2007-07-25 10:00:00 CEST
2007-07-25 10:00:00 CEST
REGULATED INFORMATION
Exel Oyj - Quarterly report
Exel Oyj Interim Report 1.1. - 30.6.2007
EXEL OYJ STOCK EXCHANGE RELEASE 25.7.2007 at 11.00 1 (12) EXEL INTERIM REPORT FOR 1 JANUARY - 30 JUNE 2007 Summary Group: - Net sales in the first six months rose to EUR 57.5 million, up 7.5 per cent over the corresponding period previous year - Net sales in the second quarter were EUR 28.7 (27.9) million - Operating profit in the first six months was EUR 6.2 (0.8) million or 10.8 (1.4) per cent of net sales - Operating profit in the second quarter was EUR 2.7 (0.2) million or 9.3 (0.6) per cent of net sales - Earnings per share in the first six months were EUR 0.36 (0.03), adjusted for full dilution - New management organization announced Industry - Continued slow sales of antenna profiles - Good development in other industrial segments - Signs of improved carbon fibre supply situation - Continued positive effects of the Pacific Composites integration Sport - Lower than anticipated sales and increased costs mainly due to sourcing problems CONSOLIDATED KEY FINANCIAL FIGURES (Figures are unaudited) -------------------------------------------------------------------------------- | | 1.4. - | 1.4. - | | 1.1. - | 1.1. | | 1.1. - | | | | | | | - | | | -------------------------------------------------------------------------------- | | 30.6. | 30.6. | Change | 30.6. | 30.6. | Change | 31.12. | -------------------------------------------------------------------------------- | EUR million | 2007 | 2006 | % | 2007 | 2006 | % | 2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 28.7 | 27.9 | 2.9 | 57.5 | 53.5 | 7.5 | 112.4 | -------------------------------------------------------------------------------- | Operating | 2.7 | 0.2 | 1,523. | 6.2 | 0.8 | 706.8 | 0.4 | | profit | | | 2 | | | | | -------------------------------------------------------------------------------- | % of net | 9.3 | 0.6 | | 10.8 | 1.4 | | 0.3 | | sales | | | | | | | | -------------------------------------------------------------------------------- | Profit for | 1.9 | 0.0 | | 4.3 | 0.3 | | -0.7 | | the period | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders' | 26.2 | 25.2 | 4.0 | 26.2 | 25.2 | 4.0 | 24.4 | | equity | | | | | | | | -------------------------------------------------------------------------------- | Net | 32.3 | 29.2 | 10.8 | 32.3 | 29.2 | 10.8 | 27.5 | | interest-bear | | | | | | | | | ing | | | | | | | | | liabilities | | | | | | | | -------------------------------------------------------------------------------- | Capital | 62.5 | 59.5 | 5.0 | 62.5 | 59.5 | 5.0 | 58.1 | | employed | | | | | | | | -------------------------------------------------------------------------------- | Return on | 29.5 | -0.3 | | 33.6 | 2.3 | | -2.9 | | equity, % | | | | | | | | -------------------------------------------------------------------------------- | Return on | 19.1 | 0.9 | | 22.0 | 3.1 | | 1.2 | | capital | | | | | | | | | employed, % | | | | | | | | -------------------------------------------------------------------------------- | Equity ratio, | 31,9 | 31.1 | | 31.9 | 31.1 | | 29.9 | | % | | | | | | | | -------------------------------------------------------------------------------- | Net gearing, | 123.5 | 115.9 | | 123.5 | 115.9 | | 112.8 | | % | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per | 0.16 | 0.00 | | 0.36 | 0.03 | | -0.06 | | share, EUR | | | | | | | | -------------------------------------------------------------------------------- | Earnings per | 0.16 | 0.00 | | 0.36 | 0.03 | | -0.06 | | share, EUR, | | | | | | | | | diluted | | | | | | | | -------------------------------------------------------------------------------- | Equity per | 2.20 | 2.12 | | 2.20 | 2.12 | | 2.05 | | share, EUR | | | | | | | | -------------------------------------------------------------------------------- IFRS REPORTING Exel has applied IFRS reporting since the beginning of 2005. This interim report has been prepared in accordance with the recognition and measurement principles of IFRS, which are the same as in the 2006 financial statements. NET SALES Exel's consolidated net sales for April-June grew by 2.9 per cent over the previous year to EUR 28.7 (27.9) million. Net sales for January-June grew by 7.5 per cent to EUR 57.5 (53.5) million. The major part of the growth is stemming from the acquisition of Pacific Composites, which was included in the consolidated financial statements as of 1 March 2006. The Sport Division's cross-country and alpine products suffered from the mild winter, stiff competition and sourcing problems. FINANCIAL PERFORMANCE Exel's operating profit for April-June increased to EUR 2.7 million, compared to EUR 0.2 million (including non-recurring items of EUR -0.4 million) the corresponding period last year. Operating profit for January-June increased to EUR 6.2 million (EUR 0.8 million, including non-recurring items of EUR -2.3 million). Operating profit as a percentage of net sales was 10.8 (1.4) per cent. The improvement of the operating profit has been a result of the restructuring measures taken in the problem units in 2006, especially Mäntyharju, Belgium and the German Sport unit, and the contribution of the Pacific Composites acquisition. The Group's net financial expenses were EUR 0.5 (0.5) million. The Group's pre-tax profit was EUR 5.7 (0.3) million, and profit for the reporting period totalled EUR 4.3 (0.3) million. BALANCE SHEET AND FINANCIAL POSITION The consolidated balance sheet total at the end of the reporting period stood at EUR 82.3 (81.0) million. At the end of the reporting period, equity was EUR 26.2 (25.2) million, and the equity ratio was 31.9 (31.1) per cent. Interest-bearing liabilities were EUR 36.3 (34.4) million, of which short-term liabilities accounted for EUR 10.5 (7.7) million. Net interest-bearing liabilities were EUR 32.3 (29.2) million, and the net gearing was 123.5 (115.9) per cent. The cash flow from business operations in the reporting period was EUR -2.2 (+3.2) million. The negative cash flow was mainly caused by increased inventory levels and lower trade payables. At the end of the reporting period, the Group had liquid assets of EUR 5.2 million, compared with EUR 6.2 million at the end of 2006. CAPITAL EXPENDITURE The Group's capital expenditure totalled EUR 1.2 (2.1) million, used mainly for maintenance and replacement purposes. During the period the Plastics business in Germany and one production building in Mäntyharju were sold. The value of the disposals was EUR 1.2 million in line with the capital expenditure made. PERSONNEL The number of people employed by the Exel Group on 30 June 2007 was 566 (668). Of these 256 (347) worked in Finland and 310 (300) abroad. The number of employees averaged 571 (588). The increase from last year outside Finland is mainly due to the acquisition of Pacific Composites. At the same time, there was a reduction of personnel due to the restructuring of the Sport activities and the divestment of Plastics operations in Germany. CHANGES IN GROUP STRUCTURE On 1 May 2007 Exel sold its Plastics operations which is focusing on extrusion technology and has operated under Exel GmbH in Rohrdorf, Germany. The operations were sold to a new established company, CPS GmbH. The company's net sales in 2006 were some EUR 2.9 million. 20 employees were transferred to the new company as old employees. By selling the Plastics operations Exel continues to concentrate on its core business operations, pultrusion and the production of composite products. The sale of the business did not impact the Exel Group profit. CHANGES IN THE MANAGEMENT As of 1 July 2007, the Industry Division was organized in two Business Areas: Europe and Asia/Pacific. Business Area Europe is headed by Vesa Korpimies. In addition, he will maintain his duties as Executive Vice President of the Exel Group. Business Area Asia/Pacific is headed by Grant Pearce who has been appointed Senior Vice President and member of the Management Group. A new function, Operations, has been established. It is headed by Callum Gough, at present Manager of Exel's UK/Belgium operations. He has been appointed acting Senior Vice President Operations and is as such member of Exel Management Group. Exel's Management Group has now the following members: Göran Jönsson, President & CEO; Vesa Korpimies, Executive Vice President and Business Area Manager Europe; Grant Pearce, Senior Vice President and Business Area Manager Asia/Pacific; Ilkka Silvanto, Senior Vice President and CFO and Callum Gough, acting Senior Vice President Operations. Tarmo Karhapää was appointed General Manager of Exel Industry Finland as of 1 July 2007. BUSINESS SEGMENTS The Group's operations are divided into two primary segments: the Industry Division and the Sport Division. The Industry Division includes all production activities in the company as from 1 January 2007. Therefore the Sport Industry business and Mäntyharju operations in Finland, which earlier was part of the Sport Division, were transferred to the Industry Division. The comparative divisional figures from 2006 have been changed correspondingly. Industry Division The Industry Division's key financial figures for the reporting period were as follows: -------------------------------------------------------------------------------- | | 1.4.- | 1.4. - | | 1.1. - | 1.1.- | | 1.1.- | -------------------------------------------------------------------------------- | | 30.6. | 30.6. | Change | 30.6. | 30.6. | Change | 31.12. | -------------------------------------------------------------------------------- | EUR million | 2007 | 2006 | % | 2007 | 2006 | % | 2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 27.6 | 26.9 | 2.6 | 54.3 | 50.0 | 8.6 | 105.0 | -------------------------------------------------------------------------------- | Operating | 4.5 | 2.1 | 113.1 | 8.8 | 4.2 | 109.8 | 9.0 | | profit | | | | | | | | -------------------------------------------------------------------------------- | % of net | 16.2 | 7.8 | | 16.1 | 8.4 | | 8.5 | | sales | | | | | | | | -------------------------------------------------------------------------------- | Average | 499 | 562 | -11.2 | 503 | 493 | 2.0 | 510 | | number of | | | | | | | | | personnel | | | | | | | | -------------------------------------------------------------------------------- The Industry Division's net sales increased to EUR 54.3 (50.0) million, up 8.6 per cent from the previous year. The transportation, energy and building/construction markets, in particular, were strong. Growth was mainly due to the acquisition of the Pacific Composites Group and new profile applications in the European units. The telecommunication segment continued to be slow. The profitability was good in all units. The Belgium operations, which experienced problems in 2006, turned around in 2007. In addition, the development in the Chinese unit has also been positive during the first six months. There are some signs of improvement in the carbon fibre situation. At present there is shortage only of some special types of carbon fibre. Operating profit grew by 110 per cent to EUR 8.8 million, up from 4.2 million (including EUR 1.9 million of non-recurring items) last year. This improvement in profitability was due to restructuring measures and productivity gains at the main factories and full half year impact from the Pacific Composites acquisition. The selling of a production building at Mäntyharju generated a book profit of EUR 0.3 million. Sport Division The Sport Division's key financial figures for the reporting period were as follows: -------------------------------------------------------------------------------- | | 1.4.- | 1.4. - | | 1.1. - | 1.1.- | | 1.1.- | -------------------------------------------------------------------------------- | | 30.6. | 30.6. | Change | 30.6. | 30.6. | Change | 31.12. | -------------------------------------------------------------------------------- | EUR million | 2007 | 2006 | % | 2007 | 2006 | % | 2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 2.2 | 3.9 | -44.6 | 5.9 | 9.8 | -40.0 | 19.3 | -------------------------------------------------------------------------------- | Operating | -1.8 | -1.9 | 7.9 | -2.5 | -3.5 | 29.3 | -9.4 | | profit | | | | | | | | -------------------------------------------------------------------------------- | % of net | -81.3 | -48.9 | | -41.8 | -35.5 | | -48.8 | | sales | | | | | | | | -------------------------------------------------------------------------------- | Average | 46 | 73 | -37.0 | 49 | 73 | -32.9 | 69 | | number of | | | | | | | | | personnel | | | | | | | | -------------------------------------------------------------------------------- The Sport Division's net sales in the first six months decreased by 40 per cent from EUR 9.8 million to EUR 5.9 million from the previous year, partly due to the mild winter, which also had a negative impact on reorders. In addition, Exel had delays in deliveries from its Chinese pole suppliers and in addition some major quality problems in conjunction with the production transfer. Therefore, sales ended up substantially lower than previous year. The Nordic Walking market in Germany, however, recovered slightly. The sales of floorball products developed well during the reporting period. The Sport Division's operating loss was EUR -2.5 million compared with -3.5 (-3.1 before non-recurring items) last year. To minimize the negative impact on sales due to delays, the transportation costs were higher than normal. In combination with cost to correct the quality issues the margins in the second quarter were weak. As a consequence of the low sales the inventories increased during the period. Corrective actions to improve logistics were taken and the delivery situation is improving. Also, reinforced quality assurance routines were implemented in China. New purchase routines were established with the target to better match the actual sales level. SHARES At the end of June, Exel's share capital was EUR 2,141,431.74 and the number of shares was 11,896,843. There were no changes in the share capital during the period. Based on the closing price in the reporting period, market capitalization totalled EUR 192.5 (148.2) million. SHARES TRADED ON THE OMX HELSINKI STOCK EXCHANGE During the reporting period 3,551,182 (3,319,387) shares were traded, accounting for 29.8 (28.2) per cent of the average number of outstanding shares. The highest share quotation during the reporting period was EUR 16.70 (15.13) and the lowest EUR 12.50 (10.80). The share price closed at EUR 16.18 (12.46). The average share price during the reporting period was EUR 14.05 (12.48). DISCLOSURES OF CHANGES IN HOLDINGS No shareholders´ disclosures of changes in holdings in the company were received by Exel. OUTLOOK The focus will remain on restoring the profitability of the Group. This is further underlined by the organizational changes that have been implemented in the primary business area, the Industry Division. The benefits from the Pacific Composites acquisition is expected to continue throughout the year. The antenna profile sales will most likely continue to be slow but the overall positive market development in other areas is expected to continue. The main concern is the Sport Division's poor profitability mainly caused by the sourcing problems from China. Corrective actions have been taken and it is expected that the situation will be improved during the second half of the year. The main risks in 2007 lie in market demand in certain Industry and Sport segments, especially Nordic Walking. Other risks are the increased inventories in the Sport Division and the sourcing from China. For the full year 2007, Exel expects the profit before taxes to improve compared with the 2006 result before taxes and non-recurring items. Vantaa, 25 July 2007 Exel plc Göran Jönsson Board of Directors President & CEO Further information: Mr. Göran Jönsson, President & CEO, tel. +46 708 430 110, or email goran.jonsson@exel.fi Mr. Ilkka Silvanto, CFO, tel. +358 50 598 9553, or email ilkka.silvanto@exel.fi DISTRIBUTION Helsinki Stock Exchange Main news media www.exel.net INTERIM REPORT 1.1. - 30.6.2007 CONSOLIDATED FINANCIAL STATEMENTS CONDENSED CONSOLIDATED INCOME STATEMENT, (unaudited) -------------------------------------------------------------------------------- | | 1.4.-3 | 1.4.-30 | Change | 1.1.-30 | 1.1-30. | Change | 1.1.-3 | | | 0.6. | .6. | | .6. | 6. | | 1.12. | -------------------------------------------------------------------------------- | | 2007 | 2006 | % | 2007 | 2006 | % | 2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 28,721 | 27,907 | 2.9 | 57,518 | 53,507 | 7.5 | 112,39 | | | | | | | | | 5 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other | 412 | 21 | 1,861. | 456 | 51 | 794.1 | 145 | | operating | | | 9 | | | | | | income | | | | | | | | -------------------------------------------------------------------------------- | Operating | -25,41 | -26,620 | 4.5 | -49,645 | -49,793 | 0.3 | -106,0 | | expenses | 4 | | | | | | 47 | -------------------------------------------------------------------------------- | Depreciati | -1,057 | -1,144 | 7.6 | -2,141 | -2,998 | 28.6 | -6,108 | | on and | | | | | | | | | impairment | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating | 2,662 | 164 | 1,532. | 6,188 | 767 | 706.8 | 386 | | profit | | | 2 | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net | -190 | -327 | 41.9 | -530 | -478 | -10.9 | -1,067 | | financial | | | | | | | | | items | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit | 2,472 | -162 | 1,625. | 5,658 | 290 | 1,851. | -681 | | before tax | | | 9 | | | 0 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Income | -526 | 144 | -465.3 | -1,408 | 15 | | -52 | | taxes | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit/los | 1,946 | -18 | | 4,250 | 305 | | -733 | | s for the | | | | | | | | | period | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Attributable to: | | | | | -------------------------------------------------------------------------------- | Equity | 1,946 | -13 | | 4,250 | 311 | | -724 | | holders of | | | | | | | | | the parent | | | | | | | | | company | | | | | | | | -------------------------------------------------------------------------------- | Minority | 0 | -4 | | 0 | -7 | | -10 | | interest | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings | 0.16 | 0.00 | | 0.36 | 0.03 | | -0.06 | | per share, | | | | | | | | | EUR | | | | | | | | -------------------------------------------------------------------------------- | Earnings | 0.16 | 0.00 | | 0.36 | 0.03 | | -0.06 | | per share, | | | | | | | | | EUR, | | | | | | | | | diluted | | | | | | | | -------------------------------------------------------------------------------- CONDENSED CONSOLIDATED BALANCE SHEET, EUR thousand -------------------------------------------------------------------------------- | | 30.6.2007 | 30.6.2006 | Change | 31.12.2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | ASSETS | | | | | -------------------------------------------------------------------------------- | Non-current assets | | | | -------------------------------------------------------------------------------- | Goodwill | 10,300 | 14,123 | -3,823 | 10,107 | -------------------------------------------------------------------------------- | Other intangible assets | 2,941 | 758 | 2,183 | 3,158 | -------------------------------------------------------------------------------- | Tangible assets | 18,010 | 20,045 | -2,035 | 18,766 | -------------------------------------------------------------------------------- | Deferred tax assets | 2,663 | 2,293 | 370 | 2,200 | -------------------------------------------------------------------------------- | Other non-current assets | 76 | 71 | 5 | 76 | -------------------------------------------------------------------------------- | Non-current assets total | 33,990 | 37,290 | -3,300 | 34,307 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Current assets | | | | -------------------------------------------------------------------------------- | Inventories | 23,142 | 20,550 | 2,592 | 19,975 | -------------------------------------------------------------------------------- | Trade and other receivables | 20,572 | 17,919 | 2,653 | 20,695 | -------------------------------------------------------------------------------- | Other liquid assets | 0 | 0 | 0 | 0 | -------------------------------------------------------------------------------- | Cash at bank and in hand | 3,986 | 5,205 | -1,219 | 6,199 | -------------------------------------------------------------------------------- | Current assets total | 47,700 | 43,674 | 4,026 | 46,869 | -------------------------------------------------------------------------------- | Non-current assets held for | 560 | 0 | 560 | 748 | | sale | | | | | -------------------------------------------------------------------------------- | Total assets | 82,250 | 80,964 | 1,286 | 81,924 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | -------------------------------------------------------------------------------- | Shareholders' equity | | | | -------------------------------------------------------------------------------- | Share capital | 2,141 | 2,141 | 0 | 2,141 | -------------------------------------------------------------------------------- | Share issue | 0 | 0 | 0 | 0 | -------------------------------------------------------------------------------- | Share premium reserve | 8,492 | 8,492 | 0 | 8,492 | -------------------------------------------------------------------------------- | Retained earnings | 11,295 | 14,222 | -2,927 | 14,453 | -------------------------------------------------------------------------------- | Profit for the period | 4,250 | 311 | 3,939 | -724 | -------------------------------------------------------------------------------- | Equity attributable to | 26,179 | 25,166 | 1,012 | 24,363 | | equity holders of the parent | | | | | | company | | | | | -------------------------------------------------------------------------------- | Minority share | 0 | 3 | -3 | 0 | -------------------------------------------------------------------------------- | Total equity | 26,179 | 25,169 | 1,010 | 24,363 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-current liabilities | | | | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 25,840 | 26,659 | -819 | 25,752 | -------------------------------------------------------------------------------- | Deferred tax liabilities | 695 | 1,049 | -354 | 1,091 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Current liabilities | | | | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 10,468 | 7,707 | 2,761 | 7,934 | -------------------------------------------------------------------------------- | Trade and other non-current | 19,069 | 20,379 | -1,310 | 22,782 | | liabilities | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total liabilities | 56,071 | 55,794 | 277 | 57,561 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total equity and liabilities | 82,250 | 80,964 | 1,287 | 81,924 | -------------------------------------------------------------------------------- STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY, EUR thousand -------------------------------------------------------------------------------- | | Share | Share | Share | Retaine | Minority | Total | | | | | premium | d | | | -------------------------------------------------------------------------------- | | Capital | Issue | Reserve | Earning | Interest | | | | | | | s | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Balance at 1 | 2,070 | 287 | 5,142 | 19,530 | 10 | 27,039 | | January 2006 | | | | | | | -------------------------------------------------------------------------------- | Share issue | 71 | -287 | 3,550 | 0 | | 3,134 | -------------------------------------------------------------------------------- | Exchange rate | 0 | 0 | -689 | | -689 | | differences | | | | | | | | | | | | | -------------------------------------------------------------------------------- | Other items | | 0 | 0 | 101 | | 101 | -------------------------------------------------------------------------------- | Dividend | | | -4,720 | | -4,720 | -------------------------------------------------------------------------------- | Profit for the | | | 311 | -7 | 305 | | period | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Balance at 30 | 2,141 | 0 | 8,492 | 14,533 | 3 | 25,170 | | June 2006 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Balance at 1 | 2,141 | 0 | 8,492 | 13,729 | 0 | 24,363 | | January 2007 | | | | | | | -------------------------------------------------------------------------------- | Share issue | 0 | 0 | 0 | 0 | 0 | 0 | -------------------------------------------------------------------------------- | Exchange rate | | | -55 | 0 | -55 | | differences | | | | | | -------------------------------------------------------------------------------- | Other items | 0 | | | 0 | 0 | 0 | -------------------------------------------------------------------------------- | Dividend | | | -2,379 | 0 | -2,379 | -------------------------------------------------------------------------------- | Profit for the | | | 4,250 | 0 | 4,250 | | period | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Balance at 30 | 2,141 | 0 | 8,492 | 15,545 | 0 | 26,179 | | June 2007 | | | | | | | -------------------------------------------------------------------------------- CONDENSED CONSOLIDATED CASH FLOW STATEMENT, EUR thousand -------------------------------------------------------------------------------- | | 1.1.-30. | 1.1-30.6. | Change | 1.1.-31.1 | | | 6. | | | 2. | -------------------------------------------------------------------------------- | | 2007 | 2006 | | 2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from operating activities | | | -------------------------------------------------------------------------------- | Profit for the period | 4,250 | 305 | 3,945 | -733 | -------------------------------------------------------------------------------- | Adjustments | 3,936 | 4,570 | -634 | 9,330 | -------------------------------------------------------------------------------- | Change in working capital | -7,827 | 883 | -8,710 | 245 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow generated by | | | -------------------------------------------------------------------------------- | operations | 359 | 5,758 | -5,399 | 8,842 | -------------------------------------------------------------------------------- | Interest paid | -954 | -273 | -681 | -998 | -------------------------------------------------------------------------------- | Interest received | 227 | 65 | 162 | 195 | -------------------------------------------------------------------------------- | Other financial items | 181 | -64 | 0 | 8 | -------------------------------------------------------------------------------- | Income taxes paid | -2,061 | -2,298 | 237 | -2,819 | -------------------------------------------------------------------------------- | Net cash flow from | | | -------------------------------------------------------------------------------- | operating activities | -2,248 | 3,188 | -5,681 | 5,228 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from investing | | | | | | activities | | | | | -------------------------------------------------------------------------------- | Acquisitions | 0 | -18,687 | 18,687 | -18,279 | -------------------------------------------------------------------------------- | Disposal of business | 672 | 0 | 672 | 0 | -------------------------------------------------------------------------------- | Capital expenditure | -1,150 | -2,062 | 912 | -2,655 | -------------------------------------------------------------------------------- | Proceeds from sale of fixed | 493 | 32 | 461 | 0 | | assets | | | | | -------------------------------------------------------------------------------- | Other cash flow from | 0 | 0 | 0 | 0 | | investing activities | | | | | -------------------------------------------------------------------------------- | Cash flow from investing | 15 | -20,717 | 20,732 | -20,934 | | activities | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow from financing | | | -------------------------------------------------------------------------------- | Share issue | 0 | 3,134 | -3,134 | 3,134 | -------------------------------------------------------------------------------- | Proceeds from long-term | 0 | 18,000 | -18,000 | 18,000 | | borrowings | | | | | -------------------------------------------------------------------------------- | Instalments of long-term | -992 | -1,248 | 256 | -1,991 | | borrowings | | | | | -------------------------------------------------------------------------------- | Change in short-term loans | 3,580 | 1,977 | 1,603 | 2,079 | -------------------------------------------------------------------------------- | Instalments of finance lease | -189 | -187 | -2 | -375 | | liabilities | | | | | -------------------------------------------------------------------------------- | Dividends paid | -2,379 | -4,720 | 2,341 | -4,720 | -------------------------------------------------------------------------------- | Net cash flow from financing | 20 | 16,956 | -16,936 | 16,127 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in liquid funds | -2,213 | -573 | -1,855 | 421 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Liquid funds in the beginning | 6,199 | 5,778 | 421 | 5,778 | | of period | | | | | -------------------------------------------------------------------------------- | Change in liquid funds | -2,213 | -573 | -1,640 | 421 | -------------------------------------------------------------------------------- | Liquid funds at the end of | 3,986 | 5,205 | -1,219 | 6,199 | | period | | | | | -------------------------------------------------------------------------------- QUARTERLY KEY FIGURES, EUR thousand -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | II/200 | I/200 | IV/2006 | III/2006 | II/2006 | I/2006 | | | 7 | 7 | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales by segment | | | | | -------------------------------------------------------------------------------- | Industry | 27,577 | 26,69 | 27,260 | 27,691 | 26,869 | 15,072 | | | | 7 | | | | | -------------------------------------------------------------------------------- | Sport | 2,166 | 3,727 | 4,972 | 4,475 | 3,913 | 6,875 | -------------------------------------------------------------------------------- | Intra Group sales | -1,022 | -1,62 | -1,871 | -3,638 | -2,875 | -3,440 | | | | 8 | | | | | -------------------------------------------------------------------------------- | Net sales, total | 28,721 | 28,79 | 30,361 | 28,527 | 27,907 | 21,947 | | | | 7 | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating profit by segment | | | | | -------------------------------------------------------------------------------- | Industry | 4,478 | 4,283 | 2,790 | 1,984 | 2,101 | 3,235 | -------------------------------------------------------------------------------- | Sport | -1,760 | -704 | -2,311 | -3,602 | -1,912 | -1,066 | -------------------------------------------------------------------------------- | Intra Group items | -56 | -53 | 160 | 597 | -23 | 100 | -------------------------------------------------------------------------------- | Operating profit, | 2,622 | 3,526 | 639 | -1,020 | 164 | 2,169 | | total | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net financial | -190 | -340 | -331 | -258 | -327 | -112 | | items | | | | | | | -------------------------------------------------------------------------------- | Profit before | 2,472 | 3,186 | 307 | -1,278 | -162 | 2,057 | | taxes | | | | | | | -------------------------------------------------------------------------------- | Income taxes | -526 | -882 | -325 | 258 | 144 | -332 | -------------------------------------------------------------------------------- | Profit for the | 1,946 | 2,304 | -18 | -1,020 | -18 | 1,725 | | period | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per | 0.16 | 0.19 | -0.00 | -0.09 | 0.00 | 0.15 | | share, EUR | | | | | | | -------------------------------------------------------------------------------- | Earnings per | 0.16 | 0.19 | -0.00 | -0.09 | 0.00 | 0.14 | | share, EUR, | | | | | | | | diluted | | | | | | | -------------------------------------------------------------------------------- | Average number of shares | | | | | -------------------------------------------------------------------------------- | undiluted, 1,000 | 11,897 | 11,89 | 11,897 | 11,897 | 11,652 | 11,873 | | shares | | 7 | | | | | -------------------------------------------------------------------------------- | Average number of shares | | | | | -------------------------------------------------------------------------------- | diluted, 1,000 | 11,897 | 11,89 | 11,897 | 11,897 | 11,896 | 11,873 | | shares | | 7 | | | | | -------------------------------------------------------------------------------- | Average number of | 566 | 576 | 556 | 644 | 518 | 652 | | personnel | | | | | | | -------------------------------------------------------------------------------- COMMITMENTS AND CONTINGENCIES, EUR thousand -------------------------------------------------------------------------------- | | 30.6.2007 | 30.6.2006 | 31.12.2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | On own behalf | | | -------------------------------------------------------------------------------- | Mortgages | 2,953 | 2,953 | 2,953 | -------------------------------------------------------------------------------- | Corporate mortgages | 12,500 | 12,500 | 12,500 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Lease liabilities | | | -------------------------------------------------------------------------------- | - in next 12 months | 503 | 433 | 554 | -------------------------------------------------------------------------------- | - in next 1-5 years | 2,324 | 2,403 | 2,246 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other commitments | 898 | 43 | 805 | -------------------------------------------------------------------------------- DERIVATIVE FINANCIAL INSTRUMENTS, nominal values, EUR thousand -------------------------------------------------------------------------------- | | 30.6.2007 | 30.6.2006 | 31.12.2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Foreign exchange derivatives | | -------------------------------------------------------------------------------- | Forward contracts | 8,803 | 8,470 | 8,269 | -------------------------------------------------------------------------------- | Purchased currency options | 2,969 | 3,202 | 3,086 | -------------------------------------------------------------------------------- | Sold currency options | 1,472 | 1,585 | 1,922 | -------------------------------------------------------------------------------- | Currency swaps | 502 | 0 | 0 | -------------------------------------------------------------------------------- | Interest rate derivatives | | -------------------------------------------------------------------------------- | Interest rate swaps | 417 | 5,971 | 860 | -------------------------------------------------------------------------------- | Purchased interest rate options | 4,667 | | 4,667 | -------------------------------------------------------------------------------- CONSOLIDATED KEY FIGURES, EUR thousand -------------------------------------------------------------------------------- | | 1.1.-30. | 1.1-30.6 | Change % | 1.1.-31.12 | | | 6. | . | | . | -------------------------------------------------------------------------------- | | 2007 | 2006 | | 2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 57,518 | 53,507 | 7.5 | 112,395 | -------------------------------------------------------------------------------- | Operating profit | 6,188 | 767 | 706.8 | 386 | -------------------------------------------------------------------------------- | % of net sales | 10.8 | 1.4 | | 0.3 | -------------------------------------------------------------------------------- | Profit before tax | 5,658 | 290 | 1,851.0 | -681 | -------------------------------------------------------------------------------- | % of net sales | 9.8 | 0.5 | | -0.6 | -------------------------------------------------------------------------------- | Profit for the period | 4,250 | 305 | 1,293.4 | -733 | -------------------------------------------------------------------------------- | % of net sales | 7.4 | 0.6 | | -0.7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders' equity | 26,179 | 25,166 | 4.0 | 24,363 | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 36,307 | 34,366 | 5.6 | 33,687 | -------------------------------------------------------------------------------- | Cash and cash equivalents | 3,986 | 5,205 | -23.4 | 6,199 | -------------------------------------------------------------------------------- | Net interest-bearing | 32,321 | 29,161 | 10.8 | 27,488 | | liabilities | | | | | -------------------------------------------------------------------------------- | Capital employed | 62,486 | 59,536 | 5.0 | 58,050 | -------------------------------------------------------------------------------- | Return on equity, % | 33.6 | 2.3 | | -2.9 | -------------------------------------------------------------------------------- | Return on capital employed, | 22.0 | 3.1 | | 1.2 | | % | | | | | -------------------------------------------------------------------------------- | Equity ratio, % | 31.9 | 31.1 | | 29.9 | -------------------------------------------------------------------------------- | Net gearing, % | 123.5 | 115.9 | | 112.8 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Capital expenditure | 1,150 | 18,580 | -93.8 | 19,863 | -------------------------------------------------------------------------------- | % of net sales | 2.0 | 34.7 | | 17.7 | -------------------------------------------------------------------------------- | Research and development | 1,474 | 1,160 | 27.1 | 2,169 | | costs | | | | | -------------------------------------------------------------------------------- | % of net sales | 2.6 | 2.2 | | 1.9 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Order stock | 16,882 | 17,902 | -5.7 | 15,040 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share, EUR | 0.36 | 0.03 | | -0.06 | -------------------------------------------------------------------------------- | Earnings per share, EUR, | 0.36 | 0.03 | | -0.06 | | diluted | | | | | -------------------------------------------------------------------------------- | Equity per share, EUR | 2.20 | 2.12 | | 2.05 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Average number of shares | | | -------------------------------------------------------------------------------- | - cumulative | 11,897 | 11,763 | | 11,830 | -------------------------------------------------------------------------------- | - cumulative, diluted | 11,897 | 11,772 | | 11,847 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Average number of employees | 571 | 587 | -2.7 | 600 | --------------------------------------------------------------------------------
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