Componenta Corporation Interim Report 1 January ? 30 September 2004
Componenta Corporation STOCK EXCHANGE RELEASE 13.10.2004 at 10.00
Interim Report 1 January 30 September 2004
* Net sales in January September 2004 totalled
MEUR 224.5 (MEUR 131.7); net sales of the Cast and Other Components
business group increased 11%, of De Globe 31% and of other operations
11%.
* Operating profit excluding one-time items was MEUR 8.2 (5.7) and
the result after financial items, excluding one-time items, was
MEUR 3.0 (-0.2).
* The earnings per share were EUR 1.69 (0.03).
* The consolidated operating profit including one-time items was
MEUR 20.7 (5.3) and the result after financial items was
MEUR 15.4 (-0.6).
* The result for the third quarter after financial items was
MEUR -0.4 (-1.1) and the earnings per share were EUR 0.03 (-0.06).
Markets and developments by customer sector
Componenta's sales in January September rose 70% from the corresponding
period in the previous year to EUR 224.5 (131.7) million as the result of
organic growth in sales and the acquisition of the Dutch foundry company
De Globe. Net sales of the Cast and Other Components business group
increased 11% to EUR 119.0 million, of De Globe 31% to EUR 78.3 million
and of other operations 11% to EUR 27.3 million.
The growth in heavy truck production in Europe continued during the third
quarter. Componenta's deliveries to the heavy truck industry rose 18%
during the first nine months and 26% during the third quarter from the
corresponding periods in the previous year.
The Group's sales to off-road manufacturers rose 33% during the nine
month review period from the previous year, deliveries to the power and
transmission industries increased 12% and sales to the machine building
industry grew by 5%. In the third quarter, sales to off-road
manufacturers rose 49%, deliveries to the power and transmission
industries increased 19% and sales to the machine building industry grew
by 15% from the previous year.
Net sales and order book
The Group had net sales in the January September review period of
EUR 224.5 (131.7) million and an order book of EUR 59.9 (26.9) million
at the end of September. The Cast and Other Components business group had
sales of EUR 119.0 (107.0) million, De Globe of EUR 78.3 (59.7) million
and other operations of EUR 27.3 (24.7) million. At the end of the review
period, Cast and Other Components had an order book of
EUR 29.7 (21.3) million, De Globe of EUR 22.3 (16.4) million and other
operations of EUR 7.9 (5.6) million.
Exports and foreign operations accounted for 81% (72%) of the Group's net
sales. Net sales by market area were as follows: Central Europe
41% (17%), Scandinavia 34% (52%), Finland 19% (28%) and other countries
6% (3%).
De Globe's sales to the off-road and heavy truck industries and for
compressors and pressure vessels fit in well with Componenta's customer
base. Componenta's net sales by customer sector were as follows: heavy
truck industry 46% (55%), off-road 24% (12%), machinery and equipment
manufacturers 15% (14%), power and transmission 11% (15%) and others
3% (4%).
Result
Componenta Group made an operating profit, excluding one-time items, of
EUR 8.2 (5.7) million and the result after financial items, excluding one-
time items, was EUR 3.0 (-0.2) million. The Cast and Other Components
business group had an operating result of EUR 7.3 (6.5) million, De Globe
of EUR -0.1 (-1.7) million, and other operations recorded an operating
result, excluding one-time items, of EUR 1.1 (-0.7) million.
The Group's net financial costs amounted to EUR 5.3 (5.9) million, which
include De Globe's net financing costs of EUR 0.6 million.
The consolidated result after financial items, excluding one-time items,
improved from the previous year mainly because of the growth in sales,
the improved results of associated companies and lower financing costs.
The price of scrap steel, the main raw material, rose exceptionally
sharply at the start of the year and the average price of scrap during
the review period was almost 50% higher than the average price in 2003.
In addition, during the third quarter the prices of the steel scrap
grades used by the foundries have risen substantially more than the
average price mentioned above. The impact on costs of the rise in the
price of scrap was passed on to product prices for the first time at the
start of the second quarter. During the final quarter, product prices
will again be revised to compensate for the rise in scrap prices. Rising
scrap prices have a short-term negative impact on the result. The rise in
the price of scrap weakened the result of the first nine months by
EUR 1.4 million. Scrap prices have been extremely volatile during the
year.
The Group's operating profit, including one-time items, was
EUR 20.7 (5.3) million, the result after financial items was
EUR 15.4 (-0.6) million and the net result was EUR 16.2 (0.3) million.
Onetime items totalled EUR 12.4 (-0.4) million, consisting of
EUR 8.4 million in profit from the sale of Thermia shares,
EUR 5.5 million in negative goodwill recognized as income from the
De Globe acquisition, and a writedown of EUR -1.5 million on receivables
for divested operations.
Income taxes were EUR 0.3 (0.8) million positive. Taxes arising from the
result for the period are covered by confirmed losses for which tax
receivables have not previously been recorded.
Earnings per share were EUR 1.69 (0.03).
The return on investment, including one-time items, was 17.1% (4.7%) and
return on equity 40.4% (0.8%).
Financing
The Group's equity ratio was 22.8% (19.2%, 17.8% on 31 December 2003).
The equity ratio including the capital notes in shareholders' equity was
32.1% (31.8%, 31.1% on 31 December 2003).
In March the Group repaid EUR 3.2 million, or 10%, of the principal of
the preferred capital notes in accordance with the terms for the notes.
On 30 September 2004 Componenta Corporation had outstanding preferred
capital notes to the value of EUR 22.2 million. In addition, De Globe had
preferred capital notes to the value of EUR 2.0 million from outside the
Group.
On 30 September 2004 Componenta Corporation signed a five year
EUR 90 million syndicated credit facility. This replaces the six credit
facilities previously held by the Group, which had a combined value of
EUR 69 million. The banks in the syndicate are Nordea, Swedbank, Danske
Bank and OKO.
The Group had EUR 53.8 million in non-utilised long-term credit
facilities at the end of the review period. The Group has a
EUR 40 million commercial paper programme. The Group's interest-bearing
net debt, excluding the EUR 24.2 million preferred capital notes,
totalled EUR 112.5 (107.6) million, which includes De Globe's interest-
bearing net debt of EUR 18.3 million. Net gearing, including the
preferred capital notes in shareholders' equity, was 134% (167%).
Componenta is making more effective use of capital with a programme to
sell its sales receivables, under which some of the sales receivables are
being sold without any right of recourse. By 30 September 2004, the
company had sold sales receivables totalling EUR 15.8 (8.7) million.
The cash flow from operations was EUR 5.8 (14.5) million, and of this the
change in net working capital was EUR -4.8 (6.9) million. The cash flow
from investments was EUR -5.8 (-0.3) million, which includes the Group's
production investments and the cash flow from shares sold and purchased.
Performance of business groups
Cast and Other Components
The Cast and Other Components business group consists of Componenta's
foundries and machine shops in the Nordic countries, which supply ready
to install cast and machined components to the heavy truck, power and
transmission, other machine building and off-road industries.
Cast and Other Components had net sales of EUR 119.0 (107.0) million and
an operating profit of EUR 7.3 (6.5) million. The order book on
30 September 2004 stood at EUR 29.7 (21.3) million. The rising price of
scrap weakened the business group's result. The impact on costs of the
rise in the price of scrap has been passed on to product prices as from
the start of the second and fourth quarters.
Net sales in the third quarter totalled EUR 37.3 (31.5) million and the
operating profit was EUR 1.5 (1.5) million. The operating profit for the
quarter was affected by the start up of the new production line in
Karkkila.
The running down of the Alvesta foundry and the transfer of production to
Karkkila which started in October 2003 have proceeded on schedule.
Production ceased at Alvesta on 18 May 2004 and started up at the
upgraded foundry in Karkkila on 2 August 2004. It is estimated that
merging the two foundries will give annual cost savings of some
EUR 5 million as from 2005.
De Globe
During the first quarter of 2004, Componenta purchased 55% of the shares
and voting rights of the Dutch foundry company De Globe. De Globe
comprises three iron foundries in the Netherlands which supply complex
cast components for the off-road and heavy truck industries, and for
compressors and pressure vessels. The acquisition of De Globe is in line
with Componenta's strategy of focusing on developing its core business.
De Globe has been consolidated into Componenta Group as from the
beginning of January 2004.
De Globe had net sales in January September of EUR 78.3 (59.7) million,
an operating loss of EUR -0.1 (-1.7) million and a result after financial
items of EUR -0.8 (-2.2) million. The order book on 30 September 2004
stood at EUR 22.3 (16.4) million. The growth in net sales improved
De Globe's result, whereas the result suffered from the switch to
non-continuous three-shift production at the Hoensbroek and Weert
foundries to cope with the major increase in production and in particular
from the increase in the price of scrap.
Net sales in the third quarter totalled EUR 25.0 (17.5) million and the
operating loss was EUR -0.4 (-0.6) million.
The Group has started a project to raise productivity at De Globe, which
will close down the foundry in Belfeld and transfer production to the
foundry in Hoensbroek. The investments to be made in connection with the
transfer of production will be about EUR 9 million. The costs for closing
down and transferring operations will be altogether EUR 3 million, for
which provision has been made in the 2003 financial statements. This
action will bring estimated cost savings of EUR 4 million a year as from
summer 2005. In addition, a separate development project has started at
Hoensbroek to improve productivity.
Componenta's sales organization in the Nordic countries and De Globe's
sales organization in central Europe form a strong joint sales
organization in Europe. Componenta's machine shops and machining
expertise give a boost to De Globe's operations and enable a broader
service offering to customers.
Other Business
Componenta's Other Business consists of the Wirsbo forges, associated
companies, the Group's support functions and service units, as well as
divested business.
Other Business had net sales of EUR 27.3 (24.7) million and an operating
result, excluding one-time items, of EUR 1.1 (-0.7) million. The order
book at the end of the review period stood at EUR 7.9 (5.6) million.
Net sales in the third quarter totalled EUR 8.2 (6.7) million and the
operating result, excluding one-time items, was EUR 0.3 (-0.4) million.
Componenta Wirsbo's sales increased from the previous year and the result
improved in consequence of the cost cutting programme. The cost cutting
programme and action to enhance operations are expected to significantly
improve the full year result for Wirsbo in 2004.
Componenta Group's share of the result of the associated companies was
EUR 1.0 (0.8) million. Keycast had net sales of EUR 25.5 (25.4) million
and the result after financial items was EUR 1.6 (1.3) million. The net
sales of Ulefos NV rose to EUR 25.1 (21.2) million and the result after
financial items improved to EUR 2.1 (-0.3) million.
During the first quarter of 2004, Componenta sold its shares in the
associated company Thermia AB to Procuritas Capital Investors III, a
Swedish private equity investor. The shares were sold for
EUR 16.0 million and Componenta recorded a profit of EUR 8.4 million on
the transaction. The operations of Tallinn-based Vesiterm AS were sold
in an MBO for the price of EUR 0.1 million to the company's operative
management in June. Selling its shares in Thermia and the operations of
Vesiterm is in line with Componenta's strategy of divesting non-core
business.
Shares and share capital
The shares of Componenta Corporation are quoted on the main list of the
Helsinki Exchanges. At the end of the review period the company's share
capital stood at EUR 19.2 million. The shares have a nominal value of
2 euros. At the end of the review period on 30 September 2004 the quoted
price of Componenta Corporation shares stood at
EUR 5.80 (EUR 3.00, EUR 2.92 on 31 December 2003). The average price
during the year was EUR 4.00, the lowest quoted price was EUR 2.85 and
the highest EUR 6.25. At the end of the review period the share capital
had a market value of EUR 55.7 million (EUR 28.8 million,
EUR 28.1 million on 31 December 2003) and the volume of shares traded
during the review period was equivalent to 21.5% (14.2%) of the share
stock.
The Annual General Meeting of Shareholders decided not to pay a dividend,
in accordance with the proposal of the Board of Directors.
Authorization to purchase and dispose of company shares
The Annual General Meeting of Shareholders authorized the Board to decide
on purchasing a maximum of 480,765 of the company's own shares, with a
nominal value of 2 euros each, however such that the combined number of
shares belonging to the company and its subsidiaries or the voting rights
they hold after the purchase may not exceed five per cent of the
company's share capital or of the voting rights held by all the shares.
In addition, the Board may decide to dispose of a maximum of 480,765 of
the company's own shares acquired by the company. The authorization to
purchase and dispose of the company's own shares is in force for one year
from the decision of the Annual General Meeting. The authorization had
not been used at all on 30 September 2004.
Option rights
The Extraordinary Shareholders Meeting of Componenta Corporation, held on
30 September 2004, resolved to issue 450,000 stock option rights in
accordance with the proposal of the Board of Directors. The option rights
will be offered, disapplying the pre-emptive rights of shareholders, to
persons who subscribed for stock option rights on the basis of the Annual
General Meeting resolution of 15 March 2001 (Componenta 2001 stock option
rights), in so far as there has been no obligation to return such option
rights or the subscription period for shares under the option rights
granted on 15 March 2001 has not expired. A maximum of 450,000 new shares
with a nominal value of 2 euro each may be subscribed on the basis of the
option rights. The share capital of the company may increase as the
result of the share subscriptions by a maximum of EUR 900,000.
Componenta's Board of Directors decided to transfer the option rights
approved by the Extraordinary Meeting of Shareholders on
30 September 2004 to the book-entry securities system. The company
intends to apply to have the share option rights listed for public
trading on the Helsinki Exchanges.
Investments
Investments in production facilities during the review period totalled
EUR 19.9 (0.8) million. Of this amount, investments at Karkkila totalled
EUR 12.8 million and at De Globe EUR 5.0 million. The cash flow from
investments was EUR -5.8 (-0.3) million.
Board of Directors and Management
Componenta's Annual Shareholders' Meeting on 10 February 2004 elected the
following to the Board of Directors: Heikki Bergholm, Heikki Lehtonen,
Juhani Mäkinen, Marjo Raitavuo (new member) and Matti Tikkakoski. The
Board elected Heikki Bergholm as its Chairman and Juhani Mäkinen as Vice
Chairman.
The Corporate Executive Team of Componenta Group is formed by President
and CEO Heikki Lehtonen; Leon Giesen, Director, Sales and Development,
with responsibility for sales in Central Europe and North America and for
the Off-road and Air Power business areas (as from 1 April 2004); Lauri
Huhtala, Director, Foundries, Nordic countries; Olli Karhunen, Director,
Power and Transmission; Jari Leino, Director, Sales and Development, with
responsibility for sales in the Nordic countries and for the Heavy Trucks
business area; Wim Schut, Director, De Globe foundries (as from 1 April
2004); Michael Sjöberg, Director, Machine Shops (as from 16 August 2004);
CFO Kimmo Virtanen and Communications Manager Pirjo Aarniovuori.
Personnel
During the review period the Group had an average of
2356 (1592) employees, which includes 780 De Globe employees. At the end
of September 2004, 41% (55%) of the Group's personnel were in Finland,
34% (0%) in the Netherlands and 25% (45%) in Sweden.
Prospects
Componenta's prospects for the rest of the year 2004 are based on general
external financial indicators, order forecasts given by customers, and on
Componenta's order intake and order book.
The growth in demand for heavy truck components, which started towards
the end of 2003, continued to strengthen during the third quarter. Demand
for components from the off-road industry has also grown strongly.
Demand for components from the power and transmission industry and from
machinery and equipment manufacturers is expected to continue to grow
slightly.
Componenta's order book has built up considerably during the year and
stood at a strong level at the end of September. The comparable net sales
of the Cast and Other Components business group and of De Globe in the
fourth quarter are forecast to grow from last year. Componenta's result
after financial items for the fourth quarter of 2004, excluding one-time
items, is expected to be better than in the corresponding period of last
year.
Income statement
MEUR 1.1.-30.9.2004 1.1.-30.9.2003 1.1.-31.12.2003
Net sales 224.5 131.7 177.8
Other operating income 9.0 0.6 1.5
Share of the associated
companies' result 1.0 0.8 1.3
Operating expenses 208.0 118.6 164.5
Depreciation, amortization and
write-down 11.4 9.2 16.0
Negative goodwill recognized as
income 5.5 - -
Operating profit 20.7 5.3 0.1
% of net sales 9.2 4.1 0.0
Financial income and expenses -5.3 -5.9 -7.6
Result after financial items 15.4 -0.6 -7.5
% of net sales 6.9 -0.5 -4.2
Income taxes 0.3 0.8 3.0
Minority interest and
conversion difference 0.5 0.0 0.0
Net profit 16.2 0.3 -4.5
Income statement excluding one-time items
MEUR 1.1.-30.9.2004 1.1.-30.9.2003 1.1.-31.12.2003
Net sales 224.5 131.7 177.8
Other operating income 0.4 0.6 0.6
Share of the associated
companies' result 1.0 0.8 1.3
Operating expenses 206.3 118.2 159.6
Depreciation, amortization
and write-down 11.4 9.2 12.0
Negative goodwill recognized as
income - - -
Operating profit 8.2 5.7 8.1
% of net sales 3.7 4.3 4.5
Financial income and expenses -5.3 -5.9 -7.6
Result after financial items 3.0 -0.2 0.5
% of net sales 1.3 -0.2 0.3
Income taxes 0.3 0.7 1.5
Minority interest and
conversion difference 0.5 0.0 0.0
Net profit 3.8 0.5 2.0
Balance sheet
MEUR 30.9.2004 30.9.2003 31.12.2003
Assets
Non-current assets 165.2 140.3 133.6
Current assets
Inventories 36.6 20.1 20.9
Receivables 57.7 41.7 35.5
Cash and bank accounts 1.4 1.0 0.5
Total current assets 95.7 62.8 57.0
Total assets 260.9 203.1 190.6
Liabilities and shareholders' equity
Shareholders' equity
Share capital 19.2 19.2 19.2
Other equity 28.8 17.8 12.6
Preferred capital note 24.2 25.4 25.4
Total shareholders' equity 72.3 62.4 57.3
Minority interest 11.5 2.0 2.0
Negative goodwill - - -
Provisions 3.9 - 2.6
Liabilities
Non-current liabilities
Interest bearing 25.9 61.0 48.1
Interest free 1.3 0.0 0.0
Current liabilities
Interest bearing 88.0 47.6 51.9
Interest free 58.0 30.0 28.8
Total liabilities 173.2 138.6 128.7
Total liabilities and
shareholders' equity 260.9 203.1 190.6
Cast flow statement
MEUR 1.1.-30.9.2004 1.1.-30.9.2003 1.1.-31.12.2003
Cash flow from operations
Profit/loss before
extraordinary items 15.4 -0.6 -7.5
Depreciation, amortization
and write-down 5.9 9.2 16.0
Net financial income
and expenses 5.3 5.9 7.7
Other income and expenses,
adjustments to cash flow -10.7 -1.2 2.9
Change in net working capital -4.8 6.9 9.9
Cash flow from operations before
financing and income taxes 11.0 20.2 29.0
Net financial income
and expenses -5.3 -5.7 -7.0
Income taxes 0.0 0.0 0.0
Cash flow from operations 5.8 14.5 22.0
Cash flow from investing activities
Capital expenditure in tangible
and intangible assets -20.2 -0.8 -1.6
Proceeds from tangible and
intangible assets 0.0 1.2 1.2
Other investments and loans
granted -4.7 -0.7 -0.7
Proceeds from other
investments and repayments
of loan receivables 19.1 0.0 0.8
Cash flow from
investing activities -5.8 -0.3 -0.3
Cash flow from financing activities
Dividends paid 0.0 -1.0 -1.0
Share issue - - -
Draw-down (+)/ repayment (-)
of preferred capital note -1.2 -3.2 -3.2
Draw-down (+)/ repayment (-)
of current loans 29.5 3.9 8.2
Draw-down (+)/ repayment (-)
of non current loans -27.4 -15.9 -28.1
Cash flow from financing
activities 0.9 -16.1 -24.1
Increase (+)/ decrease(-) in
cash and bank accounts 0.8 -1.9 -2.4
Key Ratios
30.9.2004 30.9.2003 31.12.2003
Equity ratio, % 22.8 19.2 17.8
Equity ratio, %, preferred capital
note in equity 32.1 31.8 31.1
Earnings per share (EPS), EUR 1.69 0.03 -0.47
Equity per share, EUR 5.00 3.85 3.31
Invested capital 201.6 173.1 161.8
Return on investment, % 17.1 4.7 0.8
Return on equity, % 40.4 0.8 -11.8
Net interest bearing debt, MEUR 112.5 107.6 99.4
Net interest bearing debt, MEUR,
preferred capital note in debt 136.7 133.0 124.8
Net gearing, %, preferred
capital note in equity 134.2 166.9 167.7
Net gearing, %, preferred
capital note in debt 229.6 340.5 368.3
Order book, MEUR 59.9 26.9 25.1
Investments in non-current assets, MEUR 24.6 0.8 1.6
Investments in non-current assets,
% of net sales 10.9 0.6 0.9
Average number of personnel
during the period 2,356 1,592 1,595
Number of personnel at period end 2,437 1,589 1,565
Share of export and foreign
activities in net sales, % 81.5 71.6 71.0
Contingent liabilities, MEUR 89.7 61.2 62.6
Derivative instruments
MEUR 30.9.2004 30.9.2003 31.12.2003
Nominal Current NominalCurrent Nominal Current
value value value value value value
Currency derivatives
Forward exchange
agreements 27.9 -0.2 22.7 -0.2 14.7 0.1
Currency swaps 0.1 0.0 1.7 0.0 8.0 0.0
Interest rate derivatives
Interest rate
options 6.0 0.0 6.0 0.0 6.0 0.0
Interest rate
swaps 28.1 -0.4 24.0 -0.5 24.0 -0.4
Derivative instruments are used to hedge the Group's foreign exchange and
interest rate risks.
Group development
MEUR 1.1.-31.12.2003 1.1.-30.9.2003 1.1.-30.9.2004
Net sales 177.8 131.7 224.5
Operating profit 0.1 5.3 20.7
Net financial items -7.6 -5.9 -5.3
Profit/loss after financial items -7.5 -0.6 15.4
Group development by business group
Net sales, MEUR 1.1.-31.12.2003 1.1.-30.9.2003 1.1.-30.9.2004
Cast and Other Components 144.5 107.0 119.0
De Globe - - 78.3
Other business 33.3 24.7 27.3
Componenta Group total 177.8 131.7 224.5
Operating profit, MEUR 1.1.-31.12.2003 1.1.-30.9.2003 1.1.-30.9.2004
Cast and Other Components 8.2 6.5 7.3
De Globe - - -0.1
Other business -8.1 -1.1 13.5
Componenta Group total 0.1 5.3 20.7
Order book, MEUR 31.12.2003 30.9.2003 30.9.2004
Cast and Other Components 20.4 21.3 29.7
De Globe - - 22.3
Other business 4.7 5.6 7.9
Componenta Group total 25.1 26.9 59.9
Group development by quarter
Q1/ Q2/ Q3/ Q4/ Q1/ Q2/ Q3/
MEUR 2003 2003 2003 2003 2004 2004 2004
Net sales 46.3 47.2 38.2 46.1 73.0 81.1 70.5
Operating profit 1.6 2.8 0.9 -5.3 14.4 4.8 1.5
Net financial items -2.1 -1.9 -2.0 -1.6 -1.7 -1.7 -1.8
Profit/loss after financial
items -0.5 1.0 -1.1 -6.9 12.7 3.1 -0.4
Quarterly development by business group
Q1/ Q2/ Q3/ Q4/ Q1/ Q2/ Q3/
Net sales, MEUR 2003 2003 2003 2003 2004 2004 2004
Cast and Other Components 37.4 38.8 31.5 36.8 38.7 43.0 37.3
De Globe - - - - 25.2 28.1 25.0
Other business 8.9 8.4 6.7 9.3 9.1 9.9 8.2
Componenta Group total 46.3 47.2 38.2 46.1 73.0 81.1 70.5
Q1/ Q2/ Q3/ Q4/ Q1/ Q2/ Q3/
Operating profit, MEUR 2003 2003 2003 2003 2004 2004 2004
Cast and Other Components 2.1 2.9 1.5 1.7 1.8 4.0 1.5
De Globe - - - - 0.2 0.1 -0.4
Other business -0.5 -0.1 -0.5 -7.0 12.4 0.7 0.4
Componenta Group total 1.6 2.8 0.9 -5.3 14.4 4.8 1.5
Order book at period end, Q1/ Q2/ Q3/ Q4/ Q1/ Q2/ Q3/
MEUR 2003 2003 2003 2003 2004 2004 2004
Cast and Other Components 21.7 20.4 21.3 20.4 22.7 27.2 29.7
De Globe - - - - 19.9 20.0 22.3
Other business 5.4 6.1 5.6 4.7 5.5 5.4 7.9
Componenta Group total 27.1 26.5 26.9 25.1 48.0 52.6 59.9
Group development excluding one-time items
MEUR 1.1.-31.12.2003 1.1.-30.9.2003 1.1.-30.9.2004
Net sales 177.8 131.7 224.5
Operating profit 8.1 5.7 8.2
Net financial items -7.6 -5.9 -5.3
Profit/loss after financial items 0.5 -0.2 3.0
Group development by business group excluding one-time items
Operating profit, MEUR 1.1.-31.12.2003 1.1.-30.9.2003 1.1.-30.9.2004
Cast and Other Components 8.2 6.5 7.3
De Globe - - -0.1
Other business -0.1 -0.7 1.1
Componenta Group total 8.1 5.7 8.2
Group development by quarter excluding one-time items
Q1/ Q2/ Q3/ Q4/ Q1/ Q2/ Q3/
MEUR 2003 2003 2003 2003 2004 2004 2004
Net sales 46.3 47.2 38.2 46.1 73.0 81.1 70.5
Operating profit 1.6 3.1 1.0 2.3 2.0 4.9 1.4
Net financial items -2.1 -1.9 -2.0 -1.6 -1.7 -1.7 -1.8
Profit/loss after financial
items -0.5 1.3 -1.0 0.7 0.2 3.2 -0.4
Quarterly development by business group excluding one-time items
Q1/ Q2/ Q3/ Q4/ Q1/ Q2/ Q3/
Operating profit, MEUR 2003 2003 2003 2003 2004 2004 2004
Cast and Other Components 2.1 2.9 1.5 1.7 1.8 4.0 1.5
De Globe - - - - 0.2 0.1 -0.4
Other business -0.5 0.2 -0.4 0.6 -0.1 0.8 0.3
Componenta Group total 1.6 3.1 1.0 2.3 2.0 4.9 1.4
Largest registered shareholders on 30 September 2004
Share of total
Shareholder Shares voting rights
1 Lehtonen Heikki 3,786,131 39.38%
Cabana Trade S.A. 3,676,731
Oy Högfors-Trading Ab 109,400
2 Etra-Invest Oy 1,512,400 15.73%
3 Ilmarinen Mutual Pension Insurance Company 457,600 4.76%
4 Inkinen Simo-Pekka 422,044 4.39%
5 Investment Fund Alfred Berg Small Cap 217,100 2.26%
6 Investment Fund Alfred Berg Finland 189,300 1.97%
7 Lehtonen Anna-Maria 178,823 1.86%
8 FIM Fenno Investment Fund 162,600 1.69%
9 Lehtonen Yrjö M 131,040 1.36%
10 Bergholm Heikki 101,000 1.05%
Nominee-registered shares 222,000 2.31%
Other shareholders 2,235,271 23.25%
Total 9,615,309 100.00%
The members of the Board of Directors own 40.4% of the shares. All
shares have equal voting rights.
The members of the Board of Directors hold 10.5% of the outstanding
warrants.
If all the warrants were converted to shares, the holding of shares by
the members of the Board of Directors would decrease to 39.1%
Helsinki, 13 October 2004
COMPONENTA CORPORATION
Board of Directors
Heikki Lehtonen
President and CEO
Further information:
Heikki Lehtonen
President and CEO
tel. +358 9 225 021
Kimmo Virtanen
CFO
tel. +358 9 225 021
