2007-04-25 10:00:00 CEST
2007-04-25 10:00:00 CEST
REGULATED INFORMATION
Exel Oyj - Quarterly report
Exel Oyj Interim Report for January 1 - March 31, 2007
EXEL OYJ STOCK EXCHANGE RELEASE First quarter in brief - Net sales rose to EUR 28.8 million or 12.5 per cent over the corresponding period previous year (EUR 25.6 million) - Operating profit was EUR 3.5 million compared to EUR 0.6 million including EUR -1.9 million of non-recurring items first quarter 2006 - Operating profit 12.2 (2.4) per cent of net sales - Earnings per share were EUR 0.19 (0.03), adjusted for full dilution GROUP KEY FINANCIAL FIGURES, EUR MILLION (Figures are unaudited) -------------------------------------------------------------------------------- | | 1.1. - | 1.1. - | Change, % | 1.1. - | | | 31.3. | 31.3. | | 31.12. | | | 2007 | 2006 | | 2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 28.8 | 25.6 | 12.5 | 112.4 | -------------------------------------------------------------------------------- | Operating profit | 3.5 | 0.6 | 484.7 | 0.4 | -------------------------------------------------------------------------------- | % of net sales | 12.2 | 2.4 | | 0.3 | -------------------------------------------------------------------------------- | Profit for the period | 2.3 | 0.3 | 613.3 | -0.7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders´ equity | 26.6 | 29.4 | -9.6 | 24.4 | -------------------------------------------------------------------------------- | Net interest-bearing | 29.5 | 25.5 | 15.6 | 27.5 | | liabilities | | | | | -------------------------------------------------------------------------------- | Capital employed | 61.9 | 62.6 | -1.0 | 58.1 | -------------------------------------------------------------------------------- | Return on equity, % | 36.2 | 4.6 | | -2.9 | -------------------------------------------------------------------------------- | Return on capital | 24.3 | 5.0 | | 1.2 | | employed, % | | | | | -------------------------------------------------------------------------------- | Equity ratio, % | 31.7 | 35.1 | | 29.9 | -------------------------------------------------------------------------------- | Net gearing, % | 110.9 | 86.7 | | 112.8 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share, EUR | 0.19 | 0.03 | 598.7 | -0.06 | -------------------------------------------------------------------------------- | Earnings per share, EUR, | 0.19 | 0.03 | 613.4 | -0.06 | | diluted | | | | | -------------------------------------------------------------------------------- | Equity per share, EUR | 2.23 | 2.49 | -10.4 | 2.05 | -------------------------------------------------------------------------------- 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. The financial statements of Pacific Composites Pty. Ltd., which was acquired by Exel Oyj on 28 February 2006, are included in the consolidated financial statements as of 1 March 2006. NET SALES Exel's consolidated net sales for January-March grew by 12.5 per cent over the previous year to EUR 28.8 (25.6) million. The major part of the growth is stemming from the acquisition of Pacific Composites. The Sport Division's cross-country and alpine products sales suffered from the mild winter and stiff competition. Additionally, the Sport Division's sales were impacted negatively by quality and delivery problems due to the transfer of the pole production to China. FINANCIAL PERFORMANCE Exel's operating profit for the first quarter increased to EUR 3.5 million, compared to EUR 0.6 million (including non-recurring items of EUR -1.9 million) the corresponding period last year. Operating profit as a percentage of net sales was 12.2 (2.4) per cent. The improvement of the operating profit is based on the restructuring measures taken in 2006 in the Sport Division, and the impact of the Pacific Composites acquisition. The Group's net financial expenses were EUR 0.3 (0.2) million. The Group's pre-tax profit was EUR 3.2 (0.5) million, and profit for the reporting period totalled EUR 2.3 (0.3) million. BALANCE SHEET AND FINANCIAL POSITION The consolidated balance sheet total at the end of the reporting period stood at EUR 84.0 (83.9) million. At the end of the reporting period, equity was EUR 26.6 (29.4) million, and the solvency ratio was 31.7 (35.1) per cent. Interest-bearing liabilities were EUR 35.4 (33.2) million, of which short-term liabilities accounted for EUR 9.9 (6.0) million. Net interest-bearing liabilities were EUR 29.5 (25.5) million, and the net gearing was 110.9 (86.7) per cent. The cash flow from business operations in the first quarter was EUR -1.2 (1.3) million. At the end of the reporting period, the Group had liquid assets of EUR 5.9 million, compared with EUR 6.2 million at the end of 2006. CAPITAL EXPENDITURE The Group's capital expenditure totalled EUR 0.6 (0.8) million, used for maintenance and replacement purposes. PERSONNEL The number of people employed by the Exel Group on 31 March 2007 was 588 (621). Of these 239 (303) worked in Finland and 349 (318) abroad. The number of employees during the reporting period averaged 576 (518). The increase from last year 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. CHANGES IN THE MANAGEMENT Mr. Aki Karihtala was appointed Managing Director of Exel Sports as of 1 March, following Mr. Mika Sulin who resigned on 28 February 2007. STRATEGIC REORIENTATION Focus on Industry Division Through the acquisition of Pacific Composites, Exel established itself as the world's first truly international pultrusion company. The acquisition reinforced Exel's Industry Division in the growing Asian markets and improved the company's ability to serve international customers. Exel will continue to invest in its core industrial business and to expand operations organically and through acquisitions. The global pultrusion market is highly fragmented, but it is consolidating. Exel is in a strong position to lead this consolidation with bolt-on acquisitions and to reap benefits from synergies. Focusing Exel Group's resources on its core industrial business under a streamlined structure will provide a solid platform for building long-term shareholder value. Sports Brands business demerged into stand-alone company Notwithstanding its achievements in the industrial markets, Exel has built a significant Sports Brands consumer goods business with sales of EUR 19 million in 2006. Exel Sports Brands is the creator of the Nordic Walking and Nordic Fitness SportsTM concepts. It is a leading producer of poles and floorball sticks. Exel Sports Brands is now separated from all other Exel activities. The 2006 restructuring program has adjusted the too heavy cost level to current sales in order to restore profitability of the business. Exel has also subcontracted all finishing, assembly and packaging operations for poles and floorball products to China. Exel Sports Brands has now been transformed from a technology driven organization to a truly market oriented company. Through the extensive restructuring measures, the competitive position of Exel Sports Brands has been reinforced, but the market conditions remain difficult. However, as Exel Sports Brands is no longer a core activity within the Exel Group, Exel reviews different structural alternatives and seeks a strategic partner with a long-term interest in developing the Exel Sports Brands company and contributing to its positive development. 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 from 1 January 2007. Therefore Sports Industry business including Plastics operations in Germany and Mäntyharju operations in Finland, which earlier were part of the Sport Division, have been 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: -------------------------------------------------------------------------------- | Industry Division | 1.1. - | 1.1. - | Change, % | 1.1. - | | Segment Key Figures | 31.3.2007 | 31.3.2006 | | 31.12.2006 | | EUR million | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 26.7 | 23.1 | 15.4 | 105.0 | -------------------------------------------------------------------------------- | Operating profit | 4.3 | 2.1 | 106.4 | 9.0 | -------------------------------------------------------------------------------- | % of net sales | 16.0 | 9.0 | | 8.5 | -------------------------------------------------------------------------------- | Average number of | 506 | 424 | 19.3 | 510 | | personnel | | | | | -------------------------------------------------------------------------------- The Industry Division's net sales increased by 15.4 per cent from the previous year's level. Growth was mainly due to the integration of the Pacific Composites Group and new profile applications in the European units especially for building, construction and energy applications. The antenna profile market was down from last year. Strong efforts to introduce new applications for composite profiles were continued. Profitability remained on a good level despite considerable increases in raw material prices. Part of this price pressure was successfully passed on within the production chain. Operating profit grew by 106.4 per cent to EUR 4.3 million, up from EUR 2.1 (including EUR 1.5 million of non-recurring items) million a year earlier. This improvement in profitability was caused by higher sales volumes and productivity gains at the main factories. The Belgian factory in particular has achieved better productivity and operating profit than last year. Short supply of certain carbon fibre types continued throughout the reporting period, and has still slowed down sales of some new applications. This will most probably continue during the whole year. Most carbon fibre suppliers have announced increase in production capacity. The resulting new capacity will be available on the market in stages during 2007-2008. Synergies and benefits of integration of the Pacific Composites Group have been successfully gained. Exel is the only international pultrusion company capable to serve global OEM customers. Especially Exel's ability to serve its European and Australian customers in Asia has improved significantly. Sport Division The Sport Division's key financial figures for the reporting period were as follows: -------------------------------------------------------------------------------- | Sport Division | 1.1. - | 1.1. - | Change, % | 1.1. - | | Segment Key Figures | 31.3. | 31.3. | | 31.12. | | EUR million | 2007 | 2006 | | 2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 3.7 | 5.9 | -36.9 | 19.3 | -------------------------------------------------------------------------------- | Operating profit | -0.7 | -1.6 | 55.2 | -9.4 | -------------------------------------------------------------------------------- | % of net sales | -18.9 | -26.6 | | -48.8 | -------------------------------------------------------------------------------- | Average number of | 52 | 73 | -28.8 | 69 | | personnel | | | | | -------------------------------------------------------------------------------- The Sport Division's net sales decreased by 36.9 per cent from the previous year's level, mainly 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. Therefore, sales ended up substantially lower than previous year. The Nordic Walking market in Germany, however, has recovered slightly. Agreements have been signed with distributors in Italy, France and South-Korea to generate additional sales. The sales of floorball products have developed well during the quarter. The Sport Division's operating loss was EUR -0.7 million (-1.2 million before non recurring items). Despite the fact that the margins were in line with expectations, the quarter resulted in an operating loss due to the substantially lower sales than previous year, especially in continental Europe. During the period measures were taken to improve the sourcing of sporting goods. In February the entire Finnish Sports organization moved to a separate office in Vantaa. SHARE CAPITAL AND MARKET CAPITALIZATION At the end of March, 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 capitalisation totalled EUR 154.7 (168.8) million. SHARES TRADED ON THE OMX HELSINKI STOCK EXCHANGE During the reporting period 689,368 (2,574,569) shares were traded, accounting for 5.8 (22.3) per cent of the average number of outstanding shares. The highest share quotation during the reporting period was EUR 14.00 (14.84) and the lowest EUR 12.50 (10.80). The share price closed at EUR 13.00 (14.59). The average share price during the reporting period was EUR 13.23 (12.99). DISCLOSURES OF CHANGES IN HOLDINGS No shareholders´ disclosures of changes in holdings in the company were received by Exel. EVENTS AFTER THE PERIOD The Annual General Meeting of Exel Oyj was held on 19 April 2007. The accounts of the Group were approved and the members of the Board of Directors and the President were discharged from liability for the financial year 2006. The AGM approved the proposal to distribute a dividend of EUR 0.20, corresponding to a total dividend of EUR 2,379,368.60 based on the number of shares on the date of the AGM. It also authorised Exel's Board of Directors to acquire and convey the company's own shares, and to increase the company's share capital by a maximum of EUR 100,000. The AGM confirmed the number of members of the Board of Directors as five and elected a new Board. Kari Haavisto, Peter Hofvenstam, Vesa Kainu, Esa Karppinen and Ove Mattsson were re-elected to the Board. Ove Mattsson was re-elected Chairman of the Board. OUTLOOK During 2007, the Group will concentrate on restoring the profitability. The focus on the primary business segment of the Group, the Industry Division, will be sharpened and a new business organization will be introduced. The Group will benefit further from the acquisition of Pacific Composites and the restructuring measures implemented at enhancing efficiency and cutting costs. Although the important antenna profile sales will continue to slightly decline the overall market development for the Industry Division is expected to remain positive. The Sport Division is improving its negative performance, but due to a mild winter with low sales and prolonged sourcing problems, the profitability will improve slowly. The primary business risks in 2007 lie in market demand, both in certain Industry and Sport segments, especially Nordic Walking; in the efficient sourcing, as well as in a continued shortage of carbon fibre. 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, 25.4.2007 Exel Plc Board of Directors Further information: Mr. Göran Jönsson, President & CEO, tel. +46 708 430110, 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. - 31.3.2007 CONSOLIDATED FINANCIAL STATEMENTS CONDENSED CONSOLIDATED INCOME STATEMENT (unaudited) -------------------------------------------------------------------------------- | EUR thousand | 1.1. - | 1.1. - | Change, % | 1.1. - 31.12. | | | 31.3. | 31.3. | | 2006 | | | 2007 | 2006 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 28,797 | 25,600 | 12.5 | 112,395 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other operating | 44 | 30 | 46.7 | 145 | | income | | | | | -------------------------------------------------------------------------------- | Operating | -24,231 | -23,173 | -4.6 | -106,046 | | expenses | | | | | -------------------------------------------------------------------------------- | Depreciation and | -1,084 | -1,854 | 41.5 | -6,108 | | impairment | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating profit | 3,526 | 603 | 484.7 | 386 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net financial | -340 | -151 | -125.2 | -1,067 | | items | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit before tax | 3,186 | 452 | 604.9 | -681 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Income taxes | -882 | -129 | -583.7 | -52 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit/loss for | 2,304 | 323 | 613.3 | -733 | | the period | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Attributable to: | | | | | -------------------------------------------------------------------------------- | Equity holders of | 2,304 | 326 | | -724 | | the parent | | | | | | company | | | | | -------------------------------------------------------------------------------- | Minority | 0 | -3 | | -10 | | interest | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per | 0.19 | 0.03 | 598.7 | -0.06 | | share, EUR | | | | | -------------------------------------------------------------------------------- | Earnings per | 0.19 | 0.03 | 613.4 | -0.06 | | share, EUR, | | | | | | diluted | | | | | -------------------------------------------------------------------------------- CONDENSED CONSOLIDATED BALANCE SHEET -------------------------------------------------------------------------------- | EUR thousand | 31.3.2007 | 31.3.2006 | Change | 31.12.2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | ASSETS | | | | | -------------------------------------------------------------------------------- | Non-current assets | | | | | -------------------------------------------------------------------------------- | Goodwill | 10,027 | 14,122 | -4,095 | 10,107 | -------------------------------------------------------------------------------- | Other intangible assets | 2,995 | 834 | 2,161 | 3,158 | -------------------------------------------------------------------------------- | Tangible assets | 18,478 | 20,299 | -1,821 | 18,766 | -------------------------------------------------------------------------------- | Deferred tax assets | 2,340 | 1,933 | 407 | 2,200 | -------------------------------------------------------------------------------- | Other non-current | 77 | 70 | 7 | 76 | | assets | | | | | -------------------------------------------------------------------------------- | Non-current assets | 33,917 | 37,258 | -3,342 | 34,307 | | total | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Current assets | | | | | -------------------------------------------------------------------------------- | Inventories | 22,301 | 19,847 | 2,454 | 19,975 | -------------------------------------------------------------------------------- | Trade and other | 21,121 | 19,088 | 2,033 | 20,695 | | receivables | | | | | -------------------------------------------------------------------------------- | Other liquid assets | 0 | 829 | -829 | 0 | -------------------------------------------------------------------------------- | Cash at bank and in | 5,884 | 6,829 | -945 | 6,199 | | hand | | | | | -------------------------------------------------------------------------------- | Current assets total | 49,306 | 46,594 | 2,712 | 46,869 | -------------------------------------------------------------------------------- | Non-current assets held | 746 | 0 | 746 | 748 | | for sale | | | | | -------------------------------------------------------------------------------- | Total assets | 83,969 | 83,852 | 117 | 81,924 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EQUITY AND LIABILITIES | | | | | -------------------------------------------------------------------------------- | Shareholders´ equity | | | | | -------------------------------------------------------------------------------- | Share capital | 2,141 | 2,083 | 58 | 2,141 | -------------------------------------------------------------------------------- | Share issue | 0 | 2,789 | -2,789 | 0 | -------------------------------------------------------------------------------- | Share premium reserve | 8,492 | 5,417 | 3,075 | 8,492 | -------------------------------------------------------------------------------- | Retained earnings | 13,642 | 18,775 | -5,133 | 14,453 | -------------------------------------------------------------------------------- | Profit for the period | 2,304 | 326 | 1,978 | -724 | -------------------------------------------------------------------------------- | Attributable to: | 26,579 | 29,390 | -2,811 | 24,363 | | Equity holders of the | | | | | | parent company | | | | | -------------------------------------------------------------------------------- | Minority share | 0 | 7 | -7 | 0 | -------------------------------------------------------------------------------- | Total equity | 26,579 | 29,397 | -2,818 | 24,363 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-current liabilities | | | | | -------------------------------------------------------------------------------- | Interest-bearing | 25,451 | 27,135 | -1,684 | 25,752 | | liabilities | | | | | -------------------------------------------------------------------------------- | Deferred tax | 888 | 1,205 | -317 | 1,091 | | liabilities | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Current liabilities | | | | | -------------------------------------------------------------------------------- | Interest-bearing | 9,910 | 6,018 | 3,892 | 7,934 | | liabilities | | | | | -------------------------------------------------------------------------------- | Trade and other | 21,142 | 20,095 | 1,047 | 22,782 | | non-current liabilities | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total liabilities | 57,390 | 54,455 | 2,935 | 57,561 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total equity and | 83,969 | 83,852 | 117 | 81,924 | | liabilities | | | | | -------------------------------------------------------------------------------- STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY -------------------------------------------------------------------------------- | EUR thousand | Share | Share | Share | Retained | Minority | Total | | | Capital | Issue | Premium | Earnings | Interest | | | | | | Reserve | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Balance at 1 | 2,070 | 287 | 5,142 | 19,530 | 10 | 27,039 | | January 2006 | | | | | | | -------------------------------------------------------------------------------- | Share issue | 13 | 2,502 | 274 | 0 | 0 | 2,789 | -------------------------------------------------------------------------------- | Exchange rate | 0 | 0 | 0 | -681 | 0 | -681 | | differences | | | | | | | -------------------------------------------------------------------------------- | Other items | 0 | 0 | 0 | -73 | 0 | -73 | -------------------------------------------------------------------------------- | Dividend | | | | 0 | | 0 | -------------------------------------------------------------------------------- | Profit for | | | | 326 | -3 | 326 | | the period | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Balance at | 2,083 | 2,789 | 5,417 | 19,101 | 7 | 29,397 | | 31st March | | | | | | | | 2006 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Balance at | 2,141 | 0 | 8,492 | 13,729 | 0 | 24,363 | | 1st January | | | | | | | | 2007 | | | | | | | -------------------------------------------------------------------------------- | Share issue | 0 | 0 | 0 | 0 | 0 | 0 | -------------------------------------------------------------------------------- | Exchange rate | 0 | 0 | 0 | -87 | 0 | -87 | | differences | | | | | | | -------------------------------------------------------------------------------- | Other items | 0 | 0 | 0 | 0 | 0 | 0 | -------------------------------------------------------------------------------- | Dividend | | | | 0 | | 0 | -------------------------------------------------------------------------------- | Profit for | | | | 2,304 | 0 | 2,304 | | the period | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Balance at | 2,141 | 0 | 8,492 | 15,946 | 0 | 26,579 | | 31st March | | | | | | | | 2007 | | | | | | | -------------------------------------------------------------------------------- CONDENSED CONSOLIDATED CASH FLOW STATEMENT -------------------------------------------------------------------------------- | EUR thousand | 1.1. - | 1.1. - | Change | 1.1. - | | | 31.3. | 31.1. | | 31.3. | | | 2007 | 2006 | | 2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash Flow from Operating Activities | | | | -------------------------------------------------------------------------------- | Profit for the period | 2,304 | 323 | 1,981 | -733 | -------------------------------------------------------------------------------- | Adjustments | 2,283 | 2,913 | -630 | 9,330 | -------------------------------------------------------------------------------- | Change in working capital | -4,409 | -387 | -4,022 | 245 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash Flow Generated by | 178 | 2,849 | -2,671 | 8,842 | | Operations | | | | | -------------------------------------------------------------------------------- | Interest paid | -610 | -193 | -417 | -998 | -------------------------------------------------------------------------------- | Interest received | 107 | 40 | 67 | 195 | -------------------------------------------------------------------------------- | Other financial items | 0 | 0 | 0 | 8 | -------------------------------------------------------------------------------- | Income taxes paid | -883 | -1,385 | 502 | -2,819 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net Cash Flow from Operating | -1,208 | 1,311 | -2,519 | 5,228 | | Activities | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash Flow from Investing Activities | | | | -------------------------------------------------------------------------------- | Acquisitions | 0 | -18,687 | 18,687 | -18,279 | -------------------------------------------------------------------------------- | Capital expenditure | -587 | -848 | 261 | -2,655 | -------------------------------------------------------------------------------- | Proceeds from sale of fixed | 0 | 0 | 0 | 0 | | assets | | | | | -------------------------------------------------------------------------------- | Other cash flow from | 0 | 0 | 0 | 0 | | investing activities | | | | | -------------------------------------------------------------------------------- | Cash Flow from Investing | -587 | -19,535 | 18,948 | -20,934 | | Activities | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash Flow from Financing | | | | | -------------------------------------------------------------------------------- | Share issue | 0 | 2,789 | -2,789 | 3,134 | -------------------------------------------------------------------------------- | Proceeds from long-term | 0 | 18,000 | -18,000 | 18,000 | | borrowings | | | | | -------------------------------------------------------------------------------- | Instalments of long-term | -611 | -608 | -3 | -1,991 | | borrowings | | | | | -------------------------------------------------------------------------------- | Change in short-term loans | 2,185 | 16 | 2,169 | 2,079 | -------------------------------------------------------------------------------- | Instalments of finance lease | -94 | -93 | -1 | -375 | | liabilities | | | | | -------------------------------------------------------------------------------- | Dividends paid | 0 | 0 | 0 | -4,720 | -------------------------------------------------------------------------------- | Net Cash Flow from Financing | 1,480 | 20,104 | -18,624 | 16,127 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in Liquid Funds | -315 | 1,880 | -2,195 | 421 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Liquid funds in the | 6,199 | 5,778 | 421 | 5,778 | | beginning of period | | | | | -------------------------------------------------------------------------------- | Change in liquid funds | -315 | 1,880 | -2,195 | 421 | -------------------------------------------------------------------------------- | Liquid funds at the end of | 5,884 | 7,658 | -1,774 | 6,199 | | period | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- QUARTERLY KEY FIGURES -------------------------------------------------------------------------------- | EUR thousand | I/2007 | IV/2006 | III/2006 | II/2006 | I/2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales by segment | | | | | | -------------------------------------------------------------------------------- | Industry | 26,697 | 27,260 | 27,691 | 26,869 | 23,130 | -------------------------------------------------------------------------------- | Sport | 3,727 | 4,972 | 4,475 | 3,913 | 5,910 | -------------------------------------------------------------------------------- | Intra Group sales | -1,628 | -1,871 | -3,638 | -2,875 | -3,440 | -------------------------------------------------------------------------------- | Net sales, total | 28,797 | 30,361 | 28,527 | 27,907 | 25,600 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating profit by | | | | | | | segment | | | | | | -------------------------------------------------------------------------------- | Industry | 4,283 | -2,790 | 1,984 | 2,101 | 2,075 | -------------------------------------------------------------------------------- | Sport | -704 | -2,311 | -3,602 | -1,912 | -1,573 | -------------------------------------------------------------------------------- | Intra Group items | -53 | 160 | 597 | -23 | 100 | -------------------------------------------------------------------------------- | Operating profit, | 3,526 | 639 | -1,020 | 164 | 603 | | total | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net financial items | -340 | -331 | -258 | -327 | -151 | -------------------------------------------------------------------------------- | Profit before taxes | 3,186 | 307 | -1,278 | -162 | 452 | -------------------------------------------------------------------------------- | Income taxes | -882 | -325 | 258 | 144 | -129 | -------------------------------------------------------------------------------- | Profit for the | 2,304 | -18 | -1,020 | -18 | 323 | | period | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share, | 0.19 | 0.00 | -0.09 | 0.00 | 0.03 | | EUR | | | | | | -------------------------------------------------------------------------------- | Earnings per share, | 0.19 | 0.00 | -0.09 | 0.00 | 0.03 | | EUR, diluted | | | | | | -------------------------------------------------------------------------------- | Average number of | | | | | | | shares, undiluted, | | | | | | -------------------------------------------------------------------------------- | 1,000 shares | 11,897 | 11,897 | 11,897 | 11,873 | 11,652 | -------------------------------------------------------------------------------- | Average number of | | | | | | | shares, diluted, | | | | | | -------------------------------------------------------------------------------- | 1,000 shares | 11,897 | 11,897 | 11,897 | 11,873 | 11,896 | -------------------------------------------------------------------------------- | Average number of | 576 | 556 | 644 | 652 | 518 | | personnel | | | | | | -------------------------------------------------------------------------------- COMMITMENTS AND CONTINGENCIES -------------------------------------------------------------------------------- | EUR thousand | 31.3.2007 | 31.3.2006 | 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 | 527 | 184 | 554 | -------------------------------------------------------------------------------- | - in next 1-5 years | 2,254 | 223 | 2,246 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other commitments | 589 | 64 | 805 | -------------------------------------------------------------------------------- DERIVATIVE FINANCIAL INSTRUMENTS -------------------------------------------------------------------------------- | Nominal values | 31.3.2007 | 31.3.2006 | 31.12.2006 | | EUR thousand | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Foreign exchange derivatives | | | | -------------------------------------------------------------------------------- | Forward contracts | 8,269 | 8,594 | 8,269 | -------------------------------------------------------------------------------- | Purchased currency options | 3,038 | 1,637 | 3,086 | -------------------------------------------------------------------------------- | Sold currency options | 1,898 | 811 | 1,922 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Interest rate derivatives | | | | -------------------------------------------------------------------------------- | Interest rate swaps | 777 | 6,332 | 860 | -------------------------------------------------------------------------------- | Purchased interest rate options | 4,667 | 0 | 4,667 | -------------------------------------------------------------------------------- CONSOLIDATED KEY FIGURES -------------------------------------------------------------------------------- | EUR thousand | 1.1.- | 1.1. - | Change, % | 1.1. - | | | 31.3. | 31.3. | | 31.12. | | | 2007 | 2006 | | 2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 28,797 | 25,600 | 12.5 | 112,395 | -------------------------------------------------------------------------------- | Operating profit | 3,526 | 603 | 484.7 | 386 | -------------------------------------------------------------------------------- | % of net sales | 12.2 | 2.4 | | 0.3 | -------------------------------------------------------------------------------- | Profit before tax | 3,186 | 452 | 604.9 | -681 | -------------------------------------------------------------------------------- | % of net sales | 11.1 | 1.8 | | -0.6 | -------------------------------------------------------------------------------- | Profit for the period | 2,304 | 323 | 613.3 | -733 | -------------------------------------------------------------------------------- | % of net sales | 8.0 | 1.3 | | -0.7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders´ equity | 26,579 | 29,390 | -9.6 | 24,363 | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 35,360 | 33,154 | 6.7 | 33,687 | -------------------------------------------------------------------------------- | Cash and cash equivalents | 5,884 | 7,318 | -19.6 | 6,199 | -------------------------------------------------------------------------------- | Net interest-bearing | 29,476 | 25,496 | 15.6 | 27,488 | | liabilities | | | | | -------------------------------------------------------------------------------- | Capital employed | 61,939 | 62,551 | -1.0 | 58,050 | -------------------------------------------------------------------------------- | Return on equity, % | 36.2 | 4.6 | | -2.9 | -------------------------------------------------------------------------------- | Return on capital employed, | 24.3 | 5.0 | | 1.2 | | % | | | | | -------------------------------------------------------------------------------- | Equity ratio, % | 31.7 | 35.1 | | 29.9 | -------------------------------------------------------------------------------- | Net gearing, % | 110.9 | 86.7 | | 112.8 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Capital expenditure | 587 | 16,958 | -96.5 | 19,863 | -------------------------------------------------------------------------------- | % of sales | 2.0 | 66.2 | | 17.7 | -------------------------------------------------------------------------------- | Research and development | 815 | 492 | 65.7 | 2,169 | | costs | | | | | -------------------------------------------------------------------------------- | % of net sales | 2.8 | 1.9 | | 1.9 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Order stock | 14,614 | 13,718 | 6.5 | 15,040 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share, EUR | 0.19 | 0.03 | 598.7 | -0.06 | -------------------------------------------------------------------------------- | Earnings per share, EUR, | 0.19 | 0.03 | 613.4 | -0.06 | | diluted | | | | | -------------------------------------------------------------------------------- | Equity per share, EUR | 2.23 | 2.49 | -10.4 | 2.05 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Average number of shares | | | | | -------------------------------------------------------------------------------- | - cumulative | 11,897 | 11.652 | 2.1 | 11,830 | -------------------------------------------------------------------------------- | - cumulative, diluted | 11,897 | 11.896 | 0.0 | 11,847 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Average number of employees | 576 | 518 | 11.2 | 600 | --------------------------------------------------------------------------------
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