Exel Composites Plc's Interim Report for January 1 - September 30, 2014

EXEL COMPOSITES PLC     INTERIM REPORT                 4.11.2014 at 9.00                  1 (12)

EXEL COMPOSITES PLC’S INTERIM REPORT FOR JANUARY 1 – SEPTEMBER 30, 2014

Q3 in brief:

  • Net sales increased to 19.0 MEUR, up by 11.0 per cent from previous year (Q3/2013:17.1 MEUR)
  • Impairment of EUR -0.5 million of goodwill and other non-current assets was recorded in the third quarter
  • Operating profit was 1.9 MEUR including an impairment of -0.5 MEUR (MEUR 1.1 including MEUR -0.4 non–recurring items), up by 73.5 per cent from previous year
  • Operating profit margin was 9.9 (6.3) per cent of net sales
  • Net operative cash flow was positive at +3.8 (+2.3) MEUR
  • Fully diluted earnings per share were 0.07 (0.05) EUR

January – September in brief:

  • Net sales increased to 58.2 MEUR, up by 12.9 per cent from previous year (1-9/2013: 51.5 MEUR)
  • Operating profit was 6.8 MEUR including an impairment of -0.5 MEUR (3.4 including EUR -0.4 million non-recurring items) MEUR, up by 103.1 per cent from previous year
  • Operating profit margin was 11.7 (6.5) per cent of net sales
  • Net operative cash flow was positive at +6.9 (+4.9) MEUR
  • Fully diluted earnings per share were 0.36 (0.19) EUR


President and CEO Riku Kytömäki:

Exel Composites’ net sales for the third quarter increased by 11.0 per cent from the corresponding period in 2013 from EUR 17.1 million to EUR 19.0 million. Order intake increased in the third quarter by 42.9 per cent to EUR 20.8 (14.5) million on the corresponding period in 2013. Our order backlog remained on a good level at EUR 15.7 (10.5) million in the third quarter of 2014, increasing 49.5 per cent from the corresponding period the previous year and slightly from the second quarter of 2014.

Market demand continued to improve during the third quarter. Demand is picking up especially in the telecommunication, transportation and building, construction and infrastructure industry markets.

The financial performance of the Australian unit was not satisfactory during the third quarter 2014 in spite of corrective actions undertaken. The market conditions have remained challenging in 2014. An impairment of EUR -0.5 million is recorded in the results of the third quarter of 2014 in the Australian business unit. Further corrective actions have been developed to improve the profitability. The focus is on generating more sales.

Exel Composites’ operating profit increased to EUR 2.4 million before the impairment (EUR 1.5 million before non-recurring items previous year) and to EUR 1.9 million after impairment (EUR 1.1 million after non-recurring items previous year) due to increased sales, efficiency improvement and better cost control. We continued to develop the Group’s operations in order to further enhance productivity and synergies across the units.

 

CONSOLIDATED KEY FIGURES, EUR million
(unaudited)

  1.7. –
30.9.
2014
1.7. –
30.9.
2013
Change, % 1.1. –
30.9.
2014
1.1.–30.9.
2013
Change % 1.1. –
31.12.
2013
               
Net sales 19.0 17.1 11.0 58.2 51.5 12.9 69.3
Operating profit 1.9 1.1 73.5 6.8 3.4 103.1 4.8
% of net sales 9.9 6.3   11.7 6.5   7.0
Cash flow from operations  
3.8
 
2.3
 
62,9
 
6.9
 
4.9
 
40.6
 
7.8
Capital expenditure 1.2 0.6 110.0 2.4 1.9 25.6 2.8
Return on capital employed, %  
19.5
 
12.1
 
   
24.7
 
11.9
   
13.0
Net gearing, % -3.5 -1.6   -3.5 -1.6   15.0
               
Earnings per share, EUR  
0.07
 
0.05
 
 
 
0.36
 
0.19
 
 
 
0.26

 

 

 

Market environment
A general increase in the market demand has been seen during the third quarter of the year. Demand is picking up especially in the telecommunication, transportation and building, construction and infrastructure industry markets.

Order intake and order backlog July – September 2014
Order intake increased in the third quarter by 42.9 per cent to EUR 20.8 (14.5) million on the corresponding period in 2013.

The Group’s order backlog increased to EUR 15.7 (10.5) million on 30 September 2014.

Sales review July – September 2014
Group net sales increased 11.0 per cent to EUR 19.0 (17.1) million on the corresponding period in 2013.

Net sales increased in the largest region, Europe, by 16.4 per cent compared to the corresponding period in 2013. Net sales in the APAC region increased by 3.7 per cent and decreased in the region Rest of the world by 33.3 per cent compared to the corresponding period in 2013. The decline in the region Rest of world was mainly due to a bigger one-off project delivered in the corresponding period in 2013.

Sales of Industrial applications increased by 10.2 per cent to EUR 10.8 million from EUR 9.8 million in the corresponding period in 2013.

Sales of Construction and Infrastructure applications in the third quarter of 2014 increased by 4.9 per cent to EUR 4.3 (4.1) million compared to the corresponding period in 2013.

Sales of Other applications grew by 25.8 per cent to EUR 3.9 (3.1) million compared to the corresponding period in 2013.


Order intake January – September 2014
Order intake increased in the first nine months of the year by 23.1 per cent to EUR 63.9 (51.9) million on the corresponding period in 2013.

Sales review January – September 2014
Group net sales increased 12.9 per cent to EUR 58.2 (51.5) million on the corresponding period in 2013.

Net sales increased in the largest region, Europe, by 16.8 per cent compared to the corresponding period in 2013. The region Rest of the world declined by 4.3 per cent and the APAC region declined by 1.2 per cent due to weak performance in the Australian market.

Sales of Industrial applications increased by 14.4 per cent to EUR 33.8 million from EUR 29.5 million in the corresponding period in 2013.

Sales of Construction and Infrastructure applications increased by 4.7 per cent to EUR 12.8 (12.3) million compared to the corresponding period in 2013.

Sales of Other applications grew by 18.9 per cent to EUR 11.6 (9.7) million compared to the corresponding period in 2013.

Net sales by Region

MEUR 1.7. –30.9.
2014
1.7. –30.9.
2013
Change, % 1.1. –30.9.
2014
1.1. –30.9.
2013
Change, % 1.1. –31.12.
2013
               
Europe 15.6 13.4 16.4 47.9 41.0 16.8 56.0
APAC 2.8 2.7 3.7 8.1 8.2 -1.2 10.6
Rest of world 0.6 0.9 -33.3 2.2 2.3 -4.3 2.7
Total 19.0 17.1 11.0 58.2 51.5 12.9 69.3
               

 

Sales by Customer Industry

MEUR 1.7. –30.9.
2014
1.7. –30.9.
2013
Change, % 1.1. –30.9.
2014
1.1. –30.9.
2013
Change, % 1.1. –31.12.
2013
               
Construction and infrastructure  
4.3
 
4.1
 
4.9
 
12.8
 
12.3
 
4.7
 
15.8
Industrial applications  
10.8
 
9.8
 
10.2
 
33.8
 
29.5
 
14.4
 
40.7
Other applications 3.9 3.1 25.8 11.6 9.7 18.9 12.8
Total 19.0 17.1 11.0 58.2 51.5 12.9 69.3

 

Financial performance

JulySeptember 2014
The Group’s operating profit continued to develop positively in July – September 2014 due to increased sales, continued efficiency improvement, and better cost control.

The turnaround measures in Australia, including change in the operating model and transfer of Brisbane unit to Melbourne, have been completed.

However, the financial performance of the Australian unit was not satisfactory during the third quarter of 2014 in spite of corrective actions undertaken. The market conditions have remained challenging in 2014. An impairment of EUR -0.5 million is recorded in the results of the third quarter of 2014 in the Australian business unit. Additionally, deferred tax assets were reduced by EUR 0.4 million. Further corrective actions have been developed to improve the profitability. The focus is on generating more sales.

The Group’s operating profit in July – September 2014 was EUR 2.4 million before impairment and EUR 1.9 million after impairment (EUR 1.1 million including EUR -0.4 million non-recurring items) or 9.9 (6.3) per cent of net sales.

JanuarySeptember 2014
The Group’s operating profit in January – September 2014 was EUR 6.8 million after impairment of EUR -0.5 million  (EUR 3.4 million including EUR -0.4 million non-recurring items) million or 11.7 (6.5) per cent of net sales. The main reasons for the increase in the operating profit were increased sales, efficiency improvement and better cost control.

The Group’s net financial expenses in January – September 2014 were EUR -0.4 (-0.3) million. The Group’s profit before taxes was EUR 6.5 (3.1) million and profit after taxes EUR 4.2 (2.3) million.

Financial position
Net cash flow from operating activities was positive at EUR +6.9 (+4.9) million due to improved operating profit. However, working capital increased in the review period due to higher inventory and receivables based on increased sales. Cash flow before financing, but after capital expenditure, amounted to EUR 4.4 (3.0) million. The capital expenditure on fixed assets amounted to EUR 2.4 (1.9) 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 10.8 (7.6) million.

The Group’s consolidated total assets at the end of the review period were EUR 53.8 (48.7) million.

Interest-bearing liabilities amounted to EUR 9.8 (7.2) million. Net interest-bearing liabilities were EUR -1.0 (-0.4) million.

Equity at the end of the third quarter of 2014 was EUR 28.6 (28.6) million and equity ratio 53.1 (58.9) per cent. The net gearing ratio was -3.5 (-1.6) per cent.

Research and development
Exel Composites has continued to develop several new customer-specific applications during the period under review, especially to the building and construction, machine industry, and transportation industry markets.

Product and technology development costs totaled EUR 1.3 (1.2) million, representing 2.2 (2.3) per cent of net sales. The main projects were connected with the development of new products and customer applications.

Shares and share performance
At the end of September 2014, Exel Composites’ share capital was EUR 2,141,431.74 and the number of shares was 11,896,843 each having the counter-book value of EUR 0.18. There were no changes in the share capital during the review period. There is only one class of shares and all shares are freely assignable under Finnish law. Exel Composites’ share is listed in the Small Cap segment of the NASDAQ OMX Helsinki Ltd. in the Industrials sector.

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

During the period under review the highest share price quoted was EUR 8.17 (6.50) and the lowest EUR 5.56 (5.10). The share price closed at EUR 7.79 (5.80). The average share price during the period under review was EUR 6.31 (5.82).

A total of 5,455,363 (822,895) shares were traded during the reporting period, which represents 45.9 (6.9) per cent of the average number of shares. Based on the closing price on 30 September 2014, Exel Composites’ market capitalization was EUR 92.7 (69.0) million.

Shareholders and disclosures
Exel Composites had a total of 2,666 (2,738) shareholders on 30 September 2014. Information on Exel Composites’ shareholders is available on the Company website at www.exelcomposites.com.

Exel Composites did not receive any flagging announcements during the third quarter of 2014.

Significant related-party transactions
Exel Composites’ permanent public insiders include Exel Composites’ Board members, the President and CEO and the members of the Group Management Team. No significant related-party transactions were conducted by the Group or the permanent insiders during the period under review.

Organization and personnel
The number of employees on 30 September 2014 was 442 (426), of whom 205 (205) worked in Finland and 237 (221) in other countries. The average number of personnel during January – September 2014 was 427 (431).

Management
Mrs. Tiina Hiltunen was appointed SVP Human Resources and member of Exel Composites Plc’s Group Management Team as of 1 August 2014.

Health, safety and environment
Special attention is given to occupational health and safety in 2014. The Group is rolling out ISO 18001 standard over all sites.

Risks and uncertainties
The most significant near-term business risks are related to the general economic development, government regulations and financial crisis in the Euro area as well as to market demand. Continuing low demand in the Australian market may require further corrective actions which can have an impact on the profitability. The possible uncertainties in the Russian and East-European markets will have limited direct impact on Exel Composites.

Raw material prices, energy cost and other cost increases may continue to put pressure on profitability. The possible new European Community’s anti-dumping tariffs on Chinese glass fiber may have a negative effect on the result in terms of increased raw material prices. Currency rate changes, price competition and alternative competing materials may also have a negative effect on the result. The availability and cost of financing may continue to have an effect on the demand and increase the risk of credit losses.

Events after the review period

Exel Composites’ Board of Directors has adopted a new vision, strategy and long-term financial targets

The new vision states: “Exel Composites is an agile, innovative global composite company with world class operations providing superior customer experience”.

The Company’s new growth strategy focuses on accelerating growth in China, penetrating new applications and new market segments, creating a true global footprint and growing through new technologies. The Company will continue to develop world-class operations to differentiate from competitors. Acquisitions are targeted to boost growth and to cover market and technology white spots.

New long-term financial targets reflect our new growth strategy:

Growth: Turnover growth 2x average market growth
Profitability: Operating profit margin over 10 per cent of net sales
Capital efficiency: Return on capital employed over 20 per cent

Financial targets are considered over a business cycle. Acquisitions will influence overall growth and profitability targets.

Exel Composites aims to distribute some 40 per cent of net income in dividends as permitted by the financial structure and growth opportunities.

Near-term outlook

The market has stabilized and we can see positive signs in the Company’s key market segments. However, uncertainties relating to general growth prospects in the economy continue. The Company invests strongly in growth by reinforcing the organization, especially in sales, research and development and operations development. The Company will monitor the general market development and react with additional measures if needed. The Company is well-positioned to continue to grow profitably when the markets recover.

 

Vantaa, 4 November 2014

 

Board of Directors of Exel Composites Plc

 

For further information, please contact:
Riku Kytömäki, President and CEO
tel. +358 50 511 8288, or email riku.kytomaki@exelcomposites.com

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

 

Distribution
NASDAQ OMX Helsinki Ltd.
Main news media
www.exelcomposites.com

 

Exel Composites in brief
Exel Composites (www.exelcomposites.com) is a leading composite technology company that designs, manufactures and markets composite products and solutions for demanding applications. Exel Composites provides superior customer experience through continuous innovation, world-class operations and long-term partnerships.

The core of the operations is based on own, internally developed composite technology, product range based on it and strong market position in selected segments with a strong quality and brand image. Profitable growth is pursued by a relentless search for new applications and development in co-operation with customers. The personnel’s expertise and high level of technology play a major role in Exel Composites’ operations.

Exel Composites Plc share is listed in the Small Cap segment of NASDAQ OMX Helsinki Ltd.

 

 

Summary of Financial Statements and notes to the Financial Statements 1 January – 30 September 2014

Accounting principles:
This interim report has been prepared in accordance with IAS 34, Interim Financial Reporting. The same accounting policies have been followed as in the previous Financial Statements. Key indicator calculations remain unchanged and have been presented in the 2013 Financial Statements.

Preparation of financial statements in accordance with the IFRS standards requires Exel Composites’ management to make estimates and assumptions that have an effect on the amount of assets and liabilities on the balance sheet at the closing date as well as the amounts of income and expenses for the financial period. In addition, the management must exercise its judgement regarding the application of accounting policies. Since the estimates and assumptions are based on the views at the date of the Interim Report, they include risks and uncertainties. The actual results may differ from the estimates and assumptions.

The amounts presented in the income statement and balance sheet are Group figures. The amounts presented in the release are rounded, so the sum of individual figures may differ from the sum reported. The Interim Report is unaudited.

 

CONSOLIDATED COMPREHENSIVE INCOME STATEMENT

EUR thousand 1.7. –
30.9.
2014
1.7. –
30.9.
2013
Change, % 1.1. –
30.9.
2014
1.1. –
30.9.
2013
Change, % 1.1. – 31.12. 2013
               
Net sales 18,950 17,075 11.0 58,182 51,520 12.9 69,290
               
Materials and services  
-6,876
 
-6,709
 
-2.5
 
-21,142
 
-19,594
 
-7.9
 
-26,037
Employee benefit expenses  
 
-5,595
 
 
-4,983
 
 
-12.3
 
 
-16,623
 
 
-15,740
 
 
-5.6
 
 
-21,128
Depreciation and impairment  
-1,167
 
-650
 
-79.5
 
-2,484
 
-2,007
 
-23.8
 
-2,691
Other operating expenses  
-3,621
 
-3,731
 
2.9
 
-11,660
 
-11,223
 
-3.9
 
-15,258
Other operating income  
185
 
79
 
134.2
 
545
 
401
 
35.9
 
667
               
Operating profit 1,875 1,081 73.5 6,818 3,357 103.1 4,843
               
Net financial items  
-22
 
-271
 
91.9
 
-369
 
-295
 
-25.1
 
-286
               
Profit before tax 1,853 810 128.8 6,449 3,062 110.6 4,557
               
Income taxes -962 -237 -305.9 -2,212 -772 -186.5 -1,477
               
Profit/loss for the period  
891
 
573
 
55.5
 
4.237
 
2,290
 
85.0
 
3,080
               
               
Other comprehensive income:              
               
Other comprehensive income to be reclassified to profit or loss in subsequent periods:              
               
Exchange differences on translating foreign operations  
 
 
 
552
 
 
 
 
-162
 
 
 
 
440.7
 
 
 
 
1,484
 
 
 
 
-1,553
 
 
 
 
195.6
 
 
 
 
-2,174
               
Other comprehensive income, net of tax  
 
 
552
 
 
 
-162
 
 
 
440.7
 
 
 
1,484
 
 
 
-1,553
 
 
 
195.6
 
 
 
-2,174
               
Total comprehensive income  
 
1,443
 
 
411
 
 
251.1
 
 
5,721
 
 
737
 
 
676.3
 
 
906
               
Profit/loss attributable to:              
Equity holders of the parent company  
 
891
 
 
573
 
 
55.5
 
 
4.237
 
 
2,290
 
 
85.0
 
 
3,080
               
Comprehensive income              
attributable to:              
Equity holders of the parent company  
 
1,443
 
 
411
 
 
251.1
 
 
5,721
 
 
737
 
 
676.3
 
 
906
               
Earnings per share, diluted and undiluted, EUR  
 
 
0.07
 
 
 
 
0.05
 
 
 
 
 
 
 
0.36
 
 
 
0.19
 
 
 
 
 
 
 
0.26

 

CONDENSED CONSOLIDATED BALANCE SHEET

EUR thousand 30.9.2014 30.9.2013 Change 31.12.2013
         
ASSETS        
Non-current assets        
Goodwill 9,873 9,850 23 9,393
Other intangible assets 634 950 -316 921
Tangible assets 11,263 10,670 593 10,796
Deferred tax assets 237 846 -609 641
Other non-current assets 72 65 7 70
Non-current assets total 22,078 22,381 -302 21,821
         
Current assets        
Inventories 9,869 8,320 1,549 7,936
Trade and other receivables 11,001 10,342 659 9,273
Cash at bank and in hand 10,846 7,625 3,221 9,438
Current assets total 31,716 26,288 5,428 26,648
Total assets 53,794 48,669 5,125 48,468
         
EQUITY AND LIABILITIES        
Shareholders´ equity        
Share capital 2,141 2,141 0 2,141
Other reserves 72 72 0 72
Invested unrestricted equity fund 2,539 8,488 -5,949 2,539
Translation differences 3,648 2,784 864 2,164
Retained earnings 15,924 12,845 3,079 12,844
Profit for the period 4,237 2,290 1,947 3,080
         
Total equity attributable to equity holders of the parent company  
28,561
 
28,621
 
-60
 
22,841
Total equity 28,561 28,621 -60 22,841
         
Non-current liabilities        
Interest-bearing liabilities 4,328 1,770 2,558 1,761
Interest-free liabilities 440 409 31 402
Deferred tax liabilities 472 374 98 440
         
Current liabilities        
Interest-bearing liabilities 5,506 5,407 99 11,105
Trade and other non-current liabilities  
14,488
 
12,088
 
2,400
 
11,920
         
Total liabilities 25,233 20,048 5,185 25,628
         
Total equity and liabilities 53,794 48,669 5,125 48,468

 

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 2013  
2,141
 
45
 
8,488
 
4,337
 
16,427
 
31,438
             
Comprehensive result    
 
 
 
 
-1,553
 
2,290
 
737
Other items   27     -13 15
Dividend         -3,569 -3,569
             
Balance at 30 September 2013  
2,141
 
72
 
8,488
 
2,784
 
15,135
 
28,621
 
             
Balance at 1st January 2014  
2,141
 
72
 
2,539
 
2,164
 
15,924
 
22,841
             
Comprehensive result    
 
 
 
 
1,484
 
4,237
 
5,721
Other items         0 0
Dividend         0 0
             
Balance at 30 September 2014  
2,141
 
72
 
2,539
 
3,648
 
20,161
 
28,561

 

CONDENSED CONSOLIDATED CASH FLOW STATEMENT

EUR thousand 1.1. –
30.9.
2014
1.1. –
30.9.
2013
Change 1.1.-
31.12.
2013
 
         
Cash Flow from Operating Activities        
Profit for the period 4,237 2,290 1,947 3,080  
Adjustments 5,931 2,877 3,054 4,088  
Change in working capital -1,366 902 -2,268 1,658  
           
Cash Flow Generated by Operations 8,802 6,069 2,733 8,826  
Interest paid -143 -176 33 -213  
Interest received 45 16 29 39  
Other financial items -143 -150 7 -196  
Income taxes paid -1,708 -886 -822 -668  
           
Net Cash Flow from Operating Activities 6,853 4,873 1,980 7,788  
           
Capital expenditure -2,406 -1,916 -490 -2,767  
Proceeds from sale of fixed assets 0 0 0 0  
           
Cash Flow from Investing Activities -2,406 -1,916 -490 -2,767  
           
Cash Flow from Financing          
Share issue 0 0 0 0  
Proceeds from long-term borrowings 5,000 0 5,000 0  
Instalments of long-term borrowings -2,840 -5,000 2,160 -5,000  
Change in short-term loans -5,194 4,000 -9,194 9,700  
Instalments of finance lease liabilities -5 -8 3 -11  
Additional capital repayment 0 0 0 -5,948  
Dividends paid 0 -3,569 3,569 -3,569  
Net Cash Flow from Financing -3,039 -4,577 1,538 -4,828  
           
Change in Liquid Funds 1,408 -1,620 3,028 193  
           
Liquid funds in the beginning of period 9,438 9,245 193 9,245  
Change in liquid funds 1,408 -1,620 3,028 193  
Liquid funds at the end of period 10,846 7,625 3,221 9,438  

 

QUARTERLY KEY FIGURES

EUR thousand III/
2014
II/
2014
I/
2014
IV/
2013
III/
2013
II/
2013
I/
2013
               
               
Net sales 18,950 21,420 17,811 17,770 17,075 17,548 16,897
Materials and services  
-6,876
 
-8,290
 
-5,976
 
-6,443
 
-6,709
 
-6,455
 
-6,430
Employee benefit expenses  
 
-5,595
 
 
-5,635
 
 
-5,393
 
 
-5,388
 
 
-4,983
 
 
-5,448
 
 
-5,309
Depreciation and impairment  
 
-1,167
 
 
-654
 
 
-663
 
 
-683
 
 
-650
 
 
-684
 
 
-673
Operating expenses  
-3,621
 
-3,949
 
-4,089
 
-4,035
 
-3,731
 
-3,510
 
-3,981
Other operating income  
 
185
 
 
161
 
 
200
 
 
267
 
 
79
 
 
159
 
 
163
               
Operating profit  
1,875
 
3,054
 
1,890
 
1,486
 
1,081
 
1,609
 
666
               
Net financial items  
-22
 
-118
 
-229
 
9
 
-271
 
-48
 
24
               
Profit before taxes  
1,853
 
2,935
 
1,661
 
1,495
 
810
 
1,562
 
691
               
Income taxes -962 -706 -545 -705 -237 -399 -136
               
Profit/loss for the period  
891
 
2,229
 
1,116
 
790
 
573
 
1,162
 
555
               
Earnings per share, EUR  
0.07
 
0.19
 
0.09
 
0.07
 
0.05
 
0.10
 
0.05
Earnings per share, EUR, diluted  
 
0.07
 
 
0.19
 
 
0.09
 
 
0.07
 
 
0.05
 
 
0.10
 
 
0.05
Average number of shares, undiluted,              
1,000 shares 11,897 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 11,897
Average number of personnel  
 
427
 
 
427
 
 
418
 
 
417
 
 
427
 
 
427
 
 
436

 

COMMITMENTS AND CONTINGENCIES

EUR thousand 30.9.2014 30.9.2013
     
On own behalf    
Mortgages 2,733 2,733
Corporate mortgages 12,500 12,500
     
Lease liabilities    
     
 - in next 12 months 721 878
 - in next 1-5 years 1,111 1,587
     
Other commitments 6 6

 

DERIVATIVE FINANCIAL INSTRUMENTS

Nominal values
EUR thousand
30.9.2014
 
30.9.2013
     
Interest rate derivatives    
Interest rate swaps 3,000 5,000

 

CONSOLIDATED KEY FIGURES

EUR thousand 1.1. – 30.9.
2014
1.1. –
30.9.
2013
Change, % 1.1. –
31.12.
2013
         
Net sales 58,182 51,520 12.9 69,290
Operating profit 6,818 3,357 103.1 4,843
% of net sales 11.7 6.5   7.0
Profit before tax 6,449 3,062 110.6 4,557
% of net sales 11.1 5.9   6.6
Profit for the period 4,237 2,290 85.0 3,080
% of net sales 7.3 4.4   4.4
         
Shareholders’ equity 28, 561 28,621 -0.2 22,841
Interest-bearing liabilities 9,834 7,177 37.0 12,866
Cash and cash equivalents 10,846 7,625 42.2 9,483
Net interest-bearing liabilities -1,012 -448 125.9 3,428
Capital employed 38,395 35,798 7.3 35,707
Return on equity, % 22.0 10.2   11.3
Return on capital employed, % 24.7 11.9   13.0
Equity ratio, % 53.1 58.9   47.2
Net gearing, % -3.5 -1.6   15.0
         
Capital expenditure 2,406 1,916 25.6 2,767
% of sales 4.1 3.7   4.0
Research and development costs 1,284 1,174 9.4 1,511
% of net sales 2.2 2.3   2.2
         
Order intake 63,904 51,897 23.1 69,784
Order backlog
 
15,697 10,500 49.5 10,458
Earnings per share, EUR 0.36 0.19   0.26
Earnings per share, EUR, diluted 0.36 0.19   0.26
Equity per share, EUR 2.40 2.41   1.92
         
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 427 431 -0.9 427

 

About Us

Exel Composites is the world’s leading composite technology company that engineers and manufactures composite products and solutions to an extensive range of demanding industrial applications. The core of the business is based on the employees’ high level of expertise and own, internally developed composite technologies, which have been perfected over decades with a steady focus on innovation. With nine manufacturing plants across Europe, Asia, and North America, and a global sales network, Exel Composites is firmly driven by superior customer experience and world-class operations. Headquartered in Finland, Exel Composites employs approximately 650 people globally. The company’s shares are listed on the Nasdaq Helsinki exchange. www.exelcomposites.com

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