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  • Componenta Corporation’s Half-Year Financial Report 1 January – 30 June 2021: Net sales increased EBITDA improved clearly

Componenta Corporation’s Half-Year Financial Report 1 January – 30 June 2021: Net sales increased EBITDA improved clearly

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Componenta Corporation, Half-Year Financial Report, on 23 July 2021 at 8.00 

The information presented in this Half-Year Financial Report relates to the development of Componenta Group in January - June 2021 and in the corresponding period in 2020, unless otherwise stated.  

 January–June 2021   

  • Net sales increased to EUR 43.5 million (EUR 36.7 million).   
  • EBITDA improved and was EUR 3.3 million (EUR 1.3 million).   
  • Operating result was EUR 0.4 million (EUR -1.6 million).    
  • Cash flow from operating activities was EUR 4.3 million (EUR 6.4 million).  

  April–June 2021  

  • Net sales increased to EUR 23.1 million (EUR 17.1 million).   
  • EBITDA improved and was EUR 1.8 million (EUR 0.5 million).   
  • Operating result was EUR 0.3 million (EUR -0.9 million).    
  • Cash flow from operating activities was EUR 3.4 million (EUR 4.2 million).  

Componenta’s guidance for 2021 unchanged 

Componenta expects the net sales of continued operations in 2021 to be EUR 70–80 million. EBITDA is expected to improve from the previous year. In 2020, net sales from continued operations were EUR 70 million and EBITDA EUR 3.7 million. 

The potential increase in prices for raw materials, the general economic and competitive situation, and the development of customers’ sales volumes may affect the business outlook. Due to the COVID-19 pandemic, future sales and profitability developments are associated with uncertainties and poor visibility. 

President and CEO Sami Sivuranta:

“The first half of 2021 met our expectations. Our net sales increased and profitability improved as planned and in line with our growth strategy.

Our successful sales work has resulted in a growing order book. In addition to this, clear signs of economic recovery and growing demand have begun to show in the market.

Due to the COVID-19 pandemic there is still uncertainty in the market. Effective restriction measures and the growing vaccination coverage have had a significant role in the fight against the pandemic. Thanks to our personnel’s strong performance, our own production did not suffer from any major disruptions, and we were able to keep our deliveries to customers and our service level on a good level.

The pandemic did not have a significant impact on our business in the first half of the year. On the other hand, the improving demand has resulted in challenges regarding availability of materials in general which in turn has led to increasing price development of especially raw materials. However, increases in purchasing prices will essentially transfer into sales prices with a delay according to index clauses in customer agreements.

In the first half of the year, the payments to our creditors under the parent company’s restructuring programme were made ahead of schedule. As a result, Componenta Corporation’s restructuring programme ended on 27 April 2021. The completion of the restructuring programme has been well received, and we believe this will signifi- cantly improve Componenta’s position and credibility in the eyes of our customers, suppliers and other stake- holders, and that this will have a significant positive impact on the entire Group’s business.

Our liquidity remained good throughout the whole reporting period and has stayed on a good level also after it. In addition, the share subscription facility of USD 8 million provided by Global Corporate Finance LLC (GCF) is a flexible tool to help support the financing of Compo- nenta Corporation in its part during the next three years allowing the Company to focus on the implementation of its growth and profitability improvement targets.

We will continue to focus on customer service, secur- ing new sales, improving the profitability of our key operations and on managing our liquidity. This will help us secure our company’s operations in both short- and long-term, recover rapidly from the pandemic, and reach our long-term strategic growth targets. Our objective is to be the primary supplier with an extensive offering for our customers.”

Key figures

   1-6/2021  1-6/2020 Change  1-12/2020
Net sales, continued operations, TEUR  43,468 36,730 18.3% 70,040
EBITDA, continued operations, TEUR  3,290 1,337 146.0% 3,750
Operating result , continued operations, TEUR  358 -1,623 -2,034
Operating result, continued operations, %  0.8 -4.4 -2.9
Result after financial items, continued operations, TEUR  229 -2,306 -3,489
Net result , continued operations, TEUR  146 -2,312 -3,175
Net result, including discontinued operations, TEUR  146 -2,312 -949
Basic earnings per share*, EUR 0.02 -0.49 -0.20
Diluted earnings per share*, EUR  0.02 -0.49 -0.20
Cash flow from operating activities, continued operations, TEUR  4,329 6,434 -32.7% 6,355
Interest-bearing net debt**, TEUR 1,263 6,084 -79.2% -2,584
Net gearing, % 5.2 44.5 -10.8
Return on equity, %  1.2 -31.2 -5.8
Return on investment, %  5.5 -11.6 0.7
Equity ratio, %  39.1 24.1 37.3
Gross investments incl. leases, continued operations, TEUR  957 3,108 -69.2% 5,134
Group’s restructuring debt  3,608 11,653 -69.0% 10,694
Number of personnel at the end of the period, incl. leased workers, continued operations  596 587 1.6% 574
Average number of personnel during the period, incl. leased workers, continued operations  586 596 -2.6% 589
Order book at the end of the review period, continued operations, TEUR 11,954 8,289 44.2% 9,536

*) The comparable figures for 2020 have been adjusted due to reverse share split and rights issue.
**) Only interest-bearing restructuring debt included.

Alternative performance measures 

Componenta will continue to publish certain publicly available performance measures that can be derived from the IFRS financial statements. The calculations of these key financial figures were presented in Componenta’s annual review published on 12 March 2021. 

Componenta’s Half-year Financial Report 1 January – 30 June 2021 in pdf format is in the appendix to this release. It is also available on the company’s website at www.componenta.com. 



Sami Sivuranta 
President and CEO 

For further information, please contact: 
Sami Sivuranta, President and CEO, tel. +358 10 403 2200 
Marko Karppinen, CFO, tel. +358 10 403 2101 

Componenta is a technology company which specializes in supplying cast and machined components to global manufacturers of vehicles, machines and equipment. The company’s share is listed on Nasdaq Helsinki.