 million. Net sales increased slightly,
but operating profit was down from the previous year due to the strengthening
of the Turkish lira and local cost inflation. The strengthening of the Turkish
lira started last year during the second quarter and due to that the negative
impact of the Turkish lira is expected to decrease in the future.
Although overall economic development in the first quarter was somewhat
sluggish, the economic outlook towards the end of the year is brighter. Thanks
to the active measures taken by the European Central Bank in the financial
markets, low interest rates and the weaker euro, Europe's competitiveness has
improved. Similar developments are also forecast by the European Purchasing
Managers' Index published in April, which forecasts that economic growth will
gain pace towards the end of the year.
In line with general forecasts about developments, we also expect demand to
follow this development and pick up in Componenta's heavy trucks, machine
building and automotive customer segments.”
Key figures
Q1 Q1 Change 2014 Rolling
2015 2014 12 mth
--------------------------------------------------------------------------------
Order book, MEUR 92.3 90.7 2% 88.9 92.3
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Net sales, MEUR 133 132 1% 495 496
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EBITDA*), MEUR 10.3 12.1 -15% 35.8 34.0
--------------------------------------------------------------------------------
Operating profit*), MEUR 5.8 7.4 -22% 17.8 16.1
--------------------------------------------------------------------------------
Operating profit*), % 4.3 5.6 n/m 3.6 3.3
--------------------------------------------------------------------------------
Result after financial items *), MEUR 0.5 -0.1 n/m -9.5 -8.9
--------------------------------------------------------------------------------
One-time items ja exchange rate -1.4 -0.9 50% -19.2 -19.7
differences of operative balance sheet
items, MEUR
--------------------------------------------------------------------------------
Taxes, MEUR -0.8 -0.3 134% 0.2 -0.3
--------------------------------------------------------------------------------
Net result for the review period, MEUR -1.7 -1.3 26% -28.6 -29.0
--------------------------------------------------------------------------------
Earnings per share, EUR -0.02 -0.09 -76% -0.63 -0.46
--------------------------------------------------------------------------------
Net gearing, % 208 267 -22% 194 221
--------------------------------------------------------------------------------
Return on investment*), % 6.9 9.5 -28% 5.6 5.0
--------------------------------------------------------------------------------
Return on equity*), % -1.5 -2.8 -46% -12.1 -12.1
--------------------------------------------------------------------------------
Number of personnel at period end, incl. 4,253 4,512 -6% 4,238 4,253
leased personnel
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*) Excluding one-time items and exchange rate differences of balance sheet
operating items
Componenta's Interim Report 1 January - 31 March 2015 in PDF format is attached
to this release. The report is also available on the Componenta website at
www.componenta.com.
News conference for analysts, investors and media representatives at 10.30 am
Componenta is holding a news conference for analysts, investors and media
representatives at 10.30 am on 27 April 2015 in the Satotalo auditorium in
Käpylä, at Panuntie 4, 00610 Helsinki. The event can also be watched in a
direct webcast on the internet. The link to the webcast is given on
Componenta's website at www.componenta.com.
Helsinki, 27 April 2015
COMPONENTA CORPORATION
Heikki Lehtonen
President and CEO
ENCL. Interim Report 1 January - 31 March 2015
For further information, please contact:
Heikki Lehtonen
President and CEO
tel. +358 10 403 2200
Mika Hassinen
CFO
tel. +358 10 403 2723
Componenta is a metal sector company with international operations and
production plants located in Finland, Turkey, the Netherlands and Sweden. The
net sales of Componenta were EUR 495 million in 2014 and its share is listed on
Nasdaq Helsinki. The Group employs approx. 4,250 people. Componenta specializes
in supplying cast and machined components and total solutions made of them to
its global customers, who are manufacturers of vehicles, machines and
equipment.
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