2015-07-24 09:00:00 CEST
2015-07-24 09:00:05 CEST
REGULATED INFORMATION
Exel Composites Oyj - Interim report (Q1 and Q3)
Exel Composites Plc’s Interim Report for January 1 – June 30, 2015
EXEL COMPOSITES PLC INTERIM REPORT 24.7.2015 at 10.00 a.m.
1 (13)
Exel Composites Plc's Interim Report for January 1 - June 30, 2015
Q2 2015 in brief
-- Net sales were 21.4 MEUR (Q2/2014: 21.4 MEUR)
-- Operating profit decreased to 1.3 (3.1) MEUR, and was 6.3 (14.3) per cent
of net sales. Operating profit before non-recurring items was 1.5 (3.1)
MEUR or 7.2 (14.3) per cent of net sales
-- Net cash flow from operating activities was positive at +1.7 (+2.4) MEUR
-- Fully diluted earnings per share were 0.07 (0.19) EUR
H1 2015 in brief
-- Net sales were 42.8 MEUR, up by 9.2 per cent on the previous year (H1/2014:
39.2 MEUR)
-- Operating profit decreased to 3.3 (4.9) MEUR, and was 7.8 (12.6) per cent
of net sales. Operating profit before non-recurring items was 3.5 (4.9)
MEUR or 8.3 (12.6) per cent of net sales
-- Net cash flow from operating activities was positive at +2.4 (+3.1) MEUR
-- Fully diluted earnings per share were 0.20 (0.28) EUR
Outlook for full year 2015
The market has remained stable and we can see positive signs in the Company's
key market segments. However, uncertainties relating to general growth
prospects in the economy continue. The Company implements its new strategy by
reinforcing the organization, especially in sales resources, product
development and operations development, and by increasing its capacity. These
efforts are expected to reduce the 2015 operating profit margin compared to
2014, but will position the Company better for long-term profitable growth.
President and CEO Riku Kytömäki:
Exel Composites has recorded consistent sales and profit growth year-on-year
during the last consecutive five quarters. In the second quarter of 2015 net
sales were on the same level as in the corresponding period in 2014 at EUR 21.4
(21.4) million and at approximately on the same level as in the first quarter
of 2015. However, net sales increased by 9.2 per cent in H1/2015, compared to
the same period last year, fastest growing region being APAC with a 33.4 per
cent increase.
Order intake in the second quarter of 2015 remained on the same level at EUR
21.4 (21.4) million as in the corresponding period in 2014. Our order backlog
on 30 June 2015 was EUR 13.8 (14.1) million, on the same level as on 31 March
2015 (EUR 13.8 million).
Exel Composites' operating profit decreased to EUR 1.3 (3.1) million in the
second quarter of 2015. Profitability was impacted by higher operational costs
mainly due to increased resources relating to the implementation of the
long-term growth strategy. Profitability was also affected by lower than
expected volumes resulting from delayed orders from some customers.
Non-recurring items amounting to EUR 0.2 million related to M&A screening were
recorded in the second quarter of 2015.
The Company's outlook for the whole year remains unchanged. The implementation
of the growth strategy including the reinforcement of the organization and
increase in capacity continues according to plan. These actions have increased
operating costs and are expected to reduce the 2015 operating profit margin
compared to 2014, but will position the Company better for long-term profitable
growth.
CONSOLIDATED KEY FIGURES, EUR million
1.4. - 1.4. - Change, 1.1. - 1.1.-30. Change 1.1. -
30.6. 30.6. % 30.6. 6. % 31.12.
2015 2014 2015 2014 2014
Net sales 21.4 21.4 -0.3 42.8 39.2 9.2 79.3
Operating profit 1.3 3.1 -55.9 3.3 4.9 -32.4 8.9
% of net sales 6.3 14.3 7.8 12.6 11.2
Profit for the period 0.8 2.2 -64.1 2.4 3.3 -29.5 5.7
Shareholders' equity 30.9 27.1 13.8 30.9 27.1 13.8 29.7
Net interest-bearing -0.7 1.6 147.7 -0.7 1.6 147.7 -2.6
liabilities
Capital employed 39.6 38.6 2.5 39.6 38.6 2.5 35.3
Return on equity, % 10.5 34.6 15.6 26.8 21.7
Return on capital 14.0 32.2 17.9 26.8 25.2
employed, %
Equity ratio, % 55.3 50.0 55.3 50.0 56.9
Net gearing, % -2.4 5.7 -2.4 5.7 -8.7
Earnings per share, 0.07 0.19 0.20 0.28 0.48
EUR
Earnings per share, 0.07 0.19 0.20 0.28 0.48
diluted, EUR
Equity per share, EUR 2.59 2.28 2.59 2.28 2.50
Market environment
Market demand remained stable in the second quarter of 2015.
Market demand improved in the second half of 2014 especially in the
telecommunication, transportation and building, construction and infrastructure
industry markets, and no major change was seen in the first half of 2015.
Order intake and order backlog April - June 2015
Order intake in the second quarter of 2015 remained on the same level at EUR
21.4 (21.4) million as in the corresponding period in 2014. Our order backlog
on 30 June 2015 was EUR 13.8 (14.1) million, on the same level as on 31 March
2015 (EUR 13.8 million).
Sales review April - June 2015
Group net sales in the second quarter of 2015 were on the same level as in the
corresponding period in 2014 at EUR 21.4 (21.4) million. Compared to the first
quarter of 2015 net sales decreased by EUR 0.1 million or 0.7 per cent from EUR
21.5 million.
Net sales increased in the largest region, Europe, by 0.6 per cent compared to
the corresponding period in 2014. Net sales in the APAC region increased by 9.1
per cent. Net sales in the region Rest of the world decreased by 61.7 per cent
compared to the corresponding period in 2014.
Net sales of Industrial applications decreased by 4.5 per cent to EUR 12.6
million from EUR 13.2 million in the corresponding period in 2014.
Net sales of Construction and Infrastructure applications were up by 6.8 per
cent to EUR 4.7 (4.4) million compared to the corresponding period in 2014.
Net sales of Other applications increased by 7.9 per cent to EUR 4.1 (3.8)
million compared to the corresponding period in 2014.
Order intake January - June 2015
Order intake increased by 2.4 per cent during the first six months of the year
to EUR 44.2 (43.1) million compared to the corresponding period in 2014.
Sales review January - June 2015
Group net sales increased by 9.2 per cent from the corresponding period in 2014
from EUR 39.2 million to EUR 42.8 million.
Net sales increased in the largest region, Europe, by 7.7 per cent compared to
the corresponding period in 2014. Net sales in the APAC region increased by
33.4 per cent. Net sales in the region Rest of the world decreased by 43.8 per
cent compared to the corresponding period in 2014.
Net sales of Industrial applications increased by 14.7 per cent to EUR 26.4
million from EUR 23.0 million in the corresponding period in 2014.
Net sales of Construction and Infrastructure applications were up by 8.2 per
cent to EUR 9.2 (8.5) million compared to the corresponding period in 2014.
Net sales of Other applications decreased by 6.5 per cent to EUR 7.2 (7.7)
million compared to the corresponding period in 2014.
Net sales by Region
MEUR 1.4. 1.4. Change 1.1. 1.1. Change, 1.1. -
-30.6. -30.6. , % -30.6. -30.6. % 31.12.
2015 2014 2015 2014 2014
Europe 17.3 17.2 0.6 34.8 32.3 7.7 64.6
APAC 3.6 3.3 9.1 7.1 5.3 33.4 11.8
Rest of 0.4 0.9 -61.7 0.9 1.6 -43.8 2.9
world
Total 21.4 21.4 -0.3 42.8 39.2 9.2 79.3
Net sales by Customer Industry
MEUR 1.4. 1.4. Change 1.1. 1.1. Change 1.1. -
-30.6. -30.6. , % -30.6. -30.6. , % 31.12.
2015 2014 2015 2014 2014
Construction and 4.7 4.4 6.8 9.2 8.5 8.2 17.4
infrastructure
Industrial 12.6 13.2 -4.5 26.4 23.0 14.7 47.5
applications
Other 4.1 3.8 7.9 7.2 7.7 -6.5 14.3
applications
Total 21.4 21.4 -0.3 42.8 39.2 9.2 79.3
Financial performance
April - June 2015
The Group's operating profit decreased to EUR 1.3 (3.1) million in the second
quarter of 2015 and was 6.3 (14.3) per cent of net sales. Profitability was
impacted by higher operational costs due to increased resources relating to the
implementation of the long-term growth strategy. Profitability was also
affected by lower than expected volumes resulting from delayed orders from some
customers. Non-recurring items amounting to EUR 0.2 million related to M&A
screening were recorded in the second quarter of 2015. Operating profit before
non-recurring items was EUR 1.5 (3.1) million or 7.2 (14.3) per cent of net
sales. Comparing with 2014 it is worthwhile to note, that the second quarter
operating profit in 2014 was strong, roughly 50 per cent higher than the next
best quarter of the year.
January - June 2015
The Group's operating profit in January - June 2015 decreased to EUR 3.3 (4.9)
million and was 7.8 (12.6) per cent of net sales. Operating profit before
non-recurring items was EUR 3.5 (4.9) million or 8.3 (12.6) per cent of net
sales.
The profitability of the Australian unit has improved compared to the
corresponding period last year, but is not yet at a satisfactory level.
Corrective actions are ongoing. The focus is on generating more sales.
The Group's net financial items during the period under review were EUR -0.1
(-0.3) million. The Group's profit before taxes was EUR 3.2 (4.6) million and
profit after taxes EUR 2.4 (3.3) million.
Financial position
Net cash flow from operating activities was positive at EUR +2.4 (+3.1)
million. Cash flow before financing, but after capital expenditure, amounted to
EUR 0.5 (1.9) million. The capital expenditure on fixed assets amounted to EUR
1.8 (1.2) million. Capital expenditure was financed with cash flow from
business operations. At the end of the period under review, the Group's liquid
assets stood at EUR 9.4 (9.9) million. Total depreciation of non-current assets
during the second quarter of 2015 amounted to EUR 0.7 (0.7) million.
The Group's consolidated total assets at the end of the second quarter were EUR
56.1 (54.3) million. Interest-bearing liabilities amounted to EUR 8.7 (11.5)
million. Net interest-bearing liabilities were EUR -0.7 (+1.6) million.
The dividend for 2014 resolved by the Annual General Meeting on 26 March 2015
totaling EUR 2.4 (0.0) million, or EUR 0.20 (0.00) per share, was paid on 8
April 2015.
Equity at the end of the second quarter was EUR 30.9 (27.1) million and equity
ratio 55.3 (50.0) per cent. The net gearing ratio was -2.4 (5.7) per cent.
Fully diluted total earnings per share were EUR 0.20 (0.28). Return on capital
employed was 17.9 (26.8) per cent. Return on equity was 15.6 (26.8) per cent.
Business development and strategy implementation
The factory expansion projects in China and Austria are proceeding according to
plan. Furthermore, the Company has been screening potential acquisition
targets.
Research and development
Research and development costs totaled EUR 0.9 (0.9) million, representing 2.2
(2.2) per cent of net sales. The main projects were connected with the
development of new products and customer applications.
Shares and share performance
Exel Composites' share is listed in the Small Cap segment of the NASDAQ OMX
Helsinki Ltd. in the Industrials sector.
At the end of June 2015, Exel Composites' share capital was EUR 2,141,431.74
and the number of shares was 11,896,843 each having the counter-book value of
EUR 0.18. There were no changes in the share capital during the period under
review. There is only one class of shares and all shares are freely assignable
under Finnish law.
Exel Composites did not hold any of its own shares during the period under
review.
During the period under review the highest share price quoted was EUR 9.85
(6.35) and the lowest EUR 7.55 (5.56). The share price closed at EUR 7.60
(6.35). The average share price during the period under review was EUR 9.05
(6.05).
A total of 1,975,570 (4,580,749) shares were traded during the period under
review, which represents 16.6 (38.5) per cent of the average number of shares.
On 30 June 2015, Exel Composites' market capitalization was EUR 90.4 (75.5)
million.
Shareholders and disclosures
Exel Composites had a total of 3,007 (2,676) shareholders on 30 June 2015.
Information on Exel Composites' shareholders is available on the Company
website at www.exelcomposites.com.
Exel Composites received one flagging announcement during the review period.
On 20 May 2015 Exel Composites received a flagging announcement according to
which the indirect holding of Evli Bank Plc had fallen under 5 per cent of the
voting rights and share capital in Exel Composites Plc. Through share
transactions concluded on 19 May 2015, the total holding of the investment
funds owned by Evli Bank Plc and administered by Evli Fund Management Company
Ltd amounted to 504,786 shares, representing 4.24 per cent of the shares and
voting rights of the Company.
Management
Mr. Mikko Kettunen, 38, was appointed SVP, CFO and member of Exel Composites
Plc's Group Management Team on 13 January 2015 and assumed his position on 7
April 2015. Mr. Kettunen succeeds Mr. Ilkka Silvanto, 63, who was appointed
with the same date as SVP, Strategic Projects, effective as of 7 April 2015.
Mr. Silvanto will continue reporting to CEO and being member of Group
Management Team.
Significant related-party transactions
Exel Composites' permanent public insiders include Exel Composites' Board
members, the President and CEO and the members of the Group Management Team. No
significant related-party transactions were conducted by the Group or the
permanent insiders during the period under review.
Organization and personnel
The number of employees on 30 June 2015 was 511 (433), of whom 225 (201) worked
in Finland and 286 (232) in other countries. The average number of personnel in
January - June 2015 was 500 (423).
Health, safety and environment
Special attention will be given to occupational health and safety also in 2015.
Exel Composites' units in Austria, Belgium and Finland were awarded OHSAS 18001
Safety Management System Standard accreditation in June 2015. The Group's
Chinese unit in Nanjing had earned OHSAS 18001 certification already in 2014.
The Group is rolling out the certification over all sites with the aim of
having all the units of the Group certified by 2017.
Major near-term risks and uncertainties
The Company has added resources to pursue the long-term growth strategy. As a
result, the operating cost level has increased. The most significant near-term
business risk relates to the possibility of sales growth not materializing
according to forecast and the resulting negative impact to the profitability of
the Company. In addition, the general economic development, government
regulations and financial crisis in the Euro area remain risks for Exel
Composites. The profitability of the Australian operations is not satisfying
despite the implemented turnaround measures. Further corrective actions and
restructuring costs can have an impact on the profitability.
Raw material prices, energy cost and other cost increases may continue to put
pressure on profitability. The new European Community's anti-dumping tariffs
imposed on Chinese glass fiber may have a negative effect on the result in
terms of increased raw material prices. Currency rate changes, price
competition and alternative competing materials may also have a negative effect
on the result. The availability and cost of financing may continue to have an
effect on the demand and increase the risk of credit losses.
Outlook for full year 2015
The market has remained stable and we can see positive signs in the Company's
key market segments. However, uncertainties relating to general growth
prospects in the economy continue. The Company implements its new strategy by
reinforcing the organization, especially in sales resources, product
development and operations development, and by increasing its capacity. These
efforts are expected to reduce the 2015 operating profit margin compared to
2014, but will position the Company better for long-term profitable growth.
Forward-looking statements
Certain statements in this report, which are not historical facts, including,
without limitation, those regarding expectations for general economic
development and market situation; regarding customer industry profitability and
investment willingness; regarding Company growth, development and
profitability; regarding cost savings; regarding fluctuations in exchange rates
and interest levels; regarding the success of pending and future acquisitions
and restructurings; and statements preceded by "believes,""expects,""anticipates,""foresees" or similar expressions are forward-looking
statements.
These statements are based on current expectations and currently known facts.
Therefore, they involve risks and uncertainties that may cause actual results
to differ materially from results currently expected by the Company.
Other unknown or unpredictable factors or underlying assumptions subsequently
proving to be incorrect could cause actual results to differ materially from
those in the forward-looking statements. Exel Composites does not undertake any
obligation to publicly update or revise forward-looking statements, whether as
a result of new information, future events or otherwise, except to the extent
legally required.
Vantaa, 24 July 2015
Board of Directors of Exel Composites Plc
For further information, please contact:
Mr. Riku Kytömäki, President and CEO
tel. +358 50 511 8288, or email riku.kytomaki@exelcomposites.com
Mr. Mikko Kettunen, CFO
tel. +358 50 3477 462, or email mikko.kettunen@exelcomposites.com
Distribution
NASDAQ OMX Helsinki Ltd.
Main news media
www.exelcomposites.com
Exel Composites in brief
Exel Composites (www.exelcomposites.com) is a leading composite technology
company that designs, manufactures and markets composite products and solutions
for demanding applications. Exel Composites provides superior customer
experience through continuous innovation, world-class operations and long-term
partnerships.
The core of the operations is based on own, internally developed composite
technology, product range based on it and strong market position in selected
segments with a strong quality and brand image. Profitable growth is pursued by
a relentless search for new applications and development in co-operation with
customers. The personnel's expertise and high level of technology play a major
role in Exel Composites' operations.
Exel Composites Plc share is listed in NASDAQ OMX Helsinki Ltd.
Summary of Financial Statements and notes to the Financial Statements 1 January
- 30 June 2015
Accounting principles:
This Interim Report has been prepared in accordance with IAS 34, Interim
Financial Reporting. The same accounting policies have been followed as in the
previous Financial Statements.
Preparation of financial statements in accordance with the IFRS standards
requires Exel Composites' management to make estimates and assumptions that
have an effect on the amount of assets and liabilities on the balance sheet at
the closing date as well as the amounts of income and expenses for the
financial period. In addition, the management must exercise its judgement
regarding the application of accounting policies. Since the estimates and
assumptions are based on the views at the date of the Financial Statements,
they include risks and uncertainties. The actual results may differ from the
estimates and assumptions.
The amounts presented in the income statement and balance sheet are Group
figures. The amounts presented in the release are rounded, so the sum of
individual figures may differ from the sum reported.
The interim report is unaudited.
CONSOLIDATED COMPREHENSIVE INCOME STATEMENT
EUR thousand 1.4. - 1.4. - Change 1.1. - 1.1. - Change 1.1. -
30.6. 30.6. , % 30.6. 30.6. , % 31.12. 2015 2014 2015 2014 2014
Net sales 21,352 21,420 -0.3 42,847 39,232 9.2 79,253
Materials and -7,778 -8,290 6.2 -15,549 -14,266 -9.0 -29,134
services
Employee benefit -6,733 -5,635 -19.5 -13,183 -11,028 -19.5 -22,691
expenses
Depreciation and -725 -654 -10.9 -1,435 -1,317 -9.0 -3,115
impairment
Other operating -4,937 -3,949 -25.0 -9,493 -8,038 -18.1 -16,133
expenses
Other operating 169 161 5.0 152 361 -57.9 707
income
Operating profit 1,348 3,054 -55.9 3,340 4,943 -32.4 8,887
Net financial items -187 -118 -58.5 -115 -347 66.9 -430
Profit before tax 1,161 2,935 -60.4 3,224 4,596 -29.9 8,457
Income taxes -361 -706 48.9 -867 -1,251 30.7 -2,754
Profit/loss for the 800 2,229 -64.1 2,358 3,346 -29.5 5,702
period
Other comprehensive
income:
Other comprehensive
income to be
reclassified to
profit or loss in
subsequent periods:
Exchange differences -211 528 -140.0 1,169 932 -25.4 1,370
on translating
foreign operations
Income tax relating 0 0 0 0 0
to components of
other comprehensive
income
Items that will not
be classified to
profit or loss
Defined benefit plan 0 0 0 0 -90
actuarial gains
(+/)/loss(-), net
tax
Other comprehensive -211 528 -140.0 1,169 932 -25.4 1,280
income, net of tax
Total comprehensive 589 2,757 -78.6 3,526 4,278 17.6 6,983
income
Profit/loss
attributable to:
Equity holders of the 800 2,229 -64.1 2,358 3,346 29.5 5,702
parent company
Comprehensive income
attributable to:
Equity holders of the 589 2,757 -78.6 3,526 4,278 17.6 6,983
parent company
Earnings per share, 0.07 0.19 0.20 0.28 0.48
diluted and
undiluted, EUR
CONDENSED CONSOLIDATED BALANCE SHEET
EUR thousand 30.6.2015 30.6.2014 Change 31.12.2014
ASSETS
Non-current assets
Goodwill 9,817 9,823 -6 9,676
Other intangible assets 561 789 -228 686
Tangible assets 13,465 10,839 2,626 12,533
Deferred tax assets 283 725 -442 285
Other non-current assets 80 73 7 74
Non-current assets total 24,205 22,249 1,957 23,253
Current assets
Inventories 10,232 9,286 946 10,034
Trade and other receivables 12,180 12,856 -676 10,906
Cash at bank and in hand 9,447 9,931 -484 8,218
Current assets total 31,858 32,073 -215 29,158
Total assets 56,063 54,322 1,741 52,411
EQUITY AND LIABILITIES
Shareholders´ equity
Share capital 2,141 2,141 0 2,141
Other reserves 79 72 7 79
Invested unrestricted equity fund 2,539 2,539 0 2,539
Translation differences 4,702 3,096 1,606 3,534
Retained earnings 19,047 15,924 3,123 15,724
Profit for the period 2,358 3,346 -988 5,702
Total equity attributable to equity 30,867 27,118 3,749 29,720
holders of the parent company
Total equity 30,867 27,118 3,749 29,720
Non-current liabilities
Interest-bearing liabilities 4,127 1,046 3,081 4,623
Interest-free liabilities 480 439 41 454
Deferred tax liabilities 526 465 61 505
Current liabilities
Interest-bearing liabilities 4,579 10,440 -5,861 1,000
Trade and other non-current 15,485 14,814 671 16,110
liabilities
Total liabilities 25,197 27,204 -2,007 22,692
Total equity and liabilities 56,063 54,322 1,741 52,411
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
EUR thousand Share Other Invested Translation Retained Total
Capita Reserves Unrestricted Differences Earnings
l Equity Fund
Balance at 1 2,141 72 2,539 2,164 15,924 22,841
January
2014
Comprehensiv 932 3,346 4,278
e result
Other items 0 0
Dividend 0 0
Balance at 2,141 72 2,539 3,096 19,270 27,118
30 June
2014
Balance at 2,141 79 2,539 3,534 21,426 29,720
1st January
2015
Comprehensiv 1,169 2,358 3,526
e result
Other items 0 0
Dividend -2,379 -2,379
Balance at 2,141 79 2,539 4,702 21,405 30,867
30 June
2015
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
EUR thousand 1.1. - 1.1. - Change 1.1. -
30.6. 30.6. 31.12.
2015 2014 2014
Cash Flow from Operating Activities
Profit for the period 2,358 3,346 -988 5,702
Adjustments 3,000 3,277 -277 7,425
Change in working capital -1,827 -2,272 445 455
Cash Flow Generated by Operations 3,531 4,351 -820 13,582
Interest paid -40 -94 54 -167
Interest received 5 42 -37 56
Other financial items -90 -103 13 -328
Income taxes paid -1,047 -1,120 73 -2,464
Net Cash Flow from Operating Activities 2,359 3,076 -717 10,679
Cash Flow from Investing Activities
Capital expenditure -1,840 -1,198 -642 -4,354
Proceeds from sale of fixed assets 0 0 0 0
Cash Flow from Investing Activities -1,840 -1,198 -642 -4,354
Cash Flow from Financing
Share issue 0 0 0 0
Proceeds from long-term borrowings 0 0 0 5,000
Instalments of long-term borrowings -500 -1,380 880 -2,840
Change in short-term loans 3,589 0 3,589 -9,700
Instalments of finance lease liabilities 0 -5 5 -5
Additional capital repayment 0 0 0 0
Dividends paid -2,379 0 -2,379 0
Net Cash Flow from Financing 710 -1,385 2,095 -7,545
Change in Liquid Funds 1,229 493 736 -1,220
Liquid funds in the beginning of period 8,218 9,438 -1,220 9,438
Change in liquid funds 1,229 493 736 -1,220
Liquid funds at the end of period 9,447 9,931 -484 8,218
QUARTERLY KEY FIGURES
EUR thousand II/ I/ IV/ III/ II/ I/
2015 2015 2014 2014 2014 2014
Net sales 21,352 21,495 21,071 18,950 21,420 17,811
Materials and services -7,778 -7,771 -7,992 -6,876 -8,290 -5,976
Employee benefit expenses -6,733 -6,450 -6,068 -5,595 -5,635 -5,393
Depreciation and impairment -725 -711 -631 -1,167 -654 -663
Operating expenses -4,937 -4,556 -4,473 -3,621 -3,949 -4,089
Other operating income 169 -16 162 185 161 200
Operating profit 1,348 1,991 2,069 1,875 3,054 1,890
Net financial items -187 72 -62 -22 -118 -229
Profit before taxes 1,161 2,063 2,007 1,853 2,935 1,661
Income taxes -361 -506 -542 -962 -706 -545
Profit/loss for the period 800 1,557 1,466 891 2,229 1,116
Earnings per share, EUR 0.07 0.13 0.12 0.07 0.19 0.09
Earnings per share, EUR, diluted 0.07 0.13 0.12 0.07 0.19 0.09
Average number of shares,
undiluted,
1,000 shares 11,897 11,897 11,897 11,897 11,897 11,897
Average number of shares,
diluted,
1,000 shares 11,897 11,897 11,897 11,897 11,897 11,897
Average number of personnel 513 487 451 437 427 418
COMMITMENTS AND CONTINGENCIES
EUR thousand 30.6.2015 30.6.2014
On own behalf
Mortgages 2,783 2,783
Corporate mortgages 12,500 12,500
Lease liabilities
- in next 12 months 948 744
- in next 1-5 years 1,138 1,197
Other commitments 6 6
DERIVATIVE FINANCIAL INSTRUMENTS
Nominal values 30.6.2015 30.6.2014
EUR thousand
Interest rate derivatives
Interest rate swaps 2,700 0
Purchased interest rate options 0 0
CONSOLIDATED KEY FIGURES
EUR thousand 1.1. - 30.6. 1.1. - Change, % 1.1. -
2015 30.6. 31.12.
2014 2014
Continuing operations
Net sales 42,847 39,232 9.2 79,253
Operating profit 3,340 4,943 -32.4 8,887
% of net sales 7.8 12.6 11.2
Profit before tax 3.224 4,596 -29.9 8,457
% of net sales 7.5 11.7 10.7
Profit for the period 2,358 3,346 -29.5 5,702
% of net sales 5.5 8.5 7.2
Shareholders' equity 30,867 27,118 13.8 29,720
Interest-bearing liabilities 8,705 11,486 -24.2 5,623
Cash and cash equivalents 9,447 9,931 -4.9 8,218
Net interest-bearing liabilities -741 1,555 147.7 -2,595
Capital employed 39,572 38,604 2.5 35,342
Return on equity, % 15.6 26.8 21.7
Return on capital employed, % 17.9 26.8 25.2
Equity ratio, % 55.3 50.0 56.9
Net gearing, % -2.4 5.7 -8.7
Capital expenditure 1,840 1,198 53.6 4,354
% of net sales 4.3 3.1 5.5
Research and development costs 941 858 9.7 1,837
% of net sales 2.2 2.2 2.3
Order intake 44,185 43,148 2.4 82,327
Order backlog 13,783 14,107 -2.3 12,833
Earnings per share, EUR 0.20 0.28 -28.6 0.48
Earnings per share, EUR, diluted 0.20 0.28 -28.6 0.48
Equity per share, EUR 2.59 2.28 13.6 2.50
Average number of shares
- cumulative 11,897 11,897 0.0 11,897
- cumulative, diluted 11,897 11,897 0.0 11,897
Average number of employees 500 423 18.4 433
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