2010-08-05 07:15:00 CEST
2010-08-05 07:15:03 CEST
REGULATED INFORMATION
PKC Group Oyj - Interim report (Q1 and Q3)
PKC GROUP'S INTERIM REPORT 1-6/2010
PKC Group Oyj INTERIM REPORT 5 August 2010 8.15 a.m. PKC GROUP'S INTERIM REPORT 1-6/2010 Consolidated net sales grew 42.4% on the comparison period, totalling EUR 141.8 million (EUR 99.6 million). The total amount of depreciation was EUR 5.5 million (EUR 5.5 million). Consolidated operating profit was EUR 10.4 million (EUR 5.5 million negative)i.e. 7.3% (5.5% negative) of net sales. Comparable operating profit without non-recurring items was EUR 11.0 million (EUR 0.7 million negative), 7.7% (0.7% negative) of net sales. Profit for the report period amounted to EUR 4.4 million (EUR 7.4 million negative). Earnings per share were EUR 0.25 (EUR 0.45 negative). Cash flows after investments were EUR 3.2 million negative (EUR 27.4 million positive). Gearing was 42.1% (49.1%). Equity ratio was 47.7% (42.5%) Net liabilities were EUR 37.1 million (EUR 33.5 million). KEY FIGURES -------------------------------------------------------------------------------- | | 1-6/10 | 1-6/09 | 1-12/09 | -------------------------------------------------------------------------------- | Net sales, EUR 1,000 | 141,839 | 99,582 | 201,814 | -------------------------------------------------------------------------------- | Operating profit, EUR 1,000 | 10,415 | -5,500 | 682 | -------------------------------------------------------------------------------- | % of net sales | 7.3 | -5.5 | 0.3 | -------------------------------------------------------------------------------- | Profit for the report period, EUR | 4,438 | -7,368 | 2,349 | | 1,000 | | | | -------------------------------------------------------------------------------- | Earnings per share (EPS), EUR | 0.25 | -0.45 | 0.13 | -------------------------------------------------------------------------------- | ROI,% | 23.8 | 1.9 | 6.4 | -------------------------------------------------------------------------------- | Net liabilities, EUR 1,000 | 37,085 | 33,474 | 28,245 | -------------------------------------------------------------------------------- | Gearing, % | 42.1 | 49.1 | 35.9 | -------------------------------------------------------------------------------- | Average number of personnel | 4,568 | 4,768 | 4,478 | -------------------------------------------------------------------------------- HARRI SUUTARI, PRESIDENT AND CEO: “During the second quarter, the sales of PKC Group continued to grow along with the normalisation of markets following the recession. Sales increased in both business segments in all of our market areas, especially so in Brazil. Profitability improved due to sales growth and cost reductions. The utilisation rates of our factories have reached the level required for efficient production. Component availability problems caused by the general growth in the segment disturbed PKC's production. Commercial vehicle manufacture continued its growth in our key market areas in Europe and Latin America. Our customers have reported normalised vehicle stock levels. Deliveries to the commercial vehicle industry increased by about 40% from the previous quarter (1-3/2010). A similar increase was also observed in wiring harness deliveries for recreational vehicles in North America. During the second quarter, the number of orders received by our commercial vehicle customers in Europe and Brazil exceeded by almost a fifth the number of deliveries. This indicates a continued rise in production quantities during the current year from the present level. Electronics design and manufacturing service deliveries increased by about 12% from the level of the previous quarter. The special arrangements due to component availability problems put a strain on the result of the Electronics business. Translation loss related to the translation of subsidiaries' financial statements and exchange loss caused by Group's internal liabilities, which have been entered into the financial items, grew from the previous quarter mainly due to the weakening of Euro. We continued to strengthen our geographical business units in accordance with our strategy and to streamline cost structures as planned. PKC Group is well-positioned for increasing deliveries. We are capable of significantly increasing our capacities without considerable increase of fixed costs. Our competitive cost structure and global services also advance PKC, on their part, in competition for new customers. In line with strategy, our aim is not only organic growth but also business growth through acquisitions.” OPERATING ENVIRONMENT Wiring Harness business Registrations of heavy trucks declined in Europe (EU + EFTA) by about 16% in comparison to the first part of 2009. In June, however, registrations increased from the previous year for the first time in two years. The number of registrations for the whole year is estimated to be close to that of 2009, i.e., approx. 168,000 vehicles. Production and sales volumes are still exceptionally low in Europe, only about half of the level of previous years. Deliveries of heavy trucks and new orders more than doubled in Latin America from the level of the first half of the previous year. The production volumes for the whole year are estimated to be about 120,000 vehicles (approx. 74,000 in 2009). In North America, registrations of heavy trucks increased during the first part of the year by about a fourth from the level of the first part of the previous year. The overall market is expected to settle at about 110,000-130,000 vehicles, thus surpassing the number of registrations of 2009, approx. 108,000 vehicles. In North America, the recreational vehicle deliveries of our customers increased during the first part of the year by about a third from the level of the first part of the previous year. Although PKC Group has no wiring harness production of its own in Asia, the increasing exportation to Asia by our customers supports the growth of PKC's production volumes. The increase in the truck orders received by our main customers in Europe and Latin America during the first part of the year, which is about a fifth over the delivery volumes of the corresponding period, can be considered as a sign of truck market recovery. During the first part of the year, agricultural tractor sales in Europe decreased by about a fifth from the corresponding period of the previous year and annual sales are expected to fall short of the 2009 sales by 10 to 15%. Instead, forestry equipment sales are expected to increase from the exceptionally weak comparison year. Electronics business The moderate recovery of the global economy has increased the demand for PKC's Electronics business services. In Europe, industrial investments have still remained at a relatively low level. Instead, growth has continued strong especially in Asia. Due to the global growth in the electronics industry, there have been some problems in the availability of electronic components. NET SALES AND FINANCIAL PERFORMANCE April-June 2010 Consolidated net sales from April-June amounted to EUR 81.0 million (EUR 45.8 million), up 76.7% on the same period a year earlier. Consolidated operating profit totalled EUR 7.6 million (EUR 5.6 million negative), accounting for 9.4% of net sales (12.2% negative). No non-recurring expenses were reported during the report period, while EUR 4.8 million in non-recurring expenses were reported in the comparison period. Depreciation amounted to EUR 2.7 million (EUR 2.8 million). Financial items were EUR 2.9 million negative (EUR 1.1 million). In addition to EUR 0.3 million interest expenses, a translation loss of EUR 0.4 million related to the translation of subsidiaries' financial statements, as well as exchange rate losses caused mainly by Group's internal liabilities totalling EUR 2.2 million have been entered into the financial items. Profit before taxes was EUR 4.7 million (EUR 4.5 million negative). Profit for the report period totalled EUR 4.2 million (EUR 4.1 million negative). Diluted earnings per share were EUR 0.24 (EUR 0.25 negative). January-June 2010 Consolidated net sales from January-June amounted to EUR 141.8 million (EUR 99.6 million), up 42.4% on the same period a year earlier. Consolidated operating profit totalled EUR 10.4 million (EUR 5.5 million negative), accounting for 7.3% of net sales (5.5% negative). The result was burdened by EUR 0.6 million (EUR 4.8 million) in non-recurring rationalisation expenses. Depreciation amounted to EUR 5.5 million (EUR 5.5 million). Financial items were EUR 5.4 million negative (EUR 0.9 million negative). In addition to EUR 0.8 million interest expenses, a translation difference of EUR 1.6 million related to the translation of subsidiaries' financial statements as well as exchange rate losses caused mainly of Group's internal liabilities totalling EUR 3.0 million have been entered into the financial items. Profit before taxes was EUR 5.0 million (EUR 6.4 million negative). Profit for the report period totalled EUR 4.4 million (EUR 7.4 million negative). Diluted earnings per share were EUR 0.25 (EUR 0.45 negative). Net sales generated by the Wiring Harness business in the report period amounted to EUR 109.8 million (EUR 74.8 million), or 46.8% more than in the comparison period. The segment's share of the consolidated net sales was 77.4% (75.1%). It generated an operating profit of EUR 9.0 million (EUR 6.9 million negative), equivalent to 8.2% of the segment's net sales (9.2% negative). The result of the Wiring Harness business in the first half was burdened in total by EUR 0.6 million in non-recurring rationalisation expenses. Net sales generated by the Electronics business increased by 29.3% to EUR 32.0 million (EUR 24.8 million). The segment's share of the consolidated net sales was 22.6% (24.9%). It generated an operating profit of EUR 2.4 million (EUR 1.4 million), equivalent to 7.5% of the segment's net sales (5.6%). BALANCE SHEET AND FINANCING Consolidated total assets at 30 June 2010 amounted to EUR 184.7 million (EUR 160.3 million). Interest-bearing liabilities totalled EUR 44.7 million at the close of the report period (EUR 52.8 million). The Group's equity ratio was 47.7% (42.5%). Net liabilities totalled EUR 37.1 million (EUR 33.5 million) and the gearing was 42.1% (49.1%). Inventories amounted to EUR 44.5 million (EUR 36.1 million). Current receivables totalled EUR 66.5 million (EUR 47.4 million). Cash flows after investments during the report period were EUR 3.2 million negative (EUR 27.4 million). Cash in hand and at the bank amounted to EUR 7.6 million (EUR 19.4 million). In order to ensure financing flexibility, PKC has available financing and credit facilities. CAPITAL EXPENDITURE During the report period, the Group's gross capital expenditure totalled EUR 3.3 million (EUR 2.0 million), representing 2.4% of net sales (2.0%). The capital expenditure consisted mostly of the acquisition of production machinery and equipment. RESEARCH & DEVELOPMENT Research and development costs totalled EUR 2.8 million (EUR 2.9 million), representing 2.0% (2.9%) of the consolidated net sales. At the end of the report period, 114 (113) people worked in product development. PERSONNEL During the report period, the Group had an average payroll of 4,568 employees (4,768). At the end of the report period, the Group's personnel numbered 5,076 employees (4,320), of whom 4,554 (3,677) worked abroad and 522 (643) in Finland. As a result of the co-determination negotiations concluded in March 2010, it was decided to lay off a total of 45 persons from PKC Wiring Systems Oy. Non-recurring costs arising from layoffs were recorded during the first half to the total amount of EUR 0.6 million. PKC Group Oyj's subsidiary, PKC Wiring Systems Oy, has after the end of the report period on 3 August 2010 finalised the co-determination negotiations in Kempele wiring harness unit. As a result of the negotiations the need for personnel cuts was specified to 31 persons. Personnel cuts lead to approx. EUR 0.5 million in non-recurring expenses for the third quarter on this year. QUALITY AND THE ENVIRONMENT The Group's Wiring Harness business is, with the exception of the unit in Poland, certified in accordance with the ISO/TS16949 quality standard for the automotive industry. All wiring harness business units are certified in accordance with the requirements of the ISO9001 quality standard as well as of the ISO14001 environmental standard. The Brazil production unit also has certification in accordance with the OHSAS 18001 occupational health and safety management system standard. The building of the ISO/TS16949 system in Poland is progressing according to plan and the certification audit has been completed in June. The certificate will be received after the report period. The Group's Electronic business is certified in accordance with the requirements of the ISO9001 and ISO14001 standards. In addition, the Finnish Raahe factory is certified in conformity with the ISO/TS16949 automotive industry quality standard. With regard to the units in China and Russia, preparation for certification of the ISO/TS16949 quality system has continued according to plan, and the certification process shall be completed during the current year. Best Quality Practices are a part of PKC's strategy, and they enable the close participation of each employee in daily quality work and the continuous improvement of quality. Best quality practices also include Six Sigma, use of which is been increased in the Wiring Harness business in the implementation of strategically important development projects. Indicators measuring the effectiveness of processes in Wiring Harness business have been developed and standardised to improve the monitoring of operations. Indicators act as tools for continuous improvement and this improves further the quality management in Group level. MANAGEMENT The Annual General Meeting held on 31 March 2010,re-elected Outi Lampela, Endel Palla, Olli Pohjanvirta, Matti Ruotsala and Jyrki Tähtinen as Board members, and Matti Hyytiäinen as a new member. In the Board's organisation meeting, Matti Ruotsala was elected as Chairman of the Board with Jyrki Tähtinen as Vice-Chairman. Outi Lampela was elected as chairman of the Audit Committee with Matti Hyytiäinen and Olli Pohjanvirta as its members. The Board of Directors also established a Nomination Committee, which shall prepare the matters pertaining to the nomination and remuneration of directors and elected Matti Ruotsala as chairman of the Nomination Committee and Endel Palla and Jyrki Tähtinen as members. Authorised public accounting firm KPMG Oy Ab, which has announced Virpi Halonen, APA, to be the Auditor with principal responsibility, was selected as auditor. Since 15 March 2010 the Group's Executive Board has consisted of the following persons: Harri Suutari, Chairman (President and CEO); Harri Ojala (President, Wiring Harnesses); Jarmo Rajala (President, Electronics); Sanna Raatikainen (General Counsel); Marja Sarajärvi (CFO); and Jarkko Kariniemi (Director, HR and Risk Management). DIVIDEND FOR 2009 The Annual General Meeting held on 31 March 2010 resolved to pay a dividend of EUR 0.40 per share i.e. a total of about EUR 7.1 million. The dividend was paid out on 14 April 2010. SHARE TURNOVER AND SHAREHOLDERS PKC Group Oyj's share turnover on NASDAQ OMX Helsinki Ltd from 1 January to 30 June 2010 was 6,712,107 shares (4,436,698 shares), representing 37.7% of the average number of shares (25.0%). Shares were traded to a total value of EUR 65.0 million (EUR 15.8 million). The lowest share value during the report period was EUR 6.55 (EUR 2.70) and the highest EUR 11.90 (EUR 4.44). The closing price on the last trading day of the report period was EUR 10.87 (EUR 3.60) and the average price during the period was EUR 10.69 (EUR 3.59). The company's market capitalisation at 30 June 2010 was EUR 193.3 million (EUR 64.0 million). The share of votes and share capital in PKC Group Oyj held by Jorma Takanen has fallen below the limit of one twentieth (1/20) on 23 April 2010, after which Jorma Takanen owned 807,598 shares i.e. 4.54% of shares and votes. The shares held by Board members, their closely associated persons and corporations in which they have a controlling interest accounted for 2.4% (2.0%) of the total number of shares at the end of the report period. PKC Group Oyj had a total of 6,853 shareholders (7,707) at the end of the report period. The shares held by foreigners and by way of nominee registrations at the close of the report period totalled 15.5% of the share capital (16.3%). THE BOARD'S AUTHORISATIONS The Board of Directors was granted authorisation by the Annual General Meeting on 29 March 2007 to decide on one or more share issues and the granting of special rights as defined in Chapter 10, Section 1 of the Companies Act and on all the terms and conditions thereof. A maximum total of 3,500,000 shares may be issued, or subscribed for on the basis of the authorisation. The authorisation includes the right to decide on a directed share issue and shall remain in force for five years from the date of the resolution of the Annual General Meeting. The authorisation may be used at the Board's discretion for financing corporate acquisitions, for carrying out inter-company co-operation or similar arrangements, or for strengthening the company's financing and capital structure. The Board of Directors does not possess a valid authorisation to acquire company's own shares, and the company does not have any own shares (treasury shares) in its possession. STOCK OPTION SCHEMES The stock option scheme initiated in 2006, comprises a total of 697,500 options divided into A, B and C warrants. At the close of the report period, the key personnel held a total of 202,500 2006A warrants, 232,500 2006B warrants and 262,500 2006C warrants. The share subscription price for the 2006 stock options is the volume-weighted average price of the PKC Group Oyj share on NASDAQ OMX Helsinki, with dividend adjustments, as defined in the stock option terms (at present, EUR 10.09 for the 2006A, 2006B and 2006C warrants). Through the exercise of the 2006 stock options, the share capital of PKC Group Oyj may be increased by a maximum total of 697,500 new shares and EUR 234,673.67. The share subscription period is for 2006A warrants 1 April 2009 - 30 April 2011, for 2006B warrants 1 April 2010 - 30 April 2012, and for 2006C warrants 1 April 2011 - 30 April 2013. The 2006 stock options are subject to a share ownership plan. Key personnel are obliged to subscribe for or purchase the company's shares with 20% of the gross income earned from stock options and to own these shares for two years. The company's President and CEO is obliged to own these shares for the duration of his managerial contract. The Annual General Meeting held on 27 March 2009 decided to issue stock options to key personnel in the company and its subsidiaries. The maximum total number of stock options issued is 600,000 and they are divided into A, B and C warrants. At the close of the report period, the group's key personnel held a total of 200,000 2009A and 200,000 2009B warrants. The subscription price for shares through the exercise of the 2009 stock options is the volume-weighted average price of the PKC Group Oyj share on NASDAQ OMX Helsinki for April 2009, 2010 and 2011 + 20% with dividend adjustments, (at present, EUR 3.45 for the 2009A warrants and EUR 13,26 for the 2009B warrants). The subscription price for shares will be recorded in the invested non-restricted equity fund. The stock options entitle their owners to subscribe for a maximum total of 600,000 new shares in the company or existing shares held by the company. The share subscription period for 2009A warrants is 1 April 2012 — 30 April 2014, for 2009B warrants 1 April 2013 — 30 April 2015 and for 2009C warrants 1 April 2014 — 30 April 2016. The 2009 stock options are subject to a share ownership plan. Key personnel are obliged to subscribe for or purchase the company's shares with 20% of the gross income earned from stock options and to own these shares for two years. The company's President and CEO is obliged to own these shares for the duration of his managerial contract. SHORT-TERM RISKS AND UNCERTAINTIES The post recession growth has started on all our main markets. The continuation of growth requires positive and stable increase of Pan European national income. The potential weakening in the value of the euro may raise PKC's euro-denominated processing and component costs and increase financial expenses caused by translation differences. Component availability-related problems have increased in the beginning of the year and may continue during the end of the year. The principles, objectives and organisation of the company's risk management as well as key risk areas are described in the risk management section of the Corporate Governance guidelines, which are available on the company's website at www.pkcgroup.com. OUTLOOK FOR THE FUTURE There is cautious optimism in the European truck market. Signs of recovery in the market are reflected in the fact that in the first half of the year there was a significant increase in orders for new trucks received by our main customers in Europe and Latin America in comparison to the same period a year earlier. We estimate that demand for electronics design and manufacturing services in the market will strengthen compared with last year. We predict that the full-year net sales will increase and that the operating profit before non-recurring items will improve substantially on the previous year. We also estimate that net sales and operating profit before non-recurring items during the latter part of the year shall further improve from the level of the first half of the year. PKC's balance sheet, liquidity and good customer relationships will enable improvement in PKC's relative competitive position. The quarterly figures have not been audited. This interim report has been prepared in accordance with IAS 34 standard. The interim report has been prepared in accordance with the same principles as the annual financial statements for 2009. The year 2010 IFRS standard changes have not had any effect. TABLES -------------------------------------------------------------------------------- | CONSOLIDATED STATEMENT OF | 4-6/1 | 4-6/09 | 1-6/10 | 1-6/09 | 1-12/09 | | COMPREHENSIVE INCOME (EUR | 0 3 | 3 mon. | 6 mon. | 6 mon. | 12 mon. | | 1,000) | mon. | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NET SALES | 81,00 | 45,831 | 141,839 | 99,582 | 201,814 | | | 5 | | | | |-------------------------------------------------------------------------------- | Other operating income | 1,070 | 521 | 1,626 | 1,103 | 2,253 | -------------------------------------------------------------------------------- | Increase (+) / decrease (-) | 566 | -1,438 | 249 | -7,993 | -9,319 | | in stocks of finished goods | | | | | | | and work in progress | | | | | | -------------------------------------------------------------------------------- | Materials and services | 48,20 | 24,797 | 83,092 | 51,440 | 106,346 | | | 5 | | | | | -------------------------------------------------------------------------------- | Employee benefits expenses | 16,67 | 15,005 | 31,144 | 28,285 | 53,384 | | | 6 | | | | | -------------------------------------------------------------------------------- | Depreciation | 2,692 | 2,775 | 5,459 | 5,474 | 10,982 | -------------------------------------------------------------------------------- | Other operating expenses | 7,480 | 7,932 | 13,604 | 12,993 | 23,355 | -------------------------------------------------------------------------------- | OPERATING PROFIT/LOSS | 7,588 | -5,595 | 10,415 | -5,500 | 682 | -------------------------------------------------------------------------------- | Financial income | 1,856 | 1,731 | 4,323 | 6,770 | 8,078 | -------------------------------------------------------------------------------- | Financial expenses | -4,77 | -655 | -9,712 | -7,687 | -7,657 | | | 0 | | | | | -------------------------------------------------------------------------------- | PROFIT/LOSS BEFORE TAXES | 4,674 | -4,519 | 5,025 | -6,417 | 1,103 | -------------------------------------------------------------------------------- | Income tax | -482 | 403 | -587 | -951 | 1,246 | -------------------------------------------------------------------------------- | PROFIT/LOSS FOR THE REPORT | 4,192 | -4,117 | 4,438 | -7,368 | 2,349 | | PERIOD | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other comprehensive income: | | | | | | -------------------------------------------------------------------------------- | Exchange differences on | 4,232 | 141 | 11,830 | -466 | 443 | | translating foreign | | | | | | | operations | | | | | | -------------------------------------------------------------------------------- | Total comprehensive income | 8,424 | -3,975 | 16,268 | -7,834 | 2,792 | | for the period: | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | From profit/loss attributable | | | | | | | to shareholders of the parent | | | | | | | company | | | | | | -------------------------------------------------------------------------------- | Basic earnings per share | 0.24 | -0.23 | 0.25 | -0.41 | 0.13 | | (EPS), EUR | | | | | | -------------------------------------------------------------------------------- | Diluted earnings per share | 0.24 | -0.25 | 0.25 | -0.45 | 0.14 | | (EPS), EUR | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED STATEMENT OF FINANCIAL | 6/10 | 6/09 | 12/09 | | POSITION (EUR 1,000) | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | ASSETS | | | | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | | | | -------------------------------------------------------------------------------- | Goodwill | 15,159 | 8,877 | 13,794 | -------------------------------------------------------------------------------- | Other intangible assets | 10,579 | 13,432 | 11,955 | -------------------------------------------------------------------------------- | Tangible assets | 35,115 | 32,782 | 34,378 | -------------------------------------------------------------------------------- | Deferred tax assets | 5,166 | 2,311 | 4,804 | -------------------------------------------------------------------------------- | Other receivables | 55 | 102 | 64 | -------------------------------------------------------------------------------- | Non-current assets total | 66,074 | 57,504 | 64,995 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CURRENT ASSSETS | | | | -------------------------------------------------------------------------------- | Inventory | 44,461 | 36,102 | 36,066 | -------------------------------------------------------------------------------- | Receivables | | | | -------------------------------------------------------------------------------- | Trade receivables | 54,667 | 35,715 | 35,170 | -------------------------------------------------------------------------------- | Other receivables | 11,870 | 11,647 | 8,291 | -------------------------------------------------------------------------------- | Receivables total | 66,537 | 47,361 | 43,460 | -------------------------------------------------------------------------------- | Cash and cash equivalents | 7,641 | 19,354 | 15,326 | -------------------------------------------------------------------------------- | Current assets total | 118,639 | 102,817 | 94,852 | -------------------------------------------------------------------------------- | ASSETS TOTAL | 184,713 | 160,321 | 159,847 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | | -------------------------------------------------------------------------------- | EQUITY | | | | -------------------------------------------------------------------------------- | Share capital | 5,983 | 5,983 | 5,983 | -------------------------------------------------------------------------------- | Share premium account | 4,862 | 4,862 | 4,862 | -------------------------------------------------------------------------------- | Reserve fund | 368 | 370 | 370 | -------------------------------------------------------------------------------- | Translation difference | 1,074 | -2,171 | -1,253 | -------------------------------------------------------------------------------- | Share-based payments | 1,312 | 915 | 1,052 | -------------------------------------------------------------------------------- | Retained earnings | 70,003 | 65,591 | 65,263 | -------------------------------------------------------------------------------- | Profit/loss for the report period | 4,438 | -7,368 | 2,349 | -------------------------------------------------------------------------------- | EQUITY TOTAL | 88,039 | 68,182 | 78,626 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LIABILITIES | | | | -------------------------------------------------------------------------------- | Non-current liabilities | | | | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 30,146 | 34,269 | 34,630 | -------------------------------------------------------------------------------- | Non-interest-bearing liabilities | | | | -------------------------------------------------------------------------------- | Provisions | 420 | 390 | 376 | -------------------------------------------------------------------------------- | Deferred tax liabilities | 2,202 | 3,338 | 3,103 | -------------------------------------------------------------------------------- | Non-current liabilities total | 32,768 | 37,997 | 38,110 | -------------------------------------------------------------------------------- | Current liabilities | | | | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 14,580 | 18,559 | 8,940 | -------------------------------------------------------------------------------- | Trade payables | 28,433 | 17,679 | 16,059 | -------------------------------------------------------------------------------- | Other non-interest-bearing liabilities | 20,893 | 17,905 | 18,112 | -------------------------------------------------------------------------------- | Current liabilities total | 63,905 | 54,143 | 43,111 | -------------------------------------------------------------------------------- | Liabilities total | 96,673 | 92,140 | 81,221 | -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES TOTAL | 184,713 | 160,321 | 159,847 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED STATEMENT OF CASH FLOWS | 1-6/10 6 | 1-6/09 6 | 1-12/09 12 | | (EUR 1,000) | mon. | mon. | mon. | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flows from operating activities | | | | -------------------------------------------------------------------------------- | Cash receipts from customers | 123,285 | 109,196 | 210,096 | -------------------------------------------------------------------------------- | Cash receipts from other operating | 1,212 | 1,060 | 2,693 | | activities | | | | -------------------------------------------------------------------------------- | Cash paid to suppliers and employees | -122,802 | -78,484 | -162,586 | -------------------------------------------------------------------------------- | Cash flows from operations before | 1,695 | 31,772 | 50,203 | | financial income and expenses and | | | | | taxes | | | | -------------------------------------------------------------------------------- | Interest paid | -736 | 131 | 2,461 | -------------------------------------------------------------------------------- | Translation difference | 1,139 | 320 | -434 | -------------------------------------------------------------------------------- | Interest received and other financial | -136 | -1,680 | -7,629 | | income | | | | -------------------------------------------------------------------------------- | Income taxes paid | -2,468 | -699 | -2,817 | -------------------------------------------------------------------------------- | Net cash from operating activities | -506 | 29,844 | 41,784 | | (A) | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flows from investing activities | | | | -------------------------------------------------------------------------------- | Purchase of tangible and intangible | -3,260 | -2,008 | -3,989 | | assets | | | | -------------------------------------------------------------------------------- | Proceeds from sale of tangible and | 615 | 43 | 253 | | intangible assets | | | | -------------------------------------------------------------------------------- | Investments | 0 | -485 | -453 | -------------------------------------------------------------------------------- | Loans granted | -1 | -2 | -2 | -------------------------------------------------------------------------------- | Amortisations of loan received | 1 | 2 | 38 | -------------------------------------------------------------------------------- | Net cash flow from investing | -2,644 | -2,450 | -4,153 | | activities (B) | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flows after investments | -3,150 | 27,394 | 37,632 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flows from financing activities | | | | -------------------------------------------------------------------------------- | Drawing of credits | 6,101 | 0 | 0 | -------------------------------------------------------------------------------- | Amortisations of credits | -4,963 | -17,813 | -32,723 | -------------------------------------------------------------------------------- | Dividends paid | -7,113 | -2,694 | -2,709 | -------------------------------------------------------------------------------- | Net cash used in financing activities | -5,975 | -20,507 | -35,432 | | (C) | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net increase (+) or decrease (-) in | -9,125 | 6,887 | 2,199 | | cash and equivalents (A+B+C) | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash and cash equivalents in the | 15,378 | 12,434 | 12,434 | | beginning of the period | | | | -------------------------------------------------------------------------------- | Translation difference in cash and | 1,388 | 32 | 692 | | cash equivalents | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents in the end | 7,641 | 19,354 | 15,326 | | of the period | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KEY FINANCIAL INDICATORS | 1-6/10 6 | 1-6/09 6 | 1-12/09 12 | | | mon. | mon. | mon. | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales, EUR 1,000 | 141,839 | 99,582 | 201,814 | -------------------------------------------------------------------------------- | Operating profit/loss, EUR 1,000 | 10,415 | -5,500 | 682 | -------------------------------------------------------------------------------- | % of net sales | 7.3 | -5.5 | 0.3 | -------------------------------------------------------------------------------- | Profit/loss before taxes, EUR 1,000 | 5,025 | -6,417 | 1,103 | -------------------------------------------------------------------------------- | % of net sales | 3.5 | -6.4 | 0.5 | -------------------------------------------------------------------------------- | Net profit/loss for the period, EUR | 4,438 | -7,368 | 2,349 | | 1,000 | | | | -------------------------------------------------------------------------------- | % of net sales | 3.1 | -7.4 | 1.2 | -------------------------------------------------------------------------------- | Return on equity (ROE), % | 10.7 | -20.1 | 3.0 | -------------------------------------------------------------------------------- | Return on investments (ROI), % | 23.8 | 1.9 | 6.4 | -------------------------------------------------------------------------------- | Net liabilities, EUR 1,000 | 37,085 | 33,474 | 28,245 | -------------------------------------------------------------------------------- | Gearing, % | 42.1 | 49.1 | 35.9 | -------------------------------------------------------------------------------- | Equity ratio, % | 47.7 | 42.5 | 49.2 | -------------------------------------------------------------------------------- | Current ratio | 1.9 | 1.9 | 2.2 | -------------------------------------------------------------------------------- | Gross capital expenditure, EUR 1,000 | 3,335 | 2,000 | 3,894 | -------------------------------------------------------------------------------- | % of net sales | 2.4 | 2.0 | 1.9 | -------------------------------------------------------------------------------- | R&D expenditures, EUR 1,000 | 2,826 | 2,884 | 5,518 | -------------------------------------------------------------------------------- | % of net sales | 2.0 | 2.9 | 2.7 | -------------------------------------------------------------------------------- | Personnel average | 4,568 | 4,768 | 4,478 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | PER-SHARE KEY INDICATORS | 1-6/10 6 | 1-6/09 6 | 1-12/09 12 | | | mon. | mon. | mon. | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share (EPS), EUR | 0.25 | -0.41 | 0.13 | -------------------------------------------------------------------------------- | Earnings per share (EPS),diluted, EUR | 0.25 | -0.45 | 0.14 | -------------------------------------------------------------------------------- | Equity per share, EUR | 4.95 | 3.83 | 4.42 | -------------------------------------------------------------------------------- | Share price at close of period, EUR | 10.87 | 3.60 | 6.60 | -------------------------------------------------------------------------------- | Lowest share price, EUR | 6.55 | 2.70 | 2.70 | -------------------------------------------------------------------------------- | Highest share price, EUR | 11.90 | 4.44 | 6.83 | -------------------------------------------------------------------------------- | Average share price, EUR | 9.69 | 3.59 | 4.38 | -------------------------------------------------------------------------------- | Turnover in shares, 1,000 shares | 6,712 | 4,437 | 8,655 | -------------------------------------------------------------------------------- | Turnover in shares per (share issue | 37.7 | 25.0 | 48.7 | | adjusted) share capital, % | | | | -------------------------------------------------------------------------------- | Average number of shares, 1,000 shares | 17,782 | 17,782 | 17,782 | -------------------------------------------------------------------------------- | Average number of shares, diluted, | 17,816 | 16,442 | 16,690 | | 1,000 shares | | | | -------------------------------------------------------------------------------- | Shares at end of period, 1,000 shares | 17,782 | 17,782 | 17,782 | -------------------------------------------------------------------------------- | Market capitalisation, EUR 1,000 | 193,285 | 64,013 | 117,358 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 1. SEGMENT INFORMATION | | | | | -------------------------------------------------------------------------------- | 1.1.-30.6.2010 (EUR 1,000) | Wiring | Electronics | Unallocated | Group | | | Harness | | and | Total | | | | | elimination | | | | | | s | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Sales to external customers | 109,807 | 32,032 | | 141,839 | -------------------------------------------------------------------------------- | Sales to other segment | 956 | 133 | -1,089 | 0 | -------------------------------------------------------------------------------- | Net sales | 110,763 | 32,167 | -1,089 | 141,841 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating profit /loss | 9,617 | 2,404 | -960 | 11,061 | | before non-recurring | | | | | | expenses | | | | | -------------------------------------------------------------------------------- | % of net sales | 8.8 | 7.5 | | 7.8 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-recurring employee | 646 | | | 646 | | benefits expenses | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating profit/loss | 8,971 | 2,404 | -960 | 10,415 | -------------------------------------------------------------------------------- | % of net sales | 8.2 | 7.5 | | 7.3 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Segments assets | 123,840 | 46,710 | 8,998 | 179,547 | -------------------------------------------------------------------------------- | Unallocated assets *) | | | 5,166 | 5,166 | -------------------------------------------------------------------------------- | Assets total | 123,840 | 46,710 | 14,164 | 184,713 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | * Segments assets do not include deferred taxes | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 1.1.-30.6.2009 (EUR 1,000) | Wiring | Electronics | Unallocated | Group | | | Harness | | and | Total | | | | | elimination | | | | | | s | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Sales to external customers | 74,804 | 24,778 | | 99,582 | -------------------------------------------------------------------------------- | Sales to other segment | 67 | 20 | -87 | 0 | -------------------------------------------------------------------------------- | Net sales | 74,871 | 24,798 | -87 | 99,582 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating profit /loss | -2,074 | 1,377 | | -698 | | before non-recurring | | | | | | expenses | | | | | -------------------------------------------------------------------------------- | % of net sales | -2.8 | 5.6 | | -0.7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-recurring employee | 2,348 | | | 2,348 | | benefits expenses | | | | | -------------------------------------------------------------------------------- | Non-recurring other | 2,454 | | | 2,454 | | operating expenses | | | | | -------------------------------------------------------------------------------- | Non-recurring expenses total | 4,802 | | | 4,802 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating profit/loss | -6,876 | 1,377 | | -5,500 | -------------------------------------------------------------------------------- | % of net sales | -9.2 | 5.6 | | -5.5 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Segments assets | 118,842 | 39,191 | | 158,033 | -------------------------------------------------------------------------------- | Unallocated assets *) | | | 2,288 | 2,288 | -------------------------------------------------------------------------------- | Assets total | 118,842 | 39,191 | 2,288 | 160,321 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | * Segments assets do not include deferred taxes | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 1.1.-31.12.2009 (EUR 1,000) | Wiring | Electronics | Unallocated | Group | | | Harness | | and | Total | | | | | elimination | | | | | | s | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Sales to external customers | 149,316 | 52,497 | | 201,813 | -------------------------------------------------------------------------------- | Sales to other segment | 227 | 107 | -334 | 0 | -------------------------------------------------------------------------------- | Net sales | 149,543 | 52,604 | -334 | 201,813 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating profit /loss | 492 | 4,575 | | 5,068 | | before non-recurring | | | | | | expenses | | | | | -------------------------------------------------------------------------------- | % of net sales | 0.3 | 8.7 | | 2.5 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-recurring employee | 2,033 | | | 2,033 | | benefits expenses | | | | | -------------------------------------------------------------------------------- | Non-recurring other | 2,353 | | | 2,353 | | operating expenses | | | | | -------------------------------------------------------------------------------- | Non-recurring expenses total | 4,386 | | | 4,386 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating profit/loss | -3,894 | 4,575 | | 682 | -------------------------------------------------------------------------------- | % of net sales | -2.6 | 8.7 | | 0.3 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Segments assets | 100,191 | 43,706 | 11,146 | 155,043 | -------------------------------------------------------------------------------- | Unallocated assets *) | | | 4,804 | 4,804 | -------------------------------------------------------------------------------- | Assets total | 100,191 | 43,706 | 15,950 | 159,847 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | * Segments assets do not include deferred taxes | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NET SALES BY GEOGRAPHICAL | 4-6/1 | 4-6/09 | 1-6/10 | 1-6/09 | 1-12/09 | | SEGMENTS (EUR 1,000) | 0 3 | 3 mon. | 6 mon. | 6 mon. | 12 mon. | | | mon. | | | | | -------------------------------------------------------------------------------- | Finland | 13,16 | 9,810 | 23,988 | 20,362 | 40,494 | | | 9 | | | | | -------------------------------------------------------------------------------- | Other Europe | 38,38 | 23,269 | 67,719 | 52,172 | 99,928 | | | 0 | | | | | -------------------------------------------------------------------------------- | North America | 5,889 | 4,798 | 10,804 | 9,658 | 18,870 | -------------------------------------------------------------------------------- | South America | 14,73 | 4,492 | 26,590 | 9,745 | 26,526 | | | 5 | | | | | -------------------------------------------------------------------------------- | Other Countries | 8,831 | 3,462 | 12,738 | 7,645 | 15,995 | -------------------------------------------------------------------------------- | Total | 81,00 | 45,831 | 141,839 | 99,582 | 201,814 | | | 5 | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 2. RECONCILIATION OF EQUITY | | | | | | | | (EUR MILLION) | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | A = Share Capital | | | | | | | -------------------------------------------------------------------------------- | B = Share premium account | | | | | | | -------------------------------------------------------------------------------- | C = Fair value and other | | | | | | | | reserves | | | | | | | -------------------------------------------------------------------------------- | D = Retained earnings | | | | | | | -------------------------------------------------------------------------------- | E = Non-controlling interest | | | | | | | -------------------------------------------------------------------------------- | F = Total equity | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | A | B | C | D | E | F | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders' equity 1.1.2009 | 6.0 | 4.9 | 0.4 | 67.1 | 0.3 | 78.6 | -------------------------------------------------------------------------------- | Profit/loss for the period | 0.0 | 0.0 | 0.0 | -7.4 | 0.0 | -7.4 | -------------------------------------------------------------------------------- | Dividends | 0.0 | 0.0 | 0.0 | -2.7 | 0.0 | -2.7 | -------------------------------------------------------------------------------- | Comprehensive income for the | 0.0 | 0.0 | 0.0 | -0.4 | 0.0 | -0.4 | | period | | | | | | | -------------------------------------------------------------------------------- | Other changes | 0.0 | 0.0 | 0.0 | 0.3 | -0.3 | 0.0 | -------------------------------------------------------------------------------- | Shareholders' equity | 6.0 | 4.9 | 0.4 | 56.9 | 0.0 | 68.2 | | 30.6.2009 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders' equity 1.1.2010 | 6.0 | 4.9 | 0.4 | 67.4 | 0.0 | 78.6 | -------------------------------------------------------------------------------- | Profit/loss for the period | 0.0 | 0.0 | 0.0 | 4.4 | 0.0 | 4.4 | -------------------------------------------------------------------------------- | Dividends | 0.0 | 0.0 | 0.0 | -7.1 | 0.0 | -7.1 | -------------------------------------------------------------------------------- | Share-based payments | 0.0 | 0.0 | 0.0 | 0.3 | 0.0 | 0.3 | -------------------------------------------------------------------------------- | Comprehensive income for the | 0.0 | 0.0 | 0.0 | 11.8 | 0.0 | 11.8 | | period | | | | | | | -------------------------------------------------------------------------------- | Shareholders' equity | 6.0 | 4.9 | 0.4 | 76.8 | 0.0 | 88.0 | | 30.6.2010 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 3. TANGIBLE ASSETS (EUR 1,000) | 6/10 | 6/09 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Acquisition cost 1.1. | 73,772 | 75,526 | -------------------------------------------------------------------------------- | +/- Translation difference 1.1. | 1,033 | -14 | -------------------------------------------------------------------------------- | + Increases | 2,969 | 1,450 | -------------------------------------------------------------------------------- | - Decreases | -1,340 | -713 | -------------------------------------------------------------------------------- | Acquisition cost 30.6. | 76,434 | 76,249 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Accumulated depreciation 1.1. | 39,395 | 40,595 | -------------------------------------------------------------------------------- | +/- Translation difference 1.1. | -574 | -23 | -------------------------------------------------------------------------------- | - Accumulated depreciation of decreases | -1,106 | -743 | -------------------------------------------------------------------------------- | + Depreciation | 3,604 | 3,637 | -------------------------------------------------------------------------------- | Depreciation 30.6. | 41,319 | 43,466 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Book value 30.6. | 35,115 | 32,782 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 4. OTHER INTANGIBLE ASSETS (EUR 1,000) | 6/10 | 6/09 | -------------------------------------------------------------------------------- | Acquisition cost 1.1. | 37,167 | 32,227 | -------------------------------------------------------------------------------- | +/- Translation difference 1.1. | 1,175 | -693 | -------------------------------------------------------------------------------- | + Increases | 367 | 583 | -------------------------------------------------------------------------------- | - Decreases | -133 | -320 | -------------------------------------------------------------------------------- | Acquisition cost 30.6. | 38,576 | 31,796 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Accumulated depreciation 1.1. | 11,418 | 6,855 | -------------------------------------------------------------------------------- | +/- Translation difference 1.1. | -216 | 1,070 | -------------------------------------------------------------------------------- | - Accumulated depreciation of decreases | -132 | -204 | -------------------------------------------------------------------------------- | + Depreciation | 1,766 | 1,766 | -------------------------------------------------------------------------------- | Depreciation 30.6. | 12,837 | 9,488 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Book value 30.6. | 25,739 | 22,309 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 5. CONTINGENT LIABILITIES AT END OF | 6/10 | 6/09 | 12/09 | | | PERIOD (EUR 1,000) | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Leasing liabilities | 3,226 | 9,872 | 3,027 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Liabilities for derivate | | | | | | instruments | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Nominal values | | | | | -------------------------------------------------------------------------------- | Currency derivates | | | | | -------------------------------------------------------------------------------- | Forward agreements | 405 | 2,096 | 0 | | -------------------------------------------------------------------------------- | Copper derivates | | | | | -------------------------------------------------------------------------------- | Forward agreements | 1,548 | 873 | 1,187 | | -------------------------------------------------------------------------------- | Total | 1,952 | 2,969 | 1,187 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Fair values | | | | | -------------------------------------------------------------------------------- | Currency derivates | | | | | -------------------------------------------------------------------------------- | Forward agreements | 3 | -39 | 0 | | -------------------------------------------------------------------------------- | Copper derivates | | | | | -------------------------------------------------------------------------------- | Forward agreements | 0 | 0 | 83 | | -------------------------------------------------------------------------------- | Total | 3 | -39 | 83 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Currency and copper derivates are used only in hedging currency and copper | | risks. PKC Group does not apply hedge accounting to derivate instruments in | | accordance with IAS 39. Fair values of the derivates are entered directly in | | the income statement. | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 6. QUARTERLY KEY | 1-3/09 | 4-6/09 | 7-9/09 | 10-12/09 | 1-3/10 | 4-6/10 | | INDICATORS, | 3 mon. | 3 mon. | 3 mon. | 3 mon. | 3 mon. | 3 mon. | | CONSOLIDATED | | | | | | | -------------------------------------------------------------------------------- | Net sales, EUR | 53.8 | 45.8 | 46.8 | 55.4 | 60.8 | 81.0 | | million | | | | | | | -------------------------------------------------------------------------------- | Operating | 0.1 | -5.6 | 3.5 | 2.6 | 2.8 | 7.6 | | profit/loss, EUR | | | | | | | | million | | | | | | | -------------------------------------------------------------------------------- | % of net sales | 0.2 | -12.2 | 7.6 | 4.8 | 4.6 | 9.4 | -------------------------------------------------------------------------------- | Profit/loss | -1.9 | -4.5 | 5.7 | 1.8 | 0.4 | 4.7 | | before taxes, EUR | | | | | | | | million | | | | | | | -------------------------------------------------------------------------------- | % of net sales | -3.5 | -9.9 | 12.2 | 3.3 | 0.6 | 5.8 | -------------------------------------------------------------------------------- | Equity ratio, % | 42.9 | 42.5 | 46.7 | 49.2 | 46.1 | 47.7 | -------------------------------------------------------------------------------- | Earnings per | -0.20 | -0.25 | 0.39 | 0.19 | 0.01 | 0.24 | | share (EPS), | | | | | | | | diluted (EUR) | | | | | | | -------------------------------------------------------------------------------- | Shareholders | 4.05 | 3.83 | 4.20 | 4.42 | 4.47 | 4.95 | | equity per share, | | | | | | | | EUR | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | QUARTERLY KEY | | | | | | | | INDICATORS, | | | | | | | | WIRING HARNESSESS | | | | | | | -------------------------------------------------------------------------------- | Net sales, EUR | 41.7 | 33.1 | 34.2 | 40.3 | 45.7 | 64.1 | | million | | | | | | | -------------------------------------------------------------------------------- | Operating | -0.6 | -6.3 | 2.0 | 1.0 | 2.0 | 7.0 | | profit/loss, EUR | | | | | | | | million | | | | | | | -------------------------------------------------------------------------------- | % of net sales | -1.4 | -19.0 | 5.9 | 2.4 | 4.4 | 10.9 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | QUARTERLY KEY | | | | | | | | INDICATORS, | | | | | | | | ELECTRONICS | | | | | | | -------------------------------------------------------------------------------- | Net sales, EUR | 12.0 | 12.7 | 12.7 | 15.1 | 15.1 | 16.9 | | million | | | | | | | -------------------------------------------------------------------------------- | Operating | 0.7 | 0.7 | 1.5 | 1.7 | 1.3 | 1.1 | | profit/loss, EUR | | | | | | | | million | | | | | | | -------------------------------------------------------------------------------- | % of net sales | 5.7 | 5.4 | 12.2 | 12.2 | 8.6 | 6.5 | -------------------------------------------------------------------------------- CALCULATION OF INDICATORS Return on equity (ROE), % = 100 x (Profit/loss) / Shareholders' equity (average) Return on investments (ROI), % = 100 x (Profit before taxes + financial expenses (adjusted 12 months)) / Shareholders' equity + interest-bearing liabilities (average) Gearing, % = 100 x (Interest-bearing liabilities - cash in hand and at bank and investments) / Shareholders' equity + minority interest Equity ratio, % = 100 x (Shareholders' equity + minority interest) / Balance sheet total - advance payments received Quick ratio = Receivables and cash in hand and at bank / Current liabilities - advance payments received Current ratio Receivables and cash in hand and at bank + inventories / Current liabilities Earnings per share (EPS), EUR Profit/loss +/- minority interest / Average share issue-adjusted number of shares Shareholders' equity per share, EUR Shareholders' equity / Share issue-adjusted number of shares on the balance sheet date Market capitalisation Number of shares at the end of the financial period x the last trading price of the financial period All the future estimates and forecasts presented in this stock exchange release are based on the best current knowledge of the company's management. The estimates and forecasts contain certain elements of risk and uncertainty which, if they materialise, may lead to results that differ from present estimates. The main factors of uncertainty are related, among other things, to the general economic situation, the trend in the operating environment and the sector as well as the success of the Group's strategy. PKC GROUP OYJ Board of Directors Harri Suutari President and CEO For additional information, contact: Harri Suutari, President & CEO, PKC Group Oyj, +358 400 384 937 PRESS CONFERENCE A press conference on the Interim Report will be arranged for analysts and investors today, 5 August 2010, at 10.00 a.m., at the address World Trade Center, Aleksanterinkatu 17, meeting room 4, 2nd floor, Helsinki. DISTRIBUTION NASDAQ OMX Main media www.pkcgroup.com The PKC Group offers design and contract manufacturing services for wiring harnesses, cabling and electronics. The Group has production facilities in Finland, Brazil, China, Mexico, Poland, Estonia and Russia. The Group's net sales in 2009 totalled EUR 201.8 million. PKC Group Oyj is listed on NASDAQ OMX Helsinki Ltd.
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