Exel Composites Plc's interim report for 1 January - 30 June 2011

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EXEL COMPOSITES PLC   STOCK EXCHANGE RELEASE           22.7.2011 at 10.00    1 (13)

EXEL COMPOSITES PLC’S INTERIM REPORT FOR 1 JANUARY – 30 JUNE 2011 

April – June 2011 highlights

- Net sales increased to EUR 23.4 (19.2) million, up by 21.9 per cent on the previous year

- Operating profit was EUR 3.6 (2.7) million, representing 15.5 (13.8) per cent of net sales

- Net operative cash flow was positive at EUR +2.3 (+3.3) million

- Fully diluted earnings per share were EUR 0.22 (0.16)

 

 January - June 2011 highlights

- Net sales increased to EUR 44.9 (34.8) million in the first six months of 2011, up by 28.9 per cent on the corresponding period in 2010

- Operating profit was EUR 6.8 (3.6) million representing 15.1 (10.4) per cent of net sales

- Net operative cash flow was positive at EUR +4.0(+4.1) million

- Fully diluted earnings per share were EUR 0.41 (0.22)

 Outlook for 2011

Demand in the pultrusion industry has improved gradually. We believe that Exel Composites is well positioned to take advantage of the growth opportunities as the markets recover. As a result of improved profitability, good cash flow generation and reduced debt level we believe in Exel Composites’ long-term performance. Exel Composites recorded a strong first half of 2011, but maintains its cautious stance for the full year 2011, since market uncertainties persist.

  

Vesa Korpimies, President and CEO:

 “Strong growth continued in the second quarter of 2011. The Group’s net sales for the second quarter of 2011 increased by 21.9 per cent to EUR 23.4 (19.2) million compared to the corresponding period in 2010. Strong market demand continued in the telecommunications and machine industry also during the second quarter of 2011. Building and infrastructure sales were supported by a recovery in airport products from the previous year's low levels as well as a positive trend in windows and doors driven by consistent sales efforts. Further support to quarterly sales was provided by the electrical industry following recovered demand most notably in the electrical machine industry and other electrical applications.

We made a decision to invest in five new production lines using advanced pultrusion technology to secure future growth. Exel also invested more resources in sales and customer-oriented product development and will continue to strengthen the organization to ensure future growth.

The operating profit increased also in the second quarter of 2011 to EUR 3.6 (2.7) million. The measures taken in the Chinese and British units to improve efficiency continued to show positive results. The turnaround projects will continue throughout 2011. Raw material costs have continued to increase. Exel Composites has taken action to mitigate the effects.

Return on capital employed improved to 32.5 per cent compared to 17.5 per cent in the corresponding period last year. 

We are well-positioned to capitalize on growth opportunities as the markets gradually recover. Exel Composites will continue its strategy of profitable growth in 2011.” 

 

CONSOLIDATED KEY FIGURES, EUR million

(unaudited)

  

  1.4.–
30.6.
2011
1.4.–30.6.
2010
Change % 1.1.-30.6.
2011
1.1.-30.6.
2010
Change % 1.1.–
31.12.
2010
               
Net sales 23.4 19.2 21.9 44.9 34.8 28.9 72.9
Operating profit  
3.6
 
2.7
 
36.8
 
6.8
 
3.6
 
86.1
 
9.4
% of net sales  
15.5
 
13.8
   
15.1
 
10.4
   
12.9
Profit for the period  
2.6
 
1.9
 
33.1
 
4.9
 
2.6
 
87.8
 
6.8
               
Shareholders’ equity  
30.8
 
27.5
 
12.0
 
30.8
 
27.5
 
12.0
 
32.5
Net interest-bearing liabilities  
 
2.1
 
 
5.6
 
 
-62.9
 
 
2.1
 
 
5.6
 
 
-62.9
 
 
-1.4
Capital employed  
41.0
 
43.2
 
-5.0
 
41.0
 
43.2
 
-5.0
 
42.7
Return on equity, %  
31.8
 
29.7
 
 
 
31.0
 
19.7
   
23.3
Return on capital employed, %  
 
34.2
 
 
26.3
   
 
32.5
 
 
17.5
   
 
21.8
Equity ratio, %  
54.0
 
47.2
   
54.0
 
47.2
   
57.4
Net gearing, %  
6.8
 
20.4
   
6.8
 
20.4
   
-4.3
               
Earnings per share, EUR  
0.22
 
0.16
   
0.41
 
0.22
   
0.57
Earnings per share, diluted, EUR  
 
0.22
 
 
0.16
   
 
0.41
 
 
0.22
   
0.57
 
Equity per share, EUR  
2.59
 
2.31
   
2.59
 
2.31
   
2.73

 

 

IFRS REPORTING 

This interim report has been prepared in accordance with the recognition and measurement principles of IFRS, which are the same as in the 2010 financial statements. 

FINANCIAL PERFORMANCE

1 April – 30 June 2011

The Group’s net sales in April - June 2011 increased on the corresponding period last year and were EUR 23.4 (19.2) million.

Market conditions have continued to improve. Strong market demand continued in the telecommunications and machine industry also during the second quarter of 2011. Building and infrastructure sales were supported by a recovery in airport products from the previous year's low levels as well as a positive trend in windows and doors driven by consistent sales efforts. Further support to quarterly sales was provided by the electrical industry following recovered demand most notably in the electrical machine industry and other electrical applications.

We made a decision to invest in five new production lines using advanced pultrusion technology to secure future growth. Exel also invested more resources in sales and customer-oriented product development and will continue to strengthen the organization to ensure future growth.

Exel Composites’ operating profit for the second quarter of 2011 was EUR 3.6 (2.7) million, or 15.5 (13.8) per cent of net sales. The measures taken in the Chinese and British units to improve efficiency initiated in the last quarter of 2010 continued to show positive results. The turnaround projects will continue throughout 2011. 

1 January – 30 June 2011

The Group’s net sales in January - June 2011 increased by 28.9 per cent to EUR 44.9 (34.8) million compared to the corresponding period in 2010. 

Market conditions have continued to improve. In the first half of 2011 demand has increased especially in the machine industry and the telecommunication market segment. 

Raw material costs have continued to increase. Exel Composites has taken action to mitigate the effects and part of the increase has been transferred into product prices.

The European Commission’s anti-dumping tariff on imported Chinese glass fiber was lowered from the original 43.6 per cent to 13.8 per cent in mid-March 2011. Exel Composites has increased product prices, employed alternative sourcing opportunities and increased production in its Chinese operations in Nanjing to reduce the impact of the tariff. 

Exel Composites’ operating profit in January – June 2011 increased by 86.1 per cent to EUR 6.8 (3.6) million compared to the corresponding period last year. Operating profit as a percentage of net sales was 15.1 (10.4) per cent. In 2010 other operating expenses included one-off restructuring costs of Floorball business amounting to EUR 1.2 million. Other operating income included one-off licensing income of EUR 1.2 million. During the first half of 2011 other operating income included EUR 0.2 million of one-off items. 

The Group’s net financial expenses in January – June 2011 were EUR -0.1 (-0.1) million. The Group’s profit before taxes was EUR 6.6 (3.5) million and profit after taxes EUR 4.9 (2.6) million.

Earnings per share improved to EUR 0.41 (0.22). Return on capital employed was 32.5 (17.5) per cent and return on equity 31.0 (19.7) per cent.

BALANCE SHEET AND FINANCIAL POSITION

Cash flow from business operations was positive at EUR 4.0 (4.1) million. Cash flow before financing, but after capital expenditure, amounted to EUR 2.5 (3.4) 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 8.1 (10.0) million.

The dividend for 2010 resolved by the Annual General Meeting on 6 April 2011 totaling EUR 5.9 (3.0) million was paid during the period under review.

The Group’s consolidated total assets at the end of the review period were EUR 57.1 (58.3) million. 

Interest-bearing liabilities amounted to EUR 10.2 (15.7) million, of which short-term liabilities accounted for EUR 0.0 (7.5) million. Net interest-bearing liabilities amounted to EUR 2.1 (5.6) million.

Equity at the end of the period under review was EUR 30.8 (27.5) million and equity ratio 54.0 (47.2) per cent. The net gearing ratio was 6.8 (20.4) per cent.

CAPITAL EXPENDITURE AND DEPRECIATION

The capital expenditure on fixed assets amounted to EUR 1.5 (0.7) million.

Total depreciation of non-current assets during the period under review amounted to EUR 1.3 (1.4) million. 

PERSONNEL

The number of Exel Composites Group employees on 30 June 2011 was 438 (396), of whom 205 (179) worked in Finland and 233 (217) in other countries. The average number of personnel during the reporting period was 424 (403). The increase both in Finland and abroad is due to the increased sales volumes. 

SHARES AND SHARE CAPITAL

At the end of June 2011, Exel Composites’ share capital was EUR 2,141,431.74 and the number of shares was 11,896,843. There were no changes in the share capital during the review period.

Based on the closing price on 30 June 2011, the market capitalization totaled EUR 96.6 (61.3) million. During the reporting period 649,317 (1,381,356) shares were traded, accounting for 5.5 (11.6) per cent of the average number of shares outstanding. 

The highest share quotation was EUR 9.40 (6.79) and the lowest EUR 6.85 (5.00). The share price closed at EUR 8.12 (5.15). The average share price during the review period was EUR 8.29 (5.93).

Exel Composites did not hold any of its own shares during the period under review.

SHAREHOLDERS AND DISCLOSURES

Exel Composites had a total of 2,566 shareholders on 30 June 2011. Information on Exel Composites’ shareholders is available on the Company website at www.exelcomposites.com. 

Exel Composites received a flagging notification on 20 May 2011 according to which the holdings of Veikko Laine Oy had fallen under 5 per cent of the voting rights and share capital in Exel Composites Plc on 20 May 2011. Before the transaction the holdings of Veikko Laine Oy were 595,796 shares or 5.95 per cent of Exel Composites’ share capital and votes. After the transaction Veikko Laine Oy’s ownership was 395,796 shares or 3.33 per cent.

ANNUAL GENERAL MEETING

The Annual General Meeting of Exel Composites Plc was held on 6 April 2011. The financial accounts of the Group were approved and the members of the Board of Directors and the President were discharged from their liabilities for the financial year 2010. The AGM approved the Board of Directors’ proposal to distribute a dividend of EUR 0.50 per share for the financial period that ended on 31 December 2010. 

The Annual General Meeting authorized the Board of Directors to acquire the Company’s own shares by using unrestricted equity. The maximum amount to be acquired is 600,000 shares. The authorization is valid until the next Annual General Meeting. 

The AGM confirmed the number of the members of the Board of Directors as five and elected a new Board. The following members of the Board of Directors were re-elected: Peter Hofvenstam, Göran Jönsson, Reima Kerttula and Heikki Mairinoja. Heikki Hiltunen was elected as a new member of the Board of Directors. At the formative meeting of the Board of Directors held after the AGM, the Board of Directors elected from among its members Peter Hofvenstam as its Chairman.

EVENTS AFTER THE PERIOD UNDER REVIEW

Exel Composites ensured in July 2011 a new committed 3-year revolving credit facility of EUR 20 million to refinance current credit facilities and to ensure the financing of growth. 

Exel Composites has entered into trademark license agreement with E-Sports Group in relation to Exel’s pole products. The agreement will be in effect from 1 August 2011.

MAJOR NEAR-TERM RISKS AND UNCERTAINTIES

The most significant near-term business risks are related to the general economic development, government regulations and a possible new financial crisis in the Euro area as well as to market demand in certain market segments. Raw material prices, energy cost and other cost increases may continue and put pressure on profitability. The European Commission’s anti-dumping tariffs imposed on Chinese glass fiber will have a negative effect on the profitability in case the rising costs of raw materials cannot be transferred in full to product prices. If the measures taken in the Chinese and British units to improve efficiency prove to be unsuccessful, this may have an effect on the result of the company. 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 2011

Demand in the pultrusion industry has improved gradually. We believe that Exel Composites is well positioned to take advantage of the growth opportunities as the markets recover. As a result of improved profitability, good cash flow generation and reduced debt level we believe in Exel Composites’ long-term performance. Exel Composites recorded a strong first half of 2011, but maintains its cautious stance for the full year 2011, since market uncertainties persist.

 

CONSOLIDATED COMPREHENSIVE INCOME STATEMENT

(unaudited)

EUR thousand 1.4.–30.6.
2011
1.4.-30.6.
2010
Change % 1.1.-30.6.
2011
1.1.-30.6.
2010
Change % 1.1.–31.12.
2010
               
Net sales 23,367 19,173 21.9 44,915 34,843 28.9 72,872
               
Materials and services  
 
-9,295
 
 
-7,189
 
 
-29.3
 
 
-17,673
 
 
-13,252
 
 
-33.4
 
 
-28,403
Employee benefit expenses  
 
-5,672
 
 
-4,892
 
 
-15.9
 
 
-10,894
 
 
-9,274
 
 
-17.5
 
 
-18,833
Deprecia-tion and impairment  
 
-663
 
 
-763
 
 
13.1
 
 
-1,347
 
 
-1,438
 
 
6.3
 
 
-2,880
Other operating expenses  
 
-4,424
 
 
-4,229
 
 
-4.6
 
 
-8,686
 
 
-9,052
 
 
4.0
 
 
-16,808
Other operating income  
 
317
 
 
553
 
 
-42.7
 
 
452
 
 
1,809
 
 
-75.0
 
 
3,481
               
Operating profit  
3,630
 
2,653
 
36.8
 
6,768
 
3,636
 
86.1
 
9,430
               
Net financial items  
 
-104
 
 
-10
 
 
-940.0
 
 
-127
 
 
-96
 
 
-32.3
 
 
-493
               
Profit before tax  
3,527
 
2,643
 
33.4
 
6,641
 
3,540
 
87.6
 
8,936
               
Income taxes  
-948
 
-706
 
-34.3
 
-1,729
 
-925
 
-86.9
 
-2,165
               
Profit/
loss for the period
 
 
2,579
 
 
1,937
 
 
33.1
 
 
4,912
 
 
2,615
 
 
87.8
 
 
6,772
               
               
Other comprehensive income:  
 
 
           
               
Exchange differences on translating foreign operations  
 
 
 
 
172
 
 
 
 
 
1,008
 
 
 
 
 
-82.9
 
 
 
 
 
-696
 
 
 
 
 
2,303
 
 
 
 
 
-130.2
 
 
 
 
 
3,411
               
Other comprehensive income, net of tax  
 
 
172
 
 
 
1,008
 
 
 
-82.9
 
 
 
-696
 
 
 
2,303
 
 
 
-130.2
 
 
 
3,411
Total comprehen-sive income  
 
2,751
 
 
2,946
 
 
-6.6
 
 
4,216
 
 
4,918
 
 
-14.3
 
 
10,183
               
Profit/
loss attribu-table to:
             
Equity holders of the parent company  
 
 
2,579
 
 
 
1,937
 
 
 
33.1
 
 
 
4,912
 
 
 
2,615
 
 
 
87.8
 
 
 
6,772
               
Comprehen-sive income              
attribu-table to:              
Equity holders of the parent company  
 
 
2,751
 
 
 
2,946
 
 
 
-6.6
 
 
 
4,216
 
 
 
4,918
 
 
 
-14.3
 
 
 
10,183
               
Earnings per share, diluted and undiluted, EUR  
 
 
 
0.22
 
 
 
 
0.16
 
 
 
 
37.5
 
 
 
 
0.41
 
 
 
 
0.22
 
 
 
 
87.8
 
 
 
 
0.57

 

 

CONDENSED CONSOLIDATED BALANCE SHEET

EUR thousand 30.6.
2011
30.6.
2010
Change 31.12.
2010
         
ASSETS        
Non-current assets        
Goodwill 11,396 10,294 1,102 11,637
Other intangible assets 2,109 2,975 -866 2,426
Tangible assets 10,576 10,904 -328 10,427
Deferred tax assets 642 1,737 -1,095 1,585
Other non-current assets 63 62 1 64
Non-current assets total 24,786 25,972 -1,186 26,139
         
Current assets      
 
 
Inventories 10,097 9,671 426 9,600
Trade and other receivables  
14,109
 
12,617
 
1,492
 
9,540
Cash at bank and in hand 8,131 10,044 -1,913 11,606
Current assets total 32,336 32,331 5 30,746
Total assets 57,122 58,303 -1,181 56,885
         
EQUITY AND LIABILITIES        
Shareholders´ equity        
Share capital 2,141 2,141 0 2,141
Other reserves 30 37 -7 37
Invested unrestricted equity fund  
8,488
 
8,488
 
0
 
8,488
Translation differences 2,616 2,204 412 3,311
Retained earnings 12,631 12,039 592 11,757
Profit for the period 4,912 2,615 2,297 6,772
         
Total equity attributable to equity holders of the parent company  
 
 
30,818
 
 
 
27,524
 
 
 
3,294
 
 
 
32,507
Total equity 30,818 27,524 3,294 32,507
         
Non-current liabilities      
 
 
Interest-bearing liabilities  
10,207
 
8,162
 
2,045
 
10,204
Interest-free liabilities  
367
 
321
 
46
 
362
Deferred tax liabilities 559 206 353 549
         
Current liabilities        
Interest-bearing liabilities  
10
 
7,510
 
-7,500
 
15
Trade and other non-current liabilities  
15,160
 
14,580
 
580
 
13,250
       
 
 
Total liabilities 26,304 30,779 -4,475 24,378
         
Total equity and liabilities  
57,122
 
58,303
 
-1,181
 
56,885

 

 

STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

EUR thousand Share
Capital
Other reserves Invested Unrestricted Equity Fund Translation Differences Retained Earnings Total
             
Balance at 1 January 2010  
2,141
 
37
 
8,488
 
-100
 
15,013
 
25,580
             
Comprehensive result  
0
 
0
 
0
 
2,303
 
2,615
 
4,918
Dividend 0 0 0 0 -2,974 -2,974
             
Balance at 30 June 2010  
2,141
 
37
 
8,488
 
2,204
 
14,654
 
27,524
             
Balance at 1st January 2011  
2,141
 
37
 
8,488
 
3,311
 
18,529
 
32,507
             
Comprehensive result  
0
 
0
 
0
 
-696
 
4,912
 
4,216
Other items 0 -7 0 0 50 43
Dividend         -5,948 -5,948
             
Balance at 30 June 2011  
2,141
 
30
 
8,488
 
2,616
 
17,543
 
30,818

CONDENSED CONSOLIDATED CASH FLOW STATEMENT

EUR thousand 1.1.–30.6.
2011
1.1.–30.6.
2010
Change 31.12.
2010
       
Cash Flow from Operating Activities      
Profit for the period 4,912 2,615 2,297 6,772
Adjustments 2,562 3,125 -563 6,276
Change in working capital -2,468 -515 -1,953 1,729
         
Cash Flow Generated by Operations  
5,006
 
5,225
 
-219
 
14,777
Interest paid -173 -273 100 -515
Interest received 47 154 -107 114
Other financial items 146 64 82 -88
Income taxes paid -1,070 -1,071 1 -2,296
         
Net Cash Flow from Operating Activities  
3,956
 
4,099
 
-143
 
11,992
       
Acquisitions 0 0 0 0
Disposal of business 0 0 0 0
Capital expenditure -1,478 -695 -783 -1,570
Proceeds from sale of fixed assets  
0
 
0
 
0
 
0
         
Cash Flow from Investing Activities  
-1,478
 
-695
 
-783
 
-1,570
         
Cash Flow from Financing        
Share issue 0 0 0 0
Proceeds from long-term borrowings  
0
 
0
0
0
0
0
Instalments of long-term borrowings  
0
 
-2,157
 
2,157
 
-6,857
Change in short-term loans 0 0 0 -106
Instalments of finance lease liabilities  
-5
 
-826
 
821
 
-1,477
Dividends paid -5,948 -2,974 -2,974 -2,974
Net Cash Flow from Financing  
-5,953
 
-5,957
 
4
 
-11,414
         
Change in Liquid Funds -3,475 -2,553 -922 -992
         
Liquid funds in the beginning of period  
11,606
 
12,597
 
-991
 
12,597
Change in liquid funds -3,475 -2,553 -922 -992
Liquid funds at the end of period  
8,131
 
10,044
 
-1,913
 
11,606

 

QUARTERLY KEY FIGURES

EUR thousand II/
2011
I/
2011
IV/
2010
III/
2010
II/
2010
1/
2010
             
             
Net sales 23,367 21,548 19,338 18,692 19,173 15,671
Materials and services  
-9,295
 
-8,378
 
-7,700
 
-7,451
 
-7,189
 
-6,062
Employee benefit expenses  
 
-5,672
 
 
-5,221
 
 
-4,982
 
 
-4,577
 
 
-4,892
 
 
-4,381
Depreciation and impairment  
-663
 
-684
 
-719
 
-724
 
-763
 
-675
Operating expenses  
-4,424
 
-4,262
 
-3,901
 
-3,856
 
-4,229
 
-4,824
Other operating income  
317
 
135
 
1,078
 
595
 
553
 
1,255
             
Operating profit  
3,630
 
3,137
 
3,115
 
2,679
 
2,653
 
983
             
Net financial items  
-104
 
-23
 
-246
 
-152
 
-10
 
-86
             
Profit before taxes  
3,527
 
3,115
 
2,869
 
2,527
 
2,643
 
897
             
Income taxes -948 -782 -578 -662 -706 -219
             
Profit/loss for the period from continuing operations  
 
 
2,579
 
 
 
2,333
 
 
 
2,291
 
 
 
1,865
 
 
 
1,937
 
 
 
678
             
Profit/loss for the period  
2,579
 
2,333
 
2,291
 
1,865
 
1,937
 
678
             
Earnings per share, EUR  
0.22
 
0.20
 
0.19
 
0.16
 
0.16
 
0.06
Earnings per share, EUR, diluted  
 
0.22
 
 
0.20
 
 
0.19
 
 
0.16
 
 
0.16
 
 
0.06
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  
432
 
416
 
408
 
402
 
397
 
408

COMMITMENTS AND CONTINGENCIES

EUR thousand 30.6.2011 30.6.2010 31.12.2010
       
On own behalf      
Mortgages 2,783 2,783 2,783
Corporate mortgages 12,500 12,500 12,500
       
Lease liabilities      
       
 -  in next 12 months 927 384 886
 -  in next 1-5 years 2,481 1,411 2,770
       
Other commitments 6 182 10

DERIVATIVE FINANCIAL INSTRUMENTS

Nominal values
EUR thousand
30.6.2011 30.6.2010 31.12.2010
       
       
Interest rate derivatives      
Interest rate swaps 10,000 10,000 10,000
Purchased interest rate options 0 0 0

CONSOLIDATED KEY FIGURES

EUR thousand 1.1.-30.6.
2011
1.1.–30.6.
2010
Change % 31.12.
2010
         
Net sales 44,915 34,843 28.9 72,872
Operating profit 6,768 3,636 86.1 9,430
% of net sales 15.1 10.4   12.9
Profit before tax 6,641 3,540 87.6 8,936
% of net sales 14.8 10.2   12.3
Profit for the period 4,912 2,615 87.8 6,772
% of net sales 10.9 7.5   9.3
         
Shareholders´ equity 30,818 27,524 12.0 32,507
Interest-bearing liabilities 10,217 15,672 -34.8 10,219
Cash and cash equivalents 8,131 10,044 -19.0 11,606
Net interest-bearing liabilities 2,086 5,628 -62.9 -1,387
Capital employed 41,035 43,196 -5.0 42,725
Return on equity, % 31.0 19.7   23.3
Return on capital employed, % 32.5 17.5   21.8
Equity ratio, % 54.0 47.2   57.4
Net gearing, % 6.8 20.4   -4.3
         
Capital expenditure 1,478 695 112.7 1,570
% of net sales 3.3 2.0   2.2
Research and development costs 795 702 13.2 1.312
% of net sales 1.8 2.0   1.8
         
Order stock 15,946 12,353 29.1 13,316
         
Earnings per share, EUR 0.41 0.22 87.8 0.57
Earnings per share, EUR, diluted 0.41 0.22 87.8 0.57
Equity per share, EUR 2.59 2.31 12.1 2.73
         
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 424 403 5.2 404

 

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.

 

Vantaa, 22 July 2011

 

EXEL COMPOSITES PLC              Vesa Korpimies

Board of Directors               President and CEO

 

FURTHER INFORMATION:

Vesa Korpimies, President and CEO, tel. +358 50 590 6754, or email vesa.korpimies@exelcomposites.com

Ilkka Silvanto, CFO and Administrative Director, tel. +358 50 598 9553, or email ilkka.silvanto@exelcomposites.com

 

DISTRIBUTION

DASDAQ OMX Helsinki Ltd.

Main news media

www.exelcomposites.com

 

EXEL COMPOSITES IN BRIEF 

Exel Composites is a technology company which designs, manufactures and markets composite profiles and tubes for industrial applications. The Group is the leading composite profile manufacturer in the world and concentrates on growing niche segments.

The core of the operations is based on own, internally developed composite technology, product range based on it and a 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 the Small Cap segment of NASDAQ OMX Helsinki Ltd.

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