Componenta interim report 1 January - 31 March 2010
Componenta Corporation Stock Exchange Release 22.4.2010 at 10.30
Consolidated net sales in the review period totalled MEUR 91 (MEUR 88)
Value of production was MEUR 94 (MEUR 75)
Operating profit was MEUR 0.3 (MEUR -6.1)
The result after financial items was MEUR -5.6 (MEUR -10.9)
Basic earnings per share was EUR -0.24 (EUR -0.75)
Order book rose 47% to MEUR 68 (MEUR 46)
Net sales and order book
The Group's net sales in January - March were EUR 91.2 (88.1) million. Net sales
increased 4% and value of production 25%. The order book at the end of March
rose 47% compared to the same period in the previous year and was EUR 68.0
(46.2) million.
Net sales of the Turkey operations rose 63% from the previous year to EUR 40.6
(24.9) million. The order book at the end of the review period was EUR 32.6
(17.1) million.
Net sales of the Finland operations fell 29% from the previous year to EUR 20.8
(29.1) million. The order book at the end of the review period was EUR 13.6
(11.4) million.
Net sales of the Holland operations fell 22% from the previous year to EUR 18.7
(23.9) million. The order book at the end of the review period was EUR 13.4
(13.8) million.
Net sales of the Sweden operations rose 50% from the previous year to EUR 15.8
(10.5) million. The order book at the end of the review period was EUR 13.3
(6.0) million.
Componenta's net sales by customer sector were as follows: construction & mining
21% (13%), agriculture 13% (14%), heavy trucks 24% (18%), automotive 20% (13%),
wind power 1% (5%), machine building 21% (36%) and others 1% (1%).
Result
Componenta has applied the same accounting principles in this interim report as
in the annual financial statements for 2009. Additionally the revised standards
IFRS 3 and IAS 27 have been applied as from 1 January 2010. Applying the revised
standards has not affected the Group's reported result or its financial
position. The result does not include one-time items. The financial statements
tables of this unaudited interim report have been prepared in accordance with
IAS 34 accounting principles.
The Group's operating profit of the review period was EUR 0.3 (-6.1) million.
The Group's operating profit improved from the previous year clearly mainly due
to higher production volumes and the cost adaptation measures implemented
earlier. The first quarter result was weakened by rapid increase in raw material
prices and by the exceptional peaks in the energy prices in the Nordic
countries, with the total impact of some EUR 3 million. Other operating income
includes exchange rate differences on sales and purchases.
Quarterly analysis of changes in income statement
--------------------------------------------------------------------------------
| MEUR | Q1/10 | Q1/09 | Diff % |
--------------------------------------------------------------------------------
| Net Sales | 91,2 | 88,1 | 4 % |
--------------------------------------------------------------------------------
| Value of production | 94,4 | 75,3 | 25 % |
--------------------------------------------------------------------------------
| Materials | -34,3 | -24,1 | 43 % |
--------------------------------------------------------------------------------
| Direct wages and external services | -24,2 | -25,0 | -3 % |
--------------------------------------------------------------------------------
| Other variable and fixed costs | -32,3 | -29,3 | 10 % |
--------------------------------------------------------------------------------
| Costs total | -90,8 | -78,3 | 16 % |
--------------------------------------------------------------------------------
| EBITDA | 3,6 | -3,0 | -221 % |
--------------------------------------------------------------------------------
The Group's net financial costs in the review period totalled EUR -5.9 (-4.7)
million. Net financial costs increased from the previous year mainly due to
higher interest costs and exchange rate differences.
The consolidated result after financial items was EUR -5.6 (-10.9) million.
Income taxes calculated from the result for the review period totalled EUR 1.5
(2.5) million.
The net result for the period was EUR -4.1 (-8.3) million.
The basic earnings per share was EUR -0.24 (-0.75).
The return on investment was 1.1% (-6.6%) and return on equity -23.5% (-53.4%).
Financing
At the end of the review period Componenta Corporation had outstanding capital
notes and convertible notes with a combined value of EUR 27.8 million, as
defined in IFRS. In March the Group repaid the final instalment of EUR 7.4
million of the principal of the convertible capital notes issued in 2005, in
accordance with the terms of the notes. At the end of the review period, the
outstanding unconverted capital notes issued in 2006 entitled their holders to
subscribe 572,800 shares.
In the review period long-term bilateral bank loans totalling EUR 28.7 million
were drawn, to refinance short-term bank loans that matured in the period.
At the end of the review period, Componenta had EUR 26.0 million in unused,
committed credit facilities as well as cash funds of EUR 13.5 million. In
addition, the Group has a EUR 150.0 million commercial paper programme, from
which the company had no debt at the end of the review period. The Group's
interest-bearing net debt, excluding the outstanding capital notes of EUR 27.8
million, stood at EUR 214.9 (223.4) million. The company's net debt as a
proportion of shareholders' equity, including the capital notes in shareholders'
equity, was 218.2% (232.9%).
Componenta is making more efficient use of capital with a programme to sell its
trade receivables. Under this arrangement, some of the trade receivables are
sold without any right of recourse. By the end of the period the company had
sold trade receivables totalling EUR 40.8 (34.0) million.
Componenta's net cash flow from operations during the review period was EUR 3.5
(5.3) million, and of this the change in net working capital was EUR 3.1 (11.2)
million. The cash flow from investment was EUR -3.2 (-4.4) million, which
includes the cash flow from the Group's investments in tangible and intangible
assets and the cash flow from shares sold and purchased and from tangible assets
sold.
At the end of the review period the Group's equity ratio was 17.0% (12.9%). The
Group's shareholders' equity on 31 March 2010, including the capital notes in
shareholders' equity, as a proportion of the balance sheet total was 23.6%
(23.0%).
Performance of operations
Componenta's reporting structure was changed on 1 February 2010 when Componenta
reorganized its divisions into country-based operations. The figures for the
first quarter of 2010 have been reported in accordance with the new structure,
and all figures for comparison for the country-based operations for 2009 have
been adjusted to bring them in line with this reporting structure.
Turkey operations
The operations in Turkey comprise the iron foundry and machine shop in Orhangazi
and the aluminium foundry and production unit for aluminium wheels in Manisa.
Net sales in the review period rose 63% to EUR 40.6 (24.9) million and the
operating profit was EUR 3.2 million corresponding to 7.9% of net sales (EUR
-0.4 million, -1.6%). The significant improvement in volumes and implemented
cost adjustment measures were major factors in boosting the operating profit of
operations in Turkey in the review period.
Finland operations
The operations in Finland comprise the iron foundries in Iisalmi, Karkkila,
Pietarsaari and Pori as well as the machine shops in Lempäälä and Pietarsaari.
The operations also include the production unit for pistons in Pietarsaari.
Net sales for operations in Finland in the review period declined 29% to EUR
20.8 (29.1) million and the operating profit was EUR -0.6 million, corresponding
to -2.8% of net sales (EUR 0.5 million, 1.7%). Lower capacity usage than in the
previous year had a negative impact on the operating profit.
Holland operations
The operations in the Netherlands consist of the iron foundries in Weert and
Heerlen as well as the machine shop operations in Weert and pattern shop in
Tegelen.
Net sales for the Netherlands operations in the review period fell 22% to EUR
18.7 (23.9) million and the operating profit was EUR -0.1 million, corresponding
to -0.5% of net sales (EUR -4.1 million, -17.2%). The improvement in the
operating profit for the review period from the previous year was particularly
due to the largescale cost adjustment measures taken in 2009.
Sweden operations
The operations in Sweden comprise the Främmestad machine shop and Wirsbo forge.
Net sales for operations in Sweden in the review period rose 50% to EUR 15.8
(10.5) million and the operating profit was EUR -1.4 million, corresponding to
-8.9% of net sales (EUR -3.2 million, -30.5%). The operating loss of the Swedish
operations decreased from the previous year due to the higher volumes and
reductions of operative costs.
Other Business
Other Business comprises the sales and logistics company Componenta UK Ltd in
Great Britain, service and real estate companies in Finland, the Group's
administrative functions and associated company Kumsan A.S. in Turkey. Other
Business recorded an operating profit in the review period of EUR -0.7 (0.8)
million.
Shares and share capital
The shares of Componenta Corporation are quoted on the NASDAQ OMX Exchange in
Helsinki. At the end of review period the company had a total of 17,457,798
shares. At the end of the period the company's share capital stood at EUR 21.9
(21.9) million. On 31 March 2010 the quoted price of Componenta Corporation
shares stood at EUR 4.53 (3.80). The average price during the review period was
EUR 4.37, the lowest quoted price was EUR 4.02 and the highest EUR 4.69. At the
end of the review period the share capital had a market capitalization of EUR
79.1 (41.6) million and the volume of shares traded during the period was
equivalent to 32.7% (3.2%) of the share stock.
The Annual General Meeting of Shareholders resolved not to pay a dividend for
the 2009 financial year. For the previous year, a dividend of EUR 0.30 per share
was paid.
On 16 March 2010 Componenta received notification from Oy Etra Invest Ab that
the share of its shares in the voting rights and share capital of Componenta
Corporation has decreased below 5 per cent as a result of a transaction where it
sold all its Componenta Corporation shares. On the same day Componenta received
notification from Etra Capital Oy that its share in the voting rights and share
capital of Componenta Corporation has exceeded 20 per cent as a result of a
transaction made on 16 March 2010.
Purchasing and disposing of company shares
Under the authorization of the Annual General Meeting held on 10 March 2010, the
Board of Directors may decide to purchase a maximum of 1,700,000 of the
Company's own shares, in one or several instalments, using the Company's
unrestricted shareholders' equity. The shares shall be repurchased otherwise
than in proportion to the holdings of the shareholders through public trading
organised by NASDAQ OMX Helsinki Ltd at the market price prevailing at the
moment of repurchase. The company's own shares may be repurchased in order to
develop the equity structure of the company, to be used as compensation in
acquisitions, purchases of assets relating to the company's business or as part
of the company's incentive scheme, as well as to be otherwise transferred
further, retained as treasury shares or cancelled. The Board of Directors can
not use the authorization to the extent that the aggregate number of treasury
shares in the possession of, or held as pledges by, the company and its
subsidiaries would after the repurchase exceed 10% of all shares. The
authorization entitles the Board of Directors to resolve on all other conditions
of the repurchase of shares.
The authorization is valid for a period of 18 months from the date of the
decision of the Annual General Meeting. The authorization cancels the
authorization to resolve on the repurchase of own shares given to the Board of
Directors by the Annual General Meeting on 23 February 2009. The Board of
Directors has not exercised the authorization to purchase own shares.
The Annual General Meeting on 26 February 2007 authorized the Board of Directors
to decide to issue shares and grant option rights and other special rights with
an entitlement to shares under the following terms and conditions:
1. Under the authorization the Board of Directors may decide to issue shares and
grant option rights and other special rights as defined in chapter 10, section 1
of the Finnish Companies Act, such that a maximum of 2,000,000 shares are issued
under the authorization. The authorization does not exclude the right of the
Board of Directors to decide on a directed issue of shares.
2. The authorization is valid for a period of five years from the date of the
decision of the Annual General Meeting.
Under the mentioned authorization the Board of Directors of Componenta
Corporation resolved on 16 April 2009 on a directed free of consideration share
issue for the reward payment from the earning periods 2007 - 2008 of the
share-based incentive scheme 2007 - 2009. In the share issue 12,100 Componenta
Corporation shares were issued and conveyed without consideration to the key
persons participating in the share-based incentive scheme according to its terms
and conditions.
Share-based incentive scheme 2010 - 2012
The Board of Directors of Componenta Corporation has resolved on 10 March 2010
on a long-term reward and incentive plan for key personnel. The target group of
the plan comprises 44 people determined by the Board of Directors.
The plan includes three earning periods, calendar years 2010, 2011 and 2012. The
earnings criteria of the earning period 2010 are the Componenta Group's result
after financial items and cash flow from operations. The amount of reward earned
in the earning period is determined at the end of the earning period by the
extent to which the targets set for the earnings criteria have been achieved.
The potential reward will be paid in 2011, 2012 and 2013 partly as company's
shares and partly in cash. The proportion to be paid in cash is intended to
cover taxes and tax-related costs arising from the reward. If shares are paid in
the incentive scheme, the shares may not be conveyed, pledged or otherwise used
during a two-year restriction period.
The rewards to be paid on the basis of the 2010 earning period will correspond
to the value of a maximum of altogether 360,000 Componenta Corporation shares,
including also the proportion to be paid in cash. The President and CEO's
allocation of the total amount will be a maximum of 100,000 shares and other key
personnel will receive altogether a maximum of 260,000 shares. The scheme's
impact on the Group's result at the end of the first quarter of 2010 was EUR 0.0
million.
Investments
Componenta's investments in production facilities during the review period
totalled EUR 0.8 (5.2) million, and finance lease investments accounted for EUR
0.0 (1.1) million of these. The cash flow from investments was EUR -3.2 (-4.4)
million.
Board of Directors and Management
Componenta's Annual General Meeting of Shareholders on 10 March 2010 elected the
following to the Board of Directors: Heikki Bergholm, Pii Kotilainen, Heikki
Lehtonen, Marjo Miettinen, Juhani Mäkinen and Matti Tikkakoski. The Board held
its organization meeting after the Annual General Meeting and elected Heikki
Bergholm as its Chairman and Juhani Mäkinen as its Vice Chairman.
At the end of the review period the Corporate Executive Team (CET) of Componenta
Corporation comprised the following members: President and CEO Heikki Lehtonen,
COO Yrjö Julin, Hakan Göral, SVP, Operations Turkey, CFO Mika Hassinen and Anu
Mankki, SVP, HR. Communication Director Pirjo Aarniovuori acts as a Secretary to
the CET.
The Extended Corporate Executive Team comprised the members of CET and Secretary
to the CET listed above, and the following: Olli Karhunen, SVP, Operations
Finland; Patrick Steensels, SVP, Operations Holland; Michael Sjöberg, SVP,
Operations Sweden; Tapio Rantala, VP, Foundry technology development; Ömer Lütfi
Erten, VP, Internal sourcing; Juha Alhonoja, VP, Machining technology
development; Henk Klever, VP, Purchasing; Antti Lehto, VP, Sales and Product
Development, Off-road and Central Europe; Lauri Eklin, VP, Sales and Product
Development, Power and Nordic; Jari Leino, VP, Sales and Product Development,
Heavy trucks, and Engineering Director Hein Strijbos.
Personnel
During the review period the Group had on average 3,776 (3,932) employees,
including 114 (156) leased employees. The number of Group personnel at the end
of the review period was 3,845 (3,858), which includes 151 (130) leased
employees. At the end of the first quarter of 2010 48% (42%) of the Group's
personnel were in Turkey, 27% (30%) in Finland, 17% (18%) in the Netherlands,
and 8% (10%) in Sweden.
Risks and business uncertainties
The most significant risks of Componenta are risks related to business
environment (competition and price risk, commodity and environmental risks) and
operational risks (customer risks, supplier risks, productivity, production and
process risks, labour market disruptions, contract and product liability risks,
personnel risks, and data security risks) as well as financial risks (financing
and liquidity risk, currency, interest rate and credit risks).
In order to manage the Group's business operations it is essential to secure the
availability of certain raw materials, as recycled metal and pig iron as well as
energy, in competitive prices. Cost risks relating to raw materials are mainly
managed with price agreements, and under these agreements the prices of products
are adjusted in line with the changes in the raw material prices. Price
increases of raw materials may tie up more funds in working capital than
estimated.
The financial risks relating to Componenta business operations are managed in
accordance with the treasury policy approved by the Board of Directors. The
objective is to protect the Group against unfavourable changes in the finance
markets and to secure the Group's financial performance and financial position.
More information related to Componenta's risks and risk management is in the
annual report of 2009 and in the internet pages www.componenta.com.
Prospects
Componenta's prospects for the remainder of 2009 are based on general external
economic indicators, order forecasts given by customers, and on Componenta's
order intake and order book.
The demand outlook in most of the Group's customer industries have improved
during the beginning of 2010. The production volumes of the customers have in
the beginning of the year improved also due to the fact that destocking has come
to an end.
The slowdown in construction in the USA and Europe reduced demand for
construction machinery in 2009. Many countries initiated infrastructure projects
in 2009 because of the recession, and these are expected to increase demand for
construction machinery in 2010.
The recent strong rise in raw material prices is expected to increase the demand
for mining machinery in 2010.
Demand for agricultural machinery is expected to remain at the same level as in
the previous year.
Componenta's deliveries to the heavy truck industry are expected to increase
significantly from the previous year. Delivery volumes have increased as
inventory levels have returned to normal despite the low figures for the
registration of heavy trucks.
The number of passenger cars registered in Europe in January - March increased
9.2% from the previous year. However, the figures for the registration of
passenger cars in 2010 are expected to remain below those for 2009.
Demand in the wind power sector is expected to pick up at the earliest in the
second half of 2010.
Demand in the machine building industry is expected to recover gradually during
2010.
Componenta's order book at the end of the first quarter in 2010 was 47% higher
than at the same time in the previous year.
Due to the exceptionally rapid increase in raw material prices, Componenta is
having to speed up the updating of customer prices as from the beginning of May
2010. Despite this step, the rise in raw material prices will have negative
effect on the result for the second quarter.
Componenta Group's net sales in 2010 are expected to increase and the result
after financial items is expected to improve clearly from the previous year.
Componenta's investments in production facilities in 2010 are expected to halve
from the previous year (EUR 16 million in 2009).
The Group's cash flow from operations is expected to remain positive. Should the
raw material prices continue to rise, this may tie up more funds in working
capital than previously estimated.
Interim report tables
The financial statements tables of this unaudited interim report have been
prepared in accordance with IAS 34 accounting principles.
Consolidated income statement
--------------------------------------------------------------------------------
| MEUR | 1.1.-31.3 | 1.1.-31.3. | 1.1.-31.12. |
| | .2010 | 2009 | 2009 |
--------------------------------------------------------------------------------
| Net sales | 91.2 | 88.1 | 299.6 |
--------------------------------------------------------------------------------
| Other operating income | -0.3 | 1.5 | 2.4 |
--------------------------------------------------------------------------------
| Operating expenses | -87.3 | -92.5 | -305.2 |
--------------------------------------------------------------------------------
| Depreciation, amortization and | -3.3 | -3.2 | -12.5 |
| write-down | | | |
--------------------------------------------------------------------------------
| Share of the associated companies' | 0.1 | 0.0 | 0.2 |
| result | | | |
--------------------------------------------------------------------------------
| Operating profit | 0.3 | -6.1 | -15.4 |
--------------------------------------------------------------------------------
| % of net sales | 0.4 | -7.0 | -5.1 |
--------------------------------------------------------------------------------
| Financial income and expenses | -5.9 | -4.7 | -21.8 |
--------------------------------------------------------------------------------
| Result after financial items | -5.6 | -10.9 | -37.2 |
--------------------------------------------------------------------------------
| % of net sales | -6.1 | -12.3 | -12.4 |
--------------------------------------------------------------------------------
| Income taxes | 1.5 | 2.5 | 8.5 |
--------------------------------------------------------------------------------
| Net profit | -4.1 | -8.3 | -28.7 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Allocation of net profit for the | | | |
| period | | | |
--------------------------------------------------------------------------------
| To equity holders of the parent | -4.2 | -8.2 | -28.3 |
--------------------------------------------------------------------------------
| To minority interest | 0.1 | -0.2 | -0.3 |
--------------------------------------------------------------------------------
| | -4.1 | -8.3 | -28.7 |
--------------------------------------------------------------------------------
| Earning per share calculated on the | | | |
| profit | | | |
--------------------------------------------------------------------------------
| attributable to equity holders of the | | | |
| parent | | | |
--------------------------------------------------------------------------------
| Earnings per share, EUR | -0.24 | -0.75 | -2.30 |
--------------------------------------------------------------------------------
| Earnings per share with dilution, EUR | -0.24 | -0.75 | -2.30 |
| *) | | | |
--------------------------------------------------------------------------------
*) Earnings per share with dilution has been restated for the financial year
2009 and the first quarter of the year 2009. The effect of the dilution was
erroneously taken into account although the dilution decreased the loss of
earnings per share.
Consolidated statement of comprehensive income
--------------------------------------------------------------------------------
| MEUR | 1.1.-31.3 | 1.1.-31.3. | 1.1.-31.12. |
| | .2010 | 2009 | 2009 |
--------------------------------------------------------------------------------
| Net profit | -4.1 | -8.3 | -28.7 |
--------------------------------------------------------------------------------
| Other comprehensive income | | | |
--------------------------------------------------------------------------------
| Translation differences | 6.7 | -4.9 | -1.0 |
--------------------------------------------------------------------------------
| Cash flow hedges | 0.3 | -1.0 | 2.1 |
--------------------------------------------------------------------------------
| Income tax on other comprehensive | -0.1 | 0.3 | -0.5 |
| income | | | |
--------------------------------------------------------------------------------
| Other comprehensive income, net of | 6.9 | -5.6 | 0.5 |
| tax | | | |
--------------------------------------------------------------------------------
| Total comprehensive income | 2.9 | -13.9 | -28.1 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Allocation of total comprehensive | | | |
| income | | | |
--------------------------------------------------------------------------------
| To equity holders of the parent | 2.5 | -13.5 | -27.8 |
--------------------------------------------------------------------------------
| To minority interest | 0.4 | -0.4 | -0.3 |
--------------------------------------------------------------------------------
| | 2.9 | -13.9 | -28.1 |
--------------------------------------------------------------------------------
Consolidated statement of financial position
--------------------------------------------------------------------------------
| | | (Restated*) | |
--------------------------------------------------------------------------------
| MEUR | 31.3.2010 | 31.3.2009 | 31.12.2009 |
--------------------------------------------------------------------------------
| Assets | | | |
--------------------------------------------------------------------------------
| Non-current assets | | | |
--------------------------------------------------------------------------------
| Intangible assets | 6.9 | 5.2 | 6.4 |
--------------------------------------------------------------------------------
| Goodwill | 33.0 | 30.5 | 31.5 |
--------------------------------------------------------------------------------
| Investment properties | 1.8 | 1.8 | 1.8 |
--------------------------------------------------------------------------------
| Tangible assets | 247.3 | 237.9 | 244.2 |
--------------------------------------------------------------------------------
| Investment in associates | 1.2 | 0.9 | 1.1 |
--------------------------------------------------------------------------------
| Receivables | 5.4 | 4.3 | 4.9 |
--------------------------------------------------------------------------------
| Other investments | 0.4 | 0.4 | 0.4 |
--------------------------------------------------------------------------------
| Deferred tax assets | 18.7 | 11.7 | 16.6 |
--------------------------------------------------------------------------------
| Total non-current assets | 314.9 | 292.9 | 307.0 |
--------------------------------------------------------------------------------
| Current assets | | | |
--------------------------------------------------------------------------------
| Inventories | 47.7 | 62.1 | 41.0 |
--------------------------------------------------------------------------------
| Receivables | 40.9 | 46.1 | 32.7 |
--------------------------------------------------------------------------------
| Tax receivables | 0.2 | 2.7 | 0.2 |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 13.5 | 14.2 | 7.6 |
--------------------------------------------------------------------------------
| Total current assets | 102.2 | 125.1 | 81.4 |
--------------------------------------------------------------------------------
| Total assets | 417.1 | 418.0 | 388.4 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Shareholders' equity and | | | |
| liabilities | | | |
--------------------------------------------------------------------------------
| Shareholders' equity | | | |
--------------------------------------------------------------------------------
| Share capital | 21.9 | 21.9 | 21.9 |
--------------------------------------------------------------------------------
| Other equity | 41.9 | 25.6 | 39.4 |
--------------------------------------------------------------------------------
| Equity attributable to equity | 63.8 | 47.4 | 61.3 |
| holders of the parent | | | |
--------------------------------------------------------------------------------
| Minority interest | 6.9 | 6.4 | 6.5 |
--------------------------------------------------------------------------------
| Shareholders' equity | 70.7 | 53.8 | 67.8 |
--------------------------------------------------------------------------------
| Liabilities | | | |
--------------------------------------------------------------------------------
| Non-current | | | |
--------------------------------------------------------------------------------
| Capital loan | 27.8 | 26.8 | 27.7 |
--------------------------------------------------------------------------------
| Interest bearing | 206.4 | 182.1 | 165.3 |
--------------------------------------------------------------------------------
| Interest free | - | - | - |
--------------------------------------------------------------------------------
| Provisions | 7.4 | 6.1 | 6.7 |
--------------------------------------------------------------------------------
| Deferred tax liability | 6.8 | 7.6 | 6.1 |
--------------------------------------------------------------------------------
| Current | | | |
--------------------------------------------------------------------------------
| Capital loan | - | 15.2 | 7.4 |
--------------------------------------------------------------------------------
| Interest bearing | 22.0 | 55.5 | 48.8 |
--------------------------------------------------------------------------------
| Interest free | 74.4 | 68.9 | 57.5 |
--------------------------------------------------------------------------------
| Tax liabilities | 0.1 | 0.2 | 0.1 |
--------------------------------------------------------------------------------
| Provisions | 1.6 | 1.7 | 1.1 |
--------------------------------------------------------------------------------
| Total liabilities | 346.4 | 364.2 | 320.6 |
--------------------------------------------------------------------------------
| Total shareholders' equity and | 417.1 | 418.0 | 388.4 |
| liabilities | | | |
--------------------------------------------------------------------------------
*) More information about the restatement can be found on the Annual Report 2009
page 39
Condensed consolidated cash flow statement
--------------------------------------------------------------------------------
| MEUR | 1.1.-31 | 1.1.-31. | 1.1.-31.1 |
| | .3.2010 | 3.2009 | 2.2009 |
--------------------------------------------------------------------------------
| Cash flow from operating activities | | | |
--------------------------------------------------------------------------------
| Result after financial items | -5.6 | -10.9 | -37.2 |
--------------------------------------------------------------------------------
| Depreciation, amortization and write-down | 3.3 | 3.2 | 12.5 |
--------------------------------------------------------------------------------
| Net financial income and expenses | 5.9 | 4.7 | 21.8 |
--------------------------------------------------------------------------------
| Other income and expenses, adjustments to | 1.3 | 0.2 | 0.5 |
| cash flow | | | |
--------------------------------------------------------------------------------
| Change in net working capital | 3.1 | 11.2 | 37.5 |
--------------------------------------------------------------------------------
| Cash flow from operations before financing | 8.0 | 8.4 | 35.0 |
| and income taxes | | | |
--------------------------------------------------------------------------------
| Interest received and paid and dividends | -4.5 | -4.3 | -23.5 |
| received | | | |
--------------------------------------------------------------------------------
| Taxes paid | -0.1 | 1.2 | 2.8 |
--------------------------------------------------------------------------------
| Net cash flow from operating activities | 3.5 | 5.3 | 14.2 |
--------------------------------------------------------------------------------
| Cash flow from investing activities | | | |
--------------------------------------------------------------------------------
| Capital expenditure in tangible and | -2.9 | -4.4 | -12.5 |
| intangible assets | | | |
--------------------------------------------------------------------------------
| Proceeds from tangible and intangible | - | - | 0.4 |
| assets | | | |
--------------------------------------------------------------------------------
| Other investments and loans granted | -0.3 | - | -0.5 |
--------------------------------------------------------------------------------
| Proceeds from other investments and | - | - | 0.0 |
| repayments of loan receivables | | | |
--------------------------------------------------------------------------------
| Net cash flow from investing activities | -3.2 | -4.4 | -12.6 |
--------------------------------------------------------------------------------
| Cash flow from financing activities | | | |
--------------------------------------------------------------------------------
| Dividends paid | - | -3.3 | -3.3 |
--------------------------------------------------------------------------------
| Proceeds from share issue | - | 0.0 | 13.3 |
--------------------------------------------------------------------------------
| Draw-down (+)/ repayment (-) of equity part | 0.0 | 0.0 | - |
| of convertible capital notes | | | |
--------------------------------------------------------------------------------
| Repayment of finance lease liabilities | -0.5 | -0.5 | -1.6 |
--------------------------------------------------------------------------------
| Draw-down (+)/ repayment (-) of current | -29.7 | 10.1 | -5.1 |
| loans | | | |
--------------------------------------------------------------------------------
| Draw-down of non-current loans | 43.0 | 21.5 | 38.3 |
--------------------------------------------------------------------------------
| Repayment of non-current loans and other | -7.4 | -19.3 | -40.7 |
| changes | | | |
--------------------------------------------------------------------------------
| Net cash flow from financing activities | 5.4 | 8.5 | 0.9 |
--------------------------------------------------------------------------------
| Change in liquid assets | 5.6 | 9.4 | 2.5 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents at the beginning | 7.6 | 5.2 | 5.2 |
| of the period | | | |
--------------------------------------------------------------------------------
| Effects of exchange rate changes on cash | 0.3 | -0.4 | -0.1 |
--------------------------------------------------------------------------------
| Cash and cash equivalents at the period end | 13.5 | 14.2 | 7.6 |
--------------------------------------------------------------------------------
| Change during the financial period | 5.6 | 9.4 | 2.5 |
--------------------------------------------------------------------------------
Statement of changes in consolidated shareholders' equity
--------------------------------------------------------------------------------
| MEUR | Sha | Shar | Othe | Cas | Tran | Retai | Tota | Mino | Shar |
| | re | e | r | h | s | ned | l | rity | e |
| | ca | pr | re | flo | lat | e | | int | hol |
| | pit | emiu | serv | w | ion | arnin | | eres | ders |
| | al | m | es | hed | diff | gs | | t | ' |
| | | ac | | ges | e | | | | eq |
| | | coun | | | re | | | | uity |
| | | t | | | nces | | | | tot |
| | | | | | | | | | al |
--------------------------------------------------------------------------------
| Shareholders' | 21. | 15.0 | 6.5 | -2. | -23. | 47.3 | 64.3 | 6.8 | 71.1 |
| equity | 9 | | | 8 | 5 | | | | |
| 1.1.2009 | | | | | | | | | |
--------------------------------------------------------------------------------
| Total | | | | -0. | -4.7 | -8.2 | -13. | -0.4 | -13. |
| comprehensive | | | | 7 | | | 5 | | 9 |
| income | | | | | | | | | |
--------------------------------------------------------------------------------
| Dividends paid | | | | | | -3.3 | -3.3 | | -3.3 |
--------------------------------------------------------------------------------
| Shareholders' | 21. | 15.0 | 6.5 | -3. | -28. | 35.9 | 47.4 | 6.4 | 53.8 |
| equity | 9 | | | 5 | 3 | | | | |
| 31.3.2009 | | | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| MEUR | Sha | Shar | Othe | Cas | Tran | Retai | Tota | Mino | Shar |
| | re | e | r | h | s | ned | l | rity | e |
| | cap | pr | re | flo | la | e | | int | hol |
| | ita | emiu | serv | w | tion | arnin | | eres | ders |
| | l | m | es | hed | dif | gs | | t | ' |
| | | ac | | ges | fe | | | | eq |
| | | coun | | | r | | | | uity |
| | | t | | | ence | | | | tot |
| | | | | | s | | | | al |
--------------------------------------------------------------------------------
| Shareholders' | 21. | 15.0 | 34.6 | -1. | -24. | 15.6 | 61.3 | 6.5 | 67.8 |
| equity | 9 | | | 3 | 5 | | | | |
| 1.1.2010 | | | | | | | | | |
--------------------------------------------------------------------------------
| Total | | | | 0.2 | 6.4 | -4.1 | 2.5 | 0.4 | 2.9 |
| comprehensive | | | | | | | | | |
| income | | | | | | | | | |
--------------------------------------------------------------------------------
| Shareholders' | 21. | 15.0 | 34.6 | -1. | -18. | 11.5 | 63.8 | 6.9 | 70.7 |
| equity | 9 | | | 1 | 1 | | | | |
| 31.3.2010 | | | | | | | | | |
--------------------------------------------------------------------------------
Key ratios
--------------------------------------------------------------------------------
| | 31.3.201 | 31.3.2009 | 31.12.200 |
| | 0 | | 9 |
--------------------------------------------------------------------------------
| Equity ratio, % *) | 17.0 | 12.9 | 17.5 |
--------------------------------------------------------------------------------
| Equity per share, EUR *) | 3.65 | 4.33 | 3.51 |
--------------------------------------------------------------------------------
| Invested capital *) | 326.9 | 333.6 | 316.9 |
--------------------------------------------------------------------------------
| Return on investment, % *) | 1.1 | -6.6 | -4.1 |
--------------------------------------------------------------------------------
| Return on equity, % *) | -23.5 | -53.4 | -45.1 |
--------------------------------------------------------------------------------
| Net interest bearing debt, preferred | 242.7 | 265.5 | 241.6 |
| capital note in debt, MEUR | | | |
--------------------------------------------------------------------------------
| Net gearing, %, preferred capital note in | 343.3 | 493.1 | 356.4 |
| debt *) | | | |
--------------------------------------------------------------------------------
| Order book, MEUR | 68.0 | 46.2 | 58.8 |
--------------------------------------------------------------------------------
| Investments in non-current assets without | 0.8 | 4.2 | 13.4 |
| finance leases, MEUR | | | |
--------------------------------------------------------------------------------
| Investments in non-current assets incl. | 0.8 | 5.3 | 17.9 |
| finance leases, MEUR | | | |
--------------------------------------------------------------------------------
| Investments in non-current assets, % of | 0.8 | 6.0 | 6.0 |
| net sales | | | |
--------------------------------------------------------------------------------
| Average number of personnel during the | 3,662 | 3,776 | 3,684 |
| period | | | |
--------------------------------------------------------------------------------
| Average number of personnel during the | 3,776 | 3,932 | 3,798 |
| period, incl. leased personnel | | | |
--------------------------------------------------------------------------------
| Number of personnel at period end | 3,694 | 3,729 | 3,614 |
--------------------------------------------------------------------------------
| Number of personnel at period end, incl. | 3,845 | 3,858 | 3,698 |
| leased personnel | | | |
--------------------------------------------------------------------------------
| Share of export and foreign activities in | 87.9 | 77.7 | 82.7 |
| net sales, % | | | |
--------------------------------------------------------------------------------
| Contingent liabilities, MEUR | 220.5 | 183.7 | 221.1 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Earnings per share (EPS), EUR | -0.24 | -0.75 | -2.30 |
--------------------------------------------------------------------------------
| Earnings per share, with dilution (EPS), | -0.24 | -0.75 | -2.30 |
| EUR **) | | | |
--------------------------------------------------------------------------------
| Cash flow per share, EUR | 0.20 | 0.48 | 1.16 |
--------------------------------------------------------------------------------
*) 31 March 2009 restated
**) 31 December 2009 and 31 March 2009 restated
Changes in tangible assets and goodwill
--------------------------------------------------------------------------------
| MEUR | 1-3/2010 | 1-3/2009 | 1-12/2009 |
--------------------------------------------------------------------------------
| Changes in tangible assets | | | |
--------------------------------------------------------------------------------
| Acquisition cost at the beginning of the | 531.1 | 553.2 | 553.2 |
| period | | | |
--------------------------------------------------------------------------------
| Translation differences | 13.3 | -7.7 | 1.9 |
--------------------------------------------------------------------------------
| Additions | 0.7 | 4.3 | 14.5 |
--------------------------------------------------------------------------------
| Disposals | -1.2 | -0.2 | -38.6 |
--------------------------------------------------------------------------------
| Acquisition cost at the end of the period | 543.9 | 549.6 | 531.1 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Accumulated depreciation at the beginning | -286.9 | -313.0 | -313.0 |
| of the period | | | |
--------------------------------------------------------------------------------
| Translation differences | -6.8 | 4.1 | -1.2 |
--------------------------------------------------------------------------------
| Accumulated depreciation on disposals | 0.3 | 0.0 | 38.1 |
--------------------------------------------------------------------------------
| Depreciation during the period | -3.2 | -2.8 | -10.8 |
--------------------------------------------------------------------------------
| Accumulated depreciation at the end of | -296.6 | -311.7 | -286.9 |
| the period | | | |
--------------------------------------------------------------------------------
| Book value at the end of the period | 247.3 | 237.9 | 244.2 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Goodwill | | | |
--------------------------------------------------------------------------------
| Acquisition cost at the beginning of the | 31.5 | 31.7 | 31.7 |
| period | | | |
--------------------------------------------------------------------------------
| Translation differences | 1.5 | -1.2 | -0.2 |
--------------------------------------------------------------------------------
| Book value at the end of the period | 33.0 | 30.5 | 31.5 |
--------------------------------------------------------------------------------
Group development
Net sales by market area
--------------------------------------------------------------------------------
| MEUR | 1-12/2009 | 1-3/2009 | 1-3/2010 |
--------------------------------------------------------------------------------
| Germany | 58.6 | 16.9 | 15.2 |
--------------------------------------------------------------------------------
| Finland | 51.8 | 21.4 | 11.0 |
--------------------------------------------------------------------------------
| Turkey | 49.4 | 9.0 | 14.3 |
--------------------------------------------------------------------------------
| Sweden | 39.8 | 11.0 | 15.5 |
--------------------------------------------------------------------------------
| UK | 31.2 | 7.6 | 9.9 |
--------------------------------------------------------------------------------
| France | 20.2 | 6.2 | 6.1 |
--------------------------------------------------------------------------------
| Benelux countries | 19.2 | 6.8 | 7.1 |
--------------------------------------------------------------------------------
| Italy | 12.1 | 4.4 | 3.8 |
--------------------------------------------------------------------------------
| Other European countries | 5.5 | 1.0 | 2.2 |
--------------------------------------------------------------------------------
| Other countries | 11.7 | 3.8 | 6.1 |
--------------------------------------------------------------------------------
| Total | 299.6 | 88.1 | 91.2 |
--------------------------------------------------------------------------------
Quarterly development by market area
--------------------------------------------------------------------------------
| MEUR | Q1/09 | Q2/09 | Q3/09 | Q4/09 | Q1/10 |
--------------------------------------------------------------------------------
| Germany | 16.9 | 12.7 | 14.4 | 14.5 | 15.2 |
--------------------------------------------------------------------------------
| Finland | 21.4 | 11.8 | 9.0 | 9.6 | 11.0 |
--------------------------------------------------------------------------------
| Turkey | 9.0 | 15.3 | 10.2 | 14.9 | 14.3 |
--------------------------------------------------------------------------------
| Sweden | 11.0 | 8.0 | 8.7 | 12.1 | 15.5 |
--------------------------------------------------------------------------------
| UK | 7.6 | 7.9 | 7.8 | 7.8 | 9.9 |
--------------------------------------------------------------------------------
| France | 6.2 | 5.9 | 3.6 | 4.6 | 6.1 |
--------------------------------------------------------------------------------
| Benelux countries | 6.8 | 2.6 | 5.0 | 4.9 | 7.1 |
--------------------------------------------------------------------------------
| Italy | 4.4 | 2.9 | 1.6 | 3.2 | 3.8 |
--------------------------------------------------------------------------------
| Other European | 1.0 | 1.6 | 0.8 | 2.1 | 2.2 |
| countries | | | | | |
--------------------------------------------------------------------------------
| Other countries | 3.8 | 1.9 | 3.7 | 2.3 | 6.1 |
--------------------------------------------------------------------------------
| Total | 88.1 | 70.6 | 64.8 | 76.1 | 91.2 |
--------------------------------------------------------------------------------
Group development
--------------------------------------------------------------------------------
| MEUR | 1-12/2009 | 1-3/2009 | 1-3/2010 |
--------------------------------------------------------------------------------
| Net sales | 299.6 | 88.1 | 91.2 |
--------------------------------------------------------------------------------
| Operating profit | -15.4 | -6.1 | 0.3 |
--------------------------------------------------------------------------------
| Net financial items *) | -21.8 | -4.7 | -5.9 |
--------------------------------------------------------------------------------
| Profit/loss after financial | -37.2 | -10.9 | -5.6 |
| items | | | |
--------------------------------------------------------------------------------
*) Net financial items are not allocated to business segments.
Group development by business segment
--------------------------------------------------------------------------------
| Net sales, MEUR | 1-12/2009 | 1-3/2009 | 1-3/2010 |
--------------------------------------------------------------------------------
| Turkey | 116.2 | 24.9 | 40.6 |
--------------------------------------------------------------------------------
| Finland | 80.4 | 29.1 | 20.8 |
--------------------------------------------------------------------------------
| Holland | 69.5 | 23.9 | 18.7 |
--------------------------------------------------------------------------------
| Sweden | 41.5 | 10.5 | 15.8 |
--------------------------------------------------------------------------------
| Other business | 49.9 | 12.9 | 14.3 |
--------------------------------------------------------------------------------
| Internal and one-time items | -57.9 | -13.1 | -19.0 |
--------------------------------------------------------------------------------
| Componenta total | 299.6 | 88.1 | 91.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit, MEUR | 1-12/2009 | 1-3/2009 | 1-3/2010 |
--------------------------------------------------------------------------------
| Turkey | 2.2 | -0.4 | 3.2 |
--------------------------------------------------------------------------------
| Finland | -3.9 | 0.5 | -0.6 |
--------------------------------------------------------------------------------
| Holland | -10.2 | -4.1 | -0.1 |
--------------------------------------------------------------------------------
| Sweden | -8.8 | -3.2 | -1.4 |
--------------------------------------------------------------------------------
| Other business | 4.6 | 0.8 | -0.7 |
--------------------------------------------------------------------------------
| Internal and one-time items | 0.8 | 0.3 | 0.0 |
--------------------------------------------------------------------------------
| Componenta total | -15.4 | -6.1 | 0.3 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Order book, MEUR | 12/2009*) | 3/2009 | 3/2010 |
--------------------------------------------------------------------------------
| Turkey | 28.1 | 17.1 | 32.6 |
--------------------------------------------------------------------------------
| Finland | 11.8 | 11.4 | 13.6 |
--------------------------------------------------------------------------------
| Holland | 12.5 | 13.8 | 13.4 |
--------------------------------------------------------------------------------
| Sweden | 10.5 | 6.0 | 13.3 |
--------------------------------------------------------------------------------
| Internal items | -4.1 | -2.3 | -5.0 |
--------------------------------------------------------------------------------
| Componenta total | 58.8 | 46.2 | 68.0 |
--------------------------------------------------------------------------------
*) Order book on 15 January 2010
Group development by quarter
--------------------------------------------------------------------------------
| MEUR | Q1/09 | Q2/09 | Q3/09 | Q4/09 | Q1/10 |
--------------------------------------------------------------------------------
| Net sales | 88.1 | 70.6 | 64.8 | 76.1 | 91.2 |
--------------------------------------------------------------------------------
| Operating profit | -6.1 | -4.3 | -3.2 | -1.7 | 0.3 |
--------------------------------------------------------------------------------
| Net financial items *) | -4.7 | -5.7 | -6.5 | -4.9 | -5.9 |
--------------------------------------------------------------------------------
| Profit/loss after | -10.9 | -10.1 | -9.7 | -6.5 | -5.6 |
| financial items | | | | | |
--------------------------------------------------------------------------------
*) Net financial items are not allocated to business segments.
Quarterly development by business segment
--------------------------------------------------------------------------------
| Net sales, MEUR | Q1/09 | Q2/09 | Q3/09 | Q4/09 | Q1/10 |
--------------------------------------------------------------------------------
| Turkey | 24.9 | 28.4 | 27.4 | 35.6 | 40.6 |
--------------------------------------------------------------------------------
| Finland | 29.1 | 19.5 | 15.4 | 16.4 | 20.8 |
--------------------------------------------------------------------------------
| Holland | 23.9 | 15.8 | 15.4 | 14.4 | 18.7 |
--------------------------------------------------------------------------------
| Sweden | 10.5 | 9.5 | 8.7 | 12.9 | 15.8 |
--------------------------------------------------------------------------------
| Other business | 12.9 | 12.1 | 12.3 | 12.5 | 14.3 |
--------------------------------------------------------------------------------
| Internal and one-time | -13.1 | -14.7 | -14.4 | -15.7 | -19.0 |
| items | | | | | |
--------------------------------------------------------------------------------
| Componenta total | 88.1 | 70.6 | 64.8 | 76.1 | 91.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit, MEUR | Q1/09 | Q2/09 | Q3/09 | Q4/09 | Q1/10 |
--------------------------------------------------------------------------------
| Turkey | -0.4 | 0.4 | 1.1 | 1.1 | 3.2 |
--------------------------------------------------------------------------------
| Finland | 0.5 | -1.2 | -1.5 | -1.7 | -0.6 |
--------------------------------------------------------------------------------
| Holland | -4.1 | -2.7 | -1.9 | -1.5 | -0.1 |
--------------------------------------------------------------------------------
| Sweden | -3.2 | -1.7 | -2.1 | -1.9 | -1.4 |
--------------------------------------------------------------------------------
| Other business | 0.8 | 0.8 | 1.0 | 2.1 | -0.7 |
--------------------------------------------------------------------------------
| Internal and one-time | 0.3 | 0.0 | 0.1 | 0.3 | 0.0 |
| items | | | | | |
--------------------------------------------------------------------------------
| Componenta total | -6.1 | -4.3 | -3.2 | -1.7 | 0.3 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Order book at period | Q1/09 | Q2/09 | Q3/09 | Q4/09*) | Q1/10 |
| end, MEUR | | | | | |
--------------------------------------------------------------------------------
| Turkey | 17.1 | 23.3 | 22.2 | 28.1 | 32.6 |
--------------------------------------------------------------------------------
| Finland | 11.4 | 10.4 | 9.9 | 11.8 | 13.6 |
--------------------------------------------------------------------------------
| Holland | 13.8 | 13.4 | 10.6 | 12.5 | 13.4 |
--------------------------------------------------------------------------------
| Sweden | 6.0 | 6.4 | 9.3 | 10.5 | 13.3 |
--------------------------------------------------------------------------------
| Internal items | -2.3 | -1.8 | -2.9 | -4.1 | -5.0 |
--------------------------------------------------------------------------------
| Componenta total | 46.2 | 51.7 | 49.0 | 58.8 | 68.0 |
--------------------------------------------------------------------------------
*) Order book on 15 January 2010
Business segments
--------------------------------------------------------------------------------
| MEUR | 31.3.2010 | 31.3.2009 | 31.12.2009 |
--------------------------------------------------------------------------------
| Turkey | | | |
--------------------------------------------------------------------------------
| Assets | 195.7 | 171.4 | 183.9 |
--------------------------------------------------------------------------------
| Liabilities | 25.6 | 19.4 | 20.3 |
--------------------------------------------------------------------------------
| Investments in non-current assets | 0.5 | 1.9 | 5.4 |
| (incl. finance leases) | | | |
--------------------------------------------------------------------------------
| Depreciation | 0.7 | 0.8 | 3.8 |
--------------------------------------------------------------------------------
| Finland | | | |
--------------------------------------------------------------------------------
| Assets | 78.1 | 80.5 | 81.2 |
--------------------------------------------------------------------------------
| Liabilities | 20.4 | 21.7 | 19.4 |
--------------------------------------------------------------------------------
| Investments in non-current assets | 0.2 | 1.2 | 4.8 |
| (incl. finance leases) | | | |
--------------------------------------------------------------------------------
| Depreciation | 1.0 | 1.2 | 3.7 |
--------------------------------------------------------------------------------
| Holland | | | |
--------------------------------------------------------------------------------
| Assets | 51.5 | 55.9 | 47.6 |
--------------------------------------------------------------------------------
| Liabilities | 10.3 | 12.3 | 7.7 |
--------------------------------------------------------------------------------
| Investments in non-current assets | 0.1 | 0.3 | 0.6 |
| (incl. finance leases) | | | |
--------------------------------------------------------------------------------
| Depreciation | 0.3 | 0.4 | 1.4 |
--------------------------------------------------------------------------------
| Sweden | | | |
--------------------------------------------------------------------------------
| Assets | 43.0 | 41.2 | 47.9 |
--------------------------------------------------------------------------------
| Liabilities | 16.0 | 11.4 | 13.3 |
--------------------------------------------------------------------------------
| Investments in non-current assets | 0.1 | 0.2 | 2.9 |
| (incl. finance leases) | | | |
--------------------------------------------------------------------------------
| Depreciation | 0.6 | 0.3 | 1.2 |
--------------------------------------------------------------------------------
| Other business | | | |
--------------------------------------------------------------------------------
| Assets | 50.6 | 48.4 | 55.2 |
--------------------------------------------------------------------------------
| Liabilities | 26.2 | 17.9 | 19.9 |
--------------------------------------------------------------------------------
| Investments in non-current assets | 0.0 | 1.5 | 4.3 |
| (incl. finance leases) | | | |
--------------------------------------------------------------------------------
| Depreciation | 0.6 | 0.6 | 2.5 |
--------------------------------------------------------------------------------
Fair values of derivative instruments
--------------------------------------------------------------------------------
| | 31.3.2010 | 31.3.20 | 31.12.2 |
| | | 09 | 009 |
--------------------------------------------------------------------------------
| MEUR | Fair | Fair | Fair | Fair | Fair |
| | value, | value, | value, | value, | value, |
| | positiv | negativ | net | net | net |
| | e | e | | | |
--------------------------------------------------------------------------------
| Currency derivatives | | | | | |
--------------------------------------------------------------------------------
| Foreign exchange forwards | 0.1 | -0.2 | 0.0 | 0.0 | 0.1 |
--------------------------------------------------------------------------------
| Currency swaps | 0.3 | -1.0 | -0.7 | 0.4 | 0.1 |
--------------------------------------------------------------------------------
| Interest rate derivatives | | | | | |
--------------------------------------------------------------------------------
| Interest rate options | 0.7 | -0.5 | 0.2 | 0.8 | 0.4 |
--------------------------------------------------------------------------------
| Interest rate swaps | - | -1.7 | -1.7 | -3.3 | -2.0 |
--------------------------------------------------------------------------------
| Commodity derivatives | | | | | |
--------------------------------------------------------------------------------
| Electricity price forwards | 0.0 | -0.5 | -0.5 | -2.4 | -0.4 |
--------------------------------------------------------------------------------
| Total | 1.1 | -3.9 | -2.7 | -4.4 | -1.8 |
--------------------------------------------------------------------------------
Nominal values of derivative instruments
--------------------------------------------------------------------------------
| | 31.3.2010 | 31.3.2009 | 31.12.2009 |
--------------------------------------------------------------------------------
| MEUR | Nominal | Nominal | Nominal |
| | value | value | value |
--------------------------------------------------------------------------------
| Currency derivatives *) | | | |
--------------------------------------------------------------------------------
| Foreign exchange forwards | 6.7 | 5.0 | 6.0 |
--------------------------------------------------------------------------------
| Currency swaps | 45.4 | 35.8 | 43.1 |
--------------------------------------------------------------------------------
| Interest rate derivatives | | | |
--------------------------------------------------------------------------------
| Interest rate options | 42.0 | 46.0 | 42.0 |
--------------------------------------------------------------------------------
| Interest rate swaps | | | |
--------------------------------------------------------------------------------
| Maturity in less than a year | 24.0 | 31.0 | 24.0 |
--------------------------------------------------------------------------------
| Maturity after one year and less than | 28.0 | 56.0 | 28.0 |
| five years | | | |
--------------------------------------------------------------------------------
| Commodity derivatives | | | |
--------------------------------------------------------------------------------
| Electricity price forwards | | | |
--------------------------------------------------------------------------------
| Maturity in less than a year | 2.9 | 1.8 | 3.9 |
--------------------------------------------------------------------------------
| Maturity after one year and less than | 6.1 | 4.3 | 4.2 |
| five years | | | |
--------------------------------------------------------------------------------
| Total | 155.1 | 179.9 | 151.1 |
--------------------------------------------------------------------------------
*) Currency derivatives mature in less than a year
Contingent liabilities
--------------------------------------------------------------------------------
| MEUR | 31.3.2010 | 31.3.2009 | 31.12.2009 |
--------------------------------------------------------------------------------
| Real-estate mortgages | | | |
--------------------------------------------------------------------------------
| For own debts | 15.2 | 15.2 | 15.2 |
--------------------------------------------------------------------------------
| Business mortgages | | | |
--------------------------------------------------------------------------------
| For own debts | - | 0.3 | - |
--------------------------------------------------------------------------------
| Pledges | | | |
--------------------------------------------------------------------------------
| For own debts | 197.0 | 156.9 | 198.1 |
--------------------------------------------------------------------------------
| Other leasing commitments | 3.2 | 3.9 | 3.5 |
--------------------------------------------------------------------------------
| Other commitments | 5.1 | 7.4 | 4.4 |
--------------------------------------------------------------------------------
| Total | 220.5 | 183.7 | 221.1 |
--------------------------------------------------------------------------------
Key exchange rates
--------------------------------------------------------------------------------
| | Closing rate | Average rate |
--------------------------------------------------------------------------------
| One Euro is | 31.12.200 | 31.3.2010 | 31.12.2009 | 31.3.2010 |
| | 9 | | | |
--------------------------------------------------------------------------------
| SEK | 10.2520 | 9.7135 | 10.6191 | 9.9464 |
--------------------------------------------------------------------------------
| USD | 1.4406 | 1.3479 | 1.3948 | 1.3829 |
--------------------------------------------------------------------------------
| GPB | 0.8881 | 0.8898 | 0.8909 | 0.8876 |
--------------------------------------------------------------------------------
| TRY (Turkish central | 2.1603 | 2.0523 | 2.1508 | 2.0787 |
| bank) | | | | |
--------------------------------------------------------------------------------
Calculation of key financial ratios
--------------------------------------------------------------------------------
| Return on | = | Profit/loss after financial items - income taxes x 100 |
| equity -% | | Shareholders' equity without preferred capital notes + |
| (ROE) | | minority interest (quarterly average) |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Return on | = | Profit/loss after financial items + interest and other |
| investmen | | financial expenses x 100 |
| t -% | | Shareholders' equity + interest |
| (ROI) | | bearing liabilities (quarterly average) |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity | = | Shareholders' equity, preferred capital notes excluded + |
| ratio, % | | minority interest x 100 |
| | | Balance sheet total - advances |
| | | received |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings | = | Profit/loss after financial items - income taxes +/- |
| per | | minority interest |
| share, | | Average number of shares during the |
| EUR (EPS) | | financial period |
| | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings | = | As above, the number of shares has been increased with the |
| per share | | warrants outstanding. When calculating the dilution effect |
| with | | of warrants, the number of shares has been adjusted with |
| dilution, | | the number of own shares which the company could have |
| EUR | | acquired, if it would have used the funds generated from |
| | | the warrants to buy back of own shares at market price (= |
| | | average trading price). After tax interest expense of the |
| | | convertible loan has been added to the profit of the |
| | | period. Number of shares that can be subscribed by the |
| | | loan, has been added to the number of total shares. |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow | = | Net cash generated from operating activities |
| per | | Average |
| share, | | number of shares during the financial period |
| EUR | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity | = | Shareholders' equity, preferred capital notes excluded |
| per | | Number of shares at period end |
| share, | | |
| EUR | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net | = | Interest bearing liabilities + preferred capital notes - |
| interest | | cash and bank accounts |
| bearing | | |
| debt | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net | = | Net interest bearing debt x 100 |
| gearing, | | Shareholders' equity, |
| % | | preferred capital notes excluded + minority interest |
--------------------------------------------------------------------------------
Largest registered shareholders on 31 March 2010
--------------------------------------------------------------------------------
| Shareholder | | Shares | Share of |
| | | | total voting |
| | | | rights, % |
--------------------------------------------------------------------------------
| 1 Lehtonen Heikki | | 5,311,340 | 30.42 |
--------------------------------------------------------------------------------
| Cabana Trade S.A. | 3,501,988 | | |
--------------------------------------------------------------------------------
| Oy Högfors-Trading Ab | 1,806,052 | | |
--------------------------------------------------------------------------------
| Lehtonen Heikki | 3,300 | | |
--------------------------------------------------------------------------------
| 2 Etra Capital Oy | | 4,347,464 | 24.90 |
--------------------------------------------------------------------------------
| 3 Varma Mutual Pension Insurance | | 978,968 | 5.61 |
| Company | | | |
--------------------------------------------------------------------------------
| 4 Ilmarinen Mutual Pension | | 724,266 | 4.15 |
| Insurance Company | | | |
--------------------------------------------------------------------------------
| 5 Finnish Industry Investment Ltd | | 666,666 | 3.82 |
--------------------------------------------------------------------------------
| 6 Finnish Cultural Foundation | | 236,000 | 1.35 |
--------------------------------------------------------------------------------
| 7 Bergholm Heikki | | 230,516 | 1.32 |
--------------------------------------------------------------------------------
| 8 Laakkonen Mikko | | 200,000 | 1.15 |
--------------------------------------------------------------------------------
| 9 Lehtonen Anna-Maria | | 178,823 | 1.02 |
--------------------------------------------------------------------------------
| 10 Kukkonen Jorma | | 127,000 | 0.73 |
--------------------------------------------------------------------------------
| Nominee-registered shares | | 393,535 | 2.25 |
--------------------------------------------------------------------------------
| Other shareholders | | 4,063,220 | 23.27 |
--------------------------------------------------------------------------------
| Total | | 17,457,798 | 100.00 |
--------------------------------------------------------------------------------
The members of the Board of Directors own 32.4% of the shares. All shares have
equal voting rights. If all the warrants were converted to shares, the holding
of shares by the members of the Board of Directors would decrease to 31.4%.
Helsinki, 22 April 2010
COMPONENTA CORPORATION
Board of Directors
Heikki Lehtonen
President and CEO
Further information:
Heikki Lehtonen
President and CEO
tel. +358 10 403 00
Mika Hassinen
CFO
tel. +358 10 403 00
Componenta is a metal sector company with international operations and
production plants located in Finland, Turkey, the Netherlands and Sweden. The
net sales of Componenta were EUR 300 million in 2009. The Group employs approx.
3,700 people. Componenta's shares are quoted on the NASDAQ OMX Helsinki.
Componenta specializes in supplying cast and machined components and total
solutions made of them to its global customers who are manufacturers of
vehicles, machines and equipment.
Componenta Corporation
Panuntie 4, FI-00610 Helsinki , Finland
Tel. +358 10 403 00, Fax +358 10 403 2721
www.componenta.com
