Addition to Exel Composites’ stock exchange release published on 23 April 2018 at 16:25 EET concerning the acquisition of DSC
EXEL COMPOSITES PLC STOCK EXCHANGE RELEASE 24 April 2018 at 09:45 EET
Referring to Exel Composites’ stock exchange release published on 23 April at 16:25 EET concerning the acquisition of Diversified Structural Composites, Inc. (“DSC”), Exel Composites publishes additional information about DSC’s prior profit development and financial position. The figures are based on financial statements for the fiscal years 2016 and 2017 that have been prepared in accordance to US GAAP accounting standards. The financial statements are not separately audited, however, they have been reviewed by the auditor as part of the group audit.
|Materials and services||-10,161||-5,777|
|Employee benefit expenses||-6,083||-4,752|
|Other operating expenses 1)||-3,549||-4,899|
|Other operating income||18||0|
|Net financial items 2)||-375||-184|
|Profit before tax||-1,011||-4,313|
|Profit/loss for the period||-1,011||-4,313|
1) Other operating expenses include in the fiscal year ending in March 2017 totally USD 2,001 thousand one-off type impairment losses.
2) Net financial items include interest expenses USD 375 thousand (USD 184 thousand in 2017) from parent company loans not to be transferred to Exel.
|Other non-current assets||22||0|
|Non-current assets total||555||0|
|Trade and other receivables||4,198||1,837|
|Cash at bank and in hand||15||0|
|Total current assets||7,898||3,696|
EQUITY AND LIABILITIES
|Invested unrestricted equity fund||15,261||15,261|
|Profit for the period||-1,011||-4,313|
|Total non-current liabilities||0||0|
|Trade and other non-current liabilities 1)||18,682||12,914|
|Total equity and liabilities||8,454||3,696|
1) Other non-current liabilities include USD 14,113 thousand (USD 11,224 thousand in 2017) of liabilities (mainly loan payables to the current owner of Diversified Structural Composites), which are not to be transferred to Exel.
Vantaa, 24 April 2018
Exel Composites Plc
For further information, please contact:
Mikko Kettunen, CFO
tel. +358 50 347 7462
Nasdaq Helsinki Ltd
Main news media
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 employees' expertise and high level of technology play a major role in Exel Composites’ operations. Exel Composites Plc share is listed in Nasdaq Helsinki Ltd.