Exel Composites Plc Interim Report for January 1 - September 30, 2009
EXEL COMPOSITES PLC INTERIM REPORT FOR JANUARY 1 – SEPTEMBER 30, 2009 January – September 2009 highlights and outlook - Net sales of continuing operations decreased by 16.6 per cent to EUR 53.8 (64.5) million - Operating profit of continuing operations was EUR 5.6 (6.4) million, representing 10.5 (10.0) per cent of net sales - Fully diluted earnings per share were EUR 0.37 (-0.24) of which continuing operations accounted for EUR 0.35 (0.29) - Net operative cash flow increased by 75.1 per cent to EUR 8.6 (4.9) million - Return on capital employed improved to 18.4 (-4.0) per cent - Net gearing continued to improve from 123.9 per cent (year end 2008) to 51.8 per cent - The challenging market conditions are expected to continue also during the rest of the year affecting net sales and profitability also during the fourth quarter. July - September 2009 highlights - Net sales of continuing operations decreased to EUR 15.9 (21.1) million - Operating profit of continuing operations was EUR 1.2 (1.8) million, representing 7.8 (8.5) per cent of net sales - Fully diluted earnings per share were EUR 0.07 (0.07) of which continuing operations accounted for EUR 0.06 (0.03) Vesa Korpimies, President and CEO: ”The economic slow-down continued to impact the pultrusion market during the third quarter. Our sales decreased by 24.5 per cent year on year. However, we were able to maintain our market position in our key market segments. Sales improved in the building, construction and infrastructure market segment due to new applications. Furthermore, we signed new long-term agreements in the electrical industry. We continued to adjust the operations and resources in all business units to the present market situation. We continued to maintain a strong emphasis on profitability and operative working capital reduction, to safeguard good cash flow and to further reinforce our financial position. The market for composite products is still uncertain. We are prepared for the difficult market conditions to continue. Contingency plans are in place to address the risk of further market decline and we are ready to take further actions if necessary. We will also continue to have a strong focus to drive sales to current and new customers. As a listed company with a strong financial position, Exel has good possibilities to continue the consolidation of the pultrusion market. Even though the short-term market is challenging, the long-term growth opportunities still remain favorable.” Further information: Vesa Korpimies, President and CEO, Exel Composites Plc, tel. +358 50 590 6754, or email firstname.lastname@example.org Ilkka Silvanto, CFO, Exel Composites Plc, tel. +358 50 598 9553, or email email@example.com The full Interim Report can be read in the attached PDF file.